NPORT-EX 2 edgar.htm NPORTEX
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 0.44%
  American Express Credit Account Master Trust  
  Series 2022-1 Class A  
$ 1,000,000 2.21%, 03/15/2027   $      971,084
  Series 2022-3 Class A  
   550,000 3.75%, 08/15/2027          539,400
  1,000,000 BA Credit Card Trust
Series 2022-A2 Class A2
5.00%, 04/15/2028  
       997,382
  Capital One Multi-Asset Execution Trust  
  Series 2019-A3 Class A3  
500,000 2.06%, 08/15/2028   467,621
  Series 2021-A2 Class A2  
1,000,000 1.39%, 07/15/2030   867,085
  Series 2022-A2 Class A  
1,300,000 3.49%, 05/15/2027   1,273,923
1,100,000 Carmax Auto Owner Trust
Series 2021-1 Class A4
0.53%, 10/15/2026  
1,054,895
2,000,000 CNH Equipment Trust
Series 2022-B Class A4
3.91%, 03/15/2028  
1,943,388
1,100,000 Discover Card Execution Note Trust
Series 2023-A1 Class A
4.31%, 03/15/2028  
1,084,356
1,100,000 Ford Credit Floorplan Master Owner Trust
Series 2018-4 Class A
4.06%, 11/15/2030  
1,058,243
1,000,000 GM Financial Consumer Automobile Receivables Trust
Series 2022-3 Class A4
3.71%, 12/16/2027  
971,485
1,200,000 Nissan Auto Receivables Owner Trust
Series 2022-B Class A4
4.45%, 11/15/2029  
1,180,349
750,000 Toyota Auto Loan Extended Note Trust(a)
Series 2019-1A Class A
2.56%, 11/25/2031  
746,617
1,100,000 Toyota Auto Receivables Owner Trust
Series 2022-B Class A4
3.11%, 08/16/2027  
1,058,161
1,000,000 Verizon Master Trust
Series 2021-1 Class A
0.50%, 05/20/2027  
992,797
1,000,000 World Omni Auto Receivables Trust
Series 2020-C Class A4
0.61%, 10/15/2026  
976,858
TOTAL ASSET-BACKED SECURITIES — 0.44%
(Cost $16,339,540)
$16,183,644
Principal Amount   Fair Value
CORPORATE BONDS AND NOTES
Basic Materials — 0.59%
$ 1,000,000 Air Products & Chemicals Inc
4.80%, 03/03/2033
$      994,621
  1,000,000 Albemarle Corp(b)
5.05%, 06/01/2032
       959,136
  BHP Billiton Finance USA Ltd  
   500,000 5.25%, 09/08/2026        502,958
 1,000,000 5.00%, 09/30/2043        962,769
  1,000,000 Cabot Corp
5.00%, 06/30/2032
       976,358
1,000,000 Celanese US Holdings LLC
6.17%, 07/15/2027
1,018,510
  CF Industries Inc  
175,000 5.15%, 03/15/2034 172,210
1,000,000 4.95%, 06/01/2043 894,817
2,150,000 Dow Chemical Co
4.80%, 11/30/2028
2,144,734
1,500,000 Eastman Chemical Co
4.65%, 10/15/2044
1,276,492
  Ecolab Inc  
500,000 1.65%, 02/01/2027 458,000
1,000,000 2.70%, 12/15/2051 646,595
1,000,000 LYB International Finance BV
5.25%, 07/15/2043
937,193
250,000 Mosaic Co
5.45%, 11/15/2033
249,922
500,000 Newmont Corp
2.80%, 10/01/2029
448,606
1,200,000 Newmont Corp / Newcrest Finance Pty Ltd(a)
5.35%, 03/15/2034
1,207,653
1,000,000 Nucor Corp
3.95%, 05/23/2025
984,308
  Nutrien Ltd  
1,000,000 4.90%, 03/27/2028 994,704
1,000,000 4.13%, 03/15/2035 908,105
1,000,000 Rio Tinto Finance USA PLC
5.00%, 03/09/2033
1,005,804
2,000,000 Sherwin-Williams Co
2.20%, 03/15/2032
1,628,934
500,000 Southern Copper Corp
5.25%, 11/08/2042
473,891
1,000,000 Steel Dynamics Inc
3.45%, 04/15/2030
917,395
250,000 Vale Overseas Ltd
6.88%, 11/21/2036
267,205
1,175,000 Westlake Corp(b)
3.13%, 08/15/2051
760,881
    21,791,801
Communications — 2.11%
  Alphabet Inc  
1,000,000 2.00%, 08/15/2026 941,199
175,000 1.90%, 08/15/2040 117,553
  Amazon.com Inc  
2,000,000 3.15%, 08/22/2027 1,906,179
2,000,000 4.65%, 12/01/2029(b) 2,011,085
175,000 2.10%, 05/12/2031 148,408
1,000,000 3.60%, 04/13/2032 931,315
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Communications — (continued)
$ 2,500,000 2.50%, 06/03/2050 $    1,595,575
 1,675,000 3.10%, 05/12/2051     1,202,983
   175,000 3.25%, 05/12/2061        122,899
    750,000 America Movil SAB de CV
2.88%, 05/07/2030
       663,193
  AT&T Inc  
   175,000 2.30%, 06/01/2027        161,309
 2,629,000 4.30%, 02/15/2030     2,526,652
2,000,000 2.75%, 06/01/2031 1,722,721
4,838,000 2.55%, 12/01/2033 3,875,117
175,000 4.50%, 05/15/2035 163,457
3,222,000 3.30%, 02/01/2052 2,229,870
1,034,000 3.50%, 09/15/2053 729,510
925,000 Bell Telephone Co of Canada / Bell Canada
3.20%, 02/15/2052
630,512
  Charter Communications Operating LLC / Charter Communications Operating Capital  
945,000 4.91%, 07/23/2025 933,499
3,000,000 3.50%, 03/01/2042 2,001,705
3,000,000 5.38%, 05/01/2047 2,417,297
600,000 Cisco Systems Inc
5.30%, 02/26/2054
615,891
  Comcast Corp  
1,000,000 4.55%, 01/15/2029 991,951
2,000,000 1.95%, 01/15/2031 1,661,810
1,000,000 5.50%, 11/15/2032 1,036,253
2,000,000 4.80%, 05/15/2033(b) 1,973,116
4,500,000 3.40%, 07/15/2046 3,359,792
175,000 2.80%, 01/15/2051 111,969
1,586,000 2.89%, 11/01/2051 1,029,510
1,388,000 2.94%, 11/01/2056 873,893
175,000 2.99%, 11/01/2063 107,474
640,000 Deutsche Telekom International Finance BV
8.75%, 06/15/2030
756,552
3,000,000 Discovery Communications LLC
3.63%, 05/15/2030
2,683,121
1,000,000 eBay Inc(b)
2.60%, 05/10/2031
859,513
500,000 Fox Corp
5.48%, 01/25/2039
475,839
  Motorola Solutions Inc  
1,500,000 2.75%, 05/24/2031 1,271,156
800,000 5.40%, 04/15/2034 798,420
1,000,000 Netflix Inc(a)
4.88%, 06/15/2030
993,004
  Paramount Global  
1,000,000 4.20%, 05/19/2032 830,753
800,000 4.95%, 05/19/2050 568,711
  Rogers Communications Inc  
1,000,000 5.30%, 02/15/2034 991,080
2,000,000 4.50%, 03/15/2042 1,737,023
1,175,000 Telefonica Emisiones SA
5.21%, 03/08/2047
1,081,181
750,000 Time Warner Cable LLC
4.50%, 09/15/2042
554,855
Principal Amount   Fair Value
Communications — (continued)
  T-Mobile USA Inc  
$ 1,500,000 1.50%, 02/15/2026 $    1,400,438
 1,000,000 4.80%, 07/15/2028        991,726
 1,500,000 5.20%, 01/15/2033     1,501,665
 1,000,000 5.75%, 01/15/2034     1,041,377
 2,500,000 4.38%, 04/15/2040     2,226,608
 1,675,000 3.40%, 10/15/2052     1,188,067
175,000 3.60%, 11/15/2060 122,705
1,500,000 TWDC Enterprises 18 Corp
4.13%, 12/01/2041
1,311,877
1,000,000 VeriSign Inc
2.70%, 06/15/2031
837,501
  Verizon Communications Inc  
1,500,000 2.63%, 08/15/2026 1,421,266
1,110,000 2.10%, 03/22/2028 999,292
1,000,000 1.75%, 01/20/2031 811,728
1,675,000 2.55%, 03/21/2031 1,430,988
3,500,000 2.85%, 09/03/2041 2,519,580
1,250,000 3.85%, 11/01/2042 1,027,901
1,175,000 3.55%, 03/22/2051 872,273
1,675,000 2.99%, 10/30/2056 1,071,429
175,000 3.70%, 03/22/2061 127,957
500,000 Vodafone Group PLC
4.13%, 05/30/2025
492,384
  Walt Disney Co  
2,500,000 2.20%, 01/13/2028 2,296,739
1,500,000 2.65%, 01/13/2031(b) 1,320,556
    77,408,962
Consumer, Cyclical — 1.65%
  American Honda Finance Corp  
1,000,000 4.90%, 03/12/2027 998,019
1,000,000 4.90%, 03/13/2029 997,167
1,000,000 Aptiv PLC
3.10%, 12/01/2051
630,696
175,000 AutoNation Inc
2.40%, 08/01/2031
140,976
500,000 AutoZone Inc(b)
5.20%, 08/01/2033
500,742
175,000 Brunswick Corp
2.40%, 08/18/2031
139,340
1,500,000 Costco Wholesale Corp
1.75%, 04/20/2032
1,215,186
1,000,000 Cummins Inc
5.15%, 02/20/2034
1,009,262
1,000,000 Daimler Trucks Finance North America LLC(a)
2.50%, 12/14/2031
829,784
  Dollar General Corp  
1,000,000 5.20%, 07/05/2028 1,005,179
500,000 3.50%, 04/03/2030 457,159
1,000,000 Dollar Tree Inc
2.65%, 12/01/2031
835,256
1,000,000 DR Horton Inc
1.40%, 10/15/2027
886,905
4,500,000 Ford Motor Co(b)
6.10%, 08/19/2032
4,559,918
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Consumer, Cyclical — (continued)
$ 1,000,000 Ford Motor Credit Co LLC
5.80%, 03/05/2027
$    1,003,698
  General Motors Co  
 1,175,000 6.25%, 10/02/2043     1,201,960
 1,500,000 5.20%, 04/01/2045     1,347,538
  General Motors Financial Co Inc  
   500,000 1.25%, 01/08/2026        465,293
 2,000,000 2.70%, 08/20/2027     1,843,187
1,000,000 6.00%, 01/09/2028 1,025,145
1,000,000 5.75%, 02/08/2031 1,010,841
  Home Depot Inc  
1,000,000 3.90%, 12/06/2028 970,895
1,500,000 1.88%, 09/15/2031 1,224,859
1,000,000 4.50%, 09/15/2032(b) 981,904
1,500,000 3.63%, 04/15/2052 1,145,635
1,000,000 Hyundai Capital Services Inc(a)
5.13%, 02/05/2029
989,819
  Lowe's Cos Inc  
2,000,000 3.65%, 04/05/2029 1,896,618
2,000,000 5.00%, 04/15/2033(b) 1,992,133
1,000,000 2.80%, 09/15/2041 710,781
  Marriott International Inc  
1,000,000 3.13%, 06/15/2026 955,843
1,000,000 5.55%, 10/15/2028 1,021,108
  McDonald's Corp  
1,000,000 2.63%, 09/01/2029 901,589
2,000,000 4.60%, 09/09/2032(b) 1,967,842
1,000,000 5.15%, 09/09/2052 967,671
500,000 Mercedes-Benz Finance North America LLC(a)
5.10%, 08/03/2028
501,853
1,000,000 Nike Inc
2.85%, 03/27/2030
903,561
1,000,000 O'Reilly Automotive Inc
4.70%, 06/15/2032
977,287
500,000 PACCAR Financial Corp(b)
2.00%, 02/04/2027
462,269
  Starbucks Corp  
1,500,000 2.25%, 03/12/2030 1,294,204
1,000,000 4.80%, 02/15/2033(b) 990,056
1,500,000 5.00%, 02/15/2034 1,486,866
  Tapestry Inc  
500,000 7.05%, 11/27/2025 510,288
1,000,000 7.35%, 11/27/2028 1,053,703
  Target Corp  
1,500,000 3.38%, 04/15/2029(b) 1,415,268
1,000,000 2.95%, 01/15/2052 678,697
1,000,000 TJX Cos Inc
1.15%, 05/15/2028
868,367
  Toyota Motor Credit Corp  
1,600,000 1.90%, 01/13/2027 1,477,300
1,300,000 5.00%, 03/19/2027 1,303,987
1,000,000 4.45%, 06/29/2029 986,305
1,000,000 5.10%, 03/21/2031 1,007,863
  Walmart Inc  
2,500,000 1.50%, 09/22/2028 2,208,359
1,000,000 4.15%, 09/09/2032(b) 973,867
Principal Amount   Fair Value
Consumer, Cyclical — (continued)
$ 1,000,000 4.10%, 04/15/2033(b) $      963,400
  Warnermedia Holdings Inc  
   800,000 4.28%, 03/15/2032        714,591
 1,000,000 5.05%, 03/15/2042        859,493
  1,400,000 5.14%, 03/15/2052     1,161,997
    60,629,529
Consumer, Non-Cyclical — 4.43%
2,500,000 Abbott Laboratories
1.40%, 06/30/2030
2,083,515
  AbbVie Inc  
1,000,000 2.95%, 11/21/2026 952,398
2,500,000 4.50%, 05/14/2035 2,403,338
2,000,000 4.88%, 11/14/2048 1,913,031
1,175,000 4.25%, 11/21/2049 1,017,614
500,000 Aetna Inc
3.88%, 08/15/2047
381,456
1,500,000 Agilent Technologies Inc
2.30%, 03/12/2031
1,259,848
750,000 Alcon Finance Corp(a)
5.38%, 12/06/2032
756,572
1,500,000 Altria Group Inc
3.70%, 02/04/2051
1,048,222
  Amgen Inc  
175,000 1.65%, 08/15/2028 153,079
2,834,000 2.00%, 01/15/2032 2,294,515
5,229,000 2.80%, 08/15/2041(b) 3,788,437
1,675,000 3.00%, 01/15/2052(b) 1,134,238
1,892,000 2.77%, 09/01/2053 1,171,707
  Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc  
4,500,000 4.70%, 02/01/2036 4,350,687
1,175,000 4.90%, 02/01/2046 1,116,614
1,200,000 Anheuser-Busch InBev Worldwide Inc
5.00%, 06/15/2034
1,207,140
1,000,000 Archer-Daniels-Midland Co
2.90%, 03/01/2032
861,330
1,000,000 Astrazeneca Finance LLC
4.88%, 03/03/2028
1,002,414
  AstraZeneca PLC  
1,500,000 1.38%, 08/06/2030 1,224,270
1,000,000 4.00%, 09/18/2042 858,914
1,000,000 Bacardi Ltd / Bacardi-Martini BV(a)
5.40%, 06/15/2033
991,585
  Baxter International Inc  
1,000,000 2.54%, 02/01/2032(b) 826,350
1,000,000 3.13%, 12/01/2051 654,907
  Becton Dickinson & Co  
500,000 3.70%, 06/06/2027 480,370
1,000,000 4.30%, 08/22/2032 948,887
500,000 4.67%, 06/06/2047 448,050
2,000,000 Biogen Inc
3.15%, 05/01/2050
1,337,556
1,000,000 Boston Scientific Corp
2.65%, 06/01/2030
880,748
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
  Bristol-Myers Squibb Co  
$ 1,000,000 1.13%, 11/13/2027 $      882,065
 1,500,000 1.45%, 11/13/2030     1,218,183
 1,000,000 4.13%, 06/15/2039        886,139
   500,000 5.50%, 02/22/2044        511,710
 1,500,000 4.35%, 11/15/2047     1,295,229
 1,200,000 5.55%, 02/22/2054     1,234,061
500,000 Bunge Ltd Finance Corp
2.75%, 05/14/2031
430,594
  Campbell Soup Co  
500,000 2.38%, 04/24/2030 428,094
300,000 5.40%, 03/21/2034 302,251
  Cardinal Health Inc  
1,000,000 5.45%, 02/15/2034 1,010,951
1,000,000 4.37%, 06/15/2047 843,368
500,000 Cencora Inc
2.80%, 05/15/2030
441,455
2,500,000 Centene Corp
2.50%, 03/01/2031
2,056,307
  Cigna Group  
1,000,000 5.69%, 03/15/2026 999,452
500,000 2.40%, 03/15/2030 431,778
1,000,000 5.13%, 05/15/2031(b) 1,000,910
750,000 4.80%, 08/15/2038 704,627
175,000 4.90%, 12/15/2048 159,412
1,000,000 5.60%, 02/15/2054 1,003,727
1,000,000 Cintas Corp No 2
4.00%, 05/01/2032
943,302
  Coca-Cola Co  
1,500,000 2.00%, 03/05/2031 1,268,647
2,000,000 2.60%, 06/01/2050 1,307,763
1,000,000 Colgate-Palmolive Co
3.25%, 08/15/2032
904,481
500,000 Conagra Brands Inc
5.30%, 10/01/2026
500,800
1,500,000 Constellation Brands Inc(b)
4.75%, 05/09/2032
1,465,371
1,000,000 CSL Finance PLC(a)
4.63%, 04/27/2042
924,530
  CVS Health Corp  
750,000 1.30%, 08/21/2027(b) 664,774
1,000,000 5.13%, 02/21/2030 1,003,017
1,000,000 5.25%, 01/30/2031 1,007,468
1,175,000 2.13%, 09/15/2031 959,132
2,833,000 4.78%, 03/25/2038 2,616,213
2,000,000 2.70%, 08/21/2040 1,388,473
1,156,731 CVS Pass Through Trust
6.04%, 12/10/2028
1,168,035
1,000,000 Danaher Corp
2.80%, 12/10/2051
658,581
1,000,000 Diageo Capital PLC(b)
5.50%, 01/24/2033
1,037,209
  Elevance Health Inc  
1,000,000 2.88%, 09/15/2029 901,984
1,000,000 2.25%, 05/15/2030 855,216
500,000 4.63%, 05/15/2042 454,181
500,000 6.10%, 10/15/2052 541,657
  Eli Lilly & Co  
1,000,000 4.70%, 02/27/2033 997,420
1,000,000 2.25%, 05/15/2050 611,551
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
  Equifax Inc  
$   500,000 5.10%, 06/01/2028 $      500,860
   175,000 2.35%, 09/15/2031        144,535
  1,000,000 Estee Lauder Cos Inc
2.38%, 12/01/2029
       879,289
  GE HealthCare Technologies Inc  
 1,000,000 5.65%, 11/15/2027(b)     1,018,284
 1,000,000 5.91%, 11/22/2032     1,049,870
  General Mills Inc  
1,000,000 4.20%, 04/17/2028 975,286
1,000,000 4.95%, 03/29/2033(b) 988,843
  Gilead Sciences Inc  
1,000,000 1.20%, 10/01/2027 885,618
2,175,000 2.60%, 10/01/2040 1,534,946
500,000 5.55%, 10/15/2053 517,540
  Global Payments Inc  
500,000 5.40%, 08/15/2032 495,878
500,000 4.15%, 08/15/2049 388,119
1,000,000 Haleon US Capital LLC
3.63%, 03/24/2032
901,209
  HCA Inc  
2,000,000 4.13%, 06/15/2029 1,894,071
2,000,000 2.38%, 07/15/2031 1,644,638
1,000,000 5.50%, 06/01/2033 1,003,599
675,000 3.50%, 07/15/2051 466,284
1,000,000 Hershey Co
1.70%, 06/01/2030
838,285
1,200,000 Hormel Foods Corp
4.80%, 03/30/2027
1,198,784
  Humana Inc  
800,000 3.95%, 03/15/2027 774,634
1,000,000 5.88%, 03/01/2033 1,031,941
800,000 5.75%, 04/15/2054 805,212
1,000,000 Illumina Inc
5.75%, 12/13/2027
1,011,548
1,000,000 J M Smucker Co(b)
2.13%, 03/15/2032
809,348
3,000,000 Johnson & Johnson
3.40%, 01/15/2038
2,572,320
1,000,000 Kellanova
5.25%, 03/01/2033
1,003,293
  Kenvue Inc  
1,000,000 5.00%, 03/22/2030 1,010,440
1,000,000 5.10%, 03/22/2043(b) 994,497
  Keurig Dr Pepper Inc  
500,000 4.60%, 05/25/2028 493,355
2,500,000 5.30%, 03/15/2034 2,508,614
1,000,000 Kimberly-Clark Corp
1.05%, 09/15/2027
884,530
  Kraft Heinz Foods Co  
2,000,000 3.75%, 04/01/2030 1,876,075
1,200,000 4.88%, 10/01/2049 1,085,907
2,000,000 Kroger Co
2.20%, 05/01/2030
1,698,504
1,000,000 Laboratory Corp of America Holdings
3.60%, 09/01/2027
954,740
1,000,000 Mars Inc(a)
4.75%, 04/20/2033
980,986
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
  McCormick & Co Inc  
$   357,000 3.25%, 11/15/2025 $      344,953
 1,000,000 4.95%, 04/15/2033(b)        988,954
  1,000,000 McKesson Corp
1.30%, 08/15/2026
       915,327
  1,000,000 Medtronic Global Holdings SCA
4.50%, 03/30/2033
       970,367
  Merck & Co Inc  
 1,000,000 3.40%, 03/07/2029(b)        946,906
1,000,000 4.30%, 05/17/2030 977,942
500,000 1.45%, 06/24/2030 411,793
2,000,000 2.15%, 12/10/2031 1,673,926
1,000,000 4.90%, 05/17/2044 971,655
500,000 Molson Coors Beverage Co
4.20%, 07/15/2046
417,788
1,500,000 Mondelez International Inc
2.75%, 04/13/2030
1,334,174
500,000 Moody's Corp(b)
3.25%, 01/15/2028
475,381
2,000,000 Novartis Capital Corp
2.20%, 08/14/2030
1,735,381
1,500,000 PayPal Holdings Inc
2.85%, 10/01/2029
1,356,457
  PepsiCo Inc  
1,000,000 4.45%, 02/15/2033(b) 1,002,205
2,500,000 3.45%, 10/06/2046 1,956,152
  Pfizer Inc  
1,175,000 1.75%, 08/18/2031 958,731
1,500,000 4.00%, 12/15/2036 1,364,519
3,000,000 2.55%, 05/28/2040 2,143,019
  Pfizer Investment Enterprises Pte Ltd  
1,000,000 4.75%, 05/19/2033 984,584
600,000 5.30%, 05/19/2053 596,540
2,000,000 Procter & Gamble Co
1.20%, 10/29/2030
1,635,886
1,000,000 Regeneron Pharmaceuticals Inc
1.75%, 09/15/2030
818,408
1,000,000 Revvity Inc
2.25%, 09/15/2031
820,325
175,000 Royalty Pharma PLC
2.15%, 09/02/2031
141,040
1,000,000 S&P Global Inc
2.90%, 03/01/2032
871,479
  Stryker Corp  
500,000 4.85%, 12/08/2028 500,166
1,000,000 4.63%, 03/15/2046 914,163
1,000,000 Sysco Corp
3.25%, 07/15/2027
944,882
1,000,000 Takeda Pharmaceutical Co Ltd
2.05%, 03/31/2030
847,948
  Thermo Fisher Scientific Inc  
175,000 1.75%, 10/15/2028 154,436
1,175,000 2.00%, 10/15/2031 968,015
2,409,000 2.80%, 10/15/2041 1,761,941
1,600,000 Tyson Foods Inc
5.70%, 03/15/2034
1,621,104
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
  Unilever Capital Corp  
$ 1,000,000 4.88%, 09/08/2028 $    1,010,962
   185,000 1.75%, 08/12/2031        151,109
 1,175,000 2.63%, 08/12/2051        772,690
  UnitedHealth Group Inc  
 1,000,000 5.25%, 02/15/2028     1,018,331
 2,000,000 4.00%, 05/15/2029(b)     1,934,063
1,000,000 4.50%, 04/15/2033 967,722
1,500,000 3.50%, 08/15/2039 1,235,625
2,500,000 2.90%, 05/15/2050 1,687,391
1,000,000 5.05%, 04/15/2053 971,218
1,000,000 Universal Health Services Inc
2.65%, 10/15/2030
847,947
500,000 Utah Acquisition Sub Inc
3.95%, 06/15/2026
483,067
  Viatris Inc  
175,000 2.70%, 06/22/2030 148,370
1,000,000 3.85%, 06/22/2040 738,548
1,028,000 Zimmer Biomet Holdings Inc
4.25%, 08/15/2035
916,754
  Zoetis Inc  
1,000,000 2.00%, 05/15/2030 842,621
500,000 5.60%, 11/16/2032 518,923
    162,161,680
Energy — 1.78%
  Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc  
1,000,000 2.06%, 12/15/2026 924,172
467,000 4.08%, 12/15/2047 385,490
  BP Capital Markets America Inc  
1,925,000 3.63%, 04/06/2030 1,813,198
1,500,000 2.77%, 11/10/2050 970,938
1,000,000 3.00%, 03/17/2052 677,137
1,000,000 Canadian Natural Resources Ltd
3.85%, 06/01/2027
964,393
1,000,000 Cenovus Energy Inc
2.65%, 01/15/2032
829,450
  Cheniere Corpus Christi Holdings LLC  
500,000 5.13%, 06/30/2027 498,808
175,000 2.74%, 12/31/2039 141,352
2,000,000 Chevron Corp
3.08%, 05/11/2050
1,436,134
1,500,000 Chevron USA Inc
3.85%, 01/15/2028
1,465,885
43,000 Cimarex Energy Co
4.38%, 03/15/2029
38,261
1,000,000 Columbia Pipelines Operating Co LLC(a)
6.04%, 11/15/2033
1,036,045
  ConocoPhillips Co  
438,000 5.90%, 10/15/2032 471,798
1,175,000 3.76%, 03/15/2042 976,181
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Energy — (continued)
  Coterra Energy Inc  
$ 1,000,000 3.90%, 05/15/2027 $      962,482
      9,000 4.38%, 03/15/2029          8,664
  1,000,000 Devon Energy Corp
5.60%, 07/15/2041
       963,859
  1,000,000 Diamondback Energy Inc
3.50%, 12/01/2029
       925,038
  Enbridge Inc  
 1,175,000 2.50%, 08/01/2033        946,769
600,000 6.70%, 11/15/2053 678,138
  Energy Transfer LP  
1,000,000 2.90%, 05/15/2025 970,588
1,000,000 4.20%, 04/15/2027 972,324
2,000,000 5.75%, 02/15/2033 2,031,691
1,000,000 5.15%, 03/15/2045 908,634
1,000,000 5.95%, 05/15/2054 997,946
  Enterprise Products Operating LLC  
1,500,000 2.80%, 01/31/2030 1,344,453
1,000,000 5.35%, 01/31/2033 1,020,704
1,000,000 4.85%, 01/31/2034(b) 985,018
664,000 4.85%, 08/15/2042 623,134
175,000 4.20%, 01/31/2050 147,939
500,000 EQT Corp
5.70%, 04/01/2028
504,667
3,000,000 Equinor ASA
3.13%, 04/06/2030
2,754,357
  Exxon Mobil Corp  
175,000 2.61%, 10/15/2030 155,064
1,175,000 3.00%, 08/16/2039 919,289
2,421,000 3.45%, 04/15/2051 1,834,113
500,000 Halliburton Co
5.00%, 11/15/2045
469,428
1,000,000 Hess Corp
5.60%, 02/15/2041
1,019,112
  Kinder Morgan Energy Partners LP  
175,000 6.95%, 01/15/2038 191,498
1,500,000 4.70%, 11/01/2042 1,280,072
  Kinder Morgan Inc  
1,000,000 1.75%, 11/15/2026 917,296
500,000 2.00%, 02/15/2031 411,226
1,000,000 4.80%, 02/01/2033 955,967
  Marathon Petroleum Corp  
175,000 4.70%, 05/01/2025 173,514
500,000 4.75%, 09/15/2044 444,886
  MPLX LP  
1,000,000 4.25%, 12/01/2027 972,549
1,000,000 5.00%, 03/01/2033 970,750
1,500,000 4.50%, 04/15/2038 1,332,058
175,000 NOV Inc(b)
3.60%, 12/01/2029
160,928
2,000,000 Occidental Petroleum Corp
6.13%, 01/01/2031
2,071,220
  ONEOK Inc  
1,000,000 5.65%, 11/01/2028 1,022,204
1,000,000 6.10%, 11/15/2032 1,047,694
500,000 4.85%, 02/01/2049(b) 435,495
675,000 ONEOK Partners LP
6.20%, 09/15/2043
696,568
Principal Amount   Fair Value
Energy — (continued)
  Phillips 66  
$   175,000 2.15%, 12/15/2030 $      146,808
   500,000 4.65%, 11/15/2034        475,991
  1,000,000 Phillips 66 Co(b)
5.30%, 06/30/2033
     1,006,193
  1,000,000 Sabine Pass Liquefaction LLC
4.20%, 03/15/2028
       968,227
    500,000 Schlumberger Investment SA(b)
4.85%, 05/15/2033
       500,390
  Shell International Finance BV  
1,175,000 2.38%, 11/07/2029 1,045,138
2,000,000 2.75%, 04/06/2030(b) 1,798,685
500,000 4.13%, 05/11/2035 467,713
175,000 6.38%, 12/15/2038 198,007
500,000 3.63%, 08/21/2042 412,382
140,000 4.38%, 05/11/2045 125,186
175,000 4.00%, 05/10/2046 147,201
175,000 3.25%, 04/06/2050 127,040
1,000,000 Spectra Energy Partners LP
3.38%, 10/15/2026
957,270
  Suncor Energy Inc  
500,000 6.80%, 05/15/2038 541,317
175,000 3.75%, 03/04/2051 129,718
  Targa Resources Corp  
1,000,000 4.20%, 02/01/2033 911,698
500,000 6.13%, 03/15/2033 521,636
1,000,000 TotalEnergies Capital International SA
2.83%, 01/10/2030
903,243
  TransCanada PipeLines Ltd  
1,000,000 6.20%, 03/09/2026 1,000,187
1,175,000 4.88%, 05/15/2048 1,044,905
500,000 Valero Energy Corp
7.50%, 04/15/2032
573,992
  Williams Cos Inc  
1,000,000 3.75%, 06/15/2027 962,317
675,000 2.60%, 03/15/2031 575,115
1,000,000 4.65%, 08/15/2032 963,715
1,000,000 5.30%, 08/15/2052 955,125
    65,315,777
Financial — 8.63%
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
1,000,000 6.10%, 01/15/2027 1,016,365
1,500,000 3.88%, 01/23/2028 1,422,096
1,000,000 3.00%, 10/29/2028 904,821
1,500,000 3.85%, 10/29/2041 1,188,077
2,528,000 Air Lease Corp
1.88%, 08/15/2026
2,330,706
  Alexandria Real Estate Equities Inc REIT  
500,000 1.88%, 02/01/2033 379,846
1,000,000 4.75%, 04/15/2035(b) 944,974
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$ 1,000,000 Allstate Corp(b)
3.28%, 12/15/2026
$      953,040
  2,000,000 Ally Financial Inc
2.20%, 11/02/2028
     1,714,398
  American Express Co  
   500,000 4.90%, 02/13/2026        497,682
 1,000,000 1.65%, 11/04/2026        916,844
   850,000 2.55%, 03/04/2027        793,868
 1,000,000 5.04%, 05/01/2034        988,207
1,675,000 American International Group Inc
3.40%, 06/30/2030
1,531,446
  American Tower Corp REIT  
1,000,000 5.80%, 11/15/2028(b) 1,023,831
1,500,000 3.80%, 08/15/2029 1,399,892
1,000,000 2.30%, 09/15/2031 816,181
1,000,000 5.55%, 07/15/2033 1,007,738
1,000,000 Ameriprise Financial Inc
5.15%, 05/15/2033
1,010,399
  Aon Corp / Aon Global Holdings PLC  
175,000 2.05%, 08/23/2031 142,756
1,000,000 5.35%, 02/28/2033 1,005,414
675,000 2.90%, 08/23/2051 429,832
800,000 Aon North America Inc
5.75%, 03/01/2054
820,164
2,279,000 Ares Capital Corp
2.88%, 06/15/2028
2,031,192
  Athene Global Funding(a)  
1,000,000 1.73%, 10/02/2026 907,499
825,000 2.45%, 08/20/2027(b) 751,903
1,000,000 Athene Holding Ltd
5.88%, 01/15/2034
999,278
1,000,000 Australia & New Zealand Banking Group Ltd
5.09%, 12/08/2025
1,000,097
  AvalonBay Communities Inc REIT  
726,000 2.95%, 05/11/2026 694,574
250,000 5.30%, 12/07/2033 252,928
  Banco Santander SA  
2,000,000 4.18%, 03/24/2028 1,927,717
800,000 5.54%, 03/14/2030 799,922
175,000 2.96%, 03/25/2031 150,792
600,000 6.35%, 03/14/2034 600,432
  Bank of America Corp  
1,000,000 1.53%, 12/06/2025 971,894
1,000,000 3.38%, 04/02/2026 978,068
2,175,000 1.73%, 07/22/2027 2,005,241
5,500,000 2.50%, 02/13/2031 4,737,929
3,175,000 2.30%, 07/21/2032 2,598,129
2,500,000 2.57%, 10/20/2032 2,074,058
1,000,000 5.02%, 07/22/2033 984,258
1,000,000 5.87%, 09/15/2034 1,037,170
1,000,000 2.48%, 09/21/2036 799,833
500,000 6.11%, 01/29/2037 531,047
2,000,000 4.08%, 04/23/2040 1,727,984
4,000,000 2.68%, 06/19/2041 2,846,112
1,000,000 5.88%, 02/07/2042 1,066,835
2,175,000 2.97%, 07/21/2052 1,463,474
Principal Amount   Fair Value
Financial — (continued)
  Bank of Montreal  
$ 1,000,000 5.92%, 09/25/2025 $    1,010,170
 1,500,000 1.25%, 09/15/2026     1,368,406
 1,000,000 2.65%, 03/08/2027        937,318
  Bank of New York Mellon Corp  
 2,000,000 4.54%, 02/01/2029     1,969,363
 1,000,000 1.80%, 07/28/2031        807,444
1,800,000 5.19%, 03/14/2035 1,791,680
  Bank of Nova Scotia  
2,500,000 1.05%, 03/02/2026 2,312,038
1,000,000 5.25%, 06/12/2028 1,008,728
  Barclays PLC  
500,000 5.30%, 08/09/2026 497,377
1,500,000 5.69%, 03/12/2030 1,507,809
1,000,000 2.89%, 11/24/2032 831,570
1,200,000 6.04%, 03/12/2055(b) 1,249,379
  Berkshire Hathaway Finance Corp  
900,000 2.30%, 03/15/2027 847,477
175,000 1.45%, 10/15/2030 144,366
175,000 4.25%, 01/15/2049 156,436
1,000,000 2.85%, 10/15/2050 674,851
  BlackRock Funding Inc  
1,000,000 5.00%, 03/14/2034 1,004,109
475,000 5.25%, 03/14/2054 477,351
1,000,000 BlackRock Inc
3.25%, 04/30/2029
936,006
1,000,000 Boston Properties LP REIT
6.75%, 12/01/2027
1,037,933
1,000,000 BPCE SA(a)(b)
4.75%, 07/19/2027
984,853
1,000,000 Camden Property Trust REIT
2.80%, 05/15/2030
886,891
  Canadian Imperial Bank of Commerce  
1,000,000 3.95%, 08/04/2025(b) 982,109
1,000,000 5.00%, 04/28/2028 996,477
  Capital One Financial Corp  
1,000,000 1.88%, 11/02/2027(b) 914,861
1,000,000 6.31%, 06/08/2029 1,028,056
1,000,000 5.70%, 02/01/2030(b) 1,008,537
1,000,000 5.25%, 07/26/2030 984,190
  Charles Schwab Corp  
1,500,000 0.90%, 03/11/2026 1,382,311
1,000,000 6.14%, 08/24/2034 1,043,195
1,000,000 Chubb INA Holdings Inc
2.85%, 12/15/2051
682,310
1,000,000 Chubb INA Holdings LLC
5.00%, 03/15/2034
1,003,451
1,000,000 Citibank NA
5.86%, 09/29/2025
1,009,584
  Citigroup Inc  
1,000,000 1.28%, 11/03/2025 972,777
2,000,000 3.40%, 05/01/2026 1,925,701
3,250,000 4.45%, 09/29/2027 3,161,585
2,000,000 3.07%, 02/24/2028 1,881,244
3,000,000 3.52%, 10/27/2028 2,828,753
3,000,000 3.06%, 01/25/2033 2,550,470
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$ 3,500,000 2.90%, 11/03/2042 $    2,513,250
  2,000,000 Citizens Bank NA(b)
4.58%, 08/09/2028
     1,914,106
  1,000,000 Cooperatieve Rabobank UA(a)
1.11%, 02/24/2027
       920,746
  Crown Castle Inc REIT  
 1,000,000 4.80%, 09/01/2028        980,481
 2,000,000 2.25%, 01/15/2031     1,645,513
  1,000,000 CubeSmart LP REIT
2.25%, 12/15/2028
       877,061
3,000,000 Development Bank of Japan Inc(a)
1.75%, 10/20/2031
2,458,245
1,000,000 EPR Properties REIT
3.60%, 11/15/2031
835,760
1,000,000 Equinix Inc REIT
3.20%, 11/18/2029
895,229
1,000,000 Equitable Holdings Inc
5.59%, 01/11/2033
1,010,478
1,000,000 Essex Portfolio LP REIT
1.65%, 01/15/2031
789,219
1,000,000 Everest Reinsurance Holdings Inc
3.13%, 10/15/2052
646,802
  Extra Space Storage LP REIT  
1,000,000 2.40%, 10/15/2031 822,726
2,000,000 2.35%, 03/15/2032 1,600,236
1,000,000 Fidelity National Financial Inc(b)
2.45%, 03/15/2031
822,996
  Fifth Third Bancorp  
500,000 1.71%, 11/01/2027 454,866
1,000,000 4.06%, 04/25/2028 954,823
1,000,000 4.77%, 07/28/2030 962,677
  Goldman Sachs Group Inc  
1,000,000 5.80%, 08/10/2026 1,003,241
1,000,000 3.50%, 11/16/2026 959,414
1,000,000 1.09%, 12/09/2026 928,975
1,000,000 1.43%, 03/09/2027 926,089
175,000 1.54%, 09/10/2027 159,907
2,500,000 4.48%, 08/23/2028 2,444,087
4,000,000 3.80%, 03/15/2030 3,746,007
5,555,000 2.38%, 07/21/2032 4,557,086
175,000 Golub Capital BDC Inc
2.50%, 08/24/2026
160,787
1,000,000 Healthcare Realty Holdings LP REIT
3.75%, 07/01/2027
944,047
  HSBC Holdings PLC  
1,500,000 3.90%, 05/25/2026 1,460,506
175,000 1.59%, 05/24/2027 161,030
4,741,000 2.21%, 08/17/2029 4,155,141
1,000,000 Huntington Bancshares Inc
2.49%, 08/15/2036
761,730
  ING Groep NV  
1,000,000 6.08%, 09/11/2027 1,012,350
800,000 5.34%, 03/19/2030(b) 798,045
800,000 5.55%, 03/19/2035(b) 793,877
Principal Amount   Fair Value
Financial — (continued)
$ 2,000,000 Intercontinental Exchange Inc
3.10%, 09/15/2027
$    1,883,158
  JPMorgan Chase & Co  
   175,000 3.90%, 07/15/2025        172,113
 1,729,000 0.77%, 08/09/2025     1,696,355
 1,500,000 5.55%, 12/15/2025     1,499,041
   175,000 3.30%, 04/01/2026        169,456
 1,524,000 2.08%, 04/22/2026     1,468,469
1,175,000 1.58%, 04/22/2027 1,089,360
2,000,000 3.63%, 12/01/2027 1,904,412
1,000,000 5.30%, 07/24/2029 1,007,429
4,000,000 4.57%, 06/14/2030 3,900,414
1,175,000 2.74%, 10/15/2030 1,040,551
1,000,000 2.96%, 05/13/2031 874,158
1,425,000 1.95%, 02/04/2032 1,161,004
2,000,000 5.72%, 09/14/2033 2,039,923
1,000,000 5.34%, 01/23/2035 1,003,908
3,000,000 3.88%, 07/24/2038 2,593,503
500,000 5.50%, 10/15/2040 512,275
1,000,000 KeyBank NA
4.39%, 12/14/2027
943,991
1,000,000 KeyCorp
4.79%, 06/01/2033
915,575
1,000,000 Kilroy Realty LP REIT
2.65%, 11/15/2033
740,999
  Kimco Realty OP LLC REIT  
1,000,000 2.25%, 12/01/2031 806,332
250,000 4.60%, 02/01/2033 236,659
  Kreditanstalt fuer Wiederaufbau  
2,000,000 0.63%, 01/22/2026 1,858,489
1,700,000 1.00%, 10/01/2026 1,560,072
1,000,000 3.75%, 02/15/2028 977,097
800,000 3.88%, 06/15/2028 784,058
2,000,000 0.75%, 09/30/2030 1,604,671
1,000,000 4.13%, 07/15/2033 982,232
  Landwirtschaftliche Rentenbank  
1,000,000 0.50%, 05/27/2025(b) 949,228
1,000,000 3.88%, 09/28/2027 980,227
1,000,000 Lincoln National Corp
3.40%, 03/01/2032
859,068
1,500,000 Lloyds Banking Group PLC
3.75%, 01/11/2027
1,443,952
175,000 LXP Industrial Trust REIT
2.38%, 10/01/2031
139,685
  Marsh & McLennan Cos Inc  
500,000 4.38%, 03/15/2029 491,767
1,000,000 2.38%, 12/15/2031 833,927
1,000,000 5.40%, 09/15/2033(b) 1,026,001
  Mastercard Inc  
1,000,000 3.30%, 03/26/2027 962,287
1,000,000 4.85%, 03/09/2033 1,007,361
  MetLife Inc  
500,000 5.38%, 07/15/2033 510,297
1,000,000 5.25%, 01/15/2054(b) 984,419
  Metropolitan Life Global Funding I(a)  
1,000,000 4.85%, 01/08/2029 992,375
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$ 2,000,000 2.40%, 01/11/2032 $    1,646,514
    750,000 Mid-America Apartments LP REIT
2.88%, 09/15/2051
       480,121
  Mitsubishi UFJ Financial Group Inc  
 4,574,000 1.54%, 07/20/2027     4,212,775
 1,000,000 5.42%, 02/22/2029     1,010,474
 1,000,000 2.85%, 01/19/2033        849,131
  Mizuho Financial Group Inc  
1,000,000 5.78%, 07/06/2029 1,021,785
2,000,000 1.98%, 09/08/2031 1,642,271
1,000,000 2.56%, 09/13/2031 818,609
  Morgan Stanley  
1,000,000 2.19%, 04/28/2026 964,752
1,574,000 3.13%, 07/27/2026 1,505,513
500,000 4.35%, 09/08/2026 489,207
2,175,000 1.51%, 07/20/2027 1,996,219
2,000,000 5.12%, 02/01/2029 1,995,123
1,000,000 5.45%, 07/20/2029 1,008,769
2,000,000 1.79%, 02/13/2032 1,598,764
1,175,000 2.24%, 07/21/2032 959,842
3,000,000 2.51%, 10/20/2032 2,481,504
1,000,000 2.94%, 01/21/2033 849,924
500,000 4.89%, 07/20/2033 484,940
2,000,000 2.48%, 09/16/2036 1,581,769
1,000,000 5.95%, 01/19/2038 1,002,035
1,500,000 Nasdaq Inc
3.95%, 03/07/2052
1,162,852
  National Australia Bank Ltd  
1,000,000 4.63%, 11/22/2027(a)(b) 992,380
1,000,000 4.90%, 06/13/2028(b) 1,001,994
1,000,000 2.99%, 05/21/2031(a) 842,433
1,000,000 NatWest Group PLC
5.52%, 09/30/2028
1,000,668
  Nomura Holdings Inc  
1,000,000 2.61%, 07/14/2031 831,295
1,000,000 6.09%, 07/12/2033(b) 1,060,138
1,000,000 Northern Trust Corp
6.13%, 11/02/2032
1,056,325
  Oesterreichische Kontrollbank AG  
1,000,000 0.38%, 09/17/2025 936,188
1,000,000 3.63%, 09/09/2027 972,369
1,000,000 4.13%, 01/18/2029 990,253
  PNC Financial Services Group Inc  
2,000,000 5.35%, 12/02/2028 2,008,366
2,000,000 2.31%, 04/23/2032 1,644,942
500,000 Principal Financial Group Inc
5.38%, 03/15/2033
503,906
2,000,000 Principal Life Global Funding II(a)
1.50%, 11/17/2026
1,824,645
1,000,000 Private Export Funding Corp
3.90%, 10/15/2027
969,399
1,000,000 Progressive Corp
4.95%, 06/15/2033
998,422
  Prologis LP REIT  
1,000,000 4.88%, 06/15/2028 1,001,075
Principal Amount   Fair Value
Financial — (continued)
$   500,000 4.63%, 01/15/2033(b) $      485,636
 1,000,000 5.00%, 03/15/2034        994,074
  Prudential Financial Inc  
 2,000,000 3.00%, 03/10/2040     1,518,648
 1,000,000 3.70%, 10/01/2050        874,094
 1,000,000 6.50%, 03/15/2054     1,013,825
    500,000 Public Storage Operating Co REIT(b)
5.13%, 01/15/2029
       508,118
500,000 Raymond James Financial Inc
3.75%, 04/01/2051
378,972
  Realty Income Corp REIT  
1,000,000 3.95%, 08/15/2027 969,143
500,000 3.65%, 01/15/2028 476,457
1,000,000 1.80%, 03/15/2033 757,603
  Royal Bank of Canada(b)  
3,000,000 1.40%, 11/02/2026 2,740,156
1,000,000 5.00%, 05/02/2033 996,207
1,000,000 5.15%, 02/01/2034 1,000,964
1,000,000 Santander UK Group Holdings PLC
1.67%, 06/14/2027
914,774
  Simon Property Group LP REIT  
2,500,000 1.75%, 02/01/2028 2,227,036
1,000,000 2.45%, 09/13/2029 878,677
175,000 3.25%, 09/13/2049 122,417
  State Street Corp  
1,000,000 5.27%, 08/03/2026 1,005,395
1,000,000 5.75%, 11/04/2026 1,006,698
2,000,000 2.20%, 03/03/2031(b) 1,672,945
  Sumitomo Mitsui Financial Group Inc  
2,000,000 5.52%, 01/13/2028(b) 2,039,540
1,000,000 5.72%, 09/14/2028(b) 1,028,173
2,000,000 5.77%, 01/13/2033 2,083,942
1,000,000 Sun Communities Operating LP REIT
2.30%, 11/01/2028
873,346
1,000,000 Synchrony Bank
5.63%, 08/23/2027
981,247
500,000 Synchrony Financial
2.88%, 10/28/2031
399,019
1,000,000 Tanger Properties LP REIT
2.75%, 09/01/2031
818,866
  Toronto-Dominion Bank  
1,300,000 2.80%, 03/10/2027 1,224,012
2,000,000 4.69%, 09/15/2027 1,980,929
1,200,000 4.99%, 04/05/2029 1,200,072
500,000 Travelers Cos Inc
5.45%, 05/25/2053
517,888
  Truist Financial Corp  
300,000 4.26%, 07/28/2026 295,122
1,000,000 1.95%, 06/05/2030 825,855
3,000,000 4.92%, 07/28/2033 2,794,009
1,000,000 Unum Group
4.13%, 06/15/2051
755,983
  US Bancorp  
1,000,000 3.10%, 04/27/2026 959,087
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$ 2,000,000 2.22%, 01/27/2028 $    1,844,797
 1,700,000 4.55%, 07/22/2028     1,666,150
 1,000,000 5.68%, 01/23/2035     1,009,730
    500,000 Ventas Realty LP REIT
3.25%, 10/15/2026
       473,203
  1,800,000 VICI Properties LP REIT
5.75%, 04/01/2034
     1,783,054
  Visa Inc  
 1,000,000 3.15%, 12/14/2025        972,454
1,500,000 4.15%, 12/14/2035 1,422,967
  Wells Fargo & Co  
1,500,000 3.55%, 09/29/2025 1,462,780
1,000,000 3.91%, 04/25/2026 981,458
750,000 4.30%, 07/22/2027 730,543
4,000,000 3.53%, 03/24/2028 3,807,157
2,000,000 3.35%, 03/02/2033 1,735,255
3,000,000 4.90%, 07/25/2033 2,890,972
2,000,000 5.39%, 04/24/2034 1,987,545
1,000,000 5.50%, 01/23/2035 1,002,354
2,000,000 4.40%, 06/14/2046 1,664,172
175,000 Western Union Co
1.35%, 03/15/2026
161,719
  Westpac Banking Corp  
2,000,000 1.95%, 11/20/2028(b) 1,764,804
1,000,000 2.89%, 02/04/2030 972,798
1,000,000 5.41%, 08/10/2033 990,904
1,000,000 Weyerhaeuser Co REIT
3.38%, 03/09/2033
873,244
500,000 Willis North America Inc
5.90%, 03/05/2054
506,169
1,000,000 WP Carey Inc REIT
2.45%, 02/01/2032
804,442
    315,883,231
Industrial — 2.06%
  3M Co  
1,000,000 3.63%, 10/15/2047 736,849
500,000 4.00%, 09/14/2048 401,591
500,000 Berry Global Inc(a)
5.65%, 01/15/2034
497,269
  Boeing Co  
314,000 4.88%, 05/01/2025 310,512
175,000 2.75%, 02/01/2026 165,895
175,000 2.20%, 02/04/2026 163,835
4,000,000 2.95%, 02/01/2030 3,454,629
1,000,000 5.71%, 05/01/2040 957,141
1,500,000 3.63%, 03/01/2048 1,021,465
175,000 5.93%, 05/01/2060 164,069
  Burlington Northern Santa Fe LLC  
500,000 5.15%, 09/01/2043 492,489
1,000,000 4.45%, 01/15/2053 886,283
1,000,000 Canadian National Railway Co
3.50%, 11/15/2042
772,106
2,000,000 Canadian Pacific Railway Co
3.00%, 12/02/2041
1,706,925
2,500,000 Carrier Global Corp
3.38%, 04/05/2040
1,957,262
Principal Amount   Fair Value
Industrial — (continued)
  Caterpillar Financial Services Corp  
$ 1,000,000 5.15%, 08/11/2025 $    1,000,731
 1,000,000 4.80%, 01/06/2026(b)        998,160
  1,000,000 CNH Industrial Capital LLC
5.10%, 04/20/2029
       997,287
  CSX Corp  
 1,250,000 4.25%, 03/15/2029     1,223,642
 1,000,000 5.20%, 11/15/2033(b)     1,016,785
250,000 4.75%, 05/30/2042 232,757
1,000,000 4.50%, 11/15/2052 884,281
  Eaton Corp  
500,000 4.15%, 03/15/2033 474,297
500,000 4.70%, 08/23/2052 466,864
  FedEx Corp  
1,000,000 3.25%, 05/15/2041 748,720
1,000,000 4.10%, 02/01/2045 810,848
175,000 5.25%, 05/15/2050 167,620
1,000,000 Fortune Brands Innovations Inc
5.88%, 06/01/2033
1,020,283
1,000,000 GATX Corp
4.90%, 03/15/2033
962,397
2,000,000 General Dynamics Corp
4.25%, 04/01/2040
1,813,276
500,000 Holcim Capital Corp Ltd(a)
6.50%, 09/12/2043
518,538
2,301,000 Honeywell International Inc
1.10%, 03/01/2027
2,079,098
1,000,000 Jabil Inc
4.25%, 05/15/2027
969,107
1,000,000 Jacobs Engineering Group Inc
6.35%, 08/18/2028
1,033,581
500,000 JB Hunt Transport Services Inc
3.88%, 03/01/2026
488,754
  John Deere Capital Corp  
500,000 1.70%, 01/11/2027 459,603
1,000,000 4.75%, 01/20/2028(b) 1,002,133
2,000,000 4.90%, 03/07/2031 2,000,545
2,000,000 3.90%, 06/07/2032 1,878,035
1,000,000 Johnson Controls Inc
3.63%, 07/02/2024
991,633
  L3Harris Technologies Inc  
800,000 5.05%, 06/01/2029 797,444
600,000 5.40%, 07/31/2033 603,770
600,000 5.35%, 06/01/2034 600,005
1,000,000 Lennox International Inc
5.50%, 09/15/2028
1,013,532
  Lockheed Martin Corp  
1,000,000 4.45%, 05/15/2028 990,498
500,000 3.90%, 06/15/2032 469,224
500,000 4.09%, 09/15/2052 419,861
1,000,000 5.70%, 11/15/2054 1,065,731
1,175,000 Martin Marietta Materials Inc
3.20%, 07/15/2051
822,092
1,000,000 Mohawk Industries Inc
5.85%, 09/18/2028
1,029,499
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Industrial — (continued)
  Norfolk Southern Corp  
$ 1,000,000 4.45%, 03/01/2033 $      959,335
 1,000,000 3.05%, 05/15/2050        676,339
   500,000 5.35%, 08/01/2054        496,365
  Northrop Grumman Corp  
 1,000,000 3.25%, 01/15/2028        944,924
 1,000,000 4.70%, 03/15/2033        976,227
1,000,000 Otis Worldwide Corp
2.29%, 04/05/2027
926,928
1,000,000 Packaging Corp of America
3.05%, 10/01/2051
681,038
1,000,000 Parker-Hannifin Corp
4.20%, 11/21/2034
925,775
500,000 Penske Truck Leasing Co LP / PTL Finance Corp(a)
5.55%, 05/01/2028
505,358
  Republic Services Inc  
1,000,000 2.38%, 03/15/2033 809,099
1,000,000 5.00%, 12/15/2033 989,325
1,175,000 Rockwell Automation Inc
1.75%, 08/15/2031
948,084
  RTX Corp  
175,000 1.90%, 09/01/2031 141,063
1,000,000 5.15%, 02/27/2033 1,001,902
1,000,000 3.75%, 11/01/2046 773,897
1,500,000 4.35%, 04/15/2047 1,276,971
3,175,000 2.82%, 09/01/2051 2,019,509
1,000,000 Ryder System Inc
1.75%, 09/01/2026
921,518
500,000 Siemens Financieringsmaatschappij NV(a)
4.40%, 05/27/2045
455,047
1,000,000 Stanley Black & Decker Inc
2.30%, 03/15/2030
846,561
1,000,000 Textron Inc
3.90%, 09/17/2029
937,979
1,000,000 Trane Technologies Financing Ltd
5.25%, 03/03/2033
1,014,711
  Union Pacific Corp  
1,750,000 2.15%, 02/05/2027 1,627,188
500,000 3.60%, 09/15/2037 431,729
500,000 3.38%, 02/14/2042 396,726
1,000,000 2.95%, 03/10/2052 672,406
500,000 4.95%, 09/09/2052 484,581
175,373 Union Pacific Railroad Co Pass Through Trust
Series 2006-1
5.87%, 07/02/2030
177,396
  United Parcel Service Inc  
500,000 2.40%, 11/15/2026 470,451
1,000,000 3.05%, 11/15/2027 944,316
1,000,000 4.88%, 03/03/2033(b) 1,001,243
500,000 Vulcan Materials Co
3.90%, 04/01/2027
484,537
1,000,000 Waste Connections Inc
2.20%, 01/15/2032
818,903
2,000,000 Waste Management Inc
1.50%, 03/15/2031
1,609,106
Principal Amount   Fair Value
Industrial — (continued)
$ 1,250,000 WRKCo Inc
3.90%, 06/01/2028
$    1,191,636
    75,277,124
Technology — 1.96%
  1,500,000 Adobe Inc
2.30%, 02/01/2030
     1,320,066
  1,000,000 Analog Devices Inc
1.70%, 10/01/2028
       878,553
  Apple Inc  
   175,000 2.90%, 09/12/2027        165,690
1,500,000 3.00%, 11/13/2027 1,425,085
1,000,000 1.20%, 02/08/2028 884,136
952,000 1.40%, 08/05/2028 836,668
1,000,000 4.15%, 05/10/2030 985,655
1,175,000 1.70%, 08/05/2031 967,065
1,500,000 3.85%, 05/04/2043 1,300,649
1,500,000 2.65%, 05/11/2050 996,025
1,000,000 2.40%, 08/20/2050 631,276
2,175,000 2.70%, 08/05/2051 1,439,475
1,000,000 3.95%, 08/08/2052 842,821
1,500,000 Applied Materials Inc
1.75%, 06/01/2030
1,263,756
1,000,000 Autodesk Inc
2.40%, 12/15/2031
837,512
  Broadcom Inc  
1,425,000 4.15%, 11/15/2030 1,347,460
3,500,000 3.42%, 04/15/2033(a) 3,034,148
573,000 4.93%, 05/15/2037(a) 543,815
175,000 3.50%, 02/15/2041(a) 135,828
1,000,000 CDW LLC / CDW Finance Corp
2.67%, 12/01/2026
928,577
  Dell International LLC / EMC Corp  
500,000 5.25%, 02/01/2028 506,065
76,000 8.10%, 07/15/2036 91,872
2,000,000 3.38%, 12/15/2041 1,487,782
15,000 8.35%, 07/15/2046 19,402
1,500,000 Fidelity National Information Services Inc
3.10%, 03/01/2041
1,093,236
  Fiserv Inc  
175,000 2.25%, 06/01/2027 160,759
1,000,000 5.45%, 03/02/2028 1,011,689
1,000,000 4.20%, 10/01/2028 964,912
500,000 Hewlett Packard Enterprise Co
6.10%, 04/01/2026
495,206
2,891,000 HP Inc
2.65%, 06/17/2031
2,451,184
  IBM International Capital Pte Ltd  
1,000,000 4.75%, 02/05/2031 981,230
1,000,000 5.25%, 02/05/2044 975,812
  Intel Corp  
1,000,000 3.75%, 08/05/2027 966,862
1,175,000 1.60%, 08/12/2028 1,031,072
1,000,000 5.13%, 02/10/2030 1,015,207
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Technology — (continued)
$   175,000 2.00%, 08/12/2031 $      143,806
 1,175,000 2.80%, 08/12/2041        849,515
 1,000,000 5.63%, 02/10/2043     1,033,961
   175,000 3.05%, 08/12/2051        117,959
 1,000,000 5.70%, 02/10/2053     1,033,725
  International Business Machines Corp  
 2,000,000 4.15%, 07/27/2027     1,957,080
1,000,000 4.00%, 06/20/2042(b) 844,318
1,000,000 Intuit Inc
5.13%, 09/15/2028
1,017,103
500,000 KLA Corp
4.65%, 07/15/2032
492,030
1,000,000 Leidos Inc
2.30%, 02/15/2031
826,566
  Microsoft Corp  
2,000,000 1.35%, 09/15/2030(a) 1,650,855
3,453,000 3.45%, 08/08/2036 3,090,185
1,000,000 2.53%, 06/01/2050 657,163
1,547,000 2.92%, 03/17/2052 1,093,690
1,675,000 NVIDIA Corp
1.55%, 06/15/2028
1,493,314
1,000,000 NXP BV / NXP Funding LLC / NXP USA Inc
2.65%, 02/15/2032
830,993
  Oracle Corp  
500,000 6.25%, 11/09/2032 534,971
3,000,000 4.90%, 02/06/2033 2,937,144
2,500,000 3.85%, 07/15/2036 2,131,482
3,000,000 3.65%, 03/25/2041 2,355,592
175,000 4.00%, 07/15/2046 137,860
175,000 3.60%, 04/01/2050 126,433
175,000 3.95%, 03/25/2051 133,339
1,894,000 Qorvo Inc
4.38%, 10/15/2029
1,775,252
  QUALCOMM Inc  
2,500,000 1.30%, 05/20/2028 2,191,883
500,000 3.25%, 05/20/2050 369,434
600,000 4.50%, 05/20/2052 538,765
850,000 Roper Technologies Inc
1.00%, 09/15/2025
799,183
1,175,000 Salesforce Inc
2.70%, 07/15/2041
850,271
1,000,000 Take-Two Interactive Software Inc
4.95%, 03/28/2028
996,156
  Texas Instruments Inc  
1,000,000 1.75%, 05/04/2030 844,574
500,000 4.85%, 02/08/2034 502,408
500,000 4.10%, 08/16/2052 424,285
1,000,000 5.15%, 02/08/2054 1,003,840
  VMware LLC  
175,000 1.40%, 08/15/2026 159,820
1,000,000 2.20%, 08/15/2031 813,785
1,000,000 Workday Inc
3.80%, 04/01/2032
910,576
    71,685,866
Principal Amount   Fair Value
Utilities — 2.37%
$ 2,000,000 AEP Texas Inc(b)
2.10%, 07/01/2030
$    1,665,253
  1,175,000 AEP Transmission Co LLC
2.75%, 08/15/2051
       738,949
  1,000,000 Ameren Illinois Co(b)
4.95%, 06/01/2033
       989,722
  1,000,000 American Electric Power Co Inc
5.63%, 03/01/2033
     1,015,252
  1,000,000 American Water Capital Corp
3.75%, 09/01/2047
       789,063
  Appalachian Power Co  
   140,000 7.00%, 04/01/2038(b)        157,506
1,000,000 3.70%, 05/01/2050 710,889
1,000,000 Arizona Public Service Co
5.55%, 08/01/2033
1,011,250
175,000 Atmos Energy Corp
5.50%, 06/15/2041
179,918
175,000 Avangrid Inc
3.80%, 06/01/2029
164,138
  Berkshire Hathaway Energy Co  
500,000 3.70%, 07/15/2030 468,039
175,000 5.95%, 05/15/2037 182,320
175,000 5.15%, 11/15/2043(b) 170,788
2,735,000 2.85%, 05/15/2051 1,761,072
1,000,000 Black Hills Corp
3.88%, 10/15/2049
731,717
500,000 Boston Gas Co(a)
3.15%, 08/01/2027
463,708
1,000,000 CenterPoint Energy Houston Electric LLC
2.35%, 04/01/2031
847,376
2,000,000 CenterPoint Energy Resources Corp
4.40%, 07/01/2032
1,902,641
1,000,000 CMS Energy Corp
4.88%, 03/01/2044
928,933
1,000,000 Connecticut Light & Power Co
5.25%, 01/15/2053
992,814
  Consolidated Edison Co of New York Inc  
1,000,000 3.13%, 11/15/2027 940,858
1,000,000 2.40%, 06/15/2031 850,879
2,500,000 5.50%, 03/15/2034 2,582,572
1,000,000 Constellation Energy Generation LLC
5.75%, 03/15/2054
1,001,677
1,000,000 Consumers Energy Co
3.60%, 08/15/2032
906,229
  Dominion Energy Inc  
175,000 3.90%, 10/01/2025 171,144
1,500,000 3.38%, 04/01/2030 1,363,190
1,175,000 2.25%, 08/15/2031 961,513
175,000 4.70%, 12/01/2044 152,101
1,000,000 Dominion Energy South Carolina Inc
2.30%, 12/01/2031
828,025
  DTE Electric Co  
1,000,000 5.20%, 04/01/2033 1,013,348
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Utilities — (continued)
$ 1,000,000 3.75%, 08/15/2047 $      782,070
  1,000,000 DTE Energy Co
4.88%, 06/01/2028
       988,694
  1,000,000 Duke Energy Carolinas LLC
2.45%, 02/01/2030
       878,986
  Duke Energy Corp  
 5,311,000 2.55%, 06/15/2031     4,471,947
   175,000 3.50%, 06/15/2051        122,857
  1,000,000 Duke Energy Florida LLC
1.75%, 06/15/2030
       830,706
1,500,000 Duke Energy Florida Project Finance LLC
2.86%, 03/01/2033
1,293,963
1,000,000 Duke Energy Ohio Inc
5.25%, 04/01/2033
1,010,969
657,000 Duke Energy Progress LLC
2.00%, 08/15/2031
536,070
471,751 Elm Road Generating Station Supercritical LLC(a)
4.67%, 01/19/2031
446,981
1,000,000 Entergy Arkansas LLC(b)
5.15%, 01/15/2033
1,002,639
175,000 Entergy Corp
2.80%, 06/15/2030
152,919
  Entergy Louisiana LLC  
1,000,000 4.75%, 09/15/2052 891,012
1,200,000 5.70%, 03/15/2054 1,220,455
  Eversource Energy  
1,000,000 5.50%, 01/01/2034 1,000,111
1,000,000 3.45%, 01/15/2050 699,022
1,750,000 Exelon Corp
5.30%, 03/15/2033
1,755,422
  Florida Power & Light Co  
140,000 5.96%, 04/01/2039 152,138
1,209,000 5.25%, 02/01/2041 1,207,920
171,000 4.05%, 10/01/2044 146,182
1,500,000 3.15%, 10/01/2049 1,055,871
1,000,000 Georgia Power Co
3.25%, 03/15/2051
701,832
175,000 IPALCO Enterprises Inc
4.25%, 05/01/2030
162,822
1,000,000 ITC Holdings Corp(a)
4.95%, 09/22/2027
992,830
500,000 Jersey Central Power & Light Co
6.15%, 06/01/2037
516,677
175,000 Kentucky Utilities Co
5.13%, 11/01/2040
168,188
  MidAmerican Energy Co  
1,000,000 5.35%, 01/15/2034 1,029,063
1,175,000 2.70%, 08/01/2052 731,591
  National Rural Utilities Cooperative Finance Corp  
1,000,000 5.05%, 09/15/2028(b) 1,005,514
1,000,000 2.75%, 04/15/2032 848,554
1,000,000 New York State Electric & Gas Corp(a)
5.65%, 08/15/2028
1,022,675
  NextEra Energy Capital Holdings Inc  
1,500,000 4.63%, 07/15/2027 1,479,085
Principal Amount   Fair Value
Utilities — (continued)
$ 2,000,000 5.05%, 02/28/2033 $    1,981,512
  NiSource Inc  
 1,000,000 2.95%, 09/01/2029        903,128
 1,000,000 5.40%, 06/30/2033(b)     1,008,044
   600,000 5.35%, 04/01/2034        596,750
  1,000,000 Northern States Power Co(b)
4.00%, 08/15/2045
       811,937
  1,000,000 Oklahoma Gas & Electric Co
5.40%, 01/15/2033
     1,020,054
2,000,000 Oncor Electric Delivery Co LLC
2.70%, 11/15/2051
1,256,331
1,000,000 ONE Gas Inc
4.25%, 09/01/2032
956,267
1,400,000 Pacific Gas & Electric Co
4.95%, 07/01/2050
1,204,268
1,000,000 PECO Energy Co
4.38%, 08/15/2052
868,169
1,000,000 PPL Electric Utilities Corp
5.25%, 05/15/2053
988,535
175,000 Progress Energy Inc
7.75%, 03/01/2031
198,016
  Public Service Electric & Gas Co  
1,000,000 4.65%, 03/15/2033 974,683
1,000,000 5.20%, 08/01/2033 1,014,761
1,000,000 4.05%, 05/01/2045 822,308
175,000 Public Service Enterprise Group Inc
1.60%, 08/15/2030
141,278
1,000,000 Puget Sound Energy Inc
2.89%, 09/15/2051
642,726
1,000,000 Sierra Pacific Power Co(a)
5.90%, 03/15/2054
1,034,748
  Southern California Edison Co  
500,000 5.15%, 06/01/2029 502,054
1,400,000 5.75%, 04/15/2054 1,419,996
1,000,000 Southern California Gas Co
5.60%, 04/01/2054
1,000,635
  Southern Co  
1,500,000 3.70%, 04/30/2030 1,390,423
1,000,000 5.70%, 03/15/2034 1,031,344
500,000 4.40%, 07/01/2046 430,636
1,000,000 Southwest Gas Corp
5.80%, 12/01/2027
1,023,370
1,000,000 Tampa Electric Co
5.00%, 07/15/2052
922,059
1,200,000 Union Electric Co
5.20%, 04/01/2034
1,201,977
  Virginia Electric & Power Co  
500,000 3.75%, 05/15/2027 482,332
500,000 3.80%, 09/15/2047 386,731
1,000,000 5.35%, 01/15/2054(b) 980,216
500,000 WEC Energy Group Inc
5.60%, 09/12/2026
505,779
1,000,000 Wisconsin Power & Light Co
3.95%, 09/01/2032
927,500
  Xcel Energy Inc  
175,000 2.60%, 12/01/2029 152,439
1,000,000 4.60%, 06/01/2032 940,356
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Utilities — (continued)
$ 1,000,000 5.45%, 08/15/2033 $      993,906
    86,663,917
TOTAL CORPORATE BONDS AND NOTES — 25.58%
(Cost $1,011,013,931)
$936,817,887
FOREIGN GOVERNMENT BONDS AND NOTES
  African Development Bank  
 1,000,000 3.38%, 07/07/2025        980,268
   500,000 4.38%, 03/14/2028        498,049
  Asian Development Bank  
2,000,000 2.88%, 05/06/2025 1,953,811
1,000,000 4.25%, 01/09/2026(b) 991,278
1,000,000 3.13%, 08/20/2027 957,345
1,000,000 3.75%, 04/25/2028 975,023
1,000,000 4.50%, 08/25/2028 1,005,281
1,000,000 1.88%, 03/15/2029 890,473
1,000,000 3.88%, 09/28/2032 965,367
1,000,000 3.88%, 06/14/2033 962,657
  Asian Infrastructure Investment Bank  
1,500,000 3.38%, 06/29/2025 1,469,623
1,000,000 4.13%, 01/18/2029 989,920
1,500,000 Canada Government International Bond(b)
0.75%, 05/19/2026  
1,382,047
  Chile Government International Bond  
500,000 2.75%, 01/31/2027 468,115
1,000,000 4.95%, 01/05/2036 966,514
4,000,000 3.50%, 01/25/2050 2,911,699
500,000 3.25%, 09/21/2071 314,871
500,000 Corp Andina de Fomento
2.25%, 02/08/2027  
460,690
1,500,000 Council of Europe Development Bank
0.88%, 09/22/2026  
1,369,591
500,000 Council Of Europe Development Bank
4.13%, 01/24/2029  
494,944
  European Bank for Reconstruction & Development  
1,000,000 0.50%, 11/25/2025 932,243
1,000,000 4.38%, 03/09/2028 997,288
1,000,000 4.13%, 01/25/2029 990,285
  European Investment Bank  
1,000,000 0.63%, 07/25/2025(b) 945,014
2,000,000 1.38%, 03/15/2027(b) 1,828,815
1,000,000 3.25%, 11/15/2027 960,134
2,000,000 3.88%, 03/15/2028 1,960,946
1,000,000 1.75%, 03/15/2029 885,740
1,000,000 3.63%, 07/15/2030 961,887
1,000,000 3.75%, 02/14/2033 958,683
1,000,000 4.13%, 02/13/2034 982,647
  Export Development Canada  
1,000,000 4.38%, 06/29/2026 993,397
1,000,000 3.88%, 02/14/2028 979,659
Principal Amount   Fair Value
Foreign Government Bonds and Notes — (continued)
  Export-Import Bank of Korea  
$ 1,000,000 2.63%, 05/26/2026 $      952,102
 2,000,000 5.13%, 01/11/2033     2,038,847
 1,000,000 4.63%, 06/07/2033(a)        985,644
  Hungary Government International Bond(a)  
 1,000,000 2.13%, 09/22/2031        792,000
 1,000,000 3.13%, 09/21/2051        630,180
  Indonesia Government International Bond  
1,000,000 3.50%, 01/11/2028 948,050
1,000,000 4.65%, 09/20/2032 972,550
1,000,000 5.65%, 01/11/2053 1,044,928
  Inter-American Development Bank  
1,000,000 0.63%, 07/15/2025 946,937
1,500,000 0.88%, 04/20/2026 1,388,762
1,000,000 4.38%, 02/01/2027 995,648
2,000,000 1.13%, 07/20/2028 1,747,381
1,000,000 4.13%, 02/15/2029 990,403
1,000,000 3.50%, 04/12/2033 934,433
500,000 4.50%, 09/13/2033 504,527
  Inter-American Investment Corp  
1,000,000 4.13%, 02/15/2028 982,614
1,000,000 4.75%, 09/19/2028 1,008,969
  International Bank for Reconstruction & Development  
1,000,000 0.75%, 11/24/2027 875,921
1,000,000 4.63%, 08/01/2028 1,010,220
9,500,000 1.13%, 09/13/2028 8,266,263
1,000,000 4.00%, 07/25/2030 980,651
500,000 0.75%, 08/26/2030 400,150
2,000,000 1.25%, 02/10/2031 1,635,106
  International Finance Corp  
400,000 0.38%, 07/16/2025 377,366
500,000 4.38%, 01/15/2027 497,958
500,000 4.50%, 07/13/2028 502,693
  Israel Government International Bond  
1,000,000 3.25%, 01/17/2028 930,256
1,000,000 4.50%, 01/17/2033 930,002
4,000,000 Japan Bank for International Cooperation
2.25%, 11/04/2026  
3,753,520
  Korea Development Bank  
1,000,000 2.25%, 02/24/2027(b) 924,993
470,000 1.38%, 04/25/2027 423,691
1,000,000 4.50%, 02/15/2029 991,770
2,000,000 4.25%, 09/08/2032 1,916,789
  Mexico Government International Bond  
500,000 5.40%, 02/09/2028 502,634
1,000,000 5.00%, 05/07/2029 986,316
2,000,000 4.75%, 04/27/2032 1,894,895
1,000,000 4.88%, 05/19/2033 946,875
500,000 3.50%, 02/12/2034 415,858
2,750,000 4.60%, 01/23/2046 2,208,762
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Foreign Government Bonds and Notes — (continued)
$ 1,000,000 6.34%, 05/04/2053 $      986,597
 1,000,000 3.77%, 05/24/2061        649,025
  Nordic Investment Bank  
 1,000,000 0.50%, 01/21/2026        926,871
 1,000,000 3.38%, 09/08/2027        964,227
  1,000,000 Panama Bonos del Tesoro(a)
6.38%, 07/25/2033  
       934,500
  Panama Government International Bond  
2,000,000 3.16%, 01/23/2030 1,660,025
1,000,000 6.40%, 02/14/2035 943,329
1,000,000 Panama Notas del Tesoro
3.75%, 04/17/2026  
956,250
400,000 Perusahaan Penerbit SBSN Indonesia III(a)
4.70%, 06/06/2032  
392,000
  Peruvian Government International Bond  
1,000,000 2.84%, 06/20/2030 877,750
500,000 3.00%, 01/15/2034 408,361
1,000,000 3.55%, 03/10/2051(b) 722,500
  Philippine Government International Bond  
2,000,000 3.00%, 02/01/2028 1,863,220
200,000 5.61%, 04/13/2033(b) 207,550
1,000,000 5.00%, 07/17/2033 999,760
2,000,000 2.95%, 05/05/2045 1,392,504
  Province of Alberta Canada  
1,000,000 2.05%, 08/17/2026(a) 939,932
1,000,000 4.50%, 01/24/2034 987,582
  Province of British Columbia Canada  
3,000,000 1.30%, 01/29/2031(b) 2,450,062
1,000,000 4.20%, 07/06/2033 969,786
  Province of Manitoba Canada  
500,000 2.13%, 06/22/2026 471,994
1,000,000 4.30%, 07/27/2033 975,397
  Province of Ontario Canada  
1,000,000 0.63%, 01/21/2026 927,563
1,000,000 1.13%, 10/07/2030 810,642
1,500,000 1.80%, 10/14/2031 1,242,099
5,099,000 Province of Quebec Canada
1.35%, 05/28/2030  
4,244,405
1,000,000 Republic of Italy Government International Bond
3.88%, 05/06/2051  
710,594
  Republic of Poland Government International Bond  
500,000 5.50%, 11/16/2027 510,144
1,000,000 5.75%, 11/16/2032 1,045,874
1,000,000 4.88%, 10/04/2033 983,812
  Svensk Exportkredit AB  
1,000,000 0.63%, 05/14/2025 950,944
1,000,000 4.13%, 06/14/2028 984,926
1,000,000 4.88%, 10/04/2030 1,018,115
  Uruguay Government International Bond  
500,000 4.38%, 01/23/2031 488,826
Principal Amount   Fair Value
Foreign Government Bonds and Notes — (continued)
$   500,000 5.75%, 10/28/2034 $      527,250
    500,000 4.98%, 04/20/2055       469,310
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 3.31%
(Cost $130,638,493)
$121,214,694
MORTGAGE-BACKED SECURITIES
Non-Agency — 0.80%
  BANK  
  Series 2017-BNK7 Class A5  
500,000 3.44%, 09/15/2060   471,892
  Series 2018-BN10 Class A5  
300,000 3.69%, 02/15/2061   284,646
  Series 2019-BN20 Class ASB  
2,200,000 2.93%, 09/15/2062   2,071,047
4,000,000 Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2017-BNK3 Class A4
3.57%,  02/15/2050  
3,804,683
  BBCMS Mortgage Trust  
  Series 2021-C10 Class A5  
1,500,000 2.49%, 07/15/2054   1,276,337
  Series 2021-C11 Class A5  
1,000,000 2.32%, 09/15/2054   832,992
  Benchmark Mortgage Trust  
  Series 2018-B4 Class A5  
1,100,000 4.12%, 07/15/2051(c)   1,053,079
  Series 2018-B7 Class A3  
2,200,000 4.24%, 05/15/2053   2,085,786
  Series 2019-B9 Class A4  
650,000 3.75%, 03/15/2052   609,707
  Series 2020-IG1 Class A3  
322,000 2.69%, 09/15/2043   265,534
  Series 2021-B25 Class A5  
1,000,000 2.58%, 04/15/2054   816,665
1,000,000 CFCRE Commercial Mortgage Trust
Series 2017-C8 Class A4
3.57%,  06/15/2050  
941,706
  Citigroup Commercial Mortgage Trust  
  Series 2015-GC31 Class A4  
1,000,000 3.76%, 06/10/2048   969,656
  Series 2018-C6 Class A4  
2,095,000 4.41%, 11/10/2051   1,979,031
238,000 COMM Mortgage Trust
Series 2018-COR3 Class A3
4.23%,  05/10/2051  
224,396
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$ 1,825,000 CSAIL Commercial Mortgage Trust
Series 2016-C7 Class A5
3.50%,  11/15/2049  
$    1,716,684
  GS Mortgage Securities Trust  
  Series 2016-GS4 Class A4  
 3,115,000 3.44%, 11/10/2049(c)       2,953,200
  Series 2019-GC42 Class A4  
 1,000,000 3.00%, 09/10/2052          890,528
    650,000 JPMCC Commercial Mortgage Securities Trust
Series 2019-COR4 Class AS
4.29%,  03/10/2052  
       586,140
1,550,000 Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C32 Class A4
3.72%,  12/15/2049  
1,484,164
1,000,000 Morgan Stanley Capital I Trust
Series 2018-H3 Class A5
4.18%,  07/15/2051  
957,985
  Wells Fargo Commercial Mortgage Trust  
  Series 2019-C52 Class A5  
2,400,000 2.89%, 08/15/2052   2,138,328
  Series 2020-C55 Class A5  
1,000,000 2.73%, 02/15/2053   880,556
    29,294,742
U.S. Government Agency — 26.75%
  Federal Home Loan Mortgage Corp  
75,855 4.00%, 05/01/2026   74,764
60,553 3.00%, 01/01/2027   58,874
1,771 7.50%, 05/01/2027   1,781
214,314 2.50%, 11/01/2028   205,055
145,329 3.00%, 01/01/2029   140,081
438,314 3.00%, 02/01/2029   420,681
6,400 6.50%, 04/01/2029   6,572
990 7.50%, 08/01/2030   1,010
1,162,111 2.50%, 12/01/2031   1,086,713
211,892 2.50%, 02/01/2032   197,811
134,811 3.50%, 04/01/2032   128,902
31,792 6.50%, 11/01/2032   32,734
213,193 3.00%, 04/01/2033   202,284
113,313 3.50%, 05/01/2033   108,922
161,102 3.50%, 06/01/2033   153,380
257,518 4.00%, 07/01/2033   251,372
945,967 3.00%, 01/01/2034   893,125
124,828 3.50%, 03/01/2034   119,988
237,556 4.00%, 06/01/2034   230,073
192,226 3.50%, 09/01/2034   183,948
319,409 2.00%, 10/01/2034   285,702
640,532 3.00%, 12/01/2034   599,901
769,338 2.50%, 02/01/2035   706,400
204,265 2.50%, 03/01/2035   186,782
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   501,574 1.50%, 07/01/2035   $      437,375
  1,625,971 2.00%, 07/01/2035      1,451,015
   508,230 3.00%, 07/01/2035          474,262
   700,906 2.00%, 08/01/2035          624,139
    965,729 2.00%, 10/01/2035        862,026
 1,456,612 1.50%, 12/01/2035       1,270,136
   145,225 2.00%, 12/01/2035          129,627
1,489,709 2.00%, 01/01/2036   1,329,702
1,324,623 1.50%, 02/01/2036   1,153,339
466,413 2.00%, 02/01/2036   415,761
1,494,060 2.50%, 02/01/2036   1,370,859
293,798 2.00%, 03/01/2036   261,892
7,425 6.00%, 03/01/2036   7,700
8,158 6.00%, 04/01/2036   8,462
537,104 1.00%, 05/01/2036   455,559
496,976 1.50%, 05/01/2036   431,477
953,315 2.00%, 05/01/2036   846,291
285,739 1.50%, 06/01/2036   248,776
31,612 5.00%, 06/01/2036   31,817
1,228,690 1.50%, 07/01/2036   1,067,950
229,314 1.00%, 08/01/2036   194,493
793,742 1.50%, 09/01/2036   688,401
734,373 2.00%, 09/01/2036   650,514
598,380 3.00%, 09/01/2036   551,495
3,175,814 2.00%, 10/01/2036   2,816,040
2,098,538 2.50%, 10/01/2036   1,911,862
2,362,477 1.50%, 12/01/2036   2,046,638
1,006,150 1.50%, 01/01/2037   871,631
371,601 1.50%, 03/01/2037   321,755
1,386,654 2.00%, 03/01/2037   1,235,946
1,095,788 2.00%, 04/01/2037   971,607
419,201 1.50%, 05/01/2037   362,970
1,270,516 1.50%, 06/01/2037 1,100,092
370,695 4.00%, 07/01/2037   357,311
474,037 5.00%, 10/01/2037   473,729
196,106 4.50%, 11/01/2037   193,007
12,242 5.50%, 11/01/2037   12,524
208,368 4.00%, 12/01/2037   201,741
618,527 4.50%, 12/01/2037   608,753
9,209 5.50%, 12/01/2037   9,420
592,897 3.50%, 01/01/2038   563,280
318,130 4.00%, 05/01/2038   308,011
324,333 5.50%, 07/01/2038   326,873
89,602 3.50%, 10/01/2038   83,620
354,240 5.50%, 11/01/2038   357,015
67,410 5.00%, 12/01/2039   67,352
690,065 3.00%, 02/01/2040   626,369
150,741 5.00%, 02/01/2040   150,611
126,768 5.00%, 05/01/2040   126,658
226,239 2.50%, 07/01/2040   196,975
194,778 2.50%, 08/01/2040   169,933
63,528 5.00%, 08/01/2040   63,473
1,147,096 2.00%, 10/01/2040   970,708
372,638 1.50%, 11/01/2040   306,374
481,113 2.00%, 12/01/2040   406,681
738,456 2.50%, 12/01/2040   643,639
596,183 4.00%, 02/01/2041 565,690
719,522 2.00%, 03/01/2041   607,527
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$    98,636 4.00%, 04/01/2041   $       93,574
   239,099 1.50%, 05/01/2041          195,898
 1,209,712 2.00%, 07/01/2041       1,006,463
   338,221 2.50%, 07/01/2041          294,797
   501,023 2.00%, 08/01/2041          421,787
 1,647,541 2.00%, 10/01/2041       1,384,765
   595,463 2.00%, 11/01/2041          500,059
620,816 1.50%, 12/01/2041   505,300
691,223 2.50%, 04/01/2042   594,342
454,568 2.50%, 09/01/2042   391,128
292,297 3.50%, 11/01/2042   269,099
250,271 3.50%, 05/01/2043   230,455
367,571 4.00%, 11/01/2043   348,732
336,152 3.50%, 11/01/2044   308,563
1,052,547 3.00%, 04/01/2045 935,079
634,887 3.00%, 08/01/2045   563,832
363,817 3.50%, 10/01/2045   332,142
986,649 3.50%, 04/01/2046 900,750
2,403,154 3.00%, 02/01/2047   2,115,211
1,019,075 3.50%, 02/01/2047   929,150
969,055 4.00%, 02/01/2047   917,572
479,273 2.50%, 03/01/2047   407,797
478,792 3.50%, 11/01/2047   437,096
460,872 4.00%, 11/01/2047   435,715
287,207 4.50%, 01/01/2048   281,589
1,040,584 3.50%, 02/01/2048   949,955
352,348 4.00%, 03/01/2048   332,555
1,012,708 3.50%, 08/01/2048   917,178
197,680 4.00%, 08/01/2048   186,530
124,042 4.50%, 08/01/2048   119,938
146,963 4.00%, 09/01/2048   138,181
2,840,962 4.00%, 11/01/2048   2,675,211
62,078 4.00%, 01/01/2049   58,389
1,180,127 3.50%, 05/01/2049   1,079,332
4,075,195 3.50%, 06/01/2049   3,703,421
509,891 5.50%, 06/01/2049   516,376
332,391 4.50%, 08/01/2049   321,932
529,282 5.00%, 08/01/2049   523,973
1,503,449 3.00%, 09/01/2049 1,308,409
443,945 4.00%, 09/01/2049   415,117
732,829 2.50%, 10/01/2049   611,282
316,044 3.00%, 10/01/2049   277,439
65,364 3.50%, 10/01/2049   59,334
171,332 4.00%, 10/01/2049   160,228
945,583 4.50%, 11/01/2049   915,235
1,826,583 3.50%, 12/01/2049 1,659,704
392,428 3.50%, 01/01/2050   357,863
1,377,828 3.00%, 02/01/2050   1,203,771
134,813 3.00%, 03/01/2050   118,066
173,145 5.00%, 03/01/2050   171,413
352,568 3.00%, 04/01/2050   306,850
544,759 3.50%, 04/01/2050   495,662
1,555,666 2.50%, 05/01/2050 1,297,754
648,164 4.00%, 05/01/2050   611,900
3,634,502 2.50%, 07/01/2050 3,027,179
95,055 4.00%, 07/01/2050   88,896
772,015 4.50%, 07/01/2050   740,032
1,213,091 2.00%, 08/01/2050   967,573
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 2,819,962 3.00%, 08/01/2050 $    2,450,094
  5,717,718 2.00%, 09/01/2050      4,561,132
 2,815,057 2.50%, 09/01/2050       2,343,641
 3,364,132 3.00%, 09/01/2050       2,921,638
   188,402 3.50%, 09/01/2050          170,875
   100,796 4.00%, 09/01/2050           94,173
   907,409 2.00%, 10/01/2050          726,003
925,632 2.50%, 10/01/2050   771,315
3,441,688 3.00%, 10/01/2050   2,986,833
2,231,621 1.50%, 11/01/2050   1,681,327
6,834,102 2.00%, 11/01/2050 5,447,380
940,450 2.50%, 11/01/2050   790,638
1,853,351 1.50%, 12/01/2050   1,402,070
4,795,736 2.00%, 12/01/2050   3,814,710
462,443 3.00%, 12/01/2050   401,327
7,143,027 2.00%, 01/01/2051   5,694,033
6,696,618 2.50%, 01/01/2051 5,558,982
4,207,258 1.50%, 03/01/2051   3,180,288
8,533,660 2.00%, 03/01/2051 6,787,692
826,732 1.50%, 04/01/2051   624,715
546,910 2.50%, 04/01/2051   454,674
2,208,582 2.00%, 05/01/2051   1,755,444
4,327,799 2.50%, 05/01/2051 3,605,402
1,009,723 1.50%, 06/01/2051   761,129
1,109,099 3.50%, 06/01/2051   996,475
3,388,253 2.00%, 08/01/2051   2,690,120
1,437,823 2.50%, 08/01/2051   1,193,526
4,446,532 2.50%, 09/01/2051 3,705,583
3,103,909 1.50%, 10/01/2051 2,339,975
10,034,855 2.00%, 10/01/2051   7,957,375
11,798,064 2.50%, 10/01/2051 9,799,295
9,597,232 2.00%, 11/01/2051 7,616,678
4,644,088 2.50%, 11/01/2051   3,851,184
5,422,872 2.00%, 12/01/2051 4,302,245
3,929,180 2.50%, 12/01/2051   3,257,609
3,807,734 3.00%, 12/01/2051 3,279,805
2,213,196 2.00%, 01/01/2052   1,755,669
6,685,338 2.50%, 01/01/2052 5,596,529
855,076 3.00%, 01/01/2052   735,960
697,679 2.00%, 02/01/2052   552,110
2,155,526 2.50%, 02/01/2052   1,794,955
3,797,175 2.00%, 03/01/2052 3,021,477
3,101,001 3.00%, 03/01/2052 2,675,587
384,677 3.50%, 03/01/2052   345,356
4,709,861 2.50%, 04/01/2052 3,902,542
307,790 3.00%, 04/01/2052   268,759
2,149,462 3.50%, 04/01/2052 1,927,030
6,499,067 3.00%, 05/01/2052 5,596,823
1,375,107 4.00%, 05/01/2052 1,275,734
948,497 3.00%, 06/01/2052 821,529
4,568,331 3.50%, 06/01/2052 4,096,371
551,198 4.50%, 06/01/2052   524,868
2,031,746 2.50%, 07/01/2052   1,681,690
368,261 3.50%, 07/01/2052   333,491
592,451 4.50%, 07/01/2052   564,234
292,837 5.00%, 07/01/2052   285,788
702,172 3.50%, 08/01/2052   636,082
4,200,087 4.00%, 08/01/2052   3,895,553
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 2,782,404 2.50%, 09/01/2052   $    2,302,413
   543,729 4.00%, 09/01/2052          510,024
  7,314,954 4.50%, 09/01/2052      6,974,237
 1,430,216 5.00%, 09/01/2052       1,396,570
 3,271,309 3.50%, 10/01/2052       2,928,875
  2,169,717 4.00%, 10/01/2052      2,011,070
   461,263 4.50%, 10/01/2052          439,276
538,703 5.00%, 10/01/2052   531,297
421,343 5.50%, 10/01/2052   420,076
266,363 6.00%, 10/01/2052   269,937
576,684 4.50%, 11/01/2052   560,235
2,341,557 5.00%, 11/01/2052 2,286,510
598,942 5.50%, 11/01/2052   597,906
747,066 4.50%, 12/01/2052   711,367
3,193,312 5.00%, 12/01/2052 3,128,911
935,692 5.50%, 12/01/2052 936,567
446,810 6.00%, 12/01/2052   451,656
561,142 5.00%, 01/01/2053   550,683
1,077,924 5.50%, 01/01/2053 1,074,713
1,818,164 6.00%, 01/01/2053 1,844,281
685,554 5.50%, 02/01/2053   683,793
272,709 6.50%, 02/01/2053   281,193
720,953 5.00%, 03/01/2053   704,212
599,014 5.50%, 03/01/2053   600,881
620,064 4.50%, 04/01/2053   590,426
1,186,549 5.50%, 04/01/2053 1,189,426
853,190 5.00%, 05/01/2053 837,699
2,979,517 5.50%, 05/01/2053   2,965,503
672,240 4.50%, 06/01/2053   640,092
758,019 5.00%, 06/01/2053 749,493
863,825 5.50%, 06/01/2053 862,583
1,288,600 5.00%, 07/01/2053   1,257,144
430,653 5.50%, 07/01/2053   431,064
695,083 6.00%, 07/01/2053 705,502
1,057,759 5.00%, 08/01/2053   1,031,932
427,020 5.50%, 08/01/2053   424,925
1,045,050 6.00%, 08/01/2053 1,068,203
371,618 6.50%, 08/01/2053   385,129
388,342 5.00%, 09/01/2053   378,859
753,876 6.50%, 09/01/2053 774,998
1,785,112 5.50%, 10/01/2053   1,776,111
1,770,575 6.00%, 10/01/2053   1,786,575
1,035,765 6.50%, 10/01/2053   1,058,178
1,159,618 5.00%, 11/01/2053 1,131,369
603,224 5.50%, 11/01/2053   600,182
390,937 6.00%, 11/01/2053   400,353
972,113 6.50%, 11/01/2053   1,002,411
2,541,159 6.00%, 01/01/2054   2,564,122
580,000 7.00%, 04/01/2054   597,986
  Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates  
  Series K052 Class A2  
1,000,000 3.15%, 11/25/2025   972,343
  Series K061 Class A2  
1,868,127 3.35%, 11/25/2026(c)   1,797,437
  Series K067 Class A2  
1,100,000 3.19%, 07/25/2027   1,050,590
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series K077 Class A2  
$ 2,750,000 3.85%, 05/25/2028(c)   $    2,667,704
  Series K084 Class A2  
 1,500,000 3.78%, 10/25/2028(c)       1,446,502
  Series K087 Class A2  
 1,565,000 3.77%, 12/25/2028       1,508,034
  Series K092 Class A2  
2,150,000 3.30%, 04/25/2029   2,025,295
  Series K095 Class A2  
2,500,000 2.79%, 06/25/2029   2,294,065
  Series K098 Class A2  
1,000,000 2.43%, 08/25/2029   898,471
  Series K100 Class A2  
2,007,000 2.67%, 09/25/2029   1,821,330
  Series K104 Class A2  
300,000 2.25%, 01/25/2030   265,047
  Series K127 Class A2  
500,000 2.11%, 01/25/2031   427,182
  Series K130 Class A2  
1,800,000 1.72%, 06/25/2031   1,484,746
  Series K154 Class A2  
1,900,000 3.42%, 04/25/2032   1,783,296
  Series KJ37 Class A2  
500,000 2.33%, 11/25/2030   440,473
  Federal National Mortgage Association  
767,689 2.50%, 06/01/2028 733,090
11,025 6.00%, 01/01/2029   11,176
184,046 3.00%, 03/01/2029   176,337
131,236 3.50%, 04/01/2029   127,306
77,885 3.50%, 09/01/2029   75,427
109,417 4.00%, 09/01/2030   106,426
350,390 3.00%, 10/01/2030   333,506
28,272 8.00%, 10/01/2030   28,250
774,904 2.50%, 09/01/2031   725,058
204,117 2.00%, 10/01/2031   188,115
101,875 3.50%, 01/01/2032   97,304
669,283 3.50%, 02/01/2032 641,411
29,308 6.50%, 06/01/2032   30,254
289,505 3.00%, 08/01/2032   273,360
24,082 6.50%, 08/01/2032   24,880
1,038,570 3.00%, 10/01/2032   973,432
76,927 3.00%, 11/01/2032   72,286
277,752 2.50%, 01/01/2033   262,057
336,913 3.00%, 02/01/2033   314,358
96,516 5.50%, 03/01/2033   98,518
370,882 3.00%, 04/01/2033   346,642
15,840 5.00%, 09/01/2033 15,923
1,485,575 3.00%, 12/01/2033   1,403,128
19,407 5.50%, 01/01/2034 19,737
132,270 4.00%, 02/01/2034   127,978
196,168 3.50%, 03/01/2034   187,845
75,409 5.50%, 03/01/2034   76,973
73,651 5.50%, 05/01/2034   75,180
276,113 3.50%, 07/01/2034   267,809
178,173 2.50%, 09/01/2034   163,811
219,146 3.00%, 02/01/2035   205,881
22,069 5.50%, 02/01/2035   22,527
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   275,088 3.00%, 03/01/2035   $      255,724
   786,270 3.00%, 04/01/2035          733,729
   231,457 5.00%, 05/01/2035          232,670
   665,945 2.00%, 06/01/2035          592,410
   714,796 2.50%, 06/01/2035          655,356
   286,206 3.50%, 06/01/2035          273,876
   268,792 1.50%, 07/01/2035          234,387
4,942 5.00%, 07/01/2035   4,968
483,231 2.00%, 09/01/2035   431,011
211,414 3.50%, 09/01/2035   202,962
48,216 5.00%, 09/01/2035 48,469
714,326 1.50%, 10/01/2035   622,891
51,916 5.00%, 10/01/2035   52,188
37,642 6.00%, 10/01/2035   38,992
40,812 5.50%, 11/01/2035   41,660
1,662,670 2.00%, 12/01/2035   1,484,097
784,564 2.00%, 01/01/2036   699,358
779,802 2.50%, 01/01/2036   714,971
785,601 1.50%, 02/01/2036   682,703
2,228,517 2.00%, 02/01/2036 1,982,382
362,228 3.50%, 04/01/2036   342,230
46,808 6.00%, 04/01/2036   48,869
803,686 1.50%, 05/01/2036   698,559
1,325,594 2.00%, 05/01/2036   1,178,347
647,808 2.50%, 05/01/2036   590,391
1,856,012 2.00%, 06/01/2036   1,646,164
4,132,286 2.50%, 06/01/2036   3,766,019
982,419 1.50%, 07/01/2036   852,926
337,697 2.50%, 07/01/2036   308,659
274,999 1.50%, 08/01/2036   239,769
487,129 2.00%, 08/01/2036   435,565
3,392 6.50%, 08/01/2036   3,499
1,442,526 1.50%, 09/01/2036   1,250,663
2,111,658 2.00%, 09/01/2036   1,874,401
160,376 1.00%, 10/01/2036   135,647
2,888,022 1.50%, 10/01/2036 2,507,912
681,876 2.00%, 10/01/2036   604,837
349,746 2.50%, 10/01/2036   318,189
1,188,889 1.50%, 11/01/2036   1,029,959
4,019,475 2.00%, 11/01/2036 3,571,955
366,844 2.50%, 11/01/2036   334,320
29,955 5.50%, 11/01/2036   30,578
492,856 1.50%, 12/01/2036   426,969
430,108 6.00%, 12/01/2036   445,553
1,831,991 1.50%, 01/01/2037   1,587,064
1,892,525 2.00%, 01/01/2037   1,678,712
730,317 3.00%, 01/01/2037   672,970
1,387,009 2.00%, 02/01/2037   1,235,035
1,230,367 2.00%, 03/01/2037 1,096,144
944,491 2.00%, 04/01/2037   836,571
960,312 3.00%, 04/01/2037   893,339
581,795 3.50%, 07/01/2037   554,606
23,225 5.00%, 07/01/2037   23,346
422,583 2.50%, 08/01/2037   384,641
132,364 5.50%, 08/01/2037   135,116
632,683 3.00%, 09/01/2037   588,556
426,771 4.00%, 12/01/2037   413,338
226,731 5.50%, 01/01/2038   231,444
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   579,826 2.50%, 02/01/2038   $      527,309
    102,568 6.00%, 03/01/2038        106,262
     50,979 5.50%, 07/01/2038           52,040
   353,542 5.00%, 09/01/2038          353,004
     35,163 2.50%, 05/01/2039           31,406
     31,915 6.00%, 05/01/2039           33,065
   226,923 4.50%, 08/01/2039          222,546
274,738 5.00%, 08/01/2039   274,153
233,982 5.00%, 12/01/2039 233,820
117,058 4.50%, 03/01/2040   114,800
555,910 2.50%, 05/01/2040   485,990
720,995 3.00%, 05/01/2040   667,665
1,758,521 2.00%, 06/01/2040   1,489,326
167,714 5.00%, 06/01/2040   167,357
135,681 4.50%, 08/01/2040 133,067
468,737 2.00%, 09/01/2040   396,252
262,529 2.50%, 09/01/2040   229,074
651,423 3.00%, 09/01/2040   597,237
873,562 2.00%, 11/01/2040 738,711
87,629 4.50%, 11/01/2040   85,939
117,977 5.00%, 11/01/2040   117,726
293,669 1.50%, 01/01/2041   241,183
520,428 2.00%, 02/01/2041   439,322
1,114,112 4.00%, 02/01/2041 1,055,613
454,194 4.50%, 03/01/2041 445,433
420,281 2.00%, 04/01/2041   354,678
232,117 2.00%, 05/01/2041   195,885
318,578 5.00%, 05/01/2041   317,670
329,728 2.00%, 06/01/2041   278,054
795,187 2.00%, 08/01/2041   669,079
543,046 1.50%, 09/01/2041   442,502
1,100,504 2.50%, 09/01/2041   958,851
729,578 1.50%, 10/01/2041   594,196
1,010,382 2.00%, 10/01/2041   849,048
900,533 2.50%, 10/01/2041 783,463
155,201 4.50%, 10/01/2041   152,207
1,355,260 1.50%, 12/01/2041   1,079,749
774,677 2.00%, 12/01/2041   650,421
443,194 3.50%, 12/01/2041   408,290
431,542 4.00%, 01/01/2042 408,892
910,498 2.00%, 03/01/2042   763,785
1,102,293 1.50%, 04/01/2042   895,916
443,554 3.00%, 06/01/2042   396,237
442,419 3.50%, 08/01/2042   405,690
261,096 3.00%, 09/01/2042   233,669
685,201 3.00%, 12/01/2042   611,750
736,834 3.00%, 02/01/2043   661,659
351,788 5.00%, 03/01/2043   348,450
308,501 3.00%, 04/01/2043   275,425
563,892 3.50%, 04/01/2043   512,910
1,292,017 3.50%, 05/01/2043   1,186,071
144,134 4.00%, 07/01/2043   136,574
567,026 3.00%, 08/01/2043   506,251
337,697 3.50%, 08/01/2043   310,285
153,198 4.00%, 09/01/2043   145,167
346,987 3.50%, 08/01/2044   318,114
600,071 4.00%, 08/01/2044 571,732
197,259 4.00%, 06/01/2045   186,834
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 1,356,665 2.50%, 07/01/2045   $    1,155,096
 1,198,688 3.50%, 07/01/2045       1,093,424
    421,116 3.50%, 11/01/2045        382,688
   794,992 1.50%, 02/01/2046          608,963
 1,223,247 3.50%, 02/01/2046       1,115,407
   674,504 4.00%, 03/01/2046          639,054
 1,314,380 3.00%, 06/01/2046       1,161,074
1,494,740 3.00%, 09/01/2046   1,308,134
1,049,566 4.00%, 09/01/2046   994,407
328,613 2.50%, 10/01/2046   280,720
1,310,234 3.00%, 10/01/2046 1,156,001
258,499 4.00%, 10/01/2046   244,783
745,158 3.00%, 12/01/2046 655,430
358,244 3.50%, 12/01/2046   326,658
245,988 4.00%, 03/01/2047   232,239
334,627 4.00%, 06/01/2047   315,737
254,041 4.00%, 07/01/2047   239,405
4,413,256 3.50%, 10/01/2047 4,021,299
868,448 4.00%, 10/01/2047   818,772
914,220 4.50%, 02/01/2048   886,209
684,578 3.50%, 05/01/2048   622,784
323,522 4.50%, 05/01/2048   315,013
287,872 4.00%, 10/01/2048   270,869
324,981 4.00%, 11/01/2048   306,996
2,355,659 4.50%, 11/01/2048   2,285,491
271,367 5.00%, 11/01/2048   268,657
1,313,074 4.00%, 01/01/2049 1,232,857
335,859 4.50%, 02/01/2049   324,348
549,290 3.50%, 03/01/2049   500,212
832,842 3.50%, 05/01/2049   757,076
1,063,221 3.50%, 06/01/2049   969,471
2,080,489 4.00%, 06/01/2049   1,945,951
1,000,118 3.50%, 07/01/2049   912,894
2,666,820 4.00%, 07/01/2049 2,509,046
815,597 4.50%, 07/01/2049   787,407
1,341,084 3.50%, 08/01/2049   1,219,335
922,827 4.00%, 08/01/2049   861,826
370,711 3.00%, 09/01/2049   323,393
894,087 3.50%, 09/01/2049   812,450
310,334 4.50%, 09/01/2049   300,984
804,416 4.50%, 10/01/2049 777,357
1,285,444 3.50%, 11/01/2049   1,179,818
3,819,859 3.00%, 12/01/2049 3,331,383
1,077,443 3.50%, 12/01/2049 980,997
2,409,816 2.50%, 01/01/2050   2,010,668
784,607 3.00%, 01/01/2050   685,611
326,882 4.00%, 01/01/2050   304,564
1,558,936 3.00%, 02/01/2050   1,356,559
507,704 4.50%, 02/01/2050   487,939
2,739,669 3.00%, 03/01/2050 2,384,982
589,505 3.50%, 03/01/2050 535,222
878,973 4.00%, 03/01/2050 827,256
448,666 3.00%, 04/01/2050   390,141
1,336,277 4.50%, 04/01/2050   1,303,892
1,407,806 2.50%, 05/01/2050   1,173,787
696,040 3.50%, 05/01/2050 632,156
7,423,582 2.50%, 06/01/2050   6,194,006
306,206 4.00%, 06/01/2050   286,127
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   154,863 4.50%, 06/01/2050   $      148,755
   382,794 2.50%, 07/01/2050          319,154
  3,269,123 3.00%, 07/01/2050      2,845,706
   500,999 4.00%, 07/01/2050          467,220
 3,925,395 2.00%, 08/01/2050       3,131,213
 2,201,328 2.50%, 08/01/2050       1,834,882
   613,923 4.00%, 08/01/2050          578,516
2,514,627 2.00%, 09/01/2050 2,018,253
1,046,945 2.50%, 09/01/2050   872,665
1,248,146 3.00%, 09/01/2050 1,084,043
430,598 1.50%, 10/01/2050   325,176
3,299,571 2.50%, 10/01/2050 2,759,626
1,024,646 3.00%, 10/01/2050   899,952
2,758,036 1.50%, 11/01/2050   2,082,781
4,345,856 2.00%, 11/01/2050 3,480,812
611,782 2.50%, 11/01/2050   509,831
5,095,916 2.00%, 12/01/2050 4,064,088
792,320 2.50%, 12/01/2050   656,145
2,872,993 3.00%, 12/01/2050   2,503,891
78,987 4.00%, 12/01/2050   73,685
2,422,515 1.50%, 01/01/2051   1,830,596
17,137,338 2.00%, 01/01/2051   13,640,989
1,995,245 2.50%, 01/01/2051   1,664,646
551,701 3.50%, 01/01/2051   499,953
8,239,028 2.00%, 02/01/2051 6,571,721
1,416,526 2.50%, 02/01/2051   1,178,953
276,366 4.00%, 02/01/2051   261,454
731,217 2.00%, 03/01/2051   581,719
470,092 3.50%, 03/01/2051   427,922
1,083,745 1.50%, 04/01/2051   819,064
5,535,643 2.50%, 04/01/2051 4,631,422
1,130,763 3.00%, 04/01/2051   992,803
3,355,935 2.00%, 05/01/2051   2,667,153
7,381,270 3.00%, 05/01/2051   6,413,762
702,496 1.50%, 06/01/2051   530,557
443,329 2.00%, 06/01/2051   350,955
3,349,708 2.50%, 06/01/2051   2,782,361
807,955 3.00%, 06/01/2051   711,215
17,303,889 2.00%, 07/01/2051 13,774,706
570,522 2.00%, 08/01/2051   457,820
2,373,097 2.50%, 08/01/2051 1,974,243
710,042 3.00%, 08/01/2051   613,157
2,463,664 1.50%, 09/01/2051   1,857,520
9,813,734 2.00%, 09/01/2051   7,793,274
15,054,283 2.50%, 09/01/2051 12,519,582
1,835,143 1.50%, 10/01/2051   1,383,613
16,226,475 2.00%, 10/01/2051 12,970,233
19,144,638 2.50%, 10/01/2051 15,946,613
2,189,599 2.50%, 11/01/2051 1,816,343
5,717,988 3.50%, 11/01/2051 5,163,424
4,399,229 2.00%, 12/01/2051   3,488,228
767,601 2.50%, 12/01/2051   636,495
14,533,737 2.00%, 01/01/2052 11,529,080
3,506,920 2.50%, 01/01/2052   2,899,874
2,154,977 3.00%, 01/01/2052 1,866,858
12,372,988 2.00%, 02/01/2052 9,847,166
1,161,276 2.50%, 02/01/2052   963,335
2,610,083 3.00%, 02/01/2052 2,270,122
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   597,826 4.00%, 02/01/2052   $      554,793
  4,235,218 2.00%, 03/01/2052      3,393,777
  2,228,545 2.50%, 03/01/2052      1,877,318
  1,382,280 3.00%, 03/01/2052      1,190,370
 3,388,193 2.00%, 04/01/2052       2,682,107
  1,741,699 2.50%, 04/01/2052      1,449,556
 3,427,219 3.00%, 04/01/2052       2,951,684
399,956 3.50%, 04/01/2052   357,978
1,134,301 4.00%, 04/01/2052   1,052,126
909,717 3.00%, 05/01/2052   783,565
3,576,909 3.50%, 05/01/2052 3,211,793
2,975,462 4.00%, 05/01/2052 2,759,933
2,326,658 3.50%, 06/01/2052 2,093,517
7,152,897 4.00%, 06/01/2052 6,669,736
5,833,299 3.00%, 07/01/2052   5,019,909
7,684,527 4.50%, 07/01/2052 7,335,720
1,116,537 5.00%, 07/01/2052   1,090,357
556,527 3.50%, 08/01/2052   498,379
1,112,784 4.00%, 09/01/2052 1,032,249
595,830 5.00%, 09/01/2052   581,352
1,936,906 5.50%, 09/01/2052   1,936,835
1,391,937 4.50%, 10/01/2052 1,332,529
2,389,264 5.00%, 10/01/2052 2,339,225
914,541 4.50%, 11/01/2052 877,328
3,469,730 5.00%, 11/01/2052 3,414,827
818,649 5.50%, 11/01/2052 818,240
1,180,276 4.00%, 12/01/2052   1,093,003
3,190,605 5.50%, 12/01/2052 3,195,710
2,219,043 6.00%, 12/01/2052 2,251,533
758,245 4.00%, 01/01/2053   702,435
1,089,514 4.50%, 01/01/2053   1,037,468
489,414 5.50%, 01/01/2053   492,227
549,356 6.00%, 01/01/2053   556,661
704,093 6.50%, 01/01/2053   719,486
868,239 5.50%, 02/01/2053 870,636
517,328 6.00%, 02/01/2053   526,885
447,688 7.00%, 02/01/2053   461,570
902,148 6.50%, 03/01/2053   921,670
2,294,044 5.00%, 04/01/2053   2,239,069
1,677,823 5.50%, 04/01/2053   1,669,988
834,560 6.00%, 04/01/2053   842,612
300,559 6.50%, 04/01/2053   309,645
1,649,668 5.00%, 05/01/2053 1,610,632
1,028,283 5.50%, 05/01/2053   1,023,099
2,420,513 6.00%, 05/01/2053 2,456,677
1,228,875 6.50%, 05/01/2053 1,258,961
1,158,441 4.00%, 06/01/2053   1,073,490
1,997,134 5.00%, 06/01/2053   1,948,451
723,734 4.50%, 07/01/2053   689,159
956,183 5.00%, 07/01/2053 940,584
700,950 5.50%, 07/01/2053   699,582
1,313,965 6.00%, 07/01/2053 1,339,569
1,250,279 6.50%, 07/01/2053   1,277,334
4,108,725 5.50%, 08/01/2053 4,096,082
432,134 6.00%, 08/01/2053   439,651
758,305 6.50%, 08/01/2053 787,255
702,753 5.50%, 09/01/2053   702,948
3,287,804 6.00%, 09/01/2053 3,319,104
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   691,795 6.00%, 10/01/2053   $      699,216
  2,428,129 6.50%, 10/01/2053      2,482,901
 1,082,846 5.50%, 11/01/2053       1,087,427
  1,555,739 6.00%, 11/01/2053      1,585,524
  4,267,651 6.50%, 11/01/2053      4,362,438
 1,036,218 7.00%, 12/01/2053       1,068,351
   393,569 5.50%, 01/01/2054          391,586
2,388,369 7.00%, 01/01/2054   2,462,432
373,713 7.50%, 01/01/2054   388,241
970,000 6.50%, 03/01/2054   1,002,909
  Federal National Mortgage Association Alternative Credit Enhancement Security  
  Series 2017-M4 Class A2  
788,565 2.55%, 12/25/2026(c)   744,006
  Series 2017-M5 Class A2  
431,589 3.07%, 04/25/2029(c)   401,030
  Series 2018-M12 Class A2  
350,000 3.63%, 08/25/2030(c)   331,104
  Series 2018-M14 Class A2  
1,379,512 3.58%, 08/25/2028(c)   1,320,743
  Series 2019-M1 Class A2  
1,735,265 3.55%, 09/25/2028(c)   1,659,308
  Series 2019-M22 Class A2  
1,960,361 2.52%, 08/25/2029   1,760,311
  Series 2020-M1 Class A2  
650,000 2.44%, 10/25/2029   578,875
  Series 2021-M12 Class 2A2  
1,000,000 2.13%, 05/25/2033(c)   807,989
  Government National Mortgage Association  
6 7.00%, 07/15/2025   6
475 7.50%, 12/15/2025   474
11,831 3.50%, 02/15/2026   11,627
80,003 5.00%, 11/15/2033   80,577
15,417 5.50%, 12/15/2035   15,799
20,377 5.00%, 12/20/2035   20,550
41,109 6.00%, 01/20/2036   42,763
46,015 5.50%, 02/20/2036   47,430
280,343 2.50%, 05/20/2036   254,051
131,476 2.00%, 06/20/2036   117,774
183,835 2.00%, 12/20/2036   164,673
279,111 5.00%, 06/15/2039   281,797
87,214 4.00%, 05/20/2040   83,861
75,777 4.50%, 07/20/2040   74,678
73,639 4.50%, 09/20/2040   72,518
311,458 4.00%, 10/15/2040   296,410
465,909 4.50%, 07/20/2041   459,102
141,482 4.00%, 09/15/2041   134,644
30,535 4.50%, 12/20/2041   30,355
600,861 2.50%, 12/20/2042   521,189
164,555 3.00%, 02/15/2043   148,661
663,205 3.50%, 09/20/2043   616,532
1,776,398 3.50%, 06/20/2044   1,648,798
655,877 3.50%, 10/20/2044   606,774
536,373 4.50%, 11/20/2044   529,192
697,087 4.00%, 02/20/2045   668,976
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   912,716 3.50%, 07/20/2045   $      842,335
   492,125 3.00%, 08/20/2045          440,414
   502,661 4.00%, 08/20/2045          476,219
 1,132,217 3.50%, 10/20/2045       1,044,842
   455,032 3.50%, 12/20/2045          420,616
   476,847 3.50%, 02/20/2046          440,699
   157,034 4.00%, 03/20/2046          149,893
593,033 3.00%, 08/20/2046   530,267
1,963,651 3.00%, 09/20/2046 1,757,652
1,599,199 3.50%, 10/20/2046   1,472,706
2,408,665 3.00%, 12/20/2046   2,152,797
869,077 3.50%, 12/20/2046   802,649
3,255,433 3.00%, 01/20/2047   2,903,141
3,464,325 3.50%, 04/20/2047   3,189,739
479,014 4.00%, 06/20/2047   455,062
536,407 3.50%, 07/20/2047   495,178
571,904 3.50%, 08/20/2047   527,332
571,345 4.00%, 09/20/2047   537,259
411,653 4.50%, 11/15/2047   398,837
2,054,841 3.00%, 02/20/2048   1,833,161
338,626 4.00%, 02/20/2048   321,043
613,339 4.00%, 03/20/2048   581,335
522,247 4.50%, 03/20/2048   509,209
126,510 5.00%, 11/20/2048   126,249
2,309,038 4.00%, 12/20/2048   2,178,798
1,188,969 4.50%, 12/20/2048   1,157,082
246,543 4.50%, 03/20/2049   239,906
859,239 3.50%, 04/20/2049   790,321
310,253 3.50%, 05/20/2049   285,335
1,738,255 4.00%, 05/20/2049 1,639,589
131,717 2.50%, 08/20/2049   112,907
511,809 3.50%, 09/20/2049   470,550
596,609 2.50%, 10/20/2049   511,560
1,533,475 3.00%, 10/20/2049   1,364,033
1,823,792 3.00%, 11/20/2049   1,622,083
132,133 5.00%, 11/20/2049   131,772
557,647 3.00%, 12/20/2049   495,198
1,173,523 3.00%, 01/20/2050   1,036,803
411,358 2.50%, 02/20/2050   353,343
970,319 3.00%, 02/20/2050   862,674
3,393,914 2.50%, 03/20/2050   2,912,097
1,590,179 3.50%, 04/20/2050   1,458,528
284,309 5.00%, 04/20/2050   283,758
1,754,771 2.50%, 06/20/2050   1,499,179
1,067,266 4.00%, 06/20/2050   1,009,060
741,724 3.00%, 07/20/2050   655,078
2,724,168 2.00%, 08/20/2050   2,235,726
3,534,562 2.50%, 08/20/2050   3,019,319
1,765,119 3.00%, 08/20/2050   1,558,920
2,020,551 3.50%, 08/20/2050   1,853,403
177,023 4.00%, 08/20/2050   167,369
407,303 2.50%, 09/20/2050   347,928
595,950 3.50%, 09/20/2050   546,461
1,325,930 2.00%, 10/20/2050   1,087,231
1,315,282 2.50%, 10/20/2050   1,122,731
2,763,053 3.00%, 10/20/2050   2,440,285
1,972,767 2.50%, 11/20/2050 1,689,513
1,135,115 3.50%, 11/20/2050   1,040,807
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 4,072,732 2.00%, 12/20/2050   $    3,339,972
 3,482,813 2.50%, 12/20/2050       2,972,941
  1,755,985 2.00%, 01/20/2051      1,438,739
 1,065,051 2.50%, 01/20/2051          908,688
   741,544 4.00%, 01/20/2051          701,126
 1,641,179 2.00%, 02/20/2051       1,344,933
 3,863,635 2.00%, 03/20/2051       3,166,223
1,819,636 2.50%, 03/20/2051   1,552,117
879,921 1.50%, 04/20/2051   690,737
1,915,583 2.00%, 04/20/2051   1,569,430
2,109,407 2.50%, 06/20/2051   1,798,829
436,251 3.50%, 06/20/2051   399,093
1,187,965 2.00%, 08/20/2051   973,278
724,357 2.50%, 08/20/2051   617,405
1,941,549 3.00%, 08/20/2051   1,711,942
4,979,932 2.00%, 09/20/2051   4,079,963
6,103,058 2.50%, 09/20/2051   5,201,290
685,134 2.00%, 10/20/2051   561,315
2,584,910 2.50%, 10/20/2051   2,201,898
1,219,578 3.00%, 10/20/2051   1,075,349
116,412 5.00%, 10/20/2051   115,210
2,491,766 2.00%, 11/20/2051   2,041,443
1,152,300 2.50%, 11/20/2051   981,919
1,770,805 3.00%, 11/20/2051   1,561,386
1,527,802 3.50%, 11/20/2051   1,392,635
4,581,666 2.00%, 12/20/2051   3,753,630
10,940,643 2.50%, 12/20/2051   9,319,500
9,650,623 2.00%, 01/20/2052   7,909,423
702,173 2.50%, 01/20/2052   597,941
1,892,084 3.00%, 01/20/2052   1,668,452
2,168,863 2.00%, 02/20/2052   1,777,545
988,010 2.50%, 02/20/2052   841,345
1,590,743 3.00%, 02/20/2052   1,402,490
4,071,453 2.00%, 03/20/2052   3,336,847
343,062 3.00%, 03/20/2052   302,462
3,227,994 2.50%, 04/20/2052   2,748,807
3,084,433 3.00%, 04/20/2052   2,719,398
2,102,523 4.00%, 04/20/2052   1,966,976
1,952,801 3.00%, 05/20/2052   1,721,692
1,606,570 3.50%, 05/20/2052   1,461,521
1,612,188 3.50%, 06/20/2052   1,466,631
2,008,920 4.00%, 06/20/2052   1,879,403
2,537,763 4.50%, 06/20/2052   2,441,150
1,803,148 3.50%, 07/20/2052   1,640,348
1,182,755 5.50%, 07/20/2052   1,182,388
3,087,505 5.00%, 08/20/2052   3,038,136
461,107 3.50%, 09/20/2052   419,474
1,666,619 4.00%, 09/20/2052   1,559,167
1,752,762 4.50%, 09/20/2052   1,684,951
413,482 5.50%, 09/20/2052   413,566
1,260,790 4.00%, 10/20/2052   1,179,502
2,834,994 4.50%, 10/20/2052   2,725,169
1,512,272 5.00%, 10/20/2052   1,488,150
468,562 3.50%, 11/20/2052   426,256
1,076,564 4.50%, 11/20/2052   1,034,306
556,550 5.00%, 11/20/2052   547,343
931,208 5.50%, 11/20/2052   930,596
330,107 4.50%, 12/20/2052   317,302
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 1,721,529 5.00%, 12/20/2052   $    1,692,489
 1,408,940 5.50%, 12/20/2052       1,408,937
   546,040 6.00%, 12/20/2052          551,135
 1,224,034 4.00%, 01/20/2053       1,145,117
 1,409,838 5.00%, 01/20/2053       1,385,850
 2,576,046 6.00%, 01/20/2053       2,600,081
   830,497 6.50%, 01/20/2053          844,878
570,955 4.50%, 02/20/2053   548,731
300,107 5.50%, 02/20/2053   299,910
961,318 5.00%, 04/20/2053   944,970
1,791,278 5.50%, 04/20/2053   1,790,100
287,956 6.00%, 04/20/2053   290,643
2,137,490 4.50%, 05/20/2053   2,053,408
1,650,778 5.00%, 05/20/2053   1,622,084
321,458 6.50%, 05/20/2053   327,024
372,238 3.00%, 06/20/2053   329,074
341,965 4.50%, 06/20/2053   328,517
243,960 5.00%, 06/20/2053   239,719
1,059,383 5.50%, 06/20/2053   1,058,686
908,065 6.50%, 06/20/2053   923,789
2,385,075 5.00%, 07/20/2053   2,343,617
2,587,608 5.50%, 07/20/2053   2,585,906
1,444,449 6.00%, 07/20/2053   1,457,926
755,613 6.50%, 07/20/2053   768,697
393,763 4.50%, 08/20/2053   378,298
393,872 5.00%, 08/20/2053   387,025
734,797 6.00%, 08/20/2053   741,653
3,883,746 5.50%, 09/20/2053   3,881,191
3,071,214 6.00%, 09/20/2053   3,099,869
344,073 6.50%, 09/20/2053   350,030
2,174,614 6.00%, 10/20/2053   2,194,904
394,724 6.50%, 10/20/2053   401,559
984,594 7.00%, 10/20/2053   1,006,456
392,534 7.50%, 10/20/2053   403,056
396,705 5.00%, 11/20/2053   389,810
692,869 6.50%, 11/20/2053   704,866
1,178,751 6.50%, 12/20/2053   1,199,162
793,477 7.00%, 12/20/2053   811,000
1,093,872 6.50%, 01/20/2054   1,112,814
    979,360,772
TOTAL MORTGAGE-BACKED SECURITIES — 27.55%
(Cost $1,108,251,603)
$1,008,655,514
MUNICIPAL BONDS AND NOTES
1,000,000 City of Houston, Texas Combined Utility System Revenue Series B
3.83%, 05/15/2028
975,406
30,000 Energy Northwest Series B
2.81%, 07/01/2024
29,793
1,250,000 Indianapolis Local Public Improvement Bond Bank
6.00%, 01/15/2040
1,305,488
2,000,000 Port of Morrow, Oregon
2.99%, 09/01/2036
1,674,080
Principal Amount   Fair Value
Municipal Bonds and Notes — (continued)
$   910,000 State of Illinois
5.10%, 06/01/2033
$      903,376
  1,000,000 University of North Carolina at Chapel Hill
3.85%, 12/01/2034
      941,003
TOTAL MUNICIPAL BONDS AND NOTES — 0.16%
(Cost $6,328,979)
$5,829,146
U.S. GOVERNMENT AGENCY BONDS AND NOTES
  Federal Farm Credit Bank Funding Corp  
 1,000,000 3.10%, 08/15/2025        976,596
 2,000,000 4.13%, 12/12/2025     1,972,047
  Federal Home Loan Bank  
4,000,000 1.00%, 10/07/2026 3,653,944
1,000,000 1.25%, 12/21/2026 917,988
5,000,000 3.25%, 11/16/2028(b) 4,783,619
3,000,000 Federal Home Loan Mortgage Corp(b)
0.38%, 09/23/2025  
2,810,096
  Federal National Mortgage Association(b)  
5,000,000 2.13%, 04/24/2026 4,752,547
4,000,000 0.88%, 08/05/2030 3,238,614
  Tennessee Valley Authority  
2,000,000 1.50%, 09/15/2031(b) 1,649,836
1,000,000 4.25%, 09/15/2052 894,467
TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.70%
(Cost $27,236,609)
$25,649,754
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
22,500,000 0.50%, 03/31/2025 21,518,135
30,500,000 2.63%, 04/15/2025 29,766,126
22,750,000 2.13%, 05/15/2025 22,047,060
34,000,000 0.25%, 05/31/2025 32,201,719
38,500,000 0.25%, 06/30/2025 36,346,406
39,000,000 0.25%, 07/31/2025 36,690,470
37,000,000 0.25%, 08/31/2025 34,690,390
26,000,000 0.25%, 09/30/2025 24,296,797
5,000,000 5.00%, 10/31/2025 5,014,063
8,000,000 2.25%, 11/15/2025 7,684,688
29,000,000 0.38%, 11/30/2025 26,980,196
9,750,000 0.38%, 12/31/2025 9,043,125
36,500,000 0.38%, 01/31/2026 33,746,816
15,500,000 1.63%, 02/15/2026 14,657,187
34,300,000 0.50%, 02/28/2026 31,702,043
41,000,000 0.75%, 03/31/2026 37,989,061
44,500,000 0.75%, 04/30/2026 41,110,351
39,000,000 0.88%, 06/30/2026 35,959,219
35,500,000 0.63%, 07/31/2026 32,443,672
32,642,000 0.75%, 08/31/2026 29,838,104
25,000,000 2.00%, 11/15/2026 23,468,750
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Treasury Bonds and Notes — (continued)
$31,000,000 1.25%, 12/31/2026 $   28,459,453
36,500,000 1.50%, 01/31/2027    33,659,844
20,500,000 0.63%, 03/31/2027    18,340,293
11,000,000 0.50%, 04/30/2027     9,771,523
 8,000,000 2.38%, 05/15/2027     7,528,125
12,500,000 0.50%, 06/30/2027    11,042,969
10,000,000 2.25%, 08/15/2027     9,337,109
27,000,000 0.38%, 09/30/2027 23,548,008
15,000,000 0.50%, 10/31/2027 13,098,633
13,000,000 0.63%, 12/31/2027 11,345,547
8,000,000 2.75%, 02/15/2028 7,551,875
26,000,000 1.13%, 02/29/2028 23,031,328
22,500,000 1.25%, 04/30/2028 19,948,535
16,000,000 2.88%, 05/15/2028 15,140,625
27,000,000 1.25%, 05/31/2028 23,887,617
36,500,000 1.00%, 07/31/2028 31,803,476
30,474,000 1.13%, 08/31/2028 26,646,895
22,000,000 3.13%, 11/15/2028 20,954,141
33,000,000 1.38%, 12/31/2028 28,951,055
29,700,000 2.63%, 02/15/2029 27,589,675
16,000,000 2.38%, 05/15/2029 14,636,875
22,200,000 2.75%, 05/31/2029 20,678,953
31,000,000 1.63%, 08/15/2029 27,208,554
21,000,000 3.13%, 08/31/2029 19,881,094
32,000,000 0.63%, 05/15/2030 25,843,750
21,750,000 0.63%, 08/15/2030 17,417,842
11,500,000 0.88%, 11/15/2030 9,308,262
12,000,000 1.13%, 02/15/2031(b) 9,840,469
19,300,000 1.25%, 08/15/2031 15,721,207
2,000,000 1.38%, 11/15/2031 1,633,594
6,000,000 1.88%, 02/15/2032 5,067,656
6,700,000 2.88%, 05/15/2032 6,083,129
13,000,000 2.75%, 08/15/2032 11,659,883
3,000,000 3.50%, 02/15/2033 2,841,211
21,500,000 3.38%, 05/15/2033 20,141,133
6,500,000 3.88%, 08/15/2033 6,327,344
8,100,000 4.50%, 11/15/2033 8,279,719
9,500,000 1.13%, 05/15/2040 5,935,645
11,000,000 1.13%, 08/15/2040 6,809,258
7,500,000 1.38%, 11/15/2040 4,822,852
21,500,000 1.88%, 02/15/2041 14,988,692
35,901,000 1.75%, 08/15/2041 24,227,566
4,000,000 2.00%, 11/15/2041 2,806,250
14,500,000 2.38%, 02/15/2042 10,784,942
19,000,000 3.25%, 05/15/2042 16,150,743
22,500,000 3.38%, 08/15/2042 19,434,375
22,500,000 3.13%, 02/15/2043 18,639,843
13,500,000 3.88%, 05/15/2043 12,459,550
5,500,000 4.75%, 11/15/2043 5,705,391
29,500,000 3.00%, 11/15/2044 23,623,047
14,300,000 2.50%, 02/15/2045 10,456,317
11,500,000 2.50%, 02/15/2046 8,316,836
4,500,000 3.00%, 02/15/2047 3,540,059
3,000,000 2.75%, 11/15/2047 2,241,563
16,500,000 1.25%, 05/15/2050 8,438,848
9,000,000 1.38%, 08/15/2050 4,752,774
10,000,000 1.63%, 11/15/2050 5,648,047
12,500,000 1.88%, 02/15/2051 7,530,274
Principal Amount   Fair Value
U.S. Treasury Bonds and Notes — (continued)
$28,976,000 2.00%, 08/15/2051 $   17,952,669
 4,000,000 1.88%, 11/15/2051     2,395,781
12,000,000 2.25%, 02/15/2052     7,893,281
16,500,000 2.88%, 05/15/2052    12,484,570
31,400,000 3.00%, 08/15/2052    24,390,195
21,500,000 3.63%, 02/15/2053    18,879,687
21,000,000 3.63%, 05/15/2053    18,450,470
17,400,000 4.13%, 08/15/2053 16,723,031
1,800,000 4.25%, 02/15/2054 1,770,188
TOTAL U.S. TREASURY BONDS AND NOTES — 41.50%
(Cost $1,636,638,837)
$1,519,654,523
SHORT TERM INVESTMENTS
Repurchase Agreements — 1.96%
17,877,526 Undivided interest of 10.01% 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 $17,877,526 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) 17,877,526
17,877,526 Undivided interest of 10.09% 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 $17,877,526 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) 17,877,526
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$17,877,530 Undivided interest of 12.98% 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 $17,877,530 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) $   17,877,530
17,877,526 Undivided interest of 9.98% 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 $17,877,526 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)    17,877,526
TOTAL SHORT TERM INVESTMENTS — 1.96%
(Cost $71,510,108)
$71,510,108
TOTAL INVESTMENTS — 101.20%
(Cost $4,007,958,100)
$3,705,515,270
OTHER ASSETS & LIABILITIES, NET — (1.20)% $(43,765,517)
TOTAL NET ASSETS — 100.00% $3,661,749,753
(a) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(b) All or a portion of the security is on loan at March 28, 2024.
(c) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(d) Collateral received for securities on loan.
LP Limited Partnership
REIT Real Estate Investment Trust
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Municipal Bonds And Notes — 0.12%
$    345,000 Louisiana Local Government Environmental Facilities & Community Development Authority
Series 2022-ELL Class A3
4.28%, 02/01/2036  
$    328,106
     285,000 Texas Natural Gas Securitization Finance Corp
Series 2023-1 Class A1
5.10%, 04/01/2035  
    287,493
    615,599
Non-Agency — 10.28%
     600,000 37 Capital Ltd(a)(b)
Series 2021-1A Class A
6.78%, 10/15/2034
3-mo. SOFR + 1.46%
     599,973
  Affirm Asset Securitization Trust(a)  
  Series 2023-A Class 1A  
180,000 6.61%, 01/18/2028   181,092
  Series 2024-A Class A  
180,000 5.61%, 02/15/2029   179,776
160,000 American Credit Acceptance Receivables Trust(a)
Series 2023-3 Class B
6.09%, 11/12/2027  
160,420
725,000 American Express Credit Account Master Trust
Series 2022-2 Class A
3.39%, 05/15/2027  
710,022
126,077 AmeriCredit Automobile Receivables Trust
Series 2019-3 Class D
2.58%, 09/18/2025  
125,874
407,232 AMMC XI Ltd(a)(b)
Series 2012-11A Class A1R2
6.59%, 04/30/2031
3-mo. SOFR + 1.27%
407,458
100,000 Amur Equipment Finance Receivables XIII LLC(a)
Series 2024-1A Class B
5.37%, 01/21/2031  
100,574
425,000 Anchorage Capital Ltd(a)(b)
Series 2016-8A Class AR2A
6.78%, 10/27/2034
3-mo. SOFR + 1.46%
425,003
809,353 Apidos XV(a)(b)
Series 2013-15A Class A1RR
6.59%, 04/20/2031
3-mo. SOFR + 1.27%
809,627
292,190 ARI Fleet Lease Trust(a)
Series 2023-A Class A2
5.41%, 02/17/2032  
291,498
13,716 Avant Loans Funding Trust(a)
Series 2021-REV1 Class A
1.21%, 07/15/2030  
13,698
Principal Amount   Fair Value
Non-Agency — (continued)
  Avis Budget Rental Car Funding AESOP LLC(a)  
  Series 2023-7A Class A  
$    185,000 5.90%, 08/21/2028   $    188,316
  Series 2024-1A Class A  
     170,000 5.36%, 06/20/2030       170,913
  Series 2024-3A Class A  
     245,000 5.23%, 12/20/2030       244,544
425,000 Bank of America Auto Trust(a)
Series 2023-2A Class A2
5.85%, 08/17/2026  
425,972
  Barclays Dryrock Issuance Trust  
  Series 2023-1 Class A  
1,100,000 4.72%, 02/15/2029   1,092,430
  Series 2023-2 Class A  
550,000 6.22%, 08/15/2028(b)
1-mo. SOFR + 0.90%
553,862
360,000 Barings Ltd(a)(b)
Series 2024-1A Class B
7.37%, 01/20/2037
3-mo. SOFR + 2.10%
361,211
455,000 Battalion XXV Ltd(a)(b)
Series 2024-25A Class B
7.47%, 03/13/2037
3-mo. SOFR + 2.20%
454,838
275,000 Benefit Street Partners XXXI Ltd(a)(b)
Series 2023-31A Class B1
7.67%, 04/25/2036
3-mo. SOFR + 2.35%
276,443
28,483 BHG Securitization Trust(a)
Series 2021-B Class A
0.90%, 10/17/2034  
27,808
410,000 BlueMountain XXIV Ltd(a)(b)
Series 2019-24A Class AR
6.68%, 04/20/2034
3-mo. SOFR + 1.36%
410,035
500,000 BlueMountain XXXIII Ltd(a)(b)
Series 2021-33A Class A
6.77%, 11/20/2034
3-mo. SOFR + 1.45%
500,158
400,000 Capital One Multi-Asset Execution Trust
Series 2022-A3 Class A
4.95%, 10/15/2027  
398,441
  Carlyle Global Market Strategies Ltd(a)(b)  
  Series 2021-2A Class A1  
285,000 6.66%, 04/20/2034
3-mo. SOFR + 1.34%
285,094
  Series 2024-2A Class A  
250,000 6.84%, 04/25/2037
3-mo. SOFR + 1.52%
250,088
  Series 2024-2A Class B  
700,000 7.37%, 04/25/2037
3-mo. SOFR + 2.05%
700,246
401,868 Carvana Auto Receivables Trust
Series 2022-P2 Class A3
4.13%, 04/12/2027  
396,469
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$     88,701 Cascade MH Asset Trust(a)
Series 2021-MH1 Class A1
1.75%, 02/25/2046  
$     76,267
     348,998 Cedar Funding IX Ltd(a)(b)
Series 2018-9A Class A1
6.56%, 04/20/2031
3-mo. SOFR + 1.24%
     349,206
     243,515 Chesapeake Funding II LLC(a)
Series 2023-1A Class A1
5.65%, 05/15/2035  
     243,776
   1,300,000 CIFC Falcon 2020 Ltd(a)(b)
Series 2019-FAL Class A
6.58%, 01/20/2033
3-mo. SOFR + 1.26%
  1,300,612
     404,101 CIFC Funding Ltd(a)(b)
Series 2018-2A Class A1
6.62%, 04/20/2031
3-mo. SOFR + 1.30%
     404,297
     500,000 Citibank Credit Card Issuance Trust
Series 2023-A1 Class A1
5.23%, 12/08/2027  
     499,888
      80,000 CNH Equipment Trust
Series 2023-A Class A4
4.77%, 10/15/2030  
      79,259
267,449 CPS Auto Receivables Trust(a)
Series 2023-B Class A
5.91%, 08/16/2027  
267,594
  Credit Acceptance Auto Loan Trust(a)  
  Series 2021-3A Class A  
81,763 1.00%, 05/15/2030   81,178
  Series 2024-1A Class A  
215,000 5.68%, 03/15/2034   215,847
521,008 DB Master Finance LLC(a)
Series 2021-1A Class A23
2.79%, 11/20/2051  
435,756
500,000 Discover Card Execution Note Trust
Series 2023-A1 Class A
4.31%, 03/15/2028  
492,889
140,000 DLLAA LLC(a)
Series 2023-1A Class A3
5.64%, 02/22/2028  
141,381
  Domino's Pizza Master Issuer LLC(a)  
  Series 2017-1A Class A23  
611,000 4.12%, 07/25/2047   584,837
  Series 2018-1A Class A2I  
184,763 4.12%, 07/25/2048   179,734
  Series 2019-1A Class A2  
100,800 3.67%, 10/25/2049   92,707
  Series 2021-1A Class A2I  
515,425 2.66%, 04/25/2051   458,425
  DT Auto Owner Trust(a)  
  Series 2023-1A Class B  
130,000 5.19%, 10/16/2028   129,190
  Series 2023-2A Class B  
130,000 5.41%, 02/15/2029   129,295
Principal Amount   Fair Value
Non-Agency — (continued)
  Elmwood Ltd(a)(b)  
  Series 2022-6A Class BR  
$    370,000 7.72%, 10/17/2036
3-mo. SOFR + 2.40%
$    373,443
  Series 2023-2A Class B  
     255,000 7.56%, 04/16/2036
3-mo. SOFR + 2.25%
    256,418
  Enterprise Fleet Financing LLC(a)  
  Series 2023-1 Class A3  
190,000 5.42%, 10/22/2029   190,652
  Series 2024-1 Class A3  
90,000 5.16%, 09/20/2030   89,867
  Exeter Automobile Receivables Trust  
  Series 2019-4A Class D  
68,175 2.58%, 09/15/2025(a)   67,796
  Series 2020-1A Class D  
35,559 2.73%, 12/15/2025(a)   35,225
  Series 2022-4A Class B  
104,398 4.57%, 01/15/2027   104,076
  Series 2022-6A Class B  
81,000 6.03%, 08/16/2027   81,049
  Series 2023-3A Class B  
76,000 6.11%, 09/15/2027   76,202
  FirstKey Homes Trust(a)  
  Series 2022-SFR1 Class A  
143,949 4.15%, 05/19/2039   139,588
  Series 2022-SFR2 Class A  
581,433 4.25%, 07/17/2039   562,400
  Flagship Credit Auto Trust(a)  
  Series 2022-3 Class B  
240,000 4.69%, 07/17/2028   236,255
  Series 2023-1 Class B  
67,000 5.05%, 01/18/2028   66,308
  Series 2023-2 Class B  
167,000 5.21%, 05/15/2028   164,942
1,350,000 Ford Credit Auto Lease Trust
Series 2024-A Class A2A
5.24%, 07/15/2026  
1,347,849
  Ford Credit Auto Owner Trust  
  Series 2023-C Class A2A  
825,000 5.68%, 09/15/2026   826,354
  Series 2024-1 Class A  
625,000 4.87%, 08/15/2036(a)   625,072
45,000 GLS Auto Receivables Issuer Trust(a)
Series 2022-3A Class B
4.92%, 01/15/2027  
44,690
550,000 GM Financial Consumer Automobile Receivables Trust
Series 2023-4 Class A2A
5.89%, 11/16/2026  
551,307
130,000 GM Financial Revolving Receivables Trust(a)
Series 2024-1 Class B
5.23%, 12/11/2036  
130,560
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$    500,000 GMF Floorplan Owner Revolving Trust(a)
Series 2023-1 Class A1
5.34%, 06/15/2028  
$    502,433
      80,000 GreatAmerica Leasing Receivables(a)
Series 2024-1 Class B
5.18%, 12/16/2030  
      79,652
     600,000 Halseypoint Ltd(a)(b)
Series 2023-7A Class A
7.57%, 07/20/2036
3-mo. SOFR + 2.25%
     606,358
     350,115 Hayfin US XII Ltd(a)(b)
Series 2018-8A Class A
6.70%, 04/20/2031
3-mo. SOFR + 1.38%
     350,233
      97,672 Helios Issuer LLC(a)
Series 2023-GRID1 Class 1A
5.75%, 12/20/2050  
      99,119
     485,000 Hertz Vehicle Financing III LLC(a)
Series 2023-3A Class A
5.94%, 02/25/2028  
     492,181
     950,000 Honda Auto Receivables Owner Trust
Series 2023-4 Class A3
5.67%, 06/21/2028  
     961,813
705,000 HPS Loan Management Ltd(a)(b)
Series 2024-19A Class A1
6.89%, 04/15/2037
3-mo. SOFR + 1.57%
705,126
975,000 Hyundai Auto Lease Securitization Trust(a)
Series 2024-A Class A2A
5.15%, 06/15/2026  
973,779
175,367 Hyundai Auto Receivables Trust
Series 2023-A Class A2A
5.19%, 12/15/2025  
175,084
700,000 Invesco Ltd(a)(b)
Series 2021-2A Class A
6.70%, 07/15/2034
3-mo. SOFR + 1.38%
699,990
250,000 Invesco US Ltd(a)(b)
Series 2023-2A Class B
7.62%, 04/21/2036
3-mo. SOFR + 2.30%
250,653
650,000 Jamestown XII Ltd(a)(b)
Series 2019-1A Class A2BR
7.17%, 04/20/2032
3-mo. SOFR + 1.85%
650,114
235,877 JPMorgan Mortgage Trust(a)(b)
Series 2023-HE3 Class A1
6.92%, 05/25/2054
1-mo. SOFR + 1.60%
237,349
125,000 Mercedes-Benz Auto Receivables Trust
Series 2023-2 Class A2
5.92%, 11/16/2026  
125,329
Principal Amount   Fair Value
Non-Agency — (continued)
  Navient Private Education Refi Loan Trust(a)  
  Series 2021-EA Class A  
$    154,407 0.97%, 12/16/2069   $    133,463
  Series 2021-FA Class A  
     205,272 1.11%, 02/18/2070       175,264
  Series 2023-A Class A  
     258,454 5.51%, 10/15/2071       259,507
1,500,000 NextGear Floorplan Master Owner Trust(a)
Series 2021-1A Class A
0.85%, 07/15/2026  
1,479,633
1,300,000 Nissan Auto Lease Trust
Series 2024-A Class A2A
5.11%, 10/15/2026  
1,296,810
  Nissan Auto Receivables Owner Trust  
  Series 2023-A Class A2A  
370,319 5.34%, 02/17/2026   369,919
  Series 2023-B Class A3  
175,000 5.93%, 03/15/2028   177,623
255,000 Northwoods Capital XV Ltd(a)(b)
Series 2017-15A Class A1R
6.80%, 06/20/2034
3-mo. SOFR + 1.47%
254,097
875,000 Oaktree Ltd(a)(b)
Series 2024-25A Class A
6.85%, 04/20/2037
3-mo. SOFR + 1.55%
874,212
875,000 OCP Ltd(a)(b)
Series 2016-11A Class A1R2
6.74%, 04/26/2036
3-mo. SOFR + 1.42%
875,145
360,000 Octagon Ltd(a)(b)
Series 2023-2A Class B
7.67%, 04/20/2036
3-mo. SOFR + 2.35%
360,753
700,000 Pikes Peak Ltd(a)(b)
Series 2023-12A Class A
7.42%, 04/20/2036
3-mo. SOFR + 2.10%
705,763
130,146 Prestige Auto Receivables Trust(a)
Series 2020-1A Class D
1.62%, 11/16/2026  
129,027
  Progress Residential Trust(a)  
  Series 2021-SFR8 Class A  
397,005 1.51%, 10/17/2038   360,873
  Series 2022-SFR3 Class A  
137,763 3.20%, 04/17/2039   129,678
  Series 2022-SFR4 Class A  
378,469 4.44%, 05/17/2041   367,631
  Series 2022-SFR5 Class A  
105,442 4.45%, 06/17/2039   102,779
  Series 2022-SFR7 Class A  
168,813 4.75%, 10/27/2039   165,936
  Series 2023-SFR1 Class A  
214,524 4.30%, 03/17/2040   207,280
  Series 2024-SFR2 Class A  
220,000 3.30%, 04/17/2041   201,244
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$  1,180,000 Regatta VI Funding Ltd(a)(b)
Series 2016-1A Class AR2
6.74%, 04/20/2034
3-mo. SOFR + 1.42%
$  1,180,570
  RR Ltd(a)(b)  
  Series 2021-16A Class A1  
  1,150,000 6.69%, 07/15/2036
3-mo. SOFR + 1.37%
  1,150,199
  Series 2022-23A Class A2R  
     540,000 7.96%, 10/15/2035
3-mo. SOFR + 2.65%
    544,700
  Series 2023-26A Class A1  
500,000 7.09%, 04/15/2038
3-mo. SOFR + 1.78%
501,916
  Series 2023-26A Class A2  
250,000 7.56%, 04/15/2038
3-mo. SOFR + 2.25%
250,902
  Santander Drive Auto Receivables Trust  
  Series 2023-1 Class B  
150,000 4.98%, 02/15/2028   148,969
  Series 2023-3 Class B  
240,000 5.61%, 07/17/2028   240,545
  Series 2023-6 Class A2  
645,577 6.08%, 05/17/2027   647,390
  Series 2024-1 Class A2  
575,000 5.71%, 02/16/2027   575,306
100,000 SBNA Auto Lease Trust(a)
Series 2024-A Class A4
5.24%, 01/22/2029  
99,918
310,000 SCF Equipment Leasing LLC(a)
Series 2023-1A Class A2
6.56%, 01/22/2030  
312,608
195,000 SFS Auto Receivables Securitization Trust(a)
Series 2023-1A Class A4
5.47%, 12/20/2029  
196,920
33,117 Sound Point III Ltd(a)(b)
Series 2013-2RA Class A1
6.53%, 04/15/2029
3-mo. SOFR + 1.21%
33,115
645,000 Sound Point XXIX Ltd(a)(b)
Series 2021-1A Class A
6.66%, 04/25/2034
3-mo. SOFR + 1.33%
644,171
400,000 Southwick Park LLC(a)(b)
Series 2019-4A Class A1R
6.64%, 07/20/2032
3-mo. SOFR + 1.32%
400,199
145,000 Summit Issuer LLC(a)
Series 2020-1A Class A2
2.29%, 12/20/2050  
135,177
700,000 Symphony XXV Ltd(a)(b)
Series 2021-25A Class A
6.55%, 04/19/2034
3-mo. SOFR + 1.24%
696,058
437,213 Taco Bell Funding LLC(a)
Series 2021-1A Class A23
2.54%, 08/25/2051  
360,712
Principal Amount   Fair Value
Non-Agency — (continued)
$    310,000 Texas Debt Capital Ltd(a)(b)
Series 2023-1A Class B
7.62%, 04/20/2036
3-mo. SOFR + 2.30%
$    311,002
     645,000 Thompson Park Ltd(a)(b)
Series 2021-1A Class A1
6.58%, 04/15/2034
3-mo. SOFR + 1.26%
     645,299
       7,934 Triangle Re Ltd(a)(b)
Series 2021-3 Class M1A
7.22%, 02/25/2034
1-mo. SOFR + 1.90%
       7,937
  Tricolor Auto Securitization Trust(a)  
  Series 2023-1A Class A  
      46,865 6.48%, 08/17/2026        46,874
  Series 2024-1A Class A  
197,864 6.61%, 10/15/2027   198,336
120,000 Tricon Residential Trust(a)
Series 2024-SFR1 Class A
4.65%, 04/17/2029  
116,904
  Venture Ltd(a)(b)  
  Series 2019-37A Class A1R  
870,000 6.73%, 07/15/2032
3-mo. SOFR + 1.41%
869,979
  Series 2021-42A Class A1A  
645,000 6.71%, 04/15/2034
3-mo. SOFR + 1.39%
644,981
170,913 Venture XVII Ltd(a)(b)
Series 2014-17A Class ARR
6.46%, 04/15/2027
3-mo. SOFR + 1.14%
170,913
1,038,432 Wellfleet X Ltd(a)(b)
Series 2019-XA Class A1R
6.75%, 07/20/2032
3-mo. SOFR + 1.43%
1,037,395
56,246 Wendy's Funding LLC(a)
Series 2018-1A Class A2II
3.88%, 03/15/2048  
53,075
  Westlake Automobile Receivables Trust(a)  
  Series 2020-3A Class D  
131,574 1.65%, 02/17/2026   130,222
  Series 2022-2A Class B  
275,000 4.31%, 09/15/2027   272,592
  Series 2023-1A Class B  
80,000 5.41%, 01/18/2028   79,793
197,000 Wingstop Funding LLC(a)
Series 2020-1A Class A2
2.84%, 12/05/2050  
178,785
  World Omni Auto Receivables Trust  
  Series 2023-A Class B  
130,000 5.03%, 05/15/2029   129,201
  Series 2023-B Class A2A  
330,095 5.25%, 11/16/2026   329,632
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$  1,450,000 Zais Ltd(a)(b)
Series 2020-15A Class A1R
6.93%, 07/28/2032
3-mo. SOFR + 1.61%
$  1,450,122
    53,202,341
TOTAL ASSET-BACKED SECURITIES — 10.40%
(Cost $53,914,464)
$53,817,940
CORPORATE BONDS AND NOTES
Basic Materials — 0.50%
  BHP Billiton Finance USA Ltd  
     140,000 4.90%, 02/28/2033     138,800
185,000 5.25%, 09/08/2033 187,099
  Celanese US Holdings LLC  
275,000 6.17%, 07/15/2027(c) 280,090
150,000 6.55%, 11/15/2030 157,773
200,000 Corp Nacional del Cobre de Chile(a)
5.95%, 01/08/2034
199,681
  Glencore Funding LLC(a)  
195,000 5.37%, 04/04/2029 195,387
120,000 6.38%, 10/06/2030 126,636
40,000 2.85%, 04/27/2031 34,178
425,000 2.63%, 09/23/2031 354,222
280,000 5.63%, 04/04/2034 280,748
220,000 POSCO
5.75%, 01/17/2028
223,157
195,000 Rio Tinto Alcan Inc
6.13%, 12/15/2033
209,641
240,000 Sherwin-Williams Co
2.30%, 05/15/2030
206,133
    2,593,545
Communications — 3.04%
  AT&T Inc  
1,105,000 2.30%, 06/01/2027 1,018,548
690,000 4.35%, 03/01/2029(c) 672,227
775,000 4.85%, 03/01/2039 723,116
452,000 3.80%, 12/01/2057 327,258
28,000 3.65%, 09/15/2059 19,494
  Charter Communications Operating LLC / Charter Communications Operating Capital  
150,000 4.91%, 07/23/2025 148,174
1,725,000 3.75%, 02/15/2028 1,600,081
35,000 3.50%, 03/01/2042 23,353
190,000 5.13%, 07/01/2049 147,222
270,000 4.80%, 03/01/2050 199,857
80,000 3.70%, 04/01/2051 49,476
435,000 3.90%, 06/01/2052 276,645
410,000 3.85%, 04/01/2061 243,265
85,000 4.40%, 12/01/2061 55,503
  Cisco Systems Inc  
145,000 4.95%, 02/26/2031 146,280
123,000 5.05%, 02/26/2034 124,656
Principal Amount   Fair Value
Communications — (continued)
$     95,000 5.35%, 02/26/2064 $     97,361
  Comcast Corp  
  1,300,000 3.30%, 02/01/2027   1,247,319
     185,000 4.80%, 05/15/2033(c)     182,513
      55,000 3.40%, 07/15/2046      41,064
     105,000 2.80%, 01/15/2051      67,181
     200,000 2.89%, 11/01/2051     129,825
221,000 2.94%, 11/01/2056 139,143
  Cox Communications Inc(a)  
19,000 3.15%, 08/15/2024 18,806
165,000 2.60%, 06/15/2031 136,951
  Discovery Communications LLC  
22,000 4.13%, 05/15/2029 20,622
85,000 3.63%, 05/15/2030 76,022
127,000 5.20%, 09/20/2047 106,703
96,000 5.30%, 05/15/2049 80,650
175,000 4.65%, 05/15/2050 136,703
575,000 Meta Platforms Inc
3.50%, 08/15/2027
553,229
  Netflix Inc  
390,000 5.88%, 11/15/2028 405,416
805,000 5.38%, 11/15/2029(a) 821,492
495,000 4.88%, 06/15/2030(a) 491,537
  Paramount Global  
170,000 4.38%, 03/15/2043 115,368
26,000 5.85%, 09/01/2043 21,066
200,000 Prosus NV(a)
3.26%, 01/19/2027
185,328
  Rogers Communications Inc  
915,000 3.20%, 03/15/2027 868,588
75,000 5.00%, 02/15/2029(c) 74,479
  Time Warner Cable LLC  
110,000 6.55%, 05/01/2037 103,979
65,000 4.50%, 09/15/2042 48,087
  T-Mobile USA Inc  
100,000 2.05%, 02/15/2028 89,601
160,000 2.40%, 03/15/2029 141,778
1,135,000 3.88%, 04/15/2030 1,063,248
300,000 2.88%, 02/15/2031 260,534
300,000 3.50%, 04/15/2031 270,923
550,000 5.20%, 01/15/2033 550,611
90,000 5.05%, 07/15/2033 89,023
130,000 5.75%, 01/15/2034 135,379
55,000 3.00%, 02/15/2041 40,510
  Verizon Communications Inc  
890,000 4.33%, 09/21/2028 870,193
350,000 2.55%, 03/21/2031 299,012
    15,755,399
Consumer, Cyclical — 1.32%
  AutoNation Inc  
193,000 4.50%, 10/01/2025 190,031
75,000 1.95%, 08/01/2028(c) 64,907
500,000 4.75%, 06/01/2030 480,086
200,000 Autozone Inc
6.55%, 11/01/2033
218,912
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Consumer, Cyclical — (continued)
$    200,000 CK Hutchison International Ltd(a)
4.75%, 04/21/2028
$    198,550
  General Motors Co  
     300,000 4.00%, 04/01/2025     295,212
     200,000 5.20%, 04/01/2045     179,672
      75,000 6.75%, 04/01/2046      80,993
  General Motors Financial Co Inc  
     250,000 4.30%, 07/13/2025     246,204
125,000 2.70%, 08/20/2027 115,199
100,000 Home Depot Inc
3.25%, 04/15/2032
89,379
250,000 Hyatt Hotels Corp
1.80%, 10/01/2024
244,739
535,000 Hyundai Capital America(a)
6.20%, 09/21/2030
558,024
170,000 Lennar Corp
4.75%, 11/29/2027
167,849
  Lowe's Cos Inc  
75,000 3.10%, 05/03/2027 71,124
250,000 1.70%, 09/15/2028 218,573
400,000 4.25%, 04/01/2052 327,718
  Marriott International Inc  
275,000 5.00%, 10/15/2027 274,183
167,000 4.88%, 05/15/2029 165,305
350,000 2.85%, 04/15/2031 301,890
  O'Reilly Automotive Inc  
115,000 5.75%, 11/20/2026 116,892
205,000 4.70%, 06/15/2032 200,344
225,000 Starbucks Corp
4.00%, 11/15/2028
218,288
  Tapestry Inc  
60,000 7.05%, 11/27/2025 61,235
39,000 7.70%, 11/27/2030 41,590
  Warnermedia Holdings Inc  
550,000 6.41%, 03/15/2026 550,009
350,000 4.05%, 03/15/2029 327,644
845,000 4.28%, 03/15/2032 754,787
60,000 5.14%, 03/15/2052 49,800
    6,809,139
Consumer, Non-Cyclical — 4.53%
  AbbVie Inc  
490,000 4.95%, 03/15/2031(c) 493,497
390,000 5.05%, 03/15/2034 394,834
400,000 4.55%, 03/15/2035 386,618
83,000 4.30%, 05/14/2036 77,927
201,000 4.25%, 11/21/2049 174,077
40,000 5.40%, 03/15/2054 41,172
  Alcon Finance Corp(a)  
200,000 2.75%, 09/23/2026 188,677
285,000 2.60%, 05/27/2030 246,066
  Amgen Inc  
507,000 5.25%, 03/02/2030 514,705
691,000 5.25%, 03/02/2033 696,813
90,000 5.75%, 03/02/2063 91,795
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
$    875,000 Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc
4.70%, 02/01/2036
$    845,967
      85,000 Anheuser-Busch InBev Finance Inc
4.90%, 02/01/2046
      79,821
  Anheuser-Busch InBev Worldwide Inc  
      25,000 8.20%, 01/15/2039      32,437
     500,000 4.95%, 01/15/2042     485,665
  Archer-Daniels-Midland Co  
      75,000 2.90%, 03/01/2032      64,600
75,000 4.50%, 08/15/2033(c) 72,576
  Ashtead Capital Inc(a)  
200,000 1.50%, 08/12/2026 182,093
377,000 5.80%, 04/15/2034 376,617
130,000 Bacardi Ltd / Bacardi-Martini BV(a)
5.40%, 06/15/2033
128,906
  BAT Capital Corp  
165,000 5.83%, 02/20/2031 166,416
105,000 6.00%, 02/20/2034 106,317
20,000 4.54%, 08/15/2047 15,442
335,000 Bayer US Finance LLC(a)
6.38%, 11/21/2030
342,541
100,000 Becton Dickinson & Co
4.67%, 06/06/2047
89,610
  Bristol-Myers Squibb Co  
150,000 2.95%, 03/15/2032 131,016
516,000 5.20%, 02/22/2034 523,908
195,000 6.25%, 11/15/2053 219,658
110,000 5.55%, 02/22/2054 113,122
511,000 Campbell Soup Co
5.40%, 03/21/2034
514,834
  Cargill Inc(a)  
200,000 2.13%, 11/10/2031 163,861
90,000 4.00%, 06/22/2032 83,603
115,000 4.75%, 04/24/2033 112,646
175,000 Cencora Inc
3.45%, 12/15/2027
166,313
105,000 Centene Corp
4.25%, 12/15/2027
100,115
200,000 Chapman University
2.07%, 04/01/2031
162,997
  Cigna Group  
360,000 1.25%, 03/15/2026 333,479
345,000 5.00%, 05/15/2029 345,492
150,000 5.13%, 05/15/2031(c) 150,137
325,000 4.80%, 08/15/2038 305,339
  CommonSpirit Health  
15,000 2.76%, 10/01/2024 14,768
165,000 5.21%, 12/01/2031 165,066
440,000 6.46%, 11/01/2052 505,635
  Conagra Brands Inc  
225,000 5.30%, 10/01/2026 225,360
304,000 4.85%, 11/01/2028 300,392
  Constellation Brands Inc  
140,000 3.60%, 02/15/2028 132,962
250,000 2.25%, 08/01/2031 206,496
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
  CSL Finance PLC(a)  
$     50,000 3.85%, 04/27/2027 $     48,254
      70,000 4.05%, 04/27/2029      67,162
     105,000 4.25%, 04/27/2032      99,917
  CVS Health Corp  
     585,000 4.78%, 03/25/2038     540,235
     285,000 4.13%, 04/01/2040     240,087
125,000 2.70%, 08/21/2040 86,780
170,000 GE HealthCare Technologies Inc
6.38%, 11/22/2052
191,859
175,000 General Mills Inc
4.20%, 04/17/2028
170,675
  Gilead Sciences Inc  
185,000 1.65%, 10/01/2030 152,393
215,000 5.25%, 10/15/2033 219,401
775,000 Haleon US Capital LLC
3.38%, 03/24/2027
741,656
  HCA Inc  
220,000 3.50%, 09/01/2030 198,959
350,000 5.45%, 04/01/2031(c) 351,826
205,000 5.60%, 04/01/2034 206,419
220,000 Hormel Foods Corp
4.80%, 03/30/2027
219,777
  Howard University  
100,000 2.80%, 10/01/2030 87,364
160,000 3.48%, 10/01/2041 115,613
  Humana Inc  
40,000 5.75%, 12/01/2028 40,990
100,000 5.38%, 04/15/2031 100,054
70,000 5.88%, 03/01/2033 72,236
100,000 5.95%, 03/15/2034 103,835
35,000 5.50%, 03/15/2053 34,055
  J M Smucker Co  
321,000 5.90%, 11/15/2028 332,851
550,000 6.20%, 11/15/2033(c) 586,675
225,000 JDE Peet's NV(a)
1.38%, 01/15/2027
202,350
  Kaiser Foundation Hospitals  
200,000 2.81%, 06/01/2041 147,598
185,000 3.00%, 06/01/2051 128,171
  Keurig Dr Pepper Inc  
425,000 4.60%, 05/25/2028 419,351
117,000 4.50%, 04/15/2052 100,285
255,000 Kraft Heinz Foods Co(c)
3.75%, 04/01/2030
239,200
165,000 McKesson Corp
5.10%, 07/15/2033
166,535
315,000 Northwestern Memorial Healthcare Obligated Group
1.77%, 07/15/2031
254,587
  Philip Morris International Inc  
130,000 5.13%, 11/17/2027 130,672
175,000 4.88%, 02/15/2028 174,518
270,000 5.13%, 02/15/2030 269,997
130,000 5.13%, 02/13/2031 129,148
170,000 5.38%, 02/15/2033 171,397
170,000 5.63%, 09/07/2033 173,849
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
  Royalty Pharma PLC  
$    165,000 1.75%, 09/02/2027 $    147,348
     180,000 2.20%, 09/02/2030     149,549
      70,000 2.15%, 09/02/2031(c)      56,416
      35,000 3.35%, 09/02/2051      23,022
      85,000 Smith & Nephew PLC
5.40%, 03/20/2034
      84,580
  Solventum Corp(a)  
755,000 5.40%, 03/01/2029 756,522
260,000 5.60%, 03/23/2034 260,850
  Sysco Corp  
115,000 5.75%, 01/17/2029 118,328
50,000 4.45%, 03/15/2048 42,522
225,000 6.60%, 04/01/2050 256,672
50,000 Thermo Fisher Scientific Inc
1.75%, 10/15/2028
44,124
  Tyson Foods Inc  
30,000 5.40%, 03/15/2029 30,268
105,000 5.70%, 03/15/2034 106,385
  UnitedHealth Group Inc  
165,000 4.00%, 05/15/2029 159,560
625,000 5.30%, 02/15/2030 639,880
125,000 4.20%, 05/15/2032 118,794
525,000 5.35%, 02/15/2033 540,110
65,000 3.75%, 10/15/2047 51,383
280,000 5.88%, 02/15/2053 302,933
261,000 5.05%, 04/15/2053 253,488
245,000 5.38%, 04/15/2054 249,178
40,000 4.95%, 05/15/2062 37,353
30,000 6.05%, 02/15/2063 32,988
    23,451,372
Energy — 1.90%
150,000 Aker BP ASA(a)
3.75%, 01/15/2030
137,070
  BP Capital Markets America Inc  
115,000 1.75%, 08/10/2030 95,948
100,000 2.72%, 01/12/2032 86,164
240,000 4.81%, 02/13/2033 236,857
145,000 4.89%, 09/11/2033 143,990
155,000 3.38%, 02/08/2061 107,072
55,000 Canadian Natural Resources Ltd
2.95%, 07/15/2030
48,491
30,000 Cenovus Energy Inc
2.65%, 01/15/2032
24,883
150,000 Cheniere Energy Inc(a)
5.65%, 04/15/2034
151,071
  Cheniere Energy Partners LP  
90,000 4.50%, 10/01/2029 85,657
135,000 5.95%, 06/30/2033 138,020
  Columbia Pipelines Holding Co LLC(a)  
85,000 6.04%, 08/15/2028 86,855
150,000 5.68%, 01/15/2034(c) 149,009
  Columbia Pipelines Operating Co LLC(a)  
275,000 5.93%, 08/15/2030 282,142
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Energy — (continued)
$    565,000 6.04%, 11/15/2033 $    585,365
      80,000 6.54%, 11/15/2053      86,674
  ConocoPhillips Co  
     130,000 5.05%, 09/15/2033(c)     131,176
     133,000 3.80%, 03/15/2052     103,857
      30,000 5.55%, 03/15/2054      30,919
      90,000 4.03%, 03/15/2062      71,324
130,000 5.70%, 09/15/2063 136,256
145,000 Diamondback Energy Inc(c)
6.25%, 03/15/2033
154,582
  Enbridge Inc  
35,000 6.00%, 11/15/2028 36,391
563,000 5.70%, 03/08/2033 576,599
125,000 2.50%, 08/01/2033 100,720
  Energy Transfer LP  
35,000 5.25%, 04/15/2029 35,039
430,000 6.40%, 12/01/2030 453,896
70,000 5.55%, 05/15/2034(c) 70,213
85,000 5.00%, 05/15/2050 74,576
190,000 Equinor ASA
3.63%, 04/06/2040
158,302
363,917 Galaxy Pipeline Assets Bidco Ltd
2.94%, 09/30/2040
291,602
400,000 Greensaif Pipelines Bidco SARL(a)
6.13%, 02/23/2038
406,727
  Hess Corp  
185,000 7.30%, 08/15/2031 209,344
119,000 7.13%, 03/15/2033 134,678
  MPLX LP  
300,000 4.00%, 02/15/2025 295,695
70,000 1.75%, 03/01/2026 65,436
35,000 4.13%, 03/01/2027 34,108
75,000 4.25%, 12/01/2027 72,941
190,000 2.65%, 08/15/2030 163,419
475,000 4.50%, 04/15/2038 421,818
90,000 4.90%, 04/15/2058 75,376
121,000 Occidental Petroleum Corp
7.88%, 09/15/2031
137,162
  ONEOK Inc  
20,000 3.40%, 09/01/2029 18,424
220,000 3.10%, 03/15/2030 196,730
45,000 6.10%, 11/15/2032 47,146
55,000 Ovintiv Inc
7.38%, 11/01/2031
60,264
200,000 Pertamina Persero PT
3.10%, 01/21/2030
178,222
270,000 Phillips 66 Co
5.30%, 06/30/2033
271,672
550,000 Plains All American Pipeline LP / PAA Finance Corp
3.80%, 09/15/2030
503,972
60,000 Sabine Pass Liquefaction LLC
4.20%, 03/15/2028
58,094
  Shell International Finance BV  
140,000 3.25%, 04/06/2050 101,632
145,000 3.00%, 11/26/2051 99,003
Principal Amount   Fair Value
Energy — (continued)
  Targa Resources Corp  
$     75,000 6.15%, 03/01/2029 $     78,166
     155,000 4.20%, 02/01/2033     141,313
     370,000 Targa Resources Partners LP / Targa Resources Partners Finance Corp
4.00%, 01/15/2032
     333,031
     382,000 Teck Resources Ltd(c)
3.90%, 07/15/2030
     352,139
      90,000 Transcontinental Gas Pipe Line Co LLC
3.25%, 05/15/2030
      81,447
  Williams Cos Inc  
35,000 2.60%, 03/15/2031 29,821
380,000 5.65%, 03/15/2033 389,872
    9,828,372
Financial — 10.94%
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
1,075,000 6.50%, 07/15/2025 1,085,364
725,000 2.45%, 10/29/2026 673,278
150,000 3.30%, 01/30/2032 128,648
370,000 Agree LP REIT
4.80%, 10/01/2032
350,023
1,175,000 Air Lease Corp
2.88%, 01/15/2026
1,123,599
335,000 American Express Co
6.34%, 10/30/2026
339,420
50,000 American International Group Inc
3.40%, 06/30/2030
45,715
  American Tower Corp REIT  
125,000 3.65%, 03/15/2027 119,819
210,000 3.80%, 08/15/2029 195,985
125,000 Ameriprise Financial Inc
5.70%, 12/15/2028
128,948
80,000 Aon Corp
2.80%, 05/15/2030
70,469
80,000 Aon Corp / Aon Global Holdings PLC
5.35%, 02/28/2033
80,433
270,000 Aon North America Inc
5.45%, 03/01/2034
273,117
280,000 Athene Global Funding(a)
2.65%, 10/04/2031
228,454
160,000 Athene Holding Ltd
5.88%, 01/15/2034
159,884
1,200,000 Avolon Holdings Funding Ltd(a)
2.88%, 02/15/2025
1,167,668
  Banco Santander SA  
1,000,000 4.25%, 04/11/2027 968,942
200,000 5.54%, 03/14/2030 199,980
200,000 6.35%, 03/14/2034 200,144
  Bank of America Corp  
715,000 3.88%, 08/01/2025 703,761
30,000 5.08%, 01/20/2027 29,849
145,000 5.93%, 09/15/2027 146,944
1,000,000 4.18%, 11/25/2027 970,679
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$    710,000 5.20%, 04/25/2029 $    710,672
     255,000 2.88%, 10/22/2030     226,584
     715,000 2.59%, 04/29/2031     616,435
     220,000 1.90%, 07/23/2031     180,562
     960,000 1.92%, 10/24/2031     782,227
     660,000 2.69%, 04/22/2032     558,657
     370,000 2.30%, 07/21/2032     302,774
785,000 4.57%, 04/27/2033 745,685
157,000 5.02%, 07/22/2033 154,528
110,000 5.47%, 01/23/2035(c) 110,717
117,000 2.48%, 09/21/2036 93,580
295,000 6.11%, 01/29/2037 313,318
375,000 3.31%, 04/22/2042 288,867
  Bank of New York Mellon Corp  
345,000 6.32%, 10/25/2029 364,055
105,000 4.98%, 03/14/2030 105,090
40,000 4.60%, 07/26/2030 39,263
140,000 5.19%, 03/14/2035 139,353
  Barclays PLC  
775,000 2.85%, 05/07/2026 751,208
200,000 7.39%, 11/02/2028 212,092
200,000 6.49%, 09/13/2029 207,918
355,000 5.69%, 03/12/2030 356,848
  BNP Paribas SA(a)  
1,225,000 2.22%, 06/09/2026 1,177,842
200,000 5.34%, 06/12/2029 201,112
290,000 5.89%, 12/05/2034 302,496
  BPCE SA(a)  
260,000 2.05%, 10/19/2027 237,209
500,000 6.71%, 10/19/2029 523,104
250,000 5.72%, 01/18/2030 251,235
425,000 3.12%, 10/19/2032 348,284
370,000 7.00%, 10/19/2034 402,767
270,000 Brighthouse Financial Global Funding(a)
1.75%, 01/13/2025
260,958
  Capital One Financial Corp  
30,000 1.88%, 11/02/2027 27,446
40,000 5.47%, 02/01/2029 39,870
195,000 6.31%, 06/08/2029 200,471
245,000 3.27%, 03/01/2030 220,709
140,000 5.25%, 07/26/2030 137,787
240,000 7.62%, 10/30/2031 265,079
  Citigroup Inc  
550,000 3.35%, 04/24/2025 549,087
430,000 3.70%, 01/12/2026 418,626
700,000 3.89%, 01/10/2028 674,989
410,000 5.17%, 02/13/2030 408,087
330,000 2.57%, 06/03/2031 281,983
525,000 3.06%, 01/25/2033 446,332
360,000 4.91%, 05/24/2033 347,064
110,000 Citizens Financial Group Inc
5.84%, 01/23/2030
109,842
  Corebridge Financial Inc  
145,000 3.85%, 04/05/2029 135,572
40,000 6.05%, 09/15/2033(a) 41,205
220,000 5.75%, 01/15/2034 224,441
250,000 Credit Agricole SA(a)
6.32%, 10/03/2029
259,180
Principal Amount   Fair Value
Financial — (continued)
  Crown Castle Inc REIT  
$     65,000 5.00%, 01/11/2028 $     64,316
      62,000 3.80%, 02/15/2028      58,696
     305,000 4.80%, 09/01/2028     299,047
      75,000 4.30%, 02/15/2029      71,892
     195,000 5.60%, 06/01/2029     197,617
     158,000 3.10%, 11/15/2029     141,003
200,000 Danske Bank A/S(a)
5.71%, 03/01/2030
201,278
  Deutsche Bank AG  
150,000 6.72%, 01/18/2029 155,124
150,000 6.82%, 11/20/2029 156,811
60,000 Discover Financial Services
7.96%, 11/02/2034
67,962
340,000 Equitable Financial Life Global Funding(a)
1.80%, 03/08/2028
299,377
170,000 Equitable Holdings Inc
4.35%, 04/20/2028
164,699
600,000 Essex Portfolio LP REIT
3.00%, 01/15/2030
532,092
  Fifth Third Bancorp  
120,000 2.38%, 01/28/2025 116,810
35,000 5.63%, 01/29/2032 35,036
135,000 GLP Capital LP / GLP Financing II Inc REIT
5.30%, 01/15/2029
132,743
  Goldman Sachs Group Inc  
760,000 2.62%, 04/22/2032 637,831
255,000 2.38%, 07/21/2032 209,191
525,000 Healthcare Realty Holdings LP REIT
2.05%, 03/15/2031
404,836
126,000 Host Hotels & Resorts LP REIT
2.90%, 12/15/2031
104,706
  HSBC Holdings PLC  
230,000 1.59%, 05/24/2027 211,639
200,000 5.89%, 08/14/2027 201,750
200,000 6.16%, 03/09/2029 205,492
400,000 2.21%, 08/17/2029 350,571
315,000 5.40%, 08/11/2033 314,106
45,000 Huntington Bancshares Inc
6.21%, 08/21/2029
46,058
250,000 Huntington National Bank
5.65%, 01/10/2030
251,396
  Intesa Sanpaolo SpA(a)  
200,000 7.80%, 11/28/2053 226,912
200,000 7.78%, 06/20/2054 213,287
175,000 Invitation Homes Operating Partnership LP REIT
2.30%, 11/15/2028
154,842
  JPMorgan Chase & Co  
170,000 2.95%, 10/01/2026 162,037
265,000 6.07%, 10/22/2027 270,966
15,000 4.32%, 04/26/2028 14,654
150,000 4.85%, 07/25/2028 148,735
560,000 3.51%, 01/23/2029 529,722
230,000 5.30%, 07/24/2029 231,709
90,000 6.09%, 10/23/2029 93,565
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$    175,000 3.70%, 05/06/2030 $    163,957
      25,000 2.74%, 10/15/2030      22,139
     135,000 2.52%, 04/22/2031     116,678
     410,000 1.76%, 11/19/2031     332,121
     165,000 1.95%, 02/04/2032     134,432
     200,000 2.58%, 04/22/2032     169,087
     475,000 2.96%, 01/25/2033     405,569
537,000 4.59%, 04/26/2033 514,534
360,000 4.91%, 07/25/2033 352,492
480,000 5.34%, 01/23/2035 481,876
  M&T Bank Corp  
730,000 7.41%, 10/30/2029 769,903
375,000 5.05%, 01/27/2034 348,633
55,000 Macquarie Airfinance Holdings Ltd(a)(c)
6.40%, 03/26/2029
55,870
550,000 Macquarie Group Ltd(a)
1.34%, 01/12/2027
510,127
500,000 Manufacturers & Traders Trust Co
4.70%, 01/27/2028
481,751
80,000 Marsh & McLennan Cos Inc
4.75%, 03/15/2039
75,904
625,000 Mastercard Inc
3.30%, 03/26/2027
601,429
165,000 MetLife Inc(c)
5.38%, 07/15/2033
168,398
520,000 Metropolitan Life Global Funding I(a)(c)
2.40%, 01/11/2032
428,094
  Morgan Stanley  
385,000 3.63%, 01/20/2027 371,873
754,000 3.95%, 04/23/2027 727,988
600,000 3.77%, 01/24/2029 571,125
850,000 5.16%, 04/20/2029 849,314
70,000 5.45%, 07/20/2029 70,614
650,000 6.41%, 11/01/2029 681,566
100,000 4.43%, 01/23/2030 96,841
385,000 2.70%, 01/22/2031 336,369
490,000 1.79%, 02/13/2032 391,697
455,000 1.93%, 04/28/2032 365,208
355,000 4.89%, 07/20/2033 344,308
120,000 5.47%, 01/18/2035(c) 121,073
425,000 2.48%, 09/16/2036 336,126
500,000 Nomura Holdings Inc
2.61%, 07/14/2031
415,647
  PNC Financial Services Group Inc  
145,000 5.30%, 01/21/2028 145,166
60,000 6.04%, 10/28/2033 62,033
105,000 5.68%, 01/22/2035 105,956
165,000 Principal Financial Group Inc
5.38%, 03/15/2033
166,289
155,000 Principal Life Global Funding II(a)
5.10%, 01/25/2029
154,581
  Prologis LP REIT  
625,000 1.75%, 07/01/2030 519,160
300,000 4.63%, 01/15/2033 291,381
Principal Amount   Fair Value
Financial — (continued)
$     45,000 Prologis Targeted US Logistics Fund LP REIT(a)
5.25%, 04/01/2029
$     44,871
     150,000 Protective Life Global Funding(a)
5.47%, 12/08/2028
     152,650
     200,000 Realty Income Corp REIT
4.90%, 07/15/2033
     193,240
     340,000 Retail Opportunity Investments Partnership LP REIT
6.75%, 10/15/2028
     352,038
     155,000 SBA Tower Trust REIT(a)
2.84%, 01/15/2025
     151,284
     575,000 Societe Generale SA(a)(c)
6.22%, 06/15/2033
     576,119
  Standard Chartered PLC(a)  
200,000 7.77%, 11/16/2028 213,954
200,000 7.02%, 02/08/2030 211,652
500,000 Truist Bank
2.25%, 03/11/2030
416,119
90,000 Truist Financial Corp
6.05%, 06/08/2027
91,215
  UBS Group AG(a)  
1,225,000 4.28%, 01/09/2028 1,182,191
200,000 4.75%, 05/12/2028 195,972
250,000 6.44%, 08/11/2028 257,383
200,000 6.25%, 09/22/2029 206,342
305,000 5.43%, 02/08/2030 305,452
240,000 2.75%, 02/11/2033 196,063
270,000 6.54%, 08/12/2033 284,658
250,000 9.02%, 11/15/2033 303,336
135,000 VICI Properties LP REIT
4.95%, 02/15/2030
130,552
  Wells Fargo & Co  
270,000 2.41%, 10/30/2025 264,857
750,000 4.30%, 07/22/2027 730,543
315,000 2.39%, 06/02/2028 288,321
245,000 5.57%, 07/25/2029 247,904
60,000 6.30%, 10/23/2029 62,492
415,000 2.88%, 10/30/2030 366,857
370,000 2.57%, 02/11/2031 318,945
595,000 3.35%, 03/02/2033 516,238
928,000 4.90%, 07/25/2033 894,274
55,000 5.39%, 04/24/2034 54,657
75,000 6.49%, 10/23/2034 80,443
130,000 5.50%, 01/23/2035 130,306
475,000 Westpac Banking Corp
4.11%, 07/24/2034
438,740
765,000 Willis North America Inc
2.95%, 09/15/2029
685,463
    56,625,281
Industrial — 1.96%
  AGCO Corp  
45,000 5.45%, 03/21/2027 45,201
190,000 5.80%, 03/21/2034 192,372
200,000 BAE Systems PLC(a)
5.13%, 03/26/2029
200,692
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Industrial — (continued)
  Boeing Co  
$     30,000 2.70%, 02/01/2027 $     27,633
      55,000 5.04%, 05/01/2027      53,963
  1,025,000 3.45%, 11/01/2028     936,562
      90,000 5.15%, 05/01/2030      87,076
     295,000 5.81%, 05/01/2050     279,108
     125,000 5.93%, 05/01/2060     117,192
200,000 Burlington Northern Santa Fe LLC
4.05%, 06/15/2048
166,595
400,000 Canadian Pacific Railway Co
2.05%, 03/05/2030
340,274
875,000 Carrier Global Corp
5.90%, 03/15/2034
919,623
400,000 CSX Corp
3.80%, 03/01/2028
386,930
435,000 DAE Funding LLC(a)
1.55%, 08/01/2024
427,864
200,000 GE Capital International Funding Co Unlimited Co
4.42%, 11/15/2035
187,918
125,000 General Electric Co
5.88%, 01/14/2038
133,004
210,000 Ingersoll Rand Inc(c)
5.70%, 08/14/2033
215,426
  L3Harris Technologies Inc  
185,000 5.05%, 06/01/2029 184,409
215,000 5.35%, 06/01/2034 215,002
325,000 Lockheed Martin Corp(c)
5.25%, 01/15/2033
334,065
325,000 Martin Marietta Materials Inc
3.20%, 07/15/2051
227,387
215,000 Northrop Grumman Corp
5.15%, 05/01/2040
210,630
  Otis Worldwide Corp  
115,000 2.57%, 02/15/2030 101,121
110,000 3.11%, 02/15/2040 84,559
  Penske Truck Leasing Co LP / PTL Finance Corp(a)  
195,000 4.40%, 07/01/2027 189,814
65,000 6.05%, 08/01/2028 66,878
55,000 5.35%, 03/30/2029 55,038
  Regal Rexnord Corp(a)  
395,000 6.05%, 04/15/2028 400,436
35,000 6.30%, 02/15/2030(c) 35,830
  RTX Corp  
250,000 5.75%, 11/08/2026 253,843
1,025,000 6.10%, 03/15/2034 1,095,504
325,000 Union Pacific Corp
2.80%, 02/14/2032
282,091
730,000 Veralto Corp(a)
5.45%, 09/18/2033
739,030
  Waste Management Inc  
175,000 3.15%, 11/15/2027 165,878
600,000 1.15%, 03/15/2028 522,842
225,000 4.88%, 02/15/2029 227,105
40,000 Westinghouse Air Brake Technologies Corp
5.61%, 03/11/2034
40,517
    10,149,412
Principal Amount   Fair Value
Technology — 1.80%
$    550,000 Adobe Inc
2.15%, 02/01/2027
$    513,529
     140,000 Black Knight InfoServ LLC(a)
3.63%, 09/01/2028
     132,465
  Broadcom Inc  
      12,000 4.11%, 09/15/2028      11,594
     192,000 4.15%, 04/15/2032(a)     178,126
     645,000 2.60%, 02/15/2033(a)     523,844
     370,000 3.42%, 04/15/2033(a)     320,753
150,000 3.47%, 04/15/2034(a) 128,536
339,000 3.14%, 11/15/2035(a) 273,879
  CDW LLC / CDW Finance Corp  
90,000 2.67%, 12/01/2026 83,572
60,000 3.57%, 12/01/2031 52,748
  Constellation Software Inc(a)  
15,000 5.16%, 02/16/2029 14,984
279,000 5.46%, 02/16/2034 280,821
257,000 Dell International LLC / EMC Corp
8.10%, 07/15/2036
310,672
50,000 Hewlett Packard Enterprise Co
6.35%, 10/15/2045
53,466
  Intel Corp  
350,000 5.20%, 02/10/2033(c) 354,854
255,000 5.15%, 02/21/2034(c) 255,581
70,000 4.75%, 03/25/2050 63,406
250,000 3.05%, 08/12/2051 168,513
25,000 5.60%, 02/21/2054 25,472
135,000 5.05%, 08/05/2062 126,951
500,000 Intuit Inc
1.35%, 07/15/2027
447,132
425,000 Lam Research Corp
1.90%, 06/15/2030
359,264
335,000 MSCI Inc(a)
4.00%, 11/15/2029
309,780
60,000 NVIDIA Corp
3.50%, 04/01/2040
50,801
71,000 NXP BV / NXP Funding LLC
5.35%, 03/01/2026
71,019
  NXP BV / NXP Funding LLC / NXP USA Inc  
89,000 4.30%, 06/18/2029 85,759
325,000 2.65%, 02/15/2032 270,073
  Oracle Corp  
165,000 2.30%, 03/25/2028 148,983
275,000 4.50%, 05/06/2028 270,909
250,000 6.15%, 11/09/2029 263,484
65,000 2.95%, 04/01/2030 57,840
350,000 4.65%, 05/06/2030 343,216
325,000 2.88%, 03/25/2031 282,580
301,000 4.90%, 02/06/2033 294,693
350,000 3.60%, 04/01/2040 275,895
741,000 3.60%, 04/01/2050 535,355
525,000 6.90%, 11/09/2052 604,093
225,000 Take-Two Interactive Software Inc
3.70%, 04/14/2027
215,851
  VMware LLC  
100,000 1.80%, 08/15/2028 87,128
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Technology — (continued)
$    300,000 2.20%, 08/15/2031 $    244,136
  Workday Inc  
     125,000 3.50%, 04/01/2027     119,695
     100,000 3.80%, 04/01/2032      91,058
    9,302,510
Utilities — 3.76%
     335,000 Alabama Power Co
3.45%, 10/01/2049
     247,620
425,000 Alliant Energy Finance LLC(a)
4.25%, 06/15/2028
407,044
125,000 American Water Capital Corp
3.75%, 09/01/2028
119,398
  Arizona Public Service Co  
160,000 6.35%, 12/15/2032 170,756
75,000 5.55%, 08/01/2033 75,844
350,000 Berkshire Hathaway Energy Co
3.70%, 07/15/2030
327,627
65,000 Boston Gas Co(a)
3.76%, 03/16/2032
57,115
285,000 Brooklyn Union Gas Co(a)
4.87%, 08/05/2032
263,924
  Cleco Corporate Holdings LLC  
80,000 3.38%, 09/15/2029 69,788
5,000 4.97%, 05/01/2046 4,175
  Consolidated Edison Co of New York Inc  
75,000 5.50%, 03/15/2034 77,477
145,000 3.20%, 12/01/2051 99,740
  Dominion Energy Inc  
195,000 3.07%, 08/15/2024(d) 192,895
231,000 3.38%, 04/01/2030 209,931
654,000 5.38%, 11/15/2032(c) 657,715
10,000 6.30%, 03/15/2033 10,535
333,000 Duke Energy Carolinas LLC
5.30%, 02/15/2040
329,075
  Duke Energy Corp  
475,000 3.15%, 08/15/2027 447,010
335,000 4.85%, 01/05/2029 331,839
60,000 2.45%, 06/01/2030 51,673
562,000 2.55%, 06/15/2031 473,213
200,000 4.50%, 08/15/2032 189,591
110,000 5.00%, 08/15/2052 99,568
145,000 Duke Energy Florida LLC
5.88%, 11/15/2033
153,207
  Duke Energy Ohio Inc  
145,000 3.65%, 02/01/2029 137,724
115,000 5.25%, 04/01/2033 116,261
85,000 5.55%, 03/15/2054 84,779
  Edison International  
180,000 4.13%, 03/15/2028 172,701
50,000 5.25%, 11/15/2028(c) 49,824
975,000 Entergy Corp
2.95%, 09/01/2026
926,173
115,000 Evergy Metro Inc
4.20%, 03/15/2048
94,414
  Eversource Energy  
140,000 5.95%, 02/01/2029 144,460
Principal Amount   Fair Value
Utilities — (continued)
$    355,000 5.13%, 05/15/2033 $    347,845
     115,000 5.50%, 01/01/2034     115,013
     450,000 Exelon Corp
4.05%, 04/15/2030
     424,386
      45,000 FirstEnergy Pennsylvania Electric Co(a)
4.15%, 04/15/2025
      44,120
     515,000 Florida Power & Light Co
4.55%, 10/01/2044
     448,195
  Georgia Power Co  
      70,000 4.70%, 05/15/2032      68,389
115,000 4.95%, 05/17/2033 113,387
110,000 5.25%, 03/15/2034 111,111
30,000 4.75%, 09/01/2040 27,749
125,000 KeySpan Gas East Corp(a)
5.99%, 03/06/2033
126,679
100,000 Monongahela Power Co(a)
5.85%, 02/15/2034
102,695
50,000 National Grid PLC
5.60%, 06/12/2028
50,932
  National Rural Utilities Cooperative Finance Corp  
165,000 5.00%, 02/07/2031 163,824
200,000 4.15%, 12/15/2032(c) 185,634
65,000 5.80%, 01/15/2033 67,628
  NextEra Energy Capital Holdings Inc  
275,000 4.63%, 07/15/2027 271,166
490,000 2.25%, 06/01/2030 417,220
  NiSource Inc  
150,000 3.49%, 05/15/2027 143,074
235,000 3.60%, 05/01/2030 216,446
55,000 1.70%, 02/15/2031 43,930
190,000 5.40%, 06/30/2033 191,528
185,000 5.35%, 04/01/2034 183,998
155,000 Oglethorpe Power Corp
5.05%, 10/01/2048
139,407
75,000 Ohio Edison Co(a)
5.50%, 01/15/2033
74,827
200,000 Ohio Power Co
5.00%, 06/01/2033
196,247
165,000 Oncor Electric Delivery Co LLC
5.65%, 11/15/2033
171,638
  Pacific Gas & Electric Co  
575,000 5.45%, 06/15/2027 576,653
625,000 2.10%, 08/01/2027 562,730
105,000 6.10%, 01/15/2029 108,200
235,000 4.55%, 07/01/2030 223,373
580,000 2.50%, 02/01/2031 482,316
185,000 3.25%, 06/01/2031 160,633
120,000 6.15%, 01/15/2033 123,689
540,000 6.40%, 06/15/2033(c) 568,587
400,000 PacifiCorp
5.80%, 01/15/2055
394,346
80,000 PPL Capital Funding Inc
4.13%, 04/15/2030
75,517
115,000 Public Service Electric & Gas Co
5.45%, 03/01/2054
118,582
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Utilities — (continued)
  Public Service Enterprise Group Inc  
$     75,000 5.20%, 04/01/2029 $     75,058
     125,000 6.13%, 10/15/2033     131,216
      45,000 5.45%, 04/01/2034(c)      45,083
  Puget Energy Inc  
     185,000 3.65%, 05/15/2025     180,647
     139,000 4.10%, 06/15/2030     126,868
31,000 4.22%, 03/15/2032 28,112
120,000 Sempra
3.40%, 02/01/2028
113,383
100,000 Sierra Pacific Power Co
2.60%, 05/01/2026
95,016
  Southern California Edison Co  
70,000 4.90%, 06/01/2026 69,646
170,000 5.15%, 06/01/2029 170,698
345,000 2.25%, 06/01/2030 293,165
220,000 2.75%, 02/01/2032 186,137
65,000 5.95%, 11/01/2032 68,162
365,000 5.20%, 06/01/2034 361,342
2,000 4.00%, 04/01/2047 1,583
20,000 3.65%, 02/01/2050 14,812
50,000 5.75%, 04/15/2054 50,714
  Southern California Gas Co  
380,000 5.20%, 06/01/2033 380,390
65,000 5.75%, 06/01/2053 66,084
100,000 5.60%, 04/01/2054 100,063
  Southern Co  
190,000 4.85%, 06/15/2028 188,996
35,000 5.20%, 06/15/2033 34,973
325,000 5.70%, 03/15/2034 335,187
45,000 Southern Co Gas Capital Corp
5.75%, 09/15/2033
46,582
184,000 Southwest Gas Corp
2.20%, 06/15/2030
155,002
195,000 Southwestern Electric Power Co
5.30%, 04/01/2033
192,646
  Virginia Electric & Power Co  
260,000 5.00%, 04/01/2033 256,495
270,000 5.00%, 01/15/2034 265,103
45,000 5.35%, 01/15/2054 44,110
145,000 Wisconsin Power & Light Co
5.38%, 03/30/2034
145,964
  Xcel Energy Inc  
525,000 3.35%, 12/01/2026 498,471
100,000 4.60%, 06/01/2032 94,036
    19,450,534
TOTAL CORPORATE BONDS AND NOTES — 29.75%
(Cost $162,760,788)
$153,965,564
FOREIGN GOVERNMENT BONDS AND NOTES
  Bermuda Government International Bond  
200,000 2.38%, 08/20/2030 167,040
200,000 5.00%, 07/15/2032(a) 192,400
Principal Amount   Fair Value
Foreign Government Bonds and Notes — (continued)
$    200,000 5.00%, 07/15/2032 $    192,400
     400,000 Chile Government International Bond
4.95%, 01/05/2036  
     386,605
  Hungary Government International Bond(a)  
     240,000 6.13%, 05/22/2028     245,710
     275,000 5.50%, 03/26/2036     267,180
     340,000 Indonesia Government International Bond
4.35%, 01/08/2027  
     333,373
     200,000 Israel Government International Bond
5.75%, 03/12/2054  
     191,444
  Mexico Government International Bond  
541,000 3.50%, 02/12/2034 449,959
795,000 6.00%, 05/07/2036 796,635
685,000 4.28%, 08/14/2041 549,290
76,000 4.75%, 03/08/2044 63,256
200,000 6.40%, 05/07/2054 199,256
  Panama Government International Bond  
200,000 3.16%, 01/23/2030 166,002
210,000 6.85%, 03/28/2054 190,444
380,000 Peruvian Government International Bond
3.30%, 03/11/2041  
284,525
  Republic of Poland Government International Bond  
220,000 5.13%, 09/18/2034 219,023
270,000 5.50%, 03/18/2054 267,872
  Romanian Government International Bond  
40,000 3.00%, 02/27/2027(a) 37,273
432,000 5.88%, 01/30/2029(a) 431,589
1,072,000 3.00%, 02/14/2031(c) 898,679
156,000 6.38%, 01/30/2034(a) 158,019
  Saudi Government International Bond(a)  
200,000 5.00%, 01/18/2053 178,612
230,000 5.75%, 01/16/2054 227,628
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 1.37%
(Cost $7,748,304)
$7,094,214
MORTGAGE-BACKED SECURITIES
Non-Agency — 8.95%
258,123 510 Asset Backed Trust(a)(d)
Series 2021-NPL2 Class A1
2.12%,  06/25/2061  
250,522
195,717 Ajax Mortgage Loan Trust(a)(d)
Series 2021-C Class A
2.12%,  01/25/2061  
189,803
255,000 Aligned Data Centers Issuer LLC(a)
Series 2023-1A Class A2
6.00%,  08/17/2048  
255,558
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
  Angel Oak Mortgage Trust(a)  
  Series 2020-1 Class A1  
$     29,154 2.47%, 12/25/2059(e)   $     27,539
  Series 2020-2 Class A1A  
      83,373 2.53%, 01/26/2065(e)        76,968
  Series 2020-4 Class A1  
      39,373 1.47%, 06/25/2065(e)        36,538
  Series 2020-6 Class A1  
38,391 1.26%, 05/25/2065(e)   34,146
  Series 2020-R1 Class A1  
81,268 0.99%, 04/25/2053(e)   74,365
  Series 2021-1 Class A1  
134,479 0.91%, 01/25/2066(e)   113,348
  Series 2021-2 Class A1  
253,500 0.99%, 04/25/2066(e)   209,445
  Series 2021-4 Class A1  
206,407 1.04%, 01/20/2065(e)   167,465
  Series 2021-5 Class A1  
311,706 0.95%, 07/25/2066(e)   261,547
  Series 2021-6 Class A1  
165,638 1.46%, 09/25/2066(e)   134,687
  Series 2021-8 Class A1  
230,700 1.82%, 11/25/2066(e)   198,403
  Series 2024-1A Class B  
685,578 2.88%, 12/25/2066(d)   613,450
  Arroyo Mortgage Trust(a)(e)  
  Series 2019-2 Class A1  
55,399 3.35%, 04/25/2049   51,865
  Series 2019-3 Class A1  
53,580 2.96%, 10/25/2048   49,657
  BANK  
  Series 2017-BNK8 Class A4  
350,000 3.49%, 11/15/2050   322,434
  Series 2019-BN16 Class XA  
2,481,721 0.94%, 02/15/2052(e)   86,487
  Series 2019-BN17 Class A4  
632,000 3.71%, 04/15/2052   593,522
  Series 2019-BN18 Class XA  
975,403 0.88%, 05/15/2062(e)   35,319
  Series 2019-BN20 Class XA  
1,154,421 0.81%, 09/15/2062(e)   40,959
  Series 2019-BN22 Class XA  
1,777,319 0.59%, 11/15/2062(e)   48,909
  Series 2019-BN23 Class XA  
2,914,184 0.69%, 12/15/2052(e)   92,652
  Series 2019-BN24 Class XA  
980,111 0.63%, 11/15/2062(e)   30,417
  Series 2020-BN26 Class XA  
1,045,615 1.21%, 03/15/2063(e)   55,062
  Series 2020-BN28 Class XA  
2,339,032 1.76%, 03/15/2063(e)   204,566
  Series 2020-BN29 Class XA  
2,818,138 1.32%, 11/15/2053(e)   186,108
  Series 2021-BN32 Class A5  
1,500,000 2.64%, 04/15/2054   1,287,235
  Series 2023-BNK45 Class ASB  
500,000 5.47%, 02/15/2056   515,311
Principal Amount   Fair Value
Non-Agency — (continued)
  Series 2023-BNK45 Class XA  
$    995,538 0.99%, 02/15/2056(e)   $     62,392
  Series 2023-BNK46 Class A4  
     400,000 5.75%, 08/15/2056       419,151
  Barclays Commercial Mortgage Securities Trust  
  Series 2020-C6 Class A4  
  1,500,000 2.64%, 02/15/2053     1,314,915
  Series 2022-C15 Class A5  
105,000 3.66%, 04/15/2055(e)   94,730
  Series 2022-C16 Class A5  
120,000 4.60%, 06/15/2055(e)   116,433
  Series 2022-C18 Class A4  
160,000 5.44%, 12/15/2055(e)   164,569
  Series 2022-C18 Class A5  
50,000 5.71%, 12/15/2055(e)   52,299
  Series 2023-C21 Class AS  
325,000 6.30%, 09/15/2056(e)   344,180
  Series 2023-C22 Class A5  
215,000 6.80%, 11/15/2056(e)   243,036
  Series 2024-C24 Class A5  
530,000 5.42%, 02/15/2057   545,177
  Series 2024-C24 Class XA  
1,109,655 1.63%, 02/15/2057(e)   121,536
  Benchmark Mortgage Trust  
  Series 2018-B1 Class A5  
400,000 3.67%, 01/15/2051(e)   374,341
  Series 2019-B10 Class XA  
1,960,175 1.19%, 03/15/2062(e)   97,745
  Series 2019-B11 Class A2  
216,196 3.41%, 05/15/2052   215,056
  Series 2019-B11 Class A5  
455,859 3.54%, 05/15/2052   413,028
  Series 2019-B12 Class A5  
1,498,000 3.12%, 08/15/2052   1,359,607
  Series 2019-B12 Class XA  
952,825 1.02%, 08/15/2052(e)   31,626
  Series 2019-B9 Class A5  
550,000 4.02%, 03/15/2052   513,834
  Series 2020-B18 Class XA  
614,939 1.78%, 07/15/2053(e)   38,371
  Series 2020-B22 Class XA  
1,103,821 1.51%, 01/15/2054(e)   85,067
  Series 2023-B39 Class XA  
2,332,280 0.57%, 07/15/2056(e)   95,387
  Series 2023-B40 Class XA  
999,491 1.15%, 12/15/2056(e)   66,523
154,782 BINOM Securitization Trust(a)(e)
Series 2021-INV1 Class A1
2.03%,  06/25/2056  
133,444
475,000 BLP Commercial Mortgage Trust(a)(b)
Series 2024-IND2 Class A
6.67%,  03/15/2041
1-mo. SOFR + 1.34%
475,149
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
  BMO Mortgage Trust  
  Series 2022-C3 Class A5  
$    150,000 5.31%, 09/15/2054   $    152,291
  Series 2023-C7 Class A5  
     300,000 6.16%, 12/15/2056       324,259
  BRAVO Residential Funding Trust(a)  
  Series 2021-C Class A1  
388,706 1.62%, 03/01/2061(d)   367,503
  Series 2021-NQM2 Class A1  
65,209 0.97%, 03/25/2060(e)   60,638
  Series 2024-NQM1 Class A1  
736,432 5.94%, 12/01/2063(d)   734,680
65,311 Bunker Hill Loan Depository Trust(a)(e)
Series 2020-1 Class A1
1.72%,  02/25/2055  
62,285
  BX Trust(a)(b)  
  Series 2021-ARIA Class A  
550,000 6.34%, 10/15/2036
1-mo. SOFR + 1.01%
544,500
  Series 2024-BIO Class A  
775,000 6.97%, 02/15/2041
1-mo. SOFR + 1.64%
776,211
  Series 2024-PAT Class A  
300,000 7.34%, 03/15/2026
1-mo. SOFR + 2.09%
299,812
  Series 2024-XL4 Class A  
825,000 6.77%, 02/15/2039
1-mo. SOFR + 1.44%
825,258
  Series 2024-XL5 Class A  
450,000 6.69%, 03/15/2041
1-mo. SOFR + 1.39%
450,227
100,000 CAMB Commercial Mortgage Trust(a)(b)
Series 2019-LIFE Class C
7.07%,  12/15/2037
1-mo. SOFR + 1.75%
99,938
165,328 CD Commercial Mortgage Trust
Series 2017-CD3 Class AAB
3.45%,  02/10/2050  
160,289
  CF Hippolyta Issuer LLC(a)  
  Series 2020-1 Class A1  
108,654 1.69%, 07/15/2060   101,583
  Series 2020-1 Class A2  
87,425 1.99%, 07/15/2060   75,146
  Series 2021-1A Class A1  
94,245 1.53%, 03/15/2061   85,223
  Series 2022-1A Class A1  
97,713 5.97%, 08/15/2062   95,254
248,000 CFCRE Commercial Mortgage Trust
Series 2016-C3 Class A3
3.87%,  01/10/2048  
238,990
  Citigroup Commercial Mortgage Trust  
  Series 2015-GC33 Class A4  
403,000 3.78%, 09/10/2058   388,829
  Series 2019-C7 Class A4  
255,000 3.10%, 12/15/2072   228,194
Principal Amount   Fair Value
Non-Agency — (continued)
$     20,339 Citigroup Mortgage Loan Trust(a)(e)
Series 2018-RP1 Class A1
3.00%,  09/25/2064  
$     19,590
  COLT Mortgage Loan Trust(a)(e)  
  Series 2020-2R Class A1  
      91,940 1.33%, 10/26/2065        82,057
  Series 2021-2 Class A1  
     212,515 0.92%, 08/25/2066       171,035
  Series 2021-3 Class A1  
385,501 0.96%, 09/27/2066   309,256
  Series 2021-HX1 Class A1  
487,923 1.11%, 10/25/2066   403,565
  Series 2022-4 Class A1  
83,679 4.30%, 03/25/2067   81,453
  COMM Mortgage Trust(a)  
  Series 2020-CX Class A  
150,000 2.17%, 11/10/2046   121,887
  Series 2022-HC Class A  
100,000 2.82%, 01/10/2039   90,287
  Series 2022-HC Class C  
120,000 3.38%, 01/10/2039   104,807
  Credit Suisse Mortgage Trust(a)  
  Series 2017-FHA1 Class A1  
30,511 3.25%, 04/25/2047(e)   27,480
  Series 2018-RPL9 Class A  
116,992 3.85%, 09/25/2057(e)   110,272
  Series 2020-NET Class A  
94,474 2.26%, 08/15/2037   87,796
  Series 2020-NQM1 Class A1  
134,418 1.21%, 05/25/2065(d)   121,851
  Series 2020-RPL4 Class A1  
283,377 2.00%, 01/25/2060(e)   246,547
  Series 2021-NQM2 Class A1  
256,282 1.18%, 02/25/2066(e)   221,624
  Series 2021-NQM5 Class A1  
190,633 0.94%, 05/25/2066(e)   152,930
  Series 2021-NQM6 Class A1  
467,630 1.17%, 07/25/2066(e)   380,565
  Series 2021-NQM8 Class A1  
246,062 1.84%, 10/25/2066(e)   213,372
  Series 2021-RPL4 Class A1  
264,296 1.80%, 12/27/2060(e)   256,255
  Series 2022-NQM1 Class A1  
585,418 2.27%, 11/25/2066(e)   510,628
119,553 CSAIL Commercial Mortgage Trust
Series 2016-C6 Class ASB
2.96%,  01/15/2049  
116,841
11,261,091 DBGS Mortgage Trust(e)
Series 2018-C1 Class XA
0.20%,  10/15/2051  
80,966
390,000 DC Trust(a)(e)
Series 2024-HLTN Class A
5.73%,  04/13/2028  
389,961
482,907 Deutsche Bank Commercial Mortgage Trust(e)
Series 2020-C9 Class XA
1.70%,  09/15/2053  
26,077
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
  Ellington Financial Mortgage Trust(a)(e)  
  Series 2020-2 Class A1  
$     41,043 1.18%, 10/25/2065   $     36,998
  Series 2021-1 Class A1  
      29,975 0.80%, 02/25/2066        25,128
  Series 2021-2 Class A1  
     172,686 0.93%, 06/25/2066       138,660
  GCAT Trust(a)  
  Series 2020-NQM2 Class A1  
28,588 1.56%, 04/25/2065(d)   26,296
  Series 2021-NQM1 Class A1  
150,388 0.87%, 01/25/2066(e)   126,024
  Series 2021-NQM4 Class A1  
330,232 1.09%, 08/25/2066(e)   266,437
  Series 2021-NQM7 Class A1  
170,688 1.92%, 08/25/2066(e)   148,405
  GS Mortgage Securities Trust(e)  
  Series 2020-GC45 Class XA  
2,008,059 0.66%, 02/13/2053   55,849
  Series 2024-70P Class A  
625,000 5.13%, 03/10/2041(a)   620,508
  Imperial Fund Mortgage Trust(a)  
  Series 2021-NQM2 Class A1  
186,813 1.07%, 09/25/2056(e)   152,023
  Series 2022-NQM2 Class A1  
549,518 3.64%, 03/25/2067(d)   509,042
  JPMorgan Chase Commercial Mortgage Securities Trust(a)  
  Series 2020-NNN Class AFX  
120,000 2.81%, 01/16/2037   102,111
  Series 2022-OPO Class A  
400,000 3.02%, 01/05/2039   353,871
  JPMorgan Commercial Mortgage Securities Trust  
  Series 2015-C32 Class A5  
261,000 3.60%, 11/15/2048   248,721
  Series 2016-C2 Class A4  
545,000 3.14%, 06/15/2049   513,389
  Series 2016-C4 Class ASB  
169,138 2.99%, 12/15/2049   163,586
  JPMorgan Mortgage Trust(a)(e)  
  Series 2023-DSC1 Class A1  
605,375 4.63%, 07/25/2063   578,491
  Series 2024-1 Class A2  
781,541 6.00%, 06/25/2054   779,526
  Legacy Mortgage Asset Trust(a)(d)  
  Series 2021-GS2 Class A1  
253,764 1.75%, 04/25/2061   245,921
  Series 2021-GS4 Class A1  
91,248 1.65%, 11/25/2060   88,253
501,315 Life Mortgage Trust(a)(b)
Series 2021-BMR Class A
6.14%,  03/15/2038
1-mo. SOFR + 0.81%
495,726
Principal Amount   Fair Value
Non-Agency — (continued)
  MetLife Securitization Trust(a)(e)  
  Series 2017-1A Class A  
$     21,018 3.00%, 04/25/2055   $     19,638
  Series 2018-1A Class A  
      53,222 3.75%, 03/25/2057        50,097
     345,000 MF1 Ltd(a)(b)
Series 2022-FL8 Class AS
7.08%,  02/19/2037
1-mo. SOFR + 1.75%
     338,316
  MFA Trust(a)(e)  
  Series 2020-NQM3 Class A1  
20,395 1.01%, 01/26/2065   18,536
  Series 2021-NQM1 Class A1  
181,643 1.15%, 04/25/2065   165,040
  Series 2021-NQM2 Class A1  
135,666 1.03%, 11/25/2064   116,620
  Mill City Mortgage Loan Trust(a)(e)  
  Series 2017-3 Class A1  
26,039 2.75%, 01/25/2061   25,571
  Series 2018-1 Class A1  
52,244 3.25%, 05/25/2062   50,952
  Series 2018-2 Class A1  
23,268 3.50%, 05/25/2058   22,900
  Series 2019-GS1 Class A1  
205,727 2.75%, 07/25/2059   195,714
346,321 MSWF Commercial Mortgage Trust(e)
Series 2023-2 Class XA
0.91%,  12/15/2056  
22,929
445,000 New Economy Assets Phase 1 Sponsor LLC(a)
Series 2021-1 Class A1
1.91%,  10/20/2061  
389,705
  New Residential Mortgage Loan Trust(a)  
  Series 2015-1A Class A3  
19,245 3.75%, 05/28/2052(e)   17,937
  Series 2017-4A Class A1  
32,614 4.00%, 05/25/2057(e)   30,771
  Series 2017-5A Class A1  
29,563 6.94%, 06/25/2057(b)
1-mo. SOFR + 1.61%
29,565
  Series 2018-1A Class A1A  
292,541 4.00%, 12/25/2057(e)   276,805
  Series 2019-3A Class A1A  
107,329 3.75%, 11/25/2058(e)   100,434
  Series 2019-5A Class A1B  
102,670 3.50%, 08/25/2059(e)   95,068
  Series 2019-NQM4 Class A1  
20,614 2.49%, 09/25/2059(e)   18,981
  Series 2020-1A Class A1B  
68,529 3.50%, 10/25/2059(e)   63,171
  Series 2021-NQ1R Class A1  
113,351 0.94%, 07/25/2055(e)   98,664
  Series 2021-NQ2R Class A1  
144,877 0.94%, 10/25/2058(e)   131,439
255,000 NJ Trust(a)(e)
Series 2023-GSP Class A
6.48%,  01/06/2029  
266,459
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$    740,877 NMLT Trust(a)(e)
Series 2021-INV1 Class A1
1.19%,  05/25/2056  
$    611,936
     350,000 One New York Plaza Trust(a)(b)
Series 2020-1NYP Class A
6.39%,  01/15/2036
1-mo. SOFR + 1.06%
     341,273
  Onslow Bay Financial LLC(a)  
  Series 2021-NQM1 Class A1  
     237,584 1.07%, 02/25/2066(e)       201,609
  Series 2021-NQM3 Class A1  
     238,742 1.05%, 07/25/2061(e)       185,194
  Series 2022-NQM1 Class A1  
472,792 2.31%, 11/25/2061(e)   405,470
  Series 2024-NQM1 Class A1  
782,103 5.93%, 11/25/2063(d)   780,990
  Series 2024-NQM2 Class A1  
1,274,505 5.88%, 12/25/2063(d)   1,271,480
162,912 Pretium Mortgage Credit Partners LLC(a)(d)
Series 2021-RN2 Class A1
1.74%,  07/25/2051  
157,429
  PRP Advisors LLC(a)(d)  
  Series 2020-6 Class A1  
54,513 5.36%, 11/25/2025   54,327
  Series 2021-3 Class A1  
267,620 1.87%, 04/25/2026   262,981
  Series 2021-4 Class A1  
465,308 1.87%, 04/25/2026   453,793
  Series 2021-6 Class A1  
199,208 1.79%, 07/25/2026   193,380
  Series 2021-7 Class A1  
326,570 1.87%, 08/25/2026   315,850
  Series 2021-9 Class A1  
422,552 2.36%, 10/25/2026   411,770
  Series 2021-RPL1 Class A1  
86,694 1.32%, 07/25/2051   77,337
60,280 Residential Mortgage Loan Trust(a)(e)
Series 2021-1R Class A1
0.86%,  01/25/2065  
55,680
455,000 Retained Vantage Data Centers Issuer LLC(a)
Series 2023-1A Class A2A
5.00%,  09/15/2048  
439,944
490,000 SG Commercial Mortgage Securities Trust(a)
Series 2020-COVE Class A
2.63%,  03/15/2037  
447,771
  Stack Infrastructure Issuer LLC(a)  
  Series 2023-2A Class A2  
260,000 5.90%, 07/25/2048   259,088
  Series 2024-1A Class A2  
150,000 5.90%, 03/25/2049   150,434
  Starwood Mortgage Residential Trust(a)(e)  
  Series 2020-3 Class A1  
23,237 1.49%, 04/25/2065   21,887
Principal Amount   Fair Value
Non-Agency — (continued)
  Series 2021-1 Class A1  
$    175,013 1.22%, 05/25/2065   $    152,599
  Series 2021-2 Class A1  
     125,214 0.94%, 05/25/2065       113,073
  Series 2021-6 Class A1  
     373,251 1.92%, 11/25/2066       311,729
     148,389 Toorak Mortgage Corp(a)(e)
Series 2021-INV1 Class A1
1.15%,  07/25/2056  
     127,250
  Towd Point Mortgage Trust(a)(e)  
  Series 2018-1 Class A1  
13,486 3.00%, 01/25/2058   13,106
  Series 2018-2 Class A1  
64,659 3.25%, 03/25/2058   62,544
  Series 2018-3 Class A1  
67,778 3.75%, 05/25/2058   65,183
  Series 2018-5 Class A1A  
133,638 3.25%, 07/25/2058   129,365
  Series 2019-1 Class A1  
278,850 3.75%, 03/25/2058   264,601
  Series 2020-1 Class A2A  
190,000 3.10%, 01/25/2060   164,518
  Series 2021-R1 Class A1  
1,152,550 2.92%, 11/30/2060   994,035
980,000 TYSN Mortgage Trust(a)(e)
Series 2023-CRNR Class A
6.58%,  12/10/2033  
1,021,292
  VCAT LLC(a)(d)  
  Series 2021-NPL2 Class A1  
47,515 5.12%, 03/27/2051   47,017
  Series 2021-NPL4 Class A1  
235,704 1.87%, 08/25/2051   228,025
  Series 2021-NPL5 Class A1  
337,752 1.87%, 08/25/2051   329,240
  Series 2021-NPL6 Class A1  
450,229 1.92%, 09/25/2051   436,342
326,064 Vericrest Opportunity Loan Transferee(a)(d)
Series 2021-NP11 Class A1
1.87%,  08/25/2051  
313,930
  Verus Securitization Trust(a)  
  Series 2019-INV3 Class A1  
47,519 3.69%, 11/25/2059(e)   46,014
  Series 2020-4 Class A1  
43,803 1.50%, 05/25/2065(d)   41,319
  Series 2020-5 Class A1  
74,262 1.22%, 05/25/2065(d)   69,648
  Series 2021-2 Class A1  
189,629 1.03%, 02/25/2066(e)   164,261
  Series 2021-4 Class A1  
168,365 0.94%, 07/25/2066(e)   132,953
  Series 2021-5 Class A1  
641,471 1.01%, 09/25/2066(e)   532,529
  Series 2021-8 Class A1  
259,182 1.82%, 11/25/2066(e)   221,747
  Series 2021-R2 Class A1  
107,360 0.92%, 02/25/2064(e)   94,458
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$    234,073 VOLT CIII LLC(a)(d)
Series 2021-CF1 Class A1
1.99%,  08/25/2051  
$    225,009
     213,581 VOLT XCIII LLC(a)(d)
Series 2021-NPL2 Class A1
4.89%,  02/27/2051  
     207,265
  Wells Fargo Commercial Mortgage Trust  
  Series 2015-C31 Class A4  
     143,000 3.70%, 11/15/2048       138,516
  Series 2015-NXS1 Class A5  
     325,000 3.15%, 05/15/2048       315,682
    46,303,245
U.S. Government Agency — 33.66%
  Connecticut Avenue Securities Trust(a)(b)  
  Series 2021-R01 Class 1M2  
134,000 6.87%, 10/25/2041
1-mo. SOFR + 1.55%
134,578
  Series 2021-R03 Class 1M2  
121,000 6.97%, 12/25/2041
1-mo. SOFR + 1.65%
121,521
  Series 2022-R08 Class 1M1  
53,652 7.87%, 07/25/2042
1-mo. SOFR + 2.55%
55,069
  Series 2023-R03 Class 2M1  
112,330 7.82%, 04/25/2043
1-mo. SOFR + 2.50%
114,548
  Series 2023-R03 Class 2M2  
110,000 9.22%, 04/25/2043
1-mo. SOFR + 3.90%
117,353
  Series 2023-R04 Class 1M1  
82,133 7.62%, 05/25/2043
1-mo. SOFR + 2.30%
83,824
  Series 2023-R05 Class 1M1  
227,740 7.22%, 06/25/2043
1-mo. SOFR + 1.90%
230,423
  Series 2023-R06 Class 1M2  
80,000 8.02%, 07/25/2043
1-mo. SOFR + 2.70%
82,788
  Series 2023-R08 Class 1M2  
215,000 7.82%, 10/25/2043
1-mo. SOFR + 2.50%
220,371
  Series 2024-R01 Class 1M2  
175,000 7.12%, 01/25/2044
1-mo. SOFR + 1.80%
175,528
  Series 2024-R02 Class 1M2  
657,000 7.12%, 02/25/2044
1-mo. SOFR + 1.80%
660,061
  Federal Home Loan Mortgage Corp  
118,844 3.00%, 09/01/2027   114,924
2,533 6.00%, 11/01/2033   2,580
7,177 6.00%, 04/01/2035   7,316
6,431 4.50%, 05/01/2035   6,286
22,129 5.50%, 08/01/2035   22,469
12,124 4.50%, 11/01/2035   11,847
2,796 6.50%, 02/01/2036   2,897
5,511 4.50%, 03/01/2036   5,384
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$      6,573 6.00%, 03/01/2036   $      6,771
      12,337 5.50%, 06/01/2036        12,593
      11,077 5.50%, 08/01/2036        11,250
         894 6.00%, 08/01/2037            912
       9,684 7.00%, 08/01/2037         9,984
      36,224 5.00%, 04/01/2038        36,415
      74,715 5.50%, 05/01/2038        76,269
49,283 4.50%, 03/01/2039   48,332
51,037 4.50%, 05/01/2039   50,116
55,892 4.00%, 09/01/2040   52,966
142,839 5.00%, 09/01/2040   143,591
15,251 4.00%, 09/01/2043   14,385
131,990 4.50%, 04/01/2044   128,954
321,005 4.50%, 12/01/2044   313,221
830,861 3.00%, 02/01/2049   736,584
46,283 3.50%, 07/01/2049   42,203
1,201,682 4.00%, 03/01/2050   1,128,468
2,019,657 4.50%, 03/01/2050 1,953,939
375,624 3.50%, 05/01/2050   340,626
111,754 2.50%, 11/01/2050   94,046
927,609 4.50%, 11/01/2050   886,295
920,498 2.50%, 02/01/2051   766,239
1,420,601 2.00%, 03/01/2051   1,132,837
2,530,012 2.00%, 05/01/2051   2,010,925
2,608,785 2.50%, 05/01/2051 2,183,245
2,968,314 2.50%, 08/01/2051   2,493,301
31,309 2.00%, 09/01/2051   24,855
815,296 2.50%, 09/01/2051   679,254
917,639 2.00%, 11/01/2051   727,958
3,208,587 2.00%, 01/01/2052 2,541,421
524,254 2.00%, 02/01/2052   414,868
31,152 2.00%, 03/01/2052   24,707
1,021,986 2.00%, 04/01/2052   809,602
818,115 4.50%, 04/01/2052   778,993
1,233,236 2.00%, 06/01/2052 979,425
2,702,471 3.00%, 08/01/2052   2,361,291
754,192 4.50%, 08/01/2052   718,164
1,887,090 5.00%, 09/01/2052   1,842,695
348,904 6.00%, 11/01/2052   357,730
911,298 6.00%, 01/01/2053   933,476
1,921,453 4.50%, 05/01/2053   1,848,433
  Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates  
  Series K068 Class A2  
190,000 3.24%, 08/25/2027   181,633
  Series K104 Class X1  
982,391 1.12%, 01/25/2030(e)   50,264
  Series K111 Class X1  
572,535 1.57%, 05/25/2030(e)   43,363
  Series K112 Class X1  
1,122,202 1.43%, 05/25/2030(e)   78,618
  Series K114 Class X1  
1,459,722 1.12%, 06/25/2030(e)   81,093
  Series K122 Class X1  
445,572 0.88%, 11/25/2030(e)   20,153
  Series K-152 Class A2  
500,000 3.78%, 11/25/2032(e)   468,488
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series K-161 Class A2  
$    500,000 4.90%, 10/25/2033   $    505,157
  Series K510 Class A2  
     175,000 5.07%, 10/25/2028(e)       177,199
  Series KF153 Class AS  
     276,126 6.00%, 02/25/2033(b)
1-mo. SOFR + 0.68%
    276,613
  Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit  
  Series 3883 Class PB  
16,918 3.00%, 05/15/2041   15,858
  Series 4097 Class KA  
42,137 2.00%, 09/15/2031   40,604
  Series 4142 Class PT  
35,813 1.25%, 12/15/2027   33,817
  Series 4146 Class AB  
29,977 1.13%, 12/15/2027   28,305
  Series 4216 Class KQ  
15,031 1.70%, 10/15/2039   14,804
  Series 4961 Class JB  
130,912 2.50%, 12/15/2042   117,977
  Series 5170 Class DP  
398,995 2.00%, 07/25/2050   336,304
  Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(a)(b)  
  Series 2021-DNA5 Class M2  
58,394 6.97%, 01/25/2034
1-mo. SOFR + 1.65%
58,601
  Series 2022-HQA1 Class M1B  
167,000 8.82%, 03/25/2042
1-mo. SOFR + 3.50%
174,098
  Series 2023-HQA2 Class M1B  
162,000 8.67%, 06/25/2043
1-mo. SOFR + 3.35%
171,371
  Series 2023-HQA3 Class A1  
98,186 7.17%, 11/25/2043
1-mo. SOFR + 1.85%
99,282
  Series 2024-HQA1 Class A1  
800,000 6.57%, 03/25/2044
1-mo. SOFR + 1.25%
802,000
  Series 2024-HQA1 Class M1  
575,000 6.57%, 03/25/2044
1-mo. SOFR + 1.25%
575,359
  Series 2024-HQA1 Class M2  
200,000 7.32%, 03/25/2044
1-mo. SOFR + 2.00%
200,063
  Federal National Mortgage Association  
76,776 4.00%, 07/01/2026   75,370
259,541 3.50%, 01/01/2031   249,349
4,673 4.50%, 08/01/2035   4,566
2,810 6.00%, 02/01/2036   2,845
18,893 5.50%, 03/01/2036   19,286
11,274 6.50%, 06/01/2036   11,665
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$     28,710 6.00%, 03/01/2037   $     29,739
      40,841 6.00%, 08/01/2037        42,303
      11,028 6.50%, 08/01/2037        11,397
      21,448 2.00%, 07/01/2041        18,060
     132,349 4.00%, 10/01/2041       125,402
     465,495 3.50%, 08/01/2043       430,503
     783,770 4.00%, 12/01/2044       742,603
253,255 4.00%, 01/01/2045   239,932
155,990 3.50%, 08/01/2045   142,281
1,477,641 4.00%, 08/01/2045 1,400,097
323,124 4.00%, 10/01/2046   305,979
342,552 3.50%, 01/01/2047   312,351
878,600 4.50%, 11/01/2047   852,404
24,233 4.50%, 01/01/2048   23,405
361,421 4.50%, 04/01/2048   350,090
144,907 4.00%, 02/01/2049   136,150
448,848 3.50%, 07/01/2049   409,702
435,711 4.50%, 07/01/2049   420,292
319,665 3.50%, 08/01/2049   291,786
803,402 3.00%, 12/01/2049   699,521
1,687,744 3.00%, 04/01/2050 1,468,706
479,915 3.50%, 05/01/2050   435,189
740,018 2.50%, 06/01/2050   622,828
223,456 2.50%, 07/01/2050   186,351
869,458 2.50%, 09/01/2050   734,121
2,820,260 2.00%, 10/01/2050   2,246,612
1,880,772 2.00%, 11/01/2050   1,499,965
954,108 2.50%, 01/01/2051   792,295
47,481 2.50%, 02/01/2051   39,962
74,132 2.50%, 03/01/2051   62,489
220,880 2.00%, 04/01/2051   175,723
967,255 2.00%, 05/01/2051   769,703
1,214,263 3.00%, 07/01/2051   1,049,964
91,857 2.50%, 09/01/2051   77,293
952,865 2.00%, 10/01/2051   755,777
364,369 2.50%, 10/01/2051   306,080
381,701 2.50%, 11/01/2051 321,043
1,355,120 2.00%, 01/01/2052   1,077,791
3,829,536 2.00%, 02/01/2052 3,039,253
4,414,884 2.00%, 04/01/2052 3,498,081
4,548,456 2.50%, 04/01/2052   3,761,138
4,072,165 2.00%, 06/01/2052 3,227,892
1,190,695 3.00%, 06/01/2052   1,028,110
64,737 2.00%, 07/01/2052   51,296
1,867,858 5.00%, 09/01/2052   1,823,916
909,819 5.50%, 09/01/2052   916,359
1,389,751 4.50%, 12/01/2052   1,323,363
887,668 5.50%, 04/01/2053   885,936
3,087,725 5.50%, 06/01/2053   3,074,304
1,904,852 3.50%, 09/01/2062   1,669,233
  Series BA-2985 Class PT  
465,495 3.50%, 04/01/2043   425,462
  Federal National Mortgage Association Alternative Credit Enhancement Securities(e)  
  Series 2019-M21 Class X3  
1,878,630 1.16%, 06/25/2034   127,259
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series 2020-M2 Class X  
$  4,676,742 0.30%, 01/25/2030   $     51,976
      51,388 Federal National Mortgage Association Interest Strip
Series 415 Class A3
3.00%,  11/25/2042  
      46,666
  Federal National Mortgage Association Real Estate Mortgage Investment Conduit  
  Series 2012-103 Class HB  
      31,752 1.50%, 09/25/2027        30,108
  Series 2012-18 Class GA  
26,935 2.00%, 12/25/2041   24,434
  Series 2012-21 Class PQ  
15,230 2.00%, 09/25/2041   13,934
  Series 2012-52 Class PA  
24,456 3.50%, 05/25/2042   23,065
  Series 2013-16 Class A  
24,959 1.75%, 01/25/2040   24,183
  Series 2013-77 Class BP  
24,943 1.70%, 06/25/2043   24,147
  Series 2013-9 Class PT  
31,425 1.25%, 02/25/2028   29,577
  Series 2015-48 Class QB  
19,418 3.00%, 02/25/2043   18,613
  Series 2015-5 Class EP  
76,007 2.00%, 06/25/2043   70,722
  Series 2016-11 Class GA  
39,539 2.50%, 03/25/2046   35,666
  Series 2016-38 Class NA  
19,607 3.00%, 01/25/2046   17,832
  Series 2017-16 Class PB  
288,000 3.00%, 03/25/2047   240,177
  Series 2017-26 Class CG  
20,367 3.50%, 07/25/2044   19,768
  Series 2017-34 Class JK  
14,446 3.00%, 05/25/2047   13,824
  Series 2017-35 Class AH  
26,207 3.50%, 04/25/2053   25,560
  Series 2017-49 Class JA  
27,386 4.00%, 07/25/2053   26,763
  Series 2017-84 Class KA  
31,373 3.50%, 04/25/2053   30,283
  Series 2018-23 Class LA  
37,689 3.50%, 04/25/2048   34,983
  Series 2018-70 Class HA  
39,050 3.50%, 10/25/2056   37,447
  Series 2019-12 Class HA  
67,267 3.50%, 11/25/2057   63,113
  Series 2019-14 Class CA  
68,380 3.50%, 04/25/2049   64,401
  Series 2019-21 Class BD  
64,106 3.00%, 09/25/2057   58,183
  Series 2019-45 Class PT  
62,828 3.00%, 08/25/2049   55,849
  Series 2020-1 Class AC  
245,272 3.50%, 08/25/2058   226,308
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series 2022-90 Class AY  
$    680,000 4.50%, 12/25/2041   $    642,273
     560,000 FREMF Mortgage Trust(a)(e)
Series 2015-K45 Class B
3.60%,  04/25/2048  
     548,352
  Government National Mortgage Association  
  2,000,000 2.00%, TBA     1,638,226
  3,000,000 2.50%, TBA     2,554,850
  1,000,000 3.00%, TBA       881,774
3,250,000 3.50%, TBA   2,957,101
2,800,000 4.00%, TBA   2,619,929
1,000,000 4.50%, TBA   960,829
3,500,000 5.00%, TBA   3,439,649
3,000,000 5.50%, TBA   2,997,182
4,000,000 6.00%, TBA   4,034,960
2,000,000 6.50%, TBA   2,033,346
1,000,000 7.00%, TBA   1,021,360
150,370 4.00%, 02/20/2045   144,306
32,619 3.00%, 12/20/2045   29,249
76,092 4.50%, 01/20/2046   74,841
130,181 4.50%, 06/20/2048   126,736
131,860 4.50%, 07/20/2048   128,358
139,668 4.50%, 09/20/2048   135,936
140,700 4.50%, 10/20/2048   136,934
117,669 4.50%, 01/20/2049   114,502
132,803 4.50%, 02/20/2049   129,222
290,253 3.50%, 12/20/2049   266,681
276,249 3.50%, 01/20/2050   253,816
1,356,589 3.00%, 03/20/2050   1,198,122
620,929 3.50%, 10/20/2050   571,059
1,758,338 2.00%, 12/20/2050   1,441,981
2,899,775 2.50%, 03/20/2051   2,473,455
76,996 3.00%, 03/20/2051   68,407
68,817 3.00%, 06/20/2051   60,679
220,560 2.50%, 09/20/2051   185,904
2,885,011 3.00%, 10/20/2051   2,543,827
551,598 2.50%, 11/20/2051   467,825
315,913 2.50%, 12/20/2051   266,089
2,384,036 4.50%, 09/20/2052   2,291,802
920,880 3.50%, 02/20/2053   843,062
  Series 2013-37 Class LG  
24,855 2.00%, 01/20/2042   23,520
  Series 2021-135 Class A  
1,644,617 2.00%, 08/20/2051   1,330,282
61,714 Seasoned Credit Risk Transfer Trust
Series 2019-3 Class MV
3.50%,  10/25/2058  
55,545
  Uniform Mortgage-Backed Security(f)  
600,000 2.00%, TBA   531,628
17,852,000 2.50%, TBA   14,753,972
1,800,000 3.00%, TBA   1,675,164
3,356,000 4.50%, TBA   3,195,658
2,700,000 5.00%, TBA   2,634,291
6,560,000 5.50%, TBA   6,527,438
20,400,000 6.00%, TBA 20,584,643
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
    174,161,049
TOTAL MORTGAGE-BACKED SECURITIES — 42.61%
(Cost $230,211,703)
$220,464,294
MUNICIPAL BONDS AND NOTES
$    560,000 Chicago O'Hare International Airport Series D
2.35%, 01/01/2030
$    490,589
      65,000 Chicago Transit Authority Sales Tax Receipts Fund Series B
3.91%, 12/01/2040
      56,114
     207,719 Commonwealth of Massachusetts Series B
4.11%, 07/15/2031
     205,164
  County of Riverside, California  
420,000 2.96%,02/15/2027
400,434
420,000 3.07%,02/15/2028
397,552
125,000 Dallas Fort Worth International Airport Series A
4.51%, 11/01/2051
114,861
200,000 District of Columbia
3.43%, 04/01/2042
160,301
  Marshall University Series B  
100,000 3.13%,05/01/2028
93,776
100,000 3.38%,05/01/2031
90,844
115,000 Metropolitan Transportation Authority Series C
4.75%, 11/15/2045
118,371
315,000 Metropolitan Transportation Authority Series C2
5.18%, 11/15/2049
292,076
50,000 New York State Thruway Authority Series M
2.90%, 01/01/2035
42,823
320,000 New York Transportation Development Corp
4.25%, 09/01/2035
310,329
355,000 Philadelphia Authority for Industrial Development Series C
6.55%, 10/15/2028
381,171
80,000 Regents of The University of California Medical Center Pooled Revenue Series H
6.55%, 05/15/2048
90,760
  State Board of Administration Finance Corp Series A  
395,000 1.26%,07/01/2025
376,581
575,000 2.15%,07/01/2030
491,159
  State of California  
130,000 7.55%,04/01/2039
159,164
85,000 7.30%,10/01/2039
99,980
15,000 7.63%,03/01/2040
18,295
Principal Amount   Fair Value
Municipal Bonds and Notes — (continued)
$    295,000 State of Connecticut Special Tax Revenue Series B
5.46%, 11/01/2030
$    297,264
TOTAL MUNICIPAL BONDS AND NOTES — 0.91%
(Cost $5,199,822)
$4,687,608
U.S. GOVERNMENT AGENCY BONDS AND NOTES
  Federal Farm Credit Bank Funding Corp  
  2,080,000 2.90%, 04/12/2032   1,858,057
     760,000 2.85%, 03/28/2034     661,700
  Federal Home Loan Bank  
560,000 3.38%, 09/10/2032 520,010
600,000 4.75%, 12/10/2032 614,054
2,076,000 Federal National Mortgage Association(c)
0.88%, 08/05/2030  
1,680,841
TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 1.03%
(Cost $5,928,035)
$5,334,662
U.S. TREASURY BONDS AND NOTES
  U.S. Treasury Inflation Indexed Bonds TIPS  
2,753,151(g) 0.25%, 07/15/2029 2,536,145
45,666(g) 1.38%, 07/15/2033 43,832
1,900,066(g) 0.25%, 02/15/2050 1,199,214
265,714(g) 0.13%, 02/15/2052 156,286
736,149(g) 1.50%, 02/15/2053 642,614
170,719(g) 2.13%, 02/15/2054 172,532
  United States Treasury Note/Bond  
3,260,000 4.38%, 08/15/2026 3,247,520
3,360,000 0.75%, 08/31/2026 3,071,381
6,385,000 1.38%, 08/31/2026(h)(i) 5,927,325
265,000 1.13%, 02/28/2027 241,295
6,585,000 4.25%, 03/15/2027 6,554,647
3,390,000 2.63%, 05/31/2027 3,212,422
2,070,000 0.50%, 06/30/2027 1,828,716
430,000 0.38%, 09/30/2027 375,024
125,000 0.50%, 10/31/2027 109,155
2,230,000 4.13%, 03/31/2029 2,220,418
1,465,500 3.75%, 05/31/2030 1,427,088
1,110,000 4.13%, 03/31/2031 1,103,756
2,130,000 1.25%, 08/15/2031 1,735,035
3,695,000 1.38%, 11/15/2031 3,018,065
6,477,200 2.88%, 05/15/2032 5,880,842
3,620,000 2.75%, 08/15/2032 3,246,829
1,505,000 4.13%, 11/15/2032 1,494,712
4,690,000 4.25%, 11/15/2040 4,626,245
5,360,000 4.75%, 02/15/2041 5,609,784
1,176,700 2.25%, 05/15/2041 869,379
4,550,000 4.00%, 11/15/2042 4,285,886
2,375,000 3.13%, 02/15/2043 1,967,539
2,795,000 3.63%, 08/15/2043 2,486,131
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Treasury Bonds and Notes — (continued)
$  4,670,000 3.75%, 11/15/2043 $  4,224,343
  5,590,000 3.63%, 02/15/2044   4,960,033
     610,000 3.13%, 08/15/2044     499,580
  3,850,000 2.50%, 02/15/2045   2,815,162
  4,140,000 3.00%, 11/15/2045   3,288,227
  4,515,000 2.50%, 02/15/2046   3,265,262
     260,000 2.50%, 05/15/2046     187,566
1,620,000 2.25%, 08/15/2046 1,108,751
1,500,000 2.88%, 11/15/2046 1,155,879
1,500,000 3.00%, 02/15/2047 1,180,020
1,170,000 3.00%, 02/15/2048 915,114
300,000 3.13%, 05/15/2048(c) 239,930
685,000 3.38%, 11/15/2048 572,430
2,150,000 2.25%, 08/15/2049 1,433,697
5,110,000 2.38%, 11/15/2049 3,500,150
5,100,000 1.25%, 05/15/2050 2,608,371
2,730,000 1.63%, 11/15/2050 1,541,917
1,975,000 2.25%, 02/15/2052 1,299,103
1,420,000 2.88%, 05/15/2052 1,074,430
4,045,000 3.00%, 08/15/2052 3,141,985
1,861,400 4.00%, 11/15/2052 1,750,080
2,995,000 3.63%, 05/15/2053 2,631,388
TOTAL U.S. TREASURY BONDS AND NOTES — 21.78%
(Cost $128,638,382)
$112,683,235
Shares    
COMMON STOCK
Consumer, Cyclical — 0.00%(j)
761 Superior Energy Services LLC(k) 23,972
TOTAL COMMON STOCK — 0.00%(j)
(Cost $50,000)
$23,972
Principal Amount    
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 4.24%
  U.S. Treasury Bills(l)  
2,950,000 5.30%, 04/02/2024
2,948,263
3,355,000 5.31%, 04/09/2024
3,349,562
1,635,000 5.31%, 04/11/2024
1,631,873
1,145,000 5.32%, 04/16/2024
1,141,964
1,460,000 5.33%, 04/23/2024
1,454,615
2,105,000 5.30%, 04/25/2024
2,096,674
1,520,000 5.32%, 05/07/2024(c)
1,511,284
1,930,000 5.30%, 05/09/2024
1,918,428
1,365,000 5.30%, 05/16/2024(c)
1,355,422
4,030,000 5.30%, 05/21/2024
3,998,814
Principal Amount   Fair Value
U.S. Treasury Bonds and Notes — (continued)
$    535,000 5.31%, 06/06/2024
$    529,610
    21,936,509
Repurchase Agreements — 2.25%
  2,917,662 Undivided interest of 1.63% 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 $2,917,662 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.(m)   2,917,662
  2,917,660 Undivided interest of 1.64% 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 $2,917,660 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.(m)   2,917,660
   2,917,660 Undivided interest of 1.65% 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 $2,917,660 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.(m)    2,917,660
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$  2,917,660 Undivided interest of 7.71% 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 $2,917,660 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.(m) $  2,917,660
    11,670,642
TOTAL SHORT TERM INVESTMENTS — 6.49%
(Cost $33,607,151)
$33,607,151
TOTAL INVESTMENTS — 114.34%
(Cost $628,058,649)
$591,678,640
OTHER ASSETS & LIABILITIES, NET — (14.34)% $(74,226,711)
TOTAL NET ASSETS — 100.00% $517,451,929
(a) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(b) Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024.
(c) All or a portion of the security is on loan at March 28, 2024.
(d) Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date.
(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(f) Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae.
(g) Principal amount of the security is adjusted for inflation.
(h) All or a portion of the security has been pledged as collateral to cover segregation requirements on open swaps.
(i) All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts.
(j) Represents less than 0.005% of net assets.
(k) Non-income producing security.
(l) Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(m) Collateral received for securities on loan.
LP Limited Partnership
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
TBA To Be Announced
TIPS Treasury Inflation Protected Securities
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts
Notional Amount
(000)
Expiration
Date
Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Short          
Euro-Bobl Futures 19 EUR 2,247 Jun 2024 $(7,268)
Euro-Bund Futures 1 EUR 133 Jun 2024 (1,037)
Euro-Schatz Futures 28 EUR 2,960 Jun 2024 (345)
U.S. 10 Year Treasury Ultra Futures 34 USD 3,897 Jun 2024 (25,845)
U.S. 2 Year Treasury Note Futures 33 USD 6,748 Jun 2024 27,281
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts
Notional Amount
(000)
Expiration
Date
Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
U.S. Long Bond Futures 39 USD 4,697 Jun 2024 $4,442
U.S. Ultra Bond Futures 72 USD 9,288 Jun 2024 (90,669)
Long          
U.S. 10 Year Treasury Note Futures 112 USD 12,409 Jun 2024 38,160
U.S. 2 Year Treasury Note Futures 92 USD 18,813 Jun 2024 (20,318)
U.S. 5 Year Treasury Note Futures 156 USD 16,694 Jun 2024 20,794
U.S. Ultra Bond Futures 7 USD 903 Jun 2024 7,406
        Net Depreciation $(47,399)
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
MS EUR 171,597 USD 184,865 05/08/2024 $553
          Net Appreciation $553
At March 28, 2024, the Fund held the following outstanding centrally cleared credit default swaps:
Reference
Obligation
Notional Amount
(000)(a)

Value
Upfront
Payments/
Receipts
Fixed
Deal
Pay/Receive
Rate
Maturity
Date
Net Unrealized
Appreciation
Implied
Credit
Spread(b)
Receive
Frequency
Pay
Frequency
Buy Credit Protection                    
Nordstrom Inc 6.95%, 03/15/2028 USD 750 $1,196 $(43) 1.00% 06/20/2024 $1,239 0.31% Quarterly -
Nordstrom Inc 6.95%, 03/15/2028 USD 275 1,032 (1,299) 1.00 12/20/2024 2,331 0.48 Quarterly -
            Net Appreciation $3,570      
(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps:
Rate Received by
the Fund
Receive
Frequency
Rate Paid by the Fund Pay
Frequency
Notional Amount
(000)
Maturity Date Net Unrealized
Appreciation
3.88% Annual 1-day EUROSTR Annual EUR 27,480 06/12/2024 (519)
1-day SOFR Annual 3.50% Annual USD 470 04/19/2025 (4,891)
2.82% Annual 1-day EUROSTR Annual EUR 2,940 03/19/2026 (3,164)
5.25% Annual 1-day SONIA Annual GBP 1,500 03/20/2026 9,859
4.50% Annual 6-mo. NIBOR Semi Annual NOK 77,070 06/19/2026 (11,865)
3.25% Annual 3-mo. SEK STIBOR Quarterly SEK 94,830 06/19/2026 (7,176)
1-day EUROSTR Annual 3.00% Annual EUR 2,550 06/19/2026 (2,904)
1-day SARON Annual 1.00% Annual CHF 8,760 06/19/2026 (2,337)
4.25% Semi Annual 1-day CORRA Semi Annual CAD 8,420 06/19/2026 (1,123)
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps:
Rate Received by
the Fund
Receive
Frequency
Rate Paid by the Fund Pay
Frequency
Notional Amount
(000)
Maturity Date Net Unrealized
Appreciation
3-mo. AUD BBR BBSW Quarterly 4.00% Quarterly AUD 6,670 06/19/2026 (394)
1-day CORRA Semi Annual 4.00% Semi Annual CAD 1,451 06/28/2026 (638)
6-mo. EURIBOR Semi Annual 3.00% Annual EUR 292 06/28/2026 (290)
1-day SOFR Annual 4.25% Annual USD 1,033 06/28/2026 (36)
3.75% Quarterly 3-mo. AUD BBR BBSW Quarterly AUD 150 06/29/2026 113
3.00% Annual 6-mo. EURIBOR Semi Annual EUR 2,620 10/20/2027 5,513
3.73% Annual 1-day SOFR Annual USD 1,120 11/28/2027 6,711
3-mo. EURIBOR Quarterly 2.85% Annual EUR 4,440 04/22/2028 (154,282)
2.67% Annual 1-day EUROSTR Annual EUR 4,440 04/22/2028 147,894
1-day SOFR Annual 3.98% Annual USD 7,250 08/31/2028 (30,072)
2.47% Annual 1-day EUROSTR Annual EUR 2,060 04/12/2029 5,233
4.25% Semi Annual 6-mo. AUD BBR BBSW Semi Annual AUD 910 06/19/2029 2,727
3.75% Annual 1-day SONIA Annual GBP 1,960 06/19/2029 7,588
1-day JPY TONA OIS Annual 0.50% Annual JPY 1,581,000 06/19/2029 7,805
1-day SOFR Annual 2.68% Annual USD 2,790 07/28/2032 89,915
1-day JPY TONA OIS Annual 1.25% Annual JPY 185,000 08/03/2033 (4,766)
4.31% Annual 1-day SOFR Annual USD 2,320 10/05/2033 41,803
3.00% Annual 6-mo. EURIBOR Semi Annual EUR 3,220 11/10/2033 49,891
3.85% Annual 1-day SOFR Annual USD 2,200 11/15/2033 16,087
6-mo. EURIBOR Semi Annual 2.53% Annual EUR 3,760 01/19/2034 (20,650)
2.37% Annual 1-day EUROSTR Annual EUR 3,760 01/19/2034 15,466
6-mo. NOK NIBOR Semi Annual 4.00% Annual NOK 3,270 06/19/2034 (2,408)
3.50% Semi Annual 1-day CORRA Semi Annual CAD 540 06/19/2034 (2,276)
3.75% Annual 1-day SONIA Annual GBP 90 06/19/2034 820
4.50% Semi Annual 6-mo. AUD BBR BBSW Semi Annual AUD 150 06/19/2034 850
4.50% Semi Annual 3-mo. NZD BBR FRA Quarterly NZD 160 06/19/2034 1,069
3-mo. SEK STIBOR Quarterly 2.75% Annual SEK 4,280 06/19/2034 2,779
1.25% Annual 1-day SARON Annual CHF 860 06/19/2034 4,733
3.00% Annual 6-mo. EURIBOR Semi Annual EUR 1,040 06/19/2034 5,113
1-day SOFR Annual 3.75% Annual USD 100 06/20/2034 335
3.00% Annual 6-mo. EURIBOR Semi Annual EUR 2,240 05/15/2035 53,436
2.91% Annual 1-day SOFR Annual USD 6,900 07/28/2037 (138,265)
2.15% Annual 6-mo. EURIBOR Semi Annual EUR 3,110 08/09/2037 18,749
3.39% Annual 1-day SOFR Annual USD 7,690 05/10/2038 (29,495)
1.50% Annual 1-day JPY TONA OIS Annual JPY 201,000 08/03/2038 (3,461)
3.00% Annual 6-mo. EURIBOR Semi Annual EUR 1,600 01/25/2039 19,893
6-mo. EURIBOR Semi Annual 1.45% Annual EUR 7,960 08/10/2042 20,139
6-mo. EURIBOR Semi Annual 2.50% Annual EUR 3,820 01/25/2044 (30,278)
1-day SOFR Annual 2.08% Annual USD 6,800 07/28/2047 80,388
1.05% Annual 6-mo. EURIBOR Semi Annual EUR 4,660 08/11/2047 (25,546)
2.00% Annual 6-mo. EURIBOR Semi Annual EUR 2,280 01/25/2049 10,387
1-day SOFR Annual 2.88% Annual USD 440 03/15/2053 53,391
1-day SOFR Annual 2.97% Annual USD 1,235 03/15/2053 144,453
1-day SOFR Annual 2.56% Annual USD 6,540 05/11/2053 67,360
6-mo. EURIBOR Semi Annual 2.00% Annual EUR 780 05/17/2053 602
1-day SOFR Annual 3.25% Annual USD 365 06/21/2053 22,744
1-day SOFR Annual 3.59% Annual USD 1,040 09/20/2053 4,285
6-mo. EURIBOR Semi Annual 2.50% Annual EUR 1,730 11/10/2053 (42,656)
1-day SOFR Annual 3.61% Annual USD 1,510 11/15/2053 (35,295)
1-day SOFR Annual 3.51% Annual USD 380 11/29/2053 (3,221)
6-mo. EURIBOR Semi Annual 2.75% Annual EUR 700 06/19/2054 (17,817)
            Net Appreciation $342,306
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Abbreviations  
AUD BBR BBSW Australian Bank Bill is the interest rate banks charge each other for short-term loans.
CORRA Canadian Overnight Repo Rate Average
EURIBOR Euro Interbank Offered Rate is the interest rate published by European Money Markets Institute, that banks offer to lend unsecured funds to other banks.
EUROSTR Euro short term rate
JPY TONA OIS Tokyo Swap Rate
MS Morgan Stanley & Co LLC
NIBOR Norwegian Interbank Offered Rate is the interest rate level a bank requires for unsecured money market lending in NOK to another bank.
NZD BBR FRA The rate for the New Zealand Dollar bills of exchange for a period of designated maturity.
SARON Swiss Average Rate Overnight interest rate
SEK STIBOR Swedish Krona Stockholm Interbank Offered Rate
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
SONIA Sterling Overnight Interbank Average Rate is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market.
Currency Abbreviations  
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
EUR Euro Dollar
GBP British Pound
JPY Japanese Yen
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
USD U.S. Dollar
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 1.85%
500,000 AMSR Trust(b)
Series 2019-SFR1 Class B
3.02%, 01/19/2039
$    468,495
  Avis Budget Rental Car Funding AESOP LLC(b)  
  Series 2023-4A Class A  
370,000 5.49%, 06/20/2029     372,708
  Series 2023-8A Class A  
281,000 6.02%, 02/20/2030     289,789
545,000 Ballyrock Ltd(b)(c)
Series 2023-24A Class A1
7.08%, 07/15/2036
3-mo. SOFR + 1.77%
546,475
152,467 Carvana Auto Receivables Trust
Series 2021-N2 Class C
1.07%, 03/10/2028
143,294
412,743 CNH Capital Canada Receivables Trust(b)
Series 2021-1A Class A2
CAD, 1.00%, 11/16/2026
295,015
116,591 CyrusOne Data Centers Issuer I LLC(b)
Series 2023-1A Class B
5.45%, 04/20/2048
108,447
212,000 Ent Auto Receivables Trust(b)
Series 2023-1A Class A3
6.24%, 01/16/2029
214,621
152,654 Exeter Automobile Receivables Trust
Series 2021-2A Class C
0.98%, 06/15/2026
151,472
1,232,000 Ford Auto Securitization Trust II Asset-Backed Notes(b)
Series 2022-AA Class A3
CAD, 5.40%, 09/15/2028
915,700
97,672 Helios Issuer LLC(b)
Series 2023-GRID1 Class 1A
5.75%, 12/20/2050
99,119
550,000 Invesco US Ltd(b)(c)
Series 2023-3A Class A
7.22%, 07/15/2036
3-mo. SOFR + 1.80%
553,478
399,975 Invitation Homes Trust(b)(c)
Series 2018-SFR4 Class A
6.54%, 01/17/2038
1-mo. SOFR + 1.21%
400,951
187,818 MetroNet Infrastructure Issuer LLC(b)
Series 2024-1A Class A2
6.23%, 04/20/2054
187,968
245,938 Mosaic Solar Loan Trust(b)
Series 2023-2A Class A
5.36%, 09/22/2053
242,060
539,672 Octagon 61 Ltd(b)(c)
Series 2023-2A Class A
7.17%, 04/20/2036
3-mo. SOFR + 1.85%
542,155
Principal Amount(a)   Fair Value
Non-Agency — (continued)
975,000 OneMain Financial Issuance Trust(b)
Series 2020-2A Class A
1.75%, 09/14/2035
$    908,076
12,214 Oscar US Funding X LLC(b)
Series 2019-10 Class A4
3.27%, 05/10/2026
      12,207
202,708 Purewest Funding LLC(b)
Series 2021-1 Class A1
4.09%, 12/22/2036
     196,203
575,000 Regatta XXV Funding Ltd(b)(c)
Series 2023-1A Class A
7.21%, 07/15/2036
3-mo. SOFR + 1.90%
     579,519
283,345 SpringCastle America Funding LLC(b)
Series 2020-AA Class A
1.97%, 09/25/2037
     262,886
809,833 Textainer Marine Containers VII Ltd(b)
Series 2021-1A Class A
1.68%, 02/20/2046
     714,573
873,000 TIF Funding III LLC(b)
Series 2024-1A Class A
5.48%, 05/22/2034
     872,738
568,024 Tricon American Homes Trust(b)
Series 2019-SFR1 Class A
2.75%, 03/17/2038
538,429
435,641 Trinity Rail Leasing LLC(b)
Series 2020-2A Class A1
1.83%, 11/19/2050
405,632
    10,022,010
U.S. Government Agency — 0.05%
280,490 Federal Home Loan Mortgage Corp Structured Pass Through Certificates
Series 2017-SR01 Class A3
3.09%, 11/25/2027
264,254
TOTAL ASSET-BACKED SECURITIES — 1.90%
(Cost $10,530,372)
$10,286,264
CORPORATE BONDS AND NOTES
Basic Materials — 0.51%
  Corp Nacional del Cobre de Chile(b)  
540,000 5.95%, 01/08/2034 539,138
220,000 6.30%, 09/08/2053 219,425
200,000 Inversiones CMPC SA(b)(d)
6.13%, 06/23/2033
202,857
900,000 Linde PLC
EUR, 1.63%, 03/31/2035
820,583
700,000 Orano SA
EUR, 5.38%, 05/15/2027
785,383
200,000 POSCO(b)(d)
5.75%, 01/17/2028
202,870
    2,770,256
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Communications — 1.53%
  AT&T Inc  
572,000 EUR, 3.95%, 04/30/2031 $    635,620
1,010,000 EUR, 3.55%, 12/17/2032   1,095,620
160,000 4.50%, 05/15/2035     149,446
  Charter Communications Operating LLC / Charter Communications Operating Capital  
683,000 4.80%, 03/01/2050     505,565
1,060,000 3.90%, 06/01/2052     674,124
558,000 5.25%, 04/01/2053 441,916
924,000 3.85%, 04/01/2061 548,237
1,100,000 TDF Infrastructure SASU
EUR, 5.63%, 07/21/2028
1,248,326
700,000 Telefonica Europe BV(e)
EUR, 2.88%, Perpetual
709,796
  Verizon Communications Inc  
200,000 EUR, 4.25%, 10/31/2030 226,024
1,881,000 EUR, 3.50%, 06/28/2032 2,034,660
    8,269,334
Consumer, Cyclical — 1.59%
  Alimentation Couche-Tard Inc(b)  
1,096,000 EUR, 3.65%, 05/12/2031 1,185,656
1,033,000 EUR, 4.01%, 02/12/2036 1,120,222
  Ford Motor Credit Co LLC  
1,053,000 6.05%, 03/05/2031 1,060,487
200,000 7.12%, 11/07/2033 215,182
228,000 General Motors Financial Co Inc
5.85%, 04/06/2030
232,547
500,000 Kering SA
EUR, 3.88%, 09/05/2035
554,026
392,000 LKQ Dutch Bond BV
EUR, 4.13%, 03/13/2031
428,671
1,062,000 Nissan Motor Co Ltd(b)
4.81%, 09/17/2030
991,670
1,400,000 Robert Bosch GmbH
EUR, 4.00%, 06/02/2035
1,573,366
320,000 Stellantis NV
EUR, 4.25%, 06/16/2031
359,182
191,000 Tapestry Inc
7.70%, 11/27/2030
203,685
  Volkswagen International Finance NV(e)  
100,000 EUR, 3.88%, Perpetual 102,966
100,000 EUR, 4.38%, Perpetual 98,973
100,000 EUR, 4.63%, Perpetual 104,918
317,000 Volkswagen Leasing GmbH
EUR, 4.75%, 09/25/2031
362,400
    8,593,951
Consumer, Non-Cyclical — 5.20%
  ASTM SpA  
800,000 EUR, 1.50%, 01/25/2030 752,073
600,000 EUR, 2.38%, 11/25/2033 550,764
  Autostrade per l'Italia SpA  
650,000 EUR, 2.00%, 12/04/2028 649,218
Principal Amount(a)   Fair Value
Consumer, Non-cyclical — (continued)
250,000 EUR, 1.88%, 09/26/2029 $    243,385
1,976,000 EUR, 2.00%, 01/15/2030   1,933,129
350,000 EUR, 4.75%, 01/24/2031     393,675
629,000 EUR, 2.25%, 01/25/2032     597,981
825,000 BAT International Finance PLC
EUR, 2.25%, 01/16/2030
     816,961
  Bayer AG  
346,000 EUR, 4.25%, 08/26/2029     380,545
600,000 EUR, 7.00%, 09/25/2083 650,782
220,000 Bimbo Bakeries USA Inc(b)
5.38%, 01/09/2036
216,883
1,003,000 BNI Finance BV
EUR, 3.88%, 12/01/2030
1,112,659
  Bristol-Myers Squibb Co  
207,000 5.20%, 02/22/2034 210,172
336,000 6.25%, 11/15/2053 378,487
303,000 5.55%, 02/22/2054 311,600
354,000 6.40%, 11/15/2063 404,590
1,910,000 Carlsberg Breweries AS
EUR, 4.25%, 10/05/2033
2,190,202
360,000 CVS Health Corp
5.05%, 03/25/2048
326,944
2,220,000 Diageo Finance PLC
EUR, 2.50%, 03/27/2032
2,276,499
790,000 Eurofins Scientific SE
EUR, 4.75%, 09/06/2030
891,612
517,000 Global Payments Inc
EUR, 4.88%, 03/17/2031
587,476
1,880,000 HCA Inc
5.45%, 04/01/2031
1,889,807
540,000 JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc
3.63%, 01/15/2032
462,043
1,802,000 JDE Peet's NV
EUR, 4.50%, 01/23/2034
2,018,498
1,620,000 Keurig Dr Pepper Inc
5.30%, 03/15/2034
1,625,582
100,000 Medtronic Global Holdings SCA
EUR, 1.63%, 10/15/2050
73,001
1,950,000 Motability Operations Group PLC
EUR, 3.50%, 07/17/2031
2,112,684
  Pfizer Investment Enterprises Pte Ltd  
680,000 5.30%, 05/19/2053 676,079
380,000 5.34%, 05/19/2063 372,355
571,000 RELX Finance BV
EUR, 3.75%, 06/12/2031
632,202
  Sartorius Finance BV  
700,000 EUR, 4.50%, 09/14/2032 795,299
700,000 EUR, 4.88%, 09/14/2035 813,287
  Thermo Fisher Scientific Finance I BV  
150,000 EUR, 1.63%, 10/18/2041 121,462
260,000 EUR, 2.00%, 10/18/2051 201,928
646,000 Viatris Inc
4.00%, 06/22/2050
445,042
    28,114,906
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Energy — 3.45%
650,000 Cheniere Energy Inc(b)
5.65%, 04/15/2034
$    654,641
  Columbia Pipelines Operating Co LLC(b)  
774,000 5.93%, 08/15/2030     794,102
1,287,000 6.04%, 11/15/2033   1,333,390
480,000 Enbridge Inc
8.50%, 01/15/2084
     521,537
  Energy Transfer LP  
317,000 6.40%, 12/01/2030     334,617
334,000 6.55%, 12/01/2033 358,546
332,000 5.55%, 05/15/2034 333,011
1,836,000 Enterprise Products Operating LLC
4.85%, 01/31/2034
1,808,493
171,180,000 Petroleos Mexicanos
MXN, 7.19%, 09/12/2024
9,990,108
320,000 Raizen Fuels Finance SA(b)(d)
6.45%, 03/05/2034
328,316
540,000 Var Energi ASA
EUR, 7.86%, 11/15/2083
626,295
1,300,000 Wintershall Dea Finance 2 BV(e)
EUR, 3.00%, Perpetual
1,230,730
400,000 Wintershall Dea Finance BV
EUR, 1.82%, 09/25/2031
363,596
    18,677,382
Financial — 13.38%
503,000 Alexandria Real Estate Equities Inc REIT
5.25%, 05/15/2036
493,665
500,000 Allianz SE
EUR, 5.82%, 07/25/2053
598,961
430,000 Ally Financial Inc
6.99%, 06/13/2029
445,788
1,900,000 American Tower Corp REIT
5.20%, 02/15/2029
1,899,076
100,000 Athora Holding Ltd
EUR, 6.63%, 06/16/2028
114,342
1,022,000 Athora Netherlands NV
EUR, 5.38%, 08/31/2032
1,079,048
1,692,000 Avolon Holdings Funding Ltd(b)
2.75%, 02/21/2028
1,513,916
600,000 Banco Bilbao Vizcaya Argentaria SA
6.03%, 03/13/2035
608,898
  Banco de Credito Social Cooperativo SA  
500,000 EUR, 7.50%, 09/14/2029 594,990
1,100,000 EUR, 5.25%, 11/27/2031 1,140,757
800,000 Banco Santander SA
EUR, 4.88%, 10/18/2031
918,745
600,000 Bank of America Corp
5.47%, 01/23/2035
603,911
1,200,000 Banque Federative du Credit Mutuel SA
EUR, 4.75%, 11/10/2031
1,375,906
320,000 Barclays PLC(e)
GBP, 9.25%, Perpetual
416,376
Principal Amount(a)   Fair Value
Financial — (continued)
  BNP Paribas SA  
990,000 7.75%, Perpetual(b)(e) $  1,013,446
1,100,000 EUR, 2.10%, 04/07/2032   1,056,475
2,300,000 EUR, 4.75%, 11/13/2032   2,631,252
  BPCE SA  
800,000 EUR, 4.50%, 01/13/2033     907,121
1,400,000 EUR, 2.13%, 10/13/2046   1,238,116
  Capital One Financial Corp  
960,000 7.62%, 10/30/2031 1,060,315
240,000 6.05%, 02/01/2035 244,346
500,000 Citigroup Inc
4.91%, 05/24/2033
482,034
1,190,000 Citizens Financial Group Inc
5.84%, 01/23/2030
1,188,292
440,000 Comerica Inc
5.98%, 01/30/2030
434,709
1,200,000 Commerzbank AG(e)
EUR, 6.13%, Perpetual
1,276,823
400,000 Cooperatieve Rabobank UA(e)
EUR, 4.88%, Perpetual
406,188
  Credit Agricole SA  
1,089,000 5.34%, 01/10/2030(b) 1,085,896
1,100,000 EUR, 4.38%, 11/27/2033 1,250,393
  Deutsche Bank AG  
1,300,000 EUR, 1.75%, 11/19/2030 1,233,549
300,000 EUR, 5.63%, 05/19/2031 326,898
1,700,000 3.55%, 09/18/2031 1,497,088
325,000 Digital Euro Finco LLC REIT
EUR, 2.63%, 04/15/2024
350,387
560,000 Discover Financial Services
7.96%, 11/02/2034
634,312
248,000 Fifth Third Bancorp
5.63%, 01/29/2032
248,254
500,000 Indigo Group SAS
EUR, 4.50%, 04/18/2030
560,416
218,000 ING Groep NV
6.11%, 09/11/2034
226,337
  Intesa Sanpaolo SpA  
1,234,000 EUR, 5.88%, Perpetual(e) 1,253,543
1,120,000 EUR, 7.75%, Perpetual(e) 1,251,201
650,000 8.25%, 11/21/2033(b) 725,531
500,000 JAB Holdings BV
EUR, 5.00%, 06/12/2033
581,330
714,000 JPMorgan Chase & Co
5.34%, 01/23/2035
716,790
680,000 KeyCorp
6.40%, 03/06/2035
694,420
138,000 Kite Realty Group LP REIT
5.50%, 03/01/2034
137,129
1,070,000 Kreditanstalt fuer Wiederaufbau
EUR, 0.38%, 04/23/2030
1,008,567
200,000 La Banque Postale SA
EUR, 5.50%, 03/05/2034
226,082
100,000 LEG Immobilien SE
EUR, 0.88%, 01/17/2029
93,889
880,000 Lloyds Banking Group PLC
5.68%, 01/05/2035
885,194
  Logicor Financing SARL  
806,000 EUR, 0.88%, 01/14/2031 691,029
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
144,000 EUR, 2.00%, 01/17/2034 $    121,573
460,000 M&T Bank Corp
6.08%, 03/13/2032
     458,889
1,040,000 Macquarie Group Ltd(b)(d)
6.26%, 12/07/2034
  1,088,041
1,402,000 Metropolitan Life Global Funding I(b)
4.85%, 01/08/2029
  1,391,309
570,000 Mizuho Financial Group Inc
EUR, 4.03%, 09/05/2032
     635,240
  Morgan Stanley  
1,070,000 5.25%, 04/21/2034   1,061,637
600,000 5.47%, 01/18/2035 605,363
  Nasdaq Inc  
1,580,000 EUR, 4.50%, 02/15/2032 1,798,849
375,000 5.55%, 02/15/2034 381,326
296,000 6.10%, 06/28/2063 315,622
427,000 Nationwide Building Society(e)
GBP, 5.75%, Perpetual
509,969
300,000 Novo Banco SA
EUR, 9.88%, 12/01/2033
372,348
  Permanent TSB Group Holdings PLC  
433,000 EUR, 6.63%, 04/25/2028 496,714
465,000 EUR, 3.00%, 08/19/2031 472,947
365,000 Piraeus Bank SA
EUR, 6.75%, 12/05/2029
422,260
  PNC Financial Services Group Inc  
440,000 6.04%, 10/28/2033 454,912
500,000 5.94%, 08/18/2034 513,006
  Raiffeisen Bank International AG  
600,000 EUR, 4.75%, 01/26/2027 652,400
100,000 EUR, 0.05%, 09/01/2027 94,363
900,000 EUR, 2.88%, 06/18/2032 877,503
300,000 EUR, 7.38%, 12/20/2032 336,657
  Realty Income Corp REIT  
677,000 EUR, 4.88%, 07/06/2030 773,314
111,000 EUR, 5.13%, 07/06/2034 130,651
  SBA Tower Trust REIT(b)  
600,000 2.84%, 01/15/2025 585,615
840,000 1.88%, 01/15/2026 784,123
  SELP Finance SARL REIT  
120,000 EUR, 3.75%, 08/10/2027 128,669
266,000 EUR, 0.88%, 05/27/2029 247,013
1,416,000 Simon International Finance SCA REIT
EUR, 1.13%, 03/19/2033
1,229,515
350,000 Societe Generale SA(b)(e)
9.38%, Perpetual
362,447
700,000 Standard Chartered PLC(b)
6.10%, 01/11/2035
720,853
  Truist Financial Corp  
266,000 7.16%, 10/30/2029 283,663
86,000 6.12%, 10/28/2033 88,870
366,000 5.12%, 01/26/2034 352,285
822,000 5.87%, 06/08/2034 832,078
520,000 5.71%, 01/24/2035 522,245
Principal Amount(a)   Fair Value
Financial — (continued)
  UBS Group AG  
2,600,000 EUR, 7.75%, 03/01/2029 $  3,198,170
1,029,000 EUR, 0.88%, 11/03/2031     903,017
2,550,000 EUR, 2.88%, 04/02/2032   2,579,519
830,000 9.02%, 11/15/2033(b)   1,007,077
574,000 US Bancorp
5.84%, 06/12/2034
     585,052
  Vonovia SE  
100,000 EUR, 0.50%, 09/14/2029 89,496
100,000 EUR, 0.63%, 12/14/2029 89,552
700,000 EUR, 2.38%, 03/25/2032 669,430
1,300,000 EUR, 0.75%, 09/01/2032 1,062,628
703,000 WEA Finance LLC / Westfield UK & Europe Finance PLC REIT(b)
4.75%, 09/17/2044
518,661
  WEA Finance LLC REIT(b)  
960,000 2.88%, 01/15/2027 877,941
125,000 4.13%, 09/20/2028 114,440
90,000 4.63%, 09/20/2048 63,581
  Wells Fargo & Co  
410,000 5.39%, 04/24/2034 407,447
690,000 5.56%, 07/25/2034 692,665
    72,382,676
Industrial — 2.82%
1,300,000 Abertis Infraestructuras Finance BV(e)
EUR, 3.25%, Perpetual
1,356,911
450,000 AGCO Corp
5.80%, 03/21/2034
455,617
  BAE Systems PLC(b)  
593,000 5.30%, 03/26/2034 595,973
200,000 5.50%, 03/26/2054 201,897
400,000 Berry Global Inc(b)
5.65%, 01/15/2034
397,815
  Carrier Global Corp  
425,000 EUR, 4.50%, 11/29/2032(b) 479,897
208,000 5.90%, 03/15/2034 218,608
150,000 6.20%, 03/15/2054 165,169
700,000 Cellnex Finance Co SA
EUR, 2.00%, 09/15/2032
660,305
  Cellnex Telecom SA  
600,000 EUR, 1.88%, 06/26/2029 593,318
800,000 EUR, 1.75%, 10/23/2030 767,945
  Deutsche Bahn Finance GMBH  
710,000 EUR, 2.75%, 03/19/2029 757,260
892,000 EUR, 1.88%, 05/24/2030 903,225
513,000 EUR, 3.25%, 05/19/2033 568,906
333,000 DS Smith PLC
EUR, 4.50%, 07/27/2030
375,122
1,000,000 East Japan Railway Co
EUR, 4.39%, 09/05/2043
1,158,581
510,000 GFL Environmental Inc(b)
6.75%, 01/15/2031
522,655
  Honeywell International Inc  
1,404,000 EUR, 3.38%, 03/01/2030 1,516,764
206,000 EUR, 4.13%, 11/02/2034 234,353
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Industrial — (continued)
385,000 International Distributions Services PLC
EUR, 5.25%, 09/14/2028
$    431,599
1,518,000 John Deere Capital Corp
4.50%, 01/16/2029
  1,502,976
  Smurfit Kappa Treasury ULC(b)  
840,000 5.44%, 04/03/2034     840,320
540,000 5.78%, 04/03/2054     546,208
    15,251,424
Technology — 0.63%
  Intel Corp  
520,000 4.90%, 08/05/2052 485,422
450,000 5.70%, 02/10/2053 465,176
1,074,000 Oracle Corp
3.65%, 03/25/2041
843,302
  Texas Instruments Inc  
330,000 4.85%, 02/08/2034 331,590
354,000 5.15%, 02/08/2054 355,359
1,000,000 Ubisoft Entertainment SA
EUR, 0.88%, 11/24/2027
917,465
    3,398,314
Utilities — 4.48%
  Amprion GmbH  
1,400,000 EUR, 0.63%, 09/23/2033 1,159,210
700,000 EUR, 4.13%, 09/07/2034 785,049
990,000 Constellation Energy Generation LLC
5.75%, 03/15/2054
991,661
629,000 Consumers Energy Co
4.60%, 05/30/2029
621,684
1,785,000 Duke Energy Carolinas LLC
4.85%, 01/15/2034
1,754,718
748,000 EDP Servicios Financieros Espana SA
EUR, 4.38%, 04/04/2032
846,791
  Electricite de France SA  
200,000 EUR, 3.00%, Perpetual(e) 197,728
500,000 EUR, 4.00%, Perpetual(e) 535,381
400,000 GBP, 6.00%, Perpetual(e) 491,228
400,000 EUR, 7.50%, Perpetual(e) 467,052
500,000 EUR, 4.63%, 01/25/2043 561,524
1,000,000 EUR, 2.00%, 12/09/2049 713,487
1,300,000 EnBW International Finance BV
EUR, 4.30%, 05/23/2034
1,472,977
  Enel Finance International NV  
682,000 EUR, 0.50%, 06/17/2030 621,998
310,000 7.50%, 10/14/2032(b) 349,314
240,000 EUR, 4.50%, 02/20/2043 270,498
  Engie SA  
500,000 EUR, 4.25%, 09/06/2034 565,006
400,000 EUR, 4.50%, 09/06/2042 458,062
510,000 ESB Finance Designated Activity Co
EUR, 3.75%, 01/25/2043
542,467
  Eurogrid GmbH  
200,000 EUR, 1.11%, 05/15/2032 179,697
Principal Amount(a)   Fair Value
Utilities — (continued)
200,000 EUR, 0.74%, 04/21/2033 $    170,012
1,200,000 FLUVIUS System Operator CVBA
EUR, 3.88%, 05/09/2033
  1,321,381
1,493,000 National Grid North America Inc
EUR, 1.05%, 01/20/2031
  1,356,546
1,150,000 National Grid PLC
EUR, 0.75%, 09/01/2033
     950,734
352,000 Public Service Enterprise Group Inc
5.45%, 04/01/2034
     352,650
  Suez SACA  
800,000 EUR, 2.38%, 05/24/2030     806,214
200,000 EUR, 5.00%, 11/03/2032 235,642
1,500,000 EUR, 2.88%, 05/24/2034 1,503,706
815,000 SW Finance I PLC
GBP, 7.38%, 12/12/2041
1,080,785
  Thames Water Utilities Finance PLC  
315,000 EUR, 4.38%, 01/18/2031 314,714
946,000 EUR, 1.25%, 01/31/2032 763,699
  Vistra Operations Co LLC(b)  
1,051,000 3.70%, 01/30/2027 998,581
834,000 4.30%, 07/15/2029 782,168
    24,222,364
TOTAL CORPORATE BONDS AND NOTES — 33.59%
(Cost $182,656,867)
$181,680,607
FOREIGN GOVERNMENT BONDS AND NOTES
363,000 Africa Finance Corp
4.38%, 04/17/2026
350,295
3,334,000 African Export-Import Bank
3.80%, 05/17/2031
2,830,566
  Australia Government Bond  
2,675,000 AUD, 4.50%, 04/21/2033
1,816,449
500,000 AUD, 3.00%, 03/21/2047
262,019
1,514,000 Banque Ouest Africaine de Developpement
EUR, 2.75%, 01/22/2033
1,257,706
90,000,000 Bonos de la Tesoreria de la Republica en pesos(b)
CLP, 4.70%, 09/01/2030
87,109
  Bundesobligation  
1,046,000 EUR, 2.59%, 10/09/2026
1,057,393
284,000 EUR, 2.40%, 10/19/2028
306,980
  Bundesrepublik Deutschland Bundesanleihe  
353,000 EUR, 2.36%, 08/15/2030
330,998
380,464 EUR, 2.21%, 02/15/2032
345,128
1,905,000 EUR, 1.70%, 08/15/2032
1,971,527
  Canadian Government Bond  
2,150,000 CAD, 3.25%, 09/01/2028
1,568,752
1,900,000 CAD, 1.75%, 12/01/2053
981,189
49,950,000 China Government Bond
CNY, 3.81%, 09/14/2050
8,401,995
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
1,550,000 Denmark Government Bond
DKK, 4.50%, 11/15/2039
$    281,683
504,000 Estonia Government International Bond
EUR, 0.13%, 06/10/2030
     453,506
  European Union  
1,087,000 EUR, 0.40%, 02/04/2037
    860,361
460,000 EUR, 0.45%, 07/04/2041
    320,541
429,000 EUR, 3.38%, 11/04/2042
    474,378
168,000 EUR, 2.63%, 02/04/2048
    165,016
  Finland Government Bond(b)  
750,000 EUR, 0.50%, 09/15/2027
749,983
150,000 EUR, 3.00%, 09/15/2033
164,607
  French Republic Government Bond OAT(b)  
1,025,000 EUR, 2.75%, 02/25/2029
1,110,580
2,400,000 EUR, 3.00%, 05/25/2033
2,637,667
1,475,000 EUR, 4.00%, 10/25/2038
1,771,421
950,000 EUR, 0.75%, 05/25/2052
563,061
361,000 Hellenic Republic Government Bond(b)
EUR, 4.38%, 07/18/2038
419,143
184,820,000 Hungary Government Bond
HUF, 4.75%, 11/24/2032
441,735
456,000 Hungary Government International Bond
EUR, 5.38%, 09/12/2033
518,433
  Iceland Rikisbref  
141,644,768 ISK, 7.00%, 09/17/2035
1,048,038
286,078,016 ISK, 4.50%, 02/17/2042
1,665,768
  Indonesia Treasury Bond  
18,826,999,808 IDR, 7.00%, 09/15/2030
1,210,327
10,350,000,128 IDR, 7.50%, 04/15/2040
688,248
450,000 Ireland Government Bond
EUR, 2.60%, 10/18/2034
478,575
  Israel Government International Bond  
1,640,000 EUR, 0.63%, 01/18/2032
1,362,606
1,297,000 5.50%, 03/12/2034
1,279,944
  Italy Buoni Poliennali Del Tesoro  
5,250,000 EUR, 4.40%, 05/01/2033
6,042,107
1,002,000 EUR, 0.95%, 03/01/2037(b)
769,788
100,000 EUR, 2.45%, 09/01/2050(b)
80,038
394,000 EUR, 2.15%, 09/01/2052(b)
289,436
699,000 EUR, 2.15%, 03/01/2072(b)
473,463
289,600,000 Japan Government Forty Year Bond
JPY, 1.00%, 03/20/2062
1,473,157
  Japan Government Ten Year Bond  
669,400,000 JPY, 0.10%, 03/20/2027
4,407,878
600,000,000 JPY, 0.10%, 12/20/2027
3,941,141
  Japan Government Thirty Year Bond  
589,699,968 JPY, 1.50%, 03/20/2045
3,896,936
163,700,000 JPY, 0.80%, 12/20/2047
914,840
88,950,000 JPY, 0.70%, 12/20/2050
464,223
89,400,000 JPY, 1.60%, 12/20/2053
570,712
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
  Japan Government Twenty Year Bond  
431,500,000 JPY, 1.50%, 06/20/2034
$  3,060,947
385,900,000 JPY, 1.40%, 12/20/2042
  2,554,261
204,750,000 JPY, 1.10%, 03/20/2043
  1,284,874
  Kingdom of Belgium Government Bond(b)  
1,518,000 EUR, 3.00%, 06/22/2033
  1,664,060
750,000 EUR, 3.30%, 06/22/2054
    802,068
  Korea Treasury Bond  
11,336,899,712 KRW, 4.25%, 12/10/2032
8,966,704
1,030,000,000 KRW, 3.13%, 09/10/2052
741,290
857,000,000 KRW, 3.25%, 03/10/2053
631,903
1,500,000 Latvia Government International Bond
EUR, 3.88%, 07/12/2033
1,675,405
4,710,000 Malaysia Government Bond
MYR, 4.64%, 11/07/2033
1,056,252
  Mexican Bonos  
2,598,000(f) MXN, 5.50%, 03/04/2027
14,043,062
898,500(f) MXN, 8.50%, 03/01/2029
5,226,266
706,000(f) MXN, 7.75%, 05/29/2031(d)
3,902,078
114,000(f) MXN, 7.50%, 05/26/2033
610,331
  Mexico Government International Bond  
1,104,000 6.00%, 05/07/2036
1,106,270
3,990,000 EUR, 4.00%, 03/15/2115
3,385,286
  New Zealand Government Bond  
6,658,000 NZD, 2.00%, 05/15/2032
3,304,656
12,247,000 NZD, 3.50%, 04/14/2033
6,753,052
355,000 Panama Government International Bond
8.00%, 03/01/2038
371,901
  Peru Government Bond  
393,000 PEN, 6.15%, 08/12/2032(d)
99,206
7,220,000 PEN, 7.30%, 08/12/2033(b)
1,948,580
  Republic of Austria Government Bond(b)  
1,480,000 EUR, 2.90%, 05/23/2029
1,616,917
1,100,000 EUR, 2.90%, 02/20/2034
1,194,642
  Republic of Poland Government Bond  
2,312,000 PLN, 3.25%, 07/25/2025(d)
564,799
1,325,000 PLN, 6.00%, 10/25/2033
345,036
1,306,000 Republic of Poland Government International Bond
5.50%, 03/18/2054
1,295,709
  Republic of South Africa Government Bond  
31,557,347 ZAR, 8.88%, 02/28/2035
1,328,274
83,721,477 ZAR, 8.50%, 01/31/2037
3,258,684
68,645,867 ZAR, 9.00%, 01/31/2040
2,673,347
  Romanian Government International Bond  
2,229,000 EUR, 2.75%, 02/26/2026
2,353,543
680,000 6.63%, 02/17/2028(b)
700,060
654,000 EUR, 2.88%, 05/26/2028
664,571
1,450,000 EUR, 5.50%, 09/18/2028(b)
1,611,064
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
1,320,000 5.88%, 01/30/2029(b)
$  1,318,743
151,000 EUR, 2.50%, 02/08/2030
    143,671
98,000 EUR, 3.62%, 05/26/2030
     97,406
911,000 EUR, 1.75%, 07/13/2030
    805,925
584,000 EUR, 2.12%, 07/16/2031
    513,930
409,000 EUR, 2.00%, 01/28/2032
    350,221
1,894,000 EUR, 2.00%, 04/14/2033
  1,565,781
422,000 6.38%, 01/30/2034(b)
427,461
362,000 EUR, 3.88%, 10/29/2035
336,845
1,089,000 EUR, 5.63%, 02/22/2036(b)
1,170,665
298,000 EUR, 3.38%, 02/08/2038
254,109
2,579,000 EUR, 2.63%, 12/02/2040
1,895,596
2,035,000 EUR, 2.75%, 04/14/2041
1,496,210
2,724,000 EUR, 2.88%, 04/13/2042
2,005,817
849,000 EUR, 4.63%, 04/03/2049
792,459
1,329,000 EUR, 3.38%, 01/28/2050
1,007,242
270,000 7.63%, 01/17/2053(b)
298,728
1,460,000 Saudi Government International Bond(b)
5.00%, 01/16/2034
1,450,875
630,000 Singapore Government Bond
SGD, 3.38%, 09/01/2033
476,598
2,237,000 Slovakia Government Bond
EUR, 1.00%, 10/13/2051
1,291,697
  Spain Government Bond(b)  
6,630,000 EUR, 0.70%, 04/30/2032
5,994,045
3,988,000 EUR, 2.35%, 07/30/2033
4,053,699
2,750,000 EUR, 3.25%, 04/30/2034
2,990,522
4,425,000 Sweden Government Bond
SEK, 2.25%, 05/11/2035
406,195
1,250,000 Swiss Confederation Government Bond
CHF, 0.50%, 06/27/2032
1,365,391
22,850,000 Thailand Government Bond
THB, 2.00%, 12/17/2031
607,611
4,733,000 Treasury Corp of Victoria
AUD, 4.75%, 09/15/2036
3,030,021
  United Kingdom Gilt  
1,550,000 GBP, 4.50%, 06/07/2028
1,998,978
569,541 GBP, 4.75%, 12/07/2030
760,682
3,050,000 GBP, 3.25%, 01/31/2033
3,671,545
2,729,140 GBP, 3.50%, 01/22/2045
3,025,506
4,880,000 GBP, 1.25%, 07/31/2051
3,109,822
450,000 GBP, 3.75%, 07/22/2052
508,879
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 35.79%
(Cost $211,020,575)
$193,575,419
MORTGAGE-BACKED SECURITIES
Non-Agency — 1.33%
460,346 A&D Mortgage Trust(b)(g)
Series 2023-NQM2 Class A1
6.13%, 05/25/2068
457,683
397,000 Aligned Data Centers Issuer LLC(b)
Series 2023-1A Class A2
6.00%, 08/17/2048
397,868
Principal Amount(a)   Fair Value
Non-Agency — (continued)
121,922 Brass PLC(b)(h)
Series 2010A Class A1
0.67%, 04/16/2069
$    119,224
900,000 BXHPP Trust(b)(c)
Series 2021-FILM Class B
6.34%, 08/15/2036
1-mo. SOFR + 1.01%
     848,414
  COLT Mortgage Loan Trust(b)(g)  
  Series 2023-2 Class A1  
295,976 6.60%, 07/25/2068     298,074
  Series 2023-4 Class A1  
694,330 7.16%, 10/25/2068     706,951
1,150,000 COMM Mortgage Trust(b)
Series 2020-CX Class A
2.17%, 11/10/2046
934,468
502,000 CyrusOne Data Centers Issuer I LLC(b)
Series 2023-2A Class A2
5.56%, 11/20/2048
491,487
526,808 New Residential Mortgage Loan Trust(b)(h)
Series 2022-NQM1 Class A1
2.28%, 04/25/2061
450,609
565,000 Retained Vantage Data Centers Issuer LLC(b)
Series 2023-1A Class A2A
5.00%, 09/15/2048
546,304
156,000 Stack Infrastructure Issuer LLC(b)
Series 2023-1A Class A2
5.90%, 03/25/2048
155,478
223,030 Tower Bridge Funding PLC(c)
Series 2021-2
GBP, 6.00%, 11/20/2063
1-day SONIA + 0.78%
281,407
574,000 Vantage Data Centers Issuer LLC(b)
Series 2023-1A Class A2
6.32%, 03/16/2048
579,444
  Verus Securitization Trust(b)(g)  
  Series 2023-4 Class A1  
268,351 5.81%, 05/25/2068 266,767
  Series 2023-5 Class A1  
297,875 6.48%, 06/25/2068 298,906
372,220 Wells Fargo Commercial Mortgage Trust(b)(c)
Series 2021-SAVE Class A
6.59%, 02/15/2040
1-mo. SOFR + 1.26%
369,437
    7,202,521
U.S. Government Agency — 14.78%
517,067 Federal Agricultural Mortgage Corp Trust(b)(h)
Series 2021-1 Class A
2.18%, 01/25/2051
407,257
  Federal Home Loan Mortgage Corp  
743,144 3.00%, 05/01/2050 649,257
1,142,016 2.50%, 10/01/2050 962,200
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
2,118,281 3.50%, 06/01/2052 $  1,896,711
2,522,891 5.00%, 07/01/2052   2,464,125
3,122,374 5.50%, 09/01/2053   3,144,774
816,475 6.00%, 12/01/2053     833,424
137,067 Federal Home Loan Mortgage Corp Multifamily Structured Credit Risk(b)(c)
Series 2021-MN1 Class M1
7.32%, 01/25/2051
1-mo. SOFR + 2.00%
     134,158
  Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates  
  Series KC02 Class A2  
275,777 3.37%, 07/25/2025 269,583
  Series KL3W Class AFLW  
400,721 5.88%, 08/25/2025(c)
1-mo. SOFR + 0.56%
401,285
  Federal National Mortgage Association  
2,782,382 3.00%, 06/01/2050 2,439,267
3,932,508 2.50%, 09/01/2050 3,329,971
2,076,991 2.50%, 04/01/2052 1,744,837
2,353,277 4.00%, 06/01/2052 2,182,787
3,599,089 4.50%, 06/01/2052 3,427,165
3,393,398 5.00%, 07/01/2052 3,313,831
446,306 5.00%, 10/01/2052 435,772
3,184,158 6.00%, 09/01/2053 3,224,947
1,873,930 6.00%, 11/01/2053 1,927,032
1,028,774 6.00%, 02/01/2054 1,063,464
544,913 Federal National Mortgage Association Grantor Trust
Series 2017-T1 Class A
2.90%, 06/25/2027
513,250
  Government National Mortgage Association  
2,300,000 2.50%, TBA 1,958,718
11,060,000 3.50%, TBA 10,063,244
5,220,000 6.00%, TBA 5,265,623
3,500,000 6.50%, TBA 3,558,355
109 Seasoned Credit Risk Transfer Trust
Series 2020-3 Class TTU
2.50%, 05/25/2060
98
  Uniform Mortgage-Backed Security(i)  
6,100,000 2.00%, TBA 4,825,026
3,790,000 2.50%, TBA 3,132,285
6,290,000 3.00%, TBA 5,410,728
2,170,000 5.50%, TBA 2,159,229
8,750,000 6.00%, TBA 8,829,660
    79,968,063
TOTAL MORTGAGE-BACKED SECURITIES — 16.11%
(Cost $88,775,197)
$87,170,584
Principal Amount(a)   Fair Value
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
5,385,000 2.50%, 04/30/2024
$  5,372,556
15,048,000 5.00%, 10/31/2025
 15,090,322
2,900,000 2.25%, 11/15/2027
  2,697,453
1,200,000 5.50%, 08/15/2028
  1,259,344
2,825,000 3.13%, 11/15/2028
  2,690,702
10,500,000 4.00%, 01/31/2029
 10,391,719
2,375,000 4.63%, 09/30/2030
2,427,046
4,225,000 4.25%, 02/28/2031
4,232,262
6,760,000 1.63%, 05/15/2031
5,696,884
1,050,000 2.75%, 08/15/2032
941,760
1,000,000 3.50%, 02/15/2033
947,070
463,000 4.50%, 11/15/2033
473,273
13,625,000 4.00%, 02/15/2034
13,399,336
6,600,000 1.13%, 05/15/2040
4,123,711
6,400,000 1.25%, 05/15/2050
3,273,250
1,447,000 4.13%, 08/15/2053
1,390,703
TOTAL U.S. TREASURY BONDS AND NOTES — 13.76%
(Cost $74,110,345)
$74,407,391
PURCHASED OPTIONS
0 Purchased Options 19,737
TOTAL PURCHASED OPTIONS — 0.00%(j)
(Cost $15,850)
$19,737
Principal Amount    
SHORT TERM INVESTMENTS
Repurchase Agreements — 1.17%
$1,908,003 Undivided interest of 1.08% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.33%, dated 3/28/24 to be repurchased at $1,908,003 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.(k)
1,908,003
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$     2,226,000 Undivided interest of 1.24% 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 $2,226,000 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.(k)
$  2,226,000
      2,226,000 Undivided interest of 1.25% 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 $2,226,000 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.(k)
  2,226,000
TOTAL SHORT TERM INVESTMENTS — 1.17%
(Cost $6,360,003)
$6,360,003
TOTAL INVESTMENTS — 102.32%
(Cost $573,469,209)
$553,500,005
OTHER ASSETS & LIABILITIES, NET — (2.32)% $(12,558,222)
TOTAL NET ASSETS — 100.00% $540,941,783
(a) Amount is stated in U.S. dollars unless otherwise noted.
(b) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(c) Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024.
(d) All or a portion of the security is on loan at March 28, 2024.
(e) Security has no contractual maturity date and pays an indefinite stream of interest.
(f) Principal amount is stated in 100 Mexican Peso Units.
(g) Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date.
(h) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(i) Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae.
(j) Represents less than 0.005% of net assets.
(k) Collateral received for securities on loan.
LP Limited Partnership
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
SONIA Sterling Overnight Interbank Average Rate is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market.
TBA To Be Announced
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts
Notional Amount
(000)
Expiration
Date
Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Short          
10 Year Commonwealth Treasury Bond Futures 41 AUD 3,937 Jun 2024 $(31,056)
Canadian 10 Year Bond Futures 275 CAD 33,094 Jun 2024 (141,411)
Euro-Bobl Futures 59 EUR 6,977 Jun 2024 (25,628)
Euro-Bund Futures 388 EUR 51,751 Jun 2024 (480,260)
Euro-Buxl 30 Year Bond Futures 60 EUR 8,148 Jun 2024 (146,232)
Euro-OAT Futures 24 EUR 3,076 Jun 2024 (2,286)
Japan 10 Year Bond Futures 36 JPY 5,251,680 Jun 2024 (7,268)
Long Gilt Futures 186 GBP 18,589 Jun 2024 (564,766)
U.S. 5 Year Treasury Note Futures 7 USD 749 Jun 2024 (1,033)
U.S. Ultra Bond Futures 52 USD 6,708 Jun 2024 (88,927)
Long          
Canadian 10 Year Bond Futures 119 CAD 14,320 Jun 2024 14,185
Euro-Bobl Futures 6 EUR 710 Jun 2024 (240)
Euro-BTP Futures 19 EUR 2,261 Jun 2024 35,186
Euro-Schatz Futures 64 EUR 6,765 Jun 2024 1,506
U.S. 10 Year Treasury Note Futures 219 USD 24,265 Jun 2024 5,204
U.S. 10 Year Treasury Ultra Futures 151 USD 17,306 Jun 2024 70,212
U.S. 2 Year Treasury Note Futures 97 USD 19,835 Jun 2024 (17,969)
U.S. 5 Year Treasury Note Futures 127 USD 13,591 Jun 2024 30,929
U.S. Long Bond Futures 26 USD 3,131 Jun 2024 32,532
        Net Depreciation $(1,317,322)
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND 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)
ANZ AUD 4,013,761 USD 2,676,385 04/17/2024 $(59,588)
BA GBP 400,000 USD 506,684 04/17/2024 (1,795)
BA HUF 245,532,172 EUR 619,640 04/17/2024 1,165
BA JPY 810,120,990 EUR 5,010,000 04/17/2024 (29,876)
BA JPY 372,238,200 USD 2,610,000 04/17/2024 (143,577)
BA PLN 2,355,382 EUR 534,038 04/17/2024 11,312
BA USD 555,556 CLP 531,749,995 04/17/2024 13,335
BA USD 1,571,711 CNY 11,413,372 04/17/2024 (4,314)
BA USD 103,842 COP 416,838,649 04/17/2024 (3,737)
BA USD 4,050,000 JPY 606,509,775 04/17/2024 31,312
BB AUD 425,043 JPY 41,260,000 04/18/2024 2,378
BB BRL 2,375,887 USD 476,990 05/03/2024 (4,903)
BB CHF 4,777,081 EUR 4,970,000 04/17/2024 (34,789)
BB CLP 2,301,598,395 USD 2,375,567 04/17/2024 (28,648)
BB CLP 204,692,000 USD 211,099 04/18/2024 (2,386)
BB CNY 54,671,245 USD 7,709,405 04/17/2024 (160,079)
BB COP 940,251,000 USD 235,681 05/14/2024 5,974
BB EUR 499,375 PLN 2,175,477 04/17/2024 (313)
BB EUR 4,095,000 USD 4,469,597 04/09/2024 (49,734)
BB EUR 846,000 USD 923,923 04/18/2024 (10,505)
BB JPY 189,320,300 USD 1,300,000 04/17/2024 (45,578)
BB JPY 203,520,000 USD 1,356,380 04/18/2024 (7,668)
BB USD 490,262 CAD 665,000 04/18/2024 (775)
BB USD 705,518 CLP 675,631,855 04/17/2024 16,582
BB USD 1,483,079 COP 5,976,182,700 04/17/2024 (59,284)
BB USD 2,650,000 EUR 2,469,150 04/17/2024 (15,818)
BB USD 97,338 JPY 14,327,000 04/09/2024 2,523
BB USD 1,068,250 JPY 160,340,000 04/18/2024 5,689
BB USD 9,264,623 MXN 159,773,885 04/17/2024 (316,303)
BB USD 382,015 SEK 3,902,304 04/18/2024 17,196
BBH CAD 148,580 USD 110,000 04/17/2024 (289)
BBH CZK 4,472,566 USD 190,000 04/17/2024 678
BBH GBP 68,462 EUR 80,000 04/17/2024 11
BBH ILS 1,240,896 USD 332,023 04/17/2024 5,725
BBH MXN 11,085,055 USD 657,979 04/17/2024 6,742
BBH NOK 1,491,365 EUR 130,000 04/17/2024 (3,378)
BBH NOK 29,384,605 USD 2,850,385 04/17/2024 (142,724)
BBH NZD 582,359 USD 362,074 04/17/2024 (14,155)
BBH RON 813,212 USD 178,728 04/17/2024 (2,265)
BBH SGD 743,586 USD 559,570 04/17/2024 (8,341)
BBH USD 4,215,730 EUR 3,903,762 04/17/2024 1,032
BBH USD 559,776 JPY 81,791,000 04/17/2024 17,835
BBH USD 2,639,867 NOK 27,135,883 04/17/2024 139,415
BBH USD 1,528,949 ZAR 29,418,000 04/17/2024 (21,608)
BDS BRL 4,491,883 USD 905,421 05/03/2024 (12,888)
BNP AUD 1,980,129 USD 1,310,000 04/17/2024 (19,043)
BNP CNY 4,000,000 USD 562,947 05/14/2024 (11,238)
BNP CZK 33,956,172 EUR 1,331,935 04/17/2024 1,818
BNP DKK 3,204,318 USD 472,556 04/17/2024 (8,653)
BNP EUR 2,358,570 CHF 2,187,764 04/17/2024 98,949
BNP EUR 1,444,651 CZK 36,440,445 04/17/2024 11,356
BNP EUR 2,230,918 HUF 854,154,840 04/17/2024 103,768
BNP EUR 958,751 PLN 4,166,302 04/17/2024 (617)
BNP EUR 2,569,057 USD 2,800,000 04/17/2024 (26,317)
BNP EUR 503,000 USD 545,340 04/18/2024 (2,256)
BNP GBP 1,114,631 USD 1,419,557 04/17/2024 (12,646)
BNP HUF 250,215,970 EUR 630,360 04/17/2024 1,171
BNP JPY 40,952,945 AUD 420,000 04/18/2024 (988)
BNP JPY 49,403,000 USD 338,418 04/18/2024 (11,028)
BNP MYR 3,496,800 USD 753,085 04/17/2024 (15,905)
BNP PLN 7,107,882 EUR 1,609,283 04/17/2024 34,118
BNP SGD 739,000 USD 554,333 04/18/2024 (6,478)
BNP USD 326,617 CHF 285,000 04/18/2024 9,864
BNP USD 561,991 EUR 519,000 04/18/2024 1,632
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND 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)
BNP USD 9,824,194 JPY 1,409,649,376 04/17/2024 $483,962
BNY USD 2,788,914 MXN 48,622,082 04/17/2024 (126,735)
CGM CLP 91,620,000 USD 93,030 05/14/2024 312
CGM CNY 8,527,456 USD 1,200,000 04/17/2024 (22,479)
CGM EUR 1,838,000 USD 2,012,478 04/09/2024 (28,666)
CGM GBP 1,193,000 USD 1,507,194 04/18/2024 (1,360)
CGM ILS 1,120,000 USD 308,470 04/09/2024 (3,721)
CGM JPY 41,374,000 AUD 424,031 04/18/2024 (875)
CGM JPY 53,394,000 USD 356,903 04/18/2024 (3,064)
CGM KRW 6,960,393,842 USD 5,315,861 04/17/2024 (149,184)
CGM SEK 2,571,000 USD 251,720 04/09/2024 (11,434)
CGM TWD 16,107,000 USD 513,380 04/18/2024 (9,965)
CGM USD 267,347 CHF 233,000 04/18/2024 8,386
CGM USD 1,811,038 COP 7,284,880,992 04/17/2024 (69,081)
CGM USD 256,591 EUR 235,000 04/09/2024 2,948
CGM USD 624,959 GBP 491,000 04/09/2024 5,223
CGM USD 470,000 GBP 370,326 04/17/2024 2,567
CGM USD 268,488 HUF 96,704,000 04/09/2024 3,774
CGM USD 8,101,983 NZD 13,108,000 04/09/2024 270,759
CGM USD 218,086 NZD 352,000 04/17/2024 7,791
CGM USD 3,352,271 ZAR 65,048,000 04/09/2024 (78,620)
CGM ZAR 16,195,000 USD 861,140 04/09/2024 (6,951)
CGM ZAR 3,062,000 USD 161,992 04/18/2024 (614)
GS AUD 477,000 USD 313,073 04/18/2024 (2,083)
GS BRL 4,491,793 USD 905,421 05/03/2024 (12,906)
GS CAD 5,570,000 USD 4,138,941 04/09/2024 (26,400)
GS CAD 874,000 USD 646,904 04/18/2024 (1,541)
GS EUR 340,000 USD 372,500 04/09/2024 (5,527)
GS GBP 408,760 USD 520,000 04/17/2024 (4,055)
GS MXN 3,430,000 USD 199,230 04/09/2024 6,708
GS MYR 3,900,000 USD 817,799 05/14/2024 4,329
GS PEN 620,000 USD 163,089 05/14/2024 3,325
GS PLN 1,288,229 USD 323,601 04/17/2024 (1,164)
GS RON 1,065,000 USD 231,727 04/09/2024 (587)
GS SEK 2,910,000 USD 281,809 04/09/2024 (9,840)
GS THB 6,863,456 USD 190,604 04/09/2024 (2,396)
GS USD 210,826 BRL 1,046,000 04/18/2024 2,694
GS USD 185,185 CLP 179,327,773 04/17/2024 2,326
GS USD 212,815 CLP 204,692,000 04/18/2024 4,102
GS USD 132,761 CNY 955,000 04/09/2024 783
GS USD 1,922,336 EUR 1,767,000 04/09/2024 15,157
GS USD 383,722 EUR 353,000 04/18/2024 2,591
GS USD 268,354 HUF 96,677,000 04/18/2024 3,876
GS USD 1,941,188 JPY 291,553,200 04/18/2024 9,086
GS USD 1,086,306 MYR 5,085,000 05/14/2024 14,378
GS USD 979,710 NZD 1,611,000 04/09/2024 17,237
GS USD 2,016,673 PEN 7,499,000 05/14/2024 3,861
GS USD 457,734 PLN 1,829,000 04/18/2024 (49)
GS USD 143,933 SEK 1,482,000 04/09/2024 5,425
GS USD 69,779 SEK 717,696 04/18/2024 2,683
GS USD 512,682 SGD 686,000 04/18/2024 4,119
GS USD 381,033 ZAR 7,168,000 04/18/2024 3,256
GS ZAR 49,109,000 USD 2,622,011 04/09/2024 (31,807)
GS ZAR 3,894,000 USD 207,991 04/18/2024 (2,765)
HSB AUD 846,225 JPY 82,176,597 04/18/2024 3,735
HSB BRL 1,046,000 USD 210,993 04/18/2024 (2,861)
HSB CNY 115,267,446 USD 16,043,415 04/09/2024 (113,907)
HSB CZK 6,635,000 USD 283,213 04/09/2024 (335)
HSB CZK 10,748,000 USD 458,699 04/18/2024 (484)
HSB DKK 1,109,000 USD 161,483 04/09/2024 (989)
HSB EUR 404,788 PLN 1,761,798 04/17/2024 (256)
HSB EUR 2,150,000 USD 2,337,986 04/09/2024 (17,423)
HSB EUR 133,000 USD 145,588 04/18/2024 (1,990)
HSB HUF 95,629,000 USD 261,534 04/18/2024 77
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND 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)
HSB IDR 6,203,524,000 USD 396,755 05/14/2024 $(6,282)
HSB JPY 40,919,000 AUD 419,854 04/18/2024 (930)
HSB JPY 3,309,371,000 USD 22,141,034 04/09/2024 (239,908)
HSB JPY 254,208,854 USD 1,707,218 04/18/2024 (22,594)
HSB KRW 3,464,308,897 USD 2,653,565 04/17/2024 (82,020)
HSB NOK 10,170,000 USD 971,696 04/18/2024 (34,557)
HSB PLN 653,000 USD 163,742 04/09/2024 (284)
HSB THB 20,963,000 USD 586,845 04/09/2024 (12,002)
HSB TWD 8,356,000 USD 266,331 04/18/2024 (5,169)
HSB USD 2,999,374 AUD 4,601,000 04/09/2024 290
HSB USD 3,450,475 CHF 3,017,606 04/18/2024 96,656
HSB USD 1,122,257 CNY 8,095,999 04/17/2024 4,314
HSB USD 555,003 EUR 507,000 04/09/2024 7,782
HSB USD 551,978 INR 45,704,000 04/18/2024 4,248
HSB USD 563,951 JPY 83,957,000 04/18/2024 7,574
HSB USD 2,630,000 MXN 45,305,958 04/17/2024 (86,796)
HSB USD 264,814 MXN 4,536,000 04/18/2024 (7,147)
HSB USD 112,996 SEK 1,162,000 04/18/2024 4,363
HSB USD 266,195 TWD 8,356,000 04/18/2024 5,033
JPM AUD 946,000 USD 622,621 04/09/2024 (5,987)
JPM AUD 1,766,000 USD 1,159,664 04/18/2024 (8,283)
JPM CAD 673,000 USD 500,803 04/18/2024 (3,859)
JPM CNY 53,855,256 USD 7,591,235 04/17/2024 (154,585)
JPM CNY 2,949,000 USD 409,941 04/18/2024 (2,767)
JPM EUR 669,000 USD 725,567 04/18/2024 (3,255)
JPM GBP 1,879,000 USD 2,385,223 04/09/2024 (13,564)
JPM JPY 102,559,000 USD 697,242 04/18/2024 (17,591)
JPM MXN 4,596,000 USD 267,060 04/18/2024 8,499
JPM NOK 2,012,000 USD 191,319 04/09/2024 (5,950)
JPM NZD 2,444,000 USD 1,511,238 04/18/2024 (51,120)
JPM PEN 73,522 USD 19,754 04/17/2024 (6)
JPM SEK 8,388,841 USD 818,280 04/17/2024 (34,049)
JPM SEK 4,457,000 USD 433,049 04/18/2024 (16,372)
JPM USD 254,908 AUD 390,000 04/18/2024 639
JPM USD 27,248,901 EUR 25,088,000 04/09/2024 170,629
JPM USD 731,955 EUR 674,000 04/18/2024 4,244
JPM USD 52,451 GBP 41,000 04/09/2024 701
JPM USD 7,488,654 KRW 9,930,929,000 05/14/2024 112,708
JPM USD 5,545,941 MXN 97,244,164 04/17/2024 (285,357)
JPM USD 168,922 SEK 1,727,000 04/09/2024 7,516
MS AUD 199,378 USD 130,000 04/17/2024 (14)
MS CLP 352,888,024 USD 364,433 04/17/2024 (4,597)
MS CZK 7,312,850 EUR 287,088 04/17/2024 391
MS EUR 2,840,000 CHF 2,663,649 04/17/2024 87,449
MS EUR 2,541,532 GBP 2,192,542 04/17/2024 (18,446)
MS EUR 487,086 PLN 2,118,873 04/17/2024 (310)
MS EUR 9,728,769 USD 10,690,200 04/17/2024 (186,531)
MS HUF 376,364,750 EUR 979,841 04/17/2024 (41,800)
MS PLN 1,089,492 EUR 246,678 04/17/2024 5,230
MS USD 183,079 COP 734,146,148 04/17/2024 (6,393)
MS USD 663,791 EUR 615,000 04/17/2024 (194)
MS USD 330,597 IDR 5,152,360,777 04/17/2024 5,889
MS USD 832,334 NZD 1,346,000 04/17/2024 28,192
MS USD 334,725 PLN 1,332,161 04/17/2024 1,292
MS USD 4,988,774 ZAR 93,871,258 04/17/2024 41,031
MS ZAR 2,702,000 USD 142,780 04/17/2024 (363)
NOM JPY 134,084,493 USD 900,000 04/17/2024 (11,566)
NOM NZD 180,765 USD 110,000 04/17/2024 (2,006)
RBS EUR 401,805 CZK 10,135,865 04/17/2024 3,159
SAH CNY 54,671,245 USD 7,719,638 04/17/2024 (170,311)
SEB NOK 27,135,883 EUR 2,368,080 04/17/2024 (57,047)
SSB CNY 5,401,244 USD 760,000 04/17/2024 (14,165)
SSB KRW 359,221,500 USD 270,000 04/17/2024 (3,351)
SSB NZD 450,423 USD 281,720 04/17/2024 (12,623)
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND 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)
SSB USD 56,300,806 EUR 51,364,203 04/17/2024 $845,421
TD BRL 1,799,506 USD 362,168 05/03/2024 (4,608)
TD HUF 55,172,568 USD 157,673 04/17/2024 (6,728)
TD USD 316,032 CNY 2,294,170 04/17/2024 (761)
TD USD 8,794,301 MXN 154,402,779 04/17/2024 (464,544)
TD USD 1,665,184 ZAR 31,176,773 04/17/2024 21,926
UBS CAD 9,762,004 USD 7,272,048 04/17/2024 (63,839)
UBS CHF 1,208,943 USD 1,427,937 04/17/2024 (84,446)
UBS EUR 6,500,000 USD 7,059,605 04/17/2024 (41,876)
UBS JPY 2,955,968,745 USD 20,519,980 04/17/2024 (933,952)
UBS KRW 491,419,533 USD 370,000 04/17/2024 (5,221)
UBS USD 387,816 CLP 377,538,642 04/17/2024 2,843
UBS USD 665,000 COP 2,638,055,000 04/17/2024 (15,842)
UBS USD 2,787,392 MXN 48,622,082 04/17/2024 (128,257)
UCH EUR 643,544 CZK 16,230,949 04/17/2024 5,057
WF AUD 122,686 USD 80,000 04/17/2024 (14)
WF CAD 475,418 USD 350,000 04/17/2024 1,046
WF EUR 1,670,705 USD 1,810,000 04/17/2024 (6,222)
WF USD 925,926 CLP 885,111,115 04/17/2024 23,386
WF USD 665,000 COP 2,638,720,000 04/17/2024 (16,014)
WF USD 900,000 EUR 827,942 04/17/2024 6,112
WF USD 610,000 JPY 91,592,804 04/17/2024 3,113
WF USD 2,766,417 MXN 48,622,082 04/17/2024 (149,232)
          Net Depreciation $(2,650,525)
At March 28, 2024, the Fund held the following outstanding centrally cleared credit default swaps:
Reference
Obligation
Notional Amount
(000)(a)

Value
Upfront
Payments/
Receipts
Fixed
Deal
Pay/Receive
Rate
Maturity
Date
Net Unrealized
Appreciation/
(Depreciation)
Implied
Credit
Spread(b)
Receive
Frequency
Pay
Frequency
Buy Credit Protection                    
iTraxx Europe Series 41 EUR 34,605 $(822,242) $(806,876) 1.00% 06/20/2029 $(25,115) 0.54% - Quarterly
CDX.NA.HY.41(c) EUR 4,097 (389,453) (406,170) 5.00 06/20/2029 11,809 2.97 - Quarterly
CDX.NA.IG.42.V1(c) USD 54,060 (1,225,356) (1,229,853) 1.00 06/20/2029 $4,496 0.51 - Quarterly
iTraxx Europe Senior Series 41 EUR 8,665 (164,704) (158,611) 1.00 06/20/2029 (8,010) 0.63 - Quarterly
CDX.NA.HY.41(c) USD 370 (27,371) (26,262) 5.00 12/20/2028 (1,109) 3.11 - Quarterly
Whirlpool Corp 4.75%, 02/26/2029 USD 610 (7,574) (8,053) 1.00 06/20/2029 479 1.27 Quarterly -
Sell Credit Protection                    
CDX.NA.IG.41(c) USD 366 27,097 20,883 5.00 12/20/2028 6,214 3.11 Quarterly -
CDX.NA.IG.42.V1(c) USD 7,030 159,346 153,888 1.00 06/20/2029 5,458 0.51 Quarterly -
CDX.NA.HY.42(c) USD 330 23,925 23,145 5.00 06/20/2029 780 3.28 Quarterly -
            Net Depreciation $(4,998)      
(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(c) Based on an index of North American bonds with high yield and investment grade credit ratings that trade in the credit default swap market.
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At  March 28, 2024,  the Fund held the following outstanding OTC credit default swaps:
Reference
Obligation
Notional Amount
(000)(a)

Value
Upfront
Payments/
Receipts
Fixed
Deal
Pay/Receive
Rate
Maturity
Date
Net Unrealized
Appreciation/
(Depreciation)
Implied
Credit
Spread(b)
Receive
Frequency
Pay
Frequency
Buy Credit Protection                    
United Airlines Holdings 4.88%, 01/15/2025
Counterparty: GS
USD 310 $(19,881) $1,317 5.00% 12/20/2028 $(21,198) 3.38% - Quarterly
Southwest Airlines Co 5.13%, 06/15/2027
Counterparty: CIT
USD 960 (8,467) (1,892) 1.00 12/20/2028 (6,575) 0.79 - Quarterly
Deutsche Lufthansa AG 0.25%, 09/06/2024
Counterparty: CIT
EUR 400 (481) 6,698 1.00 12/20/2028 (7,144) 0.98 - Quarterly
Deutsche Lufthansa AG 0.25%, 09/06/2024
Counterparty: BB
EUR 370 (444) 5,822 1.00 12/20/2028 (6,263) 0.98 - Quarterly
Electrolux AB 2.50%, 05/18/2030
Counterparty: GS
EUR 290 (7,176) (8,691) 1.00 12/20/2028 1,526 1.53 Quarterly -
Electrolux AB 2.50%, 05/18/2030
Counterparty: BB
EUR 210 (5,196) (6,019) 1.00 12/20/2028 811 1.53 Quarterly -
            Net Depreciation $(38,843)      
(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps:
Rate Received by
the Fund
Receive
Frequency
Rate Paid by the Fund Pay
Frequency
Notional Amount
(000)
Maturity Date Net Unrealized
Appreciation/
(Depreciation)
4.04% Semi Annual 6-mo. AUD BBR BBSW Semi Annual AUD 3,860 03/22/2033 $(26,368)
3.96% Quarterly 3-mo. KRW CD KSDA Quarterly KRW 3,722,200 01/19/2033 157,251
1-day CORRA Semi Annual 3.56% Semi Annual CAD 920 10/19/2033 (5,039)
3.64% Annual 3-mo. ILS TELBOR01 Quarterly ILS 1,800 10/19/2028 (4,533)
3.60% Quarterly 3-mo. KLIBOR Quarterly MYR 8,400 10/19/2028 (2,858)
3-mo. SEK STIBOR Quarterly 3.57% Annual SEK 51,900 10/19/2028 (163,213)
5.22% Semi Annual 3-mo. NZD BBR FRA Quarterly NZD 39,700 10/19/2025 75,160
4.29% Annual 6-mo. NIBOR Semi Annual NOK 53,400 10/19/2028 71,476
1-day JPY TONA OIS Annual 1.12% Annual JPY 580,300 10/30/2033 (106,852)
3.38% Quarterly 3-mo. KRW CD KSDA Quarterly KRW 727,600 01/18/2029 3,251
1-day CORRA Semi Annual 3.21% Semi Annual CAD 400 12/15/2033 6,067
1-day CORRA Semi Annual 3.11% Semi Annual CAD 2,200 12/15/2053 73,252
1-day GBP SONIA Annual 3.45% Annual GBP 11,320 12/21/2028 308,717
2.20% Quarterly 7-day CNYOFFIRS Quarterly CNY 206,620 03/20/2029 124,608
1-day CORRA Semi Annual 3.44% Semi Annual CAD 6,300 01/19/2034 9,965
3.78% Annual 6-mo. NIBOR Semi Annual NOK 12,300 02/09/2029 (5,728)
9.81% Daily 1-day BR4CDI Daily BRL 32,328 01/04/2027 (49,067)
            Net Appreciation $466,089
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024, the Fund held the following OTC interest rate swaps:
Rate Received by
the Fund
Receive
Frequency
Rate Paid by
the Fund
Pay
Frequency
Counterparty Notional
Amount
(000)
Maturity Date Net Unrealized
(Depreciation)
10.03% Daily 1-day BR4CDI Daily HSB BRL  13,141 01/04/2027 $(5,587)
            Net Depreciation $(5,587)
At March 28, 2024 the Fund held the following outstanding centrally cleared inflation swaps:
Rate Received by the Fund Rate Paid by the Fund Notional Amount
(000)
Termination
Date
Net Unrealized
Appreciation/
(Depreciation)
Payment Frequency
USD CPURNSA 111.61% USD 6,253 07/28/2053 $(43,282) At Maturity
128.98% EUR CPTFEMU EUR 4,052 07/28/2053 431,936 At Maturity
109.76% EUR CPTFEMU EUR 3,650 12/07/2053 36,806 At Maturity
USD CPURNSA 107.01% USD 5,442 12/07/2053 30,310 At Maturity
        Net Appreciation $455,770  
At March 28, 2024, the Fund held the following OTC total return swaps:
Rate Received by
the Fund
Receive
Frequency
Rate Paid by
the Fund
Pay
Frequency
Notional Amount
(000)
Counterparty Termination
Date
Value   Upfront
Payments/
Receipts
  Net
Unrealized
App/Dep
0.00% Daily 3-mo. EURIBOR Quarterly EUR 101 GS 06/20/2024 360,477   0   360,477
3-mo. EURIBOR Quarterly 0.00% Daily EUR 7,252 GS 06/20/2024 103,898   0   103,898
0.00% Daily 3-mo. EURIBOR Quarterly EUR 36 JPM 06/20/2024 101,214   0   101,214
0.00% Daily 3-mo. SOFR Quarterly USD 9 JPM 06/20/2024 37,247   0   37,247
3-mo. EURIBOR Quarterly 0.00% Daily EUR 1,350 JPM 06/20/2024 16,683   0   16,683
                $619,519   $0   $619,519
At March 28, 2024, the Fund held the following OTC purchased options:        
Description Counterparty Number
of
Contracts
Exercise Price Expiration
Date
  Notional Amount
(000)
  Premium
Paid/
(Received)
  Fair Value
Call                          
USD/JPY Currency Call Option GS - USD 150.85 5/21/2024   USD   2,047   $15,850   $19,737
                      $15,850   $19,737
At March 28, 2024,  the Fund held the following OTC written options:      
Description Counterparty Number of
Contracts
Exercise Price Expiration Date Notional Amount
(000)
Premium
Paid/
(Received)
  Fair Value
Put                    
USD/JPY Currency Put Option GS - USD 144.00 05/18/2024 USD 2,047 $(5,498)   $(4,643)
Call                    
USD/JPY Currency Call Option GS - USD 153.00 05/18/2024 USD 2,047 (7,498)   (9,435)
                $(12,996)   $(14,078)
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024, the Fund held the following OTC purchased swaptions:    
Description Counterparty Rate Received
by the Fund
Rate Paid
by the Fund
Expiration
Date
Notional Amount
(000)
Premium
Paid/
(Received)
  Value
Call                  
Credit Default Call Swaption, exercise price EUR 0.60 GS 0.60% iTraxx Europe Series 40 04/20/2024 EUR 21,450 $33,181   $3,133
Credit Default Call Swaption, exercise price $0.58 CIT 0.58% CDX.NA.IG.41 04/20/2024 USD 28,400 30,530   1,207
Credit Default Call Swaption, exercise price EUR 0.58 CIT 0.58% iTraxx Europe Series 41 05/15/2024 EUR 20,150 31,687   25,726
Credit Default Call Swaption, exercise price $0.55 CIT 0.55% CDX.NA.IG 42 05/15/2024 USD 26,600 34,580   21,498
              $129,978   $51,564
At March 28, 2024, the Fund held the following OTC written swaptions:    
Description Counterparty Rate Received
by the Fund
Rate Paid
by the Fund
Expiration
Date
Notional Amount
(000)
Premium
Paid/
(Received)
  Value
Put                  
Credit Default Put Swaption, exercise price EUR 0.68 GS iTraxx Europe Series 40 0.68% 04/20/2024 EUR 42,900 $(31,557)   $(2,342)
Credit Default Put Swaption, exercise price $0.65 CIT CDX.NA.IG.41 0.65% 04/20/2024 USD 56,800 (29,820)   (659)
Credit Default Put Swaption, exercise price EUR 0.65 CIT iTraxx Europe Series 41 0.65% 05/15/2024 EUR 40,300 (27,726)   (23,817)
Credit Default Put Swaption, exercise price $0.63 CIT CDX.NA.IG 42 0.63% 05/15/2024 USD 53,200 (29,260)   (16,981)
              $(118,363)   $(43,799)
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Abbreviations  
ANZ ANZ McCaughan Australia
AUD BBR BBSW Australian Bank Bill is the interest rate banks charge each other for short-term loans.
BA Bank of America Corp
BB Barclays Bank PLC
BBH Brown Brothers Harriman
BDS Banco Santander
BNP BNP Paribas Securities Corp
BNY Bank of New York
BR4CDI Brazil Cetip Interbank Deposit
CGM Citigroup Global Markets
CIT Citibank N.A.
CNYOFFIRS China Loan Prime Rate
CORRA Canadian Overnight Repo Rate Average
EUR CPTFEMU Euro-Zone Harmonized Index of Consumer Prices Ex. Tabacco Unrevised Series NSA Index
EURIBOR Euro Interbank Offered Rate is the interest rate published by European Money Markets Institute, that banks offer to lend unsecured funds to other banks.
GS Goldman Sachs
HSB HSBC Bank USA
ILS TELBOR01 Bank of Israel Interest Rate Fixings is the interest rate on inter-bank loans
JPM JP Morgan Chase & Co
JPY TONA OIS Tokyo Swap Rate
KLIBOR Kuala Lumpur Interbank Offered Rate
KRW CD KSDA South Korea Interbank Offered Rate
MS Morgan Stanley & Co LLC
NIBOR Norwegian Interbank Offered Rate is the interest rate level a bank requires for unsecured money market lending in NOK to another bank.
NOM Nomura International PLC
NZD BBR FRA The rate for the New Zealand Dollar bills of exchange for a period of designated maturity.
RBS Royal Bank of Scotland
SAH Standard Chartered Bank
SEB Skandinaviska Enskilda Banken AB
SEK STIBOR Swedish Krona Stockholm Interbank Offered Rate
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
SONIA Sterling Overnight Interbank Average Rate is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market.
SSB State Street Bank
TD Toronto Dominion Bank
UBS UBS AG
UCH UniCredit Bank AG London
USD CPURNSA US CPI Urban Consumers NSA Index
WF Wells Fargo Bank NA
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Currency Abbreviations  
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
CLP Chilean Peso
CNY Chinese Yuan
COP Colombian Peso
CZK Czech Koruna
DKK Danish Krone
EUR Euro Dollar
GBP British Pound
HUF Hungarian Forint
IDR Indonesian Rupiah
ILS Israeli New Shekel
INR Indian Rupee
ISK Icelandic Krona
JPY Japanese Yen
KRW Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
PEN Peruvian Nuevo Sol
PLN Polish Zloty
RON Romanian Leu
SEK Swedish Krona
SGD Singapore Dollar
THB Thai Baht
TWD Taiwan Dollar
USD U.S. Dollar
ZAR South African Rand
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND 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
United States $232,719,791   42.05%
Mexico 38,263,402   6.91
France 27,830,509   5.03
United Kingdom 27,029,056   4.88
Japan 25,366,667   4.58
Romania 19,810,046   3.58
Germany 19,359,861   3.50
Spain 19,170,015   3.46
Italy 16,005,333   2.89
Netherlands 15,548,264   2.81
South Korea 10,542,768   1.91
New Zealand 10,057,708   1.82
Switzerland 9,053,174   1.64
China 8,401,995   1.52
South Africa 7,260,305   1.31
Canada 7,110,724   1.28
Australia 6,196,530   1.12
Belgium 5,607,806   1.01
Austria 4,772,482   0.86
Ireland 4,197,813   0.76
Luxembourg 3,710,729   0.67
Egypt 2,830,566   0.51
Iceland 2,713,806   0.49
Israel 2,642,551   0.48
Cayman Islands 2,635,591   0.48
Denmark 2,471,884   0.45
Poland 2,205,544   0.40
Peru 2,047,786   0.37
Indonesia 1,898,575   0.34
Latvia 1,675,405   0.30
Singapore 1,525,032   0.28
Saudi Arabia 1,450,875   0.26
Slovakia 1,291,697   0.23
Togo 1,257,706   0.23
Malaysia 1,056,252   0.19
Chile 1,048,529   0.19
Hungary 960,168   0.17
Finland 914,590   0.17
Greece 841,403   0.15
Bermuda 828,915   0.15
Norway 626,295   0.11
Thailand 607,611   0.11
Estonia 453,506   0.08
Sweden 406,195   0.07
Portugal 372,348   0.07
Panama 371,902   0.07
Nigeria 350,295   0.06
Total $553,500,005   100.00%
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
BANK LOANS
  American Airlines Inc(b)  
$ 1,796,184 10.33%,04/20/2028
3-mo. SOFR + 5.03%
$  1,864,101
   440,000 8.77%,06/04/2029
6-mo. SOFR + 3.56%
    440,978
    432,825 Aretec Group Inc(b)
9.93%, 08/09/2030
1-mo. SOFR + 4.60%
     434,827
    518,680 Bausch + Lomb Corp(b)
8.68%, 05/10/2027
1-mo. SOFR + 3.35%
     512,567
    134,663 BMC Software(b)
9.58%, 12/29/2028
1-mo. SOFR + 4.25%
     135,336
    520,000 Cengage Learning Inc(b)
9.58%, 03/18/2031
1-mo. SOFR + 4.25%
     518,917
197,801 Clear Channel Outdoor Holdings Inc(b)
3.88%, 08/21/2026
3-mo. SOFR + 0.00%
197,369
767,235 Cloud Software Group Inc(b)
9.91%, 03/30/2029
3-mo. SOFR + 4.61%
766,995
287,925 CMG Media Corp(b)
9.69%, 12/17/2026
1-mo. SOFR + 4.37%
250,075
535,000 Connect Finco SARL(b)
9.82%, 09/13/2029
1-mo. SOFR + 4.49%
525,303
  CP Atlas Buyer Inc(b)  
746,162 9.94%,11/20/2027
1-mo. SOFR + 4.62%
736,242
456,413 9.18%,11/23/2027
1-mo. SOFR + 3.85%
450,345
509,040 CQP Holdco LP(b)
9.19%, 05/27/2028
1-mo. SOFR + 3.86%
510,524
708,954 DirecTV Financing LLC(b)
10.83%, 08/02/2029
3-mo. SOFR + 5.53%
707,309
605,000 Fertitta Entertainment LLC(b)
5.00%, 01/29/2029
1-mo. SOFR + 0.00%
606,229
  Filtration Group Corp(b)  
509,587 8.94%,10/21/2028
1-mo. SOFR + 3.62%
510,406
207,900 9.69%,10/21/2028
1-mo. SOFR + 4.37%
208,568
267,956 Garda World Security Corp(b)
10.18%, 10/30/2026
1-mo. SOFR + 4.85%
268,067
305,550 Genesys Cloud Services Holdings II LLC(b)
9.44%, 12/01/2027
1-mo. SOFR + 4.11%
306,314
420,000 Herens Holdco SARL(b)
4.38%, 07/03/2028
3-mo. SOFR + 0.00%
394,144
735,000 Hertz Corp(b)
9.08%, 06/30/2028
1-mo. SOFR + 3.75%
711,725
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$   700,190 iHeartCommunications Inc(b)
9.44%, 05/01/2026
1-mo. SOFR + 4.11%
$    605,008
  1,088,467 IRB Holding Corp(b)
8.32%, 12/15/2027
1-mo. SOFR + 2.99%
  1,088,096
    852,435 Klockner Pentaplast of America Inc(b)
10.27%, 02/12/2026
6-mo. SOFR + 5.05%
     793,191
  1,181,985 LBM Acquisition LLC(b)
9.18%, 12/17/2027
1-mo. SOFR + 3.85%
  1,178,210
    194,025 LSF11 A5 HoldCo LLC(b)
9.68%, 10/15/2028
1-mo. SOFR + 4.35%
     194,146
    218,318 Madison IAQ LLC(b)
8.69%, 06/21/2028
1-mo. SOFR + 3.36%
     217,226
    484,019 Mattress Firm Inc(b)
9.81%, 09/25/2028
3-mo. SOFR + 4.52%
     484,382
557,112 Medline Borrower LP(b)
5.00%, 10/23/2028
1-mo. SOFR + 0.00%
557,228
446,556 Michaels Cos Inc(b)
9.82%, 04/15/2028
3-mo. SOFR + 4.52%
398,551
1,306,921 Neptune Bidco US Inc(b)
10.42%, 04/11/2029
3-mo. SOFR + 5.13%
1,205,090
  Nouryon Finance BV(b)  
695,272 9.42%,04/03/2028
1-mo. SOFR + 4.09%
696,141
428,302 9.42%,04/03/2028
3-mo. SOFR + 4.12%
428,927
458,045 Nouryon USA LLC(b)
8.43%, 10/01/2025
1-mo. SOFR + 3.10%
458,045
962,838 Olympus Water US Holding Corp(b)
9.32%, 11/09/2028
3-mo. SOFR + 4.02%
962,356
818,148 PECF USS Intermediate Holding III Corp(b)
9.82%, 12/15/2028
3-mo. SOFR + 4.53%
619,747
839,173 PetsMart LLC(b)
9.18%, 02/11/2028
1-mo. SOFR + 3.85%
835,876
1,016,975 Rocket Software Inc(b)
9.69%, 11/28/2025
1-mo. SOFR + 4.37%
1,007,918
515,000 Scientific Games Holdings LP(b)
8.58%, 04/04/2029
3-mo. SOFR + 3.28%
514,632
360,000 Station Casinos LLC(b)
7.58%, 03/14/2031
1-mo. SOFR + 2.25%
359,293
1,027,804 TK Elevator US NewCo Inc(b)
8.82%, 04/11/2030
1-mo. SOFR + 3.49%
1,030,587
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$   705,206 UKG Inc(b)
8.81%, 02/10/2031
3-mo. SOFR + 3.52%
$    707,850
    705,000 United Airlines Inc(b)
8.08%, 02/24/2031
3-mo. SOFR + 2.78%
     704,669
  1,200,000 Vibrantz Technologies Inc(b)
4.63%, 04/23/2029
3-mo. SOFR + 0.00%
  1,186,500
    540,439 VM Consolidated Inc(b)
8.68%, 03/26/2028
1-mo. SOFR + 3.35%
     542,297
  White Cap Buyer LLC(b)  
   311,260 9.44%,10/08/2027
1-mo. SOFR + 4.12%
    312,071
    877,532 9.08%,10/19/2027
1-mo. SOFR + 3.75%
    879,817
TOTAL BANK LOANS — 6.71%
(Cost $29,088,996)
$29,024,195
CORPORATE BONDS AND NOTES
Basic Materials — 5.21%
8,946 Albemarle Corp
7.25%, 03/01/2027
527,546
945,000 ArcelorMittal SA
7.00%, 10/15/2039
1,028,380
  ATI Inc  
1,000,000 5.88%, 12/01/2027(c) 984,647
460,000 4.88%, 10/01/2029 432,859
920,000 7.25%, 08/15/2030(c) 950,933
954,000 Avient Corp(d)
7.13%, 08/01/2030
978,144
1,365,000 Axalta Coating Systems LLC(d)
3.38%, 02/15/2029
1,221,492
679,000 Big River Steel LLC / BRS Finance Corp(d)
6.63%, 01/31/2029
682,819
1,615,000 Commercial Metals Co(c)
4.38%, 03/15/2032
1,455,161
  Constellium SE  
500,000 5.63%, 06/15/2028(d) 486,082
300,000 EUR, 3.13%, 07/15/2029 299,059
250,000 First Quantum Minerals Ltd(c)(d)
8.63%, 06/01/2031
243,020
1,125,000 FMG Resources August 2006 Pty Ltd(c)(d)
6.13%, 04/15/2032
1,112,320
1,040,000 Herens Holdco SARL(d)
4.75%, 05/15/2028
907,621
895,000 Hudbay Minerals Inc(d)
6.13%, 04/01/2029
884,713
  Mercer International Inc  
300,000 12.88%, 10/01/2028(d) 327,753
510,000 5.13%, 02/01/2029(c) 448,276
1,510,000 Novelis Corp(d)
3.88%, 08/15/2031
1,297,099
280,000 Novelis Sheet Ingot GmbH
EUR, 3.38%, 04/15/2029
283,984
Principal Amount(a)   Fair Value
Basic Materials — (continued)
  Olympus Water US Holding Corp(d)  
$ 1,745,000 4.25%, 10/01/2028(c) $  1,583,140
     60,000 9.75%, 11/15/2028      63,913
    290,000 Rain Carbon Inc(c)(d)
12.25%, 09/01/2029
     300,822
  2,370,000 SCIH Salt Holdings Inc(d)
4.88%, 05/01/2028
  2,207,703
    515,000 SCIL IV LLC / SCIL USA Holdings LLC(d)
5.38%, 11/01/2026
     499,823
    750,000 Tronox Inc(c)(d)
4.63%, 03/15/2029
     672,702
610,000 United States Steel Corp
6.65%, 06/01/2037
616,162
  WR Grace Holdings LLC(d)  
500,000 5.63%, 08/15/2029 447,445
1,565,000 7.38%, 03/01/2031 1,584,661
    22,528,279
Communications — 9.04%
250,000 Altice Financing SA(d)
5.00%, 01/15/2028
205,761
  Altice France SA(d)  
465,000 5.50%, 01/15/2028 330,263
2,175,000 5.50%, 10/15/2029 1,476,244
590,000 Arches Buyer Inc(d)
4.25%, 06/01/2028
519,250
  CCO Holdings LLC / CCO Holdings Capital Corp  
3,305,000 5.38%, 06/01/2029(d) 3,025,555
2,765,000 4.75%, 03/01/2030(d) 2,374,142
755,000 4.50%, 08/15/2030(d) 632,726
350,000 4.75%, 02/01/2032(d) 285,643
2,030,000 4.50%, 05/01/2032 1,631,296
2,190,000 Clear Channel Outdoor Holdings Inc(d)
7.88%, 04/01/2030
2,177,201
180,000 CommScope Inc(d)
6.00%, 03/01/2026
164,700
855,000 Connect Finco SARL / Connect US Finco LLC(d)
6.75%, 10/01/2026
838,135
  CSC Holdings LLC(d)  
4,980,000 5.38%, 02/01/2028 4,283,411
845,000 11.75%, 01/31/2029 846,318
930,000 Directv Financing LLC / Directv Financing Co-Obligor Inc(d)
5.88%, 08/15/2027
879,814
  DISH DBS Corp  
990,000 5.25%, 12/01/2026(d) 779,535
475,000 5.13%, 06/01/2029 198,117
  Frontier Communications Holdings LLC(d)  
1,065,000 5.88%, 10/15/2027 1,031,065
735,000 8.75%, 05/15/2030 752,069
  Gen Digital Inc(d)  
10,000 6.75%, 09/30/2027 10,143
555,000 7.13%, 09/30/2030(c) 570,229
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Communications — (continued)
$   920,000 Gray Television Inc(c)(d)
5.38%, 11/15/2031
$    603,262
        252 iHeartCommunications Inc
8.38%, 05/01/2027
         141
  Level 3 Financing Inc(d)  
 1,414,000 4.25%, 07/01/2028     664,580
   724,000 10.50%, 05/15/2030     740,290
  Match Group Holdings II LLC(d)  
   457,000 5.00%, 12/15/2027     437,992
545,000 4.63%, 06/01/2028 514,324
325,000 4.13%, 08/01/2030 289,167
630,000 3.63%, 10/01/2031(c) 535,344
1,960,000 McGraw-Hill Education Inc(c)(d)
5.75%, 08/01/2028
1,846,236
45,000 Netflix Inc
5.88%, 02/15/2025
45,183
  News Corp(d)  
800,000 3.88%, 05/15/2029 731,562
445,000 5.13%, 02/15/2032 417,893
555,000 Nexstar Media Inc(c)(d)
4.75%, 11/01/2028
505,696
  Outfront Media Capital LLC / Outfront Media Capital Corp(c)(d)  
695,000 5.00%, 08/15/2027 668,910
750,000 7.38%, 02/15/2031 785,568
  Sirius XM Radio Inc(d)  
1,115,000 4.00%, 07/15/2028 1,020,081
870,000 3.88%, 09/01/2031(c) 725,418
595,000 T-Mobile USA Inc
2.88%, 02/15/2031
516,727
835,000 TripAdvisor Inc(d)
7.00%, 07/15/2025
832,706
  Univision Communications Inc(d)  
860,000 8.00%, 08/15/2028 876,134
105,000 7.38%, 06/30/2030(c) 103,828
1,770,000 Virgin Media Finance PLC(c)(d)
5.00%, 07/15/2030
1,497,699
780,000 Virgin Media Secured Finance PLC(d)
4.50%, 08/15/2030
672,632
555,000 VZ Secured Financing BV(d)
5.00%, 01/15/2032
476,525
610,000 Ziggo Bond Co BV(c)(d)
6.00%, 01/15/2027
601,199
    39,120,714
Consumer, Cyclical — 14.32%
1,080,000 1011778 BC Unlimited Liability Co / New Red Finance Inc(d)
4.00%, 10/15/2030
962,282
555,000 Allison Transmission Inc(d)
3.75%, 01/30/2031
484,249
  American Airlines Inc / AAdvantage Loyalty IP Ltd(d)  
303,750 5.50%, 04/20/2026 301,681
405,000 5.75%, 04/20/2029 398,097
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
$ 1,235,000 American Builders & Contractors Supply Co Inc(c)(d)
3.88%, 11/15/2029
$  1,110,159
    870,000 Aramark Services Inc(d)
5.00%, 02/01/2028
     839,701
  1,460,000 Banijay Entertainment SASU(d)
8.13%, 05/01/2029
  1,505,829
  Bath & Body Works Inc  
   675,000 7.50%, 06/15/2029(c)     699,547
   530,000 6.63%, 10/01/2030(d)     541,395
   600,000 6.75%, 07/01/2036     606,007
1,065,000 Beacon Roofing Supply Inc(c)(d)
4.13%, 05/15/2029
965,965
830,000 Boyd Gaming Corp(c)(d)
4.75%, 06/15/2031
762,726
  Caesars Entertainment Inc(d)  
2,305,000 4.63%, 10/15/2029(c) 2,101,862
1,750,000 7.00%, 02/15/2030 1,796,349
155,000 6.50%, 02/15/2032(c) 156,365
  Carnival Corp(d)  
1,575,000 5.75%, 03/01/2027 1,558,833
205,000 7.00%, 08/15/2029(c) 213,812
1,815,000 10.50%, 06/01/2030 1,985,176
570,000 Carnival Holdings Bermuda Ltd(d)
10.38%, 05/01/2028
621,790
1,035,000 Churchill Downs Inc(d)
5.75%, 04/01/2030
999,087
570,000 Cinemark USA Inc(d)
5.88%, 03/15/2026
562,766
201,000 Clarios Global LP(d)
6.75%, 05/15/2025
201,179
  Clarios Global LP / Clarios US Finance Co  
185,000 EUR, 4.38%, 05/15/2026 198,057
1,738,000 6.75%, 05/15/2028(d) 1,761,685
580,000 Crocs Inc(d)
4.25%, 03/15/2029
530,249
765,000 Everi Holdings Inc(c)(d)
5.00%, 07/15/2029
757,882
1,195,000 FirstCash Inc(c)(d)
6.88%, 03/01/2032
1,194,443
  Ford Motor Credit Co LLC  
2,130,000 7.35%, 03/06/2030 2,270,916
4,105,000 4.00%, 11/13/2030 3,665,160
2,260,000 Goodyear Tire & Rubber Co(c)
5.63%, 04/30/2033
2,064,027
785,000 Hanesbrands Inc(c)(d)
9.00%, 02/15/2031
806,544
340,000 Hilton Domestic Operating Co Inc
4.88%, 01/15/2030
325,992
170,000 IHO Verwaltungs GmbH(e)
EUR, 8.75%, 05/15/2028

PIK rate, 9.50%%
198,536
760,000 Kontoor Brands Inc(d)
4.13%, 11/15/2029
682,139
1,015,000 Levi Strauss & Co(c)(d)
3.50%, 03/01/2031
890,455
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
$ 1,345,000 LGI Homes Inc(c)(d)
8.75%, 12/15/2028
$  1,419,154
  Light & Wonder International Inc(d)  
 1,490,000 7.25%, 11/15/2029   1,529,585
   310,000 7.50%, 09/01/2031(c)     322,370
  Live Nation Entertainment Inc(d)  
   590,000 5.63%, 03/15/2026     583,531
   390,000 6.50%, 05/15/2027     394,262
  NCL Corp Ltd(d)  
820,000 8.13%, 01/15/2029 867,712
335,000 7.75%, 02/15/2029 347,822
1,615,000 Penn Entertainment Inc(c)(d)
5.63%, 01/15/2027
1,558,475
  PetSmart Inc / PetSmart Finance Corp(d)  
795,000 4.75%, 02/15/2028 744,315
845,000 7.75%, 02/15/2029 822,643
500,000 Pinewood Finco PLC(d)
GBP, 6.00%, 03/27/2030
631,074
1,280,000 Ritchie Bros Holdings Inc(d)
7.75%, 03/15/2031
1,339,191
  Royal Caribbean Cruises Ltd(d)  
265,000 4.25%, 07/01/2026 255,737
1,130,000 5.50%, 08/31/2026 1,119,847
2,220,000 9.25%, 01/15/2029 2,381,094
670,000 7.25%, 01/15/2030 696,118
180,000 6.25%, 03/15/2032 181,433
875,000 Scientific Games Holdings LP / Scientific Games US FinCo Inc(c)(d)
6.63%, 03/01/2030
845,902
900,000 Six Flags Entertainment Corp(d)
7.25%, 05/15/2031
911,798
  Station Casinos LLC(d)  
1,225,000 4.50%, 02/15/2028(c) 1,153,993
335,000 4.63%, 12/01/2031(c) 301,096
225,000 6.63%, 03/15/2032 227,288
1,300,000 Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp(d)
5.88%, 05/15/2025
1,296,696
360,000 Tapestry Inc
7.70%, 11/27/2030
383,909
  Taylor Morrison Communities Inc(d)  
330,000 5.88%, 06/15/2027 329,619
845,000 5.75%, 01/15/2028 839,088
465,000 5.13%, 08/01/2030 444,061
1,000,000 Victoria's Secret & Co(c)(d)
4.63%, 07/15/2029
820,504
  Viking Cruises Ltd(d)  
360,000 7.00%, 02/15/2029 361,558
1,110,000 9.13%, 07/15/2031 1,213,908
1,010,000 Warnermedia Holdings Inc
4.28%, 03/15/2032
902,171
160,000 Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp(d)
5.25%, 05/15/2027
156,707
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp(d)  
$   220,000 5.13%, 10/01/2029 $    208,417
  1,600,000 7.13%, 02/15/2031(c)   1,655,834
    61,967,854
Consumer, Non-Cyclical — 8.99%
    975,000 ADT Security Corp(c)(d)
4.13%, 08/01/2029
     893,267
  Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC(d)  
290,000 7.50%, 03/15/2026 295,112
2,000,000 4.88%, 02/15/2030 1,902,855
995,000 Allied Universal Holdco LLC(d)
7.88%, 02/15/2031
1,007,733
1,205,000 Allied Universal Holdco LLC / Allied Universal Finance Corp / Atlas Luxco 4 SARL(d)
4.63%, 06/01/2028
1,100,371
315,000 Avis Budget Car Rental LLC / Avis Budget Finance Inc(d)
8.00%, 02/15/2031
314,488
  Avis Budget Finance PLC  
435,000 EUR, 7.00%, 02/28/2029(d) 465,393
855,000 EUR, 7.25%, 07/31/2030(d) 917,808
260,000 EUR, 7.25%, 07/31/2030 279,099
465,000 Bausch + Lomb Corp(d)
8.38%, 10/01/2028
481,117
  Bausch Health Cos Inc(d)  
1,125,000 6.13%, 02/01/2027 700,976
1,725,000 4.88%, 06/01/2028 941,339
1,070,000 Block Inc
3.50%, 06/01/2031
931,269
685,000 Boost Newco Borrower LLC(d)
7.50%, 01/15/2031
717,067
620,000 Carriage Services Inc(d)
4.25%, 05/15/2029
549,753
925,000 Centene Corp
4.63%, 12/15/2029
878,176
  CHS / Community Health Systems Inc(d)  
1,675,000 6.00%, 01/15/2029 1,463,277
1,835,000 5.25%, 05/15/2030 1,496,281
  Coty Inc / HFC Prestige Products Inc / HFC Prestige International US LLC(d)  
940,000 4.75%, 01/15/2029 889,531
475,000 6.63%, 07/15/2030(c) 482,358
830,000 Elanco Animal Health Inc(c)
6.65%, 08/28/2028
841,612
  Garda World Security Corp(d)  
220,000 4.63%, 02/15/2027 210,802
840,000 7.75%, 02/15/2028 861,412
705,000 Gartner Inc(d)
3.75%, 10/01/2030
631,073
1,020,000 Herc Holdings Inc(d)
5.50%, 07/15/2027
1,001,833
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
$   370,000 Hertz Corp(d)
4.63%, 12/01/2026
$    335,790
    765,000 Jazz Securities Designated Activity Co(d)
4.38%, 01/15/2029
     712,626
    165,000 Lamb Weston Holdings Inc(d)
4.13%, 01/31/2030
     150,447
  1,870,000 Medline Borrower LP(d)
3.88%, 04/01/2029
  1,702,086
    755,000 Neptune Bidco US Inc(d)
9.29%, 04/15/2029
     713,908
    820,000 NESCO Holdings II Inc(d)
5.50%, 04/15/2029
     775,804
    515,000 Owens & Minor Inc(c)(d)
6.63%, 04/01/2030
     511,145
920,000 Prime Security Services Borrower LLC / Prime Finance Inc(d)
6.25%, 01/15/2028
901,212
  Service Corp International  
710,000 5.13%, 06/01/2029 690,857
1,410,000 4.00%, 05/15/2031 1,249,198
660,000 Shift4 Payments LLC / Shift4 Payments Finance Sub Inc(d)
4.63%, 11/01/2026
638,120
865,000 Spectrum Brands Inc(d)
5.00%, 10/01/2029
847,739
  Tenet Healthcare Corp  
380,000 5.13%, 11/01/2027 371,689
2,150,000 4.25%, 06/01/2029 1,998,467
2,830,000 6.13%, 06/15/2030 2,823,508
1,290,000 Teva Pharmaceutical Finance Netherlands II BV
EUR, 4.38%, 05/09/2030
1,337,441
  Teva Pharmaceutical Finance Netherlands III BV(c)  
695,000 6.75%, 03/01/2028 711,940
910,000 5.13%, 05/09/2029 874,493
470,000 8.13%, 09/15/2031 515,496
  US Foods Inc(d)  
460,000 4.75%, 02/15/2029(c) 436,657
345,000 7.25%, 01/15/2032 359,052
    38,911,677
Diversified — 0.29%
1,150,000 Benteler International AG(d)
10.50%, 05/15/2028
1,243,665
Energy — 9.36%
286,000 Antero Resources Corp(d)
7.63%, 02/01/2029
293,739
2,160,000 Callon Petroleum Co(d)
7.50%, 06/15/2030
2,284,200
1,140,000 Chord Energy Corp(d)
6.38%, 06/01/2026
1,144,755
  Civitas Resources Inc(d)  
455,000 8.38%, 07/01/2028 478,984
105,000 8.63%, 11/01/2030 112,747
1,290,000 8.75%, 07/01/2031 1,380,377
Principal Amount(a)   Fair Value
Energy — (continued)
$   615,000 Comstock Resources Inc(c)(d)
6.75%, 03/01/2029
$    586,490
  1,175,000 Encino Acquisition Partners Holdings LLC(d)
8.50%, 05/01/2028
  1,187,772
  3,045,000 Endeavor Energy Resources LP / EER Finance Inc(d)
5.75%, 01/30/2028
  3,069,683
  1,445,000 Energy Transfer LP(f)
6.63%, Perpetual
  1,349,489
    665,000 Global Partners LP / GLP Finance Corp(d)
8.25%, 01/15/2032
     689,634
  Hess Midstream Operations LP(d)  
   510,000 5.13%, 06/15/2028     493,509
775,000 4.25%, 02/15/2030 712,153
965,000 5.50%, 10/15/2030 935,031
100,000 Kinder Morgan Inc
7.80%, 08/01/2031
113,381
995,000 Kinetik Holdings LP(d)
5.88%, 06/15/2030
973,236
575,000 Matador Resources Co(d)
6.50%, 04/15/2032
575,697
1,565,000 Nabors Industries Inc(d)
7.38%, 05/15/2027
1,562,118
800,000 Occidental Petroleum Corp
6.20%, 03/15/2040
820,898
2,265,000 Permian Resources Operating LLC(d)
6.88%, 04/01/2027
2,265,852
  Precision Drilling Corp(d)  
535,000 7.13%, 01/15/2026 535,553
625,000 6.88%, 01/15/2029 623,839
1,145,000 Rockcliff Energy II LLC(d)
5.50%, 10/15/2029
1,071,515
885,000 Seadrill Finance Ltd(d)
8.38%, 08/01/2030
928,532
225,000 Seventy Seven Energy Inc(g)(h)(i)
6.63%, 11/15/2025
23
1,470,000 Sitio Royalties Operating Partnership LP / Sitio Finance Corp(d)
7.88%, 11/01/2028
1,520,423
  SM Energy Co  
720,000 6.75%, 09/15/2026 720,720
775,000 6.50%, 07/15/2028 778,321
  Southwestern Energy Co  
1,455,000 5.38%, 02/01/2029 1,413,146
1,405,000 5.38%, 03/15/2030 1,352,258
828,000 Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp(d)
5.50%, 01/15/2028
797,763
1,125,000 Transocean Aquila Ltd(d)
8.00%, 09/30/2028
1,154,707
328,500 Transocean Inc(d)
8.75%, 02/15/2030
342,519
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Energy — (continued)
$ 1,305,000 Transocean Titan Financing Ltd(d)
8.38%, 02/01/2028
$  1,358,128
  USA Compression Partners LP / USA Compression Finance Corp  
   390,000 6.88%, 09/01/2027     390,928
   335,000 7.13%, 03/15/2029(d)     339,173
  Venture Global LNG Inc(d)  
 1,040,000 8.13%, 06/01/2028   1,060,993
   800,000 9.50%, 02/01/2029     862,290
1,310,000 8.38%, 06/01/2031 1,350,962
745,000 9.88%, 02/01/2032 802,919
  Viper Energy Inc(d)  
885,000 5.38%, 11/01/2027 866,219
505,000 7.38%, 11/01/2031 524,986
  Vital Energy Inc(d)  
245,000 7.75%, 07/31/2029 247,024
445,000 7.88%, 04/15/2032 452,061
    40,524,747
Financial — 6.16%
345,000 AG Issuer LLC(d)
6.25%, 03/01/2028
337,835
1,495,000 Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer(d)
7.00%, 01/15/2031
1,509,978
1,200,000 Ally Financial Inc
8.00%, 11/01/2031
1,336,670
838,600 Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp(d)
7.00%, 04/15/2030
746,715
1,665,000 Apollo Commercial Real Estate Finance Inc REIT(d)
4.63%, 06/15/2029
1,398,740
40,989 Apollo Global Management Inc
6.75%, 07/31/2026
2,626,985
635,000 Aretec Group Inc(d)
10.00%, 08/15/2030
693,593
410,000 Cobra AcquisitionCo LLC(d)
6.38%, 11/01/2029
345,828
1,270,000 Credit Acceptance Corp(d)
9.25%, 12/15/2028
1,365,988
230,000 Dresdner Funding Trust I(d)
8.15%, 06/30/2031
251,721
1,080,000 Encore Capital Group Inc(d)
9.25%, 04/01/2029
1,106,327
  Freedom Mortgage Corp(d)  
1,000,000 6.63%, 01/15/2027 970,278
895,000 12.00%, 10/01/2028 975,555
180,000 12.25%, 10/01/2030 197,961
300,000 GGAM Finance Ltd(d)
8.00%, 02/15/2027
309,756
1,325,000 HUB International Ltd(d)
7.25%, 06/15/2030
1,361,699
1,550,000 Jefferson Capital Holdings LLC(d)
9.50%, 02/15/2029
1,586,637
Principal Amount(a)   Fair Value
Financial — (continued)
  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp REIT(d)  
$   820,000 4.25%, 02/01/2027 $    767,179
   295,000 4.75%, 06/15/2029(c)     268,164
    393,000 Lloyds Banking Group PLC(f)
7.50%, Perpetual
     390,637
  Macquarie Airfinance Holdings Ltd(d)  
   105,000 6.40%, 03/26/2029(c)     106,661
   155,000 6.50%, 03/26/2031     157,764
  Nationstar Mortgage Holdings Inc(d)  
895,000 5.75%, 11/15/2031 825,504
1,220,000 7.13%, 02/01/2032 1,211,645
  OneMain Finance Corp  
240,000 7.13%, 03/15/2026 244,355
1,100,000 6.63%, 01/15/2028(c) 1,103,533
1,650,000 5.38%, 11/15/2029(c) 1,551,350
  PennyMac Financial Services Inc(d)  
190,000 5.38%, 10/15/2025 187,782
720,000 7.88%, 12/15/2029 739,832
660,000 PHH Mortgage Corp(d)
7.88%, 03/15/2026
639,090
23,000 Realogy Group LLC / Realogy Co-Issuer Corp(d)
5.75%, 01/15/2029
16,287
  RHP Hotel Properties LP / RHP Finance Corp REIT(d)  
290,000 7.25%, 07/15/2028 298,646
460,000 6.50%, 04/01/2032 461,553
  Societe Generale SA(d)(f)  
330,000 4.75%, Perpetual 298,004
295,000 5.38%, Perpetual 248,571
    26,638,823
Industrial — 10.13%
1,070,000 Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC(c)(d)
4.00%, 09/01/2029
862,475
745,000 Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc(c)(d)
4.13%, 08/15/2026
674,012
850,000 Boise Cascade Co(d)
4.88%, 07/01/2030
788,575
  Bombardier Inc(d)  
416,000 7.13%, 06/15/2026 421,987
679,000 7.88%, 04/15/2027 679,475
250,000 7.50%, 02/01/2029(c) 257,433
1,225,000 8.75%, 11/15/2030(c) 1,308,026
115,000 7.25%, 07/01/2031 115,234
  Builders FirstSource Inc(d)  
670,000 4.25%, 02/01/2032 600,903
425,000 6.38%, 06/15/2032(c) 431,284
855,000 6.38%, 03/01/2034 858,529
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Industrial — (continued)
$   960,000 Camelot Return Merger Sub Inc(c)(d)
8.75%, 08/01/2028
$    986,164
  1,000,000 Cemex SAB de CV(f)
9.13%, Perpetual
  1,086,354
  Chart Industries Inc(d)  
   700,000 7.50%, 01/01/2030     726,912
   720,000 9.50%, 01/01/2031     784,063
    690,000 Clean Harbors Inc(d)
6.38%, 02/01/2031
     695,067
  EMRLD Borrower LP / Emerald Co-Issuer Inc(d)  
255,000 EUR, 6.38%, 12/15/2030 288,808
1,715,000 6.63%, 12/15/2030 1,731,452
105,000 Esab Corp(d)
6.25%, 04/15/2029
105,492
  GFL Environmental Inc(d)  
1,180,000 4.75%, 06/15/2029 1,109,719
265,000 6.75%, 01/15/2031(c) 271,575
  Graphic Packaging International LLC  
230,000 EUR, 2.63%, 02/01/2029 230,154
1,040,000 3.75%, 02/01/2030(d) 924,908
2,145,000 Great Lakes Dredge & Dock Corp(c)(d)
5.25%, 06/01/2029
1,908,390
1,935,000 Imola Merger Corp(d)
4.75%, 05/15/2029
1,814,354
990,000 Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC(d)
6.00%, 09/15/2028
938,928
935,000 Louisiana-Pacific Corp(d)
3.63%, 03/15/2029
849,874
1,255,000 Madison IAQ LLC(c)(d)
4.13%, 06/30/2028
1,160,749
  Masonite International Corp(d)  
355,000 5.38%, 02/01/2028 355,476
655,000 3.50%, 02/15/2030 579,492
1,030,000 Mauser Packaging Solutions Holding Co(d)
7.88%, 08/15/2026
1,049,314
530,000 Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC(d)
6.75%, 04/01/2032
531,811
850,000 MIWD Holdco II LLC / MIWD Finance Corp(d)
5.50%, 02/01/2030
782,257
840,000 Owens-Brockway Glass Container Inc(c)(d)
7.25%, 05/15/2031
855,542
700,000 Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer Inc(d)
4.38%, 10/15/2028
653,010
400,000 Prysmian SpA(j)
EUR, 0.00%, 02/02/2026
532,762
235,000 Roller Bearing Co of America Inc(d)
4.38%, 10/15/2029
215,171
Principal Amount(a)   Fair Value
Industrial — (continued)
  Sensata Technologies BV(d)  
$   935,000 4.00%, 04/15/2029 $    853,737
   870,000 5.88%, 09/01/2030(c)     851,165
    820,000 Smyrna Ready Mix Concrete LLC(d)
8.88%, 11/15/2031
     876,491
  Spirit AeroSystems Inc(d)  
   275,000 9.38%, 11/30/2029     299,966
 1,485,000 9.75%, 11/15/2030   1,661,071
  Standard Industries Inc(d)  
225,000 5.00%, 02/15/2027 218,256
1,185,000 4.75%, 01/15/2028 1,130,942
225,000 4.38%, 07/15/2030 202,173
860,000 3.38%, 01/15/2031 721,079
530,000 Terex Corp(d)
5.00%, 05/15/2029
500,366
105,000 TK Elevator Midco GmbH
EUR, 4.38%, 07/15/2027
108,892
  TransDigm Inc  
1,415,000 5.50%, 11/15/2027 1,384,935
910,000 6.75%, 08/15/2028(d) 922,010
1,995,000 4.88%, 05/01/2029 1,855,771
560,000 6.88%, 12/15/2030(d) 570,861
170,000 7.13%, 12/01/2031(d) 175,195
810,000 6.63%, 03/01/2032(d) 818,336
1,505,000 TTM Technologies Inc(c)(d)
4.00%, 03/01/2029
1,365,035
465,000 Vertiv Group Corp(c)(d)
4.13%, 11/15/2028
432,655
320,000 Watco Cos LLC / Watco Finance Corp(d)
6.50%, 06/15/2027
316,292
  WESCO Distribution Inc(d)  
205,000 6.38%, 03/15/2029 207,108
205,000 6.63%, 03/15/2032 208,319
    43,846,386
Technology — 2.88%
710,000 CDW LLC / CDW Finance Corp
3.25%, 02/15/2029
642,842
325,000 Central Parent Inc / CDK Global Inc(d)
7.25%, 06/15/2029
331,762
3,195,000 Cloud Software Group Inc(d)
6.50%, 03/31/2029
3,031,932
985,000 Crowdstrike Holdings Inc(c)
3.00%, 02/15/2029
873,564
2,020,000 NCR Voyix Corp(d)
5.13%, 04/15/2029
1,873,455
740,000 RingCentral Inc(c)(d)
8.50%, 08/15/2030
769,403
  Seagate HDD Cayman  
360,000 3.13%, 07/15/2029 302,901
220,000 9.63%, 12/01/2032 250,645
  Twilio Inc  
1,345,000 3.63%, 03/15/2029 1,209,724
485,000 3.88%, 03/15/2031 423,400
1,060,000 UKG Inc(d)
6.88%, 02/01/2031
1,079,851
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Technology — (continued)
$ 1,850,000 ZoomInfo Technologies LLC / ZoomInfo Finance Corp(c)(d)
3.88%, 02/01/2029
$  1,665,322
    12,454,801
Utilities — 1.66%
    580,000 Calpine Corp(d)
5.00%, 02/01/2031
     532,032
    340,000 Electricite de France SA(d)(f)
9.13%, Perpetual
     374,573
  NRG Energy Inc(d)  
   795,000 10.25%, Perpetual(f)     852,803
190,000 3.75%, 06/15/2024 188,992
185,000 Pacific Gas & Electric Co(h)
2.95%, 03/01/2026
176,621
1,430,000 PG&E Corp(c)
5.25%, 07/01/2030
1,358,835
715,000 Vistra Corp(d)(f)
7.00%, Perpetual
707,954
  Vistra Operations Co LLC(d)  
1,565,000 5.00%, 07/31/2027 1,515,431
1,040,000 7.75%, 10/15/2031 1,089,171
380,000 6.95%, 10/15/2033 405,598
    7,202,010
TOTAL CORPORATE BONDS AND NOTES — 68.04%
(Cost $296,786,563)
$294,438,956
CONVERTIBLE BONDS
Communications — 3.96%
425,000 Airbnb Inc(j)
3.84%, 03/15/2026
395,217
694,000 Booking Holdings Inc
0.75%, 05/01/2025
1,339,420
1,276,000 Cable One Inc
1.13%, 03/15/2028
957,766
302,000 DISH Network Corp(j)
21.58%, 12/15/2025
220,460
1,830,000 Etsy Inc(c)
0.25%, 06/15/2028
1,441,125
639,000 Fiverr International Ltd(j)
7.18%, 11/01/2025
573,502
652,000 Liberty Broadband Corp(d)
3.13%, 03/31/2053
616,988
1,101,000 Liberty Media Corp-Liberty Formula One
2.25%, 08/15/2027
1,125,955
409,000 Lyft Inc(c)(d)
0.63%, 03/01/2029
477,760
773,000 Match Group Financeco 3 Inc(d)
2.00%, 01/15/2030
662,882
1,154,000 Okta Inc
0.38%, 06/15/2026
1,057,064
426,000 Palo Alto Networks Inc
0.38%, 06/01/2025
1,215,804
1,513,000 Snap Inc(j)
7.77%, 05/01/2027
1,219,932
Principal Amount(a)   Fair Value
Communications — (continued)
$   576,000 Spotify USA Inc(j)
4.55%, 03/15/2026
$    528,768
  1,558,000 Uber Technologies Inc(c)(d)
0.88%, 12/01/2028
  1,927,246
    594,000 Upwork Inc
0.25%, 08/15/2026
     517,908
  1,493,000 Wayfair Inc(c)
3.25%, 09/15/2027
  1,963,295
    742,000 Zillow Group Inc
1.38%, 09/01/2026
    914,053
    17,155,145
Consumer, Cyclical — 1.84%
532,000 Carnival Corp
5.75%, 12/01/2027
800,660
839,000 DraftKings Holdings Inc(j)
4.02%, 03/15/2028
723,637
556,000 IMAX Corp
0.50%, 04/01/2026
516,413
1,372,000 Live Nation Entertainment Inc(c)
3.13%, 01/15/2029
1,645,577
  NCL Corp Ltd  
166,000 5.38%, 08/01/2025 216,962
490,000 2.50%, 02/15/2027 474,565
816,000 Patrick Industries Inc
1.75%, 12/01/2028
1,053,431
632,000 Rivian Automotive Inc
4.63%, 03/15/2029
505,916
273,000 Royal Caribbean Cruises Ltd
6.00%, 08/15/2025
775,866
694,000 Shake Shack Inc(j)
2.66%, 03/01/2028
628,504
694,000 Vail Resorts Inc(j)
5.28%, 01/01/2026
635,010
    7,976,541
Consumer, Non-Cyclical — 4.18%
489,000 Alnylam Pharmaceuticals Inc
1.00%, 09/15/2027
459,599
452,000 Ascendis Pharma A/S
2.25%, 04/01/2028
520,044
419,000 BioMarin Pharmaceutical Inc(c)
1.25%, 05/15/2027
413,260
1,166,000 Block Inc
0.25%, 11/01/2027
971,861
219,000 Bridgebio Pharma Inc(c)
2.50%, 03/15/2027
234,630
545,000 Chefs' Warehouse Inc
2.38%, 12/15/2028
596,502
624,000 CONMED Corp
2.25%, 06/15/2027
570,211
361,000 Cytokinetics Inc
3.50%, 07/01/2027
573,087
2,116,000 Dexcom Inc(d)
0.38%, 05/15/2028
2,266,565
1,827,000 Exact Sciences Corp
0.38%, 03/01/2028
1,684,311
826,000 Global Payments Inc(d)
1.50%, 03/01/2031
873,082
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
$   333,000 Guardant Health Inc(j)
13.00%, 11/15/2027
$    226,240
  Halozyme Therapeutics Inc  
   406,000 0.25%, 03/01/2027     359,248
   191,000 1.00%, 08/15/2028     185,567
    557,000 Innoviva Inc
2.50%, 08/15/2025
     597,244
    534,000 Insmed Inc
0.75%, 06/01/2028
     571,914
    355,000 Insulet Corp
0.38%, 09/01/2026
     369,023
576,000 Integer Holdings Corp
2.13%, 02/15/2028
831,168
291,000 Jazz Investments I Ltd
2.00%, 06/15/2026
288,203
775,000 Lantheus Holdings Inc
2.63%, 12/15/2027
857,150
311,000 Mirum Pharmaceuticals Inc(d)
4.00%, 05/01/2029
350,466
506,000 Repligen Corp(d)
1.00%, 12/15/2028
566,595
353,000 Revance Therapeutics Inc(c)
1.75%, 02/15/2027
256,808
405,000 Sarepta Therapeutics Inc
1.25%, 09/15/2027
473,081
1,400,000 Shift4 Payments Inc
0.50%, 08/01/2027
1,298,500
476,000 Shockwave Medical Inc(d)
1.00%, 08/15/2028
608,090
733,000 Teladoc Health Inc(c)
1.25%, 06/01/2027
617,552
418,000 TransMedics Group Inc(d)
1.50%, 06/01/2028
458,633
    18,078,634
Energy — 0.19%
325,000 Nabors Industries Inc
1.75%, 06/15/2029
244,563
461,000 Northern Oil & Gas Inc
3.63%, 04/15/2029
561,267
    805,830
Financial — 0.61%
487,000 Coinbase Global Inc(d)
0.25%, 04/01/2030
513,015
419,000 Realogy Group LLC / Realogy Co-Issuer Corp
0.25%, 06/15/2026
332,058
530,000 Rexford Industrial Realty LP REIT(d)
4.13%, 03/15/2029
539,468
629 SoFi Technologies Inc(d)(j)
6.74%, 10/15/2026
537
1,126,000 Welltower OP LLC REIT(d)
2.75%, 05/15/2028
1,253,351
    2,638,429
Principal Amount(a)   Fair Value
Industrial — 1.05%
$   926,000 Axon Enterprise Inc
0.50%, 12/15/2027
$  1,345,524
    439,000 Fluor Corp(d)
1.13%, 08/15/2029
     493,656
    452,000 Granite Construction Inc(d)
3.75%, 05/15/2028
     620,144
    747,000 Middleby Corp
1.00%, 09/01/2025
     981,185
    995,000 Tetra Tech Inc(d)
2.25%, 08/15/2028
  1,091,415
    4,531,924
Technology — 4.38%
1,111,000 Akamai Technologies Inc
0.38%, 09/01/2027
1,169,327
863,000 Altair Engineering Inc
1.75%, 06/15/2027
1,130,530
1,177,000 Bentley Systems Inc
0.38%, 07/01/2027
1,055,575
418,000 Cloudflare Inc(j)
2.87%, 08/15/2026
391,248
402,000 Confluent Inc(j)
6.00%, 01/15/2027
344,245
280,000 Datadog Inc
0.13%, 06/15/2025
394,520
755,000 Dropbox Inc(j)
1.83%, 03/01/2028
704,509
743,000 Envestnet Inc
2.63%, 12/01/2027
784,980
470,000 Evolent Health Inc(d)
3.50%, 12/01/2029
539,090
355,000 HubSpot Inc
0.38%, 06/01/2025
795,910
345,000 Impinj Inc
1.13%, 05/15/2027
465,957
  Lumentum Holdings Inc  
406,000 0.50%, 12/15/2026 356,198
244,000 1.50%, 12/15/2029(d) 229,244
  MicroStrategy Inc(d)  
342,000 0.63%, 03/15/2030 456,775
286,000 0.88%, 03/15/2031 290,147
359,000 MongoDB Inc
0.25%, 01/15/2026
628,496
  ON Semiconductor Corp  
90,000 (10.32%), 05/01/2027(j) 132,165
1,324,000 0.50%, 03/01/2029 1,302,816
674,000 Parsons Corp(d)
2.63%, 03/01/2029
729,605
  Progress Software Corp  
692,000 1.00%, 04/15/2026 716,220
133,000 3.50%, 03/01/2030(c)(d) 134,663
1,406,000 Seagate HDD Cayman(d)
3.50%, 06/01/2028
1,787,729
709,000 Super Micro Computer Inc(d)(j)
(2.00%), 03/01/2029
786,623
1,035,000 Tyler Technologies Inc
0.25%, 03/15/2026
1,039,657
942,000 Unity Software Inc(j)
6.84%, 11/15/2026
798,345
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Technology — (continued)
$ 1,206,000 Wolfspeed Inc
1.88%, 12/01/2029
$    673,069
    698,000 Workiva Inc(d)
1.25%, 08/15/2028
     648,093
    364,000 Zscaler Inc
0.13%, 07/01/2025
    495,932
    18,981,668
Utilities — 1.01%
    998,000 CMS Energy Corp(d)
3.38%, 05/01/2028
     981,533
  1,277,000 NRG Energy Inc
2.75%, 06/01/2048
  2,112,796
684,000 PG&E Corp(d)
4.25%, 12/01/2027
687,078
609,000 PPL Capital Funding Inc
2.88%, 03/15/2028
582,813
    4,364,220
TOTAL CONVERTIBLE BONDS — 17.22%
(Cost $69,673,933)
$74,532,391
Shares    
COMMON STOCK
Communications — 0.06%
900 Palo Alto Networks Inc(k) 255,717
Energy — 0.34%
8,200 Exxon Mobil Corp 953,168
29,910 Permian Resources Corp 528,211
    1,481,379
Industrial — 0.07%
8,430 GFL Environmental Inc 290,835
Utilities — 0.01%
338 Genon Energy Inc(i)(k) 56,480
TOTAL COMMON STOCK — 0.48%
(Cost $1,943,526)
$2,084,411
CONVERTIBLE PREFERRED STOCK
Financial — 0.49%
1,763 Bank of America Corp 7.25% 2,104,792
Industrial — 0.41%
13,789 Chart Industries Inc 6.75% 910,901
7,045 RBC Bearings Inc 5.00% 861,251
    1,772,152
Shares   Fair Value
Utilities — 0.27%
29,821 NextEra Energy Inc 6.93%(c) $  1,176,737
TOTAL CONVERTIBLE PREFERRED STOCK — 1.17%
(Cost $4,908,139)
$5,053,681
RIGHTS
Utilities — 0.00%(l)
18,138 Texas Competitive Electric Holdings(i)(k)      22,672
TOTAL RIGHTS — 0.00%(l)
(Cost $20,531)
$22,672
Principal Amount    
SHORT TERM INVESTMENTS
Repurchase Agreements — 13.55%
$14,663,403 Undivided interest of 10.65% 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 $14,663,403 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.(m) 14,663,403
14,663,403 Undivided interest of 8.20% 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 $14,663,403 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.(m) 14,663,403
14,663,403 Undivided interest of 8.22% 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 $14,663,403 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.(m) 14,663,403
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$14,663,403 Undivided interest of 8.26% 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 $14,663,403 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.(m) $ 14,663,403
TOTAL SHORT TERM INVESTMENTS — 13.55%
(Cost $58,653,612)
$58,653,612
TOTAL INVESTMENTS — 107.17%
(Cost $461,075,300)
$463,809,918
OTHER ASSETS & LIABILITIES, NET — (7.17)% $(31,038,288)
TOTAL NET ASSETS — 100.00% $432,771,630
(a) Amount is stated in U.S. dollars unless otherwise noted.
(b) Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024.
(c) All or a portion of the security is on loan at March 28, 2024.
(d) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(e) Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer.
(f) Security has no contractual maturity date and pays an indefinite stream of interest.
(g) Security in bankruptcy.
(h) Security in default.
(i) Security is fair valued using significant unobservable inputs.
(j) Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(k) Non-income producing security.
(l) Represents less than 0.005% of net assets.
(m) Collateral received for securities on loan.
LP Limited Partnership
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
At March 28, 2024 the Fund held the following 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)
BA EUR 132,300 USD 144,259 06/20/2024 $(1,044)
BA USD 195,150 EUR 179,100 06/20/2024 1,273
GS USD 105,030 EUR 96,400 06/20/2024 676
MS USD 307,482 EUR 282,100 06/20/2024 2,107
RBS USD 1,681,533 EUR 1,537,400 06/20/2024 17,287
SSB USD 4,051,979 EUR 3,719,200 06/20/2024 25,920
SSB USD 637,700 GBP 500,000 06/20/2024 6,388
UBS EUR 1,144,000 USD 1,247,263 06/20/2024 (8,875)
          Net Appreciation $43,732
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024, the Fund held the following outstanding centrally cleared credit default swaps:
Reference
Obligation
Notional Amount
(000)(a)

Value
Upfront
Payments/
Receipts
Fixed
Deal
Pay/Receive
Rate
Maturity
Date
Net Unrealized
Appreciation
Implied
Credit
Spread(b)
Receive
Frequency
Pay
Frequency
Sell Credit Protection                    
CDX.NA.HY.41(c) USD 8,304 $614,289 $31,190 5.00% 12/20/2028 $583,099 3.11% Quarterly -
            Net Appreciation $583,099      
(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(c) Based on an index of North American bonds with investment grade credit ratings that trade in the credit default swap market.
Abbreviations  
BA Bank of America Corp
GS Goldman Sachs
MS Morgan Stanley & Co LLC
RBS Royal Bank of Scotland
SSB State Street Bank
UBS UBS AG
Currency Abbreviations  
EUR Euro Dollar
GBP British Pound
USD U.S. Dollar
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Municipal Bonds And Notes — 0.13%
$     620,000 Louisiana Local Government Environmental Facilities & Community Development Authority
Series 2022-ELL Class A3
4.28%, 02/01/2036  
$    589,640
Non-Agency — 14.06%
    1,000,000 37 Capital Ltd(a)(b)
Series 2021-1A Class A
6.78%, 10/15/2034
3-mo. SOFR + 1.46%
     999,955
      708,229 AMMC XI Ltd(a)(b)
Series 2012-11A Class A1R2
6.59%, 04/30/2031
3-mo. SOFR + 1.27%
     708,622
  Anchorage Capital Ltd(a)(b)  
  Series 2014-3RA Class A  
2,570,884 6.63%, 01/28/2031
3-mo. SOFR + 1.31%
2,570,931
  Series 2014-4RA Class A  
3,329,234 6.63%, 01/28/2031
3-mo. SOFR + 1.31%
3,330,336
4,585,524 Apidos XII(a)(b)
Series 2013-12A Class AR
6.66%, 04/15/2031
3-mo. SOFR + 1.34%
4,587,249
1,348,922 Apidos XV(a)(b)
Series 2013-15A Class A1RR
6.59%, 04/20/2031
3-mo. SOFR + 1.27%
1,349,378
300,000 Bank of America Auto Trust(a)
Series 2023-2A Class A2
5.85%, 08/17/2026  
300,686
  Barclays Dryrock Issuance Trust  
  Series 2023-1 Class A  
1,900,000 4.72%, 02/15/2029   1,886,924
  Series 2023-2 Class A  
2,600,000 6.22%, 08/15/2028(b)
1-mo. SOFR + 0.90%
2,618,256
750,000 Barings Ltd(a)(b)
Series 2024-1A Class D
9.27%, 01/20/2037
3-mo. SOFR + 4.00%
750,944
1,000,000 Capital One Multi-Asset Execution Trust
Series 2022-A3 Class A
4.95%, 10/15/2027  
996,103
3,400,000 Cathedral Lake VI Ltd(a)(b)
Series 2021-6A Class AN
6.84%, 04/25/2034
3-mo. SOFR + 1.51%
3,396,688
675,000 Citibank Credit Card Issuance Trust
Series 2023-A1 Class A1
5.23%, 12/08/2027  
674,849
Principal Amount   Fair Value
Non-Agency — (continued)
$   2,000,000 Clover Ltd(a)(b)
Series 2019-2A Class AR
6.69%, 10/25/2033
3-mo. SOFR + 1.36%
$  2,000,070
    1,000,000 Discover Card Execution Note Trust
Series 2023-A1 Class A
4.31%, 03/15/2028  
     985,779
    4,021,673 Dryden Ltd(a)(b)
Series 2018-57A Class A
6.58%, 05/15/2031
3-mo. SOFR + 1.27%
  4,026,077
       22,531 Educational Funding of the South Inc(b)
Series 2011-1 Class A2
6.27%, 04/25/2035
3-mo. SOFR + 0.91%
      22,525
  Ford Credit Auto Owner Trust  
  Series 2021-1 Class A  
      500,000 1.37%, 10/17/2033(a)       463,083
  Series 2023-C Class A2A  
600,000 5.68%, 09/15/2026   600,985
  Series 2024-1 Class A  
1,075,000 4.87%, 08/15/2036(a)   1,075,124
3,907,408 Galaxy XXI Ltd(a)(b)
Series 2015-21A Class AR
6.60%, 04/20/2031
3-mo. SOFR + 1.28%
3,908,893
1,025,000 GM Financial Consumer Automobile Receivables Trust
Series 2023-4 Class A2A
5.89%, 11/16/2026  
1,027,435
1,500,000 Halseypoint Ltd(a)(b)
Series 2023-7A Class A
7.57%, 07/20/2036
3-mo. SOFR + 2.25%
1,515,894
122,089 Helios Issuer LLC(a)
Series 2023-GRID1 Class 1A
5.75%, 12/20/2050  
123,899
1,800,000 Honda Auto Receivables Owner Trust
Series 2023-4 Class A3
5.67%, 06/21/2028  
1,822,382
584,556 Hyundai Auto Receivables Trust
Series 2023-A Class A2A
5.19%, 12/15/2025  
583,612
1,900,000 Invesco Ltd(a)(b)
Series 2021-2A Class A
6.70%, 07/15/2034
3-mo. SOFR + 1.38%
1,899,973
408,249 JPMorgan Mortgage Trust(a)(b)
Series 2023-HE3 Class A1
6.92%, 05/25/2054
1-mo. SOFR + 1.60%
410,797
2,668,462 Madison Park Funding XXX LTD(a)(b)
Series 2018-30A Class A
6.33%, 04/15/2029
3-mo. SOFR + 1.01%
2,668,465
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$     592,511 Nissan Auto Receivables Owner Trust
Series 2023-A Class A2A
5.34%, 02/17/2026  
$    591,870
    1,525,000 OCP Ltd(a)(b)
Series 2016-11A Class A1R2
6.74%, 04/26/2036
3-mo. SOFR + 1.42%
  1,525,253
      800,000 RRX Ltd(a)(b)
Series 2021-IIIA Class A2
7.33%, 04/15/2034
3-mo. SOFR + 2.01%
     800,439
    1,157,587 Santander Drive Auto Receivables Trust
Series 2023-6 Class A2
6.08%, 05/17/2027  
  1,160,837
      250,000 Sound Point IV-R Ltd(a)(b)
Series 2013-3RA Class D
8.81%, 04/18/2031
3-mo. SOFR + 3.51%
     226,469
    2,000,000 Trinitas VI Ltd(a)(b)
Series 2017-6A Class CRR1
7.84%, 01/25/2034
3-mo. SOFR + 2.51%
  1,976,376
    4,546,787 Vibrant VIII Ltd(a)(b)
Series 2018-8A Class A1A
6.72%, 01/20/2031
3-mo. SOFR + 1.40%
  4,548,060
5,093,293 Voya Ltd(a)(b)
Series 2016-1A Class A1R
6.65%, 01/20/2031
3-mo. SOFR + 1.33%
5,096,471
660,191 World Omni Auto Receivables Trust
Series 2023-B Class A2A
5.25%, 11/16/2026  
659,264
    63,890,953
TOTAL ASSET-BACKED SECURITIES — 14.19%
(Cost $64,512,300)
$64,480,593
CORPORATE BONDS AND NOTES
Basic Materials — 0.39%
185,000 CF Industries Inc
5.38%, 03/15/2044
174,022
215,000 Freeport-McMoRan Inc
4.63%, 08/01/2030
206,500
400,000 Glencore Funding LLC(a)
1.63%, 04/27/2026
370,896
  Nucor Corp  
175,000 3.95%, 05/23/2025 172,254
650,000 4.30%, 05/23/2027 637,021
250,000 Steel Dynamics Inc
1.65%, 10/15/2027
222,775
    1,783,468
Principal Amount   Fair Value
Communications — 2.40%
$   1,922,000 AT&T Inc
2.30%, 06/01/2027
$  1,771,629
    1,800,000 Charter Communications Operating LLC / Charter Communications Operating Capital
4.91%, 07/23/2025
  1,778,094
      215,000 Cisco Systems Inc
5.05%, 02/26/2034
     217,895
       68,000 Expedia Group Inc
2.95%, 03/15/2031
      59,341
      425,000 FactSet Research Systems Inc
2.90%, 03/01/2027
     399,558
    1,025,000 Meta Platforms Inc
3.50%, 08/15/2027
     986,190
  Netflix Inc  
205,000 4.88%, 04/15/2028 204,712
670,000 5.88%, 11/15/2028 696,484
  Prosus NV  
380,000 3.26%, 01/19/2027(a) 352,123
590,000 3.68%, 01/21/2030 517,894
1,610,000 Rogers Communications Inc
3.20%, 03/15/2027
1,528,335
  T-Mobile USA Inc  
1,606,000 3.75%, 04/15/2027 1,546,750
250,000 4.75%, 02/01/2028 246,682
230,000 3.38%, 04/15/2029 212,711
440,000 3.88%, 04/15/2030 412,184
    10,930,582
Consumer, Cyclical — 1.33%
  AutoNation Inc  
345,000 4.50%, 10/01/2025 339,693
125,000 1.95%, 08/01/2028(c) 108,178
  General Motors Financial Co Inc  
450,000 4.30%, 07/13/2025 443,167
825,000 1.25%, 01/08/2026 767,734
1,000,000 5.00%, 04/09/2027 992,572
310,000 Lennar Corp
4.75%, 11/29/2027
306,078
220,000 Lithia Motors Inc(a)(c)
4.38%, 01/15/2031
197,060
  Lowe's Cos Inc  
425,000 1.70%, 09/15/2028 371,573
225,000 3.75%, 04/01/2032 206,675
  Marriott International Inc  
500,000 5.00%, 10/15/2027 498,515
292,000 4.88%, 05/15/2029 289,036
215,000 Mattel Inc(a)
5.88%, 12/15/2027
215,836
215,000 Newell Brands Inc
4.88%, 06/01/2025
211,821
  Warnermedia Holdings Inc  
887,000 4.05%, 03/15/2029 830,344
300,000 4.28%, 03/15/2032 267,971
    6,046,253
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Consumer, Non-Cyclical — 4.59%
  AbbVie Inc  
$     675,000 4.80%, 03/15/2029 $    675,990
      661,000 3.20%, 11/21/2029     609,110
      700,000 4.95%, 03/15/2031(c)     704,995
      680,000 5.05%, 03/15/2034     688,429
      110,000 Adventist Health System
2.95%, 03/01/2029
      99,103
  Amgen Inc  
2,775,000 5.15%, 03/02/2028 2,792,789
630,000 5.25%, 03/02/2030 639,575
675,000 Banner Health
2.34%, 01/01/2030
588,808
245,000 Baylor Scott & White Holdings
1.78%, 11/15/2030
200,336
925,000 Becton Dickinson & Co
3.70%, 06/06/2027
888,685
  Bristol-Myers Squibb Co  
685,000 4.90%, 02/22/2029 687,883
275,000 2.95%, 03/15/2032(c) 240,196
327,000 Cardinal Health Inc
5.13%, 02/15/2029
327,638
235,000 Centene Corp
2.50%, 03/01/2031
193,293
  Constellation Brands Inc  
925,000 3.70%, 12/06/2026 892,340
64,000 4.75%, 05/09/2032 62,523
125,000 CSL Finance PLC(a)
3.85%, 04/27/2027
120,635
  CVS Health Corp  
151,000 3.25%, 08/15/2029 138,493
225,000 1.88%, 02/28/2031 183,326
  GE HealthCare Technologies Inc  
820,000 5.65%, 11/15/2027 834,993
255,000 5.86%, 03/15/2030 265,439
950,000 Haleon US Capital LLC
3.38%, 03/24/2027
909,127
200,000 HCA Inc
5.63%, 09/01/2028
202,485
175,000 Humana Inc
5.95%, 03/15/2034
181,712
580,000 J M Smucker Co
5.90%, 11/15/2028
601,414
230,000 JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc
3.75%, 12/01/2031
198,863
1,355,000 JDE Peet's NV(a)
1.38%, 01/15/2027
1,218,595
800,000 Keurig Dr Pepper Inc
4.60%, 05/25/2028
789,367
45,000 Kraft Heinz Foods Co
6.50%, 02/09/2040
48,948
450,000 PayPal Holdings Inc
3.90%, 06/01/2027
437,919
595,000 Pfizer Investment Enterprises Pte Ltd
4.75%, 05/19/2033
585,827
225,000 Pilgrim's Pride Corp
4.25%, 04/15/2031
202,824
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
$     235,000 PRA Health Sciences Inc(a)
2.88%, 07/15/2026
$    219,091
      255,000 Rush Obligated Group
3.92%, 11/15/2029
     242,302
      515,000 S&P Global Inc(c)
4.25%, 05/01/2029
     501,705
  Solventum Corp(a)  
      920,000 5.40%, 03/01/2029     921,854
      460,000 5.60%, 03/23/2034     461,504
      180,000 Stanford Health Care
3.31%, 08/15/2030
     164,546
218,000 STERIS Irish FinCo Unlimited Co
2.70%, 03/15/2031
186,023
130,000 Sutter Health
2.29%, 08/15/2030
111,424
  UnitedHealth Group Inc  
736,000 5.30%, 02/15/2030 753,523
100,000 4.20%, 05/15/2032 95,035
    20,868,667
Energy — 1.34%
354,000 Aker BP ASA(a)
2.00%, 07/15/2026
327,149
  Cheniere Energy Partners LP  
220,000 4.50%, 10/01/2029 209,384
245,000 5.95%, 06/30/2033 250,481
745,000 Columbia Pipelines Operating Co LLC(a)
6.04%, 11/15/2033
771,854
210,000 DCP Midstream Operating LP
5.63%, 07/15/2027
211,760
  Energy Transfer LP  
1,000,000 4.20%, 04/15/2027 972,324
325,000 5.50%, 06/01/2027 327,012
205,000 EQT Corp
6.13%, 02/01/2025
205,244
1,050,000 MPLX LP
1.75%, 03/01/2026
981,534
150,000 Phillips 66
1.30%, 02/15/2026
139,553
930,000 Reliance Industries Ltd(a)
2.88%, 01/12/2032
790,106
900,000 Sabine Pass Liquefaction LLC
5.63%, 03/01/2025
899,213
    6,085,614
Financial — 3.54%
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
1,175,000 2.45%, 10/29/2026 1,091,175
235,000 3.00%, 10/29/2028 212,633
250,000 3.30%, 01/30/2032 214,414
375,000 Air Lease Corp(c)
2.88%, 01/15/2026
358,595
550,000 Ally Financial Inc(c)
7.10%, 11/15/2027
574,676
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$     325,000 Aviation Capital Group LLC(a)
1.95%, 01/30/2026
$    303,349
  Avolon Holdings Funding Ltd(a)  
      500,000 4.25%, 04/15/2026     482,561
      295,000 6.38%, 05/04/2028     300,956
      200,000 Banco Santander SA
2.75%, 12/03/2030
     165,299
  Bank of America Corp  
      925,000 4.18%, 11/25/2027     897,878
804,000 5.20%, 04/25/2029 804,761
  Bank of New York Mellon Corp  
75,000 4.60%, 07/26/2030 73,618
200,000 5.83%, 10/25/2033 208,842
  BNP Paribas SA(a)  
975,000 3.38%, 01/09/2025 958,919
625,000 1.32%, 01/13/2027 580,963
950,000 BPCE SA(a)
1.65%, 10/06/2026
891,922
875,000 Citigroup Inc(b)
6.04%, 10/30/2024
876,050
950,000 Crown Castle Inc REIT
3.65%, 09/01/2027
900,539
375,000 Deutsche Bank AG
2.13%, 11/24/2026
353,629
411,000 Fifth Third Bancorp
4.77%, 07/28/2030
395,660
224,000 Host Hotels & Resorts LP REIT
2.90%, 12/15/2031
186,144
450,000 ING Groep NV
4.02%, 03/28/2028
433,581
300,000 Invitation Homes Operating Partnership LP REIT
2.30%, 11/15/2028
265,443
235,000 LPL Holdings Inc(a)
4.00%, 03/15/2029
216,059
  Morgan Stanley  
589,000 5.16%, 04/20/2029 588,525
438,000 2.94%, 01/21/2033 372,266
230,000 MPT Operating Partnership LP / MPT Finance Corp REIT
3.50%, 03/15/2031
157,923
235,000 Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc(a)
3.63%, 03/01/2029
211,393
165,000 Truist Financial Corp
6.05%, 06/08/2027
167,227
325,000 UBS Group AG(a)
2.59%, 09/11/2025
320,380
445,000 US Bancorp
5.78%, 06/12/2029
452,766
230,000 VICI Properties LP / VICI Note Co Inc REIT(a)
3.50%, 02/15/2025
224,953
1,875,000 Wells Fargo & Co
4.10%, 06/03/2026
1,825,013
    16,068,112
Principal Amount   Fair Value
Industrial — 1.88%
$     215,000 AECOM
5.13%, 03/15/2027
$    211,206
      235,000 Atkore Inc(a)
4.25%, 06/01/2031
     208,401
      300,000 Berry Global Inc
1.57%, 01/15/2026
     280,436
      268,000 Boeing Co
5.15%, 05/01/2030
     259,292
    2,835,000 Carrier Global Corp
5.80%, 11/30/2025
  2,853,817
      235,000 Hillenbrand Inc
3.75%, 03/01/2031
     203,936
      150,000 Johnson Controls International PLC / Tyco Fire & Security Finance SCA
4.90%, 12/01/2032
     147,551
150,000 L3Harris Technologies Inc
5.60%, 07/31/2053
152,253
235,000 Masonite International Corp(a)
3.50%, 02/15/2030
207,909
1,190,000 Mexico City Airport Trust
3.88%, 04/30/2028
1,115,997
230,000 Mueller Water Products Inc(a)
4.00%, 06/15/2029
208,617
25,000 Nature Conservancy
1.30%, 07/01/2028
21,496
1,075,000 Penske Truck Leasing Co LP / PTL Finance Corp(a)
4.40%, 07/01/2027
1,046,413
275,000 Republic Services Inc
4.88%, 04/01/2029
275,429
920,000 RTX Corp
6.10%, 03/15/2034
983,282
  Waste Management Inc  
200,000 1.15%, 03/15/2028 174,281
200,000 4.15%, 04/15/2032 191,043
    8,541,359
Technology — 1.90%
  Broadcom Inc(a)  
885,000 2.45%, 02/15/2031 746,073
340,000 4.15%, 04/15/2032 315,431
250,000 3.47%, 04/15/2034 214,227
688,000 3.14%, 11/15/2035 555,836
296,000 Constellation Software Inc(a)
5.16%, 02/16/2029
295,685
  Dell International LLC / EMC Corp  
105,000 5.85%, 07/15/2025 105,529
625,000 6.02%, 06/15/2026 632,988
150,000 5.30%, 10/01/2029 151,841
25,000 6.20%, 07/15/2030 26,305
210,000 Fair Isaac Corp(a)
5.25%, 05/15/2026
207,657
644,000 HP Inc
4.00%, 04/15/2029
615,441
210,000 Intel Corp(c)
5.15%, 02/21/2034
210,479
  MSCI Inc(a)  
585,000 4.00%, 11/15/2029 540,959
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Technology — (continued)
$     225,000 3.63%, 09/01/2030 $    199,706
  Oracle Corp  
      475,000 4.50%, 05/06/2028     467,934
      104,000 2.95%, 04/01/2030      92,544
      625,000 4.65%, 05/06/2030     612,886
   1,000,000 6.25%, 11/09/2032   1,069,942
      537,000 4.90%, 02/06/2033     525,749
400,000 Take-Two Interactive Software Inc
3.70%, 04/14/2027
383,736
  Workday Inc  
250,000 3.50%, 04/01/2027 239,390
275,000 3.70%, 04/01/2029 259,319
175,000 3.80%, 04/01/2032 159,351
    8,629,008
Utilities — 0.20%
475,000 NiSource Inc
5.25%, 03/30/2028
478,265
220,000 NRG Energy Inc(a)
5.25%, 06/15/2029
210,323
230,000 Vistra Operations Co LLC(a)
5.00%, 07/31/2027
222,715
    911,303
TOTAL CORPORATE BONDS AND NOTES — 17.57%
(Cost $83,763,949)
$79,864,366
FOREIGN GOVERNMENT BONDS AND NOTES
  African Export-Import Bank(a)  
200,000 2.63%, 05/17/2026 186,750
200,000 3.80%, 05/17/2031 169,800
856,000 Romanian Government International Bond
3.00%, 02/14/2031  
717,602
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 0.24%
(Cost $1,283,852)
$1,074,152
MORTGAGE-BACKED SECURITIES
Non-Agency — 7.47%
258,395 Angel Oak Mortgage Trust(a)(d)
Series 2021-6 Class A1
1.46%,  09/25/2066  
210,112
  BANK  
  Series 2017-BNK5 Class A5  
1,600,000 3.39%, 06/15/2060   1,513,430
  Series 2023-BNK46 Class A4  
1,100,000 5.75%, 08/15/2056   1,152,664
300,000 BANK5
Series 2023-5YR4 Class A3
6.50%,  12/15/2056  
316,088
Principal Amount   Fair Value
Non-Agency — (continued)
  Barclays Commercial Mortgage Securities Trust  
  Series 2019-C3 Class C  
$     564,000 4.18%, 05/15/2052   $    467,731
  Series 2023-C21 Class AS  
      525,000 6.30%, 09/15/2056(d)       555,983
  Series 2024-C24 Class A5  
      550,000 5.42%, 02/15/2057       565,750
500,000 Benchmark Mortgage Trust
Series 2023-B39 Class A5
5.75%,  07/15/2056  
524,763
825,000 BLP Commercial Mortgage Trust(a)(b)
Series 2024-IND2 Class A
6.67%,  03/15/2041
1-mo. SOFR + 1.34%
825,258
  BMO Mortgage Trust  
  Series 2022-C3 Class A5  
200,000 5.31%, 09/15/2054   203,055
  Series 2023-C5 Class A5  
900,000 5.77%, 06/15/2056   944,200
  Series 2023-C7 Class A5  
1,600,000 6.16%, 12/15/2056   1,729,379
  Series 2023-C7 Class B  
450,000 6.67%, 12/15/2056(d)   478,085
1,178,292 BRAVO Residential Funding Trust(a)(e)
Series 2024-NQM1 Class A1
5.94%,  12/01/2063  
1,175,487
  BX Trust(a)(b)  
  Series 2021-ARIA Class C  
300,000 7.09%, 10/15/2036
1-mo. SOFR + 1.76%
295,888
  Series 2023-VLT2 Class A  
400,000 7.61%, 06/15/2040
1-mo. SOFR + 2.28%
401,625
  Series 2024-BIO Class A  
1,400,000 6.97%, 02/15/2041
1-mo. SOFR + 1.64%
1,402,188
  Series 2024-PAT Class A  
325,000 7.34%, 03/15/2026
1-mo. SOFR + 2.09%
324,797
  Series 2024-WPT Class A  
850,000 6.89%, 03/15/2034
1-mo. SOFR + 1.54%
847,875
  Series 2024-XL4 Class A  
1,450,000 6.77%, 02/15/2039
1-mo. SOFR + 1.44%
1,450,453
  Series 2024-XL5 Class A  
775,000 6.69%, 03/15/2041
1-mo. SOFR + 1.39%
775,390
  Chase Home Lending Mortgage Trust(a)(d)  
  Series 2024-3 Class A5  
175,000 6.00%, 02/25/2055   177,665
  Series 2024-3 Class A5A  
300,000 5.50%, 02/25/2055   296,947
  Series 2024-3 Class A7  
100,000 6.00%, 02/25/2055   101,170
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$     255,000 Citigroup Commercial Mortgage Trust
Series 2019-C7 Class A4
3.10%,  12/15/2072  
$    228,194
      500,000 DC Trust(a)(d)
Series 2024-HLTN Class A
5.73%,  04/13/2028  
     499,950
    1,298,489 ELP Commercial Mortgage Trust(a)(b)
Series 2021-ELP Class A
6.14%,  11/15/2038
1-mo. SOFR + 0.82%
  1,287,127
      632,488 Great Wolf Trust(a)(b)
Series 2019-WOLF Class A
6.67%,  12/15/2036
1-mo. SOFR + 1.35%
     632,291
      650,000 GS Mortgage Securities Trust
Series 2017-GS7 Class A4
3.43%,  08/10/2050  
     607,403
  JPMorgan Mortgage Trust(a)(d)  
  Series 2021-LTV2 Class A1  
750,138 2.52%, 05/25/2052   616,354
  Series 2023-DSC1 Class A1  
601,626 4.63%, 07/25/2063   574,908
  Series 2024-1 Class A2  
1,465,388 6.00%, 06/25/2054   1,461,611
  Series 2024-2 Class A5A  
250,000 6.00%, 08/25/2054   253,906
624,909 Ladder Capital Commercial Mortgage Trust(a)(b)
Series 2021-FL2 Class A
6.64%,  12/13/2038
1-mo. SOFR + 1.31%
610,724
609,721 MF1 Ltd(a)(b)
Series 2021-FL6 Class A
6.54%,  07/16/2036
1-mo. SOFR + 1.21%
605,910
  Onslow Bay Financial LLC(a)  
  Series 2022-J2 Class A1  
589,594 3.50%, 08/25/2052(d)   512,832
  Series 2024-NQM1 Class A1  
1,393,120 5.93%, 11/25/2063(e)   1,391,138
  Series 2024-NQM1 Class A2  
97,763 6.25%, 11/25/2063(e)   97,663
  Series 2024-NQM2 Class A1  
2,254,893 5.88%, 12/25/2063(e)   2,249,542
  Series 2024-NQM4 Class A1  
1,045,014 6.07%, 01/25/2064(e)   1,044,892
675,000 SCG Mortgage Trust(a)(b)
Series 2024-MSP Class A
7.04%,  04/15/2041
1-mo. SOFR + 1.74%
673,313
2,350,000 Starwood Trust(a)(b)
Series 2021-FLWR Class A
6.02%,  07/15/2036
1-mo. SOFR + 0.69%
2,326,500
  Verus Securitization Trust(a)  
  Series 2021-8 Class A1  
88,801 1.82%, 11/25/2066(d)   75,975
  Series 2022-1 Class A1  
731,503 2.72%, 01/25/2067(e)   658,388
Principal Amount   Fair Value
Non-Agency — (continued)
$     925,000 Wells Fargo Commercial Mortgage Trust
Series 2021-C59 Class A5
2.63%,  04/15/2054  
$    785,909
    33,930,513
U.S. Government Agency — 1.76%
  Connecticut Avenue Securities Trust(a)(b)  
  Series 2021-R03 Class 1M2  
      206,000 6.97%, 12/25/2041
1-mo. SOFR + 1.65%
    206,887
  Series 2022-R05 Class 2M1  
129,596 7.22%, 04/25/2042
1-mo. SOFR + 1.90%
130,403
  Series 2022-R05 Class 2M2  
165,000 8.32%, 04/25/2042
1-mo. SOFR + 3.00%
170,143
  Series 2023-R03 Class 2M2  
178,286 9.22%, 04/25/2043
1-mo. SOFR + 3.90%
190,203
  Series 2023-R06 Class 1M2  
140,000 8.02%, 07/25/2043
1-mo. SOFR + 2.70%
144,880
  Series 2023-R08 Class 1B1  
900,000 8.87%, 10/25/2043
1-mo. SOFR + 3.55%
935,398
  Series 2023-R08 Class 1M2  
385,000 7.82%, 10/25/2043
1-mo. SOFR + 2.50%
394,618
  Series 2024-R01 Class 1B1  
450,000 8.02%, 01/25/2044
1-mo. SOFR + 2.70%
452,179
  Series 2024-R01 Class 1M2  
300,000 7.12%, 01/25/2044
1-mo. SOFR + 1.80%
300,906
  Series 2024-R02 Class 1M2  
950,000 7.12%, 02/25/2044
1-mo. SOFR + 1.80%
954,426
  Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(a)(b)  
  Series 2021-DNA5 Class M2  
99,271 6.97%, 01/25/2034
1-mo. SOFR + 1.65%
99,622
  Series 2022-DNA1 Class M1A  
337,863 6.32%, 01/25/2042
1-mo. SOFR + 1.00%
337,755
  Series 2022-DNA3 Class M1A  
120,227 7.32%, 04/25/2042
1-mo. SOFR + 2.00%
121,782
  Series 2022-HQA1 Class M1B  
550,000 8.82%, 03/25/2042
1-mo. SOFR + 3.50%
573,375
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series 2023-HQA2 Class M1B  
$     286,000 8.67%, 06/25/2043
1-mo. SOFR + 3.35%
$    302,545
  Series 2024-HQA1 Class A1  
   1,400,000 6.57%, 03/25/2044
1-mo. SOFR + 1.25%
  1,403,500
  Series 2024-HQA1 Class M1  
      950,000 6.57%, 03/25/2044
1-mo. SOFR + 1.25%
    950,594
  Series 2024-HQA1 Class M2  
350,000 7.32%, 03/25/2044
1-mo. SOFR + 2.00%
350,109
    8,019,325
TOTAL MORTGAGE-BACKED SECURITIES — 9.23%
(Cost $42,400,990)
$41,949,838
MUNICIPAL BONDS AND NOTES
240,000 Chicago O'Hare International Airport Series D
2.35%, 01/01/2030
210,252
85,000 Metropolitan Transportation Authority
5.99%, 11/15/2030
88,485
TOTAL MUNICIPAL BONDS AND NOTES — 0.07%
(Cost $347,806)
$298,737
U.S. TREASURY BONDS AND NOTES
  U.S. Treasury Inflation Indexed Bonds TIPS  
11,391,922(f) 0.13%, 07/15/2026 10,920,004
43,656,751(f) 1.63%, 10/15/2027 43,243,280
8,158,429(f) 1.25%, 04/15/2028 7,926,497
4,601,624(f) 0.88%, 01/15/2029 4,387,023
10,711,383(f) 0.25%, 07/15/2029 9,867,104
21,765,843(f) 0.13%, 01/15/2030 19,710,813
11,063,852(f) 0.13%, 07/15/2030 9,968,455
7,474,480(f) 0.13%, 07/15/2031 6,613,682
42,146,435(f) 0.63%, 07/15/2032 38,222,852
12,053,789(f) 1.13%, 01/15/2033 11,306,152
34,955,050(f) 1.38%, 07/15/2033 33,551,574
26,893,111(f) 1.75%, 01/15/2034 26,553,184
3,279,662(f) 2.13%, 02/15/2040 3,319,032
13,136,636(f) 1.50%, 02/15/2053 11,467,493
823,469(f) 2.13%, 02/15/2054 832,213
  United States Treasury Note/Bond  
4,240,000 4.13%, 03/31/2029 4,221,781
2,110,000 4.13%, 03/31/2031 2,098,131
TOTAL U.S. TREASURY BONDS AND NOTES — 53.74%
(Cost $243,029,063)
$244,209,270
Principal Amount   Fair Value
SHORT TERM INVESTMENTS
Repurchase Agreements — 0.52%
$     399,821 Undivided interest of 0.23% 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 $399,821 on 4/1/24 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 4/4/24 - 3/1/54, with a value of $181,475,005.(g) $    399,821
      993,330 Undivided interest of 0.56% in a repurchase agreement (principal amount/value $178,876,340 with a maturity value of $178,982,473) with HSBC Securities (USA) Inc, 5.34%, dated 3/28/24 to be repurchased at $993,330 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.(g)      993,330
      993,329 Undivided interest of 0.56% in a repurchase agreement (principal amount/value $179,328,251 with a maturity value of $179,434,652) with Citigroup Global Markets Inc, 5.34%, dated 3/28/24 to be repurchased at $993,329 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.(g)     993,329
TOTAL SHORT TERM INVESTMENTS — 0.52%
(Cost $2,386,480)
$2,386,480
TOTAL INVESTMENTS — 95.56%
(Cost $437,724,440)
$434,263,436
OTHER ASSETS & LIABILITIES, NET — 4.44% $20,173,068
TOTAL NET ASSETS — 100.00% $454,436,504
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES 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) Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024.
(c) All or a portion of the security is on loan at March 28, 2024.
(d) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(e) Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date.
(f) Principal amount of the security is adjusted for inflation.
(g) Collateral received for securities on loan.
LP Limited Partnership
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
TIPS Treasury Inflation Protected Securities
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts
Notional Amount
(000)
Expiration
Date
Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Long          
U.S. 10 Year Treasury Note Futures 269 USD 29,804 Jun 2024 $135,493
U.S. 2 Year Treasury Note Futures 370 USD 75,659 Jun 2024 (73,361)
U.S. 5 Year Treasury Note Futures 755 USD 80,797 Jun 2024 144,916
Short          
U.S. 10 Year Treasury Ultra Futures 144 USD 16,504 Jun 2024 (104,128)
U.S. Long Bond Futures 103 USD 12,405 Jun 2024 (159,975)
U.S. Ultra Bond Futures 190 USD 24,510 Jun 2024 (364,103)
        Net Depreciation $(421,158)
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps:
Rate Received by
the Fund
Receive
Frequency
Rate Paid by the Fund Pay
Frequency
Notional Amount
(000)
Maturity Date Net Unrealized
Appreciation
4.00 Annual 1-day SOFR Annual USD 2,400 06/20/2027 2,226
3.73 Annual 1-day SOFR Annual USD 4,290 11/28/2027 24,083
1-day SOFR Annual 3.98% Annual USD 28,120 08/31/2028 (116,637)
1-day SOFR Annual 3.75% Annual USD 3,770 06/20/2031 (16,509)
1-day SOFR Annual 2.68% Annual USD 8,770 07/28/2032 310,087
4.31 Annual 1-day SOFR Annual USD 8,740 10/05/2033 153,201
3.85 Annual 1-day SOFR Annual USD 9,420 11/15/2033 68,881
2.91 Annual 1-day SOFR Annual USD 23,600 07/28/2037 (508,617)
3.39 Annual 1-day SOFR Annual USD 29,440 05/10/2038 (208,969)
1-day SOFR Annual 2.08% Annual USD 23,420 07/28/2047 347,393
1-day SOFR Annual 2.56% Annual USD 25,050 05/11/2053 315,119
1-day SOFR Annual 3.61% Annual USD 5,690 11/15/2053 (132,595)
1-day SOFR Annual 3.51% Annual USD 1,460 11/29/2053 (10,297)
            Net Appreciation $227,366
At March 28, 2024 the Fund held the following outstanding centrally cleared inflation swaps:
Rate Received by the Fund Rate Paid by the Fund Notional Amount
(000)
Termination
Date
Net Unrealized
Appreciation/
(Depreciation)
Payment Frequency
CPI 1.72% USD 21,200 09/23/2025 $3,104,814 At Maturity
CPI 2.06% USD 13,300 12/23/2025 1,624,580 At Maturity
CPI 3.97% USD 56,710 03/10/2025 243,263 At Maturity
CPI 3.39% USD 42,100 06/23/2026 (352,891) At Maturity
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following outstanding centrally cleared inflation swaps:
Rate Received by the Fund Rate Paid by the Fund Notional Amount
(000)
Termination
Date
Net Unrealized
Appreciation/
(Depreciation)
Payment Frequency
CPI 2.45% USD 46,933 07/19/2028 $242,914 At Maturity
        Net Depreciation $4,862,680  
Abbreviations  
CPI Consumer Price Index
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 13.10%
  ACHV ABS Trust(b)  
  Series 2023-1PL Class B  
$       486,650 6.80%, 03/18/2030   $      487,299
  Series 2023-3PL Class B  
        970,000 7.17%, 08/19/2030          974,848
        528,623 ACM Auto Trust(b)
Series 2023-2A Class A
7.97%, 06/20/2030  
       532,376
965,000 Adams Outdoor Advertising LP(b)
Series 2023-1 Class A2
6.97%, 07/15/2053  
1,001,737
  Affirm Asset Securitization Trust(b)  
  Series 2022-A Class 1A  
887,000 4.30%, 05/17/2027   881,314
  Series 2023-B Class A  
325,000 6.82%, 09/15/2028   329,843
  Series 2024-A Class B  
330,000 5.93%, 02/15/2029   329,149
455,000 Aimco Ltd(b)(c)
Series 2020-12A Class AR
6.49%, 01/17/2032
3-mo. SOFR + 1.17%
455,043
  American Credit Acceptance Receivables Trust(b)  
  Series 2022-1 Class D  
200,000 2.46%, 03/13/2028   194,425
  Series 2022-1 Class E  
855,000 3.64%, 03/13/2028   817,474
  Series 2022-4 Class C  
100,000 7.86%, 02/15/2029   100,953
  Series 2023-4 Class D  
500,000 7.65%, 09/12/2030   510,151
  AmeriCredit Automobile Receivables Trust  
  Series 2019-3 Class D  
268,423 2.58%, 09/18/2025   267,991
  Series 2020-3 Class D  
85,000 1.49%, 09/18/2026   81,352
  AMSR Trust(b)  
  Series 2020-SFR2 Class D  
540,000 3.28%, 07/17/2037   520,058
  Series 2021-SFR2 Class C  
1,992,879 1.88%, 08/17/2038   1,813,322
  Series 2021-SFR3 Class D  
520,000 2.18%, 10/17/2038   471,777
1,586,604 Amur Equipment Finance Receivables XII LLC(b)
Series 2023-1A Class A2
6.09%, 12/20/2029  
1,596,162
1,204,000 Applebee's Funding LLC / IHOP Funding LLC(b)
Series 2023-1A Class A2
7.82%, 03/05/2053  
1,244,708
  Aqua Finance Trust(b)  
  Series 2019-A Class A  
146,901 3.14%, 07/16/2040   138,092
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2019-A Class C  
$       803,100 4.01%, 07/16/2040   $      728,408
  Series 2021-A Class B  
        110,000 2.40%, 07/17/2046           90,748
      1,746,650 Arbys Funding LLC(b)
Series 2020-1A Class A2
3.24%, 07/30/2050  
     1,614,946
        770,000 Auxilior Term Funding LLC(b)
Series 2023-1A Class D
7.27%, 12/16/2030  
       775,390
        865,000 Avant Credit Card Master Trust(b)
Series 2021-1A Class A
1.37%, 04/15/2027  
       835,118
301,067 Avid Automobile Receivables Trust(b)
Series 2023-1 Class A
6.63%, 07/15/2026  
301,269
  Avis Budget Rental Car Funding AESOP LLC(b)  
  Series 2019-2A Class D  
1,607,000 3.04%, 09/22/2025   1,588,893
  Series 2020-2A Class A  
495,000 2.02%, 02/20/2027   467,168
  Series 2020-2A Class C  
145,000 4.25%, 02/20/2027   140,217
  Series 2021-2A Class C  
160,000 2.35%, 02/20/2028   144,619
  Series 2023-3A Class A  
385,000 5.44%, 02/22/2028   387,231
  Series 2023-8A Class C  
110,000 7.34%, 02/20/2030   115,064
  Series 2024-1A Class C  
100,000 6.48%, 06/20/2030   101,724
  BHG Securitization Trust(b)  
  Series 2022-A Class B  
615,000 2.70%, 02/20/2035   574,120
  Series 2023-B Class A  
1,154,783 6.92%, 12/17/2036   1,179,418
  Series 2023-B Class B  
385,000 7.45%, 12/17/2036   395,681
  Series 2024-1CON Class A  
1,185,000 5.81%, 04/17/2035   1,186,362
  Series 2024-1CON Class B  
195,000 6.49%, 04/17/2035   195,014
  Series 2024-1CON Class C  
100,000 6.86%, 04/17/2035   100,012
910,000 Bridgecrest Lending Auto Securitization Trust
Series 2023-1 Class D
7.84%, 08/15/2029  
956,645
52,009 Business Jet Securities LLC(b)
Series 2021-1A Class B
2.92%, 04/15/2036  
48,234
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$       751,045 BXG Receivables Note Trust(b)
Series 2023-A Class A
5.77%, 11/15/2038  
$      749,116
        843,900 Cajun Global LLC(b)
Series 2021-1 Class A2
3.93%, 11/20/2051  
       764,936
        323,150 CAL Funding IV Ltd(b)
Series 2020-1A Class A
2.22%, 09/25/2045  
       292,489
  CarMax Auto Owner Trust  
  Series 2020-3 Class D  
        200,000 2.53%, 01/15/2027          197,838
  Series 2020-4 Class D  
175,000 1.75%, 04/15/2027   169,726
  Series 2022-1 Class D  
100,000 2.47%, 07/17/2028   93,431
  Series 2023-4 Class D  
100,000 7.16%, 04/15/2030   102,870
  Series 2024-1 Class D  
100,000 6.00%, 07/15/2030   100,160
1,113,000 CarNow Auto Receivables Trust(b)
Series 2023-1A Class C
7.24%, 09/15/2026  
1,112,467
  Carvana Auto Receivables Trust  
  Series 2019-3A Class E  
471,995 4.60%, 07/15/2026(b)   469,943
  Series 2021-P4 Class C  
135,000 2.33%, 02/10/2028   121,879
  Series 2023-N1 Class D  
920,000 6.69%, 07/10/2029(b)   928,287
  Series 2023-N4 Class D  
100,000 7.22%, 02/11/2030(b)   103,133
  Series 2024-N1 Class B  
1,495,000 5.63%, 05/10/2030(b)   1,495,020
176,351 Castlelake Aircraft Securitization Trust(b)
Series 2018-1 Class B
5.30%, 06/15/2043  
135,790
859,865 CCG Receivables Trust(b)
Series 2023-1 Class A2
5.82%, 09/16/2030  
862,733
273,675 CLI Funding VI LLC(b)
Series 2020-3A Class A
2.07%, 10/18/2045  
247,162
146,052 CLI Funding VIII LLC(b)
Series 2021-1A Class A
1.64%, 02/18/2046  
129,552
  College Ave Student Loans LLC(b)  
  Series 2021-A Class C  
68,853 2.92%, 07/25/2051   61,416
  Series 2021-C Class D  
100,000 4.11%, 07/26/2055   88,331
  Series 2023-B Class C  
160,000 7.58%, 06/25/2054   162,633
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$       107,418 Commonbond Student Loan Trust(b)
Series 2020-1 Class A
1.69%, 10/25/2051  
$       94,859
  CoreVest American Finance Trust(b)  
  Series 2019-3 Class A  
        155,484 2.71%, 10/15/2052          151,920
  Series 2019-3 Class B  
        145,000 3.16%, 10/15/2052          129,784
  Series 2019-3 Class C  
235,000 3.27%, 10/15/2052   207,881
  Series 2020-2 Class C  
100,000 4.60%, 05/15/2052(d)   93,733
  Series 2021-1 Class C  
105,000 2.80%, 04/15/2053   86,716
  Series 2021-2 Class C  
205,000 2.48%, 07/15/2054   166,341
  Series 2021-3 Class D  
105,000 3.47%, 10/15/2054   87,831
1,050,000 CPS Auto Receivables Trust(b)
Series 2023-D Class C
7.17%, 01/15/2030  
1,063,481
  Credit Acceptance Auto Loan Trust(b)  
  Series 2021-2A Class C  
250,000 1.64%, 06/17/2030   246,890
  Series 2021-3A Class C  
250,000 1.63%, 09/16/2030   243,196
  Series 2024-1A Class A  
928,000 5.68%, 03/15/2034   931,654
  Series 2024-1A Class C  
170,000 6.71%, 07/17/2034   170,815
155,100 DB Master Finance LLC(b)
Series 2017-1A Class A2II
4.03%, 11/20/2047  
147,815
610,000 Dext ABS LLC(b)
Series 2020-1 Class D
7.21%, 02/15/2028  
599,877
164,862 Diamond Resorts Owner Trust(b)
Series 2021-1A Class B
2.05%, 11/21/2033  
155,382
1,620,000 Discover Card Execution Note Trust
Series 2023-A2 Class A
4.93%, 06/15/2028  
1,616,851
  Domino's Pizza Master Issuer LLC(b)  
  Series 2017-1A Class A23  
324,300 4.12%, 07/25/2047   310,413
  Series 2018-1A Class A2II  
66,325 4.33%, 07/25/2048   63,933
  DT Auto Owner Trust(b)  
  Series 2022-1A Class D  
545,000 3.40%, 12/15/2027   526,459
  Series 2023-1A Class D  
1,091,000 6.44%, 11/15/2028   1,104,059
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2023-3A Class C  
$       570,000 6.40%, 05/15/2029   $      574,527
  Series 2023-3A Class D  
        325,000 7.12%, 05/15/2029          332,815
        114,550 Education Funding Trust Trust(b)
Series 2020-A Class A
2.79%, 07/25/2041  
       102,300
         43,945 Elara HGV Timeshare Issuer LLC(b)
Series 2021-A Class C
2.09%, 08/27/2035  
        40,489
  ELFI Graduate Loan Program LLC(b)  
  Series 2019-A Class A  
119,062 2.54%, 03/25/2044   107,545
  Series 2021-A Class B  
69,562 2.09%, 12/26/2046(d)   57,293
334,000 EverBright Solar Trust(b)
Series 2024-A Class A
6.43%, 06/22/2054  
331,061
  Exeter Automobile Receivables Trust  
  Series 2019-4A Class D  
159,629 2.58%, 09/15/2025(b)   158,741
  Series 2020-2A Class D  
84,262 4.73%, 04/15/2026(b)   84,076
  Series 2022-2A Class D  
100,000 4.56%, 07/17/2028   97,626
  Series 2022-6A Class C  
110,000 6.32%, 05/15/2028   110,646
  Series 2023-2A Class D  
205,000 6.32%, 08/15/2029   206,211
  Series 2023-3A Class D  
1,180,000 6.68%, 04/16/2029   1,198,036
  Series 2023-5A Class D  
655,000 7.13%, 02/15/2030   680,294
811,800 FAT Brands Royalty LLC(b)
Series 2021-1A Class A2
5.75%, 04/25/2051  
785,360
  First Investors Auto Owner Trust(b)  
  Series 2022-1A Class D  
200,000 3.79%, 06/15/2028   191,244
  Series 2022-2A Class D  
145,000 8.71%, 10/16/2028   152,145
  FirstKey Homes Trust(b)  
  Series 2020-SFR1 Class B  
270,000 1.74%, 08/17/2037   254,509
  Series 2020-SFR1 Class D  
200,000 2.24%, 08/17/2037   188,560
  Series 2020-SFR1 Class E  
100,000 2.79%, 08/17/2037   94,694
  Series 2020-SFR2 Class D  
775,000 1.97%, 10/19/2037   722,948
  Series 2021-SFR1 Class D  
505,000 2.19%, 08/17/2038   458,459
  Series 2021-SFR1 Class E1  
335,000 2.39%, 08/17/2038   303,296
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2021-SFR2 Class E1  
$       180,000 2.26%, 09/17/2038   $      161,744
  Series 2021-SFR2 Class E2  
        140,000 2.36%, 09/17/2038          125,697
  Series 2022-SFR2 Class D  
        205,000 4.50%, 07/17/2039          194,222
      1,100,000 Five Guys Holdings Inc(b)
Series 2023-1A Class A2
7.55%, 01/26/2054  
     1,141,651
  Flagship Credit Auto Trust(b)  
  Series 2019-3 Class D  
95,888 2.86%, 12/15/2025   95,071
  Series 2019-4 Class D  
273,983 3.12%, 01/15/2026   270,626
  Series 2020-1 Class D  
554,804 2.48%, 03/16/2026   544,807
  Series 2020-4 Class D  
240,000 2.18%, 02/16/2027   227,593
  Series 2021-2 Class D  
210,000 1.59%, 06/15/2027   192,321
249,375 FOCUS Brands Funding(b)
Series 2023-2 Class A2
8.24%, 10/30/2053  
264,723
175,000 Ford Credit Auto Lease Trust
Series 2023-B Class D
6.97%, 06/15/2028  
179,199
  Foundation Finance Trust(b)  
  Series 2023-2A Class A  
866,860 6.53%, 06/15/2049   881,904
  Series 2023-2A Class B  
100,000 6.97%, 06/15/2049   102,308
230,000 Foursight Capital Automobile Receivables Trust(b)
Series 2021-2 Class D
1.92%, 09/15/2027  
217,529
  Freedom Financial Trust(b)  
  Series 2021-2 Class C  
20,907 1.94%, 06/19/2028   20,792
  Series 2021-3FP Class D  
236,121 2.37%, 11/20/2028   231,108
  Series 2022-1FP Class D  
165,000 3.35%, 03/19/2029   158,715
1,275,000 Frontier Issuer LLC(b)
Series 2023-1 Class A2
6.60%, 08/20/2053  
1,287,706
  GLS Auto Receivables Issuer Trust(b)  
  Series 2020-1A Class C  
4,706 2.72%, 11/17/2025   4,700
  Series 2020-3A Class E  
1,705,000 4.31%, 07/15/2027   1,683,992
  Series 2021-1A Class D  
870,971 1.68%, 01/15/2027   848,234
  Series 2021-2A Class D  
345,000 1.42%, 04/15/2027   329,603
  Series 2022-2A Class D  
770,000 6.15%, 04/17/2028   768,648
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2023-1A Class B  
$       900,000 6.09%, 03/15/2029   $      914,782
  Series 2023-2A Class A3  
        842,000 6.38%, 02/15/2029          861,686
  Series 2023-2A Class D  
        155,000 6.31%, 03/15/2029          156,323
  Series 2023-4A Class D  
300,000 7.18%, 08/15/2029   310,668
  Series 2024-1A Class D  
200,000 5.95%, 12/17/2029   199,520
  GoldentTree Loan Management US 1 Ltd(b)(c)  
  Series 2021-9A Class A  
900,000 6.65%, 01/20/2033
3-mo. SOFR + 1.33%
900,228
  Series 2021-9A Class AR  
1,515,000 6.26%, 04/20/2037
3-mo. SOFR + 1.50%
1,515,000
1,495,000 Hardee's Funding LLC(b)
Series 2024-1A Class A2
7.25%, 03/20/2054  
1,517,049
  Hertz Vehicle Financing III LLC(b)  
  Series 2022-1A Class C  
791,000 2.63%, 06/25/2026   759,974
  Series 2022-1A Class D  
655,000 4.85%, 06/25/2026   635,887
  Series 2023-1A Class D2  
255,000 9.13%, 06/25/2027   258,754
  Hertz Vehicle Financing LLC(b)  
  Series 2022-2A Class D  
520,000 5.16%, 06/26/2028   477,437
  Series 2022-4A Class D  
1,175,000 6.56%, 09/25/2026   1,150,913
697,215 Hilton Grand Vacations Trust(b)
Series 2022-2A Class C
5.57%, 01/25/2037  
684,323
  HIN Timeshare Trust(b)  
  Series 2020-A Class C  
334,145 3.42%, 10/09/2039   315,485
  Series 2024-A Class A  
93,000 5.49%, 03/15/2043   93,327
  Home Partners of America Trust(b)  
  Series 2019-1 Class D  
156,048 3.41%, 09/17/2039   140,748
  Series 2019-2 Class D  
124,117 3.12%, 10/19/2039   110,583
  Series 2021-1 Class E  
85,108 2.58%, 09/17/2041   67,964
232,415 Horizon Aircraft Finance III Ltd(b)
Series 2019-2 Class A
3.43%, 11/15/2039  
183,603
1,050,000 Hotwire Funding LLC(b)
Series 2021-1 Class C
4.46%, 11/20/2051  
943,861
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  HPEFS Equipment Trust(b)  
  Series 2022-1A Class D  
$       165,000 2.40%, 11/20/2029   $      158,458
  Series 2023-2A Class D  
        100,000 6.97%, 07/21/2031          101,758
        291,000 Jack in the Box Funding LLC(b)
Series 2019-1A Class A2II
4.48%, 08/25/2049  
       279,364
        636,192 Jersey Mike's Funding(b)
Series 2019-1A Class A2
4.43%, 02/15/2050  
       608,773
527,647 JOL Air Ltd(b)
Series 2019-1 Class A
3.97%, 04/15/2044  
482,892
16,124 JPMorgan Chase Bank NA(b)
Series 2021-1 Class D
1.17%, 09/25/2028  
15,954
  LAD Auto Receivables Trust(b)  
  Series 2022-1A Class A  
789,379 5.21%, 06/15/2027   787,295
  Series 2023-1A Class D  
1,100,000 7.30%, 06/17/2030   1,121,138
  Series 2023-2A Class D  
710,000 6.30%, 02/15/2031   710,593
  Series 2023-4A Class C  
1,244,000 6.76%, 03/15/2029   1,249,031
  Series 2023-4A Class D  
75,000 7.37%, 04/15/2031   75,391
  Series 2024-1A Class C  
100,000 5.64%, 06/15/2029   99,550
189,072 Laurel Road Prime Student Loan Trust(b)
Series 2020-A Class A2FX
1.40%, 11/25/2050  
170,946
  Lendbuzz Securitization Trust(b)  
  Series 2022-1A Class A  
430,679 4.22%, 05/17/2027   423,448
  Series 2023-2A Class A2  
607,594 7.09%, 10/16/2028   613,534
860,000 Lobel Automobile Receivables Trust(b)
Series 2023-1 Class B
7.05%, 09/15/2028  
861,171
  MAPS Ltd(b)  
  Series 2018-1A Class A  
121,991 4.21%, 05/15/2043   112,538
  Series 2021-1A Class A  
415,610 2.52%, 06/15/2046   370,021
297,860 Mariner Finance Issuance Trust(b)
Series 2020-AA Class A
2.19%, 08/21/2034  
293,509
  Marlette Funding Trust(b)  
  Series 2021-2A Class C  
60,400 1.50%, 09/15/2031   59,751
  Series 2021-3A Class C  
145,000 1.81%, 12/15/2031   139,988
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Merchants Fleet Funding LLC(b)  
  Series 2023-1A Class A  
$     1,838,000 7.21%, 05/20/2036   $    1,842,759
  Series 2023-1A Class D  
        220,000 8.20%, 05/20/2036          219,482
      1,375,000 Mercury Financial Credit Card Master Trust(b)
Series 2023-1A Class A
8.04%, 09/20/2027  
     1,386,533
         29,658 Merlin Aviation Holdings Designated Activity Co(b)(e)
Series 2016-1 Class A
4.50%, 12/15/2032  
        26,692
1,120,000 MetroNet Infrastructure Issuer LLC(b)
Series 2024-1A Class A2
6.23%, 04/20/2054  
1,120,896
330,000 Mission Lane Credit Card Master Trust(b)
Series 2023-B Class A
7.69%, 11/15/2028  
334,793
1,231,281 Momnt Technologies Trust(b)
Series 2023-1A Class A
6.92%, 03/20/2045  
1,237,570
123,874 Mosaic Solar Loans LLC(b)
Series 2024-1 Class B
6.25%, 09/20/2049  
122,406
  MVW Owner Trust(b)  
  Series 2019-1A Class C  
16,002 3.33%, 11/20/2036   15,378
  Series 2021-2A Class C  
330,512 2.23%, 05/20/2039   303,615
  Series 2024-1A Class A  
1,406,000 5.32%, 02/20/2043   1,411,751
  Navient Private Education Refi Loan Trust(b)  
  Series 2019-GA Class B  
100,000 3.08%, 10/15/2068   83,770
  Series 2020-HA Class A  
31,834 1.31%, 01/15/2069   29,382
  Series 2021-A Class A  
136,918 0.84%, 05/15/2069   120,055
  Series 2021-EA Class B  
115,000 2.03%, 12/16/2069   75,648
  Series 2021-FA Class B  
265,000 2.12%, 02/18/2070   171,547
245,000 Navient Student Loan Trust(b)
Series 2023-BA Class B
7.23%, 03/15/2072  
255,881
1,000,890 NBC Funding LLC(b)
Series 2021-1 Class A2
2.99%, 07/30/2051  
916,026
  OneMain Financial Issuance Trust(b)  
  Series 2018-2A Class A  
28,888 3.57%, 03/14/2033   28,751
  Series 2021-1A Class D  
270,000 2.47%, 06/16/2036   227,301
  Series 2022-S1 Class D  
270,000 5.20%, 05/14/2035   256,853
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Planet Fitness Master Issuer LLC(b)  
  Series 2018-1A Class A2II  
$       189,000 4.67%, 09/05/2048   $      184,862
  Series 2019-1A Class A2  
        517,050 3.86%, 12/05/2049          468,422
        975,000 PowerPay Issuance Trust(b)
Series 2024-1A Class A
6.53%, 02/18/2039  
       975,000
  Prestige Auto Receivables Trust(b)  
  Series 2020-1A Class E  
235,000 3.67%, 02/15/2028   231,194
  Series 2022-1A Class D  
420,000 8.08%, 08/15/2028   432,367
  Series 2023-2A Class B  
1,068,000 6.64%, 12/15/2027   1,076,004
  Series 2023-2A Class D  
100,000 7.71%, 08/15/2029   102,965
  Progress Residential Trust(b)  
  Series 2020-SFR1 Class A  
895,989 1.73%, 04/17/2037   860,992
  Series 2020-SFR3 Class E  
145,000 2.30%, 10/17/2027   135,711
  Series 2021-SFR2 Class E1  
345,000 2.55%, 04/19/2038   316,730
  Series 2021-SFR3 Class E1  
125,000 2.54%, 05/17/2026   114,569
  Series 2021-SFR3 Class E2  
105,000 2.69%, 05/17/2026   96,062
  Series 2021-SFR4 Class E1  
100,000 2.41%, 05/17/2038   91,211
  Series 2021-SFR4 Class E2  
100,000 2.56%, 05/17/2038   91,098
  Series 2021-SFR5 Class E1  
145,000 2.21%, 07/17/2038   131,359
  Series 2021-SFR5 Class E2  
100,000 2.36%, 07/17/2038   90,218
  Series 2021-SFR6 Class E1  
185,000 2.43%, 07/17/2038   167,157
  Series 2021-SFR6 Class E2  
100,000 2.53%, 07/17/2038   90,270
  Series 2021-SFR7 Class E1  
205,000 2.59%, 08/17/2040   174,652
  Series 2021-SFR7 Class E2  
100,000 2.64%, 08/17/2040   83,196
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2021-SFR9 Class E1  
$       100,000 2.81%, 11/17/2040   $       86,699
  Series 2023-SFR2 Class B  
        100,000 4.50%, 10/17/2028           95,391
      1,430,000 Purchasing Power Funding LLC(b)
Series 2024-A Class B
6.43%, 08/15/2028  
     1,429,259
  Reach ABS Trust(b)  
  Series 2023-1A Class B  
898,000 7.33%, 02/18/2031   910,420
  Series 2024-1A Class B  
1,470,000 6.29%, 02/18/2031   1,475,325
526,985 Rockford Tower Ltd(b)(c)
Series 2018-1A Class A
6.68%, 05/20/2031
3-mo. SOFR + 1.36%
527,062
298,752 Santander Drive Auto Receivables Trust
Series 2020-2 Class D
2.22%, 09/15/2026  
296,928
940,000 SBNA Auto Receivables Trust(b)
Series 2024-A Class C
5.59%, 01/15/2030  
940,938
  SCF Equipment Leasing LLC(b)  
  Series 2022-1A Class D  
135,000 3.79%, 11/20/2031   126,675
  Series 2022-2A Class C  
210,000 6.50%, 08/20/2032   213,807
400,000 SEB Funding LLC(b)
Series 2024-1A Class A2
7.39%, 04/30/2054  
404,094
146,851 Shenton Aircraft Investment I Ltd(b)
Series 2015-1A Class A
4.75%, 10/15/2042  
135,473
  Sierra Timeshare Receivables Funding LLC(b)  
  Series 2019-2A Class C  
38,838 3.12%, 05/20/2036   38,378
  Series 2019-3A Class C  
26,518 3.00%, 08/20/2036   26,078
  Series 2021-1A Class C  
23,315 1.79%, 11/20/2037   22,053
  Series 2023-2A Class B  
789,988 6.28%, 04/20/2040   795,631
  Series 2023-2A Class C  
69,297 7.30%, 04/20/2040   70,387
  Series 2023-3A Class C  
222,665 7.12%, 09/20/2040   224,703
350,000 Signal Peak Ltd(b)(c)
Series 2014-1A Class AR3
6.74%, 04/17/2034
3-mo. SOFR + 1.42%
349,984
558,968 Slam Ltd(b)
Series 2021-1A Class A
2.43%, 06/15/2046  
488,194
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  SMB Private Education Loan Trust(b)  
  Series 2015-C Class B  
$        68,517 3.50%, 09/15/2043   $       66,474
  Series 2018-C Class B  
        100,000 4.00%, 11/17/2042           92,707
  Series 2019-B Class A2A  
        388,841 2.84%, 06/15/2037          370,520
  Series 2020-A Class A2A  
50,335 2.23%, 09/15/2037   47,221
  Series 2021-A Class A2A2  
120,234 6.17%, 01/15/2053(c)
1-mo. SOFR + 0.84%
119,078
  Series 2021-D Class B  
200,000 2.31%, 03/17/2053   160,315
  Series 2024-A Class B  
173,000 5.88%, 03/15/2056   172,978
  Series 2024-A Class C  
358,000 6.22%, 03/15/2056   360,364
100,000 SoFi Consumer Loan Program Trust(b)
Series 2021-1 Class D
2.04%, 09/25/2030  
93,800
376,979 Sunnova Helios X Issuer LLC(b)
Series 2022-C Class C
6.00%, 11/22/2049  
326,758
756,793 Sunnova Helios XIII Issuer LLC(b)
Series 2024-A Class A
5.30%, 02/20/2051  
740,043
534,375 Taco Bell Funding LLC(b)
Series 2016-1A Class A23
4.97%, 05/25/2046  
526,339
965,000 Tesla Auto Lease Trust(b)
Series 2023-A Class B
6.41%, 07/20/2027  
973,178
277,038 TIF Funding II LLC(b)
Series 2021-1A Class A
1.65%, 02/20/2046  
240,513
400,000 TIF Funding III LLC(b)
Series 2024-1A Class A
5.48%, 05/22/2034  
399,880
1,119,000 Tricolor Auto Securitization Trust(b)
Series 2023-1A Class C
7.24%, 02/16/2027  
1,125,077
  Tricon American Homes Trust(b)  
  Series 2019-SFR1 Class C  
1,740,000 3.15%, 03/17/2038   1,651,184
  Series 2019-SFR1 Class D  
115,000 3.20%, 03/17/2038   108,928
  Series 2020-SFR1 Class D  
230,000 2.55%, 07/17/2038   212,972
  Series 2020-SFR2 Class D  
895,000 2.28%, 11/17/2039   790,142
  Series 2020-SFR2 Class E1  
225,000 2.73%, 11/17/2039   199,540
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$       490,000 Tricon Residential Trust(b)
Series 2021-SFR1 Class B
2.24%, 07/17/2038  
$      453,445
  United Auto Credit Securitization Trust(b)  
  Series 2023-1 Class C  
      1,112,000 6.28%, 07/10/2028       1,109,119
  Series 2023-1 Class D  
      1,148,000 8.00%, 07/10/2028       1,169,790
      1,014,478 US Bank NA(b)
Series 2023-1 Class B
6.79%, 08/25/2032  
     1,020,681
305,000 VERDE Ltd(b)(c)
Series 2019-1A Class AR
6.68%, 04/15/2032
3-mo. SOFR + 1.36%
305,104
  VFI ABS LLC(b)  
  Series 2022-1A Class B  
1,100,000 3.04%, 07/24/2028   1,069,620
  Series 2023-1A Class A  
797,611 7.27%, 03/26/2029   800,759
100,000 VStrong Auto Receivables Trust(b)
Series 2024-A Class B
5.77%, 07/15/2030  
100,286
701,733 WAVE Trust(b)
Series 2017-1A Class A
3.84%, 11/15/2042  
619,279
60,934 Wendy's Funding LLC(b)
Series 2018-1A Class A2II
3.88%, 03/15/2048  
57,498
  Westlake Automobile Receivables Trust(b)  
  Series 2023-1A Class C  
1,400,000 5.74%, 08/15/2028   1,399,213
  Series 2023-1A Class D  
155,000 6.79%, 11/15/2028   157,808
  Series 2023-4A Class D  
640,000 7.19%, 07/16/2029   652,067
  Series 2024-1A Class B  
1,343,000 5.55%, 11/15/2027   1,344,105
943,922 Willis Engine Structured Trust VII(b)
Series 2023-A Class A
8.00%, 10/15/2048  
988,957
700,000 Ziply Fiber Issuer LLC(b)
Series 2024-1A Class A2
6.64%, 04/20/2054  
700,455
TOTAL ASSET-BACKED SECURITIES — 13.10%
(Cost $126,460,604)
$124,846,947
BANK LOANS
508,725 1011778 BC Unlimited Liability Co(c)
7.58%, 09/20/2030
1-mo. SOFR + 2.25%
508,089
Principal Amount(a)   Fair Value
Bank Loans — (continued)
  Acrisure LLC(c)  
$       452,642 8.94%,02/15/2027
1-mo. SOFR + 3.62%
$      451,511
        299,250 9.83%,11/06/2030
1-mo. SOFR + 4.50%
       299,998
        155,000 Ahead DB Holdings LLC(c)
9.56%, 02/01/2031
3-mo. SOFR + 4.26%
       155,170
        717,601 AlixPartners LLP(c)
7.83%, 02/04/2028
1-mo. SOFR + 2.50%
       718,199
        242,502 Alliance Laundry Systems LLC(c)
8.93%, 10/08/2027
1-mo. SOFR + 3.60%
       243,070
         30,000 Alterra Mountain Co(c)
9.08%, 05/31/2030
1-mo. SOFR + 3.75%
        30,113
246,250 Amentum Government Services Holdings LLC(c)
9.33%, 02/15/2029
1-mo. SOFR + 4.00%
246,712
125,000 Amer Sports Co(c)
8.58%, 02/17/2031
3-mo. SOFR + 3.28%
125,000
445,839 American Axle & Manufacturing Inc(c)
8.92%, 12/13/2029
1-mo. SOFR + 3.59%
446,396
472,031 Amneal Pharmaceuticals LLC(c)
10.83%, 05/04/2028
1-mo. SOFR + 5.50%
470,733
583 Anchor Glass Container Corp(c)
7.91%, 12/07/2023
3-mo. SOFR + 2.61%
487
  Applied Systems Inc(c)  
723,675 8.81%,02/24/2031
3-mo. SOFR + 3.51%
727,474
75,000 10.57%,02/09/2032
1-mo. SOFR + 5.24%
77,531
  Arcline FM Holdings LLC(c)  
567,077 10.32%,06/23/2028
3-mo. SOFR + 5.02%
567,077
140,000 13.82%,06/25/2029
3-mo. SOFR + 8.52%
136,500
253,851 Arsenal AIC Parent LLC(c)
9.08%, 08/19/2030
1-mo. SOFR + 3.75%
254,591
562,803 Ascend Learning LLC(c)
8.93%, 12/11/2028
1-mo. SOFR + 3.60%
559,285
59,828 Assured Partners Inc(c)
9.08%, 02/12/2027
1-mo. SOFR + 3.75%
59,840
418,909 AssuredPartners Inc(c)
8.94%, 02/12/2027
1-mo. SOFR + 3.61%
419,208
  Asurion LLC(c)  
229,409 8.69%,12/23/2026
1-mo. SOFR + 3.36%
224,438
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$       353,365 8.69%,07/31/2027
1-mo. SOFR + 3.36%
$      339,157
        805,692 Barracuda Parent LLC(c)
9.81%, 08/15/2029
3-mo. SOFR + 4.51%
       800,052
        283,575 Bausch & Lomb Corp(c)
9.33%, 09/29/2028
1-mo. SOFR + 4.00%
       283,221
        245,000 BIFM US Finance LLC(c)
9.57%, 05/31/2028
1-mo. SOFR + 4.24%
       245,766
        445,255 Blackhawk Network Holdings Inc(c)
10.33%, 02/27/2029
1-mo. SOFR + 5.00%
       445,453
        159,600 BMC Software(c)
9.58%, 12/29/2028
1-mo. SOFR + 4.25%
       160,398
        528,000 Boost Newco Borrower LLC(c)
8.31%, 01/31/2031
3-mo. SOFR + 3.01%
       528,825
430,965 BrightView Landscapes LLC(c)
8.31%, 04/20/2029
3-mo. SOFR + 3.01%
430,965
807,495 Brown Group Holding LLC(c)
8.18%, 06/07/2028
1-mo. SOFR + 2.85%
806,508
  Caesars Entertainment Inc(c)  
202,950 8.57%,08/23/2028(b)
1-mo. SOFR + 3.24%
203,204
85,000 8.04%,02/06/2031
3-mo. SOFR + 2.74%
84,958
  Carnival Corp(c)  
585,600 8.32%,08/09/2027
1-mo. SOFR + 2.99%
585,783
656,427 8.69%,10/18/2028
1-mo. SOFR + 3.37%
656,427
656,256 Central Parent LLC(c)
5.31%, 07/06/2029
3-mo. SOFR + 0.01%
657,721
535,000 Century DE Buyer LLC(c)
9.32%, 10/30/2030
3-mo. SOFR + 4.02%
536,672
  Chariot Buyer LLC(c)  
473,159 8.68%,11/03/2028
1-mo. SOFR + 3.35%
472,230
295,000 9.08%,11/03/2028
1-mo. SOFR + 3.75%
295,369
259,692 Chart Industries Inc(c)
8.67%, 03/15/2030
1-mo. SOFR + 3.34%
260,341
657,835 CHG Healthcare Services(c)
8.69%, 09/29/2028
3-mo. SOFR + 3.40%
657,753
605,527 Cincinnati Bell Inc(c)
8.68%, 11/22/2028
1-mo. SOFR + 3.35%
604,518
797,166 Clydesdale Acquisition Holdings Inc(c)
9.11%, 04/13/2029
1-mo. SOFR + 3.78%
797,843
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$       205,000 CNT Holdings I Corp(c)
8.82%, 11/08/2027
1-day SOFR + 3.48%
$      205,000
        253,175 ConnectWise LLC(c)
9.06%, 09/29/2028
1-mo. SOFR + 3.73%
       252,937
        460,000 Cotiviti Holdings Inc(c)
8.57%, 02/24/2031
1-mo. SOFR + 3.24%
       460,192
        600,000 Covia Holdings Corp(c)
9.59%, 07/31/2026
3-mo. SOFR + 4.29%
       597,150
        465,833 CPM Holdings Inc(c)
9.83%, 09/28/2028
1-mo. SOFR + 4.50%
       466,027
        960,000 CSC Holdings LLC(c)
9.83%, 01/18/2028
1-mo. SOFR + 4.50%
       922,000
        554,386 Del Monte Food Inc(c)
9.68%, 10/23/2028
1-mo. SOFR + 4.35%
       469,496
520,000 Delivery Hero Finco LLC(c)
10.32%, 12/10/2029
1-mo. SOFR + 4.99%
515,450
432,808 DG Investment Intermediate Holdings 2 Inc(c)
10.08%, 03/31/2028
1-mo. SOFR + 4.75%
432,808
774,709 DirecTV Financing LLC(c)
10.83%, 08/02/2029
3-mo. SOFR + 5.53%
772,911
565,000 DS Parent Inc(c)
10.81%, 01/31/2031
1-mo. SOFR + 5.48%
556,761
418,950 DXP Enterprises Inc(c)
10.29%, 10/15/2030
6-mo. SOFR + 5.07%
418,950
  Dynasty Acquisition Co Inc(c)  
181,754 8.82%,08/23/2028
1-mo. SOFR + 3.49%
181,962
430,205 8.82%,08/24/2028
1-mo. SOFR + 3.49%
430,698
401,840 Eagle Broadband Investments LLC(c)
8.57%, 11/12/2027
3-mo. SOFR + 3.27%
397,570
407,950 ECL Entertainment LLC(c)
10.08%, 09/03/2030
1-mo. SOFR + 4.75%
408,843
468,822 EG America LLC(c)
5.34%, 02/07/2028
1-day SOFR + 0.00%
461,790
565,638 Entain Holdings Ltd(c)
7.91%, 03/29/2027
3-mo. SOFR + 2.61%
565,755
  Epicor Software Corp(c)  
536,383 8.69%,07/30/2027
1-mo. SOFR + 3.36%
537,892
35,000 9.08%,07/30/2027
1-mo. SOFR + 3.75%
35,153
305,000 Fertitta Entertainment LLC(c)
5.00%, 01/29/2029
1-mo. SOFR + 0.00%
305,619
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$       235,000 Fiesta Purchaser Inc(c)
9.33%, 02/12/2031
1-mo. SOFR + 4.00%
$      235,147
        801,291 Filtration Group Corp(c)
8.94%, 10/21/2028
1-mo. SOFR + 3.62%
       802,578
        180,000 Financiere Mendel(c)
9.56%, 11/12/2030
3-mo. SOFR + 4.27%
       180,338
        365,000 First Brands Group LLC(c)
10.57%, 03/30/2027
3-mo. SOFR + 5.28%
       365,000
        335,000 Foundation Building Materials Inc(c)
9.31%, 01/29/2031
3-mo. SOFR + 4.01%
       336,117
        965,638 Freeport LNG Investments LLP(c)
9.08%, 12/21/2028
3-mo. SOFR + 3.78%
       957,672
        570,052 Gainwell Acquisition Corp(c)
9.41%, 10/01/2027
3-mo. SOFR + 4.11%
       544,577
560,000 Garda World Security Corp(c)
9.69%, 02/01/2029
1-mo. SOFR + 4.36%
560,233
  Generation Bridge Northeast LLC(c)  
181,000 9.57%,08/07/2029
1-mo. SOFR + 4.24%
181,226
80,000 9.58%,08/22/2029
1-mo. SOFR + 4.25%
80,033
115,000 GIP Pilot Acquisition Partners LP(c)
8.33%, 10/04/2030
3-mo. SOFR + 3.03%
115,192
677,837 Gray Television Inc(c)
8.44%, 12/01/2028
1-mo. SOFR + 3.11%
632,930
312,151 Hamilton Projects Acquiror LLC(c)
9.94%, 06/17/2027
1-mo. SOFR + 4.61%
312,834
780,000 Hertz Corp(c)
9.08%, 06/30/2028
1-mo. SOFR + 3.75%
755,300
525,000 Hilton Grand Vacations Borrower Escrow LLC(c)
8.08%, 01/17/2031
1-mo. SOFR + 2.75%
525,820
  Hub International Ltd(c)  
204,488 9.57%,06/08/2030
1-mo. SOFR + 4.24%
204,451
960,000 8.57%,06/20/2030
3-mo. SOFR + 3.28%
959,828
468,810 Hunter Douglas Holding BV(c)
8.82%, 02/26/2029
3-mo. SOFR + 3.53%
462,584
599,866 Hunter Holdco 3 Ltd(c)
9.70%, 08/19/2028
3-mo. SOFR + 4.40%
598,366
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$       490,056 INDICOR(c)
9.30%, 11/22/2029
3-mo. SOFR + 4.00%
$      492,419
        384,831 Ineos Finance PLC(c)
9.18%, 11/08/2027
1-mo. SOFR + 3.85%
       385,151
        715,000 Infinite Bidco LLC(c)
9.32%, 03/02/2028
3-mo. SOFR + 4.03%
       703,828
        733,091 Innophos Holdings Inc(c)
8.69%, 02/05/2027
1-mo. SOFR + 3.37%
       729,425
        790,000 IVC Acquisition Ltd(c)
10.81%, 12/12/2028
3-mo. SOFR + 5.51%
       790,329
        296,616 J & J Ventures Gaming LLC(c)
9.44%, 04/26/2028
1-mo. SOFR + 4.12%
       293,711
        815,791 Klockner Pentaplast of America Inc(c)
10.27%, 02/12/2026
6-mo. SOFR + 5.05%
       759,093
626,296 Kronos Acquisition Holdings Inc(c)
9.31%, 12/22/2026
3-mo. SOFR + 4.02%
626,374
598,900 Kuehg Corp(c)
10.35%, 06/12/2030
3-mo. SOFR + 5.05%
600,183
458,188 LSF11 A5 HoldCo LLC(c)
9.68%, 10/15/2028
1-mo. SOFR + 4.35%
458,474
280,000 Lummus Technology Holdings V LLC(c)
8.94%, 12/31/2029
1-mo. SOFR + 3.62%
280,100
819,249 Madison IAQ LLC(c)
8.69%, 06/21/2028
1-mo. SOFR + 3.36%
815,153
297,750 Mauser Packaging Solutions Holding Co(c)
9.33%, 08/14/2026
1-mo. SOFR + 4.00%
298,619
555,117 McGraw-Hill Education Inc(c)
10.19%, 07/28/2028
1-mo. SOFR + 4.86%
555,888
705,021 Medallion Midland Acquisition LLC(c)
8.83%, 10/18/2028
3-mo. SOFR + 3.53%
705,608
670,060 Medline Borrower LP(c)
5.00%, 10/23/2028
1-mo. SOFR + 0.00%
670,199
628,417 MH Sub I LLC(c)
9.58%, 05/03/2028
1-mo. SOFR + 4.25%
623,704
295,750 Mileage Plus Holdings Inc(c)
10.73%, 06/21/2027
3-mo. SOFR + 5.43%
304,287
70,000 MIWD Holdings Co II LLC(c)
8.82%, 03/21/2031
1-mo. SOFR + 3.49%
70,284
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$       250,000 Mosel Bidco SE(c)
10.06%, 09/16/2030
3-mo. SOFR + 4.76%
$      250,313
        525,000 Motion Finco SARL(c)
8.83%, 11/30/2029
1-mo. SOFR + 3.50%
       523,819
        982,305 NAB Holdings LLC(c)
8.21%, 11/23/2028
3-mo. SOFR + 2.91%
       980,872
        822,965 Naked Juice LLC(c)
8.66%, 01/24/2029
1-mo. SOFR + 3.33%
       766,180
        475,000 NCR Atleos LLC(c)
10.18%, 03/27/2029
1-mo. SOFR + 4.85%
       476,306
        720,371 Neptune Bidco US Inc(c)
10.42%, 04/11/2029
3-mo. SOFR + 5.13%
       664,242
        165,000 NGL Energy Operating LLC(c)
9.83%, 02/03/2031
1-mo. SOFR + 4.50%
       165,289
388,045 Nouryon Finance BV(c)
9.42%, 04/03/2028
3-mo. SOFR + 4.12%
388,611
  Numericable US LLC(c)  
631,809 8.32%,07/31/2025
3-mo. SOFR + 3.03%
571,787
150,000 9.26%,01/31/2026
3-mo. SOFR + 3.96%
128,679
670,000 Omnia Partners LLC(c)
9.07%, 07/25/2030
3-mo. SOFR + 3.78%
672,393
784,263 Ontario Gaming GTA Ltd(c)
9.56%, 08/01/2030
3-mo. SOFR + 4.26%
786,083
414,582 Oryx Midstream Services Permian Basin LLC(c)
8.44%, 10/05/2028
1-mo. SOFR + 3.11%
415,767
366,948 Osmosis Buyer Ltd(c)
9.58%, 07/31/2028
1-mo. SOFR + 4.25%
367,865
744,777 Packaging Coordinators Midco Inc(c)
9.07%, 11/30/2027
3-mo. SOFR + 3.77%
744,419
748,653 PAI Holdco Inc(c)
9.32%, 10/28/2027
3-mo. SOFR + 4.03%
707,478
674,658 Parexel International Inc(c)
8.69%, 11/15/2028
1-mo. SOFR + 3.36%
675,808
654,318 Pegasus Bidco BV(c)
9.06%, 07/12/2029
3-mo. SOFR + 3.76%
653,773
846,354 Peraton Corp(c)
9.18%, 02/01/2028
1-mo. SOFR + 3.85%
844,541
997,976 PetsMart LLC(c)
9.18%, 02/11/2028
1-mo. SOFR + 3.85%
994,055
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$       977,869 Phoenix Guarantor Inc(c)
8.58%, 02/21/2031
1-mo. SOFR + 3.25%
$      964,271
        205,000 Planet US Buyer LLC(c)
8.81%, 02/07/2031
3-mo. SOFR + 3.52%
       205,576
      1,068,652 Playa Hotels & Resorts BV(c)
8.58%, 01/05/2029
1-mo. SOFR + 3.25%
     1,070,821
        422,837 Polaris Newco LLC(c)
9.57%, 06/02/2028
3-mo. SOFR + 4.28%
       418,382
        758,480 Project Ruby Ultimate Parent Corp(c)
8.69%, 03/08/2028
1-mo. SOFR + 3.36%
       756,990
        388,446 Proofpoint Inc(c)
8.69%, 08/31/2028
1-mo. SOFR + 3.36%
       388,251
        720,000 Radiology Partners(c)
9.57%, 07/09/2025
1-mo. SOFR + 4.24%
       695,250
284,505 Realpage Inc(c)
8.44%, 04/24/2028
1-mo. SOFR + 3.12%
276,444
460,000 SBA Communications(c)
7.33%, 01/27/2031
1-mo. SOFR + 2.00%
460,376
776,005 Scientific Games Holdings LP(c)
8.58%, 04/04/2029
3-mo. SOFR + 3.28%
775,451
50,000 Scientific Games International Inc(c)
8.08%, 04/14/2029
1-mo. SOFR + 2.75%
50,039
492,525 Sedgwick Claims Management Services Inc(c)
9.08%, 02/24/2028
1-mo. SOFR + 3.75%
493,079
839,529 Sigma Holdco BV(c)
5.34%, 01/02/2028
1-day SOFR + 0.00%
834,981
385,968 Sophia LP(c)
8.93%, 10/07/2029
1-mo. SOFR + 3.60%
387,335
218,349 Sotera Health Holdings LLC(c)
9.08%, 12/11/2026
1-mo. SOFR + 3.75%
218,076
537,712 Southern Veterinary Partners LLC(c)
9.44%, 10/05/2027
1-mo. SOFR + 4.11%
537,712
520,000 Spin Holdco Inc(c)
9.59%, 03/04/2028
3-mo. SOFR + 4.29%
479,989
  SRS Distribution Inc(c)  
54,175 8.68%,06/02/2028
1-mo. SOFR + 3.35%
54,344
601,074 8.94%,06/02/2028
1-mo. SOFR + 3.62%
604,080
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$       299,575 St. George's University Scholastic Services LLC(c)
8.43%, 02/10/2029
1-mo. SOFR + 3.10%
$      298,751
      1,181,641 Star Parent Inc(c)
9.31%, 09/27/2030
3-mo. SOFR + 4.01%
     1,173,518
        445,157 Star US Bidco LLC(c)
9.68%, 03/17/2027
1-mo. SOFR + 4.35%
       446,409
        435,000 Summit Materials LLC(c)
7.83%, 01/12/2029
3-mo. SOFR + 2.53%
       436,942
        915,600 Terrier Media Buyer Inc(c)
8.95%, 12/17/2026
3-mo. SOFR + 3.65%
       795,237
        847,751 Titan Acquisition Ltd(c)
8.44%, 03/28/2025
1-mo. SOFR + 3.11%
       846,692
        204,488 TMF Sapphire Bidco BV(c)
9.33%, 05/03/2028
3-mo. SOFR + 4.03%
       204,871
  TransDigm Inc(c)  
817,874 8.06%,08/24/2028
3-mo. SOFR + 2.76%
820,327
94,763 8.60%,02/14/2031
3-mo. SOFR + 3.30%
95,187
541,747 Traverse Midstream Partners LLC(c)
9.57%, 02/06/2028
1-mo. SOFR + 4.24%
542,424
690,427 TricorBraun Inc(c)
8.69%, 03/03/2028
1-mo. SOFR + 3.36%
681,969
715,133 Triton Water Holdings Inc(c)
8.86%, 03/31/2028
3-mo. SOFR + 3.56%
706,939
737,558 Trugreen LP(c)
9.43%, 11/02/2027
1-mo. SOFR + 4.10%
716,814
1,470,000 Truist Insurance Holdings LLC(c)
8.57%, 03/24/2031
1-mo. SOFR + 3.24%
1,466,325
408,365 Uber Technologies Inc(c)
8.08%, 03/03/2030
3-mo. SOFR + 2.78%
409,953
  UKG Inc(c)  
16,379 10.68%,05/03/2027
3-mo. SOFR + 5.38%
16,436
653,750 8.81%,02/10/2031
3-mo. SOFR + 3.52%
656,201
697,824 Univision Communications Inc(c)
8.69%, 03/15/2026
1-mo. SOFR + 3.37%
695,208
371,981 Upstream Newco Inc(c)
9.82%, 11/20/2026
3-mo. SOFR + 4.53%
349,131
887,585 Viant Medical Holdings Inc(c)
9.25%, 07/02/2025
1-mo. SOFR + 3.93%
882,926
Principal Amount(a)   Fair Value
Bank Loans — (continued)
$       700,000 VIASAT(c)
9.82%, 03/05/2029
1-mo. SOFR + 4.49%
$      679,175
        110,000 Wand NewCo 3 Inc(c)
9.08%, 01/30/2031
1-mo. SOFR + 3.75%
       110,229
        160,000 Waystar Technologies Inc(c)
9.33%, 10/22/2029
1-mo. SOFR + 4.00%
       160,150
        994,178 WEC US Holdings Ltd(c)
8.08%, 01/27/2031
1-mo. SOFR + 2.75%
       992,687
          2,446 WestJet Loyalty LP(c)
8.43%, 12/11/2026
1-mo. SOFR + 3.10%
         2,442
        315,000 Whitewater DBR Holdco LLC(c)
8.08%, 02/17/2031
1-mo. SOFR + 2.75%
       315,525
        497,442 WIN Waste Innovations Holdings Inc(c)
8.19%, 03/24/2028
1-mo. SOFR + 2.87%
       460,445
462,678 Windsor Holdings III LLC(c)
9.33%, 08/01/2030
1-mo. SOFR + 4.00%
464,413
TOTAL BANK LOANS — 8.58%
(Cost $81,525,728)
$81,819,658
CORPORATE BONDS AND NOTES
Basic Materials — 2.64%
  Anglo American Capital PLC(b)  
620,000 2.63%, 09/10/2030 527,794
400,000 2.88%, 03/17/2031 340,343
645,000 5.50%, 05/02/2033 641,320
  ArcelorMittal SA  
330,000 6.80%, 11/29/2032 352,911
590,000 6.75%, 03/01/2041 611,647
525,000 Ashland Inc(b)
3.38%, 09/01/2031
444,199
1,180,000 ASP Unifrax Holdings Inc(b)
5.25%, 09/30/2028
760,957
455,000 ATI Inc
5.88%, 12/01/2027
448,014
715,000 Bayport Polymers LLC(b)
5.14%, 04/14/2032
665,451
  Braskem Netherlands Finance BV(b)  
600,000 4.50%, 01/31/2030 515,925
200,000 5.88%, 01/31/2050 154,305
  Celanese US Holdings LLC  
260,000 6.33%, 07/15/2029 269,607
290,000 6.55%, 11/15/2030 305,027
160,000 6.38%, 07/15/2032 165,986
1,150,000 6.70%, 11/15/2033 1,226,160
850,000 Corp Nacional del Cobre de Chile(b)
5.95%, 01/08/2034
848,643
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Basic Materials — (continued)
  First Quantum Minerals Ltd(b)  
$       500,000 6.88%, 10/15/2027 $      479,382
      1,465,000 9.38%, 03/01/2029     1,517,615
      1,110,000 FMG Resources Pty Ltd(b)
5.88%, 04/15/2030
     1,091,979
  Glencore Funding LLC(b)  
      1,025,000 6.13%, 10/06/2028     1,059,204
      1,495,000 4.88%, 03/12/2029     1,471,188
115,000 2.50%, 09/01/2030 97,623
1,225,000 6.38%, 10/06/2030 1,292,739
1,705,000 5.70%, 05/08/2033 1,732,594
3,795,000 6.50%, 10/06/2033 4,059,302
455,000 5.63%, 04/04/2034 456,216
700,000 Illuminate Buyer LLC / Illuminate Holdings IV Inc(b)
9.00%, 07/01/2028
690,549
500,000 INEOS Quattro Finance 2 PLC(b)(f)
9.63%, 03/15/2029
538,678
151,000 NOVA Chemicals Corp(b)(f)
5.00%, 05/01/2025
148,515
165,000 Novelis Corp(b)
4.75%, 01/30/2030
152,233
555,000 Suzano Austria GmbH
3.75%, 01/15/2031
490,612
652,000 Taseko Mines Ltd(b)
7.00%, 02/15/2026
654,667
1,075,000 WR Grace Holdings LLC(b)
5.63%, 08/15/2029
962,006
    25,173,391
Communications — 4.93%
1,525,000 Altice Financing SA(b)
5.00%, 01/15/2028
1,255,142
410,000 Altice France Holding SA(b)
6.00%, 02/15/2028
116,754
  Altice France SA(b)  
200,000 5.13%, 01/15/2029 136,961
820,000 5.13%, 07/15/2029 554,348
200,000 Block Communications Inc(b)
4.88%, 03/01/2028
178,669
  CCO Holdings LLC / CCO Holdings Capital Corp(b)  
60,000 5.38%, 06/01/2029 54,927
983,000 4.75%, 03/01/2030 844,044
554,000 4.50%, 08/15/2030 464,278
465,000 4.25%, 02/01/2031 379,742
1,260,000 4.75%, 02/01/2032 1,028,316
870,000 4.25%, 01/15/2034(f) 656,723
  Charter Communications Operating LLC / Charter Communications Operating Capital  
450,000 2.80%, 04/01/2031 368,717
90,000 2.30%, 02/01/2032 69,436
115,000 4.40%, 04/01/2033(f) 101,915
765,000 5.13%, 07/01/2049 592,763
2,220,000 4.80%, 03/01/2050 1,643,270
695,000 4.40%, 12/01/2061 453,820
Principal Amount(a)   Fair Value
Communications — (continued)
$       870,000 3.95%, 06/30/2062 $      524,884
      1,100,000 CMG Media Corp(b)
8.88%, 12/15/2027
       728,981
  CommScope Inc(b)  
        500,000 7.13%, 07/01/2028        197,784
        910,000 4.75%, 09/01/2029        655,200
  CommScope Technologies LLC(b)  
        930,000 6.00%, 06/15/2025        808,821
175,000 5.00%, 03/15/2027 67,592
  CSC Holdings LLC(b)  
480,000 5.38%, 02/01/2028 412,859
1,105,000 7.50%, 04/01/2028 744,826
460,000 11.75%, 01/31/2029 460,717
200,000 4.13%, 12/01/2030 143,010
2,435,000 4.63%, 12/01/2030 1,236,528
2,350,000 3.38%, 02/15/2031 1,597,280
400,000 4.50%, 11/15/2031 283,187
890,000 CT Trust(b)
5.13%, 02/03/2032
789,054
  DISH DBS Corp  
380,000 5.88%, 11/15/2024 364,087
923,000 7.75%, 07/01/2026 617,992
2,330,000 5.25%, 12/01/2026(b) 1,834,662
1,290,000 5.75%, 12/01/2028(b) 886,559
1,385,000 5.13%, 06/01/2029 577,667
  Expedia Group Inc  
990,000 3.25%, 02/15/2030 891,176
1,450,000 2.95%, 03/15/2031 1,265,365
600,000 Go Daddy Operating Co LLC / GD Finance Co Inc(b)(f)
3.50%, 03/01/2029
541,140
1,190,000 Gray Television Inc(b)(f)
7.00%, 05/15/2027
1,106,737
  iHeartCommunications Inc(b)(f)  
935,000 5.25%, 08/15/2027 680,489
270,000 4.75%, 01/15/2028 189,649
  Lamar Media Corp  
70,000 3.75%, 02/15/2028(f) 65,397
70,000 4.00%, 02/15/2030 63,619
  Level 3 Financing Inc(b)  
90,000 4.63%, 09/15/2027 59,850
567,000 3.63%, 01/15/2029 253,659
710,000 Millennium Escrow Corp(b)
6.63%, 08/01/2026
419,825
1,225,000 Motorola Solutions Inc
5.40%, 04/15/2034
1,222,580
  Netflix Inc  
300,000 EUR, 3.63%, 05/15/2027 326,427
1,485,000 5.38%, 11/15/2029(b) 1,515,424
1,215,000 4.88%, 06/15/2030(b) 1,206,500
120,000 Outfront Media Capital LLC / Outfront Media Capital Corp(b)(f)
7.38%, 02/15/2031
125,691
400,000 SoftBank Group Corp
4.63%, 07/06/2028
369,997
  Sprint Capital Corp  
70,000 6.88%, 11/15/2028 74,595
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Communications — (continued)
$     1,355,000 8.75%, 03/15/2032 $    1,643,008
        349,000 Telesat Canada / Telesat LLC(b)
6.50%, 10/15/2027
       139,600
  Time Warner Cable LLC  
         35,000 5.88%, 11/15/2040         30,318
        235,000 5.50%, 09/01/2041        195,624
      2,290,000 4.50%, 09/15/2042     1,694,157
  T-Mobile USA Inc  
745,000 3.38%, 04/15/2029 688,999
755,000 3.88%, 04/15/2030 707,271
2,350,000 3.50%, 04/15/2031 2,122,231
195,000 2.70%, 03/15/2032 163,983
1,085,000 5.75%, 01/15/2034 1,129,894
  Uber Technologies Inc(b)  
595,000 8.00%, 11/01/2026 602,160
600,000 7.50%, 09/15/2027 614,405
3,560,000 4.50%, 08/15/2029(f) 3,377,791
1,173,000 Viasat Inc(b)
5.63%, 09/15/2025
1,143,449
675,000 Virgin Media Finance PLC(b)(f)
5.00%, 07/15/2030
571,157
    47,033,682
Consumer, Cyclical — 3.90%
  1011778 BC Unlimited Liability Co / New Red Finance Inc(b)  
120,000 3.88%, 01/15/2028 112,778
210,000 4.38%, 01/15/2028(f) 198,646
575,000 4.00%, 10/15/2030 512,326
1,269,146 Alaska Airlines Pass Through Trust(b)
Series 2020-1 Class A
4.80%, 08/15/2027
1,236,148
445,000 Allison Transmission Inc(b)
3.75%, 01/30/2031
388,272
70,000 Amer Sports Co(b)(f)
6.75%, 02/16/2031
69,822
  American Airlines Pass Through Trust  
  Series 2017-2 Class B  
228,617 3.70%, 10/15/2025 221,721
  Series 2016-3 Class B  
671,669 3.75%, 10/15/2025 647,578
265,000 Asbury Automotive Group Inc(b)
4.63%, 11/15/2029
244,549
1,350,000 Ashton Woods USA LLC / Ashton Woods Finance Co(b)
4.63%, 04/01/2030
1,233,453
935,000 Aston Martin Capital Holdings Ltd(b)
10.00%, 03/31/2029
951,989
140,000 AutoNation Inc
4.75%, 06/01/2030
134,424
1,000 BlueLinx Holdings Inc(b)
6.00%, 11/15/2029
971
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
  British Airways Pass Through Trust(b)  
  Series 2019-1 Class A  
$       185,147 3.35%, 06/15/2029 $      170,706
  Series 2021-1 Class A  
        168,288 2.90%, 03/15/2035        145,322
  Carnival Corp(b)  
        610,000 7.63%, 03/01/2026        617,173
745,000 5.75%, 03/01/2027 737,353
5,000 4.00%, 08/01/2028 4,657
445,000 6.00%, 05/01/2029(f) 439,086
130,000 7.00%, 08/15/2029(f) 135,588
477,000 Clarios Global LP / Clarios US Finance Co(b)
8.50%, 05/15/2027
477,721
520,000 Daimler Truck Finance North America LLC(b)
5.50%, 09/20/2033
526,827
700,683 Delta Air Lines Pass Through Trust
Series 2015-1 Class AA
3.63%, 07/30/2027
662,445
1,070,000 Dillard's Inc
7.75%, 07/15/2026
1,106,872
200,000 Ferguson Finance PLC(b)
3.25%, 06/02/2030
178,912
  Ferrellgas LP / Ferrellgas Finance Corp(b)  
429,000 5.38%, 04/01/2026 419,709
702,000 5.88%, 04/01/2029(f) 668,522
620,000 Ford Motor Credit Co LLC
7.35%, 03/06/2030
661,018
  General Motors Financial Co Inc  
90,000 3.10%, 01/12/2032 76,230
1,280,000 6.40%, 01/09/2033(f) 1,341,352
765,000 GENM Capital Labuan Ltd(b)
3.88%, 04/19/2031
669,928
  Hilton Domestic Operating Co Inc(b)  
515,000 4.00%, 05/01/2031 460,290
140,000 3.63%, 02/15/2032 120,540
  Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(b)  
330,000 5.00%, 06/01/2029(f) 307,759
105,000 4.88%, 07/01/2031 94,010
1,295,000 LBM Acquisition LLC(b)
6.25%, 01/15/2029
1,214,150
  Light & Wonder International Inc(b)  
1,490,000 7.00%, 05/15/2028 1,500,978
15,000 7.25%, 11/15/2029(f) 15,399
395,000 7.50%, 09/01/2031(f) 410,762
  Lithia Motors Inc(b)(f)  
1,155,000 3.88%, 06/01/2029 1,040,891
265,000 4.38%, 01/15/2031 237,368
520,000 Marriott International Inc
5.30%, 05/15/2034
514,316
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
$       255,000 Marriott Ownership Resorts Inc(b)(f)
4.50%, 06/15/2029
$      233,262
        771,000 Meritage Homes Corp(b)
3.88%, 04/15/2029
       708,421
        680,000 Merlin Entertainments Group US Holdings Inc(b)
7.38%, 02/15/2031
       685,120
  NCL Corp Ltd(b)  
        650,000 5.88%, 03/15/2026        641,648
        350,000 5.88%, 02/15/2027        345,797
        680,000 8.13%, 01/15/2029        719,566
140,000 NCL Finance Ltd(b)
6.13%, 03/15/2028
138,252
894,000 Newell Brands Inc(f)
6.63%, 09/15/2029
873,962
570,000 Nissan Motor Acceptance Co LLC(b)
7.05%, 09/15/2028
595,811
655,000 Ontario Gaming GTA LP / OTG Co-Issuer Inc(b)(f)
8.00%, 08/01/2030
674,632
355,000 PetSmart Inc / PetSmart Finance Corp(b)
7.75%, 02/15/2029
345,607
  Royal Caribbean Cruises Ltd(b)  
50,000 4.25%, 07/01/2026 48,252
1,580,000 5.50%, 04/01/2028 1,561,678
27,000 9.25%, 01/15/2029 28,959
470,000 6.25%, 03/15/2032 473,741
  Tapestry Inc  
170,000 3.05%, 03/15/2032 139,605
610,000 7.85%, 11/27/2033 662,025
  Travel + Leisure Co  
50,000 6.00%, 04/01/2027 49,976
655,000 4.50%, 12/01/2029(b)(f) 602,294
340,000 4.63%, 03/01/2030(b) 310,440
245,000 4.63%, 03/01/2030 223,699
1,500,000 United Airlines Pass Through Trust
Series 2023-1 Class A
5.80%, 01/15/2036
1,525,200
1,085,000 VistaJet Malta Finance PLC / Vista Management Holding Inc(b)(f)
9.50%, 06/01/2028
922,590
1,865,000 Warnermedia Holdings Inc
4.28%, 03/15/2032
1,665,890
430,000 Windsor Holdings III LLC(b)
8.50%, 06/15/2030
450,859
  Yum! Brands Inc  
955,000 3.63%, 03/15/2031(f) 845,105
255,000 4.63%, 01/31/2032 235,319
  ZF North America Capital Inc(b)  
340,000 6.88%, 04/14/2028 352,648
190,000 7.13%, 04/14/2030 200,206
    37,169,125
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — 5.51%
$     1,155,000 Adani Ports & Special Economic Zone Ltd(b)
4.38%, 07/03/2029
$    1,028,542
        505,000 Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC(b)
3.25%, 03/15/2026
       481,579
  Ashtead Capital Inc(b)  
      1,080,000 5.50%, 08/11/2032     1,055,866
        220,000 5.55%, 05/30/2033        216,344
      1,400,000 5.95%, 10/15/2033     1,415,637
        440,000 5.80%, 04/15/2034        439,553
650,000 Bacardi Ltd / Bacardi-Martini BV(b)
5.40%, 06/15/2033
644,530
  BAT Capital Corp  
816,000 7.75%, 10/19/2032 920,823
290,000 4.39%, 08/15/2037 243,762
10,000 Bausch + Lomb Corp(b)
8.38%, 10/01/2028
10,347
1,135,000 Bausch Health Cos Inc(b)
4.88%, 06/01/2028
619,374
350,000 Block Inc
3.50%, 06/01/2031
304,621
1,252,000 Boost Newco Borrower LLC(b)
7.50%, 01/15/2031
1,310,610
910,000 Catalent Pharma Solutions Inc(b)(f)
3.50%, 04/01/2030
866,693
  Centene Corp  
40,000 2.45%, 07/15/2028 35,469
1,845,000 4.63%, 12/15/2029 1,751,605
545,000 3.38%, 02/15/2030 482,288
720,000 3.00%, 10/15/2030 617,326
680,000 2.50%, 03/01/2031 559,315
400,000 2.63%, 08/01/2031 328,350
540,000 Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL(b)
5.25%, 04/27/2029
514,584
886,000 CHS / Community Health Systems Inc(b)
4.75%, 02/15/2031
683,768
1,272,000 CoStar Group Inc(b)
2.80%, 07/15/2030
1,084,335
805,000 Coty Inc / HFC Prestige Products Inc / HFC Prestige International US LLC(b)(f)
6.63%, 07/15/2030
817,470
150,000 CVS Health Corp(f)
5.25%, 01/30/2031
151,120
1,450,000 DENTSPLY SIRONA Inc
3.25%, 06/01/2030
1,284,968
160,000 DP World Ltd(b)
6.85%, 07/02/2037
174,339
75,000 Encompass Health Corp
4.75%, 02/01/2030
70,272
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
$       595,000 ERAC USA Finance LLC(b)
4.90%, 05/01/2033
$      583,285
  Gartner Inc(b)  
        445,000 3.63%, 06/15/2029        402,895
        445,000 3.75%, 10/01/2030        398,337
  Global Payments Inc  
        220,000 5.30%, 08/15/2029        218,951
        255,000 2.90%, 05/15/2030        221,444
315,000 2.90%, 11/15/2031 264,348
775,000 5.40%, 08/15/2032 768,611
705,000 Grifols SA(b)
4.75%, 10/15/2028
583,289
  HCA Inc  
2,715,000 5.50%, 06/01/2033 2,724,772
1,200,000 5.60%, 04/01/2034 1,208,307
171,000 6.00%, 04/01/2054 173,562
260,000 Herbalife Nutrition Ltd / HLF Financing Inc(b)(f)
7.88%, 09/01/2025
259,964
  Hertz Corp(b)  
625,000 4.63%, 12/01/2026 567,212
745,000 5.00%, 12/01/2029(f) 575,711
395,000 HLF Financing SARL LLC / Herbalife International Inc(b)(f)
4.88%, 06/01/2029
274,525
330,000 Hologic Inc(b)
3.25%, 02/15/2029
295,743
  JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc  
260,000 3.00%, 02/02/2029 230,217
825,000 3.75%, 12/01/2031 713,314
355,000 Kronos Acquisition Holdings Inc / KIK Custom Products Inc(b)
7.00%, 12/31/2027
352,643
1,165,000 LifePoint Health Inc(b)(f)
9.88%, 08/15/2030
1,218,639
760,000 Medline Borrower LP(b)
5.25%, 10/01/2029
718,328
805,000 Medline Borrower LP / Medline Co-Issuer Inc(b)
6.25%, 04/01/2029
808,605
1,265,000 Minerva Luxembourg SA(b)(f)
8.88%, 09/13/2033
1,330,976
  Molina Healthcare Inc(b)  
435,000 4.38%, 06/15/2028 408,912
550,000 3.88%, 05/15/2032 478,899
375,000 Neptune Bidco US Inc(b)
9.29%, 04/15/2029
354,590
327,000 Par Pharmaceutical Inc(b)(g)
7.50%, 04/01/2027
214,366
565,000 Pfizer Investment Enterprises Pte Ltd
4.75%, 05/19/2033
556,290
  Pilgrim's Pride Corp  
185,000 4.25%, 04/15/2031 166,767
840,000 3.50%, 03/01/2032 711,917
703,000 6.25%, 07/01/2033 718,387
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
$       430,000 Post Holdings Inc(b)
6.25%, 02/15/2032
$      433,134
        685,000 Prime Security Services Borrower LLC / Prime Finance Inc(b)(f)
6.25%, 01/15/2028
       671,011
        720,000 Quest Diagnostics Inc
6.40%, 11/30/2033
       777,877
        340,000 S&P Global Inc(b)
5.25%, 09/15/2033
       347,426
        370,000 Sigma Holdco BV(b)
7.88%, 05/15/2026
       355,200
        545,000 Smithfield Foods Inc(b)
3.00%, 10/15/2030
       451,182
        680,000 Solventum Corp(b)
5.90%, 04/30/2054
       678,326
652,000 Surgery Center Holdings Inc(b)
6.75%, 07/01/2025
652,065
  Teva Pharmaceutical Finance Netherlands II BV  
465,000 EUR, 7.38%, 09/15/2029 555,119
395,000 EUR, 7.88%, 09/15/2031 492,984
  Teva Pharmaceutical Finance Netherlands III BV  
1,624,000 3.15%, 10/01/2026 1,518,264
210,000 4.75%, 05/09/2027(f) 203,296
385,000 5.13%, 05/09/2029(f) 369,978
605,000 7.88%, 09/15/2029 649,412
890,000 8.13%, 09/15/2031(f) 976,151
3,220,000 4.10%, 10/01/2046 2,219,876
215,000 TriNet Group Inc(b)
3.50%, 03/01/2029
192,831
405,000 Triton Water Holdings Inc(b)
6.25%, 04/01/2029
368,880
1,120,000 United Rentals North America Inc(b)
6.13%, 03/15/2034
1,121,392
1,355,000 Universal Health Services Inc
2.65%, 01/15/2032
1,108,544
820,000 US Acute Care Solutions LLC(b)(f)
6.38%, 03/01/2026
789,481
  Viatris Inc  
525,000 2.70%, 06/22/2030 445,110
660,000 4.00%, 06/22/2050 454,687
35,000 Wand NewCo 3 Inc(b)
7.63%, 01/30/2032
36,198
    52,485,720
Energy — 7.26%
  Aker BP ASA(b)  
335,000 5.60%, 06/13/2028 339,264
730,000 4.00%, 01/15/2031 666,777
380,000 3.10%, 07/15/2031 324,762
389,000 Alliance Resource Operating Partners LP / Alliance Resource Finance Corp(b)
7.50%, 05/01/2025
387,515
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Energy — (continued)
$       493,164 Alta Wind Holdings LLC(b)
7.00%, 06/30/2035
$      501,888
        657,000 Antero Midstream Partners LP / Antero Midstream Finance Corp(b)
5.75%, 01/15/2028
       646,882
        950,000 Ascent Resources Utica Holdings LLC / ARU Finance Corp(b)
8.25%, 12/31/2028
       975,920
      1,485,000 BP Capital Markets PLC(h)
4.88%, Perpetual
     1,416,720
        615,000 Cheniere Energy Inc(b)
5.65%, 04/15/2034
       619,392
  Cheniere Energy Partners LP  
        110,000 4.50%, 10/01/2029        104,692
1,980,000 4.00%, 03/01/2031 1,799,640
285,000 3.25%, 01/31/2032 242,773
530,000 5.95%, 06/30/2033 541,858
590,000 CITGO Petroleum Corp(b)
7.00%, 06/15/2025
589,264
  Civitas Resources Inc(b)  
175,000 8.63%, 11/01/2030 187,911
445,000 8.75%, 07/01/2031 476,177
  Columbia Pipelines Operating Co LLC(b)  
715,000 6.04%, 11/15/2033 740,772
105,000 6.71%, 08/15/2063 115,202
  Continental Resources Inc  
100,000 4.38%, 01/15/2028 96,635
3,225,000 5.75%, 01/15/2031(b) 3,205,790
1,945,000 2.88%, 04/01/2032(b) 1,585,160
644,000 Coronado Finance Pty Ltd(b)
10.75%, 05/15/2026
670,969
10,000 Crescent Energy Finance LLC(b)
7.63%, 04/01/2032
10,077
284,000 CrownRock LP / CrownRock Finance Inc(b)
5.00%, 05/01/2029
280,528
925,000 CVR Energy Inc(b)
8.50%, 01/15/2029
936,587
840,000 DCP Midstream Operating LP(b)
6.45%, 11/03/2036
879,478
800,000 DT Midstream Inc(b)
4.13%, 06/15/2029
735,466
  Ecopetrol SA  
840,000 4.63%, 11/02/2031 698,821
1,045,000 8.88%, 01/13/2033 1,105,330
540,000 8.38%, 01/19/2036 545,086
  Enbridge Inc  
570,000 5.70%, 03/08/2033 583,768
705,000 7.63%, 01/15/2083 723,508
415,000 8.50%, 01/15/2084 450,912
  Energian Israel Finance Ltd(b)  
360,000 5.38%, 03/30/2028 328,317
470,000 5.88%, 03/30/2031 411,720
Principal Amount(a)   Fair Value
Energy — (continued)
  Energy Transfer LP  
$       928,000 6.50%, Perpetual(h) $      909,572
        655,000 5.75%, 02/15/2033        665,379
      1,575,000 6.55%, 12/01/2033     1,690,751
        205,000 EnLink Midstream LLC(b)(f)
6.50%, 09/01/2030
       210,909
  EQM Midstream Partners LP(b)  
        270,000 7.50%, 06/01/2027        276,857
235,000 6.38%, 04/01/2029 236,726
  EQT Corp  
135,000 5.00%, 01/15/2029 132,247
860,000 7.00%, 02/01/2030 913,704
505,000 3.63%, 05/15/2031(b) 444,455
1,385,000 Flex Intermediate Holdco LLC(b)
3.36%, 06/30/2031
1,117,979
665,000 Genesis Energy LP / Genesis Energy Finance Corp
8.88%, 04/15/2030
696,090
75,000 Gray Oak Pipeline LLC(b)
3.45%, 10/15/2027
70,396
465,000 Greensaif Pipelines Bidco SARL(b)
6.13%, 02/23/2038
472,820
740,000 Helix Energy Solutions Group Inc(b)
9.75%, 03/01/2029
792,104
395,000 Hess Midstream Operations LP(b)
4.25%, 02/15/2030
362,968
578,000 Hilcorp Energy I LP / Hilcorp Finance Co(b)
6.00%, 02/01/2031
562,002
1,120,000 International Petroleum Corp(b)
7.25%, 02/01/2027
1,089,200
  KazMunayGas National Co JSC  
350,000 5.38%, 04/24/2030 343,015
200,000 5.38%, 04/24/2030(b) 196,009
390,000 6.38%, 10/24/2048 363,596
895,000 6.38%, 10/24/2048(b) 834,407
615,000 Kinder Morgan Inc
7.75%, 01/15/2032
697,938
  Leviathan Bond Ltd(b)  
255,000 6.13%, 06/30/2025 250,349
210,000 6.50%, 06/30/2027 202,417
235,000 6.75%, 06/30/2030 217,439
770,000 Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp(b)
6.00%, 08/01/2026
757,442
110,000 Matador Resources Co(b)
6.88%, 04/15/2028
112,538
1,010,000 Nabors Industries Ltd(b)
7.25%, 01/15/2026
1,003,747
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Energy — (continued)
  NGL Energy Operating LLC / NGL Energy Finance Corp(b)  
$       155,000 8.13%, 02/15/2029 $      158,748
        255,000 8.38%, 02/15/2032        261,402
        776,000 Northriver Midstream Finance LP(b)
5.63%, 02/15/2026
       769,363
  Occidental Petroleum Corp  
         10,000 5.55%, 03/15/2026         10,037
        735,000 8.88%, 07/15/2030        853,835
245,000 6.63%, 09/01/2030 259,627
1,363,000 6.13%, 01/01/2031 1,411,536
230,000 7.50%, 05/01/2031 256,017
  Ovintiv Inc  
90,000 8.13%, 09/15/2030 101,531
20,000 7.20%, 11/01/2031 21,681
80,000 7.38%, 11/01/2031 87,657
680,000 6.50%, 08/15/2034 721,337
600,000 6.63%, 08/15/2037 626,344
30,000 6.50%, 02/01/2038 31,253
2,095,000 Pertamina Persero PT(b)
2.30%, 02/09/2031
1,731,240
1,800,000 Petroleos de Venezuela SA(b)(g)
6.00%, 05/16/2024
162,900
  Petroleos Mexicanos  
1,360,000 6.50%, 03/13/2027 1,280,982
1,645,000 6.70%, 02/16/2032 1,368,052
780,000 7.69%, 01/23/2050 561,059
770,000 Petronas Capital Ltd(b)(f)
3.50%, 04/21/2030
706,160
  Plains All American Pipeline LP / PAA Finance Corp  
495,000 3.55%, 12/15/2029 454,256
780,000 3.80%, 09/15/2030 714,725
500,000 Sanchez Energy Corp(g)(i)
0.00%, 02/15/2024
30,000
90,000 Southwestern Energy Co
4.75%, 02/01/2032
82,850
1,125,000 State Oil Co of the Azerbaijan Republic
6.95%, 03/18/2030
1,152,473
795,000 Sunnova Energy Corp(b)(f)
5.88%, 09/01/2026
618,908
  Targa Resources Corp  
725,000 6.13%, 03/15/2033 756,372
1,610,000 6.50%, 03/30/2034 1,729,904
  Targa Resources Partners LP / Targa Resources Partners Finance Corp  
80,000 5.50%, 03/01/2030 79,606
70,000 4.88%, 02/01/2031 67,010
440,000 4.00%, 01/15/2032 396,037
570,000 Teck Resources Ltd
6.13%, 10/01/2035
588,485
533,000 Teine Energy Ltd(b)
6.88%, 04/15/2029
518,337
Principal Amount(a)   Fair Value
Energy — (continued)
  Transocean Inc(b)  
$       525,000 11.50%, 01/30/2027 $      547,165
        513,000 8.75%, 02/15/2030        534,893
  Var Energi ASA(b)  
        240,000 7.50%, 01/15/2028        253,842
        670,000 8.00%, 11/15/2032        749,971
  Venture Global Calcasieu Pass LLC(b)  
60,000 3.88%, 08/15/2029 54,009
320,000 6.25%, 01/15/2030 321,940
2,324,000 4.13%, 08/15/2031 2,066,500
1,100,000 Venture Global LNG Inc(b)
9.88%, 02/01/2032
1,185,518
275,000 Viper Energy Inc(b)
7.38%, 11/01/2031
285,884
  Western Midstream Operating LP  
480,000 6.35%, 01/15/2029 497,804
120,000 4.05%, 02/01/2030 111,963
905,000 6.15%, 04/01/2033 927,911
55,000 5.45%, 04/01/2044 50,551
280,000 5.30%, 03/01/2048 245,660
35,000 5.50%, 08/15/2048 30,953
1,200,000 5.25%, 02/01/2050 1,073,430
2,195,000 Williams Cos Inc
5.15%, 03/15/2034
2,175,216
    69,231,551
Financial — 14.77%
  Acrisure LLC / Acrisure Finance Inc(b)  
365,000 8.25%, 02/01/2029 366,638
440,000 6.00%, 08/01/2029 403,515
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
150,000 5.75%, 06/06/2028(f) 152,002
1,371,000 3.00%, 10/29/2028 1,240,509
485,000 6.15%, 09/30/2030 503,389
2,230,000 3.30%, 01/30/2032 1,912,573
160,000 3.40%, 10/29/2033 134,777
100,000 AGFC Capital Trust I(b)(c)
7.33%, 01/15/2067
3-mo. SOFR + 2.01%
56,172
430,000 Agile Group Holdings Ltd
6.05%, 10/13/2025
56,665
200,000 AIB Group PLC(b)
6.61%, 09/13/2029
208,493
  Air Lease Corp  
640,000 4.65%, Perpetual(h) 604,286
10,000 4.63%, 10/01/2028 9,729
95,000 3.25%, 10/01/2029 85,917
380,000 3.00%, 02/01/2030 335,892
715,000 3.13%, 12/01/2030 627,573
  Aircastle Ltd  
215,000 5.25%, Perpetual(b)(h) 204,793
1,210,000 4.25%, 06/15/2026 1,175,274
195,000 5.95%, 02/15/2029(b) 195,077
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
$       800,000 Allianz SE(b)(f)
6.35%, 09/06/2053
$      839,745
        870,000 Allstate Corp(c)
8.51%, 08/15/2053
3-mo. SOFR + 3.20%
       870,258
        370,000 Ally Financial Inc(h)
4.70%, Perpetual
       317,214
      1,145,000 American Express Co
5.63%, 07/28/2034
     1,154,576
      1,385,000 American Tower Corp REIT
5.90%, 11/15/2033
     1,434,147
  Antares Holdings LP(b)  
        250,000 2.75%, 01/15/2027        223,970
250,000 3.75%, 07/15/2027 228,122
970,000 Apollo Debt Solutions BDC(b)
6.90%, 04/13/2029
979,207
  Ares Capital Corp  
555,000 2.88%, 06/15/2028 494,652
785,000 3.20%, 11/15/2031(f) 654,706
245,000 Arthur J Gallagher & Co
5.45%, 07/15/2034
246,620
845,000 Ascot Group Ltd(b)
4.25%, 12/15/2030
694,833
  Athene Global Funding(b)  
620,000 1.61%, 06/29/2026 569,149
1,150,000 2.55%, 11/19/2030 954,273
  Athene Holding Ltd  
385,000 3.50%, 01/15/2031 338,318
260,000 6.25%, 04/01/2054 263,869
  Aviation Capital Group LLC(b)  
410,000 5.50%, 12/15/2024 408,437
365,000 1.95%, 01/30/2026 340,684
385,000 3.50%, 11/01/2027 358,292
95,000 6.25%, 04/15/2028 96,961
1,145,000 6.75%, 10/25/2028 1,193,756
475,000 6.38%, 07/15/2030 488,980
648,000 Avolon Holdings Funding Ltd(b)
4.38%, 05/01/2026
625,829
  Banco de Credito del Peru S.A.  
353,000 3.13%, 07/01/2030(b) 338,046
211,000 3.13%, 07/01/2030 202,062
210,000 Banco de Credito e Inversiones SA(b)(h)
8.75%, Perpetual
215,942
1,230,000 Banco Mercantil del Norte SA(b)(h)
6.63%, Perpetual
1,123,913
2,600,000 Banco Santander SA
5.18%, 11/19/2025
2,570,807
  Bank of America Corp  
355,000 5.02%, 07/22/2033 349,411
2,475,000 5.29%, 04/25/2034 2,467,475
1,770,000 5.87%, 09/15/2034 1,835,791
1,600,000 2.48%, 09/21/2036 1,279,733
735,000 3.85%, 03/08/2037 649,789
  Bank of New York Mellon Corp  
1,015,000 4.70%, Perpetual(h) 995,952
Principal Amount(a)   Fair Value
Financial — (continued)
$       555,000 5.83%, 10/25/2033 $      579,537
  Barclays PLC  
        760,000 4.38%, Perpetual(h)        623,039
      1,315,000 2.28%, 11/24/2027     1,209,320
        200,000 5.09%, 06/20/2030        192,668
        695,000 7.44%, 11/02/2033        771,976
        200,000 6.22%, 05/09/2034        206,280
960,000 7.12%, 06/27/2034 1,023,105
985,000 3.56%, 09/23/2035 844,692
335,000 Barings BDC Inc
3.30%, 11/23/2026
306,261
860,000 BBVA Bancomer SA(b)
5.13%, 01/18/2033
799,254
  Blackstone Private Credit Fund  
508,000 2.63%, 12/15/2026 463,511
220,000 7.30%, 11/27/2028(b) 229,372
1,530,000 Blackstone Secured Lending Fund
2.13%, 02/15/2027
1,379,935
  Blue Owl Capital Corp  
592,000 2.63%, 01/15/2027 540,712
1,850,000 2.88%, 06/11/2028 1,635,403
  Blue Owl Credit Income Corp  
499,000 4.70%, 02/08/2027 473,385
140,000 6.65%, 03/15/2031(b) 136,618
1,015,000 Blue Owl Finance LLC(b)
3.13%, 06/10/2031
849,855
295,000 Blue Owl Technology Finance Corp
2.50%, 01/15/2027
261,929
  BNP Paribas SA(b)  
1,670,000 2.59%, 01/20/2028 1,546,344
1,070,000 5.18%, 01/09/2030 1,070,076
900,000 BPCE SA(b)
7.00%, 10/19/2034
979,703
75,000 Brixmor Operating Partnership LP REIT
4.05%, 07/01/2030
69,564
570,000 BroadStreet Partners Inc(b)
5.88%, 04/15/2029
527,572
885,000 Brookfield Finance Inc
6.35%, 01/05/2034
941,471
500,000 CaixaBank SA(b)
6.84%, 09/13/2034
534,410
425,000 Capital Farm Credit ACA(b)(h)
5.00%, Perpetual
401,625
  Capital One Financial Corp  
680,000 2.36%, 07/29/2032 524,004
370,000 6.05%, 02/01/2035 376,700
  Central China Real Estate Ltd(g)  
190,000 7.25%, 04/28/2025 6,175
205,000 7.50%, 07/14/2025 8,175
200,000 CIFI Holdings Group Co Ltd(g)
6.00%, 07/16/2025
16,000
  Citigroup Inc  
325,000 6.25%, Perpetual(f)(h) 325,835
1,195,000 6.27%, 11/17/2033 1,262,120
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
$       299,000 6.17%, 05/25/2034 $      303,631
        505,000 Citizens Bank NA
2.25%, 04/28/2025
       485,872
         89,000 Citizens Financial Group Inc
5.84%, 01/23/2030
        88,872
        480,000 CNO Financial Group Inc
5.25%, 05/30/2029
       467,621
        110,000 COPT Defense Properties LP REIT
2.75%, 04/15/2031
        90,742
      1,046,000 Corebridge Financial Inc
6.88%, 12/15/2052
     1,047,254
        400,000 Country Garden Holdings Co Ltd(g)
3.30%, 01/12/2031
        25,776
  Credit Agricole SA(b)  
845,000 4.00%, 01/10/2033 788,382
1,890,000 6.25%, 01/10/2035 1,921,044
  Deutsche Bank AG  
290,000 3.55%, 09/18/2031 255,386
2,174,000 3.73%, 01/14/2032 1,831,021
200,000 3.74%, 01/07/2033 165,201
955,000 Discover Bank(f)
4.65%, 09/13/2028
924,389
970,000 Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin(b)
3.88%, 02/15/2026
906,871
  EPR Properties REIT  
700,000 4.75%, 12/15/2026 677,481
185,000 3.60%, 11/15/2031 154,616
635,000 Fifth Third Bancorp(f)
4.34%, 04/25/2033
579,614
665,000 GGAM Finance Ltd(b)
6.88%, 04/15/2029
667,494
  Global Atlantic Fin Co(b)  
195,000 4.40%, 10/15/2029 181,301
360,000 3.13%, 06/15/2031 298,131
605,000 7.95%, 06/15/2033 671,383
200,000 6.75%, 03/15/2054 205,163
  GLP Capital LP / GLP Financing II Inc REIT  
440,000 5.25%, 06/01/2025 437,167
535,000 4.00%, 01/15/2030 488,432
90,000 3.25%, 01/15/2032 75,765
375,000 6.75%, 12/01/2033 395,233
  Goldman Sachs Group Inc  
1,505,000 3.10%, 02/24/2033 1,287,145
510,000 6.45%, 05/01/2036 544,063
865,000 HSBC Holdings PLC
6.16%, 03/09/2029
888,751
145,000 HUB International Ltd(b)(f)
7.38%, 01/31/2032
145,976
500,000 Huntington Bancshares Inc
2.55%, 02/04/2030
425,377
415,000 Huntington National Bank
5.70%, 11/18/2025
412,585
  Icahn Enterprises LP / Icahn Enterprises Finance Corp  
45,000 4.75%, 09/15/2024 44,793
Principal Amount(a)   Fair Value
Financial — (continued)
$       310,000 6.38%, 12/15/2025 $      307,489
      1,241,000 5.25%, 05/15/2027     1,121,542
      1,220,000 4.38%, 02/01/2029     1,040,163
        255,000 ING Groep NV
6.11%, 09/11/2034
       264,752
  Intesa Sanpaolo SpA(b)  
        200,000 4.20%, 06/01/2032        167,209
        310,000 6.63%, 06/20/2033        321,662
655,000 7.20%, 11/28/2033 705,541
1,105,000 Iron Mountain Inc REIT(b)(f)
5.25%, 07/15/2030
1,045,305
845,000 Jefferies Financial Group Inc
5.88%, 07/21/2028
860,194
  JPMorgan Chase & Co  
343,000 4.60%, Perpetual(h) 337,208
720,000 1.95%, 02/04/2032 586,613
610,000 5.72%, 09/14/2033 622,177
615,000 6.25%, 10/23/2034 657,061
  Kaisa Group Holdings Ltd(g)  
1,015,000 9.38%, 06/30/2024 25,375
1,200,000 11.25%, 04/16/2025 24,000
710,000 KeyCorp
6.40%, 03/06/2035
725,056
1,000,000 KeyCorp Capital III
7.75%, 07/15/2029
1,001,996
742,000 Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp REIT(b)
4.25%, 02/01/2027
694,203
660,000 Liberty Mutual Group Inc(b)
4.13%, 12/15/2051
595,816
590,000 Lincoln National Corp(c)
7.62%, 04/20/2067
3-mo. SOFR + 2.30%
452,530
200,000 Logan Group Co Ltd(g)
4.25%, 07/12/2025
17,580
  Macquarie Airfinance Holdings Ltd(b)(f)  
65,000 6.40%, 03/26/2029 66,028
140,000 6.50%, 03/26/2031 142,496
600,000 MBIA Insurance Corp(b)(g)
16.84%, 01/15/2033
16,383
  MetLife Inc  
915,000 3.85%, Perpetual(h) 879,501
515,000 5.88%, Perpetual(f)(h) 513,439
245,000 9.25%, 04/08/2038(b) 287,157
915,000 10.75%, 08/01/2039 1,240,739
985,000 Midcap Financial Issuer Trust(b)
6.50%, 05/01/2028
908,670
  Morgan Stanley  
1,150,000 6.34%, 10/18/2033(f) 1,230,436
1,610,000 5.42%, 07/21/2034 1,614,990
1,480,000 2.48%, 09/16/2036 1,170,509
435,000 5.30%, 04/20/2037 417,339
2,728,000 5.95%, 01/19/2038 2,733,552
145,000 5.94%, 02/07/2039 144,125
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
$       816,000 MPT Operating Partnership LP / MPT Finance Corp REIT
3.50%, 03/15/2031
$      560,282
      1,410,000 Mutual of Omaha Insurance Co(b)
6.80%, 06/15/2036
     1,494,609
  Nationstar Mortgage Holdings Inc(b)  
        430,000 5.00%, 02/01/2026        420,800
      1,625,000 5.75%, 11/15/2031     1,498,821
        705,000 NatWest Group PLC
6.48%, 06/01/2034
       716,624
  Navient Corp  
10,000 5.88%, 10/25/2024 9,985
35,000 6.75%, 06/15/2026 35,287
800,000 5.00%, 03/15/2027(f) 766,434
805,000 Nippon Life Insurance Co(b)
6.25%, 09/13/2053
841,461
860,000 Northern Trust Corp
6.13%, 11/02/2032
908,439
  Office Properties Income Trust REIT  
835,000 4.50%, 02/01/2025 690,031
433,000 2.65%, 06/15/2026 250,173
  OneMain Finance Corp  
405,000 6.88%, 03/15/2025 409,234
50,000 3.50%, 01/15/2027 46,415
75,000 3.88%, 09/15/2028 66,906
235,000 5.38%, 11/15/2029 220,950
805,000 4.00%, 09/15/2030 688,956
85,000 Panther Escrow Issuer LLC(b)
7.13%, 06/01/2031
86,420
535,000 Penn Mutual Life Insurance Co(b)
6.65%, 06/15/2034
555,828
  Prudential Financial Inc  
226,000 5.13%, 03/01/2052 211,840
560,000 6.75%, 03/01/2053 582,503
190,000 6.50%, 03/15/2054 192,627
850,000 Realty Income Corp REIT
3.40%, 01/15/2030
773,987
  Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc(b)  
3,835,000 2.88%, 10/15/2026 3,543,244
900,000 3.63%, 03/01/2029 809,591
375,000 3.88%, 03/01/2031 326,700
2,160,000 4.00%, 10/15/2033 1,829,716
845,000 Sabra Health Care LP REIT
3.20%, 12/01/2031
701,928
705,000 Safehold GL Holdings LLC REIT
6.10%, 04/01/2034
700,466
460,000 Sammons Financial Group Inc(b)
6.88%, 04/15/2034
463,140
1,065,000 SBA Communications Corp REIT(f)
3.13%, 02/01/2029
939,868
Principal Amount(a)   Fair Value
Financial — (continued)
$       590,000 Service Properties Trust REIT(f)
4.95%, 02/15/2027
$      545,724
  Shimao Group Holdings Ltd(g)  
        235,000 5.60%, 07/15/2026          6,380
        400,000 3.45%, 01/11/2031         14,000
        400,000 Sino-Ocean Land Treasure IV Ltd(g)
4.75%, 01/14/2030
        28,440
        150,000 SiriusPoint Ltd(b)
4.60%, 11/01/2026
       143,268
  Societe Generale SA(b)  
1,740,000 4.75%, 11/24/2025 1,706,320
2,475,000 4.25%, 08/19/2026 2,374,226
1,220,000 6.07%, 01/19/2035 1,227,265
895,000 Standard Chartered PLC(b)
3.27%, 02/18/2036
751,614
  State Street Corp  
675,000 6.70%, Perpetual(f)(h) 684,937
525,000 6.12%, 11/21/2034 547,306
765,000 Stewart Information Services Corp(f)
3.60%, 11/15/2031
624,181
  Sunac China Holdings Ltd(b)(j)  
55,921 6.00%, 09/30/2025
PIK rate, 6.00%
6,291
55,921 6.25%, 09/30/2026
PIK rate, 6.25%
5,564
111,845 6.50%, 09/30/2027
PIK rate, 6.50%
9,731
167,767 6.75%, 09/30/2028
PIK rate, 6.75%
12,918
167,767 7.00%, 09/30/2029
PIK rate, 7.00%
11,324
78,818 7.25%, 09/30/2030
PIK rate, 7.25%
4,690
69,127 1.00%, 09/30/2032
PIK rate, 1.00%
4,622
275,000 Synchrony Bank
5.40%, 08/22/2025
272,489
  Synchrony Financial  
480,000 4.88%, 06/13/2025 472,858
100,000 4.50%, 07/23/2025 97,990
157,000 3.70%, 08/04/2026 149,312
843,000 Texas Capital Bancshares Inc
4.00%, 05/06/2031
727,239
405,000 Times China Holdings Ltd(g)
6.20%, 03/22/2026
10,631
505,000 Toronto-Dominion Bank
8.13%, 10/31/2082
529,671
695,000 Truist Financial Corp(h)
5.10%, Perpetual
646,516
  UBS Group AG(b)  
75,000 9.25%, Perpetual(h) 84,640
250,000 2.19%, 06/05/2026 239,685
695,000 6.37%, 07/15/2026 699,873
675,000 6.44%, 08/11/2028 694,933
1,080,000 4.99%, 08/05/2033 1,037,944
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
$       975,000 6.54%, 08/12/2033 $    1,027,933
        250,000 9.02%, 11/15/2033        303,337
        925,000 5.70%, 02/08/2035        929,681
  UniCredit SpA(b)  
        400,000 5.86%, 06/19/2032        390,599
        280,000 5.46%, 06/30/2035        262,935
  VICI Properties LP / VICI Note Co Inc REIT(b)  
350,000 4.63%, 06/15/2025 344,632
650,000 4.50%, 09/01/2026 630,473
365,000 4.25%, 12/01/2026 350,936
195,000 5.75%, 02/01/2027 194,754
1,150,000 3.88%, 02/15/2029 1,058,424
415,000 4.13%, 08/15/2030 377,362
  VICI Properties LP REIT  
595,000 4.95%, 02/15/2030 575,399
205,000 5.13%, 05/15/2032 196,082
  Wells Fargo & Co  
890,000 3.90%, Perpetual(h) 846,769
575,000 5.88%, Perpetual(h) 573,735
935,000 5.39%, 04/24/2034 929,178
  Yuzhou Group Holdings Co Ltd(g)  
315,000 7.70%, 02/20/2025 14,978
200,000 8.30%, 05/27/2025 8,500
200,000 7.85%, 08/12/2026 9,634
    140,757,975
Industrial — 3.63%
590,000 Avnet Inc
5.50%, 06/01/2032
570,705
  BAE Systems PLC(b)  
200,000 5.25%, 03/26/2031 200,820
1,735,000 5.30%, 03/26/2034 1,743,697
395,000 Berry Global Inc(b)
5.65%, 01/15/2034
392,842
  Boeing Co  
657,000 3.63%, 02/01/2031 578,223
663,000 5.71%, 05/01/2040 634,585
335,000 3.75%, 02/01/2050 233,040
1,395,000 5.81%, 05/01/2050 1,319,848
375,000 5.93%, 05/01/2060 351,576
195,000 Carrier Global Corp
5.90%, 03/15/2034
204,945
  Cemex SAB de CV(b)  
995,000 5.13%, Perpetual(h) 961,610
200,000 9.13%, Perpetual(h) 217,271
2,630,000 5.20%, 09/17/2030 2,542,165
640,000 3.88%, 07/11/2031 567,046
725,000 Embraer Netherlands Finance BV(b)
7.00%, 07/28/2030
759,185
510,000 Flowserve Corp(f)
3.50%, 10/01/2030
452,792
590,000 GATX Corp
5.45%, 09/15/2033
586,819
50,000 GFL Environmental Inc(b)(f)
6.75%, 01/15/2031
51,241
Principal Amount(a)   Fair Value
Industrial — (continued)
$       686,000 Global Infrastructure Solutions Inc(b)(f)
7.50%, 04/15/2032
$      671,091
      1,075,000 Graham Packaging Co Inc(b)
7.13%, 08/15/2028
       974,696
        200,000 IHS Holding Ltd(b)
5.63%, 11/29/2026
       185,556
      1,070,000 Ingersoll Rand Inc(f)
5.70%, 08/14/2033
     1,097,646
      1,325,000 Jabil Inc
3.00%, 01/15/2031
     1,134,312
        930,000 Jacobs Engineering Group Inc
6.35%, 08/18/2028
       961,230
        195,000 JELD-WEN Inc(b)(f)
4.88%, 12/15/2027
       186,578
400,000 L3Harris Technologies Inc
5.35%, 06/01/2034
400,003
634,000 LSB Industries Inc(b)(f)
6.25%, 10/15/2028
610,175
1,220,000 Mauser Packaging Solutions Holding Co(b)
9.25%, 04/15/2027
1,210,283
596,000 New Enterprise Stone & Lime Co Inc(b)
9.75%, 07/15/2028
609,753
  Nordson Corp  
115,000 5.60%, 09/15/2028 117,128
930,000 5.80%, 09/15/2033 970,781
502,000 Owens Corning
7.00%, 12/01/2036
564,779
695,000 Penske Truck Leasing Co LP / PTL Finance Corp(b)
6.05%, 08/01/2028
715,076
290,000 Rand Parent LLC(b)(f)
8.50%, 02/15/2030
287,175
1,136,000 Regal Rexnord Corp(b)
6.40%, 04/15/2033
1,178,175
  RTX Corp  
150,000 2.38%, 03/15/2032 123,573
1,175,000 5.15%, 02/27/2033 1,177,235
925,000 6.10%, 03/15/2034 988,626
500,000 Sensata Technologies BV(b)(f)
4.00%, 04/15/2029
456,544
105,000 Sensata Technologies Inc(b)
3.75%, 02/15/2031
90,825
415,000 SMBC Aviation Capital Finance Designated Activity Co(b)(f)
5.45%, 05/03/2028
416,171
985,000 TD SYNNEX Corp
1.75%, 08/09/2026
900,454
265,000 TopBuild Corp(b)
4.13%, 02/15/2032
234,576
  TransDigm Inc(b)  
485,000 6.88%, 12/15/2030 494,407
695,000 6.63%, 03/01/2032 702,152
840,000 Trimble Inc
6.10%, 03/15/2033
877,537
1,027,000 Trivium Packaging Finance BV(b)
8.50%, 08/15/2027
1,014,189
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Industrial — (continued)
$     1,485,000 Veralto Corp(b)
5.45%, 09/18/2033
$    1,503,369
        865,000 Vontier Corp
2.95%, 04/01/2031
       723,050
        689,000 Weekley Homes LLC / Weekley Finance Corp(b)
4.88%, 09/15/2028
      636,979
    34,582,534
Technology — 3.00%
  Booz Allen Hamilton Inc(b)  
        755,000 3.88%, 09/01/2028        707,241
555,000 4.00%, 07/01/2029 515,912
  Broadcom Inc  
410,000 2.45%, 02/15/2031(b) 345,638
330,000 4.15%, 04/15/2032(b) 306,154
590,000 4.30%, 11/15/2032 554,369
370,000 2.60%, 02/15/2033(b) 300,500
680,000 3.42%, 04/15/2033(b) 589,492
2,200,000 3.47%, 04/15/2034(b) 1,885,200
580,000 3.14%, 11/15/2035(b) 468,583
24,000 3.19%, 11/15/2036(b) 19,100
261,000 4.93%, 05/15/2037(b) 247,706
  CDW LLC / CDW Finance Corp  
130,000 2.67%, 12/01/2026 120,715
315,000 4.25%, 04/01/2028 301,504
235,000 3.28%, 12/01/2028 214,188
995,000 3.25%, 02/15/2029 900,884
1,575,000 3.57%, 12/01/2031 1,384,636
  Consensus Cloud Solutions Inc(b)(f)  
383,000 6.00%, 10/15/2026 364,023
461,000 6.50%, 10/15/2028 409,834
930,000 Entegris Inc(b)
4.75%, 04/15/2029
891,271
1,440,000 Fiserv Inc
5.63%, 08/21/2033
1,471,080
  Leidos Inc  
100,000 4.38%, 05/15/2030 94,755
1,115,000 2.30%, 02/15/2031 921,621
915,000 5.75%, 03/15/2033 938,019
  Marvell Technology Inc  
330,000 2.95%, 04/15/2031 285,093
140,000 5.95%, 09/15/2033 145,084
1,065,000 Microchip Technology Inc
5.05%, 03/15/2029
1,065,160
  Micron Technology Inc  
370,000 6.75%, 11/01/2029 397,143
1,645,000 4.66%, 02/15/2030 1,606,809
260,000 5.30%, 01/15/2031 261,504
440,000 5.88%, 02/09/2033 455,314
3,275,000 5.88%, 09/15/2033(f) 3,395,423
  MSCI Inc(b)  
1,212,000 3.63%, 09/01/2030 1,075,748
200,000 3.25%, 08/15/2033 164,767
506,000 NCR Atleos Corp(b)
9.50%, 04/01/2029
541,222
Principal Amount(a)   Fair Value
Technology — (continued)
$       215,000 Open Text Corp(b)
6.90%, 12/01/2027
$      222,308
  Oracle Corp  
        430,000 6.15%, 11/09/2029        453,192
        855,000 3.95%, 03/25/2051        651,455
        631,000 Rackspace Technology Global Inc(b)
5.38%, 12/01/2028
       164,862
        691,000 Science Applications International Corp(b)
4.88%, 04/01/2028
       659,817
         40,000 Seagate HDD Cayman
4.09%, 06/01/2029
        36,900
200,000 SK Hynix Inc(b)(f)
6.38%, 01/17/2028
205,792
675,000 UKG Inc(b)
6.88%, 02/01/2031
687,641
850,000 VMware LLC
2.20%, 08/15/2031
691,718
  Western Digital Corp  
530,000 4.75%, 02/15/2026 517,748
1,140,000 2.85%, 02/01/2029 991,848
    28,628,973
Utilities — 1.52%
  AES Corp  
260,000 3.95%, 07/15/2030(b) 236,467
370,000 2.45%, 01/15/2031 302,719
360,000 Calpine Corp(b)
3.75%, 03/01/2031
315,257
1,275,000 CMS Energy Corp
4.75%, 06/01/2050
1,174,286
  Electricite de France SA(b)  
255,000 6.25%, 05/23/2033 267,095
540,000 6.90%, 05/23/2053 588,742
775,000 Enel Finance International NV(b)
7.50%, 10/14/2032
873,286
200,000 IPALCO Enterprises Inc
4.25%, 05/01/2030
186,083
1,235,000 KeySpan Gas East Corp(b)
5.99%, 03/06/2033
1,251,584
431,000 National Rural Utilities Cooperative Finance Corp(c)
8.49%, 04/30/2043
3-mo. SOFR + 3.17%
429,924
  NRG Energy Inc(b)  
1,245,000 4.45%, 06/15/2029 1,176,927
1,050,000 7.00%, 03/15/2033 1,120,409
  Pacific Gas & Electric Co  
100,000 5.45%, 06/15/2027 100,287
320,000 3.25%, 06/01/2031 277,851
235,000 4.30%, 03/15/2045 185,692
  PacifiCorp  
500,000 5.45%, 02/15/2034 501,609
935,000 5.80%, 01/15/2055 921,784
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Utilities — (continued)
$       645,000 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara(b)
4.13%, 05/15/2027
$      621,379
        839,000 Sempra Global(b)
3.25%, 01/15/2032
       692,522
  Southern Co  
        845,000 5.70%, 03/15/2034        871,486
      1,512,000 3.75%, 09/15/2051     1,413,419
        210,000 Southern Co Gas Capital Corp
5.75%, 09/15/2033
       217,384
        729,000 Vistra Corp(b)(h)
8.00%, Perpetual
      745,451
    14,471,643
TOTAL CORPORATE BONDS AND NOTES — 47.16%
(Cost $461,919,330)
$449,534,594
CONVERTIBLE BONDS
Communications — 0.42%
120,000 Booking Holdings Inc
0.75%, 05/01/2025
231,600
  DISH Network Corp  
795,000 21.58%, 12/15/2025(i) 580,350
2,600,000 3.38%, 08/15/2026 1,618,500
  Etsy Inc  
280,000 0.13%, 09/01/2027 234,332
655,000 0.25%, 06/15/2028(f) 515,812
65,000 Palo Alto Networks Inc
0.38%, 06/01/2025
185,510
370,000 Spotify USA Inc(i)
4.55%, 03/15/2026
339,660
  Uber Technologies Inc  
125,000 (6.37%), 12/15/2025(i) 140,313
145,000 0.88%, 12/01/2028(b) 179,365
    4,025,442
Consumer, Cyclical — 0.18%
435,000 Carnival Corp
5.75%, 12/01/2027
654,675
110,000 NCL Corp Ltd
1.13%, 02/15/2027
103,741
85,000 Royal Caribbean Cruises Ltd
6.00%, 08/15/2025
241,570
665,000 Southwest Airlines Co
1.25%, 05/01/2025
672,980
    1,672,966
Consumer, Non-Cyclical — 0.27%
1,190,000 BioMarin Pharmaceutical Inc(f)
1.25%, 05/15/2027
1,173,697
155,000 Guardant Health Inc(i)
13.00%, 11/15/2027
105,307
  Shift4 Payments Inc  
95,000 (3.82%), 12/15/2025(i) 101,650
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
$       135,000 0.50%, 08/01/2027 $      125,213
      1,280,000 Teladoc Health Inc(f)
1.25%, 06/01/2027
    1,078,400
    2,584,267
Technology — 0.17%
        130,000 Datadog Inc
0.13%, 06/15/2025
       183,170
        145,000 Nutanix Inc
0.25%, 10/01/2027
       177,625
        220,000 ON Semiconductor Corp
0.50%, 03/01/2029
       216,480
335,000 Splunk Inc
1.13%, 06/15/2027
334,095
660,000 Unity Software Inc(i)
6.84%, 11/15/2026
559,350
130,000 Zscaler Inc
0.13%, 07/01/2025
177,119
    1,647,839
Utilities — 0.13%
225,000 Evergy Inc(b)
4.50%, 12/15/2027
228,713
155,000 NRG Energy Inc
2.75%, 06/01/2048
256,447
830,000 PPL Capital Funding Inc
2.88%, 03/15/2028
794,310
    1,279,470
TOTAL CONVERTIBLE BONDS — 1.17%
(Cost $11,843,513)
$11,209,984
FOREIGN GOVERNMENT BONDS AND NOTES
1,480,000 Angolan Government International Bond(b)
8.25%, 05/09/2028  
1,422,319
3,554,000 Argentine Republic Government International Bond(e)
3.50%, 07/09/2041  
1,432,469
1,225,000 Australia Government Bond
AUD, 2.75%, 11/21/2028  
769,007
18,978 Brazil Notas do Tesouro Nacional Series F
BRL, 10.00%, 01/01/2029  
3,791,839
1,965,000 Brazilian Government International Bond
6.00%, 10/20/2033  
1,945,116
  Chile Government International Bond  
1,755,000 3.50%, 01/31/2034 1,535,563
890,000 3.50%, 01/25/2050 647,853
  Colombia Government International Bond  
675,000 7.50%, 02/02/2034 689,446
1,355,000 8.00%, 11/14/2035 1,422,514
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
  Dominican Republic International Bond  
$     1,400,000 4.88%, 09/23/2032(b) $    1,253,387
        600,000 4.88%, 09/23/2032        537,166
      1,047,000 Ecuador Government International Bond(b)(e)
6.00%, 07/31/2030  
       708,819
  Egypt Government International Bond(b)  
        248,000 7.60%, 03/01/2029        228,160
        420,000 5.88%, 02/16/2031        335,475
1,045,000 8.50%, 01/31/2047 826,929
585,000 El Salvador Government International Bond(b)
7.65%, 06/15/2035  
443,535
875,000 Export-Import Bank of Korea
5.13%, 01/11/2033  
891,996
  Ghana Government International Bond  
415,000 8.13%, 03/26/2032(b) 212,741
874,000 8.13%, 03/26/2032 444,648
1,145,000 Hungary Government International Bond(b)
6.25%, 09/22/2032  
1,189,609
920,000 Indonesia Government International Bond
2.85%, 02/14/2030  
819,949
21,940,000,000 Indonesia Treasury Bond
IDR, 6.88%, 04/15/2029  
1,397,236
  Ivory Coast Government International Bond(b)  
515,000 6.38%, 03/03/2028 507,900
200,000 6.13%, 06/15/2033 180,008
840,000 8.25%, 01/30/2037 841,680
720,000 Jordan Government International Bond(b)
5.85%, 07/07/2030  
661,464
392,850(k) Mexican Bonos
MXN, 7.50%, 05/26/2033  
2,103,235
  Mexico Government International Bond  
1,175,000 3.50%, 02/12/2034 977,267
1,190,000 6.35%, 02/09/2035 1,226,779
300,000 6.00%, 05/07/2036 300,617
780,000 6.34%, 05/04/2053 769,546
800,000 6.40%, 05/07/2054 797,023
  Morocco Government International Bond(b)  
855,000 3.00%, 12/15/2032 686,138
355,000 5.50%, 12/11/2042 311,512
2,285,000 New South Wales Treasury Corp
AUD, 3.00%, 03/20/2028  
1,438,640
3,950,000 New Zealand Government Bond
NZD, 3.50%, 04/14/2033  
2,178,048
1,220,000 Nigeria Government International Bond(b)
7.38%, 09/28/2033  
1,042,612
23,640,000 Norway Government Bond(b)
NOK, 1.75%, 03/13/2025  
2,126,665
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
  Panama Government International Bond  
$       600,000 3.88%, 03/17/2028 $      547,425
         22,000 7.50%, 03/01/2031         22,804
        737,000 8.00%, 03/01/2038        772,089
  Paraguay Government International Bond(b)  
        805,000 6.00%, 02/09/2036(f)        816,823
        200,000 6.10%, 08/11/2044        193,793
  Philippine Government International Bond  
1,260,000 3.70%, 03/01/2041 1,036,352
740,000 2.95%, 05/05/2045 515,226
900,000 2.65%, 12/10/2045 596,382
  Qatar Government International Bond  
785,000 3.75%, 04/16/2030(b) 752,682
1,000,000 5.10%, 04/23/2048 971,302
  Republic of Poland Government International Bond  
1,265,000 4.88%, 10/04/2033 1,244,522
1,330,000 5.50%, 04/04/2053 1,324,119
2,330,000 5.50%, 03/18/2054 2,311,639
46,150,000 Republic of South Africa Government Bond
ZAR, 8.88%, 02/28/2035  
1,942,491
1,835,000 Republic of South Africa Government International Bond
5.88%, 06/22/2030  
1,699,669
300,000 Republic of Uzbekistan International Bond(b)
7.85%, 10/12/2028  
313,518
  Romanian Government International Bond  
1,110,000 7.13%, 01/17/2033(b) 1,185,569
710,000 7.13%, 01/17/2033 758,337
1,442,000 6.38%, 01/30/2034(b) 1,460,659
  Saudi Government International Bond(b)  
1,915,000 5.50%, 10/25/2032 1,982,446
1,540,000 4.50%, 10/26/2046 1,314,030
1,250,000 Serbia International Bond(b)
6.50%, 09/26/2033  
1,273,437
  Turkey Government International Bond  
830,000 9.38%, 03/14/2029 901,588
980,000 7.63%, 04/26/2029 997,640
1,550,000 EUR, 5.88%, 05/21/2030 1,663,862
2,155,000 9.13%, 07/13/2030 2,330,094
380,000 7.63%, 05/15/2034 380,950
  Ukraine Government International Bond  
745,000 7.75%, 09/01/2026 260,750
425,000 7.75%, 09/01/2028 137,833
1,835,000 United Kingdom Gilt
GBP, 0.25%, 01/31/2025  
2,233,359
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
$     1,700,000 Venezuela Government International Bond(g)
7.65%, 04/21/2025  
$      236,300
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 7.48%
(Cost $71,737,612)
$71,272,600
MORTGAGE-BACKED SECURITIES
Non-Agency — 8.64%
        712,010 A&D Mortgage Trust(b)(e)
Series 2023-NQM3 Class A1
6.73%,  07/25/2068  
       713,433
  Ajax Mortgage Loan Trust(b)  
  Series 2019-D Class A1  
141,100 2.96%, 09/25/2065(e)   130,948
  Series 2021-A Class A1  
1,249,918 1.07%, 09/25/2065(d)   1,088,016
  Series 2022-B Class A1  
1,525,236 3.50%, 03/27/2062(e)   1,426,587
  Angel Oak Mortgage Trust(b)  
  Series 2021-3 Class A2  
309,427 1.31%, 05/25/2066(d)   261,138
  Series 2022-5 Class A1  
785,146 4.50%, 05/25/2067(e)   762,881
  Series 2023-1 Class A1  
688,232 4.75%, 09/26/2067(e)   667,285
251,486 Angel Oak SB Commercial Mortgage Trust(b)(d)
Series 2020-SBC1 Class A1
2.07%,  05/25/2050  
228,816
  Arroyo Mortgage Trust(b)(d)  
  Series 2019-1 Class A1  
134,982 3.81%, 01/25/2049   128,064
  Series 2019-2 Class A1  
515,950 3.35%, 04/25/2049   483,042
480,000 BANK
Series 2021-BN35 Class AS
2.46%,  06/15/2064  
394,086
1,060,000 BBCMS Mortgage Trust(b)(c)
Series 2018-TALL Class A
6.25%,  03/15/2037
1-mo. SOFR + 0.92%
1,017,691
34,399 BB-UBS Trust(b)
Series 2012-TFT Class A
2.89%,  06/05/2030  
31,926
  BPR Trust(b)(c)  
  Series 2021-NRD Class B  
130,000 7.45%, 12/15/2038
1-mo. SOFR + 2.12%
121,852
  Series 2021-NRD Class C  
145,000 7.75%, 12/15/2038
1-mo. SOFR + 2.42%
135,273
  Series 2021-NRD Class D  
90,000 9.05%, 12/15/2038
1-mo. SOFR + 3.72%
83,097
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2022-OANA Class A  
$     1,455,000 7.22%, 04/15/2037
1-mo. SOFR + 1.90%
$    1,462,284
  Series 2022-STAR Class A  
        480,000 8.56%, 08/15/2039
1-mo. SOFR + 3.23%
       481,183
        150,018 Bunker Hill Loan Depositary Trust(b)(e)
Series 2019-2 Class A1
2.88%,  07/25/2049  
       141,710
        730,000 BX Commercial Mortgage Trust(b)(c)
Series 2022-AHP Class B
7.17%,  01/17/2039
1-mo. SOFR + 1.84%
       719,962
  BX Trust(b)  
  Series 2019-OC11 Class D  
2,190,000 3.94%, 12/09/2041(d)   1,929,879
  Series 2022-CLS Class A  
564,000 5.76%, 10/13/2027   565,834
  Series 2024-XL5 Class A  
1,200,000 6.69%, 03/15/2041(c)
1-mo. SOFR + 1.39%
1,200,604
775,000 CENT Trust(b)(c)
Series 2023-CITY Class A
7.95%,  09/15/2038
1-mo. SOFR + 2.62%
782,742
185,000 Citigroup Mortgage Loan Trust(b)(d)
Series 2019-RP1 Class M2
4.00%,  01/25/2066  
164,834
  COLT Mortgage Loan Trust(b)  
  Series 2021-2R Class A1  
44,724 0.80%, 07/27/2054   38,749
  Series 2022-4 Class A1  
1,338,859 4.30%, 03/25/2067(d)   1,303,251
  Series 2022-5 Class A1  
3,210,623 4.55%, 04/25/2067(d)   3,208,477
  Series 2023-3 Class A1  
1,917,619 7.18%, 09/25/2068(e)   1,953,614
  Series 2023-4 Class A1  
212,156 7.16%, 10/25/2068(e)   216,013
  COMM Mortgage Trust  
  Series 2012-LC4 Class B  
57,400 4.93%, 12/10/2044(d)   52,319
  Series 2013-300P Class A1  
1,500,000 4.35%, 08/10/2030(b)   1,410,408
75,419 Commercial Mortgage Pass Through Certificates(b)
Series 2012-LTRT Class A2
3.40%,  10/05/2030  
70,095
  CoreVest American Finance Ltd(b)(e)  
  Series 2021-RTL1 Class A1  
670,000 2.24%, 03/28/2029   642,760
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2023-RTL1 Class A1  
$       495,000 7.55%, 12/28/2030   $      497,524
  Credit Suisse Mortgage Trust(b)  
  Series 2014-USA Class B  
        285,000 4.18%, 09/15/2037          243,813
  Series 2014-USA Class D  
        100,000 4.37%, 09/15/2037           64,103
  Series 2019-ICE4 Class A  
2,244,416 6.35%, 05/15/2036(c)
1-mo. SOFR + 1.03%
2,244,421
  Series 2020-RPL3 Class A1  
152,176 4.08%, 03/25/2060(d)   151,523
  Series 2021-RPL1 Class A1  
230,002 4.04%, 09/27/2060(d)   222,106
235,000 DBUBS Mortgage Trust(b)(d)
Series 2017-BRBK Class D
3.53%,  10/10/2034  
200,032
460,000 DC Commercial Mortgage Trust(b)(d)
Series 2023-DC Class C
7.14%,  09/12/2040  
469,168
1,898,981 Deephaven Residential Mortgage Trust(b)(d)
Series 2022-1 Class A1
2.21%,  01/25/2067  
1,694,551
  Ellington Financial Mortgage Trust(b)(d)  
  Series 2019-2 Class A3  
49,836 3.05%, 11/25/2059   46,785
  Series 2022-1 Class A1  
1,007,996 2.21%, 01/25/2067   854,985
  Extended Stay America Trust(b)(c)  
  Series 2021-ESH Class C  
2,354,209 7.14%, 07/15/2038
1-mo. SOFR + 1.81%
2,352,001
  Series 2021-ESH Class D  
118,853 7.69%, 07/15/2038
1-mo. SOFR + 2.36%
118,705
144,811 GCAT Trust(b)(d)
Series 2019-RPL1 Class A1
2.65%,  10/25/2068  
136,532
  GS Mortgage Securities Corp Trust(b)(d)  
  Series 2013-G1 Class B  
89,438 3.72%, 04/10/2031   82,803
  Series 2013-PEMB Class A  
130,000 3.55%, 03/05/2033   102,900
  Series 2013-PEMB Class D  
430,000 3.55%, 03/05/2033   200,836
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$     1,729,162 Imperial Fund Mortgage Trust(b)(e)
Series 2022-NQM3 Class A1
4.38%,  05/25/2067  
$    1,673,557
        857,000 INTOWN Mortgage Trust(b)(c)
Series 2022-STAY Class A
7.81%,  08/15/2039
1-mo. SOFR + 2.49%
       861,285
        313,934 JPMorgan Chase Commercial Mortgage Securities Trust(b)(d)
Series 2012-LC9 Class C
3.77%,  12/15/2047  
       288,216
  Legacy Mortgage Asset Trust(b)  
  Series 2020-GS1 Class A1  
        261,746 6.88%, 10/25/2059(e)          261,688
  Series 2020-RPL1 Class A2  
200,000 3.25%, 09/25/2059(d)   177,715
  Series 2021-GS4 Class A1  
101,777 1.65%, 11/25/2060(e)   98,436
61,148 LHOME Mortgage Trust(b)(e)
Series 2021-RTL2 Class A1
3.09%,  06/25/2026  
60,989
  Med Trust(b)(c)  
  Series 2021-MDLN Class B  
104,499 6.89%, 11/15/2038
1-mo. SOFR + 1.56%
104,205
  Series 2021-MDLN Class C  
268,710 7.24%, 11/15/2038
1-mo. SOFR + 1.91%
267,867
  Series 2021-MDLN Class D  
129,379 7.44%, 11/15/2038
1-mo. SOFR + 2.11%
128,894
900,000 MetLife Securitization Trust(b)(d)
Series 2017-1A Class M1
3.45%,  04/25/2055  
788,722
  MFA Trust(b)  
  Series 2020-NQM3 Class A1  
776,947 1.01%, 01/26/2065(d)   706,141
  Series 2022-INV2 Class A1  
496,013 4.95%, 07/25/2057(e)   486,393
  Series 2022-NQM2 Class A1  
288,288 4.00%, 05/25/2067(e)   274,701
  Mill City Mortgage Loan Trust(b)(d)  
  Series 2017-3 Class B1  
639,064 3.25%, 01/25/2061   542,483
  Series 2019-1 Class M2  
603,888 3.50%, 10/25/2069   536,430
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2019-GS1 Class A1  
$       176,115 2.75%, 07/25/2059   $      167,543
      1,225,000 MIRA Trust(b)
Series 2023-MILE Class A
6.75%,  06/10/2038  
     1,271,922
  Morgan Stanley Bank of America Merrill Lynch Trust  
  Series 2012-CKSV Class A2  
         89,331 3.28%, 10/15/2030(b)           79,587
  Series 2013-C11 Class B  
80,000 4.08%, 08/15/2046(d)   49,523
  Series 2013-C12 Class C  
75,000 6.05%, 10/15/2046(d)   69,171
  Series 2015-C25 Class A4  
915,000 3.37%, 10/15/2048   890,412
  New Residential Mortgage Loan Trust(b)  
  Series 2016-4A Class B1A  
619,149 4.50%, 11/25/2056(d)   583,373
  Series 2017-2A Class A3  
1,236,911 4.00%, 03/25/2057(d)   1,167,307
  Series 2019-RPL2 Class M2  
670,000 3.75%, 02/25/2059(d)   582,942
  Series 2020-NQM1 Class A3  
901,934 2.77%, 01/26/2060(d)   825,517
  Series 2021-NQ2R Class A1  
394,531 0.94%, 10/25/2058(d)   357,937
  Series 2022-NQM2 Class A1  
2,796,578 3.08%, 03/27/2062(d)   2,528,990
  Series 2022-RTL1 Class A1F  
1,177,000 4.34%, 12/25/2026   1,170,502
884,000 NewRez Warehouse Securitization Trust(b)(c)
Series 2021-1 Class B
6.34%,  05/25/2055
1-mo. SOFR + 1.01%
883,768
  NYMT Loan Trust(b)  
  Series 2022-CP1 Class A1  
1,343,607 2.04%, 07/25/2061   1,217,973
  Series 2024-CP1 Class A1  
1,530,179 3.75%, 02/25/2068(d)   1,406,432
947,896 Onslow Bay Financial LLC(b)(e)
Series 2023-NQM5 Class A1A
6.57%,  06/25/2063  
955,952
1,150,000 ORL Trust(b)(c)
Series 2023-GLKS Class A
7.68%,  10/19/2036
1-mo. SOFR + 2.35%
1,154,312
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$       384,816 Palisades Mortgage Loan Trust(b)(e)
Series 2021-RTL1 Class A1
3.49%,  06/25/2026  
$      384,816
      1,040,000 PRET Trust(b)(d)
Series 2024-RPL1 Class A1
3.90%,  10/25/2063  
       979,298
        288,091 Provident Funding Mortgage Trust(b)(d)
Series 2019-1 Class A2
3.00%,  12/25/2049  
       243,109
  PRP Advisors LLC(b)  
  Series 2020-4 Class A1  
        185,515 5.61%, 10/25/2025(e)          185,096
  Series 2021-2 Class A1  
391,426 5.12%, 03/25/2026(d)   387,623
  Series 2021-8 Class A1  
266,079 1.74%, 09/25/2026(d)   255,495
  Series 2021-RPL1 Class A1  
715,927 1.32%, 07/25/2051(e)   638,653
  Series 2022-5 Class A1  
699,413 6.90%, 09/27/2027(e)   701,554
112,211 RCKT Mortgage Trust(b)(d)
Series 2020-1 Class A1
3.00%,  02/25/2050  
94,764
316,755 RCO VII Mortgage LLC(b)(e)
Series 2024-1 Class A1
7.02%,  01/25/2029  
315,808
298,830 Redwood Funding Trust(b)(e)
Series 2023-1 Class A
7.50%,  07/25/2059  
293,714
167,962 Starwood Mortgage Residential Trust(b)(d)
Series 2021-3 Class A3
1.52%,  06/25/2056  
135,985
227,084 Toorak Mortgage Corp Ltd(b)(e)
Series 2021-1 Class A1
3.24%,  06/25/2024  
224,683
130,000 Toorak Mortgage Trust(b)(e)
Series 2024-RRTL1 Class A1
6.60%,  02/25/2039  
129,998
  Towd Point Mortgage Trust(b)  
  Series 2016-4 Class B1  
615,000 4.03%, 07/25/2056(d)   579,274
  Series 2017-1 Class A2  
525,000 3.50%, 10/25/2056(d)   513,369
  Series 2017-1 Class M1  
635,000 3.75%, 10/25/2056(d)   605,785
  Series 2017-4 Class A2  
630,000 3.00%, 06/25/2057(d)   571,308
  Series 2017-4 Class M2  
325,000 3.25%, 06/25/2057(d)   275,690
  Series 2017-6 Class A2  
780,000 3.00%, 10/25/2057(d)   715,796
  Series 2018-4 Class A2  
100,000 3.00%, 06/25/2058(d)   82,832
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2018-5 Class M1  
$       170,000 3.25%, 07/25/2058(d)   $      140,021
  Series 2018-6 Class A1B  
        300,000 3.75%, 03/25/2058(d)          281,587
  Series 2018-6 Class A2  
      1,590,000 3.75%, 03/25/2058(d)       1,411,805
  Series 2019-2 Class A2  
1,170,000 3.75%, 12/25/2058(d)   1,041,590
  Series 2019-2 Class M1  
945,000 3.75%, 12/25/2058(d)   816,706
  Series 2019-4 Class A1  
191,860 2.90%, 10/25/2059(d)   179,314
  Series 2019-4 Class A2  
615,000 3.25%, 10/25/2059(d)   541,205
  Series 2019-HY2 Class M1  
925,000 7.04%, 05/25/2058(c)
1-mo. SOFR + 1.71%
965,366
  Series 2020-1 Class A2B  
100,000 3.25%, 01/25/2060(d)   84,291
  Series 2021-1 Class A2  
1,050,000 2.75%, 11/25/2061(d)   849,637
  VCAT LLC(b)(e)  
  Series 2021-NPL1 Class A1  
29,078 5.29%, 12/26/2050   28,871
  Series 2021-NPL4 Class A1  
451,946 1.87%, 08/25/2051   437,222
  Series 2021-NPL5 Class A1  
317,716 1.87%, 08/25/2051   309,709
  Series 2021-NPL6 Class A1  
547,153 1.92%, 09/25/2051   530,277
  Verus Securitization Trust(b)(e)  
  Series 2022-4 Class A1  
1,231,041 4.47%, 04/25/2067   1,201,507
  Series 2022-5 Class A1  
948,426 3.80%, 04/25/2067   882,948
  Series 2022-6 Class A1  
710,406 4.91%, 06/25/2067   701,536
  Series 2022-7 Class A1  
1,370,379 5.15%, 07/25/2067   1,359,918
  Series 2023-8 Class A1  
861,139 6.26%, 12/25/2068   864,681
  Visio Trust(b)  
  Series 2019-2 Class A1  
218,635 2.72%, 11/25/2054(d)   207,603
  Series 2020-1R Class A1  
959,514 1.31%, 11/25/2055   889,240
  Series 2020-1R Class A2  
111,594 1.57%, 11/25/2055   100,363
  Series 2022-1 Class A2  
904,174 5.85%, 08/25/2057(e)   895,178
Principal Amount(a)   Fair Value
Non-Agency — (continued)
$        79,431 VOLT XCII LLC(b)(e)
Series 2021-NPL1 Class A1
4.89%,  02/27/2051  
$       77,457
        232,426 VOLT XCIII LLC(b)(e)
Series 2021-NPL2 Class A1
4.89%,  02/27/2051  
       225,553
        197,126 VOLT XCIV LLC(b)(e)
Series 2021-NPL3 Class A1
5.24%,  02/27/2051  
       192,615
        126,964 VOLT XCVI LLC(b)(e)
Series 2021-NPL5 Class A1
5.12%,  03/27/2051  
       124,217
        332,261 VOLT XCVII LLC(b)(e)
Series 2021-NPL6 Class A1
5.24%,  04/25/2051  
       325,828
  Wells Fargo Commercial Mortgage Trust(d)  
  Series 2013-LC12 Class B  
137,839 3.95%, 07/15/2046   126,875
  Series 2016-C36 Class B  
135,000 3.67%, 11/15/2059   115,351
  WFRBS Commercial Mortgage Trust  
  Series 2013-C15 Class B  
220,000 4.19%, 08/15/2046(d)   184,791
  Series 2014-C20 Class B  
190,000 4.38%, 05/15/2047   155,889
  Series 2014-C24 Class AS  
1,490,000 3.93%, 11/15/2047   1,428,961
  Series 2014-C24 Class B  
70,000 4.20%, 11/15/2047(d)   64,830
    82,380,118
U.S. Government Agency — 1.92%
  Federal Home Loan Mortgage Corp  
842,799 6.00%, 10/01/2038   856,304
2,666,277 5.50%, 12/01/2052   2,658,119
2,101,470 5.50%, 01/01/2053   2,092,358
3,113,218 6.00%, 03/01/2053   3,144,100
150,284 Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(b)(c)
Series 2022-DNA3 Class M1A
7.32%,  04/25/2042
1-mo. SOFR + 2.00%
152,227
  Federal National Mortgage Association  
1,644,189 5.00%, 10/01/2052   1,605,382
1,482,220 4.50%, 11/01/2052   1,411,416
1,072,460 5.00%, 11/01/2052   1,047,064
3,951,752 6.00%, 04/01/2053   3,989,883
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
$     1,335,950 5.50%, 07/01/2053   $    1,329,214
    18,286,067
TOTAL MORTGAGE-BACKED SECURITIES — 10.56%
(Cost $103,041,423)
$100,666,185
MUNICIPAL BONDS AND NOTES
      1,130,000 Tobacco Settlement Financing Corp
Series A-1
6.71%, 06/01/2046
      974,005
TOTAL MUNICIPAL BONDS AND NOTES — 0.10%
(Cost $1,125,962)
$974,005
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
5,000,000 5.00%, 08/31/2025(l) 5,010,156
56,650,000 4.63%, 02/28/2026(f) 56,603,528
2,325,000 4.50%, 03/31/2026 2,319,188
705,000 4.00%, 02/15/2034 693,323
3,025,000 4.00%, 11/15/2052 2,844,091
4,795,000 3.63%, 05/15/2053 4,212,857
9,185,000 4.25%, 02/15/2054 9,032,873
TOTAL U.S. TREASURY BONDS AND NOTES — 8.47%
(Cost $80,390,307)
$80,716,016
Shares    
COMMON STOCK
Communications — 0.07%
95,643 Altice USA Inc Class A(m) 249,629
36,899 Paramount Global Class B 434,301
    683,930
Consumer, Cyclical — 0.01%
650 NMG Parent LLC(m) 113,750
Consumer, Non-Cyclical — 0.10%
2,288 AbbVie Inc 416,645
327 Clarivate PLC(f)(m) 2,430
899 Elevance Health Inc 466,167
662 Rising Tide Holdings Inc(m) 1,489
    886,731
Shares   Fair Value
Energy — 0.07%
3,500 Diamondback Energy Inc $      693,595
TOTAL COMMON STOCK — 0.25%
(Cost $3,518,372)
$2,378,006
CONVERTIBLE PREFERRED STOCK
Consumer, Non-Cyclical — 0.02%
7,075 Clarivate PLC 5.25%       210,411
Energy — 0.06%
12,538 El Paso Energy Capital
Trust I 4.75%
      601,322
Financial — 0.17%
465 Bank of America Corp 7.25% 555,149
745,000 Charles Schwab Corp Series H 4.00% 628,597
315 Wells Fargo & Co 7.50% 384,256
    1,568,002
TOTAL CONVERTIBLE PREFERRED STOCK — 0.25%
(Cost $2,969,645)
$2,379,735
Principal Amount    
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 1.06%
$10,205,000 U.S. Treasury Bills(i)
5.25%, 06/27/2024
10,074,692
Repurchase Agreements — 10.26%
24,458,234 Undivided interest of 13.67% 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 $24,458,234 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.(n) 24,458,234
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$    24,458,234 Undivided interest of 13.71% 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 $24,458,234 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.(n) $   24,458,234
     24,458,234 Undivided interest of 13.80% 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 $24,458,234 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.(n)     24,458,234
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$    24,458,234 Undivided interest of 17.76% 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 $24,458,234 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.(n) $   24,458,234
    97,832,936
TOTAL SHORT TERM INVESTMENTS — 11.32%
(Cost $107,907,628)
$107,907,628
TOTAL INVESTMENTS — 108.44%
(Cost $1,052,440,124)
$1,033,705,358
OTHER ASSETS & LIABILITIES, NET — (8.44)% $(80,458,546)
TOTAL NET ASSETS — 100.00% $953,246,812
 
(a) Amount is stated in U.S. dollars unless otherwise noted.
(b) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(c) Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024.
(d) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(e) Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date.
(f) All or a portion of the security is on loan at March 28, 2024.
(g) Security in default.
(h) Security has no contractual maturity date and pays an indefinite stream of interest.
(i) Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(j) Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer.
(k) Principal amount is stated in 100 Mexican Peso Units.
(l) All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts.
(m) Non-income producing security.
(n) Collateral received for securities on loan.
LP Limited Partnership
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Currency Abbreviations:  
AUD Australian Dollar
BRL Brazilian Real
EUR Euro Dollar
GBP British Pound
IDR Indonesian Rupiah
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
ZAR South African Rand
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts
Notional Amount
(000)
Expiration
Date
Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Short          
U.S. 10 Year Treasury Ultra Futures 1,035 USD 118,621 Jun 2024 $(430,671)
U.S. 5 Year Treasury Note Futures 187 USD 20,012 Jun 2024 105,825
Long          
U.S. 10 Year Treasury Note Futures 240 USD 26,591 Jun 2024 172,500
U.S. 2 Year Treasury Note Futures 1 USD 204 Jun 2024 (204)
U.S. Long Bond Futures 968 USD 116,584 Jun 2024 711,006
U.S. Ultra Bond Futures 279 USD 35,991 Jun 2024 707,237
        Net Appreciation $1,265,693
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 6.26%
$   800,000 AB BSL Ltd(a)(b)
Series 2023-4A Class A
7.32%, 04/20/2036
3-mo. SOFR + 2.00%
$    806,258
    800,000 AGL Ltd(a)(b)
Series 2022-17A Class A
6.65%, 01/21/2035
3-mo. SOFR + 1.33%
     800,448
  AmeriCredit Automobile Receivables Trust  
  Series 2021-1 Class D  
 1,500,000 1.21%, 12/18/2026     1,418,046
  Series 2023-2 Class C  
550,000 6.00%, 07/18/2029   558,679
1,441,461 Capital One Prime Auto Receivables Trust
Series 2022-1 Class A3
3.17%, 04/15/2027  
1,412,305
  CCG Receivables Trust(a)  
  Series 2020-1 Class B  
607,727 1.19%, 12/14/2027   604,815
  Series 2023-1 Class A2  
601,906 5.82%, 09/16/2030   603,913
800,000 Cedar Funding VI Ltd(a)(b)
Series 2016-6A Class ARR
6.63%, 04/20/2034
3-mo. SOFR + 1.31%
800,001
789,000 Chase Auto Owner Trust(a)
Series 2024-1A Class A3
5.13%, 05/25/2029  
791,041
800,000 CIFC Funding Ltd(a)(b)
Series 2019-5A Class A1R1
6.72%, 01/15/2035
3-mo. SOFR + 1.40%
800,850
975,000 Credit Acceptance Auto Loan Trust(a)
Series 2021-4 Class C
1.94%, 02/18/2031  
928,986
2,147,000 Discover Card Execution Note Trust
Series 2022-A3 Class A3
3.56%, 07/15/2027  
2,100,374
1,200,000 Drive Auto Receivables Trust
Series 2021-2 Class D
1.39%, 03/15/2029  
1,148,754
800,000 Elmwood Ltd(a)(b)
Series 2024-3A Class A
6.84%, 04/18/2037
3-mo. SOFR + 1.52%
800,143
800,000 Flatiron Ltd(a)(b)
Series 2021-1A Class A1
6.68%, 07/19/2034
3-mo. SOFR + 1.37%
800,630
2,100,000 Ford Credit Auto Owner Trust
Series 2024-A Class A3
5.09%, 12/15/2028  
2,103,809
800,000 HalseyPoint Ltd(a)(b)
Series 2021-4A Class A
6.80%, 04/20/2034
3-mo. SOFR + 1.48%
800,475
Principal Amount   Fair Value
Non-Agency — (continued)
$ 1,150,000 OneMain Direct Auto Receivables Trust(a)
Series 2021-1A Class D
1.62%, 11/14/2030  
$  1,045,086
    800,000 Palmer Square Ltd(a)(b)
Series 2022-1A Class A
6.64%, 04/20/2035
3-mo. SOFR + 1.32%
     800,610
    800,000 Park Avenue Institutional Advisers Ltd(a)(b)
Series 2021-1A Class A1A
6.97%, 01/20/2034
3-mo. SOFR + 1.65%
     800,480
  Santander Drive Auto Receivables Trust  
  Series 2021-2 Class D  
   699,625 1.35%, 07/15/2027       679,121
  Series 2021-3 Class D  
1,200,000 1.33%, 09/15/2027   1,156,064
  Series 2021-4A Class D  
2,000,000 1.67%, 10/15/2027   1,900,699
  Series 2023-3 Class B  
550,000 5.61%, 07/17/2028   551,249
  Series 2023-4 Class B  
550,000 5.77%, 12/15/2028   553,827
  Series 2023-4 Class C  
300,000 6.04%, 12/15/2031   305,047
900,000 Texas Debt Capital Ltd(a)(b)
Series 2023-1A Class A
7.12%, 04/20/2036
3-mo. SOFR + 1.80%
905,081
545,000 Venture Ltd(a)(b)
Series 2021-44A Class A1N
6.78%, 10/20/2034
3-mo. SOFR + 1.46%
544,613
500,000 World Omni Select Auto Trust
Series 2021-A Class D
1.44%, 11/15/2027  
466,356
TOTAL ASSET-BACKED SECURITIES — 6.26%
(Cost $27,444,066)
$26,987,760
BANK LOANS
2,359,811 Vyaire Medical Inc(b)
10.34%, 04/16/2025
3-mo. SOFR + 5.05%
1,442,435
TOTAL BANK LOANS — 0.33%
(Cost $2,333,666)
$1,442,435
CORPORATE BONDS AND NOTES
Basic Materials — 1.49%
  Celanese US Holdings LLC  
675,000 1.40%, 08/05/2026 615,369
500,000 6.17%, 07/15/2027 509,255
595,000 6.33%, 07/15/2029 616,985
1,810,000 CF Industries Inc(a)
4.50%, 12/01/2026
1,765,079
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Basic Materials — (continued)
$ 1,075,000 Georgia-Pacific LLC(a)
1.75%, 09/30/2025
$  1,020,312
    855,000 Glencore Funding LLC(a)
6.13%, 10/06/2028
     883,531
  1,090,000 International Flavors & Fragrances Inc(a)
1.23%, 10/01/2025
  1,020,240
    6,430,771
Communications — 3.78%
  1,040,000 AT&T Inc
4.25%, 03/01/2027
  1,021,051
  2,000,000 Charter Communications Operating LLC / Charter Communications Operating Capital
6.15%, 11/10/2026
  2,015,662
1,415,000 Cisco Systems Inc(c)
4.85%, 02/26/2029
1,425,445
1,735,000 Juniper Networks Inc
1.20%, 12/10/2025
1,610,661
  Meta Platforms Inc  
1,060,000 3.50%, 08/15/2027 1,019,865
1,020,000 4.60%, 05/15/2028(c) 1,019,447
2,400,000 Netflix Inc(a)
5.38%, 11/15/2029
2,449,170
1,405,000 Rogers Communications Inc(c)
5.00%, 02/15/2029
1,395,243
2,290,000 Sprint Capital Corp
6.88%, 11/15/2028
2,440,309
2,000,000 T-Mobile USA Inc
2.25%, 02/15/2026
1,892,515
    16,289,368
Consumer, Cyclical — 5.34%
1,070,000 Alimentation Couche-Tard Inc(a)
3.55%, 07/26/2027
1,021,932
2,000,000 Aptiv PLC / Aptiv Corp
2.40%, 02/18/2025
1,941,376
1,500,000 Cinemark USA Inc(a)
8.75%, 05/01/2025
1,503,750
2,250,000 DR Horton Inc
1.30%, 10/15/2026
2,046,545
3,000,000 Ford Motor Credit Co LLC
2.30%, 02/10/2025
2,909,302
2,000,000 General Motors Financial Co Inc
5.40%, 04/06/2026
2,000,744
1,500,000 Hyatt Hotels Corp
5.75%, 01/30/2027
1,523,341
  Hyundai Capital America(a)  
2,000,000 1.00%, 09/17/2024 1,956,604
1,745,000 5.30%, 01/08/2029 1,747,313
431,000 5.35%, 03/19/2029 432,494
2,000,000 Las Vegas Sands Corp(c)
3.20%, 08/08/2024
1,978,033
1,000,000 Tapestry Inc
7.05%, 11/27/2025
1,020,576
Principal Amount   Fair Value
Consumer, Cyclical — (continued)
$ 3,000,000 Warnermedia Holdings Inc
3.79%, 03/15/2025
$  2,944,412
    23,026,422
Consumer, Non-Cyclical — 7.51%
  AbbVie Inc(c)  
 1,835,000 4.80%, 03/15/2027   1,836,895
 1,840,000 4.80%, 03/15/2029   1,842,700
  Amgen Inc  
685,000 5.25%, 03/02/2025 682,923
1,610,000 5.15%, 03/02/2028 1,620,321
1,120,000 Ashtead Capital Inc(a)
1.50%, 08/12/2026
1,019,722
1,000,000 Bacardi Ltd(a)
4.45%, 05/15/2025
986,021
1,000,000 Becton Dickinson & Co
4.69%, 02/13/2028
989,835
1,090,000 Block Inc
2.75%, 06/01/2026
1,025,127
1,510,000 Bristol-Myers Squibb Co(c)
4.90%, 02/22/2029
1,516,356
465,000 Campbell Soup Co
5.20%, 03/21/2029
467,228
1,000,000 CVS Health Corp
5.00%, 02/20/2026
996,508
1,010,000 ERAC USA Finance LLC(a)(c)
3.30%, 12/01/2026
962,245
2,140,000 Gartner Inc(a)
4.50%, 07/01/2028
2,038,579
685,000 GE HealthCare Technologies Inc
5.65%, 11/15/2027
697,524
1,365,000 Haleon US Capital LLC
3.38%, 03/24/2027
1,306,272
  HCA Inc  
2,000,000 3.13%, 03/15/2027 1,891,496
1,000,000 5.20%, 06/01/2028 1,002,829
1,000,000 IQVIA Inc
5.70%, 05/15/2028
1,013,869
1,395,000 JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc
3.00%, 02/02/2029
1,235,204
1,125,000 Kenvue Inc
5.05%, 03/22/2028
1,137,088
1,000,000 Medtronic Global Holdings SCA
4.25%, 03/30/2028
982,411
  Pfizer Investment Enterprises Pte Ltd  
2,000,000 4.45%, 05/19/2026 1,979,213
1,245,000 4.45%, 05/19/2028 1,227,285
1,000,000 Roche Holdings Inc(a)
5.27%, 11/13/2026
1,009,186
1,000,000 UnitedHealth Group Inc(c)
4.25%, 01/15/2029
979,970
2,000,000 Viatris Inc
1.65%, 06/22/2025
1,901,905
    32,348,712
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Energy — 3.27%
$ 1,285,000 Boardwalk Pipelines LP
5.95%, 06/01/2026
$  1,295,785
  3,000,000 Canadian Natural Resources Ltd(c)
2.05%, 07/15/2025
  2,869,943
  1,830,000 Cheniere Energy Partners LP
4.50%, 10/01/2029
  1,741,697
  Energy Transfer LP  
 1,500,000 3.90%, 05/15/2024   1,496,599
 2,000,000 6.05%, 12/01/2026(c)   2,039,410
  EQT Corp  
277,000 6.13%, 02/01/2025 277,330
100,000 3.13%, 05/15/2026(a) 94,773
2,000,000 Midwest Connector Capital Co LLC(a)
3.90%, 04/01/2024
2,000,000
1,000,000 ONEOK Inc
5.55%, 11/01/2026
1,009,152
  Ovintiv Inc  
1,015,000 5.65%, 05/15/2025 1,015,173
260,000 5.65%, 05/15/2028 264,299
    14,104,161
Financial — 31.40%
1,400,000 ABN AMRO Bank NV(a)
6.34%, 09/18/2027
1,424,023
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
2,500,000 1.75%, 10/29/2024 2,440,531
1,405,000 6.10%, 01/15/2027 1,427,993
500,000 AIB Group PLC(a)
7.58%, 10/14/2026
513,011
2,315,000 Air Lease Corp
4.63%, 10/01/2028
2,252,361
940,000 Aircastle Ltd(a)
6.50%, 07/18/2028
958,855
  Ally Financial Inc  
1,000,000 3.88%, 05/21/2024 997,000
1,430,000 5.75%, 11/20/2025(c) 1,419,702
  American Express Co  
1,000,000 5.39%, 07/28/2027 1,003,402
1,020,000 5.10%, 02/16/2028 1,018,426
2,180,000 American Tower Corp REIT
2.75%, 01/15/2027
2,041,452
  Ares Capital Corp  
1,435,000 2.15%, 07/15/2026(c) 1,321,391
800,000 7.00%, 01/15/2027 822,991
2,260,000 Athene Global Funding(a)
1.73%, 10/02/2026
2,050,948
1,200,000 Banco Bilbao Vizcaya Argentaria SA
5.38%, 03/13/2029
1,210,659
4,400,000 Banco Santander SA
1.72%, 09/14/2027
4,013,264
  Bank of America Corp  
3,000,000 1.53%, 12/06/2025 2,915,682
7,055,000 6.20%, 11/10/2028 7,298,085
  Bank of Nova Scotia  
3,000,000 0.70%, 04/15/2024 2,994,690
Principal Amount   Fair Value
Financial — (continued)
$ 2,500,000 3.45%, 04/11/2025 $  2,450,419
  1,680,000 Banque Federative du Credit Mutuel SA(a)
1.60%, 10/04/2026
  1,536,939
  1,000,000 Barclays PLC
3.65%, 03/16/2025
     980,844
  1,060,000 BNP Paribas SA(a)
2.22%, 06/09/2026
  1,019,194
  BPCE SA(a)  
   360,000 4.50%, 03/15/2025     354,689
   475,000 5.98%, 01/18/2027     476,226
430,000 CaixaBank SA(a)
5.67%, 03/15/2030
429,751
2,000,000 Canadian Imperial Bank of Commerce
5.93%, 10/02/2026
2,038,358
2,080,000 Capital One Financial Corp
4.20%, 10/29/2025
2,033,052
  Citigroup Inc  
950,000 1.28%, 11/03/2025 924,138
2,500,000 6.14%, 06/09/2027(b)
1-day SOFR + 0.77%
2,494,554
1,355,000 CNO Global Funding(a)
1.75%, 10/07/2026
1,234,949
1,595,000 Corebridge Financial Inc
3.65%, 04/05/2027
1,522,213
630,000 Credit Agricole SA(a)(c)
5.34%, 01/10/2030
628,204
3,400,000 Credit Suisse AG
7.50%, 02/15/2028
3,666,178
710,000 Danske Bank A/S(a)
1.55%, 09/10/2027
647,340
  Deutsche Bank AG  
1,035,000 4.50%, 04/01/2025 1,017,670
1,765,000 2.13%, 11/24/2026 1,664,414
1,120,000 2.31%, 11/16/2027 1,023,974
3,420,000 EPR Properties REIT
4.50%, 04/01/2025
3,368,537
1,085,000 Equinix Inc REIT
1.00%, 09/15/2025
1,014,682
990,000 Fifth Third Bancorp
6.34%, 07/27/2029
1,020,562
1,005,000 First-Citizens Bank & Trust Co
6.13%, 03/09/2028
1,032,223
2,500,000 Goldman Sachs Group Inc
5.80%, 08/10/2026
2,508,103
1,370,000 ING Groep NV
6.08%, 09/11/2027
1,386,919
1,265,000 Intercontinental Exchange Inc
4.00%, 09/15/2027
1,227,698
1,260,000 Intesa Sanpaolo SpA(a)
5.71%, 01/15/2026
1,249,047
840,000 Jefferies Financial Group Inc
6.05%, 03/12/2025
840,889
  JPMorgan Chase & Co  
2,000,000 3.85%, 06/14/2025(c) 1,991,287
2,000,000 0.77%, 08/09/2025 1,962,239
4,000,000 2.60%, 02/24/2026 3,896,642
2,000,000 5.04%, 01/23/2028 1,993,103
2,000,000 JPMorgan Chase Bank NA
5.11%, 12/08/2026
2,005,742
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$ 1,680,000 Lloyds Banking Group PLC
5.46%, 01/05/2028
$  1,680,370
  LPL Holdings Inc  
   850,000 4.63%, 11/15/2027(a)     815,730
   390,000 6.75%, 11/17/2028     408,451
  3,000,000 Metropolitan Life Global Funding I(a)
0.95%, 07/02/2025
  2,845,716
  Morgan Stanley  
 2,400,000 3.62%, 04/17/2025   2,397,319
2,000,000 1.16%, 10/21/2025 1,947,384
2,000,000 5.05%, 01/28/2027 1,992,308
4,220,000 3.95%, 04/23/2027 4,074,417
820,000 5.12%, 02/01/2029 818,001
1,000,000 Morgan Stanley Bank NA
4.95%, 01/14/2028
995,881
2,000,000 NatWest Markets PLC(a)
0.80%, 08/12/2024
1,964,719
1,500,000 New York Life Global Funding(a)
4.70%, 04/02/2026
1,488,119
2,105,000 PNC Bank NA
4.05%, 07/26/2028
2,005,792
1,800,000 Principal Life Global
Funding II(a)
0.75%, 04/12/2024
1,797,566
3,030,000 Royal Bank of Canada(c)
5.20%, 08/01/2028
3,060,171
1,340,000 Santander Holdings USA Inc
2.49%, 01/06/2028
1,217,808
  Toronto-Dominion Bank  
2,000,000 5.53%, 07/17/2026 2,017,445
2,000,000 1.25%, 09/10/2026 1,824,934
430,000 Truist Bank
2.64%, 09/17/2029
413,425
3,020,000 Truist Financial Corp
6.05%, 06/08/2027
3,060,761
  VICI Properties LP / VICI Note Co Inc REIT(a)  
845,000 4.50%, 09/01/2026 819,615
290,000 3.75%, 02/15/2027(c) 274,848
1,250,000 VICI Properties LP REIT
4.38%, 05/15/2025
1,228,659
  Wells Fargo & Co  
2,000,000 3.91%, 04/25/2026 1,962,917
1,500,000 2.19%, 04/30/2026 1,444,544
1,030,000 4.81%, 07/25/2028 1,014,878
2,000,000 Wells Fargo Bank NA
5.25%, 12/11/2026
2,005,134
    135,342,157
Industrial — 2.54%
1,015,000 BAE Systems PLC(a)
5.13%, 03/26/2029
1,018,512
1,580,000 Berry Global Inc
1.65%, 01/15/2027
1,434,326
3,855,000 Boeing Co
2.75%, 02/01/2026
3,654,431
Principal Amount   Fair Value
Industrial — (continued)
$ 1,110,000 Graphic Packaging International LLC(a)
1.51%, 04/15/2026
$  1,028,755
  1,365,000 Howmet Aerospace Inc
3.00%, 01/15/2029
  1,232,628
  1,000,000 Penske Truck Leasing Co LP / PTL Finance Corp(a)
5.75%, 05/24/2026
  1,007,234
  1,705,000 Republic Services Inc
0.88%, 11/15/2025
  1,589,617
    10,965,503
Technology — 3.28%
  1,775,000 Broadcom Corp / Broadcom Cayman Finance Ltd(c)
3.88%, 01/15/2027
  1,720,737
1,000,000 Fiserv Inc
5.45%, 03/02/2028
1,011,689
1,115,000 Marvell Technology Inc
5.75%, 02/15/2029
1,141,212
1,050,000 Micron Technology Inc
4.19%, 02/15/2027
1,023,137
1,080,000 MSCI Inc(a)
4.00%, 11/15/2029
998,693
  Oracle Corp  
3,000,000 1.65%, 03/25/2026 2,799,977
1,000,000 4.50%, 05/06/2028(c) 985,124
1,000,000 Qorvo Inc
1.75%, 12/15/2024
970,427
1,265,000 ServiceNow Inc
1.40%, 09/01/2030
1,023,498
1,565,000 VMware LLC
1.40%, 08/15/2026
1,429,248
1,065,000 Workday Inc
3.50%, 04/01/2027
1,019,803
    14,123,545
Utilities — 4.02%
2,005,000 AES Corp
1.38%, 01/15/2026
1,856,722
420,000 Alexander Funding Trust II(a)
7.47%, 07/31/2028
444,066
1,750,000 American Electric Power Co Inc
1.00%, 11/01/2025
1,631,768
1,005,000 Constellation Energy Generation LLC
5.60%, 03/01/2028
1,023,716
1,510,000 Dominion Energy Inc
2.85%, 08/15/2026
1,428,027
2,170,000 Duke Energy Corp(c)
3.15%, 08/15/2027
2,042,128
995,000 Electricite de France SA(a)(c)
5.70%, 05/23/2028
1,009,436
605,000 Eversource Energy
5.45%, 03/01/2028
612,469
1,495,000 FirstEnergy Corp
4.15%, 07/15/2027
1,433,840
670,000 NRG Energy Inc(a)
2.00%, 12/02/2025
628,818
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Utilities — (continued)
  Pacific Gas & Electric Co  
$ 2,915,000 3.00%, 06/15/2028 $  2,662,563
   265,000 6.10%, 01/15/2029     273,076
  Southern Co  
 1,660,000 3.25%, 07/01/2026   1,595,291
    670,000 5.50%, 03/15/2029     682,735
    17,324,655
TOTAL CORPORATE BONDS AND NOTES — 62.63%
(Cost $272,126,675)
$269,955,294
MORTGAGE-BACKED SECURITIES
Non-Agency — 5.01%
2,939,129 A&D Mortgage Trust(a)(d)
Series 2023-NQM5 Class A1
7.05%,  11/25/2068  
2,976,928
442,039 Angel Oak Mortgage Trust(a)(e)
Series 2021-3 Class A3
1.46%,  05/25/2066  
370,998
1,086,000 Arbor Realty Commercial Real Estate Notes Ltd(a)(b)
Series 2021-FL3 Class A
6.51%,  08/15/2034
1-mo. SOFR + 1.18%
1,075,150
475,000 Citigroup Commercial Mortgage Trust
Series 2014-GC25 Class AS
4.02%,  10/10/2047  
466,932
1,289,000 COMM Mortgage Trust
Series 2015-CR23 Class AM
3.80%,  05/10/2048  
1,252,281
721,613 Deephaven Residential Mortgage Trust(a)(e)
Series 2022-1 Class A1
2.21%,  01/25/2067  
643,929
2,189,153 GS Mortgage-Backed Securities Trust(a)(e)
Series 2024-RPL2 Class A1
3.75%,  07/25/2061  
2,063,579
686,585 JPMBB Commercial Mortgage Securities Trust
Series 2015-C27 Class ASB
3.02%,  02/15/2048  
675,838
921,000 Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C25 Class AS
4.07%,  10/15/2048  
872,468
3,035,578 Morgan Stanley Residential Mortgage Loan Trust(a)(d)
Series 2024-NQM1 Class A1
6.15%,  12/25/2068  
3,035,143
1,256,667 NewRez Warehouse Securitization Trust(a)(b)
Series 2021-1 Class A
6.19%,  05/25/2055
1-mo. SOFR + 0.86%
1,256,818
1,033,000 PFP Ltd(a)(b)
Series 2022-9 Class AS
8.11%,  08/19/2035
1-mo. SOFR + 2.78%
1,037,616
Principal Amount   Fair Value
Non-Agency — (continued)
$     8,547 RCKT Mortgage Trust(a)(e)
Series 2022-1 Class A5
2.50%,  01/25/2052  
$      7,373
    789,147 Ready Capital Mortgage Financing LLC(a)(b)
Series 2021-FL6 Class A
6.39%,  07/25/2036
1-mo. SOFR + 1.06%
     782,734
    855,855 Starwood Mortgage Residential Trust(a)(e)
Series 2021-3 Class A3
1.52%,  06/25/2056  
     692,913
  UBS Commercial Mortgage Trust  
  Series 2017-C7 Class A4  
 1,270,000 3.68%, 12/15/2050     1,190,905
  Series 2019-C17 Class XA  
10,767,747 1.44%, 10/15/2052(e)   659,984
  Verus Securitization Trust(a)(e)  
  Series 2021-2 Class A3  
553,392 1.55%, 02/25/2066   477,977
  Series 2023-INV3 Class A1  
2,036,435 6.88%, 11/25/2068   2,061,530
    21,601,096
U.S. Government Agency — 3.11%
  Connecticut Avenue Securities Trust(a)(b)  
  Series 2021-R03 Class 1M2  
965,000 6.97%, 12/25/2041
1-mo. SOFR + 1.65%
969,156
  Series 2022-R01 Class 1M2  
1,750,000 7.22%, 12/25/2041
1-mo. SOFR + 1.90%
1,762,085
  Series 2022-R02 Class 2M2  
1,220,000 8.32%, 01/25/2042
1-mo. SOFR + 3.00%
1,253,591
  Series 2024-R02 Class 1M1  
488,934 6.42%, 02/25/2044
1-mo. SOFR + 1.10%
488,992
  Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Conduit Trust(a)(b)  
  Series 2021-DNA7 Class M2  
1,053,000 7.12%, 11/25/2041
1-mo. SOFR + 1.80%
1,058,986
  Series 2021-HQA3 Class M1  
1,562,579 6.17%, 09/25/2041
1-mo. SOFR + 0.85%
1,555,220
  Series 2022-DNA4 Class M1A  
1,554,069 7.52%, 05/25/2042
1-mo. SOFR + 2.20%
1,581,240
  Series 2022-DNA5 Class M1A  
3,109,984 8.27%, 06/25/2042
1-mo. SOFR + 2.95%
3,191,621
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series 2022-HQA2 Class M1A  
$     7,438 7.97%, 07/25/2042
1-mo. SOFR + 2.65%
$      7,638
  1,510,303 Federal National Mortgage Association Connecticut Avenue Securities(b)
Series 2017-C06 Class 1M2B
8.08%,  02/25/2030
1-mo. SOFR + 2.76%
  1,527,488
    13,396,017
TOTAL MORTGAGE-BACKED SECURITIES — 8.12%
(Cost $35,439,293)
$34,997,113
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
11,800,000 0.25%, 09/30/2025 11,027,007
10,000,000 1.25%, 12/31/2026 9,180,469
TOTAL U.S. TREASURY BONDS AND NOTES — 4.69%
(Cost $20,232,164)
$20,207,476
SHORT TERM INVESTMENTS
Commercial Paper — 15.69%
  Alimentation Couche-Tard Inc(f)  
1,485,000 0.00%, 03/05/2024
1,485,000
1,500,000 5.59%, 04/08/2024
1,497,707
1,250,000 American Electric Power Co(f)
5.71%, 05/21/2024
1,239,530
2,000,000 American Honda Finance Corp(f)
5.75%, 06/13/2024
1,976,015
  Arrow Electronics Inc(f)  
1,385,000 5.84%, 04/03/2024
1,383,893
2,100,000 5.84%, 04/04/2024
2,097,985
3,500,000 Autonation Inc(f)
5.88%, 04/01/2024
3,498,308
4,285,000 Aviation Capital Group(f)
5.81%, 04/01/2024
4,282,953
4,000,000 Chariot Funding LLC(f)
5.52%, 06/10/2024
3,955,754
  Enbridge US Inc(f)  
1,500,000 5.64%, 04/04/2024
1,498,610
1,600,000 5.64%, 04/10/2024
1,597,039
1,055,000 5.76%, 05/06/2024
1,048,552
  FMC Corp(f)  
2,180,000 6.04%, 04/01/2024
2,178,919
1,555,000 6.21%, 04/11/2024
1,551,567
565,000 6.22%, 04/15/2024
563,369
1,600,000 General Motors Financial Co Inc(f)
5.71%, 05/14/2024
1,588,576
Principal Amount   Fair Value
Commercial Paper — (continued)
  Gotham Funding Corp(f)  
$   500,000 5.49%, 05/24/2024
$    495,747
 3,500,000 5.50%, 06/06/2024
  3,463,477
  1,235,000 International Flavors & Fragrances Inc(f)
6.09%, 04/03/2024
  1,233,970
  2,000,000 Manhattan Associates Inc(f)
5.53%, 06/10/2024
  1,977,838
  Microchip Technology Inc(f)  
 2,000,000 0.00%, 03/05/2024
  2,000,000
665,000 5.64%, 04/16/2024
663,157
2,000,000 5.62%, 04/30/2024
1,990,194
4,000,000 Old Line Funding Corp(f)
5.42%, 04/09/2024
3,993,482
1,900,000 Ovintiv Inc(f)
6.24%, 04/15/2024
1,894,493
  Penske Truck Leasing Co LP(f)  
1,375,000 0.00%, 03/05/2024
1,375,000
900,000 5.69%, 05/17/2024
893,035
1,560,000 Plains All American Pipline LP(f)
5.73%, 04/03/2024
1,558,776
  Protective Life Corp(f)  
1,240,000 5.64%, 04/05/2024
1,238,661
1,190,000 5.65%, 04/19/2024
1,186,146
1,500,000 Southern Co(f)
5.63%, 04/26/2024
1,493,545
4,240,000 Targa Resources Inc(f)
5.88%, 04/01/2024
4,237,950
3,000,000 Victory Receivables Corp(f)
5.44%, 04/23/2024
2,988,868
  VW Credit Inc(f)  
1,700,000 5.67%, 04/23/2024
1,693,428
885,000 5.71%, 05/14/2024
878,680
935,000 Wrkco Inc(f)
5.62%, 04/04/2024
934,136
    67,634,360
Repurchase Agreements — 3.17%
3,414,987 Undivided interest of 1.91% 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 $3,414,987 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.(g) 3,414,987
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$ 3,414,987 Undivided interest of 1.91% 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 $3,414,987 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.(g) $  3,414,987
  3,414,987 Undivided interest of 1.93% 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 $3,414,987 on 4/1/24 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 4/4/24 - 3/1/54, with a value of $181,475,005.(g)   3,414,987
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$ 3,414,988 Undivided interest of 2.48% 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 $3,414,988 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.(g) $  3,414,988
    13,659,949
TOTAL SHORT TERM INVESTMENTS — 18.86%
(Cost $81,297,466)
$81,294,309
TOTAL INVESTMENTS — 100.89%
(Cost $438,873,330)
$434,884,387
OTHER ASSETS & LIABILITIES, NET — (0.89)% $(3,827,551)
TOTAL NET ASSETS — 100.00% $431,056,836
 
(a) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(b) Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024.
(c) All or a portion of the security is on loan at March 28, 2024.
(d) Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date.
(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(f) Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(g) Collateral received for securities on loan.
LP Limited Partnership
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps:
Rate Received by
the Fund
Receive
Frequency
Rate Paid by the Fund Pay
Frequency
Notional Amount
(000)
Maturity Date Net Unrealized
Appreciation
4.20 Annual 1-day SOFR Annual USD 169,549 06/20/2026 (616,480)
4.00 Annual 1-day SOFR Annual USD 68,677 06/20/2029 111,556
            Net Depreciation $(504,924)
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 6.00%
$   850,000 American Credit Acceptance Receivables Trust(a)
Series 2023-3 Class C
6.44%, 10/12/2029  
$    857,704
  1,050,000 AmeriCredit Automobile Receivables Trust
Series 2023-2 Class C
6.00%, 07/18/2029  
  1,066,568
  2,600,000 Apidos XXXVII(a)(b)
Series 2021-37A Class B
7.18%, 10/22/2034
3-mo. SOFR + 1.86%
  2,599,979
  2,650,000 Ares LXII Ltd(a)(b)
Series 2021-62A Class B
7.23%, 01/25/2034
3-mo. SOFR + 1.91%
  2,650,024
  2,100,000 BlueMountain XXXIII Ltd(a)(b)
Series 2021-33A Class B
7.28%, 11/20/2034
3-mo. SOFR + 1.96%
  2,102,090
  2,000,000 Carlyle US Ltd(a)(b)
Series 2021-1A Class A2
7.03%, 04/15/2034
3-mo. SOFR + 1.71%
  1,993,682
1,000,000 CarMax Auto Owner Trust
Series 2020-4 Class D
1.75%, 04/15/2027  
969,861
945,852 CCG Receivables Trust(a)
Series 2023-1 Class A2
5.82%, 09/16/2030  
949,006
1,220,000 Credit Acceptance Auto Loan Trust(a)
Series 2021-4 Class C
1.94%, 02/18/2031  
1,162,423
1,200,000 Drive Auto Receivables Trust
Series 2021-2 Class D
1.39%, 03/15/2029  
1,148,754
1,400,000 DT Auto Owner Trust(a)
Series 2023-3A Class B
6.07%, 03/15/2028  
1,407,066
2,110,000 Exeter Automobile Receivables Trust
Series 2021-3A Class D
1.55%, 06/15/2027  
1,990,518
4,950,000 HPS Loan Management Ltd(a)(b)
Series 15A-19 Class A1R
6.64%, 01/22/2035
3-mo. SOFR + 1.32%
4,947,877
2,000,000 KKR Ltd(a)(b)
Series 31A Class B
7.08%, 04/20/2034
3-mo. SOFR + 1.76%
2,000,198
2,000,000 Marathon Ltd(a)(b)
Series 2021-16A Class A2
7.28%, 04/15/2034
3-mo. SOFR + 1.96%
1,956,608
1,400,000 Octagon Investment Partners Ltd(a)(b)
Series 2019-4A Class A1R
6.71%, 05/12/2031
3-mo. SOFR + 1.41%
1,400,762
Principal Amount   Fair Value
Non-Agency — (continued)
  Santander Drive Auto Receivables Trust  
  Series 2021-4A Class D  
$ 1,250,000 1.67%, 10/15/2027   $  1,187,937
  Series 2022-5 Class C  
   900,000 4.74%, 10/16/2028       889,198
  Series 2023-3 Class B  
 1,150,000 5.61%, 07/17/2028     1,152,611
  Series 2023-4 Class B  
1,050,000 5.77%, 12/15/2028   1,057,306
  Series 2023-4 Class C  
600,000 6.04%, 12/15/2031   610,095
  Westlake Automobile Receivables Trust(a)  
  Series 2021-2A Class D  
750,000 1.23%, 12/15/2026   719,120
  Series 2022-1A Class D  
3,300,000 3.49%, 03/15/2027   3,200,077
  Series 2023-3A Class B  
660,000 5.92%, 09/15/2028   663,491
  Series 2023-3A Class C  
400,000 6.02%, 09/15/2028   402,408
TOTAL ASSET-BACKED SECURITIES — 6.00%
(Cost $39,465,051)
$39,085,363
FOREIGN GOVERNMENT BONDS AND NOTES
3,000,000 Israel Government International Bond
5.50%, 03/12/2034  
2,960,550
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 0.45%
(Cost $2,976,586)
$2,960,550
MORTGAGE-BACKED SECURITIES
Non-Agency — 0.26%
680,000 Benchmark Mortgage Trust(c)
Series 2018-B2 Class A5
3.88%,  02/15/2051  
637,275
1,073,788 UBS Commercial Mortgage Trust
Series 2018-C10 Class A3
4.05%,  05/15/2051  
1,018,322
    1,655,597
U.S. Government Agency — 56.18%
  Federal Home Loan Mortgage Corp  
190 9.50%, 04/01/2025   191
104,916 3.00%, 12/01/2026   102,077
1,650,000 4.62%, 05/01/2028   1,629,726
1,675,000 4.34%, 08/01/2028   1,645,342
111,137 2.50%, 01/01/2029   106,340
160,241 3.00%, 07/01/2029   154,643
1,475,000 4.20%, 01/01/2030   1,429,561
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 1,800,000 4.30%, 01/01/2030   $  1,752,444
  3,125,000 4.41%, 01/01/2030   3,055,823
   276,546 3.50%, 02/01/2032       264,875
      4,075 7.50%, 03/01/2032         4,064
     32,343 5.50%, 08/01/2033        33,054
     23,664 5.50%, 01/01/2034        24,185
   262,635 4.00%, 05/01/2034       254,402
54,502 5.50%, 10/01/2034   55,703
960,235 2.50%, 06/01/2035   880,412
101,751 5.00%, 09/01/2035 102,413
116,726 5.00%, 12/01/2035   117,487
893,826 2.00%, 01/01/2036   797,821
9,757 5.00%, 01/01/2036   9,821
96,046 6.00%, 01/01/2036   99,624
41,693 6.00%, 03/01/2036   43,238
50,993 6.00%, 07/01/2036   52,893
595,880 3.00%, 09/01/2036 549,088
10,029 5.50%, 05/01/2038   10,251
15,358 6.00%, 05/01/2038   16,082
33,754 5.00%, 06/01/2038   33,974
242,616 4.50%, 02/01/2040   238,238
351,911 5.00%, 03/01/2040   351,608
106,966 4.00%, 02/01/2041   101,477
2,123,101 2.00%, 01/01/2042   1,782,162
2,041,200 2.50%, 01/01/2042   1,763,119
201,029 3.50%, 06/01/2042   185,285
116,919 3.50%, 11/01/2042   107,640
574,140 4.00%, 05/01/2044   544,660
482,351 3.00%, 11/01/2046   424,786
959,121 3.00%, 12/01/2046   844,458
1,440,456 2.50%, 11/01/2050   1,199,838
2,671,161 3.00%, 02/01/2051   2,325,616
1,769,669 2.00%, 03/01/2051   1,445,776
5,301,382 2.00%, 05/01/2051 4,213,252
2,476,560 3.00%, 07/01/2051   2,157,134
1,978,003 2.50%, 10/01/2051   1,651,721
2,859,952 2.50%, 02/01/2052   2,395,378
2,927,359 3.00%, 04/01/2052   2,545,421
3,059,772 3.50%, 05/01/2052   2,747,459
5,477,170 4.50%, 07/01/2052 5,262,820
3,180,773 3.50%, 08/01/2052   2,857,358
3,785,472 4.50%, 08/01/2052 3,628,737
2,636,734 4.50%, 09/01/2052   2,511,868
2,940,420 5.00%, 10/01/2052   2,899,998
2,712,184 5.00%, 01/01/2053   2,661,637
1,797,075 5.50%, 01/01/2053   1,806,334
5,483,039 5.50%, 02/01/2053 5,483,353
3,084,420 6.00%, 02/01/2053   3,132,989
2,959,787 5.00%, 03/01/2053   2,902,538
2,990,932 5.50%, 05/01/2053   3,000,258
3,295,466 5.50%, 07/01/2053   3,297,338
1,424,697 5.50%, 08/01/2053   1,432,037
3,076,907 6.50%, 10/01/2053   3,173,823
  Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates  
  Series K061 Class A2  
3,523,830 3.35%, 11/25/2026(c)   3,390,490
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series K062 Class AM  
$ 2,000,000 3.51%, 12/25/2026   $  1,934,397
  Series K064 Class A2  
 1,750,000 3.22%, 03/25/2027     1,680,304
  Series K067 Class A2  
 4,925,000 3.19%, 07/25/2027     4,703,776
  Series K069 Class A2  
2,820,000 3.19%, 09/25/2027(c)   2,690,194
  Series K069 Class AM  
2,000,000 3.25%, 09/25/2027(c)   1,897,294
  Series K070 Class A2  
2,050,000 3.30%, 11/25/2027(c)   1,960,092
  Series K071 Class A2  
1,680,000 3.29%, 11/25/2027   1,604,418
  Series K073 Class A2  
1,750,000 3.35%, 01/25/2028   1,673,477
  Series K073 Class AM  
2,500,000 3.45%, 01/25/2028(c)   2,396,009
  Series K074 Class A2  
1,950,000 3.60%, 01/25/2028   1,880,924
  Series K078 Class A2  
2,000,000 3.85%, 06/25/2028   1,939,549
  Series K078 Class AM  
1,750,000 3.92%, 06/25/2028   1,696,404
  Series K084 Class A2  
1,750,000 3.78%, 10/25/2028(c)   1,687,586
  Series K087 Class A2  
5,000,000 3.77%, 12/25/2028   4,818,001
  Series K095 Class A1  
1,168,391 2.63%, 11/25/2028   1,116,157
  Series K098 Class A2  
5,675,000 2.43%, 08/25/2029   5,098,824
  Series K154 Class A2  
6,000,000 3.42%, 04/25/2032   5,631,461
  Series K506 Class A2  
2,950,000 4.65%, 08/25/2028(c)   2,939,086
  Series K507 Class A2  
3,150,000 4.80%, 09/25/2028(c)   3,160,218
  Series K737 Class A2  
1,750,000 2.53%, 10/25/2026   1,657,919
  Series KJ41 Class A2  
6,775,000 3.47%, 02/25/2031   6,242,162
  Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit  
  Series 4769 Class QL  
2,690,267 3.50%, 09/15/2047   2,454,536
  Series 5238 Class BC  
3,005,188 4.00%, 09/25/2049   2,846,260
102,406 Federal Home Loan Mortgage Corp Structured Pass Through Certificates(b)
Series T-34 Class A1V
5.56%,  07/25/2031
1-mo. SOFR + 0.23%
101,130
  Federal National Mortgage Association  
101 8.50%, 08/01/2024   101
54,764 3.00%, 06/01/2027   53,048
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 1,600,000 4.62%, 07/01/2028   $  1,582,687
    331,162 3.00%, 08/01/2029      317,108
   262,793 3.00%, 10/01/2030       250,129
     25,370 7.00%, 02/01/2031        26,157
     28,422 7.00%, 09/01/2031        29,303
     47,962 6.50%, 12/01/2031        49,439
     39,584 7.00%, 12/01/2031        40,812
56,344 6.50%, 01/01/2032   57,563
29,346 7.00%, 01/01/2032   30,256
19,545 6.50%, 02/01/2032   20,113
853,854 3.00%, 05/01/2032   802,308
79,136 6.00%, 03/01/2033   81,748
47,503 5.50%, 07/01/2033   48,488
101,749 5.00%, 09/01/2033 102,281
16,887 5.50%, 09/01/2033   17,155
2,396,074 4.00%, 02/01/2034   2,337,448
42,014 5.50%, 03/01/2034   42,886
1,069,576 3.00%, 06/01/2034   1,002,576
395,677 3.00%, 10/01/2034   370,580
1,098,465 3.00%, 11/01/2034   1,025,055
57,389 5.50%, 12/01/2034   58,582
91,068 5.50%, 02/01/2035 92,959
53,316 5.00%, 09/01/2035   53,595
122,155 5.00%, 10/01/2035   122,796
43,544 5.50%, 10/01/2035   44,449
63,507 6.00%, 01/01/2036   65,790
17,358 6.00%, 02/01/2036   17,982
20,289 6.00%, 03/01/2036   21,019
77,370 5.50%, 05/01/2036   78,978
2,429,101 2.00%, 02/01/2037   2,165,113
2,444,689 2.50%, 02/01/2037   2,226,262
2,298,380 2.00%, 03/01/2037   2,046,090
2,141,622 2.50%, 03/01/2037   1,957,067
1,232,901 2.50%, 04/01/2037   1,122,179
27,786 6.00%, 05/01/2037   28,787
43,144 5.00%, 07/01/2037   43,370
87,534 5.00%, 04/01/2039   87,779
229,341 4.50%, 05/01/2039   224,918
90,747 4.50%, 06/01/2039   88,997
73,750 4.50%, 08/01/2039   72,327
220,789 5.00%, 11/01/2039   220,728
126,822 5.00%, 12/01/2039   126,552
142,380 5.00%, 06/01/2040   142,077
551,577 4.50%, 08/01/2040   540,955
57,136 4.50%, 09/01/2040   56,034
182,298 5.00%, 09/01/2040   181,910
159,325 4.50%, 11/01/2040   156,252
106,932 5.00%, 01/01/2041   106,176
139,441 4.50%, 02/01/2041   136,750
26,816 4.00%, 03/01/2041   25,409
635,836 4.50%, 03/01/2041 623,573
174,974 4.00%, 09/01/2041   165,785
232,802 4.50%, 10/01/2041   228,310
512,714 3.50%, 12/01/2041   472,335
741,389 4.00%, 12/01/2041 702,489
2,564,282 2.50%, 02/01/2042   2,227,852
405,708 4.00%, 07/01/2042   384,439
249,114 3.50%, 09/01/2042   225,464
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   273,063 3.50%, 10/01/2042   $    251,017
   353,003 3.00%, 03/01/2043       315,176
 3,162,717 5.00%, 05/01/2043     3,133,838
 3,542,214 5.00%, 06/01/2043     3,511,330
   262,637 3.00%, 07/01/2043       231,264
   367,517 3.00%, 08/01/2043       328,126
   246,416 3.00%, 09/01/2043       220,000
5,907,716 2.50%, 03/01/2047   4,904,091
3,890,860 3.50%, 07/01/2047   3,580,431
1,292,963 4.00%, 08/01/2047   1,219,734
542,198 3.50%, 03/01/2048   494,386
2,949,050 3.00%, 01/01/2049   2,619,721
422,848 3.00%, 12/01/2049   367,787
292,254 3.00%, 01/01/2050   254,729
1,254,329 2.50%, 08/01/2050 1,044,102
1,367,565 2.50%, 10/01/2050   1,139,962
3,522,899 2.00%, 11/01/2050   2,847,959
2,727,587 2.00%, 12/01/2050   2,228,363
3,210,414 2.00%, 01/01/2051   2,622,056
3,627,284 2.50%, 08/01/2051   3,009,152
3,537,117 2.00%, 10/01/2051   2,806,559
2,089,419 2.50%, 10/01/2051   1,747,796
3,082,394 2.00%, 11/01/2051   2,481,609
5,198,802 2.50%, 01/01/2052 4,316,233
5,272,954 3.50%, 01/01/2052 4,746,780
8,848,880 2.50%, 02/01/2052 7,401,210
15,070,801 2.00%, 03/01/2052 12,139,904
2,812,054 2.50%, 03/01/2052   2,356,945
10,716,407 3.00%, 03/01/2052 9,320,654
2,321,157 3.50%, 04/01/2052   2,116,362
3,065,438 4.00%, 06/01/2052   2,867,224
3,117,981 4.00%, 07/01/2052   2,901,664
2,639,057 5.00%, 07/01/2052   2,617,106
3,226,690 4.00%, 08/01/2052   2,992,749
2,233,699 5.00%, 08/01/2052   2,180,978
3,046,931 4.50%, 09/01/2052   2,927,294
5,557,605 5.00%, 10/01/2052 5,464,241
3,223,242 4.50%, 11/01/2052   3,069,277
3,082,878 5.00%, 11/01/2052   3,041,149
3,162,628 5.00%, 02/01/2053   3,092,541
3,102,064 6.00%, 11/01/2053   3,148,745
992,814 3.50%, 08/01/2056   881,139
1,066,537 3.00%, 02/01/2057   913,331
  Federal National Mortgage Association Alternative Credit Enhancement Security  
  Series 2016-M5 Class A2  
1,623,063 2.47%, 04/25/2026   1,545,692
  Series 2018-M2 Class A2  
1,570,013 2.91%, 01/25/2028(c)   1,480,401
  Series 2018-M3 Class A2  
3,429,796 3.07%, 02/25/2030(c)   3,166,016
  Series 2023-M5 Class 2A2  
3,350,000 4.50%, 07/25/2028(c)   3,304,790
  Government National Mortgage Association  
240 7.50%, 10/20/2028   239
681 7.50%, 12/20/2028   688
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 2,803,613 2.50%, 03/20/2051   $  2,381,872
 1,807,583 3.00%, 08/20/2051     1,593,818
 6,584,572 2.50%, 11/20/2051     5,610,963
 6,957,344 2.00%, 12/20/2051     5,699,957
 6,369,365 3.50%, 02/20/2052     5,794,334
 2,910,896 3.50%, 06/20/2052     2,648,084
 3,335,692 4.00%, 07/20/2052     3,123,725
3,242,356 3.50%, 08/20/2052   2,949,613
3,185,601 4.50%, 08/20/2052   3,063,013
6,280,642 4.50%, 09/20/2052 6,040,647
2,985,628 5.00%, 09/20/2052   2,942,985
3,013,120 5.00%, 10/20/2052   2,977,750
6,845,873 5.00%, 05/20/2053   6,726,877
7,623,691 5.00%, 06/20/2053 7,525,138
  Vendee Mortgage Trust  
  Series 1996-3 Class 1Z  
159,100 6.75%, 09/15/2026   158,914
  Series 2002-1 Class 1A  
171,683 6.00%, 10/15/2031   171,867
    365,893,785
TOTAL MORTGAGE-BACKED SECURITIES — 56.44%
(Cost $391,197,052)
$367,549,382
U.S. GOVERNMENT AGENCY BONDS AND NOTES
7,000,000 Federal Farm Credit Banks Funding Corp
4.50%, 03/13/2026  
6,972,597
500,000 Federal Home Loan Bank
5.75%, 06/12/2026  
511,618
20,000,000 Resolution Funding Corp Principal Strip(d)
0.00%, 04/15/2030  
15,138,634
5,000,000 Tennessee Valley Authority
0.75%, 05/15/2025  
4,770,204
TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 4.21%
(Cost $27,406,272)
$27,393,053
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
5,000,000 2.63%, 05/31/2027 4,738,086
12,200,000 3.50%, 01/31/2028 11,843,054
16,280,000 4.25%, 02/28/2029(e) 16,301,622
8,300,000 3.88%, 11/30/2029(f) 8,150,211
42,700,000 3.88%, 08/15/2033 41,565,781
13,530,000 4.00%, 02/15/2034 13,305,909
3,000,000 2.38%, 02/15/2042 2,231,367
13,500,000 3.25%, 05/15/2042 11,475,527
4,000,000 4.00%, 11/15/2042 3,767,813
1,990,000 3.88%, 02/15/2043 1,839,584
17,000,000 4.75%, 11/15/2043 17,634,844
7,500,000 2.50%, 02/15/2045 5,484,082
14,100,000 3.00%, 08/15/2048 11,004,609
Principal Amount   Fair Value
U.S. Treasury Bonds and Notes — (continued)
$22,100,000 2.88%, 05/15/2052 $ 16,721,758
 4,070,000 3.00%, 08/15/2052   3,161,404
10,100,000 3.63%, 05/15/2053   8,873,797
TOTAL U.S. TREASURY BONDS AND NOTES — 27.35%
(Cost $184,234,653)
$178,099,448
SHORT TERM INVESTMENTS
U.S. Government Agency Bonds and Notes — 3.83%
  Federal Home Loan Bank(d)  
15,000,000 5.29%, 04/11/2024
14,971,775
10,000,000 5.35%, 04/23/2024
9,963,520
    24,935,295
Repurchase Agreements — 2.56%
4,176,837 Undivided interest of 2.34% 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 $4,176,837 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.(g) 4,176,837
4,176,838 Undivided interest of 2.34% 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 $4,176,838 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.(g) 4,176,838
4,176,837 Undivided interest of 2.35% 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 $4,176,837 on 4/1/24 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 4/4/24 - 3/1/54, with a value of $181,475,005.(g) 4,176,837
 
See Notes to Schedule of Investments.

March 28, 2024

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$ 4,176,838 Undivided interest of 3.03% 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 $4,176,838 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.(g) $  4,176,838
    16,707,350
TOTAL SHORT TERM INVESTMENTS — 6.39%
(Cost $41,642,645)
$41,642,645
TOTAL INVESTMENTS — 100.84%
(Cost $686,922,259)
$656,730,441
OTHER ASSETS & LIABILITIES, NET — (0.84)% $(5,472,856)
TOTAL NET ASSETS — 100.00% $651,257,585
(a) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(b) Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024.
(c) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(d) Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(e) All or a portion of the security is on loan at March 28, 2024.
(f) All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts.
(g) Collateral received for securities on loan.
SOFR Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate.
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts
Notional Amount
(000)
Expiration
Date
Fair Value and
Net Unrealized
Appreciation
Long          
U.S. 10 Year Treasury Note Futures 83 USD 9,196 Jun 2024 $10,281
        Net Appreciation $10,281
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.
Fixed income investments, including bank loans, are valued using evaluated bid prices from approved pricing services when available and appropriate based on the conditions of the market. If a price cannot be located from either the primary or secondary sources, or if the market is determined to be illiquid or inactive, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Foreign equity securities are generally valued using an adjusted systematic fair value price from an independent pricing service. Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.
For derivatives that are traded on an exchange, the last sale price as of the close of business of the exchange will be used.  For derivatives traded OTC, independent pricing services will be utilized when possible.  If a price cannot be located from the primary source, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing

March 28, 2024

 

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.
The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.
Class Inputs
Asset-Backed Securities Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, and monthly payment information.
Bank Loans Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news.
Corporate Bonds and Notes Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer.
Convertible Bonds, Convertible Preferred Stock Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices.
Foreign Government Bonds and Notes Benchmark yields, executed trades, broker/dealer quotes, credit information, collateral attributes, issuer spreads, benchmark securities, treasury/swap maturity curves, issuer spread curves, evaluated bids, market corroborated inputs, offers and reference data including market research publications.
Mortgage-Backed Securities Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis.
Municipal Bonds and Notes Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include reported trades, benchmark yields, new issue data, and material event notices.
U.S. Government Agency Bonds and Notes, U.S. Treasury Bonds and Notes Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications
Common Stock Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data.
Rights Exchange traded close price, bids and evaluated bids
Purchased and Written Options, Purchased and Written Swaptions Cash rates, futures and swap rates, FX spot and forward curve, FX volatilities, interest rates, net present value of cash flows.
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.
Credit Default Swaps Reported trades, credit spreads and curves, recovery rates, restructuring types and net present value of cashflows
Interest Rate Swaps Interest rate curves, LIBOR curves, reported trades and swap curves
Inflation Swaps Interest rate curves, CPI or relevant inflation index curves, LIBOR/OIS curves, reported trades, and swap curves
Total Return Swaps Real time, intra-day updates on equity stock or index levels, projected dividend curves, interest rate curves, and equity volatility surfaces and correlations

March 28, 2024

 

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, all the investments in the Funds, except the Empower High Yield Bond Fund and the Empower Multi-Sector Bond Fund, are valued using Level 2 inputs, except for Futures Contracts, which are valued using Level 1 inputs. The inputs used to value the Empower High Yield Bond Fund and the Empower Multi-Sector Bond Fund investments are detailed in the following tables. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
Empower High Yield Bond Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Bank Loans $   $29,024,195   $   $29,024,195
Corporate Bonds and Notes   294,438,933   23   294,438,956
Convertible Bonds   74,532,391     74,532,391
Common Stock 2,027,931     56,480   2,084,411
Convertible Preferred Stock              
Financial 2,104,792       2,104,792
Industrial   1,772,152     1,772,152
Utilities   1,176,737     1,176,737
  2,104,792   2,948,889     5,053,681
Rights     22,672   22,672
Short Term Investments   58,653,612     58,653,612
Total investments, at fair value: 4,132,723   459,598,020   79,175   463,809,918
Other Financial Investments:              
Forward Foreign Currency Contracts(a)   53,651     53,651
Credit Default Swaps(a)   583,099     583,099
Total Assets $4,132,723   $460,234,770   $79,175   $464,446,668
Liabilities              
Other Financial Investments:              
Forward Foreign Currency Contracts(a)   (9,919)     (9,919)
Total Liabilities $0   $(9,919)   $   $(9,919)
(a)Forward Foreign Currency Contracts and Credit Default Swaps are reported at the security's unrealized appreciation (depreciation), which represents the change in the contract's value from trade date.

March 28, 2024

 

Empower Multi-Sector Bond Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Asset-Backed Securities $   $124,846,947   $   $124,846,947
Bank Loans   81,819,658     81,819,658
Corporate Bonds and Notes   449,534,594     449,534,594
Convertible Bonds   11,209,984     11,209,984
Foreign Government Bonds and Notes              
Foreign Government Bonds and Notes 1,663,862   69,608,738     71,272,600
Mortgage-Backed Securities   100,666,185     100,666,185
Municipal Bonds and Notes   974,005     974,005
U.S. Treasury Bonds and Notes   80,716,016     80,716,016
Common Stock              
Communications 683,930       683,930
Consumer, Cyclical   113,750     113,750
Consumer, Non-cyclical 885,242   1,489     886,731
Energy 693,595       693,595
  2,262,767   115,239     2,378,006
Convertible Preferred Stock              
Consumer, Non-cyclical   210,411     210,411
Energy 601,322       601,322
Financial 939,405   628,597     1,568,002
  1,540,727   839,008     2,379,735
Short Term Investments   107,907,628     107,907,628
Total investments, at fair value: 5,467,356   1,028,238,002   0   1,033,705,358
Other Financial Investments:              
Futures Contracts(a) 1,696,568       1,696,568
Total Assets $7,163,924   $1,028,238,002   $0   $1,035,401,926
Liabilities              
Other Financial Investments:              
Futures Contracts(a) $(430,875)   $   $   $(430,875)
Total Liabilities $(430,875)   $0   $   $(430,875)
(a)Futures Contracts are reported at the security’s unrealized appreciation (depreciation), which represents the change in the contract’s value from trade date.
Repurchase Agreements
A Fund may engage in repurchase agreement transactions with institutions that the Fund's investment adviser has determined are creditworthy. A Fund that engages in repurchase agreement transactions will purchase securities at a specified price with an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Funds' custodian and/or securities lending agent receives delivery of the underlying securities collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

March 28, 2024

 

To Be Announced Transactions
A Fund may invest in securities known as To Be Announced (TBA) securities. TBAs are Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association issued mortgage-backed securities for forward settlement, in which the buyer and seller decide on trade parameters, but the exact pools are unknown until two days before settlement date. The transactions arise when securities are purchased or sold with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. TBA transactions generally settle monthly on a specified date. As of March 28, 2024, the Empower Core Bond Fund and Empower Global Bond Fund invested in TBA securities.
Dollar Rolls
A Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase TBA mortgage-backed securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a Fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities. As of March 28, 2024, the Empower Core Bond Fund and Empower Global Bond Fund engaged in mortgage dollar roll transactions.
Options and Swaptions
A Fund may buy and sell put and call options, or write put and call options in order to increase, decrease, or change the level or types of exposure to market risk factors. When an option is purchased, a Fund is entitled to buy and sell a specified number of shares or units of a particular security, currency, or index at a specified price at a specified date or within a specified period of time. When an option is written, a Fund receives a premium and becomes obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. Options can be an OTC transaction or may be executed on a registered exchange and cleared through a clearing-house associated with the exchange. The use of options may involve risks such as a Fund paying a premium without the option being exercised, or that the clearinghouse will fail to perform its obligations. The risk in writing a call option is the market price of the underlying security increasing above the strike price and the option being exercised. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. When writing options, a Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contact. The risk in buying an option is that a Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.
Purchased options, if any, are reported in the Schedule of Investments. Written options, if any, are disclosed in a table following the Schedule of Investments. Upon purchasing a put or call option for a premium, the premium paid is recorded as an investment and its value is marked-to-market daily. When a Fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the option written.
Purchased and written swaptions, if any, are disclosed in a table following the Schedule of Investments. Upon purchasing a put or call swaption for a premium, the premium paid is recorded as an investment and its value is marked-to-market daily. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the option written.
Futures Contracts
A Fund may use futures contracts in order to capitalize on expected changes in the shape of the yield curve and to control overall interest rate exposure.  A futures contract is an agreement between two parties to buy or sell a specified underlying investment for a fixed price at a specified future date. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.  The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities that comprise the index, or that the clearinghouse will fail to perform its obligations.
Forward Foreign Currency Contracts

March 28, 2024

 

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.   
Credit Default Swaps 
A Fund may enter into credit default swap contracts in order to gain exposure on individual names and/or baskets of securities. A credit default swap is an agreement between a Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the number of defaults event that triggers purchase or other factors (for example, the Nth default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). These agreements may be privately negotiated in the OTC market (OTC credit default swaps) or may be executed on a registered exchange (centrally cleared credit default swaps).
Credit default swaps may involve greater risks than if a Fund had invested in the referenced obligation directly.
Interest Rate Swaps
A Fund may enter into interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one is based on an interest rate fixed to maturity while the other is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, the Secured Overnight Financing Rate (SOFR), prime rate, commercial paper rate, or other benchmarks). Each party’s payment obligation under an interest rate swap is determined by reference to a specified notional amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. These agreements may be privately negotiated in the OTC market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps).
A Fund may enter into interest rate swaps in which it either pays or receives a fixed interest rate and pays or receives a floating interest rate.  Barring swap counterparty default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that a Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap.
Inflation Swaps
A Fund may enter into inflation swap contracts in order to gain exposure to inflation (inflation risk). An inflation swap is a contract in which one party agrees to pay the cumulative percentage increase in a price index (such as the Consumer Price Index (CPI) with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the value of securities against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases. These agreements may be privately negotiated in the OTC market (OTC inflation swaps) or may be executed on a registered exchange (centrally cleared inflation swaps).
Total Return Swap
A Fund may enter into total return swaps in order to gain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market with another security or market. Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return of an underlying instrument, or basket of underlying instruments, in exchange for interest payments.
To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. A Fund could be exposed to credit or market risk due to unfavorable changes

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in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. A Fund's maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between a Fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. 
The following tables represent the average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower Core Bond Fund  
Futures Contracts:  
Average long contracts 432
Average short contracts 309
Average notional long $57,437,442
Average notional short $44,228,800
Forward Currency Exchange Contracts:  
Average notional amount $3,487,331
Centrally Cleared Interest Rate Swaps:  
Average notional amount $5,069,118,128
Centrally Cleared Inflation Swaps:  
Average notional amount $1,505,000
Centrally Cleared Credit Default Swaps:  
Average notional amount $3,661,500
Empower Global Bond Fund  
Futures Contracts:  
Average long contracts 789
Average short contracts 1,249
Average notional long $205,723,745
Average notional short $6,003,540,759
Forward Currency Exchange Contracts:  
Average notional amount $442,895,131
Purchased Options:  
Average market value $48,384,375
Purchased Swaptions:  
Average market value $73,187,500
Written Options:  
Average market value $(95,995,750)
Written Swaptions:  
Average market value $(140,262,500)
Centrally Cleared Interest Rate Swaps:  
Average notional amount $11,207,154,124
OTC Interest Rate Swaps:  
Average notional amount $11,120,727
Centrally Cleared Inflation Swaps:  
Average notional amount $14,244,500
Centrally Cleared Credit Default Swaps:  
Average notional amount $219,867,150
OTC Credit Default Swaps:  
Average notional amount $4,135,000
OTC Total Return Swaps:  
Average notional amount $40,747,125

March 28, 2024

 

Empower High Yield Bond Fund  
Forward Currency Exchange Contracts:  
Average notional amount $6,005,058
Centrally Cleared Credit Default Swaps:  
Average notional amount $8,311,768
Empower Inflation-Protected Securities Fund  
Futures Contracts:  
Average long contracts 1,297
Average short contracts 365
Average notional long $171,996,744
Average notional short $44,864,184
Centrally Cleared Interest Rate Swaps:  
Average notional amount $348,050,000
Centrally Cleared Inflation Swaps:  
Average notional amount $366,231,820
Empower Multi-Sector Bond Fund  
Futures Contracts:  
Average long contracts 1,853
Average short contracts 893
Average notional long $244,551,608
Average notional short $103,221,477
Empower Short Duration Bond Fund  
Futures Contracts:  
Average long contracts 109
Average notional long $17,035,809
Centrally Cleared Interest Rate Swaps:  
Average notional amount $130,563,000
Empower U.S. Government Securities Fund  
Futures Contracts:  
Average long contracts 254
Average notional long $29,503,695
Average notional short $28,543

March 28, 2024