# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-232059
**Filing Date:** 2026-5
**Character Count:** 75894
**Document Hash:** b63b05b91a3d4b89ee01ba5c40207b1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-232059.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001193125-26-232059

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260520

**DATE AS OF CHANGE**: 20260520

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 261002479

**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 Moderately Aggressive Profile Fund (Series ID: S000023751)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069828 | Investor Class      | MXBPX           |
| C000155777 | Institutional Class | MXHRX           |

## Nport-Ex

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

---

| | |
|:---|:---|
| **Empower Conservative Profile Fund** | &nbsp;&nbsp;&nbsp;**Empower Moderately Conservative Profile Fund** |
| **Institutional Class Ticker / MXKVX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXJUX** |
| **Investor Class Ticker / MXCPX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXDPX** |
| **Class L Ticker / MXIPX** | &nbsp;&nbsp;&nbsp;**Class L Ticker / MXHPX** |
| **Empower Moderate Profile Fund** | &nbsp;&nbsp;&nbsp;**Empower Moderately Aggressive Profile Fund** |
| **Institutional Class Ticker / MXITX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXHRX** |
| **Investor Class Ticker / MXMPX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXBPX** |
| **Class L Ticker / MXGPX** |  |
| **Empower Aggressive Profile Fund** |  |
| **Institutional Class Ticker / MXGTX** |  |
| **Investor Class Ticker / MXAPX** |  |

---

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

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

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

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CONSERVATIVE PROFILE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 13036515 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$110680011 |
| 18354902 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 141332744 |
| &nbsp;&nbsp;6299350 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 66521139 |
| &nbsp;&nbsp;8112895 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 73665088 |
| 17382117 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 143228642 |
| 15964324 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 154215374 |
| 13496155 | Empower U.S. Government Mortgage Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 110668472 |
| **TOTAL BOND MUTUAL FUNDS — 47.44%<br> (Cost $794,092,615)** | **TOTAL BOND MUTUAL FUNDS — 47.44%<br> (Cost $794,092,615)** | &nbsp;&nbsp;&nbsp;**$800311470** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;2279446 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28675433 |
| &nbsp;&nbsp;4497654 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40119078 |
| &nbsp;&nbsp;6103512 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64147906 |
| &nbsp;&nbsp;5624921 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62830363 |
| 16183076 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112472381 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381180 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$46385771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9601702 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 82862689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152228 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12570809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625945 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25744210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6387747 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29703024 |
| **TOTAL EQUITY MUTUAL FUNDS — 29.97%<br> (Cost $485,209,361)** | **TOTAL EQUITY MUTUAL FUNDS — 29.97%<br> (Cost $485,209,361)** | &nbsp;&nbsp;&nbsp;**$505511664** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 381581834<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.95%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381581834 |
| **TOTAL FIXED INTEREST CONTRACT — 22.62%<br> (Cost $381,581,834)** | **TOTAL FIXED INTEREST CONTRACT — 22.62%<br> (Cost $381,581,834)** | &nbsp;&nbsp;&nbsp;**$381581834** |
| **TOTAL INVESTMENTS — 100.03%<br> (Cost $1,660,883,810)** | **TOTAL INVESTMENTS — 100.03%<br> (Cost $1,660,883,810)** | &nbsp;&nbsp;&nbsp;**$1687404968** |
| **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(523549)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1686881419** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of March 31, 2026. See Notes to the Schedule of Investments.

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER MODERATELY CONSERVATIVE PROFILE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| &nbsp;&nbsp;7673578 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$65148675 |
| 10792126 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 83099374 |
| &nbsp;&nbsp;3702125 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39094435 |
| &nbsp;&nbsp;4768170 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 43294980 |
| 10234400 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 84331455 |
| &nbsp;&nbsp;3763610 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36356473 |
| &nbsp;&nbsp;7944134 | Empower U.S. Government Mortgage Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65141902 |
| **TOTAL BOND MUTUAL FUNDS — 32.98%<br> (Cost $416,697,760)** | **TOTAL BOND MUTUAL FUNDS — 32.98%<br> (Cost $416,697,760)** | &nbsp;&nbsp;&nbsp;**$416467294** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;2758470 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34701552 |
| &nbsp;&nbsp;5468083 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48775305 |
| &nbsp;&nbsp;7392505 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77695223 |
| &nbsp;&nbsp;6813438 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76106105 |
| 19628745 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136419781 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515887 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$56166944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6466403 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55805057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390852 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15174191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395310 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 31206703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7729748 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35943329 |
| **TOTAL EQUITY MUTUAL FUNDS — 44.98%<br> (Cost $560,247,467)** | **TOTAL EQUITY MUTUAL FUNDS — 44.98%<br> (Cost $560,247,467)** | &nbsp;&nbsp;&nbsp;**$567994190** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 278708736<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.95%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278708736 |
| **TOTAL FIXED INTEREST CONTRACT — 22.07%<br> (Cost $278,708,736)** | **TOTAL FIXED INTEREST CONTRACT — 22.07%<br> (Cost $278,708,736)** | &nbsp;&nbsp;&nbsp;**$278708736** |
| **TOTAL INVESTMENTS — 100.03%<br> (Cost $1,255,653,963)** | **TOTAL INVESTMENTS — 100.03%<br> (Cost $1,255,653,963)** | &nbsp;&nbsp;&nbsp;**$1263170220** |
| **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(413356)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1262756864** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of March 31, 2026. See Notes to the Schedule of Investments.

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER MODERATE PROFILE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 11337370 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$96254271 |
| 15956591 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 122865748 |
| &nbsp;&nbsp;5469348 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 57756318 |
| &nbsp;&nbsp;7044677 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 63965664 |
| 15106736 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 124479502 |
| &nbsp;&nbsp;5545466 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 53569198 |
| 11737048 | Empower U.S. Government Mortgage Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 96243796 |
| **TOTAL BOND MUTUAL FUNDS — 23.95%<br> (Cost $643,609,935)** | **TOTAL BOND MUTUAL FUNDS — 23.95%<br> (Cost $643,609,935)** | &nbsp;&nbsp;&nbsp;**$615134497** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;7766687 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97704927 |
| 15359052 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137002742 |
| 20796193 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218567991 |
| 19168220 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214109013 |
| 55190304 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383572610 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;18336932 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$158064354 |
| &nbsp;&nbsp;&nbsp;&nbsp;11683098 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100825138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926219 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42835046 |
| &nbsp;&nbsp;&nbsp;&nbsp;12356245 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 87729342 |
| &nbsp;&nbsp;&nbsp;&nbsp;21767630 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 101219482 |
| **TOTAL EQUITY MUTUAL FUNDS — 60.03%<br> (Cost $1,515,954,804)** | **TOTAL EQUITY MUTUAL FUNDS — 60.03%<br> (Cost $1,515,954,804)** | &nbsp;&nbsp;&nbsp;**$1541630645** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 412170919<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.95%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412170919 |
| **TOTAL FIXED INTEREST CONTRACT — 16.05%<br> (Cost $412,170,919)** | **TOTAL FIXED INTEREST CONTRACT — 16.05%<br> (Cost $412,170,919)** | &nbsp;&nbsp;&nbsp;**$412170919** |
| **TOTAL INVESTMENTS — 100.03%<br> (Cost $2,571,735,658)** | **TOTAL INVESTMENTS — 100.03%<br> (Cost $2,571,735,658)** | &nbsp;&nbsp;&nbsp;**$2568936061** |
| **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(859544)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$2568076517** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of March 31, 2026. See Notes to the Schedule of Investments.

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER MODERATELY AGGRESSIVE PROFILE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| &nbsp;&nbsp;4641912 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$39409830 |
| &nbsp;&nbsp;6536510 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50331130 |
| &nbsp;&nbsp;2247126 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23729655 |
| &nbsp;&nbsp;2890043 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26241588 |
| &nbsp;&nbsp;6200087 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 51088715 |
| &nbsp;&nbsp;5209742 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50326109 |
| &nbsp;&nbsp;4805562 | Empower U.S. Government Mortgage Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39405607 |
| **TOTAL BOND MUTUAL FUNDS — 17.99%<br> (Cost $283,749,966)** | **TOTAL BOND MUTUAL FUNDS — 17.99%<br> (Cost $283,749,966)** | &nbsp;&nbsp;&nbsp;**$280532634** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;5844348 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73521894 |
| 11564934 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103159216 |
| 15655935 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164543875 |
| 14431603 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161201006 |
| 41597585 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289103218 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;13802288 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$118975727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204249 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 53542670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950161 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32186259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9306459 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 66075862 |
| &nbsp;&nbsp;&nbsp;&nbsp;16378599 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 76160486 |
| **TOTAL EQUITY MUTUAL FUNDS — 73.02%<br> (Cost $1,114,153,967)** | **TOTAL EQUITY MUTUAL FUNDS — 73.02%<br> (Cost $1,114,153,967)** | &nbsp;&nbsp;&nbsp;**$1138470213** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 140609025<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.95%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140609025 |
| **TOTAL FIXED INTEREST CONTRACT — 9.02%<br> (Cost $140,609,025)** | **TOTAL FIXED INTEREST CONTRACT — 9.02%<br> (Cost $140,609,025)** | &nbsp;&nbsp;&nbsp;**$140609025** |
| **TOTAL INVESTMENTS — 100.03%<br> (Cost $1,538,512,958)** | **TOTAL INVESTMENTS — 100.03%<br> (Cost $1,538,512,958)** | &nbsp;&nbsp;&nbsp;**$1559611872** |
| **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(545069)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1559066803** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of March 31, 2026. See Notes to the Schedule of Investments.

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER AGGRESSIVE PROFILE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;4856087 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$61089570 |
| &nbsp;&nbsp;9609720 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85718705 |
| 13003922 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;136671225 |
| 11985885 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;133882338 |
| 34505265 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;239811593 |
| 11466092 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 98837709 |
| &nbsp;&nbsp;3162964 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27296378 |
| &nbsp;&nbsp;2455025 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26784320 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;7726768 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$54860051 |
| 13611658 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 63294211 |
| **TOTAL EQUITY MUTUAL FUNDS — 100.04%<br> (Cost $895,120,023)** | **TOTAL EQUITY MUTUAL FUNDS — 100.04%<br> (Cost $895,120,023)** | &nbsp;&nbsp;&nbsp;**$928246100** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $895,120,023)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $895,120,023)** | &nbsp;&nbsp;&nbsp;**$928246100** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(329429)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$927916671** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.

### Notes to Schedule of Investments (Unaudited)

------

<u>Security Valuation</u>

The Board of Directors of Empower Funds (the "Board") has adopted policies and procedures for the valuation of each Fund's securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC ("ECM"), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "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.

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. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. The net asset value 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.

Investments in fixed interest contracts issued by Empower Annuity Insurance Company of America ("Empower of America Contract") are valued at the amount of net deposits plus accrued interest, determined on a daily basis. The Empower of America Contract is backed by the general account of Empower Annuity Insurance Company of America ("Empower of America").

The Funds classify 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. Unobservable inputs reflect a Fund's own assumptions and would be based on the best information available under the circumstances.

As of March 31, 2026, each Fund's investments in the underlying mutual funds are valued using Level 1 inputs. Each Fund's investment in the Empower of America Contract, if any, is valued using Level 2 inputs. More information regarding each Fund's sector classifications are included in the Schedule of Investments.

<u>Fund-of-Funds Structure Risk</u>

Since each Fund invests directly in underlying funds, all risks associated with the eligible underlying funds apply to each Fund. To the extent each Fund invests more of its assets in one underlying fund than another, each Fund will have greater exposure to the risks of that underlying fund.

<u>Transactions with Affiliates</u>

Each Fund may invest in the Empower of America Contract pursuant to exemptive relief issued by the U.S. Securities and Exchange Commission ("SEC"). The Empower of America Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation of the Funds. Empower of America calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). As a result of Empower of America being an affiliated entity, the Funds are exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If Empower of America were to become insolvent, the Empower of America Contract would be settled commensurate with other policy holder obligations.

------

*March 31, 2026*

------

The amounts deposited will accrue interest at a declared rate of interest, adjustable on a calendar quarter or other periodic basis, guaranteed to be no less than 1.00%. The investment in the Empower of America Contract may be terminated by Empower of America or the Funds upon 7 days prior written notice. The guaranteed interest rate paid will be at least as favorable as the guaranteed interest rate paid on other similar products issued by Empower of America.

The following tables are a summary of the transactions for each underlying investment during the period ended March 31, 2026, in which the issuer was an affiliate of a Fund, as defined in the 1940 Act.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 03/31/2026** | **Value<br> 12/31/2025** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Realized Gain<br> Distributions<br> Received** | **Value<br> 03/31/2026** |
| **BOND MUTUAL FUNDS 47.44%** |  |  |  |  |  |  |  |  |  |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;13036515 | 107461556 | &nbsp;&nbsp;5662573 | 2623781 | &nbsp;&nbsp;&nbsp;&nbsp;(454011) | &nbsp;&nbsp;&nbsp;&nbsp;179663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;110680011 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;18354902 | 137914939 | &nbsp;&nbsp;8909153 | 3166853 | &nbsp;&nbsp;&nbsp;&nbsp;(388490) | &nbsp;&nbsp;(2324495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;141332744 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;6299350 | &nbsp;&nbsp;65241580 | &nbsp;&nbsp;3086643 | 1874341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;66521139 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;8112895 | &nbsp;&nbsp;71616454 | &nbsp;&nbsp;3414491 | 1742478 | &nbsp;&nbsp;&nbsp;&nbsp;(228138) | &nbsp;&nbsp;&nbsp;&nbsp;376621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;73665088 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;17382117 | 139247060 | &nbsp;&nbsp;7502830 | 3342409 | &nbsp;&nbsp;&nbsp;&nbsp;(534277) | &nbsp;&nbsp;&nbsp;&nbsp;(178839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;143228642 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;15964324 | 149499545 | &nbsp;&nbsp;7424404 | 3148832 | &nbsp;&nbsp;&nbsp;&nbsp;(135631) | &nbsp;&nbsp;&nbsp;&nbsp;440257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;154215374 |
| Empower U.S. Government Mortgage Securities Fund Institutional Class | &nbsp;&nbsp;13496155 | 107385919 | &nbsp;&nbsp;5338456 | 2589270 | &nbsp;&nbsp;&nbsp;&nbsp;(419500) | &nbsp;&nbsp;&nbsp;&nbsp;533367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;110668472 |
|  |  |  |  |  | &nbsp;&nbsp;(2127588) | &nbsp;&nbsp;&nbsp;&nbsp;(906169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;800311470 |
| **EQUITY MUTUAL FUNDS 29.97%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;2279446 | &nbsp;&nbsp;29529484 | &nbsp;&nbsp;1364047 | 2052564 | &nbsp;&nbsp;&nbsp;1192209 | &nbsp;&nbsp;&nbsp;&nbsp;(165534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;28675433 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;4497654 | &nbsp;&nbsp;28909492 | 13318780 | &nbsp;&nbsp;557429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54505 | &nbsp;&nbsp;(1551765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;40119078 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;6103512 | &nbsp;&nbsp;72389115 | &nbsp;&nbsp;3303364 | 9788471 | &nbsp;&nbsp;&nbsp;2610648 | &nbsp;&nbsp;(1756102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;64147906 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;5624921 | &nbsp;&nbsp;49713720 | 18403606 | &nbsp;&nbsp;795875 | &nbsp;&nbsp;&nbsp;&nbsp;236449 | &nbsp;&nbsp;(4491088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;62830363 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;16183076 | 105294780 | &nbsp;&nbsp;8396107 | 2084996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35280 | &nbsp;&nbsp;&nbsp;&nbsp;866490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;112472381 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;5381180 | &nbsp;&nbsp;53294795 | &nbsp;&nbsp;2450281 | 9594493 | &nbsp;&nbsp;&nbsp;1135966 | &nbsp;&nbsp;&nbsp;&nbsp;235188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;46385771 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;9601702 | &nbsp;&nbsp;82128047 | &nbsp;&nbsp;3897276 | 5880912 | &nbsp;&nbsp;&nbsp;&nbsp;835809 | &nbsp;&nbsp;&nbsp;2718278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;82862689 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;1152228 | &nbsp;&nbsp;16385082 | &nbsp;&nbsp;&nbsp;&nbsp;737981 | 3317686 | &nbsp;&nbsp;&nbsp;&nbsp;506497 | &nbsp;&nbsp;(1234568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;12570809 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;3625945 | &nbsp;&nbsp;30163386 | &nbsp;&nbsp;1396200 | 6559105 | &nbsp;&nbsp;&nbsp;&nbsp;306508 | &nbsp;&nbsp;&nbsp;&nbsp;743729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;25744210 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;6387747 | &nbsp;&nbsp;26462430 | &nbsp;&nbsp;4798865 | &nbsp;&nbsp;707466 | &nbsp;&nbsp;&nbsp;&nbsp;(164697) | &nbsp;&nbsp;&nbsp;&nbsp;(850805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;29703024 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;6749174 | &nbsp;&nbsp;(5486177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;505511664 |

---

------

*March 31, 2026*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** | **Empower Conservative Profile Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 03/31/2026** | **Value<br> 12/31/2025**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Realized Gain<br> Distributions<br> Received** | **Value<br> 03/31/2026** |
| **FIXED INTEREST CONTRACT 22.62%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 381581834 | 369875113 | 17588144 | 7674889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1793466 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;381581834 |
|  |  |  |  |  | &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;0 | &nbsp;&nbsp;1793466 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;381581834 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$4621586** | **$(6392346)** | **$1793466** | **$0** | **$1687404968** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 03/31/2026** | **Value<br> 12/31/2025** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Realized Gain<br> Distributions<br> Received** | **Value<br> 03/31/2026** |
| **BOND MUTUAL FUNDS 32.98%** |  |  |  |  |  |  |  |  |  |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;7673578 | &nbsp;&nbsp;63490171 | &nbsp;&nbsp;4148890 | &nbsp;&nbsp;2807554 | &nbsp;&nbsp;&nbsp;&nbsp;(475498) | &nbsp;&nbsp;&nbsp;&nbsp;317168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;65148675 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;10792126 | &nbsp;&nbsp;81391379 | &nbsp;&nbsp;6292300 | &nbsp;&nbsp;3370698 | &nbsp;&nbsp;&nbsp;&nbsp;(387836) | &nbsp;&nbsp;(1213607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;83099374 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;3702125 | &nbsp;&nbsp;38483971 | &nbsp;&nbsp;2317441 | &nbsp;&nbsp;1719809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;39094435 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;4768170 | &nbsp;&nbsp;42248000 | &nbsp;&nbsp;2573121 | &nbsp;&nbsp;1890311 | &nbsp;&nbsp;&nbsp;&nbsp;(274481) | &nbsp;&nbsp;&nbsp;&nbsp;364170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;43294980 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;10234400 | &nbsp;&nbsp;82291848 | &nbsp;&nbsp;5478820 | &nbsp;&nbsp;3588833 | &nbsp;&nbsp;&nbsp;&nbsp;(569815) | &nbsp;&nbsp;&nbsp;&nbsp;149620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;84331455 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;3763610 | &nbsp;&nbsp;35375794 | &nbsp;&nbsp;2205431 | &nbsp;&nbsp;1349842 | &nbsp;&nbsp;&nbsp;&nbsp;(52749) | &nbsp;&nbsp;&nbsp;&nbsp;125090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;36356473 |
| Empower U.S. Government Mortgage Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;7944134 | &nbsp;&nbsp;63445346 | &nbsp;&nbsp;3957284 | &nbsp;&nbsp;2771573 | &nbsp;&nbsp;&nbsp;&nbsp;(439517) | &nbsp;&nbsp;&nbsp;&nbsp;510845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;65141902 |
|  |  |  |  |  | &nbsp;&nbsp;(2155044) | &nbsp;&nbsp;&nbsp;&nbsp;266118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;416467294 |
| **EQUITY MUTUAL FUNDS 44.98%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;2758470 | &nbsp;&nbsp;35865528 | &nbsp;&nbsp;2108797 | &nbsp;&nbsp;2888645 | &nbsp;&nbsp;&nbsp;1621635 | &nbsp;&nbsp;&nbsp;&nbsp;(384128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;34701552 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;5468083 | &nbsp;&nbsp;35113461 | 16778963 | &nbsp;&nbsp;1100284 | &nbsp;&nbsp;&nbsp;&nbsp;206204 | &nbsp;&nbsp;(2016835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;48775305 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;7392505 | &nbsp;&nbsp;88210152 | &nbsp;&nbsp;5187946 | 13243154 | &nbsp;&nbsp;&nbsp;3469026 | &nbsp;&nbsp;(2459721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;77695223 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;6813438 | &nbsp;&nbsp;60486935 | 23016446 | &nbsp;&nbsp;1745719 | &nbsp;&nbsp;&nbsp;&nbsp;483344 | &nbsp;&nbsp;(5651557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;76106105 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;19628745 | 128124494 | 11884664 | &nbsp;&nbsp;4468542 | &nbsp;&nbsp;&nbsp;&nbsp;206613 | &nbsp;&nbsp;&nbsp;&nbsp;879165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;136419781 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;6515887 | &nbsp;&nbsp;64855469 | &nbsp;&nbsp;3843912 | 12537572 | &nbsp;&nbsp;&nbsp;1656777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;56166944 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;6466403 | &nbsp;&nbsp;55519023 | &nbsp;&nbsp;3353210 | &nbsp;&nbsp;4974035 | &nbsp;&nbsp;&nbsp;&nbsp;507147 | &nbsp;&nbsp;&nbsp;1906859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;55805057 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;1390852 | &nbsp;&nbsp;19935724 | &nbsp;&nbsp;1168880 | &nbsp;&nbsp;4530689 | &nbsp;&nbsp;&nbsp;&nbsp;513108 | &nbsp;&nbsp;(1399724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;15174191 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;4395310 | &nbsp;&nbsp;36831450 | &nbsp;&nbsp;2208333 | &nbsp;&nbsp;8750116 | &nbsp;&nbsp;&nbsp;&nbsp;346419 | &nbsp;&nbsp;&nbsp;&nbsp;917036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;31206703 |

---

------

*March 31, 2026*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** | **Empower Moderately Conservative Profile Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 03/31/2026** | **Value<br> 12/31/2025**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Realized Gain<br> Distributions<br> Received** | **Value<br> 03/31/2026** |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;7729748 | &nbsp;&nbsp;32266976 | &nbsp;&nbsp;6104878 | &nbsp;&nbsp;1527111 | &nbsp;&nbsp;&nbsp;&nbsp;(333098) | &nbsp;&nbsp;&nbsp;&nbsp;(901414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;35943329 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;8677175 | &nbsp;&nbsp;(9105184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;567994190 |
| **FIXED INTEREST CONTRACT 22.07%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 278708736 | 270919048 | 16477248 | &nbsp;&nbsp;9999044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1311484 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;278708736 |
|  |  |  |  |  | &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;0 | &nbsp;&nbsp;1311484 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;278708736 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$6522131** | **$(8839066)** | **$1311484** | **$0** | **$1263170220** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 03/31/2026** | **Value<br> 12/31/2025** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Realized Gain<br> Distributions<br> Received** | **Value<br> 03/31/2026** |
| **BOND MUTUAL FUNDS 23.95%** |  |  |  |  |  |  |  |  |  |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;11337370 | &nbsp;&nbsp;95018191 | &nbsp;&nbsp;3296658 | &nbsp;&nbsp;2282339 | &nbsp;&nbsp;&nbsp;&nbsp;(451701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;96254271 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;15956591 | 121897897 | &nbsp;&nbsp;5673311 | &nbsp;&nbsp;2674100 | &nbsp;&nbsp;&nbsp;&nbsp;(330883) | &nbsp;&nbsp;&nbsp;(2031360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;122865748 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;5469348 | &nbsp;&nbsp;57589178 | &nbsp;&nbsp;1723498 | &nbsp;&nbsp;1401754 | &nbsp;&nbsp;&nbsp;&nbsp;251909 | &nbsp;&nbsp;&nbsp;&nbsp;(154604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;57756318 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;7044677 | &nbsp;&nbsp;63227481 | &nbsp;&nbsp;1907751 | &nbsp;&nbsp;1419567 | &nbsp;&nbsp;&nbsp;&nbsp;(115737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;63965664 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;15106736 | 123037947 | &nbsp;&nbsp;4419337 | &nbsp;&nbsp;2701597 | &nbsp;&nbsp;&nbsp;&nbsp;(333972) | &nbsp;&nbsp;&nbsp;&nbsp;(276185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;124479502 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;5545466 | &nbsp;&nbsp;52796342 | &nbsp;&nbsp;1679490 | &nbsp;&nbsp;1066452 | &nbsp;&nbsp;&nbsp;&nbsp;(51058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;53569198 |
| Empower U.S. Government Mortgage Securities Fund Institutional Class | &nbsp;&nbsp;11737048 | &nbsp;&nbsp;94950974 | &nbsp;&nbsp;3012655 | &nbsp;&nbsp;2263525 | &nbsp;&nbsp;&nbsp;&nbsp;(432887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;96243796 |
|  |  |  |  |  | &nbsp;&nbsp;(1464329) | &nbsp;&nbsp;&nbsp;(1286879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;615134497 |
| **EQUITY MUTUAL FUNDS 60.03%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;7766687 | 102303824 | &nbsp;&nbsp;2989430 | &nbsp;&nbsp;9874762 | &nbsp;&nbsp;&nbsp;1344263 | &nbsp;&nbsp;&nbsp;&nbsp;2286435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;97704927 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;15359052 | 100158662 | 44103413 | &nbsp;&nbsp;2906354 | &nbsp;&nbsp;&nbsp;&nbsp;(774495) | &nbsp;&nbsp;&nbsp;(4352979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;137002742 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;20796193 | 251081798 | &nbsp;&nbsp;7234861 | 39745490 | &nbsp;&nbsp;&nbsp;3030205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;218567991 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;19168220 | 172226665 | 60088759 | &nbsp;&nbsp;3353315 | &nbsp;&nbsp;&nbsp;&nbsp;189067 | &nbsp;&nbsp;(14853096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;214109013 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;55190304 | 365085297 | 22338970 | &nbsp;&nbsp;6070057 | &nbsp;&nbsp;&nbsp;&nbsp;988305 | &nbsp;&nbsp;&nbsp;&nbsp;2218400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;383572610 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;18336932 | 184738770 | &nbsp;&nbsp;5360827 | 41562308 | &nbsp;&nbsp;(4715196) | &nbsp;&nbsp;&nbsp;&nbsp;9527065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;158064354 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;11683098 | 101626246 | &nbsp;&nbsp;3050439 | &nbsp;&nbsp;9147355 | &nbsp;&nbsp;&nbsp;&nbsp;(856594) | &nbsp;&nbsp;&nbsp;&nbsp;5295808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;100825138 |

---

------

*March 31, 2026*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** | **Empower Moderate Profile Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 03/31/2026** | **Value<br> 12/31/2025**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Realized Gain<br> Distributions<br> Received** | **Value<br> 03/31/2026** |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;3926219 | &nbsp;&nbsp;56762465 | &nbsp;&nbsp;1612760 | 13423460 | &nbsp;&nbsp;&nbsp;&nbsp;(363685) | &nbsp;&nbsp;&nbsp;(2116719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;42835046 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;12356245 | 104786074 | &nbsp;&nbsp;3059732 | 25237315 | &nbsp;&nbsp;(1440586) | &nbsp;&nbsp;&nbsp;&nbsp;5120851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;87729342 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;21767630 | &nbsp;&nbsp;91961212 | 14565147 | &nbsp;&nbsp;3837387 | &nbsp;&nbsp;(2016801) | &nbsp;&nbsp;&nbsp;(1469490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;101219482 |
|  |  |  |  |  | &nbsp;&nbsp;(4615517) | &nbsp;&nbsp;&nbsp;&nbsp;1653097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1541630645 |
| **FIXED INTEREST CONTRACT 16.05%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 412170919 | 405999113 | 12242345 | &nbsp;&nbsp;8028138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1957599 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;412170919 |
|  |  |  |  |  | &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;0 | &nbsp;&nbsp;1957599 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;412170919 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(6079846)** | &nbsp;&nbsp;&nbsp;&nbsp;**$366218** | **$1957599** | **$0** | **$2568936061** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 03/31/2026** | **Value<br> 12/31/2025** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Realized Gain<br> Distributions<br> Received** | **Value<br> 03/31/2026** |
| **BOND MUTUAL FUNDS 17.99%** |  |  |  |  |  |  |  |  |  |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;4641912 | &nbsp;&nbsp;39263449 | &nbsp;&nbsp;1096841 | &nbsp;&nbsp;1036540 | &nbsp;&nbsp;&nbsp;&nbsp;(176821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;39409830 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;6536510 | &nbsp;&nbsp;50394624 | &nbsp;&nbsp;2001000 | &nbsp;&nbsp;1251577 | &nbsp;&nbsp;&nbsp;&nbsp;(150592) | &nbsp;&nbsp;&nbsp;&nbsp;(812917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;50331130 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;2247126 | &nbsp;&nbsp;23877716 | &nbsp;&nbsp;&nbsp;&nbsp;555959 | &nbsp;&nbsp;&nbsp;&nbsp;733169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;23729655 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;2890043 | &nbsp;&nbsp;26178763 | &nbsp;&nbsp;&nbsp;&nbsp;615912 | &nbsp;&nbsp;&nbsp;&nbsp;701677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;26241588 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;6200087 | &nbsp;&nbsp;50963293 | &nbsp;&nbsp;1485196 | &nbsp;&nbsp;1323588 | &nbsp;&nbsp;&nbsp;&nbsp;(209011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;51088715 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;5209742 | &nbsp;&nbsp;50059127 | &nbsp;&nbsp;1257173 | &nbsp;&nbsp;1141900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;50326109 |
| Empower U.S. Government Mortgage Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;4805562 | &nbsp;&nbsp;39235571 | &nbsp;&nbsp;&nbsp;&nbsp;980719 | &nbsp;&nbsp;1022653 | &nbsp;&nbsp;&nbsp;&nbsp;(162934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;39405607 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(820987) | &nbsp;&nbsp;&nbsp;&nbsp;(221605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;280532634 |
| **EQUITY MUTUAL FUNDS 73.02%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;5844348 | &nbsp;&nbsp;77670392 | &nbsp;&nbsp;1765989 | &nbsp;&nbsp;5495124 | &nbsp;&nbsp;&nbsp;3249575 | &nbsp;&nbsp;&nbsp;&nbsp;(419363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;73521894 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;11564934 | &nbsp;&nbsp;76048149 | 32678881 | &nbsp;&nbsp;1807562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60954) | &nbsp;&nbsp;&nbsp;(3760252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;103159216 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;15655935 | 190796733 | &nbsp;&nbsp;4294556 | 25446543 | &nbsp;&nbsp;&nbsp;7508094 | &nbsp;&nbsp;&nbsp;(5100871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;164543875 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;14431603 | 130894418 | 44295375 | &nbsp;&nbsp;2099960 | &nbsp;&nbsp;&nbsp;&nbsp;847775 | &nbsp;&nbsp;(11888827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;161201006 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;41597585 | 277446306 | 15158841 | &nbsp;&nbsp;7099584 | &nbsp;&nbsp;(1039334) | &nbsp;&nbsp;&nbsp;&nbsp;3597655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;289103218 |

---

------

*March 31, 2026*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** | **Empower Moderately Aggressive Profile Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 03/31/2026** | **Value<br> 12/31/2025**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Realized Gain<br> Distributions<br> Received** | **Value<br> 03/31/2026** |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;13802288 | 140396190 | &nbsp;&nbsp;3182154 | 27151454 | &nbsp;&nbsp;&nbsp;1180529 | &nbsp;&nbsp;&nbsp;&nbsp;2548837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;118975727 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;6204249 | &nbsp;&nbsp;54462264 | &nbsp;&nbsp;1271803 | &nbsp;&nbsp;4230304 | &nbsp;&nbsp;&nbsp;&nbsp;364204 | &nbsp;&nbsp;&nbsp;&nbsp;2038907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;53542670 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;2950161 | &nbsp;&nbsp;43141614 | &nbsp;&nbsp;&nbsp;&nbsp;960270 | &nbsp;&nbsp;8975548 | &nbsp;&nbsp;&nbsp;1093932 | &nbsp;&nbsp;&nbsp;(2940077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;32186259 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;9306459 | &nbsp;&nbsp;79614310 | &nbsp;&nbsp;1819025 | 17520950 | &nbsp;&nbsp;&nbsp;&nbsp;686112 | &nbsp;&nbsp;&nbsp;&nbsp;2163477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;66075862 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;16378599 | &nbsp;&nbsp;69937077 | 10386152 | &nbsp;&nbsp;2564535 | &nbsp;&nbsp;(1010005) | &nbsp;&nbsp;&nbsp;(1598208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;76160486 |
|  |  |  |  |  | &nbsp;&nbsp;12819928 | &nbsp;&nbsp;(15358722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1138470213 |
| **FIXED INTEREST CONTRACT 9.02%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 140609025 | 139785990 | &nbsp;&nbsp;3287497 | &nbsp;&nbsp;3135511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;671049 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;140609025 |
|  |  |  |  |  | &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;0 | &nbsp;&nbsp;671049 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;140609025 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$11998941** | **$(15580327)** | **$671049** | **$0** | **$1559611872** |
| **Empower Aggressive Profile Fund** | **Empower Aggressive Profile Fund** | **Empower Aggressive Profile Fund** | **Empower Aggressive Profile Fund** | **Empower Aggressive Profile Fund** | **Empower Aggressive Profile Fund** | **Empower Aggressive Profile Fund** | **Empower Aggressive Profile Fund** | **Empower Aggressive Profile Fund** | **Empower Aggressive Profile Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 03/31/2026** | **Value<br> 12/31/2025** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Realized Gain<br> Distributions<br> Received** | **Value<br> 03/31/2026** |
| **EQUITY MUTUAL FUNDS 100.04%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;4856087 | &nbsp;&nbsp;65011911 | &nbsp;&nbsp;1424942 | &nbsp;&nbsp;4809088 | &nbsp;&nbsp;&nbsp;2889461 | &nbsp;&nbsp;&nbsp;&nbsp;(538195) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;61089570 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;9609720 | &nbsp;&nbsp;63647495 | 27209981 | &nbsp;&nbsp;1919146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4644 | &nbsp;&nbsp;&nbsp;(3219625) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;85718705 |
| Empower International Value Fund Institutional Class | 13003922 | 159604467 | &nbsp;&nbsp;3516181 | 22201607 | &nbsp;&nbsp;&nbsp;6221417 | &nbsp;&nbsp;&nbsp;(4247816) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;136671225 |
| Empower Large Cap Growth Fund Institutional Class | 11985885 | 109438301 | 36902478 | &nbsp;&nbsp;2287501 | &nbsp;&nbsp;&nbsp;&nbsp;921521 | &nbsp;&nbsp;(10170940) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;133882338 |
| Empower Large Cap Value Fund Institutional Class | 34505265 | 231862420 | 12291490 | &nbsp;&nbsp;7472248 | &nbsp;&nbsp;(1025367) | &nbsp;&nbsp;&nbsp;&nbsp;3129931 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;239811593 |
| Empower Mid Cap Value Fund Institutional Class | 11466092 | 117441475 | &nbsp;&nbsp;2608620 | 23857043 | &nbsp;&nbsp;&nbsp;&nbsp;448635 | &nbsp;&nbsp;&nbsp;&nbsp;2644657 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;98837709 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;3162964 | &nbsp;&nbsp;27963969 | &nbsp;&nbsp;&nbsp;&nbsp;629577 | &nbsp;&nbsp;2288140 | &nbsp;&nbsp;&nbsp;&nbsp;241599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990972 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;27296378 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;2455025 | &nbsp;&nbsp;36067892 | &nbsp;&nbsp;&nbsp;&nbsp;795402 | &nbsp;&nbsp;7710739 | &nbsp;&nbsp;&nbsp;&nbsp;814787 | &nbsp;&nbsp;&nbsp;(2368235) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;26784320 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;7726768 | &nbsp;&nbsp;66635005 | &nbsp;&nbsp;1499400 | 15057625 | &nbsp;&nbsp;&nbsp;&nbsp;578373 | &nbsp;&nbsp;&nbsp;&nbsp;1783271 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;54860051 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 13611658 | &nbsp;&nbsp;58482776 | &nbsp;&nbsp;8668977 | &nbsp;&nbsp;2502985 | &nbsp;&nbsp;&nbsp;&nbsp;(841089) | &nbsp;&nbsp;&nbsp;(1354557) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;63294211 |
|  |  |  |  |  | &nbsp;&nbsp;10253981 | &nbsp;&nbsp;(13350537) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;928246100 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$10253981** | **$(13350537)** | **$0** | **$0** | **$928246100** |

---

------

*March 31, 2026*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenwood Village

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80111

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

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

- **a. Name of Series:** Empower Moderately Aggressive Profile Fund

- **b. EDGAR series identifier (if any):** S000023751

- **c. LEI of Series:** 549300YVRLHN4K6DRH20

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1558922908.69

**Total Liabilities:** $1655221.68

**Net Assets:** $1557267687.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069828 | 2.82%                | 2.22%                | -5.10%               |
| Class ID C000155777 | 2.83%                | 2.31%                | -5.13%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5673.30                 | $43120879.15                               |
| Month 2  | $219833.13               | $36751835.82                               |
| Month 3  | $11998941.34             | $-95438086.91                              |

### Schedule of Portfolio Investments

| Name              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EMPOWER FUNDS INC | LOOMIS SAYLES BOND INST        | CUSIP: 39137E244<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |   6192926 | NS      | $51029704.00  | 3.28%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | MFS INTL VALUE FUND-INST       | CUSIP: 39137E442<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |  15638098 | NS      | $164356400.00 | 10.55%            |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | INFL-PROTECT SEC FUND INST CL  | CUSIP: 39137G298<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | RF                | US        |   2886694 | NS      | $26211182.00  | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | EM EQUITY FUND INST CL         | CUSIP: 39137G330<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | RF                | US        |   5837397 | NS      | $73434456.00  | 4.72%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | LARGE CAP VALUE-INST           | CUSIP: 39137E251<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |  41549876 | NS      | $288771648.00 | 18.54%            |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | TEMPLETON GBL BOND FUND-INST   | CUSIP: 39137E285<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |   6528940 | NS      | $50272840.00  | 3.23%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | TROWE PRICE MIDCAP GROWTH-INST | CUSIP: 39137E293<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |  16359796 | NS      | $76073048.00  | 4.89%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | SMALL CAP VALUE FUND-INST      | CUSIP: 39137E335<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |   9295893 | NS      | $66000840.00  | 4.24%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | MFS INTL GROWTH FUND-INST      | CUSIP: 39137E467<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |  11551623 | NS      | $103040472.00 | 6.62%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | MULTI-MAN LRG CAP GROWTH-INST  | CUSIP: 39137E475<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |  14414820 | NS      | $161013536.00 | 10.34%            |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | US GOVT MTGE SEC-INST          | CUSIP: 39137E517<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |   4800011 | NS      | $39360088.00  | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | MULTI MGR SCG FUND INST        | CUSIP: 39137G736<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |   2946731 | NS      | $32148838.00  | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER           | GUARANTEED FUNDING ACCOUNT     | CUSIP: GPFMAX211<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  91789496 | NS      | $140447104.00 | 9.02%             | 2026-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | SHORT DURATION BOND FUND-INST  | CUSIP: 39137E319<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |   5203745 | NS      | $50268176.00  | 3.23%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | REAL ESTATE INDEX FUND-INST    | CUSIP: 39137E343<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |   6196952 | NS      | $53479700.00  | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | GS MID CAP VALUE FUND-INST     | CUSIP: 39137E426<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |  13786343 | NS      | $118838272.00 | 7.63%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | FEDERATED BOND FUND-INST       | CUSIP: 39137E459<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |   4636550 | NS      | $39364312.00  | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPOWER FUNDS INC | HIGH YIELD BOND-INST           | CUSIP: 39137E483<br>LEI: RUYOMHMDMSPQ01U66388 | Long             | EC               | CORP              | US        |   2244520 | NS      | $23702128.00  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

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