# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-046404
**Filing Date:** 2025-7
**Character Count:** 263651
**Document Hash:** a6f5afac2234ad5bc72e1f33284245c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046404.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001145549-25-046404

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**PERIOD START**: 20251231

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 251121936

**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 S&P Mid Cap 400 Index Fund (Series ID: S000030872)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000095752 | Investor Class      | MXMDX           |
| C000095753 | Class L             | MXBUX           |
| C000155808 | Institutional Class | MXNZX           |

## 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, 2025

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, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 3.33% | Basic Materials — 3.33% | Basic Materials — 3.33% |
| 137378 | ATI Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$7147777 |
| 134246 | Axalta Coating Systems Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4452940 |
| 239433 | Element Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp; 5413580 |
| &nbsp;&nbsp;18243 | International Flavors & Fragrances Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1415839 |
| &nbsp;&nbsp;&nbsp;&nbsp;3233 | Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1505414 |
| &nbsp;&nbsp;11800 | NewMarket Corp | &nbsp;&nbsp;&nbsp;&nbsp; 6684110 |
| &nbsp;&nbsp;17782 | RPM International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28676682 |
| Communications — 6.52% | Communications — 6.52% | Communications — 6.52% |
| &nbsp;&nbsp;26963 | Airbnb Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1296 | Charter Communications Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477615 |
| 101241 | Cisco Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247582 |
| &nbsp;&nbsp;17372 | Comcast Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641027 |
| 198718 | Corning Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9097310 |
| &nbsp;&nbsp;&nbsp;&nbsp;3414 | DoorDash Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623977 |
| 145287 | Lyft Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724557 |
| &nbsp;&nbsp;18864 | Maplebear Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752485 |
| 278663 | News Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585207 |
| &nbsp;&nbsp;68780 | Pinterest Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132180 |
| &nbsp;&nbsp;&nbsp;&nbsp;4372 | Robinhood Markets Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181963 |
| &nbsp;&nbsp;84033 | Roku Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919284 |
| &nbsp;&nbsp;14354 | VeriSign Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644050 |
| 147927 | Verizon Communications Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709968 |
| &nbsp;&nbsp;65139 | Walt Disney Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6429219 |
| &nbsp;&nbsp;10667 | Zillow Group Inc Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56118754 |
| Consumer, Cyclical — 12.59% | Consumer, Cyclical — 12.59% | Consumer, Cyclical — 12.59% |
| 133485 | Alaska Air Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6570132 |
| &nbsp;&nbsp;56814 | Best Buy Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182079 |
| 124764 | Birkenstock Holding PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720429 |
| &nbsp;&nbsp;32001 | BJ's Wholesale Club Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3651314 |
| &nbsp;&nbsp;60346 | BorgWarner Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728913 |
| &nbsp;&nbsp;21934 | Boyd Gaming Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443915 |
| &nbsp;&nbsp;26489 | Brunswick Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426433 |
| &nbsp;&nbsp;10109 | CarMax Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787693 |
| &nbsp;&nbsp;&nbsp;&nbsp;9635 | Carvana Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | Casey's General Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280824 |
| &nbsp;&nbsp;30960 | Cummins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9704102 |
| 125771 | Delta Air Lines Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5483615 |
| &nbsp;&nbsp;10940 | Flutter Entertainment PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423760 |
| &nbsp;&nbsp;25341 | GameStop Corp Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565611 |
| &nbsp;&nbsp;14799 | Las Vegas Sands Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571685 |
| &nbsp;&nbsp;45046 | Lear Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973958 |
| &nbsp;&nbsp;14019 | Lithia Motors Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115137 |
| 352139 | Mattel Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | NVR Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557544 |
| &nbsp;&nbsp;25215 | PACCAR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455185 |
| &nbsp;&nbsp;26793 | Penske Automotive Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857656 |
| &nbsp;&nbsp;82914 | PulteGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8523559 |
| &nbsp;&nbsp;11262 | PVH Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727976 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;19566 | RH<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$4586466 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000 | Royal Caribbean Cruises Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 205440 |
| &nbsp;&nbsp;&nbsp;&nbsp;6491 | SharkNinja Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 541414 |
| &nbsp;&nbsp;10122 | SiteOne Landscape Supply Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229216 |
| 113526 | Skechers USA Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6446006 |
| &nbsp;&nbsp;&nbsp;&nbsp;4504 | Toll Brothers Inc | &nbsp;&nbsp;&nbsp;&nbsp; 475577 |
| &nbsp;&nbsp;61001 | United Airlines Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4212119 |
| &nbsp;&nbsp;14834 | Watsco Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540122 |
| &nbsp;&nbsp;34035 | Wendy's Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497932 |
| &nbsp;&nbsp;11598 | Williams-Sonoma Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833644 |
| &nbsp;&nbsp;18797 | Wynn Resorts Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569550 |
| &nbsp;&nbsp;14760 | YETI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;108234109 |
| Consumer, Non-Cyclical — 16.33% | Consumer, Non-Cyclical — 16.33% | Consumer, Non-Cyclical — 16.33% |
| &nbsp;&nbsp;56103 | Affirm Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535295 |
| &nbsp;&nbsp;17129 | Albertsons Cos Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376667 |
| &nbsp;&nbsp;&nbsp;&nbsp;9425 | Align Technology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497256 |
| 110826 | BioMarin Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7834290 |
| &nbsp;&nbsp;&nbsp;&nbsp;6730 | Boston Beer Co Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607393 |
| &nbsp;&nbsp;&nbsp;&nbsp;7298 | Boston Scientific Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736222 |
| &nbsp;&nbsp;55775 | Bright Horizons Family Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7085656 |
| &nbsp;&nbsp;91934 | Brown-Forman Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120240 |
| &nbsp;&nbsp;76897 | Bruker Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209681 |
| &nbsp;&nbsp;20432 | Centene Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240427 |
| &nbsp;&nbsp;&nbsp;&nbsp;6848 | Cintas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407470 |
| &nbsp;&nbsp;&nbsp;&nbsp;3855 | Coca-Cola Consolidated Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204250 |
| &nbsp;&nbsp;14301 | Colgate-Palmolive Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340004 |
| &nbsp;&nbsp;71867 | CVS Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868989 |
| &nbsp;&nbsp;66726 | Darling Ingredients Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084520 |
| 113656 | Dun & Bradstreet Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016085 |
| &nbsp;&nbsp;26795 | Edwards Lifesciences Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942102 |
| 583223 | Elanco Animal Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123841 |
| &nbsp;&nbsp;73215 | Encompass Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7415215 |
| &nbsp;&nbsp;36962 | Equifax Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9002465 |
| &nbsp;&nbsp;64904 | Euronet Worldwide Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934992 |
| &nbsp;&nbsp;&nbsp;&nbsp;2121 | Exact Sciences Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91818 |
| &nbsp;&nbsp;80546 | GE HealthCare Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500867 |
| &nbsp;&nbsp;47698 | General Mills Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851864 |
| &nbsp;&nbsp;31737 | H&R Block Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742679 |
| &nbsp;&nbsp;51228 | IQVIA Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031496 |
| &nbsp;&nbsp;20642 | Kraft Heinz Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628136 |
| &nbsp;&nbsp;22774 | Lamb Weston Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213854 |
| &nbsp;&nbsp;&nbsp;&nbsp;1361 | MarketAxess Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | Medpace Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168189 |
| &nbsp;&nbsp;54819 | Moderna Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554119 |
| &nbsp;&nbsp;&nbsp;&nbsp;3365 | Mondelez International Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228315 |
| &nbsp;&nbsp;26861 | Monster Beverage Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571906 |
| &nbsp;&nbsp;39256 | Procter & Gamble Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690007 |
| &nbsp;&nbsp;&nbsp;&nbsp;9427 | Regeneron Pharmaceuticals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5978886 |
| &nbsp;&nbsp;37983 | Service Corp International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046236 |
| &nbsp;&nbsp;24373 | Tenet Healthcare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278168 |
| 109584 | Tyson Foods Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6992555 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER MID CAP VALUE FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;42859 | Universal Health Services Inc Class B | &nbsp;&nbsp;&nbsp;$8053206 |
| &nbsp;&nbsp;60120 | US Foods Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3935455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;140435268 |
| Energy — 6.27% | Energy — 6.27% | Energy — 6.27% |
| 216541 | Antero Midstream Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3897738 |
| 119232 | Antero Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4821742 |
| &nbsp;&nbsp;&nbsp;&nbsp;9458 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 993279 |
| &nbsp;&nbsp;62029 | Devon Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319885 |
| &nbsp;&nbsp;26457 | DT Midstream Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552571 |
| 299146 | Halliburton Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7589334 |
| &nbsp;&nbsp;15183 | HF Sinclair Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499217 |
| 396307 | Kinder Morgan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11306639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 | Marathon Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133452 |
| &nbsp;&nbsp;27795 | Matador Resources Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420047 |
| 256570 | NOV Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904995 |
| &nbsp;&nbsp;54857 | Ovintiv Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347880 |
| &nbsp;&nbsp;29058 | Range Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160286 |
| 185398 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875262 |
| &nbsp;&nbsp;84964 | Williams Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53899775 |
| Financial — 26.99% | Financial — 26.99% | Financial — 26.99% |
| 190871 | AGNC Investment Corp REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828544 |
| &nbsp;&nbsp;21976 | Allstate Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550570 |
| 182578 | American Homes 4 Rent Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6903274 |
| 144284 | Annaly Capital Management Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930408 |
| &nbsp;&nbsp;18839 | Arthur J Gallagher & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6503976 |
| &nbsp;&nbsp;25267 | Axis Capital Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532764 |
| &nbsp;&nbsp;11284 | Brighthouse Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654359 |
| &nbsp;&nbsp;37853 | Brixmor Property Group Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004997 |
| &nbsp;&nbsp;37849 | Capital One Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6786325 |
| &nbsp;&nbsp;19415 | Citigroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378271 |
| &nbsp;&nbsp;10318 | Citizens Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422728 |
| &nbsp;&nbsp;24897 | CME Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6604925 |
| &nbsp;&nbsp;34150 | CNA Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734478 |
| &nbsp;&nbsp;&nbsp;&nbsp;1173 | Coinbase Global Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202026 |
| &nbsp;&nbsp;49050 | Commerce Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052382 |
| &nbsp;&nbsp;&nbsp;&nbsp;8273 | CubeSmart REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353340 |
| &nbsp;&nbsp;27058 | Cullen/Frost Bankers Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387662 |
| &nbsp;&nbsp;60611 | Digital Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684950 |
| &nbsp;&nbsp;&nbsp;&nbsp;1708 | Equinix Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392618 |
| &nbsp;&nbsp;46094 | Equity Residential REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299409 |
| &nbsp;&nbsp;&nbsp;&nbsp;8111 | Essex Property Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486589 |
| &nbsp;&nbsp;23597 | Evercore Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712793 |
| &nbsp;&nbsp;25840 | Extra Space Storage Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836982 |
| &nbsp;&nbsp;38054 | First American Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497484 |
| &nbsp;&nbsp;99932 | First Industrial Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5392330 |
| 226676 | FNB Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048792 |
| 235574 | Franklin Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534800 |
| 295750 | Healthpeak Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980065 |
| 318056 | Huntington Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774020 |
| 456779 | Invesco Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929337 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 144824 | Invitation Homes Inc REIT | &nbsp;&nbsp;&nbsp;$5047116 |
| &nbsp;&nbsp;77092 | Jefferies Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4129819 |
| &nbsp;&nbsp;&nbsp;&nbsp;2304 | Jones Lang LaSalle Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 571185 |
| &nbsp;&nbsp;24984 | Kimco Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp; 530660 |
| &nbsp;&nbsp;12286 | Lamar Advertising Co Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1397901 |
| &nbsp;&nbsp;64898 | Loews Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5964775 |
| &nbsp;&nbsp;&nbsp;&nbsp;2383 | M&T Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp; 425961 |
| &nbsp;&nbsp;&nbsp;&nbsp;3206 | Marsh & McLennan Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782360 |
| &nbsp;&nbsp;53436 | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6234378 |
| &nbsp;&nbsp;94572 | NNN Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033496 |
| &nbsp;&nbsp;40103 | Northern Trust Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3956161 |
| 124131 | Omega Healthcare Investors Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726908 |
| &nbsp;&nbsp;50996 | OneMain Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492685 |
| 448700 | Park Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792116 |
| &nbsp;&nbsp;34499 | PNC Financial Services Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6063889 |
| 100502 | Principal Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8479354 |
| &nbsp;&nbsp;&nbsp;&nbsp;5897 | Prologis Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659226 |
| &nbsp;&nbsp;36566 | Prosperity Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609715 |
| &nbsp;&nbsp;40938 | Prudential Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571956 |
| &nbsp;&nbsp;&nbsp;&nbsp;4602 | Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377333 |
| 113839 | Rexford Industrial Realty Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4456797 |
| &nbsp;&nbsp;13857 | SEI Investments Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075719 |
| &nbsp;&nbsp;&nbsp;&nbsp;5284 | Simon Property Group Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877567 |
| &nbsp;&nbsp;65451 | STAG Industrial Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364090 |
| &nbsp;&nbsp;21058 | Starwood Property Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416317 |
| &nbsp;&nbsp;63356 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5971937 |
| &nbsp;&nbsp;26623 | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409422 |
| &nbsp;&nbsp;23233 | Synovus Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085910 |
| &nbsp;&nbsp;24304 | Travelers Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6427436 |
| 140037 | UDR Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325471 |
| &nbsp;&nbsp;89268 | Ventas Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138067 |
| &nbsp;&nbsp;49835 | Voya Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376820 |
| 132619 | W R Berkley Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9437168 |
| 175105 | Western Union Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852611 |
| &nbsp;&nbsp;31175 | Weyerhaeuser Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912804 |
| 196525 | XP Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;232078547 |
| Industrial — 14.99% | Industrial — 14.99% | Industrial — 14.99% |
| &nbsp;&nbsp;72115 | A O Smith Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713437 |
| &nbsp;&nbsp;42904 | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978488 |
| &nbsp;&nbsp;13917 | Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815612 |
| &nbsp;&nbsp;60406 | AMETEK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10398289 |
| &nbsp;&nbsp;71532 | Ball Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724671 |
| &nbsp;&nbsp;55052 | Berry Global Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843180 |
| &nbsp;&nbsp;&nbsp;&nbsp;4217 | Carrier Global Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267358 |
| &nbsp;&nbsp;&nbsp;&nbsp;3754 | Comfort Systems USA Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210027 |
| &nbsp;&nbsp;20795 | Crown Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856162 |
| &nbsp;&nbsp;&nbsp;&nbsp;3078 | Eaton Corp PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836693 |
| &nbsp;&nbsp;17058 | General Dynamics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4649670 |
| &nbsp;&nbsp;58539 | Howmet Aerospace Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7594264 |
| &nbsp;&nbsp;49004 | Jabil Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6667974 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER MID CAP VALUE FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;44800 | Kirby Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$4525248 |
| &nbsp;&nbsp;58239 | MasTec Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6797074 |
| &nbsp;&nbsp;&nbsp;&nbsp;5544 | Mettler-Toledo International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6546965 |
| &nbsp;&nbsp;45029 | nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2360420 |
| &nbsp;&nbsp;&nbsp;&nbsp;2062 | Oshkosh Corp | &nbsp;&nbsp;&nbsp;&nbsp; 193993 |
| &nbsp;&nbsp;43399 | Otis Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4478777 |
| &nbsp;&nbsp;29592 | Packaging Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5859808 |
| &nbsp;&nbsp;&nbsp;&nbsp;9060 | Parker-Hannifin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507121 |
| &nbsp;&nbsp;26247 | Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296088 |
| &nbsp;&nbsp;&nbsp;&nbsp;1590 | RBC Bearings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511614 |
| &nbsp;&nbsp;17761 | Teledyne Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839827 |
| &nbsp;&nbsp;98745 | Textron Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7134326 |
| &nbsp;&nbsp;55827 | United Parcel Service Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6140411 |
| &nbsp;&nbsp;30806 | Vulcan Materials Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7187040 |
| &nbsp;&nbsp;49636 | Westinghouse Air Brake Technologies Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9001489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;128936026 |
| Technology — 5.02% | Technology — 5.02% | Technology — 5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;5263 | Akamai Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423672 |
| 752030 | CCC Intelligent Solutions Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790831 |
| &nbsp;&nbsp;10402 | Concentrix Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578767 |
| &nbsp;&nbsp;&nbsp;&nbsp;5593 | Datadog Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554881 |
| &nbsp;&nbsp;10892 | Doximity Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632063 |
| &nbsp;&nbsp;25055 | DXC Technology Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | Fair Isaac Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438445 |
| &nbsp;&nbsp;28351 | Fiserv Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260751 |
| 116365 | Informatica Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030569 |
| &nbsp;&nbsp;&nbsp;&nbsp;3842 | Manhattan Associates Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664820 |
| &nbsp;&nbsp;21680 | Marvell Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334838 |
| &nbsp;&nbsp;20602 | MicroStrategy Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5938939 |
| &nbsp;&nbsp;&nbsp;&nbsp;3837 | Nutanix Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267861 |
| &nbsp;&nbsp;83209 | Parsons Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926805 |
| &nbsp;&nbsp;15356 | Texas Instruments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759473 |
| &nbsp;&nbsp;&nbsp;&nbsp;6969 | Twilio Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682335 |
| &nbsp;&nbsp;63090 | Unity Software Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235933 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;84197 | Zoom Communications Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$6211212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43159383 |
| Utilities — 6.66% | Utilities — 6.66% | Utilities — 6.66% |
| &nbsp;&nbsp;&nbsp;384306 | AES Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4773081 |
| &nbsp;&nbsp;&nbsp;&nbsp;25669 | Ameren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577168 |
| &nbsp;&nbsp;&nbsp;&nbsp;27483 | Atmos Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4248322 |
| &nbsp;&nbsp;&nbsp;&nbsp;81468 | CMS Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6119061 |
| &nbsp;&nbsp;&nbsp;&nbsp;62693 | DTE Energy Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668561 |
| &nbsp;&nbsp;&nbsp;&nbsp;34460 | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281358 |
| &nbsp;&nbsp;&nbsp;&nbsp;78712 | NiSource Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155564 |
| &nbsp;&nbsp;&nbsp;468228 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8044157 |
| &nbsp;&nbsp;&nbsp;196623 | PPL Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733 | Public Service Enterprise Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389526 |
| &nbsp;&nbsp;&nbsp;139172 | Xcel Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57239223 |
| **TOTAL COMMON STOCK — 98.70%<br> (Cost $851,993,796)** | **TOTAL COMMON STOCK — 98.70%<br> (Cost $851,993,796)** | &nbsp;&nbsp;&nbsp;**$848777767** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 4749469 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 4.29%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4749469 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.55%<br> (Cost $4,749,469)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.55%<br> (Cost $4,749,469)** | &nbsp;&nbsp;&nbsp;&nbsp;**$4749469** |
| **TOTAL INVESTMENTS — 99.25%<br> (Cost $856,743,265)** | **TOTAL INVESTMENTS — 99.25%<br> (Cost $856,743,265)** | &nbsp;&nbsp;&nbsp;**$853527236** |
| **OTHER ASSETS & LIABILITIES, NET — 0.75%** | **OTHER ASSETS & LIABILITIES, NET — 0.75%** | &nbsp;&nbsp;&nbsp;&nbsp;**$6455010** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$859982246** |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| S&P Mid 400® Emini Futures | 25 | USD | 7347 | Jun 2025 | $(191185) |
|  |  |  |  | **Net Depreciation** | **$(191185)** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 4.06% | Basic Materials — 4.06% | Basic Materials — 4.06% |
| 125301 | Alcoa Corp | &nbsp;&nbsp;&nbsp;$3821681 |
| &nbsp;&nbsp;24650 | Ashland Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1461498 |
| &nbsp;&nbsp;69976 | ATI Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3640851 |
| &nbsp;&nbsp;43538 | Avient Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1617872 |
| 105759 | Axalta Coating Systems Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3508026 |
| &nbsp;&nbsp;26563 | Cabot Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2208448 |
| &nbsp;&nbsp;24174 | Carpenter Technology Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379846 |
| 234588 | Cleveland-Cliffs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928313 |
| &nbsp;&nbsp;55245 | Commercial Metals Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541823 |
| &nbsp;&nbsp;&nbsp;&nbsp;3689 | NewMarket Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089634 |
| &nbsp;&nbsp;60110 | Olin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457066 |
| &nbsp;&nbsp;26780 | Reliance Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7732725 |
| &nbsp;&nbsp;31892 | Royal Gold Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5214661 |
| &nbsp;&nbsp;62420 | RPM International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7220746 |
| 109207 | United States Steel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615088 |
| &nbsp;&nbsp;16980 | Westlake Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55136787 |
| Communications — 1.93% | Communications — 1.93% | Communications — 1.93% |
| &nbsp;&nbsp;82625 | Chewy Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686139 |
| &nbsp;&nbsp;70046 | Ciena Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232880 |
| &nbsp;&nbsp;58867 | EchoStar Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505818 |
| 107486 | Frontier Communications Parent Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854448 |
| &nbsp;&nbsp;94310 | Hims & Hers Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786860 |
| &nbsp;&nbsp;53440 | Iridium Communications Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459981 |
| &nbsp;&nbsp;78494 | Maplebear Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131126 |
| &nbsp;&nbsp;79139 | New York Times Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925294 |
| &nbsp;&nbsp;14143 | Nexstar Media Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26117254 |
| Consumer, Cyclical — 14.57% | Consumer, Cyclical — 14.57% | Consumer, Cyclical — 14.57% |
| &nbsp;&nbsp;24594 | Abercrombie & Fitch Co Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878244 |
| &nbsp;&nbsp;59760 | Alaska Air Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941387 |
| 318705 | American Airlines Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362338 |
| 132165 | Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562336 |
| &nbsp;&nbsp;35138 | Autoliv Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3107956 |
| &nbsp;&nbsp;12626 | AutoNation Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044402 |
| 105182 | Bath & Body Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189118 |
| &nbsp;&nbsp;64303 | BJ's Wholesale Club Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7336972 |
| &nbsp;&nbsp;32108 | Boyd Gaming Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113670 |
| &nbsp;&nbsp;31477 | Brunswick Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695036 |
| &nbsp;&nbsp;30545 | Burlington Stores Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7279790 |
| &nbsp;&nbsp;58299 | Capri Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150239 |
| &nbsp;&nbsp;18380 | Casey's General Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977655 |
| &nbsp;&nbsp;39806 | Cava Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439636 |
| &nbsp;&nbsp;11437 | Choice Hotels International Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518605 |
| &nbsp;&nbsp;35645 | Churchill Downs Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959090 |
| &nbsp;&nbsp;15533 | Columbia Sportswear Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175693 |
| &nbsp;&nbsp;93432 | Core & Main Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513700 |
| &nbsp;&nbsp;28266 | Crocs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001849 |
| &nbsp;&nbsp;28053 | Dick's Sporting Goods Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654363 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;30775 | Dolby Laboratories Inc Class A | &nbsp;&nbsp;&nbsp;$2471540 |
| &nbsp;&nbsp;18642 | FirstCash Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2243005 |
| &nbsp;&nbsp;26456 | Five Below Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1982216 |
| &nbsp;&nbsp;52006 | Floor & Decor Holdings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4184923 |
| 197065 | GameStop Corp Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4398491 |
| 107375 | Gap Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2212999 |
| 110303 | Gentex Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2570060 |
| 141522 | Goodyear Tire & Rubber Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307663 |
| &nbsp;&nbsp;58224 | Harley-Davidson Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470156 |
| &nbsp;&nbsp;31949 | Hilton Grand Vacations Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195212 |
| &nbsp;&nbsp;20511 | Hyatt Hotels Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512598 |
| &nbsp;&nbsp;33980 | KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974918 |
| &nbsp;&nbsp;26356 | Lear Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325126 |
| &nbsp;&nbsp;42829 | Light & Wonder Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709420 |
| &nbsp;&nbsp;12919 | Lithia Motors Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3792243 |
| 132428 | Macy's Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663296 |
| &nbsp;&nbsp;16230 | Marriott Vacations Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042615 |
| 163395 | Mattel Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174765 |
| &nbsp;&nbsp;23061 | MSC Industrial Direct Co Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791148 |
| &nbsp;&nbsp;&nbsp;&nbsp;8937 | Murphy USA Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198692 |
| &nbsp;&nbsp;49474 | Nordstrom Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209639 |
| &nbsp;&nbsp;29754 | Ollie's Bargain Outlet Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462175 |
| &nbsp;&nbsp;&nbsp;&nbsp;9672 | Penske Automotive Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392575 |
| &nbsp;&nbsp;40828 | Planet Fitness Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944393 |
| &nbsp;&nbsp;25241 | Polaris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033367 |
| &nbsp;&nbsp;26563 | PVH Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717032 |
| &nbsp;&nbsp;&nbsp;&nbsp;7729 | RH<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811755 |
| &nbsp;&nbsp;20644 | Scotts Miracle-Gro Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133149 |
| &nbsp;&nbsp;63823 | Skechers USA Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623870 |
| &nbsp;&nbsp;94668 | Somnigroup International Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668720 |
| &nbsp;&nbsp;50187 | Taylor Morrison Home Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013227 |
| &nbsp;&nbsp;32356 | Texas Roadhouse Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391480 |
| &nbsp;&nbsp;25608 | Thor Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941342 |
| &nbsp;&nbsp;48971 | Toll Brothers Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170848 |
| &nbsp;&nbsp;35400 | Travel + Leisure Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638666 |
| &nbsp;&nbsp;96759 | Under Armour Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604744 |
| &nbsp;&nbsp;55389 | Under Armour Inc Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329565 |
| &nbsp;&nbsp;18169 | Vail Resorts Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907403 |
| 163877 | VF Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543371 |
| &nbsp;&nbsp;13553 | Visteon Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051984 |
| &nbsp;&nbsp;71060 | Warner Music Group Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227731 |
| &nbsp;&nbsp;17192 | Watsco Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738694 |
| &nbsp;&nbsp;83046 | Wendy's Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214963 |
| &nbsp;&nbsp;21627 | WESCO International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358673 |
| &nbsp;&nbsp;26743 | Whirlpool Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410347 |
| &nbsp;&nbsp;14168 | Wingstop Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196017 |
| &nbsp;&nbsp;37728 | Wyndham Hotels & Resorts Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414761 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;43159 | YETI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1428563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197702219 |
| Consumer, Non-Cyclical — 16.19% | Consumer, Non-Cyclical — 16.19% | Consumer, Non-Cyclical — 16.19% |
| &nbsp;&nbsp;47800 | Acadia Healthcare Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1449296 |
| 202565 | Albertsons Cos Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 4454405 |
| &nbsp;&nbsp;15884 | Amedisys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1471335 |
| 330094 | Avantor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5350824 |
| &nbsp;&nbsp;&nbsp;&nbsp;9907 | Avis Budget Group Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751941 |
| &nbsp;&nbsp;62681 | BellRing Brands Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4667227 |
| &nbsp;&nbsp;94525 | BioMarin Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681972 |
| &nbsp;&nbsp;&nbsp;&nbsp;9338 | Bio-Rad Laboratories Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274363 |
| &nbsp;&nbsp;&nbsp;&nbsp;4191 | Boston Beer Co Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000978 |
| &nbsp;&nbsp;20849 | Brink's Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796350 |
| &nbsp;&nbsp;53672 | Bruker Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240269 |
| &nbsp;&nbsp;76372 | Celsius Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720371 |
| &nbsp;&nbsp;&nbsp;&nbsp;7266 | Chemed Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470915 |
| &nbsp;&nbsp;&nbsp;&nbsp;2858 | Coca-Cola Consolidated Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858300 |
| 184421 | Coty Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008783 |
| &nbsp;&nbsp;57236 | Cytokinetics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300315 |
| &nbsp;&nbsp;77137 | Darling Ingredients Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409760 |
| 102833 | DENTSPLY SIRONA Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536325 |
| &nbsp;&nbsp;26771 | elf Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680951 |
| &nbsp;&nbsp;48863 | Encompass Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948845 |
| &nbsp;&nbsp;27598 | Ensign Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3571181 |
| &nbsp;&nbsp;86964 | Envista Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500999 |
| &nbsp;&nbsp;19960 | Euronet Worldwide Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132726 |
| 138504 | Exelixis Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5113568 |
| &nbsp;&nbsp;93146 | Flowers Foods Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770705 |
| &nbsp;&nbsp;17131 | FTI Consulting Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810855 |
| &nbsp;&nbsp;55161 | Globus Medical Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037785 |
| &nbsp;&nbsp;&nbsp;&nbsp;1634 | Graham Holdings Co Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570045 |
| &nbsp;&nbsp;13940 | Grand Canyon Education Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411899 |
| &nbsp;&nbsp;57948 | GXO Logistics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264608 |
| &nbsp;&nbsp;66466 | H&R Block Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649648 |
| &nbsp;&nbsp;26006 | Haemonetics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652681 |
| &nbsp;&nbsp;61705 | Halozyme Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937396 |
| &nbsp;&nbsp;42352 | HealthEquity Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742646 |
| &nbsp;&nbsp;76921 | Illumina Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102912 |
| &nbsp;&nbsp;31602 | Ingredion Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272906 |
| &nbsp;&nbsp;17225 | Insperity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536987 |
| &nbsp;&nbsp;29321 | Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640202 |
| &nbsp;&nbsp;&nbsp;&nbsp;9130 | Lancaster Colony Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597750 |
| &nbsp;&nbsp;33721 | Lantheus Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291170 |
| &nbsp;&nbsp;26979 | LivaNova PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059735 |
| &nbsp;&nbsp;24327 | ManpowerGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408047 |
| &nbsp;&nbsp;21553 | Masimo Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590730 |
| &nbsp;&nbsp;12362 | Medpace Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766578 |
| &nbsp;&nbsp;13104 | Morningstar Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929497 |
| &nbsp;&nbsp;49105 | Neurocrine Biosciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5431013 |
| &nbsp;&nbsp;82538 | Option Care Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884703 |
| &nbsp;&nbsp;21089 | Paylocity Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950813 |
| &nbsp;&nbsp;18614 | Penumbra Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977570 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;77539 | Performance Food Group Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$6096892 |
| &nbsp;&nbsp;66167 | Perrigo Co PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1855323 |
| &nbsp;&nbsp;20283 | Pilgrim's Pride Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1105626 |
| &nbsp;&nbsp;22964 | Post Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2672091 |
| &nbsp;&nbsp;90958 | RB Global Inc | &nbsp;&nbsp;&nbsp;&nbsp; 9123087 |
| &nbsp;&nbsp;25262 | Repligen Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3214337 |
| 208302 | Roivant Sciences Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2101767 |
| &nbsp;&nbsp;46327 | Sarepta Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956589 |
| &nbsp;&nbsp;70145 | Service Corp International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625629 |
| &nbsp;&nbsp;33303 | Shift4 Payments Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721188 |
| &nbsp;&nbsp;70935 | Sotera Health Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827102 |
| &nbsp;&nbsp;48496 | Sprouts Farmers Market Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7402430 |
| &nbsp;&nbsp;46122 | Tenet Healthcare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6203409 |
| &nbsp;&nbsp;22131 | United Therapeutics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6822323 |
| 112975 | US Foods Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7395343 |
| &nbsp;&nbsp;62491 | Valvoline Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175312 |
| &nbsp;&nbsp;17295 | WEX Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219694989 |
| Energy — 4.06% | Energy — 4.06% | Energy — 4.06% |
| 163407 | Antero Midstream Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941326 |
| 141858 | Antero Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736737 |
| &nbsp;&nbsp;92391 | ChampionX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753252 |
| &nbsp;&nbsp;29647 | Chord Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341810 |
| &nbsp;&nbsp;45967 | Civitas Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603789 |
| &nbsp;&nbsp;72395 | CNX Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278995 |
| &nbsp;&nbsp;49367 | DT Midstream Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762928 |
| &nbsp;&nbsp;77565 | HF Sinclair Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550337 |
| &nbsp;&nbsp;56279 | Matador Resources Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875294 |
| &nbsp;&nbsp;65353 | Murphy Oil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856025 |
| 188705 | NOV Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872090 |
| 126256 | Ovintiv Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403757 |
| &nbsp;&nbsp;49221 | PBF Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939629 |
| 319381 | Permian Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423427 |
| 117035 | Range Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673207 |
| &nbsp;&nbsp;33393 | Valaris Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311009 |
| &nbsp;&nbsp;65306 | Viper Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948566 |
| &nbsp;&nbsp;34726 | Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55131755 |
| Financial — 24.85% | Financial — 24.85% | Financial — 24.85% |
| &nbsp;&nbsp;14658 | Affiliated Managers Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462984 |
| &nbsp;&nbsp;52014 | Agree Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014961 |
| 137158 | Ally Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002152 |
| &nbsp;&nbsp;35007 | American Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4597819 |
| 153855 | American Homes 4 Rent Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817258 |
| 281605 | Annaly Capital Management Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719398 |
| &nbsp;&nbsp;83197 | Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874428 |
| &nbsp;&nbsp;51169 | Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223293 |
| &nbsp;&nbsp;29938 | Brighthouse Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736105 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 152274 | Brixmor Property Group Inc REIT | &nbsp;&nbsp;&nbsp;$4042875 |
| &nbsp;&nbsp;88738 | Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp; 2694086 |
| 102349 | Carlyle Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4461393 |
| &nbsp;&nbsp;49729 | CNO Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2071213 |
| 101621 | Columbia Banking System Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2534428 |
| &nbsp;&nbsp;63783 | Comerica Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3767024 |
| &nbsp;&nbsp;59422 | Commerce Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3697831 |
| &nbsp;&nbsp;56769 | COPT Defense Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548091 |
| &nbsp;&nbsp;81140 | Cousins Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393630 |
| 109683 | CubeSmart REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684561 |
| &nbsp;&nbsp;31103 | Cullen/Frost Bankers Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894096 |
| &nbsp;&nbsp;68902 | East West Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6184644 |
| &nbsp;&nbsp;25571 | EastGroup Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504332 |
| &nbsp;&nbsp;36729 | EPR Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932313 |
| 151967 | Equitable Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7915961 |
| &nbsp;&nbsp;92657 | Equity LifeStyle Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180222 |
| &nbsp;&nbsp;51512 | Essent Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973273 |
| &nbsp;&nbsp;17170 | Evercore Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429192 |
| &nbsp;&nbsp;40301 | Federated Hermes Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643072 |
| 128417 | Fidelity National Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8357378 |
| &nbsp;&nbsp;49956 | First American Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278612 |
| &nbsp;&nbsp;65631 | First Financial Bankshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357466 |
| 257114 | First Horizon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993154 |
| &nbsp;&nbsp;64188 | First Industrial Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463585 |
| 146970 | Flagstar Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707791 |
| 174397 | FNB Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345640 |
| 136019 | Gaming & Leisure Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6923367 |
| &nbsp;&nbsp;54997 | Glacier Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431967 |
| &nbsp;&nbsp;21277 | Hamilton Lane Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163252 |
| &nbsp;&nbsp;41630 | Hancock Whitney Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183493 |
| &nbsp;&nbsp;17475 | Hanover Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039776 |
| 171877 | Healthcare Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904721 |
| &nbsp;&nbsp;89668 | Home BancShares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534914 |
| &nbsp;&nbsp;26913 | Houlihan Lokey Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346450 |
| 116182 | Independence Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466544 |
| &nbsp;&nbsp;53658 | Interactive Brokers Group Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8885228 |
| &nbsp;&nbsp;27683 | International Bancshares Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745690 |
| &nbsp;&nbsp;61690 | Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230093 |
| &nbsp;&nbsp;81271 | Jefferies Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353687 |
| &nbsp;&nbsp;23011 | Jones Lang LaSalle Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704657 |
| &nbsp;&nbsp;28733 | Kemper Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920801 |
| &nbsp;&nbsp;50499 | Kilroy Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654347 |
| &nbsp;&nbsp;10730 | Kinsale Capital Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222398 |
| 106538 | Kite Realty Group Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383255 |
| &nbsp;&nbsp;42650 | Lamar Advertising Co Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852717 |
| 122881 | MGIC Investment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044991 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;34932 | National Storage Affiliates Trust REIT | &nbsp;&nbsp;&nbsp;$1376321 |
| &nbsp;&nbsp;90950 | NNN Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 3879018 |
| 154701 | Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 3278114 |
| 113137 | Old Republic International Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4437233 |
| 136853 | Omega Healthcare Investors Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 5211362 |
| 104886 | Park Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 1120182 |
| &nbsp;&nbsp;37119 | Pinnacle Financial Partners Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3936099 |
| &nbsp;&nbsp;34762 | PotlatchDeltic Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568461 |
| &nbsp;&nbsp;16185 | Primerica Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605118 |
| &nbsp;&nbsp;46204 | Prosperity Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297579 |
| &nbsp;&nbsp;70350 | Rayonier Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961358 |
| &nbsp;&nbsp;32726 | Reinsurance Group of America Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443749 |
| &nbsp;&nbsp;23914 | RenaissanceRe Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739358 |
| 111342 | Rexford Industrial Realty Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359039 |
| &nbsp;&nbsp;40446 | RLI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249027 |
| &nbsp;&nbsp;51602 | Ryan Specialty Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3811840 |
| 113811 | Sabra Health Care Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988278 |
| &nbsp;&nbsp;47516 | SEI Investments Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688667 |
| &nbsp;&nbsp;29485 | Selective Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699057 |
| 102980 | SLM Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024523 |
| &nbsp;&nbsp;47588 | SouthState Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4417118 |
| &nbsp;&nbsp;92356 | STAG Industrial Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335899 |
| 155345 | Starwood Property Trust Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071171 |
| &nbsp;&nbsp;49641 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679161 |
| &nbsp;&nbsp;68707 | Synovus Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211365 |
| &nbsp;&nbsp;21928 | Texas Capital Bancshares Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638022 |
| &nbsp;&nbsp;33000 | UMB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336300 |
| &nbsp;&nbsp;69637 | United Bankshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414315 |
| &nbsp;&nbsp;81481 | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637442 |
| 228690 | Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033054 |
| &nbsp;&nbsp;80444 | Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975624 |
| &nbsp;&nbsp;46666 | Voya Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162088 |
| &nbsp;&nbsp;83134 | Webster Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285558 |
| &nbsp;&nbsp;52898 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064153 |
| 160656 | Western Union Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699740 |
| &nbsp;&nbsp;32249 | Wintrust Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626723 |
| 108576 | WP Carey Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6852231 |
| &nbsp;&nbsp;71640 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3571970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337182926 |
| Industrial — 20.82% | Industrial — 20.82% | Industrial — 20.82% |
| &nbsp;&nbsp;32718 | AAON Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556257 |
| &nbsp;&nbsp;15383 | Acuity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051113 |
| &nbsp;&nbsp;34220 | Advanced Drainage Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718003 |
| &nbsp;&nbsp;65021 | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6029397 |
| &nbsp;&nbsp;30048 | AGCO Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781543 |
| &nbsp;&nbsp;18646 | Applied Industrial Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201690 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;32273 | AptarGroup Inc | &nbsp;&nbsp;&nbsp;$4788668 |
| &nbsp;&nbsp;25505 | Arrow Electronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2648184 |
| &nbsp;&nbsp;41913 | Avnet Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2015596 |
| &nbsp;&nbsp;19448 | Belden Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1949662 |
| &nbsp;&nbsp;57717 | Berry Global Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4029224 |
| &nbsp;&nbsp;44349 | BWX Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4375029 |
| &nbsp;&nbsp;21922 | Carlisle Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp; 7464441 |
| &nbsp;&nbsp;20394 | Chart Industries Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944078 |
| &nbsp;&nbsp;24572 | Clean Harbors Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843141 |
| 435608 | CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349266 |
| &nbsp;&nbsp;83184 | Cognex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481379 |
| &nbsp;&nbsp;75011 | Coherent Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871214 |
| &nbsp;&nbsp;17627 | Comfort Systems USA Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681711 |
| &nbsp;&nbsp;23593 | Crane Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613976 |
| &nbsp;&nbsp;57320 | Crown Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5116383 |
| &nbsp;&nbsp;18404 | Curtiss-Wright Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839037 |
| &nbsp;&nbsp;58077 | Donaldson Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894644 |
| &nbsp;&nbsp;16268 | Eagle Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610357 |
| &nbsp;&nbsp;22685 | EMCOR Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8385057 |
| &nbsp;&nbsp;19036 | EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743317 |
| &nbsp;&nbsp;27557 | Esab Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210391 |
| &nbsp;&nbsp;24424 | Exponent Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979809 |
| &nbsp;&nbsp;17589 | Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474004 |
| 188073 | Flex Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221455 |
| &nbsp;&nbsp;63716 | Flowserve Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111889 |
| &nbsp;&nbsp;83184 | Fluor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979651 |
| &nbsp;&nbsp;60249 | Fortune Brands Innovations Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667959 |
| &nbsp;&nbsp;17236 | GATX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676234 |
| &nbsp;&nbsp;83692 | Graco Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6989119 |
| 145566 | Graphic Packaging Holding Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778893 |
| &nbsp;&nbsp;12696 | Greif Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698153 |
| &nbsp;&nbsp;39286 | Hexcel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151301 |
| &nbsp;&nbsp;39528 | ITT Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105436 |
| &nbsp;&nbsp;27839 | Kirby Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812017 |
| &nbsp;&nbsp;27458 | Knife River Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476986 |
| &nbsp;&nbsp;78518 | Knight-Swift Transportation Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414748 |
| &nbsp;&nbsp;17136 | Landstar System Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573827 |
| &nbsp;&nbsp;27367 | Lincoln Electric Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176742 |
| &nbsp;&nbsp;12036 | Littelfuse Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367963 |
| &nbsp;&nbsp;30318 | Louisiana-Pacific Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788650 |
| &nbsp;&nbsp;29859 | MasTec Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484844 |
| &nbsp;&nbsp;26090 | Middleby Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965158 |
| &nbsp;&nbsp;19066 | MSA Safety Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796791 |
| &nbsp;&nbsp;55161 | Mueller Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199959 |
| &nbsp;&nbsp;69665 | NEXTracker Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935683 |
| &nbsp;&nbsp;17422 | Novanta Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227751 |
| &nbsp;&nbsp;79936 | nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190245 |
| &nbsp;&nbsp;31557 | Oshkosh Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968883 |
| &nbsp;&nbsp;42624 | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087560 |
| &nbsp;&nbsp;15599 | RBC Bearings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019290 |
| &nbsp;&nbsp;32121 | Regal Rexnord Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656976 |
| &nbsp;&nbsp;20511 | Ryder System Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949687 |
| &nbsp;&nbsp;12899 | Saia Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507298 |
| &nbsp;&nbsp;71975 | Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746833 |
| &nbsp;&nbsp;40994 | Silgan Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095613 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;20450 | Simpson Manufacturing Co Inc | &nbsp;&nbsp;&nbsp;$3212286 |
| &nbsp;&nbsp;47656 | Sonoco Products Co | &nbsp;&nbsp;&nbsp;&nbsp; 2251269 |
| &nbsp;&nbsp;36728 | TD SYNNEX Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3818243 |
| &nbsp;&nbsp;33539 | Terex Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1267103 |
| 129842 | Tetra Tech Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3797879 |
| &nbsp;&nbsp;30946 | Timken Co | &nbsp;&nbsp;&nbsp;&nbsp; 2224089 |
| &nbsp;&nbsp;14221 | TopBuild Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4336694 |
| &nbsp;&nbsp;49768 | Toro Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620622 |
| &nbsp;&nbsp;51965 | Trex Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019167 |
| &nbsp;&nbsp;29452 | UFP Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152542 |
| &nbsp;&nbsp;21408 | Universal Display Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985988 |
| &nbsp;&nbsp;&nbsp;&nbsp;9717 | Valmont Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772940 |
| &nbsp;&nbsp;72847 | Vontier Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393024 |
| &nbsp;&nbsp;13280 | Watts Water Technologies Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708058 |
| &nbsp;&nbsp;28935 | Woodward Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280348 |
| &nbsp;&nbsp;57844 | XPO Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282533274 |
| Technology — 8.98% | Technology — 8.98% | Technology — 8.98% |
| &nbsp;&nbsp;65312 | Allegro MicroSystems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641291 |
| &nbsp;&nbsp;54932 | Amkor Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992072 |
| &nbsp;&nbsp;11745 | Appfolio Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582725 |
| &nbsp;&nbsp;22978 | ASGN Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448073 |
| &nbsp;&nbsp;46108 | BILL Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115896 |
| &nbsp;&nbsp;17952 | Blackbaud Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113922 |
| &nbsp;&nbsp;10867 | CACI International Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987320 |
| &nbsp;&nbsp;25772 | Cirrus Logic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568309 |
| &nbsp;&nbsp;21206 | Commvault Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345459 |
| &nbsp;&nbsp;22578 | Concentrix Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256240 |
| &nbsp;&nbsp;24482 | Crane NXT Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258375 |
| &nbsp;&nbsp;98441 | DocuSign Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013097 |
| &nbsp;&nbsp;65255 | Doximity Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786748 |
| 107954 | Dropbox Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883451 |
| &nbsp;&nbsp;18379 | Duolingo Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707415 |
| 147785 | Dynatrace Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968063 |
| &nbsp;&nbsp;74747 | Entegris Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538868 |
| &nbsp;&nbsp;78027 | ExlService Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683655 |
| &nbsp;&nbsp;78691 | Genpact Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964453 |
| &nbsp;&nbsp;41281 | Guidewire Software Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734408 |
| &nbsp;&nbsp;12702 | IPG Photonics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802004 |
| &nbsp;&nbsp;64622 | KBR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218822 |
| 112651 | Kyndryl Holdings Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537241 |
| &nbsp;&nbsp;66916 | Lattice Semiconductor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509744 |
| &nbsp;&nbsp;33286 | Lumentum Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075049 |
| &nbsp;&nbsp;29438 | MACOM Technology Solutions Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954986 |
| &nbsp;&nbsp;29622 | Manhattan Associates Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125791 |
| &nbsp;&nbsp;28931 | Maximus Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972805 |
| &nbsp;&nbsp;32640 | MKS Instruments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616096 |
| &nbsp;&nbsp;23955 | Onto Innovation Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906700 |
| &nbsp;&nbsp;24240 | Parsons Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435250 |
| &nbsp;&nbsp;28730 | Power Integrations Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450865 |
| 150983 | Pure Storage Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684017 |
| &nbsp;&nbsp;17746 | Qualys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234754 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;51689 | Rambus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$2676198 |
| &nbsp;&nbsp;24017 | Science Applications International Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2696388 |
| &nbsp;&nbsp;15384 | Silicon Laboratories Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1731777 |
| &nbsp;&nbsp;19428 | Synaptics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1237952 |
| 140426 | ZoomInfo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1404260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121860539 |
| Utilities — 3.00% | Utilities — 3.00% | Utilities — 3.00% |
| &nbsp;&nbsp;29351 | ALLETE Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928361 |
| &nbsp;&nbsp;34393 | Black Hills Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085935 |
| 122530 | Essential Utilities Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843611 |
| &nbsp;&nbsp;25836 | IDACORP Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002660 |
| &nbsp;&nbsp;44308 | National Fuel Gas Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508750 |
| &nbsp;&nbsp;48097 | New Jersey Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359639 |
| &nbsp;&nbsp;31094 | Northwestern Energy Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799410 |
| &nbsp;&nbsp;97459 | OGE Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479216 |
| &nbsp;&nbsp;27478 | ONE Gas Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077062 |
| &nbsp;&nbsp;27692 | Ormat Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959763 |
| &nbsp;&nbsp;53852 | Portland General Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401799 |
| &nbsp;&nbsp;29192 | Southwest Gas Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095986 |
| &nbsp;&nbsp;29845 | Spire Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335371 |
| &nbsp;&nbsp;43747 | TXNM Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339589 |
| 104124 | UGI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40660533 |
| **TOTAL COMMON STOCK — 98.46%<br> (Cost $1,255,074,142)** | **TOTAL COMMON STOCK — 98.46%<br> (Cost $1,255,074,142)** | &nbsp;&nbsp;&nbsp;**$1336020276** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;22929348 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 4.29%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$22929348 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.69%<br> (Cost $22,929,348)** | &nbsp;&nbsp;&nbsp;&nbsp;**$22929348** |
| **Principal Amount** |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 1.10% | U.S. Treasury Bonds and Notes — 1.10% |
| $15061700 U.S. Treasury Bills<sup>(e)</sup><br> 4.23%, 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14984245 |
| **TOTAL SHORT TERM INVESTMENTS — 1.10%<br> (Cost $14,984,245)** | &nbsp;&nbsp;&nbsp;&nbsp;**$14984245** |
| **TOTAL INVESTMENTS — 101.25%<br> (Cost $1,292,987,735)** | &nbsp;&nbsp;&nbsp;**$1373933869** |
| **OTHER ASSETS & LIABILITIES, NET — (1.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16947898)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1356985971** |

---

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

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

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

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

<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, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation** |
| **Long** |  |  |  |  |  |
| S&P Mid 400® Emini Futures | 73 | USD | 21452 | Jun 2025 | $42540 |
|  |  |  |  | **Net Appreciation** | **$42540** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 0.38% | Basic Materials — 0.38% | Basic Materials — 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;58000 | RPM International Inc | &nbsp;&nbsp;&nbsp;$6709440 |
| Communications — 4.92% | Communications — 4.92% | Communications — 4.92% |
| &nbsp;&nbsp;&nbsp;262750 | Liberty Media Corp / Liberty Formula One Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23650127 |
| &nbsp;&nbsp;&nbsp;165800 | Maplebear Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6613762 |
| &nbsp;&nbsp;&nbsp;205798 | Match Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 6420898 |
| &nbsp;&nbsp;&nbsp;252000 | New York Times Co Class A | &nbsp;&nbsp;&nbsp;&nbsp; 12499200 |
| &nbsp;&nbsp;&nbsp;&nbsp;99486 | Reddit Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10436081 |
| &nbsp;&nbsp;&nbsp;&nbsp;19900 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10945597 |
| &nbsp;&nbsp;&nbsp;321400 | Trade Desk Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17587008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88152673 |
| Consumer, Cyclical — 15.80% | Consumer, Cyclical — 15.80% | Consumer, Cyclical — 15.80% |
| &nbsp;&nbsp;&nbsp;285084 | Bath & Body Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8643747 |
| &nbsp;&nbsp;&nbsp;173776 | Birkenstock Holding PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967630 |
| &nbsp;&nbsp;&nbsp;&nbsp;69570 | Burlington Stores Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16580618 |
| &nbsp;&nbsp;&nbsp;&nbsp;51800 | Casey's General Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22483272 |
| &nbsp;&nbsp;&nbsp;313870 | Dollar Tree Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23562221 |
| &nbsp;&nbsp;&nbsp;&nbsp;64404 | Domino's Pizza Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29590418 |
| &nbsp;&nbsp;&nbsp;596100 | DraftKings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19796481 |
| &nbsp;&nbsp;&nbsp;&nbsp;79600 | Ferguson Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12754308 |
| &nbsp;&nbsp;&nbsp;&nbsp;88100 | Hilton Worldwide Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20047155 |
| &nbsp;&nbsp;&nbsp;&nbsp;79600 | Liberty Media Corp / Liberty Live Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423944 |
| &nbsp;&nbsp;&nbsp;&nbsp;21600 | Live Nation Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820528 |
| &nbsp;&nbsp;&nbsp;&nbsp;24600 | Lululemon Athletica Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6963276 |
| &nbsp;&nbsp;&nbsp;108900 | On Holding AG Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782888 |
| &nbsp;&nbsp;&nbsp;192300 | Planet Fitness Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18578103 |
| &nbsp;&nbsp;&nbsp;151000 | Ross Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19296290 |
| &nbsp;&nbsp;&nbsp;&nbsp;45700 | Texas Roadhouse Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614991 |
| &nbsp;&nbsp;&nbsp;&nbsp;29813 | Ulta Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10927657 |
| &nbsp;&nbsp;&nbsp;291032 | Viking Holdings Ltd<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11568522 |
| &nbsp;&nbsp;&nbsp;&nbsp;15400 | Wingstop Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473932 |
| &nbsp;&nbsp;&nbsp;192370 | Yum! Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30271343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283147324 |
| Consumer, Non-Cyclical — 26.23% | Consumer, Non-Cyclical — 26.23% | Consumer, Non-Cyclical — 26.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;28447 | Acadia Healthcare Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862513 |
| &nbsp;&nbsp;&nbsp;242100 | Agilent Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28320858 |
| &nbsp;&nbsp;&nbsp;204100 | Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19375213 |
| &nbsp;&nbsp;&nbsp;&nbsp;58300 | Align Technology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9261538 |
| &nbsp;&nbsp;&nbsp;109055 | Alnylam Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29447031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | Argenx SE ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200302 |
| &nbsp;&nbsp;&nbsp;&nbsp;67700 | Ascendis Pharma A/S ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10551722 |
| 1326300 | Avantor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21499323 |
| &nbsp;&nbsp;&nbsp;135400 | Avery Dennison Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24097138 |
| &nbsp;&nbsp;&nbsp;&nbsp;76400 | Biogen Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10454576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | Blueprint Medicines Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734633 |
| &nbsp;&nbsp;&nbsp;&nbsp;97769 | Bright Horizons Family Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12420574 |
| &nbsp;&nbsp;&nbsp;296274 | Bruker Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12366477 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| 222400 | Cooper Cos Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$18759440 |
| &nbsp;&nbsp;51236 | Corpay Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17867018 |
| &nbsp;&nbsp;99138 | CRISPR Therapeutics AG<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3373666 |
| 131600 | Cytokinetics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5289004 |
| &nbsp;&nbsp;66300 | Encompass Health Corp | &nbsp;&nbsp;&nbsp;&nbsp; 6714864 |
| 198884 | Enovis Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7599358 |
| &nbsp;&nbsp;60300 | Equifax Inc | &nbsp;&nbsp;&nbsp;&nbsp; 14686668 |
| &nbsp;&nbsp;70900 | Exact Sciences Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069261 |
| 563600 | Hologic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34813572 |
| &nbsp;&nbsp;16107 | Insmed Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228803 |
| 378121 | Ionis Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11407911 |
| &nbsp;&nbsp;69600 | MarketAxess Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15057960 |
| 132600 | McCormick & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10914306 |
| &nbsp;&nbsp;36300 | Molina Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11956857 |
| 117306 | Paylocity Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21976106 |
| &nbsp;&nbsp;14500 | Penumbra Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877445 |
| &nbsp;&nbsp;26100 | Quanta Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634098 |
| 216483 | QuidelOrtho Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7570411 |
| 209700 | Reynolds Consumer Products Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003442 |
| &nbsp;&nbsp;58868 | Sarepta Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756956 |
| 198253 | Teleflex Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27396582 |
| 447800 | Toast Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14853526 |
| 108969 | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9043337 |
| &nbsp;&nbsp;73313 | TreeHouse Foods Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986049 |
| 105418 | UL Solutions Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945575 |
| &nbsp;&nbsp;&nbsp;&nbsp;5400 | United Rentals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384180 |
| &nbsp;&nbsp;52563 | Vaxcyte Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984779 |
| &nbsp;&nbsp;33200 | Verisk Analytics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9880984 |
| &nbsp;&nbsp;14998 | West Pharmaceutical Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469981808 |
| Energy — 5.76% | Energy — 5.76% | Energy — 5.76% |
| 145000 | Cheniere Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33553000 |
| 404900 | EQT Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21633807 |
| 111500 | Expand Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12412180 |
| 229200 | Range Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9151956 |
| 832763 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26390260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103141203 |
| Financial — 7.30% | Financial — 7.30% | Financial — 7.30% |
| 130800 | Assurant Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27435300 |
| &nbsp;&nbsp;98100 | Axis Capital Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9833544 |
| &nbsp;&nbsp;86200 | Cboe Global Markets Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19506198 |
| 204858 | CoStar Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16230899 |
| &nbsp;&nbsp;91300 | Intercontinental Exchange Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15749250 |
| &nbsp;&nbsp;&nbsp;&nbsp;4900 | Markel Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9161089 |
| 131650 | Raymond James Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18287502 |
| &nbsp;&nbsp;55600 | TPG Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637108 |
| &nbsp;&nbsp;81000 | Tradeweb Markets Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12025260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130866150 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — 16.33% | Industrial — 16.33% | Industrial — 16.33% |
| &nbsp;&nbsp;&nbsp;181000 | Amphenol Corp Class A | &nbsp;&nbsp;&nbsp;$11871790 |
| &nbsp;&nbsp;&nbsp;431207 | Ball Corp | &nbsp;&nbsp;&nbsp;&nbsp; 22452948 |
| &nbsp;&nbsp;&nbsp;139800 | BWX Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp; 13791270 |
| &nbsp;&nbsp;&nbsp;148700 | Cognex Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4435721 |
| &nbsp;&nbsp;&nbsp;166774 | Esab Corp | &nbsp;&nbsp;&nbsp;&nbsp; 19429171 |
| &nbsp;&nbsp;&nbsp;330416 | Fortive Corp | &nbsp;&nbsp;&nbsp;&nbsp; 24179843 |
| &nbsp;&nbsp;&nbsp;&nbsp;53900 | IDEX Corp | &nbsp;&nbsp;&nbsp;&nbsp; 9754283 |
| &nbsp;&nbsp;&nbsp;315100 | Ingersoll Rand Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25217453 |
| &nbsp;&nbsp;&nbsp;&nbsp;59100 | ITT Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633356 |
| &nbsp;&nbsp;&nbsp;102209 | JB Hunt Transport Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15121822 |
| &nbsp;&nbsp;&nbsp;105600 | Keysight Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15815712 |
| &nbsp;&nbsp;&nbsp;&nbsp;12600 | Littelfuse Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478924 |
| &nbsp;&nbsp;&nbsp;&nbsp;38268 | Martin Marietta Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18297079 |
| &nbsp;&nbsp;&nbsp;&nbsp;12900 | Mettler-Toledo International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15233739 |
| &nbsp;&nbsp;&nbsp;&nbsp;85100 | Old Dominion Freight Line Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14079795 |
| &nbsp;&nbsp;&nbsp;330100 | Sealed Air Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9539890 |
| &nbsp;&nbsp;&nbsp;210851 | Standardaero Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617071 |
| &nbsp;&nbsp;&nbsp;363746 | Textron Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26280648 |
| &nbsp;&nbsp;&nbsp;&nbsp;16200 | TopBuild Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940190 |
| &nbsp;&nbsp;&nbsp;105600 | Veralto Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10290720 |
| &nbsp;&nbsp;&nbsp;&nbsp;45500 | Waste Connections Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8881144 |
| &nbsp;&nbsp;&nbsp;&nbsp;66300 | XPO Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7132554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292475123 |
| Technology — 19.12% | Technology — 19.12% | Technology — 19.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;63000 | Atlassian Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13369230 |
| &nbsp;&nbsp;&nbsp;&nbsp;71300 | Broadridge Financial Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17287398 |
| 1857583 | CCC Intelligent Solutions Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16773974 |
| &nbsp;&nbsp;&nbsp;&nbsp;27800 | Duolingo Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8633012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | Fair Isaac Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15859776 |
| &nbsp;&nbsp;&nbsp;&nbsp;13300 | Fortinet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280258 |
| &nbsp;&nbsp;&nbsp;&nbsp;34100 | Gartner Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14313134 |
| &nbsp;&nbsp;&nbsp;492300 | Lattice Semiconductor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25821135 |
| &nbsp;&nbsp;&nbsp;384713 | Marvell Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23686779 |
| &nbsp;&nbsp;&nbsp;537700 | Microchip Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26030057 |
| &nbsp;&nbsp;&nbsp;&nbsp;29800 | Monday.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7246168 |
| &nbsp;&nbsp;&nbsp;&nbsp;16200 | MongoDB Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841480 |
| &nbsp;&nbsp;&nbsp;&nbsp;10027 | Monolithic Power Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5815460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 | MSCI Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883681 |
| &nbsp;&nbsp;&nbsp;&nbsp;44100 | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8381646 |
| &nbsp;&nbsp;&nbsp;139068 | Onestream Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967711 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;198964 | PTC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$30829472 |
| &nbsp;&nbsp;&nbsp;&nbsp;272000 | Pure Storage Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12041440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | Roper Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp; 6013716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73532 | SailPoint Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1378725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8622 | ServiceTitan Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 820038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50400 | Tyler Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29302056 |
| &nbsp;&nbsp;&nbsp;&nbsp;165756 | Veeva Systems Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38394062 |
| &nbsp;&nbsp;&nbsp;&nbsp;204700 | Zoom Communications Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | Zscaler Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16468860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342539987 |
| **TOTAL COMMON STOCK — 95.84%<br> (Cost $1,599,652,547)** | **TOTAL COMMON STOCK — 95.84%<br> (Cost $1,599,652,547)** | &nbsp;&nbsp;&nbsp;**$1717013708** |
| **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** |
| Consumer, Cyclical — 0.05% | Consumer, Cyclical — 0.05% | Consumer, Cyclical — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47688 | Sila Nanotechnologies Inc Series F 0.00%<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932482 |
| Technology — 0.03% | Technology — 0.03% | Technology — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5763 | Databricks Inc Series G 0.00%<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533077 |
| **TOTAL CONVERTIBLE PREFERRED STOCK — 0.08%<br> (Cost $2,308,941)** | **TOTAL CONVERTIBLE PREFERRED STOCK — 0.08%<br> (Cost $2,308,941)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1465559** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 17002642 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(e)</sup>, 4.29%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17002642 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.95%<br> (Cost $17,002,642)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.95%<br> (Cost $17,002,642)** | &nbsp;&nbsp;&nbsp;&nbsp;**$17002642** |
| **TOTAL INVESTMENTS — 96.87%<br> (Cost $1,618,964,130)** | **TOTAL INVESTMENTS — 96.87%<br> (Cost $1,618,964,130)** | &nbsp;&nbsp;&nbsp;**$1735481909** |
| **OTHER ASSETS & LIABILITIES, NET — 3.13%** | **OTHER ASSETS & LIABILITIES, NET — 3.13%** | &nbsp;&nbsp;&nbsp;&nbsp;**$56111958** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1791593867** |

---

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

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

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

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

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

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

<sup>ADR</sup> American Depositary Receipt

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following restricted securities: | As of March 31, 2025, the Fund held the following restricted securities: | As of March 31, 2025, the Fund held the following restricted securities: | As of March 31, 2025, 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>(c)</sup> | &nbsp;&nbsp;02/01/2021 | &nbsp;&nbsp;$340724 | &nbsp;&nbsp;$533077 | &nbsp;&nbsp;0.03% |
| Sila Nanotechnologies Inc Series F 0.00%<sup>(c)</sup> | &nbsp;&nbsp;01/07/2021 | &nbsp;&nbsp;1968217 | &nbsp;&nbsp;932482 | &nbsp;&nbsp;0.05 |
|  |  | &nbsp;&nbsp;**$2308941** | &nbsp;&nbsp;**$1465559** | &nbsp;&nbsp;**0.08%** |

---

(c) Security is fair valued using significant unobservable inputs.

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### 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.

------

*March 31, 2025*

------

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

---

| | |
|:---|:---|
| **<u>Class</u>** | **<u>Inputs</u>** |
| Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data |
| 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, 2025, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$6709440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6709440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88152673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88152673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283147324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283147324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450606595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19375213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469981808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103141203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103141203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130866150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130866150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292475123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292475123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342539987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342539987 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697638495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19375213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717013708 |
| 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;1465559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465559 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17002642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17002642 |
| Total Assets | &nbsp;&nbsp;$1714641137 | &nbsp;&nbsp;&nbsp;&nbsp;$19375213 | &nbsp;&nbsp;&nbsp;&nbsp;$1465559 | &nbsp;&nbsp;$1735481909 |

---

------

*March 31, 2025*

------

<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, 2025, 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.

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;22 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$6665133 |

---

---

| | |
|:---|:---|
| 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;78 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$24341193 |

---

------

*March 31, 2025*

## 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 S&P Mid Cap 400 Index Fund

- **b. EDGAR series identifier (if any):** S000030872

- **c. LEI of Series:** ZVMUZFOB03REUHJNUP64

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-03-31

**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:** $1363677197.61

**Total Liabilities:** $6232464.57

**Net Assets:** $1357444733.04

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000095752 | 3.81%                | -4.40%               | -5.47%               |
| Class ID C000095753 | 3.74%                | -4.35%               | -5.54%               |
| Class ID C000155808 | 3.89%                | -4.45%               | -5.39%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $38792938.38             | $22666669.70                               |
| Month 2  | $38792933.90             | $-69901369.74                              |
| Month 3  | $56671881.04             | $-102141175.41                             |

### Schedule of Portfolio Investments

| Name                                       | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Instl Resv                         | Dreyfus Instl Resv PFD GOVT INSTL                  | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        |  22929355 | PA      | $22929354.64  | 1.69%             | 2025-04-01      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Doximity Inc                               | Doximity Inc CL A                                  | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65255 | NS      | $3786747.56   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                                    | EnerSys COM USD0.01                                | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     19036 | NS      | $1743316.86   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc                    | Essential Utilities Inc COM                        | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |    122530 | NS      | $4843610.90   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide Corp          | Marriott Vacations Worldwide Corp COM              | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     16230 | NS      | $1042615.21   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc.                      | Medpace Holdings Inc. COM                          | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     12362 | NS      | $3766577.78   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                              | Owens Corning COM                                  | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     42624 | NS      | $6087559.65   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Company, Inc.                         | Trex Company, Inc. COM USD0.01                     | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51965 | NS      | $3019166.49   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                 | Unum Group COM                                     | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     81481 | NS      | $6637442.39   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd.                        | Capri Holdings Ltd. SHS                            | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | VG        |     58299 | NS      | $1150239.27   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                   | Fabrinet COM USD0.01                               | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |     17589 | NS      | $3474003.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                    | ATI Inc COM                                        | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     69976 | NS      | $3640851.25   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AppFolio Inc.                              | AppFolio Inc. COM CL A                             | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |     11745 | NS      | $2582725.51   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                        | Churchill Downs Inc COM                            | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     35645 | NS      | $3959090.14   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                         | Cirrus Logic, Inc. COM                             | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |     25772 | NS      | $2568308.77   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                        | Houlihan Lokey Inc. CL A                           | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     26913 | NS      | $4346449.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                    | ITT Inc COM                                        | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |     39528 | NS      | $5105436.48   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corporation                         | Kemper Corporation COM                             | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     28733 | NS      | $1920801.06   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                  | Lamar Advertising Company CL A                     | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     42650 | NS      | $4852717.03   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                   | Manhattan Associates Inc COM USD0.01               | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     29622 | NS      | $5125790.88   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc.                 | Park Hotels & Resorts Inc. COM                     | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |    104886 | NS      | $1120182.48   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                | Ryan Specialty Holdings Inc CL A                   | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51602 | NS      | $3811839.72   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC                   | Jazz Pharmaceuticals PLC COM USD0.0001             | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |     29321 | NS      | $3640202.17   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Companies Inc.                  | Albertsons Companies Inc. COMMON STOCK             | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |    202565 | NS      | $4454404.48   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Amedisys Inc                               | Amedisys Inc COM                                   | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               | CORP              | US        |     15884 | NS      | $1471334.93   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                      | American Homes 4 Rent COM USD0.01 'A'              | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    153855 | NS      | $5817257.61   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL Holdings Inc                          | BILL Holdings Inc COM                              | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |     46108 | NS      | $2115896.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Coty Inc.                                  | Coty Inc. COM CL A                                 | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Long             | EC               | CORP              | US        |    184421 | NS      | $1008782.86   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                       | CubeSmart (Maryland) COM                           | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109683 | NS      | $4684560.98   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona Inc                        | Dentsply Sirona Inc COM USD0.01                    | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    102833 | NS      | $1536325.06   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corporation               | Envista Holdings Corporation COM                   | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     86964 | NS      | $1500998.63   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                     | Equitable Holdings Inc COM                         | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    151967 | NS      | $7915960.84   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc             | First Financial Bankshares Inc COM                 | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |     65631 | NS      | $2357465.52   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust, Inc.        | First Industrial Realty Trust, Inc. COM            | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64188 | NS      | $3463584.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corporation                          | Fluor Corporation COM USD0.01                      | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     83184 | NS      | $2979650.83   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                    | Aramark COM                                        | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |    132165 | NS      | $4562335.94   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc.                 | Brighthouse Financial Inc. COM                     | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |     29938 | NS      | $1736104.63   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinks Company                             | Brinks Company COM                                 | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     20849 | NS      | $1796349.82   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                         | Bruker Corporation COM USD0.01                     | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |     53672 | NS      | $2240269.28   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                  | Chewy Inc CL A                                     | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |     82625 | NS      | $2686138.71   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International, Inc.          | Choice Hotels International, Inc. COM              | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |     11437 | NS      | $1518604.89   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Coherent Corp                              | Coherent Corp COM                                  | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     75011 | NS      | $4871214.38   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc.                     | Commvault Systems Inc. COM                         | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     21206 | NS      | $3345458.58   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                            | Core & Main Inc CL A                               | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93432 | NS      | $4513699.95   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                    | COPT Defense Properties COM USD0.01                | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     56769 | NS      | $1548090.67   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                 | Cullen/Frost Bankers, Inc. COM                     | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     31103 | NS      | $3894095.62   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp.                       | Curtiss-Wright Corp. COM                           | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     18404 | NS      | $5839037.10   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                               | Duolingo Inc CL A COM                              | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18379 | NS      | $5707414.63   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| E L F Beauty Inc                           | E L F Beauty Inc COM                               | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     26771 | NS      | $1680951.06   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Emcor Group Inc                            | Emcor Group Inc COM STK USD0.01                    | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |     22685 | NS      | $8385056.57   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial, Inc.          | Fidelity National Financial, Inc. FNF GROUP COM    | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    128417 | NS      | $8357378.46   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                             | Five Below Inc COM                                 | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     26456 | NS      | $1982215.86   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc.                         | GXO Logistics Inc. COMMON STOCK                    | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     57948 | NS      | $2264607.81   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp.                          | HF Sinclair Corp. COM                              | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     77565 | NS      | $2550337.18   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                     | Hims & Hers Health Inc COM CL A                    | CUSIP: 433000106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94310 | NS      | $2786860.50   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp                         | IPG Photonics Corp COM                             | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |     12702 | NS      | $802004.26    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                     | Ingredion Incorporated COM                         | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     31602 | NS      | $4272906.37   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                    | KB Home COM STK USD1                               | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     33980 | NS      | $1974917.59   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corporation                      | Flowserve Corporation COM                          | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     63716 | NS      | $3111889.42   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc             | Fortune Brands Innovations Inc COM                 | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |     60249 | NS      | $3667959.06   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc                       | Kyndryl Holdings Inc COMMON STOCK                  | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |    112651 | NS      | $3537241.36   | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Neurocrine Biosciences Inc                 | Neurocrine Biosciences Inc COM USD0.001            | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     49105 | NS      | $5431013.05   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmarket Corporation                      | Newmarket Corporation COM NPV                      | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      3689 | NS      | $2089634.06   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                 | Performance Food Group Co. COM                     | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     77539 | NS      | $6096891.55   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp.                       | Potlatchdeltic Corp. COM                           | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     34762 | NS      | $1568461.45   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc.                                | Rambus Inc. COM                                    | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     51689 | NS      | $2676198.06   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp.                           | SouthState Corp. COM                               | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     47588 | NS      | $4417118.22   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Incorporated                     | Synaptics Incorporated COM USD0.001                | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |     19428 | NS      | $1237952.16   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares, Inc.             | Texas Capital Bancshares, Inc. COM                 | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     21928 | NS      | $1638021.61   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour, Inc.                         | Under Armour, Inc. CL A                            | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |     96759 | NS      | $604743.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour, Inc.                         | Under Armour, Inc. CL C                            | CUSIP: 904311206<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |     55389 | NS      | $329564.55    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills               | WIB 0 05/15/25                                     | CUSIP: 912797LB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15061700 | NS      | $14984244.75  | 1.10%             | 2025-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Valvoline Inc                              | Valvoline Inc COM                                  | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     62491 | NS      | $2175311.71   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc.                          | Viper Energy Inc. CL A                             | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |     65306 | NS      | $2948566.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Wendys Company                         | The Wendys Company COM                             | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |     83046 | NS      | $1214963.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc               | Wyndham Hotels & Resorts Inc COM                   | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     37728 | NS      | $3414761.30   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd.                               | Genpact Ltd. COM STK USD0.01                       | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |     78691 | NS      | $3964452.65   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc              | Weatherford International Plc COM USD0.001         | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |     34726 | NS      | $1859577.25   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC           | Sensata Technologies Holding PLC COM EUR0.01       | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     71975 | NS      | $1746833.23   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                           | GATX Corporation COM                               | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |     17236 | NS      | $2676233.77   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| The Gap Inc.                               | The Gap Inc. COM                                   | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |    107375 | NS      | $2212998.75   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                | Gentex Corp COM                                    | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    110303 | NS      | $2570059.89   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                             | Globus Med Inc CL A                                | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     55161 | NS      | $4037785.19   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co. The             | Goodyear Tire & Rubber Co. The COM                 | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |    141522 | NS      | $1307663.30   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co                         | Graham Holdings Co COM CL B                        | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |      1634 | NS      | $1570045.23   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                     | Guidewire Software Inc COM                         | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     41281 | NS      | $7734408.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                              | Insperity Inc COM                                  | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |     17225 | NS      | $1536986.74   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.               | Iridium Communications, Inc. COM                   | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     53440 | NS      | $1459980.78   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                 | Kirby Corp COM                                     | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     27839 | NS      | $2812017.38   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Lancaster Colony Corp.                     | Lancaster Colony Corp. COM                         | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      9130 | NS      | $1597750.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                       | Landstar System Inc. COM                           | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     17136 | NS      | $2573827.21   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corporation          | Lattice Semiconductor Corporation COM              | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     66916 | NS      | $3509744.28   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                            | Littelfuse Inc. COM                                | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     12036 | NS      | $2367962.65   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana Pacific Corporation              | Louisiana Pacific Corporation COM                  | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     30318 | NS      | $2788649.67   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc.                            | MSA Safety Inc. COM                                | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |     19066 | NS      | $2796791.49   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                            | Morningstar Inc COM                                | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |     13104 | NS      | $3929496.52   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust          | National Storage Affiliates Trust COM SHS BEN IN   | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |     34932 | NS      | $1376320.82   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc.                              | Penumbra Inc. COM                                  | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     18614 | NS      | $4977569.70   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                           | RBC Bearings Inc COM                               | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15599 | NS      | $5019290.18   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT, Inc.               | Sabra Health Care REIT, Inc. COM                   | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    113811 | NS      | $1988278.17   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SKECHERS USA, Inc.                         | SKECHERS USA, Inc. CL A                            | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |     63823 | NS      | $3623869.97   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Topbuild Corporation                       | Topbuild Corporation COM                           | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |     14221 | NS      | $4336693.98   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                          | Agree Realty Corp COM                              | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     52014 | NS      | $4014960.55   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Allete Inc                                 | Allete Inc COM NEW                                 | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |     29351 | NS      | $1928360.71   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corporation                  | CNX Resources Corporation COM                      | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     72395 | NS      | $2278994.59   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                               | Cadence Bank COM                                   | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |     88738 | NS      | $2694085.67   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                        | Clean Harbors, Inc. COM                            | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     24572 | NS      | $4843141.17   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                              | Dynatrace Inc COM NEW                              | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147785 | NS      | $6968062.94   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                               | Evercore Inc CLASS A                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     17170 | NS      | $3429192.39   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting, Inc.                       | FTI Consulting, Inc. COM USD0.01                   | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |     17131 | NS      | $2810854.45   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                           | Healthequity Inc COM                               | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     42352 | NS      | $3742646.31   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated            | Jones Lang LaSalle Incorporated COM                | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     23011 | NS      | $5704657.04   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc.           | Pinnacle Financial Partners Inc. COM               | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     37119 | NS      | $3936098.77   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                                         | RH COM                                             | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |      7729 | NS      | $1811754.89   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                   | Sarepta Therapeutics Inc COM                       | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |     46327 | NS      | $2956589.23   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc.              | Simpson Manufacturing Co Inc. COM                  | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     20450 | NS      | $3212286.03   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Company                    | Sonoco Products Company COM                        | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     47656 | NS      | $2251269.45   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc                 | Southwest Gas Holdings Inc COM                     | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     29192 | NS      | $2095985.63   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corporation                          | Terex Corporation COM                              | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     33539 | NS      | $1267103.44   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                             | Tetra Tech Inc COM                                 | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |    129842 | NS      | $3797878.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc.                       | Thor Industries Inc. COM                           | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |     25608 | NS      | $1941342.43   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| The Timken Company                         | The Timken Company COM                             | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     30946 | NS      | $2224089.07   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers, Inc.                        | Toll Brothers, Inc. COM                            | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     48971 | NS      | $5170847.95   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                       | BWX Technologies Inc COM                           | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     44349 | NS      | $4375028.86   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc.                                | Acuity Inc. COM STK USD0.01                        | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15383 | NS      | $4051113.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                          | Ciena Corporation COM NEW                          | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     70046 | NS      | $4232879.79   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                               | Crane NXT Co COM                                   | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     24482 | NS      | $1258374.79   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| The Toro Company                           | The Toro Company COM                               | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |     49768 | NS      | $3620622.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                   | UGI Corp COM                                       | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    104124 | NS      | $3443380.65   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                  | Graco Inc COM                                      | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     83692 | NS      | $6989118.90   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif, Inc.                                | Greif, Inc. CL A                                   | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |     12696 | NS      | $698153.04    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                           | Donaldson Co Inc COM                               | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |     58077 | NS      | $3894643.66   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                  | Wesco International, Inc. COM USD0.01              | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     21627 | NS      | $3358673.19   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corporation                       | Westlake Corporation COM                           | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     16980 | NS      | $1698509.35   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corporation            | United States Steel Corporation COM USD1           | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |    109207 | NS      | $4615087.89   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corporation                        | Vontier Corporation COM                            | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     72847 | NS      | $2393023.90   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Asgn Incorporated                          | Asgn Incorporated COM                              | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     22978 | NS      | $1448073.54   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Company, Inc.            | Acadia Healthcare Company, Inc. COM                | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     47800 | NS      | $1449295.98   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                      | AECOM COM STK USD0.01                              | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     65021 | NS      | $6029397.40   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage System Inc               | Advanced Drainage System Inc COM                   | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     34220 | NS      | $3718002.93   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                        | Ally Financial Inc. COM                            | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |    137158 | NS      | $5002152.09   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                | American Airlines Group Inc COM                    | CUSIP: 02376R102<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | EC               | CORP              | US        |    318705 | NS      | $3362337.75   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation               | Antero Midstream Corporation COM                   | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163407 | NS      | $2941326.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc.                               | Ashland Inc. COM                                   | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     24650 | NS      | $1461498.49   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation, Inc.                           | AutoNation, Inc. COM                               | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12626 | NS      | $2044401.87   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                                | Avantor Inc COM                                    | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    330094 | NS      | $5350823.89   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corporation                         | Avient Corporation COM                             | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     43538 | NS      | $1617872.05   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Group Inc.                     | Avis Budget Group Inc. COM                         | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |      9907 | NS      | $751941.28    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Avnet, Inc.                                | Avnet, Inc. COM                                    | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     41913 | NS      | $2015596.18   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc             | BJ Wholesale Club Holdings Inc COM                 | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     64303 | NS      | $7336972.50   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK Little Rock Arkansas              | Bank OZK Little Rock Arkansas COM                  | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     51169 | NS      | $2223293.08   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                      | Bath & Body Works Inc COM                          | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |    105182 | NS      | $3189118.25   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc.                                | Belden Inc. COM                                    | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     19448 | NS      | $1949662.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Intermediate Holdings Inc.        | BellRing Intermediate Holdings Inc. COMMON STOCK   | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     62681 | NS      | $4667227.29   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Group Inc                     | Berry Global Group Inc COM                         | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |     57717 | NS      | $4029223.73   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories, Inc.                 | Bio-Rad Laboratories, Inc. CL A                    | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      9338 | NS      | $2274363.25   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.               | Biomarin Pharmaceutical Inc. COM USD0.001          | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     94525 | NS      | $6681972.13   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corporation                    | Black Hills Corporation COM                        | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     34393 | NS      | $2085935.40   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                              | Blackbaud Inc COM                                  | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |     17952 | NS      | $1113921.63   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Block(H&R)Inc                              | Block(H&R)Inc COM                                  | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     66466 | NS      | $3649648.12   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Beer Co Inc                         | Boston Beer Co Inc CLASS'A'COM USD0.01             | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |      4191 | NS      | $1000978.42   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                           | Haemonetics Corp COM                               | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |     26006 | NS      | $1652681.29   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corporation                | Hancock Whitney Corporation COM                    | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     41630 | NS      | $2183493.48   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corporation                    | Boyd Gaming Corporation COM                        | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     32108 | NS      | $2113669.59   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                 | Brixmor Property Group Inc COM                     | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    152274 | NS      | $4042874.75   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corporation                      | Brunswick Corporation COM                          | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     31477 | NS      | $1695036.48   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.                     | Burlington Stores Inc. COM                         | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     30545 | NS      | $7279789.64   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                  | CNO Financial Group, Inc. COM                      | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     49729 | NS      | $2071212.87   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corporation                          | Cabot Corporation COM                              | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |     26563 | NS      | $2208447.83   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc.                    | CACI International Inc. CL A                       | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     10867 | NS      | $3987319.60   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.                    | Carlisle Companies Inc. COM                        | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     21922 | NS      | $7464441.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                          | Carlyle Group Inc COM                              | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    102349 | NS      | $4461392.86   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corporation           | Carpenter Technology Corporation COM               | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     24174 | NS      | $4379845.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson, Inc.                      | Harley-Davidson, Inc. COM                          | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |     58224 | NS      | $1470156.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corporation                         | Hexcel Corporation COM                             | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     39286 | NS      | $2151301.36   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.                | Casey'S General Stores Inc. COM                    | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     18380 | NS      | $7977655.29   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CAVA Group Inc.                            | CAVA Group Inc. COM                                | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39806 | NS      | $3439636.50   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc.                      | Celsius Holdings Inc. COM NEW                      | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76372 | NS      | $2720370.66   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corporation                      | ChampionX Corporation COM                          | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |     92391 | NS      | $2753251.77   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                       | Chart Industries Inc COM                           | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     20394 | NS      | $2944077.86   | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Chemed Corporation                         | Chemed Corporation CAP USD1                        | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      7266 | NS      | $4470915.18   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Idacorp Inc                                | Idacorp Inc COM                                    | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     25836 | NS      | $3002659.93   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corporation                  | Kilroy Realty Corporation COM                      | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     50499 | NS      | $1654347.22   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                      | Civitas Resources Inc COM NEW                      | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |     45967 | NS      | $1603788.62   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc                 | Coca-Cola Consolidated Inc COM                     | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |      2858 | NS      | $3858300.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                                | Cognex Corp COM                                    | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |     83184 | NS      | $2481378.78   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc.               | Columbia Banking System Inc. COM NPV               | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101621 | NS      | $2534427.73   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                    | Kite Realty Group Trust COM NEW                    | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106538 | NS      | $2383255.11   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                   | NOV Inc. COM                                       | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    188705 | NS      | $2872090.10   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co.                    | Columbia Sportswear Co. COM                        | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |     15533 | NS      | $1175692.76   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Comfort Systems USA Inc.                   | Comfort Systems USA Inc. COM                       | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     17627 | NS      | $5681710.98   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                | Novanta Inc COM                                    | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | CA        |     17422 | NS      | $2227751.09   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Ormat Technologies Inc.                    | Ormat Technologies Inc. COM                        | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |     27692 | NS      | $1959762.83   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                      | Comerica Incorporated COM                          | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     63783 | NS      | $3767024.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc                    | Commerce Bancshares Inc COM                        | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59422 | NS      | $3697831.07   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Company                  | Commercial Metals Company COM                      | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     55245 | NS      | $2541822.51   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                           | Concentrix Corp. COM                               | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     22578 | NS      | $1256239.92   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                    | XPO Inc COM                                        | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     57844 | NS      | $6222857.38   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc.                    | Cousins Properties Inc. COM NEW                    | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     81140 | NS      | $2393630.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co.                                  | Crane Co. COMMON STOCK                             | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |     23593 | NS      | $3613975.68   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                                  | Crocs Inc COM                                      | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |     28266 | NS      | $3001849.20   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                         | Crown Holdings Inc COM                             | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     57320 | NS      | $5116383.13   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                           | Cytokinetics Inc COM NEW                           | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |     57236 | NS      | $2300314.80   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                           | DT Midstream Inc COMMON STOCK                      | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49367 | NS      | $4762928.11   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                   | Saia Inc COM USD0.001                              | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |     12899 | NS      | $4507297.52   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Markets Inc                | Sprouts Farmers Markets Inc COM                    | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     48496 | NS      | $7402429.54   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients, Inc                   | Darling Ingredients, Inc COM                       | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     77137 | NS      | $2409759.87   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods, Inc.                | Dick's Sporting Goods, Inc. COM                    | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     28053 | NS      | $5654362.73   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                               | Docusign Inc COM                                   | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     98441 | NS      | $8013097.50   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc.                    | Dolby Laboratories Inc. COM CL A                   | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |     30775 | NS      | $2471540.27   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                | Dropbox Inc CL A                                   | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |    107954 | NS      | $2883451.27   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                             | EPR Properties COM SH BEN INT                      | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     36729 | NS      | $1932312.70   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                       | Eagle Materials Inc. COM                           | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     16268 | NS      | $3610357.24   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                      | East West Bancorp Inc COM USD0.001                 | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68902 | NS      | $6184643.62   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                             | EchoStar Corp. CL A                                | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |     58867 | NS      | $1505817.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation               | Encompass Health Corporation COM                   | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     48863 | NS      | $4948844.72   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                           | Ensign Group Inc COM                               | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     27598 | NS      | $3571181.25   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                               | Entegris Inc COM USD0.01                           | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     74747 | NS      | $6538867.72   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Equity Lifestyle Properties Inc            | Equity Lifestyle Properties Inc COM                | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     92657 | NS      | $6180222.16   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB Corp.                                 | ESAB Corp. COM                                     | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |     27557 | NS      | $3210390.50   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                    | Euronet Worldwide, Inc. COM USD0.02                | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     19960 | NS      | $2132726.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                             | Exelixis, Inc. COM                                 | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    138504 | NS      | $5113567.83   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc.                   | ExlService Holdings Inc. COM                       | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     78027 | NS      | $3683654.78   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                               | Exponent Inc COM USD0.001                          | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |     24424 | NS      | $1979809.42   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                               | LivaNova PLC ORD GBP1.00 (DI)                      | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |     26979 | NS      | $1059735.11   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial N.V.                        | CNH Industrial N.V. COM EUR0.01                    | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |    435608 | NS      | $5349266.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                       | Federated Hermes Inc CL B                          | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |     40301 | NS      | $1643071.75   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corporation       | First American Financial Corporation COM           | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     49956 | NS      | $3278612.33   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corporation                  | First Horizon Corporation COM USD0.625             | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    257114 | NS      | $4993153.86   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstcash Holdings Inc                     | Firstcash Holdings Inc COM                         | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18642 | NS      | $2243005.47   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor And Decor Holding Inc.               | Floor And Decor Holding Inc. CL A                  | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |     52006 | NS      | $4184922.70   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods, Inc.                        | Flowers Foods, Inc. COM                            | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     93146 | NS      | $1770705.44   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent Inc         | Frontier Communications Parent Inc COM             | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107486 | NS      | $3854447.94   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc          | Gaming and Leisure Properties Inc COM              | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    136019 | NS      | $6923367.01   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Gamestop Corp                              | Gamestop Corp CL A                                 | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Long             | EC               | CORP              | US        |    197065 | NS      | $4398490.73   | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Grand Canyon Education Inc                 | Grand Canyon Education Inc COM USD0.01             | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     13940 | NS      | $2411898.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Company          | Graphic Packaging Holding Company COM              | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145566 | NS      | $3778893.39   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                  | Halozyme Therapeutics Inc COM                      | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     61705 | NS      | $3937396.12   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Aaon Inc                                   | Aaon Inc COM PAR $0.004                            | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |     32718 | NS      | $2556257.37   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Agco Corporation                           | Agco Corporation COM                               | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     30048 | NS      | $2781543.37   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                          | Hamilton Lane Inc CL A                             | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     21277 | NS      | $3163251.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.          | The Hanover Insurance Group, Inc. COM              | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     17475 | NS      | $3039776.33   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                   | HRTI LLC CL A COM                                  | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |    171877 | NS      | $2904721.31   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Grand Vacations Inc                 | Hilton Grand Vacations Inc COM                     | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |     31949 | NS      | $1195212.09   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc.                       | Home BancShares Inc. COM                           | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89668 | NS      | $2534914.35   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corporation                   | Hyatt Hotels Corporation COM CL A                  | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |     20511 | NS      | $2512597.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                               | Illumina Inc COM USD0.01                           | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     76921 | NS      | $6102912.13   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc              | Independence Realty Trust Inc COM                  | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    116182 | NS      | $2466543.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc              | Interactive Brokers Group Inc COM CL A             | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     53658 | NS      | $8885228.20   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp              | International Bancshares Corp COM                  | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     27683 | NS      | $1745690.02   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                     | Abercrombie & Fitch Co CL A                        | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     24594 | NS      | $1878243.78   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.            | Affiliated Managers Group, Inc. COM                | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     14658 | NS      | $2462983.73   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc.                      | Alaska Air Group Inc. COM                          | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     59760 | NS      | $2941387.25   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                          | Alcoa Corporation COM                              | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    125301 | NS      | $3821680.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc                   | Allegro MicroSystems Inc COM                       | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65312 | NS      | $1641290.56   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.             | American Financial Group, Inc. COM                 | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     35007 | NS      | $4597819.35   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Amkor Technology, Inc.                     | Amkor Technology, Inc. COM                         | CUSIP: 031652100<br>LEI: 529900VHLRTKPWZJBM84 | Long             | EC               | CORP              | US        |     54932 | NS      | $992071.92    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management, Inc.            | Annaly Capital Management, Inc. COM NEW            | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |    281605 | NS      | $5719397.61   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corporation               | Antero Resources Corporation COM                   | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    141858 | NS      | $5736737.46   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc.       | Applied Industrial Technologies Inc. COM           | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     18646 | NS      | $4201689.53   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                            | Aptargroup Inc. COM                                | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     32273 | NS      | $4788667.74   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics, Inc.                    | Arrow Electronics, Inc. COM                        | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     25505 | NS      | $2648184.19   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc              | Jefferies Financial Group Inc COM                  | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     81271 | NS      | $4353687.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                  | Kinsale Capital Group Inc COM                      | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     10730 | NS      | $5222398.26   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                       | Associated Banc-Corp COM                           | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |     83197 | NS      | $1874428.43   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                               | Autoliv Inc. COM                                   | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |     35138 | NS      | $3107956.01   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                       | Cleveland-Cliffs Inc COM                           | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    234588 | NS      | $1928313.34   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                 | Eastgroup Properties, Inc. COM                     | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     25571 | NS      | $4504331.73   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                  | F N B Corp (Pennsylvania) COM                      | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |    174397 | NS      | $2345639.70   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc.                       | Glacier Bancorp Inc. COM USD0.01                   | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |     54997 | NS      | $2431967.32   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp.                          | Knife River Corp. COMMON STOCK                     | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27458 | NS      | $2476986.21   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc.  | Knight-Swift Transportation Holdings Inc. CL A     | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78518 | NS      | $3414747.86   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                    | KBR Inc COM                                        | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     64622 | NS      | $3218821.87   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc.                       | MKS Instruments Inc. COM NPV                       | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     32640 | NS      | $2616096.03   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                      | Lantheus Holdings Inc COM                          | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     33721 | NS      | $3291169.59   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corporation                           | Lear Corporation COM NEW                           | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     26356 | NS      | $2325126.29   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's, Inc.                               | Macy's, Inc. COM                                   | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |    132428 | NS      | $1663295.67   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastec, Inc.                               | Mastec, Inc. COM                                   | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     29859 | NS      | $3484843.93   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.             | Lincoln Electric Holdings Inc. COM                 | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     27367 | NS      | $5176741.79   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Incorporated                 | Lithia Motors Incorporated COM                     | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |     12919 | NS      | $3792243.18   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                               | Mattel, Inc. COM                                   | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    163395 | NS      | $3174764.90   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc.                    | Mueller Industries Inc. COM                        | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |     55161 | NS      | $4199958.50   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc.                     | Lumentum Holdings Inc. COM                         | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     33286 | NS      | $2075049.23   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                      | MGIC Investment Corp. COM                          | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    122881 | NS      | $3044991.22   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc.              | MSC Industrial Direct Co Inc. CL A                 | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     23061 | NS      | $1791147.85   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc.   | MACOM Technology Solutions Holdings Inc. COM       | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29438 | NS      | $2954986.41   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation                     | Murphy Oil Corporation COM                         | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     65353 | NS      | $1856025.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                  | National Fuel Gas Company COM                      | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     44308 | NS      | $3508750.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc.                         | ManpowerGroup Inc. COM                             | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     24327 | NS      | $1408046.81   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc.                             | Maplebear Inc. COM                                 | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78494 | NS      | $3131125.75   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                         | Masimo Corporation COM STK USD0.001                | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |     21553 | NS      | $3590729.85   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                  | Matador Resources Company COM                      | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     56279 | NS      | $2875294.18   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                | Maximus Inc COM                                    | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |     28931 | NS      | $1972804.91   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp.                             | Middleby Corp. COM                                 | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     26090 | NS      | $3965158.18   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc.                            | Murphy USA Inc. COM                                | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      8937 | NS      | $4198691.92   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                               | NNN REIT Inc COM                                   | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     90950 | NS      | $3879017.53   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial, Inc.                   | Flagstar Financial, Inc. COM NEW                   | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |    146970 | NS      | $1707791.41   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc.                            | Nextracker Inc. CLASS A COM                        | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69665 | NS      | $2935683.11   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                    | Nexstar Media Group Inc COMMON STOCK               | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     14143 | NS      | $2534708.42   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NorthWestern Energy Group Inc              | NorthWestern Energy Group Inc COM NEW              | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |     31094 | NS      | $1799409.76   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                         | Chord Energy Corp. COM NEW                         | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     29647 | NS      | $3341809.71   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                       | Old National Bancorp COM                           | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    154701 | NS      | $3278114.18   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation     | Old Republic International Corporation COM         | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |    113137 | NS      | $4437233.16   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                           | Olin Corporation COM PAR $1                        | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     60110 | NS      | $1457066.42   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollies Bargain Outlet Holdings Inc.        | Ollies Bargain Outlet Holdings Inc. COM            | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     29754 | NS      | $3462175.44   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.           | Omega Healthcare Investors, Inc. COM               | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |    136853 | NS      | $5211362.17   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas, Inc.                              | ONE Gas, Inc. COM                                  | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     27478 | NS      | $2077062.05   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc.                       | Onto Innovation Inc. COM                           | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     23955 | NS      | $2906699.77   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                     | Option Care Health Inc COM NEW                     | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     82538 | NS      | $2884703.11   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corporation                        | Oshkosh Corporation COM                            | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     31557 | NS      | $2968882.51   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                             | PBF Energy Inc CL A                                | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     49221 | NS      | $939628.88    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc.                           | TXNM Energy Inc. COM NPV                           | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     43747 | NS      | $2339589.52   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp.                                  | PVH Corp. COM                                      | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     26563 | NS      | $1717032.32   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corporation                        | Parsons Corporation COM                            | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |     24240 | NS      | $1435250.38   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.              | Penske Automotive Group, Inc. COM                  | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      9672 | NS      | $1392574.53   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                     | Permian Resources Corp CLASS A COM                 | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    319381 | NS      | $4423426.72   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrims Pride Corporation                 | Pilgrims Pride Corporation COM                     | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |     20283 | NS      | $1105626.31   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Planet Fitness Inc.                        | Planet Fitness Inc. CL A                           | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     40828 | NS      | $3944393.09   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc.                               | Polaris Inc. COM                                   | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     25241 | NS      | $1033366.55   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Company          | Portland General Electric Company COM NEW          | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     53852 | NS      | $2401799.24   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc.                         | Post Holdings Inc. COM                             | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |     22964 | NS      | $2672091.05   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc.                    | Power Integrations Inc. COM                        | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     28730 | NS      | $1450865.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                            | Primerica, Inc. COM                                | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     16185 | NS      | $4605118.03   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                  | Prosperity Bancshares Inc COM                      | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46204 | NS      | $3297579.44   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc                           | Pure Storage Inc CL A                              | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |    150983 | NS      | $6684017.23   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                 | Qualys Inc COM                                     | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |     17746 | NS      | $2234753.76   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                              | RB Global Inc COM                                  | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |     90958 | NS      | $9123087.31   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                   | RLI Corp COM                                       | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |     40446 | NS      | $3249027.21   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc.                     | RPM International Inc. COM                         | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     62420 | NS      | $7220745.68   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                      | Range Resources Corp. COM                          | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    117035 | NS      | $4673207.55   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                               | Rayonier Inc COM                                   | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     70350 | NS      | $1961358.04   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corporation                  | Regal Rexnord Corporation COM                      | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     32121 | NS      | $3656975.87   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated | Reinsurance Group of America, Incorporated COM NEW | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     32726 | NS      | $6443749.43   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                               | Reliance Inc COM                                   | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     26780 | NS      | $7732725.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corporation                       | Repligen Corporation COM                           | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     25262 | NS      | $3214336.87   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.             | Rexford Industrial Realty Inc. COM                 | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    111342 | NS      | $4359039.36   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                           | Royal Gold, Inc. COM                               | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     31892 | NS      | $5214660.98   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System, Inc.                         | Ryder System, Inc. COM                             | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |     20511 | NS      | $2949686.89   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                         | SEI Investments Co COM                             | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     47516 | NS      | $3688667.14   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp.                                  | SLM Corp. COM                                      | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102980 | NS      | $3024522.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corp.   | Science Applications International Corp. USD0.0001 | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     24017 | NS      | $2696388.54   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc                         | Light & Wonder Inc COM USD0.001                    | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |     42829 | NS      | $3709419.71   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company             | The Scotts Miracle-Gro Company CL A                | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     20644 | NS      | $1133149.19   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.             | Selective Insurance Group Inc. COM                 | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     29485 | NS      | $2699056.91   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corporation International          | Service Corporation International COM              | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |     70145 | NS      | $5625629.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                        | Shift4 Payments Inc CL A                           | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33303 | NS      | $2721188.13   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Silicon Laboratories, Inc.                 | Silicon Laboratories, Inc. COM USD0.0001           | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |     15384 | NS      | $1731776.88   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotera Health Company                      | Sotera Health Company COM                          | CUSIP: 83601L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70935 | NS      | $827102.11    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                  | Spire Inc COM                                      | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     29845 | NS      | $2335371.25   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial, Inc.                      | STAG Industrial, Inc. COM                          | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     92356 | NS      | $3335898.76   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.              | Starwood Property Trust, Inc. COM                  | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |    155345 | NS      | $3071170.54   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Stifel Financial Corporation               | Stifel Financial Corporation COM                   | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     49641 | NS      | $4679160.69   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp.                    | Synovus Financial Corp. COM NEW                    | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     68707 | NS      | $3211365.15   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TD Synnex Corp                             | TD Synnex Corp COM                                 | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     36728 | NS      | $3818242.95   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                  | Taylor Morrison Home Corp COM                      | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     50187 | NS      | $3013227.47   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Somnigroup International Inc.              | Somnigroup International Inc. COM                  | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |     94668 | NS      | $5668719.88   | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Tenet Healthcare Corporation               | Tenet Healthcare Corporation COM NEW               | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     46122 | NS      | $6203409.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                        | Texas Roadhouse Inc COM                            | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     32356 | NS      | $5391480.19   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                     | Travel Plus Leisure Co COM                         | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     35400 | NS      | $1638666.02   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp.                        | UMB Financial Corp. COM                            | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     33000 | NS      | $3336300.07   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                         | UFP Industries Inc COM                             | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     29452 | NS      | $3152542.05   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc                      | United Bankshares Inc COM                          | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |     69637 | NS      | $2414314.79   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp.                    | Universal Display Corp. COM USD0.01                | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21408 | NS      | $2985987.88   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| V.F. Corp                                  | V.F. Corp COM                                      | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |    163877 | NS      | $2543371.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp.                 | New Jersey Resources Corp. COM                     | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |     48097 | NS      | $2359638.85   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| The New York Times Company                 | The New York Times Company CL A                    | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     79139 | NS      | $3925294.41   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordstrom, Inc.                            | Nordstrom, Inc. COM                                | CUSIP: 655664100<br>LEI: 549300S3IZB5P35KNV16 | Long             | EC               | CORP              | US        |     49474 | NS      | $1209639.31   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                     | OGE Energy Corporation COM                         | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     97459 | NS      | $4479215.61   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                | Ovintiv Inc COM                                    | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    126256 | NS      | $5403756.74   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation              | Paylocity Holding Corporation COM                  | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     21089 | NS      | $3950813.28   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                         | Vail Resorts, Inc. COM                             | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     18169 | NS      | $2907403.38   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp.                   | Valley National Bancorp. COM                       | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    228690 | NS      | $2033054.14   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc.                       | Silgan Holdings Inc. COM USD0.01                   | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     40994 | NS      | $2095613.29   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp                      | US Foods Holding Corp COM                          | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    112975 | NS      | $7395343.44   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.                   | Valmont Industries, Inc. COM                       | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      9717 | NS      | $2772940.29   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corporation                        | Visteon Corporation COM NEW                        | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     13553 | NS      | $1051983.85   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corporation            | United Therapeutics Corporation COM USD0.01        | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     22131 | NS      | $6822323.37   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                    | WEX Inc COM                                        | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     17295 | NS      | $2715660.87   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                       | Vornado Realty Trust SH BEN INT                    | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80444 | NS      | $2975623.53   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                         | Voya Financial Inc COM                             | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     46666 | NS      | $3162088.16   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corporation             | Wintrust Financial Corporation COM NPV             | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     32249 | NS      | $3626722.52   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                       | Roivant Sciences Ltd SHS                           | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |    208302 | NS      | $2101767.13   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                  | Flex Ltd. ORD                                      | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |    188073 | NS      | $6221455.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| W. P. Carey Inc                            | W. P. Carey Inc COM                                | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |    108576 | NS      | $6852231.27   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corporation             | Warner Music Group Corporation COM CL A            | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71060 | NS      | $2227730.94   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                 | Watsco Inc COM                                     | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     17192 | NS      | $8738693.76   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc.              | Watts Water Technologies Inc. CL A                 | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |     13280 | NS      | $2708057.65   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp.                    | Webster Financial Corp. COM                        | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     83134 | NS      | $4285557.83   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                   | Western Alliance Bancorp COM                       | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     52898 | NS      | $4064153.25   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| The Western Union Company                  | The Western Union Company COM                      | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    160656 | NS      | $1699740.45   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp.                            | Whirlpool Corp. COM                                | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |     26743 | NS      | $2410346.56   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Wingstop Inc                               | Wingstop Inc COM                                   | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     14168 | NS      | $3196017.43   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc.                              | Woodward Inc. COM USD0.00875                       | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |     28935 | NS      | $5280348.10   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                          | Yeti Holdings Inc COM                              | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     43159 | NS      | $1428562.89   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank | Zions Bancorporation Natl Assn Global Bank COM     | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     71640 | NS      | $3571970.44   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc                  | Zoominfo Technologies Inc COMMON STOCK             | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |    140426 | NS      | $1404260.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited             | Axalta Coating Systems Limited COM USD1.00         | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |    105759 | NS      | $3508025.94   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd.                          | Essent Group Ltd. COM USD0.015                     | CUSIP: G3198U102<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |     51512 | NS      | $2973272.58   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                  | Janus Henderson Group PLC ORD USD1.50              | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |     61690 | NS      | $2230093.45   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NVent Electric PLC                         | NVent Electric PLC COM USD0.01                     | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     79936 | NS      | $4190245.15   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                | Renaissancere Holdings Ltd. COM USD1               | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |     23914 | NS      | $5739360.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd.                               | Valaris Ltd. CL A                                  | CUSIP: G9460G101<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     33393 | NS      | $1311009.21   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Company PLC                        | Perrigo Company PLC SHS                            | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     66167 | NS      | $1855322.65   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                | E-mini S&P MidCap 400 Index Futures,Jun-2025,ETH   | CUSIP: 00002FAM5<br>LEI: SNZ2OJLFK8MNNCLQOF39 | Long             | DE               | CORP              | US        |        73 | NC      | $42540.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-22

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

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

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