Payden
Corporate
Bond
Fund
Schedule
of
Investments
-
January
31,
2023
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Asset
Backed
(4%
)
2,300,000
Benefit
Street
Partners
CLO
XVII
Ltd.
2019-
17A
144A,
(3
mo.
LIBOR
USD
+
1.080%),
5.87%,
7/15/32 (a)(b)
$
2,278
1,400,000
CIFC
Funding
Ltd.
2021-4A
144A,
(3
mo.
LIBOR
USD
+
2.900%),
7.69%,
7/15/33 (a)(b)
1,347
884,250
Domino's
Pizza
Master
Issuer
LLC
2021-1A
144A,
2.66%,
4/25/51 (a)
773
2,000,000
HERA
Commercial
Mortgage
Ltd.
2021-FL1
144A,
(1
mo.
LIBOR
USD
+
1.950%),
6.42%,
2/18/38 (a)(b)
1,906
2,000,000
KREF
Ltd.
2022-FL3
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.450%),
5.94%,
2/17/39 (a)(b)
1,947
1,885,750
Planet
Fitness
Master
Issuer
LLC
2022-1A
144A,
3.25%,
12/05/51 (a)
1,700
1,507,333
Textainer
Marine
Containers
Ltd.
2021-3A
144A,
1.94%,
8/20/46 (a)
1,274
2,350,000
VB-S1
Issuer
LLC-VBTEL
2022-1A
144A,
4.29%,
2/15/52 (a)
2,125
1,502,125
Zaxby's
Funding
LLC
2021-1A,
144A,
3.24%,
7/30/51 (a)
1,276
Total
Asset
Backed
(Cost
-
$15,829)
14,626
Bank
Loans(c)
(1%
)
995,000
Air
Canada
Term
Loan
B
1L,
(LIBOR
USD
3-Month
+
3.500%),
8.13%,
8/11/28
998
909,688
DirectV
Financing
LLC
Term
Loan
1L,
(LIBOR
USD
1-Month
+
5.000%),
9.57%,
8/02/27
896
Total
Bank
Loans
(Cost
-
$1,886)
1,894
Corporate
Bond
(91%
)
Automotive (4%)
675,000
American
Honda
Finance
Corp.
,
4.70%,
1/12/28
682
1,285,000
Daimler
Truck
Finance
North
America
LLC
144A,
2.38%,
12/14/28 (a)
1,122
3,250,000
Ford
Motor
Credit
Co.
LLC
,
2.30%,
2/10/25
3,018
1,800,000
Ford
Motor
Credit
Co.
LLC
,
2.90%,
2/16/28
1,551
400,000
Ford
Motor
Credit
Co.
LLC
,
3.81%,
1/09/24
392
1,200,000
General
Motors
Co.
,
6.75%,
4/01/46
1,250
1,700,000
Hyundai
Capital
America
144A,
1.80%,
10/15/25 (a)
1,551
950,000
Kia
Corp.
144A,
1.75%,
10/16/26 (a)
835
3,275,000
Nissan
Motor
Co.
Ltd.
144A,
4.35%,
9/17/27 (a)
3,086
1,150,000
Stellantis
Finance
U.S.
Inc.
144A,
2.69%,
9/15/31 (a)
928
1,705,000
Volkswagen
Group
of
America
Finance
LLC
144A,
4.25%,
11/13/23 (a)
1,691
16,106
Banking (14%)
2,325,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.010%),
1.20%,
10/24/26 (b)
2,097
1,800,000
Bank
of
America
Corp.
,
(3
mo.
LIBOR
USD
+
0.870%),
2.46%,
10/22/25 (b)
1,722
1,585,000
Bank
of
America
Corp.
N,
(U.S.
Secured
Overnight
Financing
Rate
+
1.220%),
2.65%,
3/11/32 (b)
1,338
1,600,000
Bank
of
America
Corp.
,
(3
mo.
LIBOR
USD
+
0.970%),
3.46%,
3/15/25 (b)
1,569
975,000
Bank
of
America
Corp.
,
(3
mo.
LIBOR
USD
+
1.060%),
3.56%,
4/23/27 (b)
934
2,210,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.290%),
5.08%,
1/20/27 (b)
2,219
Principal
or
Shares
Security
Description
Value
(000)
2,600,000
Bank
of
Montreal
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.400%),
3.09%,
1/10/37 (b)
$
2,116
980,000
Bank
of
Nova
Scotia
,
4.85%,
2/01/30
983
1,150,000
Barclays
PLC
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.050%),
2.28%,
11/24/27 (b)
1,032
1,550,000
BBVA
Bancomer
SA
144A,
1.88%,
9/18/25 (a)
1,424
1,400,000
BNP
Paribas
SA
144A,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.450%),
5.13%,
1/13/29 (a)(b)
1,413
830,000
Citigroup
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.280%),
3.07%,
2/24/28 (b)
772
1,175,000
Deutsche
Bank
AG
,
(U.S.
Secured
Overnight
Financing
Rate
+
3.180%),
6.72%,
1/18/29 (b)
1,237
1,300,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.248%),
2.38%,
7/21/32 (b)
1,065
2,300,000
Goldman
Sachs
Group
Inc.
,
2.60%,
2/07/30
2,002
2,750,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.264%),
2.65%,
10/21/32 (b)
2,271
1,650,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.410%),
3.10%,
2/24/33 (b)
1,415
305,000
Intesa
Sanpaolo
SpA
144A,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.600%),
4.20%,
6/01/32 (a)(b)
243
2,050,000
JPMorgan
Chase
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.180%),
2.55%,
11/08/32 (b)
1,703
915,000
JPMorgan
Chase
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.460%),
3.11%,
4/22/41 (b)
724
910,000
JPMorgan
Chase
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.440%),
3.11%,
4/22/51 (b)
667
1,025,000
KeyBank
N.A.
,
5.00%,
1/26/33
1,028
1,300,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.858%),
1.51%,
7/20/27 (b)
1,160
910,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.990%),
2.19%,
4/28/26 (b)
855
2,000,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.152%),
2.72%,
7/22/25 (b)
1,932
830,000
Morgan
Stanley
,
5.00%,
11/24/25
835
1,425,000
Morgan
Stanley
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.430%),
5.95%,
1/19/38 (b)
1,458
2,400,000
National
Australia
Bank
Ltd.
144A,
2.99%,
5/21/31 (a)
1,970
1,030,000
Old
National
Bancorp
,
5.88%,
9/29/26
1,054
1,150,000
PNC
Financial
Services
Group
Inc.
,
(Secured
Overnight
Financing
Rate
+
2.140%),
6.04%,
10/28/33 (b)
1,244
1,800,000
Royal
Bank
of
Canada
,
5.00%,
2/01/33
1,829
450,000
Santander
Holdings
USA
Inc.
,
3.24%,
10/05/26
424
2,100,000
Sumitomo
Mitsui
Financial
Group
Inc.
,
5.46%,
1/13/26
2,134
1,440,000
U.S.
Bancorp
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.230%),
4.65%,
2/01/29 (b)
1,440
1,000,000
Wachovia
Corp.
,
5.50%,
8/01/35
1,029
1,000,000
Wells
Fargo
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.500%),
3.35%,
3/02/33 (b)
882
2,600,000
Wells
Fargo
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.510%),
3.53%,
3/24/28 (b)
2,474
50,694
Payden
Corporate
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
Basic
Industry (5%)
1,425,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
1.65%,
10/29/24
$
1,333
1,120,000
Aviation
Capital
Group
LLC
144A,
3.88%,
5/01/23 (a)
1,113
2,525,000
Boeing
Co.
,
5.71%,
5/01/40
2,587
1,250,000
DAE
Funding
LLC
144A,
1.55%,
8/01/24 (a)
1,181
2,225,000
Equate
Petrochemical
BV
144A,
2.63%,
4/28/28 (a)
1,990
1,980,000
Freeport-McMoRan
Inc.
,
5.00%,
9/01/27
1,960
1,825,000
Glencore
Funding
LLC
144A,
1.63%,
9/01/25 (a)
1,674
2,000,000
Lockheed
Martin
Corp.
,
3.90%,
6/15/32
1,943
785,000
Nature
Conservancy
A,
3.96%,
3/01/52
665
900,000
OCP
SA
144A,
3.75%,
6/23/31 (a)
763
600,000
Raytheon
Technologies
Corp.
,
4.63%,
11/16/48
582
825,000
Regal
Rexnord
Corp.
144A,
6.30%,
4/15/28 (a)
838
825,000
Regal
Rexnord
Corp.
144A,
6.40%,
4/15/33 (a)
847
17,476
Consumer
Goods (3%)
1,360,000
Albertsons
Cos.
Inc./Safeway
Inc./New
Albertsons
LP/Albertsons
LLC
144A,
3.50%,
3/15/29 (a)
1,175
2,000,000
Anheuser-Busch
Cos.
LLC/Anheuser-Busch
InBev
Worldwide
Inc.
,
4.90%,
2/01/46
1,955
740,000
Anheuser-Busch
InBev
Worldwide
Inc.
,
8.00%,
11/15/39
952
904,000
Anheuser-Busch
InBev
Worldwide
Inc.
,
8.20%,
1/15/39
1,189
1,320,000
Coca-Cola
Co.
,
2.60%,
6/01/50
956
1,150,000
JDE
Peet's
NV
144A,
1.38%,
1/15/27 (a)
998
2,165,000
Land
O'
Lakes
Inc.
144A,
7.00% (a)(d)
1,918
1,850,000
NIKE
Inc.
,
3.38%,
3/27/50 (e)
1,551
10,694
Energy (6%)
1,745,000
Canadian
Natural
Resources
Ltd.
,
6.25%,
3/15/38
1,870
445,000
Cenovus
Energy
Inc.
,
6.75%,
11/15/39
488
630,000
Crescent
Energy
Finance
LLC
144A,
7.25%,
5/01/26 (a)
606
1,800,000
Earthstone
Energy
Holdings
LLC
144A,
8.00%,
4/15/27 (a)
1,757
1,200,000
Enbridge
Energy
Partners
LP
,
7.38%,
10/15/45
1,438
1,200,000
Energy
Transfer
LP
,
5.40%,
10/01/47
1,103
2,500,000
Energy
Transfer
LP
,
5.50%,
6/01/27
2,539
900,000
Energy
Transfer
LP
,
5.75%,
2/15/33
926
550,000
EQT
Corp.
,
5.68%,
10/01/25
551
1,075,000
EQT
Corp.
,
5.70%,
4/01/28
1,089
950,000
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
,
8.88%,
4/15/30
967
1,000,000
Hess
Corp.
,
7.30%,
8/15/31
1,122
750,000
Kinder
Morgan
Energy
Partners
LP
,
6.55%,
9/15/40
799
410,000
Parsley
Energy
LLC/Parsley
Finance
Corp.
144A,
4.13%,
2/15/28 (a)
382
1,100,000
PDC
Energy
Inc.
,
5.75%,
5/15/26
1,065
825,000
Venture
Global
Calcasieu
Pass
LLC
144A,
6.25%,
1/15/30 (a)
841
575,000
Vermilion
Energy
Inc.
144A,
6.88%,
5/01/30 (a)
531
1,550,000
Williams
Cos.
Inc.
,
3.75%,
6/15/27
1,500
2,200,000
Williams
Cos.
Inc.
,
8.75%,
3/15/32
2,707
22,281
Principal
or
Shares
Security
Description
Value
(000)
Financial
Services (16%)
925,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
4.13%,
7/03/23
$
920
410,000
Aircastle
Ltd.
,
4.13%,
5/01/24
401
1,795,000
Ally
Financial
Inc.
,
3.88%,
5/21/24
1,759
1,851,000
American
Express
Co.
,
8.15%,
3/19/38
2,441
1,690,000
AmFam
Holdings
Inc.
144A,
2.81%,
3/11/31 (a)
1,344
1,950,000
Ares
Capital
Corp.
,
3.25%,
7/15/25
1,837
1,000,000
Ares
Capital
Corp.
,
3.50%,
2/10/23
999
1,300,000
ASB
Bank
Ltd.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.250%),
5.28%,
6/17/32 (a)(b)
1,255
1,100,000
Ashtead
Capital
Inc.
144A,
5.50%,
8/11/32 (a)
1,105
2,400,000
Banco
Santander
SA
,
2.75%,
12/03/30
1,938
875,000
Bank
of
New
York
Mellon
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.169%),
4.54%,
2/01/29 (b)
875
2,075,000
Blackstone
Private
Credit
Fund
,
1.75%,
9/15/24
1,939
605,000
Blackstone
Secured
Lending
Fund
,
2.75%,
9/16/26
537
1,350,000
Capital
One
Financial
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.290%),
2.64%,
3/03/26 (b)
1,279
915,000
Capital
One
Financial
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.080%),
5.47%,
2/01/29 (b)
921
2,300,000
Citigroup
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.107%),
2.57%,
6/03/31 (b)
1,953
1,430,000
Citigroup
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.351%),
3.06%,
1/25/33 (b)
1,226
2,500,000
Citigroup
Inc.
,
4.45%,
9/29/27
2,454
3,775,000
FS
KKR
Capital
Corp.
144A,
4.25%,
2/14/25 (a)
3,567
2,850,000
HSBC
Holdings
PLC
,
(U.S.
Secured
Overnight
Financing
Rate
+
3.350%),
7.39%,
11/03/28 (b)
3,109
1,820,000
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
,
6.25%,
5/15/26
1,798
3,000,000
JPMorgan
Chase
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
3.790%),
4.49%,
3/24/31 (b)
2,931
1,975,000
JPMorgan
Chase
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.990%),
4.85%,
7/25/28 (b)
1,976
1,155,000
Low
Income
Investment
Fund
2019,
3.71%,
7/01/29
1,067
1,600,000
Macquarie
Group
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
+
1.069%),
1.34%,
1/12/27 (a)(b)
1,423
620,000
Mastercard
Inc.
,
3.85%,
3/26/50
564
1,250,000
Mitsubishi
UFJ
Financial
Group
Inc.
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.700%),
4.79%,
7/18/25 (b)
1,244
1,025,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.020%),
1.93%,
4/28/32 (b)
815
1,700,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.200%),
2.51%,
10/20/32 (b)
1,405
2,020,000
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
5.00%,
10/15/27 (e)
1,710
1,375,000
National
Bank
of
Canada
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.009%),
3.75%,
6/09/25 (b)
1,351
2,000,000
National
Securities
Clearing
Corp.
144A,
5.10%,
11/21/27 (a)
2,047
2,205,000
Owl
Rock
Capital
Corp.
,
3.75%,
7/22/25
2,070
1,300,000
PayPal
Holdings
Inc.
,
3.25%,
6/01/50 (e)
968
Principal
or
Shares
Security
Description
Value
(000)
750,000
State
Street
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.567%),
4.82%,
1/26/34 (b)
$
754
1,125,000
Synchrony
Financial
,
7.25%,
2/02/33
1,128
1,825,000
Toronto-Dominion
Bank
,
3.77%,
6/06/25
1,787
1,250,000
Truist
Financial
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.852%),
5.12%,
1/26/34 (b)
1,268
2,200,000
Westpac
Banking
Corp.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.750%),
2.67%,
11/15/35 (b)
1,730
59,895
Healthcare (8%)
2,160,000
AbbVie
Inc.
,
2.95%,
11/21/26
2,045
920,000
AbbVie
Inc.
,
4.25%,
11/21/49
825
3,120,000
Amgen
Inc.
,
3.15%,
2/21/40
2,444
2,000,000
Baxter
International
Inc.
,
2.27%,
12/01/28
1,750
700,000
Bayer
U.S.
Finance
II
LLC
144A,
3.88%,
12/15/23 (a)
691
700,000
Blue
Cross
and
Blue
Shield
of
Minnesota
144A,
3.79%,
5/01/25 (a)
673
1,625,000
Bristol-Myers
Squibb
Co.
,
4.25%,
10/26/49
1,501
700,000
Cigna
Corp.
,
4.13%,
11/15/25
693
895,000
Cigna
Corp.
,
4.90%,
12/15/48
859
1,850,000
CVS
Health
Corp.
,
5.30%,
12/05/43
1,833
740,000
Dignity
Health
,
4.50%,
11/01/42
660
975,000
Elevance
Health
Inc.
,
5.13%,
2/15/53
981
1,825,000
GE
HealthCare
Technologies
Inc.
144A,
5.65%,
11/15/27 (a)
1,892
965,000
Gilead
Sciences
Inc.
,
2.80%,
10/01/50
674
550,000
Jazz
Securities
DAC
144A,
4.38%,
1/15/29 (a)
503
1,300,000
Merck
&
Co.
Inc.
,
2.35%,
6/24/40
967
175,000
Northwell
Healthcare
Inc.
,
6.15%,
11/01/43
187
955,000
PeaceHealth
Obligated
Group
2020,
1.38%,
11/15/25
868
1,200,000
Perrigo
Finance
Unlimited
Co.
,
4.40%,
6/15/30
1,055
1,620,000
Royalty
Pharma
PLC
,
2.20%,
9/02/30
1,322
420,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
4.10%,
10/01/46
288
1,825,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
5.13%,
5/09/29 (e)
1,685
850,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
6.00%,
4/15/24
848
1,500,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
7.13%,
1/31/25
1,522
1,375,000
UnitedHealth
Group
Inc.
,
5.35%,
2/15/33
1,467
1,820,000
Viatris
Inc.
,
4.00%,
6/22/50
1,263
29,496
Household
Products (1%)
975,000
GSK
Consumer
Healthcare
Capital
U.S.
LLC
,
3.38%,
3/24/27
923
1,300,000
GSK
Consumer
Healthcare
Capital
U.S.
LLC
,
3.63%,
3/24/32
1,191
2,000,000
Procter
&
Gamble
Co.
,
4.05%,
1/26/33 (e)
2,005
4,119
Insurance (4%)
1,400,000
First
American
Financial
Corp.
,
2.40%,
8/15/31
1,090
2,115,000
Jackson
National
Life
Global
Funding
144A,
2.65%,
6/21/24 (a)
2,035
725,000
Nationwide
Financial
Services
Inc.
144A,
5.30%,
11/18/44 (a)
674
1,731,000
Nationwide
Mutual
Insurance
Co.
144A,
9.38%,
8/15/39 (a)
2,353
Principal
or
Shares
Security
Description
Value
(000)
1,265,000
New
York
Life
Insurance
Co.
144A,
5.88%,
5/15/33 (a)
$
1,362
500,000
New
York
Life
Insurance
Co.
144A,
6.75%,
11/15/39 (a)
587
1,500,000
Nippon
Life
Insurance
Co.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.600%),
2.90%,
9/16/51 (a)(b)
1,270
1,700,000
Ohio
National
Life
Insurance
Co.
144A,
6.88%,
6/15/42 (a)
1,640
450,000
Pacific
Life
Insurance
Co.
144A,
9.25%,
6/15/39 (a)
626
550,000
Teachers
Insurance
&
Annuity
Association
of
America
144A,
4.90%,
9/15/44 (a)
536
2,000,000
Teachers
Insurance
&
Annuity
Association
of
America
144A,
6.85%,
12/16/39 (a)
2,318
14,491
Leisure (1%)
1,150,000
Genting
New
York
LLC/GENNY
Capital
Inc.
144A,
3.30%,
2/15/26 (a)
1,030
500,000
Mattel
Inc.
144A,
3.38%,
4/01/26 (a)
467
1,875,000
Warnermedia
Holdings
Inc.
144A,
4.28%,
3/15/32 (a)
1,670
1,355,000
Warnermedia
Holdings
Inc.
144A,
5.14%,
3/15/52 (a)
1,127
4,294
Media (3%)
1,820,000
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
3.50%,
6/01/41
1,281
1,025,000
Cogent
Communications
Group
Inc.
144A,
7.00%,
6/15/27 (a)
1,016
1,860,000
Comcast
Corp.
,
2.89%,
11/01/51
1,301
766,000
Comcast
Corp.
,
6.50%,
11/15/35
892
1,760,000
Fox
Corp.
,
5.58%,
1/25/49
1,705
575,000
Gray
Escrow
II
Inc.
144A,
5.38%,
11/15/31 (a)
443
1,450,000
Time
Warner
Cable
LLC
,
6.75%,
6/15/39
1,493
2,000,000
Walt
Disney
Co.
,
2.75%,
9/01/49
1,429
475,000
Walt
Disney
Co.
,
9.50%,
7/15/24
507
10,067
Real
Estate (3%)
70,000
Healthpeak
Properties
Inc.
,
3.40%,
2/01/25
68
1,575,000
Healthpeak
Properties
Inc.
,
5.25%,
12/15/32
1,607
555,000
iStar
Inc.
,
4.75%,
10/01/24
552
1,900,000
iStar
Inc.
,
5.50%,
2/15/26
1,915
800,000
National
Retail
Properties
Inc.
,
3.90%,
6/15/24
787
1,125,000
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
144A,
2.50%,
10/15/31 (a)
885
1,050,000
Physicians
Realty
LP
,
2.63%,
11/01/31
876
1,200,000
Simon
Property
Group
LP
,
6.75%,
2/01/40
1,390
1,750,000
Starwood
Property
Trust
Inc.
144A,
3.75%,
12/31/24 (a)
1,664
360,000
Toll
Brothers
Finance
Corp.
,
4.88%,
11/15/25
354
770,000
WEA
Finance
LLC
144A,
4.13%,
9/20/28 (a)
678
980,000
WEA
Finance
LLC
144A,
4.63%,
9/20/48 (a)
708
11,484
Retail (3%)
1,300,000
AutoZone
Inc.
,
4.75%,
2/01/33
1,294
1,250,000
Dick's
Sporting
Goods
Inc.
,
3.15%,
1/15/32
1,024
2,000,000
Home
Depot
Inc.
,
4.50%,
12/06/48
1,932
1,325,000
Lowe's
Cos.
Inc.
,
5.13%,
4/15/50
1,297
600,000
Newell
Brands
Inc.
,
6.38%,
9/15/27
604
Payden
Corporate
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
1,425,000
Nordstrom
Inc.
,
4.25%,
8/01/31
$
1,072
1,775,000
Target
Corp.
,
4.50%,
9/15/32 (e)
1,792
1,400,000
Walmart
Inc.
,
4.50%,
9/09/52
1,409
1,940,000
Yum!
Brands
Inc.
,
3.63%,
3/15/31
1,656
12,080
Service (2%)
2,185,000
American
University
2019,
3.67%,
4/01/49
1,816
1,850,000
California
Institute
of
Technology
,
3.65%,
9/01/19
1,319
1,150,000
Ford
Foundation
2020,
2.82%,
6/01/70
752
1,540,000
Georgetown
University
B,
4.32%,
4/01/49
1,388
1,180,000
President
and
Fellows
of
Harvard
College
,
2.52%,
10/15/50
831
6,106
Technology (6%)
1,305,000
Apple
Inc.
,
2.65%,
5/11/50
929
1,200,000
Apple
Inc.
,
3.95%,
8/08/52
1,079
2,000,000
Apple
Inc.
,
4.65%,
2/23/46
2,018
515,000
Broadcom
Inc.
144A,
3.14%,
11/15/35 (a)
400
1,774,000
Broadcom
Inc.
144A,
4.93%,
5/15/37 (a)
1,630
1,400,000
Dell
International
LLC/EMC
Corp.
,
4.90%,
10/01/26
1,393
207,000
Dell
International
LLC/EMC
Corp.
,
8.35%,
7/15/46
250
1,075,000
Fidelity
National
Information
Services
Inc.
,
4.50%,
7/15/25
1,064
2,800,000
Microsoft
Corp.
,
2.53%,
6/01/50
1,999
1,493,000
Oracle
Corp.
,
4.13%,
5/15/45
1,213
2,000,000
Oracle
Corp.
,
6.50%,
4/15/38
2,201
1,345,000
QUALCOMM
Inc.
,
4.50%,
5/20/52
1,272
2,100,000
Skyworks
Solutions
Inc.
,
3.00%,
6/01/31
1,738
710,000
Take-Two
Interactive
Software
Inc.
,
3.70%,
4/14/27
681
1,325,000
Take-Two
Interactive
Software
Inc.
,
4.00%,
4/14/32
1,244
1,435,000
VMware
Inc.
,
2.20%,
8/15/31
1,139
1,725,000
Workday
Inc.
,
3.80%,
4/01/32
1,578
21,828
Telecommunications (8%)
1,575,000
Alphabet
Inc.
,
2.05%,
8/15/50
1,009
1,750,000
Amazon.com
Inc.
,
3.10%,
5/12/51
1,334
3,359,000
AT&T
Inc.
,
3.50%,
9/15/53
2,482
3,800,000
AT&T
Inc.
,
3.65%,
9/15/59
2,791
1,760,000
British
Telecommunications
PLC
144A,
4.25%,
11/08/49 (a)
1,387
1,100,000
Cogent
Communications
Group
Inc.
144A,
3.50%,
5/01/26 (a)
1,020
1,500,000
Deutsche
Telekom
International
Finance
BV
,
8.75%,
6/15/30
1,834
1,800,000
Juniper
Networks
Inc.
,
2.00%,
12/10/30
1,429
1,325,000
NBN
Co.
Ltd.
144A,
1.63%,
1/08/27 (a)
1,171
1,375,000
NTT
Finance
Corp.
144A,
4.37%,
7/27/27 (a)
1,376
2,475,000
Orange
SA
,
9.00%,
3/01/31
3,133
725,000
Stagwell
Global
LLC
144A,
5.63%,
8/15/29 (a)
636
1,100,000
TELUS
Corp.
,
4.60%,
11/16/48
1,018
3,467,000
Verizon
Communications
Inc.
,
2.36%,
3/15/32
2,858
2,300,000
Verizon
Communications
Inc.
,
3.40%,
3/22/41
1,854
2,000,000
Vodafone
Group
PLC
,
5.25%,
5/30/48
1,904
27,236
Principal
or
Shares
Security
Description
Value
(000)
Transportation (1%)
1,339,865
American
Airlines
Pass-Through
Trust
2019-1,
AA,
3.15%,
2/15/32
$
1,169
1,283,677
American
Airlines
Pass-Through
Trust
2019-1,
A,
3.50%,
2/15/32
1,007
2,176
Utility (3%)
1,050,000
Basin
Electric
Power
Cooperative
144A,
4.75%,
4/26/47 (a)
894
244,000
Berkshire
Hathaway
Energy
Co.
,
6.13%,
4/01/36
271
775,000
Eversource
Energy
,
4.20%,
6/27/24
767
660,000
KeySpan
Gas
East
Corp.
144A,
5.82%,
4/01/41 (a)
673
1,780,000
National
Fuel
Gas
Co.
,
5.50%,
1/15/26
1,789
1,000,000
NextEra
Energy
Capital
Holdings
Inc.
,
4.20%,
6/20/24
991
300,623
Solar
Star
Funding
LLC
144A,
3.95%,
6/30/35 (a)
268
1,755,000
Southern
California
Edison
Co.
,
(Secured
Overnight
Financing
Rate
+
0.830%),
5.15%,
4/01/24 (b)(e)
1,753
1,300,000
Tampa
Electric
Co.
,
3.88%,
7/12/24
1,277
1,575,000
TransAlta
Corp.
,
7.75%,
11/15/29
1,622
1,000,000
Wisconsin
Public
Service
Corp.
,
5.35%,
11/10/25
1,018
11,323
Total
Corporate
Bond
(Cost
-
$365,682)
331,846
Foreign
Government
(0%
)
1,885,000
Corp.
Financiera
de
Desarrollo
SA
144A,
2.40%,
9/28/27
(a)
(Cost
-
$1,883)
1,633
Mortgage
Backed
(1%
)
2,000,000
BXMT
Ltd.
2020-FL2
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.064%),
6.55%,
2/15/38 (a)(b)
1,865
2,000,000
Credit
Suisse
Mortgage
Capital
Certificates
2019-ICE4
144A,
(1
mo.
LIBOR
USD
+
1.430%),
5.89%,
5/15/36 (a)(b)
1,976
Total
Mortgage
Backed
(Cost
-
$4,006)
3,841
Municipal
(1%
)
1,200,000
Bay
Area
Toll
Authority
,
3.55%,
4/01/54
947
1,050,000
Michigan
Finance
Authority
D,
5.02%,
11/01/43
988
1,170,000
University
of
California
BG,
1.32%,
5/15/27
1,031
Total
Municipal
(Cost
-
$3,420)
2,966
Investment
Company
(4%
)
13,105,602
Payden
Cash
Reserves
Money
Market
Fund *
(Cost
-
$13,106)
13,106
Total
Investments
(Cost
-
$405,812)
(102%)
369,912
Liabilities
in
excess
of
Other
Assets
(-2%)
(5,508)
Net
Assets
(100%)
$
364,404
*
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)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
January
31,
2023.
(c)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
January
31,
2023.
The
stated
maturity
is
subject
to
prepayments.
(d)
Perpetual
security
with
no
stated
maturity
date.
(e)
All
or
a
portion
of
these
securities
are
on
loan.
At
January
31,
2023,
the
total
market
value
of
the
Fund’s
securities
on
loan
is
$7,814
and
the
total
market
value
of
the
collateral
held
by
the
Fund
is
$8,044.
Amounts
in
000s.
Open
Futures
Contracts
Contract
Type
Number
of
Contracts
Expiration
Date
Notional
Amount
(000s)
Current
Value
(000s)
Unrealized
Appreciation
(Depreciation)
(000s)
Long
Contracts:
U.S.
Long
Bond
Future
108
Mar-23
$
14,027
$
491
$
491
U.S.
Treasury
10-Year
Note
Future
40
Mar-23
4,581
76
76
U.S.
Ultra
Bond
Future
59
Mar-23
8,363
254
254
a
a
821
Short
Contracts:
U.S.
10-Year
Ultra
Future
124
Mar-23
(15,029)
(259)
(259)
a
a
Total
Futures
$562