# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-232068
**Filing Date:** 2026-5
**Character Count:** 154137
**Document Hash:** ab55ae73138bb607d1c25fec7e4b985d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-232068.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001193125-26-232068

**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:** 261002492

**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 T. Rowe Price Mid Cap Growth Fund (Series ID: S000023733)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069810 | Investor Class      | MXMGX           |
| C000155760 | Institutional Class | MXYKX           |

## Nport-Ex

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

---

| | |
|:---|:---|
| **Empower Mid Cap Value Fund** | &nbsp;&nbsp;&nbsp;**Empower S&P Mid Cap 400® Index Fund** |
| **Institutional Class Ticker / MXKJX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXNZX** |
| **Investor Class Ticker / MXMVX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXMDX** |
|  | &nbsp;&nbsp;&nbsp;**Class L Ticker / MXBUX** |
| **Empower T. Rowe Price Mid Cap Growth Fund** |  |
| **Institutional Class / MXYKX** |  |
| **Investor Class Ticker / MXMGX** |  |

---

<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 MID CAP VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 3.22% | Basic Materials — 3.22% | Basic Materials — 3.22% |
| &nbsp;&nbsp;14073 | Albemarle Corp | &nbsp;&nbsp;&nbsp;$2526526 |
| &nbsp;&nbsp;73322 | Alcoa Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4863448 |
| &nbsp;&nbsp;&nbsp;&nbsp;9070 | Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp; 883055 |
| 303776 | Axalta Coating Systems Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8414595 |
| &nbsp;&nbsp;&nbsp;&nbsp;8576 | DuPont de Nemours Inc | &nbsp;&nbsp;&nbsp;&nbsp; 392781 |
| &nbsp;&nbsp;22687 | International Flavors & Fragrances Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1645942 |
| &nbsp;&nbsp;&nbsp;&nbsp;9307 | Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614039 |
| 277334 | Mosaic Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072017 |
| &nbsp;&nbsp;&nbsp;&nbsp;1343 | NewMarket Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860796 |
| &nbsp;&nbsp;21582 | Olin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31914832 |
| Communications — 6.47% | Communications — 6.47% | Communications — 6.47% |
| &nbsp;&nbsp;21179 | Charter Communications Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572122 |
| 133980 | Corning Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18217260 |
| 120967 | Fox Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064473 |
| &nbsp;&nbsp;42585 | Fox Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261264 |
| 222820 | Gen Digital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195701 |
| 260182 | Match Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7990189 |
| &nbsp;&nbsp;&nbsp;&nbsp;5263 | Motorola Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283984 |
| &nbsp;&nbsp;21370 | Omnicom Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609375 |
| &nbsp;&nbsp;42477 | Reddit Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719528 |
| &nbsp;&nbsp;29345 | Roku Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776624 |
| &nbsp;&nbsp;35555 | T-Mobile US Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64158136 |
| Consumer, Cyclical — 15.07% | Consumer, Cyclical — 15.07% | Consumer, Cyclical — 15.07% |
| 214508 | Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8696154 |
| &nbsp;&nbsp;42836 | AutoNation Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364157 |
| &nbsp;&nbsp;&nbsp;&nbsp;9122 | BJ's Wholesale Club Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897787 |
| 162337 | BorgWarner Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8808406 |
| &nbsp;&nbsp;58182 | Brunswick Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233323 |
| &nbsp;&nbsp;98127 | CarMax Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080121 |
| &nbsp;&nbsp;14255 | Casey's General Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10375644 |
| &nbsp;&nbsp;42489 | Chipotle Mexican Grill Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360073 |
| &nbsp;&nbsp;55527 | Crocs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4609852 |
| &nbsp;&nbsp;&nbsp;&nbsp;3605 | Cummins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939562 |
| &nbsp;&nbsp;63721 | Delta Air Lines Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236172 |
| 132109 | Dolby Laboratories Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934466 |
| &nbsp;&nbsp;43657 | Dollar General Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5183395 |
| &nbsp;&nbsp;&nbsp;&nbsp;8739 | Domino's Pizza Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135466 |
| &nbsp;&nbsp;80764 | DR Horton Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11082436 |
| &nbsp;&nbsp;24217 | Ferguson Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5648857 |
| &nbsp;&nbsp;&nbsp;&nbsp;7782 | Five Below Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778031 |
| &nbsp;&nbsp;38256 | GameStop Corp Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881418 |
| 377286 | Gentex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8243699 |
| 144541 | Mattel Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100181 |
| &nbsp;&nbsp;84506 | Ollie's Bargain Outlet Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7777932 |
| &nbsp;&nbsp;18377 | PACCAR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122544 |
| &nbsp;&nbsp;25366 | Ralph Lauren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725650 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;98060 | Rivian Automotive Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1475803 |
| &nbsp;&nbsp;49284 | Thor Industries Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3937299 |
| 109123 | United Airlines Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10046955 |
| 162089 | VF Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2753892 |
| &nbsp;&nbsp;24784 | Watsco Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9016171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149445446 |
| Consumer, Non-Cyclical — 11.77% | Consumer, Non-Cyclical — 11.77% | Consumer, Non-Cyclical — 11.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;6837 | Albertsons Cos Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116502 |
| &nbsp;&nbsp;16870 | Align Technology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892024 |
| &nbsp;&nbsp;18378 | Bio-Techne Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960434 |
| &nbsp;&nbsp;18431 | Boston Beer Co Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246503 |
| &nbsp;&nbsp;90863 | Boston Scientific Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701653 |
| &nbsp;&nbsp;48748 | Bright Horizons Family Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003673 |
| 196508 | Certara Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120096 |
| &nbsp;&nbsp;&nbsp;&nbsp;8972 | Chemed Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389083 |
| &nbsp;&nbsp;&nbsp;&nbsp;8673 | Coca-Cola Consolidated Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662961 |
| 104514 | CVS Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7506195 |
| &nbsp;&nbsp;53810 | elf Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261424 |
| &nbsp;&nbsp;85746 | Encompass Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8294210 |
| &nbsp;&nbsp;33246 | Euronet Worldwide Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206537 |
| &nbsp;&nbsp;86954 | GE HealthCare Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6189386 |
| &nbsp;&nbsp;39603 | Globus Medical Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412195 |
| &nbsp;&nbsp;12018 | Grand Canyon Education Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043420 |
| &nbsp;&nbsp;46095 | MarketAxess Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7604753 |
| &nbsp;&nbsp;24120 | Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089998 |
| 104929 | Moderna Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330393 |
| &nbsp;&nbsp;49341 | Quest Diagnostics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9669849 |
| &nbsp;&nbsp;&nbsp;&nbsp;2769 | Regeneron Pharmaceuticals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139440 |
| 107703 | Sotera Health Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544461 |
| &nbsp;&nbsp;&nbsp;&nbsp;8642 | Sysco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616434 |
| &nbsp;&nbsp;24887 | Tenet Healthcare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696426 |
| 152925 | Tyson Foods Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9797905 |
| &nbsp;&nbsp;&nbsp;&nbsp;3745 | UnitedHealth Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013360 |
| &nbsp;&nbsp;45101 | Universal Health Services Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8071726 |
| &nbsp;&nbsp;28286 | West Pharmaceutical Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7089603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116670644 |
| Energy — 9.20% | Energy — 9.20% | Energy — 9.20% |
| 115556 | Antero Midstream Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634677 |
| 192647 | Antero Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8175938 |
| 177261 | APA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7522957 |
| 112961 | Baker Hughes Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6896269 |
| &nbsp;&nbsp;15321 | Cheniere Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347487 |
| &nbsp;&nbsp;55333 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303956 |
| &nbsp;&nbsp;48314 | Devon Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431161 |
| 415076 | Kinder Morgan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13917498 |
| &nbsp;&nbsp;48237 | Marathon Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11778511 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER MID CAP VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| 431445 | NOV Inc | &nbsp;&nbsp;&nbsp;$8115480 |
| &nbsp;&nbsp;41432 | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp; 7548082 |
| 153037 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp; 10579448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91251464 |
| Financial — 20.88% | Financial — 20.88% | Financial — 20.88% |
| &nbsp;&nbsp;39297 | Agree Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp; 2962208 |
| 299097 | American Homes 4 Rent Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp; 8350788 |
| &nbsp;&nbsp;58970 | AvalonBay Communities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9632750 |
| 157104 | Bank of America Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7658820 |
| &nbsp;&nbsp;66738 | Bank of New York Mellon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7917129 |
| &nbsp;&nbsp;&nbsp;&nbsp;3561 | Blackrock Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424649 |
| &nbsp;&nbsp;39321 | BXP Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040760 |
| &nbsp;&nbsp;84963 | Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8297486 |
| &nbsp;&nbsp;95059 | Citizens Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700688 |
| &nbsp;&nbsp;10114 | CME Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987170 |
| &nbsp;&nbsp;17788 | Coinbase Global Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105963 |
| &nbsp;&nbsp;28589 | Cullen/Frost Bankers Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918980 |
| &nbsp;&nbsp;40398 | Digital Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280123 |
| &nbsp;&nbsp;&nbsp;&nbsp;7578 | Erie Indemnity Co Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904427 |
| &nbsp;&nbsp;30724 | Evercore Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9171421 |
| &nbsp;&nbsp;14810 | First American Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | First Citizens BancShares Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471165 |
| 132837 | First Hawaiian Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273104 |
| &nbsp;&nbsp;17282 | First Industrial Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999764 |
| 220623 | FNB Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688816 |
| &nbsp;&nbsp;11885 | Hanover Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060265 |
| 448427 | Healthcare Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618774 |
| 105523 | Healthpeak Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733743 |
| &nbsp;&nbsp;51604 | Highwoods Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104842 |
| 368161 | Host Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7053965 |
| &nbsp;&nbsp;&nbsp;&nbsp;4238 | Houlihan Lokey Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608662 |
| 355585 | Invesco Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8637160 |
| &nbsp;&nbsp;62562 | Invitation Homes Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554666 |
| &nbsp;&nbsp;&nbsp;&nbsp;5248 | JPMorgan Chase & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543752 |
| &nbsp;&nbsp;86707 | Loews Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9255105 |
| &nbsp;&nbsp;17909 | MetLife Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266524 |
| 156644 | OneMain Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8378887 |
| 596937 | Park Hotels & Resorts Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285747 |
| &nbsp;&nbsp;38347 | Principal Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455448 |
| &nbsp;&nbsp;55226 | Prosperity Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710083 |
| &nbsp;&nbsp;60351 | Rocket Cos Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860002 |
| &nbsp;&nbsp;20197 | SBA Communications Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3476106 |
| 437257 | SoFi Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6943641 |
| 349560 | Starwood Property Trust Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6019423 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;12167 | State Street Corp | &nbsp;&nbsp;&nbsp;$1539855 |
| 119958 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp; 8867296 |
| 149690 | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 10181914 |
| 146498 | VICI Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 4002325 |
| &nbsp;&nbsp;20276 | Welltower Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 4008768 |
| 166672 | XP Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3173435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207019494 |
| Industrial — 18.64% | Industrial — 18.64% | Industrial — 18.64% |
| &nbsp;&nbsp;42346 | 3M Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6149909 |
| &nbsp;&nbsp;58147 | AMETEK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12464391 |
| &nbsp;&nbsp;72375 | Avnet Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459748 |
| 124748 | Carrier Global Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7024560 |
| &nbsp;&nbsp;30595 | Clean Harbors Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8772504 |
| &nbsp;&nbsp;22447 | Coherent Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347100 |
| &nbsp;&nbsp;13405 | Crane Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292255 |
| &nbsp;&nbsp;76142 | Crown Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633235 |
| &nbsp;&nbsp;46299 | Emerson Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066095 |
| &nbsp;&nbsp;47219 | Everus Construction Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574675 |
| &nbsp;&nbsp;41269 | Flowserve Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033684 |
| 182689 | Graphic Packaging Holding Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815929 |
| 253561 | Hayward Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392646 |
| &nbsp;&nbsp;16195 | Illinois Tool Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215397 |
| &nbsp;&nbsp;61986 | Kirby Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8236700 |
| &nbsp;&nbsp;28589 | MasTec Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9198225 |
| &nbsp;&nbsp;&nbsp;&nbsp;8184 | Mettler-Toledo International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10321661 |
| &nbsp;&nbsp;78485 | Mueller Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8696138 |
| &nbsp;&nbsp;34457 | Oshkosh Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072415 |
| 104100 | Otis Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8024028 |
| &nbsp;&nbsp;&nbsp;&nbsp;3047 | RBC Bearings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654887 |
| &nbsp;&nbsp;&nbsp;&nbsp;8441 | Regal Rexnord Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580662 |
| &nbsp;&nbsp;33026 | Republic Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7233354 |
| &nbsp;&nbsp;36743 | RTX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7087724 |
| &nbsp;&nbsp;24183 | Simpson Manufacturing Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150287 |
| 101503 | Textron Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8887603 |
| &nbsp;&nbsp;64462 | Universal Display Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5908587 |
| &nbsp;&nbsp;42034 | Vulcan Materials Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11445858 |
| &nbsp;&nbsp;46560 | XPO Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184798505 |
| Technology — 8.18% | Technology — 8.18% | Technology — 8.18% |
| &nbsp;&nbsp;55473 | Allegro MicroSystems Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749064 |
| &nbsp;&nbsp;29860 | Apple Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578169 |
| &nbsp;&nbsp;66637 | BILL Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552197 |
| &nbsp;&nbsp;38371 | KBR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414355 |
| 111003 | Microchip Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171904 |
| &nbsp;&nbsp;&nbsp;&nbsp;5412 | MKS Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243732 |
| &nbsp;&nbsp;25413 | ON Semiconductor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573573 |
| &nbsp;&nbsp;&nbsp;&nbsp;4972 | Oracle Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731431 |
| 153902 | Parsons Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8336871 |
| &nbsp;&nbsp;&nbsp;&nbsp;7766 | Roper Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748077 |
| &nbsp;&nbsp;19163 | Sandisk Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12175020 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER MID CAP VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| 113280 | SS&C Technologies Holdings Inc | &nbsp;&nbsp;&nbsp;$7654329 |
| &nbsp;&nbsp;18409 | Synopsys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7298801 |
| &nbsp;&nbsp;37163 | Western Digital Corp | &nbsp;&nbsp;&nbsp;&nbsp; 10052220 |
| 109623 | Zoom Communications Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8812593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81092336 |
| Utilities — 5.35% | Utilities — 5.35% | Utilities — 5.35% |
| 683750 | AES Corp | &nbsp;&nbsp;&nbsp;&nbsp; 9634038 |
| &nbsp;&nbsp;19620 | Ameren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156631 |
| &nbsp;&nbsp;55997 | Atmos Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343766 |
| &nbsp;&nbsp;&nbsp;&nbsp;1820 | Constellation Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508235 |
| &nbsp;&nbsp;50539 | DTE Energy Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389813 |
| 175141 | OGE Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8399762 |
| 424825 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464175 |
| &nbsp;&nbsp;75573 | Public Service Enterprise Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117634 |
| &nbsp;&nbsp;&nbsp;&nbsp;3113 | Talen Energy Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53007817 |
| **TOTAL COMMON STOCK — 98.78%<br> (Cost $962,748,324)** | **TOTAL COMMON STOCK — 98.78%<br> (Cost $962,748,324)** | &nbsp;&nbsp;&nbsp;**$979358674** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 21368241 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 3.60%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$21368241 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.15%<br> (Cost $21,368,241)** | &nbsp;&nbsp;&nbsp;&nbsp;**$21368241** |
| **TOTAL INVESTMENTS — 100.93%<br> (Cost $984,116,565)** | &nbsp;&nbsp;&nbsp;**$1000726915** |
| **OTHER ASSETS & LIABILITIES, NET — (0.93)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(9233036)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$991493879** |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| S&P Mid 400® Emini Futures | 24 | USD | 8152 | Jun 2026 | $(50856) |
|  |  |  |  | **Net Depreciation** | **$(50856)** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P MID CAP 400® INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 4.76% | Basic Materials — 4.76% | Basic Materials — 4.76% |
| 120241 | Alcoa Corp | &nbsp;&nbsp;&nbsp;$7975586 |
| &nbsp;&nbsp;20817 | Ashland Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1157633 |
| &nbsp;&nbsp;99465 | Axalta Coating Systems Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2755181 |
| &nbsp;&nbsp;24474 | Cabot Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1843137 |
| &nbsp;&nbsp;23160 | Carpenter Technology Corp | &nbsp;&nbsp;&nbsp;&nbsp; 9128514 |
| 262843 | Cleveland-Cliffs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2221023 |
| &nbsp;&nbsp;51480 | Commercial Metals Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162416 |
| 312576 | Hecla Mining Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823291 |
| &nbsp;&nbsp;62458 | MP Materials Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014223 |
| &nbsp;&nbsp;&nbsp;&nbsp;3681 | NewMarket Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359337 |
| &nbsp;&nbsp;52452 | Olin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559398 |
| &nbsp;&nbsp;24332 | Reliance Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7394981 |
| &nbsp;&nbsp;37643 | Royal Gold Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9579767 |
| &nbsp;&nbsp;59568 | RPM International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921059 |
| &nbsp;&nbsp;73891 | Solstice Advanced Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627539 |
| &nbsp;&nbsp;15622 | Westlake Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71348047 |
| Communications — 1.70% | Communications — 1.70% | Communications — 1.70% |
| 110557 | Chewy Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985039 |
| &nbsp;&nbsp;98467 | Hims & Hers Health Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044175 |
| &nbsp;&nbsp;12053 | InterDigital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640006 |
| &nbsp;&nbsp;84795 | Maplebear Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176421 |
| &nbsp;&nbsp;74970 | New York Times Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277238 |
| &nbsp;&nbsp;13247 | Nexstar Media Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395455 |
| 272806 | Pinterest Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25521596 |
| Consumer, Cyclical — 13.37% | Consumer, Cyclical — 13.37% | Consumer, Cyclical — 13.37% |
| &nbsp;&nbsp;21703 | Abercrombie & Fitch Co Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983003 |
| &nbsp;&nbsp;53227 | Alaska Air Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957689 |
| 307397 | American Airlines Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301444 |
| 121958 | Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4944177 |
| &nbsp;&nbsp;32400 | Autoliv Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407184 |
| &nbsp;&nbsp;12183 | AutoNation Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378853 |
| &nbsp;&nbsp;96063 | Bath & Body Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793496 |
| &nbsp;&nbsp;61188 | BJ's Wholesale Club Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022123 |
| &nbsp;&nbsp;96420 | BorgWarner Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5231749 |
| &nbsp;&nbsp;26593 | Boyd Gaming Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185413 |
| &nbsp;&nbsp;29923 | Brunswick Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177198 |
| &nbsp;&nbsp;28929 | Burlington Stores Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9412918 |
| &nbsp;&nbsp;54454 | Capri Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959479 |
| &nbsp;&nbsp;17238 | Casey's General Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12546851 |
| &nbsp;&nbsp;46211 | Cava Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738470 |
| &nbsp;&nbsp;&nbsp;&nbsp;9866 | Choice Hotels International Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021131 |
| &nbsp;&nbsp;30806 | Churchill Downs Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767303 |
| &nbsp;&nbsp;11333 | Columbia Sportswear Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621162 |
| &nbsp;&nbsp;88286 | Core & Main Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361328 |
| &nbsp;&nbsp;24111 | Crocs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001695 |
| &nbsp;&nbsp;30808 | Dick's Sporting Goods Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6108918 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;27975 | Dolby Laboratories Inc Class A | &nbsp;&nbsp;&nbsp;$1680179 |
| &nbsp;&nbsp;58716 | Dutch Bros Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2974552 |
| &nbsp;&nbsp;17981 | FirstCash Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3380428 |
| &nbsp;&nbsp;25613 | Five Below Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5852058 |
| &nbsp;&nbsp;50430 | Floor & Decor Holdings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2561844 |
| 191396 | GameStop Corp Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4409764 |
| 105378 | Gap Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2550148 |
| 102413 | Gentex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237724 |
| 127757 | Goodyear Tire & Rubber Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847029 |
| &nbsp;&nbsp;56256 | Harley-Davidson Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137496 |
| &nbsp;&nbsp;28518 | Hilton Grand Vacations Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115624 |
| &nbsp;&nbsp;19108 | Hyatt Hotels Corp Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747539 |
| &nbsp;&nbsp;29773 | KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540753 |
| &nbsp;&nbsp;23526 | Lear Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848528 |
| &nbsp;&nbsp;11220 | Lithia Motors Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801858 |
| 125004 | Macy's Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261322 |
| 142322 | Mattel Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067939 |
| &nbsp;&nbsp;21171 | MSC Industrial Direct Co Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953448 |
| &nbsp;&nbsp;&nbsp;&nbsp;7869 | Murphy USA Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3887050 |
| &nbsp;&nbsp;28710 | Ollie's Bargain Outlet Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642468 |
| &nbsp;&nbsp;&nbsp;&nbsp;8440 | Penske Automotive Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261949 |
| &nbsp;&nbsp;38200 | Planet Fitness Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841316 |
| &nbsp;&nbsp;25159 | Polaris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371165 |
| &nbsp;&nbsp;21864 | PVH Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525233 |
| &nbsp;&nbsp;86286 | RB Global Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270513 |
| &nbsp;&nbsp;&nbsp;&nbsp;6911 | RH<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966296 |
| &nbsp;&nbsp;20644 | Scotts Miracle-Gro Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255362 |
| &nbsp;&nbsp;97504 | Somnigroup International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7207496 |
| &nbsp;&nbsp;45369 | Taylor Morrison Home Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642291 |
| &nbsp;&nbsp;30843 | Texas Roadhouse Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093413 |
| &nbsp;&nbsp;24238 | Thor Industries Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936374 |
| &nbsp;&nbsp;44456 | Toll Brothers Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066910 |
| &nbsp;&nbsp;29877 | Travel + Leisure Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067190 |
| &nbsp;&nbsp;16812 | Vail Resorts Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157316 |
| 150855 | VF Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563026 |
| &nbsp;&nbsp;12843 | Visteon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170126 |
| &nbsp;&nbsp;68706 | Warner Music Group Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754751 |
| &nbsp;&nbsp;16220 | Watsco Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900674 |
| &nbsp;&nbsp;22680 | WESCO International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6205701 |
| &nbsp;&nbsp;28937 | Whirlpool Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560283 |
| &nbsp;&nbsp;13116 | Wingstop Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032587 |
| &nbsp;&nbsp;35078 | Wyndham Hotels & Resorts Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849386 |
| &nbsp;&nbsp;35517 | YETI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200418260 |
| Consumer, Non-Cyclical — 14.93% | Consumer, Non-Cyclical — 14.93% | Consumer, Non-Cyclical — 14.93% |
| 172070 | Albertsons Cos Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932073 |
| 178271 | API Group Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7223541 |
| &nbsp;&nbsp;64965 | Arrowhead Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073306 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P MID CAP 400® INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| 320293 | Avantor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$2511097 |
| &nbsp;&nbsp;&nbsp;&nbsp;7696 | Avis Budget Group Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1122462 |
| &nbsp;&nbsp;57856 | BellRing Brands Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 930903 |
| &nbsp;&nbsp;89408 | BioMarin Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5050658 |
| &nbsp;&nbsp;&nbsp;&nbsp;8473 | Bio-Rad Laboratories Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2361849 |
| &nbsp;&nbsp;55901 | Booz Allen Hamilton Holding Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4361955 |
| &nbsp;&nbsp;&nbsp;&nbsp;3473 | Boston Beer Co Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 800179 |
| &nbsp;&nbsp;19134 | Brink's Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982856 |
| &nbsp;&nbsp;52624 | Bruker Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900779 |
| &nbsp;&nbsp;73670 | Celsius Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613812 |
| &nbsp;&nbsp;&nbsp;&nbsp;6630 | Chemed Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504416 |
| &nbsp;&nbsp;26235 | Coca-Cola Consolidated Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030299 |
| 182128 | Coty Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366077 |
| &nbsp;&nbsp;56789 | Cytokinetics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742963 |
| &nbsp;&nbsp;73372 | Darling Ingredients Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538058 |
| &nbsp;&nbsp;90792 | DENTSPLY SIRONA Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053187 |
| 232035 | Elanco Animal Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552598 |
| &nbsp;&nbsp;27330 | elf Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656471 |
| &nbsp;&nbsp;46768 | Encompass Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523869 |
| &nbsp;&nbsp;26946 | Ensign Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5429619 |
| &nbsp;&nbsp;77213 | Envista Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958894 |
| &nbsp;&nbsp;18519 | Euronet Worldwide Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229106 |
| 120940 | Exelixis Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187117 |
| &nbsp;&nbsp;97789 | Flowers Foods Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796980 |
| &nbsp;&nbsp;13991 | FTI Consulting Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473189 |
| &nbsp;&nbsp;51456 | Globus Medical Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433449 |
| &nbsp;&nbsp;&nbsp;&nbsp;1609 | Graham Holdings Co Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701131 |
| &nbsp;&nbsp;12743 | Grand Canyon Education Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166692 |
| &nbsp;&nbsp;58593 | H&R Block Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859742 |
| &nbsp;&nbsp;21509 | Haemonetics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212247 |
| &nbsp;&nbsp;55079 | Halozyme Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559756 |
| &nbsp;&nbsp;39466 | HealthEquity Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298174 |
| &nbsp;&nbsp;71097 | Illumina Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8763416 |
| &nbsp;&nbsp;29298 | Ingredion Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300713 |
| &nbsp;&nbsp;28490 | Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5386035 |
| &nbsp;&nbsp;31006 | Lantheus Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351805 |
| &nbsp;&nbsp;25350 | LivaNova PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611246 |
| &nbsp;&nbsp;&nbsp;&nbsp;9401 | Marzetti Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300440 |
| &nbsp;&nbsp;21174 | Masimo Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766219 |
| &nbsp;&nbsp;10412 | Medpace Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999738 |
| &nbsp;&nbsp;10818 | Morningstar Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828783 |
| &nbsp;&nbsp;46735 | Neurocrine Biosciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156869 |
| &nbsp;&nbsp;74341 | Option Care Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001260 |
| &nbsp;&nbsp;20580 | Paylocity Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223463 |
| &nbsp;&nbsp;18206 | Penumbra Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5978304 |
| &nbsp;&nbsp;72949 | Performance Food Group Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248811 |
| &nbsp;&nbsp;20144 | Pilgrim's Pride Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760637 |
| &nbsp;&nbsp;19756 | Post Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953078 |
| &nbsp;&nbsp;24414 | Repligen Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876457 |
| 209225 | Roivant Sciences Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5795532 |
| &nbsp;&nbsp;64495 | Service Corp International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321483 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;30738 | Shift4 Payments Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;$1344173 |
| 107053 | Sotera Health Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1535140 |
| &nbsp;&nbsp;45199 | Sprouts Farmers Market Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3486199 |
| &nbsp;&nbsp;40827 | Tenet Healthcare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7704463 |
| &nbsp;&nbsp;89565 | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp; 6197003 |
| &nbsp;&nbsp;35825 | UL Solutions Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3070561 |
| &nbsp;&nbsp;20008 | United Therapeutics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11864344 |
| 102371 | US Foods Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9439630 |
| &nbsp;&nbsp;60193 | Valvoline Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027300 |
| &nbsp;&nbsp;16095 | WEX Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223895785 |
| Energy — 5.93% | Energy — 5.93% | Energy — 5.93% |
| 152822 | Antero Midstream Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484342 |
| 136594 | Antero Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5797049 |
| &nbsp;&nbsp;26311 | Chord Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740898 |
| &nbsp;&nbsp;66578 | CNX Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566582 |
| &nbsp;&nbsp;47313 | DT Midstream Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371642 |
| &nbsp;&nbsp;72774 | HF Sinclair Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540370 |
| &nbsp;&nbsp;54360 | Matador Resources Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434465 |
| &nbsp;&nbsp;63084 | Murphy Oil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602215 |
| &nbsp;&nbsp;68967 | Nextpower Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8313972 |
| 165888 | NOV Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120353 |
| 128761 | Ovintiv Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643253 |
| &nbsp;&nbsp;39253 | PBF Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869228 |
| 344560 | Permian Resources Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346019 |
| 110525 | Range Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993520 |
| 188288 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13016347 |
| &nbsp;&nbsp;29787 | Valaris Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920317 |
| &nbsp;&nbsp;86802 | Viper Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078826 |
| &nbsp;&nbsp;33054 | Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88965645 |
| Financial — 20.89% | Financial — 20.89% | Financial — 20.89% |
| &nbsp;&nbsp;13220 | Affiliated Managers Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3657974 |
| &nbsp;&nbsp;55613 | Agree Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4192108 |
| 131322 | Ally Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151762 |
| &nbsp;&nbsp;31969 | American Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082761 |
| &nbsp;&nbsp;81855 | American Healthcare Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860282 |
| 151346 | American Homes 4 Rent Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225580 |
| 333817 | Annaly Capital Management Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7060230 |
| &nbsp;&nbsp;77473 | Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003452 |
| &nbsp;&nbsp;48132 | Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208778 |
| &nbsp;&nbsp;26154 | Brighthouse Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566102 |
| 142312 | Brixmor Property Group Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098586 |
| 103439 | CareTrust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791039 |
| 120365 | Carlyle Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824462 |
| &nbsp;&nbsp;44606 | CNO Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831522 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P MID CAP 400® INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 137768 | Columbia Banking System Inc | &nbsp;&nbsp;&nbsp;$3778976 |
| &nbsp;&nbsp;63573 | Commerce Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3127792 |
| &nbsp;&nbsp;53688 | COPT Defense Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp; 1642853 |
| 119371 | Corebridge Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2848192 |
| &nbsp;&nbsp;79748 | Cousins Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 1799912 |
| 106350 | CubeSmart REIT | &nbsp;&nbsp;&nbsp;&nbsp; 3897728 |
| &nbsp;&nbsp;29288 | Cullen/Frost Bankers Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4014799 |
| &nbsp;&nbsp;63926 | East West Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6824740 |
| &nbsp;&nbsp;24638 | EastGroup Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560247 |
| &nbsp;&nbsp;36057 | EPR Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801408 |
| 131019 | Equitable Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862115 |
| &nbsp;&nbsp;90466 | Equity LifeStyle Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646888 |
| &nbsp;&nbsp;44589 | Essent Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605781 |
| &nbsp;&nbsp;18072 | Evercore Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394673 |
| &nbsp;&nbsp;34376 | Federated Hermes Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949463 |
| 118339 | Fidelity National Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5488563 |
| &nbsp;&nbsp;46878 | First American Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826275 |
| &nbsp;&nbsp;61269 | First Financial Bankshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804372 |
| 224958 | First Horizon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120044 |
| &nbsp;&nbsp;61590 | First Industrial Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562981 |
| 138041 | Flagstar Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818000 |
| 168600 | FNB Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818992 |
| 132293 | Gaming & Leisure Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869840 |
| &nbsp;&nbsp;59992 | Glacier Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679843 |
| &nbsp;&nbsp;19341 | Hamilton Lane Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922495 |
| &nbsp;&nbsp;39016 | Hancock Whitney Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481027 |
| &nbsp;&nbsp;16362 | Hanover Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836353 |
| 164275 | Healthcare Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791032 |
| &nbsp;&nbsp;86532 | Home BancShares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330307 |
| &nbsp;&nbsp;25242 | Houlihan Lokey Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625256 |
| 111160 | Independence Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655172 |
| &nbsp;&nbsp;25467 | International Bancshares Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713674 |
| &nbsp;&nbsp;57423 | Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949820 |
| &nbsp;&nbsp;76177 | Jefferies Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143825 |
| &nbsp;&nbsp;21919 | Jones Lang LaSalle Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670390 |
| &nbsp;&nbsp;50872 | Kilroy Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435099 |
| &nbsp;&nbsp;10345 | Kinsale Capital Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534473 |
| 100139 | Kite Realty Group Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458412 |
| &nbsp;&nbsp;40529 | Lamar Advertising Co Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5133403 |
| 103854 | MGIC Investment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726167 |
| &nbsp;&nbsp;33654 | National Storage Affiliates Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270102 |
| &nbsp;&nbsp;88032 | NNN Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699985 |
| 161422 | Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567426 |
| 105572 | Old Republic International Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212323 |
| 137178 | Omega Healthcare Investors Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6011140 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;90689 | Park Hotels & Resorts Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$954955 |
| &nbsp;&nbsp;69935 | Pinnacle Financial Partners Inc | &nbsp;&nbsp;&nbsp;&nbsp; 6024201 |
| &nbsp;&nbsp;14882 | Primerica Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3727643 |
| &nbsp;&nbsp;46909 | Prosperity Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3151347 |
| 129633 | Rayonier Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 2673032 |
| &nbsp;&nbsp;30660 | Reinsurance Group of America Inc | &nbsp;&nbsp;&nbsp;&nbsp; 6259546 |
| &nbsp;&nbsp;20277 | RenaissanceRe Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 6026933 |
| 107571 | Rexford Industrial Realty Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520799 |
| &nbsp;&nbsp;42442 | RLI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420892 |
| &nbsp;&nbsp;52182 | Ryan Specialty Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760621 |
| 116290 | Sabra Health Care Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236257 |
| &nbsp;&nbsp;43101 | SEI Investments Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382135 |
| &nbsp;&nbsp;27687 | Selective Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087323 |
| &nbsp;&nbsp;91919 | SLM Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967986 |
| &nbsp;&nbsp;46289 | SouthState Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282658 |
| &nbsp;&nbsp;88483 | STAG Industrial Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190697 |
| 164155 | Starwood Property Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826749 |
| &nbsp;&nbsp;70728 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228214 |
| &nbsp;&nbsp;20912 | Texas Capital Bancshares Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984131 |
| &nbsp;&nbsp;33197 | UMB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744290 |
| &nbsp;&nbsp;64564 | United Bankshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674241 |
| &nbsp;&nbsp;70715 | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164316 |
| 223321 | Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742382 |
| &nbsp;&nbsp;75793 | Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969860 |
| &nbsp;&nbsp;43868 | Voya Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997062 |
| &nbsp;&nbsp;74793 | Webster Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192130 |
| &nbsp;&nbsp;47643 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375506 |
| &nbsp;&nbsp;31053 | Wintrust Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314504 |
| 101713 | WP Carey Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6912415 |
| &nbsp;&nbsp;68610 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313213129 |
| Industrial — 25.25% | Industrial — 25.25% | Industrial — 25.25% |
| &nbsp;&nbsp;31702 | AAON Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623341 |
| &nbsp;&nbsp;14223 | Acuity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985569 |
| &nbsp;&nbsp;33561 | Advanced Drainage Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4602220 |
| &nbsp;&nbsp;17681 | Advanced Energy Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705835 |
| &nbsp;&nbsp;60442 | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126690 |
| &nbsp;&nbsp;14703 | AeroVironment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691384 |
| &nbsp;&nbsp;28201 | AGCO Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267650 |
| &nbsp;&nbsp;17350 | Applied Industrial Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603302 |
| &nbsp;&nbsp;30146 | AptarGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798999 |
| &nbsp;&nbsp;23632 | Arrow Electronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389065 |
| &nbsp;&nbsp;63150 | ATI Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9185799 |
| &nbsp;&nbsp;41450 | Avient Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504635 |
| &nbsp;&nbsp;38203 | Avnet Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354069 |
| &nbsp;&nbsp;17994 | Belden Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066251 |
| &nbsp;&nbsp;42483 | BWX Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687349 |
| &nbsp;&nbsp;19009 | Carlisle Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6341783 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P MID CAP 400® INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;20833 | Chart Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$4307223 |
| &nbsp;&nbsp;23417 | Clean Harbors Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6714356 |
| 408698 | CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp; 4495678 |
| &nbsp;&nbsp;76474 | Cognex Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3746461 |
| &nbsp;&nbsp;22695 | Crane Co | &nbsp;&nbsp;&nbsp;&nbsp; 3880845 |
| &nbsp;&nbsp;52274 | Crown Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 5240469 |
| &nbsp;&nbsp;17145 | Curtiss-Wright Corp | &nbsp;&nbsp;&nbsp;&nbsp; 11677803 |
| &nbsp;&nbsp;53459 | Donaldson Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537065 |
| &nbsp;&nbsp;13911 | Dycom Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713325 |
| &nbsp;&nbsp;14709 | Eagle Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786620 |
| &nbsp;&nbsp;17113 | EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972870 |
| &nbsp;&nbsp;70756 | Entegris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8295434 |
| &nbsp;&nbsp;26723 | ESAB Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583045 |
| &nbsp;&nbsp;23121 | Exponent Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508645 |
| &nbsp;&nbsp;16666 | Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691652 |
| 171201 | Flex Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11206817 |
| &nbsp;&nbsp;59281 | Flowserve Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4357746 |
| &nbsp;&nbsp;75016 | Fluor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499496 |
| &nbsp;&nbsp;56620 | Fortune Brands Innovations Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206481 |
| &nbsp;&nbsp;16717 | GATX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854261 |
| &nbsp;&nbsp;77000 | Graco Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6518050 |
| 137470 | Graphic Packaging Holding Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366452 |
| &nbsp;&nbsp;11512 | Greif Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772110 |
| &nbsp;&nbsp;53588 | GXO Logistics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778538 |
| &nbsp;&nbsp;35361 | Hexcel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861766 |
| &nbsp;&nbsp;39937 | ITT Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7609197 |
| &nbsp;&nbsp;25354 | Kirby Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369040 |
| &nbsp;&nbsp;26746 | Knife River Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183811 |
| &nbsp;&nbsp;75230 | Knight-Swift Transportation Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331743 |
| &nbsp;&nbsp;85783 | Kratos Defense & Security Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048559 |
| &nbsp;&nbsp;15920 | Landstar System Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552135 |
| &nbsp;&nbsp;25678 | Lincoln Electric Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6395876 |
| &nbsp;&nbsp;11589 | Littelfuse Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932727 |
| &nbsp;&nbsp;29253 | Louisiana-Pacific Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128156 |
| &nbsp;&nbsp;28523 | MasTec Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9176990 |
| &nbsp;&nbsp;21544 | Middleby Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856304 |
| &nbsp;&nbsp;13174 | Moog Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855239 |
| &nbsp;&nbsp;16908 | MSA Safety Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772067 |
| &nbsp;&nbsp;51977 | Mueller Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5759052 |
| &nbsp;&nbsp;16387 | Novanta Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935469 |
| &nbsp;&nbsp;75017 | nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8873011 |
| &nbsp;&nbsp;29326 | Oshkosh Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317080 |
| &nbsp;&nbsp;38377 | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153159 |
| &nbsp;&nbsp;14690 | RBC Bearings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978433 |
| &nbsp;&nbsp;30814 | Regal Rexnord Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770230 |
| &nbsp;&nbsp;18308 | Ryder System Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747831 |
| &nbsp;&nbsp;12367 | Saia Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344280 |
| &nbsp;&nbsp;66645 | Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347237 |
| &nbsp;&nbsp;41064 | Silgan Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593283 |
| &nbsp;&nbsp;19494 | Simpson Manufacturing Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345560 |
| &nbsp;&nbsp;46379 | Sonoco Products Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508640 |
| &nbsp;&nbsp;23338 | SPX Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666200 |
| &nbsp;&nbsp;88704 | StandardAero Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291224 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;14258 | Sterling Infrastructure Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$5806855 |
| &nbsp;&nbsp;34723 | TD SYNNEX Corp | &nbsp;&nbsp;&nbsp;&nbsp; 5858117 |
| &nbsp;&nbsp;53458 | Terex Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3159368 |
| 122470 | Tetra Tech Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3688796 |
| &nbsp;&nbsp;29773 | Timken Co | &nbsp;&nbsp;&nbsp;&nbsp; 2994271 |
| &nbsp;&nbsp;13101 | TopBuild Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4602381 |
| &nbsp;&nbsp;45162 | Toro Co | &nbsp;&nbsp;&nbsp;&nbsp; 4219937 |
| &nbsp;&nbsp;50888 | Trex Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853341 |
| &nbsp;&nbsp;47775 | TTM Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654241 |
| &nbsp;&nbsp;27393 | UFP Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523443 |
| &nbsp;&nbsp;20922 | Universal Display Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917711 |
| &nbsp;&nbsp;&nbsp;&nbsp;9144 | Valmont Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653668 |
| &nbsp;&nbsp;10519 | Vicor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693559 |
| &nbsp;&nbsp;67379 | Vontier Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389933 |
| &nbsp;&nbsp;12748 | Watts Water Technologies Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700617 |
| &nbsp;&nbsp;27703 | Woodward Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915458 |
| &nbsp;&nbsp;54455 | XPO Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10594220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378575598 |
| Technology — 8.86% | Technology — 8.86% | Technology — 8.86% |
| &nbsp;&nbsp;58920 | Allegro MicroSystems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857748 |
| &nbsp;&nbsp;52797 | Amkor Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377449 |
| &nbsp;&nbsp;11308 | Appfolio Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784629 |
| &nbsp;&nbsp;68781 | Bentley Systems Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415589 |
| &nbsp;&nbsp;40593 | BILL Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554712 |
| &nbsp;&nbsp;16609 | Blackbaud Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641273 |
| &nbsp;&nbsp;10268 | CACI International Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5584457 |
| &nbsp;&nbsp;23987 | Cirrus Logic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469000 |
| &nbsp;&nbsp;20102 | Commvault Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565745 |
| &nbsp;&nbsp;19890 | Concentrix Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544190 |
| &nbsp;&nbsp;23633 | Crane NXT Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959263 |
| &nbsp;&nbsp;93791 | Docusign Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446631 |
| &nbsp;&nbsp;62976 | Doximity Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467341 |
| &nbsp;&nbsp;80617 | Dropbox Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831618 |
| &nbsp;&nbsp;18978 | Duolingo Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870661 |
| 139104 | Dynatrace Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144066 |
| 145924 | Everpure Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8615353 |
| &nbsp;&nbsp;74087 | ExlService Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255949 |
| &nbsp;&nbsp;73294 | Genpact Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730202 |
| &nbsp;&nbsp;39570 | Guidewire Software Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918089 |
| &nbsp;&nbsp;11598 | IPG Photonics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329015 |
| &nbsp;&nbsp;59104 | KBR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178573 |
| 106008 | Kyndryl Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390825 |
| &nbsp;&nbsp;63644 | Lattice Semiconductor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5903617 |
| &nbsp;&nbsp;29981 | MACOM Technology Solutions Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6657881 |
| &nbsp;&nbsp;27763 | Manhattan Associates Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695811 |
| &nbsp;&nbsp;25671 | Maximus Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645511 |
| &nbsp;&nbsp;31231 | MKS Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7177196 |
| 125681 | Nutanix Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777135 |
| &nbsp;&nbsp;78782 | Okta Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200931 |
| &nbsp;&nbsp;23076 | Onto Innovation Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732195 |
| &nbsp;&nbsp;24756 | Parsons Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341033 |
| &nbsp;&nbsp;42721 | Pegasystems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818206 |
| &nbsp;&nbsp;16549 | Qualys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453830 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P MID CAP 400® INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;50007 | Rambus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$4302102 |
| &nbsp;&nbsp;21488 | Science Applications International Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2039641 |
| &nbsp;&nbsp;15300 | Silicon Laboratories Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3184695 |
| &nbsp;&nbsp;10380 | SiTime Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3584733 |
| &nbsp;&nbsp;18186 | Synaptics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1273747 |
| &nbsp;&nbsp;70507 | Twilio Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8871191 |
| 201379 | UiPath Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2235307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132827140 |
| Utilities — 3.41% | Utilities — 3.41% | Utilities — 3.41% |
| &nbsp;&nbsp;35139 | Black Hills Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438998 |
| 132107 | Essential Utilities Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319949 |
| &nbsp;&nbsp;25146 | IDACORP Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595124 |
| &nbsp;&nbsp;44103 | National Fuel Gas Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143918 |
| &nbsp;&nbsp;47120 | New Jersey Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587830 |
| &nbsp;&nbsp;29084 | Northwestern Energy Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917799 |
| &nbsp;&nbsp;95441 | OGE Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577350 |
| &nbsp;&nbsp;27945 | ONE Gas Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406903 |
| &nbsp;&nbsp;28235 | Ormat Technologies Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160061 |
| &nbsp;&nbsp;51981 | Portland General Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743037 |
| &nbsp;&nbsp;29971 | Southwest Gas Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604480 |
| &nbsp;&nbsp;27705 | Spire Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508411 |
| &nbsp;&nbsp;21233 | Talen Energy Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778211 |
| &nbsp;&nbsp;45637 | TXNM Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667939 |
| &nbsp;&nbsp;99732 | UGI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51082249 |
| **TOTAL COMMON STOCK — 99.10%<br> (Cost $1,289,666,557)** | **TOTAL COMMON STOCK — 99.10%<br> (Cost $1,289,666,557)** | &nbsp;&nbsp;&nbsp;**$1485847449** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 34143491 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 3.60%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$34143491 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.28%<br> (Cost $34,143,491)** | &nbsp;&nbsp;&nbsp;&nbsp;**$34143491** |
| **Principal Amount** |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.63% | U.S. Treasury Bonds and Notes — 0.63% |
| &nbsp;&nbsp;9566400 U.S. Treasury Bills<sup>(e)</sup><br> 3.63%, 06/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9505052 |
| **TOTAL SHORT TERM INVESTMENTS — 0.63%<br> (Cost $9,505,052)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9505052** |
| **TOTAL INVESTMENTS — 102.01%<br> (Cost $1,333,315,100)** | &nbsp;&nbsp;&nbsp;**$1529495992** |
| **OTHER ASSETS & LIABILITIES, NET — (2.01)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(30166622)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1499329370** |

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation** |
| **Long** |  |  |  |  |  |
| S&P Mid 400® Emini Futures | 41 | USD | 13926 | Jun 2026 | $138460 |
|  |  |  |  | **Net Appreciation** | **$138460** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER T. ROWE PRICE MID CAP GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Communications — 1.97% | Communications — 1.97% | Communications — 1.97% |
| 311821 | New York Times Co Class A | &nbsp;&nbsp;&nbsp;$26108772 |
| &nbsp;&nbsp;83582 | Reddit Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11254317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37363089 |
| Consumer, Cyclical — 23.83% | Consumer, Cyclical — 23.83% | Consumer, Cyclical — 23.83% |
| 816604 | Aurora Innovations Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3364409 |
| 378871 | Birkenstock Holding PLC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13574948 |
| 104315 | Burlington Stores Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33942015 |
| &nbsp;&nbsp;17680 | Casey's General Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12868565 |
| 247755 | Dollar Tree Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27131650 |
| &nbsp;&nbsp;75658 | Domino's Pizza Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27145334 |
| 161882 | DraftKings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499889 |
| 108300 | Dutch Bros Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486478 |
| 108591 | Ferguson Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25329936 |
| 170800 | Hilton Worldwide Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51936865 |
| 181619 | Liberty Live Holdings Inc Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17092164 |
| 325416 | Liberty Media Corp / Liberty Formula One Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27666868 |
| &nbsp;&nbsp;41244 | Live Nation Entertainment Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290122 |
| 299593 | Planet Fitness Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22283728 |
| &nbsp;&nbsp;86300 | Pool Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17461079 |
| 147100 | RB Global Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14099535 |
| &nbsp;&nbsp;85521 | Ross Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18526414 |
| 478450 | Sportradar Group AG Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8009253 |
| &nbsp;&nbsp;48548 | Texas Roadhouse Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8017217 |
| &nbsp;&nbsp;38795 | Ulta Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20278534 |
| 507331 | Viking Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37278681 |
| &nbsp;&nbsp;30983 | Wingstop Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801436 |
| 144619 | Wyndham Hotels & Resorts Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747401 |
| 222217 | Yum! Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34550299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452382820 |
| Consumer, Non-Cyclical — 26.43% | Consumer, Non-Cyclical — 26.43% | Consumer, Non-Cyclical — 26.43% |
| 361095 | Agilent Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41157608 |
| &nbsp;&nbsp;98155 | Alnylam Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32476545 |
| 223517 | API Group Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9056909 |
| &nbsp;&nbsp;67396 | Apogee Therapeutics Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5672721 |
| &nbsp;&nbsp;65010 | Ascendis Pharma A/S ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14869737 |
| 575795 | Avantor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514233 |
| 113100 | Avery Dennison Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19530108 |
| &nbsp;&nbsp;42309 | Biogen Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7756509 |
| &nbsp;&nbsp;87270 | BioNTech SE ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7756557 |
| 235503 | Booz Allen Hamilton Holding Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18376299 |
| 214396 | Caris Life Sciences Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833400 |
| &nbsp;&nbsp;81229 | Cencora Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25517278 |
| &nbsp;&nbsp;62839 | CG Oncology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252944 |
| 363375 | Cooper Cos Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25981312 |
| &nbsp;&nbsp;22336 | Corpay Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499553 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;86238 | CRISPR Therapeutics AG<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;$4102342 |
| 146000 | Cytokinetics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9622860 |
| 761200 | Elanco Animal Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18215516 |
| 123368 | Encompass Health Corp | &nbsp;&nbsp;&nbsp;&nbsp; 11933387 |
| &nbsp;&nbsp;63700 | Equifax Inc | &nbsp;&nbsp;&nbsp;&nbsp; 11470459 |
| &nbsp;&nbsp;72900 | Insulet Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15297336 |
| 239848 | Ionis Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18010186 |
| &nbsp;&nbsp;44949 | Kymera Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743802 |
| 226891 | McCormick & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11444382 |
| &nbsp;&nbsp;45471 | Natera Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9093745 |
| &nbsp;&nbsp;19546 | Nuvalent Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002488 |
| 158048 | Paylocity Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17075506 |
| &nbsp;&nbsp;25600 | Quanta Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14054912 |
| 125683 | QuidelOrtho Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064972 |
| &nbsp;&nbsp;29300 | Revolution Medicines Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849425 |
| 230466 | Service Corp International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19015750 |
| 156753 | Teleflex Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18749226 |
| 286077 | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19793668 |
| 244049 | UL Solutions Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20917440 |
| 166153 | US Foods Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15320968 |
| 126075 | Vaxcyte Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7326218 |
| &nbsp;&nbsp;89868 | West Pharmaceutical Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22524515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501880816 |
| Energy — 4.37% | Energy — 4.37% | Energy — 4.37% |
| &nbsp;&nbsp;53764 | Cheniere Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15256073 |
| &nbsp;&nbsp;81513 | DT Midstream Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10977356 |
| 375900 | EQT Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23922276 |
| 475203 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32850783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83006488 |
| Financial — 5.69% | Financial — 5.69% | Financial — 5.69% |
| 131300 | Assurant Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28598453 |
| &nbsp;&nbsp;73500 | Cboe Global Markets Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20658645 |
| &nbsp;&nbsp;&nbsp;&nbsp;6297 | Markel Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12052899 |
| 138348 | Raymond James Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20031407 |
| 157060 | Ryan Specialty Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299204 |
| 126705 | TPG Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5132820 |
| 137608 | Tradeweb Markets Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16190957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107964385 |
| Industrial — 16.41% | Industrial — 16.41% | Industrial — 16.41% |
| &nbsp;&nbsp;20500 | Acuity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5744510 |
| &nbsp;&nbsp;27966 | Amphenol Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533504 |
| 253550 | Ball Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14987340 |
| &nbsp;&nbsp;54900 | BWX Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11226501 |
| 210428 | ESAB Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20339970 |
| &nbsp;&nbsp;17698 | ESAB Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539620 |
| 109145 | Fortive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033536 |
| 271500 | Ingersoll Rand Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21752580 |
| &nbsp;&nbsp;74279 | ITT Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14152378 |
| 123500 | Keysight Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34872695 |
| &nbsp;&nbsp;38317 | Martin Marietta Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22556452 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER T. ROWE PRICE MID CAP GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;29463 | Mettler-Toledo International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$37158736 |
| 143200 | Old Dominion Freight Line Inc | &nbsp;&nbsp;&nbsp;&nbsp; 27981280 |
| &nbsp;&nbsp;92962 | Ralliant Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3866289 |
| 471551 | StandardAero Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12180163 |
| 210464 | Textron Inc | &nbsp;&nbsp;&nbsp;&nbsp; 18428228 |
| &nbsp;&nbsp;21500 | TopBuild Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7552950 |
| 301600 | Veralto Corp | &nbsp;&nbsp;&nbsp;&nbsp; 26667472 |
| 108300 | XPO Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21069765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311643969 |
| Technology — 18.65% | Technology — 18.65% | Technology — 18.65% |
| &nbsp;&nbsp;98519 | Atlassian Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6723922 |
| &nbsp;&nbsp;31100 | Broadridge Financial Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053128 |
| &nbsp;&nbsp;51716 | Bullish<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847813 |
| &nbsp;&nbsp;80400 | Descartes Systems Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5753424 |
| 234500 | Everpure Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13844880 |
| &nbsp;&nbsp;48353 | Guidewire Software Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231675 |
| 429890 | Lattice Semiconductor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39876596 |
| 119404 | MACOM Technology Solutions Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26516046 |
| 136400 | Manhattan Associates Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18157568 |
| 263834 | McGraw Hill Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614526 |
| 401021 | Microchip Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25909967 |
| &nbsp;&nbsp;26800 | MongoDB Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6559836 |
| &nbsp;&nbsp;28859 | Monolithic Power Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31552987 |
| &nbsp;&nbsp;58300 | MSCI Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31424282 |
| &nbsp;&nbsp;57072 | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11235194 |
| 235430 | PTC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33546421 |
| &nbsp;&nbsp;64256 | Rambus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527944 |
| &nbsp;&nbsp;82100 | Tyler Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28109398 |
| 188614 | Unity Software Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138191 |
| 138652 | Veeva Systems Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24355610 |
| 169951 | Zoom Communications Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13662361 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67189 | Zscaler Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$9425945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354067714 |
| **TOTAL COMMON STOCK — 97.35%<br> (Cost $1,695,830,174)** | **TOTAL COMMON STOCK — 97.35%<br> (Cost $1,695,830,174)** | &nbsp;&nbsp;&nbsp;**$1848309281** |
| **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** |
| Consumer, Cyclical — 0.03% | Consumer, Cyclical — 0.03% | Consumer, Cyclical — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47688 | Sila Nanotechnologies Inc Series F 0.00%<sup>(c)</sup><sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 517892 |
| Technology — 0.06% | Technology — 0.06% | Technology — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5763 | Databricks Inc Series G 0.00%<sup>(c)</sup><sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094970 |
| **TOTAL CONVERTIBLE PREFERRED STOCK — 0.09%<br> (Cost $2,308,941)** | **TOTAL CONVERTIBLE PREFERRED STOCK — 0.09%<br> (Cost $2,308,941)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1612862** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 40406271 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(e)</sup>, 3.60%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40406271 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.13%<br> (Cost $40,406,271)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.13%<br> (Cost $40,406,271)** | &nbsp;&nbsp;&nbsp;&nbsp;**$40406271** |
| **TOTAL INVESTMENTS — 99.57%<br> (Cost $1,738,545,386)** | **TOTAL INVESTMENTS — 99.57%<br> (Cost $1,738,545,386)** | &nbsp;&nbsp;&nbsp;**$1890328414** |
| **OTHER ASSETS & LIABILITIES, NET — 0.43%** | **OTHER ASSETS & LIABILITIES, NET — 0.43%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8222968** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1898551382** |

---

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

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

<sup>(c)</sup> Restricted security; further details of these securities are included in a subsequent table.

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

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

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

<sup>ADR</sup> American Depositary Receipt

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER T. ROWE PRICE MID CAP GROWTH FUND

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| As of March 31, 2026, the Fund held the following restricted securities: | As of March 31, 2026, the Fund held the following restricted securities: | As of March 31, 2026, the Fund held the following restricted securities: | As of March 31, 2026, the Fund held the following restricted securities: |  |
| **Security** | &nbsp;&nbsp;**Acquisition<br> Dates** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value<br> as a<br> Percentage of<br> Net Assets** |
| **Convertible Preferred Stock** |  |  |  |  |
| Databricks Inc Series G 0.00%<sup>(d)</sup> | &nbsp;&nbsp;02/01/2021 | &nbsp;&nbsp;$340724 | &nbsp;&nbsp;$1094970 | &nbsp;&nbsp;0.06% |
| Sila Nanotechnologies Inc Series F 0.00%<sup>(d)</sup> | &nbsp;&nbsp;01/07/2021 | &nbsp;&nbsp;1968217 | &nbsp;&nbsp;517892 | &nbsp;&nbsp;0.03 |
|  |  | &nbsp;&nbsp;**$2308941** | &nbsp;&nbsp;**$1612862** | &nbsp;&nbsp;**0.09%** |
| <sup>(d)</sup> Security is fair valued using significant unobservable inputs. |  |  |  |  |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.

### Notes to Schedule of Investments (Unaudited)

------

<u>Security Valuation</u>

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

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

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

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

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

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

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

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

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

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

------

*March 31, 2026*

------

---

| | |
|:---|:---|
| **<u>Class</u>** | **<u>Inputs</u>** |
| Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data |
| Convertible Preferred Stock | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices |
| Government Money Market Mutual Funds | Net asset value of underlying mutual fund |
| Short Term Investments | Maturity date, credit quality and interest rates |
| Futures Contracts | Exchange traded close price |

---

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

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

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

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

As of March 31, 2026, all the investments in the Funds, except the Empower T. Rowe Price Mid Cap Growth Fund, are valued using Level 1 inputs, except for Short Term Investments, which are valued using Level 2 inputs. The inputs used to value the Empower T. Rowe Price Mid Cap Growth Fund investments are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.

#### Empower T. Rowe Price Mid Cap Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp;$1848309281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1848309281 |
| Convertible Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612862 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40406271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40406271 |
| Total Assets | &nbsp;&nbsp;$1888715552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1612862 | &nbsp;&nbsp;$1890328414 |

---

<u>Restricted Securities</u>

A Fund may invest in restricted securities. A restricted security may have contractual restrictions on resale and is valued under methods approved by the Board reflecting fair value. Restricted securities are marked with an applicable footnote on the Schedule of Investments and are reported in a table following the Schedule of Investments. As of March 31, 2026, the Empower T. Rowe Price Mid Cap Growth Fund invested in restricted securities.

<u>Futures Contracts</u>

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

------

*March 31, 2026*

------

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

---

| | |
|:---|:---|
| Empower Mid Cap Value Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$11654980 |

---

---

| | |
|:---|:---|
| Empower S&P Mid Cap 400® Index Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$13216065 |

---

------

*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 T. Rowe Price Mid Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000023733

- **c. LEI of Series:** D0RY0G5O318NQWPNDT69

**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:** $1906113195.83

**Total Liabilities:** $3544661.32

**Net Assets:** $1902568534.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069810 | 0.26%                | 2.51%                | -6.76%               |
| Class ID C000155760 | 0.41%                | 2.47%                | -6.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11845941.66             | $-2941725.10                               |
| Month 2  | $1961016.72              | $61157503.10                               |
| Month 3  | $-10028318.93            | $-128114286.80                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aurora Innovation Inc                     | Aurora Innovation Inc CLASS A COM               | CUSIP: 051774107<br>LEI: 984500AB2E0D9F7D9D76 | Long             | EC               | CORP              | US        |    816604 | NS      | $3364408.51   | 0.18%             |  |  |  | No            |                  2 | On Loan: —       |
| BioNTech SE                               | BioNTech SE SPONSORED ADS                       | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     87270 | NS      | $7756557.52   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions Inc.       | Broadridge Financial Solutions Inc. COM         | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     31100 | NS      | $5053128.00   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Cytokinetics Inc                          | Cytokinetics Inc COM NEW                        | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |    146000 | NS      | $9622859.91   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Dominos Pizza Inc.                        | Dominos Pizza Inc. COM                          | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     75658 | NS      | $27145333.82  | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Elanco Animal Health Inc                  | Elanco Animal Health Inc COM NPV                | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    761200 | NS      | $18215515.86  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Equifax Inc.                              | Equifax Inc. COM                                | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     63700 | NS      | $11470458.99  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortive Corporation                       | Fortive Corporation COM                         | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    109145 | NS      | $6033535.61   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT Corporation                           | EQT Corporation COM                             | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    375900 | NS      | $23922276.37  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Guidewire Software Inc                    | Guidewire Software Inc COM                      | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     48353 | NS      | $7231674.58   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Media Corp Del                    | Liberty Media Corp Del COM LBTY ONE S C         | CUSIP: 531229755<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |    325416 | NS      | $27666868.17  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| MSCI Inc.                                 | MSCI Inc. COM USD0.01                           | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     58300 | NS      | $31424282.56  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| MongoDB Inc.                              | MongoDB Inc. CL A                               | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     26800 | NS      | $6559836.00   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                        | Ingersoll Rand Inc COM                          | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    271500 | NS      | $21752580.07  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Insulet Corporation                       | Insulet Corporation COM                         | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     72900 | NS      | $15297335.82  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| DATABRICKS INC                            | CONV PREFERRED STOCK SER.G                      | CUSIP: TC6XLXUH0<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      5763 | NS      | $1094970.00   | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kymera Therapeutics Inc                   | Kymera Therapeutics Inc COM                     | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44949 | NS      | $3743802.19   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.           | Live Nation Entertainment, Inc. COM             | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     41244 | NS      | $6290122.50   | 0.33%             |  |  |  | No            |                  2 | On Loan: —       |
| PTC Inc                                   | PTC Inc COM                                     | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |    235430 | NS      | $33546421.11  | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Everpure Inc.                             | Everpure Inc. CL A                              | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |    234500 | NS      | $13844879.96  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Texas Roadhouse Inc                       | Texas Roadhouse Inc COM                         | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     48548 | NS      | $8017216.70   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| TechnipFMC PLC                            | TechnipFMC PLC USD1                             | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |    475203 | NS      | $32850783.38  | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| API Group Corp                            | API Group Corp COM STK                          | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    223517 | NS      | $9056908.54   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Assurant Inc.                             | Assurant Inc. COM                               | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |    131300 | NS      | $28598453.04  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| BWX Technologies Inc.                     | BWX Technologies Inc. COM                       | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     54900 | NS      | $11226501.07  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Caris Life Sciences Inc.                  | Caris Life Sciences Inc. COM                    | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |    214396 | NS      | $3833400.53   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Casey'S General Stores Inc.               | Casey'S General Stores Inc. COM                 | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     17680 | NS      | $12868564.80  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Burlington Stores Inc.                    | Burlington Stores Inc. COM                      | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |    104315 | NS      | $33942014.72  | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc             | Hilton Worldwide Holdings Inc COM               | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    170800 | NS      | $51936864.00  | 2.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Natera Inc.                               | Natera Inc. COM                                 | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |     45471 | NS      | $9093745.26   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Nuvalent Inc                              | Nuvalent Inc COM                                | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19546 | NS      | $2002487.70   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| QuidelOrtho Corp                          | QuidelOrtho Corp COM                            | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |    125683 | NS      | $2064971.71   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Mcgraw Hill Inc.                          | Mcgraw Hill Inc. COM                            | CUSIP: 580907103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    263834 | NS      | $3614525.85   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Reddit Inc                                | Reddit Inc CL A                                 | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     83582 | NS      | $11254316.36  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Tradeweb Markets Inc                      | Tradeweb Markets Inc COM USD0.00001 CL A        | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137608 | NS      | $16190957.47  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Agilent Technologies Inc.                 | Agilent Technologies Inc. COM USD0.01           | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    361095 | NS      | $41157608.00  | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Amphenol Corporation                      | Amphenol Corporation CL'A'COM USD0.001          | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     27966 | NS      | $3533504.13   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Corpay Inc                                | Corpay Inc COM SHS                              | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     22336 | NS      | $6499552.68   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                           | Dollar Tree Inc COM                             | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |    247755 | NS      | $27131650.02  | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Acuity Inc.                               | Acuity Inc. COM STK USD0.01                     | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20500 | NS      | $5744509.84   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Apogee Therapeutics Inc.                  | Apogee Therapeutics Inc. COM                    | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67396 | NS      | $5672721.42   | 0.30%             |  |  |  | No            |                  2 | On Loan: —       |
| Ascendis Pharma A/S                       | Ascendis Pharma A/S SPON ADR EACH REP 1 ORD SHS | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     65010 | NS      | $14869737.51  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Avantor Inc                               | Avantor Inc COM                                 | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    575795 | NS      | $4514232.77   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Cboe Global Markets Inc                   | Cboe Global Markets Inc COM USD0.01             | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     73500 | NS      | $20658644.87  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Descartes Systems Group Inc.              | Descartes Systems Group Inc. COM                | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     80400 | NS      | $5753424.05   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| DraftKings Inc.                           | DraftKings Inc. COM CL A                        | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    161882 | NS      | $3499888.87   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Encompass Health Corporation              | Encompass Health Corporation COM                | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |    123368 | NS      | $11933386.61  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Ionis Pharmaceuticals, Inc.               | Ionis Pharmaceuticals, Inc. COM                 | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |    239848 | NS      | $18010186.52  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Biogen Inc                                | Biogen Inc COM                                  | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     42309 | NS      | $7756509.07   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Dutch Bros Inc                            | Dutch Bros Inc CL A                             | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108300 | NS      | $5486477.88   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ESAB Corp.                                | ESAB Corp. COM                                  | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |    210428 | NS      | $20339970.50  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Planet Fitness Inc.                       | Planet Fitness Inc. CL A                        | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |    299593 | NS      | $22283727.60  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Rambus Inc.                               | Rambus Inc. COM                                 | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     64256 | NS      | $5527943.74   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| TPG Inc                                   | TPG Inc COM CL A                                | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |    126705 | NS      | $5132819.54   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Ulta Beauty Inc                           | Ulta Beauty Inc COM STK USD0.01                 | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     38795 | NS      | $20278534.51  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Unity Software Inc                        | Unity Software Inc COM                          | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    188614 | NS      | $4138191.09   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Vaxcyte Inc                               | Vaxcyte Inc COM                                 | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |    126075 | NS      | $7326218.32   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Veeva Systems Inc                         | Veeva Systems Inc CL A COM                      | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    138652 | NS      | $24355610.39  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Wyndham Hotels & Resorts Inc              | Wyndham Hotels & Resorts Inc COM                | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |    144619 | NS      | $11747401.31  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Bullish                                   | Bullish ORD SHS                                 | CUSIP: G16910120<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     51716 | NS      | $1847812.72   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Ferguson Enterprises Inc                  | Ferguson Enterprises Inc COMMON STOCK NEW       | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    108591 | NS      | $25329936.51  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| ITT Inc                                   | ITT Inc COM                                     | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |     74279 | NS      | $14152377.70  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Viking Holdings Ltd.                      | Viking Holdings Ltd. ORD SHS                    | CUSIP: G93A5A101<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    507331 | NS      | $37278681.24  | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| CRISPR Therapeutics AG                    | CRISPR Therapeutics AG NAMEN AKT                | CUSIP: H17182108<br>LEI: 506700O6IRRIQLT3W370 | Long             | EC               | CORP              | CH        |     86238 | NS      | $4102341.62   | 0.22%             |  |  |  | No            |                  2 | On Loan: —       |
| Sportradar Group AG                       | Sportradar Group AG CLASS A ORD SHS             | CUSIP: H8088L103<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |    478450 | NS      | $8009253.02   | 0.42%             |  |  |  | No            |                  2 | On Loan: —       |
| Birkenstock Holding PLC                   | Birkenstock Holding PLC COM SHS                 | CUSIP: M2029K104<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |    378871 | NS      | $13574948.21  | 0.71%             |  |  |  | No            |                  2 | On Loan: —       |
| Liberty Live Holdings Inc.                | Liberty Live Holdings Inc. COM SHS SER C        | CUSIP: 530909308<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    181619 | NS      | $17092164.06  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                  | Manhattan Associates Inc COM USD0.01            | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |    136400 | NS      | $18157568.22  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Lattice Semiconductor Corporation         | Lattice Semiconductor Corporation COM           | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    429890 | NS      | $39876596.09  | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Markel Group Inc                          | Markel Group Inc COM                            | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      6297 | NS      | $12052898.81  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc             | Martin Marietta Materials Inc COM               | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     38317 | NS      | $22556451.78  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                     | Quanta Services, Inc. COM                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     25600 | NS      | $14054911.95  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Topbuild Corporation                      | Topbuild Corporation COM                        | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |     21500 | NS      | $7552949.88   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum! Brands Inc.                          | Yum! Brands Inc. COM NPV                        | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |    222217 | NS      | $34550299.24  | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| NXP Semiconductors NV                     | NXP Semiconductors NV EUR0.20                   | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     57072 | NS      | $11235193.72  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Paylocity Holding Corporation             | Paylocity Holding Corporation COM               | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |    158048 | NS      | $17075505.83  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Pool Corporation                          | Pool Corporation COM                            | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |     86300 | NS      | $17461078.72  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Revolution Medicines Inc                  | Revolution Medicines Inc COM                    | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     29300 | NS      | $2849425.00   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryan Specialty Holdings Inc               | Ryan Specialty Holdings Inc CL A                | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157060 | NS      | $5299204.28   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Tyler Technologies Inc.                   | Tyler Technologies Inc. COM                     | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     82100 | NS      | $28109397.83  | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| UL Solutions Inc.                         | UL Solutions Inc. CLASS A COM SHS               | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |    244049 | NS      | $20917440.12  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Wingstop Inc                              | Wingstop Inc COM                                | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     30983 | NS      | $4801435.53   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Zscaler Inc                               | Zscaler Inc COM                                 | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     67189 | NS      | $9425944.88   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoom Communications Inc.                  | Zoom Communications Inc. CL A                   | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |    169951 | NS      | $13662360.95  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| ESAB CORP                                 | COMMON STOCK - PIPE                             | CUSIP: TC5NW4K11<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17698 | NS      | $1539619.75   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                               | Cencora Inc COM                                 | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     81229 | NS      | $25517278.17  | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corporation                     | Atlassian Corporation CL A                      | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     98519 | NS      | $6723921.75   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| CG Oncology Inc.                          | CG Oncology Inc. COM                            | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62839 | NS      | $4252943.55   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Keysight Technologies, Inc.               | Keysight Technologies, Inc. COM                 | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |    123500 | NS      | $34872695.00  | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| McCormick & Company, Incorporated         | McCormick & Company, Incorporated COM NON VTG   | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |    226891 | NS      | $11444382.00  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Mettler-Toledo International Inc          | Mettler-Toledo International Inc COM            | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |     29463 | NS      | $37158735.69  | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Microchip Technology Incorporated         | Microchip Technology Incorporated COM           | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    401021 | NS      | $25909966.88  | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| The New York Times Company                | The New York Times Company CL A                 | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |    311821 | NS      | $26108772.35  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Old Dominion Freight Line Inc.            | Old Dominion Freight Line Inc. COM              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |    143200 | NS      | $27981279.66  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Raymond James Financial Inc.              | Raymond James Financial Inc. COM                | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |    138348 | NS      | $20031406.86  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Ross Stores Inc                           | Ross Stores Inc COM                             | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     85521 | NS      | $18526414.26  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Service Corporation International         | Service Corporation International COM           | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    230466 | NS      | $19015749.72  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| StandardAero Inc.                         | StandardAero Inc. COM                           | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    471551 | NS      | $12180162.65  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleflex Incorporated                     | Teleflex Incorporated COM                       | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |    156753 | NS      | $18749226.18  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Textron Inc.                              | Textron Inc. COM                                | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |    210464 | NS      | $18428227.85  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| US Foods Holding Corp                     | US Foods Holding Corp COM                       | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    166153 | NS      | $15320967.98  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc.              | Alnylam Pharmaceuticals Inc. COM                | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     98155 | NS      | $32476544.94  | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Veralto Corp.                             | Veralto Corp. COM SHS                           | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    301600 | NS      | $26667472.37  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| West Pharmaceutical Services Incorporated | West Pharmaceutical Services Incorporated COM   | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     89868 | NS      | $22524515.53  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Avery Dennison Corporation                | Avery Dennison Corporation COM                  | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    113100 | NS      | $19530107.98  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ball Corporation                          | Ball Corporation COM                            | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    253550 | NS      | $14987340.52  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| XPO Inc                                   | XPO Inc COM                                     | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |    108300 | NS      | $21069764.98  | 1.11%             |  |  |  | No            |                  2 | On Loan: —       |
| Booz Allen Hamilton Holding Corp.         | Booz Allen Hamilton Holding Corp. CL A          | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |    235503 | NS      | $18376298.84  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                       | Cheniere Energy Inc COM NEW                     | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     53764 | NS      | $15256072.67  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| The Cooper Companies, Inc.                | The Cooper Companies, Inc. COM                  | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    363375 | NS      | $25981312.50  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| DT Midstream Inc                          | DT Midstream Inc COMMON STOCK                   | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81513 | NS      | $10977355.54  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc.  | MACOM Technology Solutions Holdings Inc. COM    | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119404 | NS      | $26516046.36  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Monolithic Power Systems Inc.             | Monolithic Power Systems Inc. COM               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     28859 | NS      | $31552987.29  | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| RB Global Inc                             | RB Global Inc COM                               | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |    147100 | NS      | $14099535.14  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Ralliant Corp.                            | Ralliant Corp. COM                              | CUSIP: 750940108<br>LEI: 52990024QKO4DYT8N464 | Long             | EC               | CORP              | US        |     92962 | NS      | $3866289.50   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                                | TransUnion COM                                  | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    286077 | NS      | $19793667.57  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SILA NANOTECHNOLOGIES INC                 | CONV PREFERRED STOCK SER.F                      | CUSIP: TC5S9AX42<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     47688 | NS      | $517891.69    | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Dreyfus Instl Resv                        | Dreyfus Instl Resv PFD GOVT INSTL               | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        |  40406292 | PA      | $40406291.72  | 2.12%             | 2026-04-01      | Variable      | 3.56%                 | 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.