Funk, who turned 50 in June, is playing in just his third event on the Champions Tour. He won the 2005 Players Championship on the PGA Tour.
"It's a big difference for me being the favorite," said Funk, a seven-time winner on the PGA Tour. "I was a favorite in the mid-Atlantic section, but never on the PGA Tour."
Loren Roberts -- who is second on the Champions Tour money winners list -- is tied for 10th place at 3-under 68 with Dick Mast, Tom Purtzer, D.A. Weibring, Mark McNulty, Craig Stadler, Hale Irwin, Walter Hall, James Mason, Hajime Meshiai and Mark James.