EMPOWER FUNDS, INC.
EMPOWER CONSERVATIVE PROFILE FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
6,850,972 Empower Core Bond Fund Institutional Class(a) $ 56,520,519
10,836,464 Empower Global Bond Fund Institutional Class(a)  74,771,604
3,826,446 Empower High Yield Bond Fund Institutional Class(a)  33,596,200
4,163,483 Empower Inflation-Protected Securities Fund Institutional Class(a)  37,346,443
9,282,496 Empower Multi-Sector Bond Fund Institutional Class(a)  74,074,317
8,245,996 Empower Short Duration Bond Fund Institutional Class(a)  76,028,080
6,904,958 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)  56,758,753
     
TOTAL BOND MUTUAL FUNDS — 47.75%
(Cost $482,546,894) 		$409,095,916
EQUITY MUTUAL FUNDS
2,104,533 Empower Emerging Markets Equity Fund Institutional Class(a) 15,468,320
2,259,034 Empower International Growth Fund Institutional Class(a) 15,632,518
5,849,520 Empower International Value Fund Institutional Class(a) 39,250,281
2,710,002 Empower Large Cap Growth Fund Institutional Class(a) 21,029,617
7,727,249 Empower Large Cap Value Fund Institutional Class(a) 52,081,659
4,142,271 Empower Mid Cap Value Fund Institutional Class(a) 28,250,285
Shares   Fair Value
Equity Mutual Funds — (continued)
5,353,888 Empower Real Estate Index Fund Institutional Class(a) $ 41,546,167
872,930 Empower Small Cap Growth Fund Institutional Class(a)   7,690,509
2,973,012 Empower Small Cap Value Fund Institutional Class(a)  18,789,435
1,948,084 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  11,435,252
     
TOTAL EQUITY MUTUAL FUNDS — 29.32%
(Cost $294,424,604) 		$251,174,043
Account Balance    
FIXED INTEREST CONTRACT
196,758,907(b) Empower Annuity Contract(a) 1.45%(c) 196,758,907
     
TOTAL FIXED INTEREST CONTRACT — 22.96%
(Cost $196,758,907) 		$196,758,907
TOTAL INVESTMENTS — 100.03%
(Cost $973,730,405) 		$857,028,866
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(254,836)
TOTAL NET ASSETS — 100.00% $856,774,030
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at September 30, 2022. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 30, 2022

 

EMPOWER FUNDS, INC.
EMPOWER MODERATELY CONSERVATIVE PROFILE FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
3,150,185 Empower Core Bond Fund Institutional Class(a) $ 25,989,028
4,984,612 Empower Global Bond Fund Institutional Class(a)  34,393,823
1,754,677 Empower High Yield Bond Fund Institutional Class(a)  15,406,061
1,919,085 Empower Inflation-Protected Securities Fund Institutional Class(a)  17,214,193
4,267,712 Empower Multi-Sector Bond Fund Institutional Class(a)  34,056,340
1,413,400 Empower Short Duration Bond Fund Institutional Class(a)  13,031,549
3,172,173 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)  26,075,262
     
TOTAL BOND MUTUAL FUNDS — 33.34%
(Cost $198,136,306) 		$166,166,256
EQUITY MUTUAL FUNDS
1,989,879 Empower Emerging Markets Equity Fund Institutional Class(a) 14,625,608
2,139,398 Empower International Growth Fund Institutional Class(a) 14,804,634
5,533,872 Empower International Value Fund Institutional Class(a) 37,132,279
2,559,810 Empower Large Cap Growth Fund Institutional Class(a) 19,864,126
7,290,907 Empower Large Cap Value Fund Institutional Class(a) 49,140,716
3,911,467 Empower Mid Cap Value Fund Institutional Class(a) 26,676,208
Shares   Fair Value
Equity Mutual Funds — (continued)
2,807,574 Empower Real Estate Index Fund Institutional Class(a) $ 21,786,777
823,755 Empower Small Cap Growth Fund Institutional Class(a)   7,257,282
2,810,660 Empower Small Cap Value Fund Institutional Class(a)  17,763,372
1,836,886 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  10,782,520
     
TOTAL EQUITY MUTUAL FUNDS — 44.11%
(Cost $257,184,411) 		$219,833,522
Account Balance    
FIXED INTEREST CONTRACT
112,524,368(b) Empower Annuity Contract(a) 1.45%(c) 112,524,368
     
TOTAL FIXED INTEREST CONTRACT — 22.58%
(Cost $112,524,368) 		$112,524,368
TOTAL INVESTMENTS — 100.03%
(Cost $567,845,085) 		$498,524,146
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(152,432)
TOTAL NET ASSETS — 100.00% $498,371,714
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at September 30, 2022. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 30, 2022

 

EMPOWER FUNDS, INC.
EMPOWER MODERATE PROFILE FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
6,531,849 Empower Core Bond Fund Institutional Class(a) $   53,887,751
10,307,081 Empower Global Bond Fund Institutional Class(a)    71,118,861
3,628,435 Empower High Yield Bond Fund Institutional Class(a)    31,857,661
3,969,175 Empower Inflation-Protected Securities Fund Institutional Class(a)    35,603,498
8,847,762 Empower Multi-Sector Bond Fund Institutional Class(a)    70,605,143
2,935,523 Empower Short Duration Bond Fund Institutional Class(a)    27,065,523
6,584,065 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)    54,121,014
     
TOTAL BOND MUTUAL FUNDS — 24.38%
(Cost $412,979,809) 		$344,259,451
EQUITY MUTUAL FUNDS
7,828,065 Empower Emerging Markets Equity Fund Institutional Class(a) 57,536,277
8,417,610 Empower International Growth Fund Institutional Class(a) 58,249,864
21,769,509 Empower International Value Fund Institutional Class(a) 146,073,404
10,068,152 Empower Large Cap Growth Fund Institutional Class(a) 78,128,862
28,672,185 Empower Large Cap Value Fund Institutional Class(a) 193,250,526
Shares   Fair Value
Equity Mutual Funds — (continued)
15,381,214 Empower Mid Cap Value Fund Institutional Class(a) $  104,899,879
7,089,050 Empower Real Estate Index Fund Institutional Class(a)    55,011,024
3,234,107 Empower Small Cap Growth Fund Institutional Class(a)    28,492,482
11,038,267 Empower Small Cap Value Fund Institutional Class(a)    69,761,850
7,215,487 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)    42,354,908
     
TOTAL EQUITY MUTUAL FUNDS — 59.06%
(Cost $988,447,758) 		$833,759,076
Account Balance    
FIXED INTEREST CONTRACT
234,217,606(b) Empower Annuity Contract(a) 1.45%(c) 234,217,606
     
TOTAL FIXED INTEREST CONTRACT — 16.59%
(Cost $234,217,606) 		$234,217,606
TOTAL INVESTMENTS — 100.03%
(Cost $1,635,645,173) 		$1,412,236,133
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(473,802)
TOTAL NET ASSETS — 100.00% $1,411,762,331
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at September 30, 2022. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 30, 2022

 

EMPOWER FUNDS, INC.
EMPOWER MODERATELY AGGRESSIVE PROFILE FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
2,107,494 Empower Core Bond Fund Institutional Class(a) $ 17,386,827
3,322,995 Empower Global Bond Fund Institutional Class(a)  22,928,667
1,174,098 Empower High Yield Bond Fund Institutional Class(a)  10,308,580
1,282,599 Empower Inflation-Protected Securities Fund Institutional Class(a)  11,504,909
2,862,544 Empower Multi-Sector Bond Fund Institutional Class(a)  22,843,103
2,323,895 Empower Short Duration Bond Fund Institutional Class(a)  21,426,310
2,126,066 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)  17,476,262
     
TOTAL BOND MUTUAL FUNDS — 18.41%
(Cost $147,059,182) 		$123,874,658
EQUITY MUTUAL FUNDS
4,649,618 Empower Emerging Markets Equity Fund Institutional Class(a) 34,174,690
5,006,691 Empower International Growth Fund Institutional Class(a) 34,646,302
12,919,201 Empower International Value Fund Institutional Class(a) 86,687,840
5,985,414 Empower Large Cap Growth Fund Institutional Class(a) 46,446,810
17,036,585 Empower Large Cap Value Fund Institutional Class(a) 114,826,584
9,151,861 Empower Mid Cap Value Fund Institutional Class(a) 62,415,695
Shares   Fair Value
Equity Mutual Funds — (continued)
2,972,433 Empower Real Estate Index Fund Institutional Class(a) $ 23,066,083
1,924,677 Empower Small Cap Growth Fund Institutional Class(a)  16,956,408
6,572,698 Empower Small Cap Value Fund Institutional Class(a)  41,539,451
4,287,055 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  25,165,012
     
TOTAL EQUITY MUTUAL FUNDS — 72.22%
(Cost $643,845,604) 		$485,924,875
Account Balance    
FIXED INTEREST CONTRACT
63,218,116(b) Empower Annuity Contract(a) 1.45%(c) 63,218,116
     
TOTAL FIXED INTEREST CONTRACT — 9.40%
(Cost $63,218,116) 		$63,218,116
TOTAL INVESTMENTS — 100.03%
(Cost $854,122,902) 		$673,017,649
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(228,408)
TOTAL NET ASSETS — 100.00% $672,789,241
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at September 30, 2022. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 30, 2022

 

EMPOWER FUNDS, INC.
EMPOWER AGGRESSIVE PROFILE FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
EQUITY MUTUAL FUNDS
5,047,076 Empower Emerging Markets Equity Fund Institutional Class(a) $ 37,096,011
5,417,938 Empower International Growth Fund Institutional Class(a)  37,492,131
13,959,882 Empower International Value Fund Institutional Class(a)  93,670,805
6,459,517 Empower Large Cap Growth Fund Institutional Class(a)  50,125,854
18,527,446 Empower Large Cap Value Fund Institutional Class(a) 124,874,985
9,977,843 Empower Mid Cap Value Fund Institutional Class(a)  68,048,892
1,985,507 Empower Real Estate Index Fund Institutional Class(a)  15,407,535
2,075,555 Empower Small Cap Growth Fund Institutional Class(a) 18,285,641
Shares   Fair Value
Equity Mutual Funds — (continued)
13,959,882 Empower Small Cap Value Fund Institutional Class(a) $ 45,466,933
4,657,829 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  27,341,455
     
TOTAL EQUITY MUTUAL FUNDS — 100.03%
(Cost $643,828,448) 		$517,810,242
TOTAL INVESTMENTS — 100.03%
(Cost $643,828,448) 		$517,810,242
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(178,293)
TOTAL NET ASSETS — 100.00% $517,631,949
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 30, 2022

 

EMPOWER FUNDS, INC.
Notes to Schedule of Investments (Unaudited)
Security Valuation
The Board of Directors of the Funds 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 investment adviser, Empower Capital Management, LLC, to complete valuation determinations under those policies and procedures.
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. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. The net asset value of each class of the 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.
Investments in fixed interest contracts issued by Empower Annuity Insurance Company of America (EAIC Contract) are valued at the amount of net deposits plus accrued interest, determined on a daily basis. The EAIC Contract is backed by the general account of Empower Annuity Insurance Company of America (EAIC).
The Funds classify 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. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of September 30, 2022, each Fund’s investments in the underlying mutual funds are valued using Level 1 inputs. Each Fund’s investment in the EAIC Contract is valued using Level 2 inputs. More information regarding each Fund’s sector classifications are included in the Schedule of Investments.
Fund-of-Funds Structure Risk
Since each Fund invests directly in underlying funds, all risks associated with the eligible underlying funds apply to each Fund. To the extent each Fund invests more of its assets in one underlying fund than another, each Fund will have greater exposure to the risks of that underlying fund.
Transactions with Affiliates
Each Fund may invest in the EAIC Contract pursuant to exemptive relief issued by the U.S. Securities and Exchange Commission. The EAIC Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation of the Funds. EAIC calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). As a result of EAIC being an affiliated entity, the Funds are exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If EAIC were to become insolvent, the EAIC Contract would be settled commensurate with other policy holder obligations.
The amounts deposited will accrue interest at a declared rate of interest, adjustable on a calendar quarter or other periodic basis, guaranteed to be no less than 1.00%.The investment in the EAIC Contract may be terminated by EAIC or the Funds upon 7 days prior written notice. The guaranteed interest rate paid will be at least as favorable as the guaranteed interest rate paid on other similar products issued by EAIC.
September 30, 2022

 

The following tables are a summary of the transactions for each underlying investment during the period ended September 30, 2022, in which the issuer was an affiliate of a Fund, as defined in the Investment Company Act of 1940.
Empower Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
09/30/2022 		Value
12/31/2021 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received(a) 		  Value
09/30/2022 		  Value as a
Percentage of
Net Assets
BOND MUTUAL FUNDS                          
Empower Core Bond Fund Institutional Class 6,850,972 $70,102,381 $5,664,990 $7,482,727 $(652,234)   $(11,764,125)   $1,114,193   $56,520,519   6.60%
Empower Global Bond Fund Institutional Class 10,836,464 93,514,632 6,932,094 6,790,720 (1,185,209)   (18,884,402)   661,085   74,771,604   8.73
Empower High Yield Bond Fund Institutional Class 3,826,446 42,201,163 1,954,123 3,999,466 (127,259)   (6,559,620)   473,314   33,596,200   3.92
Empower Inflation-Protected Securities Fund Institutional Class 4,163,483 47,021,585 3,770,948 6,815,706 62,447   (6,630,384)   1,765,355   37,346,443   4.36
Empower Multi-Sector Bond Fund Institutional Class 9,282,496 92,132,101 5,243,833 10,298,045 (1,087,414)   (13,003,572)   1,665,747   74,074,317   8.65
Empower Short Duration Bond Fund Institutional Class 8,245,996 93,542,090 4,306,896 16,552,185 (704,015)   (5,268,721)   1,104,943   76,028,080   8.87
Empower U.S. Government Mortgage Securities Fund Institutional Class 6,904,958 70,032,613 4,668,433 9,083,798 (780,032)   (8,858,495)   923,709   56,758,753   6.62
          (4,473,716)   (70,969,319)   7,708,346   409,095,916   47.75
EQUITY MUTUAL FUNDS                          
Empower Emerging Markets Equity Fund Institutional Class 2,104,533 20,206,468 3,670,564 2,373,074 238,670   (6,035,638)   -   15,468,320   1.81
Empower International Growth Fund Institutional Class 2,259,034 20,359,305 7,013,276 2,264,361 515,152   (9,475,702)   -   15,632,518   1.82
Empower International Value Fund Institutional Class 5,849,520 50,506,561 8,531,264 5,265,185 843,461   (14,522,359)   -   39,250,281   4.58
Empower Large Cap Growth Fund Institutional Class 2,710,002 27,430,431 7,289,099 5,715,652 (174,018)   (7,974,261)   90,254   21,029,617   2.45
Empower Large Cap Value Fund Institutional Class 7,727,249 68,708,869 9,196,626 13,535,077 2,551,837   (12,288,759)   852,158   52,081,659   6.08
Empower Mid Cap Value Fund Institutional Class 4,142,271 37,721,088 6,821,986 8,038,361 961,147   (8,254,428)   574,648   28,250,285   3.30
Empower Real Estate Index Fund Institutional Class 5,353,888 55,470,725 15,415,586 9,516,186 3,283,391   (19,823,958)   754,016   41,546,167   4.85
Empower Small Cap Growth Fund Institutional Class 872,930 10,081,970 2,927,352 1,643,964 572,766   (3,674,849)   43,445   7,690,509   0.90
Empower Small Cap Value Fund Institutional Class 2,973,012 25,063,081 5,707,690 6,082,016 230,489   (5,899,320)   126,741   18,789,435   2.19
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 1,948,084 14,995,135 4,101,234 3,169,204 (427,882)   (4,491,913)   3,128   11,435,252   1.34
          8,595,013   (92,441,187)   2,444,390   251,174,043   29.32
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 196,758,907 241,181,665 6,861,288 53,484,534 -   -   2,200,488   196,758,907   22.96
          0   0   2,200,488   196,758,907   22.96
        Total $4,121,297   $(163,410,506)   $12,353,224   $857,028,866   100.03%
(a) The Fund had realized gain distributions received from affiliates of $4,706,987.
September 30, 2022

 

Empower Moderately Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
09/30/2022 		Value
12/31/2021 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received(a) 		  Value
09/30/2022 		  Value as a
Percentage of
Net Assets
BOND MUTUAL FUNDS                          
Empower Core Bond Fund Institutional Class 3,150,185 $32,005,734 $3,230,542 $3,862,135 $(299,090)   $(5,385,113)   $509,195   $25,989,028   5.22%
Empower Global Bond Fund Institutional Class 4,984,612 42,708,267 3,969,875 3,665,282 (568,183)   (8,619,037)   298,931   34,393,823   6.90
Empower High Yield Bond Fund Institutional Class 1,754,677 19,217,840 1,126,358 1,959,419 (83,134)   (2,978,718)   213,995   15,406,061   3.09
Empower Inflation-Protected Securities Fund Institutional Class 1,919,085 21,477,480 2,307,414 3,496,273 70,390   (3,074,428)   799,819   17,214,193   3.45
Empower Multi-Sector Bond Fund Institutional Class 4,267,712 42,007,621 3,218,259 5,392,257 (656,385)   (5,777,283)   749,286   34,056,340   6.83
Empower Short Duration Bond Fund Institutional Class 1,413,400 15,903,997 1,117,910 3,132,202 (159,336)   (858,156)   188,463   13,031,549   2.62
Empower U.S. Government Mortgage Securities Fund Institutional Class 3,172,173 31,974,834 2,986,547 4,715,906 (243,638)   (4,170,213)   422,584   26,075,262   5.23
          (1,939,376)   (30,862,948)   3,182,273   166,166,256   33.34
EQUITY MUTUAL FUNDS                          
Empower Emerging Markets Equity Fund Institutional Class 1,989,879 18,928,170 3,123,671 1,763,258 169,698   (5,662,975)   -   14,625,608   2.94
Empower International Growth Fund Institutional Class 2,139,398 19,073,455 5,772,897 1,362,315 158,331   (8,679,403)   -   14,804,634   2.97
Empower International Value Fund Institutional Class 5,533,872 47,395,069 6,859,722 3,479,235 629,427   (13,643,277)   -   37,132,279   7.45
Empower Large Cap Growth Fund Institutional Class 2,559,810 25,655,444 5,812,987 4,316,355 (487,351)   (7,287,950)   87,120   19,864,126   3.99
Empower Large Cap Value Fund Institutional Class 7,290,907 64,338,865 6,768,198 11,136,800 1,515,297   (10,829,547)   794,950   49,140,716   9.86
Empower Mid Cap Value Fund Institutional Class 3,911,467 35,365,296 5,438,663 7,539,660 (370,334)   (6,588,091)   550,477   26,676,208   5.35
Empower Real Estate Index Fund Institutional Class 2,807,574 28,838,438 7,268,217 5,244,839 385,426   (9,075,039)   389,848   21,786,777   4.37
Empower Small Cap Growth Fund Institutional Class 823,755 9,378,278 2,353,736 1,614,434 (64,192)   (2,860,298)   42,295   7,257,282   1.46
Empower Small Cap Value Fund Institutional Class 2,810,660 23,436,436 4,679,275 4,670,767 240,317   (5,681,572)   118,466   17,763,372   3.56
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 1,836,886 14,011,228 3,312,870 1,958,590 (80,118)   (4,582,988)   3,052   10,782,520   2.16
          2,096,501   (74,891,140)   1,986,208   219,833,522   44.11
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 112,524,368 136,657,684 7,284,713 32,662,282 -   -   1,244,253   112,524,368   22.58
          0   0   1,244,253   112,524,368   22.58
        Total $157,125   $(105,754,088)   $6,412,734   $498,524,146   100.03%
(a) The Fund had realized gain distributions received from affiliates of $4,174,638.
September 30, 2022

 

Empower Moderate Profile Fund
Affiliate Shares Held/
Account
Balance
09/30/2022 		Value
12/31/2021 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received(a) 		  Value
09/30/2022 		  Value as a
Percentage of
Net Assets
BOND MUTUAL FUNDS                          
Empower Core Bond Fund Institutional Class 6,531,849 $68,881,630 $5,729,910 $9,502,300 $(773,104)   $(11,221,489)   $1,061,050   $53,887,751   3.82%
Empower Global Bond Fund Institutional Class 10,307,081 91,891,921 6,341,043 9,240,925 (1,472,954)   (17,873,178)   621,005   71,118,861   5.04
Empower High Yield Bond Fund Institutional Class 3,628,435 41,415,600 1,397,689 4,642,683 (199,160)   (6,312,945)   445,770   31,857,661   2.25
Empower Inflation-Protected Securities Fund Institutional Class 3,969,175 46,252,237 3,231,829 7,482,175 67,307   (6,398,393)   1,674,672   35,603,498   2.52
Empower Multi-Sector Bond Fund Institutional Class 8,847,762 90,527,132 5,579,483 13,319,095 (1,430,940)   (12,182,377)   1,566,895   70,605,143   5.00
Empower Short Duration Bond Fund Institutional Class 2,935,523 34,224,513 1,691,062 7,049,194 (352,520)   (1,800,858)   393,292   27,065,523   1.92
Empower U.S. Government Mortgage Securities Fund Institutional Class 6,584,065 68,811,803 4,861,264 10,987,674 (735,563)   (8,564,379)   879,478   54,121,014   3.83
          (4,896,934)   (64,353,619)   6,642,162   344,259,451   24.38
EQUITY MUTUAL FUNDS                          
Empower Emerging Markets Equity Fund Institutional Class 7,828,065 77,843,133 9,682,234 8,133,222 (133,911)   (21,855,868)   -   57,536,277   4.07
Empower International Growth Fund Institutional Class 8,417,610 78,216,826 18,551,743 5,175,112 (722,619)   (33,343,593)   -   58,249,864   4.13
Empower International Value Fund Institutional Class 21,769,509 194,470,698 12,095,473 10,946,090 (2,869,067)   (49,546,677)   -   146,073,404   10.35
Empower Large Cap Growth Fund Institutional Class 10,068,152 105,377,397 14,047,730 9,231,759 623,065   (32,064,506)   344,771   78,128,862   5.53
Empower Large Cap Value Fund Institutional Class 28,672,185 263,671,614 10,400,766 38,474,381 4,585,629   (42,347,473)   3,151,126   193,250,526   13.69
Empower Mid Cap Value Fund Institutional Class 15,381,214 144,141,901 10,893,756 22,432,330 (522,886)   (27,703,448)   2,189,420   104,899,879   7.43
Empower Real Estate Index Fund Institutional Class 7,089,050 75,729,917 12,509,554 9,390,557 1,445,743   (23,837,890)   994,848   55,011,024   3.90
Empower Small Cap Growth Fund Institutional Class 3,234,107 38,401,061 6,164,886 4,278,510 (99,807)   (11,794,955)   167,104   28,492,482   2.02
Empower Small Cap Value Fund Institutional Class 11,038,267 95,783,706 9,110,518 11,577,371 1,388,891   (23,555,003)   468,708   69,761,850   4.94
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 7,215,487 57,335,315 8,419,219 5,472,959 (949,462)   (17,926,667)   12,013   42,354,908   3.00
          2,745,576   (283,976,080)   7,327,990   833,759,076   59.06
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 234,217,606 294,574,102 8,531,371 71,519,808 -   -   2,631,941   234,217,606   16.59
          0   0   2,631,941   234,217,606   16.59
        Total $(2,151,358)   $(348,329,699)   $16,602,093   $1,412,236,133   100.03%
(a) The Fund had realized gain distributions received from affiliates of $15,861,881.
September 30, 2022

 

Empower Moderately Aggressive Profile Fund
Affiliate Shares Held/
Account
Balance
09/30/2022 		Value
12/31/2021 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received(a) 		  Value
09/30/2022 		  Value as a
Percentage of
Net Assets
BOND MUTUAL FUNDS                          
Empower Core Bond Fund Institutional Class 2,107,494 $22,572,949 $2,722,945 $4,291,248 $(254,466)   $(3,617,819)   $340,555   $17,386,827   2.58%
Empower Global Bond Fund Institutional Class 3,322,995 30,029,853 3,248,072 4,689,492 (572,987)   (5,659,766)   198,266   22,928,667   3.41
Empower High Yield Bond Fund Institutional Class 1,174,098 13,483,140 817,616 1,873,922 9,741   (2,118,254)   142,867   10,308,580   1.53
Empower Inflation-Protected Securities Fund Institutional Class 1,282,599 15,131,405 1,743,390 3,181,193 147,327   (2,188,693)   537,707   11,504,909   1.71
Empower Multi-Sector Bond Fund Institutional Class 2,862,544 29,697,133 2,852,071 5,746,763 (432,789)   (3,959,338)   500,370   22,843,103   3.40
Empower Short Duration Bond Fund Institutional Class 2,323,895 27,382,118 2,466,328 7,031,976 (304,857)   (1,390,160)   308,781   21,426,310   3.18
Empower U.S. Government Mortgage Securities Fund Institutional Class 2,126,066 22,538,827 2,550,031 4,922,479 (312,077)   (2,690,117)   282,285   17,476,262   2.60
          (1,720,108)   (21,624,147)   2,310,831   123,874,658   18.41
EQUITY MUTUAL FUNDS                          
Empower Emerging Markets Equity Fund Institutional Class 4,649,618 46,368,276 7,094,608 6,203,114 198,403   (13,085,080)   -   34,174,690   5.08
Empower International Growth Fund Institutional Class 5,006,691 46,879,970 10,463,516 2,705,885 (365,777)   (19,991,299)   -   34,646,302   5.15
Empower International Value Fund Institutional Class 12,919,201 116,011,311 8,906,678 9,345,330 (2,147,771)   (28,884,819)   -   86,687,840   12.88
Empower Large Cap Growth Fund Institutional Class 5,985,414 63,154,925 7,963,702 5,711,465 159,282   (18,960,352)   204,217   46,446,810   6.90
Empower Large Cap Value Fund Institutional Class 17,036,585 157,719,836 7,030,393 22,959,665 4,645,109   (26,963,980)   1,849,035   114,826,584   17.07
Empower Mid Cap Value Fund Institutional Class 9,151,861 86,899,918 6,590,840 14,616,097 (301,402)   (16,458,966)   1,296,880   62,415,695   9.28
Empower Real Estate Index Fund Institutional Class 2,972,433 31,968,145 5,540,408 4,481,961 548,213   (9,960,509)   411,719   23,066,083   3.43
Empower Small Cap Growth Fund Institutional Class 1,924,677 23,164,551 3,461,450 2,512,061 21,159   (7,157,532)   99,529   16,956,408   2.52
Empower Small Cap Value Fund Institutional Class 6,572,698 57,736,671 6,147,057 9,355,230 (135,368)   (12,989,047)   275,497   41,539,451   6.17
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 4,287,055 34,342,169 4,978,152 2,877,323 844   (11,277,986)   7,138   25,165,012   3.74
          2,622,692   (165,729,570)   4,144,015   485,924,875   72.22
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 63,218,116 80,126,465 5,593,535 23,206,462 -   -   704,578   63,218,116   9.40
          0   0   704,578   63,218,116   9.40
        Total $902,584   $(187,353,717)   $7,159,424   $673,017,649   100.03%
(a) The Fund had realized gain distributions received from affiliates of $9,239,221.
September 30, 2022

 

Empower Aggressive Profile Fund
Affiliate Shares Held/
Account
Balance
09/30/2022 		Value
12/31/2021 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received(a) 		  Value
09/30/2022 		  Value as a
Percentage of
Net Assets
EQUITY MUTUAL FUNDS                          
Empower Emerging Markets Equity Fund Institutional Class 5,047,076 $51,771,525 $7,259,748 $7,357,512 $80,654   $(14,577,750)   $-   $37,096,011   7.17%
Empower International Growth Fund Institutional Class 5,417,938 51,963,457 11,171,429 3,578,235 (605,038)   (22,064,520)   -   37,492,131   7.24
Empower International Value Fund Institutional Class 13,959,882 129,639,987 8,538,675 10,535,390 (633,654)   (33,972,467)   -   93,670,805   18.10
Empower Large Cap Growth Fund Institutional Class 6,459,517 69,830,541 9,210,069 8,069,622 (60,542)   (20,845,134)   223,495   50,125,854   9.68
Empower Large Cap Value Fund Institutional Class 18,527,446 175,146,795 7,521,639 27,929,321 4,896,348   (29,864,128)   2,021,642   124,874,985   24.12
Empower Mid Cap Value Fund Institutional Class 9,977,843 95,396,129 5,830,850 17,225,637 (2,780,080)   (15,952,450)   1,420,475   68,048,892   13.15
Empower Real Estate Index Fund Institutional Class 1,985,507 21,763,507 3,464,684 2,043,175 1,312,607   (7,777,481)   275,112   15,407,535   2.98
Empower Small Cap Growth Fund Institutional Class 2,075,555 25,430,091 4,022,464 3,586,036 (347,990)   (7,580,878)   108,673   18,285,641   3.53
Empower Small Cap Value Fund Institutional Class 13,959,882 63,594,642 6,642,923 11,520,798 (1,468,511)   (13,249,834)   301,562   45,466,933   8.78
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 4,657,829 38,062,265 5,428,355 3,493,535 112,397   (12,655,630)   7,861   27,341,455   5.28
          506,191   (178,540,272)   4,358,820   517,810,242   100.03
        Total $506,191   $(178,540,272)   $4,358,820   $517,810,242   100.03%
(a) The Fund had realized gain distributions received from affiliates of $9,879,624.
September 30, 2022