EMPOWER FUNDS, INC.
EMPOWER ARIEL MID CAP VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 2.53% | ||
87,704 | Axalta Coating Systems Ltd(a) | $ 3,016,141 |
Communications — 4.87% | ||
109,169 | Interpublic Group of Cos Inc | 3,562,184 |
93,951 | Paramount Global Class B | 1,105,803 |
23,281 | Sphere Entertainment Co(a) | 1,142,632 |
5,810,619 | ||
Consumer, Cyclical — 21.42% | ||
52,321 | BorgWarner Inc | 1,817,631 |
43,352 | CarMax Inc(a) | 3,776,393 |
68,723 | Gentex Corp | 2,482,275 |
59,951 | Madison Square Garden Entertainment Corp(a) | 2,350,679 |
14,604 | Madison Square Garden Sports Corp(a) | 2,694,730 |
93,986 | Manchester United PLC Class A(a)(b) | 1,312,045 |
222,457 | Mattel Inc(a) | 4,406,873 |
106,803 | Resideo Technologies Inc(a) | 2,394,523 |
8,053 | Vail Resorts Inc | 1,794,450 |
116,061 | Walgreens Boots Alliance Inc | 2,517,363 |
25,546,962 | ||
Consumer, Non-Cyclical — 16.62% | ||
269,477 | ADT Inc | 1,810,886 |
3,806 | Bio-Rad Laboratories Inc Class A(a) | 1,316,381 |
16,657 | Charles River Laboratories International Inc(a) | 4,513,214 |
103,014 | Envista Holdings Corp(a) | 2,202,439 |
15,188 | J M Smucker Co | 1,911,714 |
17,057 | Laboratory Corp of America Holdings | 3,726,272 |
29,444 | Molson Coors Beverage Co Class B | 1,980,109 |
17,908 | Zimmer Biomet Holdings Inc | 2,363,498 |
19,824,513 | ||
Energy — 4.65% | ||
178,364 | Core Laboratories Inc | 3,046,457 |
127,997 | NOV Inc | 2,498,501 |
5,544,958 | ||
Financial — 30.47% | ||
34,623 | Aflac Inc | 2,972,731 |
27,020 | BOK Financial Corp | 2,485,840 |
70,123 | Carlyle Group Inc | 3,289,470 |
27,212 | CBRE Group Inc Class A(a) | 2,646,095 |
52,456 | Charles Schwab Corp | 3,794,667 |
36,992 | First American Financial Corp | 2,258,361 |
12,065 | Goldman Sachs Group Inc | 5,039,430 |
12,626 | Jones Lang LaSalle Inc(a) | 2,463,206 |
29,512 | KKR & Co Inc | 2,968,317 |
78,209 | Lazard Inc | 3,274,611 |
Shares | Fair Value | |
Financial — (continued) | ||
57,878 | Northern Trust Corp | $ 5,146,512 |
36,339,240 | ||
Industrial — 18.88% | ||
25,962 | Generac Holdings Inc(a) | 3,274,847 |
123,748 | Kennametal Inc | 3,086,275 |
15,081 | Keysight Technologies Inc(a) | 2,358,367 |
166,036 | Knowles Corp(a) | 2,673,179 |
8,642 | Littelfuse Inc | 2,094,389 |
36,428 | nVent Electric PLC | 2,746,671 |
36,303 | Stanley Black & Decker Inc | 3,555,153 |
51,680 | Stericycle Inc(a) | 2,726,120 |
22,515,001 | ||
TOTAL COMMON STOCK — 99.44% (Cost $117,852,098) | $118,597,434 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 0.30% | ||
$87,783 | Repurchase agreement (principal amount/value $89,653 with a maturity value of $89,706) with Credit Agricole Securities (USA) Inc, 5.32%, dated 3/28/24 to be repurchased at $87,783 on 4/1/24 collateralized by U.S. Treasury securities, 0.38% - 4.50%, 4/30/25 - 5/15/32, with a value of $91,446.(c) | 87,783 |
87,783 | Undivided interest of 0.05% 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 $87,783 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.(c) | 87,783 |
EMPOWER FUNDS, INC.
EMPOWER ARIEL MID CAP VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 87,783 | Undivided interest of 0.05% 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 $87,783 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.(c) | $ 87,783 |
87,783 | Undivided interest of 0.05% 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 $87,783 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.(c) | 87,783 |
TOTAL SHORT TERM INVESTMENTS — 0.30% (Cost $351,132) | $351,132 | |
TOTAL INVESTMENTS — 99.74% (Cost $118,203,230) | $118,948,566 | |
OTHER ASSETS & LIABILITIES, NET — 0.26% | $311,998 | |
TOTAL NET ASSETS — 100.00% | $119,260,564 |
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan at March 28, 2024. |
(c) | Collateral received for securities on loan. |
EMPOWER FUNDS, INC.
EMPOWER MID CAP VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 4.99% | ||
4,178 | Ashland Inc | $ 406,812 |
166,423 | Axalta Coating Systems Ltd(a) | 5,723,287 |
6,273 | Huntsman Corp | 163,286 |
17,191 | International Flavors & Fragrances Inc | 1,478,254 |
157 | Linde PLC | 72,898 |
6,745 | NewMarket Corp | 4,280,512 |
18,495 | PPG Industries Inc | 2,679,926 |
8,391 | Reliance Inc | 2,804,105 |
7,245 | Royal Gold Inc | 882,513 |
50,239 | RPM International Inc | 5,975,929 |
49,515 | Steel Dynamics Inc | 7,339,608 |
15,923 | United States Steel Corp | 649,340 |
32,456,470 | ||
Communications — 5.43% | ||
7,857 | Cable One Inc | 3,324,533 |
90,842 | Cisco Systems Inc | 4,533,924 |
116,330 | News Corp Class A | 3,045,520 |
37,464 | Okta Inc(a) | 3,919,484 |
391,980 | Paramount Global Class B | 4,613,604 |
338,472 | Robinhood Markets Inc Class A(a) | 6,813,441 |
34,592 | Trade Desk Inc Class A(a) | 3,024,033 |
31,334 | VeriSign Inc(a) | 5,938,106 |
3,132 | Zillow Group Inc Class C(a) | 152,779 |
35,365,424 | ||
Consumer, Cyclical — 12.25% | ||
44,885 | Aptiv PLC(a) | 3,575,090 |
144,882 | Carnival Corp(a) | 2,367,372 |
4,314 | Carter's Inc | 365,310 |
131 | Chipotle Mexican Grill Inc(a) | 380,787 |
4,292 | Core & Main Inc Class A(a) | 245,717 |
587 | Costco Wholesale Corp | 430,054 |
6,786 | Darden Restaurants Inc | 1,134,280 |
57,291 | DR Horton Inc | 9,427,234 |
19,227 | Ferguson PLC | 4,199,753 |
397,380 | Ford Motor Co | 5,277,206 |
13,964 | GameStop Corp Class A(a)(b) | 174,829 |
72,418 | Gentex Corp | 2,615,738 |
39,346 | Lear Corp | 5,700,448 |
21,388 | Lennar Corp Class A | 3,678,308 |
68,449 | LKQ Corp | 3,655,861 |
175,008 | Mattel Inc(a) | 3,466,909 |
30,704 | MGM Resorts International(a) | 1,449,536 |
43,108 | Ollie's Bargain Outlet Holdings Inc(a) | 3,430,104 |
28,193 | PulteGroup Inc | 3,400,640 |
17,948 | Ralph Lauren Corp | 3,369,917 |
1,021 | RH(a) | 355,573 |
33,776 | Ross Stores Inc | 4,956,966 |
8,122 | SiteOne Landscape Supply Inc(a) | 1,417,695 |
84,945 | Skechers USA Inc Class A(a) | 5,203,730 |
29,263 | Tempur Sealy International Inc | 1,662,724 |
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
5,106 | Thor Industries Inc | $ 599,138 |
43,984 | Whirlpool Corp | 5,261,806 |
6,353 | Wyndham Hotels & Resorts Inc | 487,593 |
13,729 | Wynn Resorts Ltd | 1,403,516 |
79,693,834 | ||
Consumer, Non-Cyclical — 10.70% | ||
43,244 | Acadia Healthcare Co Inc(a) | 3,425,790 |
94,590 | Affirm Holdings Inc(a) | 3,524,424 |
16,799 | Albertsons Cos Inc Class A | 360,171 |
31,003 | Archer-Daniels-Midland Co | 1,947,298 |
5,303 | Bio-Rad Laboratories Inc Class A(a) | 1,834,149 |
920 | Centene Corp(a) | 72,202 |
615 | Cintas Corp | 422,523 |
73,288 | CoStar Group Inc(a) | 7,079,621 |
108,829 | Dun & Bradstreet Holdings Inc | 1,092,643 |
72,625 | Encompass Health Corp | 5,997,372 |
2,736 | Equifax Inc | 731,935 |
52,516 | Fortrea Holdings Inc(a) | 2,107,992 |
24,899 | FTI Consulting Inc(a) | 5,236,010 |
74,670 | General Mills Inc | 5,224,660 |
744,109 | Ginkgo Bioworks Holdings Inc(a)(b) | 863,166 |
5,170 | Grand Canyon Education Inc(a) | 704,206 |
5,908 | IQVIA Holdings Inc(a) | 1,494,074 |
5,680 | Kellanova | 325,407 |
27,622 | Kroger Co | 1,578,045 |
1,462 | Medpace Holdings Inc(a) | 590,867 |
9,217 | Moderna Inc(a) | 982,164 |
4,666 | Performance Food Group Co(a) | 348,270 |
51,837 | Pilgrim's Pride Corp(a) | 1,779,046 |
46,692 | Quest Diagnostics Inc | 6,215,172 |
35,573 | Reynolds Consumer Products Inc | 1,015,965 |
19,849 | Tenet Healthcare Corp(a) | 2,086,328 |
8,828 | United Rentals Inc | 6,365,959 |
34,130 | Universal Health Services Inc Class B | 6,227,360 |
69,632,819 | ||
Energy — 4.01% | ||
364,124 | Antero Midstream Corp | 5,119,584 |
140,688 | Antero Resources Corp(a) | 4,079,952 |
4,600 | Cheniere Energy Inc | 741,888 |
156,736 | Devon Energy Corp | 7,865,012 |
8,948 | Halliburton Co | 352,730 |
91,653 | NOV Inc | 1,789,067 |
244,697 | TechnipFMC PLC | 6,144,341 |
26,092,574 | ||
Financial — 28.21% | ||
34,877 | Ally Financial Inc | 1,415,657 |
26,436 | American Financial Group Inc | 3,607,985 |
156,284 | American Homes 4 Rent Class A REIT | 5,748,125 |
EMPOWER FUNDS, INC.
EMPOWER MID CAP VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
32,804 | Annaly Capital Management Inc REIT | $ 645,911 |
100,053 | Bank of America Corp | 3,794,010 |
15,537 | Bank OZK | 706,312 |
12,179 | Berkshire Hathaway Inc Class B(a) | 5,121,513 |
1,229 | BOK Financial Corp | 113,068 |
35,052 | Camden Property Trust REIT | 3,449,117 |
86,778 | Citigroup Inc | 5,487,841 |
6,265 | CME Group Inc | 1,348,792 |
98,624 | CNA Financial Corp | 4,479,502 |
12,656 | Coinbase Global Inc Class A(a) | 3,355,359 |
973 | Credit Acceptance Corp(a) | 536,658 |
129,335 | CubeSmart REIT | 5,848,528 |
22,899 | Cullen/Frost Bankers Inc | 2,577,741 |
7,921 | EastGroup Properties Inc REIT | 1,423,958 |
16,051 | Equity Residential REIT | 1,012,979 |
3,818 | First Citizens BancShares Inc Class A | 6,242,430 |
101,724 | First Industrial Realty Trust Inc REIT | 5,344,579 |
165,522 | FNB Corp | 2,333,860 |
48,180 | Globe Life Inc | 5,606,706 |
309,993 | Host Hotels & Resorts Inc REIT | 6,410,655 |
188,895 | Invitation Homes Inc REIT | 6,726,551 |
45,965 | Jefferies Financial Group Inc | 2,027,056 |
73,141 | Loews Corp | 5,726,209 |
18,373 | M&T Bank Corp | 2,672,169 |
68,950 | MetLife Inc | 5,109,885 |
3,426 | Mid-America Apartment Communities Inc REIT | 450,793 |
114,270 | NNN Inc REIT | 4,883,900 |
63,357 | Northern Trust Corp | 5,633,704 |
110,832 | OneMain Holdings Inc | 5,662,407 |
317,246 | Park Hotels & Resorts Inc REIT | 5,548,633 |
63,950 | Principal Financial Group Inc | 5,519,525 |
4,717 | Progressive Corp | 975,570 |
111,664 | Rexford Industrial Realty Inc REIT | 5,616,699 |
31,175 | SBA Communications Corp REIT | 6,755,622 |
66,320 | Stifel Financial Corp | 5,184,235 |
153,944 | Synchrony Financial | 6,638,065 |
21,567 | Travelers Cos Inc | 4,963,430 |
77,348 | Ventas Inc REIT | 3,367,732 |
32,957 | VICI Properties Inc REIT | 981,789 |
76,180 | Voya Financial Inc | 5,631,225 |
76,907 | W R Berkley Corp | 6,801,655 |
52,000 | Welltower Inc REIT | 4,858,880 |
204,614 | XP Inc Class A | 5,250,395 |
183,597,415 | ||
Industrial — 19.12% | ||
4,495 | A O Smith Corp | 402,123 |
14,796 | Acuity Brands Inc | 3,976,129 |
4,133 | AECOM | 405,365 |
47,580 | AMETEK Inc | 8,702,382 |
Shares | Fair Value | |
Industrial — (continued) | ||
79,669 | Avnet Inc | $ 3,949,989 |
9,141 | Builders FirstSource Inc(a) | 1,906,356 |
33,244 | Carrier Global Corp | 1,932,474 |
23,240 | Curtiss-Wright Corp | 5,948,045 |
77,567 | Flowserve Corp | 3,543,260 |
178,690 | Gates Industrial Corp PLC(a) | 3,164,600 |
51,934 | Hayward Holdings Inc(a) | 795,110 |
5,089 | Ingersoll Rand Inc | 483,201 |
1,846 | Jabil Inc | 247,272 |
13,320 | Lennox International Inc | 6,510,283 |
13,857 | Martin Marietta Materials Inc | 8,507,367 |
23,333 | MasTec Inc(a) | 2,175,802 |
9,617 | Northrop Grumman Corp | 4,603,273 |
85,251 | nVent Electric PLC | 6,427,925 |
82,484 | Otis Worldwide Corp | 8,188,186 |
6,179 | Packaging Corp of America | 1,172,651 |
19,911 | Parker-Hannifin Corp | 11,066,335 |
4,082 | RBC Bearings Inc(a) | 1,103,569 |
10,319 | Saia Inc(a) | 6,036,615 |
10,438 | Snap-on Inc | 3,091,944 |
11,641 | Textron Inc | 1,116,721 |
2,286 | Timken Co | 199,865 |
2,340 | TopBuild Corp(a) | 1,031,308 |
7,510 | Trane Technologies PLC | 2,254,502 |
32,587 | United Parcel Service Inc Class B | 4,843,406 |
27,893 | Vulcan Materials Co | 7,612,557 |
50,153 | Westinghouse Air Brake Technologies Corp | 7,306,289 |
37,273 | Woodward Inc | 5,744,515 |
124,449,419 | ||
Technology — 9.39% | ||
28,576 | Apple Inc | 4,900,212 |
5,586 | AppLovin Corp Class A(a) | 386,663 |
2,639 | CACI International Inc Class A(a) | 999,732 |
15,235 | Crowdstrike Holdings Inc Class A(a) | 4,884,188 |
19,440 | Dell Technologies Inc Class C | 2,218,299 |
57,769 | Dropbox Inc Class A(a) | 1,403,787 |
32,173 | Fiserv Inc(a) | 5,141,889 |
141,904 | Genpact Ltd | 4,675,737 |
589 | HubSpot Inc(a) | 369,044 |
15,553 | International Business Machines Corp | 2,970,001 |
7,483 | Intuit Inc | 4,863,950 |
15,614 | Jack Henry & Associates Inc | 2,712,620 |
53,842 | KBR Inc | 3,427,582 |
19,419 | Marvell Technology Inc | 1,376,419 |
41,230 | Micron Technology Inc | 4,860,604 |
5,655 | Nutanix Inc Class A(a) | 349,027 |
155,886 | Palantir Technologies Inc Class A(a) | 3,586,937 |
68,041 | Paycor HCM Inc(a) | 1,322,717 |
58,520 | Skyworks Solutions Inc | 6,338,886 |
6,274 | Texas Instruments Inc | 1,092,994 |
EMPOWER FUNDS, INC.
EMPOWER MID CAP VALUE FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Technology — (continued) | ||
48,227 | Zoom Video Communications Inc Class A(a) | $ 3,152,599 |
464 | Zscaler Inc(a) | 89,380 |
61,123,267 | ||
Utilities — 5.26% | ||
54,674 | Atmos Energy Corp | 6,499,099 |
99,819 | CMS Energy Corp | 6,023,079 |
63,989 | Entergy Corp | 6,762,357 |
60,684 | Evergy Inc | 3,239,312 |
41,457 | Sempra | 2,977,856 |
56,552 | UGI Corp | 1,387,786 |
137,216 | Xcel Energy Inc | 7,375,360 |
34,264,849 | ||
TOTAL COMMON STOCK — 99.36% (Cost $566,889,868) | $646,676,071 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 0.17% | ||
$276,864 | Undivided interest of 0.15% 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 $276,864 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.(c) | 276,864 |
276,865 | Undivided interest of 0.16% 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 $276,865 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.(c) | 276,865 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$276,865 | Undivided interest of 0.16% 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 $276,865 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.(c) | $ 276,865 |
276,864 | Undivided interest of 0.20% 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 $276,864 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.(c) | 276,864 |
TOTAL SHORT TERM INVESTMENTS — 0.17% (Cost $1,107,458) | $1,107,458 | |
TOTAL INVESTMENTS — 99.53% (Cost $567,997,326) | $647,783,529 | |
OTHER ASSETS & LIABILITIES, NET — 0.47% | $3,060,845 | |
TOTAL NET ASSETS — 100.00% | $650,844,374 |
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan at March 28, 2024. |
(c) | Collateral received for securities on loan. |
REIT | Real Estate Investment Trust |
EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 4.53% | ||
83,125 | Alcoa Corp | $ 2,808,794 |
480,189 | Arcadium Lithium PLC(a)(b) | 2,069,615 |
22,565 | Ashland Inc | 2,197,154 |
42,313 | Avient Corp | 1,836,384 |
102,516 | Axalta Coating Systems Ltd(a) | 3,525,525 |
25,816 | Cabot Corp | 2,380,235 |
65,535 | Chemours Co | 1,720,949 |
231,313 | Cleveland-Cliffs Inc(a) | 5,260,058 |
54,212 | Commercial Metals Co | 3,186,039 |
66,305 | MP Materials Corp(a)(b) | 948,162 |
3,215 | NewMarket Corp | 2,040,303 |
56,006 | Olin Corp | 3,293,153 |
26,678 | Reliance Inc | 8,915,254 |
30,598 | Royal Gold Inc | 3,727,142 |
59,872 | RPM International Inc | 7,121,774 |
103,877 | United States Steel Corp | 4,236,104 |
14,918 | Westlake Corp | 2,279,471 |
57,546,116 | ||
Communications — 1.93% | ||
2,115 | Cable One Inc | 894,920 |
67,457 | Ciena Corp(a) | 3,335,749 |
103,037 | Frontier Communications Parent Inc(a) | 2,524,407 |
65,376 | GoDaddy Inc Class A(a) | 7,758,824 |
57,677 | Iridium Communications Inc | 1,508,830 |
76,212 | New York Times Co Class A | 3,293,883 |
14,677 | Nexstar Media Group Inc | 2,528,700 |
92,082 | TEGNA Inc | 1,375,705 |
21,411 | Ziff Davis Inc(a) | 1,349,749 |
24,570,767 | ||
Consumer, Cyclical — 16.46% | ||
43,437 | Adient PLC(a) | 1,429,946 |
121,876 | Aramark | 3,963,408 |
33,712 | Autoliv Inc | 4,059,936 |
11,801 | AutoNation Inc(a) | 1,954,010 |
61,995 | BJ's Wholesale Club Holdings Inc(a) | 4,689,922 |
31,364 | Boyd Gaming Corp | 2,111,424 |
31,391 | Brunswick Corp | 3,029,859 |
29,729 | Burlington Stores Inc(a) | 6,902,776 |
54,295 | Capri Holdings Ltd(a) | 2,459,563 |
17,145 | Carter's Inc | 1,451,839 |
17,246 | Casey's General Stores Inc | 5,491,989 |
10,835 | Choice Hotels International Inc(b) | 1,369,002 |
31,621 | Churchill Downs Inc | 3,913,099 |
16,057 | Columbia Sportswear Co | 1,303,507 |
77,488 | Core & Main Inc Class A(a) | 4,436,188 |
27,672 | Crocs Inc(a) | 3,979,234 |
27,059 | Dick's Sporting Goods Inc | 6,084,487 |
27,710 | Dolby Laboratories Inc Class A | 2,321,267 |
16,843 | FirstCash Holdings Inc | 2,148,156 |
25,658 | Five Below Inc(a) | 4,653,848 |
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
49,519 | Floor & Decor Holdings Inc Class A(a) | $ 6,418,653 |
19,682 | Fox Factory Holding Corp(a) | 1,024,842 |
125,083 | GameStop Corp Class A(a)(b) | 1,566,039 |
100,159 | Gap Inc | 2,759,380 |
106,798 | Gentex Corp | 3,857,544 |
132,035 | Goodyear Tire & Rubber Co(a) | 1,812,841 |
59,037 | Harley-Davidson Inc | 2,582,278 |
33,228 | Hilton Grand Vacations Inc(a) | 1,568,694 |
20,596 | Hyatt Hotels Corp Class A | 3,287,533 |
34,026 | KB Home | 2,411,763 |
26,069 | Lear Corp | 3,776,877 |
61,877 | Leggett & Platt Inc | 1,184,945 |
41,845 | Light & Wonder Inc(a) | 4,271,956 |
12,818 | Lithia Motors Inc | 3,856,423 |
127,646 | Macy's Inc | 2,551,644 |
14,586 | Marriott Vacations Worldwide Corp | 1,571,350 |
161,878 | Mattel Inc(a) | 3,206,803 |
21,029 | MSC Industrial Direct Co Inc Class A | 2,040,654 |
8,666 | Murphy USA Inc | 3,632,787 |
45,015 | Nordstrom Inc | 912,454 |
28,686 | Ollie's Bargain Outlet Holdings Inc(a) | 2,282,545 |
70,167 | Penn Entertainment Inc(a) | 1,277,741 |
9,067 | Penske Automotive Group Inc | 1,468,763 |
39,793 | Planet Fitness Inc Class A(a) | 2,492,236 |
24,725 | Polaris Inc | 2,475,467 |
27,334 | PVH Corp | 3,843,434 |
7,128 | RH(a) | 2,482,397 |
19,306 | Scotts Miracle-Gro Co | 1,440,035 |
62,234 | Skechers USA Inc Class A(a) | 3,812,455 |
48,818 | Taylor Morrison Home Corp(a) | 3,035,015 |
80,084 | Tempur Sealy International Inc | 4,550,373 |
31,032 | Texas Roadhouse Inc | 4,793,513 |
24,836 | Thor Industries Inc | 2,914,256 |
27,620 | TKO Group Holdings Inc | 2,386,644 |
48,232 | Toll Brothers Inc | 6,239,774 |
33,718 | Travel + Leisure Co | 1,650,833 |
87,666 | Under Armour Inc Class A(a) | 646,975 |
92,898 | Under Armour Inc Class C(a) | 663,292 |
17,688 | Vail Resorts Inc | 3,941,417 |
12,951 | Visteon Corp(a) | 1,523,167 |
14,532 | Watsco Inc | 6,277,388 |
77,789 | Wendy's Co | 1,465,545 |
20,460 | WESCO International Inc | 3,504,389 |
25,189 | Whirlpool Corp | 3,013,360 |
29,782 | Williams-Sonoma Inc | 9,456,678 |
13,671 | Wingstop Inc | 5,009,054 |
38,644 | Wyndham Hotels & Resorts Inc | 2,965,927 |
40,445 | YETI Holdings Inc(a) | 1,559,155 |
209,220,748 |
EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Consumer, Non-Cyclical — 14.99% | ||
42,124 | Acadia Healthcare Co Inc(a) | $ 3,337,063 |
15,160 | Amedisys Inc(a) | 1,397,146 |
56,053 | Arrowhead Pharmaceuticals Inc(a) | 1,603,116 |
8,418 | Avis Budget Group Inc | 1,030,868 |
26,399 | Azenta Inc(a) | 1,591,332 |
60,124 | BellRing Brands Inc(a) | 3,549,120 |
4,391 | Boston Beer Co Inc Class A(a) | 1,336,708 |
20,404 | Brink's Co | 1,884,922 |
43,086 | Bruker Corp | 4,047,499 |
68,906 | Celsius Holdings Inc(a) | 5,713,686 |
7,003 | Chemed Corp | 4,495,436 |
2,182 | Coca-Cola Consolidated Inc | 1,846,867 |
175,139 | Coty Inc Class A(a) | 2,094,662 |
44,907 | Cytokinetics Inc(a) | 3,148,430 |
74,304 | Darling Ingredients Inc(a) | 3,455,879 |
25,800 | elf Beauty Inc(a) | 5,057,574 |
46,691 | Encompass Health Corp | 3,855,743 |
23,057 | Enovis Corp(a) | 1,439,910 |
79,851 | Envista Holdings Corp(a) | 1,707,214 |
19,750 | Euronet Worldwide Inc(a) | 2,171,117 |
141,247 | Exelixis Inc(a) | 3,351,791 |
89,475 | Flowers Foods Inc | 2,125,031 |
16,168 | FTI Consulting Inc(a) | 3,399,969 |
52,548 | Globus Medical Inc Class A(a) | 2,818,675 |
1,666 | Graham Holdings Co Class B | 1,278,955 |
13,763 | Grand Canyon Education Inc(a) | 1,874,658 |
45,746 | Grocery Outlet Holding Corp(a) | 1,316,570 |
54,361 | GXO Logistics Inc(a) | 2,922,447 |
64,477 | H&R Block Inc | 3,166,466 |
23,650 | Haemonetics Corp(a) | 2,018,528 |
61,521 | Halozyme Therapeutics Inc(a) | 2,502,674 |
39,961 | HealthEquity Inc(a) | 3,262,016 |
11,056 | Helen of Troy Ltd(a) | 1,274,093 |
62,177 | Hertz Global Holdings Inc(a)(b) | 486,846 |
30,371 | Ingredion Inc | 3,548,851 |
15,972 | Insperity Inc | 1,750,691 |
30,564 | Integra LifeSciences Holdings Corp(a) | 1,083,494 |
29,324 | Jazz Pharmaceuticals PLC(a) | 3,531,196 |
9,461 | Lancaster Colony Corp | 1,964,387 |
31,895 | Lantheus Holdings Inc(a) | 1,985,145 |
25,033 | LivaNova PLC(a) | 1,400,346 |
22,731 | ManpowerGroup Inc | 1,764,835 |
20,671 | Masimo Corp(a) | 3,035,536 |
10,838 | Medpace Holdings Inc(a) | 4,380,178 |
11,908 | Morningstar Inc | 3,672,070 |
91,419 | Neogen Corp(a) | 1,442,592 |
46,263 | Neurocrine Biosciences Inc(a) | 6,380,593 |
80,456 | Option Care Health Inc(a) | 2,698,494 |
20,204 | Paylocity Holding Corp(a) | 3,472,259 |
17,938 | Penumbra Inc(a) | 4,003,403 |
72,309 | Performance Food Group Co(a) | 5,397,144 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
63,109 | Perrigo Co PLC | $ 2,031,479 |
18,701 | Pilgrim's Pride Corp(a) | 641,818 |
23,461 | Post Holdings Inc(a) | 2,493,435 |
38,502 | Progyny Inc(a) | 1,468,851 |
22,962 | QuidelOrtho Corp(a) | 1,100,798 |
92,091 | R1 RCM Inc(a) | 1,186,132 |
24,138 | Repligen Corp(a) | 4,439,461 |
156,746 | Roivant Sciences Ltd(a) | 1,652,103 |
68,626 | Service Corp International | 5,092,735 |
17,148 | Shockwave Medical Inc(a) | 5,583,903 |
57,278 | Sotera Health Co(a) | 687,909 |
47,307 | Sprouts Farmers Market Inc(a) | 3,050,355 |
47,217 | Tenet Healthcare Corp(a) | 4,962,979 |
21,839 | United Therapeutics Corp(a) | 5,016,855 |
105,094 | US Foods Holding Corp(a) | 5,671,923 |
61,315 | Valvoline Inc(a) | 2,732,810 |
19,864 | WEX Inc(a) | 4,718,296 |
190,606,067 | ||
Energy — 5.36% | ||
158,217 | Antero Midstream Corp | 2,224,531 |
129,093 | Antero Resources Corp(a) | 3,743,697 |
88,097 | ChampionX Corp | 3,161,801 |
51,690 | Chesapeake Energy Corp(b) | 4,591,623 |
19,225 | Chord Energy Corp | 3,426,664 |
39,968 | Civitas Resources Inc | 3,033,971 |
70,091 | CNX Resources Corp(a) | 1,662,558 |
45,167 | DT Midstream Inc | 2,759,704 |
201,787 | Equitrans Midstream Corp | 2,520,320 |
72,449 | HF Sinclair Corp | 4,373,746 |
51,611 | Matador Resources Co | 3,446,066 |
66,584 | Murphy Oil Corp | 3,042,889 |
180,286 | NOV Inc | 3,519,183 |
117,436 | Ovintiv Inc | 6,094,928 |
50,658 | PBF Energy Inc Class A | 2,916,381 |
213,996 | Permian Resources Corp | 3,779,169 |
112,393 | Range Resources Corp | 3,869,691 |
504,067 | Southwestern Energy Co(a) | 3,820,828 |
29,199 | Valaris Ltd(a) | 2,197,517 |
33,696 | Weatherford International PLC(a) | 3,889,192 |
68,074,459 | ||
Financial — 22.24% | ||
15,745 | Affiliated Managers Group Inc | 2,636,815 |
45,525 | Agree Realty Corp REIT | 2,600,388 |
126,131 | Ally Financial Inc | 5,119,658 |
30,391 | American Financial Group Inc | 4,147,764 |
147,900 | American Homes 4 Rent Class A REIT | 5,439,762 |
232,495 | Annaly Capital Management Inc REIT | 4,577,826 |
66,316 | Apartment Income Corp REIT | 2,153,281 |
69,254 | Associated Banc-Corp | 1,489,654 |
EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
49,002 | Bank OZK | $ 2,227,631 |
28,494 | Brighthouse Financial Inc(a) | 1,468,581 |
140,009 | Brixmor Property Group Inc REIT | 3,283,211 |
85,082 | Cadence Bank | 2,467,378 |
100,575 | Carlyle Group Inc | 4,717,973 |
52,116 | CNO Financial Group Inc | 1,432,148 |
92,983 | Columbia Banking System Inc | 1,799,221 |
55,184 | Commerce Bancshares Inc | 2,935,789 |
52,279 | COPT Defense Properties REIT | 1,263,583 |
70,508 | Cousins Properties Inc REIT | 1,695,012 |
104,464 | CubeSmart REIT | 4,723,862 |
29,906 | Cullen/Frost Bankers Inc | 3,366,518 |
65,441 | East West Bancorp Inc | 5,177,038 |
22,215 | EastGroup Properties Inc REIT | 3,993,591 |
34,992 | EPR Properties REIT | 1,485,410 |
145,812 | Equitable Holdings Inc | 5,542,314 |
86,648 | Equity LifeStyle Properties Inc REIT | 5,580,131 |
11,592 | Erie Indemnity Co Class A | 4,654,999 |
49,652 | Essent Group Ltd | 2,954,791 |
16,146 | Evercore Inc Class A | 3,109,558 |
37,997 | Federated Hermes Inc | 1,372,452 |
120,165 | Fidelity National Financial Inc | 6,380,762 |
48,061 | First American Financial Corp | 2,934,124 |
59,680 | First Financial Bankshares Inc | 1,958,101 |
255,503 | First Horizon Corp | 3,934,746 |
61,617 | First Industrial Realty Trust Inc REIT | 3,237,357 |
167,128 | FNB Corp | 2,356,505 |
124,110 | Gaming & Leisure Properties Inc REIT | 5,717,748 |
51,640 | Glacier Bancorp Inc | 2,080,059 |
40,011 | Hancock Whitney Corp | 1,842,106 |
16,672 | Hanover Insurance Group Inc | 2,270,226 |
177,415 | Healthcare Realty Trust Inc REIT | 2,510,422 |
87,286 | Home BancShares Inc | 2,144,617 |
24,272 | Houlihan Lokey Inc | 3,111,428 |
104,255 | Independence Realty Trust Inc REIT | 1,681,633 |
49,700 | Interactive Brokers Group Inc Class A | 5,551,987 |
24,790 | International Bancshares Corp | 1,391,711 |
61,567 | Janus Henderson Group PLC | 2,024,939 |
78,995 | Jefferies Financial Group Inc | 3,483,679 |
22,105 | Jones Lang LaSalle Inc(a) | 4,312,465 |
27,972 | Kemper Corp | 1,732,026 |
49,186 | Kilroy Realty Corp REIT | 1,791,846 |
10,223 | Kinsale Capital Group Inc | 5,364,417 |
102,181 | Kite Realty Group Trust REIT | 2,215,284 |
40,724 | Lamar Advertising Co Class A REIT | 4,862,853 |
125,874 | MGIC Investment Corp | 2,814,543 |
Shares | Fair Value | |
Financial — (continued) | ||
35,967 | National Storage Affiliates Trust REIT | $ 1,408,468 |
330,225 | New York Community Bancorp Inc | 1,063,324 |
84,992 | NNN Inc REIT | 3,632,558 |
136,307 | Old National Bancorp | 2,373,105 |
121,475 | Old Republic International Corp | 3,731,712 |
114,241 | Omega Healthcare Investors Inc REIT | 3,618,012 |
93,806 | Park Hotels & Resorts Inc REIT | 1,640,667 |
35,433 | Pinnacle Financial Partners Inc | 3,042,986 |
36,961 | PotlatchDeltic Corp REIT | 1,737,906 |
16,279 | Primerica Inc | 4,117,936 |
43,655 | Prosperity Bancshares Inc | 2,871,626 |
63,532 | Rayonier Inc REIT | 2,111,804 |
30,632 | Reinsurance Group of America Inc | 5,908,300 |
24,493 | RenaissanceRe Holdings Ltd | 5,756,590 |
97,949 | Rexford Industrial Realty Inc REIT | 4,926,835 |
18,707 | RLI Corp | 2,777,428 |
107,417 | Sabra Health Care Inc REIT | 1,586,549 |
46,449 | SEI Investments Co | 3,339,683 |
28,246 | Selective Insurance Group Inc | 3,083,616 |
99,511 | SLM Corp | 2,168,345 |
35,403 | SouthState Corp | 3,010,317 |
84,572 | STAG Industrial Inc REIT | 3,250,948 |
138,613 | Starwood Property Trust Inc REIT | 2,818,002 |
47,510 | Stifel Financial Corp | 3,713,857 |
68,117 | Synovus Financial Corp | 2,728,767 |
22,268 | Texas Capital Bancshares Inc(a) | 1,370,595 |
20,263 | UMB Financial Corp | 1,762,678 |
62,701 | United Bankshares Inc | 2,244,069 |
84,452 | Unum Group | 4,531,694 |
199,231 | Valley National Bancorp | 1,585,879 |
74,457 | Vornado Realty Trust REIT | 2,142,128 |
46,873 | Voya Financial Inc | 3,464,852 |
80,138 | Webster Financial Corp | 4,068,606 |
165,779 | Western Union Co | 2,317,590 |
28,524 | Wintrust Financial Corp | 2,977,620 |
101,705 | WP Carey Inc REIT | 5,740,230 |
67,849 | Zions Bancorp NA | 2,944,647 |
282,691,852 | ||
Industrial — 22.89% | ||
13,933 | Acuity Brands Inc | 3,744,215 |
31,720 | Advanced Drainage Systems Inc | 5,463,453 |
62,598 | AECOM | 6,139,612 |
28,428 | AGCO Corp | 3,497,213 |
17,709 | Applied Industrial Technologies Inc | 3,498,413 |
30,668 | AptarGroup Inc | 4,412,818 |
EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Industrial — (continued) | ||
24,628 | Arrow Electronics Inc(a) | $ 3,188,341 |
42,087 | Avnet Inc | 2,086,673 |
19,409 | Belden Inc | 1,797,467 |
54,001 | Berry Global Group Inc | 3,265,980 |
42,561 | BWX Technologies Inc | 4,367,610 |
22,557 | Carlisle Cos Inc | 8,838,960 |
19,558 | Chart Industries Inc(a) | 3,221,594 |
23,344 | Clean Harbors Inc(a) | 4,699,381 |
80,187 | Cognex Corp | 3,401,533 |
60,455 | Coherent Corp(a) | 3,664,782 |
16,532 | Comfort Systems USA Inc | 5,252,381 |
22,759 | Crane Co | 3,075,424 |
55,667 | Crown Holdings Inc | 4,412,166 |
17,776 | Curtiss-Wright Corp | 4,549,589 |
55,795 | Donaldson Co Inc | 4,166,771 |
15,968 | Eagle Materials Inc | 4,339,304 |
21,841 | EMCOR Group Inc | 7,648,718 |
18,822 | EnerSys | 1,777,926 |
26,386 | Esab Corp | 2,917,500 |
23,578 | Exponent Inc | 1,949,665 |
61,114 | Flowserve Corp | 2,791,687 |
79,371 | Fluor Corp(a) | 3,355,806 |
58,590 | Fortune Brands Innovations Inc | 4,960,815 |
16,531 | GATX Corp | 2,215,650 |
78,434 | Graco Inc | 7,330,441 |
142,559 | Graphic Packaging Holding Co | 4,159,872 |
11,833 | Greif Inc Class A | 817,069 |
39,307 | Hexcel Corp | 2,863,515 |
38,100 | ITT Inc | 5,182,743 |
27,525 | Kirby Corp(a) | 2,623,683 |
26,330 | Knife River Corp(a) | 2,134,836 |
75,017 | Knight-Swift Transportation Holdings Inc | 4,127,435 |
16,744 | Landstar System Inc | 3,227,573 |
14,867 | Lennox International Inc | 7,266,395 |
26,566 | Lincoln Electric Holdings Inc | 6,786,019 |
11,599 | Littelfuse Inc | 2,811,018 |
29,886 | Louisiana-Pacific Corp | 2,507,734 |
28,150 | MasTec Inc(a) | 2,624,987 |
94,258 | MDU Resources Group Inc | 2,375,302 |
24,501 | Middleby Corp(a) | 3,939,516 |
17,212 | MSA Safety Inc | 3,332,071 |
16,680 | Novanta Inc(a) | 2,915,164 |
77,087 | nVent Electric PLC | 5,812,360 |
30,470 | Oshkosh Corp | 3,799,914 |
41,329 | Owens Corning | 6,893,677 |
13,503 | RBC Bearings Inc(a) | 3,650,536 |
30,802 | Regal Rexnord Corp | 5,547,440 |
20,257 | Ryder System Inc | 2,434,689 |
12,330 | Saia Inc(a) | 7,213,050 |
70,503 | Sensata Technologies Holding PLC | 2,590,280 |
36,576 | Silgan Holdings Inc | 1,776,131 |
19,819 | Simpson Manufacturing Co Inc | 4,066,462 |
45,624 | Sonoco Products Co | 2,638,892 |
43,088 | Stericycle Inc(a) | 2,272,892 |
Shares | Fair Value | |
Industrial — (continued) | ||
25,946 | TD SYNNEX Corp | $ 2,934,493 |
31,219 | Terex Corp | 2,010,504 |
24,849 | Tetra Tech Inc | 4,589,859 |
30,232 | Timken Co | 2,643,184 |
14,697 | TopBuild Corp(a) | 6,477,409 |
48,525 | Toro Co | 4,446,346 |
50,484 | Trex Co Inc(a) | 5,035,779 |
28,283 | UFP Industries Inc | 3,479,092 |
20,293 | Universal Display Corp | 3,418,356 |
9,729 | Valmont Industries Inc | 2,220,936 |
58,976 | Vishay Intertechnology Inc | 1,337,576 |
71,879 | Vontier Corp | 3,260,431 |
12,747 | Watts Water Technologies Inc Class A | 2,709,375 |
29,449 | Werner Enterprises Inc | 1,152,045 |
28,006 | Woodward Inc | 4,316,285 |
53,907 | XPO Inc(a) | 6,578,271 |
291,033,084 | ||
Technology — 7.75% | ||
32,583 | Allegro MicroSystems Inc(a) | 878,438 |
47,946 | Amkor Technology Inc | 1,545,779 |
9,492 | Appfolio Inc Class A(a) | 2,342,056 |
21,419 | ASGN Inc(a) | 2,243,854 |
12,712 | Aspen Technology Inc(a) | 2,711,215 |
19,832 | Blackbaud Inc(a) | 1,470,345 |
10,359 | CACI International Inc Class A(a) | 3,924,300 |
25,125 | Cirrus Logic Inc(a) | 2,325,570 |
20,382 | CommVault Systems Inc(a) | 2,067,346 |
21,342 | Concentrix Corp | 1,413,267 |
22,428 | Crane NXT Co | 1,388,293 |
54,591 | Doximity Inc Class A(a) | 1,469,044 |
123,403 | Dropbox Inc Class A(a) | 2,998,693 |
111,459 | Dynatrace Inc(a) | 5,176,156 |
76,813 | ExlService Holdings Inc(a) | 2,442,653 |
76,935 | Genpact Ltd | 2,535,008 |
13,763 | IPG Photonics Corp(a) | 1,248,167 |
61,721 | KBR Inc | 3,929,159 |
107,161 | Kyndryl Holdings Inc(a) | 2,331,823 |
64,057 | Lattice Semiconductor Corp(a) | 5,011,179 |
29,903 | Lumentum Holdings Inc(a) | 1,415,907 |
25,502 | MACOM Technology Solutions Holdings Inc(a) | 2,439,011 |
28,605 | Manhattan Associates Inc(a) | 7,157,829 |
28,422 | Maximus Inc | 2,384,606 |
29,282 | MKS Instruments Inc | 3,894,506 |
22,801 | Onto Innovation Inc(a) | 4,128,805 |
26,481 | Power Integrations Inc | 1,894,716 |
137,950 | Pure Storage Inc Class A(a) | 7,172,020 |
16,779 | Qualys Inc(a) | 2,799,912 |
50,075 | Rambus Inc(a) | 3,095,136 |
24,136 | Science Applications International Corp | 3,147,093 |
14,853 | Silicon Laboratories Inc(a) | 2,134,673 |
18,303 | Synaptics Inc(a) | 1,785,641 |
44,110 | Teradata Corp(a) | 1,705,734 |
EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Technology — (continued) | ||
58,583 | Wolfspeed Inc(a)(b) | $ 1,728,199 |
136,209 | ZoomInfo Technologies Inc(a) | 2,183,430 |
98,519,563 | ||
Utilities — 3.33% | ||
26,665 | ALLETE Inc | 1,590,301 |
31,177 | Black Hills Corp | 1,702,264 |
116,835 | Essential Utilities Inc | 4,328,737 |
23,572 | IDACORP Inc | 2,189,603 |
42,900 | National Fuel Gas Co | 2,304,588 |
45,771 | New Jersey Resources Corp | 1,964,033 |
27,894 | Northwestern Energy Group Inc | 1,420,641 |
91,619 | OGE Energy Corp | 3,142,532 |
25,694 | ONE Gas Inc | 1,658,034 |
24,916 | Ormat Technologies Inc | 1,649,190 |
39,876 | PNM Resources Inc | 1,500,933 |
47,095 | Portland General Electric Co | 1,977,990 |
27,893 | Southwest Gas Holdings Inc | 2,123,494 |
24,438 | Spire Inc | 1,499,760 |
97,595 | UGI Corp | 2,394,981 |
156,139 | Vistra Corp | 10,875,082 |
42,322,163 | ||
TOTAL COMMON STOCK — 99.48% (Cost $1,050,671,677) | $1,264,584,819 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 0.84% | ||
$2,652,323 | Undivided interest of 1.48% 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 $2,652,323 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.(c) | 2,652,323 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$2,652,323 | Undivided interest of 1.49% 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 $2,652,323 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.(c) | $ 2,652,323 |
2,652,324 | Undivided interest of 1.50% 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 $2,652,324 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.(c) | 2,652,324 |
2,652,323 | Undivided interest of 1.93% 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 $2,652,323 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.(c) | 2,652,323 |
TOTAL SHORT TERM INVESTMENTS — 0.84% (Cost $10,609,293) | $10,609,293 | |
TOTAL INVESTMENTS — 100.32% (Cost $1,061,280,970) | $1,275,194,112 | |
OTHER ASSETS & LIABILITIES, NET — (0.32)% | $(4,026,500) | |
TOTAL NET ASSETS — 100.00% | $1,271,167,612 |
EMPOWER FUNDS, INC.
EMPOWER S&P MID CAP 400® INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan at March 28, 2024. |
(c) | Collateral received for securities on loan. |
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 Mid 400® Emini Futures | 35 | USD | 10,771 | Jun 2024 | $405,575 |
Net Appreciation | $405,575 |
EMPOWER FUNDS, INC.
EMPOWER T. ROWE PRICE MID CAP GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 0.45% | ||
71,600 | RPM International Inc | $ 8,516,820 |
Communications — 5.62% | ||
229,550 | Liberty Media Corp-Liberty Formula One Class C(a) | 15,058,480 |
297,398 | Match Group Inc(a) | 10,789,600 |
178,200 | New York Times Co Class A | 7,701,804 |
35,486 | Reddit Inc(a)(b) | 1,750,169 |
130,300 | Spotify Technology SA(a) | 34,386,170 |
426,400 | Trade Desk Inc Class A(a) | 37,275,888 |
106,962,111 | ||
Consumer, Cyclical — 14.02% | ||
334,800 | Bath & Body Works Inc | 16,746,696 |
83,876 | Birkenstock Holding PLC(a)(b) | 3,963,141 |
96,300 | Burlington Stores Inc(a) | 22,359,897 |
238,573 | Caesars Entertainment Inc(a) | 10,435,183 |
53,000 | Casey's General Stores Inc | 16,877,850 |
700 | Chipotle Mexican Grill Inc(a) | 2,034,739 |
32,681 | Dollar General Corp | 5,100,197 |
153,570 | Dollar Tree Inc(a) | 20,447,845 |
68,004 | Domino's Pizza Inc | 33,789,827 |
38,500 | Ferguson PLC | 8,409,555 |
62,600 | Five Below Inc(a) | 11,354,388 |
156,800 | Hilton Worldwide Holdings Inc | 33,447,008 |
8,900 | Lululemon Athletica Inc(a) | 3,476,785 |
161,000 | Ross Stores Inc | 23,628,360 |
328,000 | Southwest Airlines Co | 9,574,320 |
20,118 | Tractor Supply Co | 5,265,283 |
29,800 | Ulta Beauty Inc(a) | 15,581,824 |
175,970 | Yum! Brands Inc | 24,398,241 |
266,891,139 | ||
Consumer, Non-Cyclical — 30.60% | ||
248,300 | Acadia Healthcare Co Inc(a) | 19,670,326 |
292,900 | Agilent Technologies Inc | 42,619,879 |
185,400 | Alcon Inc | 15,441,966 |
83,455 | Alnylam Pharmaceuticals Inc(a) | 12,472,350 |
79,275 | Apellis Pharmaceuticals Inc(a) | 4,659,785 |
29,928 | Argenx SE ADR(a) | 11,783,252 |
41,400 | Ascendis Pharma A/S ADR(a) | 6,258,438 |
1,169,100 | Avantor Inc(a) | 29,893,887 |
116,200 | Avery Dennison Corp | 25,941,650 |
70,100 | Biogen Inc(a) | 15,115,663 |
15,159 | Boston Beer Co Inc Class A(a) | 4,614,703 |
58,900 | Bright Horizons Family Solutions Inc(a) | 6,676,904 |
321,474 | Bruker Corp | 30,199,267 |
118,324 | Catalent Inc(a) | 6,679,390 |
47,700 | Corpay Inc(a) | 14,717,358 |
101,558 | CoStar Group Inc(a) | 9,810,503 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
59,638 | CRISPR Therapeutics AG(a)(b) | $ 4,064,926 |
59,400 | Cytokinetics Inc(a) | 4,164,534 |
254,700 | DENTSPLY SIRONA Inc | 8,453,493 |
190,984 | Enovis Corp(a) | 11,926,951 |
108,400 | Equifax Inc | 28,999,168 |
87,300 | Exact Sciences Corp(a) | 6,028,938 |
632,200 | Hologic Inc(a) | 49,286,312 |
273,300 | Ionis Pharmaceuticals Inc(a) | 11,847,555 |
266,964 | Kenvue Inc | 5,729,047 |
44,700 | MarketAxess Holdings Inc | 9,800,475 |
59,500 | McCormick & Co Inc | 4,570,195 |
42,400 | Molina Healthcare Inc(a) | 17,419,192 |
110,800 | Paylocity Holding Corp(a) | 19,042,088 |
23,600 | Quanta Services Inc | 6,131,280 |
195,983 | QuidelOrtho Corp(a) | 9,395,425 |
232,600 | Reynolds Consumer Products Inc | 6,643,056 |
53,168 | Sarepta Therapeutics Inc(a) | 6,883,129 |
151,753 | Teleflex Inc | 34,321,976 |
198,500 | The Cooper Cos Inc | 20,139,810 |
119,300 | Toast Inc Class A(a) | 2,972,956 |
153,600 | TransUnion | 12,257,280 |
177,213 | TreeHouse Foods Inc(a) | 6,902,446 |
20,200 | United Rentals Inc | 14,566,422 |
39,163 | Vaxcyte Inc(a) | 2,675,224 |
41,900 | Verisk Analytics Inc | 9,877,087 |
29,998 | West Pharmaceutical Services Inc | 11,870,509 |
582,524,795 | ||
Energy — 4.76% | ||
138,800 | Cheniere Energy Inc | 22,385,664 |
101,800 | Chesapeake Energy Corp(b) | 9,042,894 |
333,400 | Coterra Energy Inc | 9,295,192 |
417,500 | EQT Corp | 15,476,725 |
208,200 | Range Resources Corp | 7,168,326 |
150,600 | Shoals Technologies Group Inc Class A(a) | 1,683,708 |
700,663 | TechnipFMC PLC | 17,593,648 |
68,600 | Weatherford International PLC(a) | 7,917,812 |
90,563,969 | ||
Financial — 6.07% | ||
116,500 | Assurant Inc | 21,929,960 |
88,400 | Axis Capital Holdings Ltd | 5,747,768 |
53,300 | Cboe Global Markets Inc | 9,792,809 |
157,700 | Intercontinental Exchange Inc | 21,672,711 |
227,400 | KKR & Co Inc | 22,871,892 |
4,400 | Markel Group Inc(a) | 6,694,512 |
112,150 | Raymond James Financial Inc | 14,402,303 |
120,100 | Tradeweb Markets Inc Class A | 12,510,817 |
115,622,772 |
EMPOWER FUNDS, INC.
EMPOWER T. ROWE PRICE MID CAP GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Industrial — 16.87% | ||
157,800 | Amphenol Corp Class A | $ 18,202,230 |
531,807 | Ball Corp | 35,822,520 |
103,300 | BWX Technologies Inc | 10,600,646 |
173,800 | Cognex Corp | 7,372,596 |
181,955 | Esab Corp | 20,118,764 |
267,400 | Fortive Corp | 23,001,748 |
35,400 | Howmet Aerospace Inc | 2,422,422 |
48,000 | IDEX Corp | 11,712,960 |
327,500 | Ingersoll Rand Inc | 31,096,125 |
151,200 | JB Hunt Transport Services Inc | 30,126,600 |
150,500 | Keysight Technologies Inc(a) | 23,535,190 |
12,700 | Littelfuse Inc | 3,077,845 |
46,968 | Martin Marietta Materials Inc | 28,835,534 |
7,700 | Mettler-Toledo International Inc(a) | 10,250,933 |
297,600 | Sealed Air Corp | 11,070,720 |
379,146 | Textron Inc | 36,371,476 |
117,700 | Veralto Corp | 10,435,282 |
41,300 | Waste Connections Inc | 7,104,013 |
321,157,604 | ||
Technology — 17.80% | ||
5,331 | Astera Labs Inc(a) | 395,507 |
34,300 | Atlassian Corp Class A(a) | 6,692,273 |
77,600 | Broadridge Financial Solutions Inc | 15,897,136 |
1,271,674 | CCC Intelligent Solutions Holdings Inc(a) | 15,209,221 |
100,451 | Crowdstrike Holdings Inc Class A(a) | 32,203,586 |
17,800 | Fair Isaac Corp(a) | 22,243,057 |
149,900 | Fortinet Inc(a) | 10,239,669 |
292,800 | Lattice Semiconductor Corp(a) | 22,905,744 |
736,313 | Marvell Technology Inc | 52,189,865 |
617,800 | Microchip Technology Inc | 55,422,840 |
14,700 | MongoDB Inc(a) | 5,272,008 |
39,700 | NXP Semiconductors NV | 9,836,469 |
157,364 | PTC Inc(a) | 29,732,354 |
95,900 | Pure Storage Inc Class A(a) | 4,985,841 |
18,000 | Roper Technologies Inc | 10,095,120 |
38,400 | Tyler Technologies Inc(a) | 16,320,384 |
125,956 | Veeva Systems Inc Class A(a) | 29,182,746 |
338,823,820 | ||
TOTAL COMMON STOCK — 96.19% (Cost $1,387,635,642) | $1,831,063,030 | |
CONVERTIBLE PREFERRED STOCK | ||
Consumer, Cyclical — 0.05% | ||
47,688 | Sila Nanotechnologies Inc Series F 0.00%(c)(d) | 967,113 |
Shares | Fair Value | |
Technology — 0.02% | ||
5,763 | Databricks Inc Series G 0.00%(c)(d) | $ 423,580 |
TOTAL CONVERTIBLE PREFERRED STOCK — 0.07% (Cost $2,308,941) | $1,390,693 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 1.00% | ||
$4,740,291 | Undivided interest of 2.65% 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 $4,740,291 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.(e) | 4,740,291 |
4,740,294 | Undivided interest of 2.66% 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 $4,740,294 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.(e) | 4,740,294 |
4,740,291 | Undivided interest of 2.67% in a repurchase agreement (principal amount/value $177,916,671 with a maturity value of $178,022,037) with RBC Capital Markets Corp, 5.34%, dated 3/28/24 to be repurchased at $4,740,291 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.(e) | 4,740,291 |
EMPOWER FUNDS, INC.
EMPOWER T. ROWE PRICE MID CAP GROWTH FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$4,740,291 | Undivided interest of 3.44% 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 $4,740,291 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.(e) | $ 4,740,291 |
TOTAL SHORT TERM INVESTMENTS — 1.00% (Cost $18,961,167) | $18,961,167 | |
TOTAL INVESTMENTS — 97.26% (Cost $1,408,905,750) | $1,851,414,890 | |
OTHER ASSETS & LIABILITIES, NET — 2.74% | $52,138,546 | |
TOTAL NET ASSETS — 100.00% | $1,903,553,436 |
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan at March 28, 2024. |
(c) | Security is fair valued using significant unobservable inputs. |
(d) | Restricted security; further details of these securities are included in a subsequent table. |
(e) | Collateral received for securities on loan. |
ADR | American Depositary Receipt |
At March 28, 2024, the Fund held the following restricted securities: | |||||||||||
Security | Acquisition Dates | Cost | Fair Value | Fair Value as a Percentage of Net Assets | |||||||
Convertible Preferred Stock | |||||||||||
Databricks Inc Series G(c) | 02/01/2021 | $340,724 | $423,580 | 0.02% | |||||||
Sila Nanotechnologies Inc Series F(c) | 01/07/2021 | 1,968,217 | 967,113 | 0.05 | |||||||
$2,308,941 | $1,390,693 | 0.07% |
(c) | Security is fair valued using significant unobservable inputs. |
EMPOWER FUNDS, INC.
Notes to Schedule of Investments (Unaudited)
Security Valuation
The board of directors of Empower Funds (Board of Directors) has adopted policies and procedures for the valuation of each Fund’s securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC (ECM or the Adviser), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board of Directors approved the Adviser as the Funds' valuation designee to make all fair value determinations with respect to the Funds investments, subject to oversight by the Board of Directors.
Each Fund generally values its securities, including Exchange Traded Funds, based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of a Fund’s shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
For 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 | 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. |
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, all the investments in the Funds, except the Empower T. Rowe Price Mid Cap Growth Fund, are valued using Level 1 inputs, except for Short Term Investments, which are valued using Level 2 inputs . The inputs used to value the Empower T. Rowe Price Mid Cap Growth Fund investments are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
Empower T. Rowe Price Mid Cap Growth Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | $1,831,063,030 | $— | $— | $1,831,063,030 | |||
Convertible Preferred Stock | — | — | 1,390,693 | 1,390,693 | |||
Short Term Investments | — | 18,961,167 | — | 18,961,167 | |||
Total Assets | $1,831,063,030 | $18,961,167 | $1,390,693 | $1,851,414,890 |
Restricted Securities
A Fund may invest in restricted securities. A restricted security may have contractual restrictions on resale and is valued under methods approved by the Board of Directors reflecting fair value. Restricted securities are marked with an applicable footnote on the Schedule of Investments and are reported in a table following the Schedule of Investments. As of March 28, 2024, the Empower T. Rowe Price Mid Cap Growth Fund invested in restricted securities.
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
March 28, 2024
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.
The following tables represent the average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower S&P Mid Cap 400® Index Fund | |
Futures Contracts: | |
Average long contracts | 50 |
Average notional long | $14,295,767 |
March 28, 2024