EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 4.06% | ||
18,746 | Akzo Nobel NV | $ 1,062,331 |
154,815 | CF Industries Holdings Inc | 14,900,944 |
5,131 | DuPont de Nemours Inc | 258,602 |
74,099 | Eastman Chemical Co | 5,264,734 |
355,625 | Freeport-McMoRan Inc | 9,719,231 |
46,111 | International Flavors & Fragrances Inc | 4,188,262 |
286,271 | International Paper Co | 9,074,791 |
70,481 | PPG Industries Inc | 7,801,542 |
22,226 | RPM International Inc | 1,851,648 |
54,122,085 | ||
Communications — 5.09% | ||
89,348 | AT&T Inc | 1,370,598 |
17,600 | Charter Communications Inc Class A(a) | 5,338,960 |
65,128 | Cisco Systems Inc | 2,605,120 |
409,788 | Comcast Corp Class A | 12,019,082 |
41,642 | Fox Corp Class B | 1,186,797 |
151,191 | Meta Platforms Inc Class A(a) | 20,513,595 |
592,125 | News Corp Class A | 8,947,009 |
29,600 | Paramount Global(a)(b) | 563,584 |
45,845 | T-Mobile US Inc(a) | 6,151,024 |
23,105 | Verizon Communications Inc | 877,297 |
84,001 | Walt Disney Co | 7,923,814 |
31,999 | Warner Bros Discovery Inc(a) | 367,988 |
67,864,868 | ||
Consumer, Cyclical — 8.53% | ||
32,700 | Best Buy Co Inc | 2,071,218 |
139,026 | BJ's Wholesale Club Holdings Inc(a) | 10,122,483 |
6,956 | Cummins Inc | 1,415,616 |
43,032 | Dr Ing hc F Porsche AG(a) | 3,479,301 |
267,693 | General Motors Co | 8,590,268 |
61,407 | Hilton Worldwide Holdings Inc | 7,406,912 |
106,668 | Kohl's Corp | 2,682,700 |
144,835 | Las Vegas Sands Corp(a) | 5,434,209 |
243,337 | Mattel Inc(a) | 4,608,803 |
14,410 | O'Reilly Automotive Inc(a) | 10,135,274 |
24,518 | PACCAR Inc | 2,051,911 |
228,258 | PulteGroup Inc | 8,559,675 |
308,871 | Southwest Airlines Co(a) | 9,525,582 |
49,822 | Target Corp | 7,393,087 |
86,398 | TJX Cos Inc | 5,367,044 |
193,045 | Walmart Inc | 25,037,936 |
113,882,019 | ||
Consumer, Non-Cyclical — 23.65% | ||
105,185 | Abbott Laboratories | 10,177,701 |
144,899 | AbbVie Inc | 19,446,895 |
264,053 | AstraZeneca PLC Sponsored ADR | 14,480,667 |
45,357 | Becton Dickinson and Co | 10,106,900 |
7,284 | Biogen Inc(a) | 1,944,828 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
61,522 | Cardinal Health Inc | $ 4,102,287 |
53,651 | Centene Corp(a) | 4,174,584 |
69,204 | Cigna Corp | 19,202,034 |
148,334 | Coca-Cola Co | 8,309,671 |
317,459 | Conagra Brands Inc | 10,358,687 |
1,600 | Constellation Brands Inc Class A | 367,488 |
202,763 | Corteva Inc | 11,587,905 |
98,600 | CVS Health Corp | 9,403,482 |
25,007 | Danaher Corp | 6,459,058 |
55,765 | Elevance Health Inc | 25,330,694 |
3,372 | Euroapi SA(a) | 55,975 |
9,240 | GSK PLC | 133,430 |
70,020 | Johnson & Johnson | 11,438,467 |
247,069 | Keurig Dr Pepper Inc | 8,850,012 |
84,404 | Kimberly-Clark Corp | 9,498,826 |
48,646 | McKesson Corp | 16,533,316 |
87,342 | Medtronic PLC | 7,052,866 |
218,441 | Merck & Co Inc | 18,812,139 |
15,620 | Mondelez International Inc Class A | 856,445 |
188,040 | Pfizer Inc | 8,228,630 |
118,542 | Philip Morris International Inc | 9,840,171 |
73,700 | Procter & Gamble Co | 9,304,625 |
25,189 | Regeneron Pharmaceuticals Inc(a) | 17,351,946 |
117,510 | Sanofi | 8,947,943 |
50,329 | Sanofi ADR | 1,913,509 |
22,809 | Thermo Fisher Scientific Inc | 11,568,497 |
97,302 | Tyson Foods Inc Class A | 6,415,121 |
22,248 | United Rentals Inc(a) | 6,009,630 |
139,400 | Viatris Inc | 1,187,688 |
59,715 | Zimmer Biomet Holdings Inc | 6,243,203 |
315,695,320 | ||
Energy — 8.35% | ||
10,009 | Chevron Corp | 1,437,993 |
138,368 | ConocoPhillips | 14,160,581 |
43,839 | Enbridge Inc | 1,626,427 |
214,554 | Enterprise Products Partners LP | 5,102,094 |
100,288 | EOG Resources Inc | 11,205,178 |
302,495 | Exxon Mobil Corp | 26,410,838 |
44,152 | Hess Corp | 4,812,127 |
447,736 | Shell PLC | 11,104,882 |
5,319 | Targa Resources Corp | 320,949 |
215,059 | TC Energy Corp(b) | 8,662,455 |
279,716 | TotalEnergies SE(b) | 13,122,710 |
82,739 | TotalEnergies SE Sponsored ADR(a) | 3,849,018 |
86,578 | Valero Energy Corp | 9,250,859 |
15,200 | Williams Cos Inc | 435,176 |
111,501,287 | ||
Financial — 22.21% | ||
446,374 | American International Group Inc | 21,193,837 |
26,083 | American Tower Corp REIT | 5,600,020 |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
129,656 | Apollo Global Management Inc | $ 6,029,004 |
188,946 | Assured Guaranty Ltd | 9,154,434 |
354,763 | AXA SA | 7,745,481 |
739,922 | Bank of America Corp | 22,345,644 |
69,105 | Boston Properties Inc REIT | 5,180,802 |
43,811 | Capital One Financial Corp | 4,038,060 |
229,557 | Charles Schwab Corp | 16,498,262 |
67,009 | Chubb Ltd | 12,187,597 |
389,248 | Citigroup Inc | 16,219,964 |
382,876 | Equitable Holdings Inc | 10,088,783 |
156,791 | Equity Residential REIT | 10,539,491 |
202,449 | Fifth Third Bancorp | 6,470,270 |
23,595 | Franklin Resources Inc | 507,764 |
201,183 | Gaming and Leisure Properties Inc REIT | 8,900,336 |
82,398 | Goldman Sachs Group Inc | 24,146,734 |
78,924 | Hartford Financial Services Group Inc | 4,888,553 |
663,251 | Huntington Bancshares Inc | 8,741,648 |
100,931 | JPMorgan Chase & Co | 10,547,289 |
93,430 | KeyCorp | 1,496,749 |
123,961 | Loews Corp | 6,178,216 |
2,435 | Marsh & McLennan Cos Inc | 363,521 |
152,076 | MetLife Inc | 9,243,179 |
63,815 | Morgan Stanley | 5,042,023 |
91,226 | PNC Financial Services Group Inc | 13,630,989 |
5,035 | Raymond James Financial Inc | 497,559 |
172,237 | Rayonier Inc REIT | 5,161,943 |
3,700 | Simon Property Group Inc REIT | 332,075 |
177,160 | State Street Corp | 10,773,100 |
19,730 | Vornado Realty Trust REIT | 456,947 |
530,804 | Wells Fargo & Co | 21,348,937 |
16,948 | Welltower Inc REIT | 1,090,095 |
344,164 | Weyerhaeuser Co REIT | 9,829,324 |
296,468,630 | ||
Industrial — 10.14% | ||
9,152 | 3M Co | 1,011,296 |
103,643 | Ball Corp(a) | 5,008,030 |
35,433 | Boeing Co(a) | 4,290,228 |
182,732 | CRH PLC | 5,875,153 |
18,581 | Flowserve Corp | 451,518 |
265,407 | General Electric Co | 16,431,347 |
52,403 | Honeywell International Inc | 8,749,729 |
171,879 | Ingersoll Rand Inc | 7,435,485 |
158,144 | Johnson Controls International PLC | 7,783,848 |
52,125 | L3Harris Technologies Inc | 10,833,139 |
33,195 | Northrop Grumman Corp | 15,612,272 |
149,843 | Raytheon Technologies Corp | 12,266,148 |
53,734 | Siemens AG | 5,252,096 |
40,000 | Stanley Black & Decker Inc | 3,008,400 |
90,912 | Stericycle Inc(a) | 3,828,304 |
16,335 | TE Connectivity Ltd | 1,802,731 |
Shares | Fair Value | |
Industrial — (continued) | ||
47,084 | Union Pacific Corp | $ 9,172,905 |
83,982 | United Parcel Service Inc Class B | 13,566,452 |
176,907 | Vontier Corp | 2,956,116 |
135,335,197 | ||
Technology — 6.57% | ||
2,900 | Accenture PLC Class A | 746,170 |
53,523 | Applied Materials Inc | 4,385,140 |
27,683 | Fidelity National Information Services Inc | 2,092,004 |
53,223 | Fiserv Inc(a) | 4,980,076 |
124,866 | Microsoft Corp | 29,081,292 |
33,987 | NXP Semiconductors NV | 5,013,422 |
103,990 | Oracle Corp | 6,350,669 |
208,232 | QUALCOMM Inc | 23,526,051 |
74,207 | Texas Instruments Inc | 11,485,760 |
87,660,584 | ||
Utilities — 7.02% | ||
111,561 | Ameren Corp | 8,986,239 |
98,605 | American Electric Power Co Inc | 8,524,402 |
77,029 | Constellation Energy Corp | 6,408,042 |
105,800 | Dominion Energy Inc | 7,311,838 |
232,388 | Exelon Corp | 8,705,254 |
25,219 | NextEra Energy Inc | 1,977,422 |
194,013 | NiSource Inc | 4,887,187 |
289,251 | NRG Energy Inc | 11,069,636 |
38,139 | PG&E Corp(a) | 476,738 |
92,507 | Sempra Energy | 13,870,500 |
302,283 | Southern Co | 20,555,244 |
13,952 | Xcel Energy Inc | 892,928 |
93,665,430 | ||
TOTAL COMMON STOCK — 95.62% (Cost $1,175,687,213) | $1,276,195,420 | |
CONVERTIBLE PREFERRED STOCK | ||
Communications — 0.44% | ||
5,187 | 2020 Cash Mandatory Exchangeable Trust 5.25%(c) | 5,834,856 |
Consumer, Non-Cyclical — 0.52% | ||
57,059 | Becton Dickinson and Co 6.00%(b) | 2,662,944 |
3,250 | Danaher Corp 5.00%(b) | 4,355,000 |
7,017,944 |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Shares | Fair Value | |
Utilities — 0.44% | ||
76,857 | NextEra Energy Inc 5.28% | $3,695,481 |
21,560 | NiSource Inc 7.75% | $ 2,159,234 |
5,854,715 | ||
TOTAL CONVERTIBLE PREFERRED STOCK — 1.40% (Cost $17,115,478) | $18,707,515 | |
PREFERRED STOCK | ||
Consumer, Cyclical — 0.48% | ||
52,698 | Volkswagen AG | 6,439,249 |
TOTAL PREFERRED STOCK — 0.48% (Cost $9,422,427) | $6,439,249 | |
GOVERNMENT MONEY MARKET MUTUAL FUNDS | ||
2,387,000 | Dreyfus Institutional Preferred Government Plus Money Market Fund Class SL(d), 2.57%(e) | 2,387,000 |
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.18% (Cost $2,387,000) | $2,387,000 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 2.04% | ||
$7,039,607 | Undivided interest of 5.96% in a repurchase agreement (principal amount/value $118,322,658 with a maturity value of $118,352,633) with RBC Capital Markets Corp, 3.04%, dated 9/30/22 to be repurchased at $7,039,607 on 10/3/22 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 6.00%, 8/15/25 - 8/20/52, with a value of $120,689,112.(d) | 7,039,607 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$7,039,607 | Undivided interest of 6.01% in a repurchase agreement (principal amount/value $117,322,658 with a maturity value of $117,352,478) with Bank of America Securities Inc, 3.05%, dated 9/30/22 to be repurchased at $7,039,607 on 10/3/22 collateralized by Federal National Mortgage Association securities, 2.00% - 6.00%, 7/1/50 - 9/1/52, with a value of $119,669,111.(d) | $ 7,039,607 |
7,039,607 | Undivided interest of 6.01% in a repurchase agreement (principal amount/value $117,322,658 with a maturity value of $117,352,478) with Citigroup Global Markets Inc, 3.05%, dated 9/30/22 to be repurchased at $7,039,607 on 10/3/22 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 5.38%, 2/15/24 - 3/20/52, with a value of $119,669,116.(d) | 7,039,607 |
6,135,142 | Undivided interest of 6.48% in a repurchase agreement (principal amount/value $94,920,325 with a maturity value of $94,944,451) with Bank of Montreal, 3.05%, dated 9/30/22 to be repurchased at $6,135,142 on 10/3/22 collateralized by Federal National Mortgage Association securities, 2.00% - 6.00%, 8/1/36 - 9/1/52, with a value of $96,818,731.(d) | 6,135,142 |
TOTAL SHORT TERM INVESTMENTS — 2.04% (Cost $27,253,963) | $27,253,963 | |
TOTAL INVESTMENTS — 99.72% (Cost $1,231,866,081) | $1,330,983,147 | |
OTHER ASSETS & LIABILITIES, NET — 0.28% | $3,769,741 | |
TOTAL NET ASSETS — 100.00% | $1,334,752,888 |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan at September 30, 2022. |
(c) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(d) | Collateral received for securities on loan. |
(e) | Rate shown is the 7-day yield as of September 30, 2022. |
ADR | American Depositary Receipt |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
At September 30, 2022, the Fund held the following over-the-counter (OTC) forward foreign currency contracts:
Counterparty | Currency Purchased | Quantity of Currency Purchased | Currency Sold | Quantity of Currency Sold | Settlement Date | Net Unrealized Appreciation |
BB | USD | 2,997,419 | GBP | 2,586,200 | December 21, 2022 | $106,417 |
CGM | USD | 2,433,260 | EUR | 2,407,300 | December 21, 2022 | 57,981 |
CGM | USD | 10,967,244 | GBP | 9,471,700 | December 21, 2022 | 379,237 |
GS | USD | 2,562,868 | GBP | 2,211,600 | December 21, 2022 | 90,616 |
HSB | USD | 9,541,504 | EUR | 9,427,600 | December 21, 2022 | 239,304 |
MS | USD | 1,706,957 | EUR | 1,687,100 | December 21, 2022 | 42,298 |
MS | USD | 1,061,905 | GBP | 916,200 | December 21, 2022 | 37,724 |
SSB | USD | 2,234,271 | EUR | 2,207,800 | December 21, 2022 | 55,838 |
SSB | USD | 5,391,136 | GBP | 4,651,300 | December 21, 2022 | 191,647 |
UBS | GBP | 1,824,100 | USD | 1,947,446 | December 21, 2022 | 91,637 |
UBS | USD | 3,356,405 | EUR | 3,321,200 | December 21, 2022 | 79,381 |
WES | USD | 1,060,952 | GBP | 916,300 | December 21, 2022 | 36,659 |
Net Appreciation | $1,408,739 |
Counterparty Abbreviations: | ||
BB | Barclays Bank PLC | |
CGM | Citigroup Global Markets | |
GS | Goldman Sachs | |
HSB | HSBC Bank USA | |
MS | Morgan Stanley & Co LLC | |
SSB | State Street Bank | |
UBS | UBS AG | |
WES | Westpac Banking |
Currency Abbreviations | ||
EUR | Euro Dollar | |
GBP | British Pound | |
USD | U.S. Dollar |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Notes to Schedule of Investments (Unaudited)
Security Valuation
The Board of Directors of the Fund has adopted policies and procedures for the valuation of the Fund’s securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC, to complete valuation determinations under those policies and procedures.
The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of the Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the over-the-counter (OTC) market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.
Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value. Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.
Investments in shares of the underlying mutual funds are valued at the net asset value as reported by the underlying mutual fund, which may be obtained from pricing services or other pricing sources.
Foreign equity securities are generally valued using an adjusted systematic fair value price from an independent pricing service. Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.
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 over-the-counter (OTC), independent pricing services will be utilized when possible. If a price cannot be located from the primary source, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.
September 30, 2022
The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.
Class | Inputs |
Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data. |
Convertible Preferred Stock, Preferred Stock | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices. |
Government Money Market Mutual Funds | Net asset value of underlying mutual fund. |
Short Term Investments | Maturity date, credit quality and interest rates. |
Forward Foreign Currency Contracts | Foreign currency spot and forward rates. |
The Fund classifies its valuations into three levels based upon the observability of inputs to the valuation of the Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of September 30, 2022, the inputs used to value the Fund’s investments are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
September 30, 2022
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | |||||||
Basic Materials | $53,059,754 | $1,062,331 | $— | $54,122,085 | |||
Communications | 67,864,868 | — | — | 67,864,868 | |||
Consumer, Cyclical | 113,882,019 | — | — | 113,882,019 | |||
Consumer, Non-cyclical | 306,557,972 | 9,137,348 | — | 315,695,320 | |||
Energy | 87,273,695 | 24,227,592 | — | 111,501,287 | |||
Financial | 288,723,149 | 7,745,481 | — | 296,468,630 | |||
Industrial | 124,207,948 | 11,127,249 | — | 135,335,197 | |||
Technology | 87,660,584 | — | — | 87,660,584 | |||
Utilities | 93,665,430 | — | — | 93,665,430 | |||
1,222,895,419 | 53,300,001 | — | 1,276,195,420 | ||||
Convertible Preferred Stock | |||||||
Communications | 5,834,856 | — | — | 5,834,856 | |||
Consumer, Non-cyclical | 2,662,944 | 4,355,000 | — | 7,017,944 | |||
Utilities | — | 5,854,715 | — | 5,854,715 | |||
8,497,800 | 10,209,715 | — | 18,707,515 | ||||
Preferred Stock | — | 6,439,249 | — | 6,439,249 | |||
Government Money Market Mutual Funds | 2,387,000 | — | — | 2,387,000 | |||
Short Term Investments | — | 27,253,963 | — | 27,253,963 | |||
Total investments, at fair value: | 1,233,780,219 | 97,202,928 | — | 1,330,983,147 | |||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts(a) | — | 1,408,739 | — | 1,408,739 | |||
Total Assets | $1,233,780,219 | $98,611,667 | $— | $1,332,391,886 |
(a) | Forward Foreign Currency Contracts are reported at the security’s unrealized appreciation/(depreciation), which represents the change in the contract’s value from trade date. |
Repurchase Agreements
The Fund may engage in repurchase agreement transactions with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund will purchase securities at a specified price with an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Fund’s custodian and/or securities lending agent receives delivery of the underlying securities collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.
Forward Foreign Currency Contracts
The Fund enters 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. The Fund held an average foreign currency contracts amount of $50,755,745 in forward contracts for the reporting period.
September 30, 2022