# EDGAR Filing Document

**Accession Number:** 0000919219
**File Stem:** 0001193125-26-039852
**Filing Date:** 2026-2
**Character Count:** 14283
**Document Hash:** 3f0861aee6675baec543afc90b3149ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-039852.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001193125-26-039852

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAYDEN & RYGEL
- **CENTRAL INDEX KEY:** 0000919219

**ORGANIZATION NAME:**
- **EIN:** 953921788
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14013
- **FILM NUMBER:** 26604524

**BUSINESS ADDRESS:**
- **STREET 1:** 333 SOUTH GRAND
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-830-4255

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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PAYDEN  RYGEL<br>**Address:** 333 SOUTH GRAND AVENUE<br>40TH FL<br>LOS ANGELES, CA 90071

**Form 13F File Number:** 028-14013

**CRD Number (if applicable):** 000107160

**SEC File Number (if applicable):** 801-19762

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Reza Pishva<br>**Title:** General Counsel<br>**Phone:** 213-830-4392

**Signature, Place, and Date of Signing:**

Reza Pishva  Los Angeles, CA  02-05-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 115

**Form 13F Information Table Value Total:** $1446232

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE | COM | 00287Y109 |  | 13026 | 57010 | SH |  | SOLE |  | 57010 | 0 | 0 |
| AECOM | COM | 00766T100 |  | 381 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ALPHABET INC-CL A | CAP STK CL A | 02079K305 |  | 45855 | 146500 | SH |  | SOLE |  | 146500 | 0 | 0 |
| AMAZON.COM | COM | 023135106 |  | 30884 | 133800 | SH |  | SOLE |  | 133800 | 0 | 0 |
| AMERICAN ELECTRIC POWER | COM | 025537101 |  | 288 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| AMERICAN EXPRESS | COM | 025816109 |  | 11764 | 31800 | SH |  | SOLE |  | 31800 | 0 | 0 |
| AMERICAN TOWER | COM | 03027X100 |  | 737 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| AMERIPRISE FINANCIAL | COM | 03076C106 |  | 539 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| AMETEK | COM | 031100100 |  | 10081 | 49100 | SH |  | SOLE |  | 49100 | 0 | 0 |
| ANALOG DEVICES | COM | 032654105 |  | 17899 | 66000 | SH |  | SOLE |  | 66000 | 0 | 0 |
| ANNALY CAP MGMT | COM | 035710839 |  | 8074 | 361100 | SH |  | SOLE |  | 361100 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 135 | 3910 | SH |  | SOLE |  | 3910 | 0 | 0 |
| APPLE | COM | 037833100 |  | 4567 | 16800 | SH |  | SOLE |  | 16800 | 0 | 0 |
| APPLIED MATERIALS | COM | 038222105 |  | 411 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| ARES CAPITAL | COM | 04010L103 |  | 23 | 1160 | SH |  | SOLE |  | 1160 | 0 | 0 |
| ARES MANAGEMENT CORP-A | CL A COM STK | 03990B101 |  | 178 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| ARTHUR J GALLAGHER  CO | COM | 363576109 |  | 129 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| BANK OF AMERICA | COM | 060505104 |  | 28364 | 515700 | SH |  | SOLE |  | 515700 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 24083 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| BOOKING HOLDINGS | COM | 09857L108 |  | 8569 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 15252 | 44068 | SH |  | SOLE |  | 44068 | 0 | 0 |
| CHEVRON | COM | 166764100 |  | 10791 | 70800 | SH |  | SOLE |  | 70800 | 0 | 0 |
| CIGNA GROUP | COM | 125523100 |  | 7982 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| CISCO SYSTEMS | COM | 17275R102 |  | 21728 | 282070 | SH |  | SOLE |  | 282070 | 0 | 0 |
| COCA-COLA | COM | 191216100 |  | 1371 | 19610 | SH |  | SOLE |  | 19610 | 0 | 0 |
| CORNING | COM | 219350105 |  | 16934 | 193400 | SH |  | SOLE |  | 193400 | 0 | 0 |
| COSTCO WHOLESALE | COM | 22160K105 |  | 776 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| CRH PLC | COM | G25508105 |  | 22464 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 15926 | 31200 | SH |  | SOLE |  | 31200 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 20649 | 260200 | SH |  | SOLE |  | 260200 | 0 | 0 |
| DANAHER | COM | 235851102 |  | 458 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 419 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| DELL TECHNOLOGIES | CL C | 24703L202 |  | 126 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| DIGITAL REALTY REIT | COM | 253868103 |  | 170 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| DOMINION RESOURCES | COM | 25746U109 |  | 18386 | 313800 | SH |  | SOLE |  | 313800 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 523 | 2680 | SH |  | SOLE |  | 2680 | 0 | 0 |
| DUKE ENERGY | COM NEW | 26441C204 |  | 22234 | 189690 | SH |  | SOLE |  | 189690 | 0 | 0 |
| EATON | COM | G29183103 |  | 11530 | 36200 | SH |  | SOLE |  | 36200 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 3246 | 3020 | SH |  | SOLE |  | 3020 | 0 | 0 |
| EMERSON ELECTRIC | COM | 291011104 |  | 465 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| ENERGY TRANSFER LP | COM UT LTD PTN | 29273V100 |  | 10529 | 638490 | SH |  | SOLE |  | 638490 | 0 | 0 |
| ENTERPRISE PRODUCTS PARTNERS | COM | 293792107 |  | 13371 | 417070 | SH |  | SOLE |  | 417070 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 268 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| EXELON | COM | 30161N101 |  | 12524 | 287310 | SH |  | SOLE |  | 287310 | 0 | 0 |
| EXPAND ENERGY CORP | COM | 165167735 |  | 94 | 853 | SH |  | SOLE |  | 853 | 0 | 0 |
| EXXON MOBIL | COM | 30231G102 |  | 445 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| FIFTH THIRD BANK | COM | 316773100 |  | 12732 | 272000 | SH |  | SOLE |  | 272000 | 0 | 0 |
| GENERAL ELECTRIC | COM | 369604301 |  | 23195 | 75300 | SH |  | SOLE |  | 75300 | 0 | 0 |
| GILEAD SCIENCES | COM | 375558103 |  | 11204 | 91280 | SH |  | SOLE |  | 91280 | 0 | 0 |
| GOLDMAN SACHS GROUP | COM | 38141G104 |  | 1108 | 1260 | SH |  | SOLE |  | 1260 | 0 | 0 |
| HOME DEPOT | COM | 437076102 |  | 609 | 1770 | SH |  | SOLE |  | 1770 | 0 | 0 |
| INTL BUSINESS MACHINES | COM | 459200101 |  | 20113 | 67900 | SH |  | SOLE |  | 67900 | 0 | 0 |
| INVESCO NASDAQ 100 ETF | NASDAQ 100 ETF | 46138G649 |  | 61351 | 242572 | SH |  | SOLE |  | 242572 | 0 | 0 |
| ISHARES ESG 1-5 YEAR ETF | ESG 1 5 YR USD | 46435G243 |  | 2236 | 88579 | SH |  | SOLE |  | 88579 | 0 | 0 |
| ISHARES ESG AWARE USD CORPOR | ESG USD CORPT | 46435G193 |  | 831 | 35557 | SH |  | SOLE |  | 35557 | 0 | 0 |
| ISHARES GNMA BOND ETF | GNMA BOND ETF | 46429B333 |  | 203 | 4553 | SH |  | SOLE |  | 4553 | 0 | 0 |
| ISHARES I-05Y INV GRADE CORP ETF | ISHS 1-5YR INVS | 464288646 |  | 5257 | 99406 | SH |  | SOLE |  | 99406 | 0 | 0 |
| ISHARES IBOXX H/Y CORP BOND ETF | IBOXX HI YD ETF | 464288513 |  | 2811 | 34867 | SH |  | SOLE |  | 34867 | 0 | 0 |
| ISHARES IBOXX INVESTMENT ETF | IBOXX INV CP ETF | 464287242 |  | 51172 | 464396 | SH |  | SOLE |  | 464396 | 0 | 0 |
| ISHARES JP MORGAN EM BOND FD ETF | JPMORGAN USD EMG | 464288281 |  | 96566 | 1002967 | SH |  | SOLE |  | 1002967 | 0 | 0 |
| ISHARES S PREFERRED STOCK INDEX | PFD AND INCM SEC | 464288687 |  | 61 | 1955 | SH |  | SOLE |  | 1955 | 0 | 0 |
| ITT | COM | 45073V108 |  | 19520 | 112500 | SH |  | SOLE |  | 112500 | 0 | 0 |
| JACOBS SOLUTIONS | COM | 46982L108 |  | 7895 | 59600 | SH |  | SOLE |  | 59600 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 12707 | 61400 | SH |  | SOLE |  | 61400 | 0 | 0 |
| JOHNSON CONTROLS INTERNATIONAL | SHS | G51502105 |  | 10502 | 87700 | SH |  | SOLE |  | 87700 | 0 | 0 |
| JPMORGAN CHASE | COM | 46625H100 |  | 49026 | 152150 | SH |  | SOLE |  | 152150 | 0 | 0 |
| KIMCO REALTY | COM | 49446R109 |  | 7386 | 364400 | SH |  | SOLE |  | 364400 | 0 | 0 |
| LOCKHEED MARTIN | COM | 539830109 |  | 358 | 740 | SH |  | SOLE |  | 740 | 0 | 0 |
| MASTERCARD | CL A | 57636Q104 |  | 320 | 560 | SH |  | SOLE |  | 560 | 0 | 0 |
| MCDONALD'S | COM | 580135101 |  | 12439 | 40700 | SH |  | SOLE |  | 40700 | 0 | 0 |
| MCKESSON | COM | 58155Q103 |  | 17636 | 21500 | SH |  | SOLE |  | 21500 | 0 | 0 |
| MERCK  CO | COM | 58933Y105 |  | 20852 | 198100 | SH |  | SOLE |  | 198100 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 20271 | 30710 | SH |  | SOLE |  | 30710 | 0 | 0 |
| METLIFE | COM | 59156R108 |  | 7555 | 95700 | SH |  | SOLE |  | 95700 | 0 | 0 |
| MICROCHIP TECHNOLOGY | COM | 595017104 |  | 306 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| MICROSOFT | COM | 594918104 |  | 23567 | 48730 | SH |  | SOLE |  | 48730 | 0 | 0 |
| MONDELEZ INTL | CL A | 609207105 |  | 15 | 270 | SH |  | SOLE |  | 270 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 31228 | 175900 | SH |  | SOLE |  | 175900 | 0 | 0 |
| NASDAQ STOCK MARKET | COM | 631103108 |  | 8926 | 91900 | SH |  | SOLE |  | 91900 | 0 | 0 |
| NETFLIX | COM | 64110L106 |  | 1247 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| NUCOR | COM | 670346105 |  | 1044 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| NVIDIA | COM | 67066G104 |  | 11128 | 59670 | SH |  | SOLE |  | 59670 | 0 | 0 |
| ORACLE | COM | 68389X105 |  | 1382 | 7090 | SH |  | SOLE |  | 7090 | 0 | 0 |
| PEPSICO | COM | 713448108 |  | 10534 | 73400 | SH |  | SOLE |  | 73400 | 0 | 0 |
| PETROLEO BRASILEIRO SA | SPONSORED ADR | 71654V408 |  | 121 | 10210 | SH |  | SOLE |  | 10210 | 0 | 0 |
| PFIZER | COM | 717081103 |  | 5106 | 205080 | SH |  | SOLE |  | 205080 | 0 | 0 |
| PROCTER  GAMBLE | COM | 742718109 |  | 9673 | 67500 | SH |  | SOLE |  | 67500 | 0 | 0 |
| PROLOGIS | COM | 74340W103 |  | 14081 | 110300 | SH |  | SOLE |  | 110300 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 192 | 740 | SH |  | SOLE |  | 740 | 0 | 0 |
| QUALCOMM | COM | 747525103 |  | 547 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| QUEST DIAGNOSTICS | COM | 74834L100 |  | 16208 | 93400 | SH |  | SOLE |  | 93400 | 0 | 0 |
| REPUBLIC SERVICES-CL A | COM | 760759100 |  | 381 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| RTX CORP | COM | 75513E101 |  | 13572 | 74000 | SH |  | SOLE |  | 74000 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 7943 | 15200 | SH |  | SOLE |  | 15200 | 0 | 0 |
| SALESFORCE.COM | COM | 79466L302 |  | 715 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| SIMON PROPERTY GROUP | COM | 828806109 |  | 14263 | 77050 | SH |  | SOLE |  | 77050 | 0 | 0 |
| SPDR GOLD MINISHARES TRUST | SPDR GLD MINIS | 98149E303 |  | 110981 | 1300000 | SH |  | SOLE |  | 1300000 | 0 | 0 |
| SS TECHNOLOGIES HOLDINGS | COM | 78467J100 |  | 16348 | 187000 | SH |  | SOLE |  | 187000 | 0 | 0 |
| STRYKER | COM | 863667101 |  | 10931 | 31100 | SH |  | SOLE |  | 31100 | 0 | 0 |
| TEXAS INSTRUMENTS | COM | 882508104 |  | 8345 | 48100 | SH |  | SOLE |  | 48100 | 0 | 0 |
| TJX COMPANIES | COM | 872540109 |  | 20845 | 135700 | SH |  | SOLE |  | 135700 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 372 | 1830 | SH |  | SOLE |  | 1830 | 0 | 0 |
| TRUIST FINANCIAL CORPORATION | COM | 89832Q109 |  | 630 | 12800 | SH |  | SOLE |  | 12800 | 0 | 0 |
| VALERO ENERGY | COM | 91913Y100 |  | 10679 | 65600 | SH |  | SOLE |  | 65600 | 0 | 0 |
| VANECK JPM EM LOCAL CURR BND | JP MRGAN EM LOC | 92189H300 |  | 62884 | 2435462 | SH |  | SOLE |  | 2435462 | 0 | 0 |
| VANGUARD S 500 ETF | S 500 ETF SHS | 922908363 |  | 16904 | 26955 | SH |  | SOLE |  | 26955 | 0 | 0 |
| VERIZON COMMUNICATIONS | COM | 92343V104 |  | 13656 | 335290 | SH |  | SOLE |  | 335290 | 0 | 0 |
| VICI PROPERTIES | COM | 925652109 |  | 10 | 360 | SH |  | SOLE |  | 360 | 0 | 0 |
| VISA INC-CL A | COM CL A | 92826C839 |  | 16518 | 47100 | SH |  | SOLE |  | 47100 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 5711 | 35400 | SH |  | SOLE |  | 35400 | 0 | 0 |
| WAL-MART STORES | COM | 931142103 |  | 21513 | 193100 | SH |  | SOLE |  | 193100 | 0 | 0 |
| WALT DISNEY CO | COM DISNEY | 254687106 |  | 7854 | 69030 | SH |  | SOLE |  | 69030 | 0 | 0 |
| WASTE MANAGEMENT | COM | 94106L109 |  | 8239 | 37500 | SH | Put | SOLE |  | 37500 | 0 | 0 |
| WELLS FARGO | COM | 949746101 |  | 29358 | 315000 | SH |  | SOLE |  | 315000 | 0 | 0 |
| WILLIAMS COS | COM | 969457100 |  | 1711 | 28460 | SH |  | SOLE |  | 28460 | 0 | 0 |

---