NPORT-EX 2 PR22AbsoluteReturn.htm
Payden
Absolute
Return
Bond
Fund
1
Schedule
of
Investments
-
January
31,
2022
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Asset
Backed
(28%
)
1,000,000
AB
BSL
CLO
Ltd.
2021-3A
144A,
(3
mo.
LIBOR
USD
+
6.950%),
7.09%,
10/20/34 (a)(b)
$
990‌
1,600,000
AlbaCore
Euro
CLO
I
DAC
1A
144A,
(3
mo.
EURIBOR
+
3.250%),
3.25%,
10/18/34
EUR (a)(b)(c)
1,781‌
508,165
Allegro
CLO
II-S
Ltd.
2014-1RA
144A,
(3
mo.
LIBOR
USD
+
1.080%),
1.34%,
10/21/28 (a)(b)
508‌
3,000,000
Allegro
CLO
V
Ltd.
2017-1A
144A,
(3
mo.
LIBOR
USD
+
1.450%),
1.69%,
10/16/30 (a)(b)
3,004‌
2,100,000
Allegro
CLO
X
Ltd.
2019-1A
144A,
(3
mo.
LIBOR
USD
+
3.700%),
3.95%,
7/20/32 (a)(b)
2,106‌
800,000
Allegro
CLO
XII
Ltd.
2020-1A
144A,
(3
mo.
LIBOR
USD
+
3.600%),
3.86%,
1/21/32 (a)(b)
802‌
2,000,000
Ammc
CLO
Ltd.
2017-20A
144A,
(3
mo.
LIBOR
USD
+
3.150%),
3.39%,
4/17/29 (a)(b)
2,003‌
497,930
Apidos
CLO
XXI
2015-21A
144A,
(3
mo.
LIBOR
USD
+
0.930%),
1.17%,
7/18/27 (a)(b)
498‌
650,000
Apidos
CLO
XXI
2015-21A
144A,
(3
mo.
LIBOR
USD
+
2.450%),
2.69%,
7/18/27 (a)(b)
650‌
1,500,000
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
2019-FL2
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.864%),
1.91%,
9/15/34 (a)(b)
1,502‌
3,300,000
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
2022-FL1
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.450%),
1.50%,
1/15/37 (a)(b)
3,300‌
2,172,500
Arbys
Funding
LLC
2020-1A
144A,
3.24%,
7/30/50 (a)
2,199‌
1,200,000
Ballyrock
CLO
Ltd.
2019-1A
144A,
(3
mo.
LIBOR
USD
+
6.750%),
6.99%,
7/15/32 (a)(b)
1,190‌
1,350,000
Barings
CLO
Ltd.
2020-2A
144A,
(3
mo.
LIBOR
USD
+
6.150%),
6.39%,
10/15/33 (a)(b)
1,343‌
983,846
BDS
Ltd.
2019-FL4
144A,
(1
mo.
LIBOR
USD
+
1.100%),
1.20%,
8/15/36 (a)(b)
987‌
2,200,000
BDS
Ltd.
2020-FL5
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.264%),
1.31%,
2/16/37 (a)(b)
2,197‌
2,350,000
BDS
Ltd.
2020-FL5
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.464%),
1.51%,
2/16/37 (a)(b)
2,341‌
2,100,000
BDS
Ltd.
2020-FL5
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.914%),
1.96%,
2/16/37 (a)(b)
2,089‌
1,900,000
Benefit
Street
Partners
CLO
XVII
Ltd.
2019-
17A
144A,
(3
mo.
LIBOR
USD
+
3.350%),
3.59%,
7/15/32 (a)(b)
1,906‌
450,000
Blackrock
European
CLO
III
Designated
Activity
Co.
3A
144A,
(3
mo.
EURIBOR
+
0.880%),
0.88%,
7/19/35
EUR (a)(b)(c)
504‌
1,300,000
Blackrock
European
CLO
V
DAC
5X,
(3
mo.
EURIBOR
+
1.100%),
1.10%,
7/16/31
EUR (b)
(c)(d)
1,451‌
3,300,000
Bosphorus
CLO
V
DAC
5A
144A,
(3
mo.
EURIBOR
+
1.010%),
1.01%,
12/12/32
EUR (a)(b)(c)
3,702‌
3,300,000
Bridgepoint
CLO
2
DAC
2A
144A,
(3
mo.
EURIBOR
+
0.900%),
0.90%,
4/15/35
EUR (a)
(b)(c)
3,696‌
1,400,000
Bridgepoint
CLO
3
DAC
3A
144A,
(3
mo.
EURIBOR
+
3.400%),
3.40%,
1/15/36
EUR (a)
(b)(c)
1,574‌
Principal
or
Shares
Security
Description
Value
(000)
950,000
Bridgepoint
CLO
3
DAC
3A
144A,
(3
mo.
EURIBOR
+
6.240%),
6.24%,
1/15/36
EUR (a)
(b)(c)
$
1,057‌
600,000
BSPRT
Issuer
Ltd.
2018-FL4
144A,
(1
mo.
LIBOR
USD
+
1.300%),
1.40%,
9/15/35 (a)(b)
600‌
450,000
BSPRT
Issuer
Ltd.
2018-FL4
144A,
(1
mo.
LIBOR
USD
+
1.600%),
1.70%,
9/15/35 (a)(b)
451‌
400,000
BSPRT
Issuer
Ltd.
2018-FL4
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.20%,
9/15/35 (a)(b)
401‌
350,000
BSPRT
Issuer
Ltd.
2018-FL4
144A,
(1
mo.
LIBOR
USD
+
2.750%),
2.85%,
9/15/35 (a)(b)
351‌
1,450,000
Cabinteely
Park
CLO
DAC
1A
144A,
(3
mo.
EURIBOR
+
3.350%),
3.35%,
8/15/34
EUR (a)
(b)(c)
1,628‌
1,925,000
Carlyle
CLO
Ltd.
C17A
144A,
(3
mo.
LIBOR
USD
+
2.800%),
3.10%,
4/30/31 (a)(b)
1,917‌
171,273
Carlyle
Global
Market
Strategies
Euro
CLO
DAC
2015-2A
144A,
(3
mo.
EURIBOR
+
0.730%),
0.73%,
9/21/29
EUR (a)(b)(c)
192‌
2,800,000
Carlyle
Global
Market
Strategies
Euro
CLO
DAC
2015-2A
144A,
(3
mo.
EURIBOR
+
0.940%)–,
11/10/35
EUR (a)(b)(c)(e)
3,146‌
1,050,000
Carlyle
U.S.
CLO
Ltd.
2019-3A
144A,
(3
mo.
LIBOR
USD
+
6.750%),
6.85%,
10/20/32 (a)(b)
1,047‌
1,700,000
Carlyle
U.S.
CLO
Ltd.
2021-11A
144A,
(3
mo.
LIBOR
USD
+
6.400%),
6.65%,
1/25/33 (a)(b)
1,685‌
1,579,591
CARS-DB4
LP
2020-1A
144A,
2.69%,
2/15/50 (a)
1,586‌
1,196,250
CARS-DB4
LP
2020-1A
144A,
3.19%,
2/15/50 (a)
1,207‌
2,800,000
CARS-DB4
LP
2020-1A
144A,
4.17%,
2/15/50 (a)
2,850‌
1,000,000
CARS-DB4
LP
2020-1A
144A,
4.52%,
2/15/50 (a)
1,019‌
970,000
CARS-DB4
LP
2020-1A
144A,
4.95%,
2/15/50 (a)
986‌
800,000
Cedar
Funding
X
CLO
Ltd.
2019-10A
144A,
(3
mo.
LIBOR
USD
+
6.500%),
6.75%,
10/20/32 (a)(b)
793‌
2,050,000
CIFC
European
Funding
CLO
IV
DAC
4A
144A,
(3
mo.
EURIBOR
+
1.500%),
1.50%,
8/18/35
EUR (a)(b)(c)
2,291‌
350,000
CIFC
Funding  Ltd.
2013-3RA
144A,
(3
mo.
LIBOR
USD
+
2.900%),
3.16%,
4/24/31 (a)(b)
349‌
3,543,336
CLI
Funding
VIII
LLC
2021-1A
144A,
1.64%,
2/18/46 (a)
3,420‌
999,402
CLI
Funding
VIII
LLC
2021-1A
144A,
2.38%,
2/18/46 (a)
972‌
2,400,000
CLI
Funding
VIII
LLC
2022-1A
144A,
2.72%,
1/18/47 (a)
2,420‌
579,331
CoreVest
American
Finance
Trust
2018-2
144A,
4.03%,
11/15/52 (a)
596‌
300,000
CVC
Cordatus
Loan
Fund
III
DAC
3A
144A,
(3
mo.
EURIBOR
+
2.550%),
2.55%,
8/15/32
EUR (a)(b)(c)
328‌
965,000
DataBank
Issuer
2021-1A
144A,
2.06%,
2/27/51 (a)
934‌
2,395,000
Diamond
Infrastructure
Funding
LLC
2021-1A
144A,
1.76%,
4/15/49 (a)
2,273‌
1,150,000
Diamond
Infrastructure
Funding
LLC
2021-1A
144A,
2.36%,
4/15/49 (a)
1,118‌
1,700,000
Diamond
Infrastructure
Funding
LLC
2021-1A
144A,
3.48%,
4/15/49 (a)
1,670‌
2
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
2,000,000
Diamond
Issuer
2021-1A
144A,
3.79%,
11/20/51 (a)
$
1,967‌
1,786,500
Domino's
Pizza
Master
Issuer
LLC
2021-1A
144A,
2.66%,
4/25/51 (a)
1,773‌
2,580,500
Domino's
Pizza
Master
Issuer
LLC
2021-1A
144A,
3.15%,
4/25/51 (a)
2,605‌
3,700,000
Drive
Auto
Receivables
Trust
2019-2,
3.69%,
8/17/26 
3,781‌
1,000,000
Drive
Auto
Receivables
Trust
2019-3,
3.18%,
10/15/26 
1,021‌
2,019,250
Driven
Brands
Funding  LLC
2020-1A
144A,
3.79%,
7/20/50 (a)
2,076‌
1,067,000
Driven
Brands
Funding
LLC
2019-1A
144A,
4.64%,
4/20/49 (a)
1,117‌
1,930,500
Driven
Brands
Funding
LLC
2020-2A
144A,
3.24%,
1/20/51 (a)
1,928‌
2,200,000
Dryden
33
Senior
Loan
Fund
2014-33A
144A,
(3
mo.
LIBOR
USD
+
3.650%),
3.89%,
4/15/29 (a)
(b)
2,201‌
4,150,000
Dryden
36
Senior
Loan
Fund
2014-36A
144A,
(3
mo.
LIBOR
USD
+
1.450%),
1.69%,
4/15/29 (a)
(b)
4,182‌
649,787
Dryden
39
Euro
CLO
DAC
2015-39A
144A,
(3
mo.
EURIBOR
+
0.870%),
0.87%,
10/15/31
EUR (a)(b)(c)
729‌
2,900,000
Dryden
49
Senior
Loan
Fund
2017-49A
144A,
(3
mo.
LIBOR
USD
+
0.950%),
1.19%,
7/18/30 (a)
(b)
2,900‌
945,000
First
Investors
Auto
Owner
Trust
2019-1A
144A,
3.55%,
4/15/25 (a)
963‌
2,000,000
First
Investors
Auto
Owner
Trust
2019-2A
144A,
2.80%,
12/15/25 (a)
2,030‌
2,700,000
Flagship
Credit
Auto
Trust
2021-3
144A,
3.32%,
12/15/28 (a)
2,628‌
1,200,000
Galaxy
XXVI
CLO
Ltd.
2018-26A
144A,
(3
mo.
LIBOR
USD
+
5.850%),
6.01%,
11/22/31 (a)(b)
1,176‌
231,005
GPMT
Ltd.
2019-FL2
144A,
(1
mo.
LIBOR
USD
+
1.300%),
1.41%,
2/22/36 (a)(b)
232‌
600,000
GPMT
Ltd.
2019-FL2
144A,
(1
mo.
LIBOR
USD
+
1.600%),
1.71%,
2/22/36 (a)(b)
600‌
800,000
GPMT
Ltd.
2019-FL2
144A,
(1
mo.
LIBOR
USD
+
1.900%),
2.01%,
2/22/36 (a)(b)
801‌
366,020
Grand
Avenue
CRE
2019-FL1
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.61%,
6/15/37 (a)(b)
367‌
2,300,000
Greystone
CRE
Notes
Ltd.
2019-FL2
144A,
(1
mo.
LIBOR
USD
+
2.400%),
2.50%,
9/15/37 (a)
(b)
2,285‌
2,000,000
Greystone
CRE
Notes
Ltd.
2019-FL2
144A,
(1
mo.
LIBOR
USD
+
2.750%),
2.85%,
9/15/37 (a)
(b)
2,003‌
1,000,000
Grippen
Park
CLO
Ltd.
2017-1A
144A,
(3
mo.
LIBOR
USD
+
1.650%),
1.90%,
1/20/30 (a)(b)
1,000‌
414,573
Halcyon
Loan
Advisors
Funding
Ltd.
2015-2A
144A,
(3
mo.
LIBOR
USD
+
1.650%),
1.91%,
7/25/27 (a)(b)
415‌
2,300,000
Henley
CLO
I
DAC
1A
144A,
(3
mo.
EURIBOR
+
0.950%),
0.95%,
7/25/34
EUR (a)(b)(c)
2,585‌
1,300,000
Henley
CLO
I
DAC
1A
144A,
(3
mo.
EURIBOR
+
1.650%),
1.65%,
7/25/34
EUR (a)(b)(c)
1,462‌
2,400,000
ICG
U.S.
CLO
Ltd.
2015-2RA
144A,
(3
mo.
LIBOR
USD
+
1.370%),
1.61%,
1/16/33 (a)(b)
2,402‌
Principal
or
Shares
Security
Description
Value
(000)
146,508
Invitation
Homes
Trust
2018-SFR3
144A,
(1
mo.
LIBOR
USD
+
1.000%),
1.11%,
7/17/37 (a)
(b)
$
147‌
3,891,029
ITE
Rail
Fund
Levered
LP
2021-3A
144A,
2.21%,
6/28/51 (a)
3,835‌
1,951,747
JPMorgan
Chase
Bank
N.A.-CACLN
2021-1
144A,
28.35%,
9/25/28 (a)
2,147‌
1,322,361
JPMorgan
Chase
Bank
N.A.-CACLN
2021-2
144A,
2.28%,
12/26/28 (a)
1,314‌
1,500,000
JPMorgan
Chase
Bank
N.A.-CACLN
2021-2
144A,
8.48%,
12/26/28 (a)
1,471‌
1,500,000
JPMorgan
Chase
Bank
N.A.-CACLN
2021-3
144A,
9.81%,
2/26/29 (a)
1,470‌
572,090
LCM
XVIII
LP
19A
144A,
(3
mo.
LIBOR
USD
+
1.240%),
1.48%,
7/15/27 (a)(b)
572‌
950,000
LCM
XVIII
LP
19A
144A,
(3
mo.
LIBOR
USD
+
1.750%),
1.99%,
7/15/27 (a)(b)
951‌
800,000
LMREC
Inc.
2019-CRE3
144A,
(1
mo.
LIBOR
USD
+
1.400%),
1.51%,
12/22/35 (a)(b)
801‌
251,183
LoanCore
Issuer
Ltd.
2018-CRE1
144A,
(1
mo.
LIBOR
USD
+
1.130%),
1.24%,
5/15/28 (a)(b)
251‌
1,300,000
LoanCore
Issuer
Ltd.
2019-CRE2
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.61%,
5/15/36 (a)(b)
1,296‌
2,300,000
LoanCore
Issuer
Ltd.
2021-CRE5
144A,
(1
mo.
LIBOR
USD
+
3.750%),
3.85%,
7/15/36 (a)(b)
2,297‌
739,685
Madison
Park
Funding
XIII
Ltd.
2014-13A
144A,
(3
mo.
LIBOR
USD
+
0.950%),
1.20%,
4/19/30 (a)(b)
739‌
1,340,000
Madison
Park
Funding
XIII
Ltd.
2014-13A
144A,
(3
mo.
LIBOR
USD
+
2.850%),
3.10%,
4/19/30 (a)(b)
1,337‌
2,200,000
Madison
Park
Funding
XXXIII
Ltd.
2019-33A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.800%),
1.96%,
10/15/32 (a)(b)
2,200‌
3,087,785
Magnetite
VII
Ltd.
2012-7A
144A,
(3
mo.
LIBOR
USD
+
0.800%),
1.04%,
1/15/28 (a)(b)
3,093‌
3,500,000
Neuberger
Berman
Loan
Advisers
CLO
24
Ltd.
2017-24A
144A,
(3
mo.
LIBOR
USD
+
1.020%),
1.27%,
4/19/30 (a)(b)
3,499‌
2,000,000
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.
2020-37A
144A,
(3
mo.
LIBOR
USD
+
2.850%),
3.10%,
7/20/31 (a)(b)
1,995‌
1,000,000
NLY
Commercial
Mortgage
Trust
2019-FL2
144A,
(1
mo.
LIBOR
USD
+
1.600%),
1.71%,
2/15/36 (a)(b)
993‌
2,700,000
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2020-1A
144A,
3.39%,
11/20/50 (a)
2,739‌
1,900,000
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2021-1A
144A,
2.80%,
1/20/51 (a)
1,870‌
2,100,000
Ocean
Trails
CLO
VII
2019-7A
144A,
(3
mo.
LIBOR
USD
+
1.010%),
1.25%,
4/17/30 (a)(b)
2,100‌
2,350,000
OCP
CLO
Ltd.
2013-4A
144A,
(3
mo.
LIBOR
USD
+
1.450%),
1.71%,
4/24/29 (a)(b)
2,347‌
2,200,000
OCP
CLO
Ltd.
2017-13A
144A,
(3
mo.
LIBOR
USD
+
3.100%),
3.34%,
7/15/30 (a)(b)
2,205‌
400,000
OCP
CLO
Ltd.
2014-5A
144A,
(3
mo.
LIBOR
USD
+
2.900%),
3.17%,
4/26/31 (a)(b)
394‌
2,000,000
OCP
CLO
Ltd.
2019-17A
144A,
(3
mo.
LIBOR
USD
+
6.500%),
6.75%,
7/20/32 (a)(b)
1,985‌
1,250,000
OCP
CLO
Ltd.
2020-19A
144A,
(3
mo.
LIBOR
USD
+
6.500%),
6.75%,
10/20/34 (a)(b)
1,238‌
1,100,000
OneMain
Financial
Issuance
Trust
2019-1A
144A,
4.22%,
2/14/31 (a)
1,100‌
3
Principal
or
Shares
Security
Description
Value
(000)
1,884,968
OZLM
VII
Ltd.
2014-7RA
144A,
(3
mo.
LIBOR
USD
+
1.010%),
1.25%,
7/17/29 (a)(b)
$
1,886‌
2,200,000
Palmer
Square
European
CLO
DAC
2022-1A
144A,
(3
mo.
EURIBOR
+
3.300%),
3.30%,
1/21/35
EUR (a)(b)(c)
2,484‌
2,250,000
Palmer
Square
Loan
Funding
Ltd.
2020-1A
144A,
(3
mo.
LIBOR
USD
+
1.350%),
1.51%,
2/20/28 (a)(b)
2,252‌
2,900,000
Palmer
Square
Loan
Funding
Ltd.
2020-1A
144A,
(3
mo.
LIBOR
USD
+
2.500%),
2.66%,
2/20/28 (a)(b)
2,910‌
735,300
Planet
Fitness
Master
Issuer
LLC
2018-1A
144A,
4.26%,
9/05/48 (a)
738‌
1,935,000
Planet
Fitness
Master
Issuer
LLC
2018-1A
144A,
4.67%,
9/05/48 (a)
1,970‌
1,250,000
Progress
Residential
Trust
2019-SFR2
144A,
3.79%,
5/17/36 (a)
1,248‌
2,350,000
Progress
Residential
Trust
2019-SFR4
144A,
2.94%,
10/17/36 (a)
2,351‌
1,800,000
Providus
CLO
IV
DAC
4A
144A,
(3
mo.
EURIBOR
+
0.820%),
0.82%,
4/20/34
EUR (a)
(b)(c)
2,017‌
900,000
Regatta
XXI
Funding
Ltd.
2021-3A
144A,
(3
mo.
LIBOR
USD
+
6.750%),
6.88%,
10/20/34 (a)(b)
888‌
1,200,000
Santander
Drive
Auto
Receivables
Trust
2019-2,
3.22%,
7/15/25 
1,220‌
1,800,000
Sculptor
CLO
XXV
Ltd.
25A
144A,
(3
mo.
LIBOR
USD
+
1.900%),
2.14%,
1/15/31 (a)(b)
1,802‌
242,922
Shackleton
CLO
Ltd.
2015-8A
144A,
(3
mo.
LIBOR
USD
+
0.920%),
1.17%,
10/20/27 (a)(b)
243‌
2,200,000
Sound
Point
Euro
CLO
III
Funding
DAC
3X,
(3
mo.
EURIBOR
+
0.950%),
0.95%,
4/15/33
EUR (b)(c)(d)
2,473‌
1,800,000
St
Pauls
CLO
II
DAC
2A
144A,
(3
mo.
EURIBOR
+
3.700%),
3.70%,
10/25/35
EUR (a)(b)(c)
2,032‌
2,950,000
St
Paul's
CLO
IX
DAC
9X,
(3
mo.
EURIBOR
+
0.820%),
0.82%,
11/15/30
EUR (b)(c)(d)
3,314‌
3,450,000
St
Paul's
CLO
XII
DAC
12A
144A,
(3
mo.
EURIBOR
+
0.920%),
0.92%,
4/15/33
EUR (a)
(b)(c)
3,878‌
2,400,000
Stack
Infrastructure
Issuer
LLC
2020-1A
144A,
1.89%,
8/25/45 (a)
2,336‌
3,500,000
Stack
Infrastructure
Issuer
LLC
2021-1A
144A,
1.88%,
3/26/46 (a)
3,389‌
1,700,000
STWD
Ltd.
2019-FL1
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.194%),
1.25%,
7/15/38 (a)(b)
1,698‌
734,523
Symphony
CLO
XIV
Ltd.
2014-14A
144A,
(3
mo.
LIBOR
USD
+
0.950%),
1.19%,
7/14/26 (a)
(b)
735‌
1,090,666
Symphony
CLO
XVII
Ltd.
2016-17A
144A,
(3
mo.
LIBOR
USD
+
0.880%),
1.12%,
4/15/28 (a)
(b)
1,091‌
500,000
Symphony
CLO
XVII
Ltd.
2016-17X,
(3
mo.
LIBOR
USD
+
2.650%),
2.89%,
4/15/28 (b)(d)
501‌
450,000
Symphony
CLO
XVII
Ltd.
2016-17A
144A,
(3
mo.
LIBOR
USD
+
2.650%),
2.89%,
4/15/28 (a)
(b)
451‌
1,050,000
Symphony
CLO
XXIII
Ltd.
2020-23A
144A,
(3
mo.
LIBOR
USD
+
6.150%),
6.39%,
1/15/34 (a)
(b)
1,050‌
Principal
or
Shares
Security
Description
Value
(000)
1,000,000
Symphony
CLO
XXIX
Ltd.
2021-29A
144A,
(3
mo.
LIBOR
USD
+
6.250%),
6.49%,
1/15/34 (a)
(b)
$
995‌
2,769,500
Taco
Bell
Funding
LLC
2016-1A
144A,
4.97%,
5/25/46 (a)
2,888‌
4,170,000
Textainer
Marine
Containers
VII
Ltd.
2021-1A
144A,
1.68%,
2/20/46 (a)
4,010‌
2,000,000
THL
Credit
Wind
River
CLO
Ltd.
2019-3A
144A,
(3
mo.
LIBOR
USD
+
3.500%),
3.74%,
4/15/31 (a)(b)
2,006‌
613,614
TPG
Real
Estate
Finance
Issuer
Ltd.
2018-FL2
144A,
(1
mo.
LIBOR
USD
+
1.130%),
1.23%,
11/15/37 (a)(b)
614‌
250,000
TPG
Real
Estate
Finance
Issuer
Ltd.
2018-FL2
144A,
(1
mo.
LIBOR
USD
+
2.300%),
2.40%,
11/15/37 (a)(b)
250‌
2,255,918
Trinity
Rail
Leasing
LLC
2021-1A
144A,
2.26%,
7/19/51 (a)
2,218‌
950,000
Trinity
Rail
Leasing
LLC
2021-1A
144A,
3.08%,
7/19/51 (a)
925‌
3,367,506
TRP
LLC
2021-1
144A,
2.07%,
6/19/51 (a)
3,283‌
644,432
Tryon
Park
CLO
Ltd.
2013-1A
144A,
(3
mo.
LIBOR
USD
+
0.890%),
1.13%,
4/15/29 (a)(b)
644‌
2,400,000
Vantage
Data
Centers
LLC
2020-1A
144A,
1.65%,
9/15/45 (a)
2,320‌
3,500,000
VB-S1
Issuer
LLC
2020-1A
144A,
3.03%,
6/15/50 (a)
3,547‌
572,307
Venture
XVII
CLO
Ltd.
2014-17A
144A,
(3
mo.
LIBOR
USD
+
0.880%),
1.12%,
4/15/27 (a)(b)
572‌
2,750,000
Vibrant
CLO
VII
Ltd.
2017-7A
144A,
(3
mo.
LIBOR
USD
+
1.040%),
1.29%,
9/15/30 (a)(b)
2,750‌
2,800,000
Voya
CLO
Ltd.
2019-1A
144A,
(3
mo.
LIBOR
USD
+
1.060%),
1.30%,
4/15/31 (a)(b)
2,800‌
2,000,000
Voya
Euro
CLO
V
DAC
5A
144A,
(3
mo.
EURIBOR
+
2.150%),
2.15%,
4/15/35
EUR (a)
(b)(c)
2,242‌
1,240,160
Wendy's
Funding
LLC
2019-1A
144A,
3.78%,
6/15/49 (a)
1,287‌
3,084,500
Wendy's
Funding
LLC
2021-1A
144A,
2.37%,
6/15/51 (a)
2,973‌
244,532
Westlake
Automobile
Receivables
Trust
2018-
3A
144A,
4.00%,
10/16/23 (a)
246‌
4,284,107
Westlake
Automobile
Receivables
Trust
2019-
1A
144A,
3.67%,
3/15/24 (a)
4,324‌
3,400,000
Westlake
Automobile
Receivables
Trust
2019-
3A
144A,
2.72%,
11/15/24 (a)
3,448‌
3,800,000
Westlake
Automobile
Receivables
Trust
2021-
1A
144A,
2.33%,
8/17/26 (a)
3,722‌
5,000,000
Westlake
Automobile
Receivables
Trust
2021-
2A
144A,
2.38%,
3/15/27 (a)
4,869‌
2,686,500
Wingstop
Funding
LLC
2020-1A
144A,
2.84%,
12/05/50 (a)
2,666‌
2,493,750
Zaxby's
Funding
LLC
2021-1A
144A,
3.24%,
7/30/51 (a)
2,483‌
Total
Asset
Backed
(Cost
-
$278,836)
276,264‌
Bank
Loans(f)
(4%
)
1,347,500
Avast
Software
sro
Term
Loan
B
1L,
(3
mo.
EURIBOR
+
2.000%),
2.00%,
3/22/28
EUR (c)
1,516‌
649,310
Axalta
Coating
Systems
U.S.
Holdings
Inc.
Term
Loan
B3
1L,
(LIBOR
USD
3-Month
+
1.750%),
1.97%,
6/01/24 
648‌
1,430,000
Bally's
Corp.
Term
Loan
B
1L,
(LIBOR
USD
6-Month
+
3.250%),
3.75%,
10/01/28 
1,431‌
4
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
1,079,541
Beacon
Roofing
Supply
Inc.
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
2.250%),
2.36%,
5/19/28 
$
1,076‌
1,039,899
Charter
Communications
Operating
LLC
Term
Loan
B2
1L,
(LIBOR
USD
1-Month
+
1.750%),
1.86%,
2/01/27 
1,031‌
2,000,000
Coral
U.S. Co-Borrower LLC
Term
Loan
B6
1L,
(LIBOR
USD
1-Month
+
3.000%),
3.11%,
10/01/29 
1,993‌
1,325,000
Crocs
Inc.
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
3.500%),
4.00%,
1/27/29 
1,318‌
2,052,750
DirectV
Financing
LLC
Term
Loan
1L,
(LIBOR
USD
3-Month
+
5.000%),
5.75%,
8/02/27 
2,058‌
2,083,846
Flynn
Restaurant
Group
LP
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
4.250%),
4.75%,
11/23/28 
2,090‌
900,000
Froneri
Lux
Finco
Sarl
Term
Loan
B
1L,
(6
mo.
EURIBOR
+
2.375%),
2.38%,
1/31/27
EUR (c)
991‌
2,192,722
Graham
Packaging
Co.
Inc.
Term
Loan
1L,
(LIBOR
USD
1-Month
+
3.000%),
3.75%,
8/04/27 
2,189‌
1,600,000
Gray
Television
Inc.
Term
Loan
D
1L,
(LIBOR
USD
3-Month
+
3.000%),
3.10%,
12/01/28 
1,599‌
2,596,000
Hilton
Worldwide
Finance
LLC
Term
Loan
B2
1L,
(LIBOR
USD
1-Month
+
1.750%),
1.86%,
6/21/26 
2,577‌
1,161,542
ICON
Luxembourg
Sarl
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
2.250%),
2.75%,
7/01/28 
1,161‌
2,487,437
Jane
Street
Group
LLC
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
2.750%),
2.86%,
1/26/28 
2,461‌
2,729,375
Klockner
Pentaplast
of
America
Inc.
Term
Loan
B
1L,
(LIBOR
USD
6-Month
+
4.750%),
5.25%,
2/09/26
2,719‌
1,218,875
Madison
Iaq
LLC
Term
Loan
1L,
(LIBOR
USD
6-Month
+
3.250%),
3.75%,
6/21/28 
1,216‌
2,350,000
MIC
Glen
LLC
Term
Loan
1L,
(LIBOR
USD
3-Month
+
3.500%),
4.00%,
7/21/28 
2,349‌
1,100,000
Mozart
Borrower
LP
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
3.250%),
3.75%,
10/21/28 
1,097‌
517,647
Padagis
LLC
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
4.750%),
5.25%,
7/06/28 
517‌
289,399
PRA
Health
Sciences
Inc.
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
2.250%),
2.75%,
7/01/28 
289‌
1,073,415
Standard
Industries
Inc.
Term
Loan
B
1L,
(LIBOR
USD
3-Month
+
2.500%),
3.00%,
9/22/28
1,076‌
1,700,000
U.S.
Foods
Inc.
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
2.750%),
2.86%,
11/22/28 
1,699‌
2,543,292
United
Natural
Foods
Inc.
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
3.250%),
3.36%,
10/22/25 
2,547‌
2,500,000
Whatabrands
LLC
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
3.250%),
3.75%,
8/03/28
2,497‌
1,701,633
Wyndham
Hotels
&
Resorts
Inc.
Term
Loan
B
1L,
(LIBOR
USD
1-Month
+
1.750%),
1.86%,
5/30/25 
1,688‌
Total
Bank
Loans
(Cost
-
$41,915)
41,833‌
Corporate
Bond
(20%
)
4,000,000
1MDB
Global
Investments
Ltd.
,
4.40%,
3/09/23 (d)
4,005‌
Principal
or
Shares
Security
Description
Value
(000)
450,000
AA
Bond
Co.
Ltd.
144A,
6.50%,
1/31/26
GBP (a)(c)
$
613‌
1,900,000
ADLER
Group
SA
,
1.88%,
1/14/26
EUR (c)(d)
1,730‌
2,900,000
Albertsons
Cos.
Inc./Safeway
Inc./New
Albertsons
LP/Albertsons
LLC
144A,
3.25%,
3/15/26 (a)
2,816‌
1,325,000
Albion
Financing
1
Sarl/Aggreko
Holdings
Inc.
,
5.25%,
10/15/26
EUR (c)(d)
1,465‌
1,200,000
Albion
Financing
1
Sarl/Aggreko
Holdings
Inc.
144A,
6.13%,
10/15/26 (a)
1,199‌
1,900,000
Ameren
Corp.
,
1.95%,
3/15/27 
1,870‌
1,900,000
American
Tower
Corp.
,
1.45%,
9/15/26 
1,828‌
1,400,000
Arko
Corp.
144A,
5.13%,
11/15/29 (a)
1,334‌
1,500,000
AT&T
Inc.
,
2.30%,
6/01/27 
1,489‌
1,700,000
Avient
Corp.
144A,
5.75%,
5/15/25 (a)
1,754‌
1,200,000
Bank
Leumi
Le-Israel
BM
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.631%),
3.28%,
1/29/31 (a)(b)(d)
1,183‌
3,300,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.650%),
1.53%,
12/06/25 (b)
3,248‌
1,450,000
Bank
of
America
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.960%),
1.73%,
7/22/27 (b)
1,407‌
2,550,000
Bank
of
America
Corp.
,
(3
mo.
EURIBOR
+
0.760%),
0.58%,
8/24/28
EUR (b)(c)(d)
2,806‌
600,000
Bellis
Acquisition
Co.
PLC
144A,
3.25%,
2/16/26
GBP (a)(c)
749‌
1,600,000
Blackstone
Private
Credit
Fund
144A,
1.75%,
9/15/24 (a)
1,557‌
2,000,000
Blackstone
Secured
Lending
Fund
,
3.65%,
7/14/23 
2,047‌
1,600,000
BRF
GmbH
,
4.35%,
9/29/26 (d)
1,603‌
1,400,000
Caesars
Entertainment
Inc.
144A,
6.25%,
7/01/25 (a)
1,451‌
1,100,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
4.25%,
1/15/34 (a)
1,020‌
1,500,000
CDW
LLC/CDW
Finance
Corp.
,
2.67%,
12/01/26 
1,486‌
1,400,000
Cemex
SAB
de
CV
,
7.38%,
6/05/27 (d)
1,529‌
2,400,000
Cemex
SAB
de
CV
,
3.88%,
7/11/31 (d)
2,279‌
1,000,000
Centene
Corp.
,
3.38%,
2/15/30 
983‌
1,500,000
Central
American
Bottling
Corp./CBC
Bottling
Holdco
SL/Beliv
Holdco
SL
144A,
5.25%,
4/27/29 (a)
1,524‌
2,100,000
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
2.25%,
1/15/29 
1,980‌
1,000,000
Cibanco
SA
Institucion
de
Banca
Multiple
Trust
CIB/3332
144A,
4.38%,
7/22/31 (a)
937‌
2,800,000
Citigroup
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.694%),
2.01%,
1/25/26 (b)
2,797‌
2,500,000
Citigroup
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.770%),
1.46%,
6/09/27 (b)
2,401‌
1,500,000
Cobra
AcquisitionCo
LLC
144A,
6.38%,
11/01/29 (a)
1,463‌
1,110,000
Crescent
Energy
Finance
LLC
144A,
7.25%,
5/01/26 (a)
1,141‌
3,650,000
DAE
Funding
LLC
144A,
1.55%,
8/01/24 (a)
3,558‌
1,900,000
Deutsche
Bank
AG
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.219%),
2.31%,
11/16/27 (b)
1,847‌
1,800,000
DISH
DBS
Corp.
144A,
5.25%,
12/01/26 (a)
1,749‌
1,250,000
doValue
SpA
144A,
3.38%,
7/31/26
EUR (a)(c)
1,403‌
3,700,000
Ecopetrol
SA
,
4.13%,
1/16/25 
3,714‌
1,700,000
EIG
Pearl
Holdings
Sarl
144A,
3.55%,
8/31/36 (a)
1,698‌
5
Principal
or
Shares
Security
Description
Value
(000)
900,000
Energean
Israel
Finance
Ltd.
144A,
4.88%,
3/30/26 (a)(d)
$
886‌
1,400,000
Energean
Israel
Finance
Ltd.
144A,
5.38%,
3/30/28 (a)(d)
1,368‌
1,700,000
Equinix
Inc.
,
1.45%,
5/15/26 
1,641‌
1,225,000
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.
Inc.
144A,
4.63%,
1/15/29 (a)
1,196‌
1,550,000
First
Abu
Dhabi
Bank
PJSC
,
0.88%,
12/09/25
GBP (c)(d)
2,007‌
1,100,000
FMG
Resources
August
2006
Pty
Ltd.
144A,
5.13%,
5/15/24 (a)
1,140‌
1,275,000
Freeport-McMoRan
Inc.
,
4.38%,
8/01/28 
1,317‌
1,300,000
Frontier
Communications
Holdings
LLC
144A,
6.00%,
1/15/30 (a)
1,257‌
2,000,000
FS
KKR
Capital
Corp.
,
1.65%,
10/12/24 
1,942‌
1,600,000
FS
KKR
Capital
Corp.
144A,
4.25%,
2/14/25 (a)
1,647‌
900,000
General
Motors
Co.
,
5.40%,
10/02/23 
954‌
1,000,000
General
Motors
Co.
,
6.13%,
10/01/25 
1,128‌
1,950,000
General
Motors
Financial
Co.
Inc.
,
2.90%,
2/26/25 
1,989‌
2,500,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.913%),
1.95%,
10/21/27 (b)
2,435‌
2,400,000
Goldman
Sachs
Group
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.114%),
2.64%,
2/24/28 (b)
2,406‌
1,500,000
Golub
Capital
BDC
Inc.
,
3.38%,
4/15/24 
1,525‌
1,200,000
Grifols
Escrow
Issuer
SA
144A,
3.88%,
10/15/28
EUR (a)(c)
1,309‌
1,725,000
Heathrow
Funding
Ltd.
,
1.50%,
10/12/25
EUR (c)(d)
1,996‌
865,000
Hyatt
Hotels
Corp.
,
1.30%,
10/01/23 
858‌
1,100,000
Hyatt
Hotels
Corp.
,
1.80%,
10/01/24 
1,093‌
1,400,000
Hyundai
Capital
America
144A,
2.00%,
6/15/28 (a)
1,324‌
2,600,000
International
Petroleum
Corp.
144A,
7.25%,
2/01/27 (a)(d)
2,596‌
3,000,000
IRB
Holding
Corp.
144A,
7.00%,
6/15/25 (a)
3,131‌
2,900,000
JBS
USA
Food
Co.
,
5.75%,
1/15/28 (d)
3,026‌
320,000
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
144A,
4.75%,
6/01/27 (a)
327‌
1,100,000
Kosmos
Energy
Ltd.
144A,
7.75%,
5/01/27 (a)
1,075‌
2,400,000
LA
Construccion
SA
144A,
4.75%,
2/07/32 (a)
2,353‌
1,900,000
Lundin
Energy
Finance
BV
144A,
2.00%,
7/15/26 (a)
1,863‌
2,100,000
Macquarie
Group
Ltd.
144A,
(U.S.
Secured
Overnight
Financing
Rate
+
0.995%),
1.94%,
4/14/28 (a)(b)
2,026‌
1,150,000
Madison
IAQ
LLC
144A,
4.13%,
6/30/28 (a)
1,097‌
830,000
MercadoLibre
Inc.
,
2.38%,
1/14/26 
779‌
1,500,000
Meritage
Homes
Corp.
144A,
3.88%,
4/15/29 (a)
1,512‌
2,000,000
Minejesa
Capital
BV
,
4.63%,
8/10/30 (d)
1,971‌
1,280,000
Mitsubishi
UFJ
Financial
Group
Inc.
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.750%),
1.54%,
7/20/27 (b)
1,232‌
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 (a)(b)(d)
1,666‌
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 (b)
1,997‌
2,100,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.879%),
1.59%,
5/04/27 (b)
2,029‌
Principal
or
Shares
Security
Description
Value
(000)
2,600,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.858%),
1.51%,
7/20/27 (b)
$
2,496‌
2,300,000
Morgan
Stanley
,
(3
mo.
EURIBOR
+
0.698%),
0.41%,
10/29/27
EUR (b)(c)
2,528‌
1,150,000
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
2.50%,
3/24/26
GBP (c)
1,521‌
2,400,000
Murphy
Oil
Corp.
,
5.88%,
12/01/27 
2,439‌
1,050,000
National
Fuel
Gas
Co.
,
5.50%,
1/15/26 
1,152‌
500,000
NBM
U.S.
Holdings
Inc.
,
7.00%,
5/14/26 (d)
522‌
1,550,000
Neinor
Homes
SA
144A,
4.50%,
10/15/26
EUR (a)(c)
1,764‌
1,300,000
Northriver
Midstream
Finance
LP
144A,
5.63%,
2/15/26 (a)
1,321‌
2,200,000
Open
Text
Corp.
144A,
3.88%,
12/01/29 (a)
2,117‌
3,200,000
Orbia
Advance
Corp.
SAB
de
CV
144A,
1.88%,
5/11/26 (a)
3,085‌
900,000
Owl
Rock
Capital
Corp.
,
3.40%,
7/15/26 
897‌
2,800,000
PDC
Energy
Inc.
,
5.75%,
5/15/26 
2,853‌
1,400,000
Penn
Virginia
Holdings
LLC
144A,
9.25%,
8/15/26 (a)
1,437‌
1,800,000
Penske
Automotive
Group
Inc.
,
3.75%,
6/15/29 
1,697‌
1,800,000
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
144A,
1.20%,
11/15/25 (a)
1,729‌
2,600,000
Pershing
Square
Holdings
Ltd.
144A,
1.38%,
10/01/27
EUR (a)(c)
2,831‌
1,150,000
Petrobras
Global
Finance
BV
,
6.25%,
3/17/24 
1,241‌
2,050,000
Petrobras
Global
Finance
BV
,
5.30%,
1/27/25 
2,186‌
900,000
Petroleos
Mexicanos
,
5.13%,
3/15/23
EUR (c)(d)
1,051‌
1,500,000
Petroleos
Mexicanos
,
(3
mo.
EURIBOR
+
2.400%),
1.84%,
8/24/23
EUR (b)(c)(d)
1,679‌
1,895,000
Petroleos
Mexicanos
144A,
6.70%,
2/16/32 (a)
1,879‌
1,600,000
PRA
Group
Inc.
144A,
5.00%,
10/01/29 (a)
1,582‌
1,100,000
Public
Storage
,
1.95%,
11/09/28 
1,067‌
2,100,000
RLJ
Lodging
Trust
LP
144A,
3.75%,
7/01/26 (a)
2,041‌
1,500,000
Royalty
Pharma
PLC
,
1.75%,
9/02/27 
1,429‌
4,000,000
SBA
Tower
Trust
144A,
1.63%,
11/15/26 (a)
3,884‌
2,300,000
SBB
Treasury
Oyj
,
0.75%,
12/14/28
EUR (c)(d)
2,408‌
2,000,000
Sirius
XM
Radio
Inc.
144A,
5.00%,
8/01/27 (a)
2,045‌
1,300,000
Southwestern
Energy
Co.
,
5.38%,
3/15/30 
1,334‌
970,000
Southwestern
Energy
Co.
,
4.75%,
2/01/32 
970‌
2,500,000
Stellantis
Finance
U.S.
Inc.
144A,
1.71%,
1/29/27 (a)
2,408‌
1,500,000
Strathcona
Resources
Ltd.
144A,
6.88%,
8/01/26 (a)
1,490‌
1,000,000
Tapestry
Inc.
,
3.05%,
3/15/32 
966‌
2,000,000
Telefonica
Moviles
Chile
SA
144A,
3.54%,
11/18/31 (a)
1,923‌
606,000
Tenet
Healthcare
Corp.
,
4.63%,
7/15/24 
609‌
1,000,000
T-Mobile
USA
Inc.
144A,
2.40%,
3/15/29 (a)
969‌
3,000,000
Transnet
SOC
Ltd.
,
4.00%,
7/26/22 (d)
2,992‌
2,390,000
U.S.
Foods
Inc.
144A,
6.25%,
4/15/25 (a)
2,474‌
805,000
United
Natural
Foods
Inc.
144A,
6.75%,
10/15/28 (a)
855‌
1,405,000
Venture
Global
Calcasieu
Pass
LLC
144A,
3.88%,
11/01/33 (a)
1,393‌
1,800,000
Viterra
Finance
BV
,
0.38%,
9/24/25
EUR (c)(d)
1,993‌
2,600,000
XP
Inc.
144A,
3.25%,
7/01/26 (a)
2,454‌
Total
Corporate
Bond
(Cost
-
$210,596)
205,472‌
Foreign
Government
(7%
)
2,100,000
Brazilian
Government
International
Bond
,
4.50%,
5/30/29 
2,096‌
1,900,000
Colombia
Government
International
Bond
,
3.88%,
3/22/26
EUR (c)
2,292‌
6
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
2,000,000
Colombia
Government
International
Bond
,
3.13%,
4/15/31 
$
1,721‌
1,000,000
Corp.
Financiera
de
Desarrollo
SA
144A,
2.40%,
9/28/27 (a)
960‌
850,000
Dominican
Republic
International
Bond
,
6.60%,
1/28/24 (d)
917‌
1,900,000
Dominican
Republic
International
Bond
,
6.00%,
7/19/28 (d)
2,076‌
680,000
Dominican
Republic
International
Bond
144A,
4.88%,
9/23/32 (a)
669‌
1,000,000
Dominican
Republic
International
Bond
,
4.88%,
9/23/32 (d)
984‌
2,100,000
Egypt
Government
International
Bond
,
3.88%,
2/16/26 (d)
1,927‌
2,600,000
Egypt
Government
International
Bond
,
7.50%,
1/31/27 (d)
2,636‌
2,500,000
Export-Import
Bank
of
India
,
3.88%,
3/12/24 (d)
2,590‌
2,400,000
Fondo
MIVIVIENDA
SA
,
3.50%,
1/31/23 (d)
2,435‌
1,400,000
Georgia
Government
International
Bond
144A,
2.75%,
4/22/26 (a)
1,366‌
1,910,000
Guatemala
Government
Bond
,
5.75%,
6/06/22 (d)
1,924‌
1,711,000
Guatemala
Government
Bond
144A,
5.75%,
6/06/22 (a)
1,724‌
1,985,000
Guatemala
Government
Bond
,
4.50%,
5/03/26 (d)
2,053‌
280,000
Guatemala
Government
Bond
,
4.90%,
6/01/30 (d)
293‌
1,050,000
Guatemala
Government
Bond
144A,
3.70%,
10/07/33 (a)
998‌
3,900,000
Ivory
Coast
Government
International
Bond
,
6.38%,
3/03/28 (d)
4,185‌
1,580,000
Mongolia
Government
International
Bond
144A,
5.63%,
5/01/23 (a)
1,620‌
1,000,000
Mongolia
Government
International
Bond
144A,
5.13%,
4/07/26 (a)
1,017‌
700,000
Mongolia
Government
International
Bond
,
5.13%,
4/07/26 (d)
712‌
1,980,000
Mongolia
Government
International
Bond
144A,
3.50%,
7/07/27 (a)
1,858‌
520,000
Morocco
Government
International
Bond
,
2.38%,
12/15/27 (d)
495‌
900,000
Nigeria
Government
International
Bond
,
6.38%,
7/12/23 (d)
939‌
3,800,000
Nigeria
Government
International
Bond
,
7.63%,
11/21/25 (d)
4,102‌
400,000
Oman
Government
International
Bond
,
4.13%,
1/17/23 (d)
407‌
2,950,000
Oman
Government
International
Bond
,
4.75%,
6/15/26 (d)
3,021‌
3,000,000
Panama
Government
International
Bond
,
3.88%,
3/17/28 
3,162‌
900,000
Panama
Government
International
Bond
,
2.25%,
9/29/32 
826‌
1,900,000
Paraguay
Government
International
Bond
144A,
3.85%,
6/28/33 (a)
1,909‌
39,600,000
Republic
of
South
Africa
Government
Bond
Series
2030,
8.00%,
1/31/30
ZAR (c)
2,380‌
1,300,000
Republic
of
Uzbekistan
International
Bond
,
5.38%,
2/20/29 (d)
1,361‌
1,380,000
Republic
of
Uzbekistan
International
Bond
144A,
3.90%,
10/19/31 (a)
1,290‌
1,100,000
Romanian
Government
International
Bond
,
3.62%,
5/26/30
EUR (c)(d)
1,288‌
Principal
or
Shares
Security
Description
Value
(000)
1,300,000
Romanian
Government
International
Bond
144A,
1.75%,
7/13/30
EUR (a)(c)
$
1,332‌
2,400,000
Senegal
Government
International
Bond
,
4.75%,
3/13/28
EUR (c)(d)
2,698‌
3,250,000
Serbia
International
Bond
144A,
1.00%,
9/23/28
EUR (a)(c)
3,429‌
Total
Foreign
Government
(Cost
-
$70,732)
67,692‌
Mortgage
Backed
(31%
)
3,300,000
280
Park
Avenue
Mortgage
Trust
2017-280P
144A,
(1
mo.
LIBOR
USD
+
1.537%),
1.64%,
9/15/34 (a)(b)
3,285‌
1,269,405
ACRE
Commercial
Mortgage
Ltd.
2021-FL4
144A,
(1
mo.
LIBOR
USD
+
0.830%),
0.93%,
12/18/37 (a)(b)
1,265‌
600,000
ACRE
Commercial
Mortgage
Ltd.
2021-FL4
144A,
(1
mo.
LIBOR
USD
+
1.750%),
1.85%,
12/18/37 (a)(b)
598‌
1,000,000
ACRE
Commercial
Mortgage
Ltd.
2021-FL4
144A,
(1
mo.
LIBOR
USD
+
2.600%),
2.70%,
12/18/37 (a)(b)
999‌
1,900,000
BAMLL
Commercial
Mortgage
Securities
Trust
2015-200P
144A,
3.60%,
4/14/33 (a)(g)
1,916‌
1,808,000
BBCMS
Mortgage
Trust
2018-TALL
144A,
(1
mo.
LIBOR
USD
+
0.971%),
1.08%,
3/15/37 (a)
(b)
1,776‌
350,000
BX
Commercial
Mortgage
Trust
2018-IND
144A,
(1
mo.
LIBOR
USD
+
1.800%),
1.91%,
11/15/35 (a)(b)
350‌
1,995,000
BX
Commercial
Mortgage
Trust
2018-IND
144A,
(1
mo.
LIBOR
USD
+
2.050%),
2.16%,
11/15/35 (a)(b)
1,990‌
3,000,000
BX
Commercial
Mortgage
Trust
2021-VOLT
144A,
(1
mo.
LIBOR
USD
+
2.850%),
2.96%,
9/15/36 (a)(b)
2,979‌
1,020,000
BX
Commercial
Mortgage
Trust
2019-XL
144A,
(1
mo.
LIBOR
USD
+
1.800%),
1.91%,
10/15/36 (a)(b)
1,019‌
2,380,000
BX
Commercial
Mortgage
Trust
2019-XL
144A,
(1
mo.
LIBOR
USD
+
2.000%),
2.11%,
10/15/36 (a)(b)
2,369‌
2,550,000
BX
Commercial
Mortgage
Trust
2019-XL
144A,
(1
mo.
LIBOR
USD
+
2.300%),
2.41%,
10/15/36 (a)(b)
2,522‌
4,028,489
BX
Commercial
Mortgage
Trust
2020-BXLP
144A,
(1
mo.
LIBOR
USD
+
1.600%),
1.71%,
12/15/36 (a)(b)
4,023‌
986,569
BX
Commercial
Mortgage
Trust
2020-BXLP
144A,
(1
mo.
LIBOR
USD
+
2.000%),
2.11%,
12/15/36 (a)(b)
981‌
2,129,370
BX
Commercial
Mortgage
Trust
2018-BIOA
144A,
(1
mo.
LIBOR
USD
+
1.951%),
2.06%,
3/15/37 (a)(b)
2,120‌
2,714,012
BX
Commercial
Mortgage
Trust
2020-VKNG
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.21%,
10/15/37 (a)(b)
2,701‌
1,480,370
BX
Commercial
Mortgage
Trust
2020-VKNG
144A,
(1
mo.
LIBOR
USD
+
2.750%),
2.86%,
10/15/37 (a)(b)
1,472‌
3,300,000
BX
Commercial
Mortgage
Trust
2021-VINO
144A,
(1
mo.
LIBOR
USD
+
1.952%),
2.06%,
5/15/38 (a)(b)
3,270‌
7
Principal
or
Shares
Security
Description
Value
(000)
2,700,000
BX
Commercial
Mortgage
Trust
2021-SOAR
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.46%,
6/15/38 (a)(b)
$
2,680‌
3,200,000
BX
Commercial
Mortgage
Trust
2021-XL2
144A,
(1
mo.
LIBOR
USD
+
3.890%),
4.00%,
10/15/38 (a)(b)
3,173‌
2,050,000
BX
Trust
2021-LGCY
144A,
(1
mo.
LIBOR
USD
+
3.193%),
3.30%,
10/15/23 (a)(b)
2,035‌
2,900,000
BX
Trust
2018-GW
144A,
(1
mo.
LIBOR
USD
+
2.420%),
2.53%,
5/15/35 (a)(b)
2,868‌
3,250,000
BX
Trust
2021-ARIA
144A,
(1
mo.
LIBOR
USD
+
2.594%),
2.70%,
10/15/36 (a)(b)
3,231‌
2,450,000
BXMT
Ltd.
2020-FL2
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.064%),
2.11%,
2/15/38 (a)(b)
2,438‌
3,600,000
BXMT
Ltd.
2020-FL2
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.164%),
2.21%,
2/15/38 (a)(b)
3,510‌
799,000
CAMB
Commercial
Mortgage
Trust
2019-LIFE
144A,
(1
mo.
LIBOR
USD
+
3.250%),
3.36%,
12/15/37 (a)(b)
799‌
15,498,949
Cantor
Commercial
Real
Estate
Lending
2019-
CF1,
1.11%,
5/15/52 (g)
942‌
2,209,870
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
1.120%),
1.23%,
6/15/34 (a)(b)
2,206‌
2,581,160
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.61%,
6/15/34 (a)(b)
2,558‌
3,315,798
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
2.050%),
2.16%,
6/15/34 (a)(b)
3,255‌
1,588,406
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.46%,
6/15/34 (a)(b)
1,540‌
1,042,391
CHC
Commercial
Mortgage
Trust
2019-CHC
144A,
(1
mo.
LIBOR
USD
+
2.608%),
2.71%,
6/15/34 (a)(b)
961‌
1,550,000
CHT
Mortgage
Trust
2017-CSMO
144A,
(1
mo.
LIBOR
USD
+
1.400%),
1.51%,
11/15/36 (a)(b)
1,551‌
1,600,000
CHT
Mortgage
Trust
2017-CSMO
144A,
(1
mo.
LIBOR
USD
+
2.250%),
2.36%,
11/15/36 (a)(b)
1,604‌
3,919,000
CHT
Mortgage
Trust
2017-CSMO
144A,
(1
mo.
LIBOR
USD
+
3.000%),
3.11%,
11/15/36 (a)(b)
3,926‌
2,811,353
Cold
Storage
Trust
2020-ICE5
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.21%,
11/15/37 (a)(b)
2,811‌
1,965,981
Cold
Storage
Trust
2020-ICE5
144A,
(1
mo.
LIBOR
USD
+
2.766%),
2.87%,
11/15/37 (a)(b)
1,967‌
1,867,682
Cold
Storage
Trust
2020-ICE5
144A,
(1
mo.
LIBOR
USD
+
3.492%),
3.60%,
11/15/37 (a)(b)
1,855‌
1,400,000
COMM
Mortgage
Trust
2015-3BP
144A,
3.24%,
2/10/35 (a)(g)
1,385‌
3,572,000
Connecticut
Avenue
Securities
Trust
2018-R07
144A,
(1
mo.
LIBOR
USD
+
4.350%),
4.46%,
4/25/31 (a)(b)
3,703‌
5,600,000
Connecticut
Avenue
Securities
Trust
2019-R01
144A,
(1
mo.
LIBOR
USD
+
4.350%),
4.46%,
7/25/31 (a)(b)
5,754‌
2,300,000
Connecticut
Avenue
Securities
Trust
2019-R02
144A,
(1
mo.
LIBOR
USD
+
4.150%),
4.26%,
8/25/31 (a)(b)
2,356‌
Principal
or
Shares
Security
Description
Value
(000)
193,514
Connecticut
Avenue
Securities
Trust
2019-R03
144A,
(1
mo.
LIBOR
USD
+
2.150%),
2.26%,
9/25/31 (a)(b)
$
194‌
2,650,000
Connecticut
Avenue
Securities
Trust
2019-R03
144A,
(1
mo.
LIBOR
USD
+
4.100%),
4.21%,
9/25/31 (a)(b)
2,715‌
2,100,000
Connecticut
Avenue
Securities
Trust
2019-R04
144A,
(1
mo.
LIBOR
USD
+
5.250%),
5.36%,
6/25/39 (a)(b)
2,162‌
957,578
Connecticut
Avenue
Securities
Trust
2019-R06
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.21%,
9/25/39 (a)(b)
959‌
6,050,000
Connecticut
Avenue
Securities
Trust
2019-R07
144A,
(1
mo.
LIBOR
USD
+
3.400%),
3.51%,
10/25/39 (a)(b)
6,066‌
5,103,288
Connecticut
Avenue
Securities
Trust
2019-HRP1
144A,
(1
mo.
LIBOR
USD
+
2.150%),
2.26%,
11/25/39 (a)(b)
5,098‌
942,281
Connecticut
Avenue
Securities
Trust
2020-R02
144A,
(1
mo.
LIBOR
USD
+
2.000%),
2.11%,
1/25/40 (a)(b)
947‌
1,862,262
Connecticut
Avenue
Securities
Trust
2020-R01
144A,
(1
mo.
LIBOR
USD
+
2.050%),
2.16%,
1/25/40 (a)(b)
1,871‌
3,900,000
Connecticut
Avenue
Securities
Trust
2020-R02
144A,
(1
mo.
LIBOR
USD
+
3.000%),
3.11%,
1/25/40 (a)(b)
3,920‌
3,550,000
Connecticut
Avenue
Securities
Trust
2020-R01
144A,
(1
mo.
LIBOR
USD
+
3.250%),
3.36%,
1/25/40 (a)(b)
3,536‌
4,317,411
Connecticut
Avenue
Securities
Trust
2022-
R01
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.000%),
1.05%,
12/25/41 (a)(b)
4,323‌
2,800,000
Credit
Suisse
Mortgage
Capital
Certificates
2019-ICE4
144A,
(1
mo.
LIBOR
USD
+
2.150%),
2.26%,
5/15/36 (a)(b)
2,802‌
2,720,000
Credit
Suisse
Mortgage
Capital
Certificates
2019-ICE4
144A,
(1
mo.
LIBOR
USD
+
2.650%),
2.76%,
5/15/36 (a)(b)
2,699‌
1,100,000
CSMC
Trust
2017-MOON
144A,
3.20%,
7/10/34 (a)(g)
1,096‌
1,736,149
DBGS
Mortgage
Trust
2018-BIOD
144A,
(1
mo.
LIBOR
USD
+
2.000%),
2.11%,
5/15/35 (a)
(b)
1,721‌
3,106,793
DBGS
Mortgage
Trust
2018-BIOD
144A,
(1
mo.
LIBOR
USD
+
2.500%),
2.61%,
5/15/35 (a)
(b)
3,094‌
2,882,261
Extended
Stay
America
Trust
2021-ESH
144A,
(1
mo.
LIBOR
USD
+
2.850%),
2.96%,
7/15/38 (a)(b)
2,889‌
2,385,320
Extended
Stay
America
Trust
2021-ESH
144A,
(1
mo.
LIBOR
USD
+
3.700%),
3.81%,
7/15/38 (a)(b)
2,393‌
1,812,159
Fannie
Mae
Connecticut
Avenue
Securities
2017-
C03,
(1
mo.
LIBOR
USD
+
3.000%),
3.11%,
10/25/29 (b)
1,858‌
2,457,700
Fannie
Mae
Connecticut
Avenue
Securities
2017-
C06,
(1
mo.
LIBOR
USD
+
2.800%),
2.91%,
2/25/30 (b)
2,512‌
5,054,793
Fannie
Mae
Connecticut
Avenue
Securities
2018-
C01,
(1
mo.
LIBOR
USD
+
2.250%),
2.36%,
7/25/30 (b)
5,123‌
8
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
5,774,121
Fannie
Mae
Connecticut
Avenue
Securities
2018-
C03,
(1
mo.
LIBOR
USD
+
2.150%),
2.26%,
10/25/30 (b)
$
5,850‌
2,408,425
Fannie
Mae
Connecticut
Avenue
Securities
2018-
C06,
(1
mo.
LIBOR
USD
+
2.000%),
2.11%,
3/25/31 (b)
2,436‌
2,592,744
Fannie
Mae
Connecticut
Avenue
Securities
2018-
C06,
(1
mo.
LIBOR
USD
+
2.100%),
2.21%,
3/25/31 (b)
2,626‌
1,400,000
Fannie
Mae
Connecticut
Avenue
Securities
2018-
C06,
(1
mo.
LIBOR
USD
+
4.100%),
4.21%,
3/25/31 (b)
1,463‌
2,000,000
Fannie
Mae
Connecticut
Avenue
Securities
2021-
R02
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
3.300%),
3.35%,
11/25/41 (a)(b)
1,995‌
6,383,036
Freddie
Mac
STACR
2019-HQA3
144A,
(1
mo.
LIBOR
USD
+
1.850%),
1.96%,
9/25/49 (a)(b)
6,416‌
2,900,000
Freddie
Mac
STACR
2019-HQA3
144A,
(1
mo.
LIBOR
USD
+
3.000%),
3.11%,
9/25/49 (a)(b)
2,910‌
800,000
Freddie
Mac
STACR
2019-HQA3
144A,
(1
mo.
LIBOR
USD
+
7.500%),
7.61%,
9/25/49 (a)(b)
818‌
3,500,000
Freddie
Mac
STACR
REMIC
Trust
2021-HQA1
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.250%),
2.30%,
8/25/33 (a)(b)
3,532‌
1,668,846
Freddie
Mac
STACR
REMIC
Trust
2021-DNA3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
0.750%),
0.80%,
10/25/33 (a)(b)
1,669‌
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 (a)(b)
1,898‌
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 (a)(b)
2,610‌
1,206,475
Freddie
Mac
STACR
REMIC
Trust
2020-DNA1
144A,
(1
mo.
LIBOR
USD
+
1.700%),
1.81%,
1/25/50 (a)(b)
1,212‌
1,170,275
Freddie
Mac
STACR
REMIC
Trust
2020-HQA1
144A,
(1
mo.
LIBOR
USD
+
1.900%),
2.01%,
1/25/50 (a)(b)
1,174‌
1,400,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA1
144A,
(1
mo.
LIBOR
USD
+
2.300%),
2.41%,
1/25/50 (a)(b)
1,406‌
700,000
Freddie
Mac
STACR
REMIC
Trust
2020-HQA1
144A,
(1
mo.
LIBOR
USD
+
5.100%),
5.21%,
1/25/50 (a)(b)
687‌
650,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA1
144A,
(1
mo.
LIBOR
USD
+
5.250%),
5.36%,
1/25/50 (a)(b)
642‌
6,064,598
Freddie
Mac
STACR
REMIC
Trust
2020-DNA2
144A,
(1
mo.
LIBOR
USD
+
1.850%),
1.96%,
2/25/50 (a)(b)
6,104‌
1,700,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA2
144A,
(1
mo.
LIBOR
USD
+
2.500%),
2.61%,
2/25/50 (a)(b)
1,700‌
700,000
Freddie
Mac
STACR
REMIC
Trust
2020-DNA2
144A,
(1
mo.
LIBOR
USD
+
4.800%),
4.91%,
2/25/50 (a)(b)
688‌
Principal
or
Shares
Security
Description
Value
(000)
2,424,636
Freddie
Mac
STACR
REMIC
Trust
2020-HQA2
144A,
(1
mo.
LIBOR
USD
+
3.100%),
3.21%,
3/25/50 (a)(b)
$
2,457‌
1,000,000
Freddie
Mac
STACR
REMIC
Trust
2020-HQA2
144A,
(1
mo.
LIBOR
USD
+
4.100%),
4.21%,
3/25/50 (a)(b)
1,036‌
1,300,000
Freddie
Mac
STACR
REMIC
Trust
2020-HQA2
144A,
(1
mo.
LIBOR
USD
+
7.600%),
7.71%,
3/25/50 (a)(b)
1,347‌
413,142
Freddie
Mac
STACR
REMIC
Trust
2020-HQA4
144A,
(1
mo.
LIBOR
USD
+
3.150%),
3.26%,
9/25/50 (a)(b)
415‌
1,311,222
Freddie
Mac
STACR
REMIC
Trust
2020-DNA5
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.800%),
2.85%,
10/25/50 (a)(b)
1,325‌
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 (a)(b)
1,174‌
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 (a)(b)
3,009‌
374,539
Freddie
Mac
STACR
Trust
2018-HQA2
144A,
(1
mo.
LIBOR
USD
+
0.750%),
0.86%,
10/25/48 (a)(b)
375‌
6,250,000
Freddie
Mac
STACR
Trust
2018-HQA2
144A,
(1
mo.
LIBOR
USD
+
2.300%),
2.41%,
10/25/48 (a)(b)
6,346‌
1,222,373
Freddie
Mac
STACR
Trust
2019-FTR2
144A,
(1
mo.
LIBOR
USD
+
0.950%),
1.06%,
11/25/48 (a)(b)
1,223‌
2,482,743
Freddie
Mac
STACR
Trust
2019-DNA1
144A,
(1
mo.
LIBOR
USD
+
2.650%),
2.76%,
1/25/49 (a)(b)
2,517‌
5,663,950
Freddie
Mac
STACR
Trust
2019-HQA1
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.46%,
2/25/49 (a)(b)
5,724‌
1,644,201
Freddie
Mac
STACR
Trust
2019-DNA2
144A,
(1
mo.
LIBOR
USD
+
2.450%),
2.56%,
3/25/49 (a)(b)
1,664‌
1,350,000
Freddie
Mac
STACR
Trust
2019-DNA2
144A,
(1
mo.
LIBOR
USD
+
4.350%),
4.46%,
3/25/49 (a)(b)
1,392‌
5,035,216
Freddie
Mac
STACR
Trust
2019-HQA2
144A,
(1
mo.
LIBOR
USD
+
2.050%),
2.16%,
4/25/49 (a)(b)
5,067‌
1,550,000
Freddie
Mac
STACR
Trust
2019-HQA2
144A,
(1
mo.
LIBOR
USD
+
4.100%),
4.21%,
4/25/49 (a)(b)
1,581‌
1,800,000
Freddie
Mac
STACR
Trust
2019-DNA3
144A,
(1
mo.
LIBOR
USD
+
8.150%),
8.26%,
7/25/49 (a)(b)
1,890‌
1,244,087
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
2017-DNA2,
(1
mo.
LIBOR
USD
+
11.250%),
11.36%,
10/25/29 (b)
1,378‌
2,339,654
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
2018-DNA1,
(1
mo.
LIBOR
USD
+
1.800%),
1.91%,
7/25/30 (b)
2,356‌
5,498,566
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
2018-HQA1,
(1
mo.
LIBOR
USD
+
2.300%),
2.41%,
9/25/30 (b)
5,582‌
9
Principal
or
Shares
Security
Description
Value
(000)
1,128,748
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
2017-HRP1,
(1
mo.
LIBOR
USD
+
2.450%),
2.56%,
12/25/42 (b)
$
1,137‌
1,950,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
2017-HRP1,
(1
mo.
LIBOR
USD
+
4.600%),
4.71%,
12/25/42 (b)
2,042‌
1,300,000
Frost
CMBS
DAC
2021-1A
144A,
(Sterling
Overnight
Index
Average
+
2.900%),
2.90%,
11/22/26
GBP (a)(b)(c)
1,759‌
3,772,000
HONO
Mortgage
Trust
2021-LULU
144A,
(1
mo.
LIBOR
USD
+
4.400%),
4.51%,
10/15/36 (a)(b)
3,781‌
300,000
InTown
Hotel
Portfolio
Trust
2018-STAY
144A,
(1
mo.
LIBOR
USD
+
3.350%),
3.61%,
1/15/33 (a)(b)
300‌
2,771
JP
Morgan
Mortgage
Trust
2014-IVR3
144A,
2.31%,
9/25/44 (a)(g)
3‌
266,012
JP
Morgan
Mortgage
Trust
2017-5
144A,
3.06%,
10/26/48 (a)(g)
273‌
750,000
KKR
Industrial
Portfolio
Trust
2021-KDIP
144A,
(1
mo.
LIBOR
USD
+
1.250%),
1.36%,
12/15/37 (a)(b)
741‌
1,312,500
KKR
Industrial
Portfolio
Trust
2021-KDIP
144A,
(1
mo.
LIBOR
USD
+
1.550%),
1.66%,
12/15/37 (a)(b)
1,295‌
2,250,000
KKR
Industrial
Portfolio
Trust
2021-KDIP
144A,
(1
mo.
LIBOR
USD
+
2.050%),
2.16%,
12/15/37 (a)(b)
2,210‌
4,569,840
LCCM
2017-LC26
144A,
1.51%,
7/12/50 (a)(g)
291‌
2,800,000
Life
Mortgage
Trust
2021-BMR
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.46%,
3/15/38 (a)(b)
2,772‌
2,900,000
Med
Trust
2021-MDLN
144A,
(1
mo.
LIBOR
USD
+
4.000%),
4.11%,
11/15/38 (a)(b)
2,880‌
2,000,000
Med
Trust
2021-MDLN
144A,
(1
mo.
LIBOR
USD
+
5.250%),
5.36%,
11/15/38 (a)(b)
1,988‌
858,256
MF1
Ltd.
2020-FL3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.164%),
2.21%,
7/15/35 (a)(b)
866‌
2,000,000
MF1
Ltd.
2020-FL3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.964%),
3.01%,
7/15/35 (a)(b)
2,017‌
2,230,915
Morgan
Stanley
Capital
I
Trust
2018-H3,
0.82%,
7/15/51 (g)
91‌
2,950,000
Motel
Trust
2021-MTL6
144A,
(1
mo.
LIBOR
USD
+
2.700%),
2.81%,
9/15/38 (a)(b)
2,950‌
2,394,000
Motel
Trust
2021-MTL6
144A,
(1
mo.
LIBOR
USD
+
4.700%),
4.81%,
9/15/38 (a)(b)
2,395‌
316,893
Multifamily
Connecticut
Avenue
Securities
Trust
2019-01
144A,
(1
mo.
LIBOR
USD
+
1.700%),
1.81%,
10/15/49 (a)(b)
313‌
2,300,000
Multifamily
Connecticut
Avenue
Securities
Trust
2019-01
144A,
(1
mo.
LIBOR
USD
+
3.250%),
3.36%,
10/15/49 (a)(b)
2,248‌
3,900,000
ONE
Mortgage
Trust
2021-PARK
144A,
(1
mo.
LIBOR
USD
+
1.500%),
1.61%,
3/15/36 (a)(b)
3,868‌
1,900,000
ONE
Mortgage
Trust
2021-PARK
144A,
(1
mo.
LIBOR
USD
+
1.750%),
1.86%,
3/15/36 (a)(b)
1,885‌
1,000,000
PFP
Ltd.
2019-5
144A,
(1
mo.
LIBOR
USD
+
1.420%),
1.53%,
4/14/36 (a)(b)
1,000‌
1,400,000
Radnor
RE
Ltd.
2021-1
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.650%),
1.70%,
12/27/33 (a)(b)
1,401‌
Principal
or
Shares
Security
Description
Value
(000)
3,200,000
SMR
Mortgage
Trust
2022-IND
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
5.000%),
5.06%,
2/15/39 (a)(b)
$
3,200‌
2,681,507
STACR
Trust
2018-HRP1
144A,
(1
mo.
LIBOR
USD
+
1.650%),
1.76%,
4/25/43 (a)(b)
2,684‌
3,350,000
STACR
Trust
2018-HRP1
144A,
(1
mo.
LIBOR
USD
+
3.750%),
3.86%,
4/25/43 (a)(b)
3,403‌
1,482,779
STACR
Trust
2018-HRP2
144A,
(1
mo.
LIBOR
USD
+
1.250%),
1.36%,
2/25/47 (a)(b)
1,484‌
3,300,000
STACR
Trust
2018-HRP2
144A,
(1
mo.
LIBOR
USD
+
2.400%),
2.51%,
2/25/47 (a)(b)
3,361‌
2,362
STACR
Trust
2018-DNA3
144A,
(1
mo.
LIBOR
USD
+
0.750%),
0.86%,
9/25/48 (a)(b)
2‌
350,000
STACR
Trust
2018-DNA3
144A,
(1
mo.
LIBOR
USD
+
2.100%),
2.21%,
9/25/48 (a)(b)
354‌
2,650,000
TPGI
Trust
2021-DGWD
144A,
(1
mo.
LIBOR
USD
+
2.350%),
2.46%,
6/15/26 (a)(b)
2,633‌
2,096,887
TTAN
2021-MHC
144A,
(1
mo.
LIBOR
USD
+
2.400%),
2.51%,
3/15/38 (a)(b)
2,084‌
1,200,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-
SMP
144A,
(1
mo.
LIBOR
USD
+
0.875%),
0.98%,
12/15/34 (a)(b)
1,196‌
450,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-
SMP
144A,
(1
mo.
LIBOR
USD
+
1.775%),
1.88%,
12/15/34 (a)(b)
449‌
6,584,646
Wells
Fargo
Commercial
Mortgage
Trust
2018-
C46,
0.93%,
8/15/51 (g)
263‌
Total
Mortgage
Backed
(Cost
-
$309,658)
310,034‌
U.S.
Treasury
(6%
)
13,000,000
U.S.
Treasury
Bill
,
0.04%,
2/01/22 (e)
13,000‌
20,601,000
U.S.
Treasury
Note
,
0.38%,
10/31/23 
20,342‌
24,307,000
U.S.
Treasury
Note
,
0.88%,
1/31/24 
24,162‌
Total
U.S.
Treasury
(Cost
-
$57,722)
57,504‌
Stocks
(0%)
Preferred
Stock
(0%
)
110
Flagship
Credit
Auto
Trust,  0.00%
4,411‌
100
Santander
Consumer
Auto
Receivables
Trust
2021-C,  0.00%
1,931‌
Total
Stocks
(Cost
-
$6,655)
6,342‌
Investment
Company
(4%
)
41,755,549
Payden
Cash
Reserves
Money
Market
Fund *
(Cost
-
$41,756)
41,756‌
Purchase
Options  (0%
)
Total
Purchase
Options
(Cost
-
$105)
15‌
Total
Investments,
Before
Written
Swaptions
(Cost
-
$1,017,975)
(100%)
1,006,912‌
Written
Swaptions  (0%)
Total
Written
Swaptions
(Cost
-
$(466))
(1,467‌)
Total
Investments
(Cost
-
$1,017,509)
(100%)
1,005,445‌
Liabilities
in
excess
of
Other
Assets
((0)%)
(3,336‌)
Net
Assets
(100%)
$
1,002,109‌
*
Affiliated
investment.
(a)
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.
(b)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
January
31,
2022.
(c)
Principal
in
foreign
currency.
10
Payden
Mutual
Funds
Payden
Absolute
Return
Bond
Fund
continued
(d)
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.
(e)
Yield
to
maturity
at
time
of
purchase.
(f)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
January
31,
2022.
The
stated
maturity
is
subject
to
prepayments.
(g)
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
27
$
12,192
$
3670
02/28/2022
$
15
Put
Written
Swaptions
Description
Counterparty
Notional
Amount
(000s)
Expiration
Date
Value
(000s)
Call/Put
Written
Swaptions
-
(0.2%)
3-Year Interest
Rate
Swap,
04/26/22,
Receive
Fixed
0.945%
Semi-Annually,
Pay
Variable
Quarterly,
3-Month
USD
LIBOR
Citibank,
N.A.
$
128,493
04/26/2022
$
(1,467)
Put
Open
Forward
Currency
Contracts
to
USD
Currency
Purchased
(000s)
Currency
Sold
(000s)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
(000s)
Assets:
USD
15,495
EUR  13,551
Citibank,
N.A.
03/17/2022
$
256
USD
125,174
EUR  106,030
Citibank,
N.A.
03/17/2022
5,931
USD
12,057
GBP  8,860
HSBC
Bank
USA,
N.A.
03/17/2022
145
6,332
Liabilities:
EUR
37,418
USD  43,040
Citibank,
N.A.
03/17/2022
(959)
EUR
5,145
USD  6,009
Citibank,
N.A.
03/17/2022
(223)
GBP
3,418
USD  4,602
HSBC
Bank
USA,
N.A.
03/17/2022
(7)
USD
2,360
ZAR  36,857
Citibank,
N.A.
04/19/2022
(11)
(1,200)
Net
Unrealized
Appreciation
(Depreciation)
$
5,132
Open
Futures
Contracts
Contract
Type
Number
of
Contracts
Expiration
Date
Notional
Amount
(000s)
Current
Value
(000s)
Unrealized
Appreciation
(Depreciation)
(000s)
Long
Contracts:
U.S.
10-Year
Ultra
Future
17
Mar-22
$
2,428
$
(6)
$
(6)
U.S.
Treasury
2-Year
Note
Future
639
Mar-22
138,444
(655)
(655)
a
a
(661)
Short
Contracts:
Euro-Bobl
Future
121
Mar-22
(17,976)
245
245
Euro-Bund
Future
73
Mar-22
(13,869)
321
321
Euro-Schatz
Future
90
Mar-22
(11,312)
29
29
U.S.
Treasury
10-Year
Note
Future
322
Mar-22
(41,206)
402
402
11
Open
Futures
Contracts
Contract
Type
Number
of
Contracts
Expiration
Date
Notional
Amount
(000s)
Current
Value
(000s)
Unrealized
Appreciation
(Depreciation)
(000s)
U.S.
Treasury
5-Year
Note
Future
307
Mar-22
$
(36,595)
$
405
$
405
U.S.
Ultra
Bond
Future
9
Mar-22
(1,701)
(21)
(21)
a
a
1,381
Total
Futures
$720
Open
Centrally
Cleared
Credit
Default
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Appreciation
(000s)
Protection
Sold
(Relevant
Credit:
Markit
CDX,
North
America
High
Yield
Series
37
Index),
Receive
5%
Quarterly,
Pay
upon
credit
default
12/20/2026
$40,900
$(3,068)
$(3,262)
$194
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
0.21425%
(3-Month
USD
LIBOR)
Quarterly
06/22/2031
$
8,956
$
326
$
–
$
326
10-Year
Interest
Rate
Swap,
Pay
Fixed
1.4168%
Semi-
Annually,
Receive
Variable
0.21425%
(3-Month
USD
LIBOR)
Quarterly
06/22/2031
4,110
145
–
145
10-Year
Interest
Rate
Swap,
Pay
Fixed
1.4195%
Semi-
Annually,
Receive
Variable
0.21425%
(3-Month
USD
LIBOR)
Quarterly
06/22/2031
2,050
72
–
72
3-Year
Interest
Rate
Swap,
Receive
Fixed
0.825%
Semi-
Annually,
Pay
Variable
0%
(3-Month
USD
LIBOR)
Quarterly
05/10/2024
35,838
(361)
–
(361)
3-Year
Interest
Rate
Swap,
Receive
Fixed
0.850%
Semi-
Annually,
Pay
Variable
0%
(3-Month
USD
LIBOR)
Quarterly
04/27/2024
22,590
(221)
–
(221)
3-Year
Interest
Rate
Swap,
Receive
Fixed
0.86%
Semi-
Annually,
Pay
Variable
0%
(3-Month
USD
LIBOR)
Quarterly
04/28/2024
131,211
(1,270)
–
(1,270)
3-Year
Interest
Rate
Swap,
Receive
Fixed
0.9300%
Semi-
Annually,
Pay
Variable
0.31657%
(3-Month
USD
LIBOR)
Quarterly
10/29/2024
66,975
(787)
–
(787)
3-Year
Interest
Rate
Swap,
Receive
Fixed
0.959%
Semi-
Annually,
Pay
Variable
0%
(3-Month
USD
LIBOR)
Quarterly
07/14/2024
101,000
(930)
–
(930)
$(3,026)
$–
$(3,026)
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
$(963)
$–
$(963)