NPORT-EX 2 PR21PR013124.htm
Payden
Strategic
Income
Fund
1
Schedule
of
Investments
-
January
31,
2024
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Asset
Backed
(12%
)
380,515
ACRES
Commercial
Realty
Ltd.
2021-FL1
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.314%),
6.65%,
6/15/36 (a)(b)
$
373‌
212,300
Arbys
Funding
LLC
2020-1A
144A,
3.24%,
7/30/50 (b)
196‌
1,000,000
BDS
Ltd.
2021-FL7
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.464%),
7.80%,
6/16/36 (a)(b)
959‌
700,000
Blackrock
European
CLO
VII
DAC
7A
144A,
(3
mo.
EURIBOR
+
1.300%),
5.24%,
10/15/31
EUR (a)(b)(c)
739‌
600,000
BRSP
Ltd.
2021-FL1
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.814%),
8.15%,
8/19/38 (a)(b)
533‌
230,000
CARS-DB4
LP
2020-1A
144A,
4.17%,
2/15/50 (b)
221‌
360,000
CARS-DB4
LP
2020-1A
144A,
4.95%,
2/15/50 (b)
305‌
600,000
CIFC
European
Funding
CLO
II
DAC
2A
144A,
(3
mo.
EURIBOR
+
0.900%),
4.84%,
4/15/33
EUR (a)(b)(c)
641‌
780,688
CIFC
Funding
Ltd.
2018-3A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.362%),
6.66%,
7/18/31 (a)(b)
781‌
675,000
Cologix
Canadian
Issuer
LP
2022-1CAN
144A,
4.94%,
1/25/52
CAD (b)(c)
466‌
1,167,650
Driven
Brands
Funding  LLC
2020-1A
144A,
3.79%,
7/20/50 (b)
1,091‌
655,470
Dryden
CLO
Ltd.
2018-55A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.282%),
6.60%,
4/15/31 (a)(b)
655‌
400,000
Dryden
XXVI
Senior
Loan
Fund
2013-26A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
5.802%),
11.12%,
4/15/29 (a)(b)
373‌
1,050,000
FS
RIALTO
2021-FL2
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.164%),
7.50%,
5/16/38 (a)(b)
1,001‌
504,055
JPMorgan
Chase
Bank
N.A.-CACLN
2020-2
144A,
31.36%,
2/25/28 (b)
564‌
83,313
JPMorgan
Chase
Bank
N.A.-CACLN
2021-2
144A,
2.28%,
12/26/28 (b)
82‌
123,049
JPMorgan
Chase
Bank
N.A.-CACLN
2021-3
144A,
2.10%,
2/26/29 (b)
119‌
1
Juniper
Receivables
2021-2
DAC
Holding
Class
R-1
Notes
,
0.00%,
2/15/29 
328‌
369,507
Man
GLG
Euro
CLO
VI
DAC
6A
144A,
(3
mo.
EURIBOR
+
0.810%),
4.75%,
10/15/32
EUR (a)(b)(c)
396‌
250,000
Montmartre
Euro
CLO
DAC
2020-2A
144A,
(3
mo.
EURIBOR
+
0.960%),
4.90%,
7/15/34
EUR (a)(b)(c)
266‌
1,200,000
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
2019-33A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.342%),
6.66%,
10/16/33 (a)(b)
1,201‌
500,000
Neuberger
Berman
Loan
Advisers
Euro
CLO
DAC
2021-2A
144A,
(3
mo.
EURIBOR
+
1.030%),
4.97%,
4/15/34
EUR (a)(b)(c)
534‌
942,148
OHA
Loan
Funding
Ltd.
2013-1A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.352%),
6.67%,
7/23/31 (a)(b)
942‌
Principal
or
Shares
Security
Description
Value
(000)
500,000
OneMain
Financial
Issuance
Trust
2022-2A
144A,
4.89%,
10/14/34 (b)
$
497‌
803,067
Palmer
Square
CLO
Ltd.
2014-1A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.392%),
6.71%,
1/17/31 (a)(b)
805‌
708,639
Palmer
Square
CLO
Ltd.
2018-2A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.362%),
6.68%,
7/16/31 (a)(b)
710‌
393,600
Planet
Fitness
Master
Issuer
LLC
2019-1A
144A,
3.86%,
12/05/49 (b)
355‌
751,500
Rockford
Tower
CLO
Ltd.
2018-2A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.422%),
6.74%,
10/20/31 (a)(b)
753‌
600,000
RR
Ltd.
2022-24A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.730%),
7.08%,
1/15/36 (a)(b)
603‌
236,821
Santander
Bank
Auto
Credit-Linked
Notes
2022-
A
144A,
5.28%,
5/15/32 (b)
235‌
82,579
Santander
Bank
Auto
Credit-Linked
Notes
2022-
B
144A,
6.79%,
8/16/32 (b)
83‌
186,290
Santander
Bank
Auto
Credit-Linked
Notes
2023-
A
144A,
10.07%,
6/15/33 (b)
188‌
600,000
Santander
Bank
Auto
Credit-Linked
Notes
2023-
B
144A,
8.41%,
12/15/33 (b)
604‌
82,975
Santander
Bank
N.A.-SBCLN
2021-1A
144A,
1.83%,
12/15/31 (b)
81‌
2,327
Santander
Drive
Auto
Receivables
Trust
2023-S1
144A,
0.00%,
4/18/28 (b)
411‌
600,000
Sculptor
European
CLO
V
DAC
5A
144A,
(3
mo.
EURIBOR
+
1.750%),
5.69%,
1/14/32
EUR (a)(b)(c)
646‌
450,000
Symphony
CLO
XXIV
Ltd.
2020-24A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.512%),
7.83%,
1/23/32 (a)(b)
450‌
875,000
THL
Credit
Wind
River
CLO
Ltd.
2019-3A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.342%),
6.66%,
7/15/31 (a)(b)
876‌
850,000
TierPoint
Issuer
LLC
2023-1A
144A,
6.00%,
6/25/53 (b)
828‌
300,000
Voya
Euro
CLO
III
DAC
3A
144A,
(3
mo.
EURIBOR
+
0.920%),
4.86%,
4/15/33
EUR (a)
(b)(c)
320‌
643,500
Zaxby's
Funding
LLC
2021-1A
144A,
3.24%,
7/30/51 (b)
567‌
Total
Asset
Backed
(Cost
-
$23,000)
21,778‌
Bank
Loans(d)
(3%
)
645,100
Asurion
LLC
Term
Loan
B10
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%),
9.43%,
8/19/28 
638‌
548,590
Frontier
Communications
Corp.
Term
Loan
B-EXIT
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.750%),
9.20%,
10/08/27 
543‌
550,000
Ineos
U.S.
Petrochem
LLC
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.250%),
9.68%,
3/09/29 
548‌
438,188
MIC
Glen
LLC
Term
Loan
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.250%),
8.70%,
7/21/28 
437‌
560,000
MIC
Glen
LLC
Term
Loan
2L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
6.750%),
12.18%,
7/20/29 
553‌
2
Payden
Mutual
Funds
Payden
Strategic
Income
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
650,976
Numericable
U.S.
LLC
Term
Loan
B14-EXT
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
4.500%),
10.81%,
8/15/28 
$
593‌
350,000
Pegasus
Bidco
Bv
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.750%),
4.25%,
7/12/29 
351‌
465,188
Standard
Industries
Inc.
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.250%),
7.70%,
9/22/28 
466‌
754,002
Tacala
Investment
Corp.
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
4.250%),
9.47%,
2/05/27 
756‌
550,000
Verde
Purchaser
LLC
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
4.000%),
10.35%,
11/17/30 
539‌
Total
Bank
Loans
(Cost
-
$5,426)
5,424‌
Corporate
Bond
(36%
)
Financial  (16%)
675,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
2.45%,
10/29/26 
626‌
145,000
Air
Lease
Corp.
,
2.30%,
2/01/25 
140‌
450,000
Ally
Financial
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.820%),
6.85%,
1/03/30 (a)
465‌
700,000
American
Express
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.930%),
5.63%,
7/28/34 (a)
719‌
560,000
American
Tower
Corp.
,
3.95%,
3/15/29 
536‌
725,000
AmFam
Holdings
Inc.
144A,
2.81%,
3/11/31 (b)
558‌
925,000
Banco
Bilbao
Vizcaya
Argentaria
SA
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.700%),
6.14%,
9/14/28 (a)
947‌
400,000
Banco
Santander
SA
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.900%),
1.72%,
9/14/27 (a)
363‌
500,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.290%),
5.08%,
1/20/27 (a)
500‌
700,000
Bank
of
Nova
Scotia
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.017%),
8.00%,
1/27/84 (a)
713‌
450,000
Barclays
PLC
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.210%),
5.83%,
5/09/27 (a)
454‌
325,000
Blackstone
Private
Credit
Fund
,
4.70%,
3/24/25 
321‌
625,000
Blackstone
Secured
Lending
Fund
,
2.75%,
9/16/26 
577‌
345,000
Blue
Owl
Capital
Corp.
,
3.75%,
7/22/25 
333‌
250,000
BNP
Paribas
SA
144A,
(U.S.
Secured
Overnight
Financing
Rate
+
2.074%),
2.22%,
6/09/26 (a)
(b)
240‌
275,000
Capital
One
Financial
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
3.070%),
7.62%,
10/30/31 (a)
304‌
375,000
Charles
Schwab
Corp.
G,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.971%),
5.38% (a)(e)
371‌
500,000
Citigroup
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.546%),
5.61%,
9/29/26 (a)
504‌
900,000
Corebridge
Financial
Inc.
,
3.90%,
4/05/32 
812‌
550,000
Credit
Agricole
SA
144A,
5.51%,
7/05/33 (b)
572‌
400,000
CubeSmart
LP
,
2.25%,
12/15/28 
353‌
600,000
Extra
Space
Storage
LP
,
5.90%,
1/15/31 
624‌
460,000
Federation
des
Caisses
Desjardins
du
Quebec
144A,
2.05%,
2/10/25 (b)
446‌
350,000
Fifth
Third
Bank
N.A.
,
(Secured
Overnight
Financing
Rate
+
1.230%),
5.85%,
10/27/25 (a)
351‌
Principal
or
Shares
Security
Description
Value
(000)
400,000
FS
KKR
Capital
Corp.
144A,
4.25%,
2/14/25 (b)
$
392‌
550,000
GLP
Capital
LP/GLP
Financing
II
Inc.
,
4.00%,
1/15/31 
490‌
700,000
goeasy
Ltd.
144A,
9.25%,
12/01/28 (b)
744‌
565,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.410%),
3.10%,
2/24/33 (a)
487‌
450,000
Healthpeak
OP
LLC
,
5.25%,
12/15/32 
451‌
500,000
HSBC
Holdings
PLC
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.858%),
8.00% (a)(e)
522‌
500,000
HSBC
Holdings
PLC
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.970%),
6.16%,
3/09/29 (a)
517‌
650,000
Intesa
Sanpaolo
SpA
144A,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.900%),
7.78%,
6/20/54 (a)(b)
667‌
430,000
Invitation
Homes
Operating
Partnership
LP
,
4.15%,
4/15/32 
395‌
550,000
JPMorgan
Chase
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.850%),
2.08%,
4/22/26 (a)
529‌
750,000
Macquarie
Bank
Ltd.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.700%),
3.05%,
3/03/36 (a)(b)
612‌
300,000
Main
Street
Capital
Corp.
,
6.95%,
3/01/29 
305‌
850,000
Mitsubishi
UFJ
Financial
Group
Inc.
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.550%),
5.06%,
9/12/25 (a)
848‌
550,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.200%),
2.51%,
10/20/32 (a)
458‌
585,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.290%),
2.94%,
1/21/33 (a)
499‌
525,000
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
,
2.63%,
11/15/31 
429‌
505,000
Realty
Income
Corp.
,
4.60%,
2/06/24 
505‌
625,000
Realty
Income
Corp.
,
2.10%,
3/15/28 
561‌
550,000
Royal
Bank
of
Canada
,
1.60%,
1/21/25 
532‌
750,000
Royal
Bank
of
Canada
,
5.00%,
2/01/33 
751‌
775,000
Santander
Holdings
USA
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.328%),
5.81%,
9/09/26 (a)
781‌
450,000
Santander
Holdings
USA
Inc.
,
3.24%,
10/05/26 
425‌
800,000
Shriram
Finance
Ltd.
144A,
6.63%,
4/22/27 (b)
806‌
550,000
Simon
Property
Group
LP
,
6.25%,
1/15/34 
596‌
280,000
Synchrony
Financial
,
7.25%,
2/02/33 
280‌
750,000
UBS
Group
AG
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.758%),
9.25% (a)(b)(e)
819‌
750,000
UBS
Group
AG
144A,
(U.S.
Secured
Overnight
Financing
Rate
+
1.730%),
3.09%,
5/14/32 (a)
(b)
644‌
300,000
UBS
Group
AG
144A,
(U.S.
Secured
Overnight
Financing
Rate
+
5.020%),
9.02%,
11/15/33 (a)
(b)
369‌
550,000
Uniti
Group
LP/Uniti
Group
Finance
Inc./CSL
Capital
LLC
144A,
10.50%,
2/15/28 (b)
560‌
370,000
VICI
Properties
LP/VICI
Note
Co.
Inc.
144A,
5.63%,
5/01/24 (b)
370‌
900,000
Wells
Fargo
Bank
N.A.
,
4.81%,
1/15/26 
902‌
29,075‌
Industrial  (10%)
405,000
AbbVie
Inc.
,
2.60%,
11/21/24 
397‌
600,000
Altice
France
SA
144A,
8.13%,
2/01/27 (b)
537‌
330,000
Ambipar
Lux
Sarl
144A,
9.88%,
2/06/31 (b)
328‌
3
Principal
or
Shares
Security
Description
Value
(000)
300,000
Anglo
American
Capital
PLC
144A,
5.50%,
5/02/33 (b)
$
300‌
450,000
Ashtead
Capital
Inc.
144A,
5.55%,
5/30/33 (b)
447‌
500,000
Blue
Cross
and
Blue
Shield
of
Minnesota
144A,
3.79%,
5/01/25 (b)
488‌
200,000
BRF
SA
144A,
5.75%,
9/21/50 (b)
146‌
192,000
Broadcom
Inc.
144A,
3.14%,
11/15/35 (b)
158‌
42,000
Carrier
Global
Corp.
,
2.24%,
2/15/25 
41‌
50,000
CDW
LLC/CDW
Finance
Corp.
,
5.50%,
12/01/24 
50‌
450,000
Centene
Corp.
,
4.25%,
12/15/27 
433‌
825,000
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
4.40%,
12/01/61 
555‌
700,000
CVS
Health
Corp.
,
5.63%,
2/21/53 
698‌
300,000
Dell
International
LLC/EMC
Corp.
,
5.75%,
2/01/33 
315‌
140,000
Equifax
Inc.
,
2.60%,
12/15/25 
134‌
250,000
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.
Inc.
144A,
6.75%,
1/15/30 (b)
225‌
550,000
Ford
Motor
Credit
Co.
LLC
,
5.80%,
3/05/27 
554‌
385,000
GATX
Corp.
,
4.35%,
2/15/24 
383‌
550,000
General
Motors
Co.
,
5.60%,
10/15/32 
558‌
725,000
Glencore
Funding
LLC
144A,
3.88%,
4/27/51 (b)
556‌
525,000
Global
Payments
Inc.
,
1.20%,
3/01/26 
485‌
300,000
Graphic
Packaging
International
LLC
144A,
1.51%,
4/15/26 (b)
274‌
350,000
Grupo
Axo
SAPI
de
CV
144A,
5.75%,
6/08/26 (b)
327‌
260,000
HCA
Inc.
,
3.50%,
9/01/30 
236‌
650,000
Hyundai
Capital
America
144A,
6.50%,
1/16/29 (b)
691‌
500,000
John
Deere
Capital
Corp.
,
3.40%,
6/06/25 
492‌
250,000
Kontoor
Brands
Inc.
144A,
4.13%,
11/15/29 (b)
227‌
200,000
Land
O'
Lakes
Inc.
144A,
7.00% (b)(e)
152‌
580,000
Lennar
Corp.
,
4.75%,
11/29/27 
579‌
475,000
Lockheed
Martin
Corp.
,
4.95%,
10/15/25 
478‌
250,000
Lockheed
Martin
Corp.
,
5.10%,
11/15/27 
257‌
830,000
Mercedes-Benz
Finance
North
America
LLC
144A,
3.65%,
2/22/24 (b)
829‌
350,000
Micron
Technology
Inc.
,
5.30%,
1/15/31 
354‌
450,000
Minerva
Luxembourg
SA
144A,
8.88%,
9/13/33 (b)
472‌
500,000
Northwell
Healthcare
Inc.
,
4.26%,
11/01/47 
422‌
600,000
Oracle
Corp.
,
6.15%,
11/09/29 
640‌
650,000
Pfizer
Investment
Enterprises
Pte
Ltd.
,
4.75%,
5/19/33 
649‌
400,000
Regal
Rexnord
Corp.
144A,
6.40%,
4/15/33 (b)
416‌
600,000
Sable
International
Finance
Ltd.
144A,
5.75%,
9/07/27 (b)
581‌
310,000
Sinclair
Television
Group
Inc.
144A,
4.13%,
12/01/30 (b)
240‌
500,000
Standard
Industries
Inc.
144A,
4.75%,
1/15/28 (b)
479‌
800,000
Stellantis
Finance
U.S.
Inc.
144A,
1.71%,
1/29/27 (b)
733‌
500,000
T-Mobile
USA
Inc.
,
2.63%,
4/15/26 
476‌
500,000
United
Natural
Foods
Inc.
144A,
6.75%,
10/15/28 (b)
421‌
775,000
VMware
LLC
,
2.20%,
8/15/31 
640‌
525,000
Warnermedia
Holdings
Inc.
,
5.14%,
3/15/52 
452‌
19,305‌
Principal
or
Shares
Security
Description
Value
(000)
Utility  (10%)
270,000
3R
Lux
Sarl
144A,
9.75%,
2/05/31 (b)
$
269‌
644,085
Acwa
Power
Management
And
Investments
One
Ltd.
144A,
5.95%,
12/15/39 (b)
624‌
500,000
Ameren
Corp.
,
5.70%,
12/01/26 
511‌
425,000
American
Electric
Power
Co.
Inc.
,
2.03%,
3/15/24 
423‌
550,000
BP
Capital
Markets
America
Inc.
,
4.81%,
2/13/33 
550‌
400,000
Buffalo
Energy
Mexico
Holdings/Buffalo
Energy
Infrastructure/Buffalo
Energy
144A,
7.88%,
2/15/39 (b)
415‌
200,000
Civitas
Resources
Inc.
144A,
8.63%,
11/01/30 (b)
213‌
550,000
Civitas
Resources
Inc.
144A,
8.75%,
7/01/31 (b)
585‌
350,000
Diamondback
Energy
Inc.
,
4.25%,
3/15/52 
281‌
975,000
Duquesne
Light
Holdings
Inc.
144A,
2.78%,
1/07/32 (b)
786‌
300,000
Electricidad
Firme
de
Mexico
Holdings
SA
de
CV
144A,
4.90%,
11/20/26 (b)
278‌
400,000
Energy
Transfer
LP
,
5.75%,
2/15/33 
410‌
600,000
Energy
Transfer
LP
,
6.55%,
12/01/33 
647‌
255,000
Geopark
Ltd.
144A,
5.50%,
1/17/27 (b)
228‌
475,000
International
Petroleum
Corp.
144A,
7.25%,
2/01/27 (b)(f)
461‌
270,000
Kinder
Morgan
Inc.
,
2.00%,
2/15/31 
223‌
400,000
Kodiak
Gas
Services
LLC
144A,
7.25%,
2/15/29 (b)
405‌
755,000
Midwest
Connector
Capital
Co.
LLC
144A,
3.90%,
4/01/24 (b)
752‌
180,000
Nabors
Industries
Ltd.
144A,
7.25%,
1/15/26 (b)
176‌
330,000
National
Fuel
Gas
Co.
,
5.50%,
1/15/26 
332‌
500,000
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
144A,
8.13%,
2/15/29 (b)
503‌
210,000
Northriver
Midstream
Finance
LP
144A,
5.63%,
2/15/26 (b)
205‌
300,000
ONEOK
Inc.
,
5.80%,
11/01/30 
312‌
650,000
Ovintiv
Inc.
,
5.65%,
5/15/28 
662‌
650,000
Palomino
Funding
Trust
I
144A,
7.23%,
5/17/28 (b)
686‌
550,000
Patterson-UTI
Energy
Inc.
,
7.15%,
10/01/33 
588‌
415,000
PBF
Holding
Co.
LLC/PBF
Finance
Corp.
,
6.00%,
2/15/28 
406‌
500,000
Permian
Resources
Operating
LLC
144A,
9.88%,
7/15/31 (b)
554‌
385,000
Petroleos
Mexicanos
,
6.49%,
1/23/27 
362‌
400,000
Petroleos
Mexicanos
,
5.95%,
1/28/31 
316‌
735,000
Phillips
66
Co.
,
2.45%,
12/15/24 
718‌
800,000
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.
144A,
7.38%,
2/15/29 (b)
799‌
452,335
Tierra
Mojada
Luxembourg
II
Sarl
144A,
5.75%,
12/01/40 (b)
395‌
475,000
Tucson
Electric
Power
Co.
,
5.50%,
4/15/53 
483‌
300,000
Valaris
Ltd.
144A,
8.38%,
4/30/30 (b)
308‌
400,000
Var
Energi
ASA
144A,
8.00%,
11/15/32 (b)
451‌
250,000
Vital
Energy
Inc.
,
9.75%,
10/15/30 
266‌
100,000
Western
Midstream
Operating
LP
,
6.35%,
1/15/29 
105‌
250,000
Western
Midstream
Operating
LP
,
6.15%,
4/01/33 
258‌
650,000
Williams
Cos.
Inc.
,
5.30%,
8/15/28 
663‌
17,609‌
Total
Corporate
Bond
(Cost
-
$67,858)
65,989‌
4
Payden
Mutual
Funds
Payden
Strategic
Income
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
Foreign
Government
(3%
)
200,000
Bermuda
Government
International
Bond
144A,
3.38%,
8/20/50 (b)
$
136‌
550,000
Chile
Government
International
Bond
,
4.13%,
7/05/34
EUR (c)
601‌
350,000
Costa
Rica
Government
International
Bond
144A,
6.55%,
4/03/34 (b)
359‌
830,000
CPPIB
Capital
Inc.
144A,
1.95%,
9/30/29
CAD (b)(c)
560‌
590,000
Guatemala
Government
Bond
,
4.50%,
5/03/26 (f)
574‌
380,000
Ivory
Coast
Government
International
Bond
144A,
8.25%,
1/30/37 (b)
379‌
250,000
Mexico
Government
International
Bond
,
6.34%,
5/04/53 
250‌
500,000
Municipal
Finance
Authority
of
British
,
2.55%,
10/09/29
CAD (c)
348‌
400,000
Nigeria
Government
International
Bond
144A,
6.13%,
9/28/28 (b)
349‌
450,000
Paraguay
Government
International
Bond
144A,
5.85%,
8/21/33 (b)
449‌
575,000
Republic
of
Uzbekistan
International
Bond
144A,
3.90%,
10/19/31 (b)
469‌
700,000
Romanian
Government
International
Bond
144A,
2.00%,
4/14/33
EUR (b)(c)
577‌
Total
Foreign
Government
(Cost
-
$5,594)
5,051‌
Mortgage
Backed
(14%
)
625,000
BX
Commercial
Mortgage
Trust
2021-VOLT
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.514%),
7.85%,
9/15/36 (a)(b)
614‌
278,521
BX
Commercial
Mortgage
Trust
2021-SOAR
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.914%),
7.25%,
6/15/38 (a)(b)
275‌
800,000
BX
Commercial
Mortgage
Trust
2024-XL4
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.140%),
8.14%,
2/15/39 (a)(b)
800‌
700,000
BX
Trust
2024-BIO
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.642%),
6.94%,
2/15/41 (a)(b)
701‌
9,109,168
Citigroup
Commercial
Mortgage
Trust
2018-C6,
0.92%,
11/10/51 (g)
272‌
400,000
DC
Commercial
Mortgage
Trust
2023-DC
144A,
6.31%,
9/12/40 (b)
416‌
625,798
Eagle
RE
Ltd.
2021-2
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.050%),
7.39%,
4/25/34 (a)(b)
627‌
495,868
Fannie
Mae
Connecticut
Avenue
Securities
2016-C02,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
12.364%),
17.71%,
9/25/28 (a)
584‌
768,407
Fannie
Mae
Connecticut
Avenue
Securities
2016-C03,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
11.864%),
17.21%,
10/25/28 (a)
899‌
494,201
Fannie
Mae
Connecticut
Avenue
Securities
2016-C04,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
10.364%),
15.71%,
1/25/29 (a)
566‌
1,159,847
FN
CB3622
30YR
,
4.00%,
5/01/52 
1,093‌
1,181,898
FN
CB4127
30YR
,
4.50%,
7/01/52 
1,143‌
958,498
FN
CB4794
30YR
,
4.50%,
10/01/52 
927‌
1,212,619
FN
FS1841
30YR
,
4.00%,
5/01/52 
1,142‌
1,373,802
FN
MA4785
30YR
,
5.00%,
10/01/52 
1,358‌
Principal
or
Shares
Security
Description
Value
(000)
320,870
FN
MA4842
30YR
,
5.50%,
12/01/52 
$
323‌
359,453
FN
MA4876
30YR
,
6.00%,
12/01/52 
365‌
471,676
FN
MA5073
30YR
,
6.00%,
7/01/53 
478‌
1,208,051
FR
RA7778
30YR
,
4.50%,
8/01/52 
1,169‌
604,000
FR
RA7936
30YR
,
5.00%,
9/01/52 
597‌
935,143
FR
RA8249
30YR
,
5.50%,
11/01/52 
940‌
1,364,213
FR
RA8415
30YR
,
5.50%,
1/01/53 
1,372‌
672,602
FR
SB8192
15YR
,
5.00%,
10/01/37 
675‌
1,032,186
FR
SB8206
15YR
,
5.00%,
1/01/38 
1,036‌
856,649
FR
SD2184
30YR
,
6.00%,
1/01/53 
870‌
493,296
Freddie
Mac
STACR
Debt
Notes
2015-HQA1,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
8.914%),
14.26%,
3/25/28 (a)
512‌
490,617
Freddie
Mac
STACR
Debt
Notes
2015-DNA3,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
9.464%),
14.81%,
4/25/28 (a)
536‌
330,672
Freddie
Mac
STACR
Debt
Notes
2015-HQA2,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
10.614%),
15.96%,
5/25/28 (a)
357‌
245,304
Freddie
Mac
STACR
Debt
Notes
2017-DNA2,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
11.364%),
16.71%,
10/25/29 (a)
295‌
300,000
Freddie
Mac
STACR
Trust
2019-FTR3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
4.914%),
10.25%,
9/25/47 (a)
(b)
315‌
300,000
Freddie
Mac
STACR
Trust
2019-FTR4
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
5.114%),
10.46%,
11/25/47 (a)
(b)
314‌
186,553
Last
Mile
Logistics
Pan
Euro
Finance
DAC
1A
144A,
(3
mo.
EURIBOR
+
1.900%),
5.89%,
8/17/33
EUR (a)(b)(c)
193‌
785,485
Last
Mile
Logistics
Pan
Euro
Finance
DAC
1X,
(3
mo.
EURIBOR
+
2.700%),
6.69%,
8/17/33
EUR (a)(c)(f)
803‌
30,072
Nationstar
Mortgage
Loan
Trust
2013-A
144A,
3.75%,
12/25/52 (b)(g)
28‌
201,517
New
Residential
Mortgage
Loan
Trust
2017-4A
144A,
4.00%,
5/25/57 (b)(g)
191‌
300,000
STACR
Trust
2018-HRP2
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
10.614%),
15.96%,
2/25/47 (a)(b)
368‌
794,167
Taurus
DAC
2021-UK1A
144A,
(Sterling
Overnight
Index
Average
+
2.600%),
7.82%,
5/17/31
GBP (a)(b)(c)
1,004‌
300,000
TRTX
Issuer
Ltd.
2021-FL4
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.514%),
7.85%,
3/15/38 (a)(b)
270‌
Total
Mortgage
Backed
(Cost
-
$24,556)
24,428‌
Municipal
(5%
)
1,750,000
California
Earthquake
Authority
A,
5.60%,
7/01/27 
1,774‌
910,000
California
Health
Facilities
Financing
Authority
,
2.48%,
6/01/27 
858‌
250,000
California
Pollution
Control
Financing
Authority
,
AMT
144A,
7.50%,
12/01/39 (b)(h)
3‌
1,000,000
City
of
El
Segundo
CA
,
1.98%,
7/01/29 
871‌
740,000
City
of
Tempe
AZ
,
1.58%,
7/01/28 
658‌
900,000
County
of
Alameda
CA
B,
3.95%,
8/01/33 
860‌
250,000
District
of
Columbia
Water
&
Sewer
Authority
A,
4.81%,
10/01/14 
236‌
5
Principal
or
Shares
Security
Description
Value
(000)
505,000
Golden
State
Tobacco
Securitization
Corp.
B,
2.75%,
6/01/34 (i)
$
424‌
750,000
New
York
State
Dormitory
Authority
C,
1.54%,
3/15/27 
688‌
1,000,000
New
York
Transportation
Development
Corp.
A,
AMT,
5.00%,
7/01/41 
1,004‌
500,000
Redondo
Beach
Community
Financing
Authority
A,
1.98%,
5/01/29 
438‌
600,000
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
Q,
4.13%,
5/15/32 
568‌
1,000,000
State
of
Connecticut
A,
2.42%,
7/01/27 
940‌
425,000
Texas
Natural
Gas
Securitization
Finance
Corp.
,
5.17%,
4/01/41 
443‌
Total
Municipal
(Cost
-
$10,605)
9,765‌
U.S.
Government
Agency
(1%
)
950,000
Tennessee
Valley
Authority,
5.25%,
9/15/39
(Cost
-
$1,038)
1,007‌
U.S.
Treasury
(23%
)
5,440,000
U.S.
Treasury
Bill
,
4.81%,
4/18/24 (j)
5,380‌
2,440,000
U.S.
Treasury
Bill
,
5.31%,
7/11/24 (j)
2,385‌
160,000
U.S.
Treasury
Bond
,
2.00%,
2/15/50 
102‌
1,940,000
U.S.
Treasury
Bond
,
2.00%,
8/15/51 (k)(l)
1,226‌
490,000
U.S.
Treasury
Bond
,
4.13%,
8/15/53 
482‌
5,118,400
U.S.
Treasury
Inflation
Indexed
Notes
,
1.25%,
4/15/28 
5,013‌
2,830,828
U.S.
Treasury
Inflation
Indexed
Notes
,
1.38%,
7/15/33 
2,760‌
2,160,000
U.S.
Treasury
Note
,
3.00%,
6/30/24 
2,141‌
3,990,000
U.S.
Treasury
Note
,
4.13%,
1/31/25 
3,967‌
7,000,000
U.S.
Treasury
Note
,
4.50%,
11/15/25 
7,024‌
1,770,000
U.S.
Treasury
Note
,
3.88%,
1/15/26 
1,758‌
3,170,000
U.S.
Treasury
Note
,
4.13%,
6/15/26 
3,171‌
1,890,000
U.S.
Treasury
Note
,
4.75%,
7/15/26 
1,908‌
960,000
U.S.
Treasury
Note
,
3.50%,
1/31/28 (k)(l)
945‌
640,000
U.S.
Treasury
Note
,
1.38%,
11/15/31 
532‌
3,190,000
U.S.
Treasury
Note
,
3.88%,
8/15/33 
3,172‌
Total
U.S.
Treasury
(Cost
-
$42,564)
41,966‌
Stocks
(0%)
Preferred
Stock
(0%
)
40,000
Morgan
Stanley,  6.50% (e)
(Cost
-
$1,000)
1,066‌
Principal
or
Shares
Security
Description
Value
(000)
Total
Stocks
(Cost
-
$1,000)
$
1,066‌
Investment
Company
(3%
)
2,921,995
Payden
Cash
Reserves
Money
Market
Fund*
2,922‌
102,041
Payden
Emerging
Market
Corporate
Bond
Fund*
877‌
394,191
Payden
Emerging
Markets
Local
Bond
Fund*
1,896‌
Total
Investment
Company
(Cost
-
$5,672)
5,695‌
Purchased
Swaptions  (0%
)
Total
Purchased
Swaptions
(Cost
-
$32)
3‌
Total
Investments
(Cost
-
$187,345)
(100%)
182,172‌
Liabilities
in
excess
of
Other
Assets
(0%)
(666‌)
Net
Assets
(100%)
$
181,506‌
*
Affiliated
investment.
(a)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
January
31,
2024.
(b)
Security
offered
only
to
qualified
institutional
investors,
and
thus
is
not
registered
for
sale
to
the
public
under
rule
144A
of
the
Securities
Act
of
1933.
It
has
been
deemed
liquid
under
guidelines
approved
by
the
Board.
(c)
Principal
in
foreign
currency.
(d)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
January
31,
2024.
The
stated
maturity
is
subject
to
prepayments.
(e)
Perpetual
security
with
no
stated
maturity
date.
(f)
Security
offered
and
sold
outside
the
United
States,
and
thus
is
exempt
from
registration
under
Regulation
S
of
the
Securities
Act
of
1933.
It
has
been
deemed
liquid
under
guidelines
approved
by
the
Board.
(g)
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.
(h)
Issuer
filed
for
bankruptcy
and/or
is
in
default
of
principal
and/or
interest
payments.
(i)
Payment
of
principal
and/or
interest
is
insured
against
default
by
a
monoline
insurer.
(j)
Yield
to
maturity
at
time
of
purchase.
(k)
All
or
a
portion
of
security
has
been
pledged
in
connection
with
outstanding
centrally
cleared
swaps.
(l)
All
or
a
portion
of
the
security
is
pledged
to
cover
futures
contract
margin
requirements.
Purchased
Swaptions
Description
Counterparty
Notional
Amount
(000s)
Expiration
Date
Value
(000s)
Call/Put
Purchased
Swaptions
-
0.0%
Protection
Bought
(Relevant
Credit:
Markit
CDX,
North
America
High
Yield
Series
41
Index),
Pay
5%
Quarterly,
Receive
upon
credit
default
Barclays
Bank
PLC
$
8,900
02/21/2024
$
3
Put
6
Payden
Mutual
Funds
Payden
Strategic
Income
Fund
continued
Open
Forward
Currency
Contracts
to
USD
Currency
Purchased
(000s)
Currency
Sold
(000s)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
(000s)
Assets:
EUR
57
USD  60
Citibank,
N.A.
03/18/2024
$
2
Liabilities:
USD
6,981
EUR  6,486
Citibank,
N.A.
03/18/2024
(42)
USD
2,283
CAD  3,079
HSBC
Bank
USA,
N.A.
03/18/2024
(8)
USD
1,240
GBP  1,000
HSBC
Bank
USA,
N.A.
03/18/2024
(28)
(78)
Net
Unrealized
Appreciation
(Depreciation)
$(76)
Open
Futures
Contracts
Contract
Type
Number
of
Contracts
Expiration
Date
Notional
Amount
(000s)
Current
Value
(000s)
Unrealized
Appreciation
(Depreciation)
(000s)
Long
Contracts:
U.S.
10-Year
Ultra
Future
77
Mar-24
$
8,999
$
263
$
263
U.S.
Treasury
2-Year
Note
Future
182
Mar-24
37,429
364
364
U.S.
Ultra
Bond
Future
3
Mar-24
388
26
26
a
a
653
Short
Contracts:
U.S.
Treasury
5-Year
Note
Future
336
Mar-24
(36,419)
(781)
(781)
a
a
Total
Futures
$(128)
Open
Centrally
Cleared
Interest
Rate
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Appreciation/
(Depreciation)
(000s)
10-Year
SOFR
Swap,
Receive
Variable
0.0000%
(SOFRRATE)
Annually,
Pay
Fixed
2.7375%
Annually
08/30/2034
$
2,600
$164
$–
$164
10-Year
SOFR
Swap,
Receive
Variable
0.0000%
(SOFRRATE)
Annually,
Pay
Fixed
2.9360%
Annually
06/28/2034
2,630
128
–
128
10-Year
SOFR
Swap,
Receive
Variable
0.0000%
(SOFRRATE)
Annually,
Pay
Fixed
3.2815%
Annually
02/27/2035
3,200
51
–
51
2-Year
SOFR
Swap,
Receive
Fixed
2.7400%
Annually,
Pay
Variable
0.0000%
(SOFRRATE)
Annually
08/30/2026
11,900
(178)
–
(178)
2-Year
SOFR
Swap,
Receive
Fixed
2.8300%
Annually,
Pay
Variable
0.0000%
(SOFRRATE)
Annually
06/29/2026
11,766
(185)
–
(185)
2-Year
SOFR
Swap,
Receive
Fixed
3.3330%
Annually,
Pay
Variable
0.0000%
(SOFRRATE)
Annually
02/27/2027
13,500
6
–
6
$(14)
$–
$(14)