NPORT-EX 2 PR14PR013124.htm
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