EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 5.05%
86,384 Anglo American PLC $  2,593,265
40,000 Koninklijke DSM NV   4,551,605
16,614 Linde PLC   4,478,968
39,300 Shin-Etsu Chemical Co Ltd   3,889,003
44,904 Symrise AG   4,378,680
    19,891,521
Communications — 9.28%
1,400,000 Ascential PLC(a) 3,183,481
400,000 CyberAgent Inc(b) 3,368,044
52,412 Delivery Hero SE(a)(c) 1,914,455
8,531 MercadoLibre Inc(a) 7,061,791
25,000 Nice Ltd Sponsored ADR(a) 4,706,000
22,974 Sea Ltd ADR(a) 1,287,693
150,000 Shopify Inc Class A(a) 4,041,000
70,600 Tencent Holdings Ltd 2,384,608
220,000 Viaplay Group AB(a) 4,273,841
44,980 Wolters Kluwer NV 4,379,848
    36,600,761
Consumer, Cyclical — 8.86%
23,287 adidas AG 2,677,092
125,000 CTS Eventim AG & Co KGaA(a) 5,142,717
33,110 Ferguson PLC 3,433,729
17,317 LVMH Moet Hennessy Louis Vuitton SE 10,209,628
350,000 RS Group PLC 3,734,265
16,300 Shimano Inc 2,550,381
92,100 Sony Group Corp 5,932,573
64,519 Zalando SE(a)(c) 1,260,242
    34,940,627
Consumer, Non-Cyclical — 35.66%
5,918 Adyen NV(a)(c) 7,380,677
65,000 Alcon Inc 3,775,553
268,931 Allfunds Group PLC 1,965,379
90,000 Amadeus IT Group SA(a) 4,172,622
7,472 Argenx SE(a)(b) 2,659,099
300,000 Asahi Intecc Co Ltd 4,784,495
59,025 AstraZeneca PLC 6,487,906
400,000 Clarivate PLC(a) 3,756,000
32,000 Cochlear Ltd 3,974,976
32,966 Coloplast A/S Class B(b) 3,350,148
30,000 CSL Ltd 5,456,032
194,746 Diageo PLC 8,196,430
250,000 Evotec SE(a) 4,346,440
110,000 Experian PLC 3,218,761
27,246 Genmab A/S(a) 8,765,139
55,696 IDP Education Ltd(b) 935,611
67,494 Intertek Group PLC 2,768,457
137,600 Kyowa Kirin Co Ltd 3,163,728
8,187 Lonza Group AG 3,986,179
21,508 L'Oreal SA 6,876,986
141,505 Nestle SA 15,304,802
102,750 Novo Nordisk A/S Class B 10,235,730
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
350,290 Oxford Nanopore Technologies PLC(a) $    986,142
282,546 RELX PLC   6,901,057
40,846 Roche Holding AG  13,296,712
23,918 Straumann Holding AG(b)   2,187,544
31,000 Sysmex Corp   1,656,524
    140,589,129
Energy — 0.68%
131,889 Woodside Energy Group Ltd 2,694,701
Financial — 11.79%
905,000 AIA Group Ltd 7,534,946
213,500 DBS Group Holdings Ltd 4,938,974
55,131 Deutsche Boerse AG 9,037,411
360,000 FinecoBank Banca Fineco SpA 4,446,162
55,902 HDFC Bank Ltd ADR 3,265,795
127,700 Hong Kong Exchanges & Clearing Ltd 4,365,094
430,000 Intermediate Capital Group PLC 4,637,664
51,376 London Stock Exchange Group PLC 4,337,490
40,000 Macquarie Group Ltd 3,902,421
    46,465,957
Industrial — 12.82%
154,663 Assa Abloy AB Class B 2,897,775
443,202 Atlas Copco AB Class A 4,119,278
50,000 Cellnex Telecom SA(c) 1,542,324
30,300 Daikin Industries Ltd 4,662,233
30,000 DSV A/S 3,514,425
59,200 Hoya Corp 5,704,430
18,100 Keyence Corp 5,983,146
35,000 MTU Aero Engines AG 5,230,891
31,805 Safran SA 2,893,918
50,555 Schneider Electric SE 5,710,205
25,000 Sika AG 5,024,794
8,000 SMC Corp 3,255,763
    50,539,182
Technology — 11.32%
36,095 ASML Holding NV 14,953,346
100,000 AVEVA Group PLC(b) 3,449,112
26,237 Capgemini SE 4,200,542
40,000 CyberArk Software Ltd(a) 5,997,600
167,903 Keywords Studios PLC 4,279,414
90,000 SimCorp A/S(b) 5,065,366
44,112 Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR 3,024,319
14,900 Tokyo Electron Ltd 3,671,284
    44,640,983
TOTAL COMMON STOCK — 95.46%
(Cost $434,694,880) 		$376,362,861
 
See Notes to Schedule of Investments.
September 30, 2022

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
PREFERRED STOCK
Industrial — 0.51%
5,898 Sartorius AG $  2,040,136
TOTAL PREFERRED STOCK — 0.51%
(Cost $2,222,418) 		$2,040,136
GOVERNMENT MONEY MARKET MUTUAL FUNDS
667,000 Dreyfus Institutional Preferred Government Plus Money Market Fund Class SL(d), 2.57%(e)     667,000
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.17%
(Cost $667,000) 		$667,000
Principal Amount    
SHORT TERM INVESTMENTS
Repurchase Agreements — 2.62%
$2,609,663 Undivided interest of 2.21% in a repurchase agreement (principal amount/value $118,322,658 with a maturity value of $118,352,633) with RBC Capital Markets Corp, 3.04%, dated 9/30/22 to be repurchased at $2,609,663 on 10/3/22 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 6.00%, 8/15/25 - 8/20/52, with a value of $120,689,112.(d) 2,609,663
2,609,663 Undivided interest of 2.23% in a repurchase agreement (principal amount/value $117,322,658 with a maturity value of $117,352,478) with Bank of America Securities Inc, 3.05%, dated 9/30/22 to be repurchased at $2,609,663 on 10/3/22 collateralized by Federal National Mortgage Association securities, 2.00% - 6.00%, 7/1/50 - 9/1/52, with a value of $119,669,111.(d) 2,609,663
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$2,609,663 Undivided interest of 2.23% in a repurchase agreement (principal amount/value $117,322,658 with a maturity value of $117,352,478) with Citigroup Global Markets Inc, 3.05%, dated 9/30/22 to be repurchased at $2,609,663 on 10/3/22 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 5.38%, 2/15/24 - 3/20/52, with a value of $119,669,116.(d) $  2,609,663
2,493,532 Undivided interest of 2.63% in a repurchase agreement (principal amount/value $94,920,325 with a maturity value of $94,944,451) with Bank of Montreal, 3.05%, dated 9/30/22 to be repurchased at $2,493,532 on 10/3/22 collateralized by Federal National Mortgage Association securities, 2.00% - 6.00%, 8/1/36 - 9/1/52, with a value of $96,818,731.(d)   2,493,532
TOTAL SHORT TERM INVESTMENTS — 2.62%
(Cost $10,322,521) 		$10,322,521
TOTAL INVESTMENTS — 98.76%
(Cost $447,906,819) 		$389,392,518
OTHER ASSETS & LIABILITIES, NET — 1.24% $4,870,398
TOTAL NET ASSETS — 100.00% $394,262,916
 
(a)  Non-income producing security.
(b)  All or a portion of the security is on loan at September 30, 2022.
(c)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(d)  Collateral received for securities on loan.
(e)  Rate shown is the 7-day yield as of September 30, 2022.
ADR  American Depositary Receipt
See Notes to Schedule of Investments.
September 30, 2022

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Summary of Investments by Country as of September 30, 2022.
Country Fair Value   Percentage of
Fund Investments
United Kingdom $60,909,346   15.64%
Japan 48,621,604   12.49
Switzerland 43,575,584   11.19
Germany 36,028,064   9.25
Netherlands 33,924,575   8.71
Denmark 30,930,808   7.94
France 29,891,279   7.68
Australia 16,963,741   4.36
Hong Kong 11,900,040   3.06
Sweden 11,290,893   2.90
United States 10,989,521   2.82
Israel 10,703,600   2.75
Ireland 7,498,175   1.92
Uruguay 7,061,791   1.81
Singapore 6,226,667   1.60
Spain 5,714,946   1.47
Italy 4,446,162   1.14
Canada 4,041,000   1.04
India 3,265,795   0.84
Taiwan 3,024,319   0.78
China 2,384,608   0.61
Total $389,392,518   100.00%
See Notes to Schedule of Investments.
September 30, 2022

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Notes to Schedule of Investments (Unaudited)
Security Valuation
The Board of Directors of the Fund has adopted policies and procedures for the valuation of the 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.
The 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 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.
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 of Directors, 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.
Independent pricing services are approved by the Board of Directors 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.
September 30, 2022

 

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.
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.
The Fund classifies its valuations into three levels based upon the observability of inputs to the valuation of the 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 the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of September 30, 2022, the inputs used to value the Fund’s investments are detailed in the following table. More information regarding the sector or geography classifications, as applicable, are included in the Schedule of Investments.
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Common Stock              
Basic Materials $4,478,968   $15,412,553   $—   $19,891,521
Communications 17,096,484   19,504,277   —   36,600,761
Consumer, Cyclical —   34,940,627   —   34,940,627
Consumer, Non-cyclical 7,531,553   133,057,576   —   140,589,129
Energy —   2,694,701   —   2,694,701
Financial 3,265,795   43,200,162   —   46,465,957
Industrial —   50,539,182   —   50,539,182
Technology 9,021,919   35,619,064   —   44,640,983
  41,394,719   334,968,142   —   376,362,861
Preferred Stock —   2,040,136   —   2,040,136
Government Money Market Mutual Funds 667,000   —   —   667,000
Short Term Investments —   10,322,521   —   10,322,521
Total Assets $42,061,719   $347,330,799   $—   $389,392,518
September 30, 2022

 

Repurchase Agreements
The Fund may engage in repurchase agreement transactions with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund will purchase securities at a specified price with an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Fund’s custodian and/or securities lending agent receives delivery of the underlying securities collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.
September 30, 2022