Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

EMPOWER FUNDS, INC.

(Exact name of registrant as specified in charter)

ITEM 1. REPORT TO STOCKHOLDERS.

Item 1(a):

Empower Large Cap Growth Fund

SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXGSX | June 30, 2025

https://www.empower.com/investments/empower-funds/fund-documents

1-866-831-7129

.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Empower Large Cap Growth Fund (Institutional Class/MXGSX)	$ 63	0.61 %

Fund net assets	$ 1,757M
Total number of portfolio holdings	91
Total advisory fee paid	$ 4.8M
Portfolio turnover rate as of the end of the reporting period	30 %

Effective April 1, 2025, Victory Capital Management replaced Amundi Asset Management US, Inc. as the sub-advi .

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Empower Large Cap Growth Fund

SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXLGX | June 30, 2025

https://www.empower.com/investments/empower-funds/fund-documents

1-866-831-7129

.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Empower Large Cap Growth Fund (Investor Class/MXLGX)	$ 101	0.98 %

Fund net assets	$ 1,757M
Total number of portfolio holdings	91
Total advisory fee paid	$ 4.8M
Portfolio turnover rate as of the end of the reporting period	30 %

Effective April 1, 2025, Victory Capital Management replaced Amundi Asset Management US, Inc. as the sub-adviser.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Informati

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Empower Large Cap Value Fund

SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXVHX | June 30, 2025

https://www.empower.com/investments/empower-funds/fund-documents

1-866-831-7129

.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Empower Large Cap Value Fund (Institutional Class/MXVHX)	$ 63	0.61 %

Fund net assets	$ 1,673M
Total number of portfolio holdings	181
Total advisory fee paid	$ 4.7M
Portfolio turnover rate as of the end of the reporting period	20 %

Material Fund Changes

There were no material changes to the Fund during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Informat

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Empower Large Cap Value Fund

SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXEQX | June 30, 2025

https://www.empower.com/investments/empower-funds/fund-documents

1-866-831-7129

.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Empower Large Cap Value Fund (Investor Class/MXEQX)	$ 99	0.96 %

Fund net assets	$ 1,673M
Total number of portfolio holdings	181
Total advisory fee paid	$ 4.7M
Portfolio turnover rate as of the end of the reporting period	20 %

Material Fund Changes

There were no material changes to the Fund during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Informati

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Empower Large Cap Value Fund

SEMI-ANNUAL SHAREHOLDER REPORT

Investor II / MXHAX | June 30, 2025

https://www.empower.com/investments/empower-funds/fund-documents

1-866-831-7129

.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Empower Large Cap Value Fund (Investor II Class/MXHAX)	$ 84	0.81 %

Fund net assets	$ 1,673M
Total number of portfolio holdings	181
Total advisory fee paid	$ 4.7M
Portfolio turnover rate as of the end of the reporting period	20 %

Material Fund Changes

There were no material c nges to the Fund during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Empower S&P 500 Index Fund

SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXKWX | June 30, 2025

®

https://www.empower.com/investments/empower-funds/fund-documents

. You may also request this information by contacting us at

1-866-831-7129

.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Empower S&P 500 ® Index Fund (Institutional Class/MXKWX)	$ 13	0.13 %

Fund net assets	$ 7,943M
Total number of portfolio holdings	508
Total advisory fee paid	$ 4.1M
Portfolio turnover rate as of the end of the reporting period	0 % (a)

(a)	Amount is less than 0.5%

Material Fund Changes

There were no material chan to the Fund during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Empower S&P 500 Index Fund

SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXVIX | June 30, 2025

®

https://www.empower.com/investments/empower-funds/fund-documents

1-866-831-7129

.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Empower S&P 500 ® Index Fund (Investor Class/MXVIX)	$ 50	0.48 %

Fund net assets	$ 7,943M
Total number of portfolio holdings	508
Total advisory fee paid	$ 4.1M
Portfolio turnover rate as of the end of the reporting period	0 % (a)

(a)	Amount is less than 0.5%

Material Fund Changes

There were no material changes to the Fund during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS, INC.

EMPOWER LARGE CAP GROWTH FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
COMMON STOCK
Basic Materials - 0.19%
$  7,012	Linde PLC	$    3,289,890
Communications - 26.48%
61,063	Alibaba Group Holding Ltd Sponsored ADR	6,925,155
300,825	Alphabet Inc Class C	53,363,347
529,932	Amazon.com Inc(a)	116,261,781
34,650	Arista Networks Inc(a)	3,545,043
5,715	Booking Holdings Inc	33,085,507
58,606	DoorDash Inc Class A(a)	14,446,965
4,989	MercadoLibre Inc(a)	13,039,400
78,163	Meta Platforms Inc Class A	57,691,329
23,829	Motorola Solutions Inc	10,019,141
24,082	Netflix Inc(a)	32,248,929
22,941	Palo Alto Networks Inc(a)	4,694,646
672,255	Pinterest Inc Class A(a)	24,107,064
64,539	Robinhood Markets Inc Class A(a)	6,042,787
24,032	Sea Ltd ADR(a)	3,843,678
60,675	Shopify Inc Class A(a)	6,998,861
12,712	Spotify Technology SA(a)	9,754,426
478,166	Uber Technologies Inc(a)	44,612,888
197,836	Walt Disney Co	24,533,643
		465,214,590
Consumer, Cyclical - 8.48%
965	AutoZone Inc(a)	3,582,302
10,765	Carvana Co(a)	3,627,374
283,318	Copart Inc(a)	13,902,414
32,067	DR Horton Inc	4,134,078
44,657	Home Depot Inc	16,373,042
24,423	McDonald's Corp	7,135,668
225,968	O'Reilly Automotive Inc(a)	20,366,496
109,340	Ross Stores Inc	13,949,597
15,908	Starbucks Corp	1,457,650
81,384	Tesla Inc(a)	25,852,441
157,026	TJX Cos Inc	19,391,141
165,514	Walmart Inc	16,183,959
3,021	WW Grainger Inc	3,142,565
		149,098,727
Consumer, Non-Cyclical - 10.61%
80,858	Abbott Laboratories	10,997,497
34,136	AbbVie Inc	6,336,324
150,909	Coca-Cola Co	10,676,812
31,115	Edwards Lifesciences Corp(a)	2,433,504
52,434	Eli Lilly & Co	40,873,876
50,834	Gilead Sciences Inc	5,635,966
43,266	Insmed Inc(a)	4,354,290
57,634	Intuitive Surgical Inc(a)	31,318,892
29,429	Johnson & Johnson	4,495,280
12,223	McKesson Corp	8,956,770
17,927	Monster Beverage Corp(a)	1,122,947
30,726	Natera Inc(a)	5,190,850
92,002	Philip Morris International Inc	16,756,324
11,621	Quanta Services Inc	4,393,668

Shares		Fair Value
Consumer, Non-Cyclical - (continued)
$ 29,873	Thermo Fisher Scientific Inc	$   12,112,307
46,552	Vertex Pharmaceuticals Inc(a)	20,724,950
		186,380,257
Energy - 0.15%
11,094	Cheniere Energy Inc	2,701,611
Financial - 9.19%
12,486	Berkshire Hathaway Inc Class B(a)	6,065,324
22,189	Blackstone Inc	3,319,031
59,258	Charles Schwab Corp	5,406,700
15,833	Goldman Sachs Group Inc	11,205,806
157,607	Intercontinental Exchange Inc	28,916,156
17,851	KKR & Co Inc	2,374,719
112,621	Mastercard Inc Class A	63,286,245
34,391	Progressive Corp	9,177,582
89,518	Visa Inc Class A	31,783,366
		161,534,929
Industrial - 6.59%
85,947	3M Co	13,084,571
391,359	Amphenol Corp Class A	38,646,701
6,707	Deere & Co	3,410,442
56,595	Eaton Corp PLC	20,203,849
31,336	Illinois Tool Works Inc	7,747,826
25,799	Rockwell Automation Inc	8,569,654
23,279	RTX Corp	3,399,200
9,979	Trane Technologies PLC	4,364,914
5,190	TransDigm Group Inc	7,892,122
84,539	Veralto Corp	8,534,212
		115,853,491
Technology - 35.25%
201,248	Advanced Micro Devices Inc(a)	28,557,091
403,157	Apple Inc	82,715,722
8,224	AppLovin Corp Class A(a)	2,879,058
26,160	ASML Holding NV	20,964,362
133,977	Broadcom Inc	36,930,760
22,339	Cloudflare Inc Class A(a)	4,374,646
9,628	Crowdstrike Holdings Inc Class A(a)	4,903,637
1,818	Fair Isaac Corp(a)	3,323,231
6,255	HubSpot Inc(a)	3,481,721
67,945	International Business Machines Corp	20,028,827
45,008	Intuit Inc	35,449,651
28,482	Lam Research Corp	2,772,438
275,785	Microchip Technology Inc	19,406,990
260,747	Microsoft Corp	129,698,165
584,775	NVIDIA Corp	92,388,602
213,329	Oracle Corp	46,640,119
77,946	Salesforce Inc	21,255,095

See Notes to Financial Statements.

EMPOWER FUNDS, INC.

EMPOWER LARGE CAP GROWTH FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

EMPOWER FUNDS, INC.

EMPOWER LARGE CAP VALUE FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
COMMON STOCK
Basic Materials - 2.91%
$   123,695	CF Industries Holdings Inc	$   11,379,940
90,327	DuPont de Nemours Inc	6,195,529
48,842	Eastman Chemical Co	3,646,544
265,959	Freeport-McMoRan Inc	11,529,323
227,662	International Paper Co	10,661,411
46,923	PPG Industries Inc	5,337,491
		48,750,238
Communications - 9.02%
174,646	Alphabet Inc Class A	30,777,865
43,706	Alphabet Inc Class C	7,753,007
160,191	Amazon.com Inc(a)	35,144,304
37,346	AT&T Inc	1,080,793
19,053	Charter Communications Inc Class A(a)	7,789,057
294,013	Cisco Systems Inc	20,398,622
256,490	Comcast Corp Class A	9,154,128
6,323	Meta Platforms Inc Class A	4,666,943
298,242	News Corp Class A	8,863,752
59,654	T-Mobile US Inc	14,213,162
45,849	Verizon Communications Inc	1,983,886
73,065	Walt Disney Co	9,060,791
		150,886,310
Consumer, Cyclical - 7.72%
56,277	BJ's Wholesale Club Holdings Inc(a)	6,068,349
15,698	Cummins Inc	5,141,095
20,129	Dollar General Corp	2,302,355
7,248	Ferguson Enterprises Inc	1,578,252
302,772	General Motors Co	14,899,410
40,476	Hilton Worldwide Holdings Inc	10,780,378
17,098	Home Depot Inc	6,268,811
209,598	Las Vegas Sands Corp	9,119,609
11,588	Lululemon Athletica Inc(a)	2,753,077
163,281	Mattel Inc(a)	3,219,901
147,008	PulteGroup Inc	15,503,464
650,961	Southwest Airlines Co	21,117,175
54,021	Target Corp	5,329,172
256,557	Walmart Inc	25,086,142
		129,167,190
Consumer, Non-Cyclical - 21.60%
56,989	AbbVie Inc	10,578,298
217,004	AstraZeneca PLC Sponsored ADR	15,164,239
74,613	Becton Dickinson & Co	12,852,089
17,026	Biogen Inc(a)	2,138,295
68,955	Bristol-Myers Squibb Co	3,191,927
4,862	Cardinal Health Inc	816,816
52,548	Cigna Group	17,371,318
305,279	Coca-Cola Co	21,598,489
104,025	Colgate-Palmolive Co	9,455,873
121,466	Conagra Brands Inc	2,486,409
199,950	Corteva Inc	14,902,273

Shares		Fair Value
Consumer, Non-Cyclical - (continued)
$   157,729	CVS Health Corp	$   10,880,147
38,344	Elevance Health Inc	14,914,282
12,803	Global Payments Inc	1,024,752
4,728	Humana Inc	1,155,902
24,215	Johnson & Johnson	3,698,841
558,766	Kenvue Inc	11,694,972
20,857	Keurig Dr Pepper Inc	689,532
108,289	Kimberly-Clark Corp	13,960,618
24,648	McKesson Corp	18,061,561
75,753	Medtronic PLC	6,603,389
108,454	Merck & Co Inc	8,585,219
204,709	Philip Morris International Inc	37,283,651
154,039	Procter & Gamble Co	24,541,494
23,333	Regeneron Pharmaceuticals Inc	12,249,825
156,791	Sanofi SA	15,179,563
39,211	Sanofi SA ADR	1,894,284
43,691	Thermo Fisher Scientific Inc	17,714,953
114,597	Tyson Foods Inc Class A	6,410,556
11,835	United Rentals Inc	8,916,489
59,747	UnitedHealth Group Inc	18,639,272
641,472	Viatris Inc	5,728,345
120,268	Zimmer Biomet Holdings Inc	10,969,644
		361,353,317
Energy - 7.20%
15,382	Chevron Corp	2,202,549
211,779	ConocoPhillips	19,005,048
27,223	EOG Resources Inc	3,256,143
81,096	EQT Corp	4,729,519
39,499	Expand Energy Corp	4,619,013
298,294	Exxon Mobil Corp	32,156,094
20,794	Hess Corp	2,880,801
31,157	Phillips 66	3,717,030
168,105	Schlumberger NV	5,681,949
291,615	Shell PLC	10,172,295
131,312	South Bow Corp(b)	3,408,760
71,059	TC Energy Corp(b)	3,469,067
174,360	TotalEnergies SE(b)	10,657,378
28,778	TotalEnergies SE Sponsored ADR	1,766,681
57,066	Valero Energy Corp	7,670,812
81,071	Williams Cos Inc	5,092,068
		120,485,207
Financial - 24.37%
88,572	Allstate Corp	17,830,430
239,384	American International Group Inc	20,488,876
17,193	American Tower Corp REIT	3,799,997
93,425	Apollo Global Management Inc	13,254,205
598,500	Bank of America Corp	28,321,020
9,111	Blackrock Inc	9,559,717
97,367	Capital One Financial Corp	20,715,803
341,297	Charles Schwab Corp	31,139,938
43,546	Chubb Ltd	12,616,147

See Notes to Financial Statements.

EMPOWER FUNDS, INC.

EMPOWER LARGE CAP VALUE FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
Financial - (continued)
$   504,679	Citigroup Inc	$   42,958,276
44,975	CME Group Inc	12,396,010
108,397	Corebridge Financial Inc	3,848,093
222,085	Equitable Holdings Inc	12,458,969
183,096	Equity Residential REIT	12,357,149
200,897	Fifth Third Bancorp	8,262,894
15,474	Goldman Sachs Group Inc	10,951,723
71,991	Hartford Insurance Group Inc	9,133,498
493,943	Huntington Bancshares Inc	8,278,485
88,269	JPMorgan Chase & Co	25,590,066
86,638	Loews Corp	7,941,239
218,708	MetLife Inc	17,588,497
12,981	Morgan Stanley	1,828,504
66,377	PNC Financial Services Group Inc	12,374,000
74,669	Prologis Inc REIT	7,849,205
186,390	Rayonier Inc REIT	4,134,130
129,244	Rexford Industrial Realty Inc REIT	4,597,209
80,593	State Street Corp	8,570,259
11,091	Sun Communities Inc REIT	1,402,901
168,152	US Bancorp	7,608,878
170,027	Vornado Realty Trust REIT	6,501,832
189,038	Wells Fargo & Co	15,145,725
321,463	Weyerhaeuser Co REIT	8,258,385
		407,762,060
Industrial - 11.65%
14,466	3M Co	2,202,304
36,280	AGCO Corp	3,742,645
69,032	Ball Corp	3,872,005
53,647	Boeing Co(a)	11,240,656
120,446	CRH PLC	11,056,943
247,259	CSX Corp	8,068,061
51,387	FedEx Corp	11,680,779
103,253	Fortive Corp	5,382,579
41,016	General Electric Co	10,557,108
51,412	Honeywell International Inc	11,972,827
114,428	Ingersoll Rand Inc	9,518,121
127,652	Johnson Controls International PLC	13,482,604
57,077	L3Harris Technologies Inc	14,317,195
19,543	Norfolk Southern Corp	5,002,422
22,249	Northrop Grumman Corp	11,124,055
75,886	Otis Worldwide Corp	7,514,230
34,418	Ralliant Corp(a)	1,668,911
16,982	Rockwell Automation Inc	5,640,911
104,180	RTX Corp	15,212,364
41,362	Siemens AG	10,624,200
140,440	Stanley Black & Decker Inc	9,514,810
11,033	TE Connectivity PLC	1,860,936
66,236	United Parcel Service Inc Class B	6,685,862
41,848	West Fraser Timber Co Ltd	3,067,458
		195,009,986

Shares		Fair Value
Technology - 8.28%
$    65,315	Accenture PLC Class A	$   19,522,000
5,920	Adobe Inc(a)	2,290,330
27,266	Advanced Micro Devices Inc(a)	3,869,045
30,944	Applied Materials Inc	5,664,918
42,577	Fiserv Inc(a)	7,340,701
141,917	Intel Corp	3,178,941
33,291	Marvell Technology Inc	2,576,723
66,906	Microsoft Corp	33,279,713
155,037	QUALCOMM Inc	24,691,193
32,400	Salesforce Inc	8,835,156
156,632	Samsung Electronics Co Ltd	6,926,518
82,841	Seagate Technology Holdings PLC	11,956,442
40,692	Texas Instruments Inc	8,448,473
		138,580,153
Utilities - 5.03%
106,454	Ameren Corp	10,223,842
108,053	Dominion Energy Inc	6,107,156
295,761	NextEra Energy Inc	20,531,729
80,152	NRG Energy Inc	12,870,808
31,129	PG&E Corp	433,938
253,319	PPL Corp	8,584,981
89,226	Sempra	6,760,654
183,137	Southern Co	16,817,471
26,373	Xcel Energy Inc	1,796,001
		84,126,580
TOTAL COMMON STOCK - 97.78% (Cost $1,354,982,842)		$1,636,121,041
CONVERTIBLE PREFERRED STOCK
Utilities - 0.07%
29,238	NextEra Energy Inc 6.93%	1,161,918
TOTAL CONVERTIBLE PREFERRED STOCK - 0.07% (Cost $1,425,353)		$1,161,918
PREFERRED STOCK
Consumer, Cyclical - 0.22%
35,930	Volkswagen AG	3,798,296
Industrial - 0.21%
51,358	Boeing Co(a)	3,504,670
TOTAL PREFERRED STOCK - 0.43% (Cost $7,625,081)		$7,302,966

See Notes to Financial Statements.

EMPOWER FUNDS, INC.

EMPOWER LARGE CAP VALUE FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
GOVERNMENT MONEY MARKET MUTUAL FUNDS
17,687,792	Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.25%(d)	$   17,687,792
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS - 1.06% (Cost $17,687,792)		$17,687,792
Principal Amount
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes - 0.01%
	U.S. Treasury Bills(e)
52,000	4.14%, 10/02/2025	51,450

Principal Amount		Fair Value
U.S. Treasury Bonds and Notes - (continued)
193,000	4.22%, 11/06/2025	$     190,149
TOTAL SHORT TERM INVESTMENTS - 0.01% (Cost $241,599)		$241,599
TOTAL INVESTMENTS - 99.35% (Cost $1,381,962,667)		$1,662,515,316
OTHER ASSETS & LIABILITIES, NET - 0.65%		$10,796,932
TOTAL NET ASSETS - 100.00%		$1,673,312,248

EMPOWER FUNDS, INC.

EMPOWER LARGE CAP VALUE FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Abbreviations
BB	Barclays Bank PLC
CGM	Citigroup Global Markets
GS	Goldman Sachs
HSB	HSBC Bank USA
MS	Morgan Stanley & Co LLC
SSB	State Street Bank
TD	Toronto Dominion Bank
UBS	UBS AG
WES	Westpac Banking

Currency Abbreviations
EUR	Euro Dollar
GBP	British Pound
USD	U.S. Dollar

EMPOWER FUNDS, INC.

EMPOWER S&P 500® INDEX FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
COMMON STOCK
Basic Materials - 1.45%
$     34,335	Air Products & Chemicals Inc	$    9,684,530
13,053	Albemarle Corp(a)	818,032
25,302	CF Industries Holdings Inc	2,327,784
104,223	Dow Inc	2,759,825
61,039	DuPont de Nemours Inc	4,186,665
13,146	Eastman Chemical Co	981,480
38,215	Ecolab Inc	10,296,649
219,058	Freeport-McMoRan Inc	9,496,164
34,140	International Flavors & Fragrances Inc	2,510,997
77,363	International Paper Co	3,622,909
69,892	Linde PLC	32,791,930
34,217	LyondellBasell Industries NV Class A	1,979,796
46,498	Mosaic Co	1,696,247
163,235	Newmont Corp	9,510,071
35,227	Nucor Corp	4,563,306
30,875	PPG Industries Inc	3,512,031
33,223	Sherwin-Williams Co	11,407,449
21,998	Steel Dynamics Inc	2,815,964
		114,961,829
Communications - 15.74%
61,946	Airbnb Inc Class A(b)	8,197,934
860,827	Alphabet Inc Class A	151,703,544
694,391	Alphabet Inc Class C	123,178,019
1,397,520	Amazon.com Inc(b)	306,601,913
154,349	Arista Networks Inc(b)	15,791,446
1,064,290	AT&T Inc	30,800,553
4,887	Booking Holdings Inc	28,292,016
19,460	CDW Corp	3,475,361
14,321	Charter Communications Inc Class A(b)	5,854,568
588,423	Cisco Systems Inc	40,824,788
556,874	Comcast Corp Class A	19,874,833
112,797	Corning Inc	5,931,994
51,046	DoorDash Inc Class A(b)	12,583,350
67,127	eBay Inc	4,998,276
18,193	Expedia Group Inc	3,068,795
8,815	F5 Inc(b)	2,594,431
5,644	FactSet Research Systems Inc	2,524,448
27,654	Fox Corp Class A	1,549,730
14,673	Fox Corp Class B	757,567
85,744	Gen Digital Inc	2,520,874
21,199	GoDaddy Inc Class A(b)	3,817,092
57,572	Interpublic Group of Cos Inc	1,409,363
52,925	Juniper Networks Inc	2,113,295
29,322	Match Group Inc	905,757
321,131	Meta Platforms Inc Class A	237,023,580
23,962	Motorola Solutions Inc	10,075,062
62,946	Netflix Inc(b)	84,292,877
65,325	News Corp Class A	1,941,459
12,161	News Corp Class B	417,244
27,755	Omnicom Group Inc	1,996,695
98,652	Palo Alto Networks Inc(b)	20,188,145
113,545	Paramount Global Class B	1,464,730

Shares		Fair Value
Communications - (continued)
$     71,699	T-Mobile US Inc	$   17,083,004
309,301	Uber Technologies Inc(b)	28,857,783
12,499	VeriSign Inc	3,609,711
623,582	Verizon Communications Inc	26,982,393
265,902	Walt Disney Co	32,974,507
320,159	Warner Bros Discovery Inc(b)	3,669,022
		1,249,946,159
Consumer, Cyclical - 7.92%
31,035	Aptiv PLC(b)	2,117,208
2,406	AutoZone Inc(b)	8,931,625
28,103	Best Buy Co Inc	1,886,554
23,992	Caesars Entertainment Inc(b)	681,133
26,785	CarMax Inc(b)	1,800,220
151,796	Carnival Corp(b)	4,268,504
194,934	Chipotle Mexican Grill Inc(b)	10,945,544
127,703	Copart Inc(b)	6,266,386
65,624	Costco Wholesale Corp	64,963,824
19,235	Cummins Inc	6,299,463
16,831	Darden Restaurants Inc	3,668,653
20,730	Deckers Outdoor Corp(b)	2,136,641
92,740	Delta Air Lines Inc	4,560,953
35,707	Dollar General Corp	4,084,167
29,108	Dollar Tree Inc(b)	2,882,856
5,148	Domino's Pizza Inc	2,319,689
41,735	DR Horton Inc	5,380,476
178,552	Fastenal Co	7,499,184
613,815	Ford Motor Co	6,659,893
139,835	General Motors Co	6,881,280
19,746	Genuine Parts Co	2,395,387
19,616	Hasbro Inc	1,448,053
34,594	Hilton Worldwide Holdings Inc	9,213,766
147,010	Home Depot Inc	53,899,745
43,855	Las Vegas Sands Corp	1,908,131
36,127	Lennar Corp Class A	3,996,007
22,594	Live Nation Entertainment Inc(b)	3,418,020
38,655	LKQ Corp	1,430,622
84,672	Lowe's Cos Inc	18,786,177
16,321	Lululemon Athletica Inc(b)	3,877,543
32,339	Marriott International Inc Class A	8,835,338
105,759	McDonald's Corp	30,899,608
30,393	MGM Resorts International(b)	1,045,215
179,414	NIKE Inc Class B	12,745,571
70,254	Norwegian Cruise Line Holdings Ltd(b)	1,424,751
418	NVR Inc(b)	3,087,206
129,821	O'Reilly Automotive Inc(b)	11,700,767
74,517	PACCAR Inc	7,083,586
6,328	Pool Corp	1,844,486
28,104	PulteGroup Inc	2,963,848
7,122	Ralph Lauren Corp	1,953,422
48,234	Ross Stores Inc	6,153,694
38,371	Royal Caribbean Cruises Ltd	12,015,495
85,135	Southwest Airlines Co	2,761,779
171,266	Starbucks Corp	15,693,104

See Notes to Financial Statements.

EMPOWER FUNDS, INC.

EMPOWER S&P 500® INDEX FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
Consumer, Cyclical - (continued)
$     30,104	Tapestry Inc	$    2,643,432
65,557	Target Corp	6,467,198
414,474	Tesla Inc(b)	131,661,810
167,248	TJX Cos Inc	20,653,455
9,357	TKO Group Holdings Inc	1,702,506
77,868	Tractor Supply Co	4,109,094
7,004	Ulta Beauty Inc(b)	3,276,611
47,880	United Airlines Holdings Inc(b)	3,812,685
111,661	Walgreens Boots Alliance Inc	1,281,868
639,035	Walmart Inc	62,484,842
17,300	Williams-Sonoma Inc	2,826,301
6,393	WW Grainger Inc	6,650,254
10,598	Wynn Resorts Ltd	992,715
39,141	Yum! Brands Inc	5,799,913
		629,178,258
Consumer, Non-Cyclical - 14.19%
257,336	Abbott Laboratories	35,000,269
261,266	AbbVie Inc	48,496,194
41,372	Agilent Technologies Inc	4,882,310
11,854	Align Technology Inc(b)	2,244,318
243,704	Altria Group Inc	14,288,365
79,591	Amgen Inc	22,222,603
73,161	Archer-Daniels-Midland Co	3,861,438
60,760	Automatic Data Processing Inc	18,738,384
11,889	Avery Dennison Corp	2,086,163
77,558	Baxter International Inc	2,348,456
41,476	Becton Dickinson & Co	7,144,241
21,706	Biogen Inc(b)	2,726,057
17,484	Bio-Techne Corp	899,552
218,822	Boston Scientific Corp(b)	23,503,671
307,888	Bristol-Myers Squibb Co	14,252,135
19,696	Brown-Forman Corp Class B	530,019
16,243	Bunge Global SA	1,303,988
22,002	Campbell's Co	674,361
34,884	Cardinal Health Inc	5,860,512
25,677	Cencora Inc	7,699,249
72,522	Centene Corp(b)	3,936,494
5,706	Charles River Laboratories International Inc(b)	865,771
33,184	Church & Dwight Co Inc	3,189,314
38,999	Cigna Group	12,892,289
51,435	Cintas Corp	11,463,319
17,389	Clorox Co	2,087,897
572,938	Coca-Cola Co	40,535,364
116,930	Colgate-Palmolive Co	10,628,937
78,378	Conagra Brands Inc	1,604,398
22,383	Constellation Brands Inc Class A	3,641,266
27,950	Cooper Cos Inc(b)	1,988,922
9,779	Corpay Inc(b)	3,244,868
97,974	Corteva Inc	7,302,002
190,993	CVS Health Corp	13,174,697
95,872	Danaher Corp	18,938,555
5,992	DaVita Inc(b)	853,560
54,594	Dexcom Inc(b)	4,765,510

Shares		Fair Value
Consumer, Non-Cyclical - (continued)
$     82,696	Edwards Lifesciences Corp(b)	$    6,467,654
32,598	Elevance Health Inc	12,679,318
116,348	Eli Lilly & Co	90,696,756
18,351	Equifax Inc	4,759,699
39,683	Estee Lauder Cos Inc Class A	3,206,386
66,242	GE HealthCare Technologies Inc	4,906,545
81,187	General Mills Inc	4,206,298
185,572	Gilead Sciences Inc	20,574,368
34,306	Global Payments Inc	2,745,852
25,571	HCA Healthcare Inc	9,796,250
14,452	Henry Schein Inc(b)	1,055,719
21,783	Hershey Co	3,614,889
36,732	Hologic Inc(b)	2,393,457
52,384	Hormel Foods Corp	1,584,616
17,531	Humana Inc	4,285,979
11,765	IDEXX Laboratories Inc(b)	6,310,040
20,689	Incyte Corp(b)	1,408,921
10,167	Insulet Corp(b)	3,194,268
53,013	Intuitive Surgical Inc(b)	28,807,794
26,048	IQVIA Holdings Inc(b)	4,104,904
17,795	J M Smucker Co	1,747,469
355,878	Johnson & Johnson	54,360,364
36,652	Kellanova	2,914,934
279,762	Kenvue Inc	5,855,419
194,742	Keurig Dr Pepper Inc	6,438,170
51,977	Kimberly-Clark Corp	6,700,875
127,162	Kraft Heinz Co	3,283,323
93,324	Kroger Co	6,694,131
12,107	Labcorp Holdings Inc	3,178,209
22,541	Lamb Weston Holdings Inc	1,168,751
5,880	MarketAxess Holdings Inc	1,313,239
35,411	McCormick & Co Inc	2,684,862
18,817	McKesson Corp	13,788,721
192,931	Medtronic PLC	16,817,795
372,076	Merck & Co Inc	29,453,536
40,889	Moderna Inc(b)	1,128,128
8,080	Molina Healthcare Inc(b)	2,407,032
20,594	Molson Coors Beverage Co Class B	990,366
196,665	Mondelez International Inc Class A	13,263,088
100,399	Monster Beverage Corp(b)	6,288,993
23,428	Moody's Corp	11,751,250
140,564	PayPal Holdings Inc(b)	10,446,716
202,794	PepsiCo Inc	26,776,920
843,658	Pfizer Inc	20,450,270
230,222	Philip Morris International Inc	41,930,333
346,777	Procter & Gamble Co	55,248,512
22,481	Quanta Services Inc	8,499,616
16,560	Quest Diagnostics Inc	2,974,673
14,760	Regeneron Pharmaceuticals Inc	7,749,000
21,864	ResMed Inc	5,640,912
19,666	Revvity Inc	1,902,096
43,775	Rollins Inc	2,469,786
46,699	S&P Global Inc	24,623,916
20,674	Solventum Corp(b)	1,567,916

See Notes to Financial Statements.

EMPOWER FUNDS, INC.

EMPOWER S&P 500® INDEX FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
Consumer, Non-Cyclical - (continued)
$     13,343	STERIS PLC	$    3,205,255
51,231	Stryker Corp	20,268,521
71,342	Sysco Corp	5,403,443
56,736	Thermo Fisher Scientific Inc	23,004,179
43,983	Tyson Foods Inc Class A	2,460,409
9,264	United Rentals Inc	6,979,498
134,371	UnitedHealth Group Inc	41,919,721
8,715	Universal Health Services Inc Class B	1,578,722
20,487	Verisk Analytics Inc	6,381,701
38,594	Vertex Pharmaceuticals Inc(b)	17,182,049
202,750	Viatris Inc	1,810,557
8,300	Waters Corp(b)	2,897,032
10,120	West Pharmaceutical Services Inc	2,214,256
28,216	Zimmer Biomet Holdings Inc	2,573,581
65,022	Zoetis Inc	10,140,181
		1,127,203,587
Energy - 2.95%
57,154	APA Corp	1,045,347
141,621	Baker Hughes Co	5,429,749
239,636	Chevron Corp	34,313,479
189,288	ConocoPhillips	16,986,705
102,114	Coterra Energy Inc	2,591,653
96,038	Devon Energy Corp	3,054,969
26,787	Diamondback Energy Inc	3,680,534
19,049	Enphase Energy Inc(b)	755,293
82,112	EOG Resources Inc	9,821,416
84,073	EQT Corp	4,903,137
29,554	Expand Energy Corp	3,456,045
637,485	Exxon Mobil Corp	68,720,882
14,439	First Solar Inc(b)	2,390,232
116,538	Halliburton Co	2,375,044
43,744	Hess Corp	6,060,294
297,943	Kinder Morgan Inc	8,759,524
46,900	Marathon Petroleum Corp	7,790,559
111,533	Occidental Petroleum Corp	4,685,501
96,141	ONEOK Inc	7,847,990
59,971	Phillips 66	7,154,540
200,338	Schlumberger NV	6,771,425
32,082	Targa Resources Corp	5,584,835
2,841	Texas Pacific Land Corp	3,001,204
45,699	Valero Energy Corp	6,142,860
177,154	Williams Cos Inc	11,127,043
		234,450,260
Financial - 14.64%
70,654	Aflac Inc	7,451,171
24,249	Alexandria Real Estate Equities Inc REIT	1,761,205
37,997	Allstate Corp	7,649,176
82,084	American Express Co	26,183,155
83,385	American International Group Inc	7,136,922
70,679	American Tower Corp REIT	15,621,473
13,670	Ameriprise Financial Inc	7,296,089

Shares		Fair Value
Financial - (continued)
$     32,607	Aon PLC Class A	$   11,632,873
64,693	Apollo Global Management Inc	9,177,996
53,637	Arch Capital Group Ltd	4,883,649
38,812	Arthur J Gallagher & Co	12,424,497
7,679	Assurant Inc	1,516,526
20,370	AvalonBay Communities Inc REIT	4,145,295
969,204	Bank of America Corp	45,862,733
110,052	Bank of New York Mellon Corp	10,026,838
271,225	Berkshire Hathaway Inc Class B(b)	131,752,967
21,633	Blackrock Inc	22,698,425
110,349	Blackstone Inc	16,506,004
35,064	Brown & Brown Inc	3,887,546
25,123	BXP Inc REIT	1,695,049
16,060	Camden Property Trust REIT	1,809,801
94,606	Capital One Financial Corp	20,128,373
14,502	Cboe Global Markets Inc	3,382,011
44,197	CBRE Group Inc Class A(b)	6,192,884
252,620	Charles Schwab Corp	23,049,049
56,450	Chubb Ltd	16,354,694
21,221	Cincinnati Financial Corp	3,160,231
279,561	Citigroup Inc	23,796,232
67,644	Citizens Financial Group Inc	3,027,069
54,534	CME Group Inc	15,030,661
32,435	Coinbase Global Inc Class A(b)	11,368,143
59,658	CoStar Group Inc(b)	4,796,503
68,187	Crown Castle Inc REIT	7,004,851
48,634	Digital Realty Trust Inc REIT	8,478,365
14,794	Equinix Inc REIT	11,768,183
49,081	Equity Residential REIT	3,312,477
3,179	Erie Indemnity Co Class A(a)	1,102,445
9,078	Essex Property Trust Inc REIT	2,572,705
6,669	Everest Group Ltd	2,266,460
31,450	Extra Space Storage Inc REIT	4,636,988
8,188	Federal Realty Investment Trust REIT	777,778
89,900	Fifth Third Bancorp	3,697,587
33,382	Franklin Resources Inc	796,161
14,686	Globe Life Inc	1,825,323
45,910	Goldman Sachs Group Inc	32,492,802
41,237	Hartford Insurance Group Inc	5,231,738
89,430	Healthpeak Properties Inc REIT	1,565,919
100,229	Host Hotels & Resorts Inc REIT	1,539,517
201,444	Huntington Bancshares Inc	3,376,201
86,707	Intercontinental Exchange Inc	15,908,133
50,375	Invesco Ltd	794,414
85,284	Invitation Homes Inc REIT	2,797,315
42,118	Iron Mountain Inc REIT	4,320,043
411,051	JPMorgan Chase & Co	119,167,797
141,692	KeyCorp	2,468,275
87,844	Kimco Realty Corp REIT	1,846,481

See Notes to Financial Statements.

EMPOWER FUNDS, INC.

EMPOWER S&P 500® INDEX FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
Financial - (continued)
$     97,696	KKR & Co Inc	$   12,996,499
27,703	Loews Corp	2,539,257
23,914	M&T Bank Corp	4,639,077
73,902	Marsh & McLennan Cos Inc	16,157,933
119,974	Mastercard Inc Class A	67,418,188
83,356	MetLife Inc	6,703,490
17,355	Mid-America Apartment Communities Inc REIT	2,568,714
183,026	Morgan Stanley	25,781,042
61,476	Nasdaq Inc	5,497,184
28,697	Northern Trust Corp	3,638,493
59,870	PNC Financial Services Group Inc	11,160,965
32,175	Principal Financial Group Inc	2,555,660
86,849	Progressive Corp	23,176,524
140,355	Prologis Inc REIT	14,754,118
50,475	Prudential Financial Inc	5,423,034
24,229	Public Storage REIT	7,109,273
26,934	Raymond James Financial Inc	4,130,868
135,613	Realty Income Corp REIT	7,812,665
26,966	Regency Centers Corp REIT	1,920,788
128,654	Regions Financial Corp	3,025,942
14,597	SBA Communications Corp REIT	3,427,960
43,703	Simon Property Group Inc REIT	7,025,694
41,034	State Street Corp	4,363,556
54,174	Synchrony Financial	3,615,573
30,162	T Rowe Price Group Inc	2,910,633
32,963	Travelers Cos Inc	8,818,921
189,943	Truist Financial Corp	8,165,650
47,801	UDR Inc REIT	1,951,715
227,079	US Bancorp	10,275,325
63,748	Ventas Inc REIT	4,025,686
151,845	VICI Properties Inc REIT	4,950,147
253,069	Visa Inc Class A	89,852,147
43,051	W R Berkley Corp	3,162,957
481,672	Wells Fargo & Co	38,591,560
92,204	Welltower Inc REIT	14,174,521
99,992	Weyerhaeuser Co REIT	2,568,795
14,569	Willis Towers Watson PLC	4,465,399
		1,162,509,151
Industrial - 7.38%
81,769	3M Co	12,448,513
18,084	A O Smith Corp	1,185,768
14,480	Allegion PLC	2,086,858
332,114	Amcor PLC	3,052,128
32,515	AMETEK Inc	5,883,914
181,892	Amphenol Corp Class A	17,961,835
10,481	Axon Enterprise Inc(b)	8,677,639
47,666	Ball Corp	2,673,586
111,524	Boeing Co(b)	23,367,624
14,359	Builders FirstSource Inc(b)	1,675,552
118,380	Carrier Global Corp	8,664,232
68,738	Caterpillar Inc	26,684,779
18,615	CH Robinson Worldwide Inc	1,786,109

Shares		Fair Value
Industrial - (continued)
$    272,832	CSX Corp	$    8,902,508
37,790	Deere & Co	19,215,837
18,758	Dover Corp	3,437,028
58,883	Eaton Corp PLC	21,020,642
85,722	Emerson Electric Co	11,429,314
21,781	Expeditors International of Washington Inc	2,488,479
32,072	FedEx Corp	7,290,286
47,061	Fortive Corp	2,453,290
22,078	Garmin Ltd	4,608,120
40,585	GE Vernova Inc	21,475,553
9,240	Generac Holdings Inc(b)	1,323,260
37,097	General Dynamics Corp	10,819,711
157,728	General Electric Co	40,597,611
96,583	Honeywell International Inc	22,492,249
58,074	Howmet Aerospace Inc	10,809,313
7,496	Hubbell Inc	3,061,441
5,912	Huntington Ingalls Industries Inc	1,427,512
11,407	IDEX Corp	2,002,727
40,756	Illinois Tool Works Inc	10,076,921
58,773	Ingersoll Rand Inc	4,888,738
14,541	Jabil Inc	3,171,392
17,938	Jacobs Solutions Inc	2,357,950
11,661	JB Hunt Transport Services Inc	1,674,520
100,840	Johnson Controls International PLC	10,650,721
25,463	Keysight Technologies Inc(b)	4,172,367
26,593	L3Harris Technologies Inc	6,670,588
4,699	Lennox International Inc	2,693,655
31,163	Lockheed Martin Corp	14,432,832
9,119	Martin Marietta Materials Inc	5,005,966
31,760	Masco Corp	2,044,074
2,788	Mettler-Toledo International Inc(b)	3,275,119
6,045	Mohawk Industries Inc(b)	633,758
9,165	Nordson Corp	1,964,701
32,378	Norfolk Southern Corp	8,287,797
19,510	Northrop Grumman Corp	9,754,610
26,276	Old Dominion Freight Line Inc	4,264,595
56,938	Otis Worldwide Corp	5,638,001
12,312	Packaging Corp of America	2,320,196
18,595	Parker-Hannifin Corp	12,988,050
24,831	Pentair PLC	2,549,151
15,687	Ralliant Corp(b)	760,662
31,531	Republic Services Inc	7,775,860
16,213	Rockwell Automation Inc	5,385,472
197,599	RTX Corp	28,853,406
75,247	Smurfit WestRock PLC	3,246,908
7,485	Snap-on Inc	2,329,182
24,999	Stanley Black & Decker Inc	1,693,682
42,273	TE Connectivity PLC	7,130,187
6,500	Teledyne Technologies Inc(b)	3,330,015
26,703	Textron Inc	2,143,984
32,213	Trane Technologies PLC	14,090,288
8,567	TransDigm Group Inc	13,027,323
36,468	Trimble Inc(b)	2,770,839

See Notes to Financial Statements.

EMPOWER FUNDS, INC.

EMPOWER S&P 500® INDEX FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
Industrial - (continued)
$     89,991	Union Pacific Corp	$   20,705,129
111,402	United Parcel Service Inc Class B	11,244,918
36,138	Veralto Corp	3,648,131
19,763	Vulcan Materials Co	5,154,586
55,001	Waste Management Inc	12,585,329
23,476	Westinghouse Air Brake Technologies Corp	4,914,701
36,513	Xylem Inc	4,723,322
		586,033,044
Technology - 31.15%
92,595	Accenture PLC Class A	27,675,719
62,591	Adobe Inc(b)	24,215,206
239,819	Advanced Micro Devices Inc(b)	34,030,317
24,700	Akamai Technologies Inc(b)	1,970,072
74,548	Analog Devices Inc	17,743,915
12,539	ANSYS Inc(b)	4,403,948
2,209,134	Apple Inc	453,248,023
120,167	Applied Materials Inc	21,998,973
30,519	Autodesk Inc(b)	9,447,767
695,458	Broadcom Inc	191,702,998
17,219	Broadridge Financial Solutions Inc	4,184,734
41,673	Cadence Design Systems Inc(b)	12,841,535
71,112	Cognizant Technology Solutions Corp Class A	5,548,869
36,958	Crowdstrike Holdings Inc Class A(b)	18,823,079
22,962	Dayforce Inc(b)	1,271,865
42,897	Dell Technologies Inc Class C	5,259,172
35,432	Electronic Arts Inc	5,658,491
8,412	EPAM Systems Inc(b)	1,487,410
3,434	Fair Isaac Corp(b)	6,277,215
74,013	Fidelity National Information Services Inc	6,025,398
82,001	Fiserv Inc(b)	14,137,792
91,214	Fortinet Inc(b)	9,643,144
11,281	Gartner Inc(b)	4,560,006
217,113	Hewlett Packard Enterprise Co	4,439,961
128,623	HP Inc	3,146,119
656,819	Intel Corp	14,712,746
137,466	International Business Machines Corp	40,522,227
41,350	Intuit Inc	32,568,500
11,791	Jack Henry & Associates Inc	2,124,384
19,607	KLA Corp	17,562,774
192,821	Lam Research Corp	18,769,196
18,807	Leidos Holdings Inc	2,966,992
77,694	Microchip Technology Inc	5,467,327
165,852	Micron Technology Inc	20,441,259
1,099,336	Microsoft Corp	546,820,719
7,046	Monolithic Power Systems Inc	5,153,304
11,007	MSCI Inc	6,348,177

Shares		Fair Value
Technology - (continued)
$     27,350	NetApp Inc	$    2,914,142
3,607,124	NVIDIA Corp	569,889,521
36,203	NXP Semiconductors NV	7,909,993
69,566	ON Semiconductor Corp(b)	3,645,954
240,566	Oracle Corp	52,594,944
314,621	Palantir Technologies Inc Class A(b)	42,889,136
46,649	Paychex Inc	6,785,564
6,752	Paycom Software Inc	1,562,413
16,626	PTC Inc(b)	2,865,325
163,417	QUALCOMM Inc	26,025,792
16,399	Roper Technologies Inc	9,295,609
141,914	Salesforce Inc	38,698,529
30,882	Seagate Technology Holdings PLC	4,457,199
30,617	ServiceNow Inc(b)	31,476,724
27,142	Skyworks Solutions Inc	2,022,622
78,155	Super Micro Computer Inc(b)	3,830,377
22,387	Synopsys Inc(b)	11,477,367
24,466	Take-Two Interactive Software Inc(b)	5,941,568
21,346	Teradyne Inc	1,919,432
134,371	Texas Instruments Inc	27,898,107
6,270	Tyler Technologies Inc(b)	3,717,107
57,787	Western Digital Corp	3,697,790
30,684	Workday Inc Class A(b)	7,364,160
7,202	Zebra Technologies Corp Class A(b)	2,220,809
		2,474,299,517
Utilities - 2.34%
105,614	AES Corp	1,111,059
38,415	Alliant Energy Corp	2,322,955
38,699	Ameren Corp	3,716,652
76,657	American Electric Power Co Inc	7,953,930
28,401	American Water Works Co Inc	3,950,863
24,247	Atmos Energy Corp	3,736,705
90,158	CenterPoint Energy Inc	3,312,405
40,071	CMS Energy Corp	2,776,119
49,941	Consolidated Edison Inc	5,011,579
46,589	Constellation Energy Corp	15,037,066
121,088	Dominion Energy Inc	6,843,894
30,421	DTE Energy Co	4,029,566
118,130	Duke Energy Corp	13,939,340
56,057	Edison International	2,892,541
70,665	Entergy Corp	5,873,675
35,497	Evergy Inc	2,446,808
53,408	Eversource Energy	3,397,817
158,419	Exelon Corp	6,878,553
73,919	FirstEnergy Corp	2,975,979
305,233	NextEra Energy Inc	21,189,275
62,136	NiSource Inc	2,506,566
29,422	NRG Energy Inc	4,724,585
314,691	PG&E Corp	4,386,793
19,123	Pinnacle West Capital Corp	1,710,935
121,324	PPL Corp	4,111,670

See Notes to Financial Statements.

EMPOWER FUNDS, INC.

EMPOWER S&P 500® INDEX FUND

Schedule of Investments

As of June 30, 2025 (Unaudited)

Shares		Fair Value
Utilities - (continued)
$     70,420	Public Service Enterprise Group Inc	$    5,927,955
98,793	Sempra	7,485,546
166,060	Southern Co	15,249,290
52,399	Vistra Corp	10,155,450
47,323	WEC Energy Group Inc	4,931,057
80,513	Xcel Energy Inc	5,482,935
		186,069,563
TOTAL COMMON STOCK - 97.76% (Cost $4,599,803,594)		$7,764,651,368
GOVERNMENT MONEY MARKET MUTUAL FUNDS
583,436	Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(c), 4.25%(d)	583,436
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS - 0.01% (Cost $583,436)		$583,436

Principal Amount		Fair Value
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes - 1.64%
131,211,700	U.S. Treasury Bills(e) 4.30%, 08/14/2025	$  130,525,458
TOTAL SHORT TERM INVESTMENTS - 1.64% (Cost $130,525,458)		$130,525,458
TOTAL INVESTMENTS - 99.41% (Cost $4,730,912,488)		$7,895,760,262
OTHER ASSETS & LIABILITIES, NET - 0.59%		$46,767,071
TOTAL NET ASSETS - 100.00%		$7,942,527,333

EMPOWER FUNDS, INC.

Statement of Assets and Liabilities

As of June 30, 2025 (Unaudited)

EMPOWER FUNDS, INC.

Statement of Operations

For the period ended June 30, 2025 (Unaudited)

EMPOWER FUNDS, INC.

Statement of Changes in Net Assets

For the period ended June 30, 2025 and fiscal year ended December 31, 2024

EMPOWER FUNDS, INC.

Statement of Changes in Net Assets

For the period ended June 30, 2025 and fiscal year ended December 31, 2024

EMPOWER FUNDS, INC.

Statement of Changes in Net Assets

For the period ended June 30, 2025 and fiscal year ended December 31, 2024

EMPOWER FUNDS, INC.

EMPOWER LARGE CAP GROWTH FUND

Financial Highlights

Selected data for a share of capital stock of the Fund throughout the periods indicated.

		Income (Loss) from Investment Operations:			Less Distributions:
	Net asset value, beginning of period	Net investment income (loss)(a)	Net realized and unrealized gain (loss)	Total from investment operations	From net investment income	From net realized gains	Total Distributions	Net asset value, end of period	Total Return(b)(c)
Investor Class
06/30/2025 (Unaudited)	$10.32	(0.01)	0.69	0.68	-	-	-	$11.00	6.59% (d)
12/31/2024	$9.02	(0.03)	2.33	2.30	-	(1.00)	(1.00)	$10.32	25.44%
12/31/2023	$6.96	(0.02)	2.36	2.34	(0.01)	(0.27)	(0.28)	$9.02	33.57%
12/31/2022	$9.90	(0.00) (e)(f)	(2.29)	(2.29)	(0.03)	(0.62)	(0.65)	$6.96	(23.16%)
12/31/2021	$10.24	(0.04)	2.16	2.12	(0.10)	(2.36)	(2.46)	$9.90	20.84%
12/31/2020	$9.49	(0.02) (f)	3.89	3.87	(0.27)	(2.85)	(3.12)	$10.24	41.45%
Institutional Class
06/30/2025 (Unaudited)	$11.85	0.01 (f)	0.80	0.81	-	-	-	$12.66	6.84% (d)
12/31/2024	$10.20	0.01 (f)	2.64	2.65	-	(1.00)	(1.00)	$11.85	25.93%
12/31/2023	$7.83	0.01 (f)	2.65	2.66	(0.02)	(0.27)	(0.29)	$10.20	34.03%
12/31/2022	$11.01	0.03	(2.56)	(2.53)	(0.03)	(0.62)	(0.65)	$7.83	(22.95%)
12/31/2021	$11.13	0.00 (e)(f)	2.35	2.35	(0.11)	(2.36)	(2.47)	$11.01	21.20%
12/31/2020	$10.12	0.02	4.16	4.18	(0.32)	(2.85)	(3.17)	$11.13	41.99%

	Net assets, end of period (000)	Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable)	Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable)		Ratio of net investment income (loss) to average net assets (after reimbursement and/or waiver, if applicable)	Portfolio turnover rate(g)
Investor Class
06/30/2025 (Unaudited)	$813,683	0.99% (h)	0.98% (h)		(0.22%) (h)	30% (d)
12/31/2024	$722,041	0.99%	0.98%		(0.30%)	31%
12/31/2023	$619,457	1.00%	0.98%		(0.21%)	46%
12/31/2022	$278,591	1.04%	1.00%		(0.05%)	37%
12/31/2021	$225,667	1.02%	1.00%		(0.34%)	46%
12/31/2020	$179,126	1.02%	1.00%		(0.18%)	51%
Institutional Class
06/30/2025 (Unaudited)	$943,444	0.61% (h)	0.61% (h)		0.14% (h)	30% (d)
12/31/2024	$866,141	0.62%	0.62%		0.06%	31%
12/31/2023	$733,346	0.63%	0.63%		0.16%	46%
12/31/2022	$570,194	0.66%	0.65%		0.32%	37%
12/31/2021	$690,417	0.65%	0.65%		0.01%	46%
12/31/2020	$602,723	0.65%	0.65%		0.17%	51%

(a)	Per share amounts are based upon average shares outstanding.
(b)	Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.
(c)	Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.
(d)	Not annualized for periods less than one full year.
(e)	Amount was less than $0.01 per share.
(f)	The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.
(g)	Portfolio turnover is calculated at the Fund level.
(h)	Annualized.

EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND

Financial Highlights

Selected data for a share of capital stock of the Fund throughout the periods indicated.

		Income (Loss) from Investment Operations:			Less Distributions:
	Net asset value, beginning of period	Net investment income(a)	Net realized and unrealized gain (loss)	Total from investment operations	From net investment income	From net realized gains	Total Distributions	Net asset value, end of period	Total Return(b)(c)
Investor Class
06/30/2025 (Unaudited)	$30.84	0.23	1.74	1.97	-	-	-	$32.81	6.39% (d)
12/31/2024	$27.79	0.41	3.87	4.28	(0.02)	(1.21)	(1.23)	$30.84	15.38%
12/31/2023	$25.29	0.39	2.71	3.10	(0.01)	(0.59)	(0.60)	$27.79	12.28%
12/31/2022	$27.00	0.39	(1.35)	(0.96)	(0.01)	(0.74)	(0.75)	$25.29	(3.54%)
12/31/2021	$22.06	0.32	5.39	5.71	(0.09)	(0.68)	(0.77)	$27.00	25.98%
12/31/2020	$21.65	0.36	0.42	0.78	(0.01)	(0.36)	(0.37)	$22.06	3.71%
Institutional Class
06/30/2025 (Unaudited)	$6.51	0.06	0.37	0.43	-	-	-	$6.94	6.61% (d)
12/31/2024	$6.83	0.13	0.96	1.09	(0.20)	(1.21)	(1.41)	$6.51	15.86%
12/31/2023	$6.79	0.13	0.71	0.84	(0.21)	(0.59)	(0.80)	$6.83	12.69%
12/31/2022	$8.07	0.14	(0.42)	(0.28)	(0.26)	(0.74)	(1.00)	$6.79	(3.22%)
12/31/2021	$7.10	0.13	1.74	1.87	(0.22)	(0.68)	(0.90)	$8.07	26.47%
12/31/2020	$7.36	0.14	0.12	0.26	(0.16)	(0.36)	(0.52)	$7.10	4.05%
Investor II Class
06/30/2025 (Unaudited)	$11.84	0.10	0.67	0.77	-	-	-	$12.61	6.42% (d)
12/31/2024	$11.39	0.19	1.58	1.77	(0.11)	(1.21)	(1.32)	$11.84	15.51%
12/31/2023	$10.77	0.18	1.15	1.33	(0.12)	(0.59)	(0.71)	$11.39	12.51%
12/31/2022	$12.14	0.19	(0.62)	(0.43)	(0.20)	(0.74)	(0.94)	$10.77	(3.41%)
12/31/2021	$10.28	0.17	2.51	2.68	(0.14)	(0.68)	(0.82)	$12.14	26.15%
12/31/2020	$10.38	0.19	0.18	0.37	(0.11)	(0.36)	(0.47)	$10.28	3.89%

	Net assets, end of period (000)	Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable)	Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable)		Ratio of net investment income to average net assets (after reimbursement and/or waiver, if applicable)	Portfolio turnover rate(e)
Investor Class
06/30/2025 (Unaudited)	$229,972	1.02% (f)	0.96% (f)		1.49% (f)	20% (d)
12/31/2024	$207,573	1.00%	0.96%		1.33%	31%
12/31/2023	$335,127	0.98%	0.96%		1.48%	29%
12/31/2022	$407,971	0.98%	0.96%		1.51%	18%
12/31/2021	$376,625	0.99%	0.96%		1.22%	28%
12/31/2020	$43,774	1.05%	0.96%		1.87%	33%
Institutional Class
06/30/2025 (Unaudited)	$1,313,328	0.61% (f)	0.61% (f)		1.83% (f)	20% (d)
12/31/2024	$1,251,991	0.61%	0.61%		1.71%	31%
12/31/2023	$1,126,210	0.60%	0.60%		1.83%	29%
12/31/2022	$930,971	0.61%	0.61%		1.85%	18%
12/31/2021	$1,175,842	0.60%	0.60%		1.61%	28%
12/31/2020	$1,060,676	0.62%	0.61%		2.22%	33%
Investor II Class
06/30/2025 (Unaudited)	$130,012	0.98% (f)	0.81% (f)		1.62% (f)	20% (d)
12/31/2024	$129,887	0.97%	0.81%		1.50%	31%
12/31/2023	$130,114	0.97%	0.81%		1.62%	29%
12/31/2022	$141,465	0.97%	0.81%		1.64%	18%
12/31/2021	$178,162	0.96%	0.81%		1.39%	28%
12/31/2020	$154,100	0.99%	0.81%		2.02%	33%

(a)	Per share amounts are based upon average shares outstanding.
(b)	Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.
(c)	Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.
(d)	Not annualized for periods less than one full year.
(e)	Portfolio turnover is calculated at the Fund level.
(f)	Annualized.

EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND

Financial Highlights

Selected data for a share of capital stock of the Fund throughout the periods indicated.

		Income (Loss) from Investment Operations:			Less Distributions:
	Net asset value, beginning of period	Net investment income(a)	Net realized and unrealized gain (loss)	Total from investment operations	From net investment income	From net realized gains	Total Distributions	Net asset value, end of period	Total Return(b)(c)
Investor Class
06/30/2025 (Unaudited)	$37.62	0.17	2.07	2.24	-	-	-	$39.86	5.95% (d)
12/31/2024	$30.55	0.33	7.10	7.43	(0.20)	(0.16)	(0.36)	$37.62	24.33%
12/31/2023	$25.61	0.35	6.19	6.54	(0.13)	(1.47)	(1.60)	$30.55	25.61%
12/31/2022	$31.84	0.31	(6.22)	(5.91)	(0.10)	(0.22)	(0.32)	$25.61	(18.55%)
12/31/2021	$26.10	0.26	7.06	7.32	(0.11)	(1.47)	(1.58)	$31.84	28.20%
12/31/2020	$24.05	0.32	3.88	4.20	(0.18)	(1.97)	(2.15)	$26.10	17.77%
Institutional Class
06/30/2025 (Unaudited)	$9.26	0.06	0.50	0.56	-	-	-	$9.82	6.05% (d)
12/31/2024	$7.79	0.12	1.82	1.94	(0.31)	(0.16)	(0.47)	$9.26	24.86%
12/31/2023	$7.61	0.13	1.83	1.96	(0.31)	(1.47)	(1.78)	$7.79	26.00%
12/31/2022	$9.93	0.12	(1.94)	(1.82)	(0.28)	(0.22)	(0.50)	$7.61	(18.25%)
12/31/2021	$9.11	0.13	2.43	2.56	(0.27)	(1.47)	(1.74)	$9.93	28.66%
12/31/2020	$9.72	0.16	1.53	1.69	(0.33)	(1.97)	(2.30)	$9.11	18.27%

	Net assets, end of period (000)	Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable)	Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable)		Ratio of net investment income to average net assets (after reimbursement and/or waiver, if applicable)	Portfolio turnover rate(e)
Investor Class
06/30/2025 (Unaudited)	$5,738,680	0.48% (f)	0.48% (f)		0.91% (f)	0% (d)(g)
12/31/2024	$5,101,594	0.49%	0.49%		0.95%	2%
12/31/2023	$3,294,950	0.51%	0.51%		1.21%	12%
12/31/2022	$2,628,211	0.51%	0.51%		1.14%	4%
12/31/2021	$3,083,911	0.51%	0.51%		0.88%	9%
12/31/2020	$1,700,372	0.52%	0.52%		1.31%	4%
Institutional Class
06/30/2025 (Unaudited)	$2,203,847	0.13% (f)	0.13% (f)		1.26% (f)	0% (d)(g)
12/31/2024	$1,285,393	0.14%	0.14%		1.30%	2%
12/31/2023	$1,110,973	0.15%	0.15%		1.56%	12%
12/31/2022	$980,943	0.16%	0.16%		1.45%	4%
12/31/2021	$1,193,786	0.16%	0.16%		1.24%	9%
12/31/2020	$1,143,162	0.17%	0.17%		1.67%	4%

(a)	Per share amounts are based upon average shares outstanding.
(b)	Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.
(c)	Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.
(d)	Not annualized for periods less than one full year.
(e)	Portfolio turnover is calculated at the Fund level.
(f)	Annualized.
(g)	Amount is less than 0.5%.