Schedule
of
Investments
-
July
31,
2026
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Asset
Backed
(0%
)
60
Chase
Auto
Owner
Trust
,
0.00%,
6/25/30 (a)
$
363
1,600,000
Cologix
Canadian
Issuer
LP
2022-1CAN
144A,
7.74%,
1/25/52
CAD (b)(c)
1,132
2,000,000
Hotwire
Funding
LLC
2024-1A
144A,
9.19%,
6/20/54 (c)
2,058
80
Santander
Consumer
Auto
Receivables
Trust
2021-C
,
0.00%,
6/15/28 (a)
476
Total
Asset
Backed
(Cost
-
$6,095)
4,029
Bank
Loan(d)
(4%
)
2,240,299
Albion
Financing
3
SARL
Term
Loan
B
1L,
(2
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%),
6.63%,
5/21/31
2,254
1,570,000
Dayforce
Bidco
LLC
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.000%),
6.82%,
2/04/33
1,464
862,006
Digicel
International
Finance
Ltd.
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
3.500%),
8.23%,
8/06/32
869
1,856,418
Emg
Utica
Midstream
Holdings
LLC
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.500%),
7.23%,
4/01/30
1,863
1,960,237
Fiesta
Purchaser
Inc.
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.750%),
6.48%,
2/12/31
1,930
2,075,884
First
Student
Bidco
Inc.
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.250%),
5.98%,
8/15/30
2,081
5,978,945
Fr
Br
Holdings
LLC
Term
Loan
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
4.250%),
7.98%,
10/09/30
6,001
1,648,804
Journey
Personal
Care
Corp.
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.750%),
7.57%,
3/01/28
1,648
4,489,396
Jump
Financial
LLC
Term
Loan
B1
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
2.500%),
7.23%,
2/26/32
4,501
3,473,750
Lendingtree
Inc.
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.500%),
7.98%,
8/21/30
3,416
1,773,413
Modena
Buyer
LLC
Term
Loan
B
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
3.500%),
8.07%,
7/01/31
1,648
2,450,000
Nexus
Buyer
LLC
Term
Loan
2L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
4.750%),
9.48%,
2/16/32
2,389
1,295,000
Oak-Eagle
Acquireco
Inc.
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.500%),
3.50%,
8/04/33
1,304
955,200
PetsMart
LLC
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%),
7.72%,
8/18/32
959
2,433,924
Sinclair
Television
Group
Inc.
Term
Loan
B7
1L,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
3.100%),
7.98%,
12/31/30
2,120
1,988,763
Sotera
Health
Holdings
LLC
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.250%),
5.98%,
5/30/31
1,998
1,400,000
Sword
Purchaser
LLC
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.000%),
7.73%,
4/09/33
1,352
Principal
or
Shares
Security
Description
Value
(000)
3,960,074
Tacala
Investment
Corp.
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.000%),
6.73%,
1/31/31
$
3,968
970,293
Transdigm
Inc.
Term
Loan
K
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.250%),
5.98%,
3/22/30
972
1,473,750
U.S.
Silica
Co.
Term
Loan
B
1L,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
3.500%),
8.23%,
7/31/31
1,479
Total
Bank
Loan
(Cost
-
$44,341)
44,216
Corporate
Bond
(91%
)
Automotive (5%)
2,325,000
Adient
Global
Holdings
Ltd.
144A,
7.50%,
2/15/33 (c)
2,401
2,660,000
Adient
Global
Holdings
Ltd.
144A,
8.25%,
4/15/31 (c)(e)
2,768
2,500,000
Allison
Transmission
Inc.
144A,
3.75%,
1/30/31 (c)
2,320
2,245,000
American
Axle
&
Manufacturing
Inc.
,
5.00%,
10/01/29 (e)
2,171
4,170,000
American
Axle
&
Manufacturing
Inc.
144A,
7.75%,
10/15/33 (c)
4,109
3,630,000
Aston
Martin
Capital
Holdings
Ltd.
144A,
10.00%,
3/31/29 (c)
2,044
2,700,000
Clarios
Global
LP/
Clarios
U.S.
Finance
Co.
144A,
6.75%,
2/15/30 (c)
2,770
1,965,000
Clarios
Global
LP/
Clarios
U.S.
Finance
Co.
144A,
6.75%,
9/15/32 (c)
1,981
2,920,000
Cooper-Standard
Automotive
Inc.
144A,
9.25%,
3/01/31 (c)
2,975
3,485,000
Dorman
Products
Inc.
144A,
6.25%,
6/15/34 (c)
3,499
3,285,000
Forvia
SE
144A,
6.75%,
9/15/33 (c)
3,271
3,685,000
Garrett
Motion
Holdings
Inc./Garrett
LX
I
Sarl
144A,
7.75%,
5/31/32 (c)
3,833
1,940,000
Goodyear
Tire
&
Rubber
Co.
,
5.00%,
7/15/29
1,860
3,050,000
Goodyear
Tire
&
Rubber
Co.
,
5.25%,
7/15/31
2,712
200,000
IHO
Verwaltungs
GmbH
144A,
7.38%,
5/15/33 (c)
207
3,655,000
IHO
Verwaltungs
GmbH
144A,
7.75%,
11/15/30 (c)
3,800
2,750,000
Jaguar
Land
Rover
Automotive
PLC
144A,
5.50%,
7/15/29 (c)
2,722
6,350,000
JB
Poindexter
&
Co.
Inc.
144A,
8.75%,
12/15/31 (c)
6,551
5,435,000
Nissan
Motor
Co.
Ltd.
144A,
4.81%,
9/17/30 (c)
5,040
1,310,000
Nissan
Motor
Co.
Ltd.
144A,
7.75%,
7/17/32 (c)
1,354
4,000,000
ZF
North
America
Capital
Inc.
144A,
7.13%,
4/14/30 (c)
4,028
62,416
Banking (2%)
4,210,000
Bank
of
Montreal
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.452%),
7.70%,
5/26/84 (f)
4,369
3,180,000
Citigroup
Inc.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.001%),
6.63% (f)(g)
3,197
2,885,000
Goldman
Sachs
Group
Inc.
Z,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.461%),
6.85% (f)(g)
2,922
Payden
High
Income
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
1,935,000
Intesa
Sanpaolo
SpA
144A,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.600%),
4.20%,
6/01/32 (c)(f)
$
1,815
4,600,000
Toronto-Dominion
Bank
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.075%),
8.13%,
10/31/82 (f)
4,743
2,165,000
UniCredit
SpA
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.750%),
5.46%,
6/30/35 (c)(f)
2,164
19,210
Basic
Industry (13%)
2,020,000
AAR
Escrow
Issuer
LLC
144A,
6.75%,
3/15/29 (c)
2,065
3,070,000
ADI
Escrow
Issuer
LLC
144A,
7.13%,
7/15/34 (c)
3,137
1,300,000
Alcoa
Nederland
Holding
BV
144A,
7.13%,
3/15/31 (c)
1,338
1,500,000
Alumina
Pty
Ltd.
144A,
6.38%,
9/15/32 (c)
1,511
3,200,000
Artemis
Gold
Inc.
144A,
5.63%,
2/15/31
CAD (b)(c)
2,321
2,880,000
Avient
Corp.
144A,
6.25%,
11/01/31 (c)
2,903
2,595,000
Bombardier
Inc.
144A,
6.75%,
6/15/33 (c)
2,676
2,000,000
Bombardier
Inc.
144A,
7.00%,
6/01/32 (c)
2,063
1,000,000
Bombardier
Inc.
144A,
8.75%,
11/15/30 (c)
1,055
3,115,000
Bond
U.S.
Bidco
1
Inc./
Bidco
2/
Bidco
3/German
Bidco
1
GmbH/German
Bidco
2
144A,
7.13%,
6/15/33 (c)
3,136
4,865,000
Builders
FirstSource
Inc.
144A,
4.25%,
2/01/32 (c)
4,432
4,035,000
Capstone
Copper
Corp.
144A,
6.75%,
3/31/33 (c)
4,059
2,110,000
Carpenter
Technology
Corp.
144A,
5.63%,
3/01/34 (c)
2,083
4,015,000
Celanese
U.S.
Holdings
LLC
,
7.38%,
7/15/32
4,204
1,900,000
Century
Aluminum
Co.
144A,
6.88%,
8/01/32 (c)
1,932
3,320,000
Cleveland-Cliffs
Inc.
144A,
6.75%,
4/15/30 (c)
3,344
1,730,000
Cleveland-Cliffs
Inc.
144A,
7.00%,
3/15/32 (c)
1,736
2,440,000
Cleveland-Cliffs
Inc.
144A,
7.50%,
9/15/31 (c)
2,492
2,000,000
Coeur
Mining
Inc.
144A,
5.13%,
2/15/29 (c)
1,982
3,315,000
Coeur
Mining
Inc.
144A,
6.88%,
4/01/32 (c)
3,396
1,980,000
Eldorado
Gold
Corp.
144A,
6.25%,
9/01/29 (c)
1,980
2,500,000
Element
Solutions
Inc.
144A,
3.88%,
9/01/28 (c)
2,460
2,625,000
Empire
Communities
Corp.
144A,
9.75%,
5/01/29 (c)
2,701
2,475,000
EMRLD
Borrower
LP/Emerald
Co.-Issuer
Inc.
144A,
6.63%,
12/15/30 (c)
2,519
6,045,000
Energizer
Holdings
Inc.
144A,
6.00%,
9/15/33 (c)
5,736
1,120,000
Fortescue
Treasury
Pty
Ltd.
144A,
4.38%,
4/01/31 (c)
1,056
1,500,000
Fortescue
Treasury
Pty
Ltd.
144A,
6.13%,
4/15/32 (c)
1,517
4,385,000
Hybar
LLC
144A,
7.38%,
7/01/34 (c)
4,407
3,605,000
JW
Aluminum
Continuous
Cast
Co.
144A,
10.25%,
4/01/30 (c)
3,765
3,250,000
Kaiser
Aluminum
Corp.
144A,
4.50%,
6/01/31 (c)
3,074
Principal
or
Shares
Security
Description
Value
(000)
515,000
Kaiser
Aluminum
Corp.
144A,
5.88%,
3/01/34 (c)
$
503
3,450,000
LGI
Homes
Inc.
144A,
7.00%,
11/15/32 (c)
3,367
4,455,000
Lsf12
Helix
Parent
LLC
144A,
7.13%,
2/01/33 (c)
4,373
3,605,000
Manitowoc
Co.
Inc.
144A,
9.25%,
10/01/31 (c)
3,823
1,895,000
MasTec
Inc.
144A,
6.63%,
8/15/29 (c)
1,904
4,375,000
Mcdermott
International
Ltd.
144A,
10.50%,
7/16/31 (c)(h)
4,378
1,000,000
Mineral
Resources
Ltd.
144A,
7.00%,
4/01/31 (c)
1,029
2,974,000
Mineral
Resources
Ltd.
144A,
9.25%,
10/01/28 (c)
3,060
5,385,000
Miter
Brands
Acquisition
Holdco
Inc./MIWD
Borrower
LLC
144A,
6.75%,
4/01/32 (c)
5,305
3,535,000
Moog
Inc.
144A,
5.50%,
10/15/34 (c)
3,429
3,560,000
Novelis
Corp.
144A,
6.38%,
8/15/33 (c)
3,556
2,500,000
Olympus
Water
U.S.
Holding
Corp.
144A,
6.75%,
8/01/32 (c)
2,435
4,330,000
Quikrete
Holdings
Inc.
144A,
6.75%,
3/01/33 (c)
4,390
3,100,000
SCIH
Salt
Holdings
Inc.
144A,
4.88%,
5/01/28 (c)
3,102
2,350,000
Solstice
Advanced
Materials
Inc.
144A,
5.63%,
9/30/33 (c)
2,299
7,160,000
Standard
Building
Solutions
Inc.
144A,
5.88%,
3/15/34 (c)
6,883
970,000
Standard
Building
Solutions
Inc.
144A,
6.25%,
8/01/33 (c)
961
1,270,000
Standard
Building
Solutions
Inc.
144A,
6.50%,
8/15/32 (c)
1,274
2,770,000
Standard
Industries
Inc.
144A,
4.38%,
7/15/30 (c)
2,617
1,000,000
Standard
Industries
Inc.
144A,
4.75%,
1/15/28 (c)
995
1,105,000
Sword
Purchaser
LLC
144A,
8.25%,
4/15/33 (c)
1,131
1,855,000
Taylor
Morrison
Communities
Inc.
144A,
5.75%,
11/15/32 (c)
1,901
3,240,000
TransDigm
Inc.
,
4.88%,
5/01/29
3,185
3,450,000
TransDigm
Inc.
144A,
6.00%,
1/15/33 (c)
3,454
750,000
TransDigm
Inc.
144A,
6.63%,
3/01/32 (c)
763
3,850,000
TransDigm
Inc.
144A,
6.75%,
1/31/34 (c)
3,915
600,000
TransDigm
Inc.
144A,
6.88%,
12/15/30 (c)
615
2,500,000
TTM
Technologies
Inc.
144A,
4.00%,
3/01/29 (c)
2,404
2,990,000
Velocity
Vehicle
Group
LLC
144A,
8.00%,
6/01/29 (c)
2,966
1,160,000
Whirlpool
Corp.
,
4.60%,
5/15/50
647
161,744
Consumer
Goods (3%)
3,330,000
Albertsons
Cos.
Inc./Safeway
Inc./New
Albertsons
LP/Albertsons
LLC
144A,
4.88%,
2/15/30 (c)
3,181
3,015,000
Albertsons
Cos.
Inc./Safeway
Inc./New
Albertsons
LP/Albertsons
LLC
144A,
5.75%,
3/31/34 (c)
2,807
4,065,000
B&G
Foods
Inc.
144A,
8.00%,
9/15/28 (c)
3,979
1,790,000
Fiesta
Purchaser
Inc.
144A,
7.88%,
3/01/31 (c)
1,792
Principal
or
Shares
Security
Description
Value
(000)
2,375,000
Industrial
F&B
Investments
III
Inc.
144A,
7.75%,
2/11/33 (c)
$
2,413
1,230,000
KeHE
Distributors
LLC/
KeHE
Finance
Corp./
NextWave
Distribution
Inc.
144A,
7.13%,
4/30/33 (c)
1,252
5,250,000
KeHE
Distributors
LLC/
KeHE
Finance
Corp./
NextWave
Distribution
Inc.
144A,
9.00%,
2/15/29 (c)
5,474
1,160,000
Newell
Brands
Inc.
144A,
8.50%,
6/01/28 (c)
1,211
2,595,000
Post
Holdings
Inc.
144A,
4.50%,
9/15/31 (c)
2,406
900,000
Post
Holdings
Inc.
144A,
4.63%,
4/15/30 (c)
868
3,250,000
Primo
Water
Holdings
Inc./Triton
Water
Holdings
Inc.
144A,
4.38%,
4/30/29 (c)
3,151
4,425,000
Simmons
Foods
Inc./Simmons
Prepared
Foods
Inc./Simmons
Pet
Food
Inc./Simmons
Feed
144A,
4.63%,
3/01/29 (c)
4,280
3,970,000
Viking
Baked
Goods
Acquisition
Corp.
144A,
8.63%,
11/01/31 (c)
3,995
36,809
Energy (15%)
2,395,000
AltaGas
Ltd.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.573%),
7.20%,
10/15/54 (c)(f)
2,479
2,760,000
AmeriGas
Partners
LP/AmeriGas
Finance
Corp.
144A,
6.88%,
6/01/31 (c)
2,804
1,356,000
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.
144A,
9.00%,
11/01/27 (c)
1,439
1,855,000
Azule
Energy
Finance
PLC
144A,
8.13%,
1/23/30 (c)
1,884
1,585,000
Azule
Energy
Finance
PLC
144A,
8.25%,
1/22/31 (c)
1,613
7,195,000
Beusa
Investments
LLC
144A,
7.00%,
8/01/31 (c)
7,035
3,500,000
BKV
Upstream
Midstream
LLC
144A,
7.50%,
10/15/30 (c)
3,498
2,210,000
Borr
IHC
Ltd./
Borr
Finance
LLC
144A,
8.75%,
1/15/32 (c)
2,164
6,305,000
Borr
IHC
Ltd./
Borr
Finance
LLC
144A,
9.00%,
1/15/34 (c)
6,180
4,005,000
California
Resources
Corp.
144A,
7.25%,
1/15/35 (c)
3,959
6,750,000
Calumet
Specialty
Products
Partners
LP/Calumet
Finance
Corp.
144A,
9.75%,
2/15/31 (c)
7,225
2,185,000
Caturus
Energy
LLC
144A,
8.50%,
2/15/30 (c)
2,264
610,000
Comstock
Resources
Inc.
144A,
5.88%,
1/15/30 (c)
575
1,750,000
Constellation
Energy
Generation
LLC
,
4.63%,
2/01/29
1,738
2,520,000
Constellation
Oil
Services
Holding
SA
144A,
7.70%,
8/03/33 (c)
2,539
1,440,000
Crescent
Energy
Finance
LLC
144A,
7.38%,
1/15/33 (c)
1,448
1,415,000
Crescent
Energy
Finance
LLC
144A,
8.38%,
1/15/34 (c)
1,461
3,425,000
CVR
Energy
Inc.
144A,
7.50%,
2/15/31 (c)
3,472
3,950,000
CVR
Energy
Inc.
144A,
7.88%,
2/15/34 (c)
4,017
1,800,000
Eldorado
Drilling
Bondco
Ltd.
144A,
9.13%,
6/24/30 (c)(h)
1,801
6,125,000
EnQuest
PLC
144A,
9.88%,
4/30/31 (c)
6,372
2,525,000
FORESEA
Holding
SA
144A,
7.50%,
6/15/30 (c)
2,509
Principal
or
Shares
Security
Description
Value
(000)
3,315,000
Infinity
Natural
Resources
LLC
144A,
7.63%,
4/01/31 (c)
$
3,309
4,425,000
Jadestone
Energy
UK
PLC
144A,
12.00%,
4/14/31 (c)(h)
4,516
7,914,000
Karoon
USA
Finance
Inc.
144A,
10.50%,
5/14/29 (c)(e)
8,166
3,120,000
Kistos
Holdings
PLC
144A,
9.88%,
5/18/30 (c)
(h)
3,097
3,200,000
Kodiak
Gas
Services
LLC
144A,
5.88%,
4/01/31 (c)
3,166
3,905,000
Kosmos
Energy
Ltd.
144A,
7.50%,
3/01/28 (c)
3,867
5,010,000
Kosmos
Energy
Ltd.
144A,
8.75%,
10/01/31 (c)
4,392
5,680,000
Kraken
Oil
&
Gas
Partners
LLC
144A,
7.13%,
5/15/31 (c)
5,605
3,325,000
Kraken
Oil
&
Gas
Partners
LLC
144A,
7.63%,
8/15/29 (c)
3,365
4,385,000
Long
Ridge
Energy
LLC
144A,
8.75%,
2/15/32 (c)
4,542
2,470,000
Magnolia
Oil
&
Gas
Operating
LLC/Magnolia
Oil
&
Gas
Finance
Corp.
144A,
6.63%,
8/15/34 (c)
2,472
7,018,000
Moss
Creek
Resources
Holdings
Inc.
144A,
8.25%,
9/01/31 (c)
7,038
2,800,000
Neo
Next+
Energy
Consolidated
Holdings
Ltd.
144A,
6.63%,
6/11/31 (c)(h)
2,767
6,400,000
Obsidian
Energy
Ltd.
144A,
8.13%,
12/03/30
CAD (b)(c)
4,718
3,985,000
Oceanica
Lux
144A,
11.25%,
5/08/31 (c)
3,998
2,365,500
OHI
Group
SA
144A,
13.00%,
7/22/29 (c)
2,400
2,740,000
Pattern
Energy
Operations
LP/Pattern
Energy
Operations
Inc.
144A,
4.50%,
8/15/28 (c)
2,685
4,485,000
PBF
Holding
Co.
LLC/PBF
Finance
Corp.
144A,
7.25%,
6/01/34 (c)
4,558
2,325,000
ProPetro
Holding
Corp.
144A,
3.40%,
11/15/31 (a)(c)
1,945
5,445,000
Saturn
Oil
&
Gas
Inc.
144A,
8.50%,
7/30/31 (c)
5,463
6,925,000
Seadrill
Finance
Ltd.
144A,
6.75%,
7/15/34 (c)
6,672
2,905,000
SESI
LLC
144A,
7.88%,
9/30/30 (c)
2,941
4,110,000
SM
Energy
Co.
144A,
6.63%,
4/15/34 (c)
4,087
6,430,000
Surge
Energy
Inc.
144A,
8.50%,
9/05/29
CAD (b)(c)
4,793
2,540,000
Talos
Production
Inc.
144A,
8.00%,
7/15/34 (c)
2,567
4,485,000
TerraForm
Power
Operating
LLC
144A,
4.75%,
1/15/30 (c)
4,292
4,300,000
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
144A,
6.25%,
10/01/33 (c)
4,234
2,690,000
Validus
Energy
II
Midcon
LLC
144A,
8.00%,
8/01/31 (c)
2,680
1,310,000
Vermilion
Energy
Inc.
144A,
7.25%,
2/15/33 (c)
1,296
6,045,000
W&T
Offshore
Inc.
144A,
10.75%,
2/01/29 (c)
(e)
6,280
190,387
Financial (8%)
5,330,000
Ally
Financial
Inc.
D,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.148%),
7.10% (f)(g)
5,363
4,955,000
Avation
Group
S
Pte
Ltd.
144A,
8.50%,
5/15/31 (c)(e)
4,666
3,875,000
Azorra
Finance
Ltd.
144A,
7.25%,
1/15/31 (c)
3,994
Payden
High
Income
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
1,685,000
Bread
Financial
Holdings
Inc.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.300%),
8.38%,
6/15/35 (c)(f)
$
1,745
4,040,000
Burford
Capital
Global
Finance
LLC
144A,
7.50%,
7/15/33 (c)(e)
3,410
1,575,000
Burford
Capital
Global
Finance
LLC
144A,
9.25%,
7/01/31 (c)
1,536
3,930,000
CrossCountry
Intermediate
HoldCo
LLC
144A,
6.50%,
10/01/30 (c)
3,805
4,385,000
First
Eagle
Holdings
Inc.
144A,
7.25%,
8/15/32 (c)
4,442
1,980,000
Fortress
Intermediate
3
Inc.
144A,
7.50%,
6/01/31 (c)
2,017
925,000
Freedom
Mortgage
Holdings
LLC
144A,
8.38%,
4/01/32 (c)
930
4,650,000
Freedom
Mortgage
Holdings
LLC
144A,
9.25%,
2/01/29 (c)
4,782
1,715,000
goeasy
Ltd.
144A,
6.88%,
5/15/30 (c)
1,559
2,235,000
goeasy
Ltd.
144A,
6.88%,
2/15/31 (c)(e)
2,001
1,605,000
goeasy
Ltd.
144A,
7.63%,
7/01/29 (c)
1,525
2,000,000
Greystar
Real
Estate
Partners
LLC
144A,
7.75%,
9/01/30 (c)
2,072
3,785,000
HA
Sustainable
Infrastructure
Capital
Inc.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.301%),
8.00%,
6/01/56 (f)
3,976
2,695,000
Hightower
Holding
LLC
144A,
9.13%,
1/31/30 (c)
2,806
1,380,000
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
,
4.38%,
2/01/29
1,203
3,650,000
Jefferson
Capital
Holdings
LLC
144A,
6.00%,
8/15/26 (c)
3,651
2,950,000
Jefferson
Capital
Holdings
LLC
144A,
8.25%,
5/15/30 (c)
3,082
1,425,000
Jefferson
Capital
Holdings
LLC
144A,
9.50%,
2/15/29 (c)
1,487
5,860,000
LFS
Topco
LLC
144A,
8.75%,
7/15/30 (c)
5,851
6,030,000
Midcap
Financial
Issuer
Trust
144A,
6.50%,
5/01/28 (c)
6,031
2,995,000
Navient
Corp.
,
5.50%,
3/15/29
2,870
1,105,000
OneMain
Finance
Corp.
,
4.00%,
9/15/30
1,014
1,385,000
OneMain
Finance
Corp.
,
5.38%,
11/15/29
1,354
350,000
OneMain
Finance
Corp.
,
6.63%,
1/15/28
354
1,110,000
OneMain
Finance
Corp.
,
7.13%,
11/15/31
1,126
2,770,000
PennyMac
Financial
Services
Inc.
144A,
4.25%,
2/15/29 (c)
2,627
1,490,000
PennyMac
Financial
Services
Inc.
144A,
6.88%,
2/15/33 (c)
1,415
1,915,000
PennyMac
Financial
Services
Inc.
144A,
7.88%,
12/15/29 (c)
1,967
6,270,000
Phoenix
Aviation
Capital
Ltd.
144A,
9.25%,
7/15/30 (c)
6,497
4,375,000
Synchrony
Financial
,
7.25%,
2/02/33
4,498
4,945,000
UWM
Holdings
LLC
144A,
6.63%,
2/01/30 (c)
4,591
4,285,000
WS
Escrow
LLC
144A,
7.75%,
6/01/33 (c)
4,436
104,683
Healthcare (5%)
3,710,000
1261229
BC
Ltd.
144A,
10.00%,
4/15/32 (c)
3,796
4,220,000
Bausch
&
Lomb
Corp.
144A,
8.38%,
10/01/28 (c)
4,331
Principal
or
Shares
Security
Description
Value
(000)
800,000
Bausch
Health
Cos.
Inc.
144A,
4.88%,
6/01/28 (c)
$
745
1,905,000
BellRing
Brands
Inc.
144A,
7.00%,
3/15/30 (c)
1,885
4,850,000
CHS/Community
Health
Systems
Inc.
144A,
5.25%,
5/15/30 (c)
4,482
2,720,000
CVS
Health
Corp.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.886%),
7.00%,
3/10/55 (f)
2,802
2,990,000
DaVita
Inc.
144A,
3.75%,
2/15/31 (c)
2,760
2,375,000
DaVita
Inc.
144A,
6.75%,
7/15/33 (c)
2,437
2,996,000
Fortrea
Holdings
Inc.
144A,
7.50%,
7/01/30 (c)
3,053
3,490,000
GENMAB
A/S/GENMAB
FINANCE
LLC
144A,
7.25%,
12/15/33 (c)
3,602
3,120,000
LifePoint
Health
Inc.
144A,
7.00%,
5/01/34 (c)
2,916
2,370,000
LifePoint
Health
Inc.
144A,
9.88%,
8/15/30 (c)
2,491
1,000,000
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
144A,
5.13%,
4/30/31 (c)
990
1,390,000
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
144A,
7.88%,
5/15/34 (c)
1,485
2,400,000
Prestige
Brands
Inc.
144A,
3.75%,
4/01/31 (c)
2,202
3,760,000
Prime
Healthcare
Services
Inc.
144A,
9.38%,
9/01/29 (c)
3,922
4,370,000
Star
Parent
Inc.
144A,
9.00%,
10/01/30 (c)
4,594
3,250,000
Tenet
Healthcare
Corp.
,
4.38%,
1/15/30
3,137
3,485,000
Tenet
Healthcare
Corp.
144A,
5.50%,
11/15/32 (c)
3,434
2,090,000
Tenet
Healthcare
Corp.
144A,
6.00%,
11/15/33 (c)
2,098
57,162
Insurance (1%)
2,865,000
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
144A,
7.00%,
1/15/31 (c)
2,909
4,060,000
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
144A,
7.38%,
10/01/32 (c)
4,088
1,750,000
Assurant
Inc.
,
(3
mo.
LIBOR
USD
+
4.135%),
7.00%,
3/27/48 (f)
1,771
2,825,000
Asurion
LLC/
Asurion
Co.-Issuer
Inc.
144A,
8.00%,
12/31/32 (c)
2,860
3,365,000
Asurion
LLC/
Asurion
Co.-Issuer
Inc.
144A,
8.38%,
2/01/34 (c)
3,069
3,545,000
Corebridge
Financial
Inc.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.181%),
6.88% (f)(g)
3,639
18,336
Leisure (3%)
2,070,000
Caesars
Entertainment
Inc.
144A,
6.00%,
10/15/32 (c)(e)
1,817
2,335,000
Carnival
Corp.
Ltd.
144A,
6.13%,
2/15/33 (c)
2,337
1,625,000
Cinemark
USA
Inc.
144A,
7.00%,
8/01/32 (c)
1,667
3,795,000
Gaia
Purchaser
Inc.
144A,
7.63%,
7/15/33 (c)
3,809
1,700,000
Kingpin
Intermediate
Holdings
LLC
144A,
7.25%,
10/15/32 (c)(e)
1,384
6,525,000
Marriott
Ownership
Resorts
Inc.
144A,
6.50%,
10/01/33 (c)
6,420
2,975,000
MGM
Resorts
International
,
6.50%,
4/15/32 (e)
2,948
3,335,000
NCL
Corp.
Ltd.
144A,
6.25%,
9/15/33 (c)
3,172
2,515,000
Polaris
Inc.
,
5.60%,
3/01/31
2,501
Principal
or
Shares
Security
Description
Value
(000)
918,000
Sabre
GLBL
Inc.
144A,
10.75%,
11/15/29 (c)
$
884
900,000
Sabre
GLBL
Inc.
144A,
10.75%,
3/15/30 (c)
863
595,000
Sabre
GLBL
Inc.
144A,
11.13%,
7/15/30 (c)
573
3,040,000
Six
Flags
Entertainment
Corp./Canada's
Wonderland
Co./Millennium
Operations
LLC
144A,
8.63%,
1/15/32 (c)
3,077
4,245,000
Travel
+
Leisure
Co.
144A,
4.50%,
12/01/29 (c)
4,092
2,595,000
Viking
Cruises
Ltd.
144A,
5.88%,
10/15/33 (c)
2,571
3,590,000
Wynn
Macau
Ltd.
144A,
6.75%,
2/15/34 (c)
3,530
41,645
Media (7%)
4,368,000
AMC
Global
Media
Inc.
144A,
10.50%,
7/15/32 (c)
4,503
2,045,000
Arches
Buyer
Inc.
144A,
9.00%,
8/15/31 (c)
2,057
4,065,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
4.25%,
2/01/31 (c)
3,602
3,495,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
4.25%,
1/15/34 (c)(e)
2,857
1,660,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
4.50%,
8/15/30 (c)
1,516
1,110,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
,
4.50%,
5/01/32
958
4,670,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
4.50%,
6/01/33 (c)(e)
3,977
3,050,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
4.75%,
3/01/30 (c)
2,852
2,220,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
4.75%,
2/01/32 (c)
1,942
2,825,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
5.38%,
6/01/29 (c)
2,745
4,095,000
Cogent
Communications
Group
LLC
/
Cogent
Finance
Inc.
144A,
7.00%,
6/15/27 (c)(e)
4,041
2,825,000
Directv
Financing
LLC
144A,
8.88%,
2/01/30 (c)
2,880
1,380,000
Directv
Financing
LLC
144A,
8.88%,
2/01/30 (c)
1,402
50,000
Directv
Financing
LLC/
Directv
Financing
Co.-
Obligor
Inc.
144A,
5.88%,
8/15/27 (c)
50
2,875,000
Directv
Financing
LLC/
Directv
Financing
Co-
Obligor
Inc.
144A,
9.25%,
6/01/32 (c)
2,945
2,385,000
Directv
Financing
LLC/
Directv
Financing
Co-
Obligor
Inc.
144A,
10.00%,
2/15/31 (c)
2,494
2,050,000
Discovery
Global
Holdings
Inc.
,
4.28%,
3/15/32
1,823
1,750,000
Discovery
Global
Holdings
Inc.
,
5.05%,
3/15/42
1,221
775,000
Discovery
Global
Holdings
Inc.
,
5.14%,
3/15/52
495
4,650,000
EchoStar
Corp.
,
10.75%,
11/30/29
5,032
2,200,000
ION
Platform
Finance
U.S.
Inc./ION
Platform
Finance
Sarl
144A,
9.50%,
5/30/29 (c)
2,084
1,435,000
Match
Group
Holdings
II
LLC
144A,
3.63%,
10/01/31 (c)
1,282
1,500,000
Match
Group
Holdings
II
LLC
144A,
4.63%,
6/01/28 (c)
1,477
4,230,000
McGraw-Hill
Education
Inc.
144A,
8.00%,
8/01/29 (c)
4,199
4,285,000
Nexstar
Media
Inc.
144A,
4.75%,
11/01/28 (c)
4,204
1,760,000
Nexstar
Media
Inc.
144A,
6.50%,
9/15/33 (c)
1,753
1,465,000
Nexstar
Media
Inc.
144A,
7.25%,
4/15/34 (c)
1,469
3,690,000
Paramount
Global
,
4.20%,
5/19/32
3,139
3,115,000
Paramount
Global
,
4.38%,
3/15/43
1,906
Principal
or
Shares
Security
Description
Value
(000)
2,670,000
Paramount
Global
,
5.85%,
9/01/43
$
1,894
3,925,000
Rakuten
Group
Inc.
144A,
9.75%,
4/15/29 (c)
4,263
1,105,000
Sinclair
Television
Group
Inc.
144A,
8.13%,
2/15/33 (c)
1,135
4,985,000
Sirius
XM
Radio
LLC
144A,
3.88%,
9/01/31 (c)
4,501
5,435,000
Univision
Communications
Inc.
144A,
7.38%,
6/30/30 (c)
5,415
995,000
Univision
Communications
Inc.
144A,
8.88%,
4/15/33 (c)
964
3,060,000
Versant
Media
Group
Inc.
144A,
7.25%,
1/30/31 (c)
3,157
575,000
Virgin
Media
Secured
Finance
PLC
144A,
4.50%,
8/15/30 (c)
473
1,670,000
Virgin
Media
Secured
Finance
PLC
144A,
5.50%,
5/15/29 (c)
1,501
94,208
Real
Estate (3%)
1,810,000
Blackstone
Mortgage
Trust
Inc.
144A,
7.75%,
12/01/29 (c)
1,872
4,215,000
Brandywine
Operating
Partnership
LP
,
8.88%,
4/12/29
4,421
4,000,000
Iron
Mountain
Inc.
144A,
4.88%,
9/15/29 (c)
3,905
1,500,000
Iron
Mountain
Inc.
144A,
5.25%,
3/15/28 (c)
1,495
1,840,000
Iron
Mountain
Inc.
144A,
6.25%,
1/15/33 (c)
1,848
1,145,000
Iron
Mountain
Inc.
144A,
6.25%,
1/15/35 (c)
1,132
2,765,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
144A,
4.75%,
6/15/29 (c)
2,695
4,520,000
Millrose
Properties
Inc.
144A,
6.25%,
9/15/32 (c)
4,521
810,000
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
4.63%,
8/01/29
650
3,470,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co.-Issuer
144A,
7.00%,
2/01/30 (c)
3,529
3,290,000
Rithm
Capital
Corp.
144A,
8.50%,
6/01/31 (c)
3,302
465,000
Service
Properties
Trust
,
8.88%,
6/15/32
478
2,500,000
Starwood
Property
Trust
Inc.
144A,
6.50%,
7/01/30 (c)
2,543
2,250,000
Uniti
Group
LP/
Uniti
Group
Finance
2019
Inc./
CSL
Capital
LLC
144A,
4.75%,
4/15/28 (c)
2,243
4,685,000
XHR
LP
144A,
4.88%,
6/01/29 (c)
4,568
2,860,000
XHR
LP
144A,
6.63%,
5/15/30 (c)
2,925
42,127
Retail (6%)
2,850,000
1011778
BC
ULC/New
Red
Finance
Inc.
144A,
4.00%,
10/15/30 (c)
2,680
2,000,000
1011778
BC
ULC/New
Red
Finance
Inc.
144A,
5.63%,
9/15/29 (c)
1,997
2,330,000
Advance
Auto
Parts
Inc.
144A,
7.00%,
8/01/30 (c)
2,389
2,340,000
Advance
Auto
Parts
Inc.
144A,
7.38%,
8/01/33 (c)
2,417
2,100,000
Arko
Corp.
144A,
5.13%,
11/15/29 (c)
1,965
2,000,000
Asbury
Automotive
Group
Inc.
144A,
4.63%,
11/15/29 (c)
1,941
4,940,000
Asbury
Automotive
Group
Inc.
144A,
5.00%,
2/15/32 (c)
4,710
Payden
High
Income
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
1,000,000
Bath
&
Body
Works
Inc.
144A,
6.63%,
10/01/30 (c)
$
1,017
2,775,000
Bath
&
Body
Works
Inc.
,
6.88%,
11/01/35
2,808
5,015,000
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer
Inc.
144A,
9.50%,
7/01/32 (c)
4,856
4,590,000
Champ
Acquisition
Corp.
144A,
8.38%,
12/01/31 (c)
4,799
2,475,000
Cougar
JV
Subsidiary
LLC
144A,
8.00%,
5/15/32 (c)
2,590
2,040,000
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.
Inc.
144A,
6.75%,
1/15/30 (c)
2,004
2,000,000
FirstCash
Inc.
144A,
4.63%,
9/01/28 (c)
1,964
1,750,000
FirstCash
Inc.
144A,
5.63%,
1/01/30 (c)
1,724
3,125,000
FirstCash
Inc.
144A,
6.13%,
5/01/34 (c)
3,082
2,740,000
Group
1
Automotive
Inc.
144A,
4.00%,
8/15/28 (c)
2,646
3,220,000
Kontoor
Brands
Inc.
144A,
4.13%,
11/15/29 (c)
3,087
1,820,000
LCM
Investments
Holdings
II
LLC
144A,
8.25%,
8/01/31 (c)
1,897
920,000
Macy's
Retail
Holdings
LLC
,
4.30%,
2/15/43
661
466,000
Macy's
Retail
Holdings
LLC
144A,
5.88%,
3/15/30 (c)
463
4,155,000
Men's
Wearhouse
LLC
144A,
9.00%,
2/01/31 (c)
4,434
565,000
Nordstrom
Inc.
,
5.00%,
1/15/44
407
3,875,000
PetSmart
LLC/PetSmart
Finance
Corp.
144A,
7.50%,
9/15/32 (c)
3,918
3,000,000
Sally
Holdings
LLC/Sally
Capital
Inc.
,
6.75%,
4/01/32
3,059
4,790,000
Sonic
Automotive
Inc.
144A,
4.88%,
11/15/31 (c)
4,578
4,395,000
Victra
Holdings
LLC/
Victra
Finance
Corp.
144A,
8.75%,
9/15/29 (c)
4,479
72,572
Service (4%)
2,150,000
ADT
Security
Corp.
144A,
4.13%,
8/01/29 (c)
2,061
3,715,000
ADT
Security
Corp.
144A,
5.88%,
10/15/33 (c)
3,605
3,095,000
Alta
Equipment
Group
Inc.
144A,
9.00%,
6/01/29 (c)(e)
2,968
3,020,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance
Inc.
144A,
8.00%,
2/15/31 (c)(e)
3,018
1,690,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance
Inc.
144A,
8.25%,
1/15/30 (c)
1,716
1,135,000
Block
Inc.
144A,
5.63%,
8/15/30 (c)
1,130
3,495,000
Carriage
Services
Inc.
144A,
4.25%,
5/15/29 (c)
3,316
4,220,000
Cimpress
PLC
144A,
7.38%,
9/15/32 (c)
4,237
4,075,000
Clear
Channel
Outdoor
Holdings
Inc.
144A,
7.88%,
4/01/30 (c)
4,235
4,935,000
Deluxe
Corp.
144A,
8.13%,
9/15/29 (c)
5,117
830,000
Herc
Holdings
Inc.
144A,
5.75%,
3/15/31 (c)
822
1,620,000
Herc
Holdings
Inc.
144A,
7.25%,
6/15/33 (c)
1,673
1,100,000
ION
Platform
Finance
U.S.
Inc.
144A,
7.88%,
9/30/32 (c)
873
2,000,000
Madison
IAQ
LLC
144A,
5.88%,
6/30/29 (c)
2,001
2,600,000
Neptune
Bidco
U.S.
Inc.
144A,
9.29%,
4/15/29 (c)
2,651
1,355,000
Neptune
Bidco
U.S.
Inc.
144A,
9.50%,
2/15/33 (c)
1,382
Principal
or
Shares
Security
Description
Value
(000)
1,440,000
Neptune
Bidco
U.S.
Inc.
144A,
10.38%,
5/15/31 (c)
$
1,509
4,515,000
PROG
Holdings
Inc.
144A,
6.00%,
11/15/29 (c)
4,416
425,000
Sabre
Financial
Borrower
LLC
144A,
11.13%,
6/15/29 (c)
448
2,000,000
United
Rentals
North
America
Inc.
,
3.88%,
2/15/31
1,871
1,145,000
Williams
Scotsman
Inc.
144A,
6.63%,
6/15/29 (c)
1,165
50,214
Technology (3%)
2,025,000
Cloud
Software
Group
LLC
144A,
6.63%,
8/15/33 (c)
1,767
2,320,000
Cloud
Software
Group
LLC
144A,
8.25%,
6/30/32 (c)
2,197
750,000
Cloud
Software
Group
LLC
144A,
9.00%,
9/30/29 (c)
736
3,385,000
Consensus
Cloud
Solutions
Inc.
144A,
6.50%,
10/15/28 (c)
3,391
2,785,000
CoreWeave
Inc.
144A,
9.00%,
2/01/31 (c)
2,517
2,700,000
CoreWeave
Inc.
144A,
9.25%,
6/01/30 (c)
2,526
1,520,000
CoreWeave
Inc.
144A,
9.75%,
10/01/31 (c)
1,381
2,600,000
Diebold
Nixdorf
Inc.
144A,
7.75%,
3/31/30 (c)
2,706
6,705,000
Fair
Isaac
Corp.
144A,
6.25%,
9/15/34 (c)
6,482
2,215,000
Kioxia
Holdings
Corp.
144A,
6.63%,
7/24/33 (c)
2,290
1,025,000
OAK-Eagle
Acquireco
Inc.
144A,
7.25%,
7/01/33 (c)
1,063
1,650,000
OAK-Eagle
Acquireco
Inc.
144A,
8.75%,
7/01/34 (c)
1,739
3,285,000
Open
Text
Holdings
Inc.
144A,
4.13%,
12/01/31 (c)
2,900
2,850,000
Qnity
Electronics
Inc.
144A,
6.25%,
8/15/33 (c)
2,867
1,660,000
Rocket
Software
Inc.
144A,
9.00%,
11/28/28 (c)
1,644
4,175,000
UKG
Inc.
144A,
6.88%,
2/01/31 (c)
4,093
40,299
Telecommunication (7%)
4,750,000
APLD
ComputeCo
3
LLC
144A,
7.00%,
6/15/31 (c)
4,638
6,305,000
APLD
ComputeCo
LLC
144A,
9.25%,
12/15/30 (c)
6,706
1,940,000
Black
Pearl
Compute
LLC
144A,
6.13%,
2/15/31 (c)
1,939
3,275,000
C&W
Senior
Finance
Ltd.
144A,
9.00%,
1/15/33 (c)
3,332
1,390,000
Cipher
Compute
LLC
144A,
7.13%,
11/15/30 (c)
1,420
2,550,000
Digicel
International
Finance
Ltd./
Difl
U.S.
LLC
144A,
8.63%,
8/01/32 (c)
2,635
6,620,000
Edged
Compute
LLC
144A,
7.50%,
4/30/31 (c)
6,284
2,895,000
ELK
Grove
Village
Property
LLC
144A,
7.50%,
6/15/31 (c)
2,792
3,858,000
Fibercop
SpA
2033
144A,
6.38%,
11/15/33 (c)
3,799
1,990,000
Flash
Compute
LLC
144A,
7.25%,
12/31/30 (c)
2,012
3,045,000
Galaxy
Helios
Data
Centers
II
LLC
144A,
9.88%,
8/01/31 (c)
3,056
4,685,000
Level
3
Financing
Inc.
144A,
7.00%,
3/31/34 (c)
4,769
1,500,000
Level
3
Financing
Inc.
144A,
7.50%,
2/15/37 (c)
1,491
3,985,000
Level
3
Financing
Inc.
144A,
8.50%,
1/15/36 (c)
4,149
Principal
or
Shares
Security
Description
Value
(000)
2,560,000
Meridian
Arc
Holdco
LLC
144A,
6.25%,
4/30/31 (c)
$
2,462
1,670,000
Millicom
International
Cellular
SA
144A,
4.50%,
4/27/31 (c)
1,535
6,325,000
PR
RNO
Property
Owner
1
LLC
144A,
6.50%,
5/01/31 (c)
5,964
2,565,000
Rogers
Communications
Inc.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.653%),
7.00%,
4/15/55 (f)
2,582
3,400,000
Sable
International
Finance
Ltd.
144A,
7.13%,
10/15/32 (c)
3,362
5,180,000
Stagwell
Global
LLC
144A,
5.63%,
8/15/29 (c)
5,042
3,455,000
SV
RNO
Property
Owner
1
LLC
144A,
5.88%,
3/01/31 (c)
3,213
432,000
Telecom
Italia
Capital
SA
,
6.38%,
11/15/33
445
3,015,000
Uniti
Group
LP/
Uniti
Group
Finance
2019
Inc./
CSL
Capital
LLC
Feb
144A,
8.63%,
6/15/32 (c)
3,082
3,620,000
Vmed
O2
UK
Financing
I
PLC
144A,
4.25%,
1/31/31 (c)
2,885
2,975,000
Windstream
Services
LLC/Windstream
Escrow
Finance
Corp.
144A,
8.25%,
10/01/31 (c)
3,099
1,345,000
Yondr
JK
1
LLC
144A,
6.88%,
6/30/31 (c)
1,282
83,975
Transportation (1%)
760,000
American
Airlines
Inc.
144A,
7.25%,
2/15/28 (c)
767
3,320,000
American
Airlines
Inc./AAdvantage
Loyalty
IP
Ltd.
144A,
5.75%,
4/20/29 (c)
3,305
830,000
First
Student
Bidco
Inc./First
Transit
Parent
Inc.
144A,
4.00%,
7/31/29 (c)
797
1,545,000
JetBlue
Airways
Corp./JetBlue
Loyalty
LP
144A,
9.88%,
9/20/31 (c)
1,346
2,600,000
WestJet
An
Alberta
Partnership
144A,
8.00%,
2/14/31 (c)
2,563
2,635,000
XPO
Inc.
144A,
7.13%,
2/01/32 (c)
2,719
11,497
Utility (5%)
2,815,000
Alpha
Generation
LLC
144A,
6.25%,
1/15/34 (c)
2,752
2,330,000
Alpha
Generation
LLC
144A,
6.75%,
10/15/32 (c)
2,352
6,495,000
California
Buyer
Ltd./Atlantica
Sustainable
Infrastructure
PLC
144A,
6.38%,
2/15/32 (c)
6,409
2,500,000
Clearway
Energy
Operating
LLC
144A,
4.75%,
3/15/28 (c)
2,468
2,755,000
Clearway
Energy
Operating
LLC
144A,
5.75%,
1/15/34 (c)
2,658
2,370,000
Delek
Logistics
Partners
LP/
Delek
Logistics
Finance
Corp.
144A,
6.88%,
6/01/34 (c)
2,382
2,065,000
Delek
Logistics
Partners
LP/
Delek
Logistics
Finance
Corp.
144A,
7.38%,
6/30/33 (c)
2,113
2,750,000
Evergy
Inc.
,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.558%),
6.65%,
6/01/55 (f)
2,790
2,500,000
NRG
Energy
Inc.
144A,
3.38%,
2/15/29 (c)
2,380
1,145,000
NRG
Energy
Inc.
144A,
5.75%,
1/15/34 (c)
1,116
1,880,000
NRG
Energy
Inc.
144A,
6.25%,
11/01/34 (c)
1,876
1,500,000
PG&E
Corp.
,
5.00%,
7/01/28
1,487
Principal
or
Shares
Security
Description
Value
(000)
5,365,000
Talen
Energy
Supply
LLC
144A,
6.50%,
2/01/36 (c)
$
5,301
2,425,000
TransAlta
Corp.
,
5.88%,
2/01/34
2,365
3,905,000
TransMontaigne
Partners
LLC
144A,
8.50%,
6/15/30 (c)
3,995
4,270,000
TXNM
Energy
Inc.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.254%),
7.00%,
7/31/56 (c)(f)
4,295
3,330,000
Venture
Global
LNG
Inc.
144A,
6.63%,
6/15/36 (c)
3,266
7,440,000
Venture
Global
LNG
Inc.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.440%),
9.00% (c)(f)(g)
7,415
2,250,000
Vistra
Operations
Co.
LLC
144A,
7.75%,
10/15/31 (c)
2,347
3,275,000
XPLR
Infrastructure
Operating
Partners
LP
144A,
8.38%,
1/15/31 (c)
3,482
63,249
Total
Corporate
Bond
(Cost
-
$1,156,357)
1,150,533
Mortgage
Backed
(1%
)
3,518,416
Connecticut
Avenue
Securities
Trust
2019-HRP1
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
9.364%),
12.98%,
11/25/39 (c)(f)
3,604
1,767,456
STACR
Trust
2018-HRP1
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
11.864%),
15.48%,
5/25/43 (c)(f)
2,048
1,550,000
STACR
Trust
2018-HRP2
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
10.614%),
14.23%,
2/25/47 (c)(f)
1,846
Total
Mortgage
Backed
(Cost
-
$6,836)
7,498
Investment
Company
(6%
)
78,925,422
Payden
Cash
Reserves
Money
Market
Fund *
(Cost
-
$78,925)
78,925
Total
Investments
(Cost
-
$1,292,554)
(102%)
1,285,201
Liabilities
in
excess
of
Other
Assets
(-2%)
(21,036
)
Net
Assets
(100%)
$
1,264,165
*
Affiliated
investment.
(a)
Yield
to
maturity
at
time
of
purchase.
(b)
Principal
in
foreign
currency.
(c)
Security
offered
only
to
qualified
institutional
investors,
and
thus
is
not
registered
for
sale
to
the
public
under
rule
144A
of
the
Securities
Act
of
1933.
It
has
been
deemed
liquid
under
guidelines
approved
by
the
Board.
(d)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
July
31,
2026.
The
stated
maturity
is
subject
to
prepayments.
(e)
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
$33,362
and
the
total
market
value
of
the
collateral
held
by
the
Fund
is
$34,923.
Amounts
in
000s.
(f)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
July
31,
2026.
(g)
Perpetual
security
with
no
stated
maturity
date.
(h)
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.
Payden
High
Income
Fund
continued
Open
Forward
Currency
Contracts
to
USD
Currency
Purchased
(000s)
Currency
Sold
(000s)
Counterparty
Settlement
Date
Unrealized
Appreciation
(000s)
Assets:
EUR
2,009
USD 2,301
HSBC
Bank
USA,
N.A.
09/16/2026
$
20
USD
13,321
CAD 18,579
BNP
PARIBAS
09/16/2026
40
USD
2,323
EUR 2,009
HSBC
Bank
USA,
N.A.
09/16/2026
2
62
Open
Futures
Contracts
Contract
Type
Number
of
Contracts
Expiration
Date
Notional
Amount
(000s)
Current
Value
(000s)
Unrealized
Depreciation
(000s)
Long
Contracts:
U.S.
Treasury
10-Year
Note
Future
285
Sep-26
$
30,780
$
(396)
$
(396)
Open
Centrally
Cleared
Interest
Rate
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Appreciation/
(Depreciation)
(000s)
6-Year
Interest
Rate
Swap,
Pay
Fixed
2.650%
Annually,
Receive
Variable
2.059%
(ESTRON)
Annually
04/30/2028
EUR
3,500
$(2)
$4
$(6)
6-Year
SOFR
Swap,
Receive
Fixed
3.970%
Annually,
Pay
Variable
3.626%
(SOFRRATE)
Annually
04/30/2028
USD
3,630
(8)
2
(10)
7-Year
Interest
Rate
Swap,
Pay
Fixed
2.660%
Annually,
Receive
Variable
2.043%
(ESTRON)
Annually
04/15/2029
EUR
2,000
–
–
–
7-Year
Interest
Rate
Swap,
Pay
Fixed
2.660%
Annually,
Receive
Variable
2.186%
(ESTRON)
Annually
06/30/2029
EUR
3,000
6
3
3
7-Year
SOFR
Swap,
Receive
Fixed
3.890%
Annually,
Pay
Variable
3.622%
(SOFRRATE)
Annually
06/30/2029
USD
3,130
(21)
2
(23)
7-Year
SOFR
Swap,
Receive
Fixed
3.900%
Annually,
Pay
Variable
3.634%
(SOFRRATE)
Annually
04/15/2029
USD
2,080
(12)
–
(12)
$(37)
$11
$(48)