EMPOWER FUNDS, INC.
EMPOWER REAL ESTATE INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Apartment REITS — 14.67% | ||
267,651 | American Homes 4 Rent Class A REIT | $ 9,844,204 |
122,632 | Apartment Income Corp REIT | 3,981,861 |
110,626 | Apartment Investment & Management Co Class A REIT(a) | 906,027 |
119,373 | AvalonBay Communities Inc REIT | 22,150,854 |
89,852 | Camden Property Trust REIT | 8,841,437 |
12,515 | Centerspace REIT | 715,107 |
73,108 | Elme Communities REIT | 1,017,663 |
290,460 | Equity Residential REIT | 18,330,931 |
54,029 | Essex Property Trust Inc REIT | 13,226,839 |
190,512 | Independence Realty Trust Inc REIT | 3,072,959 |
484,083 | Invitation Homes Inc REIT | 17,238,196 |
98,220 | Mid-America Apartment Communities Inc REIT | 12,923,788 |
19,813 | NexPoint Residential Trust Inc REIT | 637,780 |
254,659 | UDR Inc REIT | 9,526,793 |
122,414,439 | ||
Diversified REITS — 14.57% | ||
39,772 | American Assets Trust Inc REIT | 871,405 |
159,848 | Broadstone Net Lease Inc REIT | 2,504,818 |
254,860 | Digital Realty Trust Inc REIT | 36,710,035 |
64,078 | EPR Properties REIT | 2,720,111 |
79,006 | Equinix Inc REIT | 65,206,020 |
161,402 | Global Net Lease Inc REIT | 1,254,094 |
53,335 | UMH Properties Inc REIT | 866,160 |
66,588 | Veris Residential Inc REIT | 1,012,803 |
184,019 | WP Carey Inc REIT | 10,386,032 |
121,531,478 | ||
Health Care REITS — 10.75% | ||
111,465 | CareTrust Inc REIT | 2,716,402 |
21,011 | Community Healthcare Trust Inc REIT | 557,842 |
176,520 | Diversified Healthcare Trust REIT | 434,239 |
50,702 | Global Medical Inc REIT | 443,643 |
318,708 | Healthcare Realty Trust Inc REIT | 4,509,718 |
595,732 | Healthpeak Properties Inc REIT | 11,169,975 |
512,872 | Medical Properties Trust Inc REIT(b) | 2,410,498 |
35,926 | National Health Investors Inc REIT | 2,257,231 |
206,733 | Omega Healthcare Investors Inc REIT | 6,547,234 |
10,902 | Universal Health Realty Income Trust REIT(b) | 400,212 |
338,616 | Ventas Inc REIT | 14,743,341 |
Shares | Fair Value | |
Health Care REITS — (continued) | ||
465,762 | Welltower Inc REIT | $ 43,520,802 |
89,711,137 | ||
Hotels REITS — 4.09% | ||
180,487 | Apple Hospitality Inc REIT | 2,956,377 |
41,561 | Chatham Lodging Trust REIT | 420,182 |
174,100 | DiamondRock Hospitality Co REIT | 1,673,101 |
593,648 | Host Hotels & Resorts Inc REIT | 12,276,641 |
177,900 | Park Hotels & Resorts Inc REIT | 3,111,471 |
100,079 | Pebblebrook Hotel Trust REIT | 1,542,217 |
130,556 | RLJ Lodging Trust REIT | 1,543,172 |
50,246 | Ryman Hospitality Properties Inc REIT | 5,808,940 |
137,758 | Service Properties Trust REIT | 933,999 |
90,158 | Summit Hotel Properties Inc REIT | 586,928 |
169,479 | Sunstone Hotel Investors Inc REIT | 1,887,996 |
89,076 | Xenia Hotels & Resorts Inc REIT | 1,337,031 |
34,078,055 | ||
Manufactured Homes REITS — 2.83% | ||
156,884 | Equity LifeStyle Properties Inc REIT | 10,103,329 |
104,724 | Sun Communities Inc REIT | 13,465,412 |
23,568,741 | ||
Office Property REITS — 6.34% | ||
132,518 | Alexandria Real Estate Equities Inc REIT | 17,082,895 |
121,577 | Boston Properties Inc REIT | 7,940,194 |
144,449 | Brandywine Realty Trust REIT | 693,355 |
92,845 | COPT Defense Properties REIT | 2,244,064 |
128,649 | Cousins Properties Inc REIT | 3,092,722 |
138,482 | Douglas Emmett Inc REIT | 1,920,745 |
78,965 | Easterly Government Properties Inc REIT | 908,887 |
110,011 | Empire State Realty Trust Inc Class A REIT | 1,114,411 |
88,693 | Equity Commonwealth REIT(a) | 1,674,524 |
87,667 | Highwoods Properties Inc REIT | 2,295,122 |
107,827 | Hudson Pacific Properties Inc REIT | 695,484 |
73,268 | JBG SMITH Properties REIT | 1,175,952 |
90,319 | Kilroy Realty Corp REIT | 3,290,321 |
12,184 | NET Lease Office Properties REIT | 289,979 |
44,686 | Office Properties Income Trust REIT | 91,160 |
48,277 | Orion Office Inc REIT | 169,452 |
139,846 | Paramount Group Inc REIT | 655,878 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER REAL ESTATE INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Shares | Fair Value | |
Office Property REITS — (continued) | ||
100,949 | Piedmont Office Realty Trust Inc Class A REIT | $ 709,672 |
54,152 | SL Green Realty Corp REIT | 2,985,400 |
135,394 | Vornado Realty Trust REIT | 3,895,285 |
52,925,502 | ||
Regional Malls REITS — 5.84% | ||
183,017 | Macerich Co REIT | 3,153,383 |
274,266 | Simon Property Group Inc REIT | 42,919,888 |
89,626 | Tanger Inc REIT | 2,646,656 |
48,719,927 | ||
Shopping Centers REITS — 5.63% | ||
85,896 | Acadia Realty Trust REIT | 1,461,091 |
251,435 | Brixmor Property Group Inc REIT | 5,896,151 |
62,027 | Federal Realty Investment Trust REIT | 6,334,197 |
560,583 | Kimco Realty Corp REIT | 10,993,033 |
184,833 | Kite Realty Group Trust REIT | 4,007,179 |
56,946 | NETSTREIT Corp REIT | 1,046,098 |
101,925 | Phillips Edison & Co Inc REIT | 3,656,050 |
138,244 | Regency Centers Corp REIT | 8,372,057 |
104,648 | Retail Opportunity Investments Corp REIT | 1,341,587 |
149,464 | SITE Centers Corp REIT | 2,189,648 |
97,844 | Urban Edge Properties REIT | 1,689,766 |
46,986,857 | ||
Single Tenant REITS — 6.69% | ||
84,096 | Agree Realty Corp REIT | 4,803,563 |
131,865 | Essential Properties Realty Trust Inc REIT | 3,515,521 |
75,264 | Four Corners Property Trust Inc REIT | 1,841,710 |
42,624 | Getty Realty Corp REIT | 1,165,766 |
154,140 | NNN Inc REIT | 6,587,944 |
699,855 | Realty Income Corp REIT | 37,862,156 |
55,776,660 | ||
Storage REITS — 9.10% | ||
189,228 | CubeSmart REIT | 8,556,890 |
177,798 | Extra Space Storage Inc REIT | 26,136,306 |
65,949 | National Storage Affiliates Trust REIT | 2,582,563 |
133,174 | Public Storage REIT | 38,628,450 |
75,904,209 | ||
Warehouse/Industry REITS — 17.42% | ||
224,276 | Americold Realty Trust Inc REIT | 5,588,958 |
40,192 | EastGroup Properties Inc REIT | 7,225,316 |
111,775 | First Industrial Realty Trust Inc REIT | 5,872,658 |
Shares | Fair Value | |
Warehouse/Industry REITS — (continued) | ||
23,299 | Innovative Industrial Properties Inc REIT | $ 2,412,379 |
250,514 | LXP Industrial Trust REIT | 2,259,636 |
30,177 | Plymouth Industrial Inc REIT | 678,983 |
777,552 | Prologis Inc REIT | 101,252,822 |
177,351 | Rexford Industrial Realty Inc REIT | 8,920,755 |
151,832 | STAG Industrial Inc REIT | 5,836,422 |
78,708 | Terreno Realty Corp REIT | 5,226,211 |
145,274,140 | ||
TOTAL COMMON STOCK — 97.93% (Cost $779,750,558) | $816,891,145 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
U.S. Treasury Bonds and Notes — 1.18% | ||
$9,940,700 | U.S. Treasury Bills(c) 5.29%, 05/23/2024 | 9,861,023 |
Repurchase Agreements — 0.30% | ||
996,551 | Undivided interest of 0.72% 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 $996,551 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) | 996,551 |
996,551 | Undivided interest of 0.56% in a repurchase agreement (principal amount/value $179,328,251 with a maturity value of $179,434,652) with Citigroup Global Markets Inc, 5.34%, dated 3/28/24 to be repurchased at $996,551 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) | 996,551 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER REAL ESTATE INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 546,199 | Undivided interest of 0.31% 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 $546,199 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) | $ 546,199 |
2,539,301 | ||
TOTAL SHORT TERM INVESTMENTS — 1.48% (Cost $12,400,324) | $12,400,324 | |
TOTAL INVESTMENTS — 99.41% (Cost $792,150,882) | $829,291,469 | |
OTHER ASSETS & LIABILITIES, NET — 0.59% | $4,887,782 | |
TOTAL NET ASSETS — 100.00% | $834,179,251 |
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan at March 28, 2024. |
(c) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(d) | Collateral received for securities on loan. |
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 | 56 | USD | 14,864 | Jun 2024 | $124,298 |
Net Appreciation | $124,298 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER REAL ESTATE INDEX FUND
Notes to Schedule of Investments (Unaudited)
Security Valuation
The Board of Directors of the Fund has adopted policies and procedures for the valuation of the Fund’s securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC (ECM or the Adviser), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors approved the Adviser as the Fund’s valuation designee to make all fair value determinations with respect to the Fund’s investments, subject to oversight by the Board of Directors.
The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of the Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the over-the-counter (OTC) market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.
Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value. Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.
For derivatives that are traded on an exchange, the last sale price as of the close of business of the exchange will be used. For derivatives traded over-the-counter (OTC), independent pricing services will be utilized when possible. If a price cannot be located from the primary source, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.
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. |
Short Term Investments | Maturity date, credit quality and interest rates. |
Futures Contracts | Exchange traded close price. |
March 28, 2024
The Fund classifies its valuations into three levels based upon the observability of inputs to the valuation of the Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of March 28, 2024, all of the Fund’s investments are valued using Level 1 inputs, except for Short Term Investments, which are valued using Level 2 inputs. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
Repurchase Agreements
The Fund may engage in repurchase agreement transactions with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund will purchase securities at a specified price with an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Fund’s custodian and/or securities lending agent receives delivery of the underlying securities collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.
Futures Contracts
The Fund uses futures contracts 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 table represents the average month-end volume of the Fund's derivative transactions, during the reporting period:
Empower Real Estate Index Fund | |
Futures Contracts: | |
Average long contracts | 51 |
Average notional long | $12,717,131 |
March 28, 2024