Payden

Global

Low

Duration

Fund

1

Schedule

of

Investments

-

January

31,

2024

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000)

Bonds

(101%)

Australia

(USD)

(1%

)

185,000

Macquarie

Group

Ltd.

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

0.694%),

1.20%,

10/14/25 (a)(b)

$

179‌

200,000

NBN

Co.

Ltd.

144A,

0.88%,

10/08/24 (a)

194‌

373‌

Bermuda

(USD)

(0%

)

87,104

Oaktown

Re

VII

Ltd.

2021-2

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.600%),

6.94%,

4/25/34 (a)(b)

87‌

Canada

(USD)

(8%

)

225,000

Bank

of

Montreal

,

5.27%,

12/11/26 

228‌

700,000

Canadian

Imperial

Bank

of

Commerce

144A,

4.41%,

6/08/28 (a)(c)

697‌

600,000

CDP

Financial

Inc.

144A,

(Secured

Overnight

Financing

Rate

+

0.400%),

5.76%,

5/19/25 (a)

(b)

601‌

550,000

CPPIB

Capital

Inc.

144A,

3.00%,

6/13/24 (a)

545‌

580,000

CPPIB

Capital

Inc.

144A,

4.13%,

10/21/24 (a)

576‌

750,000

Export

Development

Canada

,

3.38%,

8/26/25 

737‌

260,000

National

Bank

of

Canada

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.009%),

3.75%,

6/09/25 (b)

258‌

345,000

Toronto-Dominion

Bank

,

5.53%,

7/17/26 

351‌

3,993‌

Cayman

Islands

(USD)

(4%

)

539,474

Bain

Capital

Credit

CLO

Ltd.

2017-1A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.232%),

6.55%,

7/20/30 (a)(b)

540‌

5,223

BDS

Ltd.

2020-FL5

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.264%),

6.60%,

2/16/37 (a)(b)

5‌

448,948

Bristol

Park

CLO

Ltd.

2016-1A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.252%),

6.57%,

4/15/29 (a)(b)

449‌

250,000

Greystone

CRE

Notes

Ltd.

2021-HC2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.914%),

7.25%,

12/15/39 (a)(b)

246‌

438,033

LoanCore

Issuer

Ltd.

2021-CRE5

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.414%),

6.75%,

7/15/36 (a)(b)

435‌

387,039

Magnetite

VII

Ltd.

2012-7A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.062%),

6.38%,

1/15/28 (a)(b)

387‌

116,363

STWD

Ltd.

2019-FL1

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.194%),

6.53%,

7/15/38 (a)(b)

115‌

2,177‌

France

(USD)

(5%

)

220,000

Banque

Federative

du

Credit

Mutuel

SA

144A,

1.00%,

2/04/25 (a)(c)

211‌

355,000

Banque

Federative

du

Credit

Mutuel

SA

144A,

4.94%,

1/26/26 (a)

354‌

200,000

Banque

Federative

du

Credit

Mutuel

SA

144A,

5.09%,

1/23/27 (a)

202‌

250,000

BPCE

SA

144A,

5.20%,

1/18/27 (a)

252‌

Principal

or

Shares

Security

Description

Value

(000)

395,000

BPCE

SA

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

2.100%),

5.98%,

1/18/27 (a)

(b)

$

399‌

700,000

Caisse

d'Amortissement

de

la

Dette

Sociale

144A,

0.38%,

5/27/24 (a)(c)

689‌

350,000

Credit

Agricole

SA

144A,

5.59%,

7/05/26 (a)

357‌

2,464‌

Germany

(USD)

(1%

)

600,000

FMS

Wertmanagement

,

0.38%,

5/06/24 (d)

592‌

Ireland

(USD)

(1%

)

280,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

1.65%,

10/29/24 

272‌

150,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

6.10%,

1/15/27 

153‌

425‌

Japan

(USD)

(4%

)

200,000

Mitsubishi

UFJ

Financial

Group

Inc.

,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.700%),

4.79%,

7/18/25 (b)

199‌

200,000

Mitsubishi

UFJ

Financial

Group

Inc.

,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.080%),

5.72%,

2/20/26 (b)

201‌

290,000

Renesas

Electronics

Corp.

144A,

1.54%,

11/26/24 (a)

280‌

250,000

Sumitomo

Mitsui

Financial

Group

Inc.

,

1.47%,

7/08/25 

238‌

340,000

Sumitomo

Mitsui

Financial

Group

Inc.

,

5.88%,

7/13/26 

347‌

345,000

Sumitomo

Mitsui

Trust

Bank

Ltd.

144A,

5.65%,

3/09/26 (a)

350‌

400,000

Suntory

Holdings

Ltd.

144A,

2.25%,

10/16/24 (a)

391‌

2,006‌

Jersey

(USD)

(0%

)

70,000

Aptiv

PLC/Aptiv

Corp.

,

2.40%,

2/18/25 (c)

68‌

Netherlands

(USD)

(3%

)

200,000

ABN

AMRO

Bank

NV

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.650%),

6.34%,

9/18/27 (a)(b)

205‌

750,000

BNG

Bank

NV

144A,

3.50%,

8/26/24 (a)

742‌

947‌

Norway

(USD)

(1%

)

250,000

Aker

BP

ASA

144A,

2.88%,

1/15/26 (a)

239‌

200,000

Var

Energi

ASA

144A,

7.50%,

1/15/28 (a)

213‌

452‌

Panama

(USD)

(1%

)

225,000

Intercorp

Financial

Services

Inc.

144A,

4.13%,

10/19/27 (a)

209‌

Philippines

(USD)

(1%

)

560,000

Asian

Development

Bank

,

4.25%,

1/09/26 

560‌

Spain

(USD)

(0%

)

200,000

Banco

Santander

SA

,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.450%),

5.74%,

6/30/24 (b)

200‌

Sweden

(USD)

(4%

)

220,000

Kommuninvest

I

Sverige

AB

144A,

4.25%,

12/10/25 (a)

219‌

1,000,000

Svensk

Exportkredit

AB

,

3.63%,

9/03/24 

991‌

2

Payden

Mutual

Funds

Payden

Global

Low

Duration

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

500,000

Svensk

Exportkredit

AB

,

4.00%,

7/15/25 

$

495‌

1,705‌

Switzerland

(USD)

(1%

)

200,000

UBS

Group

AG

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.600%),

6.33%,

12/22/27 (a)(b)

206‌

United

Kingdom

(GBP)

(1%

)

150,000

Sage

AR

Funding

No

1

PLC

1A

144A,

(Sterling

Overnight

Index

Average

+

1.250%),

6.47%,

11/17/30 (a)(b)(e)

188‌

United

Kingdom

(USD)

(0%

)

200,000

NatWest

Group

PLC

,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.350%),

5.85%,

3/02/27 (b)

202‌

United

States

(USD)

(62%

)

75,000

Albertsons

Cos.

Inc./Safeway

Inc./New

Albertsons

LP/Albertsons

LLC

144A,

3.25%,

3/15/26 (a)

71‌

70,000

Allison

Transmission

Inc.

144A,

4.75%,

10/01/27 (a)

67‌

70,000

Ally

Financial

Inc.

,

5.75%,

11/20/25 

70‌

350,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.970%),

5.39%,

7/28/27 (b)

354‌

100,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.330%),

6.34%,

10/30/26 (b)

102‌

415,000

Bank

of

America

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.750%),

4.83%,

7/22/26 (b)

413‌

62,414

Bellemeade

Re

Ltd.

2021-3A

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.000%),

6.34%,

9/25/31 (a)(b)

62‌

14,334,921

Benchmark

Mortgage

Trust

2018-B6,

0.55%,

10/10/51 (f)

170‌

95,000

Blackstone

Private

Credit

Fund

,

2.70%,

1/15/25 

92‌

130,000

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/25 

126‌

85,000

Blue

Owl

Technology

Finance

Corp.

144A,

3.75%,

6/17/26 (a)

78‌

200,000

BSPRT

Issuer

Ltd.

2023-FL10

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.259%),

7.59%,

9/15/35 (a)(b)

202‌

300,000

BX

Commercial

Mortgage

Trust

2024-

XL4

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.442%),

6.44%,

2/15/39 (a)

(b)

301‌

280,000

BX

Commercial

Mortgage

Trust

2020-

VKNG

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.244%),

6.58%,

10/15/37 (a)(b)

278‌

200,000

BX

Trust

2021-ARIA

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.014%),

6.35%,

10/15/36 (a)(b)

197‌

200,000

BX

Trust

2024-BIO

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.642%),

6.94%,

2/15/41 (a)(b)

200‌

2,837,143

Cantor

Commercial

Real

Estate

Lending

2019-

CF1,

1.29%,

5/15/52 (f)

112‌

75,000

Capital

One

Financial

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

2.440%),

7.15%,

10/29/27 (b)

78‌

Principal

or

Shares

Security

Description

Value

(000)

88,800

CARS-DB4

LP

2020-1A

144A,

2.69%,

2/15/50 (a)

$

86‌

465,620

CARS-DB5

LP

2021-1A

144A,

1.44%,

8/15/51 (a)

418‌

75,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

5.13%,

5/01/27 (a)

72‌

70,000

CDW

LLC/CDW

Finance

Corp.

,

5.50%,

12/01/24 

70‌

265,000

Cheniere

Corpus

Christi

Holdings

LLC

,

5.88%,

3/31/25 

266‌

90,000

Civitas

Resources

Inc.

144A,

8.38%,

7/01/28 (a)

95‌

190,000

CommonSpirit

Health

,

6.07%,

11/01/27 

197‌

230,000

Concentrix

Corp.

,

6.65%,

8/02/26 

236‌

19,576

Connecticut

Avenue

Securities

Trust

2020-

R01

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.164%),

7.51%,

1/25/40 (a)(b)

20‌

152,006

Connecticut

Avenue

Securities

Trust

2019-

HRP1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.264%),

7.61%,

11/25/39 (a)(b)

153‌

157,040

Connecticut

Avenue

Securities

Trust

2022-

R08

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.550%),

7.89%,

7/25/42 (a)(b)

162‌

100,000

Connecticut

Avenue

Securities

Trust

2020-

SBT1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

3.764%),

9.11%,

2/25/40 (a)(b)

106‌

21,000

Coty

Inc.

144A,

5.00%,

4/15/26 (a)

21‌

400,000

Diamond

Issuer

2021-1A

144A,

2.31%,

11/20/51 (a)

356‌

40,000

DPL

Inc.

,

4.13%,

7/01/25 

39‌

70,000

Enact

Holdings

Inc.

144A,

6.50%,

8/15/25 (a)

70‌

165,000

Energy

Transfer

LP

,

6.05%,

12/01/26 

170‌

39,000

EQT

Corp.

,

6.13%,

2/01/25 

39‌

700,000

Fannie

Mae

Connecticut

Avenue

Securities

2021-R02

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.000%),

7.34%,

11/25/41 (a)(b)

706‌

470,000

Federal

Home

Loan

Mortgage

Corp.

,

4.00%,

2/28/25 

467‌

670,000

FHLB

,

5.00%,

2/28/25 

672‌

250,000

First-Citizens

Bank

&

Trust

Co.

,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.715%),

2.97%,

9/27/25 (b)

245‌

550,000

Flagship

Credit

Auto

Trust

2023-2

144A,

5.22%,

12/15/27 (a)

549‌

300,000

Flexential

Issuer

2021-1A

144A,

3.25%,

11/27/51 (a)

272‌

700,000

FNMA

,

4.50%,

7/24/26 

698‌

200,000

Ford

Motor

Credit

Co.

LLC

,

5.13%,

6/16/25 

198‌

105,391

Freddie

Mac

STACR

REMIC

Trust

2021-

HQA3

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.850%),

6.19%,

9/25/41 (a)(b)

105‌

70,000

Freeport-McMoRan

Inc.

,

4.55%,

11/14/24 

69‌

245,000

FS

KKR

Capital

Corp.

144A,

4.25%,

2/14/25 (a)

240‌

65,000

General

Motors

Financial

Co.

Inc.

,

3.80%,

4/07/25 (c)

64‌

3

Principal

or

Shares

Security

Description

Value

(000)

200,000

Genting

New

York

LLC/GENNY

Capital

Inc.

144A,

3.30%,

2/15/26 (a)

$

186‌

200,000

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-1,

4.85%,

12/18/28 

201‌

310,000

Goldman

Sachs

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.075%),

5.80%,

8/10/26 (b)

313‌

135,000

Golub

Capital

BDC

Inc.

,

3.38%,

4/15/24 

134‌

15,000

Graphic

Packaging

International

LLC

,

4.13%,

8/15/24 

15‌

600,000

GreatAmerica

Leasing

Receivables

2023-1

144A,

5.15%,

7/15/27 (a)

600‌

70,000

HCA

Inc.

,

5.38%,

2/01/25 

70‌

85,000

Hyundai

Capital

America

144A,

5.25%,

1/08/27 (a)

86‌

385,000

Hyundai

Capital

America

144A,

5.65%,

6/26/26 (a)

389‌

65,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.190%),

5.04%,

1/23/28 (b)

65‌

118,027

JPMorgan

Chase

Bank

N.A.-CACLN

2021-2

144A,

0.97%,

12/26/28 (a)

116‌

15,000

Kodiak

Gas

Services

LLC

144A,

7.25%,

2/15/29 (a)

15‌

70,000

Match

Group

Holdings

II

LLC

144A,

5.00%,

12/15/27 (a)

68‌

30,000

Meritage

Homes

Corp.

,

5.13%,

6/06/27 

29‌

44,000

Meritage

Homes

Corp.

,

6.00%,

6/01/25 

44‌

360,000

Morgan

Stanley

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.940%),

2.63%,

2/18/26 (b)

350‌

180,000

Morgan

Stanley

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.669%),

4.68%,

7/17/26 (b)

179‌

20,000

Nabors

Industries

Inc.

144A,

9.13%,

1/31/30 (a)

20‌

239,731

Navient

Private

Education

Refi

Loan

Trust

2021-CA

144A,

1.06%,

10/15/69 (a)

210‌

267,941

Navient

Private

Education

Refi

Loan

Trust

2021-FA

144A,

1.11%,

2/18/70 (a)

229‌

103,614

New

Residential

Mortgage

Loan

Trust

2017-1A

144A,

4.00%,

2/25/57 (a)(f)

99‌

183,509

New

Residential

Mortgage

Loan

Trust

2017-4A

144A,

4.00%,

5/25/57 (a)(f)

174‌

180,000

NextEra

Energy

Operating

Partners

LP

144A,

4.25%,

7/15/24 (a)

178‌

355,000

Nissan

Motor

Acceptance

Co.

LLC

144A,

1.05%,

3/08/24 (a)

353‌

85,000

Nissan

Motor

Acceptance

Co.

LLC

144A,

1.13%,

9/16/24 (a)

83‌

520,767

Oak

Street

Investment

Grade

Net

Lease

Fund

2020-1A

144A,

1.85%,

11/20/50 (a)

479‌

500,000

OneMain

Direct

Auto

Receivables

Trust

2022-

1A

144A,

4.65%,

3/14/29 (a)

496‌

75,000

OneMain

Finance

Corp.

,

7.13%,

3/15/26 

76‌

300,000

OneMain

Financial

Issuance

Trust

2023-2A

144A,

5.84%,

9/15/36 (a)

306‌

400,000

OneMain

Financial

Issuance

Trust

2022-3A

144A,

5.94%,

5/15/34 (a)

403‌

125,000

ONEOK

Inc.

,

5.55%,

11/01/26 

127‌

185,000

Ovintiv

Inc.

,

5.65%,

5/15/25 

186‌

70,000

Penske

Automotive

Group

Inc.

,

3.50%,

9/01/25 (c)

68‌

45,000

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

144A,

5.35%,

1/12/27 (a)

45‌

Principal

or

Shares

Security

Description

Value

(000)

400,000

PFS

Financing

Corp.

2024-B

144A,

4.95%,

2/15/29 (a)

$

400‌

200,000

PFS

Financing

Corp.

2023-C

144A,

5.52%,

10/15/28 (a)

203‌

45,000

PNC

Financial

Services

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.342%),

5.30%,

1/21/28 (b)(c)

45‌

40,000

PRA

Group

Inc.

144A,

7.38%,

9/01/25 (a)

40‌

145,000

Qorvo

Inc.

,

1.75%,

12/15/24 

140‌

70,000

Radian

Group

Inc.

,

6.63%,

3/15/25 

70‌

180,000

Regal

Rexnord

Corp.

144A,

6.05%,

2/15/26 (a)

182‌

165,000

Rocket

Mortgage

LLC/Rocket

Mortgage

Co.-

Issuer

Inc.

144A,

2.88%,

10/15/26 (a)

152‌

78,940

Santander

Bank

Auto

Credit-Linked

Notes

2022-A

144A,

5.28%,

5/15/32 (a)

78‌

250,000

Santander

Bank

Auto

Credit-Linked

Notes

2023-B

144A,

5.64%,

12/15/33 (a)

252‌

82,579

Santander

Bank

Auto

Credit-Linked

Notes

2022-B

144A,

6.79%,

8/16/32 (a)

83‌

126,443

Santander

Bank

Auto

Credit-Linked

Notes

2022-C

144A,

6.99%,

12/15/32 (a)

127‌

48,809

Santander

Bank

N.A.-SBCLN

2021-1A

144A,

1.83%,

12/15/31 (a)

48‌

134,677

Santander

Drive

Auto

Receivables

Trust

2023-

S1

144A,

8.14%,

4/18/28 (a)

136‌

200,000

SBA

Tower

Trust

144A,

1.63%,

11/15/26 (a)

179‌

180,000

SBA

Tower

Trust

144A,

1.88%,

1/15/26 (a)

168‌

70,000

Sirius

XM

Radio

Inc.

144A,

3.13%,

9/01/26 (a)

65‌

186,871

SoFi

Professional

Loan

Program

Trust

2021-A

144A,

1.03%,

8/17/43 (a)

163‌

319,241

SoFi

Professional

Loan

Program

Trust

2021-B

144A,

1.14%,

2/15/47 (a)

276‌

350,000

Stack

Infrastructure

Issuer

LLC

2020-1A

144A,

1.89%,

8/25/45 (a)

327‌

75,000

Standard

Industries

Inc.

144A,

5.00%,

2/15/27 (a)

73‌

75,000

Starwood

Property

Trust

Inc.

,

4.75%,

3/15/25 

74‌

281,250

Taco

Bell

Funding

LLC

2016-1A

144A,

4.97%,

5/25/46 (a)

277‌

55,000

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.

144A,

7.38%,

2/15/29 (a)

55‌

70,000

TerraForm

Power

Operating

LLC

144A,

5.00%,

1/31/28 (a)

68‌

640,000

Texas

Natural

Gas

Securitization

Finance

Corp.

,

5.10%,

4/01/35 

654‌

300,000

TierPoint

Issuer

LLC

2023-1A

144A,

6.00%,

6/25/53 (a)

292‌

70,000

Toll

Brothers

Finance

Corp.

,

4.88%,

11/15/25 

70‌

75,000

Travel

+

Leisure

Co.

144A,

6.63%,

7/31/26 (a)

76‌

70,000

TRI

Pointe

Group

Inc./TRI

Pointe

Homes

Inc.

,

5.88%,

6/15/24 

70‌

1,450,000

U.S.

Treasury

Note

,

4.25%,

12/31/25 

1,450‌

950,000

U.S.

Treasury

Note

,

4.25%,

1/31/26 

950‌

2,210,000

U.S.

Treasury

Note

,

4.38%,

12/15/26 

2,231‌

1,617,000

U.S.

Treasury

Note

,

4.50%,

8/15/26 

1,629‌

415,000

U.S.

Treasury

Note

,

5.00%,

8/31/25 

419‌

450,000

Vantage

Data

Centers

Issuer

LLC

2020-1A

144A,

1.65%,

9/15/45 (a)

419‌

238,958

Vantage

Data

Centers

Issuer

LLC

2019-1A

144A,

3.19%,

7/15/44 (a)

235‌

75,000

VICI

Properties

LP

,

4.38%,

5/15/25 

74‌

40,000

Vistra

Operations

Co.

LLC

144A,

5.00%,

7/31/27 (a)

39‌

4

Payden

Mutual

Funds

Payden

Global

Low

Duration

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

265,000

Wells

Fargo

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.320%),

3.91%,

4/25/26 (b)

$

261‌

5,668,394

Wells

Fargo

Commercial

Mortgage

Trust

2018-

C46,

1.08%,

8/15/51 (f)

128‌

100,000

Westinghouse

Air

Brake

Technologies

Corp.

,

3.20%,

6/15/25 

97‌

20,502

Westlake

Automobile

Receivables

Trust

2020-

1A

144A,

2.80%,

6/16/25 (a)

20‌

295,500

Wingstop

Funding

LLC

2020-1A

144A,

2.84%,

12/05/50 (a)

268‌

40,000

XHR

LP

144A,

6.38%,

8/15/25 (a)

40‌

29,329‌

Total

Bonds

(Cost

-

$47,310)

46,183‌

Commercial

Paper(g)

(3%

)

450,000

Canadian

National

Railway

Co.

,

5.59%,

2/01/24

450‌

450,000

Canadian

Pacific

Railway

Co.

,

5.66%,

2/21/24

449‌

350,000

Glencore

Funding

LLC

,

5.72%,

2/09/24

350‌

275,000

VW

Credit

Inc.

,

5.54%,

2/13/24

274‌

Total

Commercial

Paper

(Cost

-

$1,523)

1,523‌

Investment

Company

(6%)

2,806,872

Payden

Cash

Reserves

Money

Market

Fund*

(Cost

-

$2,807) 

2,807‌

Total

Investments

(Cost

-

$51,640)  (107%)

50,513‌

Liabilities

in

excess

of

Other

Assets

(

-7%

)

(3,126‌)

Net

Assets

(100%)

$

47,387‌

*

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,

2024.

(c)

All

or

a

portion

of

these

securities

are

on

loan.

At

January

31,

2024,

the

total

market

value

of

the

Fund’s

securities

on

loan

is

$987

and

the

total

market

value

of

the

collateral

held

by

the

Fund

is

$1,015.

Amounts

in

000s.

(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)

Principal

in

foreign

currency.

(f)

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.

(g)

Yield

to

maturity

at

time

of

purchase.

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Depreciation

(000s)

Liabilities:

USD

196

GBP  158

HSBC

Bank

USA,

N.A.

03/18/2024

$

(4)

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

47

Mar-24

$

9,666

$

63

$

63

Short

Contracts:

U.S.

Treasury

5-Year

Note

Future

7

Mar-24

(759)

(16)

(16)

Total

Futures

$47