EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
BANK LOANS | ||
$1,140,000 | American Airlines Inc(b) 10.34%, 04/20/2028 3-mo. SOFR + 4.94% | $ 1,173,345 |
433,913 | Aretec Group Inc(b) 9.92%, 08/09/2030 1-mo. SOFR + 4.60% | 430,224 |
266,441 | Asurion LLC(b) 8.68%, 07/31/2027 1-mo. SOFR + 3.36% | 258,656 |
670,431 | Cengage Learning Inc(b) 10.32%, 07/14/2026 3-mo. SOFR + 4.92% | 666,409 |
464,487 | Clear Channel Outdoor Holdings Inc(b) 8.93%, 08/21/2026 1-mo. SOFR + 3.61% | 450,423 |
771,125 | Cloud Software Group Inc(b) 9.99%, 03/30/2029 3-mo. SOFR + 4.59% | 748,473 |
288,668 | CMG Media Corp(b) 9.68%, 12/17/2026 1-mo. LIBOR + 4.25% | 264,582 |
CP Atlas Buyer Inc(b) | ||
746,162 | 9.93%,11/20/2027 1-mo. LIBOR + 4.50% | 701,766 |
277,445 | 9.17%,11/23/2027 1-mo. SOFR + 3.85% | 260,937 |
562,711 | CQP Holdco LP(b) 8.99%, 06/05/2028 3-mo. SOFR + 3.59% | 562,008 |
297,195 | Crocs, Inc.(b) 8.83%, 02/19/2029 1-mo. SOFR + 3.51% | 297,691 |
385,351 | DirectV Financing LLC(b) 10.43%, 08/02/2027 1-mo. SOFR + 5.11% | 361,959 |
715,000 | Entercom Media Corp(b) 7.95%, 11/17/2024 1-mo. LIBOR + 2.52% | 302,088 |
Filtration Group Corp(b) | ||
137,200 | 8.93%,10/21/2028 1-mo. SOFR + 3.61% | 136,600 |
208,950 | 9.68%,10/21/2028 1-mo. SOFR + 4.36% | 208,776 |
267,956 | Garda World Security Corp(b) 10.18%, 10/30/2026 1-mo. LIBOR + 4.75% | 267,487 |
844 | Global Medical Response Inc(b) 9.41%, 10/02/2025 3-mo. LIBOR + 3.75% | 584 |
182,492 | Granite US Holdings Corp(b) 9.43%, 09/30/2026 1-mo. LIBOR + 4.00% | 182,036 |
307,661 | Greeneden Holdings II LLC(b) 9.43%, 12/01/2027 1-mo. SOFR + 4.11% | 307,661 |
700,190 | iHeartCommunications Inc(b) 9.45%, 05/01/2026 1-mo. LIBOR + 4.02% | 627,020 |
744,129 | IRB Holding Corp(b) 8.43%, 12/15/2027 1-mo. SOFR + 3.11% | 740,511 |
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 669,627 | Klockner Pentaplast of America Inc(b) 10.48%, 02/12/2026 6-mo. SOFR + 5.01% | $ 642,841 |
541,170 | LBM Acquisition LLC(b) 9.18%, 12/17/2027 1-mo. SOFR + 3.86% | 527,702 |
194,513 | LSF11 A5 HoldCo LLC(b) 9.67%, 10/15/2028 1-mo. SOFR + 4.35% | 191,169 |
109,720 | Madison IAQ LLC(b) 8.69%, 06/21/2028 1-mo. SOFR + 3.37% | 108,623 |
1,633,114 | MajorDrive Holdings IV LLC(b) 9.65%, 06/01/2028 3-mo. SOFR + 4.25% | 1,611,629 |
486,588 | Mattress Firm Inc(b) 9.95%, 09/25/2028 6-mo. SOFR + 4.48% | 481,722 |
448,852 | Michaels Cos Inc(b) 9.90%, 04/15/2028 3-mo. SOFR + 4.50% | 408,904 |
908,475 | Neptune Bidco US Inc(b) 10.40%, 04/11/2029 1-mo. SOFR + 5.02% | 814,708 |
Nouryon Finance BV(b) | ||
432,767 | 9.32%,04/03/2028 1-mo. SOFR + 4.11% | 427,682 |
488,775 | 9.35%,04/03/2028 3-mo. SOFR + 3.95% | 481,749 |
458,045 | Nouryon USA LLC(b) 8.43%, 10/01/2025 1-mo. LIBOR + 3.00% | 457,816 |
967,763 | Olympus Water US Holding Corp(b) 9.40%, 11/09/2028 3-mo. SOFR + 4.00% | 954,267 |
242,491 | One Call Corp(b) 11.11%, 04/22/2027 3-mo. SOFR + 5.71% | 196,418 |
1,350,235 | PECF USS Intermediate Holding III Corp(b) 9.88%, 12/15/2028 3-mo. SOFR + 4.48% | 1,077,797 |
893,604 | PetsMart LLC(b) 9.17%, 02/11/2028 1-mo. SOFR + 3.85% | 890,067 |
349,300 | Polaris Newco LLC(b) 9.43%, 06/02/2028 1-mo. SOFR + 4.11% | 333,872 |
635,000 | Proofpoint Inc(b) 11.68%, 08/31/2029 1-mo. SOFR + 6.36% | 635,529 |
1,011,988 | Rocket Software Inc(b) 9.68%, 11/28/2025 1-mo. LIBOR + 4.25% | 1,009,662 |
292,580 | Sabre GLBL Inc(b) 10.42%, 06/30/2028 1-mo. SOFR + 5.10% | 256,008 |
918,520 | UKG Inc(b) 8.62%, 05/04/2026 3-mo. SOFR + 3.22% | 915,911 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 733,934 | United AirLines Inc(b) 9.18%, 04/21/2028 1-mo. SOFR + 3.86% | $ 736,436 |
542,168 | VM Consolidated Inc(b) 8.68%, 03/24/2028 1-mo. SOFR + 3.36% | 541,942 |
311,260 | White Cap Buyer LLC(b) 9.43%, 10/08/2027 1-mo. LIBOR + 4.00% | 310,482 |
TOTAL BANK LOANS — 6.71% (Cost $23,496,052) | $22,962,172 | |
CORPORATE BONDS AND NOTES | ||
Basic Materials — 5.33% | ||
945,000 | ArcelorMittal SA 7.00%, 10/15/2039 | 946,674 |
160,000 | Arsenal AIC Parent LLC(c)(d) 8.00%, 10/01/2030 | 159,203 |
ATI Inc | ||
1,000,000 | 5.88%, 12/01/2027 | 947,500 |
750,000 | 7.25%, 08/15/2030 | 744,375 |
744,000 | Avient Corp(c) 7.13%, 08/01/2030 | 730,897 |
990,000 | Axalta Coating Systems LLC(c)(d) 3.38%, 02/15/2029 | 824,266 |
504,000 | Big River Steel LLC / BRS Finance Corp(c) 6.63%, 01/31/2029 | 497,972 |
210,000 | Celanese US Holdings LLC(d) 6.33%, 07/15/2029 | 205,844 |
1,410,000 | Commercial Metals Co 4.38%, 03/15/2032 | 1,182,630 |
1,015,000 | Compass Minerals International Inc(c) 6.75%, 12/01/2027 | 961,631 |
Constellium SE | ||
325,000 | 5.63%, 06/15/2028(c) | 305,767 |
300,000 | EUR, 3.13%, 07/15/2029 | 268,330 |
1,165,000 | First Quantum Minerals Ltd(c) 8.63%, 06/01/2031 | 1,159,387 |
815,000 | Herens Holdco SARL(c) 4.75%, 05/15/2028 | 632,821 |
895,000 | Hudbay Minerals Inc(c) 6.13%, 04/01/2029 | 828,102 |
Mercer International Inc | ||
185,000 | 12.88%, 10/01/2028(c) | 187,025 |
510,000 | 5.13%, 02/01/2029 | 402,141 |
Novelis Corp(c) | ||
473,000 | 4.75%, 01/30/2030 | 409,358 |
1,510,000 | 3.88%, 08/15/2031 | 1,205,862 |
280,000 | Novelis Sheet Ingot GmbH EUR, 3.38%, 04/15/2029 | 255,258 |
Olympus Water US Holding Corp(c) | ||
1,125,000 | 4.25%, 10/01/2028 | 917,117 |
60,000 | 9.75%, 11/15/2028 | 59,870 |
1,725,000 | SCIH Salt Holdings Inc(c) 4.88%, 05/01/2028 | 1,521,634 |
Principal Amount(a) | Fair Value | |
Basic Materials — (continued) | ||
$ 515,000 | SCIL IV LLC / SCIL USA Holdings LLC(c) 5.38%, 11/01/2026 | $ 470,565 |
865,000 | Trinseo Materials Operating SCA / Trinseo Materials Finance Inc(c) 5.13%, 04/01/2029 | 451,266 |
575,000 | Tronox Inc(c) 4.63%, 03/15/2029 | 464,029 |
WR Grace Holdings LLC(c) | ||
500,000 | 5.63%, 08/15/2029 | 404,375 |
1,115,000 | 7.38%, 03/01/2031 | 1,080,974 |
18,224,873 | ||
Communications — 10.20% | ||
250,000 | Altice Financing SA(c) 5.00%, 01/15/2028 | 213,471 |
Altice France SA(c) | ||
465,000 | 5.50%, 01/15/2028 | 358,151 |
1,605,000 | 5.50%, 10/15/2029 | 1,154,180 |
1,445,000 | Arches Buyer Inc(c) 4.25%, 06/01/2028 | 1,231,996 |
CCO Holdings LLC / CCO Holdings Capital Corp | ||
2,920,000 | 5.38%, 06/01/2029(c) | 2,619,848 |
2,505,000 | 4.75%, 03/01/2030(c) | 2,102,825 |
755,000 | 4.50%, 08/15/2030(c) | 619,714 |
590,000 | 4.25%, 02/01/2031(c) | 469,663 |
350,000 | 4.75%, 02/01/2032(c) | 280,000 |
2,535,000 | 4.50%, 05/01/2032 | 1,989,589 |
180,000 | CommScope Inc(c) 6.00%, 03/01/2026 | 167,981 |
4,180,000 | CSC Holdings LLC(c) 5.38%, 02/01/2028 | 3,402,987 |
595,000 | Directv Financing LLC / Directv Financing Co-Obligor Inc(c) 5.88%, 08/15/2027 | 526,087 |
DISH DBS Corp | ||
400,000 | 7.75%, 07/01/2026 | 300,000 |
990,000 | 5.25%, 12/01/2026(c) | 841,352 |
1,250,000 | 5.75%, 12/01/2028(c) | 960,937 |
855,000 | 5.13%, 06/01/2029 | 473,995 |
Frontier Communications Holdings LLC(c) | ||
1,065,000 | 5.88%, 10/15/2027 | 968,584 |
570,000 | 8.75%, 05/15/2030 | 541,201 |
Gen Digital Inc(c) | ||
10,000 | 6.75%, 09/30/2027 | 9,804 |
555,000 | 7.13%, 09/30/2030(d) | 546,746 |
1,470,000 | Gray Escrow II Inc(c) 5.38%, 11/15/2031 | 962,023 |
iHeartCommunications Inc | ||
252 | 8.38%, 05/01/2027 | 181 |
275,000 | 5.25%, 08/15/2027(c) | 217,942 |
Level 3 Financing Inc(c) | ||
1,414,000 | 4.25%, 07/01/2028 | 880,969 |
514,000 | 10.50%, 05/15/2030(d) | 517,386 |
Match Group Holdings II LLC(c) | ||
457,000 | 5.00%, 12/15/2027 | 421,499 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
Communications — (continued) | ||
$ 630,000 | 4.63%, 06/01/2028 | $ 564,804 |
10,000 | 4.13%, 08/01/2030 | ��� 8,252 |
630,000 | 3.63%, 10/01/2031 | 497,146 |
1,565,000 | McGraw-Hill Education Inc(c) 5.75%, 08/01/2028 | 1,350,204 |
45,000 | Netflix Inc 5.88%, 02/15/2025 | 44,874 |
News Corp(c) | ||
800,000 | 3.88%, 05/15/2029 | 688,000 |
445,000 | 5.13%, 02/15/2032 | 388,819 |
Outfront Media Capital LLC / Outfront Media Capital Corp(c) | ||
695,000 | 5.00%, 08/15/2027(d) | 612,351 |
65,000 | 4.25%, 01/15/2029 | 51,579 |
330,000 | Scripps Escrow II Inc(c) 3.88%, 01/15/2029 | 248,172 |
Sirius XM Radio Inc(c) | ||
850,000 | 4.00%, 07/15/2028 | 725,533 |
870,000 | 3.88%, 09/01/2031 | 658,991 |
280,000 | Spanish Broadcasting System Inc(c) 9.75%, 03/01/2026 | 187,297 |
595,000 | T-Mobile USA Inc 2.88%, 02/15/2031 | 482,398 |
410,000 | Townsquare Media Inc(c) 6.88%, 02/01/2026 | 387,202 |
835,000 | TripAdvisor Inc(c) 7.00%, 07/15/2025 | 833,413 |
Univision Communications Inc(c) | ||
855,000 | 6.63%, 06/01/2027 | 796,284 |
485,000 | 8.00%, 08/15/2028 | 470,208 |
595,000 | 7.38%, 06/30/2030 | 543,769 |
525,000 | Urban One Inc(c) 7.38%, 02/01/2028 | 450,188 |
1,435,000 | Virgin Media Finance PLC(c) 5.00%, 07/15/2030 | 1,127,951 |
555,000 | VZ Secured Financing BV(c) 5.00%, 01/15/2032 | 435,983 |
610,000 | Ziggo Bond Co BV(c) 6.00%, 01/15/2027 | 558,449 |
34,890,978 | ||
Consumer, Cyclical — 14.63% | ||
1011778 BC Unlimited Liability Co / New Red Finance Inc(c) | ||
120,000 | 4.38%, 01/15/2028 | 108,162 |
1,745,000 | 4.00%, 10/15/2030 | 1,450,049 |
555,000 | Allison Transmission Inc(c) 3.75%, 01/30/2031 | 448,663 |
American Airlines Inc / AAdvantage Loyalty IP Ltd(c) | ||
371,250 | 5.50%, 04/20/2026 | 362,586 |
405,000 | 5.75%, 04/20/2029 | 376,670 |
835,000 | American Builders & Contractors Supply Co Inc(c) 3.88%, 11/15/2029 | 695,825 |
870,000 | Aramark Services Inc(c) 5.00%, 02/01/2028 | 804,605 |
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — (continued) | ||
Asbury Automotive Group Inc(c) | ||
$ 180,000 | 4.63%, 11/15/2029(d) | $ 154,598 |
90,000 | 5.00%, 02/15/2032 | 74,569 |
775,000 | Banijay Entertainment SASU(c) 8.13%, 05/01/2029 | 769,195 |
Bath & Body Works Inc | ||
515,000 | 7.50%, 06/15/2029(d) | 508,728 |
530,000 | 6.63%, 10/01/2030(c) | 496,880 |
600,000 | 6.75%, 07/01/2036 | 525,689 |
Beacon Roofing Supply Inc(c) | ||
160,000 | 4.50%, 11/15/2026(d) | 149,393 |
740,000 | 4.13%, 05/15/2029 | 632,700 |
175,000 | 6.50%, 08/01/2030 | 169,594 |
830,000 | Boyd Gaming Corp(c) 4.75%, 06/15/2031 | 706,310 |
Caesars Entertainment Inc(c) | ||
1,420,000 | 4.63%, 10/15/2029 | 1,202,825 |
1,750,000 | 7.00%, 02/15/2030 | 1,702,858 |
265,000 | Caesars Resort Collection LLC / CRC Finco Inc(c) 5.75%, 07/01/2025 | 263,881 |
Carnival Corp(c) | ||
1,210,000 | 5.75%, 03/01/2027 | 1,095,321 |
555,000 | 9.88%, 08/01/2027 | 579,378 |
205,000 | 7.00%, 08/15/2029 | 202,135 |
1,515,000 | 10.50%, 06/01/2030(d) | 1,560,253 |
220,000 | Carnival Holdings Bermuda Ltd(c) 10.38%, 05/01/2028 | 235,899 |
1,465,000 | CDI Escrow Issuer Inc(c) 5.75%, 04/01/2030 | 1,323,508 |
570,000 | Cinemark USA Inc(c)(d) 5.88%, 03/15/2026 | 547,269 |
201,000 | Clarios Global LP(c) 6.75%, 05/15/2025 | 199,487 |
Clarios Global LP / Clarios US Finance Co | ||
185,000 | EUR, 4.38%, 05/15/2026 | 187,746 |
1,103,000 | 6.75%, 05/15/2028(c) | 1,076,804 |
1,255,000 | Everi Holdings Inc(c) 5.00%, 07/15/2029 | 1,080,160 |
1,205,000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc(c) 4.63%, 01/15/2029 | 1,021,238 |
7,955,000 | Ford Motor Credit Co LLC 4.00%, 11/13/2030 | 6,643,979 |
440,000 | Hanesbrands Inc(c) 9.00%, 02/15/2031 | 419,384 |
1,670,000 | Hilton Domestic Operating Co Inc 4.88%, 01/15/2030 | 1,519,829 |
665,000 | IHO Verwaltungs GmbH(e) EUR, 8.75%, 05/15/2028 | 724,964 |
760,000 | Kontoor Brands Inc(c) 4.13%, 11/15/2029 | 628,001 |
1,335,000 | Las Vegas Sands Corp 3.90%, 08/08/2029 | 1,139,334 |
1,015,000 | Levi Strauss & Co(c)(d) 3.50%, 03/01/2031 | 802,676 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — (continued) | ||
Light & Wonder International Inc(c) | ||
$1,045,000 | 7.25%, 11/15/2029 | $ 1,024,100 |
135,000 | 7.50%, 09/01/2031 | 133,427 |
Live Nation Entertainment Inc(c) | ||
590,000 | 5.63%, 03/15/2026 | 566,480 |
390,000 | 6.50%, 05/15/2027 | 384,537 |
620,000 | Macy's Retail Holdings LLC(c) 5.88%, 03/15/2030 | 525,599 |
Mattel Inc(c) | ||
80,000 | 3.38%, 04/01/2026 | 73,976 |
735,000 | 3.75%, 04/01/2029 | 639,769 |
460,000 | NCL Corp Ltd(c) 5.88%, 02/15/2027 | 437,445 |
495,000 | Newell Brands Inc 5.20%, 04/01/2026 | 466,484 |
1,245,000 | Penn Entertainment Inc(c) 5.63%, 01/15/2027 | 1,170,947 |
500,000 | PetSmart Inc / PetSmart Finance Corp(c) 4.75%, 02/15/2028 | 437,719 |
140,000 | Raptor Acquisition Corp / Raptor Co-Issuer LLC(c) 4.88%, 11/01/2026 | 131,075 |
785,000 | Ritchie Bros Holdings Inc(c) 7.75%, 03/15/2031 | 796,775 |
Royal Caribbean Cruises Ltd(c) | ||
265,000 | 4.25%, 07/01/2026 | 242,976 |
1,130,000 | 5.50%, 08/31/2026 | 1,066,607 |
1,085,000 | 9.25%, 01/15/2029 | 1,146,234 |
670,000 | 7.25%, 01/15/2030 | 664,032 |
1,050,000 | Scientific Games Holdings LP / Scientific Games US FinCo Inc(c) 6.63%, 03/01/2030 | 905,625 |
295,000 | Staples Inc(c) 7.50%, 04/15/2026 | 242,591 |
1,225,000 | Station Casinos LLC(c) 4.50%, 02/15/2028 | 1,068,604 |
970,000 | Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp(c) 5.88%, 05/15/2025 | 936,049 |
Taylor Morrison Communities Inc(c) | ||
550,000 | 5.75%, 01/15/2028 | 512,325 |
465,000 | 5.13%, 08/01/2030 | 406,294 |
1,000,000 | Victoria's Secret & Co(c) 4.63%, 07/15/2029 | 724,921 |
1,010,000 | Warnermedia Holdings Inc 4.28%, 03/15/2032 | 857,307 |
1,110,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp(c) 5.25%, 05/15/2027 | 1,032,517 |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp(c) | ||
220,000 | 5.13%, 10/01/2029 | 192,308 |
400,000 | 7.13%, 02/15/2031(d) | 379,690 |
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — (continued) | ||
$ 305,000 | Yum! Brands Inc 5.38%, 04/01/2032 | $ 278,869 |
50,036,427 | ||
Consumer, Non-Cyclical — 10.04% | ||
200,000 | 180 Medical Inc(c) 3.88%, 10/15/2029 | 168,995 |
975,000 | ADT Security Corp(c) 4.13%, 08/01/2029 | 824,372 |
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC(c) | ||
290,000 | 7.50%, 03/15/2026 | 294,015 |
1,440,000 | 4.88%, 02/15/2030 | 1,297,475 |
Allied Universal Holdco LLC / Allied Universal Finance Corp / Atlas Luxco 4 SARL | ||
345,000 | EUR, 3.63%, 06/01/2028 | 300,008 |
1,205,000 | 4.63%, 06/01/2028(c) | 1,004,199 |
855,000 | Avis Budget Finance PLC(c) EUR, 7.25%, 07/31/2030 | 897,809 |
945,000 | Bausch & Lomb Escrow Corp(c) 8.38%, 10/01/2028 | 947,807 |
Bausch Health Cos Inc(c) | ||
1,125,000 | 6.13%, 02/01/2027 | 699,707 |
1,725,000 | 4.88%, 06/01/2028 | 980,984 |
1,070,000 | Block Inc(d) 3.50%, 06/01/2031 | 840,550 |
620,000 | Carriage Services Inc(c) 4.25%, 05/15/2029 | 530,338 |
925,000 | Centene Corp 4.63%, 12/15/2029 | 833,083 |
645,000 | Charles River Laboratories International Inc(c) 4.00%, 03/15/2031 | 545,831 |
CHS / Community Health Systems Inc(c) | ||
1,475,000 | 6.00%, 01/15/2029 | 1,191,182 |
855,000 | 5.25%, 05/15/2030 | 649,951 |
475,000 | Coty Inc / HFC Prestige Products Inc / HFC Prestige International US LLC(c) 6.63%, 07/15/2030 | 463,761 |
1,040,000 | Elanco Animal Health Inc(d) 6.65%, 08/28/2028 | 1,011,400 |
105,000 | Fortrea Holdings Inc(c) 7.50%, 07/01/2030 | 102,167 |
Garda World Security Corp(c) | ||
220,000 | 4.63%, 02/15/2027(d) | 201,313 |
660,000 | 7.75%, 02/15/2028 | 647,066 |
705,000 | Gartner Inc(c)(d) 3.75%, 10/01/2030 | 591,638 |
685,000 | GTCR W-2 Merger Sub LLC(c) 7.50%, 01/15/2031 | 685,959 |
HCA Inc | ||
530,000 | 5.63%, 09/01/2028 | 516,781 |
655,000 | 3.50%, 09/01/2030 | 554,147 |
800,000 | Herc Holdings Inc(c) 5.50%, 07/15/2027 | 756,524 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 765,000 | Jazz Securities Designated Activity Co(c) 4.38%, 01/15/2029 | $ 666,991 |
820,000 | Lamb Weston Holdings Inc(c) 4.13%, 01/31/2030 | 701,222 |
1,675,000 | Medline Borrower LP(c) 3.88%, 04/01/2029 | 1,416,083 |
850,000 | Neptune Bidco US Inc(c) 9.29%, 04/15/2029 | 769,515 |
1,045,000 | Organon & Co / Organon Foreign Debt Co-Issuer BV(c) 4.13%, 04/30/2028 | 908,010 |
Owens & Minor Inc(c)(d) | ||
155,000 | 4.50%, 03/31/2029 | 127,562 |
515,000 | 6.63%, 04/01/2030 | 457,106 |
Prime Security Services Borrower LLC / Prime Finance Inc(c)(d) | ||
200,000 | 3.38%, 08/31/2027 | 175,219 |
365,000 | 6.25%, 01/15/2028 | 338,052 |
300,000 | Sabre GLBL Inc(c) 8.63%, 06/01/2027 | 254,342 |
Service Corp International | ||
710,000 | 5.13%, 06/01/2029 | 656,395 |
1,210,000 | 4.00%, 05/15/2031 | 993,387 |
660,000 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc(c) 4.63%, 11/01/2026 | 622,288 |
865,000 | Spectrum Brands Inc(c) 5.00%, 10/01/2029 | 783,776 |
Tenet Healthcare Corp | ||
1,230,000 | 4.88%, 01/01/2026 | 1,178,376 |
380,000 | 5.13%, 11/01/2027(d) | 353,641 |
2,150,000 | 4.25%, 06/01/2029 | 1,850,608 |
1,835,000 | 6.13%, 06/15/2030 | 1,720,403 |
295,000 | Teva Pharmaceutical Finance Netherlands II BV EUR, 4.38%, 05/09/2030 | 266,010 |
Teva Pharmaceutical Finance Netherlands III BV(d) | ||
695,000 | 6.75%, 03/01/2028 | 682,488 |
910,000 | 5.13%, 05/09/2029 | 822,640 |
470,000 | 8.13%, 09/15/2031 | 486,239 |
US Foods Inc(c)(d) | ||
460,000 | 4.75%, 02/15/2029 | 411,133 |
170,000 | 7.25%, 01/15/2032 | 169,828 |
34,348,376 | ||
Diversified — 0.25% | ||
855,000 | Benteler International AG(c)(d) 10.50%, 05/15/2028 | 855,926 |
Energy — 9.53% | ||
286,000 | Antero Resources Corp(c) 7.63%, 02/01/2029 | 289,848 |
1,045,000 | Apache Corp 4.38%, 10/15/2028 | 945,088 |
1,570,000 | Callon Petroleum Co(c)(d) 7.50%, 06/15/2030 | 1,522,236 |
Principal Amount(a) | Fair Value | |
Energy — (continued) | ||
$ 785,000 | Chord Energy Corp(c) 6.38%, 06/01/2026 | $ 769,708 |
Civitas Resources Inc(c) | ||
455,000 | 8.38%, 07/01/2028 | 462,962 |
1,290,000 | 8.75%, 07/01/2031 | 1,317,695 |
740,000 | Comstock Resources Inc(c) 6.75%, 03/01/2029 | 680,720 |
375,000 | Continental Resources Inc(c) 5.75%, 01/15/2031 | 352,296 |
1,170,000 | DCP Midstream Operating LP(c) 6.75%, 09/15/2037 | 1,188,605 |
1,175,000 | Encino Acquisition Partners Holdings LLC(c) 8.50%, 05/01/2028 | 1,128,200 |
2,325,000 | Endeavor Energy Resources LP / EER Finance Inc(c) 5.75%, 01/30/2028 | 2,243,540 |
1,720,000 | Energy Transfer LP(f) 6.63%, Perpetual | 1,370,778 |
1,165,000 | EnLink Midstream LLC(c) 5.63%, 01/15/2028 | 1,101,490 |
155,000 | EQT Corp 7.00%, 02/01/2030 | 159,455 |
Hess Midstream Operations LP(c) | ||
510,000 | 5.13%, 06/15/2028 | 469,106 |
775,000 | 4.25%, 02/15/2030 | 653,510 |
480,000 | 5.50%, 10/15/2030 | 436,200 |
100,000 | Kinder Morgan Inc 7.80%, 08/01/2031 | 108,539 |
995,000 | Kinetik Holdings LP(c) 5.88%, 06/15/2030 | 932,812 |
950,000 | Nabors Industries Inc(c) 7.38%, 05/15/2027 | 919,008 |
800,000 | Occidental Petroleum Corp 6.20%, 03/15/2040 | 762,564 |
490,000 | Ovintiv Inc 6.25%, 07/15/2033 | 473,788 |
820,000 | Patterson-UTI Energy Inc 5.15%, 11/15/2029 | 747,494 |
1,820,000 | Permian Resources Operating LLC(c) 6.88%, 04/01/2027 | 1,794,015 |
1,025,000 | Precision Drilling Corp(c) 7.13%, 01/15/2026 | 1,014,974 |
1,000,000 | Rockcliff Energy II LLC(c) 5.50%, 10/15/2029 | 899,966 |
885,000 | Seadrill Finance Ltd(c) 8.38%, 08/01/2030 | 901,036 |
225,000 | Seventy Seven Energy Inc(g)(h)(i) 6.63%, 11/15/2025 | 23 |
SM Energy Co | ||
1,075,000 | 6.75%, 09/15/2026 | 1,055,241 |
775,000 | 6.50%, 07/15/2028(d) | 744,000 |
Southwestern Energy Co | ||
1,455,000 | 5.38%, 02/01/2029 | 1,340,037 |
670,000 | 5.38%, 03/15/2030 | 610,405 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
Energy — (continued) | ||
$ 873,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp(c) 5.50%, 01/15/2028 | $ 794,430 |
180,000 | Transocean Aquila Ltd(c) 8.00%, 09/30/2028 | 180,000 |
346,750 | Transocean Inc(c) 8.75%, 02/15/2030 | 354,552 |
395,000 | Transocean Titan Financing Ltd(c) 8.38%, 02/01/2028 | 401,912 |
USA Compression Partners LP / USA Compression Finance Corp | ||
475,000 | 6.88%, 04/01/2026 | 465,283 |
390,000 | 6.88%, 09/01/2027 | 378,087 |
Venture Global LNG Inc(c) | ||
525,000 | 8.13%, 06/01/2028 | 519,825 |
1,310,000 | 8.38%, 06/01/2031 | 1,287,811 |
885,000 | Viper Energy Partners LP(c) 5.38%, 11/01/2027 | 838,303 |
32,615,542 | ||
Financial — 3.76% | ||
345,000 | AG Issuer LLC(c) 6.25%, 03/01/2028 | 322,190 |
845,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer(c) 4.25%, 10/15/2027 | 756,562 |
695,000 | Ally Financial Inc 8.00%, 11/01/2031 | 701,696 |
235,000 | AmWINS Group Inc(c) 4.88%, 06/30/2029 | 205,914 |
468,600 | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp(c) 7.00%, 04/15/2030 | 422,911 |
22,595 | Apollo Global Management Inc 6.75%, 07/31/2026 | 1,238,206 |
230,000 | Dresdner Funding Trust I(c) 8.15%, 06/30/2031 | 243,800 |
Freedom Mortgage Corp(c) | ||
505,000 | 7.63%, 05/01/2026 | 470,695 |
365,000 | 6.63%, 01/15/2027 | 320,778 |
135,000 | 12.00%, 10/01/2028 | 137,025 |
180,000 | 12.25%, 10/01/2030 | 182,700 |
660,000 | goeasy Ltd(c)(d) 4.38%, 05/01/2026 | 603,930 |
340,000 | HUB International Ltd(c) 7.25%, 06/15/2030 | 339,378 |
Icahn Enterprises LP / Icahn Enterprises Finance Corp | ||
340,000 | 6.25%, 05/15/2026(d) | 315,875 |
525,000 | 5.25%, 05/15/2027 | 461,464 |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp REIT(c) | ||
820,000 | 4.25%, 02/01/2027 | 717,196 |
295,000 | 4.75%, 06/15/2029 | 238,303 |
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 393,000 | Lloyds Banking Group PLC(f) 7.50%, Perpetual | $ 383,421 |
Nationstar Mortgage Holdings Inc(c) | ||
625,000 | 5.50%, 08/15/2028 | 551,291 |
700,000 | 5.75%, 11/15/2031(d) | 579,055 |
OneMain Finance Corp | ||
240,000 | 7.13%, 03/15/2026 | 235,052 |
585,000 | 6.63%, 01/15/2028(d) | 539,762 |
915,000 | 5.38%, 11/15/2029(d) | 766,312 |
PennyMac Financial Services Inc(c) | ||
190,000 | 5.38%, 10/15/2025 | 180,627 |
720,000 | 5.75%, 09/15/2031 | 588,931 |
820,000 | PHH Mortgage Corp(c) 7.88%, 03/15/2026 | 729,800 |
23,000 | Realogy Group LLC / Realogy Co-Issuer Corp(c)(d) 5.75%, 01/15/2029 | 16,628 |
140,000 | Service Properties Trust REIT 7.50%, 09/15/2025 | 137,541 |
Societe Generale SA(c)(f) | ||
330,000 | 4.75%, Perpetual | 266,311 |
295,000 | 5.38%, Perpetual | 210,357 |
12,863,711 | ||
Industrial — 9.38% | ||
440,000 | Amsted Industries Inc(c) 4.63%, 05/15/2030 | 372,565 |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC(c) | ||
275,000 | 3.25%, 09/01/2028 | 229,293 |
1,280,000 | 4.00%, 09/01/2029(d) | 1,001,691 |
235,000 | Ball Corp EUR, 1.50%, 03/15/2027 | 224,303 |
655,000 | Boise Cascade Co(c) 4.88%, 07/01/2030 | 571,581 |
Bombardier Inc(c) | ||
194,000 | 7.50%, 03/15/2025 | 193,204 |
780,000 | 7.88%, 04/15/2027 | 761,083 |
250,000 | 7.50%, 02/01/2029(d) | 237,242 |
Builders FirstSource Inc(c) | ||
415,000 | 4.25%, 02/01/2032 | 340,327 |
425,000 | 6.38%, 06/15/2032(d) | 400,056 |
960,000 | Camelot Return Merger Sub Inc(c) 8.75%, 08/01/2028 | 926,065 |
765,000 | Cemex SAB de CV(f) 9.13%, Perpetual | 796,369 |
Chart Industries Inc(c) | ||
700,000 | 7.50%, 01/01/2030 | 703,836 |
805,000 | 9.50%, 01/01/2031 | 855,559 |
175,000 | Clean Harbors Inc(c) 6.38%, 02/01/2031 | 170,165 |
800,000 | Covanta Holding Corp(c) 4.88%, 12/01/2029 | 656,320 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
Industrial — (continued) | ||
$ 960,000 | Emerald Debt Merger Sub LLC(c) 6.63%, 12/15/2030 | $ 924,168 |
GFL Environmental Inc(c) | ||
955,000 | 4.00%, 08/01/2028 | 834,447 |
645,000 | 4.75%, 06/15/2029 | 573,346 |
Graphic Packaging International LLC | ||
230,000 | EUR, 2.63%, 02/01/2029 | 210,941 |
500,000 | 3.75%, 02/01/2030(c) | 418,050 |
1,855,000 | Great Lakes Dredge & Dock Corp(c)(d) 5.25%, 06/01/2029 | 1,521,466 |
Howmet Aerospace Inc | ||
315,000 | 3.00%, 01/15/2029 | 266,635 |
720,000 | 5.95%, 02/01/2037 | 676,033 |
1,750,000 | Imola Merger Corp(c) 4.75%, 05/15/2029 | 1,533,702 |
690,000 | Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC(c) 6.00%, 09/15/2028 | 603,086 |
875,000 | JELD-WEN Inc(c) 4.88%, 12/15/2027 | 772,082 |
935,000 | Louisiana-Pacific Corp(c) 3.63%, 03/15/2029 | 782,847 |
1,255,000 | Madison IAQ LLC(c) 4.13%, 06/30/2028 | 1,083,023 |
Masonite International Corp(c) | ||
170,000 | 5.38%, 02/01/2028 | 158,120 |
655,000 | 3.50%, 02/15/2030 | 532,205 |
1,030,000 | Mauser Packaging Solutions Holding Co(c) 7.88%, 08/15/2026 | 993,678 |
310,000 | MIWD Holdco II LLC / MIWD Finance Corp(c) 5.50%, 02/01/2030 | 256,136 |
840,000 | Owens-Brockway Glass Container Inc(c)(d) 7.25%, 05/15/2031 | 821,100 |
475,000 | Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer Inc(c) 4.38%, 10/15/2028 | 412,138 |
530,000 | Roller Bearing Co of America Inc(c) 4.38%, 10/15/2029 | 455,886 |
Sensata Technologies BV(c) | ||
1,250,000 | 4.00%, 04/15/2029 | 1,076,372 |
655,000 | 5.88%, 09/01/2030 | 610,213 |
300,000 | Spirit AeroSystems Inc(c) 7.50%, 04/15/2025 | 294,263 |
Standard Industries Inc(c) | ||
925,000 | 4.75%, 01/15/2028 | 834,340 |
225,000 | 4.38%, 07/15/2030 | 186,345 |
590,000 | 3.38%, 01/15/2031 | 456,059 |
885,000 | Terex Corp(c) 5.00%, 05/15/2029 | 792,540 |
205,000 | TK Elevator Midco GmbH EUR, 4.38%, 07/15/2027 | 196,081 |
Principal Amount(a) | Fair Value | |
Industrial — (continued) | ||
TransDigm Inc | ||
$ 865,000 | 5.50%, 11/15/2027 | $ 809,942 |
910,000 | 6.75%, 08/15/2028(c) | 895,885 |
1,620,000 | 4.88%, 05/01/2029 | 1,423,320 |
560,000 | 6.88%, 12/15/2030(c) | 549,105 |
900,000 | TTM Technologies Inc(c) 4.00%, 03/01/2029 | 746,391 |
435,000 | Vertiv Group Corp(c) 4.13%, 11/15/2028 | 382,370 |
570,000 | WESCO Distribution Inc(c) 7.25%, 06/15/2028 | 572,765 |
32,094,739 | ||
Technology — 2.99% | ||
315,000 | Alteryx Inc(c)(d) 8.75%, 03/15/2028 | 313,594 |
250,000 | Boxer Parent Co Inc(c) 7.13%, 10/02/2025 | 248,750 |
710,000 | CDW LLC / CDW Finance Corp 3.25%, 02/15/2029 | 605,410 |
325,000 | Central Parent Inc / CDK Global Inc(c) 7.25%, 06/15/2029 | 315,092 |
560,000 | Clarivate Science Holdings Corp(c) 3.88%, 07/01/2028 | 484,792 |
2,895,000 | Cloud Software Group Inc(c) 6.50%, 03/31/2029 | 2,560,137 |
1,045,000 | Crowdstrike Holdings Inc(d) 3.00%, 02/15/2029 | 880,180 |
1,835,000 | NCR Corp(c) 5.13%, 04/15/2029 | 1,616,743 |
740,000 | RingCentral Inc(c) 8.50%, 08/15/2030 | 714,840 |
Twilio Inc | ||
875,000 | 3.63%, 03/15/2029 | 732,500 |
485,000 | 3.88%, 03/15/2031(d) | 394,345 |
1,655,000 | ZoomInfo Technologies LLC / ZoomInfo Finance Corp(c)(d) 3.88%, 02/01/2029 | 1,379,352 |
10,245,735 | ||
Utilities — 1.93% | ||
Calpine Corp(c) | ||
655,000 | 4.63%, 02/01/2029 | 548,469 |
795,000 | 5.00%, 02/01/2031 | 642,829 |
330,000 | 3.75%, 03/01/2031 | 265,856 |
340,000 | Electricite de France SA(c)(d)(f) 9.13%, Perpetual | 354,190 |
NRG Energy Inc(c) | ||
350,000 | 10.25%, Perpetual(f) | 342,791 |
190,000 | 3.75%, 06/15/2024 | 186,052 |
685,000 | 3.88%, 02/15/2032 | 514,223 |
185,000 | Pacific Gas & Electric Co(h) 2.95%, 03/01/2026 | 170,392 |
1,430,000 | PG&E Corp(d) 5.25%, 07/01/2030 | 1,242,758 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
Utilities — (continued) | ||
$ 390,000 | Vistra Corp(c)(f) 7.00%, Perpetual | $ 355,875 |
Vistra Operations Co LLC(c) | ||
1,385,000 | 5.00%, 07/31/2027 | 1,273,353 |
330,000 | 7.75%, 10/15/2031 | 325,064 |
380,000 | 6.95%, 10/15/2033 | 372,717 |
6,594,569 | ||
TOTAL CORPORATE BONDS AND NOTES — 68.04% (Cost $254,464,870) | $232,770,876 | |
CONVERTIBLE BONDS | ||
Basic Materials — 0.08% | ||
316,000 | MP Materials Corp(c) 0.25%, 04/01/2026 | 271,381 |
Communications — 3.21% | ||
566,000 | Airbnb Inc(j) 5.54%, 03/15/2026 | 498,080 |
597,000 | Booking Holdings Inc 0.75%, 05/01/2025 | 996,990 |
459,000 | Cable One Inc 1.13%, 03/15/2028 | 341,496 |
302,000 | DISH Network Corp(j) 22.53%, 12/15/2025 | 201,585 |
1,185,000 | Etsy Inc(d) 0.25%, 06/15/2028 | 895,267 |
450,000 | Fiverr International Ltd(j) 7.35%, 11/01/2025 | 390,105 |
822,000 | Liberty Broadband Corp(c) 3.13%, 03/31/2053 | 856,113 |
552,000 | Liberty Media Corp-Liberty Formula One 2.25%, 08/15/2027 | 537,096 |
633,000 | Match Group Financeco 3 Inc(c) 2.00%, 01/15/2030 | 551,071 |
674,000 | Okta Inc 0.38%, 06/15/2026 | 586,717 |
589,000 | Palo Alto Networks Inc 0.38%, 06/01/2025 | 1,387,389 |
998,000 | Snap Inc(j) 9.74%, 05/01/2027 | 739,518 |
576,000 | Spotify USA Inc(j) 7.14%, 03/15/2026 | 489,888 |
422,000 | TechTarget Inc(j) 7.78%, 12/15/2026 | 337,652 |
480,000 | Uber Technologies Inc(j) 3.25%, 12/15/2025 | 447,800 |
348,000 | Upwork Inc 0.25%, 08/15/2026 | 285,542 |
Wayfair Inc | ||
498,000 | 0.63%, 10/01/2025 | 428,927 |
392,000 | 3.25%, 09/15/2027 | 471,968 |
453,000 | Zillow Group Inc 1.38%, 09/01/2026 | 539,750 |
10,982,954 |
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — 1.73% | ||
$ 323,000 | Carnival Corp(c) 5.75%, 12/01/2027 | $ 431,205 |
586,000 | DraftKings Holdings Inc(j) 7.22%, 03/15/2028 | 443,309 |
453,000 | Ford Motor Co(j) 0.72%, 03/15/2026 | 445,072 |
320,000 | IMAX Corp 0.50%, 04/01/2026 | 298,400 |
564,000 | Liberty TripAdvisor Holdings Inc(c) 0.50%, 06/30/2051 | 458,814 |
815,000 | Live Nation Entertainment Inc(c) 3.13%, 01/15/2029 | 845,155 |
NCL Corp Ltd | ||
166,000 | 5.38%, 08/01/2025 | 192,975 |
335,000 | 2.50%, 02/15/2027 | 288,770 |
514,000 | Patrick Industries Inc 1.75%, 12/01/2028 | 484,959 |
286,000 | Rivian Automotive Inc(c) 4.63%, 03/15/2029 | 414,128 |
191,000 | Royal Caribbean Cruises Ltd 6.00%, 08/15/2025 | 376,557 |
468,000 | Shake Shack Inc(j) 7.89%, 03/01/2028 | 346,905 |
454,000 | Southwest Airlines Co(d) 1.25%, 05/01/2025 | 450,595 |
490,000 | Vail Resorts Inc(d)(j) 6.05%, 01/01/2026 | 431,200 |
5,908,044 | ||
Consumer, Non-Cyclical — 3.46% | ||
568,000 | Alnylam Pharmaceuticals Inc 1.00%, 09/15/2027 | 523,980 |
387,000 | Ascendis Pharma A/S 2.25%, 04/01/2028 | 353,138 |
293,000 | Beauty Health Co(c) 1.25%, 10/01/2026 | 227,808 |
258,000 | BioMarin Pharmaceutical Inc 1.25%, 05/15/2027 | 255,575 |
724,000 | Block Inc 0.25%, 11/01/2027 | 543,449 |
219,000 | Bridgebio Pharma Inc 2.50%, 03/15/2027 | 209,145 |
465,000 | Chefs' Warehouse Inc(c) 2.38%, 12/15/2028 | 376,045 |
599,000 | CONMED Corp 2.25%, 06/15/2027 | 570,248 |
208,000 | Cytokinetics Inc 3.50%, 07/01/2027 | 176,405 |
1,741,000 | Dexcom Inc(c) 0.38%, 05/15/2028 | 1,544,267 |
1,366,000 | Exact Sciences Corp 0.38%, 03/01/2028 | 1,178,995 |
333,000 | Guardant Health Inc(j) 11.01%, 11/15/2027 | 228,938 |
Halozyme Therapeutics Inc | ||
278,000 | 0.25%, 03/01/2027 | 234,576 |
191,000 | 1.00%, 08/15/2028 | 178,346 |
356,000 | Innoviva Inc 2.50%, 08/15/2025 | 351,016 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 341,000 | Insmed Inc 0.75%, 06/01/2028 | $ 338,272 |
369,000 | Insulet Corp 0.38%, 09/01/2026 | 360,882 |
333,000 | Integer Holdings Corp(c) 2.13%, 02/15/2028 | 361,804 |
291,000 | Jazz Investments I Ltd(d) 2.00%, 06/15/2026 | 296,274 |
448,000 | Lantheus Holdings Inc(c) 2.63%, 12/15/2027 | 519,411 |
323,000 | MGP Ingredients Inc 1.88%, 11/15/2041 | 396,321 |
179,000 | Mirum Pharmaceuticals Inc(c) 4.00%, 05/01/2029 | 226,099 |
261,000 | Revance Therapeutics Inc 1.75%, 02/15/2027 | 209,792 |
474,000 | Sarepta Therapeutics Inc 1.25%, 09/15/2027 | 529,411 |
746,000 | Shift4 Payments Inc 0.50%, 08/01/2027 | 637,382 |
372,000 | Shockwave Medical Inc(c) 1.00%, 08/15/2028 | 356,004 |
498,000 | Teladoc Health Inc(d) 1.25%, 06/01/2027 | 396,856 |
269,000 | TransMedics Group Inc(c) 1.50%, 06/01/2028 | 242,934 |
11,823,373 | ||
Energy — 0.58% | ||
221,000 | EQT Corp 1.75%, 05/01/2026 | 613,408 |
325,000 | Nabors Industries Inc(c) 1.75%, 06/15/2029 | 285,837 |
505,000 | NextEra Energy Partners LP(c) 2.50%, 06/15/2026 | 428,240 |
524,000 | Northern Oil & Gas Inc(c) 3.63%, 04/15/2029 | 647,292 |
1,974,777 | ||
Financial — 0.34% | ||
419,000 | Realogy Group LLC / Realogy Co-Issuer Corp 0.25%, 06/15/2026 | 318,440 |
471,629 | SoFi Technologies Inc(c)(j) 9.76%, 10/15/2026 | 363,626 |
489,000 | Welltower OP LLC REIT(c) 2.75%, 05/15/2028 | 499,042 |
1,181,108 | ||
Industrial — 0.73% | ||
644,000 | Axon Enterprise Inc(c) 0.50%, 12/15/2027 | 685,860 |
363,000 | Granite Construction Inc(c) 3.75%, 05/15/2028 | 380,630 |
492,000 | John Bean Technologies Corp 0.25%, 05/15/2026 | 441,324 |
505,000 | Middleby Corp 1.00%, 09/01/2025 | 565,348 |
Principal Amount(a) | Fair Value | |
Industrial — (continued) | ||
$ 429,000 | Tetra Tech Inc(c) 2.25%, 08/15/2028 | $ 422,565 |
2,495,727 | ||
Technology — 3.55% | ||
1,158,000 | Akamai Technologies Inc 0.38%, 09/01/2027 | 1,206,057 |
387,000 | Altair Engineering Inc 1.75%, 06/15/2027 | 409,446 |
552,000 | Bentley Systems Inc(d) 0.38%, 07/01/2027 | 476,928 |
301,000 | BILL Holdings Inc(j) 6.72%, 04/01/2027 | 243,622 |
255,000 | Box Inc(j) (3.17%), 01/15/2026 | 275,018 |
522,000 | Ceridian HCM Holding Inc 0.25%, 03/15/2026 | 459,047 |
337,000 | Cloudflare Inc(j) 6.13%, 08/15/2026 | 286,450 |
344,000 | Confluent Inc(j) 6.86%, 01/15/2027 | 280,566 |
354,000 | Datadog Inc 0.13%, 06/15/2025 | 415,419 |
367,000 | DigitalOcean Holdings Inc(j) 9.72%, 12/01/2026 | 280,535 |
566,000 | Dropbox Inc(j) 1.27%, 03/01/2028 | 536,002 |
365,000 | Envestnet Inc(c) 2.63%, 12/01/2027 | 332,697 |
315,000 | Everbridge Inc(d)(j) 7.74%, 03/15/2026 | 264,600 |
200,000 | HubSpot Inc 0.38%, 06/01/2025 | 356,400 |
345,000 | Impinj Inc 1.13%, 05/15/2027 | 299,080 |
Lumentum Holdings Inc | ||
492,000 | 0.50%, 12/15/2026 | 412,296 |
244,000 | 1.50%, 12/15/2029(c) | 221,796 |
281,000 | MongoDB Inc 0.25%, 01/15/2026 | 480,229 |
ON Semiconductor Corp | ||
201,000 | (12.38%), 05/01/2027(j) | 361,800 |
774,000 | 0.50%, 03/01/2029(c) | 849,852 |
492,000 | Progress Software Corp 1.00%, 04/15/2026 | 506,268 |
337,000 | Seagate HDD Cayman(c) 3.50%, 06/01/2028 | 345,620 |
574,000 | Splunk Inc 1.13%, 06/15/2027 | 541,569 |
554,000 | Tyler Technologies Inc 0.25%, 03/15/2026 | 534,887 |
548,000 | Unity Software Inc(j) 8.42%, 11/15/2026 | 433,742 |
700,000 | Wolfspeed Inc(c) 1.88%, 12/01/2029 | 455,350 |
406,000 | Workiva Inc(c) 1.25%, 08/15/2028 | 400,519 |
408,000 | Zscaler Inc 0.13%, 07/01/2025 | 490,008 |
12,155,803 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount(a) | Fair Value | |
Utilities — 0.49% | ||
$ 644,000 | CMS Energy Corp(c) 3.38%, 05/01/2028 | $ 603,750 |
784,000 | NRG Energy Inc 2.75%, 06/01/2048 | 829,472 |
248,000 | Southern Co(c) 3.88%, 12/15/2025 | 241,056 |
1,674,278 | ||
TOTAL CONVERTIBLE BONDS — 14.17% (Cost $50,062,265) | $48,467,445 | |
Shares | ||
COMMON STOCK | ||
Basic Materials — 0.04% | ||
7,100 | Livent Corp(d)(k) | 130,711 |
Communications — 0.04% | ||
600 | Palo Alto Networks Inc(k) | 140,664 |
Energy — 0.49% | ||
21,195 | EQT Corp | 860,093 |
3,600 | Pioneer Natural Resources Co | 826,380 |
1,686,473 | ||
Financial — 0.07% | ||
5,763 | OneMain Holdings Inc | 231,039 |
Industrial — 0.08% | ||
8,430 | GFL Environmental Inc | 267,737 |
Utilities — 0.02% | ||
339 | Genon Energy Inc(i)(k) | 56,480 |
TOTAL COMMON STOCK — 0.74% (Cost $2,421,233) | $2,513,104 | |
CONVERTIBLE PREFERRED STOCK | ||
Financial — 0.31% | ||
974 | Bank of America Corp 7.25% | 1,083,575 |
Industrial — 0.33% | ||
9,366 | Chart Industries Inc 6.75% | 632,767 |
4,462 | RBC Bearings Inc 5.00%(d) | 492,025 |
1,124,792 |
Shares | Fair Value | |
Utilities — 0.33% | ||
5,848 | AES Corp 6.88%(d) | $ 356,903 |
20,398 | NextEra Energy Inc 6.93%(d) | 767,781 |
1,124,684 | ||
TOTAL CONVERTIBLE PREFERRED STOCK — 0.97% (Cost $3,704,093) | $3,333,051 | |
RIGHTS | ||
Utilities — 0.01% | ||
18,138 | Texas Competitive Electric Holdings(i)(k) | 22,673 |
TOTAL RIGHTS — 0.01% (Cost $20,531) | $22,673 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 7.80% | ||
$6,672,643 | Undivided interest of 5.89% in a repurchase agreement (principal amount/value $113,517,620 with a maturity value of $113,567,757) with RBC Capital Markets Corp, 5.30%, dated 9/30/23 to be repurchased at $6,672,643 on 10/2/23 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 7.00%, 10/5/23 - 9/1/53, with a value of $115,787,972.(l) | 6,672,643 |
6,672,643 | Undivided interest of 6.02% in a repurchase agreement (principal amount/value $111,153,217 with a maturity value of $111,202,310) with Bank of America Securities Inc, 5.30%, dated 9/30/23 to be repurchased at $6,672,643 on 10/2/23 collateralized by various U.S. Government Agency securities, 2.50% - 5.50%, 4/20/43 - 9/1/53, with a value of $113,376,281.(l) | 6,672,643 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$6,672,643 | Undivided interest of 6.12% in a repurchase agreement (principal amount/value $109,270,736 with a maturity value of $109,318,997) with Citigroup Global Markets Inc, 5.30%, dated 9/30/23 to be repurchased at $6,672,643 on 10/2/23 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 7.09%, 8/5/25 - 5/20/72, with a value of $111,456,151.(l) | $ 6,672,643 |
6,672,644 | Undivided interest of 9.23% in a repurchase agreement (principal amount/value $72,477,196 with a maturity value of $72,509,207) with Bank of Montreal, 5.30%, dated 9/30/23 to be repurchased at $6,672,644 on 10/2/23 collateralized by Federal National Mortgage Association securities, 2.50% - 6.00%, 10/1/31 - 10/1/53, with a value of $73,926,740.(l) | 6,672,644 |
TOTAL SHORT TERM INVESTMENTS — 7.80% (Cost $26,690,573) | $26,690,573 | |
TOTAL INVESTMENTS — 98.44% (Cost $360,859,617) | $336,759,894 | |
OTHER ASSETS & LIABILITIES, NET — 1.56% | $5,343,589 | |
TOTAL NET ASSETS — 100.00% | $342,103,483 |
(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 September 29, 2023. |
(c) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(d) | All or a portion of the security is on loan at September 29, 2023. |
(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) | Collateral received for securities on loan. |
LIBOR | London Interbank Offered Rate is the interest rate banks charge each other for short-term loans. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate established as an alternative to LIBOR. |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
At September 29, 2023 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 |
BA | USD | 193,297 | EUR | 179,100 | 12/20/2023 | $3,175 |
GS | USD | 104,047 | EUR | 96,400 | 12/20/2023 | 1,714 |
MS | USD | 508,712 | EUR | 472,200 | 12/20/2023 | 7,453 |
RBS | USD | 319,384 | EUR | 295,900 | 12/20/2023 | 5,274 |
SSB | USD | 2,986,855 | EUR | 2,767,600 | 12/20/2023 | 48,933 |
Net Appreciation | $66,549 |
At September 29, 2023, 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 (Depreciation) | Implied Credit Spread(b) | Payment Frequency | |
Buy Credit Protection | |||||||||
CDX.NA.HY.40(c) | USD | 11,411 | $200,301 | $265,542 | 5.00% | 06/20/2028 | $(65,241) | 4.59% | Quarterly |
Net Depreciation | $(65,241) |
(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. |
Currency Abbreviations | ||
EUR | Euro Dollar | |
USD | U.S. Dollar |
Counterparty Abbreviations | ||
BA | Bank of America Corp | |
GS | Goldman Sachs | |
MS | Morgan Stanley & Co LLC | |
RBS | Royal Bank of Scotland | |
SSB | State Street Bank |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND 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 (ECM or the Adviser), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors approved the Adviser as the Fund’s valuation designee to make all fair value determinations with respect to the Fund’s investments, subject to oversight by the Board of Directors.
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.
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 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 29, 2023
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 |
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. |
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. |
Short Term Investments | Maturity date, credit quality and interest rates. |
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. |
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 29, 2023, 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 29, 2023
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Bank Loans | $— | $22,962,172 | $— | $22,962,172 | |||
Corporate Bonds and Notes | — | 232,770,853 | 23 | 232,770,876 | |||
Convertible Bonds | — | 48,467,445 | — | 48,467,445 | |||
Common Stock | 2,456,624 | — | 56,480 | 2,513,104 | |||
Convertible Preferred Stock | |||||||
Financial | 1,083,575 | — | — | 1,083,575 | |||
Industrial | — | 1,124,792 | — | 1,124,792 | |||
Utilities | — | 1,124,684 | — | 1,124,684 | |||
1,083,575 | 2,249,476 | — | 3,333,051 | ||||
Rights | — | — | 22,673 | 22,673 | |||
Short Term Investments | — | 26,690,573 | — | 26,690,573 | |||
Total investments, at fair value: | 3,540,199 | 333,140,519 | 79,176 | 336,759,894 | |||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts | — | 66,549 | — | 66,549 | |||
Total Assets | $3,540,199 | $333,207,068 | $79,176 | $336,826,443 | |||
Liabilities | |||||||
Other Financial Investments: | |||||||
Credit Default Swaps | — | (65,241) | — | (65,241) | |||
Total Liabilities | $0 | $(65,241) | $— | $(65,241) |
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 $5,349,891 in forward contracts for the reporting period.
Credit Default Swaps
The Fund enters into credit default swap contracts to gain exposure on individual names and/or baskets of securities. A credit default swap is an agreement between the 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 over-the-counter market (OTC credit default swaps) or may be executed on a registered exchange (centrally cleared credit default swaps). The Fund held an average notional amount of $5,373,300 in credit default swaps for the reporting period.
September 29, 2023