EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 3.83% | ||
86,551 | African Rainbow Minerals Ltd(a) | $ 751,632 |
2,787,300 | Baoshan Iron & Steel Co Ltd Class A | 2,497,166 |
686,000 | China Nonferrous Mining Corp Ltd | 574,743 |
485,200 | Ganfeng Lithium Group Co Ltd Class H(a)(b) | 1,487,294 |
120,033 | Gold Fields Ltd Sponsored ADR(a) | 1,907,324 |
187,736 | Harmony Gold Mining Co Ltd Sponsored ADR | 1,533,803 |
165,348 | Jindal Stainless Ltd | 1,381,063 |
31,786 | KGHM Polska Miedz SA | 907,785 |
9,852 | LG Chem Ltd(c) | 3,224,612 |
599,600 | Meihua Holdings Group Co Ltd Class A | 835,203 |
35,669 | Navin Fluorine International Ltd | 1,333,943 |
1,372,779 | NMDC Steel Ltd(c) | 903,353 |
5,556 | POSCO Holdings Inc | 1,740,295 |
748,414 | Sappi Ltd(a) | 1,987,209 |
523,300 | Satellite Chemical Co Ltd Class A(c) | 1,235,154 |
86,907 | Saudi Arabian Mining Co(c) | 1,170,192 |
29,794 | Saudi Basic Industries Corp | 620,520 |
351,200 | Scientex BHD | 306,456 |
16,628 | Southern Copper Corp | 1,771,215 |
190,275 | Sunresin New Materials Co Ltd Class A | 1,176,292 |
185,000 | Vale SA | 2,251,545 |
366,412 | Vedanta Ltd | 1,199,452 |
1,451,500 | Yunnan Aluminium Co Ltd Class A | 2,740,011 |
858,000 | Zijin Mining Group Co Ltd Class H | 1,718,918 |
35,255,180 | ||
Communications — 13.74% | ||
239,000 | Accton Technology Corp | 3,424,991 |
2,623,900 | Alibaba Group Holding Ltd | 23,727,493 |
1,234,200 | America Movil SAB de CV Class B | 1,156,656 |
20,980 | Baidu Inc Sponsored ADR(c) | 2,208,774 |
57,181 | Cartrade Tech Ltd(c) | 438,937 |
1,197,100 | China United Network Communications Ltd Class A | 764,316 |
139,635 | Etihad Etisalat Co | 1,958,352 |
24,252 | Info Edge India Ltd | 1,629,766 |
265,109 | JD.com Inc Class A | 3,636,470 |
88,403 | Kanzhun Ltd ADR | 1,549,705 |
445,000 | Kuaishou Technology(b)(c) | 2,801,097 |
1,835,500 | Meitu Inc(b) | 771,205 |
359,010 | Meituan Class B(b)(c) | 4,431,653 |
2,754 | MercadoLibre Inc(c) | 4,163,938 |
4,868,500 | My EG Services Bhd | 812,491 |
6,699 | Naspers Ltd Class N | 1,187,552 |
3,899 | NCSoft Corp | 596,460 |
Shares | Fair Value | |
Communications — (continued) | ||
522,909 | Ooredoo QPSC | $ 1,522,339 |
580,630 | Orange Polska SA(a) | 1,177,492 |
52,108 | PDD Holdings Inc ADR(c) | 6,057,555 |
31,947 | SK Telecom Co Ltd(c) | 1,264,953 |
70,065 | Tata Communications Ltd | 1,693,207 |
31,253 | TeamLease Services Ltd(c) | 1,028,871 |
197,200 | Telefonica Brasil SA | 1,985,998 |
3,193,400 | Telkom Indonesia Persero Tbk PT | 702,379 |
959,300 | Tencent Holdings Ltd | 37,364,681 |
116,037 | Tencent Music Entertainment Group ADR(c) | 1,298,454 |
495,700 | TIM SA | 1,758,285 |
477,200 | Tongcheng Travel Holdings Ltd(c) | 1,261,584 |
30,077 | Trip.com Group Ltd ADR(c) | 1,320,080 |
405,012 | Turkcell Iletisim Hizmetleri AS | 856,863 |
115,949 | Vipshop Holdings Ltd ADR | 1,918,956 |
1,750,400 | Xiaomi Corp Class B(b)(c) | 3,436,523 |
3,057,603 | Zomato Ltd(c) | 6,702,031 |
126,610,107 | ||
Consumer, Cyclical — 10.42% | ||
14,145 | Adani Enterprises Ltd | 544,030 |
566,500 | Alsea SAB de CV(c) | 2,793,568 |
49,000 | Anker Innovations Technology Co Ltd Class A | 518,958 |
316,800 | ANTA Sports Products Ltd | 3,377,979 |
17,261 | BBB Foods Inc Class A(c) | 410,467 |
1,150,000 | Bosideng International Holdings Ltd | 575,193 |
326,500 | BYD Co Ltd Class H | 8,360,051 |
41,699 | Ceat Ltd | 1,345,264 |
308,200 | Chongqing Changan Automobile Co Ltd Class A | 732,844 |
398,400 | Chow Tai Fook Jewellery Group Ltd | 588,349 |
148,807 | Clicks Group Ltd | 2,326,465 |
136,219 | Contemporary Amperex Technology Co Ltd Class A | 3,561,461 |
14,689 | Craftsman Automation Ltd | 761,099 |
1,697,000 | Eva Airways Corp | 1,676,047 |
380,000 | Fuyao Glass Industry Group Co Ltd Class H | 1,914,536 |
29,388 | H World Group Ltd ADR | 1,137,316 |
882,000 | Haidilao International Holding Ltd(b) | 1,995,836 |
15,152 | Hyundai Motor Co | 2,666,274 |
29,910 | Jinan Acetate Chemical Co Ltd | 837,462 |
344,620 | Jollibee Foods Corp | 1,549,255 |
87,179 | JUMBO SA | 2,511,225 |
72,355 | Jupiter Wagons Ltd | 324,590 |
29,588 | JYP Entertainment Corp | 1,559,473 |
103,114 | Kia Corp | 8,569,724 |
42,842 | KPIT Technologies Ltd | 766,780 |
30,527 | Leejam Sports Co JSC | 1,776,028 |
43,854 | LG Electronics Inc | 3,152,463 |
82,672 | Li Auto Inc ADR(c) | 2,503,308 |
314,000 | Lite-On Technology Corp | 1,040,891 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
24,265,400 | Map Aktif Adiperkasa PT | $ 1,599,338 |
54,000 | Merida Industry Co Ltd | 358,424 |
216,700 | Midea Group Co Ltd Class A | 1,937,263 |
67,070 | MINISO Group Holding Ltd ADR(a) | 1,374,935 |
127,432 | Mr Price Group Ltd | 1,168,135 |
151,000 | Nien Made Enterprise Co Ltd | 1,673,638 |
40,640,000 | Nusantara Sejahtera Raya Tbk PT(b)(c) | 589,547 |
257,200 | Raia Drogasil SA | 1,409,231 |
676,200 | Samsonite International SA(b)(c) | 2,562,035 |
6,433 | Samsung SDI Co Ltd | 2,281,490 |
668,000 | Sendas Distribuidora S/A | 1,973,872 |
254,200 | Shenzhou International Group Holdings Ltd | 2,413,226 |
265,691 | Sona Blw Precision Forgings Ltd(b) | 2,254,030 |
328,900 | Suofeiya Home Collection Co Ltd Class A | 701,213 |
256,188 | Tata Motors Ltd | 3,058,477 |
547,000 | Tong Yang Industry Co Ltd | 2,136,677 |
101,796 | Turk Hava Yollari AO(c) | 937,497 |
112,400 | Vivara Participacoes SA | 570,135 |
400,800 | Wal-Mart de Mexico SAB de CV | 1,615,303 |
1,610,000 | Weichai Power Co Ltd Class H | 3,072,062 |
9,214 | Yum China Holdings Inc | 366,625 |
97,800 | Zhongji Innolight Co Ltd Class A | 2,095,150 |
96,025,239 | ||
Consumer, Non-Cyclical — 10.01% | ||
121,567 | Adani Ports & Special Economic Zone Ltd | 1,962,904 |
33,606 | Almarai Co JSC | 512,535 |
31,701 | Apollo Hospitals Enterprise Ltd | 2,419,977 |
654,400 | Arca Continental SAB de CV | 7,142,523 |
992 | Benefit Systems SA | 701,938 |
30,395 | Britannia Industries Ltd | 1,790,103 |
251,800 | Bumrungrad Hospital PCL | 1,663,140 |
11,460 | Chong Kun Dang Pharmaceutical Corp | 967,287 |
306,311 | Cipla Ltd | 5,506,471 |
3,447 | CJ CheilJedang Corp | 747,775 |
55,677 | Coca-Cola Femsa SAB de CV Sponsored ADR(c) | 5,411,804 |
3,492,000 | CSPC Pharmaceutical Group Ltd | 2,748,554 |
21,734 | Dino Polska SA(a)(b)(c) | 2,108,465 |
98,458 | Dr Reddy's Laboratories Ltd | 7,276,444 |
81,300 | EcoRodovias Infraestrutura e Logistica SA | 133,085 |
377,200 | Fleury SA | 1,128,878 |
450,560 | Hualan Biological Engineering Inc Class A | 1,235,468 |
45,482 | Humansoft Holding Co KSC | 492,660 |
2,098,899 | Infibeam Avenues Ltd | 862,841 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
612,320 | International Container Terminal Services Inc | $ 3,463,804 |
563,800 | Jiangsu Expressway Co Ltd Class A | 918,527 |
1,207,600 | Kimberly-Clark de Mexico SAB de CV Class A(a) | 2,803,895 |
34,500 | Kweichow Moutai Co Ltd Class A | 8,132,371 |
13,026,000 | Monde Nissin Corp(b) | 2,530,355 |
67,569 | National Agriculture Development Co(c) | 533,368 |
29,253 | National Medical Care Co | 1,459,283 |
52,130 | Nestle India Ltd | 1,640,966 |
28,823 | New Oriental Education & Technology Group Inc Sponsored ADR(a)(c) | 2,502,413 |
27,079 | Orion Corp | 1,847,777 |
26,908 | Richter Gedeon Nyrt | 682,618 |
3,316 | Samsung Biologics Co Ltd(b)(c) | 2,052,358 |
79,550 | Shenzhen Mindray Bio-Medical Electronics Co Ltd Class A | 3,082,664 |
415,764 | Sun Pharmaceutical Industries Ltd | 8,093,995 |
348,603 | Tata Consumer Products Ltd | 4,590,386 |
26,070 | Torrent Pharmaceuticals Ltd | 813,693 |
50,598 | Varun Beverages Ltd | 850,377 |
715,000 | Yihai International Holding Ltd(a) | 1,355,645 |
92,167,347 | ||
Diversified — 0.24% | ||
30,452 | Astra Industrial Group | 1,541,072 |
1,250,900 | IJM Corp Bhd | 640,432 |
2,181,504 | ||
Energy — 4.06% | ||
51,523 | Chennai Petroleum Corp Ltd | 560,627 |
366,700 | Huaibei Mining Holdings Co Ltd Class A | 831,569 |
1,738,000 | Kunlun Energy Co Ltd | 1,451,912 |
367,124 | Oil & Natural Gas Corp Ltd(c) | 1,185,087 |
187,005 | ORLEN SA | 3,045,920 |
2,428,000 | PetroChina Co Ltd Class H(c) | 2,082,307 |
433,941 | Petroleo Brasileiro SA Sponsored ADR | 6,600,243 |
205,500 | PRIO SA | 1,990,507 |
1,548,200 | PTT Exploration & Production PCL | 6,378,166 |
1,869,300 | PTT PCL-NVDR | 1,719,877 |
107,861 | Reliance Industries Ltd(c) | 3,856,914 |
708,767 | Saudi Arabian Oil Co(b) | 5,813,697 |
303,400 | Shanghai Aiko Solar Energy Co Ltd Class A | 573,672 |
92,600 | Sungrow Power Supply Co Ltd Class A | 1,323,218 |
37,413,716 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — 23.44% | ||
827,413 | Abu Dhabi Islamic Bank PJSC | $ 2,460,440 |
748,651 | Akbank TAS | 1,083,246 |
793,419 | Aldar Properties PJSC | 1,192,640 |
241,760 | Alinma Bank | 2,824,634 |
27,126 | Angel One Ltd | 990,481 |
430,672 | Axis Bank Ltd | 5,427,930 |
27,017 | Bajaj Finance Ltd | 2,359,092 |
61,450 | Bajaj Finserv Ltd | 1,215,669 |
357,600 | Banco do Brasil SA(c) | 4,041,306 |
35,773 | Bancolombia SA Sponsored ADR | 1,224,152 |
1,328,800 | Bank BTPN Syariah Tbk PT | 113,639 |
8,439,200 | Bank Central Asia Tbk PT | 5,366,842 |
16,381,600 | Bank Mandiri Persero Tbk PT | 7,453,563 |
712,172 | Bank of Baroda | 2,262,467 |
4,871,000 | Bank of China Ltd Class H | 1,997,162 |
1,260,100 | Bank of Shanghai Co Ltd Class A | 1,170,115 |
13,349,500 | Bank Rakyat Indonesia Persero Tbk PT(c) | 5,104,548 |
111,387 | Banque Saudi Fransi | 1,157,373 |
198,700 | BB Seguridade Participacoes SA | 1,291,150 |
732,820 | BDO Unibank Inc | 2,014,065 |
17,424,500 | BFI Finance Indonesia Tbk PT | 1,472,657 |
111,569 | BNK Financial Group Inc | 660,944 |
334,800 | Caixa Seguridade Participacoes S/A | 1,049,379 |
78,748 | Can Fin Homes Ltd | 712,236 |
57,138 | Caption: Mirae Asset Securities Co Ltd | 344,954 |
383,040 | Chailease Holding Co Ltd | 2,052,506 |
3,418,000 | China CITIC Bank Corp Ltd Class H | 1,823,162 |
9,209,000 | China Construction Bank Corp Class H | 5,557,387 |
931,200 | China International Capital Corp Ltd Class H(b) | 1,105,548 |
1,809,500 | China Merchants Bank Co Ltd Class H | 7,171,985 |
390,200 | China Pacific Insurance Group Co Ltd Class H | 684,536 |
4,236,200 | CIMB Group Holdings Bhd(c) | 5,868,202 |
50,939 | Co for Cooperative Insurance | 2,200,012 |
1,206,741 | Commercial International Bank Egypt SAE GDR | 1,906,651 |
70,897 | Computer Age Management Services Ltd | 2,487,984 |
14,658 | Credicorp Ltd | 2,483,505 |
31,843 | DB Insurance Co Ltd | 2,277,767 |
430,589 | Emaar Development PJSC | 961,489 |
1,012,720 | Emaar Properties PJSC | 2,247,578 |
287,687 | Emirates NBD Bank PJSC | 1,355,296 |
1,330,200 | Fibra Uno Administracion SA de CV REIT | 2,209,199 |
371,163 | FirstRand Ltd(a) | 1,209,359 |
125,995 | Five-Star Business Finance Ltd(c) | 1,089,805 |
107,541 | Godrej Properties Ltd(c) | 2,973,265 |
76,640 | Hana Financial Group Inc | 3,355,132 |
Shares | Fair Value | |
Financial — (continued) | ||
67,225 | HDFC Bank Ltd | $ 1,172,244 |
66,135 | Hyundai Marine & Fire Insurance Co Ltd | 1,514,737 |
974,460 | ICICI Bank Ltd | 12,846,951 |
391,721 | Indiabulls Housing Finance Ltd | 792,453 |
1,838,000 | Industrial & Commercial Bank of China Ltd Class H | 923,841 |
386,900 | Itau Unibanco Holding SA | 2,680,698 |
57,511 | JB Financial Group Co Ltd | 557,699 |
658,219 | Jio Financial Services Ltd(c) | 2,798,347 |
187,558 | JSE Ltd | 875,403 |
519,535 | Karur Vysya Bank Ltd | 1,141,652 |
183,213 | KB Financial Group Inc | 9,574,256 |
204,948 | KE Holdings Inc ADR(a) | 2,813,936 |
6,389 | KIWOOM Securities Co Ltd | 585,293 |
4,706,100 | Krung Thai Bank PCL NVDR | 2,169,482 |
428,926 | LIC Housing Finance Ltd | 3,153,695 |
266,706 | Life Insurance Corp of India | 2,941,007 |
1,147,190 | Manappuram Finance Ltd | 2,388,787 |
988,580 | Metropolitan Bank & Trust Co | 1,148,148 |
54,036 | Motilal Oswal Financial Services Ltd | 1,085,129 |
763,051 | National Bank of Greece SA(c) | 5,973,285 |
114,737 | Nova Ljubljanska Banka dd GDR | 2,673,743 |
210,044 | NU Holdings Ltd Class A(c) | 2,505,825 |
139,238 | Odontoprev SA | 340,363 |
2,503,758 | Old Mutual Ltd(a) | 1,553,282 |
32,208,300 | Pakuwon Jati Tbk PT | 861,767 |
6,491,000 | People's Insurance Co Group of China Ltd Class H | 2,075,115 |
3,372,000 | PICC Property & Casualty Co Ltd Class H | 4,450,178 |
1,026,500 | Ping An Insurance Group Co of China Ltd Class H | 4,358,192 |
459,969 | Piraeus Financial Holdings SA(c) | 1,921,814 |
81,664 | Piramal Enterprises Ltd | 833,250 |
41,764 | Powszechna Kasa Oszczednosci Bank Polski SA | 619,682 |
527,072 | Prologis Property Mexico SA de CV REIT | 2,306,822 |
5,173 | Samsung Fire & Marine Insurance Co Ltd | 1,187,975 |
13,484 | Samsung Life Insurance Co Ltd | 956,554 |
52,080 | Saudi Awwal Bank | 576,275 |
144,948 | Saudi National Bank | 1,577,616 |
143,865 | SBI Life Insurance Co Ltd(b) | 2,597,737 |
53,173 | Shriram Finance Ltd(c) | 1,508,431 |
119,113 | Standard Bank Group Ltd | 1,164,968 |
874,201 | State Bank of India | 7,917,224 |
20,997,000 | TMBThanachart Bank PCL-NVDR | 1,047,798 |
530,568 | Turkiye Garanti Bankasi AS | 1,173,369 |
3,499,322 | Turkiye Is Bankasi AS Class C | 1,214,131 |
1,575,357 | Union Bank of India Ltd | 2,911,422 |
414,168 | Woori Financial Group Inc | 4,492,561 |
215,974,189 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Industrial — 7.66% | ||
929,766 | ADNOC Logistics & Services | $ 1,025,407 |
54,000 | Airoha Technology Corp | 1,030,559 |
26,690 | Amber Enterprises India Ltd(c) | 1,172,909 |
215,300 | Beijing New Building Materials PLC Class A | 852,728 |
262,300 | Beijing Oriental Yuhong Waterproof Technology Co Ltd Class A | 583,345 |
33,958 | BEML Ltd | 1,300,568 |
4,779 | Budimex SA | 837,518 |
213,000 | BYD Electronic International Co Ltd | 786,267 |
2,601,400 | Cemex SAB de CV(c) | 2,295,560 |
405,000 | Chicony Electronics Co Ltd | 2,800,931 |
11,564,000 | China Tower Corp Ltd Class H(b) | 1,330,898 |
130,000 | Chroma ATE Inc | 1,026,486 |
11,234 | Danaos Corp | 811,095 |
969,000 | Delta Electronics Inc | 10,371,086 |
50,243 | Doosan Bobcat Inc | 2,015,853 |
103,499 | GCC SAB de CV | 1,230,259 |
22,837 | Hanwha Aerospace Co Ltd | 3,522,592 |
87,412 | Hindustan Aeronautics Ltd | 3,497,942 |
68,333 | HMM Co Ltd | 799,287 |
396,000 | Hon Hai Precision Industry Co Ltd | 1,923,394 |
78,120 | Hyundai Rotem Co Ltd | 1,997,205 |
1,304,400 | JD Logistics Inc(b)(c) | 1,332,419 |
57,000 | Jentech Precision Industrial Co Ltd | 1,607,698 |
159,400 | Klabin SA | 801,545 |
44,795 | Larsen & Toubro Ltd | 2,026,046 |
1,546,200 | Lingyi iTech Guangdong Co Class A | 1,166,396 |
24,000 | Lotes Co Ltd | 1,038,402 |
873,700 | Nanofilm Technologies International Ltd | 462,494 |
377,200 | NARI Technology Co Ltd Class A | 1,259,134 |
86,424 | Riyadh Cables Group Co | 2,327,376 |
292,300 | Rumo SA | 1,293,244 |
9,916 | Samsung C&T Corp | 1,179,203 |
56,441 | Samsung Engineering Co Ltd(c) | 1,057,212 |
1,375,900 | Semen Indonesia Persero Tbk PT | 512,006 |
174,600 | Shenzhen Sinexcel Electric Co Ltd Class A | 719,120 |
164,000 | Silergy Corp | 1,677,677 |
381,000 | Sunny Optical Technology Group Co Ltd | 1,951,219 |
450,000 | Sunonwealth Electric Machine Industry Co Ltd | 1,849,929 |
1,424,200 | Tian Di Science & Technology Co Ltd | 1,340,595 |
320,000 | Unimicron Technology Corp | 1,902,460 |
383,731 | ZBOM Home Collection Co Ltd Class A | 860,213 |
369,287 | Zhejiang Sanhua Intelligent Controls Co Ltd Class A | 1,227,669 |
Shares | Fair Value | |
Industrial — (continued) | ||
85,873 | ZTO Express Cayman Inc ADR | $ 1,798,181 |
70,602,127 | ||
Technology — 22.49% | ||
70,893 | Advantech Co Ltd | 901,924 |
15,000 | Alchip Technologies Ltd | 1,484,346 |
97,000 | Asia Vital Components Co Ltd | 1,642,844 |
21,000 | ASMedia Technology Inc | 1,514,506 |
92,000 | Asustek Computer Inc | 1,217,939 |
121,920 | Birlasoft Ltd | 1,089,316 |
46,594 | Coforge Ltd | 3,086,055 |
27,314 | Dongjin Semichem Co Ltd | 946,552 |
207,000 | Elan Microelectronics Corp | 1,038,147 |
9,004 | Elm Co | 2,303,119 |
16,000 | Global Unichip Corp | 609,747 |
227,351 | HCL Technologies Ltd | 4,227,034 |
200,696 | Infosys Ltd | 3,614,162 |
127,742 | Infosys Ltd Sponsored ADR | 2,290,414 |
102,000 | International Games System Co Ltd | 3,586,939 |
255,000 | ITE Technology Inc | 1,406,402 |
560,000 | Kingdee International Software Group Co Ltd(c) | 633,734 |
527,200 | Kingnet Network Co Ltd Class A | 816,245 |
412,000 | MediaTek Inc | 14,928,534 |
386,500 | NetEase Inc | 8,008,915 |
65,575 | Netweb Technologies India Ltd(c) | 1,272,348 |
159,000 | Novatek Microelectronics Corp | 2,927,155 |
155,000 | Quanta Computer Inc | 1,357,331 |
147,000 | Realtek Semiconductor Corp | 2,559,887 |
792,080 | Samsung Electronics Co Ltd | 47,602,032 |
19,609 | SK Hynix Inc(c) | 2,597,709 |
127,034 | Sonata Software Ltd | 1,104,018 |
3,336,000 | Taiwan Semiconductor Manufacturing Co Ltd | 79,917,928 |
65,882 | Tata Consultancy Services Ltd | 3,074,842 |
39,872 | TDCX Inc ADR(c) | 285,882 |
281,300 | TOTVS SA | 1,597,926 |
1,569,000 | United Microelectronics Corp | 2,548,123 |
132,535 | Will Semiconductor Co Ltd Shanghai Class A | 1,808,206 |
244,000 | Wistron Corp | 919,168 |
33,000 | Wiwynn Corp | 2,259,718 |
207,179,147 | ||
Utilities — 1.73% | ||
23,834 | Adani Green Energy Ltd(c) | 526,041 |
4,191,000 | China Longyuan Power Group Corp Ltd Class H | 2,940,075 |
446,000 | China Resources Power Holdings Co Ltd | 1,041,614 |
461,898 | China Yangtze Power Co Ltd Class A | 1,588,135 |
51,000 | Cia de Saneamento Basico do Estado de Sao Paulo | 863,016 |
568,300 | Cia De Sanena Do Parana | 2,947,219 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Utilities — (continued) | ||
16,663,638 | Enel Chile SA | $ 1,001,754 |
88,000 | Energisa SA | 842,206 |
365,491 | ENN Natural Gas Co Ltd Class A | 969,219 |
380,246 | PGE Polska Grupa Energetyczna SA(c) | 685,089 |
355,123 | PTC India Ltd | 794,110 |
60,563 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA(c) | 1,727,592 |
15,926,070 | ||
TOTAL COMMON STOCK — 97.62% (Cost $819,054,643) | $899,334,626 | |
EXCHANGE TRADED FUNDS | ||
275,026 | iShares ESG Aware MSCI EM ETF | 8,864,088 |
TOTAL EXCHANGE TRADED FUNDS — 0.96% (Cost $8,677,180) | $8,864,088 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 1.03% | ||
$2,388,117 | Undivided interest of 1.34% in a repurchase agreement (principal amount/value $178,876,340 with a maturity value of $178,982,473) with HSBC Securities (USA) Inc, 5.34%, dated 3/28/24 to be repurchased at $2,388,117 on 4/1/24 collateralized by various U.S. Government Agency securities, 1.50% - 7.50%, 1/1/31 - 8/1/59, with a value of $182,453,867.(d) | 2,388,117 |
2,388,119 | Undivided interest of 1.34% in a repurchase agreement (principal amount/value $179,328,251 with a maturity value of $179,434,652) with Citigroup Global Markets Inc, 5.34%, dated 3/28/24 to be repurchased at $2,388,119 on 4/1/24 collateralized by Government National Mortgage Association securities, 2.00% - 6.50%, 9/20/44 - 1/20/54, with a value of $182,914,816.(d) | 2,388,119 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 2,388,117 | Undivided interest of 1.35% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.33%, dated 3/28/24 to be repurchased at $2,388,117 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) | $ 2,388,117 |
2,388,117 | Undivided interest of 6.31% in a repurchase agreement (principal amount/value $37,884,479 with a maturity value of $37,906,873) with Mizuho Securities (USA) LLC, 5.32%, dated 3/28/24 to be repurchased at $2,388,117 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.(d) | 2,388,117 |
TOTAL SHORT TERM INVESTMENTS — 1.03% (Cost $9,552,470) | $9,552,470 | |
TOTAL INVESTMENTS — 99.61% (Cost $837,284,293) | $917,751,184 | |
OTHER ASSETS & LIABILITIES, NET — 0.39% | $3,554,964 | |
TOTAL NET ASSETS — 100.00% | $921,306,148 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER EMERGING MARKETS EQUITY FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(a) | All or a portion of the security is on loan at March 28, 2024. |
(b) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(c) | Non-income producing security. |
(d) | Collateral received for securities on loan. |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
GDR | Global Depositary Receipt |
NVDR | Non-Voting Depository Receipt |
REIT | Real Estate Investment Trust |
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 |
BNP | USD | 53,826 | EUR | 49,692 | 04/02/2024 | $206 |
Net Appreciation | $206 |
Abbreviations | ||
BNP | BNP Paribas Securities Corp |
Currency Abbreviations | ||
EUR | Euro Dollar | |
USD | U.S. Dollar |
Summary of Investments by Country as of March 28, 2024.
Country | Fair Value | Percentage of Fund Investments | |
China | $228,223,949 | 24.87% | |
India | 159,458,742 | 17.38 | |
Taiwan | 156,734,758 | 17.08 | |
South Korea | 117,896,459 | 12.85 | |
Brazil | 40,055,656 | 4.36 | |
Mexico | 29,376,056 | 3.20 | |
Saudi Arabia | 28,351,452 | 3.09 | |
Indonesia | 23,776,286 | 2.59 | |
United States | 22,749,807 | 2.48 | |
South Africa | 15,665,131 | 1.71 | |
Thailand | 12,978,462 | 1.41 | |
Greece | 11,217,419 | 1.22 | |
Philippines | 10,705,628 | 1.17 | |
Poland | 10,083,889 | 1.10 | |
United Arab Emirates | 9,242,850 | 1.01 | |
Malaysia | 7,627,582 | 0.83 | |
Ireland | 6,057,555 | 0.66 | |
Turkey | 5,265,107 | 0.57 | |
Uruguay | 4,163,938 | 0.45 | |
Hong Kong | 3,657,068 | 0.40 | |
Slovenia | 2,673,743 | 0.29 | |
Peru | 2,483,505 | 0.27 | |
Egypt | 1,906,651 | 0.21 | |
Romania | 1,727,592 | 0.19 | |
Qatar | 1,522,339 | 0.17 | |
Colombia | 1,224,152 | 0.13 | |
Chile | 1,001,754 | 0.11 | |
Singapore | 748,376 | 0.08 | |
Hungary | 682,618 | 0.07 | |
Kuwait | 492,660 | 0.05 | |
Total | $917,751,184 | 100.00% |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 5.01% | ||
39,166 | Air Liquide SA | $ 8,148,461 |
45,000 | DSM-Firmenich AG | 5,117,959 |
12,456 | Linde PLC | 5,783,570 |
147,300 | Shin-Etsu Chemical Co Ltd | 6,460,865 |
25,510,855 | ||
Communications — 5.82% | ||
34,944 | Delivery Hero SE(a)(b) | 999,207 |
5,481 | MercadoLibre Inc(b) | 8,287,053 |
24,000 | Nice Ltd Sponsored ADR(b)(c) | 6,254,880 |
90,000 | Shopify Inc Class A(b) | 6,945,300 |
87,100 | Tencent Holdings Ltd | 3,392,540 |
24,149 | Wolters Kluwer NV | 3,781,500 |
29,660,480 | ||
Consumer, Cyclical — 15.30% | ||
45,242 | Cie Financiere Richemont SA | 6,887,661 |
75,000 | CTS Eventim AG & Co KGaA | 6,668,488 |
143,000 | Denso Corp | 2,738,689 |
12,804 | Evolution AB(a) | 1,590,307 |
14,375 | Ferguson PLC | 3,144,259 |
2,063 | Ferrari NV | 899,544 |
115,936 | Industria de Diseno Textil SA | 5,838,126 |
71,357 | InterContinental Hotels Group PLC | 7,413,031 |
11,891 | LVMH Moet Hennessy Louis Vuitton SE | 10,699,517 |
10,848 | Next PLC | 1,264,216 |
140,000 | Puma SE | 6,335,896 |
500,000 | RS Group PLC | 4,583,276 |
19,431 | Ryanair Holdings PLC Sponsored ADR | 2,828,959 |
24,100 | Shimano Inc | 3,585,202 |
76,000 | Sony Group Corp | 6,517,055 |
111,763 | Volvo AB Class B(c) | 3,028,939 |
65,011 | Yum China Holdings Inc | 2,586,788 |
47,361 | Zalando SE(a)(b) | 1,354,304 |
77,964,257 | ||
Consumer, Non-Cyclical — 26.14% | ||
882 | Adyen NV(a)(b) | 1,489,823 |
70,000 | Alcon Inc | 5,789,803 |
140,000 | Amadeus IT Group SA | 8,987,568 |
5,737 | Argenx SE(b) | 2,261,953 |
250,000 | Asahi Intecc Co Ltd | 4,379,948 |
22,829 | AstraZeneca PLC | 3,066,356 |
18,000 | Cochlear Ltd | 3,958,752 |
18,711 | Coloplast A/S Class B | 2,526,304 |
32,000 | CSL Ltd | 6,004,066 |
250,000 | Daiichi Sankyo Co Ltd | 7,954,725 |
38,534 | Diageo PLC | 1,425,598 |
350,000 | Evotec SE(b) | 5,454,875 |
150,000 | Experian PLC | 6,534,041 |
25,000 | Genmab A/S(b) | 7,495,717 |
4,311 | L'Oreal SA | 2,041,574 |
119,739 | Nestle SA | 12,722,264 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
123,204 | Novo Nordisk A/S Class B | $ 15,803,797 |
198,901 | Oxford Nanopore Technologies PLC(b) | 304,766 |
156,700 | Recruit Holdings Co Ltd | 6,880,196 |
192,161 | RELX PLC | 8,284,596 |
27,717 | Sanofi SA | 2,696,443 |
12,969 | Straumann Holding AG | 2,069,304 |
25,000,000 | Sumber Alfaria Trijaya Tbk PT | 4,590,349 |
15,000 | Tecan Group AG | 6,214,945 |
234,200 | Terumo Corp | 4,285,544 |
133,223,307 | ||
Financial — 9.60% | ||
202,119 | 3i Group PLC | 7,164,055 |
147,885 | Allfunds Group PLC | 1,066,531 |
178,100 | DBS Group Holdings Ltd | 4,753,101 |
14,313 | Deutsche Boerse AG | 2,931,168 |
106,864 | Goodman Group REIT | 2,353,920 |
240,000 | Intermediate Capital Group PLC | 6,213,321 |
46,063 | London Stock Exchange Group PLC | 5,510,457 |
40,000 | Macquarie Group Ltd | 5,203,090 |
6,963 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3,398,936 |
253,239 | QBE Insurance Group Ltd | 2,993,457 |
132,200 | Rakuten Bank Ltd(b) | 2,638,300 |
150,500 | Tokio Marine Holdings Inc | 4,717,613 |
48,943,949 | ||
Industrial — 18.20% | ||
37,707 | Airbus SE | 6,946,738 |
421,512 | Atlas Copco AB Class A | 7,118,729 |
33,000 | Daikin Industries Ltd | 4,505,844 |
50,000 | DSV A/S | 8,127,733 |
61,851 | Ferrovial SE | 2,448,803 |
43,700 | Hitachi Ltd | 3,993,325 |
49,000 | Hoya Corp | 6,128,472 |
1,800 | Interroll Holding AG | 5,981,616 |
16,100 | Keyence Corp | 7,474,600 |
22,270 | Legrand SA | 2,358,327 |
25,000 | MTU Aero Engines AG | 6,340,676 |
43,668 | Safran SA | 9,889,598 |
6,055 | Schneider Electric SE | 1,368,897 |
250,000 | SIG Group AG | 5,543,565 |
30,000 | Sika AG | 8,926,513 |
43,435 | Vinci SA | 5,573,973 |
92,727,409 | ||
Technology — 16.32% | ||
50,300 | Advantest Corp | 2,234,470 |
25,797 | ASML Holding NV | 25,009,286 |
25,000 | CyberArk Software Ltd(b) | 6,640,750 |
85,829 | Dassault Systemes SE | 3,799,419 |
16,500 | Disco Corp | 6,031,302 |
81,234 | Infineon Technologies AG | 2,762,415 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Technology — (continued) | ||
450,000 | Keywords Studios PLC | $ 7,389,246 |
75,000 | Kinaxis Inc(b) | 8,526,817 |
29,000 | Monday.com Ltd(b) | 6,550,230 |
136,400 | Otsuka Corp | 2,894,197 |
112,448 | Sage Group PLC | 1,796,437 |
24,623 | Samsung Electronics Co Ltd | 1,479,781 |
16,933 | SAP SE | 3,297,187 |
34,890 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | 4,746,785 |
83,158,322 | ||
Utilities — 0.55% | ||
135,228 | SSE PLC | 2,818,376 |
TOTAL COMMON STOCK — 96.94% (Cost $406,094,167) | $494,006,955 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 1.91% | ||
$2,428,959 | Undivided interest of 1.36% in a repurchase agreement (principal amount/value $178,876,340 with a maturity value of $178,982,473) with HSBC Securities (USA) Inc, 5.34%, dated 3/28/24 to be repurchased at $2,428,959 on 4/1/24 collateralized by various U.S. Government Agency securities, 1.50% - 7.50%, 1/1/31 - 8/1/59, with a value of $182,453,867.(d) | 2,428,959 |
2,428,959 | Undivided interest of 1.36% in a repurchase agreement (principal amount/value $179,328,251 with a maturity value of $179,434,652) with Citigroup Global Markets Inc, 5.34%, dated 3/28/24 to be repurchased at $2,428,959 on 4/1/24 collateralized by Government National Mortgage Association securities, 2.00% - 6.50%, 9/20/44 - 1/20/54, with a value of $182,914,816.(d) | 2,428,959 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 2,428,961 | Undivided interest of 1.37% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.33%, dated 3/28/24 to be repurchased at $2,428,961 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) | $ 2,428,961 |
2,428,959 | Undivided interest of 1.76% in a repurchase agreement (principal amount/value $138,121,676 with a maturity value of $138,203,475) with Bank of Montreal, 5.33%, dated 3/28/24 to be repurchased at $2,428,959 on 4/1/24 collateralized by Federal National Mortgage Association securities, 3.50% - 7.00%, 8/1/33 - 3/1/54, with a value of $140,884,109.(d) | 2,428,959 |
TOTAL SHORT TERM INVESTMENTS — 1.91% (Cost $9,715,838) | $9,715,838 | |
TOTAL INVESTMENTS — 98.85% (Cost $415,810,005) | $503,722,793 | |
OTHER ASSETS & LIABILITIES, NET — 1.15% | $5,856,391 | |
TOTAL NET ASSETS — 100.00% | $509,579,184 |
(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) | Collateral received for securities on loan. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Summary of Investments by Country as of March 28, 2024.
Country | Fair Value | Percentage of Fund Investments | |
Japan | $83,420,347 | 16.56% | |
Switzerland | 59,253,629 | 11.76 | |
United Kingdom | 54,055,275 | 10.73 | |
France | 53,522,947 | 10.63 | |
Germany | 39,543,152 | 7.85 | |
Denmark | 33,953,552 | 6.74 | |
Netherlands | 32,542,563 | 6.46 | |
Australia | 20,513,284 | 4.07 | |
Israel | 19,445,860 | 3.86 | |
Spain | 17,274,497 | 3.43 | |
Ireland | 16,752,246 | 3.33 | |
United States | 15,499,408 | 3.08 | |
Canada | 15,472,117 | 3.07 | |
Sweden | 11,737,976 | 2.33 | |
Uruguay | 8,287,053 | 1.65 | |
China | 5,979,328 | 1.19 | |
Singapore | 4,753,101 | 0.94 | |
Taiwan | 4,746,784 | 0.94 | |
Indonesia | 4,590,349 | 0.91 | |
South Korea | 1,479,781 | 0.29 | |
Italy | 899,544 | 0.18 | |
Total | $503,722,793 | 100.00% |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 5.86% | ||
57,426 | Air Liquide SA | $ 11,947,442 |
18,545 | Akzo Nobel NV | 1,385,641 |
136,235 | Anglo American PLC | 3,356,867 |
41,392 | Antofagasta PLC | 1,062,673 |
55,512 | ArcelorMittal SA | 1,525,870 |
6,437 | Arkema SA | 677,688 |
135,700 | Asahi Kasei Corp | 995,126 |
99,544 | BASF SE | 5,688,351 |
556,408 | BHP Group Ltd | 16,087,909 |
49,087 | BlueScope Steel Ltd | 763,454 |
30,044 | Boliden AB | 834,250 |
15,736 | Brenntag SE | 1,326,251 |
22,949 | Clariant AG | 310,499 |
21,063 | Covestro AG(a)(b) | 1,152,149 |
15,588 | Croda International PLC | 964,316 |
19,957 | DSM-Firmenich AG | 2,269,758 |
755 | EMS-Chemie Holding AG(b) | 578,646 |
20,255 | Endeavour Mining PLC | 410,762 |
23,014 | Evonik Industries AG | 455,222 |
181,559 | Fortescue Ltd | 3,038,389 |
1,036 | Givaudan SA | 4,612,003 |
1,162,468 | Glencore PLC | 6,378,372 |
9,885 | Holmen AB Class B | 402,121 |
84,701 | ICL Group Ltd | 448,901 |
62,700 | JFE Holdings Inc(c) | 1,039,166 |
18,727 | Mineral Resources Ltd | 864,029 |
134,800 | Mitsubishi Chemical Group Corp | 821,508 |
18,000 | Mitsui Chemicals Inc | 528,047 |
46,693 | Mondi PLC | 822,122 |
109,400 | Nippon Paint Holdings Co Ltd | 787,372 |
18,800 | Nippon Sanso Holdings Corp(c) | 589,864 |
91,674 | Nippon Steel Corp(c) | 2,206,087 |
13,200 | Nissan Chemical Corp | 499,964 |
15,400 | Nitto Denko Corp | 1,408,206 |
139,264 | Norsk Hydro ASA | 765,309 |
120,731 | Northern Star Resources Ltd | 1,139,163 |
39,807 | Novonesis / Novozymes Class B | 2,341,510 |
10,581 | OCI NV | 290,013 |
283,234 | Pilbara Minerals Ltd(c) | 706,794 |
39,799 | Rio Tinto Ltd | 3,158,653 |
123,769 | Rio Tinto PLC | 7,823,712 |
200,200 | Shin-Etsu Chemical Co Ltd | 8,781,162 |
29,166 | Smurfit Kappa Group PLC | 1,329,853 |
495,632 | South32 Ltd | 967,140 |
25,900 | Sumitomo Metal Mining Co Ltd | 773,383 |
7,845 | Syensqo SA(b) | 743,359 |
14,393 | Symrise AG | 1,723,005 |
148,300 | Toray Industries Inc | 712,116 |
21,983 | Umicore SA | 473,946 |
57,817 | UPM-Kymmene OYJ | 1,926,276 |
12,021 | voestalpine AG | 337,227 |
17,379 | Yara International ASA | 551,073 |
110,782,719 |
Shares | Fair Value | |
Communications — 4.26% | ||
39,586 | Adevinta ASA(b) | $ 414,948 |
96,422 | Auto Trader Group PLC(a) | 851,250 |
77,442 | Bollore SE(b) | 517,405 |
703,845 | BT Group PLC | 973,649 |
37,873 | CAR Group Ltd | 890,235 |
18,996 | Delivery Hero SE(a)(b) | 543,182 |
21,800 | Dentsu Group Inc | 605,315 |
356,263 | Deutsche Telekom AG | 8,648,137 |
14,975 | Elisa OYJ(b) | 667,639 |
199,363 | Grab Holdings Ltd Class A(b) | 626,000 |
2,200 | Hikari Tsushin Inc | 413,757 |
388,900 | HKT Trust & HKT Ltd | 453,764 |
151,095 | Informa PLC | 1,584,906 |
165,700 | KDDI Corp | 4,899,205 |
352,938 | Koninklijke KPN NV(b) | 1,320,136 |
285,100 | LY Corp | 722,147 |
46,400 | M3 Inc | 667,758 |
25,900 | MonotaRO Co Ltd | 311,757 |
6,890 | Nice Ltd(b) | 1,793,060 |
3,341,300 | Nippon Telegraph & Telephone Corp | 3,979,833 |
573,652 | Nokia OYJ | 2,035,379 |
199,631 | Orange SA | 2,347,671 |
68,678 | Pearson PLC | 903,881 |
158,011 | Prosus NV | 4,945,823 |
24,864 | Publicis Groupe SA | 2,710,695 |
160,400 | Rakuten Group Inc(b) | 910,447 |
8,167 | Scout24 SE(a) | 615,290 |
39,300 | Sea Ltd ADR(b) | 2,110,803 |
38,485 | SEEK Ltd | 627,558 |
892,400 | Singapore Telecommunications Ltd | 1,677,107 |
321,300 | SoftBank Corp(c) | 4,136,719 |
114,300 | SoftBank Group Corp | 6,787,749 |
193,660 | Spark New Zealand Ltd | 551,321 |
2,797 | Swisscom AG | 1,711,919 |
56,245 | Tele2 AB Class B | 461,854 |
1,098,559 | Telecom Italia SpA(b)(c) | 266,785 |
314,835 | Telefonaktiebolaget LM Ericsson Class B(c) | 1,693,233 |
530,061 | Telefonica SA(c) | 2,340,880 |
66,729 | Telenor ASA | 742,185 |
256,309 | Telia Co AB | 656,908 |
456,670 | Telstra Group Ltd | 1,148,716 |
14,200 | Trend Micro Inc | 721,172 |
71,282 | Vivendi SE | 776,822 |
2,466,057 | Vodafone Group PLC | 2,186,894 |
5,891 | Wix.com Ltd(b) | 809,895 |
26,857 | Wolters Kluwer NV | 4,205,547 |
117,163 | WPP PLC | 1,110,074 |
15,400 | ZOZO Inc(c) | 382,225 |
80,459,635 | ||
Consumer, Cyclical — 14.44% | ||
23,907 | Accor SA | 1,116,136 |
17,407 | adidas AG | 3,889,239 |
15,800 | Aisin Corp | 645,631 |
16,200 | ANA Holdings Inc(c) | 338,568 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
63,266 | Aristocrat Leisure Ltd | $ 1,771,502 |
38,023 | Associated British Foods PLC | 1,199,177 |
10,126 | Avolta AG(b) | 421,620 |
64,800 | Bandai Namco Holdings Inc | 1,202,374 |
102,592 | Barratt Developments PLC | 615,636 |
35,078 | Bayerische Motoren Werke AG | 4,047,272 |
11,313 | Berkeley Group Holdings PLC | 679,689 |
60,900 | Bridgestone Corp | 2,699,073 |
36,574 | Bunzl PLC | 1,406,816 |
41,468 | Burberry Group PLC | 634,047 |
58,981 | Cie Financiere Richemont SA | 8,979,292 |
72,734 | Cie Generale des Etablissements Michelin SCA | 2,787,421 |
54,700 | City Developments Ltd | 236,952 |
185,860 | Compass Group PLC | 5,449,412 |
12,079 | Continental AG | 871,924 |
57,498 | Daimler Truck Holding AG | 2,913,708 |
69,600 | Daiwa House Industry Co Ltd(c) | 2,071,673 |
207,900 | Denso Corp | 3,981,633 |
65,140 | Deutsche Lufthansa AG(b) | 511,957 |
2,258 | D'ieteren Group | 500,604 |
67,043 | Entain PLC | 672,607 |
19,664 | Evolution AB(a) | 2,442,347 |
19,500 | Fast Retailing Co Ltd | 6,041,609 |
14,015 | Ferrari NV | 6,111,057 |
19,397 | Flutter Entertainment PLC(b) | 3,844,005 |
236,000 | Galaxy Entertainment Group Ltd | 1,186,389 |
623,020 | Genting Singapore Ltd | 408,600 |
70,519 | H & M Hennes & Mauritz AB Class B(c) | 1,149,888 |
3,484 | Hermes International SCA | 8,904,369 |
511,600 | Honda Motor Co Ltd | 6,330,380 |
11,800 | Hoshizaki Corp | 430,543 |
16,156 | Iida Group Holdings Co Ltd(c) | 209,084 |
6,276 | IMCD NV | 1,104,643 |
121,060 | Industria de Diseno Textil SA | 6,096,152 |
18,231 | InterContinental Hotels Group PLC | 1,893,955 |
62,000 | Isuzu Motors Ltd | 838,082 |
131,500 | ITOCHU Corp(c) | 5,649,187 |
15,800 | Japan Airlines Co Ltd(c) | 300,006 |
10,200 | Jardine Cycle & Carriage Ltd | 182,627 |
283,518 | JD Sports Fashion PLC | 481,476 |
8,198 | Kering SA | 3,247,102 |
199,946 | Kingfisher PLC | 629,032 |
21,600 | Koito Manufacturing Co Ltd | 291,160 |
10,754 | La Francaise des Jeux SAEM(a) | 438,310 |
240,232 | Lottery Corp Ltd | 805,641 |
30,351 | LVMH Moet Hennessy Louis Vuitton SE | 27,309,818 |
156,400 | Marubeni Corp | 2,708,794 |
36,900 | MatsukiyoCocokara & Co | 592,500 |
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
61,000 | Mazda Motor Corp | $ 706,966 |
9,700 | McDonald's Holdings Co Japan Ltd(c) | 436,181 |
88,728 | Mercedes-Benz Group AG | 7,066,048 |
379,900 | Mitsubishi Corp(c) | 8,779,956 |
140,800 | Mitsui & Co Ltd | 6,582,624 |
22,568 | Moncler SpA | 1,684,046 |
13,287 | Next PLC | 1,548,454 |
114,600 | Nintendo Co Ltd | 6,253,105 |
248,800 | Nissan Motor Co Ltd(c) | 985,865 |
8,700 | Nitori Holdings Co Ltd(c) | 1,318,503 |
121,600 | Oriental Land Co Ltd | 3,895,543 |
40,000 | Pan Pacific International Holdings Corp | 1,060,069 |
236,800 | Panasonic Holdings Corp | 2,259,964 |
9,286 | Pandora A/S | 1,498,817 |
34,432 | Persimmon PLC | 570,682 |
11,350 | Puma SE | 513,660 |
94,481 | Qantas Airways Ltd(b) | 335,420 |
570 | Rational AG | 491,111 |
24,998 | Reece Ltd | 457,705 |
20,344 | Renault SA | 1,026,564 |
25,952 | Rexel SA | 701,039 |
254,800 | Sands China Ltd(b) | 718,852 |
2,611 | SEB SA | 334,060 |
41,400 | Sekisui Chemical Co Ltd | 605,707 |
63,600 | Sekisui House Ltd | 1,448,660 |
18,790 | Seven Group Holdings Ltd(b) | 499,318 |
29,200 | Sharp Corp(b)(c) | 162,629 |
8,200 | Shimano Inc | 1,219,861 |
159,600 | Singapore Airlines Ltd(c) | 756,425 |
9,807 | Sodexo SA | 840,691 |
138,600 | Sony Group Corp | 11,885,050 |
245,318 | Stellantis NV | 6,970,582 |
65,300 | Subaru Corp | 1,478,905 |
112,100 | Sumitomo Corp | 2,700,259 |
77,300 | Sumitomo Electric Industries Ltd | 1,197,789 |
174,000 | Suzuki Motor Corp | 1,986,605 |
9,038 | Swatch Group AG | 1,005,019 |
383,364 | Taylor Wimpey PLC | 662,544 |
12,300 | Toho Co Ltd | 408,424 |
15,800 | Toyota Industries Corp | 1,653,171 |
1,165,575 | Toyota Motor Corp | 29,459,871 |
23,000 | Toyota Tsusho Corp | 1,579,430 |
93,713 | Universal Music Group NV | 2,816,118 |
42,800 | USS Co Ltd(c) | 353,834 |
3,322 | Volkswagen AG | 507,464 |
20,793 | Volvo AB Class A(c) | 572,569 |
169,216 | Volvo AB Class B(c) | 4,585,999 |
61,940 | Volvo Car AB Class B(b) | 234,504 |
126,256 | Wesfarmers Ltd | 5,627,830 |
21,765 | Whitbread PLC | 909,674 |
14,700 | Yamaha Corp(c) | 317,296 |
95,100 | Yamaha Motor Co Ltd | 876,021 |
24,355 | Zalando SE(a)(b) | 696,440 |
10,100 | Zensho Holdings Co Ltd(c) | 420,009 |
272,934,651 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Non-Cyclical — 23.13% | ||
17,155 | Adecco Group AG | $ 678,691 |
2,451 | Adyen NV(a)(b) | 4,140,088 |
70,500 | Aeon Co Ltd | 1,672,394 |
48,000 | Ajinomoto Co Inc | 1,792,493 |
54,857 | Alcon Inc | 4,537,304 |
48,417 | Amadeus IT Group SA | 3,108,222 |
13,070 | Amplifon SpA(c) | 476,438 |
95,897 | Anheuser-Busch InBev SA(c) | 5,837,653 |
6,354 | Argenx SE(b) | 2,505,221 |
51,500 | Asahi Group Holdings Ltd | 1,891,073 |
23,500 | Asahi Intecc Co Ltd | 411,715 |
46,981 | Ashtead Group PLC | 3,345,228 |
194,900 | Astellas Pharma Inc(c) | 2,093,761 |
170,365 | AstraZeneca PLC | 22,883,167 |
3,549 | Bachem Holding AG(c) | 339,863 |
375 | Barry Callebaut AG | 544,725 |
110,261 | Bayer AG | 3,376,707 |
10,907 | Beiersdorf AG | 1,588,033 |
4,567 | BioMerieux | 503,713 |
150,159 | Brambles Ltd | 1,580,285 |
220,552 | British American Tobacco PLC | 6,692,594 |
31,258 | Bureau Veritas SA | 954,418 |
4,412 | Carl Zeiss Meditec AG | 550,732 |
10,670 | Carlsberg AS Class B | 1,461,205 |
65,363 | Carrefour SA | 1,121,262 |
113 | Chocoladefabriken Lindt & Spruengli AG | 2,656,519 |
72,100 | Chugai Pharmaceutical Co Ltd | 2,755,330 |
290,424 | CK Hutchison Holdings Ltd | 1,397,709 |
22,048 | Coca-Cola Europacific Partners PLC | 1,557,651 |
23,195 | Coca-Cola HBC AG | 732,675 |
7,179 | Cochlear Ltd | 1,578,882 |
145,306 | Coles Group Ltd | 1,604,061 |
14,706 | Coloplast A/S Class B | 1,985,561 |
53,097 | CSL Ltd | 9,962,434 |
23,600 | Dai Nippon Printing Co Ltd(c) | 722,766 |
204,400 | Daiichi Sankyo Co Ltd | 6,503,783 |
71,627 | Danone SA | 4,630,331 |
76,249 | Davide Campari-Milano NV | 766,303 |
10,738 | Demant A/S(b) | 533,715 |
247,094 | Diageo PLC | 9,141,450 |
2,487 | DiaSorin SpA | 240,008 |
16,079 | EBOS Group Ltd(c) | 328,846 |
26,932 | Edenred SE | 1,438,032 |
27,300 | Eisai Co Ltd | 1,124,454 |
154,161 | Endeavour Group Ltd | 553,503 |
32,510 | EssilorLuxottica SA | 7,354,163 |
64,509 | Essity AB Class B | 1,532,355 |
14,832 | Eurofins Scientific SE | 944,808 |
102,948 | Experian PLC | 4,484,443 |
62,538 | Fisher & Paykel Healthcare Corp Ltd | 958,370 |
21,559 | Fresenius Medical Care AG | 828,400 |
45,037 | Fresenius SE & Co KGaA | 1,214,508 |
120,300 | FUJIFILM Holdings Corp | 2,701,290 |
7,081 | Genmab A/S(b) | 2,123,087 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
23,751 | Getinge AB Class B | $ 477,702 |
30,587 | Grifols SA(b) | 275,129 |
450,123 | GSK PLC | 9,663,175 |
762,322 | Haleon PLC | 3,194,239 |
14,108 | Heineken Holding NV | 1,138,575 |
30,877 | Heineken NV | 2,976,788 |
11,074 | Henkel AG & Co KGaA | 797,923 |
18,185 | Hikma Pharmaceuticals PLC | 439,798 |
26,011 | IDP Education Ltd | 303,629 |
92,564 | Imperial Brands PLC | 2,068,645 |
17,681 | Intertek Group PLC | 1,112,755 |
4,107 | Ipsen SA | 488,720 |
180,360 | J Sainsbury PLC | 615,600 |
128,800 | Japan Tobacco Inc | 3,434,056 |
12,842 | JDE Peet's NV | 269,611 |
30,536 | Jeronimo Martins SGPS SA | 605,845 |
50,100 | Kao Corp | 1,872,150 |
17,226 | Kerry Group PLC Class A | 1,476,033 |
29,371 | Kesko OYJ Class B | 549,064 |
71,500 | Kikkoman Corp | 917,668 |
85,000 | Kirin Holdings Co Ltd | 1,182,036 |
16,500 | Kobe Bussan Co Ltd | 404,304 |
104,131 | Koninklijke Ahold Delhaize NV | 3,115,797 |
85,207 | Koninklijke Philips NV | 1,705,334 |
28,400 | Kyowa Kirin Co Ltd | 510,948 |
25,355 | Lifco AB Class B | 662,129 |
8,176 | Lonza Group AG | 4,885,966 |
26,512 | L'Oreal SA | 12,555,371 |
43 | Lotus Bakeries NV | 415,197 |
295,267 | Medibank Pvt Ltd(b) | 723,440 |
24,700 | MEIJI Holdings Co Ltd | 539,267 |
13,857 | Merck KGaA | 2,443,489 |
51,894 | Mowi ASA | 953,226 |
292,716 | Nestle SA | 31,101,063 |
63,457 | Nexi SpA(a)(b) | 402,054 |
19,800 | Nissin Foods Holdings Co Ltd | 545,849 |
7,190 | NMC Health PLC(b)(d) | 454 |
224,701 | Novartis AG | 21,764,188 |
357,652 | Novo Nordisk A/S Class B | 45,877,244 |
65,093 | Ocado Group PLC(b) | 373,217 |
128,600 | Olympus Corp | 1,851,623 |
40,700 | Ono Pharmaceutical Co Ltd(c) | 666,867 |
11,913 | Orion OYJ Class B | 444,081 |
81,566 | Orkla ASA | 576,078 |
44,700 | Otsuka Holdings Co Ltd | 1,856,762 |
21,925 | Pernod Ricard SA | 3,549,321 |
23,216 | QIAGEN NV | 992,199 |
19,680 | Ramsay Health Care Ltd | 724,500 |
11,874 | Randstad NV(c) | 627,016 |
79,383 | Reckitt Benckiser Group PLC | 4,524,222 |
11,307 | Recordati Industria Chimica e Farmaceutica SpA | 624,349 |
159,100 | Recruit Holdings Co Ltd | 6,985,573 |
207,679 | RELX PLC | 8,953,621 |
2,408 | Remy Cointreau SA | 243,148 |
268,754 | Rentokil Initial PLC | 1,597,539 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
80,722 | Roche Holding AG | $ 20,660,087 |
7,978 | Salmar ASA | 526,534 |
44,511 | Sandoz Group AG(b) | 1,343,598 |
125,116 | Sanofi SA | 12,171,886 |
2,947 | Sartorius Stedim Biotech | 840,565 |
22,700 | Secom Co Ltd | 1,646,953 |
53,632 | Securitas AB Class B(c) | 552,894 |
242,100 | Seven & i Holdings Co Ltd | 3,528,822 |
16,297 | SGS SA(c) | 1,582,154 |
28,400 | Shionogi & Co Ltd | 1,451,290 |
43,100 | Shiseido Co Ltd | 1,182,683 |
30,502 | Siemens Healthineers AG(a) | 1,865,435 |
94,966 | Smith & Nephew PLC | 1,188,637 |
46,947 | Sonic Healthcare Ltd | 899,634 |
5,615 | Sonova Holding AG | 1,626,065 |
12,039 | Straumann Holding AG | 1,920,915 |
14,900 | Suntory Beverage & Food Ltd | 503,991 |
20,089 | Swedish Orphan Biovitrum AB(b) | 501,474 |
52,800 | Sysmex Corp | 942,211 |
175,552 | Takeda Pharmaceutical Co Ltd | 4,882,784 |
143,000 | Terumo Corp | 2,616,707 |
768,543 | Tesco PLC | 2,877,583 |
122,047 | Teva Pharmaceutical Industries Ltd Sponsored ADR(b) | 1,722,083 |
26,400 | TOPPAN Holdings Inc | 661,769 |
330,275 | Transurban Group | 2,865,169 |
100,969 | Treasury Wine Estates Ltd | 819,019 |
13,867 | UCB SA | 1,711,844 |
43,700 | Unicharm Corp | 1,391,244 |
274,844 | Unilever PLC | 13,795,920 |
914,645 | WH Group Ltd(a) | 603,740 |
207,700 | Wilmar International Ltd | 527,584 |
64,538 | Wise PLC Class A | 754,245 |
130,661 | Woolworths Group Ltd | 2,824,367 |
25,215 | Worldline SA(a)(b) | 311,949 |
27,400 | Yakult Honsha Co Ltd(c) | 560,014 |
437,358,848 | ||
Diversified — 0.03% | ||
16,979 | Jardine Matheson Holdings Ltd | 621,941 |
Energy — 4.21% | ||
33,392 | Aker BP ASA | 837,521 |
25,550 | Ampol Ltd | 662,772 |
133,582 | APA Group | 732,160 |
1,875,930 | BP PLC | 11,767,311 |
10,367 | DCC PLC(b) | 754,000 |
307,450 | ENEOS Holdings Inc | 1,481,249 |
241,459 | Eni SpA | 3,823,283 |
96,590 | Equinor ASA | 2,590,003 |
52,573 | Galp Energia SGPS SA | 869,159 |
103,780 | Idemitsu Kosan Co Ltd | 711,530 |
104,700 | Inpex Corp | 1,591,565 |
Shares | Fair Value | |
Energy — (continued) | ||
45,564 | Neste OYJ(c) | $ 1,235,482 |
15,750 | OMV AG | 745,962 |
136,951 | Repsol SA | 2,285,872 |
349,190 | Santos Ltd | 1,767,912 |
4,784,391 | Seatrium Ltd(b)(c) | 279,619 |
713,870 | Shell PLC(b) | 23,681,305 |
239,692 | TotalEnergies SE | 16,488,320 |
108,645 | Vestas Wind Systems A/S(b) | 3,030,501 |
212,116 | Woodside Energy Group Ltd | 4,227,966 |
79,563,492 | ||
Financial — 20.80% | ||
104,354 | 3i Group PLC | 3,698,800 |
50,953 | ABN AMRO Bank NV(a) | 871,923 |
206,574 | abrdn PLC | 367,855 |
27,803 | Admiral Group PLC | 996,044 |
178,637 | Aegon Ltd | 1,089,838 |
21,514 | AerCap Holdings NV(b) | 1,869,782 |
17,613 | Ageas SA | 815,936 |
1,261,800 | AIA Group Ltd | 8,487,591 |
173,001 | AIB Group PLC | 878,232 |
42,666 | Allianz SE | 12,787,779 |
6,942 | Amundi SA(a) | 476,826 |
332,316 | ANZ Group Holdings Ltd | 6,369,190 |
16,987 | ASR Nederland NV | 832,531 |
108,941 | Assicurazioni Generali SpA | 2,757,680 |
21,399 | ASX Ltd | 925,781 |
295,356 | Aviva PLC | 1,852,893 |
196,755 | AXA SA | 7,389,314 |
4,568 | Azrieli Group Ltd | 329,609 |
4,900 | Baloise Holding AG | 768,348 |
659,550 | Banco Bilbao Vizcaya Argentaria SA | 7,854,277 |
134,022 | Banco BPM SpA | 891,688 |
1,778,912 | Banco Santander SA | 8,689,006 |
137,859 | Bank Hapoalim BM | 1,291,938 |
166,285 | Bank Leumi Le-Israel BM | 1,382,243 |
115,242 | Bank of Ireland Group PLC | 1,176,057 |
3,538 | Banque Cantonale Vaudoise | 411,597 |
1,610,311 | Barclays PLC | 3,731,722 |
115,464 | BNP Paribas SA | 8,220,473 |
407,500 | BOC Hong Kong Holdings Ltd | 1,092,625 |
442,296 | CaixaBank SA(c) | 2,146,281 |
391,740 | CapitaLand Ascendas REIT | 803,568 |
583,804 | CapitaLand Integrated Commercial Trust REIT(b) | 856,009 |
281,257 | Capitaland Investment Ltd | 558,113 |
56,500 | Chiba Bank Ltd(b) | 470,147 |
217,924 | CK Asset Holdings Ltd | 897,994 |
115,340 | Commerzbank AG | 1,585,260 |
183,461 | Commonwealth Bank of Australia | 14,390,546 |
60,759 | Computershare Ltd | 1,034,899 |
114,000 | Concordia Financial Group Ltd | 572,988 |
5,758 | Covivio SA REIT | 296,792 |
114,490 | Credit Agricole SA | 1,707,959 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
101,100 | Dai-ichi Life Holdings Inc | $ 2,578,508 |
6,600 | Daito Trust Construction Co Ltd(c) | 752,946 |
141,300 | Daiwa Securities Group Inc(c) | 1,075,060 |
74,382 | Danske Bank A/S | 2,232,681 |
201,576 | DBS Group Holdings Ltd | 5,379,624 |
207,800 | Deutsche Bank AG | 3,272,914 |
21,214 | Deutsche Boerse AG | 4,344,428 |
107,834 | Dexus REIT | 555,623 |
100,369 | DNB Bank ASA | 1,995,090 |
38,070 | EQT AB | 1,205,277 |
37,267 | Erste Group Bank AG | 1,660,910 |
235,000 | ESR Group Ltd(a) | 251,775 |
4,407 | Eurazeo SE | 386,163 |
9,245 | Euronext NV(a) | 879,850 |
10,032 | EXOR NV | 1,116,429 |
95,402 | Fastighets AB Balder Class B(b)(c) | 700,770 |
66,665 | FinecoBank Banca Fineco SpA(c) | 998,431 |
5,800 | Futu Holdings Ltd ADR | 314,070 |
4,929 | Gecina SA REIT | 503,470 |
20,580 | Gjensidige Forsikring ASA(b) | 298,707 |
502 | GLP J-REIT | 420,675 |
192,625 | Goodman Group REIT | 4,242,999 |
195,052 | GPT Group REIT | 580,476 |
10,124 | Groupe Bruxelles Lambert NV | 765,358 |
186,000 | Hang Lung Properties Ltd | 191,273 |
83,700 | Hang Seng Bank Ltd | 917,495 |
6,510 | Hannover Rueck SE | 1,782,616 |
40,385 | Hargreaves Lansdown PLC | 374,713 |
3,984 | Helvetia Holding AG | 549,277 |
157,830 | Henderson Land Development Co Ltd | 450,708 |
135,212 | Hong Kong Exchanges & Clearing Ltd | 3,939,844 |
116,300 | Hongkong Land Holdings Ltd | 357,098 |
2,092,968 | HSBC Holdings PLC | 16,357,701 |
39,700 | Hulic Co Ltd(b) | 407,733 |
13,516 | Industrivarden AB Class A | 464,812 |
16,841 | Industrivarden AB Class C(b)(c) | 579,104 |
363,110 | ING Groep NV | 5,978,004 |
264,896 | Insurance Australia Group Ltd(b) | 1,104,966 |
1,609,071 | Intesa Sanpaolo SpA | 5,841,811 |
193,475 | Investor AB Class B | 4,855,125 |
129,186 | Israel Discount Bank Ltd Class A | 668,099 |
53,900 | Japan Exchange Group Inc | 1,459,907 |
754 | Japan Metropolitan Fund Invest REIT | 469,811 |
156,100 | Japan Post Bank Co Ltd(c) | 1,677,343 |
223,600 | Japan Post Holdings Co Ltd | 2,252,799 |
20,600 | Japan Post Insurance Co Ltd(c) | 393,772 |
140 | Japan Real Estate Investment Corp REIT | 499,079 |
22,285 | Julius Baer Group Ltd | 1,292,494 |
Shares | Fair Value | |
Financial — (continued) | ||
26,860 | KBC Group NV | $ 2,013,758 |
440 | KDX Realty Investment Corp REIT(b) | 467,673 |
23,426 | Klepierre SA REIT | 606,397 |
8,633 | L E Lundbergforetagen AB Class B | 467,287 |
76,773 | Land Securities Group PLC REIT | 637,478 |
7,779 | LEG Immobilien SE(b) | 668,148 |
641,481 | Legal & General Group PLC | 2,060,059 |
273,344 | Link REIT | 1,177,132 |
6,904,614 | Lloyds Banking Group PLC | 4,514,718 |
46,069 | London Stock Exchange Group PLC | 5,511,175 |
244,408 | M&G PLC | 679,962 |
40,805 | Macquarie Group Ltd | 5,307,802 |
372,638 | Mapletree Logistics Trust REIT | 402,896 |
243,500 | Mapletree Pan Asia Commercial Trust REIT | 230,794 |
58,486 | Mediobanca Banca di Credito Finanziario SpA(b) | 871,530 |
422,742 | Mirvac Group REIT | 649,759 |
121,300 | Mitsubishi Estate Co Ltd | 2,213,237 |
86,500 | Mitsubishi HC Capital Inc | 603,307 |
1,218,600 | Mitsubishi UFJ Financial Group Inc | 12,398,160 |
289,800 | Mitsui Fudosan Co Ltd | 3,124,471 |
16,408 | Mizrahi Tefahot Bank Ltd | 615,130 |
268,910 | Mizuho Financial Group Inc | 5,317,778 |
138,600 | MS&AD Insurance Group Holdings Inc | 2,447,336 |
15,038 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 7,340,686 |
345,042 | National Australia Bank Ltd | 7,812,451 |
627,363 | NatWest Group PLC | 2,100,458 |
163 | Nippon Building Fund Inc REIT | 652,018 |
246 | Nippon Prologis Inc REIT | 438,223 |
29,368 | NN Group NV | 1,355,780 |
325,200 | Nomura Holdings Inc | 2,081,449 |
11,400 | Nomura Real Estate Holdings Inc | 322,065 |
511 | Nomura Real Estate Master Fund Inc REIT | 505,295 |
345,375 | Nordea Bank Abp | 3,849,028 |
125,700 | ORIX Corp | 2,749,279 |
381,085 | Oversea-Chinese Banking Corp Ltd | 3,807,752 |
2,442 | Partners Group Holding AG | 3,488,362 |
81,981 | Phoenix Group Holdings PLC | 572,221 |
295,177 | Prudential PLC | 2,767,592 |
160,545 | QBE Insurance Group Ltd | 1,897,751 |
5,683 | REA Group Ltd(c) | 686,663 |
227,100 | Resona Holdings Inc | 1,399,949 |
21,778 | Sagax AB Class B | 574,510 |
49,304 | Sampo OYJ Class A | 2,103,129 |
26,240 | SBI Holdings Inc | 688,279 |
584,177 | Scentre Group REIT | 1,290,166 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
88,748 | Schroders PLC | $ 421,516 |
128,027 | Segro PLC REIT | 1,459,378 |
51,200 | Shizuoka Financial Group Inc | 487,194 |
89,600 | Singapore Exchange Ltd | 611,460 |
419,178 | Sino Land Co Ltd | 435,787 |
170,130 | Skandinaviska Enskilda Banken AB Class A | 2,304,843 |
78,058 | Societe Generale SA | 2,091,416 |
1,613 | Sofina SA | 361,716 |
95,550 | Sompo Holdings Inc(c) | 2,002,734 |
57,578 | St James's Place PLC | 337,718 |
241,691 | Standard Chartered PLC | 2,048,376 |
258,454 | Stockland REIT | 816,680 |
139,700 | Sumitomo Mitsui Financial Group Inc | 8,168,636 |
70,772 | Sumitomo Mitsui Trust Holdings Inc | 1,524,896 |
30,400 | Sumitomo Realty & Development Co Ltd | 1,132,690 |
156,000 | Sun Hung Kai Properties Ltd | 1,506,910 |
137,490 | Suncorp Group Ltd | 1,467,554 |
158,059 | Svenska Handelsbanken AB Class A(c) | 1,597,974 |
90,734 | Swedbank AB Class A(c) | 1,800,866 |
46,000 | Swire Pacific Ltd Class A | 378,689 |
134,400 | Swire Properties Ltd | 282,701 |
3,164 | Swiss Life Holding AG | 2,219,206 |
8,220 | Swiss Prime Site AG | 775,369 |
32,335 | Swiss Re AG | 4,159,410 |
54,600 | T&D Holdings Inc | 949,177 |
6,820 | Talanx AG | 540,262 |
200,100 | Tokio Marine Holdings Inc | 6,272,388 |
36,649 | Tryg A/S | 755,495 |
361,505 | UBS Group AG | 11,131,076 |
12,405 | Unibail-Rodamco-Westfield REIT(b) | 997,940 |
174,366 | UniCredit SpA | 6,622,320 |
135,506 | United Overseas Bank Ltd | 2,945,905 |
419,229 | Vicinity Ltd REIT | 581,903 |
78,240 | Vonovia SE | 2,312,139 |
17,971 | Warehouses De Pauw CVA REIT | 512,441 |
25,461 | Washington H Soul Pattinson & Co Ltd(b) | 557,404 |
387,604 | Westpac Banking Corp | 6,592,416 |
106,000 | Wharf Holdings Ltd | 348,464 |
193,300 | Wharf Real Estate Investment Co Ltd | 629,366 |
16,086 | Zurich Insurance Group AG | 8,689,890 |
393,307,350 | ||
Industrial — 14.31% | ||
175,832 | ABB Ltd | 8,156,899 |
2,536 | Acciona SA | 308,634 |
23,382 | ACS Actividades de Construccion y Servicios SA(c) | 979,205 |
8,217 | Aena SME SA(a) | 1,618,372 |
Shares | Fair Value | |
Industrial — (continued) | ||
3,266 | Aeroports de Paris SA(b) | $ 447,817 |
22,400 | AGC Inc | 812,724 |
65,159 | Airbus SE | 12,004,203 |
31,564 | Alfa Laval AB | 1,240,287 |
30,670 | Alstom SA(c) | 467,056 |
319 | AP Moller - Maersk A/S Class A | 408,739 |
510 | AP Moller - Maersk A/S Class B | 664,961 |
107,458 | Assa Abloy AB Class B | 3,083,862 |
299,065 | Atlas Copco AB Class A | 5,050,776 |
178,844 | Atlas Copco AB Class B | 2,641,518 |
167,590 | Auckland International Airport Ltd(c) | 836,058 |
188,256 | Aurizon Holdings Ltd | 490,865 |
11,900 | Azbil Corp(c) | 329,223 |
338,502 | BAE Systems PLC | 5,767,765 |
41,528 | Beijer Ref AB(c) | 616,604 |
20,403 | Bouygues SA | 832,952 |
24,000 | Brother Industries Ltd | 445,109 |
50,798 | Cellnex Telecom SA(a) | 1,796,970 |
85,000 | Central Japan Railway Co | 2,111,003 |
49,592 | Cie de Saint-Gobain SA(b) | 3,849,035 |
65,000 | CK Infrastructure Holdings Ltd | 380,697 |
78,657 | CRH PLC | 6,786,889 |
32,600 | Daifuku Co Ltd(c) | 781,403 |
29,400 | Daikin Industries Ltd | 4,014,297 |
2,222 | Dassault Aviation SA | 489,219 |
109,928 | Deutsche Post AG | 4,737,625 |
20,927 | DSV A/S | 3,401,782 |
97,800 | East Japan Railway Co | 1,876,307 |
8,071 | Eiffage SA | 915,999 |
2,807 | Elbit Systems Ltd | 586,247 |
71,031 | Epiroc AB Class A | 1,333,434 |
41,853 | Epiroc AB Class B | 708,778 |
102,700 | FANUC Corp | 2,864,969 |
55,537 | Ferrovial SE | 2,198,836 |
13,700 | Fuji Electric Co Ltd | 919,332 |
16,545 | GEA Group AG | 699,528 |
3,585 | Geberit AG | 2,118,677 |
37,749 | Getlink SE | 642,732 |
42,089 | Halma PLC | 1,256,261 |
24,300 | Hankyu Hanshin Holdings Inc | 697,197 |
15,527 | Heidelberg Materials AG | 1,709,239 |
236,638 | Hexagon AB Class B | 2,797,282 |
3,479 | Hirose Electric Co Ltd(c) | 357,502 |
11,600 | Hitachi Construction Machinery Co Ltd | 349,989 |
102,900 | Hitachi Ltd | 9,403,048 |
58,250 | Holcim AG | 5,277,263 |
39,500 | Hoya Corp | 4,940,298 |
39,571 | Husqvarna AB Class B | 338,609 |
12,100 | Ibiden Co Ltd(c) | 541,920 |
29,078 | Indutrade AB | 791,992 |
36,913 | Infrastrutture Wireless Italiane SpA(a) | 418,889 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Industrial — (continued) | ||
15,374 | Investment AB Latour Class B | $ 404,162 |
48,270 | James Hardie Industries PLC(b) | 1,940,131 |
19,600 | JSR Corp | 561,005 |
45,100 | Kajima Corp | 925,663 |
44,700 | Kawasaki Kisen Kaisha Ltd(c) | 601,086 |
14,000 | Keisei Electric Railway Co Ltd(c) | 569,312 |
155,700 | Keppel Ltd | 846,081 |
21,460 | Keyence Corp | 9,963,039 |
16,770 | Kingspan Group PLC | 1,527,356 |
19,500 | Kintetsu Group Holdings Co Ltd | 567,971 |
7,848 | Knorr-Bremse AG | 593,583 |
105,600 | Komatsu Ltd | 3,124,788 |
36,563 | Kone OYJ Class B | 1,703,370 |
9,205 | Kongsberg Gruppen ASA | 635,586 |
108,500 | Kubota Corp | 1,702,336 |
5,808 | Kuehne + Nagel International AG | 1,615,894 |
137,600 | Kyocera Corp | 1,845,368 |
28,606 | Legrand SA | 3,029,291 |
43,276 | Leonardo SpA | 1,087,255 |
24,100 | Makita Corp | 684,935 |
143,376 | Melrose Industries PLC | 1,217,028 |
69,536 | Metso OYJ(c) | 826,012 |
39,100 | MINEBEA MITSUMI Inc | 766,950 |
30,600 | MISUMI Group Inc | 426,289 |
218,300 | Mitsubishi Electric Corp | 3,654,112 |
345,000 | Mitsubishi Heavy Industries Ltd | 3,126,851 |
37,600 | Mitsui OSK Lines Ltd(c) | 1,147,048 |
162,702 | MTR Corp Ltd | 537,560 |
5,853 | MTU Aero Engines AG | 1,484,479 |
193,500 | Murata Manufacturing Co Ltd | 3,618,917 |
165,397 | Nibe Industrier AB Class B(c) | 813,323 |
44,900 | Nidec Corp | 1,861,969 |
7,600 | Nippon Express Holdings Inc | 387,943 |
52,300 | Nippon Yusen KK(c) | 1,435,849 |
69,600 | Obayashi Corp | 827,574 |
33,500 | Odakyu Electric Railway Co Ltd(c) | 461,792 |
18,400 | Omron Corp | 658,849 |
49,609 | Orica Ltd | 590,066 |
56,701 | Poste Italiane SpA(a) | 710,137 |
28,605 | Prysmian SpA | 1,491,868 |
4,709 | Rheinmetall AG | 2,648,450 |
991 | ROCKWOOL A/S Class B | 326,064 |
902,370 | Rolls-Royce Holdings PLC(b) | 4,853,936 |
8,315 | Saab AB Class B | 739,643 |
37,586 | Safran SA | 8,512,193 |
115,166 | Sandvik AB | 2,556,775 |
6,963 | Schindler Holding AG | 1,733,067 |
59,816 | Schneider Electric SE | 13,523,030 |
8,700 | SCREEN Holdings Co Ltd(c) | 1,127,998 |
34,800 | SG Holdings Co Ltd | 440,706 |
24,700 | Shimadzu Corp | 687,997 |
57,400 | Shimizu Corp | 370,673 |
Shares | Fair Value | |
Industrial — (continued) | ||
83,536 | Siemens AG(b) | $ 15,950,320 |
54,868 | Siemens Energy AG(b) | 1,007,037 |
31,992 | SIG Group AG | 709,399 |
16,993 | Sika AG | 5,056,274 |
172,200 | Singapore Technologies Engineering Ltd | 512,691 |
139,000 | SITC International Holdings Co Ltd | 254,128 |
37,392 | Skanska AB Class B(c) | 665,897 |
36,069 | SKF AB Class B(c) | 736,342 |
6,200 | SMC Corp | 3,497,793 |
36,709 | Smiths Group PLC | 760,690 |
8,054 | Spirax-Sarco Engineering PLC | 1,021,350 |
61,988 | Stora Enso OYJ Class R | 862,011 |
65,390 | Svenska Cellulosa AB SCA Class B(c) | 1,005,306 |
18,700 | Taisei Corp | 681,597 |
41,800 | TDK Corp | 2,052,714 |
148,500 | Techtronic Industries Co Ltd | 2,017,798 |
50,045 | Tenaris SA | 989,455 |
11,347 | Thales SA | 1,934,447 |
20,100 | Tobu Railway Co Ltd | 502,598 |
53,200 | Tokyu Corp(c) | 647,809 |
13,800 | TOTO Ltd | 386,884 |
2,937 | VAT Group AG(a) | 1,517,236 |
56,026 | Vinci SA | 7,189,764 |
51,283 | Wartsila OYJ Abp | 779,377 |
47,200 | West Japan Railway Co | 983,656 |
28,600 | Yamato Holdings Co Ltd | 411,626 |
27,200 | Yaskawa Electric Corp | 1,158,032 |
24,900 | Yokogawa Electric Corp | 573,431 |
270,655,899 | ||
Technology — 7.49% | ||
86,700 | Advantest Corp | 3,851,462 |
5,055 | ASM International NV | 3,095,705 |
44,188 | ASML Holding NV | 42,838,715 |
8,137 | BE Semiconductor Industries NV | 1,246,418 |
8,671 | Bechtle AG | 458,300 |
114,200 | Canon Inc | 3,402,596 |
37,200 | Capcom Co Ltd | 696,909 |
16,891 | Capgemini SE | 3,886,814 |
9,976 | Check Point Software Technologies Ltd(b) | 1,636,164 |
4,435 | CyberArk Software Ltd(b) | 1,178,069 |
73,966 | Dassault Systemes SE | 3,274,276 |
10,000 | Disco Corp | 3,655,335 |
202,000 | Fujitsu Ltd | 3,232,808 |
9,408 | Global-e Online Ltd(b) | 341,981 |
15,100 | Hamamatsu Photonics KK | 532,371 |
144,684 | Infineon Technologies AG | 4,920,073 |
10,800 | Konami Group Corp | 735,685 |
8,300 | Lasertec Corp | 2,365,751 |
17,765 | Logitech International SA | 1,591,910 |
3,047 | Monday.com Ltd(b) | 688,226 |
26,100 | NEC Corp | 1,905,439 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Technology — (continued) | ||
6,062 | Nemetschek SE | $ 600,037 |
35,800 | Nexon Co Ltd | 595,050 |
42,469 | Nomura Research Institute Ltd | 1,199,696 |
66,200 | NTT Data Group Corp | 1,052,444 |
7,500 | Obic Co Ltd | 1,132,884 |
4,000 | Oracle Corp Japan | 300,804 |
24,200 | Otsuka Corp | 513,487 |
159,200 | Renesas Electronics Corp | 2,837,049 |
58,900 | Ricoh Co Ltd(c) | 523,320 |
37,400 | Rohm Co Ltd(c) | 599,851 |
109,899 | Sage Group PLC | 1,755,715 |
114,778 | SAP SE | 22,349,527 |
16,200 | SCSK Corp | 301,122 |
31,400 | Seiko Epson Corp(c) | 549,265 |
8,900 | Square Enix Holdings Co Ltd(c) | 343,236 |
75,455 | STMicroelectronics NV | 3,247,463 |
38,400 | SUMCO Corp | 607,133 |
6,506 | Teleperformance SE | 631,961 |
6,952 | Temenos AG | 497,279 |
23,400 | TIS Inc(b) | 502,066 |
51,800 | Tokyo Electron Ltd | 13,491,267 |
17,416 | WiseTech Global Ltd(b) | 1,065,210 |
15,797 | Xero Ltd(b) | 1,371,641 |
141,602,514 | ||
Utilities — 2.96% | ||
2,192 | BKW AG | 336,834 |
596,674 | Centrica PLC | 961,496 |
68,000 | Chubu Electric Power Co Inc | 889,178 |
177,500 | CLP Holdings Ltd | 1,415,783 |
241,553 | E.ON SE | 3,362,894 |
339,280 | EDP - Energias de Portugal SA | 1,323,750 |
33,639 | EDP Renovaveis SA | 455,547 |
3,053 | Elia Group SA | 329,557 |
26,952 | Enagas SA | 400,396 |
33,176 | Endesa SA | 615,133 |
895,972 | Enel SpA(b) | 5,914,776 |
206,093 | Engie SA | 3,453,584 |
47,091 | Fortum OYJ(b)(c) | 581,396 |
1,175,229 | Hong Kong & China Gas Co Ltd | 890,784 |
685,789 | Iberdrola SA(b) | 8,517,798 |
80,300 | Kansai Electric Power Co Inc | 1,145,786 |
78,004 | Mercury NZ Ltd | 322,962 |
133,408 | Meridian Energy Ltd | 471,054 |
402,301 | National Grid PLC | 5,418,058 |
185,844 | Origin Energy Ltd | 1,114,824 |
19,856 | Orsted AS(a)(b) | 1,109,531 |
40,400 | Osaka Gas Co Ltd | 908,838 |
148,500 | Power Assets Holdings Ltd | 870,003 |
42,501 | Redeia Corp SA | 725,964 |
72,048 | RWE AG | 2,448,718 |
99,300 | Sembcorp Industries Ltd | 396,966 |
28,606 | Severn Trent PLC | 892,238 |
217,140 | Snam SpA | 1,025,274 |
Shares | Fair Value | |
Utilities — (continued) | ||
124,704 | SSE PLC | $ 2,599,038 |
154,617 | Terna - Rete Elettrica Nazionale | 1,278,023 |
163,600 | Tokyo Electric Power Co Holdings Inc(b) | 994,382 |
42,000 | Tokyo Gas Co Ltd | 954,778 |
74,109 | United Utilities Group PLC | 962,476 |
72,862 | Veolia Environnement SA | 2,370,343 |
7,347 | Verbund AG | 536,774 |
55,994,936 | ||
TOTAL COMMON STOCK — 97.49% (Cost $1,538,422,226) | $1,843,281,985 | |
PREFERRED STOCK | ||
Consumer, Cyclical — 0.30% | ||
6,068 | Bayerische Motoren Werke AG | 651,114 |
12,366 | Dr Ing hc F Porsche AG(a) | 1,229,900 |
16,904 | Porsche Automobil Holding SE | 895,473 |
22,107 | Volkswagen AG | 2,931,929 |
5,708,416 | ||
Consumer, Non-Cyclical — 0.08% | ||
18,440 | Henkel AG & Co KGaA | 1,482,139 |
Industrial — 0.06% | ||
2,750 | Sartorius AG | 1,092,057 |
TOTAL PREFERRED STOCK — 0.44% (Cost $8,854,634) | $8,282,612 | |
RIGHTS | ||
Industrial — 0.00%(e) | ||
13,981 | ACS Actividades de Construccion y Servicios SA(b)(d) | 18,851 |
TOTAL RIGHTS — 0.00%(e) (Cost $20,503) | $18,851 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
SHORT TERM INVESTMENTS | ||
U.S. Treasury Bonds and Notes — 0.76% | ||
$14,407,400 | U.S. Treasury Bills(c) 5.29%, 05/23/2024 | $ 14,291,856 |
Repurchase Agreements — 4.22% | ||
19,953,010 | Undivided interest of 11.16% 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 $19,953,010 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) | 19,953,010 |
19,953,010 | Undivided interest of 11.18% 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 $19,953,010 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) | 19,953,010 |
19,953,010 | Undivided interest of 11.24% 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 $19,953,010 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) | 19,953,010 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$19,953,009 | Undivided interest of 14.49% in a repurchase agreement (principal amount/value $138,121,676 with a maturity value of $138,203,475) with Bank of Montreal, 5.33%, dated 3/28/24 to be repurchased at $19,953,009 on 4/1/24 collateralized by Federal National Mortgage Association securities, 3.50% - 7.00%, 8/1/33 - 3/1/54, with a value of $140,884,109.(f) | $ 19,953,009 |
79,812,039 | ||
TOTAL SHORT TERM INVESTMENTS — 4.98% (Cost $94,103,895) | $94,103,895 | |
TOTAL INVESTMENTS — 102.91% (Cost $1,641,401,258) | $1,945,687,343 | |
OTHER ASSETS & LIABILITIES, NET — (2.91)% | $(54,932,697) | |
TOTAL NET ASSETS — 100.00% | $1,890,754,646 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(a) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(b) | 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) | Represents less than 0.005% of net assets. |
(f) | Collateral received for securities on loan. |
ADR | American Depositary Receipt |
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 | 365 | USD | 43,017 | Jun 2024 | $470,890 |
Net Appreciation | $470,890 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX 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 | 4,078 | AUD | 6,215 | 04/03/2024 | $27 |
CGM | USD | 4,450 | AUD | 6,691 | 04/05/2024 | 89 |
CGM | USD | 53,606 | AUD | 81,669 | 04/11/2024 | 369 |
CGM | USD | 2,443 | AUD | 3,673 | 04/12/2024 | 49 |
CGM | USD | 7,971 | AUD | 12,204 | 04/15/2024 | 15 |
CGM | USD | 3,214,622 | CHF | 2,700,000 | 04/10/2024 | 216,455 |
CGM | USD | 466,655 | EUR | 429,051 | 04/03/2024 | 3,670 |
CGM | USD | 5,719 | EUR | 5,268 | 04/04/2024 | 34 |
CGM | USD | 1,516,602 | EUR | 1,378,000 | 04/10/2024 | 29,228 |
CGM | USD | 90,928 | GBP | 72,019 | 04/11/2024 | 26 |
CGM | USD | 9,013 | GBP | 7,139 | 04/12/2024 | 3 |
CGM | USD | 21,859 | JPY | 3,189,540 | 04/26/2024 | 697 |
CGM | USD | 7,242 | JPY | 1,078,650 | 05/02/2024 | 78 |
CGM | USD | 4,972 | JPY | 739,840 | 05/08/2024 | 53 |
CGM | USD | 18,394 | JPY | 2,734,875 | 05/13/2024 | 196 |
CGM | USD | 10,565 | JPY | 1,570,416 | 05/15/2024 | 112 |
CGM | USD | 7,909 | JPY | 1,174,704 | 05/20/2024 | 84 |
CGM | USD | 9,876 | JPY | 1,466,365 | 05/22/2024 | 104 |
CGM | USD | 38,751 | JPY | 5,748,660 | 05/28/2024 | 406 |
CGM | USD | 4,455 | NZD | 7,254 | 04/02/2024 | 121 |
CGM | USD | 22,657 | NZD | 37,454 | 04/05/2024 | 281 |
CGM | USD | 14,520 | SEK | 152,849 | 04/02/2024 | 238 |
MEL | USD | 9,505 | AUD | 14,590 | 04/03/2024 | (4) |
MEL | USD | 12,226 | AUD | 18,738 | 04/08/2024 | 12 |
MEL | USD | 25,835 | AUD | 39,734 | 04/11/2024 | (66) |
MEL | USD | 42,683 | AUD | 65,502 | 04/12/2024 | (16) |
MEL | USD | 7,306 | AUD | 11,106 | 04/15/2024 | 66 |
MEL | USD | 87,142 | AUD | 132,874 | 04/18/2024 | 512 |
MEL | USD | 40,189 | CHF | 36,448 | 04/03/2024 | (252) |
MEL | USD | 159,349 | EUR | 147,335 | 04/03/2024 | 360 |
MEL | USD | 24,888 | EUR | 23,011 | 04/04/2024 | 56 |
MEL | USD | 25,162 | EUR | 23,215 | 04/05/2024 | 110 |
MEL | USD | 7,039 | EUR | 6,490 | 04/08/2024 | 34 |
MEL | USD | 25,138 | EUR | 23,237 | 04/09/2024 | 57 |
MEL | USD | 49,966 | EUR | 45,962 | 05/10/2024 | 298 |
MEL | USD | 107,993 | GBP | 85,346 | 04/03/2024 | 272 |
MEL | USD | 320,912 | GBP | 252,204 | 04/18/2024 | 2,574 |
MEL | USD | 7,637 | GBP | 5,966 | 04/26/2024 | 107 |
MEL | USD | 92,358 | GBP | 72,146 | 04/29/2024 | 1,290 |
MEL | USD | 19,303 | GBP | 15,079 | 04/30/2024 | 270 |
MEL | USD | 181,944 | GBP | 143,171 | 05/02/2024 | 1,220 |
MEL | USD | 45,006 | GBP | 35,235 | 05/03/2024 | 529 |
MEL | USD | 40,724 | GBP | 32,261 | 05/09/2024 | (1) |
MEL | USD | 35,499 | GBP | 27,728 | 05/16/2024 | 495 |
MEL | USD | 8,046 | HKD | 62,876 | 04/17/2024 | 7 |
MEL | USD | 9,059 | HKD | 70,800 | 04/26/2024 | 5 |
MEL | USD | 3,953 | ILS | 14,396 | 04/04/2024 | 37 |
MEL | USD | 7,416 | ILS | 27,215 | 04/08/2024 | 12 |
MEL | USD | 8,149 | ILS | 29,894 | 04/11/2024 | 14 |
MEL | USD | 290,445 | JPY | 43,539,061 | 05/28/2024 | 27 |
MEL | USD | 15,822 | JPY | 2,371,500 | 05/29/2024 | 2 |
MEL | USD | 312,851 | JPY | 46,876,680 | 05/31/2024 | 38 |
MEL | USD | 178,064 | JPY | 26,660,496 | 06/05/2024 | 30 |
MEL | USD | 277,280 | JPY | 41,509,240 | 06/06/2024 | 50 |
MEL | USD | 15,133 | JPY | 2,265,122 | 06/07/2024 | 3 |
MEL | USD | 44,748 | JPY | 6,694,770 | 06/10/2024 | 10 |
MEL | USD | 5,538 | JPY | 828,240 | 06/12/2024 | 1 |
MEL | USD | 9,312 | JPY | 1,392,300 | 06/14/2024 | 2 |
MEL | USD | 18,620 | JPY | 2,736,150 | 06/17/2024 | 318 |
MEL | USD | 69,390 | JPY | 10,366,260 | 06/20/2024 | 20 |
MEL | USD | 81,368 | JPY | 12,153,776 | 06/21/2024 | 24 |
MEL | USD | 371,959 | JPY | 55,534,792 | 06/24/2024 | 115 |
MEL | USD | 444,568 | JPY | 66,356,167 | 06/26/2024 | 141 |
MEL | USD | 187,680 | JPY | 28,009,029 | 06/27/2024 | 59 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL INDEX 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) |
MEL | USD | 153,682 | JPY | 22,932,039 | 06/28/2024 | $47 |
MEL | USD | 768,918 | JPY | 114,676,363 | 07/01/2024 | 291 |
MEL | USD | 20,283 | JPY | 3,017,160 | 07/19/2024 | 6 |
MEL | USD | 14,349 | NOK | 153,063 | 04/05/2024 | 248 |
MEL | USD | 132,177 | SEK | 1,398,366 | 04/04/2024 | 1,507 |
MEL | USD | 290,250 | SEK | 3,081,943 | 04/05/2024 | 2,249 |
Net Appreciation | $265,521 |
Abbreviations | ||
CGM | Citigroup Global Markets | |
MEL | Mellon Capital |
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 |
Summary of Investments by Country as of March 28, 2024.
Country | Fair Value | Percentage of Fund Investments | |
Japan | $435,316,130 | 22.37% | |
United Kingdom | 243,318,578 | 12.51 | |
France | 221,713,361 | 11.40 | |
Switzerland | 182,736,703 | 9.39 | |
Germany | 160,212,291 | 8.23 | |
Australia | 131,174,030 | 6.74 | |
Netherlands | 99,814,324 | 5.13 | |
United States | 94,103,894 | 4.84 | |
Denmark | 67,750,891 | 3.48 | |
Sweden | 56,835,387 | 2.92 | |
Spain | 50,431,525 | 2.59 | |
Italy | 44,304,005 | 2.28 | |
Hong Kong | 35,057,408 | 1.80 | |
Ireland | 26,066,781 | 1.34 | |
Singapore | 24,157,573 | 1.24 | |
Finland | 17,562,243 | 0.90 | |
Belgium | 14,481,369 | 0.75 | |
Israel | 13,491,645 | 0.69 | |
Norway | 10,886,261 | 0.56 | |
New Zealand | 4,511,406 | 0.23 | |
Luxembourg | 3,460,133 | 0.18 | |
Austria | 3,280,873 | 0.17 | |
Portugal | 2,798,755 | 0.14 | |
Chile | 1,062,673 | 0.06 | |
Macau | 718,852 | 0.04 | |
Jordan | 439,798 | 0.02 | |
United Arab Emirates | 454 | 0.00 | |
Total | $1,945,687,343 | 100.00% |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 6.74% | ||
83,432 | Agnico Eagle Mines Ltd | $ 4,974,932 |
79,300 | Anglo American PLC | 1,953,973 |
21,400 | Arkema SA | 2,252,993 |
249,300 | BlueScope Steel Ltd | 3,877,381 |
42,600 | Boliden AB | 1,182,901 |
40,762 | Croda International PLC | 2,521,648 |
130,400 | Fortescue Ltd | 2,182,243 |
149,666 | Franco-Nevada Corp | 17,833,297 |
554 | Givaudan SA | 2,466,265 |
1,327,511 | Glencore PLC | 7,283,951 |
242,600 | ICL Group Ltd | 1,285,738 |
75,800 | Kaneka Corp | 1,886,201 |
710,000 | Kingboard Holdings Ltd | 1,449,597 |
347,200 | Mitsubishi Chemical Group Corp | 2,115,932 |
114,700 | Mitsubishi Gas Chemical Co Inc(a) | 1,924,065 |
75,100 | Mitsui Chemicals Inc(a) | 2,203,131 |
47,700 | Nippon Soda Co Ltd(b) | 1,909,807 |
32,700 | Nitto Denko Corp | 2,990,152 |
66,296 | Novonesis / Novozymes Class B | 3,899,634 |
311,900 | Outokumpu OYJ(a) | 1,356,780 |
64,200 | Rio Tinto Ltd | 5,095,242 |
44,407 | Symrise AG | 5,316,022 |
158,900 | Tokuyama Corp | 2,782,557 |
123,986 | Wheaton Precious Metals Corp | 5,839,804 |
58,600 | Yara International ASA | 1,858,154 |
88,442,400 | ||
Communications — 3.08% | ||
1,430,200 | Airtel Africa PLC(c) | 1,910,491 |
2,511,000 | BT Group PLC | 3,473,538 |
257,500 | M3 Inc | 3,705,769 |
18,643 | Nice Ltd Sponsored ADR(a)(b) | 4,858,739 |
1,726,600 | Nippon Telegraph & Telephone Corp(a) | 2,056,559 |
615,100 | Nokia OYJ | 2,182,441 |
192,200 | Orange SA | 2,260,282 |
224,800 | ProSiebenSat.1 Media SE(a) | 1,578,749 |
395,700 | Telefonaktiebolaget LM Ericsson Class B(a) | 2,128,138 |
516,700 | Telefonica SA(a) | 2,281,884 |
302,800 | Television Francaise 1 SA(a) | 2,765,885 |
69,200 | United Internet AG | 1,557,290 |
62,310 | Wolters Kluwer NV | 9,757,145 |
40,516,910 | ||
Consumer, Cyclical — 11.90% | ||
23,059 | adidas AG | 5,152,063 |
121,685 | Associated British Foods PLC | 3,837,725 |
68,500 | Bayerische Motoren Werke AG | 7,903,476 |
214,000 | Betsson AB Class B | 2,117,486 |
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
23,711 | Cie Financiere Richemont SA | $ 3,609,772 |
90,400 | Cie Generale des Etablissements Michelin SCA | 3,464,444 |
360,400 | Citizen Watch Co Ltd(a) | 2,374,928 |
52,100 | Daimler Truck Holding AG | 2,640,164 |
81,200 | Daiwa House Industry Co Ltd(a) | 2,416,952 |
85,600 | Daiwabo Holdings Co Ltd(b) | 1,433,049 |
207,000 | EDION Corp(a) | 2,083,615 |
1,112,900 | Harvey Norman Holdings Ltd(a) | 3,734,881 |
394,500 | Honda Motor Co Ltd(a) | 4,881,421 |
440,100 | International Consolidated Airlines Group SA(b) | 838,616 |
198,100 | Isuzu Motors Ltd(a) | 2,677,807 |
48,400 | ITOCHU Corp(a) | 2,079,245 |
59,982 | Iveco Group NV(b) | 893,566 |
152,400 | Jardine Cycle & Carriage Ltd | 2,728,664 |
57,800 | JB Hi-Fi Ltd | 2,419,649 |
1,038,600 | Kingfisher PLC | 3,267,448 |
80,000 | Kohnan Shoji Co Ltd | 2,307,271 |
226,400 | K's Holdings Corp(a) | 1,946,938 |
3,566 | LVMH Moet Hennessy Louis Vuitton SE | 3,208,685 |
136,600 | Marubeni Corp(a) | 2,365,865 |
93,100 | Mercedes-Benz Group AG | 7,414,222 |
135,600 | Mitsubishi Corp | 3,133,883 |
71,700 | Mitsui & Co Ltd | 3,352,089 |
36,400 | Mitsui-Soko Holdings Co Ltd(a) | 1,124,691 |
190,100 | Okamura Corp(a) | 2,802,192 |
19,500 | Pandora A/S | 3,147,418 |
415,400 | Pets at Home Group PLC | 1,406,163 |
603,400 | Pirelli & C SpA(c) | 3,694,630 |
542,400 | Qantas Airways Ltd(b) | 1,925,591 |
212,200 | Redrow PLC | 1,781,055 |
170,200 | Rexel SA | 4,597,600 |
42,706 | Ryanair Holdings PLC Sponsored ADR | 6,217,567 |
112,700 | Sojitz Corp(a) | 2,972,904 |
166,012 | Stellantis NV | 4,717,144 |
158,100 | Subaru Corp | 3,580,625 |
119,900 | Sumitomo Corp | 2,888,145 |
116,200 | Sumitomo Forestry Co Ltd | 3,664,696 |
202,900 | Super Retail Group Ltd | 2,129,182 |
14,500 | Swatch Group AG | 3,382,593 |
112,500 | Tokmanni Group Corp | 1,842,375 |
153,500 | Toyota Boshoku Corp(a) | 2,615,742 |
312,100 | Volvo AB Class B(a) | 8,458,363 |
303,600 | Yamaha Motor Co Ltd | 2,796,633 |
108,600 | Yokohama Rubber Co Ltd | 2,929,222 |
627,500 | Yue Yuen Industrial Holdings Ltd | 881,916 |
82,964 | Zalando SE(b)(c) | 2,372,385 |
156,212,756 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Non-Cyclical — 18.59% | ||
53,300 | Adecco Group AG | $ 2,108,671 |
63,519 | Agilent Technologies Inc | 9,242,650 |
119,444 | Amadeus IT Group SA | 7,667,936 |
52,700 | Arcs Co Ltd | 1,088,347 |
118,634 | Bayer AG | 3,633,128 |
35,278 | Beiersdorf AG | 5,136,393 |
74,000 | British American Tobacco PLC | 2,245,511 |
81,085 | Bruker Corp | 7,617,125 |
127,700 | Carrefour SA | 2,190,615 |
165 | Chocoladefabriken Lindt & Spruengli AG | 1,974,856 |
357,000 | CK Hutchison Holdings Ltd | 1,718,115 |
152,200 | Coca-Cola HBC AG | 4,807,635 |
313,009 | Diageo PLC | 11,580,031 |
318,400 | Elders Ltd | 1,945,870 |
41,899 | EssilorLuxottica SA | 9,478,071 |
205,064 | Experian PLC | 8,932,644 |
88,500 | Ezaki Glico Co Ltd | 2,470,235 |
42,800 | Fresenius SE & Co KGaA | 1,154,183 |
506,600 | GSK PLC | 10,875,615 |
2,456,162 | Haleon PLC | 10,291,672 |
206,700 | Imperial Brands PLC | 4,619,386 |
98,225 | Intertek Group PLC | 6,181,800 |
28,300 | Ipsen SA | 3,367,607 |
57,160 | Itoham Yonekyu Holdings Inc | 1,501,673 |
841,400 | J Sainsbury PLC | 2,871,843 |
146,600 | Koninklijke Ahold Delhaize NV | 4,386,549 |
14,100 | Kose Corp(a) | 755,602 |
184,600 | Lion Corp | 1,650,277 |
4,720 | L'Oreal SA | 2,235,265 |
58,700 | Megmilk Snow Brand Co Ltd(a) | 1,041,735 |
716,900 | Metcash Ltd | 1,827,070 |
101,500 | Mowi ASA | 1,864,424 |
175,400 | Novartis AG | 16,988,970 |
247,401 | Ocado Group PLC(a)(b) | 1,418,498 |
232,900 | Olympus Corp | 3,353,367 |
129,100 | Ono Pharmaceutical Co Ltd(a) | 2,115,297 |
49,100 | Otsuka Holdings Co Ltd | 2,039,531 |
66,763 | Pernod Ricard SA | 10,807,906 |
38,900 | Randstad NV(a) | 2,054,145 |
49,075 | Roche Holding AG | 12,529,782 |
345,500 | Rohto Pharmaceutical Co Ltd | 6,713,022 |
43,880 | Sandoz Group AG(b) | 1,324,551 |
45,300 | Sanofi SA | 4,407,002 |
159,100 | Santen Pharmaceutical Co Ltd(a) | 1,564,639 |
124,000 | Scandinavian Tobacco Group A/S(c) | 2,220,355 |
225,300 | Securitas AB Class B(a) | 2,322,627 |
55,723 | SGS SA | 5,409,730 |
37,200 | Shionogi & Co Ltd | 1,900,986 |
27,900 | Societe BIC SA | 1,993,635 |
1,981,700 | Sonae SGPS SA(b) | 1,880,653 |
92,100 | Suedzucker AG | 1,320,526 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
1,283,400 | Tesco PLC | $ 4,805,313 |
144,700 | Teva Pharmaceutical Industries Ltd(b) | 2,041,151 |
158,700 | Toyo Suisan Kaisha Ltd(a) | 9,703,839 |
1,986,000 | United Laboratories International Holdings Ltd | 2,275,271 |
6,786,500 | WH Group Ltd(c) | 4,479,639 |
244,132,969 | ||
Energy — 6.54% | ||
240,112 | Aker BP ASA | 6,022,369 |
1,107,300 | Beach Energy Ltd | 1,328,041 |
715,500 | BP PLC | 4,488,180 |
173,600 | Eni SpA | 2,748,797 |
220,578 | Galp Energia SGPS SA | 3,646,690 |
692,100 | New Hope Corp Ltd | 2,096,694 |
45,500 | OMV AG | 2,155,001 |
238,015 | Petroleo Brasileiro SA Sponsored ADR(a) | 3,546,423 |
357,500 | Repsol SA | 5,967,131 |
375,800 | Shell PLC(b) | 12,466,463 |
453,723 | TotalEnergies SE | 31,211,429 |
511,011 | Woodside Energy Group Ltd | 10,185,639 |
85,862,857 | ||
Financial — 21.47% | ||
134,000 | 3i Group PLC | 4,749,595 |
220,600 | ABN AMRO Bank NV(c) | 3,774,975 |
457,600 | Aegon Ltd | 2,791,747 |
2,774,463 | AIB Group PLC | 14,084,437 |
10,500 | Allianz SE | 3,147,041 |
134,826 | ANZ Group Holdings Ltd | 2,584,084 |
55,900 | ASR Nederland NV | 2,739,654 |
359,400 | Aviva PLC | 2,254,669 |
140,600 | AXA SA | 5,280,361 |
8,400 | Baloise Holding AG | 1,317,168 |
447,900 | Banco Bilbao Vizcaya Argentaria SA | 5,333,834 |
2,573,337 | Banco de Sabadell SA | 4,048,335 |
773,300 | Banco Santander SA | 3,777,143 |
235,700 | Bank Leumi Le-Israel BM | 1,959,255 |
1,233,422 | Bank of Ireland Group PLC | 12,587,204 |
981,700 | Barclays PLC | 2,274,984 |
41,400 | BAWAG Group AG(c) | 2,620,275 |
64,700 | BNP Paribas SA | 4,606,324 |
2,481,281 | CaixaBank SA | 12,040,650 |
622,500 | Chiba Bank Ltd(a)(b) | 5,179,936 |
191,600 | Credit Agricole SA | 2,858,285 |
123,100 | Danske Bank A/S | 3,695,021 |
85,700 | DBS Group Holdings Ltd | 2,287,146 |
193,400 | Deutsche Bank AG | 3,046,110 |
61,105 | Deutsche Boerse AG | 12,513,729 |
113,800 | DNB Bank ASA | 2,262,066 |
100,800 | Eurocommercial Properties NV REIT | 2,300,617 |
71,938 | Euronext NV(c) | 6,846,369 |
76,000 | Fukuoka Financial Group Inc | 2,028,851 |
600,500 | Gunma Bank Ltd(a) | 3,409,335 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
200,200 | Hachijuni Bank Ltd(a) | $ 1,351,717 |
1,117,900 | Helia Group Ltd | 2,848,257 |
231,673 | Hiscox Ltd | 3,622,906 |
219,900 | ING Groep NV | 3,620,288 |
486,800 | Japan Post Holdings Co Ltd | 4,904,572 |
103,845 | Julius Baer Group Ltd | 6,022,842 |
30,637 | Jyske Bank A/S | 2,595,128 |
20,170 | LEG Immobilien SE(b) | 1,732,425 |
5,601,600 | Lloyds Banking Group PLC | 3,662,717 |
798,880 | Mebuki Financial Group Inc(a) | 2,624,824 |
155,300 | Mediobanca Banca di Credito Finanziario SpA(b) | 2,314,206 |
301,900 | Mitsubishi HC Capital Inc | 2,105,645 |
280,400 | Mitsubishi UFJ Financial Group Inc | 2,852,818 |
166,600 | Mizuho Financial Group Inc | 3,294,566 |
5,468,658 | NatWest Group PLC | 18,309,478 |
77,200 | NN Group NV | 3,563,956 |
473,800 | Nomura Holdings Inc | 3,032,567 |
269,700 | Nordea Bank Abp | 3,005,669 |
292,100 | North Pacific Bank Ltd(a)(b) | 851,995 |
238,400 | ORIX Corp | 5,214,225 |
2,091,100 | Resona Holdings Inc | 12,890,503 |
85,700 | Societe Generale SA | 2,296,169 |
676,600 | Stockland REIT | 2,137,967 |
54,800 | Sumitomo Mitsui Financial Group Inc(a) | 3,204,304 |
128,900 | Swedbank AB Class A(a) | 2,558,375 |
25,500 | Swiss Re AG | 3,280,190 |
114,006 | Sydbank AS(b) | 5,910,303 |
65,661 | TAG Immobilien AG(b) | 897,399 |
570,797 | UBS Group AG | 17,575,372 |
802,300 | UnipolSai Assicurazioni SpA(a) | 2,324,375 |
139,800 | United Overseas Bank Ltd | 3,039,257 |
144,411 | Vonovia SE | 4,267,616 |
20,333 | Willis Towers Watson PLC | 5,591,575 |
281,903,406 | ||
Industrial — 17.72% | ||
74,300 | AGC Inc(a) | 2,695,778 |
250,800 | Alps Alpine Co Ltd(a) | 1,971,846 |
217,000 | Amada Co Ltd(a) | 2,485,136 |
112,400 | BAE Systems PLC | 1,915,193 |
57,900 | Bekaert SA | 2,968,885 |
104,400 | Bouygues SA | 4,262,129 |
248,400 | bpost SA(a) | 928,308 |
115,700 | Brother Industries Ltd(a) | 2,145,798 |
4,800 | Bucher Industries AG | 2,110,723 |
38,300 | Cargotec OYJ Class B | 2,670,451 |
85,700 | Cia de Distribucion Integral Logista Holdings SA | 2,395,126 |
179,965 | Cie de Saint-Gobain SA(b) | 13,967,808 |
126,685 | CRH PLC | 10,927,848 |
15,647 | D/S Norden A/S | 639,494 |
97,500 | Deutsche Post AG | 4,202,009 |
25,700 | Dfds A/S | 747,097 |
Shares | Fair Value | |
Industrial — (continued) | ||
241,561 | Epiroc AB Class A | $ 4,534,719 |
618,323 | Firstgroup PLC | 1,408,016 |
295,400 | Fujikura Ltd(a) | 4,366,053 |
135,423 | GEA Group AG | 5,725,725 |
261,000 | Hazama Ando Corp | 2,032,629 |
51,000 | Heidelberg Materials AG | 5,614,167 |
48,079 | Hirose Electric Co Ltd(a) | 4,940,604 |
96,800 | Holcim AG | 8,769,769 |
111,300 | Hosiden Corp | 1,417,180 |
459,479 | IMI PLC | 10,520,293 |
97,100 | Kamigumi Co Ltd | 2,139,844 |
65,790 | Knorr-Bremse AG | 4,976,026 |
114,300 | Komatsu Ltd(a) | 3,382,228 |
155,803 | Legrand SA | 16,499,079 |
96,100 | Leonardo SpA | 2,414,390 |
166,400 | Metsa Board OYJ Class B(b) | 1,260,629 |
619,700 | Mitsubishi Electric Corp | 10,373,126 |
35,400 | Nichiha Corp(b) | 800,212 |
227,900 | QinetiQ Group PLC | 1,049,262 |
266,700 | Rengo Co Ltd | 2,033,065 |
4,000 | ROCKWOOL A/S Class B | 1,316,102 |
32,200 | Sankyu Inc(b) | 1,108,258 |
20,621 | Schindler Holding AG | 5,190,682 |
93,354 | Schneider Electric SE | 21,105,206 |
110,300 | Seino Holdings Co Ltd(a) | 1,513,849 |
309,200 | Shimadzu Corp | 8,612,497 |
92,300 | Signify NV(c) | 2,841,418 |
16,967 | Sika AG | 5,048,538 |
148,300 | SKF AB Class B(a) | 3,027,517 |
7,700 | SMC Corp | 4,344,033 |
30,702 | Spirax-Sarco Engineering PLC | 3,893,404 |
121,400 | Sumitomo Heavy Industries Ltd | 3,822,787 |
232,037 | Svenska Cellulosa AB SCA Class B(a) | 3,567,338 |
89,100 | Taisei Corp | 3,247,612 |
41,500 | Takeuchi Manufacturing Co Ltd(b) | 1,663,572 |
30,500 | TKH Group NV(b) | 1,300,241 |
34,200 | Tsubakimoto Chain Co(b) | 1,152,146 |
44,500 | Verallia SA(c) | 1,730,118 |
109,600 | Wienerberger AG | 3,992,281 |
123,800 | Yokogawa Electric Corp | 2,851,036 |
232,619,280 | ||
Technology — 8.99% | ||
42,921 | Analog Devices Inc | 8,489,345 |
5,955 | ASML Holding NV | 5,773,164 |
60,475 | Cadence Design Systems Inc(b) | 18,824,658 |
79,900 | Canon Inc | 2,380,625 |
41,237 | Capgemini SE | 9,489,109 |
65,200 | Computacenter PLC(b) | 2,215,091 |
83,229 | Dassault Systemes SE | 3,684,324 |
3,900 | Disco Corp | 1,425,580 |
55,900 | DTS Corp(b) | 1,461,193 |
147,100 | Indra Sistemas SA | 3,048,598 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Technology — (continued) | ||
63,400 | Infineon Technologies AG | $ 2,155,958 |
178,971 | Nomura Research Institute Ltd | 5,055,706 |
2,174,000 | PAX Global Technology Ltd | 1,713,779 |
265,834 | Samsung Electronics Co Ltd | 15,975,960 |
65,603 | SAP SE | 12,774,191 |
158,300 | Seiko Epson Corp(a) | 2,769,067 |
99,700 | STMicroelectronics NV | 4,290,930 |
121,769 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | 16,566,673 |
118,093,951 | ||
Utilities — 0.89% | ||
1,366,800 | A2A SpA | 2,465,666 |
304,600 | AGL Energy Ltd | 1,656,482 |
441,300 | Drax Group PLC | 2,791,614 |
285,900 | Engie SA | 4,790,943 |
11,704,705 | ||
TOTAL COMMON STOCK — 95.92% (Cost $1,082,876,859) | $1,259,489,234 | |
PREFERRED STOCK | ||
Consumer, Cyclical — 0.51% | ||
423,994 | Schaeffler AG | 2,860,121 |
28,400 | Volkswagen AG | 3,766,535 |
TOTAL PREFERRED STOCK — 0.51% (Cost $10,417,816) | $6,626,656 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 10.01% | ||
$32,852,924 | Undivided interest of 18.37% 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 $32,852,924 on 4/1/24 collateralized by Government National Mortgage Association securities, 2.00% - 6.50%, 9/20/44 - 1/20/54, with a value of $182,914,816.(d) | 32,852,924 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$32,852,924 | Undivided interest of 18.41% 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 $32,852,924 on 4/1/24 collateralized by various U.S. Government Agency securities, 1.50% - 7.50%, 1/1/31 - 8/1/59, with a value of $182,453,867.(d) | $ 32,852,924 |
32,852,925 | Undivided interest of 18.51% 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 $32,852,925 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) | 32,852,925 |
32,852,924 | Undivided interest of 23.86% in a repurchase agreement (principal amount/value $138,121,676 with a maturity value of $138,203,475) with Bank of Montreal, 5.33%, dated 3/28/24 to be repurchased at $32,852,924 on 4/1/24 collateralized by Federal National Mortgage Association securities, 3.50% - 7.00%, 8/1/33 - 3/1/54, with a value of $140,884,109.(d) | 32,852,924 |
TOTAL SHORT TERM INVESTMENTS — 10.01% (Cost $131,411,697) | $131,411,697 | |
TOTAL INVESTMENTS — 106.44% (Cost $1,224,706,372) | $1,397,527,587 | |
OTHER ASSETS & LIABILITIES, NET — (6.44)% | $(84,516,698) | |
TOTAL NET ASSETS — 100.00% | $1,313,010,889 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(a) | All or a portion of the security is on loan at March 28, 2024. |
(b) | Non-income producing security. |
(c) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(d) | Collateral received for securities on loan. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Summary of Investments by Country as of March 28, 2024.
Country | Fair Value | Percentage of Fund Investments | |
Japan | $249,037,959 | 17.82% | |
France | 179,102,204 | 12.82 | |
United States | 175,585,474 | 12.56 | |
United Kingdom | 153,470,860 | 10.98 | |
Germany | 112,857,653 | 8.08 | |
Switzerland | 111,202,059 | 7.96 | |
Netherlands | 56,467,412 | 4.04 | |
Ireland | 52,749,698 | 3.77 | |
Australia | 47,974,272 | 3.43 | |
Spain | 46,560,636 | 3.33 | |
Sweden | 29,897,463 | 2.14 | |
Canada | 28,648,033 | 2.05 | |
Denmark | 24,170,551 | 1.73 | |
Italy | 16,855,632 | 1.21 | |
Taiwan | 16,566,673 | 1.18 | |
South Korea | 15,975,960 | 1.14 | |
Hong Kong | 12,518,318 | 0.90 | |
Finland | 12,318,345 | 0.88 | |
Norway | 12,007,012 | 0.86 | |
Israel | 10,144,883 | 0.73 | |
Austria | 8,767,558 | 0.63 | |
Singapore | 8,055,067 | 0.58 | |
Portugal | 5,527,343 | 0.39 | |
Belgium | 3,897,193 | 0.28 | |
Bermuda | 3,622,906 | 0.26 | |
Brazil | 3,546,423 | 0.25 | |
Total | $1,397,527,587 | 100.00% |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
Notes to Schedule of Investments (Unaudited)
Security Valuation
The board of directors of Empower Funds (Board of Directors) has adopted policies and procedures for the valuation of each Fund's securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC (ECM or the Adviser), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board of Directors approved the Adviser as the Funds' valuation designee to make all fair value determinations with respect to the Funds' investments, subject to oversight by the Board of Directors.
Each Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of a Fund’s shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the over-the-counter (OTC) market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.
For private equity securities that are not traded on an exchange, an appropriate source, which may include the use of an internally developed or approved valuation model, a different external pricing vendor, or sourcing a price from a broker will be used. Valuation of these securities will be reviewed regularly by the Fair Value Pricing Committee.
Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value. Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.
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 |
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. |
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. |
Rights | Exchange traded close price, bids and evaluated bids |
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. |
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 or geography classifications, as applicable, are included in the Schedule of Investments.
March 28, 2024
Empower Emerging Markets Equity Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | |||||||
Basic Materials | $11,679,376 | $23,575,804 | $— | $35,255,180 | |||
Communications | 27,786,851 | 98,823,256 | — | 126,610,107 | |||
Consumer, Cyclical | 22,240,084 | 73,785,155 | — | 96,025,239 | |||
Consumer, Non-cyclical | 28,334,625 | 63,832,722 | — | 92,167,347 | |||
Diversified | 1,541,072 | 640,432 | — | 2,181,504 | |||
Energy | 8,590,750 | 28,822,966 | — | 37,413,716 | |||
Financial | 48,609,661 | 167,364,528 | — | 215,974,189 | |||
Industrial | 12,932,191 | 57,669,936 | — | 70,602,127 | |||
Technology | 4,990,467 | 202,188,680 | — | 207,179,147 | |||
Utilities | 8,106,906 | 7,819,164 | — | 15,926,070 | |||
174,811,983 | 724,522,643 | — | 899,334,626 | ||||
Exchange Traded Funds | 8,864,088 | — | — | 8,864,088 | |||
Short Term Investments | — | 9,552,470 | — | 9,552,470 | |||
Total investments, at fair value: | 183,676,071 | 734,075,113 | — | 917,751,184 | |||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts(a) | — | 206 | — | 206 | |||
Total Assets | $183,676,071 | $734,075,319 | $— | $917,751,390 |
(a) | Forward Foreign Currency Contracts are reported at the security’s unrealized appreciation/(depreciation), which represents the change in the contract’s value from trade date |
Empower International Growth Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | |||||||
Basic Materials | $5,783,570 | $19,727,285 | $— | $25,510,855 | |||
Communications | 21,487,233 | 8,173,247 | — | 29,660,480 | |||
Consumer, Cyclical | 8,560,006 | 69,404,251 | — | 77,964,257 | |||
Consumer, Non-cyclical | 6,094,569 | 127,128,738 | — | 133,223,307 | |||
Financial | — | 48,943,949 | — | 48,943,949 | |||
Industrial | — | 92,727,409 | — | 92,727,409 | |||
Technology | 33,853,828 | 49,304,494 | — | 83,158,322 | |||
Utilities | — | 2,818,376 | — | 2,818,376 | |||
75,779,206 | 418,227,749 | — | 494,006,955 | ||||
Short Term Investments | — | 9,715,838 | — | 9,715,838 | |||
Total Assets | $75,779,206 | $427,943,587 | $— | $503,722,793 |
March 28, 2024
Empower International Index Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | |||||||
Basic Materials | $822,122 | $109,960,597 | $— | $110,782,719 | |||
Communications | 5,521,937 | 74,937,698 | — | 80,459,635 | |||
Consumer, Cyclical | — | 272,934,651 | — | 272,934,651 | |||
Consumer, Non-cyclical | 9,961,690 | 427,396,704 | 454 | 437,358,848 | |||
Diversified | 621,941 | — | — | 621,941 | |||
Energy | — | 79,563,492 | — | 79,563,492 | |||
Financial | 2,183,852 | 391,123,498 | — | 393,307,350 | |||
Industrial | 7,622,947 | 263,032,952 | — | 270,655,899 | |||
Technology | 3,844,440 | 137,758,074 | — | 141,602,514 | |||
Utilities | 794,016 | 55,200,920 | — | 55,994,936 | |||
31,372,945 | 1,811,908,586 | 454 | 1,843,281,985 | ||||
Preferred Stock | — | 8,282,612 | — | 8,282,612 | |||
Rights | — | — | 18,851 | 18,851 | |||
Short Term Investments | — | 94,103,895 | — | 94,103,895 | |||
Total investments, at fair value: | 31,372,945 | 1,914,295,093 | 19,305 | 1,945,687,343 | |||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts(a) | — | 265,861 | — | 265,861 | |||
Futures Contracts(a) | 470,890 | — | — | 470,890 | |||
Total Assets | $31,843,835 | $1,914,560,954 | $19,305 | $1,946,424,094 | |||
Liabilities | |||||||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts(a) | — | (340) | — | (340) | |||
Total Liabilities | $0 | $(340) | $— | $(340) |
(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. |
Empower International Value Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | |||||||
Basic Materials | $28,648,033 | $59,794,367 | $— | $88,442,400 | |||
Communications | 4,858,739 | 35,658,171 | — | 40,516,910 | |||
Consumer, Cyclical | 9,404,785 | 146,807,971 | — | 156,212,756 | |||
Consumer, Non-cyclical | 19,080,130 | 225,052,839 | — | 244,132,969 | |||
Energy | 3,546,423 | 82,316,434 | — | 85,862,857 | |||
Financial | 9,214,481 | 272,688,925 | — | 281,903,406 | |||
Industrial | 11,856,156 | 220,763,124 | — | 232,619,280 | |||
Technology | 45,594,455 | 72,499,496 | — | 118,093,951 | |||
Utilities | 2,791,614 | 8,913,091 | — | 11,704,705 | |||
134,994,816 | 1,124,494,418 | — | 1,259,489,234 | ||||
Preferred Stock | — | 6,626,656 | — | 6,626,656 | |||
Short Term Investments | — | 131,411,697 | — | 131,411,697 | |||
Total Assets | $134,994,816 | $1,262,532,771 | $— | $1,397,527,587 |
March 28, 2024
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.
Foreign Currency Translations and Transactions
The accounting records of the Funds are maintained in U.S. dollars. Investment securities, and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.
A Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by a Fund and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. These gains and losses are included in net realized gain or loss and change in net unrealized appreciation or depreciation on the Statement of Operations.
Futures Contracts
A Fund may use futures to equitize cash. 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. As of March 28, 2024, the Empower International Index Fund utilized futures contracts.
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. As of March 28, 2024, the Empower International Index Fund and Empower Emerging Markets Equity Fund utilized forward foreign currency contracts.
The following table represents the average month-end volume of each Fund's derivative transactions, if any, during the reporting period:
Empower Emerging Markets Equity Fund | |
Forward Currency Exchange Contracts: | |
Average notional amount | $13,457 |
Empower International Index Fund | |
Futures Contracts: | |
Average long contracts | 314 |
March 28, 2024
Empower International Index Fund | |
Average notional long | $35,961,450 |
Forward Currency Exchange Contracts: | |
Average notional amount | $7,312,852 |
March 28, 2024