-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HSZh9Pv5DX0qD4BZYB1LAdznr46Ha+Cw5BaXOpYapJx9H9H8QAeQpxOejeP+Uz0y ECLiLUg6xHxXx7JrMhQs4A== 0000892569-09-000304.txt : 20090330 0000892569-09-000304.hdr.sgml : 20090330 20090327201720 ACCESSION NUMBER: 0000892569-09-000304 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090131 FILED AS OF DATE: 20090330 DATE AS OF CHANGE: 20090327 EFFECTIVENESS DATE: 20090330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAYDENFUNDS CENTRAL INDEX KEY: 0000885709 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06625 FILM NUMBER: 09712054 BUSINESS ADDRESS: STREET 1: 333 S GRAND AVE STREET 2: 32ND FL CITY: LOS ANGELES STATE: CA ZIP: 90071 BUSINESS PHONE: 6144708006 MAIL ADDRESS: STREET 1: 333 S GRAND AVE STREET 2: 32ND FL CITY: LOS ANGELES STATE: CA ZIP: 90071 FORMER COMPANY: FORMER CONFORMED NAME: PAYDEN & RYGEL INVESTMENT GROUP DATE OF NAME CHANGE: 19940104 FORMER COMPANY: FORMER CONFORMED NAME: P&R INVESTMENT TRUST DATE OF NAME CHANGE: 19920929 0000885709 S000011750 Payden Cash Reserves Money Market Fund C000032175 Payden Cash Reserves Money Market Fund PBHXX 0000885709 S000011751 Payden Limited Maturity Fund C000032176 Payden Limited Maturity Fund PYLMX 0000885709 S000011755 Payden Short Bond Fund C000032180 Payden Short Bond Fund PYSBX 0000885709 S000011757 Payden Tax Exempt Bond Fund C000032182 Payden Tax Exempt Bond Fund PYTEX 0000885709 S000011758 Payden U.S. Government Fund C000032183 Payden U.S. Government Fund PYUSX 0000885709 S000011759 Payden U.S. Growth Leaders Fund C000032184 Payden U.S. Growth Leaders Fund PUGLX 0000885709 S000011760 Payden California Muncipal Income Fund C000032185 Payden California Muncipal Income Fund PYCRX 0000885709 S000011761 Payden Core Bond Fund C000032186 Payden Core Bond Fund PYCBX 0000885709 S000011762 Payden Emerging Markets Bond Fund C000032187 Payden Emerging Markets Bond Fund PYEMX 0000885709 S000011763 Payden Global Fixed Income Fund C000032188 Payden Global Fixed Income Fund PYGFX 0000885709 S000011764 Payden Global Short Bond Fund C000032189 Payden Global Short Bond Fund PYGSX 0000885709 S000011765 Payden GNMA Fund C000032190 Payden GNMA Fund PYGNX 0000885709 S000011766 Payden Value Leaders Fund C000032191 Payden Value Leaders Fund PYVLX 0000885709 S000011767 Payden High Income Fund C000032192 Payden High Income Fund PYHRX 0000885709 S000018584 Payden/Wilshire Longevity Fund 2010+ C000051566 Payden/Wilshire Longevity Fund 2010+ 0000885709 S000018585 Payden/Wilshire Longevity Fund 2020+ C000051567 Payden/Wilshire Longevity Fund 2020+ 0000885709 S000018586 Payden/Wilshire Longevity Fund 2030+ C000051568 Payden/Wilshire Longevity Fund 2030+ 0000885709 S000018587 Payden/Wilshire Longevity Fund 2040+ C000051569 Payden/Wilshire Longevity Fund 2040+ 0000885709 S000021592 Payden Global Equity Fund C000061863 Payden Global Equity Fund 0000885709 S000022678 Payden/Kravitz Cash Balance Plan Fund C000065580 Payden/Kravitz Cash Balance Plan Fund (Institutional Class) C000069457 Payden/Kravitz Cash Balance Plan Fund (Adviser Class) N-Q 1 a51922nvq.txt FORM N-Q ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES INVESTMENT COMPANY ACT FILE NUMBER: 811-06625 THE PAYDEN & RYGEL INVESTMENT GROUP (Exact name of registrant as specified in charter) 333 South Grand Avenue, Los Angeles, CA 90071 (Address of principal executive offices) Edward S. Garlock, Esq. Secretary 333 South Grand Avenue Los Angeles, CA 90071 (Name and address of agent for service) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (213) 625-1900 Date of fiscal YEAR end: October 31 Date of reporting period: January 31, 2009 ================================================================================ Payden Cash Reserves Money Market Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ U.S. GOVERNMENT AGENCY (COST-$768,420) (66%) 20,000,000 FFCB, 1.45%, 9/22/09 $ 20,000 3,450,000 FFCB, 1.75%, 12/1/09 3,483 2,000,000 FFCB, 0.24%, 3/24/09 2,000 2,000,000 FFCB, 4.125%, 7/17/09 2,009 12,000,000 FFCB Disc Note, 0.79%, 11/13/09 (a) 11,926 18,000,000 FFCB Disc Note, 0.81%, 12/21/09 (a) 17,871 20,000,000 FHLB, 1.248%, 7/9/10 19,994 22,090,000 FHLB, 2.20%, 4/1/09 22,088 10,000,000 FHLB, 2.20%, 2/19/10 9,969 24,750,000 FHLB, 2.25%, 2/20/09 24,749 4,250,000 FHLB, 2.45%, 4/7/09 4,252 5,250,000 FHLB, 2.535%, 7/10/09 5,250 5,000,000 FHLB, 2.56%, 2/13/09 4,999 20,000,000 FHLB, 2.624%, 5/13/09 19,991 23,550,000 FHLB, 2.65%, 2/27/09 23,555 1,250,000 FHLB, 1.094%, 8/5/09 1,251 31,000,000 FHLB, 2.80%, 2/6/09 31,000 25,000,000 FHLB, 2.17%, 2/11/09 25,000 10,615,000 FHLB, 3.375%, 12/18/09 10,860 10,000,000 FHLB, 5.00%, 12/11/09 10,352 805,000 FHLB, 5.25%, 3/13/09 807 4,675,000 FHLB, 5.25%, 8/5/09 4,762 12,500,000 FHLB Disc Note, 0.86%, 1/11/10 (a) 12,399 15,000,000 FHLB Disc Note, 0.95%, 1/19/10 (a) 14,863 25,000,000 FHLB Disc Note, 0.86%, 1/5/10 (a) 24,801 25,000,000 FHLMC, 1.25%, 7/12/10 25,000 17,000,000 FHLMC, 0.29%, 10/19/09 16,972 25,000,000 FHLMC, 0.33%, 9/18/09 25,000 6,755,000 FHLMC, 0.33%, 9/28/09 6,745 1,360,000 FHLMC, 4.25%, 7/15/09 1,367 9,460,000 FHLMC, 4.875%, 2/17/09 9,468 3,670,000 FHLMC, 4.875%, 2/9/10 3,823 22,755,000 FHLMC, 5.25%, 5/21/09 23,027 28,438,000 FHLMC, 5.75%, 3/15/09 28,543 2,490,000 FHLMC, 6.625%, 9/15/09 2,559 19,850,000 FHLMC Disc Note, 1.72%, 11/20/09 (a) 19,577 9,850,000 FHLMC Disc Note, 0.96%, 12/7/09 (a) 9,770 6,818,000 FHLMC Disc Note, 0.25%, 3/6/09 (a) 6,817 25,000,000 FHLMC Disc Note, 1.22%, 5/29/09 (a) 24,903 150,000 FHLMC Disc Note, 1.06%, 6/22/09 (a) 149 43,304,000 FHLMC Disc Note, 2.69%, 3/16/09 (a) 43,170 8,800,000 FNMA, 1.24%, 7/13/10 8,800 50,200,000 FNMA, 1.66%, 2/12/10 50,131 5,973,000 FNMA, 3.25%, 2/10/10 6,124 15,715,000 FNMA, 3.25%, 2/17/09 15,717 21,000,000 FNMA, 4.25%, 5/15/09 21,086 600,000 FNMA, 1.08%, 1/21/10 601 4,000,000 FNMA, 4.875%, 4/15/09 4,018 30,000,000 FNMA Disc Note, 2.23%, 2/18/09 (a) 29,971 20,000,000 FNMA Disc Note, 1.01%, 3/16/09 (a) 19,977 15,000,000 FNMA Disc Note, 1.77%, 4/29/09 (a) 14,937 15,000,000 FNMA Disc Note, 1.22%, 5/21/09 (a) 14,946 7,000,000 FNMA Disc Note, 1.83%, 2/27/09 (a) 6,991 ------------ 768,420 ------------ U.S. GOVERNMENT GUARANTEED (COST-$85,042) (7%) 30,000,000 GE Capital, 0.41%, 6/29/09 29,951 15,000,000 Goldman Sachs Group, 2.70%, 12/3/10 15,124 40,000,000 Citigroup, 0.86%, 3/9/09 (a) 39,967 ------------ 85,042 ------------ INVESTMENT COMPANY (COST-$10,624) (1%) 10,623,888 Dreyfus Treasury Cash Management Fund 10,624 REPURCHASE AGREEMENTS (COST-$300,000) (26%) 150,000,000 Barclays Tri Party, 0.24%, 2/2/09 (b) 150,000 150,000,000 Deutsche Bank Tri Party, 0.25%, 2/2/09 (c) 150,000 ------------ 300,000 ------------ TOTAL (COST-$1,164,086) (100%) 1,164,086 OTHER ASSETS, NET OF LIABILITIES (0%) 3,714 ------------ NET ASSETS (100%) $ 1,167,800 ============
(a) Yield to maturity at time of purchase. (b) The repurchase agreement dated 1/30/2009 is collateralized by the following securities: Barclays-Bank of New York Tri Party 144,702,300 U.S. Treasury Bill, Apr-09 144,626,331 5,498,400 U.S. Treasury Note 3.625%, Apr-28 8,373,759 ------------ $153,000,090 ============
(c) The repurchase agreement dated 1/30/2009 is collateralized by the following security: Deutsche Bank-Deutsche Bank Tri Party 153,829,800 U.S. Treasury Note 1.125%, Jan-12 $153,000,067 ============
VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ------- -------------- --------------- Level 1 $ 310,624 $-- Level 2 853,462 -- Level 3 -- -- ---------- --- Total $1,164,086 $-- ========== ===
Payden Limited Maturity Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (94%) ASSET BACKED (5%) 342,699 Asset Backed Funding Certificates, 0.69%, 4/25/34 $ 202 1,056,470 Capital Auto Receivables Asset Trust, 0.39%, 7/15/10 999 1,000,000 Ford Credit Floorplan Master Owner Trust, 0.78%, 6/15/11 953 83,863,000 JLOC, 0.98%, 1/15/15 783 474,646 Long Beach Mortgage Loan Trust, 6.245%, 8/25/33 85 600,000 Wachovia Auto Owner Trust, 5.80%, 1/20/15 427 ------------ 3,449 ------------ CORPORATE (32%) 1,000,000 American Honda Finance 144A, 2.43%, 2/9/10 (b) 986 850,000 Anadarko Petroleum Corp., 2.39%, 9/15/09 835 500,000 Astrazeneca PLC, 2.46%, 9/11/09 497 700,000 Bank of America NA, 1.70%, 12/23/10 702 500,000 Bear Stearns Co., 1.41%, 1/31/11 470 600,000 Berkshire Hathaway Finance, 4.125%, 1/15/10 614 550,000 BP Capital Markets PLC, 2.08%, 3/17/10 545 800,000 Caterpillar Finance Service Corp., 3.20%, 8/6/10 770 500,000 Citigroup Inc., 2.38%, 5/18/10 460 1,100,000 CME Group Inc., 3.35%, 8/6/10 1,100 1,400,000 Comcast Corp., 1.46%, 7/14/09 1,382 675,000 CVS Caremark Corp., 2.50%, 6/1/10 644 500,000 DaimlerChrysler NA Holding, 2.34%, 3/13/09 500 180,000 DaimlerChrysler NA Holding, 3.64%, 8/3/09 174 750,000 E.I. Du Pont de Nemours, 4.125%, 4/30/10 762 1,145,000 Erac USA Finance Co. 144A, 1.43%, 4/30/09 (b) 1,104 779,000 General Electric Capital Corp., 1.625%, 1/7/11 780 1,800,000 General Mills Inc., 1.25%, 1/22/10 1,767 600,000 GlaxoSmithKline Capital Inc., 2.80%, 5/13/10 596 750,000 Hewlett-Packard Co., 2.62%, 9/3/09 749 750,000 John Deere Capital Corp., 2.61%, 2/26/10 731 805,000 National Rural Utilities Cooperative, 2.21%, 7/1/10 776 510,000 Province of Ontario, 3.125%, 9/8/10 515 1,490,000 Safeway Inc., 1.81%, 3/27/09 1,488 470,000 Southern Co., 2.91%, 8/20/10 458 900,000 Sprint Nextel Corp., 1.86%, 6/28/10 770 500,000 Telecom Italia Capital, 1.75%, 7/18/11 425 900,000 Time Warner Inc., 2.40%, 11/13/09 879 750,000 United Health Group, 2.29%, 3/2/09 749 700,000 Verizon Communications, 1.47%, 4/3/09 700 1,000,000 Wells Fargo Co., 2.09%, 9/15/09 994 ------------ 23,922 ------------ FOREIGN GOVERNMENT GUARANTEED (3%) 980,000 Commonwealth Bank of Australia 144A, 2.40%, 1/12/12 (b) 978 1,161,000 National Australia Bank 144A, 2.55%, 1/13/12 (b) 1,164 ------------ 2,142 ------------ MORTGAGE BACKED (26%) 750,000 Arkle Master Issuer Plc 144A, 2.52%, 2/17/52 (b) 640 186,557 Bear Stearns Alt-A Trust, 5.95%, 3/25/34 129 587,813 FH 847515 ARM, 5.84%, 2/1/34 598 1,497,890 FHLMC, 5.25%, 8/15/11 1,532 202,642 FHR 2773 EB, 4.50%, 8/15/13 203 1,219,753 FHR 2893 PA, 4.00%, 4/15/25 1,225 1,453,364 FHR 3279 PA, 5.50%, 2/15/23 1,482 3,275,547 FN 849088 ARM, 4.247%, 11/1/35 3,280 53 FNR 03-11 GF, 0.53%, 2/25/18 0 3,231,989 FNW 04-W2 4A, 5.71%, 2/25/44 3,115 1,152,733 GNR 02-48 FT, 0.52%, 12/16/26 1,144 431,247 GNR 99-43 FA, 0.77%, 11/16/29 429 750,000 Grace Church Mortgage Financing PLC 144A, 2.60%, 11/20/56 (b) 606 850,000 Granite Master Trust PLC, 0.789%, 12/17/54 128 1,187,527 Harborview Mortgage Loan Trust, 5.44%, 1/19/35 693 400,000 Holmes Master Issuer Plc 144A, 1.48%, 7/15/40 (b) 347 346,161 Homebanc Mortgage Trust, 1.24%, 8/25/29 217 700,000 Permanent Master Issuer Plc, 1.49%, 7/17/42 608 1,618,677 Sequoia Mortgage Trust, 0.55%, 7/20/36 1,154 418,722 Sequoia Mortgage Trust, 0.75%, 10/20/27 349 409,280 Structured ARM Loan Trust, 5.48%, 9/25/34 267 851,818 Structured Asset Mortgage Investments Inc., 5.29%, 5/25/36 409 873,737 Structured Asset Mortgage Investments Inc., 5.58%, 7/25/32 782 ------------ 19,337 ------------ U.S. GOVERNMENT AGENCY (26%) 6,000,000 FFCB, 4.75%, 5/7/10 6,265 1,240,000 FHLB, 1.24%, 7/9/10 1,240 3,000,000 FHLB, 1.74%, 12/15/09 3,005 1,200,000 FHLB, 2.20%, 4/1/09 1,203 3,700,000 FHLB, 3.375%, 12/18/09 3,776 1,400,000 FHLMC, 1.25%, 7/12/10 1,401 2,500,000 FHLMC, 2.6638%, 10/8/09 2,498 ------------ 19,388 ------------ U.S. GOVERNMENT GUARANTEED (0%) 500,000 General Electric Capital Corp., 1.21%, 1/20/10 491 COMMERCIAL PAPER (2%) 600,000 DNSKEC CP, 0.39%, 2/23/09 600 600,000 LLYPP CP, 0.50%, 7/8/09 599 350,000 Royal Bank of Scotland CP, 0.60%, 7/22/09 349 ------------ 1,548 ------------ TOTAL BONDS (COST-$74,560) 70,277 INVESTMENT COMPANY (COST-$3,921) (5%) 3,921,425 Paydenfunds Cash Reserves Money Market Fund * 3,921 ------------ TOTAL (COST-$78,481) (a) (99%) 74,198 OTHER ASSETS, NET OF LIABILITIES (1%) 481 ------------ NET ASSETS (100%) $ 74,679 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 302 Unrealized depreciation (4,585) ------- Net unrealized depreciation $(4,283) =======
(b) 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. VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ----- -------------- --------------- Level 1 $ 5,469 $ -- Level 2 68,729 (54) Level 3 -- -- ------- ---- Total $74,198 $(54) ======= ====
OPEN FORWARD CURRENCY CONTRACTS TO USD
Contract Unrealized Delivery Contract Value (Depreciation) Date Currency (000s) Price (000s) (000s) - -------- --------------- -------- -------- -------------- LIABILITY: 2/12/2009 Japanese Yen (Sell 96,200) 89.7705 $1,072 $(33)
OPEN SWAP CONTRACTS (000S)
Fund Expiration Notional Unrealized Contract Type (Pays) Date Principal (Depreciation) - ------------- ------ ---------- --------- -------------- LIABILITY: Interest Rate Swap (5.503%) Jun-11 $590 $(54)
Payden Short Bond Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - ------------ -------------------- ------------ BONDS (99%) ASSET BACKED (4%) 3,000,000 AEP Texas Central Trans, 4.98%, 7/1/15 $ 3,075 3,290,828 Capital Auto Receivables Asset Trust 144A, 5.32%, 3/20/10 (b) 3,265 880,392 Capital Auto Receivables Asset Trust, 0.39%, 7/15/10 832 6,100,000 Carmax Auto Owner Trust, 5.14%, 11/15/11 5,816 ------------ 12,988 ------------ CORPORATE (25%) 1,430,000 3M Co., 4.50%, 11/1/11 1,497 1,800,000 Abbott Laboratories, 5.60%, 5/15/11 1,929 570,000 Allied Waste North America, 7.875%, 4/15/13 572 3,000,000 Amgen Inc., 4.00%, 11/18/09 3,007 1,200,000 AT&T Inc., 4.85%, 2/15/14 1,207 2,700,000 Barclays Bank PLC, 4.25%, 10/27/11 3,611 4,805,000 Bellsouth Corp., 4.20%, 9/15/09 4,871 935,000 Bombardier Inc. 144A, 6.75%, 5/1/12 (b) 844 865,000 Boston Scientific Corp., 6.00%, 6/15/11 839 1,825,000 Bottling Group LLC, 6.95%, 3/15/14 2,091 1,250,000 BP Capital Markets PLC, 5.25%, 11/7/13 1,329 1,775,000 Cisco Systems Inc., 5.25%, 2/22/11 1,857 4,600,000 Citigroup Inc., 3.625%, 2/9/09 4,599 1,300,000 ConocoPhillips, 4.75%, 2/1/14 1,312 1,040,000 ConocoPhillips, 5.75%, 2/1/19 1,043 940,000 CSC Holdings Inc., 7.625%, 4/1/11 940 1,100,000 DaimlerChrysler NA Holding, 3.64%, 8/3/09 1,062 935,000 Dynegy Holdings Inc., 6.875%, 4/1/11 865 945,000 Echostar DBS Corp., 6.375%, 10/1/11 910 3,600,000 European Investment Bank, 4.75%, 4/15/11 4,846 4,500,000 General Electric Capital Corp., 4.25%, 9/13/10 4,510 1,783,000 General Mills Inc., 5.65%, 2/15/19 1,822 785,000 Georgia-Pacific Corp., 8.125%, 5/15/11 761 710,000 Goldman Sachs Group Inc., 3.25%, 6/15/12 729 3,564,000 HSBC USA Inc., 3.125%, 12/16/11 3,651 1,315,000 Ingersoll-Rand Finance I, 3.67%, 8/13/10 1,222 1,900,000 International Bank for Reconstruction & Development, 3.125%, 11/15/11 1,931 1,840,000 John Deere Capital Corp., 1.84%, 1/18/11 1,755 830,000 Mirant Americas Generator Inc., 8.30%, 5/1/11 820 855,000 Nalco Co., 7.75%, 11/15/11 829 1,076,000 National Rural Utilities, 5.75%, 8/28/09 1,098 820,000 National Rural Utilities, 7.25%, 3/1/12 866 2,400,000 Neder Waterschapsbank, 4.625%, 7/25/11 3,213 2,365,000 Oracle Corp., 5.00%, 1/15/11 2,469 2,000,000 Procter & Gamble Co., 2.36%, 3/9/10 1,997 1,435,000 Procter & Gamble Co., 4.60%, 1/15/14 1,521 1,625,000 Province of Ontario, 2.75%, 2/22/11 1,629 1,900,000 Province of Ontario, 3.125%, 9/8/10 1,919 420,000 Qwest Capital Funding, 7.25%, 2/15/11 391 885,000 Rock-Tennessee Co., 8.20%, 8/15/11 881 1,650,000 Sempra Energy, 7.95%, 3/1/10 1,696 6,425,000 SLM Corp., 1.29%, 7/27/09 6,183 2,350,000 Sprint Capital Corp., 6.375%, 5/1/09 2,333 935,000 Sprint Capital Corp., 8.375%, 3/15/12 748 930,000 Steel Dynamics Inc., 7.375%, 11/1/12 842 1,300,000 Toronto-Dominion Bank, 4.288%, 9/10/10 1,645 930,000 US Oncology Inc., 9.00%, 8/15/12 870 1,640,000 Verizon Global Corp., 7.25%, 12/1/10 1,747 1,129,000 Wachovia Corp., 5.30%, 10/15/11 1,148 ------------ 90,457 ------------ FOREIGN GOVERNMENT GUARANTEED (4%) 2,653,000 Commonwealth Bank of Australia 144A, 2.40%, 1/12/12 (b) 2,648 2,320,000 Macquarie Bank Ltd. 144A, 2.60%, 1/20/12 (b) 2,306 3,146,000 National Australia Bank 144A, 2.55%, 1/13/12 (b) 3,153 4,690,000 SFEF 144A, 2.125%, 1/30/12 (b) 4,656 ------------ 12,763 ------------ MORTGAGE BACKED (30%) 6,918,138 Adjustable Rate Mortgage Trust, 5.94%, 3/25/37 3,748 5,475,347 FG G13328 30YR, 6.00%, 11/1/22 5,705 3,945,264 FH 782784 ARM, 4.384%, 10/1/34 3,948 1,508,960 FHR 2891 LN, 4.25%, 6/15/24 1,516 2,690,665 FN 708229 ARM, 5.00%, 4/1/33 2,734 1,018,345 FN 743821 ARM, 4.74%, 11/1/33 1,034 780,853 FN 755867 ARM, 4.89%, 12/1/33 789 1,822,227 FN 790762 ARM, 5.096%, 9/1/34 1,854 2,567,687 FN 790764 ARM, 4.88%, 9/1/34 2,604 2,454,342 FN 794792 ARM, 5.07%, 10/1/34 2,486 2,141,256 FNMA 794797 ARM, 4.717%, 10/1/34 2,171 9,475,437 G2 4040 30YR, 6.50%, 10/20/37 9,831 10,117,097 G2 4195 30YR, 6.00%, 7/20/38 10,410 9,696,646 G2 4196 30YR, 6.50%, 7/20/38 10,061 2,452,896 G2 4223 30YR, 6.50%, 8/20/38 2,545 7,327,771 G2 4246 30YR, 6.50%, 9/20/38 7,603 6,200,173 GN 664471 30YR, 6.00%, 12/15/37 6,391 7,058,232 GN 676709 30YR, 6.00%, 2/15/38 7,275 2,682,363 GN 680646 30YR, 6.00%, 12/15/37 2,765 1,974,314 GN 700755 30YR, 6.50%, 10/15/38 2,050 4,408,975 GN 704005 30YR, 6.50%, 11/15/38 4,578 6,786,360 Harborview Mortgage Loan Trust, 5.301%, 12/19/35 3,744 453,359 Indymac Indx Mortgage Loan Trust, 5.48%, 10/25/34 298 2,540,840 MLCC Mortgage Investors, Inc., 4.71%, 12/25/34 1,940 2,694,584 MLCC Mortgage Investors, Inc., 5.38%, 2/25/36 1,883 373,440 Morgan Stanley Mortgage Loan Trust, 5.12%, 7/25/34 274 302,549 Provident Funding Mortgage Loan Trust, 4.29%, 4/25/34 288 891,280 Sequoia Mortgage Trust, 0.75%, 10/20/27 743 508,343 Structured ARM Loan Trust, 5.15%, 10/25/34 350 3,220,322 Structured ARM Loan Trust, 5.29%, 8/25/34 2,246 1,359,953 Structured Asset Mortgage Investments Inc., 3.37%, 10/19/34 798 6,836,383 Washington Mutual Pass-Through Certificates, 5.84%, 7/25/37 3,925 ------------ 108,587 ------------ MUNICIPAL (1%) 900,000 North TX Thruway Authority, 5.00%, 1/1/10 911 1,000,000 North TX Thruway Authority, 5.00%, 1/1/38 1,020 3,500,000 Texas University, 0.20%, 8/1/25 3,500 ------------ 5,431 ------------ U.S. GOVERNMENT AGENCY (19%) 10,000,000 FHLB, 3.375%, 10/20/10 10,326 10,000,000 FHLB, 5.375%, 8/19/11 10,829 9,000,000 FHLMC, 3.00%, 4/1/11 9,026 7,400,000 FHLMC, 3.25%, 2/25/11 7,635 5,980,000 FHLMC, 4.125%, 7/14/11 6,059 500,000 FHLMC, 4.125%, 9/27/13 536 8,000,000 FHLMC, 4.625%, 10/25/12 8,646 12,320,000 FHLMC, 5.00%, 7/15/14 13,717 500,000 FNMA, 2.875%, 12/11/13 509 ------------ 67,283 ------------ U.S. GOVERNMENT GUARANTEED (2%) 3,048,000 General Electric Capital Corp., 2.20%, 6/8/12 3,025 920,000 JP Morgan Chase & Co., 3.125%, 12/1/11 947 1,730,000 Morgan Stanley, 2.90%, 12/1/10 1,772 ------------ 5,744 ------------ U.S. TREASURY (14%) 1,720,000 U.S. Treasury Note, 2.375%, 8/31/10 1,766 23,750,000 U.S. Treasury Note, 2.625%, 5/31/10 24,390 14,910,000 U.S. Treasury Note, 3.125%, 11/30/09 15,234 2,000,000 U.S. Treasury Note, 4.50%, 11/15/10 2,132 8,050,000 U.S. Treasury Note, 4.50%, 5/15/10 8,452 ------------ 51,974 ------------ TOTAL BONDS (COST-$366,747) 355,227 INVESTMENT COMPANY (COST-$1,025) (0%) 1,025,053 Paydenfunds Cash Reserves Money Market Fund * 1,025 ------------ TOTAL (COST-$367,772) (a) (99%) 356,252 OTHER ASSETS, NET OF LIABILITIES (1%) 1,872 ------------ NET ASSETS (100%) $ 358,124 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized apprecation (depreciation) of securities is as follows: Unrealized appreciation $ 4,312 Unrealized depreciation (15,832) -------- Net unrealized depreciation $(11,520) ========
(b) 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. VALUATION INPUTS (000S)
Other Investments in Financial Level Securities Instruments - ------- -------------- ----------- Level 1 $ 1,025 $514 Level 2 355,227 -- Level 3 -- -- -------- ---- Total $356,252 $514 ======== ====
OPEN FORWARD CURRENCY CONTRACTS TO USD
Contract Unrealized Delivery Contract Value Appreciation Date Currency (000s) Price (000s) (000s) - --------- ------------------ -------- -------- ------------ ASSETS: 2/11/2009 Euro (Sell 10,764) 1.28107 $13,738 $908
OPEN FUTURES CONTRACTS
Current Unrealized Number of Expiration Value Appreciation Contracts Contract Type Date (000s) (000s) - --------- ------------- ---------- ------- ------------ 462 Euro-Schatz Future Mar-09 $63,812 $463 131 U.S. Treasury 2 Year Note Future Mar-09 28,509 51 ---- $514 ====
Payden U.S. Government Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (95%) MORTGAGE BACKED (37%) 621,113 FG G13328 30YR, 6.00%, 11/1/22 $ 647 1,302,335 FG M80911 7YR, 4.00%, 4/1/11 1,315 980,712 FH 1B2420 ARM, 5.04%, 11/1/35 1,004 818,652 FH 1J1279 ARM, 5.835%, 4/1/36 841 1,046,616 FH 1K0030 ARM, 5.981%, 7/1/36 1,090 1,018,072 FHLMC 1Q0232 ARM, 5.42%, 12/1/36 1,049 78,913 FHLMC, 5.125%, 10/15/15 79 712,632 FHLMC, 5.25%, 8/15/11 729 177,651 FHR 2891 LN, 4.25%, 6/15/24 178 512,124 FN 708229 ARM, 5.00%, 4/1/33 520 561,587 FN 743821 ARM, 4.74%, 11/1/33 570 418,314 FN 755867 ARM, 4.89%, 12/1/33 423 206,758 FN 790762 ARM, 5.096%, 9/1/34 210 291,181 FN 790764 ARM, 4.88%, 9/1/34 295 362,254 FN 794792 ARM, 5.07%, 10/1/34 367 885,329 FN 878544 ARM, 5.338%, 3/1/36 912 1,335,884 FN 889207 ARM, 5.20%, 4/1/37 1,362 316,475 FNMA 794797 ARM, 4.717%, 10/1/34 321 373,320 FNMA 843045 ARM, 5.042%, 9/1/35 384 761,215 FNMA 850120 ARM, 5.30%, 10/1/35 780 1,257,518 FNMA 887019 ARM, 5.859%, 6/1/36 1,299 1,448,608 G2 4040 30YR, 6.50%, 10/20/37 1,504 1,702,120 G2 4195 30YR, 6.00%, 7/20/38 1,751 1,641,953 G2 4196 30YR, 6.50%, 7/20/38 1,704 421,299 G2 4223 30YR, 6.50%, 8/20/38 437 1,264,400 G2 4246 30YR, 6.50%, 9/20/38 1,312 898,883 GN 664471 30YR, 6.00%, 12/15/37 926 1,097,179 GN 676709 30YR, 6.00%, 2/15/38 1,131 389,650 GN 680646 30YR, 6.00%, 12/15/37 402 888,441 GN 700755 30YR, 6.50%, 10/15/38 922 883,781 GN 704005 30YR, 6.50%, 11/15/38 918 530,001 GNMA, 0.00%, 9/16/34 456 688,544 GNR 03-98 PC, 5.00%, 2/20/29 701 823,618 GNR 05-58 NJ, 4.50%, 8/20/35 838 ------------ 27,377 ------------ U.S. GOVERNMENT AGENCY (26%) 1,300,000 FHLB, 4.875%, 5/14/10 1,360 1,200,000 FHLMC, 2.875%, 6/28/10 1,228 1,500,000 FHLMC, 3.25%, 2/25/11 1,547 1,700,000 FHLMC, 4.125%, 9/27/13 1,824 5,840,000 FHLMC, 5.00%, 7/15/14 6,502 1,000,000 FNMA, 2.00%, 1/9/12 999 700,000 FNMA, 2.875%, 12/11/13 713 720,000 FNMA, 3.25%, 2/10/10 736 2,000,000 FNMA, 4.625%, 10/15/14 2,192 2,000,000 FHLB Disc Note, 0.94%, 1/19/10 (b) 1,982 ------------ 19,083 ------------ U.S. GOVERNMENT GUARANTEED (3%) 670,000 Bank of America Corp., 2.10%, 4/30/12 664 150,000 Goldman Sachs Group Inc., 3.25%, 6/15/12 154 700,000 HSBC USA Inc., 3.125%, 12/16/11 717 185,000 JP Morgan Chase & Co., 3.125%, 12/1/11 190 350,000 Morgan Stanley, 2.90%, 12/1/10 359 ------------ 2,084 ------------ U.S. TREASURY (29%) 8,400,000 U.S. Treasury Note, 1.75%, 11/15/11 8,508 2,000,000 U.S. Treasury Note, 2.00%, 11/30/13 2,020 950,000 U.S. Treasury Note, 2.875%, 1/31/13 1,001 1,500,000 U.S. Treasury Note, 3.125%, 9/30/13 1,592 500,000 U.S. Treasury Note, 3.375%, 6/30/13 538 1,200,000 U.S. Treasury Note, 3.375%, 7/31/13 1,291 700,000 U.S. Treasury Note, 4.63%, 12/31/11 767 5,000,000 U.S. Treasury Note, 4.75%, 1/31/12 5,507 ------------ 21,224 ------------ TOTAL BONDS (COST-$68,631) 69,768 INVESTMENT COMPANY (COST-$4,067) (6%) 4,067,062 Paydenfunds Cash Reserves Money Market Fund * 4,067 ------------ TOTAL (COST-$72,698) (a) (101%) 73,835 LIABILITIES IN EXCESS OF OTHER ASSETS (-1%) (644) ------------ NET ASSETS (100%) $ 73,191 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $1,262 Unrealized depreciation (125) ------ Net unrealized appreciation $1,137 ======
(b) Yield to maturity at time of purchase. VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ------- -------------- --------------- Level 1 $ 6,049 $50 Level 2 67,786 -- Level 3 -- -- ------- --- Total $73,835 $50 ======= ===
OPEN FUTURES CONTRACTS
Current Unrealized Number of Expiration Value Appreciation Contracts Contract Type Date (000s) (000s) - --------- ------------- ---------- ------- ------------ 37 U.S. Treasury 2 Year Note Future Mar-09 $8,052 $50
Payden GNMA Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (130%) MORTGAGE BACKED (127%) 2,622,073 FH 1B3142 ARM, 5.358%, 11/1/36 $ 2,678 10,008,916 FH 1B4282 ARM, 5.12%, 10/1/38 10,293 342,489 FH 780444 ARM, 4.64%, 3/1/33 338 1,293,529 FH 782784 ARM, 4.384%, 10/1/34 1,294 3,956,869 FH 847228 ARM, 5.16%, 1/1/34 4,009 10,120,340 FH 849257 ARM, 5.138%, 1/1/36 10,391 9,710,225 FN 03-73 HF, 0.839%, 1/25/31 9,562 3,512,916 FN 889207 ARM, 5.20%, 4/1/37 3,582 3,421,567 FNR 06-101 FE, 0.63%, 10/25/36 3,331 1,761,784 FNR 06-27 BF, 0.68%, 4/25/36 1,697 968,386 FNW 04-W2 4A, 5.71%, 2/25/44 933 331,598 G2 2591 30YR, 7.00%, 5/20/28 354 3,510,561 G2 3515 30YR, 5.50%, 2/20/34 3,598 6,484,608 G2 3584 30YR, 6.00%, 7/20/34 6,674 2,722,233 G2 3599 30YR, 6.50%, 8/20/34 2,838 2,343,042 G2 3711 30YR, 5.50%, 5/20/35 2,400 7,138,348 G2 3747 30YR, 5.00%, 8/20/35 7,282 4,573,297 G2 3772 30YR, 5.00%, 10/20/35 4,665 6,818,491 G2 3785 30YR, 5.00%, 11/20/35 6,956 3,686,968 G2 3805 30YR, 5.00%, 1/20/36 3,759 3,031,849 G2 3891 30YR, 6.50%, 8/20/36 3,159 2,201,710 G2 3941 30YR, 6.00%, 1/20/37 2,265 1,930,542 G2 3953 30YR, 5.50%, 2/20/37 1,978 4,677,353 G2 4049 30YR, 6.00%, 11/20/37 4,813 9,406,903 G2 4083 30YR, 5.00%, 2/20/38 9,588 9,920,341 G2 4169 30YR, 5.50%, 6/20/38 10,164 5,897,770 G2 4194 30YR, 5.50%, 7/20/38 6,043 4,608,754 G2 4196 30YR, 6.50%, 7/20/38 4,782 2,190,755 G2 4223 30YR, 6.50%, 8/20/38 2,273 7,023,546 G2 4245 30YR, 6.00%, 9/20/38 7,227 2,848,719 G2 4261 30YR, 6.50%, 10/20/38 2,943 4,224,425 G2 4268 30YR, 6.00%, 10/20/38 4,347 9,952,468 G2 4290 30YR, 5.50%, 11/20/38 10,197 9,918,863 G2 4291 30YR, 6.00%, 11/20/38 10,207 9,981,108 G2 4315 30YR, 5.50%, 12/20/38 10,226 923,725 G2 80013 ARM, 5.125%, 11/20/26 937 892,773 G2 80029 ARM, 5.375%, 1/20/27 906 440,142 G2 8006 ARM, 4.62%, 7/20/22 443 746,213 G2 80134 ARM, 5.125%, 11/20/27 755 211,113 G2 80346 ARM, 5.125%, 11/20/29 214 1,875,152 G2 8041 ARM, 4.62%, 8/20/22 1,888 472,126 G2 80507 ARM, 5.375%, 4/20/31 480 352,087 G2 80579 ARM, 5.00%, 2/20/32 355 2,594,423 G2 80611 ARM, 5.375%, 6/20/32 2,632 522,479 G2 80612 ARM, 5.50%, 6/20/32 526 265,978 G2 8062 ARM, 5.125%, 10/20/22 270 671,226 G2 80826 ARM, 5.50%, 2/20/34 667 163,811 G2 80932 ARM, 5.00%, 6/20/34 165 181,269 G2 80934 ARM, 5.50%, 6/20/34 182 803,303 G2 81018 ARM, 4.62%, 8/20/34 803 363,905 G2 81019 ARM, 5.125%, 8/20/34 369 103,445 G2 81044 ARM, 4.625%, 8/20/34 104 239,810 G2 8121 ARM, 5.375%, 1/20/23 244 385,168 G2 81402 ARM, 5.00%, 7/20/35 388 200,956 G2 81405 ARM, 5.125%, 7/20/35 204 216,153 G2 81635 ARM, 4.50%, 3/20/36 215 160,442 G2 81696 ARM, 4.50%, 6/20/36 160 5,665,621 G2 82245 30YR, 5.00%, 12/20/38 5,772 335,765 G2 8228 ARM, 4.62%, 7/20/23 337 297,664 G2 8301 ARM, 5.125%, 10/20/23 301 342,329 G2 8339 ARM, 5.125%, 12/20/23 346 332,095 G2 8595 ARM, 5.375%, 2/20/25 338 210,293 G2 8855 ARM, 5.125%, 10/20/21 214 228,331 G2 8867 ARM, 5.125%, 11/20/21 231 2,884,527 G2 8991 ARM, 5.125%, 10/20/26 2,921 6,500,000 GN 455989 15YR, 5.00%, 7/15/26 6,760 600,530 GN 582100 30YR, 7.50%, 4/15/32 641 70,139 GN 592286 30YR, 7.50%, 1/15/33 75 3,210,235 GN 603068 30YR, 5.00%, 8/15/33 3,286 1,220,863 GN 604580 30YR, 5.00%, 8/15/33 1,247 3,040,152 GN 605099 30YR, 5.50%, 3/15/34 3,123 4,926,820 GN 616826 30YR, 5.50%, 1/15/35 5,059 652,155 GN 658144 15YR, 6.50% 10/15/21 685 830,940 GN 658148 15YR, 6.50% 11/15/21 873 779,733 GN 658252 30YR, 6.00%, 1/15/37 804 2,362,485 GN 658475 30YR, 6.00%, 1/15/37 2,435 2,823,656 GN 664543 30YR, 6.50%, 1/15/38 2,932 5,789,104 GN 665993 30YR, 6.00%, 2/15/38 5,967 4,829,949 GN 676389 30YR, 5.50%, 1/15/38 4,958 2,100,645 GN 676637 30YR, 6.00%, 12/15/37 2,165 2,961,473 GN 676717 30YR, 6.00%, 2/15/38 3,052 4,911,344 GN 677318 30YR, 6.00%, 9/15/38 5,062 4,836,283 GN 677320 30YR, 6.00%, 9/15/38 4,985 2,103,107 GN 677378 30YR, 7.00%, 10/15/38 2,206 2,303,679 GN 680688 30YR, 6.50%, 1/15/38 2,392 1,789,690 GN 683733 30YR, 5.50%, 3/15/38 1,837 2,193,624 GN 690008 30YR, 7.00%, 10/15/38 2,301 2,472,441 GN 691563 30YR, 6.00%, 8/15/38 2,548 11,746,546 GN 693184 30YR, 6.00%, 10/15/38 12,107 6,070,508 GN 693553 30YR, 6.00%, 7/15/38 6,257 5,819,745 GN 693559 30YR, 6.00%, 7/15/38 5,999 5,905,281 GN 693570 30YR, 6.00%, 7/15/38 6,087 5,974,371 GN 694412 30YR, 6.00%, 9/15/38 6,158 1,133,251 GN 697180 30YR, 6.00%, 9/15/38 1,168 2,492,160 GN 697587 30YR, 6.00%, 11/15/38 2,569 1,997,530 GN 697707 30YR, 6.00%, 12/15/38 2,059 1,963,562 GN 698571 30YR 6.00%, 11/15/38 2,024 3,184,087 GN 698611 30YR, 6.00%, 11/15/38 3,282 3,069,921 GN 698631 30YR, 6.00%, 11/15/38 3,164 1,992,683 GN 700750 30YR, 6.00%, 10/15/38 2,054 7,920,342 GN 700753 30YR, 6.50%, 10/15/38 8,224 3,780,323 GN 700912 30YR, 7.00%, 11/15/38 3,965 6,981,645 GN 700917 30YR, 5.00%, 11/15/38 7,133 1,611,477 GN 702550 30YR, 6.00%, 11/15/38 1,661 3,523,465 GN 702551 30YR, 6.00%, 11/15/38 3,632 3,842,863 GN 702552 30YR, 6.00%, 11/15/38 3,961 4,146,004 GN 705675 30YR, 6.00%, 12/15/38 4,273 141,098 GN 780619 15YR, 7.00%, 8/15/12 148 55,283 GN 780853 15YR, 9.00%, 1/15/10 56 599,841 GN 781324 30YR, 7.00%, 7/15/31 642 431,732 GN 781445 30YR, 8.00%, 11/15/31 460 2,028,437 GN 781527 30YR, 6.00%, 11/15/32 2,094 3,349,223 GN 782150 30YR, 5.50%, 4/15/37 3,438 11,013,238 GN 782272 30YR, 5.50%, 2/15/38 11,306 4,777,679 GN 782337 30YR, 5.50%, 6/15/38 4,901 5,000,000 GNMA 4.00%, 30YR TBA (b) 4,950 5,000,000 GNMA 4.50%, 30YR TBA (b) 5,041 15,000,000 GNMA 4.50%, 30YR TBA (b) 15,056 27,450,000 GNMA 5.00%, 30YR TBA (b) 27,875 92,950,000 GNMA 5.50%, 30YR TBA (b) 95,230 3,000,000 GNMA 5.50%, 30YR TBA (b) 3,064 4,462,050 GNMA, 0.00%, 9/16/34 3,843 1,869,981 GNR 00-22 FG, 0.52%, 5/16/30 1,853 295,354 GNR 00-26 DF, 0.75%, 9/20/30 291 7,456 GNR 00-26 F, 0.75%, 6/20/30 7 762,594 GNR 00-26 FA, 0.90%, 9/20/30 754 808,298 GNR 00-9 FG, 0.92%, 2/16/30 807 443,862 GNR 00-9 FH, 0.82%, 2/16/30 442 941,417 GNR 01-19 F, 0.82%, 5/16/31 925 97,285 GNR 01-33 F, 0.80%, 7/20/31 96 5,283,554 GNR 01-47 FA, 0.72%, 9/16/31 5,276 2,493,118 GNR 01-59 FA, 0.72%, 11/16/24 2,491 1,183,236 GNR 02-11 FJ, 0.83%, 2/20/32 1,181 1,336,888 GNR 02-13 FA, 0.82%, 2/16/32 1,337 546,152 GNR 02-24 FA, 0.82%, 4/16/32 546 351,170 GNR 02-4 FY, 0.77%, 1/16/32 349 635,821 GNR 02-41 HF, 0.72%, 6/16/32 624 3,252,748 GNR 02-48 FT, 0.52%, 12/16/26 3,229 3,187,693 GNR 02-72 FA, 0.75%, 10/20/32 3,131 4,148,008 GNR 02-76 F, 0.52%, 1/16/31 4,118 573,230 GNR 02-76 FY, 0.62%, 12/16/26 563 1,080,176 GNR 02-78 VB, 6.00%, 6/20/20 1,084 1,115,041 GNR 03-15 EG, 4.50%, 5/20/30 1,117 3,313,330 GNR 03-35 CF, 0.62%, 3/16/33 3,242 2,773,083 GNR 04-59 FH, 0.57%, 8/16/34 2,752 1,898,412 GNR 06-47 FA, 0.52%, 8/16/36 1,853 1,840,387 GNR 06-62 FB, 0.49%, 11/20/36 1,799 7,340,132 GNR 08-67 UF, 0.78%, 6/20/38 7,383 1,283,070 GNR 99-40 FE, 0.87%, 11/16/29 1,277 1,242,900 GNR 99-40 FK, 0.87%, 11/16/29 1,229 579,714 GNR 99-43 FA, 0.77%, 11/16/29 577 1,643,592 GNR 99-45 FC, 0.72%, 12/16/29 1,633 1,972,310 GNR 99-45 FH, 0.77%, 12/16/29 1,961 ------------ 583,414 ------------ U.S. GOVERNMENT AGENCY (3%) 13,000,000 FNMA Disc Note, 1.10%, 2/17/09 (c) 12,994 ------------ TOTAL BONDS (COST-$592,017) 596,408 INVESTMENT COMPANY (COST-$44,820) (10%) 44,819,840 Paydenfunds Cash Reserves Money Market Fund * 44,820 ------------ TOTAL (COST-$636,837) (A) (140%) 641,228 LIABILITIES IN EXCESS OF OTHER ASSETS (-40%) (183,527) ------------ NET ASSETS (100%) $ 457,701 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 6,093 Unrealized depreciation (1,702) ------- Net unrealized appreciation $ 4,391 =======
(b) Security purchased on a delayed delivery basis. (c) Yield to maturity at time of purchase. VALUATION INPUTS (000S)
Other Investments in Financial Level Securities Instruments - ----- -------------- ----------- Level 1 $ 57,814 $-- Level 2 583,414 -- Level 3 -- -- -------- --- Total $641,228 $-- ======== ===
Payden Core Bond Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (100%) ASSET BACKED (1%) 352,157 Capital Auto Receivables Asset Trust, 0.39%, 7/15/10 $ 333 222,708 Chase Funding Mortgage Loan, 1.04%, 11/25/32 134 300,000 Ford Credit Floorplan Master Owner Trust, 0.78%, 6/15/11 286 195,191 Landmark Mortgage Securities Plc., 3.27%, 6/17/38 216 3,080,921 Los Angeles Arena Funding LLC 144A, 7.656%, 12/15/26 (b) 2,465 227,306 Sequoia Mortgage Trust, 0.75%, 10/20/27 189 70,766 Structured Asset Investment Loan Trust, 0.88%, 9/25/34 39 230,000 Wachovia Auto Owner Trust, 5.80%, 1/20/15 164 ------------ 3,826 ------------ CORPORATE (43%) 1,654,000 3M Co., 4.375%, 8/15/13 1,719 1,795,000 Abbott Laboratories, 5.875%, 5/15/16 1,939 1,927,000 Aetna Inc., 5.75%, 6/15/11 1,898 1,030,000 Allstate Life Global Funding Trust, 5.375%, 4/30/13 1,040 654,000 American Electric Power, 5.375%, 3/15/10 656 1,042,000 Anadarko Finance Co., 6.75%, 5/1/11 1,048 703,000 Anadarko Finance Co., 7.50%, 5/1/31 587 1,940,000 Arcelormittal, 5.375%, 6/1/13 1,630 2,860,000 Astrazeneca PLC, 5.40%, 9/15/12 3,042 4,262,000 AT&T Wireless, 8.125%, 5/1/12 4,648 879,000 AT&T Wireless, 8.75%, 3/1/31 1,039 850,000 Bank of America Corp., 4.25%, 10/1/10 845 1,510,000 Bank of America Corp., 5.75%, 12/1/17 1,380 1,175,000 Bank of New York Mellon, 4.95%, 11/1/12 1,197 1,150,000 Bear Stearns Co. Inc., 5.55%, 1/22/17 1,050 720,000 Berkshire Hathaway Finance, 5.40%, 5/15/18 735 1,589,000 BHP Finance USA, 5.25%, 12/15/15 1,509 774,000 Boston Properties Inc., 6.25%, 1/15/13 632 1,930,000 Bottling Group LLC, 6.95%, 3/15/14 2,211 1,900,000 BP Capital Markets PLC, 5.25%, 11/7/13 2,021 1,380,000 Burlington North Santa Fe, 5.65%, 5/1/17 1,343 1,020,000 Canadian National Resources, 4.90%, 12/1/14 917 1,475,000 Caterpillar Financial Services Corp., 4.25%, 2/8/13 1,439 799,000 CBS Corp., 7.88%, 7/30/30 528 1,540,000 Cincinnati Gas & Electric Co., 5.70%, 9/15/12 1,511 1,160,000 Cisco Systems Inc., 5.25%, 2/22/11 1,214 1,905,000 Citigroup Inc., 5.125%, 2/14/11 1,827 995,000 Citigroup Inc., 6.125%, 5/15/18 904 1,425,000 CME Group Inc., 5.40%, 8/1/13 1,434 675,000 Coca-Cola Enterprises, 7.375%, 3/3/14 776 155,000 Comcast Corp., 5.70%, 5/15/18 151 3,195,000 Comcast Corp., 6.50%, 1/15/17 3,240 1,240,000 Conagra Foods Inc., 7.875%, 9/15/10 1,318 1,175,000 Conoco Funding Co., 6.35%, 10/15/11 1,254 1,993,000 Conoco Inc., 6.95%, 4/15/29 2,182 1,707,000 Costco Wholesale Corp., 5.50%, 3/15/2017 1,785 1,828,000 Cox Communications Inc., 5.45%, 12/15/14 1,688 1,444,000 Credit Suisse First Boston, 6.125%, 11/15/11 1,471 1,120,000 CSX Corp., 5.60%, 5/1/17 968 1,672,000 CVS Caremark Corp., 5.75%, 8/15/11 1,737 1,724,000 DaimlerChrysler NA Holding, 5.75%, 9/8/11 1,639 2,250,000 Delhaize America Inc., 9.00%, 4/15/31 2,584 1,210,000 Deutsche Bank AG London, 4.875%, 5/20/13 1,184 1,328,000 Deutsche Telekom, 8.50%, 6/15/10 1,407 1,235,000 Devon Financing Corp. ULC, 6.875%, 9/30/11 1,312 361,000 Dominion Resources Inc., 8.875%, 1/15/19 410 1,760,000 Dr. Pepper Snapple Group, 6.82%, 5/1/18 1,668 1,135,000 E.I. DU Pont DE Nemours, 6.00%, 7/15/18 1,167 930,000 Electronic Data Systems, 6.00%, 8/1/13 989 1,740,000 Eli Lilly & Co., 5.20%, 3/15/17 1,768 1,125,000 Encana Corp., 6.50%, 8/15/34 878 1,673,000 Enterprise Products, 5.60%, 10/15/14 1,561 2,730,000 Exelon Corp., 4.90%, 6/15/15 2,306 1,895,000 Fiserv Inc., 6.125%, 11/20/12 1,813 1,030,000 France Telecom, 8.50%, 3/1/31 1,320 1,370,000 Gazprom, 7.288%, 8/16/37 856 1,890,000 General Mills Inc., 6.00%, 2/15/12 1,985 1,250,000 GlaxoSmithKline Capital Inc., 4.85%, 5/15/13 1,312 1,250,000 GlaxoSmithKline Capital Inc., 5.65%, 5/15/18 1,342 1,750,000 Goldman Sachs Group Inc., 6.15%, 4/1/18 1,601 1,270,000 Hartford Financial Services Group, 6.00%, 1/15/19 1,005 1,345,000 Hartford Financial Services Group, 6.30%, 3/15/18 1,103 931,000 Hewlett-Packard Co., 4.50%, 3/1/13 970 1,295,000 IBM Corp., 5.88%, 11/29/32 1,295 1,350,000 Ingersoll-Rand Finance I, 6.00%, 8/15/13 1,314 1,020,000 Intuit Inc., 5.75%, 3/15/17 806 1,202,000 John Deere Capital Corp., 7.00%, 3/15/12 1,277 1,615,000 JP Morgan Chase & Co., 5.60%, 6/1/11 1,654 2,280,000 Kellogg Co., 5.125%, 12/3/12 2,388 863,000 Kellogg Co., 6.60%, 4/1/11 928 953,000 Keyspan Corp., 7.625%, 11/15/10 991 1,443,000 KFW, 3.75%, 6/27/11 1,491 2,585,000 Kinder Morgan Energy Partners, 5.95%, 2/15/18 2,475 565,000 Kroger Co., 6.75%, 4/15/12 596 1,040,000 Kroger Co., 7.50%, 1/15/14 1,161 1,240,000 Kroger Co., 7.50%, 4/1/31 1,365 1,370,000 Lockheed Martin Corp., 6.15%, 9/1/36 1,364 1,290,000 Marathon Oil Corp., 5.90%, 3/15/18 1,120 603,000 McDonald's Corp., 5.00%, 2/1/19 621 1,550,000 McKesson HBOC, Inc., 5.25%, 3/1/13 1,433 1,190,000 Medco Health Solutions, 7.25%, 8/15/13 1,173 1,470,000 Merrill Lynch and Co., 6.875%, 4/25/18 1,418 1,665,000 Metlife Inc., 6.817%, 8/15/18 1,694 2,066,000 Midamerican Energy Holdings, 6.125%, 4/1/36 1,942 1,995,000 Morgan Stanley, 6.60%, 4/1/12 1,917 1,479,000 National Rural Utilities, 4.75%, 3/1/14 1,470 1,975,000 News America Inc., 6.65%, 11/15/37 1,842 1,735,000 NYSE Euronext, 4.80%, 6/28/13 1,689 1,290,000 Oracle Corp., 5.75%, 4/15/18 1,345 1,409,000 Pacific Gas & Electric, 6.05%, 3/1/34 1,445 1,205,000 Pepsico Inc., 4.65%, 2/15/13 1,285 1,405,000 Petro-Canada, 6.05%, 5/15/18 1,160 2,060,000 Petronas Capital Ltd., 7.875%, 5/22/22 2,210 1,030,000 Prologis Trust, 6.625%, 5/15/18 541 2,900,000 Rio Tinto Finance USA Ltd., 5.875%, 7/15/13 2,554 1,415,000 Rogers Communications, 6.80%, 8/15/18 1,474 1,207,000 Safeway Inc., 7.25%, 2/1/31 1,268 1,140,000 Simon Property Group Inc., 6.125%, 5/30/18 880 1,210,000 Simon Property Group LP, 5.75%, 5/1/12 1,020 1,480,000 Telecom Italia Capital, 4.875%, 10/1/10 1,417 2,028,000 Telecom Italia Capital, 6.00%, 9/30/34 1,544 1,895,000 Telefonica Emisiones S.A.U., 6.22%, 7/3/17 1,996 1,205,000 Textron Financial Corp., 4.60%, 5/3/10 1,055 1,400,000 Time Warner Cable Inc., 6.55%, 5/1/37 1,339 1,111,000 Time Warner Entertainment, 8.375%, 7/15/33 1,125 1,103,000 Time Warner Inc., 5.50%, 11/15/11 1,077 1,160,000 Trans-Canada Pipelines, 7.25%, 8/15/38 1,160 2,550,000 Travelers Cos. Inc., 5.80%, 5/15/18 2,512 1,120,000 Unilever Capital Corp., 7.125%, 11/1/10 1,210 1,370,000 Union Pacific Corp., 6.65%, 1/15/11 1,412 1,168,000 United Health Group, 5.375%, 3/15/16 1,075 2,460,000 United Technologies Corp. 4.875%, 5/1/15 2,486 1,235,000 UnitedHealth Group Inc., 5.25%, 3/15/11 1,239 1,018,000 Vale Overseas Ltd., 6.88%, 11/21/36 879 2,502,000 Valero Energy Corp., 6.875%, 4/15/12 2,526 1,210,000 Veolia Environnement, 5.25%, 6/3/13 1,130 1,290,000 Verizon Communications, 5.25%, 4/15/13 1,315 965,000 Verizon Communications, 8.75%, 11/1/18 1,126 870,000 Verizon Wireless 144A, 7.375%, 11/15/13 (b) 942 1,195,000 Vodafone Group Plc., 6.15%, 2/27/37 1,163 1,570,000 Wal-Mart Stores Inc., 6.50%, 8/15/37 1,781 1,571,000 Walgreen Co., 4.875%, 8/1/13 1,654 1,175,000 Walgreen Co., 5.25%, 1/15/19 1,178 1,337,000 Waste Management Inc., 7.75%, 5/15/32 1,180 1,620,000 Wellpoint Inc., 5.85%, 1/15/36 1,328 735,000 Wells Fargo Co., 4.375%, 1/31/13 716 730,000 Wells Fargo Co., 5.625%, 12/11/17 716 1,760,000 Western Union Co., 5.93%, 10/1/16 1,688 2,301,000 Wyeth, 5.50%, 2/1/14 2,402 1,255,000 Xerox Corp., 5.50%, 5/15/12 1,165 1,295,000 XTO Energy Inc., 5.50%, 6/15/18 1,191 ------------ 186,026 ------------ FOREIGN GOVERNMENT (4%) 775,909 Croatia, 2.50%, 7/31/10 726 1,130,000 Malaysia, 7.50%, 7/15/11 1,225 570,000 People's Republic of China, 4.75%, 10/29/13 587 2,400,000 Republic of Brazil, 6.00%, 1/17/17 2,388 590,000 Republic of Chile, 5.50%, 1/15/13 622 1,962,000 Republic of Korea, 4.875%, 9/22/14 1,930 1,250,000 Republic of Poland, 5.00%, 10/19/15 1,197 842,000 Republic of Poland, 6.25%, 7/3/12 879 1,036,000 State of Israel, 5.50%, 11/9/16 1,098 4,490,000 United Mexican States, 6.75%, 9/27/34 4,254 1,323,000 United Mexican States, 9.875%, 2/1/10 1,432 ------------ 16,338 ------------ MORTGAGE BACKED (41%) 250,000 Arkle Master Issuer Plc 144A, 2.52%, 2/17/52 (b) 213 9,573 Bear Stearns Mortgage Trust, 6.189%, 4/25/33 8 257,985 Business Mortgage Finance PLC, 4.34%, 8/15/45 357 10,696,917 FGLMC G02252, 5.50%, 7/1/36 10,956 22,728,384 FHLMC G02385, 6.00%, 11/1/36 23,475 96,156 First Republic Mortgage Loan Trust, 0.73%, 11/15/32 78 4,593,148 FN 254766, 5.00%, 6/1/33 4,685 1,366,911 FN 745418 ARM, 5.50%, 4/1/36 1,400 15,304,543 FN 888823, 5.50%, 3/1/37 15,682 7,841,420 FN 905759 ARM, 5.89%, 12/1/36 8,128 1,242,422 FNMA 670385, 6.50%, 9/1/32 1,304 4,979,974 FNMA 725423, 5.50%, 5/1/34 5,118 8,010,629 FNMA 725424, 5.50%, 4/1/34 8,232 3,382,514 FNMA 725425, 5.50%, 4/1/34 3,470 13,555,760 FNMA 739821, 5.00%, 9/1/33 13,839 2,976,046 FNW 04-W2 4A, 5.71%, 2/25/44 2,869 13,309,200 G2 4040 30YR, 6.50%, 10/20/37 13,808 18,921,835 G2 4049 30YR, 6.00%, 11/20/37 19,470 10,929,233 G2 4170 30YR, 6.00%, 6/20/38 11,246 18,720,000 GNMA 5.50%, 30YR TBA (c) 19,179 250,000 Grace Church Mortgage Financing PLC 144A, 2.60%, 11/20/56 (b) 202 300,000 Granite Master Trust PLC, 0.789%, 12/17/54 45 291,484 Harborview Mortgage Loan Trust, 5.44%, 1/19/35 170 178,745 Mellon Residential Funding Corp., 0.76%, 8/15/32 155 253,791 MLCC Mortgage Investors, Inc., 4.84%, 8/25/29 214 102,696 Morgan Stanley Mortgage Loan Trust, 5.12%, 7/25/34 75 62,770 Option One Mortgage Loan Trust, 1.51%, 2/25/32 39 200,000 Permanent Master Issuer Plc, 1.49%, 7/17/42 174 6,500,000 Prime Mortgage Trust, 6.00%, 3/25/37 3,308 809,339 Sequoia Mortgage Trust, 0.55%, 7/20/36 577 1,087,246 Structured Asset Mortgage Investments Inc., 5.29%, 5/25/36 522 183,407 Structured Asset Mortgage Investments Inc., 5.35%, 2/19/35 131 220,337 Structured Asset Mortgage Investments Inc., 5.58%, 7/25/32 197 38,924 Structured Asset Securities Corp., 5.99%, 8/25/32 39 3,902,218 Thornburg Mortgage Securities Trust, 0.75%, 9/25/34 3,140 206,841 Washington Mutual, 0.79%, 6/25/44 119 7,660,000 Washington Mutual, 5.25%, 1/25/36 4,128 ------------ 176,752 ------------ MUNICIPAL (1%) 2,330,000 Salt River Project, AZ, 5.00%, 1/1/38 2,267 SUPRANATIONAL (1%) 1,260,000 European Investment Bank, 4.625%, 5/15/14 1,351 2,720,000 European Investment Bank, 5.00%, 2/8/10 2,819 630,000 European Investment Bank, 5.125%, 9/13/16 693 1,120,000 Intl Bk Recon & Develop, 5.00%, 4/1/16 1,230 ------------ 6,093 ------------ U.S. GOVERNMENT AGENCY (5%) 630,000 FHLB, 4.00%, 9/6/13 670 466,000 FHLMC, 4.875%, 2/17/09 467 3,570,000 FHLMC, 5.00%, 7/15/14 3,975 15,700,000 FHLB Disc Note, 0.08%, 2/18/09 (d) 15,699 ------------ 20,811 ------------ U.S. TREASURY (4%) 3,850,000 U.S. Treasury Note, 2.75%, 10/31/13 4,024 1,600,000 U.S. Treasury Note, 3.125%, 8/31/13 1,700 1,807,000 U.S. Treasury Note, 3.125%, 9/30/13 1,917 2,270,000 U.S. Treasury Note, 3.75%, 11/15/18 2,445 650,000 U.S. Treasury Note, 3.875%, 10/31/12 707 1,500,000 U.S. Treasury Note, 4.00%, 8/15/18 1,647 3,500,000 U.S. Treasury Note, 4.25%, 8/15/14 3,945 75,000 U.S. Treasury Note, 4.50%, 5/15/38 87 23,000 U.S. Treasury Note, 4.63%, 12/31/11 25 285,000 U.S. Treasury Note, 5.00%, 5/15/37 351 364,000 U.S. Treasury Note, 5.00%, 8/15/11 401 ------------ 17,249 ------------ TOTAL BONDS (CO ST-$439,906) 429,362 INVESTMENT COMPANY (COST-$16,274) (4%) 16,274,257 Paydenfunds Cash Reserves Money Market Fund * 16,274 ------------ TOTAL (COST-$456,180) (a) (104%) 445,636 LIABILITIES IN EXCESS OF OTHER ASSETS (-4%) (18,019) ------------ NET ASSETS (100%) $ 427,617 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized apprecation (depreciation) of securities is as follows: Unrealized appreciation $ 9,077 Unrealized depreciation (19,621) -------- Net unrealized depreciation $(10,544) ========
(b) 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. (c) Security was purchased on a delayed delivery basis. (d) Yield to maturity at time of purchase. VALUATION INPUTS (000S)
Other Investments in Financial Level Securities Instruments - ----- -------------- ----------- Level 1 31,973 41 Level 2 413,663 (6) Level 3 -- -- -------- --- Total $445,636 $35 ======== ===
OPEN FORWARD CURRENCY CONTRACTS TO USD
Contract Appreciation Delivery Contract Value (Depreciation) Date Currency (000s) Price (000s) (000s) - ------------ --------------- -------- -------- -------------- ASSETS: 2/23/2009 Australian Dollar (Sell 1,295) 0.6346 $ 822 $ 25 2/11/2009 British Pound (Sell 389) 1.4412 561 30 2/18/2009 Euro (Sell 777) 1.2809 995 64 3/16/2009 Euro (Sell 940) 1.2805 1,204 48 2/5/2009 Hungary Forint (Sell 169,300) 232.6778 728 161 4/16/2009 Israeli Shekel (Sell 3,271) 4.0655 805 30 2/18/2009 Japanese Yen (Buy 97,000) 89.7615 1,081 9 2/26/2009 Singapore Dollar (Sell 1,217) 1.5109 806 7 3/19/2009 Swedish Krona (Buy 10,573) 8.2966 1,274 4 ----- $ 378 ===== LIABILITIES: 2/5/2009 Euro (Buy 642) 1.2812 $ 823 $ (83) 3/19/2009 Norwegian Krone (Sell 8,900) 6.9247 1,285 (18) ----- $(101) =====
OPEN SWAP CONTRACTS (000S)
Fund Expiration Notional Unrealized Contract Type Receives Date Principal (Depreciation) - ------------- -------- ---------- --------- -------------- LIABILITY: European Interest Rate Swap 2.341% Jan-11 EUR23,200 $(6)
OPEN FUTURES CONTRACTS
Current Unrealized Number of Expiration Value Appreciation Contracts Contract Type Date (000s) (000s) - --------- ------------- ---------- ------- ------------ 128 Euro-Schatz Future Mar-09 $17,680 $41
Payden High Income Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (86%) ASSET BACKED (0%) 179,254 Long Beach Mortgage Loan Trust, 6.47%, 3/25/33 $ 81 BASIC MATERIALS (4%) 1,300,000 FMG Finance Pty Ltd. 144A, 10.63%, 9/1/16 (b) 852 3,040,000 Freeport-McMoran C & G, 8.375%, 4/1/17 2,527 3,280,000 Georgia-Pacific Corp. 144A, 7.125%, 1/15/17 (b) 3,009 690,000 Georgia-Pacific Corp., 8.125%, 5/15/11 669 610,000 Hexion U.S. Finance/Nova Scotia, 9.75%, 11/15/14 76 730,000 Momentive Performance, 11.50%, 12/1/16 183 1,445,000 Nalco Co., 7.75%, 11/15/11 1,401 1,320,000 Owens-Brockway Glass, 8.25%, 5/15/13 1,333 295,000 Owens-Illinois Inc., 7.50%, 5/15/10 299 1,280,000 Polyone Corp., 8.88%, 5/1/12 570 1,035,000 Reichhold Industries Inc. 144A, 9.00%, 8/15/14 (b) 709 ------------ 11,628 ------------ COMMUNICATIONS (16%) 1,835,000 American Tower Corp. 144A, 7.00%, 10/15/17 (b) 1,771 2,280,000 Charter Comm Opt LLC/CAP. 144A, 8.00%, 4/30/12 (b) 1,949 625,000 Cincinnati Bell Inc., 8.375%, 1/15/14 563 2,550,000 Citizens Communications, 6.25%, 1/15/13 2,410 1,000,000 Citizens Communications, 9.25%, 5/15/11 1,013 1,170,000 Comcast Corp., 5.70%, 5/15/18 1,140 1,110,000 Cox Communications Inc., 5.45%, 12/15/14 1,025 2,055,000 Cricket Communications, 9.375%, 11/1/14 1,880 1,895,000 Crown Castle International Corp., 9.00%, 1/15/15 1,843 1,100,000 CSC Holdings Inc. 144A, 8.50%, 4/15/14 (b) 1,086 3,100,000 CSC Holdings Inc., 7.88%, 2/15/18 2,868 2,490,000 DirecTV Holdings Financing, 7.625%, 5/15/16 2,459 1,950,000 Echostar DBS Corp., 6.625%,10/1/14 1,779 730,000 Fairpoint Communications 144A, 13.125%, 4/1/18 (b) 412 500,000 General Cable Corp., 7.125%, 4/1/17 403 4,855,000 Intelsat Corp. 144A, 9.25%, 8/15/14 (b) 4,564 1,805,000 Lamar Media Corp., 7.25%, 1/1/13 1,494 1,215,000 Mediacom LLC/Mediacom Capital Corp., 9.50%, 1/15/13 1,075 1,160,000 MetroPCS Wireless Inc., 9.25%, 11/1/14 1,080 1,230,000 Nextel Communications, 7.375%, 8/1/15 578 3,170,000 Qwest Communications Int, 7.50%, 2/15/14 2,726 1,000,000 Rogers Wireless Inc., 9.625%, 5/1/11 1,023 1,230,000 Sprint Capital Corp., 6.875%, 11/15/28 699 2,380,000 Sprint Nextel Corp., 6.00%, 12/1/16 1,597 2,000,000 Telefonica Europe, 7.75%, 9/15/10 2,115 1,140,000 Time Warner Cable Inc., 5.85%, 5/1/17 1,061 1,400,000 Virgin Media Finance Plc, 8.75%, 4/15/14 1,197 1,370,000 Windstream Corp., 7.00%, 3/15/19 1,219 1,200,000 Windstream Corp., 8.125%, 8/1/13 1,188 ------------ 44,217 ------------ CONSUMER CYCLICALS (10%) 1,185,000 Acco Brands Corp., 7.625%, 8/15/15 539 29,770 Air 2 US 144A, 8.027%, 10/1/19 (b) 22 1,130,000 AMC Entertainment Inc., 8.625%, 8/15/12 1,034 500,000 American Axle & Manufacturing, Inc., 7.875%, 3/1/17 105 665,000 Arvinmeritor Inc., 8.75%, 3/1/12 323 500,000 Ashtead Capital Inc. 144A, 9.00%, 8/15/16 (b) 303 1,440,000 Avis Budget Car Rental, 7.625%, 5/15/14 454 820,000 Boyd Gaming Corp., 7.75%, 12/15/12 730 1,295,000 Carrols Corp., 9.00%, 1/15/13 952 1,011,000 D.R. Horton Inc., 5.375%, 6/15/12 814 1,300,000 DaimlerChrysler NA Holding, 6.50%, 11/15/13 1,247 930,000 Dave & Buster's Inc., 11.25%, 3/15/14 535 990,000 Denny's Holdings Inc., 10.00%, 10/1/12 807 1,100,000 Dollar General Corp., 10.625%, 7/15/15 1,100 1,205,000 Ford Motor Co., 6.50%, 8/1/18 235 660,000 Ford Motor Co., 7.45%, 7/16/31 149 1,940,000 Ford Motor Credit Co., 7.00%, 10/1/13 1,209 1,085,000 Gamestop Corp., 8.00%, 10/1/12 1,080 940,000 Goodyear Tire & Rubber, 9.00%, 7/1/15 872 1,140,000 Harrah's Operating Co. Inc. 144A, 10.75%, 2/1/16 (b) 274 1,495,000 Hertz Corp., 8.875%, 1/1/14 983 1,000,000 Host Marriott LP, 7.125%, 11/1/13 870 1,235,000 Isle of Capri Casinos, 7.00%, 3/1/14 618 980,000 Jarden Corp., 7.50%, 5/1/17 711 1,265,000 KB Home & Broad Home Corp., 6.375%, 8/15/11 1,082 1,245,000 MGM Mirage Inc., 6.00%, 10/1/09 1,198 1,775,000 MGM Mirage Inc., 6.75%, 4/1/13 1,037 1,250,000 Michaels Stores Inc., 10.00%, 11/1/14 569 855,000 Mohegan Tribal Gaming, 6.125%, 2/15/13 564 1,235,000 Neiman Marcus Group Inc., 9.00%, 10/15/15 556 980,000 NPC International, Inc., 9.50%, 5/1/14 779 1,405,000 Penn National Gaming Inc., 6.75%, 3/1/15 1,145 885,000 Phillips Van-Heusen, 7.25%, 2/15/11 833 650,000 Rent-A-Center, 7.50%, 5/1/10 601 625,000 Rock-Tennessee Co., 8.20%, 8/15/11 622 990,000 Sally Holdings LLC, 9.25%, 11/15/14 916 995,000 Tenneco Inc., 8.625%, 11/15/14 308 1,085,000 United Rentals, 6.50%, 2/15/12 895 2,680,000 Wynn Las Vegas LLC, 6.625%, 12/1/14 1,966 1,000,000 Yankee Acquisition Corp., 8.50%, 2/15/15 485 ------------ 29,522 ------------ CONSUMER NON-CYCLICALS (9%) 1,520,000 Albertson's Inc., 7.50%, 2/15/11 1,520 1,295,000 Albertson's Inc., 8.00%, 5/1/31 1,004 1,600,000 Alliance One International Inc., 11.00%, 5/15/12 1,400 440,000 American Achievement Corp. 144A, 8.25%, 4/1/12 (b) 354 1,000,000 Anheuser-Bush 144A, 7.75%, 1/15/19 (b) 1,016 1,000,000 Aramark Corp., 4.67%, 2/1/15 814 1,545,000 Aramark Services Inc., 8.50%, 2/1/15 1,510 1,145,000 Constellation Brands Inc., 7.25%, 9/1/16 1,099 2,200,000 Corrections Corporation of America, 6.25%, 3/15/13 2,151 900,000 Dean Foods Co., 7.00%, 6/1/16 837 1,500,000 Del Monte Corp., 8.625%, 12/15/12 1,530 385,000 Delhaize America Inc., 9.00%, 4/15/31 442 1,100,000 Delhaize Group, 6.50%, 6/15/17 1,081 485,000 Elizabeth Arden Inc., 7.75%, 1/15/14 352 1,000,000 Geo Group Inc., 8.25%, 7/15/13 885 1,520,000 Iron Mountain Inc., 7.75%, 1/15/15 1,518 1,210,000 Jostens IH Corp., 7.625%, 10/1/12 1,095 885,000 Leslie's Poolmart, 7.75%, 2/1/13 712 1,200,000 Levi Strauss and Co., 9.75%, 1/15/15 995 1,140,000 Pinnacle Entertainment, 7.50%, 6/15/15 832 1,360,000 Smithfield Foods Inc., 8.00%, 10/15/09 1,329 1,900,000 Staples Inc., 9.75%, 1/15/14 2,023 1,455,000 Stater Brothers Holdings, 8.125%, 6/15/12 1,448 960,000 Susser Holdings LLC, 10.625%, 12/15/13 898 ------------ 26,845 ------------ ENERGY (15%) 1,215,000 Allegheny Energy Supply, 7.80%, 3/15/11 1,224 620,000 Amerigas Partner/Eagle Finance, 7.125%, 5/20/16 574 1,370,000 Basic Energy Services, 7.125%, 4/15/16 856 1,920,000 Chesapeake Energy Corp., 6.875%, 1/15/16 1,656 1,395,000 Chesapeake Energy Corp., 6.875%, 11/15/20 1,123 1,200,000 Chesapeake Energy Corp., 9.50%, 2/15/15 1,182 800,000 Cimarex Energy Co.,7.125%, 5/1/17 696 780,000 Colorado Interstate Gas, 6.80%, 11/15/2015 731 700,000 Complete Production Service, 8.00%, 12/15/16 494 430,000 Dynegy Holdings Inc., 7.75%, 6/1/19 335 1,170,000 Dynegy Holdings Inc., 8.38%, 5/1/16 959 1,050,000 El Paso Corp., 12.00%, 12/12/13 1,131 2,000,000 El Paso Corp., 7.00%, 6/15/17 1,840 1,185,000 El Paso Corp., 7.75%, 1/15/32 924 6,760,000 Energy Future Holdings, 10.875%, 11/1/17 5,374 1,500,000 Energy Partners Ltd., 9.75%, 4/15/14 488 1,100,000 Enterprise Products, 5.60%, 10/15/14 1,026 1,930,000 Forest Oil Corp., 7.25%, 6/15/19 1,616 620,000 Intergen NV 144A, 9.00%, 6/30/17 (b) 580 1,190,000 Knight Inc., 6.50%, 9/1/12 1,119 1,000,000 Mariner Energy, Inc., 8.00%, 5/15/17 645 330,000 Massey Energy Co., 6.875%, 12/15/13 290 625,000 Newfield Exploration Co., 6.625%, 4/15/16 556 1,000,000 Opti Canada Inc., 8.25%, 12/15/14 465 1,105,000 Peabody Energy Corp., 7.375%, 11/1/16 1,083 1,695,000 Petrohawk Energy Corp. 144A, 10.50%, 8/1/14 (b) 1,623 595,000 Petroquest Energy Inc., 10.375%, 5/15/12 461 1,395,000 Pioneer Natural Resource, 5.875%, 7/15/16 1,090 900,000 Plains Exploration & Pro, 7.00%, 3/15/17 757 1,145,000 Pride International Inc., 7.375%, 7/15/14 1,105 1,185,000 Range Resources Corp., 7.375%, 7/15/13 1,138 1,180,000 Reliant Energy Inc., 6.75%, 12/15/14 1,094 1,045,000 Sabine Pass LNG LP, 7.50%, 11/30/16 775 930,000 Sandridge Energy Inc. 144A, 8.00%, 6/1/18 (b) 739 1,470,000 Seitel Acquisition Corp., 9.75%, 2/15/14 520 1,155,000 SouthWestern Energy Co. 144A, 7.50%, 2/1/18 (b) 1,097 2,040,000 Stallion Oilfield Services 144A, 9.75%, 2/1/15 (b) 439 585,000 Targa Resources Inc., 8.50%, 11/1/13 366 890,000 Targa Resources Partners 144A, 8.25%, 7/1/16 (b) 645 1,185,000 Tesoro Corp., 6.625%, 11/1/15 938 560,000 Vedanta Resources PLC 144A, 9.50%, 7/18/18 (b) 322 1,200,000 Veolia Environnement, 6.00%, 6/1/18 1,125 700,000 W&T Offshore Inc. 144A, 8.25%, 6/15/14 (b) 487 ------------ 41,688 ------------ FINANCIAL (1%) 1,300,000 Goldman Sachs Group Inc., 5.625%, 1/15/17 1,086 1,600,000 Nuveen Investments Inc. 144A, 10.50%, 11/15/15 (b) 448 1,500,000 Pinnacle Foods Finance, 9.25%, 4/1/15 1,208 500,000 Prologis, 2.40%, 8/24/09 433 ------------ 3,175 ------------ HEALTHCARE (11%) 475,000 Accellent Inc., 10.50%, 12/1/13 340 1,100,000 Amerisourcebergen Corp., 5.88%, 9/15/15 1,005 2,520,000 Bausch & Lomb Inc. 144A, 9.875%, 11/1/15 (b) 2,224 1,580,000 Biomet, 10.00%, 10/15/17 1,612 2,470,000 Boston Scientific Corp., 6.40%, 6/15/16 2,279 3,060,000 Community Health Systems, 8.875%, 7/15/15 2,961 2,215,000 Davita Inc., 6.625%, 3/15/13 2,154 2,290,000 HCA Inc., 7.50%, 11/6/33 1,099 1,545,000 HCA Inc., 9.125%, 11/15/14 1,487 3,645,000 HCA Inc., 9.25%, 11/15/16 3,490 1,075,000 Healthsouth Corp., 10.75%, 6/15/16 1,066 1,400,000 Iasis Healthcare, 8.75%, 6/15/14 1,239 1,330,000 Omnicare Inc., 6.875%, 12/15/15 1,203 1,200,000 Psychiatric Solutions Inc., 7.75%, 7/15/15 990 2,825,000 Tenet Healthcare Corp., 6.50%, 6/1/12 2,500 1,000,000 United Health Group Inc., 6.00%, 6/15/17 910 900,000 United Surgical Partners, 8.875%, 5/1/17 648 500,000 Universal Hospital Services, 5.94%, 6/1/15 338 500,000 Universal Hospital Services, 8.50%, 6/1/15 425 335,000 Unumprovident Finance Co. 144A, 6.85%, 11/15/15 (b) 298 2,045,000 US Oncology Inc., 9.00%, 8/15/12 1,912 1,400,000 Vanguard Health Holding, 9.00%, 10/1/14 1,253 ------------ 31,433 ------------ INDUSTRIAL (5%) 2,505,000 Allied Waste North America, 6.125%, 2/15/14 2,407 605,000 American Railcar, 7.50%, 3/1/14 424 1,000,000 Baldor Electric Co., 8.63%, 2/15/17 845 640,000 Ball Corp., 6.875%, 12/15/12 643 1,445,000 Bombardier Inc. 144A, 6.75%, 5/1/12 (b) 1,304 655,000 Crown Cork & Seal, 8.00%, 4/15/23 586 1,335,000 Graham Packaging Co., 8.50%, 10/15/12 1,028 2,550,000 L-3 Communications Corp., 5.875%, 1/15/15 2,346 500,000 P.H. Glatfelter, 7.125%, 5/1/16 424 850,000 SPX Corp. 144A, 7.625%, 12/15/14 (b) 783 2,240,000 Steel Dynamics Inc., 7.375%, 11/1/12 2,026 750,000 Verso Paper Holdings LLC., 9.125%, 8/1/14 311 1,200,000 Xerox Corp., 5.50%, 5/15/12 1,114 ------------ 14,241 ------------ MORTGAGE BACKED (4%) 1,558,092 G2 4098 30YR, 5.50%, 3/20/38 1,596 1,965,923 G2 4194 30YR, 5.50%, 7/20/38 2,014 1,990,494 G2 4290 30YR, 5.50%, 11/20/38 2,039 2,023,448 G2 4291 30YR, 6.00%, 11/20/38 2,082 2,026,165 G2 4315 30YR, 5.50%, 12/20/38 2,077 1,994,600 G2 4316 30YR, 6.00%, 12/20/38 2,052 ------------ 11,860 ------------ TECHNOLOGY (3%) 650,000 Avago Technologies Finance, 11.875%, 12/1/15 488 500,000 Expedia Inc. 144A, 8.50%, 7/1/16 (b) 398 1,440,000 First Data Corp., 9.875%, 9/24/15 814 2,250,000 Freescale Semiconductor, 10.125%, 12/15/16 405 740,000 Sanmina-SCI Corp., 8.125%, 3/1/16 321 750,000 Seagate Technology HDD, 6.375%, 10/1/11 521 2,145,000 Sungard Data Systems Inc., 10.25%, 8/15/15 1,469 1,015,000 Sungard Data Systems Inc., 9.125%, 8/15/13 853 1,300,000 Unisys Corp., 6.875%, 3/15/10 826 1,695,000 Wind Acquisition Financial SA 144A, 10.75%, 12/1/15 (b) 1,517 ------------ 7,612 ------------ U.S. TREASURY (4%) 2,750,000 U.S. Treasury Note, 0.875%, 1/31/11 2,747 2,760,000 U.S. Treasury Note, 1.125%, 1/15/12 2,743 2,750,000 U.S. Treasury Note, 1.75%, 1/31/14 2,735 2,525,000 U.S. Treasury Note, 3.75%, 11/15/18 2,720 ------------ 10,945 ------------ UTILITIES (4%) 1,000,000 AES Corp. 144A, 8.00%, 6/1/20 (b) 915 1,860,000 Edison Mission Energy, 7.00%, 5/15/17 1,739 1,430,000 Edison Mission Energy, 7.625%, 5/15/27 1,169 1,530,000 Mirant North America Llc., 7.38%, 12/31/13 1,483 2,685,000 NRG Energy Inc., 7.375%, 2/1/16 2,564 2,120,000 PSEG Energy Holdings, 8.50%, 6/15/11 2,090 1,140,000 Sierra Pacific Resources, 8.625%, 3/15/14 1,061 1,525,000 Teco Energy Inc., 6.572%, 11/1/17 1,284 ------------ 12,305 ------------ TOTAL BONDS (COST-$277,183) 245,552 INVESTMENT COMPANY (COST-$43,193) (15%) 43,192,641 Paydenfunds Cash Reserves Money Market Fund * 43,193 ------------ TOTAL (COST-$320,376) (a) (101%) 288,745 LIABILITIES IN EXCESS OF OTHER ASSETS (-1%) (2,304) ------------ NET ASSETS (100%) $ 286,441 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 7,934 Unrealized depreciation (39,565) -------- Net unrealized depreciation $(31,631) ========
(b) 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. VALUATION INPUTS (000S)
Other Investments in Financial Level Securities Instruments - ----- -------------- ----------- Level 1 $ 43,193 $-- Level 2 245,552 -- Level 3 -- -- -------- --- Total $288,745 $-- ======== ===
Payden Tax Exempt Bond Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (97%) GENERAL OBLIGATION (41%) 600,000 California State, 5.50%, 8/1/21 $ 632 200,000 Dallas TX, 5.00%, 2/15/18 200 400,000 Florida State Board of Education, 5.75%, 6/1/12 430 295,000 Georgia State, 5.00%, 3/1/13 336 500,000 Gilroy, CA Unified School District., 5.25%, 8/1/19 (b) FGIC 529 400,000 Glendale, AZ, 5.30%, 7/1/12 425 500,000 Lower Merion, PA School District, 5.00%, 9/1/25 522 250,000 Maryland State, 5.00%, 2/15/18 283 200,000 Maryland State, 5.50%, 8/1/10 214 680,000 North Orange County Community College District, 0.00%, 8/1/25 (b) FGIC 272 5,000 Prince Georges County, MD, 5.50%, 5/15/13 (b) FSA 6 300,000 San Diego, CA Unified School District, 5.25%, 7/1/27 312 200,000 San Francisco CA, Bay Area Rapid Tran District, 5.00%, 8/1/26 207 125,000 Texas State, 5.375%, 10/1/13 141 500,000 Virginia State, 5.00%, 6/1/11 542 350,000 Wisconsin State, 5.00%, 5/1/19 (b) AMBAC 403 400,000 Oregon State, 0.65%, 6/1/40 400 250,000 Texas State, 8.5%, 12/1/26 250 ------------ 6,104 ------------ REVENUE (56%) AIRPORT/PORT (3%) 400,000 Metropolitan DC Airport Authority, 5.375%, 10/1/14 (b) FSA 415 HEALTHCARE (6%) 150,000 Allegheny County PA, Hospital Development Authority, 5.00%, 6/15/12 158 400,000 Multnomah County, OR Hospital Facilities Authority, 5.25%, 10/1/13 431 400,000 Missouri State Health and Educational Facilities, 0.50%, 9/1/30 400 ------------ 989 ------------ INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL (4%) 415,000 Golden State Tobacco Securitization Corp., 5.00%, 6/1/17 398 250,000 Union County, NJ Utilities Authority, 4.75%, 6/15/09 253 ------------ 651 ------------ LEASE (11%) 500,000 California State Public Works, 5.25%, 6/1/13 535 250,000 Charleston, SC Education Excellence Fin. Corp., 5.00%, 12/1/09 258 530,000 Lancaster, SC Edl Assistance, 5.25%, 12/1/17 567 300,000 Laurens County, S C School District, 5.25%, 12/1/22 281 ------------ 1,641 ------------ MUNICIPAL (3%) 400,000 Maine Municipal Bond Bank, 5.125%, 11/1/23 429 POLLUTION CONTROL (3%) 500,000 Lincoln County WY, Pollution Control, 0.95%, 8/1/15 500 PRE-REFUNDED (3%) 5,000 Georgia State, 5.00%, 3/1/13 6 300,000 Oregon State Department Admin. Services Lottery Revenue, 5.75%, 4/1/14 306 120,000 Utica, NY Industrial Development Agency, 6.875%, 12/1/14 123 ------------ 435 ------------ RECREATIONAL (4%) 500,000 Garden State Preservation Trust, 5.80%, 11/1/21 (b) FSA 561 TAX-BACKED (1%) 240,000 California Economic Recovery, 5.00%, 3/1/11 250 TRANSPORTATION (4%) 100,000 Los Angeles County, CA Transportation Authority, 5.00%, 7/1/09 (b) AMBAC 102 200,000 Missouri State Highways and Transportation Commission, 4.50%, 2/1/18 219 100,000 North TX Thruway Authority, 5.00%, 1/1/10 101 100,000 Texas State Transportation Commission, 5.00%, 4/1/18 115 ------------ 537 ------------ UNIVERSITY (4%) 300,000 Massachusetts State Health & Edl Facs Authority, 5.25%, 7/1/15 356 195,000 Richmond County, GA Dev Authority, 5.00%, 2/1/11 196 ------------ 552 ------------ WATER & SEWER (10%) 200,000 California State Department of Water Resources, 5.00%, 12/1/16 (b) MBIA 225 550,000 Dallas, TX Waterworks & Sewer System, 5.50%, 10/1/10 568 200,000 Los Angeles CA, Department of Water & Power, 5.00%, 7/1/44 (b) AMBAC 186 300,000 Ohio Water Development Authority, 5.00%, 6/1/13 342 205,000 Virginia State Resources Authority, 5.00%, 11/1/11 220 ------------ 1,541 ------------ TOTAL BONDS (COST-$14,396) 14,605 INVESTMENT COMPANY (COST-$288) (2%) 287,572 Dreyfus Tax Exempt Cash Management Fund 288 ------------ TOTAL (COST-$14,684) (a) (99%) 14,893 OTHER ASSETS, NET OF LIABILITIES (1%) 169 ------------ NET ASSETS (100%) $ 15,062 ============
All of the securities are held by the custodian in a segregated account. (a) Unrealized apprecation (depreciation) of securities is as follows: Unrealized appreciation $ 343 Unrealized depreciation (134) ----- Net unrealized appreciation $ 209 =====
(b) Payment of principal and/or interest is insured against default by a monoline insurer. AMBAC - American Municipal Bond Assurance Co. FGIC - Financial Guaranty Insurance Co. FSA - Financial Security Assurance MBIA - Municipal Bond Insurance Association VALUATION INPUTS (000S)
Other Investments in Financial Level Securities Instruments - ----- -------------- ----------- Level 1 $ 288 $-- Level 2 14,605 -- Level 3 -- -- ------- --- Total $14,893 $-- ======= ===
Payden California Municipal Income Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (97%) GENERAL OBLIGATION (33%) 600,000 California State, 5.00%, 2/1/23 598 650,000 California State, 5.00%, 2/1/32 592 1,000,000 California State, 5.00%, 3/1/17 (b) MBIA 1,075 830,000 California State, 5.00%, 6/1/14 901 1,000,000 California State, 5.00%, 6/1/32 909 585,000 Coast Community College District CA, 5.00%, 8/1/23 (b) FSA 608 1,100,000 Gilroy, CA Unified School District., 5.25%, 8/1/19 (b) FGIC 1,163 1,000,000 Los Angeles, CA Unified School District, 6.00%, 7/1/14 (b) FGIC 1,166 1,000,000 Los Angeles, City of CA, 5.00%, 9/1/10 1,050 250,000 Los Angeles, City of CA, 5.25%, 9/1/13 (b) FGIC 286 220,000 Los Gatos Joint Union High School District, 5.25%, 12/1/13 (b) FSA 255 1,000,000 Newport Mesa, CA School District, 5.00%, 8/1/15 (b) MBIA 1,072 1,320,000 North Orange County Community College District, 0.00%, 8/1/25 (b) FGIC 528 500,000 Puerto Rico Commonwealth Infrastructure Financing Authority, 5.50%, 10/1/34 519 1,000,000 Sacramento, CA City Unified School District, 5.75%, 7/1/15 1,042 450,000 San Carlos CA, School District, 0.00%, 10/1/18 (b) MBIA 284 800,000 San Francisco CA, Bay Area Rapid Tran District, 5.00%, 8/1/26 827 1,300,000 Santa Monica CA, Community College District, 0.00%, 8/1/12 (b) FGIC 1,194 ------------ 14,069 ------------ REVENUE (64%) AIRPORT/PORT (2%) 1,000,000 San Diego, CA Port District, 5.00%, 9/1/13 (b) MBIA $ 1,078 CORPORATE (3%) 1,200,000 SLM Corp., 1.29%, 7/27/09 1,155 ELECTRIC & GAS (7%) 1,000,000 California State Dept. of Water, 5.25%, 5/1/12 (b) FSA 1,098 1,060,000 Glendale, CA Electric Works, 5.75%, 2/1/14 (b) MBIA 1,127 600,000 Los Angeles, CA Water & Power, 5.00%, 7/1/13 (b) MBIA 678 ------------ 2,903 ------------ INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL (1%) 450,000 Golden State Tobacco Securitization Corp., 5.00%, 6/1/17 432 LEASE (8%) 750,000 California Infrastructure & Economic Development Bank, 5.25%, 10/1/12 (b) AMBAC 837 300,000 California State Public Works, 5.25%, 6/1/13 321 1,000,000 California State Public Works, 5.50%, 6/1/15 1,076 1,050,000 Orange County CA, 5.00%, 6/1/14 (b) MBIA 1,196 ------------ 3,430 ------------ PRE-REFUNDED (7%) 450,000 California Infrastructure & Economic Development Bank, 5.25%, 7/1/21 (b) FSA 525 1,200,000 California State Dept. of Water, 5.375%, 5/1/22 1,370 310,000 Cerritos CA, Community College District, 5.00%, 8/1/25 (b) MBIA 362 500,000 Puerto Rico Infrastructure Financing Authority SPL, 5.50%, 10/1/17 534 120,000 Utica, NY Industrial Development Agency, 6.875%, 12/1/14 123 ------------ 2,914 ------------ RESOURCE RECOVERY (3%) 1,000,000 Sacramento County, CA Sanitation District, 6.00%, 12/1/15 1,083 TAX ALLOCATION (1%) 195,000 Contra Costa County, CA, 5.125%, 8/1/11 199 120,000 San Dimas, CA Redevelopment Agency Tax Allocation, 6.75%, 9/1/16 (b) FSA 120 ------------ 319 ------------ TAX-BACKED (3%) 1,100,000 California State Economic Recovery, 5.25%, 7/1/12 1,193 TRANSPORTATION (5%) 1,000,000 Puerto Rico Highway and Transportation Authority, 5.50%, 7/1/15 (b) FSA 1,067 1,000,000 San Mateo County, CA Transit District, 5.50%, 6/1/17 (b) MBIA 1,238 ------------ 2,305 ------------ UNIVERSITY (5%) 200,000 California Educational Facilities Authority, 5.70%, 10/1/11 (b) MBIA 220 500,000 California State University Revenue, 5.00%, 11/1/13 (b) AMBAC 564 1,200,000 University of CA, 5.00%, 5/15/22 1,263 ------------ 2,047 ------------ WATER & SEWER (19%) 200,000 Brentwood CA, Infrastructure Financing Authority, 5.50%, 7/1/20 225 1,015,000 California Infrastructure & Economic Development Bank, 5.00%,10/1/12 1,140 1,000,000 California State, Department of Water, 5.00%, 12/1/28 1,016 1,245,000 Central Marin Sanitation Agency, CA, 5.00%, 9/1/18 (b) MBIA 1,354 500,000 Los Angeles CA, Department of Water & Power, 5.00%, 7/1/13 (b) AMBAC 567 1,000,000 Los Angeles CA, Department of Water & Power, 5.00%, 7/1/44 (b) AMBAC 931 225,000 Los Angeles County, CA Sanitation District, 5.00%, 10/1/13 (b) FSA 256 500,000 Metropolitan Water District, Southern CA, 5.00%, 7/1/17 588 550,000 San Diego County, CA Water Authority, 5.00%, 5/1/21 (b) FSA 595 500,000 Santa Clara Valley, CA 5.00%, 6/1/15 (b) FSA 580 900,000 Irvine, CA Improvement Bond Act, 0.33%, 10/1/10 900 ------------ 8,152 ------------ TOTAL BONDS (COST-$39,765) 41,080 INVESTMENT COMPANY (COST-$820) (2%) 819,772 Dreyfus General CA Municipal Money Market Fund 820 ------------ TOTAL (COST-$40,585) (a) (99%) 41,900 OTHER ASSETS, NET OF LIABILITIES (1%) 572 ------------ NET ASSETS (100%) $ 42,472 ============
All of the securities are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows : Unrealized appreciation $1,724 Unrealized depreciation (409) ------ Net unrealized appreciation $1,315 ======
(b) Payment of principal and/or interest is insured against default by a monoline insurer. AMBAC - American Municipal Bond Assurance Co. FGIC - Financial Guaranty Insurance Co. FSA - Financial Security Assurance MBIA - Municipal Bond Insurance Association VALUATION INPUTS (000S)
Other Investments in Financial Level Securities Instruments - ----- -------------- ----------- Level 1 $ 1,720 $-- Level 2 40,180 -- Level 3 -- -- ------- --- Total $41,900 $-- ======= ===
Payden Global Short Bond Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (95%) AUSTRALIA (USD) (0%) 100,000 National Australia Bank 144A, 2.204%, 9/11/09(b) $ 100 BERMUDA (USD) (1%) 270,000 Ingersoll-Rand Finance I, 3.67%, 8/13/10 251 BRAZIL (USD) (1%) 640,000 Republic of Brazil, 11.00%, 1/11/12 765 CANADA (EUR) (1%) 250,000 Toronto-Dominion Bank, 4.288%, 9/10/10 316 CANADA (USD) (1%) 195,000 Bombardier Inc. 144A, 6.75%, 5/1/12 (b) 176 400,000 Province of Ontario, 3.125%, 9/8/10 404 ------------ 580 ------------ COLOMBIA (USD) (1%) 680,000 Republic of Colombia, 10.00%, 1/23/12 767 CROATIA (USD) (1%) 360,000 Croatia, 2.50%, 7/31/10 337 FRANCE (USD) (0%) 250,000 SFEF 144A, 2.125%, 1/30/12 (b) 248 GERMANY (EUR) (6%) 2,110,000 Bundesschatzanweisungen, 4.00%, 12/11/09 2,763 250,000 E. ON International Finance BV, 5.75%, 5/29/09 324 ------------ 3,087 ------------ MEXICO (USD) (2%) 810,000 America Movil SA de CV, 4.125%, 3/1/09 812 NETHERLANDS (EUR) (8%) 500,000 Neder Waterschapsbank, 4.625%, 7/25/11 669 2,500,000 Netherlands Government, 2.75%, 4/15/09 3,212 ------------ 3,881 ------------ NETHERLANDS (GBP) (1%) 200,000 Linde Finance BV, 5.875%, 4/29/09 289 PANAMA (USD) (1%) 710,000 Republic of Panama, 9.375%, 7/23/12 770 PERU (USD) (2%) 720,000 Republic of Peru, 9.125%, 2/21/12 810 PHILIPPINES (USD) (1%) 370,000 Republic of Philippines, 9.875%, 3/16/10 395 SUPRANATIONAL (EUR) (2%) 750,000 European Investment Bank, 4.75%, 4/15/11 1,010 SUPRANATIONAL (USD) (1%) 400,000 International Bank for Reconstruction & Development, 3.125%, 11/15/11 407 SWEDEN (EUR) (0%) 250,000 Vattenfall Treasury AB, 6.00%, 4/3/09 322 UNITED KINGDOM (EUR) (2%) 550,000 Barclays Bank PLC, 4.25%, 10/27/11 736 250,000 Standard Chartered Bank, 5.375%, 5/6/09 317 ------------ 1,053 ------------ UNITED KINGDOM (GBP) (2%) 890,000 CPUK Mortgage Finance Ltd., 2.96%, 10/10/18 739 315,000 JTI UK Finance PLC, 6.625%, 5/21/09 458 ------------ 1,197 ------------ UNITED KINGDOM (USD) (2%) 500,000 Arkle Master Issuer Plc 144A, 2.52%, 2/17/52 (b) 426 275,000 BP Capital Markets PLC, 5.25%, 11/7/13 292 375,000 Vodafone Group PLC, 7.75%, 2/15/10 388 ------------ 1,106 ------------ UNITED STATES (GBP) (1%) 199,000 JP Morgan Chase & Co., 6.00%, 12/7/09 291 UNITED STATES (USD) (58%) 290,000 3M Co., 4.50%, 11/1/11 304 400,000 Allstate Life Global Fund Trust, 4.50%, 5/29/09 401 600,000 AT&T Inc., 4.85%, 2/15/14 604 180,000 Boston Scientific Corp., 6.00%, 6/15/11 175 405,000 Bottling Group LLC, 6.95%, 3/15/14 464 506,225 Capital Auto Receivables Asset Trust, 0.39%, 7/15/10 479 350,000 Cisco Systems Inc., 5.25%, 2/22/11 366 350,000 Comcast Cable Communications 6.875%, 06/15/09 353 500,000 ConocoPhillips, 4.75%, 2/1/14 505 195,000 CSC Holdings Inc., 7.625%, 4/1/11 195 195,000 Dynegy Holdings Inc., 6.875%, 4/1/11 180 195,000 Echostar DBS Corp., 6.375%, 10/1/11 188 250,000 Erac USA Finance Co. 144A, 1.43%, 4/30/09 (b) 241 1,309,114 FG G13328 30YR, 6.00%, 11/1/22 1,364 50,000 FHLMC, 4.125%, 9/27/13 54 50,000 FNMA, 2.875%, 12/11/13 51 1,959,470 G2 4040 30YR, 6.50%, 10/20/37 2,033 1,265,844 G2 4116 30YR, 6.50%, 4/20/38 1,313 946,685 G2 4195 30YR, 6.00%, 7/20/38 974 500,000 General Electric Capital Corp., 3.125%, 4/1/09 501 165,000 Georgia-Pacific Corp., 8.125%, 5/15/11 160 1,144,033 GN 664471 30YR, 6.00%, 12/15/37 1,179 2,767,027 GN 672629 30YR, 6.00%, 3/15/38 2,852 1,244,046 GN 676709 30YR, 6.00%, 2/15/38 1,282 464,582 GN 680646 30YR, 6.00%, 12/15/37 479 140,000 Goldman Sachs Group Inc., 3.25%, 6/15/12 144 500,000 Grace Church Mortgage Financing PLC 144A, 2.60%, 11/20/56 (b) 404 750,000 Granite Master Trust PLC, 0.789%, 12/17/54 113 1,782,956 GSR Mortgage Loan Trust, 4.539%, 9/25/35 1,468 1,488,237 Harborview Mortgage Loan Trust, 5.301%, 12/19/35 821 250,000 John Deere Capital Corp., 4.40%, 7/15/09 253 305,000 John Deere Capital Corp., 4.875%, 3/16/09 306 180,000 JP Morgan Chase & Co., 3.125%, 12/1/11 185 185,000 Mirant Americas Generator Inc., 8.30%, 5/1/11 183 340,000 Morgan Stanley, 2.90%, 12/1/10 348 175,000 Nalco Co., 7.75%, 11/15/11 170 400,000 National Rural Utilities, 5.75%, 8/28/09 408 200,000 North TX Thruway Authority, 5.00%, 1/1/38 204 495,000 Oracle Corp., 5.00%, 1/15/11 517 410,000 Procter & Gamble Co., 2.36%, 3/9/10 409 85,000 Qwest Capital Funding, 7.25%, 2/15/11 79 185,000 Rock-Tennessee Co., 8.20%, 8/15/11 184 2,000,000 SLM Corp., 1.31%, 7/26/10 1,766 195,000 Sprint Capital Corp., 8.375%, 3/15/12 155 195,000 Steel Dynamics Inc., 7.375%, 11/1/12 176 1,455,957 Thornburg Mortgage Securities Trust, 4.04%, 3/25/44 1,106 420,000 U.S. Treasury Note, 0.875%, 12/31/10 420 400,000 U.S. Treasury Note, 3.25%, 12/31/09 410 195,000 US Oncology Inc., 9.00%, 8/15/12 182 600,000 Verizon California Inc., 6.70%, 9/1/09 615 500,000 Wal-Mart Stores Inc., 6.875%, 8/10/09 513 1,665,473 Washington Mutual, 6.04%, 10/25/36 1,416 ------------ 29,652 ------------ TOTAL BONDS (COST-$53,884) 48,446 INVESTMENT COMPANY (COST-$1,125) (2%) 1,124,891 Paydenfunds Cash Reserves Money Market Fund * 1,125 ------------ TOTAL (COST-$55,009) (a) (97%) 49,571 OTHER ASSETS, NET OF LIABILITIES (3%) 1,323 ------------ NET ASSETS (100%) $ 50,894 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 370 Unrealized depreciation (5,808) ------- Net unrealized depreciation $(5,438) =======
(b) 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. VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ------- -------------- --------------- Level 1 $ 1,125 $52 Level 2 48,446 -- Level 3 -- -- ------- --- Total $49,571 $52 ======= ===
OPEN FORWARD CURRENCY CONTRACTS TO USD
Contract Unrealized Delivery Contract Value Appreciation Date Currency (000s) Price (000s) (000s) - --------- --------------- -------- -------- ------------ ASSETS: 2/11/2009 British Pound (Sell 1,317) 1.4412 $1,898 $103 2/11/2009 Euro (Sell 7,651) 1.2811 9,801 648 ---- $751 ====
OPEN FUTURES CONTRACTS
Unrealized Current Appreciation Number of Expiration Value (Depreciation) Contracts Contract Type Date (000s) (000s) - --------- ------------- ---------- ------- -------------- 66 Euro-Schatz Future Mar-09 $ 9,116 $ 66 61 U.S. Treasury 2 Year Note Future Mar-09 13,276 (14) ---- $ 52 ====
Payden Global Fixed Income Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (94%) AUSTRALIA (EUR) (1%) 310,000 Australia & New Zealand Banking Group, 5.25%, 5/20/13 $ 399 AUSTRALIA (USD) (0%) 235,000 BHP Billiton Finance, 4.80%, 4/15/13 224 AUSTRIA (EUR) (1%) 430,000 Oekb Oest. Kontrollbank, 4.125%, 2/21/12 570 BRAZIL (USD) (1%) 380,000 Republic of Brazil, 6.00%, 1/17/17 378 120,000 Republic of Brazil, 8.875%, 10/14/19 141 175,000 Vale Overseas Ltd., 6.88%, 11/21/36 151 ------------ 670 ------------ CANADA (CAD) (3%) 3,176,000 Canadian Government, 5.00%, 6/1/14 2,912 CANADA (EUR) (0%) 150,000 Toronto-Dominion Bank, 5.375%, 5/14/15 187 COLOMBIA (USD) (0%) 230,000 Republic of Colombia, 7.38%, 1/27/17 233 FRANCE (EUR) (6%) 350,000 BNP Paribas Covered, 3.75%, 12/13/11 452 310,000 BNP Paribas, 4.75%, 4/4/11 405 270,000 CIE Financement Foncier, 5.75%, 10/4/21 373 200,000 Danone Finance, 6.375%, 2/4/14 278 290,000 Dexia Municipal Agency, 5.25%, 2/6/17 392 140,000 France Telecom, 7.25%, 1/28/13 194 1,200,000 Government of France, 4.75%, 4/25/35 1,663 150,000 LVMH Moet-Hennessy, 4.625%, 7/1/11 194 515,000 Reseau Ferre De France, 5.25%, 4/14/10 686 200,000 Schneider Electric SA, 5.375%, 1/8/15 247 490,000 SFEF, 3.25%, 1/16/14 629 300,000 Veolia Environnement, 4.00%, 2/12/16 338 ------------ 5,851 ------------ FRANCE (GBP) (1%) 80,000 Total Capital SA, 5.50%, 1/29/13 122 GERMANY (EUR) (15%) 270,000 Bundesobligation 147, 2.50%, 10/8/10 351 497 Bundesobligation, 2.25%, 4/15/13 1 1,150,000 Bundesrepublic Deutschland, 4.00%, 1/4/18 1,565 910,000 Bundesrepublic Deutschland, 4.00%, 1/4/37 1,174 2,800,000 Bundesrepublic Deutschland, 4.25%, 1/4/14 3,878 500,000 Bundesschatzanweisungen, 4.75%, 6/11/10 669 150,000 Deutsche Bank AG, 4.50%, 3/7/11 196 870,000 Deutsche Bundesrepublik, 4.50%, 1/4/13 1,207 465,000 Deutsche Bundesrepublik, 6.25%, 1/4/24 747 130,000 Deutsche Telekom Int'l Finance, 8.125%, 5/29/12 181 155,000 E.ON International Finance BV, 5.125%, 5/7/13 205 300,000 Eurohypo AG 144A, 4.50%, 1/21/13 (b) 403 1,000,000 German Treasury Bill, 0.00%, 4/22/09 1,278 400,000 KFW, 4.375%, 7/4/18 528 285,000 Munich RE, 6.75%, 6/21/23 336 310,000 Norddeutsche Landesbank, 4.25%, 3/15/12 411 200,000 RWE Finance BV, 6.625%, 1/31/19 272 480,000 Voith AG, 5.375%, 6/21/17 535 ------------ 13,937 ------------ GERMANY (GBP) (0%) 140,000 KFW, 5.50%, 12/7/15 221 155,000 Linde Finance BV, 5.875%, 4/24/23 195 ------------ 416 ------------ INDONESIA (USD) (0%) 230,000 Republic of Indonesia, 7.50%, 1/15/16 191 IRELAND (EUR) (1%) 350,000 DEPFA ACS Bank, 3.50%, 3/16/11 431 ITALY (EUR) (2%) 550,000 Buoni del Tesoro Poliennali, 6.50%, 11/1/27 805 950,000 Buoni Poliennali Del Tesoro, 5.25%, 8/1/17 1,296 ------------ 2,101 ------------ JAPAN (JPY) (16%) 77,000,000 Japan-19 (30 Year Issue), 2.30%, 6/20/35 910 555,000,000 Japan-253 (10 Year Issue), 1.60%, 9/20/13 6,438 340,000,000 Japan-283 (10 Year Issue), 1.80%, 9/20/16 4,029 255,000,000 Japan-289 (10 Year Issue), 1.50%, 12/20/17 2,931 140,000,000 Japan-61 (20 Year Issue), 1.00%, 3/20/23 1,416 ------------ 15,724 ------------ MEXICO (USD) (0%) 150,000 United Mexican States, 5.625%, 1/15/17 146 290,000 United Mexican States, 6.75%, 9/27/34 275 ------------ 421 ------------ NETHERLANDS (EUR) (1%) 500,000 Neder Waterschapsbank, 4.00%, 3/12/13 657 NETHERLANDS (GBP) (0%) 130,000 BK Nederlandse Gemeenten, 5.75%, 1/18/19 203 PANAMA (USD) (0%) 230,000 Republic of Panama, 9.375%, 4/1/29 259 PERU (USD) (0%) 210,000 Republic of Peru, 8.375%, 5/3/16 233 PHILIPPINES (USD) (0%) 190,000 Republic of Philippines, 9.875%, 1/15/19 216 RUSSIAN FEDERATION (USD) (0%) 240,000 Gazprom, 7.288%, 8/16/37 150 SPAIN (EUR) (1%) 400,000 Banco Santander SA, 4.25%, 5/6/13 521 170,000 Telefonica Emisiones, 4.375%, 2/2/16 199 ------------ 720 ------------ SPAIN (GBP) (0%) 100,000 Telefonica Emisiones Sau, 5.88%, 1/31/14 146 SUPRANATIONAL (EUR) (1%) 190,000 European Investment Bank, 4.125%, 4/15/24 235 290,000 European Investment Bank, 4.75%, 10/15/17 397 ------------ 632 ------------ SUPRANATIONAL (GBP) (0%) 135,000 European Investment Bank, 4.875%, 9/7/16 206 SWITZERLAND (EUR) (0%) 200,000 Glencore Finance Europe, 5.25%, 10/11/13 154 TURKEY (USD) (0%) 220,000 Republic of Turkey, 6.75%, 4/3/18 205 UNITED KINGDOM (EUR) (3%) 60,000 Astrazeneca PLC, 5.125%, 1/15/15 79 205,000 Barclays Bank PLC, 4.50%, 3/4/19 220 260,000 British Telecom Plc, 5.25%, 6/23/14 300 190,000 Diageo Finance PLC, 6.625%, 12/5/14 256 120,000 GlaxoSmithKline Capital, 5.625%, 12/13/17 155 310,000 HSBC Bank PLC, 3.875%, 11/9/11 403 160,000 National Grid PLC, 4.125%, 3/21/13 192 160,000 Rolls-Royce PLC, 4.50%, 3/16/11 204 185,000 Royal Bank of Scotland Group PLC, 5.25%, 5/15/13 233 90,000 Tesco Plc, 3.875%, 3/24/11 116 170,000 Vodafone Group, 3.625%, 11/29/12 213 ------------ 2,371 ------------ UNITED KINGDOM (GBP) (4%) 600,000 Canary Wharf Finance Plc, 2.75%, 10/22/37 476 220,000 HSBC Bank PLC, 5.38%, 11/4/30 271 100,000 Legal & General Group, 6.385%, 5/2/49 69 150,000 Lloyds TSB Bank PLC, 6.963%, 5/29/20 208 50,000 UK Treasury, 4.75%, 12/7/38 76 34,000 UK Treasury, 5.00%, 3/7/18 54 600,000 UK Treasury, 5.00%, 9/7/14 960 1,300,000 United Kingdom Gilt, 4.25%, 3/7/36 1,805 ------------ 3,919 ------------ UNITED KINGDOM (USD) (0%) 235,000 GlaxoSmithKline Capital Inc., 5.65%, 5/15/18 252 UNITED STATES (EUR) (1%) 150,000 American Honda Finance, 3.75%, 3/16/11 182 160,000 BMW US Capital LLC, 5.00%, 5/28/15 188 180,000 GE Capital Euro Funding, 5.25%, 5/18/15 217 235,000 Procter & Gamble Co., 3.375%, 12/7/12 300 ------------ 887 ------------ UNITED STATES (GBP) (0%) 200,000 BA Credit Card Trust, 5.45%, 9/17/13 244 UNITED STATES (USD) (37%) 271,000 ACE INA Holdings Inc., 5.88%, 6/15/14 270 272,000 Allergan Inc., 5.75%, 4/1/16 259 215,000 AT&T Wireless, 8.125%, 5/1/12 234 196,000 AT&T Wireless, 8.75%, 3/1/31 232 228,000 Bank of America Corp., 4.25%, 10/1/10 227 41,912 Bear Stearns Alt-A Trust, 5.41%, 6/25/34 28 250,000 Bear Stearns Co. Inc., 5.55%, 1/22/17 228 220,000 Cisco Systems Inc., 5.25%, 2/22/11 230 245,000 Citigroup Inc., 5.30%, 1/7/16 211 221,000 Comcast Corp., 6.50%, 1/15/17 224 240,000 ConocoPhillips, 5.20%, 5/15/18 237 235,000 Costco Wholesale Corp., 5.50%, 3/15/2017 246 426,000 Cox Communications Inc., 5.45%, 12/15/14 393 230,000 Credit Suisse First Boston, 6.125%, 11/15/11 234 376,000 DaimlerChrysler NA Holding, 5.75%, 9/8/11 357 165,000 Dr. Pepper Snapple Group, 6.82%, 5/1/18 156 159,000 ERP Operating Lp, 5.375%, 8/1/16 128 3,596,917 FGLMC G02252, 5.50%, 7/1/36 3,684 2,602,383 FHLMC G02385, 6.00%, 11/1/36 2,688 1,012,211 FN 254766, 5.00%, 6/1/33 1,032 1,111,127 G2 4049 30YR, 6.00%, 11/20/37 1,143 1,474,433 G2 4170 30YR, 6.00%, 6/20/38 1,517 475,000 General Electric Capital Corp., 5.625%, 5/1/18 439 225,000 General Mills Inc., 6.00%, 2/15/12 236 3,690,000 GNMA 5.50%, 30YR TBA (c) 3,781 95,642 Greenpoint Mortgage Funding Trust, 0.66%, 6/25/45 29 120,000 Hartford Financial Services Group, 6.00%, 1/15/19 95 245,000 HSBC Finance Corp., 5.00%, 6/30/15 222 230,000 IBM Corp., 4.95%, 3/22/11 242 120,000 IBM Corp., 5.88%, 11/29/32 120 56,449 Indymac Indx Mortgage Loan Trust, 5.48%, 10/25/34 37 225,000 JP Morgan Chase & Co., 5.60%, 6/1/11 230 235,000 Kellogg Co., 5.125%, 12/3/12 246 170,000 Lockheed Martin Corp., 6.15%, 9/1/36 169 235,000 Marathon Oil Corp., 5.90%, 3/15/18 204 110,000 Medco Health Solutions, 7.25%, 8/15/13 108 177,000 Midamerican Energy Holdings, 6.125%, 4/1/36 166 235,000 National Rural Utilities, 4.75%, 3/1/14 234 192,000 News America Inc., 6.40%, 12/15/35 178 240,000 Oracle Corp., 5.75%, 4/15/18 250 283,000 Pacific Gas & Electric, 4.80%, 3/1/14 286 224,544 Structured ARM Loan Trust, 5.15%, 10/25/34 155 245,000 Target Corp., 4.00%, 6/15/13 240 468,266 Thornburg Mortgage Securities Trust, 0.75%, 9/25/34 377 181,000 Time Warner Cable Inc., 6.55%, 5/1/37 173 230,000 Time Warner Inc., 6.875%, 5/1/12 231 1,515,659 U.S. Treasury Inflation Indexed, 0.875%, 4/15/10 1,475 4,000,000 U.S. Treasury Note, 2.00%, 11/30/13 4,039 206,000 U.S. Treasury Note, 3.125%, 9/30/13 219 2,470,000 U.S. Treasury Note, 4.00%, 8/15/18 2,712 1,500,000 U.S. Treasury Note, 4.25%, 11/15/14 1,692 100,000 U.S. Treasury Note, 4.25%, 11/15/17 111 390,000 U.S. Treasury Note, 4.375%, 2/15/38 442 150,000 U.S. Treasury Note, 4.63%, 11/15/16 170 570,000 U.S. Treasury Note, 6.375%, 8/15/27 758 255,000 Valero Energy Corp., 6.875%, 4/15/12 257 220,000 Verizon Global Corp., 7.25%, 12/1/10 235 269,000 Viacom Inc., 5.625%, 8/15/12 234 230,000 Wal-Mart Stores Inc., 5.00%, 4/5/12 245 230,000 Wells Fargo Co., 5.625%, 12/11/17 227 120,000 XTO Energy Inc., 5.50%, 6/15/18 111 ------------ 35,333 ------------ TOTAL BONDS (COST-$93,529) 91,176 INVESTMENT COMPANIES (COST-$5,947) (6%) 2,119,412 Paydenfunds Cash Reserves Money Market Fund * 2,119 521,725 Paydenfunds High Income Fund * 3,141 ------------ 5,260 ------------ TOTAL (COST-99,476) (a) (100%) 96,436 OTHER ASSETS, NET OF LIABILITIES (0%) 180 ------------ NET ASSETS (100%) $ 96,616 ============
* Affiliated investments All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 4,212 Unrealized depreciation (7,252) ------- Net unrealized depreciation $(3,040) =======
(b) 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. (c) Security purchased on a delayed delivery basis. VALUATION INPUTS (000S)
Other Investments in Financial Level Securities Instruments - ----- -------------- ----------- Level 1 $ 5,260 $16 Level 2 91,176 -- Level 3 -- -- ------- --- Total $96,436 $16 ======= ====
OPEN FORWARD CURRENCY CONTRACTS TO USD
Unrealized Contract Appreciation Delivery Contract Value (Depreciation) Date Currency (000s) Price (000s) (000s) - ----------- --------------- --------- -------- -------------- ASSETS: 2/23/2009 Australian Dollar (Sell 744) 0.6346 $ 472 $ 14 1/30/2009 British Pound (Buy 400) 1.4415 577 11 2/11/2009 British Pound (Sell 3,434) 1.4412 4,949 270 2/11/2009 Canadian Dollar (Sell 3,811) 1.2398 3,074 142 3/12/2009 Czech Republic Koruna (Sell 14,900) 21.8487 682 91 1/30/2009 Euro (Sell 430) 1.2813 551 15 2/11/2009 Euro (Sell 11,406) 1.2811 14,612 966 2/11/2009 Euro (Sell 11,976) 1.2811 15,342 1,009 2/18/2009 Euro (Sell 539) 1.2809 690 44 3/16/2009 Euro (Sell 729) 1.2805 933 37 2/5/2009 Hungary Forint (Sell 117,400) 232.6778 505 112 4/16/2009 Israeli Shekel (Sell 2,283) 4.0655 562 21 2/18/2009 Japanese Yen (Buy 67,300) 89.7615 750 7 2/26/2009 Malaysian Ringgit (Sell 2,714) 3.6092 752 15 2/26/2009 Singapore Dollar (Sell 1,139) 1.5109 754 6 3/19/2009 Swedish Krona (Buy 8,089) 8.2966 975 3 ------ $2,763 ====== LIABILITIES: 2/11/2009 British Pound (Sell 400) 1.4412 $ 576 $ (11) 2/5/2009 Euro (Buy 445) 1.2812 570 (58) 3/12/2009 Euro (Buy 566) 1.2805 725 (49) 2/12/2009 Japanese Yen (Sell 1,422,900) 89.7705 15,850 (495) 3/19/2009 Norwegian Krone (Sell 6,809) 6.9247 983 (13) ------ $ (626) ======
OPEN FUTURES CONTRACTS
Current Unrealized Number of Expiration Value Appreciation Contracts Contract Type Date (000s) (000s) - ---------- ------------- ---------- ------- ------------ 42 Euro-Schatz Future Mar-09 $5,801 $13 16 U.S. Treasury 10 Year Note Future Mar-09 1,963 3 --- $16 ===
Payden Emerging Markets Bond Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (89%) BRAZIL (BRL) (6%) 8,050,000 Nota Do Tesouro Nacional, 10.00%, 1/1/12 $ 3,307 2,250,000 Nota Do Tesouro Nacional, 10.00%, 1/1/17 840 1,120,000 Nota Do Tesouro Nacional, 6.00%, 5/15/17 792 ------------ 4,939 ------------ BRAZIL (USD) (11%) 660,000 Republic of Brazil, 10.50%, 7/14/14 815 1,130,000 Republic of Brazil, 12.25%, 3/6/30 1,729 850,000 Republic of Brazil, 5.875%, 1/15/19 816 930,000 Republic of Brazil, 7.125%, 1/20/37 960 740,000 Republic of Brazil, 7.875%, 3/7/15 818 770,000 Republic of Brazil, 8.25%, 1/20/34 872 1,030,000 Republic of Brazil, 8.75%, 2/4/25 1,195 1,440,000 Republic of Brazil, 8.875%, 10/14/19 1,688 ------------ 8,893 ------------ COLOMBIA (COP) (3%) 6,560,000,000 Republic of Colombia, 11.75%, 3/1/10 2,776 COLOMBIA (USD) (4%) 1,580,000 Republic of Colombia, 7.375%, 9/18/37 1,450 2,020,000 Republic of Colombia, 7.38%, 1/27/17 2,050 ------------ 3,500 ------------ DOMINICAN REPUBLIC (USD) (1%) 1,508,308 Dominican Republic, 9.04%, 1/23/18 1,124 GHANA (USD) (1%) 900,000 Republic of Ghana, 8.50%, 10/4/17 588 GUATEMALA (USD) (2%) 1,540,000 Republic of Guatemala, 9.25%, 8/1/13 1,617 INDONESIA (USD) (4%) 900,000 Republic of Indonesia, 6.875%, 1/17/18 682 1,900,000 Republic of Indonesia, 7.50%, 1/15/16 1,581 1,830,000 Republic of Indonesia, 8.50%, 10/12/35 1,356 ------------ 3,619 ------------ LEBANON (USD) (2%) 420,000 Lebanese Republic, 8.25%, 4/12/21 384 830,000 Lebanese Republic, 8.50%, 1/19/16 817 410,000 Lebanese Republic, 8.625%, 6/20/13 412 ------------ 1,613 ------------ MACAU (USD) (0%) 500,000 Galaxy Entertainment Financial 144A, 9.875%, 12/15/12 (b) 263 MALAYSIA (USD) (2%) 1,360,000 Malaysia, 7.50%, 7/15/11 1,475 MEXICO (MXN) (4%) 21,800,000 America Movil SA de CV, 9.00%, 1/15/16 1,479 22,000,000 Mexican Bonos, 9.00%, 12/22/11 1,613 ------------ 3,092 ------------ MEXICO (USD) (6%) 730,000 Mexico, 8.125%, 12/30/19 819 1,000,000 Pemex Project Funding Master Trust, 6.625%, 6/15/35 799 890,000 United Mexican States, 6.75%, 9/27/34 843 730,000 United Mexican States, 7.50%, 4/8/33 756 1,490,000 United Mexican States, 8.30%, 8/15/31 1,631 ------------ 4,848 ------------ PANAMA (USD) (4%) 1,030,000 Republic of Panama, 6.70%, 1/26/36 937 960,000 Republic of Panama, 7.25%, 3/15/15 1,001 780,000 Republic of Panama, 8.875%, 9/30/27 854 830,000 Republic of Panama, 9.375%, 4/1/29 936 ------------ 3,728 ------------ PERU (USD) (5%) 530,000 Republic of Peru, 6.55%, 3/14/37 474 1,460,000 Republic of Peru, 8.375%, 5/3/16 1,617 1,550,000 Republic of Peru, 9.875%, 2/6/15 1,825 ------------ 3,916 ------------ PHILIPPINES (USD) (9%) 1,090,000 Philippine Long Distance Telephone, 10.50%, 4/15/09 1,085 1,747,000 Republic of Philippines, 7.75% 1/14/31 1,703 1,860,000 Republic of Philippines, 8.00%, 1/15/16 1,944 800,000 Republic of Philippines, 8.375%, 6/17/19 832 1,800,000 Republic of Philippines, 9.875%, 1/15/19 2,047 ------------ 7,611 ------------ RUSSIAN FEDERATION (USD) (6%) 1,120,000 Gazprom, 7.288%, 8/16/37 700 890,000 Russia Government International Bond, 12.75%, 6/24/28 1,170 3,008,600 Russia Government International Bond, 7.50%, 3/31/30 2,813 ------------ 4,683 ------------ SOUTH AFRICA (USD) (2%) 1,640,000 Republic of South Africa, 6.50%, 6/2/14 1,615 TURKEY (USD) (5%) 1,300,000 Republic of Turkey, 6.75%, 4/3/18 1,209 1,190,000 Republic of Turkey, 7.00%, 6/5/20 1,065 1,690,000 Republic of Turkey, 8.00%, 2/14/34 1,546 ------------ 3,820 ------------ UNITED STATES (USD) (2%) 850,000 United Mexican States, 5.625%, 1/15/17 830 760,000 United Mexican States, 6.625%, 3/3/15 802 ------------ 1,632 ------------ URUGUAY (USD) (3%) 1,870,000 Republic of Uruguay, 8.00%, 11/18/22 1,715 460,000 Republica Orient Uruguay, 7.63%, 3/21/36 381 ------------ 2,096 ------------ VENEZUELA (USD) (7%) 2,070,000 Republic of Venezuela, 6.00%, 12/9/20 829 1,990,000 Republic of Venezuela, 7.00%, 3/31/38 776 2,480,000 Republic of Venezuela, 8.50%, 10/8/14 1,401 2,080,000 Republic of Venezuela, 9.25%, 5/7/28 926 2,975,000 Republic of Venezuela, 9.25%, 9/15/27 1,526 ------------ 5,458 ------------ TOTAL BONDS (COST-$80,080) 72,906 INVESTMENT COMPANY (COST-$9,075) (11%) 9,074,844 Paydenfunds Cash Reserves Money Market Fund * 9,075 ------------ TOTAL (COST-$89,155) (a) (100%) 81,981 OTHER ASSETS, NET OF LIABILITIES (0%) 146 ------------ NET ASSETS (100%) $ 82,127 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 1,468 Unrealized depreciation (8,642) ------- Net unrealized depreciation $(7,174) =======
(b) 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. VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ----- -------------- --------------- Level 1 $ 9,075 $ 62 Level 2 72,906 105 Level 3 - - Total $81,981 $167 ======= ====
OPEN FORWARD CURRENCY CONTRACTS TO USD
Unrealized Contract Appreciation Delivery Contract Value (Depreciation) Date Currency (000s) Price (000s) (000s) - --------- --------------- ---------- -------- -------------- ASSETS: 2/19/2009 Colombian Peso (Sell 7,438,500) 2,443.0667 $3,045 $ 283 2/19/2009 Czech Republic Koruna (Sell 12,090) 21.8478 553 78 2/19/2009 Hungary Forint (Sell 119,740) 232.6833 515 110 2/19/2009 Israeli Shekel (Sell 2,930) 4.0635 721 61 2/19/2009 Malaysian Ringgit (Sell 3,326) 3.6081 922 35 2/19/2009 Mexican New Peso (Sell 20,350) 14.3672 1,416 38 2/19/2009 Mexican New Peso (Sell 23,257) 14.3672 1,619 52 2/19/2009 Mexican New Peso (Sell 3,800) 14.3672 264 2 2/19/2009 New Taiwan Dollar (Sell 30,858) 33.5570 920 26 2/19/2009 Singapore Dollar (Sell 1,390) 1.5108 920 45 2/19/2009 South African Rand (Sell 6,000) 10.247166 586 47 2/19/2009 Turkish Lira (Sell 937) 1.6544 566 38 ----- $ 815 ===== LIABILITIES: 2/19/2009 Brazilian Real (Sell 4,010) 2.3330 $1,719 $ (20) 2/19/2009 Brazilian Real (Sell 410) 2.3330 176 (5) 2/19/2009 Brazilian Real (Sell 7,205) 2.3330 3,088 (59) 2/19/2009 Euro (Buy 825) 1.2809 1,057 (106) ----- $(190) =====
OPEN SWAP CONTRACTS (000S)
Fund Unrealized Receives Expiration Notional Appreciation Contract Type (Pays) Date Principal (Depreciation) - ------------- -------- ---------- --------- ------------- ASSETS: Israel Interest Rate Swap 4.66% Jan-19 ILS 4,120 $ 11 Mexican Interest Rate Swap 8.74% Nov-10 MXN 41,000 86 South Africa Interest Rate Swap 12.45% Jun-10 ZAR 48,350 270 ----- $ 367 ===== LIABILITIES: Mexican Interest Rate Swap 7.64% Jan-14 MXN 13,800 $ (1) South Africa Interest Rate Swap (11.12%) Jun-18 ZAR 13,900 (261) ----- $(262) =====
OPEN FUTURES CONTRACTS
Unrealized Current Appreciation Number of Expiration Value (Depreciation) Contracts Contract Type Date (000s) (000s) - --------- ------------- ---------- ------- -------------- 21 U.S. Treasury 10 Year Note Future Mar-09 $2,576 $ 71 45 U.S. Treasury 2 Year Note Future Mar-09 9,793 67 52 U.S. Treasury 5 Year Note Future Mar-09 6,145 (76) ---- $ 62 ====
Payden Value Leaders Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ COMMON STOCKS (92%) CONSUMER DISCRETIONARY (8%) 11,100 Carnival Corp. (b) $ 202 22,600 Comcast Corp. 331 19,600 Home Depot, Inc. 422 20,100 Lowe's Cos, Inc. 367 25,800 News Corp. 165 26,300 The Walt Disney Co. 544 44,700 Time Warner Inc. 417 ------------ 2,448 ------------ CONSUMER STAPLES (6%) 9,700 Coca-Cola Co. 414 9,700 CVS Corp. 261 19,000 Kraft Foods Inc. 533 16,200 Procter & Gamble Co. 883 ------------ 2,091 ------------ ENERGY (17%) 3,400 Apache Corp. 255 16,800 Chevron Corp. 1,185 12,600 ConocoPhillips 599 4,800 Devon Energy Corp. 296 35,300 Exxon Mobil Corp. 2,700 13,500 Marathon Oil Corp. 368 ------------ 5,403 ------------ FINANCIAL (15%) 9,100 Allied World Assurance Co. Holdings, Ltd. 343 11,500 American Financial Group, Inc. 195 7,400 AMB Property Corp. (b) 119 35,200 Bank of America Corp. 232 15,500 Bank of New York Mellon Corp. 399 45,400 Citigroup Inc. 161 20,900 Douglas Emmett, Inc. 194 2,900 Essex Property Trust, Inc. 192 5,100 Federal Realty Investment Trust 258 4,300 Goldman Sachs Group, Inc. (b) 347 30,600 JP Morgan Chase & Co. 781 14,400 Loews Corp. 351 14,500 W. R. Berkley Corp. 384 30,100 Wells Fargo & Co. 569 900 White Mountains Insurance Group Ltd. 217 ------------ 4,742 ------------ HEALTHCARE (13%) 15,200 Amgen Inc. (b) 834 32,100 Boston Scientific Corp. (b) 285 10,900 Eli Lilly & Co. 401 8,000 Johnson & Johnson 462 15,600 Merck & Co. Inc. 445 61,100 Pfizer, Inc. 891 6,500 WellPoint Inc. (b) 269 16,300 Wyeth 700 ------------ 4,287 ------------ INDUSTRIAL (11%) 44,300 Covanta Holding Corp. (b) 766 6,000 FedEx Corp. 305 3,800 General Dynamics Corp. 216 78,800 General Electric Co. 956 11,600 Illinois Tool Works 379 6,700 Northrop Grumman Corp. 322 12,200 Timken Co. 182 7,500 United Technologies Corp. 360 ------------ 3,486 ------------ MATERIALS (2%) 12,300 Dow Chemical Co. 143 11,100 DuPont De Nemours and Co. 255 5,200 Freeport-McMoRan Copper & Gold, Inc. (b) 131 9,900 International Flavors & Fragrances Inc. 283 ------------ 812 ------------ TECHNOLOGY (7%) 12,600 Fiserv, Inc. (b) 400 18,200 Intel Corporation 235 87,100 Novell, Inc. (b) 322 26,700 Red Hat, Inc. (b) 390 19,200 Symantec Corp. (b) 294 10,600 Tech Data Corp. 192 16,700 Xilinx, Inc. 281 ------------ 2,114 ------------ TELECOMMUNICATION (7%) 53,500 AT&T Inc. 1,317 28,000 Verizon Communications Inc. 836 ------------ 2,153 ------------ UTILITIES (6%) 11,400 American Electric Power Co., Inc. 357 10,400 Consolidated Edison, Inc. 424 23,400 Duke Energy Corp. 355 8,500 Edison International 277 9,900 PG & E Corp. 383 9,500 Southern Co. 318 ------------ 2,114 ------------ TOTAL COMMON STOCKS (COST-$46,038) 29,650 EXCHANGE TRADED FUNDS (COST-$1,859) (5%) 35,800 iShares Russell 1000 Value Index Fund 1,568 INVESTMENT COMPANY (COST-$1,009) (3%) 1,008,782 Paydenfunds Cash Reserves Money Market Fund * 1,009 ------------ TOTAL (COST-$48,906) (a) (100%) 32,227 OTHER ASSETS, NET OF LIABILITIES (0%) 38 ------------ NET ASSETS (100%) $ 32,265 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 83 Unrealized depreciation (16,762) -------- Net unrealized depreciation $(16,679) ========
(b) Non-income producing security. VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ----- -------------- --------------- Level 1 $32,227 $-- Level 2 -- -- Level 3 -- -- ------- --- Total $32,227 $-- ======= ===
Payden U.S. Growth Leaders Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ COMMON STOCKS (89%) CONSUMER DISCRETIONARY (10%) 13,200 Amazon.com, Inc. (b) $ 776 20,500 Apollo Group (b) 1,670 45,400 Dollar Tree, Inc. (b) 1,939 29,200 McDonald's Corp. 1,694 13,400 Nike Inc. - Cl. B 606 ------------ 6,685 ------------ CONSUMER STAPLES (12%) 39,600 Altria Group, Inc. 655 23,300 Coca-Cola Co. 995 21,600 General Mills, Inc. 1,278 24,500 Pepsico, Inc. 1,231 37,900 Philip Morris International Inc. 1,408 17,900 Procter & Gamble Co. 976 37,300 Wal-Mart Stores, Inc. 1,758 ------------ 8,301 ------------ ENERGY (10%) 16,600 Anadarko Petroleum Corp. 610 27,300 CONSOL Energy Inc. 744 21,000 Exxon Mobil Corp. 1,606 13,800 National-Oilwell Varco Inc. (b) 365 24,200 Occidental Petroleum Corp. 1,320 28,800 Petroleo Brasileiro S.A. 755 12,000 Schlumberger Ltd. 490 10,300 XTO Energy 382 ------------ 6,272 ------------ FINANCIAL (2%) 8,400 Goldman Sachs Group, Inc. (b) 678 23,900 JP Morgan Chase & Co. 610 ------------ 1,288 ------------ HEALTHCARE (16%) 12,900 Abbott Laboratories 715 29,700 Amgen Inc. (b) 1,629 19,200 Baxter International Inc. 1,126 9,000 Becton, Dickinson and Co. 654 17,100 Cardinal Health, Inc. 644 6,100 Celgene Corp. (b) 323 12,200 Express Scripts, Inc. (b) 656 8,700 Genentech, Inc. (b) 707 33,100 Gilead Sciences Inc. (b) 1,681 11,100 Johnson & Johnson 640 42,700 Pfizer, Inc. 623 35,200 Schering-Plough Corp. 618 17,400 Thermo Fisher Scientific, Inc. (b) 625 ------------ 10,641 ------------ INDUSTRIAL (7%) 39,800 Ametek Inc. 1,272 7,400 Boeing Co. 313 23,900 Danaher Corp. 1,337 14,900 Fluor Corp. 580 12,600 Stericycle Inc (b) 616 15,900 Union Pacific Corp. 696 ------------ 4,814 ------------ MATERIALS (5%) 18,100 Barrick Gold Corp. 679 10,100 Monsanto Co. 768 9,300 Potash Corp. of Saskatchewan Inc. 696 21,700 Praxair, Inc. 1,351 ------------ 3,494 ------------ TECHNOLOGY (24%) 17,400 Agilent Technologies, Inc. (b) 315 32,700 Ansys, Inc. (b) 813 3,800 Apple Computer, Inc. (b) 342 82,800 Cisco Systems Inc. (b) 1,240 32,000 Cognizant Technology Solutions Corp. (b) 599 3,600 Google Inc. (b) 1,219 64,400 Hewlett-Packard Co. 2,238 48,300 Intel Corporation 624 27,500 International Business Machines Corp. 2,520 144,100 Mircosoft Corp. 2,464 76,100 Oracle Corp. (b) 1,281 35,400 Qualcomm, Inc. 1,222 7,200 Visa Inc. 355 17,400 Yahoo!, Inc. (b) 204 ------------ 15,436 ------------ TELECOMMUNICATION (2%) 43,800 AT&T Inc. 1,078 6,700 China Mobile (Hong Kong) Ltd. 301 ------------ 1,379 ------------ UTILITIES (1%) 6,200 Exelon Corp. 336 ------------ TOTAL COMMON STOCKS (COST-$61,669) 58,646 EXCHANGE TRADED FUNDS (COST-$4,537) (7%) 46,000 iShares Russell 1000 Growth Index Fund 1,617 55,300 PowerShares QQQ 1,607 15,000 S&P 500 Depository Receipt Trust 1,243 ------------ 4,467 ------------ INVESTMENT COMPANY (COST-$2,621) (4%) 2,621,446 Paydenfunds Cash Reserves Money Market Fund * 2,621 ------------ TOTAL (COST-$68,827) (a) (100%) 65,734 LIABILITIES IN EXCESS OF OTHER ASSETS (-0%) (262) ------------ NET ASSETS (100%) $ 65,472 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized apprecation (depreciation) of securities is as follows: Unrealized appreciation $ 1,935 Unrealized depreciation (5,028) ------- Net unrealized depreciation $(3,093) =======
(b) Non-income producing security. VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ----- -------------- --------------- Level 1 $65,734 $-- Level 2 -- -- Level 3 -- -- ------- --- Total $65,734 $-- ======= ===
Payden Global Equity SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (63%) U.S. GOVERNMENT AGENCY (46%) 500,000 FHLB Disc Note, 3.34%, 3/4/09 (b) $ 498 100,000 FHLB Disc Note, 0.42%, 5/18/09 (b) 100 289,000 FHLB Disc Note, 2.60%, 7/16/09 (b) 286 1,100,000 FHLMC Disc Note, 1.65%, 5/11/09 (b) 1,095 500,000 FHLMC Disc Note, 0.90%, 2/9/09 (b) 500 ------------ 2,479 ------------ FOREIGN GOVERNMENT (17%) 700,000 French Treasury Bill, 0.00%, 3/26/09 895 ------------ TOTAL BONDS (COST-$3,493) 3,374 EXCHANGE TRADED FUNDS (COST-$1,173) (18%) 9,500 Financial Select Sector SPDR Fund 87 22,900 iShares MSCI Switzerland Index Fund 363 5,100 iShares S&P Global Consumer Staples Index Fund 223 3,500 PowerShares QQQ 102 2,200 S&P 500 Depository Receipt Trust 182 ------------ 957 ------------ INVESTMENT COMPANY (COST-$1,056) (20%) 1,055,710 Paydenfunds Cash Reserves Money Market Fund * 1,056 ------------ TOTAL (COST-$5,722) (a) (101%) 5,387 LIABILITIES IN EXCESS OF OTHER ASSETS (-1%) (74) ------------ NET ASSETS (100%) $ 5,313 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 1 Unrealized depreciation (336) ----- Net unrealized depreciation $(335) =====
(b) Yield to maturity at time of purchase. VALUATION INPUTS (000S)
Other Investments in Financial Level Securities Instruments - ------- -------------- ----------- Level 1 $4,492 $(263) Level 2 895 -- Level 3 -- -- ------ ----- Total $5,387 $(263) ====== =====
OPEN FORWARD CURRENCY CONTRACTS TO USD
Unrealized Contract Appreciation Delivery Contract Value (Depreciation) Date Currency (000s) Price (000s) (000s) - --------- --------------- -------- -------- -------------- ASSETS: 3/24/2009 Euro (Buy 62) 1.2803 $ 79 $ 2 3/24/2009 Euro (Buy 75) 1.2803 96 1 3/24/2009 Norwegian Krone (Buy 213) 6.9263 31 1 3/24/2009 Swiss Franc (Sell 230) 1.1594 198 8 ---- $ 12 ==== LIABILITIES: 3/24/2009 Australian Dollar (Buy 239) 0.6333 $151 $ (6) 3/24/2009 British Pound (Buy 294) 1.4405 424 (3) 3/24/2009 Canadian Dollar (Buy 237) 1.2400 191 (2) 3/24/2009 Danish Krone (Buy 99) 5.8301 17 (1) 3/24/2009 Japanese Yen (Buy 67,774) 89.6976 756 (6) ---- $(18) ====
OPEN FUTURES CONTRACTS
Unrealized Current Appreciation Number of Expiration Value (Depreciation) Contracts Contract Type Date (000s) (000s) - --------- ------------- ---------- ------- -------------- 2 Australian SPI 200 Index Future Mar-09 $ 109 $ (4) 6 CAC40 10 Euro Future Feb-09 228 (9) 2 Canadian TSE 60 Index Future Mar-09 166 -- 2 DAX Index Future Mar-09 275 (28) 20 E-Mini MSCI Future Mar-09 520 (37) 8 FTSE 100 Index Future Mar-09 469 (24) 1 Hang Seng Index Future Mar-09 85 5 6 Mexican Bolsa Index Future Mar-09 82 (9) 1 Nasdaq 100 Future Mar-09 118 (1) 21 OMXS30 Index Future Feb-09 155 (1) 38 S&P 500 E-Mini Future Mar-09 1,563 (99) 1 S&P/MIB Index Future Mar-09 114 (9) 7 Topix Index Future Mar-09 604 (47) ----- $(263) =====
Payden/Kravitz Cash Balance Plan Fund SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ BONDS (24%) CORPORATE (20%) 50,000 Abbott Laboratories, 5.60%, 5/15/11 $ 54 50,000 Allied Waste North America, 7.875%, 4/15/13 50 50,000 American Electric Power, 5.375%, 3/15/10 50 50,000 Astrazeneca PLC, 5.40%, 9/15/12 53 50,000 Bank of America Corp., 4.25%, 10/1/10 50 50,000 Bank of New York Mellon, 4.95%, 11/1/12 51 50,000 Berkshire Hathaway Finance, 4.125%, 1/15/10 51 100,000 Bottling Group LLC, 6.95%, 3/15/14 115 50,000 Cincinnati Gas & Electric Co., 5.70%, 9/15/12 49 50,000 Cisco Systems Inc., 5.25%, 2/22/11 52 50,000 Citigroup Inc., 5.125%, 2/14/11 48 50,000 Comcast Cable Communication, 6.75%, 1/30/11 51 50,000 Conoco Funding Co., 6.35%, 10/15/11 53 50,000 Costco Wholesale Corp., 5.30%, 3/15/12 53 50,000 Cox Communications Inc., 4.625%, 1/15/10 49 50,000 Credit Suisse First Boston, 6.125%, 11/15/11 51 50,000 CSC Holdings Inc., 7.625%, 4/1/11 50 50,000 CVS Caremark Corp., 5.75%, 8/15/11 52 50,000 Devon Financing Corp. ULC, 6.875%, 9/30/11 53 50,000 Diageo Capital PLC, 5.20%, 1/30/13 51 50,000 DirecTV Holdings/Finance, 8.375%, 3/15/13 50 50,000 General Electric Capital Corp., 4.875%, 10/21/10 50 50,000 General Mills Inc., 6.00%, 2/15/12 53 50,000 Georgia-Pacific Corp., 8.125%, 5/15/11 48 50,000 GlaxoSmithKline Capital Inc., 4.85%, 5/15/13 52 50,000 Goldman Sachs Group Inc, 6.875%, 1/15/11 51 50,000 Hewlett-Packard Co., 5.25%, 3/1/12 53 50,000 Honeywell International Inc., 7.50%, 3/1/10 53 50,000 IBM Corp., 4.75%, 11/29/12 53 50,000 John Deere Capital Corp., 7.00%, 3/15/12 53 50,000 Johnson & Johnson, 5.15%, 8/15/12 54 50,000 JP Morgan Chase & Co., 5.60%, 6/1/11 51 50,000 Kellogg Co., 6.60%, 4/1/11 54 50,000 Midamerican Energy Holdings, 5.875%, 10/1/12 52 50,000 Nalco Co., 7.75%, 11/15/11 48 50,000 NYSE Euronext, 4.80%, 6/28/13 49 50,000 Oracle Corp., 5.00%, 1/15/11 52 50,000 Rogers Wireless Inc., 9.625%, 5/1/11 51 50,000 Simon Property Group LP, 5.60%, 9/1/11 44 50,000 Sprint Capital Corp., 8.375%, 3/15/12 40 50,000 Steel Dynamics Inc., 7.375%, 11/1/12 45 50,000 Target Corp., 5.875%, 3/1/12 53 50,000 Textron Financial Corp., 4.60%, 5/3/10 44 50,000 Time Warner Cable Inc., 5.40%, 7/2/12 49 50,000 Unilever Capital Corp., 7.125%, 11/1/10 54 50,000 UnitedHealth Group Inc., 5.25%, 3/15/11 50 50,000 Veolia Environnement, 5.25%, 6/3/13 47 50,000 Vodaphone Group PLC, 5.50%, 6/15/11 51 77,000 Wachovia Corp., 5.30%, 10/15/11 78 50,000 Wal-Mart Stores Inc., 4.125%, 7/1/10 52 50,000 Walgreen Co., 4.875%, 8/1/13 53 50,000 Walt Disney Co., 6.375%, 3/1/12 54 50,000 Wellpoint Inc., 5.00%, 1/15/11 50 50,000 Xerox Corp., 5.50%, 5/15/12 46 ------------ 2,823 ------------ COMMERCIAL PAPER (1%) 100,000 Royal Bank of Scotland, 0.60%, 7/22/09 100 MORTGAGE BACKED (3%) 108,587 GN 700755 30YR, 6.50%, 10/15/38 112 347,554 GN 704005 30YR, 6.50%, 11/15/38 361 ------------ 473 ------------ TOTAL BONDS (COST-$3,286) 3,396 EXCHANGE TRADED FUNDS (COST-$144) (1%) 1,000 iShares S&P Global Utilities Index Fund 43 1,500 iShares S&P U.S. Preferred Stock Index Fund 39 1,000 Vanguard Consumer Staples ETF 53 ------------ 135 ------------ INVESTMENT COMPANY (COST-$10,384) (74%) 10,383,716 Paydenfunds Cash Reserves Money Market Fund * 10,384 ------------ TOTAL (COST-$13,814) (a) (99%) 13,915 OTHER ASSETS, NET OF LIABILITIES (1%) 116 ------------ NET ASSETS (100%) $ 14,031 ============
* Affiliated investment All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $125 Unrealized depreciation (24) ---- Net unrealized appreciation $101 ====
VALUATION INPUTS (000S)
Other Investments in Financial Level Securities Instruments - ----- -------------- ----------- Level 1 $10,618 $-- Level 2 3,297 -- Level 3 -- -- ------- --- Total $13,915 $-- ======= ===
PaydenWilshire Longevity Fund 2010+ SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ U.S. TREASURY INFLATION INDEXED NOTES (COST-$232) (36%) 64,461 U.S. Treasury Inflation Indexed, 2.00%, 1/15/14 $ 64 96,446 U.S. Treasury Inflation Indexed, 2.00%, 1/15/26 90 55,899 U.S. Treasury Inflation Indexed, 2.375%, 1/15/17 57 5,991 U.S. Treasury Inflation Indexed, 3.375%, 4/15/32 7 ------------ 218 ------------ EXCHANGE TRADED FUNDS (COST-$372) (36%) 427 iShares MSCI EMU Index Fund 11 992 iShares MSCI Pacific ex-Japan Index Fund 22 1,601 iShares MSCI United Kingdom Index Fund 18 1,081 SPDR DJ Wilshire International Real Estate ETF 26 357 SPDR Russell/Nomura Prime Japan ETF 11 687 Vanguard Emerging Markets ETF 15 1,155 Vanguard Growth ETF 43 156 Vanguard Small-Cap Growth ETF 6 691 Vanguard Small-Cap Value ETF 26 1,028 Vanguard Value ETF 37 ------------ 215 ------------ INVESTMENT COMPANIES (COST-$258) (30%) 23 Metzler/Payden European Emerging Markets Fund -- 772 Paydenfunds Cash Reserves Money Market Fund * 1 1,342 Paydenfunds Core Bond Fund * 13 3,408 Paydenfunds Global Fixed Income Fund * 29 4,195 Paydenfunds GNMA Fund * 42 9,503 Paydenfunds U.S. Growth Leaders Fund * 53 6,545 Paydenfunds Value Leaders Fund * 44 ------------ 182 ------------ TOTAL (COST-$862) (a) (102%) 615 LIABILITIES IN EXCESS OF OTHER ASSETS (-2%) (10) ------------ NET ASSETS (100%) $ 605 ============
* Affiliated investments All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 1 Unrealized depreciation (248) ----- Net unrealized depreciation $(247) =====
VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ----- -------------- --------------- Level 1 $397 $-- Level 2 218 -- Level 3 -- -- ---- --- Total 615 -- ==== ===
PaydenWilshire Longevity Fund 2020+ SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ U.S. TREASURY INFLATION INDEXED NOTES (COST-$425) (25%) 128,922 U.S. Treasury Inflation Indexed, 2.00%, 1/15/14 $ 128 167,173 U.S. Treasury Inflation Indexed, 2.00%, 1/15/26 155 111,797 U.S. Treasury Inflation Indexed, 2.375%, 1/15/17 114 11,983 U.S. Treasury Inflation Indexed, 3.375%, 4/15/32 15 ------------ 412 ------------ EXCHANGE TRADED FUNDS (COST-$964) (38%) 1,739 iShares MSCI EMU Index Fund 44 2,686 iShares MSCI Pacific ex-Japan Index Fund 60 5,062 iShares MSCI United Kingdom Index Fund 56 2,283 SPDR DJ Wilshire International Real Estate ETF 54 1,449 SPDR Russell/Nomura Prime Japan ETF 47 2,241 Vanguard Emerging Markets ETF 48 3,122 Vanguard Growth ETF 117 837 Vanguard Small-Cap Growth ETF 33 2,290 Vanguard Small-Cap Value ETF 85 2,572 Vanguard Value ETF 94 ------------ 638 ------------ INVESTMENT COMPANIES (COST-$806) (38%) 33 Metzler/Payden European Emerging Markets Fund 1 34,278 Paydenfunds Cash Reserves Money Market Fund * 34 5,452 Paydenfunds Core Bond Fund * 53 8,206 Paydenfunds Global Fixed Income Fund * 70 15,733 Paydenfunds GNMA Fund * 158 28,736 Paydenfunds U.S. Growth Leaders Fund * 159 23,698 Paydenfunds Value Leaders Fund * 158 ------------ 633 ------------ TOTAL (COST-$2,195) (a) (101%) 1,683 LIABILITIES IN EXCESS OF OTHER ASSETS (-1%) (9) ------------ NET ASSETS (100%) 1,674 ============
* Affiliated investments All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 3 Unrealized depreciation (515) ----- Net unrealized depreciation $(512) =====
VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ----- -------------- --------------- Level 1 $1,271 $-- Level 2 412 -- Level 3 -- -- ------ --- Total $1,683 $-- ====== ===
PaydenWilshire Longevity Fund 2030+ SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ U.S. TREASURY INFLATION INDEXED NOTES (COST-$210) (17%) 57,555 U.S. Treasury Inflation Indexed, 2.00%, 1/15/14 $ 57 84,658 U.S. Treasury Inflation Indexed, 2.00%, 1/15/26 79 52,735 U.S. Treasury Inflation Indexed, 2.375%, 1/15/17 54 5,991 U.S. Treasury Inflation Indexed, 3.375%, 4/15/32 7 ------------ 197 ------------ EXCHANGE TRADED FUNDS (COST-$907) (45%) 1,656 iShares MSCI EMU Index Fund 42 2,894 iShares MSCI Pacific ex-Japan Index Fund 65 6,236 iShares MSCI United Kingdom Index Fund 69 1,426 SPDR DJ Wilshire International Real Estate ETF 34 1,214 SPDR Russell/Nomura Prime Japan ETF 39 1,623 Vanguard Emerging Markets ETF 35 2,081 Vanguard Growth ETF 78 743 Vanguard Small-Cap Growth ETF 29 1,641 Vanguard Small-Cap Value ETF 61 2,167 Vanguard Value ETF 79 ------------ 531 ------------ INVESTMENT COMPANIES (COST-$694) (40%) 974 Metzler/Payden European Emerging Markets Fund 10 19,768 Paydenfunds Cash Reserves Money Market Fund * 20 3,951 Paydenfunds Core Bond Fund * 38 5,229 Paydenfunds Global Fixed Income Fund * 45 8,231 Paydenfunds GNMA Fund * 83 27,248 Paydenfunds U.S. Growth Leaders Fund * 151 17,925 Paydenfunds Value Leaders Fund * 119 ------------ 466 ------------ TOTAL (COST-$1,811) (a) (102%) 1,194 LIABILITIES IN EXCESS OF OTHER ASSETS (-2%) (25) ------------ NET ASSETS (100%) 1,169 ============
* Affiliated investments All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 3 Unrealized depreciation (620) ----- Net unrealized depreciation $(617) =====
VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ----- -------------- --------------- Level 1 $ 997 $-- Level 2 197 -- Level 3 -- -- ------ --- Total $1,194 $-- ====== ===
PaydenWilshire Longevity Fund 2040+ SCHEDULE OF INVESTMENTS - January 31, 2009
Principal Value or Shares Security Description (000) - -------------- -------------------- ------------ U.S. TREASURY INFLATION INDEXED NOTES (COST-$36) (3%) 12,662 U.S. Treasury Inflation Indexed, 2.00%, 1/15/14 $ 13 18,218 U.S. Treasury Inflation Indexed, 2.00%, 1/15/26 17 5,273 U.S. Treasury Inflation Indexed, 2.375%, 1/15/17 5 1,198 U.S. Treasury Inflation Indexed, 3.375%, 4/15/32 1 ------------ 36 ------------ EXCHANGE TRADED FUNDS (COST-$1,405) (57%) 2,886 iShares MSCI EMU Index Fund 73 3,079 iShares MSCI Pacific ex-Japan Index Fund 69 9,625 iShares MSCI United Kingdom Index Fund 107 1,088 SPDR DJ Wilshire International Real Estate ETF 26 2,213 SPDR Russell/Nomura Prime Japan ETF 71 2,497 Vanguard Emerging Markets ETF 54 3,909 Vanguard Growth ETF 147 1,400 Vanguard Small-Cap Growth ETF 55 1,739 Vanguard Small-Cap Value ETF 64 2,861 Vanguard Value ETF 105 ------------ 771 ------------ INVESTMENT COMPANIES (COST-$916) (41%) 1,195 Metzler/Payden European Emerging Markets Fund 12 18,620 Paydenfunds Cash Reserves Money Market Fund * 19 2,274 Paydenfunds Core Bond Fund * 22 5,162 Paydenfunds Global Fixed Income Fund * 44 6,561 Paydenfunds GNMA Fund * 66 36,644 Paydenfunds U.S. Growth Leaders Fund * 203 27,727 Paydenfunds Value Leaders Fund * 185 ------------ 551 ------------ TOTAL (COST-$2,357) (a) (101%) 1,358 LIABILITIES IN EXCESS OF OTHER ASSETS (-1%) (10) ------------ NET ASSETS (100%) $1,348 ============
* Affiliated investments All of the securities, except the Cash Reserves Money Market Fund, are held by the custodian in a segregated account. (a) Unrealized appreciation (depreciation) of securities is as follows: Unrealized appreciation $ 3 Unrealized depreciation (1,002) ------- Net unrealized depreciation $ (999) =======
VALUATION INPUTS (000S)
Investments in Other Financial Level Securities Instruments - ----- -------------- --------------- Level 1 $1,322 $ -- Level 2 36 -- Level 3 -- -- ------ ---- Total $1,358 $ -- ====== ====
NOTES TO FINANCIAL STATEMENTS January 31, 2009 1. ORGANIZATION AND RELATED MATTERS The Payden & Rygel Investment Group (the "P&R Group" or "Paydenfunds" and "Longevity Funds") is a no-load, open-end registered investment company organized as a Massachusetts business trust on January 22, 1992 and registered under the Investment Company Act of 1940 (the "1940 Act"), as amended. Each of its twenty-two funds (each a "Fund," collectively the "P&R Funds") is a series of the P&R Group, and is authorized to issue unlimited shares at $0.001 par value. Each of the P&R Funds, other than the Cash Reserves Money Market and High Income Funds, has been classified as non-diversified. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Securities Valuation Domestic and foreign fixed income securities and other assets for which market quotations are readily available (other than obligations with original maturities of sixty days or less) are valued on the basis of quotes obtained from brokers and dealers or pricing services. Such quotations take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. Debt securities with original maturities of sixty days or less and securities in the Cash Reserves Money Market Fund are valued at amortized cost, which approximates fair value. Publicly traded equity securities, whether in the U.S., or outside the U.S. for which market quotations are readily available generally will be valued at the official closing price or the last sale price on the exchange or market where they are principally traded, or if there have been no sales during the day, at the last bid price. Securities traded only on the over-the-counter market are valued at the latest bid price. Investments in investment companies are valued at their net asset values as reported by such companies. Options, futures, swaps and other similar assets are valued at the official closing price in the case of exchange traded derivatives or on the basis of information provided by the institution with which the Fund entered into the transaction in the case of other securities. Fixed income or equity securities for which market quotations are not readily available are priced at their fair value as determined in good faith under procedures established pursuant to the Valuation and Liquidity Guidelines applicable to the Fund. In considering fair value of a security, one or more factors are taken into consideration depending on the circumstances at the time, including for example: the cost of the security or the last reported sales price of the security as a starting point; changes in interest rates; changes in yield spreads of similarly rated or structured securities; fundamental analytical information relating to the security; the value of other similar securities traded on other markets or among dealers; the general financial condition of the issuer; recent developments affecting the issuer; information, including price quotations, from other financial institutions or analysts; or government actions or pronouncements and other significant events affecting the economy, the markets, the fundamental value of the issuer or of the issuer's industry. Fair value pricing may occur when (1) developments occur (a "significant event") that will affect the value of a Fund's holdings, and (2) the significant event occurs after the close of the markets on which the securities trade, but before the time when the net asset value is computed for the Fund. A significant event may relate to a single issuer or an entire market. In September 2006, the Financial Accounting Standards Board issued Statement Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"). SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements. The various inputs that may be used to determine the value of the Fund's investments are summarized in three broad levels. The inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Level 1--Quoted prices in active markets for identical securities Level 2--Other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speed, credit risk, etc. Level 3--Significant unobservable inputs, including the Fund's own assumptions used to determine the fair value of investments. Investment Transactions and Related Income Investment transactions are accounted for on the date the security is purchased or sold (trade date). Interest income is recognized on an accrual basis. Premiums and discounts are amortized or accreted over the expected life of the security using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses on investment transactions are determined on the identified cost basis. Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. Each of the Funds (except Cash Reserves Money Market, U.S. Government, GNMA, the two tax exempt funds and the Longevity Funds) may purchase securities that are denominated in foreign currencies. For these Funds, investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rates. Purchases and sales of securities, income and expense are translated into U.S. dollars at the exchange rates on the dates of the respective transactions. Each of these Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates from the fluctuations arising from changes in security prices. Reported net realized foreign exchange gains or losses arise from sales and maturities of securities, purchases and sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the differences between the amounts of income or expenses recorded on each of these Fund's books and the U.S. dollar equivalents of the amounts actually received or paid. Net unrealized appreciation/depreciation from translation of assets and liabilities denominated in foreign currency arise from changes in the value of assets and liabilities resulting from changes in the foreign exchange rates. Repurchase Agreements Each of the Funds may enter into repurchase agreements (agreements to purchase U.S. Treasury notes and bills, subject to the seller's agreement to repurchase them at a specified time and price) with well-established registered securities dealers or banks. Repurchase agreements are the equivalent of loans by the Funds. With respect to such agreements, it is each Fund's policy to take possession of the underlying securities, except for tri-party agreements where an independent custodian takes possession. On a daily basis the Funds or the tri-party custodian mark-to-market such securities to ensure that the value, including accrued interest, is at least equal to the amount to be repaid to each Fund under each agreement. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Forward Currency Contracts The Payden Limited Maturity, Short Bond, Core Bond, High Income, Global Short Bond, Global Fixed Income, Emerging Markets Bond, U.S. Growth Leaders and Global Equity Funds may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These Funds enter into forward contracts to protect against adverse currency movements. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contact settlement date or an offsetting forward foreign currency contract has been executed, at which time the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risk may arise upon entering into these contracts from the potential inability of counter parties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Options Transactions Option techniques may be utilized by each of the Funds (except the Cash Reserves Money Market Fund and the Longevity Funds) to hedge against changes in interest rates, foreign currency exchange rates or security prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by a Fund, to reduce the volatility of the currency exposure associated with investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets. In addition, the Funds may enter into such transactions to enhance potential gain in circumstances where hedging is not involved. When a Fund writes a covered call or put option, an amount equal to the premium received is reflected as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option. When a Fund purchases a call or put option, an amount equal to the premium paid is included in that Fund's statement of assets and liabilities as an investment, and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if a Fund enters into a closing sale transaction, a gain or loss is realized. If a Fund exercises a call option, the cost of the security acquired is increased by NOTES TO FINANCIAL STATEMENTS continued the premium paid for the call. If a Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The Funds held no options at the end of the period. Futures Contracts The Funds (except the Cash Reserves Money Market Fund and the Longevity Funds) may invest in futures contracts to hedge against anticipated future changes in interest or exchange rates or security prices. In addition, the Funds may enter into such transactions to enhance potential gain in circumstances where hedging is not involved. The purchase or sale of futures contracts and options on futures contracts provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or foreign currency at a fixed price on a future date. Upon entering into such a contract, a Fund is required to deposit and maintain as collateral such initial margin as requited by the exchange on which the contract is traded. Pursuant to the contract, that Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by that Fund. When the contract is closed, that Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The potential risk to the Funds is that the change in value of the underlying securities may not correlate to the change in value of the contracts. The Funds (except the Cash Reserves Money Market Fund) may invest in stock index futures contracts, which are an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Variation margin accounting procedures apply to these index futures contracts. Each Fund invests in these futures contracts to permit the Fund to meet its objectives at a lower cost than investing directly in equity securities, while permitting the equivalent of an investment in a portfolio of equity securities. The potential risk to a Fund is that the change in value of the underlying index may not correlate to the change in value of the contracts. Swap Contracts The Payden Limited Maturity, Core Bond, and Emerging Markets Bond Funds have entered into one or more of the following interest rate swap agreements where the Fund and counterparties have agreed to exchange interest payments based on a notional principal amount.
Fund Pays Fund Receives Counterparty - ------------- ---------------- --------------- 5.503% 3M US Libor CSFB 3M JIBAR 2.341% CSFB 3M Telbor 4.66% Citigroup 11.12% 3M JIBAR Deutsche Bank 3M JIBAR 12.45% Deutsche Bank 28D TIIE 8.74% Deutsche Bank 28D TIIE 7.64% CSFB
TBA Sale Commitment Each of the Funds may enter into TBA sale commitments, such as dollar roll agreements, to hedge its portfolio position or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds from TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at approximately the current value of the underlying securities. The contract is "marked-to-market" daily and the change in the value is recorded by the Fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the Fund entered the commitment. Credit Enhancements Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit, liquidity guarantees, security purchase agreements, and third party insurance (e.g. AMBAC, FGIC, FSA and MBIA). The U.S. Treasury Department established a Temporary Guarantee Program from Money Market Funds (the "Program"). Under the Program, the U.S. Treasury will guarantee to investors in participating money market funds that they receive $1.00 for each fund share held by them as of the close of business on September 19, 2008. The guarantee will be triggered if the participating money market fund's net asset value per share falls below $0.995, commonly referred to as "breaking the buck." The Payden Cash Reserves Money Market Fund participated in the initial three month period and has renewed its participation through April 18, 2009. Collateral Futures contracts, options, swap agreements and forward delivery agreements for foreign currency and fixed income securities require either cash settlement or delivery of securities at some future date with little or no initial investment. A Fund, which employs these investment options, is required to segregate sufficient assets to cover any potential loss. Affiliated Investment Each of the Paydenfunds (except the Cash Reserves Money Market, Tax Exempt Bond and California Municipal Income Funds) and the Longevity Funds invests in other Funds of the P&R Group (an "affiliated Fund"). 3. RELATED PARTY TRANSACTIONS Payden & Rygel and Payden/KDS Investment Advisers (the "Advisers") provide investment advisory services to the Funds. Under the terms of the investment advisory agreement, each is entitled to receive fees monthly, computed on the average daily net assets of each of the Funds separately at an annualized rate. The rates for each Fund are shown in the table below.
Adviser Fees Based on Assets --------------------------------------- Current Between Between Between Voluntary 0 -- 500 0.5 -- 1 1 -- 2 Over 2 Expense Expense Million Billion Billion Billion Guarantee Limit* -------- -------- --------- ------- --------- --------- Payden Cash Reserves Money Market ................ 0.15% 0.15% 0.15% 0.15% 0.50% 0.25% Payden Limited Maturity .......................... 0.28% 0.28% 0.25% 0.25% 0.60% 0.50% Payden Short Bond ................................ 0.28% 0.28% 0.25% 0.25% 0.60% 0.53% Payden U.S. Government ........................... 0.28% 0.28% 0.25% 0.25% 0.60% n/a Payden GNMA ...................................... 0.27% 0.27% 0.27% 0.27% 0.50% n/a Payden Core Bond ................................. 0.28% 0.28% 0.25% 0.25% 0.60% n/a Payden High Income ............................... 0.35% 0.35% 0.35% 0.35% 0.75% n/a Payden Tax Exempt Bond ........................... 0.32% 0.28% 0.25% 0.25% 0.60% 0.55% Payden California Municipal Income ............... 0.32% 0.32% 0.25% 0.25% 0.80% 0.55% Payden Global Short Bond ......................... 0.30% 0.30% 0.30% 0.25% 0.70% n/a Payden Global Fixed Income ....................... 0.30% 0.30% 0.30% 0.25% 0.70% n/a Payden Emerging Markets Bond ..................... 0.45% 0.45% 0.45% 0.45% 1.25% 0.90% Payden Value Leaders ............................. 0.50% 0.50% 0.50% 0.30% 0.80% n/a Payden U.S. Growth Leaders ....................... 0.60% 0.60% 0.50% 0.50% 1.00% n/a Payden Global Equity ............................. 0.95% 0.95% 0.95% 0.95% 1.50% n/a Payden/Wilshire Longevity Fund 2010+ ............. See below 1.40% n/a Payden/Wilshire Longevity Fund 2020+ ............. See below 1.40% n/a Payden/Wilshire Longevity Fund 2030+ ............. See below 1.40% n/a Payden/Wilshire Longevity Fund 2040+ ............. See below 1.40% n/a Payden/Kravitz Cash Balance Plan - Institutional Class ......................................... 1.10% 1.10% 1.10% 1.10% 1.25% n/a Payden/Kravitz Cash Balance Plan - Adviser Class ......................................... 1.10% 1.10% 110% 1.10% 1.50% n/a
* Limit effective February 28, 2008 NOTES TO FINANCIAL STATEMENTS CONTINUED Payden & Rygel (the "Adviser") provides investment advisory services to the Longevity Funds. Under the terms of the investment advisory agreement, Payden & Rygel is entitled to receive fees monthly, computed on the average daily net assets of each of the Funds separately at an annualized rate of 0.10% for the passive fixed income assets over which it has day-to-day investment management responsibility. Wilshire Associates (the "Sub-adviser") provides day-to-day investment management to the Longevity Funds including asset allocation through its investment programs. Under the terms of the investment sub-advisory agreement, Wilshire Associates is entitled to receive fees monthly, computed on the average daily net assets of each of the Funds separately at an annualized rate of 0.15%, subject to a combined annual minimum fee of $150,000. The Advisers agreed to guarantee that, for so long as it acts as investment adviser to the Funds, the expenses of the Funds, including advisory fees (exclusive of interest and taxes); will not exceed the percentages indicated above ("expense guarantee") of that Fund's average daily net assets on an annualized basis. The adviser also voluntarily agreed to temporarily limit certain Funds' total expenses, including advisory fees, to the percentages indicated above of that Fund's average daily net assets on an annualized basis through February 27, 2009 (exclusive of interest and taxes). For the Longevity Funds the Adviser has agreed to guarantee that, for so long as it acts as investment adviser to the Funds, the expenses of the Funds, including indirect fees and expenses of each underlying fund or ETF, but exclusive of interest and taxes, will not exceed the expense guarantee of that Fund's average daily net assets on an annualized basis. Each Fund remains liable to the Adviser for expenses subsidized in any fiscal year up to a maximum of three years from the end of the period in which the expenses were subsidized as long as any reimbursement will not cause the annual expense ratio for the year in which it is made to exceed the amount of the expense guarantee or voluntary expense limit (whichever is in effect at the time of reimbursement). The deferred expense subsidies represent the cumulative amount of expenses subsidized for the Funds through the end of the period. Such amount is nor considered a liability of each respective Fund, and, therefore, is not recorded as liabilities in the statement of assets and liabilities, but will be recognized as net expense in the statements of operations as expense previously deferred in future periods, if expense limits permit. Treasury Plus, Inc., a wholly owned subsidiary of Payden & Rygel, serves as administrator to the Funds. Under the terms of the administration agreement, Treasury Plus, Inc. receives fees monthly, computed on the average daily net assets of the Funds at an annualized rate of 0.15%. Under a distribution agreement with the Funds, Payden & Rygel Distributors is not entitled to receive any fees from the Funds. The Longevity Funds and the Payden/Kravitz Cash Balance Plan - Adviser Class have adopted a plan pursuant to SEC rule 12b-1 by which Payden & Rygel Distributors receives fees monthly, computed on the average net assets of the Funds, at an annualized rate of 0.25%. Certain officers and/or trustees of the Funds are affiliated with Payden & Rygel, Payden & Rygel Distributors and/or Treasury Plus, Inc. Such officers and trustees receive no fees from the Funds for serving as officers and/or trustees of the Funds. 4. FUND TERMINATION On December 16, 2008 the Board of Trustees voted to close the Payden Opportunity Bond and Payden Market Return Funds. On January 30, 2009 the Funds closed and assets were transfer to other Funds or distributed in cash. ITEM 2. CONTROLS AND PROCEDURES. (a) The Registrant's Principal Executive Officer and Principal Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures as required by Rule30a-3(b) under the Securities Exchange Act of 1934 as of the Evaluation Date. (b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as Exhibit 99CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. (Registrant) The Payden and Rygel Investment Group By (Signature and Title) /s/ JOAN A. PAYDEN ---------------------------------------- JOAN A. PAYDEN CHAIRMAN Date 3/27/09 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ JOAN A. PAYDEN ---------------------------------------- JOAN A. PAYDEN CHAIRMAN Date 3/27/09 By (Signature and Title) /s/ BRIAN W. MATTHEWS ---------------------------------------- BRIAN W. MATTHEWS CHIEF FINANCIAL OFFICER Date 3/27/09 EX-99.CERT 2 a51922exv99wcert.txt CERTIFICATIONS EXHIBIT 99.CERT CERTIFICATIONS I, Joan A. Payden, certify that: 1. I have reviewed this report on Form N-Q of The Payden & Rygel Investment Group; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared: (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 3/27/09 /s/ JOAN A. PAYDEN ---------------------------------------- Joan A. Payden Chairman CERTIFICATIONS I, Brian W. Matthews, certify that: 1. I have reviewed this report on Form N-Q of The Payden & Rygel Investment Group; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 3Oa~3(d) under the Investment Company Act of 1940) for the Registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 3/27/09 /s/ BRIAN W. MATTHEWS ---------------------------------------- Brian W. Matthews Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----