Payden
Mutual
Funds
1
Payden
Absolute
Return
Bond
Fund
Schedule
of
Investments
-
July
31,
2026
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Asset
Backed
(11%
)
1,525,000
AB
Carval
Euro
CLO
IV-C
DAC
4A
144A
,
(
3
mo.
EURIBOR
+
2.950%
)
,
0.00
%
,
7/30/39
EUR
(a)
(b)
(c)
$
1,758‌
982,072
Ally
Bank
2026-A
144A
,
5.25
%
,
3/15/34
(a)
979‌
2,300,000
American
Credit
Acceptance
Receivables
Trust
2026-2
144A
,
5.18
%
,
6/08/32
(a)
2,279‌
1,550,000
Armada
Euro
CLO
I
DAC
1A
144A
,
(
3
mo.
EURIBOR
+
2.900%
)
,
5.32
%
,
7/24/40
EUR
(a)
(b)
(c)
1,787‌
1,300,000
Bilbao
CLO
VI
DAC
6A
144A
,
(
3
mo.
EURIBOR
+
2.900%
)
,
5.28
%
,
10/15/40
EUR
(a)
(b)
(c)
1,499‌
1,725,000
BlackRock
European
CLO
II
DAC
2A
144A
,
(
3
mo.
EURIBOR
+
3.000%
)
,
5.03
%
,
7/15/39
EUR
(a)
(b)
(c)
1,989‌
3,200,000
Cologix
Canadian
Issuer
LP
2022-1CAN
144A
,
5.68
%
,
1/25/52
CAD
(a)
(c)
2,270‌
1,250,000
CVC
Cordatus
Loan
Fund
XV
DAC
15A
144A
,
(
3
mo.
EURIBOR
+
3.400%
)
,
5.76
%
,
2/26/39
EUR
(a)
(b)
(c)
1,461‌
1,150,000
Diamond
Infrastructure
Funding
LLC
2021-1A
144A
,
2.36
%
,
4/15/49
(a)
1,138‌
2,000,000
Diamond
Issuer
LLC
2021-1A
144A
,
3.79
%
,
11/20/51
(a)
1,954‌
1,858,184
Driven
Brands
Funding
LLC
2021-1A
144A
,
2.79
%
,
10/20/51
(a)
1,745‌
110
Flagship
Credit
Auto
Trust
,
0.00
%
,
3/15/29
(d)
–‌
1,950,000
Flatiron
CLO
24
Ltd.
2023-2A
144A
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.350%
)
,
6.10
%
,
1/15/39
(a)
(b)
1,956‌
1,550,000
Flexential
Issuer
LLC
2025-1A
144A
,
6.03
%
,
10/25/60
(a)
1,537‌
2,017,842
FORT
CRE
Issuer
LLC
2022-FL3
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.250%
)
,
5.87
%
,
2/23/39
(a)
(b)
2,022‌
2,500,000
Henley
CLO
III
DAC
3X
,
(
3
mo.
EURIBOR
+
0.970%
)
,
3.44
%
,
12/25/35
EUR
(b)
(c)
(e)
2,882‌
500,000
Henley
CLO
XII
DAC
12X
,
(
3
mo.
EURIBOR
+
3.100%
)
,
5.53
%
,
1/15/38
EUR
(b)
(c)
(e)
580‌
1,775,000
Hotwire
Funding
LLC
2021-1
144A
,
2.66
%
,
11/20/51
(a)
1,763‌
750,000
Hotwire
Funding
LLC
2024-1A
144A
,
9.19
%
,
6/20/54
(a)
772‌
10
Juniper
Receivables
DAC
2022-1
R1
,
0.00
%
,
(d)
99‌
10
Juniper
Receivables
DAC
2023-1
,
0.00
%
,
7/15/30
(d)
148‌
1,350,000
Legato
Euro
CLO
I
DAC
1X
,
(
3
mo.
EURIBOR
+
3.500%
)
,
5.70
%
,
10/15/38
EUR
(b)
(c)
(e)
1,574‌
1,425,000
Lmdv
Issuer
Co.
LLC
2025-1A
144A
,
5.31
%
,
12/15/55
(a)
1,416‌
1,725,000
MetroNet
Infrastructure
Issuer
LLC
2026-1A
144A
,
5.27
%
,
4/20/56
(a)
1,709‌
975,000
Mtp
Abs
Funding
LLC
2026-1A
144A
,
5.88
%
,
4/25/56
(a)
970‌
2,050,000
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
2026-63A
144A
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.400%
)
,
6.19
%
,
4/16/39
(a)
(b)
2,057‌
Principal
or
Shares
Security
Description
Value
(000)
2,575,083
Oak
Street
Investment
Grade
Net
Lease
Fund
2020-1A
144A
,
3.39
%
,
11/20/50
(a)
$
1,790‌
1,300,000
Palmer
Square
European
Loan
Funding
DAC
2026-1A
144A
,
(
3
mo.
EURIBOR
+
3.350%
)
,
0.00
%
,
10/15/35
EUR
(a)
(b)
(c)
1,504‌
2,800,000
Penta
CLO
DAC
2022-11A
144A
,
(
3
mo.
EURIBOR
+
2.700%
)
,
4.84
%
,
1/15/39
EUR
(a)
(b)
(c)
3,218‌
1,650,000
RCKT
Mortgage
Trust
2026-CES7
144A
,
5.72
%
,
7/01/56
(a)
1,645‌
1,375,000
Rockford
Tower
Europe
CLO
DAC
2026-1A
144A
,
(
3
mo.
EURIBOR
+
2.900%
)
,
5.33
%
,
1/15/39
EUR
(a)
(b)
(c)
1,586‌
1,688,157
Santander
Bank
Auto
Credit-Linked
Notes
2022-
C
144A
,
18.06
%
,
12/15/32
(a)
1,732‌
100
Santander
Consumer
Auto
Receivables
Trust
2021-C
,
0.00
%
,
6/15/28
(d)
595‌
2,250,000
Sculptor
European
CLO
VIII
DAC
8A
144A
,
(
3
mo.
EURIBOR
+
2.950%
)
,
5.13
%
,
1/17/39
EUR
(a)
(b)
(c)
2,595‌
2,275,000
Sona
Fios
CLO
II
DAC
2A
144A
,
(
3
mo.
EURIBOR
+
2.950%
)
,
5.23
%
,
2/15/39
EUR
(a)
(b)
(c)
2,644‌
1,375,000
Sound
Point
Euro
CLO
Funding
DAC
17A
144A
,
(
3
mo.
EURIBOR
+
2.900%
)
,
5.36
%
,
7/20/40
EUR
(a)
(b)
(c)
1,600‌
2,057,070
Sound
Point
Euro
CLO
I
Funding
DAC
1X
,
(
3
mo.
EURIBOR
+
0.820%
)
,
3.29
%
,
5/25/34
EUR
(b)
(c)
(e)
2,369‌
1,100,000
Texas
Debt
Capital
Euro
CLO
DAC
2025-1X
,
(
3
mo.
EURIBOR
+
3.000%
)
,
5.45
%
,
4/16/39
EUR
(b)
(c)
(e)
1,279‌
85
United
Auto
Credit
Securitization
Trust
2022-2
,
0.00
%
,
4/10/29
(d)
–‌
1,550,000
VB-S1
Issuer
LLC-VBTEL
2022-1A
144A
,
5.27
%
,
2/15/52
(a)
1,539‌
1,000,000
VB-S1
Issuer
LLC-VBTEL
2024-1A
144A
,
6.64
%
,
5/15/54
(a)
1,010‌
Total
Asset
Backed
(Cost
-
$72,685)
63,450‌
Bank
Loan(f)
(14%
)
3,404,149
AAdvantage
Loyality
IP
Ltd.
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.750%
)
,
6.48
%
,
5/28/32
3,409‌
3,077,288
Allison
Transmission
Inc.
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
0.750%
)
,
5.43
%
,
1/02/33
3,086‌
3,145,595
Alpha
Generation
LLC
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
0.750%
)
,
5.48
%
,
9/30/31
3,136‌
666,646
Amneal
Pharmaceuticals
LLC
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%
)
,
6.73
%
,
8/02/32
670‌
3,382,828
AmWINS
Group
Inc.
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.000%
)
,
5.73
%
,
1/30/32
3,358‌
1,675,000
Biomarin
Pharmaceutical
Inc.
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.750%
)
,
5.43
%
,
4/27/33
1,675‌
1,100,000
Clean
Energy
Future-
Trumbull
LLC
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%
)
,
6.73
%
,
4/29/33
1,104‌
2
Principal
or
Shares
Security
Description
Value
(000)
1,425,000
Crescent
Midstream
Operating
LLC
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.750%
)
,
7.40
%
,
2/11/33
$
1,434‌
1,152,404
Discovery
Global
Holdings
Inc.
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.500%
)
,
6.23
%
,
6/03/33
1,155‌
1,695,558
Element
Solutions
Inc.
Term
Loan
B3
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.750%
)
,
5.48
%
,
12/18/30
1,700‌
4,045,199
EMRLD
Borrower
LP
Term
Loan
B2
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.500%
)
,
6.07
%
,
8/04/31
4,050‌
1,634,779
Evergreen
AcqCo
1
LP
Term
Loan
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.500%
)
,
6.17
%
,
9/17/32
1,639‌
1,736,719
Fr
Br
Holdings
LLC
Term
Loan
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
4.250%
)
,
7.98
%
,
10/09/30
1,743‌
1,510,256
Genmab
A/S
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.000%
)
,
5.73
%
,
12/13/32
1,511‌
3,092,250
Graham
Packaging
Co.
Inc.
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.250%
)
,
5.98
%
,
1/26/33
3,097‌
2,550,000
Grifols
International
Services
DAC
Term
Loan
B
1L
,
(
3
mo.
EURIBOR
+
3.000%
)
,
5.41
%
,
4/14/33
EUR
(c)
2,963‌
450,000
Hologic
Inc.
Term
Loan
B
1L
,
(
3
mo.
EURIBOR
+
2.750%
)
,
5.05
%
,
4/07/33
EUR
(c)
520‌
2,800,000
Hologic
Inc.
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.250%
)
,
6.00
%
,
4/07/33
2,757‌
2,486,295
Iron
Mountain
Information
Management
LLC
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.250%
)
,
5.73
%
,
1/31/31
2,485‌
2,143,155
Lackawanna
Energy
Center
LLC
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%
)
,
6.41
%
,
8/05/32
2,150‌
810,563
Lightning
Power
LLC
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.000%
)
,
5.75
%
,
8/18/31
812‌
2,814,994
McGraw-Hill
Education
Inc.
Term
Loan
B2
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.500%
)
,
6.23
%
,
8/06/31
2,820‌
1,437,163
MIC
Glen
LLC
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.250%
)
,
6.98
%
,
7/21/28
1,442‌
1,350,714
Nexstar
Media
Inc.
Term
Loan
B7
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.750%
)
,
6.48
%
,
3/18/33
1,351‌
1,550,000
Oak-Eagle
Acquireco
Inc.
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.500%
)
,
3.50
%
,
8/04/33
1,562‌
3,323,864
Omnia
Partners
LLC
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.750%
)
,
6.42
%
,
12/31/32
3,336‌
1,440,000
Pegasus
Bidco
Bv
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.500%
)
,
6.17
%
,
7/12/32
1,444‌
1,492,500
Qnity
Electronics
Inc.
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
0.750%
)
,
5.48
%
,
11/01/32
1,495‌
Principal
or
Shares
Security
Description
Value
(000)
2,875,000
QTS
Thunder
Managing
LLC
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.250%
)
,
6.03
%
,
7/22/33
$
2,839‌
2,593,920
Quikrete
Holdings
Inc.
Term
Loan
B3
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.250%
)
,
5.98
%
,
2/10/32
2,599‌
3,084,500
Raising
Canes
Restaurants
LLC
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.000%
)
,
5.73
%
,
11/03/32
3,079‌
2,875,000
SCIH
Salt
Holdings
Inc.
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.750%
)
,
2.75
%
,
7/30/31
2,861‌
1,596,000
Solstice
Advanced
Materials
Inc.
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.750%
)
,
5.57
%
,
10/29/32
1,599‌
1,069,625
Talen
Energy
Supply
LLC
Term
Loan
B
1L
,
(
3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.000%
)
,
5.82
%
,
11/25/32
1,060‌
923,546
Terex
Corp.
Term
Loan
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
0.750%
)
,
5.48
%
,
10/08/31
926‌
1,620,938
TK
Elevator
Midco
Gmbh
Term
Loan
B
1L
,
(
6
mo.
Term
Secured
Overnight
Financing
Rate
+
2.750%
)
,
6.70
%
,
4/30/30
1,630‌
1,083,417
Transdigm
Inc.
Term
Loan
J
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.250%
)
,
6.23
%
,
2/28/31
1,086‌
2,335,609
Transdigm
Inc.
Term
Loan
M
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.500%
)
,
6.23
%
,
8/19/32
2,342‌
1,350,000
Treehouse
Foods
Inc.
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
4.250%
)
,
7.89
%
,
2/04/33
1,356‌
1,023,109
United
Natural
Foods
Inc.
Term
Loan
B
1L
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%
)
,
7.73
%
,
5/01/31
1,035‌
1,900,000
Venture
Global
Calcasieu
Pass
LLC
Term
Loan
B
1L
,
(
6
mo.
Term
Secured
Overnight
Financing
Rate
+
2.250%
)
,
6.95
%
,
4/11/33
1,915‌
Total
Bank
Loan
(Cost
-
$82,124)
82,231‌
Corporate
Bond
(23%
)
1,500,000
Albertsons
Cos.
Inc./Safeway
Inc./New
Albertsons
LP/Albertsons
LLC
144A
,
5.75
%
,
3/31/34
(a)
1,396‌
1,900,000
Allwyn
Entertainment
Financing
UK
PLC
144A
,
4.63
%
,
8/15/31
EUR
(a)
(c)
2,174‌
1,675,000
APLD
ComputeCo
3
LLC
144A
,
7.00
%
,
6/15/31
(a)
1,636‌
575,000
B&M
European
Value
Retail
PLC
,
6.50
%
,
4/30/30
(c)
(e)
769‌
1,875,000
Bank
of
New
York
Mellon
Corp.
N
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.868%
)
,
6.15
%
(b)
(g)
(h)
1,860‌
1,625,000
Beacon
Point
DC
LLC
144A
,
6.13
%
,
11/30/42
(a)
1,560‌
1,825,000
Beusa
Investments
LLC
144A
,
7.00
%
,
8/01/31
(a)
1,784‌
1,450,000
BKV
Upstream
Midstream
LLC
144A
,
7.50
%
,
10/15/30
(a)
1,449‌
2,270,000
Bombardier
Inc.
144A
,
7.00
%
,
6/01/32
(a)
2,342‌
950,000
Boots
Group
Finco
LP
144A
,
5.38
%
,
8/31/32
EUR
(a)
(c)
1,120‌
Payden
Absolute
Return
Bond
Fund
continued
3
Payden
Mutual
Funds
Principal
or
Shares
Security
Description
Value
(000)
810,000
Boparan
Finance
PLC
,
9.38
%
,
11/07/29
GBP
(c)
(e)
$
1,150‌
1,550,000
Borr
IHC
Ltd./Borr
Finance
LLC
144A
,
8.75
%
,
1/15/32
(a)
1,518‌
1,425,000
C&W
Senior
Finance
Ltd.
144A
,
9.00
%
,
1/15/33
(a)
1,450‌
360,000
California
Resources
Corp.
144A
,
7.00
%
,
1/15/34
(a)
353‌
1,210,000
California
Resources
Corp.
144A
,
7.25
%
,
1/15/35
(a)
1,196‌
2,025,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A
,
7.38
%
,
2/01/36
(a)
(g)
1,928‌
550,000
Cesar
SpA
144A
,
6.50
%
,
9/30/31
EUR
(a)
(c)
651‌
2,250,000
Citigroup
Inc.
JJ
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.745%
)
,
6.50
%
(b)
(h)
2,248‌
2,325,000
Citizens
Financial
Group
Inc.
J
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.379%
)
,
6.75
%
(b)
(g)
(h)
2,307‌
3,125,000
Clearway
Energy
Operating
LLC
144A
,
5.75
%
,
1/15/34
(a)
3,015‌
1,125,000
Corp.
Inmobiliaria
Vesta
SAB
de
CV
144A
,
5.50
%
,
1/30/33
(a)
1,077‌
955,000
CVR
Energy
Inc.
144A
,
7.50
%
,
2/15/31
(a)
968‌
510,000
CVR
Energy
Inc.
144A
,
7.88
%
,
2/15/34
(a)
519‌
1,400,000
Deutsche
Bank
AG
,
(
5-Year
Mid-Swap
Rate
+
5.112%
)
,
7.38
%
EUR
(b)
(c)
(e)
(h)
1,738‌
1,150,000
doValue
SpA
144A
,
5.38
%
,
11/15/31
EUR
(a)
(c)
1,340‌
1,050,000
Edge
Finco
PLC
144A
,
8.13
%
,
8/15/31
GBP
(a)
(c)
1,474‌
900,000
Emera
U.S.
Finance
LLC
A
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.866%
)
,
6.65
%
,
10/01/56
(b)
907‌
900,000
Emera
U.S.
Finance
LLC
B
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.648%
)
,
6.85
%
,
10/01/56
(b)
907‌
1,525,000
Energy
Transfer
LP
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.219%
)
,
6.70
%
,
1/15/57
(b)
1,503‌
425,000
Esentia
Energy
Development
SAB
de
CV
144A
,
6.13
%
,
7/30/33
(a)
417‌
425,000
Esentia
Energy
Development
SAB
de
CV
144A
,
6.50
%
,
7/30/38
(a)
407‌
175,000
Eversource
Energy
A
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.521%
)
,
6.10
%
,
8/15/56
(b)
174‌
2,100,000
Eversource
Energy
B
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.325%
)
,
6.35
%
,
8/15/56
(b)
2,091‌
1,750,000
Fiesta
Purchaser
Inc.
144A
,
9.63
%
,
9/15/32
(a)
1,644‌
1,050,000
Flutter
Treasury
DAC
144A
,
6.13
%
,
6/04/31
GBP
(a)
(c)
1,400‌
1,400,000
Fressnapf
Holding
SE
,
5.25
%
,
10/31/31
EUR
(c)
(e)
1,641‌
1,875,000
Goldman
Sachs
Group
Inc.
AA
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.175%
)
,
6.50
%
(b)
(h)
1,862‌
1,125,000
Gruppo
San
Donato
SpA
144A
,
6.50
%
,
10/31/31
EUR
(a)
(c)
1,274‌
825,000
Gruppo
San
Donato
SpA
,
6.50
%
,
10/31/31
EUR
(c)
(e)
934‌
2,175,000
HA
Sustainable
Infrastructure
Capital
Inc.
144A
,
5.95
%
,
7/15/33
(a)
2,150‌
Principal
or
Shares
Security
Description
Value
(000)
1,075,000
HA
Sustainable
Infrastructure
Capital
Inc.
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.301%
)
,
8.00
%
,
6/01/56
(b)
$
1,129‌
1,675,000
HUT
8
DC
LLC
144A
,
6.19
%
,
11/15/42
(a)
1,630‌
2,450,000
Infinity
Natural
Resources
LLC
144A
,
7.63
%
,
4/01/31
(a)
2,446‌
750,000
Iron
Mountain
Inc.
144A
,
6.25
%
,
1/15/35
(a)
741‌
945,000
JH
North
America
Holdings
Inc.
144A
,
6.13
%
,
7/31/32
(a)
947‌
1,400,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./
NextWave
Distribution
Inc.
144A
,
9.00
%
,
2/15/29
(a)
1,460‌
600,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./
NextWave
Distribution
Inc.
144A
,
7.13
%
,
4/30/33
(a)
610‌
2,700,000
Kraken
Oil
&
Gas
Partners
LLC
144A
,
7.13
%
,
5/15/31
(a)
2,664‌
1,775,000
LifePoint
Health
Inc.
144A
,
7.00
%
,
5/01/34
(a)
1,659‌
2,260,000
Magnolia
Oil
&
Gas
Operating
LLC/Magnolia
Oil
&
Gas
Finance
Corp.
144A
,
6.88
%
,
12/01/32
(a)
2,300‌
1,675,000
Main
Street
Capital
Corp.
,
6.95
%
,
3/01/29
1,722‌
1,975,000
Matador
Resources
Co.
144A
,
6.00
%
,
4/15/34
(a)
1,911‌
900,000
Mercury
General
Corp.
,
6.25
%
,
6/15/36
896‌
1,200,000
MetLife
Inc.
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.817%
)
,
5.85
%
,
3/15/56
(b)
1,171‌
2,800,000
MKS
Inc.
144A
,
4.25
%
,
2/15/34
EUR
(a)
(c)
3,127‌
1,575,000
National
Bank
of
Greece
SA
,
(
5-Year
Mid-Swap
Rate
+
3.317%
)
,
5.80
%
EUR
(b)
(c)
(e)
(h)
1,803‌
2,970,000
Novelis
Corp.
144A
,
6.38
%
,
8/15/33
(a)
2,967‌
400,000
OAK-Eagle
Acquireco
Inc.
144A
,
6.25
%
,
7/01/33
EUR
(a)
(c)
483‌
550,000
OAK-Eagle
Acquireco
Inc.
144A
,
7.25
%
,
7/01/33
(a)
570‌
950,000
OCP
SA
144A
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.746%
)
,
6.74
%
(a)
(b)
(h)
934‌
375,000
Opal
Bidco
SAS
,
5.50
%
,
3/31/32
EUR
(c)
(e)
443‌
1,400,000
Opal
Bidco
SAS
144A
,
5.50
%
,
3/31/32
EUR
(a)
(c)
1,655‌
550,000
Parex
Resources
Inc.
144A
,
8.50
%
,
5/11/31
(a)
561‌
2,275,000
Petroleos
Mexicanos
,
6.35
%
,
2/12/48
1,801‌
800,000
Post
Holdings
Inc.
144A
,
6.25
%
,
10/15/34
(a)
778‌
2,000,000
Post
Holdings
Inc.
144A
,
6.50
%
,
3/15/36
(a)
1,952‌
2,700,000
PR
RNO
Property
Owner
1
LLC
144A
,
6.50
%
,
5/01/31
(a)
2,546‌
1,525,000
Prime
Healthcare
Services
Inc.
144A
,
9.38
%
,
9/01/29
(a)
1,591‌
1,000,000
Puget
Energy
Inc.
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.961%
)
,
7.00
%
,
9/15/56
(b)
1,003‌
1,000,000
Puget
Energy
Inc.
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.848%
)
,
7.25
%
,
9/15/56
(b)
1,004‌
1,505,000
QXO
Building
Products
Inc.
144A
,
6.75
%
,
4/30/32
(a)
1,538‌
1,450,000
Royal
Bank
of
Canada
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.462%
)
,
6.50
%
,
11/24/85
(b)
1,409‌
2,525,000
SM
Energy
Co.
144A
,
6.63
%
,
4/15/34
(a)
2,511‌
1,625,000
Stagwell
Global
LLC
144A
,
5.63
%
,
8/15/29
(a)
1,582‌
1,550,000
Standard
Building
Solutions
Inc.
144A
,
6.50
%
,
8/15/32
(a)
1,554‌
4
Principal
or
Shares
Security
Description
Value
(000)
1,375,000
Standard
Building
Solutions
Inc.
144A
,
6.25
%
,
8/01/33
(a)
$
1,362‌
825,000
Standard
Building
Solutions
Inc.
144A
,
5.88
%
,
3/15/34
(a)
793‌
1,275,000
Star
Parent
Inc.
144A
,
9.00
%
,
10/01/30
(a)
1,340‌
1,785,000
Surgery
Center
Holdings
Inc.
144A
,
7.25
%
,
4/15/32
(a)
1,793‌
1,950,000
Synchrony
Financial
C
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.078%
)
,
7.25
%
(b)
(h)
1,919‌
1,500,000
Talos
Production
Inc.
144A
,
8.00
%
,
7/15/34
(a)
1,516‌
725,000
TerraForm
Power
Operating
LLC
144A
,
4.75
%
,
1/15/30
(a)
694‌
975,000
TXNM
Energy
Inc.
144A
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.254%
)
,
7.00
%
,
7/31/56
(a)
(b)
981‌
1,600,000
UBS
Group
AG
144A
,
(
5-Year
U.S.
Dollar
SOFR
ICE
Swap
Rate
+
3.090%
)
,
6.88
%
(a)
(b)
(h)
1,589‌
2,650,000
UGI
International
LLC
144A
,
5.00
%
,
6/01/31
EUR
(a)
(c)
3,121‌
1,175,000
Verizon
Communications
Inc.
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.042%
)
,
6.20
%
,
5/14/56
(b)
1,150‌
350,000
Verizon
Communications
Inc.
,
(
5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.813%
)
,
6.05
%
,
5/14/58
(b)
344‌
1,575,000
Viking
Baked
Goods
Acquisition
Corp.
144A
,
8.63
%
,
11/01/31
(a)
1,585‌
1,080,135
Yinson
Boronia
Production
BV
,
8.95
%
,
7/31/42
(e)
1,191‌
Total
Corporate
Bond
(Cost
-
$129,920)
128,809‌
Foreign
Government
(9%
)
1,700,000
Albania
Government
International
Bond
,
4.75
%
,
2/14/35
EUR
(c)
(e)
1,962‌
775,000
Albania
Government
International
Bond
144A
,
4.75
%
,
2/14/35
EUR
(a)
(c)
896‌
1,400,000
Argentine
Republic
Government
International
Bond
,
4.13
%
,
7/09/35
1,110‌
44,000,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
,
10.00
%
,
1/01/31
BRL
(c)
7,529‌
800,000
Brazilian
Government
International
Bond
,
5.50
%
,
4/23/36
EUR
(c)
910‌
450,000
Ecuador
Government
International
Bond
144A
,
8.75
%
,
1/29/34
(a)
447‌
400,000
Ecuador
Government
International
Bond
144A
,
9.25
%
,
1/29/39
(a)
399‌
2,250,000
Ghana
Government
International
Bond
,
5.00
%
,
7/03/35
(e)
2,062‌
2,991,230,000
Hungary
Government
Bond
Series
31/A
,
3.25
%
,
10/22/31
HUF
(c)
8,514‌
1,350,000
Ivory
Coast
Government
International
Bond
,
4.88
%
,
1/30/32
EUR
(c)
(e)
1,515‌
300,000
Ivory
Coast
Government
International
Bond
144A
,
8.08
%
,
4/01/36
(a)
321‌
800,000
Ivory
Coast
Government
International
Bond
,
8.08
%
,
4/01/36
(e)
856‌
200,000
Ivory
Coast
Government
International
Bond
,
8.25
%
,
1/30/37
(e)
215‌
84,180,000
Mexican
Bonos
Series
M
,
7.75
%
,
11/23/34
MXN
(c)
4,493‌
1,325,000
Mexico
Government
International
Bond
,
6.25
%
,
8/27/37
1,292‌
Principal
or
Shares
Security
Description
Value
(000)
1,375,000
Morocco
Government
International
Bond
144A
,
4.75
%
,
5/26/34
EUR
(a)
(c)
$
1,584‌
500,000
Morocco
Government
International
Bond
144A
,
5.13
%
,
5/26/38
EUR
(a)
(c)
578‌
850,000
Nigeria
Government
International
Bond
,
9.63
%
,
6/09/31
(e)
951‌
975,000
Nigeria
Government
International
Bond
,
10.38
%
,
12/09/34
(e)
1,165‌
138,400,000
Republic
of
South
Africa
Government
Bond
Series
R213
,
7.00
%
,
2/28/31
ZAR
(c)
8,036‌
1,200,000
Republic
of
South
Africa
Government
International
Bond
144A
,
6.13
%
,
12/11/37
(a)
1,150‌
1,050,000
Romanian
Government
International
Bond
144A
,
5.88
%
,
7/11/32
EUR
(a)
(c)
1,255‌
500,000
Romanian
Government
International
Bond
,
5.88
%
,
7/11/32
EUR
(c)
(e)
597‌
1,050,000
Romanian
Government
International
Bond
144A
,
4.63
%
,
3/04/33
EUR
(a)
(c)
1,161‌
95,000
Romanian
Government
International
Bond
144A
,
6.00
%
,
9/24/44
EUR
(a)
(c)
104‌
675,000
Sri
Lanka
Government
International
Bond
,
3.60
%
,
2/15/38
(e)
681‌
550,000
Turkiye
Government
International
Bond
,
6.38
%
,
5/22/31
541‌
1,075,000
Turkiye
Government
International
Bond
,
6.88
%
,
1/14/38
1,028‌
Total
Foreign
Government
(Cost
-
$50,512)
51,352‌
Mortgage
Backed
(36%
)
2,125,000
1301
Trust
2025-1301
144A
,
5.64
%
,
8/11/42
(a)
(i)
2,103‌
1,150,000
1301
Trust
2025-1301
144A
,
6.22
%
,
8/11/42
(a)
(i)
1,140‌
1,500,000
Arbor
Realty
Commercial
Real
Estate
Notes
LLC
2026-FL1
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.500%
)
,
5.17
%
,
9/20/43
(a)
(b)
1,504‌
1,775,000
AREIT
2025-CRE11
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.750%
)
,
5.43
%
,
7/25/43
(a)
(b)
1,775‌
1,775,000
AREIT
Ltd.
2025-CRE10
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.388%
)
,
5.07
%
,
12/17/29
(a)
(b)
1,777‌
1,300,000
AREIT
Ltd.
2025-CRE10
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.092%
)
,
5.77
%
,
1/17/30
(a)
(b)
1,289‌
975,000
Atrium
Hotel
Portfolio
Trust
2017-ATRM
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.347%
)
,
7.02
%
,
12/15/36
(a)
(b)
972‌
1,400,000
BAY
Trust
2026-MDWS
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.043%
)
,
5.72
%
,
6/15/41
(a)
(b)
1,398‌
2,400,000
BAY
Trust
2026-MDWS
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.392%
)
,
6.07
%
,
6/15/41
(a)
(b)
2,399‌
2,600,000
BDS
LLC
2025-FL15
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.400%
)
,
5.07
%
,
3/19/43
(a)
(b)
2,606‌
1,150,000
BDS
LLC
2026-FL17
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.950%
)
,
5.62
%
,
5/19/43
(a)
(b)
1,151‌
2,050,000
BFLD
Commercial
Mortgage
Trust
2025-660F
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.500%
)
,
5.18
%
,
11/15/42
(a)
(b)
2,055‌
Payden
Absolute
Return
Bond
Fund
continued
5
Payden
Mutual
Funds
Principal
or
Shares
Security
Description
Value
(000)
1,425,000
BFLD
Commercial
Mortgage
Trust
2025-660F
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.150%
)
,
5.83
%
,
11/15/42
(a)
(b)
$
1,430‌
1,350,000
BOS
Trust
2026-LYRK
144A
,
6.19
%
,
5/11/41
(a)
(i)
1,323‌
1,760,748
BRAVO
Residential
Funding
Trust
2026-
NQMR1
144A
,
5.40
%
,
8/25/62
(a)
(i)
1,751‌
1,271,790
BRAVO
Residential
Funding
Trust
2025-NQM2
144A
,
5.68
%
,
11/25/64
(a)
1,276‌
1,765,012
BRAVO
Residential
Funding
Trust
2025-NQM6
144A
,
5.33
%
,
6/25/65
(a)
1,758‌
1,819,580
BRAVO
Residential
Funding
Trust
2026-NQM2
144A
,
5.03
%
,
11/25/65
(a)
1,791‌
1,634,380
BRAVO
Residential
Funding
Trust
2026-NQM3
144A
,
5.34
%
,
11/25/65
(a)
1,618‌
2,159,574
BRAVO
Residential
Funding
Trust
2026-NQM4
144A
,
5.64
%
,
3/25/66
(a)
2,149‌
2,611,742
BRAVO
Residential
Funding
Trust
2026-NQM6
144A
,
5.78
%
,
5/25/66
(a)
2,605‌
2,294,796
BRAVO
Residential
Funding
Trust
2026-NQM5
144A
,
5.72
%
,
6/25/66
(a)
2,284‌
2,050,000
BSPDF
Issuer
LLC
2025-FL2
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.524%
)
,
5.20
%
,
12/15/42
(a)
(b)
2,054‌
2,500,000
BSPDF
Issuer
LLC
2026-FL3
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.100%
)
,
5.77
%
,
9/18/43
(a)
(b)
2,505‌
1,900,000
BSPDF
Issuer
LLC
2026-FL4
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.050%
)
,
5.72
%
,
11/18/43
(a)
(b)
1,906‌
1,050,000
BSPRT
Issuer
LLC
2026-FL13
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.200%
)
,
5.87
%
,
10/18/43
(a)
(b)
1,053‌
900,000
BSPRT
Issuer
LLC
2026-FL13
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.050%
)
,
6.72
%
,
10/18/43
(a)
(b)
901‌
1,452,500
BX
Commercial
Mortgage
Trust
2025-BCAT
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.650%
)
,
6.33
%
,
8/15/42
(a)
(b)
1,463‌
1,225,000
BX
Commercial
Mortgage
Trust
2026-VLT10
144A
,
6.40
%
,
7/13/58
(a)
(i)
1,181‌
1,825,000
BX
Commercial
Mortgage
Trust
2026-VLT10
144A
,
6.87
%
,
7/13/58
(a)
(i)
1,754‌
2,775,000
BX
Mortgage
Trust
2025-BIO3
144A
,
6.14
%
,
2/10/42
(a)
2,734‌
1,500,000
BX
Trust
2026-OPTM
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.600%
)
,
5.28
%
,
3/15/39
(a)
(b)
1,490‌
1,700,000
BX
Trust
2026-OPTM
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.000%
)
,
5.68
%
,
3/15/39
(a)
(b)
1,690‌
2,350,000
BX
Trust
2024-BIO
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.642%
)
,
5.32
%
,
2/15/41
(a)
(b)
2,353‌
1,850,000
BX
Trust
2026-RISE
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.000%
)
,
5.68
%
,
4/15/41
(a)
(b)
1,858‌
1,559,188
BX
Trust
2024-VLT4
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.941%
)
,
5.62
%
,
6/15/41
(a)
(b)
1,561‌
2,200,000
BX
Trust
2025-VLT6
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.893%
)
,
5.57
%
,
3/15/42
(a)
(b)
2,195‌
Principal
or
Shares
Security
Description
Value
(000)
2,300,000
BX
Trust
2025-VLT6
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.192%
)
,
5.87
%
,
3/15/42
(a)
(b)
$
2,293‌
1,425,000
BX
Trust
2025-DELC
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.200%
)
,
5.88
%
,
12/15/42
(a)
(b)
1,431‌
2,550,000
BX
Trust
2025-VLT7
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.250%
)
,
6.93
%
,
7/15/44
(a)
(b)
2,557‌
2,425,000
BX
Trust
2025-VOLT
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.750%
)
,
6.43
%
,
12/15/44
(a)
(b)
2,425‌
3,000,000
BXMT
Ltd.
2026-FL6
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.450%
)
,
5.12
%
,
8/19/43
(a)
(b)
2,998‌
14,753,980
Cantor
Commercial
Real
Estate
Lending
2019-
CF1
,
1.11
%
,
5/15/52
(i)
296‌
1,550,000
CEDR
Commercial
Mortgage
Trust
2022-SNAI
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.376%
)
,
6.05
%
,
2/15/39
(a)
(b)
1,529‌
1,550,000
Century
Plaza
Towers
2019-CPT
144A
,
3.00
%
,
11/13/39
(a)
(i)
1,380‌
1,275,000
COMM
Mortgage
Trust
2016-667M
144A
,
3.18
%
,
10/10/36
(a)
(i)
1,266‌
2,950,000
CONE
Commercial
Mortgage
Trust
2026-
DFW3
144A
,
5.86
%
,
5/15/43
(a)
(i)
2,895‌
1,350,000
CONE
Commercial
Mortgage
Trust
2026-ACD6
144A
,
6.51
%
,
7/15/43
(a)
(i)
1,332‌
2,325,000
CONE
Commercial
Mortgage
Trust
2026-ACD6
144A
,
6.97
%
,
7/15/43
(a)
(i)
2,293‌
3,330,000
Connecticut
Avenue
Securities
Trust
2021-
R01
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
6.000%
)
,
9.62
%
,
10/25/41
(a)
(b)
3,366‌
2,300,000
Connecticut
Avenue
Securities
Trust
2021-
R02
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
6.200%
)
,
9.82
%
,
11/25/41
(a)
(b)
2,334‌
875,000
Connecticut
Avenue
Securities
Trust
2022-
R01
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
6.000%
)
,
9.62
%
,
12/25/41
(a)
(b)
891‌
3,050,000
Connecticut
Avenue
Securities
Trust
2022-R04
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
9.500%
)
,
13.12
%
,
3/25/42
(a)
(b)
3,206‌
3,430,000
Connecticut
Avenue
Securities
Trust
2022-R03
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
9.850%
)
,
13.47
%
,
3/25/42
(a)
(b)
3,611‌
1,700,000
Connecticut
Avenue
Securities
Trust
2022-R07
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
12.000%
)
,
15.62
%
,
6/25/42
(a)
(b)
1,858‌
86,584
Connecticut
Avenue
Securities
Trust
2024-
R02
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.100%
)
,
4.72
%
,
2/25/44
(a)
(b)
87‌
2,450,000
Connecticut
Avenue
Securities
Trust
2025-
R04
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.500%
)
,
5.12
%
,
5/25/45
(a)
(b)
2,459‌
6
Principal
or
Shares
Security
Description
Value
(000)
1,808,681
Cross
Mortgage
Trust
2026-NQM2
144A
,
5.24
%
,
3/25/61
(a)
$
1,787‌
1,925,000
DBC
Mortgage
Trust
2025-DBC
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.600%
)
,
5.28
%
,
11/15/42
(a)
(b)
1,934‌
5,726,540
FN
MA5910
30YR
,
5.50
%
,
12/01/55
5,675‌
2,275,000
Freddie
Mac
STACR
REMIC
Trust
2021-HQA1
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
5.000%
)
,
8.62
%
,
8/25/33
(a)
(b)
2,718‌
675,000
Freddie
Mac
STACR
REMIC
Trust
2021-DNA5
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
5.500%
)
,
9.12
%
,
1/25/34
(a)
(b)
825‌
2,050,000
Freddie
Mac
STACR
REMIC
Trust
2021-HQA3
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
6.250%
)
,
9.87
%
,
9/25/41
(a)
(b)
2,065‌
1,825,000
Freddie
Mac
STACR
REMIC
Trust
2021-DNA7
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
7.800%
)
,
11.42
%
,
11/25/41
(a)
(b)
1,861‌
875,000
Freddie
Mac
STACR
REMIC
Trust
2022-DNA1
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
7.100%
)
,
10.72
%
,
1/25/42
(a)
(b)
899‌
3,025,000
Freddie
Mac
STACR
REMIC
Trust
2022-HQA1
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
11.000%
)
,
14.62
%
,
3/25/42
(a)
(b)
3,206‌
1,400,000
Freddie
Mac
STACR
REMIC
Trust
2023-HQA1
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
5.500%
)
,
9.12
%
,
5/25/43
(a)
(b)
1,505‌
1,925,000
Freddie
Mac
STACR
REMIC
Trust
2025-DNA3
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.500%
)
,
5.12
%
,
9/25/45
(a)
(b)
1,933‌
2,775,000
Freddie
Mac
STACR
REMIC
Trust
2026-DNA2
144A
,
(
U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.600%
)
,
5.22
%
,
3/25/46
(a)
(b)
2,794‌
1,450,000
FS
Commercial
Mortgage
Trust
2026-PALM
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.400%
)
,
5.05
%
,
7/15/41
(a)
(b)
1,453‌
1,850,000
FS
Commercial
Mortgage
Trust
2026-PALM
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.700%
)
,
5.35
%
,
7/15/41
(a)
(b)
1,856‌
1,421,000
FS
Rialto
Issuer
LLC
2025-FL10
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.847%
)
,
5.52
%
,
8/19/42
(a)
(b)
1,421‌
1,525,000
FS
Rialto
Issuer
LLC
2026-FL11
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.450%
)
,
5.12
%
,
1/19/44
(a)
(b)
1,529‌
1,525,000
FS
Rialto
Issuer
LLC
2026-FL11
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.050%
)
,
5.72
%
,
1/19/44
(a)
(b)
1,522‌
3,375,000
FS
Trust
2026-HULA
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.450%
)
,
5.13
%
,
3/15/41
(a)
(b)
3,386‌
1,900,000
FS
Trust
2026-HULA
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.650%
)
,
5.33
%
,
3/15/41
(a)
(b)
1,907‌
Principal
or
Shares
Security
Description
Value
(000)
1,500,000
INTOWN
Mortgage
Trust
2025-STAY
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.850%
)
,
6.53
%
,
3/15/42
(a)
(b)
$
1,502‌
1,525,000
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2026-FUN
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.900%
)
,
5.58
%
,
6/15/39
(a)
(b)
1,530‌
2,350,000
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2026-FUN
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.100%
)
,
5.78
%
,
6/15/39
(a)
(b)
2,362‌
3,687,844
LCCM
2017-LC26
144A
,
1.50
%
,
7/12/50
(a)
(i)
20‌
2,525,000
LEX
Trust
2026-450
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.850%
)
,
5.53
%
,
3/15/43
(a)
(b)
2,538‌
665,000
Life
Mortgage
Trust
2021-BMR
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.514%
)
,
5.19
%
,
3/15/38
(a)
(b)
639‌
825,000
Life
Mortgage
Trust
2022-BMR2
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.794%
)
,
5.47
%
,
5/15/39
(a)
(b)
723‌
1,175,000
LoanCore
Issuer
LLC
2025-CRE9
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.950%
)
,
5.62
%
,
8/18/42
(a)
(b)
1,173‌
1,200,000
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2026-NQM3
144A
,
6.71
%
,
3/25/71
(a)
(i)
1,185‌
1,025,000
Natixis
Commercial
Mortgage
Securities
Trust
2019-10K
144A
,
4.13
%
,
5/15/39
(a)
(i)
951‌
3,125,000
NRTH
Commercial
Mortgage
Trust
2025-PARK
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.393%
)
,
5.07
%
,
10/15/40
(a)
(b)
3,137‌
1,800,000
NRTH
Commercial
Mortgage
Trust
2025-PARK
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.643%
)
,
5.32
%
,
10/15/40
(a)
(b)
1,807‌
870,029
OBX
Trust
2024-NQM14
144A
,
4.94
%
,
9/25/64
(a)
867‌
1,596,825
OBX
Trust
2025-NQM3
144A
,
5.65
%
,
12/01/64
(a)
1,601‌
1,341,105
OBX
Trust
2025-NQM20
144A
,
5.02
%
,
10/25/65
(a)
(i)
1,329‌
2,155,900
OBX
Trust
2026-NQM5
144A
,
5.68
%
,
1/25/66
(a)
2,148‌
1,977,829
OBX
Trust
2026-NQM9
144A
,
5.62
%
,
4/25/66
(a)
1,971‌
1,821,406
OBX
Trust
2026-NQM8
144A
,
5.60
%
,
5/25/66
(a)
1,812‌
2,350,000
OBX
Trust
2026-NQM10
144A
,
5.70
%
,
6/25/66
(a)
2,346‌
2,100,000
PFP
Ltd.
2026-13
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.850%
)
,
5.52
%
,
8/18/43
(a)
(b)
2,105‌
1,259,667
RCKT
Mortgage
Trust
2025-CES2
144A
,
5.50
%
,
2/25/55
(a)
1,261‌
653,963
RCKT
Mortgage
Trust
2025-CES5
144A
,
5.69
%
,
5/25/55
(a)
656‌
1,350,000
SLG
Office
Trust
2026-OMA
144A
,
6.96
%
,
4/15/41
(a)
(i)
1,337‌
850,000
Soho
Trust
2021-SOHO
144A
,
2.70
%
,
8/10/38
(a)
(i)
727‌
1,550,000
STWD
LLC
2025-FL4
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.450%
)
,
5.12
%
,
11/19/42
(a)
(b)
1,554‌
Payden
Absolute
Return
Bond
Fund
continued
7
Payden
Mutual
Funds
Principal
or
Shares
Security
Description
Value
(000)
2,100,000
SWCH
Commercial
Mortgage
Trust
2025-DATA
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.443%
)
,
5.12
%
,
2/15/42
(a)
(b)
$
2,087‌
1,150,000
SWCH
Commercial
Mortgage
Trust
2025-DATA
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.641%
)
,
6.32
%
,
2/15/42
(a)
(b)
1,139‌
2,400,000
TORY
Commercial
Mortgage
Trust
2026-HGTS
144A
,
5.45
%
,
1/13/46
(a)
(i)
2,315‌
1,775,000
TRTX
Issuer
Ltd.
2025-FL7
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.950%
)
,
5.62
%
,
6/18/43
(a)
(b)
1,779‌
1,125,000
TRTX
Issuer
Ltd.
2025-FL7
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.200%
)
,
5.87
%
,
6/18/43
(a)
(b)
1,128‌
700,000
VASA
Trust
2021-VASA
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.364%
)
,
5.04
%
,
7/15/39
(a)
(b)
679‌
1,261,231
Verus
Securitization
Trust
2025-2
144A
,
5.31
%
,
3/25/70
(a)
1,258‌
1,565,038
Verus
Securitization
Trust
2026-3
144A
,
5.33
%
,
3/25/71
(a)
1,550‌
1,200,000
Verus
Securitization
Trust
2026-6
144A
,
5.77
%
,
7/27/71
(a)
1,198‌
1,825,000
VRTX
Trust
2025-HQ
144A
,
5.92
%
,
8/05/42
(a)
(i)
1,777‌
950,000
VTR
Commercial
Mortgage
Trust
2025-STEM
144A
,
5.86
%
,
10/13/39
(a)
(i)
928‌
1,875,000
Wells
Fargo
Commercial
Mortgage
Trust
2026-
1250B
144A
,
5.41
%
,
3/10/41
(a)
(i)
1,841‌
1,550,000
Wells
Fargo
Commercial
Mortgage
Trust
2025-HI
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.693%
)
,
5.37
%
,
10/15/42
(a)
(b)
1,555‌
1,950,000
Wells
Fargo
Commercial
Mortgage
Trust
2025-HI
144A
,
(
1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.692%
)
,
6.37
%
,
10/15/42
(a)
(b)
1,957‌
4,718,832
Wells
Fargo
Commercial
Mortgage
Trust
2018-
C46
,
0.90
%
,
8/15/51
(i)
55‌
Total
Mortgage
Backed
(Cost
-
$206,802)
204,162‌
U.S.
Treasury
(3%
)
6,100,000
U.S.
Treasury
Bill
,
3.40
%
,
9/03/26
(d)
6,081‌
11,700,000
U.S.
Treasury
Note
,
3.75
%
,
4/30/28
11,601‌
Total
U.S.
Treasury
(Cost
-
$17,685)
17,682‌
Investment
Company
(3%
)
8,271,918
Payden
Cash
Reserves
Money
Market
Fund*
8,272‌
Principal
or
Shares
Security
Description
Value
(000)
1,218,689
Payden
Emerging
Markets
Local
Bond
Fund,
SI
Class*
$
11,736‌
Total
Investment
Company
(Cost
-
$20,054)
20,008‌
Purchase
Options  (0%
)
Total
Purchase
Options
(Cost
-
$1,217)
846‌
Total
Investments,
Before
Written
Options
(Cost
-
$580,999)
(99%)
568,540‌
Written
Options  (0%)
Total
Written
Options
(Cost
-
$(602))
(
372‌
)
Total
Investments
(Cost
-
$580,397)
(99%)
568,168‌
Other
Assets,
net
of
Liabilities
(1%)
4,469‌
Net
Assets
(100%)
$
572,637‌
*
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
July
31,
2026.
(c)
Principal
in
foreign
currency.
(d)
Yield
to
maturity
at
time
of
purchase.
(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
July
31,
2026.
The
stated
maturity
is
subject
to
prepayments.
(g)
All
or
a
portion
of
these
securities
are
on
loan.
At
July
31,
2026,
the
total
market
value
of
the
Fund’s
securities
on
loan
is
$4,830
and
the
total
market
value
of
the
collateral
held
by
the
Fund
is
$5,027.
Amounts
in
000s.
(h)
Perpetual
security
with
no
stated
maturity
date.
(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
-
0.2%
S&P
500
Emini
52
$
18,980
$
7300
10/30/2026
$
344
Put
S&P
500
Emini
13
4,843
7450
11/30/2026
135
Put
S&P
500
Emini
53
19,875
7500
09/30/2026
367
Put
Total
Purchase
Options
$846
8
Written
Options
Description
Number
of
Contracts
Notional
Amount
(000s)
Exercise
Price
Maturity
Date
Value
(000s)
Call/Put
Exchange
Traded
Options
Purchase
-
-0.1%
S&P
500
Emini
13
$
(
4,355
)
$
6700
11/30/2026
$
(
50
)
Put
S&P
500
Emini
52
(
17,680
)
6800
10/30/2026
(
163
)
Put
S&P
500
Emini
53
(
18,815
)
7100
09/30/2026
(
159
)
Put
Total
Written
Options
$(372)
Purchase
Options
Written
Options
Open
Forward
Currency
Contracts
to
USD
Currency
Purchased
(000s)
Currency
Sold
(000s)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
(000s)
Assets:
CAD
8,584
USD  6,074
Hong
Kong
&
Shanghai
Bank
08/27/2026
$
57
CHF
610
USD  756
Hong
Kong
&
Shanghai
Bank
08/27/2026
1
EUR
3,520
USD  4,006
Hong
Kong
&
Shanghai
Bank
08/26/2026
57
MXN
127,452
USD  7,195
Hong
Kong
&
Shanghai
Bank
08/26/2026
148
SEK
43,586
USD  4,531
Hong
Kong
&
Shanghai
Bank
08/27/2026
53
USD
2,507
CAD  3,496
BNP
Paribas
09/16/2026
7
USD
18,709
EUR  16,160
Hong
Kong
&
Shanghai
Bank
08/26/2026
55
USD
15,532
CHF  12,200
Hong
Kong
&
Shanghai
Bank
08/27/2026
397
USD
10,509
EUR  9,082
Hong
Kong
&
Shanghai
Bank
08/27/2026
25
USD
4,663
SEK  43,586
Hong
Kong
&
Shanghai
Bank
08/27/2026
80
880
Liabilities:
AUD
19,060
USD  13,444
Hong
Kong
&
Shanghai
Bank
08/27/2026
(
40
)
EUR
2,800
USD  3,252
Hong
Kong
&
Shanghai
Bank
09/16/2026
(
17
)
EUR
7,950
USD  9,302
State
Street
Bank
&
Trust
Co.
08/27/2026
(
125
)
JPY
1,710,700
USD  10,854
Hong
Kong
&
Shanghai
Bank
08/27/2026
(
80
)
PEN
5,460
USD  1,608
Citibank
N.A.
08/26/2026
(
3
)
USD
3,658
ZAR  61,708
Barclays
Capital
Group
08/26/2026
(
70
)
USD
1,340
ZAR  22,600
BNP
Paribas
08/26/2026
(
26
)
USD
5,021
GBP  3,766
BNP
Paribas
09/16/2026
(
55
)
USD
8,188
BRL  43,420
BNP
Paribas
09/28/2026
(
260
)
USD
1,966
PEN  6,750
Citibank
N.A.
08/26/2026
(
18
)
USD
3,326
ZAR  55,735
Citibank
N.A.
08/26/2026
(
41
)
USD
11,616
MXN  203,210
Hong
Kong
&
Shanghai
Bank
08/26/2026
(
91
)
USD
1,732
AUD  2,510
Hong
Kong
&
Shanghai
Bank
08/27/2026
(
33
)
USD
6,099
GBP  4,570
Hong
Kong
&
Shanghai
Bank
08/27/2026
(
60
)
USD
1,975
JPY  318,045
Hong
Kong
&
Shanghai
Bank
08/27/2026
(
28
)
USD
69,781
EUR  60,460
Hong
Kong
&
Shanghai
Bank
09/16/2026
(
69
)
(1,016)
Net
Unrealized
Appreciation
(Depreciation)
$(136)
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
86
Sep-26
$
17,682
$
(
9
)
$
(
9
)
Payden
Absolute
Return
Bond
Fund
continued
9
Payden
Mutual
Funds
Open
Futures
Contracts
Contract
Type
Number
of
Contracts
Expiration
Date
Notional
Amount
(000s)
Current
Value
(000s)
Unrealized
Appreciation
(Depreciation)
(000s)
U.S.
Ultra
Bond
Future
180
Sep-26
$
19,744
$
(
325
)
$
(
325
)
a
a
(
334
)
Short
Contracts:
Euro-Bobl
Future
226
Sep-26
(
29,668
)
258
258
Euro-Bund
Future
59
Sep-26
(
8,461
)
120
120
EURO-BUXL
30Y
BND
SEP26
1
Sep-26
(
122
)
4
4
Euro-Schatz
Future
95
Sep-26
(
11,553
)
43
43
Long
Gilt
Future
9
Sep-26
(
1,049
)
7
7
U.S.
10-Year
Ultra
Future
297
Sep-26
(
32,582
)
393
393
U.S.
Long
Bond
Future
55
Sep-26
(
5,957
)
173
173
U.S.
Treasury
10-Year
Note
Future
376
Sep-26
(
40,608
)
391
391
U.S.
Treasury
5-Year
Note
Future
473
Sep-26
(
50,127
)
515
515
a
a
1,904
Total
Futures
$1,570
See
notes
to
financial
statements.