Payden
Strategic
Income
Fund
Schedule
of
Investments
-
January
31,
2026
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Asset
Backed
(10%
)
450,000
American
Credit
Acceptance
Receivables
Trust
2024-1
144A,
7.98%,
11/12/31 (a)
$
466
207,900
Arbys
Funding
LLC
2020-1A
144A,
3.24%,
7/30/50 (a)
203
650,000
Basswood
Park
CLO
Ltd.
2021-1A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.030%),
4.70%,
4/20/34 (a)(b)
651
700,000
Blackrock
European
CLO
VII
DAC
7A
144A,
(3
mo.
EURIBOR
+
1.300%),
3.32%,
10/15/31
EUR (a)(b)(c)
830
600,000
BRSP
Ltd.
2021-FL1
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.814%),
6.49%,
8/19/38 (a)(b)
605
675,000
Cologix
Canadian
Issuer
LP
2022-1CAN
144A,
4.94%,
1/25/52
CAD (a)(c)
493
550,000
CyrusOne
Data
Centers
Issuer
I
LLC
2024-2A
144A,
4.50%,
5/20/49 (a)
540
562,348
Driven
Brands
Funding
LLC
2020-1A
144A,
3.79%,
7/20/50 (a)
555
548,625
Driven
Brands
Funding
LLC
2025-1A
144A,
5.30%,
10/20/55 (a)
548
107,473
Dryden
CLO
Ltd.
2018-55A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.282%),
4.95%,
4/15/31 (a)(b)
108
1,050,000
FS
RIALTO
2021-FL2
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.164%),
5.84%,
5/16/38 (a)(b)
1,049
1,000,000
Galaxy
XXII
CLO
Ltd.
2016-22A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.020%),
0.00%,
4/16/34 (a)(b)(d)
1,000
934,429
Galaxy
XXII
CLO
Ltd.
2016-22A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.240%),
4.91%,
4/16/34 (a)(b)
934
1
Juniper
Receivables
2021-2
DAC
Holding
Class
R-1
Notes
,
0.00%,
2/15/29 (d)
129
400,000
Juniper
Valley
Park
CLO
Ltd.
2023-1A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.600%),
5.27%,
7/20/36 (a)(b)
401
750,000
LCM
Ltd.
39A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.340%),
5.01%,
10/15/34 (a)(b)
752
250,000
Montmartre
Euro
CLO
DAC
2020-2A
144A,
(3
mo.
EURIBOR
+
0.960%),
2.98%,
7/15/34
EUR (a)(b)(c)
296
500,000
Neuberger
Berman
Loan
Advisers
Euro
CLO
DAC
2021-2A
144A,
(3
mo.
EURIBOR
+
1.030%),
3.05%,
4/15/34
EUR (a)(b)(c)
593
247,604
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2020-1A
144A,
2.26%,
11/20/50 (a)
194
45,628
OneMain
Financial
Issuance
Trust
2022-2A
144A,
4.89%,
10/14/34 (a)
46
700,000
Palmer
Square
CLO
Ltd.
2018-2A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.530%),
5.20%,
4/16/37 (a)(b)
701
385,400
Planet
Fitness
Master
Issuer
LLC
2019-1A
144A,
3.86%,
12/05/49 (a)
371
336,106
RCKT
Mortgage
Trust
2025-CES5
144A,
5.69%,
5/25/55 (a)
341
169,519
RCKT
Mortgage
Trust
2025-CES6
144A,
5.47%,
6/25/55 (a)
172
397,626
RCKT
Mortgage
Trust
2025-CES7
144A,
5.38%,
7/25/55 (a)
402
Principal
or
Shares
Security
Description
Value
(000)
507,096
RCKT
Mortgage
Trust
2025-CES8
144A,
5.15%,
8/25/55 (a)(e)
$
511
758,267
RCKT
Mortgage
Trust
2025-CES9
144A,
4.80%,
9/25/55 (a)
759
586,707
RCKT
Mortgage
Trust
2025-CES11
144A,
4.97%,
11/25/55 (a)
589
450,000
RCKT
Mortgage
Trust
2026-CES1
144A,
4.83%,
1/25/56 (a)
454
132,875
Rockford
Tower
CLO
Ltd.
2018-2A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.422%),
5.09%,
10/20/31 (a)(b)
133
50
Santander
Consumer
Auto
Receivables
Trust
2021-C
,
0.00%,
6/15/28 (d)
565
495,625
Store
Master
Funding
I-VII
XIV
XIX
XX
XXIV
XXII
2024-1A
144A,
5.70%,
5/20/54 (a)
506
550,000
Taco
Bell
Funding
LLC
2025-1A
144A,
4.82%,
8/25/55 (a)
548
300,000
VB-S1
Issuer
LLC-VBTEL
2024-1A
144A,
8.87%,
5/15/54 (a)
311
237,830
Voya
Euro
CLO
III
DAC
3A
144A,
(3
mo.
EURIBOR
+
0.920%),
2.94%,
4/15/33
EUR (a)
(b)(c)
282
630,300
Zaxbys
Funding
LLC
2021-1A
144A,
3.24%,
7/30/51 (a)
602
Total
Asset
Backed
(Cost
-
$18,398)
17,640
Bank
Loan(f)
(1%
)
6,617
Altice
France
SA
Term
Loan
B14
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
5.875%),
10.55%,
5/31/31
7
246,876
CPPIB
OVM
Member
U.S.
LLC
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.750%),
6.17%,
8/20/31
247
496,239
Emg
Utica
Midstream
Holdings
LLC
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%),
7.67%,
4/01/30
500
299,250
Fr
Br
Holdings
LLC
Term
Loan
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
4.250%),
7.92%,
10/09/30
302
315,876
Lackawanna
Energy
Center
LLC
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.000%),
6.68%,
8/05/32
318
426,577
MIC
Glen
LLC
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.250%),
6.92%,
7/21/28
428
343,046
Pegasus
Bidco
Bv
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.750%),
6.60%,
7/12/29
344
150,188
Standard
Industries
Inc.
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.250%),
5.42%,
9/22/28
151
543,125
Verde
Purchaser
LLC
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
4.000%),
7.67%,
11/29/30
533
Total
Bank
Loan
(Cost
-
$2,816)
2,830
Corporate
Bond
(36%
)
Financial (14%)
450,000
Ally
Financial
Inc.
B,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.868%),
4.70% (b)(g)
448
450,000
Ally
Financial
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.820%),
6.85%,
1/03/30 (b)
477
560,000
American
Tower
Corp.
,
3.95%,
3/15/29
557
Payden
Strategic
Income
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
725,000
AmFam
Holdings
Inc.
144A,
2.81%,
3/11/31 (a)
$
640
400,000
Ares
Strategic
Income
Fund
144A,
5.45%,
9/09/28 (a)
403
240,000
Asurion
LLC
and
Asurion
Co-Issuer
Inc.
144A,
8.00%,
12/31/32 (a)(c)
251
500,000
Athene
Holding
Ltd.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.607%),
6.63%,
10/15/54 (b)
500
600,000
Avolon
Holdings
Funding
Ltd.
144A,
4.70%,
1/30/31 (a)
597
425,000
Banco
Bilbao
Vizcaya
Argentaria
SA
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.700%),
6.14%,
9/14/28 (b)
440
350,000
Banco
de
Credito
e
Inversiones
SA
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.944%),
8.75% (a)(b)(g)
378
400,000
Banco
Santander
SA
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.900%),
1.72%,
9/14/27 (b)
394
700,000
Bank
of
Nova
Scotia
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.017%),
8.00%,
1/27/84 (b)
750
450,000
Barclays
PLC
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.210%),
5.83%,
5/09/27 (b)
452
300,000
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
144A,
5.25%,
9/10/29 (a)
308
625,000
Blackstone
Secured
Lending
Fund
,
2.75%,
9/16/26
619
400,000
Blue
Owl
Capital
Corp.
,
5.95%,
3/15/29
404
275,000
Capital
One
Financial
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
3.070%),
7.62%,
10/30/31 (b)
309
200,000
Capital
One
Financial
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.036%),
6.18%,
1/30/36 (b)
207
900,000
Capital
One
Financial
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.508%),
5.40%,
1/30/37 (b)
899
600,000
Citigroup
Inc.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.001%),
6.63% (b)(g)
611
900,000
Corebridge
Financial
Inc.
,
3.90%,
4/05/32
858
300,000
Danske
Bank
A/S
144A,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.400%),
5.71%,
3/01/30 (a)(b)
312
600,000
Equinix
Europe
2
Financing
Corp.
LLC
,
4.60%,
11/15/30
603
600,000
Extra
Space
Storage
LP
,
5.90%,
1/15/31
635
400,000
FIBRA
Prologis
144A,
5.63%,
1/14/38 (a)
395
275,000
Freedom
Mortgage
Holdings
LLC
144A,
9.13%,
5/15/31 (a)
291
550,000
GLP
Capital
LP/GLP
Financing
II
Inc.
,
4.00%,
1/15/31
526
700,000
goeasy
Ltd.
144A,
9.25%,
12/01/28 (a)
720
500,000
goeasy
Ltd.
144A,
6.88%,
5/15/30 (a)
476
500,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.210%),
5.05%,
7/23/30 (b)
512
200,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.580%),
5.22%,
4/23/31 (b)
206
Principal
or
Shares
Security
Description
Value
(000)
850,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.190%),
5.07%,
1/21/37 (b)
$
847
300,000
Goldman
Sachs
Private
Credit
Corp.
144A,
5.38%,
1/31/29 (a)(c)
300
250,000
HPS
Corporate
Lending
Fund
144A,
5.30%,
6/05/27 (a)
251
550,000
HPS
Corporate
Lending
Fund
144A,
4.90%,
9/11/28 (a)
547
600,000
Huntington
Bancshares
Inc.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.700%),
6.14%,
11/18/39 (b)
628
600,000
Jane
Street
Group/JSG
Finance
Inc.
144A,
6.13%,
11/01/32 (a)(c)
611
500,000
M&T
Bank
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.930%),
4.83%,
1/16/29 (b)
508
750,000
Macquarie
Bank
Ltd.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.700%),
3.05%,
3/03/36 (a)(b)
685
300,000
Main
Street
Capital
Corp.
,
6.95%,
3/01/29
314
275,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.108%),
5.23%,
1/15/31 (b)
283
900,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.184%),
5.07%,
1/30/37 (b)
897
200,000
PennyMac
Financial
Services
Inc.
144A,
6.88%,
5/15/32 (a)
205
450,000
Santander
Holdings
USA
Inc.
,
3.24%,
10/05/26
448
275,000
Santander
Holdings
USA
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.940%),
5.35%,
9/06/30 (b)
282
800,000
Shriram
Finance
Ltd.
144A,
6.63%,
4/22/27 (a)
818
500,000
Starwood
Property
Trust
Inc.
144A,
5.25%,
10/15/28 (a)
503
280,000
Synchrony
Financial
,
7.25%,
2/02/33
297
750,000
Wells
Fargo
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.880%),
4.08%,
9/15/29 (b)
749
600,000
Wells
Fargo
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.500%),
5.15%,
4/23/31 (b)
618
650,000
Western-Southern
Global
Funding
144A,
4.70%,
12/10/32 (a)
644
25,613
Industrial (10%)
550,000
Alcoa
Nederland
Holding
BV
144A,
7.13%,
3/15/31 (a)
582
450,000
Ashtead
Capital
Inc.
144A,
5.55%,
5/30/33 (a)
465
200,000
Azul
Secured
Finance
LLP
144A,
9.88%,
2/15/31 (a)
202
425,000
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer
Inc.
144A,
9.50%,
7/01/32 (a)(c)
405
400,000
Braskem
Netherlands
Finance
BV
144A,
4.50%,
1/31/30 (a)
173
550,000
C&W
Senior
Finance
Ltd.
144A,
9.00%,
1/15/33 (a)(c)
573
350,000
CDW
LLC/CDW
Finance
Corp.
,
5.55%,
8/22/34
356
225,000
Cemex
SAB
de
CV
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.520%),
7.20% (a)(b)(g)
236
450,000
Centene
Corp.
,
4.25%,
12/15/27
448
250,000
Cia
de
Minas
Buenaventura
SAA
144A,
6.80%,
2/04/32 (a)
261
600,000
Cleveland-Cliffs
Inc.
144A,
7.00%,
3/15/32 (a)
616
550,000
Cloud
Software
Group
Inc.
144A,
6.63%,
8/15/33 (a)
528
Principal
or
Shares
Security
Description
Value
(000)
500,000
Clydesdale
Acquisition
Holdings
Inc.
144A,
6.75%,
4/15/32 (a)
$
504
700,000
CoreWeave
Inc.
144A,
9.00%,
2/01/31 (a)(c)
681
350,000
Crown
Americas
LLC
144A,
5.88%,
6/01/33 (a)
358
250,000
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.
Inc.
144A,
6.75%,
1/15/30 (a)
237
500,000
Flowers
Foods
Inc.
,
5.75%,
3/15/35
498
300,000
Flutter
Treasury
DAC
144A,
5.88%,
6/04/31 (a)
304
550,000
Ford
Motor
Credit
Co.
LLC
,
5.80%,
3/05/27
558
500,000
Foundry
JV
Holdco
LLC
144A,
5.90%,
1/25/30 (a)
524
550,000
General
Motors
Co.
,
5.60%,
10/15/32
575
550,000
General
Motors
Financial
Co.
Inc.
,
4.60%,
1/08/31
550
300,000
Graphic
Packaging
International
LLC
144A,
1.51%,
4/15/26 (a)
298
260,000
HCA
Inc.
,
3.50%,
9/01/30
250
700,000
Hewlett
Packard
Enterprise
Co.
,
4.40%,
10/15/30
697
325,000
Hewlett
Packard
Enterprise
Co.
,
5.00%,
10/15/34
320
650,000
Hyundai
Capital
America
144A,
6.50%,
1/16/29 (a)
690
450,000
IHS
Holding
Ltd.
144A,
7.88%,
5/29/30 (a)
464
500,000
JH
North
America
Holdings
Inc.
144A,
5.88%,
1/31/31 (a)
509
200,000
Land
O'
Lakes
Inc.
144A,
7.00% (a)(g)
179
350,000
Limak
Cimento
Sanayi
ve
Ticaret
AS
144A,
9.75%,
7/25/29 (a)
357
475,000
Madison
IAQ
LLC
144A,
5.88%,
6/30/29 (a)
475
250,000
Marcobre
SAC
144A,
5.75%,
1/22/36 (a)
249
350,000
Micron
Technology
Inc.
,
5.30%,
1/15/31
364
300,000
NTT
Finance
Corp.
144A,
4.57%,
7/16/27 (a)
303
250,000
OCP
SA
144A,
6.10%,
4/30/30 (a)
260
250,000
PetSmart
LLC/PetSmart
Finance
Corp.
144A,
7.50%,
9/15/32 (a)(c)
256
300,000
Quikrete
Holdings
Inc.
144A,
6.75%,
3/01/33 (a)(c)
312
400,000
Regal
Rexnord
Corp.
,
6.40%,
4/15/33
428
500,000
Solstice
Advanced
Materials
Inc.
144A,
5.63%,
9/30/33 (a)
503
450,000
Standard
Building
Solutions
Inc.
144A,
5.88%,
3/15/34 (a)(c)
450
800,000
Stellantis
Finance
U.S.
Inc.
144A,
1.71%,
1/29/27 (a)
781
700,000
Synopsys
Inc.
,
4.85%,
4/01/30
715
18,494
Utility (12%)
700,000
Abu
Dhabi
National
Energy
Co.
PJSC
144A,
4.38%,
10/09/31 (a)
698
588,829
Acwa
Power
Management
And
Investments
One
Ltd.
144A,
5.95%,
12/15/39 (a)
606
550,000
Algonquin
Power
&
Utilities
Corp.
,
5.37%,
6/15/26
552
300,000
Antero
Midstream
Partners
LP/Antero
Midstream
Finance
Corp.
144A,
5.75%,
10/15/33 (a)
303
550,000
Antero
Midstream
Partners
LP/Antero
Midstream
Finance
Corp.
144A,
5.75%,
7/01/34 (a)
556
500,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.
144A,
6.00%,
2/01/34 (a)
500
Principal
or
Shares
Security
Description
Value
(000)
300,000
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.
144A,
6.63%,
7/15/33 (a)
$
311
300,000
Azule
Energy
Finance
PLC
144A,
8.13%,
1/23/30 (a)
304
300,000
BKV
Upstream
Midstream
LLC
144A,
7.50%,
10/15/30 (a)
304
350,000
BP
Capital
Markets
PLC
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.153%),
6.45% (b)(g)(h)
372
700,000
Cenovus
Energy
Inc.
,
4.65%,
3/20/31
699
370,000
CNX
Resources
Corp.
144A,
7.25%,
3/01/32 (a)
387
400,000
Comision
Federal
de
Electricidad
144A,
6.05%,
1/28/34 (a)
400
500,000
CVR
Energy
Inc.
,
7.88%,
2/15/34 (a)
497
400,000
Dhafrah
Pv2
Energy
Co.
LLC
144A,
5.79%,
6/30/53 (a)(h)
406
975,000
Duquesne
Light
Holdings
Inc.
144A,
2.78%,
1/07/32 (a)
872
600,000
Enerflex
Inc.
144A,
6.88%,
1/15/31 (a)
621
200,000
Energuate
Trust
2
0
144A,
6.35%,
9/15/35 (a)
200
400,000
Energy
Transfer
LP
,
5.75%,
2/15/33
420
600,000
Energy
Transfer
LP
,
6.55%,
12/01/33
657
750,000
Expand
Energy
Corp.
,
5.70%,
1/15/35
776
198,101
FIEMEX
Energia-Banco
Actinver
SA
Institucion
de
Banca
Multiple
144A,
7.25%,
1/31/41 (a)
206
450,000
Magnolia
Oil
&
Gas
Operating
LLC/Magnolia
Oil
&
Gas
Finance
Corp.
144A,
6.88%,
12/01/32 (a)
468
680,000
Moss
Creek
Resources
Holdings
Inc.
144A,
8.25%,
9/01/31 (a)
662
300,000
Murphy
Oil
Corp.
,
6.50%,
2/15/34
299
800,000
NRG
Energy
Inc.
144A,
6.25%,
11/01/34 (a)(c)
822
350,000
Obsidian
Energy
Ltd.
144A,
8.13%,
12/03/30
CAD (a)(c)
258
450,000
Occidental
Petroleum
Corp.
,
5.55%,
10/01/34 (h)
461
332,500
OHI
Group
SA
144A,
13.00%,
7/22/29 (a)
339
300,000
ONEOK
Inc.
,
5.80%,
11/01/30
316
650,000
Palomino
Funding
Trust
I
144A,
7.23%,
5/17/28 (a)
687
550,000
Patterson-UTI
Energy
Inc.
,
7.15%,
10/01/33
593
450,000
Petrobras
Global
Finance
BV
,
6.25%,
1/10/36
443
450,000
Petroleos
Mexicanos
,
6.70%,
2/16/32
450
500,000
Repsol
E&P
Capital
Markets
U.S.
LLC
144A,
5.20%,
9/16/30 (a)
508
300,000
Saavi
Energia
Sarl
144A,
8.88%,
2/10/35 (a)
325
600,000
Saudi
Arabian
Oil
Co.
144A,
5.88%,
7/17/64 (a)
572
550,000
South
Bow
USA
Infrastructure
Holdings
LLC
,
5.58%,
10/01/34
555
250,000
Sunoco
LP
144A,
6.25%,
7/01/33 (a)
257
263,990
Tierra
Mojada
Luxembourg
II
Sarl
144A,
5.75%,
12/01/40 (a)
258
400,000
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
144A,
6.25%,
10/01/33 (a)
405
400,000
Var
Energi
ASA
144A,
8.00%,
11/15/32 (a)
459
100,000
Western
Midstream
Operating
LP
,
6.35%,
1/15/29
105
700,000
Western
Midstream
Operating
LP
,
4.80%,
3/01/31
700
250,000
Western
Midstream
Operating
LP
,
6.15%,
4/01/33
264
400,000
Whistler
Pipeline
LLC
144A,
5.40%,
9/30/29 (a)
414
Payden
Strategic
Income
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
800,000
Williams
Cos.
Inc.
,
5.65%,
3/15/33
$
837
22,104
Total
Corporate
Bond
(Cost
-
$65,386)
66,211
Foreign
Government
(3%
)
200,000
Bermuda
Government
International
Bond
144A,
3.38%,
8/20/50 (a)
138
350,000
Chile
Government
International
Bond
,
3.88%,
4/14/36
EUR (c)
415
830,000
CPPIB
Capital
Inc.
144A,
1.95%,
9/30/29
CAD (a)(c)
589
350,000
Dominican
Republic
International
Bond
144A,
6.60%,
6/01/36 (a)
367
590,000
Guatemala
Government
Bond
,
4.50%,
5/03/26 (i)
591
350,000
Guatemala
Government
Bond
144A,
6.55%,
2/06/37 (a)
373
300,000
Ivory
Coast
Government
International
Bond
144A,
7.63%,
1/30/33 (a)
320
500,000
Municipal
Finance
Authority
of
British
,
2.55%,
10/09/29
CAD (c)
362
172,000
Paraguay
Government
International
Bond
144A,
4.70%,
3/27/27 (a)
174
450,000
Paraguay
Government
International
Bond
144A,
5.85%,
8/21/33 (a)
472
700,000
Perusahaan
Penerbit
SBSN
Indonesia
III
144A,
5.20%,
7/02/34 (a)
713
300,000
Peruvian
Government
International
Bond
,
5.38%,
2/08/35
306
250,000
Republic
of
South
Africa
Government
International
Bond
Series
10Y,
4.85%,
9/30/29
249
250,000
Republic
of
South
Africa
Government
International
Bond
Series
12Y,
5.88%,
6/22/30
258
300,000
Republic
of
South
Africa
Government
International
Bond
144A,
6.13%,
12/11/37 (a)
292
575,000
Republic
of
Uzbekistan
International
Bond
144A,
3.90%,
10/19/31 (a)
535
300,000
Romanian
Government
International
Bond
144A,
5.75%,
9/16/30 (a)
310
Total
Foreign
Government
(Cost
-
$6,479)
6,464
Mortgage
Backed
(18%
)
800,000
AREIT
2025-CRE11
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.550%),
5.23%,
7/25/43 (a)(b)
803
450,000
BDS
LLC
2024-FL13
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.576%),
5.25%,
9/19/39 (a)(b)
452
674,195
Bravo
Residential
Funding
Trust
2025-NQM10
144A,
4.87%,
9/25/65 (a)(e)
676
470,487
Bravo
Residential
Funding
Trust
2025-NQM9
144A,
5.04%,
9/25/65 (a)
473
310,274
BRAVO
Residential
Funding
Trust
2024-NQM7
144A,
5.55%,
10/27/64 (a)
313
350,000
BRAVO
Residential
Funding
Trust
2026-NQM1
144A,
4.83%,
12/25/65 (a)(e)
351
400,000
BSPRT
Issuer
LLC
2025-FL12
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.386%),
5.06%,
1/17/43 (a)(b)
401
300,000
BSPRT
Issuer
LLC
2025-FL12
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.648%),
5.32%,
1/17/43 (a)(b)
301
Principal
or
Shares
Security
Description
Value
(000)
742,428
BX
Commercial
Mortgage
Trust
2024-XL4
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.140%),
6.82%,
2/15/39 (a)(b)
$
745
525,000
BX
Commercial
Mortgage
Trust
2024-XL5
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.690%),
6.37%,
3/15/41 (a)(b)
527
700,000
BX
Trust
2024-BIO
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.642%),
5.32%,
2/15/41 (a)(b)
701
300,000
BXMT
Ltd.
2026-FL6
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.450%),
5.15%,
8/19/43 (a)(b)
300
569,000
Colt
Mortgage
Loan
Trust
2025-1
144A,
5.70%,
1/25/70 (a)
576
243,878
COLT
Mortgage
Loan
Trust
2025-10
144A,
5.09%,
10/25/70 (a)(e)
245
550,000
Connecticut
Avenue
Securities
Trust
2024-
R03
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.950%),
5.65%,
3/25/44 (a)(b)
556
229,306
Cross
Mortgage
Trust
2024-H7
144A,
5.59%,
11/25/69 (a)(e)
232
204,199
Cross
Mortgage
Trust
2024-H8
144A,
5.55%,
12/25/69 (a)(e)
206
400,000
DC
Commercial
Mortgage
Trust
2023-DC
144A,
6.31%,
9/12/40 (a)
412
200,000
Extended
Stay
America
Trust
2025-ESH
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.850%),
5.53%,
10/15/42 (a)(b)
202
700,000
Extended
Stay
America
Trust
2026-ESH2
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.200%),
4.87%,
2/15/43 (a)(b)
702
493,527
Fannie
Mae
Connecticut
Avenue
Securities
2016-C02,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
12.364%),
16.06%,
9/25/28 (b)
501
763,301
Fannie
Mae
Connecticut
Avenue
Securities
2016-C03,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
11.864%),
15.56%,
10/25/28 (b)
781
491,309
Fannie
Mae
Connecticut
Avenue
Securities
2016-C04,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
10.364%),
14.06%,
1/25/29 (b)
511
951,836
FN
CB3622
30YR
,
4.00%,
5/01/52
915
405,459
FN
CB4120
30YR
,
4.00%,
7/01/52
390
953,188
FN
CB4127
30YR
,
4.50%,
7/01/52
938
1,703,539
FN
CB4211
30YR
,
4.50%,
7/01/52
1,678
926,031
FN
CB4794
30YR
,
4.50%,
10/01/52
911
526,603
FN
CB8021
30YR
,
6.50%,
2/01/54
553
2,257,382
FN
MA4785
30YR
,
5.00%,
10/01/52
2,268
168,364
FN
MA4876
30YR
,
6.00%,
12/01/52
174
1,409,868
FN
MA5040
30YR
,
6.00%,
6/01/53
1,453
583,561
FR
RA7778
30YR
,
4.50%,
8/01/52
574
626,962
FR
RA7790
30YR
,
5.00%,
8/01/52
632
500,880
FR
RA7936
30YR
,
5.00%,
9/01/52
507
822,429
FR
RA8249
30YR
,
5.50%,
11/01/52
839
1,137,951
FR
RA8415
30YR
,
5.50%,
1/01/53
1,160
300,000
Freddie
Mac
STACR
Trust
2019-FTR3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
4.914%),
8.79%,
9/25/47 (a)(b)
329
500,000
FS
Rialto
Issuer
LLC
2026-FL11
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.450%),
0.00%,
1/19/44 (a)(b)(d)
501
Principal
or
Shares
Security
Description
Value
(000)
550,000
Greystone
CRE
Notes
HC-4
LLC
2025-HC4
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.784%),
5.46%,
10/15/42 (a)(b)
$
550
186,553
Last
Mile
Logistics
Pan
Euro
Finance
DAC
1A
144A,
(3
mo.
EURIBOR
+
1.900%),
3.96%,
8/17/33
EUR (a)(b)(c)
221
785,485
Last
Mile
Logistics
Pan
Euro
Finance
DAC
1X,
(3
mo.
EURIBOR
+
2.700%),
4.76%,
8/17/33
EUR (b)(c)(i)
931
22,847
Nationstar
Mortgage
Loan
Trust
2013-A
144A,
3.75%,
12/25/52 (a)(e)
22
148,113
New
Residential
Mortgage
Loan
Trust
2017-4A
144A,
4.00%,
5/25/57 (a)(e)
144
750,000
NXPT
Commercial
Mortgage
Trust
2024-STOR
144A,
4.31%,
11/05/41 (a)(e)
745
320,450
OBX
Trust
2024-NQM13
144A,
5.12%,
6/25/64 (a)
322
321,246
OBX
Trust
2024-NQM12
144A,
5.48%,
7/25/64 (a)
324
269,487
OBX
Trust
2024-NQM14
144A,
4.94%,
9/25/64 (a)
271
240,270
OBX
Trust
2024-NQM15
144A,
5.32%,
10/25/64 (a)
242
172,398
OBX
Trust
2024-NQM18
144A,
5.41%,
10/25/64 (a)(e)
174
262,310
OBX
Trust
2024-NQM16
144A,
5.53%,
10/25/64 (a)
265
180,013
OBX
Trust
2024-NQM17
144A,
5.61%,
11/25/64 (a)(e)
182
409,102
OBX
Trust
2025-NQM1
144A,
5.55%,
12/25/64 (a)(e)
414
275,704
OBX
Trust
2025-NQM16
144A,
5.06%,
8/25/65 (a)
276
231,294
OBX
Trust
2025-NQM18
144A,
5.06%,
9/25/65 (a)(e)
233
298,418
OBX
Trust
2026-NQM1
144A,
4.85%,
11/25/65 (a)(e)
300
300,000
STACR
Trust
2018-HRP2
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
10.614%),
14.31%,
2/25/47 (a)(b)
367
400,000
SWCH
Commercial
Mortgage
Trust
2025-DATA
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.340%),
7.02%,
2/15/42 (a)(b)
399
550,000
TRTX
Issuer
Ltd.
2025-FL7
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.450%),
5.13%,
6/18/43 (a)(b)
551
268,205
Verus
Securitization
Trust
2024-8
144A,
5.36%,
10/25/69 (a)(e)
271
284,902
Verus
Securitization
Trust
2024-9
144A,
5.44%,
11/25/69 (a)(e)
288
612,110
Verus
Securitization
Trust
2025-1
144A,
5.62%,
1/25/70 (a)(e)
620
200,000
Verus
Securitization
Trust
2026-1
144A,
4.86%,
1/25/71 (a)(e)
201
550,000
Wells
Fargo
Commercial
Mortgage
Trust
2025-HI
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.692%),
6.37%,
10/15/42 (a)
(b)
555
Total
Mortgage
Backed
(Cost
-
$33,241)
33,657
Municipal
(2%
)
295,000
California
Earthquake
Authority
A,
5.60%,
7/01/27
299
Principal
or
Shares
Security
Description
Value
(000)
245,111
California
Pollution
Control
Financing
Authority
,
AMT
144A,
7.50%,
12/01/39 (a)(j)
$
–
900,000
County
of
Alameda
CA
B,
3.95%,
8/01/33
880
250,000
District
of
Columbia
Water
&
Sewer
Authority
A,
4.81%,
10/01/14
212
330,000
Golden
State
Tobacco
Securitization
Corp.
B,
2.75%,
6/01/34 (k)
289
340,000
Idaho
Housing
&
Finance
Association
A,
6.00%,
1/01/65 (k)
355
400,000
Pennsylvania
Economic
Development
Financing
Authority
B,
6.53%,
6/15/39
435
600,000
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
Q,
4.13%,
5/15/32
592
Total
Municipal
(Cost
-
$3,401)
3,062
U.S.
Government
Agency
(1%
)
950,000
Tennessee
Valley
Authority,
5.25%,
9/15/39
(Cost
-
$1,029)
1,002
U.S.
Treasury
(27%
)
4,830,000
U.S.
Treasury
Bill
,
3.72%,
5/28/26 (d)
4,775
4,050,000
U.S.
Treasury
Bill
,
3.57%,
7/16/26 (d)
3,985
1,940,000
U.S.
Treasury
Bond
,
2.00%,
8/15/51 (l)(m)
1,108
1,900,000
U.S.
Treasury
Bond
,
4.75%,
5/15/55
1,858
1,550,000
U.S.
Treasury
Bond
,
4.75%,
8/15/55
1,516
3,777,522
U.S.
Treasury
Inflation
Indexed
Notes
,
1.63%,
4/15/30
3,836
2,988,216
U.S.
Treasury
Inflation
Indexed
Notes
,
1.38%,
7/15/33
2,940
490,000
U.S.
Treasury
Note
,
3.50%,
1/31/28 (l)(m)
490
320,000
U.S.
Treasury
Note
,
3.88%,
8/31/32
318
3,000,000
U.S.
Treasury
Note
,
3.75%,
10/31/32
2,954
1,770,000
U.S.
Treasury
Note
,
3.88%,
12/31/32
1,754
1,810,000
U.S.
Treasury
Note
,
3.88%,
8/15/34
1,773
2,050,000
U.S.
Treasury
Note
,
4.25%,
11/15/34
2,060
7,720,000
U.S.
Treasury
Note
,
4.25%,
5/15/35
7,738
8,730,000
U.S.
Treasury
Note
,
4.25%,
8/15/35
8,739
3,000,000
U.S.
Treasury
Note
,
4.00%,
11/15/35
2,939
Total
U.S.
Treasury
(Cost
-
$49,812)
48,783
Stock
(1%)
Preferred
Stock
(1%
)
40,000
Morgan
Stanley, 6.50% (g)
(Cost
-
$1,000)
1,018
Total
Stock
(Cost
-
$1,000)
1,018
Investment
Company
(3%
)
3,055,675
Payden
Cash
Reserves
Money
Market
Fund*
3,056
101,806
Payden
Emerging
Market
Corporate
Bond
Fund,
SI
Class*
903
197,095
Payden
Emerging
Markets
Local
Bond
Fund,
SI
Class*
1,965
Total
Investment
Company
(Cost
-
$5,775)
5,924
Total
Investments
(Cost
-
$187,337)
(102%)
186,591
Liabilities
in
excess
of
Other
Assets
(-2%)
(3,327)
Net
Assets
(100%)
$
183,264
*
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,
2026.
(c)
Principal
in
foreign
currency.
(d)
Yield
to
maturity
at
time
of
purchase.
Payden
Strategic
Income
Fund
continued
(e)
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.
(f)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
January
31,
2026.
The
stated
maturity
is
subject
to
prepayments.
(g)
Perpetual
security
with
no
stated
maturity
date.
(h)
All
or
a
portion
of
these
securities
are
on
loan.
At
January
31,
2026,
the
total
market
value
of
the
Fund’s
securities
on
loan
is
$719
and
the
total
market
value
of
the
collateral
held
by
the
Fund
is
$1,049.
Amounts
in
000s.
(i)
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.
(j)
Issuer
filed
for
bankruptcy
and/or
is
in
default
of
principal
and/or
interest
payments.
(k)
Payment
of
principal
and/or
interest
is
insured
against
default
by
a
monoline
insurer.
(l)
All
or
a
portion
of
the
security
is
pledged
to
cover
futures
contract
margin
requirements.
(m)
All
or
a
portion
of
security
has
been
pledged
in
connection
with
outstanding
centrally
cleared
swaps.
Open
Forward
Currency
Contracts
to
USD
Currency
Purchased
(000s)
Currency
Sold
(000s)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
(000s)
Assets:
EUR
1,690
USD 1,961
Morgan
Stanley
03/18/2026
$
47
GBP
850
USD 1,112
Morgan
Stanley
03/18/2026
52
99
Liabilities:
USD
1,722
CAD 2,364
Morgan
Stanley
03/18/2026
(17)
USD
6,227
EUR 5,247
Morgan
Stanley
03/18/2026
(8)
USD
1,180
GBP 868
Morgan
Stanley
03/18/2026
(8)
(33)
Net
Unrealized
Appreciation
(Depreciation)
$66
Open
Futures
Contracts
Contract
Type
Number
of
Contracts
Expiration
Date
Notional
Amount
(000s)
Current
Value
(000s)
Unrealized
Appreciation
(Depreciation)
(000s)
Long
Contracts:
U.S.
Treasury
2-Year
Note
Future
229
Mar-26
$
47,745
$
(56)
$
(56)
Short
Contracts:
U.S.
Treasury
5-Year
Note
Future
206
Mar-26
(22,440)
170
170
Total
Futures
$114
Open
Centrally
Cleared
Interest
Rate
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Appreciation/
(Depreciation)
(000s)
10-Year
SOFR
Swap,
Receive
Variable
3.660%
(SOFRRATE)
Annually,
Pay
Fixed
3.282%
Annually
02/27/2035
USD
3,200
$155
$–
$155
10-Year
SOFR
Swap,
Receive
Variable
4.040%
(SOFRRATE)
Annually,
Pay
Fixed
2.738%
Annually
08/30/2034
USD
2,600
212
–
212
10-Year
SOFR
Swap,
Receive
Variable
4.144%
(SOFRRATE)
Annually,
Pay
Fixed
2.936%
Annually
06/28/2034
USD
2,630
176
–
176
2-Year
SOFR
Swap,
Receive
Fixed
2.740%
Annually,
Pay
Variable
4.040%
(SOFRRATE)
Annually
08/30/2026
USD
11,900
(128)
–
(128)
2-Year
SOFR
Swap,
Receive
Fixed
2.830%
Annually,
Pay
Variable
4.144%
(SOFRRATE)
Annually
06/29/2026
USD
11,766
(134)
–
(134)
2-Year
SOFR
Swap,
Receive
Fixed
3.333%
Annually,
Pay
Variable
4.660%
(SOFRRATE)
Annually
02/27/2027
USD
13,500
(126)
–
(126)
Open
Centrally
Cleared
Interest
Rate
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Appreciation/
(Depreciation)
(000s)
5-Year
Interest
Rate
Swap,
Receive
Fixed
4.647%
Quarterly,
Pay
Variable
4.409%
(BBSW6M) Semi
Annually
12/17/2031
AUD
15,890
(28)
–
(28)
5-Year
Interest
Rate
Swap,
Receive
Variable
3.689%
(SOFRRATE)
Annually,
Pay
Fixed
3.529%
Annually
12/18/2031
USD
10,230
35
–
35
$162
$–
$162