# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-23-054636
**Filing Date:** 2023-3
**Character Count:** 364029
**Document Hash:** c95b70d4ca6286244e3583dd5b55c985
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-054636.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-054636

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMPOWER FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000356476
- **IRS NUMBER:** 840876044
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 23689365

**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

## Series and Classes Contracts Data

### Empower Core Bond Fund (Series ID: S000023755)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069832 | Investor Class      | MXFDX           |
| C000155781 | Institutional Class | MXIUX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> 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<br> (Address of principal executive offices)

Jonathan Kreider

President and Chief Executive Officer<br> 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: December 31, 2022

------

#### Item 1. REPORTS TO STOCKHOLDERS

#### EMPOWER FUNDS, INC.

#### Empower Core Bond Fund (Formerly Great-West Core Bond Fund)<br> (Institutional Class and Investor Class)

#### Annual Report
December 31, 2022

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.

------

#### Management Discussion
*The Fund's sub-advisers are Goldman Sachs Asset Management, L.P. ("Goldman Sachs") and Wellington Management Company, LLP ("Wellington")*

#### Fund Performance
For the twelve-month period ended December 31, 2022, the Fund (Investor Class shares) returned -14.70%, relative to a -13.01% return for the Bloomberg U.S. Aggregate Bond Index, the Fund's benchmark index.

#### Goldman Sachs Commentary
2022 was a tumultuous year for financial markets amid persistent inflation and aggressive monetary tightening. The year began with geopolitical tensions among an already complex macroeconomic backdrop. Russia's invasion of Ukraine added uncertainty to financial markets in February, lasting throughout the year, leading to supply chain disruptions and soaring energy prices. Then, the Federal Reserve (the "Fed") began an aggressive hiking cycle, first hiking interest rates in March. Meanwhile, persistent inflation and growth concerns prompted the Fed to step up the pace of monetary tightening. By year end, the Fed had delivered 425 basis points of rate hikes as yields soared and credit spreads widened off the back of recession fears and growth concerns. However, markets began to rally in the fourth quarter as investors began to price in the potential for a "soft landing" scenario as inflation seemingly peaked. The Fed stepped down the pace of the tightening in December and credit spreads tightened on improved risk sentiment. China departing from its stringent zero-Covid policy, downside surprises in inflation across developed economies, and the downshift in the pace of central bank tightening supported hope of achieving the "soft landing" scenario and avoiding a recession.

The outlook in 2023 will likely remain dependent on one key datapoint: the rate of inflation. Following front-loaded rate hikes in 2022, we think policymakers will step down the pace of tightening this year. But with inflation still well above its target, we don't expect central banks, including the Fed, to step back from the fight against inflation. Ultimately, a slower pace of tightening will likely be accompanied by a longer hiking cycle to a higher terminal rate.

The GSAM sub-advised portion of the Fund ("GSAM portfolio") underperformed the benchmark index. The main detractors from performance were our cross-sector positioning and the securitized selection strategy, meanwhile, our government/swaps selection strategy positively impacted returns. The GSAM portfolio's duration strategy contributed to performance over the period due to our systematic auction strategy and discretionary interest rate trades.

Cross-sector positioning detracted from returns. Our overweight to investment grade corporates and securitized credit (commercial mortgage-backed securities and collateralized loan obligations) drove the underperformance. The GSAM portfolio's credit hedge, which pairs the overweight to corporate credit with an overweight to U.S. interest rates, also detracted from returns. However, the GSAM portfolio's tactical underweight position to mortgage-backed securities ("MBS") in the first half of the year and an overweight position in the back half of the year added to returns.

Overall, the GSAM portfolio's security selection strategies negatively impacted performance. Our securitized strategy detracted the most from returns due to our selection of MBS passthrough securities.

------

The corporate selection strategy also detracted, mainly due to our selection of financial and industrial credits. In addition, our focus on the intermediate segment of the credit curve underperformed, while our down in quality bias was beneficial. Finally, our government/swaps strategy added to returns as a result of specific security exposures.

#### Wellington Commentary
Fixed income markets experienced negative total returns during the trailing twelve-month period ended December 31, 2022, as the benchmark index generated a return of -13.01%. Global sovereign yields moved sharply higher as most major central banks supercharged their hiking cycles to deal with high inflation. The fourth quarter witnessed growing hopes of 'peak inflation', even as major central banks retained hawkish stances.

Major central banks became increasingly hawkish and shifted to tighter policies as inflation proved more persistent than transitory and broadened out across more goods and services. The trailing twelve-month period ended with below-consensus inflation prints leading to optimism that major central banks could slow the pace of their tightening. The Fed implemented several rate hikes during the period and signaled a higher-for-longer terminal rate. The European Central Bank ended its quantitative easing purchases, followed suit with outsized rate increases, and announced the start of quantitative tightening in March 2023.

Global gross domestic product growth diverged but showed some resilience over the period, though recession risks mounted. U.S. labor market strength persisted, and consumer spending remained solid, while the housing market showed some cracks following the sharp move higher in mortgage rates. Earlier in the period, euro area consumer confidence and economic activity took a hit from increasing economic uncertainty. Commodity prices surged following Russia's invasion of Ukraine and inflation rose to multi-decade highs across many countries, driven by strong demand but also plagued by supply chain disruptions and labor shortages. Sanctions imposed on Russia by the West raised concerns about Europe's energy security. By the end of the period eurozone consumer confidence began to recover, boosted by moderating energy prices. China's economic activity was hurt by the government's zero-Covid policy, ongoing property market decline, and geopolitical uncertainty.

For the portion of the Fund Wellington sub-advises ("Wellington portfolio"), duration posture and yield positioning had a negative impact on results. Exposure to securitized sectors was the primary detractor to benchmark underperformance, particularly an overweight to agency MBS pass-throughs and out-of-benchmark exposure to non-agency MBS as housing data softened. An allocation to commercial MBS and collateralized loan obligations also had a negative impact on results. Positioning within investment grade credit detracted from relative performance as credit spreads widened over the period; underperformance was led by an overweight to financials. Inflation positioning via an allocation to Treasury inflation-protected securities had a positive impact. The Wellington portfolio used credit default swaps to tactically manage credit exposure. These positions modestly benefitted performance. The Wellington portfolio also used treasury bond futures, primarily to manage overall duration and yield curve positions. These positions detracted from relative returns.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g456596imgafeb10131.jpg)

------

Note: Performance for the Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Ten Year / Since<br> Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-14.37% | &nbsp;&nbsp;&nbsp;-0.08% | &nbsp;&nbsp;&nbsp;0.86% |
| Investor Class | &nbsp;&nbsp;&nbsp;-14.70% | &nbsp;&nbsp;&nbsp;-0.43% | &nbsp;&nbsp;&nbsp;0.79% |

---

(a) Institutional Class inception date was May 1, 2015.

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Ratings as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Rating** | **Percentage of<br> Fund Investments** |
| Aaa | 63.41% |
| Aa1 | 0.09 |
| Aa2 | 0.52 |
| Aa3 | 0.59 |
| A1 | 3.01 |
| A2 | 2.27 |
| A3 | 3.26 |
| Baa1 | 5.38 |
| Baa2 | 6.33 |
| Baa3 | 4.78 |
| Ba1 | 0.79 |
| Equities | 0.00 |
| Not Rated | 5.58 |
| Short Term Investments | 3.99 |
| 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 (July 1, 2022 to December 31, 2022).

------

#### 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 <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | &nbsp;&nbsp;&nbsp;$968.31 | $1.74 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1023.40 | $1.79 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | &nbsp;&nbsp;&nbsp;$966.45 | $3.47 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1021.70 | $3.57 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.35% for the Institutional Class shares and 0.70% for the Investor Class shares, multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period.<br> 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.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 7.82% | Non-Agency — 7.82% | Non-Agency — 7.82% |
| $410856 | 510 Asset Backed Trust<sup>(a)(b)</sup><br> Series 2021-NPL2 Class A1<br> 2.12%, 06/25/2061 | &nbsp;&nbsp;&nbsp;$368319 |
|  | Affirm Asset Securitization Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-Z1 Class A |  |
| &nbsp;&nbsp; 17171 | &nbsp;&nbsp;&nbsp;&nbsp;3.46%, 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 17031 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-Z2 Class A |  |
| &nbsp;&nbsp; 54367 | &nbsp;&nbsp;&nbsp;&nbsp;1.90%, 01/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 52891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | American Credit Acceptance Receivables Trust<sup>(a)</sup><br> Series 2022-3 Class B<br> 4.55%, 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | AmeriCredit Automobile Receivables Trust<br> Series 2019-3 Class D<br> 2.58%, 09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Amur Equipment Finance Receivables XI LLC<sup>(a)</sup><br> Series 2022-2A Class A2<br> 5.30%, 06/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | Anchorage Capital Ltd<sup>(a)(c)</sup><br> Series 2016-8A Class AR2A<br> 5.56%, 10/27/2034<br> 3-mo. LIBOR + 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Avant Loans Funding Trust<sup>(a)</sup><br> Series 2021-REV1 Class A<br> 1.21%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | Barings Ltd<sup>(a)(c)</sup><br> Series 2020-1A Class AR<br> 5.23%, 10/15/2036<br> 3-mo. LIBOR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73442 | BHG Securitization Trust<sup>(a)</sup><br> Series 2021-B Class A<br> 0.90%, 10/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | BlueMountain XXIV Ltd<sup>(a)(c)</sup><br> Series 2019-24A Class AR<br> 5.34%, 04/20/2034<br> 3-mo. LIBOR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | BlueMountain XXXIII Ltd<sup>(a)(c)</sup><br> Series 2021-33A Class A<br> 5.87%, 11/20/2034<br> 3-mo. LIBOR + 1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | Carlyle Global Market Strategies Ltd<sup>(a)(c)</sup><br> Series 2021-2A Class A1<br> 5.32%, 04/20/2034<br> 3-mo. LIBOR + 1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | Carvana Auto Receivables Trust<br> Series 2022-P2 Class A3<br> 4.13%, 04/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88839 | CF Hippolyta LLC<sup>(a)</sup><br> Series 2020-1 Class A2<br> 1.99%, 07/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73277 |
|  | CIFC Funding Ltd<sup>(a)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-2RA Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243778 | &nbsp;&nbsp;&nbsp;&nbsp;5.04%, 01/20/2028<br> 3-mo. LIBOR + 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242015 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;5.41%, 10/20/2034<br> 3-mo. LIBOR + 1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375876 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $365000 | Credit Acceptance Auto Loan Trust<sup>(a)</sup><br> Series 2021-3A Class A<br> 1.00%, 05/15/2030 | &nbsp;&nbsp;&nbsp;$348634 |
|  | Domino's Pizza Master Issuer LLC<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A Class A23 |  |
| &nbsp;&nbsp; 619125 | &nbsp;&nbsp;&nbsp;&nbsp;4.12%, 07/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 567382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A2I |  |
| &nbsp;&nbsp; 187200 | &nbsp;&nbsp;&nbsp;&nbsp;4.12%, 07/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 177200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102113 | &nbsp;&nbsp;&nbsp;&nbsp;3.67%, 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88209 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A2I |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522050 | &nbsp;&nbsp;&nbsp;&nbsp;2.66%, 04/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117187 | Drive Auto Receivables Trust<br> Series 2019-4 Class D<br> 2.70%, 02/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Dryden Ltd<sup>(a)(c)</sup><br> Series 2020-86A Class A1R<br> 5.18%, 07/17/2034<br> 3-mo. LIBOR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682167 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331432 | &nbsp;&nbsp;&nbsp;&nbsp;2.58%, 09/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325870 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128943 | &nbsp;&nbsp;&nbsp;&nbsp;2.73%, 12/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126416 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;4.57%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;6.03%, 08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81096 |
|  | FirstKey Homes Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144185 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 05/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR2 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581710 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | Flagship Credit Auto Trust<sup>(a)</sup><br> Series 2022-3 Class B<br> 4.69%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Ford Credit Floorplan Master Owner Trust<br> Series 2018-2 Class A<br> 3.17%, 03/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | GLS Auto Receivables Issuer Trust<sup>(a)</sup><br> Series 2022-3A Class B<br> 4.92%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44068 |
| &nbsp;&nbsp;&nbsp;&nbsp;1690000 | Harriman Park Ltd<sup>(a)(c)</sup><br> Series 2020-1A Class A1R<br> 5.36%, 04/20/2034<br> 3-mo. LIBOR + 1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447251 | Life Mortgage Trust<sup>(a)(c)</sup><br> Series 2021-BMR Class A<br> 5.02%, 03/15/2038<br> 1-mo. LIBOR + 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | Louisiana Local Government Environmental Facilities & Community Development Authority<br> 4.28%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320779 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $1315000 | Madison Park Funding XXXVIII Ltd<sup>(a)(c)</sup><br> Series 2021-38A Class A<br> 5.20%, 07/17/2034<br> 3-mo. LIBOR + 1.12% | &nbsp;&nbsp;&nbsp;$1281905 |
| &nbsp;&nbsp; 185000 | Mercury Financial Credit Card Master Trust<sup>(a)</sup><br> Series 2021-1A Class A<br> 1.54%, 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 176500 |
| &nbsp;&nbsp; 345000 | MF1 Ltd<sup>(a)(c)</sup><br> Series 2022-FL8 Class AS<br> 5.58%, 02/19/2037<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp; 329145 |
| &nbsp;&nbsp; 189558 | Navient Private Education Refi Loan Trust<sup>(a)</sup><br> Series 2021-EA Class A<br> 0.97%, 12/16/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 158796 |
| &nbsp;&nbsp; 680000 | Neuberger Berman XX Ltd<sup>(a)(c)</sup><br> Series 2015-20A Class ARR<br> 5.24%, 07/15/2034<br> 3-mo. LIBOR + 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 662291 |
| &nbsp;&nbsp; 1500000 | NextGear Floorplan Master Owner Trust<sup>(a)</sup><br> Series 2021-1A Class A<br> 0.85%, 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1392870 |
| &nbsp;&nbsp; 255000 | Northwoods Capital XV Ltd<sup>(a)(c)</sup><br> Series 2017-15A Class A1R<br> 5.96%, 06/20/2034<br> 3-mo. LIBOR + 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 245909 |
| &nbsp;&nbsp;&nbsp;&nbsp;1030000 | OZLM XVIII Ltd<sup>(a)(c)</sup><br> Series 2018-18A Class A<br> 5.10%, 04/15/2031<br> 3-mo. LIBOR + 1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | Prestige Auto Receivables Trust<sup>(a)</sup><br> Series 2020-1A Class D<br> 1.62%, 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211719 | Pretium Mortgage Credit Partners LLC<sup>(a)(b)</sup><br> Series 2021-RN2 Class A1<br> 1.74%, 07/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191137 |
|  | Progress Residential Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR8 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399047 | &nbsp;&nbsp;&nbsp;&nbsp;1.51%, 10/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339970 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR3 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR4 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379714 | &nbsp;&nbsp;&nbsp;&nbsp;4.44%, 05/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR5 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106717 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 06/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100087 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR7 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/27/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163497 |
| &nbsp;&nbsp;&nbsp;&nbsp;1180000 | Regatta VI Funding Ltd<sup>(a)(c)</sup><br> Series 2016-1A Class AR2<br> 5.40%, 04/20/2034<br> 3-mo. LIBOR + 1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146893 |
| &nbsp;&nbsp;&nbsp;&nbsp;1345000 | RR LLC<sup>(a)(c)</sup><br> Series 2017-1A Class A1AB<br> 5.23%, 07/15/2035<br> 3-mo. LIBOR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315044 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $1150000 | RR Ltd<sup>(a)(c)</sup><br> Series 2021-16A Class A1<br> 5.19%, 07/15/2036<br> 3-mo. LIBOR + 1.11% | &nbsp;&nbsp;&nbsp;$1124077 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class D |  |
| &nbsp;&nbsp; 102680 | &nbsp;&nbsp;&nbsp;&nbsp;2.68%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 102204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class D |  |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;1.48%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 66792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.42%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.43%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111822 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;4.72%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77954 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-7 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342134 | Sound Point III Ltd<sup>(a)(c)</sup><br> Series 2013-2RA Class A1<br> 5.03%, 04/15/2029<br> 3-mo. LIBOR + 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | Sound Point XXIX Ltd<sup>(a)(c)</sup><br> Series 2021-1A Class A<br> 5.43%, 04/25/2034<br> 3-mo. LIBOR + 1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | Summit Issuer LLC<sup>(a)</sup><br> Series 2020-1A Class A2<br> 2.29%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Symphony XXV Ltd<sup>(a)(c)</sup><br> Series 2021-25A Class A<br> 5.21%, 04/19/2034<br> 3-mo. LIBOR + 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | Thompson Park Ltd<sup>(a)(c)</sup><br> Series 2021-1A Class A1<br> 5.08%, 04/15/2034<br> 3-mo. LIBOR + 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Toyota Lease Owner Trust<sup>(a)</sup><br> Series 2021-B Class A3<br> 0.42%, 10/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510368 |
|  | Upstart Securitization Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55059 | &nbsp;&nbsp;&nbsp;&nbsp;0.83%, 07/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156317 | &nbsp;&nbsp;&nbsp;&nbsp;0.84%, 09/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151318 |
|  | VCAT LLC<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75606 | &nbsp;&nbsp;&nbsp;&nbsp;2.12%, 03/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68317 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358974 | &nbsp;&nbsp;&nbsp;&nbsp;1.87%, 08/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451681 | &nbsp;&nbsp;&nbsp;&nbsp;1.87%, 08/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397953 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565450 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 09/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492262 |
|  | Venture Ltd<sup>(a)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-37A Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;5.23%, 07/15/2032<br> 3-mo. LIBOR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846829 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-42A Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 04/15/2034<br> 3-mo. LIBOR + 1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623514 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-43A Class A1 |  |
| $510000 | &nbsp;&nbsp;&nbsp;&nbsp;5.32%, 04/15/2034<br> 3-mo. LIBOR + 1.24% | &nbsp;&nbsp;&nbsp;$494292 |
| &nbsp;&nbsp; 781841 | Venture XVII Ltd<sup>(a)(c)</sup><br> Series 2014-17A Class ARR<br> 4.96%, 04/15/2027<br> 3-mo. LIBOR + 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 772456 |
| &nbsp;&nbsp; 488336 | Vericrest Opportunity Loan Transferee<sup>(a)(b)</sup><br> Series 2021-NP11 Class A1<br> 1.87%, 08/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 421351 |
| &nbsp;&nbsp; 311028 | VOLT CIII LLC<sup>(a)(b)</sup><br> Series 2021-CF1 Class A1<br> 1.99%, 08/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 278976 |
| &nbsp;&nbsp; 348473 | VOLT XCIII LLC<sup>(a)(b)</sup><br> Series 2021-NPL2 Class A1<br> 1.89%, 02/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 313491 |
| &nbsp;&nbsp; 1040000 | Wellfleet X Ltd<sup>(a)(c)</sup><br> Series 2019-XA Class A1R<br> 5.41%, 07/20/2032<br> 3-mo. LIBOR + 1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | Wendy's Funding LLC<sup>(a)</sup><br> Series 2018-1A Class A2II<br> 3.88%, 03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51343 |
|  | Westlake Automobile Receivables Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198544 | &nbsp;&nbsp;&nbsp;&nbsp;2.72%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 02/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184782 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;4.31%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | Wingstop Funding LLC<sup>(a)</sup><br> Series 2020-1A Class A2<br> 2.84%, 12/05/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83663 |
| &nbsp;&nbsp;&nbsp;&nbsp;1450000 | Zais Ltd<sup>(a)(c)</sup><br> Series 2020-15A Class A1R<br> 5.72%, 07/28/2032<br> 3-mo. LIBOR + 1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422267 |
| **TOTAL ASSET-BACKED SECURITIES — 7.82%<br> (Cost $35,870,660)** | **TOTAL ASSET-BACKED SECURITIES — 7.82%<br> (Cost $35,870,660)** | &nbsp;&nbsp;&nbsp;**$34416056** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 0.43% | Basic Materials — 0.43% | Basic Materials — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | Anglo American Capital PLC<sup>(a)</sup><br> 3.88%, 03/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | Celanese US Holdings LLC<br> 6.17%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | Glencore Funding LLC<sup>(a)</sup><br> 2.63%, 09/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | Newcrest Finance Pty Ltd<sup>(a)</sup><br> 3.25%, 05/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | Sherwin-Williams Co<br> 2.30%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Teck Resources Ltd<br> 3.90%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904920 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — 3.52% | Communications — 3.52% | Communications — 3.52% |
| $480000 | Alibaba Group Holding Ltd<br> 3.40%, 12/06/2027 | &nbsp;&nbsp;&nbsp;$441535 |
| &nbsp;&nbsp; 395000 | Amazon.com Inc<br> 4.10%, 04/13/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 325958 |
|  | AT&T Inc |  |
| &nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 982775 |
| &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 656167 |
| &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 693307 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 80069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/01/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 09/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18741 |
|  | Charter Communications Operating LLC / Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147015 |
| &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 12/01/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54372 |
|  | Comcast Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 07/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 01/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp;2.94%, 11/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136672 |
|  | Cox Communications Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 08/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;2.60%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147326 |
|  | Discovery Communications LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | Meta Platforms Inc<br> 3.50%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | Netflix Inc<sup>(a)(d)</sup><br> 4.88%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461637 |
|  | Paramount Global |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Prosus NV<sup>(a)</sup><br> 3.26%, 01/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | Rogers Communications Inc<sup>(a)</sup><br> 4.55%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100787 |
|  | Time Warner Cable LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47587 |
|  | T-Mobile USA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.05%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135028 |
| &nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923931 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| $300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 02/15/2031 | &nbsp;&nbsp;&nbsp;$247898 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 259140 |
| &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 654049 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 38809 |
|  | Verizon Communications Inc |  |
| &nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;4.33%, 09/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850856 |
| &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 376534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 11/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15493287 |
| Consumer, Cyclical — 1.47% | Consumer, Cyclical — 1.47% | Consumer, Cyclical — 1.47% |
|  | AutoNation Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;1.95%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446097 |
|  | General Motors Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71903 |
|  | General Motors Financial Co Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Home Depot Inc<sup>(d)</sup><br> 4.50%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Hyatt Hotels Corp<br> 1.80%, 10/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Lennar Corp<br> 4.75%, 11/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163882 |
|  | Lowe's Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/2033<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100516 |
|  | Marriott International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283424 |
|  | McDonald's Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 09/09/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | O'Reilly Automotive Inc<br> 4.70%, 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251308 |
|  | Starbucks Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/14/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255784 |
|  | Warnermedia Holdings Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6467733 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — 4.11% | Consumer, Non-Cyclical — 4.11% | Consumer, Non-Cyclical — 4.11% |
|  | AbbVie Inc |  |
| $750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2035 | &nbsp;&nbsp;&nbsp;$701309 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/14/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 227715 |
| &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/21/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 452287 |
| &nbsp;&nbsp; 200000 | Alcon Finance Corp<sup>(a)</sup><br> 2.75%, 09/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 183011 |
|  | Altria Group Inc |  |
| &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 02/04/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 59692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 02/04/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | AmerisourceBergen Corp<br> 3.45%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Amgen Inc<br> 4.20%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208154 |
|  | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | Anheuser-Busch InBev Finance Inc<br> 4.90%, 02/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77271 |
|  | Anheuser-Busch InBev Worldwide Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;4.44%, 10/06/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 01/23/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Ashtead Capital Inc<sup>(a)</sup><br> 1.50%, 08/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170678 |
|  | BAT Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;3.56%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;2.26%, 03/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;3.46%, 09/06/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 03/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;4.54%, 08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | BAT International Finance PLC<br> 4.45%, 03/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Baxter International Inc<br> 2.27%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Becton Dickinson and Co<br> 4.67%, 06/06/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Bristol Myers Squibb Co<br> 2.95%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130496 |
|  | Cargill Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 11/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Chapman University<br> 2.07%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156931 |
|  | Cigna Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | Colgate-Palmolive Co<br> 3.25%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248171 |
|  | CommonSpirit Health |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;2.76%, 10/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;6.46%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304000 | Conagra Brands Inc<br> 4.85%, 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296440 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
|  | Constellation Brands Inc |  |
| $140000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/15/2028 | &nbsp;&nbsp;&nbsp;$129740 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 198599 |
| &nbsp;&nbsp; 231000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/09/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 222272 |
|  | CSL Finance PLC<sup>(a)</sup> |  |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 47831 |
| &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 04/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 202645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461394 |
|  | CVS Health Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2031<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;4.78%, 03/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Diageo Capital PLC<br> 2.00%, 04/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164277 |
|  | Elevance Health Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104570 |
|  | GE HealthCare Technologies Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;5.86%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 11/22/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/22/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | General Mills Inc<br> 4.20%, 04/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | Gilead Sciences Inc<br> 1.65%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146700 |
|  | GSK Consumer Healthcare Capital US LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | HCA Inc<br> 3.50%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189745 |
|  | Howard University |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;3.48%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Humana Inc<br> 5.88%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | JDE Peet's NV<sup>(a)</sup><br> 1.38%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189914 |
|  | Kaiser Foundation Hospitals |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.81%, 06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Keurig Dr Pepper Inc<br> 4.50%, 04/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | Kraft Heinz Foods Co<sup>(d)</sup><br> 3.75%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254982 |
|  | Mondelez International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 03/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/17/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | Northwestern Memorial Healthcare Obligated Group<br> 1.77%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238162 |
|  | Philip Morris International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106520 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $145000 | Quest Diagnostics Inc<br> 2.80%, 06/30/2031 | &nbsp;&nbsp;&nbsp;$121406 |
| &nbsp;&nbsp; 100000 | Reynolds American Inc<br> 5.70%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 90266 |
|  | Royalty Pharma PLC |  |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 09/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 321629 |
| &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 09/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 171944 |
| &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;2.15%, 09/02/2031<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 200403 |
| &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 09/02/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 21576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | Sutter Health<br> 3.36%, 08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77943 |
|  | Sysco Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | Thermo Fisher Scientific Inc<br> 1.75%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Unilever Capital Corp<br> 2.63%, 08/12/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80585 |
|  | UnitedHealth Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/15/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18066055 |
| Energy — 1.54% | Energy — 1.54% | Energy — 1.54% |
|  | BP Capital Markets America Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.72%, 01/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;2.94%, 06/04/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/08/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | ConocoPhillips Co<br> 3.80%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | Diamondback Energy Inc<br> 6.25%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Eastern Gas Transmission & Storage Inc<br> 3.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21582 |
|  | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387481 |
|  | Enterprise Products Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 01/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102254 |
|  | Equinor ASA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/06/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/06/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15772 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
|  | Exxon Mobil Corp |  |
| $35000 | &nbsp;&nbsp;&nbsp;&nbsp;3.48%, 03/19/2030 | &nbsp;&nbsp;&nbsp;$32641 |
| &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.23%, 03/19/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 157462 |
| &nbsp;&nbsp; 376947 | Galaxy Pipeline Assets Bidco Ltd<br> 2.94%, 09/30/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 302650 |
| &nbsp;&nbsp; 90000 | Halliburton Co<br> 4.85%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 83260 |
| &nbsp;&nbsp; 170000 | Hess Corp<br> 7.30%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 184569 |
|  | MPLX LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/14/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109651 |
|  | ONEOK Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | Ovintiv Inc<br> 7.38%, 11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58541 |
|  | Plains All American Pipeline LP / PAA Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Qatar Energy<sup>(a)</sup><br> 3.30%, 07/12/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221250 |
|  | Sabine Pass Liquefaction LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Schlumberger Holdings Corp<sup>(a)</sup><br> 4.30%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60096 |
|  | Shell International Finance BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/06/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/26/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98182 |
|  | Targa Resources Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp<br> 4.00%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260831 |
|  | TransCanada PipeLines Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | Transcontinental Gas Pipe Line Co LLC<br> 3.25%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78101 |
|  | Williams Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;2.60%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89018 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| $180000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/15/2032 | &nbsp;&nbsp;&nbsp;$167563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747540 |
| Financial — 11.84% | Financial — 11.84% | Financial — 11.84% |
|  | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust |  |
| &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367925 |
| &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 633970 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 117264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Agree LP REIT<br> 4.80%, 10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342298 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | Air Lease Corp<br> 2.88%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | American International Group Inc<br> 3.40%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | American Tower Corp REIT<br> 3.65%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | Aon Corp / Aon Global Holdings PLC<br> 3.90%, 02/28/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | Athene Global Funding<sup>(a)</sup><br> 2.65%, 10/04/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233006 |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | Avolon Holdings Funding Ltd<sup>(a)</sup><br> 2.88%, 02/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547307 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Banco Santander SA<br> 4.25%, 04/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949346 |
|  | Bank of America Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;3.86%, 07/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695975 |
| &nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;4.18%, 11/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;3.82%, 01/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;3.59%, 07/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.59%, 04/29/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 10/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;2.69%, 04/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 07/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;2.57%, 10/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 07/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;3.31%, 04/22/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Bank of New York Mellon Corp<br> 4.60%, 07/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38612 |
|  | Barclays PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 05/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;7.39%, 11/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | Berkshire Hathaway Finance Corp<br> 4.20%, 08/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74785 |
|  | BNP Paribas SA<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.22%, 06/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.16%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163044 |
|  | BPCE SA<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 10/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;2.05%, 10/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224105 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $425000 | &nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/19/2032 | &nbsp;&nbsp;&nbsp;$310108 |
| &nbsp;&nbsp; 270000 | Brighthouse Financial Global Funding<sup>(a)</sup><br> 1.75%, 01/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 248644 |
| &nbsp;&nbsp; 495000 | Capital One Financial Corp<br> 5.25%, 07/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 471412 |
|  | Citigroup Inc |  |
| &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 533323 |
| &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 413626 |
| &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 977244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.89%, 01/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;2.57%, 06/03/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.06%, 01/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 05/24/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337116 |
|  | Corebridge Financial Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/05/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/05/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43668 |
|  | Credit Suisse Group AG<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.28%, 01/09/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.44%, 08/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;6.54%, 08/12/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;9.02%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Danske Bank A/S<sup>(a)</sup><br> 5.38%, 01/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | Equitable Financial Life Global Funding<sup>(a)</sup><br> 1.80%, 03/08/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Essex Portfolio LP REIT<br> 3.00%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507402 |
|  | Fifth Third Bancorp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 01/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 10/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | GLP Capital LP / GLP Financing II Inc REIT<br> 5.30%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94634 |
|  | Goldman Sachs Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;0.93%, 10/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.48%, 08/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;2.62%, 04/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 02/24/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Healthcare Realty Holdings LP REIT<br> 2.05%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Host Hotels & Resorts LP REIT<br> 2.90%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172117 |
|  | HSBC Holdings PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;1.59%, 05/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 08/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.21%, 08/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 05/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.76%, 03/29/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/11/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532463 |
|  | Intercontinental Exchange Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23308 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $175000 | Invitation Homes Operating Partnership LP REIT<br> 2.30%, 11/15/2028 | &nbsp;&nbsp;&nbsp;$144706 |
|  | JPMorgan Chase & Co |  |
| &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;4.02%, 12/05/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 261047 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;3.22%, 03/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14579 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 158546 |
| &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;3.96%, 01/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 204948 |
| &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;4.32%, 04/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 219647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;3.51%, 01/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;2.74%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.52%, 04/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;1.76%, 11/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;1.95%, 02/04/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 11/08/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;2.96%, 01/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537000 | &nbsp;&nbsp;&nbsp;&nbsp;4.59%, 04/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 07/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | Keycorp <br> 2.55%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;1725000 | Macquarie Group Ltd<sup>(a)</sup><br> 1.34%, 01/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503430 |
|  | Marsh & McLennan Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | Mastercard Inc<br> 3.30%, 03/26/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Metropolitan Life Global Funding I<sup>(a)</sup><br> 2.40%, 01/11/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297478 |
|  | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 01/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;1.59%, 05/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;4.21%, 04/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.77%, 01/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.43%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;1.79%, 02/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.93%, 04/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;2.51%, 10/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 07/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Nomura Holdings Inc<br> 2.61%, 07/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | PNC Financial Services Group Inc<br> 5.35%, 12/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211653 |
|  | Prologis LP REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | SBA Tower Trust REIT<sup>(a)</sup><br> 2.84%, 01/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | Societe Generale SA<sup>(a)</sup><br> 6.22%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Standard Chartered PLC<sup>(a)(d)</sup><br> 7.77%, 11/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211880 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $100000 | State Street Corp<br> 5.82%, 11/04/2028 | &nbsp;&nbsp;&nbsp;$103268 |
| &nbsp;&nbsp; 500000 | Truist Bank<br> 2.25%, 03/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 405430 |
| &nbsp;&nbsp; 135000 | Truist Financial Corp<br> 1.89%, 06/07/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 112999 |
|  | UBS Group AG<sup>(a)</sup> |  |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 191395 |
| &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/11/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 185484 |
|  | VICI Properties LP REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203709 |
|  | Wells Fargo & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;2.41%, 10/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;3.91%, 04/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;2.19%, 04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;2.39%, 06/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.81%, 07/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235871 |
| &nbsp;&nbsp;&nbsp;&nbsp;1455000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | Westpac Banking Corp<br> 4.11%, 07/24/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | Willis North America Inc<br> 2.95%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52101358 |
| Industrial — 1.71% | Industrial — 1.71% | Industrial — 1.71% |
|  | Boeing Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;5.04%, 05/01/2027<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326363 |
| &nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Burlington Northern Santa Fe LLC<br> 4.05%, 06/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166597 |
|  | Canadian Pacific Railway Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.05%, 03/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/02/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149078 |
|  | CSX Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 11/15/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | DAE Funding LLC<sup>(a)</sup><br> 1.55%, 08/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Eaton Corp<br> 4.15%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | GE Capital International Funding Co Unlimited Co<br> 4.42%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184286 |
|  | General Electric Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/14/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Johnson Controls International PLC / Tyco Fire & Security Finance SCA<br> 4.90%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | L3Harris Technologies Inc<br> 4.40%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30631 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
|  | Lockheed Martin Corp |  |
| $140000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/15/2025 | &nbsp;&nbsp;&nbsp;$141012 |
| &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 335083 |
| &nbsp;&nbsp; 325000 | Martin Marietta Materials Inc<br> 3.20%, 07/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 221126 |
| &nbsp;&nbsp; 215000 | Northrop Grumman Corp<br> 5.15%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 208966 |
|  | Otis Worldwide Corp |  |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 126030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;3.11%, 02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | Penske Truck Leasing Co LP / PTL Finance Corp<sup>(a)</sup><br> 4.40%, 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | Union Pacific Corp<sup>(d)</sup><br> 2.80%, 02/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | Waste Connections Inc<br> 4.20%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117951 |
|  | Waste Management Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;1.15%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 04/15/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526736 |
| Technology — 1.91% | Technology — 1.91% | Technology — 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Adobe Inc<br> 2.15%, 02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | Apple Inc<br> 3.85%, 08/04/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76416 |
|  | Broadcom Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;4.11%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 04/15/2032<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;2.60%, 02/15/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 04/15/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 04/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;3.14%, 11/15/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;4.93%, 05/15/2037<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56704 |
|  | CDW LLC / CDW Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;2.67%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;3.28%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;3.57%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257000 | Dell International LLC / EMC Corp<br> 8.10%, 07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | Hewlett Packard Enterprise Co<br> 6.35%, 10/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49869 |
|  | Intel Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/05/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 08/12/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/05/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | International Business Machines Corp<br> 2.72%, 02/09/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Intuit Inc<br> 1.35%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432439 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $425000 | Lam Research Corp<br> 1.90%, 06/15/2030 | &nbsp;&nbsp;&nbsp;$346291 |
| &nbsp;&nbsp; 150000 | Marvell Technology Inc<br> 2.95%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120651 |
| &nbsp;&nbsp; 245000 | Microchip Technology Inc<br> 2.67%, 09/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 240432 |
| &nbsp;&nbsp; 60000 | NVIDIA Corp<br> 3.50%, 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 48588 |
|  | NXP BV / NXP Funding LLC |  |
| &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 133967 |
| &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70591 |
|  | NXP BV / NXP Funding LLC / NXP USA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 06/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254359 |
|  | Oracle Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 11/09/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 03/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 11/09/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 03/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Take-Two Interactive Software Inc<br> 3.70%, 04/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211730 |
|  | VMware Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;1.80%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227659 |
|  | Workday Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 04/01/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8387498 |
| Utilities — 2.99% | Utilities — 2.99% | Utilities — 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | Alabama Power Co<br> 3.45%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | Alliant Energy Finance LLC<sup>(a)</sup><br> 4.25%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | American Water Capital Corp<br> 3.75%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Berkshire Hathaway Energy Co<br> 3.70%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | Boston Gas Co<sup>(a)</sup><br> 3.76%, 03/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | Brooklyn Union Gas Co<sup>(a)</sup><br> 4.87%, 08/05/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | Cleco Corporate Holdings LLC<br> 4.97%, 05/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | Consolidated Edison Co of New York Inc<br> 3.20%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | Dominion Energy Inc<sup>(b)</sup><br> 3.07%, 08/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187898 |
|  | Duke Energy Carolinas LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 04/15/2051<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105837 |
|  | Duke Energy Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438288 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| $507000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp;&nbsp;$413109 |
| &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 238859 |
| &nbsp;&nbsp; 145000 | Duke Energy Ohio Inc<br> 3.65%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 134265 |
| &nbsp;&nbsp; 200000 | Enel Finance International NV<sup>(a)</sup><br> 5.00%, 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 180125 |
| &nbsp;&nbsp; 975000 | Entergy Corp<br> 2.95%, 09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 905196 |
| &nbsp;&nbsp; 125000 | Evergy Metro Inc<br> 4.20%, 03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 101334 |
| &nbsp;&nbsp; 450000 | Exelon Corp<br> 4.05%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 417779 |
|  | Georgia Power Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%, 07/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | Gulf Power Co<br> 4.55%, 10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | Korea Hydro & Nuclear Power Co Ltd<sup>(a)</sup><br> 4.25%, 07/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307696 |
|  | National Rural Utilities Cooperative Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198534 |
|  | NextEra Energy Capital Holdings Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337163 |
|  | NiSource Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.49%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | Oglethorpe Power Corp<br> 5.05%, 10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Oncor Electric Delivery Co LLC<br> 2.75%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148048 |
|  | Pacific Gas & Electric Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581804 |
| &nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | PacifiCorp <sup>(d)</sup><br> 2.70%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | Pennsylvania Electric Co<sup>(a)</sup><br> 4.15%, 04/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43230 |
|  | Puget Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147339 |
|  | Sempra Energy |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Sierra Pacific Power Co<br> 2.60%, 05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92868 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
|  | Southern California Edison Co |  |
| $45000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/01/2027 | &nbsp;&nbsp;&nbsp;$46318 |
| &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 325304 |
| &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 259553 |
| &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 21100 |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 70222 |
| &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 76684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | Southern Co<br> 3.70%, 04/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Southern Co Gas Capital Corp<br> 2.45%, 10/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24455 |
|  | Xcel Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13169859 |
| **TOTAL CORPORATE BONDS AND NOTES — 29.52%<br> (Cost $150,083,808)** | **TOTAL CORPORATE BONDS AND NOTES — 29.52%<br> (Cost $150,083,808)** | &nbsp;&nbsp;&nbsp;**$129864986** |
| **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** |
|  | Bermuda Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 08/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | Chile Government International Bond<sup>(d)</sup><br> 3.50%, 04/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | Finance Department Government of Sharjah<br> 3.63%, 03/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Hungary Government International Bond<sup>(a)</sup><br> 5.25%, 06/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | Indonesia Government International Bond<br> 4.35%, 01/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | Israel Government International Bond<br> 3.25%, 01/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341100 |
|  | Mexico Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;4.28%, 08/14/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/08/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645260 |
|  | Panama Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.16%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;3.87%, 07/23/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/19/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | Peruvian Government International Bond<br> 3.30%, 03/11/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276275 |
|  | Romanian Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/27/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284883 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** |
| $1072000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/14/2031 | &nbsp;&nbsp;&nbsp;$842313 |
| **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 1.43%<br> (Cost $8,119,213)** | **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 1.43%<br> (Cost $8,119,213)** | &nbsp;&nbsp;&nbsp;&nbsp;**$6288728** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 7.76% | Non-Agency — 7.76% | Non-Agency — 7.76% |
| &nbsp;&nbsp; 255855 | Ajax Mortgage Loan Trust<sup>(a)(b)</sup><br> Series 2021-C Class A<br> 2.12%, 01/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 236989 |
|  | Angel Oak Mortgage Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 09/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276 | &nbsp;&nbsp;&nbsp;&nbsp;2.99%, 07/26/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9210 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39019 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 12/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36444 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100336 | &nbsp;&nbsp;&nbsp;&nbsp;2.53%, 01/26/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56565 | &nbsp;&nbsp;&nbsp;&nbsp;1.47%, 06/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50488 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47993 | &nbsp;&nbsp;&nbsp;&nbsp;1.26%, 05/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41088 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-R1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130961 | &nbsp;&nbsp;&nbsp;&nbsp;0.99%, 04/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173037 | &nbsp;&nbsp;&nbsp;&nbsp;0.91%, 01/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141266 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288285 | &nbsp;&nbsp;&nbsp;&nbsp;0.99%, 04/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236621 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235543 | &nbsp;&nbsp;&nbsp;&nbsp;1.04%, 01/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185230 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379130 | &nbsp;&nbsp;&nbsp;&nbsp;0.95%, 07/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268514 | &nbsp;&nbsp;&nbsp;&nbsp;1.82%, 11/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221764 |
|  | Arroyo Mortgage Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71730 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66329 | &nbsp;&nbsp;&nbsp;&nbsp;2.96%, 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60588 |
|  | BANK |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK8 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;3.49%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN16 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2519044 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 02/15/2052<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN17 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp;3.71%, 04/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN18 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983310 | &nbsp;&nbsp;&nbsp;&nbsp;0.89%, 05/15/2062<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN20 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1168635 | &nbsp;&nbsp;&nbsp;&nbsp;0.81%, 09/15/2062<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN22 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1787939 | &nbsp;&nbsp;&nbsp;&nbsp;0.60%, 11/15/2062<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN23 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2934277 | &nbsp;&nbsp;&nbsp;&nbsp;0.69%, 12/15/2052<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108499 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN24 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985922 | &nbsp;&nbsp;&nbsp;&nbsp;0.64%, 11/15/2062<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34531 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN26 Class XA |  |
| $1062554 | &nbsp;&nbsp;&nbsp;&nbsp;1.23%, 03/15/2063<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$65418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN28 Class XA |  |
| &nbsp;&nbsp; 2357520 | &nbsp;&nbsp;&nbsp;&nbsp;1.78%, 03/15/2063<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 233245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN29 Class XA |  |
| &nbsp;&nbsp; 2852631 | &nbsp;&nbsp;&nbsp;&nbsp;1.34%, 11/15/2053<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 211445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN31 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;2.04%, 02/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218977 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN32 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.64%, 04/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251387 |
|  | Barclays Commercial Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-DELC Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;5.29%, 08/15/2036<sup>(a)(c)</sup><br> 1-mo. LIBOR + 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C6 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.64%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C16 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/15/2055<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C18 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;5.44%, 12/15/2055<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164144 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C18 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 12/15/2055<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52315 |
|  | Benchmark Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B1 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.67%, 01/15/2051<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374028 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B10 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2335074 | &nbsp;&nbsp;&nbsp;&nbsp;1.22%, 03/15/2062<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B11 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234206 | &nbsp;&nbsp;&nbsp;&nbsp;3.41%, 05/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226315 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B11 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455859 | &nbsp;&nbsp;&nbsp;&nbsp;3.54%, 05/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B12 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1498000 | &nbsp;&nbsp;&nbsp;&nbsp;3.12%, 08/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B12 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965853 | &nbsp;&nbsp;&nbsp;&nbsp;1.03%, 08/15/2052<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40106 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B9 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.02%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632375 | &nbsp;&nbsp;&nbsp;&nbsp;1.79%, 07/15/2053<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B22 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1107402 | &nbsp;&nbsp;&nbsp;&nbsp;1.52%, 01/15/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185315 | BINOM Securitization Trust<sup>(a)(e)</sup><br> Series 2021-INV1 Class A1<br> 2.03%, 06/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162433 |
|  | BRAVO Residential Funding Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449385 | &nbsp;&nbsp;&nbsp;&nbsp;1.62%, 03/01/2061<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403892 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104182 | &nbsp;&nbsp;&nbsp;&nbsp;0.97%, 03/25/2060<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102794 | Bunker Hill Loan Depository Trust<sup>(a)(e)</sup><br> Series 2020-1 Class A1<br> 1.72%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | CAMB Commercial Mortgage Trust<sup>(a)(c)</sup><br> Series 2019-LIFE Class C<br> 5.77%, 12/15/2037<br> 1-mo. LIBOR + 1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97135 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $104773 | Cascade MH Asset Trust<sup>(a)</sup><br> Series 2021-MH1 Class A1<br> 1.75%, 02/25/2046 | &nbsp;&nbsp;&nbsp;$89014 |
| &nbsp;&nbsp; 241827 | CD Commercial Mortgage Trust<br> Series 2017-CD3 Class AAB<br> 3.45%, 02/10/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 230926 |
| &nbsp;&nbsp; 248000 | CFCRE Commercial Mortgage Trust<br> Series 2016-C3 Class A3<br> 3.87%, 01/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 236000 |
| &nbsp;&nbsp; 403000 | Citigroup Commercial Mortgage Trust<br> Series 2015-GC33 Class A4<br> 3.78%, 09/10/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 383523 |
|  | Citigroup Mortgage Loan Trust Inc<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RP1 Class A1 |  |
| &nbsp;&nbsp; 30207 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/25/2064<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28808 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RP2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101830 | &nbsp;&nbsp;&nbsp;&nbsp;2.66%, 02/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97595 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RP3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115973 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/25/2061<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-E Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137615 | &nbsp;&nbsp;&nbsp;&nbsp;6.23%, 11/25/2070<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135429 |
|  | COLT Mortgage Loan Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2R Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106436 | &nbsp;&nbsp;&nbsp;&nbsp;1.33%, 10/26/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95093 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233955 | &nbsp;&nbsp;&nbsp;&nbsp;0.92%, 08/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184575 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436180 | &nbsp;&nbsp;&nbsp;&nbsp;0.96%, 09/27/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HX1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546547 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%, 10/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436045 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93616 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89440 |
|  | COMM Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-CX Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;2.17%, 11/10/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HC Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.82%, 01/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85786 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HC Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100085 |
|  | Credit Suisse Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-FHA1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34862 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/25/2047<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30954 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL9 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135058 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 09/25/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NET Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97732 | &nbsp;&nbsp;&nbsp;&nbsp;2.26%, 08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87297 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171245 | &nbsp;&nbsp;&nbsp;&nbsp;1.21%, 05/25/2065<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-RPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326316 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/25/2060<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289334 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295624 | &nbsp;&nbsp;&nbsp;&nbsp;1.18%, 02/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226460 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 05/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174678 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM6 Class A1 |  |
| $546952 | &nbsp;&nbsp;&nbsp;&nbsp;1.17%, 07/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$425014 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8 Class A1 |  |
| &nbsp;&nbsp; 279111 | &nbsp;&nbsp;&nbsp;&nbsp;1.84%, 10/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 236771 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4 Class A1 |  |
| &nbsp;&nbsp; 300245 | &nbsp;&nbsp;&nbsp;&nbsp;1.80%, 12/27/2060<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 274310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635681 | &nbsp;&nbsp;&nbsp;&nbsp;2.27%, 11/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213048 | CSAIL Commercial Mortgage Trust<br> Series 2016-C6 Class ASB<br> 2.96%, 01/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204590 |
| &nbsp;&nbsp;12007324 | DBGS Mortgage Trust<sup>(e)</sup><br> Series 2018-C1 Class XA<br> 0.19%, 10/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486903 | Deutsche Bank Commercial Mortgage Trust<sup>(e)</sup><br> Series 2020-C9 Class XA<br> 1.71%, 09/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33788 |
|  | Ellington Financial Mortgage Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53958 | &nbsp;&nbsp;&nbsp;&nbsp;1.18%, 10/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39837 | &nbsp;&nbsp;&nbsp;&nbsp;0.80%, 02/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32488 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195763 | &nbsp;&nbsp;&nbsp;&nbsp;0.93%, 06/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150571 |
|  | GCAT Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33790 | &nbsp;&nbsp;&nbsp;&nbsp;1.56%, 04/25/2065<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30034 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192336 | &nbsp;&nbsp;&nbsp;&nbsp;0.87%, 01/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381316 | &nbsp;&nbsp;&nbsp;&nbsp;1.09%, 08/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212520 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 08/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | GS Mortgage Securities Corp Trust<sup>(a)(c)</sup><br> Series 2022-SHIP Class A<br> 5.07%, 08/15/2036<br> 1-mo. SOFR + 0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44370 |
|  | GS Mortgage Securities Trust<sup>(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-GC13 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;4.04%, 07/10/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376983 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC45 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2029327 | &nbsp;&nbsp;&nbsp;&nbsp;0.67%, 02/13/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66024 |
|  | Imperial Fund Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214878 | &nbsp;&nbsp;&nbsp;&nbsp;1.07%, 09/25/2056<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171291 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604046 | &nbsp;&nbsp;&nbsp;&nbsp;3.64%, 03/25/2067<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548408 |
|  | JPMorgan Commercial Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C32 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245404 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C2 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;3.14%, 06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504492 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C4 Class ASB |  |
| $245534 | &nbsp;&nbsp;&nbsp;&nbsp;2.99%, 12/15/2049 | &nbsp;&nbsp;&nbsp;$233660 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NNN Class AFX |  |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;2.81%, 01/16/2037<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 108380 |
|  | Legacy Mortgage Asset Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2 Class A1 |  |
| &nbsp;&nbsp; 297314 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 04/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 268739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104959 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 11/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93822 |
|  | MetLife Securitization Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27330 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60860 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57146 |
|  | MFA Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27107 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%, 01/26/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255953 | &nbsp;&nbsp;&nbsp;&nbsp;1.15%, 04/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161900 | &nbsp;&nbsp;&nbsp;&nbsp;1.03%, 11/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131425 |
|  | Mill City Mortgage Loan Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54804 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86149 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48122 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65533 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62566 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125547 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118060 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GS1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267625 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248668 |
|  | New Residential Mortgage Loan Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24012 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/28/2052<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22177 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69854 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/25/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112373 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/25/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106048 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39985 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/25/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37159 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37896 | &nbsp;&nbsp;&nbsp;&nbsp;5.89%, 06/25/2057<sup>(c)</sup><br> 1-mo. LIBOR + 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6A Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70986 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/27/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359047 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/25/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72279 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/25/2058<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4A Class A1S |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80109 | &nbsp;&nbsp;&nbsp;&nbsp;5.14%, 01/25/2048<sup>(c)</sup><br> 1-mo. LIBOR + 0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76803 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3A Class A1A |  |
| $131608 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 11/25/2058<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$121701 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5A Class A1B |  |
| &nbsp;&nbsp; 130943 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/25/2059<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 121041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4 Class A1 |  |
| &nbsp;&nbsp; 25913 | &nbsp;&nbsp;&nbsp;&nbsp;2.49%, 09/25/2059<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81978 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/25/2059<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQ1R Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141232 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 07/25/2055<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115794 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQ2R Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209719 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 10/25/2058<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871791 | NMLT Trust<sup>(a)(e)</sup><br> Series 2021-INV1 Class A1<br> 1.19%, 05/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695194 |
|  | Onslow Bay Mortgage Loan Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276944 | &nbsp;&nbsp;&nbsp;&nbsp;1.07%, 02/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269113 | &nbsp;&nbsp;&nbsp;&nbsp;1.05%, 07/25/2061<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202272 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523007 | &nbsp;&nbsp;&nbsp;&nbsp;2.31%, 11/25/2061<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96030 | &nbsp;&nbsp;&nbsp;&nbsp;5.11%, 08/25/2062<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94205 |
|  | Preston Ridge Partners Mortgage LLC<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68072 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 11/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62813 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404640 | &nbsp;&nbsp;&nbsp;&nbsp;1.87%, 04/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360741 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545473 | &nbsp;&nbsp;&nbsp;&nbsp;1.87%, 04/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265045 | &nbsp;&nbsp;&nbsp;&nbsp;1.79%, 07/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410751 | &nbsp;&nbsp;&nbsp;&nbsp;1.87%, 08/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530661 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 10/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477707 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104590 | &nbsp;&nbsp;&nbsp;&nbsp;1.32%, 07/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26853 | Radnor RE Ltd<sup>(a)(c)</sup><br> Series 2020-1 Class M1A<br> 5.34%, 01/25/2030<br> 1-mo. LIBOR + 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105338 | Residential Mortgage Loan Trust<sup>(a)(e)</sup><br> Series 2021-1R Class A1<br> 0.86%, 01/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | SG Commercial Mortgage Securities Trust<sup>(a)</sup><br> Series 2020-COVE Class A<br> 2.63%, 03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451042 |
|  | Starwood Mortgage Residential Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31230 | &nbsp;&nbsp;&nbsp;&nbsp;1.49%, 04/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28583 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228669 | &nbsp;&nbsp;&nbsp;&nbsp;1.22%, 05/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206559 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| $163139 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 05/25/2065 | &nbsp;&nbsp;&nbsp;$150583 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6 Class A1 |  |
| &nbsp;&nbsp; 426966 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 11/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 353747 |
| &nbsp;&nbsp; 184338 | Toorak Mortgage Corp Ltd<sup>(a)(e)</sup><br> Series 2021-INV1 Class A1<br> 1.15%, 07/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 154433 |
|  | Towd Point Mortgage Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97661 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 10/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12361 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207361 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196668 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221129 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 10/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210880 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21108 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94776 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90704 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87775 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-5 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183460 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336433 | &nbsp;&nbsp;&nbsp;&nbsp;3.72%, 03/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1220949 | &nbsp;&nbsp;&nbsp;&nbsp;2.92%, 11/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243286 | Triangle Re Ltd<sup>(a)(c)</sup><br> Series 2021-3 Class M1A<br> 5.83%, 02/25/2034<br> 1-mo. SOFR + 1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242167 |
|  | Verus Securitization Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73413 | &nbsp;&nbsp;&nbsp;&nbsp;2.69%, 11/25/2059<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62076 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/25/2065<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55330 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104172 | &nbsp;&nbsp;&nbsp;&nbsp;1.22%, 05/25/2065<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244480 | &nbsp;&nbsp;&nbsp;&nbsp;1.03%, 02/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204485 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188930 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 07/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145358 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477159 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%, 09/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380922 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292036 | &nbsp;&nbsp;&nbsp;&nbsp;1.82%, 11/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133407 | &nbsp;&nbsp;&nbsp;&nbsp;0.92%, 02/25/2064<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112338 |
|  | Wells Fargo Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C31 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135847 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-NXS1 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308327 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C60 Class A4 |  |
| $1550000 | &nbsp;&nbsp;&nbsp;&nbsp;2.34%, 08/15/2054 | &nbsp;&nbsp;&nbsp;$1239322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34158544 |
| U.S. Government Agency — 39.05% | U.S. Government Agency — 39.05% | U.S. Government Agency — 39.05% |
|  | Connecticut Avenue Securities Trust<sup>(a)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01 Class 1M2 |  |
| &nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp;5.48%, 10/25/2041<br> 1-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp; 130591 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R03 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;&nbsp;5.58%, 12/25/2041<br> 1-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114126 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R08 Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64980 | &nbsp;&nbsp;&nbsp;&nbsp;6.48%, 07/25/2042<br> 1-mo. SOFR + 2.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65184 |
|  | Federal Farm Credit Bank Funding Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 04/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 03/28/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664344 |
|  | Federal Home Loan Mortgage Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195204 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7817 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7853 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31117 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33349 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8007 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13147 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15450 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14127 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40934 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84722 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55353 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61546 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65849 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166681 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19039 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146368 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369006 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927816 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53110 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49370 |
| &nbsp;&nbsp;&nbsp;&nbsp;1359368 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296856 |
| &nbsp;&nbsp;&nbsp;&nbsp;2365891 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420499 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123786 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951115 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917362 |
| &nbsp;&nbsp;&nbsp;&nbsp;2877394 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33582 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899303 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944426 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769613 |
| &nbsp;&nbsp;&nbsp;&nbsp;3422912 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549440 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447739 |
| &nbsp;&nbsp;&nbsp;&nbsp;1512518 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231569 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $2050001 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;$1669331 |
| &nbsp;&nbsp; 833621 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 803233 |
| &nbsp;&nbsp; 999900 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 814579 |
| &nbsp;&nbsp; 1283881 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046709 |
| &nbsp;&nbsp; 723416 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 725648 |
| &nbsp;&nbsp; 1215065 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218180 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2666964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648959 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438655 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450303 |
|  | Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K068 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;3.24%, 08/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K104 Class X1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989880 | &nbsp;&nbsp;&nbsp;&nbsp;1.12%, 01/25/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59945 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K111 Class X1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574658 | &nbsp;&nbsp;&nbsp;&nbsp;1.57%, 05/25/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51006 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K112 Class X1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1126353 | &nbsp;&nbsp;&nbsp;&nbsp;1.43%, 05/25/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91593 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K114 Class X1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1463842 | &nbsp;&nbsp;&nbsp;&nbsp;1.12%, 06/25/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94306 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K122 Class X1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448502 | &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/25/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23310 |
|  | Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 3883 Class PB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20615 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4097 Class KA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69167 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4122 Class AB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78873 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69057 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4142 Class PT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62162 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4146 Class AB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53336 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4216 Class KQ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51765 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 10/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49749 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4961 Class JB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150956 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135369 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5170 Class DP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459979 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81109 | Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust<sup>(a)(c)</sup><br> Series 2021-DNA5 Class M2<br> 5.58%, 01/25/2034<br> 1-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79995 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166363 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162365 |
| &nbsp;&nbsp;&nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 08/05/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349953 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20190 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20424 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $21722 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2036 | &nbsp;&nbsp;&nbsp;$22255 |
| &nbsp;&nbsp; 38995 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 40584 |
| &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp; 48129 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 50152 |
| &nbsp;&nbsp; 13554 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 14179 |
| &nbsp;&nbsp; 23780 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 20045 |
| &nbsp;&nbsp; 149373 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 143451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897733 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269547 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258185 |
| &nbsp;&nbsp;&nbsp;&nbsp;3655336 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170864 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158882 |
| &nbsp;&nbsp;&nbsp;&nbsp;2708624 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586360 |
| &nbsp;&nbsp;&nbsp;&nbsp;1362859 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361921 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379358 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351928 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000965 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27877 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407241 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165429 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502958 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520104 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361576 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892795 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789536 |
| &nbsp;&nbsp;&nbsp;&nbsp;1850671 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541632 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823562 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248623 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955657 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52653 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79543 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68106 |
| &nbsp;&nbsp;&nbsp;&nbsp;1335298 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101260 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86651 |
| &nbsp;&nbsp;&nbsp;&nbsp;1022868 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403091 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416107 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355851 |
| &nbsp;&nbsp;&nbsp;&nbsp;1434076 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170518 |
| &nbsp;&nbsp;&nbsp;&nbsp;4111620 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999900 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814670 |
| &nbsp;&nbsp;&nbsp;&nbsp;5765336 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695048 |
| &nbsp;&nbsp;&nbsp;&nbsp;4813793 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4075657 |
| &nbsp;&nbsp;&nbsp;&nbsp;5094426 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66888 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54481 |
| &nbsp;&nbsp;&nbsp;&nbsp;2911345 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823946 |
| &nbsp;&nbsp;&nbsp;&nbsp;1949054 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994237 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911447 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935821 |
|  | Federal National Mortgage Association Alternative Credit Enhancement Securities<sup>(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M21 Class X3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2099831 | &nbsp;&nbsp;&nbsp;&nbsp;1.20%, 06/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M2 Class X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4970434 | &nbsp;&nbsp;&nbsp;&nbsp;0.31%, 01/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59365 | Federal National Mortgage Association Interest Strip<br> Series 415 Class A3<br> 3.00%, 11/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54457 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
|  | Federal National Mortgage Association Real Estate Mortgage Investment Conduit |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-103 Class HB |  |
| $56419 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/25/2027 | &nbsp;&nbsp;&nbsp;$52890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-120 Class ZB |  |
| &nbsp;&nbsp; 456522 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 419845 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-124 Class JA |  |
| &nbsp;&nbsp; 50894 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 44836 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-18 Class GA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33889 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-21 Class PQ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19424 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-52 Class PA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29655 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27952 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-16 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50411 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48234 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-77 Class BP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50526 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 06/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47983 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9 Class PT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51730 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 02/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48105 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-48 Class QB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29988 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-5 Class EP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100315 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-11 Class GA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47064 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43018 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-38 Class NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23569 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21381 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-26 Class CG |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31261 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-34 Class JK |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19026 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35 Class AH |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38322 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-49 Class JA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36240 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35430 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-84 Class KA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40161 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38816 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-23 Class LA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43632 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-70 Class HA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48131 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-12 Class HA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78134 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73864 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-14 Class CA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84140 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-21 Class BD |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74693 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68162 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45 Class PT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73379 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-7 Class JA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65511 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61696 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class AC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287396 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | FREMF Mortgage Trust<sup>(a)(e)</sup><br> Series 2015-K45 Class B<br> 3.61%, 04/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534460 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
|  | Government National Mortgage Association |  |
| $1800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, TBA | &nbsp;&nbsp;&nbsp;$1508103 |
| &nbsp;&nbsp; 8400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7277408 |
| &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6676363 |
| &nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3904115 |
| &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2649073 |
| &nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7177353 |
| &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7039141 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169224 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36879 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88351 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88558 |
| &nbsp;&nbsp;&nbsp;&nbsp;1879657 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151688 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154384 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162042 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162366 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135856 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154777 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333999 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317998 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292376 |
| &nbsp;&nbsp;&nbsp;&nbsp;1553205 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724659 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88208 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77496 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69348 |
| &nbsp;&nbsp;&nbsp;&nbsp;1619048 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994966 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-37 Class LG |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35787 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33694 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-151 Class BA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13473 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 10/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13306 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-56 Class LB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38991 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65488 | Seasoned Credit Risk Transfer Trust<br> Series 2019-3 Class MV<br> 3.50%, 10/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59853 |
|  | Uniform Mortgage-Backed Security<sup>(f)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533538 |
| &nbsp;&nbsp;15050000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12740040 |
| &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880206 |
| &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625448 |
| &nbsp;&nbsp;11800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354624 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970443 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009866 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;171795320 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 46.81%<br> (Cost $218,758,513)** | **TOTAL MORTGAGE-BACKED SECURITIES — 46.81%<br> (Cost $218,758,513)** | &nbsp;&nbsp;&nbsp;**$205953864** |
| **MUNICIPAL BONDS AND NOTES** | **MUNICIPAL BONDS AND NOTES** | **MUNICIPAL BONDS AND NOTES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | California State University Series B<br> 1.79%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454836 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Municipal Bonds and Notes — (continued)** | **Municipal Bonds and Notes — (continued)** | **Municipal Bonds and Notes — (continued)** |
| $500000 | Chabot-Las Positas Community College District<br> 1.89%, 08/01/2031 | &nbsp;&nbsp;&nbsp;$388539 |
| &nbsp;&nbsp; 560000 | Chicago O'Hare International Airport Series D<br> 2.35%, 01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 468026 |
| &nbsp;&nbsp; 65000 | Chicago Transit Authority Sales Tax Receipts Fund Series B<br> 3.91%, 12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 54359 |
| &nbsp;&nbsp; 575000 | City of New York, New York Series D<br> 1.92%, 08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 444712 |
| &nbsp;&nbsp; 145000 | City of Rapid City, South Dakota Sales Tax Revenue<br> 1.78%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 113569 |
| &nbsp;&nbsp; 315000 | Commonwealth of Massachusetts<br> 4.11%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 304123 |
|  | County of Riverside, California |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;2.96%,02/15/2027  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;3.07%,02/15/2028  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | Dallas Fort Worth International Airport Series A<br> 4.51%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | District of Columbia<br> 3.43%, 04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148365 |
|  | Marshall University Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%,05/01/2028  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%,05/01/2031  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86398 |
|  | Metropolitan Transportation Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%,11/15/2045  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;5.18%,11/15/2049  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | Napa Valley Unified School District<br> 1.54%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | New York State Dormitory Authority Series C<br> 2.15%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | New York State Thruway Authority Series M<br> 2.90%, 01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | New York Transportation Development Corp<br> 4.25%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Oregon Education Districts Series A<br> 1.89%, 06/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | Philadelphia Authority for Industrial Development Series C<br> 6.55%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | Port Authority of New York & New Jersey Series AAA<br> 1.09%, 07/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | Regents of The University of California Medical Center Pooled Revenue Series H<br> 6.55%, 05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90942 |
|  | State Board of Administration Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;1.26%,07/01/2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362670 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Municipal Bonds and Notes — (continued)** | **Municipal Bonds and Notes — (continued)** | **Municipal Bonds and Notes — (continued)** |
| $575000 | &nbsp;&nbsp;&nbsp;&nbsp;2.15%,07/01/2030  | &nbsp;&nbsp;&nbsp;$470817 |
|  | State of California |  |
| &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;7.55%,04/01/2039  | &nbsp;&nbsp;&nbsp;&nbsp; 162712 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;7.30%,10/01/2039  | &nbsp;&nbsp;&nbsp;&nbsp; 103264 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;7.63%,03/01/2040  | &nbsp;&nbsp;&nbsp;&nbsp; 18943 |
| &nbsp;&nbsp; 295000 | State of Connecticut Special Tax Revenue Series B<br> 5.46%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 299766 |
| **TOTAL MUNICIPAL BONDS AND NOTES — 1.76%<br> (Cost $9,161,764)** | **TOTAL MUNICIPAL BONDS AND NOTES — 1.76%<br> (Cost $9,161,764)** | &nbsp;&nbsp;&nbsp;&nbsp;**$7723535** |
| **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** |
|  | Federal Home Loan Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614581 |
| **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.26%<br> (Cost $1,184,964)** | **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.26%<br> (Cost $1,184,964)** | &nbsp;&nbsp;&nbsp;&nbsp;**$1128841** |
| **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** |
|  | U.S. Treasury Inflation Indexed Bonds TIPS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983284 | &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936500 |
| &nbsp;&nbsp;&nbsp;&nbsp;3025802 | &nbsp;&nbsp;&nbsp;&nbsp;0.25%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769608 |
| &nbsp;&nbsp;&nbsp;&nbsp;3071942 | &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326515 | &nbsp;&nbsp;&nbsp;&nbsp;0.13%, 02/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211164 |
|  | United States Treasury Note/Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3375000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 06/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262017 |
| &nbsp;&nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;0.38%, 11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;0.50%, 02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597007 |
| &nbsp;&nbsp;&nbsp;&nbsp;9855000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/31/2026<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8934559 |
| &nbsp;&nbsp;&nbsp;&nbsp;2330000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 02/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;0.38%, 09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362510 |
| &nbsp;&nbsp;&nbsp;&nbsp;2385000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;0.50%, 10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 02/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606074 |
| &nbsp;&nbsp;&nbsp;&nbsp;4755000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394660 |
| &nbsp;&nbsp;11710000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10647866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545438 |
| &nbsp;&nbsp;&nbsp;&nbsp;2130000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727130 |
| &nbsp;&nbsp;&nbsp;&nbsp;3695000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007384 |
| &nbsp;&nbsp;&nbsp;&nbsp;8150000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7510734 |
| &nbsp;&nbsp;&nbsp;&nbsp;3620000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296463 |
| &nbsp;&nbsp;&nbsp;&nbsp;2930000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989973 |
| &nbsp;&nbsp;&nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829056 |
| &nbsp;&nbsp;16750000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11838847 |
| &nbsp;&nbsp;&nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770390 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050156 |
| &nbsp;&nbsp;&nbsp;&nbsp;2135000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2042<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090298 |
| &nbsp;&nbsp;&nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321754 |
| &nbsp;&nbsp;&nbsp;&nbsp;4670000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377030 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **U.S. Treasury Bonds and Notes — (continued)** | **U.S. Treasury Bonds and Notes — (continued)** | **U.S. Treasury Bonds and Notes — (continued)** |
| $5590000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2044 | &nbsp;&nbsp;&nbsp;$5127296 |
| &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 515426 |
| &nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2898479 |
| &nbsp;&nbsp; 4140000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3405473 |
| &nbsp;&nbsp; 4515000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3378137 |
| &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 193954 |
| &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1146466 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201934 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227832 |
| &nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358514 |
| &nbsp;&nbsp;&nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744637 |
| &nbsp;&nbsp;&nbsp;&nbsp;2545000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414165 |
| &nbsp;&nbsp;&nbsp;&nbsp;7110000 | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230450 |
| &nbsp;&nbsp;&nbsp;&nbsp;4425000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812295 |
| &nbsp;&nbsp;&nbsp;&nbsp;1365000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697088 |
| &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956343 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 27.53%<br> (Cost $147,746,982)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 27.53%<br> (Cost $147,746,982)** | &nbsp;&nbsp;&nbsp;**$121103431** |
| **Shares** |  |  |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Consumer, Cyclical — 0.00%<sup>(h)</sup> | Consumer, Cyclical — 0.00%<sup>(h)</sup> | Consumer, Cyclical — 0.00%<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | Superior Energy Services LLC<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23971 |
| **TOTAL COMMON STOCK — 0.00%<sup>(h)</sup><br> (Cost $50,000)** | **TOTAL COMMON STOCK — 0.00%<sup>(h)</sup><br> (Cost $50,000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$23971** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749000 | Dreyfus Institutional Preferred Government Plus Money Market Fund Class SL<sup>(j)</sup>, 4.36%<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749000 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.17%<br> (Cost $749,000)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.17%<br> (Cost $749,000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$749000** |
| **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| Certificate of Deposit — 0.22% | Certificate of Deposit — 0.22% | Certificate of Deposit — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | Mizuho Bank Ltd<sup>(c)</sup><br> 4.67%,02/01/2023<br> 1-day SOFR + 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970183 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Commercial Paper — 0.27% | Commercial Paper — 0.27% | Commercial Paper — 0.27% |
|  | Walt Disney Co |  |
| $874000 | &nbsp;&nbsp;&nbsp;&nbsp;4.48%, 02/02/2023 | &nbsp;&nbsp;&nbsp;$870366 |
| &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;4.62%, 02/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 308091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178457 |
| U.S. Treasury Bonds and Notes — 1.29% | U.S. Treasury Bonds and Notes — 1.29% | U.S. Treasury Bonds and Notes — 1.29% |
|  | U.S. Treasury Bills<sup>(l)</sup> |  |
| &nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 02/07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1160139 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.04%, 02/16/2023<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492140 |
| &nbsp;&nbsp;&nbsp;&nbsp;3035000 | &nbsp;&nbsp;&nbsp;&nbsp;4.04%, 02/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668986 |
| Repurchase Agreements — 3.01% | Repurchase Agreements — 3.01% | Repurchase Agreements — 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;3332961 | Undivided interest of 10.74% in a repurchase agreement (principal amount/value $31,116,103 with a maturity value of $31,130,831) with JP Morgan Securities, 4.26%, dated 12/31/22 to be repurchased at $3,332,961 on 1/3/23 collateralized by U.S. Treasury securities, 0.00% - 0.13%, 5/15/23 - 12/28/23, with a value of $31,738,427.<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332961 |
| &nbsp;&nbsp;&nbsp;&nbsp;3257520 | Undivided interest of 20.96% in a repurchase agreement (principal amount/value $15,576,146 with a maturity value of $15,583,501) with Bank of America Securities Inc, 4.25%, dated 12/31/22 to be repurchased at $3,257,520 on 1/3/23 collateralized by U.S. Treasury securities, 0.75% - 4.50%, 11/15/25 - 3/31/26, with a value of $15,887,671.<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257520 |

---

---

| | |
|:---|:---|
| **Principal Amount** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Repurchase Agreements — (continued) | Repurchase Agreements — (continued) |
| $3332961 Undivided interest of 21.51% in a repurchase agreement (principal amount/value $15,530,059 with a maturity value of $15,537,393) with Citibank NA, 4.25%, dated 12/31/22 to be repurchased at $3,332,961 on 1/3/23 collateralized by U.S. Treasury securities, 0.00% - 6.25%, 6/1/23 - 2/15/52, with a value of $15,840,661.<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;$3332961 |
| &nbsp;&nbsp; 3332961 Undivided interest of 21.65% in a repurchase agreement (principal amount/value $15,424,947 with a maturity value of $15,432,231) with HSBC Securities (USA) Inc, 4.25%, dated 12/31/22 to be repurchased at $3,332,961 on 1/3/23 collateralized by U.S. Treasury securities, 0.00% - 4.50%, 4/30/23 - 2/15/51, with a value of $15,733,446.<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3332961 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13256403 |
| **TOTAL SHORT TERM INVESTMENTS — 4.79%<br> (Cost $21,074,418)** | &nbsp;&nbsp;&nbsp;**$21074029** |
| **TOTAL INVESTMENTS — 120.09%<br> (Cost $592,799,322)** | &nbsp;&nbsp;&nbsp;**$528326441** |
| **OTHER ASSETS & LIABILITIES, NET — (20.09)%** | &nbsp;&nbsp;&nbsp;**$(88382694)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$439943747** |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

<sup>(a)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.

<sup>(b)</sup> 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 December 31, 2022. Maturity date disclosed represents final maturity date.

<sup>(c)</sup> Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at December 31, 2022.

<sup>(d)</sup> All or a portion of the security is on loan at December 31, 2022.

<sup>(e)</sup> 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.

<sup>(f)</sup> Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae.

<sup>(g)</sup> All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts.

<sup>(h)</sup> Represents less than 0.005% of net assets.

<sup>(i)</sup> Non-income producing security.

<sup>(j)</sup> Collateral received for securities on loan.

<sup>(k)</sup> Rate shown is the 7-day yield as of December 31, 2022.

<sup>(l)</sup> Zero coupon bond; the interest rate shown is the effective yield on date of purchase.

<sup>LIBOR</sup> London Interbank Offered Rate is the interest rate banks charge each other for short-term loans.

<sup>LP</sup> Limited Partnership

<sup>REIT</sup> Real Estate Investment Trust

<sup>SOFR</sup> Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate established as an alternative to LIBOR.

<sup>TBA</sup> To Be Announced

<sup>TIPS</sup> Treasury Inflation Protected Securities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| At December 31, 2022, the Fund held the following outstanding exchange traded futures contracts: | At December 31, 2022, the Fund held the following outstanding exchange traded futures contracts: | At December 31, 2022, the Fund held the following outstanding exchange traded futures contracts: | At December 31, 2022, the Fund held the following outstanding exchange traded futures contracts: | At December 31, 2022, the Fund held the following outstanding exchange traded futures contracts: | At December 31, 2022, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** |  | **Notional <br> Amount** | **Expiration <br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Short** |  |  |  |  |  |
| Euro-Bobl Futures | 1 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;115750 | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;$3906 |
| Euro-Bund Futures | 2 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;265860 | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;20214 |
| U.S. 10 Year Treasury Note Futures | 39 | USD | &nbsp;&nbsp;4379578 | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;31164 |
| U.S. 10 Year Treasury Ultra Futures | 154 | USD | 18215313 | March 2023 | &nbsp;&nbsp;150043 |
| U.S. 5 Year Treasury Note Futures | 113 | USD | 12196055 | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;85365 |
| U.S. Long Bond Futures | 186 | USD | 23313938 | March 2023 | &nbsp;&nbsp;171653 |
| U.S. Ultra Bond Futures | 75 | USD | 10073438 | March 2023 | &nbsp;&nbsp;117635 |
| **Long** |  |  |  |  |  |
| U.S. 2 Year Treasury Note Futures | 87 | USD | 17841797 | March 2023 | &nbsp;&nbsp;&nbsp;(23086) |
| U.S. 5 Year Treasury Note Futures | 30 | USD | &nbsp;&nbsp;3237891 | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;(3048) |
|  |  |  |  | **Net Appreciation** | **$553846** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| At December 31, 2022, the Fund held the following outstanding centrally cleared credit default swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared credit default swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared credit default swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared credit default swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared credit default swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared credit default swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared credit default swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared credit default swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared credit default swaps: |
| **Reference <br> Obligation** | **Notional <br> Amount<sup>(a)</sup>** | **Value** | **Upfront <br> Payments/(Receipts)** | **Fixed <br> Deal<br> Pay/Receive<br> Rate** | **Maturity <br> Date** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Implied <br> Credit<br> Spread<sup>(b)</sup>** | **Payment <br> Frequency** |
| **Sell Credit Protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$|  |  |
| Nordstrom Inc<br> 6.95%, 03/15/2028 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;(17494) | &nbsp;&nbsp;&nbsp;&nbsp;(277) | 1.00% | June 20, 2024 | &nbsp;&nbsp;(17217) | 2.66% | Quarterly |
| Nordstrom Inc<br> 6.95%, 03/15/2028 | &nbsp;&nbsp;275000 | &nbsp;&nbsp;(10387) | &nbsp;&nbsp;(3479) | 1.00% | December 20, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;(6908) | 3.05% | Quarterly |
|  |  |  |  |  | **Net Depreciation** | **$(24125)** |  |  |
| (a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | (a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | (a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | (a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | (a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | (a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | (a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | (a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | (a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | (b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | (b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | (b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | (b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | (b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | (b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | (b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | (b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| At December 31, 2022, the Fund held the following outstanding centrally cleared interest rate swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared interest rate swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared interest rate swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared interest rate swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared interest rate swaps: | At December 31, 2022, the Fund held the following outstanding centrally cleared interest rate swaps: |  |
| **Rate Received by the Fund** | **Rate Paid by the Fund** |  | **Notional Amount** | **Maturity Date** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Payment <br> Frequency** |
| 4.43% | 1-day SOFR | USD | &nbsp;&nbsp;&nbsp;&nbsp;2910000 | December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;(8158) | Annual |
| 6-mo. BBSW | 4.00% | AUD | &nbsp;&nbsp;&nbsp;&nbsp;3400000 | March 15, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;10762 | Semi Annual |
| 4.00% | 6-mo. CDOR | CAD | &nbsp;&nbsp;&nbsp;&nbsp;3050000 | March 15, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;52121 | Semi Annual |
| 3.50% | 1-year SONIA | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | March 15, 2028 | &nbsp;&nbsp;(15411) | Annual |
| 6-mo. NIBOR | 3.50% | NOK | &nbsp;&nbsp;11020000 | March 15, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372) | Semi Annual |
| 1-year JPY-TONA | 0.25% | JPY | 642100000 | March 15, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;67750 | Annual |
| 2.50% | 1-day SOFR | USD | &nbsp;&nbsp;&nbsp;&nbsp;1090000 | June 4, 2029 | &nbsp;&nbsp;(12743) | Annual |
| 6-mo. EURIBOR | 2.35% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | July 4, 2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4903 | Semi Annual |
| 1-day SOFR | 2.57% | USD | &nbsp;&nbsp;&nbsp;&nbsp;2970000 | June 4, 2031 | &nbsp;&nbsp;&nbsp;&nbsp;30737 | Annual |
| 2.50% | 6-mo. EURIBOR | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | December 20, 2032 | &nbsp;&nbsp;(14874) | Semi Annual |
| 4.50% | 6-mo. BBSW | AUD | &nbsp;&nbsp;&nbsp;&nbsp;2120000 | March 15, 2033 | &nbsp;&nbsp;(54207) | Semi Annual |
| 3.75% | 1-day SOFR | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | March 15, 2033 | &nbsp;&nbsp;(14634) | Annual |
| 6-mo. CDOR | 3.50% | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | March 15, 2033 | &nbsp;&nbsp;&nbsp;&nbsp;(1616) | Semi Annual |
| 1-year JPY-TONA | 0.50% | JPY | 102000000 | March 15, 2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9447 | Annual |
| 6-mo. EURIBOR | 3.00% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | March 15, 2033 | &nbsp;&nbsp;&nbsp;&nbsp;13221 | Semi Annual |
| 6-mo. NIBOR | 3.50% | NOK | &nbsp;&nbsp;10240000 | March 15, 2033 | &nbsp;&nbsp;&nbsp;&nbsp;15728 | Semi Annual |
| 2.73% | 1-day SOFR | USD | &nbsp;&nbsp;&nbsp;&nbsp;1930000 | June 4, 2033 | &nbsp;&nbsp;(17406) | Annual |
| 2.86% | 6-mo. EURIBOR | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | July 4, 2037 | &nbsp;&nbsp;(18971) | Semi Annual |
| 2.15% | 6-mo. EURIBOR | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | August 9, 2037 | &nbsp;&nbsp;(10749) | Semi Annual |
| 2.72% | 1-day SOFR | USD | &nbsp;&nbsp;&nbsp;&nbsp;3430000 | August 11, 2037 | &nbsp;&nbsp;(42020) | Annual |
| 6-mo. EURIBOR | 2.50% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | December 20, 2037 | &nbsp;&nbsp;&nbsp;&nbsp;11712 | Semi Annual |
| 6-mo. EURIBOR | 1.45% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1510000 | August 10, 2042 | &nbsp;&nbsp;&nbsp;&nbsp;15786 | Semi Annual |
| 1.05% | 6-mo. EURIBOR | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | August 11, 2047 | &nbsp;&nbsp;&nbsp;&nbsp;(7725) | Semi Annual |
| 6-mo. EURIBOR | 1.56% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | July 6, 2052 | &nbsp;&nbsp;&nbsp;&nbsp;11474 | Semi Annual |
| 1-day SOFR | 2.17% | USD | &nbsp;&nbsp;&nbsp;&nbsp;1520000 | August 11, 2052 | &nbsp;&nbsp;&nbsp;&nbsp;42300 | Annual |
|  |  |  |  | **Net Appreciation** | &nbsp;&nbsp;**$67055** |  |

---

---

| | |
|:---|:---|
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| BBSW | &nbsp;&nbsp;&nbsp;&nbsp;Bank Bill Swap Rate |
| CDOR | &nbsp;&nbsp;&nbsp;&nbsp;Canadian Dollar Offered Rate |
| EURIBOR | &nbsp;&nbsp;&nbsp;&nbsp;Euro Interbank Offered Rate is the interest rate published by European Money Markets Institute, that banks offer to lend unsecured funds to other banks. |
| JPY-TONA | &nbsp;&nbsp;&nbsp;&nbsp;Japan Tokyo Overnight Average Rate |
| NIBOR | &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Interbank Offered Rate is the interest rate level a bank requires for unsecured money market lending in NOK to another bank. |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate established as an alternative to LIBOR. |
| SONIA | &nbsp;&nbsp;&nbsp;&nbsp;Sterling Overnight Interbank Average Rate is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | &nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;Canadian Dollar |
| EUR | &nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;Japanese Yen |
| NOK | &nbsp;&nbsp;Norwegian Krone |
| USD | &nbsp;&nbsp;U.S. Dollar |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2022*

---

| | |
|:---|:---|
|  | *Empower Core Bond Fund* |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, fair value (including $13,507,199 of securities on loan)<sup>(b)</sup> | $515070038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, fair value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13256403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;14404103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548247809 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for TBA investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;83896889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for director fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9734161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for other accrued fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;14005403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108304062 |
| **NET ASSETS** | **$439943747** |
| **NET ASSETS REPRESENTED BY:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$5195635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;521465733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated deficit | &nbsp;&nbsp;&nbsp;(86717621) |
| **NET ASSETS** | **$439943747** |
| **NET ASSETS BY CLASS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;**$45622004** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | **$394321743** |
| **CAPITAL STOCK:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47072775 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.34** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.38** |
| <sup>(b)</sup> Cost of investments, unaffiliated | $579542919 |
| <sup>(c)</sup> Cost of repurchase agreements | &nbsp;&nbsp;&nbsp;$13256403 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2022*

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;*Empower Core Bond Fund* |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;$12015933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12031197 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder report fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less amount waived by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846452 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;**10184745** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(38024663) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on credit default swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106551) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on interest rate swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;14116754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23991726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(65124639) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on credit default swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20817) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on interest rate swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63735693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87727419) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$(77542674)** |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Core Bond Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10184745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7524122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23991726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12622997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63735693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26589787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77542674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6442668) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460990) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(571051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2400302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9057261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16534236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9628312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18934538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9628312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19395528) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9708255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28099158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74974786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130373578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9057261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16913648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49517337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21129433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87265860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71529721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42471844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85209110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;(129642830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59370914 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569586577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510215663 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$439943747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$569586577 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12637003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4739615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1862457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9780387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6923306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4043236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228748 |

---

See Notes to Financial Statements.<br>

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*Annual Report - December 31, 2022*

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### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net <br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total <br> Distributions** | **Net asset value,<br> end of year** | **Total <br> Return <sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | $11.08 | 0.18 | (1.81) | (1.63) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.11) | $9.34 | &nbsp;&nbsp;(14.70%) |
| &nbsp;&nbsp;12/31/2021 | $11.55 | 0.12 | (0.30) | (0.18) | (0.01) | (0.08) | (0.20) | (0.29) | $11.08 | &nbsp;&nbsp;&nbsp;(1.55%) |
| &nbsp;&nbsp;12/31/2020 | $11.03 | 0.21 | 0.67 | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.30) | (0.06) | (0.36) | $11.55 | &nbsp;&nbsp;&nbsp;8.01% |
| &nbsp;&nbsp;12/31/2019 | $10.35 | 0.28 | 0.67 | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.27) | $11.03 | &nbsp;&nbsp;&nbsp;9.19% |
| &nbsp;&nbsp;12/31/2018 | $10.73 | 0.30 | (0.43) | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.25) | $10.35 | &nbsp;&nbsp;&nbsp;(1.21%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $10.01 | 0.20 | (1.64) | (1.44) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.19) | $8.38 | &nbsp;&nbsp;(14.37%) |
| &nbsp;&nbsp;12/31/2021 | $10.51 | 0.15 | (0.28) | (0.13) | (0.01) | (0.16) | (0.20) | (0.37) | $10.01 | &nbsp;&nbsp;&nbsp;(1.21%) |
| &nbsp;&nbsp;12/31/2020 | $10.04 | 0.23 | 0.61 | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.31) | (0.06) | (0.37) | $10.51 | &nbsp;&nbsp;&nbsp;8.46% |
| &nbsp;&nbsp;12/31/2019 | $9.45 | 0.30 | 0.59 | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.30) | $10.04 | &nbsp;&nbsp;&nbsp;9.45% |
| &nbsp;&nbsp;12/31/2018 | $9.84 | 0.31 | (0.39) | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.31) | $9.45 | &nbsp;&nbsp;&nbsp;(0.82%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio <br> turnover<br> rate<sup>(d)(e)</sup> |
| **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** |  |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$45622 | &nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;490% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$95010 | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;407% |
| &nbsp;&nbsp;12/31/2020 | &nbsp;&nbsp;&nbsp;$89443 | &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;265% |
| &nbsp;&nbsp;12/31/2019 | &nbsp;&nbsp;&nbsp;$51836 | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;180% |
| &nbsp;&nbsp;12/31/2018 | &nbsp;&nbsp;&nbsp;$30166 | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;154% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$394322 | &nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;490% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$474577 | &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;407% |
| &nbsp;&nbsp;12/31/2020 | &nbsp;&nbsp;&nbsp;$420772 | &nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;265% |
| &nbsp;&nbsp;12/31/2019 | &nbsp;&nbsp;&nbsp;$438963 | &nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;180% |
| &nbsp;&nbsp;12/31/2018 | &nbsp;&nbsp;&nbsp;$375724 | &nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;154% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(e)</sup> 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 50%, 72%, 86%, 66% ,and 62% for the years ended December 31 2022, 2021, 2020, 2019, and 2018, respectively.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Notes to Financial Statements

------

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 Core Bond Fund (the Fund) are included herein. The investment objective of the Fund is to seek to provide total return, consisting of two components: (1) changes in the market value of its portfolio holdings (both realized and unrealized appreciation); and (2) income received from its portfolio holdings. 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.

<u>Security Valuation</u>

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. Effective September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors approved the Adviser as the Fund's valuation designee to make all fair value determinations with respect to the Fund's investments, subject to oversight by the Board of Directors.

The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of the Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.

For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the over-the-counter (OTC) market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.

------

*Annual Report - December 31, 2022*

------

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.

Investments in shares of the underlying investment companies are valued at the NAV as reported by the underlying investment companies, which may be obtained from pricing services or other pricing sources.

Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.

For derivatives that are traded on an exchange, the last sale price as of the close of business of the exchange will be used. For derivatives traded over-the-counter (OTC), independent pricing services will be utilized when possible. If a price cannot be located from the primary source, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.

Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.

The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.

---

| | |
|:---|:---|
| **<u>Class</u>** | **<u>Inputs</u>** |
| 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. |

---

------

*Annual Report - December 31, 2022*

------

---

| | |
|:---|:---|
| U.S. Government Agency Bonds and Notes, U.S. Treasury Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. |
| Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data. |
| Government Money Market Mutual Funds | Net asset value of underlying mutual fund. |
| Short Term Investments | Maturity date, credit quality and interest rates. |
| Futures Contracts | Exchange traded close price. |
| Credit Default Swaps | Reported trades, credit spreads and curves, recovery rates, restructuring types and net present value of cashflows. |
| Interest Rate Swaps | Interest rate curves, LIBOR curves, reported trades and swap curves. |

---

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 December 31, 2022, all of the Fund's investments are valued using Level 2 inputs, except for Futures Contracts and Government Money Market Mutual Funds, which are valued using Level 1 inputs. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.

<u>Repurchase Agreements</u>

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.

<u>To Be Announced Transactions</u>

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. TBAs are included in Investments in securities, fair value on the Statement of Assets and Liabilities.

------

*Annual Report - December 31, 2022*

------

<u>Dollar Rolls</u>

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.

<u>Foreign Currency Translations and Transactions</u>

The accounting records of the Fund are maintained in U.S. dollars. Investment securities, and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Fund and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. These gains and losses are included in net realized gain or loss and change in net unrealized appreciation or depreciation on the Statement of Operations.

<u>Security Transactions</u>

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. Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

<u>Treasury Inflation-Protected Securities</u>

For Treasury Inflation-Protected Securities (TIPS) the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Such adjustments may have a significant impact on the Fund's distributions.

<u>Federal Income Taxes and Distributions to Shareholders</u>

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.

------

*Annual Report - December 31, 2022*

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The tax character of distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;$9628312 | &nbsp;&nbsp;$8562373 |
| Long-term capital gain | &nbsp;&nbsp;- | &nbsp;&nbsp;10372165 |
| Return of capital | &nbsp;&nbsp;- | &nbsp;&nbsp;460990 |
|  | &nbsp;&nbsp;$9628312 | &nbsp;&nbsp;$19395528 |

---

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 and distribution adjustments.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation for federal income tax purposes. At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$222896 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(17481949) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;(4612373) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(64846196) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(86717622) |

---

At December 31, 2022, the Fund had capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. During the year ended December 31, 2022, the Fund utilized $0 of capital loss carryforwards to offset capital gains realized in that fiscal year. Details of the capital loss carryforwards as of December 31, 2022, were as follows:

---

| | |
|:---|:---|
| No Expiration | &nbsp;&nbsp;$(17481949) |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;(17481949) |

---

The Fund has elected to defer to the next fiscal year the following Post-October losses:

---

| | |
|:---|:---|
| **Post-October Ordinary Losses** | &nbsp;&nbsp;**Post-October Capital Losses** |
| $(2505) | &nbsp;&nbsp;$(4609868) |

---

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of December 31, 2022 were as follows:

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| | |
|:---|:---|
| Federal tax cost of investments | &nbsp;&nbsp;$593769413 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671155 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(65517351) |
| Net unrealized depreciation on investments | &nbsp;&nbsp;$(64846196) |

---

2. DERIVATIVE FINANCIAL INSTRUMENTS

The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including credit default swaps, interest rate swaps and futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates.

In pursuit of the Fund's investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risks:

Credit Risk - The risk that an issuer may default on its obligations to pay principal and/or interest. A security's value may be affected by changes in its credit quality rating or its issuer's financial conditions.

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*Annual Report - December 31, 2022*

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Interest Rate Risk - The risk that market value of a fixed income security is affected significantly by changes in interest rates. When interest rates rise, the security's market value declines and when interest rates decline, market values rise. The longer a security's maturity, the greater the risk and the higher its yield. Conversely, the shorter a security's maturity, the lower the risk and the lower its yield.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund is subject to enforceable master netting agreements, or netting arrangements, with certain counterparties.These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements, if any, at pre-arranged exposure levels. Collateral or margin requirements, if any, are set by the broker or exchange clearing house for exchanged traded derivatives while collateral terms are contract specific for OTC traded derivatives.

Derivative counterparty credit risk is managed through an evaluation of the creditworthiness of all potential counterparties. The Fund attempts to reduce its exposure to counterparty credit risk on OTC derivatives, whenever possible, by entering into International Swaps and Derivatives Association (ISDA) master agreements with certain counterparties. These agreements contain various provisions, including but not limited to collateral requirements (if any), events of default, or early termination. OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. Early termination by the counterparty may result in an immediate payment by the Fund of any net liability owed to that counterparty under the ISDA agreement.

<u>Futures Contracts</u>

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.

Futures contracts are reported in a table following the Schedule of Investments. Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Receipts or payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. This is recorded as variation margin on futures contracts on the Statement of Assets and Liabilities. When the Fund enters into a closing transaction, it will realize, for book purposes, a gain or loss equal to the difference between the value of the futures contract at the time it was opened or purchased and its value at the time it was closed, and is reflected in net realized gain or loss on the Statement of Operations. The Fund held an average of 177 long futures contracts and an average of 680 short futures contracts for the reporting period.

<u>Credit Default Swaps</u>

The Fund enters into credit default swap contracts to gain exposure on individual names and/or baskets of securities. A credit default swap is an agreement between the Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the number of defaults event that triggers purchase or other factors (for example, the Nth default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). These agreements may be privately negotiated in the over-the-counter market (OTC credit default swaps) or may be executed on a registered exchange (centrally cleared credit default swaps).

------

*Annual Report - December 31, 2022*

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Credit default swaps, if any, are reported in a table following the Schedule of Investments. For centrally cleared credit default swaps, required initial margin deposits of cash or securities are pledged by the Fund. Subsequent payments, known as variation margin, are made or received by the Fund, depending on fluctuations in the value of the centrally cleared credit default swaps. Such variation margin is accounted for as a payable or receivable on the Statement of Assets and Liabilities and settled daily until the contract is closed, at which time the gains or losses are realized. Any upfront premiums paid or received upon entering into a swap are capitalized and amortized to income ratably over the term of the swap. Upfront premiums are disclosed as upfront premiums paid/received in a table following the Schedule of Investments. The Fund accrues for the interim payments on swap contracts on a daily basis, with the net amount recorded within variation margin on the Statement of Assets and Liabilities. Upon the termination of swap contracts, the net gain or loss is recorded as net realized gain or loss on credit default swaps on the Statement of Operations.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. The Fund held an average notional amount of $4,628,077 in credit default swaps for the reporting period.

<u>Interest Rate Swaps</u>

The Fund enters into interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one is based on an interest rate fixed to maturity while the other is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, the London Interbank Offered Rate (LIBOR), prime rate, commercial paper rate, or other benchmarks). Each party's payment obligation under an interest rate swap is determined by reference to a specified notional amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. These agreements may be privately negotiated in the over-the-counter market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps).

For centrally cleared interest rate swaps, required initial margin deposits of cash or securities are pledged by the Fund. Subsequent payments, known as variation margin, are made or received by the Fund, depending on fluctuations in the value of the centrally cleared interest rate swaps. Such variation margin is accounted for as a payable or receivable on the Statement of Assets and Liabilities and settled daily until the contract is closed, at which time the gains or losses are realized. Over the term of the contract, contractually required payments to be paid and to be received are accrued daily and recorded as realized gain or loss on the Statement of Operations.

The Fund has entered into interest rate swaps in which it either pays or receives a fixed interest rate and pays or receives a floating interest rate. Barring swap counterparty default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that the Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap. The Fund held an average notional amount of $134,000,000 in interest rate swaps for the reporting period. Interest rate swaps are reported on a table following the Schedule of Investments.

<u>Derivative Financial Instruments Categorized by Risk Exposure</u>

Valuation of derivative investments as of December 31, 2022 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Credit contracts (swaps) |  |  | &nbsp;&nbsp;Net unrealized depreciation on credit default swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(24125)<sup>(a)</sup> |
| Interest rate contracts (swaps) | Net unrealized appreciation on interest rate swaps | $285941 <sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on interest rate swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(218886) <sup>(a)</sup> |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $579980 <sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(26134)<sup>(a)</sup> |

---

 <sup>(a)</sup>Includes cumulative appreciation (depreciation) of interest rate contracts, credit contracts, and futures contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

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*Annual Report - December 31, 2022*

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The effect of derivative investments for the year ended December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Interest rate contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$14116754 | &nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;$1342708 |
| Credit contracts (swaps) | Net realized loss on credit default swaps | &nbsp;&nbsp;&nbsp;&nbsp;$(106551) | &nbsp;&nbsp;Net change in unrealized depreciation on credit default swaps | &nbsp;&nbsp;&nbsp;&nbsp;$(20817) |
| Interest rate contracts (swaps) | Net realized gain on interest rate swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22734 | &nbsp;&nbsp;Net change in unrealized appreciation on interest rate swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67055 |

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3. 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 0.32% 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 0.35% 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, 2023 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 December 31, 2022, the amounts subject to recoupment were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2023** | &nbsp;&nbsp;**Expires December 31, 2024** | &nbsp;&nbsp;**Expires December 31, 2025** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by the Adviser** |
| $224997 | &nbsp;&nbsp;$160576 | &nbsp;&nbsp;$286764 | &nbsp;&nbsp;$0 |

---

The Adviser and Empower Funds entered into a sub-advisory agreement with Goldman Sachs Asset Management, L.P. and Wellington Management Company LLP. The Adviser is responsible for compensating the Sub-Adviser for its services.

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 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 $1,258,500 for the fiscal year ended December 31, 2022.

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*Annual Report - December 31, 2022*

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4. PURCHASES AND SALES OF INVESTMENTS

For the year ended December 31, 2022, 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 $81,406,527 and $108,156,650, respectively. For the same period, the aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities were $2,709,317,826 and $2,704,055,896, respectively.

5. 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 December 31, 2022, the Fund had securities on loan valued at $13,507,199 and received collateral as reported on the Statement of Assets and Liabilities of $14,005,403 for such loan which was invested in Repurchase Agreements collateralized by U.S. Government or U.S. Government Agency securities and Government Money Market Mutual Funds. 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 December 31, 2022. Additional information regarding the Fund's securities on loan is included in the Schedule of Investments.

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| | |
|:---|:---|
| **Security lending transactions** | &nbsp;&nbsp;**Total <sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$4227070 |
| Foreign Government Bonds and Notes | &nbsp;&nbsp;239400 |
| Mortgage-Backed Securities | &nbsp;&nbsp;2988438 |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;6550495 |
| **Total secured borrowings** | &nbsp;&nbsp;$14005403 |

---

<sup>(a)</sup> The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

6. 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.

7. SUBSEQUENT EVENTS

Management has reviewed all events subsequent to December 31, 2022, 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.

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*Annual Report - December 31, 2022*

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Empower Funds, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Empower Core Bond Fund (the "Fund"), one of the funds of Empower Funds, Inc., as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado

February 23, 2023

We have served as the auditor of one or more Empower investment companies since 1982.

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TAX INFORMATION (unaudited)

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders. Of the ordinary income distributions declared for the year ended December 31, 2022, 0% qualifies for the dividend received deduction available to the Fund's corporate shareholders.

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#### Fund Directors and Officers
Empower Funds is organized under Maryland law, and is governed by the Board of Directors. The following table provides information about each of the Directors and executive officers of Empower Funds.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) <br> Held with<br> Empower<br> Funds** | **Term of Office<br> and Length of<br> Time Served\*\*** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Funds in Fund<br> Complex<br> Overseen by<br> Director** | **Other <br> Directorships<br> Held by Director** |
| &nbsp;&nbsp;Gail H. Klapper<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>79 | &nbsp;&nbsp;Chair &<br> Independent Director | &nbsp;&nbsp;Since 2016 (as Chair)<br>Since 2007 (as Independent Director) | Managing Attorney, Klapper Law Firm; Member/Director, The Colorado Forum; Director, Gold, Inc; Member, Colorado State Fair Board Authority; Manager, 6K Ranch, LLC; and former Director, Guaranty Bancorp | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James A. Hillary\*\*\*<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>59 | &nbsp;&nbsp;Independent Director | &nbsp;&nbsp;Since 2017 | Principal and Founding Partner, Fios Capital, LLC; Member, Fios Partners LLC, Fios Holdings LLC; Sole Member, Fios Companies LLC, Resolute Capital Asset Partners LLC; Manager, Applejack Holdings, LLC; and Manager and Member, Prestige Land Holdings, LLC | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;R. Timothy Hudner\*\*\*\*<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>63 | &nbsp;&nbsp;Independent Director | &nbsp;&nbsp;Since 2017 | Director, Colorado State Housing Board; and former Director, Grand Junction Housing Authority; Counseling and Education Center | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Steven A. Lake<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>68 | &nbsp;&nbsp;Independent Director | &nbsp;&nbsp;Since 2017 | Managing Member, Lake Advisors, LLC; Member, Gart Capital Partners, LLC; and Executive Member, Sage Enterprise Holdings, LLC | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) <br> Held with<br> Empower<br> Funds** | **Term of Office<br> and Length of<br> Time Served\*\*** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Funds in Fund<br> Complex<br> Overseen by<br> Director** | **Other <br> Directorships<br> Held by Director** |
| &nbsp;&nbsp;Stephen G. McConahey<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>79 | &nbsp;&nbsp;Independent Director & Audit Committee Chair | &nbsp;&nbsp;Since 2011 (as<br> Independent Director)<br>Since 2015 (as<br> Audit Committee Chair) | Chairman, SGM Capital, LLC; Partner, Iron Gate Capital, LLC; Director, The IMA Financial Group, Inc.; and former Director, Guaranty Bancorp | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) Held<br> with Empower<br> Funds** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of Funds<br> in Fund Complex<br> Overseen by<br> Director** | **Other Directorships<br> Held by Director** |
| &nbsp;&nbsp;Jonathan D. Kreider<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>39 | &nbsp;&nbsp;Director, President &<br> Chief Executive Officer | &nbsp;&nbsp;Since 2020 | Senior Vice President & Head of Empower Investments, Empower, Empower of America and Empower Life & Annuity Insurance Company of New York ("Empower of NY"); President, Chief Executive Officer & Manager, ECM; formerly, Vice President, Empower Funds Investment Products and Empower Advisory Group, LLC ("EAG") | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) <br> Held with<br> Empower Funds** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Fund in Fund<br> Complex<br> Overseen by<br> Director** | **Other <br> Directorships<br> Held by Director** |
| &nbsp;&nbsp;Jonathan D. Kreider<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>39 | &nbsp;&nbsp;Director, President &<br> Chief Executive Officer | &nbsp;&nbsp;Since 2020 | Senior Vice President & Head of Empower Investments, Empower, Empower of America and Empower of NY; President, Chief Executive Officer & Manager, ECM; formerly, Vice President, Empower Funds Investment Products and Empower Advisory Group, LLC ("EAG") | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Katherine Stoner<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>66 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since 2016 | Head of Compliance, Empower Investments, Empower; Chief Compliance Officer, ECM and EAG | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) <br> Held with<br> Empower Funds** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Fund in Fund<br> Complex<br> Overseen by<br> Director** | **Other <br> Directorships<br> Held by Director** |
| &nbsp;&nbsp;Ryan L. Logsdon<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>48 | &nbsp;&nbsp;Chief Legal Officer<br> & Secretary | &nbsp;&nbsp;Since 2010<br> (as Secretary)<br>Since 2021<br> (as Chief Legal Officer) | Deputy General Counsel, Empower; Vice President and Counsel, ECM; Secretary, Empower of America; Corporate Secretary, Empower of NY; formerly, Vice President & Counsel, Empower Funds; Vice President, Counsel & Secretary, EAG & EFSI | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Kelly B. New<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>47 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Since 2016<br> (Assistant Treasurer)<br>Since 2021<br> (as Treasurer) | Vice President, Fund Administration, Empower; Treasurer, ECM; Vice President & Treasurer, Empower Trust Company, LLC ("ETC"); formerly, Assistant Treasurer Empower Funds & ETC | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;John A. Clouthier<br>8515 East Orchard Road,<br> Greenwood Village,<br> CO 80111<br>55 | &nbsp;&nbsp;Assistant <br> Treasurer | &nbsp;&nbsp;Since 2007 | Assistant Vice President, Investment Administration, Empower; Assistant Treasurer, ECM; Assistant Vice President and Assistant Treasurer, ETC | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Abhijit Dande<br>8515 East Orchard Road,<br> Greenwood Village,<br> CO 80111<br>42 | &nbsp;&nbsp;Derivatives Risk<br> Manager | &nbsp;&nbsp;Since 2022 | Assistant Vice President, Financial Risk Management, Empower; Derivatives Risk Manager, ECM | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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\* A Director who is not an "interested person" of Empower Funds (as defined in Section 2(a)(19) of the 1940 Act, as amended) is referred to as an "Independent Director."

\*\* Each Director serves until the next shareholders' meeting (and until the election and qualification of a successor), or until death, resignation, removal or retirement which takes effect no later than May 1 following his or her 75th birthday unless otherwise determined by the remaining directors. The remaining Independent Directors determined that Ms. Klapper and Mr. McConahey should continue on the Board until at least May 1, 2024. Officers are elected by the Board on an annual basis to serve until their successors have been elected and qualified.

\*\*\* Mr. Hillary is the sole member of Resolute Capital Asset Partners LLC, which is the general partner for Resolute Capital Asset Partners Fund I LP. Goldman Sachs & Co. LLC, the clearing agent and custodian for Resolute Capital Asset Partners Fund I LP, is the parent company of Goldman Sachs Asset Management, LP, the Sub-Adviser of the Empower Core Strategies: Inflation-Protected

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Securities, Empower Inflation-Protected Securities and Empower Mid Cap Value Funds; and a Sub-Adviser of the Empower Core Bond Fund. Mr. Hillary has personal banking accounts with an affiliate of J.P. Morgan Investment Management Inc., a Sub-Adviser of the Empower Core Strategies: U.S. Equity, Empower International Growth and Empower Large Cap Growth Funds. Mr. Hillary receives no special treatment due to the relationship.

\*\*\*\* Mr. Hudner's daughter is employed by JP Morgan Chase, N.A., an affiliate of J.P. Morgan Investment Management Inc., a Sub-Adviser of the Empower Core Strategies: U.S. Equity, Empower International Growth and Empower Large Cap Growth Funds. Mr. Hudner has personal investments in the following: (1) a mutual fund advised by Massachusetts Financial Services Company, a Sub-Adviser of the Empower International Value Fund, (2) a mutual fund advised by Virtus Investment Advisers, Inc., an affiliate of Virtus Fixed Income Advisers, LLC, a Sub-Adviser of the Empower Multi-Sector Bond Fund, and (3) a mutual fund advised by Lazard Asset Management LLC, a Sub-Adviser of the Empower Emerging Markets Equity Fund. Mr. Hudner receives no special treatment due to his ownership of such mutual funds.

\*\*\*\*\* An "Interested Director" refers to a Director who is an "interested person" of Empower Funds (as defined in Section 2(a)(19) of the 1940 Act, as amended) by virtue of their affiliation with ECM.

There are no arrangements or understandings between any Director or officer and any other person(s) pursuant to which s/he was elected as Director or officer.

Additional information about Empower Funds and its Directors is available in the Empower Funds' Statement of Additional Information ("SAI"), which can be obtained free of charge upon request to: Secretary, Empower Funds, Inc., 8525 East Orchard Road, Greenwood Village, Colorado 80111; (866) 831-7129. The SAI is also available on the Fund's web site at https://www.greatwestinvestments.com.

#### 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 as an exhibit on Form N-PORT. Empower Funds' Forms N-PORT are available on the Commission's website at http://www.sec.gov.

#### 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 (866) 831-7129, and of the Securities and Exchange Commission's 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 (866) 831-7129, and on the Securities and Exchange Commission's website at http://www.sec.gov.

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#### ITEM 2. CODE OF ETHICS.
(a) As of the end of the period covered by this report, the registrant has adopted a Code of Ethics (the "Code of Ethics") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this Item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) During the period covered by this report, there have been no amendments to the registrant's Code of Ethics.

(d) During the period covered by this report, the registrant has not granted any express or implicit waivers from the provisions of the Code of Ethics.

(e) Registrant's Code of Ethics is attached hereto.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Mr. Stephen A. Lake is the audit committee financial expert and is "independent," pursuant to general instructions on Form N-CSR, Item 3.

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Directors.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were: $996,300 for fiscal year 2021 and $1,031,500 for fiscal year 2022.

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(b) <u>Audit-Related Fees</u>. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were: $40,000 for fiscal year 2021 and $42,000 for fiscal year 2022. The nature of the services comprising the fees disclosed under this category involved performance of 17f-2 (self-custody) audits and administrative services related to the audit.

(c) <u>Tax Fees</u>. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were: $0 for fiscal year 2021 and $0 for fiscal year 2022.

(d) <u>All Other Fees</u>. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs ((a) through (c) of this Item).

(e) (1) <u>Audit Committee's Pre-Approval Policies and Procedures.</u>

<u>Pre-Approval of Audit Services.</u> The Audit Committee must approve prior to retention all audit, review or attest engagements required under the securities laws that are provided to Empower Funds by its independent auditors. The Audit Committee will not grant such approval to any auditors that are proposed to perform an audit for Empower Funds if a chief executive officer, controller, chief financial officer, chief accounting officer or any person serving in an equivalent position for Empower Funds that is responsible for the financial reporting or operations of Empower Funds was employed by those auditors and participated in any capacity in an audit of Empower Funds during the year period (or such other period proscribed under SEC rules) preceding the date of initiation of such audit.

<u>Pre-Approval of Non-Audit Services</u>. The Audit Committee must pre-approve any non-audit services, including tax services, to be provided to Empower Funds by its independent auditors (except those within applicable de minimis statutory or regulatory exceptions)<sup>1</sup> provided that Empower Funds' auditors will not provide the following non-audit services to Empower Funds: (a) bookkeeping or other services related to the accounting records or financial statements of Empower Funds; (b) financial information systems design and implementation; (c) appraisal or valuation services, fairness opinions, or contribution-in-kind reports; (d) actuarial services; (e) internal audit outsourcing services; (f) management functions or human resources; (g) broker-dealer, investment adviser, or investment banking services; (h) legal services; (i) expert services unrelated to the audit; and (j) any other service that the

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<sup>1</sup>No pre-approval is required as to non-audit services provided to Empower Funds if: (a) the aggregate amount of all non-audit services provided to Empower Funds constitute not more than 5% of the total amount of revenues paid by Empower Funds to the independent auditors during the fiscal year in which the services are provided; (b) these services were not recognized by Empower Funds at the time of the engagement to be non-audit services; and (c) the services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee prior to the completion of the audit.

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Public Company Accounting Oversight Board determines, by regulation, is impermissible. <sup>2</sup>

<u>Pre-approval with respect to Non-Empower Funds Entities</u>. The Audit Committee must pre-approve any non-audit services that relate directly to the operations and financial reporting of Empower Funds (except those within applicable de minimis statutory or regulatory exceptions)<sup>3</sup> to be provided by Empower Funds' auditors to (a) Empower Funds' investment adviser; and (b) any entity controlling, controlled by, or under common control with the investment adviser if that entity provides ongoing services to Empower Funds.<sup>4</sup> The Audit Committee may approve audit and non-audit services on a case-by-case basis or adopt pre-approval policies and procedures that are detailed as to a particular service, provided that the Audit Committee is informed promptly of each service, or use a combination of these approaches.

<u>Delegation</u>. The Audit Committee may delegate pre-approval authority to one or more of the Audit Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

(f) (2) 100% of the services described pursuant to paragraphs (b) through (d) of this Item 4 of Form N-CSR were approved by the Audit Committee, and no such services were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) Not Applicable.

(h) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for fiscal year 2021 equaled $2,255,405 and for fiscal year 2022 equaled $1,022,840.

(i) The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by

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<sup>2</sup>With respect to the prohibitions on (a) bookkeeping; (b) financial information systems design and implementation; (c) appraisal, valuation, fairness opinions, or contribution-in-kind reports; (d) actuarial; and (e) internal audit outsourcing, such services are permitted to be provided if it is reasonable to conclude that the results of these services will not be subject to audit procedures during an audit of the audit client's financial statements.

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<sup>3</sup>For non-audit services provided to the adviser and entities in a control relationship with the adviser, no pre-approval is required if: (a) the aggregate amount of all non-audit services provided constitute not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the services are provided to Empower Funds, Empower Funds' investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser if that entity provides ongoing services to Empower Funds; (b) these services were not recognized by Empower Funds at the time of the engagement to be non-audit services; and (c) the services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee prior to the completion of the audit.

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<sup>4</sup>No pre-approval is required by the Audit Committee as to non-audit services provided to any Empower Funds sub-adviser that primarily provides portfolio management services and is under the direction of another investment adviser and is not affiliated with Empower Funds' primary investment adviser.

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another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

#### 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 that were implemented after the registrant last provided disclosure in response to this Item.

#### 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.

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#### ITEM 12. DISCLOSURE OF LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) Not applicable.

#### ITEM 13. EXHIBITS.
(a) (1) [Code of Ethics required by Item 2 of Form N-CSR is attached hereto.](d456596dex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [A separate certification for each principal executive and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto.](d456596dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

(b) [A separate certification for each principal executive and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto.](d456596dex99906cert.htm)

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#### 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.

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| | |
|:---|:---|
| By: | /s/ Jonathan D. Kreider |

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Jonathan D. Kreider<br> President & Chief Executive Officer

Date:February 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.

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| | |
|:---|:---|
| By: | /s/ Jonathan D. Kreider |

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Jonathan D. Kreider<br> President & Chief Executive Officer

Date:February 23, 2023

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| | |
|:---|:---|
| By: | /s/ Kelly B. New |

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Kelly B. New<br> Treasurer

Date:February 23, 2023

## Ex-99.Code

**EMPOWER FUNDS, INC.** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**Introduction** 

The Board of Directors of Empower Funds, Inc. (the "Fund"), formerly named Great-West Funds, Inc., which is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), has adopted this Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms of the Securities and Exchange Commission (the "Commission") thereunder. This Code establishes rules of conduct for "Principal Executive" and "Senior Financial" officers ("Covered Officers") of the Fund and is designed to implement a high standard of business conduct and ethics regarding actual or apparent conflicts of interest.

**1.** **Relationship to Codes of Ethics Under Rule 17j-1** 

The Fund is subject to and has adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act, which is also applicable to the Fund's investment adviser, Empower Capital Management, LLC ("ECM"), a wholly owned subsidiary of Empower Annuity Insurance Company of America. The Fund's principal underwriter Empower Financial Services, Inc. also adopted a code of ethics under Rule 17j-1 (together with the Fund and ECM's code, the "Rule 17j-1 Codes").

The Rule 17j-1 Codes impose reporting and disclosure requirements on covered persons relating to their personal investment transactions in securities, as well as substantively regulate such transactions, as the Board of Directors has determined to be reasonably necessary in order to prevent fraud, deceit or manipulative practices by such persons in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by a portfolio.

The requirements of this Code are in addition to, not in substitution for, the provisions of the 17j-1 Codes that are applicable to Covered Officers. Accordingly, it shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the Rule 17j-1 Codes as applicable to his or her personal securities investments. No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of the applicable Rule 17j-1 Codes shall be deemed to be a violation or constitute a waiver of any requirement of this Code.

**2.** **Applicability.** 

For purposes of this Code, the term "Covered Officer" shall mean each person who occupies the position of principal executive officer, managing director, principal financial officer, controller or principal accounting officer, each of whom are set forth in attached Exhibit A (as amended from time to time) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the Commission and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. accountability for adherence to the Code.

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**3.** **Substantive Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Honest and ethical conduct, including ethical handling of actual or apparent conflicts of interest between
personal and professional relationships.

It shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the Rule 17j-1 Codes as may be applicable to his or her personal securities investments.

No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of the applicable Rule 17j-1 Codes shall be deemed to be a violation or constitute a waiver of any requirement of this Code.

No Covered Officer shall derive any improper personal financial or other benefit of a substantial nature as a result of his or her position as the principal executive officer, principal financial officer, controller or principal accounting officer, as the case may be, through or from the Fund, or through or from any person or entity doing business or seeking to do business with the Fund, including, without limitation, gifts or gratuities (other than customary business gifts, meals or business entertainment that are not extravagant), preferred investment opportunities, or cash payments of any amount.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940 ("Investment Advisers Act").

**4.** **Examples of Conflicts of Interest** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Shall not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Shall not cause the Fund to take actions, or fail to take actions, for the individual personal benefit of the
Covered Officer rather than for the benefit of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Shall not use material non-public knowledge of portfolio transactions
made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Shall not retaliate against any other Covered Officer or any employee of the Fund or their affiliated persons
for reports of potential Violations that are made in good faith.

The list provided above provides examples of conflicts of interest under this Code; Covered Officers should contact the Chief Compliance Officer regarding questions or other situations which may involve a conflict of interest. The Fund and ECM's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and ECM both of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for ECM or for both), be involved

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in establishing policies and implementing decisions that will have different effects on ECM and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and ECM and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

The employment of a member of the immediate family of a Covered Officer by an entity doing business, or seeking to do business, with the Fund shall not be deemed a violation of this Code if the Covered Officer discloses such employment to the Board of Directors of the Fund.

Any Covered Officer who shall, in his or her capacity as principal executive officer, principal financial officer, controller or principal accounting officer, receive or be offered any personal financial or other benefit that is or may be proscribed by this Code promptly shall report same to the Fund's Chief Compliance Officer. The Chief Compliance Officer shall be, and hereby is, authorized to determine whether the receipt of such financial or other benefit is or would be proscribed by this Code. If the Chief Compliance Officer shall determine the receipt of any such personal financial or other benefit is or would be proscribed by this Code, then the Chief Compliance Officer may direct that such benefit be refused or, if already received, that such benefit anonymously be donated to a charitable organization. Upon such donation, no violation of this Code shall be deemed to have occurred by reason of the Covered Officer having received such personal financial or other benefit. The Chief Compliance Officer's determination that the offer to or receipt by a Covered Officer of a benefit is not a violation of this Code shall not be deemed a waiver of any provision of this Code.

The Chief Compliance Officer shall maintain a record of reports, if any, by Covered Officers of the receipt or offer of personal financial or other benefits, and the Chief Compliance Officer's determinations and directions with respect to such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or
submits to, the Commission and in other public communications made by the Fund.

Each Covered Officer is responsible for the full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or submits to, the Commission and in other public communications made by the Fund, insofar as such disclosure or communication relates to matters within the scope of such Covered Officer's responsibilities of office. Without limiting the generality of the foregoing, no Covered Officer willfully shall cause or permit any such disclosure or communication regarding a matter within the scope of his or her responsibility to: misstate a material fact; or omit to state a material fact necessary to make any statement made in any such disclosure or communication, in light of the circumstances in which such statement is made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance with applicable governmental laws, rules and regulations.

A Covered Officer promptly shall report to the Chief Compliance Officer any non-compliance or apparent non-compliance by the Fund with applicable governmental laws, rules and regulations including, without limitation, federal securities laws, regarding any matter that is within the scope of office of such Covered Officer, and shall take such action, if any, as may be directed by the Chief Compliance Officer with respect to the investigation or cure of such non-compliance or apparent non-compliance.

The fact that a violation of applicable governmental laws, rules or regulations has, or may have, occurred shall not itself be deemed violation of this Code. A determination by the Chief Compliance Officer that a violation of applicable governmental laws, rules or regulations has, or has not, occurred shall not be deemed a waiver of any provision of this Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prompt internal reporting of violations of this Code.

It is the responsibility of each Covered Officer to promptly to report to the Chief Compliance Officer any violation or apparent violation of this Code by any Covered Officer. The Chief Compliance Officer shall maintain a record of the reports, if any, of violations or apparent violations of this Code by any Covered Officer.

The Chief Compliance Officer shall determine, in response to any such report, whether or not a violation of this Code has occurred. The Chief Compliance Officer, in carrying out his or her duties under the Code, may consult with outside counsel to the Fund with respect to violations and potential violations of the Code or applicable legal requirements. In the event the Chief Compliance Officer shall determine that a violation has occurred, he or she shall report such violation to the Board of Directors of the Fund. If after due investigation the Chief Compliance Officer determines that no violation has occurred, no further action is necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Accountability for adherence to this Code.

Compliance with the requirements of this Code is a condition of office of each Covered Officer. In the event of violation of the requirements of this Code by a Covered Officer, the Board of Directors of the Fund may take such action, as it deems appropriate, including, but not limited to, removal from office of the Covered Officer.

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and maintained and protected accordingly. The Code is intended solely for the internal use of the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Each Covered Officer shall acknowledge in writing his or her receipt of a copy of this Code, and his or her agreement that adherence to this Code is a condition of office.

**5.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, ECM, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund and ECM's codes of ethics under Rule 17j-1 of the Investment Company Act and ECM's more detailed policies and procedures set forth in the Fund's compliance manuals are separate requirements applying to the Covered Officers and others and are not part of this Code.

**6.** **Amendments** 

Any changes or waivers of this Code will, to the extent required, be disclosed as provided by Commission Rules. Any amendments to this Code, other than amendments to Exhibit A, must be approved by a majority of the Directors, including a majority of the Independent Directors.

**7.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Directors of the Fund, its counsel, and ECM.

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**8.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Amended and Restated as Adopted by the Board of Directors of Great-West Funds, Inc. on April 18, 2013.

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**EXHIBIT A** 

**Covered Officers** 

Jonathan Kreider, Chief Executive Officer & President

Kelly B. New, Treasurer

**Chief Compliance Officer** 

Katherine Stoner, Chief Compliance Officer

## Ex-99.Cert

**CERTIFICATIONS** 

I, Jonathan D. Kreider, certify that:

1. I have reviewed this report on Form N-CSR of Empower Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | February 23, 2023 |
| By: | /s/ Jonathan D. Kreider |
|  | Jonathan D. Kreider |
|  | President & Chief Executive Officer |

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------

I, Kelly B. New, certify that:

1. I have reviewed this report on Form N-CSR of Empower Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | February 23, 2023 |
| By: | /s/ Kelly B. New |
|  | Kelly B. New |
|  | Treasurer |

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## Exhibit 99.906

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

**(18 U.S.C. 1350)** 

In connection with the Annual Report of Empower Funds, Inc. (the "Registrant") on Form N-CSR for the period ended December 31, 2022 (the "Report"), the undersigneds hereby certify, to the best of their knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: | February 23, 2023 |
| By: | /s/ Jonathan D. Kreider |
|  | Jonathan D. Kreider |
|  | President & Chief Executive Officer |
| Date: | February 23, 2023 |
| By: | /s/ Kelly B. New |
|  | Kelly B. New |
|  | Treasurer |

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------

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.