NPORT-EX 2 edgar.htm NPORTEX
EMPOWER FUNDS, INC.
EMPOWER CONSERVATIVE PROFILE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
8,014,209 Empower Core Bond Fund Institutional Class(a) $ 64,995,236
12,148,198 Empower Global Bond Fund Institutional Class(a)  86,495,172
4,243,122 Empower High Yield Bond Fund Institutional Class(a)  38,739,702
4,976,700 Empower Inflation-Protected Securities Fund Institutional Class(a)  43,297,287
10,759,561 Empower Multi-Sector Bond Fund Institutional Class(a)  85,108,130
9,281,354 Empower Short Duration Bond Fund Institutional Class(a)  86,595,029
8,322,063 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)  64,995,316
     
TOTAL BOND MUTUAL FUNDS — 47.47%
(Cost $537,012,877) 		$470,225,872
EQUITY MUTUAL FUNDS
2,279,777 Empower Emerging Markets Equity Fund Institutional Class(a) 18,329,402
2,260,097 Empower International Growth Fund Institutional Class(a) 18,329,384
5,691,314 Empower International Value Fund Institutional Class(a) 45,871,994
2,674,873 Empower Large Cap Growth Fund Institutional Class(a) 24,769,322
9,092,652 Empower Large Cap Value Fund Institutional Class(a) 61,920,961
4,442,741 Empower Mid Cap Value Fund Institutional Class(a) 33,587,125
Shares   Fair Value
Equity Mutual Funds — (continued)
6,712,287 Empower Real Estate Index Fund Institutional Class(a) $ 49,536,684
946,081 Empower Small Cap Growth Fund Institutional Class(a)   9,016,155
3,322,224 Empower Small Cap Value Fund Institutional Class(a)  22,391,789
2,166,348 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  13,474,682
     
TOTAL EQUITY MUTUAL FUNDS — 30.01%
(Cost $326,311,698) 		$297,227,498
Account Balance    
FIXED INTEREST CONTRACT
223,323,543(b) Empower of America Contract(a) 1.70%(c) 223,323,543
     
TOTAL FIXED INTEREST CONTRACT — 22.55%
(Cost $223,323,543) 		$223,323,543
TOTAL INVESTMENTS — 100.03%
(Cost $1,086,648,118) 		$990,776,913
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(253,721)
TOTAL NET ASSETS — 100.00% $990,523,192
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at September 29, 2023. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 29, 2023

 

EMPOWER FUNDS, INC.
EMPOWER MODERATELY CONSERVATIVE PROFILE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
3,471,889 Empower Core Bond Fund Institutional Class(a) $ 28,157,016
5,265,184 Empower Global Bond Fund Institutional Class(a)  37,488,107
1,834,972 Empower High Yield Bond Fund Institutional Class(a)  16,753,291
2,157,759 Empower Inflation-Protected Securities Fund Institutional Class(a)  18,772,505
4,656,602 Empower Multi-Sector Bond Fund Institutional Class(a)  36,833,722
1,497,454 Empower Short Duration Bond Fund Institutional Class(a)  13,971,250
3,605,276 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)  28,157,209
     
TOTAL BOND MUTUAL FUNDS — 33.02%
(Cost $208,368,547) 		$180,133,100
EQUITY MUTUAL FUNDS
2,036,111 Empower Emerging Markets Equity Fund Institutional Class(a) 16,370,332
2,017,713 Empower International Growth Fund Institutional Class(a) 16,363,654
5,075,982 Empower International Value Fund Institutional Class(a) 40,912,421
2,386,239 Empower Large Cap Growth Fund Institutional Class(a) 22,096,575
8,107,329 Empower Large Cap Value Fund Institutional Class(a) 55,210,911
3,962,200 Empower Mid Cap Value Fund Institutional Class(a) 29,954,233
Shares   Fair Value
Equity Mutual Funds — (continued)
3,323,111 Empower Real Estate Index Fund Institutional Class(a) $ 24,524,560
841,692 Empower Small Cap Growth Fund Institutional Class(a)   8,021,323
2,963,424 Empower Small Cap Value Fund Institutional Class(a)  19,973,478
1,929,983 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  12,004,493
     
TOTAL EQUITY MUTUAL FUNDS — 45.00%
(Cost $266,840,983) 		$245,431,980
Account Balance    
FIXED INTEREST CONTRACT
120,063,063(b) Empower of America Contract(a) 1.70%(c) 120,063,063
     
TOTAL FIXED INTEREST CONTRACT — 22.01%
(Cost $120,063,063) 		$120,063,063
TOTAL INVESTMENTS — 100.03%
(Cost $595,272,593) 		$545,628,143
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(150,284)
TOTAL NET ASSETS — 100.00% $545,477,859
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at September 29, 2023. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 29, 2023

 

EMPOWER FUNDS, INC.
EMPOWER MODERATE PROFILE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
6,753,062 Empower Core Bond Fund Institutional Class(a) $   54,767,337
10,237,000 Empower Global Bond Fund Institutional Class(a)    72,887,437
3,577,376 Empower High Yield Bond Fund Institutional Class(a)    32,661,438
4,208,043 Empower Inflation-Protected Securities Fund Institutional Class(a)    36,609,968
9,069,896 Empower Multi-Sector Bond Fund Institutional Class(a)    71,742,874
2,931,568 Empower Short Duration Bond Fund Institutional Class(a)    27,351,530
7,012,465 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)    54,767,353
     
TOTAL BOND MUTUAL FUNDS — 24.05%
(Cost $413,574,553) 		$350,787,937
EQUITY MUTUAL FUNDS
7,557,495 Empower Emerging Markets Equity Fund Institutional Class(a) 60,762,262
7,430,542 Empower International Growth Fund Institutional Class(a) 60,261,695
18,687,592 Empower International Value Fund Institutional Class(a) 150,621,989
8,807,700 Empower Large Cap Growth Fund Institutional Class(a) 81,559,301
29,912,461 Empower Large Cap Value Fund Institutional Class(a) 203,703,864
Shares   Fair Value
Equity Mutual Funds — (continued)
14,644,462 Empower Mid Cap Value Fund Institutional Class(a) $  110,712,132
7,790,535 Empower Real Estate Index Fund Institutional Class(a)    57,494,152
3,111,691 Empower Small Cap Growth Fund Institutional Class(a)    29,654,412
11,001,861 Empower Small Cap Value Fund Institutional Class(a)    74,152,540
7,140,176 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)    44,411,891
     
TOTAL EQUITY MUTUAL FUNDS — 59.87%
(Cost $926,939,287) 		$873,334,238
Account Balance    
FIXED INTEREST CONTRACT
235,042,689(b) Empower of America Contract(a) 1.70%(c) 235,042,689
     
TOTAL FIXED INTEREST CONTRACT — 16.11%
(Cost $235,042,689) 		$235,042,689
TOTAL INVESTMENTS — 100.03%
(Cost $1,575,556,529) 		$1,459,164,864
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(458,157)
TOTAL NET ASSETS — 100.00% $1,458,706,707
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at September 29, 2023. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 29, 2023

 

EMPOWER FUNDS, INC.
EMPOWER MODERATELY AGGRESSIVE PROFILE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Shares   Fair Value
BOND MUTUAL FUNDS
2,404,434 Empower Core Bond Fund Institutional Class(a) $ 19,499,959
3,648,017 Empower Global Bond Fund Institutional Class(a)  25,973,884
1,274,799 Empower High Yield Bond Fund Institutional Class(a)  11,638,911
1,497,419 Empower Inflation-Protected Securities Fund Institutional Class(a)  13,027,543
3,235,001 Empower Multi-Sector Bond Fund Institutional Class(a)  25,588,862
2,538,437 Empower Short Duration Bond Fund Institutional Class(a)  23,683,612
2,496,834 Empower U.S. Government Mortgage Securities Fund Institutional Class(a)  19,500,274
     
TOTAL BOND MUTUAL FUNDS — 18.03%
(Cost $159,642,749) 		$138,913,045
EQUITY MUTUAL FUNDS
4,937,195 Empower Emerging Markets Equity Fund Institutional Class(a) 39,695,047
4,893,822 Empower International Growth Fund Institutional Class(a) 39,688,898
12,305,488 Empower International Value Fund Institutional Class(a) 99,182,234
5,784,336 Empower Large Cap Growth Fund Institutional Class(a) 53,562,958
19,645,838 Empower Large Cap Value Fund Institutional Class(a) 133,788,164
9,613,173 Empower Mid Cap Value Fund Institutional Class(a) 72,675,585
Shares   Fair Value
Equity Mutual Funds — (continued)
3,654,228 Empower Real Estate Index Fund Institutional Class(a) $ 26,968,206
2,038,058 Empower Small Cap Growth Fund Institutional Class(a)  19,422,688
7,184,265 Empower Small Cap Value Fund Institutional Class(a)  48,421,945
4,671,500 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  29,056,731
     
TOTAL EQUITY MUTUAL FUNDS — 72.99%
(Cost $655,330,443) 		$562,462,456
Account Balance    
FIXED INTEREST CONTRACT
69,409,383(b) Empower of America Contract(a) 1.70%(c) 69,409,383
     
TOTAL FIXED INTEREST CONTRACT — 9.01%
(Cost $69,409,383) 		$69,409,383
TOTAL INVESTMENTS — 100.03%
(Cost $884,382,575) 		$770,784,884
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(232,872)
TOTAL NET ASSETS — 100.00% $770,552,012
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
(b)  Account Balance and Cost represent net deposits.
(c)  Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at September 29, 2023. See Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 29, 2023

 

EMPOWER FUNDS, INC.
EMPOWER AGGRESSIVE PROFILE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Shares   Fair Value
EQUITY MUTUAL FUNDS
5,376,803 Empower Emerging Markets Equity Fund Institutional Class(a) $ 43,229,496
5,318,585 Empower International Growth Fund Institutional Class(a)  43,133,726
13,365,483 Empower International Value Fund Institutional Class(a) 107,725,790
6,290,009 Empower Large Cap Growth Fund Institutional Class(a)  58,245,484
21,364,907 Empower Large Cap Value Fund Institutional Class(a) 145,495,011
10,452,282 Empower Mid Cap Value Fund Institutional Class(a)  79,019,255
2,433,338 Empower Real Estate Index Fund Institutional Class(a)  17,958,035
2,213,337 Empower Small Cap Growth Fund Institutional Class(a) 21,093,103
Shares   Fair Value
Equity Mutual Funds — (continued)
7,837,415 Empower Small Cap Value Fund Institutional Class(a) $ 52,824,173
5,091,037 Empower T. Rowe Price Mid Cap Growth Fund Institutional Class(a)  31,666,249
     
TOTAL EQUITY MUTUAL FUNDS — 100.03%
(Cost $668,741,881) 		$600,390,322
TOTAL INVESTMENTS — 100.03%
(Cost $668,741,881) 		$600,390,322
OTHER ASSETS & LIABILITIES, NET — (0.03)% $(179,336)
TOTAL NET ASSETS — 100.00% $600,210,986
 
(a)  Issuer is considered an affiliate of the Fund, see Notes to Schedule of Investments.
See Notes to Schedule of Investments.
September 29, 2023

 

EMPOWER FUNDS, INC.
Notes to Schedule of Investments (Unaudited)
Security Valuation
The Board of Directors of the Funds has adopted policies and procedures for the valuation of each Fund's securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC (ECM or the Adviser), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors approved the Adviser as the Funds valuation designee to make all fair value determinations with respect to the Funds investments, subject to oversight by the Board of Directors.
Investments in shares of the underlying mutual funds are valued at the net asset value as reported by the underlying mutual fund, which 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. The net asset value 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.
Investments in fixed interest contracts issued by Empower Annuity Insurance Company of America (Empower of America Contract) are valued at the amount of net deposits plus accrued interest, determined on a daily basis. The Empower of America Contract is backed by the general account of Empower Annuity Insurance Company of America (Empower of America).
The Funds classify valuations into three levels based upon the observability of inputs to the valuation of each Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of September 29, 2023, each Fund’s investments in the underlying mutual funds are valued using Level 1 inputs. Each Fund’s investment in the Empower of America Contract is valued using Level 2 inputs. More information regarding each Fund’s sector classifications are included in the Schedule of Investments.
Fund-of-Funds Structure Risk
Since each Fund invests directly in underlying funds, all risks associated with the eligible underlying funds apply to each Fund. To the extent each Fund invests more of its assets in one underlying fund than another, each Fund will have greater exposure to the risks of that underlying fund.
Transactions with Affiliates
Each Fund may invest in the Empower of America Contract pursuant to exemptive relief issued by the U.S. Securities and Exchange Commission. The Empower of America Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation of the Funds. Empower of America calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). As a result of Empower of America being an affiliated entity, the Funds are exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If Empower of America were to become insolvent, the Empower of America Contract would be settled commensurate with other policy holder obligations.
September 29, 2023

 

The amounts deposited will accrue interest at a declared rate of interest, adjustable on a calendar quarter or other periodic basis, guaranteed to be no less than 1.00%.The investment in the Empower of America Contract may be terminated by Empower of America or the Funds upon 7 days prior written notice. The guaranteed interest rate paid will be at least as favorable as the guaranteed interest rate paid on other similar products issued by Empower of America.
The following tables are a summary of the transactions for each underlying investment during the period ended September 29, 2023, in which the issuer was an affiliate of a Fund, as defined in the Investment Company Act of 1940.
Empower Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
09/29/2023 		Value
12/31/2022 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
09/29/2023
BOND MUTUAL FUNDS 47.47%                          
Empower Core Bond Fund Institutional Class 8,014,209 $56,879,489 $15,085,002 $5,847,382 $(742,362)   $(1,121,873)   $1,572,798   $-   $64,995,236
Empower Global Bond Fund Institutional Class 12,148,198 76,011,538 19,667,578 7,767,779 (1,489,721)   (1,416,165)   685,925   -   86,495,172
Empower High Yield Bond Fund Institutional Class 4,243,122 33,962,801 7,602,812 3,584,206 (212,562)   758,295   924,915   -   38,739,702
Empower Inflation-Protected Securities Fund Institutional Class 4,976,700 38,083,261 9,275,612 3,792,989 (375,220)   (268,597)   1,021,448   -   43,297,287
Empower Multi-Sector Bond Fund Institutional Class 10,759,561 74,654,012 17,055,538 6,725,386 (1,056,531)   123,966   1,902,583   -   85,108,130
Empower Short Duration Bond Fund Institutional Class 9,281,354 76,318,707 17,855,883 8,211,553 (298,732)   631,992   1,957,148   -   86,595,029
Empower U.S. Government Mortgage Securities Fund Institutional Class 8,322,063 56,779,554 15,875,573 5,477,881 (607,935)   (2,181,930)   1,811,180   -   64,995,316
          (4,783,063)   (3,474,312)   9,875,997   0   470,225,872
EQUITY MUTUAL FUNDS 30.01%                          
Empower Emerging Markets Equity Fund Institutional Class 2,279,777 16,119,948 5,545,707 3,898,794 (105,518)   562,541   141,973   -   18,329,402
Empower International Growth Fund Institutional Class 2,260,097 16,180,272 5,401,784 3,446,460 303,883   193,788   -   -   18,329,384
Empower International Value Fund Institutional Class 5,691,314 40,559,128 11,472,744 8,718,872 576,002   2,558,994   81,431   315,583   45,871,994
Empower Large Cap Growth Fund Institutional Class 2,674,873 21,890,694 5,274,987 7,950,622 (1,816,727)   5,554,263   39,853   2,875   24,769,322
Empower Large Cap Value Fund Institutional Class 9,092,652 54,834,722 16,914,719 7,052,978 3,155,312   (2,775,502)   949,199   265,105   61,920,961
Empower Mid Cap Value Fund Institutional Class 4,442,741 29,736,401 10,058,906 5,656,915 1,630,807   (551,267)   208,239   19,934   33,587,125
Empower Real Estate Index Fund Institutional Class 6,712,287 43,837,040 17,406,496 7,834,362 2,488,486   (3,872,490)   832,942   -   49,536,684
Empower Small Cap Growth Fund Institutional Class 946,081 8,014,582 2,866,395 2,884,095 (616,763)   1,019,273   -   2,051   9,016,155
Empower Small Cap Value Fund Institutional Class 3,322,224 19,912,844 7,804,878 6,041,335 (28,003)   715,402   132,734   416,595   22,391,789
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 2,166,348 11,923,844 3,695,477 3,252,705 (386,737)   1,108,066   -   201,034   13,474,682
          5,200,742   4,513,068   2,386,371   1,223,177   297,227,498
September 29, 2023

 

Empower Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
09/29/2023 		Value
12/31/2022
Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation)
  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
09/29/2023
FIXED INTEREST CONTRACT 22.55%                          
Empower of America Contract 223,323,543 $197,079,969 $43,526,259 $19,700,942 $-   $-   $2,418,257   $-   $223,323,543
          0   0   2,418,257   0   223,323,543
        Total $417,679   $1,038,756   $14,680,625   $1,223,177   $990,776,913
Empower Moderately Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
09/29/2023 		Value
12/31/2022 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
09/29/2023
BOND MUTUAL FUNDS 33.02%                          
Empower Core Bond Fund Institutional Class 3,471,889 $26,142,591 $6,534,948 $4,093,836 $(442,199)   $(426,687)   $729,986   $-   $28,157,016
Empower Global Bond Fund Institutional Class 5,265,184 35,007,090 8,762,356 5,984,269 (1,065,816)   (297,070)   320,870   -   37,488,107
Empower High Yield Bond Fund Institutional Class 1,834,972 15,573,071 2,876,518 1,999,303 (54,652)   303,005   430,293   -   16,753,291
Empower Inflation-Protected Securities Fund Institutional Class 2,157,759 17,527,241 3,920,421 2,549,698 (178,854)   (125,459)   477,820   -   18,772,505
Empower Multi-Sector Bond Fund Institutional Class 4,656,602 34,288,794 7,372,632 5,065,327 (672,196)   237,623   886,516   -   36,833,722
Empower Short Duration Bond Fund Institutional Class 1,497,454 13,051,780 2,692,108 1,946,591 (116,083)   173,953   337,382   -   13,971,250
Empower U.S. Government Mortgage Securities Fund Institutional Class 3,605,276 26,130,676 6,932,915 4,142,665 (532,513)   (763,717)   838,477   -   28,157,209
          (3,062,313)   (898,352)   4,021,344   0   180,133,100
EQUITY MUTUAL FUNDS 45.00%                          
Empower Emerging Markets Equity Fund Institutional Class 2,036,111 15,248,148 4,938,749 4,580,739 (335,506)   764,174   137,264   -   16,370,332
Empower International Growth Fund Institutional Class 2,017,713 15,293,985 4,159,370 3,415,098 110,393   325,397   -   -   16,363,654
Empower International Value Fund Institutional Class 5,075,982 38,264,470 8,116,388 8,081,065 328,915   2,612,628   78,600   304,614   40,912,421
Empower Large Cap Growth Fund Institutional Class 2,386,239 20,678,524 4,491,829 7,836,060 (1,181,719)   4,762,282   38,346   2,765   22,096,575
Empower Large Cap Value Fund Institutional Class 8,107,329 51,718,524 14,138,635 10,318,799 679,101   (327,449)   912,875   255,840   55,210,911
Empower Mid Cap Value Fund Institutional Class 3,962,200 28,045,997 7,772,904 4,739,737 2,118,627   (1,124,931)   200,307   19,233   29,954,233
Empower Real Estate Index Fund Institutional Class 3,323,111 22,968,981 8,674,866 4,629,859 1,718,803   (2,489,428)   449,153   -   24,524,560
Empower Small Cap Growth Fund Institutional Class 841,692 7,516,796 2,279,001 1,900,052 242,195   125,578   -   1,975   8,021,323
Empower Small Cap Value Fund Institutional Class 2,963,424 18,725,611 6,330,760 4,548,529 1,171,964   (534,364)   127,960   401,830   19,973,478
September 29, 2023

 

Empower Moderately Conservative Profile Fund
Affiliate Shares Held/
Account
Balance
09/29/2023 		Value
12/31/2022
Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation)
  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
09/29/2023
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 1,929,983 $11,231,567 $2,737,627 $2,731,229 $(91,052)   $766,528   $-   $193,264   $12,004,493
          4,761,721   4,880,415   1,944,505   1,179,521   245,431,980
FIXED INTEREST CONTRACT 22.01%                          
Empower of America Contract 120,063,063 112,232,803 21,811,340 15,378,260 -   -   1,397,180   -   120,063,063
          0   0   1,397,180   0   120,063,063
        Total $1,699,408   $3,982,063   $7,363,029   $1,179,521   $545,628,143
Empower Moderate Profile Fund
Affiliate Shares Held/
Account
Balance
09/29/2023 		Value
12/31/2022 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
09/29/2023
BOND MUTUAL FUNDS 24.05%                          
Empower Core Bond Fund Institutional Class 6,753,062 $55,152,052 $7,587,722 $7,327,582 $(1,147,940)   $(644,855)   $1,524,222   $-   $54,767,337
Empower Global Bond Fund Institutional Class 10,237,000 73,765,752 8,348,575 7,810,637 (1,429,211)   (1,416,253)   675,542   -   72,887,437
Empower High Yield Bond Fund Institutional Class 3,577,376 32,845,594 2,718,933 3,630,479 (215,107)   727,390   905,171   -   32,661,438
Empower Inflation-Protected Securities Fund Institutional Class 4,208,043 36,948,617 4,669,049 4,818,519 (440,265)   (189,179)   998,867   -   36,609,968
Empower Multi-Sector Bond Fund Institutional Class 9,069,896 72,415,575 7,778,797 9,033,412 (1,494,112)   581,914   1,868,481   -   71,742,874
Empower Short Duration Bond Fund Institutional Class 2,931,568 27,515,440 3,424,818 3,949,478 (234,542)   360,750   701,822   -   27,351,530
Empower U.S. Government Mortgage Securities Fund Institutional Class 7,012,465 55,146,379 8,301,102 6,704,125 (701,251)   (1,976,003)   1,742,739   -   54,767,353
          (5,662,428)   (2,556,236)   8,416,844   0   350,787,937
EQUITY MUTUAL FUNDS 59.87%                          
Empower Emerging Markets Equity Fund Institutional Class 7,557,495 61,368,228 7,776,819 10,007,185 17,670   1,624,400   538,871   -   60,762,262
Empower International Growth Fund Institutional Class 7,430,542 61,421,255 7,082,956 8,971,478 1,077,463   728,962   -   -   60,261,695
Empower International Value Fund Institutional Class 18,687,592 153,464,235 9,331,952 20,553,569 3,489,689   8,379,371   308,175   1,194,326   150,621,989
Empower Large Cap Growth Fund Institutional Class 8,807,700 82,897,897 4,722,837 23,673,003 (3,319,959)   17,611,570   151,695   10,906   81,559,301
Empower Large Cap Value Fund Institutional Class 29,912,461 207,542,196 21,311,743 27,107,410 (599,192)   1,957,335   3,647,070   1,002,947   203,703,864
Empower Mid Cap Value Fund Institutional Class 14,644,462 112,516,981 12,929,087 20,172,017 (1,379,337)   5,438,081   804,101   75,419   110,712,132
Empower Real Estate Index Fund Institutional Class 7,790,535 59,246,226 10,167,934 11,698,516 (1,700,294)   (221,492)   1,146,187   -   57,494,152
September 29, 2023

 

Empower Moderate Profile Fund
Affiliate Shares Held/
Account
Balance
09/29/2023 		Value
12/31/2022
Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation)
  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
09/29/2023
Empower Small Cap Growth Fund Institutional Class 3,111,691 $30,113,799 $4,108,702 $6,044,417 $40,614   $1,476,328   $-   $7,729   $29,654,412
Empower Small Cap Value Fund Institutional Class 11,001,861 75,084,157 13,777,112 18,768,551 (1,423,064)   4,059,822   509,733   1,571,504   74,152,540
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 7,140,176 45,031,666 3,746,956 7,707,869 (610,670)   3,341,138   -   757,704   44,411,891
          (4,407,080)   44,395,515   7,105,832   4,620,535   873,334,238
FIXED INTEREST CONTRACT 16.11%                          
Empower of America Contract 235,042,689 236,925,843 25,826,733 30,641,106 -   -   2,931,219   -   235,042,689
          0   0   2,931,219   0   235,042,689
        Total $(10,069,508)   $41,839,279   $18,453,895   $4,620,535   $1,459,164,864
Empower Moderately Aggressive Profile Fund
Affiliate Shares Held/
Account
Balance
09/29/2023 		Value
12/31/2022 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
09/29/2023
BOND MUTUAL FUNDS 18.03%                          
Empower Core Bond Fund Institutional Class 2,404,434 $18,055,897 $4,482,896 $2,841,023 $(441,558)   $(197,811)   $517,255   $-   $19,499,959
Empower Global Bond Fund Institutional Class 3,648,017 24,186,783 5,442,928 3,236,587 (580,737)   (419,240)   231,188   -   25,973,884
Empower High Yield Bond Fund Institutional Class 1,274,799 10,772,711 2,028,499 1,337,139 (16,744)   174,840   310,093   -   11,638,911
Empower Inflation-Protected Securities Fund Institutional Class 1,497,419 12,109,685 2,903,696 1,949,852 (191,931)   (35,986)   342,832   -   13,027,543
Empower Multi-Sector Bond Fund Institutional Class 3,235,001 23,738,833 5,242,389 3,588,257 (542,659)   195,897   639,608   -   25,588,862
Empower Short Duration Bond Fund Institutional Class 2,538,437 22,046,810 5,019,502 3,662,187 (183,566)   279,487   581,174   -   23,683,612
Empower U.S. Government Mortgage Securities Fund Institutional Class 2,496,834 18,034,538 4,794,077 2,856,687 (466,255)   (471,654)   592,179   -   19,500,274
          (2,423,450)   (474,467)   3,214,329   0   138,913,045
EQUITY MUTUAL FUNDS 72.99%                          
Empower Emerging Markets Equity Fund Institutional Class 4,937,195 36,824,716 8,073,459 7,328,249 (1,241,919)   2,125,121   340,239   -   39,695,047
Empower International Growth Fund Institutional Class 4,893,822 37,004,102 7,476,447 4,590,041 1,118,251   (201,610)   -   -   39,688,898
Empower International Value Fund Institutional Class 12,305,488 92,563,794 14,239,605 12,656,082 2,050,020   5,034,917   195,164   756,354   99,182,234
Empower Large Cap Growth Fund Institutional Class 5,784,336 50,043,094 6,312,513 13,624,303 (2,084,353)   10,831,654   95,574   6,876   53,562,958
Empower Large Cap Value Fund Institutional Class 19,645,838 125,445,557 23,519,587 22,636,699 (6,818,760)   7,459,719   2,293,030   635,087   133,788,164
September 29, 2023

 

Empower Moderately Aggressive Profile Fund
Affiliate Shares Held/
Account
Balance
09/29/2023 		Value
12/31/2022
Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation)
  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
09/29/2023
Empower Mid Cap Value Fund Institutional Class 9,613,173 $67,964,112 $13,044,729 $11,211,015 $(480,591)   $2,877,759   $505,263   $47,838   $72,675,585
Empower Real Estate Index Fund Institutional Class 3,654,228 25,241,135 7,497,414 6,039,666 (1,177,577)   269,323   513,497   -   26,968,206
Empower Small Cap Growth Fund Institutional Class 2,038,058 18,268,080 3,594,363 3,308,047 (3,629)   868,292   -   4,900   19,422,688
Empower Small Cap Value Fund Institutional Class 7,184,265 45,582,164 10,810,068 10,642,273 (1,166,491)   2,671,986   321,611   997,661   48,421,945
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 4,671,500 27,192,521 4,149,111 6,057,992 (2,165,392)   3,773,091   -   479,573   29,056,731
          (11,970,441)   35,710,252   4,264,378   2,928,289   562,462,456
FIXED INTEREST CONTRACT 9.01%                          
Empower of America Contract 69,409,383 64,698,534 14,130,906 10,242,560 -   -   822,502   -   69,409,383
          0   0   822,502   0   69,409,383
        Total $(14,393,891)   $35,235,785   $8,301,209   $2,928,289   $770,784,884
Empower Aggressive Profile Fund
Affiliate Shares Held/
Account
Balance
09/29/2023 		Value
12/31/2022 		Purchase
Cost 		Sales
Cost 		Net Realized
Gain (Loss) 		  Net Change
Unrealized
Appreciation
(Depreciation) 		  Dividends
and
Interest
Received 		  Distributions
Received 		  Value
09/29/2023
EQUITY MUTUAL FUNDS 100.03%                          
Empower Emerging Markets Equity Fund Institutional Class 5,376,803 $40,342,746 $8,353,646 $6,613,056 $(183,783)   $1,146,160   $367,224   $-   $43,229,496
Empower International Growth Fund Institutional Class 5,318,585 40,372,543 7,990,270 5,025,196 1,197,033   (203,891)   -   -   43,133,726
Empower International Value Fund Institutional Class 13,365,483 101,285,239 15,189,683 14,078,143 2,320,981   5,329,011   210,972   817,616   107,725,790
Empower Large Cap Growth Fund Institutional Class 6,290,009 54,675,947 7,807,103 16,159,194 (2,440,519)   11,921,628   103,037   7,378   58,245,484
Empower Large Cap Value Fund Institutional Class 21,364,907 136,812,012 23,482,539 16,475,695 (1,058,942)   1,676,155   2,496,681   687,416   145,495,011
Empower Mid Cap Value Fund Institutional Class 10,452,282 74,243,051 11,846,556 10,484,784 (871,698)   3,414,432   549,690   51,690   79,019,255
Empower Real Estate Index Fund Institutional Class 2,433,338 16,934,706 4,419,719 2,606,480 190,448   (789,910)   339,125   -   17,958,035
Empower Small Cap Growth Fund Institutional Class 2,213,337 19,824,025 3,549,288 3,030,485 189,291   750,275   -   5,282   21,093,103
Empower Small Cap Value Fund Institutional Class 7,837,415 49,670,835 10,422,374 8,672,370 222,605   1,403,334   349,312   1,079,349   52,824,173
Empower T. Rowe Price Mid Cap Growth Fund Institutional Class 5,091,037 29,707,148 4,265,342 5,315,067 (1,260,044)   3,008,826   -   519,002   31,666,249
          (1,694,628)   27,656,020   4,416,041   3,167,733   600,390,322
        Total $(1,694,628)   $27,656,020   $4,416,041   $3,167,733   $600,390,322
September 29, 2023