# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0000940400-25-013937
**Filing Date:** 2025-12
**Character Count:** 65707
**Document Hash:** bfc3a99463a9ffd0802b987b6b13232d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-013937.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0000940400-25-013937

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**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:** 251587218

**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:** 2025-10-31

**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:** $263843830.13

**Total Liabilities:** $8715505.35

**Net Assets:** $255128324.78

**Delayed Delivery Securities:** $4857081.75

**Cash Not Reported:** $44497.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 4.00000000 | **5-Year:** 2719.00000000 | **10-Year:** 15827.00000000 | **30-Year:** 137769.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 951.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032185 | 1.03%                | 1.93%                | 1.00%                |
| Class ID C000248242 | 1.02%                | 1.93%                | 0.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $218808.04               | $1354392.32                                |
| Month 2  | $63056.63                | $3487666.01                                |
| Month 3  | $-562409.01              | $2406704.68                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA ST                          | State of California                                                           | CUSIP: 13063EMU7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   3065000 | PA      | $3623239.36   | 1.42%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO         | California Municipal Finance Authority                                        | CUSIP: 13048RAS6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983374.71    | 0.39%             | 2050-09-01      | Variable      | 3.38%                 | 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      | $350505.03    | 0.14%             | 2035-10-01      | 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      | $911087.72    | 0.36%             | 2042-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L         | California State Public Works Board                                           | CUSIP: 13068XQX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2935000 | PA      | $3294400.68   | 1.29%             | 2030-11-01      | 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   | 0.41%             | 2030-12-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                          | State of California                                                           | CUSIP: 13063ELV6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1985031.59   | 0.78%             | 2032-03-01      | 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        |   1500000 | PA      | $1500000.00   | 0.59%             | 2045-05-15      | Variable      | 3.18%                 | 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      | $1438169.14   | 0.56%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INGLEWOOD CA UNIF SCH DIST             | Inglewood Unified School District                                             | CUSIP: 457110PB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1563571.14   | 0.61%             | 2037-08-01      | Fixed         | 5.50%                 | 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      | $510090.94    | 0.20%             | 2031-11-01      | 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      | $1663610.45   | 0.65%             | 2050-08-01      | Fixed         | 5.00%                 | 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      | $566080.86    | 0.22%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A         | California Community Choice Financing Authority                               | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2062917.29   | 0.81%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| OXNARD CA SCH DIST COPS                | Oxnard School District                                                        | CUSIP: 692021BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $232325.46    | 0.09%             | 2045-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A         | California Community Choice Financing Authority                               | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3505165.27   | 1.37%             | 2055-12-01      | Variable      | 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        |   2443437 | PA      | $2023400.32   | 0.79%             | 2040-03-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                          | State of California                                                           | CUSIP: 13063DZ35<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047199.86   | 0.41%             | 2046-12-01      | Fixed         | 4.85%                 | 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      | $545933.30    | 0.21%             | 2036-08-01      | None          | 0.00%                 | 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      | $2540840.67   | 1.00%             | 2055-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE             | California State University                                                   | CUSIP: 13077DSZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750114.50    | 0.29%             | 2051-11-01      | Variable      | 3.12%                 | 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      | $779597.41    | 0.31%             | 2028-08-01      | None          | 0.00%                 | 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      | $1912547.99   | 0.75%             | 2035-03-01      | Fixed         | 7.80%                 | 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      | $1558302.15   | 0.61%             | 2042-07-01      | 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        |   4753322 | NS      | $4753321.58   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGREEN CA ELEM SCH DIST             | Evergreen School District                                                     | CUSIP: 300189FC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1278247.87   | 0.50%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT         | California Educational Facilities Authority                                   | CUSIP: 130178VU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1340691.13   | 0.53%             | 2040-04-01      | Fixed         | 5.25%                 | 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      | $1026353.66   | 0.40%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &         | California Infrastructure & Economic Development Bank                         | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007381.59   | 0.39%             | 2029-08-01      | Fixed         | 3.25%                 | 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      | $549995.45    | 0.22%             | 2056-06-01      | Variable      | 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      | $1461267.97   | 0.57%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A         | California Community Choice Financing Authority                               | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1238366.72   | 0.49%             | 2056-10-01      | Variable      | 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      | $3709910.81   | 1.45%             | 2055-01-01      | Variable      | 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        |   1600000 | PA      | $1600000.00   | 0.63%             | 2031-05-15      | Variable      | 3.28%                 | 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        |    960959 | PA      | $740479.70    | 0.29%             | 2038-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA PUBLIC FIN AUTH LEA         | Fontana Public Facilities Financing Authority                                 | CUSIP: 34461BCG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $713416.96    | 0.28%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBL         | California Housing Finance Agency                                             | CUSIP: 13034DBK9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    800000 | PA      | $798969.54    | 0.31%             | 2047-05-01      | Variable      | 2.90%                 | 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      | $1341481.75   | 0.53%             | 2042-05-15      | Fixed         | 5.00%                 | 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      | $2090312.81   | 0.82%             | 2043-12-01      | Fixed         | 5.00%                 | 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      | $2627891.92   | 1.03%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A         | California Community Choice Financing Authority                               | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1609854.12   | 0.63%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HSG AUTH MF HSG         | Los Angeles Housing Authority                                                 | CUSIP: 544562CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2195098.66   | 0.86%             | 2034-04-01      | Fixed         | 3.75%                 | 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      | $2599964.33   | 1.02%             | 2052-02-01      | Variable      | 4.00%                 | 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      | $2544625.69   | 1.00%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                          | State of California                                                           | CUSIP: 13063DZW1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2227144.17   | 0.87%             | 2035-12-01      | 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      | $1226727.98   | 0.48%             | 2039-11-01      | Fixed         | 5.00%                 | 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      | $906160.12    | 0.36%             | 2049-08-15      | Variable      | 5.00%                 | 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      | $1184459.08   | 0.46%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HARBOR DEPT             | Port of Los Angeles                                                           | CUSIP: 544552D66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123012.16   | 0.44%             | 2041-08-01      | 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      | $550116.07    | 0.22%             | 2032-10-15      | 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      | $709599.78    | 0.28%             | 2049-11-15      | 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      | $1104029.69   | 0.43%             | 2043-07-01      | Fixed         | 5.00%                 | 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      | $6948327.52   | 2.72%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                          | United States Treasury Bill                                                   | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1569177.60   | 0.62%             | 2026-05-14      | None          | 0.00%                 | 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      | $401122.50    | 0.16%             | 2026-06-01      | Fixed         | 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      | $100181.40    | 0.04%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE             | California State University                                                   | CUSIP: 13077DVU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2372662.20   | 0.93%             | 2037-11-01      | Fixed         | 5.00%                 | 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      | $1174358.28   | 0.46%             | 2045-08-01      | Fixed         | 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        |   3000000 | PA      | $3450272.14   | 1.35%             | 2043-08-01      | Fixed         | 5.50%                 | 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      | $1685109.21   | 0.66%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA HSG AUTH MF HSG R         | San Diego Housing Authority Inc                                               | CUSIP: 79728FLL3<br>LEI: 549300X9H1ODNOOT1Q87 | Long             | DBT              | MUN               | US        |   2805000 | PA      | $2816036.64   | 1.10%             | 2040-06-01      | Fixed         | 4.20%                 | 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      | $1046089.25   | 0.41%             | 2039-10-01      | Variable      | 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        |   1013551 | PA      | $1034270.50   | 0.41%             | 2035-03-25      | Fixed         | 3.75%                 | 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      | $2801422.48   | 1.10%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L         | California State Public Works Board                                           | CUSIP: 13068XCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $2000473.46   | 0.78%             | 2036-08-01      | 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        |   1655000 | PA      | $1837823.13   | 0.72%             | 2033-08-01      | Fixed         | 7.49%                 | 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      | $2961514.19   | 1.16%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PERALTA CA CMNTY CLG DIST              | Peralta Community College District                                            | CUSIP: 713575YX0<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095144.81   | 0.43%             | 2045-08-01      | 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      | $101518.42    | 0.04%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond                                              | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1492000 | PA      | $1522655.94   | 0.60%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | 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      | $1561362.99   | 0.61%             | 2044-08-01      | 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      | $446696.18    | 0.18%             | 2032-08-15      | 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      | $4887569.98   | 1.92%             | 2047-10-01      | 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      | $500847.89    | 0.20%             | 2031-12-01      | Fixed         | 5.00%                 | 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      | $2492532.98   | 0.98%             | 2056-03-01      | Variable      | 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      | $1742078.48   | 0.68%             | 2039-07-01      | Fixed         | 5.00%                 | 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      | $1504719.68   | 0.59%             | 2045-05-15      | Fixed         | 5.00%                 | 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      | $1295660.77   | 0.51%             | 2035-08-01      | Fixed         | 3.00%                 | 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      | $8939547.93   | 3.50%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A         | California Community Choice Financing Authority                               | CUSIP: 13013JHH2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2923022.21   | 1.15%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT         | California Statewide Communities Development Authority                        | CUSIP: 13080SW91<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113224.18   | 0.44%             | 2039-11-01      | Fixed         | 5.00%                 | 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      | $1106850.13   | 0.43%             | 2043-08-01      | 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        |   1550000 | PA      | $1636110.90   | 0.64%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                | Freddie Mac Multifamily ML Certificates                                       | CUSIP: 3137H9JM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1591494 | PA      | $1496286.25   | 0.59%             | 2036-07-25      | Fixed         | 2.88%                 | 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        |     45000 | PA      | $45044.84     | 0.02%             | 2033-09-01      | 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      | $1148493.18   | 0.45%             | 2043-08-01      | 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      | $1004568.56   | 0.39%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                          | State of California                                                           | CUSIP: 13063ELU8<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $3099279.45   | 1.21%             | 2031-03-01      | 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        |   3200182 | PA      | $2528581.06   | 0.99%             | 2039-07-01      | Fixed         | 2.55%                 | 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      | $330277.88    | 0.13%             | 2037-05-15      | Fixed         | 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      | $2242036.72   | 0.88%             | 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: 544445FD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1250915.22   | 0.49%             | 2033-05-15      | 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      | $2584124.69   | 1.01%             | 2039-05-15      | Fixed         | 5.00%                 | 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      | $1095784.91   | 0.43%             | 2044-11-01      | Fixed         | 5.00%                 | 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      | $1318562.53   | 0.52%             | 2056-01-01      | Variable      | 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      | $1043212.81   | 0.41%             | 2036-12-01      | 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      | $4615528.79   | 1.81%             | 2048-04-01      | 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        |   1300000 | PA      | $1396040.63   | 0.55%             | 2054-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBL         | California Housing Finance Agency                                             | CUSIP: 13034DAM6<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1505301.85   | 0.59%             | 2040-07-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond                                              | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5900000 | PA      | $5944941.42   | 2.33%             | 2030-07-31      | Fixed         | 3.88%                 | 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      | $1089385.38   | 0.43%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA HSG & PUBLIC IMPT A         | Anaheim Housing & Public Improvements Authority                               | CUSIP: 032556QS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1897896.42   | 0.74%             | 2043-10-01      | 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      | $513773.77    | 0.20%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT SAN ANTONIO CA CMNTY CLG         | Mt San Antonio Community College District                                     | CUSIP: 623040QE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122751.24   | 0.44%             | 2042-08-01      | Fixed         | 5.00%                 | 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      | $774653.43    | 0.30%             | 2053-09-01      | Variable      | 4.38%                 | 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      | $2412229.98   | 0.95%             | 2029-10-01      | Variable      | 3.00%                 | 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        |    175000 | PA      | $175298.31    | 0.07%             | 2026-09-02      | Fixed         | 5.00%                 | 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      | $2470447.56   | 0.97%             | 2044-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                          | State of California                                                           | CUSIP: 13063C5D8<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3758456.96   | 1.47%             | 2046-08-01      | Fixed         | 5.00%                 | 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      | $1380495.12   | 0.54%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA PUBLIC FACS FING          | San Diego Public Facilities Financing Authority                               | CUSIP: 797299RR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1763170.17   | 0.69%             | 2038-10-15      | 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      | $1382164.12   | 0.54%             | 2054-05-01      | Variable      | 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      | $315224.99    | 0.12%             | 2036-10-01      | Fixed         | 4.00%                 | 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        |    475000 | PA      | $394002.95    | 0.15%             | 2044-08-01      | 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      | $1382835.85   | 0.54%             | 2039-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH          | California Earthquake Authority                                               | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |    255000 | PA      | $258254.78    | 0.10%             | 2027-07-01      | Fixed         | 5.60%                 | 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      | $200360.78    | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | 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      | $1581668.46   | 0.62%             | 2033-06-15      | Fixed         | 3.00%                 | 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      | $1765898.90   | 0.69%             | 2046-11-15      | 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      | $1020376.94   | 0.40%             | 2040-08-01      | Fixed         | 3.00%                 | 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      | $1709050.44   | 0.67%             | 2037-08-01      | Fixed         | 3.00%                 | 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      | $1747482.84   | 0.68%             | 2034-10-01      | Fixed         | 8.36%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                          | State of California                                                           | CUSIP: 13063DFS2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3777382.28   | 1.48%             | 2047-10-01      | 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        |   2928959 | PA      | $3050694.04   | 1.20%             | 2033-12-01      | Fixed         | 3.75%                 | 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      | $2261583.10   | 0.89%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                | Freddie Mac Multifamily ML Certificates                                       | CUSIP: 3137HAA97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1842260 | PA      | $1684237.12   | 0.66%             | 2035-11-25      | Fixed         | 2.75%                 | 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        |   2473124 | PA      | $2103163.33   | 0.82%             | 2037-09-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PERALTA CA CMNTY CLG DIST LTDO         | Peralta Community College District                                            | CUSIP: 713580BN7<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1725000.00   | 0.68%             | 2031-08-05      | Variable      | 4.10%                 | 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      | $2785511.40   | 1.09%             | 2040-07-01      | 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      | $1087368.77   | 0.43%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L         | California State Public Works Board                                           | CUSIP: 13068XMG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1939351.21   | 0.76%             | 2039-09-01      | 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      | $1044670.87   | 0.41%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST             | Riverside Unified School District                                             | CUSIP: 769059G83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1319897.55   | 0.52%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                          | State of California                                                           | CUSIP: 13063EHG4<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $2039323.94   | 0.80%             | 2034-08-01      | 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      | $1496937.96   | 0.59%             | 2040-05-15      | Fixed         | 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      | $2672009.17   | 1.05%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA VLY CA TRANSPRTN A         | Santa Clara Valley Transportation Authority                                   | CUSIP: 80168NJW0<br>LEI: 549300R6Q7T4MD3V9H68 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.98%             | 2055-06-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE             | California State University                                                   | CUSIP: 13077DEW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1148919.54   | 0.45%             | 2039-11-01      | Fixed         | 5.00%                 | 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      | $3387981.75   | 1.33%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS         | Los Angeles County Public Works Financing Authority                           | CUSIP: 54473EZH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2807299.80   | 1.10%             | 2042-12-01      | 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      | $915383.14    | 0.36%             | 2045-08-01      | Fixed         | 3.00%                 | 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        |   1100000 | PA      | $1115540.67   | 0.44%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS         | Los Angeles County Public Works Financing Authority                           | CUSIP: 54473EXL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5570000 | PA      | $6066254.91   | 2.38%             | 2041-12-01      | Fixed         | 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      | $816689.28    | 0.32%             | 2040-08-01      | 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      | $250383.51    | 0.10%             | 2032-09-01      | Fixed         | 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      | $1321706.88   | 0.52%             | 2040-08-01      | 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      | $2213118.90   | 0.87%             | 2038-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-19

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

**Signature:** Sandi Brents

**Name of Signer:** Sandi Brents

**Title:** Compliance Officer