# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0000940400-25-002826
**Filing Date:** 2025-9
**Character Count:** 34562
**Document Hash:** 47f27bfd48815079d226c0e8796cf05c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002826.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002826

**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:** 251348686

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

#### Payden

#### U.S.

#### Government

#### Fund

#### Schedule

#### of

#### Investments
*-* 

*July* 

*31,* 

*2025* 

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000) #### Asset

#### Backed

#### (1%)

730,609

Fannie

Mae

Grantor

Trust

2017-T1,

2.90%,

6/25/27

(Cost

-

$713)

$

709

#### Mortgage

#### Backed

#### (42%)

1,550,385

Fannie

Mae-Aces

2017-M15,

3.16%,

11/25/27 (a)

1,514

944,427

FH

841779

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.335%),

4.44%,

6/01/54 (b)

931

702,170

FH

8C0092

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.130%),

1.54%,

8/01/51 (b)

651

837,372

FH

8C0312

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.130%),

4.44%,

7/01/52 (b)

828

700,000

FHLMC

Multifamily

Structured

Pass-Through

Certificates

K058,

2.65%,

8/25/26

687

1,008,823

FHLMC

Multifamily

Structured

Pass-Through

Certificates

K061,

3.35%,

11/25/26 (a)

993

1,200,000

FHLMC

Multifamily

Structured

Pass-Through

Certificates

K505,

4.82%,

6/25/28

1,215

239,968

FHLMC

Multifamily

Structured

Pass-Through

Certificates

Q013,

6.39%,

5/25/50 (a)

204,060

FN

AS4186

15YR

,

2.50%,

1/01/30

132,361

FN

AS6443

15YR

,

3.00%,

12/01/30

227,788

FN

AS8013

15YR

,

2.50%,

9/01/31

255,161

FN

BM4153

15YR

,

3.00%,

6/01/33

1,153,639

FN

BM7166

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.346%),

5.14%,

3/01/53 (b)

1,165

379,756

FN

BP6814

ARM

,

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

1Year

+

1.610%),

2.29%,

5/01/50 (b)

706,213

FN

BR9966

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.610%),

1.92%,

5/01/51 (b)

638

717,592

FN

BV2462

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.130%),

3.78%,

6/01/52 (b)

698

911,180

FN

CB9937

ARM

,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.284%),

5.06%,

2/01/55 (b)

917

981,162

FN

FS2395

15YR

,

3.50%,

7/01/37

945

956,774

FN

MA4694

15YR

,

3.50%,

8/01/37

917

1,482,247

FN

MA4869

30YR

,

5.50%,

1/01/53

1,480

786,456

FN

MA5072

30YR

,

5.50%,

7/01/53

784

710,338

FN

MA5110

15YR

,

5.00%,

8/01/38

713

500,000

FNCI

,

5.00%,

8/15/4015YR

TBA (c)

501

538,940

FNR

2024-21

DA

2024-21,

5.50%,

12/25/46

540

52,971

FNR

FA

2002-10,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.864%),

5.21%,

2/25/32 (b)

563,371

FR

SB8192

15YR

,

5.00%,

10/01/37

566

Principal

or

Shares

Security

Description

Value

(000) 1,290,629

FR

SB8206

15YR

,

5.00%,

1/01/38

$

1,296

799,343

FR

SD8308

30YR

,

5.50%,

3/01/53

797

1,426,286

FR

SD8452

30YR

,

5.00%,

8/01/54

1,389

1,096,468

FR

SD8461

30YR

,

5.00%,

9/01/54

1,069

546,613

Freddie

Mac

REMICS

5451,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.100%),

5.45%,

9/25/54 (b)

547

759,806

FRESB

Mortgage

Trust

2021-SB83,

0.63%,

1/25/26 (a)

748

740,342

FRESB

Mortgage

Trust

2017-SB38,

2.92%,

8/25/27 (a)

718

704,874

FRESB

Mortgage

Trust

2018-SB56,

3.69%,

10/25/28 (a)

692

661,189

FRESB

Mortgage

Trust

2019-SB59,

3.47%,

1/25/29 (a)

642

839,737

FRESB

Mortgage

Trust

2020-SB79,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.000%),

3.56%,

7/25/40 (b)

832

203,426

G2

778200

,

4.00%,

2/20/32

169,737

G2

778203

,

4.75%,

2/20/32

517,896

G2

AD0857

,

3.75%,

9/20/33

504

208,000

G2

AY5132

,

3.25%,

7/20/37

422,580

G2

AY5138

,

3.25%,

12/20/37

208,622

GN

728153

,

5.50%,

10/15/29

68,052

GNR

ST

2014-79,

33.00%,

7/20/29 (a)(d)

#### Total

#### Mortgage

#### Backed

#### (Cost

#### -

#### $30,009)

#### 28,528

#### U.S.

#### Treasury

#### (55%)

3,000,000

U.S.

Treasury

Note

,

3.63%,

5/15/26

2,987

6,000,000

U.S.

Treasury

Note

,

4.38%,

12/15/26

6,025

7,700,000

U.S.

Treasury

Note

,

4.00%,

1/15/27

7,695

5,500,000

U.S.

Treasury

Note

,

3.25%,

6/30/27

5,430

6,000,000

U.S.

Treasury

Note

,

3.75%,

8/15/27

5,979

2,500,000

U.S.

Treasury

Note

,

4.13%,

10/31/27

2,511

6,000,000

U.S.

Treasury

Note

,

4.00%,

2/29/28

6,016

#### Total

#### U.S.

#### Treasury

#### (Cost

#### -

#### $36,596)

#### 36,643

#### Investment

#### Company

#### (2%)

1,083,121

Payden

Cash

Reserves

Money

Market

Fund \*

#### (Cost

#### -

#### $1,083)
1,083

#### Purchase

#### Options (0%)

#### Total

#### Purchase

#### Options

#### (Cost

#### -

#### $15)

#### 11

#### Total

#### Investments

#### (Cost

#### -

#### $68,416)

#### (100%)
66,974

#### Other

#### Assets,

#### net

#### of

#### Liabilities

#### (0%)

#### Net

#### Assets

#### (100%)

#### $

#### 67,012
\*

Affiliated

investment.

(a) Variable

rate

security.

Interest

rate

disclosed

is

as

of

the

most

recent

information

available.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

above.

(b) Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

July

31,

2025. (c) Security

was

purchased

on

a

delayed

delivery

basis.

(d) Yield

to

maturity

at

time

of

purchase.

#### Payden

#### Mutual

#### Funds

#### Payden

#### U.S.

#### Government

#### Fund
*continued*

#### Open

#### Futures

#### Contracts
Contract

Type

Number

of

Contracts

Expiration

Date

Notional

Amount

(000s)

Current

Value

(000s)

Unrealized

Appreciation

(Depreciation)

(000s)

#### Long

#### Contracts:
U.S.

Treasury

10-Year

Note

Future

$

1,111

$

$

U.S.

Treasury

2-Year

Note

Future

8,279

(16) (16) U.S.

Treasury

5-Year

Note

Future

12,115

a

a

#### Short

#### Contracts:
U.S.

Ultra

Bond

Future

(1,056)

(29) (29) a

a

#### Total

#### Futures
$28

#### Purchase

#### Options

#### Description

#### Number

#### of

#### Contracts

#### Notional

#### Amount
(000s)

#### Exercise

#### Price

#### Maturity

#### Date

#### Value
(000s)

#### Call/Put

#### Exchange

#### Traded

#### Options

#### Purchase

#### -

#### 0.0%
U.S.

10YR

Note

$

1,125

$

09/26/2025

$11

Call

#### Open

#### Centrally

#### Cleared

#### Interest

#### Rate

#### Swap

#### Contracts
Description

Maturity

Date

Notional

Amount

(000s)

Value

(000s)

Upfront

payments/

receipts

(000s)

Unrealized

Depreciation

(000s)

4-Year

SOFR,

Receive

Variable

4.360%

(SOFRRATE)

Annually,

Pay

Fixed

3.620%

Annually

11/30/2029

$4,308

$(11)

$–

$(11)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90071

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $67794102.07

**Total Liabilities:** $810956.75

**Net Assets:** $66983145.32

**Stand-by Commitments:** $501063.37

**Cash Not Reported:** $350000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 175.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1470.00000000 | **10-Year:** 396.00000000 | **30-Year:** 7882.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 32.00000000 | **5-Year:** -1736.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032183 | -0.21%               | 0.84%                | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7082.84                 | $-364142.78                                |
| Month 2  | $480.21                  | $266999.17                                 |
| Month 3  | $326.53                  | $-270355.81                                |

**Designated Index Information**

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

- **Index Identifier:** ML1-5YR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31418EVC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    710338 | PA      | $713252.26    | 1.06%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138WDUL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    204060 | PA      | $197232.05    | 0.29%             | 2030-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                     | Fannie Mae Grantor Trust 2017-T1                             | CUSIP: 3136AV6R5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    730609 | PA      | $709612.52    | 1.06%             | 2027-06-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FWGH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    239968 | PA      | $239896.95    | 0.36%             | 2050-05-25      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas              | FRESB 2017-SB38 Mortgage Trust                               | CUSIP: 30305LAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    740342 | PA      | $718097.72    | 1.07%             | 2027-08-25      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31418EGC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    956774 | PA      | $917362.41    | 1.37%             | 2037-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132DWGR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    799343 | PA      | $797455.50    | 1.19%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5430175.80   | 8.11%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas              | FRESB 2019-SB59 Mortgage Trust                               | CUSIP: 302970AG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    661189 | PA      | $641583.49    | 0.96%             | 2029-01-25      | Variable      | 3.47%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       112 | NC      | $59226.40     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 3142BAKZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    837372 | PA      | $827927.16    | 1.24%             | 2052-07-01      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-11042.77    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas              | FRESB 2021-SB83 Mortgage Trust                               | CUSIP: 30318NAA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    759806 | PA      | $747688.54    | 1.12%             | 2026-01-25      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2510986.33   | 3.75%             | 2027-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA BOND CBT                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -9 | NC      | $-29281.23    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31418EMT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1482247 | PA      | $1479587.91   | 2.21%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                            | CUSIP: 3136BRUU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    538940 | PA      | $540023.15    | 0.81%             | 2046-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137BTUM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1008823 | PA      | $992837.00    | 1.48%             | 2026-11-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140JB6C5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1153639 | PA      | $1165309.41   | 1.74%             | 2053-03-01      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137HACX2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1200000 | PA      | $1214691.84   | 1.81%             | 2028-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137BSP72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $687033.13    | 1.03%             | 2026-08-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CJP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $6025195.32   | 9.00%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 31288Q6Q8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    944427 | PA      | $930678.52    | 1.39%             | 2054-06-01      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CHB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2986764.84   | 4.46%             | 2026-05-15      | Fixed         | 3.62%                 | 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        |   1118308 | NS      | $1118308.31   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                              | CUSIP: 3136AY6U2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1550385 | PA      | $1513567.38   | 2.26%             | 2027-11-25      | Variable      | 3.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                           | CUSIP: 3137HFL60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    546613 | PA      | $547320.25    | 0.82%             | 2054-09-25      | Floating      | 5.45%                 | 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        |        40 | NC      | $-15449.28    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132DWMJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1096468 | PA      | $1069155.24   | 1.60%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140L9CC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    706213 | PA      | $637707.99    | 0.95%             | 2051-05-01      | Floating      | 1.92%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36176WKM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    203426 | PA      | $200205.28    | 0.30%             | 2032-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132D6DK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1290629 | PA      | $1296473.37   | 1.94%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        10 | NC      | $13903.34     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140MFWY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    717592 | PA      | $698466.41    | 1.04%             | 2052-06-01      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140QWBF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    911180 | PA      | $916841.20    | 1.37%             | 2055-02-01      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                            | CUSIP: 3620AE5N6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    208622 | PA      | $210769.51    | 0.31%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138WH3X8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    227788 | PA      | $218435.21    | 0.33%             | 2031-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36196UV73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    422580 | PA      | $398251.52    | 0.59%             | 2037-12-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3138WGER1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132361 | PA      | $128494.12    | 0.19%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas              | FRESB 2018-SB56 Mortgage Trust                               | CUSIP: 302966AL0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    704874 | PA      | $691826.59    | 1.03%             | 2028-10-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | 10 YEAR U.S. TREASURY NOTE                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        36 | NC      | $11250.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                    | CUSIP: 01F050486<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $501423.56    | 0.75%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36196UVZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    208000 | PA      | $196169.96    | 0.29%             | 2037-07-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132DWL92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1426286 | PA      | $1389285.33   | 2.07%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                    | CUSIP: 3142BAC59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    702170 | PA      | $650483.32    | 0.97%             | 2051-08-01      | Floating      | 1.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132D6C57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    563371 | PA      | $565922.82    | 0.84%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140KESC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    379756 | PA      | $351253.91    | 0.52%             | 2050-05-01      | Floating      | 2.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140XHUV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    981162 | PA      | $944761.93    | 1.41%             | 2037-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36180B5S6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    517896 | PA      | $503522.36    | 0.75%             | 2033-09-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36176WKQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    169737 | PA      | $170067.44    | 0.25%             | 2032-02-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $6016054.68   | 8.98%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                            | CUSIP: 31392B5T9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52970 | PA      | $53127.68     | 0.08%             | 2032-02-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    786456 | PA      | $783971.55    | 1.17%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7700000 | PA      | $7695037.12   | 11.49%            | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140J8TK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    255161 | PA      | $246932.21    | 0.37%             | 2033-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas              | FRESB 2020-SB79 Mortgage Trust                               | CUSIP: 30316VAC1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    839737 | PA      | $831669.51    | 1.24%             | 2040-07-25      | Floating      | 3.56%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                     | CUSIP: 38379B3Q9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     68052 | PA      | $1037.63      | 0.00%             | 2029-07-20      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5978437.50   | 8.93%             | 2027-08-15      | Fixed         | 3.75%                 | 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