Payden

High

Income

Fund

1

Schedule

of

Investments

-

January

31,

2024

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000)

Asset

Backed

(2%

)

60

Chase

Auto

Owner

Trust

,

0.00

%

,

6/25/30

$

679‌

1,600,000

Cologix

Canadian

Issuer

LP

2022-1CAN

144A

,

7.74

%

,

1/25/52

CAD

(a)

(b)

1,095‌

1,500,000

Exeter

Automobile

Receivables

Trust

2022-2A

144A

,

6.34

%

,

10/15/29

(a)

1,448‌

1,400,000

Exeter

Automobile

Receivables

Trust

2022-3A

144A

,

9.09

%

,

1/15/30

(a)

1,447‌

19

Exeter

Automobile

Receivables

Trust

2021-2

,

0.00

%

,

2/15/28

1,633‌

2,311,260

JPMorgan

Chase

Bank

N.A.-CACLN

2021-1

144A

,

28.35

%

,

9/25/28

(a)

2,763‌

1,250,000

Santander

Bank

Auto

Credit-Linked

Notes

2022-

A

144A

,

9.97

%

,

5/15/32

(a)

1,289‌

2,000,000

Santander

Bank

Auto

Credit-Linked

Notes

2022-

B

144A

,

11.91

%

,

8/16/32

(a)

2,013‌

1,660,000

Santander

Bank

Auto

Credit-Linked

Notes

2022-

C

144A

,

14.59

%

,

12/15/32

(a)

1,738‌

1,000,000

Santander

Bank

Auto

Credit-Linked

Notes

2023-

B

144A

,

12.24

%

,

12/15/33

(a)

1,008‌

80

Santander

Consumer

Auto

Receivables

Trust

2021-C

,

0.00

%

,

6/15/28

958‌

8,727

Santander

Drive

Auto

Receivables

Trust

2023-S1

144A

,

0.00

%

,

4/18/28

(a)

1,541‌

Total

Asset

Backed

(Cost

-

$17,973)

17,612‌

Bank

Loans(c)

(5%

)

1,198,107

Adtalem

Global

Education

Inc.

Term

Loan

B

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%

)

,

8.95

%

,

8/12/28

1,197‌

2,968,103

Advantage

Sales

&

Marketing

Inc.

Term

Loan

B

1L

,

(

3

mo.

Term

Secured

Overnight

Financing

Rate

+

4.500%

)

,

10.09

%

,

10/28/27

2,954‌

1,085,642

Avis

Budget

Car

Rental

LLC

Term

Loan

C

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.000%

)

,

8.43

%

,

3/16/29

1,088‌

1,488,749

Caesars

Entertainment

Inc.

Term

Loan

B

1L

,

(

3

mo.

Term

Secured

Overnight

Financing

Rate

+

2.250%

)

,

8.66

%

,

2/06/30

1,490‌

1,488,750

Central

Parent

LLC

Term

Loan

B

1L

,

(

3

mo.

Term

Secured

Overnight

Financing

Rate

+

4.000%

)

,

9.35

%

,

7/06/29

1,493‌

1,985,000

Cloud

Software

Group

Inc.

Term

Loan

B

1L

,

(

3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%

)

,

9.95

%

,

3/30/29

1,951‌

656,696

DirectV

Financing

LLC

Term

Loan

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

5.000%

)

,

10.65

%

,

8/02/27

658‌

2,474,624

First

Student

Bidco

Inc.

Term

Loan

B

1L

,

(

3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.000%

)

,

9.45

%

,

7/21/28

2,474‌

159,583

Hertz

Corp.

Term

Loan

C-EXIT

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.250%

)

,

8.70

%

,

6/30/28

158‌

831,885

Hertz

Corp.

Term

Loan

B-EXIT

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.250%

)

,

8.70

%

,

6/30/28

824‌

1,691,327

Journey

Personal

Care

Corp.

Term

Loan

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

4.250%

)

,

9.70

%

,

3/01/28

1,679‌

992,500

Mauser

Packaging

Solutions

Holding

Co.

Term

Loan

B

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.000%

)

,

9.36

%

,

8/14/26

995‌

Principal

or

Shares

Security

Description

Value

(000)

3,464,736

Medline

Borrower

LP

Term

Loan

B

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.250%

)

,

8.45

%

,

10/23/28

$

3,463‌

4,200,000

MIC

Glen

LLC

Term

Loan

2L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

6.750%

)

,

12.18

%

,

7/20/29

4,148‌

2,000,000

Naked

Juice

LLC

Term

Loan

2L

,

(

3

mo.

Term

Secured

Overnight

Financing

Rate

+

6.500%

)

,

11.45

%

,

1/24/30

1,634‌

1,700,000

Nexus

Buyer

LLC

Term

Loan

2L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

6.250%

)

,

11.68

%

,

11/05/29

1,680‌

975,000

PetsMart

LLC

Term

Loan

B

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%

)

,

9.18

%

,

2/11/28

972‌

2,489,950

Sinclair

Television

Group

Inc.

Term

Loan

B4

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.750%

)

,

9.18

%

,

4/21/29

2,257‌

1,270,000

Sotera

Health

Holdings

LLC

Term

Loan

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.750%

)

,

8.20

%

,

12/11/26

1,269‌

1,484,962

Spirit

Aerosystems

Inc.

Term

Loan

B

1L

,

(

3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%

)

,

9.56

%

,

1/15/27

1,487‌

990,000

Transdigm

Inc.

Term

Loan

H

1L

,

(

3

mo.

Term

Secured

Overnight

Financing

Rate

+

2.250%

)

,

8.60

%

,

2/22/27

992‌

1,824,273

U.S.

Foods

Inc.

Term

Loan

B

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.750%

)

,

7.95

%

,

11/22/28

1,833‌

787,817

United

Airlines

Inc.

Term

Loan

B

1L

,

(

1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.750%

)

,

9.20

%

,

4/21/28

790‌

Total

Bank

Loans

(Cost

-

$37,213)

37,486‌

Corporate

Bond

(86%

)

Automotive  (5%)

2,500,000

Allison

Transmission

Inc.

144A

,

3.75

%

,

1/30/31

(a)

2,188‌

421,000

American

Axle

&

Manufacturing

Inc.

,

6.25

%

,

3/15/26

415‌

2,500,000

American

Axle

&

Manufacturing

Inc.

,

6.50

%

,

4/01/27

(d)

2,494‌

4,300,000

Ford

Motor

Credit

Co.

LLC

,

2.90

%

,

2/10/29

3,775‌

2,000,000

Ford

Motor

Credit

Co.

LLC

,

3.82

%

,

11/02/27

1,879‌

3,250,000

Ford

Motor

Credit

Co.

LLC

,

4.95

%

,

5/28/27

3,182‌

575,000

Ford

Motor

Credit

Co.

LLC

,

6.80

%

,

5/12/28

598‌

200,000

Ford

Motor

Credit

Co.

LLC

,

7.35

%

,

3/06/30

214‌

2,500,000

Goodyear

Tire

&

Rubber

Co.

,

5.25

%

,

7/15/31

(d)

2,278‌

4,000,000

IHO

Verwaltungs

GmbH

,

3.75

%

,

9/15/26

EUR

(b)

(e)

4,253‌

2,750,000

Jaguar

Land

Rover

Automotive

PLC

144A

,

5.50

%

,

7/15/29

(a)

2,638‌

1,810,000

JB

Poindexter

&

Co.

Inc.

144A

,

8.75

%

,

12/15/31

(a)

1,855‌

4,500,000

Tenneco

Inc.

144A

,

8.00

%

,

11/17/28

(a)

3,924‌

2,650,000

ZF

North

America

Capital

Inc.

144A

,

7.13

%

,

4/14/30

(a)

2,798‌

32,491‌

Banking  (1%)

1,750,000

Intesa

Sanpaolo

SpA

144A

,

(

1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.600%

)

,

4.20

%

,

6/01/32

(a)

(f)

1,450‌

2

Payden

Mutual

Funds

Payden

High

Income

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

2,165,000

UniCredit

SpA

144A

,

(

5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.750%

)

,

5.46

%

,

6/30/35

(a)

(f)

$

2,032‌

3,482‌

Basic

Industry  (8%)

1,500,000

ARD

Finance

SA

144A

,

6.50

%

,

6/30/27

(a)

726‌

2,677,000

Bombardier

Inc.

144A

,

7.13

%

,

6/15/26

(a)

2,702‌

1,000,000

Bombardier

Inc.

144A

,

8.75

%

,

11/15/30

(a)

1,051‌

3,000,000

Builders

FirstSource

Inc.

144A

,

4.25

%

,

2/01/32

(a)

2,686‌

3,000,000

Cleveland-Cliffs

Inc.

144A

,

6.75

%

,

4/15/30

(a)

3,030‌

2,000,000

Coeur

Mining

Inc.

144A

,

5.13

%

,

2/15/29

(a)

(d)

1,823‌

1,750,000

Eldorado

Gold

Corp.

144A

,

6.25

%

,

9/01/29

(a)

1,671‌

2,500,000

Element

Solutions

Inc.

144A

,

3.88

%

,

9/01/28

(a)

2,287‌

1,475,000

Emerald

Debt

Merger

Sub

LLC

144A

,

6.63

%

,

12/15/30

(a)

1,492‌

2,000,000

FMG

Resources

August

2006

Pty

Ltd.

144A

,

4.38

%

,

4/01/31

(a)

1,802‌

875,000

FMG

Resources

August

2006

Pty

Ltd.

144A

,

4.50

%

,

9/15/27

(a)

842‌

1,500,000

GrafTech

Finance

Inc.

144A

,

4.63

%

,

12/15/28

(a)

995‌

2,500,000

H&E

Equipment

Services

Inc.

144A

,

3.88

%

,

12/15/28

(a)

2,272‌

2,000,000

INEOS

Quattro

Finance

2

PLC

144A

,

9.63

%

,

3/15/29

(a)

2,103‌

3,250,000

Kaiser

Aluminum

Corp.

144A

,

4.50

%

,

6/01/31

(a)

2,779‌

4,350,000

KBR

Inc.

144A

,

4.75

%

,

9/30/28

(a)

4,016‌

1,895,000

MasTec

Inc.

144A

,

6.63

%

,

8/15/29

(a)

1,769‌

2,000,000

Mineral

Resources

Ltd.

144A

,

9.25

%

,

10/01/28

(a)

2,115‌

2,350,000

Moog

Inc.

144A

,

4.25

%

,

12/15/27

(a)

2,202‌

750,000

NOVA

Chemicals

Corp.

144A

,

4.25

%

,

5/15/29

(a)

(d)

632‌

2,000,000

Novelis

Sheet

Ingot

GmbH

,

3.38

%

,

4/15/29

EUR

(b)

(e)

2,025‌

2,000,000

Olympus

Water

U.S.

Holding

Corp.

144A

,

9.75

%

,

11/15/28

(a)

2,118‌

3,000,000

SCIH

Salt

Holdings

Inc.

144A

,

6.63

%

,

5/01/29

(a)

2,728‌

1,650,000

Spirit

AeroSystems

Inc.

144A

,

9.75

%

,

11/15/30

(a)

1,734‌

2,500,000

Standard

Industries

Inc.

144A

,

4.38

%

,

7/15/30

(a)

2,274‌

1,000,000

Standard

Industries

Inc.

144A

,

4.75

%

,

1/15/28

(a)

957‌

3,000,000

TransDigm

Inc.

,

4.88

%

,

5/01/29

2,807‌

600,000

TransDigm

Inc.

144A

,

6.88

%

,

12/15/30

(a)

614‌

250,000

TransDigm

Inc.

144A

,

7.13

%

,

12/01/31

(a)

261‌

1,500,000

Tri

Pointe

Homes

Inc.

,

5.70

%

,

6/15/28

1,477‌

2,000,000

TriMas

Corp.

144A

,

4.13

%

,

4/15/29

(a)

1,783‌

2,500,000

TTM

Technologies

Inc.

144A

,

4.00

%

,

3/01/29

(a)

2,256‌

60,029‌

Consumer

Finance  (0%)

2,810,000

Synchrony

Financial

,

7.25

%

,

2/02/33

2,810‌

Consumer

Goods  (3%)

3,000,000

Albertsons

Cos.

Inc./Safeway

Inc./New

Albertsons

LP/Albertsons

LLC

144A

,

4.88

%

,

2/15/30

(a)

2,870‌

1,200,000

B&G

Foods

Inc.

144A

,

8.00

%

,

9/15/28

(a)

1,252‌

Principal

or

Shares

Security

Description

Value

(000)

1,500,000

Coty

Inc./HFC

Prestige

Products

Inc./HFC

Prestige

International

U.S.

LLC

144A

,

4.75

%

,

1/15/29

(a)

$

1,431‌

1,725,000

KeHE

Distributors

LLC/KeHE

Finance

Corp./

NextWave

Distribution

Inc.

144A

,

9.00

%

,

2/15/29

(a)

1,747‌

1,400,000

Newell

Brands

Inc.

,

6.38

%

,

9/15/27

1,380‌

675,000

Newell

Brands

Inc.

,

6.38

%

,

4/01/36

601‌

1,800,000

Post

Holdings

Inc.

144A

,

4.50

%

,

9/15/31

(a)

1,618‌

900,000

Post

Holdings

Inc.

144A

,

4.63

%

,

4/15/30

(a)

828‌

1,000,000

Post

Holdings

Inc.

144A

,

5.50

%

,

12/15/29

(a)

968‌

3,250,000

Primo

Water

Holdings

Inc.

144A

,

4.38

%

,

4/30/29

(a)

2,962‌

2,000,000

Simmons

Foods

Inc./Simmons

Prepared

Foods

Inc./Simmons

Pet

Food

Inc./Simmons

Feed

144A

,

4.63

%

,

3/01/29

(a)

1,721‌

2,175,000

Spectrum

Brands

Inc.

144A

,

3.88

%

,

3/15/31

(a)

(d)

2,017‌

1,500,000

United

Natural

Foods

Inc.

144A

,

6.75

%

,

10/15/28

(a)

1,262‌

1,500,000

Winnebago

Industries

Inc.

144A

,

6.25

%

,

7/15/28

(a)

1,481‌

22,138‌

Energy  (16%)

1,400,000

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.

144A

,

6.63

%

,

2/01/32

(a)

1,392‌

1,156,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.

144A

,

9.00

%

,

11/01/27

(a)

1,466‌

515,000

Baytex

Energy

Corp.

144A

,

8.50

%

,

4/30/30

(a)

535‌

2,500,000

Borr

IHC

Ltd./Borr

Finance

LLC

144A

,

10.38

%

,

11/15/30

(a)

2,599‌

2,225,000

Callon

Petroleum

Co.

144A

,

7.50

%

,

6/15/30

(a)

2,345‌

1,850,000

Canadian

Natural

Resources

Ltd.

,

7.20

%

,

1/15/32

2,063‌

1,500,000

Cenovus

Energy

Inc.

,

5.25

%

,

6/15/37

1,439‌

1,450,000

CITGO

Petroleum

Corp.

144A

,

8.38

%

,

1/15/29

(a)

1,508‌

1,800,000

Civitas

Resources

Inc.

144A

,

8.63

%

,

11/01/30

(a)

1,921‌

1,650,000

Comstock

Resources

Inc.

144A

,

5.88

%

,

1/15/30

(a)

1,431‌

3,000,000

Continental

Resources

Inc.

144A

,

2.88

%

,

4/01/32

(a)

2,450‌

1,500,000

CVR

Energy

Inc.

144A

,

8.50

%

,

1/15/29

(a)

1,503‌

1,800,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.

144A

,

7.13

%

,

6/01/28

(a)

1,716‌

1,900,000

Diamondback

Energy

Inc.

,

6.25

%

,

3/15/33

2,026‌

2,400,000

Ecopetrol

SA

,

8.38

%

,

1/19/36

2,432‌

2,000,000

Energy

Transfer

LP

,

5.75

%

,

2/15/33

2,050‌

800,000

EnQuest

PLC

144A

,

11.63

%

,

11/01/27

(a)

(d)

760‌

800,000

EQM

Midstream

Partners

LP

144A

,

7.50

%

,

6/01/27

(a)

824‌

1,100,000

EQM

Midstream

Partners

LP

144A

,

7.50

%

,

6/01/30

(a)

1,181‌

2,602,000

Geopark

Ltd.

144A

,

5.50

%

,

1/17/27

(a)

2,322‌

5,234,000

Global

Marine

Inc.

,

7.00

%

,

6/01/28

4,606‌

4,412,000

Gran

Tierra

Energy

Inc.

144A

,

9.50

%

,

10/15/29

(a)

(d)

3,908‌

2,000,000

Greenfire

Resources

Ltd.

144A

,

12.00

%

,

10/01/28

(a)

2,074‌

3,500,000

International

Petroleum

Corp.

144A

,

7.25

%

,

2/01/27

(a)

(e)

3,399‌

3

Principal

or

Shares

Security

Description

Value

(000)

3,650,000

Kinetik

Holdings

LP

144A

,

6.63

%

,

12/15/28

(a)

$

3,703‌

900,000

Kosmos

Energy

Ltd.

144A

,

7.13

%

,

4/04/26

(a)

866‌

2,400,000

Kosmos

Energy

Ltd.

144A

,

7.50

%

,

3/01/28

(a)

2,223‌

3,350,000

Kosmos

Energy

Ltd.

144A

,

7.75

%

,

5/01/27

(a)

3,168‌

1,900,000

Marathon

Oil

Corp.

,

6.80

%

,

3/15/32

2,065‌

1,700,000

Moss

Creek

Resources

Holdings

Inc.

144A

,

7.50

%

,

1/15/26

(a)

1,695‌

2,500,000

Nabors

Industries

Inc.

144A

,

9.13

%

,

1/31/30

(a)

2,546‌

1,500,000

Nabors

Industries

Ltd.

144A

,

7.25

%

,

1/15/26

(a)

1,464‌

1,400,000

Northriver

Midstream

Finance

LP

144A

,

5.63

%

,

2/15/26

(a)

1,365‌

1,900,000

ONEOK

Partners

LP

,

6.65

%

,

10/01/36

2,069‌

2,500,000

Pattern

Energy

Operations

LP/Pattern

Energy

Operations

Inc.

144A

,

4.50

%

,

8/15/28

(a)

2,332‌

3,750,000

Patterson-UTI

Energy

Inc.

,

7.15

%

,

10/01/33

4,010‌

1,300,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

144A

,

7.88

%

,

9/15/30

(a)

1,347‌

1,500,000

Permian

Resources

Operating

LLC

144A

,

7.00

%

,

1/15/32

(a)

1,550‌

1,350,000

Shelf

Drilling

Holdings

Ltd.

144A

,

9.63

%

,

4/15/29

(a)

(d)

1,311‌

2,000,000

SierraCol

Energy

Andina

LLC

144A

,

6.00

%

,

6/15/28

(a)

1,687‌

1,300,000

Summit

Midstream

Holdings

LLC/Summit

Midstream

Finance

Corp.

144A

,

12.00

%

,

10/15/26

(a)

1,277‌

3,300,000

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.

144A

,

7.38

%

,

2/15/29

(a)

3,294‌

4,940,000

Talos

Production

Inc.

144A

,

9.38

%

,

2/01/31

(a)

5,063‌

2,000,000

TerraForm

Power

Operating

LLC

144A

,

4.75

%

,

1/15/30

(a)

1,848‌

1,500,000

Transocean

Inc.

144A

,

7.50

%

,

1/15/26

(a)

1,486‌

1,125,000

Transocean

Inc.

,

7.50

%

,

4/15/31

994‌

750,000

Transocean

Inc.

144A

,

8.00

%

,

2/01/27

(a)

745‌

4,350,000

Valaris

Ltd.

144A

,

8.38

%

,

4/30/30

(a)

4,463‌

2,400,000

Venture

Global

Calcasieu

Pass

LLC

144A

,

4.13

%

,

8/15/31

(a)

2,124‌

2,225,000

Vital

Energy

Inc.

144A

,

7.75

%

,

7/31/29

(a)

2,201‌

1,300,000

Vital

Energy

Inc.

,

9.75

%

,

10/15/30

1,382‌

2,250,000

Western

Midstream

Operating

LP

,

6.15

%

,

4/01/33

2,321‌

2,200,000

Williams

Cos.

Inc.

,

5.15

%

,

3/15/34

2,207‌

110,756‌

Financial

Services  (8%)

2,600,000

Aircastle

Ltd.

144A

,

(

5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.410%

)

,

5.25

%

(a)

(f)

(g)

2,291‌

3,950,000

Ally

Financial

Inc.

B

,

(

5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.868%

)

,

4.70

%

(f)

(g)

3,214‌

3,300,000

Compass

Group

Diversified

Holdings

LLC

144A

,

5.25

%

,

4/15/29

(a)

3,146‌

2,500,000

Enact

Holdings

Inc.

144A

,

6.50

%

,

8/15/25

(a)

2,496‌

3,925,000

GGAM

Finance

Ltd.

144A

,

8.00

%

,

2/15/27

(a)

4,048‌

2,500,000

goeasy

Ltd.

144A

,

9.25

%

,

12/01/28

(a)

(d)

2,659‌

2,000,000

Greystar

Real

Estate

Partners

LLC

144A

,

7.75

%

,

9/01/30

(a)

2,104‌

2,000,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

,

5.25

%

,

5/15/27

1,801‌

3,050,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

,

6.25

%

,

5/15/26

2,925‌

1,775,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

144A

,

9.75

%

,

1/15/29

(a)

1,824‌

Principal

or

Shares

Security

Description

Value

(000)

900,000

Jane

Street

Group/JSG

Finance

Inc.

144A

,

4.50

%

,

11/15/29

(a)

$

824‌

3,650,000

Jefferson

Capital

Holdings

LLC

144A

,

6.00

%

,

8/15/26

(a)

3,515‌

1,425,000

Jefferson

Capital

Holdings

LLC

144A

,

9.50

%

,

2/15/29

(a)

1,437‌

3,600,000

Midcap

Financial

Issuer

Trust

144A

,

6.50

%

,

5/01/28

(a)

3,291‌

3,250,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.

,

5.25

%

,

8/01/26

(d)

2,753‌

2,750,000

Nationstar

Mortgage

Holdings

Inc.

144A

,

5.13

%

,

12/15/30

(a)

2,475‌

2,000,000

Navient

Corp.

,

5.50

%

,

3/15/29

1,808‌

1,000,000

Navient

Corp.

,

5.88

%

,

10/25/24

1,000‌

1,000,000

OneMain

Finance

Corp.

,

4.00

%

,

9/15/30

848‌

1,250,000

OneMain

Finance

Corp.

,

5.38

%

,

11/15/29

1,158‌

350,000

OneMain

Finance

Corp.

,

6.63

%

,

1/15/28

349‌

2,500,000

OneMain

Finance

Corp.

,

6.88

%

,

3/15/25

2,511‌

800,000

OneMain

Finance

Corp.

,

9.00

%

,

1/15/29

843‌

2,500,000

PennyMac

Financial

Services

Inc.

144A

,

4.25

%

,

2/15/29

(a)

2,269‌

1,725,000

PennyMac

Financial

Services

Inc.

144A

,

7.88

%

,

12/15/29

(a)

1,778‌

2,000,000

PRA

Group

Inc.

144A

,

5.00

%

,

10/01/29

(a)

1,615‌

2,000,000

PRA

Group

Inc.

144A

,

7.38

%

,

9/01/25

(a)

2,014‌

1,500,000

Rocket

Mortgage

LLC/Rocket

Mortgage

Co.-

Issuer

Inc.

144A

,

3.88

%

,

3/01/31

(a)

1,312‌

58,308‌

Healthcare  (5%)

2,500,000

Bausch

&

Lomb

Escrow

Corp.

144A

,

8.38

%

,

10/01/28

(a)

2,597‌

800,000

Bausch

Health

Cos.

Inc.

144A

,

4.88

%

,

6/01/28

(a)

453‌

2,050,000

Bausch

Health

Cos.

Inc.

144A

,

6.13

%

,

2/01/27

(a)

1,299‌

1,500,000

BellRing

Brands

Inc.

144A

,

7.00

%

,

3/15/30

(a)

1,537‌

2,200,000

CHS/Community

Health

Systems

Inc.

144A

,

5.25

%

,

5/15/30

(a)

1,824‌

2,500,000

CHS/Community

Health

Systems

Inc.

144A

,

8.00

%

,

12/15/27

(a)

2,464‌

2,500,000

DaVita

Inc.

144A

,

3.75

%

,

2/15/31

(a)

2,063‌

925,000

LifePoint

Health

Inc.

144A

,

9.88

%

,

8/15/30

(a)

947‌

3,500,000

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

BV

,

2.88

%

,

4/30/28

EUR

(b)

(e)

3,532‌

3,500,000

Owens

&

Minor

Inc.

144A

,

6.63

%

,

4/01/30

(a)

(d)

3,337‌

2,400,000

Prestige

Brands

Inc.

144A

,

3.75

%

,

4/01/31

(a)

2,083‌

2,750,000

Prime

Healthcare

Services

Inc.

144A

,

7.25

%

,

11/01/25

(a)

2,739‌

2,500,000

Select

Medical

Corp.

144A

,

6.25

%

,

8/15/26

(a)

2,501‌

3,250,000

Tenet

Healthcare

Corp.

,

4.38

%

,

1/15/30

3,010‌

750,000

Tenet

Healthcare

Corp.

,

4.63

%

,

6/15/28

712‌

3,000,000

Tenet

Healthcare

Corp.

,

6.13

%

,

10/01/28

2,992‌

1,100,000

Tenet

Healthcare

Corp.

,

6.13

%

,

6/15/30

1,101‌

1,500,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

3.15

%

,

10/01/26

1,397‌

36,588‌

Insurance  (2%)

3,000,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer

144A

,

6.75

%

,

10/15/27

(a)

2,931‌

2,575,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer

144A

,

7.00

%

,

1/15/31

(a)

2,604‌

4

Payden

Mutual

Funds

Payden

High

Income

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

1,750,000

Assurant

Inc.

,

(

3

mo.

LIBOR

USD

+

4.135%

)

,

7.00

%

,

3/27/48

(d)

(f)

$

1,785‌

3,575,000

Enstar

Finance

LLC

,

(

5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.006%

)

,

5.50

%

,

1/15/42

(f)

3,163‌

1,500,000

USI

Inc.

144A

,

7.50

%

,

1/15/32

(a)

1,523‌

12,006‌

Leisure  (3%)

1,000,000

Carnival

Corp.

144A

,

5.75

%

,

3/01/27

(a)

986‌

2,000,000

Carnival

Corp.

144A

,

6.00

%

,

5/01/29

(a)

1,939‌

3,450,000

Carnival

Corp.

144A

,

7.63

%

,

3/01/26

(a)

3,507‌

2,500,000

Churchill

Downs

Inc.

144A

,

5.75

%

,

4/01/30

(a)

2,420‌

2,500,000

Cinemark

USA

Inc.

144A

,

5.25

%

,

7/15/28

(a)

2,308‌

1,350,000

Light

&

Wonder

International

Inc.

144A

,

7.50

%

,

9/01/31

(a)

1,406‌

1,300,000

NCL

Corp.

Ltd.

144A

,

5.88

%

,

3/15/26

(a)

1,268‌

1,500,000

Ontario

Gaming

GTA

LP

144A

,

8.00

%

,

8/01/30

(a)

1,565‌

510,000

Royal

Caribbean

Cruises

Ltd.

144A

,

5.38

%

,

7/15/27

(a)

502‌

1,000,000

Royal

Caribbean

Cruises

Ltd.

144A

,

5.50

%

,

8/31/26

(a)

991‌

900,000

Royal

Caribbean

Cruises

Ltd.

144A

,

5.50

%

,

4/01/28

(a)

889‌

1,000,000

Royal

Caribbean

Cruises

Ltd.

144A

,

7.25

%

,

1/15/30

(a)

1,043‌

1,300,000

Royal

Caribbean

Cruises

Ltd.

144A

,

11.63

%

,

8/15/27

(a)

1,415‌

2,775,000

Travel

+

Leisure

Co.

144A

,

4.50

%

,

12/01/29

(a)

2,534‌

2,025,000

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

144A

,

7.13

%

,

2/15/31

(a)

2,089‌

24,862‌

Media  (9%)

2,300,000

Altice

Financing

SA

144A

,

5.00

%

,

1/15/28

(a)

2,068‌

600,000

Altice

Financing

SA

144A

,

5.75

%

,

8/15/29

(a)

523‌

770,000

AMC

Networks

Inc.

,

4.25

%

,

2/15/29

593‌

1,500,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A

,

4.25

%

,

2/01/31

(a)

1,269‌

1,000,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A

,

4.25

%

,

1/15/34

(a)

796‌

1,500,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A

,

4.50

%

,

8/15/30

(a)

1,305‌

1,000,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

,

4.50

%

,

5/01/32

835‌

2,000,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A

,

4.50

%

,

6/01/33

(a)

1,642‌

2,750,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A

,

4.75

%

,

3/01/30

(a)

2,446‌

2,000,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A

,

4.75

%

,

2/01/32

(a)

1,717‌

2,550,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A

,

5.38

%

,

6/01/29

(a)

2,373‌

2,970,000

Cogent

Communications

Group

Inc.

144A

,

7.00

%

,

6/15/27

(a)

2,982‌

2,000,000

CSC

Holdings

LLC

144A

,

4.13

%

,

12/01/30

(a)

1,447‌

2,600,000

CSC

Holdings

LLC

144A

,

5.75

%

,

1/15/30

(a)

1,379‌

500,000

CSC

Holdings

LLC

144A

,

6.50

%

,

2/01/29

(a)

426‌

1,000,000

CSC

Holdings

LLC

144A

,

11.25

%

,

5/15/28

(a)

1,014‌

950,000

CSC

Holdings

LLC

144A

,

11.75

%

,

1/31/29

(a)

965‌

2,300,000

DISH

DBS

Corp.

144A

,

5.25

%

,

12/01/26

(a)

1,816‌

1,350,000

DISH

DBS

Corp.

144A

,

5.75

%

,

12/01/28

(a)

911‌

2,300,000

EquipmentShare.com

Inc.

144A

,

9.00

%

,

5/15/28

(a)

2,337‌

Principal

or

Shares

Security

Description

Value

(000)

1,500,000

Gen

Digital

Inc.

144A

,

7.13

%

,

9/30/30

(a)

$

1,557‌

2,500,000

Go

Daddy

Operating

Co.

LLC/GD

Finance

Co.

Inc.

144A

,

3.50

%

,

3/01/29

(a)

2,266‌

1,000,000

Gray

Television

Inc.

144A

,

4.75

%

,

10/15/30

(a)

783‌

3,000,000

Gray

Television

Inc.

144A

,

5.38

%

,

11/15/31

(a)

2,351‌

2,500,000

Lamar

Media

Corp.

,

4.88

%

,

1/15/29

2,421‌

1,300,000

Match

Group

Holdings

II

LLC

144A

,

3.63

%

,

10/01/31

(a)

1,112‌

1,500,000

Match

Group

Holdings

II

LLC

144A

,

4.63

%

,

6/01/28

(a)

1,413‌

2,500,000

McGraw-Hill

Education

Inc.

144A

,

8.00

%

,

8/01/29

(a)

2,321‌

3,500,000

Newfold

Digital

Holdings

Group

Inc.

144A

,

6.00

%

,

2/15/29

(a)

2,650‌

1,400,000

Newfold

Digital

Holdings

Group

Inc.

144A

,

11.75

%

,

10/15/28

(a)

1,515‌

2,000,000

News

Corp.

144A

,

5.13

%

,

2/15/32

(a)

1,881‌

2,000,000

Nexstar

Media

Inc.

144A

,

4.75

%

,

11/01/28

(a)

1,834‌

1,800,000

Outfront

Media

Capital

LLC/Outfront

Media

Capital

Corp.

144A

,

7.38

%

,

2/15/31

(a)

1,887‌

1,000,000

Scripps

Escrow

Inc.

144A

,

5.88

%

,

7/15/27

(a)

902‌

4,500,000

Sirius

XM

Radio

Inc.

144A

,

4.13

%

,

7/01/30

(a)

3,941‌

2,000,000

Univision

Communications

Inc.

144A

,

7.38

%

,

6/30/30

(a)

1,963‌

1,500,000

Virgin

Media

Secured

Finance

PLC

144A

,

5.50

%

,

5/15/29

(a)

1,444‌

61,085‌

Real

Estate  (3%)

2,100,000

Brandywine

Operating

Partnership

LP

,

7.80

%

,

3/15/28

2,145‌

1,750,000

GLP

Capital

LP/GLP

Financing

II

Inc.

,

6.75

%

,

12/01/33

1,864‌

4,000,000

Iron

Mountain

Inc.

144A

,

4.88

%

,

9/15/29

(a)

3,742‌

1,500,000

Iron

Mountain

Inc.

144A

,

5.25

%

,

3/15/28

(a)

1,456‌

1,000,000

Kennedy-Wilson

Inc.

,

4.75

%

,

3/01/29

838‌

2,500,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

144A

,

4.75

%

,

6/15/29

(a)

2,241‌

2,500,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.

,

3.33

%

,

3/24/25

EUR

(b)

2,432‌

1,325,000

Piedmont

Operating

Partnership

LP

,

9.25

%

,

7/20/28

1,411‌

2,000,000

Service

Properties

Trust

,

5.50

%

,

12/15/27

1,883‌

1,000,000

Service

Properties

Trust

,

7.50

%

,

9/15/25

1,016‌

2,250,000

Uniti

Group

LP/Uniti

Group

Finance

Inc./CSL

Capital

LLC

144A

,

4.75

%

,

4/15/28

(a)

1,919‌

2,750,000

XHR

LP

144A

,

4.88

%

,

6/01/29

(a)

2,538‌

23,485‌

Retail  (7%)

2,850,000

1011778

BC

ULC/New

Red

Finance

Inc.

144A

,

4.00

%

,

10/15/30

(a)

2,550‌

2,500,000

Arko

Corp.

144A

,

5.13

%

,

11/15/29

(a)

2,205‌

2,000,000

Asbury

Automotive

Group

Inc.

144A

,

4.63

%

,

11/15/29

(a)

1,844‌

2,750,000

Asbury

Automotive

Group

Inc.

144A

,

5.00

%

,

2/15/32

(a)

2,487‌

1,000,000

Bath

&

Body

Works

Inc.

144A

,

6.63

%

,

10/01/30

(a)

1,014‌

2,500,000

Bath

&

Body

Works

Inc.

,

6.88

%

,

11/01/35

2,496‌

650,000

Bath

&

Body

Works

Inc.

,

7.50

%

,

6/15/29

(d)

674‌

2,000,000

Dealer

Tire

LLC/DT

Issuer

LLC

144A

,

8.00

%

,

2/01/28

(a)

1,983‌

3,500,000

Evergreen

Acqco

1

LP/TVI

Inc.

144A

,

9.75

%

,

4/26/28

(a)

3,762‌

5

Principal

or

Shares

Security

Description

Value

(000)

3,400,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.

Inc.

144A

,

6.75

%

,

1/15/30

(a)

$

3,061‌

2,000,000

FirstCash

Inc.

144A

,

4.63

%

,

9/01/28

(a)

1,871‌

1,750,000

FirstCash

Inc.

144A

,

5.63

%

,

1/01/30

(a)

1,670‌

2,500,000

Group

1

Automotive

Inc.

144A

,

4.00

%

,

8/15/28

(a)

2,307‌

2,000,000

Hanesbrands

Inc.

144A

,

9.00

%

,

2/15/31

(a)

(d)

2,019‌

1,000,000

LCM

Investments

Holdings

II

LLC

144A

,

8.25

%

,

8/01/31

(a)

1,027‌

1,000,000

Levi

Strauss

&

Co.

144A

,

3.50

%

,

3/01/31

(a)

(d)

866‌

525,000

Macy's

Retail

Holdings

LLC

,

4.30

%

,

2/15/43

394‌

1,450,000

Macy's

Retail

Holdings

LLC

144A

,

5.88

%

,

3/15/30

(a)

1,376‌

1,400,000

QVC

Inc.

,

4.38

%

,

9/01/28

1,039‌

2,200,000

Raising

Cane's

Restaurants

LLC

144A

,

9.38

%

,

5/01/29

(a)

2,360‌

2,800,000

Sonic

Automotive

Inc.

144A

,

4.88

%

,

11/15/31

(a)

2,433‌

2,175,000

Tapestry

Inc.

,

7.35

%

,

11/27/28

2,280‌

4,150,000

Verde

Purchaser

LLC

144A

,

10.50

%

,

11/30/30

(a)

4,291‌

750,000

Walgreens

Boots

Alliance

Inc.

,

4.10

%

,

4/15/50

547‌

750,000

Walgreens

Boots

Alliance

Inc.

,

4.80

%

,

11/18/44

(d)

634‌

2,000,000

Yum!

Brands

Inc.

,

5.38

%

,

4/01/32

1,947‌

49,137‌

Service  (4%)

2,150,000

ADT

Security

Corp.

144A

,

4.13

%

,

8/01/29

(a)

1,986‌

2,750,000

Albion

Financing

1

Sarl/Aggreko

Holdings

Inc.

144A

,

6.13

%

,

10/15/26

(a)

2,704‌

2,000,000

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance

Inc.

144A

,

8.00

%

,

2/15/31

(a)

1,997‌

2,000,000

Carriage

Services

Inc.

144A

,

4.25

%

,

5/15/29

(a)

1,737‌

2,900,000

Cimpress

PLC

,

7.00

%

,

6/15/26

2,859‌

2,370,000

Covanta

Holding

Corp.

144A

,

4.88

%

,

12/01/29

(a)

2,049‌

2,000,000

Madison

IAQ

LLC

144A

,

5.88

%

,

6/30/29

(a)

1,779‌

1,500,000

Neptune

Bidco

U.S.

Inc.

144A

,

9.29

%

,

4/15/29

(a)

1,434‌

2,300,000

Prime

Security

Services

Borrower

LLC/Prime

Finance

Inc.

144A

,

6.25

%

,

1/15/28

(a)

2,281‌

2,000,000

PROG

Holdings

Inc.

144A

,

6.00

%

,

11/15/29

(a)

1,828‌

2,000,000

United

Rentals

North

America

Inc.

,

3.88

%

,

2/15/31

1,806‌

1,225,000

Wand

NewCo

3

Inc.

144A

,

7.63

%

,

1/30/32

(a)

1,266‌

2,375,000

WASH

Multifamily

Acquisition

Inc.

144A

,

5.75

%

,

4/15/26

(a)

2,285‌

1,120,000

Williams

Scotsman

Inc.

144A

,

7.38

%

,

10/01/31

(a)

1,174‌

27,185‌

Technology  (2%)

2,750,000

Consensus

Cloud

Solutions

Inc.

144A

,

6.50

%

,

10/15/28

(a)

(d)

2,473‌

1,000,000

Dun

&

Bradstreet

Corp.

144A

,

5.00

%

,

12/15/29

(a)

(d)

930‌

2,750,000

NCR

Voyix

Corp.

144A

,

5.25

%

,

10/01/30

(a)

2,533‌

2,500,000

Presidio

Holdings

Inc.

144A

,

8.25

%

,

2/01/28

(a)

2,482‌

4,000,000

Qorvo

Inc.

,

4.38

%

,

10/15/29

3,770‌

750,000

Seagate

HDD

Cayman

144A

,

8.50

%

,

7/15/31

(a)

(d)

815‌

Principal

or

Shares

Security

Description

Value

(000)

2,000,000

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp.

144A

,

3.88

%

,

2/01/29

(a)

$

1,779‌

14,782‌

Telecommunications  (3%)

6,000,000

Altice

France

SA

144A

,

5.13

%

,

7/15/29

(a)

4,392‌

2,000,000

C&W

Senior

Financing

DAC

144A

,

6.88

%

,

9/15/27

(a)

1,897‌

835,000

CommScope

Inc.

144A

,

4.75

%

,

9/01/29

(a)

553‌

2,500,000

Frontier

Communications

Holdings

LLC

144A

,

5.88

%

,

10/15/27

(a)

2,406‌

1,000,000

Frontier

Communications

Holdings

LLC

144A

,

6.00

%

,

1/15/30

(a)

849‌

1,500,000

Frontier

Communications

Holdings

LLC

144A

,

6.75

%

,

5/01/29

(a)

1,331‌

650,000

Level

3

Financing

Inc.

144A

,

10.50

%

,

5/15/30

(a)

650‌

1,000,000

Millicom

International

Cellular

SA

144A

,

4.50

%

,

4/27/31

(a)

843‌

3,250,000

Stagwell

Global

LLC

144A

,

5.63

%

,

8/15/29

(a)

2,977‌

3,000,000

Telecom

Italia

Capital

SA

,

6.38

%

,

11/15/33

2,910‌

3,000,000

Vmed

O2

UK

Financing

I

PLC

144A

,

4.25

%

,

1/31/31

(a)

2,626‌

21,434‌

Transportation  (2%)

760,000

American

Airlines

Inc.

144A

,

7.25

%

,

2/15/28

(a)

771‌

1,475,000

American

Airlines

Inc.

144A

,

8.50

%

,

5/15/29

(a)

1,564‌

3,000,000

American

Airlines

Inc./AAdvantage

Loyalty

IP

Ltd.

144A

,

5.75

%

,

4/20/29

(a)

2,949‌

2,000,000

Delta

Air

Lines

Inc.

,

3.75

%

,

10/28/29

1,840‌

1,850,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

144A

,

5.50

%

,

5/01/28

(a)

1,794‌

1,500,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

144A

,

7.88

%

,

12/01/30

(a)

1,584‌

1,000,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

144A

,

9.75

%

,

8/01/27

(a)

1,038‌

1,500,000

United

Airlines

Inc.

144A

,

4.63

%

,

4/15/29

(a)

1,389‌

2,000,000

XPO

Inc.

144A

,

7.13

%

,

2/01/32

(a)

2,040‌

14,969‌

Utility  (5%)

2,500,000

American

Electric

Power

Co.

Inc.

,

5.20

%

,

1/15/29

2,539‌

500,000

Calpine

Corp.

144A

,

4.50

%

,

2/15/28

(a)

476‌

1,750,000

Calpine

Corp.

144A

,

4.63

%

,

2/01/29

(a)

1,620‌

1,000,000

Calpine

Corp.

144A

,

5.13

%

,

3/15/28

(a)

955‌

2,500,000

Clearway

Energy

Operating

LLC

144A

,

4.75

%

,

3/15/28

(a)

2,382‌

3,000,000

Energizer

Gamma

Acquisition

BV

,

3.50

%

,

6/30/29

EUR

(b)

(e)

2,884‌

1,100,000

EnerSys

144A

,

6.63

%

,

1/15/32

(a)

1,114‌

4,400,000

NextEra

Energy

Operating

Partners

LP

144A

,

7.25

%

,

1/15/29

(a)

4,536‌

2,500,000

NRG

Energy

Inc.

144A

,

3.38

%

,

2/15/29

(a)

2,208‌

1,500,000

PG&E

Corp.

,

5.00

%

,

7/01/28

1,451‌

2,265,000

Talen

Energy

Supply

LLC

144A

,

8.63

%

,

6/01/30

(a)

2,406‌

2,000,000

TransAlta

Corp.

,

7.75

%

,

11/15/29

2,104‌

3,600,000

Venture

Global

LNG

Inc.

144A

,

9.50

%

,

2/01/29

(a)

3,826‌

1,450,000

Venture

Global

LNG

Inc.

144A

,

9.88

%

,

2/01/32

(a)

1,526‌

2,500,000

Vistra

Operations

Co.

LLC

144A

,

5.00

%

,

7/31/27

(a)

2,424‌

6

Payden

Mutual

Funds

Payden

High

Income

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

1,475,000

Vistra

Operations

Co.

LLC

144A

,

6.95

%

,

10/15/33

(a)

$

1,560‌

2,250,000

Vistra

Operations

Co.

LLC

144A

,

7.75

%

,

10/15/31

(a)

2,339‌

36,350‌

Total

Corporate

Bond

(Cost

-

$623,251)

611,897‌

Mortgage

Backed

(2%

)

4,100,000

Connecticut

Avenue

Securities

Trust

2019-HRP1

144A

,

(

U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

9.364%

)

,

14.71

%

,

11/25/39

(a)

(f)

4,615‌

1,983,474

Fannie

Mae

Connecticut

Avenue

Securities

2016-C02

,

(

U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

12.364%

)

,

17.71

%

,

9/25/28

(f)

2,336‌

1,976,802

Fannie

Mae

Connecticut

Avenue

Securities

2016-C04

,

(

U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

10.364%

)

,

15.71

%

,

1/25/29

(f)

2,263‌

1,795,432

STACR

Trust

2018-HRP1

144A

,

(

U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

11.864%

)

,

17.21

%

,

5/25/43

(a)

(f)

2,134‌

Principal

or

Shares

Security

Description

Value

(000)

1,550,000

STACR

Trust

2018-HRP2

144A

,

(

U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

10.614%

)

,

15.96

%

,

2/25/47

(a)

(f)

$

1,903‌

Total

Mortgage

Backed

(Cost

-

$11,406)

13,251‌

Investment

Company

(8%

)

53,827,002

Payden

Cash

Reserves

Money

Market

Fund *

(Cost

-

$53,827)

53,827‌

Total

Investments

(Cost

-

$743,670)

(103%)

734,073‌

Liabilities

in

excess

of

Other

Assets

(-3%)

(

18,575‌

)

Net

Assets

(100%)

$

715,498‌

*

Affiliated

investment.

(a)

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.

(b)

Principal

in

foreign

currency.

(c)

Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

January

31,

2024.

The

stated

maturity

is

subject

to

prepayments.

(d)

All

or

a

portion

of

these

securities

are

on

loan.

At

January

31,

2024,

the

total

market

value

of

the

Fund’s

securities

on

loan

is

$21,405

and

the

total

market

value

of

the

collateral

held

by

the

Fund

is

$22,346.

Amounts

in

000s.

(e)

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.

(f)

Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

January

31,

2024.

(g)

Perpetual

security

with

no

stated

maturity

date.

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000s)

Assets:

EUR

1,370

USD  1,457

Citibank,

N.A.

03/18/2024

$

27

Liabilities:

USD

1,070

CAD  1,444

Citibank,

N.A.

03/18/2024

(

4

)

USD

16,778

EUR  15,583

Citibank,

N.A.

03/18/2024

(

97

)

(101)

Net

Unrealized

Appreciation

(Depreciation)

$(74)

Open

Centrally

Cleared

Interest

Rate

Swap

Contracts

Description

Maturity

Date

Notional

Amount

(000s)

Value

(000s)

Upfront

payments/

receipts

(000s)

Unrealized

Appreciation/

(Depreciation)

(000s)

3-Year

Interest

Rate

Swap,

Pay

Fixed

2.640%

Annually,

Receive

Variable

3.907%

(ESTRON)

Annually

03/24/2025

EUR

2,500

$36

$1

$35

3-Year

SOFR

Swap,

Receive

Fixed

4.430%

Annually,

Pay

Variable

5.310%

(SOFRRATE)

Annually

03/24/2025

USD

2,550

(22)

–

(22)

4-Year

Interest

Rate

Swap,

Pay

Fixed

2.630%

Annually,

Receive

Variable

3.907%

(ESTRON)

Annually

02/01/2026

EUR

1,000

8

–

8

4-Year

SOFR

Swap,

Receive

Fixed

4.230%

Annually,

Pay

Variable

5.310%

(SOFRRATE)

Annually

02/01/2026

USD

1,030

(6)

1

(7)

6-Year

Interest

Rate

Swap,

Pay

Fixed

2.650%

Annually,

Receive

Variable

3.907%

(ESTRON)

Annually

04/30/2028

EUR

3,500

(26)

3

(29)

7

Open

Centrally

Cleared

Interest

Rate

Swap

Contracts

Description

Maturity

Date

Notional

Amount

(000s)

Value

(000s)

Upfront

payments/

receipts

(000s)

Unrealized

Appreciation/

(Depreciation)

(000s)

6-Year

SOFR

Swap,

Receive

Fixed

3.970%

Annually,

Pay

Variable

5.310%

(SOFRRATE)

Annually

04/30/2028

USD

3,630

7

2

5

7-Year

Interest

Rate

Swap,

Pay

Fixed

2.660%

Annually,

Receive

Variable

3.907%

(ESTRON)

Annually

06/30/2029

EUR

3,000

(43)

3

(46)

7-Year

Interest

Rate

Swap,

Pay

Fixed

2.660%

Annually,

Receive

Variable

3.907%

(ESTRON)

Annually

04/15/2029

EUR

2,000

(25)

–

(25)

7-Year

SOFR

Swap,

Receive

Fixed

3.890%

Annually,

Pay

Variable

5.310%

(SOFRRATE)

Annually

06/30/2029

USD

3,130

15

2

13

7-Year

SOFR

Swap,

Receive

Fixed

3.900%

Annually,

Pay

Variable

5.310%

(SOFRRATE)

Annually

04/15/2029

USD

2,080

5

–

5

$(51)

$12

$(63)