NPORT-EX 2 PR07HighIncome.htm HTML

 

          Payden High Income Fund

 

 

Schedule of Investments - January 31, 2020 (Unaudited)

Principal

or Shares

    Security Description   Value
(000)		  

Asset Backed (1%)

  

      1,650,000

    ALM XVI Ltd./ALM XVI LLC 144A, (3 mo.  
   LIBOR USD + 2.700%), 4.53%, 7/15/27 (a)(b)   $ 1,643  

2,500,000

    Madison Park Funding XIII Ltd. 144A, (3 mo.  
   LIBOR USD + 2.850%), 4.67%, 4/19/30 (a)(b)     2,487  

Total Asset Backed (Cost - $4,037)

             4,130  

Bank Loans(c) (8%)

  

1,500,000

    AI Convoy Luxembourg SARL Term Loan B 1L, (3 mo. EURIBOR + 3.500%), 4.50%, 1/29/27     1,493  

753,750

    Albertson’s LLC Term Loan B7 1L, (LIBOR USD 1-Month + 2.750%), 4.40%, 11/17/25     755  

1,350,000

    Asurion LLC Term Loan B2 2L, (LIBOR USD  
   1-Month + 6.500%), 8.15%, 8/04/25     1,373  

1,374,516

    Bausch Health Americas Inc. Term Loan B 1L,  
   (LIBOR USD 1-Month + 3.000%),  
   4.67%, 6/02/25     1,382  

497,500

    Berry Global Inc. Term Loan Y 1L, (LIBOR USD 3-Month + 2.000%), 3.78%, 7/01/26     500  

4,962,247

    Charter Communications Operating LLC Term  
   Loan B2 1L, (LIBOR USD 1-Month + 1.750%),  
   3.40%, 2/01/27     4,990  

2,775,000

    CSC Holdings LLC Term Loan B5 1L, (LIBOR  
   USD 3-Month + 2.500%), 4.18%, 4/15/27     2,791  

1,250,000

    Flynn Restaurant Group LP Term Loan 2L,  
   (LIBOR USD 1-Month + 7.000%),  
   8.68%, 6/29/26     1,156  

2,487,500

    GlobalFoundries Inc. Term Loan B 1L, (LIBOR  
   USD 3-Month + 4.750%), 6.75%, 6/05/26     2,481  

1,284,931

    GOBP Holdings Inc. Term Loan B 1L, (LIBOR  
   USD 1-Month + 2.750%), 4.41%, 10/22/25     1,288  

1,500,000

    Gray Television Inc. Term Loan B2 1L, (LIBOR USD 1-Month + 2.250%), 4.03%, 2/07/24     1,505  

2,250,000

    H.B. Fuller Co. Term Loan B 1L, (LIBOR USD  
   1-Month + 2.000%), 3.66%, 10/21/24     2,257  

3,000,000

    HCA Inc. Term Loan B13 1L, (LIBOR USD  
   1-Month + 1.750%), 1.75%, 3/18/26     3,020  

1,180,000

    K-MAC Holdings Corp. Term Loan 2L, (LIBOR USD 1-Month + 6.750%), 8.40%, 3/16/26     1,155  

307,880

    Mission Broadcasting Inc. Term Loan B3 1L,  
   (LIBOR USD 1-Month + 2.250%),  
   4.03%, 1/17/24     309  

1,512,424

    Nexstar Broadcasting Inc. Term Loan B3 1L,  
   (LIBOR USD 1-Month + 2.250%),  
   3.90%, 1/17/24     1,517  

989,848

    Rackspace Hosting Inc. Term Loan B 1L, (LIBOR USD 3-Month + 3.000%), 4.90%, 11/03/23     955  

3,473,146

    Reynolds Group Holdings Inc. Term Loan B 1L, (LIBOR USD 1-Month + 2.750%), 4.40%, 2/06/23     3,483  

2,000,000

    Sotera Health Holdings LLC Term Loan 1L,  
   (LIBOR USD 1-Month + 4.500%),  
   6.15%, 12/11/26     2,010  

2,505,000

    Tacala Investment Corp. Term Loan B 2L,  
   (LIBOR USD 1-Month + 7.750%),  
   9.40%, 1/30/26     2,504  

Total Bank Loans (Cost - $36,805)

     36,924  
    
Principal
or Shares		    Security Description  

Value

(000)

  

Common Stock (0%)

  

22,655

    Halcon Resources Corp. (d)   $ 250  

      4,000,000

    T-Mobile USA Inc., Escrow (d)     —  

Total Common Stock (Cost - $310)

     250  

Corporate Bond (82%)

  

Automotive (4%)

  

1,400,000

    Allison Transmission Inc. 144A,  
   4.75%, 10/01/27 (b)     1,455  

1,000,000

    American Axle & Manufacturing Inc.,  
   6.25%, 3/15/26             1,020  

860,000

    Bombardier Inc. 144A, 6.00%, 10/15/22 (b)     845  

2,400,000

    Bombardier Inc. 144A, 7.50%, 12/01/24 (b)     2,336  

1,000,000

    Bombardier Inc. 144A, 7.50%, 3/15/25 (b)     964  

2,000,000

    Dana Financing Luxembourg Sarl 144A,  
   6.50%, 6/01/26 (b)     2,126  

1,900,000

    Dealer Tire LLC/DT Issuer LLC 144A,  
   8.00%, 2/01/28 (b)     1,928  

1,000,000

    Goodyear Tire & Rubber Co., 5.00%, 5/31/26 (e)     1,041  

1,000,000

    IHO Verwaltungs GmbH, 3.75%, 9/15/26  
   EUR (f)(g)     1,150  

1,000,000

    IHO Verwaltungs GmbH 144A,  
   6.38%, 5/15/29 (b)     1,093  

1,000,000

    Moog Inc. 144A, 4.25%, 12/15/27 (b)     1,028  

450,000

    Panther BF Aggregator 2 LP/Panther Finance Co. Inc. 144A, 6.25%, 5/15/26 (b)     483  

450,000

    Panther BF Aggregator 2 LP/Panther Finance Co. Inc. 144A, 8.50%, 5/15/27 (b)     484  

2,000,000

    Spirit AeroSystems Inc., 4.60%, 6/15/28     2,057  

1,500,000

    TransDigm UK Holdings PLC, 6.88%, 5/15/26     1,602  
       19,612  

Banking (2%)

  

1,500,000

    Bank of America Corp., (3 mo. LIBOR USD  
   + 2.931%), 5.88%, (a)(h)     1,679  

2,000,000

    CIT Group Inc., (5 yr. US Treasury Yield Curve  
   Rate T Note Constant Maturity + 2.372%),  
   4.13%, 11/13/29 (a)     2,015  

1,940,000

    CIT Group Inc., (3 mo. LIBOR USD + 3.972%),  
   5.80%, (a)(h)     1,989  

1,500,000

    Citigroup Inc., (3 mo. LIBOR USD + 4.068%),  
   5.95%, (a)(h)     1,602  

1,200,000

    Huntington Bancshares Inc., (3 mo. LIBOR USD + 2.880%), 5.70%, (a)(h)     1,259  

1,500,000

    Lloyds Banking Group PLC, (5 yr. Swap Semi  
   30/360 USD + 4.496%), 7.50%, (a)(h)     1,717  
       10,261  

Basic Industry (11%)

  

2,600,000

    Anixter Inc., 6.00%, 12/01/25     2,764  

2,750,000

    ARD Finance SA 144A, 6.50%, 6/30/27 (b)     2,844  

2,328,000

    Ashland LLC, 6.88%, 5/15/43     2,726  

2,500,000

    Boise Cascade Co. 144A, 5.63%, 9/01/24 (b)     2,601  

2,000,000

    BWX Technologies Inc. 144A,  
   5.38%, 7/15/26 (b)     2,126  

1,300,000

    CF Industries Inc., 5.15%, 3/15/34     1,504  

416,000

    Cleveland-Cliffs Inc., 5.75%, 3/01/25     405  

1,500,000

    Cleveland-Cliffs Inc. 144A, 5.88%, 6/01/27 (b)     1,386  

1,750,000

    FMG Resources August 2006 Pty Ltd. 144A,  
   4.50%, 9/15/27 (b)     1,777  
    
 

 

1   Payden Mutual Funds

     
     

 

Principal

or Shares

    Security Description  

Value

(000)

  

      1,500,000

    Freeport-McMoRan Inc., 3.55%, 3/01/22   $ 1,520  

2,600,000

    Freeport-McMoRan Inc., 5.00%, 9/01/27     2,696  

960,000

    Freeport-McMoRan Inc., 5.45%, 3/15/43     982  

1,900,000

    Graphic Packaging International LLC 144A,  
   4.75%, 7/15/27 (b)     2,057  

1,800,000

    Hudbay Minerals Inc. 144A, 7.63%, 1/15/25 (b)     1,822  

1,350,000

    IAMGOLD Corp. 144A, 7.00%, 4/15/25 (b)     1,394  

1,600,000

    James Hardie International Finance DAC 144A,  
   5.00%, 1/15/28 (b)     1,672  

2,000,000

    Lennar Corp., 4.75%, 11/29/27     2,219  

1,000,000

    Mauser Packaging Solutions Holding Co.,  
   4.75%, 4/15/24 EUR (f)(g)             1,137  

3,000,000

    Mauser Packaging Solutions Holding Co. 144A,  
   7.25%, 4/15/25 (b)     2,992  

1,500,000

    Meritage Homes Corp., 5.13%, 6/06/27     1,617  

1,850,000

    Novelis Corp. 144A, 4.75%, 1/30/30 (b)     1,862  

1,200,000

    Novelis Corp. 144A, 5.88%, 9/30/26 (b)     1,275  

1,500,000

    OCI NV 144A, 6.63%, 4/15/23 (b)     1,562  

1,500,000

    Olin Corp., 5.63%, 8/01/29     1,585  

2,000,000

    Standard Industries Inc. 144A,  
   4.75%, 1/15/28 (b)     2,056  

1,500,000

    Taylor Morrison Communities Inc./Taylor  
   Morrison Holdings II Inc. 144A,  
   5.63%, 3/01/24 (b)     1,624  

2,500,000

    Univar Solutions USA Inc. 144A,  
   5.13%, 12/01/27 (b)     2,598  
       50,803  

Capital Goods (0%)

  

1,500,000

    Mueller Water Products Inc. 144A,  
   5.50%, 6/15/26 (b)     1,576  

Consumer Goods (2%)

  

1,400,000

    Albertsons Companies Inc./Safeway Inc./New  
   Albertsons LP/Albertsons LLC 144A,  
   4.88%, 2/15/30 (b)     1,441  

2,500,000

    Dole Food Co. Inc. 144A, 7.25%, 6/15/25 (b)     2,445  

3,250,000

    KeHE Distributors LLC/KeHE Finance Corp.  
   144A, 8.63%, 10/15/26 (b)     3,455  

950,000

    Post Holdings Inc. 144A, 5.50%, 12/15/29 (b)     1,007  

2,000,000

    U.S. Foods Inc. 144A, 5.88%, 6/15/24 (b)     2,049  
       10,397  

Energy (15%)

  

500,000

    Antero Resources Corp., 5.00%, 3/01/25 (e)     331  

1,500,000

    Antero Resources Corp., 5.63%, 6/01/23 (e)     1,084  

1,500,000

    Callon Petroleum Co., 8.25%, 7/15/25     1,535  

832,000

    Centennial Resource Production LLC 144A,  
   5.38%, 1/15/26 (b)     784  

4,000,000

    DCP Midstream Operating LP 144A,  
   6.75%, 9/15/37 (b)     4,324  

2,000,000

    Diamond Offshore Drilling Inc.,  
   3.45%, 11/01/23     1,648  

3,300,000

    Endeavor Energy Resources LP/EER Finance Inc.  
   144A, 5.75%, 1/30/28 (b)     3,438  

1,500,000

    Energy Transfer Operating LP, (3 mo. LIBOR  
   USD + 4.028%), 6.25%, (a)(h)     1,428  

1,500,000

    EnLink Midstream Partners LP, 4.40%, 4/01/24     1,436  
    

Principal

or Shares

    Security Description   Value
(000)		  

      1,000,000

    EnLink Midstream Partners LP, 5.45%, 6/01/47   $ 793  

1,000,000

    Enviva Partners LP/Enviva Partners Finance  
   Corp. 144A, 6.50%, 1/15/26 (b)     1,069  

1,500,000

    EQM Midstream Partners LP, 4.13%, 12/01/26     1,354  

3,000,000

    EQT Corp., 7.00%, 2/01/30     2,645  

2,000,000

    Geopark Ltd. 144A, 5.50%, 1/17/27 (b)(e)     2,000  

350,000

    Gulfport Energy Corp., 6.38%, 1/15/26     170  

350,000

    Gulfport Energy Corp., 6.63%, 5/01/23 (e)     239  

2,000,000

    Hess Midstream Operations LP 144A,  
   5.13%, 6/15/28 (b)     2,067  

1,500,000

    Holly Energy Partners LP/Holly Energy Finance  
   Corp. 144A, 5.00%, 2/01/28 (b)     1,527  

2,500,000

    Ithaca Energy North Sea PLC 144A,  
   9.38%, 7/15/24 (b)             2,606  

1,800,000

    Laredo Petroleum Inc., 9.50%, 1/15/25     1,640  

1,000,000

    Murphy Oil Corp., 6.88%, 8/15/24     1,046  

2,000,000

    Neptune Energy Bondco PLC 144A,  
   6.63%, 5/15/25 (b)     1,975  

1,500,000

    Parkland Fuel Corp. 144A, 5.88%, 7/15/27 (b)     1,592  

2,000,000

    Parsley Energy LLC/Parsley Finance Corp. 144A, 5.63%, 10/15/27 (b)     2,109  

4,000,000

    PDC Energy Inc., 5.75%, 5/15/26     3,871  

1,000,000

    PDC Energy Inc., 6.25%, 12/01/25     1,010  

1,000,000

    Petrobras Global Finance BV, 6.90%, 3/19/49     1,220  

2,000,000

    Petroleos Mexicanos 144A, 6.49%, 1/23/27 (b)     2,172  

1,300,000

    Range Resources Corp., 5.75%, 6/01/21     1,268  

1,000,000

    Range Resources Corp. 144A,  
   9.25%, 2/01/26 (b)     887  

1,000,000

    SM Energy Co., 5.00%, 1/15/24     915  

1,000,000

    SM Energy Co., 6.75%, 9/15/26     911  

1,500,000

    Sunoco LP/Sunoco Finance Corp.,  
   5.88%, 3/15/28     1,600  

1,000,000

    Targa Resources Partners LP/Targa Resources  
   Partners Finance Corp. 144A, 5.50%, 3/01/30 (b)     1,033  

2,400,000

    Targa Resources Partners LP/Targa Resources  
   Partners Finance Corp., 5.88%, 4/15/26     2,536  

1,000,000

    TerraForm Power Operating LLC 144A,  
   4.75%, 1/15/30 (b)     1,056  

1,500,000

    TerraForm Power Operating LLC 144A,  
   5.00%, 1/31/28 (b)     1,623  

1,600,000

    TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 2/15/26     1,609  

1,252,500

    Transocean Guardian Ltd. 144A,  
   5.88%, 1/15/24 (b)     1,282  

750,000

    Transocean Poseidon Ltd. 144A,  
   6.88%, 2/01/27 (b)     785  

1,000,000

    Transocean Sentry Ltd. 144A, 5.38%, 5/15/23 (b)     1,005  

2,250,000

    Viper Energy Partners LP 144A,  
   5.38%, 11/01/27 (b)     2,350  

1,000,000

    Whiting Petroleum Corp., 6.25%, 4/01/23     703  

1,500,000

    WPX Energy Inc., 4.50%, 1/15/30     1,511  
       68,187  

Financial Services (5%)

  

1,500,000

    Ally Financial Inc., 3.88%, 5/21/24     1,585  

2,800,000

    Ally Financial Inc., 4.13%, 2/13/22     2,906  

2,000,000

    Avolon Holdings Funding Ltd. 144A,  
   5.50%, 1/15/23 (b)     2,176  
    
 

 

2

 

          Payden High Income Fund continued

 

 

Principal

or Shares

    Security Description  

Value

(000)

  

      1,300,000

    goeasy Ltd. 144A, 5.38%, 12/01/24 (b)   $ 1,334  

1,700,000

    Icahn Enterprises LP/Icahn Enterprises Finance  
   Corp. 144A, 4.75%, 9/15/24 (b)     1,738  

850,000

    Icahn Enterprises LP/Icahn Enterprises Finance  
   Corp., 6.25%, 5/15/26     894  

2,500,000

    Icahn Enterprises LP/Icahn Enterprises Finance  
   Corp., 6.75%, 2/01/24     2,601  

750,000

    Navient Corp., 5.00%, 3/15/27     750  

2,500,000

    Navient Corp., 5.50%, 1/25/23     2,619  

2,000,000

    Pershing Square Holdings Ltd. 144A,  
   5.50%, 7/15/22 (b)     2,121  

2,700,000

    SLM Corp., 5.13%, 4/05/22             2,794  

1,000,000

    Springleaf Finance Corp., 5.38%, 11/15/29     1,042  

350,000

    Springleaf Finance Corp., 6.63%, 1/15/28     394  
       22,954  

Healthcare (8%)

  

1,350,000

    Bausch Health Americas Inc. 144A,  
   9.25%, 4/01/26 (b)     1,543  

2,800,000

    Bausch Health Cos. Inc., 4.50%, 5/15/23  
   EUR (f)(g)     3,128  

1,000,000

    Bausch Health Cos. Inc. 144A,  
   5.00%, 1/30/28 (b)     1,015  

1,000,000

    Bausch Health Cos. Inc. 144A,  
   5.25%, 1/30/30 (b)     1,021  

1,000,000

    Bausch Health Cos. Inc. 144A,  
   7.00%, 1/15/28 (b)     1,085  

1,000,000

    Bausch Health Cos. Inc. 144A,  
   9.00%, 12/15/25 (b)     1,131  

950,000

    Catalent Pharma Solutions Inc. 144A,  
   5.00%, 7/15/27 (b)     1,002  

1,500,000

    Centene Corp. 144A, 4.25%, 12/15/27 (b)     1,567  

2,000,000

    Centene Corp. 144A, 4.63%, 12/15/29 (b)     2,154  

2,000,000

    Centene Corp., 4.75%, 1/15/25     2,068  

660,000

    Centene Corp. 144A, 5.38%, 6/01/26 (b)     703  

1,500,000

    Centene Corp. 144A, 5.38%, 8/15/26 (b)     1,599  

875,000

    Charles River Laboratories International Inc.  
   144A, 4.25%, 5/01/28 (b)     890  

2,100,000

    CHS/Community Health Systems Inc.,  
   6.25%, 3/31/23     2,147  

950,000

    CHS/Community Health Systems Inc. 144A,  
   6.63%, 2/15/25 (b)     962  

1,000,000

    HCA Inc., 5.00%, 3/15/24     1,108  

860,000

    HCA Inc., 5.88%, 2/01/29     1,016  

850,000

    Hill-Rom Holdings Inc. 144A,  
   4.38%, 9/15/27 (b)     872  

1,700,000

    Select Medical Corp. 144A, 6.25%, 8/15/26 (b)     1,837  

1,800,000

    Tenet Healthcare Corp. 144A,  
   4.88%, 1/01/26 (b)     1,869  

2,000,000

    Tenet Healthcare Corp., 6.75%, 6/15/23     2,169  

1,000,000

    Tenet Healthcare Corp., 7.00%, 8/01/25     1,038  

1,000,000

    Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24 EUR (f)(g)     988  

1,500,000

    Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26     1,284  

800,000

    Teva Pharmaceutical Finance Netherlands III BV 144A, 7.13%, 1/31/25 (b)     844  
    

Principal

or Shares

    Security Description  

Value

(000)

  

      2,225,000

    Universal Health Services Inc. 144A,  
   5.00%, 6/01/26 (b)   $ 2,340  
       37,380  

Insurance (3%)

  

1,750,000

    Alliant Holdings Intermediate LLC/Alliant  
   Holdings Co-Issuer 144A, 6.75%, 10/15/27 (b)     1,849  

3,000,000

    AmWINS Group Inc. 144A, 7.75%, 7/01/26 (b)     3,284  

1,450,000

    Assurant Inc., (3 mo. LIBOR USD + 4.135%),  
   7.00%, 3/27/48 (a)     1,643  

1,400,000

    Fidelity & Guaranty Life Holdings Inc. 144A,  
   5.50%, 5/01/25 (b)     1,494  

1,000,000

    GTCR AP Finance Inc. 144A,  
   8.00%, 5/15/27 (b)     1,063  

2,050,000

    HUB International Ltd. 144A,  
   7.00%, 5/01/26 (b)             2,132  
       11,465  

Leisure (3%)

  

1,500,000

    Churchill Downs Inc. 144A, 4.75%, 1/15/28 (b)     1,548  

1,500,000

    Hilton Domestic Operating Co. Inc.,  
   4.88%, 1/15/30     1,590  

1,500,000

    Live Nation Entertainment Inc. 144A,  
   4.75%, 10/15/27 (b)     1,546  

1,800,000

    Live Nation Entertainment Inc. 144A,  
   4.88%, 11/01/24 (b)     1,865  

1,675,000

    Merlin Entertainments PLC 144A,  
   5.75%, 6/15/26 (b)     1,835  

1,500,000

    MGM Resorts International, 5.75%, 6/15/25     1,676  

1,000,000

    Newell Brands Inc., 4.20%, 4/01/26     1,045  

500,000

    Newell Brands Inc., 5.38%, 4/01/36     550  

1,000,000

    Scientific Games International Inc. 144A,  
   8.25%, 3/15/26 (b)     1,087  

1,000,000

    Wyndham Hotels & Resorts Inc. 144A,  
   5.38%, 4/15/26 (b)     1,048  
       13,790  

Media (5%)

  

2,150,000

    Altice Finco SA 144A, 8.13%, 1/15/24 (b)     2,213  

1,000,000

    CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.00%, 3/01/23 (b)     1,018  

1,600,000

    CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.75%, 3/01/30 (b)     1,648  

2,550,000

    CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.38%, 6/01/29 (b)     2,733  

1,000,000

    CSC Holdings LLC 144A, 5.38%, 7/15/23 (b)     1,023  

500,000

    CSC Holdings LLC 144A, 6.50%, 2/01/29 (b)     556  

1,200,000

    CSC Holdings LLC 144A, 10.88%, 10/15/25 (b)     1,331  

1,300,000

    Diamond Sports Group LLC/Diamond Sports  
   Finance Co. 144A, 5.38%, 8/15/26 (b)     1,297  

1,080,000

    Diamond Sports Group LLC/Diamond Sports  
   Finance Co. 144A, 6.63%, 8/15/27 (b)(e)     1,012  

1,500,000

    DISH DBS Corp., 5.88%, 7/15/22     1,578  

1,500,000

    DISH DBS Corp., 7.75%, 7/01/26     1,578  

1,000,000

    Netflix Inc. 144A, 4.88%, 6/15/30 (b)     1,045  

1,250,000

    Netflix Inc. 144A, 5.38%, 11/15/29 (b)     1,363  

1,000,000

    Scripps Escrow Inc. 144A, 5.88%, 7/15/27 (b)     1,052  

1,300,000

    Sinclair Television Group Inc. 144A,  
   5.50%, 3/01/30 (b)     1,332  
    
 

 

3   Payden Mutual Funds

     
     

 

     

Principal

or Shares

    Security Description   Value (000)  

2,500,000

    Sirius XM Radio Inc. 144A, 5.00%, 8/01/27 (b)   $             2,630  
       23,409  

Real Estate (3%)

  

1,450,000

    Iron Mountain Inc. 144A, 4.88%, 9/15/29 (b)     1,482  

1,500,000

    Iron Mountain Inc. 144A, 5.25%, 3/15/28 (b)     1,570  

4,650,000

    iStar Inc., 4.75%, 10/01/24     4,846  

1,900,000

    Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A, 4.25%, 2/01/27 (b)     1,899  

1,325,000

    MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 8/01/29     1,387  

950,000

    SBA Communications Corp. 144A, 3.88%, 2/15/27 (b)     965  

1,800,000

    Toll Brothers Finance Corp., 3.80%, 11/01/29     1,814  

950,000

    VICI Properties LP/VICI Note Co. Inc. 144A, 3.75%, 2/15/27 (b)     957  

950,000

    VICI Properties LP/VICI Note Co. Inc. 144A,  
   4.13%, 8/15/30 (b)     964  
       15,884  

Retail (3%)

  

      1,000,000

    1011778 BC ULC/New Red Finance Inc. 144A, 5.00%, 10/15/25 (b)     1,034  

3,000,000

    Beacon Roofing Supply Inc. 144A, 4.88%, 11/01/25 (b)     2,990  

500,000

    L Brands Inc., 6.88%, 11/01/35     502  

650,000

    L Brands Inc., 7.50%, 6/15/29     700  

700,000

    Lithia Motors Inc. 144A, 4.63%, 12/15/27 (b)     718  

1,500,000

    Lithia Motors Inc. 144A, 5.25%, 8/01/25 (b)     1,553  

1,000,000

    Penske Automotive Group Inc., 5.50%, 5/15/26     1,037  

1,000,000

    Sonic Automotive Inc., 6.13%, 3/15/27     1,065  

2,000,000

    Yum! Brands Inc., 6.88%, 11/15/37     2,367  
       11,966  

Service (3%)

  

800,000

    Aramark Services Inc. 144A, 5.00%, 2/01/28 (b)     839  

1,450,000

    Ashtead Capital Inc. 144A, 5.25%, 8/01/26 (b)     1,548  

1,000,000

    Avis Budget Car Rental LLC/Avis Budget Finance Inc. 144A, 5.75%, 7/15/27 (b)     1,043  

2,500,000

    Cimpress PLC 144A, 7.00%, 6/15/26 (b)     2,649  

1,000,000

    Covanta Holding Corp., 5.88%, 7/01/25     1,040  

1,500,000

    Covanta Holding Corp., 6.00%, 1/01/27     1,559  

900,000

    Harsco Corp. 144A, 5.75%, 7/31/27 (b)     923  

900,000

    Hertz Corp. 144A, 6.00%, 1/15/28 (b)     910  

850,000

    Refinitiv U.S. Holdings Inc. 144A, 8.25%, 11/15/26 (b)     948  

1,250,000

    United Rentals North America Inc., 4.88%, 1/15/28     1,305  

2,000,000

    United Rentals North America Inc., 5.88%, 9/15/26     2,133  
           14,897  

Technology (3%)

  

1,750,000

    Blackboard Inc. 144A, 10.38%, 11/15/24 (b)(e)     1,763  

1,000,000

    Dell International LLC/EMC Corp. 144A,  
   8.35%, 7/15/46 (b)     1,398  

1,775,000

    MSCI Inc. 144A, 4.00%, 11/15/29 (b)     1,816  

1,800,000

    NXP BV/NXP Funding LLC 144A,  
   3.88%, 9/01/22 (b)     1,881  

1,500,000

    Presidio Holdings Inc. 144A, 8.25%, 2/01/28 (b)     1,545  
    
     

Principal

or Shares

    Security Description   Value (000)  

960,000

    PTC Inc. 144A, 3.63%, 2/15/25 (b)   $ 971  

960,000

    PTC Inc. 144A, 4.00%, 2/15/28 (b)     972  

2,500,000

    TTM Technologies Inc. 144A,  
   5.63%, 10/01/25 (b)                 2,610  
       12,956  

Telecommunications (7%)

  

1,000,000

    Altice France SA, 5.88%, 2/01/27 EUR (f)(g)     1,229  

2,500,000

    Altice France SA 144A, 7.38%, 5/01/26 (b)     2,667  

2,160,000

    CenturyLink Inc., 5.80%, 3/15/22     2,281  

1,000,000

    CenturyLink Inc., 6.88%, 1/15/28     1,120  

1,500,000

    CenturyLink Inc., 7.60%, 9/15/39     1,625  

1,500,000

    CommScope Inc. 144A, 8.25%, 3/01/27 (b)     1,544  

1,000,000

    CommScope Technologies LLC 144A,  
   6.00%, 6/15/25 (b)     960  

850,000

    Frontier Communications Corp. 144A,  
   8.00%, 4/01/27 (b)     889  

750,000

    Frontier Communications Corp. 144A,  
   8.50%, 4/01/26 (b)     770  

1,500,000

    Oi SA, 10.00%, 7/27/25     1,459  

1,000,000

    Qualitytech LP/QTS Finance Corp. 144A,  
   4.75%, 11/15/25 (b)     1,037  

1,230,000

    Sprint Capital Corp., 6.88%, 11/15/28     1,254  

2,200,000

    Sprint Communications Inc., 6.00%, 11/15/22     2,275  

1,000,000

    Sprint Corp., 7.13%, 6/15/24     1,035  

3,500,000

    Sprint Corp., 7.63%, 3/01/26     3,659  

2,200,000

    Telecom Italia Capital SA, 6.38%, 11/15/33     2,570  

3,000,000

    T-Mobile USA Inc., 6.50%, 1/15/26     3,205  

1,700,000

    Zayo Group LLC/Zayo Capital Inc. 144A,  
   5.75%, 1/15/27 (b)     1,741  
       31,320  

Transportation (2%)

  

1,914,629

    American Airlines 2013-1 Class B Pass-Through Trust 144A, 5.63%, 1/15/21 (b)     1,951  

1,972,120

    MV24 Capital BV 144A, 6.75%, 6/01/34 (b)     2,130  

2,025,000

    United Airlines Holdings Inc., 5.00%, 2/01/24     2,154  

600,000

    XPO Logistics Inc. 144A, 6.13%, 9/01/23 (b)     622  
       6,857  

Utility (3%)

  

      1,200,000

    AES Corp., 4.50%, 3/15/23     1,226  

500,000

    Calpine Corp. 144A, 4.50%, 2/15/28 (b)     498  

1,000,000

    Calpine Corp. 144A, 5.13%, 3/15/28 (b)     995  

1,150,000

    Calpine Corp. 144A, 5.25%, 6/01/26 (b)     1,190  

1,400,000

    Calpine Corp., 5.50%, 2/01/24     1,422  

2,000,000

    DPL Inc. 144A, 4.35%, 4/15/29 (b)     1,992  

1,500,000

    NextEra Energy Operating Partners LP 144A,  
   3.88%, 10/15/26 (b)     1,518  

2,000,000

    Talen Energy Supply LLC 144A,  
   6.63%, 1/15/28 (b)     2,006  

1,000,000

    Vistra Operations Co. LLC 144A,  
   5.00%, 7/31/27 (b)     1,032  

1,250,000

    Vistra Operations Co. LLC 144A,  
   5.50%, 9/01/26 (b)     1,303  
       13,182  

Total Corporate Bond (Cost - $364,194)

         376,896  
    
 

 

4

 

Payden High Income Fund continued

 

 

Principal
or Shares		   Security Description   Value
(000)		  

Mortgage Backed (4%)

  

4,100,000

   Connecticut Avenue Securities Trust 2019-HRP1 144A, (1 mo. LIBOR USD + 9.250%), 10.91%, 11/25/39 (a)(b)   $         4,688  

1,991,879

   Fannie Mae Connecticut Avenue Securities, (1 mo. LIBOR USD + 10.250%), 11.91%, 1/25/29 (a)     2,638  

1,991,634

   Fannie Mae Connecticut Avenue Securities, (1 mo. LIBOR USD + 12.250%), 13.91%, 9/25/28 (a)     2,851  

1,200,000

   Freddie Mac STACR Trust 2019-HRP1 144A, (1 mo. LIBOR USD + 9.500%), 11.16%, 2/25/49 (a)(b)     1,306  

900,000

   Freddie Mac Structured Agency Credit Risk Debt Notes, (1 mo. LIBOR USD + 4.600%), 6.26%, 12/25/42 (a)     975  

1,741,094

   Freddie Mac Structured Agency Credit Risk Debt Notes, (1 mo. LIBOR USD + 11.250%), 12.91%, 10/25/29 (a)     2,177  

1,872,418

   STACR Trust 2018-HRP1 144A, (1 mo. LIBOR USD + 11.750%), 13.41%, 4/25/43 (a)(b)     2,462  

1,550,000

   STACR Trust 2018-HRP2 144A, (1 mo. LIBOR USD + 10.500%), 12.16%, 2/25/47 (a)(b)     1,884  

Total Mortgage Backed (Cost - $15,425)

     18,981  
   
Principal
or Shares		   Security Description   Value
(000)		  

Investment Company (9%)

  

43,757,931

   Payden Cash Reserves Money Market Fund *
(Cost - $43,758)		   $       43,758  

Total Investments (Cost - $464,529) (104%)

     480,939  

Liabilities in excess of Other Assets (-4%)

     (20,049 ) 
   

 

 

  

Net Assets (100%)

   $ 460,890  
   

 

*

Affiliated investment

(a)

Floating rate security. The rate shown reflects the rate in effect at January 31, 2020.

(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)

Floating rate security. The rate shown reflects the rate in effect at January 31, 2020. The stated maturity is subject to prepayments.

(d)

Non-income producing security.

(e)

All or a portion of these securities are on loan. At January 31, 2020, the total market value of the Fund’s securities on loan is $6,152 and the total market value of the collateral held by the Fund is $6,395. Amounts in 000s.

(f)

Security offered and sold outside the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

(g)

Principal in foreign currency.

(h)

Perpetual security with no stated maturity date.

 

 

Open Forward Currency Contracts to USD

 

Currency

Purchased

  (000s)

    Currency
Sold
(000s)		    Counterparty      Settlement
Date		      Unrealized
Appreciation
(000s)		  

Assets:

            

USD 7,780

    EUR 6,971      Citibank, N.A.        03/23/2020      $ 23  
           

 

 

  

Net Unrealized Appreciation

             $ 23  
           

 

 

  

Open Centrally Cleared Interest Rate Swap Contracts

 

Description    Maturity
Date		      Notional
Amount
(000s)		      Value
(000s)		      Upfront
payments/
receipts
(000s)		      Unrealized
Appreciation
(Depreciation)
(000s)		  
4-Year Interest Rate Swap, Pay Fixed 0.2405% Annually,
Receive Variable (0.41600)% (1-Month EURIBOR) Monthly		      10/29/2023        $  2,343        $(397)        $—        $(397 ) 
4-Year Interest Rate Swap, Receive Fixed 3.013% Semi-Annually, Pay
Variable 2.325% (1-Month USD LIBOR) Monthly		      10/29/2023        14,240        929        —        929  
        

 

 

     

 

 

     

 

 

  
           $  532        $—        $  532  
        

 

 

     

 

 

     

 

 

  

 

5   Payden Mutual Funds