# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0001752724-23-073319
**Filing Date:** 2023-3
**Character Count:** 38803
**Document Hash:** 377d223008a7633179b7791c2a30fe65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-073319.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-073319

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **CENTRAL INDEX KEY:** 0000885709
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06625
- **FILM NUMBER:** 23778191

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 2136251900

**MAIL ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDENFUNDS
- **DATE OF NAME CHANGE:** 20010423

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **DATE OF NAME CHANGE:** 19940104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** P&R INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Payden U.S. Government Fund (Series ID: S000011758)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000032183 | Payden U.S. Government Fund (Investor Class) | PYUSX           |

## Nport-Ex

#### Payden

#### U.S.

#### Government

#### Fund

#### Schedule

#### of

#### Investments
*-* 

*January* 

*31,* 

*2023* 

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000) #### Mortgage

#### Backed

#### (44%)

605,159

FG

C91912

20YR

,

3.00%,

2/01/37

$

580

23,082

FH

2B0709

ARM

,

(12

mo.

LIBOR

USD

+

1.750%),

4.00%,

8/01/42 (a)

87,190

FH

2B0972

ARM

,

(12

mo.

LIBOR

USD

+

1.770%),

4.02%,

11/01/42 (a)

209,793

FH

2B4763

ARM

,

(12

mo.

LIBOR

USD

+

1.620%),

3.87%,

10/01/45 (a)

60,713

FH

849486

ARM

,

(12

mo.

LIBOR

USD

+

1.875%),

3.64%,

8/01/41 (a)

220,047

FH

849506

ARM

,

(12

mo.

LIBOR

USD

+

1.607%),

3.75%,

11/01/44 (a)

834,302

FH

8C0092

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.130%),

1.55%,

8/01/51 (a)

748

910,941

FH

8C0312

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.130%),

4.43%,

7/01/52 (a)

904

1,489,782

FHLMC

Multifamily

Structured

Pass-Through

Certificates

K034,

3.53%,

7/25/23 (b)

1,478

29,090

FHLMC

Multifamily

Structured

Pass-Through

Certificates

KI04,

(1

mo.

LIBOR

USD

+

0.360%),

4.75%,

7/25/24 (a)

911,008

FHLMC

Multifamily

Structured

Pass-Through

Certificates

K045,

3.02%,

1/25/25

885

43,472

FHLMC

Multifamily

Structured

Pass-Through

Certificates

KI06,

(1

mo.

LIBOR

USD

+

0.220%),

4.61%,

3/25/25 (a)

747,929

FHLMC

Multifamily

Structured

Pass-Through

Certificates

KI08,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.200%),

4.26%,

10/25/26 (a)

740

1,017,316

FHLMC

Multifamily

Structured

Pass-Through

Certificates

KG03,

0.70%,

4/25/29 (b)

902

798,010

FHLMC

Multifamily

Structured

Pass-Through

Certificates

Q013,

1.50%,

5/25/50 (b)

760

47,698

FN

AI4019

ARM

,

(12

mo.

LIBOR

USD

+

1.750%),

4.00%,

7/01/41 (a)

67,110

FN

AL5596

ARM

,

(12

mo.

LIBOR

USD

+

1.557%),

1.99%,

2/01/44 (a)

110,828

FN

AL5790

ARM

,

(12

mo.

LIBOR

USD

+

1.566%),

3.82%,

10/01/44 (a)

110,131

FN

AL5967

ARM

,

(12

mo.

LIBOR

USD

+

1.576%),

3.82%,

11/01/44 (a)

179,034

FN

AL7648

ARM

,

(12

mo.

LIBOR

USD

+

1.588%),

5.09%,

10/01/45 (a)

452,665

FN

AS4186

15YR

,

2.50%,

1/01/30

208,705

FN

AS6443

15YR

,

3.00%,

12/01/30

423,855

FN

AS8013

15YR

,

2.50%,

9/01/31

61,574

FN

AU6974

ARM

,

(12

mo.

LIBOR

USD

+

1.580%),

3.83%,

11/01/43 (a)

157,603

FN

AU8673

ARM

,

(12

mo.

LIBOR

USD

+

1.530%),

2.03%,

2/01/44 (a)

222,674

FN

AZ2886

ARM

,

(12

mo.

LIBOR

USD

+

1.600%),

5.32%,

9/01/45 (a)

364,166

FN

AZ4380

ARM

,

(12

mo.

LIBOR

USD

+

1.590%),

3.84%,

8/01/45 (a)

284,138

FN

BD2473

ARM

,

(12

mo.

LIBOR

USD

+

1.620%),

2.35%,

1/01/47 (a)

428,377

FN

BM4153

15YR

,

3.00%,

6/01/33

465,648

FN

BP6814

ARM

,

(12

mo.

LIBOR

USD

+

1.610%),

2.28%,

5/01/50 (a)

Principal

or

Shares

Security

Description

Value

(000) 810,836

FN

BR9966

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.610%),

1.92%,

5/01/51 (a)

$

722

954,724

FN

BV2462

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.130%),

3.81%,

6/01/52 (a)

932

978,592

FN

CB5106

30YR

,

5.00%,

11/01/52

986

1,429,698

FN

FS2395

15YR

,

3.50%,

7/01/37

1,395

1,393,215

FN

MA4694

15YR

,

3.50%,

8/01/37

1,360

996,259

FN

MA4785

30YR

,

5.00%,

10/01/52

1,001

2,000,000

FNCL

,

5.00%,

2/01/5330YR

TBA (c)

2,008

86,294

FNR

FA

2002-10,

(1

mo.

LIBOR

USD

+

0.750%),

5.26%,

2/25/32 (a)

944,942

FR

SB8192

15YR

,

5.00%,

10/01/37

961

986,353

FR

SB8206

15YR

,

5.00%,

1/01/38

1,003

977,912

FR

SD8279

30YR

,

6.00%,

11/01/52

1,006

866,050

FRESB

Mortgage

Trust

2021-SB83,

0.63%,

1/25/26 (b)

786

773,586

FRESB

Mortgage

Trust

2020-SB78,

0.82%,

6/25/40 (b)

709

992,298

FRESB

Mortgage

Trust

2020-SB79,

0.80%,

7/25/40 (b)

903

349,094

G2

778200

,

4.00%,

2/20/32

322,234

G2

778203

,

4.75%,

2/20/32

701,452

G2

AD0857

,

3.75%,

9/20/33

697

271,103

G2

AY5132

,

3.25%,

7/20/37

532,464

G2

AY5138

,

3.25%,

12/20/37

509

413,428

GN

728153

,

5.50%,

10/15/29

215,668

GN

737791

30YR

,

4.50%,

12/15/40

1,193,163

GNR

ST

2014-79,

20.61%,

7/20/29 (b)(d)

#### Total

#### Mortgage

#### Backed

#### (Cost

#### -

#### $29,919)

#### 27,840

#### U.S.

#### Government

#### Agency

#### (1%)

500,000

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

2/28/25

(Cost

-

$500)

#### U.S.

#### Treasury

#### (55%)

3,000,000

U.S.

Treasury

Bill

,

4.71%,

6/29/23 (d)

2,944

3,700,000

U.S.

Treasury

Bill

,

4.72%,

7/13/23 (d)

3,624

2,500,000

U.S.

Treasury

Note

,

0.13%,

10/15/23

2,420

1,500,000

U.S.

Treasury

Note

,

0.63%,

12/31/23

1,446

6,000,000

U.S.

Treasury

Note

,

2.50%,

5/31/24

5,838

1,000,000

U.S.

Treasury

Note

,

4.25%,

12/31/24

1,000

8,500,000

U.S.

Treasury

Note

,

2.88%,

6/15/25

8,281

4,500,000

U.S.

Treasury

Note

,

3.50%,

9/15/25

4,450

1,500,000

U.S.

Treasury

Note

,

4.00%,

12/15/25

1,505

1,500,000

U.S.

Treasury

Note

,

2.00%,

11/15/26

1,408

2,500,000

U.S.

Treasury

Note

,

3.25%,

6/30/27

2,458

#### Total

#### U.S.

#### Treasury

#### (Cost

#### -

#### $35,649)

#### 35,374

#### Investment

#### Company

#### (2%)

1,529,980

Payden

Cash

Reserves

Money

Market

Fund \*

#### (Cost

#### -

#### $1,530)
1,530

#### Total

#### Investments

#### (Cost

#### -

#### $67,598)

#### (102%)
65,237

#### Liabilities

#### in

#### excess

#### of

#### Other

#### Assets

#### (-2%)
(1,195)

#### Net

#### Assets

#### (100%)

#### $

#### 64,042
\*

Affiliated

investment.

(a) Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

January

31,

2023. 2

#### Payden

#### Mutual

#### Funds

#### Payden

#### U.S.

#### Government

#### Fund
*continued*

(b) Variable

rate

security.

Interest

rate

disclosed

is

as

of

the

most

recent

information

available.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

above.

(c) Security

was

purchased

on

a

delayed

delivery

basis.

(d) Yield

to

maturity

at

time

of

purchase.

#### Open

#### Futures

#### Contracts
Contract

Type

Number

of

Contracts

Expiration

Date

Notional

Amount

(000s)

Current

Value

(000s)

Unrealized

Appreciation

(Depreciation)

(000s)

#### Long

#### Contracts:
U.S.

Treasury

5-Year

Note

Future

$

1,311

$

$

U.S.

Ultra

Bond

Future

a

a

#### Short

#### Contracts:
U.S.

Treasury

10-Year

Ultra

Future

(1,212)

(21) (21) a

a

#### Total

#### Futures
$9

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PAYDEN & RYGEL INVESTMENT GROUP

- **b. Investment Company Act file number:** 811-06625

- **c. CIK number of Registrant:** 0000885709

- **d. LEI of Registrant:** 549300QJNYRKYZS3P282

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

  - **Street Address 1:** 333 South Grand Avenue

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90071

  - **Telephone number:** 213-625-1900

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

- **a. Name of Series:** Payden U.S. Government Fund

- **b. EDGAR series identifier (if any):** S000011758

- **c. LEI of Series:** S05DF751G46NXE21NJ26

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $68133094.55

**Total Liabilities:** $4254786.68

**Net Assets:** $63878307.87

**Stand-by Commitments:** $4049052.09

**Cash Not Reported:** $15000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1029.99555200 | **1-Year:** 23.95552005 | **5-Year:** 206.28202040 | **10-Year:** 955.22772800 | **30-Year:** 9047.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 390.36143480 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032183 | 1.20%                | 0.03%                | 1.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4982.80                | $532620.37                                 |
| Month 2  | $37801.50                | $-241414.67                                |
| Month 3  | $-53258.68               | $569996.13                                 |

**Designated Index Information**

- **Index Name:** ICE BofA Treasury 1-5 Yr Index (GVQ0)

- **Index Identifier:** GVQ0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FRESB Multifamily Mortgage Pas              | FRESB 2020-SB79 Mortgage Trust                               | CUSIP: 30316VAC1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    992298 | PA      | $902485.41    | 1.41%             | 2040-07-25      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 3142BAC59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    834302 | PA      | $748179.80    | 1.17%             | 2051-08-01      | Floating      | 1.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132D6C57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    944942 | PA      | $961420.90    | 1.51%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                  | CUSIP: 912796ZR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2943739.44   | 4.61%             | 2023-06-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138WGER1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    208705 | PA      | $203465.82    | 0.32%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140QQU86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    978592 | PA      | $986136.46    | 1.54%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137BHXJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    911008 | PA      | $885091.23    | 1.39%             | 2025-01-25      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138YV2N8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    364166 | PA      | $370859.10    | 0.58%             | 2045-08-01      | Floating      | 3.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138WDUL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    452665 | PA      | $433343.04    | 0.68%             | 2030-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | CBOT 5 Year US Treasury Note                                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        12 | NC      | $14359.73     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CGA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1504746.09   | 2.36%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 31326FCH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     87190 | PA      | $88118.24     | 0.14%             | 2042-11-01      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 31300MRF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     60713 | PA      | $61980.81     | 0.10%             | 2041-08-01      | Floating      | 3.64%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                            | CUSIP: 3620AE5N6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    413428 | PA      | $425360.28    | 0.67%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                  | CUSIP: 912796XQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3700000 | PA      | $3623992.75   | 5.67%             | 2023-07-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36196UV73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    532464 | PA      | $508528.06    | 0.80%             | 2037-12-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas              | FRESB 2021-SB83 Mortgage Trust                               | CUSIP: 30318NAA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    866050 | PA      | $785969.86    | 1.23%             | 2026-01-25      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 3142BAKZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    910941 | PA      | $904402.99    | 1.42%             | 2052-07-01      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138X6XC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61574 | PA      | $62155.16     | 0.10%             | 2043-11-01      | Floating      | 3.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 31300MR39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    220047 | PA      | $222445.77    | 0.35%             | 2044-11-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Payden Cash Reserves Money Market Fund      | Payden Cash Reserves Money Market Fund                       | CUSIP: 704329598<br>LEI: 549300SI0EB26HO5RT16 | Long             | STIV             | RF                | US        |   1533020 | NS      | $1533019.68   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 31326KJG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    209793 | PA      | $211546.38    | 0.33%             | 2045-10-01      | Floating      | 3.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140L9CC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    810836 | PA      | $721704.71    | 1.13%             | 2051-05-01      | Floating      | 1.92%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                     | CUSIP: 38379B3Q9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1193163 | PA      | $925.42       | 0.00%             | 2029-07-20      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    996259 | PA      | $1000983.80   | 1.57%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CFK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4450166.01   | 6.97%             | 2025-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138ENGE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67110 | PA      | $67517.85     | 0.11%             | 2044-02-01      | Floating      | 1.99%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FNAV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29090 | PA      | $29075.30     | 0.05%             | 2024-07-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36176WKQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    322234 | PA      | $332939.04    | 0.52%             | 2032-02-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | Ultra 10-Year US Treasury Note                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -10 | NC      | $-20893.10    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138YUF48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    222674 | PA      | $229782.98    | 0.36%             | 2045-09-01      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FVNA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     43472 | PA      | $43369.77     | 0.07%             | 2025-03-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 3128LLYE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23082 | PA      | $23080.21     | 0.04%             | 2042-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                 | Federal Home Loan Mortgage Corp                              | CUSIP: 3134GXS88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $492870.76    | 0.77%             | 2025-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31418EGC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1393215 | PA      | $1359758.83   | 2.13%             | 2037-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140F9XB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    284138 | PA      | $283208.30    | 0.44%             | 2047-01-01      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140KESC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    465648 | PA      | $423869.38    | 0.66%             | 2050-05-01      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132DWFU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    977912 | PA      | $1005657.94   | 1.57%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                            | CUSIP: 31392B5T9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     86294 | PA      | $86713.15     | 0.14%             | 2032-02-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2457568.35   | 3.85%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CDR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1446509.61   | 2.26%             | 2023-12-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138EQQA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179034 | PA      | $184433.44    | 0.29%             | 2045-10-01      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36180B5S6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    701452 | PA      | $697318.85    | 1.09%             | 2033-09-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36196UVZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    271103 | PA      | $258916.86    | 0.41%             | 2037-07-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FVEC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1017316 | PA      | $901555.52    | 1.41%             | 2029-04-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | CME Ultra Long Term US Treasury Bond                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         2 | NC      | $15446.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESB Multifamily Mortgage Pas              | FRESB 2020-SB78 Mortgage Trust                               | CUSIP: 30316KAB7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    773586 | PA      | $708588.28    | 1.11%             | 2040-06-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CGD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1000078.12   | 1.57%             | 2024-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138AHPD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47698 | PA      | $48359.89     | 0.08%             | 2041-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                            | CUSIP: 3620ARUQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    215668 | PA      | $218773.37    | 0.34%             | 2040-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140J8TK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    428377 | PA      | $415237.39    | 0.65%             | 2033-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140MFWY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    954724 | PA      | $932081.48    | 1.46%             | 2052-06-01      | Floating      | 3.81%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132D6DK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    986353 | PA      | $1003472.86   | 1.57%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140XHUV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1429698 | PA      | $1395472.65   | 2.18%             | 2037-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FWGH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    798010 | PA      | $759706.86    | 1.19%             | 2050-05-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138WH3X8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    423855 | PA      | $403132.82    | 0.63%             | 2031-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CEU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8500000 | PA      | $8280859.38   | 12.96%            | 2025-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36176WKM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    349094 | PA      | $355601.71    | 0.56%             | 2032-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138ENTZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    110131 | PA      | $111477.11    | 0.17%             | 2044-11-01      | Floating      | 3.82%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CAP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2420102.30   | 3.79%             | 2023-10-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                    | CUSIP: 01F050627<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $2007968.74   | 3.14%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                        | CUSIP: 3128P8DR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    605159 | PA      | $579767.37    | 0.91%             | 2037-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 912828U24<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1407949.22   | 2.20%             | 2026-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138ENNG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    110828 | PA      | $112175.18    | 0.18%             | 2044-10-01      | Floating      | 3.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138X8T76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    157603 | PA      | $158150.60    | 0.25%             | 2044-02-01      | Floating      | 2.03%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CER8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5838515.64   | 9.14%             | 2024-05-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137B5JM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1489782 | PA      | $1477815.59   | 2.31%             | 2023-07-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H4RC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    747929 | PA      | $739998.66    | 1.16%             | 2026-10-25      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-29

**Name of Applicant:** PAYDEN & RYGEL INVESTMENT GROUP

**Signature:** Sandi Brents

**Name of Signer:** Sandi Brents

**Title:** Compliance Officer