# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0000940400-25-002820
**Filing Date:** 2025-9
**Character Count:** 58879
**Document Hash:** a64f6ce7bc7cd191aa512b14a9a418ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002820.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002820

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **CENTRAL INDEX KEY:** 0000885709

**ORGANIZATION NAME:**
- **EIN:** 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:** 251348681

**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 California Municipal Social Impact Fund (Series ID: S000011760)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000032185 | Payden California Municipal Social Impact Fund (Investor Class) | PYCRX           |
| C000248242 | Payden California Municipal Social Impact Fund (Adviser)        | PYCLX           |

## 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 California Municipal Social Impact Fund

- **b. EDGAR series identifier (if any):** S000011760

- **c. LEI of Series:** 549300ZIE79V6215MB30

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $215902926.60

**Total Liabilities:** $7287112.13

**Net Assets:** $208615814.47

**Delayed Delivery Securities:** $3789750.00

**Cash Not Reported:** $59000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 142.00000000 | **5-Year:** 2724.00000000 | **10-Year:** 14719.00000000 | **30-Year:** 122421.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 138.00000000 | **30-Year:** 2399.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248242 | 0.09%                | 0.50%                | -0.21%               |
| Class ID C000032185 | 0.10%                | 0.60%                | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-66093.78               | $-238330.46                                |
| Month 2  | $-16198.42               | $579910.86                                 |
| Month 3  | $-1041.62                | $-963913.98                                |

**Designated Index Information**

- **Index Name:** Muni Mutual Fund California Int. Index (Risk Basis

- **Index Identifier:** MFCA_INTM

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LOS ANGELES CA HARBOR DEPT                  | Port of Los Angeles                                                           | CUSIP: 544552D66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081635.67   | 0.52%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS              | Los Angeles County Public Works Financing Authority                           | CUSIP: 54473ESU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8925000 | PA      | $8853937.47   | 4.24%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA BARBARA CNTY CA SOLID WA              | County of Santa Barbara CA                                                    | CUSIP: 80136PCG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1458555.23   | 0.70%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REDWOODS CA CMNTY CLG DIST                  | Redwoods Community College District                                           | CUSIP: 758084EG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1596924.50   | 0.77%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                           | CUSIP: 13063ELV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1953526.04   | 0.94%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL TRANSPR              | San Diego County Regional Transportation Commission                           | CUSIP: 797400KX5<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | DBT              | MUN               | US        |   4590000 | PA      | $4599509.39   | 2.20%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO PUB FING AUTH LEASE RE              | Ontario Public Financing Authority                                            | CUSIP: 68304REH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2651839.99   | 1.27%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA BARBARA CNTY CA SOLID WA              | County of Santa Barbara CA                                                    | CUSIP: 80136PCV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025784.91   | 0.49%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                              | CUSIP: 13032UMX3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    440000 | PA      | $447870.36    | 0.21%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT              | California Educational Facilities Authority                                   | CUSIP: 130179VH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960528.34    | 0.46%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY P              | City of San Francisco CA Public Utilities Commission Water Revenue            | CUSIP: 79771FLR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1676379.32   | 0.80%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                              | CUSIP: 13032UUN6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    705000 | PA      | $679501.09    | 0.33%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST                | Los Angeles Unified School District/CA                                        | CUSIP: 544647KP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2610207.03   | 1.25%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBL              | California Housing Finance Agency                                             | CUSIP: 13034DAC8<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1388978.03   | 0.67%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                               | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1710256.85   | 0.82%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                              | CUSIP: 13032UU55<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2479887.97   | 1.19%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA FACS INC L              | Los Angeles County Facilities Inc                                             | CUSIP: 54531FAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024444.89   | 0.97%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L              | California State Public Works Board                                           | CUSIP: 13068XLT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1183098.47   | 0.57%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CITY CA CMNTY REDEV AGY               | Union City Community Redevelopment Agency Successor Agency                    | CUSIP: 90566AAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351029.56    | 0.17%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W SONOMA CNTY CA UNION HIGH SC              | West Sonoma County Union High School District                                 | CUSIP: 956101JW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1605152.61   | 0.77%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA UNIF SCH DIST                    | Fontana Unified School District                                               | CUSIP: 344640XF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $920811.02    | 0.44%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EAST BAY CA MUNI UTILITY DIST               | East Bay Municipal Utility District Water System Revenue                      | CUSIP: 271014V82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1375376.43   | 0.66%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABAG CA FIN AUTH FOR NONPROFIT              | Abag Finance Authority for Nonprofit Corps                                    | CUSIP: 00037CQS2<br>LEI: 549300EWVCCTI6O2KU84 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1035000.00   | 0.50%             | 2030-12-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| OXNARD CA SCH DIST COPS                     | Oxnard School District                                                        | CUSIP: 692021BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235286.49    | 0.11%             | 2045-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HSG FIN AGY HOME              | California Housing Finance Agency                                             | CUSIP: 13034MBE3<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2490550.96   | 1.19%             | 2055-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                    | CUSIP: 5444456G9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1423529.30   | 0.68%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST                  | San Diego Unified School District/CA                                          | CUSIP: 797356LX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1641755.79   | 0.79%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST                | Los Angeles Unified School District/CA                                        | CUSIP: 544647HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1202395.24   | 0.58%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA PUBLIC FACS FING               | San Diego Public Facilities Financing Authority                               | CUSIP: 79730CFX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102228.00    | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GROSSMONT CA UNION HIGH SCH DI              | Grossmont Union High School District                                          | CUSIP: 399262LB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1026450.40   | 0.49%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH               | California Earthquake Authority                                               | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |    255000 | PA      | $257677.61    | 0.12%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                               | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1287462.12   | 0.62%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CA WTR DIST FING AUTH                | Rancho Water District Financing Authority                                     | CUSIP: 752111NY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1230056.16   | 0.59%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTY DEV AUTH              | California Statewide Communities Development Authority                        | CUSIP: 13081DAA4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | ABS-MBS          | MUN               | US        |    965460 | PA      | $682120.52    | 0.33%             | 2038-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TEMECULA VLY CA UNIF SCH DIST               | Temecula Valley Unified School District                                       | CUSIP: 87970GQY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $33186.04     | 0.02%             | 2044-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L              | California State Public Works Board                                           | CUSIP: 13068XPH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134463.12   | 0.54%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                               | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    560000 | PA      | $588758.79    | 0.28%             | 2054-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency             | CUSIP: 79770GKT2<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    725000 | PA      | $774953.60    | 0.37%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                              | CUSIP: 13032UMA3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517235.18    | 0.25%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN LEANDRO CA UNIF SCH DIST                | San Leandro Unified School District                                           | CUSIP: 798458TK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009485.70   | 0.48%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA PUBLIC FACS FING               | San Diego Public Facilities Financing Authority                               | CUSIP: 797299KX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $552168.62    | 0.26%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                           | CUSIP: 13063ELU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2740000 | PA      | $3079069.77   | 1.48%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                           | CUSIP: 13063C5D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3717274.59   | 1.78%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS              | Los Angeles County Public Works Financing Authority                           | CUSIP: 54473ERK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503194.85    | 0.24%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL CA SCH DIST                        | National School District                                                      | CUSIP: 635111EZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1405500.01   | 0.67%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency             | CUSIP: 79770GKW5<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1094836.97   | 0.52%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST BAY CA MUNI UTILITY DIST               | East Bay Municipal Utility District Water System Revenue                      | CUSIP: 271014U34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2616108.37   | 1.25%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAUGUS CA UNION SCH DIST SCH F              | Saugus Union School District School Facilities Improvement District No 2014-1 | CUSIP: 804237CD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1571936.92   | 0.75%             | 2037-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ST CENTER CA CMNTY CLG DIST                 | State Center Community College District                                       | CUSIP: 856597HL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1266857.76   | 0.61%             | 2039-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CA UNIF SCH DIST                  | Pittsburg Unified School District                                             | CUSIP: 724581YF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044138.57   | 0.50%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRENTWOOD CA INFRASTRUCTURE FI              | Brentwood Infrastructure Financing Authority                                  | CUSIP: 10727YBN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304792.21    | 0.15%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        43 | NC      | $-8881.39     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                        | CUSIP: 13080SW91<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079971.16   | 0.52%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST                  | San Diego Unified School District/CA                                          | CUSIP: 797356FS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1472086.24   | 0.71%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF              | California Municipal Finance Authority                                        | CUSIP: 130483JK7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2403370.42   | 1.15%             | 2029-10-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA                              | City of Los Angeles CA                                                        | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1546307.88   | 0.74%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VLY CLEAN ENERGY A              | San Joaquin Valley Clean Energy Authority                                     | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2860022.20   | 1.37%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| SIMI VLY CA PUBLIC FACS FING A              | Simi Valley Public Financing Authority                                        | CUSIP: 82863VAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200327.77    | 0.10%             | 2029-10-01      | Fixed         | 5.00%                 | 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        |  13697688 | NS      | $13697688.05  | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTELOPE VLY CA CMNTY CLG DIST              | Antelope Valley Community College District                                    | CUSIP: 03667PLQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1455699.46   | 0.70%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA M              | City & County of San Francisco CA                                             | CUSIP: 79765PDW0<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   3215647 | PA      | $2360262.49   | 1.13%             | 2039-07-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA                | City & County of San Francisco CA                                             | CUSIP: 797646L95<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1518906.39   | 0.73%             | 2033-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PANAMA-BUENA VISTA CA UNION SC              | Panama-Buena Vista Union School District/CA                                   | CUSIP: 698118LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1255596.02   | 0.60%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MET WTR DIST OF STHRN CA WTRWK              | Metropolitan Water District of Southern California                            | CUSIP: 59266TXR7<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2232106.17   | 1.07%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU              | Freddie Mac Multifamily ML Certificates                                       | CUSIP: 3137HASQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2482183 | PA      | $2054692.65   | 0.98%             | 2037-09-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA MUNI IMPT CORPL              | Municipal Improvement Corp of Los Angeles                                     | CUSIP: 544587G93<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513662.41    | 0.25%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES              | University of California                                                      | CUSIP: 91412HMA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2467795.52   | 1.18%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY MUNI CT              | California Housing Finance Agency                                             | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | MUN               | US        |    758596 | PA      | $742508.26    | 0.36%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA MUNI UTILITY DIS              | Sacramento Municipal Utility District                                         | CUSIP: 786005F52<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |    820000 | PA      | $910998.97    | 0.44%             | 2049-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PERALTA CA CMNTY CLG DIST                   | Peralta Community College District                                            | CUSIP: 713575YX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052465.59   | 0.50%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABAG CA FIN AUTH FOR NONPROFIT              | Abag Finance Authority for Nonprofit Corps                                    | CUSIP: 00037CWB2<br>LEI: 549300EWVCCTI6O2KU84 | Long             | DBT              | MUN               | US        |    645000 | PA      | $645998.36    | 0.31%             | 2026-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST                | Los Angeles Unified School District/CA                                        | CUSIP: 544647HA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046188.74   | 0.50%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORONADO CA CMNTY DEV AGY SUCC              | Coronado Community Development Agency Successor Agency                        | CUSIP: 21977AAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130216.97    | 0.06%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                               | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3645246.05   | 1.75%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                           | CUSIP: 13063DZ35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013611.15   | 0.49%             | 2046-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2229631.81   | 1.07%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                               | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2406144.23   | 1.15%             | 2056-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STOCKTON CA UNIF SCH DIST                   | Stockton Unified School District                                              | CUSIP: 861419H36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2533696.47   | 1.21%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                              | CUSIP: 13032UUP1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1053802.42   | 0.51%             | 2039-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CMNTY IMPT COMMISSI              | Alameda Community Improvement Commission Successor Agency                     | CUSIP: 010775AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100163.05    | 0.05%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE                  | California State University                                                   | CUSIP: 13077DSZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751741.39    | 0.36%             | 2051-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI              | Golden State Tobacco Securitization Corp                                      | CUSIP: 38122NB76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $554144.33    | 0.27%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CA UNION HIGH SCH DI              | Jefferson Union High School District                                          | CUSIP: 4724666K2<br>LEI: 549300S1EAFO90X8HQ88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042140.50   | 0.50%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                               | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2537651.71   | 1.22%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                     | Freddie Mac Multifamily ML Certificates                                       | CUSIP: 3137HAA97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1850951 | PA      | $1656303.18   | 0.79%             | 2035-11-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L              | California State Public Works Board                                           | CUSIP: 130685WB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1717690.58   | 0.82%             | 2034-10-01      | Fixed         | 8.36%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                           | CUSIP: 13063ELT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1475974.99   | 0.71%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY P              | City of San Francisco CA Public Utilities Commission Water Revenue            | CUSIP: 79771FFX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137045.67   | 0.55%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST                  | San Diego Unified School District/CA                                          | CUSIP: 797356JN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2442353.70   | 1.17%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CA HIGH SCH DIST STANI              | Modesto High School District                                                  | CUSIP: 607743MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042273.03   | 0.50%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY P              | City of San Francisco CA Public Utilities Commission Water Revenue            | CUSIP: 79771FLY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135420.61   | 0.54%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS              | Los Angeles County Public Works Financing Authority                           | CUSIP: 54473ENT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1957858.93   | 0.94%             | 2033-08-01      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| ONTARIO PUB FING AUTH LEASE RE              | Ontario Public Financing Authority                                            | CUSIP: 68304REG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035981.98   | 0.50%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA AREA FLOOD CONTR              | Sacramento Area Flood Control Agency                                          | CUSIP: 785840JQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4830000 | PA      | $4841445.97   | 2.32%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI              | Bay Area Toll Authority                                                       | CUSIP: 072024VM1<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    900000 | PA      | $893136.70    | 0.43%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES              | University of California                                                      | CUSIP: 91412HUU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1407371.28   | 0.67%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA RGTS MED              | Regents of the University of California Medical Center Pooled Revenue         | CUSIP: 913366KE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 2.40%             | 2045-05-15      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                           | CUSIP: 13063DFS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3756599.81   | 1.80%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                              | CUSIP: 13032UXH6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1751012.71   | 0.84%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM SPRINGS CA ARPT PASSENGER              | City of Palm Springs CA Passenger Facility Charge Revenue                     | CUSIP: 696653BG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400418.70    | 0.19%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALO ALTO CA UNIF SCH DIST                  | Palo Alto Unified School District                                             | CUSIP: 697379YR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $867799.53    | 0.42%             | 2042-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA PUBLIC FACS FING               | San Diego Public Facilities Financing Authority                               | CUSIP: 797299KD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2473115.96   | 1.19%             | 2044-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTNELL CA CMNTY CLG DIST                  | Hartnell Community College District/CA                                        | CUSIP: 417123GM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $810159.40    | 0.39%             | 2045-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CA ELEM SCH DIST STANI              | Modesto Elementary School District/Stanislaus County                          | CUSIP: 607735FF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1125654.87   | 0.54%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF              | California Municipal Finance Authority                                        | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    520000 | PA      | $548400.64    | 0.26%             | 2056-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU              | Freddie Mac Multifamily ML Certificates                                       | CUSIP: 3137H9JM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    130805 | PA      | $112436.24    | 0.05%             | 2036-07-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PERALTA CA CMNTY CLG DIST LTDO              | Peralta Community College District                                            | CUSIP: 713580BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330000.00    | 0.16%             | 2025-08-05      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| PERALTA CA CMNTY CLG DIST                   | Peralta Community College District                                            | CUSIP: 713575VY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.72%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L              | California State Public Works Board                                           | CUSIP: 130685C81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1958668.04   | 0.94%             | 2035-03-01      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                    | CUSIP: 544445FD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1248689.85   | 0.60%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA HSG AUTH                 | Sacramento County Housing Authority                                           | CUSIP: 786111FD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.86%             | 2031-05-15      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CA CMNTY CLG DI              | San Bernardino Community College District                                     | CUSIP: 796720QW3<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3215633.30   | 1.54%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HSG FIN AGY MF T              | California Housing Finance Agency                                             | CUSIP: 130331AA9<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | MUN               | US        |   2944249 | PA      | $2874425.86   | 1.38%             | 2033-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                               | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1430813.37   | 0.69%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN CA CMNTY CLG DIST                   | Southwestern Community College District                                       | CUSIP: 845389PU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2058705.47   | 0.99%             | 2041-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A              | City of Los Angeles Department of Airports                                    | CUSIP: 544445B99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133076.17   | 1.02%             | 2038-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                               | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1352097.07   | 0.65%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INGLEWOOD CA UNIF SCH DIST                  | Inglewood Unified School District                                             | CUSIP: 457110PH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2170492.10   | 1.04%             | 2043-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                               | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   6420000 | PA      | $6816343.11   | 3.27%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                           | CUSIP: 13063EHG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1972069.34   | 0.95%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES              | University of California                                                      | CUSIP: 91412HQW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1262528.32   | 0.61%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF              | California Municipal Finance Authority                                        | CUSIP: 130483EU0<br>LEI: 549300JZVUPNWP77SP29 | Long             | ABS-MBS          | MUN               | US        |   2451872 | PA      | $1848517.31   | 0.89%             | 2040-03-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO              | California Municipal Finance Authority                                        | CUSIP: 13048RAM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $764716.42    | 0.37%             | 2053-09-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| EL RANCHO CA UNIF SCH DIST                  | El Rancho Unified School District                                             | CUSIP: 283839F78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $770920.10    | 0.37%             | 2028-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                        | CUSIP: 13048T7L1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    325000 | PA      | $331880.26    | 0.16%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CMNTY IMPT COMMISSI              | Alameda Community Improvement Commission Successor Agency                     | CUSIP: 010775AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250327.45    | 0.12%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTNELL CA CMNTY CLG DIST                  | Hartnell Community College District/CA                                        | CUSIP: 417123EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $499172.83    | 0.24%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                         | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013772.58   | 0.49%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE                  | California State University                                                   | CUSIP: 13077DVU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2211131.74   | 1.06%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

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

**Signature:** Sandi Brents

**Name of Signer:** Sandi Brents

**Title:** Compliance Officer