EMPOWER FUNDS, INC.

EMPOWER EMERGING MARKETS EQUITY FUND

Schedule of Investments

As of September 30, 2022 (Unaudited)

September 30, 2022

EMPOWER FUNDS, INC.

EMPOWER EMERGING MARKETS EQUITY FUND

Schedule of Investments

As of September 30, 2022 (Unaudited)

September 30, 2022

EMPOWER FUNDS, INC.

EMPOWER EMERGING MARKETS EQUITY FUND

Schedule of Investments

As of September 30, 2022 (Unaudited)

September 30, 2022

EMPOWER FUNDS, INC.

EMPOWER EMERGING MARKETS EQUITY FUND

Schedule of Investments

As of September 30, 2022 (Unaudited)

September 30, 2022

EMPOWER FUNDS, INC.

EMPOWER EMERGING MARKETS EQUITY FUND

Schedule of Investments

As of September 30, 2022 (Unaudited)

Principal Amount		Fair Value
Repurchase Agreements — (continued)
$ 2,307,836	Undivided interest of 84.60% in a repurchase agreement (principal amount/value $2,733,815 with a maturity value of $2,734,492) with JP Morgan Securities, 2.97%, dated 9/30/22 to be repurchased at $2,307,836 on 10/3/22 collateralized by U.S. Treasury securities, 0.25% - 3.88%, 9/30/23 - 9/30/29, with a value of $2,788,491.(d)	$  2,307,836
TOTAL SHORT TERM INVESTMENTS — 1.66% (Cost $10,269,620)		$10,269,620
TOTAL INVESTMENTS — 97.89% (Cost $757,550,431)		$606,035,272
OTHER ASSETS & LIABILITIES, NET — 2.11%		$13,069,132
TOTAL NET ASSETS — 100.00%		$619,104,404

(a)	All or a portion of the security is on loan at September 30, 2022.
(b)	Non-income producing security.
(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
GDR	Global Depositary Receipt
NVDR	Non-Voting Depository Receipt

See Notes to Schedule of Investments.

September 30, 2022

EMPOWER FUNDS, INC.

EMPOWER EMERGING MARKETS EQUITY 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
China	$172,599,893		28.48%
India	90,608,866		14.95
Taiwan	76,855,826		12.68
South Korea	59,301,909		9.78
Indonesia	35,581,380		5.87
Brazil	28,205,109		4.65
South Africa	24,031,652		3.97
Saudi Arabia	19,855,059		3.28
Mexico	16,581,870		2.74
Thailand	15,803,864		2.61
United States	11,631,187		1.92
Hong Kong	10,961,614		1.81
Uruguay	7,014,608		1.16
United Kingdom	6,686,789		1.10
United Arab Emirates	6,280,249		1.04
Malaysia	4,804,181		0.79
Chile	4,458,699		0.74
Hungary	3,355,011		0.55
Qatar	2,492,788		0.41
Czech Republic	2,284,993		0.38
Philippines	1,956,922		0.32
Turkey	1,741,415		0.29
Colombia	1,229,886		0.20
Greece	856,102		0.14
Poland	855,400		0.14
Total	$606,035,272		100.00%

See Notes to Schedule of Investments.

September 30, 2022

EMPOWER FUNDS, INC.

EMPOWER EMERGING MARKETS EQUITY FUND

Notes to Schedule of Investments (Unaudited)

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.

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.
Warrants	Exchange traded close price, bids and evaluated bids.
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	$12,032,055		$25,601,440		$—		$37,633,495
Communications	13,616,970		82,761,184		—		96,378,154
Consumer, Cyclical	6,516,410		38,700,055		—		45,216,465
Consumer, Non-cyclical	6,744,334		55,890,058		—		62,634,392
Energy	11,217,517		38,982,645		—		50,200,162
Financial	9,978,611		138,113,971		—		148,092,582
Industrial	951,516		32,516,271		—		33,467,787
Technology	6,020,700		96,460,074		—		102,480,774
Utilities	3,312,121		8,125,903		—		11,438,024
	70,390,234		517,151,601		0		587,541,835
Preferred Stock	—		6,862,250		—		6,862,250
Warrants	—		455,567		—		455,567
Government Money Market Mutual Funds	906,000		—		—		906,000
Short Term Investments	—		10,269,620		—		10,269,620
Total Assets	$71,296,234		$534,739,038		$0		$606,035,272

September 30, 2022

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