EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
ASSET-BACKED SECURITIES | ||
Non-Agency — 9.04% | ||
Aaset Trust(b) | ||
Series 2021-1A Class A | ||
$ 576,965 | 2.95%, 11/16/2041 | $ 523,077 |
Series 2021-2A Class A | ||
805,237 | 2.80%, 01/15/2047 | 704,961 |
Affirm Asset Securitization Trust(b) | ||
Series 2023-B Class A | ||
850,000 | 6.82%, 09/15/2028 | 862,666 |
Series 2024-A Class B | ||
660,000 | 5.93%, 02/15/2029 | 658,297 |
1,325,000 | Aimco Ltd(b)(c) Series 2020-12A Class AR 6.49%, 01/17/2032 3-mo. SOFR + 1.17% | 1,325,124 |
American Credit Acceptance Receivables Trust(b) | ||
Series 2020-4 Class D | ||
66,770 | 1.77%, 12/14/2026 | 66,661 |
Series 2021-3 Class D | ||
730,000 | 1.34%, 11/15/2027 | 711,063 |
Series 2021-4A Class D | ||
1,240,000 | 1.82%, 02/14/2028 | 1,207,377 |
Series 2022-1 Class D | ||
400,000 | 2.46%, 03/13/2028 | 388,849 |
Series 2022-4 Class C | ||
245,000 | 7.86%, 02/15/2029 | 247,335 |
Series 2023-3 Class C | ||
1,170,000 | 6.44%, 10/12/2029 | 1,180,604 |
Series 2023-4 Class D | ||
900,000 | 7.65%, 09/12/2030 | 918,272 |
AmeriCredit Automobile Receivables Trust | ||
Series 2019-3 Class D | ||
4,067 | 2.58%, 09/18/2025 | 4,061 |
Series 2020-1 Class D | ||
20,000 | 1.80%, 12/18/2025 | 19,765 |
Series 2020-2 Class D | ||
350,000 | 2.13%, 03/18/2026 | 341,792 |
Series 2020-3 Class D | ||
120,000 | 1.49%, 09/18/2026 | 114,850 |
Series 2023-2 Class C | ||
1,500,000 | 6.00%, 07/18/2029 | 1,523,669 |
3,400,000 | Apidos XXXVII(b)(c) Series 2021-37A Class B 7.18%, 10/22/2034 3-mo. SOFR + 1.86% | 3,399,973 |
1,635,000 | Applebee's Funding LLC / IHOP Funding LLC(b) Series 2023-1A Class A2 7.82%, 03/05/2053 | 1,690,281 |
Aqua Finance Trust(b) | ||
Series 2019-A Class C | ||
307,796 | 4.01%, 07/16/2040 | 279,170 |
Series 2021-A Class B | ||
210,000 | 2.40%, 07/17/2046 | 173,246 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 3,850,000 | Ares LXII Ltd(b)(c) Series 2021-62A Class B 7.23%, 01/25/2034 3-mo. SOFR + 1.91% | $ 3,850,035 |
Avis Budget Rental Car Funding AESOP LLC(b) | ||
Series 2020-1A Class C | ||
1,795,000 | 3.02%, 08/20/2026 | 1,727,837 |
Series 2020-2A Class A | ||
925,000 | 2.02%, 02/20/2027 | 872,992 |
Series 2020-2A Class C | ||
110,000 | 4.25%, 02/20/2027 | 106,372 |
Series 2021-1A Class C | ||
105,000 | 2.13%, 08/20/2027 | 96,349 |
Series 2021-2A Class C | ||
450,000 | 2.35%, 02/20/2028 | 406,742 |
Series 2023-8A Class C | ||
275,000 | 7.34%, 02/20/2030 | 287,660 |
Series 2024-1A Class C | ||
150,000 | 6.48%, 06/20/2030 | 152,586 |
BHG Securitization Trust(b) | ||
Series 2022-A Class B | ||
1,585,000 | 2.70%, 02/20/2035 | 1,479,641 |
Series 2023-B Class B | ||
780,000 | 7.45%, 12/17/2036 | 801,639 |
Series 2024-1CON Class B | ||
385,000 | 6.49%, 04/17/2035 | 385,028 |
Series 2024-1CON Class C | ||
105,000 | 6.86%, 04/17/2035 | 105,013 |
2,900,000 | BlueMountain XXXIII Ltd(b)(c) Series 2021-33A Class B 7.28%, 11/20/2034 3-mo. SOFR + 1.96% | 2,902,885 |
2,035,000 | Bridgecrest Lending Auto Securitization Trust Series 2023-1 Class D 7.84%, 08/15/2029 | 2,139,311 |
54,610 | Business Jet Securities LLC(b) Series 2021-1A Class B 2.92%, 04/15/2036 | 50,646 |
425,012 | CAL Funding IV Ltd(b) Series 2020-1A Class A 2.22%, 09/25/2045 | 384,687 |
2,000,000 | Carlyle Global Market Strategies Ltd(b)(c) Series 2021-3SA Class A2 7.08%, 04/15/2034 3-mo. SOFR + 1.76% | 2,000,044 |
CarMax Auto Owner Trust | ||
Series 2020-2 Class C | ||
15,000 | 4.23%, 11/17/2025 | 14,969 |
Series 2020-3 Class D | ||
5,000 | 2.53%, 01/15/2027 | 4,946 |
Series 2020-4 Class D | ||
1,830,000 | 1.75%, 04/15/2027 | 1,774,846 |
Series 2021-1 Class D | ||
500,000 | 1.28%, 07/15/2027 | 477,338 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2022-1 Class D | ||
$ 300,000 | 2.47%, 07/17/2028 | $ 280,292 |
Series 2023-4 Class D | ||
300,000 | 7.16%, 04/15/2030 | 308,611 |
Series 2024-1 Class D | ||
100,000 | 6.00%, 07/15/2030 | 100,160 |
Carvana Auto Receivables Trust | ||
Series 2021-N3 Class C | ||
110,420 | 1.02%, 06/12/2028 | 103,499 |
Series 2021-N4 Class C | ||
65,094 | 1.72%, 09/11/2028 | 61,678 |
Series 2021-N4 Class D | ||
486,705 | 2.30%, 09/11/2028 | 471,162 |
Series 2021-P3 Class C | ||
765,000 | 1.93%, 10/12/2027 | 689,886 |
Series 2021-P4 Class C | ||
325,000 | 2.33%, 02/10/2028 | 293,414 |
Series 2023-N1 Class D | ||
2,430,000 | 6.69%, 07/10/2029(b) | 2,451,887 |
Series 2023-N4 Class D | ||
200,000 | 7.22%, 02/11/2030(b) | 206,266 |
641,918 | Castlelake Aircraft Securitization Trust(b) Series 2018-1 Class B 5.30%, 06/15/2043 | 494,277 |
282,378 | Castlelake Aircraft Structured Trust(b) Series 2019-1A Class A 3.97%, 04/15/2039 | 254,171 |
1,246,804 | CCG Receivables Trust(b) Series 2023-1 Class A2 5.82%, 09/16/2030 | 1,250,963 |
444,948 | CLI Funding VIII LLC(b) Series 2021-1A Class A 1.64%, 02/18/2046 | 394,682 |
College Ave Student Loans LLC(b) | ||
Series 2021-A Class C | ||
366,173 | 2.92%, 07/25/2051 | 326,623 |
Series 2023-B Class C | ||
340,000 | 7.58%, 06/25/2054 | 345,594 |
30,484 | Commonbond Student Loan Trust(b) Series 2020-1 Class A 1.69%, 10/25/2051 | 26,919 |
CoreVest American Finance Trust(b) | ||
Series 2020-2 Class C | ||
590,000 | 4.60%, 05/15/2052(d) | 553,025 |
Series 2021-1 Class C | ||
155,000 | 2.80%, 04/15/2053 | 128,010 |
Series 2021-2 Class C | ||
320,000 | 2.48%, 07/15/2054 | 259,654 |
Series 2021-3 Class D | ||
220,000 | 3.47%, 10/15/2054 | 184,027 |
Credit Acceptance Auto Loan Trust(b) | ||
Series 2021-2A Class C | ||
400,000 | 1.64%, 06/17/2030 | 395,024 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2021-3A Class C | ||
$ 250,000 | 1.63%, 09/16/2030 | $ 243,196 |
Series 2021-4 Class C | ||
2,453,000 | 1.94%, 02/18/2031 | 2,337,233 |
Series 2024-1A Class C | ||
325,000 | 6.71%, 07/17/2034 | 326,559 |
Domino's Pizza Master Issuer LLC(b) | ||
Series 2017-1A Class A23 | ||
186,120 | 4.12%, 07/25/2047 | 178,150 |
Series 2018-1A Class A2II | ||
379,000 | 4.33%, 07/25/2048 | 365,331 |
Drive Auto Receivables Trust | ||
Series 2021-1 Class D | ||
500,000 | 1.45%, 01/16/2029 | 484,430 |
Series 2021-2 Class D | ||
1,800,000 | 1.39%, 03/15/2029 | 1,723,131 |
DT Auto Owner Trust(b) | ||
Series 2019-4A Class D | ||
149 | 2.85%, 07/15/2025 | 149 |
Series 2021-1A Class D | ||
970,000 | 1.16%, 11/16/2026 | 934,948 |
Series 2021-2A Class D | ||
2,750,000 | 1.50%, 02/16/2027 | 2,640,202 |
Series 2021-3A Class D | ||
1,515,000 | 1.31%, 05/17/2027 | 1,425,663 |
Series 2021-4A Class D | ||
790,000 | 1.99%, 09/15/2027 | 741,153 |
Series 2022-1A Class D | ||
1,470,000 | 3.40%, 12/15/2027 | 1,419,989 |
Series 2023-3A Class B | ||
1,990,000 | 6.07%, 03/15/2028 | 2,000,044 |
Series 2023-3A Class D | ||
845,000 | 7.12%, 05/15/2029 | 865,319 |
46,143 | Elara HGV Timeshare Issuer LLC(b) Series 2021-A Class C 2.09%, 08/27/2035 | 42,514 |
69,562 | ELFI Graduate Loan Program LLC(b)(d) Series 2021-A Class B 2.09%, 12/26/2046 | 57,293 |
654,000 | EverBright Solar Trust(b) Series 2024-A Class A 6.43%, 06/22/2054 | 648,245 |
Exeter Automobile Receivables Trust | ||
Series 2019-4A Class D | ||
3,326 | 2.58%, 09/15/2025(b) | 3,307 |
Series 2021-1A Class D | ||
374,846 | 1.08%, 11/16/2026 | 365,544 |
Series 2021-3A Class D | ||
3,705,000 | 1.55%, 06/15/2027 | 3,495,198 |
Series 2022-2A Class D | ||
200,000 | 4.56%, 07/17/2028 | 195,252 |
Series 2022-6A Class C | ||
330,000 | 6.32%, 05/15/2028 | 331,937 |
Series 2023-2A Class D | ||
680,000 | 6.32%, 08/15/2029 | 684,017 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2023-3A Class D | ||
$ 340,000 | 6.68%, 04/16/2029 | $ 345,197 |
Series 2023-5A Class D | ||
1,320,000 | 7.13%, 02/15/2030 | 1,370,974 |
First Investors Auto Owner Trust(b) | ||
Series 2021-1A Class D | ||
415,000 | 1.62%, 03/15/2027 | 400,349 |
Series 2022-1A Class D | ||
400,000 | 3.79%, 06/15/2028 | 382,488 |
Series 2022-2A Class D | ||
420,000 | 8.71%, 10/16/2028 | 440,695 |
FirstKey Homes Trust(b) | ||
Series 2020-SFR2 Class F1 | ||
1,015,000 | 3.02%, 10/19/2037 | 960,467 |
Series 2021-SFR1 Class E1 | ||
535,000 | 2.39%, 08/17/2038 | 484,368 |
Series 2021-SFR2 Class E1 | ||
360,000 | 2.26%, 09/17/2038 | 323,488 |
Series 2021-SFR2 Class E2 | ||
225,000 | 2.36%, 09/17/2038 | 202,012 |
Series 2022-SFR2 Class D | ||
635,000 | 4.50%, 07/17/2039 | 601,615 |
Flagship Credit Auto Trust(b) | ||
Series 2019-3 Class D | ||
38,812 | 2.86%, 12/15/2025 | 38,481 |
Series 2019-4 Class D | ||
7,116 | 3.12%, 01/15/2026 | 7,029 |
Series 2020-1 Class D | ||
12,902 | 2.48%, 03/16/2026 | 12,670 |
Series 2020-4 Class D | ||
190,000 | 2.18%, 02/16/2027 | 180,178 |
Series 2021-1 Class D | ||
255,000 | 1.27%, 03/15/2027 | 238,703 |
Series 2021-2 Class D | ||
310,000 | 1.59%, 06/15/2027 | 283,902 |
Series 2021-3 Class D | ||
475,000 | 1.65%, 09/15/2027 | 434,441 |
498,750 | FOCUS Brands Funding(b) Series 2023-2 Class A2 8.24%, 10/30/2053 | 529,445 |
450,000 | Ford Credit Auto Lease Trust Series 2023-B Class D 6.97%, 06/15/2028 | 460,797 |
255,000 | Foundation Finance Trust(b) Series 2023-2A Class B 6.97%, 06/15/2049 | 260,885 |
Foursight Capital Automobile Receivables Trust(b) | ||
Series 2021-1 Class D | ||
530,000 | 1.32%, 03/15/2027 | 522,124 |
Series 2021-2 Class D | ||
360,000 | 1.92%, 09/15/2027 | 340,481 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Freedom Financial Trust(b) | ||
Series 2021-2 Class C | ||
$ 20,907 | 1.94%, 06/19/2028 | $ 20,792 |
Series 2021-3FP Class D | ||
458,352 | 2.37%, 11/20/2028 | 448,621 |
Series 2022-1FP Class D | ||
410,000 | 3.35%, 03/19/2029 | 394,383 |
3,315,000 | Frontier Issuer LLC(b) Series 2023-1 Class A2 6.60%, 08/20/2053 | 3,348,035 |
GLS Auto Receivables Issuer Trust(b) | ||
Series 2020-1A Class C | ||
138 | 2.72%, 11/17/2025 | 138 |
Series 2021-1A Class D | ||
1,159,790 | 1.68%, 01/15/2027 | 1,129,514 |
Series 2021-2A Class D | ||
545,000 | 1.42%, 04/15/2027 | 520,677 |
Series 2021-3A Class D | ||
785,000 | 1.48%, 07/15/2027 | 744,045 |
Series 2021-4A Class D | ||
1,790,000 | 2.48%, 10/15/2027 | 1,693,215 |
Series 2023-2A Class D | ||
520,000 | 6.31%, 03/15/2029 | 524,439 |
Series 2023-4A Class D | ||
595,000 | 7.18%, 08/15/2029 | 616,159 |
Series 2024-1A Class D | ||
400,000 | 5.95%, 12/17/2029 | 399,040 |
50,000 | GLS Auto Select Receivables Trust(b) Series 2024-1A Class D 6.43%, 01/15/2031 | 50,657 |
278 | GM Financial Consumer Automobile Receivables Trust Series 2020-4 Class A3 0.38%, 08/18/2025 | 277 |
Hardee's Funding LLC(b) | ||
Series 2021-1A Class A2 | ||
291,750 | 2.87%, 06/20/2051 | 247,842 |
Series 2024-1A Class A2 | ||
320,000 | 7.25%, 03/20/2054 | 324,720 |
Hertz Vehicle Financing III LLC(b) | ||
Series 2022-1A Class D | ||
1,704,000 | 4.85%, 06/25/2026 | 1,654,278 |
Series 2023-1A Class D2 | ||
420,000 | 9.13%, 06/25/2027 | 426,183 |
Hertz Vehicle Financing LLC(b) | ||
Series 2022-2A Class D | ||
1,355,000 | 5.16%, 06/26/2028 | 1,244,090 |
Series 2022-4A Class D | ||
900,000 | 6.56%, 09/25/2026 | 881,550 |
183,000 | HIN Timeshare Trust(b) Series 2024-A Class A 5.49%, 03/15/2043 | 183,644 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Home Partners of America Trust(b) | ||
Series 2021-1 Class E | ||
$ 85,108 | 2.58%, 09/17/2041 | $ 67,964 |
Series 2021-2 Class E1 | ||
1,269,100 | 2.85%, 12/17/2026 | 1,138,511 |
Series 2021-2 Class E2 | ||
610,514 | 2.95%, 12/17/2026 | 545,781 |
HPEFS Equipment Trust(b) | ||
Series 2022-1A Class D | ||
420,000 | 2.40%, 11/20/2029 | 403,347 |
Series 2023-2A Class D | ||
255,000 | 6.97%, 07/21/2031 | 259,484 |
6,800,000 | HPS Loan Management Ltd(b)(c) Series 15A-19 Class A1R 6.64%, 01/22/2035 3-mo. SOFR + 1.32% | 6,797,083 |
485,000 | Jack in the Box Funding LLC(b) Series 2019-1A Class A2II 4.48%, 08/25/2049 | 465,607 |
1,375,079 | JOL Air Ltd(b) Series 2019-1 Class A 3.97%, 04/15/2044 | 1,258,445 |
JPMorgan Chase Bank NA(b) | ||
Series 2021-1 Class D | ||
16,124 | 1.17%, 09/25/2028 | 15,954 |
Series 2021-3 Class D | ||
53,943 | 1.01%, 02/26/2029 | 52,305 |
2,250,000 | KKR Ltd(b)(c) Series 31A Class B 7.08%, 04/20/2034 3-mo. SOFR + 1.76% | 2,250,223 |
LAD Auto Receivables Trust(b) | ||
Series 2023-4A Class C | ||
260,000 | 6.76%, 03/15/2029 | 261,051 |
Series 2023-4A Class D | ||
145,000 | 7.37%, 04/15/2031 | 145,755 |
Series 2024-1A Class B | ||
100,000 | 5.33%, 02/15/2029 | 99,578 |
Series 2024-1A Class C | ||
100,000 | 5.64%, 06/15/2029 | 99,550 |
254,749 | Laurel Road Prime Student Loan Trust(b) Series 2020-A Class A2FX 1.40%, 11/25/2050 | 230,328 |
881,326 | Lunar Structured Aircraft Portfolio Notes(b) Series 2021-1 Class A 2.64%, 10/15/2046 | 781,648 |
941,754 | MAPS Ltd(b) Series 2021-1A Class A 2.52%, 06/15/2046 | 838,453 |
2,250,000 | Marathon Ltd(b)(c) Series 2021-16A Class A2 7.28%, 04/15/2034 3-mo. SOFR + 1.96% | 2,201,184 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Marlette Funding Trust(b) | ||
Series 2021-2A Class C | ||
$ 72,480 | 1.50%, 09/15/2031 | $ 71,701 |
Series 2021-3A Class C | ||
310,000 | 1.81%, 12/15/2031 | 299,285 |
Merchants Fleet Funding LLC(b) | ||
Series 2023-1A Class A | ||
1,940,000 | 7.21%, 05/20/2036 | 1,945,023 |
Series 2023-1A Class D | ||
525,000 | 8.20%, 05/20/2036 | 523,765 |
32,624 | Merlin Aviation Holdings Designated Activity Co(b)(e) Series 2016-1 Class A 4.50%, 12/15/2032 | 29,362 |
160,000 | MetroNet Infrastructure Issuer LLC(b) Series 2024-1A Class A2 6.23%, 04/20/2054 | 160,128 |
840,000 | Mission Lane Credit Card Master Trust(b) Series 2023-B Class A 7.69%, 11/15/2028 | 852,199 |
237,839 | Mosaic Solar Loans LLC(b) Series 2024-1 Class B 6.25%, 09/20/2049 | 235,020 |
MVW Owner Trust(b) | ||
Series 2019-1A Class C | ||
16,002 | 3.33%, 11/20/2036 | 15,378 |
Series 2021-1WA Class C | ||
384,986 | 1.94%, 01/22/2041 | 355,500 |
Series 2021-2A Class C | ||
737,993 | 2.23%, 05/20/2039 | 677,934 |
Navient Private Education Refi Loan Trust(b) | ||
Series 2020-HA Class A | ||
38,201 | 1.31%, 01/15/2069 | 35,259 |
Series 2021-A Class A | ||
273,837 | 0.84%, 05/15/2069 | 240,110 |
Series 2021-A Class B | ||
720,000 | 2.24%, 05/15/2069 | 537,951 |
Series 2021-EA Class B | ||
235,000 | 2.03%, 12/16/2069 | 154,586 |
Series 2021-FA Class B | ||
505,000 | 2.12%, 02/18/2070 | 326,911 |
560,000 | Navient Student Loan Trust(b) Series 2023-BA Class B 7.23%, 03/15/2072 | 584,871 |
1,375,729 | Navigator Aircraft Ltd(b)(e) Series 2021-1 Class A 2.77%, 11/15/2046 | 1,227,602 |
Nelnet Student Loan Trust(b) | ||
Series 2021-DA Class C | ||
195,000 | 3.50%, 04/20/2062 | 154,958 |
Series 2021-DA Class D | ||
100,000 | 4.38%, 04/20/2062 | 79,255 |
2,100,000 | Octagon Investment Partners Ltd(b)(c) Series 2019-4A Class A1R 6.71%, 05/12/2031 3-mo. SOFR + 1.41% | 2,101,142 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
OneMain Financial Issuance Trust(b) | ||
Series 2018-2A Class A | ||
$ 62,591 | 3.57%, 03/14/2033 | $ 62,294 |
Series 2018-2A Class B | ||
200,000 | 3.89%, 03/14/2033 | 197,216 |
Series 2021-1A Class D | ||
350,000 | 2.47%, 06/16/2036 | 294,649 |
Series 2022-S1 Class D | ||
770,000 | 5.20%, 05/14/2035 | 732,507 |
Planet Fitness Master Issuer LLC(b) | ||
Series 2018-1A Class A2II | ||
567,000 | 4.67%, 09/05/2048 | 554,585 |
Series 2019-1A Class A2 | ||
564,925 | 3.86%, 12/05/2049 | 511,795 |
Series 2022-1A Class A2I | ||
49,000 | 3.25%, 12/05/2051 | 45,744 |
Prestige Auto Receivables Trust(b) | ||
Series 2020-1A Class E | ||
330,000 | 3.67%, 02/15/2028 | 324,656 |
Series 2022-1A Class D | ||
1,235,000 | 8.08%, 08/15/2028 | 1,271,364 |
Series 2023-2A Class D | ||
200,000 | 7.71%, 08/15/2029 | 205,930 |
Progress Residential Trust(b) | ||
Series 2021-SFR2 Class E1 | ||
465,000 | 2.55%, 04/19/2038 | 426,897 |
Series 2021-SFR3 Class E1 | ||
165,000 | 2.54%, 05/17/2026 | 151,231 |
Series 2021-SFR3 Class E2 | ||
140,000 | 2.69%, 05/17/2026 | 128,082 |
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 | ||
230,000 | 2.21%, 07/17/2038 | 208,362 |
Series 2021-SFR5 Class E2 | ||
100,000 | 2.36%, 07/17/2038 | 90,218 |
Series 2021-SFR6 Class E1 | ||
300,000 | 2.43%, 07/17/2038 | 271,066 |
Series 2021-SFR6 Class E2 | ||
155,000 | 2.53%, 07/17/2038 | 139,919 |
Series 2021-SFR7 Class E1 | ||
365,000 | 2.59%, 08/17/2040 | 310,966 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2021-SFR7 Class E2 | ||
$ 100,000 | 2.64%, 08/17/2040 | $ 83,196 |
Series 2021-SFR9 Class E1 | ||
165,000 | 2.81%, 11/17/2040 | 143,054 |
Series 2021-SFR9 Class E2 | ||
115,000 | 3.01%, 11/17/2040 | 99,570 |
Series 2023-SFR2 Class B | ||
130,000 | 4.50%, 10/17/2028 | 124,008 |
100,000 | Republic Finance Issuance Trust(b) Series 2021-A Class C 3.53%, 12/22/2031 | 91,717 |
73,025 | Santander Bank NA(b) Series 2021-1A Class B 1.83%, 12/15/2031 | 71,976 |
Santander Drive Auto Receivables Trust | ||
Series 2020-3 Class D | ||
2,013 | 1.64%, 11/16/2026 | 1,987 |
Series 2020-4 Class D | ||
21,527 | 1.48%, 01/15/2027 | 21,150 |
Series 2021-3 Class D | ||
90,000 | 1.33%, 09/15/2027 | 86,705 |
Series 2021-4A Class D | ||
2,325,000 | 1.67%, 10/15/2027 | 2,209,563 |
Series 2022-5 Class C | ||
1,100,000 | 4.74%, 10/16/2028 | 1,086,798 |
Series 2023-3 Class B | ||
1,550,000 | 5.61%, 07/17/2028 | 1,553,520 |
Series 2023-4 Class B | ||
1,400,000 | 5.77%, 12/15/2028 | 1,409,741 |
Series 2023-4 Class C | ||
800,000 | 6.04%, 12/15/2031 | 813,460 |
SBNA Auto Receivables Trust(b) | ||
Series 2024-A Class C | ||
100,000 | 5.59%, 01/15/2030 | 100,100 |
Series 2024-A Class D | ||
100,000 | 6.04%, 04/15/2030 | 100,105 |
SCF Equipment Leasing LLC(b) | ||
Series 2021-1A Class D | ||
100,000 | 1.93%, 09/20/2030 | 94,055 |
Series 2022-1A Class D | ||
355,000 | 3.79%, 11/20/2031 | 333,108 |
Series 2022-2A Class C | ||
620,000 | 6.50%, 08/20/2032 | 631,239 |
900,000 | SEB Funding LLC(b) Series 2024-1A Class A2 7.39%, 04/30/2054 | 909,211 |
236,594 | Shenton Aircraft Investment I Ltd(b) Series 2015-1A Class A 4.75%, 10/15/2042 | 218,262 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Sierra Timeshare Receivables Funding LLC(b) | ||
Series 2019-2A Class C | ||
$ 55,633 | 3.12%, 05/20/2036 | $ 54,974 |
Series 2019-3A Class C | ||
37,125 | 3.00%, 08/20/2036 | 36,509 |
Series 2021-1A Class C | ||
29,674 | 1.79%, 11/20/2037 | 28,068 |
Series 2023-2A Class C | ||
159,383 | 7.30%, 04/20/2040 | 161,890 |
Series 2023-3A Class C | ||
508,949 | 7.12%, 09/20/2040 | 513,607 |
990,000 | Signal Peak Ltd(b)(c) Series 2014-1A Class AR3 6.74%, 04/17/2034 1-mo. SOFR + 1.42% | 989,955 |
SMB Private Education Loan Trust(b) | ||
Series 2020-A Class A2A | ||
483,219 | 2.23%, 09/15/2037 | 453,321 |
Series 2021-A Class A2A2 | ||
386,699 | 6.17%, 01/15/2053(c) 1-mo. SOFR + 0.84% | 382,979 |
Series 2021-B Class B | ||
345,000 | 2.65%, 07/17/2051 | 282,919 |
Series 2021-D Class B | ||
330,000 | 2.31%, 03/17/2053 | 264,519 |
Series 2021-E Class B | ||
700,000 | 2.49%, 02/15/2051 | 564,095 |
Series 2024-A Class B | ||
339,000 | 5.88%, 03/15/2056 | 338,958 |
Series 2024-A Class C | ||
533,000 | 6.22%, 03/15/2056 | 536,519 |
130,000 | SoFi Consumer Loan Program Trust(b) Series 2021-1 Class D 2.04%, 09/25/2030 | 121,940 |
1,213,688 | Sunnova Helios X Issuer LLC(b) Series 2022-C Class C 6.00%, 11/22/2049 | 1,052,002 |
1,502,816 | Sunnova Helios XIII Issuer LLC(b) Series 2024-A Class A 5.30%, 02/20/2051 | 1,469,555 |
308,867 | Textainer Marine Containers VII Ltd(b) Series 2021-1A Class A 1.68%, 02/20/2046 | 272,535 |
329,450 | TIF Funding II LLC(b) Series 2021-1A Class A 1.65%, 02/20/2046 | 286,016 |
775,000 | TIF Funding III LLC(b) Series 2024-1A Class A 5.48%, 05/22/2034 | 774,768 |
Tricon American Homes Trust(b) | ||
Series 2019-SFR1 Class D | ||
15,000 | 3.20%, 03/17/2038 | 14,208 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2020-SFR2 Class E1 | ||
$ 100,000 | 2.73%, 11/17/2039 | $ 88,684 |
Tricon Residential Trust(b) | ||
Series 2021-SFR1 Class E1 | ||
200,000 | 2.79%, 07/17/2038 | 182,835 |
Series 2021-SFR1 Class E2 | ||
535,000 | 2.89%, 07/17/2038 | 487,566 |
2,250,000 | Venture Ltd(b)(c) Series 2021-42A Class B 7.13%, 04/15/2034 3-mo. SOFR + 1.81% | 2,231,707 |
860,000 | VERDE Ltd(b)(c) Series 2019-1A Class AR 6.68%, 04/15/2032 3-mo. SOFR + 1.36% | 860,292 |
VStrong Auto Receivables Trust(b) | ||
Series 2024-A Class B | ||
100,000 | 5.77%, 07/15/2030 | 100,286 |
Series 2024-A Class D | ||
100,000 | 7.29%, 07/15/2030 | 100,360 |
1,384,041 | WAVE Trust(b) Series 2017-1A Class A 3.84%, 11/15/2042 | 1,221,416 |
79,682 | Wendy's Funding LLC(b) Series 2018-1A Class A2II 3.88%, 03/15/2048 | 75,190 |
Westlake Automobile Receivables Trust(b) | ||
Series 2021-3A Class D | ||
600,000 | 2.12%, 01/15/2027 | 573,878 |
Series 2022-1A Class D | ||
1,700,000 | 3.49%, 03/15/2027 | 1,648,523 |
Series 2023-1A Class D | ||
400,000 | 6.79%, 11/15/2028 | 407,246 |
Series 2023-3A Class B | ||
920,000 | 5.92%, 09/15/2028 | 924,867 |
Series 2023-3A Class C | ||
550,000 | 6.02%, 09/15/2028 | 553,311 |
Series 2023-4A Class D | ||
1,335,000 | 7.19%, 07/16/2029 | 1,360,171 |
173,525 | Willis Engine Structured Trust IV(b)(e) Series 2018-A Class B 5.44%, 09/15/2043 | 159,213 |
809,365 | Willis Engine Structured Trust VI(b) Series 2021-A Class A 3.10%, 05/15/2046 | 695,738 |
2,125,035 | Willis Engine Structured Trust VII(b) Series 2023-A Class A 8.00%, 10/15/2048 | 2,226,420 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 1,200,000 | Ziply Fiber Issuer LLC(b) Series 2024-1A Class A2 6.64%, 04/20/2054 | $ 1,200,779 |
TOTAL ASSET-BACKED SECURITIES — 9.04% (Cost $163,381,997) | $159,634,700 | |
BANK LOANS | ||
1,331,662 | 1011778 BC Unlimited Liability Co(c) 7.58%, 1-mo. SOFR + 2.25% | 1,329,998 |
777,000 | Boost Newco Borrower LLC(c) 8.31%, 01/31/2031 3-mo. SOFR + 3.01% | 778,214 |
Carnival Corp(c) | ||
522,490 | 8.32%,08/09/2027 1-mo. SOFR + 2.99% | 522,653 |
1,686,659 | 8.69%,10/18/2028 1-mo. SOFR + 3.37% | 1,686,659 |
675,000 | Foundation Building Materials Inc(c) 9.31%, 01/29/2031 3-mo. SOFR + 4.01% | 677,250 |
1,050,000 | Hilton Grand Vacations Borrower Escrow LLC(c) 8.08%, 01/17/2031 1-mo. SOFR + 2.75% | 1,051,640 |
668,325 | Hub International Ltd(c) 8.57%, 06/20/2030 3-mo. SOFR + 3.28% | 668,205 |
920,000 | SBA Communications(c) 7.33%, 01/27/2031 1-mo. SOFR + 2.00% | 920,752 |
100,000 | Scientific Games International Inc(c) 8.08%, 04/14/2029 1-mo. SOFR + 2.75% | 100,078 |
1,477,168 | Star Parent Inc(c) 9.31%, 09/27/2030 3-mo. SOFR + 4.01% | 1,467,013 |
875,000 | Summit Materials LLC(c) 7.83%, 01/12/2029 1-mo. SOFR + 2.53% | 878,906 |
TransDigm Inc(c) | ||
330,170 | 8.08%,08/24/2028 1-mo. SOFR + 2.75% | 331,160 |
194,512 | 8.60%,02/14/2031 3-mo. SOFR + 3.30% | 195,384 |
1,220,000 | Truist Insurance Holdings LLC(c) 8.58%, 03/24/2031 1-mo. SOFR + 3.25% | 1,216,950 |
1,048,957 | Uber Technologies Inc(c) 8.08%, 03/03/2030 3-mo. SOFR + 2.78% | 1,053,036 |
TOTAL BANK LOANS — 0.73% (Cost $12,818,785) | $12,877,898 |
Principal Amount(a) | Fair Value | |
CORPORATE BONDS AND NOTES | ||
Basic Materials — 2.47% | ||
Anglo American Capital PLC(b) | ||
$ 2,415,000 | 2.63%, 09/10/2030 | $ 2,055,841 |
425,000 | 2.88%, 03/17/2031 | 361,614 |
1,920,000 | 5.50%, 05/02/2033(f) | 1,909,044 |
2,920,000 | ArcelorMittal SA 6.80%, 11/29/2032 | 3,122,730 |
855,000 | Ashland Inc(b) 3.38%, 09/01/2031 | 723,410 |
780,000 | ATI Inc 5.88%, 12/01/2027 | 768,025 |
Braskem Netherlands Finance BV(b) | ||
410,000 | 4.50%, 01/31/2030 | 352,549 |
705,000 | 8.50%, 01/12/2031 | 731,076 |
415,000 | 5.88%, 01/31/2050(f) | 320,182 |
Celanese US Holdings LLC | ||
110,000 | 6.33%, 07/15/2029 | 114,065 |
700,000 | 6.55%, 11/15/2030 | 736,273 |
490,000 | 6.38%, 07/15/2032 | 508,333 |
2,780,000 | 6.70%, 11/15/2033(f) | 2,964,108 |
First Quantum Minerals Ltd(b) | ||
1,790,000 | 6.88%, 10/15/2027 | 1,716,189 |
2,895,000 | 9.38%, 03/01/2029 | 2,998,974 |
1,070,000 | FMG Resources Pty Ltd(b) 4.38%, 04/01/2031 | 956,008 |
Glencore Funding LLC(b) | ||
10,000 | 3.88%, 10/27/2027 | 9,539 |
2,640,000 | 6.13%, 10/06/2028 | 2,728,096 |
35,000 | 4.88%, 03/12/2029 | 34,443 |
3,030,000 | 2.50%, 09/01/2030 | 2,572,157 |
3,150,000 | 6.38%, 10/06/2030 | 3,324,185 |
2,010,000 | 2.85%, 04/27/2031 | 1,717,457 |
300,000 | 2.63%, 09/23/2031 | 250,039 |
3,075,000 | 5.70%, 05/08/2033 | 3,124,766 |
7,270,000 | 6.50%, 10/06/2033 | 7,776,317 |
635,000 | Novelis Corp 4.75%, 01/30/2030 | 585,865 |
1,280,000 | Suzano Austria GmbH 3.75%, 01/15/2031 | 1,131,502 |
43,592,787 | ||
Communications — 4.62% | ||
515,000 | Block Communications Inc(b) 4.88%, 03/01/2028 | 460,073 |
CCO Holdings LLC / CCO Holdings Capital Corp | ||
3,000 | 5.50%, 05/01/2026(b) | 2,954 |
505,000 | 4.50%, 08/15/2030(b) | 423,214 |
1,605,000 | 4.25%, 02/01/2031(b) | 1,310,723 |
140,000 | 4.75%, 02/01/2032(b) | 114,257 |
290,000 | 4.50%, 05/01/2032 | 233,042 |
2,890,000 | 4.25%, 01/15/2034(b) | 2,181,528 |
Charter Communications Operating LLC / Charter Communications Operating Capital | ||
785,000 | 2.80%, 04/01/2031 | 643,207 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Communications — (continued) | ||
$ 150,000 | 2.30%, 02/01/2032 | $ 115,726 |
190,000 | 4.40%, 04/01/2033 | 168,381 |
10,000 | 5.13%, 07/01/2049 | 7,749 |
4,130,000 | 4.80%, 03/01/2050 | 3,057,074 |
1,315,000 | 4.40%, 12/01/2061 | 858,667 |
2,235,000 | 3.95%, 06/30/2062 | 1,348,408 |
1,770,000 | CommScope Inc(b) 4.75%, 09/01/2029 | 1,274,400 |
1,445,000 | CommScope Technologies LLC(b) 5.00%, 03/15/2027 | 558,117 |
CSC Holdings LLC(b) | ||
200,000 | 5.75%, 01/15/2030 | 105,875 |
600,000 | 4.13%, 12/01/2030 | 429,030 |
10,375,000 | 4.63%, 12/01/2030 | 5,268,572 |
2,660,000 | 3.38%, 02/15/2031 | 1,807,984 |
400,000 | 4.50%, 11/15/2031 | 283,187 |
DISH DBS Corp | ||
5,765,000 | 5.25%, 12/01/2026(b) | 4,539,411 |
5,875,000 | 5.75%, 12/01/2028(b) | 4,037,623 |
4,090,000 | 5.13%, 06/01/2029 | 1,705,892 |
5,675,000 | Expedia Group Inc 3.25%, 02/15/2030 | 5,108,510 |
1,680,000 | Go Daddy Operating Co LLC / GD Finance Co Inc(b) 3.50%, 03/01/2029 | 1,515,191 |
iHeartCommunications Inc(b) | ||
1,580,000 | 5.25%, 08/15/2027 | 1,149,917 |
460,000 | 4.75%, 01/15/2028 | 323,106 |
Lamar Media Corp | ||
170,000 | 3.75%, 02/15/2028 | 158,821 |
650,000 | 4.00%, 02/15/2030 | 590,752 |
2,405,000 | Motorola Solutions Inc 5.40%, 04/15/2034 | 2,400,248 |
Netflix Inc | ||
1,030,000 | 6.38%, 05/15/2029 | 1,097,003 |
2,490,000 | 5.38%, 11/15/2029(b) | 2,541,014 |
3,510,000 | 4.88%, 06/15/2030(b) | 3,485,444 |
240,000 | Outfront Media Capital LLC / Outfront Media Capital Corp(b)(f) 7.38%, 02/15/2031 | 251,382 |
1,265,000 | SoftBank Group Corp 4.63%, 07/06/2028 | 1,170,117 |
1,630,000 | Sprint Capital Corp 8.75%, 03/15/2032 | 1,976,460 |
Time Warner Cable LLC | ||
1,355,000 | 5.50%, 09/01/2041 | 1,127,960 |
7,215,000 | 4.50%, 09/15/2042 | 5,337,704 |
T-Mobile USA Inc | ||
2,155,000 | 3.38%, 04/15/2029 | 1,993,010 |
2,245,000 | 3.88%, 04/15/2030 | 2,103,077 |
4,735,000 | 3.50%, 04/15/2031 | 4,276,070 |
810,000 | 2.70%, 03/15/2032 | 681,159 |
1,105,000 | 5.75%, 01/15/2034 | 1,150,722 |
Uber Technologies Inc(b) | ||
250,000 | 8.00%, 11/01/2026 | 253,009 |
445,000 | 7.50%, 09/15/2027 | 455,684 |
2,115,000 | 6.25%, 01/15/2028 | 2,123,650 |
8,505,000 | 4.50%, 08/15/2029 | 8,069,695 |
Principal Amount(a) | Fair Value | |
Communications — (continued) | ||
$ 1,485,000 | Virgin Media Finance PLC(b) 5.00%, 07/15/2030 | $ 1,256,544 |
81,531,343 | ||
Consumer, Cyclical — 2.35% | ||
1011778 BC Unlimited Liability Co / New Red Finance Inc(b) | ||
5,000 | 5.75%, 04/15/2025 | 4,988 |
1,675,000 | 4.00%, 10/15/2030 | 1,492,428 |
880,000 | Allison Transmission Inc(b) 3.75%, 01/30/2031 | 767,819 |
American Airlines Pass Through Trust | ||
Series 2017-2 Class B | ||
2,219 | 3.70%, 10/15/2025 | 2,153 |
Series 2016-3 Class B | ||
14,091 | 3.75%, 10/15/2025 | 13,586 |
Series 2019-1 Class B | ||
15,467 | 3.85%, 02/15/2028 | 14,268 |
Series 2016-3 Class A | ||
127,840 | 3.25%, 10/15/2028 | 115,418 |
Series 2017-2 Class A | ||
3,512 | 3.60%, 10/15/2029 | 3,179 |
650,000 | Asbury Automotive Group Inc(b)(f) 4.63%, 11/15/2029 | 599,836 |
40,000 | AutoNation Inc 4.75%, 06/01/2030 | 38,407 |
2,939 | British Airways Pass Through Trust(b) Series 2019-1 Class A 3.35%, 06/15/2029 | 2,710 |
Carnival Corp(b) | ||
1,260,000 | 5.75%, 03/01/2027 | 1,247,067 |
220,000 | 4.00%, 08/01/2028 | 204,929 |
1,050,000 | 6.00%, 05/01/2029 | 1,036,045 |
335,000 | 7.00%, 08/15/2029 | 349,400 |
1,350,000 | Daimler Truck Finance North America LLC(b) 5.50%, 09/20/2033 | 1,367,724 |
General Motors Financial Co Inc | ||
2,710,000 | 6.00%, 01/09/2028 | 2,778,143 |
220,000 | 3.10%, 01/12/2032 | 186,340 |
475,000 | 6.40%, 01/09/2033(f) | 497,767 |
610,000 | GENM Capital Labuan Ltd(b) 3.88%, 04/19/2031 | 534,191 |
Hilton Domestic Operating Co Inc(b) | ||
865,000 | 4.00%, 05/01/2031 | 773,108 |
110,000 | 3.63%, 02/15/2032 | 94,710 |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(b) | ||
500,000 | 5.00%, 06/01/2029(f) | 466,301 |
535,000 | 4.88%, 07/01/2031 | 479,004 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — (continued) | ||
$ 1,273,847 | JetBlue Pass Through Trust Series 2020-1 Class A 4.00%, 11/15/2032 | $ 1,180,312 |
Light & Wonder International Inc(b) | ||
1,870,000 | 7.00%, 05/15/2028 | 1,883,778 |
35,000 | 7.25%, 11/15/2029 | 35,930 |
475,000 | 7.50%, 09/01/2031 | 493,954 |
Lithia Motors Inc(b) | ||
2,980,000 | 3.88%, 06/01/2029(f) | 2,685,588 |
265,000 | 4.38%, 01/15/2031 | 237,368 |
1,025,000 | Marriott International Inc 5.30%, 05/15/2034 | 1,013,796 |
715,000 | Marriott Ownership Resorts Inc(b)(f) 4.50%, 06/15/2029 | 654,048 |
NCL Corp Ltd(b) | ||
885,000 | 5.88%, 03/15/2026 | 873,628 |
930,000 | 5.88%, 02/15/2027 | 918,833 |
1,565,000 | 8.13%, 01/15/2029 | 1,656,060 |
515,000 | NCL Finance Ltd(b) 6.13%, 03/15/2028 | 508,571 |
230,000 | PulteGroup Inc 6.00%, 02/15/2035 | 240,089 |
Royal Caribbean Cruises Ltd(b) | ||
220,000 | 4.25%, 07/01/2026 | 212,310 |
3,330,000 | 5.50%, 04/01/2028 | 3,291,385 |
805,000 | 6.25%, 03/15/2032 | 811,408 |
390,000 | Tapestry Inc 3.05%, 03/15/2032 | 320,271 |
Travel + Leisure Co | ||
1,905,000 | 4.50%, 12/01/2029(b) | 1,751,711 |
755,000 | 4.63%, 03/01/2030(b) | 689,359 |
645,000 | 4.63%, 03/01/2030 | 588,923 |
United Airlines Pass Through Trust | ||
Series 2020-1 Class B | ||
113,980 | 4.88%, 01/15/2026 | 111,928 |
Series 2023-1 Class A | ||
2,275,000 | 5.80%, 01/15/2036 | 2,313,220 |
2,390,000 | Warnermedia Holdings Inc 4.28%, 03/15/2032 | 2,134,840 |
Yum! Brands Inc | ||
1,035,000 | 4.75%, 01/15/2030(b) | 981,660 |
1,105,000 | 3.63%, 03/15/2031 | 977,844 |
680,000 | 4.63%, 01/31/2032 | 627,517 |
ZF North America Capital Inc(b) | ||
570,000 | 6.88%, 04/14/2028 | 591,204 |
600,000 | 7.13%, 04/14/2030 | 632,230 |
41,487,286 | ||
Consumer, Non-Cyclical — 3.38% | ||
Ashtead Capital Inc(b) | ||
470,000 | 4.25%, 11/01/2029 | 438,170 |
290,000 | 5.50%, 08/11/2032 | 283,520 |
470,000 | 5.55%, 05/30/2033 | 462,189 |
3,580,000 | 5.95%, 10/15/2033 | 3,619,986 |
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 285,000 | 5.80%, 04/15/2034 | $ 284,710 |
2,090,000 | Bacardi Ltd / Bacardi-Martini BV(b) 5.40%, 06/15/2033 | 2,072,413 |
25,000 | Bausch + Lomb Corp(b) 8.38%, 10/01/2028 | 25,867 |
2,460,000 | Bausch Health Cos Inc(b) 4.88%, 06/01/2028 | 1,342,431 |
870,000 | BioMarin Pharmaceutical Inc 0.60%, 08/01/2024 | 854,253 |
530,000 | Block Inc 3.50%, 06/01/2031 | 461,283 |
1,200,000 | Boost Newco Borrower LLC(b) 7.50%, 01/15/2031 | 1,256,176 |
Centene Corp | ||
95,000 | 2.45%, 07/15/2028 | 84,238 |
2,770,000 | 4.63%, 12/15/2029 | 2,629,780 |
985,000 | 3.38%, 02/15/2030 | 871,658 |
1,010,000 | 3.00%, 10/15/2030 | 865,971 |
2,765,000 | 2.50%, 03/01/2031 | 2,274,275 |
810,000 | 2.63%, 08/01/2031 | 664,910 |
CVS Pass Through Trust(b) | ||
Series 2013 | ||
721,426 | 4.70%, 01/10/2036 | 659,780 |
Series 2014 | ||
252,279 | 4.16%, 08/11/2036(f) | 220,716 |
40,000 | Encompass Health Corp 4.75%, 02/01/2030 | 37,478 |
Gartner Inc(b) | ||
945,000 | 3.63%, 06/15/2029 | 855,586 |
1,070,000 | 3.75%, 10/01/2030 | 957,799 |
Global Payments Inc | ||
945,000 | 2.90%, 05/15/2030 | 820,644 |
1,105,000 | 2.90%, 11/15/2031 | 927,315 |
1,085,000 | 5.40%, 08/15/2032 | 1,076,055 |
HCA Inc | ||
1,675,000 | 3.50%, 09/01/2030 | 1,514,798 |
2,445,000 | 5.50%, 06/01/2033 | 2,453,801 |
2,025,000 | 5.60%, 04/01/2034 | 2,039,017 |
2,230,000 | Hologic Inc(b) 3.25%, 02/15/2029 | 1,998,508 |
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc | ||
660,000 | 3.00%, 02/02/2029 | 584,397 |
2,075,000 | 3.75%, 12/01/2031 | 1,794,094 |
40,000 | Lamb Weston Holdings Inc(b) 4.88%, 05/15/2028 | 38,877 |
1,190,000 | Medline Borrower LP / Medline Co-Issuer Inc(b) 6.25%, 04/01/2029 | 1,195,329 |
Molina Healthcare Inc(b) | ||
1,065,000 | 4.38%, 06/15/2028 | 1,001,130 |
1,330,000 | 3.88%, 05/15/2032 | 1,158,064 |
Pilgrim's Pride Corp | ||
630,000 | 4.25%, 04/15/2031 | 567,908 |
1,905,000 | 3.50%, 03/01/2032 | 1,614,526 |
265,000 | 6.88%, 05/15/2034 | 282,411 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 635,000 | Post Holdings Inc(b) 4.63%, 04/15/2030 | $ 582,935 |
1,020,000 | Smithfield Foods Inc(b) 3.00%, 10/15/2030 | 844,415 |
1,345,000 | Solventum Corp(b) 5.90%, 04/30/2054 | 1,341,689 |
125,000 | Teva Pharmaceutical Finance Co LLC(f) 6.15%, 02/01/2036 | 121,630 |
Teva Pharmaceutical Finance Netherlands II BV | ||
1,235,000 | EUR, 7.38%, 09/15/2029 | 1,474,349 |
1,045,000 | EUR, 7.88%, 09/15/2031 | 1,304,223 |
Teva Pharmaceutical Finance Netherlands III BV | ||
5,285,000 | 3.15%, 10/01/2026 | 4,940,901 |
575,000 | 4.75%, 05/09/2027(f) | 556,643 |
275,000 | 5.13%, 05/09/2029(f) | 264,270 |
1,270,000 | 7.88%, 09/15/2029(f) | 1,363,229 |
915,000 | 8.13%, 09/15/2031(f) | 1,003,571 |
4,050,000 | 4.10%, 10/01/2046 | 2,792,081 |
560,000 | TriNet Group Inc(b) 3.50%, 03/01/2029 | 502,258 |
2,200,000 | United Rentals North America Inc(b) 6.13%, 03/15/2034 | 2,202,734 |
59,584,991 | ||
Energy — 3.51% | ||
Aker BP ASA(b) | ||
3,075,000 | 4.00%, 01/15/2031 | 2,808,683 |
605,000 | 3.10%, 07/15/2031 | 517,056 |
1,215,000 | Cheniere Energy Inc(b) 5.65%, 04/15/2034 | 1,223,676 |
Cheniere Energy Partners LP | ||
3,695,000 | 4.00%, 03/01/2031 | 3,358,420 |
320,000 | 3.25%, 01/31/2032 | 272,587 |
1,500,000 | 5.95%, 06/30/2033 | 1,533,560 |
390,000 | Civitas Resources Inc(b) 8.63%, 11/01/2030 | 418,773 |
Continental Resources Inc(b) | ||
7,130,000 | 5.75%, 01/15/2031 | 7,087,530 |
2,590,000 | 2.88%, 04/01/2032 | 2,110,830 |
DCP Midstream Operating LP | ||
220,000 | 5.13%, 05/15/2029 | 219,374 |
2,000,000 | 3.25%, 02/15/2032 | 1,722,551 |
1,075,000 | Ecopetrol SA 8.38%, 01/19/2036 | 1,085,125 |
1,325,000 | Enbridge Inc 5.70%, 03/08/2033 | 1,357,004 |
Energian Israel Finance Ltd(b) | ||
480,000 | 5.38%, 03/30/2028 | 437,756 |
625,000 | 5.88%, 03/30/2031 | 547,500 |
Energy Transfer LP | ||
1,785,000 | 5.75%, 02/15/2033 | 1,813,285 |
640,000 | 6.55%, 12/01/2033 | 687,035 |
Principal Amount(a) | Fair Value | |
Energy — (continued) | ||
$ 185,000 | EnLink Midstream LLC(b) 6.50%, 09/01/2030 | $ 190,333 |
445,000 | EnLink Midstream Partners LP 5.45%, 06/01/2047 | 387,275 |
1,230,000 | EQM Midstream Partners LP 5.50%, 07/15/2028 | 1,213,125 |
EQT Corp | ||
150,000 | 5.00%, 01/15/2029 | 146,941 |
1,485,000 | 7.00%, 02/01/2030 | 1,577,732 |
940,000 | 3.63%, 05/15/2031(b) | 827,303 |
265,000 | Hess Midstream Operations LP(b) 4.25%, 02/15/2030 | 243,511 |
Leviathan Bond Ltd(b) | ||
925,000 | 6.13%, 06/30/2025 | 908,128 |
420,000 | 6.50%, 06/30/2027 | 404,833 |
465,000 | 6.75%, 06/30/2030 | 430,252 |
350,000 | Matador Resources Co(b) 6.88%, 04/15/2028 | 358,076 |
Occidental Petroleum Corp | ||
910,000 | 8.88%, 07/15/2030 | 1,057,129 |
675,000 | 6.63%, 09/01/2030 | 715,298 |
910,000 | 6.13%, 01/01/2031 | 942,405 |
595,000 | 7.50%, 05/01/2031 | 662,305 |
790,000 | 7.88%, 09/15/2031 | 895,521 |
Ovintiv Inc | ||
125,000 | 8.13%, 09/15/2030 | 141,016 |
30,000 | 7.20%, 11/01/2031 | 32,522 |
170,000 | 7.38%, 11/01/2031 | 186,270 |
1,515,000 | 6.50%, 08/15/2034 | 1,607,096 |
470,000 | 6.63%, 08/15/2037 | 490,636 |
45,000 | 6.50%, 02/01/2038 | 46,880 |
75,000 | Petroleos Mexicanos 5.95%, 01/28/2031 | 60,150 |
Plains All American Pipeline LP / PAA Finance Corp | ||
1,830,000 | 3.55%, 12/15/2029 | 1,679,371 |
1,430,000 | 3.80%, 09/15/2030 | 1,310,329 |
115,000 | 4.30%, 01/31/2043 | 93,175 |
215,000 | Southwestern Energy Co 4.75%, 02/01/2032 | 197,920 |
1,850,000 | Targa Resources Corp 6.13%, 03/15/2033 | 1,930,053 |
Targa Resources Partners LP / Targa Resources Partners Finance Corp | ||
270,000 | 5.50%, 03/01/2030 | 268,671 |
270,000 | 4.88%, 02/01/2031 | 258,467 |
815,000 | 4.00%, 01/15/2032 | 733,569 |
1,595,000 | Var Energi ASA(b) 8.00%, 11/15/2032 | 1,785,379 |
Venture Global Calcasieu Pass LLC(b) | ||
785,000 | 6.25%, 01/15/2030 | 789,759 |
3,200,000 | 4.13%, 08/15/2031 | 2,845,439 |
620,000 | Viper Energy Inc(b) 7.38%, 11/01/2031 | 644,537 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Energy — (continued) | ||
Western Midstream Operating LP | ||
$ 1,210,000 | 6.35%, 01/15/2029 | $ 1,254,881 |
255,000 | 4.05%, 02/01/2030 | 237,922 |
1,625,000 | 6.15%, 04/01/2033 | 1,666,138 |
125,000 | 5.45%, 04/01/2044 | 114,889 |
850,000 | 5.30%, 03/01/2048 | 745,752 |
95,000 | 5.50%, 08/15/2048 | 84,014 |
335,000 | 5.25%, 02/01/2050 | 299,666 |
4,375,000 | Williams Cos Inc 5.15%, 03/15/2034 | 4,335,567 |
62,000,980 | ||
Financial — 8.59% | ||
AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust | ||
1,900,000 | 3.88%, 01/23/2028 | 1,801,322 |
175,000 | 5.75%, 06/06/2028(f) | 177,336 |
1,920,000 | 3.00%, 10/29/2028 | 1,737,256 |
1,285,000 | 6.15%, 09/30/2030 | 1,333,721 |
2,835,000 | 3.30%, 01/30/2032 | 2,431,455 |
1,020,000 | 3.40%, 10/29/2033 | 859,206 |
980,000 | Agile Group Holdings Ltd 6.05%, 10/13/2025 | 129,144 |
455,000 | AIB Group PLC(b) 6.61%, 09/13/2029 | 474,321 |
Air Lease Corp | ||
825,000 | 4.65%, Perpetual(g) | 778,962 |
10,000 | 3.38%, 07/01/2025 | 9,745 |
825,000 | 3.00%, 02/01/2030 | 729,240 |
3,140,000 | 3.13%, 12/01/2030 | 2,756,056 |
Aircastle Ltd | ||
345,000 | 5.25%, Perpetual(b)(g) | 328,621 |
20,000 | 4.25%, 06/15/2026 | 19,426 |
1,905,000 | 6.50%, 07/18/2028(b) | 1,943,212 |
475,000 | 5.95%, 02/15/2029(b) | 475,187 |
380,000 | Ally Financial Inc(g) 4.70%, Perpetual | 325,788 |
185,000 | American Homes 4 Rent LP REIT 2.38%, 07/15/2031 | 150,263 |
3,620,000 | American Tower Corp REIT 5.90%, 11/15/2033 | 3,748,457 |
Antares Holdings LP(b) | ||
260,000 | 3.95%, 07/15/2026 | 244,343 |
1,385,000 | 2.75%, 01/15/2027 | 1,240,796 |
2,160,000 | 3.75%, 07/15/2027 | 1,970,975 |
795,000 | 7.95%, 08/11/2028 | 826,139 |
Ares Capital Corp | ||
1,190,000 | 2.88%, 06/15/2028 | 1,060,605 |
1,800,000 | 3.20%, 11/15/2031 | 1,501,236 |
495,000 | Arthur J Gallagher & Co 5.45%, 07/15/2034 | 498,273 |
Athene Global Funding(b) | ||
980,000 | 1.61%, 06/29/2026 | 899,622 |
230,000 | 2.55%, 11/19/2030 | 190,855 |
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 2,915,000 | Athene Holding Ltd 3.50%, 01/15/2031 | $ 2,561,548 |
Aviation Capital Group LLC(b) | ||
710,000 | 1.95%, 01/30/2026 | 662,701 |
885,000 | 6.25%, 04/15/2028 | 903,264 |
1,820,000 | 6.75%, 10/25/2028 | 1,897,499 |
1,815,000 | 6.38%, 07/15/2030 | 1,868,419 |
1,200,000 | Banco Santander SA 2.75%, 12/03/2030 | 991,793 |
Bank of America Corp | ||
3,375,000 | 5.29%, 04/25/2034 | 3,364,739 |
4,395,000 | 5.87%, 09/15/2034 | 4,558,362 |
1,010,000 | 2.48%, 09/21/2036 | 807,831 |
1,780,000 | 3.85%, 03/08/2037 | 1,573,640 |
Barclays PLC | ||
1,240,000 | 4.38%, Perpetual(g) | 1,016,538 |
1,265,000 | 2.28%, 11/24/2027 | 1,163,338 |
1,260,000 | 6.22%, 05/09/2034 | 1,299,561 |
1,410,000 | 7.12%, 06/27/2034 | 1,502,686 |
2,555,000 | 3.56%, 09/23/2035 | 2,191,055 |
760,000 | Barings BDC Inc 3.30%, 11/23/2026 | 694,801 |
2,745,000 | Blackstone Secured Lending Fund 2.13%, 02/15/2027 | 2,475,766 |
Blue Owl Capital Corp | ||
1,043,000 | 2.63%, 01/15/2027 | 952,640 |
3,630,000 | 2.88%, 06/11/2028 | 3,208,927 |
1,345,000 | Blue Owl Technology Finance Corp 2.50%, 01/15/2027 | 1,194,219 |
BNP Paribas SA(b) | ||
2,035,000 | 2.59%, 01/20/2028 | 1,884,317 |
2,135,000 | 5.18%, 01/09/2030 | 2,135,152 |
Brixmor Operating Partnership LP REIT | ||
60,000 | 2.25%, 04/01/2028 | 53,278 |
25,000 | 4.13%, 05/15/2029 | 23,563 |
1,795,000 | 4.05%, 07/01/2030 | 1,664,895 |
1,300,000 | CaixaBank SA(b) 6.84%, 09/13/2034 | 1,389,467 |
Central China Real Estate Ltd(h) | ||
615,000 | 7.25%, 07/16/2024 | 17,343 |
200,000 | 7.25%, 08/13/2024 | 6,780 |
190,000 | 7.25%, 04/28/2025 | 6,175 |
205,000 | 7.50%, 07/14/2025 | 8,175 |
400,000 | CIFI Holdings Group Co Ltd(h) 6.00%, 07/16/2025 | 32,000 |
155,000 | CNO Financial Group Inc 5.25%, 05/30/2029 | 151,003 |
145,000 | COPT Defense Properties LP REIT 2.75%, 04/15/2031 | 119,615 |
600,000 | Country Garden Holdings Co Ltd(h) 3.30%, 01/12/2031 | 38,664 |
Credit Agricole SA | ||
3,110,000 | 4.00%, 01/10/2033 | 2,901,619 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 3,230,000 | 6.25%, 01/10/2035(b) | $ 3,283,055 |
945,000 | Credit Suisse AG 3.70%, 02/21/2025 | 928,824 |
Deutsche Bank AG | ||
745,000 | 3.55%, 09/18/2031 | 656,077 |
2,855,000 | 3.73%, 01/14/2032 | 2,404,584 |
200,000 | 3.74%, 01/07/2033 | 165,201 |
395,000 | EPR Properties REIT 3.60%, 11/15/2031 | 330,125 |
20,000 | Fidelity & Guaranty Life Holdings Inc(b) 5.50%, 05/01/2025 | 19,831 |
4,590,000 | Fidelity National Financial Inc 3.40%, 06/15/2030 | 4,075,362 |
Global Atlantic Fin Co(b) | ||
365,000 | 4.40%, 10/15/2029 | 339,358 |
675,000 | 3.13%, 06/15/2031 | 558,995 |
620,000 | GLP Capital LP / GLP Financing II Inc REIT 3.25%, 01/15/2032 | 521,933 |
2,080,000 | HSBC Holdings PLC 6.16%, 03/09/2029 | 2,137,112 |
Icahn Enterprises LP / Icahn Enterprises Finance Corp | ||
50,000 | 4.75%, 09/15/2024 | 49,770 |
75,000 | 6.38%, 12/15/2025 | 74,392 |
10,000 | 6.25%, 05/15/2026 | 9,653 |
1,495,000 | 5.25%, 05/15/2027 | 1,351,092 |
3,175,000 | 4.38%, 02/01/2029 | 2,706,982 |
665,000 | ING Groep NV 6.11%, 09/11/2034 | 690,432 |
Intesa Sanpaolo SpA(b) | ||
215,000 | 4.20%, 06/01/2032 | 179,750 |
865,000 | 6.63%, 06/20/2033 | 897,540 |
1,490,000 | 7.20%, 11/28/2033 | 1,604,972 |
Iron Mountain Inc REIT(b) | ||
430,000 | 5.00%, 07/15/2028 | 411,373 |
1,345,000 | 5.25%, 07/15/2030 | 1,272,340 |
2,180,000 | Jefferies Financial Group Inc 5.88%, 07/21/2028 | 2,219,197 |
Kaisa Group Holdings Ltd(h) | ||
2,215,000 | 9.38%, 06/30/2024 | 55,375 |
400,000 | 10.50%, 01/15/2025 | 9,000 |
2,310,000 | 11.25%, 04/16/2025 | 46,200 |
200,000 | 9.95%, 07/23/2025 | 4,500 |
200,000 | 11.70%, 11/11/2025 | 4,246 |
200,000 | 11.65%, 06/01/2026 | 4,000 |
Logan Group Co Ltd(h) | ||
605,000 | 4.25%, 07/12/2025 | 53,180 |
405,000 | 4.85%, 12/14/2026 | 38,475 |
Macquarie Airfinance Holdings Ltd(b) | ||
130,000 | 6.40%, 03/26/2029 | 132,057 |
275,000 | 6.50%, 03/26/2031 | 279,903 |
Morgan Stanley | ||
1,125,000 | 5.42%, 07/21/2034 | 1,128,487 |
3,145,000 | 2.48%, 09/16/2036 | 2,487,332 |
2,070,000 | 5.95%, 01/19/2038 | 2,074,213 |
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
Nationstar Mortgage Holdings Inc(b) | ||
$ 865,000 | 5.00%, 02/01/2026 | $ 846,493 |
1,360,000 | 5.75%, 11/15/2031 | 1,254,398 |
NatWest Group PLC | ||
1,280,000 | 1.64%, 06/14/2027 | 1,176,794 |
845,000 | 5.52%, 09/30/2028 | 845,565 |
1,875,000 | Navient Corp 5.00%, 03/15/2027 | 1,796,329 |
OneMain Finance Corp | ||
155,000 | 3.50%, 01/15/2027 | 143,887 |
175,000 | 3.88%, 09/15/2028 | 156,113 |
1,960,000 | 5.38%, 11/15/2029 | 1,842,816 |
1,400,000 | 4.00%, 09/15/2030 | 1,198,185 |
15,000 | Realty Income Corp REIT 3.40%, 01/15/2030 | 13,659 |
10,000 | Regency Centers LP REIT 2.95%, 09/15/2029 | 8,948 |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc | ||
5,945,000 | 2.88%, 10/15/2026(b) | 5,492,722 |
220,000 | 3.63%, 03/01/2029(b) | 197,900 |
220,000 | 3.63%, 03/01/2029 | 197,900 |
3,610,000 | 3.88%, 03/01/2031(b) | 3,145,029 |
4,780,000 | 4.00%, 10/15/2033(b) | 4,049,094 |
2,340,000 | SBA Communications Corp REIT 3.13%, 02/01/2029 1-mo. SOFR + 2.00% | 2,065,063 |
Shimao Group Holdings Ltd(h) | ||
200,000 | 6.13%, 02/21/2024 | 8,250 |
1,300,000 | 5.60%, 07/15/2026 | 35,295 |
200,000 | 5.20%, 01/16/2027 | 6,300 |
410,000 | 3.45%, 01/11/2031 | 14,350 |
600,000 | Sino-Ocean Land Treasure IV Ltd(h) 4.75%, 01/14/2030 | 42,660 |
5,000 | SiriusPoint Ltd(b) 4.60%, 11/01/2026 | 4,776 |
Societe Generale SA(b) | ||
670,000 | 4.75%, 11/24/2025 | 657,031 |
1,795,000 | 6.07%, 01/19/2035 | 1,805,689 |
2,385,000 | 3.65%, 07/08/2035 | 2,020,990 |
3,375,000 | Standard Chartered PLC(b) 3.27%, 02/18/2036 | 2,834,300 |
1,755,000 | Stewart Information Services Corp 3.60%, 11/15/2031 | 1,431,945 |
Sunac China Holdings Ltd(b)(i) | ||
174,606 | 6.00%, 09/30/2025 PIK rate, 6.00% | 19,643 |
174,606 | 6.25%, 09/30/2026 PIK rate, 6.25% | 17,373 |
349,213 | 6.50%, 09/30/2027 PIK rate, 6.50% | 30,382 |
523,820 | 6.75%, 09/30/2028 PIK rate, 6.75% | 40,334 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 523,820 | 7.00%, 09/30/2029 PIK rate, 7.00% | $ 35,358 |
246,070 | 7.25%, 09/30/2030 PIK rate, 7.25% | 14,641 |
215,836 | 1.00%, 09/30/2032 PIK rate, 1.00% | 14,431 |
640,000 | Synchrony Bank 5.40%, 08/22/2025 | 634,156 |
Times China Holdings Ltd(h) | ||
810,000 | 6.20%, 03/22/2026 | 21,263 |
200,000 | 5.75%, 01/14/2027 | 5,250 |
UBS Group AG | ||
585,000 | 2.19%, 06/05/2026(b) | 560,863 |
1,110,000 | 6.37%, 07/15/2026(b) | 1,117,783 |
1,545,000 | 6.44%, 08/11/2028(b) | 1,590,624 |
250,000 | 3.87%, 01/12/2029 | 236,408 |
1,260,000 | 6.54%, 08/12/2033(b) | 1,328,406 |
1,315,000 | 9.02%, 11/15/2033(b) | 1,595,550 |
1,760,000 | 5.70%, 02/08/2035(b) | 1,768,906 |
UniCredit SpA(b) | ||
1,045,000 | 5.86%, 06/19/2032 | 1,020,440 |
200,000 | 5.46%, 06/30/2035 | 187,811 |
890,000 | VICI Properties LP / VICI Note Co Inc REIT(b) 3.88%, 02/15/2029 | 819,128 |
Yuzhou Group Holdings Co Ltd(h) | ||
625,000 | 7.70%, 02/20/2025 | 29,719 |
310,000 | 8.30%, 05/27/2025 | 13,175 |
205,000 | 7.85%, 08/12/2026 | 9,875 |
400,000 | 6.35%, 01/13/2027 | 17,750 |
151,589,603 | ||
Industrial — 2.32% | ||
320,000 | Avnet Inc 5.50%, 06/01/2032 | 309,535 |
BAE Systems PLC(b) | ||
350,000 | 5.25%, 03/26/2031 | 351,434 |
2,965,000 | 5.30%, 03/26/2034 | 2,979,863 |
Boeing Co | ||
1,285,000 | 3.63%, 02/01/2031 | 1,130,923 |
1,305,000 | 5.71%, 05/01/2040 | 1,249,070 |
2,025,000 | 5.81%, 05/01/2050 | 1,915,909 |
Cemex SAB de CV(b) | ||
2,715,000 | 5.13%, Perpetual(g) | 2,623,892 |
405,000 | 9.13%, Perpetual(g) | 439,973 |
4,360,000 | 5.20%, 09/17/2030 | 4,214,387 |
3,380,000 | 3.88%, 07/11/2031 | 2,994,711 |
1,870,000 | Embraer Netherlands Finance BV(b) 7.00%, 07/28/2030 | 1,958,174 |
1,935,000 | GATX Corp 5.45%, 09/15/2033 | 1,924,569 |
2,610,000 | Ingersoll Rand Inc 5.70%, 08/14/2033 | 2,677,436 |
2,435,000 | Jacobs Engineering Group Inc 6.35%, 08/18/2028 | 2,516,770 |
Principal Amount(a) | Fair Value | |
Industrial — (continued) | ||
$ 515,000 | JELD-WEN Inc(b) 4.88%, 12/15/2027 | $ 492,757 |
790,000 | L3Harris Technologies Inc 5.35%, 06/01/2034 | 790,007 |
410,000 | Nordson Corp 5.80%, 09/15/2033 | 427,979 |
735,000 | Rand Parent LLC(b)(f) 8.50%, 02/15/2030 | 727,841 |
RTX Corp | ||
300,000 | 2.38%, 03/15/2032 | 247,146 |
2,400,000 | 5.15%, 02/27/2033 | 2,404,565 |
Sensata Technologies BV(b) | ||
405,000 | 4.00%, 04/15/2029 | 369,800 |
200,000 | 5.88%, 09/01/2030 | 195,670 |
970,000 | Sensata Technologies Inc(b) 3.75%, 02/15/2031 | 839,052 |
1,345,000 | SMBC Aviation Capital Finance Designated Activity Co(b)(f) 5.45%, 05/03/2028 | 1,348,795 |
540,000 | TopBuild Corp(b) 4.13%, 02/15/2032 | 478,004 |
555,000 | TransDigm Inc(b) 6.75%, 08/15/2028 | 562,325 |
2,145,000 | Trimble Inc 6.10%, 03/15/2033 | 2,240,853 |
2,550,000 | Veralto Corp(b) 5.45%, 09/18/2033 | 2,581,543 |
40,992,983 | ||
Technology — 2.55% | ||
Broadcom Inc(b) | ||
880,000 | 2.45%, 02/15/2031 | 741,858 |
705,000 | 4.15%, 04/15/2032 | 654,056 |
1,625,000 | 2.60%, 02/15/2033 | 1,319,761 |
1,445,000 | 3.42%, 04/15/2033 | 1,252,670 |
2,130,000 | 3.47%, 04/15/2034 | 1,825,216 |
1,800,000 | 3.14%, 11/15/2035 | 1,454,223 |
1,070,000 | 3.19%, 11/15/2036 | 851,561 |
CDW LLC / CDW Finance Corp | ||
605,000 | 3.28%, 12/01/2028 | 551,421 |
1,525,000 | 3.25%, 02/15/2029 | 1,380,752 |
3,660,000 | 3.57%, 12/01/2031 | 3,217,630 |
2,615,000 | Entegris Inc(b) 4.75%, 04/15/2029 | 2,506,101 |
2,715,000 | Fiserv Inc 5.63%, 08/21/2033 | 2,773,599 |
Leidos Inc | ||
255,000 | 4.38%, 05/15/2030 | 241,625 |
610,000 | 2.30%, 02/15/2031 | 504,205 |
2,355,000 | 5.75%, 03/15/2033 | 2,414,246 |
Marvell Technology Inc | ||
465,000 | 2.95%, 04/15/2031 | 401,721 |
330,000 | 5.95%, 09/15/2033 | 341,983 |
2,090,000 | Microchip Technology Inc 5.05%, 03/15/2029 | 2,090,315 |
Micron Technology Inc | ||
1,705,000 | 4.66%, 02/15/2030 | 1,665,416 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Technology — (continued) | ||
$ 740,000 | 5.30%, 01/15/2031 | $ 744,280 |
2,250,000 | 5.88%, 02/09/2033 | 2,328,308 |
6,855,000 | 5.88%, 09/15/2033 | 7,107,062 |
325,000 | MSCI Inc(b) 3.25%, 08/15/2033 | 267,746 |
2,060,000 | Oracle Corp 3.95%, 03/25/2051 | 1,569,588 |
Seagate HDD Cayman | ||
125,000 | 4.09%, 06/01/2029 | 115,312 |
91,800 | 9.63%, 12/01/2032 | 104,588 |
420,000 | SK Hynix Inc(b) 6.38%, 01/17/2028 | 432,164 |
335,000 | SS&C Technologies Inc(b) 5.50%, 09/30/2027 | 327,549 |
1,350,000 | UKG Inc(b) 6.88%, 02/01/2031 | 1,375,281 |
2,455,000 | VMware LLC 2.20%, 08/15/2031 | 1,997,843 |
Western Digital Corp | ||
1,590,000 | 4.75%, 02/15/2026 | 1,553,245 |
1,085,000 | 2.85%, 02/01/2029 | 943,996 |
45,055,321 | ||
Utilities — 0.24% | ||
AES Corp | ||
605,000 | 3.95%, 07/15/2030(b) | 550,242 |
255,000 | 2.45%, 01/15/2031 | 208,630 |
5,000 | IPALCO Enterprises Inc 4.25%, 05/01/2030 | 4,652 |
395,000 | NRG Energy Inc(b) 4.45%, 06/15/2029 | 373,403 |
Pacific Gas & Electric Co | ||
100,000 | 3.25%, 06/01/2031 | 86,828 |
790,000 | 4.30%, 03/15/2045 | 624,243 |
1,825,000 | Southern Co 5.70%, 03/15/2034 | 1,882,203 |
550,000 | Southern Co Gas Capital Corp 5.75%, 09/15/2033 | 569,338 |
4,299,539 | ||
TOTAL CORPORATE BONDS AND NOTES — 30.03% (Cost $574,814,489) | $530,134,833 | |
CONVERTIBLE BONDS | ||
Communications — 0.57% | ||
240,000 | Booking Holdings Inc 0.75%, 05/01/2025 | 463,200 |
DISH Network Corp | ||
2,330,000 | 21.58%, 12/15/2025(j) | 1,700,900 |
6,130,000 | 3.38%, 08/15/2026 | 3,815,925 |
Etsy Inc | ||
715,000 | 0.13%, 09/01/2027 | 598,383 |
1,680,000 | 0.25%, 06/15/2028(f) | 1,323,000 |
125,000 | Palo Alto Networks Inc 0.38%, 06/01/2025 | 356,750 |
Principal Amount(a) | Fair Value | |
Communications — (continued) | ||
$ 1,115,000 | Spotify USA Inc(j) 4.55%, 03/15/2026 | $ 1,023,570 |
Uber Technologies Inc | ||
410,000 | (6.37%), 12/15/2025(j) | 460,225 |
290,000 | 0.88%, 12/01/2028(b) | 358,730 |
10,100,683 | ||
Consumer, Cyclical — 0.25% | ||
1,145,000 | Carnival Corp 5.75%, 12/01/2027 | 1,723,225 |
330,000 | NCL Corp Ltd 1.13%, 02/15/2027 | 311,223 |
170,000 | Royal Caribbean Cruises Ltd 6.00%, 08/15/2025 | 483,140 |
1,920,000 | Southwest Airlines Co 1.25%, 05/01/2025 | 1,943,040 |
4,460,628 | ||
Consumer, Non-Cyclical — 0.34% | ||
3,080,000 | BioMarin Pharmaceutical Inc(f) 1.25%, 05/15/2027 | 3,037,804 |
85,000 | Guardant Health Inc(j) 13.00%, 11/15/2027 | 57,749 |
Shift4 Payments Inc | ||
195,000 | (3.82%), 12/15/2025(j) | 208,650 |
255,000 | 0.50%, 08/01/2027 | 236,513 |
2,795,000 | Teladoc Health Inc 1.25%, 06/01/2027 | 2,354,787 |
5,895,503 | ||
Technology — 0.21% | ||
260,000 | Datadog Inc 0.13%, 06/15/2025 | 366,340 |
290,000 | Nutanix Inc 0.25%, 10/01/2027 | 355,250 |
435,000 | ON Semiconductor Corp 0.50%, 03/01/2029 | 428,040 |
675,000 | Splunk Inc 1.13%, 06/15/2027 | 673,178 |
1,875,000 | Unity Software Inc(j) 6.84%, 11/15/2026 | 1,589,062 |
255,000 | Zscaler Inc 0.13%, 07/01/2025 | 347,425 |
3,759,295 | ||
Utilities — 0.18% | ||
440,000 | Evergy Inc(b) 4.50%, 12/15/2027 | 447,260 |
300,000 | NRG Energy Inc 2.75%, 06/01/2048 | 496,350 |
2,295,000 | PPL Capital Funding Inc 2.88%, 03/15/2028 | 2,196,315 |
3,139,925 | ||
TOTAL CONVERTIBLE BONDS — 1.55% (Cost $30,293,188) | $27,356,034 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
FOREIGN GOVERNMENT BONDS AND NOTES | ||
$ 2,440,000 | Australia Government Bond AUD, 2.75%, 11/21/2028 | $ 1,531,736 |
30,788 | Brazil Notas do Tesouro Nacional Series F BRL, 10.00%, 01/01/2031 | 6,050,357 |
Chile Government International Bond | ||
2,595,000 | 3.50%, 01/31/2034 | 2,270,534 |
1,700,000 | 3.50%, 01/25/2050 | 1,237,472 |
Colombia Government International Bond | ||
1,590,000 | 7.50%, 02/02/2034 | 1,624,029 |
600,000 | 8.00%, 11/14/2035 | 629,896 |
1,525,000 | Dominican Republic International Bond 4.88%, 09/23/2032 | 1,365,296 |
31,595,999,232 | Indonesia Treasury Bond IDR, 6.88%, 04/15/2029 | 2,012,173 |
3,000,000 | Israel Government International Bond 5.50%, 03/12/2034 | 2,960,550 |
789,233(k) | Mexican Bonos MXN, 7.50%, 05/26/2033 | 4,225,384 |
435,000 | Mexico Government International Bond 6.00%, 05/07/2036 | 435,894 |
4,555,000 | New South Wales Treasury Corp AUD, 3.00%, 03/20/2028 | 2,867,836 |
7,870,000 | New Zealand Government Bond NZD, 3.50%, 04/14/2033 | 4,339,554 |
47,065,000 | Norway Government Bond(b) NOK, 1.75%, 03/13/2025 | 4,233,988 |
Paraguay Government International Bond(b) | ||
990,000 | 6.00%, 02/09/2036(f) | 1,004,541 |
405,000 | 6.10%, 08/11/2044 | 392,431 |
Philippine Government International Bond | ||
2,030,000 | 2.95%, 05/05/2045 | 1,413,391 |
1,215,000 | 2.65%, 12/10/2045 | 805,116 |
1,985,000 | Qatar Government International Bond 5.10%, 04/23/2048 | 1,928,034 |
Republic of Poland Government International Bond | ||
2,660,000 | 5.50%, 04/04/2053 | 2,648,237 |
4,550,000 | 5.50%, 03/18/2054 | 4,514,146 |
92,740,000 | Republic of South Africa Government Bond ZAR, 8.88%, 02/28/2035 | 3,903,502 |
710,000 | Republic of Uzbekistan International Bond(b) 7.85%, 10/12/2028 | 741,993 |
Romanian Government International Bond | ||
1,418,000 | 7.13%, 01/17/2033 | 1,514,537 |
2,872,000 | 6.38%, 01/30/2034(b) | 2,909,164 |
Principal Amount(a) | Fair Value | |
Foreign Government Bonds and Notes — (continued) | ||
$ 3,040,000 | Turkey Government International Bond EUR, 5.88%, 05/21/2030 | $ 3,263,316 |
3,650,000 | United Kingdom Gilt GBP, 0.25%, 01/31/2025 | 4,442,376 |
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 3.70% (Cost $65,620,868) | $65,265,483 | |
MORTGAGE-BACKED SECURITIES | ||
Non-Agency — 2.18% | ||
459,662 | 510 Asset Backed Trust(b)(e) Series 2021-NPL1 Class A1 2.24%, 06/25/2061 | 447,815 |
775,000 | BANK Series 2021-BN35 Class AS 2.46%, 06/15/2064 | 636,284 |
1,645,000 | BBSG Mortgage Trust(b) Series 2016-MRP Class A 3.28%, 06/05/2036 | 1,181,019 |
139,316 | BB-UBS Trust(b) Series 2012-TFT Class A 2.89%, 06/05/2030 | 129,299 |
920,000 | Benchmark Mortgage Trust(d) Series 2018-B2 Class A5 3.88%, 02/15/2051 | 862,196 |
1,090,000 | BINOM Securitization Trust(b)(d) Series 2022-RPL1 Class M1 3.00%, 02/25/2061 | 850,793 |
BPR Trust(b)(c) | ||
Series 2021-NRD Class F | ||
1,185,000 | 12.20%, 12/15/2038 3-mo. SOFR + 6.87% | 1,018,914 |
Series 2022-STAR Class A | ||
1,145,000 | 8.56%, 08/15/2039 3-mo. SOFR + 3.23% | 1,147,822 |
1,910,000 | BX Commercial Mortgage Trust(b)(c) Series 2022-AHP Class B 7.17%, 01/17/2039 3-mo. SOFR + 1.84% | 1,883,737 |
427,256 | CIM Trust(b)(e) Series 2021-NR2 Class A1 5.57%, 07/25/2059 | 422,878 |
79,190 | Commercial Mortgage Pass Through Certificates(b) Series 2012-LTRT Class A2 3.40%, 10/05/2030 | 73,600 |
CoreVest American Finance Ltd(b)(e) | ||
Series 2021-RTL1 Class A1 | ||
1,790,000 | 2.24%, 03/28/2029 | 1,717,226 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2023-RTL1 Class A1 | ||
$ 990,000 | 7.55%, 12/28/2030 | $ 995,048 |
Credit Suisse Mortgage Trust(b) | ||
Series 2014-USA Class B | ||
600,000 | 4.18%, 09/15/2037 | 513,290 |
Series 2014-USA Class C | ||
100,000 | 4.34%, 09/15/2037 | 72,584 |
Series 2014-USA Class D | ||
200,000 | 4.37%, 09/15/2037 | 128,206 |
Series 2021-RPL1 Class A1 | ||
273,127 | 4.04%, 09/27/2060(d) | 263,751 |
Series 2021-RPL4 Class A1 | ||
845,356 | 1.80%, 12/27/2060(d) | 819,637 |
1,210,000 | DC Commercial Mortgage Trust(b)(d) Series 2023-DC Class C 7.14%, 09/12/2040 | 1,234,116 |
Extended Stay America Trust(b)(c) | ||
Series 2021-ESH Class C | ||
374,845 | 7.14%, 07/15/2038 1-mo. SOFR + 1.81% | 374,493 |
Series 2021-ESH Class D | ||
187,422 | 7.69%, 07/15/2038 1-mo. SOFR + 2.36% | 187,188 |
299,276 | GCAT Trust(b)(d) Series 2019-RPL1 Class A1 2.65%, 10/25/2068 | 282,166 |
GS Mortgage Securities Corp Trust(b)(d) | ||
Series 2013-G1 Class B | ||
235,094 | 3.72%, 04/10/2031 | 217,653 |
Series 2013-PEMB Class A | ||
300,000 | 3.55%, 03/05/2033 | 237,463 |
Series 2013-PEMB Class B | ||
250,000 | 3.55%, 03/05/2033 | 182,792 |
1,500,000 | GS Mortgage Securities Trust Series 2020-GC47 Class A4 2.12%, 05/12/2053 | 1,270,718 |
529,307 | JPMorgan Chase Commercial Mortgage Securities Trust(b)(d) Series 2012-LC9 Class C 3.77%, 12/15/2047 | 485,945 |
Legacy Mortgage Asset Trust(b) | ||
Series 2020-RPL1 Class A2 | ||
875,000 | 3.25%, 09/25/2059(d) | 777,503 |
Series 2021-GS2 Class A1 | ||
377,307 | 1.75%, 04/25/2061(e) | 365,646 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2021-GS4 Class A1 | ||
$ 168,458 | 1.65%, 11/25/2060(e) | $ 162,929 |
Med Trust(b)(c) | ||
Series 2021-MDLN Class B | ||
308,519 | 6.89%, 11/15/2038 1-mo. SOFR + 1.56% | 307,652 |
Series 2021-MDLN Class C | ||
597,134 | 7.24%, 11/15/2038 1-mo. SOFR + 1.91% | 595,260 |
Series 2021-MDLN Class D | ||
378,185 | 7.44%, 11/15/2038 1-mo. SOFR + 2.11% | 376,767 |
Mill City Mortgage Loan Trust(b)(d) | ||
Series 2019-1 Class M1 | ||
479,118 | 3.50%, 10/25/2069 | 439,019 |
Series 2019-GS1 Class M2 | ||
125,000 | 3.25%, 07/25/2059 | 107,899 |
Series 2021-NMR1 Class M2 | ||
750,000 | 2.50%, 11/25/2060 | 629,270 |
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 | ||
195,000 | 4.08%, 08/15/2046(d) | 120,712 |
Series 2013-C12 Class C | ||
65,000 | 6.05%, 10/15/2046(d) | 59,949 |
Series 2016-C30 Class C | ||
785,000 | 4.04%, 09/15/2049(d) | 621,664 |
596,164 | NYMT Loan Trust(b)(d) Series 2024-CP1 Class A1 3.75%, 02/25/2068 | 547,951 |
PRP Advisors LLC(b) | ||
Series 2021-10 Class A1 | ||
564,111 | 2.49%, 10/25/2026(e) | 553,130 |
Series 2021-2 Class A1 | ||
163,281 | 5.12%, 03/25/2026(d) | 161,694 |
Series 2021-3 Class A1 | ||
454,493 | 1.87%, 04/25/2026(d)(e) | 446,614 |
Series 2021-4 Class A1 | ||
122,449 | 1.87%, 04/25/2026(e) | 119,419 |
Series 2021-5 Class A1 | ||
569,594 | 1.79%, 06/25/2026(e) | 556,949 |
Series 2021-8 Class A1 | ||
494,147 | 1.74%, 09/25/2026(d) | 474,490 |
Series 2021-9 Class A1 | ||
599,847 | 2.36%, 10/25/2026(e) | 584,541 |
Series 2022-5 Class A1 | ||
1,865,102 | 6.90%, 09/27/2027(e) | 1,870,812 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 628,710 | RCO VII Mortgage LLC(b)(e) Series 2024-1 Class A1 7.02%, 01/25/2029 | $ 626,831 |
592,917 | Redwood Funding Trust(b)(e) Series 2023-1 Class A 7.50%, 07/25/2059 | 582,766 |
345,168 | Toorak Mortgage Corp Ltd(b)(e) Series 2021-1 Class A1 3.24%, 06/25/2024 | 341,518 |
250,000 | Toorak Mortgage Trust(b)(e) Series 2024-RRTL1 Class A1 6.60%, 02/25/2039 | 249,996 |
Towd Point Mortgage Trust(b)(d) | ||
Series 2016-3 Class M2 | ||
280,000 | 4.00%, 04/25/2056 | 271,960 |
Series 2017-1 Class M1 | ||
260,000 | 3.75%, 10/25/2056 | 248,038 |
Series 2017-3 Class A2 | ||
100,000 | 3.00%, 07/25/2057 | 95,219 |
Series 2017-4 Class M2 | ||
200,000 | 3.25%, 06/25/2057 | 169,655 |
Series 2018-5 Class M1 | ||
685,000 | 3.25%, 07/25/2058 | 564,202 |
Series 2019-4 Class A1 | ||
396,759 | 2.90%, 10/25/2059 | 370,813 |
Series 2019-4 Class M1 | ||
140,000 | 3.50%, 10/25/2059 | 120,583 |
Series 2020-1 Class A2B | ||
100,000 | 3.25%, 01/25/2060 | 84,291 |
Series 2020-2 Class A2B | ||
125,000 | 3.00%, 04/25/2060 | 101,611 |
UBS Commercial Mortgage Trust | ||
Series 2018-C10 Class A3 | ||
1,481,430 | 4.05%, 05/15/2051 | 1,404,907 |
Series 2018-C14 Class C | ||
100,000 | 5.20%, 12/15/2051(d) | 84,067 |
VCAT LLC(b)(e) | ||
Series 2021-NPL1 Class A1 | ||
96,258 | 5.29%, 12/26/2050 | 95,572 |
Series 2021-NPL5 Class A1 | ||
715,576 | 1.87%, 08/25/2051 | 697,543 |
Series 2021-NPL6 Class A1 | ||
1,006,762 | 1.92%, 09/25/2051 | 975,709 |
93,688 | VOLT XCII LLC(b)(e) Series 2021-NPL1 Class A1 4.89%, 02/27/2051 | 91,359 |
284,775 | VOLT XCIII LLC(b)(e) Series 2021-NPL2 Class A1 4.89%, 02/27/2051 | 276,354 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 246,408 | VOLT XCIV LLC(b)(e) Series 2021-NPL3 Class A1 5.24%, 02/27/2051 | $ 240,768 |
169,286 | VOLT XCVI LLC(b)(e) Series 2021-NPL5 Class A1 5.12%, 03/27/2051 | 165,623 |
487,316 | VOLT XCVII LLC(b)(e) Series 2021-NPL6 Class A1 5.24%, 04/25/2051 | 477,881 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2013-LC12 Class B | ||
148,442 | 3.95%, 07/15/2046(d) | 136,635 |
Series 2016-C36 Class AS | ||
1,345,000 | 3.42%, 11/15/2059 | 1,249,485 |
Series 2016-C36 Class B | ||
160,000 | 3.67%, 11/15/2059(d) | 136,712 |
WFRBS Commercial Mortgage Trust | ||
Series 2013-C15 Class B | ||
860,000 | 4.19%, 08/15/2046(d) | 722,364 |
Series 2014-C20 Class B | ||
245,000 | 4.38%, 05/15/2047 | 201,015 |
Series 2014-C24 Class B | ||
60,000 | 4.20%, 11/15/2047(d) | 55,569 |
38,435,136 | ||
U.S. Government Agency — 26.27% | ||
Federal Home Loan Mortgage Corp | ||
2,275,000 | 4.62%, 05/01/2028 | 2,247,047 |
2,300,000 | 4.34%, 08/01/2028 | 2,259,275 |
3,890 | 2.50%, 01/01/2029 | 3,722 |
1,854,000 | 4.20%, 01/01/2030 | 1,796,886 |
2,250,000 | 4.30%, 01/01/2030 | 2,190,556 |
3,794,000 | 4.41%, 01/01/2030 | 3,710,014 |
47,833 | 3.00%, 11/01/2034 | 44,799 |
15,614 | 2.50%, 06/01/2035 | 14,316 |
137,395 | 2.00%, 09/01/2035 | 122,639 |
103,898 | 2.00%, 10/01/2035 | 92,740 |
261,404 | 2.00%, 12/01/2035 | 233,329 |
35,903 | 3.00%, 09/01/2036 | 33,090 |
7,053,315 | 2.50%, 03/01/2037 | 6,445,071 |
2,237,540 | 2.50%, 04/01/2037 | 2,047,305 |
3,396,962 | 2.00%, 01/01/2042 | 2,851,460 |
3,265,920 | 2.50%, 01/01/2042 | 2,820,990 |
40,170 | 3.00%, 12/01/2046 | 35,368 |
28,797 | 4.00%, 05/01/2047 | 27,282 |
19,280 | 4.50%, 10/01/2047 | 18,758 |
25,823 | 4.00%, 02/01/2048 | 24,414 |
2,756 | 4.50%, 06/01/2048 | 2,673 |
7,763 | 4.00%, 10/01/2048 | 7,321 |
8,180 | 3.50%, 09/01/2049 | 7,433 |
478,562 | 3.50%, 10/01/2049 | 434,837 |
12,488 | 3.00%, 11/01/2049 | 10,876 |
3,994,781 | 3.00%, 02/01/2051 | 3,478,010 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 2,179,487 | 2.00%, 03/01/2051 | $ 1,780,587 |
5,331,873 | 2.00%, 05/01/2051 | 4,238,836 |
3,818,328 | 3.00%, 07/01/2051 | 3,325,840 |
3,164,804 | 2.50%, 10/01/2051 | 2,642,754 |
3,806,102 | 2.50%, 02/01/2052 | 3,187,834 |
3,874,696 | 3.00%, 04/01/2052 | 3,369,158 |
3,977,704 | 3.50%, 05/01/2052 | 3,571,696 |
6,798,681 | 4.50%, 07/01/2052 | 6,532,613 |
4,180,445 | 3.50%, 08/01/2052 | 3,755,385 |
15,083,786 | 4.50%, 08/01/2052 | 14,396,075 |
3,955,101 | 4.50%, 09/01/2052 | 3,767,802 |
3,236,926 | 5.50%, 09/01/2052 | 3,227,978 |
7,192,881 | 5.00%, 10/01/2052 | 7,094,003 |
4,161,800 | 5.00%, 01/01/2053 | 4,084,235 |
2,317,280 | 5.50%, 01/01/2053 | 2,329,220 |
4,160,381 | 6.00%, 02/01/2053 | 4,225,892 |
3,832,131 | 5.50%, 05/01/2053 | 3,844,080 |
4,603,959 | 5.50%, 07/01/2053 | 4,606,575 |
3,329,884 | 5.50%, 08/01/2053 | 3,347,039 |
4,110,747 | 6.50%, 10/01/2053 | 4,240,227 |
Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates | ||
Series K045 Class A2 | ||
2,451,338 | 3.02%, 01/25/2025 | 2,403,336 |
Series K058 Class A2 | ||
2,000,000 | 2.65%, 08/25/2026 | 1,904,185 |
Series K059 Class A2 | ||
650,000 | 3.12%, 09/25/2026(d) | 625,120 |
Series K061 Class A2 | ||
4,347,712 | 3.35%, 11/25/2026(d) | 4,183,196 |
Series K061 Class AM | ||
2,068,605 | 3.44%, 11/25/2026(d) | 1,995,831 |
Series K062 Class AM | ||
2,500,000 | 3.51%, 12/25/2026 | 2,417,997 |
Series K063 Class A2 | ||
882,076 | 3.43%, 01/25/2027(d) | 852,541 |
Series K064 Class A1 | ||
957,096 | 2.89%, 10/25/2026 | 926,271 |
Series K064 Class A2 | ||
505,000 | 3.22%, 03/25/2027 | 484,888 |
Series K066 Class AM | ||
2,507,000 | 3.20%, 06/25/2027 | 2,399,474 |
Series K067 Class A2 | ||
75,000 | 3.19%, 07/25/2027 | 71,631 |
Series K069 Class A2 | ||
2,305,000 | 3.19%, 09/25/2027(d) | 2,198,900 |
Series K069 Class AM | ||
2,500,000 | 3.25%, 09/25/2027(d) | 2,371,617 |
Series K070 Class A2 | ||
2,750,000 | 3.30%, 11/25/2027(d) | 2,629,392 |
Series K071 Class A2 | ||
2,630,000 | 3.29%, 11/25/2027 | 2,511,678 |
Series K073 Class A2 | ||
2,300,000 | 3.35%, 01/25/2028 | 2,199,427 |
Series K073 Class AM | ||
100,000 | 3.45%, 01/25/2028(d) | 95,840 |
Principal Amount(a) | Fair Value | |
U.S. Government Agency — (continued) | ||
Series K074 Class A2 | ||
$ 2,750,000 | 3.60%, 01/25/2028 | $ 2,652,586 |
Series K075 Class A2 | ||
2,344,000 | 3.65%, 02/25/2028(d) | 2,260,437 |
Series K076 Class A2 | ||
2,000,000 | 3.90%, 04/25/2028 | 1,944,900 |
Series K077 Class A2 | ||
2,500,000 | 3.85%, 05/25/2028(d) | 2,425,186 |
Series K078 Class A2 | ||
2,250,000 | 3.85%, 06/25/2028 | 2,181,993 |
Series K078 Class AM | ||
2,500,000 | 3.92%, 06/25/2028 | 2,423,434 |
Series K084 Class A2 | ||
2,250,000 | 3.78%, 10/25/2028 | 2,169,753 |
Series K087 Class A2 | ||
6,975,000 | 3.77%, 12/25/2028 | 6,721,112 |
Series K095 Class A1 | ||
26,061 | 2.63%, 11/25/2028 | 24,896 |
Series K098 Class A2 | ||
7,900,000 | 2.43%, 08/25/2029 | 7,097,922 |
Series K154 Class A2 | ||
7,000,000 | 3.42%, 04/25/2032 | 6,570,038 |
Series K507 Class A2 | ||
4,375,000 | 4.80%, 09/25/2028(d) | 4,389,191 |
Series K737 Class A2 | ||
2,250,000 | 2.53%, 10/25/2026 | 2,131,610 |
Series K740 Class A2 | ||
750,000 | 1.47%, 09/25/2027 | 673,977 |
Series KJ41 Class A2 | ||
8,225,000 | 3.47%, 02/25/2031 | 7,578,122 |
Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit | ||
Series 4769 Class QL | ||
3,458,915 | 3.50%, 09/15/2047 | 3,155,832 |
Series 5238 Class BC | ||
3,937,832 | 4.00%, 09/25/2049 | 3,729,582 |
426,315 | 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% | 431,828 |
Federal National Mortgage Association | ||
2,100,000 | 4.62%, 07/01/2028 | 2,077,277 |
197,444 | 3.00%, 10/01/2033 | 185,668 |
16,455 | 3.00%, 06/01/2034 | 15,424 |
16,350 | 3.00%, 07/01/2034 | 15,313 |
5,935 | 3.00%, 10/01/2034 | 5,559 |
7,323 | 3.00%, 11/01/2034 | 6,834 |
263,973 | 2.00%, 10/01/2035 | 235,624 |
256,841 | 2.00%, 11/01/2035 | 229,258 |
3,173,550 | 2.00%, 02/01/2037 | 2,828,657 |
2,994,429 | 2.00%, 03/01/2037 | 2,665,734 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 2,905,362 | 2.50%, 03/01/2037 | $ 2,654,992 |
3,867,923 | 2.50%, 04/01/2037 | 3,520,560 |
3,474,188 | 2.50%, 02/01/2042 | 3,018,380 |
4,066,351 | 5.00%, 05/01/2043 | 4,029,221 |
4,495,887 | 5.00%, 06/01/2043 | 4,456,688 |
7,734,935 | 2.50%, 03/01/2047 | 6,420,896 |
4,752,161 | 3.50%, 07/01/2047 | 4,373,014 |
23,068 | 4.00%, 09/01/2047 | 21,851 |
7,327 | 3.50%, 03/01/2048 | 6,681 |
5,577 | 4.00%, 06/01/2048 | 5,260 |
3,997,904 | 3.00%, 01/01/2049 | 3,551,446 |
5,914 | 3.00%, 12/01/2049 | 5,144 |
5,613 | 3.00%, 01/01/2050 | 4,892 |
26,466 | 2.50%, 05/01/2050 | 22,076 |
262,024 | 2.50%, 06/01/2050 | 218,433 |
142,672 | 2.50%, 07/01/2050 | 118,981 |
16,361 | 2.50%, 08/01/2050 | 13,619 |
4,335,876 | 2.00%, 11/01/2050 | 3,505,180 |
3,030,652 | 2.00%, 12/01/2050 | 2,475,959 |
3,567,127 | 2.00%, 01/01/2051 | 2,913,396 |
611,540 | 2.00%, 05/01/2051 | 489,408 |
4,410,361 | 2.50%, 08/01/2051 | 3,658,783 |
4,319,985 | 2.00%, 10/01/2051 | 3,447,987 |
3,343,070 | 2.50%, 10/01/2051 | 2,796,474 |
3,741,523 | 2.00%, 11/01/2051 | 3,012,267 |
7,105,344 | 2.50%, 01/01/2052 | 5,897,855 |
7,157,305 | 3.50%, 01/01/2052 | 6,443,096 |
11,505,953 | 2.50%, 02/01/2052 | 9,623,589 |
18,805,512 | 2.00%, 03/01/2052 | 15,148,325 |
3,639,128 | 2.50%, 03/01/2052 | 3,050,164 |
13,878,138 | 3.00%, 03/01/2052 | 12,074,289 |
3,144,793 | 3.50%, 04/01/2052 | 2,867,329 |
8,051,564 | 4.00%, 06/01/2052 | 7,499,639 |
3,442,441 | 4.00%, 07/01/2052 | 3,203,613 |
3,252,791 | 5.00%, 07/01/2052 | 3,225,736 |
3,914,931 | 4.00%, 08/01/2052 | 3,631,091 |
2,732,486 | 5.00%, 08/01/2052 | 2,667,992 |
3,917,483 | 4.50%, 09/01/2052 | 3,763,663 |
3,460,043 | 5.00%, 10/01/2052 | 3,403,851 |
3,429,285 | 5.50%, 10/01/2052 | 3,419,799 |
3,819,087 | 5.00%, 11/01/2052 | 3,767,393 |
4,092,813 | 5.00%, 02/01/2053 | 4,002,113 |
2,321,829 | 6.00%, 08/01/2053 | 2,347,722 |
1,352,089 | 6.00%, 09/01/2053 | 1,364,307 |
4,037,606 | 6.00%, 11/01/2053 | 4,098,367 |
Federal National Mortgage Association Alternative Credit Enhancement Security | ||
Series 2016-M5 Class A2 | ||
2,193,329 | 2.47%, 04/25/2026 | 2,088,772 |
Series 2017-M1 Class A2 | ||
1,822,223 | 2.42%, 10/25/2026(d) | 1,720,579 |
Series 2018-M2 Class A2 | ||
2,017,310 | 2.91%, 01/25/2028(d) | 1,902,168 |
Series 2018-M3 Class A2 | ||
4,117,403 | 3.07%, 02/25/2030(d) | 3,800,740 |
Series 2023-M5 Class 2A2 | ||
4,775,000 | 4.50%, 07/25/2028(d) | 4,710,559 |
Principal Amount(a) | Fair Value | |
U.S. Government Agency — (continued) | ||
Government National Mortgage Association | ||
$ 18,186 | 3.50%, 04/20/2047 | $ 16,744 |
10,952 | 4.00%, 04/20/2047 | 10,383 |
18,054 | 3.00%, 02/20/2048 | 16,106 |
23,445 | 3.50%, 02/20/2048 | 21,576 |
3,393,847 | 2.50%, 03/20/2051 | 2,883,319 |
2,190,289 | 3.00%, 08/20/2051 | 1,931,266 |
7,983,794 | 2.50%, 11/20/2051 | 6,803,293 |
8,314,875 | 2.00%, 12/20/2051 | 6,812,144 |
7,703,488 | 3.50%, 02/20/2052 | 7,008,012 |
3,358,726 | 3.50%, 06/20/2052 | 3,055,481 |
4,040,415 | 4.00%, 07/20/2052 | 3,783,666 |
3,962,880 | 3.50%, 08/20/2052 | 3,605,083 |
12,207,254 | 4.50%, 08/20/2052 | 11,737,492 |
4,836,669 | 4.50%, 09/20/2052 | 4,653,262 |
3,679,960 | 5.00%, 09/20/2052 | 3,627,400 |
3,690,488 | 5.00%, 10/20/2052 | 3,647,167 |
8,690,861 | 5.00%, 05/20/2053 | 8,539,795 |
9,569,549 | 5.00%, 06/20/2053 | 9,450,121 |
463,693,760 | ||
TOTAL MORTGAGE-BACKED SECURITIES — 28.45% (Cost $533,529,716) | $502,128,896 | |
U.S. GOVERNMENT AGENCY BONDS AND NOTES | ||
Federal Farm Credit Banks Funding Corp | ||
6,731,000 | 4.88%, 03/14/2025 | 6,720,943 |
8,000,000 | 4.50%, 03/13/2026 | 7,968,682 |
20,000,000 | Resolution Funding Corp Principal Strip(j) 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 — 1.96% (Cost $34,591,478) | $34,598,463 | |
U.S. TREASURY BONDS AND NOTES | ||
United States Treasury Note/Bond | ||
84,565,000 | 4.63%, 02/28/2026(f) | 84,495,630 |
14,600,000 | 0.75%, 08/31/2026 | 13,345,882 |
15,000,000 | 2.63%, 05/31/2027 | 14,214,258 |
4,100,000 | 4.13%, 10/31/2027 | 4,067,488 |
20,800,000 | 3.50%, 01/31/2028 | 20,191,438 |
23,860,000 | 4.25%, 02/28/2029(f) | 23,891,688 |
17,000,000 | 3.88%, 11/30/2029(l) | 16,693,203 |
52,700,000 | 3.88%, 08/15/2033 | 51,300,155 |
19,900,000 | 4.00%, 02/15/2034 | 19,570,406 |
6,000,000 | 4.00%, 11/15/2042 | 5,651,719 |
5,700,000 | 3.88%, 02/15/2043 | 5,269,160 |
32,000,000 | 4.75%, 11/15/2043 | 33,195,000 |
12,900,000 | 2.50%, 02/15/2045 | 9,432,621 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount(a) | Fair Value | |
U.S. Treasury Bonds and Notes — (continued) | ||
$ 17,425,000 | 2.00%, 02/15/2050 | $ 10,913,767 |
6,680,000 | 1.25%, 05/15/2050 | 3,416,455 |
11,700,000 | 1.38%, 08/15/2050 | 6,178,606 |
17,400,000 | 2.00%, 08/15/2051 | 10,780,524 |
22,940,000 | 2.88%, 05/15/2052 | 17,357,336 |
11,500,000 | 3.63%, 05/15/2053 | 10,103,828 |
TOTAL U.S. TREASURY BONDS AND NOTES — 20.40% (Cost $371,205,953) | $360,069,164 | |
Shares | ||
COMMON STOCK | ||
Communications — 0.09% | ||
285,795 | Altice USA Inc Class A(m) | 745,925 |
71,941 | Paramount Global Class B | 846,746 |
1,592,671 | ||
Consumer, Non-Cyclical — 0.10% | ||
4,423 | AbbVie Inc | 805,428 |
515 | Clarivate PLC(m) | 3,826 |
1,751 | Elevance Health Inc | 907,964 |
1,717,218 | ||
Energy — 0.10% | ||
9,149 | Diamondback Energy Inc | 1,813,057 |
TOTAL COMMON STOCK — 0.29% (Cost $7,825,409) | $5,122,946 | |
CONVERTIBLE PREFERRED STOCK | ||
Consumer, Non-Cyclical — 0.02% | ||
11,140 | Clarivate PLC 5.25% | 331,304 |
Energy — 0.00%(n) | ||
396 | El Paso Energy Capital Trust I 4.75% | 18,992 |
Financial — 0.10% | ||
822 | Bank of America Corp 7.25% | 981,360 |
595 | Wells Fargo & Co 7.50% | 725,816 |
1,707,176 | ||
TOTAL CONVERTIBLE PREFERRED STOCK — 0.12% (Cost $3,219,900) | $2,057,472 |
Principal Amount | Fair Value | |
SHORT TERM INVESTMENTS | ||
U.S. Government Agency Bonds and Notes — 1.41% | ||
Federal Home Loan Bank(j) | ||
$ 10,000,000 | 5.34%, 04/10/2024 | $ 9,982,474 |
5,000,000 | 5.29%, 04/11/2024 | 4,990,592 |
10,000,000 | 5.35%, 04/23/2024 | 9,963,504 |
24,936,570 | ||
U.S. Treasury Bonds and Notes — 0.91% | ||
16,220,000 | U.S. Treasury Bills(j)(l) 5.25%, 06/27/2024 | 16,012,887 |
Repurchase Agreements — 7.04% | ||
31,077,187 | Undivided interest of 17.38% 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 $31,077,187 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.(o) | 31,077,187 |
31,077,187 | Undivided interest of 17.42% 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 $31,077,187 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.(o) | 31,077,187 |
31,077,187 | Undivided interest of 17.51% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.33%, dated 3/28/24 to be repurchased at $31,077,187 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.(o) | 31,077,187 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 31,077,187 | Undivided interest of 82.14% 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 $31,077,187 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.(o) | $ 31,077,187 |
124,308,748 | ||
TOTAL SHORT TERM INVESTMENTS — 9.36% (Cost $165,258,205) | $165,258,205 | |
TOTAL INVESTMENTS — 105.63% (Cost $1,962,559,988) | $1,864,504,094 | |
OTHER ASSETS & LIABILITIES, NET — (5.63)% | $(99,327,933) | |
TOTAL NET ASSETS — 100.00% | $1,765,176,161 |
(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 has no contractual maturity date and pays an indefinite stream of interest. |
(h) | Security in default. |
(i) | Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer. |
(j) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(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) | Represents less than 0.005% of net assets. |
(o) | 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 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 | 1,643 | USD | 188,303 | Jun 2024 | $(873,259) |
U.S. 5 Year Treasury Note Futures | 1,062 | USD | 113,651 | Jun 2024 | 600,998 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: FLEXIBLE 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) | |
Long | |||||
U.S. 10 Year Treasury Note Futures | 868 | USD | 96,172 | Jun 2024 | $578,000 |
U.S. 2 Year Treasury Note Futures | 121 | USD | 24,742 | Jun 2024 | (24,656) |
U.S. Long Bond Futures | 1,724 | USD | 207,634 | Jun 2024 | 2,203,537 |
U.S. Ultra Bond Futures | 372 | USD | 47,988 | Jun 2024 | 513,743 |
Net Appreciation | $2,998,363 |
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 | |
USD | U.S. Dollar | |
ZAR | South African Rand |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
ASSET-BACKED SECURITIES | ||
Non-Agency — 4.04% | ||
$ 1,750,000 | Balboa Bay Loan Funding(a)(b) Series 2023-1A Class AR 6.74%, 04/20/2036 3-mo. SOFR + 1.42% | $ 1,750,313 |
925,000 | Brookhaven Park Ltd(a)(b) Series 2024-1A Class A 6.82%, 04/19/2037 3-mo. SOFR + 1.50% | 925,164 |
1,525,000 | Carlyle US Ltd(a)(b) Series 2024-1A Class A 6.82%, 04/15/2037 3-mo. SOFR + 1.53% | 1,527,652 |
1,800,000 | CIFC Falcon 2020 Ltd(a)(b) Series 2019-FAL Class A 6.58%, 01/20/2033 3-mo. SOFR + 1.26% | 1,800,848 |
1,225,000 | Citizens Auto Receivables Trust(a) Series 2024-1 Class A2A 5.43%, 10/15/2026 | 1,224,319 |
625,000 | Exeter Automobile Receivables Trust Series 2024-1A Class A3 5.31%, 08/16/2027 | 623,042 |
900,000 | Ford Credit Auto Owner Trust(a) Series 2024-1 Class A 4.87%, 08/15/2036 | 900,104 |
1,200,000 | GM Financial Consumer Automobile Receivables Trust Series 2024-1 Class A2A 5.12%, 02/16/2027 | 1,197,362 |
326,599 | JPMorgan Mortgage Trust(a)(b) Series 2023-HE3 Class A1 6.92%, 05/25/2054 1-mo. SOFR + 1.60% | 328,637 |
850,000 | Neuberger Berman Loan Advisers 54 Ltd(a)(b) Series 2024-54A Class D 8.81%, 04/23/2038 3-mo. SOFR + 3.50% | 850,104 |
1,250,000 | Oaktree Ltd(a)(b) Series 2024-25A Class A 6.85%, 04/20/2037 3-mo. SOFR + 1.55% | 1,248,875 |
1,250,000 | OCP Ltd(a)(b) Series 2016-11A Class A1R2 6.74%, 04/26/2036 3-mo. SOFR + 1.42% | 1,250,207 |
800,000 | Santander Drive Auto Receivables Trust Series 2024-1 Class A2 5.71%, 02/16/2027 | 800,426 |
1,400,000 | Toyota Auto Receivables Owner Trust Series 2023-B Class A3 4.71%, 02/15/2028 | 1,389,666 |
TOTAL ASSET-BACKED SECURITIES — 4.04% (Cost $15,821,830) | $15,816,719 |
Principal Amount | Fair Value | |
CORPORATE BONDS AND NOTES | ||
Communications — 0.79% | ||
$ 174,000 | Cisco Systems Inc 5.05%, 02/26/2034 | $ 176,343 |
1,310,000 | Rogers Communications Inc 3.20%, 03/15/2027 | 1,243,552 |
1,785,000 | T-Mobile USA Inc 3.88%, 04/15/2030 | 1,672,156 |
3,092,051 | ||
Consumer, Cyclical — 0.49% | ||
1,830,000 | Lowe's Cos Inc 3.75%, 04/01/2032 | 1,680,956 |
237,000 | Marriott International Inc 4.88%, 05/15/2029 | 234,594 |
1,915,550 | ||
Consumer, Non-Cyclical — 0.61% | ||
550,000 | AbbVie Inc(c) 4.80%, 03/15/2029 | 550,807 |
560,000 | Bristol-Myers Squibb Co(c) 4.90%, 02/22/2029 | 562,357 |
145,000 | Humana Inc 5.95%, 03/15/2034 | 150,561 |
Solventum Corp(a) | ||
755,000 | 5.40%, 03/01/2029 | 756,522 |
375,000 | 5.60%, 03/23/2034 | 376,227 |
2,396,474 | ||
Financial — 1.29% | ||
1,740,000 | Bank of America Corp 4.27%, 07/23/2029 | 1,677,213 |
1,950,000 | JPMorgan Chase & Co 2.52%, 04/22/2031 | 1,685,348 |
1,940,000 | Morgan Stanley 2.70%, 01/22/2031 | 1,694,949 |
5,057,510 | ||
Industrial — 0.64% | ||
880,000 | Boeing Co 2.20%, 02/04/2026 | 823,855 |
1,720,000 | RTX Corp 4.13%, 11/16/2028 | 1,663,727 |
2,487,582 | ||
Technology — 0.06% | ||
241,000 | Constellation Software Inc(a) 5.16%, 02/16/2029 | 240,744 |
TOTAL CORPORATE BONDS AND NOTES — 3.88% (Cost $15,067,312) | $15,189,911 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
MORTGAGE-BACKED SECURITIES | ||
Non-Agency — 3.66% | ||
$ 450,000 | Barclays Commercial Mortgage Securities Trust Series 2024-C24 Class A5 5.42%, 02/15/2057 | $ 462,886 |
525,000 | BMO Mortgage Trust(d) Series 2022-C2 Class A5 4.81%, 07/15/2054 | 519,141 |
883,719 | BRAVO Residential Funding Trust(a)(e) Series 2024-NQM1 Class A1 5.94%, 12/01/2063 | 881,616 |
BX Trust(a)(b) | ||
Series 2024-BIO Class A | ||
1,500,000 | 6.97%, 02/15/2041 1-mo. SOFR + 1.64% | 1,502,344 |
Series 2024-XL4 Class A | ||
1,175,000 | 6.77%, 02/15/2039 1-mo. SOFR + 1.44% | 1,175,367 |
Series 2024-XL5 Class A | ||
625,000 | 6.69%, 03/15/2041 1-mo. SOFR + 1.39% | 625,315 |
Chase Home Lending Mortgage Trust(a)(d) | ||
Series 2024-3 Class A5 | ||
200,000 | 6.00%, 02/25/2055 | 203,044 |
Series 2024-3 Class A5A | ||
250,000 | 5.50%, 02/25/2055 | 247,455 |
Series 2024-3 Class A7 | ||
100,000 | 6.00%, 02/25/2055 | 101,170 |
338,835 | COLT Mortgage Loan Trust(a)(d) Series 2021-HX1 Class A2 1.35%, 10/25/2066 | 279,303 |
DC Trust(a)(d) | ||
Series 2024-HLTN Class A | ||
400,000 | 5.73%, 04/13/2028 | 399,960 |
Series 2024-HLTN Class B | ||
400,000 | 6.46%, 04/13/2028 | 399,960 |
JPMorgan Mortgage Trust(a)(d) | ||
Series 2023-DSC1 Class A1 | ||
558,808 | 4.63%, 07/25/2063 | 533,992 |
Series 2024-1 Class A2 | ||
1,172,311 | 6.00%, 06/25/2054 | 1,169,288 |
975,000 | Ladder Capital Commercial Mortgage(a) Series 2017-LC26 Class A4 3.55%, 07/12/2050 | 919,752 |
MSWF Commercial Mortgage Trust | ||
Series 2023-2 Class A2 | ||
625,000 | 6.89%, 12/15/2056 | 656,640 |
Series 2023-2 Class A5 | ||
575,000 | 6.01%, 12/15/2056(d) | 615,134 |
Onslow Bay Financial LLC(a)(e) | ||
Series 2024-NQM1 Class A1 | ||
1,099,832 | 5.93%, 11/25/2063 | 1,098,267 |
Series 2024-NQM1 Class A2 | ||
97,763 | 6.25%, 11/25/2063 | 97,663 |
Principal Amount | Fair Value | |
Non-Agency — (continued) | ||
Series 2024-NQM2 Class A1 | ||
$ 1,862,738 | 5.88%, 12/25/2063 | $ 1,858,317 |
575,000 | SCG Mortgage Trust(a)(b) Series 2024-MSP Class A 7.04%, 04/15/2041 1-mo. SOFR + 1.74% | 573,563 |
14,320,177 | ||
U.S. Government Agency — 2.61% | ||
Connecticut Avenue Securities Trust(a)(b) | ||
Series 2024-R01 Class 1B1 | ||
375,000 | 8.02%, 01/25/2044 1-mo. SOFR + 2.70% | 376,816 |
Series 2024-R01 Class 1M2 | ||
250,000 | 7.12%, 01/25/2044 1-mo. SOFR + 1.80% | 250,755 |
Series 2024-R02 Class 1M2 | ||
775,000 | 7.12%, 02/25/2044 1-mo. SOFR + 1.80% | 778,611 |
Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(a)(b) | ||
Series 2024-HQA1 Class A1 | ||
300,000 | 6.57%, 03/25/2044 1-mo. SOFR + 1.25% | 300,750 |
Series 2024-HQA1 Class M1 | ||
300,000 | 6.57%, 03/25/2044 1-mo. SOFR + 1.25% | 300,188 |
Series 2024-HQA1 Class M2 | ||
75,000 | 7.32%, 03/25/2044 1-mo. SOFR + 2.00% | 75,023 |
Federal Home Loan Mortgage Corp Structured Agency Credit Risk Trust(a)(b) | ||
Series 2018-DNA3 Class M2A | ||
272,766 | 6.34%, 09/25/2048 1-mo. SOFR + 1.01% | 272,780 |
Series 2018-DNA3 Class M2A | ||
1,127,013 | 7.54%, 09/25/2048 1-mo. SOFR + 2.21% | 1,131,978 |
7,000,000 | Government National Mortgage Association 4.50%, TBA | 6,725,801 |
10,212,702 | ||
TOTAL MORTGAGE-BACKED SECURITIES — 6.27% (Cost $24,535,157) | $24,532,879 | |
U.S. TREASURY BONDS AND NOTES | ||
U.S. Treasury Inflation Indexed Bonds TIPS | ||
32,572,532(f) | 0.63%, 01/15/2026 | 31,641,210 |
24,231,879(f) | 0.13%, 07/15/2026 | 23,228,056 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
U.S. Treasury Bonds and Notes — (continued) | ||
$ 22,755,192(f) | 0.38%, 01/15/2027 | $ 21,707,759 |
94,055,112(f) | 1.63%, 10/15/2027 | 93,164,320 |
9,633,414(f) | 0.50%, 01/15/2028 | 9,116,570 |
18,826,563(f) | 2.38%, 10/15/2028 | 19,265,968 |
30,465,712(f) | 0.13%, 01/15/2030 | 27,589,281 |
31,131,690(f) | 0.13%, 07/15/2030 | 28,049,439 |
10,786,537(f) | 1.13%, 01/15/2033 | 10,117,502 |
27,689,966(f) | 1.38%, 07/15/2033 | 26,578,190 |
32,114,559(f) | 1.75%, 01/15/2034 | 31,708,635 |
11,125,186(f) | 1.50%, 02/15/2053 | 9,711,618 |
TOTAL U.S. TREASURY BONDS AND NOTES — 84.84% (Cost $327,410,925) | $331,878,548 | |
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 0.05% | ||
195,020 | Undivided interest of 0.11% 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 $195,020 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) | 195,020 |
TOTAL SHORT TERM INVESTMENTS — 0.05% (Cost $195,020) | $195,020 | |
TOTAL INVESTMENTS — 99.08% (Cost $383,030,244) | $387,613,077 | |
OTHER ASSETS & LIABILITIES, NET — 0.92% | $3,590,608 | |
TOTAL NET ASSETS — 100.00% | $391,203,685 |
(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. |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. |
TBA | To Be Announced |
TIPS | Treasury Inflation Protected Securities |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES 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) | |
Long | |||||
U.S. 10 Year Treasury Note Futures | 261 | USD | 28,918 | Jun 2024 | $126,154 |
U.S. 2 Year Treasury Note Futures | 3 | USD | 613 | Jun 2024 | 563 |
U.S. 5 Year Treasury Note Futures | 229 | USD | 24,507 | Jun 2024 | 49,028 |
Short | |||||
U.S. 10 Year Treasury Ultra Futures | 37 | USD | 4,241 | Jun 2024 | (26,434) |
U.S. Long Bond Futures | 20 | USD | 2,409 | Jun 2024 | (19,533) |
U.S. Ultra Bond Futures | 148 | USD | 19,092 | Jun 2024 | (228,693) |
Net Depreciation | $(98,915) |
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) | |
1-day SOFR | Annual | 2.68% | Annual | USD | 7,240 | 07/28/2032 | $437,397 |
2.91 | Annual | 1-day SOFR | Annual | USD | 18,940 | 07/28/2037 | (650,944) |
1-day SOFR | Annual | 2.08% | Annual | USD | 18,040 | 07/28/2047 | 470,229 |
3.39 | Annual | 1-day SOFR | Annual | USD | 24,050 | 05/10/2038 | (262,274) |
1-day SOFR | Annual | 2.56% | Annual | USD | 20,470 | 05/11/2053 | 445,711 |
4.31 | Annual | 1-day SOFR | Annual | USD | 7,130 | 10/05/2033 | 259,857 |
1-day SOFR | Annual | 3.61% | Annual | USD | 4,640 | 11/15/2053 | (205,762) |
3.73 | Annual | 1-day SOFR | Annual | USD | 3,500 | 11/28/2027 | 51,885 |
1-day SOFR | Annual | 3.51% | Annual | USD | 1,190 | 11/29/2053 | (23,637) |
3.85 | Annual | 1-day SOFR | Annual | USD | 7,480 | 11/15/2033 | 139,789 |
1-day SOFR | Annual | 3.98% | Annual | USD | 22,660 | 08/31/2028 | (241,101) |
Net Appreciation | $421,150 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 5.20% | ||
9,998 | Air Liquide SA | $ 2,080,077 |
3,183 | Akzo Nobel NV | 237,827 |
33,321 | Anglo American PLC | 821,038 |
7,580 | Antofagasta PLC | 194,604 |
9,460 | ArcelorMittal SA | 260,029 |
7,011 | Arkema SA | 738,119 |
24,200 | Asahi Kasei Corp | 177,465 |
17,192 | BASF SE | 982,421 |
96,617 | BHP Group Ltd | 2,793,572 |
113,775 | BlueScope Steel Ltd | 1,769,551 |
5,734 | Boliden AB | 159,220 |
2,425 | Brenntag SE | 204,382 |
3,761 | Clariant AG | 50,886 |
3,686 | Covestro AG(a)(b) | 201,625 |
2,483 | Croda International PLC | 153,605 |
23,564 | DSM-Firmenich AG | 2,679,991 |
139 | EMS-Chemie Holding AG(b) | 106,532 |
3,114 | Endeavour Mining PLC | 63,150 |
4,853 | Evonik Industries AG | 95,994 |
113,903 | Fortescue Ltd | 1,906,166 |
177 | Givaudan SA | 787,958 |
197,769 | Glencore PLC | 1,085,143 |
1,732 | Holmen AB Class B | 70,458 |
66,538 | ICL Group Ltd | 352,640 |
10,600 | JFE Holdings Inc | 175,680 |
22,600 | Kaneka Corp | 562,377 |
33,500 | Kingboard Holdings Ltd | 68,397 |
54,900 | Kuraray Co Ltd | 588,059 |
3,571 | Mineral Resources Ltd | 164,759 |
112,300 | Mitsubishi Chemical Group Corp | 684,387 |
8,100 | Mitsubishi Gas Chemical Co Inc | 135,876 |
24,900 | Mitsui Chemicals Inc | 730,466 |
9,306 | Mondi PLC | 163,850 |
16,800 | Nippon Paint Holdings Co Ltd | 120,913 |
2,900 | Nippon Sanso Holdings Corp | 90,990 |
16,200 | Nippon Soda Co Ltd(b) | 648,614 |
16,300 | Nippon Steel Corp | 392,251 |
2,300 | Nissan Chemical Corp | 87,115 |
2,600 | Nitto Denko Corp | 237,749 |
28,200 | Norsk Hydro ASA | 154,970 |
21,931 | Northern Star Resources Ltd | 206,931 |
6,988 | Novonesis / Novozymes Class B | 411,045 |
2,351 | OCI NV | 64,438 |
51,234 | Pilbara Minerals Ltd | 127,851 |
37,769 | Rio Tinto Ltd | 2,997,542 |
21,466 | Rio Tinto PLC | 1,356,913 |
34,300 | Shin-Etsu Chemical Co Ltd | 1,504,465 |
5,105 | Smurfit Kappa Group PLC | 232,768 |
4,700 | Solvay SA | 128,271 |
91,871 | South32 Ltd | 179,270 |
4,300 | Sumitomo Metal Mining Co Ltd | 128,399 |
6,081 | Syensqo SA(b) | 576,210 |
2,486 | Symrise AG | 297,602 |
34,400 | Tokuyama Corp | 602,391 |
Shares | Fair Value | |
Basic Materials — (continued) | ||
47,300 | Tokyo Steel Manufacturing Co Ltd | $ 518,664 |
24,400 | Toray Industries Inc | 117,165 |
5,600 | UBE Corp | 99,761 |
3,617 | Umicore SA | 77,981 |
9,757 | UPM-Kymmene OYJ | 325,072 |
2,260 | voestalpine AG | 63,400 |
9,300 | Yamato Kogyo Co Ltd | 529,002 |
16,124 | Yara International ASA | 511,278 |
34,035,325 | ||
Communications — 5.18% | ||
5,860 | Adevinta ASA(b) | 61,426 |
406,000 | Airtel Africa PLC(a) | 542,343 |
18,807 | Auto Trader Group PLC(a) | 166,035 |
649,600 | Bezeq The Israeli Telecommunication Corp Ltd | 834,722 |
11,652 | Bollore SE(b) | 77,849 |
940,738 | BT Group PLC | 1,301,349 |
7,077 | CAR Group Ltd | 166,351 |
3,418 | Delivery Hero SE(a)(b) | 97,736 |
3,800 | Dentsu Group Inc | 105,514 |
61,782 | Deutsche Telekom AG | 1,499,732 |
2,470 | Elisa OYJ(b) | 110,121 |
33,669 | Grab Holdings Ltd Class A(b) | 105,721 |
300 | Hikari Tsushin Inc | 56,421 |
61,000 | HKT Trust & HKT Ltd | 71,174 |
26,535 | Informa PLC | 278,338 |
11,800 | IPSOS SA | 831,898 |
44,400 | KDDI Corp | 1,312,762 |
68,258 | Koninklijke KPN NV(b) | 255,314 |
46,100 | LY Corp | 116,770 |
8,300 | M3 Inc | 119,448 |
2,000 | MercadoLibre Inc(b) | 3,023,920 |
37,700 | Metropole Television SA(b) | 562,011 |
5,700 | MonotaRO Co Ltd | 68,611 |
1,241 | Nice Ltd(b) | 322,959 |
9,000 | Nice Ltd Sponsored ADR(b)(c) | 2,345,580 |
1,455,100 | Nippon Telegraph & Telephone Corp | 1,733,174 |
60,300 | Nippon Television Holdings Inc | 882,761 |
231,801 | Nokia OYJ | 822,455 |
114,000 | NOS SGPS SA | 445,959 |
101,245 | Orange SA | 1,190,647 |
10,971 | Pearson PLC | 144,391 |
28,025 | Prosus NV | 877,196 |
15,205 | Publicis Groupe SA | 1,657,662 |
28,700 | Rakuten Group Inc(b) | 162,904 |
19,800 | Reach PLC(b) | 19,645 |
1,540 | Scout24 SE(a) | 116,021 |
6,908 | Sea Ltd ADR(b) | 371,029 |
6,952 | SEEK Ltd | 113,363 |
40,000 | Shopify Inc Class A(b) | 3,086,800 |
159,300 | Singapore Telecommunications Ltd | 299,376 |
54,800 | SoftBank Corp | 705,547 |
19,600 | SoftBank Group Corp | 1,163,954 |
36,488 | Spark New Zealand Ltd | 103,876 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Communications — (continued) | ||
515 | Swisscom AG | $ 315,209 |
12,092 | Tele2 AB Class B | 99,293 |
209,032 | Telecom Italia SpA(b) | 50,763 |
159,048 | Telefonaktiebolaget LM Ericsson Class B | 855,386 |
233,291 | Telefonica SA | 1,030,275 |
11,377 | Telenor ASA | 126,539 |
32,700 | Television Francaise 1 SA | 298,694 |
47,999 | Telia Co AB | 123,019 |
79,349 | Telstra Group Ltd | 199,596 |
2,600 | Trend Micro Inc | 132,045 |
29,500 | United Internet AG | 663,873 |
11,846 | Vivendi SE | 129,096 |
423,783 | Vodafone Group PLC | 375,810 |
1,087 | Wix.com Ltd(b) | 149,441 |
4,740 | Wolters Kluwer NV | 742,238 |
21,145 | WPP PLC | 200,341 |
2,100 | ZOZO Inc | 52,122 |
33,874,605 | ||
Consumer, Cyclical — 15.70% | ||
3,371 | Accor SA | 157,380 |
3,088 | adidas AG | 689,951 |
3,200 | Aisin Corp | 130,761 |
3,100 | ANA Holdings Inc | 64,788 |
10,532 | Aristocrat Leisure Ltd | 294,905 |
29,238 | Associated British Foods PLC | 922,114 |
1,599 | Avolta AG(b) | 66,578 |
12,200 | Bandai Namco Holdings Inc | 226,373 |
65,281 | Barratt Developments PLC | 391,739 |
27,558 | Bayerische Motoren Werke AG | 3,179,620 |
6,600 | Bellway PLC | 221,236 |
2,097 | Berkeley Group Holdings PLC | 125,989 |
58,700 | Betsson AB Class B | 580,824 |
9,800 | Bilia AB Class A(b) | 125,598 |
11,100 | Bridgestone Corp | 491,949 |
6,259 | Bunzl PLC | 240,752 |
6,398 | Burberry Group PLC | 97,826 |
10,247 | Cie Financiere Richemont SA | 1,560,007 |
30,670 | Cie Generale des Etablissements Michelin SCA | 1,175,382 |
135,600 | Citizen Watch Co Ltd | 893,563 |
6,100 | City Developments Ltd | 26,424 |
32,575 | Compass Group PLC | 955,098 |
2,313 | Continental AG | 166,964 |
30,000 | CTS Eventim AG & Co KGaA | 2,667,395 |
38,072 | Daimler Truck Holding AG | 1,929,296 |
11,600 | Daiwa House Industry Co Ltd | 345,279 |
8,100 | Daiwabo Holdings Co Ltd(b) | 135,604 |
24,300 | DCM Holdings Co Ltd | 235,034 |
36,400 | Denso Corp | 697,121 |
12,216 | Deutsche Lufthansa AG(b) | 96,010 |
484 | D'ieteren Group | 107,304 |
11,311 | Entain PLC | 113,477 |
52,300 | Europris ASA(a)(b) | 376,659 |
3,494 | Evolution AB(a) | 433,969 |
3,400 | Fast Retailing Co Ltd | 1,053,409 |
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
2,403 | Ferrari NV | $ 1,047,797 |
3,374 | Flutter Entertainment PLC(b) | 668,743 |
74,400 | Frasers Group PLC(b) | 762,973 |
45,000 | Galaxy Entertainment Group Ltd | 226,218 |
125,893 | Genting Singapore Ltd | 82,565 |
13,252 | H & M Hennes & Mauritz AB Class B | 216,088 |
177,800 | Harvey Norman Holdings Ltd | 596,695 |
604 | Hermes International SCA | 1,543,697 |
265,400 | Honda Motor Co Ltd | 3,283,978 |
2,600 | Hornbach Holding AG & Co KGaA | 208,874 |
1,900 | Hoshizaki Corp | 69,325 |
90,300 | IDOM Inc(b) | 622,759 |
3,200 | Iida Group Holdings Co Ltd | 41,413 |
1,171 | IMCD NV | 206,108 |
20,929 | Industria de Diseno Textil SA | 1,053,910 |
3,079 | InterContinental Hotels Group PLC | 319,867 |
89,700 | Isuzu Motors Ltd | 1,212,515 |
37,400 | ITOCHU Corp | 1,606,689 |
24,800 | Iveco Group NV(b) | 369,451 |
2,400 | Japan Airlines Co Ltd | 45,571 |
40,600 | Jardine Cycle & Carriage Ltd | 726,927 |
19,400 | JB Hi-Fi Ltd | 812,131 |
51,327 | JD Sports Fashion PLC | 87,165 |
123,600 | JVCKenwood Corp | 760,585 |
3,400 | Kaufman & Broad SA(b) | 99,127 |
1,389 | Kering SA | 550,162 |
400,326 | Kingfisher PLC | 1,259,430 |
3,400 | Kohnan Shoji Co Ltd | 98,059 |
3,900 | Koito Manufacturing Co Ltd | 52,571 |
23,400 | Komeri Co Ltd | 533,536 |
1,748 | La Francaise des Jeux SAEM(a) | 71,245 |
40,516 | Lottery Corp Ltd | 135,874 |
5,264 | LVMH Moet Hennessy Louis Vuitton SE | 4,736,545 |
121,800 | Marubeni Corp | 2,109,534 |
6,200 | MatsukiyoCocokara & Co | 99,553 |
10,400 | Mazda Motor Corp | 120,532 |
1,400 | McDonald's Holdings Co Japan Ltd | 62,954 |
39,394 | Mercedes-Benz Group AG | 3,137,227 |
113,400 | Mitsubishi Corp | 2,620,813 |
43,100 | Mitsui & Co Ltd | 2,014,993 |
31,600 | Mitsui-Soko Holdings Co Ltd | 976,380 |
3,937 | Moncler SpA | 293,783 |
2,279 | Next PLC | 265,593 |
19,800 | Nintendo Co Ltd | 1,080,379 |
49,200 | Nissan Motor Co Ltd | 194,954 |
24,300 | Niterra Co Ltd | 806,757 |
1,500 | Nitori Holdings Co Ltd | 227,328 |
15,400 | Okamura Corp | 227,006 |
21,200 | Oriental Land Co Ltd | 679,157 |
7,600 | Pan Pacific International Holdings Corp | 201,413 |
43,000 | Panasonic Holdings Corp | 410,382 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
8,037 | Pandora A/S | $ 1,297,220 |
6,410 | Persimmon PLC | 106,240 |
173,500 | Pets at Home Group PLC | 587,312 |
175,100 | Piaggio & C SpA | 553,728 |
138,955 | Pirelli & C SpA(a) | 850,824 |
102,024 | Puma SE | 4,617,239 |
225,954 | Qantas Airways Ltd(b) | 802,166 |
98 | Rational AG | 84,437 |
68,600 | Redrow PLC | 575,779 |
3,925 | Reece Ltd | 71,866 |
3,727 | Renault SA | 188,065 |
49,272 | Rexel SA | 1,330,981 |
230,000 | RS Group PLC | 2,108,307 |
40,400 | Sands China Ltd(b) | 113,978 |
93,500 | Sankyo Co Ltd | 1,021,374 |
438 | SEB SA | 56,039 |
7,200 | Sekisui Chemical Co Ltd | 105,340 |
11,300 | Sekisui House Ltd | 257,388 |
2,932 | Seven Group Holdings Ltd(b) | 77,914 |
6,200 | Sharp Corp(b) | 34,531 |
1,400 | Shimano Inc | 208,269 |
29,600 | Singapore Airlines Ltd | 140,289 |
1,856 | Sodexo SA | 159,103 |
30,200 | Sojitz Corp | 796,643 |
24,000 | Sony Group Corp | 2,058,017 |
85,332 | Stellantis NV | 2,424,664 |
56,100 | Subaru Corp | 1,270,544 |
63,400 | Sumitomo Corp | 1,527,176 |
13,100 | Sumitomo Electric Industries Ltd | 202,989 |
22,200 | Sumitomo Forestry Co Ltd | 700,140 |
62,900 | Super Retail Group Ltd | 660,057 |
30,800 | Suzuki Motor Corp | 351,652 |
6,570 | Swatch Group AG | 1,309,958 |
67,688 | Taylor Wimpey PLC | 116,981 |
1,800 | Toho Co Ltd | 59,769 |
39,600 | Tokmanni Group Corp | 648,516 |
30,300 | Toyota Boshoku Corp | 516,332 |
2,600 | Toyota Industries Corp | 272,041 |
202,100 | Toyota Motor Corp | 5,108,071 |
3,800 | Toyota Tsusho Corp | 260,949 |
15,693 | Universal Music Group NV | 471,582 |
6,600 | USS Co Ltd | 54,563 |
13,900 | Valor Holdings Co Ltd(b) | 227,197 |
667 | Volkswagen AG | 101,890 |
4,233 | Volvo AB Class A | 116,563 |
124,218 | Volvo AB Class B | 3,366,488 |
10,764 | Volvo Car AB Class B(b) | 40,752 |
96,900 | VTech Holdings Ltd | 587,728 |
21,630 | Wesfarmers Ltd | 964,152 |
3,545 | Whitbread PLC | 148,164 |
2,300 | Yamaha Corp | 49,645 |
126,000 | Yamaha Motor Co Ltd | 1,160,658 |
27,100 | Yokohama Rubber Co Ltd | 730,957 |
231,000 | Yue Yuen Industrial Holdings Ltd | 324,658 |
4,756 | Zalando SE(a)(b) | 136,000 |
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
1,500 | Zensho Holdings Co Ltd | $ 62,378 |
102,789,972 | ||
Consumer, Non-Cyclical — 22.28% | ||
15,507 | Adecco Group AG | 613,493 |
424 | Adyen NV(a)(b) | 716,196 |
12,400 | Aeon Co Ltd | 294,152 |
9,000 | Ajinomoto Co Inc | 336,092 |
39,526 | Alcon Inc | 3,269,254 |
58,375 | Amadeus IT Group SA | 3,747,495 |
2,021 | Amplifon SpA | 73,671 |
16,557 | Anheuser-Busch InBev SA | 1,007,894 |
9,500 | Arcs Co Ltd | 196,192 |
1,093 | Argenx SE(b) | 430,942 |
9,300 | Asahi Group Holdings Ltd | 341,495 |
143,500 | Asahi Intecc Co Ltd | 2,514,090 |
8,219 | Ashtead Group PLC | 585,224 |
35,500 | Astellas Pharma Inc | 381,367 |
29,548 | AstraZeneca PLC | 3,968,842 |
18,100 | Austevoll Seafood ASA | 142,407 |
788 | Bachem Holding AG | 75,461 |
68 | Barry Callebaut AG | 98,777 |
32,996 | Bayer AG | 1,010,492 |
1,938 | Beiersdorf AG | 282,169 |
653 | BioMerieux | 72,022 |
26,266 | Brambles Ltd | 276,426 |
69,166 | British American Tobacco PLC | 2,098,824 |
6,147 | Bureau Veritas SA | 187,690 |
873 | Carl Zeiss Meditec AG | 108,973 |
1,861 | Carlsberg AS Class B | 254,855 |
27,057 | Carrefour SA | 464,146 |
26 | Chocoladefabriken Lindt & Spruengli AG | 528,530 |
13,100 | Chugai Pharmaceutical Co Ltd | 500,622 |
193,500 | CK Hutchison Holdings Ltd | 931,247 |
92,300 | Cloetta AB Class B | 156,858 |
14,702 | Coca-Cola Europacific Partners PLC | 1,028,405 |
48,896 | Coca-Cola HBC AG | 1,544,508 |
9,181 | Cochlear Ltd | 2,019,184 |
24,228 | Coles Group Ltd | 267,458 |
2,417 | Coloplast A/S Class B | 326,336 |
23,209 | CSL Ltd | 4,354,636 |
3,900 | Dai Nippon Printing Co Ltd | 119,440 |
165,300 | Daiichi Sankyo Co Ltd | 5,259,664 |
12,274 | Danone SA | 793,453 |
12,178 | Davide Campari-Milano NV | 122,389 |
2,079 | Demant A/S(b) | 103,333 |
42,610 | Diageo PLC | 1,576,393 |
530 | DiaSorin SpA | 51,148 |
2,976 | EBOS Group Ltd | 60,865 |
4,977 | Edenred SE | 265,746 |
4,800 | Eisai Co Ltd | 197,706 |
101,200 | Elders Ltd | 618,474 |
30,748 | Endeavour Group Ltd | 110,398 |
5,623 | EssilorLuxottica SA | 1,271,992 |
11,081 | Essity AB Class B | 263,220 |
2,788 | Eurofins Scientific SE | 177,597 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
200,000 | Evotec SE(b) | $ 3,117,072 |
77,171 | Experian PLC | 3,361,590 |
548,400 | First Resources Ltd | 556,412 |
11,889 | Fisher & Paykel Healthcare Corp Ltd | 182,194 |
3,582 | Fresenius Medical Care AG | 137,638 |
29,777 | Fresenius SE & Co KGaA | 802,993 |
21,900 | FUJIFILM Holdings Corp | 491,756 |
11,233 | Genmab A/S(b) | 3,367,975 |
5,097 | Getinge AB Class B | 102,515 |
4,834 | Grifols SA(b) | 43,482 |
229,838 | GSK PLC | 4,934,129 |
132,659 | Haleon PLC | 555,860 |
2,664 | Heineken Holding NV | 214,996 |
5,381 | Heineken NV | 518,771 |
1,894 | Henkel AG & Co KGaA | 136,470 |
41,395 | Hikma Pharmaceuticals PLC | 1,001,124 |
4,461 | IDP Education Ltd | 52,074 |
60,632 | Imperial Brands PLC | 1,355,020 |
146,900 | Inghams Group Ltd | 343,666 |
3,179 | Intertek Group PLC | 200,071 |
3,843 | Ipsen SA | 457,304 |
22,020 | Itoham Yonekyu Holdings Inc | 578,496 |
287,140 | J Sainsbury PLC | 980,058 |
23,100 | Japan Tobacco Inc | 615,890 |
2,217 | JDE Peet's NV | 46,545 |
4,983 | Jeronimo Martins SGPS SA | 98,864 |
31,700 | Kanamoto Co Ltd | 565,428 |
9,100 | Kao Corp | 340,051 |
2,950 | Kerry Group PLC Class A | 252,775 |
5,495 | Kesko OYJ Class B | 102,724 |
13,500 | Kikkoman Corp | 173,266 |
15,100 | Kirin Holdings Co Ltd | 209,985 |
2,500 | Kobe Bussan Co Ltd | 61,258 |
68,722 | Koninklijke Ahold Delhaize NV | 2,056,292 |
15,025 | Koninklijke Philips NV | 300,711 |
5,600 | Kyowa Kirin Co Ltd | 100,750 |
4,785 | Lifco AB Class B | 124,957 |
1,420 | Lonza Group AG | 848,590 |
20,500 | Loomis AB | 572,185 |
4,587 | L'Oreal SA | 2,172,280 |
9 | Lotus Bakeries NV | 86,902 |
214,900 | Marks & Spencer Group PLC | 719,400 |
50,228 | Medibank Pvt Ltd(b) | 123,065 |
4,400 | MEIJI Holdings Co Ltd | 96,064 |
2,517 | Merck KGaA | 443,838 |
21,600 | Metcash Ltd | 55,049 |
456,500 | Mitie Group PLC | 603,827 |
35,146 | Mowi ASA | 645,587 |
50,895 | Nestle SA | 5,407,592 |
9,236 | Nexi SpA(a)(b) | 58,518 |
3,300 | Nissin Foods Holdings Co Ltd | 90,975 |
78,100 | Nissui Corp(b) | 489,678 |
305 | NMC Health PLC(b)(d) | 19 |
89,971 | Novartis AG | 8,714,451 |
62,204 | Novo Nordisk A/S Class B | 7,979,119 |
9,286 | Ocado Group PLC(b) | 53,242 |
22,700 | Olympus Corp | 326,842 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
61,100 | Ono Pharmaceutical Co Ltd | $ 1,001,120 |
1,650 | Orion OYJ Class B | 61,507 |
49,455 | Orkla ASA | 349,287 |
30,400 | Otsuka Holdings Co Ltd | 1,262,764 |
3,809 | Pernod Ricard SA | 616,619 |
4,361 | QIAGEN NV | 186,379 |
3,242 | Ramsay Health Care Ltd | 119,351 |
7,863 | Randstad NV | 415,212 |
13,718 | Reckitt Benckiser Group PLC | 781,821 |
2,069 | Recordati Industria Chimica e Farmaceutica SpA | 114,246 |
27,400 | Recruit Holdings Co Ltd | 1,203,046 |
107,600 | Redde Northgate PLC(b) | 517,425 |
35,936 | RELX PLC | 1,549,301 |
458 | Remy Cointreau SA | 46,247 |
50,573 | Rentokil Initial PLC | 300,618 |
21,347 | Roche Holding AG | 5,459,692 |
1,157 | Salmar ASA | 76,360 |
16,237 | Sandoz Group AG(b) | 490,126 |
48,397 | Sanofi SA | 4,708,293 |
60,700 | Santen Pharmaceutical Co Ltd | 596,943 |
548 | Sartorius Stedim Biotech | 156,305 |
7,500 | Scandinavian Tobacco Group A/S(a) | 134,296 |
4,200 | Secom Co Ltd | 304,723 |
73,544 | Securitas AB Class B | 758,168 |
43,700 | Seven & i Holdings Co Ltd | 636,966 |
2,816 | SGS SA | 273,385 |
21,800 | Shionogi & Co Ltd | 1,114,019 |
7,800 | Shiseido Co Ltd | 214,035 |
5,624 | Siemens Healthineers AG(a) | 343,951 |
16,381 | Smith & Nephew PLC | 205,032 |
2,800 | Societe BIC SA | 200,078 |
174,000 | Sonae SGPS SA(b) | 165,128 |
9,314 | Sonic Healthcare Ltd | 178,482 |
969 | Sonova Holding AG | 280,616 |
2,126 | Straumann Holding AG | 339,220 |
47,800 | Suedzucker AG | 685,355 |
12,000,000 | Sumber Alfaria Trijaya Tbk PT | 2,203,367 |
2,200 | Suntory Beverage & Food Ltd | 74,415 |
3,459 | Swedish Orphan Biovitrum AB(b) | 86,346 |
9,600 | Sysmex Corp | 171,311 |
30,700 | Takeda Pharmaceutical Co Ltd | 853,886 |
8,000 | Tecan Group AG | 3,314,637 |
26,200 | Terumo Corp | 479,425 |
533,738 | Tesco PLC | 1,998,425 |
20,940 | Teva Pharmaceutical Industries Ltd Sponsored ADR(b) | 295,464 |
4,700 | TOPPAN Holdings Inc | 117,815 |
58,867 | Transurban Group | 510,677 |
14,620 | Treasury Wine Estates Ltd | 118,591 |
2,388 | UCB SA | 294,792 |
8,100 | Unicharm Corp | 257,874 |
47,660 | Unilever PLC | 2,392,315 |
832,000 | United Laboratories International Holdings Ltd | 953,185 |
1,123,943 | WH Group Ltd(a) | 741,893 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
42,100 | Wilmar International Ltd | $ 106,939 |
11,910 | Wise PLC Class A | 139,190 |
23,658 | Woolworths Group Ltd | 511,391 |
4,131 | Worldline SA(a)(b) | 51,107 |
4,700 | Yakult Honsha Co Ltd | 96,061 |
145,841,850 | ||
Diversified — 0.02% | ||
2,800 | Jardine Matheson Holdings Ltd | 102,564 |
Energy — 4.75% | ||
5,641 | Aker BP ASA | 141,485 |
4,740 | Ampol Ltd | 122,956 |
22,364 | APA Group | 122,577 |
371,200 | Beach Energy Ltd | 445,199 |
559,771 | BP PLC | 3,511,325 |
1,819 | DCC PLC(b) | 132,297 |
198,200 | ENEOS Holdings Inc | 954,898 |
112,428 | Eni SpA | 1,780,194 |
50,247 | Equinor ASA | 1,347,343 |
7,950 | Galp Energia SGPS SA | 131,433 |
18,000 | Idemitsu Kosan Co Ltd | 123,411 |
59,500 | Inpex Corp | 904,471 |
7,537 | Neste OYJ | 204,368 |
217,200 | New Hope Corp Ltd | 658,000 |
16,331 | OMV AG | 773,480 |
131,390 | Repsol SA | 2,193,067 |
23,800 | Rubis SCA | 840,290 |
63,736 | Santos Ltd | 322,688 |
624,189 | Seatrium Ltd(b) | 36,480 |
240,696 | Shell PLC(b) | 7,984,641 |
89,482 | TotalEnergies SE | 6,155,432 |
19,036 | Vestas Wind Systems A/S(b) | 530,983 |
204,700 | Whitehaven Coal Ltd | 946,646 |
36,192 | Woodside Energy Group Ltd | 721,391 |
31,085,055 | ||
Financial — 19.83% | ||
64,455 | 3i Group PLC | 2,284,591 |
108,815 | ABN AMRO Bank NV(a) | 1,862,075 |
31,402 | abrdn PLC | 55,919 |
4,736 | Admiral Group PLC | 169,667 |
159,099 | Aegon Ltd | 970,638 |
3,835 | AerCap Holdings NV(b) | 333,300 |
17,711 | Ageas SA | 820,475 |
216,600 | AIA Group Ltd | 1,456,976 |
32,251 | AIB Group PLC | 163,721 |
11,092 | Allianz SE | 3,324,475 |
1,167 | Amundi SA(a) | 80,158 |
135,027 | ANZ Group Holdings Ltd | 2,587,936 |
15,903 | ASR Nederland NV | 779,405 |
19,568 | Assicurazioni Generali SpA | 495,335 |
4,046 | ASX Ltd | 175,041 |
87,339 | Aviva PLC | 547,915 |
64,719 | AXA SA | 2,430,581 |
813 | Azrieli Group Ltd | 58,663 |
Shares | Fair Value | |
Financial — (continued) | ||
3,161 | Baloise Holding AG | $ 495,663 |
252,111 | Banco Bilbao Vizcaya Argentaria SA | 3,002,273 |
25,045 | Banco BPM SpA | 166,632 |
597,917 | Banco Santander SA | 2,920,494 |
24,417 | Bank Hapoalim BM | 228,823 |
28,424 | Bank Leumi Le-Israel BM | 236,274 |
109,828 | Bank of Ireland Group PLC | 1,120,807 |
545 | Banque Cantonale Vaudoise | 63,403 |
288,862 | Barclays PLC | 669,407 |
16,500 | BAWAG Group AG(a) | 1,044,313 |
39,786 | BNP Paribas SA | 2,832,569 |
74,000 | BOC Hong Kong Holdings Ltd | 198,415 |
69,033 | CaixaBank SA | 334,989 |
69,900 | CapitaLand Ascendas REIT | 143,384 |
91,977 | CapitaLand Integrated Commercial Trust REIT(b) | 134,862 |
47,800 | Capitaland Investment Ltd | 94,852 |
12,200 | Chiba Bank Ltd(b) | 101,518 |
40,000 | CK Asset Holdings Ltd | 164,827 |
19,492 | Commerzbank AG | 267,903 |
31,921 | Commonwealth Bank of Australia | 2,503,860 |
9,466 | Computershare Ltd | 161,233 |
23,200 | Concordia Financial Group Ltd | 116,608 |
924 | Covivio SA REIT | 47,627 |
65,775 | Credit Agricole SA | 981,230 |
34,300 | Credit Saison Co Ltd | 707,500 |
17,700 | Dai-ichi Life Holdings Inc | 451,430 |
1,200 | Daito Trust Construction Co Ltd | 136,899 |
25,800 | Daiwa Securities Group Inc | 196,295 |
44,691 | Danske Bank A/S | 1,341,464 |
70,300 | DBS Group Holdings Ltd | 1,876,154 |
118,248 | Deutsche Bank AG | 1,862,442 |
3,683 | Deutsche Boerse AG | 754,244 |
21,819 | Dexus REIT | 112,424 |
61,698 | DNB Bank ASA | 1,226,405 |
6,762 | EQT AB | 214,082 |
22,007 | Erste Group Bank AG | 980,805 |
34,400 | ESR Group Ltd(a) | 36,856 |
889 | Eurazeo SE | 77,899 |
1,583 | Euronext NV(a) | 150,655 |
1,868 | EXOR NV | 207,884 |
13,422 | Fastighets AB Balder Class B(b) | 98,591 |
11,912 | FinecoBank Banca Fineco SpA | 178,404 |
1,000 | Futu Holdings Ltd ADR | 54,150 |
821 | Gecina SA REIT | 83,861 |
3,313 | Gjensidige Forsikring ASA(b) | 48,086 |
71 | GLP J-REIT | 59,498 |
32,836 | Goodman Group REIT | 723,287 |
40,132 | GPT Group REIT | 119,433 |
1,697 | Groupe Bruxelles Lambert NV | 128,290 |
134,400 | Gunma Bank Ltd | 763,055 |
34,000 | Hang Lung Properties Ltd | 34,964 |
15,600 | Hang Seng Bank Ltd | 171,003 |
1,120 | Hannover Rueck SE | 306,687 |
6,886 | Hargreaves Lansdown PLC | 63,892 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
338,000 | Helia Group Ltd | $ 861,178 |
742 | Helvetia Holding AG | 102,300 |
24,000 | Henderson Land Development Co Ltd | 68,536 |
22,600 | Hong Kong Exchanges & Clearing Ltd | 658,525 |
17,300 | Hongkong Land Holdings Ltd | 51,208 |
616,762 | HSBC Holdings PLC | 4,820,336 |
7,300 | Hulic Co Ltd(b) | 74,973 |
2,036 | Industrivarden AB Class A | 70,018 |
2,429 | Industrivarden AB Class C(b) | 83,525 |
124,447 | ING Groep NV | 2,048,813 |
42,006 | Insurance Australia Group Ltd(b) | 175,220 |
100,000 | Intermediate Capital Group PLC | 2,588,884 |
278,796 | Intesa Sanpaolo SpA | 1,012,182 |
94,800 | Investec PLC | 635,324 |
33,194 | Investor AB Class B | 832,981 |
23,331 | Israel Discount Bank Ltd Class A | 120,659 |
16,500 | Jaccs Co Ltd | 599,410 |
9,200 | Japan Exchange Group Inc | 249,186 |
110 | Japan Metropolitan Fund Invest REIT | 68,540 |
26,200 | Japan Post Bank Co Ltd | 281,528 |
174,500 | Japan Post Holdings Co Ltd | 1,758,110 |
3,300 | Japan Post Insurance Co Ltd | 63,080 |
24 | Japan Real Estate Investment Corp REIT | 85,556 |
12,448 | Julius Baer Group Ltd | 721,964 |
11,600 | Jyske Bank A/S | 982,586 |
4,946 | KBC Group NV | 370,813 |
70 | KDX Realty Investment Corp REIT(b) | 74,402 |
3,748 | Klepierre SA REIT | 97,019 |
1,231 | L E Lundbergforetagen AB Class B | 66,632 |
14,023 | Land Securities Group PLC REIT | 116,439 |
1,545 | LEG Immobilien SE(b) | 132,702 |
230,644 | Legal & General Group PLC | 740,693 |
52,067 | Link REIT | 224,222 |
2,351,918 | Lloyds Banking Group PLC | 1,537,848 |
7,939 | London Stock Exchange Group PLC | 949,732 |
41,933 | M&G PLC | 116,661 |
26,973 | Macquarie Group Ltd | 3,508,574 |
230,800 | Mapfre SA | 583,505 |
52,506 | Mapletree Logistics Trust REIT | 56,769 |
53,800 | Mapletree Pan Asia Commercial Trust REIT | 50,993 |
49,900 | McMillan Shakespeare Ltd | 638,049 |
59,348 | Mediobanca Banca di Credito Finanziario SpA(b) | 884,375 |
60,700 | Mercialys SA REIT | 707,120 |
78,534 | Mirvac Group REIT | 120,708 |
22,300 | Mitsubishi Estate Co Ltd | 406,885 |
159,400 | Mitsubishi HC Capital Inc | 1,111,758 |
Shares | Fair Value | |
Financial — (continued) | ||
336,300 | Mitsubishi UFJ Financial Group Inc | $ 3,421,550 |
51,600 | Mitsui Fudosan Co Ltd | 556,324 |
3,059 | Mizrahi Tefahot Bank Ltd | 114,681 |
101,500 | Mizuho Financial Group Inc | 2,007,194 |
24,900 | MS&AD Insurance Group Holdings Inc | 439,673 |
2,601 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,269,658 |
59,460 | National Australia Bank Ltd | 1,346,295 |
393,153 | NatWest Group PLC | 1,316,306 |
26 | Nippon Building Fund Inc REIT | 104,003 |
35 | Nippon Prologis Inc REIT | 62,349 |
36,272 | NN Group NV | 1,674,505 |
56,800 | Nomura Holdings Inc | 363,550 |
2,500 | Nomura Real Estate Holdings Inc | 70,628 |
65 | Nomura Real Estate Master Fund Inc REIT | 64,274 |
132,313 | Nordea Bank Abp | 1,475,392 |
76,400 | ORIX Corp | 1,671,002 |
64,500 | Oversea-Chinese Banking Corp Ltd | 644,476 |
422 | Partners Group Holding AG | 602,821 |
15,571 | Phoenix Group Holdings PLC | 108,684 |
52,411 | Prudential PLC | 491,408 |
28,682 | QBE Insurance Group Ltd | 339,041 |
979 | REA Group Ltd | 118,290 |
40,700 | Resona Holdings Inc | 250,893 |
18,800 | Ricoh Leasing Co Ltd(b) | 654,877 |
3,492 | Sagax AB Class B | 92,120 |
8,390 | Sampo OYJ Class A | 357,887 |
4,600 | SBI Holdings Inc | 120,659 |
103,337 | Scentre Group REIT | 228,222 |
18,580 | Schroders PLC | 88,247 |
25,206 | Segro PLC REIT | 287,323 |
7,500 | Shizuoka Financial Group Inc | 71,366 |
16,600 | Singapore Exchange Ltd | 113,284 |
57,735 | Sino Land Co Ltd | 60,023 |
30,706 | Skandinaviska Enskilda Banken AB Class A | 415,991 |
34,132 | Societe Generale SA | 914,502 |
260 | Sofina SA | 58,305 |
16,500 | Sompo Holdings Inc | 345,841 |
11,321 | St James's Place PLC | 66,402 |
122,340 | Standard Chartered PLC | 1,036,854 |
267,891 | Stockland REIT | 846,500 |
45,300 | Sumitomo Mitsui Financial Group Inc | 2,648,813 |
12,400 | Sumitomo Mitsui Trust Holdings Inc | 267,178 |
4,900 | Sumitomo Realty & Development Co Ltd | 182,572 |
26,500 | Sun Hung Kai Properties Ltd | 255,981 |
23,373 | Suncorp Group Ltd | 249,481 |
563,639 | Supermarket Income Reit PLC REIT | 551,332 |
92,533 | Svenska Handelsbanken AB Class A | 935,507 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
50,626 | Swedbank AB Class A | $ 1,004,812 |
7,500 | Swire Pacific Ltd Class A | 61,743 |
29,200 | Swire Properties Ltd | 61,420 |
1,580 | Swiss Life Holding AG | 1,108,200 |
1,621 | Swiss Prime Site AG | 152,904 |
20,007 | Swiss Re AG | 2,573,598 |
5,500 | Sydbank AS(b) | 285,131 |
9,700 | T&D Holdings Inc | 168,627 |
1,379 | Talanx AG | 109,241 |
34,400 | Tokio Marine Holdings Inc | 1,078,311 |
6,270 | Tryg A/S | 129,252 |
135,594 | UBS Group AG | 4,175,066 |
2,275 | Unibail-Rodamco-Westfield REIT(b) | 183,016 |
76,919 | UniCredit SpA | 2,921,339 |
43,100 | UnipolSai Assicurazioni SpA | 124,867 |
59,900 | United Overseas Bank Ltd | 1,302,228 |
1,400 | Valiant Holding AG | 164,240 |
81,264 | Vicinity Ltd REIT | 112,797 |
13,406 | Vonovia SE | 396,172 |
3,392 | Warehouses De Pauw CVA REIT | 96,723 |
4,657 | Washington H Soul Pattinson & Co Ltd(b) | 101,953 |
66,744 | Westpac Banking Corp | 1,135,190 |
19,000 | Wharf Holdings Ltd | 62,461 |
32,000 | Wharf Real Estate Investment Co Ltd | 104,189 |
2,789 | Zurich Insurance Group AG | 1,506,658 |
129,788,399 | ||
Industrial — 14.68% | ||
30,495 | ABB Ltd | 1,414,672 |
412 | Acciona SA | 50,141 |
4,321 | ACS Actividades de Construccion y Servicios SA | 180,957 |
1,366 | Aena SME SA(a) | 269,040 |
719 | Aeroports de Paris SA(b) | 98,586 |
12,300 | AGC Inc | 446,273 |
11,301 | Airbus SE | 2,081,976 |
5,421 | Alfa Laval AB | 213,015 |
6,147 | Alstom SA | 93,609 |
58,900 | Amada Co Ltd | 674,537 |
60 | AP Moller - Maersk A/S Class A | 76,879 |
69 | AP Moller - Maersk A/S Class B | 89,965 |
19,106 | Assa Abloy AB Class B | 548,310 |
51,280 | Atlas Copco AB Class A | 866,045 |
29,202 | Atlas Copco AB Class B | 431,312 |
22,950 | Auckland International Airport Ltd | 114,491 |
41,340 | Aurizon Holdings Ltd | 107,792 |
2,800 | Azbil Corp | 77,464 |
57,806 | BAE Systems PLC | 984,961 |
140,200 | Balfour Beatty PLC | 675,961 |
8,482 | Beijer Ref AB | 125,940 |
3,600 | Bekaert SA | 184,594 |
14,700 | Bilfinger SE | 686,587 |
Shares | Fair Value | |
Industrial — (continued) | ||
30,421 | Bouygues SA | $ 1,241,937 |
102,500 | bpost SA | 383,058 |
38,500 | Brother Industries Ltd | 714,030 |
1,600 | Bucher Industries AG | 703,574 |
12,000 | Cargotec OYJ Class B | 836,695 |
9,100 | Cellnex Telecom SA(a) | 321,911 |
15,300 | Central Japan Railway Co | 379,981 |
35,100 | Chemring Group PLC | 160,593 |
15,600 | Cia de Distribucion Integral Logista Holdings SA | 435,986 |
36,289 | Cie de Saint-Gobain SA(b) | 2,816,535 |
15,000 | CK Infrastructure Holdings Ltd | 87,853 |
13,336 | CRH PLC | 1,150,692 |
16,500 | D/S Norden A/S | 674,356 |
6,000 | Daifuku Co Ltd | 143,817 |
5,100 | Daikin Industries Ltd | 696,358 |
378 | Dassault Aviation SA | 83,225 |
49,117 | Deutsche Post AG | 2,116,821 |
10,000 | Dfds A/S | 290,699 |
161,100 | DS Smith PLC | 805,642 |
22,340 | DSV A/S | 3,631,471 |
18,000 | East Japan Railway Co | 345,332 |
1,373 | Eiffage SA | 155,825 |
520 | Elbit Systems Ltd | 108,603 |
12,872 | Epiroc AB Class A | 241,641 |
7,219 | Epiroc AB Class B | 122,253 |
18,200 | FANUC Corp | 507,716 |
9,707 | Ferrovial SE | 384,319 |
480,200 | Firstgroup PLC | 1,093,489 |
400 | Forbo Holding AG | 510,811 |
2,400 | Fuji Electric Co Ltd | 161,051 |
102,700 | Fujikura Ltd | 1,517,920 |
2,797 | GEA Group AG | 118,258 |
642 | Geberit AG | 379,412 |
6,840 | Getlink SE | 116,461 |
7,787 | Halma PLC | 232,424 |
4,900 | Hankyu Hanshin Holdings Inc | 140,587 |
78,500 | Hazama Ando Corp | 611,346 |
15,002 | Heidelberg Materials AG | 1,651,446 |
39,784 | Hexagon AB Class B | 470,284 |
700 | Hirose Electric Co Ltd | 71,932 |
1,900 | Hitachi Construction Machinery Co Ltd | 57,326 |
17,700 | Hitachi Ltd | 1,617,434 |
38,613 | Holcim AG | 3,498,214 |
48,200 | Hosiden Corp | 613,729 |
6,600 | Hoya Corp | 825,468 |
5,015 | Husqvarna AB Class B | 42,913 |
2,000 | Ibiden Co Ltd | 89,574 |
5,279 | Indutrade AB | 143,783 |
5,403 | Infrastrutture Wireless Italiane SpA(a) | 61,313 |
900 | Interroll Holding AG | 2,990,808 |
2,478 | Investment AB Latour Class B | 65,143 |
8,023 | James Hardie Industries PLC(b) | 322,471 |
3,500 | JSR Corp | 100,180 |
21,500 | Jungheinrich AG | 795,454 |
13,300 | Kaga Electronics Co Ltd(b) | 565,476 |
7,700 | Kajima Corp | 158,040 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Industrial — (continued) | ||
23,500 | Kamigumi Co Ltd | $ 517,882 |
6,600 | Kawasaki Kisen Kaisha Ltd | 88,751 |
2,700 | Keisei Electric Railway Co Ltd | 109,796 |
30,200 | Keppel Ltd | 164,108 |
3,800 | Keyence Corp | 1,764,191 |
3,024 | Kingspan Group PLC | 275,416 |
3,900 | Kintetsu Group Holdings Co Ltd | 113,594 |
1,546 | Knorr-Bremse AG | 116,932 |
54,400 | Komatsu Ltd | 1,609,739 |
6,797 | Kone OYJ Class B | 316,654 |
19,800 | Konecranes OYJ | 1,027,745 |
1,587 | Kongsberg Gruppen ASA | 109,579 |
18,300 | Kubota Corp | 287,122 |
1,093 | Kuehne + Nagel International AG | 304,093 |
25,100 | Kyocera Corp | 336,619 |
5,060 | Legrand SA | 535,839 |
43,095 | Leonardo SpA | 1,082,707 |
4,100 | Makita Corp | 116,524 |
26,893 | Melrose Industries PLC | 228,278 |
63,600 | Metsa Board OYJ Class B(b) | 481,827 |
12,021 | Metso OYJ | 142,796 |
6,900 | MINEBEA MITSUMI Inc | 135,344 |
4,500 | MISUMI Group Inc | 62,690 |
36,400 | Mitsubishi Electric Corp | 609,298 |
63,000 | Mitsubishi Heavy Industries Ltd | 570,990 |
6,100 | Mitsui OSK Lines Ltd | 186,090 |
28,500 | MTR Corp Ltd | 94,163 |
11,023 | MTU Aero Engines AG | 2,795,731 |
32,800 | Murata Manufacturing Co Ltd | 613,439 |
28,789 | Nibe Industrier AB Class B | 141,567 |
8,000 | Nidec Corp | 331,754 |
9,800 | Nippon Express Holdings Inc | 500,242 |
9,300 | Nippon Yusen KK | 255,323 |
11,500 | Obayashi Corp | 136,740 |
6,500 | Odakyu Electric Railway Co Ltd | 89,601 |
3,400 | Omron Corp | 121,744 |
9,317 | Orica Ltd | 110,819 |
3,000 | Per Aarsleff Holding A/S | 149,700 |
9,763 | Poste Italiane SpA(a) | 122,274 |
5,260 | Prysmian SpA | 274,331 |
90,500 | QinetiQ Group PLC | 416,666 |
844 | Rheinmetall AG | 474,685 |
4,100 | ROCKWOOL A/S Class B | 1,349,005 |
157,576 | Rolls-Royce Holdings PLC(b) | 847,617 |
1,706 | Saab AB Class B | 151,754 |
6,515 | Safran SA | 1,475,468 |
20,784 | Sandvik AB | 461,421 |
5,200 | Sankyu Inc(b) | 178,973 |
1,310 | Schindler Holding AG | 326,058 |
10,373 | Schneider Electric SE | 2,345,098 |
1,400 | SCREEN Holdings Co Ltd | 181,517 |
33,200 | Seino Holdings Co Ltd | 455,664 |
5,200 | SG Holdings Co Ltd | 65,853 |
4,400 | Shimadzu Corp | 122,558 |
9,300 | Shimizu Corp | 60,057 |
14,486 | Siemens AG(b) | 2,765,949 |
Shares | Fair Value | |
Industrial — (continued) | ||
9,503 | Siemens Energy AG(b) | $ 174,416 |
156,446 | SIG Group AG | 3,469,075 |
22,025 | Signify NV(a) | 678,031 |
14,919 | Sika AG | 4,439,155 |
33,700 | Singapore Technologies Engineering Ltd | 100,335 |
30,000 | SITC International Holdings Co Ltd | 54,848 |
5,851 | Skanska AB Class B | 104,198 |
65,982 | SKF AB Class B | 1,347,010 |
1,000 | SMC Corp | 564,160 |
6,291 | Smiths Group PLC | 130,363 |
1,518 | Spirax-Sarco Engineering PLC | 192,502 |
9,915 | Stora Enso OYJ Class R | 137,879 |
24,700 | Sumitomo Heavy Industries Ltd | 777,783 |
12,134 | Svenska Cellulosa AB SCA Class B | 186,548 |
3,200 | Taisei Corp | 116,637 |
7,500 | TDK Corp | 368,310 |
26,000 | Techtronic Industries Co Ltd | 353,284 |
9,358 | Tenaris SA | 185,020 |
1,847 | Thales SA | 314,878 |
3,000 | Tobu Railway Co Ltd | 75,015 |
10,400 | Tokyu Corp | 126,639 |
2,200 | TOTO Ltd | 61,677 |
23,400 | Tsubakimoto Chain Co(b) | 788,311 |
513 | VAT Group AG(a) | 265,013 |
16,600 | Verallia SA(a) | 645,392 |
9,543 | Vinci SA | 1,224,644 |
8,905 | Wartsila OYJ Abp | 135,334 |
7,800 | West Japan Railway Co | 162,553 |
21,500 | Wienerberger AG | 783,157 |
4,400 | Yamato Holdings Co Ltd | 63,327 |
4,200 | Yaskawa Electric Corp | 178,814 |
4,800 | Yokogawa Electric Corp | 110,541 |
96,082,001 | ||
Technology — 7.66% | ||
14,500 | Advantest Corp | 644,131 |
15,000 | Altium Ltd | 637,157 |
905 | ASM International NV | 554,226 |
10,485 | ASML Holding NV | 10,164,841 |
1,571 | BE Semiconductor Industries NV | 240,645 |
1,805 | Bechtle AG | 95,402 |
29,800 | Bell System24 Holdings Inc | 309,515 |
47,000 | Canon Inc | 1,400,368 |
6,600 | Capcom Co Ltd | 123,645 |
2,962 | Capgemini SE | 681,590 |
1,696 | Check Point Software Technologies Ltd(b) | 278,161 |
21,000 | Computacenter PLC(b) | 713,450 |
10,841 | CyberArk Software Ltd(b) | 2,879,695 |
12,961 | Dassault Systemes SE | 573,749 |
8,800 | Disco Corp | 3,216,695 |
34,100 | Ferrotec Holdings Corp | 663,440 |
33,000 | Fujitsu Ltd | 528,132 |
1,729 | Global-e Online Ltd(b) | 62,849 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Technology — (continued) | ||
2,600 | Hamamatsu Photonics KK | $ 91,667 |
37,200 | Indra Sistemas SA | 770,957 |
49,348 | Infineon Technologies AG | 1,678,111 |
190,000 | Keywords Studios PLC | 3,119,904 |
25,000 | Kinaxis Inc(b) | 2,842,272 |
1,900 | Konami Group Corp | 129,426 |
1,500 | Lasertec Corp | 427,545 |
3,012 | Logitech International SA | 269,903 |
15,500 | Monday.com Ltd(b) | 3,500,985 |
4,400 | NEC Corp | 321,224 |
957 | Nemetschek SE | 94,727 |
7,500 | Nexon Co Ltd | 124,661 |
7,900 | Nomura Research Institute Ltd | 223,165 |
12,000 | NTT Data Group Corp | 190,775 |
1,300 | Obic Co Ltd | 196,366 |
800 | Oracle Corp Japan | 60,161 |
4,600 | Otsuka Corp | 97,605 |
341,000 | PAX Global Technology Ltd | 268,813 |
27,100 | Renesas Electronics Corp | 482,940 |
84,300 | Ricoh Co Ltd | 748,997 |
5,400 | Rohm Co Ltd | 86,610 |
18,690 | Sage Group PLC | 298,586 |
19,904 | SAP SE | 3,875,699 |
3,000 | SCSK Corp | 55,763 |
55,700 | Seiko Epson Corp | 974,334 |
65,415 | Serco Group PLC | 156,540 |
800 | Sopra Steria Group SACA | 193,875 |
1,700 | Square Enix Holdings Co Ltd | 65,562 |
40,849 | STMicroelectronics NV | 1,758,076 |
7,000 | SUMCO Corp | 110,675 |
1,174 | Teleperformance SE | 114,037 |
1,427 | Temenos AG | 102,074 |
3,800 | TietoEVRY OYJ(b) | 80,410 |
4,500 | TIS Inc(b) | 96,551 |
8,900 | Tokyo Electron Ltd | 2,317,998 |
3,077 | WiseTech Global Ltd(b) | 188,198 |
2,714 | Xero Ltd(b) | 235,655 |
50,118,538 | ||
Utilities — 2.01% | ||
317,900 | A2A SpA | 573,482 |
384 | BKW AG | 59,008 |
93,538 | Centrica PLC | 150,730 |
12,500 | Chubu Electric Power Co Inc | 163,452 |
30,500 | CLP Holdings Ltd | 243,275 |
102,600 | Drax Group PLC | 649,036 |
43,649 | E.ON SE | 607,680 |
56,572 | EDP - Energias de Portugal SA | 220,724 |
5,541 | EDP Renovaveis SA | 75,038 |
502 | Elia Group SA | 54,189 |
5,943 | Enagas SA | 88,288 |
5,465 | Endesa SA | 101,329 |
155,033 | Enel SpA(b) | 1,023,453 |
132,914 | Engie SA | 2,227,294 |
8,648 | Fortum OYJ(b) | 106,770 |
194,000 | Hong Kong & China Gas Co Ltd | 147,046 |
Shares | Fair Value | |
Utilities — (continued) | ||
116,976 | Iberdrola SA(b) | $ 1,452,888 |
260,400 | Iren SpA | 532,719 |
14,700 | Kansai Electric Power Co Inc | 209,752 |
12,456 | Mercury NZ Ltd | 51,572 |
20,561 | Meridian Energy Ltd | 72,599 |
71,446 | National Grid PLC | 962,211 |
33,003 | Origin Energy Ltd | 197,975 |
3,522 | Orsted AS(a)(b) | 196,805 |
8,400 | Osaka Gas Co Ltd | 188,966 |
25,000 | Power Assets Holdings Ltd | 146,465 |
7,372 | Redeia Corp SA | 125,922 |
12,176 | RWE AG | 413,830 |
19,500 | Sembcorp Industries Ltd | 77,954 |
4,982 | Severn Trent PLC | 155,392 |
40,625 | Snam SpA | 191,820 |
21,246 | SSE PLC | 442,802 |
25,797 | Terna - Rete Elettrica Nazionale | 213,231 |
32,400 | Tokyo Electric Power Co Holdings Inc(b) | 196,931 |
7,100 | Tokyo Gas Co Ltd | 161,403 |
12,840 | United Utilities Group PLC | 166,757 |
13,513 | Veolia Environnement SA | 439,604 |
1,215 | Verbund AG | 88,769 |
13,177,161 | ||
TOTAL COMMON STOCK — 97.31% (Cost $568,201,029) | $636,895,470 | |
PREFERRED STOCK | ||
Consumer, Cyclical — 0.44% | ||
1,144 | Bayerische Motoren Werke AG | 122,754 |
2,154 | Dr Ing hc F Porsche AG(a) | 214,233 |
3,140 | Porsche Automobil Holding SE | 166,338 |
99,600 | Schaeffler AG | 671,868 |
13,230 | Volkswagen AG | 1,754,622 |
2,929,815 | ||
Consumer, Non-Cyclical — 0.04% | ||
3,082 | Henkel AG & Co KGaA | 247,720 |
Industrial — 0.03% | ||
473 | Sartorius AG | 187,834 |
TOTAL PREFERRED STOCK — 0.51% (Cost $3,426,814) | $3,365,369 | |
EXCHANGE TRADED FUNDS | ||
35,000 | iShares MSCI EAFE ETF(c) | 2,795,100 |
TOTAL EXCHANGE TRADED FUNDS — 0.43% (Cost $2,766,411) | $2,795,100 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
SHORT TERM INVESTMENTS | ||
U.S. Treasury Bonds and Notes — 0.15% | ||
$ 1,008,300 | U.S. Treasury Bills(e) 5.29%, 05/23/2024 | $ 1,000,212 |
Repurchase Agreements — 0.35% | ||
255,241 | Undivided interest of 0.14% 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 $255,241 on 4/1/24 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 4/4/24 - 3/1/54, with a value of $181,475,005.(f) | 255,241 |
997,738 | 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 $997,738 on 4/1/24 collateralized by various U.S. Government Agency securities, 1.50% - 7.50%, 1/1/31 - 8/1/59, with a value of $182,453,867.(f) | 997,738 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 997,738 | 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 $997,738 on 4/1/24 collateralized by Government National Mortgage Association securities, 2.00% - 6.50%, 9/20/44 - 1/20/54, with a value of $182,914,816.(f) | $ 997,738 |
2,250,717 | ||
TOTAL SHORT TERM INVESTMENTS — 0.50% (Cost $3,250,929) | $3,250,929 | |
TOTAL INVESTMENTS — 98.75% (Cost $577,645,183) | $646,306,868 | |
OTHER ASSETS & LIABILITIES, NET — 1.25% | $8,198,589 | |
TOTAL NET ASSETS — 100.00% | $654,505,457 |
(a) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(b) | Non-income producing security. |
(c) | All or a portion of the security is on loan at March 28, 2024. |
(d) | Security is fair valued using significant unobservable inputs. |
(e) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(f) | Collateral received for securities on loan. |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
REIT | Real Estate Investment Trust |
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts: | |||||
Description | Number of Contracts | Notional Amount (000) | Expiration Date | Fair Value and Net Unrealized Appreciation | |
Long | |||||
MSCI EAFE Index Futures | 46 | USD | 5,421 | Jun 2024 | $31,955 |
Net Appreciation | $31,955 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following over-the-counter (OTC) forward foreign currency contracts: | ||||||
Counterparty | Currency Purchased | Quantity of Currency Purchased | Currency Sold | Quantity of Currency Sold | Settlement Date | Net Unrealized Appreciation/ (Depreciation) |
CGM | USD | 9,195 | AUD | 14,008 | 04/11/2024 | $64 |
CGM | USD | 79,722 | EUR | 73,292 | 04/03/2024 | 633 |
CGM | USD | 15,127 | GBP | 11,981 | 04/11/2024 | 4 |
CGM | USD | 109,415 | GBP | 85,000 | 04/25/2024 | 2,124 |
CGM | USD | 3,403 | JPY | 496,485 | 04/26/2024 | 108 |
CGM | USD | 3,018 | JPY | 448,800 | 05/13/2024 | 32 |
CGM | USD | 6,311 | JPY | 936,190 | 05/28/2024 | 66 |
CGM | USD | 2,971 | NZD | 4,924 | 04/05/2024 | 29 |
CGM | USD | 2,694 | SEK | 28,363 | 04/02/2024 | 44 |
MEL | USD | 4,391 | AUD | 6,754 | 04/11/2024 | (11) |
MEL | USD | 6,888 | AUD | 10,570 | 04/12/2024 | (3) |
MEL | USD | 15,003 | AUD | 22,876 | 04/18/2024 | 88 |
MEL | USD | 6,903 | CHF | 6,260 | 04/03/2024 | (43) |
MEL | USD | 175,507 | CHF | 148,000 | 04/10/2024 | 11,164 |
MEL | USD | 24,870 | EUR | 22,995 | 04/03/2024 | 56 |
MEL | USD | 3,905 | EUR | 3,610 | 04/04/2024 | 9 |
MEL | USD | 4,621 | EUR | 4,263 | 04/05/2024 | 20 |
MEL | USD | 4,157 | EUR | 3,843 | 04/09/2024 | 9 |
MEL | USD | 9,314 | EUR | 8,568 | 05/10/2024 | 56 |
MEL | USD | 18,314 | GBP | 14,473 | 04/03/2024 | 46 |
MEL | USD | 53,391 | GBP | 41,960 | 04/18/2024 | 428 |
MEL | USD | 15,391 | GBP | 12,023 | 04/29/2024 | 215 |
MEL | USD | 2,934 | GBP | 2,292 | 04/30/2024 | 41 |
MEL | USD | 32,248 | GBP | 25,376 | 05/02/2024 | 216 |
MEL | USD | 5,438 | GBP | 4,248 | 05/03/2024 | 76 |
MEL | USD | 5,765 | GBP | 4,503 | 05/16/2024 | 80 |
MEL | USD | 1,727 | HKD | 13,500 | 04/26/2024 | 1 |
MEL | USD | 714 | ILS | 2,599 | 04/04/2024 | 7 |
MEL | USD | 1,393 | ILS | 5,110 | 04/11/2024 | 2 |
MEL | USD | 20,208 | JPY | 3,000,000 | 05/16/2024 | 237 |
MEL | USD | 50,286 | JPY | 7,538,055 | 05/28/2024 | 5 |
MEL | USD | 53,595 | JPY | 8,030,558 | 05/31/2024 | 7 |
MEL | USD | 31,433 | JPY | 4,706,271 | 06/05/2024 | 5 |
MEL | USD | 47,354 | JPY | 7,088,957 | 06/06/2024 | 8 |
MEL | USD | 2,674 | JPY | 400,180 | 06/07/2024 | 1 |
MEL | USD | 8,091 | JPY | 1,210,570 | 06/10/2024 | 2 |
MEL | USD | 3,037 | JPY | 446,250 | 06/17/2024 | 52 |
MEL | USD | 10,379 | JPY | 1,550,485 | 06/20/2024 | 3 |
MEL | USD | 13,500 | JPY | 2,016,514 | 06/21/2024 | 4 |
MEL | USD | 64,593 | JPY | 9,643,887 | 06/24/2024 | 20 |
MEL | USD | 77,448 | JPY | 11,559,914 | 06/26/2024 | 25 |
MEL | USD | 32,690 | JPY | 4,878,575 | 06/27/2024 | 10 |
MEL | USD | 28,167 | JPY | 4,202,995 | 06/28/2024 | 9 |
MEL | USD | 134,437 | JPY | 20,049,937 | 07/01/2024 | 51 |
MEL | USD | 3,351 | JPY | 498,525 | 07/19/2024 | 1 |
MEL | USD | 2,310 | NOK | 24,640 | 04/05/2024 | 40 |
MEL | USD | 23,533 | SEK | 248,971 | 04/04/2024 | 268 |
MEL | USD | 50,632 | SEK | 537,622 | 04/05/2024 | 392 |
Net Appreciation | $16,701 |
Currency Abbreviations | ||
AUD | Australian Dollar | |
CHF | Swiss Franc | |
EUR | Euro Dollar | |
GBP | British Pound | |
HKD | Hong Kong Dollar | |
ILS | Israeli New Shekel | |
JPY | Japanese Yen | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
SEK | Swedish Krona | |
USD | U.S. Dollar |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Abbreviations | ||
CGM | Citigroup Global Markets | |
MEL | Mellon Capital |
Summary of Investments by Country as of March 28, 2024.
Country | Fair Value | Percentage of Fund Investments | |
Japan | $140,857,708 | 21.79% | |
United Kingdom | 80,613,369 | 12.47 | |
Switzerland | 69,619,279 | 10.77 | |
France | 63,746,063 | 9.86 | |
Germany | 58,493,861 | 9.05 | |
Australia | 45,506,610 | 7.04 | |
Netherlands | 29,497,131 | 4.56 | |
Denmark | 23,602,475 | 3.65 | |
Spain | 19,166,266 | 2.97 | |
Sweden | 17,729,302 | 2.74 | |
Italy | 15,224,977 | 2.36 | |
Israel | 11,890,198 | 1.84 | |
Ireland | 11,134,483 | 1.72 | |
Hong Kong | 9,619,716 | 1.49 | |
Finland | 7,374,153 | 1.14 | |
Singapore | 7,211,562 | 1.12 | |
United States | 6,046,029 | 0.94 | |
Canada | 5,929,072 | 0.92 | |
Norway | 5,317,410 | 0.82 | |
Belgium | 4,375,802 | 0.68 | |
Austria | 3,733,924 | 0.58 | |
Uruguay | 3,023,920 | 0.47 | |
Indonesia | 2,203,367 | 0.34 | |
Portugal | 1,062,108 | 0.16 | |
Jordan | 1,001,124 | 0.15 | |
New Zealand | 760,387 | 0.12 | |
South Africa | 635,324 | 0.10 | |
Luxembourg | 622,647 | 0.10 | |
Chile | 194,604 | 0.03 | |
Macau | 113,978 | 0.02 | |
United Arab Emirates | 19 | 0.00 | |
Total | $646,306,868 | 100.00% |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 2.39% | ||
1,876 | Air Products & Chemicals Inc | $ 454,499 |
991 | Albemarle Corp | 130,554 |
9,036 | Ashland Inc | 879,835 |
14,961 | Cabot Corp | 1,379,404 |
828 | Celanese Corp | 142,300 |
1,673 | CF Industries Holdings Inc | 139,210 |
5,758 | Dow Inc | 333,561 |
23,047 | DuPont de Nemours Inc | 1,767,014 |
12,083 | Eastman Chemical Co | 1,210,958 |
2,136 | Ecolab Inc | 493,202 |
101,157 | Ecovyst Inc(a) | 1,127,901 |
1,248 | FMC Corp | 79,498 |
72,219 | Freeport-McMoRan Inc | 3,395,737 |
7,897 | Hawkins Inc | 606,490 |
2,141 | International Flavors & Fragrances Inc | 184,105 |
2,857 | International Paper Co | 111,480 |
4,018 | Linde PLC | 1,865,638 |
2,290 | LyondellBasell Industries NV Class A | 234,221 |
2,744 | Mosaic Co | 89,070 |
9,761 | Newmont Corp | 349,834 |
2,058 | Nucor Corp | 407,278 |
11,528 | PPG Industries Inc | 1,670,407 |
1,987 | Sherwin-Williams Co | 690,145 |
1,300 | Steel Dynamics Inc | 192,699 |
17,935,040 | ||
Communications — 10.88% | ||
5,194 | Airbnb Inc Class A(a) | 856,802 |
49,183 | Alphabet Inc Class A(a) | 7,423,190 |
58,624 | Alphabet Inc Class C(a) | 8,926,090 |
104,858 | Amazon.com Inc(a) | 18,914,286 |
4,146 | Arista Networks Inc(a) | 1,202,257 |
58,668 | AT&T Inc | 1,032,557 |
436 | Booking Holdings Inc | 1,581,756 |
1,457 | Cable One Inc | 616,500 |
1,096 | CDW Corp | 280,335 |
4,718 | Charter Communications Inc Class A(a) | 1,371,192 |
33,781 | Cisco Systems Inc | 1,686,010 |
58,133 | Comcast Corp Class A | 2,520,066 |
6,650 | Corning Inc | 219,184 |
4,267 | DoorDash Inc Class A(a) | 587,651 |
4,188 | eBay Inc | 221,043 |
856 | Etsy Inc(a) | 58,824 |
1,198 | Expedia Group Inc(a) | 165,025 |
446 | F5 Inc(a) | 84,557 |
340 | FactSet Research Systems Inc | 154,493 |
1,639 | Fox Corp Class A | 51,252 |
1,481 | Fox Corp Class B | 42,386 |
5,273 | Gen Digital Inc | 118,115 |
3,122 | Interpublic Group of Cos Inc | 101,871 |
2,430 | Juniper Networks Inc | 90,056 |
2,596 | Match Group Inc(a) | 94,183 |
555 | MercadoLibre Inc(a) | 839,138 |
27,471 | Meta Platforms Inc Class A | 13,339,368 |
Shares | Fair Value | |
Communications — (continued) | ||
1,373 | Motorola Solutions Inc | $ 487,388 |
7,022 | Netflix Inc(a) | 4,264,671 |
3,456 | News Corp Class A | 90,478 |
1,336 | News Corp Class B | 36,152 |
1,732 | Omnicom Group Inc | 167,588 |
3,853 | Palo Alto Networks Inc(a) | 1,094,753 |
5,146 | Paramount Global Class B | 60,568 |
11,973 | Shopify Inc Class A(a) | 923,956 |
1,574 | Spotify Technology SA(a) | 415,379 |
16,646 | T-Mobile US Inc | 2,716,960 |
2,966 | Trade Desk Inc Class A(a) | 259,288 |
37,798 | Uber Technologies Inc(a) | 2,910,068 |
36,410 | United States Cellular Corp(a) | 1,328,965 |
761 | VeriSign Inc(a) | 144,217 |
34,842 | Verizon Communications Inc | 1,461,970 |
73,908 | Viavi Solutions Inc(a) | 671,824 |
15,445 | Walt Disney Co | 1,889,850 |
19,212 | Warner Bros Discovery Inc(a) | 167,721 |
81,669,983 | ||
Consumer, Cyclical — 9.48% | ||
15,921 | Academy Sports & Outdoors Inc | 1,075,304 |
15,618 | Allison Transmission Holdings Inc | 1,267,557 |
5,950 | American Airlines Group Inc(a) | 91,333 |
2,527 | Aptiv PLC(a) | 201,276 |
27,731 | Atlanta Braves Holdings Inc Class C(a) | 1,083,173 |
339 | AutoZone Inc(a) | 1,068,409 |
1,696 | Bath & Body Works Inc | 84,834 |
16,512 | Beacon Roofing Supply Inc(a) | 1,618,506 |
1,670 | Best Buy Co Inc | 136,990 |
13,205 | BJ's Wholesale Club Holdings Inc(a) | 998,958 |
8,102 | Boot Barn Holdings Inc(a)(b) | 770,905 |
1,922 | BorgWarner Inc | 66,770 |
13,533 | Brunswick Corp | 1,306,205 |
2,111 | Caesars Entertainment Inc(a) | 92,335 |
1,487 | CarMax Inc(a) | 129,533 |
8,262 | Carnival Corp(a) | 135,001 |
559 | Chipotle Mexican Grill Inc(a) | 1,624,884 |
10,223 | Churchill Downs Inc | 1,265,096 |
7,263 | Copart Inc(a) | 420,673 |
3,703 | Costco Wholesale Corp | 2,712,929 |
11,904 | Crocs Inc(a) | 1,711,795 |
1,174 | Cummins Inc | 345,919 |
1,063 | Darden Restaurants Inc | 177,680 |
219 | Deckers Outdoor Corp(a) | 206,136 |
5,170 | Delta Air Lines Inc | 247,488 |
1,934 | Dollar General Corp | 301,820 |
1,674 | Dollar Tree Inc(a) | 222,893 |
289 | Domino's Pizza Inc | 143,598 |
8,526 | DR Horton Inc | 1,402,953 |
4,634 | Fastenal Co | 357,467 |
32,094 | Ford Motor Co | 426,208 |
92,280 | Garrett Motion Inc(a) | 917,263 |
71,971 | General Motors Co | 3,263,885 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
1,203 | Genuine Parts Co | $ 186,381 |
1,162 | Hasbro Inc | 65,676 |
10,303 | Hilton Worldwide Holdings Inc | 2,197,733 |
8,306 | Home Depot Inc | 3,186,182 |
18,694 | KB Home | 1,325,031 |
2,805 | Las Vegas Sands Corp | 145,019 |
2,026 | Lennar Corp Class A | 348,431 |
1,161 | Live Nation Entertainment Inc(a) | 122,799 |
2,252 | LKQ Corp | 120,279 |
6,533 | Lowe's Cos Inc | 1,664,151 |
959 | Lululemon Athletica Inc(a) | 374,633 |
5,725 | Marriott International Inc Class A | 1,444,475 |
6,054 | McDonald's Corp | 1,706,925 |
1,961 | MGM Resorts International(a) | 92,579 |
79,453 | MRC Global Inc(a) | 998,724 |
9,998 | NIKE Inc Class B | 939,612 |
3,849 | Norwegian Cruise Line Holdings Ltd(a) | 80,559 |
29 | NVR Inc(a) | 234,899 |
1,848 | O'Reilly Automotive Inc(a) | 2,086,170 |
4,372 | PACCAR Inc | 541,647 |
327 | Pool Corp | 131,945 |
38,165 | PulteGroup Inc | 4,603,462 |
239 | Ralph Lauren Corp | 44,875 |
2,858 | Ross Stores Inc | 419,440 |
2,092 | Royal Caribbean Cruises Ltd(a) | 290,809 |
15,121 | Skyline Champion Corp(a) | 1,285,436 |
45,648 | Southwest Airlines Co | 1,332,465 |
12,592 | Starbucks Corp | 1,150,783 |
1,841 | Tapestry Inc | 87,411 |
15,189 | Target Corp | 2,691,643 |
26,831 | Tesla Inc(a) | 4,716,622 |
9,402 | TJX Cos Inc | 953,551 |
875 | Tractor Supply Co | 229,005 |
428 | Ulta Beauty Inc(a) | 223,793 |
2,696 | United Airlines Holdings Inc(a) | 129,084 |
1,831 | VF Corp | 28,088 |
14,210 | VSE Corp | 1,136,800 |
24,299 | Wabash National Corp | 727,512 |
6,375 | Walgreens Boots Alliance Inc | 138,274 |
96,974 | Walmart Inc | 5,834,926 |
882 | WW Grainger Inc | 897,259 |
706 | Wynn Resorts Ltd | 72,174 |
2,272 | Yum! Brands Inc | 315,013 |
71,178,051 | ||
Consumer, Non-Cyclical — 19.30% | ||
14,437 | Abbott Laboratories | 1,640,909 |
26,485 | AbbVie Inc | 4,822,919 |
2,373 | Agilent Technologies Inc | 345,295 |
141,930 | Alight Inc Class A(a) | 1,398,011 |
1,219 | Align Technology Inc(a) | 399,734 |
33,825 | Alkermes PLC(a) | 915,643 |
29,760 | Alta Equipment Group Inc | 385,392 |
15,098 | Altria Group Inc | 658,575 |
4,413 | Amgen Inc | 1,254,704 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
26,529 | Andersons Inc | $ 1,521,969 |
16,748 | ANI Pharmaceuticals Inc(a) | 1,157,789 |
4,476 | Archer-Daniels-Midland Co | 281,138 |
28,591 | AstraZeneca PLC Sponsored ADR | 1,937,040 |
3,353 | Automatic Data Processing Inc | 837,378 |
644 | Avery Dennison Corp | 143,773 |
4,389 | Baxter International Inc | 187,586 |
2,468 | Becton Dickinson & Co | 610,707 |
22,880 | BellRing Brands Inc(a) | 1,350,606 |
1,201 | Biogen Inc(a) | 258,972 |
158 | Bio-Rad Laboratories Inc Class A(a) | 54,647 |
1,272 | Bio-Techne Corp | 89,536 |
2,227 | Block Inc(a) | 188,360 |
35,224 | Boston Scientific Corp(a) | 2,412,492 |
17,105 | Bristol-Myers Squibb Co | 927,604 |
1,319 | Brown-Forman Corp Class B | 68,087 |
1,301 | Bunge Global SA | 133,379 |
1,765 | Campbell Soup Co | 78,454 |
2,048 | Cardinal Health Inc | 229,171 |
1,498 | Catalent Inc(a) | 84,562 |
9,093 | Celsius Holdings Inc(a) | 753,992 |
1,330 | Cencora Inc | 323,177 |
4,514 | Centene Corp(a) | 354,259 |
343 | Charles River Laboratories International Inc(a) | 92,936 |
2,152 | Church & Dwight Co Inc | 224,475 |
9,648 | Cigna Group | 3,504,057 |
717 | Cintas Corp | 492,601 |
1,103 | Clorox Co | 168,880 |
91,728 | Coca-Cola Co | 5,611,919 |
6,976 | Colgate-Palmolive Co | 628,189 |
10,593 | Colliers International Group Inc | 1,294,782 |
4,000 | Conagra Brands Inc | 118,560 |
10,676 | CONMED Corp | 854,934 |
1,342 | Constellation Brands Inc Class A | 364,702 |
631 | Corpay Inc(a) | 194,689 |
42,750 | Corteva Inc | 2,465,392 |
3,261 | CoStar Group Inc(a) | 315,013 |
78,037 | Custom Truck One Source Inc(a) | 454,175 |
10,604 | CVS Health Corp | 845,775 |
5,416 | Danaher Corp | 1,352,484 |
395 | DaVita Inc(a) | 54,530 |
1,625 | DENTSPLY SIRONA Inc | 53,934 |
3,119 | Dexcom Inc(a) | 432,605 |
7,785 | Edwards Lifesciences Corp(a) | 743,935 |
1,932 | Elevance Health Inc | 1,001,819 |
11,634 | Eli Lilly & Co | 9,050,786 |
4,975 | Embecta Corp | 66,018 |
1,096 | Equifax Inc | 293,202 |
1,866 | Estee Lauder Cos Inc Class A | 287,644 |
10,469 | Euronet Worldwide Inc(a) | 1,150,857 |
3,705 | Exact Sciences Corp(a) | 255,867 |
649 | Gartner Inc(a) | 309,359 |
3,481 | GE HealthCare Technologies Inc | 316,458 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
4,844 | General Mills Inc | $ 338,935 |
10,600 | Gilead Sciences Inc | 776,450 |
2,130 | Global Payments Inc | 284,696 |
2,612 | Haemonetics Corp(a) | 222,934 |
1,817 | HCA Healthcare Inc | 606,024 |
1,204 | Henry Schein Inc(a) | 90,926 |
8,543 | Herc Holdings Inc | 1,437,787 |
1,209 | Hershey Co | 235,150 |
2,130 | Hologic Inc(a) | 166,055 |
2,133 | Hormel Foods Corp | 74,420 |
1,048 | Humana Inc | 363,363 |
682 | IDEXX Laboratories Inc(a) | 368,232 |
1,359 | Illumina Inc(a) | 186,618 |
1,722 | Incyte Corp(a) | 98,102 |
29,284 | Inmode Ltd(a) | 632,827 |
647 | Insulet Corp(a) | 110,896 |
4,441 | Intuitive Surgical Inc(a) | 1,772,359 |
1,501 | IQVIA Holdings Inc(a) | 379,588 |
3,330 | J & J Snack Foods Corp | 481,385 |
836 | J M Smucker Co | 105,227 |
19,773 | John Wiley & Sons Inc Class A | 753,944 |
20,092 | Johnson & Johnson | 3,178,354 |
2,211 | Kellanova | 126,668 |
52,049 | Kenvue Inc | 1,116,972 |
8,991 | Keurig Dr Pepper Inc | 275,754 |
2,843 | Kimberly-Clark Corp | 367,742 |
17,850 | Korn Ferry | 1,173,816 |
6,407 | Kraft Heinz Co | 236,418 |
5,455 | Kroger Co | 311,644 |
671 | Laboratory Corp of America Holdings | 146,587 |
1,211 | Lamb Weston Holdings Inc | 129,008 |
15,264 | Lantheus Holdings Inc(a) | 950,031 |
302 | MarketAxess Holdings Inc | 66,213 |
1,915 | McCormick & Co Inc | 147,091 |
8,710 | McKesson Corp | 4,675,964 |
10,886 | Medtronic PLC | 948,715 |
42,104 | Merck & Co Inc | 5,555,623 |
2,583 | Moderna Inc(a) | 275,244 |
514 | Molina Healthcare Inc(a) | 211,167 |
1,520 | Molson Coors Beverage Co Class B | 102,220 |
11,062 | Mondelez International Inc Class A | 774,340 |
8,600 | Monster Beverage Corp(a) | 509,808 |
1,306 | Moody's Corp | 513,297 |
56,097 | Nomad Foods Ltd | 1,097,257 |
34,666 | Option Care Health Inc(a) | 1,162,698 |
35,973 | Pacira BioSciences Inc(a) | 1,051,131 |
8,672 | PayPal Holdings Inc(a) | 580,937 |
11,472 | PepsiCo Inc | 2,007,715 |
46,696 | Pfizer Inc | 1,295,814 |
34,233 | Philip Morris International Inc | 3,136,427 |
9,289 | Post Holdings Inc(a) | 987,235 |
40,702 | Procter & Gamble Co | 6,603,899 |
32,410 | Quanex Building Products Corp | 1,245,516 |
2,819 | Quanta Services Inc | 732,376 |
948 | Quest Diagnostics Inc | 126,188 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
5,671 | Regeneron Pharmaceuticals Inc(a) | $ 5,458,281 |
1,314 | ResMed Inc | 260,211 |
1,033 | Revvity Inc | 108,465 |
985 | Robert Half Inc | 78,091 |
2,240 | Rollins Inc | 103,645 |
2,644 | S&P Global Inc | 1,124,890 |
12,694 | Sanofi SA | 1,234,933 |
12,749 | Spectrum Brands Holdings Inc | 1,134,788 |
882 | STERIS PLC | 198,291 |
2,772 | Stryker Corp | 992,016 |
32,437 | Supernus Pharmaceuticals Inc(a) | 1,106,426 |
4,078 | Sysco Corp | 331,052 |
449 | Teleflex Inc | 101,550 |
19,643 | Tenet Healthcare Corp(a) | 2,064,676 |
1,712 | The Cooper Cos Inc | 173,700 |
7,671 | Thermo Fisher Scientific Inc | 4,458,462 |
2,401 | Tyson Foods Inc Class A | 141,011 |
5,354 | UFP Technologies Inc(a) | 1,350,279 |
3,057 | United Rentals Inc | 2,204,433 |
5,202 | United Therapeutics Corp(a) | 1,195,003 |
10,697 | UnitedHealth Group Inc | 5,291,806 |
572 | Universal Health Services Inc Class B | 104,367 |
23,374 | V2X Inc(a) | 1,091,800 |
1,179 | Verisk Analytics Inc | 277,926 |
2,106 | Vertex Pharmaceuticals Inc(a) | 880,329 |
30,967 | Vestis Corp | 596,734 |
9,742 | Viatris Inc | 116,319 |
523 | Waters Corp(a) | 180,032 |
654 | West Pharmaceutical Services Inc | 258,794 |
5,177 | WEX Inc(a) | 1,229,693 |
1,868 | Zimmer Biomet Holdings Inc | 246,539 |
3,917 | Zoetis Inc | 662,796 |
144,869,562 | ||
Energy — 5.77% | ||
45,180 | Antero Resources Corp(a) | 1,310,220 |
2,576 | APA Corp | 88,563 |
8,282 | Baker Hughes Co | 277,447 |
23,690 | California Resources Corp | 1,305,319 |
32,786 | ChampionX Corp | 1,176,690 |
679 | Cheniere Energy Inc | 109,509 |
14,473 | Chevron Corp | 2,282,971 |
31,686 | ConocoPhillips | 4,032,994 |
6,769 | Coterra Energy Inc | 188,720 |
34,233 | Delek US Holdings Inc | 1,052,322 |
5,094 | Devon Energy Corp | 255,617 |
1,466 | Diamondback Energy Inc | 290,517 |
1,218 | Enphase Energy Inc(a) | 147,354 |
4,953 | EOG Resources Inc | 633,191 |
3,223 | EQT Corp | 119,477 |
73,946 | Exxon Mobil Corp | 8,595,483 |
926 | First Solar Inc(a) | 156,309 |
7,452 | Halliburton Co | 293,758 |
2,265 | Hess Corp | 345,730 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Energy — (continued) | ||
15,544 | Kinder Morgan Inc | $ 285,077 |
130,446 | Kosmos Energy Ltd(a) | 777,458 |
5,388 | Marathon Oil Corp | 152,696 |
3,138 | Marathon Petroleum Corp | 632,307 |
92,862 | Newpark Resources Inc(a) | 670,464 |
40,443 | Noble Corp PLC | 1,961,081 |
52,400 | Northern Oil & Gas Inc | 2,079,232 |
5,411 | Occidental Petroleum Corp | 351,661 |
4,869 | ONEOK Inc | 390,348 |
3,703 | Phillips 66 | 604,848 |
1,961 | Pioneer Natural Resources Co | 514,762 |
12,092 | Schlumberger NV | 662,762 |
63,090 | Shell PLC(a) | 2,092,893 |
2,000 | Targa Resources Corp | 223,980 |
25,359 | Tidewater Inc(a) | 2,333,028 |
15,086 | Valero Energy Corp | 2,575,029 |
34,525 | Weatherford International PLC(a) | 3,984,875 |
9,665 | Williams Cos Inc | 376,645 |
43,331,337 | ||
Financial — 14.74% | ||
4,437 | Aflac Inc | 380,961 |
16,723 | Agree Realty Corp REIT | 955,218 |
1,391 | Alexandria Real Estate Equities Inc REIT | 179,314 |
2,112 | Allstate Corp | 365,397 |
4,834 | American Express Co | 1,100,653 |
33,060 | American International Group Inc | 2,584,300 |
8,851 | American Tower Corp REIT | 1,748,869 |
830 | Ameriprise Financial Inc | 363,905 |
28,665 | Ameris Bancorp | 1,386,813 |
1,719 | Aon PLC Class A | 573,665 |
16,767 | Apollo Global Management Inc | 1,885,449 |
2,973 | Arch Capital Group Ltd(a) | 274,824 |
1,789 | Arthur J Gallagher & Co | 447,322 |
527 | Assurant Inc | 99,202 |
1,269 | AvalonBay Communities Inc REIT | 235,476 |
50,493 | AXA SA | 1,896,311 |
155,776 | Bank of America Corp | 5,907,026 |
6,300 | Bank of New York Mellon Corp | 363,006 |
15,185 | Berkshire Hathaway Inc Class B(a) | 6,385,596 |
1,147 | BlackRock Inc | 956,254 |
9,769 | Blackstone Inc | 1,283,353 |
1,327 | Boston Properties Inc REIT | 86,666 |
1,799 | Brown & Brown Inc | 157,484 |
43,260 | Cadence Bank | 1,254,540 |
726 | Camden Property Trust REIT | 71,438 |
15,031 | Capital One Financial Corp | 2,237,966 |
921 | Cboe Global Markets Inc | 169,215 |
2,500 | CBRE Group Inc Class A(a) | 243,100 |
49,084 | Charles Schwab Corp | 3,550,737 |
3,396 | Chubb Ltd | 880,005 |
1,401 | Cincinnati Financial Corp | 173,962 |
81,445 | Citigroup Inc | 5,150,582 |
Shares | Fair Value | |
Financial — (continued) | ||
3,980 | Citizens Financial Group Inc | $ 144,434 |
3,060 | CME Group Inc | 658,787 |
972 | Comerica Inc | 53,450 |
3,619 | Crown Castle Inc REIT | 382,999 |
2,501 | Digital Realty Trust Inc REIT | 360,244 |
2,233 | Discover Financial Services | 292,724 |
24,002 | Employers Holdings Inc | 1,089,451 |
3,184 | Enstar Group Ltd(a) | 989,460 |
793 | Equinix Inc REIT | 654,487 |
53,307 | Equity Commonwealth REIT(a) | 1,006,436 |
2,971 | Equity Residential REIT | 187,500 |
546 | Essex Property Trust Inc REIT | 133,666 |
365 | Everest Group Ltd | 145,087 |
1,708 | Extra Space Storage Inc REIT | 251,076 |
10,288 | Federal Agricultural Mortgage Corp Class C | 2,025,501 |
680 | Federal Realty Investment Trust REIT | 69,442 |
5,152 | Fifth Third Bancorp | 191,706 |
2,164 | Franklin Resources Inc | 60,830 |
27,141 | Gaming & Leisure Properties Inc REIT | 1,250,386 |
644 | Globe Life Inc | 74,942 |
9,871 | Goldman Sachs Group Inc | 4,123,018 |
2,480 | Hartford Financial Services Group Inc | 255,564 |
5,416 | Healthpeak Properties Inc REIT | 101,550 |
69,487 | Home BancShares Inc | 1,707,296 |
61,237 | Hope Bancorp Inc | 704,838 |
5,466 | Host Hotels & Resorts Inc REIT | 113,037 |
11,705 | Huntington Bancshares Inc | 163,285 |
4,834 | Intercontinental Exchange Inc | 664,337 |
47,381 | International Money Express Inc(a) | 1,081,708 |
3,111 | Invesco Ltd | 51,611 |
4,901 | Invitation Homes Inc REIT | 174,525 |
2,608 | Iron Mountain Inc REIT | 209,188 |
32,566 | JPMorgan Chase & Co | 6,522,970 |
17,829 | Kemper Corp | 1,103,972 |
7,997 | KeyCorp | 126,433 |
4,307 | Kimco Realty Corp REIT | 84,460 |
3,767 | KKR & Co Inc | 378,885 |
1,596 | Loews Corp | 124,951 |
1,429 | M&T Bank Corp | 207,834 |
4,023 | Marsh & McLennan Cos Inc | 828,657 |
10,812 | Mastercard Inc Class A | 5,206,735 |
9,734 | McGrath RentCorp | 1,200,884 |
5,261 | MetLife Inc | 389,893 |
875 | Mid-America Apartment Communities Inc REIT | 115,132 |
10,572 | Morgan Stanley | 995,459 |
2,945 | Nasdaq Inc | 185,829 |
1,786 | Northern Trust Corp | 158,811 |
17,277 | Pinnacle Financial Partners Inc | 1,483,749 |
17,441 | PNC Financial Services Group Inc | 2,818,466 |
19,364 | Popular Inc | 1,705,775 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
24,504 | Postal Realty Trust Inc Class A REIT | $ 350,897 |
1,988 | Principal Financial Group Inc | 171,584 |
4,799 | Progressive Corp | 992,529 |
7,571 | Prologis Inc REIT | 985,896 |
19,604 | Prosperity Bancshares Inc | 1,289,551 |
2,950 | Prudential Financial Inc | 346,330 |
1,381 | Public Storage REIT | 400,573 |
1,658 | Raymond James Financial Inc | 212,920 |
7,160 | Realty Income Corp REIT | 387,356 |
1,103 | Regency Centers Corp REIT | 66,798 |
7,526 | Regions Financial Corp | 158,347 |
930 | SBA Communications Corp REIT | 201,531 |
2,683 | Simon Property Group Inc REIT | 419,863 |
17,207 | SouthState Corp | 1,463,111 |
35,757 | STAG Industrial Inc REIT | 1,374,499 |
15,110 | State Street Corp | 1,168,305 |
17,801 | Stifel Financial Corp | 1,391,504 |
3,703 | Synchrony Financial | 159,673 |
2,005 | T Rowe Price Group Inc | 244,450 |
1,899 | Travelers Cos Inc | 437,036 |
11,056 | Truist Financial Corp | 430,963 |
2,109 | UDR Inc REIT | 78,898 |
12,960 | US Bancorp | 579,312 |
3,520 | Ventas Inc REIT | 153,261 |
9,058 | VICI Properties Inc REIT | 269,838 |
13,201 | Visa Inc Class A | 3,684,135 |
38,603 | Vornado Realty Trust REIT | 1,110,608 |
1,707 | W R Berkley Corp | 150,967 |
29,901 | Wells Fargo & Co | 1,733,062 |
4,788 | Welltower Inc REIT | 447,391 |
6,532 | Weyerhaeuser Co REIT | 234,564 |
909 | Willis Towers Watson PLC | 249,975 |
19,709 | Wintrust Financial Corp | 2,057,422 |
20,652 | WSFS Financial Corp | 932,231 |
110,695,449 | ||
Industrial — 11.02% | ||
4,571 | 3M Co | 484,846 |
930 | A O Smith Corp | 83,198 |
12,067 | Albany International Corp Class A | 1,128,385 |
677 | Allegion PLC | 91,199 |
12,475 | Amcor PLC | 118,637 |
1,870 | AMETEK Inc | 342,023 |
10,375 | Amphenol Corp Class A | 1,196,756 |
18,041 | Arcosa Inc | 1,549,000 |
6,651 | Atkore Inc | 1,266,084 |
34,900 | Atmus Filtration Technologies Inc(a) | 1,125,525 |
603 | Axon Enterprise Inc(a) | 188,667 |
20,290 | Ball Corp | 1,366,734 |
16,162 | Bel Fuse Inc Class B | 974,730 |
4,824 | Boeing Co(a) | 930,984 |
1,076 | Builders FirstSource Inc(a) | 224,400 |
6,887 | Carrier Global Corp | 400,341 |
Shares | Fair Value | |
Industrial — (continued) | ||
4,208 | Caterpillar Inc | $ 1,541,937 |
39,477 | CECO Environmental Corp(a) | 908,761 |
996 | CH Robinson Worldwide Inc | 75,835 |
5,893 | Clean Harbors Inc(a) | 1,186,320 |
21,528 | Columbus McKinnon Corp | 960,795 |
27,346 | CRH PLC | 2,358,866 |
2,725 | CSW Industrials Inc | 639,285 |
16,920 | CSX Corp | 627,224 |
2,648 | Deere & Co | 1,087,640 |
1,212 | Dover Corp | 214,754 |
7,552 | Eaton Corp PLC | 2,361,359 |
4,776 | Emerson Electric Co | 541,694 |
1,249 | Expeditors International of Washington Inc | 151,841 |
11,648 | FedEx Corp | 3,374,892 |
3,110 | Fortive Corp | 267,522 |
1,297 | Garmin Ltd | 193,084 |
56,649 | Genco Shipping & Trading Ltd | 1,151,674 |
545 | Generac Holdings Inc(a) | 68,746 |
1,896 | General Dynamics Corp | 535,601 |
9,189 | General Electric Co | 1,612,945 |
21,605 | Griffon Corp | 1,584,511 |
12,483 | Honeywell International Inc | 2,562,136 |
3,499 | Howmet Aerospace Inc | 239,437 |
473 | Hubbell Inc | 196,319 |
307 | Huntington Ingalls Industries Inc | 89,481 |
669 | IDEX Corp | 163,249 |
2,324 | Illinois Tool Works Inc | 623,599 |
28,033 | Ingersoll Rand Inc | 2,661,733 |
20,863 | International Seaways Inc | 1,109,912 |
3,689 | Jabil Inc | 494,142 |
1,112 | Jacobs Solutions Inc | 170,948 |
77,050 | Janus International Group Inc(a) | 1,165,767 |
726 | JB Hunt Transport Services Inc | 144,656 |
26,884 | Johnson Controls International PLC | 1,756,063 |
6,209 | Kadant Inc | 2,037,173 |
1,427 | Keysight Technologies Inc(a) | 223,154 |
23,872 | Knife River Corp(a) | 1,935,542 |
1,529 | L3Harris Technologies Inc | 325,830 |
47,149 | Leonardo DRS Inc(a) | 1,041,521 |
3,737 | Littelfuse Inc | 905,662 |
1,825 | Lockheed Martin Corp | 830,138 |
506 | Martin Marietta Materials Inc | 310,654 |
1,833 | Masco Corp | 144,587 |
51,011 | MDU Resources Group Inc | 1,285,477 |
24,032 | Mercury Systems Inc(a) | 708,944 |
177 | Mettler-Toledo International Inc(a) | 235,638 |
378 | Mohawk Industries Inc(a) | 49,476 |
15,735 | Moog Inc Class A | 2,512,093 |
419 | Nordson Corp | 115,032 |
1,851 | Norfolk Southern Corp | 471,764 |
5,881 | Northrop Grumman Corp | 2,814,999 |
1,476 | Old Dominion Freight Line Inc | 323,702 |
3,317 | Otis Worldwide Corp | 329,279 |
788 | Packaging Corp of America | 149,547 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Industrial — (continued) | ||
1,062 | Parker-Hannifin Corp | $ 590,249 |
1,553 | Pentair PLC | 132,688 |
46,619 | Pure Cycle Corp(a) | 442,881 |
1,703 | Republic Services Inc | 326,022 |
921 | Rockwell Automation Inc | 268,315 |
32,858 | RTX Corp | 3,204,641 |
444 | Snap-on Inc | 131,522 |
1,266 | Stanley Black & Decker Inc | 123,979 |
14,040 | TD SYNNEX Corp | 1,587,924 |
2,613 | TE Connectivity Ltd | 379,512 |
400 | Teledyne Technologies Inc(a) | 171,728 |
1,767 | Textron Inc | 169,508 |
4,533 | Trane Technologies PLC | 1,360,807 |
1,292 | TransDigm Group Inc | 1,591,227 |
2,098 | Trimble Inc(a) | 135,027 |
81,286 | TTM Technologies Inc(a) | 1,272,126 |
13,476 | UFP Industries Inc | 1,657,683 |
5,150 | Union Pacific Corp | 1,266,540 |
6,056 | United Parcel Service Inc Class B | 900,103 |
4,893 | Veralto Corp | 433,813 |
88,669 | Vontier Corp | 4,022,026 |
1,094 | Vulcan Materials Co | 298,575 |
3,100 | Waste Management Inc | 660,765 |
1,577 | Westinghouse Air Brake Technologies Corp | 229,737 |
2,023 | Westrock Co | 100,037 |
1,956 | Xylem Inc | 252,793 |
82,754,677 | ||
Technology — 20.43% | ||
5,201 | Accenture PLC Class A | 1,802,719 |
4,889 | Adobe Inc(a) | 2,466,989 |
22,748 | Advanced Micro Devices Inc(a) | 4,105,787 |
1,333 | Akamai Technologies Inc(a) | 144,977 |
4,071 | Analog Devices Inc | 805,203 |
775 | ANSYS Inc(a) | 269,049 |
136,801 | Apple Inc | 23,458,636 |
6,868 | Applied Materials Inc | 1,416,388 |
283 | ASML Holding NV | 274,643 |
1,732 | Autodesk Inc(a) | 451,047 |
5,256 | Broadcom Inc | 6,966,355 |
1,038 | Broadridge Financial Solutions Inc | 212,645 |
2,302 | Cadence Design Systems Inc(a) | 716,567 |
6,678 | Cognizant Technology Solutions Corp Class A | 489,431 |
9,844 | Concentrix Corp | 651,870 |
19,640 | Crane NXT Co | 1,215,716 |
1,264 | Dayforce Inc(a) | 83,689 |
1,976 | Electronic Arts Inc | 262,156 |
504 | EPAM Systems Inc(a) | 139,185 |
217 | Fair Isaac Corp(a) | 271,165 |
4,933 | Fidelity National Information Services Inc | 365,930 |
5,018 | Fiserv Inc(a) | 801,977 |
5,419 | Fortinet Inc(a) | 370,172 |
Shares | Fair Value | |
Technology — (continued) | ||
25,234 | HashiCorp Inc Class A(a) | $ 680,056 |
11,543 | Hewlett Packard Enterprise Co | 204,657 |
7,754 | HP Inc | 234,326 |
682 | HubSpot Inc(a) | 427,314 |
35,632 | Intel Corp | 1,573,865 |
7,699 | International Business Machines Corp | 1,470,201 |
3,484 | Intuit Inc | 2,264,600 |
505 | Jack Henry & Associates Inc | 87,734 |
1,102 | KLA Corp | 769,824 |
1,986 | Lam Research Corp | 1,929,538 |
1,146 | Leidos Holdings Inc | 150,229 |
4,469 | Microchip Technology Inc | 400,914 |
9,319 | Micron Technology Inc | 1,098,617 |
91,287 | Microsoft Corp | 38,406,267 |
11,438 | MKS Instruments Inc | 1,521,254 |
601 | MongoDB Inc(a) | 215,543 |
391 | Monolithic Power Systems Inc | 264,871 |
661 | MSCI Inc | 370,457 |
29,323 | NCR Atleos Corp(a) | 579,129 |
1,640 | NetApp Inc | 172,151 |
26,929 | NVIDIA Corp | 24,331,968 |
7,103 | NXP Semiconductors NV | 1,759,910 |
3,592 | ON Semiconductor Corp(a) | 264,192 |
51,492 | Oracle Corp | 6,467,910 |
2,660 | Paychex Inc | 326,648 |
412 | Paycom Software Inc | 81,992 |
1,020 | PTC Inc(a) | 192,719 |
904 | Qorvo Inc(a) | 103,806 |
29,269 | QUALCOMM Inc | 4,955,242 |
18,960 | Rambus Inc(a) | 1,171,918 |
891 | Roper Technologies Inc | 499,708 |
12,175 | Salesforce Inc | 3,666,867 |
1,617 | Seagate Technology Holdings PLC | 150,462 |
46,911 | Semtech Corp(a) | 1,289,583 |
2,787 | ServiceNow Inc(a) | 2,124,809 |
1,417 | Skyworks Solutions Inc | 153,489 |
403 | Super Micro Computer Inc(a) | 407,042 |
2,916 | Synopsys Inc(a) | 1,666,494 |
4,593 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | 624,878 |
1,356 | Take-Two Interactive Software Inc(a) | 201,352 |
1,360 | Teradyne Inc | 153,449 |
7,478 | Texas Instruments Inc | 1,302,742 |
375 | Tyler Technologies Inc(a) | 159,379 |
2,848 | Western Digital Corp(a) | 194,348 |
1,602 | Workday Inc Class A(a) | 436,945 |
394 | Zebra Technologies Corp Class A(a) | 118,767 |
153,370,462 | ||
Utilities — 2.39% | ||
6,149 | AES Corp | 110,252 |
14,539 | ALLETE Inc | 867,106 |
2,100 | Alliant Energy Corp | 105,840 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Utilities — (continued) | ||
21,861 | Ameren Corp | $ 1,616,840 |
4,288 | American Electric Power Co Inc | 369,197 |
1,739 | American Water Works Co Inc | 212,523 |
1,324 | Atmos Energy Corp | 157,384 |
5,399 | CenterPoint Energy Inc | 153,817 |
2,607 | CMS Energy Corp | 157,306 |
2,800 | Consolidated Edison Inc | 254,268 |
14,988 | Constellation Energy Corp | 2,770,532 |
6,824 | Dominion Energy Inc | 335,673 |
1,763 | DTE Energy Co | 197,703 |
6,546 | Duke Energy Corp | 633,064 |
3,425 | Edison International | 242,250 |
1,850 | Entergy Corp | 195,508 |
2,168 | Evergy Inc | 115,728 |
2,964 | Eversource Energy | 177,158 |
39,656 | Exelon Corp | 1,489,876 |
4,457 | FirstEnergy Corp | 172,129 |
16,883 | NextEra Energy Inc | 1,078,992 |
2,857 | NiSource Inc | 79,025 |
44,623 | NRG Energy Inc | 3,020,531 |
17,017 | PG&E Corp | 285,205 |
1,122 | Pinnacle West Capital Corp | 83,847 |
5,730 | PPL Corp | 157,747 |
3,964 | Public Service Enterprise Group Inc | 264,716 |
4,999 | Sempra | 359,078 |
9,279 | Southern Co | 665,675 |
11,742 | Talen Energy Corp(a)(b) | 1,107,858 |
2,820 | WEC Energy Group Inc | 231,578 |
4,448 | Xcel Energy Inc | 239,080 |
17,907,486 | ||
TOTAL COMMON STOCK — 96.40% (Cost $580,678,069) | $723,712,047 | |
EXCHANGE TRADED FUNDS | ||
13,594 | iShares Russell 1000 Value ETF | 2,434,821 |
71,000 | Vanguard Russell 2000 ETF | 6,039,260 |
TOTAL EXCHANGE TRADED FUNDS — 1.13% (Cost $8,352,180) | $8,474,081 |
Principal Amount | Fair Value | |
SHORT TERM INVESTMENTS | ||
U.S. Treasury Bonds and Notes — 0.29% | ||
$2,216,900 | U.S. Treasury Bills(c) 5.31%, 05/23/2024 | $ 2,199,067 |
Repurchase Agreements — 0.16% | ||
221,854 | Repurchase agreement (principal amount/value $221,847 with a maturity value of $221,978) with HSBC Securities (USA) Inc, 5.32%, dated 3/28/24 to be repurchased at $221,854 on 4/1/24 collateralized by U.S. Treasury securities, 0.63% - 4.00%, 2/15/25 - 2/15/48, with a value of $226,284.(d) | 221,854 |
1,000,029 | Undivided interest of 0.56% 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 $1,000,029 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) | 1,000,029 |
1,221,883 | ||
TOTAL SHORT TERM INVESTMENTS — 0.45% (Cost $3,420,950) | $3,420,950 | |
TOTAL INVESTMENTS — 97.98% (Cost $592,451,199) | $735,607,078 | |
OTHER ASSETS & LIABILITIES, NET — 2.02% | $15,128,967 | |
TOTAL NET ASSETS — 100.00% | $750,736,045 |
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan at March 28, 2024. |
(c) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(d) | Collateral received for securities on loan. |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE STRATEGIES: U.S. EQUITY 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 | |
Long | |||||
S&P 500® Emini Futures | 18 | USD | 4,778 | Jun 2024 | $95,995 |
Net Appreciation | $95,995 |
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 |
BB | USD | 346,828 | EUR | 318,300 | 06/20/2024 | $2,266 |
BB | USD | 601,369 | GBP | 473,600 | 06/20/2024 | 3,390 |
CGM | USD | 109 | EUR | 100 | 06/20/2024 | 1 |
CGM | USD | 13,459 | GBP | 10,600 | 06/20/2024 | 75 |
GS | USD | 31,234 | GBP | 24,600 | 06/20/2024 | 174 |
HSB | USD | 1,094,476 | EUR | 1,005,100 | 06/20/2024 | 6,448 |
HSB | USD | 218,497 | GBP | 172,100 | 06/20/2024 | 1,199 |
MS | USD | 2,151,502 | EUR | 1,973,900 | 06/20/2024 | 14,742 |
RBS | USD | 495,670 | EUR | 454,900 | 06/20/2024 | 3,237 |
RBS | USD | 975,020 | GBP | 767,900 | 06/20/2024 | 5,450 |
SSB | USD | 92,714 | EUR | 85,100 | 06/20/2024 | 593 |
SSB | USD | 977,230 | GBP | 769,600 | 06/20/2024 | 5,514 |
TD | USD | 408,930 | EUR | 375,300 | 06/20/2024 | 2,666 |
TD | USD | 335,719 | GBP | 264,400 | 06/20/2024 | 1,881 |
UBS | USD | 663,149 | EUR | 608,600 | 06/20/2024 | 4,335 |
WES | USD | 496,581 | GBP | 391,100 | 06/20/2024 | 2,768 |
Net Appreciation | $54,739 |
Currency Abbreviations | ||
EUR | Euro Dollar | |
GBP | British Pound | |
USD | U.S. Dollar |
Abbreviations | ||
BB | Barclays Bank PLC | |
CGM | Citigroup Global Markets | |
GS | Goldman Sachs | |
HSB | HSBC Bank USA | |
MS | Morgan Stanley & Co LLC | |
RBS | Royal Bank of Scotland | |
SSB | State Street Bank | |
TD | Toronto Dominion Bank | |
UBS | UBS AG | |
WES | Westpac Banking |
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, including Exchange Traded Funds, 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 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 services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.
March 28, 2024
The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.
Class | Inputs |
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, 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. |
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. |
Exchange Traded Funds | Exchange traded close price. |
Short Term Investments | Maturity date, credit quality and interest rates. |
Futures Contracts | Exchange traded close price. |
Forward Foreign Currency Contracts | Foreign currency spot and forward rates. |
Interest Rate Swaps | Interest rate curves, LIBOR curves, reported trades and swap curves |
The Funds classify their valuations into three levels based upon the observability of inputs to the valuation of each Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect a Fund’s own assumptions and would be based on the best information available under the circumstances.
As of March 28, 2024, the inputs used to value each Fund’s investments are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
March 28, 2024
Empower Core Strategies: Flexible Bond Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Asset-Backed Securities | $— | $159,634,700 | $— | $159,634,700 | |||
Bank Loans | — | 12,877,898 | — | 12,877,898 | |||
Corporate Bonds and Notes | — | 530,134,833 | — | 530,134,833 | |||
Convertible Bonds | — | 27,356,034 | — | 27,356,034 | |||
Foreign Government Bonds and Notes | |||||||
Foreign Government Bonds and Notes | 3,263,316 | 62,002,167 | — | 65,265,483 | |||
Mortgage-Backed Securities | — | 502,128,896 | — | 502,128,896 | |||
U.S. Government Agency Bonds and Notes | — | 34,598,463 | — | 34,598,463 | |||
U.S. Treasury Bonds and Notes | — | 360,069,164 | — | 360,069,164 | |||
Common Stock | 5,122,946 | — | — | 5,122,946 | |||
Convertible Preferred Stock | |||||||
Consumer, Non-cyclical | — | 331,304 | — | 331,304 | |||
Energy | 18,992 | — | — | 18,992 | |||
Financial | 1,707,176 | — | — | 1,707,176 | |||
1,726,168 | 331,304 | — | 2,057,472 | ||||
Short Term Investments | — | 165,258,205 | — | 165,258,205 | |||
Total investments, at fair value: | 10,112,430 | 1,854,391,664 | — | 1,864,504,094 | |||
Other Financial Investments: | |||||||
Futures Contracts(a) | 1,154,342 | — | — | 1,154,342 | |||
Total Assets | $11,266,772 | $1,854,391,664 | $— | $1,865,658,436 | |||
Liabilities | |||||||
Other Financial Investments: | |||||||
Futures Contracts(a) | $1,844,021 | $— | $— | $1,844,021 | |||
Total Liabilities | $1,844,021 | $0 | $— | $1,844,021 |
(a) | Futures Contracts 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 Core Strategies: Inflation-Protected Securities Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Asset-Backed Securities | $— | $15,816,719 | $— | $15,816,719 | |||
Corporate Bonds and Notes | — | 15,189,911 | — | 15,189,911 | |||
Mortgage-Backed Securities | — | 24,532,879 | — | 24,532,879 | |||
U.S. Treasury Bonds and Notes | — | 331,878,548 | — | 331,878,548 | |||
Short Term Investments | — | 195,020 | — | 195,020 | |||
Total investments, at fair value: | 0 | 387,613,077 | — | 387,613,077 | |||
Other Financial Investments: | |||||||
Futures Contracts(a) | 175,745 | — | — | 175,745 | |||
Interest Rate Swaps(a) | — | 1,804,868 | — | 1,804,868 | |||
Total Assets | $175,745 | $389,417,945 | $— | $389,593,690 | |||
Liabilities | |||||||
Other Financial Investments: | |||||||
Futures Contracts(a) | $(274,660) | $— | $— | $(274,660) | |||
Interest Rate Swaps(a) | — | (1,383,718) | — | (1,383,718) | |||
Total Liabilities | $(274,660) | $(1,383,718) | $— | $(1,658,378) |
(a) | Futures Contracts and Interest Rate 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 Core Strategies: International Equity Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | |||||||
Basic Materials | $163,850 | $33,871,475 | $— | $34,035,325 | |||
Communications | 9,871,054 | 24,003,551 | — | 33,874,605 | |||
Consumer, Cyclical | 1,785,850 | 101,004,122 | — | 102,789,972 | |||
Consumer, Non-cyclical | 6,250,658 | 139,591,173 | 19 | 145,841,850 | |||
Diversified | 102,564 | — | — | 102,564 | |||
Energy | — | 31,085,055 | — | 31,085,055 | |||
Financial | 1,103,022 | 128,685,377 | — | 129,788,399 | |||
Industrial | 2,634,495 | 93,447,506 | — | 96,082,001 | |||
Technology | 13,109,219 | 37,009,319 | — | 50,118,538 | |||
Utilities | 773,207 | 12,403,954 | — | 13,177,161 | |||
35,793,919 | 601,101,532 | 19 | 636,895,470 | ||||
Preferred Stock | — | 3,365,369 | — | 3,365,369 | |||
Exchange Traded Funds | 2,795,100 | — | — | 2,795,100 | |||
Short Term Investments | — | 3,250,929 | — | 3,250,929 | |||
Total investments, at fair value: | 38,589,019 | 607,717,830 | 19 | 646,306,868 | |||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts | — | 16,759 | — | 16,759 | |||
Futures Contracts(a) | 31,955 | — | — | 31,955 | |||
Total Assets | $38,620,974 | $607,734,588 | $19 | $646,355,581 | |||
Liabilities | |||||||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts | — | (57) | — | (57) | |||
Total Liabilities | $0 | $(57) | $— | $(57) |
(a) | Futures Contracts 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 Core Strategies: U.S. Equity Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | |||||||
Basic Materials | $17,935,040 | $— | $— | $17,935,040 | |||
Communications | 81,669,983 | — | — | 81,669,983 | |||
Consumer, Cyclical | 71,178,051 | — | — | 71,178,051 | |||
Consumer, Non-cyclical | 143,634,629 | 1,234,933 | — | 144,869,562 | |||
Energy | 41,238,444 | 2,092,893 | — | 43,331,337 | |||
Financial | 108,799,138 | 1,896,311 | — | 110,695,449 | |||
Industrial | 82,754,677 | — | — | 82,754,677 | |||
Technology | 153,370,462 | — | — | 153,370,462 | |||
Utilities | 17,907,486 | — | — | 17,907,486 | |||
718,487,910 | 5,224,137 | — | 723,712,047 | ||||
Exchange Traded Funds | 8,474,081 | — | — | 8,474,081 | |||
Short Term Investments | — | 3,420,950 | — | 3,420,950 | |||
Total investments, at fair value: | 726,961,991 | 8,645,087 | — | 735,607,078 | |||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts(a) | — | 54,739 | — | 54,739 | |||
Futures Contracts(a) | 95,995 | — | — | 95,995 | |||
Total Assets | $727,057,986 | $8,699,826 | $— | $735,757,812 |
(a) | Forward Foreign Currency Contracts and Futures Contracts are reported at the security's unrealized appreciation (depreciation), which represents the change in the contract's value from trade date. |
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.
To Be Announced Transactions
The Empower Core Strategies: Flexible Bond Fund and Empower Core Strategies: Inflation-Protected Securities 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. TBAs are included in Investments in securities, fair value on the Statement of Assets and Liabilities.
March 28, 2024
Dollar Rolls
The Empower Core Strategies: Flexible Bond Fund and the Empower Core Strategies: Inflation-Protected Securities 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, these Funds are 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 these Funds are required to purchase may decline below the agreed upon repurchase price of those securities.
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
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.
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 over-the-counter market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps).
The following tables represent the average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower Core Strategies: Flexible Bond Fund | |
Futures Contracts: | |
Average long contracts | 3,779 |
Average short contracts | 1,774 |
Average notional long | $508,913,270 |
Average notional short | $203,874,371 |
Empower Core Strategies: Inflation-Protected Securities Fund | |
Futures Contracts: | |
Average long contracts | 424 |
Average short contracts | 159 |
Average notional long | $48,053,830 |
Average notional short | $19,871,141 |
Centrally Cleared Interest Rate Swaps: | |
Average notional amount | $269,170,000 |
Centrally Cleared Inflation Swaps: |
March 28, 2024
Empower Core Strategies: Inflation-Protected Securities Fund | |
Average notional amount | $4,605,000 |
Empower Core Strategies: International Equity Fund | |
Futures Contracts: | |
Average long contracts | 58 |
Average notional long | $6,538,119 |
Forward Currency Exchange Contracts: | |
Average notional amount | $663,471 |
Empower Core Strategies: U.S. Equity Fund | |
Futures Contracts: | |
Average long contracts | 29 |
Average notional long | $7,227,172 |
Forward Currency Exchange Contracts: | |
Average notional amount | $8,523,720 |
March 28, 2024