EMPOWER FUNDS, INC.
EMPOWER LARGE CAP GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 0.11% | ||
34,083 | Freeport-McMoRan Inc | $ 1,602,583 |
Communications — 26.75% | ||
16,226 | Airbnb Inc Class A(a) | 2,676,641 |
497,430 | Alphabet Inc Class C(a) | 75,738,692 |
617,260 | Amazon.com Inc(a) | 111,341,359 |
20,685 | Arista Networks Inc(a) | 5,998,236 |
5,857 | Booking Holdings Inc | 21,248,493 |
68,900 | CDW Corp | 17,623,242 |
42,465 | DoorDash Inc Class A(a) | 5,848,280 |
18,565 | FactSet Research Systems Inc | 8,435,750 |
5,522 | MercadoLibre Inc(a) | 8,349,043 |
90,647 | Meta Platforms Inc Class A | 44,016,370 |
53,611 | Motorola Solutions Inc | 19,030,833 |
33,934 | Netflix Inc(a) | 20,609,136 |
12,435 | Palo Alto Networks Inc(a) | 3,533,157 |
119,148 | Shopify Inc Class A(a) | 9,194,651 |
15,666 | Spotify Technology SA(a) | 4,134,257 |
29,521 | Trade Desk Inc Class A(a) | 2,580,726 |
359,532 | Uber Technologies Inc(a) | 27,680,369 |
118,896 | Walt Disney Co | 14,548,115 |
402,587,350 | ||
Consumer, Cyclical — 7.47% | ||
1,919 | AutoZone Inc(a) | 6,048,016 |
3,296 | Chipotle Mexican Grill Inc(a) | 9,580,714 |
142,877 | Copart Inc(a) | 8,275,436 |
61,429 | DR Horton Inc | 10,108,142 |
17,921 | Lowe's Cos Inc | 4,565,017 |
36,397 | Marriott International Inc Class A | 9,183,327 |
15,396 | O'Reilly Automotive Inc(a) | 17,380,237 |
111,786 | Ross Stores Inc | 16,405,713 |
32,355 | Starbucks Corp | 2,956,923 |
36,869 | Tesla Inc(a) | 6,481,202 |
160,542 | TJX Cos Inc | 16,282,170 |
5,087 | WW Grainger Inc | 5,175,005 |
112,441,902 | ||
Consumer, Non-Cyclical — 15.09% | ||
5,797 | Align Technology Inc(a) | 1,900,950 |
22,110 | Block Inc(a) | 1,870,064 |
90,494 | Celsius Holdings Inc(a) | 7,503,763 |
141,562 | Colgate-Palmolive Co | 12,747,658 |
58,509 | Danaher Corp | 14,610,868 |
125,807 | Edwards Lifesciences Corp(a) | 12,022,117 |
91,188 | Eli Lilly & Co | 70,940,617 |
36,867 | Exact Sciences Corp(a) | 2,546,035 |
1,609 | HCA Healthcare Inc | 536,650 |
55,609 | Intuitive Surgical Inc(a) | 22,192,996 |
16,219 | McKesson Corp | 8,707,170 |
24,267 | Monster Beverage Corp(a) | 1,438,548 |
92,738 | PepsiCo Inc | 16,230,077 |
16,160 | Quanta Services Inc | 4,198,368 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
13,930 | Regeneron Pharmaceuticals Inc(a) | $ 13,407,486 |
36,189 | Thermo Fisher Scientific Inc | 21,033,408 |
36,336 | Vertex Pharmaceuticals Inc(a) | 15,188,811 |
227,075,586 | ||
Energy — 1.30% | ||
6,755 | Cheniere Energy Inc | 1,089,447 |
30,247 | ConocoPhillips | 3,849,838 |
268,050 | Schlumberger NV | 14,691,820 |
19,631,105 | ||
Financial — 8.49% | ||
37,234 | Blackstone Inc | 4,891,431 |
127,662 | Intercontinental Exchange Inc | 17,544,589 |
37,391 | KKR & Co Inc | 3,760,787 |
113,157 | Mastercard Inc Class A | 54,493,017 |
124,656 | Progressive Corp | 25,781,353 |
76,311 | Visa Inc Class A | 21,296,873 |
127,768,050 | ||
Industrial — 6.50% | ||
262,216 | Amphenol Corp Class A | 30,246,615 |
4,272 | Deere & Co | 1,754,681 |
79,773 | Eaton Corp PLC | 24,943,422 |
28,759 | Illinois Tool Works Inc | 7,716,903 |
26,828 | Jabil Inc | 3,593,611 |
19,631 | Rockwell Automation Inc | 5,719,099 |
26,659 | Trane Technologies PLC | 8,003,032 |
8,370 | TransDigm Group Inc | 10,308,492 |
62,193 | Veralto Corp | 5,514,031 |
97,799,886 | ||
Technology — 32.29% | ||
51,235 | Adobe Inc(a) | 25,853,181 |
182,830 | Advanced Micro Devices Inc(a) | 32,998,986 |
306,673 | Apple Inc | 52,588,286 |
2,817 | ASML Holding NV | 2,733,814 |
15,719 | Broadcom Inc | 20,834,120 |
25,730 | Cognizant Technology Solutions Corp Class A | 1,885,752 |
6,785 | HubSpot Inc(a) | 4,251,209 |
40,303 | Intuit Inc | 26,196,950 |
8,743 | Lam Research Corp | 8,494,437 |
95,829 | Microchip Technology Inc | 8,596,820 |
322,849 | Microsoft Corp | 135,829,031 |
5,978 | MongoDB Inc(a) | 2,143,950 |
81,039 | NVIDIA Corp | 73,223,599 |
103,343 | Oracle Corp | 12,980,914 |
98,340 | QUALCOMM Inc | 16,648,962 |
109,046 | Salesforce Inc | 32,842,475 |
10,688 | ServiceNow Inc(a) | 8,148,531 |
16,134 | Synopsys Inc(a) | 9,220,581 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER LARGE CAP GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Technology — (continued) | ||
45,708 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | $ 6,218,573 |
15,945 | Workday Inc Class A(a) | 4,348,999 |
486,039,170 | ||
TOTAL COMMON STOCK — 98.00% (Cost $991,611,972) | $1,474,945,632 | |
TOTAL INVESTMENTS — 98.00% (Cost $991,611,972) | $1,474,945,632 | |
OTHER ASSETS & LIABILITIES, NET — 2.00% | $30,175,486 | |
TOTAL NET ASSETS — 100.00% | $1,505,121,118 |
(a) | Non-income producing security. |
ADR | American Depositary Receipt |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 3.79% | ||
153,319 | CF Industries Holdings Inc | $ 12,757,674 |
118,098 | DuPont de Nemours Inc | 9,054,573 |
66,201 | Eastman Chemical Co | 6,634,664 |
347,723 | Freeport-McMoRan Inc | 16,349,936 |
14,525 | International Flavors & Fragrances Inc | 1,249,005 |
215,568 | International Paper Co | 8,411,463 |
61,350 | PPG Industries Inc | 8,889,615 |
63,346,930 | ||
Communications — 3.79% | ||
57,407 | AT&T Inc | 1,010,363 |
25,043 | Charter Communications Inc Class A(a) | 7,278,247 |
26,542 | Cisco Systems Inc | 1,324,711 |
210,911 | Comcast Corp Class A | 9,142,992 |
595,875 | News Corp Class A | 15,600,008 |
51,926 | News Corp Class B | 1,405,118 |
78,407 | T-Mobile US Inc | 12,797,591 |
96,388 | Verizon Communications Inc | 4,044,440 |
87,629 | Walt Disney Co | 10,722,284 |
63,325,754 | ||
Consumer, Cyclical — 9.33% | ||
9,220 | Best Buy Co Inc | 756,317 |
78,942 | BJ's Wholesale Club Holdings Inc(a) | 5,971,962 |
14,336 | Cummins Inc | 4,224,102 |
12,971 | Dollar General Corp | 2,024,254 |
397,964 | General Motors Co | 18,047,667 |
52,920 | Hilton Worldwide Holdings Inc | 11,288,366 |
115,843 | Kohl's Corp | 3,376,824 |
158,499 | Las Vegas Sands Corp | 8,194,398 |
186,657 | Mattel Inc(a) | 3,697,675 |
8,593 | O'Reilly Automotive Inc(a) | 9,700,466 |
232,814 | PulteGroup Inc | 28,082,025 |
475,898 | Southwest Airlines Co | 13,891,463 |
68,424 | Target Corp | 12,125,417 |
22,054 | TJX Cos Inc | 2,236,717 |
533,680 | Walmart Inc | 32,111,525 |
155,729,178 | ||
Consumer, Non-Cyclical — 23.75% | ||
93,208 | AbbVie Inc | 16,973,177 |
260,333 | AstraZeneca PLC Sponsored ADR | 17,637,561 |
51,799 | Becton Dickinson & Co | 12,817,662 |
10,044 | Biogen Inc(a) | 2,165,788 |
145,834 | Boston Scientific Corp(a) | 9,988,171 |
56,000 | Bristol-Myers Squibb Co | 3,036,880 |
10,161 | Cardinal Health Inc | 1,137,016 |
19,878 | Centene Corp(a) | 1,560,025 |
69,745 | Cigna Group | 25,330,686 |
357,365 | Coca-Cola Co | 21,863,590 |
58,247 | Colgate-Palmolive Co | 5,245,142 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
286,956 | Conagra Brands Inc | $ 8,505,376 |
2,254 | Constellation Brands Inc Class A | 612,547 |
230,695 | Corteva Inc | 13,304,181 |
107,361 | CVS Health Corp | 8,563,113 |
36,299 | Elevance Health Inc | 18,822,483 |
32,818 | GE HealthCare Technologies Inc | 2,983,485 |
1,606 | Humana Inc | 556,832 |
51,847 | Johnson & Johnson | 8,201,677 |
567,788 | Kenvue Inc | 12,184,731 |
81,486 | Kimberly-Clark Corp | 10,540,214 |
38,373 | McKesson Corp | 20,600,545 |
76,774 | Medtronic PLC | 6,690,854 |
190,104 | Merck & Co Inc | 25,084,223 |
10,104 | Mondelez International Inc Class A | 707,280 |
166,654 | Pfizer Inc | 4,624,649 |
251,695 | Philip Morris International Inc | 23,060,296 |
127,038 | Procter & Gamble Co | 20,611,915 |
21,708 | Regeneron Pharmaceuticals Inc(a) | 20,893,733 |
12,716 | Sanofi ADR | 617,998 |
124,363 | Sanofi SA | 12,098,630 |
28,123 | Thermo Fisher Scientific Inc | 16,345,369 |
110,667 | Tyson Foods Inc Class A | 6,499,473 |
14,991 | United Rentals Inc | 10,810,160 |
17,958 | UnitedHealth Group Inc | 8,883,822 |
454,464 | Viatris Inc | 5,426,300 |
87,285 | Zimmer Biomet Holdings Inc | 11,519,874 |
396,505,458 | ||
Energy — 8.27% | ||
42,800 | Baker Hughes Co | 1,433,800 |
8,607 | Chevron Corp | 1,357,668 |
141,203 | ConocoPhillips | 17,972,318 |
115,122 | Enbridge Inc | 4,165,115 |
39,812 | EOG Resources Inc | 5,089,566 |
130,096 | EQT Corp | 4,822,659 |
362,348 | Exxon Mobil Corp | 42,119,331 |
34,776 | Hess Corp | 5,308,209 |
385,846 | Shell PLC(a) | 12,799,721 |
130,201 | Suncor Energy Inc | 4,805,719 |
54,951 | TC Energy Corp(b) | 2,208,506 |
241,441 | TotalEnergies SE | 16,608,632 |
42,185 | TotalEnergies SE Sponsored ADR(b) | 2,903,595 |
74,613 | Valero Energy Corp | 12,735,693 |
95,260 | Williams Cos Inc | 3,712,282 |
138,042,814 | ||
Financial — 22.76% | ||
402,711 | American International Group Inc | 31,479,919 |
24,897 | American Tower Corp REIT | 4,919,398 |
122,032 | Apollo Global Management Inc | 13,722,498 |
308,789 | AXA SA | 11,596,853 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
733,271 | Bank of America Corp | $ 27,805,637 |
24,231 | Bank of New York Mellon Corp | 1,396,190 |
76,110 | Capital One Financial Corp | 11,332,018 |
389,311 | Charles Schwab Corp | 28,162,758 |
63,464 | Chubb Ltd | 16,445,426 |
546,401 | Citigroup Inc | 34,554,399 |
330,198 | Equitable Holdings Inc | 12,550,826 |
159,914 | Equity Residential REIT | 10,092,172 |
260,187 | Fifth Third Bancorp | 9,681,558 |
173,374 | Gaming & Leisure Properties Inc REIT | 7,987,340 |
51,799 | Goldman Sachs Group Inc | 21,635,924 |
98,995 | Hartford Financial Services Group Inc | 10,201,435 |
556,202 | Huntington Bancshares Inc | 7,759,018 |
102,861 | JPMorgan Chase & Co | 20,603,059 |
100,438 | Loews Corp | 7,863,291 |
158,435 | MetLife Inc | 11,741,618 |
28,895 | Morgan Stanley | 2,720,753 |
86,784 | PNC Financial Services Group Inc | 14,024,295 |
178,871 | Rayonier Inc REIT | 5,945,672 |
36,800 | Rexford Industrial Realty Inc REIT | 1,851,040 |
59,806 | State Street Corp | 4,624,200 |
169,946 | US Bancorp | 7,596,586 |
240,072 | Vornado Realty Trust REIT | 6,906,871 |
384,695 | Wells Fargo & Co | 22,296,922 |
348,174 | Weyerhaeuser Co REIT | 12,502,928 |
380,000,604 | ||
Industrial — 11.61% | ||
20,431 | 3M Co | 2,167,116 |
93,564 | Ball Corp | 6,302,471 |
49,786 | Boeing Co(a) | 9,608,200 |
157,474 | CRH PLC | 13,583,707 |
62,170 | FedEx Corp | 18,013,136 |
5,363 | Flowserve Corp | 244,982 |
105,620 | General Electric Co | 18,539,478 |
56,997 | Honeywell International Inc | 11,698,634 |
149,606 | Ingersoll Rand Inc | 14,205,090 |
136,284 | Johnson Controls International PLC | 8,902,071 |
60,348 | L3Harris Technologies Inc | 12,860,159 |
22,897 | Norfolk Southern Corp | 5,835,758 |
28,181 | Northrop Grumman Corp | 13,489,118 |
131,957 | RTX Corp | 12,869,766 |
50,387 | Siemens AG(a) | 9,620,868 |
111,041 | Stanley Black & Decker Inc | 10,874,245 |
39,369 | Stericycle Inc(a) | 2,076,715 |
29,920 | TE Connectivity Ltd | 4,345,581 |
13,654 | Union Pacific Corp | 3,357,928 |
48,067 | United Parcel Service Inc Class B | 7,144,198 |
13,144 | Veralto Corp | 1,165,347 |
155,213 | Vontier Corp | 7,040,462 |
193,945,030 |
Shares | Fair Value | |
Technology — 9.14% | ||
10,228 | Accenture PLC Class A | $ 3,545,127 |
3,269 | Advanced Micro Devices Inc(a) | 590,022 |
47,019 | Applied Materials Inc | 9,696,728 |
55,917 | Fiserv Inc(a) | 8,936,655 |
57,800 | Intel Corp | 2,553,026 |
91,749 | Microsoft Corp | 38,600,639 |
32,893 | NXP Semiconductors NV | 8,149,899 |
177,028 | Oracle Corp | 22,236,487 |
261,962 | QUALCOMM Inc | 44,350,167 |
128,705 | Samsung Electronics Co Ltd | 7,734,850 |
35,507 | Texas Instruments Inc | 6,185,674 |
152,579,274 | ||
Utilities — 5.52% | ||
194,675 | Ameren Corp | 14,398,163 |
74,332 | Constellation Energy Corp | 13,740,270 |
182,486 | Dominion Energy Inc | 8,976,486 |
200,266 | Exelon Corp | 7,523,994 |
84,423 | NextEra Energy Inc | 5,395,474 |
43,254 | NiSource Inc | 1,196,406 |
257,936 | NRG Energy Inc | 17,459,688 |
62,533 | PG&E Corp | 1,048,053 |
72,435 | Sempra | 5,203,006 |
239,707 | Southern Co | 17,196,580 |
92,138,120 | ||
TOTAL COMMON STOCK — 97.96% (Cost $1,215,459,181) | $1,635,613,162 | |
CONVERTIBLE PREFERRED STOCK | ||
Utilities — 0.07% | ||
29,238 | NextEra Energy Inc 6.93%(b) | 1,153,732 |
TOTAL CONVERTIBLE PREFERRED STOCK — 0.07% (Cost $1,425,353) | $1,153,732 | |
PREFERRED STOCK | ||
Consumer, Cyclical — 0.54% | ||
48,200 | Dr Ing hc F Porsche AG(c) | 4,793,885 |
32,490 | Volkswagen AG | 4,308,969 |
TOTAL PREFERRED STOCK — 0.54% (Cost $9,766,352) | $9,102,854 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 0.38% | ||
$1,572,696 | Undivided interest of 0.88% 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 $1,572,696 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) | $ 1,572,696 |
1,572,696 | Undivided interest of 0.88% 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 $1,572,696 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) | 1,572,696 |
1,572,695 | Undivided interest of 0.89% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.33%, dated 3/28/24 to be repurchased at $1,572,695 on 4/1/24 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 4/4/24 - 3/1/54, with a value of $181,475,005.(d) | 1,572,695 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$1,572,695 | Undivided interest of 1.14% in a repurchase agreement (principal amount/value $138,121,675 with a maturity value of $138,203,475) with Bank of Montreal, 5.33%, dated 3/28/24 to be repurchased at $1,572,695 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) | $ 1,572,695 |
TOTAL SHORT TERM INVESTMENTS — 0.38% (Cost $6,290,782) | $6,290,782 | |
TOTAL INVESTMENTS — 98.95% (Cost $1,232,941,668) | $1,652,160,530 | |
OTHER ASSETS & LIABILITIES, NET — 1.05% | $17,520,642 | |
TOTAL NET ASSETS — 100.00% | $1,669,681,172 |
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan at March 28, 2024. |
(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 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER LARGE CAP VALUE 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 |
BB | USD | 2,071,708 | EUR | 1,901,300 | 06/20/2024 | $13,538 |
BB | USD | 3,283,913 | GBP | 2,586,200 | 06/20/2024 | 18,510 |
CGM | USD | 2,622,824 | EUR | 2,407,300 | 06/20/2024 | 16,906 |
CGM | USD | 6,732,661 | GBP | 5,302,500 | 06/20/2024 | 37,589 |
GS | USD | 2,808,046 | GBP | 2,211,600 | 06/20/2024 | 15,624 |
HSB | USD | 10,042,360 | EUR | 9,213,800 | 06/20/2024 | 68,361 |
MS | USD | 4,097,107 | EUR | 3,758,900 | 06/20/2024 | 28,073 |
MS | USD | 2,564,572 | GBP | 2,019,200 | 06/20/2024 | 15,078 |
SSB | USD | 2,405,345 | EUR | 2,207,800 | 06/20/2024 | 15,387 |
SSB | USD | 6,639,097 | GBP | 5,228,500 | 06/20/2024 | 37,459 |
TD | USD | 2,422,637 | EUR | 2,223,400 | 06/20/2024 | 15,792 |
UBS | USD | 6,271,148 | EUR | 5,755,300 | 06/20/2024 | 40,997 |
Net Appreciation | $323,314 |
Abbreviations | ||
BB | Barclays Bank PLC | |
CGM | Citigroup Global Markets | |
GS | Goldman Sachs | |
HSB | HSBC Bank USA | |
MS | Morgan Stanley & Co LLC | |
SSB | State Street Bank | |
TD | Toronto Dominion Bank | |
UBS | UBS AG |
Currency Abbreviations | ||
EUR | Euro Dollar | |
GBP | British Pound | |
USD | U.S. Dollar |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 1.88% | ||
25,328 | Air Products & Chemicals Inc | $ 6,136,215 |
12,254 | Albemarle Corp | 1,614,342 |
10,515 | Celanese Corp | 1,807,108 |
20,598 | CF Industries Holdings Inc | 1,713,960 |
74,792 | Dow Inc | 4,332,702 |
48,462 | DuPont de Nemours Inc | 3,715,582 |
13,146 | Eastman Chemical Co | 1,317,492 |
27,219 | Ecolab Inc | 6,284,867 |
12,466 | FMC Corp | 794,084 |
152,507 | Freeport-McMoRan Inc | 7,170,879 |
27,496 | International Flavors & Fragrances Inc | 2,364,381 |
37,881 | International Paper Co | 1,478,117 |
53,499 | Linde PLC | 24,840,656 |
27,398 | LyondellBasell Industries NV Class A | 2,802,267 |
36,208 | Mosaic Co | 1,175,312 |
122,504 | Newmont Corp | 4,390,543 |
26,458 | Nucor Corp | 5,236,038 |
25,325 | PPG Industries Inc | 3,669,592 |
26,606 | Sherwin-Williams Co | 9,241,062 |
16,391 | Steel Dynamics Inc | 2,429,638 |
92,514,837 | ||
Communications — 14.32% | ||
48,575 | Airbnb Inc Class A(a) | 8,012,932 |
642,278 | Alphabet Inc Class A(a) | 96,939,017 |
537,400 | Alphabet Inc Class C(a) | 81,824,523 |
995,266 | Amazon.com Inc(a) | 179,526,078 |
26,676 | Arista Networks Inc(a) | 7,735,507 |
760,494 | AT&T Inc | 13,384,694 |
3,797 | Booking Holdings Inc | 13,775,060 |
14,459 | CDW Corp | 3,698,323 |
10,901 | Charter Communications Inc Class A(a) | 3,168,158 |
442,926 | Cisco Systems Inc | 22,106,437 |
439,109 | Comcast Corp Class A | 19,035,375 |
80,165 | Corning Inc | 2,642,238 |
55,710 | eBay Inc | 2,940,374 |
13,758 | Etsy Inc(a) | 945,450 |
14,407 | Expedia Group Inc(a) | 1,984,564 |
6,359 | F5 Inc(a) | 1,205,603 |
4,056 | FactSet Research Systems Inc | 1,843,006 |
27,654 | Fox Corp Class A | 864,741 |
13,257 | Fox Corp Class B | 379,415 |
60,819 | Gen Digital Inc | 1,362,346 |
40,592 | Interpublic Group of Cos Inc | 1,324,517 |
34,679 | Juniper Networks Inc | 1,285,204 |
29,322 | Match Group Inc(a) | 1,063,802 |
239,748 | Meta Platforms Inc Class A | 116,416,836 |
17,843 | Motorola Solutions Inc | 6,333,908 |
47,140 | Netflix Inc(a) | 28,629,536 |
41,282 | News Corp Class A | 1,080,763 |
12,161 | News Corp Class B | 329,077 |
20,667 | Omnicom Group Inc | 1,999,739 |
34,174 | Palo Alto Networks Inc(a) | 9,709,858 |
Shares | Fair Value | |
Communications — (continued) | ||
48,487 | Paramount Global Class B | $ 570,692 |
55,065 | T-Mobile US Inc | 8,987,709 |
227,977 | Uber Technologies Inc(a) | 17,551,950 |
9,639 | VeriSign Inc(a) | 1,826,687 |
459,717 | Verizon Communications Inc | 19,289,725 |
200,085 | Walt Disney Co | 24,482,401 |
232,145 | Warner Bros Discovery Inc(a) | 2,026,626 |
706,282,871 | ||
Consumer, Cyclical — 8.18% | ||
70,217 | American Airlines Group Inc(a) | 1,077,831 |
29,534 | Aptiv PLC(a) | 2,352,383 |
1,932 | AutoZone Inc(a) | 6,088,988 |
25,776 | Bath & Body Works Inc | 1,289,315 |
20,090 | Best Buy Co Inc | 1,647,983 |
26,197 | BorgWarner Inc | 910,084 |
22,832 | Caesars Entertainment Inc(a) | 998,672 |
16,881 | CarMax Inc(a) | 1,470,504 |
108,553 | Carnival Corp(a) | 1,773,756 |
2,935 | Chipotle Mexican Grill Inc(a) | 8,531,370 |
92,707 | Copart Inc(a) | 5,369,589 |
48,414 | Costco Wholesale Corp | 35,469,549 |
15,263 | Cummins Inc | 4,497,243 |
13,044 | Darden Restaurants Inc | 2,180,305 |
2,712 | Deckers Outdoor Corp(a) | 2,552,697 |
68,675 | Delta Air Lines Inc | 3,287,472 |
23,278 | Dollar General Corp | 3,632,765 |
22,052 | Dollar Tree Inc(a) | 2,936,224 |
3,791 | Domino's Pizza Inc | 1,883,672 |
32,635 | DR Horton Inc | 5,370,089 |
60,778 | Fastenal Co | 4,688,415 |
420,146 | Ford Motor Co | 5,579,539 |
126,489 | General Motors Co | 5,736,276 |
14,708 | Genuine Parts Co | 2,278,710 |
14,190 | Hasbro Inc | 802,019 |
27,897 | Hilton Worldwide Holdings Inc | 5,950,709 |
109,357 | Home Depot Inc | 41,949,345 |
43,855 | Las Vegas Sands Corp | 2,267,303 |
27,153 | Lennar Corp Class A | 4,669,773 |
15,452 | Live Nation Entertainment Inc(a) | 1,634,358 |
27,499 | LKQ Corp | 1,468,722 |
62,335 | Lowe's Cos Inc | 15,878,594 |
12,410 | Lululemon Athletica Inc(a) | 4,847,967 |
26,649 | Marriott International Inc Class A | 6,723,809 |
79,732 | McDonald's Corp | 22,480,438 |
28,886 | MGM Resorts International(a) | 1,363,708 |
134,689 | NIKE Inc Class B | 12,658,072 |
46,965 | Norwegian Cruise Line Holdings Ltd(a) | 982,977 |
349 | NVR Inc(a) | 2,826,886 |
6,425 | O'Reilly Automotive Inc(a) | 7,253,054 |
55,679 | PACCAR Inc | 6,898,071 |
4,202 | Pool Corp | 1,695,507 |
23,109 | PulteGroup Inc | 2,787,408 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
4,214 | Ralph Lauren Corp | $ 791,221 |
35,890 | Ross Stores Inc | 5,267,216 |
24,655 | Royal Caribbean Cruises Ltd(a) | 3,427,291 |
65,335 | Southwest Airlines Co | 1,907,129 |
126,569 | Starbucks Corp | 11,567,141 |
23,167 | Tapestry Inc | 1,099,969 |
52,309 | Target Corp | 9,269,678 |
302,424 | Tesla Inc(a) | 53,163,115 |
122,253 | TJX Cos Inc | 12,398,899 |
11,638 | Tractor Supply Co | 3,045,897 |
5,304 | Ulta Beauty Inc(a) | 2,773,356 |
35,294 | United Airlines Holdings Inc(a) | 1,689,877 |
37,985 | VF Corp | 582,690 |
75,048 | Walgreens Boots Alliance Inc | 1,627,791 |
467,970 | Walmart Inc | 28,157,755 |
4,770 | WW Grainger Inc | 4,852,521 |
10,107 | Wynn Resorts Ltd | 1,033,239 |
29,616 | Yum! Brands Inc | 4,106,258 |
403,503,194 | ||
Consumer, Non-Cyclical — 17.97% | ||
189,762 | Abbott Laboratories | 21,568,349 |
193,062 | AbbVie Inc | 35,156,590 |
31,053 | Agilent Technologies Inc | 4,518,522 |
7,580 | Align Technology Inc(a) | 2,485,634 |
188,779 | Altria Group Inc | 8,234,540 |
58,522 | Amgen Inc | 16,638,975 |
57,591 | Archer-Daniels-Midland Co | 3,617,291 |
45,696 | Automatic Data Processing Inc | 11,412,119 |
8,582 | Avery Dennison Corp | 1,915,931 |
52,979 | Baxter International Inc | 2,264,322 |
30,862 | Becton Dickinson & Co | 7,636,802 |
15,268 | Biogen Inc(a) | 3,292,239 |
2,155 | Bio-Rad Laboratories Inc Class A(a) | 745,350 |
16,793 | Bio-Techne Corp | 1,182,059 |
155,761 | Boston Scientific Corp(a) | 10,668,071 |
222,234 | Bristol-Myers Squibb Co | 12,051,750 |
19,696 | Brown-Forman Corp Class B | 1,016,708 |
16,243 | Bunge Global SA | 1,665,232 |
22,002 | Campbell Soup Co | 977,989 |
26,953 | Cardinal Health Inc | 3,016,041 |
19,653 | Catalent Inc(a) | 1,109,412 |
17,905 | Cencora Inc | 4,350,736 |
57,602 | Centene Corp(a) | 4,520,605 |
5,367 | Charles River Laboratories International Inc(a) | 1,454,189 |
25,694 | Church & Dwight Co Inc | 2,680,141 |
31,485 | Cigna Group | 11,435,037 |
9,211 | Cintas Corp | 6,328,233 |
13,418 | Clorox Co | 2,054,430 |
425,488 | Coca-Cola Co | 26,031,356 |
87,942 | Colgate-Palmolive Co | 7,919,177 |
51,477 | Conagra Brands Inc | 1,525,778 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
18,689 | Constellation Brands Inc Class A | $ 5,078,923 |
7,891 | Corpay Inc(a) | 2,434,689 |
74,828 | Corteva Inc | 4,315,331 |
43,910 | CoStar Group Inc(a) | 4,241,706 |
136,632 | CVS Health Corp | 10,897,768 |
72,777 | Danaher Corp | 18,173,872 |
5,903 | DaVita Inc(a) | 814,909 |
21,673 | DENTSPLY SIRONA Inc | 719,327 |
40,952 | Dexcom Inc(a) | 5,680,042 |
65,011 | Edwards Lifesciences Corp(a) | 6,212,451 |
26,008 | Elevance Health Inc | 13,486,188 |
87,197 | Eli Lilly & Co | 67,835,779 |
13,289 | Equifax Inc | 3,555,073 |
24,747 | Estee Lauder Cos Inc Class A | 3,814,750 |
8,466 | Gartner Inc(a) | 4,035,488 |
40,938 | GE HealthCare Technologies Inc | 3,721,674 |
62,251 | General Mills Inc | 4,355,702 |
137,654 | Gilead Sciences Inc | 10,083,155 |
27,533 | Global Payments Inc | 3,680,061 |
21,414 | HCA Healthcare Inc | 7,142,211 |
14,050 | Henry Schein Inc(a) | 1,061,056 |
15,787 | Hershey Co | 3,070,571 |
25,578 | Hologic Inc(a) | 1,994,061 |
30,449 | Hormel Foods Corp | 1,062,366 |
13,181 | Humana Inc | 4,570,116 |
8,890 | IDEXX Laboratories Inc(a) | 4,799,978 |
17,153 | Illumina Inc(a) | 2,355,450 |
20,096 | Incyte Corp(a) | 1,144,869 |
7,417 | Insulet Corp(a) | 1,271,274 |
38,563 | Intuitive Surgical Inc(a) | 15,390,108 |
19,480 | IQVIA Holdings Inc(a) | 4,926,297 |
11,507 | J M Smucker Co | 1,448,386 |
263,235 | Johnson & Johnson | 41,641,144 |
27,528 | Kellanova | 1,577,079 |
185,197 | Kenvue Inc | 3,974,328 |
106,338 | Keurig Dr Pepper Inc | 3,261,386 |
36,204 | Kimberly-Clark Corp | 4,682,987 |
86,234 | Kraft Heinz Co | 3,182,035 |
69,319 | Kroger Co | 3,960,195 |
9,284 | Laboratory Corp of America Holdings | 2,028,183 |
15,480 | Lamb Weston Holdings Inc | 1,649,084 |
4,067 | MarketAxess Holdings Inc | 891,690 |
27,108 | McCormick & Co Inc | 2,082,165 |
14,350 | McKesson Corp | 7,703,798 |
146,716 | Medtronic PLC | 12,786,299 |
277,094 | Merck & Co Inc | 36,562,553 |
35,849 | Moderna Inc(a) | 3,820,070 |
6,201 | Molina Healthcare Inc(a) | 2,547,557 |
19,787 | Molson Coors Beverage Co Class B | 1,330,676 |
150,767 | Mondelez International Inc Class A | 10,553,690 |
79,476 | Monster Beverage Corp(a) | 4,711,337 |
16,787 | Moody's Corp | 6,597,795 |
120,609 | PayPal Holdings Inc(a) | 8,079,597 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
150,341 | PepsiCo Inc | $ 26,311,179 |
617,434 | Pfizer Inc | 17,133,793 |
169,867 | Philip Morris International Inc | 15,563,215 |
257,724 | Procter & Gamble Co | 41,815,720 |
15,709 | Quanta Services Inc | 4,081,198 |
11,720 | Quest Diagnostics Inc | 1,560,049 |
11,829 | Regeneron Pharmaceuticals Inc(a) | 11,385,294 |
15,626 | ResMed Inc | 3,094,417 |
13,657 | Revvity Inc | 1,433,985 |
11,625 | Robert Half Inc | 921,630 |
30,346 | Rollins Inc | 1,404,109 |
35,619 | S&P Global Inc | 15,154,103 |
10,591 | STERIS PLC | 2,381,069 |
37,357 | Stryker Corp | 13,368,949 |
53,377 | Sysco Corp | 4,333,145 |
5,090 | Teleflex Inc | 1,151,205 |
21,508 | The Cooper Cos Inc | 2,182,202 |
42,249 | Thermo Fisher Scientific Inc | 24,555,542 |
31,086 | Tyson Foods Inc Class A | 1,825,681 |
7,343 | United Rentals Inc | 5,295,111 |
101,140 | UnitedHealth Group Inc | 50,033,958 |
6,395 | Universal Health Services Inc Class B | 1,166,832 |
15,427 | Verisk Analytics Inc | 3,636,607 |
28,474 | Vertex Pharmaceuticals Inc(a) | 11,902,417 |
130,320 | Viatris Inc | 1,556,021 |
6,400 | Waters Corp(a) | 2,203,072 |
7,995 | West Pharmaceutical Services Inc | 3,163,701 |
22,017 | Zimmer Biomet Holdings Inc | 2,905,804 |
48,967 | Zoetis Inc | 8,285,706 |
886,276,601 | ||
Energy — 3.92% | ||
33,549 | APA Corp | 1,153,415 |
106,683 | Baker Hughes Co | 3,573,880 |
188,049 | Chevron Corp | 29,662,849 |
131,512 | ConocoPhillips | 16,738,847 |
80,929 | Coterra Energy Inc | 2,256,301 |
69,110 | Devon Energy Corp | 3,467,940 |
18,706 | Diamondback Energy Inc | 3,706,968 |
14,249 | Enphase Energy Inc(a) | 1,723,844 |
61,940 | EOG Resources Inc | 7,918,410 |
50,291 | EQT Corp | 1,864,287 |
433,295 | Exxon Mobil Corp | 50,366,211 |
11,448 | First Solar Inc(a) | 1,932,422 |
94,751 | Halliburton Co | 3,735,084 |
29,545 | Hess Corp | 4,509,749 |
206,932 | Kinder Morgan Inc | 3,795,133 |
63,248 | Marathon Oil Corp | 1,792,448 |
42,534 | Marathon Petroleum Corp | 8,570,601 |
69,831 | Occidental Petroleum Corp | 4,538,317 |
62,309 | ONEOK Inc | 4,995,313 |
47,368 | Phillips 66 | 7,737,089 |
24,800 | Pioneer Natural Resources Co | 6,510,000 |
Shares | Fair Value | |
Energy — (continued) | ||
160,264 | Schlumberger NV | $ 8,784,070 |
23,464 | Targa Resources Corp | 2,627,733 |
37,675 | Valero Energy Corp | 6,430,746 |
130,766 | Williams Cos Inc | 5,095,951 |
193,487,608 | ||
Financial — 13.73% | ||
58,009 | Aflac Inc | 4,980,653 |
16,262 | Alexandria Real Estate Equities Inc REIT | 2,096,334 |
28,047 | Allstate Corp | 4,852,411 |
61,891 | American Express Co | 14,091,962 |
75,731 | American International Group Inc | 5,919,892 |
51,752 | American Tower Corp REIT | 10,225,678 |
10,978 | Ameriprise Financial Inc | 4,813,194 |
21,581 | Aon PLC Class A | 7,202,011 |
40,100 | Arch Capital Group Ltd(a) | 3,706,844 |
22,926 | Arthur J Gallagher & Co | 5,732,417 |
5,812 | Assurant Inc | 1,094,051 |
14,910 | AvalonBay Communities Inc REIT | 2,766,700 |
752,868 | Bank of America Corp | 28,548,755 |
83,435 | Bank of New York Mellon Corp | 4,807,525 |
198,690 | Berkshire Hathaway Inc Class B(a) | 83,553,119 |
15,485 | BlackRock Inc | 12,909,845 |
79,269 | Blackstone Inc | 10,413,569 |
15,639 | Boston Properties Inc REIT | 1,021,383 |
24,582 | Brown & Brown Inc | 2,151,908 |
10,842 | Camden Property Trust REIT | 1,066,853 |
40,966 | Capital One Financial Corp | 6,099,428 |
11,267 | Cboe Global Markets Inc | 2,070,086 |
32,815 | CBRE Group Inc Class A(a) | 3,190,931 |
165,213 | Charles Schwab Corp | 11,951,508 |
43,694 | Chubb Ltd | 11,322,426 |
16,764 | Cincinnati Financial Corp | 2,081,586 |
213,481 | Citigroup Inc | 13,500,539 |
49,438 | Citizens Financial Group Inc | 1,794,105 |
38,269 | CME Group Inc | 8,238,933 |
13,724 | Comerica Inc | 754,683 |
46,480 | Crown Castle Inc REIT | 4,918,978 |
32,531 | Digital Realty Trust Inc REIT | 4,685,765 |
26,101 | Discover Financial Services | 3,421,580 |
10,510 | Equinix Inc REIT | 8,674,218 |
36,197 | Equity Residential REIT | 2,284,393 |
6,645 | Essex Property Trust Inc REIT | 1,626,762 |
4,720 | Everest Group Ltd | 1,876,200 |
22,230 | Extra Space Storage Inc REIT | 3,267,810 |
8,188 | Federal Realty Investment Trust REIT | 836,159 |
71,105 | Fifth Third Bancorp | 2,645,817 |
31,376 | Franklin Resources Inc | 881,979 |
9,560 | Globe Life Inc | 1,112,497 |
35,070 | Goldman Sachs Group Inc | 14,648,389 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
32,601 | Hartford Financial Services Group Inc | $ 3,359,533 |
58,335 | Healthpeak Properties Inc REIT | 1,093,781 |
75,476 | Host Hotels & Resorts Inc REIT | 1,560,844 |
154,626 | Huntington Bancshares Inc | 2,157,033 |
60,885 | Intercontinental Exchange Inc | 8,367,426 |
50,375 | Invesco Ltd | 835,721 |
62,223 | Invitation Homes Inc REIT | 2,215,761 |
30,763 | Iron Mountain Inc REIT | 2,467,500 |
316,131 | JPMorgan Chase & Co | 63,321,040 |
99,275 | KeyCorp | 1,569,538 |
87,844 | Kimco Realty Corp REIT | 1,722,621 |
19,904 | Loews Corp | 1,558,284 |
17,628 | M&T Bank Corp | 2,563,816 |
54,767 | Marsh & McLennan Cos Inc | 11,280,907 |
90,551 | Mastercard Inc Class A | 43,606,645 |
66,654 | MetLife Inc | 4,939,728 |
12,283 | Mid-America Apartment Communities Inc REIT | 1,616,197 |
135,723 | Morgan Stanley | 12,779,678 |
44,852 | Nasdaq Inc | 2,830,161 |
22,232 | Northern Trust Corp | 1,976,869 |
42,596 | PNC Financial Services Group Inc | 6,883,514 |
23,323 | Principal Financial Group Inc | 2,013,008 |
64,862 | Progressive Corp | 13,414,759 |
101,771 | Prologis Inc REIT | 13,252,620 |
38,337 | Prudential Financial Inc | 4,500,764 |
16,922 | Public Storage REIT | 4,908,395 |
20,001 | Raymond James Financial Inc | 2,568,528 |
88,998 | Realty Income Corp REIT | 4,814,792 |
17,906 | Regency Centers Corp REIT | 1,084,387 |
98,421 | Regions Financial Corp | 2,070,778 |
11,409 | SBA Communications Corp REIT | 2,472,330 |
34,805 | Simon Property Group Inc REIT | 5,446,634 |
34,008 | State Street Corp | 2,629,499 |
44,322 | Synchrony Financial | 1,911,165 |
23,630 | T Rowe Price Group Inc | 2,880,970 |
24,433 | Travelers Cos Inc | 5,623,011 |
143,242 | Truist Financial Corp | 5,583,573 |
32,813 | UDR Inc REIT | 1,227,534 |
165,626 | US Bancorp | 7,403,482 |
43,133 | Ventas Inc REIT | 1,878,011 |
121,769 | VICI Properties Inc REIT | 3,627,498 |
172,537 | Visa Inc Class A | 48,151,626 |
21,359 | W R Berkley Corp | 1,888,990 |
398,709 | Wells Fargo & Co | 23,109,174 |
63,295 | Welltower Inc REIT | 5,914,285 |
77,412 | Weyerhaeuser Co REIT | 2,779,865 |
11,150 | Willis Towers Watson PLC | 3,066,239 |
676,768,390 |
Shares | Fair Value | |
Industrial — 7.42% | ||
62,864 | 3M Co | $ 6,667,984 |
12,736 | A O Smith Corp | 1,139,363 |
9,404 | Allegion PLC | 1,266,813 |
156,582 | Amcor PLC | 1,489,095 |
24,319 | AMETEK Inc | 4,447,945 |
63,450 | Amphenol Corp Class A | 7,318,958 |
7,464 | Axon Enterprise Inc(a) | 2,335,336 |
34,144 | Ball Corp | 2,299,940 |
62,917 | Boeing Co(a) | 12,142,352 |
14,359 | Builders FirstSource Inc(a) | 2,994,570 |
89,356 | Carrier Global Corp | 5,194,264 |
56,573 | Caterpillar Inc | 20,730,045 |
12,584 | CH Robinson Worldwide Inc | 958,146 |
213,429 | CSX Corp | 7,911,813 |
29,006 | Deere & Co | 11,913,924 |
15,115 | Dover Corp | 2,678,227 |
44,735 | Eaton Corp PLC | 13,987,740 |
60,808 | Emerson Electric Co | 6,896,843 |
15,669 | Expeditors International of Washington Inc | 1,904,880 |
24,615 | FedEx Corp | 7,131,950 |
36,760 | Fortive Corp | 3,162,095 |
16,488 | Garmin Ltd | 2,454,569 |
6,332 | Generac Holdings Inc(a) | 798,719 |
24,108 | General Dynamics Corp | 6,810,269 |
120,058 | General Electric Co | 21,073,781 |
72,835 | Honeywell International Inc | 14,949,384 |
41,764 | Howmet Aerospace Inc | 2,857,911 |
5,766 | Hubbell Inc | 2,393,178 |
4,307 | Huntington Ingalls Industries Inc | 1,255,361 |
7,932 | IDEX Corp | 1,935,567 |
29,273 | Illinois Tool Works Inc | 7,854,824 |
43,631 | Ingersoll Rand Inc | 4,142,764 |
14,541 | Jabil Inc | 1,947,767 |
13,149 | Jacobs Solutions Inc | 2,021,396 |
8,801 | JB Hunt Transport Services Inc | 1,753,599 |
72,370 | Johnson Controls International PLC | 4,727,208 |
18,833 | Keysight Technologies Inc(a) | 2,945,105 |
20,119 | L3Harris Technologies Inc | 4,287,359 |
23,842 | Lockheed Martin Corp | 10,845,011 |
6,669 | Martin Marietta Materials Inc | 4,094,366 |
23,688 | Masco Corp | 1,868,509 |
2,287 | Mettler-Toledo International Inc(a) | 3,044,660 |
6,045 | Mohawk Industries Inc(a) | 791,230 |
5,687 | Nordson Corp | 1,561,309 |
24,291 | Norfolk Southern Corp | 6,191,047 |
16,059 | Northrop Grumman Corp | 7,686,801 |
19,214 | Old Dominion Freight Line Inc | 4,213,822 |
43,800 | Otis Worldwide Corp | 4,348,026 |
9,403 | Packaging Corp of America | 1,784,501 |
14,594 | Parker-Hannifin Corp | 8,111,199 |
17,330 | Pentair PLC | 1,480,675 |
21,872 | Republic Services Inc | 4,187,176 |
12,127 | Rockwell Automation Inc | 3,532,959 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Industrial — (continued) | ||
144,403 | RTX Corp | $ 14,083,625 |
5,695 | Snap-on Inc | 1,686,973 |
16,610 | Stanley Black & Decker Inc | 1,626,617 |
33,396 | TE Connectivity Ltd | 4,850,435 |
5,005 | Teledyne Technologies Inc(a) | 2,148,747 |
20,683 | Textron Inc | 1,984,120 |
24,296 | Trane Technologies PLC | 7,293,659 |
6,289 | TransDigm Group Inc | 7,745,532 |
25,978 | Trimble Inc(a) | 1,671,944 |
67,563 | Union Pacific Corp | 16,615,769 |
80,453 | United Parcel Service Inc Class B | 11,957,729 |
23,117 | Veralto Corp | 2,049,553 |
14,346 | Vulcan Materials Co | 3,915,310 |
39,211 | Waste Management Inc | 8,357,825 |
19,106 | Westinghouse Air Brake Technologies Corp | 2,783,362 |
26,826 | Westrock Co | 1,326,546 |
25,272 | Xylem Inc | 3,266,153 |
365,886,234 | ||
Technology — 27.78% | ||
68,630 | Accenture PLC Class A | 23,787,844 |
49,787 | Adobe Inc(a) | 25,122,520 |
176,674 | Advanced Micro Devices Inc(a) | 31,887,891 |
15,997 | Akamai Technologies Inc(a) | 1,739,834 |
53,340 | Analog Devices Inc | 10,550,119 |
9,064 | ANSYS Inc(a) | 3,146,658 |
1,581,424 | Apple Inc | 271,182,587 |
92,082 | Applied Materials Inc | 18,990,071 |
22,877 | Autodesk Inc(a) | 5,957,628 |
47,999 | Broadcom Inc | 63,618,355 |
12,335 | Broadridge Financial Solutions Inc | 2,526,948 |
30,494 | Cadence Design Systems Inc(a) | 9,492,172 |
53,135 | Cognizant Technology Solutions Corp Class A | 3,894,264 |
16,788 | Dayforce Inc(a) | 1,111,534 |
26,226 | Electronic Arts Inc | 3,479,403 |
6,132 | EPAM Systems Inc(a) | 1,693,413 |
2,612 | Fair Isaac Corp(a) | 3,263,981 |
63,026 | Fidelity National Information Services Inc | 4,675,269 |
64,850 | Fiserv Inc(a) | 10,364,327 |
68,732 | Fortinet Inc(a) | 4,695,083 |
134,866 | Hewlett Packard Enterprise Co | 2,391,174 |
92,089 | HP Inc | 2,782,930 |
461,018 | Intel Corp | 20,363,166 |
99,849 | International Business Machines Corp | 19,067,165 |
30,646 | Intuit Inc | 19,919,900 |
7,718 | Jack Henry & Associates Inc | 1,340,848 |
14,543 | KLA Corp | 10,159,304 |
14,179 | Lam Research Corp | 13,775,891 |
14,629 | Leidos Holdings Inc | 1,917,716 |
58,458 | Microchip Technology Inc | 5,244,267 |
Shares | Fair Value | |
Technology — (continued) | ||
121,715 | Micron Technology Inc | $ 14,348,981 |
809,707 | Microsoft Corp | 340,659,934 |
5,007 | Monolithic Power Systems Inc | 3,391,842 |
8,413 | MSCI Inc | 4,715,066 |
22,022 | NetApp Inc | 2,311,649 |
269,194 | NVIDIA Corp | 243,232,930 |
27,465 | NXP Semiconductors NV | 6,805,003 |
46,505 | ON Semiconductor Corp(a) | 3,420,443 |
173,739 | Oracle Corp | 21,823,356 |
34,135 | Paychex Inc | 4,191,778 |
5,143 | Paycom Software Inc | 1,023,509 |
12,488 | PTC Inc(a) | 2,359,483 |
10,802 | Qorvo Inc(a) | 1,240,394 |
121,753 | QUALCOMM Inc | 20,612,783 |
11,351 | Roper Technologies Inc | 6,366,095 |
106,397 | Salesforce Inc | 32,044,648 |
20,182 | Seagate Technology Holdings PLC | 1,877,935 |
22,416 | ServiceNow Inc(a) | 17,089,958 |
16,976 | Skyworks Solutions Inc | 1,838,840 |
5,301 | Super Micro Computer Inc(a) | 5,354,169 |
16,186 | Synopsys Inc(a) | 9,250,299 |
16,801 | Take-Two Interactive Software Inc(a) | 2,494,781 |
16,424 | Teradyne Inc | 1,853,120 |
99,311 | Texas Instruments Inc | 17,300,969 |
4,393 | Tyler Technologies Inc(a) | 1,867,069 |
34,260 | Western Digital Corp(a) | 2,337,902 |
5,479 | Zebra Technologies Corp Class A(a) | 1,651,590 |
1,369,606,788 | ||
Utilities — 2.15% | ||
72,957 | AES Corp | 1,308,119 |
27,164 | Alliant Energy Corp | 1,369,066 |
28,102 | Ameren Corp | 2,078,424 |
60,829 | American Electric Power Co Inc | 5,237,377 |
20,555 | American Water Works Co Inc | 2,512,026 |
15,790 | Atmos Energy Corp | 1,876,957 |
68,102 | CenterPoint Energy Inc | 1,940,226 |
31,704 | CMS Energy Corp | 1,913,019 |
37,130 | Consolidated Edison Inc | 3,371,775 |
33,917 | Constellation Energy Corp | 6,269,558 |
88,405 | Dominion Energy Inc | 4,348,642 |
21,640 | DTE Energy Co | 2,426,710 |
86,588 | Duke Energy Corp | 8,373,926 |
40,394 | Edison International | 2,857,068 |
22,676 | Entergy Corp | 2,396,400 |
25,019 | Evergy Inc | 1,335,514 |
36,921 | Eversource Energy | 2,206,768 |
106,607 | Exelon Corp | 4,005,225 |
55,521 | FirstEnergy Corp | 2,144,221 |
223,950 | NextEra Energy Inc | 14,312,644 |
44,697 | NiSource Inc | 1,236,319 |
23,719 | NRG Energy Inc | 1,605,539 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER S&P 500® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Utilities — (continued) | ||
248,587 | PG&E Corp | $ 4,166,318 |
12,190 | Pinnacle West Capital Corp | 910,959 |
77,199 | PPL Corp | 2,125,288 |
53,655 | Public Service Enterprise Group Inc | 3,583,081 |
72,372 | Sempra | 5,198,481 |
122,422 | Southern Co | 8,782,554 |
32,939 | WEC Energy Group Inc | 2,704,951 |
58,326 | Xcel Energy Inc | 3,135,022 |
105,732,177 | ||
TOTAL COMMON STOCK — 97.35% (Cost $2,670,871,110) | $4,800,058,700 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
U.S. Treasury Bonds and Notes — 1.93% | ||
$96,030,200 | U.S. Treasury Bills(b) 5.30%, 05/23/2024 | 95,261,977 |
TOTAL SHORT TERM INVESTMENTS — 1.93% (Cost $95,261,977) | $95,261,977 | |
TOTAL INVESTMENTS — 99.28% (Cost $2,766,133,087) | $4,895,320,677 | |
OTHER ASSETS & LIABILITIES, NET — 0.72% | $35,476,289 | |
TOTAL NET ASSETS — 100.00% | $4,930,796,966 |
(a) | Non-income producing security. |
(b) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
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 | |||||
S&P 500® Emini Futures | 486 | USD | 123,157 | Jun 2024 | $2,245,081 |
Net Appreciation | $2,245,081 |
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. |
Convertible Preferred Stock, Preferred Stock | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices |
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 the investments of the Empower Large Cap Value Fund are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments. For the remaining Funds, all the investments were valued using Level 1 inputs, except for Short Term Investments, which were valued using Level 2 inputs.
March 28, 2024
Empower Large Cap Value Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | |||||||
Basic Materials | $63,346,930 | $— | $— | $63,346,930 | |||
Communications | 63,325,754 | — | — | 63,325,754 | |||
Consumer, Cyclical | 155,729,178 | — | — | 155,729,178 | |||
Consumer, Non-cyclical | 384,406,828 | 12,098,630 | — | 396,505,458 | |||
Energy | 108,634,461 | 29,408,353 | — | 138,042,814 | |||
Financial | 368,403,751 | 11,596,853 | — | 380,000,604 | |||
Industrial | 184,324,162 | 9,620,868 | — | 193,945,030 | |||
Technology | 144,844,424 | 7,734,850 | — | 152,579,274 | |||
Utilities | 92,138,120 | — | — | 92,138,120 | |||
1,565,153,608 | 70,459,554 | — | 1,635,613,162 | ||||
Convertible Preferred Stock | — | 1,153,732 | — | 1,153,732 | |||
Preferred Stock | — | 9,102,854 | — | 9,102,854 | |||
Short Term Investments | — | 6,290,782 | — | 6,290,782 | |||
Total investments, at fair value: | 1,565,153,608 | 87,006,922 | — | 1,652,160,530 | |||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts(a) | — | 323,314 | — | 323,314 | |||
Total Assets | $1,565,153,608 | $87,330,236 | $— | $1,652,483,844 |
(a) | Forward Foreign Currency Contracts are reported at the security’s unrealized appreciation, which represents the change in the contract’s value from trade date |
Repurchase Agreements
A Fund may engage in repurchase agreement transactions with institutions that the Fund's investment adviser has determined are creditworthy. A Fund that engages in repurchase agreement transactions will purchase securities at a specified price with an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Funds' custodian and/or securities lending agent receives delivery of the underlying securities collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.
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 S&P 500® 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 Large Cap Value Fund utilized forward foreign currency contracts.
March 28, 2024
The following tables represent the average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower Large Cap Value Fund | |
Forward Currency Exchange Contracts: | |
Average notional amount | $51,224,251 |
Empower S&P 500® Index Fund | |
Futures Contracts: | |
Average long contracts | 355 |
Average notional long | $89,428,109 |
March 28, 2024