0001145549-24-016101.txt : 20240314 0001145549-24-016101.hdr.sgml : 20240314 20240314134715 ACCESSION NUMBER: 0001145549-24-016101 CONFORMED SUBMISSION TYPE: NPORT-P/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20240314 DATE AS OF CHANGE: 20240314 PERIOD START: 20231231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMPOWER FUNDS, INC. CENTRAL INDEX KEY: 0000356476 ORGANIZATION NAME: IRS NUMBER: 840876044 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-03364 FILM NUMBER: 24748990 BUSINESS ADDRESS: STREET 1: 8515 E ORCHARD ROAD CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 BUSINESS PHONE: 303-737-3000 MAIL ADDRESS: STREET 1: 8515 E ORCHARD ROAD CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 FORMER COMPANY: FORMER CONFORMED NAME: GREAT-WEST FUNDS INC DATE OF NAME CHANGE: 20121005 FORMER COMPANY: FORMER CONFORMED NAME: MAXIM SERIES FUND INC DATE OF NAME CHANGE: 19920703 0000356476 S000023739 Empower Short Duration Bond Fund C000069816 Investor Class MXSDX C000155765 Institutional Class MXXJX NPORT-P/A 1 primary_doc.xml NPORT-P/A false 0001145549-23-030281 0000356476 XXXXXXXX S000023739 C000155765 C000069816 EMPOWER FUNDS, INC. 811-03364 0000356476 RUYOMHMDMSPQ01U66388 8515 E Orchard Road Greenwood Village 80111 866-831-7129 Empower Short Duration Bond Fund S000023739 CX6WNJ2GSLVQWS6MKM15 2023-12-31 2023-03-31 N 336674277.410000000000 2039677.510000000000 334634599.900000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 USD N Securities Portfolio CX6WNJ2GSLVQWS6MKM15 RBC DOMINION SECURITIES INC REPO 549300QJJX6CVVUXLE15 RBC DOMINION SECURITIES INC REPO SLRPD 4.820% 4/3/2023 806159010 2519166 PA USD 2519166 0.7528109767 Long RA CORP US N 2 Repurchase Y 4.82 2023-04-03 2519153.540931141876 USD 2569536.612004951698 USD ABS N N JP MORGAN SECURITIES LLC REPO ZBUT11V806EZRVTWT807 JP MORGAN SECURITIES LLC REPO SLRPA 4.800% 4/3/2023 806158962 2517894 PA USD 2517894 0.7524308606 Long RA CORP US N 2 Repurchase Y 4.8 2023-04-03 2517893.999999999997 USD 2568251.973305957655 USD UST N N BOFA SECURITIES INC REPO. 549300HN4UKV1E2R3U73 BOFA SECURITIES INC REPO. 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1Z4GXXU7ZHVWFCD8TV52 ORCL 4.5 05/06/28 68389XCM5 1000000 NS USD 987965.69 0.2952371603 Long DBT CORP US N 2 2028-05-06 Fixed 4.500000000000 N N N N N N Phillips 66 5493005JBO5YSIGK1814 PSX 1.3 02/15/26 718546AZ7 2000000 NS USD 1810947.2 0.5411715347 Long DBT CORP US N 2 2026-02-15 Fixed 1.300000000000 N N N N N N Plains All American Pipeline L.P./PAA Finance Corp. 5521FA2ITF25TVH63740 PAA 3.6 11/01/24 72650RBF8 2000000 NS USD 1948811.34 0.5823699464 Long DBT CORP US N 2 2024-11-01 Fixed 3.600000000000 N N N N N N Qorvo Inc 254900YAUJV2EUEVBR11 QRVO 1.75 12/15/24 144A 74739DAA2 1000000 NS USD 928320 0.2774130351 Long DBT CORP US N 2 2024-12-15 Fixed 1.750000000000 N N N N N N Citizens Bank National Association DRMSV1Q0EKMEXLAU1P80 CFG V4.119 05/23/25 75524KNQ3 2000000 NS USD 1888103.66 0.5642284631 Long DBT CORP US N 2 2025-05-23 Fixed 4.119000000000 N N N N N N Royal Bank of Canada ES7IP3U3RHIGC71XBU11 RY 3.375 04/14/25 78016EZ59 3000000 NS USD 2911315.08 0.8699982252 Long DBT CORP CA N 2 2025-04-14 Fixed 3.375000000000 N N N N N N Scf Equipment Leasing 2020-1 Llc / Scf Equipment Leasing Cda 2020-1 L P N/A SCFET 2020-1A A3 784054AC2 320587.16 NS USD 315674.74 0.0943341603 Long ABS-O CORP US N 2 2027-10-20 Fixed 0.000000000000 N N N N N N SANTANDER DRIVE AUTO RECEIVABLES TRUST N/A SDART 2021-4 D 80285VAF6 2000000 NS USD 1865505 0.5574752284 Long ABS-O CORP US N 2 2027-10-15 Fixed 1.670000000000 N N N N N N SANTANDER DRIVE AUTO RECEIVABLES TRUST N/A SDART 2021-3 D 80287EAF2 1200000 NS USD 1128916.56 0.3373579900 Long ABS-O CORP US N 2 2027-09-15 Fixed 1.330000000000 N N N N N N Sonoco Products Company GKOMIK4RDJGHEF0VNP11 SON 1.8 02/01/25 835495AM4 2500000 NS USD 2352986.58 0.7031510133 Long DBT CORP US N 2 2025-02-01 Fixed 1.800000000000 N N N N N N Stanley Black & Decker, Inc. 549300DJ09SMTO561131 SWK 6.272 03/06/26 854502AS0 1500000 NS USD 1517833.91 0.4535794895 Long DBT CORP US N 2 2026-03-06 Fixed 6.272000000000 N N N N N N STARWOOD MORTGAGE RESIDENTIAL TRUST N/A STAR 2021-3 A3 85573JAC0 936645.94 NS USD 751367.07 0.2245335869 Long ABS-O CORP US N 2 2056-06-25 Floating 1.517998600000 N N N N N N STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-6 N/A STAR 2021-6 A1 85573RAA6 1655963.62 NS USD 1364237.31 0.4076796931 Long ABS-O CORP US N 2 2066-11-25 Floating 1.919999900000 N N N N N N Synchrony Financial 549300RS7EWPM9MA6C78 SYF 4.875 06/13/25 87165BAS2 3500000 NS USD 3239922 0.9681969530 Long DBT CORP US N 2 2025-06-13 Fixed 4.875000000000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 TMUS 2.25 02/15/26 87264ABR5 2000000 NS USD 1860121.6 0.5558664886 Long DBT CORP US N 2 2026-02-15 Fixed 2.250000000000 N N N N N N Take-Two Interactive Software Inc. BOMSTHHJK882EWYX3334 TTWO 3.55 04/14/25 874054AF6 3000000 NS USD 2922095.91 0.8732198974 Long DBT CORP US N 2 2025-04-14 Fixed 3.550000000000 N N N N N N TransCanada Pipelines Limited 5BV01I6231JPDAPMGH09 TRPCN 1 10/12/24 89352HBB4 2000000 NS USD 1875480.86 0.5604563487 Long DBT CORP CA N 2 2024-10-12 Fixed 1.000000000000 N N N N N N TransCanada Pipelines Limited 5BV01I6231JPDAPMGH09 TRPCN 6.203 03/09/26 89352HBE8 2000000 NS USD 2013933.7 0.6018306836 Long DBT CORP CA N 2 2026-03-09 Fixed 6.203000000000 N N N N N N Trimble Inc 549300E2MI7NSZFQWS19 TRMB 4.15 06/15/23 896239AB6 1345000 NS USD 1339464.55 0.4002767647 Long DBT CORP US N 2 2023-06-15 Fixed 4.150000000000 N N N N N N UnitedHealth Group Inc. 549300GHBMY8T5GXDE41 UNH 4.25 01/15/29 91324PEU2 1500000 NS USD 1488927.41 0.4449412614 Long DBT CORP US N 2 2029-01-15 Fixed 4.250000000000 N N N N N N Universal Health Services, Inc. 549300YGMGQDO0NMJD09 UHS 1.65 09/01/26 913903AZ3 2000000 NS USD 1759651.14 0.5258425580 Long DBT CORP US N 2 2026-09-01 Fixed 1.650000000000 N N N N N N Viatris Inc 254900ZZTSW7NL773X71 VTRS 1.65 06/22/25 92556VAB2 2000000 NS USD 1833992.6 0.5480582703 Long DBT CORP US N 2 2025-06-22 Fixed 1.650000000000 N N N N N N Volkswagen Group of America Finance LLC 5493002SQ1AVQBY41K40 VW 3.95 06/06/25 144A 928668BR2 1500000 NS USD 1471256.49 0.4396606001 Long DBT CORP US N 2 2025-06-06 Fixed 3.950000000000 N N N N N N Vyaire Medical 549300ZVN6ARCNECB069 Vyaire Medical Term Loan B 475 2025-03-14 92921XAB6 2384848.83 NS USD 1693242.67 0.5059974882 Long LON CORP US N 2 2025-03-14 Floating 7.070000000000 N N N N N N Wells Fargo & Company PBLD0EJDB5FWOLXP3B76 WFC V2.188 04/30/26 95000U2N2 1500000 NS USD 1405739.24 0.4200818566 Long DBT CORP US N 2 2026-04-30 Fixed 2.188000000000 N N N N N N Wells Fargo & Company PBLD0EJDB5FWOLXP3B76 WFC V3.908 04/25/26 MTN 95000U2X0 2000000 NS USD 1941230.52 0.5801045441 Long DBT CORP US N 2 2026-04-25 Fixed 3.908000000000 N N N N N N AMERICAN TRAILER WORKD CORP N/A CORPORATE TERM LOAN BL3556117 1500000 NS USD 1293000 0.3863916046 Long DBT CORP US N 2 2028-03-05 Fixed 0 N N N N N N ENTAIN PLC N/A CORPORATE TERM LOAN BL3674845 2968746.85 NS USD 2959469.52 0.8843883809 Long DBT CORP IM N 2 2027-03-16 Fixed 7.35 N N N N N N 2023-05-11 EMPOWER FUNDS, INC. /s/Kelly New Kelly New Treasurer, Great-West Funds, Inc. XXXX NPORT-EX 2 edgar.htm
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2023 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 13.55%
  American Credit Acceptance Receivables Trust(a)  
  Series 2021-1 Class C  
$  777,042 0.83%, 03/15/2027   $    764,535
  Series 2021-1 Class D  
1,500,000 1.14%, 03/15/2027     1,430,563
  Series 2021-2 Class D  
1,250,000 1.34%, 07/13/2027   1,175,663
  Series 2021-4 Class D  
1,250,000 1.82%, 02/14/2028   1,164,582
1,500,000 AmeriCredit Automobile Receivables Trust
Series 2021-1 Class D
1.21%, 12/18/2026   		1,365,422
1,000,000 Apidos XXIX(a)(b)
Series 2018-29A Class A2
6.37%, 07/25/2030
3-mo. LIBOR + 1.55% 		972,738
1,700,000 Avant Credit Card Master Trust(a)
Series 2021-1A Class A
1.37%, 04/15/2027   		1,581,776
3,000,000 Barings Ltd(a)(b)
Series 2018-3A Class C
6.71%, 07/20/2029
3-mo. LIBOR + 1.90% 		2,887,986
  CCG Receivables Trust(a)  
  Series 2020-1 Class B  
1,000,000 1.19%, 12/14/2027   963,092
  Series 2023-1 Class A2  
700,000 5.82%, 09/16/2030   706,833
  Credit Acceptance Auto Loan Trust(a)  
  Series 2020-2A Class B  
1,500,000 1.93%, 09/17/2029   1,476,402
  Series 2021-4 Class C  
975,000 1.94%, 02/18/2031   890,659
1,185,000 DB Master Finance LLC(a)
Series 2021-1A Class A2I
2.05%, 11/20/2051   		1,042,447
1,200,000 Drive Auto Receivables Trust
Series 2021-2 Class D
1.39%, 03/15/2029   		1,117,197
  DT Auto Owner Trust(a)  
  Series 2019-3A Class D  
739,041 2.96%, 04/15/2025   731,929
  Series 2020-2A Class E  
1,250,000 7.17%, 06/15/2027   1,265,679
  Series 2021-1A Class C  
1,500,000 0.84%, 10/15/2026   1,454,782
  Series 2021-3A Class D  
2,000,000 1.31%, 05/17/2027   1,809,422
  Series 2021-4A Class D  
1,750,000 1.99%, 09/15/2027   1,581,367
1,368,849 Exeter Automobile Receivables Trust
Series 2022-5A Class A2
5.29%, 01/15/2025   		1,368,391
Principal Amount   Fair Value
Non-Agency — (continued)
$   43,812 GMACM Home Equity Loan Trust(c)
Series 2007-HE2 Class A3
6.19%, 12/25/2037   		$     43,577
1,000,000 ICG US Ltd(a)(b)
Series 2018-3A Class B1R
6.27%, 01/24/2032
3-mo. LIBOR + 1.45% 		     952,607
1,500,000 Madison Park Funding XLVIII Ltd(a)(b)
Series 2021-48A Class C
6.80%, 04/19/2033
3-mo. LIBOR + 2.00% 		  1,426,470
1,500,000 Magnetite XXII Ltd(a)(b)
Series 2019-22A Class CR
6.74%, 04/15/2031
3-mo. LIBOR + 1.95% 		  1,415,129
   759,173 MVW Owner Trust(a)
Series 2021-1WA Class C
1.94%, 01/22/2041   		     692,254
  Navient Private Education Refi Loan Trust(a)  
  Series 2021-A Class A  
878,117 0.84%, 05/15/2069   767,784
  Series 2021-BA Class A  
1,067,792 0.94%, 07/15/2069   932,470
  Series 2021-CA Class A  
1,113,934 1.06%, 10/15/2069   972,347
1,000,000 Oaktree Ltd(a)(b)
Series 2019-3A Class BR
6.56%, 10/20/2034
3-mo. LIBOR + 1.75% 		959,335
2,000,000 Octagon Investment Partners 45 Ltd(a)(b)
Series 2019-1A Class BR
6.51%, 04/15/2035
3-mo. SOFR + 1.85% 		1,901,920
1,150,000 OneMain Direct Auto Receivables Trust(a)
Series 2021-1A Class D
1.62%, 11/14/2030   		1,011,500
  Santander Drive Auto Receivables Trust  
  Series 2021-2 Class D  
750,000 1.35%, 07/15/2027   707,660
  Series 2021-3 Class D  
1,200,000 1.33%, 09/15/2027   1,128,917
  Series 2021-4 Class D  
2,000,000 1.67%, 10/15/2027   1,865,505
320,587 SCF Equipment Leasing LLC(a)
Series 2020-1A Class A3
1.19%, 10/20/2027   		315,675
3,756,000 Voya Ltd(a)(b)
Series 2016-1A Class BR
6.70%, 01/20/2031
3-mo. SOFR + 2.06% 		3,462,164
650,000 Westlake Automobile Receivables Trust(a)
Series 2021-2A Class D
1.23%, 12/15/2026   		601,878
 
See Notes to Schedule of Investments.
March 31, 2023

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2023 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$  500,000 World Omni Select Auto Trust
Series 2021-A Class D
1.44%, 11/15/2027   		$    447,956
    45,356,613
U.S. Government Agency — 0.00%
       883 Federal National Mortgage Association Grantor Trust(d)
Series 2003-T4 Class 2A6
4.44%, 07/26/2033   		        862
TOTAL ASSET-BACKED SECURITIES — 13.55%
(Cost $48,650,922) 		$45,357,475
BANK LOANS
1,500,000 American Trailer World Corp(b)
8.09%, 03/05/2028
1-mo. LIBOR + 3.24% 		  1,293,000
2,195,969 Berry Global Inc(b)
6.51%, 07/01/2026
1-mo. LIBOR + 1.66% 		2,186,985
1,477,444 Catalent Pharma Solutions Inc(b)
6.81%, 02/22/2028
1-mo. LIBOR + 1.96% 		1,461,283
2,968,747 Entain Holdings Ltd(b)
7.44%, 03/29/2027
3-mo. SOFR + 2.53% 		2,959,469
549,542 Icon SARL(b)
7.41%, 07/03/2028
3-mo. SOFR + 2.50% 		548,054
2,214,314 Jazz Financing SARL(b)
8.34%, 05/05/2028
1-mo. LIBOR + 3.49% 		2,203,704
2,391,108 Vyaire Medical Inc(b)
9.52%, 04/16/2025
3-mo. LIBOR + 4.34% 		1,697,687
TOTAL BANK LOANS — 3.69%
(Cost $13,024,329) 		$12,350,182
CORPORATE BONDS AND NOTES
Basic Materials — 1.71%
  Celanese US Holdings LLC  
2,000,000 5.90%, 07/05/2024 2,000,755
500,000 6.17%, 07/15/2027 502,852
2,000,000 Nutrien Ltd
5.90%, 11/07/2024
2,028,488
1,250,000 Steel Dynamics Inc
2.80%, 12/15/2024
1,195,244
    5,727,339
Communications — 1.76%
2,000,000 AT&T Inc
5.54%, 02/20/2026
2,006,211
1,735,000 Juniper Networks Inc
1.20%, 12/10/2025
1,569,373
Principal Amount   Fair Value
Communications — (continued)
$  500,000 Sirius XM Radio Inc(a)
3.13%, 09/01/2026
$    451,000
2,000,000 T-Mobile USA Inc
2.25%, 02/15/2026
  1,860,122
    5,886,706
Consumer, Cyclical — 10.89%
1,000,000 Advance Auto Parts Inc
5.90%, 03/09/2026
  1,020,444
2,000,000 Aptiv PLC / Aptiv Corp
2.40%, 02/18/2025
  1,905,110
1,250,000 Brinker International Inc
3.88%, 05/15/2023
  1,247,531
2,500,000 Cinemark USA Inc(a)
8.75%, 05/01/2025
2,552,301
1,000,000 Daimler Truck Finance North America LLC(a)
5.20%, 01/17/2025
1,001,620
3,000,000 Ford Motor Credit Co LLC
2.30%, 02/10/2025
2,780,325
2,000,000 General Motors Financial Co Inc
6.05%, 10/10/2025
2,032,658
2,000,000 Genuine Parts Co
1.75%, 02/01/2025
1,889,501
2,000,000 Hyundai Capital America(a)
1.00%, 09/17/2024
1,874,621
2,000,000 Las Vegas Sands Corp
3.20%, 08/08/2024
1,935,077
1,500,000 Lowe's Cos Inc
4.80%, 04/01/2026
1,508,562
2,000,000 Mercedes-Benz Finance North America LLC(a)
4.95%, 03/30/2025
2,001,480
2,500,000 MGM Resorts International
6.75%, 05/01/2025
2,519,478
2,000,000 Nissan Motor Acceptance Co LLC(a)
1.13%, 09/16/2024
1,869,502
3,000,000 PVH Corp
4.63%, 07/10/2025
2,936,789
1,500,000 Starbucks Corp
4.75%, 02/15/2026
1,508,540
1,500,000 Volkswagen Group of America Finance LLC(a)
3.95%, 06/06/2025
1,471,257
  Warnermedia Holdings Inc  
3,500,000 3.79%, 03/15/2025(a) 3,388,874
1,000,000 6.41%, 03/15/2026 1,005,049
    36,448,719
Consumer, Non-Cyclical — 12.76%
2,000,000 Amgen Inc
5.25%, 03/02/2025
2,021,992
1,500,000 Astrazeneca Finance LLC
4.88%, 03/03/2028
1,543,198
1,000,000 Bacardi Ltd(a)
4.45%, 05/15/2025
984,482
2,000,000 Baxter International Inc
1.32%, 11/29/2024
1,882,183
 
See Notes to Schedule of Investments.
March 31, 2023

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2023 (Unaudited)
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
$3,065,000 Bayer US Finance II LLC(a)
2.85%, 04/15/2025
$  2,902,447
1,000,000 Becton Dickinson & Co
4.69%, 02/13/2028
  1,004,025
1,000,000 Cargill Inc(a)
4.88%, 10/10/2025
  1,008,090
1,500,000 Cigna Group
5.69%, 03/15/2026
  1,509,426
1,500,000 Constellation Brands Inc
5.00%, 02/02/2026
  1,500,287
2,500,000 CVS Health Corp
5.00%, 02/20/2026
  2,528,075
1,000,000 Eli Lilly & Co(e)
5.00%, 02/27/2026
  1,009,035
2,500,000 GE HealthCare Technologies Inc(a)
5.55%, 11/15/2024
2,514,809
3,000,000 Global Payments Inc
1.50%, 11/15/2024
2,826,044
1,500,000 Haleon US Capital LLC
3.02%, 03/24/2024
1,458,186
2,000,000 HCA Inc(a)
3.13%, 03/15/2027
1,858,952
1,500,000 Humana Inc
5.70%, 03/13/2026
1,505,760
1,000,000 Illumina Inc
5.80%, 12/12/2025
1,009,236
3,000,000 McKesson Corp
0.90%, 12/03/2025
2,711,926
1,500,000 Medtronic Global Holdings SCA
4.25%, 03/30/2028
1,497,610
1,000,000 Mondelez International Holdings Netherlands BV(a)
0.75%, 09/24/2024
939,265
1,500,000 Nestle Holdings Inc(a)(e)
5.25%, 03/13/2026
1,539,172
1,500,000 UnitedHealth Group Inc
4.25%, 01/15/2029
1,488,927
2,000,000 Universal Health Services Inc
1.65%, 09/01/2026
1,759,651
2,000,000 Viatris Inc
1.65%, 06/22/2025
1,833,993
2,000,000 Zimmer Biomet Holdings Inc
1.45%, 11/22/2024
1,890,267
    42,727,038
Energy — 5.83%
3,000,000 Canadian Natural Resources Ltd
2.05%, 07/15/2025
2,802,702
1,500,000 Enbridge Inc
5.97%, 03/08/2026
1,504,222
1,500,000 Energy Transfer LP
3.90%, 05/15/2024
1,468,441
  EQT Corp  
500,000 6.13%, 02/01/2025 502,974
100,000 3.13%, 05/15/2026(a) 92,495
1,500,000 Gray Oak Pipeline LLC(a)
2.00%, 09/15/2023
1,474,812
Principal Amount   Fair Value
Energy — (continued)
$2,000,000 Midwest Connector Capital Co LLC(a)
3.90%, 04/01/2024
$  1,964,920
2,000,000 Phillips 66
1.30%, 02/15/2026
  1,810,947
2,000,000 Plains All American Pipeline LP / PAA Finance Corp
3.60%, 11/01/2024
  1,948,811
  TransCanada PipeLines Ltd  
2,000,000 1.00%, 10/12/2024   1,875,481
2,000,000 6.20%, 03/09/2026   2,013,934
2,000,000 Williams Cos Inc
5.40%, 03/02/2026
  2,037,518
    19,497,257
Financial — 34.79%
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
1,500,000 1.15%, 10/29/2023 1,454,302
2,500,000 1.75%, 10/29/2024 2,329,044
1,500,000 Ally Financial Inc
3.88%, 05/21/2024
1,441,252
  American Express Co  
2,000,000 3.95%, 08/01/2025 1,961,110
1,500,000 4.90%, 02/13/2026 1,513,936
2,000,000 Athene Global Funding(a)
0.95%, 01/08/2024
1,914,273
  Bank of America Corp  
2,000,000 0.81%, 10/24/2024 1,943,754
5,000,000 3.46%, 03/15/2025 4,894,675
3,000,000 1.53%, 12/06/2025 2,804,792
2,500,000 Bank of Montreal(a)(e)
3.75%, 07/25/2025
2,449,426
2,000,000 Bank of New York Mellon
5.22%, 11/21/2025
1,997,089
1,000,000 Bank of New York Mellon Corp
3.35%, 04/25/2025
963,027
  Bank of Nova Scotia  
3,000,000 0.70%, 04/15/2024 2,861,702
2,500,000 3.45%, 04/11/2025 2,425,064
1,500,000 Barclays PLC
3.65%, 03/16/2025
1,433,671
  Canadian Imperial Bank of Commerce  
2,500,000 1.00%, 10/18/2024 2,346,597
1,500,000 2.25%, 01/28/2025(e) 1,425,606
2,000,000 Capital One Financial Corp
4.99%, 07/24/2026
1,927,834
  Citigroup Inc  
950,000 1.28%, 11/03/2025 887,376
4,000,000 5.59%, 06/09/2027(e) 3,918,316
2,000,000 Citizens Bank NA
4.12%, 05/23/2025
1,888,104
3,420,000 EPR Properties REIT
4.50%, 04/01/2025
3,301,623
2,000,000 Equitable Financial Life Global Funding(a)
0.80%, 08/12/2024
1,884,722
 
See Notes to Schedule of Investments.
March 31, 2023

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2023 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$3,500,000 Fifth Third Bancorp
2.38%, 01/28/2025
$  3,255,716
2,000,000 Goldman Sachs Group Inc
0.93%, 10/21/2024
  1,946,000
2,000,000 Huntington Bancshares Inc
2.63%, 08/06/2024
  1,875,066
  JPMorgan Chase & Co  
2,000,000 3.85%, 06/14/2025   1,961,104
2,000,000 0.77%, 08/09/2025(f)   1,877,800
1,750,000 5.55%, 12/15/2025   1,761,972
4,000,000 2.60%, 02/24/2026 3,790,793
500,000 Keybank NA
4.15%, 08/08/2025
472,735
1,500,000 KeyCorp
3.88%, 05/23/2025
1,445,868
250,000 Lehman Brothers Holdings Inc Escrow Account(g)(h)
0.00%, 10/15/2025
500
1,500,000 Mastercard Inc(e)
4.88%, 03/09/2028
1,546,256
3,000,000 Metropolitan Life Global
Funding I(a)
0.95%, 07/02/2025
2,762,222
  Morgan Stanley  
2,000,000 0.79%, 01/22/2025 1,923,900
2,400,000 3.62%, 04/17/2025 2,356,025
2,000,000 1.16%, 10/21/2025 1,867,705
2,000,000 5.05%, 01/28/2027 1,994,416
3,000,000 NatWest Markets PLC(a)
0.80%, 08/12/2024
2,807,048
  New York Life Global Funding(a)  
2,000,000 1.45%, 01/14/2025 1,889,422
1,500,000 4.70%, 04/02/2026 1,501,179
2,500,000 Northwestern Mutual Global Funding(a)
4.00%, 07/01/2025
2,463,368
1,000,000 PNC Financial Services Group Inc/The(e)
4.76%, 01/26/2027
987,635
2,000,000 Pricoa Global Funding I(a)
1.15%, 12/06/2024
1,885,960
  Principal Life Global Funding II(a)  
1,800,000 0.75%, 04/12/2024 1,720,514
2,000,000 0.75%, 08/23/2024(e) 1,881,543
2,250,000 Protective Life Global Funding(a)
1.65%, 01/13/2025
2,113,372
  Royal Bank of Canada  
3,000,000 3.38%, 04/14/2025 2,911,315
1,000,000 4.78%, 12/12/2025(a) 1,006,175
850,000 State Street Corp
4.86%, 01/26/2026
844,160
3,500,000 Synchrony Financial
4.88%, 06/13/2025
3,239,922
2,000,000 Toronto-Dominion Bank
1.25%, 09/10/2026
1,768,679
2,000,000 Truist Financial Corp
4.26%, 07/28/2026
1,928,016
Principal Amount   Fair Value
Financial — (continued)
$2,225,000 USAA Capital Corp(a)
3.38%, 05/01/2025
$  2,148,273
1,250,000 VICI Properties LP REIT
4.38%, 05/15/2025
  1,210,069
  Wells Fargo & Co  
2,000,000 3.91%, 04/25/2026   1,941,231
1,500,000 2.19%, 04/30/2026   1,405,739
    116,458,993
Industrial — 3.11%
1,000,000 Boeing Co
1.95%, 02/01/2024
970,769
2,000,000 CNH Industrial Capital LLC
3.95%, 05/23/2025
1,947,673
1,000,000 John Deere Capital Corp
4.80%, 01/09/2026
1,015,287
1,250,000 Raytheon Technologies Corp
5.00%, 02/27/2026
1,268,971
2,500,000 Sonoco Products Co
1.80%, 02/01/2025
2,352,987
1,500,000 Stanley Black & Decker Inc
6.27%, 03/06/2026
1,517,834
1,345,000 Trimble Inc
4.15%, 06/15/2023
1,339,464
    10,412,985
Technology — 6.44%
2,000,000 Fidelity National Information Services Inc
4.50%, 07/15/2025
1,976,873
1,500,000 Fiserv Inc
5.45%, 03/02/2028
1,532,045
2,000,000 Hewlett Packard Enterprise Co
5.90%, 10/01/2024
2,025,217
1,000,000 Intel Corp
4.88%, 02/10/2026
1,012,706
  Microchip Technology Inc  
3,000,000 0.97%, 02/15/2024 2,879,992
1,000,000 0.98%, 09/01/2024 943,952
1,725,000 NetApp Inc
1.88%, 06/22/2025
1,608,479
  Oracle Corp  
3,000,000 1.65%, 03/25/2026 2,756,063
1,000,000 4.50%, 05/06/2028 987,966
1,000,000 Qorvo Inc(a)
1.75%, 12/15/2024
928,320
2,000,000 Skyworks Solutions Inc
0.90%, 06/01/2023
1,983,197
3,000,000 Take-Two Interactive Software Inc
3.55%, 04/14/2025
2,922,096
    21,556,906
 
See Notes to Schedule of Investments.
March 31, 2023

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2023 (Unaudited)
Principal Amount   Fair Value
Utilities — 0.46%
$1,500,000 NextEra Energy Capital Holdings Inc
6.05%, 03/01/2025
$  1,525,953
TOTAL CORPORATE BONDS AND NOTES — 77.75%
(Cost $269,926,833) 		$260,241,896
MORTGAGE-BACKED SECURITIES
Non-Agency — 2.52%
   531,979 Angel Oak Mortgage Trust(a)(c)
Series 2021-3 Class A3
1.46%,  05/25/2066   		     439,349
1,500,000 CityLine Commercial Mortgage Trust(a)(c)
Series 2016-CLNE Class A
2.78%,  11/10/2031   		  1,452,831
   835,152 Deephaven Residential Mortgage Trust(a)(c)
Series 2022-1 Class A1
2.21%,  01/25/2067   		     743,131
902,837 GS Mortgage-Backed Securities Trust(a)(c)
Series 2022-PJ1 Class A8
2.50%,  05/28/2052   		778,980
1,370,878 JPMBB Commercial Mortgage Securities Trust
Series 2015-C27 Class ASB
3.02%,  02/15/2048   		1,326,310
825,454 RCKT Mortgage Trust(a)(c)
Series 2022-1 Class A5
2.50%,  01/25/2052   		712,213
  Starwood Mortgage Residential Trust(a)(c)  
  Series 2021-3 Class A3  
936,646 1.52%, 06/25/2056   751,367
  Series 2021-6 Class A1  
1,655,964 1.92%, 11/25/2066   1,364,237
  Verus Securitization Trust(a)(c)  
  Series 2021.5 Class A3  
368,564 1.37%, 09/25/2066   288,648
  Series 2021-2 Class A3  
685,294 1.55%, 02/25/2066   579,673
TOTAL MORTGAGE-BACKED SECURITIES — 2.52%
(Cost $9,619,753) 		$8,436,739
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
3,000,000 0.25%, 06/30/2025(i) 2,765,039
2,000,000 0.50%, 02/28/2026 1,817,735
TOTAL U.S. TREASURY BONDS AND NOTES — 1.37%
(Cost $4,577,755) 		$4,582,774
Principal Amount   Fair Value
SHORT TERM INVESTMENTS
U.S. Government Agency Bonds and Notes — 0.12%
$  400,000 Federal Home Loan Bank(j)
4.41%, 04/03/2023 		$    399,903
Repurchase Agreements — 3.00%
2,513,742 Undivided interest of 1.69% in a repurchase agreement (principal amount/value $148,993,698 with a maturity value of $149,053,544) with Bank of America Securities Inc, 4.82%, dated 3/31/23 to be repurchased at $2,513,742 on 4/3/23 collateralized by various U.S. Government Agency securities, 1.50% - 3.00%, 11/1/49 - 2/1/51, with a value of $151,973,572.(k)   2,513,742
2,513,742 Undivided interest of 1.69% in a repurchase agreement (principal amount/value $149,316,406 with a maturity value of $149,376,381) with RBC Capital Markets Corp, 4.82%, dated 3/31/23 to be repurchased at $2,513,742 on 4/3/23 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 6.38%, 4/6/23 - 2/20/53, with a value of $152,302,735.(k)   2,513,742
2,513,742 Undivided interest of 1.71% in a repurchase agreement (principal amount/value $147,303,869 with a maturity value of $147,362,913) with Citigroup Global Markets Inc, 4.81%, dated 3/31/23 to be repurchased at $2,513,742 on 4/3/23 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 1.50% - 7.00%, 12/26/24 - 3/20/53, with a value of $150,249,951.(k)    2,513,742
 
See Notes to Schedule of Investments.
March 31, 2023

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2023 (Unaudited)
Principal Amount   Fair Value
Repurchase Agreements — (continued)
$2,512,474 Undivided interest of 4.86% in a repurchase agreement (principal amount/value $51,760,220 with a maturity value of $51,780,924) with JP Morgan Securities, 4.80%, dated 3/31/23 to be repurchased at $2,512,474 on 4/3/23 collateralized by U.S. Treasury securities, 0.50% - 3.25%, 11/15/25 - 8/31/27, with a value of $52,795,426.(k) $  2,512,474
    10,053,700
TOTAL SHORT TERM INVESTMENTS — 3.12%
(Cost $10,453,603) 		$10,453,603
TOTAL INVESTMENTS — 102.00%
(Cost $356,253,195) 		$341,422,669
OTHER ASSETS & LIABILITIES, NET — (2.00)% $(6,685,068)
TOTAL NET ASSETS — 100.00% $334,737,601
(a)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.
(b)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 31, 2023.
(c)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(d)  Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 31, 2023. Maturity date disclosed represents final maturity date.
(e)  All or a portion of the security is on loan at March 31, 2023.
(f)  Restricted security; further details of these securities are included in a subsequent table.
(g)  Security in bankruptcy.
(h)  Security in default.
(i)  All or a portion of the security has been pledged as collateral to cover segregation requirements on open futures contracts.
(j)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(k)  Collateral received for securities on loan.
LIBOR  London Interbank Offered Rate is the interest rate banks charge each other for short-term loans.
LP  Limited Partnership
REIT  Real Estate Investment Trust
SOFR  Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate established as an alternative to LIBOR.
See Notes to Schedule of Investments.
March 31, 2023

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2023 (Unaudited)
At March 31, 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 08/03/2021 $2,000,000 $1,877,800 0.56%
             
At March 31, 2023, the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		  Notional
Amount 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation
Long          
U.S. 2 Year Treasury Note Futures 132 USD 27,251,813 June 2023 $348,704
U.S. 5 Year Treasury Note Futures 122 USD 13,359,953 June 2023 318,695
        Net Appreciation $667,399
See Notes to Schedule of Investments.
March 31, 2023

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Notes to Schedule of Investments (Unaudited)
Security Valuation
The Board of Directors of the Fund has adopted policies and procedures for the valuation of the Fund’s securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser,  Empower Capital Management, LLC (ECM or the Adviser), to complete valuation determinations under those policies and procedures.  Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors approved the Adviser as the Fund’s valuation designee to make all fair value determinations with respect to the Fund’s investments, subject to oversight by the Board of Directors.
The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of the Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value. Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.
Fixed income investments, including bank loans, are valued using evaluated bid prices from approved pricing services when available and appropriate based on the conditions of the market. If a price cannot be located from either the primary or secondary sources, or if the market is determined to be illiquid or inactive, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
For derivatives that are traded on an exchange, the last sale price as of the close of business of the exchange will be used. For derivatives traded over-the-counter (OTC), independent pricing services will be utilized when possible. If a price cannot be located from the primary source, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.
March 31, 2023

 

The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.
Class Inputs
Asset-Backed Securities Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, and monthly payment information.
Bank Loans Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news.
Corporate Bonds and Notes Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer.
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.
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.
Futures Contracts Exchange traded close price.
The Fund classifies its valuations into three levels based upon the observability of inputs to the valuation of the Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of March 31, 2023, all of the Fund’s investments are valued using Level 2 inputs, except for Futures Contracts, which are valued using Level 1 inputs. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
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.
March 31, 2023

 

Futures Contracts
The Fund uses futures contracts to capitalize on expected changes in the shape of the yield curve and to control overall interest rate exposure. A futures contract is an agreement between two parties to buy or sell a specified underlying investment for a fixed price at a specified future date. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities that comprise the index, or that the clearinghouse will fail to perform its obligations. The Fund held an average of 103 long futures contracts and an average of 0 short futures contracts for the reporting period.
March 31, 2023