EMPOWER FUNDS, INC.
("Empower Funds")  
Empower Mid Cap Value Fund Empower S&P Mid Cap 400® Index Fund
Institutional Class Ticker / MXKJX Institutional Class Ticker / MXNZX
Investor Class Ticker / MXMVX Investor Class Ticker / MXMDX
  Class L Ticker / MXBUX
Empower T. Rowe Price Mid Cap Growth Fund  
Institutional Class / MXYKX  
Investor Class Ticker / MXMGX  

(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 MID CAP VALUE FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 3.33%
137,378 ATI Inc(a) $  7,147,777
134,246 Axalta Coating Systems Ltd(a)   4,452,940
239,433 Element Solutions Inc   5,413,580
18,243 International Flavors & Fragrances Inc   1,415,839
3,233 Linde PLC   1,505,414
11,800 NewMarket Corp   6,684,110
17,782 RPM International Inc 2,057,022
    28,676,682
Communications — 6.52%
26,963 Airbnb Inc Class A(a) 3,221,000
1,296 Charter Communications Inc Class A(a) 477,615
101,241 Cisco Systems Inc 6,247,582
17,372 Comcast Corp Class A 641,027
198,718 Corning Inc 9,097,310
3,414 DoorDash Inc Class A(a) 623,977
145,287 Lyft Inc Class A(a) 1,724,557
18,864 Maplebear Inc(a) 752,485
278,663 News Corp Class A 7,585,207
68,780 Pinterest Inc Class A(a) 2,132,180
4,372 Robinhood Markets Inc Class A(a) 181,963
84,033 Roku Inc(a) 5,919,284
14,354 VeriSign Inc(a) 3,644,050
147,927 Verizon Communications Inc 6,709,968
65,139 Walt Disney Co 6,429,219
10,667 Zillow Group Inc Class C(a) 731,330
    56,118,754
Consumer, Cyclical — 12.59%
133,485 Alaska Air Group Inc(a) 6,570,132
56,814 Best Buy Co Inc 4,182,079
124,764 Birkenstock Holding PLC(a) 5,720,429
32,001 BJ's Wholesale Club Holdings Inc(a) 3,651,314
60,346 BorgWarner Inc 1,728,913
21,934 Boyd Gaming Corp 1,443,915
26,489 Brunswick Corp 1,426,433
10,109 CarMax Inc(a) 787,693
9,635 Carvana Co(a) 2,014,486
647 Casey's General Stores Inc 280,824
30,960 Cummins Inc 9,704,102
125,771 Delta Air Lines Inc 5,483,615
10,940 Flutter Entertainment PLC(a) 2,423,760
25,341 GameStop Corp Class A(a)(b) 565,611
14,799 Las Vegas Sands Corp 571,685
45,046 Lear Corp 3,973,958
14,019 Lithia Motors Inc 4,115,137
352,139 Mattel Inc(a) 6,842,061
215 NVR Inc(a) 1,557,544
25,215 PACCAR Inc 2,455,185
26,793 Penske Automotive Group Inc 3,857,656
82,914 PulteGroup Inc 8,523,559
11,262 PVH Corp 727,976
Shares   Fair Value
Consumer, Cyclical — (continued)
19,566 RH(a) $  4,586,466
1,000 Royal Caribbean Cruises Ltd     205,440
6,491 SharkNinja Inc(a)     541,414
10,122 SiteOne Landscape Supply Inc(a)   1,229,216
113,526 Skechers USA Inc Class A(a)   6,446,006
4,504 Toll Brothers Inc     475,577
61,001 United Airlines Holdings Inc(a)   4,212,119
14,834 Watsco Inc(b) 7,540,122
34,035 Wendy's Co 497,932
11,598 Williams-Sonoma Inc 1,833,644
18,797 Wynn Resorts Ltd 1,569,550
14,760 YETI Holdings Inc(a) 488,556
    108,234,109
Consumer, Non-Cyclical — 16.33%
56,103 Affirm Holdings Inc(a) 2,535,295
17,129 Albertsons Cos Inc Class A 376,667
9,425 Align Technology Inc(a) 1,497,256
110,826 BioMarin Pharmaceutical Inc(a) 7,834,290
6,730 Boston Beer Co Inc Class A(a) 1,607,393
7,298 Boston Scientific Corp(a) 736,222
55,775 Bright Horizons Family Solutions Inc(a) 7,085,656
91,934 Brown-Forman Corp Class B 3,120,240
76,897 Bruker Corp 3,209,681
20,432 Centene Corp(a) 1,240,427
6,848 Cintas Corp 1,407,470
3,855 Coca-Cola Consolidated Inc 5,204,250
14,301 Colgate-Palmolive Co 1,340,004
71,867 CVS Health Corp 4,868,989
66,726 Darling Ingredients Inc(a) 2,084,520
113,656 Dun & Bradstreet Holdings Inc 1,016,085
26,795 Edwards Lifesciences Corp(a) 1,942,102
583,223 Elanco Animal Health Inc(a) 6,123,841
73,215 Encompass Health Corp 7,415,215
36,962 Equifax Inc 9,002,465
64,904 Euronet Worldwide Inc(a) 6,934,992
2,121 Exact Sciences Corp(a) 91,818
80,546 GE HealthCare Technologies Inc 6,500,867
47,698 General Mills Inc 2,851,864
31,737 H&R Block Inc 1,742,679
51,228 IQVIA Holdings Inc(a) 9,031,496
20,642 Kraft Heinz Co 628,136
22,774 Lamb Weston Holdings Inc 1,213,854
1,361 MarketAxess Holdings Inc 294,452
552 Medpace Holdings Inc(a) 168,189
54,819 Moderna Inc(a) 1,554,119
3,365 Mondelez International Inc Class A 228,315
26,861 Monster Beverage Corp(a) 1,571,906
39,256 Procter & Gamble Co 6,690,007
9,427 Regeneron Pharmaceuticals Inc 5,978,886
37,983 Service Corp International 3,046,236
24,373 Tenet Healthcare Corp(a) 3,278,168
109,584 Tyson Foods Inc Class A 6,992,555
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER MID CAP VALUE FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
42,859 Universal Health Services Inc Class B $  8,053,206
60,120 US Foods Holding Corp(a)   3,935,455
    140,435,268
Energy — 6.27%
216,541 Antero Midstream Corp   3,897,738
119,232 Antero Resources Corp(a)   4,821,742
9,458 ConocoPhillips     993,279
62,029 Devon Energy Corp 2,319,885
26,457 DT Midstream Inc 2,552,571
299,146 Halliburton Co 7,589,334
15,183 HF Sinclair Corp 499,217
396,307 Kinder Morgan Inc 11,306,639
916 Marathon Petroleum Corp 133,452
27,795 Matador Resources Co 1,420,047
256,570 NOV Inc 3,904,995
54,857 Ovintiv Inc 2,347,880
29,058 Range Resources Corp 1,160,286
185,398 TechnipFMC PLC 5,875,262
84,964 Williams Cos Inc 5,077,448
    53,899,775
Financial — 26.99%
190,871 AGNC Investment Corp REIT(b) 1,828,544
21,976 Allstate Corp 4,550,570
182,578 American Homes 4 Rent Class A REIT 6,903,274
144,284 Annaly Capital Management Inc REIT 2,930,408
18,839 Arthur J Gallagher & Co 6,503,976
25,267 Axis Capital Holdings Ltd 2,532,764
11,284 Brighthouse Financial Inc(a) 654,359
37,853 Brixmor Property Group Inc REIT 1,004,997
37,849 Capital One Financial Corp 6,786,325
19,415 Citigroup Inc 1,378,271
10,318 Citizens Financial Group Inc 422,728
24,897 CME Group Inc 6,604,925
34,150 CNA Financial Corp 1,734,478
1,173 Coinbase Global Inc Class A(a) 202,026
49,050 Commerce Bancshares Inc 3,052,382
8,273 CubeSmart REIT 353,340
27,058 Cullen/Frost Bankers Inc 3,387,662
60,611 Digital Realty Trust Inc REIT 8,684,950
1,708 Equinix Inc REIT 1,392,618
46,094 Equity Residential REIT 3,299,409
8,111 Essex Property Trust Inc REIT 2,486,589
23,597 Evercore Inc Class A 4,712,793
25,840 Extra Space Storage Inc REIT 3,836,982
38,054 First American Financial Corp 2,497,484
99,932 First Industrial Realty Trust Inc REIT 5,392,330
226,676 FNB Corp 3,048,792
235,574 Franklin Resources Inc 4,534,800
295,750 Healthpeak Properties Inc REIT 5,980,065
318,056 Huntington Bancshares Inc 4,774,020
456,779 Invesco Ltd 6,929,337
Shares   Fair Value
Financial — (continued)
144,824 Invitation Homes Inc REIT $  5,047,116
77,092 Jefferies Financial Group Inc   4,129,819
2,304 Jones Lang LaSalle Inc(a)     571,185
24,984 Kimco Realty Corp REIT     530,660
12,286 Lamar Advertising Co Class A REIT   1,397,901
64,898 Loews Corp   5,964,775
2,383 M&T Bank Corp     425,961
3,206 Marsh & McLennan Cos Inc 782,360
53,436 Morgan Stanley 6,234,378
94,572 NNN Inc REIT 4,033,496
40,103 Northern Trust Corp 3,956,161
124,131 Omega Healthcare Investors Inc REIT 4,726,908
50,996 OneMain Holdings Inc 2,492,685
448,700 Park Hotels & Resorts Inc REIT 4,792,116
34,499 PNC Financial Services Group Inc 6,063,889
100,502 Principal Financial Group Inc 8,479,354
5,897 Prologis Inc REIT 659,226
36,566 Prosperity Bancshares Inc 2,609,715
40,938 Prudential Financial Inc 4,571,956
4,602 Public Storage REIT 1,377,333
113,839 Rexford Industrial Realty Inc REIT 4,456,797
13,857 SEI Investments Co 1,075,719
5,284 Simon Property Group Inc REIT 877,567
65,451 STAG Industrial Inc REIT 2,364,090
21,058 Starwood Property Trust Inc REIT 416,317
63,356 Stifel Financial Corp 5,971,937
26,623 Synchrony Financial 1,409,422
23,233 Synovus Financial Corp 1,085,910
24,304 Travelers Cos Inc 6,427,436
140,037 UDR Inc REIT 6,325,471
89,268 Ventas Inc REIT 6,138,067
49,835 Voya Financial Inc 3,376,820
132,619 W R Berkley Corp 9,437,168
175,105 Western Union Co 1,852,611
31,175 Weyerhaeuser Co REIT 912,804
196,525 XP Inc Class A 2,702,219
    232,078,547
Industrial — 14.99%
72,115 A O Smith Corp 4,713,437
42,904 AECOM 3,978,488
13,917 Allegion PLC 1,815,612
60,406 AMETEK Inc 10,398,289
71,532 Ball Corp 3,724,671
55,052 Berry Global Group Inc 3,843,180
4,217 Carrier Global Corp 267,358
3,754 Comfort Systems USA Inc 1,210,027
20,795 Crown Holdings Inc 1,856,162
3,078 Eaton Corp PLC 836,693
17,058 General Dynamics Corp 4,649,670
58,539 Howmet Aerospace Inc 7,594,264
49,004 Jabil Inc 6,667,974
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER MID CAP VALUE FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Industrial — (continued)
44,800 Kirby Corp(a) $  4,525,248
58,239 MasTec Inc(a)   6,797,074
5,544 Mettler-Toledo International Inc(a)   6,546,965
45,029 nVent Electric PLC   2,360,420
2,062 Oshkosh Corp     193,993
43,399 Otis Worldwide Corp   4,478,777
29,592 Packaging Corp of America   5,859,808
9,060 Parker-Hannifin Corp 5,507,121
26,247 Pentair PLC 2,296,088
1,590 RBC Bearings Inc(a) 511,614
17,761 Teledyne Technologies Inc(a) 8,839,827
98,745 Textron Inc 7,134,326
55,827 United Parcel Service Inc Class B 6,140,411
30,806 Vulcan Materials Co 7,187,040
49,636 Westinghouse Air Brake Technologies Corp 9,001,489
    128,936,026
Technology — 5.02%
5,263 Akamai Technologies Inc(a) 423,672
752,030 CCC Intelligent Solutions Holdings Inc(a) 6,790,831
10,402 Concentrix Corp 578,767
5,593 Datadog Inc Class A(a) 554,881
10,892 Doximity Inc Class A(a) 632,063
25,055 DXC Technology Co(a) 427,188
780 Fair Isaac Corp(a) 1,438,445
28,351 Fiserv Inc(a) 6,260,751
116,365 Informatica Inc Class A(a) 2,030,569
3,842 Manhattan Associates Inc(a) 664,820
21,680 Marvell Technology Inc 1,334,838
20,602 MicroStrategy Inc Class A(a)(b) 5,938,939
3,837 Nutanix Inc Class A(a) 267,861
83,209 Parsons Corp(a) 4,926,805
15,356 Texas Instruments Inc 2,759,473
6,969 Twilio Inc Class A(a) 682,335
63,090 Unity Software Inc(a) 1,235,933
Shares   Fair Value
Technology — (continued)
84,197 Zoom Communications Inc(a) $  6,211,212
    43,159,383
Utilities — 6.66%
384,306 AES Corp   4,773,081
25,669 Ameren Corp   2,577,168
27,483 Atmos Energy Corp   4,248,322
81,468 CMS Energy Corp   6,119,061
62,693 DTE Energy Co 8,668,561
34,460 Edison International 2,030,383
4,530 Eversource Energy 281,358
78,712 NiSource Inc 3,155,564
468,228 PG&E Corp 8,044,157
196,623 PPL Corp 7,100,056
4,733 Public Service Enterprise Group Inc 389,526
139,172 Xcel Energy Inc 9,851,986
    57,239,223
TOTAL COMMON STOCK — 98.70%
(Cost $851,993,796) 		$848,777,767
GOVERNMENT MONEY MARKET MUTUAL FUNDS
4,749,469 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.29%(d) 4,749,469
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.55%
(Cost $4,749,469) 		$4,749,469
TOTAL INVESTMENTS — 99.25%
(Cost $856,743,265) 		$853,527,236
OTHER ASSETS & LIABILITIES, NET — 0.75% $6,455,010
TOTAL NET ASSETS — 100.00% $859,982,246
 
(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
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          
S&P Mid 400® Emini Futures 25 USD 7,347 Jun 2025 $(191,185)
        Net Depreciation $(191,185)
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 4.06%
125,301 Alcoa Corp $    3,821,681
24,650 Ashland Inc     1,461,498
69,976 ATI Inc(a)     3,640,851
43,538 Avient Corp     1,617,872
105,759 Axalta Coating Systems Ltd(a)     3,508,026
26,563 Cabot Corp     2,208,448
24,174 Carpenter Technology Corp 4,379,846
234,588 Cleveland-Cliffs Inc(a) 1,928,313
55,245 Commercial Metals Co 2,541,823
3,689 NewMarket Corp 2,089,634
60,110 Olin Corp 1,457,066
26,780 Reliance Inc 7,732,725
31,892 Royal Gold Inc 5,214,661
62,420 RPM International Inc 7,220,746
109,207 United States Steel Corp 4,615,088
16,980 Westlake Corp 1,698,509
    55,136,787
Communications — 1.93%
82,625 Chewy Inc Class A(a) 2,686,139
70,046 Ciena Corp(a) 4,232,880
58,867 EchoStar Corp Class A(a) 1,505,818
107,486 Frontier Communications Parent Inc(a) 3,854,448
94,310 Hims & Hers Health Inc(a) 2,786,860
53,440 Iridium Communications Inc 1,459,981
78,494 Maplebear Inc(a) 3,131,126
79,139 New York Times Co Class A 3,925,294
14,143 Nexstar Media Group Inc 2,534,708
    26,117,254
Consumer, Cyclical — 14.57%
24,594 Abercrombie & Fitch Co Class A(a) 1,878,244
59,760 Alaska Air Group Inc(a) 2,941,387
318,705 American Airlines Group Inc(a) 3,362,338
132,165 Aramark 4,562,336
35,138 Autoliv Inc 3,107,956
12,626 AutoNation Inc(a) 2,044,402
105,182 Bath & Body Works Inc 3,189,118
64,303 BJ's Wholesale Club Holdings Inc(a) 7,336,972
32,108 Boyd Gaming Corp 2,113,670
31,477 Brunswick Corp 1,695,036
30,545 Burlington Stores Inc(a) 7,279,790
58,299 Capri Holdings Ltd(a) 1,150,239
18,380 Casey's General Stores Inc 7,977,655
39,806 Cava Group Inc(a) 3,439,636
11,437 Choice Hotels International Inc(b) 1,518,605
35,645 Churchill Downs Inc 3,959,090
15,533 Columbia Sportswear Co(b) 1,175,693
93,432 Core & Main Inc Class A(a) 4,513,700
28,266 Crocs Inc(a) 3,001,849
28,053 Dick's Sporting Goods Inc 5,654,363
Shares   Fair Value
Consumer, Cyclical — (continued)
30,775 Dolby Laboratories Inc Class A $    2,471,540
18,642 FirstCash Holdings Inc     2,243,005
26,456 Five Below Inc(a)     1,982,216
52,006 Floor & Decor Holdings Inc Class A(a)     4,184,923
197,065 GameStop Corp Class A(a)(b)     4,398,491
107,375 Gap Inc     2,212,999
110,303 Gentex Corp     2,570,060
141,522 Goodyear Tire & Rubber Co(a) 1,307,663
58,224 Harley-Davidson Inc 1,470,156
31,949 Hilton Grand Vacations Inc(a) 1,195,212
20,511 Hyatt Hotels Corp Class A 2,512,598
33,980 KB Home 1,974,918
26,356 Lear Corp 2,325,126
42,829 Light & Wonder Inc(a) 3,709,420
12,919 Lithia Motors Inc 3,792,243
132,428 Macy's Inc 1,663,296
16,230 Marriott Vacations Worldwide Corp 1,042,615
163,395 Mattel Inc(a) 3,174,765
23,061 MSC Industrial Direct Co Inc Class A 1,791,148
8,937 Murphy USA Inc 4,198,692
49,474 Nordstrom Inc 1,209,639
29,754 Ollie's Bargain Outlet Holdings Inc(a) 3,462,175
9,672 Penske Automotive Group Inc 1,392,575
40,828 Planet Fitness Inc Class A(a) 3,944,393
25,241 Polaris Inc 1,033,367
26,563 PVH Corp 1,717,032
7,729 RH(a) 1,811,755
20,644 Scotts Miracle-Gro Co 1,133,149
63,823 Skechers USA Inc Class A(a) 3,623,870
94,668 Somnigroup International Inc(b) 5,668,720
50,187 Taylor Morrison Home Corp(a) 3,013,227
32,356 Texas Roadhouse Inc 5,391,480
25,608 Thor Industries Inc 1,941,342
48,971 Toll Brothers Inc 5,170,848
35,400 Travel + Leisure Co 1,638,666
96,759 Under Armour Inc Class A(a) 604,744
55,389 Under Armour Inc Class C(a) 329,565
18,169 Vail Resorts Inc 2,907,403
163,877 VF Corp 2,543,371
13,553 Visteon Corp(a) 1,051,984
71,060 Warner Music Group Corp Class A 2,227,731
17,192 Watsco Inc 8,738,694
83,046 Wendy's Co 1,214,963
21,627 WESCO International Inc 3,358,673
26,743 Whirlpool Corp(b) 2,410,347
14,168 Wingstop Inc 3,196,017
37,728 Wyndham Hotels & Resorts Inc 3,414,761
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Consumer, Cyclical — (continued)
43,159 YETI Holdings Inc(a) $    1,428,563
    197,702,219
Consumer, Non-Cyclical — 16.19%
47,800 Acadia Healthcare Co Inc(a)     1,449,296
202,565 Albertsons Cos Inc Class A     4,454,405
15,884 Amedisys Inc(a)     1,471,335
330,094 Avantor Inc(a)     5,350,824
9,907 Avis Budget Group Inc(a)(b) 751,941
62,681 BellRing Brands Inc(a) 4,667,227
94,525 BioMarin Pharmaceutical Inc(a) 6,681,972
9,338 Bio-Rad Laboratories Inc Class A(a) 2,274,363
4,191 Boston Beer Co Inc Class A(a) 1,000,978
20,849 Brink's Co 1,796,350
53,672 Bruker Corp 2,240,269
76,372 Celsius Holdings Inc(a) 2,720,371
7,266 Chemed Corp 4,470,915
2,858 Coca-Cola Consolidated Inc 3,858,300
184,421 Coty Inc Class A(a) 1,008,783
57,236 Cytokinetics Inc(a) 2,300,315
77,137 Darling Ingredients Inc(a) 2,409,760
102,833 DENTSPLY SIRONA Inc 1,536,325
26,771 elf Beauty Inc(a) 1,680,951
48,863 Encompass Health Corp 4,948,845
27,598 Ensign Group Inc 3,571,181
86,964 Envista Holdings Corp(a) 1,500,999
19,960 Euronet Worldwide Inc(a) 2,132,726
138,504 Exelixis Inc(a) 5,113,568
93,146 Flowers Foods Inc 1,770,705
17,131 FTI Consulting Inc(a) 2,810,855
55,161 Globus Medical Inc Class A(a) 4,037,785
1,634 Graham Holdings Co Class B 1,570,045
13,940 Grand Canyon Education Inc(a) 2,411,899
57,948 GXO Logistics Inc(a) 2,264,608
66,466 H&R Block Inc 3,649,648
26,006 Haemonetics Corp(a) 1,652,681
61,705 Halozyme Therapeutics Inc(a) 3,937,396
42,352 HealthEquity Inc(a) 3,742,646
76,921 Illumina Inc(a) 6,102,912
31,602 Ingredion Inc 4,272,906
17,225 Insperity Inc 1,536,987
29,321 Jazz Pharmaceuticals PLC(a) 3,640,202
9,130 Lancaster Colony Corp 1,597,750
33,721 Lantheus Holdings Inc(a) 3,291,170
26,979 LivaNova PLC(a) 1,059,735
24,327 ManpowerGroup Inc 1,408,047
21,553 Masimo Corp(a) 3,590,730
12,362 Medpace Holdings Inc(a) 3,766,578
13,104 Morningstar Inc 3,929,497
49,105 Neurocrine Biosciences Inc(a) 5,431,013
82,538 Option Care Health Inc(a) 2,884,703
21,089 Paylocity Holding Corp(a) 3,950,813
18,614 Penumbra Inc(a) 4,977,570
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
77,539 Performance Food Group Co(a) $    6,096,892
66,167 Perrigo Co PLC     1,855,323
20,283 Pilgrim's Pride Corp(b)     1,105,626
22,964 Post Holdings Inc(a)     2,672,091
90,958 RB Global Inc     9,123,087
25,262 Repligen Corp(a)     3,214,337
208,302 Roivant Sciences Ltd(a)     2,101,767
46,327 Sarepta Therapeutics Inc(a) 2,956,589
70,145 Service Corp International 5,625,629
33,303 Shift4 Payments Inc Class A(a)(b) 2,721,188
70,935 Sotera Health Co(a) 827,102
48,496 Sprouts Farmers Market Inc(a) 7,402,430
46,122 Tenet Healthcare Corp(a) 6,203,409
22,131 United Therapeutics Corp(a) 6,822,323
112,975 US Foods Holding Corp(a) 7,395,343
62,491 Valvoline Inc(a) 2,175,312
17,295 WEX Inc(a) 2,715,661
    219,694,989
Energy — 4.06%
163,407 Antero Midstream Corp 2,941,326
141,858 Antero Resources Corp(a) 5,736,737
92,391 ChampionX Corp 2,753,252
29,647 Chord Energy Corp 3,341,810
45,967 Civitas Resources Inc 1,603,789
72,395 CNX Resources Corp(a) 2,278,995
49,367 DT Midstream Inc 4,762,928
77,565 HF Sinclair Corp 2,550,337
56,279 Matador Resources Co 2,875,294
65,353 Murphy Oil Corp 1,856,025
188,705 NOV Inc 2,872,090
126,256 Ovintiv Inc 5,403,757
49,221 PBF Energy Inc Class A 939,629
319,381 Permian Resources Corp 4,423,427
117,035 Range Resources Corp 4,673,207
33,393 Valaris Ltd(a) 1,311,009
65,306 Viper Energy Inc 2,948,566
34,726 Weatherford International PLC 1,859,577
    55,131,755
Financial — 24.85%
14,658 Affiliated Managers Group Inc 2,462,984
52,014 Agree Realty Corp REIT 4,014,961
137,158 Ally Financial Inc 5,002,152
35,007 American Financial Group Inc 4,597,819
153,855 American Homes 4 Rent Class A REIT 5,817,258
281,605 Annaly Capital Management Inc REIT 5,719,398
83,197 Associated Banc-Corp 1,874,428
51,169 Bank OZK 2,223,293
29,938 Brighthouse Financial Inc(a) 1,736,105
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Financial — (continued)
152,274 Brixmor Property Group Inc REIT $    4,042,875
88,738 Cadence Bank     2,694,086
102,349 Carlyle Group Inc     4,461,393
49,729 CNO Financial Group Inc     2,071,213
101,621 Columbia Banking System Inc     2,534,428
63,783 Comerica Inc     3,767,024
59,422 Commerce Bancshares Inc     3,697,831
56,769 COPT Defense Properties REIT 1,548,091
81,140 Cousins Properties Inc REIT 2,393,630
109,683 CubeSmart REIT 4,684,561
31,103 Cullen/Frost Bankers Inc 3,894,096
68,902 East West Bancorp Inc 6,184,644
25,571 EastGroup Properties Inc REIT 4,504,332
36,729 EPR Properties REIT 1,932,313
151,967 Equitable Holdings Inc 7,915,961
92,657 Equity LifeStyle Properties Inc REIT 6,180,222
51,512 Essent Group Ltd 2,973,273
17,170 Evercore Inc Class A 3,429,192
40,301 Federated Hermes Inc 1,643,072
128,417 Fidelity National Financial Inc 8,357,378
49,956 First American Financial Corp 3,278,612
65,631 First Financial Bankshares Inc 2,357,466
257,114 First Horizon Corp 4,993,154
64,188 First Industrial Realty Trust Inc REIT 3,463,585
146,970 Flagstar Financial Inc 1,707,791
174,397 FNB Corp 2,345,640
136,019 Gaming & Leisure Properties Inc REIT 6,923,367
54,997 Glacier Bancorp Inc 2,431,967
21,277 Hamilton Lane Inc Class A 3,163,252
41,630 Hancock Whitney Corp 2,183,493
17,475 Hanover Insurance Group Inc 3,039,776
171,877 Healthcare Realty Trust Inc REIT 2,904,721
89,668 Home BancShares Inc 2,534,914
26,913 Houlihan Lokey Inc 4,346,450
116,182 Independence Realty Trust Inc REIT 2,466,544
53,658 Interactive Brokers Group Inc Class A 8,885,228
27,683 International Bancshares Corp 1,745,690
61,690 Janus Henderson Group PLC 2,230,093
81,271 Jefferies Financial Group Inc 4,353,687
23,011 Jones Lang LaSalle Inc(a) 5,704,657
28,733 Kemper Corp 1,920,801
50,499 Kilroy Realty Corp REIT 1,654,347
10,730 Kinsale Capital Group Inc 5,222,398
106,538 Kite Realty Group Trust REIT 2,383,255
42,650 Lamar Advertising Co Class A REIT 4,852,717
122,881 MGIC Investment Corp 3,044,991
Shares   Fair Value
Financial — (continued)
34,932 National Storage Affiliates Trust REIT $    1,376,321
90,950 NNN Inc REIT     3,879,018
154,701 Old National Bancorp     3,278,114
113,137 Old Republic International Corp     4,437,233
136,853 Omega Healthcare Investors Inc REIT     5,211,362
104,886 Park Hotels & Resorts Inc REIT     1,120,182
37,119 Pinnacle Financial Partners Inc     3,936,099
34,762 PotlatchDeltic Corp REIT 1,568,461
16,185 Primerica Inc 4,605,118
46,204 Prosperity Bancshares Inc 3,297,579
70,350 Rayonier Inc REIT 1,961,358
32,726 Reinsurance Group of America Inc 6,443,749
23,914 RenaissanceRe Holdings Ltd 5,739,358
111,342 Rexford Industrial Realty Inc REIT 4,359,039
40,446 RLI Corp 3,249,027
51,602 Ryan Specialty Holdings Inc 3,811,840
113,811 Sabra Health Care Inc REIT 1,988,278
47,516 SEI Investments Co 3,688,667
29,485 Selective Insurance Group Inc 2,699,057
102,980 SLM Corp 3,024,523
47,588 SouthState Corp 4,417,118
92,356 STAG Industrial Inc REIT 3,335,899
155,345 Starwood Property Trust Inc REIT(b) 3,071,171
49,641 Stifel Financial Corp 4,679,161
68,707 Synovus Financial Corp 3,211,365
21,928 Texas Capital Bancshares Inc(a) 1,638,022
33,000 UMB Financial Corp 3,336,300
69,637 United Bankshares Inc 2,414,315
81,481 Unum Group 6,637,442
228,690 Valley National Bancorp 2,033,054
80,444 Vornado Realty Trust REIT 2,975,624
46,666 Voya Financial Inc 3,162,088
83,134 Webster Financial Corp 4,285,558
52,898 Western Alliance Bancorp 4,064,153
160,656 Western Union Co 1,699,740
32,249 Wintrust Financial Corp 3,626,723
108,576 WP Carey Inc REIT 6,852,231
71,640 Zions Bancorp NA 3,571,970
    337,182,926
Industrial — 20.82%
32,718 AAON Inc 2,556,257
15,383 Acuity Inc 4,051,113
34,220 Advanced Drainage Systems Inc 3,718,003
65,021 AECOM 6,029,397
30,048 AGCO Corp 2,781,543
18,646 Applied Industrial Technologies Inc 4,201,690
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Industrial — (continued)
32,273 AptarGroup Inc $    4,788,668
25,505 Arrow Electronics Inc(a)     2,648,184
41,913 Avnet Inc     2,015,596
19,448 Belden Inc     1,949,662
57,717 Berry Global Group Inc     4,029,224
44,349 BWX Technologies Inc     4,375,029
21,922 Carlisle Cos Inc     7,464,441
20,394 Chart Industries Inc(a)(b) 2,944,078
24,572 Clean Harbors Inc(a) 4,843,141
435,608 CNH Industrial NV 5,349,266
83,184 Cognex Corp 2,481,379
75,011 Coherent Corp(a) 4,871,214
17,627 Comfort Systems USA Inc 5,681,711
23,593 Crane Co 3,613,976
57,320 Crown Holdings Inc 5,116,383
18,404 Curtiss-Wright Corp 5,839,037
58,077 Donaldson Co Inc 3,894,644
16,268 Eagle Materials Inc 3,610,357
22,685 EMCOR Group Inc 8,385,057
19,036 EnerSys 1,743,317
27,557 Esab Corp 3,210,391
24,424 Exponent Inc 1,979,809
17,589 Fabrinet(a) 3,474,004
188,073 Flex Ltd(a) 6,221,455
63,716 Flowserve Corp 3,111,889
83,184 Fluor Corp(a) 2,979,651
60,249 Fortune Brands Innovations Inc 3,667,959
17,236 GATX Corp 2,676,234
83,692 Graco Inc 6,989,119
145,566 Graphic Packaging Holding Co 3,778,893
12,696 Greif Inc Class A 698,153
39,286 Hexcel Corp 2,151,301
39,528 ITT Inc 5,105,436
27,839 Kirby Corp(a) 2,812,017
27,458 Knife River Corp(a) 2,476,986
78,518 Knight-Swift Transportation Holdings Inc 3,414,748
17,136 Landstar System Inc 2,573,827
27,367 Lincoln Electric Holdings Inc 5,176,742
12,036 Littelfuse Inc 2,367,963
30,318 Louisiana-Pacific Corp 2,788,650
29,859 MasTec Inc(a) 3,484,844
26,090 Middleby Corp(a) 3,965,158
19,066 MSA Safety Inc 2,796,791
55,161 Mueller Industries Inc 4,199,959
69,665 NEXTracker Inc Class A(a) 2,935,683
17,422 Novanta Inc(a)(b) 2,227,751
79,936 nVent Electric PLC 4,190,245
31,557 Oshkosh Corp 2,968,883
42,624 Owens Corning 6,087,560
15,599 RBC Bearings Inc(a) 5,019,290
32,121 Regal Rexnord Corp 3,656,976
20,511 Ryder System Inc 2,949,687
12,899 Saia Inc(a) 4,507,298
71,975 Sensata Technologies Holding PLC 1,746,833
40,994 Silgan Holdings Inc 2,095,613
Shares   Fair Value
Industrial — (continued)
20,450 Simpson Manufacturing Co Inc $    3,212,286
47,656 Sonoco Products Co     2,251,269
36,728 TD SYNNEX Corp     3,818,243
33,539 Terex Corp     1,267,103
129,842 Tetra Tech Inc     3,797,879
30,946 Timken Co     2,224,089
14,221 TopBuild Corp(a)     4,336,694
49,768 Toro Co 3,620,622
51,965 Trex Co Inc(a) 3,019,167
29,452 UFP Industries Inc 3,152,542
21,408 Universal Display Corp 2,985,988
9,717 Valmont Industries Inc 2,772,940
72,847 Vontier Corp 2,393,024
13,280 Watts Water Technologies Inc Class A 2,708,058
28,935 Woodward Inc 5,280,348
57,844 XPO Inc(a) 6,222,857
    282,533,274
Technology — 8.98%
65,312 Allegro MicroSystems Inc(a) 1,641,291
54,932 Amkor Technology Inc 992,072
11,745 Appfolio Inc Class A(a) 2,582,725
22,978 ASGN Inc(a) 1,448,073
46,108 BILL Holdings Inc(a) 2,115,896
17,952 Blackbaud Inc(a) 1,113,922
10,867 CACI International Inc Class A(a) 3,987,320
25,772 Cirrus Logic Inc(a) 2,568,309
21,206 Commvault Systems Inc(a) 3,345,459
22,578 Concentrix Corp 1,256,240
24,482 Crane NXT Co 1,258,375
98,441 DocuSign Inc(a) 8,013,097
65,255 Doximity Inc Class A(a) 3,786,748
107,954 Dropbox Inc Class A(a) 2,883,451
18,379 Duolingo Inc(a) 5,707,415
147,785 Dynatrace Inc(a) 6,968,063
74,747 Entegris Inc(b) 6,538,868
78,027 ExlService Holdings Inc(a) 3,683,655
78,691 Genpact Ltd 3,964,453
41,281 Guidewire Software Inc(a) 7,734,408
12,702 IPG Photonics Corp(a) 802,004
64,622 KBR Inc 3,218,822
112,651 Kyndryl Holdings Inc(a)(b) 3,537,241
66,916 Lattice Semiconductor Corp(a) 3,509,744
33,286 Lumentum Holdings Inc(a) 2,075,049
29,438 MACOM Technology Solutions Holdings Inc(a) 2,954,986
29,622 Manhattan Associates Inc(a) 5,125,791
28,931 Maximus Inc 1,972,805
32,640 MKS Instruments Inc 2,616,096
23,955 Onto Innovation Inc(a) 2,906,700
24,240 Parsons Corp(a) 1,435,250
28,730 Power Integrations Inc 1,450,865
150,983 Pure Storage Inc Class A(a) 6,684,017
17,746 Qualys Inc(a) 2,234,754
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Technology — (continued)
51,689 Rambus Inc(a) $    2,676,198
24,017 Science Applications International Corp     2,696,388
15,384 Silicon Laboratories Inc(a)     1,731,777
19,428 Synaptics Inc(a)     1,237,952
140,426 ZoomInfo Technologies Inc(a)     1,404,260
    121,860,539
Utilities — 3.00%
29,351 ALLETE Inc 1,928,361
34,393 Black Hills Corp 2,085,935
122,530 Essential Utilities Inc 4,843,611
25,836 IDACORP Inc 3,002,660
44,308 National Fuel Gas Co 3,508,750
48,097 New Jersey Resources Corp 2,359,639
31,094 Northwestern Energy Group Inc 1,799,410
97,459 OGE Energy Corp 4,479,216
27,478 ONE Gas Inc 2,077,062
27,692 Ormat Technologies Inc 1,959,763
53,852 Portland General Electric Co 2,401,799
29,192 Southwest Gas Holdings Inc 2,095,986
29,845 Spire Inc 2,335,371
43,747 TXNM Energy Inc 2,339,589
104,124 UGI Corp 3,443,381
    40,660,533
TOTAL COMMON STOCK — 98.46%
(Cost $1,255,074,142) 		$1,336,020,276
Shares   Fair Value
GOVERNMENT MONEY MARKET MUTUAL FUNDS
22,929,348 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.29%(d) $   22,929,348
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.69%
(Cost $22,929,348) 		$22,929,348
Principal Amount    
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 1.10%
$15,061,700 U.S. Treasury Bills(e)
4.23%, 05/15/2025 		   14,984,245
TOTAL SHORT TERM INVESTMENTS — 1.10%
(Cost $14,984,245) 		$14,984,245
TOTAL INVESTMENTS — 101.25%
(Cost $1,292,987,735) 		$1,373,933,869
OTHER ASSETS & LIABILITIES, NET — (1.25)% $(16,947,898)
TOTAL NET ASSETS — 100.00% $1,356,985,971
 
(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 Mid 400® Emini Futures 73 USD 21,452 Jun 2025 $42,540
        Net Appreciation $42,540
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER T. ROWE PRICE MID CAP GROWTH FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 0.38%
58,000 RPM International Inc $    6,709,440
Communications — 4.92%
262,750 Liberty Media Corp / Liberty Formula One Class C(a)    23,650,127
165,800 Maplebear Inc(a)     6,613,762
205,798 Match Group Inc     6,420,898
252,000 New York Times Co Class A    12,499,200
99,486 Reddit Inc Class A(a) 10,436,081
19,900 Spotify Technology SA(a) 10,945,597
321,400 Trade Desk Inc Class A(a) 17,587,008
    88,152,673
Consumer, Cyclical — 15.80%
285,084 Bath & Body Works Inc 8,643,747
173,776 Birkenstock Holding PLC(a) 7,967,630
69,570 Burlington Stores Inc(a) 16,580,618
51,800 Casey's General Stores Inc 22,483,272
313,870 Dollar Tree Inc(a) 23,562,221
64,404 Domino's Pizza Inc 29,590,418
596,100 DraftKings Inc Class A(a) 19,796,481
79,600 Ferguson Enterprises Inc 12,754,308
88,100 Hilton Worldwide Holdings Inc 20,047,155
79,600 Liberty Media Corp / Liberty Live Class C(a) 5,423,944
21,600 Live Nation Entertainment Inc(a) 2,820,528
24,600 Lululemon Athletica Inc(a) 6,963,276
108,900 On Holding AG Class A(a) 4,782,888
192,300 Planet Fitness Inc Class A(a) 18,578,103
151,000 Ross Stores Inc 19,296,290
45,700 Texas Roadhouse Inc 7,614,991
29,813 Ulta Beauty Inc(a) 10,927,657
291,032 Viking Holdings Ltd(a)(b) 11,568,522
15,400 Wingstop Inc 3,473,932
192,370 Yum! Brands Inc 30,271,343
    283,147,324
Consumer, Non-Cyclical — 26.23%
28,447 Acadia Healthcare Co Inc(a) 862,513
242,100 Agilent Technologies Inc 28,320,858
204,100 Alcon AG 19,375,213
58,300 Align Technology Inc(a) 9,261,538
109,055 Alnylam Pharmaceuticals Inc(a) 29,447,031
2,028 Argenx SE ADR(a) 1,200,302
67,700 Ascendis Pharma A/S ADR(a) 10,551,722
1,326,300 Avantor Inc(a) 21,499,323
135,400 Avery Dennison Corp 24,097,138
76,400 Biogen Inc(a) 10,454,576
8,300 Blueprint Medicines Corp(a) 734,633
97,769 Bright Horizons Family Solutions Inc(a) 12,420,574
296,274 Bruker Corp 12,366,477
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
222,400 Cooper Cos Inc(a) $   18,759,440
51,236 Corpay Inc(a)    17,867,018
99,138 CRISPR Therapeutics AG(a)(b)     3,373,666
131,600 Cytokinetics Inc(a)     5,289,004
66,300 Encompass Health Corp     6,714,864
198,884 Enovis Corp(a)     7,599,358
60,300 Equifax Inc    14,686,668
70,900 Exact Sciences Corp(a) 3,069,261
563,600 Hologic Inc(a) 34,813,572
16,107 Insmed Inc(a) 1,228,803
378,121 Ionis Pharmaceuticals Inc(a) 11,407,911
69,600 MarketAxess Holdings Inc 15,057,960
132,600 McCormick & Co Inc 10,914,306
36,300 Molina Healthcare Inc(a) 11,956,857
117,306 Paylocity Holding Corp(a) 21,976,106
14,500 Penumbra Inc(a) 3,877,445
26,100 Quanta Services Inc 6,634,098
216,483 QuidelOrtho Corp(a) 7,570,411
209,700 Reynolds Consumer Products Inc 5,003,442
58,868 Sarepta Therapeutics Inc(a) 3,756,956
198,253 Teleflex Inc 27,396,582
447,800 Toast Inc Class A(a) 14,853,526
108,969 TransUnion 9,043,337
73,313 TreeHouse Foods Inc(a) 1,986,049
105,418 UL Solutions Inc Class A 5,945,575
5,400 United Rentals Inc 3,384,180
52,563 Vaxcyte Inc(a) 1,984,779
33,200 Verisk Analytics Inc 9,880,984
14,998 West Pharmaceutical Services Inc 3,357,752
    469,981,808
Energy — 5.76%
145,000 Cheniere Energy Inc 33,553,000
404,900 EQT Corp 21,633,807
111,500 Expand Energy Corp 12,412,180
229,200 Range Resources Corp 9,151,956
832,763 TechnipFMC PLC 26,390,260
    103,141,203
Financial — 7.30%
130,800 Assurant Inc 27,435,300
98,100 Axis Capital Holdings Ltd 9,833,544
86,200 Cboe Global Markets Inc 19,506,198
204,858 CoStar Group Inc(a) 16,230,899
91,300 Intercontinental Exchange Inc 15,749,250
4,900 Markel Group Inc(a) 9,161,089
131,650 Raymond James Financial Inc 18,287,502
55,600 TPG Inc(b) 2,637,108
81,000 Tradeweb Markets Inc Class A 12,025,260
    130,866,150
 
See Notes to Schedule of Investments.
March 31, 2025

 

EMPOWER FUNDS, INC.
EMPOWER T. ROWE PRICE MID CAP GROWTH FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
Shares   Fair Value
Industrial — 16.33%
181,000 Amphenol Corp Class A $   11,871,790
431,207 Ball Corp    22,452,948
139,800 BWX Technologies Inc    13,791,270
148,700 Cognex Corp     4,435,721
166,774 Esab Corp    19,429,171
330,416 Fortive Corp    24,179,843
53,900 IDEX Corp     9,754,283
315,100 Ingersoll Rand Inc 25,217,453
59,100 ITT Inc 7,633,356
102,209 JB Hunt Transport Services Inc 15,121,822
105,600 Keysight Technologies Inc(a) 15,815,712
12,600 Littelfuse Inc 2,478,924
38,268 Martin Marietta Materials Inc 18,297,079
12,900 Mettler-Toledo International Inc(a) 15,233,739
85,100 Old Dominion Freight Line Inc 14,079,795
330,100 Sealed Air Corp 9,539,890
210,851 Standardaero Inc(a)(b) 5,617,071
363,746 Textron Inc 26,280,648
16,200 TopBuild Corp(a) 4,940,190
105,600 Veralto Corp 10,290,720
45,500 Waste Connections Inc 8,881,144
66,300 XPO Inc(a) 7,132,554
    292,475,123
Technology — 19.12%
63,000 Atlassian Corp Class A(a) 13,369,230
71,300 Broadridge Financial Solutions Inc 17,287,398
1,857,583 CCC Intelligent Solutions Holdings Inc(a) 16,773,974
27,800 Duolingo Inc(a) 8,633,012
8,600 Fair Isaac Corp(a) 15,859,776
13,300 Fortinet Inc(a) 1,280,258
34,100 Gartner Inc(a) 14,313,134
492,300 Lattice Semiconductor Corp(a) 25,821,135
384,713 Marvell Technology Inc 23,686,779
537,700 Microchip Technology Inc 26,030,057
29,800 Monday.com Ltd(a) 7,246,168
16,200 MongoDB Inc(a) 2,841,480
10,027 Monolithic Power Systems Inc 5,815,460
3,331 MSCI Inc 1,883,681
44,100 NXP Semiconductors NV 8,381,646
139,068 Onestream Inc(a) 2,967,711
Shares   Fair Value
Technology — (continued)
198,964 PTC Inc(a) $   30,829,472
272,000 Pure Storage Inc Class A(a)    12,041,440
10,200 Roper Technologies Inc     6,013,716
73,532 SailPoint Inc(a)(b)     1,378,725
8,622 ServiceTitan Inc Class A(a)(b)        820,038
50,400 Tyler Technologies Inc(a)    29,302,056
165,756 Veeva Systems Inc Class A(a)    38,394,062
204,700 Zoom Communications Inc(a) 15,100,719
83,000 Zscaler Inc(a) 16,468,860
    342,539,987
TOTAL COMMON STOCK — 95.84%
(Cost $1,599,652,547) 		$1,717,013,708
CONVERTIBLE PREFERRED STOCK
Consumer, Cyclical — 0.05%
47,688 Sila Nanotechnologies Inc Series F 0.00%(c)(d) 932,482
Technology — 0.03%
5,763 Databricks Inc Series G 0.00%(c)(d) 533,077
TOTAL CONVERTIBLE PREFERRED STOCK — 0.08%
(Cost $2,308,941) 		$1,465,559
GOVERNMENT MONEY MARKET MUTUAL FUNDS
17,002,642 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(e), 4.29%(f) 17,002,642
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.95%
(Cost $17,002,642) 		$17,002,642
TOTAL INVESTMENTS — 96.87%
(Cost $1,618,964,130) 		$1,735,481,909
OTHER ASSETS & LIABILITIES, NET — 3.13% $56,111,958
TOTAL NET ASSETS — 100.00% $1,791,593,867
 
(a)  Non-income producing security.
(b)  All or a portion of the security is on loan as of March 31, 2025.
(c)  Security is fair valued using significant unobservable inputs.
(d)  Restricted security; further details of these securities are included in a subsequent table.
(e)  Collateral received for securities on loan.
(f)  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 T. ROWE PRICE MID CAP GROWTH FUND
Schedule of Investments
As of March 31, 2025 (Unaudited)
As of March 31, 2025, the Fund held the following restricted securities:          
Security   Acquisition
Dates 		Cost   Fair Value   Fair Value
as a
Percentage of
Net Assets
Convertible Preferred Stock              
Databricks Inc Series G 0.00%(c)   02/01/2021 $340,724   $533,077   0.03%
Sila Nanotechnologies Inc Series F 0.00%(c)   01/07/2021 1,968,217   932,482   0.05
      $2,308,941   $1,465,559   0.08%
(c) Security is fair valued using significant unobservable inputs.
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.
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 Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices
Government Money Market Mutual Funds Net asset value of underlying mutual fund
Short Term Investments Maturity date, credit quality and interest rates
Futures Contracts Exchange traded close price
The Funds classify their valuations into three levels based upon the observability of inputs to the valuation of each Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly.  These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes.  Unobservable inputs reflect a Fund’s own assumptions and would be based on the best information available under the circumstances.
As of March 31, 2025, all the investments in the Funds, except the Empower T. Rowe Price Mid Cap Growth Fund, are valued using Level 1 inputs, except for Short Term Investments, which are valued using Level 2 inputs. The inputs used to value the Empower T. Rowe Price Mid Cap Growth Fund investments are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
Empower T. Rowe Price Mid Cap Growth Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Common Stock              
Basic Materials $6,709,440   $—   $—   $6,709,440
Communications 88,152,673   —   —   88,152,673
Consumer, Cyclical 283,147,324   —   —   283,147,324
Consumer, Non-cyclical 450,606,595   19,375,213   —   469,981,808
Energy 103,141,203   —   —   103,141,203
Financial 130,866,150   —   —   130,866,150
Industrial 292,475,123   —   —   292,475,123
Technology 342,539,987   —   —   342,539,987
  1,697,638,495   19,375,213   —   1,717,013,708
Convertible Preferred Stock —   —   1,465,559   1,465,559
Government Money Market Mutual Funds 17,002,642   —   —   17,002,642
Total Assets $1,714,641,137   $19,375,213   $1,465,559   $1,735,481,909
March 31, 2025

 

Restricted Securities
A Fund may invest in restricted securities. A restricted security may have contractual restrictions on resale and is valued under methods approved by the Board reflecting fair value.  Restricted securities are marked with an applicable footnote on the Schedule of Investments and are reported in a table following the Schedule of Investments. As of March 31, 2025, the Empower T. Rowe Price Mid Cap Growth Fund invested in restricted securities.
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 tables represent the average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower Mid Cap Value Fund  
Futures Contracts:  
Average long contracts 22
Average notional long $6,665,133
Empower S&P Mid Cap 400® Index Fund  
Futures Contracts:  
Average long contracts 78
Average notional long $24,341,193
March 31, 2025