EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 3.83%
86,551 African Rainbow Minerals Ltd(a) $    751,632
2,787,300 Baoshan Iron & Steel Co Ltd Class A   2,497,166
686,000 China Nonferrous Mining Corp Ltd     574,743
485,200 Ganfeng Lithium Group Co Ltd Class H(a)(b)   1,487,294
120,033 Gold Fields Ltd Sponsored ADR(a)   1,907,324
187,736 Harmony Gold Mining Co Ltd Sponsored ADR   1,533,803
165,348 Jindal Stainless Ltd 1,381,063
31,786 KGHM Polska Miedz SA 907,785
9,852 LG Chem Ltd(c) 3,224,612
599,600 Meihua Holdings Group Co Ltd Class A 835,203
35,669 Navin Fluorine International Ltd 1,333,943
1,372,779 NMDC Steel Ltd(c) 903,353
5,556 POSCO Holdings Inc 1,740,295
748,414 Sappi Ltd(a) 1,987,209
523,300 Satellite Chemical Co Ltd Class A(c) 1,235,154
86,907 Saudi Arabian Mining Co(c) 1,170,192
29,794 Saudi Basic Industries Corp 620,520
351,200 Scientex BHD 306,456
16,628 Southern Copper Corp 1,771,215
190,275 Sunresin New Materials Co Ltd Class A 1,176,292
185,000 Vale SA 2,251,545
366,412 Vedanta Ltd 1,199,452
1,451,500 Yunnan Aluminium Co Ltd Class A 2,740,011
858,000 Zijin Mining Group Co Ltd Class H 1,718,918
    35,255,180
Communications — 13.74%
239,000 Accton Technology Corp 3,424,991
2,623,900 Alibaba Group Holding Ltd 23,727,493
1,234,200 America Movil SAB de CV Class B 1,156,656
20,980 Baidu Inc Sponsored ADR(c) 2,208,774
57,181 Cartrade Tech Ltd(c) 438,937
1,197,100 China United Network Communications Ltd Class A 764,316
139,635 Etihad Etisalat Co 1,958,352
24,252 Info Edge India Ltd 1,629,766
265,109 JD.com Inc Class A 3,636,470
88,403 Kanzhun Ltd ADR 1,549,705
445,000 Kuaishou Technology(b)(c) 2,801,097
1,835,500 Meitu Inc(b) 771,205
359,010 Meituan Class B(b)(c) 4,431,653
2,754 MercadoLibre Inc(c) 4,163,938
4,868,500 My EG Services Bhd 812,491
6,699 Naspers Ltd Class N 1,187,552
3,899 NCSoft Corp 596,460
Shares   Fair Value
Communications — (continued)
522,909 Ooredoo QPSC $  1,522,339
580,630 Orange Polska SA(a)   1,177,492
52,108 PDD Holdings Inc ADR(c)   6,057,555
31,947 SK Telecom Co Ltd(c)   1,264,953
70,065 Tata Communications Ltd   1,693,207
31,253 TeamLease Services Ltd(c)   1,028,871
197,200 Telefonica Brasil SA   1,985,998
3,193,400 Telkom Indonesia Persero Tbk PT 702,379
959,300 Tencent Holdings Ltd 37,364,681
116,037 Tencent Music Entertainment Group ADR(c) 1,298,454
495,700 TIM SA 1,758,285
477,200 Tongcheng Travel Holdings Ltd(c) 1,261,584
30,077 Trip.com Group Ltd ADR(c) 1,320,080
405,012 Turkcell Iletisim Hizmetleri AS 856,863
115,949 Vipshop Holdings Ltd ADR 1,918,956
1,750,400 Xiaomi Corp Class B(b)(c) 3,436,523
3,057,603 Zomato Ltd(c) 6,702,031
    126,610,107
Consumer, Cyclical — 10.42%
14,145 Adani Enterprises Ltd 544,030
566,500 Alsea SAB de CV(c) 2,793,568
49,000 Anker Innovations Technology Co Ltd Class A 518,958
316,800 ANTA Sports Products Ltd 3,377,979
17,261 BBB Foods Inc Class A(c) 410,467
1,150,000 Bosideng International Holdings Ltd 575,193
326,500 BYD Co Ltd Class H 8,360,051
41,699 Ceat Ltd 1,345,264
308,200 Chongqing Changan Automobile Co Ltd Class A 732,844
398,400 Chow Tai Fook Jewellery Group Ltd 588,349
148,807 Clicks Group Ltd 2,326,465
136,219 Contemporary Amperex Technology Co Ltd Class A 3,561,461
14,689 Craftsman Automation Ltd 761,099
1,697,000 Eva Airways Corp 1,676,047
380,000 Fuyao Glass Industry Group Co Ltd Class H 1,914,536
29,388 H World Group Ltd ADR 1,137,316
882,000 Haidilao International Holding Ltd(b) 1,995,836
15,152 Hyundai Motor Co 2,666,274
29,910 Jinan Acetate Chemical Co Ltd 837,462
344,620 Jollibee Foods Corp 1,549,255
87,179 JUMBO SA 2,511,225
72,355 Jupiter Wagons Ltd 324,590
29,588 JYP Entertainment Corp 1,559,473
103,114 Kia Corp 8,569,724
42,842 KPIT Technologies Ltd 766,780
30,527 Leejam Sports Co JSC 1,776,028
43,854 LG Electronics Inc 3,152,463
82,672 Li Auto Inc ADR(c) 2,503,308
314,000 Lite-On Technology Corp 1,040,891
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Cyclical — (continued)
24,265,400 Map Aktif Adiperkasa PT $  1,599,338
54,000 Merida Industry Co Ltd     358,424
216,700 Midea Group Co Ltd Class A   1,937,263
67,070 MINISO Group Holding Ltd ADR(a)   1,374,935
127,432 Mr Price Group Ltd   1,168,135
151,000 Nien Made Enterprise Co Ltd   1,673,638
40,640,000 Nusantara Sejahtera Raya Tbk PT(b)(c)     589,547
257,200 Raia Drogasil SA 1,409,231
676,200 Samsonite International SA(b)(c) 2,562,035
6,433 Samsung SDI Co Ltd 2,281,490
668,000 Sendas Distribuidora S/A 1,973,872
254,200 Shenzhou International Group Holdings Ltd 2,413,226
265,691 Sona Blw Precision Forgings Ltd(b) 2,254,030
328,900 Suofeiya Home Collection Co Ltd Class A 701,213
256,188 Tata Motors Ltd 3,058,477
547,000 Tong Yang Industry Co Ltd 2,136,677
101,796 Turk Hava Yollari AO(c) 937,497
112,400 Vivara Participacoes SA 570,135
400,800 Wal-Mart de Mexico SAB de CV 1,615,303
1,610,000 Weichai Power Co Ltd Class H 3,072,062
9,214 Yum China Holdings Inc 366,625
97,800 Zhongji Innolight Co Ltd Class A 2,095,150
    96,025,239
Consumer, Non-Cyclical — 10.01%
121,567 Adani Ports & Special Economic Zone Ltd 1,962,904
33,606 Almarai Co JSC 512,535
31,701 Apollo Hospitals Enterprise Ltd 2,419,977
654,400 Arca Continental SAB de CV 7,142,523
992 Benefit Systems SA 701,938
30,395 Britannia Industries Ltd 1,790,103
251,800 Bumrungrad Hospital PCL 1,663,140
11,460 Chong Kun Dang Pharmaceutical Corp 967,287
306,311 Cipla Ltd 5,506,471
3,447 CJ CheilJedang Corp 747,775
55,677 Coca-Cola Femsa SAB de CV Sponsored ADR(c) 5,411,804
3,492,000 CSPC Pharmaceutical Group Ltd 2,748,554
21,734 Dino Polska SA(a)(b)(c) 2,108,465
98,458 Dr Reddy's Laboratories Ltd 7,276,444
81,300 EcoRodovias Infraestrutura e Logistica SA 133,085
377,200 Fleury SA 1,128,878
450,560 Hualan Biological Engineering Inc Class A 1,235,468
45,482 Humansoft Holding Co KSC 492,660
2,098,899 Infibeam Avenues Ltd 862,841
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
612,320 International Container Terminal Services Inc $  3,463,804
563,800 Jiangsu Expressway Co Ltd Class A     918,527
1,207,600 Kimberly-Clark de Mexico SAB de CV Class A(a)   2,803,895
34,500 Kweichow Moutai Co Ltd Class A   8,132,371
13,026,000 Monde Nissin Corp(b)   2,530,355
67,569 National Agriculture Development Co(c)     533,368
29,253 National Medical Care Co   1,459,283
52,130 Nestle India Ltd 1,640,966
28,823 New Oriental Education & Technology Group Inc Sponsored ADR(a)(c) 2,502,413
27,079 Orion Corp 1,847,777
26,908 Richter Gedeon Nyrt 682,618
3,316 Samsung Biologics Co Ltd(b)(c) 2,052,358
79,550 Shenzhen Mindray Bio-Medical Electronics Co Ltd Class A 3,082,664
415,764 Sun Pharmaceutical Industries Ltd 8,093,995
348,603 Tata Consumer Products Ltd 4,590,386
26,070 Torrent Pharmaceuticals Ltd 813,693
50,598 Varun Beverages Ltd 850,377
715,000 Yihai International Holding Ltd(a) 1,355,645
    92,167,347
Diversified — 0.24%
30,452 Astra Industrial Group 1,541,072
1,250,900 IJM Corp Bhd 640,432
    2,181,504
Energy — 4.06%
51,523 Chennai Petroleum Corp Ltd 560,627
366,700 Huaibei Mining Holdings Co Ltd Class A 831,569
1,738,000 Kunlun Energy Co Ltd 1,451,912
367,124 Oil & Natural Gas Corp Ltd(c) 1,185,087
187,005 ORLEN SA 3,045,920
2,428,000 PetroChina Co Ltd Class H(c) 2,082,307
433,941 Petroleo Brasileiro SA Sponsored ADR 6,600,243
205,500 PRIO SA 1,990,507
1,548,200 PTT Exploration & Production PCL 6,378,166
1,869,300 PTT PCL-NVDR 1,719,877
107,861 Reliance Industries Ltd(c) 3,856,914
708,767 Saudi Arabian Oil Co(b) 5,813,697
303,400 Shanghai Aiko Solar Energy Co Ltd Class A 573,672
92,600 Sungrow Power Supply Co Ltd Class A 1,323,218
    37,413,716
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Financial — 23.44%
827,413 Abu Dhabi Islamic Bank PJSC $  2,460,440
748,651 Akbank TAS   1,083,246
793,419 Aldar Properties PJSC   1,192,640
241,760 Alinma Bank   2,824,634
27,126 Angel One Ltd     990,481
430,672 Axis Bank Ltd   5,427,930
27,017 Bajaj Finance Ltd   2,359,092
61,450 Bajaj Finserv Ltd 1,215,669
357,600 Banco do Brasil SA(c) 4,041,306
35,773 Bancolombia SA Sponsored ADR 1,224,152
1,328,800 Bank BTPN Syariah Tbk PT 113,639
8,439,200 Bank Central Asia Tbk PT 5,366,842
16,381,600 Bank Mandiri Persero Tbk PT 7,453,563
712,172 Bank of Baroda 2,262,467
4,871,000 Bank of China Ltd Class H 1,997,162
1,260,100 Bank of Shanghai Co Ltd Class A 1,170,115
13,349,500 Bank Rakyat Indonesia Persero Tbk PT(c) 5,104,548
111,387 Banque Saudi Fransi 1,157,373
198,700 BB Seguridade Participacoes SA 1,291,150
732,820 BDO Unibank Inc 2,014,065
17,424,500 BFI Finance Indonesia Tbk PT 1,472,657
111,569 BNK Financial Group Inc 660,944
334,800 Caixa Seguridade Participacoes S/A 1,049,379
78,748 Can Fin Homes Ltd 712,236
57,138 Caption: Mirae Asset Securities Co Ltd 344,954
383,040 Chailease Holding Co Ltd 2,052,506
3,418,000 China CITIC Bank Corp Ltd Class H 1,823,162
9,209,000 China Construction Bank Corp Class H 5,557,387
931,200 China International Capital Corp Ltd Class H(b) 1,105,548
1,809,500 China Merchants Bank Co Ltd Class H 7,171,985
390,200 China Pacific Insurance Group Co Ltd Class H 684,536
4,236,200 CIMB Group Holdings Bhd(c) 5,868,202
50,939 Co for Cooperative Insurance 2,200,012
1,206,741 Commercial International Bank Egypt SAE GDR 1,906,651
70,897 Computer Age Management Services Ltd 2,487,984
14,658 Credicorp Ltd 2,483,505
31,843 DB Insurance Co Ltd 2,277,767
430,589 Emaar Development PJSC 961,489
1,012,720 Emaar Properties PJSC 2,247,578
287,687 Emirates NBD Bank PJSC 1,355,296
1,330,200 Fibra Uno Administracion SA de CV REIT 2,209,199
371,163 FirstRand Ltd(a) 1,209,359
125,995 Five-Star Business Finance Ltd(c) 1,089,805
107,541 Godrej Properties Ltd(c) 2,973,265
76,640 Hana Financial Group Inc 3,355,132
Shares   Fair Value
Financial — (continued)
67,225 HDFC Bank Ltd $  1,172,244
66,135 Hyundai Marine & Fire Insurance Co Ltd   1,514,737
974,460 ICICI Bank Ltd  12,846,951
391,721 Indiabulls Housing Finance Ltd     792,453
1,838,000 Industrial & Commercial Bank of China Ltd Class H     923,841
386,900 Itau Unibanco Holding SA   2,680,698
57,511 JB Financial Group Co Ltd     557,699
658,219 Jio Financial Services Ltd(c) 2,798,347
187,558 JSE Ltd 875,403
519,535 Karur Vysya Bank Ltd 1,141,652
183,213 KB Financial Group Inc 9,574,256
204,948 KE Holdings Inc ADR(a) 2,813,936
6,389 KIWOOM Securities Co Ltd 585,293
4,706,100 Krung Thai Bank PCL NVDR 2,169,482
428,926 LIC Housing Finance Ltd 3,153,695
266,706 Life Insurance Corp of India 2,941,007
1,147,190 Manappuram Finance Ltd 2,388,787
988,580 Metropolitan Bank & Trust Co 1,148,148
54,036 Motilal Oswal Financial Services Ltd 1,085,129
763,051 National Bank of Greece SA(c) 5,973,285
114,737 Nova Ljubljanska Banka dd GDR 2,673,743
210,044 NU Holdings Ltd Class A(c) 2,505,825
139,238 Odontoprev SA 340,363
2,503,758 Old Mutual Ltd(a) 1,553,282
32,208,300 Pakuwon Jati Tbk PT 861,767
6,491,000 People's Insurance Co Group of China Ltd Class H 2,075,115
3,372,000 PICC Property & Casualty Co Ltd Class H 4,450,178
1,026,500 Ping An Insurance Group Co of China Ltd Class H 4,358,192
459,969 Piraeus Financial Holdings SA(c) 1,921,814
81,664 Piramal Enterprises Ltd 833,250
41,764 Powszechna Kasa Oszczednosci Bank Polski SA 619,682
527,072 Prologis Property Mexico SA de CV REIT 2,306,822
5,173 Samsung Fire & Marine Insurance Co Ltd 1,187,975
13,484 Samsung Life Insurance Co Ltd 956,554
52,080 Saudi Awwal Bank 576,275
144,948 Saudi National Bank 1,577,616
143,865 SBI Life Insurance Co Ltd(b) 2,597,737
53,173 Shriram Finance Ltd(c) 1,508,431
119,113 Standard Bank Group Ltd 1,164,968
874,201 State Bank of India 7,917,224
20,997,000 TMBThanachart Bank PCL-NVDR 1,047,798
530,568 Turkiye Garanti Bankasi AS 1,173,369
3,499,322 Turkiye Is Bankasi AS Class C 1,214,131
1,575,357 Union Bank of India Ltd 2,911,422
414,168 Woori Financial Group Inc 4,492,561
    215,974,189
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Industrial — 7.66%
929,766 ADNOC Logistics & Services $  1,025,407
54,000 Airoha Technology Corp   1,030,559
26,690 Amber Enterprises India Ltd(c)   1,172,909
215,300 Beijing New Building Materials PLC Class A     852,728
262,300 Beijing Oriental Yuhong Waterproof Technology Co Ltd Class A     583,345
33,958 BEML Ltd   1,300,568
4,779 Budimex SA     837,518
213,000 BYD Electronic International Co Ltd 786,267
2,601,400 Cemex SAB de CV(c) 2,295,560
405,000 Chicony Electronics Co Ltd 2,800,931
11,564,000 China Tower Corp Ltd Class H(b) 1,330,898
130,000 Chroma ATE Inc 1,026,486
11,234 Danaos Corp 811,095
969,000 Delta Electronics Inc 10,371,086
50,243 Doosan Bobcat Inc 2,015,853
103,499 GCC SAB de CV 1,230,259
22,837 Hanwha Aerospace Co Ltd 3,522,592
87,412 Hindustan Aeronautics Ltd 3,497,942
68,333 HMM Co Ltd 799,287
396,000 Hon Hai Precision Industry Co Ltd 1,923,394
78,120 Hyundai Rotem Co Ltd 1,997,205
1,304,400 JD Logistics Inc(b)(c) 1,332,419
57,000 Jentech Precision Industrial Co Ltd 1,607,698
159,400 Klabin SA 801,545
44,795 Larsen & Toubro Ltd 2,026,046
1,546,200 Lingyi iTech Guangdong Co Class A 1,166,396
24,000 Lotes Co Ltd 1,038,402
873,700 Nanofilm Technologies International Ltd 462,494
377,200 NARI Technology Co Ltd Class A 1,259,134
86,424 Riyadh Cables Group Co 2,327,376
292,300 Rumo SA 1,293,244
9,916 Samsung C&T Corp 1,179,203
56,441 Samsung Engineering Co Ltd(c) 1,057,212
1,375,900 Semen Indonesia Persero Tbk PT 512,006
174,600 Shenzhen Sinexcel Electric Co Ltd Class A 719,120
164,000 Silergy Corp 1,677,677
381,000 Sunny Optical Technology Group Co Ltd 1,951,219
450,000 Sunonwealth Electric Machine Industry Co Ltd 1,849,929
1,424,200 Tian Di Science & Technology Co Ltd 1,340,595
320,000 Unimicron Technology Corp 1,902,460
383,731 ZBOM Home Collection Co Ltd Class A 860,213
369,287 Zhejiang Sanhua Intelligent Controls Co Ltd Class A 1,227,669
Shares   Fair Value
Industrial — (continued)
85,873 ZTO Express Cayman Inc ADR $  1,798,181
    70,602,127
Technology — 22.49%
70,893 Advantech Co Ltd     901,924
15,000 Alchip Technologies Ltd   1,484,346
97,000 Asia Vital Components Co Ltd   1,642,844
21,000 ASMedia Technology Inc   1,514,506
92,000 Asustek Computer Inc 1,217,939
121,920 Birlasoft Ltd 1,089,316
46,594 Coforge Ltd 3,086,055
27,314 Dongjin Semichem Co Ltd 946,552
207,000 Elan Microelectronics Corp 1,038,147
9,004 Elm Co 2,303,119
16,000 Global Unichip Corp 609,747
227,351 HCL Technologies Ltd 4,227,034
200,696 Infosys Ltd 3,614,162
127,742 Infosys Ltd Sponsored ADR 2,290,414
102,000 International Games System Co Ltd 3,586,939
255,000 ITE Technology Inc 1,406,402
560,000 Kingdee International Software Group Co Ltd(c) 633,734
527,200 Kingnet Network Co Ltd Class A 816,245
412,000 MediaTek Inc 14,928,534
386,500 NetEase Inc 8,008,915
65,575 Netweb Technologies India Ltd(c) 1,272,348
159,000 Novatek Microelectronics Corp 2,927,155
155,000 Quanta Computer Inc 1,357,331
147,000 Realtek Semiconductor Corp 2,559,887
792,080 Samsung Electronics Co Ltd 47,602,032
19,609 SK Hynix Inc(c) 2,597,709
127,034 Sonata Software Ltd 1,104,018
3,336,000 Taiwan Semiconductor Manufacturing Co Ltd 79,917,928
65,882 Tata Consultancy Services Ltd 3,074,842
39,872 TDCX Inc ADR(c) 285,882
281,300 TOTVS SA 1,597,926
1,569,000 United Microelectronics Corp 2,548,123
132,535 Will Semiconductor Co Ltd Shanghai Class A 1,808,206
244,000 Wistron Corp 919,168
33,000 Wiwynn Corp 2,259,718
    207,179,147
Utilities — 1.73%
23,834 Adani Green Energy Ltd(c) 526,041
4,191,000 China Longyuan Power Group Corp Ltd Class H 2,940,075
446,000 China Resources Power Holdings Co Ltd 1,041,614
461,898 China Yangtze Power Co Ltd Class A 1,588,135
51,000 Cia de Saneamento Basico do Estado de Sao Paulo 863,016
568,300 Cia De Sanena Do Parana 2,947,219
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Utilities — (continued)
16,663,638 Enel Chile SA $  1,001,754
88,000 Energisa SA     842,206
365,491 ENN Natural Gas Co Ltd Class A     969,219
380,246 PGE Polska Grupa Energetyczna SA(c)     685,089
355,123 PTC India Ltd     794,110
60,563 Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA(c)   1,727,592
    15,926,070
TOTAL COMMON STOCK — 97.62%
(Cost $819,054,643) 		$899,334,626
EXCHANGE TRADED FUNDS
275,026 iShares ESG Aware MSCI EM ETF 8,864,088
     
TOTAL EXCHANGE TRADED FUNDS — 0.96%
(Cost $8,677,180) 		$8,864,088
Principal Amount    
SHORT TERM INVESTMENTS
Repurchase Agreements — 1.03%
$2,388,117 Undivided interest of 1.34% 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 $2,388,117 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.(d) 2,388,117
2,388,119 Undivided interest of 1.34% 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 $2,388,119 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.(d) 2,388,119
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$ 2,388,117 Undivided interest of 1.35% 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 $2,388,117 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) $  2,388,117
  2,388,117 Undivided interest of 6.31% 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 $2,388,117 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.(d)   2,388,117
TOTAL SHORT TERM INVESTMENTS — 1.03%
(Cost $9,552,470) 		$9,552,470
TOTAL INVESTMENTS — 99.61%
(Cost $837,284,293) 		$917,751,184
OTHER ASSETS & LIABILITIES, NET — 0.39% $3,554,964
TOTAL NET ASSETS — 100.00% $921,306,148
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(a)  All or a portion of the security is on loan at March 28, 2024.
(b)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(c)  Non-income producing security.
(d)  Collateral received for securities on loan.
ADR  American Depositary Receipt
ETF  Exchange Traded Fund
GDR  Global Depositary Receipt
NVDR  Non-Voting Depository Receipt
REIT  Real Estate Investment Trust
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
BNP USD 53,826 EUR 49,692 04/02/2024 $206
          Net Appreciation $206
Abbreviations  
BNP BNP Paribas Securities Corp
Currency Abbreviations  
EUR Euro Dollar
USD U.S. Dollar
Summary of Investments by Country as of March 28, 2024.
Country Fair Value   Percentage of
Fund Investments
China $228,223,949   24.87%
India 159,458,742   17.38
Taiwan 156,734,758   17.08
South Korea 117,896,459   12.85
Brazil 40,055,656   4.36
Mexico 29,376,056   3.20
Saudi Arabia 28,351,452   3.09
Indonesia 23,776,286   2.59
United States 22,749,807   2.48
South Africa 15,665,131   1.71
Thailand 12,978,462   1.41
Greece 11,217,419   1.22
Philippines 10,705,628   1.17
Poland 10,083,889   1.10
United Arab Emirates 9,242,850   1.01
Malaysia 7,627,582   0.83
Ireland 6,057,555   0.66
Turkey 5,265,107   0.57
Uruguay 4,163,938   0.45
Hong Kong 3,657,068   0.40
Slovenia 2,673,743   0.29
Peru 2,483,505   0.27
Egypt 1,906,651   0.21
Romania 1,727,592   0.19
Qatar 1,522,339   0.17
Colombia 1,224,152   0.13
Chile 1,001,754   0.11
Singapore 748,376   0.08
Hungary 682,618   0.07
Kuwait 492,660   0.05
Total $917,751,184   100.00%
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 5.01%
39,166 Air Liquide SA $  8,148,461
45,000 DSM-Firmenich AG   5,117,959
12,456 Linde PLC   5,783,570
147,300 Shin-Etsu Chemical Co Ltd   6,460,865
    25,510,855
Communications — 5.82%
34,944 Delivery Hero SE(a)(b) 999,207
5,481 MercadoLibre Inc(b) 8,287,053
24,000 Nice Ltd Sponsored ADR(b)(c) 6,254,880
90,000 Shopify Inc Class A(b) 6,945,300
87,100 Tencent Holdings Ltd 3,392,540
24,149 Wolters Kluwer NV 3,781,500
    29,660,480
Consumer, Cyclical — 15.30%
45,242 Cie Financiere Richemont SA 6,887,661
75,000 CTS Eventim AG & Co KGaA 6,668,488
143,000 Denso Corp 2,738,689
12,804 Evolution AB(a) 1,590,307
14,375 Ferguson PLC 3,144,259
2,063 Ferrari NV 899,544
115,936 Industria de Diseno Textil SA 5,838,126
71,357 InterContinental Hotels Group PLC 7,413,031
11,891 LVMH Moet Hennessy Louis Vuitton SE 10,699,517
10,848 Next PLC 1,264,216
140,000 Puma SE 6,335,896
500,000 RS Group PLC 4,583,276
19,431 Ryanair Holdings PLC Sponsored ADR 2,828,959
24,100 Shimano Inc 3,585,202
76,000 Sony Group Corp 6,517,055
111,763 Volvo AB Class B(c) 3,028,939
65,011 Yum China Holdings Inc 2,586,788
47,361 Zalando SE(a)(b) 1,354,304
    77,964,257
Consumer, Non-Cyclical — 26.14%
882 Adyen NV(a)(b) 1,489,823
70,000 Alcon Inc 5,789,803
140,000 Amadeus IT Group SA 8,987,568
5,737 Argenx SE(b) 2,261,953
250,000 Asahi Intecc Co Ltd 4,379,948
22,829 AstraZeneca PLC 3,066,356
18,000 Cochlear Ltd 3,958,752
18,711 Coloplast A/S Class B 2,526,304
32,000 CSL Ltd 6,004,066
250,000 Daiichi Sankyo Co Ltd 7,954,725
38,534 Diageo PLC 1,425,598
350,000 Evotec SE(b) 5,454,875
150,000 Experian PLC 6,534,041
25,000 Genmab A/S(b) 7,495,717
4,311 L'Oreal SA 2,041,574
119,739 Nestle SA 12,722,264
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
123,204 Novo Nordisk A/S Class B $ 15,803,797
198,901 Oxford Nanopore Technologies PLC(b)     304,766
156,700 Recruit Holdings Co Ltd   6,880,196
192,161 RELX PLC   8,284,596
27,717 Sanofi SA   2,696,443
12,969 Straumann Holding AG   2,069,304
25,000,000 Sumber Alfaria Trijaya Tbk PT   4,590,349
15,000 Tecan Group AG 6,214,945
234,200 Terumo Corp 4,285,544
    133,223,307
Financial — 9.60%
202,119 3i Group PLC 7,164,055
147,885 Allfunds Group PLC 1,066,531
178,100 DBS Group Holdings Ltd 4,753,101
14,313 Deutsche Boerse AG 2,931,168
106,864 Goodman Group REIT 2,353,920
240,000 Intermediate Capital Group PLC 6,213,321
46,063 London Stock Exchange Group PLC 5,510,457
40,000 Macquarie Group Ltd 5,203,090
6,963 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 3,398,936
253,239 QBE Insurance Group Ltd 2,993,457
132,200 Rakuten Bank Ltd(b) 2,638,300
150,500 Tokio Marine Holdings Inc 4,717,613
    48,943,949
Industrial — 18.20%
37,707 Airbus SE 6,946,738
421,512 Atlas Copco AB Class A 7,118,729
33,000 Daikin Industries Ltd 4,505,844
50,000 DSV A/S 8,127,733
61,851 Ferrovial SE 2,448,803
43,700 Hitachi Ltd 3,993,325
49,000 Hoya Corp 6,128,472
1,800 Interroll Holding AG 5,981,616
16,100 Keyence Corp 7,474,600
22,270 Legrand SA 2,358,327
25,000 MTU Aero Engines AG 6,340,676
43,668 Safran SA 9,889,598
6,055 Schneider Electric SE 1,368,897
250,000 SIG Group AG 5,543,565
30,000 Sika AG 8,926,513
43,435 Vinci SA 5,573,973
    92,727,409
Technology — 16.32%
50,300 Advantest Corp 2,234,470
25,797 ASML Holding NV 25,009,286
25,000 CyberArk Software Ltd(b) 6,640,750
85,829 Dassault Systemes SE 3,799,419
16,500 Disco Corp 6,031,302
81,234 Infineon Technologies AG 2,762,415
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Technology — (continued)
450,000 Keywords Studios PLC $  7,389,246
75,000 Kinaxis Inc(b)   8,526,817
29,000 Monday.com Ltd(b)   6,550,230
136,400 Otsuka Corp   2,894,197
112,448 Sage Group PLC   1,796,437
24,623 Samsung Electronics Co Ltd   1,479,781
16,933 SAP SE   3,297,187
34,890 Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR 4,746,785
    83,158,322
Utilities — 0.55%
135,228 SSE PLC 2,818,376
TOTAL COMMON STOCK — 96.94%
(Cost $406,094,167) 		$494,006,955
Principal Amount    
SHORT TERM INVESTMENTS
Repurchase Agreements — 1.91%
$2,428,959 Undivided interest of 1.36% 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 $2,428,959 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.(d) 2,428,959
2,428,959 Undivided interest of 1.36% 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 $2,428,959 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.(d) 2,428,959
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$ 2,428,961 Undivided interest of 1.37% 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 $2,428,961 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) $  2,428,961
  2,428,959 Undivided interest of 1.76% in a repurchase agreement (principal amount/value $138,121,676 with a maturity value of $138,203,475) with Bank of Montreal, 5.33%, dated 3/28/24 to be repurchased at $2,428,959 on 4/1/24 collateralized by Federal National Mortgage Association securities, 3.50% - 7.00%, 8/1/33 - 3/1/54, with a value of $140,884,109.(d)   2,428,959
TOTAL SHORT TERM INVESTMENTS — 1.91%
(Cost $9,715,838) 		$9,715,838
TOTAL INVESTMENTS — 98.85%
(Cost $415,810,005) 		$503,722,793
OTHER ASSETS & LIABILITIES, NET — 1.15% $5,856,391
TOTAL NET ASSETS — 100.00% $509,579,184
 
(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)  Collateral received for securities on loan.
ADR  American Depositary Receipt
REIT  Real Estate Investment Trust
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Summary of Investments by Country as of March 28, 2024.
Country Fair Value   Percentage of
Fund Investments
Japan $83,420,347   16.56%
Switzerland 59,253,629   11.76
United Kingdom 54,055,275   10.73
France 53,522,947   10.63
Germany 39,543,152   7.85
Denmark 33,953,552   6.74
Netherlands 32,542,563   6.46
Australia 20,513,284   4.07
Israel 19,445,860   3.86
Spain 17,274,497   3.43
Ireland 16,752,246   3.33
United States 15,499,408   3.08
Canada 15,472,117   3.07
Sweden 11,737,976   2.33
Uruguay 8,287,053   1.65
China 5,979,328   1.19
Singapore 4,753,101   0.94
Taiwan 4,746,784   0.94
Indonesia 4,590,349   0.91
South Korea 1,479,781   0.29
Italy 899,544   0.18
Total $503,722,793   100.00%
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 5.86%
57,426 Air Liquide SA $   11,947,442
18,545 Akzo Nobel NV     1,385,641
136,235 Anglo American PLC     3,356,867
41,392 Antofagasta PLC     1,062,673
55,512 ArcelorMittal SA     1,525,870
6,437 Arkema SA        677,688
135,700 Asahi Kasei Corp 995,126
99,544 BASF SE 5,688,351
556,408 BHP Group Ltd 16,087,909
49,087 BlueScope Steel Ltd 763,454
30,044 Boliden AB 834,250
15,736 Brenntag SE 1,326,251
22,949 Clariant AG 310,499
21,063 Covestro AG(a)(b) 1,152,149
15,588 Croda International PLC 964,316
19,957 DSM-Firmenich AG 2,269,758
755 EMS-Chemie Holding AG(b) 578,646
20,255 Endeavour Mining PLC 410,762
23,014 Evonik Industries AG 455,222
181,559 Fortescue Ltd 3,038,389
1,036 Givaudan SA 4,612,003
1,162,468 Glencore PLC 6,378,372
9,885 Holmen AB Class B 402,121
84,701 ICL Group Ltd 448,901
62,700 JFE Holdings Inc(c) 1,039,166
18,727 Mineral Resources Ltd 864,029
134,800 Mitsubishi Chemical Group Corp 821,508
18,000 Mitsui Chemicals Inc 528,047
46,693 Mondi PLC 822,122
109,400 Nippon Paint Holdings Co Ltd 787,372
18,800 Nippon Sanso Holdings Corp(c) 589,864
91,674 Nippon Steel Corp(c) 2,206,087
13,200 Nissan Chemical Corp 499,964
15,400 Nitto Denko Corp 1,408,206
139,264 Norsk Hydro ASA 765,309
120,731 Northern Star Resources Ltd 1,139,163
39,807 Novonesis / Novozymes Class B 2,341,510
10,581 OCI NV 290,013
283,234 Pilbara Minerals Ltd(c) 706,794
39,799 Rio Tinto Ltd 3,158,653
123,769 Rio Tinto PLC 7,823,712
200,200 Shin-Etsu Chemical Co Ltd 8,781,162
29,166 Smurfit Kappa Group PLC 1,329,853
495,632 South32 Ltd 967,140
25,900 Sumitomo Metal Mining Co Ltd 773,383
7,845 Syensqo SA(b) 743,359
14,393 Symrise AG 1,723,005
148,300 Toray Industries Inc 712,116
21,983 Umicore SA 473,946
57,817 UPM-Kymmene OYJ 1,926,276
12,021 voestalpine AG 337,227
17,379 Yara International ASA 551,073
    110,782,719
Shares   Fair Value
Communications — 4.26%
39,586 Adevinta ASA(b) $      414,948
96,422 Auto Trader Group PLC(a)        851,250
77,442 Bollore SE(b)        517,405
703,845 BT Group PLC        973,649
37,873 CAR Group Ltd        890,235
18,996 Delivery Hero SE(a)(b)        543,182
21,800 Dentsu Group Inc        605,315
356,263 Deutsche Telekom AG 8,648,137
14,975 Elisa OYJ(b) 667,639
199,363 Grab Holdings Ltd Class A(b) 626,000
2,200 Hikari Tsushin Inc 413,757
388,900 HKT Trust & HKT Ltd 453,764
151,095 Informa PLC 1,584,906
165,700 KDDI Corp 4,899,205
352,938 Koninklijke KPN NV(b) 1,320,136
285,100 LY Corp 722,147
46,400 M3 Inc 667,758
25,900 MonotaRO Co Ltd 311,757
6,890 Nice Ltd(b) 1,793,060
3,341,300 Nippon Telegraph & Telephone Corp 3,979,833
573,652 Nokia OYJ 2,035,379
199,631 Orange SA 2,347,671
68,678 Pearson PLC 903,881
158,011 Prosus NV 4,945,823
24,864 Publicis Groupe SA 2,710,695
160,400 Rakuten Group Inc(b) 910,447
8,167 Scout24 SE(a) 615,290
39,300 Sea Ltd ADR(b) 2,110,803
38,485 SEEK Ltd 627,558
892,400 Singapore Telecommunications Ltd 1,677,107
321,300 SoftBank Corp(c) 4,136,719
114,300 SoftBank Group Corp 6,787,749
193,660 Spark New Zealand Ltd 551,321
2,797 Swisscom AG 1,711,919
56,245 Tele2 AB Class B 461,854
1,098,559 Telecom Italia SpA(b)(c) 266,785
314,835 Telefonaktiebolaget LM Ericsson Class B(c) 1,693,233
530,061 Telefonica SA(c) 2,340,880
66,729 Telenor ASA 742,185
256,309 Telia Co AB 656,908
456,670 Telstra Group Ltd 1,148,716
14,200 Trend Micro Inc 721,172
71,282 Vivendi SE 776,822
2,466,057 Vodafone Group PLC 2,186,894
5,891 Wix.com Ltd(b) 809,895
26,857 Wolters Kluwer NV 4,205,547
117,163 WPP PLC 1,110,074
15,400 ZOZO Inc(c) 382,225
    80,459,635
Consumer, Cyclical — 14.44%
23,907 Accor SA 1,116,136
17,407 adidas AG 3,889,239
15,800 Aisin Corp 645,631
16,200 ANA Holdings Inc(c) 338,568
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Cyclical — (continued)
63,266 Aristocrat Leisure Ltd $    1,771,502
38,023 Associated British Foods PLC     1,199,177
10,126 Avolta AG(b)        421,620
64,800 Bandai Namco Holdings Inc     1,202,374
102,592 Barratt Developments PLC        615,636
35,078 Bayerische Motoren Werke AG     4,047,272
11,313 Berkeley Group Holdings PLC        679,689
60,900 Bridgestone Corp 2,699,073
36,574 Bunzl PLC 1,406,816
41,468 Burberry Group PLC 634,047
58,981 Cie Financiere Richemont SA 8,979,292
72,734 Cie Generale des Etablissements Michelin SCA 2,787,421
54,700 City Developments Ltd 236,952
185,860 Compass Group PLC 5,449,412
12,079 Continental AG 871,924
57,498 Daimler Truck Holding AG 2,913,708
69,600 Daiwa House Industry Co Ltd(c) 2,071,673
207,900 Denso Corp 3,981,633
65,140 Deutsche Lufthansa AG(b) 511,957
2,258 D'ieteren Group 500,604
67,043 Entain PLC 672,607
19,664 Evolution AB(a) 2,442,347
19,500 Fast Retailing Co Ltd 6,041,609
14,015 Ferrari NV 6,111,057
19,397 Flutter Entertainment PLC(b) 3,844,005
236,000 Galaxy Entertainment Group Ltd 1,186,389
623,020 Genting Singapore Ltd 408,600
70,519 H & M Hennes & Mauritz AB Class B(c) 1,149,888
3,484 Hermes International SCA 8,904,369
511,600 Honda Motor Co Ltd 6,330,380
11,800 Hoshizaki Corp 430,543
16,156 Iida Group Holdings Co Ltd(c) 209,084
6,276 IMCD NV 1,104,643
121,060 Industria de Diseno Textil SA 6,096,152
18,231 InterContinental Hotels Group PLC 1,893,955
62,000 Isuzu Motors Ltd 838,082
131,500 ITOCHU Corp(c) 5,649,187
15,800 Japan Airlines Co Ltd(c) 300,006
10,200 Jardine Cycle & Carriage Ltd 182,627
283,518 JD Sports Fashion PLC 481,476
8,198 Kering SA 3,247,102
199,946 Kingfisher PLC 629,032
21,600 Koito Manufacturing Co Ltd 291,160
10,754 La Francaise des Jeux SAEM(a) 438,310
240,232 Lottery Corp Ltd 805,641
30,351 LVMH Moet Hennessy Louis Vuitton SE 27,309,818
156,400 Marubeni Corp 2,708,794
36,900 MatsukiyoCocokara & Co 592,500
Shares   Fair Value
Consumer, Cyclical — (continued)
61,000 Mazda Motor Corp $      706,966
9,700 McDonald's Holdings Co Japan Ltd(c)        436,181
88,728 Mercedes-Benz Group AG     7,066,048
379,900 Mitsubishi Corp(c)     8,779,956
140,800 Mitsui & Co Ltd     6,582,624
22,568 Moncler SpA     1,684,046
13,287 Next PLC     1,548,454
114,600 Nintendo Co Ltd 6,253,105
248,800 Nissan Motor Co Ltd(c) 985,865
8,700 Nitori Holdings Co Ltd(c) 1,318,503
121,600 Oriental Land Co Ltd 3,895,543
40,000 Pan Pacific International Holdings Corp 1,060,069
236,800 Panasonic Holdings Corp 2,259,964
9,286 Pandora A/S 1,498,817
34,432 Persimmon PLC 570,682
11,350 Puma SE 513,660
94,481 Qantas Airways Ltd(b) 335,420
570 Rational AG 491,111
24,998 Reece Ltd 457,705
20,344 Renault SA 1,026,564
25,952 Rexel SA 701,039
254,800 Sands China Ltd(b) 718,852
2,611 SEB SA 334,060
41,400 Sekisui Chemical Co Ltd 605,707
63,600 Sekisui House Ltd 1,448,660
18,790 Seven Group Holdings Ltd(b) 499,318
29,200 Sharp Corp(b)(c) 162,629
8,200 Shimano Inc 1,219,861
159,600 Singapore Airlines Ltd(c) 756,425
9,807 Sodexo SA 840,691
138,600 Sony Group Corp 11,885,050
245,318 Stellantis NV 6,970,582
65,300 Subaru Corp 1,478,905
112,100 Sumitomo Corp 2,700,259
77,300 Sumitomo Electric Industries Ltd 1,197,789
174,000 Suzuki Motor Corp 1,986,605
9,038 Swatch Group AG 1,005,019
383,364 Taylor Wimpey PLC 662,544
12,300 Toho Co Ltd 408,424
15,800 Toyota Industries Corp 1,653,171
1,165,575 Toyota Motor Corp 29,459,871
23,000 Toyota Tsusho Corp 1,579,430
93,713 Universal Music Group NV 2,816,118
42,800 USS Co Ltd(c) 353,834
3,322 Volkswagen AG 507,464
20,793 Volvo AB Class A(c) 572,569
169,216 Volvo AB Class B(c) 4,585,999
61,940 Volvo Car AB Class B(b) 234,504
126,256 Wesfarmers Ltd 5,627,830
21,765 Whitbread PLC 909,674
14,700 Yamaha Corp(c) 317,296
95,100 Yamaha Motor Co Ltd 876,021
24,355 Zalando SE(a)(b) 696,440
10,100 Zensho Holdings Co Ltd(c) 420,009
    272,934,651
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — 23.13%
17,155 Adecco Group AG $      678,691
2,451 Adyen NV(a)(b)     4,140,088
70,500 Aeon Co Ltd     1,672,394
48,000 Ajinomoto Co Inc     1,792,493
54,857 Alcon Inc     4,537,304
48,417 Amadeus IT Group SA     3,108,222
13,070 Amplifon SpA(c)        476,438
95,897 Anheuser-Busch InBev SA(c) 5,837,653
6,354 Argenx SE(b) 2,505,221
51,500 Asahi Group Holdings Ltd 1,891,073
23,500 Asahi Intecc Co Ltd 411,715
46,981 Ashtead Group PLC 3,345,228
194,900 Astellas Pharma Inc(c) 2,093,761
170,365 AstraZeneca PLC 22,883,167
3,549 Bachem Holding AG(c) 339,863
375 Barry Callebaut AG 544,725
110,261 Bayer AG 3,376,707
10,907 Beiersdorf AG 1,588,033
4,567 BioMerieux 503,713
150,159 Brambles Ltd 1,580,285
220,552 British American Tobacco PLC 6,692,594
31,258 Bureau Veritas SA 954,418
4,412 Carl Zeiss Meditec AG 550,732
10,670 Carlsberg AS Class B 1,461,205
65,363 Carrefour SA 1,121,262
113 Chocoladefabriken Lindt & Spruengli AG 2,656,519
72,100 Chugai Pharmaceutical Co Ltd 2,755,330
290,424 CK Hutchison Holdings Ltd 1,397,709
22,048 Coca-Cola Europacific Partners PLC 1,557,651
23,195 Coca-Cola HBC AG 732,675
7,179 Cochlear Ltd 1,578,882
145,306 Coles Group Ltd 1,604,061
14,706 Coloplast A/S Class B 1,985,561
53,097 CSL Ltd 9,962,434
23,600 Dai Nippon Printing Co Ltd(c) 722,766
204,400 Daiichi Sankyo Co Ltd 6,503,783
71,627 Danone SA 4,630,331
76,249 Davide Campari-Milano NV 766,303
10,738 Demant A/S(b) 533,715
247,094 Diageo PLC 9,141,450
2,487 DiaSorin SpA 240,008
16,079 EBOS Group Ltd(c) 328,846
26,932 Edenred SE 1,438,032
27,300 Eisai Co Ltd 1,124,454
154,161 Endeavour Group Ltd 553,503
32,510 EssilorLuxottica SA 7,354,163
64,509 Essity AB Class B 1,532,355
14,832 Eurofins Scientific SE 944,808
102,948 Experian PLC 4,484,443
62,538 Fisher & Paykel Healthcare Corp Ltd 958,370
21,559 Fresenius Medical Care AG 828,400
45,037 Fresenius SE & Co KGaA 1,214,508
120,300 FUJIFILM Holdings Corp 2,701,290
7,081 Genmab A/S(b) 2,123,087
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
23,751 Getinge AB Class B $      477,702
30,587 Grifols SA(b)        275,129
450,123 GSK PLC     9,663,175
762,322 Haleon PLC     3,194,239
14,108 Heineken Holding NV     1,138,575
30,877 Heineken NV     2,976,788
11,074 Henkel AG & Co KGaA        797,923
18,185 Hikma Pharmaceuticals PLC 439,798
26,011 IDP Education Ltd 303,629
92,564 Imperial Brands PLC 2,068,645
17,681 Intertek Group PLC 1,112,755
4,107 Ipsen SA 488,720
180,360 J Sainsbury PLC 615,600
128,800 Japan Tobacco Inc 3,434,056
12,842 JDE Peet's NV 269,611
30,536 Jeronimo Martins SGPS SA 605,845
50,100 Kao Corp 1,872,150
17,226 Kerry Group PLC Class A 1,476,033
29,371 Kesko OYJ Class B 549,064
71,500 Kikkoman Corp 917,668
85,000 Kirin Holdings Co Ltd 1,182,036
16,500 Kobe Bussan Co Ltd 404,304
104,131 Koninklijke Ahold Delhaize NV 3,115,797
85,207 Koninklijke Philips NV 1,705,334
28,400 Kyowa Kirin Co Ltd 510,948
25,355 Lifco AB Class B 662,129
8,176 Lonza Group AG 4,885,966
26,512 L'Oreal SA 12,555,371
43 Lotus Bakeries NV 415,197
295,267 Medibank Pvt Ltd(b) 723,440
24,700 MEIJI Holdings Co Ltd 539,267
13,857 Merck KGaA 2,443,489
51,894 Mowi ASA 953,226
292,716 Nestle SA 31,101,063
63,457 Nexi SpA(a)(b) 402,054
19,800 Nissin Foods Holdings Co Ltd 545,849
7,190 NMC Health PLC(b)(d) 454
224,701 Novartis AG 21,764,188
357,652 Novo Nordisk A/S Class B 45,877,244
65,093 Ocado Group PLC(b) 373,217
128,600 Olympus Corp 1,851,623
40,700 Ono Pharmaceutical Co Ltd(c) 666,867
11,913 Orion OYJ Class B 444,081
81,566 Orkla ASA 576,078
44,700 Otsuka Holdings Co Ltd 1,856,762
21,925 Pernod Ricard SA 3,549,321
23,216 QIAGEN NV 992,199
19,680 Ramsay Health Care Ltd 724,500
11,874 Randstad NV(c) 627,016
79,383 Reckitt Benckiser Group PLC 4,524,222
11,307 Recordati Industria Chimica e Farmaceutica SpA 624,349
159,100 Recruit Holdings Co Ltd 6,985,573
207,679 RELX PLC 8,953,621
2,408 Remy Cointreau SA 243,148
268,754 Rentokil Initial PLC 1,597,539
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
80,722 Roche Holding AG $   20,660,087
7,978 Salmar ASA        526,534
44,511 Sandoz Group AG(b)     1,343,598
125,116 Sanofi SA    12,171,886
2,947 Sartorius Stedim Biotech        840,565
22,700 Secom Co Ltd     1,646,953
53,632 Securitas AB Class B(c)        552,894
242,100 Seven & i Holdings Co Ltd 3,528,822
16,297 SGS SA(c) 1,582,154
28,400 Shionogi & Co Ltd 1,451,290
43,100 Shiseido Co Ltd 1,182,683
30,502 Siemens Healthineers AG(a) 1,865,435
94,966 Smith & Nephew PLC 1,188,637
46,947 Sonic Healthcare Ltd 899,634
5,615 Sonova Holding AG 1,626,065
12,039 Straumann Holding AG 1,920,915
14,900 Suntory Beverage & Food Ltd 503,991
20,089 Swedish Orphan Biovitrum AB(b) 501,474
52,800 Sysmex Corp 942,211
175,552 Takeda Pharmaceutical Co Ltd 4,882,784
143,000 Terumo Corp 2,616,707
768,543 Tesco PLC 2,877,583
122,047 Teva Pharmaceutical Industries Ltd Sponsored ADR(b) 1,722,083
26,400 TOPPAN Holdings Inc 661,769
330,275 Transurban Group 2,865,169
100,969 Treasury Wine Estates Ltd 819,019
13,867 UCB SA 1,711,844
43,700 Unicharm Corp 1,391,244
274,844 Unilever PLC 13,795,920
914,645 WH Group Ltd(a) 603,740
207,700 Wilmar International Ltd 527,584
64,538 Wise PLC Class A 754,245
130,661 Woolworths Group Ltd 2,824,367
25,215 Worldline SA(a)(b) 311,949
27,400 Yakult Honsha Co Ltd(c) 560,014
    437,358,848
Diversified — 0.03%
16,979 Jardine Matheson Holdings Ltd 621,941
Energy — 4.21%
33,392 Aker BP ASA 837,521
25,550 Ampol Ltd 662,772
133,582 APA Group 732,160
1,875,930 BP PLC 11,767,311
10,367 DCC PLC(b) 754,000
307,450 ENEOS Holdings Inc 1,481,249
241,459 Eni SpA 3,823,283
96,590 Equinor ASA 2,590,003
52,573 Galp Energia SGPS SA 869,159
103,780 Idemitsu Kosan Co Ltd 711,530
104,700 Inpex Corp 1,591,565
Shares   Fair Value
Energy — (continued)
45,564 Neste OYJ(c) $    1,235,482
15,750 OMV AG        745,962
136,951 Repsol SA     2,285,872
349,190 Santos Ltd     1,767,912
4,784,391 Seatrium Ltd(b)(c)        279,619
713,870 Shell PLC(b)    23,681,305
239,692 TotalEnergies SE    16,488,320
108,645 Vestas Wind Systems A/S(b) 3,030,501
212,116 Woodside Energy Group Ltd 4,227,966
    79,563,492
Financial — 20.80%
104,354 3i Group PLC 3,698,800
50,953 ABN AMRO Bank NV(a) 871,923
206,574 abrdn PLC 367,855
27,803 Admiral Group PLC 996,044
178,637 Aegon Ltd 1,089,838
21,514 AerCap Holdings NV(b) 1,869,782
17,613 Ageas SA 815,936
1,261,800 AIA Group Ltd 8,487,591
173,001 AIB Group PLC 878,232
42,666 Allianz SE 12,787,779
6,942 Amundi SA(a) 476,826
332,316 ANZ Group Holdings Ltd 6,369,190
16,987 ASR Nederland NV 832,531
108,941 Assicurazioni Generali SpA 2,757,680
21,399 ASX Ltd 925,781
295,356 Aviva PLC 1,852,893
196,755 AXA SA 7,389,314
4,568 Azrieli Group Ltd 329,609
4,900 Baloise Holding AG 768,348
659,550 Banco Bilbao Vizcaya Argentaria SA 7,854,277
134,022 Banco BPM SpA 891,688
1,778,912 Banco Santander SA 8,689,006
137,859 Bank Hapoalim BM 1,291,938
166,285 Bank Leumi Le-Israel BM 1,382,243
115,242 Bank of Ireland Group PLC 1,176,057
3,538 Banque Cantonale Vaudoise 411,597
1,610,311 Barclays PLC 3,731,722
115,464 BNP Paribas SA 8,220,473
407,500 BOC Hong Kong Holdings Ltd 1,092,625
442,296 CaixaBank SA(c) 2,146,281
391,740 CapitaLand Ascendas REIT 803,568
583,804 CapitaLand Integrated Commercial Trust REIT(b) 856,009
281,257 Capitaland Investment Ltd 558,113
56,500 Chiba Bank Ltd(b) 470,147
217,924 CK Asset Holdings Ltd 897,994
115,340 Commerzbank AG 1,585,260
183,461 Commonwealth Bank of Australia 14,390,546
60,759 Computershare Ltd 1,034,899
114,000 Concordia Financial Group Ltd 572,988
5,758 Covivio SA REIT 296,792
114,490 Credit Agricole SA 1,707,959
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Financial — (continued)
101,100 Dai-ichi Life Holdings Inc $    2,578,508
6,600 Daito Trust Construction Co Ltd(c)        752,946
141,300 Daiwa Securities Group Inc(c)     1,075,060
74,382 Danske Bank A/S     2,232,681
201,576 DBS Group Holdings Ltd     5,379,624
207,800 Deutsche Bank AG     3,272,914
21,214 Deutsche Boerse AG     4,344,428
107,834 Dexus REIT 555,623
100,369 DNB Bank ASA 1,995,090
38,070 EQT AB 1,205,277
37,267 Erste Group Bank AG 1,660,910
235,000 ESR Group Ltd(a) 251,775
4,407 Eurazeo SE 386,163
9,245 Euronext NV(a) 879,850
10,032 EXOR NV 1,116,429
95,402 Fastighets AB Balder Class B(b)(c) 700,770
66,665 FinecoBank Banca Fineco SpA(c) 998,431
5,800 Futu Holdings Ltd ADR 314,070
4,929 Gecina SA REIT 503,470
20,580 Gjensidige Forsikring ASA(b) 298,707
502 GLP J-REIT 420,675
192,625 Goodman Group REIT 4,242,999
195,052 GPT Group REIT 580,476
10,124 Groupe Bruxelles Lambert NV 765,358
186,000 Hang Lung Properties Ltd 191,273
83,700 Hang Seng Bank Ltd 917,495
6,510 Hannover Rueck SE 1,782,616
40,385 Hargreaves Lansdown PLC 374,713
3,984 Helvetia Holding AG 549,277
157,830 Henderson Land Development Co Ltd 450,708
135,212 Hong Kong Exchanges & Clearing Ltd 3,939,844
116,300 Hongkong Land Holdings Ltd 357,098
2,092,968 HSBC Holdings PLC 16,357,701
39,700 Hulic Co Ltd(b) 407,733
13,516 Industrivarden AB Class A 464,812
16,841 Industrivarden AB Class C(b)(c) 579,104
363,110 ING Groep NV 5,978,004
264,896 Insurance Australia Group Ltd(b) 1,104,966
1,609,071 Intesa Sanpaolo SpA 5,841,811
193,475 Investor AB Class B 4,855,125
129,186 Israel Discount Bank Ltd Class A 668,099
53,900 Japan Exchange Group Inc 1,459,907
754 Japan Metropolitan Fund Invest REIT 469,811
156,100 Japan Post Bank Co Ltd(c) 1,677,343
223,600 Japan Post Holdings Co Ltd 2,252,799
20,600 Japan Post Insurance Co Ltd(c) 393,772
140 Japan Real Estate Investment Corp REIT 499,079
22,285 Julius Baer Group Ltd 1,292,494
Shares   Fair Value
Financial — (continued)
26,860 KBC Group NV $    2,013,758
440 KDX Realty Investment Corp REIT(b)        467,673
23,426 Klepierre SA REIT        606,397
8,633 L E Lundbergforetagen AB Class B        467,287
76,773 Land Securities Group PLC REIT        637,478
7,779 LEG Immobilien SE(b)        668,148
641,481 Legal & General Group PLC     2,060,059
273,344 Link REIT 1,177,132
6,904,614 Lloyds Banking Group PLC 4,514,718
46,069 London Stock Exchange Group PLC 5,511,175
244,408 M&G PLC 679,962
40,805 Macquarie Group Ltd 5,307,802
372,638 Mapletree Logistics Trust REIT 402,896
243,500 Mapletree Pan Asia Commercial Trust REIT 230,794
58,486 Mediobanca Banca di Credito Finanziario SpA(b) 871,530
422,742 Mirvac Group REIT 649,759
121,300 Mitsubishi Estate Co Ltd 2,213,237
86,500 Mitsubishi HC Capital Inc 603,307
1,218,600 Mitsubishi UFJ Financial Group Inc 12,398,160
289,800 Mitsui Fudosan Co Ltd 3,124,471
16,408 Mizrahi Tefahot Bank Ltd 615,130
268,910 Mizuho Financial Group Inc 5,317,778
138,600 MS&AD Insurance Group Holdings Inc 2,447,336
15,038 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 7,340,686
345,042 National Australia Bank Ltd 7,812,451
627,363 NatWest Group PLC 2,100,458
163 Nippon Building Fund Inc REIT 652,018
246 Nippon Prologis Inc REIT 438,223
29,368 NN Group NV 1,355,780
325,200 Nomura Holdings Inc 2,081,449
11,400 Nomura Real Estate Holdings Inc 322,065
511 Nomura Real Estate Master Fund Inc REIT 505,295
345,375 Nordea Bank Abp 3,849,028
125,700 ORIX Corp 2,749,279
381,085 Oversea-Chinese Banking Corp Ltd 3,807,752
2,442 Partners Group Holding AG 3,488,362
81,981 Phoenix Group Holdings PLC 572,221
295,177 Prudential PLC 2,767,592
160,545 QBE Insurance Group Ltd 1,897,751
5,683 REA Group Ltd(c) 686,663
227,100 Resona Holdings Inc 1,399,949
21,778 Sagax AB Class B 574,510
49,304 Sampo OYJ Class A 2,103,129
26,240 SBI Holdings Inc 688,279
584,177 Scentre Group REIT 1,290,166
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Financial — (continued)
88,748 Schroders PLC $      421,516
128,027 Segro PLC REIT     1,459,378
51,200 Shizuoka Financial Group Inc        487,194
89,600 Singapore Exchange Ltd        611,460
419,178 Sino Land Co Ltd        435,787
170,130 Skandinaviska Enskilda Banken AB Class A     2,304,843
78,058 Societe Generale SA     2,091,416
1,613 Sofina SA 361,716
95,550 Sompo Holdings Inc(c) 2,002,734
57,578 St James's Place PLC 337,718
241,691 Standard Chartered PLC 2,048,376
258,454 Stockland REIT 816,680
139,700 Sumitomo Mitsui Financial Group Inc 8,168,636
70,772 Sumitomo Mitsui Trust Holdings Inc 1,524,896
30,400 Sumitomo Realty & Development Co Ltd 1,132,690
156,000 Sun Hung Kai Properties Ltd 1,506,910
137,490 Suncorp Group Ltd 1,467,554
158,059 Svenska Handelsbanken AB Class A(c) 1,597,974
90,734 Swedbank AB Class A(c) 1,800,866
46,000 Swire Pacific Ltd Class A 378,689
134,400 Swire Properties Ltd 282,701
3,164 Swiss Life Holding AG 2,219,206
8,220 Swiss Prime Site AG 775,369
32,335 Swiss Re AG 4,159,410
54,600 T&D Holdings Inc 949,177
6,820 Talanx AG 540,262
200,100 Tokio Marine Holdings Inc 6,272,388
36,649 Tryg A/S 755,495
361,505 UBS Group AG 11,131,076
12,405 Unibail-Rodamco-Westfield REIT(b) 997,940
174,366 UniCredit SpA 6,622,320
135,506 United Overseas Bank Ltd 2,945,905
419,229 Vicinity Ltd REIT 581,903
78,240 Vonovia SE 2,312,139
17,971 Warehouses De Pauw CVA REIT 512,441
25,461 Washington H Soul Pattinson & Co Ltd(b) 557,404
387,604 Westpac Banking Corp 6,592,416
106,000 Wharf Holdings Ltd 348,464
193,300 Wharf Real Estate Investment Co Ltd 629,366
16,086 Zurich Insurance Group AG 8,689,890
    393,307,350
Industrial — 14.31%
175,832 ABB Ltd 8,156,899
2,536 Acciona SA 308,634
23,382 ACS Actividades de Construccion y Servicios SA(c) 979,205
8,217 Aena SME SA(a) 1,618,372
Shares   Fair Value
Industrial — (continued)
3,266 Aeroports de Paris SA(b) $      447,817
22,400 AGC Inc        812,724
65,159 Airbus SE    12,004,203
31,564 Alfa Laval AB     1,240,287
30,670 Alstom SA(c)        467,056
319 AP Moller - Maersk A/S Class A        408,739
510 AP Moller - Maersk A/S Class B        664,961
107,458 Assa Abloy AB Class B 3,083,862
299,065 Atlas Copco AB Class A 5,050,776
178,844 Atlas Copco AB Class B 2,641,518
167,590 Auckland International Airport Ltd(c) 836,058
188,256 Aurizon Holdings Ltd 490,865
11,900 Azbil Corp(c) 329,223
338,502 BAE Systems PLC 5,767,765
41,528 Beijer Ref AB(c) 616,604
20,403 Bouygues SA 832,952
24,000 Brother Industries Ltd 445,109
50,798 Cellnex Telecom SA(a) 1,796,970
85,000 Central Japan Railway Co 2,111,003
49,592 Cie de Saint-Gobain SA(b) 3,849,035
65,000 CK Infrastructure Holdings Ltd 380,697
78,657 CRH PLC 6,786,889
32,600 Daifuku Co Ltd(c) 781,403
29,400 Daikin Industries Ltd 4,014,297
2,222 Dassault Aviation SA 489,219
109,928 Deutsche Post AG 4,737,625
20,927 DSV A/S 3,401,782
97,800 East Japan Railway Co 1,876,307
8,071 Eiffage SA 915,999
2,807 Elbit Systems Ltd 586,247
71,031 Epiroc AB Class A 1,333,434
41,853 Epiroc AB Class B 708,778
102,700 FANUC Corp 2,864,969
55,537 Ferrovial SE 2,198,836
13,700 Fuji Electric Co Ltd 919,332
16,545 GEA Group AG 699,528
3,585 Geberit AG 2,118,677
37,749 Getlink SE 642,732
42,089 Halma PLC 1,256,261
24,300 Hankyu Hanshin Holdings Inc 697,197
15,527 Heidelberg Materials AG 1,709,239
236,638 Hexagon AB Class B 2,797,282
3,479 Hirose Electric Co Ltd(c) 357,502
11,600 Hitachi Construction Machinery Co Ltd 349,989
102,900 Hitachi Ltd 9,403,048
58,250 Holcim AG 5,277,263
39,500 Hoya Corp 4,940,298
39,571 Husqvarna AB Class B 338,609
12,100 Ibiden Co Ltd(c) 541,920
29,078 Indutrade AB 791,992
36,913 Infrastrutture Wireless Italiane SpA(a) 418,889
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Industrial — (continued)
15,374 Investment AB Latour Class B $      404,162
48,270 James Hardie Industries PLC(b)     1,940,131
19,600 JSR Corp        561,005
45,100 Kajima Corp        925,663
44,700 Kawasaki Kisen Kaisha Ltd(c)        601,086
14,000 Keisei Electric Railway Co Ltd(c)        569,312
155,700 Keppel Ltd        846,081
21,460 Keyence Corp 9,963,039
16,770 Kingspan Group PLC 1,527,356
19,500 Kintetsu Group Holdings Co Ltd 567,971
7,848 Knorr-Bremse AG 593,583
105,600 Komatsu Ltd 3,124,788
36,563 Kone OYJ Class B 1,703,370
9,205 Kongsberg Gruppen ASA 635,586
108,500 Kubota Corp 1,702,336
5,808 Kuehne + Nagel International AG 1,615,894
137,600 Kyocera Corp 1,845,368
28,606 Legrand SA 3,029,291
43,276 Leonardo SpA 1,087,255
24,100 Makita Corp 684,935
143,376 Melrose Industries PLC 1,217,028
69,536 Metso OYJ(c) 826,012
39,100 MINEBEA MITSUMI Inc 766,950
30,600 MISUMI Group Inc 426,289
218,300 Mitsubishi Electric Corp 3,654,112
345,000 Mitsubishi Heavy Industries Ltd 3,126,851
37,600 Mitsui OSK Lines Ltd(c) 1,147,048
162,702 MTR Corp Ltd 537,560
5,853 MTU Aero Engines AG 1,484,479
193,500 Murata Manufacturing Co Ltd 3,618,917
165,397 Nibe Industrier AB Class B(c) 813,323
44,900 Nidec Corp 1,861,969
7,600 Nippon Express Holdings Inc 387,943
52,300 Nippon Yusen KK(c) 1,435,849
69,600 Obayashi Corp 827,574
33,500 Odakyu Electric Railway Co Ltd(c) 461,792
18,400 Omron Corp 658,849
49,609 Orica Ltd 590,066
56,701 Poste Italiane SpA(a) 710,137
28,605 Prysmian SpA 1,491,868
4,709 Rheinmetall AG 2,648,450
991 ROCKWOOL A/S Class B 326,064
902,370 Rolls-Royce Holdings PLC(b) 4,853,936
8,315 Saab AB Class B 739,643
37,586 Safran SA 8,512,193
115,166 Sandvik AB 2,556,775
6,963 Schindler Holding AG 1,733,067
59,816 Schneider Electric SE 13,523,030
8,700 SCREEN Holdings Co Ltd(c) 1,127,998
34,800 SG Holdings Co Ltd 440,706
24,700 Shimadzu Corp 687,997
57,400 Shimizu Corp 370,673
Shares   Fair Value
Industrial — (continued)
83,536 Siemens AG(b) $   15,950,320
54,868 Siemens Energy AG(b)     1,007,037
31,992 SIG Group AG        709,399
16,993 Sika AG     5,056,274
172,200 Singapore Technologies Engineering Ltd        512,691
139,000 SITC International Holdings Co Ltd        254,128
37,392 Skanska AB Class B(c)        665,897
36,069 SKF AB Class B(c) 736,342
6,200 SMC Corp 3,497,793
36,709 Smiths Group PLC 760,690
8,054 Spirax-Sarco Engineering PLC 1,021,350
61,988 Stora Enso OYJ Class R 862,011
65,390 Svenska Cellulosa AB SCA Class B(c) 1,005,306
18,700 Taisei Corp 681,597
41,800 TDK Corp 2,052,714
148,500 Techtronic Industries Co Ltd 2,017,798
50,045 Tenaris SA 989,455
11,347 Thales SA 1,934,447
20,100 Tobu Railway Co Ltd 502,598
53,200 Tokyu Corp(c) 647,809
13,800 TOTO Ltd 386,884
2,937 VAT Group AG(a) 1,517,236
56,026 Vinci SA 7,189,764
51,283 Wartsila OYJ Abp 779,377
47,200 West Japan Railway Co 983,656
28,600 Yamato Holdings Co Ltd 411,626
27,200 Yaskawa Electric Corp 1,158,032
24,900 Yokogawa Electric Corp 573,431
    270,655,899
Technology — 7.49%
86,700 Advantest Corp 3,851,462
5,055 ASM International NV 3,095,705
44,188 ASML Holding NV 42,838,715
8,137 BE Semiconductor Industries NV 1,246,418
8,671 Bechtle AG 458,300
114,200 Canon Inc 3,402,596
37,200 Capcom Co Ltd 696,909
16,891 Capgemini SE 3,886,814
9,976 Check Point Software Technologies Ltd(b) 1,636,164
4,435 CyberArk Software Ltd(b) 1,178,069
73,966 Dassault Systemes SE 3,274,276
10,000 Disco Corp 3,655,335
202,000 Fujitsu Ltd 3,232,808
9,408 Global-e Online Ltd(b) 341,981
15,100 Hamamatsu Photonics KK 532,371
144,684 Infineon Technologies AG 4,920,073
10,800 Konami Group Corp 735,685
8,300 Lasertec Corp 2,365,751
17,765 Logitech International SA 1,591,910
3,047 Monday.com Ltd(b) 688,226
26,100 NEC Corp 1,905,439
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Technology — (continued)
6,062 Nemetschek SE $      600,037
35,800 Nexon Co Ltd        595,050
42,469 Nomura Research Institute Ltd     1,199,696
66,200 NTT Data Group Corp     1,052,444
7,500 Obic Co Ltd     1,132,884
4,000 Oracle Corp Japan        300,804
24,200 Otsuka Corp        513,487
159,200 Renesas Electronics Corp 2,837,049
58,900 Ricoh Co Ltd(c) 523,320
37,400 Rohm Co Ltd(c) 599,851
109,899 Sage Group PLC 1,755,715
114,778 SAP SE 22,349,527
16,200 SCSK Corp 301,122
31,400 Seiko Epson Corp(c) 549,265
8,900 Square Enix Holdings Co Ltd(c) 343,236
75,455 STMicroelectronics NV 3,247,463
38,400 SUMCO Corp 607,133
6,506 Teleperformance SE 631,961
6,952 Temenos AG 497,279
23,400 TIS Inc(b) 502,066
51,800 Tokyo Electron Ltd 13,491,267
17,416 WiseTech Global Ltd(b) 1,065,210
15,797 Xero Ltd(b) 1,371,641
    141,602,514
Utilities — 2.96%
2,192 BKW AG 336,834
596,674 Centrica PLC 961,496
68,000 Chubu Electric Power Co Inc 889,178
177,500 CLP Holdings Ltd 1,415,783
241,553 E.ON SE 3,362,894
339,280 EDP - Energias de Portugal SA 1,323,750
33,639 EDP Renovaveis SA 455,547
3,053 Elia Group SA 329,557
26,952 Enagas SA 400,396
33,176 Endesa SA 615,133
895,972 Enel SpA(b) 5,914,776
206,093 Engie SA 3,453,584
47,091 Fortum OYJ(b)(c) 581,396
1,175,229 Hong Kong & China Gas Co Ltd 890,784
685,789 Iberdrola SA(b) 8,517,798
80,300 Kansai Electric Power Co Inc 1,145,786
78,004 Mercury NZ Ltd 322,962
133,408 Meridian Energy Ltd 471,054
402,301 National Grid PLC 5,418,058
185,844 Origin Energy Ltd 1,114,824
19,856 Orsted AS(a)(b) 1,109,531
40,400 Osaka Gas Co Ltd 908,838
148,500 Power Assets Holdings Ltd 870,003
42,501 Redeia Corp SA 725,964
72,048 RWE AG 2,448,718
99,300 Sembcorp Industries Ltd 396,966
28,606 Severn Trent PLC 892,238
217,140 Snam SpA 1,025,274
Shares   Fair Value
Utilities — (continued)
124,704 SSE PLC $    2,599,038
154,617 Terna - Rete Elettrica Nazionale     1,278,023
163,600 Tokyo Electric Power Co Holdings Inc(b)        994,382
42,000 Tokyo Gas Co Ltd        954,778
74,109 United Utilities Group PLC        962,476
72,862 Veolia Environnement SA     2,370,343
7,347 Verbund AG       536,774
    55,994,936
TOTAL COMMON STOCK — 97.49%
(Cost $1,538,422,226) 		$1,843,281,985
PREFERRED STOCK
Consumer, Cyclical — 0.30%
6,068 Bayerische Motoren Werke AG 651,114
12,366 Dr Ing hc F Porsche AG(a) 1,229,900
16,904 Porsche Automobil Holding SE 895,473
22,107 Volkswagen AG 2,931,929
    5,708,416
Consumer, Non-Cyclical — 0.08%
18,440 Henkel AG & Co KGaA 1,482,139
Industrial — 0.06%
2,750 Sartorius AG 1,092,057
TOTAL PREFERRED STOCK — 0.44%
(Cost $8,854,634) 		$8,282,612
RIGHTS
Industrial — 0.00%(e)
13,981 ACS Actividades de Construccion y Servicios SA(b)(d) 18,851
TOTAL RIGHTS — 0.00%(e)
(Cost $20,503) 		$18,851
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 0.76%
$14,407,400 U.S. Treasury Bills(c)
5.29%, 05/23/2024 		$   14,291,856
Repurchase Agreements — 4.22%
19,953,010 Undivided interest of 11.16% 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 $19,953,010 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)    19,953,010
19,953,010 Undivided interest of 11.18% 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 $19,953,010 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)    19,953,010
19,953,010 Undivided interest of 11.24% 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 $19,953,010 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)     19,953,010
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$19,953,009 Undivided interest of 14.49% in a repurchase agreement (principal amount/value $138,121,676 with a maturity value of $138,203,475) with Bank of Montreal, 5.33%, dated 3/28/24 to be repurchased at $19,953,009 on 4/1/24 collateralized by Federal National Mortgage Association securities, 3.50% - 7.00%, 8/1/33 - 3/1/54, with a value of $140,884,109.(f) $   19,953,009
    79,812,039
TOTAL SHORT TERM INVESTMENTS — 4.98%
(Cost $94,103,895) 		$94,103,895
TOTAL INVESTMENTS — 102.91%
(Cost $1,641,401,258) 		$1,945,687,343
OTHER ASSETS & LIABILITIES, NET — (2.91)% $(54,932,697)
TOTAL NET ASSETS — 100.00% $1,890,754,646
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(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)  Represents less than 0.005% of net assets.
(f)  Collateral received for securities on loan.
ADR  American Depositary Receipt
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 365 USD 43,017 Jun 2024 $470,890
        Net Appreciation $470,890
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX 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 4,078 AUD 6,215 04/03/2024 $27
CGM USD 4,450 AUD 6,691 04/05/2024 89
CGM USD 53,606 AUD 81,669 04/11/2024 369
CGM USD 2,443 AUD 3,673 04/12/2024 49
CGM USD 7,971 AUD 12,204 04/15/2024 15
CGM USD 3,214,622 CHF 2,700,000 04/10/2024 216,455
CGM USD 466,655 EUR 429,051 04/03/2024 3,670
CGM USD 5,719 EUR 5,268 04/04/2024 34
CGM USD 1,516,602 EUR 1,378,000 04/10/2024 29,228
CGM USD 90,928 GBP 72,019 04/11/2024 26
CGM USD 9,013 GBP 7,139 04/12/2024 3
CGM USD 21,859 JPY 3,189,540 04/26/2024 697
CGM USD 7,242 JPY 1,078,650 05/02/2024 78
CGM USD 4,972 JPY 739,840 05/08/2024 53
CGM USD 18,394 JPY 2,734,875 05/13/2024 196
CGM USD 10,565 JPY 1,570,416 05/15/2024 112
CGM USD 7,909 JPY 1,174,704 05/20/2024 84
CGM USD 9,876 JPY 1,466,365 05/22/2024 104
CGM USD 38,751 JPY 5,748,660 05/28/2024 406
CGM USD 4,455 NZD 7,254 04/02/2024 121
CGM USD 22,657 NZD 37,454 04/05/2024 281
CGM USD 14,520 SEK 152,849 04/02/2024 238
MEL USD 9,505 AUD 14,590 04/03/2024 (4)
MEL USD 12,226 AUD 18,738 04/08/2024 12
MEL USD 25,835 AUD 39,734 04/11/2024 (66)
MEL USD 42,683 AUD 65,502 04/12/2024 (16)
MEL USD 7,306 AUD 11,106 04/15/2024 66
MEL USD 87,142 AUD 132,874 04/18/2024 512
MEL USD 40,189 CHF 36,448 04/03/2024 (252)
MEL USD 159,349 EUR 147,335 04/03/2024 360
MEL USD 24,888 EUR 23,011 04/04/2024 56
MEL USD 25,162 EUR 23,215 04/05/2024 110
MEL USD 7,039 EUR 6,490 04/08/2024 34
MEL USD 25,138 EUR 23,237 04/09/2024 57
MEL USD 49,966 EUR 45,962 05/10/2024 298
MEL USD 107,993 GBP 85,346 04/03/2024 272
MEL USD 320,912 GBP 252,204 04/18/2024 2,574
MEL USD 7,637 GBP 5,966 04/26/2024 107
MEL USD 92,358 GBP 72,146 04/29/2024 1,290
MEL USD 19,303 GBP 15,079 04/30/2024 270
MEL USD 181,944 GBP 143,171 05/02/2024 1,220
MEL USD 45,006 GBP 35,235 05/03/2024 529
MEL USD 40,724 GBP 32,261 05/09/2024 (1)
MEL USD 35,499 GBP 27,728 05/16/2024 495
MEL USD 8,046 HKD 62,876 04/17/2024 7
MEL USD 9,059 HKD 70,800 04/26/2024 5
MEL USD 3,953 ILS 14,396 04/04/2024 37
MEL USD 7,416 ILS 27,215 04/08/2024 12
MEL USD 8,149 ILS 29,894 04/11/2024 14
MEL USD 290,445 JPY 43,539,061 05/28/2024 27
MEL USD 15,822 JPY 2,371,500 05/29/2024 2
MEL USD 312,851 JPY 46,876,680 05/31/2024 38
MEL USD 178,064 JPY 26,660,496 06/05/2024 30
MEL USD 277,280 JPY 41,509,240 06/06/2024 50
MEL USD 15,133 JPY 2,265,122 06/07/2024 3
MEL USD 44,748 JPY 6,694,770 06/10/2024 10
MEL USD 5,538 JPY 828,240 06/12/2024 1
MEL USD 9,312 JPY 1,392,300 06/14/2024 2
MEL USD 18,620 JPY 2,736,150 06/17/2024 318
MEL USD 69,390 JPY 10,366,260 06/20/2024 20
MEL USD 81,368 JPY 12,153,776 06/21/2024 24
MEL USD 371,959 JPY 55,534,792 06/24/2024 115
MEL USD 444,568 JPY 66,356,167 06/26/2024 141
MEL USD 187,680 JPY 28,009,029 06/27/2024 59
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX 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)
MEL USD 153,682 JPY 22,932,039 06/28/2024 $47
MEL USD 768,918 JPY 114,676,363 07/01/2024 291
MEL USD 20,283 JPY 3,017,160 07/19/2024 6
MEL USD 14,349 NOK 153,063 04/05/2024 248
MEL USD 132,177 SEK 1,398,366 04/04/2024 1,507
MEL USD 290,250 SEK 3,081,943 04/05/2024 2,249
          Net Appreciation $265,521
Abbreviations  
CGM Citigroup Global Markets
MEL Mellon Capital
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
Summary of Investments by Country as of March 28, 2024.
Country Fair Value   Percentage of
Fund Investments
Japan $435,316,130   22.37%
United Kingdom 243,318,578   12.51
France 221,713,361   11.40
Switzerland 182,736,703   9.39
Germany 160,212,291   8.23
Australia 131,174,030   6.74
Netherlands 99,814,324   5.13
United States 94,103,894   4.84
Denmark 67,750,891   3.48
Sweden 56,835,387   2.92
Spain 50,431,525   2.59
Italy 44,304,005   2.28
Hong Kong 35,057,408   1.80
Ireland 26,066,781   1.34
Singapore 24,157,573   1.24
Finland 17,562,243   0.90
Belgium 14,481,369   0.75
Israel 13,491,645   0.69
Norway 10,886,261   0.56
New Zealand 4,511,406   0.23
Luxembourg 3,460,133   0.18
Austria 3,280,873   0.17
Portugal 2,798,755   0.14
Chile 1,062,673   0.06
Macau 718,852   0.04
Jordan 439,798   0.02
United Arab Emirates 454   0.00
Total $1,945,687,343   100.00%
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
COMMON STOCK
Basic Materials — 6.74%
83,432 Agnico Eagle Mines Ltd $    4,974,932
79,300 Anglo American PLC     1,953,973
21,400 Arkema SA     2,252,993
249,300 BlueScope Steel Ltd     3,877,381
42,600 Boliden AB     1,182,901
40,762 Croda International PLC     2,521,648
130,400 Fortescue Ltd 2,182,243
149,666 Franco-Nevada Corp 17,833,297
554 Givaudan SA 2,466,265
1,327,511 Glencore PLC 7,283,951
242,600 ICL Group Ltd 1,285,738
75,800 Kaneka Corp 1,886,201
710,000 Kingboard Holdings Ltd 1,449,597
347,200 Mitsubishi Chemical Group Corp 2,115,932
114,700 Mitsubishi Gas Chemical Co Inc(a) 1,924,065
75,100 Mitsui Chemicals Inc(a) 2,203,131
47,700 Nippon Soda Co Ltd(b) 1,909,807
32,700 Nitto Denko Corp 2,990,152
66,296 Novonesis / Novozymes Class B 3,899,634
311,900 Outokumpu OYJ(a) 1,356,780
64,200 Rio Tinto Ltd 5,095,242
44,407 Symrise AG 5,316,022
158,900 Tokuyama Corp 2,782,557
123,986 Wheaton Precious Metals Corp 5,839,804
58,600 Yara International ASA 1,858,154
    88,442,400
Communications — 3.08%
1,430,200 Airtel Africa PLC(c) 1,910,491
2,511,000 BT Group PLC 3,473,538
257,500 M3 Inc 3,705,769
18,643 Nice Ltd Sponsored ADR(a)(b) 4,858,739
1,726,600 Nippon Telegraph & Telephone Corp(a) 2,056,559
615,100 Nokia OYJ 2,182,441
192,200 Orange SA 2,260,282
224,800 ProSiebenSat.1 Media SE(a) 1,578,749
395,700 Telefonaktiebolaget LM Ericsson Class B(a) 2,128,138
516,700 Telefonica SA(a) 2,281,884
302,800 Television Francaise 1 SA(a) 2,765,885
69,200 United Internet AG 1,557,290
62,310 Wolters Kluwer NV 9,757,145
    40,516,910
Consumer, Cyclical — 11.90%
23,059 adidas AG 5,152,063
121,685 Associated British Foods PLC 3,837,725
68,500 Bayerische Motoren Werke AG 7,903,476
214,000 Betsson AB Class B 2,117,486
Shares   Fair Value
Consumer, Cyclical — (continued)
23,711 Cie Financiere Richemont SA $    3,609,772
90,400 Cie Generale des Etablissements Michelin SCA     3,464,444
360,400 Citizen Watch Co Ltd(a)     2,374,928
52,100 Daimler Truck Holding AG     2,640,164
81,200 Daiwa House Industry Co Ltd(a)     2,416,952
85,600 Daiwabo Holdings Co Ltd(b)     1,433,049
207,000 EDION Corp(a)     2,083,615
1,112,900 Harvey Norman Holdings Ltd(a) 3,734,881
394,500 Honda Motor Co Ltd(a) 4,881,421
440,100 International Consolidated Airlines Group SA(b) 838,616
198,100 Isuzu Motors Ltd(a) 2,677,807
48,400 ITOCHU Corp(a) 2,079,245
59,982 Iveco Group NV(b) 893,566
152,400 Jardine Cycle & Carriage Ltd 2,728,664
57,800 JB Hi-Fi Ltd 2,419,649
1,038,600 Kingfisher PLC 3,267,448
80,000 Kohnan Shoji Co Ltd 2,307,271
226,400 K's Holdings Corp(a) 1,946,938
3,566 LVMH Moet Hennessy Louis Vuitton SE 3,208,685
136,600 Marubeni Corp(a) 2,365,865
93,100 Mercedes-Benz Group AG 7,414,222
135,600 Mitsubishi Corp 3,133,883
71,700 Mitsui & Co Ltd 3,352,089
36,400 Mitsui-Soko Holdings Co Ltd(a) 1,124,691
190,100 Okamura Corp(a) 2,802,192
19,500 Pandora A/S 3,147,418
415,400 Pets at Home Group PLC 1,406,163
603,400 Pirelli & C SpA(c) 3,694,630
542,400 Qantas Airways Ltd(b) 1,925,591
212,200 Redrow PLC 1,781,055
170,200 Rexel SA 4,597,600
42,706 Ryanair Holdings PLC Sponsored ADR 6,217,567
112,700 Sojitz Corp(a) 2,972,904
166,012 Stellantis NV 4,717,144
158,100 Subaru Corp 3,580,625
119,900 Sumitomo Corp 2,888,145
116,200 Sumitomo Forestry Co Ltd 3,664,696
202,900 Super Retail Group Ltd 2,129,182
14,500 Swatch Group AG 3,382,593
112,500 Tokmanni Group Corp 1,842,375
153,500 Toyota Boshoku Corp(a) 2,615,742
312,100 Volvo AB Class B(a) 8,458,363
303,600 Yamaha Motor Co Ltd 2,796,633
108,600 Yokohama Rubber Co Ltd 2,929,222
627,500 Yue Yuen Industrial Holdings Ltd 881,916
82,964 Zalando SE(b)(c) 2,372,385
    156,212,756
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Consumer, Non-Cyclical — 18.59%
53,300 Adecco Group AG $    2,108,671
63,519 Agilent Technologies Inc     9,242,650
119,444 Amadeus IT Group SA     7,667,936
52,700 Arcs Co Ltd     1,088,347
118,634 Bayer AG     3,633,128
35,278 Beiersdorf AG     5,136,393
74,000 British American Tobacco PLC     2,245,511
81,085 Bruker Corp 7,617,125
127,700 Carrefour SA 2,190,615
165 Chocoladefabriken Lindt & Spruengli AG 1,974,856
357,000 CK Hutchison Holdings Ltd 1,718,115
152,200 Coca-Cola HBC AG 4,807,635
313,009 Diageo PLC 11,580,031
318,400 Elders Ltd 1,945,870
41,899 EssilorLuxottica SA 9,478,071
205,064 Experian PLC 8,932,644
88,500 Ezaki Glico Co Ltd 2,470,235
42,800 Fresenius SE & Co KGaA 1,154,183
506,600 GSK PLC 10,875,615
2,456,162 Haleon PLC 10,291,672
206,700 Imperial Brands PLC 4,619,386
98,225 Intertek Group PLC 6,181,800
28,300 Ipsen SA 3,367,607
57,160 Itoham Yonekyu Holdings Inc 1,501,673
841,400 J Sainsbury PLC 2,871,843
146,600 Koninklijke Ahold Delhaize NV 4,386,549
14,100 Kose Corp(a) 755,602
184,600 Lion Corp 1,650,277
4,720 L'Oreal SA 2,235,265
58,700 Megmilk Snow Brand Co Ltd(a) 1,041,735
716,900 Metcash Ltd 1,827,070
101,500 Mowi ASA 1,864,424
175,400 Novartis AG 16,988,970
247,401 Ocado Group PLC(a)(b) 1,418,498
232,900 Olympus Corp 3,353,367
129,100 Ono Pharmaceutical Co Ltd(a) 2,115,297
49,100 Otsuka Holdings Co Ltd 2,039,531
66,763 Pernod Ricard SA 10,807,906
38,900 Randstad NV(a) 2,054,145
49,075 Roche Holding AG 12,529,782
345,500 Rohto Pharmaceutical Co Ltd 6,713,022
43,880 Sandoz Group AG(b) 1,324,551
45,300 Sanofi SA 4,407,002
159,100 Santen Pharmaceutical Co Ltd(a) 1,564,639
124,000 Scandinavian Tobacco Group A/S(c) 2,220,355
225,300 Securitas AB Class B(a) 2,322,627
55,723 SGS SA 5,409,730
37,200 Shionogi & Co Ltd 1,900,986
27,900 Societe BIC SA 1,993,635
1,981,700 Sonae SGPS SA(b) 1,880,653
92,100 Suedzucker AG 1,320,526
Shares   Fair Value
Consumer, Non-Cyclical — (continued)
1,283,400 Tesco PLC $    4,805,313
144,700 Teva Pharmaceutical Industries Ltd(b)     2,041,151
158,700 Toyo Suisan Kaisha Ltd(a)     9,703,839
1,986,000 United Laboratories International Holdings Ltd     2,275,271
6,786,500 WH Group Ltd(c)     4,479,639
    244,132,969
Energy — 6.54%
240,112 Aker BP ASA 6,022,369
1,107,300 Beach Energy Ltd 1,328,041
715,500 BP PLC 4,488,180
173,600 Eni SpA 2,748,797
220,578 Galp Energia SGPS SA 3,646,690
692,100 New Hope Corp Ltd 2,096,694
45,500 OMV AG 2,155,001
238,015 Petroleo Brasileiro SA Sponsored ADR(a) 3,546,423
357,500 Repsol SA 5,967,131
375,800 Shell PLC(b) 12,466,463
453,723 TotalEnergies SE 31,211,429
511,011 Woodside Energy Group Ltd 10,185,639
    85,862,857
Financial — 21.47%
134,000 3i Group PLC 4,749,595
220,600 ABN AMRO Bank NV(c) 3,774,975
457,600 Aegon Ltd 2,791,747
2,774,463 AIB Group PLC 14,084,437
10,500 Allianz SE 3,147,041
134,826 ANZ Group Holdings Ltd 2,584,084
55,900 ASR Nederland NV 2,739,654
359,400 Aviva PLC 2,254,669
140,600 AXA SA 5,280,361
8,400 Baloise Holding AG 1,317,168
447,900 Banco Bilbao Vizcaya Argentaria SA 5,333,834
2,573,337 Banco de Sabadell SA 4,048,335
773,300 Banco Santander SA 3,777,143
235,700 Bank Leumi Le-Israel BM 1,959,255
1,233,422 Bank of Ireland Group PLC 12,587,204
981,700 Barclays PLC 2,274,984
41,400 BAWAG Group AG(c) 2,620,275
64,700 BNP Paribas SA 4,606,324
2,481,281 CaixaBank SA 12,040,650
622,500 Chiba Bank Ltd(a)(b) 5,179,936
191,600 Credit Agricole SA 2,858,285
123,100 Danske Bank A/S 3,695,021
85,700 DBS Group Holdings Ltd 2,287,146
193,400 Deutsche Bank AG 3,046,110
61,105 Deutsche Boerse AG 12,513,729
113,800 DNB Bank ASA 2,262,066
100,800 Eurocommercial Properties NV REIT 2,300,617
71,938 Euronext NV(c) 6,846,369
76,000 Fukuoka Financial Group Inc 2,028,851
600,500 Gunma Bank Ltd(a) 3,409,335
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Financial — (continued)
200,200 Hachijuni Bank Ltd(a) $    1,351,717
1,117,900 Helia Group Ltd     2,848,257
231,673 Hiscox Ltd     3,622,906
219,900 ING Groep NV     3,620,288
486,800 Japan Post Holdings Co Ltd     4,904,572
103,845 Julius Baer Group Ltd     6,022,842
30,637 Jyske Bank A/S     2,595,128
20,170 LEG Immobilien SE(b) 1,732,425
5,601,600 Lloyds Banking Group PLC 3,662,717
798,880 Mebuki Financial Group Inc(a) 2,624,824
155,300 Mediobanca Banca di Credito Finanziario SpA(b) 2,314,206
301,900 Mitsubishi HC Capital Inc 2,105,645
280,400 Mitsubishi UFJ Financial Group Inc 2,852,818
166,600 Mizuho Financial Group Inc 3,294,566
5,468,658 NatWest Group PLC 18,309,478
77,200 NN Group NV 3,563,956
473,800 Nomura Holdings Inc 3,032,567
269,700 Nordea Bank Abp 3,005,669
292,100 North Pacific Bank Ltd(a)(b) 851,995
238,400 ORIX Corp 5,214,225
2,091,100 Resona Holdings Inc 12,890,503
85,700 Societe Generale SA 2,296,169
676,600 Stockland REIT 2,137,967
54,800 Sumitomo Mitsui Financial Group Inc(a) 3,204,304
128,900 Swedbank AB Class A(a) 2,558,375
25,500 Swiss Re AG 3,280,190
114,006 Sydbank AS(b) 5,910,303
65,661 TAG Immobilien AG(b) 897,399
570,797 UBS Group AG 17,575,372
802,300 UnipolSai Assicurazioni SpA(a) 2,324,375
139,800 United Overseas Bank Ltd 3,039,257
144,411 Vonovia SE 4,267,616
20,333 Willis Towers Watson PLC 5,591,575
    281,903,406
Industrial — 17.72%
74,300 AGC Inc(a) 2,695,778
250,800 Alps Alpine Co Ltd(a) 1,971,846
217,000 Amada Co Ltd(a) 2,485,136
112,400 BAE Systems PLC 1,915,193
57,900 Bekaert SA 2,968,885
104,400 Bouygues SA 4,262,129
248,400 bpost SA(a) 928,308
115,700 Brother Industries Ltd(a) 2,145,798
4,800 Bucher Industries AG 2,110,723
38,300 Cargotec OYJ Class B 2,670,451
85,700 Cia de Distribucion Integral Logista Holdings SA 2,395,126
179,965 Cie de Saint-Gobain SA(b) 13,967,808
126,685 CRH PLC 10,927,848
15,647 D/S Norden A/S 639,494
97,500 Deutsche Post AG 4,202,009
25,700 Dfds A/S 747,097
Shares   Fair Value
Industrial — (continued)
241,561 Epiroc AB Class A $    4,534,719
618,323 Firstgroup PLC     1,408,016
295,400 Fujikura Ltd(a)     4,366,053
135,423 GEA Group AG     5,725,725
261,000 Hazama Ando Corp     2,032,629
51,000 Heidelberg Materials AG     5,614,167
48,079 Hirose Electric Co Ltd(a)     4,940,604
96,800 Holcim AG 8,769,769
111,300 Hosiden Corp 1,417,180
459,479 IMI PLC 10,520,293
97,100 Kamigumi Co Ltd 2,139,844
65,790 Knorr-Bremse AG 4,976,026
114,300 Komatsu Ltd(a) 3,382,228
155,803 Legrand SA 16,499,079
96,100 Leonardo SpA 2,414,390
166,400 Metsa Board OYJ Class B(b) 1,260,629
619,700 Mitsubishi Electric Corp 10,373,126
35,400 Nichiha Corp(b) 800,212
227,900 QinetiQ Group PLC 1,049,262
266,700 Rengo Co Ltd 2,033,065
4,000 ROCKWOOL A/S Class B 1,316,102
32,200 Sankyu Inc(b) 1,108,258
20,621 Schindler Holding AG 5,190,682
93,354 Schneider Electric SE 21,105,206
110,300 Seino Holdings Co Ltd(a) 1,513,849
309,200 Shimadzu Corp 8,612,497
92,300 Signify NV(c) 2,841,418
16,967 Sika AG 5,048,538
148,300 SKF AB Class B(a) 3,027,517
7,700 SMC Corp 4,344,033
30,702 Spirax-Sarco Engineering PLC 3,893,404
121,400 Sumitomo Heavy Industries Ltd 3,822,787
232,037 Svenska Cellulosa AB SCA Class B(a) 3,567,338
89,100 Taisei Corp 3,247,612
41,500 Takeuchi Manufacturing Co Ltd(b) 1,663,572
30,500 TKH Group NV(b) 1,300,241
34,200 Tsubakimoto Chain Co(b) 1,152,146
44,500 Verallia SA(c) 1,730,118
109,600 Wienerberger AG 3,992,281
123,800 Yokogawa Electric Corp 2,851,036
    232,619,280
Technology — 8.99%
42,921 Analog Devices Inc 8,489,345
5,955 ASML Holding NV 5,773,164
60,475 Cadence Design Systems Inc(b) 18,824,658
79,900 Canon Inc 2,380,625
41,237 Capgemini SE 9,489,109
65,200 Computacenter PLC(b) 2,215,091
83,229 Dassault Systemes SE 3,684,324
3,900 Disco Corp 1,425,580
55,900 DTS Corp(b) 1,461,193
147,100 Indra Sistemas SA 3,048,598
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
Technology — (continued)
63,400 Infineon Technologies AG $    2,155,958
178,971 Nomura Research Institute Ltd     5,055,706
2,174,000 PAX Global Technology Ltd     1,713,779
265,834 Samsung Electronics Co Ltd    15,975,960
65,603 SAP SE    12,774,191
158,300 Seiko Epson Corp(a)     2,769,067
99,700 STMicroelectronics NV     4,290,930
121,769 Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR 16,566,673
    118,093,951
Utilities — 0.89%
1,366,800 A2A SpA 2,465,666
304,600 AGL Energy Ltd 1,656,482
441,300 Drax Group PLC 2,791,614
285,900 Engie SA 4,790,943
    11,704,705
TOTAL COMMON STOCK — 95.92%
(Cost $1,082,876,859) 		$1,259,489,234
PREFERRED STOCK
Consumer, Cyclical — 0.51%
423,994 Schaeffler AG 2,860,121
28,400 Volkswagen AG 3,766,535
TOTAL PREFERRED STOCK — 0.51%
(Cost $10,417,816) 		$6,626,656
Principal Amount    
SHORT TERM INVESTMENTS
Repurchase Agreements — 10.01%
$32,852,924 Undivided interest of 18.37% 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 $32,852,924 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.(d) 32,852,924
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$32,852,924 Undivided interest of 18.41% 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 $32,852,924 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.(d) $   32,852,924
32,852,925 Undivided interest of 18.51% 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 $32,852,925 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)     32,852,925
32,852,924 Undivided interest of 23.86% in a repurchase agreement (principal amount/value $138,121,676 with a maturity value of $138,203,475) with Bank of Montreal, 5.33%, dated 3/28/24 to be repurchased at $32,852,924 on 4/1/24 collateralized by Federal National Mortgage Association securities, 3.50% - 7.00%, 8/1/33 - 3/1/54, with a value of $140,884,109.(d)    32,852,924
TOTAL SHORT TERM INVESTMENTS — 10.01%
(Cost $131,411,697) 		$131,411,697
TOTAL INVESTMENTS — 106.44%
(Cost $1,224,706,372) 		$1,397,527,587
OTHER ASSETS & LIABILITIES, NET — (6.44)% $(84,516,698)
TOTAL NET ASSETS — 100.00% $1,313,010,889
 
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(a)  All or a portion of the security is on loan at March 28, 2024.
(b)  Non-income producing security.
(c)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(d)  Collateral received for securities on loan.
ADR  American Depositary Receipt
REIT  Real Estate Investment Trust
Summary of Investments by Country as of March 28, 2024.
Country Fair Value   Percentage of
Fund Investments
Japan $249,037,959   17.82%
France 179,102,204   12.82
United States 175,585,474   12.56
United Kingdom 153,470,860   10.98
Germany 112,857,653   8.08
Switzerland 111,202,059   7.96
Netherlands 56,467,412   4.04
Ireland 52,749,698   3.77
Australia 47,974,272   3.43
Spain 46,560,636   3.33
Sweden 29,897,463   2.14
Canada 28,648,033   2.05
Denmark 24,170,551   1.73
Italy 16,855,632   1.21
Taiwan 16,566,673   1.18
South Korea 15,975,960   1.14
Hong Kong 12,518,318   0.90
Finland 12,318,345   0.88
Norway 12,007,012   0.86
Israel 10,144,883   0.73
Austria 8,767,558   0.63
Singapore 8,055,067   0.58
Portugal 5,527,343   0.39
Belgium 3,897,193   0.28
Bermuda 3,622,906   0.26
Brazil 3,546,423   0.25
Total $1,397,527,587   100.00%
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 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 securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the over-the-counter (OTC) market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.
For private equity securities that are not traded on an exchange, an appropriate source, which may include the use of an internally developed or approved valuation model, a different external pricing vendor, or sourcing a price from a broker will be used. Valuation of these securities will be reviewed regularly by the Fair Value Pricing Committee.
Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value. Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.
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
Common Stock Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data.
Preferred Stock Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices.
Rights Exchange traded close price, bids and evaluated bids
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.
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 or geography classifications, as applicable, are included in the Schedule of Investments.
March 28, 2024

 

Empower Emerging Markets Equity Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Common Stock              
Basic Materials $11,679,376   $23,575,804   $—   $35,255,180
Communications 27,786,851   98,823,256   —   126,610,107
Consumer, Cyclical 22,240,084   73,785,155   —   96,025,239
Consumer, Non-cyclical 28,334,625   63,832,722   —   92,167,347
Diversified 1,541,072   640,432   —   2,181,504
Energy 8,590,750   28,822,966   —   37,413,716
Financial 48,609,661   167,364,528   —   215,974,189
Industrial 12,932,191   57,669,936   —   70,602,127
Technology 4,990,467   202,188,680   —   207,179,147
Utilities 8,106,906   7,819,164   —   15,926,070
  174,811,983   724,522,643   —   899,334,626
Exchange Traded Funds 8,864,088   —   —   8,864,088
Short Term Investments —   9,552,470   —   9,552,470
Total investments, at fair value: 183,676,071   734,075,113   —   917,751,184
Other Financial Investments:              
Forward Foreign Currency Contracts(a) —   206   —   206
Total Assets $183,676,071   $734,075,319   $—   $917,751,390
(a)  Forward Foreign Currency Contracts are reported at the security’s unrealized appreciation/(depreciation), which represents the change in the contract’s value from trade date
Empower International Growth Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Common Stock              
Basic Materials $5,783,570   $19,727,285   $—   $25,510,855
Communications 21,487,233   8,173,247   —   29,660,480
Consumer, Cyclical 8,560,006   69,404,251   —   77,964,257
Consumer, Non-cyclical 6,094,569   127,128,738   —   133,223,307
Financial —   48,943,949   —   48,943,949
Industrial —   92,727,409   —   92,727,409
Technology 33,853,828   49,304,494   —   83,158,322
Utilities —   2,818,376   —   2,818,376
  75,779,206   418,227,749   —   494,006,955
Short Term Investments —   9,715,838   —   9,715,838
Total Assets $75,779,206   $427,943,587   $—   $503,722,793
March 28, 2024

 

Empower International Index Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Common Stock              
Basic Materials $822,122   $109,960,597   $—   $110,782,719
Communications 5,521,937   74,937,698   —   80,459,635
Consumer, Cyclical —   272,934,651   —   272,934,651
Consumer, Non-cyclical 9,961,690   427,396,704   454   437,358,848
Diversified 621,941   —   —   621,941
Energy —   79,563,492   —   79,563,492
Financial 2,183,852   391,123,498   —   393,307,350
Industrial 7,622,947   263,032,952   —   270,655,899
Technology 3,844,440   137,758,074   —   141,602,514
Utilities 794,016   55,200,920   —   55,994,936
  31,372,945   1,811,908,586   454   1,843,281,985
Preferred Stock —   8,282,612   —   8,282,612
Rights —   —   18,851   18,851
Short Term Investments —   94,103,895   —   94,103,895
Total investments, at fair value: 31,372,945   1,914,295,093   19,305   1,945,687,343
Other Financial Investments:              
Forward Foreign Currency Contracts(a) —   265,861   —   265,861
Futures Contracts(a) 470,890   —   —   470,890
Total Assets $31,843,835   $1,914,560,954   $19,305   $1,946,424,094
Liabilities              
Other Financial Investments:              
Forward Foreign Currency Contracts(a) —   (340)   —   (340)
Total Liabilities $0   $(340)   $—   $(340)
(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.
Empower International Value Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Common Stock              
Basic Materials $28,648,033   $59,794,367   $—   $88,442,400
Communications 4,858,739   35,658,171   —   40,516,910
Consumer, Cyclical 9,404,785   146,807,971   —   156,212,756
Consumer, Non-cyclical 19,080,130   225,052,839   —   244,132,969
Energy 3,546,423   82,316,434   —   85,862,857
Financial 9,214,481   272,688,925   —   281,903,406
Industrial 11,856,156   220,763,124   —   232,619,280
Technology 45,594,455   72,499,496   —   118,093,951
Utilities 2,791,614   8,913,091   —   11,704,705
  134,994,816   1,124,494,418   —   1,259,489,234
Preferred Stock —   6,626,656   —   6,626,656
Short Term Investments —   131,411,697   —   131,411,697
Total Assets $134,994,816   $1,262,532,771   $—   $1,397,527,587
March 28, 2024

 

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.
Foreign Currency Translations and Transactions
The accounting records of the Funds are maintained in U.S. dollars.  Investment securities, and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate.  Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.
A Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.  Such fluctuations are included with the net realized and unrealized gain or loss.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by a Fund and the U.S. dollar equivalent of the amounts actually received or paid.  Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.  These gains and losses are included in net realized gain or loss and change in net unrealized appreciation or depreciation on the Statement of Operations.
Futures Contracts
A Fund may use futures to equitize cash. 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. As of March 28, 2024, the Empower International Index Fund utilized futures contracts.
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.  As of March 28, 2024, the Empower International Index Fund and  Empower Emerging Markets Equity Fund utilized forward foreign currency contracts.
The following table represents the average month-end volume of each Fund's derivative transactions, if any, during the reporting period:
Empower Emerging Markets Equity Fund  
Forward Currency Exchange Contracts:  
Average notional amount $13,457
Empower International Index Fund  
Futures Contracts:  
Average long contracts 314
March 28, 2024

 

Empower International Index Fund  
Average notional long $35,961,450
Forward Currency Exchange Contracts:  
Average notional amount $7,312,852
March 28, 2024