EMPOWER FUNDS, INC.
("Empower Funds")  
Empower S&P Small Cap 600® Index Fund Empower Small Cap Growth Fund
Institutional Class Ticker / MXERX Institutional Class Ticker / MXMSX
Investor Class Ticker / MXISX Investor Class Ticker / MXMTX
Class L Ticker / MXNSX  
Empower Small Cap Value Fund  
Institutional Class Ticker / MXTFX  
Investor Class Ticker / MXLSX  

(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 S&P SMALL CAP 600® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 3.94%
22,034 AdvanSix Inc $      499,070
25,068 Balchem Corp     4,161,288
83,441 Celanese Corp     4,736,945
37,294 Century Aluminum Co(a)        692,177
111,753 Chemours Co     1,512,018
169,142 Element Solutions Inc     3,824,301
94,175 FMC Corp 3,973,243
14,238 Hawkins Inc 1,508,089
42,163 HB Fuller Co 2,366,188
28,035 Ingevity Corp(a) 1,109,906
18,885 Innospec Inc 1,789,354
12,360 Kaiser Aluminum Corp 749,263
14,905 Koppers Holdings Inc 417,340
23,963 Minerals Technologies Inc 1,523,328
92,693 MP Materials Corp(a)(b) 2,262,636
10,146 Quaker Chemical Corp 1,254,147
13,370 Rogers Corp(a) 902,876
32,695 Sensient Technologies Corp 2,433,489
16,801 Stepan Co 924,727
25,974 Sylvamo Corp 1,742,076
    38,382,461
Communications — 4.29%
58,776 A10 Networks Inc 960,400
3,349 Cable One Inc 890,064
44,193 Calix Inc(a) 1,566,200
66,840 Cargurus Inc(a) 1,947,049
40,501 Cars.com Inc(a) 456,446
32,284 Cogent Communications Holdings Inc 1,979,332
20,094 ePlus Inc(a) 1,226,337
86,703 Etsy Inc(a) 4,090,647
98,540 Extreme Networks Inc(a) 1,303,684
41,248 Gogo Inc(a)(b) 355,558
85,235 Harmonic Inc(a) 817,404
17,725 HealthStream Inc 570,390
54,476 IAC Inc(a) 2,502,628
19,650 InterDigital Inc 4,062,637
18,076 Liquidity Services Inc(a) 560,537
761,918 Lumen Technologies Inc(a) 2,986,719
45,013 QuinStreet Inc(a) 803,032
20,684 Scholastic Corp 390,514
37,859 Shenandoah Telecommunications Co 475,888
19,648 Shutterstock Inc 366,042
90,975 Sprinklr Inc Class A(a) 759,641
23,007 TechTarget Inc(a) 340,734
123,322 TEGNA Inc 2,246,927
75,071 Telephone & Data Systems Inc 2,908,251
33,324 Thryv Holdings Inc(a) 426,880
83,442 TripAdvisor Inc(a) 1,182,373
70,008 Viasat Inc(a) 729,483
171,201 Viavi Solutions Inc(a) 1,915,739
49,688 Yelp Inc(a) 1,839,947
31,687 Ziff Davis Inc(a) 1,190,797
    41,852,280
Shares   Fair Value
Consumer, Cyclical — 13.65%
52,037 Academy Sports & Outdoors Inc $    2,373,408
20,674 Acushnet Holdings Corp     1,419,477
61,261 Adient PLC(a)        787,816
44,621 Advance Auto Parts Inc(b)     1,749,589
11,636 Allegiant Travel Co        600,999
98,314 American Axle & Manufacturing Holdings Inc(a)        400,138
130,980 American Eagle Outfitters Inc     1,521,988
15,092 Asbury Automotive Group Inc(a) 3,332,917
18,742 BJ's Restaurants Inc(a) 642,101
61,261 Bloomin' Brands Inc 439,241
23,560 Boot Barn Holdings Inc(a) 2,531,051
166,002 BorgWarner Inc 4,755,957
33,568 Brinker International Inc(a) 5,003,310
23,879 Buckle Inc 915,043
23,112 Caleres Inc 398,220
28,531 Carter's Inc 1,166,918
6,093 Cavco Industries Inc(a) 3,166,106
20,560 Century Communities Inc 1,379,576
39,655 Champion Homes Inc(a) 3,757,708
35,384 Cheesecake Factory Inc(b) 1,721,785
82,421 Cinemark Holdings Inc 2,051,459
18,042 Cracker Barrel Old Country Store Inc(b) 700,390
95,229 Dana Inc 1,269,403
21,730 Dave & Buster's Entertainment Inc(a)(b) 381,796
20,963 Dorman Products Inc(a) 2,526,880
19,900 Dream Finders Homes Inc Class A(a)(b) 448,944
16,047 Ethan Allen Interiors Inc 444,502
60,143 Foot Locker Inc(a) 848,016
32,757 Fox Factory Holding Corp(a) 764,548
36,784 Freshpet Inc(a) 3,059,325
28,474 G-III Apparel Group Ltd(a) 778,764
22,215 Gentherm Inc(a) 594,029
29,976 GMS Inc(a) 2,193,344
17,300 Golden Entertainment Inc 456,547
22,604 Green Brick Partners Inc(a) 1,318,039
9,820 Group 1 Automotive Inc 3,750,749
24,282 Guess? Inc(b) 268,802
264,619 Hanesbrands Inc(a) 1,526,852
35,842 HNI Corp 1,589,593
17,902 Installed Building Products Inc 3,069,477
45,853 Interface Inc 909,724
13,144 Jack in the Box Inc 357,385
223,035 JetBlue Airways Corp(a) 1,075,029
88,605 Kohl's Corp(b) 724,789
38,303 Kontoor Brands Inc 2,456,371
30,777 La-Z-Boy Inc 1,203,073
19,177 LCI Industries 1,676,645
106,462 Leggett & Platt Inc 842,114
15,104 LGI Homes Inc(a) 1,003,963
20,867 M/I Homes Inc(a) 2,382,594
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P SMALL CAP 600® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Consumer, Cyclical — (continued)
12,852 Madison Square Garden Sports Corp(a) $    2,502,541
13,204 MarineMax Inc(a)(b)        283,886
55,799 Meritage Homes Corp     3,955,033
52,184 MillerKnoll Inc        998,802
9,490 Monarch Casino & Resort Inc        737,848
56,332 National Vision Holdings Inc(a)        719,923
316,751 Newell Brands Inc     1,963,856
25,977 ODP Corp(a) 372,250
80,469 OPENLANE Inc(a) 1,551,442
10,754 Oxford Industries Inc(b) 630,937
25,763 Papa John's International Inc 1,058,344
25,648 Patrick Industries Inc 2,168,795
8,993 PC Connection Inc 561,343
115,484 Penn Entertainment Inc(a) 1,883,544
31,067 Phinia Inc 1,318,173
18,632 PriceSmart Inc 1,636,821
14,941 Pursuit Attractions & Hospitality Inc(a) 528,762
111,758 Resideo Technologies Inc(a) 1,978,117
48,110 Rush Enterprises Inc Class A 2,569,555
291,047 Sabre Corp(a) 817,842
73,086 Sally Beauty Holdings Inc(a) 659,967
17,225 ScanSource Inc(a) 585,822
30,837 Shake Shack Inc Class A(a) 2,718,898
11,505 Shoe Carnival Inc 252,995
33,382 Signet Jewelers Ltd 1,938,159
71,980 Six Flags Entertainment Corp 2,567,527
31,126 SkyWest Inc(a) 2,719,479
11,927 Sonic Automotive Inc Class A 679,362
86,615 Sonos Inc(a) 924,182
16,876 Standard Motor Products Inc 420,719
53,641 Steven Madden Ltd 1,428,996
33,995 Sun Country Airlines Holdings Inc(a) 418,818
32,525 Titan International Inc(a) 272,885
110,076 Topgolf Callaway Brands Corp(a) 725,401
71,561 Tri Pointe Homes Inc(a) 2,284,227
11,497 UniFirst Corp 2,000,478
42,887 Urban Outfitters Inc(a) 2,247,279
57,995 Victoria's Secret & Co(a) 1,077,547
21,186 Winnebago Industries Inc 730,070
64,057 Wolverine World Wide Inc 891,033
18,815 XPEL Inc(a) 552,785
    133,070,937
Consumer, Non-Cyclical — 18.96%
48,380 ABM Industries Inc 2,291,277
92,413 ACADIA Pharmaceuticals Inc(a) 1,534,980
82,845 AdaptHealth Corp(a) 898,040
13,190 Addus HomeCare Corp(a) 1,304,359
182,158 ADMA Biologics Inc(a) 3,614,015
28,885 Adtalem Global Education Inc(a) 2,906,986
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
37,767 Alarm.com Holdings Inc(a) $    2,101,734
124,678 Alkermes PLC(a)     4,116,867
27,804 AMN Healthcare Services Inc(a)        680,086
27,758 Amphastar Pharmaceuticals Inc(a)        804,704
25,077 Andersons Inc     1,076,556
12,318 ANI Pharmaceuticals Inc(a)        824,690
46,605 Arcus Biosciences Inc(a)        365,849
73,711 Arlo Technologies Inc(a) 727,528
92,668 Arrowhead Pharmaceuticals Inc(a) 1,180,590
26,897 Artivion Inc(a) 661,128
31,064 Astrana Health Inc(a) 963,295
37,738 Avanos Medical Inc(a) 540,786
33,678 Azenta Inc(a) 1,166,606
54,787 B&G Foods Inc(b) 376,387
26,391 BioLife Solutions Inc(a) 602,770
31,349 Cal-Maine Foods Inc 2,849,624
85,034 Catalyst Pharmaceuticals Inc(a) 2,062,074
7,690 Central Garden & Pet Co(a) 281,915
40,183 Central Garden & Pet Co Class A(a) 1,315,190
87,574 Certara Inc(a) 866,983
27,531 Chefs' Warehouse Inc(a) 1,499,338
25,384 Collegium Pharmaceutical Inc(a) 757,712
83,544 Concentra Group Holdings Parent Inc 1,812,905
22,678 CONMED Corp 1,369,524
71,853 Corcept Therapeutics Inc(a) 8,207,050
83,044 CoreCivic Inc(a) 1,684,963
21,017 CorVel Corp(a) 2,353,273
88,987 Cytek Biosciences Inc(a) 356,838
36,902 Deluxe Corp 583,421
91,747 Dynavax Technologies Corp(a) 1,189,959
35,929 Edgewell Personal Care Co 1,121,344
48,196 Embecta Corp 614,499
42,029 Enovis Corp(a) 1,605,928
48,068 EVERTEC Inc 1,767,460
71,097 Fortrea Holdings Inc(a) 536,782
24,379 Fresh Del Monte Produce Inc 751,605
104,962 GEO Group Inc(a) 3,065,940
42,489 Glaukos Corp(a) 4,181,767
77,561 Grocery Outlet Holding Corp(a) 1,084,303
30,349 Harmony Biosciences Holdings Inc(a) 1,007,283
60,917 Healthcare Services Group Inc(a) 614,043
14,777 Heidrick & Struggles International Inc 632,899
18,098 Helen of Troy Ltd(a) 968,062
109,117 Hertz Global Holdings Inc(a)(b) 429,921
18,897 ICU Medical Inc(a) 2,624,037
40,646 Innoviva Inc(a) 736,912
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P SMALL CAP 600® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
22,513 Inspire Medical Systems Inc(a) $    3,585,871
25,854 Integer Holdings Corp(a)     3,051,031
49,150 Integra LifeSciences Holdings Corp(a)     1,080,808
13,490 Interparfums Inc     1,536,106
11,612 J & J Snack Foods Corp     1,529,533
6,474 John B Sanfilippo & Son Inc        458,748
30,082 John Wiley & Sons Inc Class A     1,340,454
38,574 Korn Ferry 2,616,474
19,512 Krystal Biotech Inc(a) 3,518,014
15,144 LeMaitre Vascular Inc 1,270,582
14,105 Ligand Pharmaceuticals Inc(a) 1,483,000
49,689 LiveRamp Holdings Inc(a) 1,298,870
25,119 Matthews International Corp Class A 558,647
43,944 Merit Medical Systems Inc(a) 4,645,320
9,162 MGP Ingredients Inc 269,180
65,889 Mister Car Wash Inc(a) 519,864
25,163 Monro Inc 364,109
64,819 Myriad Genetics Inc(a) 574,945
17,332 National Beverage Corp 719,971
9,661 National HealthCare Corp 896,541
145,466 Neogen Corp(a) 1,261,190
102,694 NeoGenomics Inc(a) 974,566
34,046 Omnicell Inc(a) 1,190,248
198,542 Organon & Co 2,956,290
60,961 Owens & Minor Inc(a) 550,478
34,310 Pacira BioSciences Inc(a) 852,603
59,385 Patterson Cos Inc 1,855,187
191,530 Payoneer Global Inc(a) 1,400,084
61,393 Pediatrix Medical Group Inc(a) 889,585
45,686 Perdoceo Education Corp 1,150,373
17,144 Phibro Animal Health Corp Class A 366,196
71,314 Premier Inc Class A(b) 1,374,934
38,074 Prestige Consumer Healthcare Inc(a) 3,273,222
33,236 PROG Holdings Inc 884,078
58,571 Progyny Inc(a) 1,308,476
45,742 Protagonist Therapeutics Inc(a) 2,212,083
34,119 Quanex Building Products Corp 634,272
49,702 QuidelOrtho Corp(a) 1,738,079
50,280 RadNet Inc(a) 2,499,922
76,448 Robert Half Inc 4,170,238
79,678 Select Medical Holdings Corp 1,330,623
70,392 Simply Good Foods Co(a) 2,427,820
27,898 SpartanNash Co 565,213
36,271 STAAR Surgical Co(a) 639,458
18,774 Strategic Education Inc 1,576,265
32,225 Stride Inc(a) 4,076,462
40,561 Supernus Pharmaceuticals Inc(a) 1,328,373
47,460 Tandem Diabetes Care Inc(a) 909,334
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
35,387 Teleflex Inc $    4,890,129
102,837 TG Therapeutics Inc(a)     4,054,863
13,850 Tootsie Roll Industries Inc        436,011
25,353 TransMedics Group Inc(a)     1,705,750
32,884 TreeHouse Foods Inc(a)        890,828
5,339 UFP Technologies Inc(a)     1,076,930
47,622 United Natural Foods Inc(a)     1,304,367
19,688 Universal Corp 1,103,512
40,465 Upbound Group Inc 969,541
12,077 US Physical Therapy Inc 873,892
7,208 USANA Health Sciences Inc(a) 194,400
37,267 Vericel Corp(a) 1,662,854
127,200 Verra Mobility Corp(a) 2,863,272
91,516 Vestis Corp 906,008
77,987 Vir Biotechnology Inc(a) 505,356
10,404 WD-40 Co 2,538,576
140,098 WillScot Holdings Corp 3,894,724
48,705 WK Kellogg Co(b) 970,691
50,021 Xencor Inc(a) 532,223
    184,760,434
Energy — 4.61%
8,706 Alpha Metallurgical Resources Inc(a) 1,090,426
135,054 Archrock Inc 3,543,817
52,419 Atlas Energy Solutions Inc(b) 935,155
17,357 Bristow Group Inc(a) 548,134
54,875 California Resources Corp 2,412,854
71,079 Comstock Resources Inc(a)(b) 1,445,747
38,935 Core Laboratories Inc 583,636
39,089 Core Natural Resources Inc 3,013,762
139,749 Crescent Energy Co Class A 1,570,779
23,679 CVR Energy Inc 459,373
78,250 DNOW Inc(a) 1,336,510
112,208 Helix Energy Solutions Group Inc(a) 932,448
74,868 Helmerich & Payne Inc 1,955,552
31,445 Innovex International Inc(a) 564,752
123,570 Liberty Energy Inc 1,956,113
143,301 Magnolia Oil & Gas Corp Class A 3,619,783
76,648 Northern Oil & Gas Inc 2,317,069
75,964 Oceaneering International Inc(a) 1,656,775
45,885 Par Pacific Holdings Inc(a) 654,320
271,400 Patterson-UTI Energy Inc 2,230,908
89,618 Peabody Energy Corp 1,214,324
64,567 ProPetro Holding Corp(a) 474,567
10,697 REX American Resources Corp(a) 401,886
54,652 RPC Inc(b) 300,586
88,176 SM Energy Co 2,640,871
43,028 SolarEdge Technologies Inc(a)(b) 696,193
67,275 SunCoke Energy Inc 618,930
163,831 Sunrun Inc(a)(b) 960,050
92,160 Talos Energy Inc(a) 895,795
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P SMALL CAP 600® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Energy — (continued)
36,022 Tidewater Inc(a) $    1,522,650
21,966 Vital Energy Inc(a)        466,119
39,657 Warrior Met Coal Inc     1,892,432
    44,912,316
Financial — 27.40%
90,853 Acadia Realty Trust REIT     1,903,370
23,082 Acadian Asset Management Inc        596,901
79,855 Air Lease Corp 3,857,793
54,150 Alexander & Baldwin Inc REIT 933,004
37,629 American Assets Trust Inc REIT 757,848
49,823 Ameris Bancorp 2,868,310
13,862 AMERISAFE Inc 728,448
94,708 Apollo Commercial Real Estate Finance Inc REIT 906,356
172,218 Apple Hospitality Inc REIT 2,223,334
142,333 Arbor Realty Trust Inc REIT(b) 1,672,413
67,340 Armada Hoffler Properties Inc REIT 505,723
59,540 ARMOUR Residential Inc REIT(b) 1,018,134
54,081 Artisan Partners Asset Management Inc Class A 2,114,567
36,890 Assured Guaranty Ltd 3,250,009
99,699 Atlantic Union Bankshares Corp 3,104,627
41,771 Axos Financial Inc(a) 2,695,065
102,749 Banc of California Inc 1,458,008
14,953 BancFirst Corp 1,642,886
36,429 Bancorp Inc(a) 1,924,908
30,251 Bank of Hawaii Corp 2,086,411
56,776 BankUnited Inc 1,955,365
25,882 Banner Corp 1,650,495
35,265 Berkshire Hills Bancorp Inc 920,064
285,782 BGC Group Inc Class A 2,620,621
128,532 Blackstone Mortgage Trust Inc Class A REIT (b) 2,570,640
143,285 Brandywine Realty Trust REIT 639,051
38,261 Bread Financial Holdings Inc 1,916,111
69,851 Brookline Bancorp Inc 761,376
89,035 Capitol Federal Financial Inc 498,596
144,448 CareTrust Inc REIT 4,128,324
54,953 Cathay General Bancorp 2,364,628
13,240 Centerspace REIT 857,290
22,358 Central Pacific Financial Corp 604,560
10,869 City Holding Co 1,276,781
208,673 Cleanspark Inc(a)(b) 1,402,283
20,097 Cohen & Steers Inc 1,612,784
40,567 Community Financial System Inc 2,306,640
71,190 Curbline Properties Corp REIT 1,722,086
173,561 Cushman & Wakefield PLC(a) 1,773,793
Shares   Fair Value
Financial — (continued)
21,803 Customers Bancorp Inc(a) $    1,094,511
99,430 CVB Financial Corp     1,835,478
165,581 DiamondRock Hospitality Co REIT     1,278,285
30,958 Dime Community Bancshares Inc        863,109
127,396 Douglas Emmett Inc REIT     2,038,336
21,758 Eagle Bancorp Inc        456,918
73,851 Easterly Government Properties Inc REIT        782,821
66,765 Ellington Financial Inc REIT(b) 885,304
66,084 Elme Communities REIT 1,149,862
17,955 Employers Holdings Inc 909,241
18,663 Encore Capital Group Inc(a) 639,768
19,870 Enova International Inc(a) 1,918,647
141,817 Essential Properties Realty Trust Inc REIT(b) 4,628,907
61,369 eXp World Holdings Inc(b) 600,189
42,631 EZCORP Inc Class A(a) 627,528
25,763 FB Financial Corp 1,194,373
156,157 First BanCorp 3,632,548
74,491 First Commonwealth Financial Corp 1,157,590
72,184 First Financial Bancorp 1,803,156
94,629 First Hawaiian Inc 2,312,733
77,197 Four Corners Property Trust Inc REIT 2,215,554
63,562 Franklin BSP Realty Trust Inc REIT 809,780
140,259 Fulton Financial Corp 2,537,285
329,595 Genworth Financial Inc(a) 2,336,829
37,846 Getty Realty Corp REIT 1,180,038
149,570 Global Net Lease Inc REIT 1,202,543
18,595 Goosehead Insurance Inc Class A 2,195,326
91,446 HA Sustainable Infrastructure Capital Inc 2,673,881
24,622 Hanmi Financial Corp 557,935
6,468 HCI Group Inc 965,220
27,886 Heritage Financial Corp 678,466
81,180 Highwoods Properties Inc REIT 2,406,175
36,553 Hilltop Holdings Inc 1,113,039
95,357 Hope Bancorp Inc 998,388
30,067 Horace Mann Educators Corp 1,284,763
32,350 Independent Bank Corp 2,026,728
22,341 Innovative Industrial Properties Inc REIT 1,208,425
55,763 Jackson Financial Inc Class A 4,671,824
67,586 JBG Smith Properties REIT(b) 1,088,810
90,921 Kennedy-Wilson Holdings Inc 789,194
47,823 KKR Real Estate Finance Trust Inc REIT 516,488
19,029 Lakeland Financial Corp 1,131,084
128,612 Lincoln National Corp 4,618,457
34,934 LTC Properties Inc REIT 1,238,410
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P SMALL CAP 600® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Financial — (continued)
224,000 LXP Industrial Trust REIT $    1,937,600
189,505 Macerich Co REIT     3,253,801
256,025 MARA Holdings Inc(a)(b)     2,944,288
19,773 Marcus & Millichap Inc        681,180
462,720 Medical Properties Trust Inc REIT(b)     2,790,202
20,957 Mercury General Corp     1,171,496
91,715 Millrose Properties Inc REIT(a)     2,431,365
54,387 Moelis & Co Class A 3,174,025
48,391 Mr Cooper Group Inc(a) 5,787,564
28,544 National Bank Holdings Corp Class A 1,092,379
56,298 Navient Corp 711,044
35,316 NBT Bancorp Inc 1,515,056
74,062 New York Mortgage Trust Inc REIT 480,662
15,980 NexPoint Residential Trust Inc REIT 631,689
60,334 NMI Holdings Inc(a) 2,175,041
93,037 Northwest Bancshares Inc 1,118,305
35,220 OFG Bancorp 1,409,504
107,341 Outfront Media Inc REIT 1,732,484
72,364 Pacific Premier Bancorp Inc 1,542,801
20,427 Palomar Holdings Inc(a) 2,800,133
10,953 Park National Corp 1,658,284
18,466 Pathward Financial Inc 1,347,095
87,630 Pebblebrook Hotel Trust REIT 887,692
67,042 PennyMac Mortgage Investment Trust REIT 982,165
94,626 Phillips Edison & Co Inc REIT 3,452,903
12,238 Piper Sandler Cos 3,030,863
18,250 PJT Partners Inc Class A 2,516,310
28,144 PRA Group Inc(a) 580,329
8,976 Preferred Bank 750,932
38,384 ProAssurance Corp(a) 896,266
98,230 Provident Financial Services Inc 1,686,609
111,509 Radian Group Inc 3,687,603
119,971 Ready Capital Corp REIT(b) 610,652
93,096 Redwood Trust Inc REIT 565,093
70,341 Renasant Corp 2,386,670
45,288 Ryman Hospitality Properties Inc REIT(b) 4,141,135
27,783 S&T Bancorp Inc 1,029,360
34,519 Safehold Inc REIT 646,196
11,285 Safety Insurance Group Inc 890,161
10,575 Saul Centers Inc REIT 381,440
63,742 Seacoast Banking Corp of Florida 1,640,082
38,677 ServisFirst Bancshares Inc 3,194,720
95,363 Simmons First National Corp Class A 1,957,802
72,418 SiriusPoint Ltd(a) 1,252,107
32,789 SITE Centers Corp REIT 421,011
52,817 SL Green Realty Corp REIT 3,047,541
20,093 Southside Bancshares Inc 581,893
28,124 St Joe Co 1,320,422
Shares   Fair Value
Financial — (continued)
37,653 Stellar Bancorp Inc $    1,041,482
50,707 StepStone Group Inc Class A     2,648,427
21,193 Stewart Information Services Corp     1,512,121
33,000 StoneX Group Inc(a)     2,520,502
77,145 Summit Hotel Properties Inc REIT        417,354
150,025 Sunstone Hotel Investors Inc REIT     1,411,735
85,436 Tanger Inc REIT     2,886,882
75,369 Terreno Realty Corp REIT 4,764,828
8,951 Tompkins Financial Corp 563,734
17,466 Triumph Financial Inc(a) 1,009,535
24,958 Trupanion Inc(a)(b) 930,185
15,661 TrustCo Bank Corp 477,347
45,868 Trustmark Corp 1,581,987
80,000 Two Harbors Investment Corp REIT 1,068,800
91,908 United Community Banks Inc 2,585,372
14,528 United Fire Group Inc 427,995
177,914 Uniti Group Inc REIT 896,687
10,803 Universal Health Realty Income Trust REIT 442,491
94,281 Urban Edge Properties REIT 1,791,339
60,080 Veris Residential Inc REIT 1,016,554
43,086 Veritex Holdings Inc 1,075,857
61,814 Virtu Financial Inc Class A 2,356,350
5,278 Virtus Investment Partners Inc 909,716
61,290 WaFd Inc 1,751,668
24,436 Walker & Dunlop Inc 2,085,857
19,677 Westamerica BanCorp 996,247
31,707 Whitestone REIT 461,971
83,973 WisdomTree Inc 749,039
2,760 World Acceptance Corp(a) 349,278
45,348 WSFS Financial Corp 2,352,201
79,569 Xenia Hotels & Resorts Inc REIT 935,731
    267,026,776
Industrial — 16.21%
26,686 AAR Corp(a) 1,494,149
29,034 Advanced Energy Industries Inc 2,767,231
21,615 AeroVironment Inc(a) 2,576,292
7,934 Alamo Group Inc 1,413,918
23,630 Albany International Corp Class A 1,631,415
12,060 American Woodmark Corp(a) 709,490
16,141 Apogee Enterprises Inc 747,813
17,257 ArcBest Corp 1,217,999
37,596 Arcosa Inc 2,899,404
32,897 Armstrong World Industries Inc 4,634,529
18,487 Astec Industries Inc 636,877
22,629 AZZ Inc 1,892,011
22,693 Badger Meter Inc 4,317,343
26,669 Benchmark Electronics Inc 1,014,222
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P SMALL CAP 600® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Industrial — (continued)
29,601 Boise Cascade Co $    2,903,562
33,996 Brady Corp Class A     2,401,477
51,447 Cactus Inc Class A     2,357,816
12,620 CSW Industrials Inc     3,678,982
23,653 CTS Corp        982,782
26,879 Dorian LPG Ltd        600,477
9,384 DXP Enterprises Inc(a)        771,928
22,443 Dycom Industries Inc(a) 3,418,967
48,786 Energizer Holdings Inc 1,459,677
40,937 Enerpac Tool Group Corp 1,836,434
16,178 Enpro Inc 2,617,439
54,594 Enviri Corp(a) 363,050
19,853 ESCO Technologies Inc 3,159,009
38,142 Everus Construction Group Inc(a) 1,414,687
47,105 Federal Signal Corp 3,464,573
17,265 Forward Air Corp(a) 346,854
30,300 Franklin Electric Co Inc 2,844,564
58,523 Frontdoor Inc(a) 2,248,454
174,797 Gates Industrial Corp PLC(a) 3,218,013
22,679 Gibraltar Industries Inc(a) 1,330,350
33,673 Granite Construction Inc 2,538,944
23,173 Greenbrier Cos Inc 1,186,921
30,288 Griffon Corp 2,165,592
106,435 Hayward Holdings Inc(a) 1,481,575
37,558 Heartland Express Inc 346,285
52,178 Hillenbrand Inc 1,259,577
45,766 Hub Group Inc Class A 1,701,122
24,251 Ichor Holdings Ltd(a) 548,315
15,850 Insteel Industries Inc 416,855
30,121 International Seaways Inc(b) 1,000,017
34,763 Itron Inc(a) 3,641,772
35,103 JBT Marel Corp 4,289,587
9,057 Kadant Inc(b) 3,051,394
57,329 Kennametal Inc 1,221,108
70,202 Knowles Corp(a) 1,067,070
114,983 Kratos Defense & Security Solutions Inc(a) 3,413,845
8,649 Lindsay Corp 1,094,271
47,778 Marten Transport Ltd 655,514
94,079 Masterbrand Inc(a) 1,228,672
15,380 Materion Corp 1,255,008
25,595 Matson Inc 3,280,511
38,279 Mercury Systems Inc(a) 1,649,442
4,422 Mesa Laboratories Inc 524,715
29,820 Metallus Inc(a) 398,395
21,602 Moog Inc Class A 3,744,707
119,478 Mueller Water Products Inc Class A 3,037,131
12,066 MYR Group Inc(a) 1,364,544
3,954 National Presto Industries Inc 347,596
37,853 NV5 Global Inc(a) 729,427
114,378 O-I Glass Inc(a) 1,311,916
11,995 OSI Systems Inc(a) 2,331,108
20,979 Plexus Corp(a) 2,688,039
6,902 Powell Industries Inc 1,175,618
17,312 Proto Labs Inc(a) 606,612
106,313 RXO Inc(a) 2,030,578
Shares   Fair Value
Industrial — (continued)
40,837 Sanmina Corp(a) $    3,110,963
34,739 Schneider National Inc Class B        793,786
112,331 Sealed Air Corp     3,246,366
35,006 SPX Technologies Inc(a)     4,508,073
9,049 Standex International Corp     1,460,418
13,856 Sturm Ruger & Co Inc        544,402
14,519 Tennant Co     1,157,890
62,160 Trinity Industries Inc 1,744,210
59,701 Triumph Group Inc(a) 1,512,823
76,919 TTM Technologies Inc(a) 1,577,609
17,336 Vicor Corp(a) 810,978
83,986 Vishay Intertechnology Inc 1,335,377
45,859 Werner Enterprises Inc 1,343,669
42,602 World Kinect Corp 1,208,193
23,808 Worthington Enterprises Inc 1,192,543
25,407 Worthington Steel Inc 643,559
109,898 Zurn Elkay Water Solutions Corp 3,624,436
    157,970,866
Technology — 7.41%
80,878 ACI Worldwide Inc(a) 4,424,835
86,736 Adeia Inc 1,146,650
16,489 Agilysys Inc(a) 1,196,112
19,283 Alpha & Omega Semiconductor Ltd(a) 479,375
109,993 Amentum Holdings Inc(a) 2,001,873
24,826 Axcelis Technologies Inc(a) 1,233,107
39,391 Blackline Inc(a) 1,907,312
110,364 Box Inc Class A(a) 3,405,833
17,225 CEVA Inc(a) 441,132
71,399 Clear Secure Inc Class A 1,849,948
33,505 Cohu Inc(a) 492,859
31,731 Corsair Gaming Inc(a) 281,137
20,954 CSG Systems International Inc 1,267,088
29,591 Digi International Inc(a) 823,518
48,048 DigitalOcean Holdings Inc(a) 1,604,323
34,831 Diodes Inc(a) 1,503,654
21,240 Donnelley Financial Solutions Inc(a) 928,400
105,087 DoubleVerify Holdings Inc(a) 1,405,013
139,719 DXC Technology Co(a) 2,382,209
58,733 FormFactor Inc(a) 1,661,557
44,347 Grid Dynamics Holdings Inc(a) 694,031
17,212 Impinj Inc(a) 1,561,128
21,051 Insight Enterprises Inc(a) 3,157,440
39,990 Kulicke & Soffa Industries Inc 1,318,870
61,419 MaxLinear Inc(a) 667,010
47,838 N-able Inc(a) 339,171
54,207 NCR Atleos Corp(a) 1,429,981
108,934 NCR Voyix Corp(a) 1,062,107
54,176 NetScout Systems Inc(a) 1,138,238
22,308 PDF Solutions Inc(a) 426,306
43,096 Penguin Solutions Inc(a) 748,578
50,415 Photronics Inc(a) 1,046,615
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P SMALL CAP 600® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Technology — (continued)
120,897 Pitney Bowes Inc $    1,094,118
78,107 Privia Health Group Inc(a)     1,753,502
32,424 Progress Software Corp     1,670,160
71,448 Qorvo Inc(a)     5,173,550
87,073 Sandisk Corp(a)     4,145,546
44,334 Schrodinger Inc(a)        875,153
64,954 Semtech Corp(a)     2,234,418
10,733 Simulations Plus Inc 263,173
14,605 SiTime Corp(a) 2,232,666
42,129 SolarWinds Corp(a) 776,438
28,996 SPS Commerce Inc(a) 3,848,639
71,709 Teradata Corp(a) 1,612,018
36,050 Ultra Clean Holdings Inc(a) 771,831
46,104 Veeco Instruments Inc(a) 925,768
111,922 Wolfspeed Inc(a)(b) 342,481
90,435 Xerox Holdings Corp(b) 436,801
    72,181,672
Utilities — 2.45%
28,865 American States Water Co 2,271,098
60,687 Avista Corp 2,540,965
45,306 California Water Service Group 2,195,529
17,390 Chesapeake Utilities Corp 2,233,398
25,111 Clearway Energy Inc Class A 714,659
63,932 Clearway Energy Inc Class C 1,935,221
157,170 MDU Resources Group Inc 2,657,745
27,829 MGE Energy Inc 2,586,984
13,080 Middlesex Water Co 838,428
30,975 Northwest Natural Holding Co 1,323,252
32,160 Otter Tail Corp 2,584,699
23,356 SJW Group 1,277,340
11,612 Unitil Corp 669,896
    23,829,214
TOTAL COMMON STOCK — 98.92%
(Cost $961,517,213) 		$963,986,956
Shares   Fair Value
GOVERNMENT MONEY MARKET MUTUAL FUNDS
32,013,308 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.29%(d) $   32,013,308
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.28%
(Cost $32,013,308) 		$32,013,308
Principal Amount    
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 0.67%
$ 6,581,000 U.S. Treasury Bills(e)
4.23%, 05/15/2025 		    6,547,121
TOTAL SHORT TERM INVESTMENTS — 0.67%
(Cost $6,547,121) 		$6,547,121
TOTAL INVESTMENTS — 102.87%
(Cost $1,000,077,642) 		$1,002,547,385
OTHER ASSETS & LIABILITIES, NET — (2.87)% $(27,991,925)
TOTAL NET ASSETS — 100.00% $974,555,460
 
(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
(Depreciation)
Long          
Russell 2000 E-mini Futures 108 USD 10,946 Jun 2025 $(235,137)
        Net Depreciation $(235,137)
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER SMALL CAP GROWTH FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 1.86%
100,085 Element Solutions Inc $  2,262,922
10,772 Steel Dynamics Inc   1,347,362
    3,610,284
Communications — 3.02%
29,895 Ciena Corp(a)   1,806,555
5,141 Credo Technology Group Holding Ltd(a)     206,462
92,900 DigitalBridge Group Inc 819,378
41,800 Grindr Inc(a) 748,220
20,699 Opera Ltd 329,942
75,616 Powerfleet Inc(a) 415,132
14,416 Q2 Holdings Inc(a) 1,153,424
20,890 QuinStreet Inc(a) 372,678
    5,851,791
Consumer, Cyclical — 9.28%
23,213 Academy Sports & Outdoors Inc(b) 1,058,745
12,712 Boot Barn Holdings Inc(a) 1,365,650
5,376 Burlington Stores Inc(a) 1,281,262
20,532 Champion Homes Inc(a) 1,945,612
31,275 Core & Main Inc Class A(a) 1,510,895
18,813 IMAX Corp(a) 495,723
97,384 International Game Technology PLC 1,583,464
42,536 Life Time Group Holdings Inc(a) 1,284,587
89,317 Lions Gate Entertainment Corp Class B(a) 707,391
16,053 Ollie's Bargain Outlet Holdings Inc(a) 1,867,927
28,843 On Holding AG Class A(a) 1,266,785
16,560 OneSpaWorld Holdings Ltd 278,042
21,887 Patrick Industries Inc 1,850,765
10,704 Sweetgreen Inc Class A(a) 267,814
3,056 VSE Corp(b) 366,689
52,792 Wabash National Corp 583,352
14,241 Warby Parker Inc Class A(a) 259,613
    17,974,316
Consumer, Non-Cyclical — 30.88%
30,028 89bio Inc(a) 218,304
41,736 Adaptive Biotechnologies Corp(a) 310,098
60,367 ADMA Biologics Inc(a) 1,197,681
135,732 Amicus Therapeutics Inc(a) 1,107,573
6,643 Arcellx Inc(a)(b) 435,781
74,796 ARS Pharmaceuticals Inc(a)(b) 940,934
62,135 Artivion Inc(a) 1,527,278
124,809 Avantor Inc(a) 2,023,154
8,961 Axsome Therapeutics Inc(a) 1,045,121
23,048 Azenta Inc(a) 798,383
9,344 Beta Bionics Inc(a)(b) 114,371
22,687 Biohaven Ltd(a) 545,395
54,939 BioLife Solutions Inc(a) 1,254,807
14,313 Blueprint Medicines Corp(a) 1,266,844
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
57,478 Butterfly Network Inc(a) $    131,050
20,673 CareDx Inc(a)     366,946
38,137 Celsius Holdings Inc(a)   1,358,440
22,525 Centessa Pharmaceuticals PLC ADR(a)     323,910
12,630 Ceribell Inc(a)     242,622
14,097 Chefs' Warehouse Inc(a)     767,723
14,070 CONMED Corp     849,687
4,236 CRA International Inc 733,675
16,245 CVRx Inc(a)(b) 198,676
23,917 Cytokinetics Inc(a) 961,224
101,112 Dynavax Technologies Corp(a) 1,311,423
11,251 elf Beauty Inc(a) 706,450
7,979 Enliven Therapeutics Inc(a)(b) 157,027
21,114 Evolus Inc(a) 254,001
6,840 FTI Consulting Inc(a) 1,122,307
5,567 GeneDx Holdings Corp(a) 493,041
24,731 Haemonetics Corp(a) 1,571,655
13,065 HealthEquity Inc(a) 1,154,554
9,147 ICON PLC(a) 1,600,634
27,132 Insmed Inc(a) 2,069,900
12,361 iRhythm Technologies Inc(a) 1,293,950
7,176 Janux Therapeutics Inc(a) 193,752
10,121 KinderCare Learning Cos Inc(a)(b) 117,302
46,060 Kiniksa Pharmaceuticals International PLC(a) 1,022,993
2,023 LENZ Therapeutics Inc(a) 52,011
33,057 LiveRamp Holdings Inc(a) 864,110
15,095 Mirum Pharmaceuticals Inc(a) 680,030
20,249 Natural Grocers by Vitamin Cottage Inc 814,010
90,490 Neogen Corp(a) 784,548
10,879 Neurocrine Biosciences Inc(a) 1,203,217
19,081 NeuroPace Inc(a) 234,505
126,239 Ocular Therapeutix Inc(a) 925,332
31,789 Oddity Tech Ltd Class A(a)(b) 1,375,192
23,376 Paymentus Holdings Inc Class A(a) 610,114
54,046 Payoneer Global Inc(a) 395,076
20,788 Performance Food Group Co(a) 1,634,560
6,695 PROCEPT BioRobotics Corp(a) 390,051
10,096 RB Global Inc 1,012,629
5,427 Rhythm Pharmaceuticals Inc(a) 287,468
10,082 Sarepta Therapeutics Inc(a) 643,433
19,935 Scholar Rock Holding Corp(a) 640,910
15,742 Shift4 Payments Inc Class A(a)(b) 1,286,279
2,240 Soleno Therapeutics Inc(a) 160,048
23,825 SpringWorks Therapeutics Inc(a) 1,051,397
68,467 Stevanato Group Spa 1,398,096
4,419 Stride Inc(a) 559,004
162,105 SunOpta Inc(a) 787,830
22,709 Tarsus Pharmaceuticals Inc(a) 1,166,561
10,184 TransMedics Group Inc(a)(b) 685,180
22,926 Travere Therapeutics Inc(a) 410,834
3,895 Twist Bioscience Corp(a) 152,918
1,098 UFP Technologies Inc(a)(b) 221,478
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER SMALL CAP GROWTH FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
25,243 Ultragenyx Pharmaceutical Inc(a) $    914,049
20,543 uniQure NV(a)     217,756
36,889 Universal Technical Institute Inc(a)     947,310
31,963 Valvoline Inc(a)   1,112,632
12,891 Vaxcyte Inc(a)     486,764
5,914 Vera Therapeutics Inc(a)     142,054
9,571 Veracyte Inc(a)     283,780
4,777 Vericel Corp(a) 213,150
83,750 Verra Mobility Corp(a) 1,885,213
15,379 Vita Coco Co Inc(a) 471,366
12,465 Vital Farms Inc(a) 379,809
10,006 Willdan Group Inc(a) 407,444
4,316 Xenon Pharmaceuticals Inc(a) 144,802
    59,821,616
Energy — 1.91%
24,698 Civitas Resources Inc 861,713
43,251 Flowco Holdings Inc Class A(a) 1,109,388
54,720 TechnipFMC PLC 1,734,077
    3,705,178
Financial — 12.21%
58,446 Baldwin Insurance Group Inc(a) 2,611,952
40,836 Bowhead Specialty Holdings Inc(a) 1,659,983
16,896 Coastal Financial Corp(a) 1,527,567
27,875 Core Scientific Inc(a) 201,815
30,969 Essent Group Ltd 1,787,531
7,864 Evercore Inc Class A 1,570,598
13,548 FTAI Aviation Ltd 1,504,235
26,473 Glacier Bancorp Inc 1,170,636
8,624 Marex Group PLC 304,600
11,097 Palomar Holdings Inc(a) 1,521,177
1,407 Piper Sandler Cos 348,458
32,832 Ryan Specialty Holdings Inc 2,425,300
37,194 Skyward Specialty Insurance Group Inc(a) 1,968,306
22,628 Stifel Financial Corp 2,132,915
27,178 Triumph Financial Inc(a) 1,570,888
35,069 Virtu Financial Inc Class A 1,336,830
    23,642,791
Industrial — 16.39%
17,050 AAON Inc 1,332,116
21,760 AAR Corp(a) 1,218,342
16,237 Advanced Drainage Systems Inc 1,764,150
13,484 Advanced Energy Industries Inc 1,285,160
4,672 Argan Inc 612,826
27,435 AZEK Co Inc(a) 1,341,297
10,578 Boise Cascade Co 1,037,596
35,807 CECO Environmental Corp(a) 816,400
10,514 Chart Industries Inc(a)(b) 1,517,801
Shares   Fair Value
Industrial — (continued)
19,895 Construction Partners Inc Class A(a) $  1,429,854
8,428 Dycom Industries Inc(a)   1,283,922
27,116 Flowserve Corp   1,324,345
8,851 Generac Holdings Inc(a)   1,120,979
11,931 Intuitive Machines Inc(a)      88,886
14,107 Itron Inc(a)   1,477,849
11,779 JBT Marel Corp   1,439,394
14,281 Kirby Corp(a) 1,442,524
24,598 Knight-Swift Transportation Holdings Inc 1,069,767
60,107 Kratos Defense & Security Solutions Inc(a) 1,784,577
5,295 Limbach Holdings Inc(a) 394,319
15,738 Modine Manufacturing Co(a) 1,207,891
36,030 Montrose Environmental Group Inc(a)(b) 513,788
10,330 MYR Group Inc(a) 1,168,220
3,735 OSI Systems Inc(a) 725,860
2,335 Powell Industries Inc 397,721
6,461 Primoris Services Corp 370,926
13,398 SPX Technologies Inc(a) 1,725,394
2,505 Sterling Infrastructure Inc(a) 283,591
8,513 Xometry Inc Class A(a) 212,144
41,420 Zurn Elkay Water Solutions Corp 1,366,032
    31,753,671
Technology — 23.19%
17,885 Agilysys Inc(a) 1,297,378
20,037 Alkami Technology Inc(a) 525,971
39,783 Allegro MicroSystems Inc(a) 999,747
7,219 Ambarella Inc(a) 363,332
17,446 ASGN Inc(a) 1,099,447
79,254 Box Inc Class A(a) 2,445,778
35,278 Braze Inc Class A(a) 1,272,830
25,712 Cellebrite Di Ltd(a) 499,584
47,917 Confluent Inc Class A(a) 1,123,175
5,941 CyberArk Software Ltd(a) 2,008,058
65,275 DoubleVerify Holdings Inc(a) 872,727
78,100 Evolent Health Inc Class A(a) 739,607
31,236 FormFactor Inc(a) 883,667
43,468 Grid Dynamics Holdings Inc(a) 680,274
47,747 JFrog Ltd(a) 1,527,904
38,802 KBR Inc 1,932,728
12,854 Life360 Inc(a)(b) 493,465
16,906 Lumentum Holdings Inc(a)(b) 1,053,920
42,525 nCino Inc(a) 1,168,162
20,004 Nutanix Inc Class A(a) 1,396,479
6,181 Onto Innovation Inc(a) 750,003
36,900 PAR Technology Corp(a) 2,263,446
57,065 Phreesia Inc(a) 1,458,581
45,286 Privia Health Group Inc(a) 1,016,671
20,245 Procore Technologies Inc(a) 1,336,575
16,695 PTC Inc(a) 2,586,890
24,720 Pure Storage Inc Class A(a) 1,094,354
60,946 SentinelOne Inc Class A(a) 1,107,998
26,201 Sprout Social Inc Class A(a) 576,160
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER SMALL CAP GROWTH FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Technology — (continued)
30,793 SS&C Technologies Holdings Inc $  2,572,139
21,403 Synaptics Inc(a)   1,363,799
12,049 Teradyne Inc     995,247
43,556 Varonis Systems Inc(a)   1,761,840
38,483 Vertex Inc Class A(a)   1,347,290
12,482 Viant Technology Inc Class A(a)     154,902
43,128 Waystar Holding Corp(a)   1,611,262
47,494 Weave Communications Inc(a) 526,709
    44,908,099
TOTAL COMMON STOCK — 98.74%
(Cost $193,480,335) 		$191,267,746
GOVERNMENT MONEY MARKET MUTUAL FUNDS
6,772,083 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.29%(d) 6,772,083
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.50%
(Cost $6,772,083) 		$6,772,083
TOTAL INVESTMENTS — 102.24%
(Cost $200,252,418) 		$198,039,829
OTHER ASSETS & LIABILITIES, NET — (2.24)% $(4,336,233)
TOTAL NET ASSETS — 100.00% $193,703,596
(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
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER SMALL CAP VALUE FUND Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 2.73%
13,200 AdvanSix Inc $    298,980
24,900 American Vanguard Corp     109,560
39,841 Cabot Corp   3,312,381
24,100 Constellium SE(a)     243,169
322,787 Ecovyst Inc   2,001,279
21,599 Hawkins Inc   2,287,766
39,600 Huntsman Corp 625,284
7,800 Ingevity Corp(a) 308,802
3,100 Innospec Inc 293,725
141,565 Magnera Corp 2,570,821
26,800 Mercer International Inc 164,820
24,000 Olin Corp 581,760
4,200 Sylvamo Corp 281,694
    13,080,041
Communications — 2.13%
8,400 Aviat Networks Inc(a) 161,028
30,219 Cogent Communications Holdings Inc 1,852,727
7,300 ePlus Inc(a) 445,519
28,300 National CineMedia Inc 165,272
33,400 Shutterstock Inc 622,242
52,400 Stagwell Inc(a) 317,020
30,700 TEGNA Inc 559,354
87,899 United States Cellular Corp(a)(b) 6,078,216
    10,201,378
Consumer, Cyclical — 14.85%
52,693 Academy Sports & Outdoors Inc(b) 2,403,328
30,200 Accel Entertainment Inc(a) 299,584
41,100 Adient PLC(a) 528,546
7,000 Advance Auto Parts Inc(b) 274,470
32,121 Allison Transmission Holdings Inc 3,073,016
1,100 Asbury Automotive Group Inc(a) 242,924
65,321 Atlanta Braves Holdings Inc Class C(a) 2,613,493
79,372 Bath & Body Works Inc 2,406,559
19,878 Beacon Roofing Supply Inc(a) 2,458,908
4,800 Beazer Homes USA Inc(a) 97,872
54,800 Bloomin' Brands Inc 392,916
85,212 Blue Bird Corp(a) 2,758,312
20,241 Boot Barn Holdings Inc(a) 2,174,491
41,876 Brunswick Corp 2,255,023
8,000 Carter's Inc 327,200
4,400 Century Communities Inc 295,240
20,049 Champion Homes Inc(a) 1,899,843
26,760 Churchill Downs Inc 2,972,233
27,688 Crocs Inc(a) 2,940,466
8,900 Dave & Buster's Entertainment Inc(a) 156,373
126,300 Denny's Corp(a) 463,521
20,000 Douglas Dynamics Inc 464,600
25,500 El Pollo Loco Holdings Inc(a) 262,650
Shares   Fair Value
Consumer, Cyclical — (continued)
19,500 Fox Factory Holding Corp(a) $    455,130
11,500 G-III Apparel Group Ltd(a)     314,525
375,801 Garrett Motion Inc   3,145,454
27,200 Gentex Corp     633,760
21,275 Global Industrial Co     476,560
35,800 Goodyear Tire & Rubber Co(a)     330,792
6,400 Green Brick Partners Inc(a)     373,184
1,120 Group 1 Automotive Inc 427,784
25,500 Harley-Davidson Inc 643,875
23,200 Haverty Furniture Cos Inc 457,504
16,000 Hilton Grand Vacations Inc(a) 598,560
13,900 Interface Inc 275,776
40,800 International Game Technology PLC 663,408
7,379 JAKKS Pacific Inc 182,040
9,800 Johnson Outdoors Inc Class A 243,432
48,325 KB Home 2,808,649
7,200 Lear Corp 635,184
50,600 Leggett & Platt Inc 400,246
4,000 LGI Homes Inc(a) 265,880
3,000 M/I Homes Inc(a) 342,540
8,800 MarineMax Inc(a) 189,200
8,400 Marriott Vacations Worldwide Corp 539,616
84,700 Methode Electronics Inc 540,386
4,900 Miller Industries Inc 207,613
31,100 MillerKnoll Inc 595,254
3,900 Monarch Casino & Resort Inc 303,225
198,629 MRC Global Inc(a) 2,280,261
7,400 MSC Industrial Direct Co Inc Class A 574,758
22,900 OneWater Marine Inc Class A(a)(b) 370,522
9,200 Oxford Industries Inc(b) 539,764
4,400 Papa John's International Inc 180,752
2,400 PC Connection Inc 149,808
59,300 PetMed Express Inc(a)(b) 248,467
6,800 Phinia Inc 288,524
15,000 Polaris Inc 614,100
46,766 Pursuit Attractions & Hospitality Inc(a) 1,655,049
4,300 PVH Corp 277,952
32,200 Resideo Technologies Inc(a) 569,940
4,900 REV Group Inc 154,840
11,250 Rush Enterprises Inc Class A 600,862
17,600 ScanSource Inc(a) 598,576
9,300 Signet Jewelers Ltd 539,958
50,183 Six Flags Entertainment Corp 1,790,028
9,100 Sonic Automotive Inc Class A 518,336
45,900 Steelcase Inc Class A 503,064
13,600 Steven Madden Ltd 362,304
13,100 Sun Country Airlines Holdings Inc(a) 161,392
5,100 Thor Industries Inc(b) 386,631
36,100 Titan Machinery Inc(a) 615,144
12,200 Travel + Leisure Co 564,738
14,700 Tri Pointe Homes Inc(a) 469,224
1,500 UniFirst Corp 261,000
12,300 United Parks & Resorts Inc(a) 559,158
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER SMALL CAP VALUE FUND Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Consumer, Cyclical — (continued)
8,400 Visteon Corp(a) $    652,008
33,674 VSE Corp(b)   4,040,543
47,600 Wabash National Corp     525,980
68,846 YETI Holdings Inc(a)   2,278,803
    71,143,631
Consumer, Non-Cyclical — 15.35%
8,800 ABM Industries Inc     416,768
12,000 Acadia Healthcare Co Inc(a) 363,840
20,264 Addus HomeCare Corp(a) 2,003,907
1,600 Adtalem Global Education Inc(a) 161,024
440,412 Alight Inc Class A 2,611,643
57,206 Alkermes PLC(a) 1,888,942
15,600 Amphastar Pharmaceuticals Inc(a) 452,244
12,700 Andersons Inc 545,211
50,527 ANI Pharmaceuticals Inc(a) 3,382,783
9,600 Astrana Health Inc(a) 297,696
25,360 BellRing Brands Inc(a) 1,888,306
7,400 Brink's Co 637,584
7,900 Cass Information Systems Inc 341,675
8,700 Central Garden & Pet Co(a) 318,942
44,943 Collegium Pharmaceutical Inc(a) 1,341,549
26,486 Colliers International Group Inc 3,212,752
196,393 Concentra Group Holdings Parent Inc 4,261,728
16,000 Edgewell Personal Care Co 499,360
107,723 Embecta Corp 1,373,468
26,238 Emerald Holding Inc(b) 103,115
8,300 Ennis Inc 166,747
15,700 Envista Holdings Corp(a) 270,982
6,500 Euronet Worldwide Inc(a) 694,525
8,600 Forrester Research Inc(a) 79,464
4,500 Franklin Covey Co(a) 124,290
48,991 Haemonetics Corp(a) 3,113,378
66,200 Hain Celestial Group Inc(a) 274,730
62,400 Healthcare Services Group Inc(a) 628,992
11,200 Heidrick & Struggles International Inc 479,696
10,700 Helen of Troy Ltd(a) 572,343
17,072 Herc Holdings Inc 2,292,257
1,300 Huron Consulting Group Inc(a) 186,485
37,000 Inmode Ltd(a) 656,380
9,600 Insperity Inc 856,608
1,200 Interparfums Inc 136,644
10,798 J & J Snack Foods Corp 1,422,313
6,500 John B Sanfilippo & Son Inc 460,590
56,758 John Wiley & Sons Inc Class A 2,529,137
13,000 Kforce Inc 635,570
52,803 Korn Ferry 3,581,628
27,440 Lantheus Holdings Inc(a) 2,678,144
17,400 Laureate Education Inc(a) 355,830
14,200 LivaNova PLC(a) 557,776
12,000 ManpowerGroup Inc 694,560
4,100 MGP Ingredients Inc 120,458
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
6,800 National Research Corp $     87,040
180,693 Nomad Foods Ltd   3,550,617
93,706 Option Care Health Inc(a)   3,275,025
28,523 Post Holdings Inc(a)   3,318,936
102,534 Quanex Building Products Corp   1,906,107
63,300 Resources Connection Inc     413,982
149,295 Select Medical Holdings Corp   2,493,226
58,900 SIGA Technologies Inc(a) 322,772
84,286 Supernus Pharmaceuticals Inc(a) 2,760,366
46,000 TrueBlue Inc(a) 244,260
4,842 UFP Technologies Inc(a) 976,680
5,700 Utah Medical Products Inc 319,428
21,366 WEX Inc(a) 3,354,889
41,900 WK Kellogg Co(b) 835,067
    73,530,459
Energy — 6.98%
110,977 Antero Resources Corp(a) 4,487,910
342,068 Baytex Energy Corp(b) 762,812
66,946 California Resources Corp 2,943,616
20,400 Core Laboratories Inc 305,796
64,587 Crescent Energy Co Class A 725,958
28,500 CVR Energy Inc 552,900
49,000 Delek US Holdings Inc 738,430
11,800 Excelerate Energy Inc Class A 338,424
66,100 Expro Group Holdings NV(a) 657,034
38,300 Innovex International Inc(a) 687,868
320,800 Kosmos Energy Ltd(a) 731,424
29,200 Liberty Energy Inc 462,236
19,800 Murphy Oil Corp(b) 562,320
58,600 National Energy Services Reunited Corp(a) 431,296
86,400 NextDecade Corp(a) 672,192
89,456 Noble Corp PLC 2,120,107
89,659 Northern Oil & Gas Inc 2,710,391
44,100 NOV Inc 671,202
294,941 NPK International Inc(a) 1,713,607
74,831 Oceaneering International Inc(a) 1,632,064
54,600 Oil States International Inc(a) 281,190
39,000 Par Pacific Holdings Inc(a) 556,140
32,300 PBF Energy Inc Class A 616,607
43,300 ProFrac Holding Corp Class A(a)(b) 328,647
58,200 ProPetro Holding Corp(a) 427,770
14,900 REX American Resources Corp(a) 559,793
75,400 RPC Inc 414,700
40,000 Select Water Solutions Inc 420,000
67,600 Talos Energy Inc(a) 657,072
51,017 Tidewater Inc(a) 2,156,488
143,800 VAALCO Energy Inc 540,688
33,100 Vital Energy Inc(a) 702,382
35,132 Weatherford International PLC 1,881,319
    33,450,383
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER SMALL CAP VALUE FUND Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Financial — 27.73%
7,800 1st Source Corp $    466,518
37,902 Agree Realty Corp REIT   2,925,655
64,980 Air Lease Corp   3,139,184
1,500 Alexander's Inc REIT     313,740
29,200 Ambac Financial Group Inc(a)     255,500
22,100 Amerant Bancorp Inc     456,144
15,000 American Assets Trust Inc REIT     302,100
64,940 Ameris Bancorp 3,738,596
39,500 Apollo Commercial Real Estate Finance Inc REIT 378,015
52,900 Ares Commercial Real Estate Corp REIT(b) 244,927
5,800 Arrow Financial Corp 152,482
20,000 Associated Banc-Corp 450,600
3,600 Assured Guaranty Ltd 317,160
41,278 Banc of California Inc 585,735
8,600 Bank of Marin Bancorp 189,802
16,900 BankUnited Inc 582,036
5,400 BayCom Corp 135,918
18,300 Berkshire Hills Bancorp Inc 477,447
12,200 Bread Financial Holdings Inc 610,976
16,500 Bridgewater Bancshares Inc(a) 229,185
64,900 BrightSpire Capital Inc REIT 360,844
53,800 Brookline Bancorp Inc 586,420
5,200 Burke & Herbert Financial Services Corp 291,772
93,334 Cadence Bank 2,833,620
10,600 California Bancorp(a) 151,898
8,200 Camden National Corp 331,854
5,300 Capital Bancorp Inc 150,149
110,400 Capitol Federal Financial Inc 618,240
9,500 Carter Bankshares Inc(a) 153,710
7,200 Cathay General Bancorp 309,816
17,100 Central Pacific Financial Corp 462,384
8,000 Civista Bancshares Inc 156,320
50,800 Claros Mortgage Trust Inc REIT 189,484
13,000 CNB Financial Corp 289,250
18,600 CNO Financial Group Inc 774,690
17,900 Columbia Banking System Inc 446,426
7,000 Community Trust Bancorp Inc 352,520
25,300 ConnectOne Bancorp Inc 615,043
54,300 Cushman & Wakefield PLC(a) 554,946
2,200 Diamond Hill Investment Group Inc 314,248
58,300 DiamondRock Hospitality Co REIT 450,076
10,100 Dime Community Bancshares Inc 281,588
86,600 Douglas Elliman Inc(a) 148,952
27,400 Eagle Bancorp Inc 575,400
65,100 Empire State Realty Trust Inc Class A REIT 509,082
65,998 Employers Holdings Inc 3,342,139
18,300 Enact Holdings Inc 635,925
8,300 Enterprise Financial Services Corp 446,042
10,500 Essent Group Ltd 606,060
Shares   Fair Value
Financial — (continued)
3,800 Evans Bancorp Inc $    148,086
13,500 F&G Annuities & Life Inc(b)     486,675
7,790 Farmers National Banc Corp     101,659
25,765 Federal Agricultural Mortgage Corp Class C   4,831,195
17,400 Federated Hermes Inc     709,398
115,388 Fidelis Insurance Holdings Ltd   1,869,286
18,100 Financial Institutions Inc     451,776
47,926 First Busey Corp 1,035,202
6,500 First Financial Corp 318,370
93,021 First Foundation Inc 482,779
24,200 First Hawaiian Inc 591,448
8,000 First Internet Bancorp 214,240
16,100 First Interstate BancSystem Inc Class A 461,265
4,296 First Merchants Corp 173,730
4,600 First Mid Bancshares Inc 160,540
14,000 First of Long Island Corp 172,900
2,400 Five Star Bancorp 66,720
53,500 Flagstar Financial Inc 621,670
41,200 Flushing Financial Corp 523,240
83,250 Granite Point Mortgage Trust Inc REIT 216,450
5,600 Great Southern Bancorp Inc 310,072
72,129 Hanmi Financial Corp 1,634,443
3,100 Hanover Insurance Group Inc 539,245
66,800 Heritage Commerce Corp 635,936
16,400 Heritage Financial Corp 399,012
19,900 Hilltop Holdings Inc 605,955
1,900 Hingham Institution For Savings 451,820
2,800 Home Bancorp Inc 125,440
158,176 Home BancShares Inc 4,471,635
12,700 HomeStreet Inc(a) 149,098
233,814 Hope Bancorp Inc 2,448,033
17,100 Horace Mann Educators Corp 730,683
29,100 Horizon Bancorp Inc 438,828
8,100 Independent Bank Corp 507,465
27,700 International Money Express Inc(a) 349,574
70,600 Kearny Financial Corp 441,956
53,195 Kemper Corp 3,556,086
12,900 Legacy Housing Corp(a) 325,338
9,000 Lincoln National Corp 323,190
7,400 Live Oak Bancshares Inc 197,284
9,000 Marcus & Millichap Inc 310,050
97,531 Marex Group PLC 3,444,795
22,122 McGrath RentCorp 2,464,391
6,800 Mercantile Bank Corp 295,392
15,800 Merchants Bancorp 584,600
3,300 Mercury General Corp 184,470
20,100 MGIC Investment Corp 498,078
6,200 Mid Penn Bancorp Inc 160,642
14,100 Midland States Bancorp Inc 241,392
11,600 MidWestOne Financial Group Inc 343,476
49,500 Navient Corp 625,185
27,300 NB Bancorp Inc(a) 493,311
16,200 NMI Holdings Inc(a) 584,010
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER SMALL CAP VALUE FUND Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Financial — (continued)
1,407 Northeast Bank $    128,797
45,700 Northfield Bancorp Inc     498,587
3,800 Northrim BanCorp Inc     278,236
35,600 OceanFirst Financial Corp     605,556
12,800 Origin Bancorp Inc     443,776
25,900 Pacific Premier Bancorp Inc     552,188
51,700 Park Hotels & Resorts Inc REIT     552,156
13,700 Peapack-Gladstone Financial Corp 389,080
52,500 Pebblebrook Hotel Trust REIT 531,825
3,200 Peoples Financial Services 142,304
82,697 Perella Weinberg Partners 1,521,625
40,264 Pinnacle Financial Partners Inc 4,269,595
47,689 Popular Inc 4,405,033
55,989 PotlatchDeltic Corp REIT 2,526,224
8,040 Preferred Bank 672,626
21,300 ProAssurance Corp(a) 497,355
55,901 Prosperity Bancshares Inc 3,989,654
34,903 Provident Financial Services Inc 599,284
20,100 Radian Group Inc 664,707
9,500 RBB Bancorp 156,750
18,000 RMR Group Inc Class A 299,700
4,000 Selective Insurance Group Inc 366,160
69,900 Seritage Growth Properties Class A(a)(b) 225,777
12,451 Shore Bancshares Inc 168,587
7,400 Sierra Bancorp 206,312
29,900 Simmons First National Corp Class A 613,847
83,726 Skyward Specialty Insurance Group Inc(a) 4,430,780
21,600 SLM Corp 634,392
4,800 South Plains Financial Inc 158,976
5,600 Southern Missouri Bancorp Inc 291,312
44,229 SouthState Corp 4,105,336
81,008 STAG Industrial Inc REIT 2,926,009
6,900 Stewart Information Services Corp 492,315
38,039 Stifel Financial Corp 3,585,556
4,700 Tompkins Financial Corp 296,006
5,300 Towne Bank 181,207
11,300 TriCo Bancshares 451,661
15,500 TrustCo Bank Corp 472,440
7,800 United Fire Group Inc 229,788
16,200 Univest Financial Corp 459,432
49,100 Valley National Bancorp 436,499
26,300 Veritex Holdings Inc 656,711
3,580 Virtus Investment Partners Inc 617,049
22,240 WaFd Inc 635,619
20,100 Washington Trust Bancorp Inc 620,286
19,280 Wesbanco Inc 596,909
48,379 Western Alliance Bancorp 3,716,958
56,800 Western Union Co 600,944
330 White Mountains Insurance Group Ltd 635,517
43,738 Wintrust Financial Corp 4,918,775
    132,854,350
Shares   Fair Value
Industrial — 16.97%
43,500 AerSale Corp(a) $    325,815
8,500 Albany International Corp Class A     586,840
6,600 American Woodmark Corp(a)     388,278
10,100 Apogee Enterprises Inc     467,933
44,079 Arcosa Inc   3,399,372
2,200 Armstrong World Industries Inc     309,936
6,200 Arrow Electronics Inc(a)     643,746
7,200 Atkore Inc 431,928
99,535 Atmus Filtration Technologies Inc 3,655,921
12,200 Avnet Inc 586,698
1,800 AZZ Inc 150,498
45,338 Bel Fuse Inc Class B 3,394,003
1,500 Belden Inc 150,375
2,300 Brady Corp Class A 162,472
8,000 Cactus Inc Class A 366,640
105,143 CECO Environmental Corp(a) 2,397,260
11,251 Clean Harbors Inc(a) 2,217,572
14,700 Columbus McKinnon Corp 248,871
10,900 Energizer Holdings Inc 326,128
17,400 Fluor Corp(a) 623,268
22,000 Gates Industrial Corp PLC(a) 405,020
9,700 Greenbrier Cos Inc 496,834
48,740 Griffon Corp 3,484,910
29,500 Heartland Express Inc 271,990
23,700 Hillenbrand Inc 572,118
11,800 Insteel Industries Inc 310,340
37,449 International Seaways Inc(b) 1,243,307
3,200 Itron Inc(a) 335,232
82,700 Janus International Group Inc(a) 595,440
58,800 JELD-WEN Holding Inc(a) 351,036
9,003 Kadant Inc(b) 3,033,201
12,700 Kennametal Inc 270,510
19,500 Kimball Electronics Inc(a) 320,775
56,644 Knife River Corp(a) 5,109,855
7,800 L B Foster Co Class A(a) 153,504
31,079 Limbach Holdings Inc(a) 2,314,453
3,900 Lindsay Corp 493,428
10,493 Littelfuse Inc 2,064,393
11,100 Marten Transport Ltd 152,292
57,195 Mercury Systems Inc(a) 2,464,532
33,249 Moog Inc Class A 5,763,714
39,900 Myers Industries Inc 476,007
3,200 National Presto Industries Inc 281,312
15,100 NEXTracker Inc Class A(a) 636,314
1,700 OSI Systems Inc(a) 330,378
5,191 Plexus Corp(a) 665,123
11,822 Powell Industries Inc 2,013,641
7,700 Proto Labs Inc(a) 269,808
106,108 Pure Cycle Corp(a) 1,110,951
4,300 Sanmina Corp(a) 327,574
5,800 Schneider National Inc Class B 132,530
26,800 Sensata Technologies Holding PLC 650,436
10,200 Silgan Holdings Inc 521,424
14,300 Sonoco Products Co 675,532
31,688 TD SYNNEX Corp 3,294,284
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER SMALL CAP VALUE FUND Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Industrial — (continued)
6,000 Tennant Co $    478,500
25,700 Thermon Group Holdings Inc(a)     715,745
7,700 Timken Co     553,399
91,429 TriMas Corp   2,142,182
156,605 TTM Technologies Inc(a)   3,211,969
14,100 Tutor Perini Corp(a)     326,838
32,805 UFP Industries Inc   3,511,447
117,057 Vishay Intertechnology Inc 1,861,206
146,116 Vontier Corp 4,799,911
23,900 World Kinect Corp 677,804
12,200 Worthington Enterprises Inc 611,098
    81,315,851
Technology — 5.38%
39,500 Adeia Inc 522,190
8,200 ASGN Inc(a) 516,764
1,600 Cirrus Logic Inc(a) 159,448
64,096 Concentrix Corp(b) 3,566,301
56,577 Crane NXT Co 2,908,058
10,500 Diodes Inc(a) 453,285
35,357 Donnelley Financial Solutions Inc(a) 1,545,455
54,198 Five9 Inc(a) 1,471,476
9,600 IPG Photonics Corp(a) 606,144
91,874 Kyndryl Holdings Inc(a)(b) 2,884,843
9,700 Maximus Inc 661,443
25,938 MKS Instruments Inc 2,078,931
124,674 PagerDuty Inc(a) 2,277,794
28,300 Photronics Inc(a) 587,508
50,566 Sandisk Corp(a) 2,407,447
1,600 Science Applications International Corp 179,632
54,121 V2X Inc(a) 2,654,635
28,700 ZoomInfo Technologies Inc(a) 287,000
    25,768,354
Utilities — 4.49%
17,800 Avista Corp 745,286
Shares   Fair Value
Utilities — (continued)
11,400 Black Hills Corp $    691,410
194,853 MDU Resources Group Inc   3,294,964
15,900 Northwest Natural Holding Co     679,248
12,100 Northwestern Energy Group Inc     700,227
6,500 Otter Tail Corp     522,405
16,500 Portland General Electric Co     735,900
11,200 SJW Group     612,528
8,600 Southwest Gas Holdings Inc 617,480
10,100 Spire Inc 790,325
23,380 Talen Energy Corp(a) 4,668,284
69,187 TXNM Energy Inc 3,700,121
105,023 UGI Corp 3,473,111
5,100 Unitil Corp 294,219
    21,525,508
TOTAL COMMON STOCK — 96.61%
(Cost $437,005,419) 		$462,869,955
GOVERNMENT MONEY MARKET MUTUAL FUNDS
17,948,848 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.29%(d) 17,948,848
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.75%
(Cost $17,948,848) 		$17,948,848
TOTAL INVESTMENTS — 100.36%
(Cost $454,954,267) 		$480,818,803
OTHER ASSETS & LIABILITIES, NET — (0.36)% $(1,732,605)
TOTAL NET ASSETS — 100.00% $479,086,198
 
(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.
REIT  Real Estate Investment Trust
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 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.
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.
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
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 of the Fund's investments are valued using Level 1 inputs, except for Short Term Investments, which are valued using Level 2 inputs.  More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
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.
The following table represents the average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower S&P Small Cap 600® Index Fund  
Futures Contracts:  
Average long contracts 128
Average notional long $14,112,588
March 31, 2025