Payden
California
Municipal
Social
Impact
Fund
Schedule
of
Investments
-
January
31,
2023
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Commercial
Paper (4%
)
3,000,000
SFCCTT
,
4.62%,
3/02/23 (a)
$
3,000
3,000,000
SFPUTC
,
4.67%,
3/15/23 (a)
3,000
Total
Commercial
Paper
(Cost
-
$6,000)
6,000
General
Obligation (49%
)
645,000
Abag
Finance
Authority
for
Nonprofit
Corps
A,
5.00%,
9/02/26
670
455,000
Abag
Finance
Authority
for
Nonprofit
Corps
A,
5.00%,
9/02/28
AGM (b)
502
100,000
Alameda
Community
Improvement
Commission
Successor
Agency
A,
5.00%,
9/01/28
BAM (b)
104
250,000
Alameda
Community
Improvement
Commission
Successor
Agency
A,
5.00%,
9/01/32
BAM (b)
260
1,750,000
Antelope
Valley
Community
College
District
C,
5.25%,
8/01/42
2,034
1,000,000
Azusa
Unified
School
District
D,
4.00%,
8/01/40
1,040
400,000
Beverly
Hills
Unified
School
District
CA
,
1.88%,
8/01/23
394
300,000
Brentwood
Infrastructure
Financing
Authority
,
4.00%,
10/01/36
314
1,050,000
California
Community
Choice
Financing
Authority
,
5.00%,
12/01/53
1,122
1,350,000
California
Earthquake
Authority
A,
5.60%,
7/01/27
1,376
1,000,000
California
Infrastructure
&
Economic
Development
Bank
A,
4.00%,
5/01/46
981
1,000,000
California
Pollution
Control
Financing
Authority
144A,
5.00%,
11/21/45 (c)
1,014
1,130,000
California
State
Public
Works
Board
D,
5.00%,
5/01/23
1,137
385,000
California
State
Public
Works
Board
C,
5.25%,
10/01/33
405
1,500,000
Clovis
Unified
School
District
B,
5.00%,
8/01/47
1,652
235,000
Coronado
Community
Development
Agency
Successor
Agency
A,
5.00%,
9/01/33
252
1,000,000
County
of
Santa
Barbara
CA
B,
AMT,
5.00%,
12/01/36
1,083
500,000
Lancaster
Redevelopment
Agency
Successor
Agency
,
5.00%,
8/01/30
AGM (b)
546
1,550,000
Los
Angeles
Community
College
District
,
2.34%,
8/01/33
1,275
6,515,000
Los
Angeles
Community
College
District
2,
3.80%,
2/01/23
6,515
1,135,000
Los
Angeles
County
Metropolitan
Transportation
Authority
Sales
Tax
Revenue
A,
5.00%,
7/01/44
1,290
2,000,000
Los
Angeles
Unified
School
District
QRR,
5.25%,
7/01/47
2,308
1,000,000
Mountain
View-Whisman
School
District
B,
4.00%,
9/01/38
1,045
310,000
Municipal
Improvement
Corp.
of
Los
Angeles
C,
1.34%,
11/01/26
277
100,000
Municipal
Improvement
Corp.
of
Los
Angeles
A,
5.00%,
5/01/30
103
500,000
Municipal
Improvement
Corp.
of
Los
Angeles
B,
5.00%,
11/01/31
552
500,000
Napa
Valley
Community
College
District
,
4.00%,
8/01/23
503
1,000,000
Nuveen,
CA
Free
Quality
Municipal
Income
Fund,
AMT
A
144A,
2.11%,
10/01/47 (c)
1,000
1,000,000
Ontario
Public
Financing
Authority
,
5.00%,
11/01/47
AGM (b)
1,118
100,000
Orange
County
Water
District
A,
1.10%,
8/01/42
100
Principal
or
Shares
Security
Description
Value
(000)
100,000
Sacramento
Transportation
Authority
Sales
Tax
Revenue
C,
1.05%,
10/01/38
$
100
550,000
San
Diego
Public
Facilities
Financing
Authority
B,
5.00%,
10/15/32
592
2,800,000
San
Diego
Unified
School
District
F2,
5.00%,
7/01/42
3,213
2,150,000
San
Francisco
Bay
Area
Rapid
Transit
District
D1,
5.00%,
8/01/39
2,512
1,500,000
San
Francisco
Unified
School
District
C,
5.00%,
6/15/23
1,514
1,125,000
San
Francisco
Unified
School
District
C,
5.00%,
6/15/25
1,201
250,000
San
Mateo
Joint
Powers
Financing
Authority
,
5.00%,
6/15/30
260
680,000
Santa
Monica
Community
College
District
B-1,
3.70%,
8/01/29
655
1,550,000
Santa
Monica
Community
College
District
B,
4.00%,
8/01/45
1,587
2,000,000
Santa
Monica
Community
College
District
B,
5.00%,
8/01/45
2,282
815,000
Santa
Monica
Public
Financing
Authority
,
4.00%,
7/01/38
832
1,340,000
Santa
Monica-Malibu
Unified
School
District
,
1.71%,
7/01/32
1,046
200,000
Simi
Valley
Public
Financing
Authority
A,
5.00%,
10/01/29
210
550,000
South
Orange
County
Public
Financing
Authority
,
5.00%,
4/01/34
596
825,000
South
San
Francisco
Public
Facilities
Financing
Authority
A,
5.25%,
6/01/46
914
1,000,000
State
of
California
CU,
4.85%,
12/01/46
1,110
10,000,000
State
of
California
,
5.00%,
9/01/24
10,439
375,000
State
of
California
,
5.00%,
10/01/28
434
3,000,000
State
of
California
,
5.00%,
9/01/52
3,416
1,000,000
Sunnyvale
Financing
Authority
,
4.00%,
4/01/34
1,080
1,625,000
Sweetwater
Union
High
School
District
A1,
5.00%,
8/01/52
1,790
1,755,000
Town
of
Hillsborough
CA
A,
1.05%,
6/01/35
1,755
350,000
Union
City
Community
Redevelopment
Agency
Successor
Agency
A,
5.00%,
10/01/35
369
225,000
West
Hollywood
Public
Financing
Authority
A,
4.00%,
4/01/34
241
Total
General
Obligation
(Cost
-
$67,771)
69,120
Revenue (40%
)
Airport/Port (9%)
3,000,000
City
of
Los
Angeles
Department
of
Airports
,
AMT,
4.00%,
5/15/47
2,890
500,000
City
of
Los
Angeles
Department
of
Airports
,
AMT,
5.00%,
5/15/24
513
250,000
City
of
Los
Angeles
Department
of
Airports
A,
AMT,
5.00%,
5/15/26
267
500,000
City
of
Los
Angeles
Department
of
Airports
,
AMT,
5.00%,
5/15/36
543
55,000
City
of
Los
Angeles
Department
of
Airports
,
AMT,
5.00%,
5/15/37
64
945,000
City
of
Los
Angeles
Department
of
Airports
,
AMT,
5.00%,
5/15/37
1,041
2,000,000
City
of
Los
Angeles
Department
of
Airports
,
AMT,
5.50%,
5/15/40
2,269
1,500,000
City
of
Los
Angeles
Department
of
Airports
,
AMT,
5.50%,
5/15/47
1,677
400,000
City
of
Palm
Springs
CA
Passenger
Facility
Charge
Revenue
,
AMT,
5.00%,
6/01/26
BAM (b)
419
Payden
California
Municipal
Social
Impact
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
1,000,000
San
Diego
County
Regional
Airport
Authority
B,
AMT,
5.00%,
7/01/31
$
1,134
750,000
San
Diego
County
Regional
Airport
Authority
B,
AMT,
5.00%,
7/01/39
798
1,100,000
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
A,
AMT,
5.00%,
5/01/24
1,130
12,745
Education (4%)
2,300,000
California
Educational
Facilities
Authority
B,
1.08%,
10/01/36
2,300
1,250,000
California
Infrastructure
&
Economic
Development
Bank
,
4.00%,
11/01/51
1,134
1,000,000
California
School
Finance
Authority
144A,
5.00%,
8/01/38 (c)
1,035
245,000
Oxnard
School
District
,
5.00%,
8/01/45
BAM (b)
256
1,000,000
University
of
California
Q,
4.00%,
5/15/36
1,087
5,812
Electric
&
Gas (1%)
1,565,000
City
of
Riverside
CA
Electric
Revenue
A,
1.05%,
10/01/29
1,565
Healthcare (7%)
100,000
Abag
Finance
Authority
for
Nonprofit
Corps
C,
1.05%,
8/01/35
100
200,000
California
Health
Facilities
Financing
Authority
A,
4.00%,
8/15/34
205
750,000
California
Health
Facilities
Financing
Authority
A,
4.00%,
4/01/35
769
500,000
California
Health
Facilities
Financing
Authority
A,
4.00%,
8/15/48
499
710,000
California
Health
Facilities
Financing
Authority
A,
5.00%,
11/15/27
711
500,000
California
Health
Facilities
Financing
Authority
,
5.00%,
2/01/31
543
350,000
California
Health
Facilities
Financing
Authority
A,
5.00%,
8/15/32
381
1,000,000
California
Health
Facilities
Financing
Authority
A,
5.00%,
11/15/32
1,002
800,000
California
Health
Facilities
Financing
Authority
,
5.00%,
11/01/34
922
1,000,000
California
Health
Facilities
Financing
Authority
,
5.00%,
11/15/49
1,027
650,000
California
Municipal
Finance
Authority
,
5.00%,
1/01/33 (b)
722
325,000
California
Municipal
Finance
Authority
B,
5.00%,
5/15/37 (b)
349
500,000
California
Municipal
Finance
Authority
,
5.00%,
7/01/39 (b)
545
100,000
California
Public
Finance
Authority
B,
0.45%,
8/01/52
100
100,000
California
Statewide
Communities
Development
Authority
A,
1.10%,
8/01/35
100
195,000
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
2,
0.40%,
5/15/32
195
1,000,000
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
P,
5.00%,
5/15/39
1,159
9,329
Housing (4%)
491,188
California
Housing
Finance
Agency
A,
3.25%,
8/20/36
455
1,350,000
County
of
San
Bernardino
CA
A,
1.13%,
2/15/27
1,350
Principal
or
Shares
Security
Description
Value
(000)
200,000
County
of
San
Bernardino
CA
,
1.13%,
5/15/29
$
200
500,000
CSCDA
Community
Improvement
Authority
A
144A,
3.00%,
9/01/56 (c)
346
875,000
Sacramento
County
Housing
Authority
C,
1.13%,
7/15/29 (b)
875
1,500,000
San
Diego
Housing
Authority
Inc.
,
1.50%,
10/01/60
1,500
400,000
Santa
Cruz
Redevelopment
Agency
B,
1.72%,
8/15/35
400
5,126
Industrial
Development/Pollution
Control (1%)
370,000
Emeryville
Redevelopment
Agency
Successor
Agency
A,
5.00%,
9/01/25
AGM (b)
384
885,000
Golden
State
Tobacco
Securitization
Corp.,
B,
3.00%,
6/01/46 (b)
823
300,000
Palm
Springs
Community
Redevelopment
Agency
Successor
Agency
,
5.00%,
9/01/29
AGM (b)
312
390,000
Palm
Springs
Community
Redevelopment
Agency
Successor
Agency
,
5.00%,
9/01/31
AGM (b)
406
1,925
Pollution
Control (2%)
200,000
Salinas
Valley
Solid
Waste
Authority
A,
AMT,
5.00%,
8/01/24
AGM (b)
207
965,000
South
Bayside
Waste
Management
Authority
,
AMT,
5.00%,
9/01/23
978
35,000
South
Bayside
Waste
Management
Authority
,
AMT,
5.00%,
9/01/23
35
1,500,000
Western
Placer
Waste
Management
Authority
,
4.00%,
6/01/42
1,568
2,788
Transportation (5%)
100,000
Bay
Area
Toll
Authority
G1,
1.00%,
4/01/47
100
660,000
Bay
Area
Toll
Authority
,
4.00%,
4/01/37
681
750,000
City
of
Long
Beach
CA
Harbor
Revenue
A,
AMT,
5.00%,
5/15/28
816
620,000
Port
of
Los
Angeles
A,
AMT,
5.00%,
8/01/24
642
1,000,000
Port
of
Los
Angeles
C1,
AMT,
5.00%,
8/01/25
1,060
835,000
Port
of
Los
Angeles
A,
AMT,
5.00%,
8/01/29
866
1,075,000
Port
of
Oakland
H,
AMT,
5.00%,
5/01/29
1,193
1,000,000
Riverside
County
Transportation
Commission
B1,
4.00%,
6/01/46
969
100,000
Santa
Clara
Valley
Transportation
Authority
RF,
0.40%,
4/01/36
100
6,427
Water
&
Sewer (7%)
550,000
City
of
Ontario
CA
,
1.29%,
8/01/25
509
525,000
City
of
San
Buenaventura
CA
,
0.75%,
1/01/24
506
635,000
East
Bay
Municipal
Utility
District
Water
System
Revenue
A,
5.00%,
6/01/38
742
1,625,000
Los
Angeles
Department
of
Water
&
Power
Water
System
Revenue
D,
5.00%,
7/01/52
1,833
720,000
San
Diego
Public
Facilities
Financing
Authority
A,
5.00%,
5/15/23
726
1,000,000
San
Diego
Public
Facilities
Financing
Authority
A,
5.00%,
5/15/37
1,185
100,000
San
Diego
Public
Facilities
Financing
Authority
Water
Revenue
A,
5.00%,
8/01/32
110
3,500,000
San
Jose
Financing
Authority
,
5.00%,
11/01/47
4,000
9,611
Total
Revenue
(Cost
-
$55,544)
55,328
Principal
or
Shares
Security
Description
Value
(000)
U.S.
Treasury (5%
)
2,500,000
U.S.
Treasury
Bill
,
4.75%,
7/20/23 (a)
$
2,446
500,000
U.S.
Treasury
Note
,
3.38%,
1/31/30
498
1,000,000
U.S.
Treasury
Note
,
3.75%,
12/31/27
1,012
2,000,000
U.S.
Treasury
Note
,
3.88%,
1/15/26
2,000
500,000
U.S.
Treasury
Note
,
4.13%,
11/15/32
526
200,000
U.S.
Treasury
Note
,
4.25%,
12/31/24
200
Total
U.S.
Treasury
(Cost
-
$6,693)
6,682
Investment
Company (1%
)
1,238,555
Payden
Cash
Reserves
Money
Market
Fund
(Cost
$1,239)*
1,239
Total
Investments
(Cost
-
$137,247)
(99%)
138,369
Other
Assets,
net
of
Liabilities
(1%)
1,263
Net
Assets
(100%)
$
139,632
*
Affiliated
investment.
(a)
Yield
to
maturity
at
time
of
purchase.
(b)
Payment
of
principal
and/or
interest
is
insured
against
default
by
a
monoline
insurer.
(c)
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.