NPORT-EX 2 d938203d8k.htm HTML
  

 

Payden Low Duration Fund

 

  

 

Schedule of Investments - July 31, 2020 (Unaudited)

Principal

or Shares

      Security Description    Value (000)  
 

Asset Backed (28%)

   
      4,233,755      Allegro CLO III Ltd. 144A, (3 mo. LIBOR USD   
   + 0.840%), 1.08%, 7/25/27 (a)(b)    $ 4,185  
  444,323      Ally Auto Receivables Trust 2017-4,   
   1.75%, 12/15/21      445  
  7,910,000      Ally Auto Receivables Trust 2019-1,   
   2.91%, 9/15/23      8,110  
  3,565,000      ALM XVI Ltd./ALM XVI LLC 144A, (3 mo.   
   LIBOR USD + 1.500%), 1.78%, 7/15/27 (a)(b)      3,489  
  27,205      AmeriCredit Automobile Receivables Trust   
   2016-2, 2.87%, 11/08/21      27  
  5,800,000      AmeriCredit Automobile Receivables Trust   
   2020-1, 1.11%, 8/19/24      5,857  
  3,690,000      AmeriCredit Automobile Receivables Trust   
   2020-2, 0.66%, 12/18/24      3,703  
  9,605,000      Apidos CLO XXI 144A, (3 mo. LIBOR USD   
   + 0.930%), 1.20%, 7/18/27 (a)(b)      9,504  
  10,540,000      Ballyrock CLO 2020-1 Ltd. 144A, (3 mo. LIBOR   
   USD + 1.700%), 1.99%, 7/20/30 (a)(b)              10,555  
  1,873,544      Barings CLO Ltd. 2013-I 144A, (3 mo. LIBOR   
   USD + 0.800%), 1.07%, 1/20/28 (a)(b)      1,855  
  3,220,000      BDS 2020-FL5 Ltd. 144A, (1 mo. LIBOR USD   
   + 1.150%), 1.34%, 2/16/37 (a)(b)      3,135  
  8,993,414      BlueMountain CLO 2013-1 Ltd. 144A, (3 mo.   
   LIBOR USD + 1.230%), 1.50%, 1/20/29 (a)(b)      8,937  
  1,334,044      BMW Vehicle Lease Trust 2018-1,   
   3.26%, 7/20/21      1,343  
  1,830,000      BMW Vehicle Lease Trust 2018-1,   
   3.36%, 3/21/22      1,857  
  3,070,000      BMW Vehicle Owner Trust 2020-A,   
   0.48%, 10/25/24      3,080  
  10,840,000      Bristol Park CLO Ltd. 144A, (3 mo. LIBOR USD   
   + 0.990%), 1.27%, 4/15/29 (a)(b)      10,676  
  5,020,000      BSPRT 2018-FL4 Issuer Ltd. 144A, (1 mo.   
   LIBOR USD + 1.300%), 1.47%, 9/15/35 (a)(b)      4,853  
  5,150,000      CarMax Auto Owner Trust 2018-4,   
   3.36%, 9/15/23      5,309  
  8,500,000      CarMax Auto Owner Trust 2019-1,   
   3.05%, 3/15/24      8,763  
  8,470,000      CarMax Auto Owner Trust 2019-3,   
   2.18%, 8/15/24      8,728  
  3,740,000      CarMax Auto Owner Trust 2020-1,   
   1.89%, 12/16/24      3,859  
  1,478,244      CARS-DB4 LP 144A, 2.69%, 2/15/50 (b)      1,509  
  5,880,000      CIFC Funding 2015-II Ltd. 144A, (3 mo. LIBOR   
   USD + 1.010%), 1.29%, 4/15/30 (a)(b)      5,793  
  11,040,000      CIFC Funding 2020-I Ltd. 144A, (3 mo. LIBOR   
   USD + 1.700%), 1.94%, 7/15/32 (a)(b)      11,010  
  5,970,000      CLNC 2019-FL1 Ltd. 144A, (1 mo. LIBOR USD   
   + 1.250%), 1.44%, 8/20/35 (a)(b)      5,829  
  6,180,000      CNH Equipment Trust 2019-A, 3.01%, 4/15/24      6,361  
  3,740,000      Dell Equipment Finance Trust 2018-2 144A,   
   3.37%, 10/22/23 (b)      3,786  
  1,305,000      Drive Auto Receivables Trust 2019-4,   
   2.51%, 11/17/25      1,330  
  4,890,000      Drive Auto Receivables Trust 2020-1,   
   2.08%, 7/15/24      4,976  

Principal

or Shares

      Security Description    Value (000)  

 

 

 

    3,620,000

 

 

   

 

Drive Auto Receivables Trust 2020-1,

   
   2.36%, 3/16/26    $ 3,707  
  1,670,000      Drive Auto Receivables Trust 2020-2,   
   1.42%, 3/17/25      1,693  
  232,040      Enterprise Fleet Financing 2017-3 LLC 144A,   
   2.13%, 5/22/23 (b)      233  
  3,852,737      Enterprise Fleet Financing 2019-2 LLC 144A,   
   2.29%, 2/20/25 (b)      3,915  
  4,340,000      Ford Credit Auto Lease Trust 2020-A,   
   2.05%, 6/15/23      4,349  
  9,790,000      Ford Credit Auto Owner Trust 2019-A,   
   2.78%, 9/15/23              10,076  
  8,030,000      Ford Credit Auto Owner Trust 2020-B,   
   0.56%, 10/15/24      8,062  
  349,949      GM Financial Automobile Leasing Trust 2018-2,   
   3.06%, 6/21/21      350  
  3,060,000      GM Financial Automobile Leasing Trust 2020-2,   
   0.80%, 7/20/23      3,081  
  1,660,000      GM Financial Consumer Automobile Receivables   
   Trust 2020-1, 2.03%, 4/16/25      1,718  
  1,290,000      GM Financial Consumer Automobile Receivables   
   Trust 2020-1, 2.18%, 5/16/25      1,334  
  6,700,000      GreatAmerica Leasing Receivables Funding LLC   
   Series 2019-1 144A, 3.05%, 9/15/22 (b)      6,795  
  3,800,000      GreatAmerica Leasing Receivables Funding LLC   
   Series 2020-1 144A, 1.76%, 8/15/23 (b)      3,831  
  7,810,000      Greystone CRE Notes 2019-FL2 Ltd. 144A, (1   
   mo. LIBOR USD + 1.180%),   
   1.35%, 9/15/37 (a)(b)      7,603  
  3,800,000      HPEFS Equipment Trust 144A,   
   0.69%, 7/22/30 (b)      3,811  
  2,720,000      Hyundai Auto Lease Securitization Trust 2020-A   
   144A, 2.00%, 12/15/23 (b)      2,774  
  1,810,000      Hyundai Auto Receivables Trust 2016-B,   
   2.68%, 9/15/23      1,832  
  3,782,744      Invitation Homes 2018-SFR1 Trust 144A, (1   
   mo. LIBOR USD + 0.700%),   
   0.88%, 3/17/37 (a)(b)      3,728  
  7,235,000      John Deere Owner Trust 2019-A,   
   2.91%, 7/17/23      7,428  
  4,260,000      John Deere Owner Trust 2020-B,   
   0.51%, 11/15/24      4,269  
  4,550,000      KREF 2018-FL1 Ltd. 144A, (1 mo. LIBOR USD   
   + 1.100%), 1.28%, 6/15/36 (a)(b)      4,503  
  3,930,000      Kubota Credit Owner Trust 2020-1 144A,   
   1.96%, 3/15/24 (b)      4,016  
  194,600      L.A. Arena Funding LLC 144A,   
   7.66%, 12/15/26 (b)      191  
  4,675,000      LCM XX LP 144A, (3 mo. LIBOR USD   
   + 1.040%), 1.31%, 10/20/27 (a)(b)      4,638  
  4,970,000      Mercedes-Benz Auto Receivables Trust 2020-1,   
   0.55%, 2/18/25      4,995  
  6,290,000      MMAF Equipment Finance LLC 2020-A 144A,   
   0.97%, 4/09/27 (b)      6,375  
 

 

1        Payden Mutual Funds

 

            

 

Principal
or Shares		      Security Description   

Value

(000)

  

 

 

 

3,095,000

 

 

   

 

Nissan Auto Lease Trust 2020-A,

   
   1.88%, 4/15/25    $ 3,170  
  7,088,791      NP SPE II LLC 144A, 2.86%, 11/19/49 (b)      7,097  
  8,440,000      Oaktree CLO 2020-1 Ltd. 144A, (3 mo. LIBOR   
   USD + 2.000%), 2.34%, 7/15/29 (a)(b)      8,455  
  1,582,681      OZLM XIII Ltd. 144A, (3 mo. LIBOR USD   
   + 1.080%), 1.35%, 7/30/27 (a)(b)      1,564  
  12,600,000      Palmer Square CLO 2020-1 Ltd. 144A, (3 mo.   
   LIBOR USD + 2.000%), 2.29%, 4/20/29 (a)(b)      12,627  
  10,461,677      Palmer Square Loan Funding 2020-1 Ltd. 144A,   
   (3 mo. LIBOR USD + 0.800%),   
   1.18%, 2/20/28 (a)(b)              10,376  
  6,230,000      PFS Financing Corp. 144A, 1.21%, 6/15/24 (b)      6,273  
  6,140,000      PFS Financing Corp. 144A, 2.89%, 2/15/23 (b)      6,213  
  1,210,777      Prestige Auto Receivables Trust 2018-1 144A,   
   3.29%, 9/15/22 (b)      1,216  
      12,070,000      RR 10 Ltd. 144A, (3 mo. LIBOR USD   
   + 1.800%), 2.05%, 7/15/33 (a)(b)      12,076  
  3,000,000      Santander Drive Auto Receivables Trust 2020-2,   
   0.67%, 4/15/24      3,005  
  4,730,000      Santander Retail Auto Lease Trust 2019-B 144A,   
   2.30%, 1/20/23 (b)      4,840  
  5,880,000      STWD 2019-FL1 Ltd. 144A, (1 mo. LIBOR   
   USD + 1.080%), 1.25%, 7/15/38 (a)(b)      5,771  
  3,851,350      Taco Bell Funding LLC 144A,   
   4.32%, 11/25/48 (b)      3,991  
  8,880,000      Toyota Auto Receivables 2019-A Owner Trust,   
   2.91%, 7/17/23      9,129  
  1,000,000      Trillium Credit Card Trust II 144A,   
   2.33%, 12/26/24 (b)      1,012  
  7,960,000      TRTX 2019-FL3 Issuer Ltd. 144A, (1 mo.   
   LIBOR USD + 1.450%), 1.63%, 10/15/34 (a)(b)      7,709  
  2,860,000      VB-S1 Issuer LLC 144A, 3.03%, 6/15/50 (b)      2,962  
  7,500,000      Venture XXIV CLO Ltd. 144A, (3 mo. LIBOR   
   USD + 1.180%), 1.45%, 10/20/28 (a)(b)      7,424  
  9,960,000      Verizon Owner Trust 2019-A, 2.93%, 9/20/23      10,241  
  3,370,000      Volkswagen Auto Lease Trust 2019-A,   
   1.99%, 11/21/22      3,436  
  3,481,051      Volkswagen Auto Loan Enhanced Trust 2018-1,   
   3.02%, 11/21/22      3,543  
  7,130,000      Volvo Financial Equipment LLC Series 2019-1   
   144A, 3.00%, 3/15/23 (b)      7,278  
  1,323,000      Westlake Automobile Receivables Trust 2018-3   
   144A, 4.00%, 10/16/23 (b)      1,364  
  3,700,000      Westlake Automobile Receivables Trust 2020-1   
   144A, 2.80%, 6/16/25 (b)      3,724  
  3,780,000      Westlake Automobile Receivables Trust 2020-2   
   144A, 1.32%, 7/15/25 (b)      3,805  
  2,316,600      Wingstop Funding 2018-1 LLC 144A,   
   4.97%, 12/05/48 (b)      2,390  
     

 

 

  
 

Total Asset Backed (Cost - $402,442)

      404,862  
     

 

 

  
 

Commercial Paper(c) (0%)

   
  5,000,000      Nutrien Ltd, 0.25%, 8/03/20   
   (Cost - $5,000)      5,000  
     

 

 

  
Principal
or Shares		      Security Description   

Value

(000)

  

 

 

 

Corporate Bond (37%)

   
 

Financial (25%)

   
  2,565,000      AIG Global Funding 144A, 0.80%, 7/07/23 (b)    $ 2,582  
  4,089,000      AIG Global Funding 144A, 2.30%, 7/01/22 (b)      4,230  
  1,125,000      Air Lease Corp., 2.25%, 1/15/23      1,113  
  1,200,000      Air Lease Corp., 2.75%, 1/15/23      1,203  
  1,890,000      Ally Financial Inc., 3.88%, 5/21/24      2,021  
  5,816,000      American Express Co., 2.75%, 5/20/22      6,056  
  3,610,000      American Honda Finance Corp., 0.88%, 7/07/23      3,644  
  4,010,000      American Honda Finance Corp., 2.05%, 1/10/23      4,154  
  3,965,000      ANZ New Zealand Int’l Ltd. 144A,   
   1.90%, 2/13/23 (b)      4,085  
  4,095,000      Aon Corp., 2.20%, 11/15/22      4,257  
  2,455,000      Ares Capital Corp., 3.63%, 1/19/22      2,523  
  377,000      Assurant Inc., (3 mo. LIBOR USD + 1.250%),   
   1.53%, 3/26/21 (a)      377  
  3,495,000      Athene Global Funding 144A,   
   2.80%, 5/26/23 (b)      3,636  
  3,000,000      Banco Bradesco SA 144A, 2.85%, 1/27/23 (b)      3,016  
  2,475,000      Banco del Estado de Chile 144A,   
   2.67%, 1/08/21 (b)      2,494  
  3,450,000      Banco Santander Chile 144A,   
   2.50%, 12/15/20 (b)      3,475  
  2,760,000      Bank of America Corp., (3 mo. LIBOR USD   
   + 0.630%), 2.33%, 10/01/21 (a)      2,769  
  4,600,000      Bank of America Corp., (3 mo. LIBOR USD   
   + 0.930%), 2.82%, 7/21/23 (a)      4,794  
  2,500,000      Bank of America Corp., (3 mo. LIBOR USD   
   + 0.630%), 3.50%, 5/17/22 (a)      2,559  
  6,885,000      Bank of Nova Scotia, 0.80%, 6/15/23      6,917  
  2,751,000      Bank of Nova Scotia, 2.00%, 11/15/22      2,848  
  3,115,000      Bank of Nova Scotia, 2.38%, 1/18/23      3,263  
  3,265,000      Banque Federative du Credit Mutuel SA 144A,   
   2.13%, 11/21/22 (b)      3,378  
  2,000,000      Banque Federative du Credit Mutuel SA 144A,   
   2.70%, 7/20/22 (b)      2,079  
  2,930,000      Barclays Bank PLC, 1.70%, 5/12/22      2,989  
  2,495,000      Barclays PLC, 3.25%, 1/12/21      2,527  
  7,000,000      BBVA USA, 2.88%, 6/29/22      7,234  
  5,570,000      BMW Finance NV 144A, 2.25%, 8/12/22 (b)      5,746  
  3,800,000      BNP Paribas SA 144A, 2.95%, 5/23/22 (b)      3,946  
  4,250,000      BNZ International Funding Ltd. 144A,   
   3.38%, 3/01/23 (b)      4,546  
  5,265,000      Canadian Imperial Bank of Commerce,   
   0.95%, 6/23/23      5,320  
  2,030,000      CIT Bank NA, (U.S. Secured Overnight   
   Financing Rate + 1.715%), 2.97%, 9/27/25 (a)      1,929  
  3,300,000      CIT Group Inc., 5.00%, 8/15/22      3,412  
  7,200,000      Citibank NA, (3 mo. LIBOR USD + 0.530%),   
   3.17%, 2/19/22 (a)      7,306  
  3,000,000      Citigroup Inc., 2.35%, 8/02/21      3,060  
  2,100,000      Citizens Bank NA, 3.25%, 2/14/22      2,181  
  2,005,000      Comerica Bank, 2.50%, 7/23/24      2,133  
  4,610,000      Credit Suisse AG, 1.00%, 5/05/23      4,665  
  1,890,000      Credit Suisse AG, 2.80%, 4/08/22      1,965  
  4,750,000      Credit Suisse Group AG 144A,   
   3.57%, 1/09/23 (b)      4,930  
  2,840,000      DBS Group Holdings Ltd. 144A,   
   2.85%, 4/16/22 (b)      2,940  
 

 

   2

  

 

Payden Low Duration Fund continued

 

  

 

Principal
or Shares		      Security Description    Value
(000)		  

 

 

 

    1,470,000

 

 

   

 

Enstar Group Ltd., 4.50%, 3/10/22

    $ 1,511  
  4,420,000      Equinix Inc., 2.63%, 11/18/24      4,732  
  1,935,000      First Republic Bank, (U.S. Secured Overnight   
   Financing Rate + 0.620%), 1.91%, 2/12/24 (a)      1,994  
  4,500,000      FS KKR Capital Corp., 4.75%, 5/15/22      4,536  
  3,980,000      FS KKR Capital Corp. II 144A,   
   4.25%, 2/14/25 (b)      3,617  
  1,198,000      Goldman Sachs Group Inc., (3 mo. LIBOR USD   
   + 0.821%), 2.88%, 10/31/22 (a)              1,230  
  5,420,000      Goldman Sachs Group Inc., 3.00%, 4/26/22      5,519  
  1,645,000      Goldman Sachs Group Inc., 3.50%, 4/01/25      1,825  
  2,050,000      Icahn Enterprises LP/Icahn Enterprises Finance   
   Corp., 4.75%, 9/15/24      2,094  
  1,320,000      Icahn Enterprises LP/Icahn Enterprises Finance   
   Corp., 6.25%, 2/01/22      1,350  
  3,710,000      ICICI Bank Ltd. 144A, 5.75%, 11/16/20 (b)      3,753  
  3,260,000      Intesa Sanpaolo SpA 144A, 3.13%, 7/14/22 (b)      3,348  
  655,000      iStar Inc., 4.75%, 10/01/24      648  
  3,935,000      Itau Unibanco Holding SA 144A,   
   2.90%, 1/24/23 (b)      3,936  
  5,150,000      Jackson National Life Global Funding 144A,   
   3.30%, 2/01/22 (b)      5,346  
  3,615,000      JPMorgan Chase & Co., (3 mo. LIBOR USD   
   + 0.695%), 3.21%, 4/01/23 (a)      3,777  
  2,215,000      KeyBank NA, 3.30%, 2/01/22      2,311  
  3,870,000      Macquarie Bank Ltd. 144A, 2.10%, 10/17/22 (b)      4,002  
  5,005,000      Macquarie Group Ltd. 144A, (3 mo. LIBOR   
   USD + 1.020%), 1.39%, 11/28/23 (a)(b)      5,017  
  4,040,000      MassMutual Global Funding II 144A,   
   0.85%, 6/09/23 (b)      4,088  
  3,550,000      Metropolitan Life Global Funding I 144A,   
   0.90%, 6/08/23 (b)      3,594  
  7,085,000      Mitsubishi UFJ Financial Group Inc.,   
   2.62%, 7/18/22      7,365  
  7,232,000      Mitsubishi UFJ Financial Group Inc.,   
   3.22%, 3/07/22      7,531  
  2,595,000      Mizuho Financial Group Inc., (3 mo. LIBOR   
   USD + 0.840%), 2.72%, 7/16/23 (a)      2,693  
  4,800,000      Mizuho Financial Group Inc., 2.95%, 2/28/22      4,986  
  1,186,000      Morgan Stanley, (3 mo. LIBOR USD + 1.180%),   
   1.45%, 1/20/22 (a)      1,191  
  3,435,000      Morgan Stanley, (U.S. Secured Overnight   
   Financing Rate + 1.152%), 2.72%, 7/22/25 (a)      3,677  
  3,695,000      National Australia Bank Ltd., 1.88%, 12/13/22      3,822  
  1,875,000      National Bank of Canada, (1 yr. US Treasury   
   Yield Curve Rate T Note Constant Maturity   
   + 0.770%), 0.90%, 8/15/23 (a)      1,887  
  7,685,000      National Bank of Canada, 2.10%, 2/01/23      7,991  
  2,125,000      National Bank of Canada 144A,   
   2.15%, 10/07/22 (b)      2,196  
  3,500,000      National Securities Clearing Corp. 144A,   
   1.20%, 4/23/23 (b)      3,572  
  5,420,000      Natwest Group PLC, (3 mo. LIBOR USD   
   + 1.470%), 1.86%, 5/15/23 (a)      5,447  
  4,455,000      NatWest Markets PLC 144A, 3.63%, 9/29/22 (b)      4,710  
Principal
or Shares		      Security Description    Value
(000)		  

 

 

 

    2,430,000

 

 

   

 

New York Life Global Funding 144A,

   
   1.10%, 5/05/23 (b)    $ 2,480  
  1,510,000      Nordea Bank Abp 144A, 1.00%, 6/09/23 (b)      1,537  
  2,160,000      Owl Rock Capital Corp., 4.25%, 1/15/26      2,165  
  1,830,000      Park Aerospace Holdings Ltd. 144A,   
   5.25%, 8/15/22 (b)      1,764  
  3,045,000      PayPal Holdings Inc., 1.35%, 6/01/23      3,123  
  3,225,000      PayPal Holdings Inc., 2.20%, 9/26/22      3,348  
  1,695,000      Protective Life Global Funding 144A,   
   1.08%, 6/09/23 (b)              1,722  
  1,995,000      Reliance Standard Life Global Funding II 144A,   
   2.15%, 1/21/23 (b)      2,044  
  2,600,000      Reliance Standard Life Global Funding II 144A,   
   2.63%, 7/22/22 (b)      2,682  
  2,050,000      Santander Holdings USA Inc., 3.70%, 3/28/22      2,130  
  1,595,000      Santander Holdings USA Inc., 4.45%, 12/03/21      1,662  
  5,650,000      Santander UK PLC, 2.10%, 1/13/23      5,858  
  2,850,000      SBA Tower Trust 144A, 1.88%, 1/15/26 (b)      2,893  
  1,195,000      Shriram Transport Finance Co. Ltd. 144A,   
   5.10%, 7/16/23 (b)      1,122  
  1,136,000      SLM Corp., 5.13%, 4/05/22 (d)      1,162  
  1,045,000      Starwood Property Trust Inc., 3.63%, 2/01/21      1,036  
  1,130,000      State Street Corp. 144A, (U.S. Secured Overnight   
   Financing Rate + 2.690%),   
   2.83%, 3/30/23 (a)(b)      1,173  
  7,000,000      Sumitomo Mitsui Financial Group Inc.,   
   2.44%, 10/19/21      7,173  
  2,245,000      Suncorp-Metway Ltd. 144A,   
   2.38%, 11/09/20 (b)      2,256  
  5,325,000      Svenska Handelsbanken AB 144A,   
   0.63%, 6/30/23 (b)      5,342  
  515,000      Synchrony Financial, 2.85%, 7/25/22      527  
  1,285,000      Synchrony Financial, 3.75%, 8/15/21      1,311  
  1,505,000      Synovus Bank, (U.S. Secured Overnight   
   Financing Rate + 0.945%), 2.29%, 2/10/23 (a)      1,533  
  3,310,000      Toronto-Dominion Bank, 0.75%, 6/12/23      3,343  
  4,655,000      UBS AG 144A, 1.75%, 4/21/22 (b)      4,754  
  2,940,000      UBS Group AG 144A, (1 yr. US Treasury Yield   
   Curve Rate T Note Constant Maturity   
   + 0.830%), 1.01%, 7/30/24 (a)(b)      2,957  
  2,500,000      UBS Group AG 144A, (3 mo. LIBOR USD   
   + 0.954%), 2.86%, 8/15/23 (a)(b)      2,604  
  2,330,000      UBS Group AG 144A, 3.49%, 5/23/23 (b)      2,443  
  1,000,000      UniCredit SpA 144A, 6.57%, 1/14/22 (b)      1,063  
  4,000,000      Ventas Realty LP, 2.65%, 1/15/25      4,127  
  5,135,000      Wells Fargo & Co., 2.10%, 7/26/21      5,224  
  7,625,000      Wells Fargo Bank NA, (3 mo. LIBOR USD   
   + 0.650%), 2.08%, 9/09/22 (a)      7,753  
     

 

 

  
        359,909  
     

 

 

  
 

Industrial (9%)

   
  335,000      3M Co., 2.65%, 4/15/25      366  
  7,385,000      AbbVie Inc. 144A, 2.15%, 11/19/21 (b)      7,542  
  5,000,000      AbbVie Inc. 144A, 2.30%, 11/21/22 (b)      5,196  
  2,495,000      Anglo American Capital PLC 144A,   
   4.13%, 4/15/21 (b)      2,540  
  2,420,000      Aviation Capital Group LLC 144A,   
   3.88%, 5/01/23 (b)      2,376  
 

 

3        Payden Mutual Funds

 

            

 

 

Principal

or Shares

      Security Description   

 

Value
(000)

  

 

 

 

 

 

    1,980,000

 

 

 

   

 

 

Aviation Capital Group LLC 144A,

   
   4.38%, 1/30/24 (b)    $         1,950  
  4,125,000      Bristol-Myers Squibb Co., 2.60%, 5/16/22      4,295  
  5,317,000      Caterpillar Financial Services Corp.,   
   0.65%, 7/07/23      5,353  
  705,000      Centene Corp., 4.75%, 5/15/22      718  
  1,750,000      Centene Corp., 4.75%, 1/15/25      1,816  
  1,825,000      Cigna Corp., (3 mo. LIBOR USD + 0.650%),   
   0.95%, 9/17/21 (a)      1,825  
  2,455,000      CNH Industrial Capital LLC, 1.95%, 7/02/23      2,479  
  2,147,000      Daimler Finance North America LLC 144A,   
   3.35%, 2/22/23 (b)      2,271  
  2,162,000      Dell International LLC/EMC Corp. 144A,   
   4.42%, 6/15/21 (b)      2,222  
  264,000      Dell International LLC/EMC Corp. 144A,   
   5.88%, 6/15/21 (b)      265  
  2,999,000      Delta Air Lines Inc., 2.60%, 12/04/20      2,991  
  3,390,000      DuPont de Nemours Inc., 2.17%, 5/01/23      3,461  
  730,000      Elanco Animal Health Inc., 4.66%, 8/27/21      763  
  2,800,000      Express Scripts Holding Co., 2.60%, 11/30/20      2,820  
  2,665,000      Ford Motor Credit Co. LLC, 5.13%, 6/16/25      2,845  
  1,270,000      Fox Corp., 3.67%, 1/25/22      1,331  
  2,060,000      General Motors Financial Co. Inc., (3 mo. LIBOR   
   USD + 1.310%), 1.62%, 6/30/22 (a)      2,059  
  2,520,000      General Motors Financial Co. Inc., (3 mo. LIBOR   
   USD + 1.550%), 1.82%, 1/14/22 (a)      2,524  
  1,660,000      Infor Inc. 144A, 1.45%, 7/15/23 (b)      1,679  
  1,950,000      Intuit Inc., 0.65%, 7/15/23      1,964  
  2,035,000      John Deere Capital Corp., 1.20%, 4/06/23      2,083  
  2,320,000      Lennar Corp., 4.13%, 1/15/22      2,380  
  675,000      McDonald’s Corp., 3.30%, 7/01/25      758  
  3,185,000      Microchip Technology Inc. 144A,   
   2.67%, 9/01/23 (b)      3,300  
  1,650,000      Mondelez International Inc., 0.63%, 7/01/22      1,659  
  1,035,000      Mondelez International Inc., 2.13%, 4/13/23      1,079  
  7,200,000      Mylan Inc. 144A, 3.13%, 1/15/23 (b)      7,612  
  460,000      NIKE Inc., 2.40%, 3/27/25      498  
  3,608,000      Nissan Motor Acceptance Corp. 144A,   
   2.15%, 9/28/20 (b)      3,605  
  1,585,000      Oracle Corp., 2.50%, 4/01/25      1,716  
  3,155,000      Pelabuhan Indonesia III Persero PT 144A,   
   4.50%, 5/02/23 (b)      3,341  
  1,450,000      Penske Truck Leasing Co. LP/PTL Finance Corp.   
   144A, 3.65%, 7/29/21 (b)      1,489  
  1,066,000      Royal Caribbean Cruises Ltd., 2.65%, 11/28/20      1,055  
  1,657,000      Ryder System Inc., 2.88%, 6/01/22      1,723  
  1,550,000      Sirius XM Radio Inc. 144A, 3.88%, 8/01/22 (b)      1,581  
  1,050,000      SMBC Aviation Capital Finance DAC 144A,   
   2.65%, 7/15/21 (b)      1,057  
  1,595,000      SMBC Aviation Capital Finance DAC 144A,   
   3.00%, 7/15/22 (b)      1,616  
  1,415,000      Smithfield Foods Inc. 144A, 2.65%, 10/03/21 (b)      1,412  
  2,860,000      Southwest Airlines Co., 4.75%, 5/04/23      3,004  
  1,130,000      Spirit AeroSystems Inc., (3 mo. LIBOR USD   
   + 0.800%), 1.11%, 6/15/21 (a)      1,048  

 

Principal

or Shares

      Security Description   

 

Value
(000)

  

 

 

 

 

 

1,456,250

 

 

 

   

 

 

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II

   
   LLC/Sprint Spectrum Co. III LLC 144A,   
   3.36%, 9/20/21 (b)    $ 1,477  
  725,000      Starbucks Corp., 1.30%, 5/07/22      736  
  575,000      Target Corp., 2.25%, 4/15/25      620  
  930,000      Teva Pharmaceutical Finance Netherlands III BV,   
   2.20%, 7/21/21      925  
  1,100,000      Teva Pharmaceutical Finance Netherlands III BV,   
   6.00%, 4/15/24      1,166  
  800,000      Teva Pharmaceutical Finance Netherlands III BV   
   144A, 7.13%, 1/31/25 (b)      880  
  855,000      Toll Brothers Finance Corp., 4.38%, 4/15/23      901  
  3,000,000      Upjohn Inc. 144A, 1.13%, 6/22/22 (b)      3,026  
  1,885,000      Volkswagen Group of America Finance LLC   
   144A, 2.50%, 9/24/21 (b)      1,922  
  1,560,000      Volkswagen Group of America Finance LLC   
   144A, 2.70%, 9/26/22 (b)      1,622  
  7,175,000      Volkswagen Group of America Finance LLC   
   144A, 2.90%, 5/13/22 (b)      7,442  
  2,750,000      Volkswagen Group of America Finance LLC   
   144A, 3.88%, 11/13/20 (b)      2,775  
  1,340,000      Westinghouse Air Brake Technologies Corp.,   
   3.20%, 6/15/25      1,401  
     

 

 

  
        130,560  
     

 

 

  
  Utility (3%)        
  7,700,000      Enel Finance International NV 144A,   
   2.88%, 5/25/22 (b)      7,959  
  7,110,000      Exxon Mobil Corp., 1.57%, 4/15/23      7,334  
  2,255,000      Kinder Morgan Inc., (3 mo. LIBOR USD   
   + 1.280%), 1.56%, 1/15/23 (a)      2,258  
  4,500,000      NextEra Energy Capital Holdings Inc.,   
   2.90%, 4/01/22      4,689  
  1,815,000      NextEra Energy Operating Partners LP 144A,   
   4.25%, 7/15/24 (b)      1,936  
  453,000      Occidental Petroleum Corp., 2.60%, 8/13/21      448  
  875,000      Occidental Petroleum Corp., 2.70%, 8/15/22      847  
  4,980,000      Pacific Gas and Electric Co., 1.75%, 6/16/22      5,000  
  4,685,000      PNM Resources Inc., 3.25%, 3/09/21      4,743  
  1,228,571      Southern California Edison Co., 1.85%, 2/01/22      1,227  
  2,685,000      WEC Energy Group Inc., 3.10%, 3/08/22      2,796  
     

 

 

  
        39,237  
     

 

 

  
 

Total Corporate Bond (Cost - $517,930)

      529,706  
     

 

 

  
 

Foreign Government (1%)

   
  1,960,000      Abu Dhabi Government International Bond   
   144A, 2.50%, 10/11/22 (b)      2,041  
  2,120,000      Fondo MIVIVIENDA SA 144A,   
   3.50%, 1/31/23 (b)      2,194  
  3,130,000      Georgia Government International Bond 144A,   
   6.88%, 4/12/21 (b)      3,212  
  646,000      Senegal Government International Bond 144A,   
   8.75%, 5/13/21 (b)      667  
     

 

 

  
 

Total Foreign Government (Cost - $7,939)

      8,114  
     

 

 

  
 

Mortgage Backed (12%)

   
  3,274,775      AREIT 2018-CRE2 Trust 144A, (1 mo. LIBOR   
   USD + 1.400%), 1.58%, 11/14/35 (a)(b)      3,090  
 

 

   4

  

 

Payden Low Duration Fund continued

 

  

 

 

Principal

or Shares

      Security Description   

 

Value
(000)

  

 

 

 

    129,843,886

 

 

   

 

Benchmark 2018-B6 Mortgage Trust,

   
   0.44%, 10/10/51 (e)    $         3,182  
  2,847,893      BX Commercial Mortgage Trust 2019-XL 144A,   
   (1 mo. LIBOR USD + 0.920%),   
   1.09%, 10/15/36 (a)(b)      2,848  
  2,866,879      BX Commercial Mortgage Trust 2019-XL 144A,   
   (1 mo. LIBOR USD + 1.080%),   
   1.25%, 10/15/36 (a)(b)      2,857  
  1,628,509      BX Commercial Mortgage Trust 2020-BXLP   
   144A, (1 mo. LIBOR USD + 1.600%),   
   1.77%, 12/15/36 (a)(b)      1,598  
  22,501,238      Cantor Commercial Real Estate Lending   
   2019-CF1, 1.14%, 5/15/52 (e)      1,701  
  9,031,030      CHC Commercial Mortgage Trust 2019-CHC   
   144A, (1 mo. LIBOR USD + 2.050%),   
   2.22%, 6/15/34 (a)(b)      8,131  
  44,878,771      Citigroup Commercial Mortgage Trust 2018-C6,   
   0.78%, 11/10/51 (e)      2,382  
  5,740,000      COMM 2019-WCM Mortgage Trust 144A, (1   
   mo. LIBOR USD + 0.900%),   
   1.07%, 10/15/36 (a)(b)      5,677  
  7,095,069      Connecticut Avenue Securities Trust 2019-HRP1   
   144A, (1 mo. LIBOR USD + 2.150%),   
   2.32%, 11/25/39 (a)(b)      6,426  
  4,100,000      Connecticut Avenue Securities Trust 2019-HRP1   
   144A, (1 mo. LIBOR USD + 9.250%),   
   9.42%, 11/25/39 (a)(b)      3,225  
  4,000,000      Connecticut Avenue Securities Trust 2019-R07   
   144A, (1 mo. LIBOR USD + 2.100%),   
   2.27%, 10/25/39 (a)(b)      3,942  
  1,390,000      Connecticut Avenue Securities Trust 2020-R01   
   144A, (1 mo. LIBOR USD + 2.050%),   
   2.22%, 1/25/40 (a)(b)      1,337  
  900,000      Connecticut Avenue Securities Trust 2020-SBT1   
   144A, (1 mo. LIBOR USD + 3.650%),   
   3.82%, 2/25/40 (a)(b)      851  
  2,860,000      Credit Suisse Mortgage Capital Certificates   
   2019-ICE4 144A, (1 mo. LIBOR USD   
   + 1.230%), 1.40%, 5/15/36 (a)(b)      2,849  
  1,848,811      Fannie Mae Connecticut Avenue Securities, (1   
   mo. LIBOR USD + 2.200%), 2.37%, 8/25/30 (a)      1,787  
  5,360,018      Fannie Mae Connecticut Avenue Securities, (1   
   mo. LIBOR USD + 2.250%), 2.42%, 7/25/30 (a)      5,215  
  224,760      Flagstar Mortgage Trust 2018-4 144A,   
   4.00%, 7/25/48 (b)(e)      225  
  9,534,672      FN AS7638 15YR, 2.50%, 7/01/31      10,022  
  11,952,936      FN BM5108 15YR, 3.00%, 2/01/33      12,540  
  5,587,177      FN MA3124 15YR, 2.50%, 9/01/32      5,877  
  14,334,739      FR ZS8617 15YR, 2.50%, 8/01/31      15,073  
  3,031,942      Freddie Mac STACR 2019-HQA3 144A, (1 mo.   
   LIBOR USD + 1.850%), 2.02%, 9/25/49 (a)(b)      2,927  
  3,593,967      Freddie Mac STACR REMIC Trust 2019-HQA4   
   144A, (1 mo. LIBOR USD + 2.050%),   
   2.22%, 11/25/49 (a)(b)      3,550  
  2,100,000      Freddie Mac STACR REMIC Trust 2020-DNA1   
   144A, (1 mo. LIBOR USD + 1.700%),   
   1.87%, 1/25/50 (a)(b)      2,025  

 

Principal

or Shares

      Security Description   

 

Value
(000)

  

 

 

 

1,020,000

 

 

   

 

Freddie Mac STACR REMIC Trust 2020-DNA2

   
   144A, (1 mo. LIBOR USD + 1.850%),   
   2.02%, 2/25/50 (a)(b)    $ 978  
  4,090,000      Freddie Mac STACR REMIC Trust 2020-HQA1   
   144A, (1 mo. LIBOR USD + 1.900%),   
   2.07%, 1/25/50 (a)(b)      3,907  
  1,170,000      Freddie Mac STACR REMIC Trust 2020-HQA2   
   144A, (1 mo. LIBOR USD + 3.100%),   
   3.27%, 3/25/50 (a)(b)      1,135  
  3,098,828      Freddie Mac STACR Trust 2019-DNA4 144A, (1   
   mo. LIBOR USD + 1.950%),   
   2.12%, 10/25/49 (a)(b)      3,059  
  10,533,278      Freddie Mac STACR Trust 2019-HRP1 144A, (1   
   mo. LIBOR USD + 1.400%),   
   1.57%, 2/25/49 (a)(b)      10,131  
  1,450,000      Freddie Mac Structured Agency Credit Risk Debt   
   Notes, (1 mo. LIBOR USD + 4.600%),   
   4.77%, 12/25/42 (a)      1,345  
  1,116,233      Freddie Mac Structured Agency Credit Risk Debt   
   Notes, (1 mo. LIBOR USD + 11.250%),   
   11.42%, 10/25/29 (a)      1,044  
  171,849      HomeBanc Mortgage Trust 2004-1, (1 mo.   
   LIBOR USD + 0.860%), 1.03%, 8/25/29 (a)      164  
  5,000,000      JP Morgan Chase Commercial Mortgage   
   Securities Trust 2019-MFP 144A, (1 mo. LIBOR   
   USD + 1.160%), 1.33%, 7/15/36 (a)(b)      4,852  
  1,314,707      JP Morgan Mortgage Trust 2017-1 144A,   
   3.50%, 1/25/47 (b)(e)      1,337  
  3,035,235      JP Morgan Mortgage Trust 2017-5 144A,   
   3.00%, 10/26/48 (b)(e)      3,055  
  2,284,800      Lanark Master Issuer PLC, (3 mo. LIBOR USD   
   + 0.420%), 0.78%, 12/22/69 (a)      2,285  
  184,577      Merrill Lynch Mortgage Investors Trust Series   
   MLCC 2004-1, 3.26%, 12/25/34 (e)      182  
  1,070,000      MF1 2020-FL3 Ltd. 144A, (1 mo. LIBOR USD   
   + 2.850%), 3.02%, 7/15/35 (a)(b)      1,077  
  3,400,000      Morgan Stanley Capital I Trust 2017-CLS 144A,   
   (1 mo. LIBOR USD + 0.700%),   
   0.87%, 11/15/34 (a)(b)      3,385  
  64,830      Morgan Stanley Mortgage Loan Trust 2004-5AR,   
   3.41%, 7/25/34 (e)      65  
  1,391,971      Multifamily Connecticut Avenue Securities Trust   
   2019-01 144A, (1 mo. LIBOR USD + 1.700%),   
   1.87%, 10/15/49 (a)(b)      1,317  
  1,716,939      New Residential Mortgage Loan Trust 2017-1   
   144A, 4.00%, 2/25/57 (b)(e)      1,867  
  3,957,026      New Residential Mortgage Loan Trust 2017-3   
   144A, 4.00%, 4/25/57 (b)(e)      4,283  
  3,878,658      New Residential Mortgage Loan Trust 2017-4   
   144A, 4.00%, 5/25/57 (b)(e)      4,192  
  5,530,000      PFP 2019-6 Ltd. 144A, (1 mo. LIBOR USD   
   + 1.050%), 1.23%, 4/14/37 (a)(b)      5,355  
  3,510,000      PFP 2019-6 Ltd. 144A, (1 mo. LIBOR USD   
   + 1.450%), 1.63%, 4/14/37 (a)(b)      3,339  
 

 

5        Payden Mutual Funds

 

            

 

 

Principal

or Shares

      Security Description   

 

Value
(000)

  

 

 

 

1,471,549

 

 

   

 

Residential Asset Securitization Trust 2006-A8,

   
   6.00%, 8/25/36    $ 1,082  
  4,848,627      STACR Trust 2018-HRP1 144A, (1 mo. LIBOR   
   USD + 1.650%), 1.82%, 4/25/43 (a)(b)      4,806  
  2,750,000      STACR Trust 2018-HRP1 144A, (1 mo. LIBOR   
   USD + 3.750%), 3.92%, 4/25/43 (a)(b)      2,527  
  650,000      STACR Trust 2018-HRP2 144A, (1 mo. LIBOR   
   USD + 10.500%), 10.67%, 2/25/47 (a)(b)      610  
     

 

 

  
 

Total Mortgage Backed (Cost - $182,099)

      176,716  
     

 

 

  
 

U.S. Government Agency (2%)

   
  10,300,000      FARMER MAC Discount Note,   
   0.04%, 8/03/20 (c)      10,300  
  7,460,000      FHLMC, 0.38%, 4/20/23      7,493  
  8,260,000      FNMA, 0.25%, 7/10/23      8,263  
     

 

 

  
 

Total U.S. Government Agency (Cost - $25,984)

      26,056  
     

 

 

  
 

U.S. Treasury (21%)

   
  9,035,000      U.S. Treasury Bill, 0.15%, 6/17/21 (c)      9,027  
  3,845,000      U.S. Treasury Bill, 0.15%, 7/15/21 (c)      3,841  
  38,180,000      U.S. Treasury Note, 0.13%, 6/30/22      38,186  
  98,934,000      U.S. Treasury Note, 0.13%, 5/15/23      98,963  
      158,259,000      U.S. Treasury Note, 0.25%, 6/15/23      158,865  
  1,191,000      U.S. Treasury Note, 2.75%, 5/31/23 (f)(g)      1,279  
     

 

 

  
 

Total U.S. Treasury (Cost - $309,667)

      310,161  
     

 

 

  

 

Principal

or Shares

      Security Description   

 

Value
(000)

  

 

 

 

Investment Company (0%)

   
  4,413,935      Payden Cash Reserves Money Market Fund *   
   (Cost - $4,414)    $ 4,414  
     

 

 

  
 

Total Investments (Cost - $1,455,475) (101%)

      1,465,029  
 

Liabilities in excess of Other Assets (-1%)

      (7,766 ) 
     

 

 

  
 

Net Assets (100%)

    $ 1,457,263  
     

 

 

  

 

*

Affiliated investment

(a)

Floating rate security. The rate shown reflects the rate in effect at July 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)

Yield to maturity at time of purchase.

(d)

All or a portion of these securities are on loan. At July 31, 2020, the total market value of the Fund’s securities on loan is $26 and the total market value of the collateral held by the Fund is $27. Amounts in 000s.

(e)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(f)

All or a portion of security has been pledged in connection with outstanding centrally cleared swaps.

(g)

All or a portion of the security is pledged to cover futures contract margin requirements.

 

 

Open Futures Contracts

 

Contract Type   

Number of

Contracts

    Expiration
Date		    Notional
Amount
(000s)		   Current
Value
(000s)		   Unrealized
Appreciation
(Depreciation)
(000s)

Long Contracts:

                     

U.S. Treasury 2-Year Note Future

    1,471        Sep-20      $ 325,068     $ 317     $ 317
                    

 

 

  

Short Contracts:

                     

U.S. Treasury 10-Year Note Future

    385        Sep-20        (53,930 )       (552 )       (552 )

U.S. Treasury 5-Year Note Future

    125        Sep-20        (15,766 )       (91 )       (91 )
                    

 

 

  
                       (643 )
                    

 

 

  

Total Futures

                      $ (326 )
                    

 

 

  

Open Centrally Cleared Interest Rate Swap Contracts

 

Description   

Maturity

Date

    Notional
Amount
(000s)		    Value
(000s)		    Upfront
payments/
receipts
(000s)		    Unrealized
Appreciation
(000s)

3-Year Interest Rate Swap, Receive Fixed 1.5535% Semi-Annually,

Pay Variable 1.94625% (CDOR03 Index) Semi-Annually

        08/30/2022      $ 17,216      $ 273      $ —      $ 273

3-Year Interest Rate Swap, Receive Fixed 1.558% Semi-Annually, Pay

Variable 1.94625% (CDOR03 Index) Semi-Annually

        08/30/2022        17,216        275        —        275

3-Year Interest Rate Swap, Receive Fixed 1.575% Semi-Annually, Pay

Variable 1.945% (CDOR03 Index) Semi-Annually

        08/30/2022        15,118        245        —        245
              

 

 

       

 

 

       

 

 

  
               $ 793      $ —      $ 793
              

 

 

       

 

 

       

 

 

  

 

   6