NPORT-EX 2 PR14PR013125.htm
Payden
Global
Low
Duration
Fund
1
Schedule
of
Investments
-
January
31,
2025
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Bonds
(98%)
Bermuda
(USD)
(0%
)
3,748
Oaktown
Re
VII
Ltd.
2021-2
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.600%),
5.95%,
4/25/34 (a)(b)
$
4‌
Canada
(USD)
(13%
)
345,000
Bank
of
Montreal
f2f,
(U.S.
Secured
Overnight
Financing
Rate
+
0.880%),
4.57%,
9/10/27 (b)
344‌
230,000
Bank
of
Nova
Scotia
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.000%),
4.40%,
9/08/28 (b)
228‌
195,000
Bank
of
Nova
Scotia
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.890%),
4.93%,
2/14/29 (b)
195‌
700,000
Canadian
Imperial
Bank
of
Commerce
144A,
4.41%,
6/08/28 (a)(c)
696‌
235,000
Canadian
Imperial
Bank
of
Commerce
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.930%),
4.51%,
9/11/27 (b)
234‌
225,000
Canadian
Imperial
Bank
of
Commerce
,
5.24%,
6/28/27 
228‌
600,000
CDP
Financial
Inc.
144A,
(Secured
Overnight
Financing
Rate
+
0.400%),
4.87%,
5/19/25 (a)
(b)
600‌
300,000
CPPIB
Capital
Inc.
144A,
3.75%,
10/08/27 (a)
295‌
750,000
Export
Development
Canada
,
3.38%,
8/26/25 
746‌
250,000
National
Bank
of
Canada
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.036%),
5.60%,
7/02/27 (b)
253‌
300,000
Province
of
British
Columbia
Canada
,
4.70%,
1/24/28 
302‌
500,000
PSP
Capital
Inc.
144A,
3.50%,
6/29/27 (a)
490‌
235,000
Rogers
Communications
Inc.
,
3.20%,
3/15/27 
227‌
195,000
Royal
Bank
of
Canada
,
(Secured
Overnight
Financing
Rate
+
0.860%),
4.52%,
10/18/28 (b)
194‌
175,000
Toronto-Dominion
Bank
,
4.86%,
1/31/28 
175‌
5,207‌
Cayman
Islands
(USD)
(3%
)
250,000
ARES
Loan
Funding
III
Ltd.
2022-ALF3A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.270%),
5.57%,
7/25/36 (a)(b)
250‌
250,000
Greystone
CRE
Notes
Ltd.
2021-HC2
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.914%),
6.22%,
12/15/39 (a)(b)
251‌
332,641
LoanCore
Issuer
Ltd.
2021-CRE5
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.414%),
5.72%,
7/15/36 (a)(b)
333‌
229,978
Palmer
Square
Loan
Funding
Ltd.
2024-
1A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.050%),
5.35%,
10/15/32 (a)(b)
230‌
250,000
Suci
Second
Investment
Co.
,
6.00%,
10/25/28 (d)
258‌
45,000
Transocean
Inc.
144A,
8.25%,
5/15/29 (a)
45‌
1,367‌
Chile
(USD)
(0%
)
250,000
Chile
Government
International
Bond
,
2.75%,
1/31/27 
240‌
Denmark
(USD)
(1%
)
235,000
Danske
Bank
A/S
144A,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.730%),
1.55%,
9/10/27 (a)(b)
223‌
Principal
or
Shares
Security
Description
Value
(000)
France
(USD)
(5%
)
200,000
Banque
Federative
du
Credit
Mutuel
SA
144A,
5.09%,
1/23/27 (a)
$
201‌
250,000
BPCE
SA
144A,
5.20%,
1/18/27 (a)
252‌
395,000
BPCE
SA
144A,
(U.S.
Secured
Overnight
Financing
Rate
+
2.100%),
5.98%,
1/18/27 (a)
(b)
398‌
300,000
Caisse
d'Amortissement
de
la
Dette
Sociale
144A,
3.75%,
9/12/27 (a)
295‌
400,000
Caisse
d'Amortissement
de
la
Dette
Sociale
144A,
4.25%,
1/24/27 (a)
398‌
350,000
Credit
Agricole
SA
144A,
5.59%,
7/05/26 (a)
355‌
1,899‌
Ireland
(USD)
(1%
)
165,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
4.88%,
4/01/28 
165‌
150,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
6.10%,
1/15/27 
153‌
200,000
Icon
Investments
Six
DAC
,
5.81%,
5/08/27 
204‌
522‌
Japan
(USD)
(2%
)
340,000
Sumitomo
Mitsui
Financial
Group
Inc.
,
5.88%,
7/13/26 
346‌
345,000
Sumitomo
Mitsui
Trust
Bank
Ltd.
144A,
5.65%,
3/09/26 (a)
348‌
694‌
Jersey
(USD)
(2%
)
500,000
Dryden
CLO
Ltd.
2022-113A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.250%),
5.55%,
10/15/37 (a)(b)
500‌
250,000
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
2022-51A
144A,
(3
mo.
Term
Secured
Overnight
Financing
Rate
+
1.280%),
5.57%,
10/23/36 (a)(b)
251‌
751‌
Luxembourg
(USD)
(0%
)
200,000
ArcelorMittal
SA
,
6.55%,
11/29/27 
208‌
Malaysia
(USD)
(1%
)
250,000
Petronas
Capital
Ltd.
,
3.50%,
3/18/25 (d)
249‌
Netherlands
(USD)
(1%
)
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
200,000
Enel
Finance
International
NV
144A,
5.13%,
6/26/29 (a)
200‌
405‌
Norway
(USD)
(0%
)
200,000
Var
Energi
ASA
144A,
7.50%,
1/15/28 (a)
212‌
Panama
(USD)
(0%
)
225,000
Intercorp
Financial
Services
Inc.
144A,
4.13%,
10/19/27 (a)
215‌
Philippines
(USD)
(1%
)
560,000
Asian
Development
Bank
,
4.25%,
1/09/26 
560‌
Poland
(USD)
(1%
)
250,000
Bank
Gospodarstwa
Krajowego
,
6.25%,
10/31/28 (d)
261‌
Qatar
(USD)
(1%
)
250,000
QatarEnergy
,
1.38%,
9/12/26 (d)
237‌
2
Payden
Mutual
Funds
Payden
Global
Low
Duration
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
Saudi
Arabia
(USD)
(0%
)
250,000
Saudi
Government
International
Bond
,
2.90%,
10/22/25 (d)
$
247‌
Spain
(USD)
(0%
)
200,000
Banco
Santander
SA
,
(1
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.950%),
5.37%,
7/15/28 (b)
202‌
Supranational
(USD)
(1%
)
250,000
Asian
Development
Bank
,
4.75%,
2/12/30 
249‌
220,000
International
Bank
for
Reconstruction
&
Development
Series
GDIF,
4.75%,
7/30/29 
220‌
469‌
Sweden
(USD)
(2%
)
220,000
Kommuninvest
I
Sverige
AB
144A,
4.25%,
12/10/25 (a)
220‌
500,000
Svensk
Exportkredit
AB
,
4.00%,
7/15/25 
499‌
719‌
Switzerland
(USD)
(1%
)
250,000
UBS
AG
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.720%),
4.86%,
1/10/28 (b)
251‌
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)
205‌
456‌
United
Arab
Emirates
(USD)
(1%
)
250,000
MDGH
GMTN
RSC
Ltd.
,
3.00%,
3/28/27 (d)
241‌
United
Kingdom
(USD)
(1%
)
200,000
BAE
Systems
PLC
144A,
5.00%,
3/26/27 (a)
201‌
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
403‌
United
States
(USD)
(58%
)
15,000
AAR
Escrow
Issuer
LLC
144A,
6.75%,
3/15/29 (a)
15‌
235,000
Air
Lease
Corp.
,
2.20%,
1/15/27 
224‌
75,000
Albertsons
Cos.
Inc./Safeway
Inc./New
Albertsons
LP/Albertsons
LLC
144A,
3.25%,
3/15/26 (a)
74‌
60,000
Alliant
Energy
Finance
LLC
144A,
5.40%,
6/06/27 (a)
61‌
70,000
Allison
Transmission
Inc.
144A,
4.75%,
10/01/27 (a)
69‌
70,000
Ally
Financial
Inc.
,
5.75%,
11/20/25 
70‌
115,000
Antero
Midstream
Partners
LP/Antero
Midstream
Finance
Corp.
144A,
5.75%,
3/01/27 (a)
115‌
240,000
Athene
Global
Funding
144A,
5.52%,
3/25/27 (a)
243‌
14,094,165
Benchmark
Mortgage
Trust
2018-B6,
0.39%,
10/10/51 (e)
135‌
130,000
Blue
Owl
Capital
Corp.
,
3.75%,
7/22/25 
129‌
85,000
Blue
Owl
Technology
Finance
Corp.
144A,
3.75%,
6/17/26 (a)
83‌
35,000
Blue
Racer
Midstream
LLC/Blue
Racer
Finance
Corp.
144A,
7.00%,
7/15/29 (a)
36‌
90,000
Boeing
Co.
,
6.26%,
5/01/27 
92‌
200,000
BSPRT
Issuer
Ltd.
2023-FL10
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
2.259%),
6.57%,
9/15/35 (a)(b)
201‌
Principal
or
Shares
Security
Description
Value
(000)
291,603
BX
Commercial
Mortgage
Trust
2024-
XL4
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.442%),
5.75%,
2/15/39 (a)
(b)
$
293‌
226,160
BX
Commercial
Mortgage
Trust
2024-
XL5
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.691%),
6.00%,
3/15/41 (a)
(b)
227‌
200,000
BX
Trust
2021-ARIA
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.014%),
5.32%,
10/15/36 (a)(b)
200‌
200,000
BX
Trust
2024-BIO
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.642%),
5.95%,
2/15/41 (a)(b)
201‌
169,057
BX
Trust
2024-CNYN
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.692%),
6.00%,
4/15/41 (a)(b)
170‌
200,000
BX
Trust
2024-VLT4
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.941%),
6.25%,
7/15/29 (a)(b)
201‌
2,769,887
Cantor
Commercial
Real
Estate
Lending
2019-
CF1,
1.11%,
5/15/52 (e)
91‌
75,000
Capital
One
Financial
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
2.440%),
7.15%,
10/29/27 (b)
78‌
100,000
CarMax
Auto
Owner
Trust
2024-4,
5.36%,
8/15/31 
100‌
150,000
CarMax
Auto
Owner
Trust
2024-3,
5.67%,
1/15/31 
151‌
463,151
CARS-DB5
LP
2021-1A
144A,
1.44%,
8/15/51 (a)
436‌
500,000
Carvana
Auto
Receivables
Trust
2024-P1
144A,
5.05%,
4/10/29 (a)
503‌
75,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
144A,
5.13%,
5/01/27 (a)
74‌
90,000
Civitas
Resources
Inc.
144A,
8.38%,
7/01/28 (a)
94‌
98,323
COLT
Mortgage
Loan
Trust
2024-6
144A,
5.39%,
11/25/69 (a)
98‌
190,000
CommonSpirit
Health
,
6.07%,
11/01/27 
196‌
185,000
Concentrix
Corp.
,
6.65%,
8/02/26 
189‌
100,000
Connecticut
Avenue
Securities
Trust
2024-
R06
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.600%),
5.95%,
9/25/44 (a)(b)
101‌
100,000
Connecticut
Avenue
Securities
Trust
2024-
R02
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.800%),
6.15%,
2/25/44 (a)(b)
101‌
51,631
Connecticut
Avenue
Securities
Trust
2019-
HRP1
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.264%),
6.62%,
11/25/39 (a)(b)
52‌
132,126
Connecticut
Avenue
Securities
Trust
2022-
R08
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.550%),
6.90%,
7/25/42 (a)(b)
135‌
200,000
Connecticut
Avenue
Securities
Trust
2022-
R01
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
3.150%),
7.50%,
12/25/41 (a)(b)
207‌
3
Principal
or
Shares
Security
Description
Value
(000)
100,000
Connecticut
Avenue
Securities
Trust
2020-
SBT1
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
3.764%),
8.12%,
2/25/40 (a)(b)
$
105‌
99,604
Cross
Mortgage
Trust
2024-H8
144A,
5.55%,
12/25/69 (a)(e)
100‌
200,000
CyrusOne
Data
Centers
Issuer
I
LLC
2024-2A
144A,
4.50%,
5/20/49 (a)
192‌
150,000
Daimler
Truck
Finance
North
America
LLC
144A,
4.95%,
1/13/28 (a)(c)
150‌
150,000
Daimler
Truck
Finance
North
America
LLC
144A,
5.13%,
9/25/27 (a)
151‌
95,000
Darden
Restaurants
Inc.
,
4.35%,
10/15/27 
94‌
400,000
Diamond
Issuer
LLC
2021-1A
144A,
2.31%,
11/20/51 (a)
373‌
40,000
DPL
Inc.
,
4.13%,
7/01/25 
40‌
165,000
Energy
Transfer
LP
,
6.05%,
12/01/26 
169‌
700,000
Fannie
Mae
Connecticut
Avenue
Securities
2021-R02
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
2.000%),
6.35%,
11/25/41 (a)(b)
707‌
200,000
Ford
Motor
Credit
Co.
LLC
,
5.13%,
6/16/25 
200‌
60,000
Franklin
BSP
Capital
Corp.
144A,
7.20%,
6/15/29 (a)
61‌
100,000
Freddie
Mac
STACR
REMIC
Trust
2024-
DNA3
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
1.450%),
5.80%,
10/25/44 (a)(b)
101‌
100,000
Freddie
Mac
STACR
REMIC
Trust
2021-
DNA6
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
3.400%),
7.75%,
10/25/41 (a)(b)
103‌
150,000
Freddie
Mac
STACR
REMIC
Trust
2021-
DNA7
144A,
(U.S.
Secured
Overnight
Financing
Rate
Index
30day
Average
+
3.650%),
8.00%,
11/25/41 (a)(b)
156‌
35,000
Freedom
Mortgage
Holdings
LLC
144A,
9.25%,
2/01/29 (a)
37‌
200,000
FS
Rialto
Issuer
LLC
2024-FL9
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.631%),
5.93%,
10/19/39 (a)(b)
201‌
70,000
General
Motors
Financial
Co.
Inc.
,
5.35%,
7/15/27 
71‌
65,000
General
Motors
Financial
Co.
Inc.
,
5.40%,
5/08/27 
66‌
85,000
Glencore
Funding
LLC
144A,
5.34%,
4/04/27 (a)
86‌
30,000
Hess
Midstream
Operations
LP
144A,
6.50%,
6/01/29 (a)
31‌
140,000
Hewlett
Packard
Enterprise
Co.
,
4.40%,
9/25/27 
139‌
100,000
HIH
Trust
2024-61P
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.842%),
6.15%,
10/15/41 (a)(b)
101‌
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
98,706
JP
Morgan
Mortgage
Trust
2024-NQM1
144A,
5.59%,
2/25/64 (a)
99‌
65,000
JPMorgan
Chase
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.190%),
5.04%,
1/23/28 (b)
65‌
Principal
or
Shares
Security
Description
Value
(000)
40,000
Kimmeridge
Texas
Gas
LLC
144A,
8.50%,
2/15/30 (a)
$
40‌
105,000
Las
Vegas
Sands
Corp.
,
5.90%,
6/01/27 
106‌
100,000
Life
Mortgage
Trust
2022-BMR2
144A,
(1
mo.
Term
Secured
Overnight
Financing
Rate
+
1.295%),
5.60%,
5/15/39 (a)(b)
98‌
70,000
M&T
Bank
Corp.
,
(U.S.
Secured
Overnight
Financing
Rate
+
0.930%),
4.83%,
1/16/29 (b)
70‌
70,000
Match
Group
Holdings
II
LLC
144A,
5.00%,
12/15/27 (a)
69‌
30,000
Meritage
Homes
Corp.
,
5.13%,
6/06/27 (c)
30‌
75,000
Microchip
Technology
Inc.
,
4.90%,
3/15/28 
75‌
135,000
Morgan
Stanley
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.010%),
5.65%,
4/13/28 (b)
137‌
225,000
National
Fuel
Gas
Co.
,
5.50%,
10/01/26 
227‌
87,700
New
Residential
Mortgage
Loan
Trust
2017-1A
144A,
4.00%,
2/25/57 (a)(e)
84‌
160,076
New
Residential
Mortgage
Loan
Trust
2017-4A
144A,
4.00%,
5/25/57 (a)(e)
152‌
94,686
OBX
Trust
2024-NQM14
144A,
4.94%,
9/25/64 (a)
94‌
231,820
OBX
Trust
2024-NQM13
144A,
5.12%,
6/25/64 (a)
230‌
229,423
OBX
Trust
2024-NQM12
144A,
5.48%,
7/25/64 (a)
229‌
75,000
OneMain
Finance
Corp.
,
7.13%,
3/15/26 
77‌
120,000
ONEOK
Inc.
,
4.25%,
9/24/27 
118‌
200,000
Oracle
Corp.
,
4.80%,
8/03/28 
200‌
185,000
Ovintiv
Inc.
,
5.65%,
5/15/25 
185‌
70,000
Penske
Automotive
Group
Inc.
,
3.50%,
9/01/25 
69‌
45,000
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
144A,
5.35%,
1/12/27 (a)
45‌
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)
45‌
180,000
Regal
Rexnord
Corp.
,
6.05%,
2/15/26 
182‌
165,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co.-
Issuer
Inc.
144A,
2.88%,
10/15/26 (a)
158‌
15,573
Santander
Bank
Auto
Credit-Linked
Notes
2022-A
144A,
5.28%,
5/15/32 (a)
15‌
205,579
Santander
Bank
Auto
Credit-Linked
Notes
2023-B
144A,
5.64%,
12/15/33 (a)
207‌
38,871
Santander
Bank
Auto
Credit-Linked
Notes
2022-C
144A,
6.99%,
12/15/32 (a)
39‌
176,976
Santander
Drive
Auto
Receivables
Trust
2024-
S2
144A,
5.80%,
12/16/28 (a)
177‌
87,634
Santander
Drive
Auto
Receivables
Trust
2024-
S3
144A,
5.81%,
10/16/28 (a)
88‌
124,164
Santander
Drive
Auto
Receivables
Trust
2024-
S1
144A,
6.53%,
3/16/29 (a)
125‌
97,765
Santander
Drive
Auto
Receivables
Trust
2023-
S1
144A,
8.14%,
4/18/28 (a)
99‌
35,000
Santander
Holdings
USA
Inc.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.232%),
6.12%,
5/31/27 (b)
36‌
200,000
SBA
Tower
Trust
144A,
1.63%,
11/15/26 (a)
188‌
180,000
SBA
Tower
Trust
144A,
1.88%,
1/15/26 (a)
175‌
70,000
Sirius
XM
Radio
LLC
144A,
3.13%,
9/01/26 (a)
68‌
30,000
SM
Energy
Co.
144A,
6.75%,
8/01/29 (a)
30‌
4
Payden
Mutual
Funds
Payden
Global
Low
Duration
Fund
continued
Principal
or
Shares
Security
Description
Value
(000)
80,000
South
Bow
USA
Infrastructure
Holdings
LLC
144A,
4.91%,
9/01/27 (a)
$
80‌
350,000
Stack
Infrastructure
Issuer
LLC
2020-1A
144A,
1.89%,
8/25/45 (a)
344‌
75,000
Standard
Industries
Inc.
144A,
5.00%,
2/15/27 (a)
74‌
37,000
Starwood
Property
Trust
Inc.
,
4.75%,
3/15/25 
37‌
30,000
Starwood
Property
Trust
Inc.
144A,
6.50%,
7/01/30 (a)
30‌
199,500
Subway
Funding
LLC
2024-3A
144A,
5.25%,
7/30/54 (a)
197‌
45,000
Summit
Midstream
Holdings
LLC
144A,
8.63%,
10/31/29 (a)
47‌
25,000
Sunoco
LP
144A,
7.00%,
5/01/29 (a)
26‌
200,000
Switch
ABS
Issuer
LLC
2024-2A
144A,
5.44%,
6/25/54 (a)
198‌
281,250
Taco
Bell
Funding
LLC
2016-1A
144A,
4.97%,
5/25/46 (a)
281‌
70,000
TerraForm
Power
Operating
LLC
144A,
5.00%,
1/31/28 (a)
68‌
593,220
Texas
Natural
Gas
Securitization
Finance
Corp.
,
5.10%,
4/01/35 
598‌
300,000
TierPoint
Issuer
LLC
2023-1A
144A,
6.00%,
6/25/53 (a)
301‌
75,000
Travel
+
Leisure
Co.
144A,
6.63%,
7/31/26 (a)
76‌
805,000
U.S.
Treasury
Note
,
3.38%,
9/15/27 
788‌
460,000
U.S.
Treasury
Note
,
3.50%,
9/30/26 
455‌
1,800,000
U.S.
Treasury
Note
,
3.75%,
8/15/27 
1,780‌
225,000
U.S.
Treasury
Note
,
3.88%,
10/15/27 
223‌
60,000
U.S.
Treasury
Note
,
4.25%,
11/30/26 
60‌
1,190,000
U.S.
Treasury
Note
,
4.25%,
12/31/26 
1,191‌
915,000
U.S.
Treasury
Note
,
4.38%,
7/15/27 
918‌
50,000
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
144A,
7.13%,
3/15/29 (a)
51‌
450,000
Vantage
Data
Centers
Issuer
LLC
2020-1A
144A,
1.65%,
9/15/45 (a)
441‌
100,000
VB-S1
Issuer
LLC-VBTEL
2024-1A
144A,
8.87%,
5/15/54 (a)
105‌
500,000
Verizon
Master
Trust
2024-6,
4.17%,
8/20/30 
496‌
96,689
Verus
Securitization
Trust
2024-R1
144A,
5.22%,
9/25/69 (a)(e)
96‌
40,000
Vistra
Operations
Co.
LLC
144A,
5.00%,
7/31/27 (a)
39‌
25,000
Vistra
Operations
Co.
LLC
144A,
5.05%,
12/30/26 (a)
25‌
250,000
Volkswagen
Group
of
America
Finance
LLC
144A,
5.30%,
3/22/27 (a)
251‌
225,000
Warnermedia
Holdings
Inc.
,
3.76%,
3/15/27 
218‌
Principal
or
Shares
Security
Description
Value
(000)
90,000
Wells
Fargo
&
Co.
,
(U.S.
Secured
Overnight
Financing
Rate
+
1.070%),
5.71%,
4/22/28 (b)
$
91‌
5,411,897
Wells
Fargo
Commercial
Mortgage
Trust
2018-
C46,
0.91%,
8/15/51 (e)
114‌
300,000
Westlake
Automobile
Receivables
Trust
2024-
1A
144A,
5.55%,
11/15/27 (a)
302‌
170,000
Whistler
Pipeline
LLC
144A,
5.40%,
9/30/29 (a)
170‌
30,000
Wildfire
Intermediate
Holdings
LLC
144A,
7.50%,
10/15/29 (a)
30‌
295,500
Wingstop
Funding
LLC
2020-1A
144A,
2.84%,
12/05/50 (a)
276‌
20,000
XHR
LP
144A,
6.63%,
5/15/30 (a)
20‌
24,185‌
Total
Bonds
(Cost
-
$40,838)
40,176‌
Commercial
Paper(f)
(2%
)
500,000
Canadian
National
Railway
Co.
,
4.60%,
2/07/25
499‌
250,000
Enel
Finance
America
LLC
,
4.74%,
2/06/25
250‌
250,000
Experian
Finance
PLC
,
4.81%,
2/11/25
250‌
Total
Commercial
Paper
(Cost
-
$999)
999‌
Investment
Company
(3%)
1,127,040
Payden
Cash
Reserves
Money
Market
Fund*
(Cost
-
$1,127) 
1,127‌
Total
Investments
(Cost
-
$42,964)  (101%)
42,302‌
Liabilities
in
excess
of
Other
Assets
(
-1%
)
(364‌)
Net
Assets
(100%)
$
41,938‌
*
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,
2025.
(c)
All
or
a
portion
of
these
securities
are
on
loan.
At
January
31,
2025,
the
total
market
value
of
the
Fund’s
securities
on
loan
is
$665
and
the
total
market
value
of
the
collateral
held
by
the
Fund
is
$682.
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)
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description
above.
(f)
Yield
to
maturity
at
time
of
purchase.
Open
Forward
Currency
Contracts
to
USD
Currency
Purchased
(000s)
Currency
Sold
(000s)
Counterparty
Settlement
Date
Unrealized
Appreciation
(000s)
Assets:
USD
224
GBP  168
Barclays
Bank
PLC
03/19/2025
$
16
5
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
71
Mar-25
$
14,599
$
(12)
$
(12)
Short
Contracts:
U.S.
Treasury
5-Year
Note
Future
7
Mar-25
(745)
2
2
Total
Futures
$(10)