# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-232064
**Filing Date:** 2026-5
**Character Count:** 22734
**Document Hash:** 10b1eff81b6abcfca487aa1b0b9faf4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-232064.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001193125-26-232064

**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:** 261002485

**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 SecureFoundation Balanced ETF Fund (Series ID: S000033818)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000104467 | Class A      | SFBPX           |

## Nport-Ex

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

---

| | |
|:---|:---|
| **Empower SecureFoundation® Balanced Fund** | &nbsp;&nbsp;&nbsp;**Empower SecureFoundation® Balanced ETF<br> Fund** |
| **Institutional Class Ticker / MXCJX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / SFBPX** |
| **Investor Class Ticker / MXSBX** |  |
| **Service Class Ticker / MXSHX** |  |
| **Class L Ticker / MXLDX** |  |

---

<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 SECUREFOUNDATION® BALANCED 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** |
| 29875352 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$247367915 |
| **TOTAL BOND MUTUAL FUNDS — 35.04%<br> (Cost $275,361,590)** | **TOTAL BOND MUTUAL FUNDS — 35.04%<br> (Cost $275,361,590)** | &nbsp;&nbsp;&nbsp;**$247367915** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;7508919 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 98517018 |
| 16073458 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;162663398 |
| 10180739 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 76151924 |
| &nbsp;&nbsp;9236560 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54495704 |
| &nbsp;&nbsp;2225881 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31496226 |
| **TOTAL EQUITY MUTUAL FUNDS — 59.97%<br> (Cost $379,837,180)** | **TOTAL EQUITY MUTUAL FUNDS — 59.97%<br> (Cost $379,837,180)** | &nbsp;&nbsp;&nbsp;**$423324270** |

---

---

| | |
|:---|:---|
| **Account Balance** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 35445364<sup>(b)</sup> Empower of America Contract<sup>(a)</sup> 1.95%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35445364 |
| **TOTAL FIXED INTEREST CONTRACT — 5.02%<br> (Cost $35,445,364)** | &nbsp;&nbsp;&nbsp;**$35445364** |
| **TOTAL INVESTMENTS — 100.03%<br> (Cost $690,644,134)** | &nbsp;&nbsp;&nbsp;**$706137549** |
| **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(242513)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$705895036** |

---

<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 SECUREFOUNDATION® BALANCED ETF FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND EXCHANGE TRADED FUNDS** | **BOND EXCHANGE TRADED FUNDS** | **BOND EXCHANGE TRADED FUNDS** |
| 88958 | Vanguard Total Bond Market ETF | &nbsp;&nbsp;&nbsp;$6550867 |
| **TOTAL BOND EXCHANGE TRADED FUNDS — 40.14%<br> (Cost $6,932,702)** | **TOTAL BOND EXCHANGE TRADED FUNDS — 40.14%<br> (Cost $6,932,702)** | &nbsp;&nbsp;&nbsp;**$6550867** |
| **EQUITY EXCHANGE TRADED FUNDS** | **EQUITY EXCHANGE TRADED FUNDS** | **EQUITY EXCHANGE TRADED FUNDS** |
| 35638 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2283683 |
| 13940 | Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 753457 |
| 14714 | Vanguard Russell 2000 ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1473902 |
| &nbsp;&nbsp;5615 | Vanguard S&P 500® ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355243 |
| 16416 | Vanguard S&P Mid-Cap 400® ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876677 |
| **TOTAL EQUITY EXCHANGE TRADED FUNDS — 59.70%<br> (Cost $6,856,475)** | **TOTAL EQUITY EXCHANGE TRADED FUNDS — 59.70%<br> (Cost $6,856,475)** | &nbsp;&nbsp;&nbsp;**$9742962** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 397779 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(b)</sup>, 3.60%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;$397779 |
| &nbsp;&nbsp;27384 Federated Hermes Government Obligations Fund Institutional Class, 3.53%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27384 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.61%<br> (Cost $425,163)** | &nbsp;&nbsp;&nbsp;&nbsp;**$425163** |
| **TOTAL INVESTMENTS — 102.45%<br> (Cost $14,214,340)** | &nbsp;&nbsp;&nbsp;**$16718992** |
| **OTHER ASSETS & LIABILITIES, NET — (2.45)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(400440)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$16318552** |

---

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

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

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

<sup>ETF</sup> Exchange Traded Fund

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.

### Notes to Schedule of Investments (Unaudited)

------

<u>Security Valuation</u>

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

Investments in fixed interest contracts issued by Empower 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").

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. 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>** |
| Exchange Traded Funds | Exchange traded close price |
| Government Money Market Mutual Funds | Net asset value of underlying mutual fund |

---

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

------

*March 31, 2026*

------

As of March 31, 2026, each Fund's investments in the underlying ETFs, underlying mutual funds and Government Money Market Mutual Funds are valued using Level 1 inputs. Investments in the Empower of America Contract and short term securities are valued using Level 2 inputs. More information regarding the 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>

The Empower SecureFoundation® Balanced 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 Fund. 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 Fund is 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.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower SecureFoundation® Balanced Fund** | **Empower SecureFoundation® Balanced Fund** | **Empower SecureFoundation® Balanced Fund** | **Empower SecureFoundation® Balanced Fund** | **Empower SecureFoundation® Balanced Fund** | **Empower SecureFoundation® Balanced Fund** | **Empower SecureFoundation® Balanced Fund** | **Empower SecureFoundation® Balanced Fund** | **Empower SecureFoundation® Balanced Fund** | **Empower SecureFoundation® Balanced 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 35.04%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | 29875352 | 256409621 | &nbsp;&nbsp;2539638 | 14702734 | &nbsp;&nbsp;(3047793) | &nbsp;&nbsp;&nbsp;3121390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;247367915 |
|  |  |  |  |  | &nbsp;&nbsp;(3047793) | &nbsp;&nbsp;&nbsp;3121390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;247367915 |
| **EQUITY MUTUAL FUNDS 55.51%** |  |  |  |  |  |  |  |  |  |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;7508919 | 103013475 | &nbsp;&nbsp;&nbsp;&nbsp;469066 | &nbsp;&nbsp;3470966 | &nbsp;&nbsp;&nbsp;2610861 | &nbsp;&nbsp;(1494557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;98517018 |
| Empower S&P 500® Index Fund Institutional Class | 16073458 | 154134302 | 22046385 | &nbsp;&nbsp;6750598 | &nbsp;&nbsp;&nbsp;&nbsp;369178 | &nbsp;&nbsp;(6766691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;162663398 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | 10180739 | &nbsp;&nbsp;85194144 | &nbsp;&nbsp;&nbsp;&nbsp;391346 | 14959356 | &nbsp;&nbsp;(3526749) | &nbsp;&nbsp;&nbsp;5525790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;76151924 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;9236560 | &nbsp;&nbsp;65991781 | &nbsp;&nbsp;&nbsp;&nbsp;303542 | 17322331 | &nbsp;&nbsp;(3610319) | &nbsp;&nbsp;&nbsp;5522712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;54495704 |
|  |  |  |  |  | &nbsp;&nbsp;(4157029) | &nbsp;&nbsp;&nbsp;2787254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;391828044 |
| **FIXED INTEREST CONTRACT 5.02%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 35445364 | &nbsp;&nbsp;36704737 | &nbsp;&nbsp;&nbsp;&nbsp;232392 | &nbsp;&nbsp;1664991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;173226 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;35445364 |
|  |  |  |  |  | &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;173226 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;35445364 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(7204822)** | **$5908644** | **$173226** | **$0** | **$674641323** |

---

------

*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 SecureFoundation Balanced ETF Fund

- **b. EDGAR series identifier (if any):** S000033818

- **c. LEI of Series:** 549300BFQR1D41WWQH69

**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:** $16321951.17

**Total Liabilities:** $3399.34

**Net Assets:** $16318551.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000104467 | 2.34%                | 1.95%                | -4.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $411653.91                                 |
| Month 2  | $168302.84               | $156030.35                                 |
| Month 3  | $182872.30               | $-807931.07                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Instl Resv             | Dreyfus Instl Resv PFD GOVT INSTL                                    | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        |    397779 | PA      | $397778.97    | 2.44%             | 2026-04-01      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| VANGUARD ADMIRAL FDS INC       | VANGUARD A S+P MIDCAP 400 INDEX FDVANGUARD S+P MID-CAP 400 ETF       | CUSIP: 921932885<br>LEI: 5493002789CX3L0CJP65 | Long             | EC               | CORP              | US        |     16416 | NS      | $1876677.13   | 11.50%            |  |  |  | No            |                  2 | On Loan: —       |
| VANGUARD INDEX FUNDS           | VANGUARD FTSE EMERGING MARKETS ETFVANGUARD FTSE EMERGING MARKETS ETF | CUSIP: 922042858<br>LEI: 5493002789CX3L0CJP65 | Long             | EC               | CORP              | US        |     13688 | NS      | $739836.38    | 4.53%             |  |  |  | No            |                  2 | On Loan: —       |
| Vanguard Scottsdale Funds      | Vanguard Scottsdale Funds VNG RUS2000IDX                             | CUSIP: 92206C664<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     14714 | NS      | $1473901.38   | 9.03%             |  |  |  | No            |                  2 | On Loan: —       |
| VANGUARD INDEX FUNDS           | S&P 500 ETF                                                          | CUSIP: 922908363<br>LEI: 5493002789CX3L0CJP65 | Long             | EC               | CORP              | US        |      5600 | NS      | $3346280.00   | 20.51%            |  |  |  | No            |                  2 | On Loan: No      |
| FEDERATED                      | GOVERNMENT OBLIGATIONS IS #5                                         | CUSIP: 60934N104<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     27384 | NS      | $27384.24     | 0.17%             | N/A             | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| VANGUARD                       | TOTAL BOND MARKET ETF                                                | CUSIP: 921937835<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85947 | NS      | $6329137.00   | 38.78%            |  |  |  | No            |                  2 | On Loan: No      |
| VANGUARD FTSE DEVELOPED MARKET | COMMON STOCK                                                         | CUSIP: 921943858<br>LEI: 5493002789CX3L0CJP65 | Long             | EC               | CORP              | US        |     34952 | NS      | $2239724.25   | 13.73%            |  |  |  | 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.