EMPOWER FUNDS, INC.
EMPOWER LIFETIME 2015 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
7,118,591 Empower Bond Index Fund Institutional Class(a) $ 58,301,258
3,463,002 Empower Core Bond Fund Institutional Class(a)  28,569,764
4,399,344 Empower Global Bond Fund Institutional Class(a)  30,355,471
1,854,365 Empower High Yield Bond Fund Institutional Class(a)  16,281,322
7,950,017 Empower Inflation-Protected Securities Fund Institutional Class(a)  71,311,654
2,892,119 Empower Multi-Sector Bond Fund Institutional Class(a)  23,079,113
3,390,478 Empower Short Duration Bond Fund Institutional Class(a)  31,260,211
     
TOTAL BOND MUTUAL FUNDS — 47.11%
(Cost $302,704,268) 		$259,158,793
EQUITY MUTUAL FUNDS
358,903 American Century Real Estate Fund Class R6 8,674,682
1,079,117 DFA International Real Estate Securities Portfolio Institutional Class 3,550,295
184,795 Empower Ariel Mid Cap Value Fund Institutional Class(a) 1,870,129
904,146 Empower Emerging Markets Equity Fund Institutional Class(a) 6,645,470
1,680,999 Empower International Growth Fund Institutional Class(a) 11,632,511
3,069,350 Empower International Index Fund Institutional Class(a) 24,554,802
1,960,345 Empower International Value Fund Institutional Class(a) 13,153,918
2,666,096 Empower Large Cap Growth Fund Institutional Class(a) 20,688,903
3,293,487 Empower Large Cap Value Fund Institutional Class(a) 22,198,104
1,119,106 Empower Mid Cap Value Fund Institutional Class(a) 7,632,305
594,368 Empower Real Estate Index Fund Institutional Class(a) 4,612,293
Shares   Fair Value
Equity Mutual Funds — (continued)
5,772,717 Empower S&P 500® Index Fund Institutional Class(a) $ 42,718,107
2,427,341 Empower S&P Mid Cap 400® Index Fund Institutional Class(a)  18,302,150
1,347,899 Empower S&P Small Cap 600® Index Fund Institutional Class(a)   8,195,228
86,754 Empower Small Cap Growth Fund Institutional Class(a)     764,302
679,576 Empower Small Cap Value Fund Institutional Class(a)   4,294,918
1,504,625 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)   8,832,146
749,994 Fidelity® Emerging Markets Index Fund Institutional Class   6,599,950
124,804 Janus Henderson Triton Fund Class N 3,077,672
     
TOTAL EQUITY MUTUAL FUNDS — 39.62%
(Cost $261,150,800) 		$217,997,885
Account Balance    
FIXED INTEREST CONTRACT
73,221,197(b) Empower Annuity Contract(a) 1.45%(c) 73,221,197
     
TOTAL FIXED INTEREST CONTRACT — 13.31%
(Cost $73,221,197) 		$73,221,197
TOTAL INVESTMENTS — 100.04%
(Cost $637,076,265) 		$550,377,875
OTHER ASSETS & LIABILITIES, NET — (0.04)% $(201,384)
TOTAL NET ASSETS — 100.00% $550,176,491
 
(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 LIFETIME 2020 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
4,857,403 Empower Bond Index Fund Institutional Class(a) $ 39,782,129
2,362,412 Empower Core Bond Fund Institutional Class(a)  19,489,896
2,816,217 Empower Global Bond Fund Institutional Class(a)  19,431,898
1,267,052 Empower High Yield Bond Fund Institutional Class(a)  11,124,720
4,033,283 Empower Inflation-Protected Securities Fund Institutional Class(a)  36,178,544
1,978,356 Empower Multi-Sector Bond Fund Institutional Class(a)  15,787,284
1,788,827 Empower Short Duration Bond Fund Institutional Class(a)  16,492,987
     
TOTAL BOND MUTUAL FUNDS — 44.82%
(Cost $188,365,976) 		$158,287,458
EQUITY MUTUAL FUNDS
234,312 American Century Real Estate Fund Class R6 5,663,310
737,714 DFA International Real Estate Securities Portfolio Institutional Class 2,427,078
132,697 Empower Ariel Mid Cap Value Fund Institutional Class(a) 1,342,894
704,336 Empower Emerging Markets Equity Fund Institutional Class(a) 5,176,870
1,244,628 Empower International Growth Fund Institutional Class(a) 8,612,828
2,275,076 Empower International Index Fund Institutional Class(a) 18,200,607
1,447,858 Empower International Value Fund Institutional Class(a) 9,715,128
1,865,924 Empower Large Cap Growth Fund Institutional Class(a) 14,479,568
2,305,461 Empower Large Cap Value Fund Institutional Class(a) 15,538,805
782,091 Empower Mid Cap Value Fund Institutional Class(a) 5,333,861
391,095 Empower Real Estate Index Fund Institutional Class(a) 3,034,897
Shares   Fair Value
Equity Mutual Funds — (continued)
4,042,036 Empower S&P 500® Index Fund Institutional Class(a) $ 29,911,064
1,702,674 Empower S&P Mid Cap 400® Index Fund Institutional Class(a)  12,838,160
1,045,703 Empower S&P Small Cap 600® Index Fund Institutional Class(a)   6,357,874
67,801 Empower Small Cap Growth Fund Institutional Class(a)     597,328
531,435 Empower Small Cap Value Fund Institutional Class(a)   3,358,672
1,058,272 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)   6,212,060
584,793 Fidelity® Emerging Markets Index Fund Institutional Class   5,146,178
97,342 Janus Henderson Triton Fund Class N 2,400,462
     
TOTAL EQUITY MUTUAL FUNDS — 44.27%
(Cost $203,409,398) 		$156,347,644
Account Balance    
FIXED INTEREST CONTRACT
38,646,843(b) Empower Annuity Contract(a) 1.45%(c) 38,646,843
     
TOTAL FIXED INTEREST CONTRACT — 10.94%
(Cost $38,646,843) 		$38,646,843
TOTAL INVESTMENTS — 100.03%
(Cost $430,422,217) 		$353,281,945
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(123,139)
TOTAL NET ASSETS — 100.00% $353,158,806
 
(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 LIFETIME 2025 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
16,939,241 Empower Bond Index Fund Institutional Class(a) $  138,732,382
8,216,654 Empower Core Bond Fund Institutional Class(a)    67,787,396
9,358,934 Empower Global Bond Fund Institutional Class(a)    64,576,644
4,428,301 Empower High Yield Bond Fund Institutional Class(a)    38,880,482
10,421,970 Empower Inflation-Protected Securities Fund Institutional Class(a)    93,485,070
6,890,821 Empower Multi-Sector Bond Fund Institutional Class(a)    54,988,755
4,831,219 Empower Short Duration Bond Fund Institutional Class(a)    44,543,835
     
TOTAL BOND MUTUAL FUNDS — 41.12%
(Cost $594,887,806) 		$502,994,564
EQUITY MUTUAL FUNDS
827,666 American Century Real Estate Fund Class R6 20,004,692
2,751,067 DFA International Real Estate Securities Portfolio Institutional Class 9,051,012
508,658 Empower Ariel Mid Cap Value Fund Institutional Class(a) 5,147,621
3,009,779 Empower Emerging Markets Equity Fund Institutional Class(a) 22,121,874
5,064,764 Empower International Growth Fund Institutional Class(a) 35,048,165
9,277,203 Empower International Index Fund Institutional Class(a) 74,217,625
5,910,062 Empower International Value Fund Institutional Class(a) 39,656,518
7,164,255 Empower Large Cap Growth Fund Institutional Class(a) 55,594,621
8,889,304 Empower Large Cap Value Fund Institutional Class(a) 59,913,912
3,018,662 Empower Mid Cap Value Fund Institutional Class(a) 20,587,271
Shares   Fair Value
Equity Mutual Funds — (continued)
1,379,016 Empower Real Estate Index Fund Institutional Class(a) $   10,701,162
15,559,560 Empower S&P 500® Index Fund Institutional Class(a)   115,140,742
6,554,561 Empower S&P Mid Cap 400® Index Fund Institutional Class(a)    49,421,388
4,427,210 Empower S&P Small Cap 600® Index Fund Institutional Class(a)    26,917,437
290,540 Empower Small Cap Growth Fund Institutional Class(a)     2,559,659
2,245,903 Empower Small Cap Value Fund Institutional Class(a)    14,194,105
4,067,652 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)    23,877,120
2,498,312 Fidelity® Emerging Markets Index Fund Institutional Class 21,985,145
411,633 Janus Henderson Triton Fund Class N 10,150,861
     
TOTAL EQUITY MUTUAL FUNDS — 50.39%
(Cost $748,515,927) 		$616,290,930
Account Balance    
FIXED INTEREST CONTRACT
104,278,558(b) Empower Annuity Contract(a) 1.45%(c) 104,278,558
     
TOTAL FIXED INTEREST CONTRACT — 8.53%
(Cost $104,278,558) 		$104,278,558
TOTAL INVESTMENTS — 100.04%
(Cost $1,447,682,291) 		$1,223,564,052
OTHER ASSETS & LIABILITIES, NET — (0.04)% $(460,610)
TOTAL NET ASSETS — 100.00% $1,223,103,442
 
(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 LIFETIME 2030 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
5,094,550 Empower Bond Index Fund Institutional Class(a) $ 41,724,368
2,476,911 Empower Core Bond Fund Institutional Class(a)  20,434,519
2,711,241 Empower Global Bond Fund Institutional Class(a)  18,707,562
1,335,892 Empower High Yield Bond Fund Institutional Class(a)  11,729,129
2,283,151 Empower Inflation-Protected Securities Fund Institutional Class(a)  20,479,867
2,078,542 Empower Multi-Sector Bond Fund Institutional Class(a)  16,586,762
1,126,872 Empower Short Duration Bond Fund Institutional Class(a)  10,389,760
     
TOTAL BOND MUTUAL FUNDS — 35.11%
(Cost $166,761,279) 		$140,051,967
EQUITY MUTUAL FUNDS
275,163 American Century Real Estate Fund Class R6 6,650,687
962,911 DFA International Real Estate Securities Portfolio Institutional Class 3,167,977
189,531 Empower Ariel Mid Cap Value Fund Institutional Class(a) 1,918,055
1,236,945 Empower Emerging Markets Equity Fund Institutional Class(a) 9,091,549
1,996,138 Empower International Growth Fund Institutional Class(a) 13,813,273
3,650,405 Empower International Index Fund Institutional Class(a) 29,203,242
2,325,830 Empower International Value Fund Institutional Class(a) 15,606,317
2,667,041 Empower Large Cap Growth Fund Institutional Class(a) 20,696,242
3,302,265 Empower Large Cap Value Fund Institutional Class(a) 22,257,263
1,120,361 Empower Mid Cap Value Fund Institutional Class(a) 7,640,859
456,216 Empower Real Estate Index Fund Institutional Class(a) 3,540,240
Shares   Fair Value
Equity Mutual Funds — (continued)
5,778,826 Empower S&P 500® Index Fund Institutional Class(a) $ 42,763,312
2,441,290 Empower S&P Mid Cap 400® Index Fund Institutional Class(a)  18,407,327
1,803,888 Empower S&P Small Cap 600® Index Fund Institutional Class(a)  10,967,640
117,639 Empower Small Cap Growth Fund Institutional Class(a)   1,036,399
915,560 Empower Small Cap Value Fund Institutional Class(a)   5,786,341
1,513,843 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)   8,886,259
1,027,082 Fidelity® Emerging Markets Index Fund Institutional Class   9,038,322
168,344 Janus Henderson Triton Fund Class N 4,151,356
     
TOTAL EQUITY MUTUAL FUNDS — 58.83%
(Cost $302,254,645) 		$234,622,660
Account Balance    
FIXED INTEREST CONTRACT
24,328,020(b) Empower Annuity Contract(a) 1.45%(c) 24,328,020
     
TOTAL FIXED INTEREST CONTRACT — 6.10%
(Cost $24,328,020) 		$24,328,020
TOTAL INVESTMENTS — 100.04%
(Cost $493,343,944) 		$399,002,647
OTHER ASSETS & LIABILITIES, NET — (0.04)% $(141,090)
TOTAL NET ASSETS — 100.00% $398,861,557
 
(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 LIFETIME 2035 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
12,614,866 Empower Bond Index Fund Institutional Class(a) $  103,315,755
6,124,322 Empower Core Bond Fund Institutional Class(a)    50,525,654
6,476,213 Empower Global Bond Fund Institutional Class(a)    44,685,870
3,299,546 Empower High Yield Bond Fund Institutional Class(a)    28,970,011
3,928,066 Empower Inflation-Protected Securities Fund Institutional Class(a)    35,234,753
5,136,989 Empower Multi-Sector Bond Fund Institutional Class(a)    40,993,175
2,137,052 Empower Short Duration Bond Fund Institutional Class(a)    19,703,621
     
TOTAL BOND MUTUAL FUNDS — 26.74%
(Cost $384,913,228) 		$323,428,839
EQUITY MUTUAL FUNDS
844,522 American Century Real Estate Fund Class R6 20,412,092
3,098,491 DFA International Real Estate Securities Portfolio Institutional Class 10,194,037
657,562 Empower Ariel Mid Cap Value Fund Institutional Class(a) 6,654,523
4,772,533 Empower Emerging Markets Equity Fund Institutional Class(a) 35,078,118
7,376,522 Empower International Growth Fund Institutional Class(a) 51,045,534
13,481,683 Empower International Index Fund Institutional Class(a) 107,853,466
8,599,867 Empower International Value Fund Institutional Class(a) 57,705,109
9,315,897 Empower Large Cap Growth Fund Institutional Class(a) 72,291,361
11,546,640 Empower Large Cap Value Fund Institutional Class(a) 77,824,355
3,931,458 Empower Mid Cap Value Fund Institutional Class(a) 26,812,544
Shares   Fair Value
Equity Mutual Funds — (continued)
1,398,199 Empower Real Estate Index Fund Institutional Class(a) $   10,850,023
20,217,217 Empower S&P 500® Index Fund Institutional Class(a)   149,607,406
8,549,182 Empower S&P Mid Cap 400® Index Fund Institutional Class(a)    64,460,831
6,863,330 Empower S&P Small Cap 600® Index Fund Institutional Class(a)    41,729,046
453,421 Empower Small Cap Growth Fund Institutional Class(a)     3,994,642
3,505,418 Empower Small Cap Value Fund Institutional Class(a)    22,154,240
5,289,263 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)    31,047,971
3,963,708 Fidelity® Emerging Markets Index Fund Institutional Class 34,880,626
637,999 Janus Henderson Triton Fund Class N 15,733,066
     
TOTAL EQUITY MUTUAL FUNDS — 69.47%
(Cost $1,031,893,106) 		$840,328,990
Account Balance    
FIXED INTEREST CONTRACT
46,383,174(b) Empower Annuity Contract(a) 1.45%(c) 46,383,174
     
TOTAL FIXED INTEREST CONTRACT — 3.83%
(Cost $46,383,174) 		$46,383,174
TOTAL INVESTMENTS — 100.04%
(Cost $1,463,189,508) 		$1,210,141,003
OTHER ASSETS & LIABILITIES, NET — (0.04)% $(475,088)
TOTAL NET ASSETS — 100.00% $1,209,665,915
 
(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 LIFETIME 2040 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
2,137,964 Empower Bond Index Fund Institutional Class(a) $ 17,509,924
1,037,699 Empower Core Bond Fund Institutional Class(a)   8,561,017
1,072,201 Empower Global Bond Fund Institutional Class(a)   7,398,188
560,224 Empower High Yield Bond Fund Institutional Class(a)   4,918,770
428,007 Empower Inflation-Protected Securities Fund Institutional Class(a)   3,839,226
866,585 Empower Multi-Sector Bond Fund Institutional Class(a)   6,915,345
272,100 Empower Short Duration Bond Fund Institutional Class(a)   2,508,758
     
TOTAL BOND MUTUAL FUNDS — 17.73%
(Cost $61,176,530) 		$51,651,228
EQUITY MUTUAL FUNDS
207,992 American Century Real Estate Fund Class R6 5,027,157
807,347 DFA International Real Estate Securities Portfolio Institutional Class 2,656,170
179,802 Empower Ariel Mid Cap Value Fund Institutional Class(a) 1,819,596
1,434,930 Empower Emerging Markets Equity Fund Institutional Class(a) 10,546,734
2,103,551 Empower International Growth Fund Institutional Class(a) 14,556,575
3,850,843 Empower International Index Fund Institutional Class(a) 30,806,747
2,445,089 Empower International Value Fund Institutional Class(a) 16,406,546
2,517,340 Empower Large Cap Growth Fund Institutional Class(a) 19,534,563
3,133,447 Empower Large Cap Value Fund Institutional Class(a) 21,119,431
1,067,230 Empower Mid Cap Value Fund Institutional Class(a) 7,278,509
349,286 Empower Real Estate Index Fund Institutional Class(a) 2,710,461
Shares   Fair Value
Equity Mutual Funds — (continued)
5,469,263 Empower S&P 500® Index Fund Institutional Class(a) $ 40,472,547
2,318,527 Empower S&P Mid Cap 400® Index Fund Institutional Class(a)  17,481,694
2,017,764 Empower S&P Small Cap 600® Index Fund Institutional Class(a)  12,268,007
132,651 Empower Small Cap Growth Fund Institutional Class(a)   1,168,656
1,028,252 Empower Small Cap Value Fund Institutional Class(a)   6,498,553
1,429,916 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)   8,393,606
1,192,451 Fidelity® Emerging Markets Index Fund Institutional Class  10,493,569
187,046 Janus Henderson Triton Fund Class N 4,612,557
     
TOTAL EQUITY MUTUAL FUNDS — 80.30%
(Cost $301,453,122) 		$233,851,678
Account Balance    
FIXED INTEREST CONTRACT
5,841,445(b) Empower Annuity Contract(a) 1.45%(c) 5,841,445
     
TOTAL FIXED INTEREST CONTRACT — 2.01%
(Cost $5,841,445) 		$5,841,445
TOTAL INVESTMENTS — 100.04%
(Cost $368,471,097) 		$291,344,351
OTHER ASSETS & LIABILITIES, NET — (0.04)% $(106,990)
TOTAL NET ASSETS — 100.00% $291,237,361
 
(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 LIFETIME 2045 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
3,801,384 Empower Bond Index Fund Institutional Class(a) $ 31,133,338
1,841,542 Empower Core Bond Fund Institutional Class(a)  15,192,718
1,867,524 Empower Global Bond Fund Institutional Class(a)  12,885,916
991,624 Empower High Yield Bond Fund Institutional Class(a)   8,706,454
405,125 Empower Inflation-Protected Securities Fund Institutional Class(a)   3,633,974
1,545,815 Empower Multi-Sector Bond Fund Institutional Class(a)  12,335,603
348,738 Empower Short Duration Bond Fund Institutional Class(a)   3,215,364
     
TOTAL BOND MUTUAL FUNDS — 11.16%
(Cost $104,156,628) 		$87,103,367
EQUITY MUTUAL FUNDS
561,382 American Century Real Estate Fund Class R6 13,568,598
2,253,950 DFA International Real Estate Securities Portfolio Institutional Class 7,415,496
504,382 Empower Ariel Mid Cap Value Fund Institutional Class(a) 5,104,342
4,495,492 Empower Emerging Markets Equity Fund Institutional Class(a) 33,041,863
6,311,210 Empower International Growth Fund Institutional Class(a) 43,673,573
11,570,588 Empower International Index Fund Institutional Class(a) 92,564,701
7,350,559 Empower International Value Fund Institutional Class(a) 49,322,251
7,196,961 Empower Large Cap Growth Fund Institutional Class(a) 55,848,420
8,938,267 Empower Large Cap Value Fund Institutional Class(a) 60,243,919
3,031,558 Empower Mid Cap Value Fund Institutional Class(a) 20,675,223
940,127 Empower Real Estate Index Fund Institutional Class(a) 7,295,388
Shares   Fair Value
Equity Mutual Funds — (continued)
15,620,514 Empower S&P 500® Index Fund Institutional Class(a) $115,591,803
6,594,855 Empower S&P Mid Cap 400® Index Fund Institutional Class(a)  49,725,209
6,199,226 Empower S&P Small Cap 600® Index Fund Institutional Class(a)  37,691,296
409,427 Empower Small Cap Growth Fund Institutional Class(a)   3,607,052
3,160,622 Empower Small Cap Value Fund Institutional Class(a)  19,975,132
4,084,918 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  23,978,469
3,736,935 Fidelity® Emerging Markets Index Fund Institutional Class  32,885,026
575,597 Janus Henderson Triton Fund Class N 14,194,235
     
TOTAL EQUITY MUTUAL FUNDS — 87.92%
(Cost $856,495,044) 		$686,401,996
Account Balance    
FIXED INTEREST CONTRACT
7,509,722(b) Empower Annuity Contract(a) 1.45%(c) 7,509,722
     
TOTAL FIXED INTEREST CONTRACT — 0.96%
(Cost $7,509,722) 		$7,509,722
TOTAL INVESTMENTS — 100.04%
(Cost $968,161,394) 		$781,015,085
OTHER ASSETS & LIABILITIES, NET — (0.04)% $(315,024)
TOTAL NET ASSETS — 100.00% $780,700,061
 
(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 LIFETIME 2050 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
652,906 Empower Bond Index Fund Institutional Class(a) $  5,347,298
317,372 Empower Core Bond Fund Institutional Class(a)   2,618,320
315,077 Empower Global Bond Fund Institutional Class(a)   2,174,032
171,430 Empower High Yield Bond Fund Institutional Class(a)   1,505,150
18,127 Empower Inflation-Protected Securities Fund Institutional Class(a)     162,600
267,088 Empower Multi-Sector Bond Fund Institutional Class(a)   2,131,359
39,860 Empower Short Duration Bond Fund Institutional Class(a)     367,513
     
TOTAL BOND MUTUAL FUNDS — 7.97%
(Cost $17,059,168) 		$14,306,272
EQUITY MUTUAL FUNDS
130,990 American Century Real Estate Fund Class R6 3,166,021
559,086 DFA International Real Estate Securities Portfolio Institutional Class 1,839,393
118,387 Empower Ariel Mid Cap Value Fund Institutional Class(a) 1,198,075
1,144,623 Empower Emerging Markets Equity Fund Institutional Class(a) 8,412,978
1,541,885 Empower International Growth Fund Institutional Class(a) 10,669,843
2,828,540 Empower International Index Fund Institutional Class(a) 22,628,324
1,795,219 Empower International Value Fund Institutional Class(a) 12,045,919
1,663,030 Empower Large Cap Growth Fund Institutional Class(a) 12,905,117
2,073,494 Empower Large Cap Value Fund Institutional Class(a) 13,975,348
705,327 Empower Mid Cap Value Fund Institutional Class(a) 4,810,332
220,537 Empower Real Estate Index Fund Institutional Class(a) 1,711,368
Shares   Fair Value
Equity Mutual Funds — (continued)
3,625,730 Empower S&P 500® Index Fund Institutional Class(a) $ 26,830,405
1,532,822 Empower S&P Mid Cap 400® Index Fund Institutional Class(a)  11,557,477
1,546,667 Empower S&P Small Cap 600® Index Fund Institutional Class(a)   9,403,735
100,053 Empower Small Cap Growth Fund Institutional Class(a)     881,469
790,064 Empower Small Cap Value Fund Institutional Class(a)   4,993,203
945,061 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)   5,547,509
953,823 Fidelity® Emerging Markets Index Fund Institutional Class   8,393,643
143,352 Janus Henderson Triton Fund Class N 3,535,050
     
TOTAL EQUITY MUTUAL FUNDS — 91.59%
(Cost $211,905,024) 		$164,505,209
Account Balance    
FIXED INTEREST CONTRACT
867,440(b) Empower Annuity Contract(a) 1.45%(c) 867,440
     
TOTAL FIXED INTEREST CONTRACT — 0.48%
(Cost $867,440) 		$867,440
TOTAL INVESTMENTS — 100.04%
(Cost $229,831,632) 		$179,678,921
OTHER ASSETS & LIABILITIES, NET — (0.04)% $(65,503)
TOTAL NET ASSETS — 100.00% $179,613,418
 
(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 LIFETIME 2055 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
1,261,565 Empower Bond Index Fund Institutional Class(a) $ 10,332,221
611,753 Empower Core Bond Fund Institutional Class(a)   5,046,964
626,045 Empower Global Bond Fund Institutional Class(a)   4,319,709
331,392 Empower High Yield Bond Fund Institutional Class(a)   2,909,624
511,712 Empower Multi-Sector Bond Fund Institutional Class(a)   4,083,461
63,417 Empower Short Duration Bond Fund Institutional Class(a)     584,702
     
TOTAL BOND MUTUAL FUNDS — 7.25%
(Cost $32,915,078) 		$27,276,681
EQUITY MUTUAL FUNDS
277,632 American Century Real Estate Fund Class R6 6,710,358
1,208,838 DFA International Real Estate Securities Portfolio Institutional Class 3,977,075
240,065 Empower Ariel Mid Cap Value Fund Institutional Class(a) 2,429,455
2,569,792 Empower Emerging Markets Equity Fund Institutional Class(a) 18,887,969
3,323,779 Empower International Growth Fund Institutional Class(a) 23,000,550
6,082,484 Empower International Index Fund Institutional Class(a) 48,659,869
3,867,386 Empower International Value Fund Institutional Class(a) 25,950,163
3,404,922 Empower Large Cap Growth Fund Institutional Class(a) 26,422,193
4,231,394 Empower Large Cap Value Fund Institutional Class(a) 28,519,594
1,435,821 Empower Mid Cap Value Fund Institutional Class(a) 9,792,298
465,038 Empower Real Estate Index Fund Institutional Class(a) 3,608,699
7,420,935 Empower S&P 500® Index Fund Institutional Class(a) 54,914,921
Shares   Fair Value
Equity Mutual Funds — (continued)
3,125,213 Empower S&P Mid Cap 400® Index Fund Institutional Class(a) $ 23,564,104
3,382,953 Empower S&P Small Cap 600® Index Fund Institutional Class(a)  20,568,353
223,079 Empower Small Cap Growth Fund Institutional Class(a)   1,965,329
1,727,349 Empower Small Cap Value Fund Institutional Class(a)  10,916,848
1,929,836 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  11,328,139
2,138,378 Fidelity® Emerging Markets Index Fund Institutional Class  18,817,729
313,763 Janus Henderson Triton Fund Class N   7,737,397
     
TOTAL EQUITY MUTUAL FUNDS — 92.43%
(Cost $435,380,332) 		$347,771,043
Account Balance    
FIXED INTEREST CONTRACT
1,371,571(b) Empower Annuity Contract(a) 1.45%(c) 1,371,571
     
TOTAL FIXED INTEREST CONTRACT — 0.36%
(Cost $1,371,571) 		$1,371,571
TOTAL INVESTMENTS — 100.04%
(Cost $469,666,981) 		$376,419,295
OTHER ASSETS & LIABILITIES, NET — (0.04)% $(147,301)
TOTAL NET ASSETS — 100.00% $376,271,994
 
(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 LIFETIME 2060 FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
63,946 Empower Bond Index Fund Institutional Class(a) $   523,721
31,079 Empower Core Bond Fund Institutional Class(a)    256,401
33,968 Empower Global Bond Fund Institutional Class(a)    234,376
16,762 Empower High Yield Bond Fund Institutional Class(a)    147,174
26,037 Empower Multi-Sector Bond Fund Institutional Class(a)    207,776
3,179 Empower Short Duration Bond Fund Institutional Class(a)     29,306
     
TOTAL BOND MUTUAL FUNDS — 6.81%
(Cost $1,606,672) 		$1,398,754
EQUITY MUTUAL FUNDS
15,509 American Century Real Estate Fund Class R6 374,845
71,186 DFA International Real Estate Securities Portfolio Institutional Class 234,202
12,747 Empower Ariel Mid Cap Value Fund Institutional Class(a) 129,001
150,612 Empower Emerging Markets Equity Fund Institutional Class(a) 1,106,996
185,610 Empower International Growth Fund Institutional Class(a) 1,284,420
339,824 Empower International Index Fund Institutional Class(a) 2,718,595
215,596 Empower International Value Fund Institutional Class(a) 1,446,650
179,009 Empower Large Cap Growth Fund Institutional Class(a) 1,389,106
223,588 Empower Large Cap Value Fund Institutional Class(a) 1,506,980
76,216 Empower Mid Cap Value Fund Institutional Class(a) 519,792
26,018 Empower Real Estate Index Fund Institutional Class(a) 201,904
Shares   Fair Value
Equity Mutual Funds — (continued)
390,974 Empower S&P 500® Index Fund Institutional Class(a) $ 2,893,211
165,692 Empower S&P Mid Cap 400® Index Fund Institutional Class(a)  1,249,316
191,652 Empower S&P Small Cap 600® Index Fund Institutional Class(a)  1,165,244
12,364 Empower Small Cap Growth Fund Institutional Class(a)    108,931
97,865 Empower Small Cap Value Fund Institutional Class(a)    618,507
101,884 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)    598,062
125,019 Fidelity® Emerging Markets Index Fund Institutional Class  1,100,166
17,777 Janus Henderson Triton Fund Class N 438,386
     
TOTAL EQUITY MUTUAL FUNDS — 92.89%
(Cost $24,818,912) 		$19,084,314
Account Balance    
FIXED INTEREST CONTRACT
69,136(b) Empower Annuity Contract(a) 1.45%(c) 69,136
     
TOTAL FIXED INTEREST CONTRACT — 0.33%
(Cost $69,136) 		$69,136
TOTAL INVESTMENTS — 100.03%
(Cost $26,494,720) 		$20,552,204
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(6,879)
TOTAL NET ASSETS — 100.00% $20,545,325
 
(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.
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 Lifetime 2015 Fund (Formerly Great-West Lifetime 2015 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 Bond Index Fund Institutional Class 7,118,591 $75,918,732 $6,735,334 $13,814,019 $(1,240,271)   $(10,538,789)   $1,009,246   $58,301,258   10.60%
Empower Core Bond Fund Institutional Class 3,463,002 37,255,881 3,367,399 6,200,549 (455,321)   (5,852,967)   561,578   28,569,764   5.19
Empower Global Bond Fund Institutional Class 4,399,344 41,184,223 2,640,041 5,675,834 (602,725)   (7,792,959)   273,899   30,355,471   5.52
Empower High Yield Bond Fund Institutional Class 1,854,365 25,572,942 1,024,073 6,802,560 (316,140)   (3,513,133)   271,635   16,281,322   2.96
Empower Inflation-Protected Securities Fund Institutional Class 7,950,017 102,348,662 7,839,761 25,553,231 (114,543)   (13,323,538)   3,625,957   71,311,654   12.96
Empower Multi-Sector Bond Fund Institutional Class 2,892,119 31,222,996 1,790,890 5,939,951 (562,748)   (3,994,822)   532,688   23,079,113   4.20
Empower Short Duration Bond Fund Institutional Class 3,390,478 38,092,212 4,216,369 9,001,721 (304,918)   (2,046,649)   439,484   31,260,211   5.68
          (3,596,666)   (47,062,857)   6,714,487   259,158,793   47.11
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 184,795 2,730,577 636,635 440,301 116,822   (1,056,782)   64,936   1,870,129   0.34
Empower Emerging Markets Equity Fund Institutional Class 904,146 9,331,897 1,267,658 1,278,128 118,424   (2,675,957)   -   6,645,470   1.21
Empower International Growth Fund Institutional Class 1,680,999 15,448,912 4,363,520 1,369,687 199,058   (6,810,234)   -   11,632,511   2.11
Empower International Index Fund Institutional Class 3,069,350 34,107,200 3,651,017 4,324,359 (263,967)   (8,879,056)   28,991   24,554,802   4.46
Empower International Value Fund Institutional Class 1,960,345 18,735,963 1,648,297 2,001,522 343,209   (5,228,820)   -   13,153,918   2.39
Empower Large Cap Growth Fund Institutional Class 2,666,096 27,705,436 5,401,176 4,826,730 (532,215)   (7,590,979)   88,543   20,688,903   3.76
Empower Large Cap Value Fund Institutional Class 3,293,487 31,613,652 2,600,342 6,379,352 1,305,055   (5,636,538)   375,433   22,198,104   4.03
Empower Mid Cap Value Fund Institutional Class 1,119,106 10,907,763 1,284,954 2,228,955 268,524   (2,331,457)   161,489   7,632,305   1.39
Empower Real Estate Index Fund Institutional Class 594,368 8,686,424 1,377,085 1,889,806 1,167,343   (3,561,410)   113,352   4,612,293   0.84
Empower S&P 500® Index Fund Institutional Class 5,772,717 59,290,115 7,751,361 10,572,087 (629,565)   (13,751,282)   741,244   42,718,107   7.76
Empower S&P Mid Cap 400® Index Fund Institutional Class 2,427,341 25,601,616 3,495,343 4,306,689 856,604   (6,488,120)   229,209   18,302,150   3.33
Empower S&P Small Cap 600® Index Fund Institutional Class 1,347,899 11,629,673 1,616,163 1,475,553 703,944   (3,575,055)   87,264   8,195,228   1.49
Empower Small Cap Growth Fund Institutional Class 86,754 1,064,830 200,663 141,474 38,023   (359,717)   4,474   764,302   0.14
Empower Small Cap Value Fund Institutional Class 679,576 6,318,891 866,141 1,018,428 477,028   (1,871,686)   30,667   4,294,918   0.78
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 1,504,625 11,889,639 2,423,129 1,658,170 (25,665)   (3,822,452)   2,411   8,832,146   1.61
          4,142,622   (73,639,545)   1,928,013   196,095,286   35.64
September 30, 2022

 

Empower Lifetime 2015 Fund (Formerly Great-West Lifetime 2015 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
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 73,221,197 $88,828,959 $8,268,226 $24,652,286 $-   $-   $776,298   $73,221,197   13.31%
          0   0   776,298   73,221,197   13.31
        Total $545,956   $(120,702,402)   $9,418,798   $528,475,276   96.06%
(a) The Fund had realized gain distributions received from affiliates of $3,962,854.
Empower Lifetime 2020 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 Bond Index Fund Institutional Class 4,857,403 $49,217,159 $9,944,643 $12,796,024 $(1,366,091)   $(6,583,649)   $680,944   $39,782,129   11.27%
Empower Core Bond Fund Institutional Class 2,362,412 24,169,497 4,810,419 5,733,888 (501,705)   (3,756,132)   379,225   19,489,896   5.52
Empower Global Bond Fund Institutional Class 2,816,217 24,895,602 3,794,642 4,593,572 (626,684)   (4,664,774)   171,040   19,431,898   5.50
Empower High Yield Bond Fund Institutional Class 1,267,052 16,252,041 1,735,782 4,368,087 (24,870)   (2,495,016)   178,191   11,124,720   3.15
Empower Inflation-Protected Securities Fund Institutional Class 4,033,283 48,969,545 8,211,976 14,159,324 167,087   (6,843,653)   1,796,762   36,178,544   10.24
Empower Multi-Sector Bond Fund Institutional Class 1,978,356 20,216,825 2,946,823 4,677,419 (359,226)   (2,698,945)   354,591   15,787,284   4.47
Empower Short Duration Bond Fund Institutional Class 1,788,827 18,852,841 4,006,378 5,375,281 (221,790)   (990,951)   227,438   16,492,987   4.67
          (2,933,279)   (28,033,120)   3,788,191   158,287,458   44.82
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 132,697 1,846,685 587,326 324,839 114,737   (766,278)   45,076   1,342,894   0.38
Empower Emerging Markets Equity Fund Institutional Class 704,336 7,021,413 1,438,680 1,255,675 60,070   (2,027,548)   -   5,176,870   1.47
Empower International Growth Fund Institutional Class 1,244,628 11,125,871 4,255,982 1,715,259 180,890   (5,053,766)   -   8,612,828   2.44
Empower International Index Fund Institutional Class 2,275,076 24,443,877 4,305,989 3,692,947 161,382   (6,856,312)   21,802   18,200,607   5.15
Empower International Value Fund Institutional Class 1,447,858 13,416,891 2,254,925 2,259,324 109,196   (3,697,364)   -   9,715,128   2.75
Empower Large Cap Growth Fund Institutional Class 1,865,924 18,857,641 5,254,550 4,353,943 (360,277)   (5,278,680)   61,620   14,479,568   4.10
Empower Large Cap Value Fund Institutional Class 2,305,461 21,622,875 2,324,794 4,633,368 760,217   (3,775,496)   260,725   15,538,805   4.40
Empower Mid Cap Value Fund Institutional Class 782,091 7,634,195 1,095,582 1,682,193 279,785   (1,713,723)   113,861   5,333,861   1.51
Empower Real Estate Index Fund Institutional Class 391,095 5,462,673 1,343,933 1,629,548 602,134   (2,142,161)   71,644   3,034,897   0.86
Empower S&P 500® Index Fund Institutional Class 4,042,036 40,421,832 7,634,208 8,820,398 (657,020)   (9,324,578)   511,265   29,911,064   8.47
Empower S&P Mid Cap 400® Index Fund Institutional Class 1,702,674 17,592,497 3,467,116 3,413,024 925,079   (4,808,429)   159,079   12,838,160   3.63
September 30, 2022

 

Empower Lifetime 2020 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
Empower S&P Small Cap 600® Index Fund Institutional Class 1,045,703 $8,874,815 $1,848,468 $1,568,978 $596,281   $(2,796,431)   $66,995   $6,357,874   1.80%
Empower Small Cap Growth Fund Institutional Class 67,801 812,667 234,510 165,054 37,111   (284,795)   3,506   597,328   0.17
Empower Small Cap Value Fund Institutional Class 531,435 4,784,579 963,477 903,038 420,973   (1,486,346)   23,333   3,358,672   0.95
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 1,058,272 8,103,642 2,511,689 1,934,391 (191,607)   (2,468,880)   1,694   6,212,060   1.76
          3,038,951   (52,480,787)   1,340,600   140,710,616   39.84
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 38,646,843 43,954,434 8,316,279 14,022,292 -   -   398,422   38,646,843   10.94
          0   0   398,422   38,646,843   10.94
        Total $105,672   $(80,513,907)   $5,527,213   $337,644,917   95.60%
(a) The Fund had realized gain distributions received from affiliates of $2,769,796.
Empower Lifetime 2025 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 Bond Index Fund Institutional Class 16,939,241 $171,553,228 $23,171,518 $31,070,886 $(2,753,231)   $(24,921,478)   $2,371,441   $138,732,382   11.34%
Empower Core Bond Fund Institutional Class 8,216,654 84,489,226 11,112,464 14,162,294 (1,187,015)   (13,652,000)   1,322,325   67,787,396   5.54
Empower Global Bond Fund Institutional Class 9,358,934 81,984,077 8,999,057 10,093,129 (1,136,692)   (16,313,361)   560,562   64,576,644   5.28
Empower High Yield Bond Fund Institutional Class 4,428,301 55,499,208 3,798,870 12,331,681 (565,973)   (8,085,915)   604,812   38,880,482   3.18
Empower Inflation-Protected Securities Fund Institutional Class 10,421,970 125,312,067 14,295,525 28,546,028 481,521   (17,576,494)   4,572,893   93,485,070   7.64
Empower Multi-Sector Bond Fund Institutional Class 6,890,821 70,420,094 6,590,077 12,668,725 (1,277,977)   (9,352,691)   1,227,430   54,988,755   4.50
Empower Short Duration Bond Fund Institutional Class 4,831,219 50,427,897 8,761,569 11,772,849 (371,551)   (2,872,782)   611,100   44,543,835   3.64
          (6,810,918)   (92,774,721)   11,270,563   502,994,564   41.12
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 508,658 7,144,481 1,939,596 1,105,706 266,087   (2,830,750)   176,593   5,147,621   0.42
Empower Emerging Markets Equity Fund Institutional Class 3,009,779 30,151,630 4,869,149 4,203,410 136,348   (8,695,495)   -   22,121,874   1.81
Empower International Growth Fund Institutional Class 5,064,764 45,355,114 13,161,474 3,384,490 117,826   (20,083,933)   -   35,048,165   2.87
Empower International Index Fund Institutional Class 9,277,203 100,095,400 10,588,413 9,207,310 (494,371)   (27,258,878)   88,696   74,217,625   6.07
Empower International Value Fund Institutional Class 5,910,062 55,004,669 5,536,803 5,313,851 745,323   (15,571,103)   -   39,656,518   3.24
Empower Large Cap Growth Fund Institutional Class 7,164,255 72,167,229 14,288,448 10,223,653 (1,151,991)   (20,637,403)   238,076   55,594,621   4.55
September 30, 2022

 

Empower Lifetime 2025 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
Empower Large Cap Value Fund Institutional Class 8,889,304 $83,561,158 $6,970,867 $15,923,277 $2,820,138   $(14,694,836)   $1,011,095   $59,913,912   4.90%
Empower Mid Cap Value Fund Institutional Class 3,018,662 28,803,448 3,208,378 5,983,277 (194,769)   (5,441,278)   440,978   20,587,271   1.68
Empower Real Estate Index Fund Institutional Class 1,379,016 18,901,490 3,328,741 3,810,161 2,320,012   (7,718,908)   251,787   10,701,162   0.87
Empower S&P 500® Index Fund Institutional Class 15,559,560 155,691,056 18,205,896 20,371,880 (500,766)   (38,384,330)   1,976,639   115,140,742   9.41
Empower S&P Mid Cap 400® Index Fund Institutional Class 6,554,561 67,204,238 8,770,636 11,336,773 (11,085)   (15,216,713)   613,619   49,421,388   4.04
Empower S&P Small Cap 600® Index Fund Institutional Class 4,427,210 37,208,636 5,653,231 5,635,272 841,040   (10,309,158)   284,295   26,917,437   2.20
Empower Small Cap Growth Fund Institutional Class 290,540 3,431,151 723,507 496,609 31,847   (1,098,390)   15,003   2,559,659   0.21
Empower Small Cap Value Fund Institutional Class 2,245,903 20,103,391 3,120,619 3,630,867 792,266   (5,399,038)   99,405   14,194,105   1.16
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 4,067,652 31,044,524 6,861,773 3,569,579 134,565   (10,459,598)   6,559   23,877,120   1.95
          5,852,470   (203,799,811)   5,202,745   555,099,220   45.38
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 104,278,558 117,330,653 17,475,083 31,592,118 -   -   1,064,940   104,278,558   8.53
          0   0   1,064,940   104,278,558   8.53
        Total $(958,448)   $(296,574,532)   $17,538,248   $1,162,372,342   95.03%
(a) The Fund had realized gain distributions received from affiliates of $10,270,352.
Empower Lifetime 2030 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 Bond Index Fund Institutional Class 5,094,550 $47,745,791 $12,058,119 $11,440,385 $(1,388,845)   $(6,639,157)   $696,142   $41,724,368   10.46%
Empower Core Bond Fund Institutional Class 2,476,911 23,491,388 5,869,430 5,148,920 (531,718)   (3,777,379)   390,793   20,434,519   5.12
Empower Global Bond Fund Institutional Class 2,711,241 21,827,803 4,894,017 3,702,336 (548,282)   (4,311,922)   156,577   18,707,562   4.69
Empower High Yield Bond Fund Institutional Class 1,335,892 15,078,194 1,934,043 2,829,312 (13,914)   (2,453,796)   173,586   11,729,129   2.94
Empower Inflation-Protected Securities Fund Institutional Class 2,283,151 24,917,946 5,059,618 5,799,711 87,343   (3,697,986)   961,557   20,479,867   5.13
Empower Multi-Sector Bond Fund Institutional Class 2,078,542 19,482,194 3,707,845 3,899,253 (370,501)   (2,704,024)   355,741   16,586,762   4.16
Empower Short Duration Bond Fund Institutional Class 1,126,872 10,718,544 3,179,667 2,918,070 (131,716)   (590,381)   138,891   10,389,760   2.61
          (2,897,633)   (24,174,645)   2,873,287   140,051,967   35.11
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 189,531 2,518,442 864,002 452,408 55,306   (1,011,981)   66,761   1,918,055   0.48
September 30, 2022

 

Empower Lifetime 2030 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
Empower Emerging Markets Equity Fund Institutional Class 1,236,945 $11,672,100 $2,828,595 $1,884,495 $50,623   $(3,524,651)   $-   $9,091,549   2.28%
Empower International Growth Fund Institutional Class 1,996,138 16,763,277 6,536,958 1,459,364 257,716   (8,027,598)   -   13,813,273   3.46
Empower International Index Fund Institutional Class 3,650,405 36,934,030 6,805,921 3,708,909 98,923   (10,827,800)   35,507   29,203,242   7.32
Empower International Value Fund Institutional Class 2,325,830 20,332,987 3,569,265 2,459,754 91,039   (5,836,181)   -   15,606,317   3.91
Empower Large Cap Growth Fund Institutional Class 2,667,041 25,049,495 7,283,654 4,331,419 (615,931)   (7,305,488)   88,260   20,696,242   5.19
Empower Large Cap Value Fund Institutional Class 3,302,265 29,317,740 3,153,090 5,124,640 680,229   (5,088,927)   374,834   22,257,263   5.58
Empower Mid Cap Value Fund Institutional Class 1,120,361 10,148,683 1,542,403 2,157,333 (181,581)   (1,892,894)   165,242   7,640,859   1.92
Empower Real Estate Index Fund Institutional Class 456,216 5,831,160 1,634,880 1,571,807 602,731   (2,353,993)   81,147   3,540,240   0.89
Empower S&P 500® Index Fund Institutional Class 5,778,826 54,273,030 10,112,169 8,568,493 (1,116,816)   (13,053,394)   727,065   42,763,312   10.72
Empower S&P Mid Cap 400® Index Fund Institutional Class 2,441,290 23,537,134 4,479,563 4,136,395 (56,069)   (5,472,975)   226,928   18,407,327   4.62
Empower S&P Small Cap 600® Index Fund Institutional Class 1,803,888 14,194,899 3,265,290 2,210,129 517,791   (4,282,420)   114,695   10,967,640   2.75
Empower Small Cap Growth Fund Institutional Class 117,639 1,291,428 408,601 213,290 31,869   (450,340)   6,069   1,036,399   0.26
Empower Small Cap Value Fund Institutional Class 915,560 7,670,240 1,592,477 1,260,467 374,442   (2,215,909)   40,094   5,786,341   1.45
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 1,513,843 10,781,105 3,500,002 1,916,495 (269,571)   (3,478,353)   2,448   8,886,259   2.23
          520,701   (74,822,904)   1,929,050   211,614,318   53.06
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 24,328,020 24,966,456 6,769,760 7,644,018 -   -   235,822   24,328,020   6.10
          0   0   235,822   24,328,020   6.10
        Total $(2,376,932)   $(98,997,549)   $5,038,159   $375,994,305   94.27%
(a) The Fund had realized gain distributions received from affiliates of $3,765,994.
Empower Lifetime 2035 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 Bond Index Fund Institutional Class 12,614,866 $122,989,352 $21,629,246 $22,987,048 $(1,424,573) $(18,315,795) $1,702,099 $103,315,755 8.54%
Empower Core Bond Fund Institutional Class 6,124,322 60,379,744 10,653,309 10,490,506 (565,836) (10,016,893) 955,686 50,525,654 4.18
Empower Global Bond Fund Institutional Class 6,476,213 54,266,066 8,697,762 7,597,606 (807,624) (10,680,352) 363,885 44,685,870 3.69
Empower High Yield Bond Fund Institutional Class 3,299,546 38,639,523 2,753,911 6,615,377 (220,658) (5,808,046) 414,097 28,970,011 2.40
September 30, 2022

 

Empower Lifetime 2035 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
Empower Inflation-Protected Securities Fund Institutional Class 3,928,066 $43,977,336 $6,485,247 $8,826,654 $358,157   $(6,401,176)   $1,587,412   $35,234,753   2.91%
Empower Multi-Sector Bond Fund Institutional Class 5,136,989 50,080,065 6,859,645 9,374,451 (961,797)   (6,572,084)   859,148   40,993,175   3.39
Empower Short Duration Bond Fund Institutional Class 2,137,052 20,778,537 5,146,188 5,042,539 (161,992)   (1,178,565)   257,531   19,703,621   1.63
          (3,784,323)   (58,972,911)   6,139,858   323,428,839   26.74
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 657,562 9,552,282 2,178,993 1,465,704 219,788   (3,611,048)   234,688   6,654,523   0.55
Empower Emerging Markets Equity Fund Institutional Class 4,772,533 48,733,256 7,673,973 8,406,853 (727,160)   (12,922,258)   -   35,078,118   2.90
Empower International Growth Fund Institutional Class 7,376,522 66,571,786 17,172,341 4,100,353 (628,339)   (28,598,240)   -   51,045,534   4.22
Empower International Index Fund Institutional Class 13,481,683 147,467,714 13,292,086 10,964,040 1,443,028   (41,942,294)   130,995   107,853,466   8.91
Empower International Value Fund Institutional Class 8,599,867 81,092,930 7,164,466 13,070,390 (4,177,403)   (17,481,897)   -   57,705,109   4.77
Empower Large Cap Growth Fund Institutional Class 9,315,897 94,195,079 15,966,277 8,814,855 671,615   (29,055,140)   309,202   72,291,361   5.98
Empower Large Cap Value Fund Institutional Class 11,546,640 110,514,751 8,104,719 22,101,907 3,169,310   (18,693,208)   1,318,765   77,824,355   6.43
Empower Mid Cap Value Fund Institutional Class 3,931,458 38,247,297 3,873,439 8,614,650 (709,818)   (6,693,542)   582,050   26,812,544   2.22
Empower Real Estate Index Fund Institutional Class 1,398,199 19,147,473 3,036,125 4,947,619 918,524   (6,385,956)   251,268   10,850,023   0.90
Empower S&P 500® Index Fund Institutional Class 20,217,217 204,773,174 20,022,638 26,469,562 (2,175,004)   (48,718,844)   2,562,157   149,607,406   12.37
Empower S&P Mid Cap 400® Index Fund Institutional Class 8,549,182 88,402,155 10,055,560 12,394,486 1,713,578   (21,602,398)   797,017   64,460,831   5.33
Empower S&P Small Cap 600® Index Fund Institutional Class 6,863,330 58,094,581 7,930,850 10,559,122 (949,481)   (13,737,263)   438,199   41,729,046   3.45
Empower Small Cap Growth Fund Institutional Class 453,421 5,361,150 926,795 645,349 (17,806)   (1,647,954)   23,429   3,994,642   0.33
Empower Small Cap Value Fund Institutional Class 3,505,418 31,524,725 4,454,476 5,879,109 788,024   (7,945,852)   153,757   22,154,240   1.83
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 5,289,263 40,403,839 7,662,065 4,586,553 (990,129)   (12,431,380)   8,538   31,047,971   2.57
          (1,451,273)   (271,467,274)   6,810,065   759,109,169   62.76
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 46,383,174 48,508,149 10,904,186 13,465,568 -   -   436,407   46,383,174   3.83
          0   0   436,407   46,383,174   3.83
        Total $(5,235,596)   $(330,440,185)   $13,386,330   $1,128,921,182   93.33%
(a) The Fund had realized gain distributions received from affiliates of $13,013,935.
September 30, 2022

 

Empower Lifetime 2040 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 Bond Index Fund Institutional Class 2,137,964 $18,918,734 $6,242,518 $5,113,352 $(659,201)   $(2,537,976)   $279,040   $17,509,924   6.01%
Empower Core Bond Fund Institutional Class 1,037,699 9,289,105 3,055,370 2,312,537 (243,812)   (1,470,921)   157,698   8,561,017   2.94
Empower Global Bond Fund Institutional Class 1,072,201 8,103,534 2,573,854 1,679,596 (213,018)   (1,599,604)   56,930   7,398,188   2.54
Empower High Yield Bond Fund Institutional Class 560,224 5,863,353 1,040,449 1,024,079 (5,400)   (960,953)   66,436   4,918,770   1.69
Empower Inflation-Protected Securities Fund Institutional Class 428,007 4,235,609 1,349,673 1,110,951 9,319   (635,105)   162,705   3,839,226   1.32
Empower Multi-Sector Bond Fund Institutional Class 866,585 7,683,680 2,143,103 1,867,084 (170,192)   (1,044,354)   138,512   6,915,345   2.37
Empower Short Duration Bond Fund Institutional Class 272,100 2,359,064 992,084 715,831 (34,075)   (126,559)   31,622   2,508,758   0.86
          (1,316,379)   (8,375,472)   892,943   51,651,228   17.73
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 179,802 2,328,909 838,858 405,999 52,960   (942,172)   62,216   1,819,596   0.63
Empower Emerging Markets Equity Fund Institutional Class 1,434,930 13,190,968 3,719,572 2,399,106 63,408   (3,964,700)   -   10,546,734   3.62
Empower International Growth Fund Institutional Class 2,103,551 17,280,461 7,038,749 1,464,101 278,922   (8,298,534)   -   14,556,575   5.00
Empower International Index Fund Institutional Class 3,850,843 38,257,111 7,509,616 3,840,605 35,693   (11,119,375)   37,447   30,806,747   10.58
Empower International Value Fund Institutional Class 2,445,089 21,037,107 4,006,033 2,517,748 189,319   (6,118,846)   -   16,406,546   5.63
Empower Large Cap Growth Fund Institutional Class 2,517,340 23,059,866 6,974,715 3,639,489 (508,258)   (6,860,529)   82,204   19,534,563   6.71
Empower Large Cap Value Fund Institutional Class 3,133,447 27,301,497 3,219,952 4,716,294 535,624   (4,685,724)   343,357   21,119,431   7.25
Empower Mid Cap Value Fund Institutional Class 1,067,230 9,467,397 1,438,076 1,821,046 (153,106)   (1,805,918)   155,260   7,278,509   2.50
Empower Real Estate Index Fund Institutional Class 349,286 4,291,167 1,142,556 998,150 423,701   (1,725,112)   59,225   2,710,461   0.93
Empower S&P 500® Index Fund Institutional Class 5,469,263 50,324,460 9,291,785 6,208,155 (349,049)   (12,935,543)   663,005   40,472,547   13.90
Empower S&P Mid Cap 400® Index Fund Institutional Class 2,318,527 21,835,497 4,278,845 3,463,384 (27,051)   (5,169,264)   207,507   17,481,694   6.00
Empower S&P Small Cap 600® Index Fund Institutional Class 2,017,764 15,508,386 3,787,236 2,884,781 (25,892)   (4,142,834)   123,536   12,268,007   4.21
Empower Small Cap Growth Fund Institutional Class 132,651 1,442,436 458,880 272,232 (9,058)   (460,428)   6,913   1,168,656   0.40
Empower Small Cap Value Fund Institutional Class 1,028,252 8,401,741 2,069,874 1,757,897 175,934   (2,215,165)   43,149   6,498,553   2.23
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 1,429,916 9,909,835 3,350,363 1,491,672 (101,795)   (3,374,920)   2,300   8,393,606   2.88
          581,352   (73,819,064)   1,786,119   211,062,225   72.47
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 5,841,445 5,490,552 2,143,423 1,844,409 -   -   51,879   5,841,445   2.01
          0   0   51,879   5,841,445   2.01
        Total $(735,027)   $(82,194,536)   $2,730,941   $268,554,898   92.21%
September 30, 2022

 

(a) The Fund had realized gain distributions received from affiliates of $3,508,921.
Empower Lifetime 2045 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 Bond Index Fund Institutional Class 3,801,384 $36,901,694 $8,143,737 $8,722,493 $(798,963)   $(5,189,600)   $516,615   $31,133,338   3.99%
Empower Core Bond Fund Institutional Class 1,841,542 18,113,669 3,982,515 3,972,299 (275,615)   (2,931,167)   289,286   15,192,718   1.95
Empower Global Bond Fund Institutional Class 1,867,524 15,475,051 3,263,124 2,912,546 (379,480)   (2,939,713)   104,672   12,885,916   1.65
Empower High Yield Bond Fund Institutional Class 991,624 11,354,566 1,240,373 2,102,720 (10,731)   (1,785,765)   122,744   8,706,454   1.11
Empower Inflation-Protected Securities Fund Institutional Class 405,125 4,118,957 1,113,794 998,736 17,059   (600,041)   150,164   3,633,974   0.47
Empower Multi-Sector Bond Fund Institutional Class 1,545,815 14,995,100 2,792,323 3,437,987 (264,559)   (2,013,833)   259,589   12,335,603   1.58
Empower Short Duration Bond Fund Institutional Class 348,738 3,176,445 1,131,869 924,747 (41,303)   (168,203)   40,974   3,215,364   0.41
          (1,753,592)   (15,628,322)   1,484,044   87,103,367   11.16
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 504,382 7,260,060 1,668,976 1,029,439 183,320   (2,795,255)   179,898   5,104,342   0.65
Empower Emerging Markets Equity Fund Institutional Class 4,495,492 44,869,207 8,260,034 8,089,591 (694,201)   (11,997,787)   -   33,041,863   4.23
Empower International Growth Fund Institutional Class 6,311,210 56,218,376 15,610,377 3,794,863 (600,282)   (24,360,317)   -   43,673,573   5.59
Empower International Index Fund Institutional Class 11,570,588 124,558,511 12,457,747 8,667,795 1,201,849   (35,783,762)   111,793   92,564,701   11.86
Empower International Value Fund Institutional Class 7,350,559 68,389,152 6,795,398 10,804,022 (3,413,711)   (15,058,277)   -   49,322,251   6.32
Empower Large Cap Growth Fund Institutional Class 7,196,961 71,051,048 13,741,587 6,805,579 460,149   (22,138,636)   235,390   55,848,420   7.15
Empower Large Cap Value Fund Institutional Class 8,938,267 84,441,764 6,114,324 15,879,724 2,345,243   (14,432,445)   1,009,201   60,243,919   7.72
Empower Mid Cap Value Fund Institutional Class 3,031,558 29,289,378 2,550,882 6,427,886 (1,027,260)   (4,737,151)   447,513   20,675,223   2.65
Empower Real Estate Index Fund Institutional Class 940,127 12,672,084 2,140,486 3,161,272 695,550   (4,355,910)   166,606   7,295,388   0.93
Empower S&P 500® Index Fund Institutional Class 15,620,514 155,371,936 16,036,167 21,541,169 (4,816,510)   (34,275,131)   1,947,891   115,591,803   14.81
Empower S&P Mid Cap 400® Index Fund Institutional Class 6,594,855 67,039,378 7,329,357 9,601,441 (302,262)   (15,042,085)   606,992   49,725,209   6.37
Empower S&P Small Cap 600® Index Fund Institutional Class 6,199,226 51,504,176 6,568,412 7,516,460 (386,154)   (12,864,832)   389,800   37,691,296   4.83
Empower Small Cap Growth Fund Institutional Class 409,427 4,752,949 923,554 609,710 (38,043)   (1,459,741)   21,020   3,607,052   0.46
Empower Small Cap Value Fund Institutional Class 3,160,622 27,903,040 3,772,722 4,846,997 381,177   (6,853,633)   136,431   19,975,132   2.56
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 4,084,918 30,530,643 6,445,314 3,463,514 (726,147)   (9,533,974)   6,521   23,978,469   3.07
          (6,737,282)   (215,688,936)   5,259,056   618,338,641   79.20
September 30, 2022

 

Empower Lifetime 2045 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
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 7,509,722 $7,475,819 $2,352,298 $2,386,567 $-   $-   $68,172   $7,509,722   0.96%
          0   0   68,172   7,509,722   0.96
        Total $(8,490,874)   $(231,317,258)   $6,811,272   $712,951,730   91.32%
(a) The Fund had realized gain distributions received from affiliates of $10,094,526.
Empower Lifetime 2050 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 Bond Index Fund Institutional Class 652,906 $5,754,085 $1,981,989 $1,596,503 $(220,231)   $(792,273)   $88,204   $5,347,298   2.98%
Empower Core Bond Fund Institutional Class 317,372 2,818,544 984,312 726,543 (83,392)   (457,993)   49,576   2,618,320   1.46
Empower Global Bond Fund Institutional Class 315,077 2,361,258 797,763 498,119 (66,743)   (486,870)   17,829   2,174,032   1.21
Empower High Yield Bond Fund Institutional Class 171,430 1,740,857 471,807 410,182 (2,174)   (297,332)   21,334   1,505,150   0.84
Empower Inflation-Protected Securities Fund Institutional Class 18,127 100,113 107,513 28,723 (1,937)   (16,303)   4,182   162,600   0.09
Empower Multi-Sector Bond Fund Institutional Class 267,088 2,320,453 731,093 592,667 (56,277)   (327,520)   45,007   2,131,359   1.19
Empower Short Duration Bond Fund Institutional Class 39,860 319,897 162,224 96,381 (4,668)   (18,227)   4,591   367,513   0.20
          (435,422)   (2,396,518)   230,723   14,306,272   7.97
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 118,387 1,387,860 622,227 211,805 25,594   (600,207)   40,783   1,198,075   0.67
Empower Emerging Markets Equity Fund Institutional Class 1,144,623 9,446,550 3,379,465 1,395,144 38,464   (3,017,893)   -   8,412,978   4.68
Empower International Growth Fund Institutional Class 1,541,885 11,338,068 6,003,514 934,268 177,415   (5,737,471)   -   10,669,843   5.94
Empower International Index Fund Institutional Class 2,828,540 25,163,891 7,431,629 2,113,521 49,872   (7,853,675)   26,969   22,628,324   12.60
Empower International Value Fund Institutional Class 1,795,219 13,846,914 3,945,990 1,489,610 83,694   (4,257,375)   -   12,045,919   6.71
Empower Large Cap Growth Fund Institutional Class 1,663,030 13,500,436 5,414,358 1,719,745 (270,579)   (4,289,932)   52,790   12,905,117   7.19
Empower Large Cap Value Fund Institutional Class 2,073,494 16,203,600 3,101,644 2,384,995 249,565   (2,944,901)   221,227   13,975,348   7.78
Empower Mid Cap Value Fund Institutional Class 705,327 5,627,081 1,262,102 888,467 (68,215)   (1,190,384)   100,858   4,810,332   2.68
Empower Real Estate Index Fund Institutional Class 220,537 2,429,121 887,334 596,863 213,464   (1,008,224)   36,498   1,711,368   0.95
Empower S&P 500® Index Fund Institutional Class 3,625,730 29,699,284 8,079,563 2,729,764 (128,927)   (8,218,678)   424,402   26,830,405   14.94
Empower S&P Mid Cap 400® Index Fund Institutional Class 1,532,822 12,801,723 3,603,374 1,596,279 (14,435)   (3,251,341)   133,008   11,557,477   6.43
September 30, 2022

 

Empower Lifetime 2050 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
Empower S&P Small Cap 600® Index Fund Institutional Class 1,546,667 $10,571,908 $3,285,288 $1,552,696 $(150,501)   $(2,900,765)   $91,835   $9,403,735   5.24%
Empower Small Cap Growth Fund Institutional Class 100,053 969,660 390,617 146,080 (782)   (332,728)   5,132   881,469   0.49
Empower Small Cap Value Fund Institutional Class 790,064 5,724,078 1,728,050 967,860 (13,652)   (1,491,065)   32,032   4,993,203   2.78
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 945,061 5,819,753 2,561,911 715,921 (42,236)   (2,118,234)   1,486   5,547,509   3.09
          148,741   (49,212,873)   1,167,020   147,571,102   82.17
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 867,440 739,418 363,387 242,747 -   -   7,382   867,440   0.48
          0   0   7,382   867,440   0.48
        Total $(286,681)   $(51,609,391)   $1,405,125   $162,744,814   90.62%
(a) The Fund had realized gain distributions received from affiliates of $2,352,988.
Empower Lifetime 2055 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 Bond Index Fund Institutional Class 1,261,565 $12,794,521 $2,674,292 $3,461,499 $(393,949)   $(1,675,093)   $176,115   $10,332,221   2.75%
Empower Core Bond Fund Institutional Class 611,753 6,284,616 1,300,326 1,579,953 (148,164)   (958,025)   98,058   5,046,964   1.34
Empower Global Bond Fund Institutional Class 626,045 5,458,539 1,037,908 1,180,494 (170,132)   (996,244)   37,180   4,319,709   1.15
Empower High Yield Bond Fund Institutional Class 331,392 3,866,753 548,262 879,886 14,972   (625,505)   42,254   2,909,624   0.77
Empower Multi-Sector Bond Fund Institutional Class 511,712 5,179,527 936,084 1,361,367 (112,784)   (670,783)   90,202   4,083,461   1.08
Empower Short Duration Bond Fund Institutional Class 63,417 633,537 181,710 198,282 (8,672)   (32,263)   7,793   584,702   0.16
          (818,729)   (4,957,913)   451,602   27,276,681   7.25
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 240,065 3,310,422 860,344 442,065 81,463   (1,299,246)   84,190   2,429,455   0.65
Empower Emerging Markets Equity Fund Institutional Class 2,569,792 24,903,550 5,709,003 4,357,729 270,026   (7,366,855)   -   18,887,969   5.02
Empower International Growth Fund Institutional Class 3,323,779 28,685,239 9,397,277 2,542,554 (370,167)   (12,539,412)   -   23,000,550   6.11
Empower International Index Fund Institutional Class 6,082,484 63,537,533 8,797,662 6,130,328 (314,228)   (17,544,998)   58,286   48,659,869   12.93
Empower International Value Fund Institutional Class 3,867,386 34,963,272 4,574,498 5,621,586 (1,585,159)   (7,966,021)   -   25,950,163   6.90
Empower Large Cap Growth Fund Institutional Class 3,404,922 32,343,818 7,941,346 3,819,612 14,887   (10,043,359)   109,332   26,422,193   7.02
Empower Large Cap Value Fund Institutional Class 4,231,394 39,077,662 3,627,205 7,969,671 545,971   (6,215,602)   473,356   28,519,594   7.58
September 30, 2022

 

Empower Lifetime 2055 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
Empower Mid Cap Value Fund Institutional Class 1,435,821 $13,467,880 $1,533,017 $2,722,751 $(206,018)   $(2,485,848)   $210,836   $9,792,298   2.60%
Empower Real Estate Index Fund Institutional Class 465,038 6,011,842 1,263,605 1,323,789 576,288   (2,342,959)   80,490   3,608,699   0.96
Empower S&P 500® Index Fund Institutional Class 7,420,935 71,488,799 10,102,345 9,596,970 (1,163,459)   (17,079,253)   907,931   54,914,921   14.60
Empower S&P Mid Cap 400® Index Fund Institutional Class 3,125,213 30,718,121 4,511,509 4,092,466 448,053   (7,573,060)   282,647   23,564,104   6.26
Empower S&P Small Cap 600® Index Fund Institutional Class 3,382,953 27,166,787 4,451,382 4,326,359 (352,385)   (6,723,457)   208,992   20,568,353   5.47
Empower Small Cap Growth Fund Institutional Class 223,079 2,490,651 646,734 394,135 (15,443)   (777,921)   11,266   1,965,329   0.52
Empower Small Cap Value Fund Institutional Class 1,727,349 14,692,735 2,424,780 2,480,952 263,517   (3,719,715)   73,056   10,916,848   2.90
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 1,929,836 13,910,411 3,687,275 1,823,582 (295,108)   (4,445,965)   3,036   11,328,139   3.01
          (2,101,762)   (108,123,671)   2,503,418   310,528,484   82.53
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 1,371,571 1,460,518 400,932 503,221 -   -   13,342   1,371,571   0.36
          0   0   13,342   1,371,571   0.36
        Total $(2,920,491)   $(113,081,584)   $2,968,362   $339,176,736   90.14%
(a) The Fund had realized gain distributions received from affiliates of $4,948,815.
Empower Lifetime 2060 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 Bond Index Fund Institutional Class 63,946 $449,982 $350,145 $214,349 $(24,424)   $(62,057)   $7,663   $523,721   2.55%
Empower Core Bond Fund Institutional Class 31,079 221,509 172,781 104,590 (13,226)   (33,299)   4,420   256,401   1.25
Empower Global Bond Fund Institutional Class 33,968 203,757 156,177 84,658 (11,707)   (40,900)   1,718   234,376   1.14
Empower High Yield Bond Fund Institutional Class 16,762 135,121 89,815 57,530 (5,147)   (20,232)   1,869   147,174   0.72
Empower Multi-Sector Bond Fund Institutional Class 26,037 181,861 135,327 88,320 (11,729)   (21,092)   3,927   207,776   1.01
Empower Short Duration Bond Fund Institutional Class 3,179 21,613 19,731 11,030 (661)   (1,008)   340   29,306   0.14
          (66,894)   (178,588)   19,937   1,398,754   6.81
EQUITY MUTUAL FUNDS                          
Empower Ariel Mid Cap Value Fund Institutional Class 12,747 119,032 107,305 44,152 (3,823)   (53,184)   4,194   129,001   0.63
Empower Emerging Markets Equity Fund Institutional Class 150,612 965,450 738,556 335,952 (75,453)   (261,058)   -   1,106,996   5.39
Empower International Growth Fund Institutional Class 185,610 1,069,460 1,005,620 291,809 (75,634)   (498,851)   -   1,284,420   6.25
September 30, 2022

 

Empower Lifetime 2060 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
Empower International Index Fund Institutional Class 339,824 $2,362,217 $1,688,276 $556,191 $(49,629)   $(775,707)   $3,077   $2,718,595   13.23%
Empower International Value Fund Institutional Class 215,596 1,299,890 904,248 356,808 (38,319)   (400,680)   -   1,446,650   7.04
Empower Large Cap Growth Fund Institutional Class 179,009 1,147,986 936,465 336,483 (63,848)   (358,862)   5,270   1,389,106   6.76
Empower Large Cap Value Fund Institutional Class 223,588 1,385,209 805,709 397,696 14,416   (286,242)   21,275   1,506,980   7.34
Empower Mid Cap Value Fund Institutional Class 76,216 504,029 293,525 188,465 (34,540)   (89,297)   10,201   519,792   2.53
Empower Real Estate Index Fund Institutional Class 26,018 222,319 173,324 106,866 4,854   (86,873)   3,730   201,904   0.98
Empower S&P 500® Index Fund Institutional Class 390,974 2,525,063 1,710,104 586,178 (35,164)   (755,778)   40,266   2,893,211   14.08
Empower S&P Mid Cap 400® Index Fund Institutional Class 165,692 1,087,322 745,641 293,019 (17,643)   (290,628)   12,773   1,249,316   6.08
Empower S&P Small Cap 600® Index Fund Institutional Class 191,652 1,041,743 726,315 328,588 (57,000)   (274,226)   10,055   1,165,244   5.67
Empower Small Cap Growth Fund Institutional Class 12,364 95,749 77,261 40,700 (11,553)   (23,379)   607   108,931   0.53
Empower Small Cap Value Fund Institutional Class 97,865 564,892 386,860 200,455 (32,731)   (132,790)   3,506   618,507   3.01
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 101,884 500,624 423,690 168,687 (43,121)   (157,565)   151   598,062   2.91
          (519,188)   (4,445,120)   115,105   16,936,715   82.43
FIXED INTEREST CONTRACT                          
Empower Annuity Contract 69,136 52,227 44,405 28,060 -   -   564   69,136   0.33
          0   0   564   69,136   0.33
        Total $(586,082)   $(4,623,708)   $135,606   $18,404,605   89.57%
(a) The Fund had realized gain distributions received from affiliates of $254,124.
September 30, 2022