# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-050254
**Filing Date:** 2026-2
**Character Count:** 58254
**Document Hash:** a54d0e5fe93164dd1f6caa62eb7a6cc0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-050254.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001193125-26-050254

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMPOWER FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000356476

**ORGANIZATION NAME:**
- **EIN:** 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:** 26629785

**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 Strategies: Inflation-Protected Securities Fund (Series ID: S000061890)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200581 | Institutional Class | MXEGX           |
| C000204664 | Investor Class      | MXEYX           |

## 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 Core Strategies: Inflation-Protected Securities Fund

- **b. EDGAR series identifier (if any):** S000061890

- **c. LEI of Series:** 5493009UHEIXEAH5XG13

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $802330795.63

**Total Liabilities:** $155652167.52

**Net Assets:** $646678628.11

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 171.176052936104 | **1-Year:** 2643.137349910639 | **5-Year:** 11762.645338371115 | **10-Year:** 20328.914235245040 | **30-Year:** 1653.405376334692

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200581 | 0.26%                | 0.26%                | -0.25%               |
| Class ID C000204664 | 0.00%                | 0.36%                | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4813219.22              | $-3275651.04                               |
| Month 2  | $5075492.15              | $110236.59                                 |
| Month 3  | $4673272.57              | $-3422438.43                               |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** 5493009UHEIXEAH5XG13

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Instl Resv                              | Dreyfus Instl Resv PFD GOVT INSTL | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        |         0 | PA      | $0.01         | 0.00%             | 2026-01-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | MORGAN STANLEY                    | CUSIP: N/A<br>LEI: IGJSJL3JD5P30I6NJZ34       | Long             | DIR              | CORP              | N/A       |     27635 | OU      | $-79864.58    | -0.01%            | 2028-10-07      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | MORGAN STANLEY                    | CUSIP: N/A<br>LEI: IGJSJL3JD5P30I6NJZ34       | Long             | DIR              | CORP              | N/A       |     19785 | OU      | $312767.56    | 0.05%             | 2032-10-10      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                             | Societe Generale SA               | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | DIR              | CORP              | N/A       |      3080 | OU      | $16422.14     | 0.00%             | 2055-05-21      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK INTL                              | RCV 0.00 PAY 0.00 12/12/2029      | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | Long             | DIR              |  | US        |    184888 | OU      | $64079.76     | 0.01%             | 2029-12-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK N.A. NEW YORK                          | RCV 0.00 PAY 0.00 09/23/2030      | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | Long             | DIR              |  | US        |         0 | OU      | $-268894.50   | -0.04%            | 2030-09-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN SECURITIES INC                        | JP MORGAN SECURITIES INC          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | DIR              | CORP              | N/A       |     34102 | OU      | $160352.84    | 0.02%             | 2027-12-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                             | WELLS FARGO BANK NA               | CUSIP: N/A<br>LEI: KB1H1DSPRFMYMCUFXT09       | Long             | DIR              | CORP              | N/A       |     26026 | OU      | $88826.29     | 0.01%             | 2027-08-31      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                             | WELLS FARGO BANK NA               | CUSIP: N/A<br>LEI: KB1H1DSPRFMYMCUFXT09       | Long             | DIR              | CORP              | N/A       |      3033 | OU      | $-27991.21    | -0.00%            | 2030-07-15      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                             | WELLS FARGO BANK NA               | CUSIP: N/A<br>LEI: KB1H1DSPRFMYMCUFXT09       | Long             | DIR              | CORP              | N/A       |    350431 | OU      | $-567011.25   | -0.09%            | 2031-08-31      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                             | WELLS FARGO BANK NA               | CUSIP: N/A<br>LEI: KB1H1DSPRFMYMCUFXT09       | Long             | DIR              | CORP              | N/A       |    350426 | OU      | $-342385.45   | -0.05%            | 2040-07-16      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                         | JP MORGAN CHASE BANK NA           | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | Long             | DIR              | CORP              | N/A       |     58058 | OU      | $41807.51     | 0.01%             | 2036-08-31      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                         | JP MORGAN CHASE BANK NA           | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | Long             | DIR              | CORP              | N/A       |      5374 | OU      | $-57014.67    | -0.01%            | 2031-08-31      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                         | JP MORGAN CHASE BANK NA           | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | Long             | DIR              | CORP              | N/A       |      6832 | OU      | $-30715.06    | -0.00%            | 2028-06-23      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                         | JP MORGAN CHASE BANK NA           | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | Long             | DIR              | CORP              | N/A       |         0 | OU      | $69971.80     | 0.01%             | 2030-06-23      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                         | JP MORGAN CHASE BANK NA           | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | Long             | DIR              | CORP              | N/A       |     12009 | OU      | $-2865.62     | -0.00%            | 2027-08-31      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                         | JP MORGAN CHASE BANK NA           | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | Long             | DIR              | CORP              | N/A       |      3860 | OU      | $-16979.09    | -0.00%            | 2035-06-24      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                             | Societe Generale SA               | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | DIR              | CORP              | N/A       |      1575 | OU      | $-5126.84     | -0.00%            | 2032-05-21      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | MORGAN STANLEY                    | CUSIP: N/A<br>LEI: IGJSJL3JD5P30I6NJZ34       | Long             | DIR              | CORP              | N/A       |     16949 | OU      | $-280492.19   | -0.04%            | 2040-10-09      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | BNP PARIBAS                       | CUSIP: N/A<br>LEI: RCNB6OTYUAMMP879YW96       | Long             | DIR              | CORP              | N/A       |         0 | OU      | $-157627.04   | -0.02%            | 2031-01-30      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| JP MORGAN SECURITIES INC                        | JP MORGAN SECURITIES INC          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | DIR              | CORP              | N/A       |    533264 | OU      | $229895.35    | 0.04%             | 2028-06-23      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | MORGAN STANLEY                    | CUSIP: N/A<br>LEI: IGJSJL3JD5P30I6NJZ34       | Long             | DIR              | CORP              | N/A       |    148393 | OU      | $291818.76    | 0.05%             | 2056-01-30      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                             | WELLS FARGO BANK NA               | CUSIP: N/A<br>LEI: KB1H1DSPRFMYMCUFXT09       | Long             | DIR              | CORP              | N/A       |    101457 | OU      | $817441.11    | 0.13%             | 2055-07-17      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK                                   | DEUTSCHE BANK                     | CUSIP: N/A<br>LEI: 9J6MBOOO7BECTDTUZW19       | Long             | DIR              | CORP              | N/A       |     79331 | OU      | $360382.63    | 0.06%             | 2055-05-21      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                             | WELLS FARGO BANK NA               | CUSIP: N/A<br>LEI: KB1H1DSPRFMYMCUFXT09       | Long             | DIR              | CORP              | N/A       |      2586 | OU      | $181248.83    | 0.03%             | 2036-08-31      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| JP MORGAN SECURITIES INC                        | JP MORGAN SECURITIES INC          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | DIR              | CORP              | N/A       |    342817 | OU      | $207241.11    | 0.03%             | 2032-05-21      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | RCV 0.00 PAY 0.00 11/28/2032      | CUSIP: N/A<br>LEI: IGJSJL3JD5P30I6NJZ34       | Long             | DIR              |  | US        |    182050 | OU      | $19946.51     | 0.00%             | 2032-11-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN SECURITIES INC                        | JP MORGAN SECURITIES INC          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | DIR              | CORP              | N/A       |         0 | OU      | $-208441.77   | -0.03%            | 2030-06-23      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| JP MORGAN SECURITIES INC                        | JP MORGAN SECURITIES INC          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | DIR              | CORP              | N/A       |    389031 | OU      | $-16322.20    | -0.00%            | 2035-06-24      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust    | AMXCA 2025-3 A                    | CUSIP: 02582JKR0<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   1400000 | NS      | $1430325.13   | 0.22%             | 2032-04-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| BANK5 2024-5YR10                                | BANK5 2024-5YR10 A3               | CUSIP: 06604AAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | NS      | $721344.88    | 0.11%             | 2057-10-17      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                      | BA 6.298 05/01/29                 | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    650000 | NS      | $689941.44    | 0.11%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2             | CHASE 2024-3 A5                   | CUSIP: 16159HAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | NS      | $205284.66    | 0.03%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                          | CB 6.8 11/15/31                   | CUSIP: 171232AE1<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    464000 | NS      | $518558.66    | 0.08%             | 2031-11-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| DURST COMMERCIAL MORTGAGE TRUST 202             | DURST 2025-151 B                  | CUSIP: 266895AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | NS      | $1427785.50   | 0.22%             | 2042-08-12      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO 32 LTD                              | ELM32 2024-8A A1                  | CUSIP: 29003TAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    875000 | NS      | $878756.38    | 0.14%             | 2037-10-19      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2013-2      | EART 2025-1A A3                   | CUSIP: 30167MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | NS      | $250438.73    | 0.04%             | 2028-08-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Generate CLO 20 Ltd.                            | KLLM 2024-20A A                   | CUSIP: 370912AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | NS      | $1102409.00   | 0.17%             | 2038-01-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                             | GPN 5.55 11/15/35                 | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    885000 | NS      | $879630.00    | 0.14%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                        | HCA 5.45 04/01/31                 | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    425000 | NS      | $443572.06    | 0.07%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| IRV TRUST 2025-200P                             | IRV 2025-200P C                   | CUSIP: 45006HAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    575000 | NS      | $583540.88    | 0.09%             | 2047-03-14      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS NBLA             | NEUB 2024-54A D                   | CUSIP: 64135PAG3<br>LEI: 2549008MU2CMQ0UY7J70 | Long             | ABS-CBDO         | CORP              | JE        |    850000 | NS      | $853681.38    | 0.13%             | 2038-04-23      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| 1988 CLO 4 LTD                                  | MUZ88 2024-4A C                   | CUSIP: 68252EAG6<br>LEI: 2549000NTXDB3VOXDV92 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | NS      | $1203474.00   | 0.19%             | 2037-04-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP / PTL Finance Corp.  | PENSKE 5.25 07/01/29 144A         | CUSIP: 709599CA0<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |    286000 | NS      | $293851.66    | 0.05%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                 | SOLV 5.6 03/23/34                 | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    375000 | NS      | $390184.56    | 0.06%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                    | SNPS 5 04/01/32                   | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    401000 | NS      | $409465.56    | 0.06%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                    | SNPS 5.15 04/01/35                | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    282000 | NS      | $286609.42    | 0.04%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                    | TII 2.125 01/15/35                | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3140000 | NS      | $3288706.75   | 0.51%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                   | GOOGL 4.1 11/15/30                | CUSIP: 02079KAW7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   2700000 | NS      | $2708286.25   | 0.42%             | 2030-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CARLYLE US 25-3 LTD/LLC                         | CGMS 2025-3A A                    | CUSIP: 14320EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2150000 | NS      | $2157933.50   | 0.33%             | 2038-07-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Cedar Funding IV CLO Ltd.                       | CEDF 2014-4A AR3                  | CUSIP: 150323BL6<br>LEI: 549300PPJP6KEORGHQ85 | Long             | ABS-CBDO         | CORP              | KY        |   2275000 | NS      | $2280025.50   | 0.35%             | 2038-01-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association           | CAS 2024-R01 1M2                  | CUSIP: 20753UAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    250000 | NS      | $251440.55    | 0.04%             | 2044-01-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Constellation Software Inc.                     | CSUCN 5.158 02/16/29 144A         | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |    241000 | NS      | $245593.80    | 0.04%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| DURST COMMERCIAL MORTGAGE TRUST 202             | DURST 2025-151 A                  | CUSIP: 266895AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | NS      | $1171354.13   | 0.18%             | 2042-08-12      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2013-2      | EART 2025-1A A2                   | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62665 | NS      | $62674.36     | 0.01%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                              | META 4.875 11/15/35               | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1075000 | NS      | $1073559.50   | 0.17%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | G2 MA8427                         | CUSIP: 36179XLG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5890584 | NS      | $5780302.00   | 0.89%             | 2052-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Idex Corporation                                | IEX 2.625 06/15/31                | CUSIP: 45167RAH7<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |    280000 | NS      | $255722.70    | 0.04%             | 2031-06-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2024-VIS             | JPMMT 2024-VIS2 A1                | CUSIP: 46658DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    878308 | NS      | $888452.25    | 0.14%             | 2064-11-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                    | MAR 2.85 04/15/31 HH              | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    500000 | NS      | $463542.09    | 0.07%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| OHA CREDIT FUNDING 15-R LTD                     | OAKC 2023-15RA A                  | CUSIP: 67121NAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1450000 | NS      | $1453519.13   | 0.22%             | 2038-07-20      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-300P         | NYC 2025-300P A                   | CUSIP: 67121TAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | NS      | $1104307.38   | 0.17%             | 2042-07-15      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| OAKTREE CLO 2023-2 LTD                          | OAKCL 2024-25A A                  | CUSIP: 67402PAA5<br>LEI: 254900E6646RC82IR359 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | NS      | $1252840.00   | 0.19%             | 2037-04-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                    | ORCL 5.25 02/03/32                | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    614000 | NS      | $613916.31    | 0.09%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROCK TR 2024-CNTR                               | ROCC 2024-CNTR A                  | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | NS      | $1386960.13   | 0.21%             | 2041-11-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                    | TII 0.375 07/15/27                | CUSIP: 9128282L3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  48040000 | NS      | $63041656.00  | 9.75%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                    | TII 1.875 07/15/35                | CUSIP: 91282CNS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 144540000 | NS      | $146031482.00 | 22.58%            | 2035-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                      | BA 2.196 02/04/26                 | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    880000 | NS      | $878325.00    | 0.14%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                 | CI 5.125 05/15/31                 | CUSIP: 125523CU2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    425000 | NS      | $439194.97    | 0.07%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2             | CHASE 2024-3 A7                   | CUSIP: 16159HAN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | NS      | $101357.90    | 0.02%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRU             | WFCM 2024-C63 A5                  | CUSIP: 94990FAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | NS      | $341302.53    | 0.05%             | 2057-08-17      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Applovin Corp.                                  | APP 5.5 12/01/34                  | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    350000 | NS      | $359608.10    | 0.06%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BMO 2022-C2 MORTGAGE TRUST                      | BMO 2022-C2 A5                    | CUSIP: 05602NAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | NS      | $532153.88    | 0.08%             | 2054-07-17      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                              | BX 2024-XL5 A                     | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420634 | NS      | $420892.53    | 0.07%             | 2041-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2024-BRVE                              | BX 2024-BRVE A                    | CUSIP: 05612KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    956405 | NS      | $957598.75    | 0.15%             | 2041-04-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                 | BXSL 5.875 11/15/27               | CUSIP: 09261XAH5<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    300000 | NS      | $306268.13    | 0.05%             | 2027-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                      | BA 8.75 09/15/31                  | CUSIP: 097023AE5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    405000 | NS      | $482971.38    | 0.07%             | 2031-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                      | BA 6.528 05/01/34                 | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    360000 | NS      | $398289.22    | 0.06%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| BROOK HAVEN CLO LTD                             | BROOKP 2024-1A A                  | CUSIP: 113520AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    925000 | NS      | $926484.63    | 0.14%             | 2037-04-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Cbamr 2017-4 Ltd. / Cbamr 2017-4 LLC            | CBAMR 2017-4A A1R                 | CUSIP: 12516EAC5<br>LEI: 635400U9D8ZDLM1G7T76 | Long             | ABS-CBDO         | CORP              | KY        |   2150000 | NS      | $2158458.00   | 0.33%             | 2038-03-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CIM TRUST 2025-I1                               | CIM 2025-I1 A2                    | CUSIP: 12571DAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    568462 | NS      | $575755.63    | 0.09%             | 2069-10-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2             | CHASE 2024-3 A5A                  | CUSIP: 16159HAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | NS      | $250003.13    | 0.04%             | 2055-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association           | CAS 2024-R02 1M2                  | CUSIP: 20754GAE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    775000 | NS      | $779108.58    | 0.12%             | 2044-02-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Elmwood Clo VII Ltd.                            | ELM10 2021-3A AR2                 | CUSIP: 29002VAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3450000 | NS      | $3463641.25   | 0.54%             | 2038-07-20      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                        | HCA 4.5 02/15/27                  | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1200000 | NS      | $1202611.63   | 0.19%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Houston Galleria Mall Trust 2025-HGLR           | HGMT 2025-HGLR A                  | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | NS      | $569903.50    | 0.09%             | 2045-02-07      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2023-HE3             | JPMMT 2023-HE3 A1                 | CUSIP: 465985AA7<br>LEI: 5299007DSRZLE19EYU93 | Long             | ABS-O            | CORP              | US        |    143592 | NS      | $144058.19    | 0.02%             | 2054-05-20      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| J P MORGAN MTG TR 2025-NQM1                     | JPMMT 2025-NQM5 A1A               | CUSIP: 46664DAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | NS      | $1750718.88   | 0.27%             | 2066-05-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| LCCM 2017-Lc26 Mortgage Trust                   | LCCM 2017-LC26 A4                 | CUSIP: 50190DAJ5<br>LEI: N/A                  | Long             | ABS-O            | RF                | US        |    975000 | NS      | $961810.69    | 0.15%             | 2050-07-12      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| MSWF COMMERCIAL MORTGAGE TRUST 2023             | MSWF 2023-2 A2                    | CUSIP: 55361AAR5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    625000 | NS      | $658810.06    | 0.10%             | 2056-12-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| NYC COMMERCIAL MTG TR 2025-3BP                  | NYC 2025-3BP B                    | CUSIP: 67120UAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | NS      | $299440.09    | 0.05%             | 2042-12-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| OBX 2025-NQM15 TRUST                            | OBX 2025-NQM15 A1A                | CUSIP: 67122CAA3<br>LEI: 254900Y3YIZHUWMEGC78 | Long             | ABS-O            | CORP              | US        |   1903982 | NS      | $1912701.25   | 0.30%             | 2065-07-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| ROCK TR 2024-CNTR                               | ROCC 2024-CNTR D                  | CUSIP: 74970WAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | NS      | $628680.50    | 0.10%             | 2041-11-15      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| REGATTA III FUNDING LTD                         | REG32 2025-4A A1                  | CUSIP: 75884AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | NS      | $2006504.00   | 0.31%             | 2038-07-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK5 2024-5YR10                                | BANK5 2024-5YR10 AS               | CUSIP: 06604AAM6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | NS      | $308313.06    | 0.05%             | 2057-10-17      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                       | MARS 4.8 03/01/30 144A            | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1075000 | NS      | $1098609.88   | 0.17%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                       | MARS 5.2 03/01/35 144A            | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1325000 | NS      | $1361874.29   | 0.21%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| 1988 CLO 4 LTD                                  | MUZ88 2024-4A D                   | CUSIP: 68252EAJ0<br>LEI: 2549000NTXDB3VOXDV92 | Long             | ABS-CBDO         | CORP              | KY        |    975000 | NS      | $979703.38    | 0.15%             | 2037-04-15      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                  | BCRED 6 01/29/32                  | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    150000 | NS      | $152263.80    | 0.02%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                      | CARR 2.7 02/15/31                 | CUSIP: 14448CAL8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    500000 | NS      | $463434.28    | 0.07%             | 2031-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                  | C V6.02 01/24/36                  | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    490000 | NS      | $513221.47    | 0.08%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| IRV TRUST 2025-200P                             | IRV 2025-200P A                   | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | NS      | $564325.56    | 0.09%             | 2047-03-14      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| J.P.MORGAN MORTGAGE TR 2024-1                   | JPMMT 2024-1 A4                   | CUSIP: 46657PAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    274099 | NS      | $275499.59    | 0.04%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-11X          | NYC 2025-11X A                    | CUSIP: 67122NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | NS      | $1102742.50   | 0.17%             | 2040-10-15      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO 2025-1                     | SDART 2025-1 A3                   | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    875000 | NS      | $876834.25    | 0.14%             | 2029-01-15      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                    | TII 1.125 10/15/30                | CUSIP: 91282CPH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 129170000 | NS      | $127715009.00 | 19.75%            | 2030-10-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO 1 Ltd.                      | WWICK 2023-1A AR                  | CUSIP: 936919AN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2350000 | NS      | $2353527.25   | 0.36%             | 2038-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                          | WM 4.95 07/03/31                  | CUSIP: 94106LBY4<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    352000 | NS      | $364360.47    | 0.06%             | 2031-07-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2024-1CHI | WFCM 2024-1CHI A                  | CUSIP: 95003PAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    875000 | NS      | $882574.63    | 0.14%             | 2035-07-17      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2024-1CHI | WFCM 2024-1CHI B                  | CUSIP: 95003PAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | NS      | $554634.19    | 0.09%             | 2035-07-17      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| BANK5 2025-5YR15                                | BANK5 2025-5YR15 A3               | CUSIP: 065924AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | NS      | $934689.00    | 0.14%             | 2058-07-17      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2025-B             | BX 2025-BCAT A                    | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1437427 | NS      | $1439217.88   | 0.22%             | 2042-08-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association           | CAS 2024-R03 2M2                  | CUSIP: 207941AB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    300000 | NS      | $301466.47    | 0.05%             | 2044-03-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                              | META 4.2 11/15/30                 | CUSIP: 30303MAB8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1200000 | NS      | $1202535.75   | 0.19%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FORD CR AUTO OWN TR 2024-REV1                   | FORDR 2024-1 A                    | CUSIP: 34533BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | NS      | $922946.50    | 0.14%             | 2036-08-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| MSWF COMMERCIAL MORTGAGE TRUST 2023             | MSWF 2023-2 A5                    | CUSIP: 55361AAU8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | NS      | $350640.25    | 0.05%             | 2056-12-15      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO 2025-1                     | SDART 2025-1 A2                   | CUSIP: 80288DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46151 | NS      | $46165.67     | 0.01%             | 2027-08-15      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| TOYOTA AUTO RECEIVABLES 2023-B OWNE             | TAOT 2023-B A3                    | CUSIP: 891941AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    748809 | NS      | $751637.31    | 0.12%             | 2028-02-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2025-5C36                  | BBCMS 2025-5C36 A3                | CUSIP: 05556CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | NS      | $1095273.75   | 0.17%             | 2058-08-16      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                              | BX 2024-BIO A                     | CUSIP: 05612AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | NS      | $1047722.16   | 0.16%             | 2041-02-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| BANK5 2024-5YR7                                 | BANK5 2024-5YR7 A3                | CUSIP: 06211UBL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | NS      | $678398.13    | 0.10%             | 2057-06-15      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| DIAMETER CAPITAL CLO 2 LTD SERIES 2             | DCLO 2022-4A A1R                  | CUSIP: 25255NAQ1<br>LEI: 25490087B17FBD0ODC27 | Long             | ABS-CBDO         | CORP              | KY        |   2600000 | NS      | $2604651.50   | 0.40%             | 2037-01-15      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                               | EXPE 3.25 02/15/30                | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    217000 | NS      | $208118.70    | 0.03%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                   | F 5.85 05/17/27                   | CUSIP: 345397E74<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    517000 | NS      | $524854.06    | 0.08%             | 2027-05-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Hudson Yards 2025-Sprl Mortgage Trust           | HY 2025-SPRL D                    | CUSIP: 44855PAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | NS      | $467971.13    | 0.07%             | 2040-01-13      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Xxxiv Ltd.                 | MDPK 2025-73A A1                  | CUSIP: 55823HAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3050000 | NS      | $3060736.00   | 0.47%             | 2038-10-17      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                       | MARS 5 03/01/32 144A              | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    975000 | NS      | $1004975.63   | 0.16%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                    | MAR 4.875 05/15/29                | CUSIP: 571903BP7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    237000 | NS      | $242149.27    | 0.04%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                 | SOLV 5.4 03/01/29                 | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    293000 | NS      | $303454.19    | 0.05%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                           | UBER 4.5 08/15/29 144A            | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    500000 | NS      | $500061.50    | 0.08%             | 2029-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                    | TII 0.125 07/15/31                | CUSIP: 91282CCM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  33590000 | NS      | $37713796.00  | 5.83%             | 2031-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                    | TII 1.625 10/15/29                | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  69620000 | NS      | $72569377.75  | 11.22%            | 2029-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                    | TII 1.625 04/15/30                | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  61100000 | NS      | $62647800.25  | 9.69%             | 2030-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TR 2022-1                  | VERUS 2022-1 A3                   | CUSIP: 92538WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    504772 | NS      | $463452.31    | 0.07%             | 2067-01-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US T-NOTE 2YR                     | CUSIP: 00002TUH6<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |      1257 | NC      | $-93817.37    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                          | US T-BOND ULTRA                   | CUSIP: 00002WNH6<br>LEI: 549300EX04Q2QBFQTQ27 | Short            | DIR              | CORP              | US        |       -18 | NC      | $3165.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                          | US T-NOTE 5YR                     | CUSIP: 00002FVH6<br>LEI: 549300EX04Q2QBFQTQ27 | Short            | DIR              | CORP              | US        |       -92 | NC      | $58218.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                          | US T-NOTE 5YR                     | CUSIP: 00002FVH6<br>LEI: 549300EX04Q2QBFQTQ27 | Short            | DIR              | CORP              | US        |      -278 | NC      | $60696.83     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                          | US T-NOTE 10YR                    | CUSIP: 00002TYH6<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |       564 | NC      | $-282335.04   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                          | US T-NOTE 10YR                    | CUSIP: 00002TYH6<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |       116 | NC      | $-29000.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                          | US T-BOND 30YR                    | CUSIP: 00002USH6<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |        24 | NC      | $-8250.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                          | US T-BOND 30YR                    | CUSIP: 00002USH6<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |        84 | NC      | $-56905.81    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                          | US T-NOTE ULTRA 10Y               | CUSIP: 0002UXYH6<br>LEI: 549300EX04Q2QBFQTQ27 | Short            | DIR              | CORP              | US        |      -909 | NC      | $579776.95    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-12

**Name of Applicant:** EMPOWER FUNDS, INC.

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

**Title:** Treasurer, Empower Funds, Inc.