EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 9.04%
  Aaset Trust(b)  
  Series 2021-1A Class A  
$       576,965 2.95%, 11/16/2041   $      523,077
  Series 2021-2A Class A  
        805,237 2.80%, 01/15/2047          704,961
  Affirm Asset Securitization Trust(b)  
  Series 2023-B Class A  
850,000 6.82%, 09/15/2028   862,666
  Series 2024-A Class B  
660,000 5.93%, 02/15/2029   658,297
1,325,000 Aimco Ltd(b)(c)
Series 2020-12A Class AR
6.49%, 01/17/2032
3-mo. SOFR + 1.17% 		1,325,124
  American Credit Acceptance Receivables Trust(b)  
  Series 2020-4 Class D  
66,770 1.77%, 12/14/2026   66,661
  Series 2021-3 Class D  
730,000 1.34%, 11/15/2027   711,063
  Series 2021-4A Class D  
1,240,000 1.82%, 02/14/2028   1,207,377
  Series 2022-1 Class D  
400,000 2.46%, 03/13/2028   388,849
  Series 2022-4 Class C  
245,000 7.86%, 02/15/2029   247,335
  Series 2023-3 Class C  
1,170,000 6.44%, 10/12/2029   1,180,604
  Series 2023-4 Class D  
900,000 7.65%, 09/12/2030   918,272
  AmeriCredit Automobile Receivables Trust  
  Series 2019-3 Class D  
4,067 2.58%, 09/18/2025   4,061
  Series 2020-1 Class D  
20,000 1.80%, 12/18/2025   19,765
  Series 2020-2 Class D  
350,000 2.13%, 03/18/2026   341,792
  Series 2020-3 Class D  
120,000 1.49%, 09/18/2026   114,850
  Series 2023-2 Class C  
1,500,000 6.00%, 07/18/2029   1,523,669
3,400,000 Apidos XXXVII(b)(c)
Series 2021-37A Class B
7.18%, 10/22/2034
3-mo. SOFR + 1.86% 		3,399,973
1,635,000 Applebee's Funding LLC / IHOP Funding LLC(b)
Series 2023-1A Class A2
7.82%, 03/05/2053   		1,690,281
  Aqua Finance Trust(b)  
  Series 2019-A Class C  
307,796 4.01%, 07/16/2040   279,170
  Series 2021-A Class B  
210,000 2.40%, 07/17/2046   173,246
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$     3,850,000 Ares LXII Ltd(b)(c)
Series 2021-62A Class B
7.23%, 01/25/2034
3-mo. SOFR + 1.91% 		$    3,850,035
  Avis Budget Rental Car Funding AESOP LLC(b)  
  Series 2020-1A Class C  
      1,795,000 3.02%, 08/20/2026       1,727,837
  Series 2020-2A Class A  
        925,000 2.02%, 02/20/2027          872,992
  Series 2020-2A Class C  
110,000 4.25%, 02/20/2027   106,372
  Series 2021-1A Class C  
105,000 2.13%, 08/20/2027   96,349
  Series 2021-2A Class C  
450,000 2.35%, 02/20/2028   406,742
  Series 2023-8A Class C  
275,000 7.34%, 02/20/2030   287,660
  Series 2024-1A Class C  
150,000 6.48%, 06/20/2030   152,586
  BHG Securitization Trust(b)  
  Series 2022-A Class B  
1,585,000 2.70%, 02/20/2035   1,479,641
  Series 2023-B Class B  
780,000 7.45%, 12/17/2036   801,639
  Series 2024-1CON Class B  
385,000 6.49%, 04/17/2035   385,028
  Series 2024-1CON Class C  
105,000 6.86%, 04/17/2035   105,013
2,900,000 BlueMountain XXXIII Ltd(b)(c)
Series 2021-33A Class B
7.28%, 11/20/2034
3-mo. SOFR + 1.96% 		2,902,885
2,035,000 Bridgecrest Lending Auto Securitization Trust
Series 2023-1 Class D
7.84%, 08/15/2029   		2,139,311
54,610 Business Jet Securities LLC(b)
Series 2021-1A Class B
2.92%, 04/15/2036   		50,646
425,012 CAL Funding IV Ltd(b)
Series 2020-1A Class A
2.22%, 09/25/2045   		384,687
2,000,000 Carlyle Global Market Strategies Ltd(b)(c)
Series 2021-3SA Class A2
7.08%, 04/15/2034
3-mo. SOFR + 1.76% 		2,000,044
  CarMax Auto Owner Trust  
  Series 2020-2 Class C  
15,000 4.23%, 11/17/2025   14,969
  Series 2020-3 Class D  
5,000 2.53%, 01/15/2027   4,946
  Series 2020-4 Class D  
1,830,000 1.75%, 04/15/2027   1,774,846
  Series 2021-1 Class D  
500,000 1.28%, 07/15/2027   477,338
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2022-1 Class D  
$       300,000 2.47%, 07/17/2028   $      280,292
  Series 2023-4 Class D  
        300,000 7.16%, 04/15/2030          308,611
  Series 2024-1 Class D  
        100,000 6.00%, 07/15/2030          100,160
  Carvana Auto Receivables Trust  
  Series 2021-N3 Class C  
110,420 1.02%, 06/12/2028   103,499
  Series 2021-N4 Class C  
65,094 1.72%, 09/11/2028   61,678
  Series 2021-N4 Class D  
486,705 2.30%, 09/11/2028   471,162
  Series 2021-P3 Class C  
765,000 1.93%, 10/12/2027   689,886
  Series 2021-P4 Class C  
325,000 2.33%, 02/10/2028   293,414
  Series 2023-N1 Class D  
2,430,000 6.69%, 07/10/2029(b)   2,451,887
  Series 2023-N4 Class D  
200,000 7.22%, 02/11/2030(b)   206,266
641,918 Castlelake Aircraft Securitization Trust(b)
Series 2018-1 Class B
5.30%, 06/15/2043   		494,277
282,378 Castlelake Aircraft Structured Trust(b)
Series 2019-1A Class A
3.97%, 04/15/2039   		254,171
1,246,804 CCG Receivables Trust(b)
Series 2023-1 Class A2
5.82%, 09/16/2030   		1,250,963
444,948 CLI Funding VIII LLC(b)
Series 2021-1A Class A
1.64%, 02/18/2046   		394,682
  College Ave Student Loans LLC(b)  
  Series 2021-A Class C  
366,173 2.92%, 07/25/2051   326,623
  Series 2023-B Class C  
340,000 7.58%, 06/25/2054   345,594
30,484 Commonbond Student Loan Trust(b)
Series 2020-1 Class A
1.69%, 10/25/2051   		26,919
  CoreVest American Finance Trust(b)  
  Series 2020-2 Class C  
590,000 4.60%, 05/15/2052(d)   553,025
  Series 2021-1 Class C  
155,000 2.80%, 04/15/2053   128,010
  Series 2021-2 Class C  
320,000 2.48%, 07/15/2054   259,654
  Series 2021-3 Class D  
220,000 3.47%, 10/15/2054   184,027
  Credit Acceptance Auto Loan Trust(b)  
  Series 2021-2A Class C  
400,000 1.64%, 06/17/2030   395,024
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2021-3A Class C  
$       250,000 1.63%, 09/16/2030   $      243,196
  Series 2021-4 Class C  
      2,453,000 1.94%, 02/18/2031       2,337,233
  Series 2024-1A Class C  
        325,000 6.71%, 07/17/2034          326,559
  Domino's Pizza Master Issuer LLC(b)  
  Series 2017-1A Class A23  
186,120 4.12%, 07/25/2047   178,150
  Series 2018-1A Class A2II  
379,000 4.33%, 07/25/2048   365,331
  Drive Auto Receivables Trust  
  Series 2021-1 Class D  
500,000 1.45%, 01/16/2029   484,430
  Series 2021-2 Class D  
1,800,000 1.39%, 03/15/2029   1,723,131
  DT Auto Owner Trust(b)  
  Series 2019-4A Class D  
149 2.85%, 07/15/2025   149
  Series 2021-1A Class D  
970,000 1.16%, 11/16/2026   934,948
  Series 2021-2A Class D  
2,750,000 1.50%, 02/16/2027   2,640,202
  Series 2021-3A Class D  
1,515,000 1.31%, 05/17/2027   1,425,663
  Series 2021-4A Class D  
790,000 1.99%, 09/15/2027   741,153
  Series 2022-1A Class D  
1,470,000 3.40%, 12/15/2027   1,419,989
  Series 2023-3A Class B  
1,990,000 6.07%, 03/15/2028   2,000,044
  Series 2023-3A Class D  
845,000 7.12%, 05/15/2029   865,319
46,143 Elara HGV Timeshare Issuer LLC(b)
Series 2021-A Class C
2.09%, 08/27/2035   		42,514
69,562 ELFI Graduate Loan Program LLC(b)(d)
Series 2021-A Class B
2.09%, 12/26/2046   		57,293
654,000 EverBright Solar Trust(b)
Series 2024-A Class A
6.43%, 06/22/2054   		648,245
  Exeter Automobile Receivables Trust  
  Series 2019-4A Class D  
3,326 2.58%, 09/15/2025(b)   3,307
  Series 2021-1A Class D  
374,846 1.08%, 11/16/2026   365,544
  Series 2021-3A Class D  
3,705,000 1.55%, 06/15/2027   3,495,198
  Series 2022-2A Class D  
200,000 4.56%, 07/17/2028   195,252
  Series 2022-6A Class C  
330,000 6.32%, 05/15/2028   331,937
  Series 2023-2A Class D  
680,000 6.32%, 08/15/2029   684,017
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2023-3A Class D  
$       340,000 6.68%, 04/16/2029   $      345,197
  Series 2023-5A Class D  
      1,320,000 7.13%, 02/15/2030       1,370,974
  First Investors Auto Owner Trust(b)  
  Series 2021-1A Class D  
        415,000 1.62%, 03/15/2027          400,349
  Series 2022-1A Class D  
400,000 3.79%, 06/15/2028   382,488
  Series 2022-2A Class D  
420,000 8.71%, 10/16/2028   440,695
  FirstKey Homes Trust(b)  
  Series 2020-SFR2 Class F1  
1,015,000 3.02%, 10/19/2037   960,467
  Series 2021-SFR1 Class E1  
535,000 2.39%, 08/17/2038   484,368
  Series 2021-SFR2 Class E1  
360,000 2.26%, 09/17/2038   323,488
  Series 2021-SFR2 Class E2  
225,000 2.36%, 09/17/2038   202,012
  Series 2022-SFR2 Class D  
635,000 4.50%, 07/17/2039   601,615
  Flagship Credit Auto Trust(b)  
  Series 2019-3 Class D  
38,812 2.86%, 12/15/2025   38,481
  Series 2019-4 Class D  
7,116 3.12%, 01/15/2026   7,029
  Series 2020-1 Class D  
12,902 2.48%, 03/16/2026   12,670
  Series 2020-4 Class D  
190,000 2.18%, 02/16/2027   180,178
  Series 2021-1 Class D  
255,000 1.27%, 03/15/2027   238,703
  Series 2021-2 Class D  
310,000 1.59%, 06/15/2027   283,902
  Series 2021-3 Class D  
475,000 1.65%, 09/15/2027   434,441
498,750 FOCUS Brands Funding(b)
Series 2023-2 Class A2
8.24%, 10/30/2053   		529,445
450,000 Ford Credit Auto Lease Trust
Series 2023-B Class D
6.97%, 06/15/2028   		460,797
255,000 Foundation Finance Trust(b)
Series 2023-2A Class B
6.97%, 06/15/2049   		260,885
  Foursight Capital Automobile Receivables Trust(b)  
  Series 2021-1 Class D  
530,000 1.32%, 03/15/2027   522,124
  Series 2021-2 Class D  
360,000 1.92%, 09/15/2027   340,481
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Freedom Financial Trust(b)  
  Series 2021-2 Class C  
$        20,907 1.94%, 06/19/2028   $       20,792
  Series 2021-3FP Class D  
        458,352 2.37%, 11/20/2028          448,621
  Series 2022-1FP Class D  
        410,000 3.35%, 03/19/2029          394,383
3,315,000 Frontier Issuer LLC(b)
Series 2023-1 Class A2
6.60%, 08/20/2053   		3,348,035
  GLS Auto Receivables Issuer Trust(b)  
  Series 2020-1A Class C  
138 2.72%, 11/17/2025   138
  Series 2021-1A Class D  
1,159,790 1.68%, 01/15/2027   1,129,514
  Series 2021-2A Class D  
545,000 1.42%, 04/15/2027   520,677
  Series 2021-3A Class D  
785,000 1.48%, 07/15/2027   744,045
  Series 2021-4A Class D  
1,790,000 2.48%, 10/15/2027   1,693,215
  Series 2023-2A Class D  
520,000 6.31%, 03/15/2029   524,439
  Series 2023-4A Class D  
595,000 7.18%, 08/15/2029   616,159
  Series 2024-1A Class D  
400,000 5.95%, 12/17/2029   399,040
50,000 GLS Auto Select Receivables Trust(b)
Series 2024-1A Class D
6.43%, 01/15/2031   		50,657
278 GM Financial Consumer Automobile Receivables Trust
Series 2020-4 Class A3
0.38%, 08/18/2025   		277
  Hardee's Funding LLC(b)  
  Series 2021-1A Class A2  
291,750 2.87%, 06/20/2051   247,842
  Series 2024-1A Class A2  
320,000 7.25%, 03/20/2054   324,720
  Hertz Vehicle Financing III LLC(b)  
  Series 2022-1A Class D  
1,704,000 4.85%, 06/25/2026   1,654,278
  Series 2023-1A Class D2  
420,000 9.13%, 06/25/2027   426,183
  Hertz Vehicle Financing LLC(b)  
  Series 2022-2A Class D  
1,355,000 5.16%, 06/26/2028   1,244,090
  Series 2022-4A Class D  
900,000 6.56%, 09/25/2026   881,550
183,000 HIN Timeshare Trust(b)
Series 2024-A Class A
5.49%, 03/15/2043   		183,644
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Home Partners of America Trust(b)  
  Series 2021-1 Class E  
$        85,108 2.58%, 09/17/2041   $       67,964
  Series 2021-2 Class E1  
      1,269,100 2.85%, 12/17/2026       1,138,511
  Series 2021-2 Class E2  
        610,514 2.95%, 12/17/2026          545,781
  HPEFS Equipment Trust(b)  
  Series 2022-1A Class D  
420,000 2.40%, 11/20/2029   403,347
  Series 2023-2A Class D  
255,000 6.97%, 07/21/2031   259,484
6,800,000 HPS Loan Management Ltd(b)(c)
Series 15A-19 Class A1R
6.64%, 01/22/2035
3-mo. SOFR + 1.32% 		6,797,083
485,000 Jack in the Box Funding LLC(b)
Series 2019-1A Class A2II
4.48%, 08/25/2049   		465,607
1,375,079 JOL Air Ltd(b)
Series 2019-1 Class A
3.97%, 04/15/2044   		1,258,445
  JPMorgan Chase Bank NA(b)  
  Series 2021-1 Class D  
16,124 1.17%, 09/25/2028   15,954
  Series 2021-3 Class D  
53,943 1.01%, 02/26/2029   52,305
2,250,000 KKR Ltd(b)(c)
Series 31A Class B
7.08%, 04/20/2034
3-mo. SOFR + 1.76% 		2,250,223
  LAD Auto Receivables Trust(b)  
  Series 2023-4A Class C  
260,000 6.76%, 03/15/2029   261,051
  Series 2023-4A Class D  
145,000 7.37%, 04/15/2031   145,755
  Series 2024-1A Class B  
100,000 5.33%, 02/15/2029   99,578
  Series 2024-1A Class C  
100,000 5.64%, 06/15/2029   99,550
254,749 Laurel Road Prime Student Loan Trust(b)
Series 2020-A Class A2FX
1.40%, 11/25/2050   		230,328
881,326 Lunar Structured Aircraft Portfolio Notes(b)
Series 2021-1 Class A
2.64%, 10/15/2046   		781,648
941,754 MAPS Ltd(b)
Series 2021-1A Class A
2.52%, 06/15/2046   		838,453
2,250,000 Marathon Ltd(b)(c)
Series 2021-16A Class A2
7.28%, 04/15/2034
3-mo. SOFR + 1.96% 		2,201,184
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Marlette Funding Trust(b)  
  Series 2021-2A Class C  
$        72,480 1.50%, 09/15/2031   $       71,701
  Series 2021-3A Class C  
        310,000 1.81%, 12/15/2031          299,285
  Merchants Fleet Funding LLC(b)  
  Series 2023-1A Class A  
1,940,000 7.21%, 05/20/2036   1,945,023
  Series 2023-1A Class D  
525,000 8.20%, 05/20/2036   523,765
32,624 Merlin Aviation Holdings Designated Activity Co(b)(e)
Series 2016-1 Class A
4.50%, 12/15/2032   		29,362
160,000 MetroNet Infrastructure Issuer LLC(b)
Series 2024-1A Class A2
6.23%, 04/20/2054   		160,128
840,000 Mission Lane Credit Card Master Trust(b)
Series 2023-B Class A
7.69%, 11/15/2028   		852,199
237,839 Mosaic Solar Loans LLC(b)
Series 2024-1 Class B
6.25%, 09/20/2049   		235,020
  MVW Owner Trust(b)  
  Series 2019-1A Class C  
16,002 3.33%, 11/20/2036   15,378
  Series 2021-1WA Class C  
384,986 1.94%, 01/22/2041   355,500
  Series 2021-2A Class C  
737,993 2.23%, 05/20/2039   677,934
  Navient Private Education Refi Loan Trust(b)  
  Series 2020-HA Class A  
38,201 1.31%, 01/15/2069   35,259
  Series 2021-A Class A  
273,837 0.84%, 05/15/2069   240,110
  Series 2021-A Class B  
720,000 2.24%, 05/15/2069   537,951
  Series 2021-EA Class B  
235,000 2.03%, 12/16/2069   154,586
  Series 2021-FA Class B  
505,000 2.12%, 02/18/2070   326,911
560,000 Navient Student Loan Trust(b)
Series 2023-BA Class B
7.23%, 03/15/2072   		584,871
1,375,729 Navigator Aircraft Ltd(b)(e)
Series 2021-1 Class A
2.77%, 11/15/2046   		1,227,602
  Nelnet Student Loan Trust(b)  
  Series 2021-DA Class C  
195,000 3.50%, 04/20/2062   154,958
  Series 2021-DA Class D  
100,000 4.38%, 04/20/2062   79,255
2,100,000 Octagon Investment Partners Ltd(b)(c)
Series 2019-4A Class A1R
6.71%, 05/12/2031
3-mo. SOFR + 1.41% 		2,101,142
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  OneMain Financial Issuance Trust(b)  
  Series 2018-2A Class A  
$        62,591 3.57%, 03/14/2033   $       62,294
  Series 2018-2A Class B  
        200,000 3.89%, 03/14/2033          197,216
  Series 2021-1A Class D  
        350,000 2.47%, 06/16/2036          294,649
  Series 2022-S1 Class D  
770,000 5.20%, 05/14/2035   732,507
  Planet Fitness Master Issuer LLC(b)  
  Series 2018-1A Class A2II  
567,000 4.67%, 09/05/2048   554,585
  Series 2019-1A Class A2  
564,925 3.86%, 12/05/2049   511,795
  Series 2022-1A Class A2I  
49,000 3.25%, 12/05/2051   45,744
  Prestige Auto Receivables Trust(b)  
  Series 2020-1A Class E  
330,000 3.67%, 02/15/2028   324,656
  Series 2022-1A Class D  
1,235,000 8.08%, 08/15/2028   1,271,364
  Series 2023-2A Class D  
200,000 7.71%, 08/15/2029   205,930
  Progress Residential Trust(b)  
  Series 2021-SFR2 Class E1  
465,000 2.55%, 04/19/2038   426,897
  Series 2021-SFR3 Class E1  
165,000 2.54%, 05/17/2026   151,231
  Series 2021-SFR3 Class E2  
140,000 2.69%, 05/17/2026   128,082
  Series 2021-SFR4 Class E1  
100,000 2.41%, 05/17/2038   91,211
  Series 2021-SFR4 Class E2  
100,000 2.56%, 05/17/2038   91,098
  Series 2021-SFR5 Class E1  
230,000 2.21%, 07/17/2038   208,362
  Series 2021-SFR5 Class E2  
100,000 2.36%, 07/17/2038   90,218
  Series 2021-SFR6 Class E1  
300,000 2.43%, 07/17/2038   271,066
  Series 2021-SFR6 Class E2  
155,000 2.53%, 07/17/2038   139,919
  Series 2021-SFR7 Class E1  
365,000 2.59%, 08/17/2040   310,966
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2021-SFR7 Class E2  
$       100,000 2.64%, 08/17/2040   $       83,196
  Series 2021-SFR9 Class E1  
        165,000 2.81%, 11/17/2040          143,054
  Series 2021-SFR9 Class E2  
        115,000 3.01%, 11/17/2040           99,570
  Series 2023-SFR2 Class B  
130,000 4.50%, 10/17/2028   124,008
100,000 Republic Finance Issuance Trust(b)
Series 2021-A Class C
3.53%, 12/22/2031   		91,717
73,025 Santander Bank NA(b)
Series 2021-1A Class B
1.83%, 12/15/2031   		71,976
  Santander Drive Auto Receivables Trust  
  Series 2020-3 Class D  
2,013 1.64%, 11/16/2026   1,987
  Series 2020-4 Class D  
21,527 1.48%, 01/15/2027   21,150
  Series 2021-3 Class D  
90,000 1.33%, 09/15/2027   86,705
  Series 2021-4A Class D  
2,325,000 1.67%, 10/15/2027   2,209,563
  Series 2022-5 Class C  
1,100,000 4.74%, 10/16/2028   1,086,798
  Series 2023-3 Class B  
1,550,000 5.61%, 07/17/2028   1,553,520
  Series 2023-4 Class B  
1,400,000 5.77%, 12/15/2028   1,409,741
  Series 2023-4 Class C  
800,000 6.04%, 12/15/2031   813,460
  SBNA Auto Receivables Trust(b)  
  Series 2024-A Class C  
100,000 5.59%, 01/15/2030   100,100
  Series 2024-A Class D  
100,000 6.04%, 04/15/2030   100,105
  SCF Equipment Leasing LLC(b)  
  Series 2021-1A Class D  
100,000 1.93%, 09/20/2030   94,055
  Series 2022-1A Class D  
355,000 3.79%, 11/20/2031   333,108
  Series 2022-2A Class C  
620,000 6.50%, 08/20/2032   631,239
900,000 SEB Funding LLC(b)
Series 2024-1A Class A2
7.39%, 04/30/2054   		909,211
236,594 Shenton Aircraft Investment I Ltd(b)
Series 2015-1A Class A
4.75%, 10/15/2042   		218,262
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Sierra Timeshare Receivables Funding LLC(b)  
  Series 2019-2A Class C  
$        55,633 3.12%, 05/20/2036   $       54,974
  Series 2019-3A Class C  
         37,125 3.00%, 08/20/2036           36,509
  Series 2021-1A Class C  
         29,674 1.79%, 11/20/2037           28,068
  Series 2023-2A Class C  
159,383 7.30%, 04/20/2040   161,890
  Series 2023-3A Class C  
508,949 7.12%, 09/20/2040   513,607
990,000 Signal Peak Ltd(b)(c)
Series 2014-1A Class AR3
6.74%, 04/17/2034
1-mo. SOFR + 1.42% 		989,955
  SMB Private Education Loan Trust(b)  
  Series 2020-A Class A2A  
483,219 2.23%, 09/15/2037   453,321
  Series 2021-A Class A2A2  
386,699 6.17%, 01/15/2053(c)
1-mo. SOFR + 0.84% 		382,979
  Series 2021-B Class B  
345,000 2.65%, 07/17/2051   282,919
  Series 2021-D Class B  
330,000 2.31%, 03/17/2053   264,519
  Series 2021-E Class B  
700,000 2.49%, 02/15/2051   564,095
  Series 2024-A Class B  
339,000 5.88%, 03/15/2056   338,958
  Series 2024-A Class C  
533,000 6.22%, 03/15/2056   536,519
130,000 SoFi Consumer Loan Program Trust(b)
Series 2021-1 Class D
2.04%, 09/25/2030   		121,940
1,213,688 Sunnova Helios X Issuer LLC(b)
Series 2022-C Class C
6.00%, 11/22/2049   		1,052,002
1,502,816 Sunnova Helios XIII Issuer LLC(b)
Series 2024-A Class A
5.30%, 02/20/2051   		1,469,555
308,867 Textainer Marine Containers VII Ltd(b)
Series 2021-1A Class A
1.68%, 02/20/2046   		272,535
329,450 TIF Funding II LLC(b)
Series 2021-1A Class A
1.65%, 02/20/2046   		286,016
775,000 TIF Funding III LLC(b)
Series 2024-1A Class A
5.48%, 05/22/2034   		774,768
  Tricon American Homes Trust(b)  
  Series 2019-SFR1 Class D  
15,000 3.20%, 03/17/2038   14,208
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2020-SFR2 Class E1  
$       100,000 2.73%, 11/17/2039   $       88,684
  Tricon Residential Trust(b)  
  Series 2021-SFR1 Class E1  
        200,000 2.79%, 07/17/2038          182,835
  Series 2021-SFR1 Class E2  
        535,000 2.89%, 07/17/2038          487,566
2,250,000 Venture Ltd(b)(c)
Series 2021-42A Class B
7.13%, 04/15/2034
3-mo. SOFR + 1.81% 		2,231,707
860,000 VERDE Ltd(b)(c)
Series 2019-1A Class AR
6.68%, 04/15/2032
3-mo. SOFR + 1.36% 		860,292
  VStrong Auto Receivables Trust(b)  
  Series 2024-A Class B  
100,000 5.77%, 07/15/2030   100,286
  Series 2024-A Class D  
100,000 7.29%, 07/15/2030   100,360
1,384,041 WAVE Trust(b)
Series 2017-1A Class A
3.84%, 11/15/2042   		1,221,416
79,682 Wendy's Funding LLC(b)
Series 2018-1A Class A2II
3.88%, 03/15/2048   		75,190
  Westlake Automobile Receivables Trust(b)  
  Series 2021-3A Class D  
600,000 2.12%, 01/15/2027   573,878
  Series 2022-1A Class D  
1,700,000 3.49%, 03/15/2027   1,648,523
  Series 2023-1A Class D  
400,000 6.79%, 11/15/2028   407,246
  Series 2023-3A Class B  
920,000 5.92%, 09/15/2028   924,867
  Series 2023-3A Class C  
550,000 6.02%, 09/15/2028   553,311
  Series 2023-4A Class D  
1,335,000 7.19%, 07/16/2029   1,360,171
173,525 Willis Engine Structured Trust IV(b)(e)
Series 2018-A Class B
5.44%, 09/15/2043   		159,213
809,365 Willis Engine Structured Trust VI(b)
Series 2021-A Class A
3.10%, 05/15/2046   		695,738
2,125,035 Willis Engine Structured Trust VII(b)
Series 2023-A Class A
8.00%, 10/15/2048   		2,226,420
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$     1,200,000 Ziply Fiber Issuer LLC(b)
Series 2024-1A Class A2
6.64%, 04/20/2054   		$    1,200,779
TOTAL ASSET-BACKED SECURITIES — 9.04%
(Cost $163,381,997) 		$159,634,700
BANK LOANS
      1,331,662 1011778 BC Unlimited Liability Co(c)
7.58%,
1-mo. SOFR + 2.25% 		     1,329,998
        777,000 Boost Newco Borrower LLC(c)
8.31%, 01/31/2031
3-mo. SOFR + 3.01% 		       778,214
  Carnival Corp(c)  
        522,490 8.32%,08/09/2027
1-mo. SOFR + 2.99% 		       522,653
1,686,659 8.69%,10/18/2028
1-mo. SOFR + 3.37% 		1,686,659
675,000 Foundation Building Materials Inc(c)
9.31%, 01/29/2031
3-mo. SOFR + 4.01% 		677,250
1,050,000 Hilton Grand Vacations Borrower Escrow LLC(c)
8.08%, 01/17/2031
1-mo. SOFR + 2.75% 		1,051,640
668,325 Hub International Ltd(c)
8.57%, 06/20/2030
3-mo. SOFR + 3.28% 		668,205
920,000 SBA Communications(c)
7.33%, 01/27/2031
1-mo. SOFR + 2.00% 		920,752
100,000 Scientific Games International Inc(c)
8.08%, 04/14/2029
1-mo. SOFR + 2.75% 		100,078
1,477,168 Star Parent Inc(c)
9.31%, 09/27/2030
3-mo. SOFR + 4.01% 		1,467,013
875,000 Summit Materials LLC(c)
7.83%, 01/12/2029
1-mo. SOFR + 2.53% 		878,906
  TransDigm Inc(c)  
330,170 8.08%,08/24/2028
1-mo. SOFR + 2.75% 		331,160
194,512 8.60%,02/14/2031
3-mo. SOFR + 3.30% 		195,384
1,220,000 Truist Insurance Holdings LLC(c)
8.58%, 03/24/2031
1-mo. SOFR + 3.25% 		1,216,950
1,048,957 Uber Technologies Inc(c)
8.08%, 03/03/2030
3-mo. SOFR + 2.78% 		1,053,036
TOTAL BANK LOANS — 0.73%
(Cost $12,818,785) 		$12,877,898
Principal Amount(a)   Fair Value
CORPORATE BONDS AND NOTES
Basic Materials — 2.47%
  Anglo American Capital PLC(b)  
$     2,415,000 2.63%, 09/10/2030 $    2,055,841
        425,000 2.88%, 03/17/2031        361,614
      1,920,000 5.50%, 05/02/2033(f)     1,909,044
      2,920,000 ArcelorMittal SA
6.80%, 11/29/2032
     3,122,730
        855,000 Ashland Inc(b)
3.38%, 09/01/2031
       723,410
780,000 ATI Inc
5.88%, 12/01/2027
768,025
  Braskem Netherlands Finance BV(b)  
410,000 4.50%, 01/31/2030 352,549
705,000 8.50%, 01/12/2031 731,076
415,000 5.88%, 01/31/2050(f) 320,182
  Celanese US Holdings LLC  
110,000 6.33%, 07/15/2029 114,065
700,000 6.55%, 11/15/2030 736,273
490,000 6.38%, 07/15/2032 508,333
2,780,000 6.70%, 11/15/2033(f) 2,964,108
  First Quantum Minerals Ltd(b)  
1,790,000 6.88%, 10/15/2027 1,716,189
2,895,000 9.38%, 03/01/2029 2,998,974
1,070,000 FMG Resources Pty Ltd(b)
4.38%, 04/01/2031
956,008
  Glencore Funding LLC(b)  
10,000 3.88%, 10/27/2027 9,539
2,640,000 6.13%, 10/06/2028 2,728,096
35,000 4.88%, 03/12/2029 34,443
3,030,000 2.50%, 09/01/2030 2,572,157
3,150,000 6.38%, 10/06/2030 3,324,185
2,010,000 2.85%, 04/27/2031 1,717,457
300,000 2.63%, 09/23/2031 250,039
3,075,000 5.70%, 05/08/2033 3,124,766
7,270,000 6.50%, 10/06/2033 7,776,317
635,000 Novelis Corp
4.75%, 01/30/2030
585,865
1,280,000 Suzano Austria GmbH
3.75%, 01/15/2031
1,131,502
    43,592,787
Communications — 4.62%
515,000 Block Communications Inc(b)
4.88%, 03/01/2028
460,073
  CCO Holdings LLC / CCO Holdings Capital Corp  
3,000 5.50%, 05/01/2026(b) 2,954
505,000 4.50%, 08/15/2030(b) 423,214
1,605,000 4.25%, 02/01/2031(b) 1,310,723
140,000 4.75%, 02/01/2032(b) 114,257
290,000 4.50%, 05/01/2032 233,042
2,890,000 4.25%, 01/15/2034(b) 2,181,528
  Charter Communications Operating LLC / Charter Communications Operating Capital  
785,000 2.80%, 04/01/2031 643,207
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Communications — (continued)
$       150,000 2.30%, 02/01/2032 $      115,726
        190,000 4.40%, 04/01/2033        168,381
         10,000 5.13%, 07/01/2049          7,749
      4,130,000 4.80%, 03/01/2050     3,057,074
      1,315,000 4.40%, 12/01/2061        858,667
      2,235,000 3.95%, 06/30/2062     1,348,408
      1,770,000 CommScope Inc(b)
4.75%, 09/01/2029
     1,274,400
1,445,000 CommScope Technologies LLC(b)
5.00%, 03/15/2027
558,117
  CSC Holdings LLC(b)  
200,000 5.75%, 01/15/2030 105,875
600,000 4.13%, 12/01/2030 429,030
10,375,000 4.63%, 12/01/2030 5,268,572
2,660,000 3.38%, 02/15/2031 1,807,984
400,000 4.50%, 11/15/2031 283,187
  DISH DBS Corp  
5,765,000 5.25%, 12/01/2026(b) 4,539,411
5,875,000 5.75%, 12/01/2028(b) 4,037,623
4,090,000 5.13%, 06/01/2029 1,705,892
5,675,000 Expedia Group Inc
3.25%, 02/15/2030
5,108,510
1,680,000 Go Daddy Operating Co LLC / GD Finance Co Inc(b)
3.50%, 03/01/2029
1,515,191
  iHeartCommunications Inc(b)  
1,580,000 5.25%, 08/15/2027 1,149,917
460,000 4.75%, 01/15/2028 323,106
  Lamar Media Corp  
170,000 3.75%, 02/15/2028 158,821
650,000 4.00%, 02/15/2030 590,752
2,405,000 Motorola Solutions Inc
5.40%, 04/15/2034
2,400,248
  Netflix Inc  
1,030,000 6.38%, 05/15/2029 1,097,003
2,490,000 5.38%, 11/15/2029(b) 2,541,014
3,510,000 4.88%, 06/15/2030(b) 3,485,444
240,000 Outfront Media Capital LLC / Outfront Media Capital Corp(b)(f)
7.38%, 02/15/2031
251,382
1,265,000 SoftBank Group Corp
4.63%, 07/06/2028
1,170,117
1,630,000 Sprint Capital Corp
8.75%, 03/15/2032
1,976,460
  Time Warner Cable LLC  
1,355,000 5.50%, 09/01/2041 1,127,960
7,215,000 4.50%, 09/15/2042 5,337,704
  T-Mobile USA Inc  
2,155,000 3.38%, 04/15/2029 1,993,010
2,245,000 3.88%, 04/15/2030 2,103,077
4,735,000 3.50%, 04/15/2031 4,276,070
810,000 2.70%, 03/15/2032 681,159
1,105,000 5.75%, 01/15/2034 1,150,722
  Uber Technologies Inc(b)  
250,000 8.00%, 11/01/2026 253,009
445,000 7.50%, 09/15/2027 455,684
2,115,000 6.25%, 01/15/2028 2,123,650
8,505,000 4.50%, 08/15/2029 8,069,695
Principal Amount(a)   Fair Value
Communications — (continued)
$     1,485,000 Virgin Media Finance PLC(b)
5.00%, 07/15/2030
$    1,256,544
    81,531,343
Consumer, Cyclical — 2.35%
  1011778 BC Unlimited Liability Co / New Red Finance Inc(b)  
          5,000 5.75%, 04/15/2025          4,988
      1,675,000 4.00%, 10/15/2030     1,492,428
        880,000 Allison Transmission Inc(b)
3.75%, 01/30/2031
       767,819
  American Airlines Pass Through Trust  
  Series 2017-2 Class B  
2,219 3.70%, 10/15/2025 2,153
  Series 2016-3 Class B  
14,091 3.75%, 10/15/2025 13,586
  Series 2019-1 Class B  
15,467 3.85%, 02/15/2028 14,268
  Series 2016-3 Class A  
127,840 3.25%, 10/15/2028 115,418
  Series 2017-2 Class A  
3,512 3.60%, 10/15/2029 3,179
650,000 Asbury Automotive Group Inc(b)(f)
4.63%, 11/15/2029
599,836
40,000 AutoNation Inc
4.75%, 06/01/2030
38,407
2,939 British Airways Pass Through Trust(b)
Series 2019-1 Class A
3.35%, 06/15/2029
2,710
  Carnival Corp(b)  
1,260,000 5.75%, 03/01/2027 1,247,067
220,000 4.00%, 08/01/2028 204,929
1,050,000 6.00%, 05/01/2029 1,036,045
335,000 7.00%, 08/15/2029 349,400
1,350,000 Daimler Truck Finance North America LLC(b)
5.50%, 09/20/2033
1,367,724
  General Motors Financial Co Inc  
2,710,000 6.00%, 01/09/2028 2,778,143
220,000 3.10%, 01/12/2032 186,340
475,000 6.40%, 01/09/2033(f) 497,767
610,000 GENM Capital Labuan Ltd(b)
3.88%, 04/19/2031
534,191
  Hilton Domestic Operating Co Inc(b)  
865,000 4.00%, 05/01/2031 773,108
110,000 3.63%, 02/15/2032 94,710
  Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(b)  
500,000 5.00%, 06/01/2029(f) 466,301
535,000 4.88%, 07/01/2031 479,004
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
$     1,273,847 JetBlue Pass Through Trust
Series 2020-1 Class A
4.00%, 11/15/2032
$    1,180,312
  Light & Wonder International Inc(b)  
      1,870,000 7.00%, 05/15/2028     1,883,778
         35,000 7.25%, 11/15/2029         35,930
        475,000 7.50%, 09/01/2031        493,954
  Lithia Motors Inc(b)  
      2,980,000 3.88%, 06/01/2029(f)     2,685,588
265,000 4.38%, 01/15/2031 237,368
1,025,000 Marriott International Inc
5.30%, 05/15/2034
1,013,796
715,000 Marriott Ownership Resorts Inc(b)(f)
4.50%, 06/15/2029
654,048
  NCL Corp Ltd(b)  
885,000 5.88%, 03/15/2026 873,628
930,000 5.88%, 02/15/2027 918,833
1,565,000 8.13%, 01/15/2029 1,656,060
515,000 NCL Finance Ltd(b)
6.13%, 03/15/2028
508,571
230,000 PulteGroup Inc
6.00%, 02/15/2035
240,089
  Royal Caribbean Cruises Ltd(b)  
220,000 4.25%, 07/01/2026 212,310
3,330,000 5.50%, 04/01/2028 3,291,385
805,000 6.25%, 03/15/2032 811,408
390,000 Tapestry Inc
3.05%, 03/15/2032
320,271
  Travel + Leisure Co  
1,905,000 4.50%, 12/01/2029(b) 1,751,711
755,000 4.63%, 03/01/2030(b) 689,359
645,000 4.63%, 03/01/2030 588,923
  United Airlines Pass Through Trust  
  Series 2020-1 Class B  
113,980 4.88%, 01/15/2026 111,928
  Series 2023-1 Class A  
2,275,000 5.80%, 01/15/2036 2,313,220
2,390,000 Warnermedia Holdings Inc
4.28%, 03/15/2032
2,134,840
  Yum! Brands Inc  
1,035,000 4.75%, 01/15/2030(b) 981,660
1,105,000 3.63%, 03/15/2031 977,844
680,000 4.63%, 01/31/2032 627,517
  ZF North America Capital Inc(b)  
570,000 6.88%, 04/14/2028 591,204
600,000 7.13%, 04/14/2030 632,230
    41,487,286
Consumer, Non-Cyclical — 3.38%
  Ashtead Capital Inc(b)  
470,000 4.25%, 11/01/2029 438,170
290,000 5.50%, 08/11/2032 283,520
470,000 5.55%, 05/30/2033 462,189
3,580,000 5.95%, 10/15/2033 3,619,986
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
$       285,000 5.80%, 04/15/2034 $      284,710
      2,090,000 Bacardi Ltd / Bacardi-Martini BV(b)
5.40%, 06/15/2033
     2,072,413
         25,000 Bausch + Lomb Corp(b)
8.38%, 10/01/2028
        25,867
      2,460,000 Bausch Health Cos Inc(b)
4.88%, 06/01/2028
     1,342,431
        870,000 BioMarin Pharmaceutical Inc
0.60%, 08/01/2024
       854,253
        530,000 Block Inc
3.50%, 06/01/2031
       461,283
      1,200,000 Boost Newco Borrower LLC(b)
7.50%, 01/15/2031
     1,256,176
  Centene Corp  
95,000 2.45%, 07/15/2028 84,238
2,770,000 4.63%, 12/15/2029 2,629,780
985,000 3.38%, 02/15/2030 871,658
1,010,000 3.00%, 10/15/2030 865,971
2,765,000 2.50%, 03/01/2031 2,274,275
810,000 2.63%, 08/01/2031 664,910
  CVS Pass Through Trust(b)  
  Series 2013  
721,426 4.70%, 01/10/2036 659,780
  Series 2014  
252,279 4.16%, 08/11/2036(f) 220,716
40,000 Encompass Health Corp
4.75%, 02/01/2030
37,478
  Gartner Inc(b)  
945,000 3.63%, 06/15/2029 855,586
1,070,000 3.75%, 10/01/2030 957,799
  Global Payments Inc  
945,000 2.90%, 05/15/2030 820,644
1,105,000 2.90%, 11/15/2031 927,315
1,085,000 5.40%, 08/15/2032 1,076,055
  HCA Inc  
1,675,000 3.50%, 09/01/2030 1,514,798
2,445,000 5.50%, 06/01/2033 2,453,801
2,025,000 5.60%, 04/01/2034 2,039,017
2,230,000 Hologic Inc(b)
3.25%, 02/15/2029
1,998,508
  JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc  
660,000 3.00%, 02/02/2029 584,397
2,075,000 3.75%, 12/01/2031 1,794,094
40,000 Lamb Weston Holdings Inc(b)
4.88%, 05/15/2028
38,877
1,190,000 Medline Borrower LP / Medline Co-Issuer Inc(b)
6.25%, 04/01/2029
1,195,329
  Molina Healthcare Inc(b)  
1,065,000 4.38%, 06/15/2028 1,001,130
1,330,000 3.88%, 05/15/2032 1,158,064
  Pilgrim's Pride Corp  
630,000 4.25%, 04/15/2031 567,908
1,905,000 3.50%, 03/01/2032 1,614,526
265,000 6.88%, 05/15/2034 282,411
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
$       635,000 Post Holdings Inc(b)
4.63%, 04/15/2030
$      582,935
      1,020,000 Smithfield Foods Inc(b)
3.00%, 10/15/2030
       844,415
      1,345,000 Solventum Corp(b)
5.90%, 04/30/2054
     1,341,689
        125,000 Teva Pharmaceutical Finance Co LLC(f)
6.15%, 02/01/2036
       121,630
  Teva Pharmaceutical Finance Netherlands II BV  
      1,235,000 EUR, 7.38%, 09/15/2029     1,474,349
      1,045,000 EUR, 7.88%, 09/15/2031     1,304,223
  Teva Pharmaceutical Finance Netherlands III BV  
5,285,000 3.15%, 10/01/2026 4,940,901
575,000 4.75%, 05/09/2027(f) 556,643
275,000 5.13%, 05/09/2029(f) 264,270
1,270,000 7.88%, 09/15/2029(f) 1,363,229
915,000 8.13%, 09/15/2031(f) 1,003,571
4,050,000 4.10%, 10/01/2046 2,792,081
560,000 TriNet Group Inc(b)
3.50%, 03/01/2029
502,258
2,200,000 United Rentals North America Inc(b)
6.13%, 03/15/2034
2,202,734
    59,584,991
Energy — 3.51%
  Aker BP ASA(b)  
3,075,000 4.00%, 01/15/2031 2,808,683
605,000 3.10%, 07/15/2031 517,056
1,215,000 Cheniere Energy Inc(b)
5.65%, 04/15/2034
1,223,676
  Cheniere Energy Partners LP  
3,695,000 4.00%, 03/01/2031 3,358,420
320,000 3.25%, 01/31/2032 272,587
1,500,000 5.95%, 06/30/2033 1,533,560
390,000 Civitas Resources Inc(b)
8.63%, 11/01/2030
418,773
  Continental Resources Inc(b)  
7,130,000 5.75%, 01/15/2031 7,087,530
2,590,000 2.88%, 04/01/2032 2,110,830
  DCP Midstream Operating LP  
220,000 5.13%, 05/15/2029 219,374
2,000,000 3.25%, 02/15/2032 1,722,551
1,075,000 Ecopetrol SA
8.38%, 01/19/2036
1,085,125
1,325,000 Enbridge Inc
5.70%, 03/08/2033
1,357,004
  Energian Israel Finance Ltd(b)  
480,000 5.38%, 03/30/2028 437,756
625,000 5.88%, 03/30/2031 547,500
  Energy Transfer LP  
1,785,000 5.75%, 02/15/2033 1,813,285
640,000 6.55%, 12/01/2033 687,035
Principal Amount(a)   Fair Value
Energy — (continued)
$       185,000 EnLink Midstream LLC(b)
6.50%, 09/01/2030
$      190,333
        445,000 EnLink Midstream Partners LP
5.45%, 06/01/2047
       387,275
      1,230,000 EQM Midstream Partners LP
5.50%, 07/15/2028
     1,213,125
  EQT Corp  
        150,000 5.00%, 01/15/2029        146,941
      1,485,000 7.00%, 02/01/2030     1,577,732
        940,000 3.63%, 05/15/2031(b)        827,303
265,000 Hess Midstream Operations LP(b)
4.25%, 02/15/2030
243,511
  Leviathan Bond Ltd(b)  
925,000 6.13%, 06/30/2025 908,128
420,000 6.50%, 06/30/2027 404,833
465,000 6.75%, 06/30/2030 430,252
350,000 Matador Resources Co(b)
6.88%, 04/15/2028
358,076
  Occidental Petroleum Corp  
910,000 8.88%, 07/15/2030 1,057,129
675,000 6.63%, 09/01/2030 715,298
910,000 6.13%, 01/01/2031 942,405
595,000 7.50%, 05/01/2031 662,305
790,000 7.88%, 09/15/2031 895,521
  Ovintiv Inc  
125,000 8.13%, 09/15/2030 141,016
30,000 7.20%, 11/01/2031 32,522
170,000 7.38%, 11/01/2031 186,270
1,515,000 6.50%, 08/15/2034 1,607,096
470,000 6.63%, 08/15/2037 490,636
45,000 6.50%, 02/01/2038 46,880
75,000 Petroleos Mexicanos
5.95%, 01/28/2031
60,150
  Plains All American Pipeline LP / PAA Finance Corp  
1,830,000 3.55%, 12/15/2029 1,679,371
1,430,000 3.80%, 09/15/2030 1,310,329
115,000 4.30%, 01/31/2043 93,175
215,000 Southwestern Energy Co
4.75%, 02/01/2032
197,920
1,850,000 Targa Resources Corp
6.13%, 03/15/2033
1,930,053
  Targa Resources Partners LP / Targa Resources Partners Finance Corp  
270,000 5.50%, 03/01/2030 268,671
270,000 4.88%, 02/01/2031 258,467
815,000 4.00%, 01/15/2032 733,569
1,595,000 Var Energi ASA(b)
8.00%, 11/15/2032
1,785,379
  Venture Global Calcasieu Pass LLC(b)  
785,000 6.25%, 01/15/2030 789,759
3,200,000 4.13%, 08/15/2031 2,845,439
620,000 Viper Energy Inc(b)
7.38%, 11/01/2031
644,537
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Energy — (continued)
  Western Midstream Operating LP  
$     1,210,000 6.35%, 01/15/2029 $    1,254,881
        255,000 4.05%, 02/01/2030        237,922
      1,625,000 6.15%, 04/01/2033     1,666,138
        125,000 5.45%, 04/01/2044        114,889
        850,000 5.30%, 03/01/2048        745,752
         95,000 5.50%, 08/15/2048         84,014
335,000 5.25%, 02/01/2050 299,666
4,375,000 Williams Cos Inc
5.15%, 03/15/2034
4,335,567
    62,000,980
Financial — 8.59%
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
1,900,000 3.88%, 01/23/2028 1,801,322
175,000 5.75%, 06/06/2028(f) 177,336
1,920,000 3.00%, 10/29/2028 1,737,256
1,285,000 6.15%, 09/30/2030 1,333,721
2,835,000 3.30%, 01/30/2032 2,431,455
1,020,000 3.40%, 10/29/2033 859,206
980,000 Agile Group Holdings Ltd
6.05%, 10/13/2025
129,144
455,000 AIB Group PLC(b)
6.61%, 09/13/2029
474,321
  Air Lease Corp  
825,000 4.65%, Perpetual(g) 778,962
10,000 3.38%, 07/01/2025 9,745
825,000 3.00%, 02/01/2030 729,240
3,140,000 3.13%, 12/01/2030 2,756,056
  Aircastle Ltd  
345,000 5.25%, Perpetual(b)(g) 328,621
20,000 4.25%, 06/15/2026 19,426
1,905,000 6.50%, 07/18/2028(b) 1,943,212
475,000 5.95%, 02/15/2029(b) 475,187
380,000 Ally Financial Inc(g)
4.70%, Perpetual
325,788
185,000 American Homes 4 Rent LP REIT
2.38%, 07/15/2031
150,263
3,620,000 American Tower Corp REIT
5.90%, 11/15/2033
3,748,457
  Antares Holdings LP(b)  
260,000 3.95%, 07/15/2026 244,343
1,385,000 2.75%, 01/15/2027 1,240,796
2,160,000 3.75%, 07/15/2027 1,970,975
795,000 7.95%, 08/11/2028 826,139
  Ares Capital Corp  
1,190,000 2.88%, 06/15/2028 1,060,605
1,800,000 3.20%, 11/15/2031 1,501,236
495,000 Arthur J Gallagher & Co
5.45%, 07/15/2034
498,273
  Athene Global Funding(b)  
980,000 1.61%, 06/29/2026 899,622
230,000 2.55%, 11/19/2030 190,855
Principal Amount(a)   Fair Value
Financial — (continued)
$     2,915,000 Athene Holding Ltd
3.50%, 01/15/2031
$    2,561,548
  Aviation Capital Group LLC(b)  
        710,000 1.95%, 01/30/2026        662,701
        885,000 6.25%, 04/15/2028        903,264
      1,820,000 6.75%, 10/25/2028     1,897,499
      1,815,000 6.38%, 07/15/2030     1,868,419
      1,200,000 Banco Santander SA
2.75%, 12/03/2030
       991,793
  Bank of America Corp  
3,375,000 5.29%, 04/25/2034 3,364,739
4,395,000 5.87%, 09/15/2034 4,558,362
1,010,000 2.48%, 09/21/2036 807,831
1,780,000 3.85%, 03/08/2037 1,573,640
  Barclays PLC  
1,240,000 4.38%, Perpetual(g) 1,016,538
1,265,000 2.28%, 11/24/2027 1,163,338
1,260,000 6.22%, 05/09/2034 1,299,561
1,410,000 7.12%, 06/27/2034 1,502,686
2,555,000 3.56%, 09/23/2035 2,191,055
760,000 Barings BDC Inc
3.30%, 11/23/2026
694,801
2,745,000 Blackstone Secured Lending Fund
2.13%, 02/15/2027
2,475,766
  Blue Owl Capital Corp  
1,043,000 2.63%, 01/15/2027 952,640
3,630,000 2.88%, 06/11/2028 3,208,927
1,345,000 Blue Owl Technology Finance Corp
2.50%, 01/15/2027
1,194,219
  BNP Paribas SA(b)  
2,035,000 2.59%, 01/20/2028 1,884,317
2,135,000 5.18%, 01/09/2030 2,135,152
  Brixmor Operating Partnership LP REIT  
60,000 2.25%, 04/01/2028 53,278
25,000 4.13%, 05/15/2029 23,563
1,795,000 4.05%, 07/01/2030 1,664,895
1,300,000 CaixaBank SA(b)
6.84%, 09/13/2034
1,389,467
  Central China Real Estate Ltd(h)  
615,000 7.25%, 07/16/2024 17,343
200,000 7.25%, 08/13/2024 6,780
190,000 7.25%, 04/28/2025 6,175
205,000 7.50%, 07/14/2025 8,175
400,000 CIFI Holdings Group Co Ltd(h)
6.00%, 07/16/2025
32,000
155,000 CNO Financial Group Inc
5.25%, 05/30/2029
151,003
145,000 COPT Defense Properties LP REIT
2.75%, 04/15/2031
119,615
600,000 Country Garden Holdings Co Ltd(h)
3.30%, 01/12/2031
38,664
  Credit Agricole SA  
3,110,000 4.00%, 01/10/2033 2,901,619
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
$     3,230,000 6.25%, 01/10/2035(b) $    3,283,055
        945,000 Credit Suisse AG
3.70%, 02/21/2025
       928,824
  Deutsche Bank AG  
        745,000 3.55%, 09/18/2031        656,077
      2,855,000 3.73%, 01/14/2032     2,404,584
        200,000 3.74%, 01/07/2033        165,201
        395,000 EPR Properties REIT
3.60%, 11/15/2031
       330,125
20,000 Fidelity & Guaranty Life Holdings Inc(b)
5.50%, 05/01/2025
19,831
4,590,000 Fidelity National Financial Inc
3.40%, 06/15/2030
4,075,362
  Global Atlantic Fin Co(b)  
365,000 4.40%, 10/15/2029 339,358
675,000 3.13%, 06/15/2031 558,995
620,000 GLP Capital LP / GLP Financing II Inc REIT
3.25%, 01/15/2032
521,933
2,080,000 HSBC Holdings PLC
6.16%, 03/09/2029
2,137,112
  Icahn Enterprises LP / Icahn Enterprises Finance Corp  
50,000 4.75%, 09/15/2024 49,770
75,000 6.38%, 12/15/2025 74,392
10,000 6.25%, 05/15/2026 9,653
1,495,000 5.25%, 05/15/2027 1,351,092
3,175,000 4.38%, 02/01/2029 2,706,982
665,000 ING Groep NV
6.11%, 09/11/2034
690,432
  Intesa Sanpaolo SpA(b)  
215,000 4.20%, 06/01/2032 179,750
865,000 6.63%, 06/20/2033 897,540
1,490,000 7.20%, 11/28/2033 1,604,972
  Iron Mountain Inc REIT(b)  
430,000 5.00%, 07/15/2028 411,373
1,345,000 5.25%, 07/15/2030 1,272,340
2,180,000 Jefferies Financial Group Inc
5.88%, 07/21/2028
2,219,197
  Kaisa Group Holdings Ltd(h)  
2,215,000 9.38%, 06/30/2024 55,375
400,000 10.50%, 01/15/2025 9,000
2,310,000 11.25%, 04/16/2025 46,200
200,000 9.95%, 07/23/2025 4,500
200,000 11.70%, 11/11/2025 4,246
200,000 11.65%, 06/01/2026 4,000
  Logan Group Co Ltd(h)  
605,000 4.25%, 07/12/2025 53,180
405,000 4.85%, 12/14/2026 38,475
  Macquarie Airfinance Holdings Ltd(b)  
130,000 6.40%, 03/26/2029 132,057
275,000 6.50%, 03/26/2031 279,903
  Morgan Stanley  
1,125,000 5.42%, 07/21/2034 1,128,487
3,145,000 2.48%, 09/16/2036 2,487,332
2,070,000 5.95%, 01/19/2038 2,074,213
Principal Amount(a)   Fair Value
Financial — (continued)
  Nationstar Mortgage Holdings Inc(b)  
$       865,000 5.00%, 02/01/2026 $      846,493
      1,360,000 5.75%, 11/15/2031     1,254,398
  NatWest Group PLC  
      1,280,000 1.64%, 06/14/2027     1,176,794
        845,000 5.52%, 09/30/2028        845,565
      1,875,000 Navient Corp
5.00%, 03/15/2027
     1,796,329
  OneMain Finance Corp  
155,000 3.50%, 01/15/2027 143,887
175,000 3.88%, 09/15/2028 156,113
1,960,000 5.38%, 11/15/2029 1,842,816
1,400,000 4.00%, 09/15/2030 1,198,185
15,000 Realty Income Corp REIT
3.40%, 01/15/2030
13,659
10,000 Regency Centers LP REIT
2.95%, 09/15/2029
8,948
  Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc  
5,945,000 2.88%, 10/15/2026(b) 5,492,722
220,000 3.63%, 03/01/2029(b) 197,900
220,000 3.63%, 03/01/2029 197,900
3,610,000 3.88%, 03/01/2031(b) 3,145,029
4,780,000 4.00%, 10/15/2033(b) 4,049,094
2,340,000 SBA Communications Corp REIT
3.13%, 02/01/2029
1-mo. SOFR + 2.00% 		2,065,063
  Shimao Group Holdings Ltd(h)  
200,000 6.13%, 02/21/2024 8,250
1,300,000 5.60%, 07/15/2026 35,295
200,000 5.20%, 01/16/2027 6,300
410,000 3.45%, 01/11/2031 14,350
600,000 Sino-Ocean Land Treasure IV Ltd(h)
4.75%, 01/14/2030
42,660
5,000 SiriusPoint Ltd(b)
4.60%, 11/01/2026
4,776
  Societe Generale SA(b)  
670,000 4.75%, 11/24/2025 657,031
1,795,000 6.07%, 01/19/2035 1,805,689
2,385,000 3.65%, 07/08/2035 2,020,990
3,375,000 Standard Chartered PLC(b)
3.27%, 02/18/2036
2,834,300
1,755,000 Stewart Information Services Corp
3.60%, 11/15/2031
1,431,945
  Sunac China Holdings Ltd(b)(i)  
174,606 6.00%, 09/30/2025
PIK rate, 6.00% 		19,643
174,606 6.25%, 09/30/2026
PIK rate, 6.25% 		17,373
349,213 6.50%, 09/30/2027
PIK rate, 6.50% 		30,382
523,820 6.75%, 09/30/2028
PIK rate, 6.75% 		40,334
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
$       523,820 7.00%, 09/30/2029
PIK rate, 7.00% 		$       35,358
        246,070 7.25%, 09/30/2030
PIK rate, 7.25% 		        14,641
        215,836 1.00%, 09/30/2032
PIK rate, 1.00% 		        14,431
        640,000 Synchrony Bank
5.40%, 08/22/2025
       634,156
  Times China Holdings Ltd(h)  
        810,000 6.20%, 03/22/2026         21,263
        200,000 5.75%, 01/14/2027          5,250
  UBS Group AG  
585,000 2.19%, 06/05/2026(b) 560,863
1,110,000 6.37%, 07/15/2026(b) 1,117,783
1,545,000 6.44%, 08/11/2028(b) 1,590,624
250,000 3.87%, 01/12/2029 236,408
1,260,000 6.54%, 08/12/2033(b) 1,328,406
1,315,000 9.02%, 11/15/2033(b) 1,595,550
1,760,000 5.70%, 02/08/2035(b) 1,768,906
  UniCredit SpA(b)  
1,045,000 5.86%, 06/19/2032 1,020,440
200,000 5.46%, 06/30/2035 187,811
890,000 VICI Properties LP / VICI Note Co Inc REIT(b)
3.88%, 02/15/2029
819,128
  Yuzhou Group Holdings Co Ltd(h)  
625,000 7.70%, 02/20/2025 29,719
310,000 8.30%, 05/27/2025 13,175
205,000 7.85%, 08/12/2026 9,875
400,000 6.35%, 01/13/2027 17,750
    151,589,603
Industrial — 2.32%
320,000 Avnet Inc
5.50%, 06/01/2032
309,535
  BAE Systems PLC(b)  
350,000 5.25%, 03/26/2031 351,434
2,965,000 5.30%, 03/26/2034 2,979,863
  Boeing Co  
1,285,000 3.63%, 02/01/2031 1,130,923
1,305,000 5.71%, 05/01/2040 1,249,070
2,025,000 5.81%, 05/01/2050 1,915,909
  Cemex SAB de CV(b)  
2,715,000 5.13%, Perpetual(g) 2,623,892
405,000 9.13%, Perpetual(g) 439,973
4,360,000 5.20%, 09/17/2030 4,214,387
3,380,000 3.88%, 07/11/2031 2,994,711
1,870,000 Embraer Netherlands Finance BV(b)
7.00%, 07/28/2030
1,958,174
1,935,000 GATX Corp
5.45%, 09/15/2033
1,924,569
2,610,000 Ingersoll Rand Inc
5.70%, 08/14/2033
2,677,436
2,435,000 Jacobs Engineering Group Inc
6.35%, 08/18/2028
2,516,770
Principal Amount(a)   Fair Value
Industrial — (continued)
$       515,000 JELD-WEN Inc(b)
4.88%, 12/15/2027
$      492,757
        790,000 L3Harris Technologies Inc
5.35%, 06/01/2034
       790,007
        410,000 Nordson Corp
5.80%, 09/15/2033
       427,979
        735,000 Rand Parent LLC(b)(f)
8.50%, 02/15/2030
       727,841
  RTX Corp  
        300,000 2.38%, 03/15/2032        247,146
      2,400,000 5.15%, 02/27/2033     2,404,565
  Sensata Technologies BV(b)  
405,000 4.00%, 04/15/2029 369,800
200,000 5.88%, 09/01/2030 195,670
970,000 Sensata Technologies Inc(b)
3.75%, 02/15/2031
839,052
1,345,000 SMBC Aviation Capital Finance Designated Activity Co(b)(f)
5.45%, 05/03/2028
1,348,795
540,000 TopBuild Corp(b)
4.13%, 02/15/2032
478,004
555,000 TransDigm Inc(b)
6.75%, 08/15/2028
562,325
2,145,000 Trimble Inc
6.10%, 03/15/2033
2,240,853
2,550,000 Veralto Corp(b)
5.45%, 09/18/2033
2,581,543
    40,992,983
Technology — 2.55%
  Broadcom Inc(b)  
880,000 2.45%, 02/15/2031 741,858
705,000 4.15%, 04/15/2032 654,056
1,625,000 2.60%, 02/15/2033 1,319,761
1,445,000 3.42%, 04/15/2033 1,252,670
2,130,000 3.47%, 04/15/2034 1,825,216
1,800,000 3.14%, 11/15/2035 1,454,223
1,070,000 3.19%, 11/15/2036 851,561
  CDW LLC / CDW Finance Corp  
605,000 3.28%, 12/01/2028 551,421
1,525,000 3.25%, 02/15/2029 1,380,752
3,660,000 3.57%, 12/01/2031 3,217,630
2,615,000 Entegris Inc(b)
4.75%, 04/15/2029
2,506,101
2,715,000 Fiserv Inc
5.63%, 08/21/2033
2,773,599
  Leidos Inc  
255,000 4.38%, 05/15/2030 241,625
610,000 2.30%, 02/15/2031 504,205
2,355,000 5.75%, 03/15/2033 2,414,246
  Marvell Technology Inc  
465,000 2.95%, 04/15/2031 401,721
330,000 5.95%, 09/15/2033 341,983
2,090,000 Microchip Technology Inc
5.05%, 03/15/2029
2,090,315
  Micron Technology Inc  
1,705,000 4.66%, 02/15/2030 1,665,416
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Technology — (continued)
$       740,000 5.30%, 01/15/2031 $      744,280
      2,250,000 5.88%, 02/09/2033     2,328,308
      6,855,000 5.88%, 09/15/2033     7,107,062
        325,000 MSCI Inc(b)
3.25%, 08/15/2033
       267,746
      2,060,000 Oracle Corp
3.95%, 03/25/2051
     1,569,588
  Seagate HDD Cayman  
        125,000 4.09%, 06/01/2029        115,312
91,800 9.63%, 12/01/2032 104,588
420,000 SK Hynix Inc(b)
6.38%, 01/17/2028
432,164
335,000 SS&C Technologies Inc(b)
5.50%, 09/30/2027
327,549
1,350,000 UKG Inc(b)
6.88%, 02/01/2031
1,375,281
2,455,000 VMware LLC
2.20%, 08/15/2031
1,997,843
  Western Digital Corp  
1,590,000 4.75%, 02/15/2026 1,553,245
1,085,000 2.85%, 02/01/2029 943,996
    45,055,321
Utilities — 0.24%
  AES Corp  
605,000 3.95%, 07/15/2030(b) 550,242
255,000 2.45%, 01/15/2031 208,630
5,000 IPALCO Enterprises Inc
4.25%, 05/01/2030
4,652
395,000 NRG Energy Inc(b)
4.45%, 06/15/2029
373,403
  Pacific Gas & Electric Co  
100,000 3.25%, 06/01/2031 86,828
790,000 4.30%, 03/15/2045 624,243
1,825,000 Southern Co
5.70%, 03/15/2034
1,882,203
550,000 Southern Co Gas Capital Corp
5.75%, 09/15/2033
569,338
    4,299,539
TOTAL CORPORATE BONDS AND NOTES — 30.03%
(Cost $574,814,489) 		$530,134,833
CONVERTIBLE BONDS
Communications — 0.57%
240,000 Booking Holdings Inc
0.75%, 05/01/2025
463,200
  DISH Network Corp  
2,330,000 21.58%, 12/15/2025(j) 1,700,900
6,130,000 3.38%, 08/15/2026 3,815,925
  Etsy Inc  
715,000 0.13%, 09/01/2027 598,383
1,680,000 0.25%, 06/15/2028(f) 1,323,000
125,000 Palo Alto Networks Inc
0.38%, 06/01/2025
356,750
Principal Amount(a)   Fair Value
Communications — (continued)
$     1,115,000 Spotify USA Inc(j)
4.55%, 03/15/2026
$    1,023,570
  Uber Technologies Inc  
        410,000 (6.37%), 12/15/2025(j)        460,225
        290,000 0.88%, 12/01/2028(b)       358,730
    10,100,683
Consumer, Cyclical — 0.25%
      1,145,000 Carnival Corp
5.75%, 12/01/2027
     1,723,225
330,000 NCL Corp Ltd
1.13%, 02/15/2027
311,223
170,000 Royal Caribbean Cruises Ltd
6.00%, 08/15/2025
483,140
1,920,000 Southwest Airlines Co
1.25%, 05/01/2025
1,943,040
    4,460,628
Consumer, Non-Cyclical — 0.34%
3,080,000 BioMarin Pharmaceutical Inc(f)
1.25%, 05/15/2027
3,037,804
85,000 Guardant Health Inc(j)
13.00%, 11/15/2027
57,749
  Shift4 Payments Inc  
195,000 (3.82%), 12/15/2025(j) 208,650
255,000 0.50%, 08/01/2027 236,513
2,795,000 Teladoc Health Inc
1.25%, 06/01/2027
2,354,787
    5,895,503
Technology — 0.21%
260,000 Datadog Inc
0.13%, 06/15/2025
366,340
290,000 Nutanix Inc
0.25%, 10/01/2027
355,250
435,000 ON Semiconductor Corp
0.50%, 03/01/2029
428,040
675,000 Splunk Inc
1.13%, 06/15/2027
673,178
1,875,000 Unity Software Inc(j)
6.84%, 11/15/2026
1,589,062
255,000 Zscaler Inc
0.13%, 07/01/2025
347,425
    3,759,295
Utilities — 0.18%
440,000 Evergy Inc(b)
4.50%, 12/15/2027
447,260
300,000 NRG Energy Inc
2.75%, 06/01/2048
496,350
2,295,000 PPL Capital Funding Inc
2.88%, 03/15/2028
2,196,315
    3,139,925
TOTAL CONVERTIBLE BONDS — 1.55%
(Cost $30,293,188) 		$27,356,034
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
FOREIGN GOVERNMENT BONDS AND NOTES
$     2,440,000 Australia Government Bond
AUD, 2.75%, 11/21/2028   		$    1,531,736
         30,788 Brazil Notas do Tesouro Nacional Series F
BRL, 10.00%, 01/01/2031   		     6,050,357
  Chile Government International Bond  
      2,595,000 3.50%, 01/31/2034     2,270,534
      1,700,000 3.50%, 01/25/2050     1,237,472
  Colombia Government International Bond  
      1,590,000 7.50%, 02/02/2034     1,624,029
600,000 8.00%, 11/14/2035 629,896
1,525,000 Dominican Republic International Bond
4.88%, 09/23/2032   		1,365,296
31,595,999,232 Indonesia Treasury Bond
IDR, 6.88%, 04/15/2029   		2,012,173
3,000,000 Israel Government International Bond
5.50%, 03/12/2034   		2,960,550
789,233(k) Mexican Bonos
MXN, 7.50%, 05/26/2033   		4,225,384
435,000 Mexico Government International Bond
6.00%, 05/07/2036   		435,894
4,555,000 New South Wales Treasury Corp
AUD, 3.00%, 03/20/2028   		2,867,836
7,870,000 New Zealand Government Bond
NZD, 3.50%, 04/14/2033   		4,339,554
47,065,000 Norway Government Bond(b)
NOK, 1.75%, 03/13/2025   		4,233,988
  Paraguay Government International Bond(b)  
990,000 6.00%, 02/09/2036(f) 1,004,541
405,000 6.10%, 08/11/2044 392,431
  Philippine Government International Bond  
2,030,000 2.95%, 05/05/2045 1,413,391
1,215,000 2.65%, 12/10/2045 805,116
1,985,000 Qatar Government International Bond
5.10%, 04/23/2048   		1,928,034
  Republic of Poland Government International Bond  
2,660,000 5.50%, 04/04/2053 2,648,237
4,550,000 5.50%, 03/18/2054 4,514,146
92,740,000 Republic of South Africa Government Bond
ZAR, 8.88%, 02/28/2035   		3,903,502
710,000 Republic of Uzbekistan International Bond(b)
7.85%, 10/12/2028   		741,993
  Romanian Government International Bond  
1,418,000 7.13%, 01/17/2033 1,514,537
2,872,000 6.38%, 01/30/2034(b) 2,909,164
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
$     3,040,000 Turkey Government International Bond
EUR, 5.88%, 05/21/2030   		$    3,263,316
      3,650,000 United Kingdom Gilt
GBP, 0.25%, 01/31/2025   		    4,442,376
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 3.70%
(Cost $65,620,868) 		$65,265,483
MORTGAGE-BACKED SECURITIES
Non-Agency — 2.18%
        459,662 510 Asset Backed Trust(b)(e)
Series 2021-NPL1 Class A1
2.24%,  06/25/2061   		       447,815
        775,000 BANK
Series 2021-BN35 Class AS
2.46%,  06/15/2064   		       636,284
1,645,000 BBSG Mortgage Trust(b)
Series 2016-MRP Class A
3.28%,  06/05/2036   		1,181,019
139,316 BB-UBS Trust(b)
Series 2012-TFT Class A
2.89%,  06/05/2030   		129,299
920,000 Benchmark Mortgage Trust(d)
Series 2018-B2 Class A5
3.88%,  02/15/2051   		862,196
1,090,000 BINOM Securitization Trust(b)(d)
Series 2022-RPL1 Class M1
3.00%,  02/25/2061   		850,793
  BPR Trust(b)(c)  
  Series 2021-NRD Class F  
1,185,000 12.20%, 12/15/2038
3-mo. SOFR + 6.87% 		1,018,914
  Series 2022-STAR Class A  
1,145,000 8.56%, 08/15/2039
3-mo. SOFR + 3.23% 		1,147,822
1,910,000 BX Commercial Mortgage Trust(b)(c)
Series 2022-AHP Class B
7.17%,  01/17/2039
3-mo. SOFR + 1.84% 		1,883,737
427,256 CIM Trust(b)(e)
Series 2021-NR2 Class A1
5.57%,  07/25/2059   		422,878
79,190 Commercial Mortgage Pass Through Certificates(b)
Series 2012-LTRT Class A2
3.40%,  10/05/2030   		73,600
  CoreVest American Finance Ltd(b)(e)  
  Series 2021-RTL1 Class A1  
1,790,000 2.24%, 03/28/2029   1,717,226
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2023-RTL1 Class A1  
$       990,000 7.55%, 12/28/2030   $      995,048
  Credit Suisse Mortgage Trust(b)  
  Series 2014-USA Class B  
        600,000 4.18%, 09/15/2037          513,290
  Series 2014-USA Class C  
        100,000 4.34%, 09/15/2037           72,584
  Series 2014-USA Class D  
200,000 4.37%, 09/15/2037   128,206
  Series 2021-RPL1 Class A1  
273,127 4.04%, 09/27/2060(d)   263,751
  Series 2021-RPL4 Class A1  
845,356 1.80%, 12/27/2060(d)   819,637
1,210,000 DC Commercial Mortgage Trust(b)(d)
Series 2023-DC Class C
7.14%,  09/12/2040   		1,234,116
  Extended Stay America Trust(b)(c)  
  Series 2021-ESH Class C  
374,845 7.14%, 07/15/2038
1-mo. SOFR + 1.81% 		374,493
  Series 2021-ESH Class D  
187,422 7.69%, 07/15/2038
1-mo. SOFR + 2.36% 		187,188
299,276 GCAT Trust(b)(d)
Series 2019-RPL1 Class A1
2.65%,  10/25/2068   		282,166
  GS Mortgage Securities Corp Trust(b)(d)  
  Series 2013-G1 Class B  
235,094 3.72%, 04/10/2031   217,653
  Series 2013-PEMB Class A  
300,000 3.55%, 03/05/2033   237,463
  Series 2013-PEMB Class B  
250,000 3.55%, 03/05/2033   182,792
1,500,000 GS Mortgage Securities Trust
Series 2020-GC47 Class A4
2.12%,  05/12/2053   		1,270,718
529,307 JPMorgan Chase Commercial Mortgage Securities Trust(b)(d)
Series 2012-LC9 Class C
3.77%,  12/15/2047   		485,945
  Legacy Mortgage Asset Trust(b)  
  Series 2020-RPL1 Class A2  
875,000 3.25%, 09/25/2059(d)   777,503
  Series 2021-GS2 Class A1  
377,307 1.75%, 04/25/2061(e)   365,646
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2021-GS4 Class A1  
$       168,458 1.65%, 11/25/2060(e)   $      162,929
  Med Trust(b)(c)  
  Series 2021-MDLN Class B  
        308,519 6.89%, 11/15/2038
1-mo. SOFR + 1.56% 		       307,652
  Series 2021-MDLN Class C  
        597,134 7.24%, 11/15/2038
1-mo. SOFR + 1.91% 		       595,260
  Series 2021-MDLN Class D  
378,185 7.44%, 11/15/2038
1-mo. SOFR + 2.11% 		376,767
  Mill City Mortgage Loan Trust(b)(d)  
  Series 2019-1 Class M1  
479,118 3.50%, 10/25/2069   439,019
  Series 2019-GS1 Class M2  
125,000 3.25%, 07/25/2059   107,899
  Series 2021-NMR1 Class M2  
750,000 2.50%, 11/25/2060   629,270
  Morgan Stanley Bank of America Merrill Lynch Trust  
  Series 2012-CKSV Class A2  
89,331 3.28%, 10/15/2030(b)   79,587
  Series 2013-C11 Class B  
195,000 4.08%, 08/15/2046(d)   120,712
  Series 2013-C12 Class C  
65,000 6.05%, 10/15/2046(d)   59,949
  Series 2016-C30 Class C  
785,000 4.04%, 09/15/2049(d)   621,664
596,164 NYMT Loan Trust(b)(d)
Series 2024-CP1 Class A1
3.75%,  02/25/2068   		547,951
  PRP Advisors LLC(b)  
  Series 2021-10 Class A1  
564,111 2.49%, 10/25/2026(e)   553,130
  Series 2021-2 Class A1  
163,281 5.12%, 03/25/2026(d)   161,694
  Series 2021-3 Class A1  
454,493 1.87%, 04/25/2026(d)(e)   446,614
  Series 2021-4 Class A1  
122,449 1.87%, 04/25/2026(e)   119,419
  Series 2021-5 Class A1  
569,594 1.79%, 06/25/2026(e)   556,949
  Series 2021-8 Class A1  
494,147 1.74%, 09/25/2026(d)   474,490
  Series 2021-9 Class A1  
599,847 2.36%, 10/25/2026(e)   584,541
  Series 2022-5 Class A1  
1,865,102 6.90%, 09/27/2027(e)   1,870,812
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$       628,710 RCO VII Mortgage LLC(b)(e)
Series 2024-1 Class A1
7.02%,  01/25/2029   		$      626,831
        592,917 Redwood Funding Trust(b)(e)
Series 2023-1 Class A
7.50%,  07/25/2059   		       582,766
        345,168 Toorak Mortgage Corp Ltd(b)(e)
Series 2021-1 Class A1
3.24%,  06/25/2024   		       341,518
        250,000 Toorak Mortgage Trust(b)(e)
Series 2024-RRTL1 Class A1
6.60%,  02/25/2039   		       249,996
  Towd Point Mortgage Trust(b)(d)  
  Series 2016-3 Class M2  
        280,000 4.00%, 04/25/2056          271,960
  Series 2017-1 Class M1  
260,000 3.75%, 10/25/2056   248,038
  Series 2017-3 Class A2  
100,000 3.00%, 07/25/2057   95,219
  Series 2017-4 Class M2  
200,000 3.25%, 06/25/2057   169,655
  Series 2018-5 Class M1  
685,000 3.25%, 07/25/2058   564,202
  Series 2019-4 Class A1  
396,759 2.90%, 10/25/2059   370,813
  Series 2019-4 Class M1  
140,000 3.50%, 10/25/2059   120,583
  Series 2020-1 Class A2B  
100,000 3.25%, 01/25/2060   84,291
  Series 2020-2 Class A2B  
125,000 3.00%, 04/25/2060   101,611
  UBS Commercial Mortgage Trust  
  Series 2018-C10 Class A3  
1,481,430 4.05%, 05/15/2051   1,404,907
  Series 2018-C14 Class C  
100,000 5.20%, 12/15/2051(d)   84,067
  VCAT LLC(b)(e)  
  Series 2021-NPL1 Class A1  
96,258 5.29%, 12/26/2050   95,572
  Series 2021-NPL5 Class A1  
715,576 1.87%, 08/25/2051   697,543
  Series 2021-NPL6 Class A1  
1,006,762 1.92%, 09/25/2051   975,709
93,688 VOLT XCII LLC(b)(e)
Series 2021-NPL1 Class A1
4.89%,  02/27/2051   		91,359
284,775 VOLT XCIII LLC(b)(e)
Series 2021-NPL2 Class A1
4.89%,  02/27/2051   		276,354
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$       246,408 VOLT XCIV LLC(b)(e)
Series 2021-NPL3 Class A1
5.24%,  02/27/2051   		$      240,768
        169,286 VOLT XCVI LLC(b)(e)
Series 2021-NPL5 Class A1
5.12%,  03/27/2051   		       165,623
        487,316 VOLT XCVII LLC(b)(e)
Series 2021-NPL6 Class A1
5.24%,  04/25/2051   		       477,881
  Wells Fargo Commercial Mortgage Trust  
  Series 2013-LC12 Class B  
        148,442 3.95%, 07/15/2046(d)          136,635
  Series 2016-C36 Class AS  
1,345,000 3.42%, 11/15/2059   1,249,485
  Series 2016-C36 Class B  
160,000 3.67%, 11/15/2059(d)   136,712
  WFRBS Commercial Mortgage Trust  
  Series 2013-C15 Class B  
860,000 4.19%, 08/15/2046(d)   722,364
  Series 2014-C20 Class B  
245,000 4.38%, 05/15/2047   201,015
  Series 2014-C24 Class B  
60,000 4.20%, 11/15/2047(d)   55,569
    38,435,136
U.S. Government Agency — 26.27%
  Federal Home Loan Mortgage Corp  
2,275,000 4.62%, 05/01/2028   2,247,047
2,300,000 4.34%, 08/01/2028   2,259,275
3,890 2.50%, 01/01/2029   3,722
1,854,000 4.20%, 01/01/2030   1,796,886
2,250,000 4.30%, 01/01/2030   2,190,556
3,794,000 4.41%, 01/01/2030 3,710,014
47,833 3.00%, 11/01/2034   44,799
15,614 2.50%, 06/01/2035   14,316
137,395 2.00%, 09/01/2035   122,639
103,898 2.00%, 10/01/2035   92,740
261,404 2.00%, 12/01/2035   233,329
35,903 3.00%, 09/01/2036   33,090
7,053,315 2.50%, 03/01/2037 6,445,071
2,237,540 2.50%, 04/01/2037   2,047,305
3,396,962 2.00%, 01/01/2042   2,851,460
3,265,920 2.50%, 01/01/2042   2,820,990
40,170 3.00%, 12/01/2046   35,368
28,797 4.00%, 05/01/2047   27,282
19,280 4.50%, 10/01/2047   18,758
25,823 4.00%, 02/01/2048   24,414
2,756 4.50%, 06/01/2048   2,673
7,763 4.00%, 10/01/2048   7,321
8,180 3.50%, 09/01/2049   7,433
478,562 3.50%, 10/01/2049   434,837
12,488 3.00%, 11/01/2049   10,876
3,994,781 3.00%, 02/01/2051   3,478,010
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
$     2,179,487 2.00%, 03/01/2051   $    1,780,587
      5,331,873 2.00%, 05/01/2051      4,238,836
      3,818,328 3.00%, 07/01/2051       3,325,840
      3,164,804 2.50%, 10/01/2051       2,642,754
      3,806,102 2.50%, 02/01/2052       3,187,834
      3,874,696 3.00%, 04/01/2052       3,369,158
      3,977,704 3.50%, 05/01/2052       3,571,696
6,798,681 4.50%, 07/01/2052 6,532,613
4,180,445 3.50%, 08/01/2052   3,755,385
15,083,786 4.50%, 08/01/2052 14,396,075
3,955,101 4.50%, 09/01/2052   3,767,802
3,236,926 5.50%, 09/01/2052   3,227,978
7,192,881 5.00%, 10/01/2052 7,094,003
4,161,800 5.00%, 01/01/2053   4,084,235
2,317,280 5.50%, 01/01/2053   2,329,220
4,160,381 6.00%, 02/01/2053   4,225,892
3,832,131 5.50%, 05/01/2053   3,844,080
4,603,959 5.50%, 07/01/2053   4,606,575
3,329,884 5.50%, 08/01/2053   3,347,039
4,110,747 6.50%, 10/01/2053   4,240,227
  Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates  
  Series K045 Class A2  
2,451,338 3.02%, 01/25/2025   2,403,336
  Series K058 Class A2  
2,000,000 2.65%, 08/25/2026   1,904,185
  Series K059 Class A2  
650,000 3.12%, 09/25/2026(d)   625,120
  Series K061 Class A2  
4,347,712 3.35%, 11/25/2026(d)   4,183,196
  Series K061 Class AM  
2,068,605 3.44%, 11/25/2026(d)   1,995,831
  Series K062 Class AM  
2,500,000 3.51%, 12/25/2026   2,417,997
  Series K063 Class A2  
882,076 3.43%, 01/25/2027(d)   852,541
  Series K064 Class A1  
957,096 2.89%, 10/25/2026   926,271
  Series K064 Class A2  
505,000 3.22%, 03/25/2027   484,888
  Series K066 Class AM  
2,507,000 3.20%, 06/25/2027   2,399,474
  Series K067 Class A2  
75,000 3.19%, 07/25/2027   71,631
  Series K069 Class A2  
2,305,000 3.19%, 09/25/2027(d)   2,198,900
  Series K069 Class AM  
2,500,000 3.25%, 09/25/2027(d)   2,371,617
  Series K070 Class A2  
2,750,000 3.30%, 11/25/2027(d)   2,629,392
  Series K071 Class A2  
2,630,000 3.29%, 11/25/2027   2,511,678
  Series K073 Class A2  
2,300,000 3.35%, 01/25/2028   2,199,427
  Series K073 Class AM  
100,000 3.45%, 01/25/2028(d)   95,840
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
  Series K074 Class A2  
$     2,750,000 3.60%, 01/25/2028   $    2,652,586
  Series K075 Class A2  
      2,344,000 3.65%, 02/25/2028(d)       2,260,437
  Series K076 Class A2  
      2,000,000 3.90%, 04/25/2028       1,944,900
  Series K077 Class A2  
2,500,000 3.85%, 05/25/2028(d)   2,425,186
  Series K078 Class A2  
2,250,000 3.85%, 06/25/2028   2,181,993
  Series K078 Class AM  
2,500,000 3.92%, 06/25/2028   2,423,434
  Series K084 Class A2  
2,250,000 3.78%, 10/25/2028   2,169,753
  Series K087 Class A2  
6,975,000 3.77%, 12/25/2028   6,721,112
  Series K095 Class A1  
26,061 2.63%, 11/25/2028   24,896
  Series K098 Class A2  
7,900,000 2.43%, 08/25/2029   7,097,922
  Series K154 Class A2  
7,000,000 3.42%, 04/25/2032   6,570,038
  Series K507 Class A2  
4,375,000 4.80%, 09/25/2028(d)   4,389,191
  Series K737 Class A2  
2,250,000 2.53%, 10/25/2026   2,131,610
  Series K740 Class A2  
750,000 1.47%, 09/25/2027   673,977
  Series KJ41 Class A2  
8,225,000 3.47%, 02/25/2031   7,578,122
  Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit  
  Series 4769 Class QL  
3,458,915 3.50%, 09/15/2047   3,155,832
  Series 5238 Class BC  
3,937,832 4.00%, 09/25/2049   3,729,582
426,315 Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(b)(c)
Series 2022-DNA3 Class M1A
7.32%,  04/25/2042
1-mo. SOFR + 2.00% 		431,828
  Federal National Mortgage Association  
2,100,000 4.62%, 07/01/2028   2,077,277
197,444 3.00%, 10/01/2033   185,668
16,455 3.00%, 06/01/2034   15,424
16,350 3.00%, 07/01/2034   15,313
5,935 3.00%, 10/01/2034   5,559
7,323 3.00%, 11/01/2034   6,834
263,973 2.00%, 10/01/2035   235,624
256,841 2.00%, 11/01/2035   229,258
3,173,550 2.00%, 02/01/2037   2,828,657
2,994,429 2.00%, 03/01/2037   2,665,734
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
$     2,905,362 2.50%, 03/01/2037   $    2,654,992
      3,867,923 2.50%, 04/01/2037       3,520,560
      3,474,188 2.50%, 02/01/2042       3,018,380
      4,066,351 5.00%, 05/01/2043       4,029,221
      4,495,887 5.00%, 06/01/2043       4,456,688
      7,734,935 2.50%, 03/01/2047       6,420,896
      4,752,161 3.50%, 07/01/2047       4,373,014
23,068 4.00%, 09/01/2047   21,851
7,327 3.50%, 03/01/2048   6,681
5,577 4.00%, 06/01/2048   5,260
3,997,904 3.00%, 01/01/2049   3,551,446
5,914 3.00%, 12/01/2049   5,144
5,613 3.00%, 01/01/2050   4,892
26,466 2.50%, 05/01/2050   22,076
262,024 2.50%, 06/01/2050 218,433
142,672 2.50%, 07/01/2050   118,981
16,361 2.50%, 08/01/2050 13,619
4,335,876 2.00%, 11/01/2050   3,505,180
3,030,652 2.00%, 12/01/2050   2,475,959
3,567,127 2.00%, 01/01/2051   2,913,396
611,540 2.00%, 05/01/2051   489,408
4,410,361 2.50%, 08/01/2051   3,658,783
4,319,985 2.00%, 10/01/2051   3,447,987
3,343,070 2.50%, 10/01/2051   2,796,474
3,741,523 2.00%, 11/01/2051   3,012,267
7,105,344 2.50%, 01/01/2052 5,897,855
7,157,305 3.50%, 01/01/2052 6,443,096
11,505,953 2.50%, 02/01/2052 9,623,589
18,805,512 2.00%, 03/01/2052 15,148,325
3,639,128 2.50%, 03/01/2052   3,050,164
13,878,138 3.00%, 03/01/2052 12,074,289
3,144,793 3.50%, 04/01/2052   2,867,329
8,051,564 4.00%, 06/01/2052 7,499,639
3,442,441 4.00%, 07/01/2052   3,203,613
3,252,791 5.00%, 07/01/2052   3,225,736
3,914,931 4.00%, 08/01/2052   3,631,091
2,732,486 5.00%, 08/01/2052   2,667,992
3,917,483 4.50%, 09/01/2052   3,763,663
3,460,043 5.00%, 10/01/2052   3,403,851
3,429,285 5.50%, 10/01/2052   3,419,799
3,819,087 5.00%, 11/01/2052   3,767,393
4,092,813 5.00%, 02/01/2053   4,002,113
2,321,829 6.00%, 08/01/2053   2,347,722
1,352,089 6.00%, 09/01/2053   1,364,307
4,037,606 6.00%, 11/01/2053   4,098,367
  Federal National Mortgage Association Alternative Credit Enhancement Security  
  Series 2016-M5 Class A2  
2,193,329 2.47%, 04/25/2026   2,088,772
  Series 2017-M1 Class A2  
1,822,223 2.42%, 10/25/2026(d)   1,720,579
  Series 2018-M2 Class A2  
2,017,310 2.91%, 01/25/2028(d)   1,902,168
  Series 2018-M3 Class A2  
4,117,403 3.07%, 02/25/2030(d)   3,800,740
  Series 2023-M5 Class 2A2  
4,775,000 4.50%, 07/25/2028(d)   4,710,559
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
  Government National Mortgage Association  
$        18,186 3.50%, 04/20/2047   $       16,744
         10,952 4.00%, 04/20/2047           10,383
         18,054 3.00%, 02/20/2048           16,106
         23,445 3.50%, 02/20/2048           21,576
      3,393,847 2.50%, 03/20/2051       2,883,319
      2,190,289 3.00%, 08/20/2051       1,931,266
7,983,794 2.50%, 11/20/2051   6,803,293
8,314,875 2.00%, 12/20/2051   6,812,144
7,703,488 3.50%, 02/20/2052   7,008,012
3,358,726 3.50%, 06/20/2052   3,055,481
4,040,415 4.00%, 07/20/2052   3,783,666
3,962,880 3.50%, 08/20/2052   3,605,083
12,207,254 4.50%, 08/20/2052   11,737,492
4,836,669 4.50%, 09/20/2052 4,653,262
3,679,960 5.00%, 09/20/2052   3,627,400
3,690,488 5.00%, 10/20/2052   3,647,167
8,690,861 5.00%, 05/20/2053   8,539,795
9,569,549 5.00%, 06/20/2053 9,450,121
    463,693,760
TOTAL MORTGAGE-BACKED SECURITIES — 28.45%
(Cost $533,529,716) 		$502,128,896
U.S. GOVERNMENT AGENCY BONDS AND NOTES
  Federal Farm Credit Banks Funding Corp  
6,731,000 4.88%, 03/14/2025 6,720,943
8,000,000 4.50%, 03/13/2026 7,968,682
20,000,000 Resolution Funding Corp Principal Strip(j)
0.00%, 04/15/2030   		15,138,634
5,000,000 Tennessee Valley Authority
0.75%, 05/15/2025   		4,770,204
TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 1.96%
(Cost $34,591,478) 		$34,598,463
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
84,565,000 4.63%, 02/28/2026(f) 84,495,630
14,600,000 0.75%, 08/31/2026 13,345,882
15,000,000 2.63%, 05/31/2027 14,214,258
4,100,000 4.13%, 10/31/2027 4,067,488
20,800,000 3.50%, 01/31/2028 20,191,438
23,860,000 4.25%, 02/28/2029(f) 23,891,688
17,000,000 3.88%, 11/30/2029(l) 16,693,203
52,700,000 3.88%, 08/15/2033 51,300,155
19,900,000 4.00%, 02/15/2034 19,570,406
6,000,000 4.00%, 11/15/2042 5,651,719
5,700,000 3.88%, 02/15/2043 5,269,160
32,000,000 4.75%, 11/15/2043 33,195,000
12,900,000 2.50%, 02/15/2045 9,432,621
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
U.S. Treasury Bonds and Notes — (continued)
$    17,425,000 2.00%, 02/15/2050 $   10,913,767
      6,680,000 1.25%, 05/15/2050     3,416,455
     11,700,000 1.38%, 08/15/2050     6,178,606
     17,400,000 2.00%, 08/15/2051    10,780,524
     22,940,000 2.88%, 05/15/2052    17,357,336
     11,500,000 3.63%, 05/15/2053    10,103,828
TOTAL U.S. TREASURY BONDS AND NOTES — 20.40%
(Cost $371,205,953) 		$360,069,164
Shares    
COMMON STOCK
Communications — 0.09%
285,795 Altice USA Inc Class A(m) 745,925
71,941 Paramount Global Class B 846,746
    1,592,671
Consumer, Non-Cyclical — 0.10%
4,423 AbbVie Inc 805,428
515 Clarivate PLC(m) 3,826
1,751 Elevance Health Inc 907,964
    1,717,218
Energy — 0.10%
9,149 Diamondback Energy Inc 1,813,057
TOTAL COMMON STOCK — 0.29%
(Cost $7,825,409) 		$5,122,946
CONVERTIBLE PREFERRED STOCK
Consumer, Non-Cyclical — 0.02%
11,140 Clarivate PLC 5.25% 331,304
Energy — 0.00%(n)
396 El Paso Energy Capital
Trust I 4.75% 		18,992
Financial — 0.10%
822 Bank of America Corp 7.25% 981,360
595 Wells Fargo & Co 7.50% 725,816
    1,707,176
TOTAL CONVERTIBLE PREFERRED STOCK — 0.12%
(Cost $3,219,900) 		$2,057,472
Principal Amount   Fair Value
SHORT TERM INVESTMENTS
U.S. Government Agency Bonds and Notes — 1.41%
  Federal Home Loan Bank(j)  
$    10,000,000 5.34%, 04/10/2024
$    9,982,474
      5,000,000 5.29%, 04/11/2024
    4,990,592
     10,000,000 5.35%, 04/23/2024
    9,963,504
    24,936,570
U.S. Treasury Bonds and Notes — 0.91%
16,220,000 U.S. Treasury Bills(j)(l)
5.25%, 06/27/2024 		16,012,887
Repurchase Agreements — 7.04%
31,077,187 Undivided interest of 17.38% in a repurchase agreement (principal amount/value $179,328,251 with a maturity value of $179,434,652) with Citigroup Global Markets Inc, 5.34%, dated 3/28/24 to be repurchased at $31,077,187 on 4/1/24 collateralized by Government National Mortgage Association securities, 2.00% - 6.50%, 9/20/44 - 1/20/54, with a value of $182,914,816.(o) 31,077,187
31,077,187 Undivided interest of 17.42% in a repurchase agreement (principal amount/value $178,876,340 with a maturity value of $178,982,473) with HSBC Securities (USA) Inc, 5.34%, dated 3/28/24 to be repurchased at $31,077,187 on 4/1/24 collateralized by various U.S. Government Agency securities, 1.50% - 7.50%, 1/1/31 - 8/1/59, with a value of $182,453,867.(o) 31,077,187
31,077,187 Undivided interest of 17.51% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.33%, dated 3/28/24 to be repurchased at $31,077,187 on 4/1/24 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 4/4/24 - 3/1/54, with a value of $181,475,005.(o) 31,077,187
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$    31,077,187 Undivided interest of 82.14% in a repurchase agreement (principal amount/value $37,884,479 with a maturity value of $37,906,873) with Mizuho Securities (USA) LLC, 5.32%, dated 3/28/24 to be repurchased at $31,077,187 on 4/1/24 collateralized by U.S. Treasury securities, 0.25% - 2.88%, 6/15/24 - 5/15/32, with a value of $38,642,182.(o) $   31,077,187
    124,308,748
TOTAL SHORT TERM INVESTMENTS — 9.36%
(Cost $165,258,205) 		$165,258,205
TOTAL INVESTMENTS — 105.63%
(Cost $1,962,559,988) 		$1,864,504,094
OTHER ASSETS & LIABILITIES, NET — (5.63)% $(99,327,933)
TOTAL NET ASSETS — 100.00% $1,765,176,161
(a)  Amount is stated in U.S. dollars unless otherwise noted.
(b)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(c)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024.
(d)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(e)  Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date.
(f)  All or a portion of the security is on loan at March 28, 2024.
(g)  Security has no contractual maturity date and pays an indefinite stream of interest.
(h)  Security in default.
(i)  Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer.
(j)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(k)  Principal amount is stated in 100 Mexican Peso Units.
(l)  All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts.
(m)  Non-income producing security.
(n)  Represents less than 0.005% of net assets.
(o)  Collateral received for securities on loan.
LP  Limited Partnership
REIT  Real Estate Investment Trust
SOFR  Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Short          
U.S. 10 Year Treasury Ultra Futures 1,643 USD 188,303 Jun 2024 $(873,259)
U.S. 5 Year Treasury Note Futures 1,062 USD 113,651 Jun 2024 600,998
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Long          
U.S. 10 Year Treasury Note Futures 868 USD 96,172 Jun 2024 $578,000
U.S. 2 Year Treasury Note Futures 121 USD 24,742 Jun 2024 (24,656)
U.S. Long Bond Futures 1,724 USD 207,634 Jun 2024 2,203,537
U.S. Ultra Bond Futures 372 USD 47,988 Jun 2024 513,743
        Net Appreciation $2,998,363
Currency Abbreviations  
AUD Australian Dollar
BRL Brazilian Real
EUR Euro Dollar
GBP British Pound
IDR Indonesian Rupiah
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
USD U.S. Dollar
ZAR South African Rand
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 4.04%
$   1,750,000 Balboa Bay Loan Funding(a)(b)
Series 2023-1A Class AR
6.74%, 04/20/2036
3-mo. SOFR + 1.42% 		$  1,750,313
      925,000 Brookhaven Park Ltd(a)(b)
Series 2024-1A Class A
6.82%, 04/19/2037
3-mo. SOFR + 1.50% 		     925,164
    1,525,000 Carlyle US Ltd(a)(b)
Series 2024-1A Class A
6.82%, 04/15/2037
3-mo. SOFR + 1.53% 		  1,527,652
    1,800,000 CIFC Falcon 2020 Ltd(a)(b)
Series 2019-FAL Class A
6.58%, 01/20/2033
3-mo. SOFR + 1.26% 		  1,800,848
    1,225,000 Citizens Auto Receivables Trust(a)
Series 2024-1 Class A2A
5.43%, 10/15/2026   		  1,224,319
      625,000 Exeter Automobile Receivables Trust
Series 2024-1A Class A3
5.31%, 08/16/2027   		     623,042
900,000 Ford Credit Auto Owner Trust(a)
Series 2024-1 Class A
4.87%, 08/15/2036   		900,104
1,200,000 GM Financial Consumer Automobile Receivables Trust
Series 2024-1 Class A2A
5.12%, 02/16/2027   		1,197,362
326,599 JPMorgan Mortgage Trust(a)(b)
Series 2023-HE3 Class A1
6.92%, 05/25/2054
1-mo. SOFR + 1.60% 		328,637
850,000 Neuberger Berman Loan Advisers 54 Ltd(a)(b)
Series 2024-54A Class D
8.81%, 04/23/2038
3-mo. SOFR + 3.50% 		850,104
1,250,000 Oaktree Ltd(a)(b)
Series 2024-25A Class A
6.85%, 04/20/2037
3-mo. SOFR + 1.55% 		1,248,875
1,250,000 OCP Ltd(a)(b)
Series 2016-11A Class A1R2
6.74%, 04/26/2036
3-mo. SOFR + 1.42% 		1,250,207
800,000 Santander Drive Auto Receivables Trust
Series 2024-1 Class A2
5.71%, 02/16/2027   		800,426
1,400,000 Toyota Auto Receivables Owner Trust
Series 2023-B Class A3
4.71%, 02/15/2028   		1,389,666
TOTAL ASSET-BACKED SECURITIES — 4.04%
(Cost $15,821,830) 		$15,816,719
Principal Amount   Fair Value
CORPORATE BONDS AND NOTES
Communications — 0.79%
$     174,000 Cisco Systems Inc
5.05%, 02/26/2034
$    176,343
    1,310,000 Rogers Communications Inc
3.20%, 03/15/2027
  1,243,552
    1,785,000 T-Mobile USA Inc
3.88%, 04/15/2030
  1,672,156
    3,092,051
Consumer, Cyclical — 0.49%
    1,830,000 Lowe's Cos Inc
3.75%, 04/01/2032
  1,680,956
237,000 Marriott International Inc
4.88%, 05/15/2029
234,594
    1,915,550
Consumer, Non-Cyclical — 0.61%
550,000 AbbVie Inc(c)
4.80%, 03/15/2029
550,807
560,000 Bristol-Myers Squibb Co(c)
4.90%, 02/22/2029
562,357
145,000 Humana Inc
5.95%, 03/15/2034
150,561
  Solventum Corp(a)  
755,000 5.40%, 03/01/2029 756,522
375,000 5.60%, 03/23/2034 376,227
    2,396,474
Financial — 1.29%
1,740,000 Bank of America Corp
4.27%, 07/23/2029
1,677,213
1,950,000 JPMorgan Chase & Co
2.52%, 04/22/2031
1,685,348
1,940,000 Morgan Stanley
2.70%, 01/22/2031
1,694,949
    5,057,510
Industrial — 0.64%
880,000 Boeing Co
2.20%, 02/04/2026
823,855
1,720,000 RTX Corp
4.13%, 11/16/2028
1,663,727
    2,487,582
Technology — 0.06%
241,000 Constellation Software Inc(a)
5.16%, 02/16/2029
240,744
TOTAL CORPORATE BONDS AND NOTES — 3.88%
(Cost $15,067,312) 		$15,189,911
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
MORTGAGE-BACKED SECURITIES
Non-Agency — 3.66%
$     450,000 Barclays Commercial Mortgage Securities Trust
Series 2024-C24 Class A5
5.42%,  02/15/2057   		$    462,886
      525,000 BMO Mortgage Trust(d)
Series 2022-C2 Class A5
4.81%,  07/15/2054   		     519,141
      883,719 BRAVO Residential Funding Trust(a)(e)
Series 2024-NQM1 Class A1
5.94%,  12/01/2063   		     881,616
  BX Trust(a)(b)  
  Series 2024-BIO Class A  
   1,500,000 6.97%, 02/15/2041
1-mo. SOFR + 1.64% 		  1,502,344
  Series 2024-XL4 Class A  
1,175,000 6.77%, 02/15/2039
1-mo. SOFR + 1.44% 		1,175,367
  Series 2024-XL5 Class A  
625,000 6.69%, 03/15/2041
1-mo. SOFR + 1.39% 		625,315
  Chase Home Lending Mortgage Trust(a)(d)  
  Series 2024-3 Class A5  
200,000 6.00%, 02/25/2055   203,044
  Series 2024-3 Class A5A  
250,000 5.50%, 02/25/2055   247,455
  Series 2024-3 Class A7  
100,000 6.00%, 02/25/2055   101,170
338,835 COLT Mortgage Loan Trust(a)(d)
Series 2021-HX1 Class A2
1.35%,  10/25/2066   		279,303
  DC Trust(a)(d)  
  Series 2024-HLTN Class A  
400,000 5.73%, 04/13/2028   399,960
  Series 2024-HLTN Class B  
400,000 6.46%, 04/13/2028   399,960
  JPMorgan Mortgage Trust(a)(d)  
  Series 2023-DSC1 Class A1  
558,808 4.63%, 07/25/2063   533,992
  Series 2024-1 Class A2  
1,172,311 6.00%, 06/25/2054   1,169,288
975,000 Ladder Capital Commercial Mortgage(a)
Series 2017-LC26 Class A4
3.55%,  07/12/2050   		919,752
  MSWF Commercial Mortgage Trust  
  Series 2023-2 Class A2  
625,000 6.89%, 12/15/2056   656,640
  Series 2023-2 Class A5  
575,000 6.01%, 12/15/2056(d)   615,134
  Onslow Bay Financial LLC(a)(e)  
  Series 2024-NQM1 Class A1  
1,099,832 5.93%, 11/25/2063   1,098,267
  Series 2024-NQM1 Class A2  
97,763 6.25%, 11/25/2063   97,663
Principal Amount   Fair Value
Non-Agency — (continued)
  Series 2024-NQM2 Class A1  
$   1,862,738 5.88%, 12/25/2063   $  1,858,317
      575,000 SCG Mortgage Trust(a)(b)
Series 2024-MSP Class A
7.04%,  04/15/2041
1-mo. SOFR + 1.74% 		    573,563
    14,320,177
U.S. Government Agency — 2.61%
  Connecticut Avenue Securities Trust(a)(b)  
  Series 2024-R01 Class 1B1  
375,000 8.02%, 01/25/2044
1-mo. SOFR + 2.70% 		376,816
  Series 2024-R01 Class 1M2  
250,000 7.12%, 01/25/2044
1-mo. SOFR + 1.80% 		250,755
  Series 2024-R02 Class 1M2  
775,000 7.12%, 02/25/2044
1-mo. SOFR + 1.80% 		778,611
  Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(a)(b)  
  Series 2024-HQA1 Class A1  
300,000 6.57%, 03/25/2044
1-mo. SOFR + 1.25% 		300,750
  Series 2024-HQA1 Class M1  
300,000 6.57%, 03/25/2044
1-mo. SOFR + 1.25% 		300,188
  Series 2024-HQA1 Class M2  
75,000 7.32%, 03/25/2044
1-mo. SOFR + 2.00% 		75,023
  Federal Home Loan Mortgage Corp Structured Agency Credit Risk Trust(a)(b)  
  Series 2018-DNA3 Class M2A  
272,766 6.34%, 09/25/2048
1-mo. SOFR + 1.01% 		272,780
  Series 2018-DNA3 Class M2A  
1,127,013 7.54%, 09/25/2048
1-mo. SOFR + 2.21% 		1,131,978
7,000,000 Government National Mortgage Association
4.50%, TBA    		6,725,801
    10,212,702
TOTAL MORTGAGE-BACKED SECURITIES — 6.27%
(Cost $24,535,157) 		$24,532,879
U.S. TREASURY BONDS AND NOTES
  U.S. Treasury Inflation Indexed Bonds TIPS  
32,572,532(f) 0.63%, 01/15/2026 31,641,210
24,231,879(f) 0.13%, 07/15/2026 23,228,056
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Treasury Bonds and Notes — (continued)
$  22,755,192(f) 0.38%, 01/15/2027 $ 21,707,759
  94,055,112(f) 1.63%, 10/15/2027  93,164,320
    9,633,414(f) 0.50%, 01/15/2028   9,116,570
  18,826,563(f) 2.38%, 10/15/2028  19,265,968
  30,465,712(f) 0.13%, 01/15/2030  27,589,281
  31,131,690(f) 0.13%, 07/15/2030  28,049,439
  10,786,537(f) 1.13%, 01/15/2033  10,117,502
27,689,966(f) 1.38%, 07/15/2033 26,578,190
32,114,559(f) 1.75%, 01/15/2034 31,708,635
11,125,186(f) 1.50%, 02/15/2053 9,711,618
TOTAL U.S. TREASURY BONDS AND NOTES — 84.84%
(Cost $327,410,925) 		$331,878,548
SHORT TERM INVESTMENTS
Repurchase Agreements — 0.05%
195,020 Undivided interest of 0.11% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.33%, dated 3/28/24 to be repurchased at $195,020 on 4/1/24 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 4/4/24 - 3/1/54, with a value of $181,475,005.(g) 195,020
TOTAL SHORT TERM INVESTMENTS — 0.05%
(Cost $195,020) 		$195,020
TOTAL INVESTMENTS — 99.08%
(Cost $383,030,244) 		$387,613,077
OTHER ASSETS & LIABILITIES, NET — 0.92% $3,590,608
TOTAL NET ASSETS — 100.00% $391,203,685
(a)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(b)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024.
(c)  All or a portion of the security is on loan at March 28, 2024.
(d)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(e)  Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date.
(f)  Principal amount of the security is adjusted for inflation.
(g)  Collateral received for securities on loan.
SOFR  Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
TBA  To Be Announced
TIPS  Treasury Inflation Protected Securities
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Long          
U.S. 10 Year Treasury Note Futures 261 USD 28,918 Jun 2024 $126,154
U.S. 2 Year Treasury Note Futures 3 USD 613 Jun 2024 563
U.S. 5 Year Treasury Note Futures 229 USD 24,507 Jun 2024 49,028
Short          
U.S. 10 Year Treasury Ultra Futures 37 USD 4,241 Jun 2024 (26,434)
U.S. Long Bond Futures 20 USD 2,409 Jun 2024 (19,533)
U.S. Ultra Bond Futures 148 USD 19,092 Jun 2024 (228,693)
        Net Depreciation $(98,915)
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps:
Rate Received by
the Fund 		Receive
Frequency 		Rate Paid by the Fund Pay
Frequency 		Notional Amount
(000) 		Maturity Date Net Unrealized
Appreciation/
(Depreciation)
1-day SOFR Annual 2.68% Annual USD 7,240 07/28/2032 $437,397
2.91 Annual 1-day SOFR Annual USD 18,940 07/28/2037 (650,944)
1-day SOFR Annual 2.08% Annual USD 18,040 07/28/2047 470,229
3.39 Annual 1-day SOFR Annual USD 24,050 05/10/2038 (262,274)
1-day SOFR Annual 2.56% Annual USD 20,470 05/11/2053 445,711
4.31 Annual 1-day SOFR Annual USD 7,130 10/05/2033 259,857
1-day SOFR Annual 3.61% Annual USD 4,640 11/15/2053 (205,762)
3.73 Annual 1-day SOFR Annual USD 3,500 11/28/2027 51,885
1-day SOFR Annual 3.51% Annual USD 1,190 11/29/2053 (23,637)
3.85 Annual 1-day SOFR Annual USD 7,480 11/15/2033 139,789
1-day SOFR Annual 3.98% Annual USD 22,660 08/31/2028 (241,101)
            Net Appreciation $421,150
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 5.20%
9,998 Air Liquide SA $  2,080,077
3,183 Akzo Nobel NV     237,827
33,321 Anglo American PLC     821,038
7,580 Antofagasta PLC     194,604
9,460 ArcelorMittal SA     260,029
7,011 Arkema SA     738,119
24,200 Asahi Kasei Corp 177,465
17,192 BASF SE 982,421
96,617 BHP Group Ltd 2,793,572
113,775 BlueScope Steel Ltd 1,769,551
5,734 Boliden AB 159,220
2,425 Brenntag SE 204,382
3,761 Clariant AG 50,886
3,686 Covestro AG(a)(b) 201,625
2,483 Croda International PLC 153,605
23,564 DSM-Firmenich AG 2,679,991
139 EMS-Chemie Holding AG(b) 106,532
3,114 Endeavour Mining PLC 63,150
4,853 Evonik Industries AG 95,994
113,903 Fortescue Ltd 1,906,166
177 Givaudan SA 787,958
197,769 Glencore PLC 1,085,143
1,732 Holmen AB Class B 70,458
66,538 ICL Group Ltd 352,640
10,600 JFE Holdings Inc 175,680
22,600 Kaneka Corp 562,377
33,500 Kingboard Holdings Ltd 68,397
54,900 Kuraray Co Ltd 588,059
3,571 Mineral Resources Ltd 164,759
112,300 Mitsubishi Chemical Group Corp 684,387
8,100 Mitsubishi Gas Chemical Co Inc 135,876
24,900 Mitsui Chemicals Inc 730,466
9,306 Mondi PLC 163,850
16,800 Nippon Paint Holdings Co Ltd 120,913
2,900 Nippon Sanso Holdings Corp 90,990
16,200 Nippon Soda Co Ltd(b) 648,614
16,300 Nippon Steel Corp 392,251
2,300 Nissan Chemical Corp 87,115
2,600 Nitto Denko Corp 237,749
28,200 Norsk Hydro ASA 154,970
21,931 Northern Star Resources Ltd 206,931
6,988 Novonesis / Novozymes Class B 411,045
2,351 OCI NV 64,438
51,234 Pilbara Minerals Ltd 127,851
37,769 Rio Tinto Ltd 2,997,542
21,466 Rio Tinto PLC 1,356,913
34,300 Shin-Etsu Chemical Co Ltd 1,504,465
5,105 Smurfit Kappa Group PLC 232,768
4,700 Solvay SA 128,271
91,871 South32 Ltd 179,270
4,300 Sumitomo Metal Mining Co Ltd 128,399
6,081 Syensqo SA(b) 576,210
2,486 Symrise AG 297,602
34,400 Tokuyama Corp 602,391
Shares   Fair Value
Basic Materials — (continued)
47,300 Tokyo Steel Manufacturing Co Ltd $    518,664
24,400 Toray Industries Inc     117,165
5,600 UBE Corp      99,761
3,617 Umicore SA      77,981
9,757 UPM-Kymmene OYJ     325,072
2,260 voestalpine AG      63,400
9,300 Yamato Kogyo Co Ltd     529,002
16,124 Yara International ASA 511,278
    34,035,325
Communications — 5.18%
5,860 Adevinta ASA(b) 61,426
406,000 Airtel Africa PLC(a) 542,343
18,807 Auto Trader Group PLC(a) 166,035
649,600 Bezeq The Israeli Telecommunication Corp Ltd 834,722
11,652 Bollore SE(b) 77,849
940,738 BT Group PLC 1,301,349
7,077 CAR Group Ltd 166,351
3,418 Delivery Hero SE(a)(b) 97,736
3,800 Dentsu Group Inc 105,514
61,782 Deutsche Telekom AG 1,499,732
2,470 Elisa OYJ(b) 110,121
33,669 Grab Holdings Ltd Class A(b) 105,721
300 Hikari Tsushin Inc 56,421
61,000 HKT Trust & HKT Ltd 71,174
26,535 Informa PLC 278,338
11,800 IPSOS SA 831,898
44,400 KDDI Corp 1,312,762
68,258 Koninklijke KPN NV(b) 255,314
46,100 LY Corp 116,770
8,300 M3 Inc 119,448
2,000 MercadoLibre Inc(b) 3,023,920
37,700 Metropole Television SA(b) 562,011
5,700 MonotaRO Co Ltd 68,611
1,241 Nice Ltd(b) 322,959
9,000 Nice Ltd Sponsored ADR(b)(c) 2,345,580
1,455,100 Nippon Telegraph & Telephone Corp 1,733,174
60,300 Nippon Television Holdings Inc 882,761
231,801 Nokia OYJ 822,455
114,000 NOS SGPS SA 445,959
101,245 Orange SA 1,190,647
10,971 Pearson PLC 144,391
28,025 Prosus NV 877,196
15,205 Publicis Groupe SA 1,657,662
28,700 Rakuten Group Inc(b) 162,904
19,800 Reach PLC(b) 19,645
1,540 Scout24 SE(a) 116,021
6,908 Sea Ltd ADR(b) 371,029
6,952 SEEK Ltd 113,363
40,000 Shopify Inc Class A(b) 3,086,800
159,300 Singapore Telecommunications Ltd 299,376
54,800 SoftBank Corp 705,547
19,600 SoftBank Group Corp 1,163,954
36,488 Spark New Zealand Ltd 103,876
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Communications — (continued)
515 Swisscom AG $    315,209
12,092 Tele2 AB Class B      99,293
209,032 Telecom Italia SpA(b)      50,763
159,048 Telefonaktiebolaget LM Ericsson Class B     855,386
233,291 Telefonica SA   1,030,275
11,377 Telenor ASA     126,539
32,700 Television Francaise 1 SA     298,694
47,999 Telia Co AB 123,019
79,349 Telstra Group Ltd 199,596
2,600 Trend Micro Inc 132,045
29,500 United Internet AG 663,873
11,846 Vivendi SE 129,096
423,783 Vodafone Group PLC 375,810
1,087 Wix.com Ltd(b) 149,441
4,740 Wolters Kluwer NV 742,238
21,145 WPP PLC 200,341
2,100 ZOZO Inc 52,122
    33,874,605
Consumer, Cyclical — 15.70%
3,371 Accor SA 157,380
3,088 adidas AG 689,951
3,200 Aisin Corp 130,761
3,100 ANA Holdings Inc 64,788
10,532 Aristocrat Leisure Ltd 294,905
29,238 Associated British Foods PLC 922,114
1,599 Avolta AG(b) 66,578
12,200 Bandai Namco Holdings Inc 226,373
65,281 Barratt Developments PLC 391,739
27,558 Bayerische Motoren Werke AG 3,179,620
6,600 Bellway PLC 221,236
2,097 Berkeley Group Holdings PLC 125,989
58,700 Betsson AB Class B 580,824
9,800 Bilia AB Class A(b) 125,598
11,100 Bridgestone Corp 491,949
6,259 Bunzl PLC 240,752
6,398 Burberry Group PLC 97,826
10,247 Cie Financiere Richemont SA 1,560,007
30,670 Cie Generale des Etablissements Michelin SCA 1,175,382
135,600 Citizen Watch Co Ltd 893,563
6,100 City Developments Ltd 26,424
32,575 Compass Group PLC 955,098
2,313 Continental AG 166,964
30,000 CTS Eventim AG & Co KGaA 2,667,395
38,072 Daimler Truck Holding AG 1,929,296
11,600 Daiwa House Industry Co Ltd 345,279
8,100 Daiwabo Holdings Co Ltd(b) 135,604
24,300 DCM Holdings Co Ltd 235,034
36,400 Denso Corp 697,121
12,216 Deutsche Lufthansa AG(b) 96,010
484 D'ieteren Group 107,304
11,311 Entain PLC 113,477
52,300 Europris ASA(a)(b) 376,659
3,494 Evolution AB(a) 433,969
3,400 Fast Retailing Co Ltd 1,053,409
Shares   Fair Value
Consumer, Cyclical — (continued)
2,403 Ferrari NV $  1,047,797
3,374 Flutter Entertainment PLC(b)     668,743
74,400 Frasers Group PLC(b)     762,973
45,000 Galaxy Entertainment Group Ltd     226,218
125,893 Genting Singapore Ltd      82,565
13,252 H & M Hennes & Mauritz AB Class B     216,088
177,800 Harvey Norman Holdings Ltd     596,695
604 Hermes International SCA 1,543,697
265,400 Honda Motor Co Ltd 3,283,978
2,600 Hornbach Holding AG & Co KGaA 208,874
1,900 Hoshizaki Corp 69,325
90,300 IDOM Inc(b) 622,759
3,200 Iida Group Holdings Co Ltd 41,413
1,171 IMCD NV 206,108
20,929 Industria de Diseno Textil SA 1,053,910
3,079 InterContinental Hotels Group PLC 319,867
89,700 Isuzu Motors Ltd 1,212,515
37,400 ITOCHU Corp 1,606,689
24,800 Iveco Group NV(b) 369,451
2,400 Japan Airlines Co Ltd 45,571
40,600 Jardine Cycle & Carriage Ltd 726,927
19,400 JB Hi-Fi Ltd 812,131
51,327 JD Sports Fashion PLC 87,165
123,600 JVCKenwood Corp 760,585
3,400 Kaufman & Broad SA(b) 99,127
1,389 Kering SA 550,162
400,326 Kingfisher PLC 1,259,430
3,400 Kohnan Shoji Co Ltd 98,059
3,900 Koito Manufacturing Co Ltd 52,571
23,400 Komeri Co Ltd 533,536
1,748 La Francaise des Jeux SAEM(a) 71,245
40,516 Lottery Corp Ltd 135,874
5,264 LVMH Moet Hennessy Louis Vuitton SE 4,736,545
121,800 Marubeni Corp 2,109,534
6,200 MatsukiyoCocokara & Co 99,553
10,400 Mazda Motor Corp 120,532
1,400 McDonald's Holdings Co Japan Ltd 62,954
39,394 Mercedes-Benz Group AG 3,137,227
113,400 Mitsubishi Corp 2,620,813
43,100 Mitsui & Co Ltd 2,014,993
31,600 Mitsui-Soko Holdings Co Ltd 976,380
3,937 Moncler SpA 293,783
2,279 Next PLC 265,593
19,800 Nintendo Co Ltd 1,080,379
49,200 Nissan Motor Co Ltd 194,954
24,300 Niterra Co Ltd 806,757
1,500 Nitori Holdings Co Ltd 227,328
15,400 Okamura Corp 227,006
21,200 Oriental Land Co Ltd 679,157
7,600 Pan Pacific International Holdings Corp 201,413
43,000 Panasonic Holdings Corp 410,382
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Cyclical — (continued)
8,037 Pandora A/S $  1,297,220
6,410 Persimmon PLC     106,240
173,500 Pets at Home Group PLC     587,312
175,100 Piaggio & C SpA     553,728
138,955 Pirelli & C SpA(a)     850,824
102,024 Puma SE   4,617,239
225,954 Qantas Airways Ltd(b)     802,166
98 Rational AG 84,437
68,600 Redrow PLC 575,779
3,925 Reece Ltd 71,866
3,727 Renault SA 188,065
49,272 Rexel SA 1,330,981
230,000 RS Group PLC 2,108,307
40,400 Sands China Ltd(b) 113,978
93,500 Sankyo Co Ltd 1,021,374
438 SEB SA 56,039
7,200 Sekisui Chemical Co Ltd 105,340
11,300 Sekisui House Ltd 257,388
2,932 Seven Group Holdings Ltd(b) 77,914
6,200 Sharp Corp(b) 34,531
1,400 Shimano Inc 208,269
29,600 Singapore Airlines Ltd 140,289
1,856 Sodexo SA 159,103
30,200 Sojitz Corp 796,643
24,000 Sony Group Corp 2,058,017
85,332 Stellantis NV 2,424,664
56,100 Subaru Corp 1,270,544
63,400 Sumitomo Corp 1,527,176
13,100 Sumitomo Electric Industries Ltd 202,989
22,200 Sumitomo Forestry Co Ltd 700,140
62,900 Super Retail Group Ltd 660,057
30,800 Suzuki Motor Corp 351,652
6,570 Swatch Group AG 1,309,958
67,688 Taylor Wimpey PLC 116,981
1,800 Toho Co Ltd 59,769
39,600 Tokmanni Group Corp 648,516
30,300 Toyota Boshoku Corp 516,332
2,600 Toyota Industries Corp 272,041
202,100 Toyota Motor Corp 5,108,071
3,800 Toyota Tsusho Corp 260,949
15,693 Universal Music Group NV 471,582
6,600 USS Co Ltd 54,563
13,900 Valor Holdings Co Ltd(b) 227,197
667 Volkswagen AG 101,890
4,233 Volvo AB Class A 116,563
124,218 Volvo AB Class B 3,366,488
10,764 Volvo Car AB Class B(b) 40,752
96,900 VTech Holdings Ltd 587,728
21,630 Wesfarmers Ltd 964,152
3,545 Whitbread PLC 148,164
2,300 Yamaha Corp 49,645
126,000 Yamaha Motor Co Ltd 1,160,658
27,100 Yokohama Rubber Co Ltd 730,957
231,000 Yue Yuen Industrial Holdings Ltd 324,658
4,756 Zalando SE(a)(b) 136,000
Shares   Fair Value
Consumer, Cyclical — (continued)
1,500 Zensho Holdings Co Ltd $     62,378
    102,789,972
Consumer, Non-Cyclical — 22.28%
15,507 Adecco Group AG     613,493
424 Adyen NV(a)(b)     716,196
12,400 Aeon Co Ltd     294,152
9,000 Ajinomoto Co Inc     336,092
39,526 Alcon Inc 3,269,254
58,375 Amadeus IT Group SA 3,747,495
2,021 Amplifon SpA 73,671
16,557 Anheuser-Busch InBev SA 1,007,894
9,500 Arcs Co Ltd 196,192
1,093 Argenx SE(b) 430,942
9,300 Asahi Group Holdings Ltd 341,495
143,500 Asahi Intecc Co Ltd 2,514,090
8,219 Ashtead Group PLC 585,224
35,500 Astellas Pharma Inc 381,367
29,548 AstraZeneca PLC 3,968,842
18,100 Austevoll Seafood ASA 142,407
788 Bachem Holding AG 75,461
68 Barry Callebaut AG 98,777
32,996 Bayer AG 1,010,492
1,938 Beiersdorf AG 282,169
653 BioMerieux 72,022
26,266 Brambles Ltd 276,426
69,166 British American Tobacco PLC 2,098,824
6,147 Bureau Veritas SA 187,690
873 Carl Zeiss Meditec AG 108,973
1,861 Carlsberg AS Class B 254,855
27,057 Carrefour SA 464,146
26 Chocoladefabriken Lindt & Spruengli AG 528,530
13,100 Chugai Pharmaceutical Co Ltd 500,622
193,500 CK Hutchison Holdings Ltd 931,247
92,300 Cloetta AB Class B 156,858
14,702 Coca-Cola Europacific Partners PLC 1,028,405
48,896 Coca-Cola HBC AG 1,544,508
9,181 Cochlear Ltd 2,019,184
24,228 Coles Group Ltd 267,458
2,417 Coloplast A/S Class B 326,336
23,209 CSL Ltd 4,354,636
3,900 Dai Nippon Printing Co Ltd 119,440
165,300 Daiichi Sankyo Co Ltd 5,259,664
12,274 Danone SA 793,453
12,178 Davide Campari-Milano NV 122,389
2,079 Demant A/S(b) 103,333
42,610 Diageo PLC 1,576,393
530 DiaSorin SpA 51,148
2,976 EBOS Group Ltd 60,865
4,977 Edenred SE 265,746
4,800 Eisai Co Ltd 197,706
101,200 Elders Ltd 618,474
30,748 Endeavour Group Ltd 110,398
5,623 EssilorLuxottica SA 1,271,992
11,081 Essity AB Class B 263,220
2,788 Eurofins Scientific SE 177,597
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
200,000 Evotec SE(b) $  3,117,072
77,171 Experian PLC   3,361,590
548,400 First Resources Ltd     556,412
11,889 Fisher & Paykel Healthcare Corp Ltd     182,194
3,582 Fresenius Medical Care AG     137,638
29,777 Fresenius SE & Co KGaA     802,993
21,900 FUJIFILM Holdings Corp     491,756
11,233 Genmab A/S(b) 3,367,975
5,097 Getinge AB Class B 102,515
4,834 Grifols SA(b) 43,482
229,838 GSK PLC 4,934,129
132,659 Haleon PLC 555,860
2,664 Heineken Holding NV 214,996
5,381 Heineken NV 518,771
1,894 Henkel AG & Co KGaA 136,470
41,395 Hikma Pharmaceuticals PLC 1,001,124
4,461 IDP Education Ltd 52,074
60,632 Imperial Brands PLC 1,355,020
146,900 Inghams Group Ltd 343,666
3,179 Intertek Group PLC 200,071
3,843 Ipsen SA 457,304
22,020 Itoham Yonekyu Holdings Inc 578,496
287,140 J Sainsbury PLC 980,058
23,100 Japan Tobacco Inc 615,890
2,217 JDE Peet's NV 46,545
4,983 Jeronimo Martins SGPS SA 98,864
31,700 Kanamoto Co Ltd 565,428
9,100 Kao Corp 340,051
2,950 Kerry Group PLC Class A 252,775
5,495 Kesko OYJ Class B 102,724
13,500 Kikkoman Corp 173,266
15,100 Kirin Holdings Co Ltd 209,985
2,500 Kobe Bussan Co Ltd 61,258
68,722 Koninklijke Ahold Delhaize NV 2,056,292
15,025 Koninklijke Philips NV 300,711
5,600 Kyowa Kirin Co Ltd 100,750
4,785 Lifco AB Class B 124,957
1,420 Lonza Group AG 848,590
20,500 Loomis AB 572,185
4,587 L'Oreal SA 2,172,280
9 Lotus Bakeries NV 86,902
214,900 Marks & Spencer Group PLC 719,400
50,228 Medibank Pvt Ltd(b) 123,065
4,400 MEIJI Holdings Co Ltd 96,064
2,517 Merck KGaA 443,838
21,600 Metcash Ltd 55,049
456,500 Mitie Group PLC 603,827
35,146 Mowi ASA 645,587
50,895 Nestle SA 5,407,592
9,236 Nexi SpA(a)(b) 58,518
3,300 Nissin Foods Holdings Co Ltd 90,975
78,100 Nissui Corp(b) 489,678
305 NMC Health PLC(b)(d) 19
89,971 Novartis AG 8,714,451
62,204 Novo Nordisk A/S Class B 7,979,119
9,286 Ocado Group PLC(b) 53,242
22,700 Olympus Corp 326,842
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
61,100 Ono Pharmaceutical Co Ltd $  1,001,120
1,650 Orion OYJ Class B      61,507
49,455 Orkla ASA     349,287
30,400 Otsuka Holdings Co Ltd   1,262,764
3,809 Pernod Ricard SA     616,619
4,361 QIAGEN NV     186,379
3,242 Ramsay Health Care Ltd     119,351
7,863 Randstad NV 415,212
13,718 Reckitt Benckiser Group PLC 781,821
2,069 Recordati Industria Chimica e Farmaceutica SpA 114,246
27,400 Recruit Holdings Co Ltd 1,203,046
107,600 Redde Northgate PLC(b) 517,425
35,936 RELX PLC 1,549,301
458 Remy Cointreau SA 46,247
50,573 Rentokil Initial PLC 300,618
21,347 Roche Holding AG 5,459,692
1,157 Salmar ASA 76,360
16,237 Sandoz Group AG(b) 490,126
48,397 Sanofi SA 4,708,293
60,700 Santen Pharmaceutical Co Ltd 596,943
548 Sartorius Stedim Biotech 156,305
7,500 Scandinavian Tobacco Group A/S(a) 134,296
4,200 Secom Co Ltd 304,723
73,544 Securitas AB Class B 758,168
43,700 Seven & i Holdings Co Ltd 636,966
2,816 SGS SA 273,385
21,800 Shionogi & Co Ltd 1,114,019
7,800 Shiseido Co Ltd 214,035
5,624 Siemens Healthineers AG(a) 343,951
16,381 Smith & Nephew PLC 205,032
2,800 Societe BIC SA 200,078
174,000 Sonae SGPS SA(b) 165,128
9,314 Sonic Healthcare Ltd 178,482
969 Sonova Holding AG 280,616
2,126 Straumann Holding AG 339,220
47,800 Suedzucker AG 685,355
12,000,000 Sumber Alfaria Trijaya Tbk PT 2,203,367
2,200 Suntory Beverage & Food Ltd 74,415
3,459 Swedish Orphan Biovitrum AB(b) 86,346
9,600 Sysmex Corp 171,311
30,700 Takeda Pharmaceutical Co Ltd 853,886
8,000 Tecan Group AG 3,314,637
26,200 Terumo Corp 479,425
533,738 Tesco PLC 1,998,425
20,940 Teva Pharmaceutical Industries Ltd Sponsored ADR(b) 295,464
4,700 TOPPAN Holdings Inc 117,815
58,867 Transurban Group 510,677
14,620 Treasury Wine Estates Ltd 118,591
2,388 UCB SA 294,792
8,100 Unicharm Corp 257,874
47,660 Unilever PLC 2,392,315
832,000 United Laboratories International Holdings Ltd 953,185
1,123,943 WH Group Ltd(a) 741,893
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
42,100 Wilmar International Ltd $    106,939
11,910 Wise PLC Class A     139,190
23,658 Woolworths Group Ltd     511,391
4,131 Worldline SA(a)(b)      51,107
4,700 Yakult Honsha Co Ltd      96,061
    145,841,850
Diversified — 0.02%
2,800 Jardine Matheson Holdings Ltd 102,564
Energy — 4.75%
5,641 Aker BP ASA 141,485
4,740 Ampol Ltd 122,956
22,364 APA Group 122,577
371,200 Beach Energy Ltd 445,199
559,771 BP PLC 3,511,325
1,819 DCC PLC(b) 132,297
198,200 ENEOS Holdings Inc 954,898
112,428 Eni SpA 1,780,194
50,247 Equinor ASA 1,347,343
7,950 Galp Energia SGPS SA 131,433
18,000 Idemitsu Kosan Co Ltd 123,411
59,500 Inpex Corp 904,471
7,537 Neste OYJ 204,368
217,200 New Hope Corp Ltd 658,000
16,331 OMV AG 773,480
131,390 Repsol SA 2,193,067
23,800 Rubis SCA 840,290
63,736 Santos Ltd 322,688
624,189 Seatrium Ltd(b) 36,480
240,696 Shell PLC(b) 7,984,641
89,482 TotalEnergies SE 6,155,432
19,036 Vestas Wind Systems A/S(b) 530,983
204,700 Whitehaven Coal Ltd 946,646
36,192 Woodside Energy Group Ltd 721,391
    31,085,055
Financial — 19.83%
64,455 3i Group PLC 2,284,591
108,815 ABN AMRO Bank NV(a) 1,862,075
31,402 abrdn PLC 55,919
4,736 Admiral Group PLC 169,667
159,099 Aegon Ltd 970,638
3,835 AerCap Holdings NV(b) 333,300
17,711 Ageas SA 820,475
216,600 AIA Group Ltd 1,456,976
32,251 AIB Group PLC 163,721
11,092 Allianz SE 3,324,475
1,167 Amundi SA(a) 80,158
135,027 ANZ Group Holdings Ltd 2,587,936
15,903 ASR Nederland NV 779,405
19,568 Assicurazioni Generali SpA 495,335
4,046 ASX Ltd 175,041
87,339 Aviva PLC 547,915
64,719 AXA SA 2,430,581
813 Azrieli Group Ltd 58,663
Shares   Fair Value
Financial — (continued)
3,161 Baloise Holding AG $    495,663
252,111 Banco Bilbao Vizcaya Argentaria SA   3,002,273
25,045 Banco BPM SpA     166,632
597,917 Banco Santander SA   2,920,494
24,417 Bank Hapoalim BM     228,823
28,424 Bank Leumi Le-Israel BM     236,274
109,828 Bank of Ireland Group PLC   1,120,807
545 Banque Cantonale Vaudoise 63,403
288,862 Barclays PLC 669,407
16,500 BAWAG Group AG(a) 1,044,313
39,786 BNP Paribas SA 2,832,569
74,000 BOC Hong Kong Holdings Ltd 198,415
69,033 CaixaBank SA 334,989
69,900 CapitaLand Ascendas REIT 143,384
91,977 CapitaLand Integrated Commercial Trust REIT(b) 134,862
47,800 Capitaland Investment Ltd 94,852
12,200 Chiba Bank Ltd(b) 101,518
40,000 CK Asset Holdings Ltd 164,827
19,492 Commerzbank AG 267,903
31,921 Commonwealth Bank of Australia 2,503,860
9,466 Computershare Ltd 161,233
23,200 Concordia Financial Group Ltd 116,608
924 Covivio SA REIT 47,627
65,775 Credit Agricole SA 981,230
34,300 Credit Saison Co Ltd 707,500
17,700 Dai-ichi Life Holdings Inc 451,430
1,200 Daito Trust Construction Co Ltd 136,899
25,800 Daiwa Securities Group Inc 196,295
44,691 Danske Bank A/S 1,341,464
70,300 DBS Group Holdings Ltd 1,876,154
118,248 Deutsche Bank AG 1,862,442
3,683 Deutsche Boerse AG 754,244
21,819 Dexus REIT 112,424
61,698 DNB Bank ASA 1,226,405
6,762 EQT AB 214,082
22,007 Erste Group Bank AG 980,805
34,400 ESR Group Ltd(a) 36,856
889 Eurazeo SE 77,899
1,583 Euronext NV(a) 150,655
1,868 EXOR NV 207,884
13,422 Fastighets AB Balder Class B(b) 98,591
11,912 FinecoBank Banca Fineco SpA 178,404
1,000 Futu Holdings Ltd ADR 54,150
821 Gecina SA REIT 83,861
3,313 Gjensidige Forsikring ASA(b) 48,086
71 GLP J-REIT 59,498
32,836 Goodman Group REIT 723,287
40,132 GPT Group REIT 119,433
1,697 Groupe Bruxelles Lambert NV 128,290
134,400 Gunma Bank Ltd 763,055
34,000 Hang Lung Properties Ltd 34,964
15,600 Hang Seng Bank Ltd 171,003
1,120 Hannover Rueck SE 306,687
6,886 Hargreaves Lansdown PLC 63,892
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Financial — (continued)
338,000 Helia Group Ltd $    861,178
742 Helvetia Holding AG     102,300
24,000 Henderson Land Development Co Ltd      68,536
22,600 Hong Kong Exchanges & Clearing Ltd     658,525
17,300 Hongkong Land Holdings Ltd      51,208
616,762 HSBC Holdings PLC   4,820,336
7,300 Hulic Co Ltd(b)      74,973
2,036 Industrivarden AB Class A 70,018
2,429 Industrivarden AB Class C(b) 83,525
124,447 ING Groep NV 2,048,813
42,006 Insurance Australia Group Ltd(b) 175,220
100,000 Intermediate Capital Group PLC 2,588,884
278,796 Intesa Sanpaolo SpA 1,012,182
94,800 Investec PLC 635,324
33,194 Investor AB Class B 832,981
23,331 Israel Discount Bank Ltd Class A 120,659
16,500 Jaccs Co Ltd 599,410
9,200 Japan Exchange Group Inc 249,186
110 Japan Metropolitan Fund Invest REIT 68,540
26,200 Japan Post Bank Co Ltd 281,528
174,500 Japan Post Holdings Co Ltd 1,758,110
3,300 Japan Post Insurance Co Ltd 63,080
24 Japan Real Estate Investment Corp REIT 85,556
12,448 Julius Baer Group Ltd 721,964
11,600 Jyske Bank A/S 982,586
4,946 KBC Group NV 370,813
70 KDX Realty Investment Corp REIT(b) 74,402
3,748 Klepierre SA REIT 97,019
1,231 L E Lundbergforetagen AB Class B 66,632
14,023 Land Securities Group PLC REIT 116,439
1,545 LEG Immobilien SE(b) 132,702
230,644 Legal & General Group PLC 740,693
52,067 Link REIT 224,222
2,351,918 Lloyds Banking Group PLC 1,537,848
7,939 London Stock Exchange Group PLC 949,732
41,933 M&G PLC 116,661
26,973 Macquarie Group Ltd 3,508,574
230,800 Mapfre SA 583,505
52,506 Mapletree Logistics Trust REIT 56,769
53,800 Mapletree Pan Asia Commercial Trust REIT 50,993
49,900 McMillan Shakespeare Ltd 638,049
59,348 Mediobanca Banca di Credito Finanziario SpA(b) 884,375
60,700 Mercialys SA REIT 707,120
78,534 Mirvac Group REIT 120,708
22,300 Mitsubishi Estate Co Ltd 406,885
159,400 Mitsubishi HC Capital Inc 1,111,758
Shares   Fair Value
Financial — (continued)
336,300 Mitsubishi UFJ Financial Group Inc $  3,421,550
51,600 Mitsui Fudosan Co Ltd     556,324
3,059 Mizrahi Tefahot Bank Ltd     114,681
101,500 Mizuho Financial Group Inc   2,007,194
24,900 MS&AD Insurance Group Holdings Inc     439,673
2,601 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen   1,269,658
59,460 National Australia Bank Ltd   1,346,295
393,153 NatWest Group PLC 1,316,306
26 Nippon Building Fund Inc REIT 104,003
35 Nippon Prologis Inc REIT 62,349
36,272 NN Group NV 1,674,505
56,800 Nomura Holdings Inc 363,550
2,500 Nomura Real Estate Holdings Inc 70,628
65 Nomura Real Estate Master Fund Inc REIT 64,274
132,313 Nordea Bank Abp 1,475,392
76,400 ORIX Corp 1,671,002
64,500 Oversea-Chinese Banking Corp Ltd 644,476
422 Partners Group Holding AG 602,821
15,571 Phoenix Group Holdings PLC 108,684
52,411 Prudential PLC 491,408
28,682 QBE Insurance Group Ltd 339,041
979 REA Group Ltd 118,290
40,700 Resona Holdings Inc 250,893
18,800 Ricoh Leasing Co Ltd(b) 654,877
3,492 Sagax AB Class B 92,120
8,390 Sampo OYJ Class A 357,887
4,600 SBI Holdings Inc 120,659
103,337 Scentre Group REIT 228,222
18,580 Schroders PLC 88,247
25,206 Segro PLC REIT 287,323
7,500 Shizuoka Financial Group Inc 71,366
16,600 Singapore Exchange Ltd 113,284
57,735 Sino Land Co Ltd 60,023
30,706 Skandinaviska Enskilda Banken AB Class A 415,991
34,132 Societe Generale SA 914,502
260 Sofina SA 58,305
16,500 Sompo Holdings Inc 345,841
11,321 St James's Place PLC 66,402
122,340 Standard Chartered PLC 1,036,854
267,891 Stockland REIT 846,500
45,300 Sumitomo Mitsui Financial Group Inc 2,648,813
12,400 Sumitomo Mitsui Trust Holdings Inc 267,178
4,900 Sumitomo Realty & Development Co Ltd 182,572
26,500 Sun Hung Kai Properties Ltd 255,981
23,373 Suncorp Group Ltd 249,481
563,639 Supermarket Income Reit PLC REIT 551,332
92,533 Svenska Handelsbanken AB Class A 935,507
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Financial — (continued)
50,626 Swedbank AB Class A $  1,004,812
7,500 Swire Pacific Ltd Class A      61,743
29,200 Swire Properties Ltd      61,420
1,580 Swiss Life Holding AG   1,108,200
1,621 Swiss Prime Site AG     152,904
20,007 Swiss Re AG   2,573,598
5,500 Sydbank AS(b)     285,131
9,700 T&D Holdings Inc 168,627
1,379 Talanx AG 109,241
34,400 Tokio Marine Holdings Inc 1,078,311
6,270 Tryg A/S 129,252
135,594 UBS Group AG 4,175,066
2,275 Unibail-Rodamco-Westfield REIT(b) 183,016
76,919 UniCredit SpA 2,921,339
43,100 UnipolSai Assicurazioni SpA 124,867
59,900 United Overseas Bank Ltd 1,302,228
1,400 Valiant Holding AG 164,240
81,264 Vicinity Ltd REIT 112,797
13,406 Vonovia SE 396,172
3,392 Warehouses De Pauw CVA REIT 96,723
4,657 Washington H Soul Pattinson & Co Ltd(b) 101,953
66,744 Westpac Banking Corp 1,135,190
19,000 Wharf Holdings Ltd 62,461
32,000 Wharf Real Estate Investment Co Ltd 104,189
2,789 Zurich Insurance Group AG 1,506,658
    129,788,399
Industrial — 14.68%
30,495 ABB Ltd 1,414,672
412 Acciona SA 50,141
4,321 ACS Actividades de Construccion y Servicios SA 180,957
1,366 Aena SME SA(a) 269,040
719 Aeroports de Paris SA(b) 98,586
12,300 AGC Inc 446,273
11,301 Airbus SE 2,081,976
5,421 Alfa Laval AB 213,015
6,147 Alstom SA 93,609
58,900 Amada Co Ltd 674,537
60 AP Moller - Maersk A/S Class A 76,879
69 AP Moller - Maersk A/S Class B 89,965
19,106 Assa Abloy AB Class B 548,310
51,280 Atlas Copco AB Class A 866,045
29,202 Atlas Copco AB Class B 431,312
22,950 Auckland International Airport Ltd 114,491
41,340 Aurizon Holdings Ltd 107,792
2,800 Azbil Corp 77,464
57,806 BAE Systems PLC 984,961
140,200 Balfour Beatty PLC 675,961
8,482 Beijer Ref AB 125,940
3,600 Bekaert SA 184,594
14,700 Bilfinger SE 686,587
Shares   Fair Value
Industrial — (continued)
30,421 Bouygues SA $  1,241,937
102,500 bpost SA     383,058
38,500 Brother Industries Ltd     714,030
1,600 Bucher Industries AG     703,574
12,000 Cargotec OYJ Class B     836,695
9,100 Cellnex Telecom SA(a)     321,911
15,300 Central Japan Railway Co     379,981
35,100 Chemring Group PLC 160,593
15,600 Cia de Distribucion Integral Logista Holdings SA 435,986
36,289 Cie de Saint-Gobain SA(b) 2,816,535
15,000 CK Infrastructure Holdings Ltd 87,853
13,336 CRH PLC 1,150,692
16,500 D/S Norden A/S 674,356
6,000 Daifuku Co Ltd 143,817
5,100 Daikin Industries Ltd 696,358
378 Dassault Aviation SA 83,225
49,117 Deutsche Post AG 2,116,821
10,000 Dfds A/S 290,699
161,100 DS Smith PLC 805,642
22,340 DSV A/S 3,631,471
18,000 East Japan Railway Co 345,332
1,373 Eiffage SA 155,825
520 Elbit Systems Ltd 108,603
12,872 Epiroc AB Class A 241,641
7,219 Epiroc AB Class B 122,253
18,200 FANUC Corp 507,716
9,707 Ferrovial SE 384,319
480,200 Firstgroup PLC 1,093,489
400 Forbo Holding AG 510,811
2,400 Fuji Electric Co Ltd 161,051
102,700 Fujikura Ltd 1,517,920
2,797 GEA Group AG 118,258
642 Geberit AG 379,412
6,840 Getlink SE 116,461
7,787 Halma PLC 232,424
4,900 Hankyu Hanshin Holdings Inc 140,587
78,500 Hazama Ando Corp 611,346
15,002 Heidelberg Materials AG 1,651,446
39,784 Hexagon AB Class B 470,284
700 Hirose Electric Co Ltd 71,932
1,900 Hitachi Construction Machinery Co Ltd 57,326
17,700 Hitachi Ltd 1,617,434
38,613 Holcim AG 3,498,214
48,200 Hosiden Corp 613,729
6,600 Hoya Corp 825,468
5,015 Husqvarna AB Class B 42,913
2,000 Ibiden Co Ltd 89,574
5,279 Indutrade AB 143,783
5,403 Infrastrutture Wireless Italiane SpA(a) 61,313
900 Interroll Holding AG 2,990,808
2,478 Investment AB Latour Class B 65,143
8,023 James Hardie Industries PLC(b) 322,471
3,500 JSR Corp 100,180
21,500 Jungheinrich AG 795,454
13,300 Kaga Electronics Co Ltd(b) 565,476
7,700 Kajima Corp 158,040
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Industrial — (continued)
23,500 Kamigumi Co Ltd $    517,882
6,600 Kawasaki Kisen Kaisha Ltd      88,751
2,700 Keisei Electric Railway Co Ltd     109,796
30,200 Keppel Ltd     164,108
3,800 Keyence Corp   1,764,191
3,024 Kingspan Group PLC     275,416
3,900 Kintetsu Group Holdings Co Ltd     113,594
1,546 Knorr-Bremse AG 116,932
54,400 Komatsu Ltd 1,609,739
6,797 Kone OYJ Class B 316,654
19,800 Konecranes OYJ 1,027,745
1,587 Kongsberg Gruppen ASA 109,579
18,300 Kubota Corp 287,122
1,093 Kuehne + Nagel International AG 304,093
25,100 Kyocera Corp 336,619
5,060 Legrand SA 535,839
43,095 Leonardo SpA 1,082,707
4,100 Makita Corp 116,524
26,893 Melrose Industries PLC 228,278
63,600 Metsa Board OYJ Class B(b) 481,827
12,021 Metso OYJ 142,796
6,900 MINEBEA MITSUMI Inc 135,344
4,500 MISUMI Group Inc 62,690
36,400 Mitsubishi Electric Corp 609,298
63,000 Mitsubishi Heavy Industries Ltd 570,990
6,100 Mitsui OSK Lines Ltd 186,090
28,500 MTR Corp Ltd 94,163
11,023 MTU Aero Engines AG 2,795,731
32,800 Murata Manufacturing Co Ltd 613,439
28,789 Nibe Industrier AB Class B 141,567
8,000 Nidec Corp 331,754
9,800 Nippon Express Holdings Inc 500,242
9,300 Nippon Yusen KK 255,323
11,500 Obayashi Corp 136,740
6,500 Odakyu Electric Railway Co Ltd 89,601
3,400 Omron Corp 121,744
9,317 Orica Ltd 110,819
3,000 Per Aarsleff Holding A/S 149,700
9,763 Poste Italiane SpA(a) 122,274
5,260 Prysmian SpA 274,331
90,500 QinetiQ Group PLC 416,666
844 Rheinmetall AG 474,685
4,100 ROCKWOOL A/S Class B 1,349,005
157,576 Rolls-Royce Holdings PLC(b) 847,617
1,706 Saab AB Class B 151,754
6,515 Safran SA 1,475,468
20,784 Sandvik AB 461,421
5,200 Sankyu Inc(b) 178,973
1,310 Schindler Holding AG 326,058
10,373 Schneider Electric SE 2,345,098
1,400 SCREEN Holdings Co Ltd 181,517
33,200 Seino Holdings Co Ltd 455,664
5,200 SG Holdings Co Ltd 65,853
4,400 Shimadzu Corp 122,558
9,300 Shimizu Corp 60,057
14,486 Siemens AG(b) 2,765,949
Shares   Fair Value
Industrial — (continued)
9,503 Siemens Energy AG(b) $    174,416
156,446 SIG Group AG   3,469,075
22,025 Signify NV(a)     678,031
14,919 Sika AG   4,439,155
33,700 Singapore Technologies Engineering Ltd     100,335
30,000 SITC International Holdings Co Ltd      54,848
5,851 Skanska AB Class B     104,198
65,982 SKF AB Class B 1,347,010
1,000 SMC Corp 564,160
6,291 Smiths Group PLC 130,363
1,518 Spirax-Sarco Engineering PLC 192,502
9,915 Stora Enso OYJ Class R 137,879
24,700 Sumitomo Heavy Industries Ltd 777,783
12,134 Svenska Cellulosa AB SCA Class B 186,548
3,200 Taisei Corp 116,637
7,500 TDK Corp 368,310
26,000 Techtronic Industries Co Ltd 353,284
9,358 Tenaris SA 185,020
1,847 Thales SA 314,878
3,000 Tobu Railway Co Ltd 75,015
10,400 Tokyu Corp 126,639
2,200 TOTO Ltd 61,677
23,400 Tsubakimoto Chain Co(b) 788,311
513 VAT Group AG(a) 265,013
16,600 Verallia SA(a) 645,392
9,543 Vinci SA 1,224,644
8,905 Wartsila OYJ Abp 135,334
7,800 West Japan Railway Co 162,553
21,500 Wienerberger AG 783,157
4,400 Yamato Holdings Co Ltd 63,327
4,200 Yaskawa Electric Corp 178,814
4,800 Yokogawa Electric Corp 110,541
    96,082,001
Technology — 7.66%
14,500 Advantest Corp 644,131
15,000 Altium Ltd 637,157
905 ASM International NV 554,226
10,485 ASML Holding NV 10,164,841
1,571 BE Semiconductor Industries NV 240,645
1,805 Bechtle AG 95,402
29,800 Bell System24 Holdings Inc 309,515
47,000 Canon Inc 1,400,368
6,600 Capcom Co Ltd 123,645
2,962 Capgemini SE 681,590
1,696 Check Point Software Technologies Ltd(b) 278,161
21,000 Computacenter PLC(b) 713,450
10,841 CyberArk Software Ltd(b) 2,879,695
12,961 Dassault Systemes SE 573,749
8,800 Disco Corp 3,216,695
34,100 Ferrotec Holdings Corp 663,440
33,000 Fujitsu Ltd 528,132
1,729 Global-e Online Ltd(b) 62,849
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Technology — (continued)
2,600 Hamamatsu Photonics KK $     91,667
37,200 Indra Sistemas SA     770,957
49,348 Infineon Technologies AG   1,678,111
190,000 Keywords Studios PLC   3,119,904
25,000 Kinaxis Inc(b)   2,842,272
1,900 Konami Group Corp     129,426
1,500 Lasertec Corp     427,545
3,012 Logitech International SA 269,903
15,500 Monday.com Ltd(b) 3,500,985
4,400 NEC Corp 321,224
957 Nemetschek SE 94,727
7,500 Nexon Co Ltd 124,661
7,900 Nomura Research Institute Ltd 223,165
12,000 NTT Data Group Corp 190,775
1,300 Obic Co Ltd 196,366
800 Oracle Corp Japan 60,161
4,600 Otsuka Corp 97,605
341,000 PAX Global Technology Ltd 268,813
27,100 Renesas Electronics Corp 482,940
84,300 Ricoh Co Ltd 748,997
5,400 Rohm Co Ltd 86,610
18,690 Sage Group PLC 298,586
19,904 SAP SE 3,875,699
3,000 SCSK Corp 55,763
55,700 Seiko Epson Corp 974,334
65,415 Serco Group PLC 156,540
800 Sopra Steria Group SACA 193,875
1,700 Square Enix Holdings Co Ltd 65,562
40,849 STMicroelectronics NV 1,758,076
7,000 SUMCO Corp 110,675
1,174 Teleperformance SE 114,037
1,427 Temenos AG 102,074
3,800 TietoEVRY OYJ(b) 80,410
4,500 TIS Inc(b) 96,551
8,900 Tokyo Electron Ltd 2,317,998
3,077 WiseTech Global Ltd(b) 188,198
2,714 Xero Ltd(b) 235,655
    50,118,538
Utilities — 2.01%
317,900 A2A SpA 573,482
384 BKW AG 59,008
93,538 Centrica PLC 150,730
12,500 Chubu Electric Power Co Inc 163,452
30,500 CLP Holdings Ltd 243,275
102,600 Drax Group PLC 649,036
43,649 E.ON SE 607,680
56,572 EDP - Energias de Portugal SA 220,724
5,541 EDP Renovaveis SA 75,038
502 Elia Group SA 54,189
5,943 Enagas SA 88,288
5,465 Endesa SA 101,329
155,033 Enel SpA(b) 1,023,453
132,914 Engie SA 2,227,294
8,648 Fortum OYJ(b) 106,770
194,000 Hong Kong & China Gas Co Ltd 147,046
Shares   Fair Value
Utilities — (continued)
116,976 Iberdrola SA(b) $  1,452,888
260,400 Iren SpA     532,719
14,700 Kansai Electric Power Co Inc     209,752
12,456 Mercury NZ Ltd      51,572
20,561 Meridian Energy Ltd      72,599
71,446 National Grid PLC     962,211
33,003 Origin Energy Ltd     197,975
3,522 Orsted AS(a)(b) 196,805
8,400 Osaka Gas Co Ltd 188,966
25,000 Power Assets Holdings Ltd 146,465
7,372 Redeia Corp SA 125,922
12,176 RWE AG 413,830
19,500 Sembcorp Industries Ltd 77,954
4,982 Severn Trent PLC 155,392
40,625 Snam SpA 191,820
21,246 SSE PLC 442,802
25,797 Terna - Rete Elettrica Nazionale 213,231
32,400 Tokyo Electric Power Co Holdings Inc(b) 196,931
7,100 Tokyo Gas Co Ltd 161,403
12,840 United Utilities Group PLC 166,757
13,513 Veolia Environnement SA 439,604
1,215 Verbund AG 88,769
    13,177,161
TOTAL COMMON STOCK — 97.31%
(Cost $568,201,029) 		$636,895,470
PREFERRED STOCK
Consumer, Cyclical — 0.44%
1,144 Bayerische Motoren Werke AG 122,754
2,154 Dr Ing hc F Porsche AG(a) 214,233
3,140 Porsche Automobil Holding SE 166,338
99,600 Schaeffler AG 671,868
13,230 Volkswagen AG 1,754,622
    2,929,815
Consumer, Non-Cyclical — 0.04%
3,082 Henkel AG & Co KGaA 247,720
Industrial — 0.03%
473 Sartorius AG 187,834
TOTAL PREFERRED STOCK — 0.51%
(Cost $3,426,814) 		$3,365,369
EXCHANGE TRADED FUNDS
35,000 iShares MSCI EAFE ETF(c) 2,795,100
     
TOTAL EXCHANGE TRADED FUNDS — 0.43%
(Cost $2,766,411) 		$2,795,100
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 0.15%
$ 1,008,300 U.S. Treasury Bills(e)
5.29%, 05/23/2024 		$  1,000,212
Repurchase Agreements — 0.35%
   255,241 Undivided interest of 0.14% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.33%, dated 3/28/24 to be repurchased at $255,241 on 4/1/24 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 4/4/24 - 3/1/54, with a value of $181,475,005.(f)     255,241
    997,738 Undivided interest of 0.56% in a repurchase agreement (principal amount/value $178,876,340 with a maturity value of $178,982,473) with HSBC Securities (USA) Inc, 5.34%, dated 3/28/24 to be repurchased at $997,738 on 4/1/24 collateralized by various U.S. Government Agency securities, 1.50% - 7.50%, 1/1/31 - 8/1/59, with a value of $182,453,867.(f)      997,738
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$   997,738 Undivided interest of 0.56% in a repurchase agreement (principal amount/value $179,328,251 with a maturity value of $179,434,652) with Citigroup Global Markets Inc, 5.34%, dated 3/28/24 to be repurchased at $997,738 on 4/1/24 collateralized by Government National Mortgage Association securities, 2.00% - 6.50%, 9/20/44 - 1/20/54, with a value of $182,914,816.(f) $    997,738
    2,250,717
TOTAL SHORT TERM INVESTMENTS — 0.50%
(Cost $3,250,929) 		$3,250,929
TOTAL INVESTMENTS — 98.75%
(Cost $577,645,183) 		$646,306,868
OTHER ASSETS & LIABILITIES, NET — 1.25% $8,198,589
TOTAL NET ASSETS — 100.00% $654,505,457
 
(a)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(b)  Non-income producing security.
(c)  All or a portion of the security is on loan at March 28, 2024.
(d)  Security is fair valued using significant unobservable inputs.
(e)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(f)  Collateral received for securities on loan.
ADR  American Depositary Receipt
ETF  Exchange Traded Fund
REIT  Real Estate Investment Trust
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation
Long          
MSCI EAFE Index Futures 46 USD 5,421 Jun 2024 $31,955
        Net Appreciation $31,955
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following over-the-counter (OTC) forward foreign currency contracts:
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation/
(Depreciation)
CGM USD 9,195 AUD 14,008 04/11/2024 $64
CGM USD 79,722 EUR 73,292 04/03/2024 633
CGM USD 15,127 GBP 11,981 04/11/2024 4
CGM USD 109,415 GBP 85,000 04/25/2024 2,124
CGM USD 3,403 JPY 496,485 04/26/2024 108
CGM USD 3,018 JPY 448,800 05/13/2024 32
CGM USD 6,311 JPY 936,190 05/28/2024 66
CGM USD 2,971 NZD 4,924 04/05/2024 29
CGM USD 2,694 SEK 28,363 04/02/2024 44
MEL USD 4,391 AUD 6,754 04/11/2024 (11)
MEL USD 6,888 AUD 10,570 04/12/2024 (3)
MEL USD 15,003 AUD 22,876 04/18/2024 88
MEL USD 6,903 CHF 6,260 04/03/2024 (43)
MEL USD 175,507 CHF 148,000 04/10/2024 11,164
MEL USD 24,870 EUR 22,995 04/03/2024 56
MEL USD 3,905 EUR 3,610 04/04/2024 9
MEL USD 4,621 EUR 4,263 04/05/2024 20
MEL USD 4,157 EUR 3,843 04/09/2024 9
MEL USD 9,314 EUR 8,568 05/10/2024 56
MEL USD 18,314 GBP 14,473 04/03/2024 46
MEL USD 53,391 GBP 41,960 04/18/2024 428
MEL USD 15,391 GBP 12,023 04/29/2024 215
MEL USD 2,934 GBP 2,292 04/30/2024 41
MEL USD 32,248 GBP 25,376 05/02/2024 216
MEL USD 5,438 GBP 4,248 05/03/2024 76
MEL USD 5,765 GBP 4,503 05/16/2024 80
MEL USD 1,727 HKD 13,500 04/26/2024 1
MEL USD 714 ILS 2,599 04/04/2024 7
MEL USD 1,393 ILS 5,110 04/11/2024 2
MEL USD 20,208 JPY 3,000,000 05/16/2024 237
MEL USD 50,286 JPY 7,538,055 05/28/2024 5
MEL USD 53,595 JPY 8,030,558 05/31/2024 7
MEL USD 31,433 JPY 4,706,271 06/05/2024 5
MEL USD 47,354 JPY 7,088,957 06/06/2024 8
MEL USD 2,674 JPY 400,180 06/07/2024 1
MEL USD 8,091 JPY 1,210,570 06/10/2024 2
MEL USD 3,037 JPY 446,250 06/17/2024 52
MEL USD 10,379 JPY 1,550,485 06/20/2024 3
MEL USD 13,500 JPY 2,016,514 06/21/2024 4
MEL USD 64,593 JPY 9,643,887 06/24/2024 20
MEL USD 77,448 JPY 11,559,914 06/26/2024 25
MEL USD 32,690 JPY 4,878,575 06/27/2024 10
MEL USD 28,167 JPY 4,202,995 06/28/2024 9
MEL USD 134,437 JPY 20,049,937 07/01/2024 51
MEL USD 3,351 JPY 498,525 07/19/2024 1
MEL USD 2,310 NOK 24,640 04/05/2024 40
MEL USD 23,533 SEK 248,971 04/04/2024 268
MEL USD 50,632 SEK 537,622 04/05/2024 392
          Net Appreciation $16,701
Currency Abbreviations  
AUD Australian Dollar
CHF Swiss Franc
EUR Euro Dollar
GBP British Pound
HKD Hong Kong Dollar
ILS Israeli New Shekel
JPY Japanese Yen
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
USD U.S. Dollar
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Abbreviations  
CGM Citigroup Global Markets
MEL Mellon Capital
Summary of Investments by Country as of March 28, 2024.
Country Fair Value   Percentage of
Fund Investments
Japan $140,857,708   21.79%
United Kingdom 80,613,369   12.47
Switzerland 69,619,279   10.77
France 63,746,063   9.86
Germany 58,493,861   9.05
Australia 45,506,610   7.04
Netherlands 29,497,131   4.56
Denmark 23,602,475   3.65
Spain 19,166,266   2.97
Sweden 17,729,302   2.74
Italy 15,224,977   2.36
Israel 11,890,198   1.84
Ireland 11,134,483   1.72
Hong Kong 9,619,716   1.49
Finland 7,374,153   1.14
Singapore 7,211,562   1.12
United States 6,046,029   0.94
Canada 5,929,072   0.92
Norway 5,317,410   0.82
Belgium 4,375,802   0.68
Austria 3,733,924   0.58
Uruguay 3,023,920   0.47
Indonesia 2,203,367   0.34
Portugal 1,062,108   0.16
Jordan 1,001,124   0.15
New Zealand 760,387   0.12
South Africa 635,324   0.10
Luxembourg 622,647   0.10
Chile 194,604   0.03
Macau 113,978   0.02
United Arab Emirates 19   0.00
Total $646,306,868   100.00%
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 2.39%
1,876 Air Products & Chemicals Inc $    454,499
991 Albemarle Corp     130,554
9,036 Ashland Inc     879,835
14,961 Cabot Corp   1,379,404
828 Celanese Corp     142,300
1,673 CF Industries Holdings Inc     139,210
5,758 Dow Inc 333,561
23,047 DuPont de Nemours Inc 1,767,014
12,083 Eastman Chemical Co 1,210,958
2,136 Ecolab Inc 493,202
101,157 Ecovyst Inc(a) 1,127,901
1,248 FMC Corp 79,498
72,219 Freeport-McMoRan Inc 3,395,737
7,897 Hawkins Inc 606,490
2,141 International Flavors & Fragrances Inc 184,105
2,857 International Paper Co 111,480
4,018 Linde PLC 1,865,638
2,290 LyondellBasell Industries NV Class A 234,221
2,744 Mosaic Co 89,070
9,761 Newmont Corp 349,834
2,058 Nucor Corp 407,278
11,528 PPG Industries Inc 1,670,407
1,987 Sherwin-Williams Co 690,145
1,300 Steel Dynamics Inc 192,699
    17,935,040
Communications — 10.88%
5,194 Airbnb Inc Class A(a) 856,802
49,183 Alphabet Inc Class A(a) 7,423,190
58,624 Alphabet Inc Class C(a) 8,926,090
104,858 Amazon.com Inc(a) 18,914,286
4,146 Arista Networks Inc(a) 1,202,257
58,668 AT&T Inc 1,032,557
436 Booking Holdings Inc 1,581,756
1,457 Cable One Inc 616,500
1,096 CDW Corp 280,335
4,718 Charter Communications Inc Class A(a) 1,371,192
33,781 Cisco Systems Inc 1,686,010
58,133 Comcast Corp Class A 2,520,066
6,650 Corning Inc 219,184
4,267 DoorDash Inc Class A(a) 587,651
4,188 eBay Inc 221,043
856 Etsy Inc(a) 58,824
1,198 Expedia Group Inc(a) 165,025
446 F5 Inc(a) 84,557
340 FactSet Research Systems Inc 154,493
1,639 Fox Corp Class A 51,252
1,481 Fox Corp Class B 42,386
5,273 Gen Digital Inc 118,115
3,122 Interpublic Group of Cos Inc 101,871
2,430 Juniper Networks Inc 90,056
2,596 Match Group Inc(a) 94,183
555 MercadoLibre Inc(a) 839,138
27,471 Meta Platforms Inc Class A 13,339,368
Shares   Fair Value
Communications — (continued)
1,373 Motorola Solutions Inc $    487,388
7,022 Netflix Inc(a)   4,264,671
3,456 News Corp Class A      90,478
1,336 News Corp Class B      36,152
1,732 Omnicom Group Inc     167,588
3,853 Palo Alto Networks Inc(a)   1,094,753
5,146 Paramount Global Class B      60,568
11,973 Shopify Inc Class A(a) 923,956
1,574 Spotify Technology SA(a) 415,379
16,646 T-Mobile US Inc 2,716,960
2,966 Trade Desk Inc Class A(a) 259,288
37,798 Uber Technologies Inc(a) 2,910,068
36,410 United States Cellular Corp(a) 1,328,965
761 VeriSign Inc(a) 144,217
34,842 Verizon Communications Inc 1,461,970
73,908 Viavi Solutions Inc(a) 671,824
15,445 Walt Disney Co 1,889,850
19,212 Warner Bros Discovery Inc(a) 167,721
    81,669,983
Consumer, Cyclical — 9.48%
15,921 Academy Sports & Outdoors Inc 1,075,304
15,618 Allison Transmission Holdings Inc 1,267,557
5,950 American Airlines Group Inc(a) 91,333
2,527 Aptiv PLC(a) 201,276
27,731 Atlanta Braves Holdings Inc Class C(a) 1,083,173
339 AutoZone Inc(a) 1,068,409
1,696 Bath & Body Works Inc 84,834
16,512 Beacon Roofing Supply Inc(a) 1,618,506
1,670 Best Buy Co Inc 136,990
13,205 BJ's Wholesale Club Holdings Inc(a) 998,958
8,102 Boot Barn Holdings Inc(a)(b) 770,905
1,922 BorgWarner Inc 66,770
13,533 Brunswick Corp 1,306,205
2,111 Caesars Entertainment Inc(a) 92,335
1,487 CarMax Inc(a) 129,533
8,262 Carnival Corp(a) 135,001
559 Chipotle Mexican Grill Inc(a) 1,624,884
10,223 Churchill Downs Inc 1,265,096
7,263 Copart Inc(a) 420,673
3,703 Costco Wholesale Corp 2,712,929
11,904 Crocs Inc(a) 1,711,795
1,174 Cummins Inc 345,919
1,063 Darden Restaurants Inc 177,680
219 Deckers Outdoor Corp(a) 206,136
5,170 Delta Air Lines Inc 247,488
1,934 Dollar General Corp 301,820
1,674 Dollar Tree Inc(a) 222,893
289 Domino's Pizza Inc 143,598
8,526 DR Horton Inc 1,402,953
4,634 Fastenal Co 357,467
32,094 Ford Motor Co 426,208
92,280 Garrett Motion Inc(a) 917,263
71,971 General Motors Co 3,263,885
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Cyclical — (continued)
1,203 Genuine Parts Co $    186,381
1,162 Hasbro Inc      65,676
10,303 Hilton Worldwide Holdings Inc   2,197,733
8,306 Home Depot Inc   3,186,182
18,694 KB Home   1,325,031
2,805 Las Vegas Sands Corp     145,019
2,026 Lennar Corp Class A     348,431
1,161 Live Nation Entertainment Inc(a) 122,799
2,252 LKQ Corp 120,279
6,533 Lowe's Cos Inc 1,664,151
959 Lululemon Athletica Inc(a) 374,633
5,725 Marriott International Inc Class A 1,444,475
6,054 McDonald's Corp 1,706,925
1,961 MGM Resorts International(a) 92,579
79,453 MRC Global Inc(a) 998,724
9,998 NIKE Inc Class B 939,612
3,849 Norwegian Cruise Line Holdings Ltd(a) 80,559
29 NVR Inc(a) 234,899
1,848 O'Reilly Automotive Inc(a) 2,086,170
4,372 PACCAR Inc 541,647
327 Pool Corp 131,945
38,165 PulteGroup Inc 4,603,462
239 Ralph Lauren Corp 44,875
2,858 Ross Stores Inc 419,440
2,092 Royal Caribbean Cruises Ltd(a) 290,809
15,121 Skyline Champion Corp(a) 1,285,436
45,648 Southwest Airlines Co 1,332,465
12,592 Starbucks Corp 1,150,783
1,841 Tapestry Inc 87,411
15,189 Target Corp 2,691,643
26,831 Tesla Inc(a) 4,716,622
9,402 TJX Cos Inc 953,551
875 Tractor Supply Co 229,005
428 Ulta Beauty Inc(a) 223,793
2,696 United Airlines Holdings Inc(a) 129,084
1,831 VF Corp 28,088
14,210 VSE Corp 1,136,800
24,299 Wabash National Corp 727,512
6,375 Walgreens Boots Alliance Inc 138,274
96,974 Walmart Inc 5,834,926
882 WW Grainger Inc 897,259
706 Wynn Resorts Ltd 72,174
2,272 Yum! Brands Inc 315,013
    71,178,051
Consumer, Non-Cyclical — 19.30%
14,437 Abbott Laboratories 1,640,909
26,485 AbbVie Inc 4,822,919
2,373 Agilent Technologies Inc 345,295
141,930 Alight Inc Class A(a) 1,398,011
1,219 Align Technology Inc(a) 399,734
33,825 Alkermes PLC(a) 915,643
29,760 Alta Equipment Group Inc 385,392
15,098 Altria Group Inc 658,575
4,413 Amgen Inc 1,254,704
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
26,529 Andersons Inc $  1,521,969
16,748 ANI Pharmaceuticals Inc(a)   1,157,789
4,476 Archer-Daniels-Midland Co     281,138
28,591 AstraZeneca PLC Sponsored ADR   1,937,040
3,353 Automatic Data Processing Inc     837,378
644 Avery Dennison Corp     143,773
4,389 Baxter International Inc     187,586
2,468 Becton Dickinson & Co 610,707
22,880 BellRing Brands Inc(a) 1,350,606
1,201 Biogen Inc(a) 258,972
158 Bio-Rad Laboratories Inc Class A(a) 54,647
1,272 Bio-Techne Corp 89,536
2,227 Block Inc(a) 188,360
35,224 Boston Scientific Corp(a) 2,412,492
17,105 Bristol-Myers Squibb Co 927,604
1,319 Brown-Forman Corp Class B 68,087
1,301 Bunge Global SA 133,379
1,765 Campbell Soup Co 78,454
2,048 Cardinal Health Inc 229,171
1,498 Catalent Inc(a) 84,562
9,093 Celsius Holdings Inc(a) 753,992
1,330 Cencora Inc 323,177
4,514 Centene Corp(a) 354,259
343 Charles River Laboratories International Inc(a) 92,936
2,152 Church & Dwight Co Inc 224,475
9,648 Cigna Group 3,504,057
717 Cintas Corp 492,601
1,103 Clorox Co 168,880
91,728 Coca-Cola Co 5,611,919
6,976 Colgate-Palmolive Co 628,189
10,593 Colliers International Group Inc 1,294,782
4,000 Conagra Brands Inc 118,560
10,676 CONMED Corp 854,934
1,342 Constellation Brands Inc Class A 364,702
631 Corpay Inc(a) 194,689
42,750 Corteva Inc 2,465,392
3,261 CoStar Group Inc(a) 315,013
78,037 Custom Truck One Source Inc(a) 454,175
10,604 CVS Health Corp 845,775
5,416 Danaher Corp 1,352,484
395 DaVita Inc(a) 54,530
1,625 DENTSPLY SIRONA Inc 53,934
3,119 Dexcom Inc(a) 432,605
7,785 Edwards Lifesciences Corp(a) 743,935
1,932 Elevance Health Inc 1,001,819
11,634 Eli Lilly & Co 9,050,786
4,975 Embecta Corp 66,018
1,096 Equifax Inc 293,202
1,866 Estee Lauder Cos Inc Class A 287,644
10,469 Euronet Worldwide Inc(a) 1,150,857
3,705 Exact Sciences Corp(a) 255,867
649 Gartner Inc(a) 309,359
3,481 GE HealthCare Technologies Inc 316,458
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
4,844 General Mills Inc $    338,935
10,600 Gilead Sciences Inc     776,450
2,130 Global Payments Inc     284,696
2,612 Haemonetics Corp(a)     222,934
1,817 HCA Healthcare Inc     606,024
1,204 Henry Schein Inc(a)      90,926
8,543 Herc Holdings Inc   1,437,787
1,209 Hershey Co 235,150
2,130 Hologic Inc(a) 166,055
2,133 Hormel Foods Corp 74,420
1,048 Humana Inc 363,363
682 IDEXX Laboratories Inc(a) 368,232
1,359 Illumina Inc(a) 186,618
1,722 Incyte Corp(a) 98,102
29,284 Inmode Ltd(a) 632,827
647 Insulet Corp(a) 110,896
4,441 Intuitive Surgical Inc(a) 1,772,359
1,501 IQVIA Holdings Inc(a) 379,588
3,330 J & J Snack Foods Corp 481,385
836 J M Smucker Co 105,227
19,773 John Wiley & Sons Inc Class A 753,944
20,092 Johnson & Johnson 3,178,354
2,211 Kellanova 126,668
52,049 Kenvue Inc 1,116,972
8,991 Keurig Dr Pepper Inc 275,754
2,843 Kimberly-Clark Corp 367,742
17,850 Korn Ferry 1,173,816
6,407 Kraft Heinz Co 236,418
5,455 Kroger Co 311,644
671 Laboratory Corp of America Holdings 146,587
1,211 Lamb Weston Holdings Inc 129,008
15,264 Lantheus Holdings Inc(a) 950,031
302 MarketAxess Holdings Inc 66,213
1,915 McCormick & Co Inc 147,091
8,710 McKesson Corp 4,675,964
10,886 Medtronic PLC 948,715
42,104 Merck & Co Inc 5,555,623
2,583 Moderna Inc(a) 275,244
514 Molina Healthcare Inc(a) 211,167
1,520 Molson Coors Beverage Co Class B 102,220
11,062 Mondelez International Inc Class A 774,340
8,600 Monster Beverage Corp(a) 509,808
1,306 Moody's Corp 513,297
56,097 Nomad Foods Ltd 1,097,257
34,666 Option Care Health Inc(a) 1,162,698
35,973 Pacira BioSciences Inc(a) 1,051,131
8,672 PayPal Holdings Inc(a) 580,937
11,472 PepsiCo Inc 2,007,715
46,696 Pfizer Inc 1,295,814
34,233 Philip Morris International Inc 3,136,427
9,289 Post Holdings Inc(a) 987,235
40,702 Procter & Gamble Co 6,603,899
32,410 Quanex Building Products Corp 1,245,516
2,819 Quanta Services Inc 732,376
948 Quest Diagnostics Inc 126,188
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
5,671 Regeneron Pharmaceuticals Inc(a) $  5,458,281
1,314 ResMed Inc     260,211
1,033 Revvity Inc     108,465
985 Robert Half Inc      78,091
2,240 Rollins Inc     103,645
2,644 S&P Global Inc   1,124,890
12,694 Sanofi SA   1,234,933
12,749 Spectrum Brands Holdings Inc 1,134,788
882 STERIS PLC 198,291
2,772 Stryker Corp 992,016
32,437 Supernus Pharmaceuticals Inc(a) 1,106,426
4,078 Sysco Corp 331,052
449 Teleflex Inc 101,550
19,643 Tenet Healthcare Corp(a) 2,064,676
1,712 The Cooper Cos Inc 173,700
7,671 Thermo Fisher Scientific Inc 4,458,462
2,401 Tyson Foods Inc Class A 141,011
5,354 UFP Technologies Inc(a) 1,350,279
3,057 United Rentals Inc 2,204,433
5,202 United Therapeutics Corp(a) 1,195,003
10,697 UnitedHealth Group Inc 5,291,806
572 Universal Health Services Inc Class B 104,367
23,374 V2X Inc(a) 1,091,800
1,179 Verisk Analytics Inc 277,926
2,106 Vertex Pharmaceuticals Inc(a) 880,329
30,967 Vestis Corp 596,734
9,742 Viatris Inc 116,319
523 Waters Corp(a) 180,032
654 West Pharmaceutical Services Inc 258,794
5,177 WEX Inc(a) 1,229,693
1,868 Zimmer Biomet Holdings Inc 246,539
3,917 Zoetis Inc 662,796
    144,869,562
Energy — 5.77%
45,180 Antero Resources Corp(a) 1,310,220
2,576 APA Corp 88,563
8,282 Baker Hughes Co 277,447
23,690 California Resources Corp 1,305,319
32,786 ChampionX Corp 1,176,690
679 Cheniere Energy Inc 109,509
14,473 Chevron Corp 2,282,971
31,686 ConocoPhillips 4,032,994
6,769 Coterra Energy Inc 188,720
34,233 Delek US Holdings Inc 1,052,322
5,094 Devon Energy Corp 255,617
1,466 Diamondback Energy Inc 290,517
1,218 Enphase Energy Inc(a) 147,354
4,953 EOG Resources Inc 633,191
3,223 EQT Corp 119,477
73,946 Exxon Mobil Corp 8,595,483
926 First Solar Inc(a) 156,309
7,452 Halliburton Co 293,758
2,265 Hess Corp 345,730
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Energy — (continued)
15,544 Kinder Morgan Inc $    285,077
130,446 Kosmos Energy Ltd(a)     777,458
5,388 Marathon Oil Corp     152,696
3,138 Marathon Petroleum Corp     632,307
92,862 Newpark Resources Inc(a)     670,464
40,443 Noble Corp PLC   1,961,081
52,400 Northern Oil & Gas Inc   2,079,232
5,411 Occidental Petroleum Corp 351,661
4,869 ONEOK Inc 390,348
3,703 Phillips 66 604,848
1,961 Pioneer Natural Resources Co 514,762
12,092 Schlumberger NV 662,762
63,090 Shell PLC(a) 2,092,893
2,000 Targa Resources Corp 223,980
25,359 Tidewater Inc(a) 2,333,028
15,086 Valero Energy Corp 2,575,029
34,525 Weatherford International PLC(a) 3,984,875
9,665 Williams Cos Inc 376,645
    43,331,337
Financial — 14.74%
4,437 Aflac Inc 380,961
16,723 Agree Realty Corp REIT 955,218
1,391 Alexandria Real Estate Equities Inc REIT 179,314
2,112 Allstate Corp 365,397
4,834 American Express Co 1,100,653
33,060 American International Group Inc 2,584,300
8,851 American Tower Corp REIT 1,748,869
830 Ameriprise Financial Inc 363,905
28,665 Ameris Bancorp 1,386,813
1,719 Aon PLC Class A 573,665
16,767 Apollo Global Management Inc 1,885,449
2,973 Arch Capital Group Ltd(a) 274,824
1,789 Arthur J Gallagher & Co 447,322
527 Assurant Inc 99,202
1,269 AvalonBay Communities Inc REIT 235,476
50,493 AXA SA 1,896,311
155,776 Bank of America Corp 5,907,026
6,300 Bank of New York Mellon Corp 363,006
15,185 Berkshire Hathaway Inc Class B(a) 6,385,596
1,147 BlackRock Inc 956,254
9,769 Blackstone Inc 1,283,353
1,327 Boston Properties Inc REIT 86,666
1,799 Brown & Brown Inc 157,484
43,260 Cadence Bank 1,254,540
726 Camden Property Trust REIT 71,438
15,031 Capital One Financial Corp 2,237,966
921 Cboe Global Markets Inc 169,215
2,500 CBRE Group Inc Class A(a) 243,100
49,084 Charles Schwab Corp 3,550,737
3,396 Chubb Ltd 880,005
1,401 Cincinnati Financial Corp 173,962
81,445 Citigroup Inc 5,150,582
Shares   Fair Value
Financial — (continued)
3,980 Citizens Financial Group Inc $    144,434
3,060 CME Group Inc     658,787
972 Comerica Inc      53,450
3,619 Crown Castle Inc REIT     382,999
2,501 Digital Realty Trust Inc REIT     360,244
2,233 Discover Financial Services     292,724
24,002 Employers Holdings Inc   1,089,451
3,184 Enstar Group Ltd(a) 989,460
793 Equinix Inc REIT 654,487
53,307 Equity Commonwealth REIT(a) 1,006,436
2,971 Equity Residential REIT 187,500
546 Essex Property Trust Inc REIT 133,666
365 Everest Group Ltd 145,087
1,708 Extra Space Storage Inc REIT 251,076
10,288 Federal Agricultural Mortgage Corp Class C 2,025,501
680 Federal Realty Investment Trust REIT 69,442
5,152 Fifth Third Bancorp 191,706
2,164 Franklin Resources Inc 60,830
27,141 Gaming & Leisure Properties Inc REIT 1,250,386
644 Globe Life Inc 74,942
9,871 Goldman Sachs Group Inc 4,123,018
2,480 Hartford Financial Services Group Inc 255,564
5,416 Healthpeak Properties Inc REIT 101,550
69,487 Home BancShares Inc 1,707,296
61,237 Hope Bancorp Inc 704,838
5,466 Host Hotels & Resorts Inc REIT 113,037
11,705 Huntington Bancshares Inc 163,285
4,834 Intercontinental Exchange Inc 664,337
47,381 International Money Express Inc(a) 1,081,708
3,111 Invesco Ltd 51,611
4,901 Invitation Homes Inc REIT 174,525
2,608 Iron Mountain Inc REIT 209,188
32,566 JPMorgan Chase & Co 6,522,970
17,829 Kemper Corp 1,103,972
7,997 KeyCorp 126,433
4,307 Kimco Realty Corp REIT 84,460
3,767 KKR & Co Inc 378,885
1,596 Loews Corp 124,951
1,429 M&T Bank Corp 207,834
4,023 Marsh & McLennan Cos Inc 828,657
10,812 Mastercard Inc Class A 5,206,735
9,734 McGrath RentCorp 1,200,884
5,261 MetLife Inc 389,893
875 Mid-America Apartment Communities Inc REIT 115,132
10,572 Morgan Stanley 995,459
2,945 Nasdaq Inc 185,829
1,786 Northern Trust Corp 158,811
17,277 Pinnacle Financial Partners Inc 1,483,749
17,441 PNC Financial Services Group Inc 2,818,466
19,364 Popular Inc 1,705,775
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Financial — (continued)
24,504 Postal Realty Trust Inc Class A REIT $    350,897
1,988 Principal Financial Group Inc     171,584
4,799 Progressive Corp     992,529
7,571 Prologis Inc REIT     985,896
19,604 Prosperity Bancshares Inc   1,289,551
2,950 Prudential Financial Inc     346,330
1,381 Public Storage REIT     400,573
1,658 Raymond James Financial Inc 212,920
7,160 Realty Income Corp REIT 387,356
1,103 Regency Centers Corp REIT 66,798
7,526 Regions Financial Corp 158,347
930 SBA Communications Corp REIT 201,531
2,683 Simon Property Group Inc REIT 419,863
17,207 SouthState Corp 1,463,111
35,757 STAG Industrial Inc REIT 1,374,499
15,110 State Street Corp 1,168,305
17,801 Stifel Financial Corp 1,391,504
3,703 Synchrony Financial 159,673
2,005 T Rowe Price Group Inc 244,450
1,899 Travelers Cos Inc 437,036
11,056 Truist Financial Corp 430,963
2,109 UDR Inc REIT 78,898
12,960 US Bancorp 579,312
3,520 Ventas Inc REIT 153,261
9,058 VICI Properties Inc REIT 269,838
13,201 Visa Inc Class A 3,684,135
38,603 Vornado Realty Trust REIT 1,110,608
1,707 W R Berkley Corp 150,967
29,901 Wells Fargo & Co 1,733,062
4,788 Welltower Inc REIT 447,391
6,532 Weyerhaeuser Co REIT 234,564
909 Willis Towers Watson PLC 249,975
19,709 Wintrust Financial Corp 2,057,422
20,652 WSFS Financial Corp 932,231
    110,695,449
Industrial — 11.02%
4,571 3M Co 484,846
930 A O Smith Corp 83,198
12,067 Albany International Corp Class A 1,128,385
677 Allegion PLC 91,199
12,475 Amcor PLC 118,637
1,870 AMETEK Inc 342,023
10,375 Amphenol Corp Class A 1,196,756
18,041 Arcosa Inc 1,549,000
6,651 Atkore Inc 1,266,084
34,900 Atmus Filtration Technologies Inc(a) 1,125,525
603 Axon Enterprise Inc(a) 188,667
20,290 Ball Corp 1,366,734
16,162 Bel Fuse Inc Class B 974,730
4,824 Boeing Co(a) 930,984
1,076 Builders FirstSource Inc(a) 224,400
6,887 Carrier Global Corp 400,341
Shares   Fair Value
Industrial — (continued)
4,208 Caterpillar Inc $  1,541,937
39,477 CECO Environmental Corp(a)     908,761
996 CH Robinson Worldwide Inc      75,835
5,893 Clean Harbors Inc(a)   1,186,320
21,528 Columbus McKinnon Corp     960,795
27,346 CRH PLC   2,358,866
2,725 CSW Industrials Inc     639,285
16,920 CSX Corp 627,224
2,648 Deere & Co 1,087,640
1,212 Dover Corp 214,754
7,552 Eaton Corp PLC 2,361,359
4,776 Emerson Electric Co 541,694
1,249 Expeditors International of Washington Inc 151,841
11,648 FedEx Corp 3,374,892
3,110 Fortive Corp 267,522
1,297 Garmin Ltd 193,084
56,649 Genco Shipping & Trading Ltd 1,151,674
545 Generac Holdings Inc(a) 68,746
1,896 General Dynamics Corp 535,601
9,189 General Electric Co 1,612,945
21,605 Griffon Corp 1,584,511
12,483 Honeywell International Inc 2,562,136
3,499 Howmet Aerospace Inc 239,437
473 Hubbell Inc 196,319
307 Huntington Ingalls Industries Inc 89,481
669 IDEX Corp 163,249
2,324 Illinois Tool Works Inc 623,599
28,033 Ingersoll Rand Inc 2,661,733
20,863 International Seaways Inc 1,109,912
3,689 Jabil Inc 494,142
1,112 Jacobs Solutions Inc 170,948
77,050 Janus International Group Inc(a) 1,165,767
726 JB Hunt Transport Services Inc 144,656
26,884 Johnson Controls International PLC 1,756,063
6,209 Kadant Inc 2,037,173
1,427 Keysight Technologies Inc(a) 223,154
23,872 Knife River Corp(a) 1,935,542
1,529 L3Harris Technologies Inc 325,830
47,149 Leonardo DRS Inc(a) 1,041,521
3,737 Littelfuse Inc 905,662
1,825 Lockheed Martin Corp 830,138
506 Martin Marietta Materials Inc 310,654
1,833 Masco Corp 144,587
51,011 MDU Resources Group Inc 1,285,477
24,032 Mercury Systems Inc(a) 708,944
177 Mettler-Toledo International Inc(a) 235,638
378 Mohawk Industries Inc(a) 49,476
15,735 Moog Inc Class A 2,512,093
419 Nordson Corp 115,032
1,851 Norfolk Southern Corp 471,764
5,881 Northrop Grumman Corp 2,814,999
1,476 Old Dominion Freight Line Inc 323,702
3,317 Otis Worldwide Corp 329,279
788 Packaging Corp of America 149,547
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Industrial — (continued)
1,062 Parker-Hannifin Corp $    590,249
1,553 Pentair PLC     132,688
46,619 Pure Cycle Corp(a)     442,881
1,703 Republic Services Inc     326,022
921 Rockwell Automation Inc     268,315
32,858 RTX Corp   3,204,641
444 Snap-on Inc     131,522
1,266 Stanley Black & Decker Inc 123,979
14,040 TD SYNNEX Corp 1,587,924
2,613 TE Connectivity Ltd 379,512
400 Teledyne Technologies Inc(a) 171,728
1,767 Textron Inc 169,508
4,533 Trane Technologies PLC 1,360,807
1,292 TransDigm Group Inc 1,591,227
2,098 Trimble Inc(a) 135,027
81,286 TTM Technologies Inc(a) 1,272,126
13,476 UFP Industries Inc 1,657,683
5,150 Union Pacific Corp 1,266,540
6,056 United Parcel Service Inc Class B 900,103
4,893 Veralto Corp 433,813
88,669 Vontier Corp 4,022,026
1,094 Vulcan Materials Co 298,575
3,100 Waste Management Inc 660,765
1,577 Westinghouse Air Brake Technologies Corp 229,737
2,023 Westrock Co 100,037
1,956 Xylem Inc 252,793
    82,754,677
Technology — 20.43%
5,201 Accenture PLC Class A 1,802,719
4,889 Adobe Inc(a) 2,466,989
22,748 Advanced Micro Devices Inc(a) 4,105,787
1,333 Akamai Technologies Inc(a) 144,977
4,071 Analog Devices Inc 805,203
775 ANSYS Inc(a) 269,049
136,801 Apple Inc 23,458,636
6,868 Applied Materials Inc 1,416,388
283 ASML Holding NV 274,643
1,732 Autodesk Inc(a) 451,047
5,256 Broadcom Inc 6,966,355
1,038 Broadridge Financial Solutions Inc 212,645
2,302 Cadence Design Systems Inc(a) 716,567
6,678 Cognizant Technology Solutions Corp Class A 489,431
9,844 Concentrix Corp 651,870
19,640 Crane NXT Co 1,215,716
1,264 Dayforce Inc(a) 83,689
1,976 Electronic Arts Inc 262,156
504 EPAM Systems Inc(a) 139,185
217 Fair Isaac Corp(a) 271,165
4,933 Fidelity National Information Services Inc 365,930
5,018 Fiserv Inc(a) 801,977
5,419 Fortinet Inc(a) 370,172
Shares   Fair Value
Technology — (continued)
25,234 HashiCorp Inc Class A(a) $    680,056
11,543 Hewlett Packard Enterprise Co     204,657
7,754 HP Inc     234,326
682 HubSpot Inc(a)     427,314
35,632 Intel Corp   1,573,865
7,699 International Business Machines Corp   1,470,201
3,484 Intuit Inc   2,264,600
505 Jack Henry & Associates Inc 87,734
1,102 KLA Corp 769,824
1,986 Lam Research Corp 1,929,538
1,146 Leidos Holdings Inc 150,229
4,469 Microchip Technology Inc 400,914
9,319 Micron Technology Inc 1,098,617
91,287 Microsoft Corp 38,406,267
11,438 MKS Instruments Inc 1,521,254
601 MongoDB Inc(a) 215,543
391 Monolithic Power Systems Inc 264,871
661 MSCI Inc 370,457
29,323 NCR Atleos Corp(a) 579,129
1,640 NetApp Inc 172,151
26,929 NVIDIA Corp 24,331,968
7,103 NXP Semiconductors NV 1,759,910
3,592 ON Semiconductor Corp(a) 264,192
51,492 Oracle Corp 6,467,910
2,660 Paychex Inc 326,648
412 Paycom Software Inc 81,992
1,020 PTC Inc(a) 192,719
904 Qorvo Inc(a) 103,806
29,269 QUALCOMM Inc 4,955,242
18,960 Rambus Inc(a) 1,171,918
891 Roper Technologies Inc 499,708
12,175 Salesforce Inc 3,666,867
1,617 Seagate Technology Holdings PLC 150,462
46,911 Semtech Corp(a) 1,289,583
2,787 ServiceNow Inc(a) 2,124,809
1,417 Skyworks Solutions Inc 153,489
403 Super Micro Computer Inc(a) 407,042
2,916 Synopsys Inc(a) 1,666,494
4,593 Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR 624,878
1,356 Take-Two Interactive Software Inc(a) 201,352
1,360 Teradyne Inc 153,449
7,478 Texas Instruments Inc 1,302,742
375 Tyler Technologies Inc(a) 159,379
2,848 Western Digital Corp(a) 194,348
1,602 Workday Inc Class A(a) 436,945
394 Zebra Technologies Corp Class A(a) 118,767
    153,370,462
Utilities — 2.39%
6,149 AES Corp 110,252
14,539 ALLETE Inc 867,106
2,100 Alliant Energy Corp 105,840
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Utilities — (continued)
21,861 Ameren Corp $  1,616,840
4,288 American Electric Power Co Inc     369,197
1,739 American Water Works Co Inc     212,523
1,324 Atmos Energy Corp     157,384
5,399 CenterPoint Energy Inc     153,817
2,607 CMS Energy Corp     157,306
2,800 Consolidated Edison Inc     254,268
14,988 Constellation Energy Corp 2,770,532
6,824 Dominion Energy Inc 335,673
1,763 DTE Energy Co 197,703
6,546 Duke Energy Corp 633,064
3,425 Edison International 242,250
1,850 Entergy Corp 195,508
2,168 Evergy Inc 115,728
2,964 Eversource Energy 177,158
39,656 Exelon Corp 1,489,876
4,457 FirstEnergy Corp 172,129
16,883 NextEra Energy Inc 1,078,992
2,857 NiSource Inc 79,025
44,623 NRG Energy Inc 3,020,531
17,017 PG&E Corp 285,205
1,122 Pinnacle West Capital Corp 83,847
5,730 PPL Corp 157,747
3,964 Public Service Enterprise Group Inc 264,716
4,999 Sempra 359,078
9,279 Southern Co 665,675
11,742 Talen Energy Corp(a)(b) 1,107,858
2,820 WEC Energy Group Inc 231,578
4,448 Xcel Energy Inc 239,080
    17,907,486
TOTAL COMMON STOCK — 96.40%
(Cost $580,678,069) 		$723,712,047
EXCHANGE TRADED FUNDS
13,594 iShares Russell 1000 Value ETF 2,434,821
71,000 Vanguard Russell 2000 ETF 6,039,260
     
TOTAL EXCHANGE TRADED FUNDS — 1.13%
(Cost $8,352,180) 		$8,474,081
Principal Amount   Fair Value
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 0.29%
$2,216,900 U.S. Treasury Bills(c)
5.31%, 05/23/2024 		$  2,199,067
Repurchase Agreements — 0.16%
   221,854 Repurchase agreement (principal amount/value $221,847 with a maturity value of $221,978) with HSBC Securities (USA) Inc, 5.32%, dated 3/28/24 to be repurchased at $221,854 on 4/1/24 collateralized by U.S. Treasury securities, 0.63% - 4.00%, 2/15/25 - 2/15/48, with a value of $226,284.(d)      221,854
1,000,029 Undivided interest of 0.56% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.33%, dated 3/28/24 to be repurchased at $1,000,029 on 4/1/24 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 4/4/24 - 3/1/54, with a value of $181,475,005.(d)   1,000,029
    1,221,883
TOTAL SHORT TERM INVESTMENTS — 0.45%
(Cost $3,420,950) 		$3,420,950
TOTAL INVESTMENTS — 97.98%
(Cost $592,451,199) 		$735,607,078
OTHER ASSETS & LIABILITIES, NET — 2.02% $15,128,967
TOTAL NET ASSETS — 100.00% $750,736,045
 
(a)  Non-income producing security.
(b)  All or a portion of the security is on loan at March 28, 2024.
(c)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(d)  Collateral received for securities on loan.
ADR  American Depositary Receipt
ETF  Exchange Traded Fund
REIT  Real Estate Investment Trust
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation
Long          
S&P 500® Emini Futures 18 USD 4,778 Jun 2024 $95,995
        Net Appreciation $95,995
At March 28, 2024 the Fund held the following over-the-counter (OTC) forward foreign currency contracts:
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation
BB USD 346,828 EUR 318,300 06/20/2024 $2,266
BB USD 601,369 GBP 473,600 06/20/2024 3,390
CGM USD 109 EUR 100 06/20/2024 1
CGM USD 13,459 GBP 10,600 06/20/2024 75
GS USD 31,234 GBP 24,600 06/20/2024 174
HSB USD 1,094,476 EUR 1,005,100 06/20/2024 6,448
HSB USD 218,497 GBP 172,100 06/20/2024 1,199
MS USD 2,151,502 EUR 1,973,900 06/20/2024 14,742
RBS USD 495,670 EUR 454,900 06/20/2024 3,237
RBS USD 975,020 GBP 767,900 06/20/2024 5,450
SSB USD 92,714 EUR 85,100 06/20/2024 593
SSB USD 977,230 GBP 769,600 06/20/2024 5,514
TD USD 408,930 EUR 375,300 06/20/2024 2,666
TD USD 335,719 GBP 264,400 06/20/2024 1,881
UBS USD 663,149 EUR 608,600 06/20/2024 4,335
WES USD 496,581 GBP 391,100 06/20/2024 2,768
          Net Appreciation $54,739
Currency Abbreviations  
EUR Euro Dollar
GBP British Pound
USD U.S. Dollar
Abbreviations  
BB Barclays Bank PLC
CGM Citigroup Global Markets
GS Goldman Sachs
HSB HSBC Bank USA
MS Morgan Stanley & Co LLC
RBS Royal Bank of Scotland
SSB State Street Bank
TD Toronto Dominion Bank
UBS UBS AG
WES Westpac Banking
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
Notes to Schedule of Investments (Unaudited)
Security Valuation
The board of directors of Empower Funds (Board of Directors) 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 (ECM or the Adviser), to complete valuation determinations under those policies and procedures.  Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board of Directors approved the Adviser as the Funds' valuation designee to make all fair value determinations with respect to the Funds' investments, subject to oversight by the Board of Directors.
Each Fund generally values its securities, including Exchange Traded Funds, 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 a 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 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.
Fixed income investments, including bank loans, are valued using evaluated bid prices from approved pricing services when available and appropriate based on the conditions of the market. If a price cannot be located from either the primary or secondary sources, or if the market is determined to be illiquid or inactive, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
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.
For derivatives that are traded on an exchange, the last sale price as of the close of business of the exchange will be used.  For derivatives traded OTC, independent pricing services will be utilized when possible.  If a price cannot be located from the primary source, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
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.
March 28, 2024

 

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
Asset-Backed Securities 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 may also include new issue data, collateral performance, and monthly payment information.
Bank Loans Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news.
Corporate Bonds and Notes 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 observations of equity and credit default swap curves related to issuer.
Convertible Bonds, Convertible Preferred Stock,
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.
Foreign Government Bonds and Notes Benchmark yields, executed trades, broker/dealer quotes, credit information, collateral attributes, issuer spreads, benchmark securities, treasury/swap maturity curves, issuer spread curves, evaluated bids, market corroborated inputs, offers and reference data including market research publications.
Mortgage-Backed Securities 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 may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis.
U.S. Treasury Bonds and Notes 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.
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.
Exchange Traded Funds Exchange traded close price.
Short Term Investments Maturity date, credit quality and interest rates.
Futures Contracts Exchange traded close price.
Forward Foreign Currency Contracts Foreign currency spot and forward rates.
Interest Rate Swaps Interest rate curves, LIBOR curves, reported trades and swap curves
The Funds classify their 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 and may include prices obtained from single broker quotes.  Unobservable inputs reflect a Fund’s own assumptions and would be based on the best information available under the circumstances.
As of March 28, 2024, the inputs used to value each Fund’s investments are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
March 28, 2024

 

Empower Core Strategies: Flexible Bond Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Asset-Backed Securities $—   $159,634,700   $—   $159,634,700
Bank Loans —   12,877,898   —   12,877,898
Corporate Bonds and Notes —   530,134,833   —   530,134,833
Convertible Bonds —   27,356,034   —   27,356,034
Foreign Government Bonds and Notes              
Foreign Government Bonds and Notes 3,263,316   62,002,167   —   65,265,483
Mortgage-Backed Securities —   502,128,896   —   502,128,896
U.S. Government Agency Bonds and Notes —   34,598,463   —   34,598,463
U.S. Treasury Bonds and Notes —   360,069,164   —   360,069,164
Common Stock 5,122,946   —   —   5,122,946
Convertible Preferred Stock              
Consumer, Non-cyclical —   331,304   —   331,304
Energy 18,992   —   —   18,992
Financial 1,707,176   —   —   1,707,176
  1,726,168   331,304   —   2,057,472
Short Term Investments —   165,258,205   —   165,258,205
Total investments, at fair value: 10,112,430   1,854,391,664   —   1,864,504,094
Other Financial Investments:              
Futures Contracts(a) 1,154,342   —   —   1,154,342
Total Assets $11,266,772   $1,854,391,664   $—   $1,865,658,436
Liabilities              
Other Financial Investments:              
Futures Contracts(a) $1,844,021   $—   $—   $1,844,021
Total Liabilities $1,844,021   $0   $—   $1,844,021
(a)  Futures Contracts are reported at the security’s unrealized appreciation (depreciation), which represents the change in the contract’s value from trade date.
March 28, 2024

 

Empower Core Strategies: Inflation-Protected Securities Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Asset-Backed Securities $—   $15,816,719   $—   $15,816,719
Corporate Bonds and Notes —   15,189,911   —   15,189,911
Mortgage-Backed Securities —   24,532,879   —   24,532,879
U.S. Treasury Bonds and Notes —   331,878,548   —   331,878,548
Short Term Investments —   195,020   —   195,020
Total investments, at fair value: 0   387,613,077   —   387,613,077
Other Financial Investments:              
Futures Contracts(a) 175,745   —   —   175,745
Interest Rate Swaps(a) —   1,804,868   —   1,804,868
Total Assets $175,745   $389,417,945   $—   $389,593,690
Liabilities              
Other Financial Investments:              
Futures Contracts(a) $(274,660)   $—   $—   $(274,660)
Interest Rate Swaps(a) —   (1,383,718)   —   (1,383,718)
Total Liabilities $(274,660)   $(1,383,718)   $—   $(1,658,378)
(a)  Futures Contracts and Interest Rate Swaps are reported at the security’s unrealized appreciation (depreciation), which represents the change in the contract’s value from trade date.
March 28, 2024

 

Empower Core Strategies: International Equity Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Common Stock              
Basic Materials $163,850   $33,871,475   $—   $34,035,325
Communications 9,871,054   24,003,551   —   33,874,605
Consumer, Cyclical 1,785,850   101,004,122   —   102,789,972
Consumer, Non-cyclical 6,250,658   139,591,173   19   145,841,850
Diversified 102,564   —   —   102,564
Energy —   31,085,055   —   31,085,055
Financial 1,103,022   128,685,377   —   129,788,399
Industrial 2,634,495   93,447,506   —   96,082,001
Technology 13,109,219   37,009,319   —   50,118,538
Utilities 773,207   12,403,954   —   13,177,161
  35,793,919   601,101,532   19   636,895,470
Preferred Stock —   3,365,369   —   3,365,369
Exchange Traded Funds 2,795,100   —   —   2,795,100
Short Term Investments —   3,250,929   —   3,250,929
Total investments, at fair value: 38,589,019   607,717,830   19   646,306,868
Other Financial Investments:              
Forward Foreign Currency Contracts —   16,759   —   16,759
Futures Contracts(a) 31,955   —   —   31,955
Total Assets $38,620,974   $607,734,588   $19   $646,355,581
Liabilities              
Other Financial Investments:              
Forward Foreign Currency Contracts —   (57)   —   (57)
Total Liabilities $0   $(57)   $—   $(57)
(a)  Futures Contracts are reported at the security’s unrealized appreciation (depreciation), which represents the change in the contract’s value from trade date.
March 28, 2024

 

Empower Core Strategies: U.S. Equity Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Common Stock              
Basic Materials $17,935,040   $—   $—   $17,935,040
Communications 81,669,983   —   —   81,669,983
Consumer, Cyclical 71,178,051   —   —   71,178,051
Consumer, Non-cyclical 143,634,629   1,234,933   —   144,869,562
Energy 41,238,444   2,092,893   —   43,331,337
Financial 108,799,138   1,896,311   —   110,695,449
Industrial 82,754,677   —   —   82,754,677
Technology 153,370,462   —   —   153,370,462
Utilities 17,907,486   —   —   17,907,486
  718,487,910   5,224,137   —   723,712,047
Exchange Traded Funds 8,474,081   —   —   8,474,081
Short Term Investments —   3,420,950   —   3,420,950
Total investments, at fair value: 726,961,991   8,645,087   —   735,607,078
Other Financial Investments:              
Forward Foreign Currency Contracts(a) —   54,739   —   54,739
Futures Contracts(a) 95,995   —   —   95,995
Total Assets $727,057,986   $8,699,826   $—   $735,757,812
(a)  Forward Foreign Currency Contracts and Futures Contracts are reported at the security's unrealized appreciation (depreciation), which represents the change in the contract's value from trade date.
Repurchase Agreements
A Fund may engage in repurchase agreement transactions with institutions that the Fund's investment adviser has determined are creditworthy. A Fund that engages in repurchase agreement transactions 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 Funds' 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.
To Be Announced Transactions
The Empower Core Strategies: Flexible Bond Fund and Empower Core Strategies: Inflation-Protected Securities Fund may invest in securities known as To Be Announced (TBA) securities. TBAs are Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association issued mortgage-backed securities for forward settlement, in which the buyer and seller decide on trade parameters, but the exact pools are unknown until two days before settlement date.  The transactions arise when securities are purchased or sold with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. TBA transactions generally settle monthly on a specified date. TBAs are included in Investments in securities, fair value on the Statement of Assets and Liabilities.
March 28, 2024

 

Dollar Rolls
The Empower Core Strategies: Flexible Bond Fund and the Empower Core Strategies: Inflation-Protected Securities Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase TBA mortgage-backed securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, these Funds are not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that these Funds are required to purchase may decline below the agreed upon repurchase price of those securities.
Futures Contracts
A Fund may use futures contracts in order to capitalize on expected changes in the shape of the yield curve and to control overall interest rate exposure.  A futures contract is an agreement between two parties to buy or sell a specified underlying investment for a fixed price at a specified future date. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.  The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities that comprise the index, or that the clearinghouse will fail to perform its obligations. 
Forward Foreign Currency Contracts
A Fund may enter into OTC forward foreign currency contracts (forward contracts) primarily to capture potential returns from changes in currency exchange rates or to reduce the risk of undesired currency exposure.  A forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate.   
Interest Rate Swaps
A Fund may enter into interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one is based on an interest rate fixed to maturity while the other is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, the Secured Overnight Financing Rate (SOFR), prime rate, commercial paper rate, or other benchmarks). Each party’s payment obligation under an interest rate swap is determined by reference to a specified notional amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. These agreements may be privately negotiated in the over-the-counter market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps).
The following tables represent the average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower Core Strategies: Flexible Bond Fund  
Futures Contracts:  
Average long contracts 3,779
Average short contracts 1,774
Average notional long $508,913,270
Average notional short $203,874,371
Empower Core Strategies: Inflation-Protected Securities Fund  
Futures Contracts:  
Average long contracts 424
Average short contracts 159
Average notional long $48,053,830
Average notional short $19,871,141
Centrally Cleared Interest Rate Swaps:  
Average notional amount $269,170,000
Centrally Cleared Inflation Swaps:  
March 28, 2024

 

Empower Core Strategies: Inflation-Protected Securities Fund  
Average notional amount $4,605,000
Empower Core Strategies: International Equity Fund  
Futures Contracts:  
Average long contracts 58
Average notional long $6,538,119
Forward Currency Exchange Contracts:  
Average notional amount $663,471
Empower Core Strategies: U.S. Equity Fund  
Futures Contracts:  
Average long contracts 29
Average notional long $7,227,172
Forward Currency Exchange Contracts:  
Average notional amount $8,523,720
March 28, 2024