# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-23-010278
**Filing Date:** 2023-2
**Character Count:** 22543
**Document Hash:** 4598ba2659cab827b54582af3e995679
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010278.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010278

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 23670709

**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 Ariel Mid Cap Value Fund (Series ID: S000023732)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069809 | Investor Class      | MXMCX           |
| C000155759 | Institutional Class | MXOAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** EMPOWER FUNDS, INC.

- **b. Investment Company Act file number:** 811-03364

- **c. CIK number of Registrant:** 0000356476

- **d. LEI of Registrant:** RUYOMHMDMSPQ01U66388

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 8515 E Orchard Road

  - **City:** Greenwood Village

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80111

  - **Telephone number:** 866-831-7129

**Item A.2. Information about the Series.**

- **a. Name of Series:** Empower Ariel Mid Cap Value Fund

- **b. EDGAR series identifier (if any):** S000023732

- **c. LEI of Series:** KUAGL4TFUHZQ54CS3011

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $118954928.32

**Total Liabilities:** $152198.99

**Net Assets:** $118802729.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069809 | 11.20%               | 7.35%                | -3.65%               |
| Class ID C000155759 | 11.26%               | 7.37%                | -3.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24174006.70             | $12082704.67                               |
| Month 2  | $24303661.75             | $8252650.62                                |
| Month 3  | $24400116.16             | $-4764929.62                               |

### Schedule of Portfolio Investments

| Name                                            | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CITIGROUP GLOBAL MARKETS INC REPO               | CITIGROUP GLOBAL MARKETS INC REPO SLRPD 4.300% 01/03/2023      | CUSIP: 744900241<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | RA               | CORP              | US        |    661437 | PA      | $661437.00    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE CIB REPO                        | CREDIT AGRICOLE CIB REPO SLRPD 4.300% 01/03/2023               | CUSIP: 744900242<br>LEI: 1VUV7VQFKUOQSJ21A208 | Long             | RA               | CORP              | US        |    661437 | PA      | $661437.00    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC REPO.                       | BOFA SECURITIES INC REPO. SLRPD 4.300% 01/03/2023              | CUSIP: 744900250<br>LEI: 549300HN4UKV1E2R3U73 | Long             | RA               | CORP              | US        |    661437 | PA      | $661437.00    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC REPO.                       | BOFA SECURITIES INC REPO. SLRPA 4.250% 01/03/2023              | CUSIP: 744900201<br>LEI: 549300HN4UKV1E2R3U73 | Long             | RA               | CORP              | US        |    138926 | PA      | $138926.00    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC REPO                | RBC DOMINION SECURITIES INC REPO SLRPD 4.300% 01/03/2023       | CUSIP: 744900253<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |    661437 | PA      | $661437.00    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.  | Charles River Laboratories International, Inc. COM STK USD0.01 | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     13064 | NS      | $2846645.60   | 2.40%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Envista Holdings Corporation                    | Envista Holdings Corporation COM                               | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     51115 | NS      | $1721042.05   | 1.45%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                                 | Littelfuse Inc. COM                                            | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      9723 | NS      | $2141004.60   | 1.80%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertainment Corporation | Madison Square Garden Entertainment Corporation CL A           | CUSIP: 55826T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74691 | NS      | $3358854.27   | 2.83%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation                  | The Charles Schwab Corporation COM                             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     54031 | NS      | $4498621.06   | 3.79%             | N/A             | Fixed         | 0.08%                 | No            |                  1 | On Loan: No      |
| Stericycle, Inc.                                | Stericycle, Inc. COM USD0.01                                   | CUSIP: 858912108<br>LEI: B8PTJH2P0AXSWSMP2136 | Long             | EC               | CORP              | US        |     59044 | NS      | $2945705.16   | 2.48%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Kennametal Inc                                  | Kennametal Inc COM                                             | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    142436 | NS      | $3427010.16   | 2.88%             | N/A             | Fixed         | 0.68%                 | No            |                  1 | On Loan: No      |
| Keysight Technologies, Inc.                     | Keysight Technologies, Inc. COM                                | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     12830 | NS      | $2194828.10   | 1.85%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings             | Laboratory Corp of America Holdings COM USD0.1                 | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |     18527 | NS      | $4362737.96   | 3.67%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp               | Madison Square Garden Sports Corp CL A                         | CUSIP: 55825T103<br>LEI: 529900BQELIZ5ZQYB788 | Long             | EC               | CORP              | US        |     17371 | NS      | $3184625.43   | 2.68%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Mattel, Inc.                                    | Mattel, Inc. COM                                               | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    221344 | NS      | $3948776.96   | 3.32%             | N/A             | Fixed         | 0.40%                 | No            |                  1 | On Loan: No      |
| The Progressive Corporation                     | The Progressive Corporation COM                                | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      4658 | NS      | $604189.18    | 0.51%             | N/A             | Fixed         | 0.10%                 | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                        | Resideo Technologies Inc COM                                   | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    120777 | NS      | $1986781.65   | 1.67%             | N/A             | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                            | Snap-On Incorporated COM                                       | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      7476 | NS      | $1708191.24   | 1.44%             | N/A             | Fixed         | 1.00%                 | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                              | Vail Resorts, Inc. COM                                         | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      5361 | NS      | $1277794.35   | 1.08%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Manchester United PLC                           | Manchester United PLC COM USD0.0005 CL 'A'                     | CUSIP: G5784H106<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | KY        |    158564 | NS      | $3699298.12   | 3.11%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: —       |
| Core Laboratories                               | Core Laboratories ORD EUR0.02                                  | CUSIP: N22717107<br>LEI: 724500MDYY5VBSAF5W50 | Long             | EC               | CORP              | NL        |    149302 | NS      | $3026351.54   | 2.55%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| ADT Inc                                         | ADT Inc COM                                                    | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131180 | NS      | $1189802.60   | 1.00%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                                 | BorgWarner Inc. COM                                            | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     94973 | NS      | $3822663.25   | 3.22%             | N/A             | Fixed         | 0.50%                 | No            |                  1 | On Loan: No      |
| Aflac Incorporated                              | Aflac Incorporated COM                                         | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     54688 | NS      | $3934254.72   | 3.31%             | N/A             | Fixed         | 0.38%                 | No            |                  1 | On Loan: No      |
| NOV Inc.                                        | NOV Inc. COM                                                   | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     62278 | NS      | $1300987.42   | 1.10%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| The J M Smucker Company                         | The J M Smucker Company COM NPV                                | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     11831 | NS      | $1874740.26   | 1.58%             | N/A             | Fixed         | 1.00%                 | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                           | Cardinal Health, Inc. COM                                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     21847 | NS      | $1679378.89   | 1.41%             | N/A             | Fixed         | 0.12%                 | No            |                  1 | On Loan: No      |
| Carmax Inc                                      | Carmax Inc COM USD0.50                                         | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |     52392 | NS      | $3190148.88   | 2.69%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| First American Financial Corporation            | First American Financial Corporation COM                       | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     50537 | NS      | $2645106.58   | 2.23%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Knowles Corporation                             | Knowles Corporation COM                                        | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    185887 | NS      | $3052264.54   | 2.57%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Company                   | Molson Coors Beverage Company CL B                             | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     30149 | NS      | $1553276.48   | 1.31%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                  | Walgreens Boots Alliance, Inc. COM                             | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |     55270 | NS      | $2064887.20   | 1.74%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                      | Zimmer Biomet Holdings Inc COM USD0.01                         | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     20947 | NS      | $2670742.50   | 2.25%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Lazard Ltd.                                     | Lazard Ltd. COM CLASS 'A' USD0.01                              | CUSIP: G54050102<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | BM        |     93223 | NS      | $3232041.41   | 2.72%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| NVent Electric PLC                              | NVent Electric PLC COM USD0.01                                 | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     91106 | NS      | $3504847.82   | 2.95%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                           | Generac Holdings Inc. COM                                      | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     16226 | NS      | $1633309.16   | 1.37%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                       | Goldman Sachs Group, Inc. COM USD0.01                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     15960 | NS      | $5480344.80   | 4.61%             | N/A             | Fixed         | 1.00%                 | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                   | KKR & Co Inc. COM                                              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     58357 | NS      | $2708931.94   | 2.28%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.                    | Stanley Black & Decker, Inc. COM                               | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     38714 | NS      | $2908195.68   | 2.45%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited                  | Axalta Coating Systems Limited COM USD1.00                     | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |    143752 | NS      | $3661363.44   | 3.08%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Gentex Corp                                     | Gentex Corp COM                                                | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     77735 | NS      | $2119833.45   | 1.78%             | N/A             | Fixed         | 0.60%                 | No            |                  1 | On Loan: No      |
| The Interpublic Group of Companies, Inc.        | The Interpublic Group of Companies, Inc. COM                   | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |    108972 | NS      | $3629857.32   | 3.06%             | N/A             | Fixed         | 0.38%                 | No            |                  1 | On Loan: No      |
| CBRE Group                                      | CBRE Group CL A                                                | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     37496 | NS      | $2885692.16   | 2.43%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                      | Northern Trust Corporation COM                                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     51117 | NS      | $4523343.33   | 3.81%             | N/A             | Fixed         | 0.76%                 | No            |                  1 | On Loan: No      |
| BOK Financial Corp                              | BOK Financial Corp COM NEW                                     | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |     43445 | NS      | $4509156.55   | 3.80%             | N/A             | Fixed         | 0.00%                 | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-17

**Name of Applicant:** GREAT-WEST FUNDS INC

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

**Title:** Treasurer, Great-West Funds, Inc.