NPORT-EX 2 PR22PaydenAbsReturnBdFd.htm
Payden
Absolute
Return
Bond
Fund
1
Schedule
of
Investments
-
July
31,
2021
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Asset
Backed
(29%
)
1,600,000
AlbaCore
Euro
CLO
I
DAC
144A,
(3
mo.
EURIBOR
+
3.250%),
3.25%,
10/18/34
EUR (a)(b)(c)(d)
$
1,898‌
7,118
Allegro
CLO
III
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.840%),
1.02%,
7/25/27 (b)(c)
7‌
565,936
Allegro
CLO
II-S
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.080%),
1.21%,
10/21/28 (b)(c)
566‌
3,000,000
Allegro
CLO
V
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.450%),
1.58%,
10/16/30 (b)(c)
3,000‌
2,100,000
Allegro
CLO
X
Ltd.
144A,
(3
mo.
LIBOR
USD
+
3.700%),
3.89%,
7/20/32 (b)(c)
2,100‌
800,000
Allegro
CLO
XII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
3.600%),
3.73%,
1/21/32 (b)(c)
804‌
2,000,000
Ammc
CLO
20
Ltd.
144A,
(3
mo.
LIBOR
USD
+
3.150%),
3.27%,
4/17/29 (b)(c)
2,000‌
847,452
Apidos
CLO
XXI
144A,
(3
mo.
LIBOR
USD
+
0.930%),
1.06%,
7/18/27 (b)(c)
848‌
650,000
Apidos
CLO
XXI
144A,
(3
mo.
LIBOR
USD
+
2.450%),
2.58%,
7/18/27 (b)(c)
647‌
3,000,000
Arbor
Realty
Commercial
Real
Estate
Notes
2019-FL1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.59%,
5/15/37 (b)(c)
3,005‌
1,700,000
Arbor
Realty
Commercial
Real
Estate
Notes
2019-FL1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.700%),
1.79%,
5/15/37 (b)(c)
1,705‌
1,500,000
Arbor
Realty
Commercial
Real
Estate
Notes
2019-FL2
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.864%),
1.91%,
9/15/34 (b)(c)
1,506‌
2,178,000
Arbys
Funding
LLC
144A,
3.24%,
7/30/50 (b)
2,303‌
1,350,000
Bain
Capital
Credit
CLO
2019-3
Ltd.
144A,
(3
mo.
LIBOR
USD
+
7.150%),
7.28%,
10/21/32 (b)(c)
1,355‌
2,400,000
Bain
Capital
Credit
CLO
2020-3
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.380%),
1.52%,
10/23/32 (b)(c)
2,408‌
5,250,000
Bain
Capital
Credit
CLO
2020-3
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.900%),
2.04%,
10/23/32 (b)(c)
5,267‌
1,200,000
Ballyrock
CLO
2019-1
Ltd.
144A,
(3
mo.
LIBOR
USD
+
6.750%),
6.75%,
7/15/32 (a)
(b)(c)
1,200‌
370,000
Barings
CLO
Ltd.
2016-II
144A,
(3
mo.
LIBOR
USD
+
3.250%),
3.38%,
7/20/28 (b)(c)
373‌
2,500,000
Barings
CLO
Ltd.
2020-I
144A,
(3
mo.
LIBOR
USD
+
2.550%),
2.68%,
10/15/32 (b)(c)
2,517‌
1,750,000
Battalion
CLO
18
Ltd.
144A,
(3
mo.
LIBOR
USD
+
4.000%),
4.13%,
10/15/32 (b)(c)
1,751‌
1,450,000
BDS
2019-FL3
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.700%),
2.79%,
12/15/35 (b)(c)
1,452‌
1,500,000
BDS
2019-FL4
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.100%),
1.19%,
8/15/36 (b)(c)
1,504‌
2,200,000
BDS
2020-FL5
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.264%),
1.31%,
2/16/37 (b)(c)
2,209‌
2,350,000
BDS
2020-FL5
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.464%),
1.51%,
2/16/37 (b)(c)
2,358‌
2,100,000
BDS
2020-FL5
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.914%),
1.96%,
2/16/37 (b)(c)
2,107‌
Principal
or
Shares
Security
Description
Value
(000)
1,900,000
Benefit
Street
Partners
CLO
XVII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
3.350%),
3.35%,
7/15/32 (a)
(b)(c)
$
1,900‌
450,000
Blackrock
European
CLO
III
Designated
Activity
Co.
144A,
(3
mo.
EURIBOR
+
0.880%),
0.88%,
7/19/35
EUR (b)(c)(d)
534‌
1,300,000
Blackrock
European
CLO
V
DAC
,
(3
mo.
EURIBOR
+
1.100%),
1.10%,
7/16/31
EUR (c)
(d)(e)
1,543‌
1,163,851
BlueMountain
CLO
2013-1
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.230%),
1.36%,
1/20/29 (b)(c)
1,165‌
3,300,000
Bosphorus
CLO
V
DAC
144A,
(3
mo.
EURIBOR
+
1.010%),
1.01%,
12/12/32
EUR (b)(c)(d)
3,920‌
3,300,000
Bridgepoint
CLO
2
DAC
144A,
(3
mo.
EURIBOR
+
0.900%),
0.90%,
4/15/35
EUR (b)
(c)(d)
3,913‌
600,000
BSPRT
2018-FL4
Issuer
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.300%),
1.39%,
9/15/35 (b)(c)
601‌
450,000
BSPRT
2018-FL4
Issuer
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.600%),
1.69%,
9/15/35 (b)(c)
451‌
400,000
BSPRT
2018-FL4
Issuer
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.19%,
9/15/35 (b)(c)
401‌
350,000
BSPRT
2018-FL4
Issuer
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.750%),
2.84%,
9/15/35 (b)(c)
351‌
1,925,000
Carlyle
C17
CLO
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.800%),
2.93%,
4/30/31 (b)(c)
1,908‌
268,296
Carlyle
Global
Market
Strategies
Euro
CLO
2015-2
DAC
144A,
(3
mo.
EURIBOR
+
0.730%),
0.73%,
9/21/29
EUR (b)(c)(d)
318‌
1,615,922
CARS-DB4
LP
144A,
2.69%,
2/15/50 (b)
1,671‌
1,197,750
CARS-DB4
LP
144A,
3.19%,
2/15/50 (b)
1,235‌
2,800,000
CARS-DB4
LP
144A,
4.17%,
2/15/50 (b)
2,912‌
1,000,000
CARS-DB4
LP
144A,
4.52%,
2/15/50 (b)
1,061‌
970,000
CARS-DB4
LP
144A,
4.95%,
2/15/50 (b)
1,029‌
2,050,000
CIFC
European
Funding
CLO
IV
DAC
144A,
(3
mo.
EURIBOR
+
1.500%),
1.50%,
8/18/35
EUR (a)(b)(c)(d)
2,432‌
350,000
CIFC
Funding
2013-III-R
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.900%),
3.03%,
4/24/31 (b)(c)
350‌
1,896,745
CIFC
Funding
2015-V
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.860%),
0.99%,
10/25/27 (b)(c)
1,891‌
700,000
CIFC
Funding
2015-V
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.950%),
3.08%,
10/25/27 (b)(c)
702‌
3,738,336
CLI
Funding
VIII
2021-1A
LLC
144A,
1.64%,
2/18/46 (b)
3,745‌
1,054,402
CLI
Funding
VIII
LLC
144A,
2.38%,
2/18/46 (b)
1,057‌
250,000
Columbia
Cent
CLO
27
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.600%),
1.73%,
10/25/28 (b)(c)
251‌
690,098
CoreVest
American
Finance
2018-2
Trust
144A,
4.03%,
11/15/52 (b)
725‌
300,000
CVC
Cordatus
Loan
Fund
III
DAC
144A,
(3
mo.
EURIBOR
+
2.550%),
2.55%,
8/15/32
EUR (b)
(c)(d)
351‌
965,000
DataBank
Issuer
144A,
2.06%,
2/27/51 (b)
986‌
1,728,923
DB
Master
Finance
2017-1A
LLC
144A,
3.63%,
11/20/47 (b)
1,752‌
687,750
DB
Master
Finance
2019-1A
LLC
144A,
3.79%,
5/20/49 (b)
698‌
2,350,000
Diamond
Infrastructure
Funding
LLC
144A,
1.76%,
4/15/49 (b)
2,370‌
1,150,000
Diamond
Infrastructure
Funding
LLC
144A,
2.36%,
4/15/49 (b)
1,157‌
2
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
1,700,000
Diamond
Infrastructure
Funding
LLC
144A,
3.48%,
4/15/49 (b)
$
1,714‌
1,795,500
Domino's
Pizza
Master
Issuer
2021-1A
LLC
144A,
2.66%,
4/25/51 (b)
1,881‌
2,593,500
Domino's
Pizza
Master
Issuer
2021-1A
LLC
144A,
3.15%,
4/25/51 (b)
2,787‌
3,700,000
Drive
Auto
Receivables
Trust
2019-2
,
3.69%,
8/17/26 
3,841‌
1,000,000
Drive
Auto
Receivables
Trust
2019-3
,
3.18%,
10/15/26 
1,036‌
1,072,500
Driven
Brands
Funding
2019-1A
LLC
144A,
4.64%,
4/20/49 (b)
1,166‌
2,029,500
Driven
Brands
Funding
2020-1A
LLC
144A,
3.79%,
7/20/50 (b)
2,152‌
1,940,250
Driven
Brands
Funding
2020-2A
LLC
144A,
3.24%,
1/20/51 (b)
2,023‌
2,200,000
Dryden
33
Senior
Loan
Fund
144A,
(3
mo.
LIBOR
USD
+
3.650%),
3.78%,
4/15/29 (b)(c)
2,210‌
4,150,000
Dryden
36
Senior
Loan
Fund
144A,
(3
mo.
LIBOR
USD
+
1.450%),
1.58%,
4/15/29 (b)(c)
4,185‌
650,000
Dryden
39
Euro
CLO
2015
BV
144A,
(3
mo.
EURIBOR
+
0.870%),
0.87%,
10/15/31
EUR (b)(c)(d)
772‌
2,450,000
Elmwood
CLO
VI
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.350%),
2.48%,
10/15/31 (b)(c)
2,463‌
945,000
First
Investors
Auto
Owner
Trust
2019-1
144A,
3.55%,
4/15/25 (b)
976‌
2,000,000
First
Investors
Auto
Owner
Trust
2019-2
144A,
2.80%,
12/15/25 (b)
2,056‌
775,906
Galaxy
XXIX
CLO
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.790%),
0.95%,
11/15/26 (b)(c)
776‌
394,197
GPMT
2019-FL2
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.300%),
1.39%,
2/22/36 (b)(c)
396‌
600,000
GPMT
2019-FL2
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.600%),
1.69%,
2/22/36 (b)(c)
602‌
800,000
GPMT
2019-FL2
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.900%),
1.99%,
2/22/36 (b)(c)
802‌
1,700,000
Grand
Avenue
CRE
2019-FL1
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.59%,
6/15/37 (b)(c)
1,706‌
2,800,000
Greystone
Commercial
Real
Estate
Notes
2018-
HC1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.550%),
1.64%,
9/15/28 (b)(c)
2,799‌
250,000
Greystone
Commercial
Real
Estate
Notes
2018-
HC1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.150%),
2.24%,
9/15/28 (b)(c)
250‌
2,450,000
Greystone
Commercial
Real
Estate
Notes
2018-
HC1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.650%),
2.74%,
9/15/28 (b)(c)
2,445‌
2,300,000
Greystone
CRE
Notes
2019-FL2
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.400%),
2.49%,
9/15/37 (b)
(c)
2,297‌
2,000,000
Greystone
CRE
Notes
2019-FL2
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.750%),
2.84%,
9/15/37 (b)
(c)
1,987‌
1,000,000
Grippen
Park
CLO
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.650%),
1.78%,
1/20/30 (b)(c)
1,001‌
500,000
Halcyon
Loan
Advisors
Funding
2015-2
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.650%),
1.78%,
7/25/27 (b)(c)
500‌
2,300,000
Henley
CLO
I
DAC
144A,
(3
mo.
EURIBOR
+
0.950%),
0.95%,
7/25/34
EUR (a)(b)(c)(d)
2,728‌
1,300,000
Henley
CLO
I
DAC
144A,
(3
mo.
EURIBOR
+
1.650%),
1.65%,
7/25/34
EUR (a)(b)(c)(d)
1,542‌
Principal
or
Shares
Security
Description
Value
(000)
2,400,000
ICG
U.S.
CLO
2015-2R
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.370%),
1.50%,
1/16/33 (b)(c)
$
2,404‌
587,481
Invitation
Homes
2018-SFR3
Trust
144A,
(1
mo.
LIBOR
USD
+
1.000%),
1.09%,
7/17/37 (b)
(c)
590‌
60,289
JFIN
CLO
2014
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.450%),
1.58%,
4/21/25 (b)(c)
60‌
1,992,677
JPMorgan
Chase
Bank
N.A.-CACLN
144A,
28.35%,
9/25/28 (b)
2,004‌
1,625,000
JPMorgan
Chase
Bank
N.A.-CACLN
144A,
2.28%,
12/26/28 (b)
1,627‌
1,500,000
JPMorgan
Chase
Bank
N.A.-CACLN
144A,
8.48%,
12/26/28 (b)
1,513‌
300,000
KREF
2018-FL1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.350%),
1.44%,
6/15/36 (b)(c)
301‌
200,000
KREF
2018-FL1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.600%),
1.69%,
6/15/36 (b)(c)
201‌
200,000
KREF
2018-FL1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.000%),
2.09%,
6/15/36 (b)(c)
201‌
3,000,000
KVK
CLO
2016-1
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.000%),
2.13%,
1/15/29 (b)(c)
3,003‌
796,836
LCM
XVIII
LP
144A,
(3
mo.
LIBOR
USD
+
1.240%),
1.37%,
7/15/27 (b)(c)
797‌
950,000
LCM
XVIII
LP
144A,
(3
mo.
LIBOR
USD
+
1.750%),
1.88%,
7/15/27 (b)(c)
951‌
800,000
LMREC
2019-CRE3
Inc.
144A,
(1
mo.
LIBOR
USD
+
1.400%),
1.49%,
12/22/35 (b)(c)
801‌
415,398
LoanCore
2018-CRE1
Issuer
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.130%),
1.22%,
5/15/28 (b)(c)
415‌
1,300,000
LoanCore
2019-CRE2
Issuer
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.59%,
5/15/36 (b)(c)
1,301‌
2,300,000
LoanCore
2021-CRE5
Issuer
Ltd.
144A,
(1
mo.
LIBOR
USD
+
3.750%),
3.84%,
7/15/36 (b)(c)
2,309‌
747,984
Madison
Park
Funding
XIII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.950%),
1.08%,
4/19/30 (b)(c)
749‌
1,340,000
Madison
Park
Funding
XIII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.850%),
2.98%,
4/19/30 (b)(c)
1,335‌
3,210,637
Magnetite
VII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.800%),
0.93%,
1/15/28 (b)(c)
3,213‌
238,076
Marathon
CRE
2018
FL1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.150%),
1.24%,
6/15/28 (b)(c)
238‌
150,000
Marathon
CRE
2018
FL1
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.550%),
1.64%,
6/15/28 (b)(c)
150‌
3,500,000
Neuberger
Berman
Loan
Advisers
CLO
24
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.020%),
1.15%,
4/19/30 (b)(c)
3,500‌
2,000,000
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.850%),
2.98%,
7/20/31 (b)(c)
2,000‌
1,000,000
NLY
Commercial
Mortgage
Trust
2019-FL2
144A,
(1
mo.
LIBOR
USD
+
1.600%),
1.69%,
2/15/36 (b)(c)
1,003‌
2,700,000
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2020-1
144A,
3.39%,
11/20/50 (b)
2,839‌
1,900,000
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2021-1
144A,
2.80%,
1/20/51 (b)
1,964‌
2,100,000
Ocean
Trails
CLO
VII
144A,
(3
mo.
LIBOR
USD
+
1.010%),
1.14%,
4/17/30 (b)(c)
2,100‌
1,600,000
Ocean
Trails
CLO
X
144A,
(3
mo.
LIBOR
USD
+
1.550%),
1.68%,
10/15/31 (b)(c)
1,603‌
2,350,000
OCP
CLO
2013-4
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.450%),
1.58%,
4/24/29 (b)(c)
2,346‌
3
Principal
or
Shares
Security
Description
Value
(000)
400,000
OCP
CLO
2014-5
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.900%),
3.03%,
4/26/31 (b)(c)
$
393‌
2,000,000
OCP
CLO
2019-17
Ltd.
144A,
(3
mo.
LIBOR
USD
+
6.500%),
6.63%,
7/20/32 (b)(c)
2,000‌
1,100,000
OneMain
Financial
Issuance
Trust
2019-1
144A,
4.22%,
2/14/31 (b)
1,108‌
2,099,984
OZLM
VII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.010%),
1.14%,
7/17/29 (b)(c)
2,101‌
1,500,000
OZLM
VIII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.200%),
2.33%,
10/17/29 (b)(c)
1,493‌
2,250,000
Palmer
Square
Loan
Funding
2020-1
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.350%),
1.51%,
2/20/28 (b)(c)
2,239‌
2,900,000
Palmer
Square
Loan
Funding
2020-1
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.500%),
2.66%,
2/20/28 (b)(c)
2,905‌
739,100
Planet
Fitness
Master
Issuer
2018-1A
LLC
144A,
4.26%,
9/05/48 (b)
745‌
1,945,000
Planet
Fitness
Master
Issuer
2018-1A
LLC
144A,
4.67%,
9/05/48 (b)
2,021‌
400,000
Progress
Residential
2018-SFR3
Trust
144A,
4.08%,
10/17/35 (b)
402‌
1,250,000
Progress
Residential
2019-SFR2
Trust
144A,
3.79%,
5/17/36 (b)
1,273‌
2,350,000
Progress
Residential
2019-SFR4
Trust
144A,
2.94%,
10/17/36 (b)
2,411‌
1,800,000
Providus
CLO
IV
DAC
144A,
(3
mo.
EURIBOR
+
0.820%),
0.82%,
4/20/34
EUR (b)(c)(d)
2,136‌
1,200,000
Santander
Drive
Auto
Receivables
Trust
2019-2
,
3.22%,
7/15/25 
1,239‌
1,800,000
Sculptor
CLO
XXV
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.900%),
2.03%,
1/15/31 (b)(c)
1,805‌
316,427
Shackleton
2015-VIII
CLO
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.920%),
1.05%,
10/20/27 (b)(c)
317‌
2,200,000
Sound
Point
Euro
CLO
III
Funding
DAC
,
(3
mo.
EURIBOR
+
0.950%),
0.95%,
4/15/33
EUR (c)
(d)(e)
2,611‌
2,950,000
St
Paul's
CLO
IX
DAC
,
(3
mo.
EURIBOR
+
0.820%),
0.82%,
11/15/30
EUR (c)(d)(e)
3,502‌
3,450,000
St
Paul's
CLO
XII
DAC
144A,
(3
mo.
EURIBOR
+
0.920%),
0.92%,
4/15/33
EUR (b)
(c)(d)
4,095‌
2,400,000
Stack
Infrastructure
Issuer
2020-1A
LLC
144A,
1.89%,
8/25/45 (b)
2,420‌
3,500,000
Stack
Infrastructure
Issuer
2021-1A
LLC
144A,
1.88%,
3/26/46 (b)
3,548‌
1,700,000
STWD
2019-FL1
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.194%),
1.24%,
7/15/38 (b)(c)
1,703‌
1,650,126
Symphony
CLO
XIV
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.950%),
1.08%,
7/14/26 (b)(c)
1,652‌
1,566,602
Symphony
CLO
XVII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.880%),
1.01%,
4/15/28 (b)(c)
1,568‌
500,000
Symphony
CLO
XVII
Ltd.
,
(3
mo.
LIBOR
USD
+
2.650%),
2.78%,
4/15/28 (c)(e)
500‌
450,000
Symphony
CLO
XVII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
2.650%),
2.78%,
4/15/28 (b)(c)
450‌
3,315,000
Taco
Bell
Funding
2018-1A
LLC
144A,
4.32%,
11/25/48 (b)
3,336‌
2,784,000
Taco
Bell
Funding
LLC
144A,
4.97%,
5/25/46 (b)
3,009‌
4,350,172
Textainer
Marine
Containers
VII
Ltd.
144A,
1.68%,
2/20/46 (b)
4,353‌
Principal
or
Shares
Security
Description
Value
(000)
924,380
TPG
Real
Estate
Finance
2018-FL2
Issuer
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.130%),
1.22%,
11/15/37 (b)(c)
$
925‌
250,000
TPG
Real
Estate
Finance
2018-FL2
Issuer
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.300%),
2.39%,
11/15/37 (b)(c)
250‌
2,300,000
Trinity
Rail
Leasing
2021
LLC
144A,
2.26%,
7/19/51 (b)
2,343‌
950,000
Trinity
Rail
Leasing
2021
LLC
144A,
3.08%,
7/19/51 (b)
964‌
3,395,358
TRP
2021
LLC
144A,
2.07%,
6/19/51 (b)
3,420‌
861,811
Tryon
Park
CLO
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.890%),
1.02%,
4/15/29 (b)(c)
863‌
3,985,311
USQ
Rail
II
LLC
144A,
2.21%,
6/28/51 (b)
4,057‌
2,400,000
Vantage
Data
Centers
2020-1A
LLC
144A,
1.65%,
9/15/45 (b)
2,425‌
3,500,000
VB-S1
Issuer
2020-1A
LLC
144A,
3.03%,
6/15/50 (b)
3,684‌
631,109
Venture
XVII
CLO
Ltd.
144A,
(3
mo.
LIBOR
USD
+
0.880%),
1.01%,
4/15/27 (b)(c)
631‌
2,750,000
Vibrant
CLO
VII
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.040%),
1.17%,
9/15/30 (b)(c)
2,750‌
2,800,000
Voya
CLO
2019-1
Ltd.
144A,
(3
mo.
LIBOR
USD
+
1.060%),
1.19%,
4/15/31 (b)(c)
2,803‌
850,500
Wendy's
Funding
2019-1A
LLC
144A,
3.78%,
6/15/49 (b)
913‌
3,100,000
Wendy's
Funding
LLC
144A,
2.37%,
6/15/51 (b)
3,167‌
550,000
Westlake
Automobile
Receivables
Trust
2018-3
144A,
4.00%,
10/16/23 (b)
558‌
4,600,000
Westlake
Automobile
Receivables
Trust
2019-1
144A,
3.67%,
3/15/24 (b)
4,710‌
3,400,000
Westlake
Automobile
Receivables
Trust
2019-3
144A,
2.72%,
11/15/24 (b)
3,487‌
3,800,000
Westlake
Automobile
Receivables
Trust
2021-1
144A,
2.33%,
8/17/26 (b)
3,817‌
5,000,000
Westlake
Automobile
Receivables
Trust
2021-2
144A,
2.38%,
3/15/27 (b)
5,016‌
2,693,250
Wingstop
Funding
2020-1A
LLC
144A,
2.84%,
12/05/50 (b)
2,811‌
2,500,000
Zaxby's
Funding
LLC
144A,
3.24%,
7/30/51 (b)
2,594‌
Total
Asset
Backed
(Cost
-
$285,167)
288,404‌
Bank
Loans(f)
(3%
)
1,674,500
1011778
BC
ULC
Term
Loan
B
1L
,
(LIBOR
USD
1-Month
+
1.750%),
1.84%,
11/19/26 
1,644‌
1,382,500
Avast
Software
s.r.o.
Term
Loan
B
1L
,
(3
mo.
EURIBOR
+
2.000%),
2.00%,
3/22/28
EUR (d)
1,644‌
653,179
Axalta
Coating
Systems
U.S.
Holdings
Inc.
Term
Loan
B3
1L
,
(LIBOR
USD
3-Month
+
1.750%),
1.90%,
6/01/24 
647‌
900,000
Azelis
UK
Holdings
Ltd.
Term
Loan
B4
1L
,
(3
mo.
EURIBOR
+
3.880%),
3.88%,
11/07/25
EUR (d)
1,066‌
1,084,966
Beacon
Roofing
Supply
Inc.
Term
Loan
B
1L
,
(LIBOR
USD
1-Month
+
2.500%),
2.59%,
5/19/28 
1,077‌
1,045,315
Charter
Communications
Operating
LLC
Term
Loan
B2
1L
,
(LIBOR
USD
1-Month
+
1.750%),
1.86%,
2/01/27 
1,035‌
2,100,000
DIRECTV
Financing
LLC
Term
Loan
1L
,
(LIBOR
USD
1-Month
+
5.000%),
5.75%,
7/22/27 
2,098‌
4
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
2,089,231
Flynn
Restaurant
Group
LP
Term
Loan
1L
,
(LIBOR
USD
1-Month
+
3.500%),
3.59%,
6/29/25 
$
2,075‌
900,000
Froneri
Lux
FinCo
SARL
Term
Loan
B
1L
,
(3
mo.
EURIBOR
+
2.380%),
2.38%,
1/31/27
EUR (d)
1,048‌
2,596,000
Hilton
Worldwide
Finance
LLC
Term
Loan
B2
1L
,
(LIBOR
USD
1-Month
+
1.750%),
1.84%,
6/21/26 
2,567‌
1,280,870
ICON
Luxembourg
SARL
Term
Loan
B
1L
,
(LIBOR
USD
3-Month
+
2.500%),
3.00%,
7/01/28 
1,280‌
319,130
Indigo
Merger
Sub
Inc.
Term
Loan
B
1L
,
(LIBOR
USD
3-Month
+
2.500%),
3.00%,
7/01/28 
319‌
2,500,000
Jane
Street
Group
LLC
Term
Loan
B
1L
,
(LIBOR
USD
1-Month
+
2.750%),
2.85%,
1/26/28 
2,466‌
2,743,125
Kloeckner
Pentaplast
of
America
Inc.
Term
Loan
B
1L
,
(LIBOR
USD
3-Month
+
4.750%),
5.25%,
2/12/26 
2,747‌
1,225,000
Madison
IAQ
LLC
Term
Loan
1L
,
(LIBOR
USD
3-Month
+
3.250%),
3.75%,
6/21/28 
1,216‌
2,350,000
MIC
Glen
LLC
Term
Loan
1L
,
(LIBOR
USD
1-Month
+
3.500%),
4.00%,
7/21/28 
2,340‌
1,154,334
U.S.
Foods
Inc.
Term
Loan
B
1L
,
(LIBOR
USD
1-Month
+
1.750%),
1.84%,
6/27/23 
1,142‌
3,020,168
United
Natural
Foods
Inc.
Term
Loan
B
1L
,
(LIBOR
USD
1-Month
+
3.500%),
3.59%,
10/22/25 
3,015‌
2,500,000
Whatabrands
LLC
Term
Loan
B
1L
,
(LIBOR
USD
1-Month
+
3.250%),
3.75%,
7/21/28 
2,491‌
1,710,427
Wyndham
Hotels
&
Resorts
Inc.
Term
Loan
B
1L
,
(LIBOR
USD
1-Month
+
1.750%),
1.85%,
5/30/25 
1,694‌
Total
Bank
Loans
(Cost
-
$33,731)
33,611‌
Corporate
Bond
(27%
)
800,000
1011778
BC
ULC/New
Red
Finance
Inc.
144A,
3.50%,
2/15/29 (b)
797‌
4,000,000
1MDB
Global
Investments
Ltd.
,
4.40%,
3/09/23 (e)
4,020‌
450,000
AA
Bond
Co.
Ltd.
144A,
6.50%,
1/31/26
GBP (b)(d)
654‌
850,000
ACI
Worldwide
Inc.
144A,
5.75%,
8/15/26 (b)
892‌
2,900,000
Albertsons
Cos.
Inc./Safeway
Inc./New
Albertsons
LP/Albertsons
LLC
144A,
3.25%,
3/15/26 (b)
2,979‌
965,000
American
Tower
Corp.
,
1.60%,
4/15/26 
980‌
1,200,000
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.
144A,
5.88%,
6/30/29 (b)
1,185‌
3,050,000
AT&T
Inc.
,
0.25%,
3/04/26
EUR (d)
3,673‌
1,500,000
AT&T
Inc.
,
2.30%,
6/01/27 
1,572‌
2,314,000
AT&T
Inc.
144A,
2.55%,
12/01/33 (b)
2,339‌
1,700,000
Avient
Corp.
144A,
5.75%,
5/15/25 (b)
1,788‌
1,100,000
Axalta
Coating
Systems
LLC
144A,
3.38%,
2/15/29 (b)
1,084‌
1,060,000
Banco
Internacional
del
Peru
SAA
Interbank
144A,
3.25%,
10/04/26 (b)
1,078‌
1,450,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.960%),
1.73%,
7/22/27 (c)
1,476‌
2,550,000
Bank
of
America
Corp.
,
(3
mo.
EURIBOR
+
0.760%),
0.58%,
8/24/28
EUR (c)(d)(e)
3,089‌
2,100,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.060%),
2.09%,
6/14/29 (c)
2,140‌
1,200,000
Bayer
U.S.
Finance
II
LLC
144A,
3.88%,
12/15/23 (b)
1,284‌
Principal
or
Shares
Security
Description
Value
(000)
600,000
Bellis
Acquisition
Co.
PLC
144A,
3.25%,
2/16/26
GBP (b)(d)
$
833‌
2,550,000
BPCE
SA
144A,
2.38%,
1/14/25 (b)
2,663‌
1,600,000
BRF
GmbH
,
4.35%,
9/29/26 (e)
1,682‌
2,600,000
Brookfield
Residential
Properties
Inc./Brookfield
Residential
U.S.
LLC
144A,
5.00%,
6/15/29 (b)
2,650‌
1,250,000
Builders
FirstSource
Inc.
144A,
4.25%,
2/01/32 (b)
1,280‌
1,500,000
CAB
SELAS
144A,
3.38%,
2/01/28
EUR (b)(d)
1,799‌
2,200,000
Capital
One
Financial
Corp.
,
0.80%,
6/12/24
EUR (d)
2,677‌
1,055,000
CDW
LLC/CDW
Finance
Corp.
,
5.50%,
12/01/24 
1,165‌
1,600,000
Cellnex
Telecom
SA
,
1.88%,
6/26/29
EUR (d)
1,963‌
2,400,000
Cemex
SAB
de
CV
,
3.88%,
7/11/31 (e)
2,490‌
1,000,000
Centene
Corp.
,
3.38%,
2/15/30 
1,045‌
2,000,000
Cibanco
SA
Institucion
de
Banca
Multiple
Trust
CIB/3332
144A,
4.38%,
7/22/31 (b)
1,962‌
2,500,000
Citigroup
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.770%),
1.46%,
6/09/27 (c)
2,504‌
1,952,000
Covanta
Holding
Corp.
,
5.88%,
7/01/25 
2,029‌
2,350,000
CTP
NV
,
2.13%,
10/01/25
EUR (d)(e)
2,977‌
3,750,000
CVS
Health
Corp.
,
1.30%,
8/21/27 
3,728‌
3,650,000
DAE
Funding
LLC
144A,
1.55%,
8/01/24 (b)
3,655‌
1,670,000
Devon
Energy
Corp.
144A,
5.25%,
10/15/27 (b)
1,784‌
750,000
DH
Europe
Finance
II
Sarl
,
0.20%,
3/18/26
EUR (d)
903‌
1,250,000
doValue
SpA
144A,
3.38%,
7/31/26
EUR (b)(d)
1,491‌
1,500,000
DP
World
Crescent
Ltd.
,
4.85%,
9/26/28 (e)
1,726‌
1,200,000
DP
World
Crescent
Ltd.
,
3.88%,
7/18/29 (e)
1,307‌
2,000,000
DR
Horton
Inc.
,
1.30%,
10/15/26 
2,004‌
1,600,000
easyJet
FinCo
BV
,
1.88%,
3/03/28
EUR (d)(e)
1,913‌
1,400,000
Ecopetrol
SA
,
5.88%,
9/18/23 
1,513‌
2,700,000
Ecopetrol
SA
,
4.13%,
1/16/25 
2,831‌
2,250,000
El
Corte
Ingles
SA
144A,
3.63%,
3/15/24
EUR (b)(d)
2,769‌
900,000
Energean
Israel
Finance
Ltd.
144A,
4.88%,
3/30/26 (b)(e)
922‌
1,400,000
Energean
Israel
Finance
Ltd.
144A,
5.38%,
3/30/28 (b)(e)
1,434‌
422,000
EQM
Midstream
Partners
LP
,
4.75%,
7/15/23 
441‌
1,700,000
Equinix
Inc.
,
1.45%,
5/15/26 
1,711‌
500,000
Equinix
Inc.
,
1.80%,
7/15/27 
510‌
350,000
Experian
Finance
PLC
,
1.38%,
6/25/26
EUR (d)
(e)
443‌
1,100,000
FMG
Resources
August
2006
Pty
Ltd.
144A,
5.13%,
5/15/24 (b)
1,191‌
800,000
Ford
Motor
Co.
,
8.50%,
4/21/23 
889‌
700,000
Ford
Motor
Credit
Co.
LLC
,
3.35%,
11/01/22 
718‌
1,350,000
Ford
Motor
Credit
Co.
LLC
,
3.09%,
1/09/23 
1,377‌
1,800,000
Ford
Motor
Credit
Co.
LLC
,
3.37%,
11/17/23 
1,867‌
227,000
Freeport-McMoRan
Inc.
,
4.13%,
3/01/28 
238‌
1,275,000
Freeport-McMoRan
Inc.
,
4.38%,
8/01/28 
1,354‌
1,600,000
FS
KKR
Capital
Corp.
144A,
4.25%,
2/14/25 (b)
1,702‌
2,200,000
Gartner
Inc.
144A,
3.63%,
6/15/29 (b)
2,255‌
900,000
General
Motors
Co.
,
5.40%,
10/02/23 
988‌
1,000,000
General
Motors
Co.
,
6.13%,
10/01/25 
1,185‌
1,950,000
General
Motors
Financial
Co.
Inc.
,
2.90%,
2/26/25 
2,071‌
2,485,000
Gilead
Sciences
Inc.
,
1.20%,
10/01/27 
2,457‌
2,700,000
Glencore
Funding
LLC
144A,
1.63%,
4/27/26 (b)
2,723‌
1,100,000
Global
Payments
Inc.
,
1.20%,
3/01/26 
1,100‌
1,700,000
Goldman
Sachs
Group
Inc.
,
3.50%,
4/01/25 
1,847‌
5
Principal
or
Shares
Security
Description
Value
(000)
1,900,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.818%),
1.54%,
9/10/27 (c)
$
1,912‌
1,600,000
HCA
Inc.
,
5.38%,
2/01/25 
1,815‌
950,000
HSE
Finance
Sarl
144A,
5.63%,
10/15/26
EUR (b)(d)
1,163‌
2,600,000
Hyundai
Capital
America
144A,
1.30%,
1/08/26 (b)
2,588‌
2,000,000
Hyundai
Capital
America
144A,
1.80%,
1/10/28 (b)
1,998‌
1,400,000
Hyundai
Capital
America
144A,
2.00%,
6/15/28 (b)
1,403‌
2,050,000
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
,
6.38%,
12/15/25 
2,112‌
1,650,000
Independence
Energy
Finance
LLC
144A,
7.25%,
5/01/26 (b)
1,722‌
2,450,000
Infrastrutture
Wireless
Italiane
SpA
,
1.88%,
7/08/26
EUR (d)(e)
3,047‌
1,300,000
International
Flavors
&
Fragrances
Inc.
,
1.80%,
9/25/26
EUR (d)
1,676‌
3,000,000
IRB
Holding
Corp.
144A,
7.00%,
6/15/25 (b)
3,202‌
2,100,000
ISS
Global
A/S
,
0.88%,
6/18/26
EUR (d)(e)
2,561‌
2,250,000
Itau
Unibanco
Holding
SA
144A,
2.90%,
1/24/23 (b)
2,298‌
1,000,000
Jabil
Inc.
,
1.70%,
4/15/26 
1,015‌
320,000
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
144A,
4.75%,
6/01/27 (b)
335‌
1,200,000
Kraft
Heinz
Foods
Co.
,
3.88%,
5/15/27 
1,330‌
1,200,000
Lloyds
Banking
Group
PLC
,
(5
yr.
UK
Government
Bonds
Note
Generic
Bid
Yield
+
1.600%),
1.99%,
12/15/31
GBP (c)(d)
1,686‌
2,100,000
Logicor
Financing
Sarl
,
1.63%,
7/15/27
EUR (d)
(e)
2,660‌
1,900,000
Lundin
Energy
Finance
BV
144A,
2.00%,
7/15/26 (b)
1,923‌
1,150,000
Madison
IAQ
LLC
144A,
4.13%,
6/30/28 (b)
1,153‌
2,100,000
Marriott
Ownership
Resorts
Inc.
144A,
4.50%,
6/15/29 (b)
2,116‌
2,000,000
Medtronic
Global
Holdings
SCA
,
0.38%,
10/15/28
EUR (d)
2,434‌
830,000
MercadoLibre
Inc.
,
2.38%,
1/14/26 
833‌
1,500,000
Meritage
Homes
Corp.
144A,
3.88%,
4/15/29 (b)
1,585‌
1,500,000
Microchip
Technology
Inc.
144A,
0.97%,
2/15/24 (b)
1,503‌
3,000,000
Mitsubishi
UFJ
Financial
Group
Inc.
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.750%),
1.54%,
7/20/27 (c)
3,037‌
1,700,000
Mizrahi
Tefahot
Bank
Ltd.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.250%),
3.08%,
4/07/31 (b)(c)(e)
1,710‌
2,100,000
Mizuho
Financial
Group
Inc.
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.670%),
1.23%,
5/22/27 (c)
2,089‌
700,000
Morgan
Stanley
,
(3
mo.
EURIBOR
+
0.753%),
0.64%,
7/26/24
EUR (c)(d)
845‌
1,500,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.990%),
2.19%,
4/28/26 (c)
1,559‌
2,100,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.879%),
1.59%,
5/04/27 (c)
2,132‌
2,600,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.858%),
1.51%,
7/20/27 (c)
2,624‌
2,300,000
Morgan
Stanley
,
(3
mo.
EURIBOR
+
0.698%),
0.41%,
10/29/27
EUR (c)(d)
2,765‌
Principal
or
Shares
Security
Description
Value
(000)
1,150,000
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
2.50%,
3/24/26
GBP (d)
$
1,637‌
1,050,000
National
Fuel
Gas
Co.
,
5.50%,
1/15/26 
1,225‌
2,050,000
Natwest
Group
PLC
,
(1
yr.
GBP
interest
rate
swap
+
1.490%),
2.88%,
9/19/26
GBP (c)(d)(e)
3,034‌
2,200,000
NBM
U.S.
Holdings
Inc.
,
7.00%,
5/14/26 (e)
2,343‌
1,550,000
Neinor
Homes
SA
144A,
4.50%,
10/15/26
EUR (b)(d)
1,884‌
1,800,000
Nielsen
Finance
LLC/Nielsen
Finance
Co.
144A,
4.50%,
7/15/29 (b)
1,816‌
1,550,000
Nissan
Motor
Co.
Ltd.
144A,
3.04%,
9/15/23 (b)
1,616‌
1,300,000
Northriver
Midstream
Finance
LP
144A,
5.63%,
2/15/26 (b)
1,343‌
2,450,000
Novelis
Sheet
Ingot
GmbH
144A,
3.38%,
4/15/29
EUR (b)(d)
3,017‌
2,400,000
Orbia
Advance
Corp.
SAB
de
CV
144A,
1.88%,
5/11/26 (b)
2,419‌
2,000,000
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
144A,
2.88%,
4/30/28
EUR (b)(d)
2,423‌
900,000
Owl
Rock
Capital
Corp.
,
3.40%,
7/15/26 
947‌
1,300,000
Penske
Automotive
Group
Inc.
,
3.50%,
9/01/25 
1,345‌
1,800,000
Penske
Automotive
Group
Inc.
,
3.75%,
6/15/29 
1,827‌
1,000,000
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
144A,
3.45%,
7/01/24 (b)
1,073‌
1,800,000
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
144A,
1.20%,
11/15/25 (b)
1,797‌
1,100,000
Petroleos
Mexicanos
,
2.50%,
8/21/21
EUR (d)(e)
1,306‌
900,000
Petroleos
Mexicanos
,
5.13%,
3/15/23
EUR (d)(e)
1,118‌
2,800,000
Petroleos
Mexicanos
,
4.88%,
1/18/24 (g)
2,940‌
650,000
Petroleos
Mexicanos
,
6.50%,
1/23/29 
676‌
2,100,000
RLJ
Lodging
Trust
LP
144A,
3.75%,
7/01/26 (b)
2,132‌
1,500,000
Royalty
Pharma
PLC
144A,
1.75%,
9/02/27 (b)
1,510‌
2,150,000
Sagax
AB
,
2.25%,
3/13/25
EUR (d)(e)
2,725‌
800,000
SBA
Communications
Corp.
144A,
3.13%,
2/01/29 (b)
787‌
2,300,000
SBB
Treasury
OYJ
,
0.75%,
12/14/28
EUR (d)(e)
2,732‌
1,150,000
Seagate
HDD
Cayman
144A,
3.13%,
7/15/29 (b)
1,129‌
1,500,000
Sirius
XM
Radio
Inc.
144A,
3.88%,
8/01/22 (b)
1,500‌
2,000,000
Sirius
XM
Radio
Inc.
144A,
5.00%,
8/01/27 (b)
2,093‌
1,050,000
Sirius
XM
Radio
Inc.
144A,
4.00%,
7/15/28 (b)
1,085‌
200,000
SMBC
Aviation
Capital
Finance
DAC
144A,
4.13%,
7/15/23 (b)
212‌
131,250
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
144A,
3.36%,
9/20/21 (b)
132‌
500,000
Standard
Industries
Inc.
,
2.25%,
11/21/26
EUR (d)(e)
587‌
1,350,000
Standard
Industries
Inc.
144A,
2.25%,
11/21/26
EUR (b)(d)
1,584‌
3,400,000
Stellantis
NV
,
3.88%,
1/05/26
EUR (d)(e)
4,656‌
1,500,000
Strathcona
Resources
Ltd.
144A,
6.88%,
8/01/26 (b)
1,487‌
1,000,000
Sysco
Corp.
,
5.65%,
4/01/25 
1,160‌
1,550,000
Tempur
Sealy
International
Inc.
144A,
4.00%,
4/15/29 (b)
1,592‌
1,470,000
Tenet
Healthcare
Corp.
,
4.63%,
7/15/24 
1,492‌
1,100,000
Terega
SASU
,
0.63%,
2/27/28
EUR (d)(e)
1,320‌
1,900,000
Teva
Pharmaceutical
Finance
Netherlands
II
BV
,
1.25%,
3/31/23
EUR (d)(e)
2,221‌
1,840,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
2.80%,
7/21/23 
1,821‌
1,400,000
T-Mobile
USA
Inc.
,
3.50%,
4/15/25 
1,524‌
800,000
T-Mobile
USA
Inc.
,
2.63%,
2/15/29 
801‌
2,390,000
U.S.
Foods
Inc.
144A,
6.25%,
4/15/25 (b)
2,521‌
6
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
1,300,000
VEREIT
Operating
Partnership
LP
,
2.85%,
12/15/32 
$
1,397‌
1,850,000
Verisure
Holding
AB
144A,
3.88%,
7/15/26
EUR (b)(d)
2,258‌
2,700,000
Volkswagen
Leasing
GmbH
,
1.63%,
8/15/25
EUR (d)(e)
3,418‌
2,100,000
Wells
Fargo
&
Co.
,
(3
mo.
LIBOR
USD
+
0.750%),
2.16%,
2/11/26 (c)
2,188‌
2,600,000
XP
Inc.
144A,
3.25%,
7/01/26 (b)
2,546‌
Total
Corporate
Bond
(Cost
-
$261,003)
265,023‌
Foreign
Government
(8%
)
4,480,000
Brazilian
Government
International
Bond
,
8.50%,
1/05/24
BRL (d)
878‌
3,600,000
Brazilian
Government
International
Bond
,
2.88%,
6/06/25 
3,719‌
2,900,000
Brazilian
Government
International
Bond
,
4.50%,
5/30/29 
3,105‌
1,900,000
Colombia
Government
International
Bond
,
3.88%,
3/22/26
EUR (d)
2,506‌
2,000,000
Colombia
Government
International
Bond
,
3.13%,
4/15/31 
1,963‌
1,000,000
Corp.
Financiera
de
Desarrollo
SA
144A,
2.40%,
9/28/27 (b)
986‌
850,000
Dominican
Republic
International
Bond
,
6.60%,
1/28/24 (e)
939‌
460,000
Dominican
Republic
International
Bond
,
5.50%,
1/27/25 (e)
502‌
1,900,000
Dominican
Republic
International
Bond
,
6.88%,
1/29/26 (e)
2,195‌
1,900,000
Dominican
Republic
International
Bond
,
6.00%,
7/19/28 (e)
2,166‌
680,000
Dominican
Republic
International
Bond
144A,
4.88%,
9/23/32 (b)
707‌
250,000
Egypt
Government
International
Bond
144A,
6.13%,
1/31/22 (b)
255‌
400,000
Egypt
Government
International
Bond
,
6.13%,
1/31/22 (e)
408‌
2,100,000
Egypt
Government
International
Bond
,
3.88%,
2/16/26 (e)
2,052‌
2,600,000
Egypt
Government
International
Bond
,
7.50%,
1/31/27 (e)
2,889‌
2,400,000
Fondo
MIVIVIENDA
SA
,
3.50%,
1/31/23 (e)
2,474‌
1,400,000
Georgia
Government
International
Bond
144A,
2.75%,
4/22/26 (b)
1,428‌
1,910,000
Guatemala
Government
Bond
,
5.75%,
6/06/22 (e)
1,964‌
1,711,000
Guatemala
Government
Bond
144A,
5.75%,
6/06/22 (b)
1,759‌
1,985,000
Guatemala
Government
Bond
,
4.50%,
5/03/26 (e)
2,168‌
280,000
Guatemala
Government
Bond
,
4.90%,
6/01/30 (e)
312‌
1,500,000
Indonesia
Government
International
Bond
,
0.90%,
2/14/27
EUR (d)
1,800‌
1,400,000
Indonesia
Government
International
Bond
,
1.00%,
7/28/29
EUR (d)
1,664‌
3,100,000
Indonesia
Government
International
Bond
,
3.85%,
10/15/30 
3,482‌
1,900,000
Mexico
Government
International
Bond
,
4.50%,
4/22/29 
2,167‌
1,580,000
Mongolia
Government
International
Bond
144A,
5.63%,
5/01/23 (b)
1,665‌
Principal
or
Shares
Security
Description
Value
(000)
700,000
Mongolia
Government
International
Bond
,
5.13%,
4/07/26 (e)
$
741‌
1,000,000
Mongolia
Government
International
Bond
144A,
5.13%,
4/07/26 (b)
1,059‌
1,900,000
Mongolia
Government
International
Bond
144A,
3.50%,
7/07/27 (b)
1,848‌
1,125,000
Morocco
Government
International
Bond
,
2.38%,
12/15/27 (e)
1,111‌
900,000
Nigeria
Government
International
Bond
,
6.38%,
7/12/23 (e)
962‌
3,800,000
Nigeria
Government
International
Bond
,
7.63%,
11/21/25 (e)
4,279‌
1,700,000
Paraguay
Government
International
Bond
,
4.63%,
1/25/23 (e)
1,779‌
3,700,000
Republic
of
Kenya
Government
International
Bond
,
6.88%,
6/24/24 (e)
4,078‌
1,520,000
Republic
of
South
Africa
Government
International
Bond
,
5.88%,
9/16/25 
1,724‌
2,280,000
Republic
of
South
Africa
Government
International
Bond
,
4.88%,
4/14/26 
2,491‌
2,300,000
Republic
of
Uzbekistan
International
Bond
144A,
3.90%,
10/19/31 (b)
2,303‌
2,200,000
Romanian
Government
International
Bond
,
3.62%,
5/26/30
EUR (d)(e)
3,016‌
1,300,000
Romanian
Government
International
Bond
144A,
1.75%,
7/13/30
EUR (b)(d)
1,546‌
2,400,000
Senegal
Government
International
Bond
,
4.75%,
3/13/28
EUR (d)(e)
2,984‌
Total
Foreign
Government
(Cost
-
$75,888)
76,074‌
Mortgage
Backed
(29%
)
3,300,000
280
Park
Avenue
2017-280P
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
1.537%),
1.63%,
9/15/34 (b)(c)
3,301‌
1,900,000
ACRE
Commercial
Mortgage
2021-FL4
Ltd.
144A,
(1
mo.
LIBOR
USD
+
0.830%),
0.92%,
12/18/37 (b)(c)
1,895‌
600,000
ACRE
Commercial
Mortgage
2021-FL4
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.750%),
1.84%,
12/18/37 (b)(c)
598‌
1,000,000
ACRE
Commercial
Mortgage
2021-FL4
Ltd.
144A,
(1
mo.
LIBOR
USD
+
2.600%),
2.69%,
12/18/37 (b)(c)
996‌
1,900,000
BAMLL
Commercial
Mortgage
Securities
Trust
2015-200P
144A,
3.60%,
4/14/33 (b)(h)
2,013‌
1,808,000
BBCMS
2018-TALL
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
0.971%),
1.06%,
3/15/37 (b)
(c)
1,793‌
2,200,000
BX
Commercial
Mortgage
Trust
2018-BIOA
144A,
(1
mo.
LIBOR
USD
+
1.951%),
2.04%,
3/15/37 (b)(c)
2,209‌
420,000
BX
Commercial
Mortgage
Trust
2018-IND
144A,
(1
mo.
LIBOR
USD
+
1.300%),
1.39%,
11/15/35 (b)(c)
421‌
350,000
BX
Commercial
Mortgage
Trust
2018-IND
144A,
(1
mo.
LIBOR
USD
+
1.800%),
1.89%,
11/15/35 (b)(c)
351‌
1,995,000
BX
Commercial
Mortgage
Trust
2018-IND
144A,
(1
mo.
LIBOR
USD
+
2.050%),
2.14%,
11/15/35 (b)(c)
2,002‌
1,072,404
BX
Commercial
Mortgage
Trust
2019-XL
144A,
(1
mo.
LIBOR
USD
+
1.800%),
1.89%,
10/15/36 (b)(c)
1,077‌
7
Principal
or
Shares
Security
Description
Value
(000)
2,502,276
BX
Commercial
Mortgage
Trust
2019-XL
144A,
(1
mo.
LIBOR
USD
+
2.000%),
2.09%,
10/15/36 (b)(c)
$
2,514‌
3,127,844
BX
Commercial
Mortgage
Trust
2019-XL
144A,
(1
mo.
LIBOR
USD
+
2.300%),
2.39%,
10/15/36 (b)(c)
3,143‌
852,961
BX
Commercial
Mortgage
Trust
2020-BXLP
144A,
(1
mo.
LIBOR
USD
+
1.600%),
1.69%,
12/15/36 (b)(c)
855‌
1,137,281
BX
Commercial
Mortgage
Trust
2020-BXLP
144A,
(1
mo.
LIBOR
USD
+
2.000%),
2.09%,
12/15/36 (b)(c)
1,141‌
1,700,000
BX
Commercial
Mortgage
Trust
2020-VKNG
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.19%,
10/15/37 (b)(c)
1,706‌
1,800,000
BX
Commercial
Mortgage
Trust
2020-VKNG
144A,
(1
mo.
LIBOR
USD
+
2.750%),
2.84%,
10/15/37 (b)(c)
1,813‌
2,700,000
BX
Commercial
Mortgage
Trust
2021-SOAR
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.44%,
6/15/38 (b)(c)
2,722‌
3,300,000
BX
Commercial
Mortgage
Trust
2021-VINO
144A,
(1
mo.
LIBOR
USD
+
1.952%),
2.05%,
5/15/38 (b)(c)
3,311‌
2,900,000
BX
Trust
2018-GW
144A,
(1
mo.
LIBOR
USD
+
2.420%),
2.51%,
5/15/35 (b)(c)
2,911‌
2,450,000
BXMT
2020-FL2
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.064%),
2.11%,
2/15/38 (b)(c)
2,461‌
799,000
CAMB
Commercial
Mortgage
Trust
2019-LIFE
144A,
(1
mo.
LIBOR
USD
+
3.250%),
3.34%,
12/15/37 (b)(c)
805‌
15,528,763
Cantor
Commercial
Real
Estate
Lending
2019-
CF1
,
1.14%,
5/15/52 (h)
1,062‌
2,209,870
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
1.120%),
1.21%,
6/15/34 (b)(c)
2,214‌
2,581,160
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.59%,
6/15/34 (b)(c)
2,582‌
1,588,406
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.44%,
6/15/34 (b)(c)
1,548‌
1,042,391
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
2.608%),
2.70%,
6/15/34 (b)(c)
945‌
1,800,000
CHT
2017-COSMO
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
1.400%),
1.49%,
11/15/36 (b)(c)
1,805‌
1,600,000
CHT
2017-COSMO
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
2.250%),
2.34%,
11/15/36 (b)(c)
1,606‌
3,919,000
CHT
2017-COSMO
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
3.000%),
3.09%,
11/15/36 (b)(c)
3,938‌
2,064,280
Cold
Storage
Trust
2020-ICE5
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.19%,
11/15/37 (b)(c)
2,083‌
1,965,981
Cold
Storage
Trust
2020-ICE5
144A,
(1
mo.
LIBOR
USD
+
2.766%),
2.86%,
11/15/37 (b)(c)
1,987‌
1,867,682
Cold
Storage
Trust
2020-ICE5
144A,
(1
mo.
LIBOR
USD
+
3.492%),
3.59%,
11/15/37 (b)(c)
1,891‌
1,400,000
COMM
2015-3BP
Mortgage
Trust
144A,
3.24%,
2/10/35 (b)(h)
1,453‌
Principal
or
Shares
Security
Description
Value
(000)
2,900,000
COMM
2021-LBA
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.44%,
3/15/38 (b)(c)
$
2,907‌
5,496,258
Connecticut
Avenue
Securities
Trust
2019-HRP1
144A,
(1
mo.
LIBOR
USD
+
2.150%),
2.24%,
11/25/39 (b)(c)
5,486‌
2,800,000
Connecticut
Avenue
Securities
Trust
2019-R01
144A,
(1
mo.
LIBOR
USD
+
4.350%),
4.44%,
7/25/31 (b)(c)
2,896‌
2,300,000
Connecticut
Avenue
Securities
Trust
2019-R02
144A,
(1
mo.
LIBOR
USD
+
4.150%),
4.24%,
8/25/31 (b)(c)
2,370‌
379,541
Connecticut
Avenue
Securities
Trust
2019-R03
144A,
(1
mo.
LIBOR
USD
+
2.150%),
2.24%,
9/25/31 (b)(c)
382‌
2,650,000
Connecticut
Avenue
Securities
Trust
2019-R03
144A,
(1
mo.
LIBOR
USD
+
4.100%),
4.19%,
9/25/31 (b)(c)
2,728‌
2,100,000
Connecticut
Avenue
Securities
Trust
2019-R04
144A,
(1
mo.
LIBOR
USD
+
5.250%),
5.34%,
6/25/39 (b)(c)
2,176‌
2,433,074
Connecticut
Avenue
Securities
Trust
2019-R06
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.19%,
9/25/39 (b)(c)
2,443‌
6,050,000
Connecticut
Avenue
Securities
Trust
2019-R07
144A,
(1
mo.
LIBOR
USD
+
3.400%),
3.49%,
10/25/39 (b)(c)
6,117‌
2,981,540
Connecticut
Avenue
Securities
Trust
2020-R01
144A,
(1
mo.
LIBOR
USD
+
2.050%),
2.14%,
1/25/40 (b)(c)
2,999‌
3,550,000
Connecticut
Avenue
Securities
Trust
2020-R01
144A,
(1
mo.
LIBOR
USD
+
3.250%),
3.34%,
1/25/40 (b)(c)
3,557‌
1,592,543
Connecticut
Avenue
Securities
Trust
2020-R02
144A,
(1
mo.
LIBOR
USD
+
2.000%),
2.09%,
1/25/40 (b)(c)
1,601‌
3,900,000
Connecticut
Avenue
Securities
Trust
2020-R02
144A,
(1
mo.
LIBOR
USD
+
3.000%),
3.09%,
1/25/40 (b)(c)
3,889‌
2,800,000
Credit
Suisse
Mortgage
Capital
Certificates
2019-ICE4
144A,
(1
mo.
LIBOR
USD
+
2.150%),
2.24%,
5/15/36 (b)(c)
2,814‌
2,720,000
Credit
Suisse
Mortgage
Capital
Certificates
2019-ICE4
144A,
(1
mo.
LIBOR
USD
+
2.650%),
2.74%,
5/15/36 (b)(c)
2,741‌
1,100,000
CSMC
Trust
2017-MOON
144A,
3.20%,
7/10/34 (b)(h)
1,098‌
3,155,672
DBGS
2018-BIOD
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
2.500%),
2.59%,
5/15/35 (b)
(c)
3,167‌
2,400,000
Extended
Stay
America
Trust
2021-ESH
144A,
(1
mo.
LIBOR
USD
+
3.700%),
3.79%,
7/15/38 (b)(c)
2,434‌
2,043,558
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
3.000%),
3.09%,
10/25/29 (c)
2,101‌
2,497,325
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
2.800%),
2.89%,
2/25/30 (c)
2,552‌
5,142,546
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
2.250%),
2.34%,
7/25/30 (c)
5,206‌
6,573,032
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
2.200%),
2.29%,
8/25/30 (c)
6,652‌
8
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
5,871,468
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
2.150%),
2.24%,
10/25/30 (c)
$
5,965‌
5,693,373
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
2.550%),
2.64%,
12/25/30 (c)
5,771‌
3,923,518
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
2.350%),
2.44%,
1/25/31 (c)
3,974‌
2,445,827
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
2.000%),
2.09%,
3/25/31 (c)
2,468‌
2,629,203
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
2.100%),
2.19%,
3/25/31 (c)
2,654‌
1,400,000
Fannie
Mae
Connecticut
Avenue
Securities
,
(1
mo.
LIBOR
USD
+
4.100%),
4.19%,
3/25/31 (c)
1,453‌
6,383,036
Freddie
Mac
STACR
2019-HQA3
144A,
(1
mo.
LIBOR
USD
+
1.850%),
1.94%,
9/25/49 (b)(c)
6,410‌
1,900,000
Freddie
Mac
STACR
2019-HQA3
144A,
(1
mo.
LIBOR
USD
+
3.000%),
3.09%,
9/25/49 (b)(c)
1,922‌
800,000
Freddie
Mac
STACR
2019-HQA3
144A,
(1
mo.
LIBOR
USD
+
7.500%),
7.59%,
9/25/49 (b)(c)
849‌
2,162,588
Freddie
Mac
STACR
REMIC
Trust
2020-DNA1
144A,
(1
mo.
LIBOR
USD
+
1.700%),
1.79%,
1/25/50 (b)(c)
2,171‌
1,400,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA1
144A,
(1
mo.
LIBOR
USD
+
2.300%),
2.39%,
1/25/50 (b)(c)
1,403‌
650,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA1
144A,
(1
mo.
LIBOR
USD
+
5.250%),
5.34%,
1/25/50 (b)(c)
663‌
77,779
Freddie
Mac
STACR
REMIC
Trust
2020-DNA2
144A,
(1
mo.
LIBOR
USD
+
0.750%),
0.84%,
2/25/50 (b)(c)
78‌
5,800,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA2
144A,
(1
mo.
LIBOR
USD
+
1.850%),
1.94%,
2/25/50 (b)(c)
5,846‌
1,700,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA2
144A,
(1
mo.
LIBOR
USD
+
2.500%),
2.59%,
2/25/50 (b)(c)
1,707‌
700,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA2
144A,
(1
mo.
LIBOR
USD
+
4.800%),
4.89%,
2/25/50 (b)(c)
703‌
201,078
Freddie
Mac
STACR
REMIC
Trust
2020-DNA5
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.300%),
1.35%,
10/25/50 (b)(c)
201‌
2,000,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA5
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.800%),
2.85%,
10/25/50 (b)(c)
2,026‌
1,100,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA5
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
4.800%),
4.85%,
10/25/50 (b)(c)
1,176‌
2,271,562
Freddie
Mac
STACR
REMIC
Trust
2020-HQA1
144A,
(1
mo.
LIBOR
USD
+
1.900%),
1.99%,
1/25/50 (b)(c)
2,280‌
700,000
Freddie
Mac
STACR
REMIC
Trust
2020-HQA1
144A,
(1
mo.
LIBOR
USD
+
5.100%),
5.19%,
1/25/50 (b)(c)
711‌
3,908,757
Freddie
Mac
STACR
REMIC
Trust
2020-HQA2
144A,
(1
mo.
LIBOR
USD
+
3.100%),
3.19%,
3/25/50 (b)(c)
3,967‌
Principal
or
Shares
Security
Description
Value
(000)
1,000,000
Freddie
Mac
STACR
REMIC
Trust
2020-HQA2
144A,
(1
mo.
LIBOR
USD
+
4.100%),
4.19%,
3/25/50 (b)(c)
$
1,035‌
1,300,000
Freddie
Mac
STACR
REMIC
Trust
2020-HQA2
144A,
(1
mo.
LIBOR
USD
+
7.600%),
7.69%,
3/25/50 (b)(c)
1,407‌
1,174,595
Freddie
Mac
STACR
REMIC
Trust
2020-HQA4
144A,
(1
mo.
LIBOR
USD
+
3.150%),
3.24%,
9/25/50 (b)(c)
1,184‌
3,000,000
Freddie
Mac
STACR
REMIC
Trust
2021-DNA1
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.800%),
1.85%,
1/25/51 (b)(c)
3,012‌
1,950,000
Freddie
Mac
STACR
REMIC
Trust
2021-DNA3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
0.750%),
0.80%,
10/25/33 (b)(c)
1,953‌
1,875,000
Freddie
Mac
STACR
REMIC
Trust
2021-DNA3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.100%),
2.15%,
10/25/33 (b)(c)
1,915‌
2,600,000
Freddie
Mac
STACR
REMIC
Trust
2021-DNA5
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.650%),
1.70%,
1/25/34 (b)(c)
2,619‌
374,539
Freddie
Mac
STACR
Trust
2018-HQA2
144A,
(1
mo.
LIBOR
USD
+
0.750%),
0.84%,
10/25/48 (b)(c)
375‌
4,150,000
Freddie
Mac
STACR
Trust
2018-HQA2
144A,
(1
mo.
LIBOR
USD
+
2.300%),
2.39%,
10/25/48 (b)(c)
4,189‌
2,482,743
Freddie
Mac
STACR
Trust
2019-DNA1
144A,
(1
mo.
LIBOR
USD
+
2.650%),
2.74%,
1/25/49 (b)(c)
2,519‌
1,644,201
Freddie
Mac
STACR
Trust
2019-DNA2
144A,
(1
mo.
LIBOR
USD
+
2.450%),
2.54%,
3/25/49 (b)(c)
1,669‌
1,350,000
Freddie
Mac
STACR
Trust
2019-DNA2
144A,
(1
mo.
LIBOR
USD
+
4.350%),
4.44%,
3/25/49 (b)(c)
1,409‌
1,800,000
Freddie
Mac
STACR
Trust
2019-DNA3
144A,
(1
mo.
LIBOR
USD
+
8.150%),
8.24%,
7/25/49 (b)(c)
1,988‌
1,222,373
Freddie
Mac
STACR
Trust
2019-FTR2
144A,
(1
mo.
LIBOR
USD
+
0.950%),
1.04%,
11/25/48 (b)(c)
1,223‌
1,150,000
Freddie
Mac
STACR
Trust
2019-FTR3
144A,
(1
mo.
LIBOR
USD
+
4.800%),
4.89%,
9/25/47 (b)
(c)
1,150‌
600,000
Freddie
Mac
STACR
Trust
2019-FTR4
144A,
(1
mo.
LIBOR
USD
+
5.000%),
5.09%,
11/25/47 (b)(c)
604‌
3,057,838
Freddie
Mac
STACR
Trust
2019-HQA1
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.44%,
2/25/49 (b)(c)
3,083‌
5,035,216
Freddie
Mac
STACR
Trust
2019-HQA2
144A,
(1
mo.
LIBOR
USD
+
2.050%),
2.14%,
4/25/49 (b)(c)
5,061‌
1,550,000
Freddie
Mac
STACR
Trust
2019-HQA2
144A,
(1
mo.
LIBOR
USD
+
4.100%),
4.19%,
4/25/49 (b)(c)
1,600‌
9
Principal
or
Shares
Security
Description
Value
(000)
1,247,338
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
,
(1
mo.
LIBOR
USD
+
11.250%),
11.34%,
10/25/29 (c)
$
1,400‌
170,290
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
,
(1
mo.
LIBOR
USD
+
0.750%),
0.84%,
3/25/30 (c)
170‌
2,638,744
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
,
(1
mo.
LIBOR
USD
+
1.800%),
1.89%,
7/25/30 (c)
2,656‌
2,883,880
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
,
(1
mo.
LIBOR
USD
+
2.300%),
2.39%,
9/25/30 (c)
2,913‌
1,168,908
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
,
(1
mo.
LIBOR
USD
+
2.450%),
2.54%,
12/25/42 (c)
1,162‌
1,950,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
,
(1
mo.
LIBOR
USD
+
4.600%),
4.69%,
12/25/42 (c)
1,996‌
300,000
InTown
Hotel
Portfolio
Trust
2018-STAY
144A,
(1
mo.
LIBOR
USD
+
3.350%),
3.44%,
1/15/33 (b)(c)
302‌
7,861
JP
Morgan
Mortgage
Trust
2014-IVR3
144A,
2.44%,
9/25/44 (b)(c)(h)
8‌
390,358
JP
Morgan
Mortgage
Trust
2017-5
144A,
3.10%,
10/26/48 (b)(c)(h)
401‌
1,000,000
KKR
Industrial
Portfolio
Trust
2021-KDIP
144A,
(1
mo.
LIBOR
USD
+
1.250%),
1.34%,
12/15/37 (b)(c)
1,000‌
1,750,000
KKR
Industrial
Portfolio
Trust
2021-KDIP
144A,
(1
mo.
LIBOR
USD
+
1.550%),
1.64%,
12/15/37 (b)(c)
1,749‌
3,000,000
KKR
Industrial
Portfolio
Trust
2021-KDIP
144A,
(1
mo.
LIBOR
USD
+
2.050%),
2.14%,
12/15/37 (b)(c)
2,999‌
5,545,551
LCCM
2017-LC26
144A,
1.41%,
7/12/50 (b)(h)
326‌
2,800,000
Life
2021-BMR
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.44%,
3/15/38 (b)(c)
2,816‌
3,023,070
MF1
2020-FL3
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.164%),
2.21%,
7/15/35 (b)(c)
3,074‌
2,000,000
MF1
2020-FL3
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.964%),
3.01%,
7/15/35 (b)(c)
2,046‌
2,357,740
Morgan
Stanley
Capital
I
Trust
2018-H3
,
0.82%,
7/15/51 (h)
105‌
1,444,406
Motel
6
Trust
2017-MTL6
144A,
(1
mo.
LIBOR
USD
+
3.250%),
3.34%,
8/15/34 (b)(c)
1,449‌
1,444,406
Motel
6
Trust
2017-MTL6
144A,
(1
mo.
LIBOR
USD
+
4.250%),
4.34%,
8/15/34 (b)(c)
1,451‌
711,450
Multifamily
Connecticut
Avenue
Securities
Trust
2019-01
144A,
(1
mo.
LIBOR
USD
+
1.700%),
1.79%,
10/15/49 (b)(c)
712‌
2,300,000
Multifamily
Connecticut
Avenue
Securities
Trust
2019-01
144A,
(1
mo.
LIBOR
USD
+
3.250%),
3.34%,
10/15/49 (b)(c)
2,327‌
206,226
New
Residential
Mortgage
Loan
Trust
2017-5A
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.59%,
6/25/57 (b)(c)
210‌
2,700,000
ONE
2021-PARK
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.59%,
3/15/36 (b)(c)
2,705‌
1,900,000
ONE
2021-PARK
Mortgage
Trust
144A,
(1
mo.
LIBOR
USD
+
1.750%),
1.84%,
3/15/36 (b)(c)
1,903‌
Principal
or
Shares
Security
Description
Value
(000)
1,000,000
PFP
2019-5
Ltd.
144A,
(1
mo.
LIBOR
USD
+
1.420%),
1.51%,
4/14/36 (b)(c)
$
1,002‌
1,400,000
Radnor
RE
2021-1
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.650%),
1.70%,
12/27/33 (b)(c)
1,402‌
2,362
STACR
Trust
2018-DNA3
144A,
(1
mo.
LIBOR
USD
+
0.750%),
0.84%,
9/25/48 (b)(c)
2‌
350,000
STACR
Trust
2018-DNA3
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.19%,
9/25/48 (b)(c)
356‌
3,538,529
STACR
Trust
2018-HRP1
144A,
(1
mo.
LIBOR
USD
+
1.650%),
1.74%,
4/25/43 (b)(c)
3,547‌
3,350,000
STACR
Trust
2018-HRP1
144A,
(1
mo.
LIBOR
USD
+
3.750%),
3.84%,
4/25/43 (b)(c)
3,439‌
916,924
STACR
Trust
2018-HRP1
144A,
(1
mo.
LIBOR
USD
+
11.750%),
11.84%,
5/25/43 (b)(c)
1,051‌
1,837,926
STACR
Trust
2018-HRP2
144A,
(1
mo.
LIBOR
USD
+
1.250%),
1.34%,
2/25/47 (b)(c)
1,842‌
3,300,000
STACR
Trust
2018-HRP2
144A,
(1
mo.
LIBOR
USD
+
2.400%),
2.49%,
2/25/47 (b)(c)
3,360‌
1,900,000
STACR
Trust
2018-HRP2
144A,
(1
mo.
LIBOR
USD
+
10.500%),
10.59%,
2/25/47 (b)(c)
2,184‌
3,100,000
TPGI
Trust
2021-DGWD
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.45%,
6/15/26 (b)(c)
3,115‌
2,100,000
TTAN
2021-MHC
144A,
(1
mo.
LIBOR
USD
+
2.400%),
2.49%,
3/15/38 (b)(c)
2,117‌
1,200,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-
SMP
144A,
(1
mo.
LIBOR
USD
+
0.875%),
0.97%,
12/15/34 (b)(c)
1,200‌
450,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-
SMP
144A,
(1
mo.
LIBOR
USD
+
1.775%),
1.87%,
12/15/34 (b)(c)
448‌
6,805,189
Wells
Fargo
Commercial
Mortgage
Trust
2018-
C46
,
0.94%,
8/15/51 (h)
303‌
Total
Mortgage
Backed
(Cost
-
$282,404)
285,109‌
U.S.
Treasury
(1%
)
12,000,000
U.S.
Treasury
Bill,
0.04%,
8/03/21
(a)
(Cost
-
$12,000)
12,000‌
Investment
Company
(1%
)
32,000
iShares
JP
Morgan
USD
Emerging
Markets
Bond
ETF
3,607‌
3,044,730
Payden
Cash
Reserves
Money
Market
Fund*
3,045‌
Total
Investment
Company
(Cost
-
$6,638)
6,652‌
Purchase
Options  (0%
)
Total
Purchase
Options
(Cost
-
$287)
156‌
Total
Investments
(Cost
-
$957,118)
(98%)
967,029‌
Other
Assets,
net
of
Liabilities
(2%)
23,321‌
Net
Assets
(100%)
$
990,350‌
*
Affiliated
investment.
(a)
Yield
to
maturity
at
time
of
purchase.
(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
July
31,
2021.
(d)
Principal
in
foreign
currency.
(e)
Security
offered
and
sold
outside
the
United
States,
and
thus
is
exempt
from
registration
under
Regulation
S
of
the
Securities
Act
of
1933.
It
has
been
deemed
liquid
under
guidelines
approved
by
the
Board.
(f)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
July
31,
2021.
The
stated
maturity
is
subject
to
prepayments.
10
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
(g)
All
or
a
portion
of
these
securities
are
on
loan.
At
July
31,
2021,
the
total
market
value
of
the
Fund’s
securities
on
loan
is
$1,029
and
the
total
market
value
of
the
collateral
held
by
the
Fund
is
$1,058.
Amounts
in
000s.
(h)
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description
above.
Purchase
Options
Description
Number
of
Contracts
Notional
Amount
(000s)
Exercise
Price
Maturity
Date
Value
(000s)
Call/Put
Exchange
Traded
Options
Purchase
-
0.0%
S
&
P
500
Index
163
$
71,643
$
3730.00
08/31/2021
$
96
Put
S
&
P
500
Index
247
108,563
3950.00
08/13/2021
60
Put
Total
Purchase
Options
$156
Open
Forward
Currency
Contracts
to
USD
Currency
Purchased
(000s)
Currency
Sold
(000s)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
(000s)
Assets:
EUR
1,130
USD  1,334
Citibank,
N.A.
09/21/2021
$
8
GBP
392
USD  543
HSBC
Bank
USA,
N.A.
09/21/2021
2
USD
953
BRL  4,814
Barclays
Bank
PLC
09/15/2021
35
USD
133,182
EUR  111,842
Citibank,
N.A.
09/21/2021
370
USD
8,484
GBP  6,102
HSBC
Bank
USA,
N.A.
09/21/2021
1
416
Liabilities:
EUR
2,845
USD  3,381
Citibank,
N.A.
09/21/2021
(3)
Net
Unrealized
Appreciation
(Depreciation)
$413
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
179
Sep-21
$
39,498
$
32
$
32
Short
Contracts:
Euro-Bobl
Future
269
Sep-21
(43,193)
(433)
(433)
Euro-Bund
Future
88
Sep-21
(18,432)
(428)
(428)
Euro-Schatz
Future
116
Sep-21
(15,461)
(29)
(29)
U.S.
10-Year
Ultra
Future
140
Sep-21
(21,035)
(655)
(655)
U.S.
Treasury
10-Year
Note
Future
432
Sep-21
(58,084)
(971)
(971)
U.S.
Treasury
5-Year
Note
Future
379
Sep-21
(47,165)
(277)
(277)
(2,793)
Total
Futures
$(2,761)
11
Open
Centrally
Cleared
Interest
Rate
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Appreciation/
(Depreciation)
(000s)
10-Year
Interest
Rate
Swap,
Pay
Fixed
1.4039%
Semi-Annually,
Receive
Variable
0.13488%
(3-Month
USD
LIBOR)
Quarterly
06/22/2031
$
8,956
$
(139)
$
–
$
(139)
10-Year
Interest
Rate
Swap,
Pay
Fixed
1.4168%
Semi-Annually,
Receive
Variable
0.13488%
(3-Month
USD
LIBOR)
Quarterly
06/22/2031
4,110
(69)
–
(69)
10-Year
Interest
Rate
Swap,
Pay
Fixed
1.4195%
Semi-Annually,
Receive
Variable
0.13488%
(3-Month
USD
LIBOR)
Quarterly
06/22/2031
2,050
(35)
–
(35)
3-Year
Interest
Rate
Swap,
Receive
Fixed
0.825%
Semi-
Annually,
Pay
Variable
0.1285%
(3-Month
USD
LIBOR)
Quarterly
05/10/2024
35,838
21
–
21
3-Year
Interest
Rate
Swap,
Receive
Fixed
0.850%
Semi-
Annually,
Pay
Variable
0.1285%
(3-Month
USD
LIBOR)
Quarterly
04/27/2024
22,590
23
–
23
3-Year
Interest
Rate
Swap,
Receive
Fixed
0.86%
Semi-Annually,
Pay
Variable
0.1285%
(3-Month
USD
LIBOR)
Quarterly
04/28/2024
131,211
148
–
148
3-Year
Interest
Rate
Swap,
Receive
Fixed
0.959%
Semi-
Annually,
Pay
Variable
0.1285%
(3-Month
USD
LIBOR)
Quarterly
07/14/2024
101,000
101
–
101
5-Year
Interest
Rate
Swap,
Pay
Fixed
1.52525%
Semi-Annually,
Receive
Variable
0.1285%
(3-Month
USD
LIBOR)
Quarterly
07/14/2026
101,000
(141)
–
(141)
5-Year
Interest
Rate
Swap,
Pay
Fixed
1.7825%
Semi-Annually,
Receive
Variable
0.1285%
(3-Month
USD
LIBOR)
Quarterly
04/28/2026
23,220
(100)
–
(100)
5-Year
Interest
Rate
Swap,
Pay
Fixed
1.785%
Semi-Annually,
Receive
Variable
0.1285%
(3-Month
USD
LIBOR)
Quarterly
05/12/2026
36,697
(156)
–
(156)
5-Year
Interest
Rate
Swap,
Pay
Fixed
1.80%
Semi-Annually,
Receive
Variable
0.1285%
(3-Month
USD
LIBOR)
Quarterly
04/28/2026
134,937
(603)
–
(603)
$(950)
$–
$(950)
Open
Centrally
Cleared
Zero-Coupon
Inflation
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Depreciation
(000s)
10
Year
Zero-Coupon
Inflation
Swap
Receive
Fixed
2.3705%
at
Maturity,
Pay
Variable
(Change
in
CPI)
at
Maturity
06/22/2031
$13,170
$(396)
$–
$(396)