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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CONNECTICUT AVENUE SECURITIES TRUST 2026-R01</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CROWN CASTLE INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELMWOOD CLO 32 LTD</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EXPEDIA GROUP INC</name>
        <lei>CI7MUJI4USF3V0NJ1H64</lei>
        <title>EXPE 3.25 02/15/30</title>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FIDELITY NATIONAL INFORMATION SERVICES INC</name>
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        <title>FIS 4.8 03/10/31</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FORD CREDIT AUTO OWNER TRUST 2024-REV1</name>
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        <title>FORDR 2024-1 A</title>
        <cusip>34533BAA8</cusip>
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          <isin value="US34533BAA89"/>
          <ticker value="FORDR"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>F 5.85 05/17/27</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>KENNEDY LEWIS CLO 18 LTD</name>
        <lei>213800HEENW837PB8J74</lei>
        <title>KLLM 2024-18A A</title>
        <cusip>37149VAA3</cusip>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.045230000000</annualizedRt>
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      <invstOrSec>
        <name>GOLDENTREE LOAN MANAGEMENT US CLO 29 LTD</name>
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        <title>GLM 2026-29A A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>HUDSON YARDS 2025-SPRL MORTGAGE TRUST</name>
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          <isin value="US44855PAG37"/>
          <ticker value="HY"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>IRV TRUST 2025-200P</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. MORGAN MORTGAGE TRUST 2023-HE3</name>
        <lei>5299007DSRZLE19EYU93</lei>
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        <cusip>465985AA7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN MORTGAGE TRUST 2024-1</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>J P MORGAN MTG TR 2025-NQM1</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>MSWF COMMERCIAL MORTGAGE TRUST 2023-2</name>
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          <isin value="US55361AAR59"/>
          <ticker value="MSWF"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sixth Street Clo XVI Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SOLVENTUM CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SPACE EXPLORATION TECHNOLOGIES CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SYNOPSYS INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TOYOTA AUTO RECEIVABLES 2023-B OWNER TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBER TECHNOLOGIES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US BANCORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-1CHI</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>WESTPAC BANKING CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ANGEL OAK MORTGAGE TRUST 2021-7</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ELEVANCE HEALTH INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARES LI CLO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX TRUST 2024-BRVE</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>BANK5 2024-5YR10</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BIRCH GROVE CLO 7 LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BIRCH GROVE CLO 8 LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BOEING COMPANY (THE)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHASE HOME LENDING MORTGAGE TRUST 2024-3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHASE HOME LENDING MORTGAGE TRUST 2024-3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHUBB CORP (THE)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <cusip>20754GAE0</cusip>
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          <ticker value="FNMA"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CONSTELLATION SOFTWARE INC</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>CSUCN 5.158 02/16/29 144A</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DURST COMMERCIAL MORTGAGE TRUST 2025-151</name>
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        <cusip>266895AC5</cusip>
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        <balance>1400000</balance>
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        <curCd>USD</curCd>
        <valUSD>1413615.25</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.768108000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>EFMT 2026-NQM4</name>
        <lei>N/A</lei>
        <title>EFMT 2026-NQM4 A1A</title>
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        <identifiers>
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          <ticker value="EFMT"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2071-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.466000000000</annualizedRt>
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      <invstOrSec>
        <name>ELMWOOD CLO 29 LTD</name>
        <lei>N/A</lei>
        <title>ELM29 2024-5A A1R2</title>
        <cusip>289913AQ8</cusip>
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          <isin value="US289913AQ88"/>
          <ticker value="ELM29"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4704667</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ELMWOOD CLO X LTD</name>
        <lei>N/A</lei>
        <title>ELM10 2021-3A AR2</title>
        <cusip>29002VAW8</cusip>
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          <isin value="US29002VAW81"/>
          <ticker value="ELM10"/>
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        <curCd>USD</curCd>
        <valUSD>2983002.75</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.975230000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN BANKS</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLBDN 0 08/12/26</title>
        <cusip>313385B62</cusip>
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          <ticker value="FHLB"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>GENERATE CLO 20 LTD</name>
        <lei>N/A</lei>
        <title>KLLM 2024-20A A</title>
        <cusip>370912AA5</cusip>
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          <isin value="US370912AA51"/>
          <ticker value="KLLM"/>
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        <balance>1100000</balance>
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        <curCd>USD</curCd>
        <valUSD>1101295.75</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.966590000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLOBAL PAYMENTS INC</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>GPN 5.55 11/15/35</title>
        <cusip>37940XAY8</cusip>
        <identifiers>
          <isin value="US37940XAY85"/>
          <ticker value="GPN"/>
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        <balance>885000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>857941.25</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.550000000000</annualizedRt>
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      <invstOrSec>
        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 4.5 02/15/27</title>
        <cusip>404119BU2</cusip>
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          <ticker value="HCA"/>
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        <balance>1200000</balance>
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        <curCd>USD</curCd>
        <valUSD>1199452.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 5.45 04/01/31</title>
        <cusip>404119CT4</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.450000000000</annualizedRt>
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      <invstOrSec>
        <name>IRV TRUST 2025-200P</name>
        <lei>N/A</lei>
        <title>IRV 2025-200P C</title>
        <cusip>45006HAE1</cusip>
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          <ticker value="IRV"/>
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        <balance>575000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>LCCM 2017-LC26 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>LCCM 2017-LC26 A4</title>
        <cusip>50190DAJ5</cusip>
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          <isin value="US50190DAJ54"/>
          <ticker value="FRESB"/>
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        <curCd>USD</curCd>
        <valUSD>962422.31</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.551000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARS INC</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS 4.8 03/01/30 144A</title>
        <cusip>571676AY1</cusip>
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          <isin value="US571676AY11"/>
          <ticker value="MARS"/>
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        <balance>1075000</balance>
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        <curCd>USD</curCd>
        <valUSD>1078202.13</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.800000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARS INC</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS 5.2 03/01/35 144A</title>
        <cusip>571676BA2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.200000000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARRIOTT INTERNATIONAL INC</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MAR 4.5 05/01/33</title>
        <cusip>571903BY8</cusip>
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          <isin value="US571903BY80"/>
          <ticker value="MAR"/>
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        <balance>625000</balance>
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        <curCd>USD</curCd>
        <valUSD>604968.44</valUSD>
        <pctVal>0.0658858370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>WARWICK CAPITAL CLO 1 LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ALIGNED DATA CENTERS ISSUER LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BOEING COMPANY (THE)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CIGNA GROUP (THE)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HLTN COMMERCIAL MORTGAGE TRUST 2024-DPLO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IDEX CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MANHATTAN WEST 2026-2MW MTG TR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MARRIOTT INTERNATIONAL INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OHA CREDIT FUNDING 16-R LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>OAKTREE CLO 2023-2 LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROCK TRUST 2024-CNTR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REGATTA 30 FUNDING LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SOLVENTUM CORP</name>
        <lei>254900I70403OSGY4M28</lei>
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        <cusip>83444MAR2</cusip>
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        <curCd>USD</curCd>
        <valUSD>383791.63</valUSD>
        <pctVal>0.0417979371</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.600000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPACE EXPLORATION TECHNOLOGIES CORP</name>
        <lei>549300B9WLO96RQCXP87</lei>
        <title>SPCX 5.875 07/15/36 144A</title>
        <cusip>84615QAE3</cusip>
        <identifiers>
          <isin value="US84615QAE35"/>
          <ticker value="SPCX"/>
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        <balance>1675000</balance>
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        <curCd>USD</curCd>
        <valUSD>1653165.63</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SYNOPSYS INC</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SNPS 5.15 04/01/35</title>
        <cusip>871607AE7</cusip>
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          <ticker value="SNPS"/>
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        <balance>282000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>280388.47</valUSD>
        <pctVal>0.0305365170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.150000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 1.875 07/15/35</title>
        <cusip>91282CNS6</cusip>
        <identifiers>
          <isin value="US91282CNS60"/>
          <ticker value="T"/>
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        <balance>86410000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>87630190.75</valUSD>
        <pctVal>9.5436192757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4.125 06/30/31</title>
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          <isin value="US91282CQX29"/>
          <ticker value="T"/>
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        <curCd>USD</curCd>
        <valUSD>18046332</valUSD>
        <pctVal>1.9653879611</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VERTIV HOLDINGS COMPANY</name>
        <lei>549300KTTIRAOGXCRV69</lei>
        <title>VRT 4.85 03/15/36</title>
        <cusip>92537NAA6</cusip>
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          <isin value="US92537NAA63"/>
          <ticker value="VRT"/>
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        <balance>1307000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1269392.93</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WASTE MANAGEMENT INC</name>
        <lei>549300YX8JIID70NFS41</lei>
        <title>WM 4.95 07/03/31</title>
        <cusip>94106LBY4</cusip>
        <identifiers>
          <isin value="US94106LBY48"/>
          <ticker value="WM"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356899.69</valUSD>
        <pctVal>0.0388691926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-19</ncom:dateSigned>
      <ncom:nameOfApplicant>EMPOWER FUNDS, INC.</ncom:nameOfApplicant>
      <ncom:signature>/s/Kelly New</ncom:signature>
      <ncom:signerName>Kelly New</ncom:signerName>
      <ncom:title>Treasurer, Empower Funds, Inc.</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
