UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-03364
EMPOWER FUNDS, INC.
(Exact name of registrant as specified in charter)
8515 E. Orchard Road, Greenwood Village, Colorado 80111
(Address of principal executive offices)
(Address of principal executive offices)
Jonathan D. Kreider
President and Chief Executive Officer
Empower Funds, Inc.
Empower Funds, Inc.
8515 E. Orchard Road
Greenwood Village, Colorado 80111
(Name and address of agent for service)
Registrant's telephone number, including area code: (866) 831-7129
Date of fiscal year end: December 31
Date of reporting period: June 30, 2023
Item 1. REPORTS TO STOCKHOLDERS
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
(Institutional Class and Investor Class)
Semi-Annual Report
June 30, 2023
This report and the financial statements attached are submitted for general information and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein is to be considered an offer of the sale of shares of the Fund. Such offering is made only by the prospectus of the Fund, which includes details as to offering price and other information.
Summary of Investments by Ratings as of June 30, 2023 (unaudited)
Rating | Percentage of Fund Investments |
Aaa | 70.73% |
Aa1 | 0.23 |
Aa2 | 1.09 |
Aa3 | 0.98 |
A1 | 4.33 |
A2 | 3.25 |
A3 | 3.63 |
Baa1 | 3.87 |
Baa2 | 5.66 |
Baa3 | 1.92 |
Ba1 | 0.33 |
Not Rated | 0.13 |
Short Term Investments | 3.85 |
Total | 100.00% |
Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2023 to June 30, 2023).
Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |||
(01/01/23) | (06/30/23) | (01/01/23 – 06/30/23) | |||
Institutional Class | |||||
Actual | $1,000.00 | $1,022.48 | $0.70 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $0.70 | ||
Investor Class | |||||
Actual | $1,000.00 | $1,019.59 | $2.50 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 |
* Expenses are equal to the Fund's annualized expense ratio of 0.14% for the Institutional Class shares and 0.50% for the Investor Class shares, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower. |
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
ASSET-BACKED SECURITIES | ||
Non-Agency — 0.44% | ||
American Express Credit Account Master Trust | ||
Series 2022-1 Class A | ||
$ 1,000,000 | 2.21%, 03/15/2027 | $ 947,338 |
Series 2022-3 Class A | ||
550,000 | 3.75%, 08/15/2027 | 533,227 |
1,000,000 | BA Credit Card Trust Series 2022-A2 Class A2 5.00%, 04/15/2028 | 994,989 |
Capital One Multi-Asset Execution Trust | ||
Series 2019-A3 Class A3 | ||
500,000 | 2.06%, 08/15/2028 | 456,798 |
Series 2021-A2 Class A2 | ||
1,000,000 | 1.39%, 07/15/2030 | 839,327 |
Series 2022-A2 Class A | ||
1,300,000 | 3.49%, 05/15/2027 | 1,256,603 |
1,100,000 | Carmax Auto Owner Trust Series 2021-1 Class A4 0.53%, 10/15/2026 | 1,020,339 |
CNH Equipment Trust | ||
Series 2021-B Class A4 | ||
1,300,000 | 0.70%, 05/17/2027 | 1,173,280 |
Series 2022-B Class A2 | ||
2,000,000 | 3.91%, 03/15/2028 | 1,916,034 |
1,100,000 | Ford Credit Floorplan Master Owner Trust Series 2018-4 Class A 4.06%, 11/15/2030 | 1,039,552 |
1,000,000 | GM Financial Consumer Automobile Receivables Trust Series 2022-3 Class A4 3.71%, 12/16/2027 | 964,663 |
1,200,000 | Nissan Auto Receivables Owner Trust Series 2022-B Class A4 4.45%, 11/15/2029 | 1,175,668 |
750,000 | Toyota Auto Loan Extended Note Trust(a) Series 2019-1A Class A 2.56%, 11/25/2031 | 728,313 |
1,100,000 | Toyota Auto Receivables Owner Trust Series 2022-B Class A4 3.11%, 08/16/2027 | 1,041,947 |
1,000,000 | Verizon Master Trust Series 2021-1 Class A 0.50%, 05/20/2027 | 954,572 |
1,000,000 | World Omni Auto Receivables Trust Series 2020-C Class A4 0.61%, 10/15/2026 | 941,591 |
TOTAL ASSET-BACKED SECURITIES — 0.44% (Cost $16,334,019) | $ 15,984,241 |
Principal Amount | Fair Value | |
CORPORATE BONDS AND NOTES | ||
Basic Materials — 0.64% | ||
$ 1,000,000 | Air Products & Chemicals Inc 4.80%, 03/03/2033 | $ 1,008,990 |
1,000,000 | Albemarle Corp 5.05%, 06/01/2032 | 968,204 |
2,000,000 | BHP Billiton Finance USA Ltd 5.00%, 09/30/2043 | 2,000,655 |
1,000,000 | Cabot Corp 5.00%, 06/30/2032 | 957,210 |
1,000,000 | Celanese US Holdings LLC 6.17%, 07/15/2027 | 994,828 |
CF Industries Inc | ||
175,000 | 5.15%, 03/15/2034 | 167,413 |
1,000,000 | 4.95%, 06/01/2043 | 865,658 |
2,150,000 | Dow Chemical Co 4.80%, 11/30/2028 | 2,126,774 |
1,250,000 | DuPont de Nemours Inc 4.49%, 11/15/2025 | 1,224,185 |
1,500,000 | Eastman Chemical Co 4.65%, 10/15/2044 | 1,264,365 |
Ecolab Inc | ||
500,000 | 1.65%, 02/01/2027 | 449,289 |
1,000,000 | 2.70%, 12/15/2051 | 662,872 |
1,000,000 | Linde Inc(b) 4.70%, 12/05/2025 | 992,325 |
1,000,000 | LYB International Finance BV 5.25%, 07/15/2043 | 911,280 |
250,000 | Mosaic Co 5.45%, 11/15/2033 | 243,477 |
500,000 | Newmont Corp 2.80%, 10/01/2029 | 429,826 |
1,000,000 | Nucor Corp 3.95%, 05/23/2025 | 969,575 |
Nutrien Ltd | ||
1,000,000 | 4.90%, 03/27/2028 | 980,790 |
1,000,000 | 4.13%, 03/15/2035 | 877,776 |
1,000,000 | Rio Tinto Finance USA PLC 5.00%, 03/09/2033 | 1,008,794 |
2,000,000 | Sherwin-Williams Co 2.20%, 03/15/2032 | 1,601,914 |
500,000 | Southern Copper Corp 5.25%, 11/08/2042 | 478,278 |
1,000,000 | Steel Dynamics Inc 3.45%, 04/15/2030 | 888,427 |
250,000 | Vale Overseas Ltd 6.88%, 11/21/2036 | 261,434 |
1,175,000 | Westlake Corp 3.13%, 08/15/2051 | 735,182 |
23,069,521 | ||
Communications — 2.17% | ||
Alphabet Inc | ||
1,000,000 | 2.00%, 08/15/2026 | 925,577 |
175,000 | 1.90%, 08/15/2040 | 120,524 |
Amazon.com Inc | ||
2,000,000 | 3.15%, 08/22/2027 | 1,881,718 |
2,000,000 | 4.65%, 12/01/2029 | 2,005,056 |
175,000 | 2.10%, 05/12/2031 | 147,176 |
1,000,000 | 3.60%, 04/13/2032 | 932,361 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Communications — (continued) | ||
$ 2,500,000 | 2.50%, 06/03/2050 | $ 1,662,479 |
1,675,000 | 3.10%, 05/12/2051 | 1,249,316 |
175,000 | 3.25%, 05/12/2061 | 126,609 |
750,000 | America Movil SAB de CV 2.88%, 05/07/2030 | 651,805 |
AT&T Inc | ||
175,000 | 2.30%, 06/01/2027 | 157,388 |
2,629,000 | 4.30%, 02/15/2030 | 2,495,511 |
2,000,000 | 2.75%, 06/01/2031 | 1,687,519 |
4,838,000 | 2.55%, 12/01/2033 | 3,800,133 |
175,000 | 4.50%, 05/15/2035 | 160,878 |
3,222,000 | 3.30%, 02/01/2052 | 2,254,705 |
1,034,000 | 3.50%, 09/15/2053 | 731,985 |
925,000 | Bell Telephone Co of Canada or Bell Canada 3.20%, 02/15/2052 | 637,106 |
Charter Communications Operating LLC / Charter Communications Operating Capital | ||
1,945,000 | 4.91%, 07/23/2025 | 1,907,358 |
3,000,000 | 3.50%, 03/01/2042 | 2,006,692 |
2,000,000 | 5.38%, 05/01/2047 | 1,653,110 |
1,000,000 | Cisco Systems Inc 5.90%, 02/15/2039 | 1,106,216 |
Comcast Corp | ||
1,000,000 | 4.55%, 01/15/2029 | 981,996 |
2,000,000 | 1.95%, 01/15/2031 | 1,636,584 |
1,000,000 | 5.50%, 11/15/2032 | 1,039,100 |
1,000,000 | 4.80%, 05/15/2033(b) | 989,435 |
4,500,000 | 3.40%, 07/15/2046 | 3,415,087 |
175,000 | 2.80%, 01/15/2051 | 115,840 |
1,586,000 | 2.89%, 11/01/2051 | 1,063,344 |
1,388,000 | 2.94%, 11/01/2056 | 903,898 |
175,000 | 2.99%, 11/01/2063 | 110,878 |
640,000 | Deutsche Telekom International Finance BV 8.75%, 06/15/2030 | 766,454 |
2,000,000 | Discovery Communications LLC 3.63%, 05/15/2030 | 1,754,355 |
eBay Inc | ||
1,000,000 | 2.60%, 05/10/2031 | 833,743 |
1,000,000 | 6.30%, 11/22/2032 | 1,050,748 |
2,000,000 | Fox Corp 5.48%, 01/25/2039 | 1,868,231 |
1,500,000 | Motorola Solutions Inc 2.75%, 05/24/2031 | 1,228,889 |
1,000,000 | Netflix Inc(a)(b) 4.88%, 06/15/2030 | 984,094 |
1,500,000 | Paramount Global 2.90%, 01/15/2027 | 1,351,154 |
2,000,000 | Rogers Communications Inc(a) 4.50%, 03/15/2042 | 1,660,204 |
1,175,000 | Telefonica Emisiones SA 5.21%, 03/08/2047 | 1,021,943 |
750,000 | Time Warner Cable LLC 4.50%, 09/15/2042 | 560,994 |
Principal Amount | Fair Value | |
Communications — (continued) | ||
T-Mobile USA Inc | ||
$ 1,500,000 | 1.50%, 02/15/2026 | $ 1,355,396 |
1,000,000 | 4.80%, 07/15/2028 | 979,340 |
2,000,000 | 5.20%, 01/15/2033 | 1,987,142 |
1,500,000 | 4.38%, 04/15/2040 | 1,324,639 |
1,675,000 | 3.40%, 10/15/2052 | 1,195,374 |
175,000 | 3.60%, 11/15/2060 | 122,822 |
TWDC Enterprises 18 Corp | ||
500,000 | 1.85%, 07/30/2026 | 456,446 |
2,500,000 | 4.13%, 12/01/2041 | 2,199,405 |
1,000,000 | VeriSign Inc 2.70%, 06/15/2031 | 832,337 |
Verizon Communications Inc | ||
1,500,000 | 2.63%, 08/15/2026 | 1,394,308 |
1,110,000 | 2.10%, 03/22/2028 | 975,105 |
1,000,000 | 1.75%, 01/20/2031 | 788,934 |
1,675,000 | 2.55%, 03/21/2031 | 1,398,513 |
390,000 | 4.27%, 01/15/2036 | 351,639 |
3,500,000 | 2.85%, 09/03/2041 | 2,489,286 |
1,250,000 | 3.85%, 11/01/2042 | 1,011,119 |
1,175,000 | 3.55%, 03/22/2051 | 876,490 |
1,675,000 | 2.99%, 10/30/2056 | 1,063,895 |
175,000 | 3.70%, 03/22/2061 | 127,264 |
Vodafone Group PLC | ||
1,500,000 | 4.13%, 05/30/2025 | 1,463,567 |
1,000,000 | 5.63%, 02/10/2053 | 980,327 |
Walt Disney Co | ||
2,500,000 | 2.20%, 01/13/2028 | 2,259,251 |
1,500,000 | 2.65%, 01/13/2031 | 1,305,957 |
78,576,749 | ||
Consumer, Cyclical — 1.50% | ||
1,000,000 | Advance Auto Parts Inc 5.95%, 03/09/2028 | 986,736 |
1,000,000 | American Honda Finance Corp 4.60%, 04/17/2025 | 986,820 |
1,000,000 | Aptiv PLC 3.10%, 12/01/2051 | 628,698 |
175,000 | AutoNation Inc 2.40%, 08/01/2031 | 132,768 |
500,000 | AutoZone Inc 3.63%, 04/15/2025 | 482,522 |
175,000 | Brunswick Corp 2.40%, 08/18/2031 | 134,155 |
1,500,000 | Costco Wholesale Corp 1.75%, 04/20/2032 | 1,210,683 |
1,000,000 | Daimler Trucks Finance North America LLC(a) 2.50%, 12/14/2031 | 812,156 |
Dollar General Corp | ||
1,000,000 | 5.20%, 07/05/2028 | 989,567 |
500,000 | 3.50%, 04/03/2030 | 448,366 |
1,000,000 | Dollar Tree Inc 2.65%, 12/01/2031 | 817,822 |
1,000,000 | DR Horton Inc 1.40%, 10/15/2027 | 857,663 |
General Motors Co | ||
1,175,000 | 6.25%, 10/02/2043 | 1,149,034 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Consumer, Cyclical — (continued) | ||
$ 1,500,000 | 5.20%, 04/01/2045 | $ 1,279,534 |
General Motors Financial Co Inc | ||
500,000 | 1.25%, 01/08/2026 | 446,107 |
1,000,000 | 5.40%, 04/06/2026 | 988,557 |
2,675,000 | 2.70%, 08/20/2027 | 2,368,957 |
1,000,000 | 6.00%, 01/09/2028 | 1,008,014 |
Home Depot Inc | ||
1,000,000 | 3.90%, 12/06/2028 | 968,057 |
1,500,000 | 1.88%, 09/15/2031 | 1,220,118 |
2,000,000 | 4.50%, 09/15/2032(b) | 1,976,864 |
1,500,000 | 3.63%, 04/15/2052 | 1,196,000 |
1,000,000 | Hyatt Hotels Corp 5.75%, 01/30/2027 | 997,433 |
175,000 | Las Vegas Sands Corp 2.90%, 06/25/2025 | 164,434 |
Lowe's Cos Inc | ||
2,000,000 | 3.65%, 04/05/2029 | 1,853,212 |
2,000,000 | 5.00%, 04/15/2033(b) | 1,978,331 |
1,000,000 | 2.80%, 09/15/2041 | 707,248 |
Marriott International Inc | ||
1,000,000 | 3.13%, 06/15/2026 | 939,115 |
1,500,000 | 4.90%, 04/15/2029 | 1,459,413 |
McDonald's Corp | ||
175,000 | 3.70%, 01/30/2026 | 169,157 |
1,000,000 | 2.63%, 09/01/2029 | 886,898 |
3,000,000 | 4.60%, 09/09/2032(b) | 2,971,479 |
1,000,000 | Mercedes-Benz Finance North America LLC(a) 1.45%, 03/02/2026 | 907,585 |
1,000,000 | Nike Inc 2.85%, 03/27/2030 | 902,983 |
1,000,000 | O'Reilly Automotive Inc 4.70%, 06/15/2032 | 963,180 |
500,000 | PACCAR Financial Corp(b) 2.00%, 02/04/2027 | 452,476 |
Starbucks Corp | ||
1,500,000 | 2.25%, 03/12/2030 | 1,270,988 |
1,000,000 | 4.80%, 02/15/2033(b) | 987,578 |
Target Corp | ||
1,500,000 | 3.38%, 04/15/2029 | 1,405,400 |
1,000,000 | 2.95%, 01/15/2052 | 700,747 |
1,000,000 | TJX Cos Inc 1.15%, 05/15/2028 | 851,844 |
Toyota Motor Credit Corp | ||
2,000,000 | 1.90%, 01/13/2027 | 1,805,892 |
1,000,000 | 4.45%, 06/29/2029 | 980,590 |
600,000 | Walgreens Boots Alliance Inc 3.45%, 06/01/2026 | 562,763 |
Walmart Inc | ||
2,500,000 | 1.50%, 09/22/2028 | 2,170,856 |
1,000,000 | 4.15%, 09/09/2032 | 986,346 |
1,000,000 | 4.10%, 04/15/2033 | 970,960 |
Warnermedia Holdings Inc | ||
1,000,000 | 6.41%, 03/15/2026 | 1,000,827 |
2,500,000 | 4.05%, 03/15/2029 | 2,285,300 |
2,000,000 | 5.05%, 03/15/2042 | 1,685,735 |
54,107,968 |
Principal Amount | Fair Value | |
Consumer, Non-Cyclical — 4.35% | ||
Abbott Laboratories | ||
$ 1,000,000 | 1.15%, 01/30/2028 | $ 865,427 |
2,500,000 | 1.40%, 06/30/2030 | 2,056,460 |
AbbVie Inc | ||
925,000 | 2.60%, 11/21/2024 | 887,513 |
1,000,000 | 2.95%, 11/21/2026 | 934,244 |
2,500,000 | 4.50%, 05/14/2035 | 2,375,239 |
2,000,000 | 4.88%, 11/14/2048 | 1,890,047 |
1,175,000 | 4.25%, 11/21/2049 | 1,014,177 |
500,000 | Aetna Inc 3.88%, 08/15/2047 | 389,704 |
750,000 | Alcon Finance Corp(a) 5.38%, 12/06/2032 | 759,989 |
500,000 | AmerisourceBergen Corp 2.80%, 05/15/2030 | 433,910 |
Amgen Inc | ||
175,000 | 1.65%, 08/15/2028 | 149,693 |
2,834,000 | 2.00%, 01/15/2032 | 2,238,123 |
5,229,000 | 2.80%, 08/15/2041 | 3,694,524 |
675,000 | 3.00%, 01/15/2052 | 450,018 |
1,892,000 | 2.77%, 09/01/2053 | 1,175,538 |
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc | ||
500,000 | 3.65%, 02/01/2026 | 484,283 |
5,500,000 | 4.70%, 02/01/2036 | 5,349,381 |
1,175,000 | 4.90%, 02/01/2046 | 1,123,054 |
1,000,000 | Archer-Daniels-Midland Co 2.90%, 03/01/2032 | 869,648 |
1,000,000 | Astrazeneca Finance LLC 4.88%, 03/03/2028 | 999,425 |
AstraZeneca PLC | ||
1,500,000 | 1.38%, 08/06/2030 | 1,206,899 |
1,000,000 | 4.00%, 09/18/2042 | 890,855 |
1,000,000 | Bacardi Ltd / Bacardi-Martini BV(a) 5.40%, 06/15/2033 | 991,158 |
Baxter International Inc | ||
1,000,000 | 2.54%, 02/01/2032 | 810,023 |
1,000,000 | 3.13%, 12/01/2051 | 659,595 |
Becton Dickinson & Co | ||
500,000 | 3.70%, 06/06/2027 | 475,388 |
1,000,000 | 4.30%, 08/22/2032 | 948,561 |
500,000 | 4.67%, 06/06/2047 | 459,446 |
1,500,000 | Biogen Inc 4.05%, 09/15/2025 | 1,451,336 |
1,000,000 | Boston Scientific Corp 2.65%, 06/01/2030 | 871,270 |
Bristol-Myers Squibb Co | ||
1,000,000 | 1.13%, 11/13/2027 | 870,701 |
1,500,000 | 1.45%, 11/13/2030 | 1,204,259 |
1,000,000 | 4.13%, 06/15/2039 | 911,741 |
1,500,000 | 4.35%, 11/15/2047 | 1,356,276 |
500,000 | Bunge Ltd Finance Corp(b) 2.75%, 05/14/2031 | 419,716 |
500,000 | Campbell Soup Co 2.38%, 04/24/2030 | 421,431 |
1,000,000 | Cardinal Health Inc 4.37%, 06/15/2047 | 825,352 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 1,000,000 | Cargill Inc(a) 4.75%, 04/24/2033 | $ 985,657 |
2,500,000 | Centene Corp 2.50%, 03/01/2031 | 1,993,675 |
Cigna Group | ||
1,000,000 | 5.69%, 03/15/2026 | 1,001,156 |
2,000,000 | 2.40%, 03/15/2030 | 1,699,244 |
1,750,000 | 4.80%, 08/15/2038 | 1,652,023 |
175,000 | 4.90%, 12/15/2048 | 162,867 |
1,000,000 | Cintas Corp No 2 4.00%, 05/01/2032 | 949,844 |
Coca-Cola Co | ||
2,500,000 | 2.00%, 03/05/2031 | 2,100,474 |
2,000,000 | 2.60%, 06/01/2050 | 1,396,764 |
1,000,000 | Colgate-Palmolive Co 3.25%, 08/15/2032 | 918,374 |
750,000 | Conagra Brands Inc 4.60%, 11/01/2025 | 733,100 |
Constellation Brands Inc | ||
2,000,000 | 4.75%, 05/09/2032 | 1,941,189 |
500,000 | 5.25%, 11/15/2048 | 478,732 |
1,000,000 | CSL Finance PLC(a) 4.63%, 04/27/2042 | 926,598 |
CVS Health Corp | ||
750,000 | 1.30%, 08/21/2027 | 645,440 |
1,000,000 | 5.13%, 02/21/2030 | 993,096 |
1,000,000 | 5.25%, 01/30/2031 | 996,862 |
1,175,000 | 2.13%, 09/15/2031 | 943,549 |
2,833,000 | 4.78%, 03/25/2038 | 2,614,495 |
2,000,000 | 2.70%, 08/21/2040 | 1,396,065 |
1,315,957 | CVS Pass-Through Trust 6.04%, 12/10/2028 | 1,305,114 |
1,000,000 | Danaher Corp 2.80%, 12/10/2051 | 689,852 |
1,000,000 | Diageo Capital PLC 5.50%, 01/24/2033 | 1,057,311 |
Elevance Health Inc | ||
1,000,000 | 2.88%, 09/15/2029 | 881,205 |
1,000,000 | 2.25%, 05/15/2030 | 837,669 |
500,000 | 4.10%, 05/15/2032 | 465,916 |
500,000 | 4.63%, 05/15/2042 | 449,355 |
1,000,000 | 6.10%, 10/15/2052 | 1,095,475 |
Eli Lilly & Co | ||
1,000,000 | 4.70%, 02/27/2033 | 1,013,108 |
1,000,000 | 2.25%, 05/15/2050 | 651,888 |
Equifax Inc | ||
1,000,000 | 5.10%, 06/01/2028 | 984,976 |
175,000 | 2.35%, 09/15/2031 | 139,536 |
Estee Lauder Cos Inc | ||
1,000,000 | 2.38%, 12/01/2029 | 864,606 |
1,000,000 | 4.65%, 05/15/2033(b) | 983,184 |
GE HealthCare Technologies Inc | ||
1,000,000 | 5.65%, 11/15/2027 | 1,012,252 |
1,000,000 | 5.91%, 11/22/2032 | 1,046,177 |
General Mills Inc | ||
1,000,000 | 4.20%, 04/17/2028 | 970,533 |
1,000,000 | 4.95%, 03/29/2033 | 991,067 |
Principal Amount | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
Gilead Sciences Inc | ||
$ 1,000,000 | 1.20%, 10/01/2027 | $ 862,974 |
2,175,000 | 2.60%, 10/01/2040 | 1,575,252 |
Global Payments Inc | ||
500,000 | 5.40%, 08/15/2032(b) | 487,218 |
500,000 | 4.15%, 08/15/2049 | 374,270 |
1,000,000 | Haleon US Capital LLC 3.63%, 03/24/2032 | 896,440 |
HCA Inc | ||
2,000,000 | 4.13%, 06/15/2029 | 1,850,778 |
2,000,000 | 2.38%, 07/15/2031 | 1,599,474 |
1,000,000 | 5.50%, 06/01/2033 | 998,301 |
675,000 | 3.50%, 07/15/2051 | 466,994 |
Hershey Co | ||
1,000,000 | 1.70%, 06/01/2030 | 829,563 |
1,000,000 | 4.50%, 05/04/2033 | 993,057 |
Humana Inc | ||
1,500,000 | 3.95%, 03/15/2027 | 1,433,398 |
1,000,000 | 5.88%, 03/01/2033 | 1,039,203 |
1,000,000 | Illumina Inc 5.75%, 12/13/2027 | 1,004,406 |
1,000,000 | J M Smucker Co(b) 2.13%, 03/15/2032 | 801,743 |
3,000,000 | Johnson & Johnson 3.40%, 01/15/2038 | 2,614,471 |
1,000,000 | Kellogg Co 5.25%, 03/01/2033 | 1,004,398 |
Kenvue Inc(a) | ||
1,000,000 | 5.00%, 03/22/2030 | 1,009,687 |
1,000,000 | 5.10%, 03/22/2043 | 1,016,100 |
2,500,000 | Keurig Dr Pepper Inc 4.60%, 05/25/2028 | 2,445,875 |
1,000,000 | Kimberly-Clark Corp 1.05%, 09/15/2027 | 863,103 |
Kraft Heinz Foods Co | ||
2,000,000 | 3.75%, 04/01/2030(b) | 1,856,008 |
500,000 | 5.00%, 07/15/2035 | 492,509 |
2,000,000 | Kroger Co(b) 2.20%, 05/01/2030 | 1,653,827 |
1,000,000 | Laboratory Corp of America Holdings 3.60%, 09/01/2027 | 945,231 |
1,000,000 | Mars Inc(a) 4.75%, 04/20/2033 | 991,147 |
McCormick & Co Inc | ||
357,000 | 3.25%, 11/15/2025 | 336,822 |
1,000,000 | 4.95%, 04/15/2033(b) | 981,577 |
1,000,000 | McKesson Corp 1.30%, 08/15/2026 | 888,137 |
1,000,000 | Medtronic Global Holdings SCA 4.50%, 03/30/2033 | 980,104 |
1,072,000 | Medtronic Inc 4.63%, 03/15/2045 | 1,043,012 |
Merck & Co Inc | ||
1,000,000 | 3.40%, 03/07/2029 | 935,859 |
1,000,000 | 4.30%, 05/17/2030 | 978,684 |
500,000 | 1.45%, 06/24/2030 | 407,701 |
2,000,000 | 2.15%, 12/10/2031 | 1,657,081 |
1,000,000 | 4.90%, 05/17/2044 | 1,002,583 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 500,000 | Molson Coors Beverage Co 4.20%, 07/15/2046 | $ 414,024 |
500,000 | Mondelez International Inc 2.75%, 04/13/2030 | 438,923 |
500,000 | Moody's Corp 3.25%, 01/15/2028 | 465,603 |
2,000,000 | Novartis Capital Corp 2.20%, 08/14/2030 | 1,728,823 |
1,500,000 | PayPal Holdings Inc 2.85%, 10/01/2029 | 1,330,121 |
PepsiCo Inc | ||
1,000,000 | 4.45%, 02/15/2033(b) | 1,008,038 |
2,500,000 | 3.45%, 10/06/2046 | 2,055,037 |
1,000,000 | PerkinElmer Inc 2.25%, 09/15/2031 | 802,365 |
Pfizer Inc | ||
1,175,000 | 1.75%, 08/18/2031 | 956,377 |
500,000 | 4.00%, 12/15/2036 | 465,861 |
2,000,000 | 2.55%, 05/28/2040 | 1,472,321 |
1,000,000 | Pfizer Investment Enterprises Pte Ltd 4.75%, 05/19/2033 | 996,232 |
2,000,000 | Procter & Gamble Co 1.20%, 10/29/2030 | 1,612,552 |
1,000,000 | Regeneron Pharmaceuticals Inc 1.75%, 09/15/2030 | 797,069 |
175,000 | Royalty Pharma PLC 2.15%, 09/02/2031 | 137,178 |
1,000,000 | S&P Global Inc 2.90%, 03/01/2032 | 866,750 |
1,000,000 | Stryker Corp 4.63%, 03/15/2046 | 929,552 |
1,000,000 | Sysco Corp 3.25%, 07/15/2027 | 933,721 |
1,000,000 | Takeda Pharmaceutical Co Ltd 2.05%, 03/31/2030 | 831,051 |
Thermo Fisher Scientific Inc | ||
175,000 | 1.75%, 10/15/2028 | 150,794 |
1,175,000 | 2.00%, 10/15/2031 | 958,608 |
2,409,000 | 2.80%, 10/15/2041 | 1,795,576 |
1,000,000 | Tyson Foods Inc 4.00%, 03/01/2026 | 966,306 |
Unilever Capital Corp | ||
185,000 | 1.75%, 08/12/2031 | 149,331 |
1,175,000 | 2.63%, 08/12/2051 | 803,156 |
UnitedHealth Group Inc | ||
1,000,000 | 5.25%, 02/15/2028 | 1,019,526 |
2,000,000 | 4.00%, 05/15/2029 | 1,911,311 |
1,000,000 | 4.50%, 04/15/2033 | 974,003 |
1,500,000 | 3.50%, 08/15/2039 | 1,258,090 |
2,500,000 | 2.90%, 05/15/2050 | 1,742,464 |
1,000,000 | 5.05%, 04/15/2053 | 993,947 |
1,000,000 | Universal Health Services Inc 2.65%, 10/15/2030 | 816,747 |
500,000 | Utah Acquisition Sub Inc 3.95%, 06/15/2026 | 474,893 |
Viatris Inc | ||
175,000 | 2.70%, 06/22/2030 | 141,615 |
Principal Amount | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 1,000,000 | 3.85%, 06/22/2040 | $ 691,046 |
1,028,000 | Zimmer Biomet Holdings Inc 4.25%, 08/15/2035 | 888,017 |
Zoetis Inc | ||
1,000,000 | 2.00%, 05/15/2030 | 834,454 |
500,000 | 5.60%, 11/16/2032 | 522,651 |
157,533,952 | ||
Energy — 1.74% | ||
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc | ||
1,000,000 | 2.06%, 12/15/2026 | 900,837 |
467,000 | 4.08%, 12/15/2047 | 377,008 |
BP Capital Markets America Inc | ||
3,175,000 | 3.63%, 04/06/2030 | 2,950,627 |
1,500,000 | 2.77%, 11/10/2050 | 992,147 |
1,000,000 | 3.00%, 03/17/2052 | 689,620 |
1,000,000 | Canadian Natural Resources Ltd 3.85%, 06/01/2027 | 944,471 |
1,000,000 | Cenovus Energy Inc 2.65%, 01/15/2032 | 807,216 |
Cheniere Corpus Christi Holdings LLC | ||
500,000 | 5.13%, 06/30/2027 | 491,530 |
175,000 | 2.74%, 12/31/2039 | 137,931 |
2,000,000 | Chevron Corp 3.08%, 05/11/2050 | 1,488,691 |
2,500,000 | Chevron USA Inc 3.85%, 01/15/2028 | 2,438,289 |
43,000 | Cimarex Energy Co 4.38%, 03/15/2029 | 36,380 |
ConocoPhillips Co | ||
438,000 | 5.90%, 10/15/2032 | 471,104 |
1,175,000 | 3.76%, 03/15/2042 | 989,103 |
Coterra Energy Inc | ||
1,000,000 | 3.90%, 05/15/2027 | 942,564 |
9,000 | 4.38%, 03/15/2029 | 8,397 |
1,000,000 | Devon Energy Corp 5.60%, 07/15/2041 | 941,174 |
1,000,000 | Diamondback Energy Inc 3.50%, 12/01/2029 | 900,121 |
1,175,000 | Enbridge Inc 2.50%, 08/01/2033 | 917,620 |
Energy Transfer LP | ||
1,000,000 | 2.90%, 05/15/2025 | 947,481 |
1,000,000 | 4.20%, 04/15/2027 | 954,800 |
1,000,000 | 5.75%, 02/15/2033 | 1,006,546 |
1,000,000 | 5.15%, 03/15/2045 | 862,328 |
Enterprise Products Operating LLC | ||
1,500,000 | 2.80%, 01/31/2030 | 1,313,217 |
1,000,000 | 5.35%, 01/31/2033 | 1,016,915 |
664,000 | 4.85%, 08/15/2042 | 608,778 |
175,000 | 4.20%, 01/31/2050 | 146,260 |
500,000 | EQT Corp 5.70%, 04/01/2028 | 493,484 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Energy — (continued) | ||
$ 3,000,000 | Equinor ASA(b) 3.13%, 04/06/2030 | $ 2,745,758 |
Exxon Mobil Corp | ||
500,000 | 2.99%, 03/19/2025 | 481,696 |
175,000 | 2.61%, 10/15/2030 | 153,639 |
1,175,000 | 3.00%, 08/16/2039 | 931,537 |
2,421,000 | 3.45%, 04/15/2051 | 1,881,100 |
500,000 | Halliburton Co 5.00%, 11/15/2045 | 452,403 |
1,000,000 | Hess Corp 5.60%, 02/15/2041 | 956,774 |
Kinder Morgan Energy Partners LP | ||
175,000 | 6.95%, 01/15/2038 | 187,932 |
1,500,000 | 4.70%, 11/01/2042 | 1,246,470 |
Kinder Morgan Inc | ||
1,000,000 | 1.75%, 11/15/2026 | 885,151 |
500,000 | 2.00%, 02/15/2031 | 396,954 |
1,000,000 | 4.80%, 02/01/2033(b) | 943,135 |
500,000 | Magellan Midstream Partners LP 4.85%, 02/01/2049 | 406,660 |
Marathon Petroleum Corp | ||
175,000 | 4.70%, 05/01/2025 | 171,698 |
500,000 | 4.75%, 09/15/2044 | 418,177 |
MPLX LP | ||
1,000,000 | 4.25%, 12/01/2027 | 949,674 |
1,000,000 | 5.00%, 03/01/2033 | 957,885 |
1,500,000 | 4.50%, 04/15/2038 | 1,291,093 |
500,000 | Northwest Pipeline LLC 7.13%, 12/01/2025 | 509,926 |
175,000 | NOV Inc 3.60%, 12/01/2029 | 155,442 |
1,000,000 | Occidental Petroleum Corp 6.13%, 01/01/2031 | 1,015,400 |
1,000,000 | ONEOK Inc 6.10%, 11/15/2032 | 1,017,353 |
675,000 | ONEOK Partners LP 6.20%, 09/15/2043 | 652,413 |
Phillips 66 | ||
175,000 | 2.15%, 12/15/2030 | 142,798 |
1,000,000 | 5.30%, 06/30/2033 | 996,855 |
500,000 | 4.65%, 11/15/2034 | 472,009 |
1,000,000 | Plains All American Pipeline LP / PAA Finance Corp 3.60%, 11/01/2024 | 967,525 |
1,000,000 | Sabine Pass Liquefaction LLC 4.20%, 03/15/2028 | 947,764 |
1,000,000 | Schlumberger Investment SA 4.85%, 05/15/2033 | 983,449 |
Shell International Finance BV | ||
1,175,000 | 2.38%, 11/07/2029(c) | 1,026,343 |
2,000,000 | 2.75%, 04/06/2030 | 1,785,821 |
500,000 | 4.13%, 05/11/2035 | 464,225 |
175,000 | 6.38%, 12/15/2038(c) | 196,121 |
500,000 | 3.63%, 08/21/2042 | 414,206 |
140,000 | 4.38%, 05/11/2045(c) | 126,189 |
Principal Amount | Fair Value | |
Energy — (continued) | ||
$ 175,000 | 4.00%, 05/10/2046(c) | $ 148,625 |
175,000 | 3.25%, 04/06/2050(c) | 130,180 |
1,000,000 | Spectra Energy Partners LP 3.38%, 10/15/2026 | 938,855 |
Suncor Energy Inc | ||
500,000 | 6.80%, 05/15/2038 | 530,515 |
175,000 | 3.75%, 03/04/2051 | 128,124 |
Targa Resources Corp | ||
1,000,000 | 4.20%, 02/01/2033 | 885,138 |
1,000,000 | 6.13%, 03/15/2033 | 1,021,790 |
1,000,000 | TotalEnergies Capital International SA 2.83%, 01/10/2030 | 894,752 |
TransCanada PipeLines Ltd | ||
1,000,000 | 6.20%, 03/09/2026 | 1,000,697 |
1,175,000 | 4.88%, 05/15/2048 | 1,052,204 |
500,000 | Valero Energy Corp 7.50%, 04/15/2032 | 563,808 |
Williams Cos Inc | ||
1,000,000 | 5.40%, 03/02/2026 | 997,386 |
1,000,000 | 3.75%, 06/15/2027 | 943,699 |
675,000 | 2.60%, 03/15/2031 | 559,416 |
1,000,000 | 4.65%, 08/15/2032 | 947,012 |
62,848,415 | ||
Financial — 8.31% | ||
AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust | ||
1,500,000 | 3.88%, 01/23/2028 | 1,379,061 |
1,000,000 | 3.00%, 10/29/2028 | 864,653 |
1,500,000 | 3.85%, 10/29/2041 | 1,139,423 |
3,028,000 | Air Lease Corp 1.88%, 08/15/2026 | 2,689,073 |
Alexandria Real Estate Equities Inc REIT | ||
500,000 | 1.88%, 02/01/2033 | 365,389 |
1,000,000 | 4.75%, 04/15/2035 | 927,834 |
1,000,000 | Allstate Corp 3.28%, 12/15/2026 | 941,077 |
2,000,000 | Ally Financial Inc 2.20%, 11/02/2028 | 1,596,228 |
American Express Co | ||
1,000,000 | 3.95%, 08/01/2025 | 970,562 |
1,500,000 | 4.90%, 02/13/2026 | 1,484,598 |
1,000,000 | 1.65%, 11/04/2026 | 889,608 |
850,000 | 2.55%, 03/04/2027 | 773,848 |
1,000,000 | 5.04%, 05/01/2034 | 978,122 |
1,675,000 | American International Group Inc 3.40%, 06/30/2030 | 1,481,746 |
American Tower Corp REIT | ||
1,500,000 | 3.80%, 08/15/2029 | 1,368,426 |
1,000,000 | 2.30%, 09/15/2031 | 795,515 |
1,000,000 | 5.55%, 07/15/2033 | 1,006,859 |
1,000,000 | Ameriprise Financial Inc 5.15%, 05/15/2033 | 992,879 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Financial — (continued) | ||
Aon Corp / Aon Global Holdings PLC | ||
$ 175,000 | 2.05%, 08/23/2031 | $ 139,642 |
1,000,000 | 5.35%, 02/28/2033 | 1,007,285 |
675,000 | 2.90%, 08/23/2051 | 440,333 |
2,279,000 | Ares Capital Corp 2.88%, 06/15/2028 | 1,884,657 |
Athene Global Funding(a) | ||
1,000,000 | 1.73%, 10/02/2026 | 861,962 |
1,000,000 | 2.95%, 11/12/2026 | 886,233 |
825,000 | 2.45%, 08/20/2027(b) | 702,948 |
1,000,000 | Australia & New Zealand Banking Group Ltd 5.09%, 12/08/2025 | 995,307 |
1,476,000 | AvalonBay Communities Inc REIT 2.95%, 05/11/2026 | 1,389,365 |
Banco Santander SA | ||
2,000,000 | 4.18%, 03/24/2028 | 1,872,207 |
175,000 | 2.96%, 03/25/2031 | 144,303 |
Bank of America Corp | ||
1,000,000 | 3.46%, 03/15/2025 | 980,126 |
1,000,000 | 3.95%, 04/21/2025 | 968,394 |
1,000,000 | 1.53%, 12/06/2025 | 934,809 |
1,000,000 | 3.38%, 04/02/2026 | 958,505 |
2,175,000 | 1.73%, 07/22/2027 | 1,941,763 |
5,500,000 | 2.50%, 02/13/2031 | 4,604,773 |
3,175,000 | 2.30%, 07/21/2032 | 2,539,260 |
2,500,000 | 2.57%, 10/20/2032 | 2,036,251 |
1,000,000 | 5.02%, 07/22/2033 | 978,244 |
1,000,000 | 2.48%, 09/21/2036 | 765,032 |
500,000 | 6.11%, 01/29/2037 | 527,308 |
2,000,000 | 4.08%, 04/23/2040 | 1,717,917 |
4,000,000 | 2.68%, 06/19/2041 | 2,808,575 |
1,000,000 | 5.88%, 02/07/2042 | 1,063,319 |
2,175,000 | 2.97%, 07/21/2052 | 1,478,453 |
Bank of Montreal | ||
1,000,000 | 4.25%, 09/14/2024 | 980,299 |
1,500,000 | 1.25%, 09/15/2026 | 1,322,374 |
1,000,000 | 2.65%, 03/08/2027 | 915,499 |
Bank of New York Mellon Corp | ||
1,350,000 | 4.95%, 04/26/2027 | 1,333,346 |
1,000,000 | 5.80%, 10/25/2028 | 1,019,270 |
1,000,000 | 1.90%, 01/25/2029 | 835,124 |
2,000,000 | 4.54%, 02/01/2029 | 1,946,548 |
1,000,000 | 1.80%, 07/28/2031 | 792,050 |
Bank of Nova Scotia | ||
2,500,000 | 1.05%, 03/02/2026 | 2,226,110 |
2,500,000 | 5.25%, 06/12/2028 | 2,482,979 |
Barclays PLC | ||
1,500,000 | 3.65%, 03/16/2025 | 1,437,798 |
500,000 | 5.30%, 08/09/2026 | 487,744 |
1,000,000 | 2.89%, 11/24/2032 | 786,970 |
Berkshire Hathaway Finance Corp | ||
900,000 | 2.30%, 03/15/2027 | 841,590 |
175,000 | 1.45%, 10/15/2030 | 142,429 |
175,000 | 4.25%, 01/15/2049 | 159,365 |
Principal Amount | Fair Value | |
Financial — (continued) | ||
$ 1,000,000 | 2.85%, 10/15/2050 | $ 695,877 |
BlackRock Inc | ||
1,000,000 | 3.20%, 03/15/2027 | 946,507 |
1,000,000 | 3.25%, 04/30/2029 | 927,182 |
1,000,000 | BNP Paribas SA(a) 2.16%, 09/15/2029 | 832,743 |
Boston Properties LP REIT | ||
500,000 | 3.20%, 01/15/2025 | 474,269 |
1,000,000 | 6.75%, 12/01/2027 | 1,011,308 |
1,000,000 | BPCE SA(a)(b) 4.75%, 07/19/2027 | 966,885 |
500,000 | Brixmor Operating Partnership LP REIT 3.85%, 02/01/2025 | 478,193 |
1,000,000 | Camden Property Trust REIT 2.80%, 05/15/2030 | 867,849 |
Canadian Imperial Bank of Commerce | ||
1,000,000 | 2.25%, 01/28/2025(b) | 948,136 |
1,000,000 | 3.95%, 08/04/2025 | 966,907 |
1,000,000 | 5.00%, 04/28/2028 | 984,181 |
Capital One Financial Corp | ||
1,000,000 | 3.30%, 10/30/2024 | 960,826 |
1,000,000 | 1.88%, 11/02/2027 | 856,630 |
1,000,000 | 6.31%, 06/08/2029 | 993,263 |
1,000,000 | 5.25%, 07/26/2030 | 942,709 |
3,000,000 | Charles Schwab Corp 0.90%, 03/11/2026 | 2,650,126 |
1,000,000 | Chubb INA Holdings Inc 2.85%, 12/15/2051 | 696,315 |
Citigroup Inc | ||
1,000,000 | 1.28%, 11/03/2025 | 936,772 |
2,000,000 | 3.40%, 05/01/2026 | 1,902,030 |
3,250,000 | 4.45%, 09/29/2027 | 3,103,192 |
2,000,000 | 3.07%, 02/24/2028 | 1,840,483 |
3,000,000 | 3.52%, 10/27/2028 | 2,786,253 |
2,000,000 | 3.06%, 01/25/2033 | 1,669,749 |
3,500,000 | 2.90%, 11/03/2042 | 2,478,034 |
2,000,000 | Citizens Bank NA 4.58%, 08/09/2028 | 1,817,819 |
1,000,000 | Cooperatieve Rabobank UA(a) 1.11%, 02/24/2027 | 883,837 |
Crown Castle Inc REIT | ||
1,000,000 | 4.80%, 09/01/2028 | 970,038 |
2,000,000 | 2.25%, 01/15/2031 | 1,630,081 |
1,000,000 | CubeSmart LP REIT 2.25%, 12/15/2028 | 842,660 |
3,000,000 | Development Bank of Japan Inc(a)(b) 1.75%, 10/20/2031 | 2,451,764 |
1,000,000 | EPR Properties REIT 3.60%, 11/15/2031 | 779,860 |
1,000,000 | Equinix Inc REIT 3.20%, 11/18/2029 | 877,924 |
1,000,000 | Equitable Holdings Inc 5.59%, 01/11/2033 | 980,463 |
1,000,000 | Essex Portfolio LP REIT 1.65%, 01/15/2031 | 758,693 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Financial — (continued) | ||
$ 1,000,000 | Everest Reinsurance Holdings Inc 3.13%, 10/15/2052 | $ 660,807 |
2,000,000 | Extra Space Storage LP REIT 2.35%, 03/15/2032 | 1,562,910 |
1,000,000 | Fidelity National Financial Inc 2.45%, 03/15/2031 | 783,262 |
Fifth Third Bancorp | ||
500,000 | 1.71%, 11/01/2027 | 427,062 |
1,000,000 | 4.06%, 04/25/2028 | 920,024 |
1,000,000 | 4.77%, 07/28/2030 | 934,438 |
Goldman Sachs Group Inc | ||
1,000,000 | 3.50%, 11/16/2026 | 937,503 |
1,000,000 | 1.09%, 12/09/2026 | 891,136 |
1,000,000 | 1.43%, 03/09/2027 | 893,505 |
175,000 | 1.54%, 09/10/2027 | 153,808 |
2,500,000 | 4.48%, 08/23/2028 | 2,417,040 |
4,000,000 | 3.80%, 03/15/2030 | 3,699,032 |
5,555,000 | 2.38%, 07/21/2032 | 4,449,549 |
1,000,000 | 6.25%, 02/01/2041 | 1,074,886 |
175,000 | Golub Capital BDC Inc 2.50%, 08/24/2026 | 151,340 |
1,000,000 | Healthcare Realty Holdings LP REIT(b) 3.75%, 07/01/2027 | 923,154 |
HSBC Holdings PLC | ||
1,500,000 | 3.90%, 05/25/2026 | 1,429,348 |
175,000 | 1.59%, 05/24/2027 | 154,448 |
2,741,000 | 2.21%, 08/17/2029 | 2,293,030 |
1,000,000 | Huntington Bancshares Inc 2.49%, 08/15/2036 | 705,013 |
1,000,000 | ING Groep NV(a) 1.40%, 07/01/2026 | 910,467 |
2,000,000 | Intercontinental Exchange Inc 3.10%, 09/15/2027 | 1,864,974 |
500,000 | Invesco Finance PLC 3.75%, 01/15/2026 | 481,751 |
JPMorgan Chase & Co | ||
1,025,000 | 0.97%, 06/23/2025 | 972,945 |
175,000 | 3.90%, 07/15/2025 | 170,594 |
4,729,000 | 0.77%, 08/09/2025(c) | 4,453,936 |
1,500,000 | 5.55%, 12/15/2025 | 1,493,662 |
175,000 | 3.30%, 04/01/2026 | 166,718 |
1,524,000 | 2.08%, 04/22/2026 | 1,427,229 |
1,175,000 | 1.58%, 04/22/2027 | 1,055,400 |
2,000,000 | 3.63%, 12/01/2027 | 1,874,922 |
4,000,000 | 4.57%, 06/14/2030 | 3,843,171 |
1,175,000 | 2.74%, 10/15/2030 | 1,012,172 |
1,000,000 | 2.96%, 05/13/2031 | 857,450 |
1,425,000 | 1.95%, 02/04/2032 | 1,135,425 |
2,000,000 | 5.72%, 09/14/2033 | 2,028,986 |
1,000,000 | 3.88%, 07/24/2038 | 862,938 |
500,000 | 5.50%, 10/15/2040 | 513,336 |
1,000,000 | KeyBank NA 4.39%, 12/14/2027 | 885,539 |
1,000,000 | KeyCorp 4.79%, 06/01/2033 | 838,338 |
Principal Amount | Fair Value | |
Financial — (continued) | ||
$ 1,000,000 | Kilroy Realty LP REIT 2.65%, 11/15/2033 | $ 678,009 |
Kimco Realty OP LLC REIT | ||
1,000,000 | 2.25%, 12/01/2031 | 778,226 |
250,000 | 4.60%, 02/01/2033 | 231,164 |
Kreditanstalt fuer Wiederaufbau | ||
3,000,000 | 0.63%, 01/22/2026 | 2,710,063 |
1,000,000 | 3.63%, 04/01/2026(b) | 974,356 |
1,700,000 | 1.00%, 10/01/2026 | 1,520,573 |
1,000,000 | 3.75%, 02/15/2028 | 977,762 |
800,000 | 3.88%, 06/15/2028 | 785,843 |
2,000,000 | 0.75%, 09/30/2030 | 1,588,931 |
Landwirtschaftliche Rentenbank(b) | ||
1,000,000 | 0.50%, 05/27/2025 | 917,764 |
1,000,000 | 3.88%, 09/28/2027 | 981,640 |
1,000,000 | Life Storage LP REIT 2.40%, 10/15/2031 | 792,213 |
1,000,000 | Lincoln National Corp 3.40%, 03/01/2032 | 804,744 |
1,500,000 | Lloyds Banking Group PLC 3.75%, 01/11/2027 | 1,405,000 |
175,000 | LXP Industrial Trust REIT 2.38%, 10/01/2031 | 133,209 |
Marsh & McLennan Cos Inc | ||
500,000 | 4.38%, 03/15/2029 | 485,681 |
1,000,000 | 2.38%, 12/15/2031 | 814,786 |
Mastercard Inc | ||
1,000,000 | 3.30%, 03/26/2027 | 955,206 |
1,000,000 | 4.85%, 03/09/2033 | 1,016,764 |
1,000,000 | MetLife Inc 5.25%, 01/15/2054 | 967,256 |
Metropolitan Life Global Funding I(a) | ||
1,000,000 | 0.95%, 07/02/2025 | 909,586 |
1,000,000 | 4.40%, 06/30/2027 | 971,391 |
500,000 | 4.30%, 08/25/2029 | 473,857 |
2,000,000 | 2.40%, 01/11/2032 | 1,633,020 |
750,000 | Mid-America Apartments LP REIT 2.88%, 09/15/2051 | 482,296 |
Mitsubishi UFJ Financial Group Inc | ||
4,574,000 | 1.54%, 07/20/2027 | 4,036,851 |
1,000,000 | 5.42%, 02/22/2029 | 994,701 |
1,000,000 | 2.85%, 01/19/2033 | 824,153 |
Mizuho Financial Group Inc | ||
1,000,000 | 5.78%, 07/06/2029 | 1,002,467 |
2,000,000 | 1.98%, 09/08/2031 | 1,580,177 |
1,000,000 | 2.56%, 09/13/2031 | 786,703 |
Morgan Stanley | ||
1,000,000 | 2.19%, 04/28/2026 | 938,708 |
1,574,000 | 3.13%, 07/27/2026 | 1,473,963 |
1,500,000 | 4.35%, 09/08/2026 | 1,448,613 |
2,175,000 | 1.51%, 07/20/2027 | 1,926,980 |
2,000,000 | 5.12%, 02/01/2029 | 1,972,474 |
2,000,000 | 1.79%, 02/13/2032 | 1,551,394 |
1,175,000 | 2.24%, 07/21/2032 | 933,874 |
3,000,000 | 2.51%, 10/20/2032 | 2,423,150 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Financial — (continued) | ||
$ 1,000,000 | 2.94%, 01/21/2033 | $ 831,228 |
500,000 | 4.89%, 07/20/2033 | 481,225 |
2,000,000 | 2.48%, 09/16/2036 | 1,517,481 |
1,000,000 | 5.95%, 01/19/2038 | 987,042 |
1,000,000 | Morgan Stanley Domestic Holdings Inc 3.80%, 08/24/2027 | 948,042 |
Nasdaq Inc | ||
1,000,000 | 5.55%, 02/15/2034 | 1,003,933 |
1,500,000 | 3.95%, 03/07/2052 | 1,152,340 |
National Australia Bank Ltd(a) | ||
1,000,000 | 4.63%, 11/22/2027(b) | 990,800 |
1,000,000 | 2.99%, 05/21/2031 | 797,166 |
1,000,000 | National Australia Bank Ltd/New York 4.90%, 06/13/2028 | 990,130 |
1,000,000 | NatWest Group PLC 5.52%, 09/30/2028 | 980,239 |
1,000,000 | Northern Trust Corp 6.13%, 11/02/2032 | 1,036,743 |
Oesterreichische Kontrollbank AG | ||
1,000,000 | 0.38%, 09/17/2025 | 907,390 |
1,000,000 | 3.63%, 09/09/2027 | 971,096 |
PNC Financial Services Group Inc | ||
2,000,000 | 5.35%, 12/02/2028 | 1,977,761 |
2,000,000 | 2.31%, 04/23/2032 | 1,623,091 |
1,000,000 | Principal Financial Group Inc 5.38%, 03/15/2033 | 990,649 |
2,000,000 | Principal Life Global Funding II(a) 1.50%, 11/17/2026 | 1,742,643 |
1,000,000 | Private Export Funding Corp 3.90%, 10/15/2027 | 979,654 |
1,000,000 | Progressive Corp 4.95%, 06/15/2033 | 991,610 |
Prologis LP REIT | ||
1,000,000 | 4.88%, 06/15/2028 | 990,939 |
1,500,000 | 4.63%, 01/15/2033 | 1,464,370 |
Prudential Financial Inc | ||
2,000,000 | 3.00%, 03/10/2040 | 1,495,215 |
1,000,000 | 3.70%, 10/01/2050 | 843,430 |
500,000 | Raymond James Financial Inc 3.75%, 04/01/2051 | 378,872 |
Realty Income Corp REIT | ||
1,000,000 | 3.95%, 08/15/2027 | 949,737 |
500,000 | 3.65%, 01/15/2028 | 466,323 |
1,000,000 | 1.80%, 03/15/2033 | 728,281 |
Royal Bank of Canada | ||
1,000,000 | 1.15%, 06/10/2025 | 923,103 |
3,000,000 | 1.40%, 11/02/2026 | 2,641,541 |
1,000,000 | 5.00%, 05/02/2033 | 975,820 |
1,000,000 | Santander UK Group Holdings PLC 1.67%, 06/14/2027 | 861,537 |
Simon Property Group LP REIT | ||
2,500,000 | 1.75%, 02/01/2028 | 2,136,980 |
Principal Amount | Fair Value | |
Financial — (continued) | ||
$ 1,000,000 | 2.45%, 09/13/2029 | $ 841,845 |
175,000 | 3.25%, 09/13/2049 | 117,593 |
State Street Corp | ||
1,000,000 | 5.75%, 11/04/2026 | 1,005,487 |
2,000,000 | 2.20%, 03/03/2031 | 1,624,965 |
Sumitomo Mitsui Financial Group Inc | ||
3,000,000 | 1.47%, 07/08/2025 | 2,755,096 |
2,000,000 | 5.52%, 01/13/2028 | 2,007,653 |
1,000,000 | Sun Communities Operating LP REIT 2.30%, 11/01/2028 | 840,553 |
1,000,000 | Synchrony Bank 5.63%, 08/23/2027 | 938,270 |
500,000 | Synchrony Financial 2.88%, 10/28/2031 | 363,575 |
1,000,000 | Tanger Properties LP REIT 2.75%, 09/01/2031 | 725,687 |
Toronto-Dominion Bank | ||
2,500,000 | 2.80%, 03/10/2027 | 2,291,553 |
2,000,000 | 4.69%, 09/15/2027 | 1,957,410 |
1,000,000 | Travelers Cos Inc 5.45%, 05/25/2053 | 1,046,586 |
Truist Financial Corp | ||
300,000 | 4.26%, 07/28/2026 | 288,335 |
1,000,000 | 1.95%, 06/05/2030 | 794,545 |
3,000,000 | 4.92%, 07/28/2033 | 2,741,536 |
1,000,000 | Unum Group 4.13%, 06/15/2051 | 730,563 |
US Bancorp | ||
1,000,000 | 3.10%, 04/27/2026 | 934,532 |
2,000,000 | 2.22%, 01/27/2028 | 1,772,999 |
1,700,000 | 4.55%, 07/22/2028 | 1,625,747 |
500,000 | Ventas Realty LP REIT(b) 3.25%, 10/15/2026 | 457,769 |
1,000,000 | VICI Properties LP REIT 4.75%, 02/15/2028 | 946,834 |
2,000,000 | Visa Inc 3.15%, 12/14/2025 | 1,917,060 |
Wells Fargo & Co | ||
1,500,000 | 3.55%, 09/29/2025 | 1,437,676 |
2,500,000 | 3.00%, 04/22/2026 | 2,350,748 |
1,000,000 | 3.91%, 04/25/2026 | 966,782 |
750,000 | 4.30%, 07/22/2027 | 719,466 |
4,000,000 | 3.53%, 03/24/2028 | 3,733,398 |
3,000,000 | 4.90%, 07/25/2033 | 2,877,637 |
1,000,000 | 5.39%, 04/24/2034 | 993,614 |
2,000,000 | 4.40%, 06/14/2046 | 1,624,202 |
175,000 | Western Union Co 1.35%, 03/15/2026 | 155,100 |
Westpac Banking Corp | ||
2,000,000 | 1.95%, 11/20/2028 | 1,714,436 |
1,000,000 | 2.89%, 02/04/2030 | 934,326 |
1,000,000 | 5.41%, 08/10/2033 | 947,412 |
1,000,000 | Weyerhaeuser Co REIT 3.38%, 03/09/2033 | 860,171 |
1,000,000 | WP Carey Inc REIT 2.45%, 02/01/2032 | 782,688 |
300,665,981 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Industrial — 2.11% | ||
3M Co | ||
$ 500,000 | 2.00%, 02/14/2025 | $ 471,618 |
1,000,000 | 3.63%, 10/15/2047 | 769,040 |
500,000 | 4.00%, 09/14/2048(b) | 438,158 |
1,500,000 | Agilent Technologies Inc 2.30%, 03/12/2031 | 1,227,526 |
2,000,000 | Arrow Electronics Inc 6.13%, 03/01/2026 | 1,995,263 |
Boeing Co | ||
314,000 | 4.88%, 05/01/2025 | 309,538 |
175,000 | 2.75%, 02/01/2026 | 162,960 |
175,000 | 2.20%, 02/04/2026 | 160,616 |
3,000,000 | 2.95%, 02/01/2030 | 2,607,493 |
2,000,000 | 5.71%, 05/01/2040 | 1,995,014 |
1,500,000 | 3.63%, 03/01/2048 | 1,064,362 |
175,000 | 5.93%, 05/01/2060 | 173,318 |
Burlington Northern Santa Fe LLC | ||
500,000 | 5.15%, 09/01/2043 | 494,799 |
1,000,000 | 4.45%, 01/15/2053 | 914,997 |
1,000,000 | 5.20%, 04/15/2054 | 1,019,911 |
1,000,000 | Canadian National Railway Co 3.50%, 11/15/2042 | 768,739 |
2,000,000 | Canadian Pacific Railway Co 3.00%, 12/02/2041 | 1,635,954 |
2,500,000 | Carrier Global Corp 3.38%, 04/05/2040 | 1,919,190 |
Caterpillar Financial Services Corp | ||
1,000,000 | 2.15%, 11/08/2024 | 958,238 |
1,000,000 | 4.80%, 01/06/2026 | 997,814 |
500,000 | Caterpillar Inc 5.20%, 05/27/2041 | 520,859 |
CNH Industrial Capital LLC | ||
500,000 | 3.95%, 05/23/2025 | 483,842 |
1,000,000 | 4.55%, 04/10/2028 | 966,936 |
CSX Corp | ||
2,250,000 | 4.25%, 03/15/2029 | 2,178,032 |
250,000 | 4.75%, 05/30/2042 | 230,198 |
1,000,000 | 4.50%, 11/15/2052 | 903,209 |
Eaton Corp | ||
500,000 | 4.15%, 03/15/2033 | 474,867 |
500,000 | 4.70%, 08/23/2052 | 478,967 |
FedEx Corp | ||
1,000,000 | 4.10%, 02/01/2045 | 808,036 |
175,000 | 5.25%, 05/15/2050(b) | 168,175 |
1,000,000 | Fortune Brands Innovations Inc 5.88%, 06/01/2033 | 1,001,302 |
1,000,000 | GATX Corp 4.90%, 03/15/2033 | 948,060 |
2,000,000 | General Dynamics Corp 4.25%, 04/01/2040 | 1,840,141 |
500,000 | Holcim Capital Corp Ltd(a) 6.50%, 09/12/2043 | 485,651 |
Honeywell International Inc | ||
2,801,000 | 1.10%, 03/01/2027 | 2,469,720 |
500,000 | 4.25%, 01/15/2029 | 486,652 |
Principal Amount | Fair Value | |
Industrial — (continued) | ||
$ 1,000,000 | Jabil Inc 4.25%, 05/15/2027 | $ 951,849 |
500,000 | JB Hunt Transport Services Inc 3.88%, 03/01/2026 | 482,115 |
John Deere Capital Corp | ||
1,000,000 | 3.40%, 06/06/2025 | 968,282 |
500,000 | 1.70%, 01/11/2027 | 451,864 |
1,000,000 | 1.75%, 03/09/2027 | 896,901 |
1,000,000 | 4.75%, 01/20/2028 | 999,167 |
3,000,000 | 3.90%, 06/07/2032 | 2,832,983 |
1,000,000 | Johnson Controls Inc 3.63%, 07/02/2024 | 977,666 |
Lockheed Martin Corp | ||
1,000,000 | 4.45%, 05/15/2028 | 985,716 |
500,000 | 3.90%, 06/15/2032 | 470,890 |
500,000 | 4.09%, 09/15/2052 | 439,690 |
1,000,000 | 5.70%, 11/15/2054 | 1,110,266 |
1,175,000 | Martin Marietta Materials Inc 3.20%, 07/15/2051 | 817,948 |
500,000 | Molex Electronic Technologies LLC(a) 3.90%, 04/15/2025 | 475,781 |
Norfolk Southern Corp | ||
1,000,000 | 4.45%, 03/01/2033 | 956,849 |
1,000,000 | 3.05%, 05/15/2050 | 691,376 |
Northrop Grumman Corp | ||
1,000,000 | 3.25%, 01/15/2028 | 932,579 |
1,000,000 | 4.70%, 03/15/2033 | 981,412 |
1,000,000 | Otis Worldwide Corp 2.29%, 04/05/2027 | 907,114 |
1,000,000 | Packaging Corp of America 3.05%, 10/01/2051 | 661,190 |
1,000,000 | Parker-Hannifin Corp 4.20%, 11/21/2034 | 915,632 |
1,000,000 | Penske Truck Leasing Co LP / PTL Finance Corp(a) 5.55%, 05/01/2028 | 984,575 |
Raytheon Technologies Corp | ||
175,000 | 1.90%, 09/01/2031 | 139,710 |
1,000,000 | 5.15%, 02/27/2033 | 1,013,668 |
1,000,000 | 3.75%, 11/01/2046 | 805,722 |
1,500,000 | 4.35%, 04/15/2047 | 1,329,278 |
1,175,000 | 2.82%, 09/01/2051 | 789,134 |
1,000,000 | Republic Services Inc(b) 2.38%, 03/15/2033 | 813,415 |
1,175,000 | Rockwell Automation Inc 1.75%, 08/15/2031 | 946,904 |
1,000,000 | Ryder System Inc 1.75%, 09/01/2026 | 893,740 |
500,000 | Siemens Financieringsmaatschappij NV(a) 4.40%, 05/27/2045 | 461,643 |
Stanley Black & Decker Inc | ||
1,000,000 | 6.27%, 03/06/2026(b) | 1,009,064 |
1,000,000 | 2.30%, 03/15/2030 | 824,370 |
1,000,000 | Textron Inc 3.90%, 09/17/2029 | 916,566 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Industrial — (continued) | ||
$ 1,000,000 | Trane Technologies Financing Ltd 5.25%, 03/03/2033 | $ 1,012,433 |
Union Pacific Corp | ||
1,750,000 | 2.15%, 02/05/2027 | 1,598,177 |
500,000 | 3.60%, 09/15/2037 | 426,369 |
500,000 | 3.38%, 02/14/2042 | 399,510 |
1,000,000 | 2.95%, 03/10/2052 | 694,002 |
1,000,000 | 4.95%, 09/09/2052 | 992,292 |
Union Pacific Railroad Co Pass Through Trust | ||
217,086 | 5.87%, 07/02/2030 | 221,983 |
1,011 | 6.18%, 01/02/2031 | 1,035 |
United Parcel Service Inc | ||
500,000 | 2.40%, 11/15/2026 | 465,457 |
1,000,000 | 3.05%, 11/15/2027 | 941,696 |
1,000,000 | 4.88%, 03/03/2033 | 1,010,548 |
500,000 | Vulcan Materials Co 3.90%, 04/01/2027 | 481,144 |
1,000,000 | Waste Connections Inc 2.20%, 01/15/2032 | 806,472 |
2,000,000 | Waste Management Inc 1.50%, 03/15/2031 | 1,592,922 |
1,250,000 | WRKCo Inc 3.90%, 06/01/2028 | 1,164,574 |
76,172,868 | ||
Technology — 2.01% | ||
2,000,000 | Activision Blizzard Inc 1.35%, 09/15/2030 | 1,599,880 |
1,500,000 | Adobe Inc 2.30%, 02/01/2030 | 1,315,815 |
1,000,000 | Analog Devices Inc 1.70%, 10/01/2028 | 859,285 |
Apple Inc | ||
175,000 | 2.90%, 09/12/2027 | 164,211 |
1,500,000 | 3.00%, 11/13/2027 | 1,413,246 |
1,000,000 | 1.20%, 02/08/2028 | 866,705 |
952,000 | 1.40%, 08/05/2028(b) | 821,712 |
1,000,000 | 4.15%, 05/10/2030 | 984,184 |
1,175,000 | 1.70%, 08/05/2031(b) | 970,129 |
1,500,000 | 3.85%, 05/04/2043 | 1,338,502 |
1,500,000 | 2.65%, 05/11/2050 | 1,044,172 |
1,000,000 | 2.40%, 08/20/2050 | 669,697 |
2,175,000 | 2.70%, 08/05/2051 | 1,514,990 |
1,000,000 | 3.95%, 08/08/2052 | 881,349 |
1,500,000 | Applied Materials Inc 1.75%, 06/01/2030 | 1,248,855 |
1,000,000 | Autodesk Inc 2.40%, 12/15/2031 | 818,287 |
Broadcom Inc | ||
1,425,000 | 4.15%, 11/15/2030 | 1,311,070 |
3,500,000 | 3.42%, 04/15/2033(a) | 2,926,904 |
573,000 | 4.93%, 05/15/2037(a) | 518,567 |
175,000 | 3.50%, 02/15/2041(a) | 130,905 |
1,000,000 | CDW LLC / CDW Finance Corp 2.67%, 12/01/2026 | 897,880 |
Principal Amount | Fair Value | |
Technology — (continued) | ||
Dell International LLC / EMC Corp | ||
$ 1,000,000 | 5.25%, 02/01/2028 | $ 997,926 |
76,000 | 8.10%, 07/15/2036 | 88,917 |
2,000,000 | 3.38%, 12/15/2041(a) | 1,410,360 |
35,000 | 8.35%, 07/15/2046 | 42,921 |
1,500,000 | Fidelity National Information Services Inc 3.10%, 03/01/2041 | 1,032,246 |
Fiserv Inc | ||
175,000 | 2.25%, 06/01/2027 | 157,154 |
1,000,000 | 5.45%, 03/02/2028 | 1,004,883 |
1,000,000 | 4.20%, 10/01/2028 | 957,803 |
1,000,000 | Hewlett Packard Enterprise Co 6.10%, 04/01/2026 | 1,002,581 |
2,891,000 | HP Inc 2.65%, 06/17/2031 | 2,330,434 |
Intel Corp | ||
1,000,000 | 3.75%, 08/05/2027 | 956,109 |
1,175,000 | 1.60%, 08/12/2028 | 1,011,404 |
1,000,000 | 5.13%, 02/10/2030 | 1,006,134 |
175,000 | 2.00%, 08/12/2031 | 142,958 |
1,175,000 | 2.80%, 08/12/2041 | 837,094 |
2,000,000 | 5.63%, 02/10/2043 | 2,031,003 |
175,000 | 3.05%, 08/12/2051 | 117,278 |
International Business Machines Corp | ||
2,000,000 | 4.15%, 07/27/2027 | 1,944,765 |
2,500,000 | 4.00%, 06/20/2042 | 2,111,414 |
500,000 | KLA Corp 4.65%, 07/15/2032 | 498,241 |
Micron Technology Inc | ||
1,000,000 | 6.75%, 11/01/2029 | 1,039,491 |
1,000,000 | 2.70%, 04/15/2032 | 788,868 |
Microsoft Corp | ||
190,000 | 2.40%, 08/08/2026 | 178,314 |
3,453,000 | 3.45%, 08/08/2036 | 3,149,448 |
1,000,000 | 2.53%, 06/01/2050 | 691,746 |
1,547,000 | 2.92%, 03/17/2052 | 1,150,918 |
1,675,000 | NVIDIA Corp 1.55%, 06/15/2028 | 1,461,815 |
1,000,000 | NXP BV / NXP Funding LLC / NXP USA Inc 2.65%, 02/15/2032 | 809,518 |
Oracle Corp | ||
800,000 | 2.50%, 04/01/2025 | 759,310 |
1,000,000 | 6.25%, 11/09/2032 | 1,061,492 |
4,000,000 | 4.90%, 02/06/2033 | 3,882,819 |
2,500,000 | 3.85%, 07/15/2036 | 2,086,472 |
175,000 | 6.13%, 07/08/2039 | 180,549 |
3,000,000 | 3.65%, 03/25/2041 | 2,311,287 |
175,000 | 4.00%, 07/15/2046 | 134,507 |
175,000 | 3.60%, 04/01/2050 | 125,048 |
175,000 | 3.95%, 03/25/2051 | 132,321 |
1,894,000 | Qorvo Inc 4.38%, 10/15/2029 | 1,710,662 |
QUALCOMM Inc | ||
2,500,000 | 1.30%, 05/20/2028 | 2,131,412 |
500,000 | 3.25%, 05/20/2050(b) | 374,582 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Technology — (continued) | ||
$ 1,350,000 | Roper Technologies Inc 1.00%, 09/15/2025 | $ 1,227,464 |
1,175,000 | Salesforce Inc 2.70%, 07/15/2041 | 863,278 |
1,000,000 | Take-Two Interactive Software Inc 4.95%, 03/28/2028 | 988,160 |
Texas Instruments Inc | ||
1,000,000 | 1.75%, 05/04/2030 | 839,773 |
1,000,000 | 4.10%, 08/16/2052 | 890,561 |
VMware Inc | ||
175,000 | 1.40%, 08/15/2026 | 154,532 |
1,000,000 | 2.20%, 08/15/2031 | 785,800 |
1,000,000 | Workday Inc 3.80%, 04/01/2032 | 900,272 |
72,788,389 | ||
Utilities — 2.09% | ||
2,000,000 | AEP Texas Inc 2.10%, 07/01/2030 | 1,633,190 |
1,175,000 | AEP Transmission Co LLC 2.75%, 08/15/2051 | 757,348 |
1,000,000 | Ameren Illinois Co 4.95%, 06/01/2033 | 992,056 |
American Electric Power Co Inc | ||
1,000,000 | 5.75%, 11/01/2027 | 1,021,606 |
1,000,000 | 5.63%, 03/01/2033 | 1,016,659 |
1,000,000 | American Water Capital Corp 3.75%, 09/01/2047 | 791,257 |
Appalachian Power Co | ||
140,000 | 7.00%, 04/01/2038 | 157,519 |
1,000,000 | 3.70%, 05/01/2050 | 753,754 |
1,000,000 | Arizona Public Service Co 5.55%, 08/01/2033 | 1,000,723 |
175,000 | Atmos Energy Corp 5.50%, 06/15/2041 | 174,794 |
175,000 | Avangrid Inc 3.80%, 06/01/2029 | 159,479 |
1,000,000 | Baltimore Gas & Electric Co 5.40%, 06/01/2053 | 1,015,903 |
Berkshire Hathaway Energy Co | ||
500,000 | 3.70%, 07/15/2030 | 459,950 |
175,000 | 5.95%, 05/15/2037 | 180,212 |
175,000 | 5.15%, 11/15/2043 | 162,590 |
2,735,000 | 2.85%, 05/15/2051 | 1,767,833 |
1,000,000 | Black Hills Corp 3.88%, 10/15/2049 | 737,242 |
500,000 | Boston Gas Co(a) 3.15%, 08/01/2027 | 454,925 |
1,000,000 | CenterPoint Energy Houston Electric LLC 2.35%, 04/01/2031 | 838,618 |
2,000,000 | CenterPoint Energy Resources Corp(b) 4.40%, 07/01/2032 | 1,909,441 |
1,000,000 | CMS Energy Corp 4.88%, 03/01/2044 | 906,846 |
Principal Amount | Fair Value | |
Utilities — (continued) | ||
$ 1,000,000 | Connecticut Light & Power Co 5.25%, 01/15/2053 | $ 1,014,551 |
Consolidated Edison Co of New York Inc | ||
1,000,000 | 3.13%, 11/15/2027 | 928,924 |
1,000,000 | 2.40%, 06/15/2031(b) | 832,361 |
1,000,000 | Constellation Energy Generation LLC 3.25%, 06/01/2025 | 951,785 |
1,000,000 | Consumers Energy Co 3.60%, 08/15/2032 | 900,739 |
Dominion Energy Inc | ||
175,000 | 3.90%, 10/01/2025 | 168,576 |
1,500,000 | 3.38%, 04/01/2030 | 1,341,677 |
1,175,000 | 2.25%, 08/15/2031 | 946,629 |
175,000 | 4.70%, 12/01/2044 | 151,340 |
1,000,000 | Dominion Energy South Carolina Inc 2.30%, 12/01/2031 | 811,458 |
DTE Electric Co | ||
1,000,000 | 5.20%, 04/01/2033 | 1,016,086 |
1,000,000 | 3.75%, 08/15/2047 | 785,706 |
1,000,000 | DTE Energy Co 4.88%, 06/01/2028 | 978,132 |
Duke Energy Carolinas LLC | ||
2,000,000 | 2.45%, 02/01/2030 | 1,720,587 |
1,000,000 | 4.95%, 01/15/2033 | 992,593 |
Duke Energy Corp | ||
5,311,000 | 2.55%, 06/15/2031 | 4,376,156 |
175,000 | 3.50%, 06/15/2051 | 126,723 |
1,000,000 | Duke Energy Florida LLC 1.75%, 06/15/2030 | 813,445 |
1,000,000 | Duke Energy Indiana LLC 5.40%, 04/01/2053 | 1,007,878 |
1,000,000 | Duke Energy Ohio Inc 5.25%, 04/01/2033 | 1,007,104 |
Duke Energy Progress LLC | ||
657,000 | 2.00%, 08/15/2031 | 528,382 |
1,000,000 | 5.25%, 03/15/2033(b) | 1,015,692 |
527,536 | Elm Road Generating Station Supercritical LLC(a) 4.67%, 01/19/2031 | 499,129 |
1,000,000 | Entergy Arkansas LLC 5.15%, 01/15/2033 | 1,002,140 |
Entergy Corp | ||
1,000,000 | 0.90%, 09/15/2025 | 898,102 |
175,000 | 2.80%, 06/15/2030 | 148,333 |
Entergy Louisiana LLC | ||
1,000,000 | 0.95%, 10/01/2024 | 942,633 |
1,000,000 | 4.75%, 09/15/2052 | 917,135 |
1,000,000 | Eversource Energy 3.45%, 01/15/2050 | 732,559 |
1,000,000 | Exelon Corp 5.30%, 03/15/2033 | 996,806 |
Florida Power & Light Co | ||
140,000 | 5.96%, 04/01/2039 | 151,244 |
209,000 | 5.25%, 02/01/2041 | 209,267 |
171,000 | 4.05%, 10/01/2044 | 146,293 |
1,500,000 | 3.15%, 10/01/2049 | 1,093,499 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Utilities — (continued) | ||
Georgia Power Co | ||
$ 1,000,000 | 4.65%, 05/16/2028 | $ 979,784 |
1,000,000 | 3.25%, 03/15/2051 | 704,643 |
175,000 | IPALCO Enterprises Inc 4.25%, 05/01/2030 | 158,328 |
1,000,000 | ITC Holdings Corp(a) 4.95%, 09/22/2027 | 984,368 |
500,000 | Jersey Central Power & Light Co 6.15%, 06/01/2037 | 516,943 |
175,000 | Kentucky Utilities Co 5.13%, 11/01/2040 | 167,540 |
1,175,000 | MidAmerican Energy Co 2.70%, 08/01/2052 | 742,406 |
National Rural Utilities Cooperative Finance Corp | ||
1,000,000 | 5.05%, 09/15/2028(b) | 996,601 |
1,000,000 | 2.75%, 04/15/2032 | 832,835 |
NextEra Energy Capital Holdings Inc | ||
1,500,000 | 4.63%, 07/15/2027 | 1,466,711 |
2,000,000 | 5.05%, 02/28/2033 | 1,968,991 |
NiSource Inc | ||
1,000,000 | 2.95%, 09/01/2029 | 875,630 |
1,000,000 | 5.40%, 06/30/2033 | 1,000,668 |
1,000,000 | Northern States Power Co 4.00%, 08/15/2045 | 813,018 |
1,000,000 | Oklahoma Gas & Electric Co 5.40%, 01/15/2033 | 1,015,970 |
2,000,000 | Oncor Electric Delivery Co LLC 2.70%, 11/15/2051 | 1,295,313 |
1,000,000 | ONE Gas Inc(b) 4.25%, 09/01/2032 | 945,045 |
1,000,000 | PECO Energy Co 4.38%, 08/15/2052 | 883,109 |
1,000,000 | PPL Electric Utilities Corp 5.25%, 05/15/2053 | 1,019,092 |
175,000 | Progress Energy Inc 7.75%, 03/01/2031 | 198,454 |
1,000,000 | Public Service Co of Colorado 5.25%, 04/01/2053 | 960,389 |
Public Service Electric & Gas Co | ||
1,000,000 | 4.65%, 03/15/2033 | 981,076 |
1,000,000 | 4.05%, 05/01/2045 | 813,610 |
175,000 | Public Service Enterprise Group Inc 1.60%, 08/15/2030 | 137,072 |
1,000,000 | Puget Sound Energy Inc 2.89%, 09/15/2051 | 660,021 |
Southern Co | ||
500,000 | 3.70%, 04/30/2030 | 458,411 |
500,000 | 4.40%, 07/01/2046 | 427,595 |
1,000,000 | Southwest Gas Corp 5.80%, 12/01/2027 | 1,009,914 |
1,000,000 | Tampa Electric Co 5.00%, 07/15/2052 | 927,564 |
94,000 | Tucson Electric Power Co 3.05%, 03/15/2025 | 89,912 |
Principal Amount | Fair Value | |
Utilities — (continued) | ||
$ 1,500,000 | Union Electric Co 2.15%, 03/15/2032 | $ 1,200,487 |
Virginia Electric & Power Co | ||
1,000,000 | 3.75%, 05/15/2027 | 957,527 |
500,000 | 3.80%, 09/15/2047 | 390,708 |
1,000,000 | Wisconsin Power & Light Co 3.95%, 09/01/2032 | 922,829 |
Xcel Energy Inc | ||
175,000 | 2.60%, 12/01/2029 | 149,475 |
1,000,000 | 4.60%, 06/01/2032 | 944,305 |
75,641,953 | ||
TOTAL CORPORATE BONDS AND NOTES — 24.92% (Cost $992,004,873) | $ 901,405,796 | |
FOREIGN GOVERNMENT BONDS AND NOTES | ||
African Development Bank | ||
1,000,000 | 3.38%, 07/07/2025 | 970,990 |
1,000,000 | 4.38%, 03/14/2028 | 1,001,926 |
Asian Development Bank | ||
2,000,000 | 2.88%, 05/06/2025 | 1,924,002 |
1,000,000 | 4.25%, 01/09/2026 | 989,053 |
1,000,000 | 3.13%, 08/20/2027(b) | 954,435 |
1,000,000 | 3.75%, 04/25/2028 | 976,870 |
1,500,000 | 5.82%, 06/16/2028 | 1,594,451 |
1,000,000 | 1.88%, 03/15/2029(b) | 880,305 |
1,000,000 | 3.88%, 09/28/2032 | 989,800 |
1,000,000 | 3.88%, 06/14/2033 | 988,294 |
2,500,000 | Asian Infrastructure Investment Bank 3.38%, 06/29/2025 | 2,412,385 |
1,500,000 | Canada Government International Bond 0.75%, 05/19/2026 | 1,345,992 |
Chile Government International Bond | ||
500,000 | 2.75%, 01/31/2027 | 462,926 |
1,000,000 | 4.95%, 01/05/2036 | 986,603 |
4,000,000 | 3.50%, 01/25/2050 | 2,997,722 |
500,000 | 3.25%, 09/21/2071 | 323,754 |
500,000 | Corp Andina de Fomento 2.25%, 02/08/2027 | 448,641 |
1,500,000 | Council of Europe Development Bank 0.88%, 09/22/2026 | 1,332,415 |
European Bank for Reconstruction & Development | ||
1,000,000 | 0.50%, 11/25/2025 | 904,765 |
1,000,000 | 4.38%, 03/09/2028 | 1,003,866 |
European Investment Bank | ||
2,000,000 | 0.63%, 07/25/2025 | 1,834,912 |
2,000,000 | 1.38%, 03/15/2027 | 1,790,831 |
1,000,000 | 3.25%, 11/15/2027 | 959,991 |
2,000,000 | 3.88%, 03/15/2028 | 1,967,647 |
1,000,000 | 1.75%, 03/15/2029 | 875,700 |
1,000,000 | 3.63%, 07/15/2030 | 971,214 |
1,000,000 | 3.75%, 02/14/2033 | 984,661 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Foreign Government Bonds and Notes — (continued) | ||
Export Development Canada | ||
$ 1,000,000 | 3.38%, 08/26/2025 | $ 970,056 |
1,000,000 | 4.38%, 06/29/2026 | 994,160 |
1,000,000 | 3.88%, 02/14/2028 | 981,891 |
Export-Import Bank of Korea | ||
1,000,000 | 2.63%, 05/26/2026 | 923,285 |
2,000,000 | 5.13%, 01/11/2033 | 2,043,900 |
1,000,000 | 4.63%, 06/07/2033(a) | 983,355 |
Hungary Government International Bond(a) | ||
1,000,000 | 2.13%, 09/22/2031 | 771,602 |
1,000,000 | 3.13%, 09/21/2051 | 619,420 |
Indonesia Government International Bond | ||
1,000,000 | 3.50%, 01/11/2028 | 942,159 |
1,000,000 | 4.65%, 09/20/2032 | 978,358 |
1,000,000 | 5.65%, 01/11/2053(b) | 1,044,031 |
Inter-American Development Bank | ||
1,500,000 | 0.50%, 09/23/2024 | 1,413,225 |
2,000,000 | 0.63%, 07/15/2025 | 1,835,698 |
1,500,000 | 0.88%, 04/20/2026 | 1,353,167 |
2,000,000 | 1.13%, 07/20/2028 | 1,713,759 |
1,000,000 | 3.50%, 04/12/2033 | 959,688 |
1,000,000 | Inter-American Investment Corp 4.13%, 02/15/2028 | 983,748 |
International Bank for Reconstruction & Development | ||
1,000,000 | 0.75%, 11/24/2027 | 858,586 |
1,000,000 | 3.50%, 07/12/2028 | 965,393 |
9,500,000 | 1.13%, 09/13/2028 | 8,112,851 |
500,000 | 0.75%, 08/26/2030 | 396,115 |
2,000,000 | 1.25%, 02/10/2031 | 1,631,816 |
400,000 | International Finance Corp 0.38%, 07/16/2025 | 365,768 |
Israel Government International Bond | ||
1,000,000 | 3.25%, 01/17/2028 | 933,720 |
1,000,000 | 4.50%, 01/17/2033 | 980,800 |
Japan Bank for International Cooperation | ||
1,000,000 | 4.25%, 04/27/2026(b) | 981,736 |
4,000,000 | 2.25%, 11/04/2026 | 3,666,213 |
Korea Development Bank | ||
1,000,000 | 2.25%, 02/24/2027 | 858,900 |
470,000 | 1.38%, 04/25/2027 | 413,567 |
2,000,000 | 4.25%, 09/08/2032 | 1,932,834 |
Mexico Government International Bond | ||
1,000,000 | 5.40%, 02/09/2028 | 1,016,792 |
2,000,000 | 4.75%, 04/27/2032 | 1,905,484 |
1,000,000 | 4.88%, 05/19/2033 | 954,060 |
500,000 | 3.50%, 02/12/2034 | 418,785 |
2,750,000 | 4.60%, 01/23/2046 | 2,281,493 |
1,000,000 | 6.34%, 05/04/2053 | 1,018,658 |
1,000,000 | 3.77%, 05/24/2061 | 678,670 |
Nordic Investment Bank | ||
1,000,000 | 0.50%, 01/21/2026 | 899,907 |
Principal Amount | Fair Value | |
Foreign Government Bonds and Notes — (continued) | ||
$ 1,000,000 | 3.38%, 09/08/2027 | $ 963,006 |
Panama Government International Bond | ||
2,000,000 | 3.16%, 01/23/2030 | 1,749,007 |
2,000,000 | 6.40%, 02/14/2035 | 2,083,659 |
1,000,000 | Panama Notas del Tesoro 3.75%, 04/17/2026 | 979,590 |
400,000 | Perusahaan Penerbit SBSN Indonesia III(a) 4.70%, 06/06/2032 | 396,485 |
Peruvian Government International Bond | ||
1,000,000 | 2.84%, 06/20/2030 | 875,120 |
500,000 | 3.00%, 01/15/2034 | 411,023 |
1,000,000 | 3.55%, 03/10/2051(b) | 747,510 |
Philippine Government International Bond | ||
500,000 | 5.50%, 03/30/2026 | 508,588 |
2,000,000 | 3.00%, 02/01/2028 | 1,859,600 |
200,000 | 5.61%, 04/13/2033(b) | 210,849 |
1,000,000 | 5.00%, 07/17/2033 | 1,010,237 |
2,000,000 | 2.95%, 05/05/2045 | 1,417,778 |
1,000,000 | Province of Alberta Canada(a) 2.05%, 08/17/2026 | 920,269 |
Province of British Columbia Canada | ||
3,000,000 | 1.30%, 01/29/2031(b) | 2,430,208 |
1,000,000 | 4.20%, 07/06/2033 | 995,628 |
1,000,000 | Province of Manitoba Canada(b) 2.13%, 06/22/2026 | 926,773 |
Province of Ontario Canada | ||
1,000,000 | 0.63%, 01/21/2026 | 899,825 |
500,000 | 3.10%, 05/19/2027 | 472,987 |
1,000,000 | 1.13%, 10/07/2030 | 801,887 |
1,500,000 | 1.80%, 10/14/2031 | 1,246,581 |
Province of Quebec Canada | ||
500,000 | 2.75%, 04/12/2027 | 467,084 |
5,849,000 | 1.35%, 05/28/2030 | 4,815,761 |
1,000,000 | Province of Saskatchewan Canada 3.25%, 06/08/2027 | 946,310 |
1,000,000 | Republic of Italy Government International Bond(b) 3.88%, 05/06/2051 | 720,770 |
Republic of Poland Government International Bond | ||
500,000 | 3.25%, 04/06/2026 | 480,660 |
1,000,000 | 5.50%, 11/16/2027 | 1,025,136 |
1,000,000 | 5.75%, 11/16/2032 | 1,048,000 |
1,000,000 | 4.88%, 10/04/2033 | 980,960 |
Svensk Exportkredit AB | ||
1,000,000 | 0.63%, 05/14/2025 | 918,588 |
1,000,000 | 4.63%, 11/28/2025 | 992,040 |
1,000,000 | 4.13%, 06/14/2028 | 987,613 |
Uruguay Government International Bond | ||
500,000 | 4.38%, 01/23/2031 | 492,553 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Foreign Government Bonds and Notes — (continued) | ||
$ 1,000,000 | 5.75%, 10/28/2034 | $ 1,079,643 |
500,000 | 4.98%, 04/20/2055 | 485,906 |
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 3.34% (Cost $131,016,277) | $ 121,005,435 | |
MORTGAGE-BACKED SECURITIES | ||
Non-Agency — 0.88% | ||
BANK | ||
Series 2017-BNK7 Class A5 | ||
500,000 | 3.44%, 09/15/2060 | 457,943 |
Series 2018-BN10 Class A5 | ||
300,000 | 3.69%, 02/15/2061 | 276,664 |
Series 2019-BN20 Class ASB | ||
2,200,000 | 2.93%, 09/15/2062 | 2,006,783 |
4,000,000 | Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3 Class A4 3.57%, 02/15/2050 | 3,712,588 |
BBCMS Mortgage Trust | ||
Series 2021-C10 Class A5 | ||
1,500,000 | 2.49%, 07/15/2054 | 1,232,767 |
Series 2021-C11 Class A5 | ||
1,000,000 | 2.32%, 09/15/2054 | 803,473 |
Benchmark Mortgage Trust | ||
Series 2018-B3 Class AAB | ||
413,356 | 3.97%, 04/10/2051 | 392,919 |
Series 2018-B4 Class A5 | ||
1,100,000 | 4.12%, 07/15/2051(d) | 1,024,018 |
Series 2018-B7 Class A3 | ||
2,200,000 | 4.24%, 05/15/2053 | 2,039,165 |
Series 2019-B9 Class A4 | ||
650,000 | 3.75%, 03/15/2052 | 586,862 |
Series 2020-IG1 Class A3 | ||
322,000 | 2.69%, 09/15/2043 | 263,452 |
Series 2021-B25 Class A5 | ||
1,000,000 | 2.58%, 04/15/2054 | 794,284 |
1,000,000 | CFCRE Commercial Mortgage Trust Series 2017-C8 Class A4 3.57%, 06/15/2050 | 925,843 |
Citigroup Commercial Mortgage Trust | ||
Series 2015-GC31 Class A4 | ||
2,500,000 | 3.76%, 06/10/2048 | 2,371,253 |
Series 2018-C6 Class A4 | ||
1,020,000 | 4.41%, 11/10/2051 | 957,381 |
238,000 | COMM Mortgage Trust Series 2018-COR3 Class A3 4.23%, 05/10/2051 | 222,111 |
Principal Amount | Fair Value | |
Non-Agency — (continued) | ||
$ 1,825,000 | CSAIL Commercial Mortgage Trust Series 2016-C7 Class A5 3.50%, 11/15/2049 | $ 1,681,082 |
GS Mortgage Securities Trust | ||
Series 2016-GS4 Class A4 | ||
3,115,000 | 3.44%, 11/10/2049(d) | 2,874,483 |
Series 2019-GC42 Class A4 | ||
1,000,000 | 3.00%, 09/10/2052 | 861,521 |
650,000 | JPMCC Commercial Mortgage Securities Trust Series 2019-COR4 Class AS 4.29%, 03/10/2052 | 576,856 |
1,550,000 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C32 Class A4 3.72%, 12/15/2049 | 1,448,106 |
1,000,000 | Morgan Stanley Capital I Trust Series 2018-H3 Class A5 4.18%, 07/15/2051 | 927,911 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2015-LC22 Class A4 | ||
2,400,000 | 3.84%, 09/15/2058 | 2,280,683 |
Series 2019-C52 Class A5 | ||
2,400,000 | 2.89%, 08/15/2052 | 2,065,416 |
Series 2020-C55 Class A5 | ||
1,000,000 | 2.73%, 02/15/2053 | 841,121 |
31,624,685 | ||
U.S. Government Agency — 27.34% | ||
Federal Home Loan Mortgage Corp | ||
119,107 | 4.00%, 05/01/2026 | 117,498 |
87,807 | 3.00%, 01/01/2027 | 84,667 |
2,458 | 7.50%, 05/01/2027 | 2,481 |
279,452 | 2.50%, 11/01/2028 | 264,917 |
194,897 | 3.00%, 01/01/2029 | 186,426 |
537,729 | 3.00%, 02/01/2029 | 512,684 |
7,481 | 6.50%, 04/01/2029 | 7,649 |
1,099 | 7.50%, 08/01/2030 | 1,128 |
1,337,395 | 2.50%, 12/01/2031 | 1,240,776 |
245,788 | 2.50%, 02/01/2032 | 228,033 |
154,468 | 3.50%, 04/01/2032 | 148,645 |
34,890 | 6.50%, 11/01/2032 | 35,661 |
245,701 | 3.00%, 04/01/2033 | 231,274 |
124,484 | 3.50%, 05/01/2033 | 119,406 |
181,720 | 3.50%, 06/01/2033 | 172,170 |
292,942 | 4.00%, 07/01/2033 | 287,163 |
1,080,084 | 3.00%, 01/01/2034 | 1,016,628 |
144,584 | 3.50%, 03/01/2034 | 138,683 |
267,141 | 4.00%, 06/01/2034 | 260,473 |
216,102 | 3.50%, 09/01/2034 | 206,009 |
343,884 | 2.00%, 10/01/2034 | 306,913 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 723,404 | 3.00%, 12/01/2034 | $ 677,446 |
859,785 | 2.50%, 02/01/2035 | 789,137 |
223,086 | 2.50%, 03/01/2035 | 203,510 |
1,788,154 | 2.00%, 07/01/2035 | 1,594,150 |
556,550 | 3.00%, 07/01/2035 | 520,815 |
775,150 | 2.00%, 08/01/2035 | 689,553 |
1,069,647 | 2.00%, 10/01/2035 | 955,791 |
1,589,285 | 1.50%, 12/01/2035 | 1,371,194 |
158,698 | 2.00%, 12/01/2035 | 141,504 |
1,035,110 | 1.50%, 01/01/2036 | 893,379 |
1,630,395 | 2.00%, 01/01/2036 | 1,445,707 |
1,438,546 | 1.50%, 02/01/2036 | 1,241,557 |
508,450 | 2.00%, 02/01/2036 | 450,855 |
1,637,525 | 2.50%, 02/01/2036 | 1,495,888 |
822,759 | 2.00%, 03/01/2036 | 730,183 |
8,338 | 6.00%, 03/01/2036 | 8,667 |
8,537 | 6.00%, 04/01/2036 | 8,850 |
580,119 | 1.00%, 05/01/2036 | 489,725 |
1,003,460 | 1.50%, 05/01/2036 | 866,036 |
1,038,358 | 2.00%, 05/01/2036 | 920,723 |
307,647 | 1.50%, 06/01/2036 | 265,539 |
528,286 | 2.50%, 06/01/2036 | 482,400 |
36,270 | 5.00%, 06/01/2036 | 36,571 |
1,331,805 | 1.50%, 07/01/2036 | 1,149,390 |
700,484 | 2.00%, 07/01/2036 | 621,117 |
248,544 | 1.00%, 08/01/2036 | 209,449 |
860,050 | 1.50%, 09/01/2036 | 742,241 |
802,615 | 2.00%, 09/01/2036 | 711,666 |
652,223 | 3.00%, 09/01/2036 | 603,708 |
3,453,512 | 2.00%, 10/01/2036 | 3,062,141 |
2,343,744 | 2.50%, 10/01/2036 | 2,136,451 |
2,555,111 | 1.50%, 12/01/2036 | 2,205,081 |
1,084,343 | 1.50%, 01/01/2037 | 935,784 |
398,873 | 1.50%, 03/01/2037 | 344,125 |
1,530,050 | 2.00%, 03/01/2037 | 1,356,783 |
576,868 | 2.50%, 03/01/2037 | 525,118 |
1,180,413 | 2.00%, 04/01/2037 | 1,046,442 |
459,103 | 3.00%, 04/01/2037 | 428,390 |
1,842,601 | 1.50%, 06/01/2037 | 1,589,693 |
540,627 | 5.00%, 10/01/2037 | 537,118 |
219,732 | 4.50%, 11/01/2037 | 215,518 |
12,664 | 5.50%, 11/01/2037 | 12,729 |
254,872 | 3.50%, 12/01/2037 | 242,345 |
228,593 | 4.00%, 12/01/2037 | 220,642 |
683,940 | 4.50%, 12/01/2037 | 670,824 |
9,816 | 5.50%, 12/01/2037 | 9,790 |
646,301 | 3.50%, 01/01/2038 | 614,533 |
343,858 | 4.00%, 05/01/2038 | 331,876 |
93,909 | 3.50%, 10/01/2038 | 88,667 |
543,872 | 3.50%, 10/01/2039 | 509,290 |
73,396 | 5.00%, 12/01/2039 | 74,008 |
748,513 | 3.00%, 02/01/2040 | 691,262 |
167,310 | 5.00%, 02/01/2040 | 168,705 |
133,328 | 5.00%, 05/01/2040 | 134,439 |
242,405 | 2.50%, 07/01/2040 | 213,451 |
208,840 | 2.50%, 08/01/2040 | 184,961 |
70,615 | 5.00%, 08/01/2040 | 71,204 |
392,592 | 1.50%, 11/01/2040 | 319,809 |
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 510,374 | 2.00%, 12/01/2040 | $ 437,755 |
792,755 | 2.50%, 12/01/2040 | 698,179 |
658,084 | 4.00%, 02/01/2041 | 633,459 |
762,590 | 2.00%, 03/01/2041 | 652,616 |
105,645 | 4.00%, 04/01/2041 | 101,691 |
252,510 | 1.50%, 05/01/2041 | 205,213 |
1,264,130 | 2.00%, 07/01/2041 | 1,074,023 |
361,516 | 2.50%, 07/01/2041 | 316,859 |
532,407 | 2.00%, 08/01/2041 | 453,641 |
1,751,396 | 2.00%, 10/01/2041 | 1,489,028 |
631,725 | 2.00%, 11/01/2041 | 536,829 |
654,248 | 1.50%, 12/01/2041 | 529,933 |
312,992 | 3.50%, 11/01/2042 | 293,289 |
624,634 | 4.50%, 04/01/2043 | 606,843 |
269,164 | 3.50%, 05/01/2043 | 252,212 |
407,036 | 4.00%, 11/01/2043 | 391,626 |
352,631 | 3.50%, 11/01/2044 | 329,421 |
1,130,633 | 3.00%, 04/01/2045 | 1,021,783 |
736,051 | 3.00%, 08/01/2045 | 665,186 |
402,957 | 3.50%, 10/01/2045 | 375,187 |
255,164 | 3.50%, 04/01/2046 | 237,581 |
2,559,053 | 3.00%, 02/01/2047 | 2,292,162 |
1,089,506 | 3.50%, 02/01/2047 | 1,008,076 |
1,042,170 | 4.00%, 02/01/2047 | 1,001,449 |
495,044 | 2.50%, 03/01/2047 | 426,293 |
510,977 | 3.50%, 11/01/2047 | 472,119 |
509,097 | 4.00%, 11/01/2047 | 485,928 |
324,135 | 4.50%, 01/01/2048 | 319,606 |
1,108,482 | 3.50%, 02/01/2048 | 1,024,180 |
377,274 | 4.00%, 03/01/2048 | 359,698 |
1,059,308 | 3.50%, 08/01/2048 | 978,739 |
215,578 | 4.00%, 08/01/2048 | 205,534 |
150,817 | 4.50%, 08/01/2048 | 147,488 |
149,675 | 4.00%, 09/01/2048 | 142,864 |
3,071,867 | 4.00%, 11/01/2048 | 2,928,932 |
66,991 | 4.00%, 01/01/2049 | 63,964 |
1,311,760 | 3.50%, 05/01/2049 | 1,213,975 |
4,400,744 | 3.50%, 06/01/2049 | 4,061,190 |
560,504 | 5.50%, 06/01/2049 | 567,586 |
339,216 | 4.50%, 08/01/2049 | 332,253 |
536,337 | 5.00%, 08/01/2049 | 533,701 |
352,306 | 3.00%, 09/01/2049 | 313,011 |
482,352 | 4.00%, 09/01/2049 | 459,176 |
788,425 | 2.50%, 10/01/2049 | 673,646 |
327,744 | 3.00%, 10/01/2049 | 292,336 |
69,933 | 3.50%, 10/01/2049 | 64,466 |
179,886 | 4.00%, 10/01/2049 | 171,243 |
1,006,855 | 4.50%, 11/01/2049 | 985,563 |
1,957,561 | 3.50%, 12/01/2049 | 1,804,542 |
1,483,375 | 3.00%, 02/01/2050 | 1,321,662 |
144,826 | 3.00%, 03/01/2050 | 128,570 |
193,955 | 5.00%, 03/01/2050 | 192,767 |
370,990 | 3.00%, 04/01/2050 | 329,117 |
583,028 | 3.50%, 04/01/2050 | 538,679 |
1,626,385 | 2.50%, 05/01/2050 | 1,389,473 |
705,577 | 4.00%, 05/01/2050 | 674,418 |
2,930,225 | 2.50%, 07/01/2050 | 2,502,657 |
109,427 | 4.00%, 07/01/2050 | 103,944 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 866,506 | 4.50%, 07/01/2050 | $ 840,719 |
1,271,668 | 2.00%, 08/01/2050 | 1,046,001 |
2,996,225 | 3.00%, 08/01/2050 | 2,652,670 |
5,923,525 | 2.00%, 09/01/2050 | 4,871,837 |
2,993,822 | 2.50%, 09/01/2050 | 2,554,477 |
3,629,005 | 3.00%, 09/01/2050 | 3,211,538 |
201,933 | 3.50%, 09/01/2050 | 185,406 |
102,988 | 4.00%, 09/01/2050 | 97,773 |
974,415 | 2.50%, 10/01/2050 | 831,428 |
3,655,937 | 3.00%, 10/01/2050 | 3,236,477 |
2,327,640 | 1.50%, 11/01/2050 | 1,800,273 |
7,086,794 | 2.00%, 11/01/2050 | 5,827,965 |
1,000,133 | 2.50%, 11/01/2050 | 856,588 |
1,934,073 | 1.50%, 12/01/2050 | 1,495,869 |
5,021,910 | 2.00%, 12/01/2050 | 4,129,427 |
496,337 | 3.00%, 12/01/2050 | 439,237 |
7,486,590 | 2.00%, 01/01/2051 | 6,156,885 |
7,052,697 | 2.50%, 01/01/2051 | 5,999,057 |
5,664,261 | 1.50%, 03/01/2051 | 4,389,344 |
8,953,113 | 2.00%, 03/01/2051 | 7,347,278 |
861,743 | 1.50%, 04/01/2051 | 666,445 |
573,722 | 2.50%, 04/01/2051 | 489,156 |
2,312,753 | 2.00%, 05/01/2051 | 1,896,520 |
3,655,008 | 2.50%, 05/01/2051 | 3,111,693 |
1,053,532 | 1.50%, 06/01/2051 | 814,766 |
1,251,627 | 3.50%, 06/01/2051 | 1,143,096 |
3,539,542 | 2.00%, 08/01/2051 | 2,893,898 |
1,513,756 | 2.50%, 08/01/2051 | 1,287,323 |
8,845,495 | 2.50%, 09/01/2051 | 7,541,439 |
2,235,711 | 1.50%, 10/01/2051 | 1,729,710 |
10,476,324 | 2.00%, 10/01/2051 | 8,557,551 |
12,399,985 | 2.50%, 10/01/2051 | 10,540,085 |
8,996,752 | 2.00%, 11/01/2051 | 7,346,672 |
4,883,478 | 2.50%, 11/01/2051 | 4,148,458 |
5,659,356 | 2.00%, 12/01/2051 | 4,622,047 |
4,131,395 | 2.50%, 12/01/2051 | 3,508,699 |
4,022,005 | 3.00%, 12/01/2051 | 3,552,616 |
2,308,452 | 2.00%, 01/01/2052 | 1,884,137 |
7,082,826 | 2.50%, 01/01/2052 | 6,055,929 |
897,656 | 3.00%, 01/01/2052 | 791,241 |
716,219 | 2.00%, 02/01/2052 | 584,471 |
2,284,424 | 2.50%, 02/01/2052 | 1,949,355 |
13,430,791 | 2.00%, 03/01/2052 | 10,968,679 |
3,268,882 | 3.00%, 03/01/2052 | 2,882,894 |
408,293 | 3.50%, 03/01/2052 | 372,140 |
5,902,847 | 2.50%, 04/01/2052 | 5,007,798 |
325,374 | 3.00%, 04/01/2052 | 288,943 |
3,885,358 | 3.50%, 04/01/2052 | 3,546,323 |
8,458,037 | 3.00%, 05/01/2052 | 7,446,449 |
838,252 | 4.00%, 05/01/2052 | 787,430 |
991,480 | 3.00%, 06/01/2052 | 876,881 |
4,729,752 | 3.50%, 06/01/2052 | 4,314,824 |
581,336 | 4.50%, 06/01/2052 | 559,033 |
616,640 | 4.50%, 07/01/2052 | 593,253 |
296,070 | 5.00%, 07/01/2052 | 290,260 |
741,529 | 3.50%, 08/01/2052 | 680,411 |
6,077,839 | 4.00%, 08/01/2052 | 5,706,345 |
2,879,636 | 2.50%, 09/01/2052 | 2,441,598 |
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 576,896 | 4.00%, 09/01/2052 | $ 547,025 |
6,679,743 | 4.50%, 09/01/2052 | 6,427,339 |
1,498,126 | 5.00%, 09/01/2052 | 1,469,039 |
3,391,988 | 3.50%, 10/01/2052 | 3,091,607 |
2,265,998 | 4.00%, 10/01/2052 | 2,127,903 |
467,289 | 4.50%, 10/01/2052 | 449,544 |
572,477 | 5.00%, 10/01/2052 | 564,548 |
449,488 | 5.50%, 10/01/2052 | 447,788 |
279,912 | 6.00%, 10/01/2052 | 282,929 |
628,654 | 4.50%, 11/01/2052 | 613,021 |
2,436,795 | 5.00%, 11/01/2052 | 2,390,243 |
619,898 | 5.50%, 11/01/2052 | 619,481 |
775,580 | 4.50%, 12/01/2052 | 745,745 |
3,379,880 | 5.00%, 12/01/2052 | 3,320,537 |
985,128 | 5.50%, 12/01/2052 | 985,578 |
472,418 | 6.00%, 12/01/2052 | 476,556 |
595,551 | 5.00%, 01/01/2053 | 583,982 |
1,140,140 | 5.50%, 01/01/2053 | 1,136,392 |
1,935,916 | 6.00%, 01/01/2053 | 1,961,008 |
311,417 | 6.50%, 02/01/2053 | 318,259 |
632,640 | 5.50%, 03/01/2053 | 633,956 |
693,708 | 4.00%, 04/01/2053 | 651,089 |
641,709 | 4.50%, 04/01/2053 | 617,012 |
645,474 | 5.50%, 04/01/2053 | 649,606 |
3,790,326 | 5.50%, 05/01/2053 | 3,772,481 |
697,452 | 4.50%, 06/01/2053 | 670,610 |
600,000 | 5.00%, 07/01/2053 | 587,973 |
Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates | ||
Series K052 Class A2 | ||
1,000,000 | 3.15%, 11/25/2025 | 958,579 |
Series K061 Class A2 | ||
1,882,000 | 3.35%, 11/25/2026(d) | 1,789,242 |
Series K067 Class A2 | ||
1,100,000 | 3.19%, 07/25/2027 | 1,038,371 |
Series K077 Class A2 | ||
2,750,000 | 3.85%, 05/25/2028(d) | 2,662,896 |
Series K084 Class A2 | ||
1,500,000 | 3.78%, 10/25/2028(d) | 1,443,714 |
Series K087 Class A2 | ||
1,565,000 | 3.77%, 12/25/2028 | 1,505,101 |
Series K092 Class A2 | ||
2,150,000 | 3.30%, 04/25/2029 | 2,014,370 |
Series K095 Class A2 | ||
2,500,000 | 2.79%, 06/25/2029 | 2,272,841 |
Series K098 Class A2 | ||
1,000,000 | 2.43%, 08/25/2029 | 887,206 |
Series K100 Class A2 | ||
2,007,000 | 2.67%, 09/25/2029 | 1,801,717 |
Series K104 Class A2 | ||
300,000 | 2.25%, 01/25/2030 | 261,551 |
Series K127 Class A2 | ||
500,000 | 2.11%, 01/25/2031 | 422,763 |
Series K130 Class A2 | ||
1,800,000 | 1.72%, 06/25/2031 | 1,469,151 |
Series K154 Class A2 | ||
1,500,000 | 3.42%, 04/25/2032 | 1,401,940 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
Series K729 Class AM | ||
$ 1,500,000 | 3.20%, 11/25/2024 | $ 1,450,373 |
Series KJ37 Class A2 | ||
500,000 | 2.33%, 11/25/2030 | 435,747 |
Federal National Mortgage Association | ||
989,362 | 2.50%, 06/01/2028 | 935,714 |
14,534 | 6.00%, 01/01/2029 | 14,662 |
231,346 | 3.00%, 03/01/2029 | 220,056 |
164,922 | 3.50%, 04/01/2029 | 158,080 |
93,353 | 3.50%, 09/01/2029 | 89,463 |
125,466 | 4.00%, 09/01/2030 | 122,437 |
410,100 | 3.00%, 10/01/2030 | 389,921 |
30,771 | 8.00%, 10/01/2030 | 30,724 |
896,488 | 2.50%, 09/01/2031 | 830,777 |
237,748 | 2.00%, 10/01/2031 | 215,460 |
116,499 | 3.50%, 01/01/2032 | 111,978 |
359,379 | 3.50%, 02/01/2032 | 344,370 |
32,071 | 6.50%, 06/01/2032 | 32,782 |
329,826 | 3.00%, 08/01/2032 | 310,464 |
37,798 | 6.50%, 08/01/2032 | 38,628 |
1,158,104 | 3.00%, 10/01/2032 | 1,090,041 |
87,117 | 3.00%, 11/01/2032 | 81,475 |
336,387 | 2.50%, 01/01/2033 | 313,872 |
383,425 | 3.00%, 02/01/2033 | 358,573 |
104,523 | 5.50%, 03/01/2033 | 106,073 |
17,391 | 5.00%, 09/01/2033 | 17,464 |
1,718,989 | 3.00%, 12/01/2033 | 1,617,931 |
26,582 | 5.50%, 01/01/2034 | 26,715 |
147,199 | 4.00%, 02/01/2034 | 143,679 |
223,220 | 3.50%, 03/01/2034 | 213,889 |
82,563 | 5.50%, 03/01/2034 | 82,859 |
86,071 | 5.50%, 05/01/2034 | 88,070 |
361,697 | 3.50%, 07/01/2034 | 346,704 |
201,696 | 2.50%, 09/01/2034 | 185,134 |
255,371 | 3.00%, 02/01/2035 | 239,142 |
24,832 | 5.50%, 02/01/2035 | 25,407 |
296,805 | 3.00%, 03/01/2035 | 277,314 |
882,214 | 3.00%, 04/01/2035 | 825,617 |
261,934 | 5.00%, 05/01/2035 | 263,799 |
732,950 | 2.00%, 06/01/2035 | 653,578 |
817,275 | 2.50%, 06/01/2035 | 746,218 |
327,060 | 3.50%, 06/01/2035 | 311,746 |
292,744 | 1.50%, 07/01/2035 | 252,579 |
5,345 | 5.00%, 07/01/2035 | 5,369 |
540,099 | 2.00%, 09/01/2035 | 481,291 |
249,139 | 3.50%, 09/01/2035 | 238,734 |
53,123 | 5.00%, 09/01/2035 | 53,501 |
778,084 | 1.50%, 10/01/2035 | 671,319 |
57,750 | 5.00%, 10/01/2035 | 58,163 |
40,069 | 6.00%, 10/01/2035 | 41,605 |
45,731 | 5.50%, 11/01/2035 | 46,852 |
1,817,527 | 2.00%, 12/01/2035 | 1,620,625 |
834,132 | 2.00%, 01/01/2036 | 739,765 |
868,717 | 2.50%, 01/01/2036 | 792,940 |
851,912 | 1.50%, 02/01/2036 | 735,263 |
2,448,346 | 2.00%, 02/01/2036 | 2,173,200 |
402,569 | 3.50%, 04/01/2036 | 380,957 |
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 48,747 | 6.00%, 04/01/2036 | $ 50,649 |
870,708 | 1.50%, 05/01/2036 | 751,463 |
1,441,736 | 2.00%, 05/01/2036 | 1,278,106 |
715,262 | 2.50%, 05/01/2036 | 652,446 |
2,016,247 | 2.00%, 06/01/2036 | 1,787,802 |
4,515,652 | 2.50%, 06/01/2036 | 4,118,867 |
1,061,782 | 1.50%, 07/01/2036 | 916,356 |
371,659 | 2.50%, 07/01/2036 | 339,566 |
299,776 | 1.50%, 08/01/2036 | 258,641 |
535,887 | 2.00%, 08/01/2036 | 475,343 |
3,522 | 6.50%, 08/01/2036 | 3,598 |
1,559,212 | 1.50%, 09/01/2036 | 1,345,640 |
3,027,315 | 2.00%, 09/01/2036 | 2,683,731 |
171,565 | 1.00%, 10/01/2036 | 142,630 |
3,132,565 | 1.50%, 10/01/2036 | 2,706,506 |
754,498 | 2.00%, 10/01/2036 | 669,525 |
371,867 | 2.50%, 10/01/2036 | 338,604 |
1,282,584 | 1.50%, 11/01/2036 | 1,106,892 |
3,171,878 | 2.00%, 11/01/2036 | 2,812,796 |
32,805 | 5.50%, 11/01/2036 | 33,693 |
542,562 | 1.50%, 12/01/2036 | 468,239 |
450,094 | 6.00%, 12/01/2036 | 463,375 |
1,978,464 | 1.50%, 01/01/2037 | 1,707,422 |
2,062,827 | 2.00%, 01/01/2037 | 1,828,707 |
799,719 | 3.00%, 01/01/2037 | 738,372 |
1,514,899 | 2.00%, 02/01/2037 | 1,344,138 |
1,337,140 | 2.00%, 03/01/2037 | 1,186,046 |
388,864 | 2.50%, 03/01/2037 | 353,960 |
1,469,633 | 2.00%, 04/01/2037 | 1,302,837 |
662,967 | 2.50%, 04/01/2037 | 603,498 |
1,077,896 | 3.00%, 04/01/2037 | 1,005,786 |
266,089 | 3.00%, 05/01/2037 | 248,354 |
544,210 | 2.50%, 06/01/2037 | 495,367 |
637,112 | 3.50%, 07/01/2037 | 606,010 |
26,622 | 5.00%, 07/01/2037 | 26,811 |
148,890 | 5.50%, 08/01/2037 | 152,523 |
691,353 | 3.00%, 09/01/2037 | 645,102 |
483,785 | 4.00%, 12/01/2037 | 466,966 |
243,375 | 5.50%, 01/01/2038 | 249,665 |
114,208 | 6.00%, 03/01/2038 | 118,480 |
56,179 | 5.50%, 07/01/2038 | 57,711 |
38,312 | 2.50%, 05/01/2039 | 34,600 |
34,723 | 6.00%, 05/01/2039 | 36,055 |
256,154 | 4.50%, 08/01/2039 | 252,291 |
294,951 | 5.00%, 08/01/2039 | 297,064 |
260,675 | 5.00%, 12/01/2039 | 262,541 |
131,234 | 4.50%, 03/01/2040 | 129,256 |
594,877 | 2.50%, 05/01/2040 | 525,652 |
800,954 | 3.00%, 05/01/2040 | 746,204 |
1,861,094 | 2.00%, 06/01/2040 | 1,602,082 |
180,126 | 5.00%, 06/01/2040 | 178,910 |
147,354 | 4.50%, 08/01/2040 | 145,516 |
498,108 | 2.00%, 09/01/2040 | 428,400 |
282,140 | 2.50%, 09/01/2040 | 249,881 |
712,721 | 3.00%, 09/01/2040 | 657,354 |
922,906 | 2.00%, 11/01/2040 | 787,682 |
96,388 | 4.50%, 11/01/2040 | 95,185 |
129,642 | 5.00%, 11/01/2040 | 130,572 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 311,282 | 1.50%, 01/01/2041 | $ 253,477 |
555,864 | 2.00%, 02/01/2041 | 474,587 |
1,214,565 | 4.00%, 02/01/2041 | 1,167,789 |
501,551 | 4.50%, 03/01/2041 | 494,680 |
359,188 | 1.50%, 05/01/2041 | 291,910 |
245,970 | 2.00%, 05/01/2041 | 209,376 |
345,890 | 5.00%, 05/01/2041 | 348,365 |
348,615 | 2.00%, 06/01/2041 | 296,985 |
843,186 | 2.00%, 08/01/2041 | 718,443 |
573,644 | 1.50%, 09/01/2041 | 460,012 |
1,177,442 | 2.50%, 09/01/2041 | 1,030,900 |
770,508 | 1.50%, 10/01/2041 | 624,421 |
1,073,032 | 2.00%, 10/01/2041 | 912,065 |
967,162 | 2.50%, 10/01/2041 | 846,352 |
170,169 | 4.50%, 10/01/2041 | 168,045 |
822,561 | 2.00%, 12/01/2041 | 695,776 |
479,870 | 3.50%, 12/01/2041 | 449,280 |
476,154 | 4.00%, 01/01/2042 | 457,814 |
2,785,956 | 2.00%, 03/01/2042 | 2,357,763 |
1,167,462 | 1.50%, 04/01/2042 | 944,175 |
827,320 | 2.50%, 04/01/2042 | 718,427 |
468,492 | 3.00%, 06/01/2042 | 420,642 |
574,610 | 3.00%, 08/01/2042 | 515,923 |
467,739 | 3.50%, 08/01/2042 | 431,816 |
280,535 | 3.00%, 09/01/2042 | 253,252 |
599,414 | 4.00%, 10/01/2042 | 570,416 |
743,860 | 3.00%, 12/01/2042 | 671,506 |
792,856 | 3.00%, 02/01/2043 | 715,750 |
333,967 | 3.00%, 04/01/2043 | 301,478 |
613,159 | 3.50%, 04/01/2043 | 567,141 |
1,405,471 | 3.50%, 05/01/2043 | 1,312,647 |
161,514 | 4.00%, 07/01/2043 | 155,139 |
608,342 | 3.00%, 08/01/2043 | 549,158 |
371,048 | 3.50%, 08/01/2043 | 346,858 |
163,322 | 4.00%, 09/01/2043 | 156,727 |
373,553 | 3.50%, 08/01/2044 | 348,313 |
673,691 | 4.00%, 08/01/2044 | 648,540 |
212,172 | 4.00%, 06/01/2045 | 202,811 |
1,453,522 | 2.50%, 07/01/2045 | 1,248,773 |
446,466 | 3.50%, 11/01/2045 | 413,724 |
824,662 | 1.50%, 02/01/2046 | 648,100 |
1,284,851 | 3.50%, 02/01/2046 | 1,194,974 |
738,948 | 4.00%, 03/01/2046 | 708,220 |
1,396,826 | 3.00%, 06/01/2046 | 1,255,754 |
1,589,492 | 3.00%, 09/01/2046 | 1,418,720 |
1,128,696 | 4.00%, 09/01/2046 | 1,082,460 |
346,426 | 2.50%, 10/01/2046 | 297,985 |
1,376,949 | 3.00%, 10/01/2046 | 1,234,028 |
278,998 | 4.00%, 10/01/2046 | 266,317 |
779,518 | 3.00%, 12/01/2046 | 697,615 |
369,853 | 3.50%, 12/01/2046 | 341,991 |
287,922 | 4.00%, 03/01/2047 | 274,511 |
356,316 | 4.00%, 06/01/2047 | 339,719 |
275,570 | 4.00%, 07/01/2047 | 262,516 |
3,284,858 | 3.50%, 10/01/2047 | 3,031,644 |
883,782 | 4.00%, 10/01/2047 | 842,598 |
1,003,506 | 4.50%, 02/01/2048 | 979,186 |
730,655 | 3.50%, 05/01/2048 | 674,328 |
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 345,693 | 4.50%, 05/01/2048 | $ 339,238 |
307,814 | 4.00%, 10/01/2048 | 293,472 |
351,855 | 4.00%, 11/01/2048 | 335,465 |
2,533,531 | 4.50%, 11/01/2048 | 2,486,230 |
297,293 | 5.00%, 11/01/2048 | 295,570 |
1,403,707 | 4.00%, 01/01/2049 | 1,335,412 |
379,935 | 4.50%, 02/01/2049 | 370,277 |
573,578 | 3.50%, 03/01/2049 | 531,371 |
900,580 | 3.50%, 05/01/2049 | 837,870 |
1,140,644 | 3.50%, 06/01/2049 | 1,052,758 |
2,334,368 | 4.00%, 06/01/2049 | 2,222,700 |
1,074,025 | 3.50%, 07/01/2049 | 992,864 |
2,369,259 | 4.00%, 07/01/2049 | 2,255,520 |
911,387 | 4.50%, 07/01/2049 | 889,577 |
1,458,693 | 3.50%, 08/01/2049 | 1,346,220 |
971,789 | 4.00%, 08/01/2049 | 923,459 |
397,957 | 3.00%, 09/01/2049 | 353,690 |
959,293 | 3.50%, 09/01/2049 | 884,455 |
339,119 | 4.50%, 09/01/2049 | 332,158 |
875,079 | 4.50%, 10/01/2049 | 855,280 |
1,401,967 | 3.50%, 11/01/2049 | 1,302,035 |
4,060,189 | 3.00%, 12/01/2049 | 3,609,783 |
1,161,381 | 3.50%, 12/01/2049 | 1,071,023 |
2,547,355 | 2.50%, 01/01/2050 | 2,175,191 |
870,849 | 3.00%, 01/01/2050 | 775,940 |
347,649 | 4.00%, 01/01/2050 | 328,902 |
1,647,489 | 3.00%, 02/01/2050 | 1,461,664 |
553,733 | 4.50%, 02/01/2050 | 539,258 |
2,896,694 | 3.00%, 03/01/2050 | 2,570,777 |
642,847 | 3.50%, 03/01/2050 | 594,417 |
948,343 | 4.00%, 03/01/2050 | 904,186 |
476,644 | 3.00%, 04/01/2050 | 422,585 |
1,487,369 | 2.50%, 05/01/2050 | 1,269,144 |
744,919 | 3.50%, 05/01/2050 | 686,498 |
7,852,559 | 2.50%, 06/01/2050 | 6,702,092 |
340,603 | 4.00%, 06/01/2050 | 323,536 |
179,926 | 4.50%, 06/01/2050 | 174,939 |
403,196 | 2.50%, 07/01/2050 | 344,041 |
2,458,754 | 3.00%, 07/01/2050 | 2,177,598 |
530,554 | 4.00%, 07/01/2050 | 503,466 |
4,106,766 | 2.00%, 08/01/2050 | 3,367,682 |
2,319,040 | 2.50%, 08/01/2050 | 1,982,369 |
658,713 | 4.00%, 08/01/2050 | 628,855 |
1,662,873 | 2.00%, 09/01/2050 | 1,373,842 |
1,101,336 | 2.50%, 09/01/2050 | 942,422 |
1,349,186 | 3.00%, 09/01/2050 | 1,195,187 |
449,994 | 1.50%, 10/01/2050 | 348,476 |
2,113,909 | 2.50%, 10/01/2050 | 1,803,533 |
1,096,791 | 3.00%, 10/01/2050 | 979,166 |
2,876,239 | 1.50%, 11/01/2050 | 2,224,583 |
2,631,792 | 2.00%, 11/01/2050 | 2,164,678 |
646,958 | 2.50%, 11/01/2050 | 552,186 |
5,330,166 | 2.00%, 12/01/2050 | 4,377,570 |
3,057,736 | 3.00%, 12/01/2050 | 2,716,033 |
82,413 | 4.00%, 12/01/2050 | 77,824 |
2,523,339 | 1.50%, 01/01/2051 | 1,949,347 |
17,939,487 | 2.00%, 01/01/2051 | 14,752,571 |
2,130,948 | 2.50%, 01/01/2051 | 1,821,354 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 585,963 | 3.50%, 01/01/2051 | $ 537,213 |
8,586,789 | 2.00%, 02/01/2051 | 7,038,112 |
1,490,848 | 2.50%, 02/01/2051 | 1,272,093 |
298,838 | 4.00%, 02/01/2051 | 285,774 |
765,271 | 2.00%, 03/01/2051 | 627,428 |
507,274 | 3.50%, 03/01/2051 | 467,417 |
1,128,337 | 1.50%, 04/01/2051 | 872,623 |
3,453,011 | 2.50%, 04/01/2051 | 2,943,153 |
1,210,331 | 3.00%, 04/01/2051 | 1,079,677 |
6,067,042 | 2.00%, 05/01/2051 | 4,966,810 |
9,465,307 | 3.00%, 05/01/2051 | 8,380,208 |
731,305 | 1.50%, 06/01/2051 | 566,243 |
453,294 | 2.00%, 06/01/2051 | 372,282 |
3,516,155 | 2.50%, 06/01/2051 | 2,992,586 |
20,759,428 | 2.00%, 07/01/2051 | 16,995,185 |
598,701 | 2.00%, 08/01/2051 | 491,840 |
1,170,554 | 2.50%, 08/01/2051 | 999,442 |
753,476 | 3.00%, 08/01/2051 | 665,160 |
2,544,124 | 1.50%, 09/01/2051 | 1,967,950 |
10,260,320 | 2.00%, 09/01/2051 | 8,393,415 |
17,323,302 | 2.50%, 09/01/2051 | 14,720,131 |
1,901,337 | 1.50%, 10/01/2051 | 1,470,423 |
20,268,289 | 2.00%, 10/01/2051 | 16,627,042 |
21,951,910 | 2.50%, 10/01/2051 | 18,702,706 |
4,053,398 | 2.50%, 11/01/2051 | 3,444,473 |
6,961,442 | 3.50%, 11/01/2051 | 6,387,229 |
4,582,476 | 2.00%, 12/01/2051 | 3,740,169 |
807,394 | 2.50%, 12/01/2051 | 685,701 |
9,663,967 | 2.00%, 01/01/2052 | 7,890,726 |
3,677,812 | 2.50%, 01/01/2052 | 3,118,715 |
2,287,596 | 3.00%, 01/01/2052 | 2,022,137 |
13,165,078 | 2.00%, 02/01/2052 | 10,759,531 |
1,214,478 | 2.50%, 02/01/2052 | 1,033,375 |
1,748,685 | 3.00%, 02/01/2052 | 1,548,440 |
634,777 | 4.00%, 02/01/2052 | 596,438 |
4,450,160 | 2.00%, 03/01/2052 | 3,651,749 |
2,316,916 | 2.50%, 03/01/2052 | 1,988,510 |
1,446,391 | 3.00%, 03/01/2052 | 1,273,698 |
5,521,874 | 2.50%, 04/01/2052 | 4,707,978 |
3,691,645 | 3.00%, 04/01/2052 | 3,251,794 |
405,333 | 3.50%, 04/01/2052 | 370,066 |
1,211,643 | 4.00%, 04/01/2052 | 1,137,839 |
7,544,438 | 3.50%, 05/01/2052 | 6,881,101 |
3,133,134 | 4.00%, 05/01/2052 | 2,941,789 |
2,491,836 | 3.50%, 06/01/2052 | 2,278,561 |
8,463,701 | 4.00%, 06/01/2052 | 7,974,819 |
10,643,395 | 3.00%, 07/01/2052 | 9,373,146 |
8,911,199 | 4.50%, 07/01/2052 | 8,582,480 |
1,177,330 | 5.00%, 07/01/2052 | 1,154,509 |
585,214 | 3.50%, 08/01/2052 | 533,848 |
671,777 | 4.00%, 09/01/2052 | 630,855 |
633,440 | 5.00%, 09/01/2052 | 620,896 |
2,068,716 | 5.50%, 09/01/2052 | 2,070,285 |
1,473,644 | 4.50%, 10/01/2052 | 1,423,409 |
3,413,641 | 5.00%, 10/01/2052 | 3,350,688 |
578,723 | 4.50%, 11/01/2052 | 561,474 |
3,759,608 | 5.00%, 11/01/2052 | 3,710,428 |
858,433 | 5.50%, 11/01/2052 | 856,691 |
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 1,222,387 | 4.00%, 12/01/2052 | $ 1,147,297 |
3,422,347 | 5.50%, 12/01/2052 | 3,420,284 |
2,337,856 | 6.00%, 12/01/2052 | 2,368,131 |
541,532 | 5.50%, 01/01/2053 | 544,214 |
591,604 | 6.00%, 01/01/2053 | 598,177 |
783,845 | 6.50%, 01/01/2053 | 800,385 |
915,062 | 5.50%, 02/01/2053 | 917,428 |
552,983 | 6.00%, 02/01/2053 | 562,678 |
535,015 | 7.00%, 02/01/2053 | 551,759 |
1,009,614 | 6.50%, 03/01/2053 | 1,030,918 |
2,410,905 | 5.00%, 04/01/2053 | 2,362,168 |
1,781,377 | 5.50%, 04/01/2053 | 1,772,989 |
891,264 | 6.00%, 04/01/2053 | 899,071 |
990,238 | 5.00%, 05/01/2053 | 970,389 |
1,862,699 | 6.00%, 05/01/2053 | 1,880,388 |
582,362 | 6.50%, 05/01/2053 | 594,658 |
1,195,411 | 4.00%, 06/01/2053 | 1,121,969 |
2,388,156 | 5.00%, 06/01/2053 | 2,340,287 |
1,550,000 | 4.50%, 07/01/2053 | 1,490,346 |
1,400,000 | 6.50%, 07/01/2053 | 1,429,542 |
Federal National Mortgage Association Alternative Credit Enhancement Security | ||
Series 2017-M4 Class A2 | ||
826,812 | 2.64%, 12/25/2026(d) | 769,561 |
Series 2017-M5 Class A2 | ||
529,952 | 3.17%, 04/25/2029(d) | 493,011 |
Series 2018-M12 Class A2 | ||
350,000 | 3.76%, 08/25/2030(d) | 329,922 |
Series 2018-M14 Class A2 | ||
1,385,015 | 3.70%, 08/25/2028(d) | 1,324,944 |
Series 2019-M1 Class A2 | ||
1,761,128 | 3.67%, 09/25/2028(d) | 1,678,808 |
Series 2019-M22 Class A2 | ||
1,968,519 | 2.52%, 08/25/2029 | 1,749,754 |
Series 2020-M1 Class A2 | ||
650,000 | 2.44%, 10/25/2029 | 577,482 |
Series 2021-M12 Class 2A2 | ||
1,000,000 | 2.20%, 05/25/2033(d) | 814,272 |
Government National Mortgage Association | ||
315 | 7.00%, 07/15/2025 | 314 |
799 | 7.50%, 12/15/2025 | 797 |
19,976 | 3.50%, 02/15/2026 | 19,433 |
89,974 | 5.00%, 11/15/2033 | 90,992 |
16,308 | 5.50%, 12/15/2035 | 16,643 |
23,162 | 5.00%, 12/20/2035 | 23,533 |
45,636 | 6.00%, 01/20/2036 | 47,754 |
51,644 | 5.50%, 02/20/2036 | 53,196 |
314,664 | 2.50%, 05/20/2036 | 285,126 |
148,073 | 2.00%, 06/20/2036 | 130,304 |
205,627 | 2.00%, 12/20/2036 | 180,956 |
302,732 | 5.00%, 06/15/2039 | 304,431 |
96,849 | 4.00%, 05/20/2040 | 94,036 |
82,237 | 4.50%, 07/20/2040 | 81,663 |
79,581 | 4.50%, 09/20/2040 | 78,637 |
337,202 | 4.00%, 10/15/2040 | 326,366 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 501,604 | 4.50%, 07/20/2041 | $ 498,103 |
153,265 | 4.00%, 09/15/2041 | 148,349 |
32,619 | 4.50%, 12/20/2041 | 32,668 |
650,178 | 2.50%, 12/20/2042 | 572,840 |
175,066 | 3.00%, 02/15/2043 | 159,411 |
714,675 | 3.50%, 09/20/2043 | 673,753 |
1,919,594 | 3.50%, 06/20/2044 | 1,808,433 |
708,844 | 3.50%, 10/20/2044 | 665,196 |
580,487 | 4.50%, 11/20/2044 | 575,363 |
746,692 | 4.00%, 02/20/2045 | 721,777 |
982,995 | 3.50%, 07/20/2045 | 920,653 |
528,951 | 3.00%, 08/20/2045 | 482,007 |
540,964 | 4.00%, 08/20/2045 | 515,938 |
1,225,525 | 3.50%, 10/20/2045 | 1,147,775 |
488,160 | 3.50%, 12/20/2045 | 455,796 |
514,529 | 3.50%, 02/20/2046 | 481,991 |
170,009 | 4.00%, 03/20/2046 | 163,496 |
638,999 | 3.00%, 08/20/2046 | 580,485 |
2,131,155 | 3.00%, 09/20/2046 | 1,936,383 |
1,719,412 | 3.50%, 10/20/2046 | 1,610,322 |
2,589,526 | 3.00%, 12/20/2046 | 2,352,106 |
937,768 | 3.50%, 12/20/2046 | 878,269 |
3,509,590 | 3.00%, 01/20/2047 | 3,183,954 |
3,734,806 | 3.50%, 04/20/2047 | 3,497,926 |
521,439 | 4.00%, 06/20/2047 | 500,501 |
579,905 | 3.50%, 07/20/2047 | 543,205 |
618,474 | 3.50%, 08/20/2047 | 577,927 |
627,404 | 4.00%, 09/20/2047 | 600,207 |
460,065 | 4.50%, 11/15/2047 | 449,832 |
2,214,064 | 3.00%, 02/20/2048 | 1,999,104 |
368,573 | 4.00%, 02/20/2048 | 353,755 |
664,529 | 4.00%, 03/20/2048 | 637,924 |
571,963 | 4.50%, 03/20/2048 | 560,349 |
140,593 | 5.00%, 11/20/2048 | 140,286 |
2,514,967 | 4.00%, 12/20/2048 | 2,407,708 |
1,298,949 | 4.50%, 12/20/2048 | 1,268,831 |
270,665 | 4.50%, 03/20/2049 | 264,272 |
939,007 | 3.50%, 04/20/2049 | 875,767 |
338,382 | 3.50%, 05/20/2049 | 315,459 |
1,855,581 | 4.00%, 05/20/2049 | 1,770,445 |
143,881 | 2.50%, 08/20/2049 | 125,406 |
643,392 | 2.50%, 10/20/2049 | 561,241 |
1,657,339 | 3.00%, 10/20/2049 | 1,495,321 |
902,012 | 3.00%, 11/20/2049 | 813,841 |
146,996 | 5.00%, 11/20/2049 | 146,645 |
600,179 | 3.00%, 12/20/2049 | 540,216 |
1,218,959 | 3.00%, 01/20/2050 | 1,095,996 |
441,692 | 2.50%, 02/20/2050 | 385,945 |
1,049,550 | 3.00%, 02/20/2050 | 946,689 |
3,637,570 | 2.50%, 03/20/2050 | 3,167,586 |
1,732,244 | 3.50%, 04/20/2050 | 1,613,815 |
305,495 | 5.00%, 04/20/2050 | 304,968 |
1,880,935 | 2.50%, 06/20/2050 | 1,640,608 |
1,155,415 | 4.00%, 06/20/2050 | 1,103,393 |
799,619 | 3.00%, 07/20/2050 | 720,024 |
2,900,316 | 2.00%, 08/20/2050 | 2,450,229 |
3,785,906 | 2.50%, 08/20/2050 | 3,278,742 |
1,905,829 | 3.00%, 08/20/2050 | 1,716,136 |
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 2,227,092 | 3.50%, 08/20/2050 | $ 2,076,877 |
191,278 | 4.00%, 08/20/2050 | 182,791 |
442,398 | 3.00%, 09/20/2050 | 398,084 |
654,302 | 3.50%, 09/20/2050 | 609,339 |
286,220 | 4.00%, 09/20/2050 | 272,953 |
1,413,665 | 2.00%, 10/20/2050 | 1,195,093 |
1,406,964 | 2.50%, 10/20/2050 | 1,224,252 |
2,993,866 | 3.00%, 10/20/2050 | 2,696,916 |
2,112,544 | 2.50%, 11/20/2050 | 1,838,961 |
1,233,101 | 3.50%, 11/20/2050 | 1,138,354 |
3,830,678 | 2.00%, 12/20/2050 | 3,229,936 |
2,680,976 | 2.50%, 12/20/2050 | 2,332,463 |
477,693 | 3.50%, 12/20/2050 | 444,821 |
1,850,325 | 2.00%, 01/20/2051 | 1,556,725 |
1,139,840 | 2.50%, 01/20/2051 | 991,560 |
312,039 | 4.00%, 01/20/2051 | 297,874 |
1,748,513 | 2.00%, 02/20/2051 | 1,473,916 |
4,115,392 | 2.00%, 03/20/2051 | 3,471,526 |
1,945,278 | 2.50%, 03/20/2051 | 1,691,088 |
926,111 | 1.50%, 04/20/2051 | 742,433 |
2,038,085 | 2.00%, 04/20/2051 | 1,718,089 |
2,254,386 | 2.50%, 06/20/2051 | 1,955,702 |
772,602 | 2.50%, 08/20/2051 | 669,926 |
2,076,812 | 3.00%, 08/20/2051 | 1,862,746 |
5,289,704 | 2.00%, 09/20/2051 | 4,455,318 |
8,894,425 | 2.50%, 09/20/2051 | 7,709,828 |
2,749,412 | 2.50%, 10/20/2051 | 2,382,449 |
1,310,458 | 3.00%, 10/20/2051 | 1,175,019 |
133,852 | 5.00%, 10/20/2051 | 132,202 |
2,197,750 | 2.00%, 11/20/2051 | 1,849,057 |
1,894,587 | 3.00%, 11/20/2051 | 1,698,093 |
1,616,940 | 3.50%, 11/20/2051 | 1,496,283 |
4,853,217 | 2.00%, 12/20/2051 | 4,080,262 |
12,070,747 | 2.50%, 12/20/2051 | 10,455,728 |
696,278 | 4.50%, 12/20/2051 | 674,949 |
10,209,127 | 2.00%, 01/20/2052 | 8,581,258 |
744,157 | 2.50%, 01/20/2052 | 644,548 |
2,021,850 | 3.00%, 01/20/2052 | 1,809,989 |
2,290,915 | 2.00%, 02/20/2052 | 1,925,293 |
592,183 | 2.50%, 02/20/2052 | 512,901 |
4,222,991 | 3.00%, 02/20/2052 | 3,779,814 |
8,853,799 | 2.00%, 03/20/2052 | 7,440,470 |
1,146,796 | 2.50%, 03/20/2052 | 993,034 |
365,708 | 3.00%, 03/20/2052 | 326,993 |
3,428,764 | 2.50%, 04/20/2052 | 2,969,576 |
1,921,751 | 3.00%, 04/20/2052 | 1,716,900 |
2,235,707 | 4.00%, 04/20/2052 | 2,115,357 |
2,347,125 | 3.00%, 05/20/2052 | 2,098,895 |
2,454,828 | 3.50%, 05/20/2052 | 2,265,439 |
731,744 | 3.00%, 06/20/2052 | 654,441 |
1,708,981 | 3.50%, 06/20/2052 | 1,577,130 |
3,029,964 | 4.00%, 06/20/2052 | 2,866,802 |
3,165,786 | 4.50%, 06/20/2052 | 3,057,355 |
3,055,446 | 3.50%, 07/20/2052 | 2,819,674 |
1,296,383 | 5.50%, 07/20/2052 | 1,291,584 |
3,278,556 | 5.00%, 08/20/2052 | 3,222,556 |
1,751,969 | 4.00%, 09/20/2052 | 1,657,623 |
971,423 | 4.50%, 09/20/2052 | 937,923 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 446,164 | 5.50%, 09/20/2052 | $ 444,185 |
902,351 | 2.50%, 10/20/2052 | 781,525 |
928,711 | 4.00%, 10/20/2052 | 878,699 |
2,981,475 | 4.50%, 10/20/2052 | 2,878,660 |
1,607,921 | 5.00%, 10/20/2052 | 1,582,250 |
1,129,378 | 4.50%, 11/20/2052 | 1,090,097 |
588,013 | 5.00%, 11/20/2052 | 578,335 |
1,006,176 | 5.50%, 11/20/2052 | 1,002,363 |
345,149 | 4.50%, 12/20/2052 | 333,136 |
1,819,027 | 5.00%, 12/20/2052 | 1,789,267 |
1,522,572 | 5.50%, 12/20/2052 | 1,516,351 |
637,316 | 6.00%, 12/20/2052 | 641,756 |
1,282,542 | 4.00%, 01/20/2053 | 1,213,476 |
2,610,574 | 6.00%, 01/20/2053 | 2,628,710 |
1,108,074 | 6.50%, 01/20/2053 | 1,127,908 |
594,340 | 4.50%, 02/20/2053 | 573,726 |
321,072 | 5.50%, 02/20/2053 | 319,697 |
995,392 | 5.00%, 04/20/2053 | 978,390 |
2,288,997 | 5.50%, 04/20/2053 | 2,278,855 |
323,335 | 6.00%, 04/20/2053 | 325,753 |
1,447,315 | 4.50%, 05/20/2053 | 1,396,937 |
1,696,471 | 5.00%, 05/20/2053 | 1,667,494 |
250,000 | 5.00%, 06/20/2053 | 245,666 |
325,000 | 6.50%, 06/20/2053 | 331,029 |
988,881,186 | ||
TOTAL MORTGAGE-BACKED SECURITIES — 28.22% (Cost $1,121,826,342) | $1,020,505,871 | |
MUNICIPAL BONDS AND NOTES | ||
1,000,000 | City of Houston Texas Combined Utility System Revenue Series B 3.83%, 05/15/2028 | 972,804 |
50,000 | Energy Northwest Series B 2.81%, 07/01/2024 | 49,328 |
1,250,000 | Indianapolis Local Public Improvement Bond Bank 6.00%, 01/15/2040 | 1,316,132 |
2,000,000 | Port of Morrow Oregon 2.99%, 09/01/2036 | 1,682,688 |
600,000 | State of Illinois 5.10%, 06/01/2033 | 589,624 |
1,000,000 | University of North Carolina at Chapel Hill 3.85%, 12/01/2034 | 942,326 |
TOTAL MUNICIPAL BONDS AND NOTES — 0.15% (Cost $6,057,493) | $ 5,552,902 | |
U.S. GOVERNMENT AGENCY BONDS AND NOTES | ||
Federal Farm Credit Bank Funding Corp | ||
1,000,000 | 4.50%, 11/18/2024 | 990,234 |
1,000,000 | 3.10%, 08/15/2025 | 964,428 |
2,000,000 | 4.13%, 12/12/2025 | 1,952,520 |
Principal Amount | Fair Value | |
U.S. Government Agency Bonds and Notes — (continued) | ||
Federal Home Loan Bank | ||
$ 600,000 | 5.75%, 06/12/2026 | $ 616,500 |
4,000,000 | 1.00%, 10/07/2026 | 3,573,460 |
1,000,000 | 1.25%, 12/21/2026 | 899,459 |
4,500,000 | 3.25%, 11/16/2028(b) | �� 4,300,528 |
Federal Home Loan Mortgage Corp | ||
5,000,000 | 1.50%, 02/12/2025 | 4,719,871 |
3,000,000 | 0.38%, 09/23/2025(b) | 2,722,100 |
Federal National Mortgage Association(b) | ||
7,000,000 | 2.13%, 04/24/2026 | 6,545,977 |
4,000,000 | 0.88%, 08/05/2030 | 3,215,354 |
Tennessee Valley Authority | ||
1,000,000 | 0.75%, 05/15/2025 | 922,676 |
1,000,000 | 3.88%, 03/15/2028(b) | 983,894 |
2,000,000 | 1.50%, 09/15/2031(b) | 1,616,275 |
1,000,000 | 4.25%, 09/15/2052 | 916,367 |
TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.97% (Cost $37,475,878) | $ 34,939,643 | |
U.S. TREASURY BONDS AND NOTES | ||
United States Treasury Note/Bond | ||
19,000,000 | 0.38%, 07/15/2024 | 18,044,805 |
43,676,000 | 0.38%, 08/15/2024 | 41,321,591 |
9,500,000 | 2.38%, 08/15/2024 | 9,193,105 |
37,000,000 | 1.50%, 09/30/2024 | 35,303,203 |
34,000,000 | 2.25%, 10/31/2024 | 32,674,531 |
20,000,000 | 2.25%, 11/15/2024 | 19,206,250 |
28,000,000 | 1.50%, 11/30/2024 | 26,584,687 |
32,500,000 | 1.38%, 01/31/2025 | 30,650,293 |
29,250,000 | 2.00%, 02/15/2025 | 27,842,344 |
23,250,000 | 0.50%, 03/31/2025 | 21,506,250 |
19,500,000 | 2.63%, 04/15/2025 | 18,704,766 |
26,250,000 | 2.13%, 05/15/2025 | 24,929,297 |
34,000,000 | 0.25%, 05/31/2025 | 31,113,984 |
38,500,000 | 0.25%, 06/30/2025 | 35,161,328 |
39,000,000 | 0.25%, 07/31/2025 | 35,488,477 |
35,500,000 | 0.25%, 09/30/2025 | 32,153,848 |
12,000,000 | 2.25%, 11/15/2025 | 11,337,187 |
30,000,000 | 0.38%, 11/30/2025 | 27,079,687 |
26,000,000 | 0.38%, 01/31/2026 | 23,343,125 |
15,500,000 | 1.63%, 02/15/2026 | 14,364,141 |
30,000,000 | 0.50%, 02/28/2026 | 26,948,437 |
41,000,000 | 0.75%, 03/31/2026 | 37,056,953 |
8,000,000 | 0.75%, 04/30/2026 | 7,203,750 |
39,000,000 | 0.88%, 06/30/2026 | 35,139,609 |
35,500,000 | 0.63%, 07/31/2026 | 31,626,895 |
32,642,000 | 0.75%, 08/31/2026 | 29,112,584 |
32,500,000 | 2.00%, 11/15/2026 | 30,061,231 |
12,500,000 | 0.63%, 03/31/2027 | 10,913,086 |
11,000,000 | 0.50%, 04/30/2027 | 9,533,906 |
3,000,000 | 2.38%, 05/15/2027 | 2,793,516 |
12,500,000 | 0.50%, 06/30/2027 | 10,777,344 |
10,000,000 | 2.25%, 08/15/2027 | 9,244,141 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
U.S. Treasury Bonds and Notes — (continued) | ||
$21,000,000 | 0.38%, 09/30/2027 | $ 17,872,969 |
15,000,000 | 0.50%, 10/31/2027 | 12,802,734 |
13,000,000 | 0.63%, 12/31/2027 | 11,108,906 |
8,000,000 | 2.75%, 02/15/2028 | 7,518,438 |
26,000,000 | 1.13%, 02/29/2028 | 22,658,594 |
22,500,000 | 1.25%, 04/30/2028 | 19,655,859 |
16,000,000 | 2.88%, 05/15/2028 | 15,096,875 |
27,000,000 | 1.25%, 05/31/2028 | 23,551,172 |
33,000,000 | 1.00%, 07/31/2028 | 28,302,656 |
32,474,000 | 1.13%, 08/31/2028 | 27,979,649 |
17,000,000 | 3.13%, 11/15/2028 | 16,194,492 |
13,000,000 | 1.38%, 12/31/2028 | 11,275,977 |
3,500,000 | 2.63%, 02/15/2029 | 3,243,105 |
6,500,000 | 2.38%, 05/15/2029 | 5,926,172 |
6,500,000 | 2.75%, 05/31/2029 | 6,051,602 |
31,000,000 | 1.63%, 08/15/2029 | 27,031,758 |
13,500,000 | 3.13%, 08/31/2029 | 12,822,363 |
32,000,000 | 0.63%, 05/15/2030 | 25,635,000 |
22,000,000 | 0.63%, 08/15/2030 | 17,526,953 |
27,000,000 | 0.88%, 11/15/2030 | 21,848,906 |
11,000,000 | 1.13%, 02/15/2031(b) | 9,045,781 |
8,807,000 | 1.25%, 08/15/2031 | 7,227,244 |
2,000,000 | 1.38%, 11/15/2031 | 1,649,141 |
6,000,000 | 1.88%, 02/15/2032 | 5,139,375 |
8,500,000 | 2.88%, 05/15/2032 | 7,881,094 |
9,000,000 | 2.75%, 08/15/2032 | 8,250,820 |
7,500,000 | 3.50%, 02/15/2033 | 7,305,469 |
9,500,000 | 1.13%, 05/15/2040 | 6,158,301 |
11,000,000 | 1.13%, 08/15/2040 | 7,072,656 |
7,500,000 | 1.38%, 11/15/2040 | 5,017,969 |
21,500,000 | 1.88%, 02/15/2041 | 15,613,535 |
35,901,000 | 1.75%, 08/15/2041 | 25,221,855 |
4,000,000 | 2.00%, 11/15/2041 | 2,927,969 |
14,500,000 | 2.38%, 02/15/2042 | 11,289,043 |
19,000,000 | 3.25%, 05/15/2042 | 16,954,531 |
22,500,000 | 3.38%, 08/15/2042 | 20,423,144 |
22,500,000 | 3.13%, 02/15/2043 | 19,621,582 |
17,500,000 | 3.88%, 05/15/2043 | 17,076,172 |
26,500,000 | 3.00%, 11/15/2044 | 22,424,590 |
13,000,000 | 2.50%, 02/15/2045 | 10,064,844 |
11,500,000 | 2.50%, 02/15/2046 | 8,851,855 |
4,500,000 | 3.00%, 02/15/2047 | 3,788,789 |
3,000,000 | 2.75%, 11/15/2047 | 2,413,008 |
16,500,000 | 1.25%, 05/15/2050 | 9,278,027 |
9,000,000 | 1.38%, 08/15/2050 | 5,229,492 |
10,000,000 | 1.63%, 11/15/2050 | 6,210,156 |
12,500,000 | 1.88%, 02/15/2051 | 8,276,856 |
28,976,000 | 2.00%, 08/15/2051 | 19,752,351 |
4,000,000 | 1.88%, 11/15/2051 | 2,640,312 |
12,000,000 | 2.25%, 02/15/2052 | 8,671,875 |
16,500,000 | 2.88%, 05/15/2052 | 13,673,731 |
33,000,000 | 3.00%, 08/15/2052 | 28,057,735 |
21,500,000 | 3.63%, 02/15/2053 | 20,633,281 |
18,000,000 | 3.63%, 05/15/2053 | 17,299,687 |
TOTAL U.S. TREASURY BONDS AND NOTES — 40.69% (Cost $1,591,640,377) | $1,471,660,801 |
Principal Amount | Fair Value | |
SHORT TERM INVESTMENTS | ||
U.S. Government Agency Bonds and Notes — 2.40% | ||
$86,700,000 | Federal Home Loan Bank(e) 4.87%, 07/03/2023 | $ 86,676,877 |
Repurchase Agreements — 1.56% | ||
14,159,238 | Undivided interest of 15.48% in a repurchase agreement (principal amount/value $91,849,961 with a maturity value of $91,888,691) with RBC Capital Markets Corp, 5.06%, dated 6/30/23 to be repurchased at $14,159,238 on 7/3/23 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 7.50%, 7/31/23 - 5/20/53, with a value of $93,686,960.(f) | 14,159,238 |
14,159,238 | Undivided interest of 15.70% in a repurchase agreement (principal amount/value $90,505,664 with a maturity value of $90,543,827) with Bank of America Securities Inc, 5.06%, dated 6/30/23 to be repurchased at $14,159,238 on 7/3/23 collateralized by Federal National Mortgage Association securities, 2.00% - 6.50%, 4/1/35 - 9/1/61, with a value of $92,315,777.(f) | 14,159,238 |
14,159,238 | Undivided interest of 16.24% in a repurchase agreement (principal amount/value $87,510,414 with a maturity value of $87,547,387) with Citigroup Global Markets Inc, 5.07%, dated 6/30/23 to be repurchased at $14,159,238 on 7/3/23 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 6.50%, 10/31/24 - 8/20/67, with a value of $89,260,624.(f) | 14,159,238 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of June 30, 2023 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$14,027,455 | Undivided interest of 17.14% in a repurchase agreement (principal amount/value $82,146,440 with a maturity value of $82,181,078) with Bank of Montreal, 5.06%, dated 6/30/23 to be repurchased at $14,027,455 on 7/3/23 collateralized by various U.S. Government Agency securities, 2.00% - 7.00%, 4/1/33 - 7/1/53, with a value of $83,789,369.(f) | $ 14,027,455 |
56,505,169 | ||
TOTAL SHORT TERM INVESTMENTS — 3.96% (Cost $143,182,046) | $ 143,182,046 | |
TOTAL INVESTMENTS — 102.69% (Cost $4,039,537,305) | $3,714,236,735 | |
OTHER ASSETS & LIABILITIES, NET — (2.69)% | $ (97,447,822) | |
TOTAL NET ASSETS — 100.00% | $3,616,788,913 |
(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 June 30, 2023. |
(c) | Restricted security; further details of these securities are included in a subsequent table. |
(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) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(f) | Collateral received for securities on loan. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
At June 30, 2023,the Fund held the following restricted securities: | ||||||||||||||
Security | Coupon | Maturity Date | Acquisition Dates | Cost | Fair Value | Fair Value as a Percentage of Net Assets | ||||||||
Corporate Bonds and Notes | ||||||||||||||
JPMorgan Chase & Co | 0.77% | 08/09/2025 | 09/13/2021-10/04/2021 | $4,721,861 | $4,453,936 | 0.12% | ||||||||
Shell International Finance BV | 2.38 | 11/07/2029 | 09/13/2021-08/29/2022 | 1,081,019 | 1,026,343 | 0.03 | ||||||||
Shell International Finance BV | 6.38 | 12/15/2038 | 09/13/2021-10/04/2021 | 255,311 | 196,121 | 0.01 | ||||||||
Shell International Finance BV | 4.38 | 05/11/2045 | 09/13/2021-09/27/2021 | 176,285 | 126,189 | 0.00 | ||||||||
Shell International Finance BV | 4.00 | 05/10/2046 | 09/13/2021-10/04/2021 | 210,223 | 148,625 | 0.00 | ||||||||
Shell International Finance BV | 3.25 | 04/06/2050 | 09/13/2021-10/04/2021 | 192,219 | 130,180 | 0.00 | ||||||||
$6,636,918 | $6,081,394 | 0.16% |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
Statement of Assets and Liabilities
As of June 30, 2023 (Unaudited)
Empower Bond Index Fund | |
ASSETS: | |
Investments in securities, fair value (including $54,772,627 of securities on loan)(a) | $3,657,731,566 |
Repurchase agreements, fair value(b) | 56,505,169 |
Cash | 1,185,507 |
Interest receivable | 19,777,580 |
Subscriptions receivable | 19,893,835 |
Receivable for investments sold | 121,727 |
Total Assets | 3,755,215,384 |
LIABILITIES: | |
Payable for director fees | 7,312 |
Payable for investments purchased | 78,444,979 |
Payable for other accrued fees | 106,160 |
Payable for shareholder services fees | 753,925 |
Payable to investment adviser | 366,461 |
Payable upon return of securities loaned | 56,505,169 |
Redemptions payable | 2,242,465 |
Total Liabilities | 138,426,471 |
NET ASSETS | $3,616,788,913 |
NET ASSETS REPRESENTED BY: | |
Capital stock, $0.10 par value | $32,247,555 |
Paid-in capital in excess of par | 3,932,618,727 |
Undistributed/accumulated deficit | (348,077,369) |
NET ASSETS | $3,616,788,913 |
NET ASSETS BY CLASS | |
Investor Class | $2,802,588,840 |
Institutional Class | $814,200,073 |
CAPITAL STOCK: | |
Authorized | |
Investor Class | 600,000,000 |
Institutional Class | 430,000,000 |
Issued and Outstanding | |
Investor Class | 224,214,339 |
Institutional Class | 98,261,215 |
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE: | |
Investor Class | $12.50 |
Institutional Class | $8.29 |
(a) Cost of investments | $3,983,032,136 |
(b) Cost of repurchase agreements | $56,505,169 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
Statement of Operations
For the period ended June 30, 2023 (Unaudited)
Empower Bond Index Fund | |
INVESTMENT INCOME: | |
Interest | $49,435,374 |
Income from securities lending | 111,630 |
Total Income | 49,547,004 |
EXPENSES: | |
Management fees | 1,996,540 |
Shareholder services fees – Investor Class | 3,963,437 |
Audit and tax fees | 21,736 |
Custodian fees | 39,175 |
Directors fees | 16,186 |
Legal fees | 4,241 |
Pricing fees | 37,620 |
Registration fees | 94,061 |
Shareholder report fees | 21,527 |
Transfer agent fees | 5,254 |
Other fees | 9,155 |
Total Expenses | 6,208,932 |
NET INVESTMENT INCOME | 43,338,072 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized loss on investments | (6,432,029) |
Net Realized Loss | (6,432,029) |
Net change in unrealized appreciation on investments | 16,435,253 |
Net Change in Unrealized Appreciation | 16,435,253 |
Net Realized and Unrealized Gain | 10,003,224 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $53,341,296 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
Statement of Changes in Net Assets
For the period ended June 30, 2023 and fiscal year ended December 31, 2022
Empower Bond Index Fund | 2023 (Unaudited) | 2022 | |
OPERATIONS: | |||
Net investment income | $43,338,072 | $42,819,834 | |
Net realized loss | (6,432,029) | (22,906,019) | |
Net change in unrealized appreciation (depreciation) | 16,435,253 | (350,388,542) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 53,341,296 | (330,474,727) | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
From net investment income and net realized gains | |||
Investor Class | (26,650,426) | (18,877,757) | |
Institutional Class | (13,992,686) | (19,999,921) | |
From Net Investment Income and Net Realized Gains | (40,643,112) | (38,877,678) | |
CAPITAL SHARE TRANSACTIONS: | |||
Shares sold | |||
Investor Class | 1,118,741,353 | 1,022,483,056 | |
Institutional Class | 76,438,787 | 169,682,069 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 26,650,426 | 18,877,757 | |
Institutional Class | 13,992,686 | 19,999,921 | |
Shares redeemed | |||
Investor Class | (214,896,127) | (305,811,132) | |
Institutional Class | (74,818,821) | (201,832,226) | |
Net Increase in Net Assets Resulting from Capital Share Transactions | 946,108,304 | 723,399,445 | |
Total Increase in Net Assets | 958,806,488 | 354,047,040 | |
NET ASSETS: | |||
Beginning of Period | 2,657,982,425 | 2,303,935,385 | |
End of Period | $3,616,788,913 | $2,657,982,425 | |
CAPITAL SHARE TRANSACTIONS - SHARES: | |||
Shares sold | |||
Investor Class | 88,744,403 | 79,309,839 | |
Institutional Class | 9,089,880 | 19,166,367 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 2,119,828 | 1,501,764 | |
Institutional Class | 1,676,133 | 2,359,617 | |
Shares redeemed | |||
Investor Class | (17,008,536) | (23,242,698) | |
Institutional Class | (8,886,539) | (22,829,464) | |
Net Increase | 75,735,169 | 56,265,425 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.
Income (Loss) from Investment Operations: | Less Distributions: | ||||||||||
Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | From return of capital | From net investment income | From net realized gains | Total Distributions | Net asset value, end of period | Total Return(b)(c) | ||
Investor Class | |||||||||||
06/30/2023 (Unaudited) | $12.39 | 0.17 | 0.07 | 0.24 | — | (0.13) | — | (0.13) | $12.50 | 1.96% (d) | |
12/31/2022 | $14.54 | 0.23 | (2.22) | (1.99) | — | (0.15) | (0.01) | (0.16) | $12.39 | (13.68%) | |
12/31/2021 | $15.12 | 0.16 | (0.52) | (0.36) | — | (0.12) | (0.10) | (0.22) | $14.54 | (2.39%) | |
12/31/2020 | $14.51 | 0.22 | 0.82 | 1.04 | — | (0.22) | (0.21) | (0.43) | $15.12 | 7.17% | |
12/31/2019 | $13.57 | 0.32 | 0.77 | 1.09 | (0.00) (e) | (0.15) | — | (0.15) | $14.51 | 8.09% | |
12/31/2018 | $13.81 | 0.31 | (0.37) | (0.06) | (0.00) (e) | (0.18) | — | (0.18) | $13.57 | (0.41%) | |
Institutional Class | |||||||||||
06/30/2023 (Unaudited) | $ 8.25 | 0.13 | 0.06 | 0.19 | — | (0.15) | — | (0.15) | $ 8.29 | 2.25% (d) | |
12/31/2022 | $ 9.77 | 0.18 | (1.49) | (1.31) | — | (0.20) | (0.01) | (0.21) | $ 8.25 | (13.44%) | |
12/31/2021 | $10.22 | 0.14 | (0.34) | (0.20) | — | (0.15) | (0.10) | (0.25) | $ 9.77 | (1.98%) | |
12/31/2020 | $ 9.97 | 0.20 | 0.55 | 0.75 | — | (0.29) | (0.21) | (0.50) | $10.22 | 7.52% | |
12/31/2019 | $ 9.46 | 0.26 | 0.53 | 0.79 | (0.00) (e) | (0.28) | — | (0.28) | $ 9.97 | 8.44% | |
12/31/2018 | $ 9.74 | 0.25 | (0.25) | 0.00 | (0.00) (e) | (0.28) | — | (0.28) | $ 9.46 | 0.03% |
Net assets, end of period (000) | Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable) | Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable) | Ratio of net investment income to average net assets (after reimbursement and/or waiver, if applicable) | Portfolio turnover rate(f)(g) | ||
Investor Class | ||||||
06/30/2023 (Unaudited) | $2,802,589 | 0.50% (h) | 0.50% (h) | 2.73% (h) | 8% (d) | |
12/31/2022 | $1,862,529 | 0.51% | 0.50% | 1.78% | 25% | |
12/31/2021 | $1,349,431 | 0.50% | 0.50% | 1.05% | 39% | |
12/31/2020 | $ 524,344 | 0.51% | 0.50% | 1.47% | 70% | |
12/31/2019 | $ 246,097 | 0.50% | 0.50% | 2.29% | 40% | |
12/31/2018 | $ 305,517 | 0.51% | 0.50% | 2.31% | 31% | |
Institutional Class | ||||||
06/30/2023 (Unaudited) | $ 814,200 | 0.14% (h) | 0.14% (h) | 3.08% (h) | 8% (d) | |
12/31/2022 | $ 795,453 | 0.15% | 0.15% | 2.07% | 25% | |
12/31/2021 | $ 954,505 | 0.14% | 0.14% | 1.43% | 39% | |
12/31/2020 | $ 922,284 | 0.14% | 0.14% | 1.96% | 70% | |
12/31/2019 | $ 979,903 | 0.14% | 0.14% | 2.65% | 40% | |
12/31/2018 | $ 869,484 | 0.14% | 0.14% | 2.66% | 31% |
(a) | Per share amounts are based upon average shares outstanding. |
(b) | Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower. |
(c) | Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower. |
(d) | Not annualized for periods less than one full year. |
(e) | Amount was less than $0.01 per share. |
(f) | Portfolio turnover is calculated at the Fund level. |
(g) | Portfolio turnover includes purchases and sales related to TBA transactions, including dollar roll transactions, which occurred during the period. Excluding TBA and dollar roll transactions, the portfolio turnover would have been 39%, 70%, 40%, and 31% for the years ended December 31 2021, 2020, 2019, and 2018, respectively. |
(h) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2023
EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Notes to Financial Statements (Unaudited)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Empower Funds, Inc. (Empower Funds), a Maryland corporation, was organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Empower Funds presently consists of forty-five funds. Interests in the Empower Bond Index Fund (the Fund) are included herein. The investment objective of the Fund is to seek investment results that track the total return of the debt securities that comprise the Bloomberg U.S. Aggregate Bond Index. The Fund is diversified as defined in the 1940 Act. The Fund is available as an investment option to insurance company separate accounts for certain variable annuity contracts and variable life insurance policies, to individual retirement account custodians or trustees, to plan sponsors of qualified retirement plans, to college savings programs, and to asset allocation funds that are a series of Empower Funds.
The Fund offers two share classes, referred to as Investor Class and Institutional Class shares. All shares of the Fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, expenses (other than those attributable to a specific class) and realized and unrealized gains and losses are allocated daily to each class of shares based on the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against operations of that class. Expenses incurred by Empower Funds, which are not Fund specific, are allocated based on relative net assets or other appropriate allocation methods.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Fund is also an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of the significant accounting policies of the Fund.
Security Valuation
The Board of Directors of the Fund has adopted policies and procedures for the valuation of the Fund’s securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC (ECM or the Adviser), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors approved the Adviser as the Fund’s valuation designee to make all fair value determinations with respect to the Fund’s investments, subject to oversight by the Board of Directors.
The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of the Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
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 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.
Semi-Annual Report - June 30, 2023
Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.
Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.
The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.
Class | Inputs |
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. |
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. |
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. |
Short Term Investments | Maturity date, credit quality and interest rates. |
The Fund classifies its valuations into three levels based upon the observability of inputs to the valuation of the Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of June 30, 2023, 100% of the Fund’s investments are valued using Level 2 inputs. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
Semi-Annual Report - June 30, 2023
Restricted Securities
Investments in securities include issues that are restricted. A restricted security may have contractual restrictions on resale and is valued under methods approved by the Board of Directors reflecting fair value. Restricted securities are marked with an applicable footnote on the Schedule of Investments and are reported in a table following the Schedule of Investments.
Repurchase Agreements
The Fund may engage in repurchase agreement transactions with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund will purchase securities at a specified price with an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Fund’s custodian and/or securities lending agent receives delivery of the underlying securities collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.
To Be Announced Transactions
The 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. At June 30, 2023, there were no TBAs held.
Dollar Rolls
The 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. At June 30, 2023, there were no mortgage dollar rolls held.
Security Transactions
Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection. Interest income, including amortization of discounts and premiums, is recorded daily.
Federal Income Taxes and Distributions to Shareholders
The Fund intends to comply with provisions under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. State tax returns may remain open for an additional fiscal year.
Distributions to shareholders from net investment income of the Fund, if any, are declared and paid quarterly. Capital gain distributions of the Fund, if any, are declared and paid at least annually. Distributions are reinvested in additional shares of the Fund at net asset value and are declared separately for each class. Distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.
Net investment income (loss) and net realized gain (loss) for federal income tax purposes may differ from those reported on the financial statements because of temporary and permanent book-tax basis differences. Book-tax differences may include but are not limited to the following: wash sales, distribution adjustments and market discount adjustments.
Semi-Annual Report - June 30, 2023
The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of June 30, 2023 were as follows:
Federal tax cost of investments | $4,044,736,425 |
Gross unrealized appreciation on investments | 4,790,655 |
Gross unrealized depreciation on investments | (335,290,345) |
Net unrealized depreciation on investments | $(330,499,690) |
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Empower Funds entered into an investment advisory agreement with ECM, a wholly-owned subsidiary of Empower Annuity Insurance Company of America (Empower of America). As compensation for its services to Empower Funds, the Adviser receives monthly compensation at the annual rate of 0.13% of the Fund’s average daily net assets. Certain administration and accounting services fees for the Fund are included in the investment advisory agreement.
The Adviser contractually agreed to waive fees or reimburse expenses that exceed an annual rate of 0.15% of the Fund’s average daily net assets attributable to each Class, including management fees and expenses paid directly by the Fund, excluding shareholder service fees and certain extraordinary expenses (the “Expense Limit”). The agreement’s current term ends on April 30, 2024 and automatically renews for one-year unless terminated upon written notice within 90 days of the end of the current term or upon termination of the investment advisory agreement. The amount waived or reimbursed, if any, is reflected in the Statement of Operations.
The Adviser is permitted upon approval by the Board of Directors to recoup amounts waived or reimbursed by the Fund in future periods, not exceeding three years following the particular waiver/reimbursement, provided the total annual operating expenses of each Class of the Fund plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. At June 30, 2023, the amounts subject to recoupment were as follows:
Expires December 31, 2023 | Expires December 31, 2024 | Expires December 31, 2025 | Recoupment of Past Reimbursed Fees by the Adviser | |||
$70,605 | $49,911 | $85,260 | $0 |
Empower Funds entered into a shareholder services agreement with Empower Retirement, LLC (Empower), an affiliate of ECM and subsidiary of Empower of America. Pursuant to the shareholder services agreement, Empower provides various recordkeeping, administrative and shareholder services to shareholders and receives from the Investor Class shares of the Fund a fee equal to 0.35% of the average daily net asset value of the applicable share class.
Empower Financial Services, Inc. (the Distributor), is a wholly-owned subsidiary of Empower of America and the principal underwriter to distribute and market the Fund.
Certain officers of Empower Funds are also directors and/or officers of Empower of America or its subsidiaries. No officer or interested director of Empower Funds receives any compensation directly from Empower Funds. The total compensation paid to the independent directors with respect to all forty-five funds for which they serve as directors was $673,000 for the fiscal period ended June 30, 2023.
3. PURCHASES AND SALES OF INVESTMENTS
For the period ended June 30, 2023, the aggregate cost of purchases and proceeds from sales of investments (including mortgage dollar rolls and TBA transactions, excluding all U.S. Government securities and short-term securities) were $342,050,112 and $41,949,468, respectively. For the same period, the aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities were $861,250,124 and $205,292,524, respectively.
Semi-Annual Report - June 30, 2023
4. SECURITIES LOANED
The Fund has entered into a securities lending agreement with its custodian as securities lending agent. Under the terms of the agreement the Fund receives income after deductions of other amounts payable to the securities lending agent or to the borrower from lending transactions. In exchange for such fees, the securities lending agent is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The fair value of the loaned securities is determined daily at the close of business of the Fund and necessary collateral adjustments are made between the Fund and its counterparties on the next business day through the delivery or receipt of additional collateral. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of June 30, 2023, the Fund had securities on loan valued at $54,772,627 and received collateral as reported on the Statement of Assets and Liabilities of $56,505,169 for such loan which was invested in Repurchase Agreements collateralized by U.S. Government or U.S. Government Agency securities. The Repurchase Agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral.
Under the securities lending agreement, the collateral pledged is, by definition, the securities loaned against the cash borrowed. The following table summarizes the cash collateral liability under the securities lending agreement by class of securities loaned as of June 30, 2023. Additional information regarding the Fund's securities on loan is included in the Schedule of Investments.
Security lending transactions | Total (a) |
Corporate Bonds and Notes | $31,067,950 |
Foreign Government Bonds and Notes | 7,866,050 |
U.S. Government Agency Bonds and Notes | 8,258,750 |
U.S. Treasury Bonds and Notes | 9,312,419 |
Total secured borrowings | $56,505,169 |
(a) | The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. |
5. INDEMNIFICATIONS
The Fund’s organizational documents provide current and former officers and directors with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
6. SUBSEQUENT EVENTS
Management has reviewed all events subsequent to June 30, 2023, including the estimates inherent in the process of preparing these financial statements through the date the financial statements were issued. No subsequent events requiring adjustments or disclosures have occurred.
Semi-Annual Report - June 30, 2023
Availability of Quarterly Portfolio Schedule
Empower Funds files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form NPORT-EX. Empower Funds’ Forms NPORT-EX are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that Empower Funds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-831-7129, and on the SEC website at http://www.sec.gov.
Availability of Proxy Voting Record
Information regarding how Empower Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-866-831-7129, and on the SEC website at http://www.sec.gov.
Funds' Liquidity Risk Management Program
The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 under the Investment Company Act. The program is designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its cash holdings and access to other funding sources. The Funds’ Board of Directors approved the designation of the ECM Liquidity Risk Management Committee (“LRMC”) as the administrator of the liquidity risk management program. The LRMC includes representatives from the Adviser’s Risk, Trading, Investment Valuation, and Regulatory Compliance departments and is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding, among other things, the program’s operation, adequacy and effectiveness. The LRMC reassessed each Fund’s liquidity risk profile, considering additional data gathered through March 31, 2023, and the adequacy and effectiveness of the liquidity risk management program’s operations since March 31, 2022 (the “covered period”) in order to prepare a written report to the Board of Directors for review at its meeting held on June 15, 2023. The report stated that:
(i) | the program performed well during the covered period and meets the needs and profile of the Funds; |
(ii) | the Funds benefit from the stability of their shareholder base, |
(iii) | the selection of two vendors to supply liquidity measurement products has proven to be extremely helpful, |
(iv) no changes were proposed to the program as of the date of the report; and
(v) | no Fund approached the internal triggers set by the LRMC or the regulatory percentage limitation (15%) on holdings in illiquid investments. |
The report also stated that it continues to be appropriate to not set a “highly liquid investment minimum” for any Funds because the Funds primarily hold “highly liquid investments” and that recent amendments to Rule 22e-4 proposed by the SEC were reviewed.
Investment Advisory Contract Approval
The Board of Directors (the “Board”) of Empower Funds, Inc. (the “Company”), including the Directors who are not interested persons of the Company (the “Independent Directors”), at a meeting held on April 20, 2023 (the “April Board Meeting”), unanimously approved the continuation of the investment advisory agreement (the “Advisory Agreement”) between Empower Capital Management, LLC (“ECM”) and the Company, on behalf of Empower Bond Index Fund (the “Fund”), a series of the Company. (The Fund and the Company’s other series are referred to collectively as the “Empower Funds.”)
Pursuant to the Advisory Agreement, ECM acts as investment adviser and, subject to oversight by the Board, directs the investments of the Fund in accordance with its investment objective, policies and limitations. ECM also provides, subject to oversight by the Board, the management and administrative services necessary for the Fund’s operation.
On March 22, 2023 (the “March Meeting”), the Independent Directors met separately with independent legal counsel in advance of the April Board Meeting to evaluate information encompassing a wide variety of topics furnished by ECM in connection with the proposed continuation of the Advisory Agreement, and met with representatives of ECM to review, among other things, comparative information on the Fund’s investment performance, fees and expenses, including data prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. In addition, at the March Meeting, the Independent Directors met separately with representatives of an independent provider of mutual fund advisory contract renewal consulting services (the “Independent Consultant”) to review comparative information regarding the Fund’s investment performance, fees and expenses, as well as enterprise profitability data, and further discussed such information with ECM. The Independent Directors also conferred with the Independent Consultant regarding Broadridge’s peer group selection methodology and noted that they had previously discussed such methodology with representatives of Broadridge at a meeting of the Independent Directors convened on February 15, 2023. Additionally, the Independent Directors considered supplemental information provided in response to their requests made following the March Meeting. The Independent Directors further discussed continuation of the Advisory Agreement separately with independent legal counsel, including at a separate meeting of the Independent Directors convened immediately prior to the April Board Meeting and at the April Board Meeting. The Independent Directors weighed and considered the information provided in light of their substantial accumulated experience in governing the Fund and the other Empower Funds. Although the Board considered the approval of the Advisory Agreement for the Fund as part of its multi-faceted annual review process of agreements across the Empower Funds, the Board’s approvals were made on a fund-by-fund basis.
In approving the continuation of the Advisory Agreement, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Advisory Agreement. The Board noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Furthermore, at each of its meetings, the Board covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of advisory agreements for the Empower Funds, including the services and support provided to each of the Empower Funds, including the Fund and its shareholders. Additionally, the Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the mutual fund marketplace.
In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board’s approval was based on each Director’s business judgment after a comprehensive consideration of the information as a whole. Individual Directors may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The Independent Directors were assisted throughout the evaluation process by independent legal counsel.
Based upon its review of the Advisory Agreement and the information provided to it, the Board concluded that the Advisory Agreement was reasonable in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The principal factors and conclusions that formed the basis for the Directors’ determinations to approve the continuation of the Advisory Agreement are discussed below.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided and to be provided to the Fund by ECM. Among other things, the Board considered ECM’s organizational history and ownership, personnel, experience, resources and performance track record, its ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Fund, and its ability to provide research and to obtain and evaluate the economic, statistical and financial data relevant to the investment policies of the Fund. With respect to personnel, the Board noted that ECM’s affiliate, Empower Retirement, LLC (“Empower”) provides employees, including various management professionals, who provide services on behalf of ECM - which does not have its own employees - pursuant to an agreement between ECM and Empower. (Each of Empower and ECM is a wholly-owned subsidiary of Empower Annuity Insurance Company of America (“Empower of America”). References herein to personnel, services, activities and resources of ECM should be understood generally as including Empower.)
The Board reviewed the qualifications, education, experience, tenure and responsibilities of, and the reporting lines and backup plans for, the senior personnel serving the Fund and the portfolio management team responsible for the day-to-day management of the Fund, as well as the organization’s efforts to attract, retain and motivate capable personnel to serve the Fund. The Board also considered ECM’s reputation for management of its investment strategies, its practices regarding the selection and compensation of brokers and dealers for the execution of portfolio transactions and the procedures it uses for obtaining best execution of portfolio transactions.
In addition, the Board considered ECM’s overall financial condition and ability to carry out its obligations to the Fund and the organization’s technical resources and operational capabilities, including for investment administration functions, fund accounting services and financial reporting, as well as the controls, internal audit reviews and third-party assessments relating to such operations and services. Also considered by the Board was ECM’s disaster recovery procedures, cybersecurity program and controls relating to enterprise resiliency, noting prior discussions with and presentations by ECM’s Chief Information Security Officer. The Board also took into account various organizational developments, including recent acquisitions by Empower and related integration initiatives, as well as recent and planned enhancements, such as progress on the implementation of an enhanced trade order management system and other similar projects.
As part of its assessment of the nature, extent and quality of services, the Board evaluated information regarding ECM’s regulatory and compliance environment and compliance policies and procedures. The Board considered ECM’s compliance program resources and history, reports from the Chief Compliance Officer about ECM’s oversight of and compliance with applicable laws and regulations and compliance-related resources devoted by ECM in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act. The Board also considered ECM’s efforts generally to ensure that third-party programs and vendors used to service the Fund - including for purposes of regulatory compliance support - are monitored effectively.
Consideration also was given to the fact that the Board meets with representatives of ECM each year to discuss portfolio management strategies and performance. Additionally, the quality of ECM’s communications with the Board, as well as ECM’s responsiveness to the Board, were taken into account. Also considered was ECM’s response to market volatility, changing circumstances in the mutual fund industry and investor sentiment, regulatory developments, economic indicators, monetary and fiscal policy developments, and emerging issues. In this regard, the Board received information on the impacts of macroeconomic and geopolitical developments on ECM generally and the Fund, and considered how monitoring and analysis of such developments informs ECM’s performance of its services to the Fund.
The Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by ECM.
Investment Performance
In assessing the Fund’s performance, the Board considered that the Fund’s investment objective is to seek results that track the total return of the debt securities that comprise the Bloomberg U.S. Aggregate Bond Index (the “Index”). The Board also considered that ECM uses a sampling approach to create a portfolio for the Fund that attempts to match the Index in terms of sector exposure, yield, duration, credit quality and spread, among other things. Therefore, the Board evaluated the performance information for the Fund’s Investor Class and Institutional Class as compared to the Index and a “performance universe” of peer funds compiled by Broadridge, based on Lipper fund classifications. This performance data included, among other things, annualized returns for the one-, three-, five- and ten-year periods ended December 31, 2022, with respect to the Investor Class, and, for the Institutional Class, annualized returns for the one-, three- and five-year periods ended December 31, 2022. The Board noted that it had also received and discussed at periodic intervals information comparing the Fund’s performance to that of the Index and to a peer group of funds.
The Board observed that although the annualized returns for the Fund’s Investor Class for each of the three-, five- and ten-year periods ended December 31, 2022, ranked in the fifth quintile of its performance universe (the first quintile being the best performers and the fifth quintile being the worst performers), the annualized returns for the one-year period ended December 31, 2022 approximated the performance universe median, ranking in the third quintile of the performance universe. The Board also observed that the annualized returns for the Fund’s Institutional Class ranked in the fourth quintile of its performance universe for each of the three- and five-year periods ended December 31, 2022, but exceeded the performance universe median for the one-year period ended December 31, 2022, ranking in the 40th percentile of the performance universe.
In evaluating the performance data, the Board considered the expectations of shareholders and that the Fund is not actively managed, and thus, the investment performance of the Fund in absolute terms and relative to the performance universe was not of the importance that normally attaches to the performance of actively managed funds. Of more importance to the Board was the extent to which the Fund achieved its objective to track the total return of the debt securities that comprise the Index. Therefore, the Board focused its attention primarily on the Fund’s performance relative to the Index. In this regard, the Board observed that, although the Fund underperformed its Index for each period reviewed, such underperformance was primarily attributable to the Fund’s expenses. The Board also noted its discussion of the Fund’s performance with ECM representatives at the Board’s November 30-December 1, 2022, meeting. Among other things, the ECM representatives
described the Fund’s portfolio characteristics relative to its Index, including duration, convexity and yield, and discussed how ECM seeks to track the Index despite not being able to fully replicate the holdings of the Index due to the large number of holdings. The Board considered the foregoing, as well as the organization of ECM’s portfolio management team, the experience of its investment personnel and its portfolio and operational risk controls. In addition, the Board considered the due diligence and monitoring processes employed by ECM for internally-managed funds, including the Fund.
The Board determined that it was satisfied with the explanations for, oversight of and information provided regarding the Fund’s investment performance.
Costs and Profitability
The Board considered the costs of services provided by ECM from its relationship with the Fund. With respect to the costs of services, the Board considered the structure and the level of the investment management fees and other expenses payable by the Fund. In this regard, the Board noted that ECM’s management fee includes fund accounting and fund administration services. In addition, the Board noted that ECM has contractually agreed for a one-year renewable term, through April 30, 2024, to limit the fees and expenses of the Fund.
In evaluating the management fee and total expense ratio of the Fund’s Investor and Institutional Classes, the Board considered the fees payable by and the total expense ratios of peer groups of funds managed by other investment advisers, as determined by Broadridge, based on Lipper fund classifications. Specifically, the Board considered for each class (i) the Fund’s management fee as provided in the Advisory Agreement (the “Contractual Management Fee”) in comparison to the contractual management fees of the peer group of funds and (ii) the Fund’s total expense ratio in comparison to the peer group funds’ total expense ratios (in all cases, net of any waivers, if applicable). In addition, the Board considered the Fund’s total expense ratio in comparison to the median expense ratios for all funds in the peer groups. As part of its comprehensive evaluation, the Board also reviewed a report from the Independent Consultant assessing expenses in the context of performance and other factors.
The Board observed that the Contractual Management Fee for each class was higher than the median contractual management fees of its respective peer group of funds. The Board also observed that the total annual operating expense ratio for each class of the Fund was above its respective peer group median expense ratio, ranking in the fifth quintile of its peer group with respect to the Fund’s Investor Class (with the first quintile being the lowest expenses and fifth quintile being the highest expenses) and in the fourth quintile of its peer group for the Fund’s Institutional Class.
In assessing the foregoing, the Board took into account the size of the peer groups for each class, noting that the peer group for the Investor Class and Institutional Class consisted of four funds and six funds, respectively (in each case including the Fund). In this connection, the Board considered its discussions at the March Meeting with the Independent Consultant regarding Broadridge’s peer group selection criteria for the Fund and differences in expense structures between the Fund and its peers, including certain peer funds that charge no management fee and/or are available only to select clients (such as in proprietary fund models). Relatedly, the Board noted that, due to the limited number of Broadridge peers, ECM compiled a custom peer group of similar index funds within Morningstar’s Intermediate-Term Core Bond peer group, which showed that the Fund’s total expense ratio for each share class is within two basis points of the custom peer group median ‑ results that ECM believes support a determination that the current fee structure is reasonable. The Board also considered the Independent Consultant’s overall conclusion that the Fund’s Contractual Management Fee and total annual operating expense ratio are reasonable relative to the quality of services provided, comparable management fees and expenses of similar funds and the profitability of ECM.
The Board received information regarding the fees charged by ECM to separate accounts and other products managed by ECM and noted that ECM does not manage other client accounts in the same investment style as the Fund.
The Board further considered the overall financial soundness of ECM and the profits estimated to have been realized by ECM and its affiliates. The Board reviewed the financial statements and profitability information from ECM.
With respect to ECM’s profitability information, the Board considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Board noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as ECM, and that it is difficult to make comparisons of profitability between advisers because comparative information is not generally publicly available. The Board also reviewed a report from the Independent Consultant comparing pre-tax investment management profitability margins for the latest fiscal year for certain publicly-traded advisers to fund complexes, as compared to ECM’s estimated complex-level profits. The
Board considered that, while ECM’s overall profitability is not unreasonable, profitability information is affected by numerous factors, including the adviser’s organization, capital structure and cost of capital, the types of funds it manages, its mix of business and the adviser’s assumptions regarding allocations of revenue and expenses.
Based on the information provided, the Board concluded that the costs of the services provided and the profits estimated to have been realized by ECM and its affiliates were not unreasonable in relation to the nature, extent and quality of the services provided.
Economies of Scale
The Board received and considered information about the potential for ECM to experience economies of scale in the provision of services to the Fund and the extent to which potential scale benefits are shared with shareholders. In evaluating economies of scale, the Board considered, among other things, the current level of management fees payable by the Fund and whether those fees include breakpoints, as well as comparative fee information, the profitability and financial condition of ECM, and the current level of Fund assets. Although there are no contractual breakpoints in the Fund’s management fee schedule, the Board noted that ECM shares potential economies of scale from its business in a variety of ways, including through fee waiver arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints (i.e., pre-assuming future asset growth) and investments in the business intended to enhance services available to the Fund and shareholders.
Based on the information provided, the Board concluded that ECM’s arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other Factors
The Board received and considered information regarding the ancillary benefits derived or to be derived by ECM from its relationship with the Fund as part of the total mix of information evaluated by the Board. The Board also noted where services were provided to the Fund by affiliates of ECM, including, in particular, the various recordkeeping, administrative and shareholder services provided by Empower pursuant to a shareholder services agreement (the “Shareholder Services Agreement”). The Board considered its assessment, as part of the Board’s annual contract review process, of the services provided by and fees paid under the Shareholder Services Agreement - an assessment that included, among other things, reviews of service metrics data, the nature and quality of shareholder services, fees retained by Empower and those paid to third-party providers and Empower’s estimated profitability on shareholder services fees from the Fund.
In addition to the foregoing arrangements, the Board took into account the fact that the Fund is used as a funding vehicle under variable life and annuity contracts offered by insurance companies affiliated with ECM and as a funding vehicle under retirement plans for which affiliates of ECM may provide various retirement plan services. Additionally, the Board considered the extent to which Empower of America and/or its affiliated insurance companies may receive benefits under the federal income tax laws with respect to tax deductions and credits, and evaluated information provided by ECM in this regard.
The Board concluded that the Fund’s management fees were reasonable, taking into account any ancillary benefits derived by ECM or its affiliates.
Conclusion
Based upon all the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement continue to be reasonable and that the continuation of the Advisory Agreement is in the best interests of the Fund.
1 In 2015, Broadridge acquired the fiduciary services and competitive intelligence business unit from Lipper, Inc. (“Lipper”).
ITEM 2. | CODE OF ETHICS. |
Not required in filing.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not required in filing.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not required in filing.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | INVESTMENTS. |
(a) The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported,
within the time periods specified in the commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. | DISCLOSURE OF LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
(a) (1) Not required in filing.
(3) Not applicable.
(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
EMPOWER FUNDS, INC.
By: | /s/ Jonathan D. Kreider |
Jonathan D. Kreider
President & Chief Executive Officer
President & Chief Executive Officer
Date:August 23, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jonathan D. Kreider |
Jonathan D. Kreider
President & Chief Executive Officer
President & Chief Executive Officer
Date:August 23, 2023
By: | /s/ Kelly B. New |
Kelly B. New
Treasurer & Chief Financial Officer
Treasurer & Chief Financial Officer
Date:August 23, 2023