# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-074643
**Filing Date:** 2026-2
**Character Count:** 808139
**Document Hash:** dd56415d2193fe9b6e5831c60768aa34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-074643.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-074643

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 26683649

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? b8e17e5b-9b64-407e-923c-c0a1672b8de0

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number
811-03364

EMPOWER FUNDS, INC.

(Exact name of registrant as specified in charter)

------

8515 E. Orchard Road, Greenwood Village, Colorado 80111

(Address of principal executive offices) (Zip Code)

Jonathan D. Kreider

President & Chief Executive Officer

8515 E. Orchard Road

Greenwood Village, Colorado 80111

(Name and address of agent for service)

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

#### Date of fiscal year end:
December 31

#### Date of reporting period:
December 31, 2025

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

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

Institutional Class / MXEDX \| December 31, 2025

![Empower Logo](images_210.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: Flexible Bond Fund<br>(Institutional Class/MXEDX) | $47 | 0.45% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 7.97%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period.

The Fund's investment portfolio is managed by Empower Capital Management, LLC ("ECM"), the Fund's investment adviser, and Loomis, Sayles & Company, L.P. ("Loomis Sayles"), the Fund's sub-adviser.

ECM Summary of Performance

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

Loomis Sayles Summary of Performance

Performance was driven primarily by security selection, with yield curve positioning also contributing throughout the period. Exposure to high yield credit, investment grade credit, and securitized sectors were the top contributors to performance, with investment grade credit providing the largest contribution, driven largely by security selection. Within this sector, exposure across communications and capital goods moderately aided performance. An underweight exposure to securitized names detracted from performance despite positive security selection within the sector.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1027867.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Core Strategies: Flexible Bond Fund (Institutional Class/MXEDX)** | 7.97% | 0.53% | 2.67% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.12% |

---

<sup>(a)</sup> <sup>Institutional Classinceptiondate was June 25, 2018.</sup>

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

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,409M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1099 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.0M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;98% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;A1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;12 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;5.22 years |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.50% | 5.24% |
| United States Treasury Note/Bond 4.00% | 2.56% |
| United States Treasury Note/Bond 3.75% | 2.41% |
| United States Treasury Note/Bond 4.63% | 2.32% |
| United States Treasury Note/Bond 4.75% | 2.25% |
| United States Treasury Note/Bond 3.88% | 2.06% |
| United States Treasury Note/Bond 3.88% | 1.92% |
| United States Treasury Note/Bond 3.50% | 1.75% |
| United States Treasury Note/Bond 4.00% | 1.51% |
| United States Treasury Note/Bond 3.75% | 1.24% |

---

**CREDIT RATING ALLOCATION (a)**![Graphical Representation - Allocation 2 Chart](chartimages_1027931.jpg)

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

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

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

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

Availability of Additional Information

![QR Code](images_212.jpg)

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

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

EMPOWER FUNDS

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

Investor Class / MXEWX \| December 31, 2025

![Empower Logo](images_210.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: Flexible Bond Fund<br>(Investor Class/MXEWX) | $79 | 0.76% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 7.61%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period.

The Fund's investment portfolio is managed by Empower Capital Management, LLC ("ECM"), the Fund's investment adviser, and Loomis, Sayles & Company, L.P. ("Loomis Sayles"), the Fund's sub-adviser.

ECM Summary of Performance

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

Loomis Sayles Summary of Performance

Performance was driven primarily by security selection, with yield curve positioning also contributing throughout the period. Exposure to high yield credit, investment grade credit, and securitized sectors were the top contributors to performance, with investment grade credit providing the largest contribution, driven largely by security selection. Within this sector, exposure across communications and capital goods moderately aided performance. An underweight exposure to securitized names detracted from performance despite positive security selection within the sector.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1027868.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Core Strategies: Flexible Bond Fund (Investor Class/MXEWX)** | 7.61% | 0.22% | 0.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | (0.30)% |

---

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

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

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,409M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1099 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.0M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;98% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;A1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;12 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;5.22 years |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.50% | 5.24% |
| United States Treasury Note/Bond 4.00% | 2.56% |
| United States Treasury Note/Bond 3.75% | 2.41% |
| United States Treasury Note/Bond 4.63% | 2.32% |
| United States Treasury Note/Bond 4.75% | 2.25% |
| United States Treasury Note/Bond 3.88% | 2.06% |
| United States Treasury Note/Bond 3.88% | 1.92% |
| United States Treasury Note/Bond 3.50% | 1.75% |
| United States Treasury Note/Bond 4.00% | 1.51% |
| United States Treasury Note/Bond 3.75% | 1.24% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1027932.jpg)

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

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

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

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

Availability of Additional Information

![QR Code](images_212.jpg)

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

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

EMPOWER FUNDS

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

Institutional Class / MXEGX \| December 31, 2025

![Empower Logo](images_210.jpg)

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

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

---

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

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 7.08%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index, which returned 7.47% over the same period.

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

GSAM Summary of Performance

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1027869.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Core Strategies: Inflation-Protected Securities Fund (Institutional Class/MXEGX)** | 7.08% | 2.21% | 3.39% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.12% |
| **Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index** | 7.47% | 2.52% | 3.65% |

---

<sup>(a)</sup> <sup>Institutional Class inception date was June 25, 2018.</sup>

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

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$649M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;309% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;7 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;4.07 years |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Bonds TIPS 1.88% | 24.26% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.13% | 21.21% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 12.05% |
| U.S. Treasury Inflation Indexed Bonds TIPS 0.38% | 10.47% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 10.41% |
| U.S. Treasury Inflation Indexed Bonds TIPS 0.13% | 6.26% |
| Government National Mortgage Association 4.50% | 0.96% |
| Elmwood Ltd 5.18% | 0.57% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 0.55% |
| Madison Park Funding LXXIII Ltd 5.26% | 0.51% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1027933.jpg)

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

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

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

Availability of Additional Information

![QR Code](images_212.jpg)

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

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

EMPOWER FUNDS

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

Investor Class / MXEYX \| December 31, 2025

![Empower Logo](images_210.jpg)

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

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

---

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

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 6.76%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index, which returned 7.47% over the same period.

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

GSAM Summary of Performance

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1027870.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Core Strategies: Inflation-Protected Securities Fund (Investor Class/MXEYX)** | 6.76% | 1.85% | 2.16% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | (0.30)% |
| **Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index** | 7.47% | 2.52% | 2.64% |

---

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

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

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$649M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;309% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;7 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;4.07 years |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Bonds TIPS 1.88% | 24.26% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.13% | 21.21% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 12.05% |
| U.S. Treasury Inflation Indexed Bonds TIPS 0.38% | 10.47% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 10.41% |
| U.S. Treasury Inflation Indexed Bonds TIPS 0.13% | 6.26% |
| Government National Mortgage Association 4.50% | 0.96% |
| Elmwood Ltd 5.18% | 0.57% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 0.55% |
| Madison Park Funding LXXIII Ltd 5.26% | 0.51% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1027934.jpg)

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

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

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

Availability of Additional Information

![QR Code](images_212.jpg)

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

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

EMPOWER FUNDS

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

Institutional Class / MXECX \| December 31, 2025

![Empower Logo](images_210.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: International Equity Fund<br>(Institutional Class/MXECX) | $74 | 0.65% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 29.17%, as compared to its broad-based securities market index, the MSCI EAFE Index, which returned 31.22% over the same period.

The Fund's investment portfolio was managed by three sub-advisers: Franklin Templeton Institutional, LLC ("Franklin Templeton"); Keyridge Asset Management Limited ("Keyridge") (formerly known as Irish Life Investment Managers Limited); and LSV Asset Management ("LSV"). On April 30, 2025, Lazard Asset Management LLC ("Lazard") replaced Franklin Templeton as a sub-adviser of the Fund.

Franklin Templeton Summary of Performance

For the period of January 1, 2025 - April 30, 2025, performance was affected by stock selection in the industrials and financials sectors, while stock selection in communication services and information technology contributed. Sector positioning also influenced performance, as an overweight to information technology and an underweight to financials detracted, while a lack of exposure to energy and an overweight to communication services contributed. Within communications services, CTS Eventim, a Germany-based live entertainment and ticketing services provider, contributed following fourth quarter results that exceeded consensus expectations, reflecting strong revenues and profit margins across its ticketing and live entertainment divisions. In consumer discretionary, German apparel and footwear manufacturer Puma detracted from performance after issuing a profit warning driven primarily by slowing growth in Latin America, where profit margins are relatively high, with a stronger U.S. dollar further weighing on its fourth quarter earnings.

Keyridge Summary of Performance

Performance was supported by a resilient growth backdrop despite tariff-related uncertainties, with fiscal and monetary stimulus helping to offset the drag from higher tariffs. A weaker dollar over the course of the year also supported returns from global equities for U.S. dollar-based investors. ASML, a semiconductor company, was the largest contributor to performance, supported by strength in its extreme ultraviolet lithography business, while HSBC, a U.K. bank, also contributed to performance due to improved operational efficiency and a focus on wealth management. Novo Nordisk, a pharmaceuticals company, detracted the most from performance amid weak sales growth and increased competition for its weight-reducing drugs Wegovy and Ozempic. CSL Limited, a biotech company, was also a detractor as it experienced profit downgrades, a delayed spin-off, and declining U.S. flu vaccination rates.

Lazard Summary of Performance

Performance during the period from April 30, 2025 - December 31, 2025 was affected primarily by valuation pressure on quality-oriented holdings amid a narrow market environment. While earnings across the portfolio continued to compound, rising interest rates and shifting market preferences led to a significant derating of quality companies, particularly across industries viewed as more exposed to potential AI disruption. Portfolio positioning, including underweights to areas such as banks and overweights to industries such as media, software, and professional services, detracted as market leadership narrowed toward perceived AI beneficiaries. In addition, select holdings, including data and analytics companies such as RELX and London Stock Exchange Group, experienced meaningful valuation declines despite strong underlying earnings growth, reflecting investor concerns around future AI impacts.

LSV Summary of Performance

Performance was driven primarily by the portfolio's deeper value style orientation, which was the largest contributor for the year. Style (deeper value) accounted for the most significant positive impact on performance, while size (smaller size bias) was the largest detractor.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1027865.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Core Strategies: International Equity Fund (Institutional Class/MXECX)** | 29.17% | 8.11% | 7.38% |
| **MSCI EAFE Index** | 31.22% | 8.92% | 7.88% |

---

<sup>(a)</sup> <sup>Institutional Class inception date was June 25, 2018.</sup>

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

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,076M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;862 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.5M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 1.88% |
| Novartis AG | 1.34% |
| Novo Nordisk A/S Class B | 1.29% |
| SAP SE | 1.25% |
| LVMH Moet Hennessy Louis Vuitton SE | 1.15% |
| EssilorLuxottica SA | 1.03% |
| Unilever PLC | 0.97% |
| Tencent Holdings Ltd | 0.94% |
| HSBC Holdings PLC | 0.93% |
| Roche Holding AG | 0.93% |

---

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_1027929.jpg)

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

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

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

Availability of Additional Information

![QR Code](images_212.jpg)

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

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

EMPOWER FUNDS

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

Investor Class / MXEVX \| December 31, 2025

![Empower Logo](images_210.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: International Equity Fund<br>(Investor Class/MXEVX) | $110 | 0.96% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 28.74%, as compared to its broad-based securities market index, the MSCI EAFE Index, which returned 31.22% over the same period.

The Fund's investment portfolio was managed by three sub-advisers: Franklin Templeton Institutional, LLC ("Franklin Templeton"); Keyridge Asset Management Limited ("Keyridge") (formerly known as Irish Life Investment Managers Limited); and LSV Asset Management ("LSV"). On April 30, 2025, Lazard Asset Management LLC ("Lazard") replaced Franklin Templeton as a sub-adviser of the Fund.

Franklin Templeton Summary of Performance

For the period of January 1, 2025 - April 30, 2025, performance was affected by stock selection in the industrials and financials sectors, while stock selection in communication services and information technology contributed. Sector positioning also influenced performance, as an overweight to information technology and an underweight to financials detracted, while a lack of exposure to energy and an overweight to communication services contributed. Within communications services, CTS Eventim, a Germany-based live entertainment and ticketing services provider, contributed following fourth quarter results that exceeded consensus expectations, reflecting strong revenues and profit margins across its ticketing and live entertainment divisions. In consumer discretionary, German apparel and footwear manufacturer Puma detracted from performance after issuing a profit warning driven primarily by slowing growth in Latin America, where profit margins are relatively high, with a stronger U.S. dollar further weighing on its fourth quarter earnings.

Keyridge Summary of Performance

Performance was supported by a resilient growth backdrop despite tariff-related uncertainties, with fiscal and monetary stimulus helping to offset the drag from higher tariffs. A weaker dollar over the course of the year also supported returns from global equities for U.S. dollar-based investors. ASML, a semiconductor company, was the largest contributor to performance, supported by strength in its extreme ultraviolet lithography business, while HSBC, a U.K. bank, also contributed to performance due to improved operational efficiency and a focus on wealth management. Novo Nordisk, a pharmaceuticals company, detracted the most from performance amid weak sales growth and increased competition for its weight-reducing drugs Wegovy and Ozempic. CSL Limited, a biotech company, was also a detractor as it experienced profit downgrades, a delayed spin-off, and declining U.S. flu vaccination rates.

Lazard Summary of Performance

Performance during the period from April 30, 2025 - December 31, 2025 was affected primarily by valuation pressure on quality-oriented holdings amid a narrow market environment. While earnings across the portfolio continued to compound, rising interest rates and shifting market preferences led to a significant derating of quality companies, particularly across industries viewed as more exposed to potential AI disruption. Portfolio positioning, including underweights to areas such as banks and overweights to industries such as media, software, and professional services, detracted as market leadership narrowed toward perceived AI beneficiaries. In addition, select holdings, including data and analytics companies such as RELX and London Stock Exchange Group, experienced meaningful valuation declines despite strong underlying earnings growth, reflecting investor concerns around future AI impacts.

LSV Summary of Performance

Performance was driven primarily by the portfolio's deeper value style orientation, which was the largest contributor for the year. Style (deeper value) accounted for the most significant positive impact on performance, while size (smaller size bias) was the largest detractor.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1027866.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Core Strategies: International Equity Fund (Investor Class/MXEVX)** | 28.74% | 7.75% | 10.08% |
| **MSCI EAFE Index** | 31.22% | 8.92% | 10.84% |

---

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

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

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,076M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;862 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.5M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 1.88% |
| Novartis AG | 1.34% |
| Novo Nordisk A/S Class B | 1.29% |
| SAP SE | 1.25% |
| LVMH Moet Hennessy Louis Vuitton SE | 1.15% |
| EssilorLuxottica SA | 1.03% |
| Unilever PLC | 0.97% |
| Tencent Holdings Ltd | 0.94% |
| HSBC Holdings PLC | 0.93% |
| Roche Holding AG | 0.93% |

---

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_1027930.jpg)

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

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

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

Availability of Additional Information

![QR Code](images_212.jpg)

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

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

EMPOWER FUNDS

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

Institutional Class / MXEBX \| December 31, 2025

![Empower Logo](images_210.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: U.S. Equity Fund<br>(Institutional Class/MXEBX) | $59 | 0.55% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 15.41%, as compared to its broad-based securities market index, the Russell 3000<sup>®</sup> Index, which returned 17.15% over the same period.

The Fund's investment portfolio is managed by four sub-advisers: J.P. Morgan Investment Management Inc. ("JPMorgan"); Keyridge Asset Management Limited ("Keyridge") (formerly known as Irish Life Investment Managers Limited); Loomis, Sayles & Company, L.P. ("Loomis Sayles"); and Putnam Investment Management, LLC ("Putnam").

JPMorgan Summary of Performance

Performance during the period was affected by elevated volatility early in the year, when a reduced weighting in high-growth technology with elevated expectations supported the portfolio, followed by a shift in market leadership after the April market low that created headwinds. A narrow group of large-cap growth stocks, including the "Magnificent Seven" and a small number of adjacent AI-related companies, accounted for a significant portion of market returns during the latter part of the year, and an underweight position and stock selection within this cohort were key detractors, along with idiosyncratic security selection elsewhere in the portfolio. An overweight position in Oracle detracted as mixed cloud revenue results, margin pressure, and higher-than-expected capital expenditures weighed on the stock, while an underweight position in NVIDIA also detracted amid strong demand for AI-related products. Positioning in Eli Lilly was also challenged by increased volatility later in the year. These effects were partially offset by contributions from select holdings, including an underweight position in Apple, where delayed AI initiatives and other company-specific concerns weighed on shares, as well as from Goldman Sachs. Insmed was also a contributor, supported by the successful launch of its Brinsupri treatment, which generated strong early sales and prescription metrics. Consistent with the investment process, portfolio positioning evolved throughout the year through active risk management and new initiations across sectors, with a continued focus on technology opportunities tied to AI infrastructure, as well as healthcare, fintech, and other growth companies with improving fundamentals.

Keyridge Summary of Performance

Performance during the period was affected by heightened volatility early in the year associated with U.S. tariff policy, which contributed to a broad market drawdown, followed by a recovery beginning in April as trade tensions eased. A resilient economic backdrop, upward revisions to growth expectations, robust earnings, continued optimism around AI, and the resumption of the Federal Reserve's rate cutting cycle were key factors influencing performance. Nvidia, a key supplier of chips powering AI technology, was the largest contributor to performance as robust demand supported strong earnings growth, which was well in excess of market expectations. Alphabet, a communications and technology company, also contributed to performance due to the implementation of AI technology and continued growth in cloud-based revenue. United Health Group, an insurance company, detracted the most from performance due to earnings decline and increased policy payouts. Fiserv Inc., a payments technology company, also detracted from performance where weaker consumer spending weighed on earnings.

Loomis Sayles Summary of Performance

Following a market selloff during the first quarter of the year related to investor concerns over tariffs, the market shifted, with leadership favoring low-quality companies. The result was a mismatch with the portfolio's focus on long-term fundamentals and higher quality business models. While several holdings delivered strong individual results, overall portfolio breadth was negative, which is typical when high-quality investment style is temporarily out of favor. The utilities sector provided the largest contribution to performance due to strong security selection and included independent power producer Talen Energy, one of the top contributing stocks during the period. TTM Technologies, the largest U.S. supplier of printed circuit boards, was the top contributor, supported by improved revenue quality, margin expansion through factory consolidation, and growth in AI servers. The healthcare sector detracted the most from performance due to an underweight exposure to biotechnology and weaker stock selection, with healthcare provider Select Medical Holdings among the bottom performing holdings. Alight Inc., a leading human capital solutions provider, was the top detractor as strategic and governance changes were less effective than expected amid macroeconomic pressures, and the position was sold from the portfolio.

Putnam Summary of Performance

Performance during the period was driven primarily by security selection, which was the largest contributor, particularly within financials, utilities, and consumer discretionary. Sector allocation decisions detracted from performance, particularly an underweight positioning in communication services, which was among the stronger-performing areas of the market. Security selection within information technology and communication services also detracted. Overall, portfolio results reflected the combined impact of bottom-up security selection and sector positioning within a market environment characterized by solid economic growth and continued investor focus on select areas of the equity market.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1027863.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Core Strategies: U.S. Equity Fund (Institutional Class/MXEBX)** | 15.41% | 12.97% | 12.95% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 13.88% |

---

<sup>(a)</sup> <sup>Institutional Class inception date was June 25, 2018.</sup>

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

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$732M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;655 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.1M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp | 4.92% |
| Microsoft Corp | 4.47% |
| Apple Inc | 4.12% |
| Amazon.com Inc | 2.69% |
| Alphabet Inc Class A | 2.36% |
| Broadcom Inc | 1.97% |
| Alphabet Inc Class C | 1.79% |
| Meta Platforms Inc Class A | 1.51% |
| Tesla Inc | 1.44% |
| Walmart Inc | 1.06% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_1027927.jpg)

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

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

Availability of Additional Information

![QR Code](images_212.jpg)

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

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

EMPOWER FUNDS

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

Investor Class / MXETX \| December 31, 2025

![Empower Logo](images_210.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: U.S. Equity Fund<br>(Investor Class/MXETX) | $97 | 0.90% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 15.00%, as compared to its broad-based securities market index, the Russell 3000<sup>®</sup> Index, which returned 17.15% over the same period.

The Fund's investment portfolio is managed by four sub-advisers: J.P. Morgan Investment Management Inc. ("JPMorgan"); Keyridge Asset Management Limited ("Keyridge") (formerly known as Irish Life Investment Managers Limited); Loomis, Sayles & Company, L.P. ("Loomis Sayles"); and Putnam Investment Management, LLC ("Putnam").

JPMorgan Summary of Performance

Performance during the period was affected by elevated volatility early in the year, when a reduced weighting in high-growth technology with elevated expectations supported the portfolio, followed by a shift in market leadership after the April market low that created headwinds. A narrow group of large-cap growth stocks, including the "Magnificent Seven" and a small number of adjacent AI-related companies, accounted for a significant portion of market returns during the latter part of the year, and an underweight position and stock selection within this cohort were key detractors, along with idiosyncratic security selection elsewhere in the portfolio. An overweight position in Oracle detracted as mixed cloud revenue results, margin pressure, and higher-than-expected capital expenditures weighed on the stock, while an underweight position in NVIDIA also detracted amid strong demand for AI-related products. Positioning in Eli Lilly was also challenged by increased volatility later in the year. These effects were partially offset by contributions from select holdings, including an underweight position in Apple, where delayed AI initiatives and other company-specific concerns weighed on shares, as well as from Goldman Sachs. Insmed was also a contributor, supported by the successful launch of its Brinsupri treatment, which generated strong early sales and prescription metrics. Consistent with the investment process, portfolio positioning evolved throughout the year through active risk management and new initiations across sectors, with a continued focus on technology opportunities tied to AI infrastructure, as well as healthcare, fintech, and other growth companies with improving fundamentals.

Keyridge Summary of Performance

Performance during the period was affected by heightened volatility early in the year associated with U.S. tariff policy, which contributed to a broad market drawdown, followed by a recovery beginning in April as trade tensions eased. A resilient economic backdrop, upward revisions to growth expectations, robust earnings, continued optimism around AI, and the resumption of the Federal Reserve's rate cutting cycle were key factors influencing performance. Nvidia, a key supplier of chips powering AI technology, was the largest contributor to performance as robust demand supported strong earnings growth, which was well in excess of market expectations. Alphabet, a communications and technology company, also contributed to performance due to the implementation of AI technology and continued growth in cloud-based revenue. United Health Group, an insurance company, detracted the most from performance due to earnings decline and increased policy payouts. Fiserv Inc., a payments technology company, also detracted from performance where weaker consumer spending weighed on earnings.

Loomis Sayles Summary of Performance

Following a market selloff during the first quarter of the year related to investor concerns over tariffs, the market shifted, with leadership favoring low-quality companies. The result was a mismatch with the portfolio's focus on long-term fundamentals and higher quality business models. While several holdings delivered strong individual results, overall portfolio breadth was negative, which is typical when high-quality investment style is temporarily out of favor. The utilities sector provided the largest contribution to performance due to strong security selection and included independent power producer Talen Energy, one of the top contributing stocks during the period. TTM Technologies, the largest U.S. supplier of printed circuit boards, was the top contributor, supported by improved revenue quality, margin expansion through factory consolidation, and growth in AI servers. The healthcare sector detracted the most from performance due to an underweight exposure to biotechnology and weaker stock selection, with healthcare provider Select Medical Holdings among the bottom performing holdings. Alight Inc., a leading human capital solutions provider, was the top detractor as strategic and governance changes were less effective than expected amid macroeconomic pressures, and the position was sold from the portfolio.

Putnam Summary of Performance

Performance during the period was driven primarily by security selection, which was the largest contributor, particularly within financials, utilities, and consumer discretionary. Sector allocation decisions detracted from performance, particularly an underweight positioning in communication services, which was among the stronger-performing areas of the market. Security selection within information technology and communication services also detracted. Overall, portfolio results reflected the combined impact of bottom-up security selection and sector positioning within a market environment characterized by solid economic growth and continued investor focus on select areas of the equity market

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1027864.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Core Strategies: U.S. Equity Fund (Investor Class/MXETX)** | 15.00% | 12.57% | 14.25% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 13.95% |

---

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

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

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$732M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;655 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.1M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp | 4.92% |
| Microsoft Corp | 4.47% |
| Apple Inc | 4.12% |
| Amazon.com Inc | 2.69% |
| Alphabet Inc Class A | 2.36% |
| Broadcom Inc | 1.97% |
| Alphabet Inc Class C | 1.79% |
| Meta Platforms Inc Class A | 1.51% |
| Tesla Inc | 1.44% |
| Walmart Inc | 1.06% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_1027928.jpg)

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

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

Availability of Additional Information

![QR Code](images_212.jpg)

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

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

EMPOWER FUNDS

------

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

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

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

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

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

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

(5) Accountability for adherence to the code.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(g) Not Applicable.

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

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

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

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

(b) Not applicable.

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

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

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

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

------

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

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

---

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

---

(the "Fund(s)")

#### Annual Report
December 31, 2025

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

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 10.66% | Non-Agency — 10.66% | Non-Agency — 10.66% |
|  | AASET Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A |  |
| &nbsp;&nbsp;&nbsp;336258 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 11/16/2041 | &nbsp;&nbsp;&nbsp;$323729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A |  |
| &nbsp;&nbsp;&nbsp;655702 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 01/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 621982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| 1372107 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 09/16/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391328 |
|  | Affirm Asset Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class 1D |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;6.89%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105223 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14821 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class D |  |
| &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;6.08%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181541 |
| &nbsp;&nbsp;&nbsp;650000 | AGL Ltd<sup>(b)(c)</sup><br> Series 2022-23A Class BR<br> 5.43%, 04/20/2038<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650079 |
| &nbsp;&nbsp;&nbsp;695077 | ALTDE Trust<sup>(b)</sup><br> Series 2025-1A Class A<br> 5.90%, 08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710374 |
|  | American Credit Acceptance Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class D |  |
| &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;7.65%, 09/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928711 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class D |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class D |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523382 |
| 1500000 | AmeriCredit Automobile Receivables Trust<br> Series 2023-2 Class C<br> 6.00%, 07/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538792 |
| 3400000 | Apidos XXXVII<sup>(b)(c)</sup><br> Series 2021-37A Class B<br> 5.72%, 10/22/2034<br> 3-mo. SOFR + 1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401231 |
| 2365000 | Applebee's Funding LLC / IHOP Funding LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 6.72%, 06/07/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382213 |
| &nbsp;&nbsp;&nbsp;176954 | Aqua Finance Trust<sup>(b)</sup><br> Series 2019-A Class C<br> 4.01%, 07/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173793 |
|  | Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class C |  |
| &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;2.35%, 02/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440378 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;7.26%, 10/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257097 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;7.32%, 02/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263515 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A Class D |  |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.35%, 04/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-8A Class C |  |
| &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;7.34%, 02/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291218 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.48%, 06/20/2030 | &nbsp;&nbsp;&nbsp;$156113 |
| 1400000 | Benefit Street Partners XXVIII Ltd<sup>(b)(c)</sup><br> Series 2022-28A Class BR<br> 5.58%, 10/20/2037<br> 3-mo. SOFR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp; 1402309 |
| &nbsp;&nbsp;&nbsp;610000 | Benefit Street Partners XXXVII Ltd<sup>(b)(c)</sup><br> Series 2024-37A Class B<br> 5.51%, 01/25/2038<br> 3-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp; 612200 |
|  | BHG Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class B |  |
| &nbsp;&nbsp;&nbsp;585931 | &nbsp;&nbsp;&nbsp;&nbsp;7.45%, 12/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 614372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CON Class B |  |
| &nbsp;&nbsp;&nbsp;258256 | &nbsp;&nbsp;&nbsp;&nbsp;6.49%, 04/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265708 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CON Class C |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;6.86%, 04/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1CON Class B |  |
| &nbsp;&nbsp;&nbsp;184102 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 04/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185929 |
| 1335000 | Birch Grove Ltd<sup>(b)(c)</sup><br> Series 2024-9A Class A1<br> 5.26%, 10/22/2037<br> 3-mo. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337370 |
|  | Bridgecrest Lending Auto Securitization Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class D |  |
| 2035000 | &nbsp;&nbsp;&nbsp;&nbsp;7.84%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128762 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class D |  |
| 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class C |  |
| &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;5.17%, 03/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class B |  |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.73%, 09/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251377 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class C |  |
| &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;4.81%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class D |  |
| &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705176 |
| &nbsp;&nbsp;&nbsp;333128 | CAL Funding IV Ltd<sup>(b)</sup><br> Series 2020-1A Class A<br> 2.22%, 09/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319655 |
| 2000000 | Carlyle Global Market Strategies Ltd<sup>(b)(c)</sup><br> Series 2021-3SA Class A2<br> 5.67%, 04/15/2034<br> 3-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001220 |
|  | CarMax Auto Owner Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class D |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class D |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;7.16%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102026 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Carvana Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-N4 Class D |  |
| &nbsp;&nbsp;&nbsp;101432 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/11/2028 | &nbsp;&nbsp;&nbsp;$99300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N1 Class D |  |
| 2430000 | &nbsp;&nbsp;&nbsp;&nbsp;6.69%, 07/10/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2486212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N4 Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.22%, 02/11/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 208056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N1 Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 05/10/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203992 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N3 Class D |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/10/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398748 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N3 Class E |  |
| 1285000 | &nbsp;&nbsp;&nbsp;&nbsp;7.66%, 04/12/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287709 |
|  | Castlelake Aircraft Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class B |  |
| &nbsp;&nbsp;&nbsp;641918 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A |  |
| &nbsp;&nbsp;&nbsp;288412 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 04/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282644 |
| &nbsp;&nbsp;&nbsp;171918 | CCG Receivables Trust<sup>(b)</sup><br> Series 2023-1 Class A2<br> 5.82%, 09/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172599 |
| &nbsp;&nbsp;&nbsp;624388 | CLI Funding VIII LLC<sup>(b)</sup><br> Series 2025-R Class A<br> 6.61%, 06/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620945 |
| 1595000 | CLIF Holdings LLC<sup>(b)</sup><br> Series 2025-1H Class A<br> 6.72%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595000 |
| &nbsp;&nbsp;&nbsp;&nbsp;19406 | Commonbond Student Loan Trust<sup>(b)</sup><br> Series 2020-1 Class A<br> 1.69%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17868 |
| &nbsp;&nbsp;&nbsp;655000 | Compass Datacenters Issuer II LLC<sup>(b)</sup><br> Series 2025-1A Class A1<br> 5.32%, 05/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660891 |
|  | Compass Datacenters Issuer III LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;5.66%, 02/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 02/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166666 |
|  | CoreVest American Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class C |  |
| &nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 05/15/2052<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class C |  |
| &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D |  |
| &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 10/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201289 |
|  | Credit Acceptance Auto Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;6.71%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class C |  |
| &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;6.70%, 10/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362329 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 01/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282995 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class C |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/17/2036 | &nbsp;&nbsp;&nbsp;$304777 |
| &nbsp;&nbsp;&nbsp;345000 | CyrusOne Data Centers Issuer I LLC<sup>(b)</sup><br> Series 2024-3A Class A2<br> 4.65%, 05/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 331048 |
| 1230000 | DataBank Issuer II LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.18%, 09/27/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1211598 |
|  | Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class D |  |
| 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1062605 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class C |  |
| &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;4.39%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689441 |
| &nbsp;&nbsp;&nbsp;845000 | DT Auto Owner Trust<sup>(b)</sup><br> Series 2023-3A Class D<br> 7.12%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870522 |
| &nbsp;&nbsp;&nbsp;&nbsp;24864 | Elara HGV Timeshare Issuer LLC<sup>(b)</sup><br> Series 2021-A Class C<br> 2.09%, 08/27/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23808 |
| &nbsp;&nbsp;&nbsp;&nbsp;50821 | ELFI Graduate Loan Program LLC<sup>(b)(d)</sup><br> Series 2021-A Class B<br> 2.09%, 12/26/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42245 |
| &nbsp;&nbsp;&nbsp;544912 | EverBright Solar Trust<sup>(b)</sup><br> Series 2024-A Class A<br> 6.43%, 06/22/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520294 |
| &nbsp;&nbsp;&nbsp;173700 | EWC Master Issuer LLC<sup>(b)</sup><br> Series 2022-1A Class A2<br> 5.50%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171684 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693602 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;6.68%, 04/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347991 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A Class D |  |
| 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363155 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 12/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A Class D |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.06%, 02/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| 3845000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902133 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class C |  |
| &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.16%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A Class D |  |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254958 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class B |  |
| &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.28%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901541 |
|  | Exeter Select Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A3 |  |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class B |  |
| &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class D |  |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208605 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | First Help Financial LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;827309 | &nbsp;&nbsp;&nbsp;&nbsp;4.92%, 02/15/2031 | &nbsp;&nbsp;&nbsp;$825065 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2 |  |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1301473 |
|  | First Investors Auto Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.79%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D |  |
| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;8.71%, 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431723 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501414 |
|  | FirstKey Homes Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E1 |  |
| &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;2.39%, 08/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class E1 |  |
| &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;2.26%, 09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class E2 |  |
| &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220443 |
|  | Flagship Credit Auto Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;2.18%, 02/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;93843 | &nbsp;&nbsp;&nbsp;&nbsp;1.27%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93083 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class D |  |
| &nbsp;&nbsp;&nbsp;239527 | &nbsp;&nbsp;&nbsp;&nbsp;1.59%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D |  |
| &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;6.01%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25014 |
| &nbsp;&nbsp;&nbsp;490000 | FOCUS Brands Funding<sup>(b)</sup><br> Series 2023-2 Class A2<br> 8.24%, 10/30/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519564 |
| &nbsp;&nbsp;&nbsp;450000 | Ford Credit Auto Lease Trust<br> Series 2023-B Class D<br> 6.97%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453487 |
| 2350000 | Ford Credit Auto Owner Trust<sup>(b)(e)</sup><br> Series 2025-1 Class A<br> 4.86%, 08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414972 |
| 1380000 | Fortiva Retail Credit Master Note Business Trust<sup>(b)</sup><br> Series 2024-ONE Class B<br> 9.70%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402294 |
|  | Foundation Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B |  |
| &nbsp;&nbsp;&nbsp;217615 | &nbsp;&nbsp;&nbsp;&nbsp;6.97%, 06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;84702 | &nbsp;&nbsp;&nbsp;&nbsp;6.59%, 03/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85857 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class B |  |
| &nbsp;&nbsp;&nbsp;677498 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 04/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684554 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;482534 | &nbsp;&nbsp;&nbsp;&nbsp;6.09%, 04/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482871 |
| &nbsp;&nbsp;&nbsp;&nbsp;33848 | Freedom Financial Trust<sup>(b)</sup><br> Series 2022-1FP Class D<br> 3.35%, 03/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33819 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Frontier Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A2 |  |
| 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 08/20/2053 | &nbsp;&nbsp;&nbsp;$1897224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C |  |
| &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;11.50%, 08/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 792723 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class C |  |
| 1085000 | &nbsp;&nbsp;&nbsp;&nbsp;11.16%, 06/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1209372 |
| 1205000 | GGAM Master Trust International Ltd<sup>(b)</sup><br> Series 2025-1A Class A<br> 5.92%, 09/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211462 |
| &nbsp;&nbsp;&nbsp;956582 | GITSIT Mortgage Loan Trust<sup>(b)(e)</sup><br> Series 2025-NPL1 Class A1<br> 6.28%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958241 |
| 1187206 | Global SC Finance X Ltd<sup>(b)</sup><br> Series 2025-1H Class A<br> 6.17%, 09/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187394 |
|  | GLS Auto Receivables Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;6.31%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;7.18%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407029 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;6.19%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379288 |
|  | GLS Auto Select Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;6.43%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51691 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class C |  |
| &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.28%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71486 |
| &nbsp;&nbsp;&nbsp;195159 | GoodLeap Home Improvement Solutions Trust<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.35%, 10/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197670 |
| &nbsp;&nbsp;&nbsp;122813 | Hardee's Funding LLC<sup>(b)</sup><br> Series 2024-1A Class A2<br> 7.25%, 03/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126943 |
| &nbsp;&nbsp;&nbsp;420000 | Hertz Vehicle Financing III LLC<sup>(b)</sup><br> Series 2023-1A Class D2<br> 9.13%, 06/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423155 |
|  | Hilton Grand Vacations Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1B Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;41758 | &nbsp;&nbsp;&nbsp;&nbsp;6.62%, 09/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42905 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3EXT Class A |  |
| &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.56%, 10/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853440 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;84625 | HIN Timeshare Trust<sup>(b)</sup><br> Series 2024-A Class A<br> 5.49%, 03/15/2043 | &nbsp;&nbsp;&nbsp;$86247 |
|  | Home Partners of America Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;81600 | &nbsp;&nbsp;&nbsp;&nbsp;2.58%, 09/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 73935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class E1 |  |
| 1266534 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1236331 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class E2 |  |
| &nbsp;&nbsp;&nbsp;609280 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594469 |
| &nbsp;&nbsp;&nbsp;255000 | HPEFS Equipment Trust<sup>(b)</sup><br> Series 2023-2A Class D<br> 6.97%, 07/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257646 |
| 2950000 | HPS Loan Management Ltd<sup>(b)(c)</sup><br> Series 2019-15A Class A1R2<br> 5.16%, 10/22/2038<br> 3-mo. SOFR + 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952947 |
| &nbsp;&nbsp;&nbsp;105000 | Island Finance Trust<sup>(b)</sup><br> Series 2025-1A Class A<br> 6.54%, 03/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106261 |
| &nbsp;&nbsp;&nbsp;476250 | Jack in the Box Funding LLC<sup>(b)</sup><br> Series 2019-1A Class A2II<br> 4.48%, 08/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472566 |
| 1089179 | JOL Air Ltd<sup>(b)</sup><br> Series 2019-1 Class A<br> 3.97%, 04/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083964 |
|  | Kapitus Asset Securitization IV LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class 1A |  |
| &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 09/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 09/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512676 |
| &nbsp;&nbsp;&nbsp;&nbsp;33318 | Kestrel Aircraft Funding Ltd<sup>(b)</sup><br> Series 2018-1A Class A<br> 4.25%, 12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33335 |
| 2250000 | KKR Ltd<sup>(b)(c)</sup><br> Series 31A Class B<br> 5.65%, 04/20/2034<br> 3-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252448 |
| &nbsp;&nbsp;&nbsp;163257 | Labrador Aviation Finance Ltd<sup>(b)</sup><br> Series 2016-1A Class A1<br> 4.30%, 01/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163473 |
|  | LAD Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C |  |
| &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;6.76%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;7.37%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.33%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.64%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.93%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101273 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.18%, 02/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101016 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;148201 | Laurel Road Prime Student Loan Trust<sup>(b)</sup><br> Series 2020-A Class A2FX<br> 1.40%, 11/25/2050 | &nbsp;&nbsp;&nbsp;$138886 |
| &nbsp;&nbsp;&nbsp;726918 | Lunar Structured Aircraft Portfolio Notes<sup>(b)</sup><br> Series 2021-1 Class A<br> 2.64%, 10/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 693486 |
| &nbsp;&nbsp;&nbsp;456116 | MAPS Ltd<sup>(b)</sup><br> Series 2021-1A Class A<br> 2.52%, 06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 437012 |
| 2250000 | Marathon Ltd<sup>(b)(c)</sup><br> Series 2021-16A Class A2R<br> 5.45%, 04/15/2034<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp; 2250331 |
| &nbsp;&nbsp;&nbsp;130000 | Mariner Finance Issuance Trust<sup>(b)</sup><br> Series 2024-AA Class D<br> 6.77%, 09/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 133173 |
|  | Marlette Funding Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class B |  |
| &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;8.15%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &nbsp;&nbsp;&nbsp;115566 | &nbsp;&nbsp;&nbsp;&nbsp;6.07%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116190 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;6.93%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569532 |
| &nbsp;&nbsp;&nbsp;525000 | Merchants Fleet Funding LLC<sup>(b)</sup><br> Series 2023-1A Class D<br> 8.20%, 05/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531939 |
|  | Mercury Financial Credit Card Master Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;6.56%, 07/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080876 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class B |  |
| &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;6.16%, 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436292 |
| &nbsp;&nbsp;&nbsp;525000 | MetroNet Infrastructure Issuer LLC<sup>(b)</sup><br> Series 2025-2A Class A2<br> 5.40%, 08/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530814 |
|  | Mission Lane Credit Card Master Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;6.59%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class A |  |
| &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699818 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A |  |
| &nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601768 |
| &nbsp;&nbsp;&nbsp;&nbsp;81203 | Mosaic Solar Loan Trust<sup>(b)</sup><br> Series 2022-3A Class A<br> 6.10%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79851 |
|  | MVW Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1WA Class C |  |
| &nbsp;&nbsp;&nbsp;190182 | &nbsp;&nbsp;&nbsp;&nbsp;1.94%, 01/22/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class C |  |
| &nbsp;&nbsp;&nbsp;380058 | &nbsp;&nbsp;&nbsp;&nbsp;2.23%, 05/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362416 |
|  | Navient Student Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;21388 | &nbsp;&nbsp;&nbsp;&nbsp;1.31%, 01/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20244 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A |  |
| &nbsp;&nbsp;&nbsp;176420 | &nbsp;&nbsp;&nbsp;&nbsp;0.84%, 05/15/2069 | &nbsp;&nbsp;&nbsp;$162093 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class B |  |
| &nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;2.24%, 05/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 585271 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-EA Class B |  |
| &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;2.03%, 12/16/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 170885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FA Class B |  |
| &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;2.12%, 02/18/2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BA Class B |  |
| &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;7.23%, 03/15/2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605969 |
| 1100702 | Navigator Aircraft Ltd<sup>(b)(e)</sup><br> Series 2021-1 Class A<br> 2.77%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051306 |
|  | Nelnet Student Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BA Class B |  |
| &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;2.68%, 04/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class C |  |
| &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87774 |
| &nbsp;&nbsp;&nbsp;315000 | New Economy Assets Phase 1 Sponsor LLC<sup>(b)</sup><br> Series 2021-1 Class A1<br> 1.91%, 10/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262960 |
| &nbsp;&nbsp;&nbsp;375000 | Octane Receivables Trust<sup>(b)</sup><br> Series 2025-1A Class D<br> 5.40%, 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375323 |
|  | OneMain Financial Issuance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D |  |
| &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 06/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323713 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-S1 Class D |  |
| &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 05/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773921 |
| &nbsp;&nbsp;&nbsp;839456 | OWN Equipment Fund I LLC<sup>(b)</sup><br> Series 2024-2M Class A<br> 5.70%, 12/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851255 |
| &nbsp;&nbsp;&nbsp;469860 | OWN Equipment Fund II LLC<sup>(b)</sup><br> Series 2025-1M Class A<br> 5.48%, 09/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472599 |
| 1130000 | OWN Equipment Fund III LLC<sup>(b)</sup><br> Series 2025-2M Class A<br> 5.42%, 03/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135438 |
|  | Palmer Square BDC Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A Class A |  |
| 1795000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2037<br> 3-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799297 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A Class B1 |  |
| 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 07/15/2037<br> 3-mo. SOFR + 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275404 |
| &nbsp;&nbsp;&nbsp;223264 | PK Alift Loan Funding 3 LP<sup>(b)</sup><br> Series 2024-1 Class A1<br> 5.84%, 09/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228160 |
|  | Planet Fitness Master Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;554600 | &nbsp;&nbsp;&nbsp;&nbsp;3.86%, 12/05/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A2II |  |
| &nbsp;&nbsp;&nbsp;&nbsp;96250 | &nbsp;&nbsp;&nbsp;&nbsp;4.01%, 12/05/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91234 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2I |  |
| &nbsp;&nbsp;&nbsp;449313 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 06/05/2054 | &nbsp;&nbsp;&nbsp;$456686 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2I |  |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 12/06/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 502924 |
|  | Prestige Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| 1235000 | &nbsp;&nbsp;&nbsp;&nbsp;8.08%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1246182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.71%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200755 |
|  | Progress Residential Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR3 Class E1 |  |
| &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;2.54%, 05/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR3 Class E2 |  |
| &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;2.69%, 05/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138772 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR5 Class E1 |  |
| &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;2.21%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR5 Class E2 |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98664 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6 Class E1 |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.43%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296278 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6 Class E2 |  |
| &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;2.53%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152966 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR7 Class E1 |  |
| &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;2.59%, 08/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR7 Class E2 |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.64%, 08/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR9 Class E1 |  |
| &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;2.81%, 11/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154768 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR9 Class E2 |  |
| &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;3.01%, 11/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108324 |
| &nbsp;&nbsp;&nbsp;465000 | QTS Issuer ABS II LLC<sup>(b)</sup><br> Series 2025-1A Class B<br> 5.78%, 10/05/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460197 |
| &nbsp;&nbsp;&nbsp;175000 | Reach Financial LLC<sup>(b)</sup><br> Series 2025-1A Class C<br> 5.99%, 08/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178132 |
| &nbsp;&nbsp;&nbsp;550000 | Red Oak Funding Master Trust<sup>(b)(c)</sup><br> Series 2025-1A Class A<br> 5.98%, 12/20/2030<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 |
| &nbsp;&nbsp;&nbsp;295000 | Regional Management Issuance Trust<sup>(b)</sup><br> Series 2025-2 Class D<br> 6.01%, 11/16/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295091 |
|  | Republic Finance Issuance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.53%, 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99217 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A |  |
| &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 08/20/2032 | &nbsp;&nbsp;&nbsp;$525266 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class A |  |
| &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 11/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 147748 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class C |  |
| &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 11/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 501629 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class C |  |
| &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;6.04%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820156 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class B |  |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413415 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class C |  |
| &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;5.06%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class B |  |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.49%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class C |  |
| &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.68%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class D |  |
| &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.11%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454365 |
|  | SBNA Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101841 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.04%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102309 |
|  | SCF Equipment Leasing LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.82%, 09/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;6.58%, 06/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115344 |
|  | SEB Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 01/30/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;7.39%, 04/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956398 |
| 1810000 | SF ABS Issuer LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.38%, 11/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770603 |
| &nbsp;&nbsp;&nbsp;950000 | Shentel Issuer LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.64%, 12/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958750 |
| &nbsp;&nbsp;&nbsp;186141 | Shenton Aircraft Investment I Ltd<sup>(b)</sup><br> Series 2015-1A Class A<br> 4.75%, 10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181209 |
|  | Sierra Timeshare Receivables Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12418 | &nbsp;&nbsp;&nbsp;&nbsp;1.79%, 11/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;68137 | &nbsp;&nbsp;&nbsp;&nbsp;7.30%, 04/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C |  |
| &nbsp;&nbsp;&nbsp;200267 | &nbsp;&nbsp;&nbsp;&nbsp;7.12%, 09/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207261 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class C |  |
| &nbsp;&nbsp;&nbsp;134231 | &nbsp;&nbsp;&nbsp;&nbsp;4.98%, 08/22/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134918 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | SLAM LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;763364 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 09/15/2049 | &nbsp;&nbsp;&nbsp;$773085 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A |  |
| &nbsp;&nbsp;&nbsp;260554 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 267025 |
|  | SMB Private Education Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A Class A2A |  |
| &nbsp;&nbsp;&nbsp;260233 | &nbsp;&nbsp;&nbsp;&nbsp;2.23%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252871 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A2A2 |  |
| &nbsp;&nbsp;&nbsp;275358 | &nbsp;&nbsp;&nbsp;&nbsp;4.59%, 01/15/2053<sup>(c)</sup><br> 1-mo. SOFR + 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class B |  |
| &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 07/17/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class B |  |
| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;2.31%, 03/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287623 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-E Class B |  |
| &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;2.49%, 02/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616323 |
|  | Stream Innovations Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;63832 | &nbsp;&nbsp;&nbsp;&nbsp;6.27%, 07/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| &nbsp;&nbsp;&nbsp;317523 | &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321129 |
| 1485000 | Subway Funding LLC<sup>(b)</sup><br> Series 2024-1A Class A2I<br> 6.03%, 07/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505409 |
| &nbsp;&nbsp;&nbsp;108060 | Sunnova Helios II Issuer LLC<sup>(b)</sup><br> Series 2019-AA Class A<br> 3.75%, 06/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100965 |
| &nbsp;&nbsp;&nbsp;307445 | Sunnova Helios V Issuer LLC<sup>(b)</sup><br> Series 2021-A Class B<br> 3.15%, 02/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136801 |
| 1126215 | Sunnova Helios X Issuer LLC<sup>(b)</sup><br> Series 2022-C Class C<br> 6.00%, 11/22/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415802 |
| 1076504 | Sunnova Helios XIII Issuer LLC<sup>(b)</sup><br> Series 2024-A Class A<br> 5.30%, 02/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946065 |
| &nbsp;&nbsp;&nbsp;338920 | Sunrun Atlas Issuer LLC<sup>(b)</sup><br> Series 2019-2 Class A<br> 3.61%, 02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326735 |
| &nbsp;&nbsp;&nbsp;102806 | Sunrun Demeter Issuer LLC<sup>(b)</sup><br> Series 2021-2A Class A<br> 2.27%, 01/30/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93727 |
| &nbsp;&nbsp;&nbsp;251467 | Textainer Marine Containers VII Ltd<sup>(b)</sup><br> Series 2021-1A Class A<br> 1.68%, 02/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236714 |
| &nbsp;&nbsp;&nbsp;421018 | Thrust Engine Leasing Designated Activity Co<sup>(b)</sup><br> Series 2021-1A Class A<br> 4.16%, 07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415488 |
| 1068393 | TMCL VII Holdings Ltd<sup>(b)</sup><br> Series 2025-1H Class A<br> 6.43%, 07/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072988 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Trafigura Securitisation Finance PLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A1 |  |
| 1790000 | &nbsp;&nbsp;&nbsp;&nbsp;5.17%, 11/15/2027<sup>(c)</sup><br> 1-day. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;$1785258 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;7.29%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 283884 |
|  | Tricon American Homes Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-SFR1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2 Class E1 |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.73%, 11/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95079 |
|  | Tricon Residential Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E1 |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.79%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197567 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E2 |  |
| &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528389 |
| &nbsp;&nbsp;&nbsp;100000 | Uniti Fiber ABS Issuer LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.88%, 04/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102403 |
| &nbsp;&nbsp;&nbsp;388895 | Vivint Solar Financing V LLC<sup>(b)</sup><br> Series 2018-1A Class A<br> 4.73%, 04/30/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374647 |
| &nbsp;&nbsp;&nbsp;493447 | Volofin Finance Designated Activity Co<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.94%, 06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502836 |
| &nbsp;&nbsp;&nbsp;100000 | VStrong Auto Receivables Trust<sup>(b)</sup><br> Series 2024-A Class D<br> 7.29%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105163 |
|  | Westlake Automobile Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;6.79%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C |  |
| &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;6.02%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555842 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;7.19%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405931 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class D |  |
| &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.08%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452463 |
| &nbsp;&nbsp;&nbsp;729743 | Willis Engine Structured Trust VI<sup>(b)</sup><br> Series 2021-A Class A<br> 3.10%, 05/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689472 |
| &nbsp;&nbsp;&nbsp;148696 | Willis Engine Structured Trust VII<sup>(b)</sup><br> Series 2023-A Class A<br> 8.00%, 10/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152864 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;445000 | Wingstop Funding LLC<sup>(b)</sup><br> Series 2024-1A Class A2<br> 5.86%, 12/05/2054 | &nbsp;&nbsp;&nbsp;$457233 |
| **TOTAL ASSET-BACKED SECURITIES — 10.66%<br> (Cost $150,145,253)** | **TOTAL ASSET-BACKED SECURITIES — 10.66%<br> (Cost $150,145,253)** | &nbsp;&nbsp;&nbsp;**$150226758** |
| **BANK LOANS** | **BANK LOANS** | **BANK LOANS** |
| 1060000 | Allison Transmission Inc<sup>(c)</sup><br> 5.53%, 11/06/2032<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1064195 |
|  | Aramark Services Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;5.53%,04/06/2028<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; 160500 |
| 1416142 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%,06/22/2030<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; 1421453 |
| 2563368 | Ardonagh FinCo Ltd<sup>(c)</sup><br> 6.42%, 02/15/2031<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559560 |
| 1687560 | Asplundh Tree Expert LLC<sup>(c)</sup><br> 5.47%, 05/23/2031<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693362 |
| &nbsp;&nbsp;&nbsp;306445 | Ciena Corp<sup>(c)</sup><br> 5.48%, 10/24/2030<br> 1-mo. SOFR + 1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307046 |
| &nbsp;&nbsp;&nbsp;342406 | Citadel Securities LP<sup>(c)</sup><br> 5.67%, 10/31/2031<br> 3-mo. SOFR + 2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343935 |
| 1110000 | Clean Harbors Inc<sup>(c)</sup><br> 5.22%, 09/24/2032<br> 1-mo. SOFR + 1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117770 |
| 1683092 | DaVita Inc<sup>(c)</sup><br> 5.53%, 05/09/2031<br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688501 |
| 2603951 | Dayforce Inc<sup>(c)</sup><br> 6.78%, 10/07/2032<br> 1-mo. SOFR + 3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593861 |
| &nbsp;&nbsp;&nbsp;868437 | DK Crown Holdings Inc<sup>(c)</sup><br> 5.53%, 03/04/2032<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868438 |
|  | First Brands Group LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;158412 | &nbsp;&nbsp;&nbsp;&nbsp;13.84%,06/29/2026<br> 1-mo. SOFR + 10.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29940 |
| &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;10.99%,03/30/2027<br> 1-mo. SOFR + 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
| &nbsp;&nbsp;&nbsp;476563 | &nbsp;&nbsp;&nbsp;&nbsp;10.99%,03/31/2027<br> 1-mo. SOFR + 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 |
|  | Flutter Entertainment PLC<sup>(c)</sup> |  |
| 2191251 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%,11/30/2030<br> 3-mo. SOFR + 1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181664 |
| &nbsp;&nbsp;&nbsp;870625 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%,06/04/2032<br> 3-mo. SOFR + 2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868448 |
| &nbsp;&nbsp;&nbsp;285000 | Herc Holdings Inc<sup>(c)</sup><br> 5.52%, 06/02/2032<br> 1-mo. SOFR + 1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286069 |
| 1157005 | Hilton Worldwide Finance LLC<sup>(c)</sup><br> 5.48%, 11/08/2030<br> 1-mo. SOFR + 1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162680 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| &nbsp;&nbsp;&nbsp;762498 | IQVIA Inc<sup>(c)</sup><br> 5.42%, 01/02/2031<br> 3-mo. SOFR + 1.77% | &nbsp;&nbsp;&nbsp;$766311 |
| &nbsp;&nbsp;&nbsp;294259 | Leia FinCo US LLC<sup>(c)</sup><br> 7.19%, 10/09/2031<br> 3-mo. SOFR + 3.53% | &nbsp;&nbsp;&nbsp;&nbsp; 295178 |
| &nbsp;&nbsp;&nbsp;&nbsp;98503 | Light & Wonder International Inc<sup>(c)</sup><br> 5.99%, 04/14/2029<br> 1-mo. SOFR + 2.30% | &nbsp;&nbsp;&nbsp;&nbsp; 97223 |
| 1221693 | Novelis Holdings Inc<sup>(c)</sup><br> 5.42%, 02/20/2032<br> 3-mo. SOFR + 1.77% | &nbsp;&nbsp;&nbsp;&nbsp; 1224366 |
| 3429832 | NRG Energy Inc<sup>(c)</sup><br> 5.59%, 04/16/2031<br> 3-mo. SOFR + 1.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3437504 |
| 1486513 | OpenText Corp<sup>(c)</sup><br> 5.47%, 01/31/2030<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; 1486682 |
|  | Resideo Funding Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;282775 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%,02/11/2028<br> 1-mo. SOFR + 2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283129 |
| 1267452 | &nbsp;&nbsp;&nbsp;&nbsp;5.84%,06/13/2031<br> 6-mo. SOFR + 2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271463 |
| &nbsp;&nbsp;&nbsp;217800 | Ryan Specialty Group LLC<sup>(c)</sup><br> 5.72%, 09/15/2031<br> 1-mo. SOFR + 2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217981 |
| &nbsp;&nbsp;&nbsp;727947 | SBA Senior Finance II LLC<sup>(c)</sup><br> 5.47%, 01/25/2031<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730677 |
| 1270000 | Solstice Advanced Materials Inc<sup>(c)</sup><br> 5.59%, 10/29/2032<br> 3-mo. SOFR + 1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275820 |
| &nbsp;&nbsp;&nbsp;248128 | Terex Corp<sup>(c)</sup><br> 5.47%, 10/08/2031<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249175 |
| 3161322 | Trans Union LLC<sup>(c)</sup><br> 5.47%, 06/24/2031<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165273 |
| &nbsp;&nbsp;&nbsp;430167 | Truist Insurance Holdings LLC<sup>(c)</sup><br> 6.42%, 05/06/2031<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430705 |
| &nbsp;&nbsp;&nbsp;273608 | United Rentals Inc<sup>(c)</sup><br> 5.22%, 02/14/2031<br> 1-mo. SOFR + 1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274634 |
| 1699125 | Wyndham Hotels & Resorts Inc<sup>(c)</sup><br> 5.47%, 05/24/2030<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701249 |
| **TOTAL BANK LOANS — 2.50%<br> (Cost $35,658,099)** | **TOTAL BANK LOANS — 2.50%<br> (Cost $35,658,099)** | &nbsp;&nbsp;&nbsp;**$35256883** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 1.45% | Basic Materials — 1.45% | Basic Materials — 1.45% |
| &nbsp;&nbsp;&nbsp;669000 | Ashland Inc<sup>(b)</sup><br> 3.38%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611936 |
| &nbsp;&nbsp;&nbsp;&nbsp;17000 | Carpenter Technology Corp<sup>(b)</sup><br> 5.63%, 03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17267 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Basic Materials — (continued) | Basic Materials — (continued) | Basic Materials — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | Chemours Co<sup>(b)</sup><br> 5.75%, 11/15/2028 | &nbsp;&nbsp;&nbsp;$229513 |
|  | Commercial Metals Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 487748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 684804 |
| &nbsp;&nbsp;&nbsp;&nbsp;1352000 | First Quantum Minerals Ltd<sup>(b)</sup><br> 9.38%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1423674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | Fortescue Treasury Pty Ltd<sup>(b)</sup><br> 4.38%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 17408 |
|  | Glencore Funding LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389994 |
| &nbsp;&nbsp;&nbsp;&nbsp;2010000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 09/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270446 |
| &nbsp;&nbsp;&nbsp;&nbsp;3075000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/08/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237916 |
| &nbsp;&nbsp;&nbsp;&nbsp;5550000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/06/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129645 |
|  | Mineral Resources Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771000 | Solstice Advanced Materials Inc<sup>(b)</sup><br> 5.63%, 09/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777780 |
|  | Steel Dynamics Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20449451 |
| Communications — 3.56% | Communications — 3.56% | Communications — 3.56% |
|  | AppLovin Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477006 |
| &nbsp;&nbsp;&nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131962 |
| &nbsp;&nbsp;&nbsp;&nbsp;1875000 | AT&T Inc<br> 5.38%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921405 |
| &nbsp;&nbsp;&nbsp;&nbsp;2884000 | Beignet Investor LLC<sup>(b)</sup><br> 6.58%, 05/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | CCO Holdings LLC / CCO Holdings Capital Corp<sup>(b)</sup><br> 5.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34723 |
|  | Charter Communications Operating LLC / Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;6.65%, 02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 06/30/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294000 | Cipher Compute LLC<sup>(b)</sup><br> 7.13%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299434 |
|  | CSC Holdings LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp;11.25%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367922 |
| &nbsp;&nbsp;&nbsp;&nbsp;7410000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646786 |
| &nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861000 | DirecTV Financing LLC<sup>(b)</sup><br> 8.88%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871155 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333000 | DirecTV Financing LLC <sup>(b)</sup><br> 8.88%, 02/01/2030 | &nbsp;&nbsp;&nbsp;$337476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | DirecTV Financing LLC / DirecTV Financing Co-Obligor Inc<sup>(b)</sup><br> 10.00%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1001611 |
|  | Discovery Communications LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 81016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 289890 |
|  | DISH DBS Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2885000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2797721 |
| &nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595348 |
| &nbsp;&nbsp;&nbsp;&nbsp;9747216 | EchoStar Corp<br> 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10771590 |
| &nbsp;&nbsp;&nbsp;&nbsp;2885000 | Expedia Group Inc<br> 5.40%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779000 | Flash Compute LLC<sup>(b)</sup><br> 7.25%, 12/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771804 |
|  | Go Daddy Operating Co LLC / GD Finance Co Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712449 |
|  | Meta Platforms Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923760 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199714 |
|  | Motorola Solutions Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786467 |
| &nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | SoftBank Group Corp<br> 4.63%, 07/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494291 |
| &nbsp;&nbsp;&nbsp;&nbsp;1410000 | Sprint Capital Corp<br> 8.75%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | Time Warner Cable LLC<br> 6.55%, 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265319 |
|  | T-Mobile USA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728209 |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167023 |
|  | Uber Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976000 | WULF Compute LLC<sup>(b)</sup><br> 7.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50200869 |
| Consumer, Cyclical — 2.59% | Consumer, Cyclical — 2.59% | Consumer, Cyclical — 2.59% |
|  | 1011778 BC Unlimited Liability Co / New Red Finance Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245383 |
| &nbsp;&nbsp;&nbsp;&nbsp;2170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | Acushnet Co<sup>(b)</sup><br> 5.63%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | Allison Transmission Inc<sup>(b)</sup><br> 3.75%, 01/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663836 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
|  | American Airlines Pass Through Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11871 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 02/15/2028 | &nbsp;&nbsp;&nbsp;$11548 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108901 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 104452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 | British Airways Pass Through Trust<sup>(b)</sup><br> Series 2019-1 Class A<br> 3.35%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898 |
|  | Carnival Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216759 |
| &nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712306 |
| &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590735 |
| &nbsp;&nbsp;&nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | Choice Hotels International Inc<br> 5.85%, 08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | DR Horton Inc<br> 5.50%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520672 |
| &nbsp;&nbsp;&nbsp;&nbsp;1530000 | Global Auto Holdings Ltd / AAG FH UK Ltd<sup>(b)</sup><br> 11.50%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602207 |
|  | Hilton Domestic Operating Co Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498400 |
|  | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637000 | Kingpin Intermediate Holdings LLC<sup>(b)(f)</sup><br> 7.25%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | Light & Wonder International Inc<sup>(b)</sup><br> 7.25%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35947 |
|  | Marriott International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057150 |
| &nbsp;&nbsp;&nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422919 |
|  | Marriott Ownership Resorts Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240763 |
| &nbsp;&nbsp;&nbsp;&nbsp;2380000 | Meritage Homes Corp<br> 5.65%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | Murphy Oil USA Inc<sup>(b)</sup><br> 3.75%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | NCL Corp Ltd<sup>(b)</sup><br> 6.75%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | NCL Finance Ltd<sup>(b)</sup><br> 6.13%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200565 |
|  | Royal Caribbean Cruises Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/01/2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219971 |
| &nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/01/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872961 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/30/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$1548810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 507029 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1952148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 763183 |
|  | Taylor Morrison Communities Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 17102 |
| &nbsp;&nbsp;&nbsp;&nbsp;1066000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1096799 |
|  | Travel + Leisure Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628912 |
| &nbsp;&nbsp;&nbsp;&nbsp;2122509 | United Airlines Pass Through Trust<br> Series 2023-1 Class A<br> 5.80%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | Viking Cruises Ltd<sup>(b)</sup><br> 5.88%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17263 |
| &nbsp;&nbsp;&nbsp;&nbsp;1835000 | Warnermedia Holdings Inc<br> 4.28%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610800 |
|  | Yum! Brands Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1119000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404738 |
|  | ZF North America Capital Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36513583 |
| Consumer, Non-Cyclical — 2.92% | Consumer, Non-Cyclical — 2.92% | Consumer, Non-Cyclical — 2.92% |
|  | Ashtead Capital Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/11/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484929 |
| &nbsp;&nbsp;&nbsp;&nbsp;2210000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298796 |
|  | Avantor Funding Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Bausch + Lomb Corp<sup>(b)</sup><br> 8.38%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26094 |
| &nbsp;&nbsp;&nbsp;&nbsp;1185000 | Bausch Health Cos Inc<sup>(b)</sup><br> 4.88%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060575 |
|  | Block Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17678 |
|  | Centene Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906431 |
| &nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751307 |
|  | CVS Pass Through Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638272 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/10/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224099 | &nbsp;&nbsp;&nbsp;&nbsp;4.16%, 08/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | Elevance Health Inc<br> 5.20%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709902 |
|  | HCA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1685000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753040 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;2025000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2034 | &nbsp;&nbsp;&nbsp;$2111912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 396182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 49316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 709797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | Hologic Inc<sup>(b)</sup><br> 3.25%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 428723 |
|  | JBS USA Holding Lux SARL / JBS USA Food Co / JBS Lux Co SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1970446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | JBS USA Holding Lux SARL / JBS USA Foods Group Holdings Inc / JBS USA Food Co<sup>(b)</sup><br> 5.50%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | JBS USA Lux SARL / JBS USA Food Co / JBS USA Foods Group<sup>(b)</sup><br> 5.95%, 04/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741299 |
|  | Lamb Weston Holdings Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | Medline Borrower LP / Medline Co-Issuer Inc<sup>(b)</sup><br> 6.25%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914879 |
|  | Molina Healthcare Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9279 |
| &nbsp;&nbsp;&nbsp;&nbsp;1123000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153355 |
| &nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | Performance Food Group Inc<sup>(b)</sup><br> 4.25%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8799 |
|  | Pilgrim's Pride Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1954000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805096 |
| &nbsp;&nbsp;&nbsp;&nbsp;1133000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256542 |
|  | Post Holdings Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | Radiology Partners Inc<sup>(b)</sup><br> 8.50%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12536 |
| &nbsp;&nbsp;&nbsp;&nbsp;1020000 | Smithfield Foods Inc<sup>(b)</sup><br> 3.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286000 | Teva Pharmaceutical Finance Co LLC<br> 6.15%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300271 |
|  | Teva Pharmaceutical Finance Netherlands II BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 7.38%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632792 |
| &nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 7.88%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469093 |
|  | Teva Pharmaceutical Finance Netherlands III BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/09/2029<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278108 |
| &nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209902 |
| &nbsp;&nbsp;&nbsp;&nbsp;5792000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379937 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | Teva Pharmaceutical Finance Netherlands IV BV<br> 5.75%, 12/01/2030 | &nbsp;&nbsp;&nbsp;$228189 |
|  | TriNet Group Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 296718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8246 |
|  | United Rentals North America Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 13352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 13135 |
| &nbsp;&nbsp;&nbsp;&nbsp;1722000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720781 |
| &nbsp;&nbsp;&nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41093415 |
| Energy — 3.30% | Energy — 3.30% | Energy — 3.30% |
|  | Aker BP ASA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767886 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400000 | Canadian Natural Resources Ltd<br> 5.40%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376000 | Cenovus Energy Inc<br> 5.40%, 03/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375507 |
|  | Cheniere Energy Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059500 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590559 |
|  | Chord Energy Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92036 |
|  | Civitas Resources Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12449 |
|  | Continental Resources Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6920000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7095666 |
| &nbsp;&nbsp;&nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | Crescent Energy Finance LLC<sup>(b)</sup><br> 7.38%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8541 |
|  | Energean Israel Finance Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604502 |
|  | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019304 |
| &nbsp;&nbsp;&nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17079 |
| &nbsp;&nbsp;&nbsp;&nbsp;2265000 | Helmerich & Payne Inc<sup>(f)</sup><br> 5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | Hess Midstream Operations LP<sup>(b)</sup><br> 4.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | Leviathan Bond Ltd<sup>(b)</sup><br> 6.50%, 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20115 |
|  | Matador Resources Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365835 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032 | &nbsp;&nbsp;&nbsp;$49694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | Oceaneering International Inc<br> 6.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8090 |
|  | ONEOK Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 198340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 409112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | Plains All American Pipeline LP / PAA Finance Corp<br> 4.30%, 01/31/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 93857 |
|  | SM Energy Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5898 |
|  | Targa Resources Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322671 |
| &nbsp;&nbsp;&nbsp;&nbsp;2790000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16190 | Transocean Titan Financing Ltd<sup>(b)</sup><br> 8.38%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286000 | Var Energi ASA<sup>(b)</sup><br> 8.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327326 |
| &nbsp;&nbsp;&nbsp;&nbsp;1629000 | Venture Global Calcasieu Pass LLC<sup>(b)</sup><br> 4.13%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | Venture Global LNG Inc<sup>(b)(g)</sup><br> 9.00%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13426 |
|  | Venture Global Plaquemines LNG LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696548 |
| &nbsp;&nbsp;&nbsp;&nbsp;1627000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757975 |
| &nbsp;&nbsp;&nbsp;&nbsp;1358000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148522 |
| &nbsp;&nbsp;&nbsp;&nbsp;2345000 | Viper Energy Partners LLC<br> 5.70%, 08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | Weatherford International Ltd<sup>(b)</sup><br> 6.75%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13314 |
|  | Western Midstream Operating LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286777 |
|  | Whistler Pipeline LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | Williams Cos Inc<br> 5.15%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46529586 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — 5.65% | Financial — 5.65% | Financial — 5.65% |
|  | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 09/30/2030 | &nbsp;&nbsp;&nbsp;$1373799 |
| &nbsp;&nbsp;&nbsp;&nbsp;2835000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2617611 |
| &nbsp;&nbsp;&nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/29/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1327153 |
| &nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1636790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | Air Lease Corp<sup>(g)</sup><br> 4.65%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 631277 |
|  | Aircastle Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19999 |
| &nbsp;&nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/18/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002701 |
|  | Aircastle Ltd / Aircastle Ireland Designated Activity Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469037 |
|  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685407 |
| &nbsp;&nbsp;&nbsp;2275000 | American Tower Corp REIT<br> 5.90%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | AmWINS Group Inc<sup>(b)</sup><br> 6.38%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13369 |
|  | Antares Holdings LP<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259033 |
| &nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353572 |
| &nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;7.95%, 08/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor 2 LLC<sup>(b)</sup><br> 7.88%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Ardonagh Group Finco Ltd<sup>(b)</sup><br> 7.75%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209671 |
|  | Arthur J Gallagher & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | Athene Global Funding<sup>(b)</sup><br> 2.55%, 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207520 |
|  | Aviation Capital Group LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 10/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850321 |
|  | Avolon Holdings Funding Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597131 |
|  | Azorra Finance Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance<sup>(b)</sup><br> 7.13%, 05/15/2031 | &nbsp;&nbsp;&nbsp;$21758 |
|  | Bank of America Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 230450 |
| &nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2969694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | BGC Group Inc<br> 6.15%, 04/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 833532 |
| &nbsp;&nbsp;&nbsp;&nbsp;2055000 | Blue Owl Finance LLC<br> 6.25%, 04/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2119106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | Brookfield Asset Management Ltd<br> 5.80%, 04/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 329632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | Brown & Brown Inc<br> 5.55%, 06/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | CaixaBank SA<sup>(b)</sup><br> 5.58%, 07/03/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | Capital One Financial Corp<br> 5.20%, 09/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736267 |
|  | Central China Real Estate Ltd<sup>(h)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 04/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5638 |
|  | Citadel LP<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | CNO Financial Group Inc<br> 5.25%, 05/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | COPT Defense Properties LP REIT<br> 2.75%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132260 |
|  | Country Garden Holdings Co Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418177 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2031<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205967 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/2032<sup>(j)</sup><br> PIK rate, 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | EPR Properties REIT<br> 3.60%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366065 |
|  | Freedom Mortgage Holdings LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | GGAM Finance Ltd<sup>(b)</sup><br> 5.88%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | Global Atlantic Fin Co<sup>(b)</sup><br> 3.13%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | GLP Capital LP / GLP Financing II Inc REIT<br> 3.25%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560951 |
| &nbsp;&nbsp;&nbsp;&nbsp;1975000 | Host Hotels & Resorts LP REIT<br> 5.50%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | ING Groep NV<br> 6.11%, 09/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718491 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Invitation Homes Operating Partnership LP REIT<br> 4.88%, 02/01/2035 | &nbsp;&nbsp;&nbsp;$394805 |
|  | Iron Mountain Inc REIT<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12327 |
| &nbsp;&nbsp;&nbsp;&nbsp;1358000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1341575 |
|  | Jane Street Group / JSG Finance Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 12526 |
|  | Jefferies Financial Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501267 |
| &nbsp;&nbsp;&nbsp;&nbsp;1635000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 04/14/2034<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725573 |
| &nbsp;&nbsp;&nbsp;&nbsp;2450000 | JPMorgan Chase & Co<sup>(g)</sup><br> 6.50%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545822 |
|  | Kaisa Group Holdings Ltd<sup>(b)(j)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241546 | &nbsp;&nbsp;&nbsp;&nbsp;7.72%, 12/28/2027<br> PIK rate, 7.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346038 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/28/2028<br> PIK rate, 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581361 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/28/2029<br> PIK rate, 6.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703188 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/28/2030<br> PIK rate, 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9452 |
| &nbsp;&nbsp;&nbsp;&nbsp;1063117 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/28/2031<br> PIK rate, 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14241 |
| &nbsp;&nbsp;&nbsp;&nbsp;1003923 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 12/28/2032<br> PIK rate, 7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12806 |
|  | Logan Group Co Ltd<sup>(h)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38224 |
|  | Macquarie Airfinance Holdings Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 03/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294105 |
| &nbsp;&nbsp;&nbsp;&nbsp;1845000 | Marsh & McLennan Cos Inc<br> 5.00%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868928 |
|  | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 07/21/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462941 |
| &nbsp;&nbsp;&nbsp;&nbsp;1422000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322237 |
| &nbsp;&nbsp;&nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;5.83%, 04/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429273 |
| &nbsp;&nbsp;&nbsp;&nbsp;3145000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765440 |
| &nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/19/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | Navient Corp<br> 5.00%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429000 | Osaic Holdings Inc<sup>(b)</sup><br> 6.75%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | Panther Escrow Issuer LLC<sup>(b)</sup><br> 7.13%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16580 |
|  | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/15/2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212492 |
| &nbsp;&nbsp;&nbsp;&nbsp;3610000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428037 |
| &nbsp;&nbsp;&nbsp;&nbsp;3115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894134 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | Ryan Specialty LLC<sup>(b)</sup><br> 5.88%, 08/01/2032 | &nbsp;&nbsp;&nbsp;$34740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | Shimao Group Holdings Ltd<sup>(b)(j)</sup><br> 5.00%, 07/21/2031<br>PIK rate, 6.00% | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186817 | Sino-Ocean Group Holding Ltd<sup>(b)</sup><br> 3.00%, 03/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 16814 |
| &nbsp;&nbsp;&nbsp;1715000 | Societe Generale SA<sup>(b)</sup><br> 5.44%, 10/03/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1718729 |
| &nbsp;&nbsp;&nbsp;1755000 | Stewart Information Services Corp<br> 3.60%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1551618 |
|  | Synchrony Financial |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;5.94%, 08/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1078652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/02/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12891 |
|  | Times China Holdings Ltd<sup>(b)(j)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85959 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/30/2029<br> PIK rate, 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318773 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 09/30/2032<br> PIK rate, 4.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447 |
|  | UBS Group AG<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, Perpetual<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.87%, 01/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248589 |
| &nbsp;&nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/08/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850579 |
|  | UniCredit SpA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 06/03/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;5.86%, 06/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.46%, 06/30/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611589 |
| &nbsp;&nbsp;&nbsp;2005000 | Wells Fargo & Co<br> 4.89%, 09/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | Willis North America Inc<br> 5.15%, 03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206017 |
|  | Yuzhou Group Holdings Co Ltd<sup>(j)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128694 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/30/2027<br> PIK rate, 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102937 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2028<br> PIK rate, 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179248 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/30/2029<br> PIK rate, 4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239251 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/2030<br> PIK rate, 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335622 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/2031<br> PIK rate, 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116457 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 06/30/2034<br> PIK rate, 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79546238 |
| Industrial — 3.28% | Industrial — 3.28% | Industrial — 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | Amrize Finance US LLC<br> 5.40%, 04/07/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | Arcosa Inc<sup>(b)</sup><br> 6.88%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25299 |
|  | Axon Enterprise Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142525 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;1680000 | BAE Systems PLC<sup>(b)</sup><br> 5.30%, 03/26/2034 | &nbsp;&nbsp;&nbsp;$1739716 |
| &nbsp;&nbsp;&nbsp;&nbsp;2632000 | Ball Corp<br> 5.50%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2683041 |
|  | Boeing Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2075570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 558875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 547648 |
| &nbsp;&nbsp;&nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1847608 |
| &nbsp;&nbsp;&nbsp;&nbsp;4455000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;6.86%, 05/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;7.01%, 05/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778332 |
|  | Cemex SAB de CV<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1645000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, Perpetual<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;7.20%, Perpetual<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385873 |
| &nbsp;&nbsp;&nbsp;&nbsp;2980000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853516 |
|  | Clean Harbors Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155 |
| &nbsp;&nbsp;&nbsp;&nbsp;2015000 | CRH America Finance Inc<br> 5.00%, 02/09/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021957 |
| &nbsp;&nbsp;&nbsp;&nbsp;1561000 | Eagle Materials Inc<br> 5.00%, 03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529049 |
|  | Entegris Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | Esab Corp<sup>(b)</sup><br> 6.25%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13367 |
|  | GFL Environmental Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | Imola Merger Corp<sup>(b)</sup><br> 4.75%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34546 |
|  | JH North America Holdings Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871699 |
| &nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252399 |
|  | L3Harris Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208192 |
| &nbsp;&nbsp;&nbsp;&nbsp;2015000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | Nordson Corp<br> 5.80%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | Otis Worldwide Corp<br> 5.13%, 09/04/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208905 |
| &nbsp;&nbsp;&nbsp;&nbsp;2765000 | Owens Corning<br> 5.70%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906478 |
| &nbsp;&nbsp;&nbsp;&nbsp;2145000 | Quikrete Holdings Inc<sup>(b)</sup><br> 6.38%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232687 |
|  | Sensata Technologies Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33208 |
| &nbsp;&nbsp;&nbsp;&nbsp;1064000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998538 |
|  | SMBC Aviation Capital Finance Designated Activity Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 05/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/01/2030<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848958 |
|  | TD SYNNEX Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400076 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 10/10/2035 | &nbsp;&nbsp;&nbsp;$1059538 |
|  | TopBuild Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 370396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 17197 |
|  | TransDigm Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 12558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 13305 |
| &nbsp;&nbsp;&nbsp;&nbsp;1655000 | Trimble Inc<br> 6.10%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46279331 |
| Technology — 1.87% | Technology — 1.87% | Technology — 1.87% |
|  | Broadcom Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902523 |
| &nbsp;&nbsp;&nbsp;&nbsp;2130000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942226 |
| &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.14%, 11/15/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550135 |
| &nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907459 |
|  | CDW LLC / CDW Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;3.57%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746547 |
| &nbsp;&nbsp;&nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/22/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767817 |
| &nbsp;&nbsp;&nbsp;&nbsp;1310000 | Dell International LLC / EMC Corp<br> 5.10%, 02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293708 |
| &nbsp;&nbsp;&nbsp;&nbsp;1072000 | Fair Isaac Corp<sup>(b)</sup><br> 6.00%, 05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101102 |
|  | Leidos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213222 |
| &nbsp;&nbsp;&nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431288 |
| &nbsp;&nbsp;&nbsp;&nbsp;2192000 | Micron Technology Inc<br> 5.88%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | MSCI Inc<br> 5.25%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946202 |
|  | NetApp Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | Open Text Corp<sup>(b)</sup><br> 3.88%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | Open Text Holdings Inc<sup>(b)</sup><br> 4.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20072 |
|  | Oracle Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3353000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/03/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95233 |
| &nbsp;&nbsp;&nbsp;&nbsp;1257000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/26/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Paychex Inc<br> 5.60%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523647 |
|  | Science Applications International Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9124 |
|  | Seagate Data Storage Technology Pte Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91800 | &nbsp;&nbsp;&nbsp;&nbsp;9.63%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
|  | Synopsys Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;$879139 |
| &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1006869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217000 | Western Digital Corp<br> 4.75%, 02/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 217166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | Zebra Technologies Corp<sup>(b)</sup><br> 6.50%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 16539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26387481 |
| Utilities — 0.27% | Utilities — 0.27% | Utilities — 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;1120000 | Duke Energy Corp<br> 5.45%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | NRG Energy Inc<sup>(b)</sup><br> 4.45%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393256 |
|  | Pacific Gas & Electric Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Southern Co Gas Capital Corp<br> 5.75%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | Southern Power Co<br> 4.90%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336336 |
|  | Vistra Operations Co LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | VoltaGrid LLC<sup>(b)</sup><br> 7.38%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748406 |
| **TOTAL CORPORATE BONDS AND NOTES — 24.89%<br> (Cost $352,286,693)** | **TOTAL CORPORATE BONDS AND NOTES — 24.89%<br> (Cost $352,286,693)** | &nbsp;&nbsp;&nbsp;**$350748360** |
| **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** |
| Communications — 0.26% | Communications — 0.26% | Communications — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | DoorDash Inc<sup>(b)(i)</sup><br> (0.99%), 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525951 | EchoStar Corp<sup>(j)</sup><br> 3.88%, 11/30/2030<br>PIK rate, 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | InterDigital Inc<br> 3.50%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251000 | Lyft Inc<sup>(b)(i)</sup><br> (2.46%), 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229000 | MakeMyTrip Ltd<sup>(b)(i)</sup><br> 0.48%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101000 | Spotify USA Inc<sup>(i)</sup><br> (57.09%), 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328000 | Uber Technologies Inc<br> 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343000 | Wix.com Ltd<sup>(b)(i)</sup><br> 2.80%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740207 |
| Consumer, Cyclical — 0.06% | Consumer, Cyclical — 0.06% | Consumer, Cyclical — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | Burlington Stores Inc<br> 1.25%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405794 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;88000 | Freshpet Inc<br> 3.00%, 04/01/2028 | &nbsp;&nbsp;&nbsp;$102872 |
| &nbsp;&nbsp;&nbsp;288000 | NCL Corp Ltd<sup>(b)</sup><br> 0.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 320580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829246 |
| Consumer, Non-Cyclical — 0.06% | Consumer, Non-Cyclical — 0.06% | Consumer, Non-Cyclical — 0.06% |
| &nbsp;&nbsp;&nbsp;325000 | Euronet Worldwide Inc<sup>(b)</sup><br> 0.63%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 296359 |
| &nbsp;&nbsp;&nbsp;325000 | Post Holdings Inc<br> 2.50%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 349700 |
| &nbsp;&nbsp;&nbsp;144000 | Zoetis Inc<sup>(b)</sup><br> 0.25%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 147960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794019 |
| Energy — 0.01% | Energy — 0.01% | Energy — 0.01% |
| &nbsp;&nbsp;&nbsp;106000 | Northern Oil & Gas Inc<br> 3.63%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102131 |
| Financial — 0.05% | Financial — 0.05% | Financial — 0.05% |
| &nbsp;&nbsp;&nbsp;397800 | CIFI Holdings Group Co Ltd<sup>(i)</sup><br> 0.00%, 06/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37294 |
| &nbsp;&nbsp;&nbsp;276000 | IREN Ltd<sup>(b)(i)</sup><br> 6.37%, 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204378 |
|  | Kaisa Group Holdings Ltd<sup>(b)(h)(i)</sup> |  |
| &nbsp;&nbsp;&nbsp;185696 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 |
| &nbsp;&nbsp;&nbsp;232132 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 |
| &nbsp;&nbsp;&nbsp;371394 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 |
| &nbsp;&nbsp;&nbsp;371394 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 |
| &nbsp;&nbsp;&nbsp;464244 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| &nbsp;&nbsp;&nbsp;464244 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| &nbsp;&nbsp;&nbsp;875822 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189 |
| 2168174 | Shimao Group Holdings Ltd<sup>(b)(h)(i)</sup><br> 0.00%, 07/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60709 |
| &nbsp;&nbsp;&nbsp;461712 | Sino-Ocean Group Holding Ltd<sup>(b)(h)(i)</sup><br> 0.00%, 03/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463 |
|  | Sunac China Holdings Ltd<sup>(b)(i)</sup> |  |
| &nbsp;&nbsp;&nbsp;995120 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159219 |
| &nbsp;&nbsp;&nbsp;735346 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167725 |
| &nbsp;&nbsp;&nbsp;466074 | Times China Holdings Ltd<br> 0.00%, 03/30/2027<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648136 |
| Industrial — 0.08% | Industrial — 0.08% | Industrial — 0.08% |
| &nbsp;&nbsp;&nbsp;193000 | Advanced Energy Industries Inc<br> 2.50%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316423 |
| &nbsp;&nbsp;&nbsp;268000 | Fluor Corp<br> 1.13%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305306 |
| &nbsp;&nbsp;&nbsp;&nbsp;86000 | Granite Construction Inc<br> 3.75%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218182 |
| &nbsp;&nbsp;&nbsp;313000 | Itron Inc<br> 1.38%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156237 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — 0.26% | Technology — 0.26% | Technology — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188000 | Cloudflare Inc<sup>(b)(i)</sup><br> (1.80%), 06/15/2030 | &nbsp;&nbsp;&nbsp;$204356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 | Commvault Systems Inc<sup>(b)(i)</sup><br> 2.77%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | CyberArk Software Ltd<sup>(b)(i)</sup><br> (2.59%), 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 427400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Guidewire Software Inc<br> 1.25%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 439800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | Nova Ltd<sup>(b)(i)</sup><br> (4.17%), 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 295953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | Nutanix Inc<br> 0.50%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 472605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439000 | Rubrik Inc<sup>(b)(i)</sup><br> 0.40%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 431317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | Seagate HDD Cayman<br> 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247000 | Snowflake Inc<sup>(i)</sup><br> (9.39%), 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Tyler Technologies Inc<br> 0.25%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Zscaler Inc<sup>(b)(i)</sup><br> 2.71%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664937 |
| Utilities — 0.07% | Utilities — 0.07% | Utilities — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164000 | Evergy Inc<br> 4.50%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306000 | FirstEnergy Corp<sup>(b)</sup><br> 3.88%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | Pinnacle West Capital Corp<br> 4.75%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176000 | UGI Corp<br> 5.00%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061123 |
| **TOTAL CONVERTIBLE BONDS — 0.85%<br> (Cost $16,204,485)** | **TOTAL CONVERTIBLE BONDS — 0.85%<br> (Cost $16,204,485)** | &nbsp;&nbsp;&nbsp;**$11996036** |
| **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12924 | Brazil Notas do Tesouro Nacional Serie F<sup>(h)</sup><br> BRL, 10.00%, 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071180 |
|  | Chile Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;4.34%, 03/07/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386454 |
| &nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 01/22/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974137 |
| &nbsp;&nbsp;&nbsp;&nbsp;2170000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/21/2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339866 |
| &nbsp;&nbsp;&nbsp;&nbsp;1517000 | Egypt Government International Bond<br> 5.80%, 09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532836 |
|  | Hungary Government Bond |  |
| 446250000 | &nbsp;&nbsp;&nbsp;&nbsp;HUF, 9.50%, 10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397947 |
| 535130000 | &nbsp;&nbsp;&nbsp;&nbsp;HUF, 2.75%, 12/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587147 |
|  | Kuwait International Government Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2089000 | &nbsp;&nbsp;&nbsp;&nbsp;4.14%, 10/09/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088121 |
| &nbsp;&nbsp;&nbsp;&nbsp;1871000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/09/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868416 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | Kyrgyz Republic International Bond<sup>(b)</sup><br> 7.75%, 06/03/2030 | &nbsp;&nbsp;&nbsp;$1139178 |
| &nbsp;&nbsp;&nbsp;&nbsp;826000<sup>(k)</sup> | Mexican Bonos<br> MXN, 8.50%, 11/18/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4297410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | Nigeria Government International Bond<br> 6.50%, 11/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 815842 |
|  | Pakistan Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1471255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 816713 |
|  | Republic of Poland Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1341000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390145 |
| &nbsp;&nbsp;&nbsp;&nbsp;3031000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/18/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898644 |
| 130695000 | Republic of South Africa Government Bond<br> ZAR, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7903709 |
|  | Republic of Uzbekistan International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.38%, 05/29/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;7.85%, 10/12/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.10%, 02/25/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.10%, 02/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371220 |
| &nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 10/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118559 |
| &nbsp;&nbsp;&nbsp;&nbsp;1885000 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 02/28/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025912 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 05/25/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122857 |
|  | Romanian Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 01/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512366 |
| &nbsp;&nbsp;&nbsp;&nbsp;2034000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115421 |
| &nbsp;&nbsp;&nbsp;&nbsp;2436000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539530 |
|  | Turkiye Government Bond |  |
| 117185000 | &nbsp;&nbsp;&nbsp;&nbsp;TRY, 37.00%, 02/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731415 |
| 110166000 | &nbsp;&nbsp;&nbsp;&nbsp;TRY, 36.00%, 08/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585615 |
| &nbsp;&nbsp;&nbsp;&nbsp;1420000 | Turkiye Government International Bond<br> 6.95%, 09/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462600 |
|  | Uruguay Government International Bond |  |
| &nbsp;&nbsp;44045000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 8.50%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151283 |
| &nbsp;&nbsp;42375000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 9.75%, 07/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219441 |
| &nbsp;&nbsp;32653000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 8.00%, 10/29/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862163 |
| **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 4.04%<br> (Cost $54,783,132)** | **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 4.04%<br> (Cost $54,783,132)** | &nbsp;&nbsp;&nbsp;**$56952516** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 3.69% | Non-Agency — 3.69% | Non-Agency — 3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971054 | Angel Oak Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-10 Class A1<br> 5.35%, 10/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975668 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;370000 | Arixa Mortgage Trust<sup>(b)</sup><br> Series 2025-RTL1 Class A1<br> 5.74%, 08/25/2030 | &nbsp;&nbsp;&nbsp;$372371 |
| &nbsp;&nbsp;&nbsp;374933 | ATLX Trust<sup>(b)(e)</sup><br> Series 2024-RPL2 Class A1<br> 3.85%, 04/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 366249 |
| 1645000 | BBSG Mortgage Trust<sup>(b)</sup><br> Series 2016-MRP Class A<br> 3.28%, 06/05/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1480500 |
| &nbsp;&nbsp;&nbsp;920000 | Benchmark Mortgage Trust<sup>(d)</sup><br> Series 2018-B2 Class A5<br> 3.88%, 02/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 912787 |
|  | BFLD Commercial Mortgage Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-660F Class B |  |
| &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/15/2042<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp; 285887 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-660F Class C |  |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/15/2042<br> 1-mo. SOFR + 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251242 |
| 1090000 | BINOM Securitization Trust<sup>(b)(d)</sup><br> Series 2022-RPL1 Class M1<br> 3.00%, 02/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902024 |
|  | BPR Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NRD Class E |  |
| &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;9.37%, 12/15/2038<sup>(c)</sup><br> 1-mo. SOFR + 5.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188145 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NRD Class F |  |
| 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;10.62%, 12/15/2038<sup>(c)</sup><br> 1-mo. SOFR + 6.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156671 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-STAR Class A |  |
| &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 11/05/2042<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170990 |
|  | BX Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-AHP Class B |  |
| 1910000 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 01/17/2039<sup>(c)</sup><br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908259 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT4 Class A |  |
| &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;5.24%, 06/15/2041<sup>(c)</sup><br> 1-mo. SOFR + 1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579818 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT5 Class B |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 11/13/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DELC Class B |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.76%, 12/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105065 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DELC Class C |  |
| &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;6.16%, 12/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VLT6 Class A |  |
| 3060000 | &nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056175 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VLT7 Class A |  |
| 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2044<sup>(c)</sup><br> 1-mo. SOFR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VLT7 Class B |  |
| &nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2044<sup>(c)</sup><br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956480 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;610000 | Cardinal Mortgage Trust<sup>(b)(e)</sup><br> Series 2025-RTL1 Class A1<br> 5.59%, 11/25/2030 | &nbsp;&nbsp;&nbsp;$611681 |
|  | COMM Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-LTRT Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;57999 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 57610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CBM Class A2 |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 12/10/2041<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 203583 |
| &nbsp;&nbsp;&nbsp;990000 | CoreVest American Finance Trust<sup>(b)(e)</sup><br> Series 2023-RTL1 Class A1<br> 7.55%, 12/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 |
|  | Credit Suisse Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class B |  |
| &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.18%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.34%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86089 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.37%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;688964 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/27/2060<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686304 |
| 1210000 | DC Commercial Mortgage Trust<sup>(b)(d)</sup><br> Series 2023-DC Class C<br> 7.14%, 09/12/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251223 |
|  | Extended Stay America Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ESH Class C |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2042<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ESH Class D |  |
| &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 10/15/2042<br> 1-mo. SOFR + 2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125780 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ESH Class E |  |
| &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;7.10%, 10/15/2042<br> 1-mo. SOFR + 3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135843 |
| &nbsp;&nbsp;&nbsp;172057 | GCAT Trust<sup>(b)(d)</sup><br> Series 2019-RPL1 Class A1<br> 2.65%, 10/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168178 |
| 1200000 | GITSIT Mortgage Loan Trust<sup>(b)(e)</sup><br> Series 2025-NPL2 Class A1<br> 5.42%, 12/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
|  | GS Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-G1 Class B |  |
| &nbsp;&nbsp;&nbsp;175397 | &nbsp;&nbsp;&nbsp;&nbsp;3.72%, 04/10/2031<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173873 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-PEMB Class A |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/05/2033<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-PEMB Class B |  |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/05/2033<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78750 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC22 Class B |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.39%, 06/10/2047<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$163117 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC47 Class A4 |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.12%, 05/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1378919 |
|  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-LC9 Class C |  |
| &nbsp;&nbsp;&nbsp;242436 | &nbsp;&nbsp;&nbsp;&nbsp;3.57%, 12/15/2047<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 235398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BMS Class A |  |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499843 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BMS Class B |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298882 |
|  | Legacy Mortgage Asset Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-RPL1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/25/2059<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;304514 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/25/2061<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;134744 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/25/2060<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134847 |
| &nbsp;&nbsp;&nbsp;200000 | LEX Mortgage Trust<sup>(b)(d)</sup><br> Series 2024-BBG Class A<br> 4.87%, 10/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201179 |
| &nbsp;&nbsp;&nbsp;584434 | MFRA Trust<sup>(e)</sup><br> Series 2024-NPL1 Class A1<br> 6.33%, 09/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585252 |
| &nbsp;&nbsp;&nbsp;750000 | Mill City Mortgage Loan Trust<sup>(b)(d)</sup><br> Series 2021-NMR1 Class M2<br> 2.50%, 11/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664967 |
|  | Morgan Stanley BAML Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-CKSV Class A2 |  |
| &nbsp;&nbsp;&nbsp;161523 | &nbsp;&nbsp;&nbsp;&nbsp;3.28%, 10/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C11 Class B |  |
| &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;4.08%, 08/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12611 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 10/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C30 Class C |  |
| &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 09/15/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716252 |
| 1205000 | New Residential Mortgage Loan Trust<sup>(b)(e)</sup><br> Series 2024-RTL1 Class A1<br> 6.66%, 03/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210583 |
|  | New York Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BPL2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;6.51%, 05/25/2039<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BPL3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 09/25/2039<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446037 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CP1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;491714 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/25/2068<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$458935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;76304 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/25/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 76508 |
|  | Pretium Mortgage Credit Partners<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;503984 | &nbsp;&nbsp;&nbsp;&nbsp;6.71%, 04/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 506354 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;457552 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 06/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL8 Class A1 |  |
| 1197680 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%, 08/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200866 |
|  | PRP Advisors LLC<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;347131 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 11/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;148835 | &nbsp;&nbsp;&nbsp;&nbsp;6.47%, 05/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149113 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-8 Class A1 |  |
| 1035178 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033180 |
|  | RCO IX Mortgage LLC<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A1 |  |
| 1330317 | &nbsp;&nbsp;&nbsp;&nbsp;6.51%, 04/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334575 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 Class A1 |  |
| 1536909 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537300 |
| &nbsp;&nbsp;&nbsp;608022 | RCO VIII Mortgage LLC<sup>(b)(e)</sup><br> Series 2025-3 Class A1<br> 6.43%, 05/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609355 |
| 1205097 | RCO X Mortgage LLC<sup>(b)(e)</sup><br> Series 2025-1 Class A1<br> 5.88%, 01/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207637 |
| &nbsp;&nbsp;&nbsp;915602 | Redwood Funding Trust<sup>(b)(e)</sup><br> Series 2025-1 Class A<br> 7.58%, 05/27/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916609 |
| 1055000 | ROC Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-RTL1 Class A1<br> 5.59%, 10/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065305 |
| &nbsp;&nbsp;&nbsp;245000 | TCO Commercial Mortgage Trust<sup>(b)(c)</sup><br> Series 2024-DPM Class A<br> 4.99%, 12/15/2039<br> 1-mo. SOFR + 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 |
| &nbsp;&nbsp;&nbsp;250000 | Toorak Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-RRTL1 Class A1<br> 6.60%, 02/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250956 |
|  | Towd Point Mortgage Trust<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;61059 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class M1 |  |
| &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123606 |
| 1240000 | TVC Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-RRTL1 Class A1<br> 5.55%, 07/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242364 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | UBS Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C10 Class A3 |  |
| 1272998 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 05/15/2051 | &nbsp;&nbsp;&nbsp;$1268771 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C14 Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 12/15/2051<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 94275 |
|  | VCAT LLC<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;402264 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;930074 | &nbsp;&nbsp;&nbsp;&nbsp;5.89%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932233 |
|  | Wells Fargo Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C36 Class AS |  |
| 1345000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 11/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322626 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C36 Class B |  |
| &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;3.67%, 11/15/2059<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152707 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C3 Class A3 |  |
| 3148000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333307 |
|  | WFRBS Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C15 Class B |  |
| &nbsp;&nbsp;&nbsp;776119 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C20 Class B |  |
| &nbsp;&nbsp;&nbsp;156940 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52022148 |
| U.S. Government Agency — 23.10% | U.S. Government Agency — 23.10% | U.S. Government Agency — 23.10% |
| &nbsp;&nbsp;&nbsp;476000 | Connecticut Avenue Securities Trust<sup>(b)(c)</sup><br> Series 2023-R01 Class 1M2<br> 7.62%, 12/25/2042<br> 1-mo. SOFR + 3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497162 |
|  | Federal Home Loan Mortgage Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;34938 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33864 |
| &nbsp;&nbsp;&nbsp;&nbsp;11960 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11356 |
| &nbsp;&nbsp;&nbsp;108248 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100473 |
| &nbsp;&nbsp;&nbsp;&nbsp;80816 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75012 |
| &nbsp;&nbsp;&nbsp;204120 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189456 |
| &nbsp;&nbsp;&nbsp;&nbsp;28291 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26983 |
| 2695279 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549359 |
| 1678177 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600873 |
| 1578210 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629719 |
| 2902459 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522749 |
| 2757077 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476259 |
| &nbsp;&nbsp;&nbsp;&nbsp;34606 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31423 |
| &nbsp;&nbsp;&nbsp;&nbsp;20369 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19717 |
| &nbsp;&nbsp;&nbsp;&nbsp;15222 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15137 |
| &nbsp;&nbsp;&nbsp;&nbsp;22263 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447 |
| &nbsp;&nbsp;&nbsp;423608 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 |
| 1760984 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584138 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| 1825939 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2051 | &nbsp;&nbsp;&nbsp;$1519238 |
| 4017639 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3267856 |
| 3251999 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2927107 |
| 2244378 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1904285 |
| 3848580 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3139580 |
| 1339108 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1084569 |
| 3023898 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2593491 |
| 1461288 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202201 |
| 3165827 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830080 |
| &nbsp;&nbsp;&nbsp;393893 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377799 |
| &nbsp;&nbsp;&nbsp;724559 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624888 |
| 3373991 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141232 |
| 5196050 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112097 |
| 1829607 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701094 |
| 3770948 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713168 |
| 2269825 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241463 |
| 2817446 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883091 |
| 1540172 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510176 |
| 3816239 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849742 |
| 2102370 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166009 |
| 3380941 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526980 |
| 3216837 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298272 |
| 3948119 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020985 |
| 3063532 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156174 |
| 3061071 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208963 |
| 2473223 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595404 |
| 4699812 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724033 |
| 1644026 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605371 |
| 1488205 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494875 |
| 2168626 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134558 |
|  | Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K136 Class A2 |  |
| 2140000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 11/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913757 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K517 Class A2 |  |
| 2950000 | &nbsp;&nbsp;&nbsp;&nbsp;5.36%, 01/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K522 Class A2 |  |
| 2707792 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773990 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K532 Class A2 |  |
| 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227158 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K533 Class A2 |  |
| 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.23%, 12/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K535 Class A2 |  |
| 3040000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 11/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K537 Class A2 |  |
| 1860000 | &nbsp;&nbsp;&nbsp;&nbsp;4.43%, 02/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887361 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K539 Class A2 |  |
| 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.41%, 01/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842814 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K753 Class A2 |  |
| 3160000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K760 Class A2 |  |
| 2480000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 01/25/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520818 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
|  | Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4769 Class QL |  |
| &nbsp;&nbsp;2902690 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2047 | &nbsp;&nbsp;&nbsp;$2720157 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5238 Class BC |  |
| &nbsp;&nbsp;3150502 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3101027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5544 Class ME |  |
| &nbsp;&nbsp;3102000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3119420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5559 Class BA |  |
| &nbsp;&nbsp;1505783 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511838 |
| &nbsp;&nbsp;1120000 | Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust<sup>(b)(c)</sup><br> Series 2022-DNA4 Class M1B<br> 7.22%, 05/25/2042<br> 1-mo. SOFR + 3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155706 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535245 |
| &nbsp;&nbsp;1540000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582653 |
| &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649426 |
| &nbsp;&nbsp;&nbsp;&nbsp;137977 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12332 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11215 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701 |
| &nbsp;&nbsp;&nbsp;&nbsp;207981 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193042 |
| &nbsp;&nbsp;&nbsp;&nbsp;200914 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186305 |
| &nbsp;&nbsp;2469067 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288518 |
| &nbsp;&nbsp;2336290 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163990 |
| &nbsp;&nbsp;2162752 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055929 |
| &nbsp;&nbsp;2931821 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631396 |
| &nbsp;&nbsp;2951126 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002133 |
| &nbsp;&nbsp;3276978 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325199 |
| &nbsp;&nbsp;1951064 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19478 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5801 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559 |
| &nbsp;&nbsp;1682991 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22077 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18874 |
| &nbsp;&nbsp;&nbsp;&nbsp;123229 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6448 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5510 |
| &nbsp;&nbsp;3642580 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010129 |
| &nbsp;&nbsp;2564718 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123639 |
| &nbsp;&nbsp;3075338 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545221 |
| &nbsp;&nbsp;3858061 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135664 |
| &nbsp;&nbsp;3884610 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156043 |
| &nbsp;&nbsp;2903513 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493023 |
| &nbsp;&nbsp;1238719 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006401 |
| &nbsp;&nbsp;6063046 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197834 |
| &nbsp;&nbsp;5801204 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406634 |
| &nbsp;&nbsp;9867689 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475816 |
| 12143642 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9991777 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| &nbsp;&nbsp;3029248 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2052 | &nbsp;&nbsp;&nbsp;$2599930 |
| 11530482 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 10300327 |
| &nbsp;&nbsp;2561319 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2385586 |
| &nbsp;&nbsp;7831029 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 7491876 |
| &nbsp;&nbsp;2831889 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2702624 |
| &nbsp;&nbsp;3423760 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3270383 |
| &nbsp;&nbsp;2203521 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2211683 |
| &nbsp;&nbsp;3293166 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3244785 |
| &nbsp;&nbsp;1581850 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589055 |
| &nbsp;&nbsp;2925458 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983366 |
| &nbsp;&nbsp;1300398 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356450 |
| &nbsp;&nbsp;&nbsp;&nbsp;318087 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304991 |
| &nbsp;&nbsp;1827902 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883026 |
| &nbsp;&nbsp;&nbsp;&nbsp;960755 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988417 |
| &nbsp;&nbsp;1419913 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474241 |
| &nbsp;&nbsp;3147699 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282117 |
| &nbsp;&nbsp;2612464 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688188 |
| &nbsp;&nbsp;&nbsp;&nbsp;808071 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814639 |
| &nbsp;&nbsp;2981359 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998926 |
| &nbsp;&nbsp;2806358 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873811 |
| &nbsp;&nbsp;1100694 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086143 |
| &nbsp;&nbsp;3173558 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245042 |
|  | Federal National Mortgage Association Alternative Credit Enhancement Security<sup>(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M3 Class A2 |  |
| &nbsp;&nbsp;2863047 | &nbsp;&nbsp;&nbsp;&nbsp;3.07%, 02/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766296 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-M5 Class 2A2 |  |
| &nbsp;&nbsp;4202354 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238182 |
|  | Government National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15291 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9162 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15128 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19645 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18223 |
| &nbsp;&nbsp;2826643 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428165 |
| &nbsp;&nbsp;1840035 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655477 |
| &nbsp;&nbsp;3803313 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150824 |
| &nbsp;&nbsp;6784329 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855080 |
| &nbsp;&nbsp;7097867 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5880172 |
| &nbsp;&nbsp;6415927 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887402 |
| &nbsp;&nbsp;2813414 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587016 |
| &nbsp;&nbsp;3230003 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055913 |
| &nbsp;&nbsp;3305253 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029136 |
| &nbsp;&nbsp;5774683 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669249 |
| &nbsp;&nbsp;3970288 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885259 |
| &nbsp;&nbsp;1564632 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566699 |
| &nbsp;&nbsp;1493526 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502861 |
| &nbsp;&nbsp;1411191 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411751 |
| &nbsp;&nbsp;5652201 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-125 Class H |  |
| &nbsp;&nbsp;1799441 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325379486 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 26.79%<br> (Cost $386,586,557)** | **TOTAL MORTGAGE-BACKED SECURITIES — 26.79%<br> (Cost $386,586,557)** | &nbsp;&nbsp;&nbsp;**$377401634** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** |
| &nbsp;&nbsp;8000000 | Federal Farm Credit Bank Funding Corp<br> 4.50%, 03/13/2026 | &nbsp;&nbsp;&nbsp;$8014118 |
| &nbsp;&nbsp;4000000 | Federal Home Loan Bank<br> 1.75%, 01/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3776082 |
| **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.84%<br> (Cost $11,696,319)** | **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.84%<br> (Cost $11,696,319)** | &nbsp;&nbsp;&nbsp;**$11790200** |
| **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** |
|  | United States Treasury Note/Bond |  |
| 33400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 33529165 |
| 26400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 26622749 |
| 24300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24275320 |
| 35130000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/31/2030<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35577359 |
| 28400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28609673 |
| 14700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 10/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14637984 |
| 73525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72784008 |
| 20900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21009398 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17305859 |
| 16600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16361375 |
| 31500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31340039 |
| 12300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12019406 |
| 33400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32178813 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 25.99%<br> (Cost $367,485,866)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 25.99%<br> (Cost $367,485,866)** | &nbsp;&nbsp;&nbsp;**$366251148** |
| **Shares** |  |  |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Communications — 0.04% | Communications — 0.04% | Communications — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;285795 | Optimum Communications Inc Class A<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471562 |
| Consumer, Non-Cyclical — 0.12% | Consumer, Non-Cyclical — 0.12% | Consumer, Non-Cyclical — 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29162 | BioMarin Pharmaceutical Inc<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733097 |
| Financial — 0.00%<sup>(n)</sup> | Financial — 0.00%<sup>(n)</sup> | Financial — 0.00%<sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | Country Garden Holdings Co Ltd<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;230184 | Kaisa Group Holdings Ltd<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85019 | Sunac China Holdings Ltd<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14340 |
| &nbsp;&nbsp;&nbsp;&nbsp;220248 | Times China Holdings Ltd<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;116370 | Yuzhou Group Holdings Co Ltd<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21760 |
| **TOTAL COMMON STOCK — 0.16%<br> (Cost $6,751,733)** | **TOTAL COMMON STOCK — 0.16%<br> (Cost $6,751,733)** | &nbsp;&nbsp;&nbsp;**$2226419** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Financial — 0.01% | Financial — 0.01% | Financial — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;$101682 |
| Industrial — 0.05% | Industrial — 0.05% | Industrial — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9539 | Boeing Co | &nbsp;&nbsp;&nbsp;&nbsp; 662484 |
| Utilities — 0.02% | Utilities — 0.02% | Utilities — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp; 327428 |
| **TOTAL PREFERRED STOCK — 0.08%<br> (Cost $925,486)** | **TOTAL PREFERRED STOCK — 0.08%<br> (Cost $925,486)** | &nbsp;&nbsp;&nbsp;**$1091594** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 7881067 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(o)</sup>, 3.71%<sup>(p)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7881067 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.56%<br> (Cost $7,881,067)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.56%<br> (Cost $7,881,067)** | &nbsp;&nbsp;&nbsp;**$7881067** |
| **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Government Agency Bonds and Notes — 0.65% | U.S. Government Agency Bonds and Notes — 0.65% | U.S. Government Agency Bonds and Notes — 0.65% |
| 9200000 | Federal Home Loan Bank<sup>(i)</sup><br> 3.55%, 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9199105 |
| U.S. Treasury Bonds and Notes — 0.62% | U.S. Treasury Bonds and Notes — 0.62% | U.S. Treasury Bonds and Notes — 0.62% |
|  | U.S. Treasury Bills<sup>(i)</sup> |  |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.51%, 01/02/2026<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999513 |
| 3793000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730713 |
| **TOTAL SHORT TERM INVESTMENTS — 1.27%<br> (Cost $17,929,818)** | **TOTAL SHORT TERM INVESTMENTS — 1.27%<br> (Cost $17,929,818)** | &nbsp;&nbsp;&nbsp;**$17929818** |
| **TOTAL INVESTMENTS — 98.63%<br> (Cost $1,408,334,508)** | **TOTAL INVESTMENTS — 98.63%<br> (Cost $1,408,334,508)** | &nbsp;&nbsp;&nbsp;**$1389752433** |
| **OTHER ASSETS & LIABILITIES, NET — 1.37%** | **OTHER ASSETS & LIABILITIES, NET — 1.37%** | &nbsp;&nbsp;&nbsp;**$19247759** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1409000192** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

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

<sup>(b)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the aggregate fair value of 144A securities was $334,960,986, representing 23.77% of net assets.

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

<sup>(d)</sup> Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Interest rate shown reflects the rate in effect as of December 31, 2025.

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

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

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

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

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

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

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

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

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

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

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

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

<sup>LP</sup> Limited Partnership

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| U.S. 10 Year Treasury Note Futures | 700 | USD | &nbsp;&nbsp;78706 | Mar 2026 | $(608285) |
| U.S. 10 Year Treasury Ultra Futures | 15 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1725 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172) |
| U.S. 2 Year Treasury Note Futures | 94 | USD | &nbsp;&nbsp;19626 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5297) |
| U.S. 5 Year Treasury Note Futures | 4753 | USD | 519525 | Mar 2026 | &nbsp;&nbsp;(1355031) |
| **Short** |  |  |  |  |  |
| U.S. 10 Year Treasury Ultra Futures | 1663 | USD | 191271 | Mar 2026 | &nbsp;&nbsp;&nbsp;1436348 |
| U.S. 2 Year Treasury Note Futures | 132 | USD | &nbsp;&nbsp;27560 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254 |
| U.S. Long Bond Futures | 111 | USD | &nbsp;&nbsp;12831 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177037 |
| U.S. Ultra Bond Futures | 140 | USD | &nbsp;&nbsp;16520 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289425 |
|  |  |  |  | **Net Depreciation** | **$(58721)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation** |
| BA | USD | 2522823 | EUR | 2135000 | 03/18/2026 | $4513 |
|  |  |  |  |  | **Net Appreciation** | **$4513** |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| BRL | &nbsp;&nbsp;Brazilian Real |
| EUR | &nbsp;&nbsp;Euro Dollar |
| HUF | &nbsp;&nbsp;Hungarian Forint |
| MXN | &nbsp;&nbsp;Mexican Peso |
| TRY | &nbsp;&nbsp;Turkish Lira |
| USD | &nbsp;&nbsp;U.S. Dollar |
| UYU | &nbsp;&nbsp;Uruguayan Peso |
| ZAR | &nbsp;&nbsp;South African Rand |

---

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| BA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 5.12% | Non-Agency — 5.12% | Non-Agency — 5.12% |
|  | 1988 Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class C |  |
| $1200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2037<br> 3-mo. SOFR + 2.60% | &nbsp;&nbsp;&nbsp;$1203474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp;8.15%, 04/15/2037<br> 3-mo. SOFR + 4.25% | &nbsp;&nbsp;&nbsp;&nbsp; 979703 |
| &nbsp;&nbsp; 1400000 | American Express Credit Account Master Trust<br> Series 2025-3 Class A<br> 4.51%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | Brookhaven Park Ltd<sup>(a)(b)</sup><br> Series 2024-1A Class A<br> 5.38%, 04/19/2037<br> 3-mo. SOFR + 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | Carlyle Global Market Strategies Ltd<sup>(a)(b)</sup><br> Series 2025-3A Class A<br> 5.46%, 07/25/2038<br> 3-mo. SOFR + 1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | CBAMR Ltd<sup>(a)(b)</sup><br> Series 2017-4A Class A1R<br> 5.70%, 03/31/2038<br> 3-mo. SOFR + 1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275000 | Cedar Funding IV Ltd<sup>(a)(b)</sup><br> Series 2014-4A Class AR3<br> 5.20%, 01/23/2038<br> 3-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | Diameter Capital Ltd<sup>(a)(b)</sup><br> Series 2022-4A Class A1R<br> 5.73%, 01/15/2037<br> 3-mo. SOFR + 1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604652 |
|  | Elmwood Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class AR2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.18%, 07/20/2038<br> 3-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-8A Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;5.23%, 10/18/2037<br> 3-mo. SOFR + 1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878756 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62665 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62674 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.67%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Ford Credit Auto Owner Trust<sup>(a)(c)</sup><br> Series 2024-1 Class A<br> 4.87%, 08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143592 | JPMorgan Mortgage Trust<sup>(a)(b)</sup><br> Series 2023-HE3 Class A1<br> 5.52%, 05/20/2054<br> 1-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | Kennedy Lewis Ltd<sup>(a)(b)</sup><br> Series 2024-20A Class A<br> 5.16%, 01/25/2038<br> 3-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102409 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $3050000 | Madison Park Funding LXXIII Ltd<sup>(a)(b)</sup><br> Series 2025-73A Class A1<br> 5.26%, 10/17/2038<br> 3-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;$3060736 |
| &nbsp;&nbsp; 850000 | Neuberger Berman Loan Advisers Ltd<sup>(a)(b)</sup><br> Series 2024-54A Class D<br> 7.36%, 04/23/2038<br> 3-mo. SOFR + 3.50% | &nbsp;&nbsp;&nbsp;&nbsp; 853681 |
| &nbsp;&nbsp; 1250000 | Oaktree Ltd<sup>(a)(b)</sup><br> Series 2024-25A Class A<br> 5.43%, 04/20/2037<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1252840 |
| &nbsp;&nbsp; 1450000 | OHA Credit Funding Ltd<sup>(a)(b)</sup><br> Series 2023-15RA Class A<br> 5.17%, 07/20/2038<br> 3-mo. SOFR + 1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1453519 |
| &nbsp;&nbsp; 2000000 | Regatta Funding Ltd<sup>(a)(b)</sup><br> Series 2025-4A Class A1<br> 5.44%, 07/25/2038<br> 3-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2006504 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46151 | &nbsp;&nbsp;&nbsp;&nbsp;4.76%, 08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46166 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 01/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748809 | Toyota Auto Receivables Owner Trust<br> Series 2023-B Class A3<br> 4.71%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | Warwick Capital Ltd<sup>(a)(b)</sup><br> Series 2023-1A Class AR<br> 5.25%, 10/20/2038<br> 3-mo. SOFR + 1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353527 |
| **TOTAL ASSET-BACKED SECURITIES — 5.12%<br> (Cost $33,114,039)** | **TOTAL ASSET-BACKED SECURITIES — 5.12%<br> (Cost $33,114,039)** | &nbsp;&nbsp;&nbsp;**$33221425** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Communications — 0.93% | Communications — 0.93% | Communications — 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | Alphabet Inc<br> 4.10%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | AppLovin Corp<br> 5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217000 | Expedia Group Inc<br> 3.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208119 |
|  | Meta Platforms Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Uber Technologies Inc<sup>(a)</sup><br> 4.50%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6052170 |
| Consumer, Cyclical — 0.19% | Consumer, Cyclical — 0.19% | Consumer, Cyclical — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517000 | Ford Motor Credit Co LLC<br> 5.85%, 05/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524854 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
|  | Marriott International Inc |  |
| $237000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/15/2029 | &nbsp;&nbsp;&nbsp;$242149 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 463542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230545 |
| Consumer, Non-Cyclical — 1.10% | Consumer, Non-Cyclical — 1.10% | Consumer, Non-Cyclical — 1.10% |
| &nbsp;&nbsp; 425000 | Cigna Group<br> 5.13%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 439195 |
| &nbsp;&nbsp; 885000 | Global Payments Inc<br> 5.55%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 879630 |
|  | HCA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443572 |
|  | Mars Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361874 |
|  | Solventum Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7124107 |
| Financial — 0.23% | Financial — 0.23% | Financial — 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Blackstone Private Credit Fund<br> 6.00%, 01/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Blackstone Secured Lending Fund<br> 5.88%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464000 | Chubb INA Holdings LLC<br> 6.80%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | Citigroup Inc<br> 6.02%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490312 |
| Industrial — 0.59% | Industrial — 0.59% | Industrial — 0.59% |
|  | Boeing Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Carrier Global Corp<br> 2.70%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | IDEX Corp<br> 2.63%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286000 | Penske Truck Leasing Co LP / PTL Finance Corp<sup>(a)</sup><br> 5.25%, 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352000 | Waste Management Inc<br> 4.95%, 07/03/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826896 |
| Technology — 0.24% | Technology — 0.24% | Technology — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241000 | Constellation Software Inc<sup>(a)</sup><br> 5.16%, 02/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614000 | Oracle Corp<br> 5.25%, 02/03/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613916 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
|  | Synopsys Inc |  |
| $401000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2032 | &nbsp;&nbsp;&nbsp;$409466 |
| &nbsp;&nbsp; 282000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 286609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555585 |
| **TOTAL CORPORATE BONDS AND NOTES — 3.28%<br> (Cost $20,887,828)** | **TOTAL CORPORATE BONDS AND NOTES — 3.28%<br> (Cost $20,887,828)** | &nbsp;&nbsp;&nbsp;**$21279615** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 4.26% | Non-Agency — 4.26% | Non-Agency — 4.26% |
|  | BANK5 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR10 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 10/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR10 Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.64%, 10/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR7 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 06/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR15 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | Barclays Commercial Mortgage Securities Trust<br> Series 2025-5C36 Class A3<br> 5.52%, 08/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | BMO Mortgage Trust<sup>(d)</sup><br> Series 2022-C2 Class A5<br> 4.81%, 07/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532154 |
|  | BX Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BRVE Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956405 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 04/15/2041<br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957599 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BCAT Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437427 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/15/2042<br> 1-mo. SOFR + 1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BIO Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 02/15/2041<br> 1-mo. SOFR + 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-XL5 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420634 | &nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2041<br> 1-mo. SOFR + 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420893 |
|  | Chase Home Lending Mortgage Trust<sup>(a)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205285 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A5A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568462 | CIM Trust<sup>(a)(c)</sup><br> Series 2025-I1 Class A2<br> 5.91%, 10/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575756 |
|  | Durst Commercial Mortgage Trust<sup>(a)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-151 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.58%, 08/10/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427785 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-151 Class A |  |
| $1150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/10/2042 | &nbsp;&nbsp;&nbsp;$1171354 |
| &nbsp;&nbsp; 550000 | Houston Galleria Mall Trust<sup>(a)(d)</sup><br> Series 2025-HGLR Class A<br> 5.46%, 02/05/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 569903 |
| &nbsp;&nbsp; 450000 | Hudson Yards Mortgage Trust<sup>(a)(d)</sup><br> Series 2025-SPRL Class D<br> 6.34%, 01/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 467971 |
|  | IRV Trust<sup>(a)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-200P Class C |  |
| &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/14/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 583541 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-200P Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.29%, 03/14/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564326 |
|  | JPMorgan Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274099 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/25/2054<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VIS2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878308 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/25/2064<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM5 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/25/2065<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | Ladder Capital Commercial Mortgage<sup>(a)</sup><br> Series 2017-LC26 Class A4<br> 3.55%, 07/12/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961811 |
|  | MSWF Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;6.89%, 12/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658810 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;6.01%, 12/15/2056<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350640 |
|  | NYC Commercial Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3BP Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.44%, 02/15/2042<sup>(b)</sup><br> 1-mo. SOFR + 1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-11X Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 10/15/2040<sup>(b)</sup><br> 1-mo. SOFR + 1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102742 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-300P Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/13/2042<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903981 | Onslow Bay Financial LLC<sup>(a)(c)</sup><br> Series 2025-NQM15 Class A1A<br> 5.14%, 07/27/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912701 |
|  | ROCC Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;7.11%, 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504772 | Verus Securitization Trust<sup>(a)(d)</sup><br> Series 2022-1 Class A3<br> 3.29%, 01/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463452 |
|  | Wells Fargo Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CHI Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 07/15/2035<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882575 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CHI Class B |  |
| $550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 07/15/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$554634 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C63 Class A5 |  |
| &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 08/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 341303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27615613 |
| U.S. Government Agency — 1.09% | U.S. Government Agency — 1.09% | U.S. Government Agency — 1.09% |
|  | Connecticut Avenue Securities Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 01/25/2044<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 02/25/2044<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779109 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R03 Class 2M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.82%, 03/25/2044<br> 1-mo. SOFR + 1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890584 | Government National Mortgage Association<br> 4.50%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5780302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7112318 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 5.35%<br> (Cost $34,194,134)** | **TOTAL MORTGAGE-BACKED SECURITIES — 5.35%<br> (Cost $34,194,134)** | &nbsp;&nbsp;&nbsp;**$34727931** |
| **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** |
|  | U.S. Treasury Inflation Indexed Bonds TIPS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;63939318<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63192639 |
| &nbsp;&nbsp;&nbsp;&nbsp;72036510<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72743025 |
| &nbsp;&nbsp;&nbsp;&nbsp;62491247<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62797614 |
| &nbsp;&nbsp;130013480<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;128021538 |
| &nbsp;&nbsp;&nbsp;&nbsp;40803453<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37804045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239412<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296599 |
| &nbsp;&nbsp;146556333<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;146380847 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 79.27%<br> (Cost $516,260,447)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 79.27%<br> (Cost $516,260,447)** | &nbsp;&nbsp;&nbsp;**$514236307** |
| **TOTAL INVESTMENTS — 93.02%<br> (Cost $604,456,448)** | **TOTAL INVESTMENTS — 93.02%<br> (Cost $604,456,448)** | &nbsp;&nbsp;&nbsp;**$603465278** |
| **OTHER ASSETS & LIABILITIES, NET — 6.98%** | **OTHER ASSETS & LIABILITIES, NET — 6.98%** | &nbsp;&nbsp;&nbsp;**$45283839** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$648749117** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

<sup>(a)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the aggregate fair value of 144A securities was $57,635,021, representing 8.90% of net assets.

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

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

<sup>(d)</sup> Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Interest rate shown reflects the rate in effect as of December 31, 2025.

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

<sup>LP</sup> Limited Partnership

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| U.S. 10 Year Treasury Note Futures | 680 | USD | &nbsp;&nbsp;76458 | Mar 2026 | $(311336) |
| U.S. 2 Year Treasury Note Futures | 1257 | USD | 262448 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(93820) |
| U.S. Long Bond Futures | 108 | USD | &nbsp;&nbsp;12484 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(65156) |
| **Short** |  |  |  |  |  |
| U.S. 10 Year Treasury Ultra Futures | 909 | USD | 104549 | Mar 2026 | &nbsp;&nbsp;&nbsp;579774 |
| U.S. 5 Year Treasury Note Futures | 370 | USD | &nbsp;&nbsp;40443 | Mar 2026 | &nbsp;&nbsp;&nbsp;118915 |
| U.S. Ultra Bond Futures | 18 | USD | &nbsp;&nbsp;&nbsp;&nbsp;2124 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165 |
|  |  |  |  | **Net Appreciation** | **$231542** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: |
| **Rate Received<br> by<br> the Fund** | **Receive<br> Frequency** | **Rate Paid<br> by<br> the Fund** | **Pay<br> Frequency** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Maturity<br> Date** | **Value** | **Upfront<br> Payments<br> /Receipts** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| 1-day SOFR | Annually | 3.17% | Annually | USD | &nbsp;&nbsp;65680 | 08/31/2027 | &nbsp;&nbsp;$(2866) | &nbsp;&nbsp;$29038 | $(31904) |
| 1-day SOFR | Annually | 3.06% | Annually | USD | &nbsp;&nbsp;86250 | 08/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18882 |
| 1-day SOFR | Annually | 3.14% | Annually | USD | &nbsp;&nbsp;92800 | 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160353 | &nbsp;&nbsp;&nbsp;&nbsp;(173348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333701 |
| 3.20% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;57450 | 06/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14198) |
| 3.37% | Annually | 1-day SOFR | Annually | USD | 221200 | 06/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229895 | &nbsp;&nbsp;&nbsp;&nbsp;(285614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515509 |
| 3.20% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;70400 | 10/07/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49138) |
| 1-day SOFR | Annually | 3.60% | Annually | USD | 232810 | 06/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204423) |
| 1-day SOFR | Annually | 3.48% | Annually | USD | &nbsp;&nbsp;60490 | 06/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54602 |
| 1-day SOFR | Annually | 3.53% | Annually | USD | &nbsp;&nbsp;15120 | 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11067) |
| 3.26% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;18970 | 01/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121551) |
| 3.38% | Annually | 1-day SOFR | Annually | USD | 122530 | 08/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567011) | &nbsp;&nbsp;&nbsp;&nbsp;(276460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290551) |
| 3.47% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;94020 | 08/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12735 |
| 3.85% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;19420 | 05/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46426) |
| 3.59% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;8860 | 05/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2311) |
| 1-day SOFR | Annually | 3.58% | Annually | USD | &nbsp;&nbsp;48400 | 10/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275355 |
| 4.10% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;56490 | 06/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210528) |
| 4.08% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;14700 | 06/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13269) |
| 1-day SOFR | Annually | 3.83% | Annually | USD | &nbsp;&nbsp;51980 | 08/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28616 |
| 1-day SOFR | Annually | 3.81% | Annually | USD | &nbsp;&nbsp;67170 | 08/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181249 | &nbsp;&nbsp;&nbsp;&nbsp;(330910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512159 |
| 4.57% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;84520 | 07/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495577) |
| 4.44% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;32540 | 10/09/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258286) |
| 1-day SOFR | Annually | 4.48% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;5920 | 05/21/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17114 |
| 1-day SOFR | Annually | 4.21% | Annually | USD | &nbsp;&nbsp;13110 | 05/21/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279365 |
| 1-day SOFR | Annually | 3.85% | Annually | USD | &nbsp;&nbsp;68420 | 07/17/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827526 |
| 1-day SOFR | Annually | 3.83% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;5260 | 01/30/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169279 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$985339** | &nbsp;&nbsp;**$(310275)** | **$1295614** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: |
| **Rate Received<br> by<br> the Fund** | **Receive<br> Frequency** | **Rate Paid<br> by<br> the Fund** | **Pay<br> Frequency** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Maturity<br> Date** | **Value** | **Upfront<br> Payments<br> /Receipts** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| CPI-U | At Maturity | 2.59% | At Maturity | USD | 17730 | 12/12/2029 | &nbsp;&nbsp;$64154 | &nbsp;&nbsp;$151323 | $(87169) |
| CPI-U | At Maturity | 2.65% | At Maturity | USD | 25150 | 09/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181881) |
| CPI-U | At Maturity | 2.57% | At Maturity | USD | 15740 | 11/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144231) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$(184469)** | &nbsp;&nbsp;**$228813** | **$(413281)** |

---

---

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

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 4.02% | Basic Materials — 4.02% | Basic Materials — 4.02% |
| &nbsp;&nbsp;15161 | Air Liquide SA | &nbsp;&nbsp;&nbsp;$2849567 |
| &nbsp;&nbsp;&nbsp;&nbsp;4228 | Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp; 294186 |
| &nbsp;&nbsp;29322 | Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1212434 |
| &nbsp;&nbsp;10375 | Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp; 455587 |
| &nbsp;&nbsp;29223 | ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp; 1341904 |
| &nbsp;&nbsp;29500 | Asahi Kasei Corp | &nbsp;&nbsp;&nbsp;&nbsp; 262218 |
| &nbsp;&nbsp;23367 | BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229537 |
| 162638 | BHP Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908287 |
| &nbsp;&nbsp;&nbsp;&nbsp;7088 | Boliden AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392649 |
| &nbsp;&nbsp;&nbsp;&nbsp;3305 | Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191836 |
| &nbsp;&nbsp;&nbsp;&nbsp;4802 | DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | EMS-Chemie Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128998 |
| &nbsp;&nbsp;&nbsp;&nbsp;5055 | Endeavour Mining PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263974 |
| &nbsp;&nbsp;49956 | Evolution Mining Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418070 |
| &nbsp;&nbsp;&nbsp;&nbsp;6758 | Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105466 |
| &nbsp;&nbsp;46167 | Fortescue Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675079 |
| &nbsp;&nbsp;&nbsp;&nbsp;5975 | Fresnillo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | Givaudan SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965325 |
| 267310 | Glencore PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461108 |
| &nbsp;&nbsp;&nbsp;&nbsp;1732 | Holmen AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66437 |
| &nbsp;&nbsp;17938 | ICL Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103149 |
| &nbsp;&nbsp;15800 | JFE Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201432 |
| &nbsp;&nbsp;&nbsp;&nbsp;5600 | Johnson Matthey PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160497 |
| &nbsp;&nbsp;14600 | JX Advanced Metals Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182516 |
| &nbsp;&nbsp;24900 | Kaneka Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698374 |
| &nbsp;&nbsp;51500 | Kansai Paint Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813553 |
| &nbsp;&nbsp;23500 | Kemira OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539266 |
| 402000 | Kingboard Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518460 |
| &nbsp;&nbsp;51300 | Kuraray Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520405 |
| &nbsp;&nbsp;23706 | Lynas Rare Earths Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194424 |
| 162700 | Mitsubishi Chemical Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952386 |
| &nbsp;&nbsp;42400 | Mitsui Chemicals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542174 |
| &nbsp;&nbsp;23100 | Nippon Paint Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154671 |
| &nbsp;&nbsp;&nbsp;&nbsp;4200 | Nippon Sanso Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125471 |
| &nbsp;&nbsp;37500 | Nippon Soda Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867471 |
| 126000 | Nippon Steel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515599 |
| &nbsp;&nbsp;19100 | Nitto Denko Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454765 |
| 165287 | Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275879 |
| &nbsp;&nbsp;35463 | Northern Star Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624067 |
| &nbsp;&nbsp;&nbsp;&nbsp;9285 | Novonesis / Novozymes Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594059 |
| 577400 | Perseus Mining Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170672 |
| &nbsp;&nbsp;36158 | Rio Tinto Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527428 |
| &nbsp;&nbsp;29781 | Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398482 |
| &nbsp;&nbsp;44000 | Shin-Etsu Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366691 |
| &nbsp;&nbsp;16900 | Solvay SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537718 |
| 124932 | South32 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295728 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | Sumitomo Metal Mining Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260283 |
| &nbsp;&nbsp;&nbsp;&nbsp;1706 | Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136647 |
| &nbsp;&nbsp;&nbsp;&nbsp;3515 | Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284790 |
| &nbsp;&nbsp;33900 | Tokuyama Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892141 |
| &nbsp;&nbsp;51400 | Tokyo Steel Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484630 |
| &nbsp;&nbsp;40100 | Toray Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261443 |
| &nbsp;&nbsp;13734 | UPM-Kymmene OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397042 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Basic Materials — (continued) | Basic Materials — (continued) | Basic Materials — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | Yamato Kogyo Co Ltd | &nbsp;&nbsp;&nbsp;$634837 |
| &nbsp;&nbsp;&nbsp;&nbsp;17479 | Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp; 715276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43278731 |
| Communications — 5.20% | Communications — 5.20% | Communications — 5.20% |
| &nbsp;&nbsp;&nbsp;123700 | Airtel Africa PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 592218 |
| &nbsp;&nbsp;&nbsp;&nbsp;22594 | Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 178191 |
| &nbsp;&nbsp;&nbsp;625814 | BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1549991 |
| &nbsp;&nbsp;&nbsp;&nbsp;10587 | CAR Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827 | Delivery Hero SE<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127239 |
| &nbsp;&nbsp;&nbsp;&nbsp;96037 | Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103 | Elisa OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181827 |
| &nbsp;&nbsp;&nbsp;&nbsp;65817 | Grab Holdings Ltd Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328427 |
| &nbsp;&nbsp;&nbsp;&nbsp;91000 | HKT Trust & HKT Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134749 |
| &nbsp;&nbsp;&nbsp;&nbsp;33510 | Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397512 |
| &nbsp;&nbsp;&nbsp;&nbsp;23900 | IPSOS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959081 |
| &nbsp;&nbsp;&nbsp;&nbsp;76500 | KDDI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324039 |
| &nbsp;&nbsp;&nbsp;101098 | Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472402 |
| &nbsp;&nbsp;&nbsp;&nbsp;77200 | LY Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205425 |
| &nbsp;&nbsp;&nbsp;372100 | M3 Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005796 |
| &nbsp;&nbsp;&nbsp;&nbsp;37700 | Metropole Television SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | MonotaRO Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87578 |
| &nbsp;&nbsp;&nbsp;256577 | Nokia OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654169 |
| &nbsp;&nbsp;&nbsp;116000 | NOS SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546812 |
| 1348400 | NTT Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361198 |
| &nbsp;&nbsp;&nbsp;&nbsp;91011 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518659 |
| &nbsp;&nbsp;&nbsp;&nbsp;17083 | Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241421 |
| &nbsp;&nbsp;&nbsp;&nbsp;51009 | Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158421 |
| &nbsp;&nbsp;&nbsp;&nbsp;12776 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326757 |
| &nbsp;&nbsp;&nbsp;&nbsp;35600 | Rakuten Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228124 |
| &nbsp;&nbsp;&nbsp;&nbsp;50307 | Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9908 | Sea Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263964 |
| &nbsp;&nbsp;&nbsp;200600 | Singapore Telecommunications Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709723 |
| &nbsp;&nbsp;&nbsp;759300 | SoftBank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042487 |
| &nbsp;&nbsp;&nbsp;100000 | SoftBank Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | Swisscom AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475038 |
| &nbsp;&nbsp;&nbsp;&nbsp;13007 | Tele2 AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217953 |
| &nbsp;&nbsp;&nbsp;310326 | Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186429 |
| &nbsp;&nbsp;&nbsp;153779 | Telefonaktiebolaget LM Ericsson Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496583 |
| &nbsp;&nbsp;&nbsp;&nbsp;94815 | Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389210 |
| &nbsp;&nbsp;&nbsp;&nbsp;14669 | Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213352 |
| &nbsp;&nbsp;&nbsp;&nbsp;32700 | Television Francaise 1 SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319342 |
| &nbsp;&nbsp;&nbsp;&nbsp;65475 | Telia Co AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279838 |
| &nbsp;&nbsp;&nbsp;&nbsp;96818 | Telstra Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314133 |
| &nbsp;&nbsp;&nbsp;130400 | Tencent Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10007358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | Trend Micro Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141210 |
| 2176094 | Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | Wix.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146381 |
| &nbsp;&nbsp;&nbsp;&nbsp;11100 | ZOZO Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55884631 |
| Consumer, Cyclical — 14.99% | Consumer, Cyclical — 14.99% | Consumer, Cyclical — 14.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009 | Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6944 | AddTech AB Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244558 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;4412 | adidas AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$873072 |
| &nbsp;&nbsp;14100 | Aisin Corp | &nbsp;&nbsp;&nbsp;&nbsp; 264181 |
| &nbsp;&nbsp;11948 | Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp; 884283 |
| &nbsp;&nbsp;&nbsp;&nbsp;2600 | ANA Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 49378 |
| &nbsp;&nbsp;14752 | Aristocrat Leisure Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 571116 |
| &nbsp;&nbsp;17400 | Asics Corp | &nbsp;&nbsp;&nbsp;&nbsp; 417713 |
| &nbsp;&nbsp;38828 | Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1108531 |
| &nbsp;&nbsp;11406 | Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672724 |
| &nbsp;&nbsp;14700 | Bandai Namco Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391256 |
| &nbsp;&nbsp;36681 | Barratt Redrow PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188387 |
| &nbsp;&nbsp;19248 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087162 |
| &nbsp;&nbsp;92000 | Betsson AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468384 |
| &nbsp;&nbsp;29400 | Bridgestone Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661479 |
| &nbsp;&nbsp;&nbsp;&nbsp;9312 | Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259777 |
| &nbsp;&nbsp;14083 | Cie Financiere Richemont SA Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037014 |
| &nbsp;&nbsp;35639 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181296 |
| 106500 | Citizen Watch Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866475 |
| 181450 | CK Hutchison Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233581 |
| 290533 | Clicks Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920036 |
| &nbsp;&nbsp;44011 | Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393896 |
| &nbsp;&nbsp;&nbsp;&nbsp;2907 | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230708 |
| &nbsp;&nbsp;&nbsp;&nbsp;1615 | CTS Eventim AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147841 |
| &nbsp;&nbsp;51883 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247182 |
| &nbsp;&nbsp;14200 | Daiwa House Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471707 |
| &nbsp;&nbsp;&nbsp;&nbsp;8100 | Daiwabo Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159632 |
| &nbsp;&nbsp;45700 | Denso Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631214 |
| &nbsp;&nbsp;13383 | Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79794 |
| &nbsp;&nbsp;29200 | Dollarama Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364204 |
| &nbsp;&nbsp;&nbsp;&nbsp;2962 | Dr Ing hc F Porsche AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157763 |
| &nbsp;&nbsp;14830 | Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152401 |
| &nbsp;&nbsp;&nbsp;&nbsp;3467 | Evolution AB<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235415 |
| &nbsp;&nbsp;15900 | Exedy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570251 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000 | Fast Retailing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812941 |
| &nbsp;&nbsp;&nbsp;&nbsp;2680 | FDJ UNITED<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74184 |
| &nbsp;&nbsp;&nbsp;&nbsp;3257 | Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210346 |
| &nbsp;&nbsp;57900 | Frasers Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526174 |
| &nbsp;&nbsp;54000 | Galaxy Entertainment Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266264 |
| &nbsp;&nbsp;12874 | H & M Hennes & Mauritz AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258045 |
| 106800 | Harvey Norman Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028487 |
| 328357 | Honda Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222717 |
| &nbsp;&nbsp;&nbsp;&nbsp;2600 | Hornbach Holding AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254758 |
| &nbsp;&nbsp;15700 | HUGO BOSS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661546 |
| &nbsp;&nbsp;30658 | IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782591 |
| &nbsp;&nbsp;28641 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889292 |
| &nbsp;&nbsp;43618 | InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6126633 |
| 239343 | International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175956 |
| 100300 | Isuzu Motors Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565395 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| 156500 | ITOCHU Corp | &nbsp;&nbsp;&nbsp;$1977661 |
| &nbsp;&nbsp;&nbsp;&nbsp;4600 | Japan Airlines Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 85310 |
| &nbsp;&nbsp;44500 | Jardine Cycle & Carriage Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1170817 |
| &nbsp;&nbsp;79091 | JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp; 89627 |
| &nbsp;&nbsp;83600 | JVCKenwood Corp | &nbsp;&nbsp;&nbsp;&nbsp; 643766 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400 | Kaufman & Broad SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 119232 |
| &nbsp;&nbsp;&nbsp;&nbsp;1907 | Kering SA | &nbsp;&nbsp;&nbsp;&nbsp; 666377 |
| 433799 | Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825509 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400 | Kohnan Shoji Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87129 |
| &nbsp;&nbsp;23400 | Komeri Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511523 |
| &nbsp;&nbsp;65018 | Lottery Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223400 |
| &nbsp;&nbsp;16291 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12279095 |
| &nbsp;&nbsp;55600 | Marubeni Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548460 |
| &nbsp;&nbsp;&nbsp;&nbsp;8800 | MatsukiyoCocokara & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152360 |
| &nbsp;&nbsp;49860 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456395 |
| &nbsp;&nbsp;84900 | Mitsubishi Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941891 |
| &nbsp;&nbsp;91800 | Mitsui & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726216 |
| &nbsp;&nbsp;&nbsp;&nbsp;6564 | Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419572 |
| &nbsp;&nbsp;39000 | Nagase & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949583 |
| &nbsp;&nbsp;&nbsp;&nbsp;2953 | Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543447 |
| &nbsp;&nbsp;50300 | NGK Insulators Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079401 |
| &nbsp;&nbsp;32200 | NHK Spring Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518818 |
| &nbsp;&nbsp;28900 | Nintendo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951171 |
| &nbsp;&nbsp;59600 | Nissan Motor Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148102 |
| &nbsp;&nbsp;12200 | Niterra Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537511 |
| &nbsp;&nbsp;11500 | Nitori Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200723 |
| &nbsp;&nbsp;57200 | Okamura Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836926 |
| &nbsp;&nbsp;28800 | Oriental Land Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532800 |
| &nbsp;&nbsp;45900 | Pan Pacific International Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273422 |
| &nbsp;&nbsp;61000 | Panasonic Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790806 |
| &nbsp;&nbsp;&nbsp;&nbsp;2171 | Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240082 |
| 173500 | Pets at Home Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461604 |
| 305100 | Piaggio & C SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648569 |
| 185500 | Pirelli & C SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266725 |
| &nbsp;&nbsp;&nbsp;&nbsp;3681 | Porsche Automobil Holding SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171738 |
| 294554 | Qantas Airways Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034987 |
| &nbsp;&nbsp;&nbsp;&nbsp;6871 | Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305035 |
| &nbsp;&nbsp;&nbsp;&nbsp;5209 | Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215612 |
| &nbsp;&nbsp;29840 | Rexel SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170388 |
| &nbsp;&nbsp;53591 | Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847687 |
| &nbsp;&nbsp;13600 | Ryohin Keikaku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240141 |
| &nbsp;&nbsp;71600 | Sands China Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180606 |
| &nbsp;&nbsp;40500 | Sankyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657351 |
| &nbsp;&nbsp;&nbsp;&nbsp;5200 | Sanrio Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162709 |
| &nbsp;&nbsp;&nbsp;&nbsp;9900 | Sekisui Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166491 |
| &nbsp;&nbsp;16300 | Sekisui House Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363706 |
| &nbsp;&nbsp;&nbsp;&nbsp;6098 | SGH Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188210 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900 | Shimano Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198685 |
| &nbsp;&nbsp;37800 | Singapore Airlines Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187676 |
| &nbsp;&nbsp;&nbsp;&nbsp;2309 | Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118304 |
| &nbsp;&nbsp;38800 | Sojitz Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206674 |
| 161200 | Sony Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134939 |
| &nbsp;&nbsp;37100 | Stanley Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730369 |
| 116511 | Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277816 |
| &nbsp;&nbsp;50500 | Subaru Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087327 |
| &nbsp;&nbsp;76600 | Sumitomo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651318 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;18200 | Sumitomo Electric Industries Ltd | &nbsp;&nbsp;&nbsp;$733047 |
| &nbsp;&nbsp;94200 | Sumitomo Forestry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 958875 |
| &nbsp;&nbsp;50300 | Super Retail Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 536963 |
| &nbsp;&nbsp;40800 | Suzuki Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp; 610183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | Swatch Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 126154 |
| 163000 | Toei Animation Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2823389 |
| &nbsp;&nbsp;&nbsp;&nbsp;2700 | Toho Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 137551 |
| &nbsp;&nbsp;42100 | Tokmanni Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380879 |
| &nbsp;&nbsp;&nbsp;&nbsp;8300 | Tokyo Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329049 |
| &nbsp;&nbsp;55284 | Toromont Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6688214 |
| &nbsp;&nbsp;69100 | Toyota Boshoku Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111790 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400 | Toyota Industries Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498813 |
| 349900 | Toyota Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7514836 |
| &nbsp;&nbsp;18600 | Toyota Tsusho Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627177 |
| &nbsp;&nbsp;39700 | Traton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408235 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Tsuruha Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124939 |
| 206509 | Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383649 |
| &nbsp;&nbsp;13900 | Valor Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299064 |
| &nbsp;&nbsp;87491 | Volvo AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784369 |
| &nbsp;&nbsp;67100 | VTech Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529244 |
| &nbsp;&nbsp;29988 | Wesfarmers Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615550 |
| &nbsp;&nbsp;&nbsp;&nbsp;4344 | Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148832 |
| &nbsp;&nbsp;26800 | Yamaha Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198757 |
| &nbsp;&nbsp;22900 | Yokohama Rubber Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881256 |
| 621000 | Yue Yuen Industrial Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273357 |
| &nbsp;&nbsp;&nbsp;&nbsp;6348 | Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187311 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400 | Zensho Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161235573 |
| Consumer, Non-Cyclical — 20.10% | Consumer, Non-Cyclical — 20.10% | Consumer, Non-Cyclical — 20.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059460 |
| &nbsp;&nbsp;60000 | Aeon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947827 |
| &nbsp;&nbsp;24400 | Ajinomoto Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515816 |
| &nbsp;&nbsp;12990 | Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027874 |
| &nbsp;&nbsp;25857 | Anheuser-Busch InBev SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659527 |
| &nbsp;&nbsp;17700 | Arcs Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382498 |
| &nbsp;&nbsp;&nbsp;&nbsp;7276 | Argenx SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6137617 |
| &nbsp;&nbsp;38100 | Asahi Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399357 |
| &nbsp;&nbsp;11419 | Ashtead Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778229 |
| 138500 | Astellas Pharma Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843368 |
| &nbsp;&nbsp;40641 | AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7519879 |
| &nbsp;&nbsp;18100 | Austevoll Seafood ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150412 |
| &nbsp;&nbsp;69119 | Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998086 |
| &nbsp;&nbsp;&nbsp;&nbsp;2708 | Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297385 |
| &nbsp;&nbsp;&nbsp;&nbsp;1010 | BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130689 |
| &nbsp;&nbsp;34965 | Brambles Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533928 |
| &nbsp;&nbsp;78867 | British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4469945 |
| &nbsp;&nbsp;&nbsp;&nbsp;8775 | Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279157 |
| &nbsp;&nbsp;&nbsp;&nbsp;2488 | Carlsberg AS Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325638 |
| &nbsp;&nbsp;61349 | Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819877 |
| &nbsp;&nbsp;17900 | Chugai Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939062 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;92300 | Cloetta AB Class B | &nbsp;&nbsp;&nbsp;$405633 |
| &nbsp;&nbsp;&nbsp;&nbsp;5422 | Coca-Cola Europacific Partners PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 491775 |
| &nbsp;&nbsp;&nbsp;&nbsp;5417 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp; 280094 |
| &nbsp;&nbsp;&nbsp;&nbsp;1688 | Cochlear Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 293070 |
| &nbsp;&nbsp;34566 | Coles Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 494062 |
| &nbsp;&nbsp;40402 | Coloplast A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp; 3463876 |
| &nbsp;&nbsp;12673 | CSL Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1458432 |
| &nbsp;&nbsp;10400 | Dai Nippon Printing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179026 |
| &nbsp;&nbsp;47000 | Daiichi Sankyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998024 |
| &nbsp;&nbsp;16692 | Danone SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505601 |
| &nbsp;&nbsp;16010 | Davide Campari-Milano NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103429 |
| &nbsp;&nbsp;&nbsp;&nbsp;1649 | Demant A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55562 |
| 229093 | Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934919 |
| &nbsp;&nbsp;&nbsp;&nbsp;6553 | Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144860 |
| &nbsp;&nbsp;&nbsp;&nbsp;6700 | Eisai Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198929 |
| &nbsp;&nbsp;34535 | EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10919883 |
| &nbsp;&nbsp;15034 | Essity AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432248 |
| &nbsp;&nbsp;&nbsp;&nbsp;3384 | Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247466 |
| 150475 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6782361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | Financiere de Tubize SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127879 |
| 548400 | First Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891561 |
| &nbsp;&nbsp;16312 | Fisher & Paykel Healthcare Corp Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354411 |
| &nbsp;&nbsp;&nbsp;&nbsp;5322 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254208 |
| &nbsp;&nbsp;11102 | Fresenius SE & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636053 |
| &nbsp;&nbsp;30400 | FUJIFILM Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645040 |
| &nbsp;&nbsp;&nbsp;&nbsp;4058 | Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826342 |
| &nbsp;&nbsp;&nbsp;&nbsp;1590 | Genmab A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492875 |
| &nbsp;&nbsp;51700 | Greencore Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176661 |
| &nbsp;&nbsp;&nbsp;&nbsp;8949 | Grifols SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111859 |
| 257863 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320327 |
| 236016 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192356 |
| &nbsp;&nbsp;&nbsp;&nbsp;3649 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267204 |
| &nbsp;&nbsp;&nbsp;&nbsp;7254 | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598504 |
| &nbsp;&nbsp;&nbsp;&nbsp;2931 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223067 |
| &nbsp;&nbsp;29849 | Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621857 |
| &nbsp;&nbsp;92863 | Imperial Brands PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3898070 |
| 250200 | Inghams Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415016 |
| &nbsp;&nbsp;&nbsp;&nbsp;3671 | Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227564 |
| &nbsp;&nbsp;&nbsp;&nbsp;3831 | Ipsen SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534537 |
| 325666 | J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425807 |
| &nbsp;&nbsp;31200 | Japan Tobacco Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121400 |
| &nbsp;&nbsp;&nbsp;&nbsp;4141 | JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154865 |
| &nbsp;&nbsp;&nbsp;&nbsp;7082 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168526 |
| &nbsp;&nbsp;43700 | Kanamoto Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093068 |
| &nbsp;&nbsp;11700 | Kao Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466965 |
| &nbsp;&nbsp;&nbsp;&nbsp;4252 | Kerry Group PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388559 |
| &nbsp;&nbsp;&nbsp;&nbsp;7836 | Kesko OYJ Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176814 |
| &nbsp;&nbsp;20200 | Kikkoman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183428 |
| &nbsp;&nbsp;20100 | Kirin Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300877 |
| &nbsp;&nbsp;&nbsp;&nbsp;4200 | Kobe Bussan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101097 |
| &nbsp;&nbsp;87550 | Koninklijke Ahold Delhaize NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590149 |
| &nbsp;&nbsp;20773 | Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565632 |
| &nbsp;&nbsp;&nbsp;&nbsp;5900 | Kyowa Kirin Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94959 |
| &nbsp;&nbsp;&nbsp;&nbsp;6460 | Lifco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244826 |
| &nbsp;&nbsp;&nbsp;&nbsp;1832 | Lonza Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235171 |
| &nbsp;&nbsp;19600 | Loomis AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827916 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;6294 | L'Oreal SA | &nbsp;&nbsp;&nbsp;$2702112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp; 119660 |
| &nbsp;&nbsp;12851 | Magnum Ice Cream Co NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 205635 |
| &nbsp;&nbsp;55960 | Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 248948 |
| &nbsp;&nbsp;38600 | Megmilk Snow Brand Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 796494 |
| &nbsp;&nbsp;&nbsp;&nbsp;3371 | Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp; 481119 |
| 546000 | Mitie Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1223195 |
| &nbsp;&nbsp;13217 | Mowi ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317934 |
| &nbsp;&nbsp;67531 | Nestle SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703068 |
| &nbsp;&nbsp;14948 | Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73677 |
| &nbsp;&nbsp;23800 | Nippon Shinyaku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | NMC Health PLC<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| 103430 | Novartis AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14252240 |
| 270876 | Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13738418 |
| &nbsp;&nbsp;28700 | Olympus Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363895 |
| &nbsp;&nbsp;66700 | Ono Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924089 |
| &nbsp;&nbsp;&nbsp;&nbsp;2638 | Orion OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196815 |
| &nbsp;&nbsp;19246 | Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214318 |
| &nbsp;&nbsp;11800 | Otsuka Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667399 |
| &nbsp;&nbsp;33611 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877984 |
| &nbsp;&nbsp;&nbsp;&nbsp;6071 | QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276090 |
| &nbsp;&nbsp;&nbsp;&nbsp;2465 | Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93584 |
| &nbsp;&nbsp;17739 | Reckitt Benckiser Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434945 |
| &nbsp;&nbsp;&nbsp;&nbsp;2806 | Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159293 |
| 124300 | Recruit Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984613 |
| 211759 | RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8603321 |
| &nbsp;&nbsp;64078 | Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382234 |
| &nbsp;&nbsp;24818 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10256586 |
| &nbsp;&nbsp;&nbsp;&nbsp;1736 | Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106101 |
| &nbsp;&nbsp;11189 | Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812390 |
| &nbsp;&nbsp;54261 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250029 |
| &nbsp;&nbsp;58000 | Santen Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177339 |
| &nbsp;&nbsp;49900 | Scandinavian Tobacco Group A/S<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748726 |
| &nbsp;&nbsp;10400 | Secom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369556 |
| &nbsp;&nbsp;53115 | Securitas AB Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844694 |
| &nbsp;&nbsp;56100 | Seven & i Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805990 |
| &nbsp;&nbsp;&nbsp;&nbsp;4488 | SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514808 |
| &nbsp;&nbsp;93700 | Shionogi & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695953 |
| &nbsp;&nbsp;10500 | Shiseido Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152806 |
| &nbsp;&nbsp;&nbsp;&nbsp;8590 | Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450267 |
| 128157 | Sigma Healthcare LTD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250883 |
| &nbsp;&nbsp;22356 | Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371650 |
| &nbsp;&nbsp;&nbsp;&nbsp;2800 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169178 |
| 174000 | Sonae SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329629 |
| &nbsp;&nbsp;11253 | Sonic Healthcare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169437 |
| &nbsp;&nbsp;&nbsp;&nbsp;1339 | Sonova Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346355 |
| &nbsp;&nbsp;&nbsp;&nbsp;2920 | Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341067 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000 | Suntory Beverage & Food Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90221 |
| &nbsp;&nbsp;&nbsp;&nbsp;4883 | Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175237 |
| &nbsp;&nbsp;14300 | Sysmex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140429 |
| &nbsp;&nbsp;41900 | Takeda Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301635 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;34400 | Terumo Corp | &nbsp;&nbsp;&nbsp;$500010 |
| &nbsp;&nbsp;&nbsp;410010 | Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2437699 |
| &nbsp;&nbsp;&nbsp;&nbsp;38300 | Teva Pharmaceutical Industries Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1207301 |
| &nbsp;&nbsp;&nbsp;&nbsp;30099 | Teva Pharmaceutical Industries Ltd Sponsored ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 939390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | TOPPAN Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 190251 |
| &nbsp;&nbsp;&nbsp;&nbsp;82919 | Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp; 784714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | UCB SA | &nbsp;&nbsp;&nbsp;&nbsp; 902749 |
| &nbsp;&nbsp;&nbsp;&nbsp;31800 | Unicharm Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181697 |
| &nbsp;&nbsp;&nbsp;157865 | Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10323367 |
| &nbsp;&nbsp;&nbsp;460000 | United Laboratories International Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685874 |
| 2329443 | WH Group Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595032 |
| &nbsp;&nbsp;&nbsp;&nbsp;60500 | Wilmar International Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144695 |
| &nbsp;&nbsp;&nbsp;&nbsp;16000 | Wise PLC Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191572 |
| &nbsp;&nbsp;&nbsp;&nbsp;37017 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834087 |
| &nbsp;&nbsp;&nbsp;&nbsp;32772 | Woolworths Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641186 |
| &nbsp;&nbsp;&nbsp;107600 | Zigup PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216244845 |
| Diversified — 0.02% | Diversified — 0.02% | Diversified — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | Jardine Matheson Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263120 |
| Energy — 3.25% | Energy — 3.25% | Energy — 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8529 | Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217030 |
| &nbsp;&nbsp;&nbsp;&nbsp;35556 | APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212455 |
| &nbsp;&nbsp;&nbsp;&nbsp;15167 | Bollore SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85239 |
| &nbsp;&nbsp;&nbsp;597934 | BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197 | DCC PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136811 |
| &nbsp;&nbsp;&nbsp;160300 | ENEOS Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134139 |
| &nbsp;&nbsp;&nbsp;&nbsp;96634 | Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831803 |
| &nbsp;&nbsp;&nbsp;&nbsp;73656 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736943 |
| &nbsp;&nbsp;&nbsp;&nbsp;11486 | Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197792 |
| &nbsp;&nbsp;&nbsp;&nbsp;22900 | Idemitsu Kosan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173382 |
| &nbsp;&nbsp;&nbsp;&nbsp;70600 | Inpex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412038 |
| &nbsp;&nbsp;&nbsp;&nbsp;10288 | Neste OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232746 |
| &nbsp;&nbsp;&nbsp;205800 | New Hope Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552100 |
| &nbsp;&nbsp;&nbsp;&nbsp;21267 | OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183453 |
| &nbsp;&nbsp;&nbsp;153083 | Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856284 |
| &nbsp;&nbsp;&nbsp;&nbsp;31300 | Rubis SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175234 |
| &nbsp;&nbsp;&nbsp;&nbsp;86721 | Santos Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356180 |
| &nbsp;&nbsp;&nbsp;259521 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9562153 |
| &nbsp;&nbsp;&nbsp;105830 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899897 |
| &nbsp;&nbsp;&nbsp;&nbsp;25788 | Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697494 |
| &nbsp;&nbsp;&nbsp;&nbsp;51487 | Woodside Energy Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34942706 |
| Financial — 26.08% | Financial — 26.08% | Financial — 26.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;30506 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337238 |
| &nbsp;&nbsp;&nbsp;&nbsp;80256 | ABN AMRO Bank NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6879 | Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294083 |
| &nbsp;&nbsp;&nbsp;205318 | Aegon Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596613 |
| &nbsp;&nbsp;&nbsp;&nbsp;10816 | AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554908 |
| &nbsp;&nbsp;&nbsp;&nbsp;11855 | Ageas SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830571 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 797772 | AIA Group Ltd | &nbsp;&nbsp;&nbsp;$8211542 |
| &nbsp;&nbsp;56652 | AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 605629 |
| &nbsp;&nbsp;&nbsp;&nbsp;6000 | AL Sydbank<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 535908 |
| &nbsp;&nbsp;11521 | Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp; 5327043 |
| &nbsp;&nbsp;&nbsp;&nbsp;1705 | Amundi SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 140918 |
| &nbsp;&nbsp;78196 | ANZ Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1890598 |
| &nbsp;&nbsp;21497 | Aon PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp; 7585861 |
| &nbsp;&nbsp;15176 | ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079783 |
| &nbsp;&nbsp;&nbsp;&nbsp;4960 | ASX Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169842 |
| &nbsp;&nbsp;77807 | Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715218 |
| &nbsp;&nbsp;95053 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | Azrieli Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104873 |
| &nbsp;&nbsp;&nbsp;&nbsp;6339 | Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143936 |
| &nbsp;&nbsp;51588 | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549267 |
| 244451 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734134 |
| &nbsp;&nbsp;28970 | Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439907 |
| 740486 | Banco Comercial Portugues SA Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779478 |
| 135485 | Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533925 |
| 584033 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6874347 |
| &nbsp;&nbsp;33629 | Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760589 |
| &nbsp;&nbsp;83318 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836138 |
| &nbsp;&nbsp;78752 | Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506154 |
| &nbsp;&nbsp;16136 | Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118203 |
| 603323 | Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861528 |
| &nbsp;&nbsp;&nbsp;&nbsp;9900 | BAWAG Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491076 |
| &nbsp;&nbsp;55911 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289568 |
| &nbsp;&nbsp;98000 | BOC Hong Kong Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497349 |
| &nbsp;&nbsp;39605 | BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535161 |
| &nbsp;&nbsp;99715 | CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219127 |
| 113500 | CapitaLand Ascendas REIT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249538 |
| 151988 | CapitaLand Integrated Commercial Trust REIT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282097 |
| &nbsp;&nbsp;66500 | Capitaland Investment Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139951 |
| &nbsp;&nbsp;17500 | Chiba Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195306 |
| &nbsp;&nbsp;48000 | CK Asset Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242731 |
| &nbsp;&nbsp;60925 | Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571313 |
| &nbsp;&nbsp;43860 | Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681588 |
| 236912 | Computershare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369288 |
| &nbsp;&nbsp;&nbsp;&nbsp;1830 | Covivio SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121476 |
| &nbsp;&nbsp;78543 | Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617032 |
| &nbsp;&nbsp;55300 | Credit Saison Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483441 |
| &nbsp;&nbsp;&nbsp;&nbsp;5869 | CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98291 |
| 185800 | Dai-ichi Life Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544104 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | Daito Trust Construction Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152336 |
| &nbsp;&nbsp;36600 | Daiwa Securities Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320755 |
| &nbsp;&nbsp;62576 | Danske Bank A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124813 |
| &nbsp;&nbsp;79230 | DBS Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470643 |
| 144343 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562848 |
| &nbsp;&nbsp;&nbsp;&nbsp;4953 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301753 |
| &nbsp;&nbsp;54376 | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514958 |
| &nbsp;&nbsp;12900 | EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503952 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;14947 | Erste Group Bank AG | &nbsp;&nbsp;&nbsp;$1792285 |
| &nbsp;&nbsp;&nbsp;&nbsp;2061 | Euronext NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 309599 |
| &nbsp;&nbsp;&nbsp;&nbsp;2669 | EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp; 226716 |
| &nbsp;&nbsp;19721 | Fastighets AB Balder Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 145567 |
| &nbsp;&nbsp;17034 | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp; 441343 |
| &nbsp;&nbsp;&nbsp;&nbsp;1472 | Futu Holdings Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 241717 |
| &nbsp;&nbsp;&nbsp;&nbsp;1177 | Gecina SA REIT | &nbsp;&nbsp;&nbsp;&nbsp; 111783 |
| &nbsp;&nbsp;21666 | Generali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905387 |
| 179302 | Gjensidige Forsikring ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359038 |
| &nbsp;&nbsp;53054 | Goodman Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091757 |
| &nbsp;&nbsp;&nbsp;&nbsp;2181 | Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193944 |
| &nbsp;&nbsp;16000 | Gunma Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176778 |
| &nbsp;&nbsp;19400 | Hang Seng Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382715 |
| &nbsp;&nbsp;&nbsp;&nbsp;1572 | Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489176 |
| 218486 | HDFC Bank Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7983479 |
| 223400 | Helia Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818865 |
| &nbsp;&nbsp;&nbsp;&nbsp;2048 | Helvetia Baloise Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538651 |
| &nbsp;&nbsp;36000 | Henderson Land Development Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130366 |
| 134100 | Hong Kong Exchanges & Clearing Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7016294 |
| &nbsp;&nbsp;28600 | Hongkong Land Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203060 |
| 630908 | HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9926203 |
| &nbsp;&nbsp;11300 | Hulic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123635 |
| &nbsp;&nbsp;17815 | IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315149 |
| &nbsp;&nbsp;&nbsp;&nbsp;3160 | Industrivarden AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141563 |
| &nbsp;&nbsp;&nbsp;&nbsp;4672 | Industrivarden AB Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209134 |
| &nbsp;&nbsp;24801 | Infratil Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158260 |
| 139760 | ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928402 |
| &nbsp;&nbsp;58478 | Insurance Australia Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310356 |
| 370661 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561304 |
| &nbsp;&nbsp;73500 | Investec PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545087 |
| &nbsp;&nbsp;&nbsp;&nbsp;4030 | Investment AB Latour Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97908 |
| &nbsp;&nbsp;47561 | Investor AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | Isracard Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;31851 | Israel Discount Bank Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338243 |
| &nbsp;&nbsp;16500 | Jaccs Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457098 |
| &nbsp;&nbsp;23900 | Japan Exchange Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255098 |
| &nbsp;&nbsp;46700 | Japan Post Bank Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657399 |
| 154100 | Japan Post Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625973 |
| &nbsp;&nbsp;&nbsp;&nbsp;5200 | Japan Post Insurance Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156382 |
| &nbsp;&nbsp;13672 | Julius Baer Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068205 |
| &nbsp;&nbsp;&nbsp;&nbsp;6100 | Jyske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834844 |
| &nbsp;&nbsp;&nbsp;&nbsp;7500 | KBC Ancora | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644274 |
| &nbsp;&nbsp;&nbsp;&nbsp;6005 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782066 |
| &nbsp;&nbsp;25591 | Klepierre SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012515 |
| &nbsp;&nbsp;&nbsp;&nbsp;1921 | L E Lundbergforetagen AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106061 |
| &nbsp;&nbsp;18729 | Land Securities Group PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156478 |
| &nbsp;&nbsp;&nbsp;&nbsp;2005 | LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146236 |
| 153473 | Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539955 |
| &nbsp;&nbsp;70567 | Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315083 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 3184936 | Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;$4211889 |
| &nbsp;&nbsp;&nbsp;&nbsp;73899 | London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 8887182 |
| &nbsp;&nbsp;&nbsp;&nbsp;56506 | M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp; 217461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9480 | Macquarie Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1281038 |
| &nbsp;&nbsp;&nbsp;130578 | Mapfre SA | &nbsp;&nbsp;&nbsp;&nbsp; 655265 |
| &nbsp;&nbsp;&nbsp;170300 | Mebuki Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1129243 |
| &nbsp;&nbsp;&nbsp;&nbsp;67104 | Medibank Pvt Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 214154 |
| &nbsp;&nbsp;&nbsp;&nbsp;39900 | Mediobanca Banca di Credito Finanziario SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828358 |
| &nbsp;&nbsp;&nbsp;&nbsp;43000 | Mercialys SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556720 |
| &nbsp;&nbsp;&nbsp;&nbsp;28900 | Mitsubishi Estate Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702129 |
| &nbsp;&nbsp;&nbsp;110200 | Mitsubishi HC Capital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921850 |
| &nbsp;&nbsp;&nbsp;300500 | Mitsubishi UFJ Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769257 |
| &nbsp;&nbsp;&nbsp;&nbsp;71300 | Mitsui Fudosan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125 | Mizrahi Tefahot Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288202 |
| &nbsp;&nbsp;&nbsp;&nbsp;83200 | Mizuho Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036347 |
| &nbsp;&nbsp;&nbsp;&nbsp;32500 | MS&AD Insurance Group Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315726 |
| &nbsp;&nbsp;&nbsp;&nbsp;79526 | National Australia Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236019 |
| &nbsp;&nbsp;&nbsp;539865 | NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | Nippon Building Fund Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205072 |
| &nbsp;&nbsp;&nbsp;&nbsp;25058 | NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933088 |
| &nbsp;&nbsp;&nbsp;273200 | Nomura Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275884 |
| &nbsp;&nbsp;&nbsp;151606 | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852352 |
| &nbsp;&nbsp;&nbsp;&nbsp;72100 | ORIX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108729 |
| &nbsp;&nbsp;&nbsp;&nbsp;87000 | Oversea-Chinese Banking Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465 | Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7932436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6107 | Phoenix Financial Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252580 |
| &nbsp;&nbsp;&nbsp;&nbsp;15787 | Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156182 |
| &nbsp;&nbsp;&nbsp;&nbsp;16900 | Plus500 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824998 |
| &nbsp;&nbsp;&nbsp;&nbsp;67678 | Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040646 |
| &nbsp;&nbsp;&nbsp;141168 | QBE Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | Raiffeisen Bank International AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | REA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148481 |
| &nbsp;&nbsp;&nbsp;&nbsp;53300 | Resona Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507294 |
| &nbsp;&nbsp;&nbsp;&nbsp;22900 | Ricoh Leasing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482 | Sagax AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138637 |
| &nbsp;&nbsp;&nbsp;&nbsp;62595 | Sampo OYJ Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757324 |
| &nbsp;&nbsp;&nbsp;&nbsp;15600 | SBI Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336180 |
| &nbsp;&nbsp;&nbsp;141905 | Scentre Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396681 |
| &nbsp;&nbsp;&nbsp;&nbsp;18580 | Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101517 |
| &nbsp;&nbsp;&nbsp;&nbsp;22100 | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743945 |
| &nbsp;&nbsp;&nbsp;&nbsp;35998 | Segro PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348655 |
| &nbsp;&nbsp;&nbsp;&nbsp;22400 | Singapore Exchange Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294872 |
| &nbsp;&nbsp;&nbsp;&nbsp;83244 | Sino Land Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109536 |
| &nbsp;&nbsp;&nbsp;&nbsp;39360 | Skandinaviska Enskilda Banken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829854 |
| &nbsp;&nbsp;&nbsp;&nbsp;47243 | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125792 |
| &nbsp;&nbsp;&nbsp;&nbsp;23700 | Sompo Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804430 |
| &nbsp;&nbsp;&nbsp;167900 | Sony Financial Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177933 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 118409 | Standard Chartered PLC | &nbsp;&nbsp;&nbsp;$2888428 |
| &nbsp;&nbsp;57623 | Stockland REIT | &nbsp;&nbsp;&nbsp;&nbsp; 219701 |
| 122900 | Sumitomo Mitsui Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3952638 |
| &nbsp;&nbsp;17800 | Sumitomo Mitsui Trust Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 542453 |
| &nbsp;&nbsp;16800 | Sumitomo Realty & Development Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 421780 |
| &nbsp;&nbsp;38500 | Sun Hung Kai Properties Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 468787 |
| &nbsp;&nbsp;28689 | Suncorp Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 336784 |
| 493700 | Supermarket Income PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540907 |
| 134470 | Svenska Handelsbanken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948140 |
| &nbsp;&nbsp;94246 | Swedbank AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269870 |
| &nbsp;&nbsp;12000 | Swire Pacific Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | Swiss Life Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884617 |
| &nbsp;&nbsp;&nbsp;&nbsp;2029 | Swiss Prime Site AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315038 |
| &nbsp;&nbsp;21566 | Swiss Re AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592673 |
| &nbsp;&nbsp;12100 | T&D Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279306 |
| &nbsp;&nbsp;&nbsp;&nbsp;1569 | Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208424 |
| &nbsp;&nbsp;48500 | Tokio Marine Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792856 |
| &nbsp;&nbsp;&nbsp;&nbsp;7834 | Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204870 |
| 153904 | UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7106456 |
| &nbsp;&nbsp;&nbsp;&nbsp;3203 | Unibail-Rodamco-Westfield REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348316 |
| &nbsp;&nbsp;49471 | UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097515 |
| &nbsp;&nbsp;10616 | Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254695 |
| &nbsp;&nbsp;72100 | United Overseas Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963682 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400 | Valiant Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266319 |
| 114667 | Vicinity Ltd REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195221 |
| &nbsp;&nbsp;19973 | Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574810 |
| &nbsp;&nbsp;&nbsp;&nbsp;9204 | Washington H Soul Pattinson & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227738 |
| &nbsp;&nbsp;88789 | Westpac Banking Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278468 |
| &nbsp;&nbsp;31000 | Wharf Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86592 |
| &nbsp;&nbsp;44000 | Wharf Real Estate Investment Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139066 |
| &nbsp;&nbsp;23700 | Yokohama Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195928 |
| &nbsp;&nbsp;&nbsp;&nbsp;3831 | Zurich Insurance Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280572687 |
| Industrial — 14.62% | Industrial — 14.62% | Industrial — 14.62% |
| &nbsp;&nbsp;41079 | ABB Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159529 |
| &nbsp;&nbsp;&nbsp;&nbsp;4752 | ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471708 |
| &nbsp;&nbsp;19452 | Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543505 |
| &nbsp;&nbsp;&nbsp;&nbsp;1044 | Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136237 |
| &nbsp;&nbsp;&nbsp;&nbsp;5700 | AGC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189033 |
| &nbsp;&nbsp;15574 | Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616652 |
| &nbsp;&nbsp;&nbsp;&nbsp;7117 | Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356856 |
| &nbsp;&nbsp;&nbsp;&nbsp;9600 | Alstom SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283218 |
| &nbsp;&nbsp;64500 | Amada Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | AP Moller - Maersk A/S Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204144 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | AP Moller - Maersk A/S Class B | &nbsp;&nbsp;&nbsp;$261579 |
| 233617 | Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 9024824 |
| &nbsp;&nbsp;69947 | Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1245237 |
| &nbsp;&nbsp;42526 | Atlas Copco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 679851 |
| &nbsp;&nbsp;38611 | Auckland International Airport Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 185179 |
| &nbsp;&nbsp;79701 | BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1833781 |
| &nbsp;&nbsp;55400 | Balfour Beatty PLC | &nbsp;&nbsp;&nbsp;&nbsp; 528025 |
| &nbsp;&nbsp;11415 | Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183186 |
| &nbsp;&nbsp;&nbsp;&nbsp;3600 | Bekaert SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258922 |
| &nbsp;&nbsp;&nbsp;&nbsp;4900 | Bilfinger SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613086 |
| &nbsp;&nbsp;19168 | Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996454 |
| &nbsp;&nbsp;94400 | Brother Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885897 |
| &nbsp;&nbsp;&nbsp;&nbsp;2016 | Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121869 |
| &nbsp;&nbsp;12707 | Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409186 |
| &nbsp;&nbsp;20100 | Central Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556770 |
| &nbsp;&nbsp;11988 | Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219081 |
| &nbsp;&nbsp;13500 | CK Infrastructure Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100038 |
| &nbsp;&nbsp;&nbsp;&nbsp;8100 | Daifuku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254953 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Daikin Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179218 |
| &nbsp;&nbsp;50506 | Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753872 |
| &nbsp;&nbsp;56660 | Diploma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027431 |
| &nbsp;&nbsp;&nbsp;&nbsp;5458 | DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374633 |
| &nbsp;&nbsp;26000 | East Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685279 |
| &nbsp;&nbsp;13000 | Ebara Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306407 |
| &nbsp;&nbsp;&nbsp;&nbsp;1687 | Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | Elbit Systems Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413945 |
| &nbsp;&nbsp;16770 | Epiroc AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378027 |
| &nbsp;&nbsp;&nbsp;&nbsp;9610 | Epiroc AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193340 |
| &nbsp;&nbsp;25100 | FANUC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976785 |
| &nbsp;&nbsp;13376 | Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866639 |
| 346000 | Firstgroup PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | Forbo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437702 |
| &nbsp;&nbsp;&nbsp;&nbsp;3600 | Fuji Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273006 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | Fujikura Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720820 |
| &nbsp;&nbsp;&nbsp;&nbsp;3761 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | Geberit AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705950 |
| &nbsp;&nbsp;&nbsp;&nbsp;8984 | Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165836 |
| 127375 | Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042398 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | Hankyu Hanshin Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163480 |
| &nbsp;&nbsp;18700 | Hanwa Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856796 |
| &nbsp;&nbsp;&nbsp;&nbsp;3556 | Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921917 |
| &nbsp;&nbsp;&nbsp;&nbsp;1717 | Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147060 |
| 544330 | Hexagon AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6411502 |
| 120100 | Hitachi Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | Hochtief AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159333 |
| &nbsp;&nbsp;13356 | Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300211 |
| &nbsp;&nbsp;&nbsp;&nbsp;5300 | Horiba Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540990 |
| &nbsp;&nbsp;48400 | Hoya Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7340808 |
| &nbsp;&nbsp;26000 | IHI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457095 |
| &nbsp;&nbsp;&nbsp;&nbsp;7119 | Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184530 |
| &nbsp;&nbsp;&nbsp;&nbsp;8509 | Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78744 |
| &nbsp;&nbsp;&nbsp;&nbsp;5357 | InPost SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65831 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;21500 | Jungheinrich AG | &nbsp;&nbsp;&nbsp;$886342 |
| &nbsp;&nbsp;26600 | Kaga Electronics Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 658763 |
| &nbsp;&nbsp;11700 | Kajima Corp | &nbsp;&nbsp;&nbsp;&nbsp; 436264 |
| &nbsp;&nbsp;11600 | Kalmar OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp; 549198 |
| &nbsp;&nbsp;23500 | Kamigumi Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 759933 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000 | Kawasaki Heavy Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 265266 |
| &nbsp;&nbsp;&nbsp;&nbsp;8500 | Kawasaki Kisen Kaisha Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 118322 |
| &nbsp;&nbsp;38000 | Keppel Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305507 |
| &nbsp;&nbsp;16200 | Keyence Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859945 |
| &nbsp;&nbsp;&nbsp;&nbsp;4328 | Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372939 |
| &nbsp;&nbsp;&nbsp;&nbsp;2117 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234865 |
| &nbsp;&nbsp;67100 | Komatsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129248 |
| &nbsp;&nbsp;&nbsp;&nbsp;9233 | Kone OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654092 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000 | Konecranes OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547527 |
| &nbsp;&nbsp;10943 | Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280417 |
| &nbsp;&nbsp;51100 | Koninklijke BAM Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557275 |
| &nbsp;&nbsp;12500 | Koninklijke Heijmans N.V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991857 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | Krones AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029741 |
| &nbsp;&nbsp;24000 | Kubota Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340096 |
| &nbsp;&nbsp;&nbsp;&nbsp;1118 | Kuehne + Nagel International AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239761 |
| &nbsp;&nbsp;35100 | Kyocera Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492057 |
| &nbsp;&nbsp;&nbsp;&nbsp;6780 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007932 |
| &nbsp;&nbsp;10249 | Leonardo SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586248 |
| &nbsp;&nbsp;15600 | Logista Integral SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551637 |
| &nbsp;&nbsp;83000 | Lotes Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422226 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000 | Makita Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151545 |
| &nbsp;&nbsp;31535 | Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248629 |
| &nbsp;&nbsp;18948 | Metso OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329679 |
| &nbsp;&nbsp;&nbsp;&nbsp;8400 | MINEBEA MITSUMI Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169021 |
| &nbsp;&nbsp;50700 | Mitsubishi Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478253 |
| &nbsp;&nbsp;84700 | Mitsubishi Heavy Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067733 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | Mitsui OSK Lines Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240515 |
| &nbsp;&nbsp;40000 | MTR Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153197 |
| &nbsp;&nbsp;&nbsp;&nbsp;1364 | MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565416 |
| &nbsp;&nbsp;45000 | Murata Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930058 |
| &nbsp;&nbsp;28000 | NCC AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666755 |
| &nbsp;&nbsp;35100 | Nibe Industrier AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134166 |
| &nbsp;&nbsp;23200 | Nidec Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315010 |
| &nbsp;&nbsp;25200 | Nippon Express Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539345 |
| &nbsp;&nbsp;28800 | Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932878 |
| &nbsp;&nbsp;15300 | Obayashi Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320197 |
| &nbsp;&nbsp;12968 | Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325547 |
| &nbsp;&nbsp;&nbsp;&nbsp;7385 | Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736707 |
| &nbsp;&nbsp;90500 | QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536020 |
| &nbsp;&nbsp;&nbsp;&nbsp;1199 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187447 |
| &nbsp;&nbsp;18080 | ROCKWOOL A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635221 |
| 221436 | Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423164 |
| &nbsp;&nbsp;&nbsp;&nbsp;8736 | Saab AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506865 |
| &nbsp;&nbsp;&nbsp;&nbsp;9438 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287413 |
| &nbsp;&nbsp;28206 | Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911085 |
| &nbsp;&nbsp;14066 | Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050505 |
| &nbsp;&nbsp;&nbsp;&nbsp;1638 | Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601772 |
| &nbsp;&nbsp;14370 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931272 |
| &nbsp;&nbsp;16000 | SCREEN Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558470 |
| &nbsp;&nbsp;&nbsp;&nbsp;5500 | Seibu Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151121 |
| &nbsp;&nbsp;&nbsp;&nbsp;8100 | SG Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74128 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;5300 | Shimadzu Corp | &nbsp;&nbsp;&nbsp;$141095 |
| 19919 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp; 5578839 |
| 20234 | Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2838596 |
| 28700 | Signify NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 705775 |
| &nbsp;&nbsp;3958 | Sika AG | &nbsp;&nbsp;&nbsp;&nbsp; 803575 |
| 39000 | Singapore Technologies Engineering Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 254830 |
| 29030 | SITC International Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 103881 |
| &nbsp;&nbsp;8090 | Skanska AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220439 |
| 52649 | SKF AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393558 |
| &nbsp;&nbsp;1400 | SMC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484401 |
| &nbsp;&nbsp;8235 | Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260253 |
| &nbsp;&nbsp;1875 | Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171243 |
| 15240 | Stora Enso OYJ Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190281 |
| 13940 | Svenska Cellulosa AB SCA Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184870 |
| &nbsp;&nbsp;3500 | Taisei Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331698 |
| 51100 | TDK Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722950 |
| 37000 | Techtronic Industries Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425616 |
| &nbsp;&nbsp;8700 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167874 |
| &nbsp;&nbsp;2413 | Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650944 |
| &nbsp;&nbsp;8100 | Tokyo Metro Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82453 |
| 13800 | Tokyu Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161274 |
| 29000 | Toyo Seikan Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708078 |
| &nbsp;&nbsp;5590 | Trelleborg AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236298 |
| 66700 | Tsubakimoto Chain Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984894 |
| 10324 | VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956552 |
| &nbsp;&nbsp;8000 | Vicat SACA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711922 |
| 13026 | Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832536 |
| 13198 | Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467270 |
| 11300 | West Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225154 |
| 73800 | Yangzijiang Shipbuilding Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199370 |
| &nbsp;&nbsp;6500 | Yokogawa Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157261217 |
| Technology — 8.11% | Technology — 8.11% | Technology — 8.11% |
| 21712 | Accenture PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825330 |
| 19900 | Advantest Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516314 |
| &nbsp;&nbsp;1225 | ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741608 |
| 18542 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19979354 |
| &nbsp;&nbsp;1794 | BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280467 |
| 29800 | Bell System24 Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273799 |
| 43200 | Canon Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278228 |
| &nbsp;&nbsp;9000 | Capcom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209061 |
| &nbsp;&nbsp;9424 | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564837 |
| 32703 | Check Point Software Technologies Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6068369 |
| 21000 | Computacenter PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824789 |
| &nbsp;&nbsp;1318 | CyberArk Software Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587907 |
| 18009 | Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503139 |
| &nbsp;&nbsp;2400 | Disco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731189 |
| 46000 | Ferrotec Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477052 |
| 45800 | Fujitsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258717 |
| 11400 | Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648036 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;34256 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;$1494620 |
| &nbsp;&nbsp;&nbsp;&nbsp;4900 | Kioxia Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 326120 |
| &nbsp;&nbsp;&nbsp;&nbsp;2600 | Konami Group Corp | &nbsp;&nbsp;&nbsp;&nbsp; 353099 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900 | Lasertec Corp | &nbsp;&nbsp;&nbsp;&nbsp; 362031 |
| &nbsp;&nbsp;&nbsp;&nbsp;3853 | Logitech International SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 391149 |
| &nbsp;&nbsp;&nbsp;&nbsp;1096 | Monday.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 161726 |
| &nbsp;&nbsp;&nbsp;&nbsp;5551 | Nebius Group NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 464646 |
| &nbsp;&nbsp;33400 | NEC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130106 |
| &nbsp;&nbsp;&nbsp;&nbsp;1407 | Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152224 |
| &nbsp;&nbsp;&nbsp;&nbsp;9900 | Nexon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241822 |
| &nbsp;&nbsp;&nbsp;&nbsp;1829 | Nice Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206745 |
| &nbsp;&nbsp;&nbsp;&nbsp;9400 | Nomura Research Institute Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | Nova Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264426 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000 | Obic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | Oracle Corp Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75644 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Otsuka Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140118 |
| 341000 | PAX Global Technology Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221871 |
| &nbsp;&nbsp;&nbsp;&nbsp;1472 | Pro Medicus Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216183 |
| &nbsp;&nbsp;44500 | Renesas Electronics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609510 |
| &nbsp;&nbsp;25794 | Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374986 |
| &nbsp;&nbsp;54596 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13265094 |
| &nbsp;&nbsp;77700 | Seiko Epson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984789 |
| 218800 | Serco Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821884 |
| &nbsp;&nbsp;&nbsp;&nbsp;3100 | Sopra Steria Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561250 |
| &nbsp;&nbsp;18320 | STMicroelectronics NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478795 |
| &nbsp;&nbsp;30204 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178693 |
| &nbsp;&nbsp;87400 | TeamViewer SE<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615342 |
| &nbsp;&nbsp;&nbsp;&nbsp;3800 | TietoEVRY OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81266 |
| &nbsp;&nbsp;&nbsp;&nbsp;4800 | TIS Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161259 |
| &nbsp;&nbsp;11600 | Tokyo Electron Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583637 |
| 692800 | TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320138 |
| &nbsp;&nbsp;&nbsp;&nbsp;5436 | WiseTech Global Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247146 |
| &nbsp;&nbsp;&nbsp;&nbsp;4092 | Xero Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87204712 |
| Utilities — 2.22% | Utilities — 2.22% | Utilities — 2.22% |
| 474900 | A2A SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285022 |
| &nbsp;&nbsp;93600 | AGL Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139569 |
| 137289 | Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312934 |
| &nbsp;&nbsp;15400 | Chubu Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237260 |
| &nbsp;&nbsp;44500 | CLP Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398048 |
| &nbsp;&nbsp;22412 | Contact Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119229 |
| 167700 | Drax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890912 |
| &nbsp;&nbsp;57588 | E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090423 |
| &nbsp;&nbsp;&nbsp;&nbsp;8400 | EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118627 |
| &nbsp;&nbsp;85542 | EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119031 |
| &nbsp;&nbsp;29958 | Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078378 |
| 213169 | Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216387 |
| &nbsp;&nbsp;46938 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233029 |
| &nbsp;&nbsp;11470 | Fortum OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | Hikari Tsushin Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140100 |
| 287000 | Hong Kong & China Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258724 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| 166354 | Iberdrola SA | &nbsp;&nbsp;&nbsp;$3602125 |
| 179800 | Iren SpA | &nbsp;&nbsp;&nbsp;&nbsp; 538525 |
| &nbsp;&nbsp;25200 | Kansai Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp; 395758 |
| &nbsp;&nbsp;26948 | Meridian Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 87037 |
| 128934 | National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1976778 |
| &nbsp;&nbsp;&nbsp;&nbsp;5075 | Naturgy Energy Group SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 154525 |
| &nbsp;&nbsp;43630 | Origin Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 333182 |
| &nbsp;&nbsp;14413 | Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275135 |
| &nbsp;&nbsp;&nbsp;&nbsp;8300 | Osaka Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288399 |
| &nbsp;&nbsp;38000 | Power Assets Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269277 |
| &nbsp;&nbsp;11832 | Redeia Corp SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210926 |
| &nbsp;&nbsp;16571 | RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878044 |
| &nbsp;&nbsp;20300 | Sembcorp Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94895 |
| &nbsp;&nbsp;&nbsp;&nbsp;7374 | Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276801 |
| &nbsp;&nbsp;57559 | Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382472 |
| &nbsp;&nbsp;31552 | SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924611 |
| &nbsp;&nbsp;35076 | Terna-Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373163 |
| &nbsp;&nbsp;18716 | United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300572 |
| &nbsp;&nbsp;16301 | Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567233 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700 | Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23908144 |
| **TOTAL COMMON STOCK — 98.61%<br> (Cost $855,900,388)** | **TOTAL COMMON STOCK — 98.61%<br> (Cost $855,900,388)** | &nbsp;&nbsp;&nbsp;**$1060796366** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Consumer, Cyclical — 0.18% | Consumer, Cyclical — 0.18% | Consumer, Cyclical — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;1521 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162078 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;14560 | Volkswagen AG | &nbsp;&nbsp;&nbsp;$1776882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938960 |
| Consumer, Non-Cyclical — 0.03% | Consumer, Non-Cyclical — 0.03% | Consumer, Non-Cyclical — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp; 320302 |
| **TOTAL PREFERRED STOCK — 0.21%<br> (Cost $2,393,678)** | **TOTAL PREFERRED STOCK — 0.21%<br> (Cost $2,393,678)** | &nbsp;&nbsp;&nbsp;**$2259262** |
| **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.13% | U.S. Treasury Bonds and Notes — 0.13% | U.S. Treasury Bonds and Notes — 0.13% |
| 1432500 | U.S. Treasury Bills<sup>(d)</sup><br> 3.78%, 03/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422334 |
| **TOTAL SHORT TERM INVESTMENTS — 0.13%<br> (Cost $1,422,334)** | **TOTAL SHORT TERM INVESTMENTS — 0.13%<br> (Cost $1,422,334)** | &nbsp;&nbsp;&nbsp;**$1422334** |
| **TOTAL INVESTMENTS — 98.95%<br> (Cost $859,716,400)** | **TOTAL INVESTMENTS — 98.95%<br> (Cost $859,716,400)** | &nbsp;&nbsp;&nbsp;**$1064477962** |
| **OTHER ASSETS & LIABILITIES, NET — 1.05%** | **OTHER ASSETS & LIABILITIES, NET — 1.05%** | &nbsp;&nbsp;&nbsp;**$11292814** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1075770776** |

---

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

<sup>(b)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the aggregate fair value of 144A securities was $25,552,756, representing 2.38% of net assets.

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

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

<sup>ADR</sup> American Depositary Receipt

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation** |
| **Long** |  |  |  |  |  |
| MSCI EAFE Index Futures | 44 | USD | 6385 | Mar 2026 | $7920 |
|  |  |  |  | **Net Appreciation** | **$7920** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;13864 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;11967 | 02/05/2026 | &nbsp;&nbsp;&nbsp;$(225) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;22332 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;17053 | 01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(655) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;17913 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;13538 | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(336) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4917 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716 | 01/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;27549 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;21080 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(868) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;16051 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;23963 | 02/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764 | 02/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408 | 02/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311 | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| MEL | USD | &nbsp;&nbsp;&nbsp;605833 | CHF | &nbsp;&nbsp;&nbsp;478000 | 01/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1550 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;44038 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;37447 | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| MEL | USD | 1301515 | EUR | 1110000 | 01/12/2026 | &nbsp;&nbsp;(3746) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569 | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4582 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438 | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;13466 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;10098 | 01/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(148) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;46284 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;34274 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606 | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984 | JPY | &nbsp;&nbsp;&nbsp;462825 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8231 | JPY | 1275765 | 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;13429 | JPY | 2081225 | 03/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;35405 | JPY | 5485517 | 03/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;19534 | JPY | 3026297 | 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;38640 | JPY | 5985530 | 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
|  |  |  |  |  | **Net Depreciation** | **$(4037)** |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | &nbsp;&nbsp;Australian Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| EUR | &nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;Japanese Yen |
| USD | &nbsp;&nbsp;U.S. Dollar |

---

---

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

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

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

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$204197213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.18% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167079667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.70 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100518665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.44 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95251735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82883748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.79 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66617770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51084481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44742182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29612552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29363367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27807878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23301401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19197038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14504964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13089476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12125693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11052418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10432122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10206728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7983479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1064477962** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 1.79% | Basic Materials — 1.79% | Basic Materials — 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;1424 | Air Products & Chemicals Inc | &nbsp;&nbsp;&nbsp;$351757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | Albemarle Corp | &nbsp;&nbsp;&nbsp;&nbsp; 87269 |
| &nbsp;&nbsp;&nbsp;&nbsp;1060 | CF Industries Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 81980 |
| &nbsp;&nbsp;&nbsp;&nbsp;4855 | Dow Inc | &nbsp;&nbsp;&nbsp;&nbsp; 113510 |
| &nbsp;&nbsp;16482 | DuPont de Nemours Inc | &nbsp;&nbsp;&nbsp;&nbsp; 662576 |
| &nbsp;&nbsp;&nbsp;&nbsp;7715 | Eastman Chemical Co | &nbsp;&nbsp;&nbsp;&nbsp; 492448 |
| &nbsp;&nbsp;&nbsp;&nbsp;1604 | Ecolab Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421082 |
| 116634 | Ecovyst Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134849 |
| &nbsp;&nbsp;50456 | Freeport-McMoRan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562660 |
| &nbsp;&nbsp;&nbsp;&nbsp;7311 | Hawkins Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038601 |
| &nbsp;&nbsp;&nbsp;&nbsp;1655 | International Flavors & Fragrances Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111530 |
| &nbsp;&nbsp;&nbsp;&nbsp;3406 | International Paper Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134162 |
| &nbsp;&nbsp;&nbsp;&nbsp;2899 | Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236105 |
| &nbsp;&nbsp;&nbsp;&nbsp;1580 | LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68414 |
| &nbsp;&nbsp;&nbsp;&nbsp;1611 | Mosaic Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38809 |
| &nbsp;&nbsp;&nbsp;&nbsp;6567 | Newmont Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655715 |
| &nbsp;&nbsp;&nbsp;&nbsp;1430 | Nucor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233247 |
| &nbsp;&nbsp;&nbsp;&nbsp;8649 | PPG Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886177 |
| &nbsp;&nbsp;&nbsp;&nbsp;8241 | Qnity Electronics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672878 |
| &nbsp;&nbsp;&nbsp;&nbsp;1434 | Sherwin-Williams Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464659 |
| &nbsp;&nbsp;30653 | Solstice Advanced Materials Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | Steel Dynamics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13086159 |
| Communications — 13.00% | Communications — 13.00% | Communications — 13.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2695 | Airbnb Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365765 |
| &nbsp;&nbsp;&nbsp;&nbsp;4311 | Alibaba Group Holding Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631906 |
| &nbsp;&nbsp;54540 | Alphabet Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17071020 |
| &nbsp;&nbsp;41284 | Alphabet Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12954919 |
| &nbsp;&nbsp;84374 | Amazon.com Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19475207 |
| &nbsp;&nbsp;&nbsp;&nbsp;2633 | AppLovin Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774168 |
| &nbsp;&nbsp;&nbsp;&nbsp;6817 | Arista Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893232 |
| &nbsp;&nbsp;46363 | Array Digital Infrastructure Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485984 |
| &nbsp;&nbsp;44184 | AT&T Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | Booking Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | CDW Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119584 |
| &nbsp;&nbsp;&nbsp;&nbsp;3551 | Charter Communications Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741271 |
| &nbsp;&nbsp;&nbsp;&nbsp;1681 | Ciena Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393136 |
| &nbsp;&nbsp;78710 | Cisco Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6063031 |
| &nbsp;&nbsp;41874 | Comcast Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251614 |
| &nbsp;&nbsp;&nbsp;&nbsp;4749 | Corning Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415822 |
| &nbsp;&nbsp;&nbsp;&nbsp;3453 | DoorDash Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782035 |
| &nbsp;&nbsp;&nbsp;&nbsp;2884 | eBay Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | Expedia Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | F5 Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | FactSet Research Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62391 |
| &nbsp;&nbsp;&nbsp;&nbsp;1055 | Fox Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | Fox Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63177 |
| &nbsp;&nbsp;&nbsp;&nbsp;3076 | Gen Digital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | GoDaddy Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109563 |
| &nbsp;&nbsp;&nbsp;&nbsp;6052 | Hims & Hers Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196508 |
| &nbsp;&nbsp;&nbsp;&nbsp;1131 | Match Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36520 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | MercadoLibre Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$350481 |
| &nbsp;&nbsp;16536 | Meta Platforms Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 10915248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | Motorola Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp; 381403 |
| &nbsp;&nbsp;31289 | Netflix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2933657 |
| &nbsp;&nbsp;&nbsp;&nbsp;1755 | News Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp; 45841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | News Corp Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23971 |
| &nbsp;&nbsp;&nbsp;&nbsp;1899 | Omnicom Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 153344 |
| &nbsp;&nbsp;&nbsp;&nbsp;5181 | Palo Alto Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954340 |
| &nbsp;&nbsp;&nbsp;&nbsp;1480 | Paramount Skydance Corp Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19832 |
| &nbsp;&nbsp;21685 | Phoenix Education Partners Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657056 |
| &nbsp;&nbsp;11612 | Robinhood Markets Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313317 |
| &nbsp;&nbsp;&nbsp;&nbsp;2918 | Sea Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372249 |
| &nbsp;&nbsp;&nbsp;&nbsp;5574 | Shopify Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26713 |
| &nbsp;&nbsp;12250 | T-Mobile US Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487240 |
| &nbsp;&nbsp;&nbsp;&nbsp;2890 | Trade Desk Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109704 |
| &nbsp;&nbsp;15346 | Uber Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | VeriSign Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121961 |
| &nbsp;&nbsp;25739 | Verizon Communications Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048350 |
| &nbsp;&nbsp;11075 | Walt Disney Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260003 |
| &nbsp;&nbsp;14823 | Warner Bros Discovery Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95124901 |
| Consumer, Cyclical — 9.58% | Consumer, Cyclical — 9.58% | Consumer, Cyclical — 9.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;1167 | Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88797 |
| &nbsp;&nbsp;28791 | Atlanta Braves Holdings Inc Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | AutoZone Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535857 |
| &nbsp;&nbsp;&nbsp;&nbsp;1071 | Best Buy Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71682 |
| &nbsp;&nbsp;&nbsp;&nbsp;8844 | BJ's Wholesale Club Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796225 |
| &nbsp;&nbsp;29947 | Blue Bird Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407509 |
| &nbsp;&nbsp;&nbsp;&nbsp;4095 | Boot Barn Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722645 |
| &nbsp;&nbsp;&nbsp;&nbsp;7294 | Carnival Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222759 |
| &nbsp;&nbsp;&nbsp;&nbsp;2175 | Carvana Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917893 |
| &nbsp;&nbsp;&nbsp;&nbsp;7826 | Chipotle Mexican Grill Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289562 |
| &nbsp;&nbsp;16894 | Churchill Downs Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922199 |
| &nbsp;&nbsp;&nbsp;&nbsp;5538 | Copart Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216813 |
| &nbsp;&nbsp;&nbsp;&nbsp;2717 | Costco Wholesale Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342978 |
| &nbsp;&nbsp;10623 | Crocs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | Cummins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434393 |
| &nbsp;&nbsp;52776 | Dana Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | Darden Restaurants Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | Deckers Outdoor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102633 |
| &nbsp;&nbsp;&nbsp;&nbsp;3931 | Delta Air Lines Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272811 |
| &nbsp;&nbsp;&nbsp;&nbsp;1430 | Dollar General Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189861 |
| &nbsp;&nbsp;&nbsp;&nbsp;1061 | Dollar Tree Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | Domino's Pizza Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90033 |
| &nbsp;&nbsp;&nbsp;&nbsp;3518 | DR Horton Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506698 |
| &nbsp;&nbsp;&nbsp;&nbsp;6959 | Fastenal Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279265 |
| &nbsp;&nbsp;24400 | Ford Motor Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320128 |
| 131097 | Garrett Motion Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285021 |
| &nbsp;&nbsp;53094 | General Motors Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | Genuine Parts Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | Hasbro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76178 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;7711 | Hilton Worldwide Holdings Inc | &nbsp;&nbsp;&nbsp;$2214985 |
| &nbsp;&nbsp;6096 | Home Depot Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2097634 |
| 17010 | KB Home | &nbsp;&nbsp;&nbsp;&nbsp; 959534 |
| 17507 | Kontoor Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069503 |
| &nbsp;&nbsp;2030 | Las Vegas Sands Corp | &nbsp;&nbsp;&nbsp;&nbsp; 132133 |
| &nbsp;&nbsp;1268 | Lennar Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp; 130350 |
| 51319 | Levi Strauss & Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1064356 |
| &nbsp;&nbsp;&nbsp;&nbsp;890 | Live Nation Entertainment Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126825 |
| &nbsp;&nbsp;3406 | Lowe's Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821391 |
| &nbsp;&nbsp;2419 | Lululemon Athletica Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502692 |
| &nbsp;&nbsp;1324 | Marriott International Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410758 |
| &nbsp;&nbsp;5512 | McDonald's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684633 |
| &nbsp;&nbsp;1048 | MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38241 |
| &nbsp;&nbsp;7259 | NIKE Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462471 |
| &nbsp;&nbsp;3035 | Norwegian Cruise Line Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | NVR Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138563 |
| &nbsp;&nbsp;5224 | O'Reilly Automotive Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476481 |
| &nbsp;&nbsp;3093 | PACCAR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338714 |
| &nbsp;&nbsp;&nbsp;&nbsp;175 | Pool Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40031 |
| 23989 | PulteGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812950 |
| 28891 | Pursuit Attractions & Hospitality Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973049 |
| &nbsp;&nbsp;&nbsp;&nbsp;239 | Ralph Lauren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84513 |
| 39882 | Resideo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400656 |
| &nbsp;&nbsp;1914 | Ross Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344788 |
| &nbsp;&nbsp;1611 | Royal Caribbean Cruises Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449340 |
| 13020 | Rush Enterprises Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702299 |
| 64525 | Southwest Airlines Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666818 |
| &nbsp;&nbsp;6877 | Starbucks Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579112 |
| &nbsp;&nbsp;1313 | Tapestry Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167762 |
| 10970 | Target Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072317 |
| 23253 | Tesla Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10457339 |
| &nbsp;&nbsp;6802 | TJX Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044855 |
| &nbsp;&nbsp;&nbsp;&nbsp;428 | TKO Group Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89452 |
| &nbsp;&nbsp;3534 | Tractor Supply Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176735 |
| &nbsp;&nbsp;&nbsp;&nbsp;290 | Ulta Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175453 |
| &nbsp;&nbsp;1956 | United Airlines Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218720 |
| 11422 | VSE Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973379 |
| 69234 | Walmart Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713360 |
| &nbsp;&nbsp;&nbsp;&nbsp;772 | Williams-Sonoma Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137871 |
| &nbsp;&nbsp;&nbsp;&nbsp;274 | WW Grainger Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276480 |
| &nbsp;&nbsp;&nbsp;&nbsp;432 | Wynn Resorts Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51983 |
| 32830 | YETI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450101 |
| &nbsp;&nbsp;1664 | Yum! Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70122733 |
| Consumer, Non-Cyclical — 15.44% | Consumer, Non-Cyclical — 15.44% | Consumer, Non-Cyclical — 15.44% |
| 14279 | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789016 |
| 19470 | AbbVie Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448700 |
| &nbsp;&nbsp;5862 | Addus HomeCare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629520 |
| &nbsp;&nbsp;1818 | Agilent Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247375 |
| &nbsp;&nbsp;&nbsp;&nbsp;395 | Align Technology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61679 |
| &nbsp;&nbsp;&nbsp;&nbsp;794 | Alnylam Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315734 |
| 10299 | Altria Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593840 |
| &nbsp;&nbsp;3358 | Amgen Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099107 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| 15219 | ANI Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1201388 |
| &nbsp;&nbsp;2724 | Archer-Daniels-Midland Co | &nbsp;&nbsp;&nbsp;&nbsp; 156603 |
| 23029 | AstraZeneca PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117056 |
| &nbsp;&nbsp;2458 | Automatic Data Processing Inc | &nbsp;&nbsp;&nbsp;&nbsp; 632271 |
| &nbsp;&nbsp;&nbsp;&nbsp;490 | Avery Dennison Corp | &nbsp;&nbsp;&nbsp;&nbsp; 89121 |
| &nbsp;&nbsp;3099 | Baxter International Inc | &nbsp;&nbsp;&nbsp;&nbsp; 59222 |
| 11431 | Becton Dickinson & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2218414 |
| 18192 | BellRing Brands Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486272 |
| &nbsp;&nbsp;&nbsp;&nbsp;973 | Biogen Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171238 |
| &nbsp;&nbsp;&nbsp;&nbsp;842 | Bio-Techne Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49518 |
| &nbsp;&nbsp;3276 | Block Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213235 |
| &nbsp;&nbsp;9012 | Boston Scientific Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859294 |
| &nbsp;&nbsp;8954 | Boyd Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426372 |
| 12213 | Bristol-Myers Squibb Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658769 |
| &nbsp;&nbsp;1319 | Brown-Forman Corp Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34373 |
| &nbsp;&nbsp;&nbsp;&nbsp;784 | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69839 |
| &nbsp;&nbsp;1444 | Campbell's Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40244 |
| &nbsp;&nbsp;1526 | Cardinal Health Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313593 |
| &nbsp;&nbsp;1165 | Cencora Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393479 |
| &nbsp;&nbsp;2369 | Centene Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97484 |
| &nbsp;&nbsp;&nbsp;&nbsp;343 | Charles River Laboratories International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68422 |
| &nbsp;&nbsp;1583 | Church & Dwight Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132735 |
| &nbsp;&nbsp;1568 | Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431561 |
| &nbsp;&nbsp;2132 | Cintas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400965 |
| &nbsp;&nbsp;&nbsp;&nbsp;754 | Clorox Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76026 |
| 78356 | Coca-Cola Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5477868 |
| &nbsp;&nbsp;5034 | Colgate-Palmolive Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397787 |
| 31676 | Collegium Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466599 |
| 10246 | Colliers International Group Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506264 |
| &nbsp;&nbsp;3505 | Conagra Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60672 |
| 80372 | Concentra Group Holdings Parent Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581721 |
| &nbsp;&nbsp;&nbsp;&nbsp;713 | Constellation Brands Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98365 |
| &nbsp;&nbsp;1198 | Cooper Cos Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98188 |
| &nbsp;&nbsp;&nbsp;&nbsp;434 | Corpay Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130604 |
| 35488 | Corteva Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378761 |
| &nbsp;&nbsp;7638 | CVS Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606152 |
| &nbsp;&nbsp;3821 | Danaher Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874703 |
| &nbsp;&nbsp;&nbsp;&nbsp;152 | DaVita Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17269 |
| &nbsp;&nbsp;2353 | Dexcom Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156169 |
| &nbsp;&nbsp;3737 | Edwards Lifesciences Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318579 |
| &nbsp;&nbsp;1326 | Elevance Health Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464829 |
| &nbsp;&nbsp;6213 | Eli Lilly & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6676987 |
| &nbsp;&nbsp;&nbsp;&nbsp;679 | Equifax Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147329 |
| &nbsp;&nbsp;1518 | Estee Lauder Cos Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158965 |
| &nbsp;&nbsp;2911 | GE HealthCare Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238760 |
| &nbsp;&nbsp;3457 | General Mills Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160751 |
| 11760 | Gilead Sciences Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443422 |
| &nbsp;&nbsp;1263 | Global Payments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97756 |
| 14416 | Haemonetics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155442 |
| &nbsp;&nbsp;&nbsp;&nbsp;964 | HCA Healthcare Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450053 |
| &nbsp;&nbsp;&nbsp;&nbsp;468 | Henry Schein Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35371 |
| 10951 | Herc Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624909 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | Hershey Co | &nbsp;&nbsp;&nbsp;$176885 |
| &nbsp;&nbsp;&nbsp;&nbsp;1144 | Hologic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85217 |
| &nbsp;&nbsp;&nbsp;&nbsp;2133 | Hormel Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp; 50552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | Humana Inc | &nbsp;&nbsp;&nbsp;&nbsp; 193890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | IDEXX Laboratories Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 345707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | Incyte Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 81782 |
| &nbsp;&nbsp;&nbsp;&nbsp;5992 | Insmed Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | Insulet Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111991 |
| &nbsp;&nbsp;&nbsp;&nbsp;2569 | Intuitive Surgical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | IQVIA Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | J M Smucker Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77759 |
| &nbsp;&nbsp;23219 | John Wiley & Sons Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711198 |
| &nbsp;&nbsp;18117 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749313 |
| &nbsp;&nbsp;12580 | Kenvue Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217005 |
| &nbsp;&nbsp;&nbsp;&nbsp;8861 | Keurig Dr Pepper Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248197 |
| &nbsp;&nbsp;&nbsp;&nbsp;1854 | Kimberly-Clark Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187050 |
| &nbsp;&nbsp;15745 | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039485 |
| &nbsp;&nbsp;&nbsp;&nbsp;4428 | Kraft Heinz Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107379 |
| &nbsp;&nbsp;&nbsp;&nbsp;3433 | Kroger Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | Labcorp Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | Lamb Weston Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30412 |
| &nbsp;&nbsp;12934 | Lantheus Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860758 |
| &nbsp;&nbsp;&nbsp;&nbsp;1510 | McCormick & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102846 |
| &nbsp;&nbsp;&nbsp;&nbsp;5120 | McKesson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199885 |
| &nbsp;&nbsp;&nbsp;&nbsp;7649 | Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734763 |
| &nbsp;&nbsp;15420 | Merck & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623109 |
| &nbsp;&nbsp;&nbsp;&nbsp;2196 | Moderna Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | Molina Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | Molson Coors Beverage Co Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43599 |
| &nbsp;&nbsp;&nbsp;&nbsp;7894 | Mondelez International Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424934 |
| &nbsp;&nbsp;&nbsp;&nbsp;4166 | Monster Beverage Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | Moody's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484286 |
| &nbsp;&nbsp;&nbsp;&nbsp;3288 | Natera Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753248 |
| &nbsp;&nbsp;85930 | Nomad Foods Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074984 |
| &nbsp;&nbsp;24888 | Novo Nordisk A/S Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266301 |
| 115857 | NPK International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381015 |
| &nbsp;&nbsp;48195 | Option Care Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535493 |
| &nbsp;&nbsp;&nbsp;&nbsp;5755 | PayPal Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335977 |
| &nbsp;&nbsp;37436 | Pennant Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053823 |
| &nbsp;&nbsp;&nbsp;&nbsp;8412 | PepsiCo Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207290 |
| &nbsp;&nbsp;35161 | Pfizer Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875509 |
| &nbsp;&nbsp;35551 | Philip Morris International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702380 |
| &nbsp;&nbsp;11303 | Post Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119562 |
| &nbsp;&nbsp;30005 | Procter & Gamble Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300017 |
| &nbsp;&nbsp;&nbsp;&nbsp;1765 | Quanta Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | Quest Diagnostics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109671 |
| &nbsp;&nbsp;&nbsp;&nbsp;4294 | Regeneron Pharmaceuticals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | ResMed Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | Revvity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53696 |
| &nbsp;&nbsp;&nbsp;&nbsp;1596 | Rollins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95792 |
| &nbsp;&nbsp;&nbsp;&nbsp;1923 | S&P Global Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004941 |
| &nbsp;&nbsp;18752 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814352 |
| &nbsp;&nbsp;&nbsp;&nbsp;1107 | Solventum Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149070 |
| &nbsp;&nbsp;&nbsp;&nbsp;2118 | Stryker Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744413 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| 31842 | Supernus Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1582547 |
| &nbsp;&nbsp;3039 | Sysco Corp | &nbsp;&nbsp;&nbsp;&nbsp; 223944 |
| &nbsp;&nbsp;7812 | Thermo Fisher Scientific Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4526663 |
| &nbsp;&nbsp;1667 | Tyson Foods Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 97720 |
| &nbsp;&nbsp;2242 | United Rentals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1814495 |
| 11714 | UnitedHealth Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3866909 |
| &nbsp;&nbsp;&nbsp;&nbsp;326 | Universal Health Services Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp; 71075 |
| &nbsp;&nbsp;&nbsp;&nbsp;879 | Verisk Analytics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196624 |
| &nbsp;&nbsp;1576 | Vertex Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714495 |
| &nbsp;&nbsp;6968 | Viatris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86752 |
| &nbsp;&nbsp;&nbsp;&nbsp;367 | Waters Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139398 |
| &nbsp;&nbsp;&nbsp;&nbsp;451 | West Pharmaceutical Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124088 |
| &nbsp;&nbsp;8486 | WEX Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264244 |
| &nbsp;&nbsp;1289 | Zimmer Biomet Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115907 |
| &nbsp;&nbsp;2784 | Zoetis Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;112924525 |
| Energy — 3.57% | Energy — 3.57% | Energy — 3.57% |
| 45881 | Antero Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581059 |
| &nbsp;&nbsp;2576 | APA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63009 |
| &nbsp;&nbsp;6075 | Baker Hughes Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276655 |
| 30361 | California Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357440 |
| &nbsp;&nbsp;&nbsp;&nbsp;261 | Cheniere Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50736 |
| 11564 | Chevron Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762469 |
| 21808 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041447 |
| &nbsp;&nbsp;4351 | Coterra Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114518 |
| &nbsp;&nbsp;4074 | Devon Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149231 |
| &nbsp;&nbsp;1241 | Diamondback Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186560 |
| &nbsp;&nbsp;3401 | EOG Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357139 |
| &nbsp;&nbsp;3805 | EQT Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203948 |
| &nbsp;&nbsp;1340 | Expand Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147882 |
| 56790 | Exxon Mobil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6834109 |
| &nbsp;&nbsp;&nbsp;&nbsp;694 | First Solar Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181294 |
| &nbsp;&nbsp;5739 | Halliburton Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162184 |
| 11567 | Kinder Morgan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317977 |
| 41748 | Kodiak Gas Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561375 |
| &nbsp;&nbsp;1796 | Marathon Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292083 |
| &nbsp;&nbsp;4614 | Occidental Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189728 |
| 21727 | Oceaneering International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522100 |
| &nbsp;&nbsp;3616 | ONEOK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265776 |
| &nbsp;&nbsp;2448 | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315890 |
| 46059 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697062 |
| &nbsp;&nbsp;8985 | SLB Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344844 |
| &nbsp;&nbsp;1223 | Targa Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225644 |
| &nbsp;&nbsp;&nbsp;&nbsp;372 | Texas Pacific Land Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106846 |
| 10781 | Valero Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755039 |
| 44092 | Viper Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703274 |
| 11386 | Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891068 |
| &nbsp;&nbsp;7583 | Williams Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26114200 |
| Financial — 16.91% | Financial — 16.91% | Financial — 16.91% |
| &nbsp;&nbsp;3631 | Affiliated Managers Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046745 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;2971 | Aflac Inc | &nbsp;&nbsp;&nbsp;$327612 |
| &nbsp;&nbsp;14227 | Agree Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | Alexandria Real Estate Equities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 46150 |
| &nbsp;&nbsp;11610 | Allstate Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2416621 |
| &nbsp;&nbsp;&nbsp;&nbsp;3335 | American Express Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233783 |
| &nbsp;&nbsp;23126 | American International Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1978429 |
| &nbsp;&nbsp;&nbsp;&nbsp;5540 | American Tower Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp; 972658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | Ameriprise Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270177 |
| &nbsp;&nbsp;29208 | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169278 |
| &nbsp;&nbsp;&nbsp;&nbsp;1292 | Aon PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455921 |
| &nbsp;&nbsp;15092 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184718 |
| &nbsp;&nbsp;&nbsp;&nbsp;2349 | Arch Capital Group Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225316 |
| &nbsp;&nbsp;&nbsp;&nbsp;1266 | Ares Management Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204624 |
| &nbsp;&nbsp;&nbsp;&nbsp;1541 | Arthur J Gallagher & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | Assurant Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | AvalonBay Communities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165536 |
| &nbsp;&nbsp;12796 | Bancorp Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863986 |
| 105963 | Bank of America Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827965 |
| &nbsp;&nbsp;&nbsp;&nbsp;4134 | Bank of New York Mellon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479916 |
| &nbsp;&nbsp;11737 | Berkshire Hathaway Inc Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899603 |
| &nbsp;&nbsp;&nbsp;&nbsp;2326 | Blackrock Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489611 |
| &nbsp;&nbsp;&nbsp;&nbsp;4487 | Blackstone Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691626 |
| &nbsp;&nbsp;&nbsp;&nbsp;1828 | Brown & Brown Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145692 |
| &nbsp;&nbsp;&nbsp;&nbsp;1161 | BXP Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79918 |
| &nbsp;&nbsp;19068 | Capital One Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | Cboe Global Markets Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165409 |
| &nbsp;&nbsp;&nbsp;&nbsp;1817 | CBRE Group Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292155 |
| &nbsp;&nbsp;41015 | Charles Schwab Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097809 |
| &nbsp;&nbsp;&nbsp;&nbsp;2251 | Chubb Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | Cincinnati Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158094 |
| &nbsp;&nbsp;63961 | Citigroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7463609 |
| &nbsp;&nbsp;&nbsp;&nbsp;2781 | Citizens Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162438 |
| &nbsp;&nbsp;&nbsp;&nbsp;9311 | CME Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542648 |
| &nbsp;&nbsp;&nbsp;&nbsp;1380 | Coinbase Global Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312073 |
| &nbsp;&nbsp;&nbsp;&nbsp;2366 | CoStar Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159090 |
| &nbsp;&nbsp;&nbsp;&nbsp;2839 | Crown Castle Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252302 |
| &nbsp;&nbsp;38981 | Curbline Properties Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904749 |
| &nbsp;&nbsp;&nbsp;&nbsp;1905 | Digital Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | Equinix Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474253 |
| &nbsp;&nbsp;&nbsp;&nbsp;2233 | Equity Residential REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | Erie Indemnity Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | Essex Property Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | Everest Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92982 |
| &nbsp;&nbsp;&nbsp;&nbsp;1332 | Extra Space Storage Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173453 |
| &nbsp;&nbsp;28401 | FB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584776 |
| &nbsp;&nbsp;10743 | Federal Agricultural Mortgage Corp Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39413 |
| &nbsp;&nbsp;55701 | Fidelis Insurance Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090069 |
| &nbsp;&nbsp;&nbsp;&nbsp;4452 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208398 |
| &nbsp;&nbsp;33617 | First Busey Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799748 |
| &nbsp;&nbsp;&nbsp;&nbsp;8311 | FirstService Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292610 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;2164 | Franklin Resources Inc | &nbsp;&nbsp;&nbsp;$51698 |
| &nbsp;&nbsp;&nbsp;&nbsp;400 | Globe Life Inc | &nbsp;&nbsp;&nbsp;&nbsp; 55944 |
| &nbsp;&nbsp;5795 | Goldman Sachs Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5093805 |
| 16440 | Hanmi Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp; 444373 |
| &nbsp;&nbsp;1698 | Hartford Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 233984 |
| &nbsp;&nbsp;3416 | Healthpeak Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 54929 |
| 61444 | Home BancShares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1706914 |
| &nbsp;&nbsp;3768 | Host Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66807 |
| &nbsp;&nbsp;9324 | Huntington Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161771 |
| &nbsp;&nbsp;2820 | Interactive Brokers Group Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181354 |
| &nbsp;&nbsp;3721 | Intercontinental Exchange Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602653 |
| &nbsp;&nbsp;3111 | Invesco Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81726 |
| &nbsp;&nbsp;3565 | Invitation Homes Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99071 |
| &nbsp;&nbsp;1875 | Iron Mountain Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155531 |
| 22212 | JPMorgan Chase & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7157151 |
| &nbsp;&nbsp;5720 | KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118061 |
| &nbsp;&nbsp;3401 | Kimco Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68938 |
| &nbsp;&nbsp;4223 | KKR & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538348 |
| &nbsp;&nbsp;1017 | Loews Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107100 |
| &nbsp;&nbsp;&nbsp;&nbsp;854 | M&T Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172064 |
| 36674 | Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406815 |
| &nbsp;&nbsp;2917 | Marsh & McLennan Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541162 |
| &nbsp;&nbsp;8457 | Mastercard Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827932 |
| 14242 | McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494413 |
| &nbsp;&nbsp;3436 | MetLife Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271238 |
| &nbsp;&nbsp;&nbsp;&nbsp;581 | Mid-America Apartment Communities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80707 |
| &nbsp;&nbsp;7463 | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324906 |
| &nbsp;&nbsp;2909 | Nasdaq Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282551 |
| &nbsp;&nbsp;1230 | Northern Trust Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168006 |
| 44725 | Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773743 |
| 12705 | PNC Financial Services Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651915 |
| 19444 | Popular Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421167 |
| &nbsp;&nbsp;1094 | Principal Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96502 |
| &nbsp;&nbsp;3641 | Progressive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829129 |
| 17462 | Prologis Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229199 |
| 23425 | Prosperity Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618902 |
| &nbsp;&nbsp;2251 | Prudential Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254093 |
| &nbsp;&nbsp;1033 | Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268064 |
| &nbsp;&nbsp;1128 | Raymond James Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181146 |
| &nbsp;&nbsp;5723 | Realty Income Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322606 |
| &nbsp;&nbsp;1103 | Regency Centers Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76140 |
| &nbsp;&nbsp;5957 | Regions Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161435 |
| &nbsp;&nbsp;&nbsp;&nbsp;690 | SBA Communications Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133467 |
| 11027 | ServisFirst Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791628 |
| &nbsp;&nbsp;1939 | Simon Property Group Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358928 |
| 30481 | Skyward Specialty Insurance Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557884 |
| 21647 | SoFi Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566718 |
| 22829 | SouthState Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148437 |
| 30554 | STAG Industrial Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123165 |
| &nbsp;&nbsp;8345 | State Street Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076588 |
| 14816 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855260 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;2354 | Synchrony Financial | &nbsp;&nbsp;&nbsp;$196394 |
| &nbsp;&nbsp;1392 | T Rowe Price Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 142513 |
| &nbsp;&nbsp;1354 | Travelers Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp; 392741 |
| &nbsp;&nbsp;7486 | Truist Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp; 368386 |
| &nbsp;&nbsp;2109 | UDR Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 77358 |
| &nbsp;&nbsp;9150 | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 488244 |
| &nbsp;&nbsp;2554 | Ventas Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 197629 |
| &nbsp;&nbsp;6018 | VICI Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169226 |
| 10998 | Visa Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857109 |
| 26614 | Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885714 |
| &nbsp;&nbsp;1784 | W R Berkley Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125094 |
| 19281 | Wells Fargo & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796989 |
| &nbsp;&nbsp;4055 | Welltower Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752649 |
| 13443 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130153 |
| &nbsp;&nbsp;4407 | Weyerhaeuser Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104402 |
| &nbsp;&nbsp;&nbsp;&nbsp;555 | Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182373 |
| 14029 | Wintrust Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;123701044 |
| Industrial — 10.88% | Industrial — 10.88% | Industrial — 10.88% |
| &nbsp;&nbsp;8430 | 3M Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349643 |
| &nbsp;&nbsp;&nbsp;&nbsp;448 | A O Smith Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29962 |
| 88854 | Aebi Schmidt Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124003 |
| &nbsp;&nbsp;&nbsp;&nbsp;443 | Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70535 |
| 14992 | Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125033 |
| &nbsp;&nbsp;1400 | AMETEK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287434 |
| 11596 | Amphenol Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567083 |
| 17295 | Arcosa Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838804 |
| 32519 | Atmus Filtration Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688061 |
| &nbsp;&nbsp;&nbsp;&nbsp;467 | Axon Enterprise Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265223 |
| 12728 | Ball Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674202 |
| 18889 | Bel Fuse Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204141 |
| &nbsp;&nbsp;4837 | Boeing Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050209 |
| &nbsp;&nbsp;&nbsp;&nbsp;751 | Builders FirstSource Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77270 |
| &nbsp;&nbsp;5056 | Carrier Global Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267159 |
| &nbsp;&nbsp;2876 | Caterpillar Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647574 |
| 30579 | CECO Environmental Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830153 |
| &nbsp;&nbsp;&nbsp;&nbsp;964 | Celestica Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284968 |
| &nbsp;&nbsp;&nbsp;&nbsp;669 | CH Robinson Worldwide Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107548 |
| &nbsp;&nbsp;&nbsp;&nbsp;210 | Comfort Systems USA Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195991 |
| 22871 | CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854301 |
| 11308 | CSX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409915 |
| &nbsp;&nbsp;2063 | Deere & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960471 |
| &nbsp;&nbsp;&nbsp;&nbsp;887 | Dover Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173178 |
| &nbsp;&nbsp;2397 | Eaton Corp PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763468 |
| &nbsp;&nbsp;&nbsp;&nbsp;285 | EMCOR Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174360 |
| &nbsp;&nbsp;3342 | Emerson Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443550 |
| &nbsp;&nbsp;&nbsp;&nbsp;838 | Expeditors International of Washington Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124870 |
| &nbsp;&nbsp;9309 | FedEx Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688998 |
| &nbsp;&nbsp;2211 | Fortive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122069 |
| &nbsp;&nbsp;1007 | Garmin Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204270 |
| &nbsp;&nbsp;6331 | GATX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073738 |
| &nbsp;&nbsp;3225 | GE Vernova Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107763 |
| &nbsp;&nbsp;&nbsp;&nbsp;448 | Generac Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61094 |
| &nbsp;&nbsp;1526 | General Dynamics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513743 |
| &nbsp;&nbsp;9474 | General Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918276 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| 23581 | Griffon Corp | &nbsp;&nbsp;&nbsp;$1736741 |
| 11966 | Honeywell International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2334447 |
| &nbsp;&nbsp;2482 | Howmet Aerospace Inc | &nbsp;&nbsp;&nbsp;&nbsp; 508860 |
| &nbsp;&nbsp;&nbsp;&nbsp;333 | Hubbell Inc | &nbsp;&nbsp;&nbsp;&nbsp; 147889 |
| &nbsp;&nbsp;&nbsp;&nbsp;201 | Huntington Ingalls Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp; 68354 |
| &nbsp;&nbsp;&nbsp;&nbsp;430 | IDEX Corp | &nbsp;&nbsp;&nbsp;&nbsp; 76514 |
| &nbsp;&nbsp;1590 | Illinois Tool Works Inc | &nbsp;&nbsp;&nbsp;&nbsp; 391617 |
| 20041 | Ingersoll Rand Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587648 |
| 20301 | International Seaways Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985614 |
| &nbsp;&nbsp;&nbsp;&nbsp;698 | Jabil Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159158 |
| &nbsp;&nbsp;&nbsp;&nbsp;636 | Jacobs Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84245 |
| &nbsp;&nbsp;&nbsp;&nbsp;457 | JB Hunt Transport Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88813 |
| 23802 | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850290 |
| &nbsp;&nbsp;4099 | Kadant Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168297 |
| &nbsp;&nbsp;1090 | Keysight Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221477 |
| 20972 | Knife River Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475380 |
| &nbsp;&nbsp;1198 | L3Harris Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351697 |
| &nbsp;&nbsp;&nbsp;&nbsp;203 | Lennox International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98573 |
| &nbsp;&nbsp;7003 | Limbach Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545184 |
| &nbsp;&nbsp;1265 | Lockheed Martin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611843 |
| &nbsp;&nbsp;&nbsp;&nbsp;362 | Martin Marietta Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225403 |
| &nbsp;&nbsp;1262 | Masco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80087 |
| &nbsp;&nbsp;8702 | Matson Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075132 |
| 14152 | Mercury Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033238 |
| &nbsp;&nbsp;&nbsp;&nbsp;116 | Mettler-Toledo International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161726 |
| 13305 | Moog Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240433 |
| &nbsp;&nbsp;&nbsp;&nbsp;267 | Nordson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64195 |
| &nbsp;&nbsp;1370 | Norfolk Southern Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395546 |
| &nbsp;&nbsp;4290 | Northrop Grumman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446201 |
| &nbsp;&nbsp;1223 | Old Dominion Freight Line Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191766 |
| 14342 | Otis Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252774 |
| &nbsp;&nbsp;&nbsp;&nbsp;533 | Packaging Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109921 |
| &nbsp;&nbsp;&nbsp;&nbsp;785 | Parker-Hannifin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689984 |
| &nbsp;&nbsp;1123 | Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116949 |
| &nbsp;&nbsp;4627 | Powell Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474995 |
| &nbsp;&nbsp;1287 | Republic Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272754 |
| &nbsp;&nbsp;1890 | Rocket Lab Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131846 |
| &nbsp;&nbsp;&nbsp;&nbsp;642 | Rockwell Automation Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249783 |
| 26978 | RTX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947765 |
| &nbsp;&nbsp;3387 | Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130975 |
| &nbsp;&nbsp;&nbsp;&nbsp;280 | Snap-on Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96488 |
| &nbsp;&nbsp;&nbsp;&nbsp;935 | Stanley Black & Decker Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69452 |
| 12294 | TD SYNNEX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846928 |
| &nbsp;&nbsp;1775 | TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403830 |
| &nbsp;&nbsp;&nbsp;&nbsp;289 | Teledyne Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147601 |
| &nbsp;&nbsp;1128 | Textron Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98328 |
| &nbsp;&nbsp;1873 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728972 |
| &nbsp;&nbsp;&nbsp;&nbsp;404 | TransDigm Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537259 |
| 42408 | TriMas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503364 |
| &nbsp;&nbsp;1409 | Trimble Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110395 |
| 37997 | TTM Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621793 |
| &nbsp;&nbsp;3666 | Union Pacific Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848019 |
| &nbsp;&nbsp;4439 | United Parcel Service Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440304 |
| &nbsp;&nbsp;1587 | Veralto Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158351 |
| 48294 | Vontier Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795571 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | Vulcan Materials Co | &nbsp;&nbsp;&nbsp;$222186 |
| &nbsp;&nbsp;&nbsp;&nbsp;2208 | Waste Management Inc | &nbsp;&nbsp;&nbsp;&nbsp; 485120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | Westinghouse Air Brake Technologies Corp | &nbsp;&nbsp;&nbsp;&nbsp; 207473 |
| &nbsp;&nbsp;&nbsp;&nbsp;1604 | Xylem Inc | &nbsp;&nbsp;&nbsp;&nbsp; 218433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79603041 |
| Technology — 23.35% | Technology — 23.35% | Technology — 23.35% |
| &nbsp;&nbsp;12600 | Accenture PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3380580 |
| &nbsp;&nbsp;&nbsp;&nbsp;2572 | Adobe Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900174 |
| &nbsp;&nbsp;12801 | Advanced Micro Devices Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | Akamai Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75820 |
| &nbsp;&nbsp;59149 | Amentum Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715321 |
| &nbsp;&nbsp;&nbsp;&nbsp;3062 | Analog Devices Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830414 |
| 109692 | Apple Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29820867 |
| &nbsp;&nbsp;&nbsp;&nbsp;4933 | Applied Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267732 |
| &nbsp;&nbsp;&nbsp;&nbsp;1290 | Autodesk Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381853 |
| &nbsp;&nbsp;28004 | BILL Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527338 |
| &nbsp;&nbsp;41179 | Broadcom Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14252052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | Broadridge Financial Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159567 |
| &nbsp;&nbsp;&nbsp;&nbsp;1674 | Cadence Design Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523259 |
| &nbsp;&nbsp;&nbsp;&nbsp;3176 | Cloudflare Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626148 |
| &nbsp;&nbsp;&nbsp;&nbsp;2997 | Cognizant Technology Solutions Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248751 |
| &nbsp;&nbsp;24464 | Concentrix Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017213 |
| &nbsp;&nbsp;29714 | Crane NXT Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398638 |
| &nbsp;&nbsp;&nbsp;&nbsp;2340 | Crowdstrike Holdings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096898 |
| &nbsp;&nbsp;&nbsp;&nbsp;2078 | Datadog Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | Dayforce Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58233 |
| &nbsp;&nbsp;&nbsp;&nbsp;1814 | Dell Technologies Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228346 |
| &nbsp;&nbsp;27656 | Donnelley Financial Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291259 |
| &nbsp;&nbsp;&nbsp;&nbsp;1294 | Electronic Arts Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | EPAM Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | Fair Isaac Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250212 |
| &nbsp;&nbsp;&nbsp;&nbsp;3179 | Fidelity National Information Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211276 |
| &nbsp;&nbsp;&nbsp;&nbsp;3230 | Fiserv Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216959 |
| &nbsp;&nbsp;43626 | Five9 Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874701 |
| &nbsp;&nbsp;&nbsp;&nbsp;4016 | Fortinet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | Gartner Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120842 |
| &nbsp;&nbsp;&nbsp;&nbsp;8149 | Hewlett Packard Enterprise Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195739 |
| &nbsp;&nbsp;&nbsp;&nbsp;5232 | HP Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116569 |
| &nbsp;&nbsp;24672 | I3 Verticals Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621488 |
| &nbsp;&nbsp;26913 | Intel Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993090 |
| &nbsp;&nbsp;&nbsp;&nbsp;9015 | International Business Machines Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670333 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500 | Intuit Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | Jack Henry & Associates Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | KLA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964774 |
| &nbsp;&nbsp;34572 | Kyndryl Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918232 |
| &nbsp;&nbsp;&nbsp;&nbsp;8108 | Lam Research Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | Leidos Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | Lumentum Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122372 |
| &nbsp;&nbsp;17109 | Marvell Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453923 |
| &nbsp;&nbsp;&nbsp;&nbsp;3387 | Microchip Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215820 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;6857 | Micron Technology Inc | &nbsp;&nbsp;&nbsp;$1957056 |
| &nbsp;&nbsp;66908 | Microsoft Corp | &nbsp;&nbsp;&nbsp;&nbsp; 32358046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | Monolithic Power Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp; 275534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | MSCI Inc | &nbsp;&nbsp;&nbsp;&nbsp; 248999 |
| &nbsp;&nbsp;85316 | NCR Voyix Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 870223 |
| &nbsp;&nbsp;&nbsp;&nbsp;1378 | NetApp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 147570 |
| 191252 | NVIDIA Corp | &nbsp;&nbsp;&nbsp;&nbsp; 35668498 |
| &nbsp;&nbsp;&nbsp;&nbsp;1584 | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343823 |
| &nbsp;&nbsp;&nbsp;&nbsp;2172 | ON Semiconductor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117614 |
| &nbsp;&nbsp;14328 | Oracle Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792671 |
| &nbsp;&nbsp;49488 | PagerDuty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648788 |
| &nbsp;&nbsp;20147 | Palantir Technologies Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581129 |
| &nbsp;&nbsp;&nbsp;&nbsp;2001 | Paychex Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | Paycom Software Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | PTC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129961 |
| &nbsp;&nbsp;13147 | QUALCOMM Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248794 |
| &nbsp;&nbsp;&nbsp;&nbsp;4518 | ROBLOX Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | Roper Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284883 |
| &nbsp;&nbsp;&nbsp;&nbsp;5875 | Salesforce Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | Sandisk Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200586 |
| &nbsp;&nbsp;&nbsp;&nbsp;7432 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046699 |
| &nbsp;&nbsp;&nbsp;&nbsp;8605 | ServiceNow Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318200 |
| &nbsp;&nbsp;&nbsp;&nbsp;1096 | Skyworks Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | Snowflake Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170881 |
| &nbsp;&nbsp;&nbsp;&nbsp;2824 | Super Micro Computer Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82659 |
| &nbsp;&nbsp;&nbsp;&nbsp;1135 | Synopsys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533132 |
| &nbsp;&nbsp;&nbsp;&nbsp;2221 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674940 |
| &nbsp;&nbsp;&nbsp;&nbsp;1020 | Take-Two Interactive Software Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | Teradyne Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188527 |
| &nbsp;&nbsp;&nbsp;&nbsp;5588 | Texas Instruments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969462 |
| &nbsp;&nbsp;&nbsp;&nbsp;1156 | Twilio Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | Tyler Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108494 |
| &nbsp;&nbsp;24926 | V2X Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359713 |
| &nbsp;&nbsp;&nbsp;&nbsp;4242 | Western Digital Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730769 |
| &nbsp;&nbsp;&nbsp;&nbsp;1365 | Workday Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | Zebra Technologies Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;170810305 |
| Utilities — 2.66% | Utilities — 2.66% | Utilities — 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;5305 | AES Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76074 |
| &nbsp;&nbsp;&nbsp;&nbsp;1518 | Alliant Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98685 |
| &nbsp;&nbsp;&nbsp;&nbsp;1681 | Ameren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167865 |
| &nbsp;&nbsp;&nbsp;&nbsp;3135 | American Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361497 |
| &nbsp;&nbsp;&nbsp;&nbsp;1232 | American Water Works Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | Atmos Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149861 |
| &nbsp;&nbsp;26710 | Avista Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029403 |
| &nbsp;&nbsp;&nbsp;&nbsp;3682 | CenterPoint Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141168 |
| &nbsp;&nbsp;&nbsp;&nbsp;1848 | CMS Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129231 |
| &nbsp;&nbsp;&nbsp;&nbsp;2341 | Consolidated Edison Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232508 |
| &nbsp;&nbsp;&nbsp;&nbsp;1897 | Constellation Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670153 |
| &nbsp;&nbsp;&nbsp;&nbsp;5420 | Dominion Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317558 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| &nbsp;&nbsp;1346 | DTE Energy Co | &nbsp;&nbsp;&nbsp;$173607 |
| &nbsp;&nbsp;4752 | Duke Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp; 556982 |
| &nbsp;&nbsp;2477 | Edison International | &nbsp;&nbsp;&nbsp;&nbsp; 148670 |
| &nbsp;&nbsp;2776 | Entergy Corp | &nbsp;&nbsp;&nbsp;&nbsp; 256586 |
| &nbsp;&nbsp;1211 | Evergy Inc | &nbsp;&nbsp;&nbsp;&nbsp; 87785 |
| &nbsp;&nbsp;2244 | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp; 151088 |
| &nbsp;&nbsp;5991 | Exelon Corp | &nbsp;&nbsp;&nbsp;&nbsp; 261148 |
| &nbsp;&nbsp;3293 | FirstEnergy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147428 |
| 59175 | MDU Resources Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155096 |
| 52731 | NextEra Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233245 |
| &nbsp;&nbsp;2857 | NiSource Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119308 |
| &nbsp;&nbsp;9801 | NRG Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560711 |
| 12467 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200345 |
| &nbsp;&nbsp;&nbsp;&nbsp;885 | Pinnacle West Capital Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78499 |
| 44341 | PPL Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552822 |
| &nbsp;&nbsp;3178 | Public Service Enterprise Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255193 |
| &nbsp;&nbsp;3805 | Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335943 |
| &nbsp;&nbsp;6625 | Southern Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577700 |
| &nbsp;&nbsp;3114 | Talen Energy Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167252 |
| 51201 | UGI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916453 |
| &nbsp;&nbsp;3185 | Vistra Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513836 |
| &nbsp;&nbsp;1999 | WEC Energy Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210815 |
| &nbsp;&nbsp;3443 | Xcel Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19449591 |
| **TOTAL COMMON STOCK — 97.18%<br> (Cost $510,573,294)** | **TOTAL COMMON STOCK — 97.18%<br> (Cost $510,573,294)** | &nbsp;&nbsp;&nbsp;**$710936499** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;936 | iShares Russell 1000 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443009 |
| **TOTAL EXCHANGE TRADED FUNDS — 0.06%<br> (Cost $433,947)** | **TOTAL EXCHANGE TRADED FUNDS — 0.06%<br> (Cost $433,947)** | &nbsp;&nbsp;&nbsp;**$443009** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **EQUITY EXCHANGE TRADED FUNDS** | **EQUITY EXCHANGE TRADED FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;14450 Vanguard Russell 2000 ETF<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$1438064 |
| **TOTAL EQUITY EXCHANGE TRADED FUNDS — 0.20%<br> (Cost $1,426,037)** | &nbsp;&nbsp;&nbsp;**$1438064** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 5560526 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 3.71%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5560526 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.76%<br> (Cost $5,560,526)** | &nbsp;&nbsp;&nbsp;**$5560526** |
| **Principal Amount** |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.84% | U.S. Treasury Bonds and Notes — 0.84% |
| 6159700 U.S. Treasury Bills<sup>(e)</sup><br> 3.73%, 03/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6116662 |
| **TOTAL SHORT TERM INVESTMENTS — 0.84%<br> (Cost $6,116,662)** | &nbsp;&nbsp;&nbsp;**$6116662** |
| **TOTAL INVESTMENTS — 99.04%<br> (Cost $524,110,466)** | &nbsp;&nbsp;&nbsp;**$724494760** |
| **OTHER ASSETS & LIABILITIES, NET — 0.96%** | &nbsp;&nbsp;&nbsp;**$7055424** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$731550184** |

---

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

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

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

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

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

<sup>ADR</sup> American Depositary Receipt

<sup>ETF</sup> Exchange Traded Fund

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation** |
| **Long** |  |  |  |  |  |
| S&P 500® Emini Futures | 25 | USD | 8616 | Mar 2026 | $6817 |
|  |  |  |  | **Net Appreciation** | **$6817** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| BB | USD | &nbsp;&nbsp;&nbsp;107356 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;90900 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$141 |
| BB | USD | &nbsp;&nbsp;&nbsp;636118 | GBP | &nbsp;&nbsp;&nbsp;473600 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2287) |
| CGM | USD | &nbsp;&nbsp;&nbsp;264789 | EUR | &nbsp;&nbsp;&nbsp;224200 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;14237 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;10600 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;93897 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;79500 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;52383 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;39000 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |
| HSB | USD | &nbsp;&nbsp;&nbsp;331151 | EUR | &nbsp;&nbsp;&nbsp;280400 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 |
| HSB | USD | &nbsp;&nbsp;&nbsp;231150 | GBP | &nbsp;&nbsp;&nbsp;172100 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(838) |
| MS | USD | 1366846 | DKK | 8650400 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356) |
| MS | USD | &nbsp;&nbsp;&nbsp;343114 | GBP | &nbsp;&nbsp;&nbsp;257000 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(3319) |
| SSB | USD | &nbsp;&nbsp;&nbsp;198205 | EUR | &nbsp;&nbsp;&nbsp;168100 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |
| SSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;50466 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;37800 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488) |
| TD | USD | &nbsp;&nbsp;&nbsp;337792 | EUR | &nbsp;&nbsp;&nbsp;286500 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) |
| TD | USD | &nbsp;&nbsp;&nbsp;961406 | GBP | &nbsp;&nbsp;&nbsp;720100 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(9278) |
| UBS | USD | &nbsp;&nbsp;&nbsp;114724 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;97300 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |
| WES | USD | &nbsp;&nbsp;&nbsp;869024 | GBP | &nbsp;&nbsp;&nbsp;650900 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(8379) |
|  |  |  |  |  | **Net Depreciation** | **$(24370)** |

---

---

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

---

---

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

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | *Empower<br> Core Strategies:<br> Flexible Bond Fund* | *Empower<br> Core Strategies:<br> Inflation-Protected<br> Securities Fund* | *Empower<br> Core Strategies:<br> International<br> Equity Fund* |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, fair value<sup>(a)</sup><sup>(b)</sup> | $1389752433 | &nbsp;&nbsp;$603465278 | $1064477962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21659439 | &nbsp;&nbsp;&nbsp;&nbsp;35647588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7279503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash denominated in foreign currencies, fair value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11877753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424430326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649627012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078188578 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for director fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for other accrued fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7881067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15430134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417802 |
| **NET ASSETS** | **$1409000192** | &nbsp;&nbsp;**$648749117** | **$1075770776** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$16050744 | &nbsp;&nbsp;&nbsp;&nbsp;$24082681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8558738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;1632915910 | &nbsp;&nbsp;&nbsp;&nbsp;626738895 | &nbsp;&nbsp;&nbsp;&nbsp;858705320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;(239966462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2072459) | &nbsp;&nbsp;&nbsp;&nbsp;208506718 |
| **NET ASSETS** | **$1409000192** | &nbsp;&nbsp;**$648749117** | **$1075770776** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$1397519690** | &nbsp;&nbsp;**$638411891** | **$1055040983** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;**$11480502** | &nbsp;&nbsp;&nbsp;&nbsp;**$10337226** | &nbsp;&nbsp;&nbsp;&nbsp;**$20729793** |
| **CAPITAL STOCK:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159372095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238088777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83805741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781640 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**8.77** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**2.68** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**12.59** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**10.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**3.78** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.64** |
| <sup>(a)</sup> Cost of investments | $1408334508 | &nbsp;&nbsp;$604456448 | &nbsp;&nbsp;&nbsp;&nbsp;$859716400 |
| <sup>(b)</sup> Including fair value of securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7670773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- |
| <sup>(c)</sup> Cost of cash denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1765290 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2025*

---

| | |
|:---|:---|
|  | *Empower<br> Core Strategies:<br> U.S. Equity Fund* |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, fair value<sup>(a)</sup><sup>(b)</sup> | $724494760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;11560117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738295483 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for director fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for other accrued fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745299 |
| **NET ASSETS** | **$731550184** |
| **NET ASSETS REPRESENTED BY:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$5559910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;525843312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated earnings | &nbsp;&nbsp;&nbsp;200146962 |
| **NET ASSETS** | **$731550184** |
| **NET ASSETS BY CLASS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$710089920** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;**$21460264** |
| **CAPITAL STOCK:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54338824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260277 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**13.07** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**17.03** |
| <sup>(a)</sup> Cost of investments | $524110466 |
| <sup>(b)</sup> Including fair value of securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;$5360439 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Core Strategies:<br> Flexible Bond Fund* | &nbsp;&nbsp;*Empower<br> Core Strategies:<br> Inflation-Protected<br> Securities Fund* | &nbsp;&nbsp;*Empower<br> Core Strategies:<br> International<br> Equity Fund* |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$64634708 | &nbsp;&nbsp;$23257994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$162630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending (net of fees) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32843305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3935020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64778846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23260055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29071753 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder report fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10074470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less amount waived by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10050703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9876160 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;**54728143** | &nbsp;&nbsp;&nbsp;&nbsp;**19775549** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19195593** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(2937639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55654557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(1680630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3476725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10756478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68807679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;41257621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4456930 | &nbsp;&nbsp;&nbsp;&nbsp;171106547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40890805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171435370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41823185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10711281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240243049 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$96551328** | &nbsp;&nbsp;**$30486830** | &nbsp;&nbsp;**$259438642** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2025*

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Core Strategies:<br> U.S. Equity Fund* |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$307497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending (net of fees) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9687804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9980827 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder report fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less amount waived by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5962092 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4018735** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;38017818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37740854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;54877250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55122194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92863048 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$96881783** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Core Strategies: Flexible Bond Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54728143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58989378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50604273) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40890805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22915240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96551328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300345 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378940) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56537193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59543064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56977597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60048867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56977597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60427807) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355488159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353996695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56537193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59918982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306003873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(843890506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1916773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2758091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106087827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430808297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145661558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459935759) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263338634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723274393 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1409000192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1263338634 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40606118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41030393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6462668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35025646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98667346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12048328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50665268) |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Core Strategies: Inflation-Protected Securities Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19775549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14925981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11630210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30486830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9566211 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26215727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20120599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26528755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20240875) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289676573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145635963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26215727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20120599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73051479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107916149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2133718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1058594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250211309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58376304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;254169384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47701640 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394579733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346878093 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$648749117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$394579733 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106287507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53754406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9756777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26890990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39993023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91094461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21524785 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Core Strategies: International Equity Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19195593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15071651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68807679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9328273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171435370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9850665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259438642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14549259 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33843051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19723884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34578978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20029111) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259892951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486627812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13350171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33843051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19723884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388732733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154526503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8718685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1902832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89629318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355822935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135230346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350343083 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940540430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590197347 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1075770776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$940540430 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22456204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46783334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33279270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14766849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7581602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34340859 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Core Strategies: U.S. Equity Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4018735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4244881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37740854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63559479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55122194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65794685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96881783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133599045 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43489537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62767472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1070548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1286009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44560085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64053481) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158364542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166606025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43489537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62767472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184647442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333158557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4424113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5313942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21009925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106040812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73331623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36495248) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658218561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694713809 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$731550184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$658218561 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12597751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13404911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14646253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26907889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8525686) |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return<sup>(b)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $8.50 | 0.36 | 0.28 | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) |  | (0.37) | $8.77 | &nbsp;&nbsp;&nbsp;&nbsp;7.61% |
| &nbsp;&nbsp;12/31/2024 | $8.65 | 0.35 | (0.10) | 0.25 | (0.00) <sup>(c)</sup> | (0.40) |  | (0.40) | $8.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;12/31/2023 | $8.44 | 0.30 | 0.22 | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | (0.31) | $8.65 | &nbsp;&nbsp;&nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $9.02 | 0.13 | (0.54) | (0.41) | (0.00) <sup>(c)</sup> | (0.16) |  | (0.16) | $8.44 | &nbsp;&nbsp;&nbsp;(4.58%) <sup>(e)</sup> |
| &nbsp;&nbsp;04/30/2022 | $9.85 | 0.07 | (0.86) | (0.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) |  | (0.04) | $9.02 | &nbsp;&nbsp;&nbsp;(8.04%) |
| &nbsp;&nbsp;04/30/2021 <sup>(f)</sup> | $10.00 | 0.03 | (0.17) | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) |  | (0.01) | $9.85 | &nbsp;&nbsp;&nbsp;(1.35%) <sup>(e)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $9.75 | 0.45 | 0.31 | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) |  | (0.40) | $10.11 | &nbsp;&nbsp;&nbsp;&nbsp;7.97% |
| &nbsp;&nbsp;12/31/2024 | $9.87 | 0.44 | (0.11) | 0.33 | (0.00) <sup>(c)</sup> | (0.45) |  | (0.45) | $9.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;12/31/2023 | $9.60 | 0.37 | 0.24 | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) |  | (0.34) | $9.87 | &nbsp;&nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $10.23 | 0.18 | (0.64) | (0.46) | (0.00) <sup>(c)</sup> | (0.17) |  | (0.17) | $9.60 | &nbsp;&nbsp;&nbsp;(4.47%) <sup>(e)</sup> |
| &nbsp;&nbsp;04/30/2022 | $11.14 | 0.12 | (0.98) | (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) |  | (0.05) | $10.23 | &nbsp;&nbsp;&nbsp;(7.72%) |
| &nbsp;&nbsp;04/30/2021 | $10.86 | 0.17 | 0.11 | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.00) <sup>(c)</sup> |  | (0.00) <sup>(c)</sup> | $11.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.60% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(g)(h)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 12/31/2025 | $1397520 | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;4.13% | &nbsp;&nbsp;&nbsp;&nbsp;98% |
| 12/31/2024 | $1252324 | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;4.11% | &nbsp;&nbsp;&nbsp;&nbsp;79% |
| 12/31/2023 | $1711276 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| 12/31/2022 <sup>(d)</sup> | $1662026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% <sup>(e)</sup> |
| 04/30/2022 | $1773436 | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;210% |
| 04/30/2021 <sup>(f)</sup> | $951807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180% <sup>(e)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 12/31/2025 | $11481 | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;4.44% | &nbsp;&nbsp;&nbsp;&nbsp;98% |
| 12/31/2024 | $11015 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;4.43% | &nbsp;&nbsp;&nbsp;&nbsp;79% |
| 12/31/2023 | $11998 | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| 12/31/2022 <sup>(d)</sup> | $11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% <sup>(e)</sup> |
| 04/30/2022 | $10647 | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;210% |
| 04/30/2021 | $4298 | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;180% |

---

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

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

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

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

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

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

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

<sup>(h)</sup> Portfolio turnover includes purchases and sales related to TBA transactions, including dollar roll transactions, which occurred during the period. Excluding TBA and dollar roll transactions, the portfolio turnover would have been 95%, 76% and 46% for the years ended December 31, 2025, 2024 and 2023, 52% for the period ended December 31, 2022, and 40%, and 51% for the years ended April 30, 2022, 2021, respectively.

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

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return<sup>(b)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $2.63 | 0.10 | 0.07 | 0.17 | &nbsp;&nbsp;&nbsp;— | (0.12) | (0.00) <sup>(c)</sup> | (0.12) | $2.68 | &nbsp;&nbsp;&nbsp;&nbsp;6.76% |
| &nbsp;&nbsp;12/31/2024 | $2.70 | 0.11 | (0.03) | 0.08 | &nbsp;&nbsp;&nbsp;— | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) | $2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;12/31/2023 | $2.67 | 0.10 | 0.01 | 0.11 | &nbsp;&nbsp;&nbsp;— | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) | $2.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $2.90 | 0.10 | (0.26) | (0.16) | &nbsp;&nbsp;&nbsp;— | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | $2.67 | &nbsp;&nbsp;&nbsp;(5.66%) <sup>(e)</sup> |
| &nbsp;&nbsp;04/30/2022 | $6.46 | 0.24 | (0.13) | 0.11 | (1.64) | (0.21) | (1.82) | (3.67) | $2.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;04/30/2021 <sup>(f)</sup> | $10.00 | 0.25 | 0.01 | 0.26 | &nbsp;&nbsp;&nbsp;— | (1.97) | (1.83) | (3.80) | $6.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.22% <sup>(e)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $3.65 | 0.15 | 0.12 | 0.27 | &nbsp;&nbsp;&nbsp;— | (0.14) | (0.00) <sup>(c)</sup> | (0.14) | $3.78 | &nbsp;&nbsp;&nbsp;&nbsp;7.08% |
| &nbsp;&nbsp;12/31/2024 | $3.69 | 0.16 | (0.04) | 0.12 | &nbsp;&nbsp;&nbsp;— | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | $3.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;12/31/2023 | $3.61 | 0.16 | 0.00 <sup>(c)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;— | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) | $3.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $3.87 | 0.16 | (0.35) | (0.19) | &nbsp;&nbsp;&nbsp;— | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | $3.61 | &nbsp;&nbsp;&nbsp;(5.01%) <sup>(e)</sup> |
| &nbsp;&nbsp;04/30/2022 | $7.32 | 0.28 | (0.16) | 0.12 | (1.61) | (0.14) | (1.82) | (3.57) | $3.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;04/30/2021 | $10.39 | 0.15 | 0.66 | 0.81 | &nbsp;&nbsp;&nbsp;— | (2.05) | (1.83) | (3.88) | $7.32 | &nbsp;&nbsp;&nbsp;&nbsp;8.43% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(g)(h)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 12/31/2025 | $638412 | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;&nbsp;309% |
| 12/31/2024 | $391671 | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;213% |
| 12/31/2023 | $344472 | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;75% |
| 12/31/2022 <sup>(d)</sup> | $39426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106% <sup>(e)</sup> |
| 04/30/2022 | $12843 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;5.02% | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| 04/30/2021 <sup>(f)</sup> | $9062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;147% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 12/31/2025 | $10337 | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;3.98% | &nbsp;&nbsp;&nbsp;&nbsp;309% |
| 12/31/2024 | $2908 | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;4.41% | &nbsp;&nbsp;&nbsp;&nbsp;213% |
| 12/31/2023 | $2406 | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;4.47% | &nbsp;&nbsp;&nbsp;&nbsp;75% |
| 12/31/2022 <sup>(d)</sup> | $2380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106% <sup>(e)</sup> |
| 04/30/2022 | $2181 | &nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;5.18% | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| 04/30/2021 | $658 | &nbsp;&nbsp;&nbsp;&nbsp;8.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;147% |

---

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

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

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

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

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

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

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

<sup>(h)</sup> Portfolio turnover includes purchases and sales related to TBA transactions, including dollar roll transactions, which occurred during the period. Excluding TBA and dollar roll transactions, the portfolio turnover would have been 309%, 199% and 63% for the years ended December 31, 2025, 2024 and 2023, 106% for the period ended December 31, 2022, and 50%, and 147% for the years ended April 30, 2022, and 2021, respectively.

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

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return<sup>(b)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $10.10 | 0.21 | 2.67 | 2.88 | &nbsp;&nbsp;&nbsp;— | (0.31) | (0.08) | (0.39) | $12.59 | &nbsp;&nbsp;28.74% |
| &nbsp;&nbsp;12/31/2024 | $10.04 | 0.19 | 0.10 | 0.29 | &nbsp;&nbsp;&nbsp;— | (0.23) | &nbsp;&nbsp;&nbsp;— | (0.23) | $10.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;12/31/2023 | $8.75 | 0.18 | 1.30 | 1.48 | &nbsp;&nbsp;&nbsp;— | (0.19) | &nbsp;&nbsp;&nbsp;— | (0.19) | $10.04 | &nbsp;&nbsp;17.07% |
| &nbsp;&nbsp;12/31/2022 <sup>(c)</sup> | $8.98 | 0.15 | (0.38) | (0.23) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $8.75 | &nbsp;&nbsp;&nbsp;(2.56%) <sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2022 | $11.19 | 0.14 | (1.22) | (1.08) | (0.67) | (0.13) | (0.33) | (1.13) | $8.98 | &nbsp;&nbsp;(10.82%) |
| &nbsp;&nbsp;04/30/2021 <sup>(e)</sup> | $10.00 | 0.24 | 2.06 | 2.30 | &nbsp;&nbsp;&nbsp;— | (0.33) | (0.78) | (1.11) | $11.19 | &nbsp;&nbsp;23.84% <sup>(d)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $9.39 | 0.22 | 2.50 | 2.72 | &nbsp;&nbsp;&nbsp;— | (0.39) | (0.08) | (0.47) | $11.64 | &nbsp;&nbsp;29.17% |
| &nbsp;&nbsp;12/31/2024 | $9.40 | 0.22 | 0.08 | 0.30 | &nbsp;&nbsp;&nbsp;— | (0.31) | &nbsp;&nbsp;&nbsp;— | (0.31) | $9.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;12/31/2023 | $8.35 | 0.22 | 1.22 | 1.44 | &nbsp;&nbsp;&nbsp;— | (0.39) | &nbsp;&nbsp;&nbsp;— | (0.39) | $9.40 | &nbsp;&nbsp;17.55% |
| &nbsp;&nbsp;12/31/2022 <sup>(c)</sup> | $8.55 | 0.13 | (0.33) | (0.20) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $8.35 | &nbsp;&nbsp;&nbsp;(2.34%) <sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2022 | $10.66 | 0.18 | (1.17) | (0.99) | (0.47) | (0.18) | (0.47) | (1.12) | $8.55 | &nbsp;&nbsp;(10.51%) |
| &nbsp;&nbsp;04/30/2021 | $8.25 | 0.11 | 3.47 | 3.58 | &nbsp;&nbsp;&nbsp;— | (0.39) | (0.78) | (1.17) | $10.66 | &nbsp;&nbsp;44.45% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(f)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 12/31/2025 | $1055041 | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;42% |
| 12/31/2024 | $928287 | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2023 | $581928 | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| 12/31/2022 <sup>(c)</sup> | $77674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% <sup>(d)</sup> |
| 04/30/2022 | $273921 | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| 04/30/2021 <sup>(e)</sup> | $98555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% <sup>(d)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 12/31/2025 | $20730 | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;42% |
| 12/31/2024 | $12254 | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2023 | $8269 | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| 12/31/2022 <sup>(c)</sup> | $7766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% <sup>(d)</sup> |
| 04/30/2022 | $7023 | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| 04/30/2021 | $3994 | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;94% |

---

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

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

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

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

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

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

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

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return<sup>(b)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $12.10 | 0.07 | 1.75 | 1.82 | &nbsp;&nbsp;&nbsp;— | (0.08) | (0.77) | (0.85) | $13.07 | &nbsp;&nbsp;15.00% |
| &nbsp;&nbsp;12/31/2024 | $11.04 | 0.08 | 2.27 | 2.35 | &nbsp;&nbsp;&nbsp;— | (0.23) | (1.06) | (1.29) | $12.10 | &nbsp;&nbsp;21.28% |
| &nbsp;&nbsp;12/31/2023 | $9.45 | 0.07 | 2.09 | 2.16 | &nbsp;&nbsp;&nbsp;— | (0.53) | (0.04) | (0.57) | $11.04 | &nbsp;&nbsp;22.79% |
| &nbsp;&nbsp;12/31/2022 <sup>(c)</sup> | $9.82 | 0.05 | (0.42) | (0.37) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $9.45 | &nbsp;&nbsp;&nbsp;(3.77%) <sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2022 | $12.42 | (0.01) <sup>(e)</sup> | (0.08) | (0.09) | (0.27) | (0.54) | (1.70) | (2.51) | $9.82 | &nbsp;&nbsp;&nbsp;(2.89%) |
| &nbsp;&nbsp;04/30/2021 <sup>(f)</sup> | $10.00 | 0.00 <sup>(g)</sup> | 2.68 | 2.68 | &nbsp;&nbsp;&nbsp;— | (0.09) | (0.17) | (0.26) | $12.42 | &nbsp;&nbsp;27.11% <sup>(d)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $15.53 | 0.15 | 2.25 | 2.40 | &nbsp;&nbsp;&nbsp;— | (0.13) | (0.77) | (0.90) | $17.03 | &nbsp;&nbsp;15.41% |
| &nbsp;&nbsp;12/31/2024 | $13.86 | 0.15 | 2.86 | 3.01 | &nbsp;&nbsp;&nbsp;— | (0.28) | (1.06) | (1.34) | $15.53 | &nbsp;&nbsp;21.66% |
| &nbsp;&nbsp;12/31/2023 | $11.73 | 0.14 | 2.59 | 2.73 | &nbsp;&nbsp;&nbsp;— | (0.56) | (0.04) | (0.60) | $13.86 | &nbsp;&nbsp;23.27% |
| &nbsp;&nbsp;12/31/2022 <sup>(c)</sup> | $12.16 | 0.09 | (0.52) | (0.43) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.73 | &nbsp;&nbsp;&nbsp;(3.54%) <sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2022 | $14.68 | 0.04 | (0.16) | (0.12) | (0.53) | (0.17) | (1.70) | (2.40) | $12.16 | &nbsp;&nbsp;&nbsp;(2.59%) |
| &nbsp;&nbsp;04/30/2021 | $9.78 | 0.05 | 5.12 | 5.17 | &nbsp;&nbsp;&nbsp;— | (0.10) | (0.17) | (0.27) | $14.68 | &nbsp;&nbsp;53.21% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(h)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 12/31/2025 | $710090 | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;28% |
| 12/31/2024 | $642150 | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2023 | $678303 | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;76% |
| 12/31/2022 <sup>(c)</sup> | $253476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% <sup>(d)</sup> |
| 04/30/2022 | $6286 | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;132% |
| 04/30/2021 <sup>(f)</sup> | $1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% <sup>(d)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 12/31/2025 | $21460 | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;28% |
| 12/31/2024 | $16069 | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2023 | $16411 | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;76% |
| 12/31/2022 <sup>(c)</sup> | $15462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% <sup>(d)</sup> |
| 04/30/2022 | $23714 | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;132% |
| 04/30/2021 | $18242 | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

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

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

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

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

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

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

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

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

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

See Notes to Financial Statements.

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*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Notes to Financial Statements

------

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

<u>Investment Objectives</u>

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

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

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

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

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

<u>Security Valuation</u>

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

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

------

*Annual Report - December 31, 2025*

------

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **<u>Class</u>** | **<u>Inputs</u>** |
| Asset-Backed Securities | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, and monthly payment information. |
| Bank Loans | Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news |
| Corporate Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer. |

---

------

*Annual Report - December 31, 2025*

------

---

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

---

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

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

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

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

As of December 31, 2025, the inputs used to value the Empower Core Strategies: Flexible Bond Fund, Empower Core Strategies: International Equity Fund and Empower Core Strategies: U.S. Equity Fund investments are detailed in the following tables. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments. For the Empower Core Strategies: Inflation-Protected Securities Fund, all the investments were valued using Level 2 inputs,except for Futures contracts, which were valued using Level 1 inputs.

------

*Annual Report - December 31, 2025*

------

#### Empower Core Strategies: Flexible Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$150226758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$150226758 |
| Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35256883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35256883 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350748360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350748360 |
| Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061123 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11996036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11996036 |
| Foreign Government Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56952516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56952516 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377401634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377401634 |
| U.S. Government Agency Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11790200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11790200 |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366251148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366251148 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226419 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091594 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7881067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7881067 |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17929818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17929818 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10087296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379665137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389752433 |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513 |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911064 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$11998360 | &nbsp;&nbsp;$1379669650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1391668010 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities** |  |  |  |
| **Other Financial Investments:** |  |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(1969785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1969785) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;$(1969785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1969785) |

---

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

------

*Annual Report - December 31, 2025*

------

#### Empower Core Strategies: International Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$43278731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$43278731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51775401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55884631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11467268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149768305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161235573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209412597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216244845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34942706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34942706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17746958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262825729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280572687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156030986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157261217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27606809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59597903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87204712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20669577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23908144 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72494410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988301935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060796366 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259262 |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422334 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72494410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991983531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064477962 |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$72502330 | &nbsp;&nbsp;&nbsp;&nbsp;$991985659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;$1064488010 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  |  |  |  |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6165) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6165) |

---

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

------

*Annual Report - December 31, 2025*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$13086159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$13086159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95124901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95124901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70122733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70122733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111110173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112924525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24417138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26114200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123701044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123701044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79603041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79603041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170810305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170810305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19449591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19449591 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707425085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710936499 |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443009 |
| Equity Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438064 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560526 |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6116662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6116662 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714866684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9628076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724494760 |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$714873501 | &nbsp;&nbsp;&nbsp;&nbsp;$9629122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$724502623 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  |  |  |  |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25416) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(25416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(25416) |

---

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

<u>To Be Announced Transactions</u>

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

<u>Dollar Rolls</u>

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

------

*Annual Report - December 31, 2025*

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

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

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

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

<u>Security Transactions</u>

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

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

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

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

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

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

The tax character of distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **<u>Empower Core Strategies: Flexible Bond Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$56977597 | &nbsp;&nbsp;&nbsp;&nbsp;$60048867 |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;378940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$56977597 | &nbsp;&nbsp;&nbsp;&nbsp;$60427807 |

---

------

*Annual Report - December 31, 2025*

------

---

| | | |
|:---|:---|:---|
| **<u>Empower Core Strategies: Inflation-Protected Securities Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$26528755 | &nbsp;&nbsp;&nbsp;&nbsp;$20240875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$26528755 | &nbsp;&nbsp;&nbsp;&nbsp;$20240875 |

---

---

| | | |
|:---|:---|:---|
| **<u>Empower Core Strategies: International Equity Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$27520934 | &nbsp;&nbsp;&nbsp;&nbsp;$20029111 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;7058044 | &nbsp;&nbsp;&nbsp;&nbsp;- |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$34578978 | &nbsp;&nbsp;&nbsp;&nbsp;$20029111 |

---

---

| | | |
|:---|:---|:---|
| **<u>Empower Core Strategies: U.S. Equity Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$4134866 | &nbsp;&nbsp;&nbsp;&nbsp;$11871117 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;40425219 | &nbsp;&nbsp;&nbsp;&nbsp;52182364 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$44560085 | &nbsp;&nbsp;&nbsp;&nbsp;$64053481 |

---

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

The tax components of capital shown in the following tables represent distribution requirements each Fund must satisfy under the income tax regulations, losses each Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation for federal income tax purposes. As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| **<u>Empower Core Strategies: Flexible Bond Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$260795 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(220210839) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(20016418) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(239966462) |

---

---

| | |
|:---|:---|
| **<u>Empower Core Strategies: Inflation-Protected Securities Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;(1487040) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(585419) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(2072459) |

---

---

| | |
|:---|:---|
| **<u>Empower Core Strategies: International Equity Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$837930 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;13762283 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;193906505 |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$208506718 |

---

------

*Annual Report - December 31, 2025*

------

---

| | |
|:---|:---|
| **<u>Empower Core Strategies: U.S. Equity Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$219628 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;1854952 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;198072382 |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$200146962 |

---

As of December 31, 2025, a Fund may have capital loss carryforwards available to offset future realized capital gains and thereby reduce future taxable gain distributions. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. During the year ended December 31, 2025 capital loss carryforwards, if any, and capital loss carryforwards utilized, if any, are detailed in the table below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**No Expiration** | &nbsp;&nbsp;**Utilized** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;$(220210839) | &nbsp;&nbsp;$8110203 |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;44133102 |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The following Funds have elected to defer to the next fiscal year the following Post-October losses:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Post-October Ordinary Losses** | &nbsp;&nbsp;**Post-October Capital Losses** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;(179050) | &nbsp;&nbsp;$(1307990) |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;— | &nbsp;&nbsp;$— |

---

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost<br> of Investments** | **Gross Unrealized<br> Appreciation<br> on Investments** | **Gross Unrealized<br> Depreciation<br> on Investments** | **Net Unrealized<br> Appreciation<br> (Depreciation)<br> on Investments** |
| Empower Core Strategies: Flexible Bond Fund | $1409714643 | &nbsp;&nbsp;&nbsp;&nbsp;$26151986 | &nbsp;&nbsp;&nbsp;&nbsp;$(46168404) | $(20016418) |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605164572 | 1492341722 | (1492927141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585419) |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870575340 | &nbsp;&nbsp;&nbsp;&nbsp;238879504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44972999) | &nbsp;&nbsp;193906505 |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526404825 | &nbsp;&nbsp;&nbsp;&nbsp;220081895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22009513) | &nbsp;&nbsp;198072382 |

---

<u>Segment Reporting</u>

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

<u>Application of Recent Accounting Pronouncements</u>

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Funds' adoption of ASU 2023-09 did not have a material impact on the financial statements.

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*Annual Report - December 31, 2025*

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2. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

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

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

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

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

<u>Futures Contracts</u>

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

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

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*Annual Report - December 31, 2025*

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<u>Forward Foreign Currency Contracts</u>

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

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

<u>Swaps</u>

Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between a Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (OTC swaps) or centrally cleared (centrally cleared swaps).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and a Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

For centrally cleared swaps, required initial margin deposits of cash or securities are pledged by a Fund. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Subsequent payments, known as variation margin, are made or received by a Fund, depending on fluctuations in the value of the centrally cleared swaps. Such variation margin is accounted for as a payable or receivable on the Statement of Assets and Liabilities and settled daily until the contract is closed, at which time the gains or losses are realized. Any upfront premiums paid or received upon entering into a swap are capitalized and amortized to income ratably over the term of the swap. Upfront premiums are disclosed as upfront premiums paid/received in a table following the Schedule of Investments. A Fund accrues for the interim payments on swap contracts on a daily basis, with the net amount recorded within variation margin on the Statement of Assets and Liabilities. Upon the termination of swap contracts, the net gain or loss is recorded as net realized gain or loss on credit default swaps on the Statement of Operations.

<u>Interest Rate Swaps</u>

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

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

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*Annual Report - December 31, 2025*

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<u>Inflation Swaps</u>

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

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

---

| | |
|:---|:---|
| Empower Core Strategies: Flexible Bond Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$473190584 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;$158827832 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$2508913 |

---

---

| | |
|:---|:---|
| Empower Core Strategies: Inflation-Protected Securities Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$176586849 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;&nbsp;&nbsp;$73954449 |
| Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$552724462 |
| Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$38527692 |

---

---

| | |
|:---|:---|
| Empower Core Strategies: International Equity Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$12642742 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$2337820 |

---

---

| | |
|:---|:---|
| Empower Core Strategies: U.S. Equity Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$7577448 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$6542448 |

---

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*Annual Report - December 31, 2025*

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

Valuation of derivative investments as of December 31, 2025 is as follows:

#### Empower Core Strategies: Flexible Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $1911064<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;$(1969785)<sup>(a)</sup> |
| Foreign exchange contracts (forwards) | Unrealized appreciation on forward foreign currency contracts | $4513 |  |  |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Interest rate contracts (swaps) | Net unrealized appreciation on interest rate swaps | $3044843<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$(1749229)<sup>(a)</sup> |
| Inflation contracts (swaps) |  |  | &nbsp;&nbsp;Net unrealized depreciation on inflation swaps | &nbsp;&nbsp;$(413281)<sup>(a)</sup> |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $701854<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;$(470312)<sup>(a)</sup> |

---

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

#### Empower Core Strategies: International Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Equity contracts (futures contracts) | Net unrealized appreciation on futures contracts | $7920<sup>(a)</sup> |  |  |
| Foreign exchange contracts (forwards) | Unrealized appreciation on forward foreign currency contracts | $2128 | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(6165) |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Equity contracts (futures contracts) | Net unrealized appreciation on futures contracts | $6817<sup>(a)</sup> |  |  |
| Foreign exchange contracts (forwards) | Unrealized appreciation on forward foreign currency contracts | $1046 | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(25416) |

---

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

------

*Annual Report - December 31, 2025*

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The effect of derivative investments for the year ended December 31, 2025 is as follows:

#### Empower Core Strategies: Flexible Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Interest rate contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$3476725 | &nbsp;&nbsp;Net change in unrealized depreciation on futures contracts | &nbsp;&nbsp;$(334378) |
| Foreign exchange contracts (forwards) | Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;$(207039) | &nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(32438) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Inflation contracts (swaps) | Net realized loss on inflation swaps | &nbsp;&nbsp;$(48378) | &nbsp;&nbsp;Net change in unrealized depreciation on inflation swaps | &nbsp;&nbsp;$(413281) |
| Interest rate contracts (swaps) | Net realized loss on interest rate swaps | &nbsp;&nbsp;$(1632251) | &nbsp;&nbsp;Net change in unrealized appreciation on interest rate swaps | &nbsp;&nbsp;$1122619 |
| Interest rate contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$3074989 | &nbsp;&nbsp;Net change in unrealized depreciation on futures contracts | &nbsp;&nbsp;$(522618) |

---

#### Empower Core Strategies: International Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Equity contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$1978737 | &nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;$355615 |
| Foreign exchange contracts (forwards) | Net realized gain on forward foreign currency contracts | &nbsp;&nbsp;$417907 | &nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(48418) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Equity contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$61469 | &nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;$349396 |
| Foreign exchange contracts (forwards) | Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;$(307182) | &nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(104452) |

---

<u>Concentration Risk</u> 

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

------

*Annual Report - December 31, 2025*

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3. OFFSETTING ASSETS AND LIABILITIES

A Fund may enter into derivative transactions with several approved counterparties. Certain transactions are effected under agreements which include MNAs which provide for the netting of payment obligations and/or netting in situations of counterparty default. The following tables summarize the Funds' financial investments that, if applicable, were subject to an enforceable MNA as of December 31, 2025.

#### Empower Core Strategies: Flexible Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Assets<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Assets* |
| Bank of America Corp<br>| &nbsp;&nbsp;$4513 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4513 |
|  | &nbsp;&nbsp;$4513 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4513 |

---

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

#### Empower Core Strategies: International Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Assets<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Assets* |
| Mellon Capital<br>| &nbsp;&nbsp;$2128 | &nbsp;&nbsp;$(2128) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;$2128 | &nbsp;&nbsp;$(2128) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Liabilities<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Liabilities* |
| Citigroup Global Markets<br>| &nbsp;&nbsp;$(2176) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2176) |
| Mellon Capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;(3989) | &nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1861) |
|  | &nbsp;&nbsp;$(6165) | &nbsp;&nbsp;$2128 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4037) |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Assets<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Assets* |
| Barclays Bank PLC<br>| &nbsp;&nbsp;$141 | &nbsp;&nbsp;$(141) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| Goldman Sachs<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank USA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;(426) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$1046 | &nbsp;&nbsp;$(747) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$299 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Liabilities<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Liabilities* |
| Barclays Bank PLC<br>| &nbsp;&nbsp;$(2287) | &nbsp;&nbsp;$141 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2146) |
| Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |

---

------

*Annual Report - December 31, 2025*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Liabilities<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Liabilities* |
| HSBC Bank USA<br>| &nbsp;&nbsp;$(838) | &nbsp;&nbsp;$426 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(412) |
| Morgan Stanley & Co LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3675) |
| State Street Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553) |
| Toronto Dominion Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9406) |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |
| Westpac Banking<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8379) |
|  | &nbsp;&nbsp;$(25416) | &nbsp;&nbsp;$747 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(24669) |

---

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

4. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

---

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

---

ECM has contractually agreed to waive fees or reimburse expenses that exceed the annual rate, shown in the table below, of each Fund's average daily net assets attributable to each Class, including management fees and expenses paid directly by each Fund, excluding shareholder service fees, distribution fees and certain extraordinary expenses (the "Expense Limit"). The agreement's current term ends on April 30, 2026 and automatically renews for one-year unless terminated upon written notice within 90 days of the end of the current term or upon termination of the investment advisory agreement. The amount waived or reimbursed, if any, is reflected in the Statement of Operations.

---

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

---

------

*Annual Report - December 31, 2025*

------

ECM is permitted upon approval by the Board to recoup amounts waived or reimbursed by each Fund in future periods, not exceeding three years following the particular waiver/reimbursement, provided the total annual operating expenses of each Class of each Fund plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. As of December 31, 2025, the amounts subject to recoupment, if any, were as follows:

#### Empower Core Strategies: Flexible Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $33701 | &nbsp;&nbsp;$34647 | &nbsp;&nbsp;$23767 | &nbsp;&nbsp;$0 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $201221 | &nbsp;&nbsp;$286978 | &nbsp;&nbsp;$314734 | &nbsp;&nbsp;$0 |

---

#### Empower Core Strategies: International Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $362755 | &nbsp;&nbsp;$33876 | &nbsp;&nbsp;$24017 | &nbsp;&nbsp;$0 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $6980 | &nbsp;&nbsp;$25873 | &nbsp;&nbsp;$104152 | &nbsp;&nbsp;$0 |

---

ECM and Empower Funds entered into a sub-advisory agreements with, and ECM is responsible for compensating each sub-adviser below for their services:

Empower Core Strategies: Flexible Bond Fund - Loomis, Sayles & Company, L.P., and ECM. Prior to January 17, 2025, Western Asset Management Company, LLC ("Western Asset") was the sub-adviser on the portion of the Fund's investment portfolio now managed directly by ECM.

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

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

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

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

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

------

*Annual Report - December 31, 2025*

------

Certain officers of Empower Funds are also directors and/or officers of Empower of America or its subsidiaries. No officer or interested director of Empower Funds receives any compensation directly from Empower Funds. The total compensation paid to the independent directors with respect to all forty-four funds for which they serve as directors was $1,699,000 for the fiscal year ended December 31, 2025.

5. PURCHASES AND SALES OF INVESTMENTS

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding all U.S. Government securities and short-term securities) were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;$439458292 | &nbsp;&nbsp;$401731347 |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;75804926 | &nbsp;&nbsp;&nbsp;&nbsp;59440524 |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;429532392 | &nbsp;&nbsp;&nbsp;&nbsp;507624666 |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;184969127 | &nbsp;&nbsp;&nbsp;&nbsp;196098430 |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;&nbsp;$922670693 | &nbsp;&nbsp;&nbsp;$856462858 |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;1602536044 | &nbsp;&nbsp;1428030444 |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

6. SECURITIES LOANED

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

Collateral was invested in Government Money Market Funds. As of December 31, 2025, each Fund's securities on loan value and collateral received, as reported on the Statement of Assets and Liabilities, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Market Value** | &nbsp;&nbsp;**Collateral Received** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;$7670773 | &nbsp;&nbsp;$7881067 |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;5360439 | &nbsp;&nbsp;&nbsp;&nbsp;5560526 |

---

------

*Annual Report - December 31, 2025*

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Under the securities lending agreement, the cash collateral received represents a secured borrowing, and is collateralized by the securities loaned. The following tables summarizes the cash collateral liability under the securities lending agreement by class of securities loaned as of December 31, 2025. Additional information regarding each Fund's securities on loan is included in the Schedule of Investments.

---

| | |
|:---|:---|
| **Empower Core Strategies: Flexible Bond Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$2781067 |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;5100000 |
| **Total secured borrowings** | &nbsp;&nbsp;$7881067 |

---

---

| | |
|:---|:---|
| **Empower Core Strategies: U.S. Equity Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Common Stocks | &nbsp;&nbsp;$4389771 |
| Exchange Traded Funds | &nbsp;&nbsp;1170755 |
| **Total secured borrowings** | &nbsp;&nbsp;$5560526 |

---

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

7. INDEMNIFICATIONS

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

8. SUBSEQUENT EVENTS

Management has reviewed all events subsequent to December 31, 2025, including the estimates inherent in the process of preparing these financial statements through the date the financial statements were issued. No subsequent events requiring adjustments or disclosures have occurred.

------

*Annual Report - December 31, 2025*

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Empower Funds, Inc.

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Empower Core Strategies: Flexible Bond Fund, Empower Core Strategies: Inflation-Protected Securities Fund, Empower Core Strategies: International Equity Fund, and Empower Core Strategies: U.S. Equity Fund (the "Funds"), four of the funds comprising Empower Funds, Inc., as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period ended December 31, 2025, for the period from May 1, 2022 to December 31, 2022, and for each of the two years in the period ended April 30, 2022, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period ended December 31, 2025, for the period from May 1, 2022 to December 31, 2022, and for each of the two years in the period ended April 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 24, 2026

------

We have served as the auditor of one or more Empower investment companies since 1982.

------

TAX INFORMATION (unaudited)

Each Fund intends to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Foreign Tax<br> Credits** | &nbsp;&nbsp;**Gross Income<br> from Foreign<br> Countries** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;3426667 | &nbsp;&nbsp;&nbsp;&nbsp;32818515 |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

Dividends paid by each Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders. Of the ordinary income distributions declared for the year ended December 31, 2025, the following are the percentages that qualify for the dividend received deduction available to each Fund's corporate shareholders.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Percent of Ordinary Income Distributions<br> Qualifying for Dividends Received** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;93% |

---

------

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

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

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

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

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a) Item 8 is included as part of the report to shareholders filed under Item 7 of this Form.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a) Item 9 is included as part of the report to shareholders filed under Item 7 of this Form.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a) Item 10 is included as part of the report to shareholders filed under Item 7 of this Form.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 11. STATEMENT REGARDING BASIS OF APPROVAL OF INVESTMENT ADVISORY CONTRACT.
(a) Item 11 is included as part of the report to shareholders filed under Item 7 of this Form.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors that were implemented after the registrant last provided disclosure in response to this Item 407(c)(2)(iv) of Regulation S-K.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 16. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported, within the time periods specified in the commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

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

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 17. DISCLOSURE OF LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.

------

#### ITEM 19. EXHIBITS.
(1) [Code of Ethics required by Item 2 of Form N-CSR is attached hereto.](N-CSR_COE.htm)

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

(3) Not applicable.

(4) Not applicable.

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

------

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

EMPOWER FUNDS, INC.

By: /s/ Jonathan D. Kreider

Jonathan D. Kreider

President & Chief Executive Officer

Date: February 24, 2026

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

By: /s/ Jonathan D. Kreider

Jonathan D. Kreider

President & Chief Executive Officer

Date: February 24, 2026

By: /s/ Kelly B. New

Kelly B. New

Chief Financial Officer & Treasurer

Date: February 24, 2026

------

## Ex-99.Code

#### EMPOWER FUNDS, INC.

#### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

#### Introduction
The Board of Directors of Empower Funds, Inc. (the "Fund"), formerly named Great-West Funds, Inc., which is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), has adopted this Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms of the Securities and Exchange Commission (the "Commission") thereunder. This Code establishes rules of conduct for "Principal Executive" and "Senior Financial" officers ("Covered Officers") of the Fund and is designed to implement a high standard of business conduct and ethics regarding actual or apparent conflicts of interest.

1. **Relationship to Codes of Ethics Under Rule 17j-1** 

The Fund is subject to and has adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act, which is also applicable to the Fund's investment adviser, Empower Capital Management, LLC ("ECM"), a wholly owned subsidiary of Empower Annuity Insurance Company of America. The Fund's principal underwriter Empower Financial Services, Inc. also adopted a code of ethics under Rule 17j-1 (together with the Fund and ECM's code, the "Rule 17j-1 Codes").

The Rule 17j-1 Codes impose reporting and disclosure requirements on covered persons relating to their personal investment transactions in securities, as well as substantively regulate such transactions, as the Board of Directors has determined to be reasonably necessary in order to prevent fraud, deceit or manipulative practices by such persons in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by a portfolio.

The requirements of this Code are in addition to, not in substitution for, the provisions of the 17j-1 Codes that are applicable to Covered Officers. Accordingly, it shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the Rule 17j-1 Codes as applicable to his or her personal securities investments. No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of the applicable Rule 17j-1 Codes shall be deemed to be a violation or constitute a waiver of any requirement of this Code.

2. **Applicability.** 

For purposes of this Code, the term "Covered Officer" shall mean each person who occupies the position of principal executive officer, managing director, principal financial officer, controller or principal accounting officer, each of whom are set forth in attached Exhibit A (as amended from time to time) for the purpose of promoting:

a. honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

b. full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the Fund;

c. compliance with applicable laws and governmental rules and regulations;

d. the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

------

e. accountability for adherence to the Code.

3. **Substantive Requirements** 

a. Honest and ethical conduct, including ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

It shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the Rule 17j-1 Codes as may be applicable to his or her personal securities investments.

No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of the applicable Rule 17j-1 Codes shall be deemed to be a violation or constitute a waiver of any requirement of this Code.

No Covered Officer shall derive any improper personal financial or other benefit of a substantial nature as a result of his or her position as the principal executive officer, principal financial officer, controller or principal accounting officer, as the case may be, through or from the Fund, or through or from any person or entity doing business or seeking to do business with the Fund, including, without limitation, gifts or gratuities (other than customary business gifts, meals or business entertainment that are not extravagant), preferred investment opportunities, or cash payments of any amount.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940 ("Investment Advisers Act").

4. **Examples of Conflicts of Interest** 

Each Covered Officer:

a. Shall not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund.

b. Shall not cause the Fund to take actions, or fail to take actions, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund.

c. Shall not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

d. Shall not retaliate against any other Covered Officer or any employee of the Fund or their affiliated persons for reports of potential Violations that are made in good faith.

The list provided above provides examples of conflicts of interest under this Code; Covered Officers should contact the Chief Compliance Officer regarding questions or other situations which may involve a conflict of interest. The Fund and ECM's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and ECM both of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for ECM or for both), be involved in establishing policies and implementing decisions that will have different effects on ECM and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and ECM and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

The employment of a member of the immediate family of a Covered Officer by an entity doing business, or seeking to do business, with the Fund shall not be deemed a violation of this Code if the Covered Officer discloses such employment to the Board of Directors of the Fund.

Any Covered Officer who shall, in his or her capacity as principal executive officer, principal financial officer, controller or principal accounting officer, receive or be offered any personal financial or other benefit that is or may be proscribed by this Code promptly shall report same to the Fund's Chief Compliance Officer. The Chief Compliance Officer shall be, and hereby is, authorized to determine whether the receipt of such financial or other benefit is or would be proscribed by this Code. If the Chief Compliance Officer shall determine the receipt of any such personal financial or other benefit is or would be proscribed by this Code, then the Chief Compliance Officer may direct that such benefit be refused or, if already received, that such benefit anonymously be donated to a charitable organization. Upon such donation, no violation of this Code shall be deemed to have occurred by reason of the Covered Officer having received such personal financial or other benefit. The Chief Compliance Officer's determination that the offer to or receipt by a Covered Officer of a benefit is not a violation of this Code shall not be deemed a waiver of any provision of this Code.

The Chief Compliance Officer shall maintain a record of reports, if any, by Covered Officers of the receipt or offer of personal financial or other benefits, and the Chief Compliance Officer's determinations and directions with respect to such reports.

a. Full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or submits to, the Commission and in other public communications made by the Fund.

Each Covered Officer is responsible for the full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or submits to, the Commission and in other public communications made by the Fund, insofar as such disclosure or communication relates to matters within the scope of such Covered Officer's responsibilities of office. Without limiting the generality of the foregoing, no Covered Officer willfully shall cause or permit any such disclosure or communication regarding a matter within the scope of his or her responsibility to: misstate a material fact; or omit to state a material fact necessary to make any statement made in any such disclosure or communication, in light of the circumstances in which such statement is made, not misleading.

b. Compliance with applicable governmental laws, rules and regulations.

A Covered Officer promptly shall report to the Chief Compliance Officer any non-compliance or apparent non-compliance by the Fund with applicable governmental laws, rules and regulations including, without limitation, federal securities laws, regarding any matter that is within the scope of office of such Covered Officer, and shall take such action, if any, as may be directed by the Chief Compliance Officer with respect to the investigation or cure of such non-compliance or apparent non-compliance.

------

The fact that a violation of applicable governmental laws, rules or regulations has, or may have, occurred shall not itself be deemed violation of this Code. A determination by the Chief Compliance Officer that a violation of applicable governmental laws, rules or regulations has, or has not, occurred shall not be deemed a waiver of any provision of this Code.

c. Prompt internal reporting of violations of this Code.

It is the responsibility of each Covered Officer to promptly to report to the Chief Compliance Officer any violation or apparent violation of this Code by any Covered Officer. The Chief Compliance Officer shall maintain a record of the reports, if any, of violations or apparent violations of this Code by any Covered Officer.

The Chief Compliance Officer shall determine, in response to any such report, whether or not a violation of this Code has occurred. The Chief Compliance Officer, in carrying out his or her duties under the Code, may consult with outside counsel to the Fund with respect to violations and potential violations of the Code or applicable legal requirements. In the event the Chief Compliance Officer shall determine that a violation has occurred, he or she shall report such violation to the Board of Directors of the Fund. If after due investigation the Chief Compliance Officer determines that no violation has occurred, no further action is necessary.

d. Accountability for adherence to this Code.

Compliance with the requirements of this Code is a condition of office of each Covered Officer. In the event of violation of the requirements of this Code by a Covered Officer, the Board of Directors of the Fund may take such action, as it deems appropriate, including, but not limited to, removal from office of the Covered Officer.

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and maintained and protected accordingly. The Code is intended solely for the internal use of the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Each Covered Officer shall acknowledge in writing his or her receipt of a copy of this Code, and his or her agreement that adherence to this Code is a condition of office.

5. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, ECM, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund and ECM's codes of ethics under Rule 17j-1 of the Investment Company Act and ECM's more detailed policies and procedures set forth in the Fund's compliance manuals are separate requirements applying to the Covered Officers and others and are not part of this Code.

6. **Amendments** 

Any changes or waivers of this Code will, to the extent required, be disclosed as provided by Commission Rules. Any amendments to this Code, other than amendments to Exhibit A, must be approved by a majority of the Directors, including a majority of the Independent Directors.

7. **Confidentiality** 

------

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Directors of the Fund, its counsel, and ECM.

8. **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Amended and Restated as Adopted by the Board of Directors of Great-West Funds, Inc. on April 18, 2013.

------

#### EXHIBIT A

#### Covered Officers
Jonathan Kreider, Chief Executive Officer & President

Kelly B. New, Chief Financial Officer & Treasurer

#### Chief Compliance Officer
Ahmed Abdul-Jaleel, Chief Compliance Officer

------

## Ex-99

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date:  | February 24, 2025  |
| By:  | /s/ Jonathan D. Kreider  |
|  | Jonathan D. Kreider  |
|  | President & Chief Executive Officer  |

---

I, Kelly B. New, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date:  | February 24, 2025  |
| By:  | /s/ Kelly B. New  |
|  | Kelly B. New  |
|  | Chief Financial Officer & Treasurer  |

---

------

## Exhibit 99.906

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

#### (18 U.S.C. 1350)
In connection with the Annual Report of Empower Funds, Inc. (the "Registrant") on Form N-CSR for the period ended December 31, 2024 (the "Report"), the undersigneds hereby certify, to the best of their knowledge, that:

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

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

---

| | |
|:---|:---|
| Date:  | February 24, 2025  |
| By:  | /s/ Jonathan D. Kreider  |
|  | Jonathan D. Kreider  |
|  | President & Chief Executive Officer  |

---

---

| | |
|:---|:---|
| Date:  | February 24, 2025  |
| By:  | /s/ Kelly B. New  |
|  | Kelly B. New  |
|  | Chief Financial Officer & Treasurer  |

---

__________

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

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

------