EMPOWER FUNDS, INC.
EMPOWER CONSERVATIVE PROFILE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
11,464,580 Empower Core Bond Fund Institutional Class(a) $   95,958,533
16,108,813 Empower Global Bond Fund Institutional Class(a)   122,749,157
5,984,437 Empower High Yield Bond Fund Institutional Class(a)    57,929,350
7,198,128 Empower Inflation-Protected Securities Fund Institutional Class(a)    64,063,341
15,076,140 Empower Multi-Sector Bond Fund Institutional Class(a)   124,378,157
13,869,964 Empower Short Duration Bond Fund Institutional Class(a)   133,151,656
11,775,875 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)    95,973,379
     
TOTAL BOND MUTUAL FUNDS — 47.29%
(Cost $728,992,589) 		$694,203,573
EQUITY MUTUAL FUNDS
2,873,871 Empower Emerging Markets Equity Fund Institutional Class(a) 25,663,670
2,847,831 Empower International Growth Fund Institutional Class(a) 27,680,916
7,841,636 Empower International Value Fund Institutional Class(a) 69,241,647
3,148,362 Empower Large Cap Growth Fund Institutional Class(a) 36,583,965
12,255,516 Empower Large Cap Value Fund Institutional Class(a) 92,896,810
Shares   Fair Value
Equity Mutual Funds — (continued)
5,642,854 Empower Mid Cap Value Fund Institutional Class(a) $   50,729,262
8,968,208 Empower Real Estate Index Fund Institutional Class(a)    75,422,629
1,137,451 Empower Small Cap Growth Fund Institutional Class(a)    13,080,680
4,626,407 Empower Small Cap Value Fund Institutional Class(a)    33,078,815
3,066,638 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)    20,270,476
     
TOTAL EQUITY MUTUAL FUNDS — 30.29%
(Cost $412,047,688) 		$444,648,870
Account Balance    
FIXED INTEREST CONTRACT
329,631,649(b) Empower of America Contract(a) 1.80%(c) 329,631,649
     
TOTAL FIXED INTEREST CONTRACT — 22.45%
(Cost $329,631,649) 		$329,631,649
TOTAL INVESTMENTS — 100.03%
(Cost $1,470,671,926) 		$1,468,484,092
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(399,424)
TOTAL NET ASSETS — 100.00% $1,468,084,668
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at March 28, 2024. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MODERATELY CONSERVATIVE PROFILE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
4,598,741 Empower Core Bond Fund Institutional Class(a) $ 38,491,460
6,456,567 Empower Global Bond Fund Institutional Class(a)  49,199,044
2,397,652 Empower High Yield Bond Fund Institutional Class(a)  23,209,265
2,882,098 Empower Inflation-Protected Securities Fund Institutional Class(a)  25,650,674
6,041,880 Empower Multi-Sector Bond Fund Institutional Class(a)  49,845,510
2,230,745 Empower Short Duration Bond Fund Institutional Class(a)  21,415,152
4,723,847 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)  38,499,349
     
TOTAL BOND MUTUAL FUNDS — 32.93%
(Cost $262,465,167) 		$246,310,454
EQUITY MUTUAL FUNDS
2,369,796 Empower Emerging Markets Equity Fund Institutional Class(a) 21,162,273
2,342,946 Empower International Growth Fund Institutional Class(a) 22,773,429
6,459,561 Empower International Value Fund Institutional Class(a) 57,037,923
2,605,320 Empower Large Cap Growth Fund Institutional Class(a) 30,273,820
10,065,898 Empower Large Cap Value Fund Institutional Class(a) 76,299,505
4,631,448 Empower Mid Cap Value Fund Institutional Class(a) 41,636,719
Shares   Fair Value
Equity Mutual Funds — (continued)
4,055,330 Empower Real Estate Index Fund Institutional Class(a) $ 34,105,327
934,055 Empower Small Cap Growth Fund Institutional Class(a)  10,741,634
3,798,220 Empower Small Cap Value Fund Institutional Class(a)  27,157,276
2,509,038 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  16,584,744
     
TOTAL EQUITY MUTUAL FUNDS — 45.16%
(Cost $315,974,930) 		$337,772,650
Account Balance    
FIXED INTEREST CONTRACT
164,149,492(b) Empower of America Contract(a) 1.80%(c) 164,149,492
     
TOTAL FIXED INTEREST CONTRACT — 21.94%
(Cost $164,149,492) 		$164,149,492
TOTAL INVESTMENTS — 100.03%
(Cost $742,589,589) 		$748,232,596
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(206,305)
TOTAL NET ASSETS — 100.00% $748,026,291
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at March 28, 2024. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MODERATE PROFILE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
7,404,927 Empower Core Bond Fund Institutional Class(a) $   61,979,237
10,392,584 Empower Global Bond Fund Institutional Class(a)    79,191,491
3,857,147 Empower High Yield Bond Fund Institutional Class(a)    37,337,178
4,637,660 Empower Inflation-Protected Securities Fund Institutional Class(a)    41,275,179
9,725,769 Empower Multi-Sector Bond Fund Institutional Class(a)    80,237,597
3,574,975 Empower Short Duration Bond Fund Institutional Class(a)    34,319,756
7,605,463 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)    61,984,528
     
TOTAL BOND MUTUAL FUNDS — 23.89%
(Cost $439,628,151) 		$396,324,966
EQUITY MUTUAL FUNDS
7,256,087 Empower Emerging Markets Equity Fund Institutional Class(a) 64,796,852
7,184,628 Empower International Growth Fund Institutional Class(a) 69,834,584
19,807,200 Empower International Value Fund Institutional Class(a) 174,897,583
7,955,543 Empower Large Cap Growth Fund Institutional Class(a) 92,443,415
30,947,190 Empower Large Cap Value Fund Institutional Class(a) 234,579,696
Shares   Fair Value
Equity Mutual Funds — (continued)
14,239,851 Empower Mid Cap Value Fund Institutional Class(a) $  128,016,256
7,992,286 Empower Real Estate Index Fund Institutional Class(a)    67,215,129
2,873,486 Empower Small Cap Growth Fund Institutional Class(a)    33,045,091
11,665,485 Empower Small Cap Value Fund Institutional Class(a)    83,408,217
7,706,748 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)    50,941,605
     
TOTAL EQUITY MUTUAL FUNDS — 60.22%
(Cost $947,050,643) 		$999,178,428
Account Balance    
FIXED INTEREST CONTRACT
264,189,714(b) Empower of America Contract(a) 1.80%(c) 264,189,714
     
TOTAL FIXED INTEREST CONTRACT — 15.92%
(Cost $264,189,714) 		$264,189,714
TOTAL INVESTMENTS — 100.03%
(Cost $1,650,868,508) 		$1,659,693,108
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(479,473)
TOTAL NET ASSETS — 100.00% $1,659,213,635
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at March 28, 2024. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MODERATELY AGGRESSIVE PROFILE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
2,998,487 Empower Core Bond Fund Institutional Class(a) $ 25,097,333
4,211,251 Empower Global Bond Fund Institutional Class(a)  32,089,735
1,567,957 Empower High Yield Bond Fund Institutional Class(a)  15,177,826
1,881,052 Empower Inflation-Protected Securities Fund Institutional Class(a)  16,741,367
3,951,704 Empower Multi-Sector Bond Fund Institutional Class(a)  32,601,553
3,324,252 Empower Short Duration Bond Fund Institutional Class(a)  31,912,818
3,081,877 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)  25,117,296
     
TOTAL BOND MUTUAL FUNDS — 17.93%
(Cost $190,881,340) 		$178,737,928
EQUITY MUTUAL FUNDS
5,397,752 Empower Emerging Markets Equity Fund Institutional Class(a) 48,201,925
5,343,308 Empower International Growth Fund Institutional Class(a) 51,936,954
14,751,311 Empower International Value Fund Institutional Class(a) 130,254,074
5,919,588 Empower Large Cap Growth Fund Institutional Class(a) 68,785,617
23,040,684 Empower Large Cap Value Fund Institutional Class(a) 174,648,384
10,601,264 Empower Mid Cap Value Fund Institutional Class(a) 95,305,367
Shares   Fair Value
Equity Mutual Funds — (continued)
4,190,209 Empower Real Estate Index Fund Institutional Class(a) $ 35,239,655
2,139,995 Empower Small Cap Growth Fund Institutional Class(a)  24,609,941
8,690,852 Empower Small Cap Value Fund Institutional Class(a)  62,139,589
5,737,339 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  37,923,813
     
TOTAL EQUITY MUTUAL FUNDS — 73.15%
(Cost $721,637,301) 		$729,045,319
Account Balance    
FIXED INTEREST CONTRACT
89,188,516(b) Empower of America Contract(a) 1.80%(c) 89,188,516
     
TOTAL FIXED INTEREST CONTRACT — 8.95%
(Cost $89,188,516) 		$89,188,516
TOTAL INVESTMENTS — 100.03%
(Cost $1,001,707,157) 		$996,971,763
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(298,284)
TOTAL NET ASSETS — 100.00% $996,673,479
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at March 28, 2024. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER AGGRESSIVE PROFILE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares   Fair Value
EQUITY MUTUAL FUNDS
6,283,618 Empower Emerging Markets Equity Fund Institutional Class(a) $ 56,112,708
6,219,958 Empower International Growth Fund Institutional Class(a)  60,457,998
17,147,802 Empower International Value Fund Institutional Class(a) 151,415,089
6,895,947 Empower Large Cap Growth Fund Institutional Class(a)  80,130,911
26,765,314 Empower Large Cap Value Fund Institutional Class(a) 202,881,076
12,312,358 Empower Mid Cap Value Fund Institutional Class(a) 110,688,101
3,020,181 Empower Real Estate Index Fund Institutional Class(a)  25,399,721
2,491,577 Empower Small Cap Growth Fund Institutional Class(a) 28,653,133
Shares   Fair Value
Equity Mutual Funds — (continued)
10,108,002 Empower Small Cap Value Fund Institutional Class(a) $ 72,272,212
6,675,579 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  44,125,578
     
TOTAL EQUITY MUTUAL FUNDS — 100.03%
(Cost $797,649,640) 		$832,136,527
TOTAL INVESTMENTS — 100.03%
(Cost $797,649,640) 		$832,136,527
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(251,409)
TOTAL NET ASSETS — 100.00% $831,885,118
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
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 the Funds has adopted policies and procedures for the valuation of each Fund's securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC (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 1940 Act), 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.
Investments in shares of the underlying mutual funds are valued at the net asset value as reported by the underlying mutual fund, which may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. The net asset value of each class of 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.
Investments in fixed interest contracts issued by Empower Annuity Insurance Company of America (Empower of America Contract) are valued at the amount of net deposits plus accrued interest, determined on a daily basis.  The Empower of America Contract is backed by the general account of Empower Annuity Insurance Company of America (Empower of America).
The Funds classify valuations into three levels based upon the observability of inputs to the valuation of each Fund’s investments.  The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly.  These may include quoted prices for similar assets in active markets. 
Level 3 – Unobservable inputs to the extent observable inputs are not available.  Unobservable inputs reflect a Fund’s own assumptions and would be based on the best information available under the circumstances. 
As of March 28, 2024, each Fund’s investments in the underlying mutual funds are valued using Level 1 inputs.  Each Fund’s investment in the Empower of America Contract, if any,  is valued using Level 2 inputs. More information regarding each Fund’s sector classifications are included in the Schedule of Investments.
Fund-of-Funds Structure Risk
Since each Fund invests directly in underlying funds, all risks associated with the eligible underlying funds apply to each Fund. To the extent each Fund invests more of its assets in one underlying fund than another, each Fund will have greater exposure to the risks of that underlying fund.
Transactions with Affiliates
Each Fund may invest in the Empower of America Contract pursuant to exemptive relief issued by the U.S. Securities and Exchange Commission. The Empower of America Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation of the Funds. Empower of America calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). As a result of Empower of America being an affiliated entity, the Funds may be exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If Empower of America were to become insolvent, the Empower of America Contract would be settled commensurate with other policy holder obligations.
March 28, 2024

 

The amounts deposited will accrue interest at a declared rate of interest, adjustable on a calendar quarter or other periodic basis, guaranteed to be no less than 1.00%.The investment in the Empower of America Contract may be terminated by Empower of America or the Funds upon 7 days prior written notice. The guaranteed interest rate paid will be at least as favorable as the guaranteed interest rate paid on other similar products issued by Empower of America.
The following tables are a summary of the transactions for each underlying investment during the period ended March 28, 2024, in which the issuer was an affiliate of a Fund, as defined in the 1940 Act.
Empower Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
03/28/2024 		Value
12/31/2023 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
03/28/2024
BOND MUTUAL FUNDS 47.29%                          
Empower Core Bond Fund Institutional Class 11,464,580 $93,258,993 $5,470,935 $2,742,596 $(392,063)   $(28,799)   $-   $-   $95,958,533
Empower Global Bond Fund Institutional Class 16,108,813 124,278,289 8,014,789 9,306,162 (1,505,447)   (237,759)   -   -   122,749,157
Empower High Yield Bond Fund Institutional Class 5,984,437 55,639,892 3,179,986 1,669,494 (2,901)   778,966   -   -   57,929,350
Empower Inflation-Protected Securities Fund Institutional Class 7,198,128 62,004,049 3,497,312 1,853,674 (199,426)   415,654   -   -   64,063,341
Empower Multi-Sector Bond Fund Institutional Class 15,076,140 122,172,214 5,616,056 5,321,562 (832,718)   1,911,449   -   -   124,378,157
Empower Short Duration Bond Fund Institutional Class 13,869,964 124,254,440 11,705,767 3,858,409 (126,477)   1,049,858   -   -   133,151,656
Empower U.S. Government Mortgage Securities Fund Institutional Class 11,775,875 93,263,630 5,692,678 2,530,002 (325,128)   (452,927)   -   -   95,973,379
          (3,384,160)   3,436,442   0   0   694,203,573
EQUITY MUTUAL FUNDS 30.29%                          
Empower Emerging Markets Equity Fund Institutional Class 2,873,871 26,935,312 1,090,032 3,992,014 (264,893)   1,630,340   -   -   25,663,670
Empower International Growth Fund Institutional Class 2,847,831 26,735,051 1,139,156 2,360,134 (583,693)   2,166,843   -   -   27,680,916
Empower International Value Fund Institutional Class 7,841,636 66,742,173 2,999,835 3,186,751 1,517,904   2,686,390   -   -   69,241,647
Empower Large Cap Growth Fund Institutional Class 3,148,362 35,724,761 677,927 5,121,977 (412,951)   5,303,254   -   -   36,583,965
Empower Large Cap Value Fund Institutional Class 12,255,516 89,694,544 1,800,697 6,980,162 1,227,371   8,381,731   -   -   92,896,810
Empower Mid Cap Value Fund Institutional Class 5,642,854 48,729,270 1,615,062 5,008,717 (1,115,343)   5,393,647   -   -   50,729,262
Empower Real Estate Index Fund Institutional Class 8,968,208 71,614,178 6,787,170 3,364,622 (482,451)   385,903   -   -   75,422,629
Empower Small Cap Growth Fund Institutional Class 1,137,451 13,218,606 398,479 2,006,536 (385,845)   1,470,131   -   -   13,080,680
Empower Small Cap Value Fund Institutional Class 4,626,407 32,423,874 1,891,336 4,120,609 (977,759)   2,884,214   -   -   33,078,815
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 3,066,638 19,622,205 264,663 1,953,205 (723,083)   2,336,813   -   -   20,270,476
          (2,200,743)   32,639,266   0   0   444,648,870
March 28, 2024

 

Empower Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
03/28/2024 		Value
12/31/2023
Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation)
  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
03/28/2024
FIXED INTEREST CONTRACT 22.45%                          
Empower of America Contract 329,631,649 $320,075,869 $18,048,739 $9,930,930 $-   $-   $1,437,971   $-   $329,631,649
          0   0   1,437,971   0   329,631,649
        Total $(5,584,903)   $36,075,708   $1,437,971   $0   $1,468,484,092
Empower Moderately Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
03/28/2024 		Value
12/31/2023 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
03/28/2024
BOND MUTUAL FUNDS 32.93%                          
Empower Core Bond Fund Institutional Class 4,598,741 $36,752,574 $3,329,800 $1,720,793 $(290,158)   $129,879   $-   $-   $38,491,460
Empower Global Bond Fund Institutional Class 6,456,567 48,949,750 4,656,366 4,434,318 (707,683)   27,246   -   -   49,199,044
Empower High Yield Bond Fund Institutional Class 2,397,652 21,867,964 2,077,393 977,373 70,838   241,281   -   -   23,209,265
Empower Inflation-Protected Securities Fund Institutional Class 2,882,098 24,453,256 2,164,434 1,177,516 (123,497)   210,500   -   -   25,650,674
Empower Multi-Sector Bond Fund Institutional Class 6,041,880 48,092,335 3,751,705 2,755,089 (317,342)   756,559   -   -   49,845,510
Empower Short Duration Bond Fund Institutional Class 2,230,745 18,227,222 4,019,883 1,013,231 (42,951)   181,278   -   -   21,415,152
Empower U.S. Government Mortgage Securities Fund Institutional Class 4,723,847 36,742,669 3,428,536 1,645,929 (276,278)   (25,927)   -   -   38,499,349
          (1,687,071)   1,520,816   0   0   246,310,454
EQUITY MUTUAL FUNDS 45.16%                          
Empower Emerging Markets Equity Fund Institutional Class 2,369,796 21,759,504 1,458,570 3,385,174 (213,879)   1,329,373   -   -   21,162,273
Empower International Growth Fund Institutional Class 2,342,946 21,583,880 1,341,290 1,725,275 (274,953)   1,573,534   -   -   22,773,429
Empower International Value Fund Institutional Class 6,459,561 53,921,705 3,513,661 3,642,120 207,308   3,244,677   -   -   57,037,923
Empower Large Cap Growth Fund Institutional Class 2,605,320 28,875,208 1,248,561 3,962,742 (156,557)   4,112,793   -   -   30,273,820
Empower Large Cap Value Fund Institutional Class 10,065,898 72,683,654 2,116,601 4,362,414 1,998,651   5,861,664   -   -   76,299,505
Empower Mid Cap Value Fund Institutional Class 4,631,448 39,296,388 1,744,071 3,087,322 (173,195)   3,683,582   -   -   41,636,719
Empower Real Estate Index Fund Institutional Class 4,055,330 32,119,950 3,466,668 1,318,442 111,581   (162,849)   -   -   34,105,327
Empower Small Cap Growth Fund Institutional Class 934,055 10,629,385 478,538 1,657,791 (404,468)   1,291,502   -   -   10,741,634
Empower Small Cap Value Fund Institutional Class 3,798,220 26,300,355 1,909,121 3,641,635 (1,019,717)   2,589,435   -   -   27,157,276
March 28, 2024

 

Empower Moderately Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
03/28/2024 		Value
12/31/2023
Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation)
  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
03/28/2024
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 2,509,038 $15,923,138 $413,088 $1,560,901 $(497,634)   $1,809,419   $-   $-   $16,584,744
          (422,863)   25,333,130   0   0   337,772,650
FIXED INTEREST CONTRACT 21.94%                          
Empower of America Contract 164,149,492 156,477,919 16,088,098 9,128,513 -   -   711,988   -   164,149,492
          0   0   711,988   0   164,149,492
        Total $(2,109,934)   $26,853,946   $711,988   $0   $748,232,596
Empower Moderate Profile Fund
Affiliate Shares Held/
Account
Balance
03/28/2024 		Value
12/31/2023 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
03/28/2024
BOND MUTUAL FUNDS 23.89%                          
Empower Core Bond Fund Institutional Class 7,404,927 $57,978,359 $4,950,831 $886,352 $(181,898)   $(63,601)   $-   $-   $61,979,237
Empower Global Bond Fund Institutional Class 10,392,584 77,294,340 5,867,709 3,370,912 (485,484)   (599,646)   -   -   79,191,491
Empower High Yield Bond Fund Institutional Class 3,857,147 34,598,569 2,721,607 477,574 (2,976)   494,576   -   -   37,337,178
Empower Inflation-Protected Securities Fund Institutional Class 4,637,660 38,483,358 3,121,586 505,374 (32,130)   175,609   -   -   41,275,179
Empower Multi-Sector Bond Fund Institutional Class 9,725,769 76,019,157 4,888,799 1,592,132 (230,016)   921,773   -   -   80,237,597
Empower Short Duration Bond Fund Institutional Class 3,574,975 28,713,054 5,804,273 437,074 (18,565)   239,503   -   -   34,319,756
Empower U.S. Government Mortgage Securities Fund Institutional Class 7,605,463 57,892,479 5,169,400 702,147 (90,940)   (375,204)   -   -   61,984,528
          (1,042,009)   793,010   0   0   396,324,966
EQUITY MUTUAL FUNDS 60.22%                          
Empower Emerging Markets Equity Fund Institutional Class 7,256,087 65,376,414 2,845,940 6,733,192 (43,519)   3,307,690   -   -   64,796,852
Empower International Growth Fund Institutional Class 7,184,628 64,972,852 3,467,079 1,914,660 511,386   3,309,313   -   -   69,834,584
Empower International Value Fund Institutional Class 19,807,200 162,487,453 6,661,088 3,701,042 801,382   9,450,084   -   -   174,897,583
Empower Large Cap Growth Fund Institutional Class 7,955,543 87,261,444 2,068,724 9,422,395 (826,489)   12,535,642   -   -   92,443,415
Empower Large Cap Value Fund Institutional Class 30,947,190 218,891,161 2,949,482 9,404,568 1,438,775   22,143,621   -   -   234,579,696
Empower Mid Cap Value Fund Institutional Class 14,239,851 118,653,060 2,905,512 2,561,149 1,504,286   9,018,833   -   -   128,016,256
Empower Real Estate Index Fund Institutional Class 7,992,286 62,349,750 6,508,090 1,049,851 500,901   (592,860)   -   -   67,215,129
March 28, 2024

 

Empower Moderate Profile Fund
Affiliate Shares Held/
Account
Balance
03/28/2024 		Value
12/31/2023
Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation)
  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
03/28/2024
Empower Small Cap Growth Fund Institutional Class 2,873,486 $31,778,138 $1,251,659 $1,726,162 $903,845   $1,741,456   $-   $-   $33,045,091
Empower Small Cap Value Fund Institutional Class 11,665,485 78,963,503 4,278,149 2,947,396 1,618,150   3,113,961   -   -   83,408,217
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 7,706,748 47,610,044 1,570,306 2,860,304 (697,581)   4,621,559   -   -   50,941,605
          5,711,136   68,649,299   0   0   999,178,428
FIXED INTEREST CONTRACT 15.92%                          
Empower of America Contract 264,189,714 246,462,445 20,002,217 3,392,991 -   -   1,118,043   -   264,189,714
          0   0   1,118,043   0   264,189,714
        Total $4,669,127   $69,442,309   $1,118,043   $0   $1,659,693,108
Empower Moderately Aggressive Profile Fund
Affiliate Shares Held/
Account
Balance
03/28/2024 		Value
12/31/2023 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
03/28/2024
BOND MUTUAL FUNDS 17.93%                          
Empower Core Bond Fund Institutional Class 2,998,487 $23,743,608 $2,235,470 $965,393 $(184,288)   $83,648   $-   $-   $25,097,333
Empower Global Bond Fund Institutional Class 4,211,251 31,703,032 2,776,736 2,243,729 (292,935)   (146,304)   -   -   32,089,735
Empower High Yield Bond Fund Institutional Class 1,567,957 14,198,460 1,338,664 554,918 7,457   195,620   -   -   15,177,826
Empower Inflation-Protected Securities Fund Institutional Class 1,881,052 15,809,792 1,452,400 651,641 (73,141)   130,816   -   -   16,741,367
Empower Multi-Sector Bond Fund Institutional Class 3,951,704 31,183,134 2,331,649 1,426,479 (227,629)   513,249   -   -   32,601,553
Empower Short Duration Bond Fund Institutional Class 3,324,252 28,809,995 4,133,638 1,324,324 (75,756)   293,509   -   -   31,912,818
Empower U.S. Government Mortgage Securities Fund Institutional Class 3,081,877 23,743,702 2,307,056 931,308 (189,831)   (2,154)   -   -   25,117,296
          (1,036,123)   1,068,384   0   0   178,737,928
EQUITY MUTUAL FUNDS 73.15%                          
Empower Emerging Markets Equity Fund Institutional Class 5,397,752 49,127,319 2,027,172 6,171,621 (716,519)   3,219,055   -   -   48,201,925
Empower International Growth Fund Institutional Class 5,343,308 48,886,745 2,594,437 2,306,488 147,405   2,762,260   -   -   51,936,954
Empower International Value Fund Institutional Class 14,751,311 122,041,815 7,096,506 5,771,028 928,230   6,886,781   -   -   130,254,074
Empower Large Cap Growth Fund Institutional Class 5,919,588 65,558,597 2,279,633 8,008,988 (78,446)   8,956,375   -   -   68,785,617
Empower Large Cap Value Fund Institutional Class 23,040,684 164,202,095 2,695,924 13,905,782 (3,855,536)   21,656,147   -   -   174,648,384
March 28, 2024

 

Empower Moderately Aggressive Profile Fund
Affiliate Shares Held/
Account
Balance
03/28/2024 		Value
12/31/2023
Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation)
  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
03/28/2024
Empower Mid Cap Value Fund Institutional Class 10,601,264 $89,260,315 $2,577,578 $2,796,321 $1,693,894   $6,263,795   $-   $-   $95,305,367
Empower Real Estate Index Fund Institutional Class 4,190,209 33,071,597 3,175,726 1,160,787 (198,516)   153,119   -   -   35,239,655
Empower Small Cap Growth Fund Institutional Class 2,139,995 23,986,334 908,660 2,501,588 (216,209)   2,216,535   -   -   24,609,941
Empower Small Cap Value Fund Institutional Class 8,690,852 59,391,459 4,249,739 7,087,489 (1,994,855)   5,585,880   -   -   62,139,589
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 5,737,339 35,764,318 958,550 2,778,298 (1,018,735)   3,979,243   -   -   37,923,813
          (5,309,287)   61,679,190   0   0   729,045,319
FIXED INTEREST CONTRACT 8.95%                          
Empower of America Contract 89,188,516 84,301,114 8,277,348 3,773,154 -   -   383,208   -   89,188,516
          0   0   383,208   0   89,188,516
        Total $(6,345,410)   $62,747,574   $383,208   $0   $996,971,763
Empower Aggressive Profile Fund
Affiliate Shares Held/
Account
Balance
03/28/2024 		Value
12/31/2023 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
03/28/2024
EQUITY MUTUAL FUNDS 100.03%                          
Empower Emerging Markets Equity Fund Institutional Class 6,283,618 $57,033,496 $2,184,452 $6,411,138 $(429,209)   $3,305,898   $-   $-   $56,112,708
Empower International Growth Fund Institutional Class 6,219,958 56,511,666 3,077,886 1,925,258 541,844   2,793,704   -   -   60,457,998
Empower International Value Fund Institutional Class 17,147,802 141,237,280 7,980,212 5,784,880 993,174   7,982,477   -   -   151,415,089
Empower Large Cap Growth Fund Institutional Class 6,895,947 75,690,776 1,892,699 8,173,483 (467,620)   10,720,919   -   -   80,130,911
Empower Large Cap Value Fund Institutional Class 26,765,314 190,125,557 2,993,371 11,069,522 (290,179)   20,831,670   -   -   202,881,076
Empower Mid Cap Value Fund Institutional Class 12,312,358 102,979,507 2,966,692 4,464,680 (52,670)   9,206,582   -   -   110,688,101
Empower Real Estate Index Fund Institutional Class 3,020,181 23,453,018 2,422,112 534,268 (91,550)   58,859   -   -   25,399,721
Empower Small Cap Growth Fund Institutional Class 2,491,577 27,677,711 850,830 1,933,970 231,520   2,058,562   -   -   28,653,133
Empower Small Cap Value Fund Institutional Class 10,108,002 68,726,123 3,885,372 5,291,358 (848,143)   4,952,075   -   -   72,272,212
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 6,675,579 41,457,881 808,732 2,286,916 (726,044)   4,145,881   -   -   44,125,578
          (1,138,877)   66,056,627   0   0   832,136,527
        Total $(1,138,877)   $66,056,627   $0   $0   $832,136,527
March 28, 2024