Payden
Managed
Income
Fund
Schedule
of
Investments
-
January
31,
2023
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Asset
Backed
(17%
)
400,000
Allegro
CLO
VII
Ltd.
2018-1A
144A,
(3
mo.
LIBOR
USD
+
1.900%),
6.69%,
6/13/31 (a)(b)
$
386
450,000
Ammc
CLO
Ltd.
2017-20A
144A,
(3
mo.
LIBOR
USD
+
3.150%),
7.94%,
4/17/29 (a)(b)
443
350,000
Anchorage
Capital
CLO
Ltd.
2019-11A
144A,
(3
mo.
LIBOR
USD
+
3.450%),
8.27%,
7/22/32 (a)
(b)
322
400,000
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
2021-FL2
144A,
(1
mo.
LIBOR
USD
+
2.950%),
7.40%,
5/15/36 (a)(b)
359
500,000
BDS
Ltd.
2021-FL7
144A,
(1
mo.
LIBOR
USD
+
2.800%),
7.27%,
6/16/36 (a)(b)
458
600,000
BDS
Ltd.
2020-FL5
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.864%),
7.35%,
2/16/37 (a)(b)
582
250,000
Blackrock
European
CLO
IV
DAC
4A
144A,
(3
mo.
EURIBOR
+
1.300%),
3.59%,
7/15/30
EUR (a)(b)(c)
257
350,000
Blackrock
European
CLO
IV
DAC
4A
144A,
(3
mo.
EURIBOR
+
2.650%),
4.94%,
7/15/30
EUR (a)(b)(c)
349
300,000
BRSP
Ltd.
2021-FL1
144A,
(1
mo.
LIBOR
USD
+
3.450%),
7.92%,
8/19/38 (a)(b)
285
300,000
CARLYLE
U.S.
CLO
Ltd.
2019-3A
144A,
(3
mo.
LIBOR
USD
+
2.300%),
7.11%,
10/20/32 (a)(b)
290
800,000
CARS-DB4
LP
2020-1A
144A,
4.17%,
2/15/50 (a)
741
200,000
CARS-DB4
LP
2020-1A
144A,
4.52%,
2/15/50 (a)
177
300,000
CARS-DB4
LP
2020-1A
144A,
4.95%,
2/15/50 (a)
250
271,822
Carvana
Auto
Receivables
Trust
2022-P2
144A,
4.37%,
5/10/29 (a)
270
400,000
Cologix
Canadian
Issuer
LP
2022-1CAN
144A,
5.68%,
1/25/52
CAD (a)(c)
278
150,000
Diamond
Infrastructure
Funding
LLC
2021-1A
144A,
2.36%,
4/15/49 (a)
126
384,000
Driven
Brands
Funding
LLC
2019-1A
144A,
4.64%,
4/20/49 (a)
362
246,875
Driven
Brands
Funding
LLC
2021-1A
144A,
2.79%,
10/20/51 (a)
205
400,000
FORT
CRE
Issuer
LLC
2022-FL3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.850%),
6.16%,
2/23/39 (a)(b)
389
300,000
FORT
CRE
Issuer
LLC
2022-FL3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.250%),
6.56%,
2/23/39 (a)(b)
289
600,000
Greystone
CRE
Notes
Ltd.
2019-FL2
144A,
(1
mo.
LIBOR
USD
+
2.400%),
6.85%,
9/15/37 (a)
(b)
580
600,000
Greystone
CRE
Notes
Ltd.
2019-FL2
144A,
(1
mo.
LIBOR
USD
+
2.750%),
7.20%,
9/15/37 (a)
(b)
570
300,000
Greystone
CRE
Notes
Ltd.
2021-FL3
144A,
(1
mo.
LIBOR
USD
+
2.750%),
7.20%,
7/15/39 (a)
(b)
275
118,896
Halcyon
Loan
Advisors
Funding
Ltd.
2015-2A
144A,
(3
mo.
LIBOR
USD
+
1.650%),
6.47%,
7/25/27 (a)(b)
118
600,000
JPMorgan
Chase
Bank
N.A.-CACLN
2020-2
144A,
5.76%,
2/25/28 (a)
593
Principal
or
Shares
Security
Description
Value
(000)
186,261
JPMorgan
Chase
Bank
N.A.-CACLN
2021-1
144A,
2.37%,
9/25/28 (a)
$
180
550,000
JPMorgan
Chase
Bank
N.A.-CACLN
2021-1
144A,
4.28%,
9/25/28 (a)
502
600,000
JPMorgan
Chase
Bank
N.A.-CACLN
2021-2
144A,
4.39%,
12/26/28 (a)
540
550,000
JPMorgan
Chase
Bank
N.A.-CACLN
2021-3
144A,
3.69%,
2/26/29 (a)
479
400,000
KREF
Ltd.
2022-FL3
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.450%),
5.94%,
2/17/39 (a)(b)
390
300,000
LoanCore
Issuer
Ltd.
2021-CRE5
144A,
(1
mo.
LIBOR
USD
+
3.750%),
8.20%,
7/15/36 (a)(b)
256
250,000
Madison
Park
Funding
XXIV
Ltd.
2016-24A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
4.112%),
8.75%,
10/20/29 (a)(b)
249
500,000
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2020-1A
144A,
3.39%,
11/20/50 (a)
463
400,000
OneMain
Financial
Issuance
Trust
2022-2A
144A,
4.89%,
10/14/34 (a)
395
266,750
Planet
Fitness
Master
Issuer
LLC
2019-1A
144A,
3.86%,
12/05/49 (a)
230
269,871
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-A
144A,
5.28%,
5/15/32 (a)
264
168,670
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-A
144A,
7.38%,
5/15/32 (a)
165
500,000
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B
144A,
11.91%,
8/16/32 (a)
482
850,000
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-C
144A,
14.59%,
12/15/32 (a)
855
300,000
VB-S1
Issuer
LLC-VBTEL
2022-1A
144A,
5.27%,
2/15/52 (a)
257
519,925
Venture
XVII
CLO
Ltd.
2014-17A
144A,
(3
mo.
LIBOR
USD
+
0.880%),
5.67%,
4/15/27 (a)(b)
517
500,000
Westlake
Automobile
Receivables
Trust
2022-
3A
144A,
6.44%,
12/15/27 (a)
509
500,000
Westlake
Automobile
Receivables
Trust
2023-
1A
144A,
5.74%,
8/15/28 (a)
503
594,000
Wingstop
Funding
LLC
2020-1A
144A,
2.84%,
12/05/50 (a)
528
344,750
Zaxby's
Funding
LLC
2021-1A
144A,
3.24%,
7/30/51 (a)
293
Total
Asset
Backed
(Cost
-
$17,995)
17,011
Bank
Loans(d)
(1%
)
399,000
Asurion
LLC
Term
Loan
B10
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%),
8.68%,
8/18/28
379
165,000
MIC
Glen
LLC
Term
Loan
2L,
(LIBOR
USD
1-Month
+
6.750%),
11.32%,
7/20/29
150
Total
Bank
Loans
(Cost
-
$540)
529
Corporate
Bond
(45%
)
Financial (20%)
1,000,000
1MDB
Global
Investments
Ltd.
,
4.40%,
3/09/23 (e)
982
300,000
Ally
Financial
Inc.
,
8.00%,
11/01/31
331
200,000
Banco
Mercantil
del
Norte
SA
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.643%),
5.88% (b)(e)(f)
185
200,000
Banco
Mercantil
del
Norte
SA
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.643%),
5.88% (a)(b)(f)
185
Payden
Managed
Income
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
300,000
Bank
Leumi
Le-Israel
BM
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.466%),
7.13%,
7/18/33 (a)(b)(e)
$
310
200,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.750%),
4.83%,
7/22/26 (b)
200
200,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.290%),
5.08%,
1/20/27 (b)
201
225,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.040%),
4.95%,
7/22/28 (b)
226
350,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.990%),
6.20%,
11/10/28 (b)
369
400,000
Bank
of
Montreal
,
5.20%,
2/01/28
408
230,000
Bank
of
New
York
Mellon
Corp.
,
(Secured
Overnight
Financing
Rate
+
1.802%),
5.80%,
10/25/28 (b)
242
200,000
Bank
of
Nova
Scotia
,
4.85%,
2/01/30
201
500,000
Blackstone
Holdings
Finance
Co.
LLC
144A,
5.90%,
11/03/27 (a)
521
250,000
Blackstone
Private
Credit
Fund
,
1.75%,
9/15/24
234
300,000
Boston
Properties
LP
,
6.75%,
12/01/27
318
150,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
7.38%,
3/03/31 (a)
149
500,000
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
2.80%,
4/01/31
410
250,000
Cibanco
SA
Ibm/PLA
Administradora
Industrial
S
de
RL
de
CV
,
4.96%,
7/18/29 (e)(g)
235
250,000
CIBANCO
SA
Institucion
de
Banca
Multiple
Trust
CIB/3332
,
4.38%,
7/22/31 (e)
195
575,000
Citigroup
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.887%),
4.66%,
5/24/28 (b)
569
250,000
Citigroup
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.351%),
3.06%,
1/25/33 (b)
214
225,000
Digital
Realty
Trust
LP
,
5.55%,
1/15/28
230
300,000
Discover
Bank
,
(5
yr.
Swap
Semi
30/360
USD
+
1.730%),
4.68%,
8/09/28 (b)
288
200,000
doValue
SpA
144A,
3.38%,
7/31/26
EUR (a)(c)
201
150,000
Elevance
Health
Inc.
,
4.90%,
2/08/26
150
300,000
Equinix
Inc.
,
1.00%,
9/15/25
271
215,000
Extra
Space
Storage
LP
,
2.35%,
3/15/32
171
125,000
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.
Inc.
144A,
6.75%,
1/15/30 (a)
104
225,000
Fifth
Third
Bancorp
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.192%),
6.36%,
10/27/28 (b)
238
200,000
Ford
Motor
Credit
Co.
LLC
,
4.95%,
5/28/27
191
385,000
General
Motors
Financial
Co.
Inc.
,
6.05%,
10/10/25
392
250,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.
Inc.
144A,
3.50%,
3/01/29 (a)
217
800,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.725%),
4.48%,
8/23/28 (b)
787
50,000
Gray
Escrow
II
Inc.
144A,
5.38%,
11/15/31 (a)
38
125,000
Grifols
Escrow
Issuer
SA
144A,
3.88%,
10/15/28
EUR (a)(c)
116
365,000
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
,
5.25%,
5/15/27
340
30,000
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
,
4.38%,
2/01/29
26
305,000
Iron
Mountain
Inc.
144A,
5.25%,
3/15/28 (a)
290
700,000
JPMorgan
Chase
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.990%),
4.85%,
7/25/28 (b)
700
Principal
or
Shares
Security
Description
Value
(000)
350,000
Medline
Borrower
LP
144A,
5.25%,
10/01/29 (a)
$
294
1,050,000
Mizrahi
Tefahot
Bank
Ltd.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.250%),
3.08%,
4/07/31 (a)(b)(e)
948
300,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.669%),
4.68%,
7/17/26 (b)
298
850,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.240%),
6.30%,
10/18/28 (b)
899
100,000
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
2.55%,
12/05/23
GBP (c)
117
225,000
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
2.50%,
3/24/26
GBP (c)
221
125,000
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
3.38%,
4/24/30
GBP (c)
102
210,000
Navient
Corp.
,
6.75%,
6/15/26
207
90,000
Navient
Corp.
,
5.50%,
3/15/29
80
100,000
OneMain
Finance
Corp.
,
7.13%,
3/15/26
99
75,000
OneMain
Finance
Corp.
,
6.63%,
1/15/28
73
200,000
OneMain
Finance
Corp.
,
3.88%,
9/15/28
168
200,000
Owl
Rock
Capital
Corp.
,
3.40%,
7/15/26
181
250,000
PRA
Group
Inc.
144A,
5.00%,
10/01/29 (a)
215
250,000
Royal
Bank
of
Canada
,
6.00%,
11/01/27 (g)
264
300,000
Royal
Bank
of
Canada
,
4.90%,
1/12/28
303
285,000
Santander
Holdings
USA
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.249%),
2.49%,
1/06/28 (b)
252
450,000
SBA
Tower
Trust
144A,
6.60%,
1/15/28 (a)
470
200,000
Stagwell
Global
LLC
144A,
5.63%,
8/15/29 (a)
175
250,000
Sumitomo
Mitsui
Financial
Group
Inc.
,
5.52%,
1/13/28
258
300,000
Synchrony
Bank
,
5.40%,
8/22/25
299
325,000
Synchrony
Financial
,
7.25%,
2/02/33
326
350,000
Toronto-Dominion
Bank
,
4.69%,
9/15/27
352
350,000
Toronto-Dominion
Bank
,
5.16%,
1/10/28
357
300,000
Toronto-Dominion
Bank
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.075%),
8.13%,
10/31/82 (b)
319
250,000
VICI
Properties
LP
,
4.38%,
5/15/25
245
200,000
Volkswagen
Group
of
America
Finance
LLC
144A,
4.75%,
11/13/28 (a)
199
350,000
Wells
Fargo
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.560%),
4.54%,
8/15/26 (b)
347
219,000
Wells
Fargo
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.980%),
4.81%,
7/25/28 (b)
219
19,722
Industrial (16%)
125,000
ADT
Security
Corp.
144A,
4.88%,
7/15/32 (a)
112
300,000
Advantage
Sales
&
Marketing
Inc.
144A,
6.50%,
11/15/28 (a)
228
200,000
Altice
France
Holding
SA
144A,
10.50%,
5/15/27 (a)
172
300,000
Asbury
Automotive
Group
Inc.
144A,
4.63%,
11/15/29 (a)
265
300,000
Broadcom
Inc.
144A,
4.00%,
4/15/29 (a)
281
165,000
Brookfield
Residential
Properties
Inc./Brookfield
Residential
U.S.
LLC
144A,
5.00%,
6/15/29 (a)
131
500,000
C&W
Senior
Financing
DAC
,
6.88%,
9/15/27 (e)
479
350,000
Caesars
Entertainment
Inc.
144A,
6.25%,
7/01/25 (a)
349
200,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
4.50%,
8/15/30 (a)
171
200,000
Centene
Corp.
,
3.38%,
2/15/30
176
Principal
or
Shares
Security
Description
Value
(000)
200,000
Central
American
Bottling
Corp./CBC
Bottling
Holdco
SL/Beliv
Holdco
SL
,
5.25%,
4/27/29 (e)
$
193
200,000
Central
American
Bottling
Corp./CBC
Bottling
Holdco
SL/Beliv
Holdco
SL
144A,
5.25%,
4/27/29 (a)
192
220,000
Coherent
Corp.
144A,
5.00%,
12/15/29 (a)
200
600,000
Constellation
Brands
Inc.
,
5.00%,
2/02/26
601
200,000
Corp.
Nacional
del
Cobre
de
Chile
144A,
5.13%,
2/02/33 (a)
201
425,000
Coty
Inc.
144A,
5.00%,
4/15/26 (a)
407
65,000
Coty
Inc.
144A,
6.50%,
4/15/26 (a)(g)
64
400,000
Delta
Air
Lines
Inc./SkyMiles
IP
Ltd.
144A,
4.75%,
10/20/28 (a)
390
150,000
Evergreen
Acqco
1
LP/TVI
Inc.
144A,
9.75%,
4/26/28 (a)
148
175,000
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.
Inc.
144A,
4.63%,
1/15/29 (a)
155
200,000
FMG
Resources
August
2006
Pty
Ltd.
144A,
4.50%,
9/15/27 (a)
191
200,000
FMG
Resources
August
2006
Pty
Ltd.
144A,
4.38%,
4/01/31 (a)
176
100,000
FMG
Resources
August
2006
Pty
Ltd.
144A,
6.13%,
4/15/32 (a)
98
200,000
Ford
Motor
Co.
,
3.25%,
2/12/32
159
200,000
Freeport
Indonesia
PT
144A,
5.32%,
4/14/32 (a)
191
150,000
Freeport-McMoRan
Inc.
,
5.25%,
9/01/29
149
325,000
General
Motors
Financial
Co.
Inc.
,
6.00%,
1/09/28
335
150,000
Gray
Television
Inc.
144A,
4.75%,
10/15/30 (a)
111
650,000
Grupo
Bimbo
SAB
de
CV
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.280%),
5.95% (b)(e)(f)
650
425,000
Humana
Inc.
,
5.75%,
3/01/28
444
100,000
International
Business
Machines
Corp.
,
4.88%,
2/06/38
GBP (c)
123
250,000
Jabil
Inc.
,
4.25%,
5/15/27
243
77,000
Jabil
Inc.
,
3.60%,
1/15/30
70
350,000
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance
Inc.
144A,
3.00%,
2/02/29 (a)
301
268,000
Kaiser
Aluminum
Corp.
144A,
4.63%,
3/01/28 (a)
245
50,000
Kaiser
Aluminum
Corp.
144A,
4.50%,
6/01/31 (a)
42
550,000
MARB
BondCo
PLC
,
3.95%,
1/29/31 (e)
434
175,000
Mauser
Packaging
Solutions
Holding
Co.
144A,
7.88%,
8/15/26 (a)
177
250,000
Meritage
Homes
Corp.
144A,
3.88%,
4/15/29 (a)
222
300,000
NBM
U.S.
Holdings
Inc.
,
6.63%,
8/06/29 (e)
292
200,000
Open
Text
Corp.
144A,
6.90%,
12/01/27 (a)
205
300,000
Open
Text
Corp.
144A,
3.88%,
12/01/29 (a)
250
200,000
Oracle
Corp.
,
2.80%,
4/01/27
185
325,000
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
144A,
5.70%,
2/01/28 (a)
333
250,000
Renesas
Electronics
Corp.
144A,
2.17%,
11/25/26 (a)
219
106,000
Rogers
Communications
Inc.
144A,
3.20%,
3/15/27 (a)
100
600,000
Rolls-Royce
PLC
144A,
5.75%,
10/15/27 (a)
584
300,000
Sealed
Air
Corp.
144A,
6.13%,
2/01/28 (a)
303
450,000
Tenet
Healthcare
Corp.
,
6.13%,
10/01/28
421
700,000
T-Mobile
USA
Inc.
,
3.75%,
4/15/27
674
400,000
TTM
Technologies
Inc.
144A,
4.00%,
3/01/29 (a)
350
Principal
or
Shares
Security
Description
Value
(000)
200,000
U.S.
Foods
Inc.
144A,
4.75%,
2/15/29 (a)
$
183
450,000
United
Natural
Foods
Inc.
144A,
6.75%,
10/15/28 (a)
435
200,000
Univision
Communications
Inc.
144A,
7.38%,
6/30/30 (a)
196
250,000
Verizon
Communications
Inc.
,
4.25%,
10/31/30
EUR (c)
281
300,000
Verizon
Communications
Inc.
,
2.36%,
3/15/32
247
200,000
VMware
Inc.
,
1.80%,
8/15/28
169
415,000
Warnermedia
Holdings
Inc.
144A,
3.76%,
3/15/27 (a)
389
377,000
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.
144A,
3.88%,
2/01/29 (a)
326
15,418
Utility (9%)
250,000
Adani
Electricity
Mumbai
Ltd.
,
3.95%,
2/12/30 (e)
187
361,500
Adani
Renewable
Energy
RJ
Ltd./Kodangal
Solar
Parks
Pvt.
Ltd./Wardha
Solar
Maharash
,
4.63%,
10/15/39 (e)
259
200,000
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.
144A,
9.00%,
11/01/27 (a)
247
270,000
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.
144A,
5.88%,
6/30/29 (a)
238
200,000
Callon
Petroleum
Co.
144A,
7.50%,
6/15/30 (a)
(g)
194
150,000
Consolidated
Energy
Finance
SA
144A,
5.63%,
10/15/28 (a)
131
250,000
Crescent
Energy
Finance
LLC
144A,
9.25%,
2/15/28 (a)
250
340,000
Earthstone
Energy
Holdings
LLC
144A,
8.00%,
4/15/27 (a)
332
200,000
Enerflex
Ltd.
144A,
9.00%,
10/15/27 (a)
204
225,000
Energean
PLC
144A,
6.50%,
4/30/27 (a)
212
250,000
Energy
Transfer
LP
,
5.55%,
2/15/28
254
450,000
EnfraGen
Energia
Sur
SA/EnfraGen
Spain
SA/
Prime
Energia
SpA
,
5.38%,
12/30/30 (e)
322
200,000
EnQuest
PLC
144A,
11.63%,
11/01/27 (a)
197
375,000
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
,
8.00%,
1/15/27
371
145,000
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
,
8.88%,
4/15/30
147
200,000
Geopark
Ltd.
,
5.50%,
1/17/27 (e)
178
350,000
Geopark
Ltd.
144A,
5.50%,
1/17/27 (a)
311
286,500
Greenko
Power
II
Ltd.
,
4.30%,
12/13/28 (e)
248
105,000
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
144A,
6.25%,
4/15/32 (a)
97
284,100
India
Cleantech
Energy
,
4.70%,
8/10/26 (e)
256
375,000
International
Petroleum
Corp.
144A,
7.25%,
2/01/27 (a)(e)
356
250,000
Kosmos
Energy
Ltd.
144A,
7.75%,
5/01/27 (a)
223
200,000
Kosmos
Energy
Ltd.
,
7.75%,
5/01/27 (e)
178
750,000
Minejesa
Capital
BV
,
4.63%,
8/10/30 (e)
697
195,000
Nabors
Industries
Ltd.
144A,
7.50%,
1/15/28 (a)
186
400,000
Nutrien
Ltd.
,
5.95%,
11/07/25
412
160,000
ONEOK
Inc.
,
6.10%,
11/15/32
168
100,000
PBF
Holding
Co.
LLC/PBF
Finance
Corp.
,
7.25%,
6/15/25
100
280,000
PBF
Holding
Co.
LLC/PBF
Finance
Corp.
,
6.00%,
2/15/28
264
195,000
PDC
Energy
Inc.
,
5.75%,
5/15/26
189
225,000
Petroleos
Mexicanos
,
(3
mo.
EURIBOR
+
2.400%),
4.30%,
8/24/23
EUR (b)(c)(e)
244
Payden
Managed
Income
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
100,000
Petroleos
Mexicanos
,
3.63%,
11/24/25
EUR (c)
(e)
$
102
100,000
Petroleos
Mexicanos
144A,
10.00%,
2/07/33 (a)
98
300,000
Petroleos
Mexicanos
,
6.75%,
9/21/47
208
455,000
Summit
Midstream
Holdings
LLC/Summit
Midstream
Finance
Corp.
144A,
8.50%,
10/15/26 (a)
444
300,000
Tamarack
Valley
Energy
Ltd.
144A,
7.25%,
5/10/27
CAD (a)(c)
215
85,000
TransAlta
Corp.
,
7.75%,
11/15/29
87
250,000
Vermilion
Energy
Inc.
144A,
6.88%,
5/01/30 (a)
231
225,000
W&T
Offshore
Inc.
144A,
11.75%,
2/01/26 (a)
228
75,000
Weatherford
International
Ltd.
144A,
8.63%,
4/30/30 (a)
76
9,341
Total
Corporate
Bond
(Cost
-
$44,427)
44,481
Foreign
Government
(11%
)
300,000
Angolan
Government
International
Bond
,
8.00%,
11/26/29 (e)
279
12,000,000
Brazil
Letras
do
Tesouro
Nacional
,
10/01/23
BRL (c)(h)
2,171
925,000
Colombia
Government
International
Bond
,
4.50%,
3/15/29
819
150,000
Dominican
Republic
International
Bond
144A,
7.05%,
2/03/31
150
600,000
Dominican
Republic
International
Bond
,
4.88%,
9/23/32 (e)
513
300,000
Export-Import
Bank
of
India
144A,
5.50%,
1/18/33 (a)
307
250,000
Guatemala
Government
Bond
,
3.70%,
10/07/33 (e)
212
700,000
Hungary
Government
International
Bond
144A,
6.13%,
5/22/28 (a)
725
150,000
Indonesia
Government
International
Bond
,
1.00%,
7/28/29
EUR (c)
135
300,000
Indonesia
Government
International
Bond
,
4.85%,
1/11/33
304
600,000
Ivory
Coast
Government
International
Bond
,
6.13%,
6/15/33 (e)(g)
534
13,100,000
Mexican
Bonos
Series
M,
7.75%,
5/29/31
MXN (c)
658
200,000
Mexico
Government
International
Bond
,
6.35%,
2/09/35
213
200,000
Mongolia
Government
International
Bond
,
8.75%,
3/09/24 (e)
202
300,000
Mongolia
Government
International
Bond
144A,
4.45%,
7/07/31 (a)
249
300,000
Nigeria
Government
International
Bond
,
6.50%,
11/28/27 (e)
247
250,000
Nigeria
Government
International
Bond
,
6.13%,
9/28/28 (e)
195
250,000
Oman
Government
International
Bond
,
6.50%,
3/08/47 (e)
240
300,000
Paraguay
Government
International
Bond
,
5.40%,
3/30/50 (e)
268
17,900,000
Republic
of
South
Africa
Government
Bond
Series
2030,
8.00%,
1/31/30
ZAR (c)
943
350,000
Republic
of
Uzbekistan
International
Bond
,
5.38%,
2/20/29 (e)
329
200,000
Republic
of
Uzbekistan
International
Bond
144A,
3.90%,
10/19/31 (a)
165
400,000
Romanian
Government
International
Bond
,
6.63%,
9/27/29
EUR (c)(e)
448
Principal
or
Shares
Security
Description
Value
(000)
100,000
Romanian
Government
International
Bond
,
3.62%,
5/26/30
EUR (c)(e)
$
93
200,000
Romanian
Government
International
Bond
144A,
1.75%,
7/13/30
EUR (a)(c)
160
475,000
Serbia
International
Bond
,
1.00%,
9/23/28
EUR (c)(e)
398
200,000
Serbia
International
Bond
144A,
6.50%,
9/26/33 (a)
201
9,711,473
Uruguay
Government
International
Bond
,
3.88%,
7/02/40
UYU (c)
269
Total
Foreign
Government
(Cost
-
$11,337)
11,427
Mortgage
Backed
(19%
)
100,000
ACRE
Commercial
Mortgage
Ltd.
2021-FL4
144A,
(1
mo.
LIBOR
USD
+
1.750%),
6.22%,
12/18/37 (a)(b)
97
340,000
BX
Commercial
Mortgage
Trust
2019-XL
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.914%),
6.39%,
10/15/36 (a)(b)
334
552,500
BX
Commercial
Mortgage
Trust
2019-XL
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.114%),
6.59%,
10/15/36 (a)(b)
541
680,000
BX
Commercial
Mortgage
Trust
2019-XL
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.414%),
6.89%,
10/15/36 (a)(b)
663
280,000
BX
Commercial
Mortgage
Trust
2020-VKNG
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.864%),
7.34%,
10/15/37 (a)(b)
268
500,000
BX
Commercial
Mortgage
Trust
2021-VINO
144A,
(1
mo.
LIBOR
USD
+
1.952%),
6.41%,
5/15/38 (a)(b)
478
556,029
BX
Commercial
Mortgage
Trust
2021-XL2
144A,
(1
mo.
LIBOR
USD
+
3.890%),
8.35%,
10/15/38 (a)(b)
521
700,000
BX
Trust
2018-GW
144A,
(1
mo.
LIBOR
USD
+
2.420%),
6.88%,
5/15/35 (a)(b)
679
500,000
BX
Trust
2021-ARIA
144A,
(1
mo.
LIBOR
USD
+
2.594%),
7.05%,
10/15/36 (a)(b)
459
500,000
BX
Trust
2021-LGCY
144A,
(1
mo.
LIBOR
USD
+
3.193%),
7.65%,
10/15/36 (a)(b)
452
236,000
CAMB
Commercial
Mortgage
Trust
2019-LIFE
144A,
(1
mo.
LIBOR
USD
+
1.070%),
5.53%,
12/15/37 (a)(b)
235
545,878
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
2.350%),
6.81%,
6/15/34 (a)(b)
501
347,377
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
2.608%),
7.07%,
6/15/34 (a)(b)
315
393,196
Cold
Storage
Trust
2020-ICE5
144A,
(1
mo.
LIBOR
USD
+
2.100%),
6.56%,
11/15/37 (a)(b)
385
196,598
Cold
Storage
Trust
2020-ICE5
144A,
(1
mo.
LIBOR
USD
+
2.766%),
7.22%,
11/15/37 (a)(b)
192
294,897
Cold
Storage
Trust
2020-ICE5
144A,
(1
mo.
LIBOR
USD
+
3.492%),
7.95%,
11/15/37 (a)(b)
287
500,000
Connecticut
Avenue
Securities
Trust
2018-R07
144A,
(1
mo.
LIBOR
USD
+
4.350%),
8.86%,
4/25/31 (a)(b)
516
26,749
Connecticut
Avenue
Securities
Trust
2019-R01
144A,
(1
mo.
LIBOR
USD
+
2.450%),
6.96%,
7/25/31 (a)(b)
27
1,200,000
Connecticut
Avenue
Securities
Trust
2019-R02
144A,
(1
mo.
LIBOR
USD
+
4.150%),
8.66%,
8/25/31 (a)(b)
1,226
Principal
or
Shares
Security
Description
Value
(000)
550,000
Connecticut
Avenue
Securities
Trust
2019-R03
144A,
(1
mo.
LIBOR
USD
+
4.100%),
8.61%,
9/25/31 (a)(b)
$
562
784,982
Connecticut
Avenue
Securities
Trust
2019-HRP1
144A,
(1
mo.
LIBOR
USD
+
2.150%),
6.66%,
11/25/39 (a)(b)
779
196,789
Connecticut
Avenue
Securities
Trust
2020-R02
144A,
(1
mo.
LIBOR
USD
+
2.000%),
6.51%,
1/25/40 (a)(b)
196
400,000
Credit
Suisse
Mortgage
Capital
Certificates
2019-ICE4
144A,
(1
mo.
LIBOR
USD
+
2.650%),
7.11%,
5/15/36 (a)(b)
389
488,096
Extended
Stay
America
Trust
2021-ESH
144A,
(1
mo.
LIBOR
USD
+
3.700%),
8.16%,
7/15/38 (a)(b)
469
500,000
Fannie
Mae
Connecticut
Avenue
Securities
2018-
C06,
(1
mo.
LIBOR
USD
+
4.100%),
8.61%,
3/25/31 (b)
520
70,743
Freddie
Mac
STACR
REMIC
Trust
2020-HQA1
144A,
(1
mo.
LIBOR
USD
+
1.900%),
6.41%,
1/25/50 (a)(b)
71
84,157
Freddie
Mac
STACR
REMIC
Trust
2020-DNA2
144A,
(1
mo.
LIBOR
USD
+
1.850%),
6.36%,
2/25/50 (a)(b)
84
488,448
Freddie
Mac
STACR
REMIC
Trust
2020-HQA3
144A,
(1
mo.
LIBOR
USD
+
5.750%),
10.26%,
7/25/50 (a)(b)
524
153,409
Freddie
Mac
STACR
REMIC
Trust
2020-DNA5
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.800%),
7.11%,
10/25/50 (a)(b)
155
675,000
Freddie
Mac
STACR
Trust
2019-HRP1
144A,
(1
mo.
LIBOR
USD
+
2.250%),
6.76%,
2/25/49 (a)
(b)
662
200,000
Freddie
Mac
STACR
Trust
2019-DNA4
144A,
(1
mo.
LIBOR
USD
+
2.700%),
7.21%,
10/25/49 (a)(b)
198
246,670
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
2015-HQA1,
(1
mo.
LIBOR
USD
+
8.800%),
13.31%,
3/25/28 (b)
251
297,357
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
2016-HQA3,
(1
mo.
LIBOR
USD
+
9.000%),
13.51%,
3/25/29 (b)
310
1,250,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
2017-HRP1,
(1
mo.
LIBOR
USD
+
4.600%),
9.11%,
12/25/42 (b)
1,289
2,274
JP
Morgan
Mortgage
Trust
2014-IVR3
144A,
2.97%,
9/25/44 (a)(i)
2
262,500
KKR
Industrial
Portfolio
Trust
2021-KDIP
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.664%),
6.14%,
12/15/37 (a)(b)
252
300,000
KKR
Industrial
Portfolio
Trust
2021-KDIP
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.164%),
6.64%,
12/15/37 (a)(b)
286
225,000
LAQ
Mortgage
Trust
2022-LAQ
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
4.872%),
9.35%,
3/15/39 (a)(b)
223
540,634
Life
Mortgage
Trust
2021-BMR
144A,
(1
mo.
LIBOR
USD
+
2.950%),
7.41%,
3/15/38 (a)(b)
518
282,912
Multifamily
Connecticut
Avenue
Securities
Trust
2019-01
144A,
(1
mo.
LIBOR
USD
+
3.250%),
7.76%,
10/25/49 (a)(b)
269
Principal
or
Shares
Security
Description
Value
(000)
900,000
Palisades
Center
Trust
2016-PLSD
144A,
3.36%,
4/13/33 (a)
$
270
43,773
Radnor
RE
Ltd.
2021-1
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.650%),
5.96%,
12/27/33 (a)(b)
44
110,000
Sage
AR
Funding
No
1
PLC
1A
144A,
(Sterling
Overnight
Index
Average
+
3.000%),
6.25%,
11/17/30
GBP (a)(b)(c)
123
289,377
SMR
Mortgage
Trust
2022-IND
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
6.000%),
10.48%,
2/15/39 (a)(b)
270
876,445
STACR
Trust
2018-HRP2
144A,
(1
mo.
LIBOR
USD
+
2.400%),
6.91%,
2/25/47 (a)(b)
881
450,000
TPGI
Trust
2021-DGWD
144A,
(1
mo.
LIBOR
USD
+
2.350%),
6.81%,
6/15/26 (a)(b)
428
295,805
TTAN
2021-MHC
144A,
(1
mo.
LIBOR
USD
+
2.400%),
6.86%,
3/15/38 (a)(b)
284
400,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-
SMP
144A,
(1
mo.
LIBOR
USD
+
1.775%),
6.23%,
12/15/34 (a)(b)
367
9,722,875
Wells
Fargo
Commercial
Mortgage
Trust
2018-
C46,
0.93%,
8/15/51 (i)
258
Total
Mortgage
Backed
(Cost
-
$20,229)
19,110
U.S.
Government
Agency
(2%
)
1,600,000
Federal
Home
Loan
Bank
Discount
Notes
,
2/08/23 (h)
1,599
900,000
Federal
Home
Loan
Bank
Discount
Notes
,
2/17/23 (h)
898
Total
U.S.
Government
Agency
(Cost
-
$2,497)
2,497
U.S.
Treasury
(4%
)
1,500,000
U.S.
Treasury
Bill
,
4.50%,
3/14/23 (h)
1,492
2,400,000
U.S.
Treasury
Bill
,
4.60%,
4/27/23 (h)
2,375
Total
U.S.
Treasury
(Cost
-
$3,867)
3,867
Stocks
(1%)
Preferred
Stock
(1%
)
50
Chase
Auto
Owner
Trust, 0.00%
960
1
Juniper
Receivables
DAC, 0.00%
375
Total
Stocks
(Cost
-
$1,247)
1,335
Investment
Company
(4%
)
4,000
iShares
JP
Morgan
USD
Emerging
Markets
Bond
ETF(g)
352
3,191,061
Payden
Cash
Reserves
Money
Market
Fund*
3,191
Total
Investment
Company
(Cost
-
$3,546)
3,543
Purchase
Options (0%
)
Total
Purchase
Options
(Cost
-
$10)
3
Total
Investments
(Cost
-
$105,695)
(104%)
103,803
Liabilities
in
excess
of
Other
Assets
(-4%)
(4,139)
Net
Assets
(100%)
$
99,664
*
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)
Principal
in
foreign
currency.
(d)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
January
31,
2023.
The
stated
maturity
is
subject
to
prepayments.
Payden
Managed
Income
Fund
continued
(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)
Perpetual
security
with
no
stated
maturity
date.
(g)
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
$2,068
and
the
total
market
value
of
the
collateral
held
by
the
Fund
is
$2,005.
Amounts
in
000s.
(h)
Yield
to
maturity
at
time
of
purchase.
(i)
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.
Purchase
Options
Description
Number
of
Contracts
Notional
Amount
(000s)
Exercise
Price
Maturity
Date
Value
(000s)
Call/Put
Exchange
Traded
Options
Purchase
-
0.0%
S
&
P
500
EMINI
3
$
4
$
3500
04/28/2023
$
3
Put
Open
Forward
Currency
Contracts
to
USD
Currency
Purchased
(000s)
Currency
Sold
(000s)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
(000s)
Assets:
BRL
6,410
USD 1,220
Citibank,
N.A.
03/08/2023
$
34
CAD
718
USD 530
Barclays
Bank
PLC
02/09/2023
10
CLP
84,100
USD 101
Citibank,
N.A.
02/16/2023
4
CZK
3,410
USD 154
HSBC
Bank
USA,
N.A.
02/21/2023
2
EUR
4,055
USD 4,096
Citibank,
N.A.
03/15/2023
325
IDR
3,873,000
USD 256
Barclays
Bank
PLC
02/10/2023
3
JPY
77,900
USD 542
Barclays
Bank
PLC
02/09/2023
58
JPY
70,500
USD 516
Citibank,
N.A.
02/10/2023
27
PEN
993
USD 258
BNP
PARIBAS
02/10/2023
–
USD
955
ZAR 16,434
Citibank,
N.A.
04/18/2023
16
USD
517
CAD 670
HSBC
Bank
USA,
N.A.
03/15/2023
13
USD
657
MXN 12,512
HSBC
Bank
USA,
N.A.
04/18/2023
2
494
Liabilities:
MYR
1,159
USD 273
Barclays
Bank
PLC
04/13/2023
–
USD
535
CAD 718
Barclays
Bank
PLC
02/09/2023
(5)
USD
582
JPY 77,900
Barclays
Bank
PLC
02/09/2023
(17)
USD
513
AUD 760
Citibank,
N.A.
02/10/2023
(24)
USD
3,167
BRL 17,151
Citibank,
N.A.
03/08/2023
(190)
USD
6,349
EUR 6,171
Citibank,
N.A.
03/15/2023
(378)
USD
257
PEN 993
HSBC
Bank
USA,
N.A.
02/10/2023
(1)
USD
588
GBP 491
HSBC
Bank
USA,
N.A.
03/15/2023
(18)
ZAR
694
USD 40
HSBC
Bank
USA,
N.A.
04/18/2023
–
(633)
Net
Unrealized
Appreciation
(Depreciation)
$(139)
Open
Futures
Contracts
Contract
Type
Number
of
Contracts
Expiration
Date
Notional
Amount
(000s)
Current
Value
(000s)
Unrealized
Appreciation
(Depreciation)
(000s)
Long
Contracts:
Euro-Bobl
Future
17
Mar-23
$
2,168
$
(36)
$
(36)
U.S.
Treasury
10-Year
Note
Future
4
Mar-23
458
—
–
U.S.
Treasury
2-Year
Note
Future
75
Mar-23
15,424
—
–
U.S.
Ultra
Bond
Future
4
Mar-23
567
7
7
a
a
(29)
Short
Contracts:
Euro-Bund
Future
5
Mar-23
(744)
21
21
Euro-Schatz
Future
70
Mar-23
(8,047)
60
60
Long
Gilt
Future
1
Mar-23
(129)
—
–
U.S.
Long
Bond
Future
1
Mar-23
(130)
(2)
(2)
U.S.
Treasury
10-Year
Note
Future
2
Mar-23
(229)
—
–
U.S.
Treasury
10-Year
Ultra
Future
23
Mar-23
(2,788)
(8)
(8)
U.S.
Treasury
5-Year
Note
Future
263
Mar-23
(28,731)
(59)
(59)
a
a
12
Total
Futures
$(17)
Open
Centrally
Cleared
Credit
Default
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Depreciation
(000s)
Protection
Bought
(Relevant
Credit:
Markit
CDX,
North
America
High
Yield
Series
39
Index),
Pay
5%
Quarterly,
Receive
upon
credit
default
12/20/2027
$4,000
$(134)
$(104)
$(30)
Open
Centrally
Cleared
Interest
Rate
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Depreciation
(000s)
10-Year
SOFR
Swap,
Receive
Fixed
1.517%
Annually,
Pay
Variable
3.04%
(SOFRRATE)
Annually
03/03/2032
$
2,413
$(337)
$–
$(337)
10-Year
SOFR
Swap,
Receive
Fixed
1.615%
Annually,
Pay
Variable
3.04%
(SOFRRATE)
Annually
03/04/2032
1,207
(159)
–
(159)
$(496)
$–
$(496)