EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$17,877,530 | Undivided interest of 12.98% 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 $17,877,530 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) | $ 17,877,530 |
17,877,526 | Undivided interest of 9.98% 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 $17,877,526 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) | 17,877,526 |
TOTAL SHORT TERM INVESTMENTS — 1.96% (Cost $71,510,108) | $71,510,108 | |
TOTAL INVESTMENTS — 101.20% (Cost $4,007,958,100) | $3,705,515,270 | |
OTHER ASSETS & LIABILITIES, NET — (1.20)% | $(43,765,517) | |
TOTAL NET ASSETS — 100.00% | $3,661,749,753 |
(a) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(b) | All or a portion of the security is on loan at March 28, 2024. |
(c) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(d) | Collateral received for securities on loan. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 2,917,660 | Undivided interest of 7.71% in a repurchase agreement (principal amount/value $37,884,479 with a maturity value of $37,906,873) with Mizuho Securities (USA) LLC, 5.32%, dated 3/28/24 to be repurchased at $2,917,660 on 4/1/24 collateralized by U.S. Treasury securities, 0.25% - 2.88%, 6/15/24 - 5/15/32, with a value of $38,642,182.(m) | $ 2,917,660 |
11,670,642 | ||
TOTAL SHORT TERM INVESTMENTS — 6.49% (Cost $33,607,151) | $33,607,151 | |
TOTAL INVESTMENTS — 114.34% (Cost $628,058,649) | $591,678,640 | |
OTHER ASSETS & LIABILITIES, NET — (14.34)% | $(74,226,711) | |
TOTAL NET ASSETS — 100.00% | $517,451,929 |
(a) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(b) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024. |
(c) | All or a portion of the security is on loan at March 28, 2024. |
(d) | Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date. |
(e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(f) | Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae. |
(g) | Principal amount of the security is adjusted for inflation. |
(h) | All or a portion of the security has been pledged as collateral to cover segregation requirements on open swaps. |
(i) | All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts. |
(j) | Represents less than 0.005% of net assets. |
(k) | Non-income producing security. |
(l) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(m) | Collateral received for securities on loan. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. |
TBA | To Be Announced |
TIPS | Treasury Inflation Protected Securities |
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts: | |||||
Description | Number of Contracts | Notional Amount (000) | Expiration Date | Fair Value and Net Unrealized Appreciation/ (Depreciation) | |
Short | |||||
Euro-Bobl Futures | 19 | EUR | 2,247 | Jun 2024 | $(7,268) |
Euro-Bund Futures | 1 | EUR | 133 | Jun 2024 | (1,037) |
Euro-Schatz Futures | 28 | EUR | 2,960 | Jun 2024 | (345) |
U.S. 10 Year Treasury Ultra Futures | 34 | USD | 3,897 | Jun 2024 | (25,845) |
U.S. 2 Year Treasury Note Futures | 33 | USD | 6,748 | Jun 2024 | 27,281 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts: | |||||
Description | Number of Contracts | Notional Amount (000) | Expiration Date | Fair Value and Net Unrealized Appreciation/ (Depreciation) | |
U.S. Long Bond Futures | 39 | USD | 4,697 | Jun 2024 | $4,442 |
U.S. Ultra Bond Futures | 72 | USD | 9,288 | Jun 2024 | (90,669) |
Long | |||||
U.S. 10 Year Treasury Note Futures | 112 | USD | 12,409 | Jun 2024 | 38,160 |
U.S. 2 Year Treasury Note Futures | 92 | USD | 18,813 | Jun 2024 | (20,318) |
U.S. 5 Year Treasury Note Futures | 156 | USD | 16,694 | Jun 2024 | 20,794 |
U.S. Ultra Bond Futures | 7 | USD | 903 | Jun 2024 | 7,406 |
Net Depreciation | $(47,399) |
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 |
MS | EUR | 171,597 | USD | 184,865 | 05/08/2024 | $553 |
Net Appreciation | $553 |
At March 28, 2024, the Fund held the following outstanding centrally cleared credit default swaps: | ||||||||||
Reference Obligation | Notional Amount (000)(a) | Value | Upfront Payments/ Receipts | Fixed Deal Pay/Receive Rate | Maturity Date | Net Unrealized Appreciation | Implied Credit Spread(b) | Receive Frequency | Pay Frequency | |
Buy Credit Protection | ||||||||||
Nordstrom Inc 6.95%, 03/15/2028 | USD | 750 | $1,196 | $(43) | 1.00% | 06/20/2024 | $1,239 | 0.31% | Quarterly | - |
Nordstrom Inc 6.95%, 03/15/2028 | USD | 275 | 1,032 | (1,299) | 1.00 | 12/20/2024 | 2,331 | 0.48 | Quarterly | - |
Net Appreciation | $3,570 |
(a) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(b) | Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps: | |||||||
Rate Received by the Fund | Receive Frequency | Rate Paid by the Fund | Pay Frequency | Notional Amount (000) | Maturity Date | Net Unrealized Appreciation | |
3.88% | Annual | 1-day EUROSTR | Annual | EUR | 27,480 | 06/12/2024 | (519) |
1-day SOFR | Annual | 3.50% | Annual | USD | 470 | 04/19/2025 | (4,891) |
2.82% | Annual | 1-day EUROSTR | Annual | EUR | 2,940 | 03/19/2026 | (3,164) |
5.25% | Annual | 1-day SONIA | Annual | GBP | 1,500 | 03/20/2026 | 9,859 |
4.50% | Annual | 6-mo. NIBOR | Semi Annual | NOK | 77,070 | 06/19/2026 | (11,865) |
3.25% | Annual | 3-mo. SEK STIBOR | Quarterly | SEK | 94,830 | 06/19/2026 | (7,176) |
1-day EUROSTR | Annual | 3.00% | Annual | EUR | 2,550 | 06/19/2026 | (2,904) |
1-day SARON | Annual | 1.00% | Annual | CHF | 8,760 | 06/19/2026 | (2,337) |
4.25% | Semi Annual | 1-day CORRA | Semi Annual | CAD | 8,420 | 06/19/2026 | (1,123) |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps: | |||||||
Rate Received by the Fund | Receive Frequency | Rate Paid by the Fund | Pay Frequency | Notional Amount (000) | Maturity Date | Net Unrealized Appreciation | |
3-mo. AUD BBR BBSW | Quarterly | 4.00% | Quarterly | AUD | 6,670 | 06/19/2026 | (394) |
1-day CORRA | Semi Annual | 4.00% | Semi Annual | CAD | 1,451 | 06/28/2026 | (638) |
6-mo. EURIBOR | Semi Annual | 3.00% | Annual | EUR | 292 | 06/28/2026 | (290) |
1-day SOFR | Annual | 4.25% | Annual | USD | 1,033 | 06/28/2026 | (36) |
3.75% | Quarterly | 3-mo. AUD BBR BBSW | Quarterly | AUD | 150 | 06/29/2026 | 113 |
3.00% | Annual | 6-mo. EURIBOR | Semi Annual | EUR | 2,620 | 10/20/2027 | 5,513 |
3.73% | Annual | 1-day SOFR | Annual | USD | 1,120 | 11/28/2027 | 6,711 |
3-mo. EURIBOR | Quarterly | 2.85% | Annual | EUR | 4,440 | 04/22/2028 | (154,282) |
2.67% | Annual | 1-day EUROSTR | Annual | EUR | 4,440 | 04/22/2028 | 147,894 |
1-day SOFR | Annual | 3.98% | Annual | USD | 7,250 | 08/31/2028 | (30,072) |
2.47% | Annual | 1-day EUROSTR | Annual | EUR | 2,060 | 04/12/2029 | 5,233 |
4.25% | Semi Annual | 6-mo. AUD BBR BBSW | Semi Annual | AUD | 910 | 06/19/2029 | 2,727 |
3.75% | Annual | 1-day SONIA | Annual | GBP | 1,960 | 06/19/2029 | 7,588 |
1-day JPY TONA OIS | Annual | 0.50% | Annual | JPY | 1,581,000 | 06/19/2029 | 7,805 |
1-day SOFR | Annual | 2.68% | Annual | USD | 2,790 | 07/28/2032 | 89,915 |
1-day JPY TONA OIS | Annual | 1.25% | Annual | JPY | 185,000 | 08/03/2033 | (4,766) |
4.31% | Annual | 1-day SOFR | Annual | USD | 2,320 | 10/05/2033 | 41,803 |
3.00% | Annual | 6-mo. EURIBOR | Semi Annual | EUR | 3,220 | 11/10/2033 | 49,891 |
3.85% | Annual | 1-day SOFR | Annual | USD | 2,200 | 11/15/2033 | 16,087 |
6-mo. EURIBOR | Semi Annual | 2.53% | Annual | EUR | 3,760 | 01/19/2034 | (20,650) |
2.37% | Annual | 1-day EUROSTR | Annual | EUR | 3,760 | 01/19/2034 | 15,466 |
6-mo. NOK NIBOR | Semi Annual | 4.00% | Annual | NOK | 3,270 | 06/19/2034 | (2,408) |
3.50% | Semi Annual | 1-day CORRA | Semi Annual | CAD | 540 | 06/19/2034 | (2,276) |
3.75% | Annual | 1-day SONIA | Annual | GBP | 90 | 06/19/2034 | 820 |
4.50% | Semi Annual | 6-mo. AUD BBR BBSW | Semi Annual | AUD | 150 | 06/19/2034 | 850 |
4.50% | Semi Annual | 3-mo. NZD BBR FRA | Quarterly | NZD | 160 | 06/19/2034 | 1,069 |
3-mo. SEK STIBOR | Quarterly | 2.75% | Annual | SEK | 4,280 | 06/19/2034 | 2,779 |
1.25% | Annual | 1-day SARON | Annual | CHF | 860 | 06/19/2034 | 4,733 |
3.00% | Annual | 6-mo. EURIBOR | Semi Annual | EUR | 1,040 | 06/19/2034 | 5,113 |
1-day SOFR | Annual | 3.75% | Annual | USD | 100 | 06/20/2034 | 335 |
3.00% | Annual | 6-mo. EURIBOR | Semi Annual | EUR | 2,240 | 05/15/2035 | 53,436 |
2.91% | Annual | 1-day SOFR | Annual | USD | 6,900 | 07/28/2037 | (138,265) |
2.15% | Annual | 6-mo. EURIBOR | Semi Annual | EUR | 3,110 | 08/09/2037 | 18,749 |
3.39% | Annual | 1-day SOFR | Annual | USD | 7,690 | 05/10/2038 | (29,495) |
1.50% | Annual | 1-day JPY TONA OIS | Annual | JPY | 201,000 | 08/03/2038 | (3,461) |
3.00% | Annual | 6-mo. EURIBOR | Semi Annual | EUR | 1,600 | 01/25/2039 | 19,893 |
6-mo. EURIBOR | Semi Annual | 1.45% | Annual | EUR | 7,960 | 08/10/2042 | 20,139 |
6-mo. EURIBOR | Semi Annual | 2.50% | Annual | EUR | 3,820 | 01/25/2044 | (30,278) |
1-day SOFR | Annual | 2.08% | Annual | USD | 6,800 | 07/28/2047 | 80,388 |
1.05% | Annual | 6-mo. EURIBOR | Semi Annual | EUR | 4,660 | 08/11/2047 | (25,546) |
2.00% | Annual | 6-mo. EURIBOR | Semi Annual | EUR | 2,280 | 01/25/2049 | 10,387 |
1-day SOFR | Annual | 2.88% | Annual | USD | 440 | 03/15/2053 | 53,391 |
1-day SOFR | Annual | 2.97% | Annual | USD | 1,235 | 03/15/2053 | 144,453 |
1-day SOFR | Annual | 2.56% | Annual | USD | 6,540 | 05/11/2053 | 67,360 |
6-mo. EURIBOR | Semi Annual | 2.00% | Annual | EUR | 780 | 05/17/2053 | 602 |
1-day SOFR | Annual | 3.25% | Annual | USD | 365 | 06/21/2053 | 22,744 |
1-day SOFR | Annual | 3.59% | Annual | USD | 1,040 | 09/20/2053 | 4,285 |
6-mo. EURIBOR | Semi Annual | 2.50% | Annual | EUR | 1,730 | 11/10/2053 | (42,656) |
1-day SOFR | Annual | 3.61% | Annual | USD | 1,510 | 11/15/2053 | (35,295) |
1-day SOFR | Annual | 3.51% | Annual | USD | 380 | 11/29/2053 | (3,221) |
6-mo. EURIBOR | Semi Annual | 2.75% | Annual | EUR | 700 | 06/19/2054 | (17,817) |
Net Appreciation | $342,306 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Abbreviations | ||
AUD BBR BBSW | Australian Bank Bill is the interest rate banks charge each other for short-term loans. | |
CORRA | Canadian Overnight Repo Rate Average | |
EURIBOR | Euro Interbank Offered Rate is the interest rate published by European Money Markets Institute, that banks offer to lend unsecured funds to other banks. | |
EUROSTR | Euro short term rate | |
JPY TONA OIS | Tokyo Swap Rate | |
MS | Morgan Stanley & Co LLC | |
NIBOR | Norwegian Interbank Offered Rate is the interest rate level a bank requires for unsecured money market lending in NOK to another bank. | |
NZD BBR FRA | The rate for the New Zealand Dollar bills of exchange for a period of designated maturity. | |
SARON | Swiss Average Rate Overnight interest rate | |
SEK STIBOR | Swedish Krona Stockholm Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. | |
SONIA | Sterling Overnight Interbank Average Rate is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. |
Currency Abbreviations | ||
AUD | Australian Dollar | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
EUR | Euro Dollar | |
GBP | British Pound | |
JPY | Japanese Yen | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
SEK | Swedish Krona | |
USD | U.S. Dollar |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 2,226,000 | Undivided interest of 1.24% 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 $2,226,000 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.(k) | $ 2,226,000 |
2,226,000 | Undivided interest of 1.25% 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 $2,226,000 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.(k) | 2,226,000 |
TOTAL SHORT TERM INVESTMENTS — 1.17% (Cost $6,360,003) | $6,360,003 | |
TOTAL INVESTMENTS — 102.32% (Cost $573,469,209) | $553,500,005 | |
OTHER ASSETS & LIABILITIES, NET — (2.32)% | $(12,558,222) | |
TOTAL NET ASSETS — 100.00% | $540,941,783 |
(a) | Amount is stated in U.S. dollars unless otherwise noted. |
(b) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(c) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024. |
(d) | All or a portion of the security is on loan at March 28, 2024. |
(e) | Security has no contractual maturity date and pays an indefinite stream of interest. |
(f) | Principal amount is stated in 100 Mexican Peso Units. |
(g) | Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date. |
(h) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(i) | Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae. |
(j) | Represents less than 0.005% of net assets. |
(k) | Collateral received for securities on loan. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. |
SONIA | Sterling Overnight Interbank Average Rate is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. |
TBA | To Be Announced |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts: | |||||
Description | Number of Contracts | Notional Amount (000) | Expiration Date | Fair Value and Net Unrealized Appreciation/ (Depreciation) | |
Short | |||||
10 Year Commonwealth Treasury Bond Futures | 41 | AUD | 3,937 | Jun 2024 | $(31,056) |
Canadian 10 Year Bond Futures | 275 | CAD | 33,094 | Jun 2024 | (141,411) |
Euro-Bobl Futures | 59 | EUR | 6,977 | Jun 2024 | (25,628) |
Euro-Bund Futures | 388 | EUR | 51,751 | Jun 2024 | (480,260) |
Euro-Buxl 30 Year Bond Futures | 60 | EUR | 8,148 | Jun 2024 | (146,232) |
Euro-OAT Futures | 24 | EUR | 3,076 | Jun 2024 | (2,286) |
Japan 10 Year Bond Futures | 36 | JPY | 5,251,680 | Jun 2024 | (7,268) |
Long Gilt Futures | 186 | GBP | 18,589 | Jun 2024 | (564,766) |
U.S. 5 Year Treasury Note Futures | 7 | USD | 749 | Jun 2024 | (1,033) |
U.S. Ultra Bond Futures | 52 | USD | 6,708 | Jun 2024 | (88,927) |
Long | |||||
Canadian 10 Year Bond Futures | 119 | CAD | 14,320 | Jun 2024 | 14,185 |
Euro-Bobl Futures | 6 | EUR | 710 | Jun 2024 | (240) |
Euro-BTP Futures | 19 | EUR | 2,261 | Jun 2024 | 35,186 |
Euro-Schatz Futures | 64 | EUR | 6,765 | Jun 2024 | 1,506 |
U.S. 10 Year Treasury Note Futures | 219 | USD | 24,265 | Jun 2024 | 5,204 |
U.S. 10 Year Treasury Ultra Futures | 151 | USD | 17,306 | Jun 2024 | 70,212 |
U.S. 2 Year Treasury Note Futures | 97 | USD | 19,835 | Jun 2024 | (17,969) |
U.S. 5 Year Treasury Note Futures | 127 | USD | 13,591 | Jun 2024 | 30,929 |
U.S. Long Bond Futures | 26 | USD | 3,131 | Jun 2024 | 32,532 |
Net Depreciation | $(1,317,322) |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following over-the-counter (OTC) forward foreign currency contracts: | ||||||
Counterparty | Currency Purchased | Quantity of Currency Purchased | Currency Sold | Quantity of Currency Sold | Settlement Date | Net Unrealized Appreciation/ (Depreciation) |
ANZ | AUD | 4,013,761 | USD | 2,676,385 | 04/17/2024 | $(59,588) |
BA | GBP | 400,000 | USD | 506,684 | 04/17/2024 | (1,795) |
BA | HUF | 245,532,172 | EUR | 619,640 | 04/17/2024 | 1,165 |
BA | JPY | 810,120,990 | EUR | 5,010,000 | 04/17/2024 | (29,876) |
BA | JPY | 372,238,200 | USD | 2,610,000 | 04/17/2024 | (143,577) |
BA | PLN | 2,355,382 | EUR | 534,038 | 04/17/2024 | 11,312 |
BA | USD | 555,556 | CLP | 531,749,995 | 04/17/2024 | 13,335 |
BA | USD | 1,571,711 | CNY | 11,413,372 | 04/17/2024 | (4,314) |
BA | USD | 103,842 | COP | 416,838,649 | 04/17/2024 | (3,737) |
BA | USD | 4,050,000 | JPY | 606,509,775 | 04/17/2024 | 31,312 |
BB | AUD | 425,043 | JPY | 41,260,000 | 04/18/2024 | 2,378 |
BB | BRL | 2,375,887 | USD | 476,990 | 05/03/2024 | (4,903) |
BB | CHF | 4,777,081 | EUR | 4,970,000 | 04/17/2024 | (34,789) |
BB | CLP | 2,301,598,395 | USD | 2,375,567 | 04/17/2024 | (28,648) |
BB | CLP | 204,692,000 | USD | 211,099 | 04/18/2024 | (2,386) |
BB | CNY | 54,671,245 | USD | 7,709,405 | 04/17/2024 | (160,079) |
BB | COP | 940,251,000 | USD | 235,681 | 05/14/2024 | 5,974 |
BB | EUR | 499,375 | PLN | 2,175,477 | 04/17/2024 | (313) |
BB | EUR | 4,095,000 | USD | 4,469,597 | 04/09/2024 | (49,734) |
BB | EUR | 846,000 | USD | 923,923 | 04/18/2024 | (10,505) |
BB | JPY | 189,320,300 | USD | 1,300,000 | 04/17/2024 | (45,578) |
BB | JPY | 203,520,000 | USD | 1,356,380 | 04/18/2024 | (7,668) |
BB | USD | 490,262 | CAD | 665,000 | 04/18/2024 | (775) |
BB | USD | 705,518 | CLP | 675,631,855 | 04/17/2024 | 16,582 |
BB | USD | 1,483,079 | COP | 5,976,182,700 | 04/17/2024 | (59,284) |
BB | USD | 2,650,000 | EUR | 2,469,150 | 04/17/2024 | (15,818) |
BB | USD | 97,338 | JPY | 14,327,000 | 04/09/2024 | 2,523 |
BB | USD | 1,068,250 | JPY | 160,340,000 | 04/18/2024 | 5,689 |
BB | USD | 9,264,623 | MXN | 159,773,885 | 04/17/2024 | (316,303) |
BB | USD | 382,015 | SEK | 3,902,304 | 04/18/2024 | 17,196 |
BBH | CAD | 148,580 | USD | 110,000 | 04/17/2024 | (289) |
BBH | CZK | 4,472,566 | USD | 190,000 | 04/17/2024 | 678 |
BBH | GBP | 68,462 | EUR | 80,000 | 04/17/2024 | 11 |
BBH | ILS | 1,240,896 | USD | 332,023 | 04/17/2024 | 5,725 |
BBH | MXN | 11,085,055 | USD | 657,979 | 04/17/2024 | 6,742 |
BBH | NOK | 1,491,365 | EUR | 130,000 | 04/17/2024 | (3,378) |
BBH | NOK | 29,384,605 | USD | 2,850,385 | 04/17/2024 | (142,724) |
BBH | NZD | 582,359 | USD | 362,074 | 04/17/2024 | (14,155) |
BBH | RON | 813,212 | USD | 178,728 | 04/17/2024 | (2,265) |
BBH | SGD | 743,586 | USD | 559,570 | 04/17/2024 | (8,341) |
BBH | USD | 4,215,730 | EUR | 3,903,762 | 04/17/2024 | 1,032 |
BBH | USD | 559,776 | JPY | 81,791,000 | 04/17/2024 | 17,835 |
BBH | USD | 2,639,867 | NOK | 27,135,883 | 04/17/2024 | 139,415 |
BBH | USD | 1,528,949 | ZAR | 29,418,000 | 04/17/2024 | (21,608) |
BDS | BRL | 4,491,883 | USD | 905,421 | 05/03/2024 | (12,888) |
BNP | AUD | 1,980,129 | USD | 1,310,000 | 04/17/2024 | (19,043) |
BNP | CNY | 4,000,000 | USD | 562,947 | 05/14/2024 | (11,238) |
BNP | CZK | 33,956,172 | EUR | 1,331,935 | 04/17/2024 | 1,818 |
BNP | DKK | 3,204,318 | USD | 472,556 | 04/17/2024 | (8,653) |
BNP | EUR | 2,358,570 | CHF | 2,187,764 | 04/17/2024 | 98,949 |
BNP | EUR | 1,444,651 | CZK | 36,440,445 | 04/17/2024 | 11,356 |
BNP | EUR | 2,230,918 | HUF | 854,154,840 | 04/17/2024 | 103,768 |
BNP | EUR | 958,751 | PLN | 4,166,302 | 04/17/2024 | (617) |
BNP | EUR | 2,569,057 | USD | 2,800,000 | 04/17/2024 | (26,317) |
BNP | EUR | 503,000 | USD | 545,340 | 04/18/2024 | (2,256) |
BNP | GBP | 1,114,631 | USD | 1,419,557 | 04/17/2024 | (12,646) |
BNP | HUF | 250,215,970 | EUR | 630,360 | 04/17/2024 | 1,171 |
BNP | JPY | 40,952,945 | AUD | 420,000 | 04/18/2024 | (988) |
BNP | JPY | 49,403,000 | USD | 338,418 | 04/18/2024 | (11,028) |
BNP | MYR | 3,496,800 | USD | 753,085 | 04/17/2024 | (15,905) |
BNP | PLN | 7,107,882 | EUR | 1,609,283 | 04/17/2024 | 34,118 |
BNP | SGD | 739,000 | USD | 554,333 | 04/18/2024 | (6,478) |
BNP | USD | 326,617 | CHF | 285,000 | 04/18/2024 | 9,864 |
BNP | USD | 561,991 | EUR | 519,000 | 04/18/2024 | 1,632 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following over-the-counter (OTC) forward foreign currency contracts: | ||||||
Counterparty | Currency Purchased | Quantity of Currency Purchased | Currency Sold | Quantity of Currency Sold | Settlement Date | Net Unrealized Appreciation/ (Depreciation) |
BNP | USD | 9,824,194 | JPY | 1,409,649,376 | 04/17/2024 | $483,962 |
BNY | USD | 2,788,914 | MXN | 48,622,082 | 04/17/2024 | (126,735) |
CGM | CLP | 91,620,000 | USD | 93,030 | 05/14/2024 | 312 |
CGM | CNY | 8,527,456 | USD | 1,200,000 | 04/17/2024 | (22,479) |
CGM | EUR | 1,838,000 | USD | 2,012,478 | 04/09/2024 | (28,666) |
CGM | GBP | 1,193,000 | USD | 1,507,194 | 04/18/2024 | (1,360) |
CGM | ILS | 1,120,000 | USD | 308,470 | 04/09/2024 | (3,721) |
CGM | JPY | 41,374,000 | AUD | 424,031 | 04/18/2024 | (875) |
CGM | JPY | 53,394,000 | USD | 356,903 | 04/18/2024 | (3,064) |
CGM | KRW | 6,960,393,842 | USD | 5,315,861 | 04/17/2024 | (149,184) |
CGM | SEK | 2,571,000 | USD | 251,720 | 04/09/2024 | (11,434) |
CGM | TWD | 16,107,000 | USD | 513,380 | 04/18/2024 | (9,965) |
CGM | USD | 267,347 | CHF | 233,000 | 04/18/2024 | 8,386 |
CGM | USD | 1,811,038 | COP | 7,284,880,992 | 04/17/2024 | (69,081) |
CGM | USD | 256,591 | EUR | 235,000 | 04/09/2024 | 2,948 |
CGM | USD | 624,959 | GBP | 491,000 | 04/09/2024 | 5,223 |
CGM | USD | 470,000 | GBP | 370,326 | 04/17/2024 | 2,567 |
CGM | USD | 268,488 | HUF | 96,704,000 | 04/09/2024 | 3,774 |
CGM | USD | 8,101,983 | NZD | 13,108,000 | 04/09/2024 | 270,759 |
CGM | USD | 218,086 | NZD | 352,000 | 04/17/2024 | 7,791 |
CGM | USD | 3,352,271 | ZAR | 65,048,000 | 04/09/2024 | (78,620) |
CGM | ZAR | 16,195,000 | USD | 861,140 | 04/09/2024 | (6,951) |
CGM | ZAR | 3,062,000 | USD | 161,992 | 04/18/2024 | (614) |
GS | AUD | 477,000 | USD | 313,073 | 04/18/2024 | (2,083) |
GS | BRL | 4,491,793 | USD | 905,421 | 05/03/2024 | (12,906) |
GS | CAD | 5,570,000 | USD | 4,138,941 | 04/09/2024 | (26,400) |
GS | CAD | 874,000 | USD | 646,904 | 04/18/2024 | (1,541) |
GS | EUR | 340,000 | USD | 372,500 | 04/09/2024 | (5,527) |
GS | GBP | 408,760 | USD | 520,000 | 04/17/2024 | (4,055) |
GS | MXN | 3,430,000 | USD | 199,230 | 04/09/2024 | 6,708 |
GS | MYR | 3,900,000 | USD | 817,799 | 05/14/2024 | 4,329 |
GS | PEN | 620,000 | USD | 163,089 | 05/14/2024 | 3,325 |
GS | PLN | 1,288,229 | USD | 323,601 | 04/17/2024 | (1,164) |
GS | RON | 1,065,000 | USD | 231,727 | 04/09/2024 | (587) |
GS | SEK | 2,910,000 | USD | 281,809 | 04/09/2024 | (9,840) |
GS | THB | 6,863,456 | USD | 190,604 | 04/09/2024 | (2,396) |
GS | USD | 210,826 | BRL | 1,046,000 | 04/18/2024 | 2,694 |
GS | USD | 185,185 | CLP | 179,327,773 | 04/17/2024 | 2,326 |
GS | USD | 212,815 | CLP | 204,692,000 | 04/18/2024 | 4,102 |
GS | USD | 132,761 | CNY | 955,000 | 04/09/2024 | 783 |
GS | USD | 1,922,336 | EUR | 1,767,000 | 04/09/2024 | 15,157 |
GS | USD | 383,722 | EUR | 353,000 | 04/18/2024 | 2,591 |
GS | USD | 268,354 | HUF | 96,677,000 | 04/18/2024 | 3,876 |
GS | USD | 1,941,188 | JPY | 291,553,200 | 04/18/2024 | 9,086 |
GS | USD | 1,086,306 | MYR | 5,085,000 | 05/14/2024 | 14,378 |
GS | USD | 979,710 | NZD | 1,611,000 | 04/09/2024 | 17,237 |
GS | USD | 2,016,673 | PEN | 7,499,000 | 05/14/2024 | 3,861 |
GS | USD | 457,734 | PLN | 1,829,000 | 04/18/2024 | (49) |
GS | USD | 143,933 | SEK | 1,482,000 | 04/09/2024 | 5,425 |
GS | USD | 69,779 | SEK | 717,696 | 04/18/2024 | 2,683 |
GS | USD | 512,682 | SGD | 686,000 | 04/18/2024 | 4,119 |
GS | USD | 381,033 | ZAR | 7,168,000 | 04/18/2024 | 3,256 |
GS | ZAR | 49,109,000 | USD | 2,622,011 | 04/09/2024 | (31,807) |
GS | ZAR | 3,894,000 | USD | 207,991 | 04/18/2024 | (2,765) |
HSB | AUD | 846,225 | JPY | 82,176,597 | 04/18/2024 | 3,735 |
HSB | BRL | 1,046,000 | USD | 210,993 | 04/18/2024 | (2,861) |
HSB | CNY | 115,267,446 | USD | 16,043,415 | 04/09/2024 | (113,907) |
HSB | CZK | 6,635,000 | USD | 283,213 | 04/09/2024 | (335) |
HSB | CZK | 10,748,000 | USD | 458,699 | 04/18/2024 | (484) |
HSB | DKK | 1,109,000 | USD | 161,483 | 04/09/2024 | (989) |
HSB | EUR | 404,788 | PLN | 1,761,798 | 04/17/2024 | (256) |
HSB | EUR | 2,150,000 | USD | 2,337,986 | 04/09/2024 | (17,423) |
HSB | EUR | 133,000 | USD | 145,588 | 04/18/2024 | (1,990) |
HSB | HUF | 95,629,000 | USD | 261,534 | 04/18/2024 | 77 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following over-the-counter (OTC) forward foreign currency contracts: | ||||||
Counterparty | Currency Purchased | Quantity of Currency Purchased | Currency Sold | Quantity of Currency Sold | Settlement Date | Net Unrealized Appreciation/ (Depreciation) |
HSB | IDR | 6,203,524,000 | USD | 396,755 | 05/14/2024 | $(6,282) |
HSB | JPY | 40,919,000 | AUD | 419,854 | 04/18/2024 | (930) |
HSB | JPY | 3,309,371,000 | USD | 22,141,034 | 04/09/2024 | (239,908) |
HSB | JPY | 254,208,854 | USD | 1,707,218 | 04/18/2024 | (22,594) |
HSB | KRW | 3,464,308,897 | USD | 2,653,565 | 04/17/2024 | (82,020) |
HSB | NOK | 10,170,000 | USD | 971,696 | 04/18/2024 | (34,557) |
HSB | PLN | 653,000 | USD | 163,742 | 04/09/2024 | (284) |
HSB | THB | 20,963,000 | USD | 586,845 | 04/09/2024 | (12,002) |
HSB | TWD | 8,356,000 | USD | 266,331 | 04/18/2024 | (5,169) |
HSB | USD | 2,999,374 | AUD | 4,601,000 | 04/09/2024 | 290 |
HSB | USD | 3,450,475 | CHF | 3,017,606 | 04/18/2024 | 96,656 |
HSB | USD | 1,122,257 | CNY | 8,095,999 | 04/17/2024 | 4,314 |
HSB | USD | 555,003 | EUR | 507,000 | 04/09/2024 | 7,782 |
HSB | USD | 551,978 | INR | 45,704,000 | 04/18/2024 | 4,248 |
HSB | USD | 563,951 | JPY | 83,957,000 | 04/18/2024 | 7,574 |
HSB | USD | 2,630,000 | MXN | 45,305,958 | 04/17/2024 | (86,796) |
HSB | USD | 264,814 | MXN | 4,536,000 | 04/18/2024 | (7,147) |
HSB | USD | 112,996 | SEK | 1,162,000 | 04/18/2024 | 4,363 |
HSB | USD | 266,195 | TWD | 8,356,000 | 04/18/2024 | 5,033 |
JPM | AUD | 946,000 | USD | 622,621 | 04/09/2024 | (5,987) |
JPM | AUD | 1,766,000 | USD | 1,159,664 | 04/18/2024 | (8,283) |
JPM | CAD | 673,000 | USD | 500,803 | 04/18/2024 | (3,859) |
JPM | CNY | 53,855,256 | USD | 7,591,235 | 04/17/2024 | (154,585) |
JPM | CNY | 2,949,000 | USD | 409,941 | 04/18/2024 | (2,767) |
JPM | EUR | 669,000 | USD | 725,567 | 04/18/2024 | (3,255) |
JPM | GBP | 1,879,000 | USD | 2,385,223 | 04/09/2024 | (13,564) |
JPM | JPY | 102,559,000 | USD | 697,242 | 04/18/2024 | (17,591) |
JPM | MXN | 4,596,000 | USD | 267,060 | 04/18/2024 | 8,499 |
JPM | NOK | 2,012,000 | USD | 191,319 | 04/09/2024 | (5,950) |
JPM | NZD | 2,444,000 | USD | 1,511,238 | 04/18/2024 | (51,120) |
JPM | PEN | 73,522 | USD | 19,754 | 04/17/2024 | (6) |
JPM | SEK | 8,388,841 | USD | 818,280 | 04/17/2024 | (34,049) |
JPM | SEK | 4,457,000 | USD | 433,049 | 04/18/2024 | (16,372) |
JPM | USD | 254,908 | AUD | 390,000 | 04/18/2024 | 639 |
JPM | USD | 27,248,901 | EUR | 25,088,000 | 04/09/2024 | 170,629 |
JPM | USD | 731,955 | EUR | 674,000 | 04/18/2024 | 4,244 |
JPM | USD | 52,451 | GBP | 41,000 | 04/09/2024 | 701 |
JPM | USD | 7,488,654 | KRW | 9,930,929,000 | 05/14/2024 | 112,708 |
JPM | USD | 5,545,941 | MXN | 97,244,164 | 04/17/2024 | (285,357) |
JPM | USD | 168,922 | SEK | 1,727,000 | 04/09/2024 | 7,516 |
MS | AUD | 199,378 | USD | 130,000 | 04/17/2024 | (14) |
MS | CLP | 352,888,024 | USD | 364,433 | 04/17/2024 | (4,597) |
MS | CZK | 7,312,850 | EUR | 287,088 | 04/17/2024 | 391 |
MS | EUR | 2,840,000 | CHF | 2,663,649 | 04/17/2024 | 87,449 |
MS | EUR | 2,541,532 | GBP | 2,192,542 | 04/17/2024 | (18,446) |
MS | EUR | 487,086 | PLN | 2,118,873 | 04/17/2024 | (310) |
MS | EUR | 9,728,769 | USD | 10,690,200 | 04/17/2024 | (186,531) |
MS | HUF | 376,364,750 | EUR | 979,841 | 04/17/2024 | (41,800) |
MS | PLN | 1,089,492 | EUR | 246,678 | 04/17/2024 | 5,230 |
MS | USD | 183,079 | COP | 734,146,148 | 04/17/2024 | (6,393) |
MS | USD | 663,791 | EUR | 615,000 | 04/17/2024 | (194) |
MS | USD | 330,597 | IDR | 5,152,360,777 | 04/17/2024 | 5,889 |
MS | USD | 832,334 | NZD | 1,346,000 | 04/17/2024 | 28,192 |
MS | USD | 334,725 | PLN | 1,332,161 | 04/17/2024 | 1,292 |
MS | USD | 4,988,774 | ZAR | 93,871,258 | 04/17/2024 | 41,031 |
MS | ZAR | 2,702,000 | USD | 142,780 | 04/17/2024 | (363) |
NOM | JPY | 134,084,493 | USD | 900,000 | 04/17/2024 | (11,566) |
NOM | NZD | 180,765 | USD | 110,000 | 04/17/2024 | (2,006) |
RBS | EUR | 401,805 | CZK | 10,135,865 | 04/17/2024 | 3,159 |
SAH | CNY | 54,671,245 | USD | 7,719,638 | 04/17/2024 | (170,311) |
SEB | NOK | 27,135,883 | EUR | 2,368,080 | 04/17/2024 | (57,047) |
SSB | CNY | 5,401,244 | USD | 760,000 | 04/17/2024 | (14,165) |
SSB | KRW | 359,221,500 | USD | 270,000 | 04/17/2024 | (3,351) |
SSB | NZD | 450,423 | USD | 281,720 | 04/17/2024 | (12,623) |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following over-the-counter (OTC) forward foreign currency contracts: | ||||||
Counterparty | Currency Purchased | Quantity of Currency Purchased | Currency Sold | Quantity of Currency Sold | Settlement Date | Net Unrealized Appreciation/ (Depreciation) |
SSB | USD | 56,300,806 | EUR | 51,364,203 | 04/17/2024 | $845,421 |
TD | BRL | 1,799,506 | USD | 362,168 | 05/03/2024 | (4,608) |
TD | HUF | 55,172,568 | USD | 157,673 | 04/17/2024 | (6,728) |
TD | USD | 316,032 | CNY | 2,294,170 | 04/17/2024 | (761) |
TD | USD | 8,794,301 | MXN | 154,402,779 | 04/17/2024 | (464,544) |
TD | USD | 1,665,184 | ZAR | 31,176,773 | 04/17/2024 | 21,926 |
UBS | CAD | 9,762,004 | USD | 7,272,048 | 04/17/2024 | (63,839) |
UBS | CHF | 1,208,943 | USD | 1,427,937 | 04/17/2024 | (84,446) |
UBS | EUR | 6,500,000 | USD | 7,059,605 | 04/17/2024 | (41,876) |
UBS | JPY | 2,955,968,745 | USD | 20,519,980 | 04/17/2024 | (933,952) |
UBS | KRW | 491,419,533 | USD | 370,000 | 04/17/2024 | (5,221) |
UBS | USD | 387,816 | CLP | 377,538,642 | 04/17/2024 | 2,843 |
UBS | USD | 665,000 | COP | 2,638,055,000 | 04/17/2024 | (15,842) |
UBS | USD | 2,787,392 | MXN | 48,622,082 | 04/17/2024 | (128,257) |
UCH | EUR | 643,544 | CZK | 16,230,949 | 04/17/2024 | 5,057 |
WF | AUD | 122,686 | USD | 80,000 | 04/17/2024 | (14) |
WF | CAD | 475,418 | USD | 350,000 | 04/17/2024 | 1,046 |
WF | EUR | 1,670,705 | USD | 1,810,000 | 04/17/2024 | (6,222) |
WF | USD | 925,926 | CLP | 885,111,115 | 04/17/2024 | 23,386 |
WF | USD | 665,000 | COP | 2,638,720,000 | 04/17/2024 | (16,014) |
WF | USD | 900,000 | EUR | 827,942 | 04/17/2024 | 6,112 |
WF | USD | 610,000 | JPY | 91,592,804 | 04/17/2024 | 3,113 |
WF | USD | 2,766,417 | MXN | 48,622,082 | 04/17/2024 | (149,232) |
Net Depreciation | $(2,650,525) |
At March 28, 2024, the Fund held the following outstanding centrally cleared credit default swaps: | ||||||||||
Reference Obligation | Notional Amount (000)(a) | Value | Upfront Payments/ Receipts | Fixed Deal Pay/Receive Rate | Maturity Date | Net Unrealized Appreciation/ (Depreciation) | Implied Credit Spread(b) | Receive Frequency | Pay Frequency | |
Buy Credit Protection | ||||||||||
iTraxx Europe Series 41 | EUR | 34,605 | $(822,242) | $(806,876) | 1.00% | 06/20/2029 | $(25,115) | 0.54% | - | Quarterly |
CDX.NA.HY.41(c) | EUR | 4,097 | (389,453) | (406,170) | 5.00 | 06/20/2029 | 11,809 | 2.97 | - | Quarterly |
CDX.NA.IG.42.V1(c) | USD | 54,060 | (1,225,356) | (1,229,853) | 1.00 | 06/20/2029 | $4,496 | 0.51 | - | Quarterly |
iTraxx Europe Senior Series 41 | EUR | 8,665 | (164,704) | (158,611) | 1.00 | 06/20/2029 | (8,010) | 0.63 | - | Quarterly |
CDX.NA.HY.41(c) | USD | 370 | (27,371) | (26,262) | 5.00 | 12/20/2028 | (1,109) | 3.11 | - | Quarterly |
Whirlpool Corp 4.75%, 02/26/2029 | USD | 610 | (7,574) | (8,053) | 1.00 | 06/20/2029 | 479 | 1.27 | Quarterly | - |
Sell Credit Protection | ||||||||||
CDX.NA.IG.41(c) | USD | 366 | 27,097 | 20,883 | 5.00 | 12/20/2028 | 6,214 | 3.11 | Quarterly | - |
CDX.NA.IG.42.V1(c) | USD | 7,030 | 159,346 | 153,888 | 1.00 | 06/20/2029 | 5,458 | 0.51 | Quarterly | - |
CDX.NA.HY.42(c) | USD | 330 | 23,925 | 23,145 | 5.00 | 06/20/2029 | 780 | 3.28 | Quarterly | - |
Net Depreciation | $(4,998) |
(a) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(b) | Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(c) | Based on an index of North American bonds with high yield and investment grade credit ratings that trade in the credit default swap market. |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024, the Fund held the following outstanding OTC credit default swaps: | ||||||||||
Reference Obligation | Notional Amount (000)(a) | Value | Upfront Payments/ Receipts | Fixed Deal Pay/Receive Rate | Maturity Date | Net Unrealized Appreciation/ (Depreciation) | Implied Credit Spread(b) | Receive Frequency | Pay Frequency | |
Buy Credit Protection | ||||||||||
United Airlines Holdings 4.88%, 01/15/2025 Counterparty: GS | USD | 310 | $(19,881) | $1,317 | 5.00% | 12/20/2028 | $(21,198) | 3.38% | - | Quarterly |
Southwest Airlines Co 5.13%, 06/15/2027 Counterparty: CIT | USD | 960 | (8,467) | (1,892) | 1.00 | 12/20/2028 | (6,575) | 0.79 | - | Quarterly |
Deutsche Lufthansa AG 0.25%, 09/06/2024 Counterparty: CIT | EUR | 400 | (481) | 6,698 | 1.00 | 12/20/2028 | (7,144) | 0.98 | - | Quarterly |
Deutsche Lufthansa AG 0.25%, 09/06/2024 Counterparty: BB | EUR | 370 | (444) | 5,822 | 1.00 | 12/20/2028 | (6,263) | 0.98 | - | Quarterly |
Electrolux AB 2.50%, 05/18/2030 Counterparty: GS | EUR | 290 | (7,176) | (8,691) | 1.00 | 12/20/2028 | 1,526 | 1.53 | Quarterly | - |
Electrolux AB 2.50%, 05/18/2030 Counterparty: BB | EUR | 210 | (5,196) | (6,019) | 1.00 | 12/20/2028 | 811 | 1.53 | Quarterly | - |
Net Depreciation | $(38,843) |
(a) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(b) | Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps: | |||||||
Rate Received by the Fund | Receive Frequency | Rate Paid by the Fund | Pay Frequency | Notional Amount (000) | Maturity Date | Net Unrealized Appreciation/ (Depreciation) | |
4.04% | Semi Annual | 6-mo. AUD BBR BBSW | Semi Annual | AUD | 3,860 | 03/22/2033 | $(26,368) |
3.96% | Quarterly | 3-mo. KRW CD KSDA | Quarterly | KRW | 3,722,200 | 01/19/2033 | 157,251 |
1-day CORRA | Semi Annual | 3.56% | Semi Annual | CAD | 920 | 10/19/2033 | (5,039) |
3.64% | Annual | 3-mo. ILS TELBOR01 | Quarterly | ILS | 1,800 | 10/19/2028 | (4,533) |
3.60% | Quarterly | 3-mo. KLIBOR | Quarterly | MYR | 8,400 | 10/19/2028 | (2,858) |
3-mo. SEK STIBOR | Quarterly | 3.57% | Annual | SEK | 51,900 | 10/19/2028 | (163,213) |
5.22% | Semi Annual | 3-mo. NZD BBR FRA | Quarterly | NZD | 39,700 | 10/19/2025 | 75,160 |
4.29% | Annual | 6-mo. NIBOR | Semi Annual | NOK | 53,400 | 10/19/2028 | 71,476 |
1-day JPY TONA OIS | Annual | 1.12% | Annual | JPY | 580,300 | 10/30/2033 | (106,852) |
3.38% | Quarterly | 3-mo. KRW CD KSDA | Quarterly | KRW | 727,600 | 01/18/2029 | 3,251 |
1-day CORRA | Semi Annual | 3.21% | Semi Annual | CAD | 400 | 12/15/2033 | 6,067 |
1-day CORRA | Semi Annual | 3.11% | Semi Annual | CAD | 2,200 | 12/15/2053 | 73,252 |
1-day GBP SONIA | Annual | 3.45% | Annual | GBP | 11,320 | 12/21/2028 | 308,717 |
2.20% | Quarterly | 7-day CNYOFFIRS | Quarterly | CNY | 206,620 | 03/20/2029 | 124,608 |
1-day CORRA | Semi Annual | 3.44% | Semi Annual | CAD | 6,300 | 01/19/2034 | 9,965 |
3.78% | Annual | 6-mo. NIBOR | Semi Annual | NOK | 12,300 | 02/09/2029 | (5,728) |
9.81% | Daily | 1-day BR4CDI | Daily | BRL | 32,328 | 01/04/2027 | (49,067) |
Net Appreciation | $466,089 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024, the Fund held the following OTC interest rate swaps: | |||||||
Rate Received by the Fund | Receive Frequency | Rate Paid by the Fund | Pay Frequency | Counterparty | Notional Amount (000) | Maturity Date | Net Unrealized (Depreciation) |
10.03% | Daily | 1-day BR4CDI | Daily | HSB | BRL 13,141 | 01/04/2027 | $(5,587) |
Net Depreciation | $(5,587) |
At March 28, 2024 the Fund held the following outstanding centrally cleared inflation swaps: | ||||||
Rate Received by the Fund | Rate Paid by the Fund | Notional Amount (000) | Termination Date | Net Unrealized Appreciation/ (Depreciation) | Payment Frequency | |
USD CPURNSA | 111.61% | USD | 6,253 | 07/28/2053 | $(43,282) | At Maturity |
128.98% | EUR CPTFEMU | EUR | 4,052 | 07/28/2053 | 431,936 | At Maturity |
109.76% | EUR CPTFEMU | EUR | 3,650 | 12/07/2053 | 36,806 | At Maturity |
USD CPURNSA | 107.01% | USD | 5,442 | 12/07/2053 | 30,310 | At Maturity |
Net Appreciation | $455,770 |
At March 28, 2024, the Fund held the following OTC total return swaps: | ||||||||||||
Rate Received by the Fund | Receive Frequency | Rate Paid by the Fund | Pay Frequency | Notional Amount (000) | Counterparty | Termination Date | Value | Upfront Payments/ Receipts | Net Unrealized App/Dep | |||
0.00% | Daily | 3-mo. EURIBOR | Quarterly | EUR | 101 | GS | 06/20/2024 | 360,477 | 0 | 360,477 | ||
3-mo. EURIBOR | Quarterly | 0.00% | Daily | EUR | 7,252 | GS | 06/20/2024 | 103,898 | 0 | 103,898 | ||
0.00% | Daily | 3-mo. EURIBOR | Quarterly | EUR | 36 | JPM | 06/20/2024 | 101,214 | 0 | 101,214 | ||
0.00% | Daily | 3-mo. SOFR | Quarterly | USD | 9 | JPM | 06/20/2024 | 37,247 | 0 | 37,247 | ||
3-mo. EURIBOR | Quarterly | 0.00% | Daily | EUR | 1,350 | JPM | 06/20/2024 | 16,683 | 0 | 16,683 | ||
$619,519 | $0 | $619,519 |
At March 28, 2024, the Fund held the following OTC purchased options: | |||||||||||||
Description | Counterparty | Number of Contracts | Exercise Price | Expiration Date | Notional Amount (000) | Premium Paid/ (Received) | Fair Value | ||||||
Call | |||||||||||||
USD/JPY Currency Call Option | GS | - | USD | 150.85 | 5/21/2024 | USD | 2,047 | $15,850 | $19,737 | ||||
$15,850 | $19,737 |
At March 28, 2024, the Fund held the following OTC written options: | ||||||||||
Description | Counterparty | Number of Contracts | Exercise Price | Expiration Date | Notional Amount (000) | Premium Paid/ (Received) | Fair Value | |||
Put | ||||||||||
USD/JPY Currency Put Option | GS | - | USD | 144.00 | 05/18/2024 | USD | 2,047 | $(5,498) | $(4,643) | |
Call | ||||||||||
USD/JPY Currency Call Option | GS | - | USD | 153.00 | 05/18/2024 | USD | 2,047 | (7,498) | (9,435) | |
$(12,996) | $(14,078) |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024, the Fund held the following OTC purchased swaptions: | |||||||||
Description | Counterparty | Rate Received by the Fund | Rate Paid by the Fund | Expiration Date | Notional Amount (000) | Premium Paid/ (Received) | Value | ||
Call | |||||||||
Credit Default Call Swaption, exercise price EUR 0.60 | GS | 0.60% | iTraxx Europe Series 40 | 04/20/2024 | EUR | 21,450 | $33,181 | $3,133 | |
Credit Default Call Swaption, exercise price $0.58 | CIT | 0.58% | CDX.NA.IG.41 | 04/20/2024 | USD | 28,400 | 30,530 | 1,207 | |
Credit Default Call Swaption, exercise price EUR 0.58 | CIT | 0.58% | iTraxx Europe Series 41 | 05/15/2024 | EUR | 20,150 | 31,687 | 25,726 | |
Credit Default Call Swaption, exercise price $0.55 | CIT | 0.55% | CDX.NA.IG 42 | 05/15/2024 | USD | 26,600 | 34,580 | 21,498 | |
$129,978 | $51,564 |
At March 28, 2024, the Fund held the following OTC written swaptions: | |||||||||
Description | Counterparty | Rate Received by the Fund | Rate Paid by the Fund | Expiration Date | Notional Amount (000) | Premium Paid/ (Received) | Value | ||
Put | |||||||||
Credit Default Put Swaption, exercise price EUR 0.68 | GS | iTraxx Europe Series 40 | 0.68% | 04/20/2024 | EUR | 42,900 | $(31,557) | $(2,342) | |
Credit Default Put Swaption, exercise price $0.65 | CIT | CDX.NA.IG.41 | 0.65% | 04/20/2024 | USD | 56,800 | (29,820) | (659) | |
Credit Default Put Swaption, exercise price EUR 0.65 | CIT | iTraxx Europe Series 41 | 0.65% | 05/15/2024 | EUR | 40,300 | (27,726) | (23,817) | |
Credit Default Put Swaption, exercise price $0.63 | CIT | CDX.NA.IG 42 | 0.63% | 05/15/2024 | USD | 53,200 | (29,260) | (16,981) | |
$(118,363) | $(43,799) |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Abbreviations | ||
ANZ | ANZ McCaughan Australia | |
AUD BBR BBSW | Australian Bank Bill is the interest rate banks charge each other for short-term loans. | |
BA | Bank of America Corp | |
BB | Barclays Bank PLC | |
BBH | Brown Brothers Harriman | |
BDS | Banco Santander | |
BNP | BNP Paribas Securities Corp | |
BNY | Bank of New York | |
BR4CDI | Brazil Cetip Interbank Deposit | |
CGM | Citigroup Global Markets | |
CIT | Citibank N.A. | |
CNYOFFIRS | China Loan Prime Rate | |
CORRA | Canadian Overnight Repo Rate Average | |
EUR CPTFEMU | Euro-Zone Harmonized Index of Consumer Prices Ex. Tabacco Unrevised Series NSA Index | |
EURIBOR | Euro Interbank Offered Rate is the interest rate published by European Money Markets Institute, that banks offer to lend unsecured funds to other banks. | |
GS | Goldman Sachs | |
HSB | HSBC Bank USA | |
ILS TELBOR01 | Bank of Israel Interest Rate Fixings is the interest rate on inter-bank loans | |
JPM | JP Morgan Chase & Co | |
JPY TONA OIS | Tokyo Swap Rate | |
KLIBOR | Kuala Lumpur Interbank Offered Rate | |
KRW CD KSDA | South Korea Interbank Offered Rate | |
MS | Morgan Stanley & Co LLC | |
NIBOR | Norwegian Interbank Offered Rate is the interest rate level a bank requires for unsecured money market lending in NOK to another bank. | |
NOM | Nomura International PLC | |
NZD BBR FRA | The rate for the New Zealand Dollar bills of exchange for a period of designated maturity. | |
RBS | Royal Bank of Scotland | |
SAH | Standard Chartered Bank | |
SEB | Skandinaviska Enskilda Banken AB | |
SEK STIBOR | Swedish Krona Stockholm Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. | |
SONIA | Sterling Overnight Interbank Average Rate is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. | |
SSB | State Street Bank | |
TD | Toronto Dominion Bank | |
UBS | UBS AG | |
UCH | UniCredit Bank AG London | |
USD CPURNSA | US CPI Urban Consumers NSA Index | |
WF | Wells Fargo Bank NA |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Currency Abbreviations | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
CNY | Chinese Yuan | |
COP | Colombian Peso | |
CZK | Czech Koruna | |
DKK | Danish Krone | |
EUR | Euro Dollar | |
GBP | British Pound | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
ILS | Israeli New Shekel | |
INR | Indian Rupee | |
ISK | Icelandic Krona | |
JPY | Japanese Yen | |
KRW | Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PEN | Peruvian Nuevo Sol | |
PLN | Polish Zloty | |
RON | Romanian Leu | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TWD | Taiwan Dollar | |
USD | U.S. Dollar | |
ZAR | South African Rand |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Summary of Investments by Country as
of March 28, 2024.
Country | Fair Value | Percentage of Fund Investments | |
United States | $232,719,791 | 42.05% | |
Mexico | 38,263,402 | 6.91 | |
France | 27,830,509 | 5.03 | |
United Kingdom | 27,029,056 | 4.88 | |
Japan | 25,366,667 | 4.58 | |
Romania | 19,810,046 | 3.58 | |
Germany | 19,359,861 | 3.50 | |
Spain | 19,170,015 | 3.46 | |
Italy | 16,005,333 | 2.89 | |
Netherlands | 15,548,264 | 2.81 | |
South Korea | 10,542,768 | 1.91 | |
New Zealand | 10,057,708 | 1.82 | |
Switzerland | 9,053,174 | 1.64 | |
China | 8,401,995 | 1.52 | |
South Africa | 7,260,305 | 1.31 | |
Canada | 7,110,724 | 1.28 | |
Australia | 6,196,530 | 1.12 | |
Belgium | 5,607,806 | 1.01 | |
Austria | 4,772,482 | 0.86 | |
Ireland | 4,197,813 | 0.76 | |
Luxembourg | 3,710,729 | 0.67 | |
Egypt | 2,830,566 | 0.51 | |
Iceland | 2,713,806 | 0.49 | |
Israel | 2,642,551 | 0.48 | |
Cayman Islands | 2,635,591 | 0.48 | |
Denmark | 2,471,884 | 0.45 | |
Poland | 2,205,544 | 0.40 | |
Peru | 2,047,786 | 0.37 | |
Indonesia | 1,898,575 | 0.34 | |
Latvia | 1,675,405 | 0.30 | |
Singapore | 1,525,032 | 0.28 | |
Saudi Arabia | 1,450,875 | 0.26 | |
Slovakia | 1,291,697 | 0.23 | |
Togo | 1,257,706 | 0.23 | |
Malaysia | 1,056,252 | 0.19 | |
Chile | 1,048,529 | 0.19 | |
Hungary | 960,168 | 0.17 | |
Finland | 914,590 | 0.17 | |
Greece | 841,403 | 0.15 | |
Bermuda | 828,915 | 0.15 | |
Norway | 626,295 | 0.11 | |
Thailand | 607,611 | 0.11 | |
Estonia | 453,506 | 0.08 | |
Sweden | 406,195 | 0.07 | |
Portugal | 372,348 | 0.07 | |
Panama | 371,902 | 0.07 | |
Nigeria | 350,295 | 0.06 | |
Total | $553,500,005 | 100.00% |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$14,663,403 | Undivided interest of 8.26% 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 $14,663,403 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.(m) | $ 14,663,403 |
TOTAL SHORT TERM INVESTMENTS — 13.55% (Cost $58,653,612) | $58,653,612 | |
TOTAL INVESTMENTS — 107.17% (Cost $461,075,300) | $463,809,918 | |
OTHER ASSETS & LIABILITIES, NET — (7.17)% | $(31,038,288) | |
TOTAL NET ASSETS — 100.00% | $432,771,630 |
(a) | Amount is stated in U.S. dollars unless otherwise noted. |
(b) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024. |
(c) | All or a portion of the security is on loan at March 28, 2024. |
(d) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(e) | Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer. |
(f) | Security has no contractual maturity date and pays an indefinite stream of interest. |
(g) | Security in bankruptcy. |
(h) | Security in default. |
(i) | Security is fair valued using significant unobservable inputs. |
(j) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(k) | Non-income producing security. |
(l) | Represents less than 0.005% of net assets. |
(m) | Collateral received for securities on loan. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. |
At March 28, 2024 the Fund held the following over-the-counter (OTC) forward foreign currency contracts: | ||||||
Counterparty | Currency Purchased | Quantity of Currency Purchased | Currency Sold | Quantity of Currency Sold | Settlement Date | Net Unrealized Appreciation/ (Depreciation) |
BA | EUR | 132,300 | USD | 144,259 | 06/20/2024 | $(1,044) |
BA | USD | 195,150 | EUR | 179,100 | 06/20/2024 | 1,273 |
GS | USD | 105,030 | EUR | 96,400 | 06/20/2024 | 676 |
MS | USD | 307,482 | EUR | 282,100 | 06/20/2024 | 2,107 |
RBS | USD | 1,681,533 | EUR | 1,537,400 | 06/20/2024 | 17,287 |
SSB | USD | 4,051,979 | EUR | 3,719,200 | 06/20/2024 | 25,920 |
SSB | USD | 637,700 | GBP | 500,000 | 06/20/2024 | 6,388 |
UBS | EUR | 1,144,000 | USD | 1,247,263 | 06/20/2024 | (8,875) |
Net Appreciation | $43,732 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024, the Fund held the following outstanding centrally cleared credit default swaps: | ||||||||||
Reference Obligation | Notional Amount (000)(a) | Value | Upfront Payments/ Receipts | Fixed Deal Pay/Receive Rate | Maturity Date | Net Unrealized Appreciation | Implied Credit Spread(b) | Receive Frequency | Pay Frequency | |
Sell Credit Protection | ||||||||||
CDX.NA.HY.41(c) | USD | 8,304 | $614,289 | $31,190 | 5.00% | 12/20/2028 | $583,099 | 3.11% | Quarterly | - |
Net Appreciation | $583,099 |
(a) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(b) | Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(c) | Based on an index of North American bonds with investment grade credit ratings that trade in the credit default swap market. |
Abbreviations | ||
BA | Bank of America Corp | |
GS | Goldman Sachs | |
MS | Morgan Stanley & Co LLC | |
RBS | Royal Bank of Scotland | |
SSB | State Street 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 INFLATION-PROTECTED
SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED
SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED
SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED
SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED
SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED
SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED
SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED
SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(a) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(b) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024. |
(c) | All or a portion of the security is on loan at March 28, 2024. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(e) | Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date. |
(f) | Principal amount of the security is adjusted for inflation. |
(g) | Collateral received for securities on loan. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. |
TIPS | Treasury Inflation Protected Securities |
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts: | |||||
Description | Number of Contracts | Notional Amount (000) | Expiration Date | Fair Value and Net Unrealized Appreciation/ (Depreciation) | |
Long | |||||
U.S. 10 Year Treasury Note Futures | 269 | USD | 29,804 | Jun 2024 | $135,493 |
U.S. 2 Year Treasury Note Futures | 370 | USD | 75,659 | Jun 2024 | (73,361) |
U.S. 5 Year Treasury Note Futures | 755 | USD | 80,797 | Jun 2024 | 144,916 |
Short | |||||
U.S. 10 Year Treasury Ultra Futures | 144 | USD | 16,504 | Jun 2024 | (104,128) |
U.S. Long Bond Futures | 103 | USD | 12,405 | Jun 2024 | (159,975) |
U.S. Ultra Bond Futures | 190 | USD | 24,510 | Jun 2024 | (364,103) |
Net Depreciation | $(421,158) |
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps: | |||||||
Rate Received by the Fund | Receive Frequency | Rate Paid by the Fund | Pay Frequency | Notional Amount (000) | Maturity Date | Net Unrealized Appreciation | |
4.00 | Annual | 1-day SOFR | Annual | USD | 2,400 | 06/20/2027 | 2,226 |
3.73 | Annual | 1-day SOFR | Annual | USD | 4,290 | 11/28/2027 | 24,083 |
1-day SOFR | Annual | 3.98% | Annual | USD | 28,120 | 08/31/2028 | (116,637) |
1-day SOFR | Annual | 3.75% | Annual | USD | 3,770 | 06/20/2031 | (16,509) |
1-day SOFR | Annual | 2.68% | Annual | USD | 8,770 | 07/28/2032 | 310,087 |
4.31 | Annual | 1-day SOFR | Annual | USD | 8,740 | 10/05/2033 | 153,201 |
3.85 | Annual | 1-day SOFR | Annual | USD | 9,420 | 11/15/2033 | 68,881 |
2.91 | Annual | 1-day SOFR | Annual | USD | 23,600 | 07/28/2037 | (508,617) |
3.39 | Annual | 1-day SOFR | Annual | USD | 29,440 | 05/10/2038 | (208,969) |
1-day SOFR | Annual | 2.08% | Annual | USD | 23,420 | 07/28/2047 | 347,393 |
1-day SOFR | Annual | 2.56% | Annual | USD | 25,050 | 05/11/2053 | 315,119 |
1-day SOFR | Annual | 3.61% | Annual | USD | 5,690 | 11/15/2053 | (132,595) |
1-day SOFR | Annual | 3.51% | Annual | USD | 1,460 | 11/29/2053 | (10,297) |
Net Appreciation | $227,366 |
At March 28, 2024 the Fund held the following outstanding centrally cleared inflation swaps: | ||||||
Rate Received by the Fund | Rate Paid by the Fund | Notional Amount (000) | Termination Date | Net Unrealized Appreciation/ (Depreciation) | Payment Frequency | |
CPI | 1.72% | USD | 21,200 | 09/23/2025 | $3,104,814 | At Maturity |
CPI | 2.06% | USD | 13,300 | 12/23/2025 | 1,624,580 | At Maturity |
CPI | 3.97% | USD | 56,710 | 03/10/2025 | 243,263 | At Maturity |
CPI | 3.39% | USD | 42,100 | 06/23/2026 | (352,891) | At Maturity |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED
SECURITIES FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
At March 28, 2024 the Fund held the following outstanding centrally cleared inflation swaps: | ||||||
Rate Received by the Fund | Rate Paid by the Fund | Notional Amount (000) | Termination Date | Net Unrealized Appreciation/ (Depreciation) | Payment Frequency | |
CPI | 2.45% | USD | 46,933 | 07/19/2028 | $242,914 | At Maturity |
Net Depreciation | $4,862,680 |
Abbreviations | ||
CPI | Consumer Price Index | |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(a) | Amount is stated in U.S. dollars unless otherwise noted. |
(b) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(c) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(e) | Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date. |
(f) | All or a portion of the security is on loan at March 28, 2024. |
(g) | Security in default. |
(h) | Security has no contractual maturity date and pays an indefinite stream of interest. |
(i) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(j) | Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer. |
(k) | Principal amount is stated in 100 Mexican Peso Units. |
(l) | All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts. |
(m) | Non-income producing security. |
(n) | Collateral received for securities on loan. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Currency Abbreviations: | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
EUR | Euro Dollar | |
GBP | British Pound | |
IDR | Indonesian Rupiah | |
MXN | Mexican Peso | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
ZAR | South African Rand |
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts: | |||||
Description | Number of Contracts | Notional Amount (000) | Expiration Date | Fair Value and Net Unrealized Appreciation/ (Depreciation) | |
Short | |||||
U.S. 10 Year Treasury Ultra Futures | 1,035 | USD | 118,621 | Jun 2024 | $(430,671) |
U.S. 5 Year Treasury Note Futures | 187 | USD | 20,012 | Jun 2024 | 105,825 |
Long | |||||
U.S. 10 Year Treasury Note Futures | 240 | USD | 26,591 | Jun 2024 | 172,500 |
U.S. 2 Year Treasury Note Futures | 1 | USD | 204 | Jun 2024 | (204) |
U.S. Long Bond Futures | 968 | USD | 116,584 | Jun 2024 | 711,006 |
U.S. Ultra Bond Futures | 279 | USD | 35,991 | Jun 2024 | 707,237 |
Net Appreciation | $1,265,693 |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
(a) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(b) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024. |
(c) | All or a portion of the security is on loan at March 28, 2024. |
(d) | Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2024. Maturity date disclosed represents final maturity date. |
(e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(f) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(g) | Collateral received for securities on loan. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. |
At March 28, 2024, the Fund held the following outstanding centrally cleared interest rate swaps: | |||||||
Rate Received by the Fund | Receive Frequency | Rate Paid by the Fund | Pay Frequency | Notional Amount (000) | Maturity Date | Net Unrealized Appreciation | |
4.20 | Annual | 1-day SOFR | Annual | USD | 169,549 | 06/20/2026 | (616,480) |
4.00 | Annual | 1-day SOFR | Annual | USD | 68,677 | 06/20/2029 | 111,556 |
Net Depreciation | $(504,924) |
See Notes to Schedule of Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES
FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES
FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES
FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES
FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
See Notes to Schedule of
Investments.
March 28, 2024
EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES
FUND
Schedule of Investments
As of March 28, 2024 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 4,176,838 | Undivided interest of 3.03% 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 $4,176,838 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.(g) | $ 4,176,838 |
16,707,350 | ||
TOTAL SHORT TERM INVESTMENTS — 6.39% (Cost $41,642,645) | $41,642,645 | |
TOTAL INVESTMENTS — 100.84% (Cost $686,922,259) | $656,730,441 | |
OTHER ASSETS & LIABILITIES, NET — (0.84)% | $(5,472,856) | |
TOTAL NET ASSETS — 100.00% | $651,257,585 |
(a) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(b) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2024. |
(c) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(d) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(e) | All or a portion of the security is on loan at March 28, 2024. |
(f) | All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts. |
(g) | Collateral received for securities on loan. |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate. |
At March 28, 2024 the Fund held the following outstanding exchange traded futures contracts: | |||||
Description | Number of Contracts | Notional Amount (000) | Expiration Date | Fair Value and Net Unrealized Appreciation | |
Long | |||||
U.S. 10 Year Treasury Note Futures | 83 | USD | 9,196 | Jun 2024 | $10,281 |
Net Appreciation | $10,281 |
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.
Fixed income investments,
including bank loans, are valued using evaluated bid prices from approved pricing services when available and appropriate based on the conditions of the market. If a price cannot be located from either the primary or
secondary sources, or if the market is determined to be illiquid or inactive, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or
sourcing a price from a broker, may be used.
Foreign equity securities are
generally valued using an adjusted systematic fair value price from an independent pricing service. Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.
For derivatives that are traded
on an exchange, the last sale price as of the close of business of the exchange will be used. For derivatives traded OTC, independent pricing services will be utilized when possible. If a price cannot be
located from the primary source, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Independent pricing services are
approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market
between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The
inputs used by the pricing
March 28, 2024
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 |
Asset-Backed Securities | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, and monthly payment information. |
Bank Loans | Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news. |
Corporate Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer. |
Convertible Bonds, Convertible Preferred Stock | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices. |
Foreign Government Bonds and Notes | Benchmark yields, executed trades, broker/dealer quotes, credit information, collateral attributes, issuer spreads, benchmark securities, treasury/swap maturity curves, issuer spread curves, evaluated bids, market corroborated inputs, offers and reference data including market research publications. |
Mortgage-Backed Securities | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis. |
Municipal Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include reported trades, benchmark yields, new issue data, and material event notices. |
U.S. Government Agency Bonds and Notes, U.S. Treasury Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications |
Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data. |
Rights | Exchange traded close price, bids and evaluated bids |
Purchased and Written Options, Purchased and Written Swaptions | Cash rates, futures and swap rates, FX spot and forward curve, FX volatilities, interest rates, net present value of cash flows. |
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. |
Credit Default Swaps | Reported trades, credit spreads and curves, recovery rates, restructuring types and net present value of cashflows |
Interest Rate Swaps | Interest rate curves, LIBOR curves, reported trades and swap curves |
Inflation Swaps | Interest rate curves, CPI or relevant inflation index curves, LIBOR/OIS curves, reported trades, and swap curves |
Total Return Swaps | Real time, intra-day updates on equity stock or index levels, projected dividend curves, interest rate curves, and equity volatility surfaces and correlations |
March 28, 2024
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 High Yield Bond Fund and the Empower Multi-Sector Bond Fund, are valued using Level 2 inputs, except for Futures Contracts, which are valued using Level 1 inputs. The
inputs used to value the Empower High Yield Bond Fund and the Empower Multi-Sector Bond Fund investments are detailed in the following tables. More information regarding the sector classifications, as applicable, are
included in the Schedule of Investments.
Empower High Yield Bond Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Bank Loans | $— | $29,024,195 | $— | $29,024,195 | |||
Corporate Bonds and Notes | — | 294,438,933 | 23 | 294,438,956 | |||
Convertible Bonds | — | 74,532,391 | — | 74,532,391 | |||
Common Stock | 2,027,931 | — | 56,480 | 2,084,411 | |||
Convertible Preferred Stock | |||||||
Financial | 2,104,792 | — | — | 2,104,792 | |||
Industrial | — | 1,772,152 | — | 1,772,152 | |||
Utilities | — | 1,176,737 | — | 1,176,737 | |||
2,104,792 | 2,948,889 | — | 5,053,681 | ||||
Rights | — | — | 22,672 | 22,672 | |||
Short Term Investments | — | 58,653,612 | — | 58,653,612 | |||
Total investments, at fair value: | 4,132,723 | 459,598,020 | 79,175 | 463,809,918 | |||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts(a) | — | 53,651 | — | 53,651 | |||
Credit Default Swaps(a) | — | 583,099 | — | 583,099 | |||
Total Assets | $4,132,723 | $460,234,770 | $79,175 | $464,446,668 | |||
Liabilities | |||||||
Other Financial Investments: | |||||||
Forward Foreign Currency Contracts(a) | — | (9,919) | — | (9,919) | |||
Total Liabilities | $0 | $(9,919) | $— | $(9,919) |
(a) | Forward Foreign Currency Contracts and Credit Default Swaps are reported at the security's unrealized appreciation (depreciation), which represents the change in the contract's value from trade date. |
March 28, 2024
Empower Multi-Sector Bond Fund
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Asset-Backed Securities | $— | $124,846,947 | $— | $124,846,947 | |||
Bank Loans | — | 81,819,658 | — | 81,819,658 | |||
Corporate Bonds and Notes | — | 449,534,594 | — | 449,534,594 | |||
Convertible Bonds | — | 11,209,984 | — | 11,209,984 | |||
Foreign Government Bonds and Notes | |||||||
Foreign Government Bonds and Notes | 1,663,862 | 69,608,738 | — | 71,272,600 | |||
Mortgage-Backed Securities | — | 100,666,185 | — | 100,666,185 | |||
Municipal Bonds and Notes | — | 974,005 | — | 974,005 | |||
U.S. Treasury Bonds and Notes | — | 80,716,016 | — | 80,716,016 | |||
Common Stock | |||||||
Communications | 683,930 | — | — | 683,930 | |||
Consumer, Cyclical | — | 113,750 | — | 113,750 | |||
Consumer, Non-cyclical | 885,242 | 1,489 | — | 886,731 | |||
Energy | 693,595 | — | — | 693,595 | |||
2,262,767 | 115,239 | — | 2,378,006 | ||||
Convertible Preferred Stock | |||||||
Consumer, Non-cyclical | — | 210,411 | — | 210,411 | |||
Energy | 601,322 | — | — | 601,322 | |||
Financial | 939,405 | 628,597 | — | 1,568,002 | |||
1,540,727 | 839,008 | — | 2,379,735 | ||||
Short Term Investments | — | 107,907,628 | — | 107,907,628 | |||
Total investments, at fair value: | 5,467,356 | 1,028,238,002 | 0 | 1,033,705,358 | |||
Other Financial Investments: | |||||||
Futures Contracts(a) | 1,696,568 | — | — | 1,696,568 | |||
Total Assets | $7,163,924 | $1,028,238,002 | $0 | $1,035,401,926 | |||
Liabilities | |||||||
Other Financial Investments: | |||||||
Futures Contracts(a) | $(430,875) | $— | $— | $(430,875) | |||
Total Liabilities | $(430,875) | $0 | $— | $(430,875) |
(a) | Futures Contracts are reported at the security’s unrealized appreciation (depreciation), which represents the change in the contract’s value from trade date. |
Repurchase Agreements
A Fund may engage in repurchase
agreement transactions with institutions that the Fund's investment adviser has determined are creditworthy. A Fund that engages in repurchase agreement transactions will purchase securities at a specified price with
an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Funds' custodian and/or securities lending agent receives delivery of the underlying securities
collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or
insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during
the period while the Fund seeks to assert its rights.
March 28, 2024
To Be Announced Transactions
A Fund may invest in securities
known as To Be Announced (TBA) securities. TBAs are Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association issued mortgage-backed securities for
forward settlement, in which the buyer and seller decide on trade parameters, but the exact pools are unknown until two days before settlement date. The transactions arise when securities are purchased or sold with
payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. TBA transactions generally settle monthly on a
specified date. As of March 28, 2024, the Empower Core Bond Fund and Empower Global Bond Fund invested in TBA securities.
Dollar Rolls
A Fund may sell TBA
mortgage-backed securities and simultaneously contract to repurchase TBA mortgage-backed securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a Fund is not
entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar
rolls involve the risk that the market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities. As of March 28, 2024, the Empower Core Bond
Fund and Empower Global Bond Fund engaged in mortgage dollar roll transactions.
Options and Swaptions
A Fund may buy and sell put and
call options, or write put and call options in order to increase, decrease, or change the level or types of exposure to market risk factors. When an option is purchased, a Fund is entitled to buy and sell a specified
number of shares or units of a particular security, currency, or index at a specified price at a specified date or within a specified period of time. When an option is written, a Fund receives a premium and becomes
obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option. A purchased call or written put option becomes more valuable as
the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates
relative to the strike price. Options can be an OTC transaction or may be executed on a registered exchange and cleared through a clearing-house associated with the exchange. The use of options may involve risks such
as a Fund paying a premium without the option being exercised, or that the clearinghouse will fail to perform its obligations. The risk in writing a call option is the market price of the underlying security
increasing above the strike price and the option being exercised. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. When
writing options, a Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contact. The risk in buying an option is that a Fund pays a premium for the option, and the
option may be worth less than the premium paid or expire worthless.
Purchased options, if any, are
reported in the Schedule of Investments. Written options, if any, are disclosed in a table following the Schedule of Investments. Upon purchasing a put or call option for a premium, the premium paid is recorded as an
investment and its value is marked-to-market daily. When a Fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the option written.
Purchased and written swaptions,
if any, are disclosed in a table following the Schedule of Investments. Upon purchasing a put or call swaption for a premium, the premium paid is recorded as an investment and its value is marked-to-market daily. When
a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the option written.
Futures Contracts
A Fund may use futures contracts
in order to capitalize on expected changes in the shape of the yield curve and to control overall interest rate exposure. A futures contract is an agreement between two parties to buy or sell a specified
underlying investment for a fixed price at a specified future date. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the
exchange. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities that
comprise the index, or that the clearinghouse will fail to perform its obligations.
Forward Foreign Currency Contracts
March 28, 2024
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.
Credit Default Swaps
A Fund may enter into credit
default swap contracts in order to gain exposure on individual names and/or baskets of securities. A credit default swap is an agreement between a Fund and a counterparty that enables the Fund to buy or sell
protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments to the other party, a protection seller, in exchange for a promise by the protection
seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be
structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the number of defaults event that triggers purchase or other factors (for example, the Nth
default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). These agreements may be privately negotiated in the OTC market (OTC credit default
swaps) or may be executed on a registered exchange (centrally cleared credit default swaps).
Credit default swaps may involve
greater risks than if a Fund had invested in the referenced obligation directly.
Interest Rate Swaps
A Fund may enter into interest
rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one is based on an interest rate fixed to
maturity while the other is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, the Secured Overnight Financing Rate (SOFR), prime rate, commercial paper rate, or
other benchmarks). Each party’s payment obligation under an interest rate swap is determined by reference to a specified notional amount of money. Therefore, interest rate swaps generally do not involve the
delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. These
agreements may be privately negotiated in the OTC market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps).
A Fund may enter into interest
rate swaps in which it either pays or receives a fixed interest rate and pays or receives a floating interest rate. Barring swap counterparty default, the risk of loss in an interest rate swap is limited to the
net amount of interest payments that a Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap.
Inflation Swaps
A Fund may enter into inflation
swap contracts in order to gain exposure to inflation (inflation risk). An inflation swap is a contract in which one party agrees to pay the cumulative percentage increase in a price index (such as the Consumer Price
Index (CPI) with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the value of securities
against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases. These agreements may be
privately negotiated in the OTC market (OTC inflation swaps) or may be executed on a registered exchange (centrally cleared inflation swaps).
Total Return Swap
A Fund may enter into total
return swaps in order to gain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market with another security or
market. Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return of an underlying instrument, or basket of underlying
instruments, in exchange for interest payments.
To the extent that the total
return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the
counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Payments received or made are recorded as
realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract.
A Fund could be exposed to credit or market risk due to unfavorable changes
March 28, 2024
in the fluctuation of interest rates or in the
price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. A Fund's maximum risk of loss from
counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between a Fund and the counterparty
and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the
clearinghouse guarantee fund and other resources that are available in the event of a clearing member default.
The following tables represent the
average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower Core Bond Fund | |
Futures Contracts: | |
Average long contracts | 432 |
Average short contracts | 309 |
Average notional long | $57,437,442 |
Average notional short | $44,228,800 |
Forward Currency Exchange Contracts: | |
Average notional amount | $3,487,331 |
Centrally Cleared Interest Rate Swaps: | |
Average notional amount | $5,069,118,128 |
Centrally Cleared Inflation Swaps: | |
Average notional amount | $1,505,000 |
Centrally Cleared Credit Default Swaps: | |
Average notional amount | $3,661,500 |
Empower Global Bond Fund | |
Futures Contracts: | |
Average long contracts | 789 |
Average short contracts | 1,249 |
Average notional long | $205,723,745 |
Average notional short | $6,003,540,759 |
Forward Currency Exchange Contracts: | |
Average notional amount | $442,895,131 |
Purchased Options: | |
Average market value | $48,384,375 |
Purchased Swaptions: | |
Average market value | $73,187,500 |
Written Options: | |
Average market value | $(95,995,750) |
Written Swaptions: | |
Average market value | $(140,262,500) |
Centrally Cleared Interest Rate Swaps: | |
Average notional amount | $11,207,154,124 |
OTC Interest Rate Swaps: | |
Average notional amount | $11,120,727 |
Centrally Cleared Inflation Swaps: | |
Average notional amount | $14,244,500 |
Centrally Cleared Credit Default Swaps: | |
Average notional amount | $219,867,150 |
OTC Credit Default Swaps: | |
Average notional amount | $4,135,000 |
OTC Total Return Swaps: | |
Average notional amount | $40,747,125 |
March 28, 2024
Empower High Yield Bond Fund | |
Forward Currency Exchange Contracts: | |
Average notional amount | $6,005,058 |
Centrally Cleared Credit Default Swaps: | |
Average notional amount | $8,311,768 |
Empower Inflation-Protected Securities Fund | |
Futures Contracts: | |
Average long contracts | 1,297 |
Average short contracts | 365 |
Average notional long | $171,996,744 |
Average notional short | $44,864,184 |
Centrally Cleared Interest Rate Swaps: | |
Average notional amount | $348,050,000 |
Centrally Cleared Inflation Swaps: | |
Average notional amount | $366,231,820 |
Empower Multi-Sector Bond Fund | |
Futures Contracts: | |
Average long contracts | 1,853 |
Average short contracts | 893 |
Average notional long | $244,551,608 |
Average notional short | $103,221,477 |
Empower Short Duration Bond Fund | |
Futures Contracts: | |
Average long contracts | 109 |
Average notional long | $17,035,809 |
Centrally Cleared Interest Rate Swaps: | |
Average notional amount | $130,563,000 |
Empower U.S. Government Securities Fund | |
Futures Contracts: | |
Average long contracts | 254 |
Average notional long | $29,503,695 |
Average notional short | $28,543 |
March 28, 2024