EMPOWER FUNDS, INC.
("Empower Funds")  
Empower Large Cap Growth Fund Empower Large Cap Value Fund
Institutional Class Ticker / MXGSX Institutional Class Ticker / MXVHX
Investor Class Ticker / MXLGX Investor Class Ticker / MXEQX
  Investor II Class Ticker / MXHAX
Empower S&P 500® Index Fund  
Institutional Class Ticker / MXKWX  
Investor Class Ticker / MXVIX  

(the "Fund(s)") 
Quarterly Holdings Report

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.
EMPOWER LARGE CAP GROWTH FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 0.04%
14,489 Freeport-McMoRan Inc $      548,554
Communications — 24.80%
3,116 Airbnb Inc Class A(a)        372,238
61,239 Alibaba Group Holding Ltd Sponsored ADR     8,097,633
338,824 Alphabet Inc Class C    52,934,473
517,705 Amazon.com Inc(a)    98,498,553
62,894 Arista Networks Inc(a) 4,873,027
5,842 Booking Holdings Inc 26,913,568
57,034 DoorDash Inc Class A(a) 10,424,104
12,540 FactSet Research Systems Inc 5,701,186
3,231 MercadoLibre Inc(a) 6,303,261
78,163 Meta Platforms Inc Class A 45,050,027
32,798 Motorola Solutions Inc 14,359,292
28,539 Netflix Inc(a) 26,613,474
23,837 Palo Alto Networks Inc(a) 4,067,546
523,475 Pinterest Inc Class A(a) 16,227,725
70,574 Shopify Inc Class A(a) 6,738,405
17,321 Spotify Technology SA(a) 9,527,070
28,299 Trade Desk Inc Class A(a) 1,548,521
427,007 Uber Technologies Inc(a) 31,111,730
175,614 Walt Disney Co 17,333,102
    386,694,935
Consumer, Cyclical — 10.32%
2,090 AutoZone Inc(a) 7,968,710
23,016 Chipotle Mexican Grill Inc(a) 1,155,633
242,700 Copart Inc(a) 13,734,393
61,752 DR Horton Inc 7,850,532
51,716 Home Depot Inc 18,953,397
31,902 McDonald's Corp 9,965,228
15,291 O'Reilly Automotive Inc(a) 21,905,581
110,987 Ross Stores Inc 14,183,029
77,062 Starbucks Corp 7,559,012
80,140 Tesla Inc(a) 20,769,082
159,392 TJX Cos Inc 19,413,945
164,255 Walmart Inc 14,419,946
3,154 WW Grainger Inc 3,115,616
    160,994,104
Consumer, Non-Cyclical — 12.13%
84,801 Abbott Laboratories 11,248,853
9,579 AbbVie Inc 2,006,992
4,344 Block Inc(a) 236,009
196,079 Coca-Cola Co 14,043,178
38,774 Danaher Corp 7,948,670
27,235 Edwards Lifesciences Corp(a) 1,973,993
57,433 Eli Lilly & Co 47,434,489
22,324 Gilead Sciences Inc 2,501,404
60,939 Intuitive Surgical Inc(a) 30,181,259
68,702 Johnson & Johnson 11,393,540
11,745 McKesson Corp 7,904,268
18,810 Monster Beverage Corp(a) 1,100,761
15,348 Natera Inc(a) 2,170,361
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
2,814 PayPal Holdings Inc(a) $      183,613
55,918 Philip Morris International Inc     8,875,864
12,207 Quanta Services Inc     3,102,775
32,707 Thermo Fisher Scientific Inc    16,275,003
42,459 Vertex Pharmaceuticals Inc(a)    20,584,972
    189,166,004
Energy — 0.27%
6,475 Cheniere Energy Inc 1,498,315
26,167 ConocoPhillips 2,748,058
    4,246,373
Financial — 11.59%
22,798 Berkshire Hathaway Inc Class B(a) 12,141,759
40,916 Blackstone Inc 5,719,238
14,361 Goldman Sachs Group Inc 7,845,270
160,472 Intercontinental Exchange Inc 27,681,420
57,470 KKR & Co Inc 6,644,107
117,931 Mastercard Inc Class A 64,640,340
48,979 Progressive Corp 13,861,547
120,410 Visa Inc Class A 42,198,889
    180,732,570
Industrial — 5.90%
77,572 3M Co 11,392,224
398,429 Amphenol Corp Class A 26,132,958
45,125 Eaton Corp PLC 12,266,329
31,807 Illinois Tool Works Inc 7,888,454
19,498 Rockwell Automation Inc(b) 5,037,893
10,463 Trane Technologies PLC 3,525,193
5,449 TransDigm Group Inc 7,537,548
38,082 Union Pacific Corp 8,996,492
85,811 Veralto Corp 8,362,282
12,617 Vertiv Holdings Co Class A 910,947
    92,050,320
Technology — 32.02%
40,244 Adobe Inc(a) 15,434,782
162,319 Advanced Micro Devices Inc(a) 16,676,654
414,837 Apple Inc 92,147,743
14,500 AppLovin Corp Class A(a) 3,842,065
26,572 ASML Holding NV 17,607,405
95,244 Broadcom Inc 15,946,703
1,911 Fair Isaac Corp(a) 3,524,190
41,242 Fiserv Inc(a) 9,107,471
6,501 HubSpot Inc(a) 3,713,956
60,778 International Business Machines Corp 15,113,057
45,934 Intuit Inc 28,203,016
40,454 Lam Research Corp 2,941,006
279,938 Microchip Technology Inc 13,551,798
262,681 Microsoft Corp 98,607,820
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER LARGE CAP GROWTH FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Technology — (continued)
3,872 MongoDB Inc(a) $      679,149
586,823 NVIDIA Corp    63,599,877
210,277 Oracle Corp    29,398,828
113,650 Salesforce Inc    30,499,114
35,843 ServiceNow Inc(a)    28,536,046
11,540 Snowflake Inc Class A(a)     1,686,686
4,565 Synopsys Inc(a)     1,957,700
24,029 Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR 3,988,814
25,914 Twilio Inc Class A(a) 2,537,240
    499,301,120
TOTAL COMMON STOCK — 97.07%
(Cost $1,191,691,653) 		$1,513,733,980
EXCHANGE TRADED FUNDS
20,046 SPDR® S&P 500® ETF Trust(b) 11,213,532
     
TOTAL EXCHANGE TRADED FUNDS — 0.72%
(Cost $11,291,675) 		$11,213,532
Shares   Fair Value
GOVERNMENT MONEY MARKET MUTUAL FUNDS
1,318,800 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.29%(d) $    1,318,800
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.08%
(Cost $1,318,800) 		$1,318,800
TOTAL INVESTMENTS — 97.87%
(Cost $1,204,302,128) 		$1,526,266,312
OTHER ASSETS & LIABILITIES, NET — 2.13% $33,238,158
TOTAL NET ASSETS — 100.00% $1,559,504,470
 
(a)  Non-income producing security.
(b)  All or a portion of the security is on loan as of March 31, 2025.
(c)  Collateral received for securities on loan.
(d)  Rate shown is the 7-day yield as of March 31, 2025.
ADR  American Depositary Receipt
ETF  Exchange Traded Fund
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 3.04%
130,390 CF Industries Holdings Inc $   10,189,978
90,327 DuPont de Nemours Inc     6,745,620
48,842 Eastman Chemical Co     4,303,469
265,959 Freeport-McMoRan Inc    10,069,208
218,166 International Paper Co    11,639,156
46,923 PPG Industries Inc     5,131,030
    48,078,461
Communications — 3.94%
37,346 AT&T Inc 1,056,145
19,053 Charter Communications Inc Class A(a) 7,021,602
147,219 Cisco Systems Inc 9,084,884
250,545 Comcast Corp Class A 9,245,110
370,954 News Corp Class A 10,097,368
59,654 T-Mobile US Inc 15,910,318
47,849 Verizon Communications Inc 2,170,431
78,071 Walt Disney Co 7,705,608
    62,291,466
Consumer, Cyclical — 8.37%
56,277 BJ's Wholesale Club Holdings Inc(a) 6,421,206
15,037 Cummins Inc 4,713,197
29,048 Dollar General Corp 2,554,191
17,115 Ferguson Enterprises Inc 2,742,336
302,772 General Motors Co 14,239,367
40,476 Hilton Worldwide Holdings Inc 9,210,314
5,684 Home Depot Inc 2,083,129
67,667 Kohl's Corp(b) 553,516
189,365 Las Vegas Sands Corp 7,315,170
11,588 Lululemon Athletica Inc(a) 3,280,099
186,809 Mattel Inc(a) 3,629,699
147,008 PulteGroup Inc 15,112,422
640,282 Southwest Airlines Co 21,500,670
54,021 Target Corp 5,637,632
22,319 TJX Cos Inc 2,718,454
349,833 Walmart Inc 30,711,839
    132,423,241
Consumer, Non-Cyclical — 25.61%
119,340 AbbVie Inc 25,004,117
211,878 AstraZeneca PLC Sponsored ADR 15,573,033
59,411 Becton Dickinson & Co 13,608,684
15,176 Biogen Inc(a) 2,076,684
59,651 Bristol-Myers Squibb Co 3,638,114
10,762 Cardinal Health Inc 1,482,681
17,893 Centene Corp(a) 1,086,284
60,114 Cigna Group 19,777,506
305,279 Coca-Cola Co 21,864,082
77,118 Colgate-Palmolive Co 7,225,957
166,127 Conagra Brands Inc 4,430,607
199,950 Corteva Inc 12,582,854
151,557 CVS Health Corp 10,267,987
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
37,509 Elevance Health Inc $   16,314,915
12,424 GE HealthCare Technologies Inc     1,002,741
3,945 Humana Inc     1,043,847
35,328 Johnson & Johnson     5,858,795
601,922 Kenvue Inc    14,434,090
20,857 Keurig Dr Pepper Inc        713,727
101,418 Kimberly-Clark Corp    14,423,668
27,405 McKesson Corp 18,443,291
92,000 Medtronic PLC 8,267,120
67,275 Merck & Co Inc 6,038,604
137,763 Pfizer Inc 3,490,914
239,695 Philip Morris International Inc 38,046,787
100,296 Procter & Gamble Co 17,092,444
23,333 Regeneron Pharmaceuticals Inc 14,798,489
165,662 Sanofi SA 18,342,464
67,952 Sanofi SA ADR 3,768,618
42,933 Thermo Fisher Scientific Inc 21,363,461
101,015 Tyson Foods Inc Class A 6,445,767
11,835 United Rentals Inc 7,416,995
58,864 UnitedHealth Group Inc 30,830,020
600,650 Viatris Inc 5,231,662
115,649 Zimmer Biomet Holdings Inc 13,089,154
    405,076,163
Energy — 8.18%
11,313 Baker Hughes Co 497,206
2,465 Chevron Corp 412,370
184,622 ConocoPhillips 19,389,002
25,137 Enbridge Inc 1,113,820
23,780 EOG Resources Inc 3,049,547
108,197 EQT Corp 5,780,966
28,444 Expand Energy Corp 3,166,386
312,384 Exxon Mobil Corp 37,151,829
15,430 Hess Corp 2,464,634
14,500 Phillips 66 1,790,460
129,322 Schlumberger NV 5,405,660
291,615 Shell PLC 10,613,052
139,792 South Bow Corp(b) 3,570,935
89,843 Suncor Energy Inc 3,478,721
79,513 TC Energy Corp(b) 3,755,049
199,483 TotalEnergies SE 12,853,323
32,578 TotalEnergies SE Sponsored ADR 2,107,471
57,066 Valero Energy Corp 7,536,707
87,871 Williams Cos Inc 5,251,171
    129,388,309
Financial — 23.78%
63,022 Allstate Corp 13,049,966
280,395 American International Group Inc 24,377,541
17,193 American Tower Corp REIT 3,741,197
94,774 Apollo Global Management Inc 12,978,352
670,494 Bank of America Corp 27,979,715
97,367 Capital One Financial Corp 17,457,903
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Financial — (continued)
356,248 Charles Schwab Corp $   27,887,093
49,958 Chubb Ltd    15,086,816
507,196 Citigroup Inc    36,005,844
48,491 CME Group Inc    12,864,177
242,985 Equitable Holdings Inc    12,657,089
168,198 Equity Residential REIT    12,039,613
184,451 Fifth Third Bancorp     7,230,479
128,838 Gaming & Leisure Properties Inc REIT 6,557,854
15,474 Goldman Sachs Group Inc 8,453,291
95,650 Hartford Insurance Group Inc 11,834,775
604,963 Huntington Bancshares Inc 9,080,495
88,769 JPMorgan Chase & Co 21,775,036
96,313 Loews Corp 8,852,128
214,738 MetLife Inc 17,241,314
13,981 Morgan Stanley 1,631,163
66,377 PNC Financial Services Group Inc 11,667,085
172,390 Rayonier Inc REIT 4,806,233
106,357 Rexford Industrial Realty Inc REIT 4,163,877
61,189 State Street Corp 5,478,251
141,734 US Bancorp 5,984,009
175,296 Vornado Realty Trust REIT 6,484,199
240,268 Wells Fargo & Co 17,248,840
391,950 Weyerhaeuser Co REIT 11,476,296
    376,090,631
Industrial — 11.91%
19,660 3M Co 2,887,268
29,700 AGCO Corp 2,749,329
69,032 Ball Corp 3,594,496
52,332 Boeing Co(a) 8,925,223
120,446 CRH PLC 10,595,635
196,925 CSX Corp 5,795,503
51,387 FedEx Corp 12,527,123
48,131 Fortive Corp 3,522,227
8,457 GE Vernova Inc 2,581,753
69,429 General Electric Co 13,896,214
51,412 Honeywell International Inc 10,886,491
114,428 Ingersoll Rand Inc 9,157,672
127,652 Johnson Controls International PLC 10,226,201
62,717 L3Harris Technologies Inc 13,127,295
20,147 Norfolk Southern Corp 4,771,817
22,249 Northrop Grumman Corp 11,391,710
75,886 Otis Worldwide Corp 7,831,435
15,064 Rockwell Automation Inc 3,892,236
104,180 RTX Corp 13,799,683
44,918 Siemens AG 10,373,677
129,277 Stanley Black & Decker Inc 9,938,816
45,855 TE Connectivity PLC 6,480,229
63,251 United Parcel Service Inc Class B 6,956,977
32,217 West Fraser Timber Co Ltd 2,478,776
    188,387,786
Shares   Fair Value
Technology — 7.97%
63,615 Accenture PLC Class A $   19,850,425
9,030 Adobe Inc(a)     3,463,276
22,581 Advanced Micro Devices Inc(a)     2,319,972
27,558 Applied Materials Inc     3,999,217
43,492 Fiserv Inc(a)     9,604,338
118,703 Intel Corp     2,695,745
74,475 Microsoft Corp    27,957,170
53,329 Oracle Corp 7,455,927
179,942 QUALCOMM Inc 27,640,891
4,647 Salesforce Inc 1,247,069
144,462 Samsung Electronics Co Ltd 5,727,263
82,841 Seagate Technology Holdings PLC(b) 7,037,343
39,701 Texas Instruments Inc 7,134,270
    126,132,906
Utilities — 5.09%
99,829 Ameren Corp 10,022,832
1,195 Atmos Energy Corp 184,723
123,088 Dominion Energy Inc 6,901,544
247,807 NextEra Energy Inc 17,567,038
16,463 NiSource Inc 660,002
134,300 NRG Energy Inc 12,820,278
24,629 PG&E Corp 423,126
253,319 PPL Corp 9,147,349
89,226 Sempra 6,367,167
177,845 Southern Co 16,352,848
    80,446,907
TOTAL COMMON STOCK — 97.89%
(Cost $1,261,440,629) 		$1,548,315,870
CONVERTIBLE PREFERRED STOCK
Utilities — 0.08%
29,238 NextEra Energy Inc 6.93% 1,193,788
TOTAL CONVERTIBLE PREFERRED STOCK — 0.08%
(Cost $1,425,353) 		$1,193,788
PREFERRED STOCK
Consumer, Cyclical — 0.27%
16,378 Dr Ing hc F Porsche AG 820,259
33,762 Volkswagen AG 3,445,024
    4,265,283
Industrial — 0.19%
51,358 Boeing Co(a) 3,031,663
TOTAL PREFERRED STOCK — 0.46%
(Cost $9,081,203) 		$7,296,946
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
GOVERNMENT MONEY MARKET MUTUAL FUNDS
14,519,423 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.29%(d) $   14,519,423
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.92%
(Cost $14,519,423) 		$14,519,423
TOTAL INVESTMENTS — 99.35%
(Cost $1,286,466,608) 		$1,571,326,027
OTHER ASSETS & LIABILITIES, NET — 0.65% $10,317,120
TOTAL NET ASSETS — 100.00% $1,581,643,147
(a)  Non-income producing security.
(b)  All or a portion of the security is on loan as of March 31, 2025.
(c)  Collateral received for securities on loan.
(d)  Rate shown is the 7-day yield as of March 31, 2025.
ADR  American Depositary Receipt
REIT  Real Estate Investment Trust
As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts:
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation/
(Depreciation)
BB EUR 2,289,700 USD 2,447,624 06/18/2025 $39,120
BB USD 3,008,813 EUR 2,794,100 06/18/2025 (25,738)
BB USD 3,315,537 GBP 2,586,200 06/18/2025 (24,942)
CGM USD 1,184,666 EUR 1,100,300 06/18/2025 (10,322)
CGM USD 3,384,750 GBP 2,637,300 06/18/2025 (21,733)
GS USD 2,210,840 EUR 2,052,900 06/18/2025 (18,726)
GS USD 2,837,293 GBP 2,211,600 06/18/2025 (19,333)
HSB USD 1,844,988 EUR 1,713,200 06/18/2025 (15,644)
HSB USD 2,136,209 GBP 1,680,800 06/18/2025 (34,806)
MS EUR 539,900 USD 571,961 06/18/2025 14,401
MS USD 2,593,071 GBP 2,019,200 06/18/2025 (15,040)
SSB USD 2,381,429 EUR 2,211,600 06/18/2025 (20,494)
SSB USD 2,260,352 GBP 1,763,200 06/18/2025 (17,095)
TD USD 2,394,190 EUR 2,223,400 06/18/2025 (20,548)
TD USD 2,832,053 GBP 2,209,000 06/18/2025 (21,214)
UBS USD 631,451 EUR 586,600 06/18/2025 (5,629)
WES USD 302,220 EUR 280,700 06/18/2025 (2,636)
          Net Depreciation $(220,379)
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Abbreviations  
BB Barclays Bank PLC
CGM Citigroup Global Markets
GS Goldman Sachs
HSB HSBC Bank USA
MS Morgan Stanley & Co LLC
SSB State Street Bank
TD Toronto Dominion Bank
UBS UBS AG
WES Westpac Banking
Currency Abbreviations  
EUR Euro Dollar
GBP British Pound
USD U.S. Dollar
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 1.58%
31,638 Air Products & Chemicals Inc $    9,330,679
13,053 Albemarle Corp        940,077
21,250 CF Industries Holdings Inc     1,660,688
104,223 Dow Inc     3,639,467
55,742 DuPont de Nemours Inc     4,162,813
13,146 Eastman Chemical Co     1,158,294
35,360 Ecolab Inc 8,964,467
201,020 Freeport-McMoRan Inc 7,610,617
34,140 International Flavors & Fragrances Inc 2,649,605
69,955 International Paper Co 3,732,099
66,761 Linde PLC 31,086,592
34,217 LyondellBasell Industries NV Class A 2,408,877
36,208 Mosaic Co 977,978
156,262 Newmont Corp 7,544,329
35,227 Nucor Corp 4,239,218
30,875 PPG Industries Inc 3,376,181
31,590 Sherwin-Williams Co 11,030,912
21,998 Steel Dynamics Inc 2,751,510
    107,264,403
Communications — 14.99%
61,946 Airbnb Inc Class A(a) 7,400,069
820,369 Alphabet Inc Class A 126,861,862
663,404 Alphabet Inc Class C 103,643,607
1,325,549 Amazon.com Inc(a) 252,198,953
146,117 Arista Networks Inc(a) 11,321,145
1,006,042 AT&T Inc 28,450,868
4,641 Booking Holdings Inc 21,380,669
17,495 CDW Corp 2,803,748
14,321 Charter Communications Inc Class A(a) 5,277,718
558,876 Cisco Systems Inc 34,488,238
535,192 Comcast Corp Class A 19,748,585
112,797 Corning Inc 5,163,847
47,678 DoorDash Inc Class A(a) 8,714,108
67,127 eBay Inc 4,546,512
18,193 Expedia Group Inc 3,058,243
8,815 F5 Inc(a) 2,347,170
5,644 FactSet Research Systems Inc 2,565,988
27,654 Fox Corp Class A 1,565,216
14,673 Fox Corp Class B 773,414
85,744 Gen Digital Inc 2,275,646
21,199 GoDaddy Inc Class A(a) 3,818,788
42,599 Interpublic Group of Cos Inc 1,156,989
52,925 Juniper Networks Inc 1,915,356
29,322 Match Group Inc 914,846
307,763 Meta Platforms Inc Class A 177,382,283
22,712 Motorola Solutions Inc 9,943,541
59,933 Netflix Inc(a) 55,889,320
65,325 News Corp Class A 1,778,147
12,161 News Corp Class B 369,330
27,755 Omnicom Group Inc 2,301,167
91,767 Palo Alto Networks Inc(a) 15,659,121
113,545 Paramount Global Class B(b) 1,357,998
Shares   Fair Value
Communications — (continued)
68,338 T-Mobile US Inc $   18,226,428
295,239 Uber Technologies Inc(a)    21,511,113
12,499 VeriSign Inc(a)     3,173,121
590,227 Verizon Communications Inc    26,772,697
253,910 Walt Disney Co    25,060,917
320,159 Warner Bros Discovery Inc(a)     3,435,306
    1,015,252,074
Consumer, Cyclical — 8.22%
31,035 Aptiv PLC(a) 1,846,582
2,299 AutoZone Inc(a) 8,765,581
28,103 Best Buy Co Inc 2,068,662
23,992 Caesars Entertainment Inc(a) 599,800
26,785 CarMax Inc(a) 2,087,087
135,734 Carnival Corp(a) 2,650,885
194,934 Chipotle Mexican Grill Inc(a) 9,787,636
127,703 Copart Inc(a) 7,226,713
62,123 Costco Wholesale Corp 58,754,691
19,235 Cummins Inc 6,029,018
16,831 Darden Restaurants Inc 3,496,809
20,730 Deckers Outdoor Corp(a) 2,317,821
85,312 Delta Air Lines Inc 3,719,603
29,093 Dollar General Corp 2,558,147
29,108 Dollar Tree Inc(a) 2,185,138
5,148 Domino's Pizza Inc 2,365,249
41,735 DR Horton Inc 5,305,771
80,324 Fastenal Co 6,229,126
542,595 Ford Motor Co 5,442,228
139,835 General Motors Co 6,576,440
19,746 Genuine Parts Co 2,352,538
14,190 Hasbro Inc 872,543
33,133 Hilton Worldwide Holdings Inc 7,539,414
139,269 Home Depot Inc 51,040,696
43,855 Las Vegas Sands Corp 1,694,119
36,127 Lennar Corp Class A 4,146,657
20,100 Live Nation Entertainment Inc(a) 2,624,658
29,762 LKQ Corp 1,266,075
79,539 Lowe's Cos Inc 18,550,881
16,321 Lululemon Athletica Inc(a) 4,619,822
32,339 Marriott International Inc Class A 7,703,150
100,476 McDonald's Corp 31,385,688
30,393 MGM Resorts International(a) 900,849
166,932 NIKE Inc Class B 10,596,843
70,254 Norwegian Cruise Line Holdings Ltd(a) 1,332,016
418 NVR Inc(a) 3,028,155
8,094 O'Reilly Automotive Inc(a) 11,595,303
74,517 PACCAR Inc 7,255,720
6,328 Pool Corp 2,014,519
28,104 PulteGroup Inc 2,889,091
7,122 Ralph Lauren Corp 1,572,110
45,868 Ross Stores Inc 5,861,472
35,597 Royal Caribbean Cruises Ltd 7,313,048
85,135 Southwest Airlines Co 2,858,833
158,926 Starbucks Corp 15,589,051
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Consumer, Cyclical — (continued)
25,543 Tapestry Inc $    1,798,483
65,557 Target Corp     6,841,529
391,569 Tesla Inc(a)   101,479,022
158,137 TJX Cos Inc    19,261,087
9,357 TKO Group Holdings Inc     1,429,843
70,615 Tractor Supply Co     3,890,886
7,004 Ulta Beauty Inc(a)     2,567,246
43,140 United Airlines Holdings Inc(a) 2,978,817
79,609 Walgreens Boots Alliance Inc 889,233
608,599 Walmart Inc 53,428,906
17,300 Williams-Sonoma Inc 2,735,130
6,059 WW Grainger Inc 5,985,262
10,598 Wynn Resorts Ltd 884,933
39,141 Yum! Brands Inc 6,159,228
    556,945,843
Consumer, Non-Cyclical — 16.72%
243,187 Abbott Laboratories 32,258,755
248,156 AbbVie Inc 51,993,646
41,372 Agilent Technologies Inc 4,839,697
11,854 Align Technology Inc(a) 1,883,126
237,629 Altria Group Inc 14,262,493
75,367 Amgen Inc 23,480,589
73,161 Archer-Daniels-Midland Co 3,512,460
57,130 Automatic Data Processing Inc 17,454,929
11,889 Avery Dennison Corp 2,115,885
77,558 Baxter International Inc 2,654,810
39,385 Becton Dickinson & Co 9,021,528
18,854 Biogen Inc(a) 2,579,981
17,484 Bio-Techne Corp 1,025,087
206,644 Boston Scientific Corp(a) 20,846,247
284,369 Bristol-Myers Squibb Co 17,343,665
19,696 Brown-Forman Corp Class B 668,482
16,243 Bunge Global SA 1,241,290
22,002 Campbell's Co 878,320
32,521 Cardinal Health Inc 4,480,418
25,677 Cencora Inc 7,140,517
66,318 Centene Corp(a) 4,026,166
5,706 Charles River Laboratories International Inc(a) 858,867
33,184 Church & Dwight Co Inc 3,653,227
38,999 Cigna Group 12,830,671
48,065 Cintas Corp 9,878,799
17,389 Clorox Co 2,560,530
543,593 Coca-Cola Co 38,932,131
116,930 Colgate-Palmolive Co 10,956,341
78,378 Conagra Brands Inc 2,090,341
22,383 Constellation Brands Inc Class A 4,107,728
27,950 Cooper Cos Inc(a) 2,357,581
9,779 Corpay Inc(a) 3,410,133
97,974 Corteva Inc 6,165,504
179,880 CVS Health Corp 12,186,870
90,130 Danaher Corp 18,476,650
5,992 DaVita Inc(a) 916,596
54,594 Dexcom Inc(a) 3,728,224
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
82,696 Edwards Lifesciences Corp(a) $    5,993,806
32,598 Elevance Health Inc    14,178,826
110,475 Eli Lilly & Co    91,242,407
18,351 Equifax Inc     4,469,570
29,742 Estee Lauder Cos Inc Class A     1,962,972
61,054 GE HealthCare Technologies Inc     4,927,668
81,187 General Mills Inc     4,854,171
174,738 Gilead Sciences Inc 19,579,393
34,306 Global Payments Inc 3,359,243
25,571 HCA Healthcare Inc 8,836,059
14,452 Henry Schein Inc(a) 989,817
19,442 Hershey Co 3,325,165
36,732 Hologic Inc(a) 2,268,936
52,384 Hormel Foods Corp 1,620,761
17,531 Humana Inc 4,638,703
11,765 IDEXX Laboratories Inc(a) 4,940,712
20,689 Incyte Corp(a) 1,252,719
10,167 Insulet Corp(a) 2,669,956
49,940 Intuitive Surgical Inc(a) 24,733,784
26,048 IQVIA Holdings Inc(a) 4,592,262
17,795 J M Smucker Co 2,107,106
337,776 Johnson & Johnson 56,016,772
36,652 Kellanova 3,023,423
279,762 Kenvue Inc 6,708,693
169,249 Keurig Dr Pepper Inc 5,791,701
46,172 Kimberly-Clark Corp 6,566,582
127,162 Kraft Heinz Co 3,869,540
93,324 Kroger Co 6,317,102
12,107 Labcorp Holdings Inc 2,817,783
15,480 Lamb Weston Holdings Inc 825,084
4,215 MarketAxess Holdings Inc 911,915
35,411 McCormick & Co Inc 2,914,679
17,798 McKesson Corp 11,977,876
179,813 Medtronic PLC 16,157,996
354,677 Merck & Co Inc 31,835,808
40,889 Moderna Inc(a) 1,159,203
8,080 Molina Healthcare Inc(a) 2,661,471
20,594 Molson Coors Beverage Co Class B 1,253,557
177,290 Mondelez International Inc Class A 12,029,127
94,068 Monster Beverage Corp(a) 5,504,859
21,849 Moody's Corp 10,174,861
140,564 PayPal Holdings Inc(a) 9,171,801
192,365 PepsiCo Inc 28,843,208
794,563 Pfizer Inc 20,134,226
218,001 Philip Morris International Inc 34,603,299
330,198 Procter & Gamble Co 56,272,343
20,420 Quanta Services Inc 5,190,356
16,560 Quest Diagnostics Inc 2,801,952
14,760 Regeneron Pharmaceuticals Inc 9,361,235
21,864 ResMed Inc 4,894,256
19,666 Revvity Inc 2,080,663
43,775 Rollins Inc 2,365,163
44,516 S&P Global Inc 22,618,580
15,716 Solventum Corp(a) 1,195,045
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
13,343 STERIS PLC $    3,024,191
48,104 Stryker Corp    17,906,714
71,342 Sysco Corp     5,353,504
53,629 Thermo Fisher Scientific Inc    26,685,790
43,983 Tyson Foods Inc Class A     2,806,555
9,264 United Rentals Inc     5,805,749
129,086 UnitedHealth Group Inc    67,608,793
6,785 Universal Health Services Inc Class B 1,274,901
20,487 Verisk Analytics Inc 6,097,341
36,107 Vertex Pharmaceuticals Inc(a) 17,505,396
202,750 Viatris Inc 1,765,953
8,300 Waters Corp(a) 3,059,131
10,120 West Pharmaceutical Services Inc 2,265,666
28,216 Zimmer Biomet Holdings Inc 3,193,487
65,022 Zoetis Inc 10,705,872
    1,132,471,522
Energy — 3.67%
57,154 APA Corp 1,201,377
141,621 Baker Hughes Co 6,224,243
234,331 Chevron Corp 39,201,233
181,369 ConocoPhillips 19,047,372
102,114 Coterra Energy Inc 2,951,095
84,469 Devon Energy Corp 3,159,141
26,787 Diamondback Energy Inc 4,282,706
19,049 Enphase Energy Inc(a) 1,181,990
78,861 EOG Resources Inc 10,113,135
84,073 EQT Corp 4,492,020
29,554 Expand Energy Corp 3,289,951
610,606 Exxon Mobil Corp 72,619,372
14,439 First Solar Inc(a) 1,825,523
116,538 Halliburton Co 2,956,569
38,573 Hess Corp 6,161,265
271,000 Kinder Morgan Inc 7,731,630
46,900 Marathon Petroleum Corp 6,832,861
95,153 Occidental Petroleum Corp 4,696,752
86,990 ONEOK Inc 8,631,148
56,782 Phillips 66 7,011,441
200,338 Schlumberger NV 8,374,128
32,082 Targa Resources Corp 6,431,479
2,841 Texas Pacific Land Corp 3,764,297
45,699 Valero Energy Corp 6,035,467
170,916 Williams Cos Inc 10,213,940
    248,430,135
Financial — 15.49%
70,654 Aflac Inc 7,856,018
24,249 Alexandria Real Estate Equities Inc REIT 2,243,275
35,799 Allstate Corp 7,412,899
78,028 American Express Co 20,993,433
83,385 American International Group Inc 7,249,492
65,519 American Tower Corp REIT 14,256,934
13,670 Ameriprise Financial Inc 6,617,784
Shares   Fair Value
Financial — (continued)
30,490 Aon PLC Class A $   12,168,254
64,693 Apollo Global Management Inc     8,859,059
53,637 Arch Capital Group Ltd     5,158,807
35,025 Arthur J Gallagher & Co    12,092,031
5,812 Assurant Inc     1,219,067
18,406 AvalonBay Communities Inc REIT     3,950,296
935,953 Bank of America Corp    39,057,319
101,943 Bank of New York Mellon Corp 8,549,959
257,263 Berkshire Hathaway Inc Class B(a) 137,013,129
20,413 Blackrock Inc 19,320,496
101,232 Blackstone Inc 14,150,209
31,801 Brown & Brown Inc 3,956,044
25,123 BXP Inc REIT 1,688,014
16,060 Camden Property Trust REIT 1,964,138
53,691 Capital One Financial Corp 9,626,796
14,502 Cboe Global Markets Inc 3,281,658
44,197 CBRE Group Inc Class A(a) 5,780,084
238,972 Charles Schwab Corp 18,706,728
52,562 Chubb Ltd 15,873,198
21,221 Cincinnati Financial Corp 3,134,766
265,173 Citigroup Inc 18,824,631
67,644 Citizens Financial Group Inc 2,771,375
50,526 CME Group Inc 13,404,043
59,658 CoStar Group Inc(a) 4,726,703
60,712 Crown Castle Inc REIT 6,328,012
44,428 Digital Realty Trust Inc REIT 6,366,088
36,287 Discover Financial Services 6,194,191
13,529 Equinix Inc REIT 11,030,870
49,081 Equity Residential REIT 3,513,218
3,179 Erie Indemnity Co Class A 1,332,160
9,078 Essex Property Trust Inc REIT 2,783,042
6,669 Everest Group Ltd 2,423,048
31,450 Extra Space Storage Inc REIT 4,670,011
8,188 Federal Realty Investment Trust REIT 800,950
89,900 Fifth Third Bancorp 3,524,080
33,382 Franklin Resources Inc 642,604
14,686 Globe Life Inc 1,934,440
44,014 Goldman Sachs Group Inc 24,044,408
38,340 Hartford Insurance Group Inc 4,743,808
89,430 Healthpeak Properties Inc REIT 1,808,275
75,476 Host Hotels & Resorts Inc REIT 1,072,514
201,444 Huntington Bancshares Inc 3,023,674
80,505 Intercontinental Exchange Inc 13,887,113
50,375 Invesco Ltd 764,189
85,284 Invitation Homes Inc REIT 2,972,147
37,540 Iron Mountain Inc REIT 3,229,942
392,112 JPMorgan Chase & Co 96,185,074
141,692 KeyCorp 2,265,655
87,844 Kimco Realty Corp REIT 1,865,807
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Financial — (continued)
94,648 KKR & Co Inc $   10,942,255
27,703 Loews Corp     2,546,183
21,919 M&T Bank Corp     3,918,021
68,859 Marsh & McLennan Cos Inc    16,803,662
114,984 Mastercard Inc Class A    63,025,030
83,356 MetLife Inc     6,692,653
17,355 Mid-America Apartment Communities Inc REIT     2,908,351
173,928 Morgan Stanley 20,292,180
61,476 Nasdaq Inc 4,663,569
28,697 Northern Trust Corp 2,830,959
55,632 PNC Financial Services Group Inc 9,778,437
32,175 Principal Financial Group Inc 2,714,605
82,136 Progressive Corp 23,245,309
129,858 Prologis Inc REIT 14,516,826
50,475 Prudential Financial Inc 5,637,048
21,675 Public Storage REIT 6,487,111
24,474 Raymond James Financial Inc 3,399,683
122,712 Realty Income Corp REIT 7,118,523
26,966 Regency Centers Corp REIT 1,989,012
128,654 Regions Financial Corp 2,795,651
14,597 SBA Communications Corp REIT 3,211,486
43,703 Simon Property Group Inc REIT 7,258,194
41,034 State Street Corp 3,673,774
54,174 Synchrony Financial 2,867,972
30,162 T Rowe Price Group Inc 2,770,983
32,963 Travelers Cos Inc 8,717,395
189,943 Truist Financial Corp 7,816,154
47,801 UDR Inc REIT 2,159,171
227,079 US Bancorp 9,587,275
63,748 Ventas Inc REIT 4,383,312
140,298 VICI Properties Inc REIT 4,576,521
242,295 Visa Inc Class A 84,914,706
34,721 W R Berkley Corp 2,470,746
466,824 Wells Fargo & Co 33,513,295
82,941 Welltower Inc REIT 12,707,391
99,992 Weyerhaeuser Co REIT 2,927,766
13,400 Willis Towers Watson PLC 4,528,530
    1,049,701,698
Industrial — 7.28%
76,557 3M Co 11,243,161
12,736 A O Smith Corp 832,425
14,480 Allegion PLC 1,889,061
228,272 Amcor PLC(b) 2,214,238
32,515 AMETEK Inc 5,597,132
169,720 Amphenol Corp Class A 11,131,935
10,481 Axon Enterprise Inc(a) 5,512,482
47,666 Ball Corp 2,481,969
104,817 Boeing Co(a) 17,876,539
14,359 Builders FirstSource Inc(a) 1,794,013
118,380 Carrier Global Corp 7,505,292
67,694 Caterpillar Inc 22,325,481
18,615 CH Robinson Worldwide Inc 1,906,176
Shares   Fair Value
Industrial — (continued)
272,832 CSX Corp $    8,029,446
35,676 Deere & Co    16,744,531
18,758 Dover Corp     3,295,405
55,411 Eaton Corp PLC    15,062,372
79,948 Emerson Electric Co     8,765,499
21,781 Expeditors International of Washington Inc     2,619,165
32,072 FedEx Corp     7,818,512
47,061 Fortive Corp 3,443,924
20,291 Garmin Ltd 4,405,785
39,070 GE Vernova Inc 11,927,290
6,332 Generac Holdings Inc(a) 801,948
37,097 General Dynamics Corp 10,111,900
151,748 General Electric Co 30,372,362
91,171 Honeywell International Inc 19,305,459
54,675 Howmet Aerospace Inc 7,092,988
7,496 Hubbell Inc 2,480,501
4,307 Huntington Ingalls Industries Inc 878,800
11,407 IDEX Corp 2,064,325
37,678 Illinois Tool Works Inc 9,344,521
58,773 Ingersoll Rand Inc 4,703,603
14,541 Jabil Inc 1,978,594
17,938 Jacobs Solutions Inc 2,168,525
9,070 JB Hunt Transport Services Inc 1,341,907
93,662 Johnson Controls International PLC 7,503,263
23,236 Keysight Technologies Inc(a) 3,480,056
26,593 L3Harris Technologies Inc 5,566,181
4,699 Lennox International Inc 2,635,340
29,578 Lockheed Martin Corp 13,212,788
9,119 Martin Marietta Materials Inc 4,360,068
31,760 Masco Corp 2,208,590
2,788 Mettler-Toledo International Inc(a) 3,292,377
6,045 Mohawk Industries Inc(a) 690,218
9,165 Nordson Corp 1,848,764
32,378 Norfolk Southern Corp 7,668,729
18,547 Northrop Grumman Corp 9,496,249
26,276 Old Dominion Freight Line Inc 4,347,364
56,938 Otis Worldwide Corp 5,876,002
12,312 Packaging Corp of America 2,438,022
18,047 Parker-Hannifin Corp 10,969,869
24,831 Pentair PLC 2,172,216
28,539 Republic Services Inc 6,911,004
14,921 Rockwell Automation Inc 3,855,288
186,620 RTX Corp 24,719,685
75,247 Smurfit WestRock PLC 3,390,630
7,485 Snap-on Inc 2,522,520
24,999 Stanley Black & Decker Inc 1,921,923
42,273 TE Connectivity PLC 5,974,020
6,500 Teledyne Technologies Inc(a) 3,235,115
21,800 Textron Inc 1,575,050
32,213 Trane Technologies PLC 10,853,204
7,645 TransDigm Group Inc 10,575,252
36,468 Trimble Inc(a) 2,394,124
85,002 Union Pacific Corp 20,080,873
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Industrial — (continued)
103,915 United Parcel Service Inc Class B $   11,429,611
36,138 Veralto Corp     3,521,648
19,763 Vulcan Materials Co     4,610,708
51,816 Waste Management Inc    11,995,922
23,476 Westinghouse Air Brake Technologies Corp     4,257,373
36,513 Xylem Inc     4,361,843
    493,019,155
Technology — 28.23%
87,611 Accenture PLC Class A 27,338,136
61,721 Adobe Inc(a) 23,671,855
227,533 Advanced Micro Devices Inc(a) 23,376,740
24,700 Akamai Technologies Inc(a) 1,988,350
69,613 Analog Devices Inc 14,038,854
11,425 ANSYS Inc(a) 3,616,698
2,111,169 Apple Inc 468,953,970
115,589 Applied Materials Inc 16,774,276
30,519 Autodesk Inc(a) 7,989,874
658,750 Broadcom Inc 110,294,513
15,706 Broadridge Financial Solutions Inc 3,808,077
39,171 Cadence Design Systems Inc(a) 9,962,360
71,112 Cognizant Technology Solutions Corp Class A 5,440,068
34,616 Crowdstrike Holdings Inc Class A(a) 12,204,909
16,788 Dayforce Inc(a) 979,244
42,897 Dell Technologies Inc Class C 3,910,062
35,432 Electronic Arts Inc 5,120,633
6,418 EPAM Systems Inc(a) 1,083,615
3,434 Fair Isaac Corp(a) 6,332,845
74,013 Fidelity National Information Services Inc 5,527,291
79,768 Fiserv Inc(a) 17,615,167
86,180 Fortinet Inc(a) 8,295,687
11,281 Gartner Inc(a) 4,735,087
175,325 Hewlett Packard Enterprise Co 2,705,265
128,623 HP Inc 3,561,571
604,722 Intel Corp 13,733,237
129,644 International Business Machines Corp 32,237,277
39,300 Intuit Inc 24,129,807
11,791 Jack Henry & Associates Inc 2,153,037
18,754 KLA Corp 12,748,969
180,404 Lam Research Corp 13,115,371
15,138 Leidos Holdings Inc 2,042,722
77,694 Microchip Technology Inc 3,761,167
155,455 Micron Technology Inc 13,507,485
1,045,319 Microsoft Corp 392,402,299
7,046 Monolithic Power Systems Inc 4,086,539
11,007 MSCI Inc 6,224,458
27,350 NetApp Inc 2,402,424
Shares   Fair Value
Technology — (continued)
3,443,325 NVIDIA Corp $  373,187,563
36,203 NXP Semiconductors NV     6,880,742
55,349 ON Semiconductor Corp(a)     2,252,151
229,615 Oracle Corp    32,102,473
287,402 Palantir Technologies Inc Class A(a)    24,256,729
44,342 Paychex Inc     6,841,084
5,143 Paycom Software Inc     1,123,643
16,626 PTC Inc(a) 2,576,199
155,772 QUALCOMM Inc 23,928,137
15,062 Roper Technologies Inc 8,880,254
134,039 Salesforce Inc 35,970,706
27,573 Seagate Technology Holdings PLC(b) 2,342,326
28,883 ServiceNow Inc(a) 22,994,912
27,142 Skyworks Solutions Inc 1,754,187
78,155 Super Micro Computer Inc(a) 2,676,027
21,671 Synopsys Inc(a) 9,293,608
24,466 Take-Two Interactive Software Inc(a) 5,070,578
21,346 Teradyne Inc 1,763,180
127,901 Texas Instruments Inc 22,983,810
5,635 Tyler Technologies Inc(a) 3,276,133
45,237 Western Digital Corp(a) 1,828,932
28,723 Workday Inc Class A(a) 6,707,682
7,202 Zebra Technologies Corp Class A(a) 2,034,997
    1,912,595,992
Utilities — 2.50%
105,614 AES Corp 1,311,726
38,415 Alliant Energy Corp 2,472,005
34,673 Ameren Corp 3,481,169
73,118 American Electric Power Co Inc 7,989,604
25,861 American Water Works Co Inc 3,815,015
24,247 Atmos Energy Corp 3,748,101
90,158 CenterPoint Energy Inc 3,266,424
40,071 CMS Energy Corp 3,009,733
49,941 Consolidated Edison Inc 5,522,975
44,165 Constellation Energy Corp 8,904,989
114,615 Dominion Energy Inc 6,426,463
27,745 DTE Energy Co 3,836,301
108,530 Duke Energy Corp 13,237,404
49,649 Edison International 2,925,319
56,982 Entergy Corp 4,871,391
35,497 Evergy Inc 2,447,518
47,695 Eversource Energy 2,962,337
140,887 Exelon Corp 6,492,073
73,919 FirstEnergy Corp 2,987,806
288,326 NextEra Energy Inc 20,439,430
62,136 NiSource Inc 2,491,032
29,422 NRG Energy Inc 2,808,624
314,691 PG&E Corp 5,406,391
19,123 Pinnacle West Capital Corp 1,821,466
99,205 PPL Corp 3,582,293
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Utilities — (continued)
70,420 Public Service Enterprise Group Inc $    5,795,566
88,808 Sempra     6,337,339
153,624 Southern Co    14,125,727
48,298 Vistra Corp     5,672,117
47,323 WEC Energy Group Inc     5,157,261
80,513 Xcel Energy Inc     5,699,515
    169,045,114
TOTAL COMMON STOCK — 98.68%
(Cost $4,244,536,107) 		$6,684,725,936
GOVERNMENT MONEY MARKET MUTUAL FUNDS
4,951,935 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.29%(d) 4,951,935
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.07%
(Cost $4,951,935) 		$4,951,935
Principal Amount   Fair Value
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 0.85%
$58,181,800 U.S. Treasury Bills(e)
4.23%, 05/15/2025 		$   57,882,817
TOTAL SHORT TERM INVESTMENTS — 0.85%
(Cost $57,882,817) 		$57,882,817
TOTAL INVESTMENTS — 99.60%
(Cost $4,307,370,859) 		$6,747,560,688
OTHER ASSETS & LIABILITIES, NET — 0.40% $26,820,707
TOTAL NET ASSETS — 100.00% $6,774,381,395
 
(a)  Non-income producing security.
(b)  All or a portion of the security is on loan as of March 31, 2025.
(c)  Collateral received for securities on loan.
(d)  Rate shown is the 7-day yield as of March 31, 2025.
(e)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
REIT  Real Estate Investment Trust
As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation
Long          
S&P 500® Emini Futures 320 USD 90,452 Jun 2025 $325,899
        Net Appreciation $325,899
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
Notes to Schedule of Investments (Unaudited)
Security Valuation
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 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.
Class Inputs
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, 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
Exchange Traded Funds Exchange traded close price
Government Money Market Mutual Funds Net asset value of underlying mutual fund
Short Term Investments Maturity date, credit quality and interest rates
Futures Contracts Exchange traded close price
Forward Foreign Currency Contracts Foreign currency spot and forward rates
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, the inputs used to value the investments of the Empower Large Cap Value Fund are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments. For the remaining Funds, all the investments were valued using Level 1 inputs, except for Short Term Investments, which were valued using Level 2 inputs.
Empower Large Cap Value Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Common Stock              
Basic Materials $48,078,461   $—   $—   $48,078,461
Communications 62,291,466   —   —   62,291,466
Consumer, Cyclical 132,423,241   —   —   132,423,241
Consumer, Non-cyclical 386,733,699   18,342,464   —   405,076,163
Energy 105,921,934   23,466,375   —   129,388,309
Financial 376,090,631   —   —   376,090,631
Industrial 178,014,109   10,373,677   —   188,387,786
Technology 120,405,643   5,727,263   —   126,132,906
Utilities 80,446,907   —   —   80,446,907
  1,490,406,091   57,909,779   —   1,548,315,870
Convertible Preferred Stock —   1,193,788   —   1,193,788
Preferred Stock —   7,296,946   —   7,296,946
Government Money Market Mutual Funds 14,519,423   —   —   14,519,423
Total investments, at fair value: 1,504,925,514   66,400,513   —   1,571,326,027
March 31, 2025

 

  Level 1   Level 2   Level 3   Total
Other Financial Investments:              
Forward Foreign Currency Contracts(a) —   53,521   —   53,521
Total Assets $1,504,925,514   $66,454,034   $—   $1,571,379,548
Liabilities              
Other Financial Investments:              
Forward Foreign Currency Contracts(a) —   (273,900)   —   (273,900)
Total Liabilities $—   $(273,900)   $—   $(273,900)
(a)  Forward Foreign Currency Contracts are reported at the security’s unrealized appreciation/(depreciation), which represents the change in the contract’s value from trade date
Futures Contracts
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.
Forward Foreign Currency Contracts
A Fund may enter into OTC forward foreign currency contracts (forward contracts) primarily to capture potential returns from changes in currency exchange rates or to reduce the risk of undesired currency exposure.  A forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate.
The following tables represent the average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower Large Cap Value Fund  
Forward Currency Exchange Contracts:  
Average notional amount $42,841,776
Empower S&P 500® Index Fund  
Futures Contracts:  
Average long contracts 367
Average notional long $108,639,416
March 31, 2025