UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06625
The Payden & Rygel Investment Group
(Exact name of registrant as specified in charter)
333 South Grand Avenue
Los Angeles, CA 90071
(Address of principal executive offices) (Zip code)
Reza Pishva
Secretary
333 South Grand Avenue
Los Angeles, CA 90071
(Name and address of agent for service)
Registrant’s telephone number, including area code: 213-625-1900
Date of fiscal year end: October 31
Date of reporting period: October 31, 2023
EXPLANATORY NOTE: This Form N-CSR/A amends Form N-CSR of the registrant for the annual reporting period ended October 31, 2023, originally filed with the Securities and Exchange Commission on December 29, 2023 (Accession No. 0001193125-23-305975). The purpose of the amendment is to correct ministerial errors on the statements of assets and liabilities and on the financial highlights tables for two Funds and related certification. Other than the aforementioned revision, this Form N-CSR/A does not reflect events occurring after the filing of the original Form N-CSR, nor modify or update the disclosures therein in any way.
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
Annual Report
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Management Discussion & Analysis | | |
Short Duration Bond Strategies
Fixed income markets experienced positive nominal returns for the year ended October 31, 2023. The Federal Open Market Committee continued tightening monetary policy, increasing the target upper limit to its Federal Funds Rate from 3.25% to 5.50%. Short term interest rates moved upwards alongside the policy rate, while the longer duration end of the US Treasury curve began to adjust upwards near year-end to reflect increased growth expectations and positive economic data. Spreads on risk assets rose during March following disruption in the regional banking sector. However, premiums on risk assets at the year ended October 31, 2023 were trading close to their previous year-end levels as a result of continued positive economic releases. Going forward, we are paying close attention to investor demand for US Treasuries amid inflating auction sizes, the prospect of a US government shutdown, and volatility in commodity prices, particularly oil and gold, which is exacerbated by increasing geopolitical conflicts in the Middle East.
The Payden Cash Reserves Money Market Fund (PBHXX) continued to provide highly stable daily liquidity. The Fund returned 4.57% for the year ended October 31, 2023, compared to a return of 4.34% for the Lipper Government Money Market Average. We have rotated positioning from tri-party repo towards US Treasury bills and agency notes to capture higher yields in the portfolio.
The Payden Limited Maturity Fund, Investor Class (PYLMX) returned 5.76% and its SI Class (PYLSX) returned 5.70% for the year ended October 31, 2023, compared to a return of 4.77% for its benchmark, the ICE BofA US 3-Month Treasury Bill Index. The Fund’s outperformance was driven primarily by the allocation to credit, including both corporate and securitized bonds. With the Federal Reserve Board seemingly nearing the end of the hiking cycle, the Fund has taken the opportunity to add duration. The Fund made use of futures and forward currency contracts for hedging purposes. The use of these derivatives contributed 0.07% to performance.
The Payden Low Duration Fund, Investor Class (PYSBX) returned 4.16% and its SI Class (PYLDX) returned 4.21% for the year ended October 31, 2023. The Fund’s benchmark, the ICE BofA 1-3 Year US Treasury Index, returned 2.92% for the year. The Fund’s outperformance was driven primarily by its aggregate credit positioning, with the largest contribution from securitized sectors followed by contribution from corporates. With the Federal Reserve Board approaching the end of the hiking cycle, the Fund has taken the opportunity to bring duration neutral to a mild overweight against the benchmark, which has been an overall detractor from performance. The Fund uses futures, swaps, and forward currency contracts to hedge certain investment exposures and to manage overall interest rate exposure. Overall, derivatives detracted 0.21% from performance.
The Payden Global Low Duration Fund (PYGSX) returned 3.99% for the year ended October 31, 2023, compared to a return of 3.30% for its benchmark, the ICE BofA 1-3 Year US Corporate & Government Index. The Fund’s outperformance was driven primarily by its aggregate credit positioning, with the largest contribution from securitized sectors followed by contribution from corporates. With the Federal Reserve Board approaching the end of the hiking cycle, the Fund has taken the opportunity to bring duration neutral to a mild overweight against the benchmark, which has been an overall detractor from performance. The Fund uses futures, swaps, and forward currency contracts to hedge certain investment exposures and to manage overall interest rate exposure. Overall, derivatives detracted 0.22% from performance.
Intermediate Duration Strategies
The Payden U.S. Government Fund (PYUSX) returned 1.90% for the year ended October 31, 2023, compared to its benchmark the ICE BofA 1–5 year U.S Treasury Index, which returned 2.43%. The Federal Reserve Board continued to move interest rates higher over the past year primarily in response to inflation which has still yet to settle near the Federal Reserve Board’s 2% objective (core PCE is 3.7% year on year) and an economy which has proven to be much more resilient to tightening monetary conditions than most investors expected. The Fund underperformed its index due to an overweight position in US Government agency mortgages. The agency mortgage sector has underperformed due to a lack of sponsorship by the traditional dominant participants, banks, money managers and the Federal Reserve Board. Agency mortgages currently trade at historically inexpensive levels compared to US Treasuries when measured over the last 15 years. Yields available in US Treasuries, across all maturities, have moved back to levels prior to the global financial crisis in 2008. Yields on 10-year US Treasury notes breached the 5% barrier for the 1st time since Q3 2007. The Fund is taking advantage of today’s higher yields in both US Treasuries and agency mortgages by keeping fully invested compared to the Fund’s benchmark. The Fund made limited use of interest rate derivatives over the course of the year. Typically, the Fund will use US Treasury futures to manage interest rate volatility. Derivatives impact to performance was a positive 0.15% over the year.
Annual Report 1
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Management Discussion & Analysis continued | | |
The Payden GNMA Fund (PYGNX) returned -2.19% for the year ended October 31, 2023, compared to its benchmark the ICE BofA US GNMA Mortgage-Backed Securities Index, which returned -0.66%. Over the past year, the Ginnie Mae (GNMA) mortgage market struggled as interest rates climbed and risk premiums widened to levels not experienced since the global financial crisis in 2008. Despite the regional bank crisis and increased geopolitical risk, the Federal Reserve Board continued to raise the overnight lending rate to combat stubbornly high inflation. During the year, agency mortgages materially underperformed US Treasuries from extreme rate volatility and a lack of traditional sponsorship by US and foreign central banks. Money managers played a larger role as buyers wanted higher compensation to own mortgage-backed securities. The Fund underperformed its benchmark due to a longer duration bias and an overweight to adjustable-rate mortgages with coupons that have failed to increase as fast as the rise in short-term interest rates. The Fund is fully invested with a yield advantage over the benchmark, given that agency mortgage yields are at historically low levels. The Fund anticipates benefiting from a normalization in monetary policy and a return of demand for GNMA mortgage-backed securities. The Fund uses mortgage derivatives periodically to hedge and optimize curve exposure and strategically manage overall portfolio duration in conjunction with our expectations for the future path of interest rate increases. The use of derivatives detracted -0.23% from performance over the year.
The Payden Core Bond Fund, Investor Class (PYCBX) returned 1.07% for the year ended October 31, 2023, compared to 0.36% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund’s Adviser Class (PYCWX) returned 1.15%, and the SI Class (PYCSX) returned 1.16% for the same period. During the year ended October 31, 2023, the Fund maintained an income advantage relative to the broad bond market and sought to exploit relative value through sector rotation and bond selection. This was achieved by investing primarily in investment grade, high yield corporate and emerging market bonds, and securitized debt. Allocations to securitized product and credit security selection were the main drivers of outperformance compared to the benchmark. The Fund uses derivatives for interest rate, currency management and credit sector management. It utilizes interest rate swaps and interest rate futures to manage overall duration and yield curve positioning. Foreign currency forwards are traded to hedge currency exposure and to take outright positions on specific currencies. Forward contracts for currency management added 0.07% to performance and interest rate futures used to hedge interest rate risk detracted 0.14% from performance.
For the year ended October 31, 2023, the Payden Corporate Bond Fund, Investor Class (PYACX) generated a return of 2.20% while the SI Class (PYCTX) generated a return of 2.32%, compared to a return of 2.77% for its benchmark, the Bloomberg US Corporate Bond Index. For the first four months of the year, positive returns were driven by an improving macro backdrop and a healthy demand for corporate credit as higher all-in yields continued to entice investors. In March, while the regional banking crisis caused turmoil within the sector, returns were buoyed as underlying US Treasury yields fell broadly across the curve and industry regulators took swift action to mitigate further contagion. Subsequently, economic data continued to show the resiliency of the US economy as unemployment remained at historic lows, consumers continued to spend, and inflation remained sticky. With investors now believing the Federal Reserve Board’s rhetoric of higher for longer, US Treasury yields rose across the curve to levels not seen since the great financial crisis resulting in a dampening of total returns for the year. Fund performance was driven by security selection within industrials, particularly within consumer non-cyclicals, energy, and technology. Security selection within financial services, insurance and REITs were the largest detractors from performance. The Fund’s underweight posture to capital goods and utilities were additive. The Fund’s out-of-index exposures were mixed as allocations to high-yield and municipal bonds added to performance while allocations to securitized bonds detracted. For most of the year, the Fund looked to maintain a relatively neutral duration and curve posture relative to its index and resulted in being marginally additive to performance. The Fund used US Treasury futures to hedge duration as well as to strategically manage overall duration and curve positioning which detracted -0.05% from performance.
The Payden Strategic Income Fund, Investor Class (PYSGX) returned 4.57% for the year ended October 31, 2023, while its benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 0.36%. The Fund’s SI Class (PYSIX) returned 4.68% for the year. The Fund’s primary objective is to maintain an income advantage relative to the broad bond market and to exploit relative value by sector rotation and bond selection. This was achieved by investing primarily in investment grade, high yield corporate and emerging market bonds, and securitized debt. The Fund’s materially shorter duration posture was the main source of outperformance relative to the benchmark. Allocations to securitized product, high yield corporate bonds, agency MBS, and emerging markets debt added to relative performance. The Fund uses derivatives for interest rate, currency management and credit sector management.
2 Payden Mutual Funds
It utilizes interest rate swaps and interest rate futures to manage overall duration and yield curve positioning. Foreign currency forwards are traded to hedge currency exposure and to take outright positions on specific currencies. Forward contracts for currency management detracted 0.01% from performance and interest rate futures used to hedge interest rate risk detracted 0.15% from performance.
For the fiscal year ended October 31, 2023, the Payden Absolute Return Bond Fund, Investor Class (PYARX) returned 6.93%, compared to a return of 3.28% for its benchmark, the Bloomberg US Treasury Bills 1-Month Index. The Fund’s SI Class (PYAIX) returned 7.16% for the year. Despite US government bond yields rising on average 1% for the fiscal year, fixed income performance was broadly positive for the period as credit risk premiums declined across most asset classes. Notwithstanding a banking crisis in March, financial markets were largely stable for the year supported by a strong labor market, resilient consumer, reacceleration in growth, and healthy corporate fundamental backdrop. The Fund overall reduced both interest rate and credit risk for the year. Fund duration peaked at 3.2 years in May, down to a low of 1.0 year in August, ending the fiscal year at 1.5. The Fund reduced risk to the lowest level in several years as the current environment compensates investors to move up-in-quality and in shorter maturities all while not overly eroding yield and credit risk premiums. All core income sectors were positive contributors to performance except agency mortgage-backed securities which detracted from performance as interest rate volatility was elevated. The Fund remains structured with low interest rate sensitivity and invested in a diversified mix of fixed income sectors including corporate, emerging market, mortgage-backed and asset-backed securities. The Fund employs futures, options, swaps, and forward currency contracts to manage sensitivity to undesired risk exposures as well as efficient investment purposes. Overall derivatives contributed 0.04% to performance.
Loan Strategy
The leveraged loan market finished the fiscal year ending October 31, 2023 with a positive return of 9.44% as measured by the Credit Suisse Institutional Leveraged Loan BB Index. Loan prices rose thanks to better-than-expected economic growth and strong corporate earnings. Loans are a floating rate instrument, so the asset class continues to benefit from higher interest rates, since coupon rates are linked to short-term interest rates.
For the year ended October 31, 2023 the Payden Floating Rate Fund, Investor Class (PYFRX) returned 11.39% and the Fund’s SI Class (PYFIX) returned 11.52%. The Fund’s benchmark, the Credit Suisse Institutional Leveraged Loan BB Index, returned 9.44% for the year. Security selection was positive in almost every sector, with strength in the technology and telecommunications sectors. Loans issued by companies such as Ensono Inc and Altice France S.A. benefitted from price appreciation and strong income generation. Security selection in the leisure sector was a modest detractor from relative performance even though all five of the portfolio’s positions posted positive returns. The Fund occasionally uses credit default swaps to gain short term market exposure when cash inflows are heavy. These positions are nominally small exposures and track the market. The Fund also holds forward currency contracts to hedge foreign exchange exposure which contributed 0.04% to performance.
High Yield Strategy
High-yield bonds returned 5.40% during the year ended October 31, 2023 as measured by the ICE BofA BB/B US Cash Pay High Yield Constrained Index. The positive returns were largely driven by coupon income as rates continued to rise in 2023. CCCs were the best performing ratings cohort as they returned 8.65% as measured by the ICE BofA CCC and Lower US Cash Pay High Yield Constrained Index.
The Payden High Income Fund, Investor Class (PYHRX) returned 7.54% for the fiscal year ended October 31, 2023. The Fund’s benchmark, the ICE BofA BB/B US Cash Pay High Yield Constrained Index, returned 5.40%, while the Fund’s SI Class (PYCHX) returned 7.63% for the year. Security selection in the energy sector was the biggest contributor to relative outperformance. Credit risk transfer securities also added to performance as home prices remained resilient despite higher mortgage rates. The largest detractor was security selection within telecommunications, particularly in the wireline subsector. The Fund holds forward currency contracts and interest rate swaps to hedge foreign exchange exposure and floating rate exposure. Losses associated with interest rate swaps totaled 0.25%, but the underlying floating rate assets more than made up for the losses.
Annual Report 3
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Management Discussion & Analysis continued | | |
Municipal Bond Strategy
For the year ended October 31, 2023, the Payden California Municipal Social Impact Fund (PYCRX) returned 3.55%. The Fund’s benchmarks, the Bloomberg California Intermediate Index and the Bloomberg 7-Year Municipal Index, returned 2.18% and 2.22%, respectively, for the year. The Fund’s performance relative to its benchmarks was in large part a result of its active allocations across the yield curve. The Fund increased duration early in the year to be closer to that of the benchmark which worked favorably as the pace of rising yields slowed and portfolio income became a more significant contributor to overall performance. Yield curve positioning also positively contributed to performance as the Fund maintained a relative underweight to intermediate maturities and overweight to longer maturities. The Fund maintained an underweight positioning to General Obligation and an overweight to Revenue sectors which contributed positively to performance as credit spreads compressed due to stable economic conditions and strong credit fundamentals proved more resilient than expected and credit spreads compressed. The Fund’s allocation to US Treasury securities and taxable municipals also contributed positively to performance, as the Fund actively managed exposure around changes in relative value. After experiencing significant outflows in 2022, municipal mutual fund flows began to stabilize in 2023, providing support to valuations. Total municipal issuance declined for much of the year in response to higher market yields.
Global Bond Strategy
The Payden Global Fixed Income Fund, Investor Class (PYGFX) posted a return of 1.68% for the fiscal year ending October 31, 2023, compared to a return of 1.72% for its benchmark, the Bloomberg Barclays Global Aggregate Index (USD Hedged). The Fund’s SI Class (PYGIX) posted a return of 1.71% for the same period. The Fund held a modest overweight to credit markets focusing on less cyclical sectors and lower-beta, highly liquid names. The allocation to non-governmental sectors added to alpha with allocations to securitized debt and hard currency emerging market debt contributing the most. The portfolio’s security selection within corporate debt also added to relative performance. To help reduce credit risk, the Fund held protection via CDX High Yield and iTraxx Crossover indices. Overall, The Fund’s positioning in the credit space contributed to relative performance. The Fund held long positions in a basket of emerging market currencies versus the US dollar. Active currency management negatively impacted relative performance. The Fund held underweight positions in Japan and overweight positions in the US, UK, and a select group of local emerging markets. The Fund also held curve steepening positions in the US and Germany. Active rates management negatively impacted relative performance. The Fund used derivatives for hedging and active investment purposes throughout the year. The Fund utilized interest rate swaps as well as bond and interest rate futures to manage overall duration and yield curve positioning. Currency forwards are traded to hedge foreign currency exposure and to take outright positions on specific currencies. The Fund also used credit derivatives to help manage the credit risk. The use of government bond futures and swaps for active management purposes detracted 0.31%, while the use of forward currency contracts for active management purposes detracted approximately 0.16% from the Fund’s return. The Fund invests in futures contracts for hedging and investment purposes. The use of interest rate futures impacted performance did not have an impact on performance.
Emerging Market Bond Strategies
For the fiscal year ended October 31, 2023, emerging markets (EM) debt posted solid, positive returns, recovering meaningfully from the challenging backdrop seen in the prior twelve months. At the index level, hard currency EM sovereign and EM corporate debt experienced similar dynamics, whereby high-yield issuers meaningfully outperformed investment-grade issuers, given their lower sensitivity to rising U.S. Treasury yields. Globally, inflation eased from elevated levels, allowing most central banks to reach (or nearly reach) the end of their rate hiking cycles. Select EM central banks, which in many cases had tightened monetary policy earlier than developed market central banks, were able to begin lowering policy rates, particularly in situations where inflation moved back into the target range. In this context, yields of EM local government bonds fell during the year, causing EM local markets to outperform EM hard currency markets. EM currencies demonstrated mixed performance against the US dollar. Currencies in Latin America and Eastern Europe appreciated, currencies in Asia were broadly flat, and depreciation prevailed in idiosyncratic situations like Egypt and Turkey.
The Payden Emerging Markets Bond Fund, Investor Class (PYEMX) returned 11.16%, the Fund’s Adviser Class (PYEWX) returned 10.99%, and the Fund’s SI Class (PYEIX) returned 11.21% for the fiscal year ended October 31, 2023. The Fund’s benchmark, the J.P. Morgan EMBI Global Diversified Index, returned 8.36% for the year. Within US dollar-pay sovereigns, overweight positioning in Sri Lanka, Zambia, Nigeria, and Ghana added to performance, as did underweight exposures in United
4 Payden Mutual Funds
Arab Emirates, Uruguay, Indonesia, Philippines, Panama, and Qatar. Additionally, security selection in Hungary, Uzbekistan, and Kazakhstan benefitted relative performance. Against this, underweight exposures in Turkey and El Salvador detracted. Among quasi-sovereigns, underweight positioning in China and Chile, security selection in Indonesia, and overweight exposure in Mongolia all added, while security selection in Malaysia modestly detracted. Off-benchmark allocations to corporates added to relative performance, while local currency denominated debt performed in line with the benchmark. The Fund invest in swaps, futures, options and forward currency contracts for credit, currency and interest rate risk hedging and investment purposes. The use of derivative instruments detracted 0.42% from total return.
The Payden Emerging Markets Local Bond Fund Investor Class (PYELX) returned 12.11% and the Funds SI Class (PYILX) returned 12.63% for the fiscal year ended October 31, 2023. The Fund’s benchmark, the J.P. Morgan GBI-EM Global Diversified Index returned 13.50% for the same period. Relative to the benchmark, the Fund benefitted from overweight rates positioning in Brazil, Dominican Republic, and Peru, as well as security selection in Thailand, Hungary, and Romania. Additionally underweight exposures in Turkey and China benefitted relative performance. Against this, underweight rates positioning in Poland and the Czech Republic detracted, as did security selection in South Africa and Colombia. Overall, currency positioning detracted during the period. Underweight positions in the Turkish lira and Egyptian pound added, as did overweight exposures in the Romanian leu and Czech koruna. Overweight exposures to the Colombian peso, Thai baht, and Chilean peso detracted, as did underweight positioning in the Polish zloty. The Fund invest in swaps, futures, options and forward currency contracts for credit, currency and interest rate risk hedging and investment purposes. The use of derivative instruments detracted 0.19% from total return.
The Payden Emerging Market Corporate Bond Fund, Investor Class (PYCEX) returned 9.17%, and the Fund’s SI Class (PYCIX) returned 9.40% for the fiscal year ended October 31, 2023. The Fund’s benchmark, the J.P. Morgan CEMBI Broad Diversified Index, returned 9.18% for the year. The Fund’s selection of emerging market corporates was the primary contributor, while off-index positions in US dollar-pay sovereigns also benefitted relative performance. Within emerging market corporates, selection of utilities credits in Colombia, utilities and real estate in Mexico, utilities and industrials in India, TMT and utilities in Chile, and financials in China, Singapore, and South Korea all benefitted relative performance. An overweight to TMT and consumer goods in Brazil detracted, as did underweight exposure to consumer goods in Macau, oil and gas in Argentina, and metals and mining in Ukraine. The Fund invests in swaps, futures, options and forward currency contracts for credit, currency and interest rate risk hedging and investment purposes. The use of derivative instruments detracted 0.73% from total return.
Equity Strategy
The US equity market rallied for the year ended October 31, 2023, as investors turned bullish with inflation cooling while the strength of the US economy surprised to the upside. The improved market tone was also driven by the Federal Reserve Board slowing their aggressive rate hikes and corporate earnings growth coming in better-than-feared. Despite the positive returns, market volatility stayed elevated as increased macro concerns drove big price swings across sectors and with a large performance dispersion between the winners and losers. Growth-oriented sectors like technology surged higher by more than 30% for the year, which was driven by outsized returns from a few mega-cap stocks. Conversely, high dividend-paying and lower volatility sectors like utilities, real estate, healthcare ended the year down more than -4% as higher interest rates reduced the attractiveness of these sectors.
The Payden Equity Income Fund’s Investor Class (PYVLX) returned -6.75% for the year ended October 31, 2023, while the Fund’s Advisor Class (PYVAX) returned -6.97% and the Fund’s SI Class (PYVSX) returned -6.59%. The Fund’s benchmark, the Russell 1000 Value Index, returned 0.10% for the year. The difference in the Fund’s performance relative to the Russell 1000 Value Index was largely attributed to the Fund’s emphasis on high quality companies with stable cash flows that have the ability to pay dividends over time. Despite corporate fundamentals remaining sound for high quality dividend-payers, many of these companies ended the period posting negative returns. From a performance attribution perspective, security selection was the main detractor from relative performance. The Fund’s security selection within communication services and industrials were the largest performance detractors. Sector allocation was a modest detractor to relative performance with an underweight to communication services contributing the most to relative performance. Strong individual performers in the Fund include North American semi-conductor company Broadcom and North American insurance broker Arthur J. Gallagher. The Fund utilized currency forward contracts to hedge its non-US dollar exposure during this year, which contributed 0.12% to performance. The Fund also utilized temporary positions in equity derivatives to manage cash positions, which contributed -0.04% to performance.
Annual Report 5
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Portfolio Highlights & Investments | | |
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| Abbreviations | | |
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| AGM - Assured Guaranty Municipal Corporation | | G2SF - Ginnie Mae |
| AMT - Alternative Minimum Tax | | GBP - British Pound |
| ARM - Adjustable Rate Mortgage | | GN - Ginnie Mae I pool |
| AUD - Australian Dollar | | GNR - Ginnie Mae REMICS |
| BAM - Build America Mutual | | HUF - Hungarian Forint |
| BRL - Brazilian Real | | IDR - Indonesian Rupiah |
| CAD - Canadian Dollar | | INR - Indian Rupee |
| CHF - Swiss Franc | | JPY - Japanese Yen |
| CLO - Collateralized Loan Obligation | | KRW - South Korean Won |
| CMBS - Commercial Mortgage-Backed Security | | KZT - Kazakhstani Tenge |
| CLP - Chilean Peso | | LIBOR - London Interbank Offered Rate |
| CNH - Offshore China Renminbi | | MXN - Mexican Peso |
| CNY - China Renminbi | | MYR - Malaysian Ringgit |
| COP - Colombian Peso | | PEN - Peruvian Sol |
| CZK - Czech Koruna | | PHP - Philippine Peso |
| DKK - Danish Krone | | PLN - Polish Zloty |
| DOP - Dominican Peso | | REMIC - Real Estate Mortgage Investment Conduit |
| EUR - Euro | | RON - New Romanian Leu |
| EURIBOR - Euro Interbank Offered Rate | | SEK - Swedish Krona |
| FFCB - Federal Farm Credit Banks Funding Corporation | | SGD - Singapore Dollar |
| FG - Freddie Mac Gold Pool | | STACR - Structured Agency Credit Risk |
| FH - Freddie Mac Non Gold Pool | | TBA - To-Be-Announced |
| FHLB - Federal Home Loan Banks | | THB - Thai Baht |
| FHLMC - Federal Home Loan Mortgage Company (Freddie Mac) | | TRY - Turkish Lira |
| FHR - Freddie Mac REMICS | | UAH - Ukrainian Hryvnia |
| FN - Fannie Mae Pool | | USD - US Dollar |
| FNCL - Fannie Mae or Freddie Mac | | UYU - Uruguayan Peso |
| FNMA - Federal National Mortgage Association (Fannie Mae) | | UZS - Uzbekistani Som |
| FNR - Fannie Mae REMICS | | ZAR - South African Rand |
| FR - Freddie Mac Pool | | |
| G2 - Ginnie Mae II pool | | |
6 Payden Mutual Funds
Payden Cash Reserves Money Market Fund
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| | The Fund seeks to provide investors with liquidity, a stable share price, and as high a level of current income as is consistent with preservation of principal and liquidity. | | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. |
| | Portfolio Composition - percent of investments | | | | |
| | U.S. Treasury | | | 70 | % |
| | Repurchase Agreements | | | 18 | % |
| | U.S. Government Agency | | | 11 | % |
| | Investment Company | | | 1 | % |
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| | | This information is not part of the audited financial statements. | |
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| Schedule of Investments - October 31, 2023 | | | | |
Principal or Shares | | Security Description | | Value (000) | |
U.S. Government Agency (11%) | | | | |
2,000,000 | | FFCB Funding Corp., (U.S. Secured Overnight Financing Rate + 0.050%), 5.36%, 11/09/23 (a) | | $ | 2,000 | |
5,000,000 | | FFCB Funding Corp., (U.S. Secured Overnight Financing Rate + 0.060%), 5.37%, 12/13/23 (a) | | | 5,000 | |
5,000,000 | | FFCB Funding Corp., (U.S. Secured Overnight Financing Rate + 0.190%), 5.50%, 11/25/24 (a) | | | 5,000 | |
10,000,000 | | FHLB, 5.33%, 5/24/24 | | | 10,000 | |
5,100,000 | | FHLB, 5.28%, 5/28/24 | | | 5,100 | |
5,000,000 | | FHLB, 5.51%, 7/12/24 | | | 5,000 | |
2,000,000 | | FHLB, 5.66%, 8/26/24 | | | 2,000 | |
6,880,000 | | FHLMC, 5.45%, 6/14/24 | | | 6,880 | |
5,200,000 | | FHLMC, 5.50%, 6/18/24 | | | 5,200 | |
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Total U.S. Government Agency (Cost - $46,180) | | | 46,180 | |
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U.S. Treasury (70%) | | | | |
35,000,000 | | U.S. Treasury Bill, 5.33%, 11/07/23 (b) | | | 34,969 | |
10,000,000 | | U.S. Treasury Bill, 5.00%, 11/09/23 (b) | | | 9,989 | |
25,000,000 | | U.S. Treasury Bill, 5.31%, 11/14/23 (b) | | | 24,952 | |
25,000,000 | | U.S. Treasury Bill, 5.31%, 11/21/23 (b) | | | 24,927 | |
25,000,000 | | U.S. Treasury Bill, 5.30%, 11/24/23 (b) | | | 24,917 | |
25,000,000 | | U.S. Treasury Bill, 0.03%, 11/28/23 (b) | | | 24,900 | |
25,000,000 | | U.S. Treasury Bill, 0.06%, 12/05/23 (b) | | | 24,874 | |
30,000,000 | | U.S. Treasury Bill, 5.36%, 12/12/23 (b) | | | 29,819 | |
30,000,000 | | U.S. Treasury Bill, 5.35%, 12/14/23 (b) | | | 29,811 | |
10,000,000 | | U.S. Treasury Bill, 0.01%, 12/19/23 (b) | | | 9,929 | |
15,000,000 | | U.S. Treasury Bill, 5.39%, 12/21/23 (b) | | | 14,889 | |
10,000,000 | | U.S. Treasury Bill, 0.03%, 12/26/23 (b) | | | 9,918 | |
10,000,000 | | U.S. Treasury Bill, 5.40%, 1/04/24 (b) | | | 9,905 | |
10,000,000 | | U.S. Treasury Bill, 5.42%, 1/11/24 (b) | | | 9,896 | |
5,000,000 | | U.S. Treasury Bill, 5.43%, 1/23/24 (b) | | | 4,939 | |
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Principal or Shares | | Security Description | | Value (000) | |
6,000,000 | | U.S. Treasury Floating Rate Notes, (3 mo. U.S. Treasury Bill Yield + 0.167%), 5.55%, 10/31/25 (a) | | $ | 6,000 | |
15,000,000 | | U.S. Treasury Note, (3 mo. U.S. Treasury Bill Yield + 0.169%), 5.57%, 4/30/25 (a) | | | 15,008 | |
4,000,000 | | U.S. Treasury Note, (3 mo. U.S. Treasury Bill Yield + 0.125%), 5.52%, 7/31/25 (a) | | | 3,997 | |
| | | | | | |
Total U.S. Treasury (Cost - $313,639) | | | 313,639 | |
| | | | | | |
Investment Company (1%) | | | | |
4,820,801 | | Dreyfus Treasury Obligations Cash Management Fund
(Cost - $4,821) | | | 4,821 | |
| | | | | | |
Repurchase Agreements (18%) | | | | |
41,000,000 | | Bank of Montreal Tri Party, 5.27%, 11/01/23 (c) | | | 41,000 | |
10,000,000 | | CIBC World Markets Tri Party, 5.25%, 11/01/23 (d) | | | 10,000 | |
10,000,000 | | Citigroup Tri Party, 5.25%, 11/02/23 (e) | | | 10,000 | |
10,000,000 | | Goldman Sachs Tri Party, 5.25%, 11/07/23 (f) | | | 10,000 | |
10,000,000 | | RBC Capital Markets Tri Party, 5.26%, 11/06/23 (g) | | | 10,000 | |
| | | | | | |
Total Repurchase Agreements (Cost - $81,000) | | | 81,000 | |
| | | | | | |
Total Investments (Cost - $445,640) (100%) | | | 445,640 | |
Other Assets, net of Liabilities (0%) | | | 1,103 | |
| | | | | | |
Net Assets (100%) | | $ | 446,743 | |
| (a) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
Annual Report 7
Payden Cash Reserves Money Market Fund continued
| | | | | | |
| (b) Yield to maturity at time of purchase. | |
(c) The repurchase agreement dated 10/31/2023 is collateralized by the following securities: | |
| Bank of Montreal Tri Party | |
55,172,400 | | U.S. Treasury Securities, maturity dated Aug 30, yielding 0.63% | | $ | 41,820 | |
| | | | | | |
| | | | | 41,820 | |
| | | | | | |
(d) The repurchase agreement dated 10/25/2023 is collateralized by the following securities: | |
| CIBC World Markets Tri Party | |
10,077,100 | | U.S. Treasury Securities, maturity from Oct 24-Jan 28, yielding from 0.75%-5.52% | | $ | 10,200 | |
| | | | | | |
| | | | | 10,200 | |
| | | | | | |
(e) The repurchase agreement dated 10/26/2023 is collateralized by the following securities: | |
| Citigroup Tri Party | |
11,329,200 | | U.S. Treasury Securities, maturity from Dec 24-Sep 28, yielding from 1.25%-1.75% | | $ | 10,200 | |
| | | | | | |
| | | | | 10,200 | |
| | | | | | |
(f) The repurchase agreement dated 10/31/2023 is collateralized by the following securities: | |
| Goldman Sachs Tri Party | | | | |
13,245,762 | | FNMA, maturity from Apr 47-Oct 53, yielding from 4.00%-6.00% | | $ | 6,827 | |
13,812,104 | | GNMA, maturity from Nov 37-Jun 52, yielding from 4.00%-5.50% | | | 3,373 | |
| | | | | | |
| | | | | 10,200 | |
| | | | | | |
(g) The repurchase agreement dated 10/30/2023 is collateralized by the following securities: | |
| RBC Capital Markets Tri Party | | | | |
5,000 | | FMAC, maturity from Oct 41-Dec 52, yielding from 3.00%-4.50% | | $ | 2 | |
2,000 | | FNMA, maturity from Oct 40-Nov 52, yielding from 2.00%-5.50% | | | 1 | |
10,920,200 | | U.S. Treasury Securities, maturity from Aug 27-Aug 31, yielding from 1.25%-3.13% | | | 10,197 | |
| | | | | | |
| | | | | 10,200 | |
| | | | | | |
Offsetting Assets and Liabilities
The Fund’s investments in repurchase agreements were all subject to enforceable Master Repurchase Agreements. Repurchase Agreements on a gross basis were as follows:
| | | | |
Repurchase Agreements | | Value
(000’s) | |
| |
| Total gross amount of repurchase agreements presented on the Statements of Assets and Liabilities | | $ | 81,000 | |
Non-cash Collateral | | | (51,000 | ) |
| | | | |
Net Amount | | $ | 30,000 | |
| | | | |
See notes to financial statements.
8 Payden Mutual Funds
Payden Limited Maturity Fund
| | | | | | |
| | The Fund seeks a total return that, over time, is greater than returns of money market funds and is consistent with preservation of capital. | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
| | | Portfolio Composition - percent of investments |
| | |
| | Corporate Bond | | 35% |
| | Asset Backed | | 33% |
| | U.S. Treasury | | 15% |
| | Commercial Paper | | 10% |
| | Mortgage Backed | | 6% |
| | Other | | 1% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | This information is not part of the audited financial statements. |
| | | | | | |
| Schedule of Investments - October 31, 2023 | | | | |
Principal or Shares | | Security Description | | Value (000) | |
Asset Backed (33%) | | | | |
12,031,959 | | ACRES Commercial Realty Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.65%, 6/15/36 (a)(b) | | $ | 11,872 | |
5,100,000 | | ACRES Commercial Realty Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.514%), 6.85%, 1/15/37 (a)(b) | | | 5,030 | |
1,258,465 | | AEP Texas Restoration Funding LLC 2019-1, 2.06%, 2/01/27 | | | 1,229 | |
3,530,586 | | Ally Auto Receivables Trust 2022-3, 5.29%, 6/16/25 | | | 3,525 | |
4,000,000 | | Ally Auto Receivables Trust 2023-1, 5.76%, 11/15/26 | | | 3,992 | |
1,146,609 | | American Credit Acceptance Receivables Trust 2022-4 144A, 6.20%, 5/13/26 (a) | | | 1,146 | |
606,839 | | American Credit Acceptance Receivables Trust 2022-1 144A, 1.68%, 9/14/26 (a) | | | 606 | |
1,340,493 | | American Credit Acceptance Receivables Trust 2023-1 144A, 5.45%, 9/14/26 (a) | | | 1,337 | |
3,976,025 | | American Credit Acceptance Receivables Trust 2023-2 144A, 5.89%, 10/13/26 (a) | | | 3,963 | |
3,926,895 | | American Credit Acceptance Receivables Trust 2023-3 144A, 6.00%, 3/12/27 (a) | | | 3,924 | |
3,500,000 | | Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 6.77%, 1/15/37 (a)(b) | | | 3,446 | |
| | | | | | |
| | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
659,632 | | ARI Fleet Lease Trust 2023-A 144A,
5.43%, 4/15/24 (a) | | $ | 660 | |
492,269 | | ARI Fleet Lease Trust 2021-A 144A,
0.37%, 3/15/30 (a) | | | 490 | |
3,700,000 | | ARI Fleet Lease Trust 2023-B 144A,
6.05%, 7/15/32 (a) | | | 3,693 | |
278,882 | | Atlas Senior Loan Fund III Ltd. 2013-1A 144A,
(3 mo. Term Secured Overnight Financing Rate + 1.092%), 6.47%, 11/17/27 (a)(b) | | | 279 | |
6,026,504 | | Bain Capital Credit CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.232%), 6.65%, 7/20/30 (a)(b) | | | 6,003 | |
1,969,142 | | Ballyrock CLO Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.262%), 6.64%, 11/20/30 (a)(b) | | | 1,965 | |
2,000,000 | | Bank of America Auto Trust 2023-1A 144A, 5.83%, 5/15/26 (a) | | | 1,996 | |
5,500,000 | | Barclays Dryrock Issuance Trust 2021-1, 0.63%, 7/15/27 | | | 5,251 | |
222,123 | | BDS Ltd. 2020-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%),
6.60%, 2/16/37 (a)(b) | | | 221 | |
658,449 | | Benefit Street Partners CLO II Ltd. 2013-IIA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.132%), 6.53%, 7/15/29 (a)(b) | | | 657 | |
5,819,626 | | BMW Vehicle Lease Trust 2023-1, 5.27%, 2/25/25 | | | 5,808 | |
Annual Report 9
Payden Limited Maturity Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
8,850,000 | | BMW Vehicle Owner Trust 2023-A, 5.72%, 4/27/26 | | $ | 8,837 | |
4,292,062 | | Bristol Park CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.252%), 6.65%, 4/15/29 (a)(b) | | | 4,278 | |
7,600,000 | | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 7.59%, 9/15/35 (a)(b) | | | 7,574 | |
5,348,021 | | Capital One Prime Auto Receivables Trust 2022- 2, 3.74%, 9/15/25 | | | 5,307 | |
398,558 | | CarMax Auto Owner Trust 2023-2, 5.51%, 5/15/24 | | | 399 | |
8,500,000 | | CarMax Auto Owner Trust 2023-4, 5.73%, 10/15/24 | | | 8,503 | |
6,046,332 | | CarMax Auto Owner Trust 2023-1, 5.23%, 1/15/26 | | | 6,025 | |
7,700,000 | | CarMax Auto Owner Trust 2023-4, 6.08%, 12/15/26 | | | 7,702 | |
2,433,300 | | Carvana Auto Receivables Trust 2022-P3, 4.42%, 12/10/25 | | | 2,424 | |
976,925 | | Carvana Auto Receivables Trust 2021-P2, 0.49%, 3/10/26 | | | 958 | |
5,785,889 | | Carvana Auto Receivables Trust 2023-P1 144A, 6.02%, 4/10/26 (a) | | | 5,776 | |
4,887,420 | | Carvana Auto Receivables Trust 2023-P2 144A, 5.98%, 8/10/26 (a) | | | 4,876 | |
1,900,000 | | Carvana Auto Receivables Trust 2023-P3 144A, 6.09%, 11/10/26 (a) | | | 1,898 | |
7,213,525 | | Carvana Auto Receivables Trust 2021-P4, 1.31%, 1/11/27 | | | 6,930 | |
3,700,000 | | Carvana Auto Receivables Trust 2023-P4 144A, 6.23%, 1/11/27 (a) | | | 3,698 | |
5,004,000 | | Carvana Auto Receivables Trust 2022-P1, 3.35%, 2/10/27 | | | 4,867 | |
912,960 | | CCG Receivables Trust 2021-1 144A, 0.30%, 6/14/27 (a) | | | 898 | |
236,831 | | CCG Receivables Trust 2020-1 144A, 0.54%, 12/14/27 (a) | | | 236 | |
1,560,239 | | CHCP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.164%), 6.50%, 2/15/38 (a)(b) | | | 1,555 | |
325,525 | | Chesapeake Funding II LLC 2020-1A 144A, 0.87%, 8/15/32 (a) | | | 322 | |
3,131,857 | | Chesapeake Funding II LLC 2021-1A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.344%), 5.66%, 4/15/33 (a)(b) | | | 3,118 | |
4,783,060 | | CIFC Funding 2014-II-R Ltd. 2014-2RA 144A,
(3 mo. Term Secured Overnight Financing Rate + 1.312%), 6.71%, 4/24/30 (a)(b) | | | 4,769 | |
1,800,000 | | Cifc Funding Ltd. 2014-4RA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.212%), 6.61%, 1/17/35 (a)(b) | | | 1,800 | |
4,317,987 | | CIFC Funding Ltd. 2015-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.132%), 6.53%, 4/19/29 (a)(b) | | | 4,306 | |
1,792,757 | | CIFC Funding Ltd. 2017-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.212%), 6.63%, 4/20/30 (a)(b) | | | 1,791 | |
6,623,242 | | CIFC Funding Ltd. 2017-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.212%), 6.61%, 10/24/30 (a)(b) | | | 6,596 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
4,024,702 | | CIFC Funding Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.262%), 6.66%, 4/18/31 (a)(b) | | $ | 4,009 | |
2,608,872 | | CIFC Funding Ltd. 2013-3RA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.242%), 6.64%, 4/24/31 (a)(b) | | | 2,601 | |
6,398,896 | | CIFC Funding Ltd. 2018-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.362%), 6.76%, 7/18/31 (a)(b) | | | 6,390 | |
73,565 | | CLNC Ltd. 2019-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.364%),
6.70%, 8/20/35 (a)(b) | | | 72 | |
5,600,000 | | CNH Equipment Trust 2023-B, 5.90%, 2/16/27 | | | 5,599 | |
325,980 | | Commonbond Student Loan Trust 2017-AGS 144A, (1 mo. Term Secured Overnight Financing Rate + 0.964%), 6.29%, 5/25/41 (a)(b) | | | 320 | |
2,926,472 | | Dell Equipment Finance Trust 2023-2 144A, 5.64%, 6/24/24 (a) | | | 2,926 | |
5,500,000 | | Dell Equipment Finance Trust 2023-2 144A, 5.84%, 1/22/29 (a) | | | 5,491 | |
2,550,000 | | Dell Equipment Finance Trust 2023-3 144A, 6.10%, 4/23/29 (a) | | | 2,553 | |
12,088,129 | | Dewolf Park CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.182%), 6.58%, 10/15/30 (a)(b) | | | 12,034 | |
2,900,000 | | DLLAA LLC 2023-1A 144A, 5.93%, 7/20/26 (a) | | | 2,898 | |
8,656,615 | | Dryden 36 Senior Loan Fund 2014-36A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.282%), 6.68%, 4/15/29 (a)(b) | | | 8,642 | |
2,207,873 | | Dryden Senior Loan Fund 2015-41A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.232%), 6.63%, 4/15/31 (a)(b) | | | 2,200 | |
1,514,643 | | Enterprise Fleet Financing LLC 2023-2 144A, 5.79%, 6/20/24 (a) | | | 1,515 | |
828,500 | | Enterprise Fleet Financing LLC 2020-2 144A, 0.61%, 7/20/26 (a) | | | 822 | |
4,161,172 | | Enterprise Fleet Financing LLC 2021-3 144A, 0.77%, 8/20/27 (a) | | | 4,031 | |
929,268 | | Enterprise Fleet Funding LLC 2021-1 144A, 0.44%, 12/21/26 (a) | | | 919 | |
1,298,143 | | Exeter Automobile Receivables Trust 2022-6A, 5.73%, 11/17/25 | | | 1,298 | |
1,400,000 | | Exeter Automobile Receivables Trust 2023-4A, 6.07%, 12/15/25 | | | 1,399 | |
2,850,000 | | Exeter Automobile Receivables Trust 2023-3A, 6.04%, 7/15/26 | | | 2,843 | |
2,400,000 | | Exeter Automobile Receivables Trust 2022-6A, 5.70%, 8/17/26 | | | 2,394 | |
1,950,000 | | Exeter Automobile Receivables Trust 2023-4A, 6.06%, 9/15/26 | | | 1,945 | |
2,802,470 | | Flagship Credit Auto Trust 2022-3 144A, 4.06%, 10/15/25 (a) | | | 2,794 | |
3,354,514 | | Flagship Credit Auto Trust 2021-4 144A, 0.81%, 7/17/26 (a) | | | 3,292 | |
1,848,137 | | Flagship Credit Auto Trust 2022-1 144A, 1.79%, 10/15/26 (a) | | | 1,811 | |
3,128,879 | | Flagship Credit Auto Trust 2023-1 144A, 5.38%, 12/15/26 (a) | | | 3,111 | |
12,266,392 | | Flagship Credit Auto Trust 2023-2 144A, 5.76%, 4/15/27 (a) | | | 12,200 | |
3,700,000 | | Flagship Credit Auto Trust 2023-3 144A, 5.89%, 7/15/27 (a) | | | 3,693 | |
10 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
2,320,749 | | Flatiron CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.242%), 6.61%, 5/15/30 (a)(b) | | $ | 2,312 | |
8,574,821 | | Flatiron CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.212%), 6.61%, 4/17/31 (a)(b) | | | 8,536 | |
4,798,571 | | Ford Auto Securitization Trust 2023-AA 144A, 5.21%, 6/15/25 CAD (a)(c) | | | 3,456 | |
6,638,616 | | Ford Credit Auto Lease Trust 2023-A, 5.19%, 6/15/25 | | | 6,624 | |
2,966,307 | | Ford Credit Auto Owner Trust 2022-C, 4.52%, 4/15/25 | | | 2,958 | |
7,055,238 | | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.334%), 6.67%, 5/16/38 (a)(b) | | | 6,961 | |
3,002,561 | | Galaxy XV CLO Ltd. 2013-15A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.232%), 6.63%, 10/15/30 (a)(b) | | | 2,994 | |
3,819,884 | | Galaxy XXIII CLO Ltd. 2017-23A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.132%), 6.53%, 4/24/29 (a)(b) | | | 3,804 | |
730,723 | | Galaxy XXVII CLO Ltd. 2018-27A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.282%), 6.65%, 5/16/31 (a)(b) | | | 729 | |
4,162,241 | | GLS Auto Select Receivables Trust 2023-1A 144A, 5.75%, 7/15/24 (a) | | | 4,162 | |
4,804,657 | | GM Financial Automobile Leasing Trust 2023-1, 5.27%, 6/20/25 | | | 4,791 | |
10,036,171 | | GM Financial Automobile Leasing Trust 2023-2, 5.44%, 10/20/25 | | | 10,003 | |
9,665,000 | | GM Financial Automobile Leasing Trust 2023-2, 5.05%, 7/20/26 | | | 9,551 | |
7,205,629 | | GM Financial Consumer Automobile Receivables Trust 2023-1, 5.19%, 3/16/26 | | | 7,177 | |
4,950,000 | | GM Financial Consumer Automobile Receivables Trust 2023-3, 5.74%, 9/16/26 | | | 4,944 | |
946,769 | | Greystone CRE Notes Ltd. 2019-FL2 144A, (1 mo. LIBOR USD + 1.180%), 6.63%, 9/15/37 (a) (b) | | | 941 | |
7,763,902 | | Hayfin U.S. XII Ltd. 2018-9A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.412%), 6.80%, 4/28/31 (a)(b) | | | 7,738 | |
7,300,000 | | Honda Auto Receivables Owner Trust 2023-2, 5.41%, 4/15/26 | | | 7,267 | |
5,050,000 | | HPEFS Equipment Trust 2023-2A 144A, 6.04%, 1/21/31 (a) | | | 5,049 | |
7,200,997 | | Hyundai Auto Lease Securitization Trust 2023-A 144A, 5.20%, 4/15/25 (a) | | | 7,179 | |
4,590,169 | | Hyundai Auto Lease Securitization Trust 2023-B 144A, 5.47%, 9/15/25 (a) | | | 4,575 | |
7,300,000 | | Hyundai Auto Lease Securitization Trust 2023-C 144A, 5.85%, 3/16/26 (a) | | | 7,296 | |
4,500,000 | | Hyundai Auto Lease Securitization Trust 2023-B 144A, 5.15%, 6/15/26 (a) | | | 4,450 | |
6,000,000 | | Hyundai Auto Receivables Trust 2023-B, 5.77%, 5/15/26 | | | 5,988 | |
5,900,000 | | John Deere Owner Trust 2023-B, 5.59%, 6/15/26 | | | 5,891 | |
5,000,000 | | KREF Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.184%), 6.52%, 2/15/39 (a)(b) | | | 4,888 | |
988,232 | | Kubota Credit Owner Trust 2023-1A 144A, 5.29%, 3/15/24 (a) | | | 988 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
8,100,000 | | Kubota Credit Owner Trust 2023-2A 144A, 5.61%, 7/15/26 (a) | | $ | 8,063 | |
7,835,454 | | LCM XXIV Ltd. 24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.242%),
6.66%, 3/20/30 (a)(b) | | | 7,798 | |
1,656,778 | | Madison Park Funding XIII Ltd. 2014-13A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.212%), 6.61%, 4/19/30 (a)(b) | | | 1,652 | |
3,336,150 | | Madison Park Funding XLI Ltd. 12A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.092%), 6.50%, 4/22/27 (a)(b) | | | 3,336 | |
14,360,582 | | Madison Park Funding XVII Ltd. 2015-17A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.262%), 6.67%, 7/21/30 (a)(b) | | | 14,316 | |
964,310 | | Madison Park Funding XXVI Ltd. 2017-26A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.462%), 6.85%, 7/29/30 (a)(b) | | | 963 | |
2,790,956 | | Madison Park Funding XXX Ltd. 2018-30A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.012%), 6.41%, 4/15/29 (a)(b) | | | 2,773 | |
3,669,589 | | Magnetite VII Ltd. 2012-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.062%), 6.46%, 1/15/28 (a)(b) | | | 3,657 | |
4,007,366 | | Mercedes-Benz Auto Receivables Trust 2023-1, 5.09%, 1/15/26 | | | 3,992 | |
5,950,000 | | MMAF Equipment Finance LLC 2023-A 144A, 5.79%, 11/13/26 (a) | | | 5,934 | |
1,050,000 | | MMAF Equipment Finance LLC 2022-A 144A, 3.20%, 1/13/28 (a) | | | 1,009 | |
1,049,804 | | Navient Private Education Refi Loan Trust 2021- A 144A, 0.84%, 5/15/69 (a) | | | 900 | |
380,428 | | Navient Private Education Refi Loan Trust 2020- GA 144A, 1.17%, 9/16/69 (a) | | | 334 | |
2,250,000 | | Navistar Financial Dealer Note Master Owner Trust II 2023-1 144A, 6.18%, 8/25/28 (a) | | | 2,244 | |
14,838,080 | | Neuberger Berman Loan Advisers CLO Ltd. 2017-25A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.192%), 6.59%, 10/18/29 (a)(b) | | | 14,763 | |
6,516,867 | | Nissan Auto Lease Trust 2023-A, 5.10%, 3/17/25 | | | 6,494 | |
7,000,000 | | Nissan Auto Lease Trust 2023-B, 5.74%, 8/15/25 | | | 6,994 | |
2,701,561 | | Nissan Auto Receivables Owner Trust 2022-B, 4.50%, 8/15/25 | | | 2,688 | |
7,520,000 | | PFS Financing Corp. 2021-B 144A,
0.77%, 8/15/26 (a) | | | 7,206 | |
3,960,845 | | Porsche Financial Auto Securitization Trust 2023-1A 144A, 5.42%, 12/22/26 (a) | | | 3,946 | |
3,050,474 | | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 5.72%, 8/16/32 (a) | | | 3,033 | |
3,464,205 | | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 6.45%, 12/15/32 (a) | | | 3,457 | |
3,123,855 | | Santander Bank Auto Credit-Linked Notes 2023- A 144A, 6.49%, 6/15/33 (a) | | | 3,121 | |
749,950 | | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | | | 731 | |
554,284 | | Santander Consumer Auto Receivables Trust 2021-BA 144A, 1.45%, 10/16/28 (a) | | | 550 | |
2,612,275 | | Santander Drive Auto Receivables Trust 2022-1, 2.36%, 8/17/26 | | | 2,584 | |
7,370,858 | | Santander Drive Auto Receivables Trust 2022-5, 4.11%, 8/17/26 | | | 7,324 | |
Annual Report 11
Payden Limited Maturity Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
9,600,000 | | Santander Drive Auto Receivables Trust 2023-4, 6.18%, 2/16/27 | | $ | 9,599 | |
9,900,000 | | Santander Drive Auto Receivables Trust 2023-5, 6.31%, 7/15/27 | | | 9,901 | |
1,738,728 | | Santander Drive Auto Receivables Trust 2021-3, 0.95%, 9/15/27 | | | 1,714 | |
3,500,000 | | SFS Auto Receivables Securitization Trust 2023- 1A 144A, 5.89%, 3/22/27 (a) | | | 3,492 | |
114,199 | | SoFi Consumer Loan Program Trust 2021-1 144A, 0.49%, 9/25/30 (a) | | | 114 | |
1,931,426 | | SoFi Consumer Loan Program Trust 2023-1S 144A, 5.81%, 5/15/31 (a) | | | 1,927 | |
1,215,916 | | Stack Infrastructure Issuer LLC 2019-1A 144A, 4.54%, 2/25/44 (a) | | | 1,206 | |
4,200,000 | | STWD Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.65%, 4/18/38 (a)(b) | | | 4,095 | |
1,241,346 | | STWD Ltd. 2019-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.194%), 6.53%, 7/15/38 (a)(b) | | | 1,225 | |
1,455,776 | | TCI-Symphony CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.192%), 6.59%, 7/15/30 (a)(b) | | | 1,449 | |
6,400,000 | | Tesla Auto Lease Trust 2023-B 144A, 6.02%, 9/22/25 (a) | | | 6,395 | |
211,502 | | Towd Point Mortgage Trust 2017-5 144A, (1 mo. Term Secured Overnight Financing Rate + 0.714%), 5.51%, 2/25/57 (a)(b) | | | 212 | |
8,844,900 | | Toyota Auto Receivables Owner Trust 2023-A, 5.05%, 1/15/26 | | | 8,809 | |
6,200,000 | | Toyota Lease Owner Trust 2023-B 144A, 5.73%, 4/20/26 (a) | | | 6,193 | |
8,600,000 | | Volkswagen Auto Lease Trust 2023-A, 5.87%, 1/20/26 | | | 8,591 | |
2,700,000 | | Volkswagen Auto Loan Enhanced Trust 2023-1, 5.50%, 12/21/26 | | | 2,690 | |
8,496,410 | | Westlake Automobile Receivables Trust 2023- 1A 144A, 5.51%, 6/15/26 (a) | | | 8,470 | |
6,750,000 | | Westlake Automobile Receivables Trust 2023- 3A 144A, 5.96%, 10/15/26 (a) | | | 6,738 | |
1,000,000 | | Westlake Automobile Receivables Trust 2023- 2A 144A, 5.80%, 2/16/27 (a) | | | 996 | |
2,130,919 | | Wheels SPV 2 LLC 2021-1A 144A, (1 mo. Term Secured Overnight Financing Rate + 0.394%), 5.73%, 8/20/29 (a)(b) | | | 2,119 | |
6,125,276 | | World Omni Auto Receivables Trust 2021-B, 0.42%, 6/15/26 | | | 5,942 | |
10,682,997 | | World Omni Auto Receivables Trust 2023-A, 5.18%, 7/15/26 | | | 10,634 | |
3,014,361 | | World Omni Automobile Lease Securitization Trust 2023-A, 5.47%, 11/17/25 | | | 3,003 | |
| | | | | | |
Total Asset Backed (Cost - $640,820) | | | 638,966 | |
| | | | | | |
Certificates of Deposit (0%) | | | | |
1,700,000 | | Credit Agricole Corporate & Investment Bank SA, 5.36%, 11/21/23 (d) | | | | |
| | (Cost - $1,700) | | | 1,700 | |
| | | | | | |
Commercial Paper(d) (9%) | | | | |
15,000,000 | | Ameren Corporation., 5.57%, 11/20/23 | | | 14,954 | |
9,000,000 | | AT&T Inc., 5.71%, 12/19/23 | | | 8,932 | |
10,000,000 | | Bank of Nova Scotia, 6.00%, 10/17/24 | | | 9,454 | |
8,500,000 | | Bayer AG, 6.30%, 7/23/24 | | | 8,123 | |
10,000,000 | | Bayerische Landesbk Giro., 5.71%, 2/13/24 | | | 9,836 | |
10,000,000 | | BNP Paribas SA, 5.90%, 6/07/24 | | | 9,656 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
10,000,000 | | BPCE SA, 6.03%, 7/25/24 | | $ | 9,579 | |
10,000,000 | | Dollar Tree Inc., 5.61%, 11/16/23 | | | 9,976 | |
15,000,000 | | DTE Energy Co., 5.57%, 11/08/23 | | | 14,982 | |
5,000,000 | | Hyundai Capital America, 5.45%, 11/01/23 | | | 4,999 | |
10,000,000 | | ING (U.S.) Funding LLC, 5.85%, 5/17/24 | | | 9,689 | |
5,000,000 | | Macquarie Group Ltd., 5.16%, 11/02/23 | | | 4,999 | |
8,000,000 | | Martindale Industrial Finance Ltd., 6.00%, 5/17/24 | | | 7,748 | |
10,000,000 | | NextEra Energy Capital Holdings Inc., 5.59%, 11/14/23 | | | 9,979 | |
15,000,000 | | Nutrien Ltd., 5.66%, 11/21/23 | | | 14,952 | |
12,000,000 | | Skandinaviska Enskilda Banken AB, 6.03%, 3/08/24 | | | 11,999 | |
10,000,000 | | Toronto-Dominion Bank, 6.00%, 9/04/24 | | | 9,519 | |
10,000,000 | | Westpac Banking Corporation., 5.23%, 1/04/24 | | | 9,905 | |
7,000,000 | | Westpac Banking Corporation., 5.25%, 11/09/23 | | | 6,991 | |
| | | | | | |
Total Commercial Paper (Cost - $186,272) | | | 186,272 | |
| | | | | | |
Corporate Bond (36%) | | | | |
Financial (18%) | | | | |
9,500,000 | | ABN AMRO Bank NV 144A, (Secured Overnight Financing Rate + 1.780%), 7.12%, 9/18/27 (a)(b) | | | 9,509 | |
13,950,000 | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3NC1, 1.75%, 10/29/24 | | | 13,322 | |
2,980,000 | | Ally Financial Inc., 5.75%, 11/20/25 | | | 2,847 | |
7,055,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 0.760%), 6.10%, 2/13/26 (b) | | | 7,004 | |
4,680,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 0.999%), 4.99%, 5/01/26 (b) | | | 4,591 | |
4,260,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.330%), 6.34%, 10/30/26 (b) | | | 4,273 | |
8,435,000 | | American Express Co., (Secured Overnight Financing Rate + 0.970%),
6.32%, 7/28/27 (b) | | | 8,351 | |
8,780,000 | | Australia & New Zealand Banking Group Ltd. 144A, 4.83%, 2/03/25 (a) | | | 8,694 | |
8,125,000 | | Australia & New Zealand Banking Group Ltd., 5.38%, 7/03/25 | | | 8,090 | |
8,950,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 0.690%), 6.03%, 4/22/25 (b) | | | 8,934 | |
5,000,000 | | Bank of America Corp. MPLE, (3 mo. CDOR CAD + 0.898%),
2.93%, 4/25/25 CAD (b)(c) | | | 3,555 | |
6,625,000 | | Bank of America N.A., 5.65%, 8/18/25 | | | 6,607 | |
6,425,000 | | Bank of Montreal, 5.20%, 12/12/24 | | | 6,370 | |
9,930,000 | | Bank of Montreal, 5.92%, 9/25/25 | | | 9,908 | |
4,510,000 | | Banque Federative du Credit Mutuel SA 144A, (Secured Overnight Financing Rate + 1.400%), 6.74%, 7/13/26 (a)(b) | | | 4,523 | |
2,895,000 | | Barclays PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.800%), 1.01%, 12/10/24 (b) | | | 2,876 | |
1,905,000 | | Blackstone Private Credit Fund, 1.75%, 9/15/24 | | | 1,822 | |
3,250,000 | | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 0.570%),
5.91%, 1/14/25 (a) (b) | | | 3,237 | |
4,810,000 | | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 0.960%),
6.30%, 9/25/25 (a) (b) | | | 4,814 | |
4,470,000 | | Canadian Imperial Bank of Commerce, (Secured Overnight Financing Rate + 0.400%), 5.74%, 12/14/23 (b) | | | 4,470 | |
8,940,000 | | Canadian Imperial Bank of Commerce, (Secured Overnight Financing Rate + 0.420%), 5.76%, 10/18/24 (b) | | | 8,926 | |
12 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
9,905,000 | | Canadian Imperial Bank of Commerce, (U.S. Secured Overnight Financing Rate + 1.220%), 6.56%, 10/02/26 (b) | | $ | 9,910 | |
5,285,000 | | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 0.690%), 6.03%, 12/06/24 (b) | | | 5,224 | |
3,010,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (a) | | | 2,774 | |
2,070,000 | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 0.686%), 6.03%, 10/30/24 (b) | | | 2,064 | |
7,610,000 | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 0.669%), 6.01%, 5/01/25 (b) | | | 7,586 | |
7,500,000 | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.372%), 4.14%, 5/24/25 (b) | | | 7,408 | |
7,265,000 | | Commonwealth Bank of Australia, 5.08%, 1/10/25 | | | 7,231 | |
4,395,000 | | Commonwealth Bank of Australia 144A, (U.S. Secured Overnight Financing Rate + 0.750%), 6.09%, 3/13/26 (a)(b) | | | 4,406 | |
7,990,000 | | Credit Agricole SA 144A, (U.S. Secured Overnight Financing Rate + 1.290%), 6.63%, 7/05/26 (a)(b) | | | 8,055 | |
2,980,000 | | Daimler Truck Finance North America LLC 144A, 5.60%, 8/08/25 (a) | | | 2,960 | |
2,970,000 | | Enact Holdings Inc. 144A, 6.50%, 8/15/25 (a) | | | 2,920 | |
6,640,000 | | GA Global Funding Trust 144A, (U.S. Secured Overnight Financing Rate + 0.500%), 5.84%, 9/13/24 (a)(b) | | | 6,564 | |
1,550,000 | | goeasy Ltd. 144A, 5.38%, 12/01/24 (a) | | | 1,521 | |
3,900,000 | | Goldman Sachs Group Inc., 1.22%, 12/06/23 | | | 3,883 | |
5,000,000 | | Goldman Sachs Group Inc., 5.70%, 11/01/24 | | | 4,982 | |
7,865,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.075%), 5.80%, 8/10/26 (b) | | | 7,787 | |
1,655,000 | | Golub Capital BDC Inc., 3.38%, 4/15/24 | | | 1,629 | |
3,275,000 | | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | | | 2,807 | |
2,895,000 | | Jackson Financial Inc., 1.13%, 11/22/23 | | | 2,887 | |
7,135,000 | | Jackson National Life Global Funding 144A, (U.S. Secured Overnight Financing Rate + 1.150%), 6.49%, 6/28/24 (a)(b) | | | 7,149 | |
900,000 | | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A, 4.25%, 2/01/27 (a) | | | 787 | |
3,890,000 | | Macquarie Group Ltd. 144A, (U.S. Secured Overnight Financing Rate + 0.710%), 6.05%, 10/14/25 (a)(b) | | | 3,866 | |
9,500,000 | | Mitsubishi UFJ Financial Group Inc., 2.80%, 7/18/24 | | | 9,287 | |
6,430,000 | | Mitsubishi UFJ Financial Group Inc., (U.S. Secured Overnight Financing Rate + 0.940%), 6.28%, 2/20/26 (b) | | | 6,434 | |
5,745,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 0.455%), 5.80%, 1/25/24 (b) | | | 5,745 | |
7,296,000 | | Morgan Stanley MPLE, 3.00%, 2/07/24 CAD (c) | | | 5,223 | |
4,530,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 0.509%), 0.79%, 1/22/25 (b) | | | 4,462 | |
1,785,000 | | Morgan Stanley I, (U.S. Secured Overnight Financing Rate + 0.745%), 0.86%, 10/21/25 (b) | | | 1,686 | |
9,765,000 | | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 1.165%), 6.51%, 10/30/26 (b) | | | 9,765 | |
885,000 | | Nasdaq Inc., 5.65%, 6/28/25 | | | 882 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
3,930,000 | | NatWest Markets PLC 144A, (U.S. Secured Overnight Financing Rate + 0.530%), 5.87%, 8/12/24 (a)(b) | | $ | 3,923 | |
3,060,000 | | Navient Corp., 5.00%, 3/15/27 | | | 2,691 | |
5,425,000 | | New York Life Global Funding 144A, 5.45%, 9/18/26 (a) | | | 5,394 | |
5,100,000 | | NIBC Bank NV, 3.13%, 11/15/23 GBP (c)(e) | | | 6,188 | |
3,152,000 | | OneMain Finance Corp., 6.13%, 3/15/24 | | | 3,147 | |
900,000 | | PRA Group Inc. 144A, 7.38%, 9/01/25 (a) | | | 842 | |
1,550,000 | | Radian Group Inc., 6.63%, 3/15/25 | | | 1,536 | |
1,885,000 | | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | | | 1,643 | |
5,970,000 | | Royal Bank of Canada GMTn, 4.95%, 4/25/25 | | | 5,883 | |
2,995,000 | | Starwood Property Trust Inc., 4.75%, 3/15/25 | | | 2,869 | |
7,595,000 | | Sumitomo Mitsui Financial Group Inc., (U.S. Secured Overnight Financing Rate + 1.430%), 6.78%, 1/13/26 (b) | | | 7,667 | |
4,625,000 | | Sumitomo Mitsui Trust Bank Ltd. 144A, (U.S. Secured Overnight Financing Rate + 0.440%), 5.78%, 9/16/24 (a)(b) | | | 4,618 | |
4,920,000 | | Sumitomo Mitsui Trust Bank Ltd. 144A, (U.S. Secured Overnight Financing Rate + 1.120%), 6.46%, 3/09/26 (a)(b) | | | 4,946 | |
2,270,000 | | Volkswagen Group of America Finance LLC 144A, 0.88%, 11/22/23 (a) | | | 2,264 | |
7,275,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.320%), 6.67%, 4/25/26 (b) | | | 7,314 | |
8,910,000 | | Wells Fargo Bank N.A., 5.55%, 8/01/25 | | | 8,881 | |
900,000 | | XHR LP 144A, 6.38%, 8/15/25 (a) | | | 874 | |
| | | | | | |
| | | | | 351,287 | |
| | | | | | |
Industrial (13%) | | | | |
4,205,000 | | 7-Eleven Inc. 144A, 0.80%, 2/10/24 (a) | | | 4,143 | |
3,030,000 | | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (a) | | | 2,802 | |
2,970,000 | | Allison Transmission Inc. 144A,
4.75%, 10/01/27 (a) | | | 2,712 | |
2,880,000 | | American Airlines Inc. 144A,
11.75%, 7/15/25 (a) | | | 3,055 | |
6,380,000 | | American Honda Finance Corp., (3 mo. Term Secured Overnight Financing Rate + 0.542%), 5.97%, 1/12/24 (b) | | | 6,383 | |
4,580,000 | | American Honda Finance Corp., (U.S. Secured Overnight Financing Rate + 0.920%), 6.26%, 1/12/26 (b) | | | 4,601 | |
607,000 | | Avery Dennison Corp., 0.85%, 8/15/24 | | | 583 | |
1,510,000 | | Ball Corp., 5.25%, 7/01/25 | | | 1,488 | |
1,735,000 | | Baxter International Inc., 0.87%, 12/01/23 | | | 1,728 | |
2,590,000 | | Baxter International Inc., (Secured Overnight Financing Rate + 0.440%), 5.78%, 11/29/24 (b) | | | 2,574 | |
3,385,000 | | BMW U.S. Capital LLC 144A, (Secured Overnight Financing Rate + 0.530%), 5.87%, 4/01/24 (a)(b) | | | 3,387 | |
8,425,000 | | BMW U.S. Capital LLC 144A, 5.30%, 8/11/25 (a) | | | 8,395 | |
5,800,000 | | Boeing Co., 1.43%, 2/04/24 | | | 5,727 | |
3,375,000 | | Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24 | | | 3,358 | |
8,000,000 | | Canadian Pacific Railway Co., 1.59%, 11/24/23 CAD (c) | | | 5,755 | |
8,615,000 | | Caterpillar Financial Services Corp., (U.S. Secured Overnight Financing Rate + 0.520%), 5.86%, 6/13/25 (b) | | | 8,634 | |
Annual Report 13
Payden Limited Maturity Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,550,000 | | CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 | | $ | 1,536 | |
900,000 | | Coty Inc. 144A, 5.00%, 4/15/26 (a) | | | 861 | |
3,000,000 | | Daimler Truck Finance Canada Inc., 1.85%, 12/15/23 CAD (c) | | | 2,154 | |
3,115,000 | | Daimler Truck Finance North America LLC 144A, 1.13%, 12/14/23 (a) | | | 3,098 | |
4,610,000 | | Daimler Truck Finance North America LLC 144A, (U.S. Secured Overnight Financing Rate + 0.750%), 6.09%, 12/13/24 (a)(b) | | | 4,605 | |
3,580,000 | | Daimler Truck Finance North America LLC 144A, 5.20%, 1/17/25 (a) | | | 3,549 | |
1,740,000 | | Element Fleet Management Corp. 144A, 1.60%, 4/06/24 (a) | | | 1,703 | |
2,095,000 | | Ford Motor Credit Co. LLC, 5.58%, 3/18/24 | | | 2,087 | |
1,300,000 | | Ford Motor Credit Co. LLC, 3.66%, 9/08/24 | | | 1,267 | |
1,900,000 | | Ford Motor Credit Co. LLC, 4.06%, 11/01/24 | | | 1,851 | |
1,340,000 | | Ford Motor Credit Co. LLC, 5.13%, 6/16/25 | | | 1,305 | |
3,600,000 | | Ford Motor Credit Co. LLC, (U.S. Secured Overnight Financing Rate + 2.950%), 8.29%, 3/06/26 (b) | | | 3,632 | |
1,550,000 | | Freeport-McMoRan Inc., 4.55%, 11/14/24 | | | 1,519 | |
3,745,000 | | General Motors Financial Co. Inc., 1.05%, 3/08/24 | | | 3,679 | |
4,765,000 | | General Motors Financial Co. Inc., (U.S. Secured Overnight Financing Rate + 0.620%), 5.96%, 10/15/24 (b) | | | 4,753 | |
5,640,000 | | General Motors Financial Co. Inc., (Secured Overnight Financing Rate + 1.300%), 6.64%, 4/07/25 (b) | | | 5,649 | |
1,365,000 | | Genuine Parts Co., 1.75%, 2/01/25 | | | 1,291 | |
645,000 | | Graphic Packaging International LLC, 4.13%, 8/15/24 | | | 630 | |
1,550,000 | | HCA Inc., 5.38%, 2/01/25 | | | 1,534 | |
6,845,000 | | Hewlett Packard Enterprise Co., 5.90%, 10/01/24 | | | 6,834 | |
2,970,000 | | Howmet Aerospace Inc., 5.90%, 2/01/27 | | | 2,932 | |
6,460,000 | | Hyundai Capital America 144A,
0.80%, 1/08/24 (a) | | | 6,396 | |
5,210,000 | | Hyundai Capital America 144A,
5.80%, 6/26/25 (a) | | | 5,181 | |
4,250,000 | | Hyundai Capital America 144A, (U.S. Secured Overnight Financing Rate + 1.150%), 6.49%, 8/04/25 (a)(b) | | | 4,252 | |
1,880,000 | | Hyundai Capital America 144A,
6.25%, 11/03/25 (a) | | | 1,880 | |
2,075,000 | | JDE Peet’s NV 144A, 0.80%, 9/24/24 (a) | | | 1,978 | |
2,750,000 | | John Deere Capital Corp., 4.95%, 6/06/25 | | | 2,732 | |
5,474,000 | | John Deere Financial Inc.,
2.46%, 4/04/24 CAD (c) | | | 3,899 | |
3,025,000 | | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (a) | | | 2,793 | |
5,000,000 | | Mercedes-Benz Finance Canada Inc., 2.97%, 3/13/24 CAD (c) | | | 3,572 | |
3,520,000 | | Mercedes-Benz Finance North America LLC 144A, (U.S. Secured Overnight Financing Rate + 0.930%), 6.27%, 3/30/25 (a)(b) | | | 3,543 | |
6,735,000 | | Mercedes-Benz Finance North America LLC 144A, 5.38%, 8/01/25 (a) | | | 6,712 | |
970,000 | | Meritage Homes Corp., 6.00%, 6/01/25 | | | 952 | |
1,990,000 | | Meritage Homes Corp., 5.13%, 6/06/27 | | | 1,883 | |
7,425,000 | | Microchip Technology Inc., 0.97%, 2/15/24 | | | 7,311 | |
3,620,000 | | Microchip Technology Inc., 0.98%, 9/01/24 | | | 3,469 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
7,640,000 | | Nissan Motor Acceptance Co. LLC 144A, (3 mo. Term Secured Overnight Financing Rate + 0.902%), 6.30%, 3/08/24 (a)(b) | | $ | 7,628 | |
1,550,000 | | Penske Automotive Group Inc., 3.50%, 9/01/25 | | | 1,473 | |
4,525,000 | | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 3.95%, 3/10/25 (a) | | | 4,383 | |
3,000,000 | | PepsiCo Inc., 2.15%, 5/06/24 CAD (c) | | | 2,128 | |
4,910,000 | | PTC Inc. 144A, 3.63%, 2/15/25 (a) | | | 4,738 | |
1,865,000 | | Quanta Services Inc., 0.95%, 10/01/24 | | | 1,777 | |
3,640,000 | | Regal Rexnord Corp. 144A, 6.05%, 2/15/26 (a) | | | 3,581 | |
3,345,000 | | Revvity Inc., 0.85%, 9/15/24 | | | 3,191 | |
3,060,000 | | Sirius XM Radio Inc. 144A, 3.13%, 9/01/26 (a) | | | 2,747 | |
3,025,000 | | Standard Industries Inc. 144A, 5.00%, 2/15/27 (a) | | | 2,799 | |
1,845,000 | | Stryker Corp., 0.60%, 12/01/23 | | | 1,837 | |
143,000 | | Take-Two Interactive Software Inc., 3.30%, 3/28/24 | | | 141 | |
1,550,000 | | Toll Brothers Finance Corp., 4.88%, 11/15/25 | | | 1,507 | |
3,500,000 | | Toyota Credit Canada Inc.,
2.64%, 3/27/24 CAD (c) | | | 2,496 | |
3,035,000 | | Toyota Motor Credit Corp., (U.S. Secured Overnight Financing Rate + 0.750%), 6.06%, 12/11/23 (b) | | | 3,036 | |
4,020,000 | | Toyota Motor Credit Corp., (Secured Overnight Financing Rate + 0.890%), 6.23%, 5/18/26 (b) | | | 4,039 | |
2,985,000 | | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (a) | | | 2,915 | |
1,550,000 | | TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 6/15/24 | | | 1,536 | |
1,880,000 | | United Airlines Inc. 144A, 4.38%, 4/15/26 (a) | | | 1,746 | |
13,150,000 | | United Parcel Service Inc.,
2.13%, 5/21/24 CAD (c) | | | 9,313 | |
3,775,000 | | VMware Inc., 1.00%, 8/15/24 | | | 3,626 | |
10,395,000 | | Volkswagen Group of America Finance LLC 144A, 5.80%, 9/12/25 (a) | | | 10,350 | |
1,610,000 | | Westlake Corp., 0.88%, 8/15/24 | | | 1,545 | |
| | | | | | |
| | | | | 256,879 | |
| | | | | | |
Utility (5%) | | | | |
4,705,000 | | Alexander Funding Trust 144A,
1.84%, 11/15/23 (a) | | | 4,696 | |
1,160,000 | | American Electric Power Co. Inc. M, 0.75%, 11/01/23 | | | 1,160 | |
1,720,000 | | American Electric Power Co. Inc., 2.03%, 3/15/24 | | | 1,691 | |
4,180,000 | | American Electric Power Co. Inc., 5.70%, 8/15/25 | | | 4,147 | |
2,020,000 | | Baker Hughes Holdings LLC/Baker Hughes Co.- Obligor Inc., 1.23%, 12/15/23 | | | 2,009 | |
3,160,000 | | CenterPoint Energy Inc., (Secured Overnight Financing Rate + 0.650%), 5.99%, 5/13/24 (b) | | | 3,159 | |
900,000 | | DPL Inc., 4.13%, 7/01/25 | | | 849 | |
3,375,000 | | Enbridge Inc., (Secured Overnight Financing Rate + 0.630%), 5.97%, 2/16/24 (b) | | | 3,377 | |
6,840,000 | | Energy Transfer LP, 6.05%, 12/01/26 | | | 6,833 | |
1,379,000 | | Entergy Louisiana LLC, 0.62%, 11/17/23 | | | 1,376 | |
858,000 | | EQT Corp., 6.13%, 2/01/25 | | | 856 | |
8,826,000 | | National Grid Electricity Distribution PLC, 3.63%, 11/06/23 GBP (c)(e) | | | 10,724 | |
4,000,000 | | NextEra Energy Capital Holdings Inc., 5.75%, 9/01/25 | | | 3,983 | |
1,550,000 | | NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24 (a) | | | 1,522 | |
3,125,000 | | ONEOK Inc., 5.55%, 11/01/26 | | | 3,088 | |
3,920,000 | | Ovintiv Inc., 5.65%, 5/15/25 | | | 3,900 | |
14 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
4,350,000 | | Phillips 66, 0.90%, 2/15/24 | | $ | 4,283 | |
2,345,000 | | Public Service Enterprise Group Inc., 0.84%, 11/08/23 | | | 2,343 | |
9,500,000 | | Southern Co. 21-A, 0.60%, 2/26/24 | | | 9,342 | |
3,045,000 | | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | | | 2,793 | |
8,905,000 | | TransCanada PipeLines Ltd. FRN, (Secured Overnight Financing Rate + 1.520%), 6.86%, 3/09/26 (b) | | | 8,930 | |
2,000,000 | | Venture Global LNG Inc. 144A,
9.50%, 2/01/29 (a) | | | 2,033 | |
4,480,000 | | Vistra Operations Co. LLC 144A,
4.88%, 5/13/24 (a) | | | 4,435 | |
900,000 | | Vistra Operations Co. LLC 144A,
5.00%, 7/31/27 (a) | | | 824 | |
| | | | | | |
| | | | | 88,353 | |
| | | | | | |
Total Corporate Bond (Cost - $702,920) | | | 696,519 | |
| | | | | | |
Mortgage Backed (6%) | | | | |
3,900,000 | | ACREC LLC 2023-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.230%), 7.56%, 2/19/38 (a)(b) | | | 3,898 | |
2,526,866 | | BDS 2021-FL8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.034%), 6.37%, 1/18/36 (a)(b) | | | 2,505 | |
1,729,722 | | Bellemeade Re Ltd. 2021-3A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 6.32%, 9/25/31 (a)(b) | | | 1,725 | |
1,875,091 | | BX Commercial Mortgage Trust 2019-XL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.034%), 6.37%, 10/15/36 (a)(b) | | | 1,865 | |
4,019,317 | | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 1.044%), 6.38%, 10/15/37 (a)(b) | | | 3,976 | |
7,999,089 | | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.014%), 6.35%, 2/15/38 (a)(b) | | | 7,683 | |
2,500,000 | | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 6.60%, 2/15/38 (a)(b) | | | 2,344 | |
1,248,924 | | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 7.59%, 11/25/39 (a)(b) | | | 1,250 | |
4,086,856 | | Connecticut Avenue Securities Trust 2021- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 6.17%, 12/25/41 (a)(b) | | | 4,064 | |
1,220,740 | | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 6.32%, 12/25/41 (a)(b) | | | 1,213 | |
4,614,959 | | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%),
6.52%, 1/25/42 (a)(b) | | | 4,601 | |
2,881,817 | | Connecticut Avenue Securities Trust 2022- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.750%),
8.07%, 5/25/42 (a)(b) | | | 2,949 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
6,082,570 | | Connecticut Avenue Securities Trust 2023- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%),
7.22%, 6/25/43 (a)(b) | | $ | 6,111 | |
5,279,721 | | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.700%),
7.02%, 7/25/43 (a)(b) | | | 5,284 | |
3,541,190 | | Credit Suisse Mortgage Capital Certificates 2019-ICE4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.277%), 6.61%, 5/15/36 (a)(b) | | | 3,523 | |
436,134 | | Eagle RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.550%), 6.87%, 4/25/34 (a)(b) | | | 436 | |
149,454 | | FHLMC Multifamily Structured Pass-Through Certificates KI06, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.334%), 5.65%, 3/25/25 (b) | | | 149 | |
1,439,461 | | Freddie Mac STACR REMIC Trust 2021-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.750%),
6.07%, 10/25/33 (a)(b) | | | 1,436 | |
3,600,626 | | Freddie Mac STACR REMIC Trust 2021-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.650%),
6.97%, 1/25/34 (a)(b) | | | 3,603 | |
6,151,037 | | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%),
6.17%, 9/25/41 (a)(b) | | | 6,070 | |
3,997,236 | | Freddie Mac STACR REMIC Trust 2022-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%),
6.32%, 1/25/42 (a)(b) | | | 3,969 | |
4,640,807 | | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.300%),
6.62%, 2/25/42 (a)(b) | | | 4,640 | |
4,377,184 | | Freddie Mac STACR REMIC Trust 2022-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%),
7.42%, 3/25/42 (a)(b) | | | 4,414 | |
8,234,435 | | Freddie Mac STACR REMIC Trust 2022-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%),
7.32%, 4/25/42 (a)(b) | | | 8,312 | |
1,734,926 | | Freddie Mac STACR REMIC Trust 2022-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.200%),
7.52%, 5/25/42 (a)(b) | | | 1,758 | |
6,636,642 | | Freddie Mac STACR REMIC Trust 2022-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.150%),
7.47%, 9/25/42 (a)(b) | | | 6,692 | |
5,372,721 | | Freddie Mac STACR REMIC Trust 2020-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.014%),
7.34%, 1/25/50 (a)(b) | | | 5,375 | |
1,337,571 | | Freddie Mac STACR REMIC Trust 2020-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.964%),
7.29%, 2/25/50 (a)(b) | | | 1,349 | |
Annual Report 15
Payden Limited Maturity Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
3,645,537 | | Freddie Mac STACR REMIC Trust 2022-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 7.82%, 3/25/52 (a)(b) | | $ | 3,695 | |
372,420 | | Freddie Mac STACR Trust 2019-FTR2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.064%), 6.39%, 11/25/48 (a)(b) | | | 371 | |
28,435 | | Freddie Mac STACR Trust 2019-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.064%), 7.39%, 10/25/49 (a)(b) | | | 28 | |
2,700,000 | | GS Mortgage Securities Corp. II 2023-SHIP 144A, 4.94%, 9/10/38 (a)(f) | | | 2,576 | |
2,000,000 | | HIG RCP LLC 2023-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.274%), 7.57%, 9/19/38 (a)(b) | | | 1,990 | |
819,222 | | New Residential Mortgage Loan Trust 2017-5A 144A, (1 mo. Term Secured Overnight Financing Rate + 1.614%), 6.94%, 6/25/57 (a)(b) | | | 813 | |
2,421,796 | | Oaktown Re VII Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%),
6.92%, 4/25/34 (a)(b) | | | 2,423 | |
3,950,000 | | ONE Mortgage Trust 2021-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 0.814%), 6.15%, 3/15/36 (a)(b) | | | 3,739 | |
731,240 | | Radnor RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%),
7.17%, 11/25/31 (a)(b) | | | 731 | |
4,750,000 | | Shelter Growth CRE Issuer Ltd. 2023-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.754%),
8.09%, 5/19/38 (a)(b) | | | 4,745 | |
Total Mortgage Backed (Cost - $123,063) | | | 122,305 | |
U.S. Treasury (15%) | | | | |
80,000,000 | | U.S. Treasury Bill, 4.95%, 11/02/23 (d) | | | 79,988 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
30,000,000 | | U.S. Treasury Bill, 5.34%, 11/07/23 (d) | | $ | 29,974 | |
15,000,000 | | U.S. Treasury Bill, 5.37%, 11/21/23 (d) | | | 14,956 | |
5,000,000 | | U.S. Treasury Bill, 0.03%, 12/26/23 (d) | | | 4,959 | |
10,000,000 | | U.S. Treasury Bill, 5.40%, 1/04/24 (d) | | | 9,906 | |
30,000,000 | | U.S. Treasury Bill, 5.37%, 1/18/24 (d) | | | 29,655 | |
50,000,000 | | U.S. Treasury Bill, 5.44%, 2/22/24 (d) | | | 49,167 | |
10,000,000 | | U.S. Treasury Bill, 5.44%, 2/29/24 (d) | | | 9,823 | |
12,000,000 | | U.S. Treasury Bill, 5.44%, 3/14/24 (d) | | | 11,763 | |
10,000,000 | | U.S. Treasury Bill, 5.49%, 4/04/24 (d) | | | 9,771 | |
20,000,000 | | U.S. Treasury Bill, 5.49%, 4/18/24 (d) | | | 19,501 | |
22,000,000 | | U.S. Treasury Bill, 5.47%, 4/25/24 (d) | | | 21,427 | |
Total U.S. Treasury (Cost - $290,892) | | | 290,890 | |
Investment Company (1%) | | | | |
2,909,802 | | Payden Cash Reserves Money Market Fund* | | | 2,910 | |
2,726,002 | | Payden Floating Rate Fund, SI Class* | | | 26,251 | |
Total Investment Company (Cost - $29,910) | | | 29,161 | |
Total Investments (Cost - $1,975,577) (100%) | | | 1,965,813 | |
Liabilities in excess of Other Assets (0%) | | | (5,639 | ) |
Net Assets (100%) | | $ | 1,960,174 | |
| (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 October 31, 2023. |
| (c) | Principal in foreign currency. |
| (d) | Yield to maturity at time of purchase. |
| (e) | Security offered and sold outside the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board. |
| (f) | 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. |
16 Payden Mutual Funds
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | | | | | |
Currency
Purchased (000s) | | Currency Sold (000s) | | Counterparty | | Settlement
Date | | Unrealized Appreciation (Depreciation) (000s) |
Assets: | | | | | | | | | | | | | | | | | | | | |
USD 11,210 | | | | GBP 9,146 | | | | | BNP PARIBAS | | | | | 11/06/2023 | | | | $ | 94 | |
USD 5,993 | | | | CAD 8,064 | | | | | Citibank, N.A. | | | | | 11/24/2023 | | | | | 176 | |
USD 2,665 | | | | CAD 3,546 | | | | | Citibank, N.A. | | | | | 03/27/2024 | | | | | 102 | |
USD 8,419 | | | | CAD 11,268 | | | | | Citibank, N.A. | | | | | 05/21/2024 | | | | | 266 | |
USD 2,264 | | | | CAD 3,028 | | | |
| HSBC Bank
USA, N.A. |
| | | | 12/15/2023 | | | | | 79 | |
USD 5,483 | | | | CAD 7,405 | | | |
| HSBC Bank
USA, N.A. |
| | | | 02/07/2024 | | | | | 133 | |
USD 3,866 | | | | CAD 5,074 | | | |
| HSBC Bank
USA, N.A. |
| | | | 03/13/2024 | | | | | 199 | |
USD 3,362 | | | | CAD 4,536 | | | |
| HSBC Bank
USA, N.A. |
| | | | 03/18/2024 | | | | | 84 | |
USD 4,100 | | | | CAD 5,541 | | | |
| HSBC Bank
USA, N.A. |
| | | | 04/04/2024 | | | | | 93 | |
USD 3,847 | | | | CAD 5,073 | | | |
| HSBC Bank
USA, N.A. |
| | | | 04/25/2024 | | | | | 177 | |
USD 2,279 | | | | CAD 3,032 | | | |
| HSBC Bank
USA, N.A. |
| | | | 05/06/2024 | | | | | 85 | |
USD 1,519 | | | | CAD 2,021 | | | |
| HSBC Bank
USA, N.A. |
| | | | 05/21/2024 | | | | | 56 | |
USD 6,424 | | | | GBP 5,180 | | | |
| State Street
Bank & Trust
Co. |
| | | | 11/15/2023 | | | | | 128 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,672 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
CAD 1,458 | | | | USD 1,072 | | | |
| HSBC Bank
USA, N.A. |
| | | | 03/18/2024 | | | | | (18 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net Unrealized Appreciation (Depreciation) | | | | $ | 1,654 | |
| | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 17
| | | | | | |
| | The Fund seeks a high level of total return that is consistent with preservation of capital. | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its investor class, except for class specific expenses & waivers. |
| | Portfolio Composition - percent of investments |
| | Corporate Bond | | 35% |
| | U.S. Treasury | | 27% |
| | Asset Backed | | 25% |
| | Mortgage Backed | | 9% |
| | Commercial Paper | | 1% |
| | Other | | 3% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | This information is not part of the audited financial statements. |
| | | | | | |
Schedule of Investments - October 31, 2023 | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| |
Asset Backed (24%) | | | | |
444,245 | | BDS Ltd. 2020-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 6.60%, 2/16/37 (a)(b) | | $ | 442 | |
8,862,086 | | Bristol Park CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.252%), 6.65%, 4/15/29 (a)(b) | | | 8,832 | |
10,471,486 | | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 6.60%, 8/19/38 (a)(b) | | | 10,201 | |
4,000,000 | | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 7.59%, 9/15/35 (a)(b) | | | 3,987 | |
1,342,677 | | CARS-DB4 LP 2020-1A 144A,
2.69%, 2/15/50 (a) | | | 1,275 | |
8,578,759 | | CARS-DB5 LP 2021-1A 144A,
1.44%, 8/15/51 (a) | | | 7,495 | |
146,394 | | CLNC Ltd. 2019-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.364%), 6.70%, 8/20/35 (a)(b) | | | 144 | |
5,100,000 | | Dell Equipment Finance Trust 2023-1 144A, 5.65%, 9/22/28 (a) | | | 5,065 | |
15,133,956 | | Dewolf Park CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.182%), 6.58%, 10/15/30 (a)(b) | | | 15,066 | |
7,500,000 | | Diamond Infrastructure Funding LLC 2021-1A 144A, 1.76%, 4/15/49 (a) | | | 6,397 | |
7,650,000 | | Diamond Issuer 2021-1A 144A, 2.31%, 11/20/51 (a) | | | 6,508 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,698,138 | | Drive Auto Receivables Trust 2021-3, 1.11%, 5/15/26 | | $ | 1,691 | |
11,300,000 | | Enterprise Fleet Financing LLC 2023-1 144A, 5.51%, 1/22/29 (a) | | | 11,200 | |
2,000,000 | | Flagship Credit Auto Trust 2021-3 144A,
0.95%, 7/15/27 (a) | | | 1,907 | |
5,250,000 | | Flexential Issuer 2021-1A 144A,
3.25%, 11/27/51 (a) | | | 4,555 | |
1,325,137 | | Greystone CRE Notes Ltd. 2019-FL2 144A, (1 mo. LIBOR USD + 1.180%),
6.63%, 9/15/37 (a)(b) | | | 1,317 | |
3,750,000 | | Greystone CRE Notes Ltd. 2021-HC2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 7.25%, 12/15/39 (a)(b) | | | 3,686 | |
9,800,000 | | HPEFS Equipment Trust 2023-1A 144A,
5.41%, 2/22/28 (a) | | | 9,714 | |
116,431 | | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 0.97%, 12/26/28 (a) | | | 113 | |
7,215,712 | | LCCM Trust 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.65%, 12/13/38 (a)(b) | | | 6,943 | |
5,300,000 | | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.414%), 6.75%, 7/15/36 (a)(b) | | | 5,248 | |
14,546,168 | | Madison Park Funding XXV Ltd. 2017-25A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.232%),
6.61%, 4/25/29 (a)(b) | | | 14,497 | |
1,532,619 | | Navient Private Education Refi Loan Trust 2020- HA 144A, 1.31%, 1/15/69 (a) | | | 1,381 | |
18 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
5,143,163 | | Navient Private Education Refi Loan Trust 2021- FA 144A, 1.11%, 2/18/70 (a) | | $ | 4,249 | |
5,475,583 | | Navient Private Education Refi Loan Trust 2022- A 144A, 2.23%, 7/15/70 (a) | | | 4,695 | |
8,304,942 | | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 1.85%, 11/20/50 (a) | | | 7,372 | |
12,706,148 | | Octagon Investment Partners 32 Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.212%),
6.61%, 7/15/29 (a)(b) | | | 12,675 | |
6,500,000 | | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | | | 6,352 | |
8,400,000 | | OneMain Financial Issuance Trust 2021-1A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.760%),
6.08%, 6/16/36 (a)(b) | | | 8,201 | |
4,350,000 | | OneMain Financial Issuance Trust 2023-2A 144A, 5.84%, 9/15/36 (a) | | | 4,272 | |
1,960,264 | | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | | | 1,936 | |
1,622,593 | | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 5.92%, 8/16/32 (a) | | | 1,614 | |
1,189,901 | | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 6.79%, 8/16/32 (a) | | | 1,185 | |
646,508 | | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | | | 630 | |
3,197,816 | | Santander Drive Auto Receivables Trust 2022-3, 3.40%, 12/15/26 | | | 3,168 | |
5,200,000 | | Santander Drive Auto Receivables Trust 2023-4, 5.73%, 4/17/28 | | | 5,176 | |
3,741,363 | | SoFi Professional Loan Program Trust 2021-A 144A, 1.03%, 8/17/43 (a) | | | 3,082 | |
6,157,969 | | SoFi Professional Loan Program Trust 2021-B 144A, 1.14%, 2/15/47 (a) | | | 5,007 | |
1,737,022 | | Stack Infrastructure Issuer LLC 2019-1A 144A, 4.54%, 2/25/44 (a) | | | 1,723 | |
4,410,000 | | Stack Infrastructure Issuer LLC 2020-1A 144A, 1.89%, 8/25/45 (a) | | | 4,014 | |
2,400,000 | | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (a) | | | 2,134 | |
2,165,910 | | STWD Ltd. 2019-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.194%), 6.53%, 7/15/38 (a)(b) | | | 2,137 | |
4,598,438 | | Taco Bell Funding LLC 2016-1A 144A,
4.97%, 5/25/46 (a) | | | 4,430 | |
12,188,819 | | TCI-Symphony CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.192%), 6.59%, 7/15/30 (a)(b) | | | 12,129 | |
4,800,000 | | TierPoint Issuer LLC 2023-1A 144A,
6.00%, 6/25/53 (a) | | | 4,578 | |
2,347,917 | | Vantage Data Centers Issuer LLC 2019-1A 144A, 3.19%, 7/15/44 (a) | | | 2,287 | |
6,550,000 | | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (a) | | | 5,938 | |
1,245,919 | | Westlake Automobile Receivables Trust 2020- 1A 144A, 2.80%, 6/16/25 (a) | | | 1,240 | |
2,000,000 | | Westlake Automobile Receivables Trust 2021- 3A 144A, 2.12%, 1/15/27 (a) | | | 1,871 | |
10,000,000 | | Westlake Automobile Receivables Trust 2023- 2A 144A, 5.80%, 2/16/27 (a) | | | 9,957 | |
4,432,500 | | Wingstop Funding LLC 2020-1A 144A,
2.84%, 12/05/50 (a) | | | 3,829 | |
| | | | | | |
Total Asset Backed (Cost - $265,800) | | | 253,545 | |
| | | | | | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
Commercial Paper(c) (1%) | | | | |
5,000,000 | | Hyundai Capital America, 5.45%, 11/01/23 | | $ | 4,999 | |
8,000,000 | | Nutrien Ltd., 5.74%, 12/11/23 | | | 7,949 | |
| | | | | | |
Total Commercial Paper (Cost - $12,950) | | | 12,948 | |
| | | | | | |
Corporate Bond (35%) | | | | |
Financial (18%) | | | | |
2,400,000 | | 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) | | | 2,375 | |
5,110,000 | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24 | | | 4,874 | |
2,190,000 | | Air Lease Corp., 0.80%, 8/18/24 | | | 2,094 | |
1,890,000 | | Ally Financial Inc., 3.88%, 5/21/24 | | | 1,859 | |
2,230,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.330%), 6.34%, 10/30/26 (b) | | | 2,237 | |
5,650,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 0.970%), 5.39%, 7/28/27 (b) | | | 5,535 | |
1,980,000 | | Aviation Capital Group LLC 144A,
4.38%, 1/30/24 (a) | | | 1,968 | |
6,680,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 0.690%),
0.98%, 4/22/25 (b) | | | 6,498 | |
7,770,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 0.650%),
1.53%, 12/06/25 (b) | | | 7,339 | |
4,995,000 | | Banque Federative du Credit Mutuel SA 144A, 5.90%, 7/13/26 (a) | | | 4,947 | |
3,610,000 | | Barclays PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.800%), 1.01%, 12/10/24 (b) | | | 3,587 | |
1,690,000 | | Blackstone Private Credit Fund, 1.75%, 9/15/24 | | | 1,617 | |
2,160,000 | | Blue Owl Capital Corp., 4.25%, 1/15/26 | | | 2,014 | |
1,520,000 | | Blue Owl Technology Finance Corp. 144A, 3.75%, 6/17/26 (a) | | | 1,347 | |
3,245,000 | | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 2.100%),
5.98%, 1/18/27 (a)(b) | | | 3,194 | |
1,430,000 | | Brighthouse Financial Global Funding 144A,
1.00%, 4/12/24 (a) | | | 1,398 | |
5,665,000 | | Brighthouse Financial Global Funding 144A,
1.75%, 1/13/25 (a) | | | 5,362 | |
1,700,000 | | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.440%),
7.15%, 10/29/27 (b) | | | 1,701 | |
1,540,000 | | Citizens Bank N.A., (U.S. Secured Overnight Financing Rate + 1.450%),
6.06%, 10/24/25 (b) | | | 1,473 | |
5,605,000 | | Credit Agricole SA 144A,
5.59%, 7/05/26 (a) | | | 5,546 | |
1,555,000 | | Enact Holdings Inc. 144A, 6.50%, 8/15/25 (a) | | | 1,529 | |
8,005,000 | | F&G Global Funding 144A,
0.90%, 9/20/24 (a) | | | 7,594 | |
2,030,000 | | First-Citizens Bank & Trust Co., (3 mo. Term Secured Overnight Financing Rate + 1.715%), | | | | |
| | 2.97%, 9/27/25 (b) | | | 1,943 | |
3,980,000 | | FS KKR Capital Corp. 144A,
4.25%, 2/14/25 (a) | | | 3,821 | |
1,380,000 | | goeasy Ltd. 144A, 5.38%, 12/01/24 (a) | | | 1,354 | |
3,600,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 0.609%), 0.86%, 2/12/26 (b) | | | 3,340 | |
4,655,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.075%),
5.80%, 8/10/26 (b) | | | 4,609 | |
2,460,000 | | Golub Capital BDC Inc., 3.38%, 4/15/24 | | | 2,422 | |
2,050,000 | | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.75%, 9/15/24 | | | 1,968 | |
1,315,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.980%),
3.85%, 6/14/25 (b) | | | 1,295 | |
Annual Report 19
Payden Low Duration Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
3,540,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.320%), 4.08%, 4/26/26 (b) | | $ | 3,432 | |
1,220,000 | | KeyBank N.A., 4.70%, 1/26/26 | | | 1,133 | |
615,000 | | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A, 4.25%, 2/01/27 (a) | | | 538 | |
3,415,000 | | Macquarie Group Ltd. 144A, (U.S. Secured Overnight Financing Rate + 0.694%), 1.20%, 10/14/25 (a)(b) | | | 3,249 | |
6,245,000 | | Manufacturers & Traders Trust Co., 4.65%, 1/27/26 | | | 5,899 | |
12,090,000 | | Mitsubishi UFJ Financial Group Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.550%), 0.95%, 7/19/25 (b) | | | 11,630 | |
4,950,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 0.525%), 0.79%, 5/30/25 (b) | | | 4,775 | |
3,435,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.152%), 2.72%, 7/22/25 (b) | | | 3,343 | |
2,230,000 | | Morgan Stanley I, (U.S. Secured Overnight Financing Rate + 0.745%), 0.86%, 10/21/25 (b) | | | 2,106 | |
6,205,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 0.560%), 1.16%, 10/21/25 (b) | | | 5,871 | |
2,905,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.770%), 6.14%, 10/16/26 (b) | | | 2,898 | |
570,000 | | Nasdaq Inc., 5.65%, 6/28/25 | | | 568 | |
1,790,000 | | National Rural Utilities Cooperative Finance Corp., 4.45%, 3/13/26 | | | 1,745 | |
1,440,000 | | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (b) | | | 1,416 | |
1,615,000 | | Navient Corp., 5.00%, 3/15/27 | | | 1,420 | |
1,560,000 | | OneMain Finance Corp., 7.13%, 3/15/26 | | | 1,517 | |
615,000 | | PRA Group Inc. 144A, 7.38%, 9/01/25 (a) | | | 576 | |
1,380,000 | | Radian Group Inc., 6.63%, 3/15/25 | | | 1,368 | |
3,350,000 | | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | | | 2,920 | |
2,850,000 | | SBA Tower Trust 144A, 1.88%, 1/15/26 (a) | | | 2,585 | |
3,800,000 | | SBA Tower Trust 144A, 1.63%, 11/15/26 (a) | | | 3,293 | |
1,570,000 | | Starwood Property Trust Inc., 4.75%, 3/15/25 | | | 1,504 | |
6,385,000 | | Sumitomo Mitsui Financial Group Inc.,
5.46%, 1/13/26 | | | 6,302 | |
2,240,000 | | UBS Group AG 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.600%), 6.33%, 12/22/27 (a)(b) | | | 2,218 | |
1,700,000 | | VICI Properties LP/VICI Note Co. Inc. 144A, 3.50%, 2/15/25 (a) | | | 1,623 | |
5,365,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.320%), 3.91%, 4/25/26 (b) | | | 5,174 | |
3,525,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.560%), 4.54%, 8/15/26 (b) | | | 3,417 | |
615,000 | | XHR LP 144A, 6.38%, 8/15/25 (a) | | | 597 | |
| | | | | 179,957 | |
Industrial (11%) | | | | |
1,595,000 | | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (a) | | | 1,475 | |
1,550,000 | | Allison Transmission Inc. 144A,
4.75%, 10/01/27 (a) | | | 1,415 | |
1,490,000 | | American Airlines Inc. 144A,
11.75%, 7/15/25 (a) | | | 1,581 | |
1,735,000 | | AutoZone Inc., 5.05%, 7/15/26 | | | 1,706 | |
1,550,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (a) | | | 1,429 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,380,000 | | CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 | | $ | 1,368 | |
3,190,000 | | CommonSpirit Health, 6.07%, 11/01/27 | | | 3,182 | |
3,710,000 | | Concentrix Corp., 6.65%, 8/02/26 | | | 3,688 | |
960,000 | | CVS Health Corp., 5.00%, 2/20/26 | | | 942 | |
3,345,000 | | Element Fleet Management Corp. 144A,
1.60%, 4/06/24 (a) | | | 3,273 | |
5,450,000 | | Ford Motor Credit Co. LLC, 2.30%, 2/10/25 | | | 5,152 | |
2,665,000 | | Ford Motor Credit Co. LLC, 5.13%, 6/16/25 | | | 2,596 | |
1,380,000 | | Freeport-McMoRan Inc., 4.55%, 11/14/24 | | | 1,352 | |
1,805,000 | | GE HealthCare Technologies Inc., 5.55%, 11/15/24 | | | 1,797 | |
7,250,000 | | GE HealthCare Technologies Inc., 5.60%, 11/15/25 | | | 7,212 | |
3,860,000 | | General Motors Financial Co. Inc., 1.20%, 10/15/24 | | | 3,677 | |
2,065,000 | | General Motors Financial Co. Inc., 5.40%, 4/06/26 | | | 2,021 | |
1,785,000 | | Genting New York LLC/GENNY Capital Inc. 144A, 3.30%, 2/15/26 (a) | | | 1,593 | |
580,000 | | Graphic Packaging International LLC, 4.13%, 8/15/24 | | | 566 | |
1,380,000 | | HCA Inc., 5.38%, 2/01/25 | | | 1,366 | |
1,550,000 | | Howmet Aerospace Inc., 5.90%, 2/01/27 | | | 1,530 | |
1,000,000 | | Hyundai Capital America 144A,
0.88%, 6/14/24 (a) | | | 968 | |
3,675,000 | | Hyundai Capital America 144A,
1.00%, 9/17/24 (a) | | | 3,512 | |
985,000 | | Hyundai Capital America 144A,
6.25%, 11/03/25 (a) | | | 985 | |
6,240,000 | | Hyundai Capital America 144A,
5.65%, 6/26/26 (a) | | | 6,160 | |
1,550,000 | | Match Group Holdings II LLC 144A,
5.00%, 12/15/27 (a) | | | 1,431 | |
4,950,000 | | Mercedes-Benz Finance North America LLC 144A, 4.80%, 3/30/26 (a) | | | 4,850 | |
864,000 | | Meritage Homes Corp., 6.00%, 6/01/25 | | | 848 | |
680,000 | | Meritage Homes Corp., 5.13%, 6/06/27 | | | 643 | |
3,810,000 | | NBN Co. Ltd. 144A, 0.88%, 10/08/24 (a) | | | 3,633 | |
6,545,000 | | Nissan Motor Acceptance Co. LLC 144A, 1.05%, 3/08/24 (a) | | | 6,422 | |
1,000,000 | | Nordstrom Inc., 2.30%, 4/08/24 | | | 979 | |
1,380,000 | | Penske Automotive Group Inc., 3.50%, 9/01/25 | | | 1,311 | |
1,550,000 | | PTC Inc. 144A, 3.63%, 2/15/25 (a) | | | 1,496 | |
2,610,000 | | Qorvo Inc. 144A, 1.75%, 12/15/24 (a) | | | 2,470 | |
1,655,000 | | Quanta Services Inc., 0.95%, 10/01/24 | | | 1,577 | |
2,945,000 | | Regal Rexnord Corp. 144A, 6.05%, 2/15/26 (a) | | | 2,898 | |
5,225,000 | | Renesas Electronics Corp. 144A,
1.54%, 11/26/24 (a) | | | 4,953 | |
1,550,000 | | Sirius XM Radio Inc. 144A, 3.13%, 9/01/26 (a) | | | 1,392 | |
1,550,000 | | Standard Industries Inc. 144A, 5.00%, 2/15/27 (a) | | | 1,434 | |
8,400,000 | | Suntory Holdings Ltd. 144A, 2.25%, 10/16/24 (a) | | | 8,093 | |
667,000 | | Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24 | | | 663 | |
865,000 | | T-Mobile USA Inc., 2.25%, 2/15/26 | | | 796 | |
1,380,000 | | Toll Brothers Finance Corp., 4.88%, 11/15/25 | | | 1,341 | |
1,565,000 | | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (a) | | | 1,528 | |
1,380,000 | | TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 6/15/24 | | | 1,368 | |
1,605,000 | | Volkswagen Group of America Finance LLC 144A, 3.95%, 6/06/25 (a) | | | 1,555 | |
20 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
4,590,000 | | Volkswagen Group of America Finance LLC 144A, 5.70%, 9/12/26 (a) | | $ | 4,551 | |
1,340,000 | | Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25 | | | 1,276 | |
| | | | | | |
| | | | | 118,054 | |
| | | | | | |
Utility (6%) | | | | |
3,725,000 | | Aker BP ASA 144A,
2.88%, 1/15/26 (a) | | | 3,462 | |
5,835,000 | | Alexander Funding Trust 144A,
1.84%, 11/15/23 (a) | | | 5,823 | |
2,800,000 | | American Electric Power Co. Inc.,
5.70%, 8/15/25 | | | 2,778 | |
2,755,467 | | Brazos Securitization LLC 144A,
5.01%, 9/01/31 (a) | | | 2,607 | |
1,430,000 | | Civitas Resources Inc. 144A,
8.38%, 7/01/28 (a) | | | 1,441 | |
3,585,000 | | Energy Transfer LP, 6.05%, 12/01/26 | | | 3,581 | |
764,000 | | EQT Corp., 6.13%, 2/01/25 | | | 762 | |
2,645,000 | | NextEra Energy Capital Holdings Inc., 6.05%, 3/01/25 | | | 2,644 | |
2,445,000 | | NextEra Energy Capital Holdings Inc., 5.75%, 9/01/25 | | | 2,434 | |
3,195,000 | | NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24 (a) | | | 3,136 | |
1,930,000 | | ONEOK Inc., 5.55%, 11/01/26 | | | 1,907 | |
2,805,000 | | Ovintiv Inc., 5.65%, 5/15/25 | | | 2,791 | |
4,000,000 | | Plains All American Pipeline LP/PAA Finance Corp., 3.60%, 11/01/24 | | | 3,902 | |
2,300,000 | | Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 | | | 2,193 | |
1,391,000 | | Sabine Pass Liquefaction LLC, 5.75%, 5/15/24 | | | 1,389 | |
2,120,000 | | Saudi Arabian Oil Co. 144A, 1.25%, 11/24/23 (a) | | | 2,114 | |
1,550,000 | | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | | | 1,422 | |
5,830,000 | | TransCanada PipeLines Ltd., 6.20%, 3/09/26 | | | 5,828 | |
1,550,000 | | Var Energi ASA 144A, 7.50%, 1/15/28 (a) | | | 1,589 | |
1,000,000 | | Venture Global LNG Inc. 144A,
9.50%, 2/01/29 (a) | | | 1,017 | |
1,415,000 | | Vistra Operations Co. LLC 144A,
4.88%, 5/13/24 (a) | | | 1,401 | |
3,800,000 | | Vistra Operations Co. LLC 144A,
3.55%, 7/15/24 (a) | | | 3,707 | |
1,080,000 | | Williams Cos. Inc., 5.40%, 3/02/26 | | | 1,068 | |
| | | | | | |
| | | | | 58,996 | |
| | | | | | |
Total Corporate Bond (Cost - $367,967) | | | 357,007 | |
| | | | | | |
Mortgage Backed (9%) | | | | |
1,533,162 | | Bellemeade Re Ltd. 2021-3A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 6.32%, 9/25/31 (a)(b) | | | 1,529 | |
119,895,158 | | Benchmark Mortgage Trust 2018-B6, 0.40%, 10/10/51 (d) | | | 1,480 | |
2,567,000 | | BX Commercial Mortgage Trust 2019-XL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.194%), 6.53%, 10/15/36 (a)(b) | | | 2,545 | |
4,781,000 | | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 1.244%), 6.58%, 10/15/37 (a)(b) | | | 4,697 | |
4,550,000 | | BX Trust 2021-ARIA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.014%), 6.35%, 10/15/36 (a)(b) | | | 4,408 | |
7,050,000 | | BXMT Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.164%), 6.50%, 5/15/38 (a)(b) | | | 6,730 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
22,164,143 | | Cantor Commercial Real Estate Lending 2019- CF1, 1.13%, 5/15/52 (d) | | $ | 905 | |
42,616,564 | | Citigroup Commercial Mortgage Trust 2018-C6, 0.76%, 11/10/51 (d) | | | 1,294 | |
47,731 | | Connecticut Avenue Securities Trust 2019- R07 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.214%),
7.54%, 10/25/39 (a)(b) | | | 48 | |
2,421,539 | | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%),
7.59%, 11/25/39 (a)(b) | | | 2,423 | |
324,162 | | Connecticut Avenue Securities Trust 2020- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.164%),
7.49%, 1/25/40 (a)(b) | | | 328 | |
900,000 | | Connecticut Avenue Securities Trust 2020- SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%),
9.09%, 2/25/40 (a)(b) | | | 939 | |
2,451,639 | | Connecticut Avenue Securities Trust 2022- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.550%),
7.87%, 7/25/42 (a)(b) | | | 2,494 | |
2,852,902 | | Credit Suisse Mortgage Capital Certificates 2019-ICE4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.277%), 6.61%, 5/15/36 (a)(b) | | | 2,838 | |
391,212 | | Eagle RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.550%), 6.87%, 4/25/34 (a)(b) | | | 391 | |
13,150,000 | | Fannie Mae Connecticut Avenue Securities 2021- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 7.32%, 11/25/41 (a)(b) | | | 12,925 | |
13,294,577 | | FHLMC Multifamily Structured Pass-Through Certificates K727, 2.95%, 7/25/24 | | | 13,071 | |
7,583,342 | | Freddie Mac REMIC 5057, 1.00%, 4/15/54 | | | 6,632 | |
1,696,329 | | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%),
6.17%, 9/25/41 (a)(b) | | | 1,674 | |
251,417 | | Freddie Mac STACR REMIC Trust 2020-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.814%),
7.14%, 1/25/50 (a)(b) | | | 252 | |
433,352 | | Freddie Mac STACR REMIC Trust 2020-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.014%),
7.34%, 1/25/50 (a)(b) | | | 433 | |
346,275 | | Freddie Mac STACR REMIC Trust 2020-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.964%),
7.29%, 2/25/50 (a)(b) | | | 349 | |
400,751 | | Freddie Mac STACR REMIC Trust 2020-HQA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.214%),
8.54%, 3/25/50 (a)(b) | | | 415 | |
56,109 | | Freddie Mac STACR Trust 2019-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.064%),
7.39%, 10/25/49 (a)(b) | | | 56 | |
Annual Report 21
Payden Low Duration Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
2,333,133 | | New Residential Mortgage Loan Trust 2017-1A 144A, 4.00%, 2/25/57 (a)(d) | | $ | 2,146 | |
1,744,891 | | New Residential Mortgage Loan Trust 2017-3A 144A, 4.00%, 4/25/57 (a)(d) | | | 1,605 | |
1,512,676 | | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (a)(d) | | | 1,367 | |
2,168,772 | | Oaktown Re VII Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%),
6.92%, 4/25/34 (a)(b) | | | 2,170 | |
6,450,000 | | ONE Mortgage Trust 2021-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 0.814%), 6.15%, 3/15/36 (a)(b) | | | 6,105 | |
4,004,210 | | Provident Funding Mortgage Trust 2020-F1 144A, 2.00%, 1/25/36 (a)(d) | | | 3,298 | |
635,024 | | Radnor RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 7.17%, 11/25/31 (a)(b) | | | 635 | |
3,100,000 | | Shelter Growth CRE Issuer Ltd. 2023-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.754%),
8.09%, 5/19/38 (a)(b) | | | 3,097 | |
| | | | | | |
Total Mortgage Backed (Cost - $95,060) | | | 89,279 | |
| | | | | | |
Municipal (1%) | | | | |
3,000,000 | | California Earthquake Authority A, 5.60%, 7/01/27 | | | 2,969 | |
10,570,000 | | Texas Natural Gas Securitization Finance Corp., 5.10%, 4/01/35 | | | 10,239 | |
| | | | | | |
Total Municipal (Cost - $13,570) | | | 13,208 | |
| | | | | | |
U.S. Government Agency (1%) | | | | |
11,730,000 | | FHLB, 5.00%, 2/28/25 (Cost - $11,715) | | | 11,675 | |
| | | | | | |
U.S. Treasury (27%) | | | | |
15,615,000 | | U.S. Treasury Bill, 5.48%, 3/28/24 (c) | | | 15,274 | |
11,000,000 | | U.S. Treasury Bill, 5.55%, 4/11/24 (c) | | | 10,737 | |
8,610,000 | | U.S. Treasury Note, 3.00%, 7/15/25 | | | 8,309 | |
18,015,000 | | U.S. Treasury Note, 5.00%, 9/30/25 | | | 17,983 | |
36,067,000 | | U.S. Treasury Note, 4.00%, 2/15/26 | | | 35,288 | |
41,261,000 | | U.S. Treasury Note, 3.75%, 4/15/26 | | | 40,107 | |
150,253,000 | | U.S. Treasury Note, 4.38%, 8/15/26 | | | 148,117 | |
| | | | | | |
Total U.S. Treasury (Cost - $278,825) | | | 275,815 | |
| | | | | | |
Investment Company (1%) | | | | |
8,117,115 | | Payden Cash Reserves Money Market Fund * (Cost - $8,117) | | | 8,117 | |
| | | | | | |
Total Investments (Cost - $1,054,004) (99%) | | | 1,021,594 | |
Other Assets, net of Liabilities (1%) | | | 7,521 | |
Net Assets (100%) | | $ | 1,029,115 | |
| (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 October 31, 2023. |
| (c) | Yield to maturity at time of purchase. |
| (d) | 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. |
22 Payden Mutual Funds
Open Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Contract Type | | Number of
Contracts | | Expiration Date | | Notional Amount (000s) | | Current Value (000s) | | Unrealized Appreciation (Depreciation) (000s) |
Long Contracts: | | | | | | | | | | | | | | | | | | | | | |
| 90 Day SOFR Future | | | | 664 | | | | | Dec-23 | | | | $ | 157,119 | | | | $ | (957 | ) | | | $ | (957 | ) |
| U.S. Treasury 2-Year Note Future | | | | 948 | | | | | Dec-23 | | | | | 191,896 | | | | | (804 | ) | | | | (804 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | (1,761 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Short Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury 5-Year Note Future | | | | 468 | | | | | Dec-23 | | | | | (48,895 | ) | | | | 836 | | | | | 836 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures | | | | | | | | | | | | | | | | | | | | | | | $ | (925 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 23
Payden U.S. Government Fund
| | | | | | |
| | The Fund seeks a high level of total return that is consistent with preservation of capital. | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. |
| | Portfolio Composition - percent of investments |
| | U.S. Treasury | | 51% |
| | Mortgage Backed | | 46% |
| | Investment Company | | 2% |
| | U.S. Government Agency | | 1% |
| | | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | This information is not part of the audited financial statements. |
| | | | | | |
Schedule of Investments - October 31, 2023 | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| |
Mortgage Backed (45%) | | | | |
556,733 | | FG C91912 20YR, 3.00%, 2/01/37 | | $ | 484 | |
20,366 | | FH 2B0709 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.750%), 6.00%, 8/01/42 (a) | | | 20 | |
79,312 | | FH 2B0972 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.770%), 4.49%, 11/01/42 (a) | | | 79 | |
175,107 | | FH 2B4763 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.620%), 5.87%, 10/01/45 (a) | | | 176 | |
41,737 | | FH 849486 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.870%), 5.54%, 8/01/41 (a) | | | 43 | |
193,113 | | FH 849506 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.607%), 5.45%, 11/01/44 (a) | | | 195 | |
808,556 | | FH 8C0092 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 1.54%, 8/01/51 (a) | | | 698 | |
898,252 | | FH 8C0312 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 4.43%, 7/01/52 (a) | | | 848 | |
650,000 | | FHLMC Multifamily Structured Pass-Through Certificates K728, 3.13%, 8/25/24 (b) | | | 635 | |
| | | | | | |
| | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
896,519 | | FHLMC Multifamily Structured Pass-Through Certificates K045, 3.02%, 1/25/25 | | $ | 867 | |
8,104 | | FHLMC Multifamily Structured Pass-Through Certificates KI06, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.334%), 5.65%, 3/25/25 (a) | | | 8 | |
1,200,000 | | FHLMC Multifamily Structured Pass-Through Certificates K505, 4.82%, 6/25/28 | | | 1,168 | |
602,901 | | FHLMC Multifamily Structured Pass-Through Certificates Q013, 1.60%, 5/25/50 (b) | | | 577 | |
46,524 | | FN AI4019 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.750%), 6.00%, 7/01/41 (a) | | | 47 | |
60,094 | | FN AL5596 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.557%), 3.99%, 2/01/44 (a) | | | 61 | |
105,049 | | FN AL5790 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.566%), 5.65%, 10/01/44 (a) | | | 105 | |
100,459 | | FN AL5967 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.576%), 4.96%, 11/01/44 (a) | | | 101 | |
159,344 | | FN AL7648 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.588%), 6.94%, 10/01/45 (a) | | | 163 | |
353,396 | | FN AS4186 15YR, 2.50%, 1/01/30 | | | 330 | |
24 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
188,259 | | FN AS6443 15YR, 3.00%, 12/01/30 | | $ | 176 | |
356,004 | | FN AS8013 15YR, 2.50%, 9/01/31 | | | 327 | |
60,208 | | FN AU6974 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.580%), 3.83%, 11/01/43 (a) | | | 61 | |
145,836 | | FN AU8673 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.530%), 4.03%, 2/01/44 (a) | | | 147 | |
170,214 | | FN AZ2886 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.600%), 7.34%, 9/01/45 (a) | | | 172 | |
285,500 | | FN AZ4380 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.590%), 5.84%, 8/01/45 (a) | | | 289 | |
261,499 | | FN BD2473 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.620%), 2.35%, 1/01/47 (a) | | | 263 | |
372,444 | | FN BM4153 15YR, 3.00%, 6/01/33 | | | 346 | |
1,421,971 | | FN BM7166 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.341%), 5.20%, 3/01/53 (a) | | | 1,378 | |
441,048 | | FN BP6814 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.610%), 2.27%, 5/01/50 (a) | | | 382 | |
774,064 | | FN BR9966 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.610%), 1.92%, 5/01/51 (a) | | | 648 | |
867,310 | | FN BV2462 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 3.80%, 6/01/52 (a) | | | 806 | |
909,275 | | FN CB5106 30YR, 5.00%, 11/01/52 | | | 840 | |
1,290,817 | | FN FS2395 15YR, 3.50%, 7/01/37 | | | 1,182 | |
1,258,017 | | FN MA4694 15YR, 3.50%, 8/01/37 | | | 1,150 | |
939,631 | | FN MA4785 30YR, 5.00%, 10/01/52 | | | 868 | |
1,908,864 | | FN MA4868 30YR, 5.00%, 1/01/53 | | | 1,762 | |
970,283 | | FN MA5110 15YR, 5.00%, 8/01/38 | | | 937 | |
75,269 | | FNR FA 2002-10, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.864%), 6.19%, 2/25/32 (a) | | | 75 | |
844,508 | | FR SB8192 15YR, 5.00%, 10/01/37 | | | 815 | |
1,823,191 | | FR SB8206 15YR, 5.00%, 1/01/38 | | | 1,762 | |
887,555 | | FR SD8279 30YR, 6.00%, 11/01/52 | | | 869 | |
943,712 | | FR SD8308 30YR, 5.50%, 3/01/53 | | | 896 | |
842,958 | | FRESB Mortgage Trust 2021-SB83, 0.63%, 1/25/26 (b) | | | 764 | |
496,862 | | FRESB Mortgage Trust 2019-SB59, 3.47%, 1/25/29 (b) | | | 456 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
979,683 | | FRESB Mortgage Trust 2020-SB79, 0.80%, 7/25/40 (a) | | $ | 897 | |
315,100 | | G2 778200, 4.00%, 2/20/32 | | | 290 | |
297,059 | | G2 778203, 4.75%, 2/20/32 | | | 281 | |
664,935 | | G2 AD0857, 3.75%, 9/20/33 | | | 600 | |
253,643 | | G2 AY5132, 3.25%, 7/20/37 | | | 218 | |
499,913 | | G2 AY5138, 3.25%, 12/20/37 | | | 429 | |
361,583 | | GN 728153, 5.50%, 10/15/29 | | | 353 | |
202,266 | | GN 737791 30YR, 4.50%, 12/15/40 | | | 191 | |
539,957 | | GNR ST 2014-79, 20.61%, 7/20/29 (b)(c) | | | 1 | |
Total Mortgage Backed (Cost - $30,307) | | | 27,236 | |
U.S. Government Agency (1%) | | | | |
500,000 | | Federal Home Loan Mortgage Corp., 4.00%, 2/28/25 (Cost - $500) | | | 491 | |
U.S. Treasury (51%) | | | | |
4,000,000 | | U.S. Treasury Note, 4.25%, 9/30/24 | | | 3,957 | |
4,800,000 | | U.S. Treasury Note, 4.25%, 12/31/24 | | | 4,739 | |
8,500,000 | | U.S. Treasury Note, 2.88%, 6/15/25 | | | 8,197 | |
4,500,000 | | U.S. Treasury Note, 3.50%, 9/15/25 | | | 4,371 | |
1,500,000 | | U.S. Treasury Note, 4.00%, 12/15/25 | | | 1,469 | |
1,400,000 | | U.S. Treasury Note, 4.00%, 2/15/26 | | | 1,370 | |
4,000,000 | | U.S. Treasury Note, 3.63%, 5/15/26 | | | 3,875 | |
2,500,000 | | U.S. Treasury Note, 3.25%, 6/30/27 | | | 2,365 | |
Total U.S. Treasury (Cost - $30,923) | | | 30,343 | |
Investment Company (2%) | | | | |
1,462,972 | | Payden Cash Reserves Money Market Fund * | | | | |
| | (Cost - $1,463) | | | 1,463 | |
Purchase Options (0%) | | | | |
Total Purchase Options (Cost - $48) | | | 10 | |
Total Investments, Before Written Options | | | | |
(Cost - $63,241) (99%) | | | 59,543 | |
Written Options (0%) | | | | |
Total Written Options (Cost - $(19)) | | | (4 | ) |
Total Investments (Cost - $63,222) (99%) | | | 59,539 | |
Other Assets, net of Liabilities (1%) | | | 435 | |
| |
Net Assets (100%) | | $ | 59,974 | |
| | | | | | |
| (a) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
| (b) | 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. |
| (c) | Yield to maturity at time of purchase. |
Purchase Options
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of Contracts | | Notional Amount (000s) | | Exercise Price | | Maturity Date | | Value (000s) | | Call/Put |
Exchange Traded Options Purchase - 0.0% | | | | | | | | |
| U.S. 10- Year Future Options | | | | 80 | | | | $ | (240 | ) | | | $ | 109 | | | | | 11/24/2023 | | | | $ | 10 | | | Call |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Annual Report 25
Payden U.S. Government Fund continued
Written Options
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of Contracts | | Notional Amount (000s) | | Exercise Price | | Maturity Date | | Value (000s) | | Call/Put |
Exchange Traded Options Purchase - 0.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. 10- Year Future Options | | | | 80 | | | | $ | 640 | | | | $ | 111 | | | | | 11/24/2023 | | | | $ | (4 | ) | | | | Call | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 5-Year Note Future | | | | 30 | | | | | Dec-23 | | | | $ | 3,134 | | | | $ | (51 | ) | | | $ | (51 | ) |
Short Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury 2-Year Note Future | | | | 20 | | | | | Dec-23 | | | | | (4,048 | ) | | | | 16 | | | | | 16 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures | | | | | | | | | | | | | | | | | | | | | | | $ | (35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
26 Payden Mutual Funds
| | | | | | |
The Fund seeks a high level of total return that is consistent with preservation of capital. | | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. |
Portfolio Composition - percent of investments | |
Mortgage Backed | | | 99 | % |
Investment Company | | | 1 | % |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| This information is not part of the audited financial statements. | | | | |
| | | | | | |
Schedule of Investments - October 31, 2023 | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| |
Mortgage Backed (121%) | | | | |
148,945 | | FH 2B4763 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year +1.620%), 5.87%, 10/01/45 (a) | | $ | 150 | |
13,507 | | FHLMC Multifamily Structured Pass-Through Certificates KI06, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.334%),
5.65%, 3/25/25 (a) | | | 13 | |
598,743 | | FHLMC Multifamily Structured Pass-Through Certificates Q013, 1.60%, 5/25/50 (b) | | | 573 | |
217,176 | | FN BM2007 30YR, 4.00%, 9/01/48 | | | 191 | |
1,097,478 | | FN FM9195 30YR, 2.50%, 10/01/51 | | | 845 | |
76,660 | | FNR FA 2007-110, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.734%),
6.06%, 12/25/37 (a) | | | 75 | |
11,162 | | FNR FE 2010-86, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.564%),
5.89%, 8/25/25 (a) | | | 11 | |
166,002 | | G2 3711 30YR, 5.50%, 5/20/35 | | | 165 | |
212,164 | | G2 3747 30YR, 5.00%, 8/20/35 | | | 204 | |
134,863 | | G2 3772 30YR, 5.00%, 10/20/35 | | | 130 | |
266,714 | | G2 3785 30YR, 5.00%, 11/20/35 | | | 257 | |
292,021 | | G2 4802 30YR, 5.00%, 9/20/40 | | | 282 | |
996,877 | | G2 4853 30YR, 4.00%, 11/20/40 | | | 903 | |
370,596 | | G2 5083 30YR, 5.00%, 6/20/41 | | | 358 | |
1,170,762 | | G2 5115 30YR, 4.50%, 7/20/41 | | | 1,088 | |
448,520 | | G2 5233 30YR, 4.00%, 11/20/41 | | | 406 | |
| | | | | | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
999,652 | | G2 5258 30YR, 3.50%, 12/20/41 | | $ | 871 | |
605,502 | | G2 5332 30YR, 4.00%, 3/20/42 | | | 549 | |
455,916 | | G2 770239 30YR, 4.00%, 2/20/42 | | | 413 | |
1,375,859 | | G2 785219 30YR, 2.00%, 12/20/50 | | | 1,051 | |
578,725 | | G2 785289 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.08%, 12/20/47 (a) | | | 571 | |
1,707,735 | | G2 785524 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.529%), 3.24%, 12/20/41 (a) | | | 1,682 | |
120,562 | | G2 80029 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 1/20/27 (a) | | | 117 | |
212,136 | | G2 80052 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 3/20/27 (a) | | | 205 | |
157,936 | | G2 80059 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.88%, 4/20/27 (a) | | | 154 | |
348,827 | | G2 80074 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.88%, 5/20/27 (a) | | | 340 | |
690,816 | | G2 80152 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 1/20/28 (a) | | | 681 | |
Annual Report 27
Payden GNMA Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
186,086 | | G2 80154 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 1/20/28 (a) | | $ | 182 | |
281,987 | | G2 80169 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 2/20/28 (a) | | | 273 | |
414,500 | | G2 80184 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.88%, 4/20/28 (a) | | | 408 | |
460,116 | | G2 80319 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 2.63%, 9/20/29 (a) | | | 447 | |
424,845 | | G2 80637 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 2.63%, 9/20/32 (a) | | | 414 | |
875,539 | | G2 80795 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 2.75%, 12/20/33 (a) | | | 849 | |
313,217 | | G2 80826 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 2/20/34 (a) | | | 311 | |
530,173 | | G2 80835 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 2/20/34 (a) | | | 526 | |
472,144 | | G2 81282 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 3/20/35 (a) | | | 469 | |
458,358 | | G2 82074 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.88%, 5/20/38 (a) | | | 451 | |
329,367 | | G2 82107 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 2.63%, 7/20/38 (a) | | | 322 | |
633,124 | | G2 82457 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 1/20/40 (a) | | | 632 | |
342,759 | | G2 82463 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 1/20/40 (a) | | | 342 | |
93,168 | | G2 83031 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/42 (a) | | | 91 | |
188,082 | | G2 8991 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 2.75%, 10/20/26 (a) | | | 183 | |
905,481 | | G2 AY5132, 3.25%, 7/20/37 | | | 778 | |
1,000,367 | | G2 AY5138, 3.25%, 12/20/37 | | | 859 | |
148,780 | | G2 MA0312, 3.50%, 8/20/42 | | | 126 | |
185,599 | | G2 MA0387, 3.50%, 9/20/42 | | | 157 | |
1,361,045 | | G2 MA0698 30YR, 3.00%, 1/20/43 | | | 1,146 | |
1,235,293 | | G2 MA1012 30YR, 3.50%, 5/20/43 | | | 1,081 | |
1,089,297 | | G2 MA1089 30YR, 3.00%, 6/20/43 | | | 917 | |
1,066,761 | | G2 MA1520 30YR, 3.00%, 12/20/43 | | | 899 | |
999,912 | | G2 MA2304 30YR, 4.00%, 10/20/44 | | | 906 | |
910,103 | | G2 MA2522 30YR, 4.00%, 1/20/45 | | | 825 | |
613,008 | | G2 MA2767 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.50%, 4/20/45 (a) | | | 602 | |
435,885 | | G2 MA3454 30YR, 3.50%, 2/20/46 | | | 378 | |
799,282 | | G2 MA3520 30YR, 3.00%, 3/20/46 | | | 669 | |
837,948 | | G2 MA3597 30YR, 3.50%, 4/20/46 | | | 727 | |
1,382,167 | | G2 MA3662 30YR, 3.00%, 5/20/46 | | | 1,162 | |
856,450 | | G2 MA3663 30YR, 3.50%, 5/20/46 | | | 745 | |
744,330 | | G2 MA3735 30YR, 3.00%, 6/20/46 | | | 625 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
721,089 | | G2 MA3802 30YR, 3.00%, 7/20/46 | | $ | 607 | |
686,862 | | G2 MA3936 30YR, 3.00%, 9/20/46 | | | 578 | |
465,097 | | G2 MA4003 30YR, 3.00%, 10/20/46 | | | 390 | |
575,272 | | G2 MA4069 30YR, 3.50%, 11/20/46 | | | 500 | |
691,794 | | G2 MA4195 30YR, 3.00%, 1/20/47 | | | 580 | |
433,058 | | G2 MA4197 30YR, 4.00%, 1/20/47 | | | 388 | |
671,819 | | G2 MA4262 30YR, 3.50%, 2/20/47 | | | 582 | |
861,881 | | G2 MA4321 30YR, 3.50%, 3/20/47 | | | 746 | |
485,526 | | G2 MA4322 30YR, 4.00%, 3/20/47 | | | 435 | |
249,111 | | G2 MA4382 30YR, 3.50%, 4/20/47 | | | 216 | |
356,973 | | G2 MA4510 30YR, 3.50%, 6/20/47 | | | 309 | |
769,295 | | G2 MA4719 30YR, 3.50%, 9/20/47 | | | 665 | |
920,156 | | G2 MA4962 30YR, 3.50%, 1/20/48 | | | 799 | |
1,126,692 | | G2 MA5265 30YR, 4.50%, 6/20/48 | | | 1,034 | |
323,728 | | G2 MA5816 30YR, 3.50%, 3/20/49 | | | 280 | |
2,091,030 | | G2 MA6473 30YR, 2.50%, 2/20/50 | | | 1,684 | |
618,013 | | G2 MA6709 30YR, 2.50%, 6/20/50 | | | 496 | |
1,869,939 | | G2 MA6818 30YR, 2.00%, 8/20/50 | | | 1,453 | |
2,144,978 | | G2 MA6931 30YR, 2.50%, 10/20/50 | | | 1,716 | |
2,189,314 | | G2 MA7051 30YR, 2.00%, 12/20/50 | | | 1,698 | |
781,301 | | G2 MA7367 30YR, 2.50%, 5/20/51 | | | 624 | |
2,032,477 | | G2 MA7471 30YR, 2.00%, 7/20/51 | | | 1,574 | |
2,431,575 | | G2 MA7472 30YR, 2.50%, 7/20/51 | | | 1,942 | |
2,569,817 | | G2 MA7533 30YR, 2.00%, 8/20/51 | | | 1,987 | |
2,012,320 | | G2 MA7535 30YR, 3.00%, 8/20/51 | | | 1,666 | |
2,669,076 | | G2 MA7589 30YR, 2.50%, 9/20/51 | | | 2,130 | |
2,588,810 | | G2 MA7648 30YR, 2.00%, 10/20/51 | | | 2,001 | |
2,097,775 | | G2 MA7705 30YR, 2.50%, 11/20/51 | | | 1,674 | |
2,204,856 | | G2 MA7706 30YR, 3.00%, 11/20/51 | | | 1,825 | |
2,385,478 | | G2 MA7766 30YR, 2.00%, 12/20/51 | | | 1,843 | |
2,581,740 | | G2 MA7767 30YR, 2.50%, 12/20/51 | | | 2,060 | |
1,780,526 | | G2 MA7768 30YR, 3.00%, 12/20/51 | | | 1,473 | |
2,691,162 | | G2 MA7881 30YR, 2.50%, 2/20/52 | | | 2,147 | |
2,421,695 | | G2 MA7987 30YR, 2.50%, 4/20/52 | | | 1,932 | |
1,817,551 | | G2 MA7990 30YR, 4.00%, 4/20/52 | | | 1,600 | |
2,167,076 | | G2 MA8097 30YR, 2.50%, 6/20/52 | | | 1,729 | |
2,417,677 | | G2 MA8146 30YR, 2.00%, 7/20/52 | | | 1,869 | |
1,371,531 | | G2 MA8266 30YR, 3.50%, 9/20/52 | | | 1,170 | |
2,300,000 | | G2SF, 2.00%, 11/20/5330YR TBA (c) | | | 1,774 | |
3,850,000 | | G2SF, 3.50%, 11/20/5330YR TBA (c) | | | 3,282 | |
2,000,000 | | G2SF, 4.00%, 11/20/5330YR TBA (c) | | | 1,758 | |
2,700,000 | | G2SF, 4.50%, 11/20/5330YR TBA (c) | | | 2,440 | |
2,700,000 | | G2SF, 5.00%, 11/20/5330YR TBA (c) | | | 2,512 | |
2,700,000 | | G2SF, 5.50%, 11/20/5330YR TBA (c) | | | 2,582 | |
4,850,000 | | G2SF, 6.00%, 11/20/5330YR TBA (c) | | | 4,752 | |
173,165 | | GN 366983 30YR, 4.00%, 6/15/41 | | | 158 | |
241,540 | | GN 455989, 5.00%, 7/15/26 | | | 224 | |
48,974 | | GN 558954, 5.25%, 5/15/29 | | | 48 | |
289,474 | | GN 558956, 4.50%, 6/15/29 | | | 275 | |
118,981 | | GN 605099 30YR, 5.50%, 3/15/34 | | | 116 | |
287,567 | | GN 616826 30YR, 5.50%, 1/15/35 | | | 280 | |
566,750 | | GN 710868 30YR, 5.50%, 9/15/39 | | | 563 | |
218,532 | | GN 728153, 5.50%, 10/15/29 | | | 214 | |
71,807 | | GN 728159, 5.25%, 11/15/29 | | | 70 | |
124,473 | | GN 781810 30YR, 5.50%, 10/15/34 | | | 122 | |
607,084 | | GN 784370 30YR, 4.00%, 7/15/45 | | | 550 | |
1,022,977 | | GN 785986 30YR, 3.00%, 10/15/51 | | | 859 | |
306,713 | | GNR AF 2012-18, (1 mo. Term Secured Overnight Financing Rate + 0.414%),
5.75%, 2/20/38 (a) | | | 304 | |
24,275 | | GNR AH 2015-159, 2.50%, 5/20/43 | | | 24 | |
652,594 | | GNR F 2004-56, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 5.85%, 6/20/33 (a) | | | 652 | |
28 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
156,549 | | GNR FA 2001-35, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 5.70%, 8/16/31 (a) | | $ | 156 | |
204,107 | | GNR FB 2007-76, (1 mo. Term Secured Overnight Financing Rate + 0.614%), 5.95%, 11/20/37 (a) | | | 203 | |
560,199 | | GNR FB 2008-11, (1 mo. Term Secured Overnight Financing Rate + 0.714%), 6.05%, 2/20/38 (a) | | | 558 | |
335,797 | | GNR FC 2003-71, (1 mo. Term Secured Overnight Financing Rate + 0.614%), 5.95%, 7/20/33 (a) | | | 335 | |
478,312 | | GNR FC 2007-54, (1 mo. Term Secured Overnight Financing Rate + 0.374%), 5.71%, 9/20/37 (a) | | | 473 | |
923,226 | | GNR FC 2018-91, (1 mo. Term Secured Overnight Financing Rate + 0.414%), 5.73%, 7/20/48 (a) | | | 877 | |
324,126 | | GNR FG 2004-86, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 5.85%, 7/20/34 (a) | | | 321 | |
494,299 | | GNR FH 2004-59, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 5.70%, 8/16/34 (a) | | | 491 | |
174,468 | | GNR FH 2008-2, (1 mo. Term Secured Overnight Financing Rate + 0.564%), 5.90%, 1/20/38 (a) | | | 172 | |
628,291 | | GNR FJ 2019-6, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 5.85%, 1/20/49 (a) | | | 600 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
689,573 | | GNR FK 2006-60, (1 mo. Term Secured Overnight Financing Rate + 0.314%), 5.65%, 11/20/36 (a) | | $ | 681 | |
293,338 | | GNR LF 2011-153, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 5.70%, 7/16/41 (a) | | | 284 | |
1,253,842 | | GNR ST 2014-79, 20.61%, 7/20/29 (b)(d) | | | 1 | |
674,011 | | GNR UF 2008-67, (1 mo. Term Secured Overnight Financing Rate + 0.564%), 5.90%, 6/20/38 (a) | | | 674 | |
| | | | | | |
Total Mortgage Backed (Cost - $121,180) | | | 106,574 | |
| | | | | | |
Investment Company (1%) | | | | |
1,030,955 | | Payden Cash Reserves Money Market Fund *
(Cost - $1,031) | | | 1,031 | |
| | | | | | |
Total Investments (Cost - $122,211) (122%) | | | 107,605 | |
Liabilities in excess of Other Assets (-22%) | | | (19,061 | ) |
| | | | | | |
| |
Net Assets (100%) | | $ | 88,544 | |
| (a) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
| (b) | 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. |
| (c) | Security was purchased on a delayed delivery basis. |
| (d) | Yield to maturity at time of purchase. |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Contract Type | | Number of Contracts | | Expiration Date | | Notional Amount (000s) | | Current Value (000s) | | Unrealized Depreciation (000s) |
Long Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury 10-Year Note Future | | | | 38 | | | | | Dec-23 | | | | $ | 4,035 | | | | $ | (143 | ) | | | $ | (143 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 29
| | | | | | |
The Fund seeks a high level of total return that is consistent with preservation of capital. | | |  |
| Portfolio Composition - percent of investments | | | | |
Mortgage Backed | | | 35 | % |
Corporate Bond | | | 27 | % |
U.S. Treasury | | | 19 | % |
Asset Backed | | | 6 | % |
Municipal | | | 5 | % |
Other | | | 8 | % |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | | | |
| This information is not part of the audited financial statements. | | | Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s Adviser and SI Class are expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
Schedule of Investments - October 31, 2023
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
Asset Backed (6%) | | | | |
2,406,392 | | ACRES Commercial Realty Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.65%, 6/15/36 (a)(b) | | $ | 2,374 | |
1,199,700 | | Arbys Funding LLC 2020-1A 144A, 3.24%, 7/30/50 (a) | | | 1,060 | |
2,738,706 | | CARS-DB4 LP 2020-1A 144A, 3.25%, 2/15/50 (a) | | | 2,275 | |
3,225,000 | | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 CAD (a)(c) | | | 2,106 | |
3,579,750 | | Driven Brands Funding LLC 2020-1A 144A, 3.79%, 7/20/50 (a) | | | 3,175 | |
29 | | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 | | | 2,684 | |
2,118,022 | | JPMorgan Chase Bank N.A.-CACLN 2020-2 144A, 19.88%, 2/25/28 (a) | | | 2,522 | |
2,086,563 | | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (a) | | | 2,521 | |
114,522 | | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 2.28%, 12/26/28 (a) | | | 112 | |
174,591 | | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 2.10%, 2/26/29 (a) | | | 166 | |
2,000,000 | | Madison Park Funding XLVIII Ltd. 2021-48A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.262%), 7.66%, 4/19/33 (a)(b) | | | 1,969 | |
3,100,000 | | Neuberger Berman Loan Advisers Euro CLO DAC 2021-2A 144A, (3 mo. EURIBOR + 1.030%), 5.00%, 4/15/34 EUR (a)(b)(c) | | | 3,186 | |
5,100,000 | | Ocean Trails CLO VII 2019-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.712%), 8.11%, 4/17/30 (a)(b) | | | 4,921 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
3,100,000 | | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | | $ | 3,030 | |
2,242,625 | | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (a) | | | 1,846 | |
2,718,787 | | RR 24 Ltd. 2022-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.400%), 7.79%, 1/15/32 (a)(b) | | | 2,730 | |
1,666,224 | | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | | | 1,646 | |
562,499 | | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 6.79%, 8/16/32 (a) | | | 560 | |
711,159 | | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | | | 693 | |
5,100,000 | | Symphony CLO XXIV Ltd. 2020-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.512%), 7.92%, 1/23/32 (a)(b) | | | 5,015 | |
3,850,000 | | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | | | 3,672 | |
2,200,000 | | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.85%, 3/15/38 (a)(b) | | | 2,023 | |
3,396,813 | | Zaxby’s Funding LLC 2021-1A 144A, 3.24%, 7/30/51 (a) | | | 2,786 | |
| | | | | | |
Total Asset Backed (Cost - $56,630) | | | 53,072 | |
Bank Loans(d) (0%) | | | | |
2,948,376 | | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 9.44%, 2/05/27 | | | | |
| | (Cost - $2,903) | | | 2,939 | |
Corporate Bond (27%) | | | | |
2,730,178 | | American Airlines Pass-Through Trust 2019-1, AA, 3.15%, 2/15/32 | | | 2,282 | |
30 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,800,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.280%), 5.28%, 7/27/29 (b) | | $ | 1,728 | |
3,150,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.930%), 5.63%, 7/28/34 (b) | | | 2,873 | |
1,975,000 | | American Honda Finance Corp., 5.13%, 7/07/28 | | | 1,926 | |
4,350,000 | | American Tower Corp., 2.30%, 9/15/31 | | | 3,210 | |
2,400,000 | | AmFam Holdings Inc. 144A, 3.83%, 3/11/51 (a) | | | 1,251 | |
1,250,000 | | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | | | 1,137 | |
3,600,000 | | ASB Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.250%), 5.28%, 6/17/32 (a)(b) | | | 3,404 | |
2,225,000 | | Ashtead Capital Inc. 144A, 5.55%, 5/30/33 (a) | | | 1,995 | |
2,100,000 | | Augustar Life Insurance Co. 144A, 6.88%, 6/15/42 (a) | | | 1,687 | |
4,000,000 | | Australia & New Zealand Banking Group Ltd. 144A, 4.40%, 5/19/26 (a) | | | 3,808 | |
2,200,000 | | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (b) | | | 1,908 | |
2,625,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.290%), 5.08%, 1/20/27 (b) | | | 2,556 | |
2,000,000 | | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.322%), 3.56%, 4/23/27 (b) | | | 1,869 | |
2,800,000 | | Bank of Nova Scotia, 1.30%, 6/11/25 | | | 2,598 | |
2,100,000 | | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (b) | | | 2,053 | |
2,330,000 | | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | | | 2,045 | |
2,100,000 | | Blue Owl Capital Corp., 3.75%, 7/22/25 | | | 1,963 | |
1,700,000 | | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (a) | | | 1,696 | |
2,700,000 | | BP Capital Markets America Inc., 4.81%, 2/13/33 | | | 2,468 | |
3,680,000 | | Broadcom Inc. 144A, 4.93%, 5/15/37 (a) | | | 3,069 | |
1,375,000 | | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.62%, 10/30/31 (b) | | | 1,375 | |
2,675,000 | | Charles Schwab Corp. G, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.971%), 5.38% (b)(e) | | | 2,553 | |
4,050,000 | | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 12/01/61 | | | 2,360 | |
1,000,000 | | Civitas Resources Inc. 144A, 8.63%, 11/01/30 (a) | | | 1,019 | |
2,400,000 | | Civitas Resources Inc. 144A, 8.75%, 7/01/31 (a) | | | 2,425 | |
2,100,000 | | Comcast Corp., 5.35%, 5/15/53 | | | 1,808 | |
5,750,000 | | Corebridge Financial Inc., 3.90%, 4/05/32 | | | 4,707 | |
2,450,000 | | Credit Agricole SA 144A, 5.51%, 7/05/33 (a) | | | 2,296 | |
3,750,000 | | CubeSmart LP, 2.00%, 2/15/31 | | | 2,780 | |
2,000,000 | | Daimler Truck Finance North America LLC 144A, 5.40%, 9/20/28 (a) | | | 1,939 | |
1,625,000 | | Dell International LLC/EMC Corp., 5.75%, 2/01/33 | | | 1,537 | |
2,250,000 | | Deutsche Bank AG, (U.S. Secured Overnight Financing Rate + 1.219%), 2.31%, 11/16/27 (b) | | | 1,947 | |
2,000,000 | | Diamondback Energy Inc., 4.25%, 3/15/52 | | | 1,376 | |
1,165,000 | | Dignity Health, 4.50%, 11/01/42 | | | 913 | |
4,675,000 | | Duquesne Light Holdings Inc. 144A, 2.78%, 1/07/32 (a) | | | 3,374 | |
2,200,000 | | Earthstone Energy Holdings LLC 144A, 9.88%, 7/15/31 (a) | | | 2,372 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,600,000 | | Electricidad Firme de Mexico Holdings SA de CV 144A, 4.90%, 11/20/26 (a) | | $ | 1,394 | |
900,000 | | Elevance Health Inc., 5.13%, 2/15/53 | | | 747 | |
2,450,000 | | Energy Transfer LP, 6.10%, 12/01/28 | | | 2,421 | |
2,175,000 | | Energy Transfer LP, 5.75%, 2/15/33 | | | 2,041 | |
2,670,000 | | Equinix Inc., 1.80%, 7/15/27 | | | 2,287 | |
3,550,000 | | Equinix Inc., 2.50%, 5/15/31 | | | 2,712 | |
6,325,000 | | Extra Space Storage LP, 2.20%, 10/15/30 | | | 4,830 | |
2,700,000 | | Federation des Caisses Desjardins du Quebec 144A, 2.05%, 2/10/25 (a) | | | 2,563 | |
203,650 | | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a) | | | 190 | |
2,200,000 | | Fifth Third Bank N.A., (Secured Overnight Financing Rate + 1.230%), 5.85%, 10/27/25 (b) | | | 2,144 | |
2,500,000 | | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (a) | | | 2,400 | |
3,350,000 | | General Motors Co., 5.60%, 10/15/32 | | | 3,060 | |
2,750,000 | | General Motors Financial Co. Inc., 2.35%, 1/08/31 | | | 2,049 | |
748,000 | | Geopark Ltd. 144A, 5.50%, 1/17/27 (a) | | | 629 | |
3,475,000 | | Glencore Funding LLC 144A, 3.88%, 4/27/51 (a) | | | 2,201 | |
3,850,000 | | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | | | 3,135 | |
4,055,000 | | Goldman Sachs Group Inc., 2.60%, 2/07/30 | | | 3,257 | |
1,750,000 | | Grupo Axo SAPI de CV 144A, 5.75%, 6/08/26 (a) | | | 1,530 | |
2,050,000 | | HCA Inc., 5.90%, 6/01/53 | | | 1,735 | |
2,000,000 | | Healthpeak OP LLC, 5.25%, 12/15/32 | | | 1,812 | |
2,100,000 | | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 2.390%), 6.25%, 3/09/34 (b) | | | 1,994 | |
2,700,000 | | Hyundai Capital America 144A, 1.80%, 1/10/28 (a) | | | 2,247 | |
2,650,000 | | International Petroleum Corp. 144A, 7.25%, 2/01/27 (a)(f) | | | 2,476 | |
2,900,000 | | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.900%), 7.78%, 6/20/54 (a)(b) | | | 2,517 | |
3,100,000 | | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | | | 2,588 | |
1,337,000 | | JAB Holdings BV 144A, 2.20%, 11/23/30 (a) | | | 1,002 | |
2,575,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.55%, 12/15/25 (b) | | | 2,556 | |
2,100,000 | | Kinder Morgan Inc., 5.30%, 12/01/34 | | | 1,860 | |
810,000 | | Kosmos Energy Ltd. 144A, 7.13%, 4/04/26 (a) | | | 745 | |
3,000,000 | | Lennar Corp., 4.75%, 11/29/27 | | | 2,856 | |
4,100,000 | | Lockheed Martin Corp., 5.25%, 1/15/33 | | | 3,953 | |
4,850,000 | | Macquarie Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 3.05%, 3/03/36 (a)(b) | | | 3,535 | |
2,750,000 | | Macquarie Group Ltd. 144A, (3 mo. LIBOR USD + 1.372%), 3.76%, 11/28/28 (a)(b) | | | 2,473 | |
2,125,000 | | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (a) | | | 2,089 | |
1,525,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.295%), 5.05%, 1/28/27 (b) | | | 1,490 | |
2,000,000 | | Morgan Stanley, (3 mo. Term Secured Overnight Financing Rate + 1.890%), 4.43%, 1/23/30 (b) | | | 1,822 | |
1,300,000 | | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (a) | | | 1,526 | |
2,800,000 | | NextEra Energy Capital Holdings Inc., 5.25%, 2/28/53 | | | 2,275 | |
1,500,000 | | Northwell Healthcare Inc., 4.26%, 11/01/47 | | | 1,066 | |
1,550,000 | | ONEOK Inc., 5.80%, 11/01/30 | | | 1,493 | |
4,400,000 | | Oracle Corp., 6.25%, 11/09/32 | | | 4,361 | |
3,230,000 | | Owl Rock Capital Corp., 5.25%, 4/15/24 | | | 3,205 | |
Annual Report 31
Payden Core Bond Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,450,000 | | Pacific Life Insurance Co. 144A, 9.25%, 6/15/39 (a) | | $ | 1,710 | |
2,750,000 | | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | | | 2,684 | |
1,695,000 | | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | | | 1,560 | |
2,420,000 | | Petroleos Mexicanos, 6.49%, 1/23/27 | | | 2,145 | |
2,500,000 | | Petroleos Mexicanos, 5.95%, 1/28/31 | | | 1,790 | |
2,850,000 | | Pfizer Investment Enterprises Pte Ltd., 4.75%, 5/19/33 | | | 2,621 | |
2,475,000 | | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | | | 1,779 | |
2,350,000 | | Regal Rexnord Corp. 144A, 6.40%, 4/15/33 (a) | | | 2,157 | |
3,900,000 | | Royal Bank of Canada, 5.00%, 2/01/33 | | | 3,528 | |
3,575,000 | | Stellantis Finance U.S. Inc. 144A, 2.69%, 9/15/31 (a) | | | 2,705 | |
3,384,214 | | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | | | 2,708 | |
2,425,000 | | Tucson Electric Power Co., 5.50%, 4/15/53 | | | 2,072 | |
1,450,000 | | UBS Group AG 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.800%), 6.25%, 9/22/29 (a)(b) | | | 1,421 | |
2,000,000 | | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 5.020%), 9.02%, 11/15/33 (a)(b) | | | 2,241 | |
1,450,000 | | Var Energi ASA 144A, 7.50%, 1/15/28 (a) | | | 1,486 | |
2,350,000 | | Venture Global LNG Inc. 144A, 8.13%, 6/01/28 (a) | | | 2,283 | |
1,900,000 | | Venture Global LNG Inc. 144A, 9.50%, 2/01/29 (a) | | | 1,931 | |
3,000,000 | | Vistra Operations Co. LLC 144A, 3.70%, 1/30/27 (a) | | | 2,729 | |
2,170,000 | | Vistra Operations Co. LLC 144A, 4.30%, 7/15/29 (a) | | | 1,889 | |
1,250,000 | | Vital Energy Inc., 9.75%, 10/15/30 | | | 1,226 | |
3,400,000 | | VMware Inc., 2.20%, 8/15/31 | | | 2,515 | |
3,375,000 | | Warnermedia Holdings Inc., 5.14%, 3/15/52 | | | 2,390 | |
2,035,000 | | WEA Finance LLC 144A, 4.63%, 9/20/48 (a) | | | 1,207 | |
1,900,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 2.100%), 2.39%, 6/02/28 (b) | | | 1,657 | |
350,000 | | Western Midstream Operating LP, 6.35%, 1/15/29 | | | 348 | |
1,350,000 | | Western Midstream Operating LP, 6.15%, 4/01/33 | | | 1,278 | |
3,150,000 | | Williams Cos. Inc., 5.30%, 8/15/28 | | | 3,037 | |
| | | | | | |
Total Corporate Bond (Cost - $265,666) | | | 230,670 | |
Foreign Government (2%) | | | | |
900,000 | | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (a) | | | 534 | |
2,650,000 | | Chile Government International Bond, 4.13%, 7/05/34 EUR (c) | | | 2,647 | |
1,650,000 | | Costa Rica Government International Bond 144A, 6.55%, 4/03/34 (a) | | | 1,574 | |
5,270,000 | | CPPIB Capital Inc. 144A, 1.95%, 9/30/29 CAD (a)(c) | | | 3,284 | |
3,200,000 | | Municipal Finance Authority of British, 2.55%, 10/09/29 CAD (c) | | | 2,063 | |
2,000,000 | | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (a) | | | 1,848 | |
2,825,000 | | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (a) | | | 2,128 | |
4,650,000 | | Romanian Government International Bond 144A, 2.00%, 4/14/33 EUR (a)(c) | | | 3,393 | |
| | | | | | |
Total Foreign Government (Cost - $22,138) | | | 17,471 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| |
Mortgage Backed (36%) | | | | |
4,125,000 | | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.85%, 9/15/36 (a)(b) | | $ | 3,843 | |
1,856,810 | | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 7.25%, 6/15/38 (a)(b) | | | 1,802 | |
4,100,000 | | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.364%), 14.69%, 11/25/39 (a)(b) | | | 4,426 | |
2,050,000 | | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (a) | | | 2,011 | |
4,300,000 | | Eagle RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.050%), 7.37%, 4/25/34 (a)(b) | | | 4,301 | |
1,686,602 | | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 17.69%, 9/25/28 (b) | | | 1,977 | |
1,729,496 | | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 15.69%, 1/25/29 (b) | | | 1,957 | |
497,470 | | Fannie Mae Connecticut Avenue Securities 2016-C05, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.864%), 16.19%, 1/25/29 (b) | | | 565 | |
2,695,694 | | Fannie Mae-Aces 2018-M13, 3.74%, 9/25/30 (g) | | | 2,434 | |
1,642,000 | | FHLMC Multifamily Structured Pass-Through Certificates KG01, 2.94%, 4/25/29 | | | 1,450 | |
619,352 | | FN 254766 30YR, 5.00%, 6/01/33 | | | 603 | |
310,734 | | FN 725027 30YR, 5.00%, 11/01/33 | | | 303 | |
608,240 | | FN 725423 30YR, 5.50%, 5/01/34 | | | 599 | |
582,317 | | FN 725424 30YR, 5.50%, 4/01/34 | | | 573 | |
478,029 | | FN 995203 30YR, 5.00%, 7/01/35 | | | 465 | |
867,409 | | FN AS7170 30YR, 3.50%, 5/01/46 | | | 744 | |
2,223,345 | | FN AS8305 30YR, 3.00%, 11/01/46 | | | 1,840 | |
1,537,710 | | FN AY4200 30YR, 3.00%, 5/01/45 | | | 1,280 | |
1,557,307 | | FN AZ7336 30YR, 3.50%, 11/01/45 | | | 1,345 | |
2,300,286 | | FN BC1520 30YR, 3.50%, 8/01/46 | | | 1,976 | |
659,272 | | FN BC2521 30YR, 3.50%, 1/01/46 | | | 574 | |
5,250,755 | | FN BC8998 30YR, 3.00%, 11/01/46 | | | 4,345 | |
319,583 | | FN BK4740 30YR, 4.00%, 8/01/48 | | | 281 | |
2,268,622 | | FN BM2007 30YR, 4.00%, 9/01/48 | | | 1,996 | |
1,420,494 | | FN BP6345 30YR, 3.00%, 6/01/50 | | | 1,148 | |
3,085,271 | | FN BP6626 30YR, 2.00%, 8/01/50 | | | 2,288 | |
5,424,862 | | FN BV7937 30YR, 4.00%, 8/01/52 | | | 4,694 | |
1,214,978 | | FN CA3666 30YR, 4.00%, 6/01/49 | | | 1,074 | |
2,834,228 | | FN CA6314 30YR, 3.00%, 7/01/50 | | | 2,291 | |
2,385,679 | | FN CA6739 30YR, 3.00%, 8/01/50 | | | 1,926 | |
6,036,332 | | FN CB2542 30YR, 2.50%, 1/01/52 | | | 4,645 | |
7,247,426 | | FN CB2759 30YR, 3.00%, 2/01/52 | | | 5,815 | |
4,720,024 | | FN CB2839 30YR, 2.00%, 2/01/52 | | | 3,522 | |
5,830,475 | | FN CB3258 30YR, 3.50%, 4/01/52 | | | 4,866 | |
4,727,176 | | FN CB3622 30YR, 4.00%, 5/01/52 | | | 4,091 | |
6,892,091 | | FN CB4127 30YR, 4.50%, 7/01/52 | | | 6,164 | |
6,895,986 | | FN CB4794 30YR, 4.50%, 10/01/52 | | | 6,170 | |
4,382,706 | | FN CB5106 30YR, 5.00%, 11/01/52 | | | 4,047 | |
2,431,388 | | FN FM1717 30YR, 3.50%, 12/01/45 | | | 2,137 | |
2,386,393 | | FN FM2897 30YR, 3.00%, 2/01/48 | | | 1,981 | |
2,220,052 | | FN FM3162 30YR, 3.00%, 11/01/46 | | | 1,867 | |
1,636,575 | | FN FM4754 30YR, 3.50%, 7/01/47 | | | 1,434 | |
473,855 | | FN FM4990 30YR, 5.00%, 7/01/47 | | | 456 | |
32 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
2,771,550 | | FN FM4994 30YR, 2.00%, 12/01/50 | | $ | 2,062 | |
2,333,760 | | FN FM7194 30YR, 2.50%, 3/01/51 | | | 1,806 | |
3,982,420 | | FN FM7418 30YR, 2.50%, 6/01/51 | | | 3,081 | |
2,643,451 | | FN FM7494 30YR, 3.00%, 6/01/51 | | | 2,126 | |
6,755,018 | | FN FM9195 30YR, 2.50%, 10/01/51 | | | 5,203 | |
3,570,776 | | FN FM9218 30YR, 2.00%, 10/01/51 | | | 2,642 | |
1,590,953 | | FN FM9750 30YR, 3.00%, 4/01/48 | | | 1,335 | |
6,303,534 | | FN FS0287 30YR, 2.00%, 1/01/52 | | | 4,678 | |
6,385,387 | | FN FS0349 30YR, 2.00%, 1/01/52 | | | 4,743 | |
6,350,180 | | FN FS0439 30YR, 2.50%, 1/01/52 | | | 4,916 | |
5,739,979 | | FN FS2653 30YR, 4.00%, 8/01/52 | | | 4,968 | |
4,567,032 | | FN FS3111 30YR, 5.00%, 9/01/52 | | | 4,217 | |
3,258,461 | | FN FS3838 30YR, 4.00%, 5/01/49 | | | 2,892 | |
3,368,734 | | FN FS4931 30YR, 6.00%, 6/01/53 | | | 3,286 | |
159,655 | | FN MA2929 30YR, 3.50%, 3/01/47 | | | 137 | |
6,718,806 | | FN MA3238 30YR, 3.50%, 1/01/48 | | | 5,686 | |
5,498,383 | | FN MA4413 30YR, 2.00%, 9/01/51 | | | 4,071 | |
7,470,306 | | FN MA4437 30YR, 2.00%, 10/01/51 | | | 5,507 | |
4,376,417 | | FN MA4465 30YR, 2.00%, 11/01/51 | | | 3,238 | |
4,383,667 | | FN MA4548 30YR, 2.50%, 2/01/52 | | | 3,374 | |
2,718,394 | | FN MA4761 30YR, 5.00%, 9/01/52 | | | 2,510 | |
4,223,732 | | FN MA4785 30YR, 5.00%, 10/01/52 | | | 3,900 | |
6,437,842 | | FN MA4842 30YR, 5.50%, 12/01/52 | | | 6,116 | |
5,315,552 | | FN MA5040 30YR, 6.00%, 6/01/53 | | | 5,189 | |
1,420,000 | | FNCL, 3.00%, 11/01/5330YR TBA (h) | | | 1,136 | |
470,000 | | FNCL, 3.50%, 11/01/5330YR TBA (h) | | | 391 | |
320,000 | | FNCL, 4.50%, 11/01/5330YR TBA (h) | | | 286 | |
4,680,000 | | FNCL, 5.50%, 11/01/5330YR TBA (h) | | | 4,439 | |
710,281 | | FR RA3728 30YR, 2.00%, 10/01/50 | | | 529 | |
4,894,419 | | FR RA4531 30YR, 2.50%, 2/01/51 | | | 3,789 | |
6,120,577 | | FR RA5276 30YR, 2.50%, 5/01/51 | | | 4,728 | |
6,434,243 | | FR RA7778 30YR, 4.50%, 8/01/52 | | | 5,755 | |
4,628,765 | | FR RA8415 30YR, 5.50%, 1/01/53 | | | 4,398 | |
4,846,998 | | FR RA8647 30YR, 4.50%, 5/01/53 | | | 4,335 | |
4,395,888 | | FR SB8509 15YR, 2.00%, 1/01/36 | | | 3,772 | |
6,684,443 | | FR SD0729 30YR, 2.00%, 10/01/51 | | | 4,951 | |
5,753,314 | | FR SD1035 30YR, 4.00%, 5/01/52 | | | 4,981 | |
2,225,795 | | FR SD2184 30YR, 6.00%, 1/01/53 | | | 2,179 | |
6,202,629 | | FR SD7537 30YR, 2.00%, 3/01/51 | | | 4,595 | |
1,085,907 | | FR SD8106 30YR, 2.00%, 11/01/50 | | | 805 | |
1,405,365 | | FR ZA4718 30YR, 3.00%, 10/01/46 | | | 1,163 | |
646,853 | | FR ZS9382 30YR, 3.00%, 9/01/43 | | | 546 | |
2,520,548 | | FR ZT0534 30YR, 3.50%, 12/01/47 | | | 2,161 | |
1,234,076 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA1, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.114%), 15.44%, 7/25/29 (b) | | | 1,373 | |
2,060,342 | | G2 4853 30YR, 4.00%, 11/20/40 | | | 1,867 | |
852,667 | | G2 5174 30YR, 4.00%, 9/20/41 | | | 773 | |
203,257 | | G2 5233 30YR, 4.00%, 11/20/41 | | | 184 | |
3,707,579 | | G2 785219 30YR, 2.00%, 12/20/50 | | | 2,832 | |
487,696 | | G2 MA2522 30YR, 4.00%, 1/20/45 | | | 442 | |
1,404,103 | | G2 MA3663 30YR, 3.50%, 5/20/46 | | | 1,221 | |
3,430,101 | | G2 MA3802 30YR, 3.00%, 7/20/46 | | | 2,890 | |
280,488 | | G2 MA4126 30YR, 3.00%, 12/20/46 | | | 236 | |
1,240,487 | | G2 MA4510 30YR, 3.50%, 6/20/47 | | | 1,073 | |
2,229,331 | | G2 MA5265 30YR, 4.50%, 6/20/48 | | | 2,046 | |
2,467,202 | | G2 MA6930 30YR, 2.00%, 10/20/50 | | | 1,917 | |
8,907,317 | | G2 MA7472 30YR, 2.50%, 7/20/51 | | | 7,114 | |
6,265,118 | | G2 MA7706 30YR, 3.00%, 11/20/51 | | | 5,185 | |
3,196,429 | | G2 MA7766 30YR, 2.00%, 12/20/51 | | | 2,469 | |
2,976,911 | | G2 MA8044 30YR, 3.50%, 5/20/52 | | | 2,540 | |
6,908,904 | | G2 MA8200 30YR, 4.00%, 8/20/52 | | | 6,080 | |
6,560,000 | | G2SF, 6.00%, 11/20/5330YR TBA (h) | | | 6,427 | |
6,820,000 | | G2SF, 6.50%, 11/20/5330YR TBA (h) | | | 6,805 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
2,494,332 | | GN 783716 30YR, 3.00%, 2/15/43 | | $ | 2,144 | |
572,378 | | GN 784182 30YR, 4.50%, 8/15/46 | | | 538 | |
3,161,929 | | GN 785986 30YR, 3.00%, 10/15/51 | | | 2,655 | |
320,231 | | GN AA5452 30YR, 3.50%, 7/15/42 | | | 284 | |
1,148,772 | | Last Mile Logistics Pan Euro Finance DAC 1A 144A, (3 mo. EURIBOR + 1.900%), 5.69%, 8/17/33 EUR (a)(b)(c) | | | 1,136 | |
13,187,033 | | Morgan Stanley Capital I Trust 2018-H3, 0.80%, 7/15/51 (g) | | | 373 | |
153,681 | | Nationstar Mortgage Loan Trust 2013-A 144A, 3.75%, 12/25/52 (a)(g) | | | 138 | |
304,538 | | New Residential Mortgage Loan Trust 2014-3A 144A, 3.75%, 11/25/54 (a)(b)(g) | | | 272 | |
1,300,000 | | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.94%, 2/25/47 (a)(b) | | | 1,505 | |
| | | | | | |
Total Mortgage Backed (Cost - $347,437) | | | 307,447 | |
Municipal (5%) | | | | |
10,500,000 | | California Earthquake Authority A, 5.60%, 7/01/27 | | | 10,394 | |
3,900,000 | | California Health Facilities Financing Authority, 2.86%, 6/01/31 | | | 3,235 | |
1,150,000 | | California Pollution Control Financing Authority, AMT 144A, 7.50%, 12/01/39 (a)(i) | | | 29 | |
3,620,000 | | City of San Francisco CA Public Utilities Commission Water Revenue E, 2.83%, 11/01/41 | | | 2,463 | |
2,565,000 | | Compton Community College District B, 3.46%, 8/01/38 (j) | | | 1,856 | |
3,285,000 | | Golden State Tobacco Securitization Corp. B, 2.75%, 6/01/34 (j) | | | 2,516 | |
5,265,000 | | Los Angeles Community College District, 1.17%, 8/01/26 | | | 4,717 | |
4,680,000 | | New York State Dormitory Authority C, 1.54%, 3/15/27 | | | 4,121 | |
3,000,000 | | Redondo Beach Community Financing Authority A, 1.98%, 5/01/29 | | | 2,456 | |
4,000,000 | | State of California, 3.38%, 4/01/25 | | | 3,889 | |
1,495,000 | | State of California, 7.55%, 4/01/39 | | | 1,690 | |
2,025,000 | | Texas Natural Gas Securitization Finance Corp., 5.17%, 4/01/41 | | | 1,875 | |
365,000 | | University of California J, 3.26%, 5/15/24 | | | 360 | |
| | | | | | |
Total Municipal (Cost - $45,815) | | | 39,601 | |
U.S. Government Agency (4%) | | | | |
21,845,000 | | Federal Home Loan Bank Discount Notes, 5.25%, 11/01/23 (k) | | | 21,845 | |
6,000,000 | | FHLB, 1.80%, 2/04/36 | | | 3,856 | |
4,280,000 | | Tennessee Valley Authority, 5.25%, 9/15/39 | | | 4,037 | |
| | | | | | |
Total U.S. Government Agency (Cost - $30,980) | | | 29,738 | |
U.S. Treasury (20%) | | | | |
17,720,000 | | U.S. Treasury Bill, 5.51%, 10/03/24 (k) | | | 16,861 | |
28,479,000 | | U.S. Treasury Bond, 2.50%, 2/15/46 | | | 18,114 | |
15,410,000 | | U.S. Treasury Bond, 3.00%, 2/15/49 (l)(m) | | | 10,611 | |
26,859,000 | | U.S. Treasury Bond, 2.38%, 11/15/49 | | | 16,144 | |
11,125,000 | | U.S. Treasury Bond, 2.00%, 2/15/50 | | | 6,093 | |
22,970,000 | | U.S. Treasury Bond, 2.38%, 5/15/51 | | | 13,690 | |
1,450,000 | | U.S. Treasury Bond, 4.00%, 11/15/52 | | | 1,212 | |
4,180,000 | | U.S. Treasury Bond, 3.63%, 5/15/53 | | | 3,259 | |
1,470,000 | | U.S. Treasury Bond, 4.13%, 8/15/53 | | | 1,258 | |
25,487,391 | | U.S. Treasury Inflation Indexed Notes, 1.25%, 4/15/28 | | | 24,104 | |
14,001,242 | | U.S. Treasury Inflation Indexed Notes, 1.38%, 7/15/33 | | | 12,677 | |
7,910,000 | | U.S. Treasury Note, 3.63%, 5/31/28 | | | 7,523 | |
Annual Report 33
Payden Core Bond Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
9,780,000 | | U.S. Treasury Note, 4.63%, 9/30/28 | | $ | 9,692 | |
4,880,000 | | U.S. Treasury Note, 3.63%, 5/31/30 | | | 4,560 | |
3,540,000 | | U.S. Treasury Note, 4.25%, 8/31/30 | | | 3,377 | |
17,810,000 | | U.S. Treasury Note, 3.88%, 8/15/33 | | | 16,395 | |
Total U.S. Treasury (Cost - $221,246) | | | 165,570 | |
Investment Company (3%) | | | | |
6,206,875 | | Payden Cash Reserves Money Market Fund* | | | 6,207 | |
1,535,844 | | Payden Emerging Market Corporate Bond Fund* | | | 12,517 | |
1,791,232 | | Payden Emerging Markets Local Bond Fund* | | | 8,115 | |
Total Investment Company (Cost - $27,912) | | | 26,839 | |
Total Investments (Cost - $1,020,727) (103%) | | | 873,347 | |
Liabilities in excess of Other Assets (-3%) | | | (24,029) | |
Net Assets (100%) | | $ | 849,318 | |
| | | | | | |
| (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 October 31, 2023. |
| (c) | Principal in foreign currency. |
| (d) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |
| (e) | Perpetual security with no stated maturity date. |
| (f) | 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. |
| (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. |
| (h) | Security was purchased on a delayed delivery basis. |
| (i) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
| (j) | Payment of principal and/or interest is insured against default by a monoline insurer. |
| (k) | Yield to maturity at time of purchase. |
| (l) | All or a portion of the security is pledged to cover futures contract margin requirements. |
| (m) | All or a portion of security has been pledged in connection with outstanding centrally cleared swaps. |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | |
Currency Purchased (000s) | | Currency
Sold
(000s) | | | Counterparty | | Settlement
Date | | | Unrealized
Appreciation
(000s) | |
Assets: | | | | | | | | | | | | | | |
USD 18,259 | | | EUR 16,974 | | | Citibank,
N.A. | | | 03/18/2024 | | | $ | 180 | |
USD 10,741 | | | CAD 14,489 | | | HSBC Bank
USA, N.A. | | | 03/18/2024 | | | | 268 | |
| | | | | | | | | | | | | | |
| Net Unrealized Appreciation | | | $ | 448 | |
| | | | | | | | | | | | | | |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | | | |
Contract
Type | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount
(000s) | | | Current
Value
(000s) | | | Unrealized
Appreciation
(Depreciation)
(000s) | |
| Long Contracts: | | | | | | | | | | | | | | | | | | | | |
| U.S. Long Bond Future | | | 52 | | | | Dec-23 | | | $ | 5,691 | | | $ | (547 | ) | | $ | (547 | ) |
| U.S. Treasury 2-Year Note Future | | | 906 | | | | Dec-23 | | | | 183,394 | | | | (722 | ) | | | (722 | ) |
| U.S. Ultra Bond Future | | | 42 | | | | Dec-23 | | | | 4,728 | | | | (626 | ) | | | (626 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | (1,895 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Short Contracts: | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury 10-Year Ultra Future | | | 162 | | | | Dec-23 | | | | (17,630 | ) | | | 985 | | | | 985 | |
| U.S. Treasury 5-Year Note Future | | | 819 | | | | Dec-23 | | | | (85,566 | ) | | | 1,463 | | | | 1,463 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,448 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Futures | | | | | | | | | | | | | | | $ | 553 | |
| | | | | | | | | | | | | | | | | | | | |
34 Payden Mutual Funds
Open Centrally Cleared Credit Default Swap Contracts
| | | | | | | | | | | | | | | | |
| Description | | Maturity
Date | | Notional
Amount
(000s) | | Value
(000s) | | | Upfront
payments/
receipts
(000s) | | | Unrealized
Appreciation
(000s) | |
| Protection Bought (Relevant Credit: Markit CDX, North America High Yield Series 41 Index), Pay 5% Quarterly, Receive upon credit default | | 12/20/2028 | | $17,530 | | $ | 6 | | | $ | (127 | ) | | $ | 133 | |
| | | | | | | | | | | | | | | | |
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 SOFR Swap, Receive Variable 5.3500% (SOFRRATE) Annually, Pay Fixed 2.7375% Annually | | | 08/30/2034 | | | | $15,900 | | | $ | 2,062 | | | $ | — | | | $ | 2,062 | |
| 10-Year SOFR Swap, Receive Variable 5.3500% (SOFRRATE) Annually, Pay Fixed 2.9360% Annually | | | 06/28/2034 | | | | 15,985 | | | | 1,862 | | | | — | | | | 1,862 | |
| 10-Year SOFR Swap, Receive Variable 5.3500% (SOFRRATE) Annually, Pay Fixed 3.2815% Annually | | | 02/27/2035 | | | | 15,600 | | | | 1,314 | | | | — | | | | 1,314 | |
| 2-Year SOFR Swap, Receive Fixed 2.7400% Annually, Pay Variable 5.3500% (SOFRRATE) Annually | | | 08/30/2026 | | | | 71,500 | | | | (2,169 | ) | | | — | | | | (2,169 | ) |
| 2-Year SOFR Swap, Receive Fixed 2.8300% Annually, Pay Variable 5.3500% (SOFRRATE) Annually | | | 06/29/2026 | | | | 71,425 | | | | (2,196 | ) | | | — | | | | (2,196 | ) |
| 2-Year SOFR Swap, Receive Fixed 3.3330% Annually, Pay Variable 5.3500% (SOFRRATE) Annually | | | 02/27/2027 | | | | 67,700 | | | | (1,069 | ) | | | — | | | | (1,069 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | (196 | ) | | $ | — | | | $ | (196 | ) |
| | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 35
| | |
Payden Corporate Bond Fund | | |
| | | | | | |
| The Fund seeks a high level of total return that is consistent with preservation of capital. | | | | | | 
|
| Portfolio Composition - percent of investments | |
| |
Corporate Bond | | | 93% | |
Asset Backed | | | 3% | |
Investment Company | | | 2% | |
Mortgage Backed | | | 1% | |
Bank Loans | | | 1% | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | | | |
| This information is not part of the audited financial statements. | | | Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
Schedule of Investments - October 31, 2023
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
Asset Backed (3%) | | | | |
2,300,000 | | Benefit Street Partners CLO XVII Ltd. 2019- 17A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.342%), 6.74%,
7/15/32 (a)(b) | | $ | 2,291 | |
877,500 | | Domino’s Pizza Master Issuer LLC 2021-1A 144A, 2.66%, 4/25/51 (b) | | | 735 | |
2,000,000 | | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 6.78%, 2/17/39 (a)(b) | | | 1,960 | |
1,871,500 | | Planet Fitness Master Issuer LLC 2022-1A 144A, 3.25%, 12/05/51 (b) | | | 1,672 | |
2,350,000 | | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 4.29%, 2/15/52 (b) | | | 2,048 | |
1,490,688 | | Zaxby’s Funding LLC 2021-1A, 144A, 3.24%, 7/30/51 (b) | | | 1,222 | |
Total Asset Backed (Cost - $10,890) | | | 9,928 | |
Bank Loans(c) (1%) | | | | |
987,500 | | Air Canada Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.13%, 8/11/28 | | | 988 | |
840,500 | | DirectV Financing LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 10.44%, 8/02/27 | | | 819 | |
Total Bank Loans (Cost - $1,810) | | | 1,807 | |
Corporate Bond (92%) | | | | |
Automotive (5%) | | | | |
675,000 | | American Honda Finance Corp., 5.13%, 7/07/28 | | | 658 | |
1,150,000 | | American Honda Finance Corp., 5.85%, 10/04/30 | | | 1,142 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
1,285,000 | | Daimler Truck Finance North America LLC | | | | |
| | 144A, 2.38%, 12/14/28 (b) | | $ | 1,079 | |
3,250,000 | | Ford Motor Credit Co. LLC, 2.30%, 2/10/25 | | | 3,073 | |
1,800,000 | | Ford Motor Credit Co. LLC, 2.90%, 2/16/28 | | | 1,533 | |
400,000 | | Ford Motor Credit Co. LLC, 3.81%, 1/09/24 | | | 398 | |
1,225,000 | | General Motors Co., 5.40%, 4/01/48 | | | 919 | |
1,200,000 | | General Motors Co., 6.75%, 4/01/46 | | | 1,076 | |
1,700,000 | | Hyundai Capital America 144A, 1.80%, 10/15/25 (b) | | | 1,567 | |
950,000 | | Kia Corp. 144A, 1.75%, 10/16/26 (b) | | | 844 | |
3,275,000 | | Nissan Motor Co. Ltd. 144A, 4.35%, 9/17/27 (b) | | | 2,962 | |
1,150,000 | | Stellantis Finance U.S. Inc. 144A, 2.69%, 9/15/31 (b) | | | 870 | |
1,185,000 | | Volkswagen Group of America Finance LLC 144A, 5.70%, 9/12/26 (b) | | | 1,175 | |
| | | | | 17,296 | |
Banking (14%) | | | | |
2,325,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.010%), 1.20%, 10/24/26 (a) | | | 2,101 | |
1,800,000 | | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.132%), 2.46%, 10/22/25 (a) | | | 1,730 | |
1,585,000 | | Bank of America Corp. N, (U.S. Secured Overnight Financing Rate + 1.220%), 2.65%, 3/11/32 (a) | | | 1,215 | |
1,600,000 | | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.232%), 3.46%, 3/15/25 (a) | | | 1,581 | |
975,000 | | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.322%), 3.56%, 4/23/27 (a) | | | 911 | |
36 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
2,600,000 | | Bank of Montreal, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.400%), 3.09%, 1/10/37 (a) | | $ | 1,879 | |
1,150,000 | | Barclays PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.050%), 2.28%, 11/24/27 (a) | | | 1,007 | |
1,550,000 | | BBVA Bancomer SA 144A, 1.88%, 9/18/25 (b) | | | 1,426 | |
830,000 | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.280%), 3.07%, 2/24/28 (a) | | | 747 | |
785,000 | | Credit Agricole SA 144A, 5.51%, 7/05/33 (b) | | | 736 | |
1,175,000 | | Deutsche Bank AG, (U.S. Secured Overnight Financing Rate + 3.180%), 6.72%, 1/18/29 (a) | | | 1,154 | |
1,250,000 | | Federation des Caisses Desjardins du Quebec 144A, 5.70%, 3/14/28 (b) | | | 1,221 | |
1,300,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.248%), 2.38%, 7/21/32 (a) | | | 965 | |
2,750,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.264%), 2.65%, 10/21/32 (a) | | | 2,069 | |
1,650,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (a) | | | 1,283 | |
305,000 | | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.600%), 4.20%, 6/01/32 (a)(b) | | | 217 | |
915,000 | | JPMorgan Chase & Co., (3 mo. Term Secured Overnight Financing Rate + 2.460%), 3.11%, 4/22/41 (a) | | | 607 | |
910,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 2.440%), 3.11%, 4/22/51 (a) | | | 536 | |
2,500,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.845%), 5.35%, 6/01/34 (a) | | | 2,307 | |
700,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.810%), 6.25%, 10/23/34 (a) | | | 691 | |
1,025,000 | | KeyBank N.A., 5.00%, 1/26/33 | | | 826 | |
1,225,000 | | Lloyds Banking Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.480%), 5.99%, 8/07/27 (a) | | | 1,208 | |
1,300,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 0.858%), 1.51%, 7/20/27 (a) | | | 1,142 | |
910,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.990%), 2.19%, 4/28/26 (a) | | | 856 | |
2,000,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.152%), 2.72%, 7/22/25 (a) | | | 1,946 | |
830,000 | | Morgan Stanley, 5.00%, 11/24/25 | | | 811 | |
1,425,000 | | Morgan Stanley, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.430%), 5.95%, 1/19/38 (a) | | | 1,293 | |
2,400,000 | | National Australia Bank Ltd. 144A, 2.99%, 5/21/31 (b) | | | 1,820 | |
875,000 | | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.100%), 6.02%, 3/02/34 (a) | | | 815 | |
970,000 | | Old National Bancorp, 5.88%, 9/29/26 | | | 947 | |
1,150,000 | | PNC Financial Services Group Inc., (Secured Overnight Financing Rate + 2.140%), 6.04%, 10/28/33 (a) | | | 1,083 | |
1,800,000 | | Royal Bank of Canada, 5.00%, 2/01/33 | | | 1,628 | |
450,000 | | Santander Holdings USA Inc., 3.24%, 10/05/26 | | | 404 | |
2,100,000 | | Sumitomo Mitsui Financial Group Inc., 5.46%, 1/13/26 | | | 2,073 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,440,000 | | U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.65%, 2/01/29 (a) | | $ | 1,330 | |
875,000 | | UBS AG, 5.65%, 9/11/28 | | | 857 | |
1,000,000 | | Wachovia Corp., 5.50%, 8/01/35 | | | 891 | |
1,000,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.500%), 3.35%, 3/02/33 (a) | | | 788 | |
2,600,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.510%), 3.53%, 3/24/28 (a) | | | 2,371 | |
1,125,000 | | Wells Fargo & Co., (3 mo. Term Secured Overnight Financing Rate + 4.502%), 5.01%, 4/04/51 (a) | | | 893 | |
675,000 | | Westpac New Zealand Ltd. 144A, 4.90%, 2/15/28 (b) | | | 646 | |
| | | | | 49,011 | |
Basic Industry (5%) | | | | |
1,425,000 | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24 | | | 1,359 | |
525,000 | | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (b) | | | 478 | |
1,050,000 | | BHP Billiton Finance USA Ltd., 5.25%, 9/08/26 | | | 1,041 | |
2,525,000 | | Boeing Co., 5.71%, 5/01/40 | | | 2,235 | |
1,250,000 | | DAE Funding LLC 144A, 1.55%, 8/01/24 (b) | | | 1,202 | |
1,980,000 | | Freeport-McMoRan Inc., 5.00%, 9/01/27 | | | 1,874 | |
2,000,000 | | Lockheed Martin Corp., 3.90%, 6/15/32 | | | 1,752 | |
785,000 | | Nature Conservancy A, 3.96%, 3/01/52 | | | 579 | |
1,470,000 | | Norfolk Southern Corp., 5.35%, 8/01/54 | | | 1,256 | |
1,450,000 | | Northrop Grumman Corp., 4.95%, 3/15/53 | | | 1,202 | |
825,000 | | Regal Rexnord Corp. 144A, 6.05%, 4/15/28 (b) | | | 790 | |
825,000 | | Regal Rexnord Corp. 144A, 6.40%, 4/15/33 (b) | | | 757 | |
600,000 | | RTX Corp., 4.63%, 11/16/48 | | | 462 | |
825,000 | | Ryder System Inc., 6.30%, 12/01/28 | | | 823 | |
1,050,000 | | Union Pacific Corp., 4.95%, 5/15/53 | | | 886 | |
850,000 | | Veralto Corp. 144A, 5.35%, 9/18/28 (b) | | | 823 | |
| | | | | 17,519 | |
Consumer Goods (3%) | | | | |
1,360,000 | | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.50%, 3/15/29 (b) | | | 1,161 | |
740,000 | | Anheuser-Busch InBev Worldwide Inc., 8.00%, 11/15/39 | | | 844 | |
904,000 | | Anheuser-Busch InBev Worldwide Inc., 8.20%, 1/15/39 | | | 1,057 | |
1,320,000 | | Coca-Cola Co., 2.60%, 6/01/50 | | | 752 | |
750,000 | | Conagra Brands Inc., 5.30%, 10/01/26 | | | 738 | |
740,000 | | Diageo Capital PLC, 5.63%, 10/05/33 | | | 727 | |
1,050,000 | | J M Smucker Co., 6.50%, 11/15/43 | | | 997 | |
1,150,000 | | JDE Peet’s NV 144A, 1.38%, 1/15/27 (b) | | | 988 | |
1,280,000 | | Kraft Heinz Foods Co., 4.38%, 6/01/46 | | | 937 | |
2,165,000 | | Land O’ Lakes Inc. 144A, 7.00% (b)(d) | | | 1,591 | |
1,850,000 | | NIKE Inc., 3.38%, 3/27/50 | | | 1,246 | |
| | | | | 11,038 | |
Energy (8%) | | | | |
600,000 | | Baytex Energy Corp. 144A, 8.50%, 4/30/30 (b) | | | 595 | |
845,000 | | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (b) | | | 843 | |
1,745,000 | | Canadian Natural Resources Ltd., 6.25%, 3/15/38 | | | 1,632 | |
128,000 | | Cenovus Energy Inc., 6.75%, 11/15/39 | | | 124 | |
1,425,000 | | Civitas Resources Inc. 144A, 8.63%, 11/01/30 (b) | | | 1,452 | |
1,025,000 | | Columbia Pipelines Operating Co. LLC 144A, 5.93%, 8/15/30 (b) | | | 990 | |
Annual Report 37
| | |
Payden Corporate Bond Fund continued | | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,700,000 | | ConocoPhillips Co., 5.05%, 9/15/33 | | $ | 1,585 | |
630,000 | | Crescent Energy Finance LLC 144A, 7.25%, 5/01/26 (b) | | | 611 | |
1,800,000 | | Earthstone Energy Holdings LLC 144A, 8.00%, 4/15/27 (b) | | | 1,828 | |
1,200,000 | | Enbridge Energy Partners LP, 7.38%, 10/15/45 | | | 1,230 | |
1,200,000 | | Energy Transfer LP, 5.40%, 10/01/47 | | | 943 | |
2,500,000 | | Energy Transfer LP, 5.50%, 6/01/27 | | | 2,439 | |
900,000 | | Energy Transfer LP, 5.75%, 2/15/33 | | | 844 | |
1,075,000 | | EQT Corp., 5.70%, 4/01/28 | | | 1,047 | |
1,000,000 | | Hess Corp., 7.30%, 8/15/31 | | | 1,080 | |
750,000 | | Kinder Morgan Energy Partners LP, 6.55%, 9/15/40 | | | 696 | |
950,000 | | MPLX LP, 5.65%, 3/01/53 | | | 782 | |
710,000 | | ONEOK Inc., 6.05%, 9/01/33 | | | 681 | |
900,000 | | Ovintiv Inc., 5.65%, 5/15/28 | | | 874 | |
410,000 | | Parsley Energy LLC/Parsley Finance Corp. 144A, 4.13%, 2/15/28 (b) | | | 375 | |
1,425,000 | | TransCanada PipeLines Ltd., 6.20%, 3/09/26 | | | 1,425 | |
975,000 | | Viper Energy Partners LP 144A, 7.38%, 11/01/31 (b) | | | 974 | |
1,175,000 | | Western Midstream Operating LP, 6.15%, 4/01/33 | | | 1,112 | |
1,550,000 | | Williams Cos. Inc., 3.75%, 6/15/27 | | | 1,433 | |
2,200,000 | | Williams Cos. Inc., 8.75%, 3/15/32 | | | 2,447 | |
| | | | | 28,042 | |
Financial Services (14%) | | | | |
410,000 | | Aircastle Ltd., 4.13%, 5/01/24 | | | 404 | |
1,795,000 | | Ally Financial Inc., 3.88%, 5/21/24 | | | 1,765 | |
1,851,000 | | American Express Co., 8.15%, 3/19/38 | | | 2,097 | |
920,000 | | AmFam Holdings Inc. 144A, 2.81%, 3/11/31 (b) | | | 652 | |
1,950,000 | | Ares Capital Corp., 3.25%, 7/15/25 | | | 1,829 | |
1,300,000 | | ASB Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.250%), 5.28%, 6/17/32 (a)(b) | | | 1,229 | |
1,100,000 | | Ashtead Capital Inc. 144A, 5.50%, 8/11/32 (b) | | | 985 | |
2,400,000 | | Banco Santander SA, 2.75%, 12/03/30 | | | 1,752 | |
875,000 | | Bank of New York Mellon Corp., (U.S. Secured Overnight Financing Rate + 1.169%), 4.54%, 2/01/29 (a) | | | 821 | |
2,075,000 | | Blackstone Private Credit Fund, 1.75%, 9/15/24 | | | 1,985 | |
605,000 | | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | | | 531 | |
2,205,000 | | Blue Owl Capital Corp., 3.75%, 7/22/25 | | | 2,061 | |
1,350,000 | | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 1.290%), 2.64%, 3/03/26 (a) | | | 1,266 | |
915,000 | | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.080%), 5.47%, 2/01/29 (a) | | | 851 | |
2,300,000 | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 2.107%), 2.57%, 6/03/31 (a) | | | 1,802 | |
1,430,000 | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (a) | | | 1,101 | |
2,500,000 | | Citigroup Inc., 4.45%, 9/29/27 | | | 2,310 | |
3,775,000 | | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (b) | | | 3,624 | |
2,850,000 | | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 3.350%), 7.39%, 11/03/28 (a) | | | 2,925 | |
1,820,000 | | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | | | 1,665 | |
1,975,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.990%), 4.85%, 7/25/28 (a) | | | 1,888 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,155,000 | | Low Income Investment Fund 2019, 3.71%, 7/01/29 | | $ | 1,002 | |
1,600,000 | | Macquarie Group Ltd. 144A, (U.S. Secured Overnight Financing Rate + 1.069%), 1.34%, 1/12/27 (a)(b) | | | 1,429 | |
620,000 | | Mastercard Inc., 3.85%, 3/26/50 | | | 454 | |
1,025,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.020%), 1.93%, 4/28/32 (a) | | | 743 | |
2,020,000 | | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27 | | | 1,563 | |
1,375,000 | | National Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.009%), 3.75%, 6/09/25 (a) | | | 1,352 | |
2,000,000 | | National Securities Clearing Corp. 144A, 5.10%, 11/21/27 (b) | | | 1,962 | |
1,300,000 | | PayPal Holdings Inc., 3.25%, 6/01/50 | | | 799 | |
750,000 | | State Street Corp., (U.S. Secured Overnight Financing Rate + 1.567%), 4.82%, 1/26/34 (a) | | | 665 | |
1,125,000 | | Synchrony Financial, 7.25%, 2/02/33 | | | 955 | |
1,250,000 | | Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 1.852%), 5.12%, 1/26/34 (a) | | | 1,073 | |
2,200,000 | | Westpac Banking Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.750%), 2.67%, 11/15/35 (a) | | | 1,600 | |
| | | | | 47,140 | |
Healthcare (8%) | | | | |
1,350,000 | | AbbVie Inc., 4.85%, 6/15/44 | | | 1,130 | |
1,620,000 | | Amgen Inc., 3.15%, 2/21/40 | | | 1,086 | |
1,500,000 | | Amgen Inc., 5.60%, 3/02/43 | | | 1,339 | |
2,000,000 | | Baxter International Inc., 2.27%, 12/01/28 | | | 1,656 | |
700,000 | | Blue Cross and Blue Shield of Minnesota 144A, 3.79%, 5/01/25 (b) | | | 666 | |
1,625,000 | | Bristol-Myers Squibb Co., 4.25%, 10/26/49 | | | 1,210 | |
895,000 | | Cigna Group, 4.90%, 12/15/48 | | | 716 | |
1,250,000 | | Cigna Group, 5.69%, 3/15/26 | | | 1,246 | |
1,850,000 | | CVS Health Corp., 5.30%, 12/05/43 | | | 1,531 | |
740,000 | | Dignity Health, 4.50%, 11/01/42 | | | 580 | |
975,000 | | Elevance Health Inc., 5.13%, 2/15/53 | | | 810 | |
950,000 | | Eli Lilly & Co., 4.88%, 2/27/53 | | | 824 | |
1,825,000 | | GE HealthCare Technologies Inc., 5.65%, 11/15/27 | | | 1,807 | |
965,000 | | Gilead Sciences Inc., 2.80%, 10/01/50 | | | 545 | |
1,180,000 | | HCA Inc., 5.90%, 6/01/53 | | | 998 | |
750,000 | | Humana Inc., 5.50%, 3/15/53 | | | 646 | |
550,000 | | Jazz Securities DAC 144A, 4.38%, 1/15/29 (b) | | | 479 | |
1,300,000 | | Merck & Co. Inc., 2.35%, 6/24/40 | | | 807 | |
145,000 | | Northwell Healthcare Inc., 6.15%, 11/01/43 | | | 134 | |
955,000 | | PeaceHealth Obligated Group 2020, 1.38%, 11/15/25 | | | 871 | |
1,200,000 | | Perrigo Finance Unlimited Co., 4.65%, 6/15/30 | | | 1,003 | |
1,475,000 | | Pfizer Investment Enterprises Pte Ltd., 4.65%, 5/19/30 | | | 1,387 | |
1,620,000 | | Royalty Pharma PLC, 2.20%, 9/02/30 | | | 1,237 | |
420,000 | | Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46 | | | 252 | |
1,825,000 | | Teva Pharmaceutical Finance Netherlands III BV, 5.13%, 5/09/29 | | | 1,595 | |
516,000 | | Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24 | | | 513 | |
970,000 | | UnitedHealth Group Inc., 5.88%, 2/15/53 | | | 918 | |
1,820,000 | | Viatris Inc., 4.00%, 6/22/50 | | | 1,048 | |
| | | | | 27,034 | |
38 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| |
Household Products (1%) | | | | |
850,000 | | Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC 144A, 6.63%, 7/15/30 (b) | | $ | 811 | |
975,000 | | Haleon U.S. Capital LLC, 3.38%, 3/24/27 | | | 899 | |
1,300,000 | | Haleon U.S. Capital LLC, 3.63%, 3/24/32 | | | 1,084 | |
| | | | | 2,794 | |
Insurance (3%) | | | | |
1,700,000 | | Augustar Life Insurance Co. 144A, 6.88%, 6/15/42 (b) | | | 1,366 | |
1,400,000 | | First American Financial Corp., 2.40%, 8/15/31 | | | 1,013 | |
975,000 | | MetLife Inc., 5.38%, 7/15/33 | | | 912 | |
725,000 | | Nationwide Financial Services Inc. 144A, 5.30%, 11/18/44 (b) | | | 564 | |
1,731,000 | | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (b) | | | 2,032 | |
1,265,000 | | New York Life Insurance Co. 144A, 5.88%, 5/15/33 (b) | | | 1,222 | |
500,000 | | New York Life Insurance Co. 144A, 6.75%, 11/15/39 (b) | | | 506 | |
1,500,000 | | Nippon Life Insurance Co. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.600%), 2.90%, 9/16/51 (a)(b) | | | 1,141 | |
450,000 | | Pacific Life Insurance Co. 144A, 9.25%, 6/15/39 (b) | | | 531 | |
550,000 | | Teachers Insurance & Annuity Association of America 144A, 4.90%, 9/15/44 (b) | | | 445 | |
2,000,000 | | Teachers Insurance & Annuity Association of America 144A, 6.85%, 12/16/39 (b) | | | 2,029 | |
| | | | | 11,761 | |
Leisure (1%) | | | | |
1,150,000 | | Genting New York LLC/GENNY Capital Inc. 144A, 3.30%, 2/15/26 (b) | | | 1,027 | |
865,000 | | Hyatt Hotels Corp., 5.75%, 1/30/27 | | | 855 | |
500,000 | | Mattel Inc. 144A, 3.38%, 4/01/26 (b) | | | 462 | |
1,875,000 | | Warnermedia Holdings Inc., 4.28%, 3/15/32 | | | 1,555 | |
1,355,000 | | Warnermedia Holdings Inc., 5.14%, 3/15/52 | | | 960 | |
| | | | | 4,859 | |
Media (3%) | | | | |
1,820,000 | | Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/01/41 | | | 1,091 | |
1,025,000 | | Cogent Communications Group Inc. 144A, 7.00%, 6/15/27 (b) | | | 969 | |
1,860,000 | | Comcast Corp., 2.89%, 11/01/51 | | | 1,028 | |
900,000 | | Comcast Corp., 5.35%, 5/15/53 | | | 775 | |
766,000 | | Comcast Corp., 6.50%, 11/15/35 | | | 783 | |
1,760,000 | | Fox Corp., 5.58%, 1/25/49 | | | 1,388 | |
575,000 | | Gray Escrow II Inc. 144A, 5.38%, 11/15/31 (b) | | | 363 | |
1,365,000 | | Paramount Global, 5.85%, 9/01/43 | | | 986 | |
1,450,000 | | Time Warner Cable LLC, 6.75%, 6/15/39 | | | 1,265 | |
1,000,000 | | Walt Disney Co., 2.75%, 9/01/49 | | | 559 | |
| | | | | 9,207 | |
Real Estate (4%) | | | | |
1,885,000 | | American Tower Corp., 5.50%, 3/15/28 | | | 1,827 | |
800,000 | | Camden Property Trust, 5.85%, 11/03/26 | | | 801 | |
70,000 | | Healthpeak OP LLC, 3.40%, 2/01/25 | | | 68 | |
1,575,000 | | Healthpeak OP LLC, 5.25%, 12/15/32 | | | 1,427 | |
1,700,000 | | Invitation Homes Operating Partnership LP, 5.45%, 8/15/30 | | | 1,586 | |
1,580,000 | | Kimco Realty OP LLC, 6.40%, 3/01/34 | | | 1,552 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,050,000 | | Physicians Realty LP, 2.63%, 11/01/31 | | $ | 772 | |
1,200,000 | | Simon Property Group LP, 6.75%, 2/01/40 | | | 1,180 | |
1,750,000 | | Starwood Property Trust Inc. 144A, 3.75%, 12/31/24 (b) | | | 1,655 | |
360,000 | | Toll Brothers Finance Corp., 4.88%, 11/15/25 | | | 350 | |
770,000 | | WEA Finance LLC 144A, 4.13%, 9/20/28 (b) | | | 651 | |
980,000 | | WEA Finance LLC 144A, 4.63%, 9/20/48 (b) | | | 581 | |
| | | | | 12,450 | |
Retail (3%) | | | | |
1,300,000 | | AutoZone Inc., 4.75%, 2/01/33 | | | 1,147 | |
1,250,000 | | Dick’s Sporting Goods Inc., 3.15%, 1/15/32 | | | 944 | |
2,000,000 | | Home Depot Inc., 4.50%, 12/06/48 | | | 1,577 | |
1,325,000 | | Lowe’s Cos. Inc., 5.13%, 4/15/50 | | | 1,073 | |
600,000 | | Newell Brands Inc., 6.38%, 9/15/27 | | | 564 | |
1,425,000 | | Nordstrom Inc., 4.25%, 8/01/31 | | | 1,046 | |
1,775,000 | | Target Corp., 4.50%, 9/15/32 | | | 1,611 | |
1,400,000 | | Walmart Inc., 4.50%, 9/09/52 | | | 1,137 | |
1,355,000 | | Walmart Inc., 4.50%, 4/15/53 | | | 1,101 | |
| | | | | 10,200 | |
Service (2%) | | | | |
2,185,000 | | American University 2019, 3.67%, 4/01/49 | | | 1,528 | |
1,850,000 | | California Institute of Technology, 3.65%, 9/01/19 | | | 1,071 | |
1,150,000 | | Ford Foundation 2020, 2.82%, 6/01/70 | | | 586 | |
1,540,000 | | Georgetown University B, 4.32%, 4/01/49 | | | 1,177 | |
1,180,000 | | President and Fellows of Harvard College, 2.52%, 10/15/50 | | | 663 | |
| | | | | 5,025 | |
Technology (5%) | | | | |
1,305,000 | | Apple Inc., 2.65%, 5/11/50 | | | 756 | |
1,200,000 | | Apple Inc., 3.95%, 8/08/52 | | | 890 | |
515,000 | | Broadcom Inc. 144A, 3.14%, 11/15/35 (b) | | | 364 | |
1,774,000 | | Broadcom Inc. 144A, 4.93%, 5/15/37 (b) | | | 1,479 | |
1,400,000 | | Dell International LLC/EMC Corp., 4.90%, 10/01/26 | | | 1,363 | |
207,000 | | Dell International LLC/EMC Corp., 8.35%, 7/15/46 | | | 231 | |
1,455,000 | | Fiserv Inc., 5.38%, 8/21/28 | | | 1,424 | |
1,500,000 | | Hewlett Packard Enterprise Co., 6.10%, 4/01/26 | | | 1,499 | |
2,800,000 | | Microsoft Corp., 2.53%, 6/01/50 | | | 1,604 | |
1,493,000 | | Oracle Corp., 4.13%, 5/15/45 | | | 1,035 | |
2,000,000 | | Oracle Corp., 6.50%, 4/15/38 | | | 1,953 | |
2,100,000 | | Skyworks Solutions Inc., 3.00%, 6/01/31 | | | 1,609 | |
1,325,000 | | Take-Two Interactive Software Inc., 4.00%, 4/14/32 | | | 1,136 | |
1,435,000 | | VMware Inc., 2.20%, 8/15/31 | | | 1,061 | |
1,725,000 | | Workday Inc., 3.80%, 4/01/32 | | | 1,437 | |
| | | | | 17,841 | |
Telecommunications (7%) | | | | |
1,575,000 | | Alphabet Inc., 2.05%, 8/15/50 | | | 815 | |
1,750,000 | | Amazon.com Inc., 3.10%, 5/12/51 | | | 1,085 | |
1,859,000 | | AT&T Inc., 3.50%, 9/15/53 | | | 1,096 | |
3,800,000 | | AT&T Inc., 3.65%, 9/15/59 | | | 2,200 | |
1,760,000 | | British Telecommunications PLC 144A, 4.25%, 11/08/49 (b) | | | 1,182 | |
1,100,000 | | Cogent Communications Group Inc. 144A, 3.50%, 5/01/26 (b) | | | 997 | |
1,500,000 | | Deutsche Telekom International Finance BV, 8.75%, 6/15/30 | | | 1,681 | |
1,800,000 | | Juniper Networks Inc., 2.00%, 12/10/30 | | | 1,324 | |
1,325,000 | | NBN Co. Ltd. 144A, 1.63%, 1/08/27 (b) | | | 1,165 | |
1,475,000 | | Orange SA, 9.00%, 3/01/31 | | | 1,690 | |
Annual Report 39
Payden Corporate Bond Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,550,000 | | Rogers Communications Inc., 5.45%, 10/01/43 | | $ | 1,272 | |
1,450,000 | | Stagwell Global LLC 144A, 5.63%, 8/15/29 (b) | | | 1,200 | |
1,100,000 | | TELUS Corp., 4.60%, 11/16/48 | | | 809 | |
2,025,000 | | T-Mobile USA Inc., 3.38%, 4/15/29 | | | 1,765 | |
1,775,000 | | T-Mobile USA Inc., 5.65%, 1/15/53 | | | 1,535 | |
3,467,000 | | Verizon Communications Inc., 2.36%, 3/15/32 | | | 2,594 | |
| | | | | 22,410 | |
Transportation (1%) | | | | |
1,255,720 | | American Airlines Pass-Through Trust 2019-1, AA, 3.15%, 2/15/32 | | | 1,049 | |
1,203,061 | | American Airlines Pass-Through Trust 2019-1, A, 3.50%, 2/15/32 | | | 963 | |
| | | | | 2,012 | |
Utility (5%) | | | | |
1,000,000 | | Atmos Energy Corp., 5.90%, 11/15/33 | | | 986 | |
1,050,000 | | Basin Electric Power Cooperative 144A, 4.75%, 4/26/47 (b) | | | 764 | |
244,000 | | Berkshire Hathaway Energy Co., 6.13%, 4/01/36 | | | 238 | |
800,000 | | Boston Gas Co. 144A, 6.12%, 7/20/53 (b) | | | 720 | |
1,050,000 | | Dominion Energy South Carolina Inc., 6.25%, 10/15/53 | | | 1,023 | |
2,250,000 | | Duke Energy Florida LLC, 5.95%, 11/15/52 | | | 2,085 | |
1,825,000 | | Indiana Michigan Power Co., 5.63%, 4/01/53 | | | 1,618 | |
660,000 | | KeySpan Gas East Corp. 144A, 5.82%, 4/01/41 (b) | | | 569 | |
1,780,000 | | National Fuel Gas Co., 5.50%, 1/15/26 | | | 1,746 | |
610,000 | | Nevada Power Co., 6.00%, 3/15/54 | | | 561 | |
950,000 | | NextEra Energy Capital Holdings Inc., 5.00%, 2/28/30 | | | 888 | |
1,000,000 | | NiSource Inc., 5.65%, 2/01/45 | | | 870 | |
900,000 | | Northern States Power Co., 5.10%, 5/15/53 | | | 763 | |
815,000 | | PECO Energy Co., 4.90%, 6/15/33 | | | 755 | |
675,000 | | Public Service Electric and Gas Co., 5.13%, 3/15/53 | | | 581 | |
1,320,000 | | Public Service Enterprise Group Inc., 6.13%, 10/15/33 | | | 1,289 | |
295,695 | | Solar Star Funding LLC 144A, 3.95%, 6/30/35 (b) | | | 245 | |
1,575,000 | | TransAlta Corp., 7.75%, 11/15/29 | | | 1,569 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
585,000 | | Tucson Electric Power Co., 5.50%, 4/15/53 | | $ | 500 | |
725,000 | | WEC Energy Group Inc., 5.60%, 9/12/26 | | | 721 | |
| | | | | 18,491 | |
Total Corporate Bond (Cost - $370,882) | | | 314,130 | |
Foreign Government (0%) | | | | |
1,885,000 | | Corp. Financiera de Desarrollo SA 144A,
2.40%, 9/28/27 (b) | | | | |
| | (Cost - $1,883) | | | 1,618 | |
Mortgage Backed (1%) | | | | |
2,000,000 | | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.064%), 7.40%, 2/15/38 (a)(b) | | | 1,630 | |
1,995,037 | | Credit Suisse Mortgage Capital Certificates 2019-ICE4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.477%), 6.81%, 5/15/36 (a)(b) | | | 1,980 | |
Total Mortgage Backed (Cost - $4,000) | | | 3,610 | |
Municipal (0%) | | | | |
1,050,000 | | Michigan Finance Authority D, 5.02%, 11/01/43 | | | | |
| | (Cost - $1,050) | | | 907 | |
Investment Company (2%) | | | | |
1,189,421 | | Payden Cash Reserves Money Market Fund* | | | 1,189 | |
589,623 | | Payden Emerging Market Corporate Bond Fund* | | | 4,818 | |
Total Investment Company (Cost - $6,189) | | | 6,007 | |
| |
Total Investments (Cost - $396,704) (99%) | | | 338,007 | |
Other Assets, net of Liabilities (1%) | | | 3,016 | |
Net Assets (100%) | | $ | 341,023 | |
| | | | | | |
| (a) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
| (b) | Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board. |
| (c) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |
| (d) | Perpetual security with no stated maturity date. |
40 Payden Mutual Funds
Open Futures Contracts
| | | | | | | | | | | | | | | | | | |
| Contract Type | | Number of
Contracts | | Expiration
Date | | | Notional
Amount
(000s) | | | Current
Value
(000s) | | | Unrealized
Appreciation
(Depreciation)
(000s) | |
Long Contracts: | | | | | | | | | | | | | | | | |
| U.S. Long Bond Future | | 66 | | | Dec-23 | | | $ | 7,223 | | | $ | (616 | ) | | $ | (616 | ) |
| U.S. Treasury 10-Year Note Future | | 55 | | | Dec-23 | | | | 5,839 | | | | (207 | ) | | | (207 | ) |
| U.S. Treasury 2-Year Note Future | | 46 | | | Dec-23 | | | | 9,311 | | | | (37 | ) | | | (37 | ) |
| U.S. Treasury 5-Year Note Future | | 76 | | | Dec-23 | | | | 7,940 | | | | (130 | ) | | | (130 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (990 | ) |
| | | | | | | | | | | | | | | | | | |
Short Contracts: | | | | | | | | | | | | | | | | |
| U.S. Treasury 10-Year Ultra Future | | 106 | | | Dec-23 | | | | (11,536 | ) | | | 505 | | | | 505 | |
| U.S. Ultra Bond Future | | 15 | | | Dec-23 | | | | (1,688 | ) | | | 151 | | | | 151 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 656 | |
| | | | | | | | | | | | | | | | | | |
| Total Futures | | | | | | | | | | | | | | $ | (334 | ) |
| | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 41
Payden Strategic Income Fund
| | | | |
The Fund seeks a high level of total return combined with income generation that is consistent with preservation of capital. | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
| Portfolio Composition - percent of investments |
|
U.S. Treasury | | 30% |
Corporate Bond | | 29% |
Mortgage Backed | | 12% |
Asset Backed | | 10% |
Municipal | | 5% |
Other | | 14% |
| | |
|
|
|
|
|
|
This information is not part of the audited financial statements. |
Schedule of Investments - October 31, 2023
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
Asset Backed (10%) | | | | |
416,491 | | ACRES Commercial Realty Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.65%, 6/15/36 (a)(b) | | $ | 411 | |
212,850 | | Arbys Funding LLC 2020-1A 144A, 3.24%, 7/30/50 (a) | | | 188 | |
1,000,000 | | BDS Ltd. 2021-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 7.80%, 6/16/36 (a)(b) | | | 955 | |
700,000 | | Blackrock European CLO VII DAC 7A 144A, (3 mo. EURIBOR + 1.300%), 5.27%, 10/15/31 EUR (a)(b)(c) | | | 708 | |
600,000 | | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.814%), 8.15%, 8/19/38 (a)(b) | | | 559 | |
230,000 | | CARS-DB4 LP 2020-1A 144A, 4.17%, 2/15/50 (a) | | | 218 | |
360,000 | | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (a) | | | 288 | |
600,000 | | CIFC European Funding CLO II DAC 2A 144A, (3 mo. EURIBOR + 0.900%), 4.87%, 4/15/33 EUR (a)(b)(c) | | | 623 | |
675,000 | | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 CAD (a)(c) | | | 441 | |
1,170,675 | | Driven Brands Funding LLC 2020-1A 144A, 3.79%, 7/20/50 (a) | | | 1,038 | |
676,509 | | Dryden CLO Ltd. 2018-55A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.282%), 6.68%, 4/15/31 (a)(b) | | | 674 | |
400,000 | | Dryden XXVI Senior Loan Fund 2013-26A 144A, (3 mo. Term Secured Overnight Financing Rate + 5.802%), 11.20%, 4/15/29 (a)(b) | | | 356 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
1,050,000 | | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.164%), 7.50%, 5/16/38 (a)(b) | | $ | 998 | |
506,484 | | JPMorgan Chase Bank N.A.-CACLN 2020-2 144A, 31.36%, 2/25/28 (a) | | | 603 | |
114,522 | | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 2.28%, 12/26/28 (a) | | | 112 | |
153,640 | | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 2.10%, 2/26/29 (a) | | | 146 | |
1 | | Juniper Receivables 2021-2 DAC Holding Class R-1 Notes, 0.00%, 2/15/29 | | | 363 | |
141,622 | | LoanCore Issuer Ltd. 2019-CRE2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.614%), 6.95%, 5/15/36 (a)(b) | | | 141 | |
317,500 | | LoanCore Issuer Ltd. 2019-CRE2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.114%), 7.45%, 5/15/36 (a)(b) | | | 301 | |
400,000 | | LoanCore Issuer Ltd. 2019-CRE2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.564%), 7.90%, 5/15/36 (a)(b) | | | 371 | |
381,935 | | Man GLG Euro CLO VI DAC 6A 144A, (3 mo. EURIBOR + 0.810%), 4.78%, 10/15/32 EUR (a)(b)(c) | | | 397 | |
250,000 | | Montmartre Euro CLO DAC 2020-2A 144A, (3 mo. EURIBOR + 0.960%), 4.93%, 7/15/34 EUR (a)(b)(c) | | | 256 | |
1,200,000 | | Neuberger Berman Loan Advisers CLO Ltd. 2019-33A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.342%), 6.74%, 10/16/33 (a)(b) | | | 1,194 | |
42 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
500,000 | | Neuberger Berman Loan Advisers Euro CLO DAC 2021-2A 144A, (3 mo. EURIBOR + 1.030%), 5.00%, 4/15/34 EUR (a)(b)(c) | | $ | 514 | |
500,000 | | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | | | 489 | |
394,625 | | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (a) | | | 325 | |
498,444 | | RR 24 Ltd. 2022-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.400%), 7.79%, 1/15/32 (a)(b) | | | 500 | |
294,040 | | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | | | 290 | |
108,173 | | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 6.79%, 8/16/32 (a) | | | 108 | |
217,484 | | Santander Bank Auto Credit-Linked Notes 2023- A 144A, 10.07%, 6/15/33 (a) | | | 217 | |
109,906 | | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | | | 107 | |
600,000 | | Sculptor European CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.750%), 5.72%, 1/14/32 EUR (a)(b)(c) | | | 614 | |
450,000 | | Symphony CLO XXIV Ltd. 2020-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.512%), 7.92%, 1/23/32 (a)(b) | | | 443 | |
875,000 | | THL Credit Wind River CLO Ltd. 2019-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.342%), 6.74%, 7/15/31 (a)(b) | | | 870 | |
850,000 | | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | | | 811 | |
300,000 | | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.85%, 3/15/38 (a)(b) | | | 276 | |
300,000 | | Voya Euro CLO III DAC 3A 144A, (3 mo. EURIBOR + 0.920%), 4.89%, 4/15/33 EUR (a) (b)(c) | | | 311 | |
537,625 | | Zaxby’s Funding LLC 2021-1A 144A, 3.24%, 7/30/51 (a) | | | 441 | |
Total Asset Backed (Cost - $19,370) | | | 17,657 | |
Bank Loans(d) (2%) | | | | |
646,734 | | Asurion LLC Term Loan B10 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 9.42%, 8/19/28 | | | 619 | |
439,313 | | MIC Glen LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.69%, 7/21/28 | | | 432 | |
560,000 | | MIC Glen LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.750%), 12.17%, 7/20/29 | | | 530 | |
652,615 | | Numericable U.S. LLC Term Loan B14-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 10.89%, 8/15/28 | | | 581 | |
467,063 | | Standard Industries Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.95%, 9/22/28 | | | 468 | |
756,001 | | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 9.44%, 2/05/27 | | | 754 | |
Total Bank Loans (Cost - $3,471) | | | 3,384 | |
Corporate Bond (30%) | | | | |
405,000 | | AbbVie Inc., 2.60%, 11/21/24 | | | 391 | |
675,000 | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | | | 601 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
145,000 | | Air Lease Corp., 2.30%, 2/01/25 | | $ | 138 | |
– | | American Airlines Class A Pass-Through Trust 2019-1, A, 3.50%, 2/15/32 | | | — | |
425,000 | | American Electric Power Co. Inc., 2.03%, 3/15/24 | | | 418 | |
700,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.930%), 5.63%, 7/28/34 (b) | | | 638 | |
560,000 | | American Tower Corp., 3.95%, 3/15/29 | | | 499 | |
725,000 | | AmFam Holdings Inc. 144A, 2.81%, 3/11/31 (a) | | | 514 | |
300,000 | | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | | | 273 | |
450,000 | | Ashtead Capital Inc. 144A, 5.55%, 5/30/33 (a) | | | 404 | |
925,000 | | Banco Bilbao Vizcaya Argentaria SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.700%), 6.14%, 9/14/28 (b) | | | 903 | |
400,000 | | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (b) | | | 347 | |
500,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.290%), 5.08%, 1/20/27 (b) | | | 487 | |
450,000 | | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (b) | | | 440 | |
325,000 | | Blackstone Private Credit Fund, 4.70%, 3/24/25 | | | 315 | |
625,000 | | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | | | 549 | |
500,000 | | Blue Cross and Blue Shield of Minnesota 144A, 3.79%, 5/01/25 (a) | | | 476 | |
345,000 | | Blue Owl Capital Corp., 3.75%, 7/22/25 | | | 322 | |
250,000 | | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 2.074%), 2.22%, 6/09/26 (a)(b) | | | 233 | |
400,000 | | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (a) | | | 399 | |
550,000 | | BP Capital Markets America Inc., 4.81%, 2/13/33 | | | 503 | |
200,000 | | BRF SA 144A, 5.75%, 9/21/50 (a) | | | 130 | |
192,000 | | Broadcom Inc. 144A, 3.14%, 11/15/35 (a) | | | 136 | |
275,000 | | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.62%, 10/30/31 (b) | | | 275 | |
42,000 | | Carrier Global Corp., 2.24%, 2/15/25 | | | 40 | |
50,000 | | CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 | | | 50 | |
450,000 | | Centene Corp., 4.25%, 12/15/27 | | | 415 | |
375,000 | | Charles Schwab Corp. G, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.971%), 5.38% (b)(e) | | | 358 | |
825,000 | | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 12/01/61 | | | 481 | |
500,000 | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.546%), 5.61%, 9/29/26 (b) | | | 494 | |
200,000 | | Civitas Resources Inc. 144A, 8.63%, 11/01/30 (a) | | | 204 | |
550,000 | | Civitas Resources Inc. 144A, 8.75%, 7/01/31 (a) | | | 556 | |
900,000 | | Corebridge Financial Inc., 3.90%, 4/05/32 | | | 737 | |
550,000 | | Credit Agricole SA 144A, 5.51%, 7/05/33 (a) | | | 515 | |
400,000 | | CubeSmart LP, 2.25%, 12/15/28 | | | 331 | |
700,000 | | CVS Health Corp., 5.63%, 2/21/53 | | | 594 | |
300,000 | | Dell International LLC/EMC Corp., 5.75%, 2/01/33 | | | 284 | |
350,000 | | Diamondback Energy Inc., 4.25%, 3/15/52 | | | 241 | |
975,000 | | Duquesne Light Holdings Inc. 144A, 2.78%, 1/07/32 (a) | | | 704 | |
Annual Report 43
Payden Strategic Income Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
500,000 | | Earthstone Energy Holdings LLC 144A, 9.88%, 7/15/31 (a) | | $ | 539 | |
300,000 | | Electricidad Firme de Mexico Holdings SA de CV 144A, 4.90%, 11/20/26 (a) | | | 261 | |
400,000 | | Energy Transfer LP, 5.75%, 2/15/33 | | | 375 | |
600,000 | | Energy Transfer LP, 6.55%, 12/01/33 | | | 592 | |
140,000 | | Equifax Inc., 2.60%, 12/15/25 | | | 131 | |
460,000 | | Federation des Caisses Desjardins du Quebec 144A, 2.05%, 2/10/25 (a) | | | 437 | |
250,000 | | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 (a) | | | 199 | |
350,000 | | Fifth Third Bank N.A., (Secured Overnight Financing Rate + 1.230%), 5.85%, 10/27/25 (b) | | | 341 | |
400,000 | | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (a) | | | 384 | |
385,000 | | GATX Corp., 4.35%, 2/15/24 | | | 383 | |
550,000 | | General Motors Co., 5.60%, 10/15/32 | | | 502 | |
255,000 | | Geopark Ltd. 144A, 5.50%, 1/17/27 (a) | | | 214 | |
725,000 | | Glencore Funding LLC 144A, 3.88%, 4/27/51 (a) | | | 459 | |
525,000 | | Global Payments Inc., 1.20%, 3/01/26 | | | 468 | |
550,000 | | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | | | 448 | |
565,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (b) | | | 439 | |
300,000 | | Graphic Packaging International LLC 144A, 1.51%, 4/15/26 (a) | | | 266 | |
350,000 | | Grupo Axo SAPI de CV 144A, 5.75%, 6/08/26 (a) | | | 306 | |
260,000 | | HCA Inc., 3.50%, 9/01/30 | | | 215 | |
450,000 | | Healthpeak OP LLC, 5.25%, 12/15/32 | | | 408 | |
500,000 | | HSBC Holdings PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.858%), 8.00% (b)(e) | | | 492 | |
500,000 | | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 1.970%), 6.16%, 3/09/29 (b) | | | 490 | |
650,000 | | Hyundai Capital America 144A, 6.50%, 1/16/29 (a) | | | 647 | |
475,000 | | International Petroleum Corp. 144A, 7.25%, 2/01/27 (a)(f) | | | 444 | |
650,000 | | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.900%), 7.78%, 6/20/54 (a)(b) | | | 564 | |
430,000 | | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | | | 359 | |
500,000 | | John Deere Capital Corp., 3.40%, 6/06/25 | | | 484 | |
550,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.850%), 2.08%, 4/22/26 (b) | | | 517 | |
270,000 | | Kinder Morgan Inc., 2.00%, 2/15/31 | | | 202 | |
250,000 | | Kontoor Brands Inc. 144A, 4.13%, 11/15/29 (a) | | | 206 | |
200,000 | | Land O’ Lakes Inc. 144A, 7.00% (a)(e) | | | 147 | |
580,000 | | Lennar Corp., 4.75%, 11/29/27 | | | 552 | |
475,000 | | Lockheed Martin Corp., 4.95%, 10/15/25 | | | 472 | |
250,000 | | Lockheed Martin Corp., 5.10%, 11/15/27 | | | 247 | |
750,000 | | Macquarie Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 3.05%, 3/03/36 (a)(b) | | | 547 | |
830,000 | | Mercedes-Benz Finance North America LLC 144A, 3.65%, 2/22/24 (a) | | | 824 | |
755,000 | | Midwest Connector Capital Co. LLC 144A, 3.90%, 4/01/24 (a) | | | 746 | |
450,000 | | Minerva Luxembourg SA 144A,
8.88%, 9/13/33 (a) | | | 443 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
850,000 | | Mitsubishi UFJ Financial Group Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.550%), 5.06%, 9/12/25 (b) | | $ | 841 | |
550,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.200%), 2.51%, 10/20/32 (b) | | | 412 | |
585,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.290%), 2.94%, 1/21/33 (b) | | | 449 | |
180,000 | | Nabors Industries Ltd. 144A, 7.25%, 1/15/26 (a) | | | 169 | |
330,000 | | National Fuel Gas Co., 5.50%, 1/15/26 | | | 324 | |
210,000 | | Northriver Midstream Finance LP 144A, 5.63%, 2/15/26 (a) | | | 199 | |
500,000 | | Northwell Healthcare Inc., 4.26%, 11/01/47 | | | 355 | |
300,000 | | ONEOK Inc., 5.80%, 11/01/30 | | | 289 | |
600,000 | | Oracle Corp., 6.15%, 11/09/29 | | | 602 | |
650,000 | | Ovintiv Inc., 5.65%, 5/15/28 | | | 631 | |
650,000 | | Palomino Funding Trust I 144A, 7.23%, 5/17/28 (a) | | | 650 | |
550,000 | | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | | | 537 | |
415,000 | | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | | | 382 | |
385,000 | | Petroleos Mexicanos, 6.49%, 1/23/27 | | | 341 | |
400,000 | | Petroleos Mexicanos, 5.95%, 1/28/31 | | | 286 | |
650,000 | | Pfizer Investment Enterprises Pte Ltd., 4.75%, 5/19/33 | | | 598 | |
735,000 | | Phillips 66 Co., 2.45%, 12/15/24 | | | 708 | |
525,000 | | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | | | 377 | |
505,000 | | Realty Income Corp., 4.60%, 2/06/24 | | | 503 | |
400,000 | | Regal Rexnord Corp. 144A, 6.40%, 4/15/33 (a) | | | 367 | |
550,000 | | Royal Bank of Canada, 1.60%, 1/21/25 | | | 523 | |
750,000 | | Royal Bank of Canada, 5.00%, 2/01/33 | | | 678 | |
775,000 | | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 2.328%), 5.81%, 9/09/26 (b) | | | 759 | |
450,000 | | Santander Holdings USA Inc., 3.24%, 10/05/26 | | | 404 | |
310,000 | | Sinclair Television Group Inc. 144A, 4.13%, 12/01/30 (a) | | | 196 | |
625,000 | | Spirit Realty LP, 2.10%, 3/15/28 | | | 521 | |
500,000 | | Standard Industries Inc. 144A, 4.75%, 1/15/28 (a) | | | 448 | |
800,000 | | Stellantis Finance U.S. Inc. 144A,
1.71%, 1/29/27 (a) | | | 695 | |
350,000 | | Synchrony Financial, 7.25%, 2/02/33 | | | 297 | |
464,865 | | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | | | 372 | |
500,000 | | T-Mobile USA Inc., 2.63%, 4/15/26 | | | 463 | |
475,000 | | Tucson Electric Power Co., 5.50%, 4/15/53 | | | 406 | |
750,000 | | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 1.730%), 3.09%, 5/14/32 (a)(b) | | | 577 | |
300,000 | | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 5.020%), 9.02%, 11/15/33 (a)(b) | | | 336 | |
500,000 | | United Natural Foods Inc. 144A,
6.75%, 10/15/28 (a) | | | 394 | |
300,000 | | Valaris Ltd. 144A, 8.38%, 4/30/30 (a) | | | 295 | |
400,000 | | Var Energi ASA 144A, 8.00%, 11/15/32 (a) | | | 413 | |
500,000 | | Venture Global LNG Inc. 144A, 8.13%, 6/01/28 (a) | | | 486 | |
400,000 | | Venture Global LNG Inc. 144A, 9.50%, 2/01/29 (a) | | | 407 | |
370,000 | | VICI Properties LP/VICI Note Co. Inc. 144A, 5.63%, 5/01/24 (a) | | | 368 | |
44 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
445,000 | | Vistra Operations Co. LLC 144A, 3.55%, 7/15/24 (a) | | $ | 434 | |
250,000 | | Vital Energy Inc., 9.75%, 10/15/30 | | | 245 | |
775,000 | | VMware Inc., 2.20%, 8/15/31 | | | 573 | |
525,000 | | Warnermedia Holdings Inc., 5.14%, 3/15/52 | | | 372 | |
100,000 | | Western Midstream Operating LP, 6.35%, 1/15/29 | | | 99 | |
250,000 | | Western Midstream Operating LP, 6.15%, 4/01/33 | | | 237 | |
650,000 | | Williams Cos. Inc., 5.30%, 8/15/28 | | | 627 | |
Total Corporate Bond (Cost - $57,567) | | | 51,790 | |
Foreign Government (3%) | | | | |
200,000 | | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (a) | | | 119 | |
550,000 | | Chile Government International Bond, 4.13%, 7/05/34 EUR (c) | | | 549 | |
350,000 | | Costa Rica Government International Bond 144A, 6.55%, 4/03/34 (a) | | | 334 | |
830,000 | | CPPIB Capital Inc. 144A, 1.95%, 9/30/29 CAD (a)(c) | | | 517 | |
590,000 | | Guatemala Government Bond, 4.50%, 5/03/26 (f) | | | 559 | |
250,000 | | Mexico Government International Bond, 6.34%, 5/04/53 | | | 219 | |
360,000 | | Mongolia Government International Bond 144A, 8.75%, 3/09/24 (a) | | | 362 | |
500,000 | | Municipal Finance Authority of British, 2.55%, 10/09/29 CAD (c) | | | 322 | |
400,000 | | Nigeria Government International Bond 144A, 6.13%, 9/28/28 (a) | | | 328 | |
450,000 | | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (a) | | | 416 | |
575,000 | | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (a) | | | 433 | |
700,000 | | Romanian Government International Bond 144A, 2.00%, 4/14/33 EUR (a)(c) | | | 511 | |
Total Foreign Government (Cost - $5,582) | | | 4,669 | |
Mortgage Backed (12%) | | | | |
625,000 | | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.85%, 9/15/36 (a)(b) | | | 582 | |
278,521 | | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 7.25%, 6/15/38 (a)(b) | | | 270 | |
9,130,437 | | Citigroup Commercial Mortgage Trust 2018-C6, 0.76%, 11/10/51 (g) | | | 277 | |
400,000 | | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (a) | | | 392 | |
700,000 | | Eagle RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.050%), 7.37%, 4/25/34 (a)(b) | | | 700 | |
496,059 | | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 17.69%, 9/25/28 (b) | | | 581 | |
768,828 | | Fannie Mae Connecticut Avenue Securities 2016-C03, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 17.19%, 10/25/28 (b) | | | 894 | |
494,142 | | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 15.69%, 1/25/29 (b) | | | 559 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
1,190,680 | | FN CB3622 30YR, 4.00%, 5/01/52 | | $ | 1,030 | |
1,201,459 | | FN CB4127 30YR, 4.50%, 7/01/52 | | | 1,075 | |
969,013 | | FN CB4794 30YR, 4.50%, 10/01/52 | | | 867 | |
1,219,387 | | FN FS1841 30YR, 4.00%, 5/01/52 | | | 1,055 | |
1,400,234 | | FN MA4785 30YR, 5.00%, 10/01/52 | | | 1,293 | |
326,102 | | FN MA4842 30YR, 5.50%, 12/01/52 | | | 310 | |
481,702 | | FN MA5073 30YR, 6.00%, 7/01/53 | | | 470 | |
1,235,145 | | FR RA7778 30YR, 4.50%, 8/01/52 | | | 1,105 | |
621,307 | | FR RA7936 30YR, 5.00%, 9/01/52 | | | 573 | |
942,092 | | FR RA8249 30YR, 5.50%, 11/01/52 | | | 894 | |
1,377,385 | | FR RA8415 30YR, 5.50%, 1/01/53 | | | 1,309 | |
700,942 | | FR SB8192 15YR, 5.00%, 10/01/37 | | | 677 | |
1,076,551 | | FR SB8206 15YR, 5.00%, 1/01/38 | | | 1,041 | |
864,022 | | FR SD2184 30YR, 6.00%, 1/01/53 | | | 846 | |
300,000 | | Freddie Mac STACR Trust 2019-FTR3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.914%), 10.23%, 9/25/47 (a)(b) | | | 298 | |
300,000 | | Freddie Mac STACR Trust 2019-FTR4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.114%), 10.44%, 11/25/47 (a)(b) | | | 299 | |
493,357 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQA1, (U.S. Secured Overnight Financing Rate Index 30day Average + 8.914%), 14.24%, 3/25/28 (b) | | | 515 | |
491,406 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.464%), 14.79%, 4/25/28 (b) | | | 535 | |
330,798 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.94%, 5/25/28 (b) | | | 358 | |
246,289 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.364%), 16.69%, 10/25/29 (b) | | | 286 | |
186,553 | | Last Mile Logistics Pan Euro Finance DAC 1A 144A, (3 mo. EURIBOR + 1.900%), 5.69%, 8/17/33 EUR (a)(b)(c) | | | 185 | |
785,485 | | Last Mile Logistics Pan Euro Finance DAC 1X, (3 mo. EURIBOR + 2.700%), 6.49%, 8/17/33 EUR (b)(c)(f) | | | 770 | |
31,435 | | Nationstar Mortgage Loan Trust 2013-A 144A, 3.75%, 12/25/52 (a)(g) | | | 28 | |
210,842 | | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (a)(g) | | | 191 | |
300,000 | | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.94%, 2/25/47 (a)(b) | | | 347 | |
794,167 | | Taurus DAC 2021-UK1A 144A, (Sterling Overnight Index Average + 2.600%), 7.82%, 5/17/31 GBP (a)(b)(c) | | | 921 | |
Total Mortgage Backed (Cost - $22,749) | | | 21,533 | |
Municipal (5%) | | | | |
1,750,000 | | California Earthquake Authority A, 5.60%, 7/01/27 | | | 1,732 | |
910,000 | | California Health Facilities Financing Authority, 2.48%, 6/01/27 | | | 826 | |
250,000 | | California Pollution Control Financing Authority, AMT 144A, 7.50%, 12/01/39 (a)(h) | | | 6 | |
1,000,000 | | City of El Segundo CA, 1.98%, 7/01/29 | | | 820 | |
Annual Report 45
Payden Strategic Income Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
740,000 | | City of Tempe AZ, 1.58%, 7/01/28 | | $ | 620 | |
900,000 | | County of Alameda CA B, 3.95%, 8/01/33 | | | 787 | |
250,000 | | District of Columbia Water & Sewer Authority A, 4.81%, 10/01/14 | | | 199 | |
505,000 | | Golden State Tobacco Securitization Corp. B, 2.75%, 6/01/34 (i) | | | 387 | |
750,000 | | New York State Dormitory Authority C, 1.54%, 3/15/27 | | | 660 | |
1,000,000 | | New York Transportation Development Corp. A, AMT, 5.00%, 7/01/41 | | | 951 | |
500,000 | | Redondo Beach Community Financing Authority A, 1.98%, 5/01/29 | | | 409 | |
600,000 | | Regents of the University of California Medical Center Pooled Revenue Q, 4.13%, 5/15/32 | | | 534 | |
1,000,000 | | State of Connecticut A, 2.42%, 7/01/27 | | | 903 | |
425,000 | | Texas Natural Gas Securitization Finance Corp., 5.17%, 4/01/41 | | | 394 | |
Total Municipal (Cost - $10,612) | | | 9,228 | |
U.S. Government Agency (1%) | | | | |
950,000 | | Tennessee Valley Authority, 5.25%, 9/15/39 | | | | |
| | (Cost - $1,038) | | | 896 | |
U.S. Treasury (32%) | | | | |
6,400,000 | | U.S. Treasury Bill, 5.27%, 1/25/24 (j) | | | 6,320 | |
12,830,000 | | U.S. Treasury Bill, 4.81%, 4/18/24 (j) | | | 12,510 | |
2,440,000 | | U.S. Treasury Bill, 5.31%, 7/11/24 (j) | | | 2,351 | |
160,000 | | U.S. Treasury Bond, 2.00%, 2/15/50 | | | 88 | |
1,940,000 | | U.S. Treasury Bond, 2.00%, 8/15/51 (k)(l) | | | 1,049 | |
490,000 | | U.S. Treasury Bond, 4.13%, 8/15/53 | | | 419 | |
5,117,950 | | U.S. Treasury Inflation Indexed Notes, 1.25%, 4/15/28 | | | 4,840 | |
2,830,576 | | U.S. Treasury Inflation Indexed Notes, 1.38%, 7/15/33 | | | 2,563 | |
2,160,000 | | U.S. Treasury Note, 3.00%, 6/30/24 | | | 2,125 | |
3,990,000 | | U.S. Treasury Note, 4.13%, 1/31/25 | | | 3,933 | |
7,000,000 | | U.S. Treasury Note, 4.50%, 11/15/25 | | | 6,924 | |
1,770,000 | | U.S. Treasury Note, 3.88%, 1/15/26 | | | 1,728 | |
3,170,000 | | U.S. Treasury Note, 4.13%, 6/15/26 | | | 3,107 | |
1,890,000 | | U.S. Treasury Note, 4.75%, 7/15/26 | | | 1,869 | |
1,590,000 | | U.S. Treasury Note, 3.50%, 1/31/28 (k)(l) | | | 1,508 | |
640,000 | | U.S. Treasury Note, 1.38%, 11/15/31 | | | 491 | |
3,190,000 | | U.S. Treasury Note, 3.88%, 8/15/33 | | | 2,937 | |
Total U.S. Treasury (Cost - $56,625) | | | 54,762 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| |
Stocks (1%) | | | | |
Preferred Stock (1%) | | | | |
40,000 | | Morgan Stanley, 6.50% (e) | | | | |
| | (Cost - $1,000) | | $ | 986 | |
Total Stocks (Cost - $1,000) | | | 986 | |
Investment Company (3%) | | | | |
3,245,955 | | Payden Cash Reserves Money Market Fund* | | | 3,246 | |
102,041 | | Payden Emerging Market Corporate Bond Fund* | | | 832 | |
396,660 | | Payden Emerging Markets Local Bond Fund* | | | 1,797 | |
Total Investment Company (Cost - $5,996) | | | 5,875 | |
Total Investments (Cost - $184,010) (99%) | | | 170,780 | |
Other Assets, net of Liabilities (1%) | | | 1,407 | |
Net Assets (100%) | | $ | 172,187 | |
| | | | | | |
| (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 October 31, 2023. |
| (c) | Principal in foreign currency. |
| (d) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |
| (e) | Perpetual security with no stated maturity date. |
| (f) | 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. |
| (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. |
| (h) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
| (i) | Payment of principal and/or interest is insured against default by a monoline insurer. |
| (j) | Yield to maturity at time of purchase. |
| (k) | All or a portion of the security is pledged to cover futures contract margin requirements. |
| (l) | All or a portion of security has been pledged in connection with outstanding centrally cleared swaps. |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | | | | | |
Currency
Purchased
(000s) | | Currency
Sold
(000s) | | Counterparty | | Settlement
Date | | Unrealized
Appreciation
(000s) |
Assets: | | | | | | | | | | | | | | | | | | | | |
| EUR 57 | | | | USD 60 | | | | | Citibank, N.A. | | | | | 03/18/2024 | | | | $ | 1 | |
| USD 6,735 | | | | EUR 6,261 | | | | | Citibank, N.A. | | | | | 03/18/2024 | | | | | 66 | |
| USD 2,213 | | | | CAD 2,985 | | | | | HSBC Bank USA, N.A. | | | | | 03/18/2024 | | | | | 55 | |
| USD 1,240 | | | | GBP 1,000 | | | | | HSBC Bank USA, N.A. | | | | | 03/18/2024 | | | | | 24 | |
| | | | | | | | | | | | | | | | | | | | |
| Net Unrealized Appreciation | | | | $ | 146 | |
| | | | | | | | | | | | | | | | | | | | |
46 Payden Mutual Funds
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 | | | | 58 | | | | | Dec-23 | | | | $ | 6,312 | | | | $ | (340 | ) | | | $ | (340 | ) |
| U.S. Treasury 2-Year Note Future | | | | 182 | | | | | Dec-23 | | | | | 36,841 | | | | | (145 | ) | | | | (145 | ) |
| U.S. Ultra Bond Future | | | | 3 | | | | | Dec-23 | | | | | 338 | | | | | (45 | ) | | | | (45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | (530 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Short Contracts: | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury 5-Year Note Future | | | | 336 | | | | | Dec-23 | | | | | (35,104 | ) | | | | 600 | | | | | 600 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Futures | | | | | | | | | | | | | | | | | | | | | | | $ | 70 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Open Centrally Cleared Credit Default Swap Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity Date | | Notional
Amount
(000s) | | Value
(000s) | | Upfront
payments/
receipts
(000s) | | Unrealized
Appreciation
(000s) |
| Protection Bought (Relevant Credit: Markit CDX, North America High Yield Series 41 Index), Pay 5% Quarterly, Receive upon credit default | | 12/20/2028 | | $60 | | $— | | $— | | $— |
| | | | | | | | | | | | |
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 SOFR Swap, Receive Variable 5.3500% (SOFRRATE) Annually,
Pay Fixed 2.7375% Annually | | 08/30/2034 | | $2,600 | | | $ | 337 | | | | $ | — | | | | $ | 337 | |
10-Year SOFR Swap, Receive Variable 5.3500% (SOFRRATE) Annually,
Pay Fixed 2.9360% Annually | | 06/28/2034 | | 2,630 | | | | 306 | | | | | — | | | | | 306 | |
10-Year SOFR Swap, Receive Variable 5.3500% (SOFRRATE) Annually,
Pay Fixed 3.2815% Annually | | 02/27/2035 | | 3,200 | | | | 271 | | | | | — | | | | | 271 | |
2-Year SOFR Swap, Receive Fixed 2.7400% Annually,
Pay Variable 5.3500% (SOFRRATE) Annually | | 08/30/2026 | | 11,900 | | | | (361 | ) | | | | — | | | | | (361 | ) |
2-Year SOFR Swap, Receive Fixed 2.8300% Annually,
Pay Variable 5.3500% (SOFRRATE) Annually | | 06/29/2026 | | 11,766 | | | | (362 | ) | | | | — | | | | | (362 | ) |
5-Year SOFR Swap, Receive Variable 3.3330% (SOFRRATE) Annually,
Pay Fixed 5.3500% Annually | | 02/27/2027 | | 13,500 | | | | (213 | ) | | | | — | | | | | (213 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | $ | (22 | ) | | | $ | — | | | | $ | (22 | ) |
| | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 47
Payden Absolute Return Bond Fund
| | | | |
The Fund seeks a high level of total return that is consistent with preservation of capital. | | 
|
| Portfolio Composition - percent of investments |
Corporate Bond | | 39% |
Asset Backed | | 30% |
Mortgage Backed | | 18% |
U.S. Treasury | | 6% |
Foreign Government | | 5% |
Other | | 2% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
This information is not part of the audited financial statements. | | Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
Schedule of Investments - October 31, 2023
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
Asset Backed (30%) | | | | |
1,275,000 | | AIMCO CLO 2018-BA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.362%),
6.76%, 1/15/32 (a)(b) | | $ | 1,271 | |
220,160 | | Allegro CLO II-S Ltd. 2014-1RA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.342%),
6.75%, 10/21/28 (a)(b) | | | 220 | |
3,000,000 | | Allegro CLO V Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.712%),
7.11%, 10/16/30 (a)(b) | | | 2,936 | |
1,500,000 | | American Credit Acceptance Receivables Trust 2022-4 144A, 6.75%, 10/13/26 (b) | | | 1,501 | |
2,128,500 | | Arbys Funding LLC 2020-1A 144A,
3.24%, 7/30/50 (b) | | | 1,881 | |
303,521 | | BDS Ltd. 2020-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%),
6.60%, 2/16/37 (a)(b) | | | 302 | |
2,350,000 | | BDS Ltd. 2020-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.464%),
6.80%, 2/16/37 (a)(b) | | | 2,329 | |
2,100,000 | | BDS Ltd. 2020-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%),
7.25%, 2/16/37 (a)(b) | | | 2,075 | |
250,000 | | Bosphorus CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.010%), 4.81%, 12/12/32 EUR (a)(b)(c) | | | 259 | |
3,300,000 | | Bridgepoint CLO 2 DAC 2A 144A, (3 mo. EURIBOR + 0.900%), 4.87%, 4/15/35 EUR (a) (b)(c) | | | 3,389 | |
1,564,975 | | CARS-DB4 LP 2020-1A 144A, 2.69%, 2/15/50 (b) | | | 1,486 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
1,185,750 | | CARS-DB4 LP 2020-1A 144A, 3.19%, 2/15/50 (b) | | $ | 1,124 | |
2,800,000 | | CARS-DB4 LP 2020-1A 144A, 4.17%, 2/15/50 (b) | | | 2,653 | |
1,000,000 | | CARS-DB4 LP 2020-1A 144A, 4.52%, 2/15/50 (b) | | | 889 | |
970,000 | | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (b) | | | 777 | |
5,700,000 | | Carvana Auto Receivables Trust 2023-P1 144A, 5.98%, 12/10/27 (b) | | | 5,662 | |
2,100,000 | | CLNC Ltd. 2019-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 3.014%), 8.35%, 8/20/35 (a)(b) | | | 1,992 | |
2,885,933 | | CNH Equipment Trust 2021-C, 0.81%, 12/15/26 | | | 2,739 | |
3,350,000 | | CNH Equipment Trust 2020-A, 1.51%, 4/15/27 | | | 3,303 | |
3,200,000 | | Cologix Canadian Issuer LP 2022-1CAN 144A, 5.68%, 1/25/52 CAD (b)(c) | | | 2,073 | |
994,269 | | CVC Cordatus Loan Fund III DAC 3X, (3 mo. EURIBOR + 0.780%), 4.56%, 8/15/32 EUR (a) (c)(d) | | | 1,036 | |
2,395,000 | | Diamond Infrastructure Funding LLC 2021-1A 144A, 1.76%, 4/15/49 (b) | | | 2,043 | |
1,150,000 | | Diamond Infrastructure Funding LLC 2021-1A 144A, 2.36%, 4/15/49 (b) | | | 979 | |
2,000,000 | | Diamond Issuer 2021-1A 144A, 3.79%, 11/20/51 (b) | | | 1,603 | |
1,755,000 | | Domino’s Pizza Master Issuer LLC 2021-1A 144A, 2.66%, 4/25/51 (b) | | | 1,470 | |
2,047,500 | | Domino’s Pizza Master Issuer LLC 2021-1A 144A, 3.15%, 4/25/51 (b) | | | 1,613 | |
48 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,047,750 | | Driven Brands Funding LLC 2019-1A 144A, 4.64%, 4/20/49 (b) | | $ | 986 | |
1,264,250 | | Driven Brands Funding LLC 2020-2A 144A, 3.24%, 1/20/51 (b) | | | 1,079 | |
650,000 | | Dryden 39 Euro CLO DAC 2015-39A 144A, (3 mo. EURIBOR + 0.950%), 4.92%, 4/15/35 EUR (a)(b)(c) | | | 662 | |
3,700,000 | | Dryden XXVI Senior Loan Fund 2013-26A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.712%), 7.11%, 4/15/29 (a)(b) | | | 3,638 | |
4,000,000 | | Exeter Automobile Receivables Trust 2022-1A, 3.02%, 6/15/28 | | | 3,721 | |
3,800,000 | | Exeter Automobile Receivables Trust 2023-3A, 6.21%, 6/15/28 | | | 3,769 | |
3,000,000 | | Exeter Automobile Receivables Trust 2022-1A 144A, 5.02%, 10/15/29 (b) | | | 2,646 | |
4,500,000 | | Exeter Automobile Receivables Trust 2022-2A 144A, 6.34%, 10/15/29 (b) | | | 3,975 | |
1,900,000 | | Exeter Automobile Receivables Trust 2022-4A 144A, 8.23%, 3/15/30 (b) | | | 1,801 | |
53 | | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 | | | 4,943 | |
2,700,000 | | Flagship Credit Auto Trust 2021-3 144A, 3.32%, 12/15/28 (b) | | | 2,222 | |
110 | | Flagship Credit Auto Trust, 0.00%, 3/15/29 | | | 699 | |
3,500,000 | | Flexential Issuer 2021-1A 144A, 3.25%, 11/27/51 (b) | | | 3,037 | |
3,600,000 | | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 7.17%, 2/23/39 (a)(b) | | | 3,515 | |
3,100,000 | | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 7.57%, 2/23/39 (a)(b) | | | 3,015 | |
2,300,000 | | Greystone CRE Notes Ltd. 2019-FL2 144A, (1 mo. LIBOR USD + 2.400%),
7.85%, 9/15/37 (a)(b) | | | 2,235 | |
2,000,000 | | Greystone CRE Notes Ltd. 2019-FL2 144A, (1 mo. LIBOR USD + 2.750%),
8.20%, 9/15/37 (a)(b) | | | 1,903 | |
1,000,000 | | Grippen Park CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.912%), 7.33%, 1/20/30 (a)(b) | | | 995 | |
250,000 | | Henley CLO I DAC 1A 144A, (3 mo. EURIBOR + 0.950%), 4.91%, 7/25/34 EUR (a)(b)(c) | | | 257 | |
4,868,647 | | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (b) | | | 5,881 | |
4,350,000 | | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 8.48%, 12/26/28 (b) | | | 4,096 | |
1,500,000 | | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 9.81%, 2/26/29 (b) | | | 1,412 | |
2,750,000 | | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 6.78%, 2/17/39 (a)(b) | | | 2,695 | |
101,422 | | LMREC Inc. 2019-CRE3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.514%), 6.85%, 12/22/35 (a)(b) | | | 101 | |
375,731 | | LoanCore Issuer Ltd. 2019-CRE2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.614%), 6.95%, 5/15/36 (a)(b) | | | 373 | |
2,300,000 | | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 3.864%), 9.20%, 7/15/36 (a)(b) | | | 2,042 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
558,423 | | Madison Park Funding XIII Ltd. 2014-13A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.212%), 6.61%, 4/19/30 (a)(b) | | $ | 557 | |
1,753,848 | | Magnetite VII Ltd. 2012-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.062%), 6.46%, 1/15/28 (a)(b) | | | 1,748 | |
2,600,000 | | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 3.39%, 11/20/50 (b) | | | 2,348 | |
2,350,000 | | OCP CLO Ltd. 2013-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.712%), 7.11%, 4/24/29 (a)(b) | | | 2,338 | |
1,358,986 | | OCP CLO Ltd. 2017-13A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.222%), 6.62%, 7/15/30 (a)(b) | | | 1,353 | |
3,300,000 | | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (b) | | | 3,225 | |
2,781,674 | | OZLME IV DAC 4X, (3 mo. EURIBOR + 0.820%), 4.76%, 7/27/32 EUR (a)(c)(d) | | | 2,890 | |
6,572,002 | | Palmer Square Loan Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.270%), 6.66%, 10/15/30 (a)(b) | | | 6,528 | |
1,900,000 | | Planet Fitness Master Issuer LLC 2018-1A 144A, 4.67%, 9/05/48 (b) | | | 1,824 | |
1,800,000 | | Providus CLO IV DAC 4A 144A, (3 mo. EURIBOR + 0.820%), 4.81%, 4/20/34
EUR (a)(b)(c) | | | 1,852 | |
3,400,000 | | RRE Loan Management DAC 16A 144A, (3 mo. EURIBOR + 1.680%), 5.64%, 10/15/36
EUR (a)(b)(c) | | | 3,580 | |
1,254,569 | | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (b) | | | 1,239 | |
744,900 | | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 7.38%, 5/15/32 (b) | | | 740 | |
1,300,000 | | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 9.97%, 5/15/32 (b) | | | 1,300 | |
2,995,000 | | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 11.91%, 8/16/32 (b) | | | 3,028 | |
843,459 | | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 11.37%, 12/15/32 (b) | | | 849 | |
2,700,000 | | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 14.59%, 12/15/32 (b) | | | 2,859 | |
100 | | Santander Consumer Auto Receivables Trust 2021-B, 0.00%, 3/15/29 (e) | | | 2,086 | |
100 | | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 | | | 1,218 | |
5,333,818 | | Santander Drive Auto Receivables Trust 2023-2, 5.87%, 3/16/26 | | | 5,323 | |
2,200,000 | | Sound Point Euro CLO III Funding DAC 3X, (3 mo. EURIBOR + 0.950%), 4.92%, 4/15/33 EUR (a)(c)(d) | | | 2,284 | |
3,450,000 | | St Paul’s CLO XII DAC 12A 144A, (3 mo. EURIBOR + 0.920%), 4.89%, 4/15/33
EUR (a)(b)(c) | | | 3,563 | |
2,400,000 | | Stack Infrastructure Issuer LLC 2020-1A 144A, 1.89%, 8/25/45 (b) | | | 2,184 | |
3,500,000 | | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (b) | | | 3,112 | |
626,198 | | STWD Ltd. 2019-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.194%), 6.53%, 7/15/38 (a)(b) | | | 618 | |
131,116 | | Symphony CLO XVII Ltd. 2016-17A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.142%), 6.54%, 4/15/28 (a)(b) | | | 131 | |
Annual Report 49
Payden Absolute Return Bond Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
500,000 | | Symphony CLO XVII Ltd. 2016-17X, (3 mo. Term Secured Overnight Financing Rate + 2.912%), 8.31%, 4/15/28 (a)(d) | | $ | 500 | |
2,900,000 | | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (b) | | | 2,766 | |
1,500,000 | | TRTX Issuer Ltd. 2022-FL5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.650%), 6.97%, 2/15/39 (a)(b) | | | 1,461 | |
85 | | United Auto Credit Securitization Trust 2022-2, 0.00%, 4/10/29 (e) | | | 140 | |
2,400,000 | | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (b) | | | 2,176 | |
2,300,000 | | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%, 2/15/52 (b) | | | 1,916 | |
856,551 | | Venture XVII CLO Ltd. 2014-17A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.142%), 6.54%, 4/15/27 (a)(b) | | | 854 | |
1,469,762 | | Vibrant CLO VII Ltd. 2017-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.302%), 6.72%, 9/15/30 (a)(b) | | | 1,462 | |
3,600,000 | | VMC Finance LLC 2022-FL5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 7.22%, 2/18/39 (a)(b) | | | 3,530 | |
2,405,144 | | Voya CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.322%), 6.72%, 4/15/31 (a)(b) | | | 2,395 | |
6,240,927 | | Voya CLO Ltd. 2014-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.252%), 6.65%, 4/18/31 (a)(b) | | | 6,212 | |
1,036,070 | | Wendy’s Funding LLC 2019-1A 144A, 3.78%, 6/15/49 (b) | | | 962 | |
3,030,250 | | Wendy’s Funding LLC 2021-1A 144A, 2.37%, 6/15/51 (b) | | | 2,463 | |
3,800,000 | | Westlake Automobile Receivables Trust 2021- 1A 144A, 2.33%, 8/17/26 (b) | | | 3,601 | |
5,475,000 | | Westlake Automobile Receivables Trust 2021- 2A 144A, 2.38%, 3/15/27 (b) | | | 5,138 | |
2,443,750 | | Zaxby’s Funding LLC 2021-1A 144A, 3.24%, 7/30/51 (b) | | | 2,004 | |
| | | | | | |
Total Asset Backed (Cost - $221,625) | | | 205,660 | |
| | | | | | |
Bank Loans(f) (0%) | | | | |
2,079,000 | | Asurion LLC Term Loan B10 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 9.42%, 8/19/28 | | | | |
| | (Cost - $1,991) | | | 1,989 | |
| | | | | | |
Corporate Bond (39%) | | | | |
Financial (20%) | | | | |
375,000 | | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (a)(g) | | | 245 | |
2,050,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 0.999%), 4.99%, 5/01/26 (a) | | | 2,011 | |
3,625,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.280%), 5.28%, 7/27/29 (a) | | | 3,481 | |
3,650,000 | | American Tower Corp., 5.50%, 3/15/28 | | | 3,538 | |
1,550,000 | | American Tower Corp., 5.25%, 7/15/28 | | | 1,479 | |
1,300,000 | | Banco de Sabadell SA, (1Year Euribor Swap Rate +2.400%), 5.25%, 2/07/29 EUR (a)(c)(d) | | | 1,361 | |
1,350,000 | | Banco Mercantil del Norte SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.643%), 5.88% (a)(d)(g) | | | 1,148 | |
3,000,000 | | Banco Santander SA, 5.59%, 8/08/28 | | | 2,891 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
3,375,000 | | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.774%), 3.71%,
4/24/28 (a) | | $ | 3,084 | |
4,900,000 | | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.302%), 3.42%, 12/20/28 (a) | | | 4,364 | |
1,975,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.220%), 2.30%, 7/21/32 (a) | | | 1,458 | |
1,850,000 | | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (a) | | | 1,808 | |
3,400,000 | | Blackstone Holdings Finance Co. LLC 144A, 5.90%, 11/03/27 (b) | | | 3,369 | |
1,600,000 | | Blackstone Private Credit Fund, 1.75%, 9/15/24 | | | 1,531 | |
900,000 | | Blue Owl Capital Corp., 3.40%, 7/15/26 | | | 803 | |
2,700,000 | | BMW U.S. Capital LLC 144A, 5.05%, 8/11/28 (b) | | | 2,626 | |
1,000,000 | | CaixaBank SA, (3 mo. EURIBOR + 1.000%), 0.75%, 5/26/28 EUR (a)(c)(d) | | | 924 | |
2,775,000 | | Cigna Group, 4.38%, 10/15/28 | | | 2,595 | |
1,825,000 | | Citibank N.A., 5.80%, 9/29/28 | | | 1,803 | |
5,500,000 | | Citigroup Inc., (3 mo. Term Secured Overnight Financing Rate + 1.652%), 3.67%, 7/24/28 (a) | | | 4,984 | |
2,150,000 | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (a) | | | 1,656 | |
1,425,000 | | Daimler Truck Finance North America LLC 144A, 5.60%, 8/08/25 (b) | | | 1,416 | |
3,275,000 | | Digital Realty Trust LP, 5.55%, 1/15/28 | | | 3,177 | |
1,250,000 | | doValue SpA 144A, 3.38%, 7/31/26 EUR (b)(c) | | | 1,149 | |
1,825,000 | | Fiserv Inc., 5.45%, 3/02/28 | | | 1,790 | |
2,000,000 | | FS KKR Capital Corp., 1.65%, 10/12/24 | | | 1,907 | |
1,600,000 | | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (b) | | | 1,536 | |
650,000 | | General Motors Financial Co. Inc., 6.05%, 10/10/25 | | | 648 | |
2,075,000 | | General Motors Financial Co. Inc., 5.80%, 6/23/28 | | | 2,011 | |
3,025,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.075%), 5.80%, 8/10/26 (a) | | | 2,995 | |
3,500,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.846%), 3.62%, 3/15/28 (a) | | | 3,205 | |
3,850,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (a) | | | 2,994 | |
1,500,000 | | Golub Capital BDC Inc., 3.38%, 4/15/24 | | | 1,477 | |
875,000 | | Hyundai Capital America 144A, 6.10%, 9/21/28 (b) | | | 861 | |
2,500,000 | | Intesa Sanpaolo SpA, 1.35%, 2/24/31 EUR (c)(d) | | | 1,983 | |
1,725,000 | | Intuit Inc., 5.13%, 9/15/28 | | | 1,698 | |
4,200,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.990%), 4.85%, 7/25/28 (a) | | | 4,015 | |
4,825,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.450%), 5.30%, 7/24/29 (a) | | | 4,647 | |
2,175,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.750%), 4.57%, 6/14/30 (a) | | | 1,997 | |
3,500,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 2.240%), 6.30%, 10/18/28 (a) | | | 3,495 | |
1,500,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.730%), 5.12%, 2/01/29 (a) | | | 1,429 | |
1,850,000 | | Morgan Stanley, (3 mo. EURIBOR + 1.304%), 4.66%, 3/02/29 EUR (a)(c) | | | 1,963 | |
1,150,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.590%), 5.16%, 4/20/29 (a) | | | 1,094 | |
50 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
4,400,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.630%), 5.45%, 7/20/29 (a) | | $ | 4,233 | |
700,000 | | MPT Operating Partnership LP/MPT Finance Corp., 2.55%, 12/05/23 GBP (c) | | | 844 | |
1,150,000 | | MPT Operating Partnership LP/MPT Finance Corp., 2.50%, 3/24/26 GBP (c) | | | 1,104 | |
675,000 | | MPT Operating Partnership LP/MPT Finance Corp., 0.99%, 10/15/26 EUR (c) | | | 529 | |
100,000 | | MPT Operating Partnership LP/MPT Finance Corp., 3.38%, 4/24/30 GBP (c) | | | 73 | |
875,000 | | Navient Corp., 11.50%, 3/15/31 | | | 876 | |
1,475,000 | | PRA Group Inc. 144A, 5.00%, 10/01/29 (b) | | | 980 | |
3,207,000 | | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.249%), 2.49%, 1/06/28 (a) | | | 2,762 | |
700,000 | | Sasol Financing USA LLC, 5.88%, 3/27/24 | | | 694 | |
4,000,000 | | SBA Tower Trust 144A, 1.63%, 11/15/26 (b) | | | 3,467 | |
2,200,000 | | SBA Tower Trust 144A, 6.60%, 1/15/28 (b) | | | 2,199 | |
1,350,000 | | Stagwell Global LLC 144A, 5.63%, 8/15/29 (b) | | | 1,117 | |
3,450,000 | | Synchrony Bank, 5.40%, 8/22/25 | | | 3,296 | |
3,325,000 | | Toronto-Dominion Bank, 5.53%, 7/17/26 | | | 3,292 | |
1,525,000 | | UBS Group AG, (ICE 1Year Euribor Swap Fix +1.050%), 1.00%, 6/24/27 EUR (a)(c)(d) | | | 1,461 | |
2,600,000 | | VICI Properties LP, 4.38%, 5/15/25 | | | 2,518 | |
2,500,000 | | Volkswagen Group of America Finance LLC 144A, 5.65%, 9/12/28 (b) | | | 2,432 | |
667,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.980%), 4.81%, 7/25/28 (a) | | | 631 | |
5,700,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.740%), 5.57%, 7/25/29 (a) | | | 5,498 | |
2,600,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.790%), 6.30%, 10/23/29 (a) | | | 2,579 | |
| | | | | | |
| | | | | 135,231 | |
| | | | | | |
Industrial (14%) | | | | |
1,200,000 | | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (b) | | | 980 | |
1,300,000 | | Altice France Holding SA 144A, 10.50%, 5/15/27 (b) | | | 708 | |
1,650,000 | | Amgen Inc., 5.15%, 3/02/28 | | | 1,611 | |
1,100,000 | | Ashtead Capital Inc. 144A, 5.55%, 5/30/33 (b) | | | 986 | |
1,825,000 | | AT&T Inc., 5.40%, 2/15/34 | | | 1,677 | |
1,225,000 | | Bausch & Lomb Escrow Corp. 144A, 8.38%, 10/01/28 (b) | | | 1,218 | |
1,875,000 | | Bayer AG, 4.63%, 5/26/33 EUR (c)(d) | | | 1,966 | |
3,100,000 | | Boeing Co., 5.04%, 5/01/27 | | | 3,003 | |
600,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 8/15/30 (b) | | | 482 | |
200,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 6/01/33 (b) | | | 149 | |
1,500,000 | | CDW LLC/CDW Finance Corp., 2.67%, 12/01/26 | | | 1,344 | |
1,050,000 | | Centene Corp., 3.38%, 2/15/30 | | | 869 | |
878,000 | | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 4/27/29 (d) | | | 774 | |
1,500,000 | | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (b) | | | 1,322 | |
3,100,000 | | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 2/01/32 | | | 2,216 | |
1,800,000 | | Conagra Brands Inc., 5.30%, 10/01/26 | | | 1,770 | |
1,300,000 | | CSC Holdings LLC 144A, 11.25%, 5/15/28 (b) | | | 1,241 | |
2,750,000 | | CVS Health Corp., 5.13%, 2/21/30 | | | 2,590 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,500,000 | | Delta Air Lines Inc./SkyMiles IP Ltd. 144A, 4.75%, 10/20/28 (b) | | $ | 1,411 | |
2,875,000 | | Dollar General Corp., 5.20%, 7/05/28 | | | 2,763 | |
300,000 | | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 (b) | | | 239 | |
1,975,000 | | General Mills Inc., 3.91%, 4/13/29 EUR (c) | | | 2,071 | |
600,000 | | Gray Television Inc. 144A, 4.75%, 10/15/30 (b) | | | 385 | |
2,150,000 | | HCA Inc., 5.20%, 6/01/28 | | | 2,048 | |
1,400,000 | | HCA Inc., 5.88%, 2/01/29 | | | 1,357 | |
1,725,000 | | Heathrow Funding Ltd., 1.50%, 10/12/25 EUR (c)(d) | | | 1,735 | |
2,025,000 | | Hewlett Packard Enterprise Co., 5.25%, 7/01/28 | | | 1,956 | |
1,515,000 | | Humana Inc., 5.75%, 3/01/28 | | | 1,510 | |
1,923,000 | | Hyundai Capital America 144A, 2.00%, 6/15/28 (b) | | | 1,582 | |
2,625,000 | | Hyundai Capital America 144A, 2.10%, 9/15/28 (b) | | | 2,160 | |
1,200,000 | | Hyundai Capital America 144A, 5.70%, 6/26/30 (b) | | | 1,137 | |
900,000 | | IHO Verwaltungs GmbH, 3.75%, 9/15/26 EUR (c)(d) | | | 897 | |
2,500,000 | | Jabil Inc., 4.25%, 5/15/27 | | | 2,347 | |
641,000 | | Jabil Inc., 3.60%, 1/15/30 | | | 545 | |
700,000 | | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.75%, 4/01/33 | | | 619 | |
3,000,000 | | JDE Peet’s NV 144A, 1.38%, 1/15/27 (b) | | | 2,578 | |
1,225,000 | | Kaiser Aluminum Corp. 144A, 4.63%, 3/01/28 (b) | | | 1,022 | |
2,450,000 | | Mexico City Airport Trust, 4.25%, 10/31/26 (d) | | | 2,281 | |
1,275,000 | | NBM U.S. Holdings Inc., 7.00%, 5/14/26 (d) | | | 1,264 | |
1,200,000 | | NBM U.S. Holdings Inc., 6.63%, 8/06/29 (d) | | | 1,080 | |
1,500,000 | | Oracle Corp., 2.80%, 4/01/27 | | | 1,358 | |
2,400,000 | | Oracle Corp., 6.15%, 11/09/29 | | | 2,409 | |
1,700,000 | | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.88%, 11/15/27 (b) | | | 1,659 | |
4,725,000 | | Pfizer Investment Enterprises Pte Ltd., 4.45%, 5/19/28 | | | 4,518 | |
700,000 | | Post Holdings Inc. 144A, 4.63%, 4/15/30 (b) | | | 587 | |
200,000 | | Renesas Electronics Corp. 144A, 2.17%, 11/25/26 (b) | | | 177 | |
1,700,000 | | Rentokil Initial PLC, 0.50%, 10/14/28
EUR (c)(d) | | | 1,513 | |
1,700,000 | | Rolls-Royce PLC 144A, 5.75%, 10/15/27 (b) | | | 1,613 | |
1,400,000 | | Sigma Alimentos SA de CV, 4.13%, 5/02/26 (d) | | | 1,319 | |
550,000 | | Star Parent Inc. 144A, 9.00%, 10/01/30 (b) | | | 546 | |
465,000 | | Tenet Healthcare Corp., 4.63%, 6/15/28 | | | 414 | |
1,000,000 | | Tenet Healthcare Corp. 144A, 6.75%, 5/15/31 (b) | | | 951 | |
2,900,000 | | Tesco Corporate Treasury Services PLC, 0.38%, 7/27/29 EUR (c)(d) | | | 2,458 | |
3,700,000 | | T-Mobile USA Inc., 3.75%, 4/15/27 | | | 3,442 | |
3,150,000 | | T-Mobile USA Inc., 3.38%, 4/15/29 | | | 2,745 | |
1,950,000 | | Toll Brothers Finance Corp., 3.80%, 11/01/29 | | | 1,681 | |
1,905,000 | | United Natural Foods Inc. 144A, 6.75%, 10/15/28 (b) | | | 1,501 | |
1,700,000 | | Universal Music Group NV, 3.00%, 6/30/27 EUR (c)(d) | | | 1,745 | |
1,925,000 | | Verizon Communications Inc., 2.36%, 3/15/32 | | | 1,440 | |
3,220,000 | | VMware Inc., 1.80%, 8/15/28 | | | 2,659 | |
2,975,000 | | Warnermedia Holdings Inc., 3.76%, 3/15/27 | | | 2,740 | |
1,100,000 | | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 144A, 3.88%, 2/01/29 (b) | | | 909 | |
| | | | | | |
| | | | | 96,277 | |
| | | | | | |
Annual Report 51
Payden Absolute Return Bond Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| |
Utility (5%) | | | | |
750,000 | | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (b) | | $ | 748 | |
625,000 | | Civitas Resources Inc. 144A, 8.63%, 11/01/30 (b) | | | 637 | |
1,175,000 | | Civitas Resources Inc. 144A, 8.75%, 7/01/31 (b) | | | 1,187 | |
2,325,000 | | Enel Finance International NV, 3.88%, 3/09/29 EUR (c)(d) | | | 2,435 | |
2,100,000 | | Energy Transfer LP, 5.55%, 2/15/28 | | | 2,040 | |
1,650,000 | | Energy Transfer LP, 6.40%, 12/01/30 | | | 1,634 | |
2,100,000 | | Exelon Corp., 5.15%, 3/15/28 | | | 2,038 | |
690,000 | | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27 | | | 663 | |
805,000 | | Genesis Energy LP/Genesis Energy Finance Corp., 8.88%, 4/15/30 | | | 779 | |
1,600,000 | | Geopark Ltd., 5.50%, 1/17/27 (d) | | | 1,345 | |
2,435,000 | | International Petroleum Corp. 144A, 7.25%, 2/01/27 (b)(d) | | | 2,276 | |
600,000 | | Kosmos Energy Ltd., 7.13%, 4/04/26 (d) | | | 552 | |
1,100,000 | | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (b) | | | 990 | |
1,100,000 | | NextEra Energy Capital Holdings Inc., 5.75%, 9/01/25 | | | 1,095 | |
2,450,000 | | Ovintiv Inc., 5.65%, 5/15/28 | | | 2,380 | |
1,375,000 | | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | | | 1,342 | |
1,355,000 | | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | | | 1,247 | |
400,000 | | PBF Holding Co. LLC/PBF Finance Corp. 144A, 7.88%, 9/15/30 (b) | | | 387 | |
1,400,000 | | Petroleos Mexicanos, 3.63%, 11/24/25 EUR (c)(d) | | | 1,339 | |
100,000 | | Petroleos Mexicanos, 5.35%, 2/12/28 | | | 81 | |
1,675,000 | | Petroleos Mexicanos, 8.75%, 6/02/29 | | | 1,483 | |
975,000 | | Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 144A, 9.00%, 10/15/26 (b) | | | 937 | |
900,000 | | TerraForm Power Operating LLC 144A, 4.75%, 1/15/30 (b) | | | 762 | |
1,200,000 | | TransAlta Corp., 7.75%, 11/15/29 | | | 1,195 | |
675,000 | | Venture Global LNG Inc. 144A, 9.50%, 2/01/29 (b) | | | 686 | |
2,100,000 | | Vistra Operations Co. LLC 144A, 5.13%, 5/13/25 (b) | | | 2,054 | |
3,400,000 | | Western Midstream Operating LP, 6.35%, 1/15/29 | | | 3,384 | |
875,000 | | Western Midstream Operating LP, 6.15%, 4/01/33 | | | 828 | |
| | | | | | |
| | | 36,524 | |
| | | | | | |
Total Corporate Bond (Cost - $278,958) | | | 268,032 | |
| | | | | | |
Foreign Government (5%) | | | | |
35,000,000 | | Brazil Letras do Tesouro Nacional, 11.38%, 1/01/24 BRL (c)(h) | | | 6,814 | |
4,475,000 | | Colombia Government International Bond, 4.50%, 3/15/29 | | | 3,907 | |
2,000,000 | | Export-Import Bank of India 144A, 5.50%, 1/18/33 (b) | | | 1,887 | |
2,600,000 | | Ivory Coast Government International Bond, 6.38%, 3/03/28 (d) | | | 2,427 | |
1,475,000 | | Ivory Coast Government International Bond, 5.25%, 3/22/30 EUR (c)(d) | | | 1,294 | |
800,000 | | Mongolia Government International Bond 144A, 5.13%, 4/07/26 (b) | | | 748 | |
700,000 | | Mongolia Government International Bond, 5.13%, 4/07/26 (d) | | | 654 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
980,000 | | Mongolia Government International Bond 144A, 3.50%, 7/07/27 (b) | | $ | 823 | |
271,000 | | Mongolia Government International Bond 144A, 8.65%, 1/19/28 (b) | | | 270 | |
1,225,000 | | Nigeria Government International Bond, 6.13%, 9/28/28 (d) | | | 1,004 | |
800,000 | | Oman Government International Bond, 6.50%, 3/08/47 (d) | | | 701 | |
1,200,000 | | Oman Government International Bond, 6.75%, 1/17/48 (d) | | | 1,078 | |
2,150,000 | | Paraguay Government International Bond, 3.85%, 6/28/33 (d) | | | 1,736 | |
2,375,000 | | Peruvian Government International Bond, 2.78%, 1/23/31 | | | 1,907 | |
61,800,000 | | Republic of South Africa Government Bond Series 2030, 8.00%, 1/31/30 ZAR (c) | | | 2,919 | |
900,000 | | Republic of Uzbekistan International Bond, 5.38%, 2/20/29 (d) | | | 802 | |
900,000 | | Republic of Uzbekistan International Bond, 3.70%, 11/25/30 (d) | | | 688 | |
3,750,000 | | Romanian Government International Bond, 6.63%, 9/27/29 EUR (c)(d) | | | 4,091 | |
| | | | | | |
Total Foreign Government (Cost - $35,237) | | | 33,750 | |
| | | | | | |
Mortgage Backed (17%) | | | | |
3,300,000 | | 280 Park Avenue Mortgage Trust 2017-280P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.836%), 7.17%, 9/15/34 (a)(b) | | | 2,947 | |
598,712 | | ACRE Commercial Mortgage Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 0.944%), 6.28%, 12/18/37 (a)(b) | | | 590 | |
600,000 | | ACRE Commercial Mortgage Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.864%), 7.20%, 12/18/37 (a)(b) | | | 578 | |
3,000,000 | | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.964%), 8.30%, 9/15/36 (a)(b) | | | 2,789 | |
1,020,000 | | BX Commercial Mortgage Trust 2019-XL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 7.25%, 10/15/36 (a)(b) | | | 1,008 | |
1,657,500 | | BX Commercial Mortgage Trust 2019-XL 144A, (1 mo. Term Secured Overnight Financing Rate + 2.114%), 7.45%, 10/15/36 (a)(b) | | | 1,634 | |
2,550,000 | | BX Commercial Mortgage Trust 2019-XL 144A, (1 mo. Term Secured Overnight Financing Rate + 2.414%), 7.75%, 10/15/36 (a)(b) | | | 2,500 | |
2,310,000 | | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 2.214%), 7.55%, 10/15/37 (a)(b) | | | 2,246 | |
1,260,000 | | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 2.864%), 8.20%, 10/15/37 (a)(b) | | | 1,220 | |
2,494,234 | | BX Commercial Mortgage Trust 2021-VINO 144A, (1 mo. Term Secured Overnight Financing Rate + 2.067%), 7.40%, 5/15/38 (a)(b) | | | 2,369 | |
680,246 | | BX Commercial Mortgage Trust 2021-VINO 144A, (1 mo. Term Secured Overnight Financing Rate + 4.067%), 9.40%, 5/15/38 (a)(b) | | | 649 | |
835,564 | | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 7.80%, 6/15/38 (a)(b) | | | 798 | |
2,900,000 | | BX Trust 2018-GW 144A, (1 mo. Term Secured Overnight Financing Rate + 2.717%), 8.05%, 5/15/35 (a)(b) | | | 2,779 | |
52 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
4,100,000 | | BX Trust 2023-DELC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 8.02%, 5/15/38 (a)(b) | | $ | 4,114 | |
700,000 | | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.064%), 7.40%, 2/15/38 (a)(b) | | | 571 | |
3,600,000 | | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.164%), 7.50%, 2/15/38 (a)(b) | | | 2,887 | |
799,000 | | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 3.297%), 8.63%, 12/15/37 (a)(b) | | | 773 | |
15,343,348 | | Cantor Commercial Real Estate Lending 2019-CF1, 1.13%, 5/15/52 (i) | | | 626 | |
2,779,476 | | Cassia SRL 2022-1A 144A, (3 mo. EURIBOR + 2.500%), 6.32%, 5/22/34 EUR (a)(b)(c) | | | 2,847 | |
2,811,353 | | Cold Storage Trust 2020-ICE5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.214%), 7.55%, 11/15/37 (a)(b) | | | 2,771 | |
1,965,981 | | Cold Storage Trust 2020-ICE5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.880%), 8.22%, 11/15/37 (a)(b) | | | 1,944 | |
1,867,682 | | Cold Storage Trust 2020-ICE5 144A, (1 mo. Term Secured Overnight Financing Rate + 3.607%), 8.94%, 11/15/37 (a)(b) | | | 1,843 | |
5,600,000 | | Connecticut Avenue Securities Trust 2019-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.464%), 9.79%,
7/25/31 (a)(b) | | | 5,972 | |
3,358,279 | | Connecticut Avenue Securities Trust 2019-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.264%), 9.59%, 8/25/31 (a)(b) | | | 3,526 | |
3,123,074 | | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 7.59%, 11/25/39 (a)(b) | | | 3,125 | |
2,117,550 | | Connecticut Avenue Securities Trust 2020-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.164%), 7.49%, 1/25/40 (a)(b) | | | 2,140 | |
1,900,000 | | Connecticut Avenue Securities Trust 2020-SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%), 9.09%, 2/25/40 (a)(b) | | | 1,981 | |
1,736,149 | | DBGS Mortgage Trust 2018-BIOD 144A, (1 mo. Term Secured Overnight Financing Rate + 2.296%), 7.63%, 5/15/35 (a)(b) | | | 1,679 | |
3,106,793 | | DBGS Mortgage Trust 2018-BIOD 144A, (1 mo. Term Secured Overnight Financing Rate + 2.796%), 8.13%, 5/15/35 (a)(b) | | | 3,002 | |
2,747,315 | | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 2.964%), 8.30%, 7/15/38 (a)(b) | | | 2,691 | |
3,078,887 | | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 3.814%), 9.15%, 7/15/38 (a)(b) | | | 2,995 | |
4,771,089 | | FN MA4919 30YR, 5.50%, 2/01/53 | | | 4,532 | |
4,791,043 | | FN MA4979 30YR, 5.50%, 4/01/53 | | | 4,548 | |
4,753,140 | | FN MA5072 30YR, 5.50%, 7/01/53 | | | 4,512 | |
3,551,236 | | FN MA5139 30YR, 6.00%, 9/01/53 | | | 3,460 | |
4,991,513 | | FN MA5167 30YR, 6.50%, 10/01/53 | | | 4,969 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,746,104 | | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.300%), 6.62%, 2/25/42 (a)(b) | | $ | 1,746 | |
395,083 | | Freddie Mac STACR REMIC Trust 2020-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.814%), 7.14%, 1/25/50 (a)(b) | | | 396 | |
386,732 | | Freddie Mac STACR REMIC Trust 2020-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.014%), 7.34%, 1/25/50 (a)(b) | | | 387 | |
1,991,154 | | Freddie Mac STACR REMIC Trust 2020-HQA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.214%), 8.54%, 3/25/50 (a)(b) | | | 2,060 | |
3,198,108 | | Freddie Mac STACR REMIC Trust 2020-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.864%), 11.19%, 7/25/50 (a)(b) | | | 3,498 | |
556,804 | | Freddie Mac STACR REMIC Trust 2020-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.800%), 8.12%, 10/25/50 (a)(b) | | | 564 | |
246,519 | | Freddie Mac STACR Trust 2019-FTR2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.064%), 6.39%, 11/25/48 (a)(b) | | | 246 | |
715,739 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.600%), 7.92%, 11/25/50 (a)(b) | | | 725 | |
1,290,485 | | Frost CMBS DAC 2021-1A 144A, (Sterling Overnight Index Average + 2.900%), 8.12%, 11/20/33 GBP (a)(b)(c) | | | 1,385 | |
5,260,000 | | G2 MA9242 30YR, 6.00%, 10/20/53 | | | 5,157 | |
86,783 | | JP Morgan Mortgage Trust 2017-5 144A, 3.65%, 10/26/48 (a)(b)(i) | | | 85 | |
4,019,994 | | LCCM 2017-LC26 144A, 1.52%, 7/12/50 (b)(i) | | | 161 | |
2,752,316 | | Life Mortgage Trust 2021-BMR 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 7.80%, 3/15/38 (a)(b) | | | 2,621 | |
3,900,000 | | ONE Mortgage Trust 2021-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 1.614%), 6.95%, 3/15/36 (a)(b) | | | 3,578 | |
3,400,000 | | RIAL Issuer Ltd. 2022-FL8 144A, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.58%, 1/19/37 (a)(b) | | | 3,313 | |
2,120,000 | | TPGI Trust 2021-DGWD 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 7.80%, 6/15/26 (a)(b) | | | 2,019 | |
943,770 | | TTAN 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.85%, 3/15/38 (a)(b) | | | 896 | |
1,200,000 | | Wells Fargo Commercial Mortgage Trust 2017- SMP 144A, (1 mo. Term Secured Overnight Financing Rate + 0.922%), 6.26%, 12/15/34 (a)(b) | | | 1,125 | |
450,000 | | Wells Fargo Commercial Mortgage Trust 2017- SMP 144A, (1 mo. Term Secured Overnight Financing Rate + 1.822%), 7.16%, 12/15/34 (a)(b) | | | 385 | |
Annual Report 53
Payden Absolute Return Bond Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
5,121,834 | | Wells Fargo Commercial Mortgage Trust 2018- C46, 0.92%, 8/15/51 (i) | | $ | 119 | |
Total Mortgage Backed (Cost - $124,946) | | | 120,081 | |
U.S. Treasury (6%) | | | | |
41,000,000 | | U.S. Treasury Note, 5.13%, 10/31/25 | | | | |
| | (Cost - $40,968) | | | 40,952 | |
Investment Company (2%) | | | | |
4,902,316 | | Payden Cash Reserves Money Market Fund* | | | 4,902 | |
2,170,213 | | Payden Emerging Markets Local Bond Fund* | | | 9,831 | |
Total Investment Company (Cost - $15,102) | | | 14,733 | |
Purchase Options (0%) | | | | |
Total Purchase Options (Cost - $517) | | | 301 | |
Total Investments (Cost - $719,344) (99%) | | | 685,498 | |
Other Assets, net of Liabilities (1%) | | | 9,952 | |
Net Assets (100%) | | $ | 695,450 | |
| | | | | | |
| (a) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
| (b) | Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board. |
| (c) | Principal in foreign currency. |
| (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. |
| (f) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |
| (g) | Perpetual security with no stated maturity date. |
| (h) | Yield to maturity at time of purchase. |
| (i) | 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% | | | | | | | | | | | | | | | | | | | | | | | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | 13,100 | | | | $1,716 | | | $ | 69 | | | | 11/17/2023 | | | $ | 52 | | | | Put | |
| SPDR S&P Homebuilders ETF | | | 1,898 | | | | 8 | | | | 65 | | | | 01/19/2024 | | | | 249 | | | | Put | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Purchase Options | | | | | | | | | | | | | | | | | | $ | 301 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | |
Currency Purchased (000s) | | Currency
Sold
(000s) | | | Counterparty | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation)
(000s) | |
Assets: | | | | | | | | | | | | | | | | |
EUR 1,114 | | | USD 1,177 | | | | Citibank, N.A. | | | | 03/18/2024 | | | $ | 9 | |
USD 5,257 | | | CHF 4,718 | | | | BNP PARIBAS | | | | 11/22/2023 | | | | 58 | |
USD 2,360 | | | AUD 3,672 | | | | Citibank, N.A. | | | | 11/22/2023 | | | | 29 | |
USD 312 | | | CAD 423 | | | | Citibank, N.A. | | | | 11/22/2023 | | | | 7 | |
USD 114 | | | JPY 16,500 | | | | Citibank, N.A. | | | | 11/22/2023 | | | | 5 | |
USD 7,209 | | | BRL 36,005 | | | | Citibank, N.A. | | | | 01/10/2024 | | | | 126 | |
USD 55,495 | | | EUR 51,663 | | | | Citibank, N.A. | | | | 03/18/2024 | | | | 469 | |
USD 6,897 | | | CAD 9,232 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | 238 | |
USD 5,252 | | | CHF 4,717 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | 53 | |
USD 7,166 | | | EUR 6,561 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | 217 | |
USD 2,368 | | | CAD 3,194 | | |
| HSBC Bank
USA, N.A. |
| | | 03/18/2024 | | | | 59 | |
USD 3,612 | | | GBP 2,912 | | |
| HSBC Bank
USA, N.A. |
| | | 03/18/2024 | | | | 68 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,338 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
AUD 195 | | | USD 126 | | | | Citibank, N.A. | | | | 11/22/2023 | | | | (2 | ) |
CAD 9,655 | | | USD 7,127 | | | | Citibank, N.A. | | | | 11/22/2023 | | | | (163 | ) |
EUR 6,561 | | | USD 7,039 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | (90 | ) |
JPY 770,600 | | | USD 5,278 | | | | BNP PARIBAS | | | | 11/22/2023 | | | | (175 | ) |
JPY 344,300 | | | USD 2,404 | | | | Citibank, N.A. | | | | 11/22/2023 | | | | (124 | ) |
54 Payden Mutual Funds
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | |
Currency Purchased (000s) | | Currency
Sold (000s) | | | Counterparty | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation)
(000s) | |
USD 3,204 | | | ZAR 60,580 | | | Citibank,
N.A. | | | 11/22/2023 | | | $ | (40 | ) |
| | | | | | | | | | | | | (594 | ) |
| | | | | | | | | | | | | | |
| Net Unrealized Appreciation (Depreciation) | | | $ | 744 | |
| | | | | | | | | | | | | | |
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 | | | 780 | | | | Dec-23 | | | $ | 157,889 | | | $ | (448 | ) | | $ | (448 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Short Contracts: | | | | | | | | | | | | | | | | | | | | |
| Euro-Bobl Future | | | 150 | | | | Dec-23 | | | | (18,457 | ) | | | 108 | | | | 108 | |
| Euro-Bund Future | | | 491 | | | | Dec-23 | | | | (67,014 | ) | | | (426 | ) | | | (426 | ) |
| Euro-Schatz Future | | | 23 | | | | Dec-23 | | | | (2,560 | ) | | | 8 | | | | 8 | |
| U.S. Long Bond Future | | | 59 | | | | Dec-23 | | | | (6,457 | ) | | | 415 | | | | 415 | |
| U.S. Treasury 10-Year Note Future | | | 216 | | | | Dec-23 | | | | (22,933 | ) | | | 793 | | | | 793 | |
| U.S. Treasury 10-Year Ultra Future | | | 128 | | | | Dec-23 | | | | (13,930 | ) | | | 730 | | | | 730 | |
| U.S. Treasury 5-Year Note Future | | | 412 | | | | Dec-23 | | | | (43,044 | ) | | | 480 | | | | 480 | |
| U.S. Ultra Bond Future | | | 7 | | | | Dec-23 | | | | (788 | ) | | | 103 | | | | 103 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,211 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Futures | | | | | | | | | | | | | | | $ | 1,763 | |
| | | | | | | | | | | | | | | | | | | | |
Open Centrally Cleared Credit Default Swap Contracts
| | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity
Date | | Notional
Amount
(000s) | | | Value
(000s) | | | Upfront
payments/
receipts
(000s) | | | Unrealized
Appreciation/
(Depreciation)
(000s) | |
| Protection Bought (Relevant Credit: Federative Republic of Turkey), Pay 1% Quarterly, Receive upon credit default | | 12/20/2028 | | USD | | | 4,850 | | | $ | 588 | | | $ | 597 | | | $ | (9 | ) |
| Protection Bought (Relevant Credit: Markit CDX, North America High Yield Series 41 Index), Pay 5% Quarterly, Receive upon credit default | | 12/20/2028 | | USD | | | 29,800 | | | | 11 | | | | (156 | ) | | | 167 | |
| Protection Bought (Relevant Credit: Markit iTraxx Crossover), Pay 5% Quarterly, Receive upon credit default | | 12/20/2028 | | EUR | | | 26,300 | | | | (707 | ) | | | (970 | ) | | | 263 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | (108 | ) | | $ | (529 | ) | | $ | 421 | |
| | | | | | | | | | | | | | | | | | | | |
Open Centrally Cleared Interest Rate Swap Contracts
| | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity
Date | | Notional
Amount
(000s) | | | Value
(000s) | | | Upfront
payments/
receipts
(000s) | | | Unrealized
Depreciation
(000s) | |
| 10-Year SOFR Swap, Receive Fixed 1.517% Annually, Pay Variable 5.350% (SOFRRATE) Annually | | 03/03/2032 | | USD | | | 21,639 | | | $ | (4,976 | ) | | $ | — | | | $ | (4,976 | ) |
| 10-Year SOFR Swap, Receive Fixed 1.615% Annually, Pay Variable 5.350% (SOFRRATE) Annually | | 03/04/2032 | | USD | | | 10,823 | | | | (2,405 | ) | | | — | | | | (2,405 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | (7,381 | ) | | $ | — | | | $ | (7,381 | ) |
| | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 55
Payden Floating Rate Fund
| | | | | | |
| | The Fund seeks a high level of current income through floating rate debt instruments, with a secondary objective of long-term capital appreciation. | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
| | Portfolio Composition - percent of investments |
| | Bank Loans | | 85% |
| | Corporate Bond | | 5% |
| | Investment Company | | 4% |
| | Mortgage Backed | | 3% |
| | Asset Backed | | 3% |
| | | | |
| | |
| | |
| | |
| | |
| | This information is not part of the audited financial statements. |
Schedule of Investments - October 31, 2023
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
Asset Backed (3%) | | | | |
400,000 | | Cologix Canadian Issuer LP 2022-1CAN 144A, 7.74%, 1/25/52 CAD (a)(b) | | $ | 259 | |
10 | | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 | | | 932 | |
835,000 | | Santander Bank Auto Credit-Linked Notes
2022-B 144A, 11.91%, 8/16/32 (a) | | | 844 | |
840,000 | | Santander Bank Auto Credit-Linked Notes
2022-C 144A, 14.59%, 12/15/32 (a) | | | 890 | |
50 | | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 | | | 609 | |
Total Asset Backed (Cost - $4,152) | | | 3,534 | |
Bank Loans(c) (85%) | | | | |
Automotive (3%) | | | | |
492,500 | | American Axle & Manufacturing Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.98%, 12/13/29 | | | 491 | |
1,000,000 | | Clarios Global LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 9.07%, 5/06/30 | | | 1,000 | |
1,477,500 | | Driven Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%),
8.44%, 12/15/28 | | | 1,442 | |
700,000 | | Tenneco Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 10.48%, 11/17/28 | | | 584 | |
| | | | | 3,517 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
Basic Industry (9%) | | | | |
495,000 | | American Airlines Inc. Term Loan B 1L,
(3 mo. Term Secured Overnight Financing Rate + 1.750%), 8.54%, 2/15/28 | | $ | 490 | |
225,000 | | American Airlines Inc. Term Loan 1L,
(3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.43%, 4/20/28 | | | 228 | |
1,025,000 | | Arsenal Aic Parent LLC Term Loan B 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.500%), 9.88%, 8/19/30 | | | 1,024 | |
1,371,228 | | Coherent Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.19%, 7/02/29 | | | 1,370 | |
1,190,082 | | Madison Iaq LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.70%, 6/21/28 | | | 1,150 | |
1,044,750 | | Mauser Packaging Solutions Holding Co. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 9.32%, 8/14/26 | | | 1,016 | |
88,019 | | Omnia Partners LLC Term Loan DD 1L,
(1 mo. Term Secured Overnight Financing Rate + 4.250%), 4.25%, 7/19/30 (d) | | | 88 | |
936,981 | | Omnia Partners LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.63%, 7/19/30 | | | 937 | |
1,026,440 | | SCIH Salt Holdings Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%),
9.44%, 3/16/27 | | | 1,014 | |
56 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,251,200 | | SRS Distribution Inc. Term Loan B 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.94%, 6/02/28 | | $ | 1,225 | |
1,271,041 | | TK Elevator Midco Gmbh Term Loan B 1L,
(6 mo. Term Secured Overnight Financing Rate + 3.500%), 9.38%, 7/30/27 | | | 1,264 | |
684,197 | | Transdigm Inc. Term Loan H 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 8.64%, 2/22/27 | | | 685 | |
| | | | | 10,491 | |
Consumer Goods (1%) | | | | |
648,342 | | Journey Personal Care Corp. Term Loan 1L, (LIBOR USD 3-Month + 4.250%), 9.98%, 3/01/28 | | | 623 | |
584,965 | | UTZ Quality Foods LLC Term Loan B 1L,
(3 mo. Term Secured Overnight Financing Rate + 3.000%), 8.64%, 1/20/28 | | | 585 | |
| | | | | 1,208 | |
Energy (5%) | | | | |
1,300,075 | | CQP Holdco LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 8.99%, 6/05/28 | | | 1,300 | |
698,250 | | NorthRiver Midstream Finance LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 8.40%, 8/16/30 | | | 697 | |
1,044,750 | | Par Petroleum LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 9.77%, 2/28/30 | | | 1,043 | |
967,500 | | PG&E Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.44%, 6/23/25 | | | 968 | |
721,050 | | Talen Energy Supply LLC Term Loan TLB-EXIT 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.88%, 5/17/30 | | | 723 | |
302,143 | | Talen Energy Supply LLC Term Loan TLC-EXIT 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.88%, 5/17/30 | | | 303 | |
410,427 | | TerraForm Power Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 7.99%, 5/21/29 | | | 408 | |
| | | | | 5,442 | |
Financial Services (7%) | | | | |
1,473,750 | | Albion Financing 3 Sarl Term Loan B 1L,
(3 mo. Term Secured Overnight Financing Rate + 5.250%), 10.92%, 8/17/26 | | | 1,474 | |
786,411 | | Allspring Buyer LLC Term Loan B 1L,
(3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.95%, 11/01/28 | | | 768 | |
1,045,777 | | AmWINS Group Inc. Term Loan B 1L,
(1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.69%, 2/19/28 | | | 1,038 | |
500,917 | | EMRLD Borrower LP Term Loan B 1L,
(1 mo. Term Secured Overnight Financing Rate + 2.000%), 8.32%, 5/31/30 | | | 501 | |
1,076,865 | | Entain PLC Term Loan B2 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 8.99%, 10/31/29 | | | 1,078 | |
1,050,000 | | GTCR W Merger Sub LLC Term Loan B 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.000%), 3.50%, 9/20/30 | | | 1,044 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,033,905 | | Naked Juice LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.74%, 1/24/29 | | $ | 954 | |
481,250 | | Nexus Buyer LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.17%, 11/09/26 | | | 472 | |
585,053 | | Starwood Property Mortgage LLC Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.67%, 7/24/26 | | | 585 | |
| | | | | 7,914 | |
Healthcare (10%) | | | | |
1,311,711 | | AthenaHealth Group Inc. Term Loan B 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.58%, 2/15/29 | | | 1,274 | |
1,030,000 | | Bausch & Lomb Corp. Term Loan 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.000%), 9.32%, 9/14/28 | | | 993 | |
1,220,544 | | Embecta Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 8.34%, 3/30/29 | | | 1,184 | |
648,375 | | Fortrea Holdings Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 9.07%, 7/01/30 | | | 649 | |
792,653 | | Jazz Financing Lux Sarl Term Loan B 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.94%, 5/05/28 | | | 793 | |
983,766 | | Medline Borrower LP Term Loan B 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.69%, 10/23/28 | | | 979 | |
896,375 | | Owens & Minor Inc. Term Loan B1 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.20%, 3/29/29 | | | 897 | |
1,317,647 | | Padagis LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.43%, 7/06/28 | | | 1,174 | |
1,478,883 | | Radiology Partners Inc. Term Loan B 1L,
(6 mo. Term Secured Overnight Financing Rate + 4.250%), 9.87%, 7/09/25 | | | 1,109 | |
1,480,000 | | Sotera Health Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 8.40%, 12/11/26 | | | 1,470 | |
1,050,000 | | Star Parent Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 9.39%, 9/28/30 | | | 1,004 | |
| | | | | 11,526 | |
Insurance (5%) | | | | |
1,337,304 | | Acrisure LLC Term Loan B1 1L, (LIBOR USD 1-Month + 3.500%), 8.94%, 2/15/27 | | | 1,306 | |
620,253 | | Alliant Holdings Intermediate LLC Term Loan B4 1L, (LIBOR USD 1-Month + 3.500%), 8.94%, 11/05/27 | | | 619 | |
1,346,993 | | AssuredPartners Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.94%, 2/12/27 | | | 1,337 | |
1,335,499 | | Asurion LLC Term Loan B8 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.69%, 12/23/26 | | | 1,293 | |
350,000 | | Asurion LLC Term Loan B4 2L, (1 mo. Term Secured Overnight Financing Rate + 5.250%), 10.69%, 1/20/29 | | | 300 | |
Annual Report 57
Payden Floating Rate Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
712,717 | | HUB International Ltd. Term Loan B 1L, (2 mo. Term Secured Overnight Financing Rate + 4.250%), 9.66%, 6/20/30 | | $ | 713 | |
| | | | | 5,568 | |
Leisure (11%) | | | | |
348,250 | | Caesars Entertainment Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 8.67%, 2/06/30 | | | 348 | |
847,875 | | Carnival Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 8.34%, 8/09/27 | | | 834 | |
1,542,985 | | Fertitta Entertainment LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 9.32%, 1/26/29 | | | 1,511 | |
1,473,750 | | Flynn Restaurant Group LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 9.69%, 12/01/28 | | | 1,470 | |
694,710 | | IRB Holding Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 8.42%, 12/15/27 | | | 688 | |
586,500 | | MajorDrive Holdings IV LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 9.65%, 6/01/28 | | | 571 | |
1,025,000 | | Ontario Gaming GTA LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 9.64%, 8/01/30 | | | 1,025 | |
1,485,000 | | Scientific Games Holdings LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 8.91%, 4/04/29 | | | 1,463 | |
1,126,715 | | Scientific Games International Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 8.44%, 4/13/29 | | | 1,127 | |
398,182 | | SRAM LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.19%, 5/18/28 | | | 397 | |
1,131,627 | | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 9.44%, 2/05/27 | | | 1,128 | |
560,000 | | Tacala Investment Corp. Term Loan B 2L, (1 mo. Term Secured Overnight Financing Rate + 7.500%), 13.44%, 2/04/28 | | | 543 | |
1,169,700 | | United PF Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 9.65%, 12/30/26 | | | 1,019 | |
| | | | | 12,124 | |
Media (10%) | | | | |
1,481,250 | | ABG Intermediate Holdings 2 LLC Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.92%, 12/21/28 | | | 1,480 | |
744,122 | | Advantage Sales & Marketing Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 10.18%, 10/28/27 | | | 706 | |
620,313 | | Altice Financing SA Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 10.39%, 10/29/27 | | | 582 | |
1,366,994 | | Banijay Entertainment SAS Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.17%, 3/01/28 | | | 1,366 | |
500,000 | | CNT Holdings I Corp. Term Loan B 2L, (3 mo. Term Secured Overnight Financing Rate + 6.750%), 12.18%, 11/06/28 | | | 501 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,043,633 | | CSC Holdings LLC Term Loan B5 1L, (LIBOR USD 1-Month + 2.500%), 7.95%, 4/15/27 | | $ | 944 | |
207,375 | | E.W. Scripps Co. Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.44%, 1/07/28 | | | 199 | |
1,241,425 | | Endurance International Group Holdings Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.26%, 2/10/28 | | | 1,156 | |
1,077,780 | | Gray Television Inc. Term Loan D 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.43%, 12/01/28 | | | 1,036 | |
645,063 | | McGraw-Hill Education Inc. Term Loan B 1L,
(1 mo. Term Secured Overnight Financing Rate + 4.750%), 10.19%, 7/28/28 | | | 613 | |
1,028,200 | | MH Sub I LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 9.57%, 5/03/28 | | | 984 | |
300,000 | | MH Sub I LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.250%), 11.57%, 2/23/29 | | | 263 | |
1,060,000 | | UPC Financing Partnership Term Loan AX 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.45%, 1/31/29 | | | 1,043 | |
600,000 | | Virgin Media Bristol LLC Term Loan Q 1L,
(1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.70%, 1/31/29 | | | 589 | |
500,000 | | Virgin Media Bristol LLC Term Loan Y 1L,
(3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.79%, 3/31/31 | | | 490 | |
| | | | | 11,952 | |
Real Estate (1%) | | | | |
1,000,000 | | Greystar Real Estate Partners LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 9.15%, 8/07/30 | | | 1,000 | |
Retail (7%) | | | | |
965,206 | | Dealer Tire Financial LLC Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 9.82%, 12/14/27 | | | 967 | |
247,991 | | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 5.500%), 10.90%, 4/26/28 | | | 249 | |
696,500 | | Hanesbrands Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 9.07%, 3/08/30 | | | 689 | |
1,221,030 | | Harbor Freight Tools USA Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.19%, 10/19/27 | | | 1,207 | |
1,374,750 | | Leslie’s Poolmart Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.19%, 3/09/28 | | | 1,344 | |
781,000 | | MIC Glen LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.69%, 7/21/28 | | | 769 | |
1,250,000 | | MIC Glen LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.750%), 12.17%, 7/20/29 | | | 1,183 | |
488,750 | | Michaels Cos. Inc. Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.90%, 4/15/28 | | | 410 | |
684,250 | | PetsMart LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 9.17%, 2/11/28 | | | 677 | |
58 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
979,293 | | Whatabrands LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%),
8.44%, 8/03/28 | | $ | 971 | |
| | | | | 8,466 | |
Service (2%) | | | | | | |
962,674 | | Adtalem Global Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.500%), 9.44%, 8/12/28 | | | 964 | |
669,860 | | Cimpress PLC Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%),
8.94%, 5/17/28 | | | 662 | |
930,233 | | Covanta Holding Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 8.33%, 11/30/28 | | | 923 | |
69,767 | | Covanta Holding Corp. Term Loan C 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 8.33%, 11/30/28 | | | 69 | |
| | | | | 2,618 | |
Technology (6%) | | | | | | |
1,378,275 | | Ahead DB Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 9.24%, 10/18/27 | | | 1,370 | |
1,191,000 | | Central Parent Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%),
9.41%, 7/06/29 | | | 1,186 | |
1,243,750 | | Cloud Software Group Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.99%, 3/30/29 | | | 1,185 | |
1,378,079 | | Ensono LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%),
9.44%, 5/26/28 | | | 1,323 | |
582,948 | | Open Text Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%),
8.17%, 1/31/30 | | | 583 | |
1,338,236 | | Peraton Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%),
9.17%, 2/01/28 | | | 1,315 | |
483,750 | | Presidio Holdings Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.98%, 1/22/27 | | | 484 | |
| | | | | 7,446 | |
Telecommunications (5%) | | | | |
1,365,000 | | Frontier Communications Corp. Term Loan B-EXIT 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.19%, 10/08/27 | | | 1,320 | |
1,125,022 | | Gogo Intermediate Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.19%, 4/30/28 | | | 1,125 | |
1,410,000 | | LCPR Loan Financing LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.20%, 10/16/28 | | | 1,399 | |
1,140,861 | | Numericable U.S. LLC Term Loan B14-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 10.89%, 8/15/28 | | | 1,016 | |
586,500 | | Univision Communications Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.69%, 3/15/26 | | | 583 | |
| | | | | 5,443 | |
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| |
Transportation (3%) | | | | |
400,000 | | Delta Air Lines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 9.17%, 10/20/27 | | $ | 410 | |
645,589 | | First Student Bidco Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%),
8.65%, 7/21/28 | | | 627 | |
242,647 | | First Student Bidco Inc. Term Loan C 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%),
8.65%, 7/21/28 | | | 235 | |
620,301 | | Spirit Aerosystems Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%),
9.63%, 1/15/27 | | | 619 | |
1,125,230 | | United Airlines Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.19%, 4/21/28 | | | 1,125 | |
| | | | | 3,016 | |
Total Bank Loans (Cost - $99,253) | | | 97,731 | |
Corporate Bond (5%) | | | | |
500,000 | | ARD Finance SA 144A, 6.50%, 6/30/27 (a) | | | 292 | |
1,200,000 | | Civitas Resources Inc. 144A, 8.38%, 7/01/28 (a) | | | 1,209 | |
330,000 | | Crescent Energy Finance LLC 144A, 7.25%, 5/01/26 (a) | | | 320 | |
268,000 | | Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/01/25 (a) | | | 266 | |
450,000 | | International Petroleum Corp. 144A, 7.25%, 2/01/27 (a)(e) | | | 420 | |
850,000 | | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (a) | | | 765 | |
500,000 | | Navient Corp., 5.88%, 10/25/24 | | | 489 | |
500,000 | | OneMain Finance Corp., 6.88%, 3/15/25 | | | 494 | |
500,000 | | Prime Healthcare Services Inc. 144A, 7.25%, 11/01/25 (a) | | | 455 | |
750,000 | | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | | | 654 | |
450,000 | | Service Properties Trust, 7.50%, 9/15/25 | | | 438 | |
300,000 | | System Energy Resources Inc., 6.00%, 4/15/28 | | | 290 | |
Total Corporate Bond (Cost - $6,666) | | | 6,092 | |
Mortgage Backed (3%) | | | | |
793,695 | | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 17.69%, 9/25/28 (f) | | | 930 | |
813,470 | | Fannie Mae Connecticut Avenue Securities 2016-C03, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 17.19%, 10/25/28 (f) | | | 946 | |
662,589 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.94%, 5/25/28 (f) | | | 717 | |
490,843 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.864%), 18.19%, 8/25/29 (f) | | | 576 | |
664,155 | | STACR Trust 2018-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 17.19%, 5/25/43 (a)(f) | | | 749 | |
Total Mortgage Backed (Cost - $3,534) | | | 3,918 | |
Annual Report 59
Payden Floating Rate Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| |
Investment Company (4%) | | | | |
4,533,680 | | Payden Cash Reserves Money Market Fund * | | | | |
| | (Cost - $4,534) | | $ | 4,534 | |
Total Investments (Cost - $118,139) (100%) | | | 115,809 | |
Liabilities in excess of Other Assets (0%) | | | (443 | ) |
Net Assets (100%) | | $ | 115,366 | |
| (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) | Principal in foreign currency. |
| (c) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |
| (d) | As of October 31, 2023, the Fund’s investment portfolio included $88 of unfunded loan commitments. Amount in 000s. |
| (e) | Security offered and sold outside the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board. |
| (f) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | |
Currency
Purchased
(000s) | | Currency Sold (000s) | | | Counterparty | | | Settlement Date | | | Unrealized Appreciation (000s) | |
Assets: | | | | | | | | | | | | | | | | |
| USD 268 | | | CAD 361 | | | | Citibank, N.A. | | | | 03/18/2024 | | | $ | 7 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
60 Payden Mutual Funds
| | | | | | |
The Fund seeks high current income while providing for capital appreciation by investing primarily in a diversified portfolio of below investment grade bonds. | | | | | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
| Portfolio Composition - percent of investments | |
Corporate Bond | | | 86% | |
Bank Loans | | | 7% | |
Asset Backed | | | 3% | |
Mortgage Backed | | | 2% | |
Investment Company | | | 2% | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| This information is not part of the audited financial statements. SAR | |
| | | | | |
| | | | | | |
| Schedule of Investments - October 31, 2023 | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
Asset Backed (3%) | | | | |
60 | | Chase Auto Owner Trust, 0.00%, 6/25/30 | | $ | 758 | |
1,600,000 | | Cologix Canadian Issuer LP 2022-1CAN 144A, 7.74%, 1/25/52 CAD (a)(b) | | | 1,037 | |
1,500,000 | | Exeter Automobile Receivables Trust 2022-2A 144A, 6.34%, 10/15/29 (b) | | | 1,325 | |
1,400,000 | | Exeter Automobile Receivables Trust 2022-3A 144A, 9.09%, 1/15/30 (b) | | | 1,328 | |
19 | | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 | | | 1,792 | |
2,318,403 | | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (b) | | | 2,801 | |
1,250,000 | | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 9.97%, 5/15/32 (b) | | | 1,250 | |
2,000,000 | | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 11.91%, 8/16/32 (b) | | | 2,022 | |
1,660,000 | | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 14.59%, 12/15/32 (b) | | | 1,758 | |
80 | | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 | | | 975 | |
Total Asset Backed (Cost - $15,873) | | | 15,046 | |
Bank Loans(c) (7%) | | | | |
880,000 | | ABG Intermediate Holdings 2 LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 11.43%, 12/20/29 | | | 887 | |
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
1,423,433 | | Adtalem Global Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.500%), 9.44%, 8/12/28 | | $ | 1,425 | |
2,976,478 | | Advantage Sales & Marketing Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 10.18%, 10/28/27 | | | 2,822 | |
1,488,665 | | Avis Budget Car Rental LLC Term Loan C 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.92%, 3/16/29 | | | 1,492 | |
1,492,500 | | Caesars Entertainment Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 8.67%, 2/06/30 | | | 1,489 | |
1,488,750 | | Central Parent Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 9.41%, 7/06/29 | | | 1,482 | |
1,990,000 | | Cloud Software Group Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.99%, 3/30/29 | | | 1,895 | |
1,700,000 | | CNT Holdings I Corp. Term Loan B 2L, (3 mo. Term Secured Overnight Financing Rate + 6.750%), 12.18%, 11/06/28 | | | 1,704 | |
1,385,915 | | DirectV Financing LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 10.44%, 8/02/27 | | | 1,351 | |
2,481,000 | | First Student Bidco Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 9.49%, 7/21/28 | | | 2,434 | |
Annual Report 61
Payden High Income Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
1,488,769 | | Go Daddy Operating Co. LLC Term Loan B5 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.82%, 11/09/29 | | $ | 1,492 | |
159,583 | | Hertz Corp. Term Loan C-EXIT 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.69%, 6/30/28 | | | 159 | |
834,018 | | Hertz Corp. Term Loan B-EXIT 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.69%, 6/30/28 | | | 828 | |
1,488,750 | | HUB International Ltd. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 9.37%, 11/10/29 | | | 1,489 | |
1,700,000 | | Journey Personal Care Corp. Term Loan 1L, (LIBOR USD 3-Month + 4.250%), 9.98%, 3/01/28 | | | 1,634 | |
995,000 | | Mauser Packaging Solutions Holding Co. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 9.32%, 8/14/26 | | | 968 | |
3,473,552 | | Medline Borrower LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.69%, 10/23/28 | | | 3,455 | |
4,200,000 | | MIC Glen LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.750%), 12.17%, 7/20/29 | | | 3,976 | |
2,000,000 | | Naked Juice LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 6.500%), 11.49%, 1/24/30 | | | 1,630 | |
977,500 | | PetsMart LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 9.17%, 2/11/28 | | | 967 | |
992,462 | | Sinclair Television Group Inc. Term Loan B4 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 9.17%, 4/21/29 | | | 684 | |
1,270,000 | | Sotera Health Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 8.40%, 12/11/26 | | | 1,261 | |
1,488,722 | | Spirit Aerosystems Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.63%, 1/15/27 | | | 1,486 | |
2,505,000 | | Tacala Investment Corp. Term Loan B 2L, (1 mo. Term Secured Overnight Financing Rate + 7.500%), 13.44%, 2/04/28 | | | 2,428 | |
992,500 | | Transdigm Inc. Term Loan H 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 8.64%, 2/22/27 | | | 993 | |
1,824,273 | | U.S. Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.94%, 11/22/28 | | | 1,831 | |
789,843 | | United Airlines Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.19%, 4/21/28 | | | 789 | |
Total Bank Loans (Cost - $43,745) | | | 43,051 | |
Corporate Bond (85%) | | | | |
Automotive (5%) | | | | |
2,500,000 | | Allison Transmission Inc. 144A, 3.75%, 1/30/31 (b) | | | 1,984 | |
586,000 | | American Axle & Manufacturing Inc., 6.25%, 3/15/26 | | | 569 | |
1,850,000 | | American Axle & Manufacturing Inc., 6.50%, 4/01/27 | | | 1,746 | |
2,500,000 | | Ford Motor Co., 4.75%, 1/15/43 | | | 1,740 | |
4,300,000 | | Ford Motor Credit Co. LLC, 2.90%, 2/10/29 | | | 3,522 | |
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
2,000,000 | | Ford Motor Credit Co. LLC, 3.82%, 11/02/27 | | $ | 1,785 | |
3,250,000 | | Ford Motor Credit Co. LLC, 4.95%, 5/28/27 | | | 3,052 | |
575,000 | | Ford Motor Credit Co. LLC, 6.80%, 5/12/28 | | | 574 | |
200,000 | | Ford Motor Credit Co. LLC, 7.35%, 3/06/30 | | | 201 | |
2,500,000 | | Goodyear Tire & Rubber Co., 5.25%, 7/15/31 | | | 2,038 | |
4,000,000 | | IHO Verwaltungs GmbH, 3.75%, 9/15/26 EUR (a)(d) | | | 3,987 | |
2,750,000 | | Jaguar Land Rover Automotive PLC 144A, 5.50%, 7/15/29 (b) | | | 2,373 | |
4,500,000 | | Tenneco Inc. 144A, 8.00%, 11/17/28 (b) | | | 3,616 | |
2,650,000 | | ZF North America Capital Inc. 144A, 7.13%, 4/14/30 (b) | | | 2,574 | |
| | | | | 29,761 | |
Banking (0%) | | | | | | |
1,750,000 | | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.600%), 4.20%, 6/01/32 (b)(e) | | | 1,245 | |
2,165,000 | | UniCredit SpA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.750%), 5.46%, 6/30/35 (b)(e) | | | 1,777 | |
| | | | | 3,022 | |
Basic Industry (9%) | | | | |
1,500,000 | | ARD Finance SA 144A, 6.50%, 6/30/27 (b) | | | 876 | |
3,450,000 | | Bombardier Inc. 144A, 7.13%, 6/15/26 (b) | | | 3,324 | |
3,000,000 | | Builders FirstSource Inc. 144A, 4.25%, 2/01/32 (b) | | | 2,391 | |
2,000,000 | | Cleveland-Cliffs Inc. 144A, 6.75%, 4/15/30 (b) | | | 1,857 | |
2,000,000 | | Coeur Mining Inc. 144A, 5.13%, 2/15/29 (b) | | | 1,667 | |
1,750,000 | | Eldorado Gold Corp. 144A, 6.25%, 9/01/29 (b) | | | 1,503 | |
2,500,000 | | Element Solutions Inc. 144A, 3.88%, 9/01/28 (b) | | | 2,130 | |
3,275,000 | | Emerald Debt Merger Sub LLC 144A, 6.63%, 12/15/30 (b) | | | 3,119 | |
1,500,000 | | FMG Resources August 2006 Pty Ltd. 144A, 4.38%, 4/01/31 (b) | | | 1,211 | |
875,000 | | FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27 (b) | | | 789 | |
1,500,000 | | GrafTech Finance Inc. 144A, 4.63%, 12/15/28 (b) | | | 1,101 | |
2,500,000 | | H&E Equipment Services Inc. 144A, 3.88%, 12/15/28 (b) | | | 2,120 | |
2,625,000 | | Howmet Aerospace Inc., 3.00%, 1/15/29 | | | 2,218 | |
3,250,000 | | Kaiser Aluminum Corp. 144A, 4.50%, 6/01/31 (b) | | | 2,406 | |
4,350,000 | | KBR Inc. 144A, 4.75%, 9/30/28 (b) | | | 3,808 | |
1,895,000 | | MasTec Inc. 144A, 6.63%, 8/15/29 (b) | | | 1,707 | |
1,475,000 | | Mineral Resources Ltd. 144A, 9.25%, 10/01/28 (b) | | | 1,477 | |
2,350,000 | | Moog Inc. 144A, 4.25%, 12/15/27 (b) | | | 2,095 | |
1,750,000 | | NOVA Chemicals Corp. 144A, 4.25%, 5/15/29 (b) | | | 1,296 | |
2,000,000 | | Novelis Sheet Ingot GmbH,
3.38%, 4/15/29 EUR (a)(d) | | | 1,814 | |
1,500,000 | | Olympus Water U.S. Holding Corp. 144A, 9.75%, 11/15/28 (b) | | | 1,467 | |
3,000,000 | | SCIH Salt Holdings Inc. 144A, 6.63%, 5/01/29 (b) | | | 2,518 | |
2,500,000 | | Standard Industries Inc. 144A, 4.38%, 7/15/30 (b) | | | 2,045 | |
1,000,000 | | Standard Industries Inc. 144A, 4.75%, 1/15/28 (b) | | | 896 | |
2,500,000 | | TransDigm Inc., 4.88%, 5/01/29 | | | 2,169 | |
600,000 | | TransDigm Inc. 144A, 6.88%, 12/15/30 (b) | | | 580 | |
1,500,000 | | Tri Pointe Homes Inc., 5.70%, 6/15/28 | | | 1,337 | |
62 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
2,000,000 | | TriMas Corp. 144A, 4.13%, 4/15/29 (b) | | $ | 1,664 | |
2,500,000 | | TTM Technologies Inc. 144A, 4.00%, 3/01/29 (b) | | | 2,053 | |
| | | | | 53,638 | |
Consumer Finance (0%) | | | | |
3,500,000 | | Synchrony Financial, 7.25%, 2/02/33 | | | 2,970 | |
Consumer Goods (3%) | | | | |
1,900,000 | | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 4.88%, 2/15/30 (b) | | | 1,698 | |
1,200,000 | | B&G Foods Inc. 144A, 8.00%, 9/15/28 (b) | | | 1,171 | |
1,500,000 | | Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC 144A, 4.75%, 1/15/29 (b) | | | 1,330 | |
1,400,000 | | Newell Brands Inc., 6.38%, 9/15/27 | | | 1,315 | |
675,000 | | Newell Brands Inc., 6.38%, 4/01/36 | | | 531 | |
1,800,000 | | Post Holdings Inc. 144A, 4.50%, 9/15/31 (b) | | | 1,458 | |
900,000 | | Post Holdings Inc. 144A, 4.63%, 4/15/30 (b) | | | 755 | |
1,000,000 | | Post Holdings Inc. 144A, 5.50%, 12/15/29 (b) | | | 893 | |
3,250,000 | | Primo Water Holdings Inc. 144A, 4.38%, 4/30/29 (b) | | | 2,746 | |
2,000,000 | | Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed 144A, 4.63%, 3/01/29 (b) | | | 1,627 | |
1,000,000 | | U.S. Foods Inc. 144A, 7.25%, 1/15/32 (b) | | | 983 | |
1,500,000 | | United Natural Foods Inc. 144A, 6.75%, 10/15/28 (b) | | | 1,182 | |
1,500,000 | | Winnebago Industries Inc. 144A, 6.25%, 7/15/28 (b) | | | 1,412 | |
| | | | | 17,101 | |
Energy (15%) | | | | | | |
2,081,000 | | Ascent Resources Utica Holdings LLC/ARU Finance Corp. 144A, 9.00%, 11/01/27 (b) | | | 2,636 | |
1,220,000 | | Baytex Energy Corp. 144A, 8.50%, 4/30/30 (b) | | | 1,210 | |
2,500,000 | | Borr IHC Ltd./Borr Finance LLC 144A, 10.38%, 11/15/30 (b) | | | 2,483 | |
1,450,000 | | CITGO Petroleum Corp. 144A, 8.38%, 1/15/29 (b) | | | 1,437 | |
1,800,000 | | Civitas Resources Inc. 144A, 8.63%, 11/01/30 (b) | | | 1,834 | |
3,500,000 | | Civitas Resources Inc. 144A, 8.75%, 7/01/31 (b) | | | 3,537 | |
3,775,000 | | Comstock Resources Inc. 144A, 5.88%, 1/15/30 (b) | | | 3,232 | |
3,000,000 | | Continental Resources Inc. 144A, 2.88%, 4/01/32 (b) | | | 2,218 | |
1,800,000 | | Delek Logistics Partners LP/Delek Logistics Finance Corp. 144A, 7.13%, 6/01/28 (b) | | | 1,640 | |
1,980,000 | | Enerflex Ltd. 144A, 9.00%, 10/15/27 (b) | | | 1,804 | |
800,000 | | EnQuest PLC 144A, 11.63%, 11/01/27 (b) | | | 756 | |
800,000 | | EQM Midstream Partners LP 144A, 7.50%, 6/01/27 (b) | | | 793 | |
1,100,000 | | EQM Midstream Partners LP 144A, 7.50%, 6/01/30 (b) | | | 1,080 | |
2,420,000 | | Genesis Energy LP/Genesis Energy Finance Corp., 8.88%, 4/15/30 | | | 2,341 | |
2,602,000 | | Geopark Ltd. 144A, 5.50%, 1/17/27 (b) | | | 2,189 | |
750,000 | | Global Marine Inc., 7.00%, 6/01/28 | | | 632 | |
4,412,833 | | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (b) | | | 3,794 | |
2,250,000 | | Greenfire Resources Ltd. 144A, 12.00%, 10/01/28 (b) | | | 2,241 | |
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
3,500,000 | | International Petroleum Corp. 144A, 7.25%, 2/01/27 (b)(d) | | $ | 3,271 | |
900,000 | | Kosmos Energy Ltd. 144A, 7.13%, 4/04/26 (b) | | | 828 | |
2,400,000 | | Kosmos Energy Ltd. 144A, 7.50%, 3/01/28 (b) | | | 2,104 | |
3,350,000 | | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (b) | | | 3,015 | |
1,700,000 | | Moss Creek Resources Holdings Inc. 144A, 7.50%, 1/15/26 (b) | | | 1,625 | |
1,300,000 | | Moss Creek Resources Holdings Inc. 144A, 10.50%, 5/15/27 (b) | | | 1,286 | |
1,250,000 | | Nabors Industries Inc. 144A, 1.75%, 6/15/29 (b) | | | 938 | |
1,500,000 | | Nabors Industries Inc. 144A, 7.38%, 5/15/27 (b) | | | 1,396 | |
1,500,000 | | Nabors Industries Ltd. 144A, 7.25%, 1/15/26 (b) | | | 1,410 | |
1,400,000 | | Northriver Midstream Finance LP 144A, 5.63%, 2/15/26 (b) | | | 1,325 | |
2,500,000 | | Pattern Energy Operations LP/Pattern Energy Operations Inc. 144A, 4.50%, 8/15/28 (b) | | | 2,182 | |
3,750,000 | | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | | | 3,661 | |
1,300,000 | | PBF Holding Co. LLC/PBF Finance Corp. 144A, 7.88%, 9/15/30 (b) | | | 1,256 | |
1,500,000 | | Permian Resources Operating LLC 144A, 7.00%, 1/15/32 (b) | | | 1,456 | |
1,350,000 | | Shelf Drilling Holdings Ltd. 144A, 9.63%, 4/15/29 (b) | | | 1,285 | |
2,000,000 | | SierraCol Energy Andina LLC 144A, 6.00%, 6/15/28 (b) | | | 1,550 | |
1,850,000 | | Strathcona Resources Ltd. 144A, 6.88%, 8/01/26 (b) | | | 1,708 | |
1,250,000 | | Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 144A, 9.00%, 10/15/26 (b) | | | 1,201 | |
2,000,000 | | TerraForm Power Operating LLC 144A, 4.75%, 1/15/30 (b) | | | 1,692 | |
1,500,000 | | Transocean Inc. 144A, 7.50%, 1/15/26 (b) | | | 1,438 | |
1,125,000 | | Transocean Inc., 7.50%, 4/15/31 | | | 910 | |
750,000 | | Transocean Inc. 144A, 8.00%, 2/01/27 (b) | | | 705 | |
2,700,000 | | Tullow Oil PLC 144A, 10.25%, 5/15/26 (b) | | | 2,321 | |
2,900,000 | | Valaris Ltd. 144A, 8.38%, 4/30/30 (b) | | | 2,848 | |
2,400,000 | | Venture Global Calcasieu Pass LLC 144A, 4.13%, 8/15/31 (b) | | | 1,932 | |
3,600,000 | | Vital Energy Inc. 144A, 7.75%, 7/31/29 (b) | | | 3,263 | |
1,750,000 | | Vital Energy Inc., 9.75%, 10/15/30 | | | 1,717 | |
| | | | | 84,180 | |
Financial Services (8%) | | | | |
2,600,000 | | Aircastle Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.410%), 5.25% (b)(e)(f) | | | 2,052 | |
3,950,000 | | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (e)(f) | | | 2,576 | |
3,300,000 | | Compass Group Diversified Holdings LLC 144A, 5.25%, 4/15/29 (b) | | | 2,821 | |
2,500,000 | | Enact Holdings Inc. 144A, 6.50%, 8/15/25 (b) | | | 2,458 | |
1,500,000 | | goeasy Ltd. 144A, 5.38%, 12/01/24 (b) | | | 1,472 | |
2,000,000 | | Greystar Real Estate Partners LLC 144A, 7.75%, 9/01/30 (b) | | | 1,968 | |
2,000,000 | | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | | | 1,714 | |
3,050,000 | | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | | | 2,790 | |
900,000 | | Jane Street Group/JSG Finance Inc. 144A, 4.50%, 11/15/29 (b) | | | 768 | |
3,650,000 | | Jefferson Capital Holdings LLC 144A, 6.00%, 8/15/26 (b) | | | 3,191 | |
Annual Report 63
Payden High Income Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
3,600,000 | | Midcap Financial Issuer Trust 144A, 6.50%, 5/01/28 (b) | | $ | 3,055 | |
2,000,000 | | MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/01/26 | | | 1,724 | |
2,750,000 | | Nationstar Mortgage Holdings Inc. 144A, 5.13%, 12/15/30 (b) | | | 2,228 | |
2,000,000 | | Navient Corp., 5.50%, 3/15/29 | | | 1,622 | |
1,000,000 | | Navient Corp., 5.88%, 10/25/24 | | | 978 | |
1,500,000 | | Navient Corp., 9.38%, 7/25/30 | | | 1,415 | |
1,000,000 | | OneMain Finance Corp., 4.00%, 9/15/30 | | | 733 | |
1,250,000 | | OneMain Finance Corp., 5.38%, 11/15/29 | | | 1,029 | |
350,000 | | OneMain Finance Corp., 6.63%, 1/15/28 | | | 319 | |
2,500,000 | | OneMain Finance Corp., 6.88%, 3/15/25 | | | 2,469 | |
2,500,000 | | PennyMac Financial Services Inc. 144A, 4.25%, 2/15/29 (b) | | | 2,045 | |
2,000,000 | | PRA Group Inc. 144A, 5.00%, 10/01/29 (b) | | | 1,329 | |
2,000,000 | | PRA Group Inc. 144A, 7.38%, 9/01/25 (b) | | | 1,872 | |
1,500,000 | | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 3.88%, 3/01/31 (b) | | | 1,162 | |
| | | | | 43,790 | |
Healthcare (6%) | | | | | | |
2,150,000 | | Bausch & Lomb Escrow Corp. 144A, 8.38%, 10/01/28 (b) | | | 2,138 | |
800,000 | | Bausch Health Cos. Inc. 144A, 4.88%, 6/01/28 (b) | | | 400 | |
2,050,000 | | Bausch Health Cos. Inc. 144A, 6.13%, 2/01/27 (b) | | | 1,146 | |
1,500,000 | | BellRing Brands Inc. 144A, 7.00%, 3/15/30 (b) | | | 1,458 | |
2,200,000 | | CHS/Community Health Systems Inc. 144A, 5.25%, 5/15/30 (b) | | | 1,564 | |
2,500,000 | | CHS/Community Health Systems Inc. 144A, 8.00%, 12/15/27 (b) | | | 2,123 | |
2,500,000 | | DaVita Inc. 144A, 3.75%, 2/15/31 (b) | | | 1,799 | |
3,500,000 | | Organon & Co./Organon Foreign Debt Co.-Issuer BV, 2.88%, 4/30/28 EUR (a)(d) | | | 3,212 | |
3,500,000 | | Owens & Minor Inc. 144A, 6.63%, 4/01/30 (b) | | | 3,062 | |
2,400,000 | | Prestige Brands Inc. 144A, 3.75%, 4/01/31 (b) | | | 1,909 | |
2,750,000 | | Prime Healthcare Services Inc. 144A, 7.25%, 11/01/25 (b) | | | 2,505 | |
1,000,000 | | RP Escrow Issuer LLC 144A, 5.25%, 12/15/25 (b) | | | 714 | |
2,500,000 | | Select Medical Corp. 144A, 6.25%, 8/15/26 (b) | | | 2,434 | |
3,250,000 | | Tenet Healthcare Corp., 4.38%, 1/15/30 | | | 2,752 | |
750,000 | | Tenet Healthcare Corp., 4.63%, 6/15/28 | | | 668 | |
3,000,000 | | Tenet Healthcare Corp., 6.13%, 10/01/28 | | | 2,785 | |
1,100,000 | | Tenet Healthcare Corp., 6.13%, 6/15/30 | | | 1,020 | |
1,500,000 | | Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 | | | 1,322 | |
| | | | | 33,011 | |
Insurance (1%) | | | | | | |
3,000,000 | | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer 144A, 6.75%, 10/15/27 (b) | | | 2,742 | |
1,750,000 | | Assurant Inc., (3 mo. LIBOR USD + 4.135%), 7.00%, 3/27/48 (e) | | | 1,684 | |
3,575,000 | | Enstar Finance LLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.006%), 5.50%, 1/15/42 (e) | | | 2,856 | |
| | | | | 7,282 | |
Leisure (5%) | | | | | | |
1,000,000 | | Carnival Corp. 144A, 5.75%, 3/01/27 (b) | | | 894 | |
2,000,000 | | Carnival Corp. 144A, 6.00%, 5/01/29 (b) | | | 1,691 | |
3,450,000 | | Carnival Corp. 144A, 7.63%, 3/01/26 (b) | | | 3,357 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
2,500,000 | | CDI Escrow Issuer Inc. 144A, 5.75%, 4/01/30 (b) | | $ | 2,236 | |
2,500,000 | | Cinemark USA Inc. 144A, 5.25%, 7/15/28 (b) | | | 2,161 | |
1,350,000 | | Light & Wonder International Inc. 144A, 7.50%, 9/01/31 (b) | | | 1,320 | |
1,300,000 | | NCL Corp. Ltd. 144A, 5.88%, 3/15/26 (b) | | | 1,168 | |
1,500,000 | | Ontario Gaming GTA LP 144A, 8.00%, 8/01/30 (b) | | | 1,468 | |
510,000 | | Royal Caribbean Cruises Ltd. 144A, 5.38%, 7/15/27 (b) | | | 471 | |
1,000,000 | | Royal Caribbean Cruises Ltd. 144A, 5.50%, 8/31/26 (b) | | | 945 | |
900,000 | | Royal Caribbean Cruises Ltd. 144A, 5.50%, 4/01/28 (b) | | | 821 | |
1,000,000 | | Royal Caribbean Cruises Ltd. 144A, 7.25%, 1/15/30 (b) | | | 987 | |
1,300,000 | | Royal Caribbean Cruises Ltd. 144A, 11.63%, 8/15/27 (b) | | | 1,411 | |
2,200,000 | | Scientific Games Holdings LP/Scientific Games U.S. FinCo Inc. 144A, 6.63%, 3/01/30 (b) | | | 1,894 | |
2,775,000 | | Travel + Leisure Co. 144A, 4.50%, 12/01/29 (b) | | | 2,291 | |
4,125,000 | | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 144A, 7.13%, 2/15/31 (b) | | | 3,846 | |
| | | | | 26,961 | |
Media (9%) | | | | | | |
2,300,000 | | Altice Financing SA 144A, 5.00%, 1/15/28 (b) | | | 1,872 | |
600,000 | | Altice Financing SA 144A, 5.75%, 8/15/29 (b) | | | 465 | |
770,000 | | AMC Networks Inc., 4.25%, 2/15/29 | | | 474 | |
1,500,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.25%, 2/01/31 (b) | | | 1,168 | |
1,000,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.25%, 1/15/34 (b) | | | 723 | |
1,500,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 8/15/30 (b) | | | 1,205 | |
1,000,000 | | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/01/32 | | | 766 | |
1,000,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 6/01/33 (b) | | | 747 | |
2,750,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.75%, 3/01/30 (b) | | | 2,273 | |
2,000,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.75%, 2/01/32 (b) | | | 1,563 | |
2,550,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.38%, 6/01/29 (b) | | | 2,235 | |
2,970,000 | | Cogent Communications Group Inc. 144A, 7.00%, 6/15/27 (b) | | | 2,809 | |
2,000,000 | | CSC Holdings LLC 144A, 4.13%, 12/01/30 (b) | | | 1,342 | |
2,600,000 | | CSC Holdings LLC 144A, 5.75%, 1/15/30 (b) | | | 1,364 | |
500,000 | | CSC Holdings LLC 144A, 6.50%, 2/01/29 (b) | | | 396 | |
1,000,000 | | CSC Holdings LLC 144A, 11.25%, 5/15/28 (b) | | | 955 | |
2,300,000 | | DISH DBS Corp. 144A, 5.25%, 12/01/26 (b) | | | 1,860 | |
1,350,000 | | DISH DBS Corp. 144A, 5.75%, 12/01/28 (b) | | | 983 | |
2,300,000 | | EquipmentShare.com Inc. 144A, 9.00%, 5/15/28 (b) | | | 2,165 | |
1,500,000 | | Gen Digital Inc. 144A, 7.13%, 9/30/30 (b) | | | 1,461 | |
3,000,000 | | Gray Escrow II Inc. 144A, 5.38%, 11/15/31 (b) | | | 1,893 | |
1,000,000 | | Gray Television Inc. 144A, 4.75%, 10/15/30 (b) | | | 642 | |
2,500,000 | | Lamar Media Corp., 4.88%, 1/15/29 | | | 2,295 | |
3,000,000 | | LCPR Senior Secured Financing DAC 144A, 5.13%, 7/15/29 (b) | | | 2,340 | |
1,300,000 | | Match Group Holdings II LLC 144A, 3.63%, 10/01/31 (b) | | | 999 | |
64 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,500,000 | | Match Group Holdings II LLC 144A, 4.63%, 6/01/28 (b) | | $ | 1,349 | |
2,500,000 | | McGraw-Hill Education Inc. 144A, 8.00%, 8/01/29 (b) | | | 2,063 | |
3,500,000 | | Newfold Digital Holdings Group Inc. 144A, 6.00%, 2/15/29 (b) | | | 2,303 | |
1,400,000 | | Newfold Digital Holdings Group Inc. 144A, 11.75%, 10/15/28 (b) | | | 1,416 | |
2,000,000 | | News Corp. 144A, 5.13%, 2/15/32 (b) | | | 1,729 | |
2,000,000 | | Nexstar Media Inc. 144A, 4.75%, 11/01/28 (b) | | | 1,682 | |
1,000,000 | | Scripps Escrow Inc. 144A, 5.88%, 7/15/27 (b) | | | 748 | |
1,500,000 | | Sinclair Television Group Inc. 144A, 5.50%, 3/01/30 (b) | | | 817 | |
4,000,000 | | Sirius XM Radio Inc. 144A, 4.13%, 7/01/30 (b) | | | 3,180 | |
2,000,000 | | Univision Communications Inc. 144A, 7.38%, 6/30/30 (b) | | | 1,763 | |
1,500,000 | | Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29 (b) | | | 1,330 | |
| | | | | 53,375 | |
Real Estate (3%) | | | | |
2,100,000 | | Brandywine Operating Partnership LP, 7.80%, 3/15/28 | | | 1,894 | |
3,000,000 | | Iron Mountain Inc. 144A, 4.88%, 9/15/29 (b) | | | 2,617 | |
1,500,000 | | Iron Mountain Inc. 144A, 5.25%, 3/15/28 (b) | | | 1,374 | |
2,000,000 | | Kennedy-Wilson Inc., 4.75%, 3/01/29 | | | 1,507 | |
1,600,000 | | Kennedy-Wilson Inc., 4.75%, 2/01/30 | | | 1,170 | |
2,500,000 | | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A, 4.75%, 6/15/29 (b) | | | 2,014 | |
2,500,000 | | MPT Operating Partnership LP/MPT Finance Corp., 3.33%, 3/24/25 EUR (a)(g) | | | 2,366 | |
1,000,000 | | Office Properties Income Trust, 2.40%, 2/01/27 | | | 559 | |
2,000,000 | | Service Properties Trust, 5.50%, 12/15/27 | | | 1,690 | |
1,000,000 | | Service Properties Trust, 7.50%, 9/15/25 | | | 973 | |
1,750,000 | | Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC 144A, 4.75%, 4/15/28 (b) | | | 1,416 | |
2,750,000 | | XHR LP 144A, 4.88%, 6/01/29 (b) | | | 2,329 | |
| | | | | 19,909 | |
Retail (6%) | | | | |
2,850,000 | | 1011778 BC ULC/New Red Finance Inc. 144A, 4.00%, 10/15/30 (b) | | | 2,337 | |
2,500,000 | | Arko Corp. 144A, 5.13%, 11/15/29 (b) | | | 2,030 | |
2,000,000 | | Asbury Automotive Group Inc. 144A, 4.63%, 11/15/29 (b) | | | 1,694 | |
2,750,000 | | Asbury Automotive Group Inc. 144A, 5.00%, 2/15/32 (b) | | | 2,233 | |
1,000,000 | | Bath & Body Works Inc. 144A, 6.63%, 10/01/30 (b) | | | 927 | |
1,500,000 | | Bath & Body Works Inc., 6.88%, 11/01/35 | | | 1,325 | |
650,000 | | Bath & Body Works Inc., 7.50%, 6/15/29 | | | 636 | |
2,000,000 | | Dealer Tire LLC/DT Issuer LLC 144A, 8.00%, 2/01/28 (b) | | | 1,878 | |
3,500,000 | | Evergreen Acqco 1 LP/TVI Inc. 144A, 9.75%, 4/26/28 (b) | | | 3,535 | |
3,400,000 | | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 (b) | | | 2,705 | |
2,000,000 | | FirstCash Inc. 144A, 4.63%, 9/01/28 (b) | | | 1,756 | |
1,750,000 | | FirstCash Inc. 144A, 5.63%, 1/01/30 (b) | | | 1,560 | |
2,500,000 | | Group 1 Automotive Inc. 144A, 4.00%, 8/15/28 (b) | | | 2,155 | |
2,000,000 | | Hanesbrands Inc. 144A, 9.00%, 2/15/31 (b) | | | 1,859 | |
1,000,000 | | Levi Strauss & Co. 144A, 3.50%, 3/01/31 (b) | | | 780 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
1,300,000 | | Macy’s Retail Holdings LLC 144A,
5.88%, 4/01/29 (b) | | $ | 1,147 | |
1,400,000 | | QVC Inc., 4.38%, 9/01/28 | | | 711 | |
2,800,000 | | Sonic Automotive Inc. 144A, 4.88%, 11/15/31 (b) | | | 2,233 | |
2,000,000 | | Yum! Brands Inc., 5.38%, 4/01/32 | | | 1,800 | |
| | | | | 33,301 | |
Service (4%) | | | | |
2,150,000 | | ADT Security Corp. 144A, 4.13%, 8/01/29 (b) | | | 1,847 | |
2,750,000 | | Albion Financing 1 Sarl/Aggreko Holdings Inc. 144A, 6.13%, 10/15/26 (b) | | | 2,547 | |
2,000,000 | | Carriage Services Inc. 144A, 4.25%, 5/15/29 (b) | | | 1,638 | |
2,900,000 | | Cimpress PLC, 7.00%, 6/15/26 | | | 2,686 | |
2,370,000 | | Covanta Holding Corp. 144A, 4.88%, 12/01/29 (b) | | | 1,852 | |
2,000,000 | | Madison IAQ LLC 144A, 5.88%, 6/30/29 (b) | | | 1,552 | |
1,500,000 | | Neptune Bidco U.S. Inc. 144A, 9.29%, 4/15/29 (b) | | | 1,325 | |
2,300,000 | | Prime Security Services Borrower LLC/Prime Finance Inc. 144A, 6.25%, 1/15/28 (b) | | | 2,135 | |
2,000,000 | | PROG Holdings Inc. 144A, 6.00%, 11/15/29 (b) | | | 1,697 | |
2,000,000 | | United Rentals North America Inc., 3.88%, 2/15/31 | | | 1,649 | |
2,375,000 | | WASH Multifamily Acquisition Inc. 144A, 5.75%, 4/15/26 (b) | | | 2,199 | |
1,120,000 | | Williams Scotsman Inc. 144A, 7.38%, 10/01/31 (b) | | | 1,102 | |
| | | | | 22,229 | |
Technology (2%) | | | | |
2,750,000 | | Consensus Cloud Solutions Inc. 144A, 6.50%, 10/15/28 (b) | | | 2,282 | |
1,000,000 | | Dun & Bradstreet Corp. 144A, 5.00%, 12/15/29 (b) | | | 861 | |
2,750,000 | | NCR Voyix Corp. 144A, 5.25%, 10/01/30 (b) | | | 2,281 | |
2,000,000 | | Presidio Holdings Inc. 144A, 8.25%, 2/01/28 (b) | | | 1,895 | |
750,000 | | Seagate HDD Cayman 144A, 8.50%, 7/15/31 (b) | | | 764 | |
2,000,000 | | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 144A, 3.88%, 2/01/29 (b) | | | 1,653 | |
| | | | | 9,736 | |
Telecommunications (3%) | | | | |
6,000,000 | | Altice France SA 144A, 5.13%, 7/15/29 (b) | | | 4,112 | |
2,000,000 | | C&W Senior Financing DAC 144A, 6.88%, 9/15/27 (b) | | | 1,721 | |
835,000 | | CommScope Inc. 144A, 4.75%, 9/01/29 (b) | | | 571 | |
1,500,000 | | Frontier Communications Holdings LLC 144A, 5.88%, 10/15/27 (b) | | | 1,369 | |
1,000,000 | | Frontier Communications Holdings LLC 144A, 6.00%, 1/15/30 (b) | | | 754 | |
1,500,000 | | Frontier Communications Holdings LLC 144A, 6.75%, 5/01/29 (b) | | | 1,189 | |
1,500,000 | | Level 3 Financing Inc. 144A, 4.25%, 7/01/28 (b) | | | 850 | |
2,010,000 | | Level 3 Financing Inc. 144A, 10.50%, 5/15/30 (b) | | | 2,013 | |
1,000,000 | | Millicom International Cellular SA 144A, 4.50%, 4/27/31 (b) | | | 755 | |
3,250,000 | | Stagwell Global LLC 144A, 5.63%, 8/15/29 (b) | | | 2,690 | |
2,500,000 | | Telecom Italia Capital SA, 6.38%, 11/15/33 | | | 2,134 | |
2,000,000 | | Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31 (b) | | | 1,575 | |
| | | | | 19,733 | |
Annual Report 65
Payden High Income Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
Transportation (2%) | | | | |
760,000 | | American Airlines Inc. 144A, 7.25%, 2/15/28 (b) | | $ | 708 | |
3,000,000 | | American Airlines Inc./AAdvantage Loyalty IP Ltd. 144A, 5.75%, 4/20/29 (b) | | | 2,709 | |
2,000,000 | | Delta Air Lines Inc., 3.75%, 10/28/29 | | | 1,703 | |
1,850,000 | | Fortress Transportation and Infrastructure Investors LLC 144A, 5.50%, 5/01/28 (b) | | | 1,684 | |
1,000,000 | | Fortress Transportation and Infrastructure Investors LLC 144A, 9.75%, 8/01/27 (b) | | | 1,030 | |
1,500,000 | | United Airlines Inc. 144A, 4.63%, 4/15/29 (b) | | | 1,268 | |
| | | | | 9,102 | |
Utility (4%) | | | | |
500,000 | | Calpine Corp. 144A, 4.50%, 2/15/28 (b) | | | 451 | |
1,750,000 | | Calpine Corp. 144A, 4.63%, 2/01/29 (b) | | | 1,480 | |
1,000,000 | | Calpine Corp. 144A, 5.13%, 3/15/28 (b) | | | 896 | |
2,500,000 | | Clearway Energy Operating LLC 144A, 4.75%, 3/15/28 (b) | | | 2,234 | |
3,000,000 | | Energizer Gamma Acquisition BV, 3.50%, 6/30/29 EUR (a)(d) | | | 2,514 | |
2,500,000 | | NRG Energy Inc. 144A, 3.38%, 2/15/29 (b) | | | 2,038 | |
1,500,000 | | PG&E Corp., 5.00%, 7/01/28 | | | 1,360 | |
2,265,000 | | Talen Energy Supply LLC 144A, 8.63%, 6/01/30 (b) | | | 2,304 | |
2,000,000 | | TransAlta Corp., 7.75%, 11/15/29 | | | 1,992 | |
2,150,000 | | Venture Global LNG Inc. 144A, 9.50%, 2/01/29 (b) | | | 2,186 | |
1,450,000 | | Venture Global LNG Inc. 144A, 9.88%, 2/01/32 (b) | | | 1,471 | |
2,500,000 | | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (b) | | | 2,289 | |
2,250,000 | | Vistra Operations Co. LLC 144A, 7.75%, 10/15/31 (b) | | | 2,174 | |
| | | | | 23,389 | |
Total Corporate Bond (Cost - $547,047) | | | 492,490 | |
| | | | | | |
Mortgage Backed (2%) | | | | |
4,100,000 | | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.364%), 14.69%, 11/25/39 (b)(e) | | | 4,426 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,984,237 | | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 17.69%, 9/25/28 (e) | | $ | 2,325 | |
1,976,567 | | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 15.69%, 1/25/29 (e) | | | 2,237 | |
1,802,705 | | STACR Trust 2018-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 17.19%, 5/25/43 (b)(e) | | | 2,034 | |
1,550,000 | | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.94%, 2/25/47 (b)(e) | | | 1,794 | |
Total Mortgage Backed (Cost - $11,414) | | | 12,816 | |
| | | | | | |
Investment Company (2%) | | | | |
11,374,129 | | Payden Cash Reserves Money Market Fund * | | | | |
| | (Cost - $11,374) | | | 11,374 | |
Total Investments (Cost - $629,453) (99%) | | | 574,777 | |
Other Assets, net of Liabilities (1%) | | | 3,561 | |
| | | | | | |
Net Assets (100%) | | $ | 578,338 | |
| | | | | | |
| (a) | Principal in foreign currency. |
| (b) | Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board. |
| (c) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |
| (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) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
| (f) | Perpetual security with no stated maturity date. |
| (g) | All or a portion of these securities are on loan. At October 31, 2023, the total market value of the Fund’s securities on loan is $2,069 and the total market value of the collateral held by the Fund is $2,420. Amounts in 000s. |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | | | | | |
Currency Purchased (000s) | | Currency
Sold (000s) | | Counterparty | | Settlement
Date | | Unrealized
Appreciation
(000s) |
Assets: | | | | | | | | | | | | | | | | | | | | |
| EUR 1,370 | | | | USD 1,457 | | | | | Citibank, N.A. | | | | | 03/18/2024 | | | | $ | 3 | |
| USD 1,070 | | | | CAD 1,444 | | | | | Citibank, N.A. | | | | | 03/18/2024 | | | | | 27 | |
| USD 15,555 | | | | EUR 14,460 | | | | | Citibank, N.A. | | | | | 03/18/2024 | | | | | 153 | |
| | | | | | | | | | | | | | | | | | | | |
Net Unrealized Appreciation | | | | | | | | | | | | | | | | | | $ | 183 | |
| | | | | | | | | | | | | | | | | | | | |
66 Payden Mutual Funds
Open Centrally Cleared Interest Rate Swap Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity Date | | Notional Amount (000s) | | Value (000s) | | Upfront payments/ receipts (000s) | | Unrealized Appreciation/ (Depreciation)
(000s) |
| 3-Year Interest Rate Swap, Pay Fixed 2.640% Annually, Receive Variable 3.899% (ESTRON) Annually | | | | 03/24/2025 | | | | | EUR 2,500 | | | | $ | 45 | | | | $ | — | | | | $ | 45 | |
| 3-Year SOFR Swap, Receive Fixed 4.430% Annually, Pay Variable 5.310% (SOFRRATE) Annually | | | | 03/24/2025 | | | | | USD 2,550 | | | | | (39 | ) | | | | — | | | | | (39 | ) |
| 4-Year Interest Rate Swap, Pay Fixed 2.630% Annually, Receive Variable 3.899% (ESTRON) Annually | | | | 02/01/2026 | | | | | EUR 1,000 | | | | | 19 | | | | | — | | | | | 19 | |
| 4-Year SOFR Swap, Receive Fixed 4.230% Annually, Pay Variable 5.310% (SOFRRATE) Annually | | | | 02/01/2026 | | | | | USD 1,030 | | | | | (21 | ) | | | | — | | | | | (21 | ) |
| 5-Year SOFR Swap, Receive Fixed 3.602% Annually, Pay Variable 5.310% (SOFRRATE) Annually | | | | 06/06/2028 | | | | | USD 26,500 | | | | | (1,209 | ) | | | | — | | | | | (1,209 | ) |
| 6-Year Interest Rate Swap, Pay Fixed 2.650% Annually, Receive Variable 3.899% (ESTRON) Annually | | | | 04/30/2028 | | | | | EUR 3,500 | | | | | 72 | | | | | 4 | | | | | 68 | |
| 6-Year SOFR Swap, Receive Fixed 3.970% Annually, Pay Variable 5.310% (SOFRRATE) Annually | | | | 04/30/2028 | | | | | USD 3,630 | | | | | (108 | ) | | | | 2 | | | | | (110 | ) |
| 7-Year Interest Rate Swap, Pay Fixed 2.660% Annually, Receive Variable 3.899% (ESTRON) Annually | | | | 04/15/2029 | | | | | EUR 2,000 | | | | | 46 | | | | | — | | | | | 46 | |
| 7-Year Interest Rate Swap, Pay Fixed 2.660% Annually, Receive Variable 3.899% (ESTRON) Annually | | | | 06/30/2029 | | | | | EUR 3,000 | | | | | 68 | | | | | 4 | | | | | 64 | |
| 7-Year SOFR Swap, Receive Fixed 3.857% Annually, Pay Variable 5.310% (SOFRRATE) Annually | | | | 03/07/2030 | | | | | USD 10,500 | | | | | (463 | ) | | | | — | | | | | (463 | ) |
| 7-Year SOFR Swap, Receive Fixed 3.890% Annually, Pay Variable 5.310% (SOFRRATE) Annually | | | | 06/30/2029 | | | | | USD 3,130 | | | | | (112 | ) | | | | 2 | | | | | (114 | ) |
| 7-Year SOFR Swap, Receive Fixed 3.900% Annually, Pay Variable 5.310% (SOFRRATE) Annually | | | | 04/15/2029 | | | | | USD 2,080 | | | | | (77 | ) | | | | — | | | | | (77 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | $ | (1,779 | ) | | | $ | 12 | | | | $ | (1,791 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Offsetting Assets and Liabilities
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
| | | | |
| Total gross amount presented on the Statements of Assets and Liabilities1 | | $ | 2,069 | |
Non-cash Collateral2 | | | (2,069 | ) |
| | | | |
Net Amount | | $ | — | |
| | | | |
| 1 | The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. |
| 2 | At October 31, 2023, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. |
See notes to financial statements.
Annual Report 67
Payden California Municipal Social Impact Fund
| | | | | | |
| | The Fund seeks income that is exempt from Federal and California income tax and is consistent with preservation of capital. | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. |
| | | Portfolio Composition - percent of investments |
| | General Obligation | | 47% |
| | Revenue | | 41% |
| | U.S. Treasury | | 10% |
| | Investment Company | | 1% |
| | U.S. Government Agency | | 1% |
| | | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | This information is not part of the audited financial statements. |
Schedule of Investments - October 31, 2023
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
General Obligation (49%) | | | | |
645,000 | | Abag Finance Authority for Nonprofit Corps A, 5.00%, 9/02/26 | | $ | 651 | |
455,000 | | Abag Finance Authority for Nonprofit Corps A, 5.00%, 9/02/28 AGM (a) | | | 471 | |
100,000 | | Alameda Community Improvement Commission Successor Agency A, 5.00%, 9/01/28 BAM (a) | | | 101 | |
250,000 | | Alameda Community Improvement Commission Successor Agency A, 5.00%, 9/01/32 BAM (a) | | | 252 | |
2,550,000 | | Alameda County Joint Powers Authority A, 5.00%, 12/01/34 | | | 2,555 | |
1,750,000 | | Antelope Valley Community College District C, 5.25%, 8/01/42 | | | 1,880 | |
1,000,000 | | Azusa Unified School District D, 4.00%, 8/01/40 | | | 927 | |
1,490,000 | | Beverly Hills Unified School District CA A, 3.00%, 8/01/39 | | | 1,199 | |
300,000 | | Brentwood Infrastructure Financing Authority, 4.00%, 10/01/36 | | | 288 | |
1,140,000 | | California Community Choice Financing Authority, 5.00%, 7/01/53 | | | 1,137 | |
1,050,000 | | California Community Choice Financing Authority, 5.00%, 12/01/53 | | | 1,045 | |
3,325,000 | | California Community Choice Financing Authority D, 5.50%, 5/01/54 | | | 3,387 | |
1,600,000 | | California Community Choice Financing Authority, 5.50%, 10/01/54 | | | 1,649 | |
1,350,000 | | California Earthquake Authority A, 5.60%, 7/01/27 | | | 1,336 | |
| | | | | | |
| | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,000,000 | | California Pollution Control Financing Authority 144A, 5.00%, 11/21/45 (b) | | $ | 948 | |
385,000 | | California State Public Works Board C, 5.25%, 10/01/33 | | | 390 | |
305,000 | | Central Unified School District B, 4.30%, 8/01/36 (c) | | | 153 | |
1,500,000 | | Chicago Board of Education A, 5.00%, 12/01/34 | | | 1,461 | |
2,000,000 | | City of Detroit MI A, 6.00%, 5/01/39 | | | 2,093 | |
1,500,000 | | College of the Sequoias Tulare Area Improvement District No 3 E, 3.00%, 8/01/51 | | | 941 | |
190,000 | | Coronado Community Development Agency Successor Agency A, 5.00%, 9/01/33 | | | 195 | |
1,000,000 | | County of Santa Barbara CA B, AMT, 5.00%, 12/01/36 | | | 1,011 | |
1,125,000 | | Fontana Unified School District, 3.00%, 8/01/40 (a) | | | 865 | |
500,000 | | Lancaster Redevelopment Agency Successor Agency, 5.00%, 8/01/30 AGM (a) | | | 517 | |
1,960,000 | | Livermore Valley Joint Unified School District, 3.00%, 8/01/40 | | | 1,505 | |
8,925,000 | | Los Angeles County Public Works Financing Authority D, 5.00%, 12/01/45 | | | 9,012 | |
1,200,000 | | Los Angeles Unified School District A, 5.00%, 10/01/37 | | | 1,250 | |
2,000,000 | | Los Angeles Unified School District QRR, 5.25%, 7/01/47 | | | 2,107 | |
2,475,000 | | Los Angeles Unified School District, 5.25%, 7/01/48 | | | 2,606 | |
68 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
1,000,000 | | Mountain View-Whisman School District B, 4.00%, 9/01/38 | | $ | 958 | |
330,000 | | Municipal Improvement Corp. of Los Angeles C, 1.34%, 11/01/26 | | | 293 | |
100,000 | | Municipal Improvement Corp. of Los Angeles A, 5.00%, 5/01/30 | | | 101 | |
500,000 | | Municipal Improvement Corp. of Los Angeles B, 5.00%, 11/01/31 | | | 522 | |
1,500,000 | | New Jersey Economic Development Authority SSS, 5.25%, 6/15/37 | | | 1,533 | |
1,500,000 | | Nuveen, CA Free Quality Municipal Income Fund, AMT A 144A, 4.54%, 10/01/47 (b) | | | 1,500 | |
875,000 | | Pomona Unified School District F, 3.00%, 8/01/48 BAM (a) | | | 600 | |
1,000,000 | | Roseville Joint Union High School District C, 3.00%, 8/01/40 | | | 782 | |
4,685,000 | | Sacramento Area Flood Control Agency, 5.00%, 10/01/47 | | | 4,697 | |
550,000 | | San Diego Public Facilities Financing Authority B, 5.00%, 10/15/32 | | | 564 | |
2,800,000 | | San Diego Unified School District F2, 5.00%, 7/01/42 | | | 2,941 | |
1,315,000 | | San Francisco Bay Area Rapid Transit District G, 2.62%, 8/01/29 | | | 1,121 | |
2,150,000 | | San Francisco Bay Area Rapid Transit District D1, 5.00%, 8/01/39 | | | 2,252 | |
250,000 | | San Mateo Joint Powers Financing Authority, 5.00%, 6/15/30 | | | 252 | |
815,000 | | Santa Monica Public Financing Authority, 4.00%, 7/01/38 | | | 769 | |
200,000 | | Simi Valley Public Financing Authority A, 5.00%, 10/01/29 | | | 203 | |
550,000 | | South Orange County Public Financing Authority, 5.00%, 4/01/34 | | | 563 | |
1,825,000 | | Southwestern Community College District D, 3.00%, 8/01/41 | | | 1,382 | |
1,500,000 | | State Center Community College District B, 3.00%, 8/01/39 | | | 1,164 | |
1,000,000 | | State of California CU, 4.85%, 12/01/46 | | | 1,005 | |
435,000 | | State of California, 5.00%, 3/01/45 | | | 436 | |
3,585,000 | | State of California, 5.00%, 8/01/46 | | | 3,619 | |
1,400,000 | | State of California, 5.00%, 10/01/47 | | | 1,413 | |
3,475,000 | | Temecula Valley Unified School District D, 3.00%, 8/01/44 | | | 2,507 | |
1,000,000 | | Temecula Valley Unified School District D, 3.00%, 8/01/47 | | | 701 | |
350,000 | | Union City Community Redevelopment Agency Successor Agency A, 5.00%, 10/01/35 | | | 357 | |
| | | | | | |
Total General Obligation (Cost - $76,673) | | | 74,167 | |
| | | | | | |
Revenue (42%) | | | | |
Airport/Port (8%) | | | | |
500,000 | | City of Los Angeles Department of Airports, AMT, 5.00%, 5/15/24 | | | 502 | |
750,000 | | City of Los Angeles Department of Airports, AMT, 5.00%, 5/15/25 | | | 759 | |
250,000 | | City of Los Angeles Department of Airports A, AMT, 5.00%, 5/15/26 | | | 255 | |
2,000,000 | | City of Los Angeles Department of Airports, AMT, 5.00%, 5/15/29 | | | 2,071 | |
1,900,000 | | City of Los Angeles Department of Airports, AMT, 5.00%, 5/15/36 | | | 1,939 | |
55,000 | | City of Los Angeles Department of Airports, AMT, 5.00%, 5/15/37 | | | 58 | |
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
1,500,000 | | City of Los Angeles Department of Airports, AMT, 5.00%, 5/15/37 | | $ | 1,530 | |
2,000,000 | | City of Los Angeles Department of Airports, AMT, 5.50%, 5/15/38 | | | 2,088 | |
400,000 | | City of Palm Springs CA Passenger Facility Charge Revenue, AMT, 5.00%, 6/01/26 BAM (a) | | | 405 | |
500,000 | | San Diego County Regional Airport Authority B, AMT, 5.00%, 7/01/28 | | | 513 | |
1,000,000 | | San Diego County Regional Airport Authority B, AMT, 5.00%, 7/01/29 | | | 1,033 | |
1,100,000 | | San Francisco City & County Airport Comm-San Francisco International Airport A, AMT, 5.00%, 5/01/24 | | | 1,104 | |
| | | | | 12,257 | |
Education (4%) | | | | |
1,250,000 | | California Infrastructure & Economic Development Bank, 4.00%, 11/01/51 | | | 975 | |
750,000 | | California State University B3, 3.13%, 11/01/51 | | | 733 | |
240,000 | | Oxnard School District, 5.00%, 8/01/45 BAM (a) | | | 241 | |
3,190,000 | | University of California AM, 5.00%, 5/15/49 | | | 3,199 | |
1,500,000 | | University of California AM, 5.25%, 5/15/37 | | | 1,510 | |
| | | | | 6,658 | |
Healthcare (4%) | | | | |
710,000 | | California Health Facilities Financing Authority A, 5.00%, 11/15/27 | | | 710 | |
500,000 | | California Health Facilities Financing Authority, 5.00%, 2/01/31 | | | 511 | |
350,000 | | California Health Facilities Financing Authority A, 5.00%, 8/15/32 | | | 353 | |
1,000,000 | | California Health Facilities Financing Authority A, 5.00%, 11/15/32 | | | 1,001 | |
705,000 | | California Health Facilities Financing Authority, 5.00%, 11/15/49 | | | 671 | |
750,000 | | California Municipal Finance Authority A, AMT, 4.38%, 9/01/53 | | | 713 | |
650,000 | | California Municipal Finance Authority, 5.00%, 1/01/33 (a) | | | 685 | |
325,000 | | California Municipal Finance Authority B, 5.00%, 5/15/37 (a) | | | 333 | |
500,000 | | California Municipal Finance Authority, 5.00%, 7/01/39 (a) | | | 512 | |
1,000,000 | | Regents of the University of California Medical Center Pooled Revenue P, 5.00%, 5/15/39 | | | 1,044 | |
| | | | | 6,533 | |
Housing (6%) | | | | |
485,290 | | California Housing Finance Agency A, 3.25%, 8/20/36 | | | 416 | |
400,000 | | CSCDA Community Improvement Authority A 144A, 3.00%, 9/01/56 (b) | | | 239 | |
8,825,000 | | San Diego Housing Authority Inc. A, 3.00%, 6/01/57 | | | 8,825 | |
| | | | | 9,480 | |
Industrial Development/Pollution Control (2%) | | | | |
600,000 | | City of Big Bear Lake CA A, AMT, 4.05%, 12/01/28 | | | 600 | |
720,000 | | Development Authority of Burke County, 3.80%, 10/01/32 | | | 702 | |
370,000 | | Emeryville Redevelopment Agency Successor Agency A, 5.00%, 9/01/25 AGM (a) | | | 373 | |
790,000 | | Golden State Tobacco Securitization Corp., B, 3.00%, 6/01/46 (a) | | | 697 | |
Annual Report 69
Payden California Municipal Social Impact Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
300,000 | | Palm Springs Community Redevelopment Agency Successor Agency, 5.00%, 9/01/29 AGM (a) | | $ | 303 | |
390,000 | | Palm Springs Community Redevelopment Agency Successor Agency, 5.00%, 9/01/31 AGM (a) | | | 394 | |
| | | | | | |
| | | | | 3,069 | |
| | | | | | |
Pollution Control (1%) | | | | |
200,000 | | Salinas Valley Solid Waste Authority A, AMT, 5.00%, 8/01/24 AGM (a) | | | 201 | |
1,500,000 | | Western Placer Waste Management Authority, 4.00%, 6/01/42 | | | 1,414 | |
| | | | | | |
| | | | | 1,615 | |
| | | | | | |
Power (1%) | | | | |
820,000 | | Sacramento Municipal Utility District D, 5.00%, 8/15/49 | | | 891 | |
| | | | | | |
Transportation (5%) | | | | |
660,000 | | Bay Area Toll Authority, 4.00%, 4/01/37 | | | 621 | |
750,000 | | City of Long Beach CA Harbor Revenue A, AMT, 5.00%, 5/15/28 | | | 773 | |
835,000 | | Port of Los Angeles A, AMT, 5.00%, 8/01/29 | | | 839 | |
4,590,000 | | San Diego County Regional Transportation Commission A, 5.00%, 4/01/48 | | | 4,632 | |
| | | | | | |
| | | | | 6,865 | |
| | | | | | |
Utilities (4%) | | | | |
6,000,000 | | Los Angeles Department of Water & Power B, 5.00%, 7/01/43 | | | 6,007 | |
| | | | | | |
Water & Sewer (7%) | | | | |
700,000 | | Beverly Hills Public Financing Authority B, 1.30%, 6/01/28 | | | 577 | |
5,000,000 | | City of Modesto CA Water Revenue A, 3.50%, 10/01/36 AGM (a) | | | 5,000 | |
500,000 | | City of San Francisco CA Public Utilities Commission Water Revenue C, 5.00%, 11/01/39 | | | 535 | |
635,000 | | East Bay Municipal Utility District Water System Revenue A, 5.00%, 6/01/38 | | | 680 | |
1,000,000 | | San Diego Public Facilities Financing Authority A, 5.00%, 5/15/37 | | | 1,078 | |
2,470,000 | | San Diego Public Facilities Financing Authority A, 5.00%, 10/15/44 | | | 2,477 | |
100,000 | | San Diego Public Facilities Financing Authority Water Revenue A, 5.00%, 8/01/32 | | | 104 | |
| | | | | | |
| | | | | 10,451 | |
| | | | | | |
Total Revenue (Cost - $65,484) | | | 63,826 | |
| | | | | | |
U.S. Government Agency (1%) | | | | |
1,200,000 | | FHLB, 5.00%, 2/28/25 | | | 1,194 | |
| | | | | | |
U.S. Treasury (10%) | | | | |
4,935,000 | | U.S. Treasury Note, 3.88%, 8/15/33 | | | 4,543 | |
1,300,000 | | U.S. Treasury Note, 4.75%, 10/15/26 | | | 1,290 | |
4,030,000 | | U.S. Treasury Note, 4.88%, 10/31/28 | | | 4,039 | |
5,200,000 | | U.S. Treasury Note, 4.88%, 10/31/30 | | | 5,190 | |
500,000 | | U.S. Treasury Note, 5.13%, 10/31/25 | | | 500 | |
| | | | | | |
Total U.S. Treasury (Cost - $15,877) | | | 15,562 | |
| | | | | | |
Investment Company (1%) | | | | |
1,931,510 | | Payden Cash Reserves Money Market Fund*
(Cost $1,932) | | | 1,932 | |
| | | | | | |
Total Investments (Cost - $161,164) (103%) | | | 156,681 | |
Liabilities in excess of Other Assets (-3%) | | | (4,288 | ) |
| | | | | | |
Net Assets (100%) | | $ | 152,393 | |
| | | | | | |
| (a) | Payment of principal and/or interest is insured against default by a monoline insurer. |
| (b) | Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board. |
| (c) | Yield to maturity at time of purchase. |
See notes to financial statements.
70 Payden Mutual Funds
Payden Global Low Duration Fund
| | | | | | |
| | The Fund seeks a high level of total return that is consistent with preservation of capital. | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. |
| | Portfolio Composition - percent of investments |
| | Corporate Bond | | 40% |
| | Asset Backed | | 23% |
| | Foreign Government | | 15% |
| | U.S. Treasury | | 7% |
| | Mortgage Backed | | 7% |
| | Other | | 8% |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | This information is not part of the audited financial statements. |
| | | | | | |
| Schedule of Investments - October 31, 2023 | |
Principal or Shares | | Security Description | | Value (000) | |
Bonds (99%) | | | | |
Australia (USD) (1%) | | | | |
185,000 | | Macquarie Group Ltd. 144A, (U.S. Secured Overnight Financing Rate + 0.694%), 1.20%, 10/14/25 (a)(b) | | $ | 176 | |
200,000 | | NBN Co. Ltd. 144A, 0.88%, 10/08/24 (a) | | | 191 | |
| | | | | 367 | |
Bermuda (USD) (0%) | | | | |
36,344 | | Eagle RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.550%), 6.87%, 4/25/34 (a)(b) | | | 36 | |
108,439 | | Oaktown Re VII Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 6.92%, 4/25/34 (a)(b) | | | 109 | |
| | | | | 145 | |
Canada (USD) (8%) | | | | |
700,000 | | Canadian Imperial Bank of Commerce 144A, 4.41%, 6/08/28 (a)(c) | | | 670 | |
600,000 | | CDP Financial Inc. 144A, (Secured Overnight Financing Rate + 0.400%), 5.74%, 5/19/25 (a)(b) | | | 600 | |
550,000 | | CPPIB Capital Inc. 144A, 3.00%, 6/13/24 (a) | | | 541 | |
580,000 | | CPPIB Capital Inc. 144A, 4.13%, 10/21/24 (a) | | | 572 | |
750,000 | | Export Development Canada, 3.38%, 8/26/25 | | | 726 | |
70,000 | | goeasy Ltd. 144A, 5.38%, 12/01/24 (a) | | | 69 | |
| | | | | | |
| | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
260,000 | | National Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.009%), 3.75%, 6/09/25 (b) | | $ | 256 | |
345,000 | | Toronto-Dominion Bank, 5.53%, 7/17/26 | | | 341 | |
| | | | | 3,775 | |
Cayman Islands (USD) (6%) | | | | |
590,834 | | Bain Capital Credit CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.232%), 6.65%, 7/20/30 (a)(b) | | | 588 | |
28,973 | | BDS Ltd. 2020-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 6.60%, 2/16/37 (a)(b) | | | 29 | |
547,749 | | Bristol Park CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.252%), 6.65%, 4/15/29 (a)(b) | | | 546 | |
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 | |
550,000 | | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.414%), 6.75%, 7/15/36 (a)(b) | | | 545 | |
566,628 | | Magnetite VII Ltd. 2012-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.062%), 6.46%, 1/15/28 (a)(b) | | | 565 | |
Annual Report 71
Payden Global Low Duration Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
136,290 | | STWD Ltd. 2019-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.194%), 6.53%, 7/15/38 (a)(b) | | $ | 134 | |
| | | | | 2,653 | |
France (USD) (5%) | | | | |
420,000 | | Banque Federative du Credit Mutuel SA 144A, 1.00%, 2/04/25 (a) | | | 393 | |
355,000 | | Banque Federative du Credit Mutuel SA 144A, 4.94%, 1/26/26 (a) | | | 345 | |
395,000 | | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 2.100%),
5.98%, 1/18/27 (a) (b) | | | 389 | |
700,000 | | Caisse d’Amortissement de la Dette Sociale 144A, 0.38%, 5/27/24 (a) | | | 679 | |
350,000 | | Credit Agricole SA 144A, 5.59%, 7/05/26 (a) | | | 346 | |
| | | | | 2,152 | |
Germany (USD) (1%) | | | | |
600,000 | | FMS Wertmanagement, 0.38%, 5/06/24 (d) | | | 584 | |
India (USD) (1%) | | | | |
500,000 | | REC Ltd. 144A, 5.25%, 11/13/23 (a) | | | 500 | |
Ireland (USD) (1%) | | | | |
280,000 | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24 | | | 267 | |
150,000 | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 1/15/27 | | | 148 | |
| | | | | 415 | |
Japan (USD) (5%) | | | | |
340,000 | | Mitsubishi UFJ Financial Group Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.550%),
0.95%, 7/19/25 (b) | | | 327 | |
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) | | | 198 | |
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) | | | 199 | |
290,000 | | Renesas Electronics Corp. 144A, 1.54%, 11/26/24 (a) | | | 275 | |
250,000 | | Sumitomo Mitsui Financial Group Inc., 1.47%, 7/08/25 | | | 232 | |
340,000 | | Sumitomo Mitsui Financial Group Inc., 5.88%, 7/13/26 | | | 338 | |
345,000 | | Sumitomo Mitsui Trust Bank Ltd. 144A, 5.65%, 3/09/26 (a) | | | 342 | |
400,000 | | Suntory Holdings Ltd. 144A,
2.25%, 10/16/24 (a) | | | 385 | |
| | | | | 2,296 | |
Jersey (USD) (0%) | | | | |
70,000 | | Aptiv PLC/Aptiv Corp., 2.40%, 2/18/25 | | | 67 | |
Netherlands (USD) (2%) | | | | |
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) | | | 198 | |
750,000 | | BNG Bank NV 144A, 3.50%, 8/26/24 (a) | | | 736 | |
| | | | | 934 | |
Norway (USD) (1%) | | | | |
250,000 | | Aker BP ASA 144A, 2.88%, 1/15/26 (a) | | | 232 | |
200,000 | | Var Energi ASA 144A, 7.50%, 1/15/28 (a) | | | 205 | |
| | | | | 437 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| |
Panama (USD) (0%) | | | | |
225,000 | | Intercorp Financial Services Inc. 144A, 4.13%, 10/19/27 (a) | | $ | 197 | |
Philippines (USD) (1%) | | | | |
560,000 | | Asian Development Bank, 4.25%, 1/09/26 | | | 550 | |
Saudi Arabia (USD) (1%) | | | | |
200,000 | | Saudi Arabian Oil Co. 144A, 1.25%, 11/24/23 (a) | | | 200 | |
Spain (USD) (1%) | | | | |
200,000 | | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.450%), 5.74%, 6/30/24 (b) | | | 199 | |
Sweden (USD) (5%) | | | | |
700,000 | | Kommuninvest I Sverige AB 144A, 3.25%, 1/16/24 (a) | | | 696 | |
220,000 | | Kommuninvest I Sverige AB 144A, 4.25%, 12/10/25 (a) | | | 216 | |
1,000,000 | | Svensk Exportkredit AB, 3.63%, 9/03/24 | | | 983 | |
500,000 | | Svensk Exportkredit AB, 4.00%, 7/15/25 | | | 489 | |
| | | | | 2,384 | |
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) | | | 198 | |
United Kingdom (GBP) (0%) | | | | |
150,000 | | Sage AR Funding No 1 PLC 1A 144A, (Sterling Overnight Index Average + 1.250%), 6.47%, 11/17/30 (a)(b)(e) | | | 180 | |
United Kingdom (USD) (1%) | | | | |
205,000 | | Barclays PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.800%), 1.01%, 12/10/24 (b) | | | 204 | |
200,000 | | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (b) | | | 197 | |
| | | | | 401 | |
United States (USD) (56%) | | | | |
75,000 | | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (a) | | | 69 | |
70,000 | | Allison Transmission Inc. 144A, 4.75%, 10/01/27 (a) | | | 64 | |
70,000 | | Ally Financial Inc., 5.75%, 11/20/25 | | | 67 | |
70,000 | | American Airlines Inc. 144A,
11.75%, 7/15/25 (a) | | | 74 | |
350,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 0.970%),
5.39%, 7/28/27 (b) | | | 343 | |
100,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.330%), 6.34%, 10/30/26 (b) | | | 100 | |
415,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.750%), 4.83%, 7/22/26 (b) | | | 404 | |
98,280 | | Bellemeade Re Ltd. 2021-3A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%),
6.32%, 9/25/31 (a)(b) | | | 98 | |
14,445,675 | | Benchmark Mortgage Trust 2018-B6, 0.40%, 10/10/51 (f) | | | 178 | |
95,000 | | Blackstone Private Credit Fund, 1.75%, 9/15/24 | | | 91 | |
72 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
130,000 | | Blue Owl Capital Corp., 4.25%, 1/15/26 | | $ | 121 | |
85,000 | | Blue Owl Technology Finance Corp. 144A, 3.75%, 6/17/26 (a) | | | 75 | |
150,000 | | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.63%, 12/15/25 (a) | | | 150 | |
200,000 | | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 7.59%, 9/15/35 (a)(b) | | | 199 | |
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) | | | 275 | |
200,000 | | BX Trust 2021-ARIA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.014%), 6.35%, 10/15/36 (a)(b) | | | 194 | |
2,841,506 | | Cantor Commercial Real Estate Lending 2019-CF1, 1.13%, 5/15/52 (f) | | | 116 | |
75,000 | | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.440%), 7.15%, 10/29/27 (b) | | | 75 | |
88,919 | | CARS-DB4 LP 2020-1A 144A, 2.69%, 2/15/50 (a) | | | 84 | |
466,237 | | CARS-DB5 LP 2021-1A 144A, 1.44%, 8/15/51 (a) | | | 407 | |
75,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (a) | | | 69 | |
70,000 | | CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 | | | 69 | |
265,000 | | Cheniere Corpus Christi Holdings LLC, 5.88%, 3/31/25 | | | 264 | |
90,000 | | Civitas Resources Inc. 144A,
8.38%, 7/01/28 (a) | | | 91 | |
190,000 | | CommonSpirit Health, 6.07%, 11/01/27 | | | 190 | |
230,000 | | Concentrix Corp., 6.65%, 8/02/26 | | | 229 | |
20,989 | | Connecticut Avenue Securities Trust 2020- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.164%), 7.49%, 1/25/40 (a)(b) | | | 21 | |
26,848 | | Connecticut Avenue Securities Trust 2019- R07 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.214%), 7.54%, 10/25/39 (a)(b) | | | 27 | |
178,054 | | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 7.59%, 11/25/39 (a)(b) | | | 178 | |
163,443 | | Connecticut Avenue Securities Trust 2022- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.550%), 7.87%, 7/25/42 (a)(b) | | | 166 | |
100,000 | | Connecticut Avenue Securities Trust 2020- SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%), 9.09%, 2/25/40 (a)(b) | | | 104 | |
40,000 | | Coty Inc. 144A, 5.00%, 4/15/26 (a) | | | 38 | |
400,000 | | Diamond Issuer 2021-1A 144A, 2.31%, 11/20/51 (a) | | | 340 | |
40,000 | | DPL Inc., 4.13%, 7/01/25 | | | 38 | |
70,000 | | Enact Holdings Inc. 144A, 6.50%, 8/15/25 (a) | | | 69 | |
165,000 | | Energy Transfer LP, 6.05%, 12/01/26 | | | 165 | |
39,000 | | EQT Corp., 6.13%, 2/01/25 | | | 39 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
700,000 | | Fannie Mae Connecticut Avenue Securities 2021-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 7.32%, 11/25/41 (a)(b) | | $ | 688 | |
470,000 | | Federal Home Loan Mortgage Corp., 4.00%, 2/28/25 | | | 461 | |
670,000 | | FHLB, 5.00%, 2/28/25 | | | 667 | |
250,000 | | First-Citizens Bank & Trust Co., (3 mo. Term Secured Overnight Financing Rate + 1.715%), 2.97%, 9/27/25 (b) | | | 239 | |
550,000 | | Flagship Credit Auto Trust 2023-2 144A, 5.22%, 12/15/27 (a) | | | 541 | |
300,000 | | Flexential Issuer 2021-1A 144A, 3.25%, 11/27/51 (a) | | | 260 | |
700,000 | | FNMA, 4.50%, 7/24/26 | | | 683 | |
200,000 | | Ford Motor Credit Co. LLC, 5.13%, 6/16/25 | | | 195 | |
110,630 | | Freddie Mac STACR REMIC Trust 2021- HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 6.17%, 9/25/41 (a)(b) | | | 109 | |
16,761 | | Freddie Mac STACR REMIC Trust 2020- DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.814%), 7.14%, 1/25/50 (a)(b) | | | 17 | |
33,948 | | Freddie Mac STACR REMIC Trust 2020- DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.964%), 7.29%, 2/25/50 (a)(b) | | | 34 | |
27,548 | | Freddie Mac STACR REMIC Trust 2020- HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.014%), 7.34%, 1/25/50 (a)(b) | | | 28 | |
70,000 | | Freeport-McMoRan Inc., 4.55%, 11/14/24 | | | 69 | |
245,000 | | FS KKR Capital Corp. 144A,
4.25%, 2/14/25 (a) | | | 235 | |
65,000 | | General Motors Financial Co. Inc., 3.80%, 4/07/25 | | | 63 | |
200,000 | | Genting New York LLC/GENNY Capital Inc. 144A, 3.30%, 2/15/26 (a) | | | 179 | |
350,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 0.730%), 1.76%, 1/24/25 (b) | | | 346 | |
310,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.075%), 5.80%, 8/10/26 (b) | | | 307 | |
135,000 | | Golub Capital BDC Inc., 3.38%, 4/15/24 | | | 133 | |
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) | | | 588 | |
70,000 | | HCA Inc., 5.38%, 2/01/25 | | | 69 | |
70,000 | | Howmet Aerospace Inc., 5.90%, 2/01/27 | | | 69 | |
205,000 | | Hyundai Capital America 144A, 1.00%, 9/17/24 (a) | | | 196 | |
385,000 | | Hyundai Capital America 144A, 5.65%, 6/26/26 (a) | | | 380 | |
130,000 | | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.75%, 9/15/24 | | | 125 | |
162,240 | | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 0.97%, 12/26/28 (a) | | | 158 | |
40,000 | | Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp. 144A, 4.25%, 2/01/27 (a) | | | 35 | |
Annual Report 73
Payden Global Low Duration Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
70,000 | | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (a) | | $ | 65 | |
30,000 | | Meritage Homes Corp., 5.13%, 6/06/27 | | | 28 | |
44,000 | | Meritage Homes Corp., 6.00%, 6/01/25 | | | 43 | |
360,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 0.940%),
2.63%, 2/18/26 (b) | | | 343 | |
180,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.669%),
4.68%, 7/17/26 (b) | | | 175 | |
75,000 | | Navient Corp., 5.00%, 3/15/27 | | | 66 | |
251,019 | | Navient Private Education Refi Loan Trust 2021-CA 144A, 1.06%, 10/15/69 (a) | | | 213 | |
278,009 | | Navient Private Education Refi Loan Trust 2021-FA 144A, 1.11%, 2/18/70 (a) | | | 230 | |
108,600 | | New Residential Mortgage Loan Trust 2017-1A 144A, 4.00%, 2/25/57 (a)(f) | | | 100 | |
192,000 | | 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) | | | 177 | |
355,000 | | Nissan Motor Acceptance Co. LLC 144A, 1.05%, 3/08/24 (a) | | | 348 | |
85,000 | | Nissan Motor Acceptance Co. LLC 144A, 1.13%, 9/16/24 (a) | | | 81 | |
522,025 | | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 1.85%, 11/20/50 (a) | | | 463 | |
500,000 | | OneMain Direct Auto Receivables Trust 2022- 1A 144A, 4.65%, 3/14/29 (a) | | | 488 | |
75,000 | | OneMain Finance Corp., 7.13%, 3/15/26 | | | 73 | |
300,000 | | OneMain Financial Issuance Trust 2023-2A 144A, 5.84%, 9/15/36 (a) | | | 295 | |
400,000 | | OneMain Financial Issuance Trust 2022-3A 144A, 5.94%, 5/15/34 (a) | | | 397 | |
125,000 | | ONEOK Inc., 5.55%, 11/01/26 | | | 124 | |
185,000 | | Ovintiv Inc., 5.65%, 5/15/25 | | | 184 | |
70,000 | | Penske Automotive Group Inc., 3.50%, 9/01/25 | | | 66 | |
200,000 | | PFS Financing Corp. 2023-C 144A, 5.52%, 10/15/28 (a) | | | 197 | |
40,000 | | PRA Group Inc. 144A, 7.38%, 9/01/25 (a) | | | 37 | |
70,000 | | PTC Inc. 144A, 3.63%, 2/15/25 (a) | | | 68 | |
145,000 | | Qorvo Inc. 144A, 1.75%, 12/15/24 (a) | | | 137 | |
70,000 | | Radian Group Inc., 6.63%, 3/15/25 | | | 69 | |
180,000 | | Regal Rexnord Corp. 144A,
6.05%, 2/15/26 (a) | | | 177 | |
165,000 | | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | | | 144 | |
98,013 | | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 5.28%, 5/15/32 (a) | | | 97 | |
108,173 | | Santander Bank Auto Credit-Linked Notes 2022-B 144A, 6.79%, 8/16/32 (a) | | | 108 | |
150,618 | | Santander Bank Auto Credit-Linked Notes 2022-C 144A, 6.99%, 12/15/32 (a) | | | 151 | |
64,651 | | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | | | 63 | |
200,000 | | SBA Tower Trust 144A,
1.63%, 11/15/26 (a) | | | 173 | |
180,000 | | SBA Tower Trust 144A, 1.88%, 1/15/26 (a) | | | 163 | |
70,000 | | Sirius XM Radio Inc. 144A,
3.13%, 9/01/26 (a) | | | 63 | |
196,914 | | SoFi Professional Loan Program Trust 2021-A 144A, 1.03%, 8/17/43 (a) | | | 162 | |
334,672 | | SoFi Professional Loan Program Trust 2021-B 144A, 1.14%, 2/15/47 (a) | | | 272 | |
350,000 | | Stack Infrastructure Issuer LLC 2020-1A 144A, 1.89%, 8/25/45 (a) | | | 319 | |
110,874 | | Stack Infrastructure Issuer LLC 2019-1A 144A, 4.54%, 2/25/44 (a) | | | 110 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
75,000 | | Standard Industries Inc. 144A, 5.00%, 2/15/27 (a) | | $ | 69 | |
75,000 | | Starwood Property Trust Inc., 4.75%, 3/15/25 | | | 72 | |
281,250 | | Taco Bell Funding LLC 2016-1A 144A, 4.97%, 5/25/46 (a) | | | 271 | |
70,000 | | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | | | 64 | |
640,000 | | Texas Natural Gas Securitization Finance Corp., 5.10%, 4/01/35 | | | 620 | |
300,000 | | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | | | 286 | |
70,000 | | Toll Brothers Finance Corp., 4.88%, 11/15/25 | | | 68 | |
75,000 | | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (a) | | | 73 | |
70,000 | | TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 6/15/24 | | | 69 | |
1,817,000 | | U.S. Treasury Note, 4.65%, 8/15/26 | | | 1,791 | |
1,240,000 | | U.S. Treasury Note, 4.88%, 8/31/25 | | | 1,238 | |
450,000 | | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (a) | | | 408 | |
239,583 | | Vantage Data Centers Issuer LLC 2019-1A 144A, 3.19%, 7/15/44 (a) | | | 233 | |
75,000 | | VICI Properties LP, 4.38%, 5/15/25 | | | 73 | |
225,000 | | Vistra Operations Co. LLC 144A, 3.55%, 7/15/24 (a) | | | 219 | |
40,000 | | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (a) | | | 37 | |
265,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.320%), 3.91%, 4/25/26 (b) | | | 256 | |
5,692,574 | | Wells Fargo Commercial Mortgage Trust 2018- C46, 0.92%, 8/15/51 (f) | | | 133 | |
100,000 | | Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25 | | | 95 | |
80,816 | | Westlake Automobile Receivables Trust 2020- 1A 144A, 2.80%, 6/16/25 (a) | | | 81 | |
295,500 | | Wingstop Funding LLC 2020-1A 144A, 2.84%, 12/05/50 (a) | | | 255 | |
40,000 | | XHR LP 144A, 6.38%, 8/15/25 (a) | | | 39 | |
| | | | | | |
| | | | | 25,263 | |
| | | | | | |
Total Bonds (Cost - $45,906) | | | 43,897 | |
| | | | | | |
Commercial Paper(g) (2%) | | | | |
750,000 | | Suncor Energy Inc., 5.78%, 11/06/23 | | | | |
| | (Cost - $749) | | | 749 | |
| | | | | | |
Investment Company (2%) | | | | |
857,216 | | Payden Cash Reserves Money Market Fund* | | | | |
| | (Cost - $857) | | | 857 | |
| | | | | | |
Total Investments (Cost - $47,512) (101%) | | | 45,503 | |
Liabilities in excess of Other Assets (-1%) | | | (353 | ) |
Net Assets (100%) | | $ | 45,150 | |
74 Payden Mutual Funds
| (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 October 31, 2023. |
| (c) | All or a portion of these securities are on loan. At October 31, 2023, the total market value of the Fund’s securities on loan is $670 and the total market value of the collateral held by the Fund is $700. 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 Appreciation (000s) | |
Assets: | | | | | | | | | | | | |
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: | | | | | | | | | |
| 90 Day SOFR Future | | | 34 | | | | Dec-23 | | | $ | 8,045 | | | $ | (49 | ) | | $ | (49 | ) |
| U.S. Treasury 2-Year Note Future | | | 35 | | | | Dec-23 | | | | 7,085 | | | | (21 | ) | | | (21 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | (70 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | |
Short Contracts: | | | | | | | | | |
| U.S. Treasury 5-Year Note Future | | | 7 | | | | Dec-23 | | | | (731 | ) | | | 13 | | | | 13 | |
| | | | | | | | | | | | | | | | | | | | |
Total Futures | | | | | | | | | | | | | | | | | | $ | (57 | ) |
| | | | | | | | | | | | | | | | | | | | |
Offsetting Assets and Liabilities
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
| | | | |
| Total gross amount presented on the Statements of Assets and Liabilities1 | | $ | 670 | |
| Non-cash Collateral2 | | | (670 | ) |
| | | | |
| Net Amount | | $ | — | |
| | | | |
| 1 | The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. |
| 2 | At October 31, 2023, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. |
See notes to financial statements.
Annual Report 75
Payden Global Fixed Income Fund
| | | | | | | | |
| | |
| | The Fund seeks a high level of total return that is consistent with preservation of capital. | | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
| | Portfolio Composition - percent of investments | |
| | Foreign Government | | | 37 | % |
| | Corporate Bond | | | 28 | % |
| | Mortgage Backed | | | 17 | % |
| | Asset Backed | | | 8 | % |
| | Investment Company | | | 5 | % |
| | Other | | | 5 | % |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | This information is not part of the audited financial statements. | |
| | | | | | |
Schedule of Investments - October 31, 2023 | | | | |
Principal or Shares | | Security Description | | Value (000) | |
Bonds (94%) | | | | | | |
Australia (AUD) (1%) | | | | |
2,450,000 | | Australia Government Bond Series 145, 2.75%, 6/21/35 (a)(b) | | $ | 1,250 | |
1,100,000 | | Australia Government Bond Series 139, 3.25%, 4/21/25 (a)(b) | | | 685 | |
| | | | | 1,935 | |
Australia (USD) (0%) | | | | |
850,000 | | Macquarie Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 3.05%, 3/03/36 (c)(d) | | | 620 | |
Austria (EUR) (1%) | | | | |
120,000 | | Republic of Austria Government Bond Series 1 144A, 1.65%, 10/21/24 (a)(b)(c) | | | 125 | |
120,000 | | Republic of Austria Government Bond 144A, 2.40%, 5/23/34 (a)(b)(c) | | | 115 | |
390,000 | | Republic of Austria Government Bond 144A, 3.15%, 6/20/44 (a)(b)(c) | | | 379 | |
| | | | | 619 | |
Belgium (EUR) (1%) | | | | |
100,000 | | Kingdom of Belgium Government Bond Series 74 144A, 0.80%, 6/22/25 (a)(b)(c) | | | 102 | |
700,000 | | Kingdom of Belgium Government Bond Series 75 144A, 1.00%, 6/22/31 (a)(b)(c) | | | 629 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
410,000 | | Kingdom of Belgium Government Bond Series 78 144A, 1.60%, 6/22/47 (a)(b)(c) | | $ | 277 | |
| | | | | 1,008 | |
Bermuda (USD) (2%) | | | | |
200,000 | | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (c) | | | 119 | |
1,100,000 | | Eagle RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.050%), 7.37%, 4/25/34 (c)(d) | | | 1,101 | |
300,000 | | Geopark Ltd. 144A, 5.50%, 1/17/27 (c) | | | 252 | |
679,697 | | RR 24 Ltd. 2022-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.400%), 7.79%, 1/15/32 (c)(d) | | | 682 | |
| | | | | 2,154 | |
Canada (CAD) (2%) | | | | |
1,480,000 | | Canadian Government Bond, 3.50%, 12/01/45 (b) | | | 997 | |
600,000 | | Canadian Government Bond, 5.00%, 6/01/37 (b) | | | 472 | |
775,000 | | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 (b)(c) | | | 506 | |
900,000 | | CPPIB Capital Inc. 144A, 1.95%, 9/30/29 (b)(c) | | | 561 | |
400,000 | | Municipal Finance Authority of British, 2.55%, 10/09/29 (b) | | | 258 | |
76 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
500,000 | | OMERS Finance Trust 144A,
2.60%, 5/14/29 (b)(c) | | $ | 323 | |
700,000 | | Ontario Teachers’ Finance Trust 144A, 1.10%, 10/19/27 (b)(c) | | | 440 | |
| | | | | 3,557 | |
Canada (USD) (0%) | | | | |
575,000 | | TELUS Corp., 3.40%, 5/13/32 | | | 456 | |
Cayman Islands (USD) (2%) | | | | |
9,809 | | CLNC Ltd. 2019-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.364%), 6.70%, 8/20/35 (c)(d) | | | 9 | |
250,000 | | FS Rialto 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.614%), 7.95%, 11/16/36 (c)(d) | | | 236 | |
400,000 | | Greystone CRE Notes Ltd. 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.314%), 7.65%, 7/15/39 (c)(d) | | | 360 | |
1,350,000 | | HGI CRE CLO Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 7.25%, 9/17/36 (c)(d) | | | 1,295 | |
115,610 | | LoanCore Issuer Ltd. 2019-CRE2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.614%), 6.95%, 5/15/36 (c)(d) | | | 115 | |
900,000 | | Ocean Trails CLO VII 2019-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.712%), 8.11%, 4/17/30 (c)(d) | | | 868 | |
250,000 | | STWD Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.914%), 8.25%, 4/18/38 (c)(d) | | | 212 | |
400,000 | | Symphony CLO XXIV Ltd. 2020-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.912%), 7.32%, 1/23/32 (c)(d) | | | 397 | |
450,000 | | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.85%, 3/15/38 (c)(d) | | | 414 | |
| | | | | 3,906 | |
Chile (EUR) (0%) | | | | |
550,000 | | Chile Government International Bond, 4.13%, 7/05/34 (b) | | | 549 | |
Costa Rica (USD) (0%) | | | | |
450,000 | | Costa Rica Government International Bond 144A, 6.55%, 4/03/34 (c) | | | 429 | |
Czech Republic (CZK) (1%) | | | | |
32,000,000 | | Czech Republic Government Bond Series 125, 1.50%, 4/24/40 (b) | | | 878 | |
Denmark (DKK) (0%) | | | | |
650,000 | | Denmark Government Bond, 4.50%, 11/15/39 (b) | | | 107 | |
Finland (EUR) (0%) | | | | |
170,000 | | Finland Government Bond 144A, 2.75%, 7/04/28 (a)(b)(c) | | | 178 | |
France (EUR) (4%) | | | | |
600,000 | | Credit Agricole SA, 3.88%, 11/28/34 (a)(b) | | | 605 | |
500,000 | | Credit Mutuel Arkea SA, 1.63%, 4/15/26 (a)(b) | | | 498 | |
900,000 | | French Republic Government Bond OAT 144A, 0.50%, 6/25/44 (a)(b)(c) | | | 503 | |
750,000 | | French Republic Government Bond OAT 144A, 1.25%, 5/25/36 (a)(b)(c) | | | 607 | |
20,000 | | French Republic Government Bond OAT, 1.75%, 11/25/24 (a)(b) | | | 21 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
2,800,000 | | French Republic Government Bond OAT, 2.50%, 5/25/30 (a)(b) | | $ | 2,859 | |
| | | | | 5,093 | |
France (USD) (1%) | | | | |
400,000 | | BPCE SA 144A, 2.38%, 1/14/25 (c) | | | 381 | |
550,000 | | Credit Agricole SA 144A, 5.51%, 7/05/33 (c) | | | 515 | |
| | | | | 896 | |
Germany (EUR) (2%) | | | | |
500,000 | | Bayer AG, 4.63%, 5/26/33 (a)(b) | | | 524 | |
1,800,000 | | Bundesrepublik Deutschland Bundesanleihe, 0.50%, 8/15/27 (a)(b) | | | 1,759 | |
1,150,000 | | Bundesrepublik Deutschland Bundesanleihe, 1.25%, 8/15/48 (a)(b) | | | 840 | |
560,000 | | Bundesrepublik Deutschland Bundesanleihe, 3.25%, 7/04/42 (a)(b) | | | 606 | |
500,000 | | Bundesrepublik Deutschland Bundesanleihe, 4.75%, 7/04/34 (a)(b) | | | 621 | |
| | | | | 4,350 | |
Guatemala (USD) (0%) | | | | |
580,000 | | Guatemala Government Bond, 4.50%, 5/03/26 (a) | | | 550 | |
Indonesia (EUR) (0%) | | | | |
290,000 | | Indonesia Government International Bond 144A, 3.75%, 6/14/28 (b)(c) | | | 300 | |
Indonesia (IDR) (1%) | | | | |
13,540,000,000 | | Indonesia Treasury Bond Series FR87, 6.50%, 2/15/31 (b) | | | 820 | |
Ireland (EUR) (3%) | | | | |
582,089 | | Alme Loan Funding IV DAC 4A 144A, (3 mo. EURIBOR + 0.750%),
4.72%, 1/15/32 (b)(c)(d) | | | 607 | |
565,274 | | Avoca CLO XIV DAC 14A 144A, (3 mo. EURIBOR + 0.810%),
4.80%, 1/12/31 (b)(c)(d) | | | 591 | |
500,000 | | Bridgepoint CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.800%),
5.93%, 4/15/36 (b)(c)(d) | | | 526 | |
250,000 | | Ireland Government Bond,
1.10%, 5/15/29 (a)(b) | | | 239 | |
100,000 | | Ireland Government Bond,
3.40%, 3/18/24 (a)(b) | | | 106 | |
216,008 | | Last Mile Logistics Pan Euro Finance DAC 1A 144A, (3 mo. EURIBOR + 1.900%), 5.69%, 8/17/33 (b)(c)(d) | | | 214 | |
903,308 | | Last Mile Logistics Pan Euro Finance DAC 1X, (3 mo. EURIBOR + 2.700%), 6.49%, 8/17/33 (a)(b)(d) | | | 885 | |
239,951 | | Last Mile Securities PE DAC 2021-1A 144A, (3 mo. EURIBOR + 2.350%), 6.14%, 8/17/31 (b)(c)(d) | | | 241 | |
900,000 | | Palmer Square European CLO DAC 2021-1A 144A, (3 mo. EURIBOR + 0.870%), 4.84%, 4/15/34 (b)(c)(d) | | | 927 | |
525,000 | | Permanent TSB Group Holdings PLC, (ICE 1Year Euribor Swap Fix +3.500%), 6.63%, 4/25/28 (a)(b)(d) | | | 563 | |
750,000 | | Sculptor European CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.750%), 5.72%, 1/14/32 (b)(c)(d) | | | 768 | |
| | | | | 5,667 | |
Annual Report 77
Payden Global Fixed Income Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| |
Ireland (USD) (0%) | | | | |
400,000 | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32 | | $ | 310 | |
Italy (EUR) (3%) | | | | |
350,000 | | doValue SpA 144A, 3.38%, 7/31/26 (b)(c) | | | 322 | |
3,460,000 | | Italy Buoni Poliennali Del Tesoro Series 10Y 144A, 0.60%, 8/01/31 (a)(b)(c) | | | 2,762 | |
1,000,000 | | Italy Buoni Poliennali Del Tesoro Series 5Y 144A, 1.85%, 7/01/25 (a)(b)(c) | | | 1,026 | |
1,000,000 | | Italy Buoni Poliennali Del Tesoro Series 10Y, 2.50%, 12/01/32 (a)(b) | | | 899 | |
| | | | | 5,009 | |
Italy (USD) (0%) | | | | |
650,000 | | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.900%), 7.78%, 6/20/54 (c)(d) | | | 564 | |
Japan (JPY) (9%) | | | | |
787,400,000 | | Japan Government Ten Year Bond Series 341, 0.30%, 12/20/25 (b) | | | 5,214 | |
550,000,000 | | Japan Government Ten Year Bond Series 372, 0.80%, 9/20/33 (b) | | | 3,579 | |
295,000,000 | | Japan Government Thirty Year Bond Series 58, 0.80%, 3/20/48 (b) | | | 1,566 | |
273,200,000 | | Japan Government Thirty Year Bond Series 49, 1.40%, 12/20/45 (b) | | | 1,688 | |
10,000,000 | | Japan Government Thirty Year Bond Series 31, 2.20%, 9/20/39 (b) | | | 73 | |
10,000,000 | | Japan Government Thirty Year Bond Series 30, 2.30%, 3/20/39 (b) | | | 74 | |
420,500,000 | | Japan Government Twenty Year Bond Series 104, 2.10%, 6/20/28 (b) | | | 2,990 | |
| | | | | 15,184 | |
Japan (USD) (0%) | | | | |
690,000 | | Nissan Motor Co. Ltd. 144A, 4.81%, 9/17/30 (c) | | | 587 | |
Jersey (EUR) (0%) | | | | |
625,000 | | Heathrow Funding Ltd., 1.13%, 10/08/30 (a)(b) | | | 528 | |
Jersey (USD) (1%) | | | | |
650,000 | | GoldenTree Loan Management U.S. CLO Ltd. 2022-16A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.300%), 7.72%, 1/20/35 (c)(d) | | | 654 | |
Luxembourg (USD) (1%) | | | | |
400,000 | | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (c) | | | 393 | |
632,216 | | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (c) | | | 506 | |
| | | | | 899 | |
Malaysia (MYR) (1%) | | | | |
1,700,000 | | Malaysia Government Bond Series 0307, 3.50%, 5/31/27 (b) | | | 353 | |
7,700,000 | | Malaysia Government Bond Series 0222, 4.70%, 10/15/42 (b) | | | 1,672 | |
| | | | | 2,025 | |
Mexico (MXN) (1%) | | | | |
11,660,000 | | Mexican Bonos Series M, 5.75%, 3/05/26 (b) | | | 582 | |
20,430,000 | | Mexican Bonos Series M, 7.75%, 11/13/42 (b) | | | 906 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
7,760,000 | | Mexican Bonos Series M, 8.50%, 5/31/29 (b) | | $ | 400 | |
| | | | | 1,888 | |
Mexico (USD) (1%) | | | | |
350,000 | | Electricidad Firme de Mexico Holdings SA de CV 144A, 4.90%, 11/20/26 (c) | | | 305 | |
350,000 | | Grupo Axo SAPI de CV 144A, 5.75%, 6/08/26 (c) | | | 306 | |
250,000 | | Mexico Government International Bond, 6.34%, 5/04/53 | | | 219 | |
400,000 | | Petroleos Mexicanos, 5.95%, 1/28/31 | | | 286 | |
| | | | | 1,116 | |
Mongolia (USD) (0%) | | | | |
700,000 | | Mongolia Government International Bond 144A, 4.45%, 7/07/31 (c) | | | 531 | |
Netherlands (EUR) (3%) | | | | |
450,000 | | Cairn CLO 2023-17A 144A, (3 mo. EURIBOR + 1.800%), 5.89%, 10/18/36 (b)(c)(d) | | | 476 | |
600,000 | | Enel Finance International NV,
3.88%, 3/09/29 (a)(b) | | | 628 | |
600,000 | | JAB Holdings BV, 5.00%, 6/12/33 (a)(b) | | | 634 | |
300,000 | | Netherlands Government Bond 144A, 0.50%, 7/15/26 (a)(b)(c) | | | 298 | |
530,000 | | Netherlands Government Bond 144A, 4.00%, 1/15/37 (a)(b)(c) | | | 602 | |
700,000 | | Sagax Euro Mtn NL BV, 0.75%, 1/26/28 (a)(b) | | | 601 | |
650,000 | | Teva Pharmaceutical Finance Netherlands II BV, 3.75%, 5/09/27 (b) | | | 628 | |
| | | | | 3,867 | |
Netherlands (GBP) (0%) | | | | |
500,000 | | NIBC Bank NV, 3.13%, 11/15/23 (a)(b) | | | 607 | |
New Zealand (USD) (1%) | | | | |
800,000 | | ASB Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.250%), 5.28%, 6/17/32 (c)(d) | | | 757 | |
Norway (EUR) (0%) | | | | |
650,000 | | Aker BP ASA, 1.13%, 5/12/29 (a)(b) | | | 578 | |
Norway (USD) (0%) | | | | |
350,000 | | Var Energi ASA 144A, 7.50%, 1/15/28 (c) | | | 359 | |
Paraguay (USD) (0%) | | | | |
450,000 | | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (c) | | | 416 | |
Peru (PEN) (1%) | | | | |
8,500,000 | | Peru Government Bond, 5.35%, 8/12/40 (b) | | | 1,723 | |
Poland (PLN) (0%) | | | | |
410,000 | | Republic of Poland Government Bond Series 1029, 2.75%, 10/25/29 (b) | | | 85 | |
Romania (EUR) (1%) | | | | |
380,000 | | Romanian Government International Bond 144A, 2.63%, 12/02/40 (b)(c) | | | 238 | |
750,000 | | Romanian Government International Bond 144A, 6.63%, 9/27/29 (b)(c) | | | 818 | |
| | | | | 1,056 | |
Singapore (SGD) (0%) | | | | |
280,000 | | Singapore Government Bond, 3.50%, 3/01/27 (b) | | | 205 | |
South Africa (ZAR) (1%) | | | | |
45,000,000 | | Republic of South Africa Government Bond Series 2030, 8.00%, 1/31/30 (b) | | | 2,125 | |
78 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| |
Spain (EUR) (4%) | | | | |
500,000 | | Banco Bilbao Vizcaya Argentaria SA, (3 mo. EURIBOR + 1.700%), 4.63%, 1/13/31 (a)(b) (d) | | $ | 523 | |
500,000 | | Banco de Sabadell SA, (1Year Euribor Swap Rate +2.400%), 5.25%, 2/07/29 (a)(b)(d) | | | 524 | |
600,000 | | CaixaBank SA, (3 mo. EURIBOR + 1.000%), 0.75%, 5/26/28 (a)(b)(d) | | | 554 | |
3,200,000 | | Spain Government Bond, 0.00%, 1/31/26 (b)(e) | | | 3,146 | |
1,150,000 | | Spain Government Bond 144A,
1.25%, 10/31/30 (a)(b)(c) | | | 1,046 | |
360,000 | | Spain Government Bond 144A,
2.90%, 10/31/46 (a)(b)(c) | | | 298 | |
| | | | | 6,091 | |
Spain (USD) (0%) | | | | |
600,000 | | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (d) | | | 520 | |
Sri Lanka (USD) (0%) | | | | |
350,000 | | Sri Lanka Government International Bond, 6.85%, 11/03/25 (a) | | | 183 | |
Supranational (USD) (0%) | | | | |
350,000 | | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (c) | | | 349 | |
Sweden (SEK) (0%) | | | | |
2,900,000 | | Sweden Government Bond Series 1059, 1.00%, 11/12/26 (a)(b) | | | 244 | |
Switzerland (CHF) (1%) | | | | |
1,050,000 | | Swiss Confederation Government Bond, 0.50%, 5/27/30 (a)(b) | | | 1,119 | |
Switzerland (USD) (0%) | | | | |
500,000 | | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 5.020%), 9.02%, 11/15/33 (c)(d) | | | 560 | |
Thailand (THB) (1%) | | | | |
60,500,000 | | Thailand Government Bond, 1.59%, 12/17/35 (b) | | | 1,385 | |
United Kingdom (EUR) (1%) | | | | |
750,000 | | Tesco Corporate Treasury Services PLC, 0.38%, 7/27/29 (a)(b) | | | 636 | |
United Kingdom (GBP) (2%) | | | | |
350,000 | | Barclays PLC, 3.00%, 5/08/26 (a)(b) | | | 392 | |
130,000 | | Sage AR Funding No 1 PLC 1A 144A, (Sterling Overnight Index Average + 3.000%), 8.22%, 11/17/30 (b)(c)(d) | | | 151 | |
1,500,000 | | United Kingdom Gilt, 3.75%, 7/22/52 (a)(b) | | | 1,487 | |
1,000,000 | | United Kingdom Gilt, 4.25%, 9/07/39 (a)(b) | | | 1,134 | |
220,000 | | United Kingdom Gilt, 5.00%, 3/07/25 (a)(b) | | | 268 | |
| | | | | 3,432 | |
United Kingdom (USD) (1%) | | | | |
350,000 | | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (c) | | | 318 | |
520,000 | | Fresnillo PLC 144A, 4.25%, 10/02/50 (c) | | | 345 | |
| | | | | 663 | |
United States (EUR) (3%) | | | | |
375,000 | | Blackstone Holdings Finance Co. LLC, 1.50%, 4/10/29 (a)(b) | | | 342 | |
350,000 | | Booking Holdings Inc., 4.13%, 5/12/33 (b) | | | 365 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
550,000 | | Capital One Financial Corp., 1.65%, 6/12/29 (b) | | $ | 471 | |
850,000 | | Discovery Communications LLC, 1.90%, 3/19/27 (b) | | | 827 | |
600,000 | | Duke Energy Corp., 3.10%, 6/15/28 (b) | | | 604 | |
700,000 | | Morgan Stanley, (3 mo. EURIBOR + 0.833%), 1.10%, 4/29/33 (b)(d) | | | 556 | |
850,000 | | MPT Operating Partnership LP/MPT Finance Corp., 0.99%, 10/15/26 (b) | | | 666 | |
650,000 | | Prologis Euro Finance LLC, 0.25%, 9/10/27 (b) | | | 596 | |
650,000 | | Southern Co., (5 yr. Euro Swap + 2.108%), 1.88%, 9/15/81 (b)(d) | | | 550 | |
300,000 | | Verizon Communications Inc., 4.75%, 10/31/34 (b) | | | 325 | |
| | | | | 5,302 | |
United States (GBP) (1%) | | | | |
350,000 | | General Motors Financial Co. Inc.,
2.35%, 9/03/25 (a)(b) | | | 397 | |
550,000 | | Morgan Stanley, (Sterling Overnight Index Average + 2.252%), 5.79%, 11/18/33 (b)(d) | | | 648 | |
| | | | | 1,045 | |
United States (USD) (34%) | | | | |
390,000 | | American Equity Investment Life Holding Co., 5.00%, 6/15/27 | | | 362 | |
750,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.280%), 5.28%, 7/27/29 (d) | | | 720 | |
500,000 | | American Homes 4 Rent LP, 2.38%, 7/15/31 | | | 372 | |
475,000 | | American Tower Corp., 5.50%, 3/15/28 | | | 460 | |
850,000 | | American Tower Trust #1 144A, 5.49%, 3/15/28 (c) | | | 836 | |
251,550 | | Arbys Funding LLC 2020-1A 144A, 3.24%, 7/30/50 (c) | | | 222 | |
800,000 | | AT&T Inc., 4.35%, 3/01/29 | | | 737 | |
350,000 | | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.472%), 3.97%, 2/07/30 (d) | | | 310 | |
1,000,000 | | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | | | 878 | |
850,000 | | Blue Owl Capital Corp., 3.75%, 7/22/25 | | | 795 | |
425,000 | | Boeing Co., 2.20%, 2/04/26 | | | 391 | |
850,000 | | BP Capital Markets America Inc., 4.89%, 9/11/33 | | | 778 | |
750,000 | | Broadcom Inc. 144A, 3.50%, 2/15/41 (c) | | | 499 | |
637,500 | | BX Commercial Mortgage Trust 2019- XL 144A, (1 mo. Term Secured Overnight Financing Rate + 2.414%), 7.75%, 10/15/36 (c)(d) | | | 625 | |
2,273,598 | | Cantor Commercial Real Estate Lending 2019- CF1, 1.13%, 5/15/52 (f) | | | 93 | |
266,757 | | CARS-DB4 LP 2020-1A 144A, 3.25%, 2/15/50 (c) | | | 221 | |
350,000 | | CARS-DB4 LP 2020-1A 144A, 4.17%, 2/15/50 (c) | | | 332 | |
220,000 | | Centene Corp., 4.25%, 12/15/27 | | | 203 | |
750,000 | | Charter Communications Operating LLC/ Charter Communications Operating Capital, 4.80%, 3/01/50 | | | 495 | |
550,000 | | Civitas Resources Inc. 144A, 8.75%, 7/01/31 (c) | | | 556 | |
500,000 | | Earthstone Energy Holdings LLC 144A, 9.88%, 7/15/31 (c) | | | 539 | |
550,000 | | Energy Transfer LP, 5.75%, 2/15/33 | | | 516 | |
Annual Report 79
Payden Global Fixed Income Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
800,000 | | Equinix Inc., 2.50%, 5/15/31 | | $ | 611 | |
785,000 | | Evergy Inc., 2.90%, 9/15/29 | | | 660 | |
680,000 | | Extra Space Storage LP, 2.20%, 10/15/30 | | | 519 | |
198,785 | | Fannie Mae Connecticut Avenue Securities 2016-C07, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.614%), 14.94%, 5/25/29 (d) | | | 222 | |
494,142 | | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 15.69%, 1/25/29 (d) | | | 559 | |
497,470 | | Fannie Mae Connecticut Avenue Securities 2016-C05, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.864%), 16.19%, 1/25/29 (d) | | | 565 | |
360,471 | | Fannie Mae-Aces 2018-M13, 3.74%, 9/25/30 (f) | | | 326 | |
127,397 | | FN AL3577 30YR, 3.50%, 4/01/43 | | | 112 | |
368,007 | | FN BP6345 30YR, 3.00%, 6/01/50 | | | 297 | |
476,401 | | FN BW1433 30YR, 4.00%, 5/01/52 | | | 412 | |
761,976 | | FN CB2759 30YR, 3.00%, 2/01/52 | | | 611 | |
1,223,239 | | FN CB3258 30YR, 3.50%, 4/01/52 | | | 1,021 | |
1,164,205 | | FN CB4127 30YR, 4.50%, 7/01/52 | | | 1,041 | |
536,472 | | FN CB5106 30YR, 5.00%, 11/01/52 | | | 495 | |
481,993 | | FN FM1717 30YR, 3.50%, 12/01/45 | | | 424 | |
912,645 | | FN FM3162 30YR, 3.00%, 11/01/46 | | | 768 | |
1,513,990 | | FN FM7194 30YR, 2.50%, 3/01/51 | | | 1,171 | |
1,012,402 | | FN FM9195 30YR, 2.50%, 10/01/51 | | | 780 | |
652,381 | | FN FS0007 30YR, 3.00%, 8/01/50 | | | 525 | |
566,238 | | FN FS3111 30YR, 5.00%, 9/01/52 | | | 523 | |
558,566 | | FN MA4413 30YR, 2.00%, 9/01/51 | | | 414 | |
552,724 | | FN MA4785 30YR, 5.00%, 10/01/52 | | | 510 | |
384,344 | | FN MA4876 30YR, 6.00%, 12/01/52 | | | 376 | |
1,251,630 | | FR RA3728 30YR, 2.00%, 10/01/50 | | | 931 | |
1,196,846 | | FR RA7778 30YR, 4.50%, 8/01/52 | | | 1,071 | |
1,690,212 | | FR SB8509 15YR, 2.00%, 1/01/36 | | | 1,450 | |
1,121,432 | | FR SD0729 30YR, 2.00%, 10/01/51 | | | 831 | |
963,430 | | FR SD1035 30YR, 4.00%, 5/01/52 | | | 834 | |
647,282 | | FR SD8064 30YR, 4.00%, 5/01/50 | | | 570 | |
1,135,227 | | FR SD8230 30YR, 4.50%, 6/01/52 | | | 1,015 | |
1,120,132 | | FR ZA4718 30YR, 3.00%, 10/01/46 | | | 927 | |
836,988 | | FR ZT0534 30YR, 3.50%, 12/01/47 | | | 718 | |
400,000 | | Freddie Mac STACR REMIC Trust 2020- DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.614%),
7.94%, 2/25/50 (c)(d) | | | 403 | |
800,000 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 8.72%, 8/25/33 (c)(d) | | | 817 | |
350,000 | | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (c) | | | 336 | |
421,318 | | G2 MA3663 30YR, 3.50%, 5/20/46 | | | 366 | |
466,168 | | G2 MA4195 30YR, 3.00%, 1/20/47 | | | 391 | |
468,953 | | G2 MA5265 30YR, 4.50%, 6/20/48 | | | 430 | |
1,092,892 | | G2 MA6930 30YR, 2.00%, 10/20/50 | | | 849 | |
1,403,289 | | G2 MA7472 30YR, 2.50%, 7/20/51 | | | 1,121 | |
1,039,276 | | G2 MA7766 30YR, 2.00%, 12/20/51 | | | 803 | |
575,000 | | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | | | 468 | |
500,000 | | Goldman Sachs Group Inc., 2.60%, 2/07/30 | | | 402 | |
425,000 | | Hyundai Capital America 144A, 1.80%, 1/10/28 (c) | | | 354 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
685,000 | | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | | $ | 572 | |
350,000 | | ITC Holdings Corp. 144A, 2.95%, 5/14/30 (c) | | | 286 | |
350,000 | | JPMorgan Chase & Co., (3 mo. Term Secured Overnight Financing Rate + 1.510%), 2.74%, 10/15/30 (d) | | | 288 | |
114,522 | | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 2.28%, 12/26/28 (c) | | | 112 | |
598,572 | | JPMorgan Chase Bank N.A.-CACLN 2020-2 144A, 31.36%, 2/25/28 (c) | | | 713 | |
220,000 | | Kosmos Energy Ltd. 144A, 7.13%, 4/04/26 (c) | | | 202 | |
290,000 | | National Fuel Gas Co., 5.50%, 1/15/26 | | | 284 | |
470,000 | | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (c) | | | 552 | |
63,000 | | Pacific Life Insurance Co. 144A, 9.25%, 6/15/39 (c) | | | 74 | |
400,000 | | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | | | 368 | |
600,000 | | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | | | 431 | |
288,750 | | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (c) | | | 238 | |
696,851 | | Progress Residential Trust 2019-SFR4 144A, 2.69%, 10/17/36 (c) | | | 674 | |
400,000 | | Sabine Pass Liquefaction LLC, 5.63%, 3/01/25 | | | 397 | |
392,053 | | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 5.28%, 5/15/32 (c) | | | 387 | |
129,807 | | Santander Bank Auto Credit-Linked Notes 2022-B 144A, 6.79%, 8/16/32 (c) | | | 129 | |
500,000 | | SBA Tower Trust 144A, 2.84%, 1/15/25 (c) | | | 478 | |
850,000 | | Stellantis Finance U.S. Inc. 144A, 2.69%, 9/15/31 (c) | | | 643 | |
850,000 | | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (c) | | | 811 | |
100,000 | | U.S. Treasury Bill, 5.38%, 2/08/24 (e) | | | 99 | |
100,000 | | U.S. Treasury Bill, 5.39%, 2/01/24 (e) | | | 99 | |
1,900,000 | | U.S. Treasury Bill, 5.47%, 4/25/24 (e) | | | 1,850 | |
1,600,000 | | U.S. Treasury Bond, 2.00%, 8/15/51 | | | 865 | |
2,810,000 | | U.S. Treasury Bond, 2.25%, 8/15/46 (g)(h) | | | 1,684 | |
1,100,000 | | U.S. Treasury Note, 2.75%, 8/15/32 | | | 931 | |
1,600,000 | | U.S. Treasury Note, 3.25%, 6/30/27 | | | 1,514 | |
600,000 | | Venture Global LNG Inc. 144A, 8.13%, 6/01/28 (c) | | | 583 | |
350,000 | | Venture Global LNG Inc. 144A, 9.50%, 2/01/29 (c) | | | 356 | |
800,000 | | VMware Inc., 2.20%, 8/15/31 | | | 592 | |
800,000 | | Warnermedia Holdings Inc., 5.14%, 3/15/52 | | | 566 | |
800,000 | | Welltower Inc., 3.85%, 6/15/32 | | | 664 | |
300,000 | | Western Midstream Operating LP, 6.15%, 4/01/33 | | | 284 | |
550,000 | | Workday Inc., 3.80%, 4/01/32 | | | 458 | |
| | | | | 57,153 | |
Uruguay (UYU) (0%) | | | | |
18,644,102 | | Uruguay Government International Bond, 3.88%, 7/02/40 (b) | | | 473 | |
Uzbekistan (USD) (0%) | | | | |
650,000 | | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (c) | | | 490 | |
Total Bonds (Cost - $182,578) | | | 154,790 | |
Bank Loans(i) (1%) | | | | |
80 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
902,000 | | DirectV Financing LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 10.44%, 8/02/27 | | $ | 879 | |
| |
Investment Company (5%) | | | | |
4,180,692 | | Payden Cash Reserves Money Market Fund * | | | 4,181 | |
147,059 | | Payden Emerging Market Corporate Bond Fund * | | | 1,198 | |
498,956 | | Payden Emerging Markets Local Bond Fund * | | | 2,260 | |
146,702 | | Payden Floating Rate Fund, SI Class * | | | 1,413 | |
| |
Total Investment Company (Cost - $9,264) | | | 9,052 | |
Total Investments (Cost - $192,743) (99%) | | | 164,721 | |
Other Assets, net of Liabilities (1%) | | | 998 | |
| |
Net Assets (100%) | | $ | 165,719 | |
| (a) | 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. |
| (b) | Principal in foreign currency. |
| (c) | 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. |
| (d) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
| (e) | Yield to maturity at time of purchase. |
| (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) | All or a portion of security has been pledged in connection with outstanding centrally cleared swaps. |
| (h) | All or a portion of the security is pledged to cover futures contract margin requirements. |
| (i) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | |
Currency Purchased (000s) | | Currency Sold (000s) | | | Counterparty | | | Settlement Date | | | Unrealized Appreciation (Depreciation) (000s) | |
Assets: | | | | | | | | | | | | | | | | |
EUR 39,834 | | | USD 42,111 | | |
| State Street
Bank &
Trust Co. |
| | | 11/06/2023 | | | $ | 48 | |
GBP 4,345 | | | USD 5,270 | | |
| HSBC Bank
USA, N.A. |
| | | 11/06/2023 | | | | 11 | |
JPY 1,836,400 | | | USD 12,126 | | |
| Citibank,
N.A. |
| | | 11/06/2023 | | | | 2 | |
USD 2,253 | | | MYR 10,511 | | |
| Barclays
Bank PLC |
| | | 11/22/2023 | | | | 44 | |
USD 1,500 | | | THB 53,390 | | |
| Barclays
Bank PLC |
| | | 11/22/2023 | | | | 12 | |
USD 1,290 | | | CHF 1,161 | | |
| BNP
PARIBAS |
| | | 11/22/2023 | | | | 10 | |
USD 12,373 | | | JPY 1,836,400 | | |
| Citibank,
N.A. |
| | | 11/06/2023 | | | | 245 | |
USD 895 | | | AUD 1,392 | | |
| Citibank,
N.A. |
| | | 11/22/2023 | | | | 11 | |
USD 2,824 | | | IDR 43,408,000 | | |
| Citibank,
N.A. |
| | | 11/22/2023 | | | | 92 | |
USD 1,179 | | | CHF 1,047 | | |
| Citibank,
N.A. |
| | | 01/24/2024 | | | | 17 | |
USD 5,304 | | | GBP 4,345 | | |
| HSBC Bank
USA, N.A. |
| | | 11/06/2023 | | | | 23 | |
USD 1,915 | | | CNH 13,758 | | |
| HSBC Bank
USA, N.A. |
| | | 11/14/2023 | | | | 39 | |
USD 2,708 | | | CAD 3,624 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | 93 | |
Annual Report 81
Payden Global Fixed Income Fund continued
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | |
Currency Purchased (000s) | | Currency Sold (000s) | | | Counterparty | | | Settlement
Date | | | Unrealized Appreciation (Depreciation) (000s) | |
USD 919 | | | CZK 20,910 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | $ | 20 | |
USD 2,690 | | | EUR 2,463 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | 82 | |
USD 2,250 | | | MXN 38,990 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | 95 | |
USD 713 | | | PEN 2,657 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | 22 | |
USD 237 | | | SGD 321 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | 2 | |
USD 266 | | | SEK 2,910 | | |
| HSBC Bank
USA, N.A. |
| | | 01/24/2024 | | | | 4 | |
USD 42,233 | | | EUR 39,834 | | |
| State Street
Bank &
Trust Co. |
| | | 11/06/2023 | | | | 74 | |
USD 3,719 | | | CAD 5,096 | | |
| State Street
Bank &
Trust Co. |
| | | 01/24/2024 | | | | 39 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 985 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
CAD 3,624 | | | USD 2,675 | | |
| Citibank,
N.A. |
| | | 11/22/2023 | | | | (61 | ) |
CLP 762,300 | | | USD 861 | | |
| Citibank,
N.A. |
| | | 11/22/2023 | | | | (10 | ) |
EUR 2,463 | | | USD 2,641 | | |
| HSBC Bank
USA, N.A. |
| | | 11/22/2023 | | | | (32 | ) |
IDR 22,000,000 | | | USD 1,386 | | |
| Citibank,
N.A. |
| | | 11/22/2023 | | | | (1 | ) |
JPY 189,700 | | | USD 1,292 | | |
| BNP
PARIBAS |
| | | 11/22/2023 | | | | (36 | ) |
JPY 261,100 | | | USD 1,823 | | |
| Citibank,
N.A. |
| | | 11/22/2023 | | | | (94 | ) |
USD 2,137 | | | AUD 3,368 | | |
| Barclays
Bank PLC |
| | | 01/24/2024 | | | | (6 | ) |
USD 192 | | | PLN 837 | | |
| BNP
PARIBAS |
| | | 11/22/2023 | | | | (7 | ) |
USD 2,533 | | | ZAR 47,900 | | |
| Citibank,
N.A. |
| | | 11/22/2023 | | | | (32 | ) |
USD 15,466 | | | JPY 2,331,100 | | |
| Citibank,
N.A. |
| | | 12/06/2023 | | | | (7 | ) |
USD 5,251 | | | GBP 4,329 | | |
| HSBC Bank
USA, N.A. |
| | | 12/06/2023 | | | | (12 | ) |
USD 135 | | | DKK 945 | | |
| HSBC Bank
USA, N.A. |
| | | 01/24/2024 | | | | — | |
USD 41,416 | | | EUR 39,127 | | |
| State Street
Bank &
Trust Co. |
| | | 12/06/2023 | | | | (51 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | (349 | ) |
| | | | | | | | | | | | | | | | |
Net Unrealized Appreciation (Depreciation) | | | $ | 636 | |
| | | | | | | | | | | | | | | | |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | | | |
Contract Type | | Number of Contracts | | | Expiration Date | | | Notional Amount (000s) | | | Current Value (000s) | | | Unrealized Appreciation (Depreciation) (000s) | |
| Long Contracts: | | | | | | | | | | | | | | | | | |
| Euro-Buxl Futue | | | 3 | | | | Dec-23 | | | $ | 382 | | | $ | (40 | ) | | $ | (40 | ) |
| Euro-Schatz Future | | | 20 | | | | Dec-23 | | | | 2,226 | | | | (4 | ) | | | (4 | ) |
| Long Gilt Future | | | 20 | | | | Dec-23 | | | | 2,265 | | | | (37 | ) | | | (37 | ) |
| U.S. Long Bond Future | | | 36 | | | | Dec-23 | | | | 3,940 | | | | (336 | ) | | | (336 | ) |
| U.S. Treasury 10-Year Note Future | | | 30 | | | | Dec-23 | | | | 3,185 | | | | (113 | ) | | | (113 | ) |
| U.S. Treasury 2-Year Note Future | | | 23 | | | | Dec-23 | | | | 4,656 | | | | (18 | ) | | | (18 | ) |
| U.S. Treasury 5-Year Note Future | | | 126 | | | | Dec-23 | | | | 13,164 | | | | (215 | ) | | | (215 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | (763 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Short Contracts: | | | | | | | | | | | | | | | | | |
| Euro-Bobl Future | | | 28 | | | | Dec-23 | | | | (3,445 | ) | | | 24 | | | | 24 | |
| Euro-Bund Future | | | 21 | | | | Dec-23 | | | | (2,866 | ) | | | (10 | ) | | | (10 | ) |
| U.S. Treasury 10-Year Ultra Future | | | 62 | | | | Dec-23 | | | | (6,747 | ) | | | 377 | | | | 377 | |
| U.S. Ultra Bond Future | | | 5 | | | | Dec-23 | | | | (563 | ) | | | (11 | ) | | | (11 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 380 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Futures | | | | | | | | | | | | | | | $ | (383 | ) |
| | | | | | | | | | | | | | | | | | | | |
82 Payden Mutual Funds
Open Centrally Cleared Credit Default Swap Contracts
| | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity Date | | | Notional Amount (000s) | | | Value (000s) | | | Upfront payments/ receipts (000s) | | | Unrealized Appreciation (000s) | |
| Protection Bought (Relevant Credit: Markit CDX, North America High Yield Series 41 Index), Pay 5% Quarterly, Receive upon credit default | | | 12/20/2028 | | | | USD 4,540 | | | $ | 2 | | | $ | (33 | ) | | $ | 35 | |
| Protection Bought (Relevant Credit: Markit iTraxx Crossover), Pay 5% Quarterly, Receive upon credit default | | | 12/20/2028 | | | | EUR 3,870 | | | | (104 | ) | | | (160 | ) | | | 56 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | (102 | ) | | $ | (193 | ) | | $ | 91 | |
| | | | | | | | | | | | | | | | | | | | |
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, Receive Fixed 1.125% Quarterly, Pay Variable 3.830% (3M KWCDC) Quarterly | | | 10/07/2029 | | | | KRW 1,584,200 | | | $ | (192 | ) | | $ | — | | | $ | (192 | ) |
| 10-Year Interest Rate Swap, Receive Fixed 1.800% Quarterly, Pay Variable 3.820% (3M KWCDC) Quarterly | | | 09/23/2031 | | | | KRW 2,288,000 | | | | (271 | ) | | | — | | | | (271 | ) |
| 5-Year Interest Rate Swap, Receive Fixed 2.3775% Quarterly, Pay Variable 2.500% (CNRR007) Quarterly | | | 07/24/2028 | | | | CNY 40,100 | | | | (4 | ) | | | — | | | | (4 | ) |
| 5-Year Interest Rate Swap, Receive Fixed 2.580% Quarterly, Pay Variable 2.500% (CNRR007) Quarterly | | | 02/05/2025 | | | | CNY 2,350 | | | | 2 | | | | — | | | | 2 | |
| 5-Year Interest Rate Swap, Receive Fixed 2.635% Quarterly, Pay Variable 2.500% (CNRR007) Quarterly | | | 01/08/2026 | | | | CNY 38,600 | | | | 57 | | | | — | | | | 57 | |
| 5-Year Interest Rate Swap, Receive Fixed 2.715% Quarterly, Pay Variable 2.500% (CNRR007) Quarterly | | | 09/16/2025 | | | | CNY 12,200 | | | | 20 | | | | — | | | | 20 | |
| 5-Year Interest Rate Swap, Receive Fixed 2.720% Quarterly, Pay Variable 2.800% (CNRR007) Quarterly | | | 10/14/2025 | | | | CNY 10,000 | | | | 16 | | | | — | | | | 16 | |
| 5-Year Interest Rate Swap, Receive Fixed 2.8225% Quarterly, Pay Variable 2.800% (CNRR007) Quarterly | | | 02/15/2028 | | | | CNY 35,900 | | | | 100 | | | | — | | | | 100 | |
| 5-Year Interest Rate Swap, Receive Fixed 2.920% Quarterly, Pay Variable 2.500% (CNRR007) Quarterly | | | 01/17/2025 | | | | CNY 11,580 | | | | 17 | | | | — | | | | 17 | |
| 5-Year Interest Rate Swap, Receive Fixed 2.960% Quarterly, Pay Variable 2.500% (CNRR007) Quarterly | | | 12/09/2024 | | | | CNY 28,890 | | | | 43 | | | | — | | | | 43 | |
| 5-Year Interest Rate Swap, Receive Fixed 2.350% Quarterly, Pay Variable 2.500% (CNRR007) Quarterly | | | 07/03/2025 | | | | CNY 11,800 | | | | 7 | | | | — | | | | 7 | |
| 5-Year Interest Rate Swap, Receive Fixed 2.4810% Quarterly, Pay Variable 2.600% (CNRR007) Quarterly | | | 09/22/2026 | | | | CNY 33,000 | | | | 36 | | | | — | | | | 36 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | (169 | ) | | $ | — | | | $ | (169 | ) |
| | | | | | | | | | | | | | | | | | | | |
Open OTC Interest Rate Swap Contracts
| | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity Date | | | Notional Amount (000s) | | | Value (000s) | | | Upfront payments/ receipts (000s) | | | Unrealized Depreciation (000s) | |
| 5-Year Interest Rate Swap, Receive Fixed 1.850% Quarterly, Pay Variable 2.500% (CNRR007) Quarterly, Counterparty: | | | | | | | | | | | | | | | | | | | | |
| Goldman Sachs & Co. | | | 05/08/2025 | | | | CNY 16,000 | | | $ | (9 | ) | | $ | — | | | $ | (9 | ) |
| | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 83
Payden Emerging Markets Bond Fund
| | | | | | | | |
| | The Fund seeks a high level of total return. | | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s Adviser and SI Classes are expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
| | Portfolio Composition - percent of investments | |
| | Foreign Government | | | 78% | |
| | Corporate Bond | | | 20% | |
| | Investment Company | | | 2% | |
| | | | | | |
| | This information is not part of the audited financial statements. | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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| | | | | | |
| Schedule of Investments - October 31, 2023 | |
Principal or Shares | | Security Description | | Value (000) | |
Bonds (96%) | | | | |
Angola (USD) (2%) | | | | |
3,935,000 | | Angolan Government International Bond 144A, 8.00%, 11/26/29 (a) | | $ | 3,149 | |
4,620,000 | | Angolan Government International Bond 144A, 9.38%, 5/08/48 (a) | | | 3,301 | |
3,950,000 | | Angolan Government International Bond 144A, 9.50%, 11/12/25 (a) | | | 3,809 | |
| | | | | 10,259 | |
Argentina (USD) (1%) | | | | |
6,930,000 | | Argentine Republic Government International Bond, 0.75%, 7/09/30 | | | 1,941 | |
1,718,995 | | Argentine Republic Government International Bond, 1.00%, 7/09/29 | | | 466 | |
4,697,500 | | Argentine Republic Government International Bond, 3.50%, 7/09/41 | | | 1,243 | |
13,617,476 | | Argentine Republic Government International Bond, 3.63%, 7/09/35 | | | 3,399 | |
4,004,090 | | Argentine Republic Government International Bond, 4.25%, 1/09/38 | | | 1,219 | |
2,094,183 | | Provincia de Cordoba 144A,
6.88%, 12/10/25 (a) | | | 1,749 | |
| | | | | 10,017 | |
Armenia (USD) (0%) | | | | |
2,330,000 | | Republic of Armenia International Bond 144A, 3.60%, 2/02/31 (a) | | | 1,723 | |
Bahamas (USD) (0%) | | | | |
515,000 | | Intercorp Peru Ltd. 144A, 3.88%, 8/15/29 (a) | | | 416 | |
| | | | | | |
| | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
Bahrain (USD) (2%) | | | | |
4,845,000 | | Bahrain Government International Bond 144A, 5.25%, 1/25/33 (a) | | $ | 3,973 | |
2,890,000 | | Bahrain Government International Bond 144A, 5.63%, 9/30/31 (a) | | | 2,527 | |
4,000,000 | | Bahrain Government International Bond 144A, 5.63%, 5/18/34 (a) | | | 3,290 | |
3,450,000 | | Bahrain Government International Bond 144A, 6.75%, 9/20/29 (a) | | | 3,338 | |
| | | | | 13,128 | |
Belarus (USD) (0%) | | | | |
1,450,000 | | Republic of Belarus International Bond, 6.20%, 2/28/30 (b) | | | 522 | |
745,000 | | Republic of Belarus International Bond, 7.63%, 6/29/27 (b) | | | 335 | |
| | | | | 857 | |
Bermuda (USD) (1%) | | | | |
2,260,000 | | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (a) | | | 1,341 | |
1,590,000 | | Bermuda Government International Bond 144A, 5.00%, 7/15/32 (a) | | | 1,451 | |
2,430,000 | | Geopark Ltd. 144A, 5.50%, 1/17/27 (a) | | | 2,044 | |
2,295,000 | | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak 144A, 4.85%, 10/14/38 (a) | | | 1,899 | |
| | | | | 6,735 | |
Brazil (BRL) (2%) | | | | |
9,200,000 | | Brazil Letras do Tesouro Nacional, 11.03%, 4/01/24 BRL (c)(d) | | | 1,745 | |
22,200,000 | | Brazil Letras do Tesouro Nacional, 12.26%, 1/01/24 BRL (c)(d) | | | 4,322 | |
84 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
8,936,241 | | Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/50 BRL (d) | | $ | 1,793 | |
45,400,000 | | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/29 BRL (d) | | | 8,504 | |
| | | | | 16,364 | |
Brazil (USD) (1%) | | | | |
1,790,000 | | Brazilian Government International Bond, 2.88%, 6/06/25 | | | 1,705 | |
2,380,000 | | Brazilian Government International Bond, 4.63%, 1/13/28 | | | 2,277 | |
3,230,000 | | Brazilian Government International Bond, 6.00%, 10/20/33 | | | 2,995 | |
| | | | | 6,977 | |
Cayman Islands (USD) (1%) | | | | |
2,750,000 | | CK Hutchison International 23 Ltd. 144A, 4.88%, 4/21/33 (a) | | | 2,508 | |
2,295,000 | | Gaci First Investment Co., 5.38%, 10/13/22 (b) | | | 1,775 | |
868,000 | | Odebrecht Oil & Gas Finance Ltd. 144A, 31.50% (a)(c)(e) | | | 18 | |
| | | | | 4,301 | |
Chile (CLP) (1%) | | | | |
3,166,474,620 | | Bonos de la Tesoreria de la Republica 144A, 3.40%, 10/01/39 CLP (a)(b)(d) | | | 3,561 | |
3,730,000,000 | | Bonos de la Tesoreria de la Republica en pesos 144A, 5.80%, 6/01/24 CLP (a)(b)(d) | | | 4,110 | |
2,210,000,000 | | Bonos de la Tesoreria de la Republica en pesos 144A, 5.80%, 10/01/34 CLP (a)(b)(d) | | | 2,305 | |
| | | | | 9,976 | |
Chile (EUR) (1%) | | | | |
3,460,000 | | Chile Government International Bond, 4.13%, 7/05/34 EUR (d) | | | 3,456 | |
Chile (USD) (2%) | | | | |
2,146,524 | | Alfa Desarrollo SpA 144A, 4.55%, 9/27/51 (a) | | | 1,396 | |
6,510,000 | | Chile Government International Bond, 3.10%, 5/07/41 | | | 4,258 | |
3,120,000 | | Chile Government International Bond, 3.25%, 9/21/71 | | | 1,672 | |
4,353,244 | | Chile Government International Bond, 5.33%, 1/05/54 | | | 3,703 | |
2,695,000 | | Interchile SA 144A, 4.50%, 6/30/56 (a) | | | 1,957 | |
| | | | | 12,986 | |
Colombia (USD) (5%) | | | | |
3,702,000 | | Colombia Government International Bond, 3.13%, 4/15/31 | | | 2,750 | |
3,295,000 | | Colombia Government International Bond, 3.25%, 4/22/32 | | | 2,368 | |
2,340,000 | | Colombia Government International Bond, 3.88%, 4/25/27 | | | 2,138 | |
1,440,000 | | Colombia Government International Bond, 4.13%, 2/22/42 | | | 862 | |
1,780,000 | | Colombia Government International Bond, 4.50%, 1/28/26 | | | 1,708 | |
3,035,000 | | Colombia Government International Bond, 4.50%, 3/15/29 | | | 2,650 | |
4,680,000 | | Colombia Government International Bond, 5.00%, 6/15/45 | | | 3,014 | |
12,279,000 | | Colombia Government International Bond, 6.13%, 1/18/41 | | | 9,430 | |
3,705,000 | | Colombia Government International Bond, 7.38%, 9/18/37 | | | 3,353 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
1,970,000 | | Colombia Government International Bond, 7.50%, 2/02/34 | | $ | 1,848 | |
1,332,000 | | Colombia Telecomunicaciones SA ESP 144A, 4.95%, 7/17/30 (a) | | | 880 | |
3,420,000 | | Ecopetrol SA, 8.63%, 1/19/29 | | | 3,415 | |
| | | | | 34,416 | |
Costa Rica (USD) (2%) | | | | |
3,255,000 | | Costa Rica Government International Bond 144A, 6.13%, 2/19/31 (a) | | | 3,106 | |
7,790,000 | | Costa Rica Government International Bond 144A, 6.55%, 4/03/34 (a) | | | 7,433 | |
925,000 | | Costa Rica Government International Bond 144A, 7.00%, 4/04/44 (a) | | | 851 | |
2,300,000 | | Costa Rica Government International Bond 144A, 7.16%, 3/12/45 (a) | | | 2,155 | |
| | | | | 13,545 | |
Czech Republic (CZK) (1%) | | | | |
46,250,000 | | Czech Republic Government Bond Series 103, 2.00%, 10/13/33 CZK (d) | | | 1,580 | |
190,950,000 | | Czech Republic Government Bond Series 105, 2.75%, 7/23/29 CZK (d) | | | 7,508 | |
| | | | | 9,088 | |
Dominica Republic (DOP) (0%) | | | | |
92,100,000 | | Dominican Republic International Bond 144A, 11.25%, 9/15/35 DOP (a)(d) | | | 1,610 | |
Dominica Republic (USD) (3%) | | | | |
4,555,000 | | Dominican Republic International Bond 144A, 4.50%, 1/30/30 (a) | | | 3,872 | |
2,225,000 | | Dominican Republic International Bond 144A, 5.30%, 1/21/41 (a) | | | 1,628 | |
4,190,000 | | Dominican Republic International Bond 144A, 5.50%, 2/22/29 (a) | | | 3,829 | |
4,070,000 | | Dominican Republic International Bond 144A, 6.00%, 7/19/28 (a) | | | 3,873 | |
4,755,000 | | Dominican Republic International Bond 144A, 6.88%, 1/29/26 (a) | | | 4,754 | |
| | | | | 17,956 | |
Ecuador (USD) (1%) | | | | |
1,257,250 | | Ecuador Government International Bond 144A, 2.50%, 7/31/40 (a) | | | 427 | |
9,529,458 | | Ecuador Government International Bond 144A, 3.50%, 7/31/35 (a) | | | 3,653 | |
8,990,000 | | Ecuador Government International Bond 144A, 16.74%, 7/31/30 (a)(c) | | | 2,714 | |
| | | | | 6,794 | |
Egypt (EUR) (1%) | | | | |
10,260,000 | | Egypt Government International Bond 144A, 6.38%, 4/11/31 EUR (a)(d) | | | 5,875 | |
Egypt (USD) (0%) | | | | |
3,920,000 | | Egypt Government International Bond 144A, 7.90%, 2/21/48 (a) | | | 2,005 | |
1,205,000 | | Egypt Government International Bond 144A, 8.70%, 3/01/49 (a) | | | 638 | |
| | | | | 2,643 | |
El Salvador (USD) (1%) | | | | |
2,005,000 | | El Salvador Government International Bond 144A, 7.63%, 2/01/41 (a) | | | 1,350 | |
3,000,000 | | El Salvador Government International Bond 144A, 8.63%, 2/28/29 (a) | | | 2,461 | |
Annual Report 85
Payden Emerging Markets Bond Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
2,575,000 | | El Salvador Government International Bond 144A, 9.50%, 7/15/52 (a) | | $ | 1,897 | |
| | | | | 5,708 | |
Gabon (USD) (0%) | | | | |
3,088,000 | | Gabon Government International Bond 144A, 6.63%, 2/06/31 (a) | | | 2,195 | |
Ghana (USD) (2%) | | | | |
1,650,000 | | Ghana Government International Bond 144A, 6.31%, 4/07/25 (a)(c) | | | 636 | |
2,490,000 | | Ghana Government International Bond 144A, 8.13%, 3/26/32 (a) | | | 1,056 | |
1,910,000 | | Ghana Government International Bond 144A, 8.63%, 4/07/34 (a) | | | 818 | |
9,450,000 | | Ghana Government International Bond 144A, 8.63%, 6/16/49 (a) | | | 3,958 | |
6,065,000 | | Ghana Government International Bond 144A, 10.75%, 10/14/30 (a) | | | 3,785 | |
| | | | | 10,253 | |
Guatemala (USD) (1%) | | | | |
2,267,000 | | Guatemala Government Bond 144A, 4.38%, 6/05/27 (a) | | | 2,086 | |
2,609,000 | | Guatemala Government Bond 144A, 4.50%, 5/03/26 (a) | | | 2,470 | |
2,855,000 | | Guatemala Government Bond 144A, 4.65%, 10/07/41 (a) | | | 1,985 | |
580,000 | | Guatemala Government Bond 144A, 5.38%, 4/24/32 (a) | | | 517 | |
| | | | | 7,058 | |
Hungary (EUR) (1%) | | | | |
3,415,000 | | Hungary Government International Bond, 5.00%, 2/22/27 EUR (b)(d) | | | 3,645 | |
Hungary (HUF) (1%) | | | | |
1,893,290,000 | | Hungary Government Bond Series 33/A, 2.25%, 4/20/33 HUF (d)(f) | | | 3,516 | |
Hungary (USD) (2%) | | | | |
4,140,000 | | Hungary Government International Bond 144A, 2.13%, 9/22/31 (a) | | | 2,993 | |
2,940,000 | | Hungary Government International Bond 144A, 3.13%, 9/21/51 (a) | | | 1,579 | |
2,590,000 | | Hungary Government International Bond, 5.38%, 3/25/24 | | | 2,587 | |
2,110,000 | | Hungary Government International Bond 144A, 6.13%, 5/22/28 (a) | | | 2,096 | |
2,540,000 | | Hungary Government International Bond 144A, 6.25%, 9/22/32 (a) | | | 2,448 | |
3,604,000 | | Hungary Government International Bond, 7.63%, 3/29/41 | | | 3,703 | |
| | | | | 15,406 | |
Indonesia (EUR) (1%) | | | | |
4,250,000 | | Indonesia Government International Bond, 1.40%, 10/30/31 EUR (d) | | | 3,507 | |
Indonesia (USD) (2%) | | | | |
2,920,000 | | Hutama Karya Persero PT 144A, 3.75%, 5/11/30 (a) | | | 2,542 | |
1,260,000 | | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT 144A, 4.75%, 5/15/25 (a) | | | 1,235 | |
| | |
2,420,000 | | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT 144A, 5.80%, 5/15/50 (a) | | | 1,911 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
3,490,000 | | Pertamina Persero PT 144A, 6.50%, 11/07/48 (a) | | $ | 3,278 | |
864,000 | | Perusahaan Listrik Negara PT 144A, 4.88%, 7/17/49 (a) | | | 617 | |
2,150,000 | | Perusahaan Listrik Negara PT 144A, 5.25%, 5/15/47 (a) | | | 1,643 | |
1,345,000 | | Perusahaan Listrik Negara PT 144A, 6.15%, 5/21/48 (a) | | | 1,141 | |
5,100,000 | | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A, 4.00%, 6/30/50 (a) | | | 3,106 | |
| | | | | 15,473 | |
Ireland (USD) (1%) | | | | |
3,910,000 | | C&W Senior Financing DAC 144A, 6.88%, 9/15/27 (a) | | | 3,366 | |
Israel (USD) (0%) | | | | |
2,255,000 | | Leviathan Bond Ltd. 144A, 6.75%, 6/30/30 (a)(b) | | | 1,918 | |
Ivory Coast (EUR) (1%) | | | | |
2,260,000 | | Ivory Coast Government International Bond 144A, 4.88%, 1/30/32 EUR (a)(d) | | | 1,813 | |
2,436,000 | | Ivory Coast Government International Bond 144A, 5.25%, 3/22/30 EUR (a)(d) | | | 2,136 | |
2,250,000 | | Ivory Coast Government International Bond 144A, 5.88%, 10/17/31 EUR (a)(d) | | | 1,944 | |
2,070,000 | | Ivory Coast Government International Bond 144A, 6.63%, 3/22/48 EUR (a)(d) | | | 1,476 | |
| | | | | 7,369 | |
Ivory Coast (USD) (1%) | | | | |
3,765,000 | | Ivory Coast Government International Bond 144A, 6.38%, 3/03/28 (a) | | | 3,514 | |
Jersey (USD) (0%) | | | | |
3,775,000 | | Galaxy Pipeline Assets Bidco Ltd. 144A, 2.63%, 3/31/36 (a) | | | 2,856 | |
Jordan (USD) (1%) | | | | |
1,760,000 | | Jordan Government International Bond 144A, 6.13%, 1/29/26 (a) | | | 1,643 | |
2,295,000 | | Jordan Government International Bond 144A, 7.50%, 1/13/29 (a) | | | 2,142 | |
3,070,000 | | Jordan Government International Bond 144A, 7.75%, 1/15/28 (a) | | | 2,932 | |
| | | | | 6,717 | |
Kazakhstan (USD) (0%) | | | | |
4,575,000 | | KazMunayGas National Co. JSC 144A, 3.50%, 4/14/33 (a) | | | 3,346 | |
Kenya (USD) (2%) | | | | |
2,125,000 | | Republic of Kenya Government International Bond 144A, 6.88%, 6/24/24 (a) | | | 2,036 | |
3,215,000 | | Republic of Kenya Government International Bond 144A, 7.00%, 5/22/27 (a) | | | 2,790 | |
4,735,000 | | Republic of Kenya Government International Bond 144A, 7.25%, 2/28/28 (a) | | | 3,857 | |
1,495,000 | | Republic of Kenya Government International Bond 144A, 8.00%, 5/22/32 (a) | | | 1,175 | |
5,560,000 | | Republic of Kenya Government International Bond 144A, 8.25%, 2/28/48 (a) | | | 3,917 | |
| | | | | 13,775 | |
Lebanon (USD) (0%) | | | | |
2,500,000 | | Lebanon Government International Bond, 6.00%, 1/27/23 (b)(g) | | | 203 | |
86 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
2,760,000 | | Lebanon Government International Bond, 6.20%, 2/26/25 (b)(g) | | $ | 178 | |
1,805,000 | | Lebanon Government International Bond, 6.60%, 11/27/26 (b)(g) | | | 114 | |
1,096,000 | | Lebanon Government International Bond, 6.65%, 2/26/30 (b)(g) | | | 72 | |
1,540,000 | | Lebanon Government International Bond, 6.75%, 11/29/27 (b)(g) | | | 100 | |
1,210,000 | | Lebanon Government International Bond, 6.85%, 5/25/29 (g) | | | 78 | |
2,590,000 | | Lebanon Government International Bond Series 15YR, 7.00%, 3/23/32 (b)(g) | | | 166 | |
| | | | | 911 | |
Luxembourg (USD) (1%) | | | | |
3,465,000 | | EIG Pearl Holdings Sarl 144A, 4.39%, 11/30/46 (a) | | | 2,376 | |
2,905,891 | | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | | | 2,325 | |
| | | | | 4,701 | |
Malaysia (MYR) (0%) | | | | |
15,020,000 | | Malaysia Government Bond Series 0418, 4.89%, 6/08/38 MYR (d) | | | 3,368 | |
Malaysia (USD) (0%) | | | | |
3,180,000 | | Petronas Capital Ltd. 144A, 4.55%, 4/21/50 (a) | | | 2,483 | |
Mauritius (USD) (1%) | | | | |
775,000 | | Azure Power Solar Energy Pvt. Ltd. 144A, 5.65%, 12/24/24 (a) | | | 717 | |
649,250 | | Greenko Power II Ltd. 144A, 4.30%, 12/13/28 (a) | | | 547 | |
520,000 | | Greenko Solar Mauritius Ltd. 144A, 5.95%, 7/29/26 (a) | | | 480 | |
2,325,804 | | India Cleantech Energy 144A, 4.70%, 8/10/26 (a) | | | 2,033 | |
| | | | | 3,777 | |
Mexico (MXN) (0%) | | | | |
26,900,000 | | Grupo Televisa SAB, 7.25%, 5/14/43 MXN (d) | | | 920 | |
Mexico (USD) (7%) | | | | |
1,690,000 | | Cemex SAB de CV 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.534%), 5.13% (a)(e)(h) | | | 1,565 | |
3,207,000 | | Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV 144A, 4.96%, 7/18/29 (a) | | | 2,849 | |
2,050,000 | | Electricidad Firme de Mexico Holdings SA de CV 144A, 4.90%, 11/20/26 (a) | | | 1,786 | |
3,536,447 | | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a) | | | 3,306 | |
5,070,000 | | Mexico City Airport Trust 144A, 5.50%, 7/31/47 (a) | | | 3,638 | |
4,830,000 | | Mexico Government International Bond, 4.88%, 5/19/33 | | | 4,245 | |
2,110,000 | | Mexico Government International Bond, 5.40%, 2/09/28 | | | 2,075 | |
4,810,000 | | Mexico Government International Bond, 6.34%, 5/04/53 | | | 4,217 | |
2,570,000 | | Mexico Government International Bond, 6.35%, 2/09/35 | | | 2,463 | |
3,458,000 | | Petroleos Mexicanos, 6.49%, 1/23/27 | | | 3,065 | |
3,740,000 | | Petroleos Mexicanos, 6.50%, 3/13/27 | | | 3,302 | |
3,020,000 | | Petroleos Mexicanos, 6.63%, 6/15/35 | | | 1,994 | |
5,561,000 | | Petroleos Mexicanos, 6.70%, 2/16/32 | | | 4,104 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
5,664,000 | | Petroleos Mexicanos, 6.75%, 9/21/47 | | $ | 3,213 | |
4,735,000 | | Petroleos Mexicanos, 6.95%, 1/28/60 | | | 2,685 | |
2,375,000 | | Petroleos Mexicanos, 7.69%, 1/23/50 | | | 1,468 | |
2,880,000 | | Petroleos Mexicanos, 8.75%, 6/02/29 | | | 2,549 | |
| | | | | 48,524 | |
Mongolia (USD) (1%) | | | | |
4,380,000 | | Mongolia Government International Bond 144A, 3.50%, 7/07/27 (a) | | | 3,679 | |
2,270,000 | | Mongolia Government International Bond 144A, 8.65%, 1/19/28 (a) | | | 2,260 | |
| | | | | 5,939 | |
Morocco (USD) (1%) | | | | |
3,695,000 | | Morocco Government International Bond 144A, 3.00%, 12/15/32 (a) | | | 2,766 | |
3,605,000 | | Morocco Government International Bond 144A, 5.95%, 3/08/28 (a) | | | 3,539 | |
3,150,000 | | Morocco Government International Bond 144A, 6.50%, 9/08/33 (a) | | | 3,029 | |
| | | | | 9,334 | |
Namibia (USD) (1%) | | | | |
4,418,000 | | Namibia International Bonds 144A, 5.25%, 10/29/25 (a) | | | 4,203 | |
Netherlands (USD) (1%) | | | | |
3,775,000 | | Minejesa Capital BV 144A, 5.63%, 8/10/37 (a) | | | 2,795 | |
2,370,000 | | Prosus NV 144A, 4.03%, 8/03/50 (a) | | | 1,279 | |
| | | | | 4,074 | |
Nigeria (USD) (3%) | | | | |
4,490,000 | | Nigeria Government International Bond 144A, 6.13%, 9/28/28 (a) | | | 3,680 | |
3,975,000 | | Nigeria Government International Bond 144A, 6.50%, 11/28/27 (a) | | | 3,427 | |
3,425,000 | | Nigeria Government International Bond 144A, 7.14%, 2/23/30 (a) | | | 2,764 | |
1,010,000 | | Nigeria Government International Bond 144A, 7.38%, 9/28/33 (a) | | | 762 | |
4,105,000 | | Nigeria Government International Bond 144A, 7.70%, 2/23/38 (a) | | | 2,938 | |
5,325,000 | | Nigeria Government International Bond 144A, 8.25%, 9/28/51 (a) | | | 3,762 | |
3,055,000 | | Nigeria Government International Bond 144A, 8.38%, 3/24/29 (a) | | | 2,687 | |
| | | | | 20,020 | |
Oman (USD) (2%) | | | | |
5,040,000 | | Oman Government International Bond 144A, 5.38%, 3/08/27 (a) | | | 4,887 | |
5,300,000 | | Oman Government International Bond 144A, 6.25%, 1/25/31 (a) | | | 5,160 | |
2,060,000 | | Oman Government International Bond 144A, 6.50%, 3/08/47 (a) | | | 1,805 | |
860,000 | | Oman Government International Bond 144A, 6.75%, 1/17/48 (a) | | | 773 | |
2,050,000 | | Oman Government International Bond 144A, 7.38%, 10/28/32 (a) | | | 2,134 | |
1,680,000 | | Oman Sovereign Sukuk Co. 144A, 5.93%, 10/31/25 (a) | | | 1,676 | |
| | | | | 16,435 | |
Pakistan (USD) (1%) | | | | |
7,715,000 | | Pakistan Government International Bond 144A, 7.38%, 4/08/31 (a) | | | 3,829 | |
Annual Report 87
Payden Emerging Markets Bond Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
2,665,000 | | Pakistan Government International Bond 144A, 8.88%, 4/08/51 (a) | | $ | 1,303 | |
| | | | | 5,132 | |
Panama (USD) (1%) | | | | |
2,830,000 | | Panama Government International Bond, 3.87%, 7/23/60 | | | 1,509 | |
2,680,000 | | Panama Government International Bond, 4.30%, 4/29/53 | | | 1,620 | |
2,475,000 | | Panama Government International Bond, 4.50%, 4/16/50 | | | 1,560 | |
1,820,000 | | Panama Government International Bond, 6.40%, 2/14/35 | | | 1,675 | |
| | | | | 6,364 | |
Paraguay (USD) (2%) | | | | |
4,610,000 | | Paraguay Government International Bond 144A, 2.74%, 1/29/33 (a) | | | 3,459 | |
3,150,000 | | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (a) | | | 3,010 | |
3,735,000 | | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (a) | | | 3,452 | |
815,000 | | Paraguay Government International Bond 144A, 6.10%, 8/11/44 (a) | | | 686 | |
| | | | | 10,607 | |
Peru (PEN) (2%) | | | | |
6,210,000 | | Fondo MIVIVIENDA SA 144A, 7.00%, 2/14/24 PEN (a)(d) | | | 1,604 | |
25,050,000 | | Peru Government Bond, 5.35%, 8/12/40 PEN (d) | | | 5,078 | |
20,300,000 | | Peru Government Bond 144A, 7.30%, 8/12/33 PEN (a)(b)(d) | | | 5,181 | |
| | | | | 11,863 | |
Peru (USD) (1%) | | | | |
1,105,000 | | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.000%), 3.13%, 7/01/30 (a)(h) | | | 1,013 | |
450,000 | | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.450%), 3.25%, 9/30/31 (a)(h) | | | 393 | |
8,610,000 | | Peruvian Government International Bond, 3.60%, 1/15/72 | | | 4,919 | |
| | | | | 6,325 | |
Philippines (USD) (0%) | | | | |
1,130,000 | | Philippine Government International Bond, 5.00%, 7/17/33 | | | 1,068 | |
2,410,000 | | Philippine Government International Bond, 5.50%, 1/17/48 | | | 2,169 | |
| | | | | 3,237 | |
Poland (USD) (1%) | | | | |
2,160,000 | | Bank Gospodarstwa Krajowego 144A, 5.38%, 5/22/33 (a) | | | 2,013 | |
2,800,000 | | Republic of Poland Government International Bond, 5.50%, 4/04/53 | | | 2,479 | |
| | | | | 4,492 | |
Qatar (USD) (1%) | | | | |
4,240,000 | | Qatar Government International Bond 144A, 4.40%, 4/16/50 (a) | | | 3,280 | |
4,015,000 | | Qatar Government International Bond 144A, 4.82%, 3/14/49 (a) | | | 3,294 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
2,725,000 | | Qatar Government International Bond 144A, 5.10%, 4/23/48 (a) | | $ | 2,339 | |
| | | | | 8,913 | |
Romania (EUR) (1%) | | | | |
5,535,000 | | Romanian Government International Bond 144A, 3.38%, 1/28/50 EUR (a)(d) | | | 3,477 | |
2,726,000 | | Romanian Government International Bond 144A, 4.63%, 4/03/49 EUR (a)(d) | | | 2,140 | |
| | | | | 5,617 | |
Romania (USD) (1%) | | | | |
3,300,000 | | Romanian Government International Bond 144A, 3.00%, 2/27/27 (a) | | | 2,991 | |
3,990,000 | | Romanian Government International Bond 144A, 5.13%, 6/15/48 (a) | | | 2,964 | |
2,220,000 | | Romanian Government International Bond 144A, 7.63%, 1/17/53 (a) | | | 2,190 | |
| | | | | 8,145 | |
Saudi Arabia (USD) (3%) | | | | |
2,810,000 | | Saudi Arabian Oil Co. 144A, 3.50%, 11/24/70 (a) | | | 1,589 | |
5,135,000 | | Saudi Arabian Oil Co. 144A, 4.25%, 4/16/39 (a) | | | 4,036 | |
3,860,000 | | Saudi Government International Bond 144A, 3.25%, 11/17/51 (a) | | | 2,254 | |
7,525,000 | | Saudi Government International Bond 144A, 3.45%, 2/02/61 (a) | | | 4,387 | |
6,155,000 | | Saudi Government International Bond 144A, 3.75%, 1/21/55 (a) | | | 3,912 | |
5,620,000 | | Saudi Government International Bond 144A, 5.00%, 1/18/53 (a) | | | 4,461 | |
1,785,000 | | Saudi Government International Bond 144A, 5.25%, 1/16/50 (a) | | | 1,479 | |
| | | | | 22,118 | |
Serbia (EUR) (1%) | | | | |
4,075,000 | | Serbia International Bond 144A, 3.13%, 5/15/27 EUR (a)(d) | | | 3,917 | |
Singapore (USD) (0%) | | | | |
1,314,594 | | Continuum Energy Levanter Pte Ltd. 144A, 4.50%, 2/09/27 (a) | | | 1,221 | |
South Africa (USD) (4%) | | | | |
2,885,000 | | Eskom Holdings SOC Ltd. 144A, 6.35%, 8/10/28 (a) | | | 2,618 | |
1,410,000 | | Eskom Holdings SOC Ltd. 144A, 7.13%, 2/11/25 (a) | | | 1,386 | |
1,605,000 | | Eskom Holdings SOC Ltd. 144A, 8.45%, 8/10/28 (a) | | | 1,524 | |
2,780,000 | | Republic of South Africa Government International Bond, 4.30%, 10/12/28 | | | 2,403 | |
2,700,000 | | Republic of South Africa Government International Bond, 5.65%, 9/27/47 | | | 1,764 | |
2,625,000 | | Republic of South Africa Government International Bond, 5.75%, 9/30/49 | | | 1,714 | |
11,730,000 | | Republic of South Africa Government International Bond, 5.88%, 6/22/30 | | | 10,317 | |
1,885,000 | | Republic of South Africa Government International Bond, 5.88%, 4/20/32 | | | 1,595 | |
2,915,000 | | Republic of South Africa Government International Bond, 7.30%, 4/20/52 | | | 2,278 | |
| | | | | 25,599 | |
88 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| |
South Africa (ZAR) (2%) | | | | |
351,672,000 | | Republic of South Africa Government Bond Series R214, 6.50%, 2/28/41 ZAR (d) | | $ | 10,819 | |
Spain (USD) (0%) | | | | |
1,780,000 | | AI Candelaria Spain SA 144A,
5.75%, 6/15/33 (a) | | | 1,217 | |
1,638,582 | | AI Candelaria Spain SA 144A,
7.50%, 12/15/28 (a) | | | 1,474 | |
| | | | | 2,691 | |
Sri Lanka (USD) (2%) | | | | |
2,875,000 | | Sri Lanka Government International Bond 144A, 5.88%, 7/25/22 (a) | | | 1,527 | |
6,895,000 | | Sri Lanka Government International Bond 144A, 6.20%, 5/11/27 (a) | | | 3,471 | |
8,015,000 | | Sri Lanka Government International Bond 144A, 6.83%, 7/18/26 (a) | | | 4,178 | |
7,765,000 | | Sri Lanka Government International Bond 144A, 6.85%, 11/03/25 (a) | | | 4,057 | |
1,885,000 | | Sri Lanka Government International Bond 144A, 7.55%, 3/28/30 (a) | | | 949 | |
5,665,000 | | Sri Lanka Government International Bond 144A, 7.85%, 3/14/29 (a) | | | 2,850 | |
| | | | | 17,032 | |
Supranational (USD) (0%) | | | | |
2,390,000 | | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.75%, 4/01/33 | | | 2,114 | |
Thailand (THB) (1%) | | | | |
99,660,000 | | Thailand Government Bond, 2.00%, 6/17/42 THB (d) | | | 2,159 | |
51,365,000 | | Thailand Government Bond, 3.45%, 6/17/43 THB (d) | | | 1,384 | |
| | | | | 3,543 | |
Turkey (USD) (1%) | | | | |
2,045,000 | | Turkiye Government International Bond, 4.25%, 4/14/26 | | | 1,882 | |
4,670,000 | | Turkiye Government International Bond, 6.00%, 1/14/41 | | | 3,344 | |
4,350,000 | | Turkiye Government International Bond, 9.13%, 7/13/30 | | | 4,359 | |
| | | | | 9,585 | |
Ukraine (EUR) (0%) | | | | |
1,385,000 | | Ukraine Government International Bond 144A, 4.38%, 1/27/32 EUR (a)(d) | | | 338 | |
2,790,000 | | Ukraine Government International Bond 144A, 6.75%, 6/20/28 EUR (a)(d) | | | 732 | |
| | | | | 1,070 | |
Ukraine (UAH) (0%) | | | | |
56,920,000 | | Ukraine Government International Bond 144A, 11.67%, 11/22/23 UAH (a)(d) | | | 1,189 | |
Ukraine (USD) (1%) | | | | |
4,360,000 | | Ukraine Government International Bond 144A, 7.25%, 3/15/35 (a) | | | 1,114 | |
980,000 | | Ukraine Government International Bond 144A, 7.38%, 9/25/34 (a) | | | 250 | |
3,005,000 | | Ukraine Government International Bond, 7.75%, 9/01/27 (b) | | | 857 | |
1,135,000 | | Ukraine Government International Bond 144A, 7.75%, 9/01/27 (a) | | | 324 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
6,015,000 | | Ukraine Government International Bond 144A, 7.75%, 9/01/28 (a) | | $ | 1,716 | |
4,668,000 | | Ukraine Government International Bond 144A, 7.75%, 9/01/29 (a) | | | 1,321 | |
2,695,000 | | Ukraine Government International Bond 144A, 7.75%, 8/01/41 (a)(h)(i) | | | 1,130 | |
| | | | | 6,712 | |
United Arab Emirates (USD) (2%) | | | | |
9,098,000 | | Abu Dhabi Crude Oil Pipeline LLC 144A, 4.60%, 11/02/47 (a) | | | 7,466 | |
3,390,000 | | Emirate of Dubai Government International Bonds, 3.90%, 9/09/50 (b) | | | 2,203 | |
1,380,000 | | MDGH GMTN RSC Ltd. 144A, 5.08%, 5/22/53 (a) | | | 1,153 | |
2,100,000 | | NBK Tier 1 Ltd. 144A, (6 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.875%), 3.63% (a)(e)(h) | | | 1,816 | |
| | | | | 12,638 | |
United Kingdom (USD) (0%) | | | | |
800,000 | | MARB BondCo PLC 144A, 3.95%, 1/29/31 (a) | | | 588 | |
United States (USD) (1%) | | | | |
5,045,708 | | BBFI Liquidating Trust 144A, 36.32%, 12/30/99 (a)(c) | | | 2,200 | |
670,000 | | Kosmos Energy Ltd. 144A, 7.50%, 3/01/28 (a) | | | 587 | |
580,000 | | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (a) | | | 522 | |
1,830,000 | | NBM U.S. Holdings Inc. 144A,
6.63%, 8/06/29 (a) | | | 1,647 | |
640,000 | | NBM U.S. Holdings Inc. 144A,
7.00%, 5/14/26 (a) | | | 635 | |
1,730,000 | | Sasol Financing USA LLC, 5.88%, 3/27/24 | | | 1,715 | |
| | | | | 7,306 | |
Uruguay (UYU) (1%) | | | | |
43,523,698 | | Uruguay Government International Bond, 3.88%, 7/02/40 UYU (d) | | | 1,105 | |
141,147,855 | | Uruguay Government International Bond, 4.38%, 12/15/28 UYU (d) | | | 3,673 | |
41,200,000 | | Uruguay Government International Bond, 8.25%, 5/21/31 UYU (d) | | | 942 | |
| | | | | 5,720 | |
Uzbekistan (USD) (3%) | | | | |
8,035,000 | | Republic of Uzbekistan International Bond 144A, 3.70%, 11/25/30 (a) | | | 6,139 | |
6,145,000 | | Republic of Uzbekistan International Bond 144A, 4.75%, 2/20/24 (a) | | | 6,106 | |
4,550,000 | | Republic of Uzbekistan International Bond 144A, 5.38%, 2/20/29 (a) | | | 4,055 | |
3,110,000 | | Republic of Uzbekistan International Bond 144A, 7.85%, 10/12/28 (a) | | | 3,105 | |
| | | | | 19,405 | |
Venezuela (USD) (0%) | | | | |
3,630,000 | | Petroleos de Venezuela SA,
5.38%, 4/12/27 (b)(g) | | | 501 | |
3,440,000 | | Petroleos de Venezuela SA,
6.00%, 11/15/26 (b)(g) | | | 441 | |
1,122,500 | | Petroleos de Venezuela SA,
8.50%, 10/27/20 (b)(g) | | | 948 | |
2,890,000 | | Petroleos de Venezuela SA,
9.00%, 11/17/21 (b)(g) | | | 380 | |
1,420,000 | | Venezuela Government International Bond, 7.00%, 3/31/38 (b)(g) | | | 246 | |
Annual Report 89
Payden Emerging Markets Bond Fund continued
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
4,560,000 | | Venezuela Government International Bond, 7.65%, 4/21/25 (b)(g) | | $ | 820 | |
2,350,000 | | Venezuela Government International Bond, 7.75%, 10/13/19 (b)(g) | | | 367 | |
5,300,000 | | Venezuela Government International Bond, 9.25%, 9/15/27 (g) | | | 1,008 | |
| | | | | 4,711 | |
Virgin Islands (British) (USD) (0%) | | | | |
1,805,000 | | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (a) | | | 1,591 | |
Zambia (USD) (1%) | | | | |
4,835,000 | | Zambia Government International Bond 144A, 8.50%, 4/14/24 (a) | | | 2,977 | |
4,635,000 | | Zambia Government International Bond 144A, 8.97%, 7/30/27 (a) | | | 2,845 | |
| | | | | | |
| | | | | 5,822 | |
| | | | | | |
Total Bonds (Cost - $812,171) | | | 659,519 | |
| | | | | | |
Investment Company (2%) | | | | |
11,440,496 | | Payden Cash Reserves Money Market Fund* (Cost - $11,440) | | | 11,440 | |
| | | | | | |
Total Investments (Cost - $823,611) (98%) | | | 670,959 | |
Other Assets, net of Liabilities (2%) | | | 13,773 | |
Net Assets (100%) | | $ | 684,732 | |
| (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) | 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. |
| (c) | Yield to maturity at time of purchase. |
| (d) | Principal in foreign currency. |
| (e) | Perpetual security with no stated maturity date. |
| (f) | All or a portion of these securities are on loan. At October 31, 2023, the total market value of the Fund’s securities on loan is $3,391 and the total market value of the collateral held by the Fund is $3,653. Amounts in 000s. |
| (g) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
| (h) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
| (i) | 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. |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | |
Currency Purchased (000s) | | Currency Sold (000s) | | Counterparty | | Settlement
Date | | | Unrealized Appreciation (Depreciation) (000s) | |
Assets: | | | | | | | | | | | | |
CLP 2,758,700 | | USD 2,998 | | BNP PARIBAS | | | 11/10/2023 | | | $ | 83 | |
INR 638,620 | | USD 7,654 | | HSBC Bank USA, N.A. | | | 11/13/2023 | | | | 14 | |
KZT 1,751,300 | | USD 3,652 | | HSBC Bank USA, N.A. | | | 11/20/2023 | | | | 58 | |
USD 5,989 | | IDR 92,422,000 | | Barclays Bank PLC | | | 01/22/2024 | | | | 175 | |
USD 3,554 | | MYR 16,586 | | Barclays Bank PLC | | | 03/11/2024 | | | | 40 | |
USD 3,621 | | HUF 1,309,300 | | BNP PARIBAS | | | 11/16/2023 | | | | 9 | |
USD 11,229 | | RON 50,932 | | BNP PARIBAS | | | 11/20/2023 | | | | 382 | |
USD 8,084 | | CZK 179,270 | | BNP PARIBAS | | | 01/22/2024 | | | | 375 | |
USD 7,696 | | CNH 55,297 | | HSBC Bank USA, N.A. | | | 11/14/2023 | | | | 157 | |
USD 798 | | PEN 3,062 | | HSBC Bank USA, N.A. | | | 12/13/2023 | | | | 2 | |
USD 2,449 | | BRL 12,448 | | HSBC Bank USA, N.A. | | | 01/10/2024 | | | | — | |
USD 4,843 | | MXN 87,610 | | HSBC Bank USA, N.A. | | | 01/16/2024 | | | | 47 | |
USD 42,867 | | EUR 39,860 | | HSBC Bank USA, N.A. | | | 03/18/2024 | | | | 412 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,754 | |
| | | | | | | | | | | | |
Liabilities: | | | | | |
IDR 92,422,000 | | USD 5,871 | | Barclays Bank PLC | | | 01/22/2024 | | | | (56 | ) |
PEN 8,778 | | USD 2,338 | | HSBC Bank USA, N.A. | | | 12/13/2023 | | | | (57 | ) |
PLN 14,888 | | USD 3,534 | | BNP PARIBAS | | | 11/13/2023 | | | | (1 | ) |
RON 50,946 | | USD 10,864 | | BNP PARIBAS | | | 11/20/2023 | | | | (14 | ) |
THB 331,950 | | USD 9,481 | | Barclays Bank PLC | | | 11/20/2023 | | | | (229 | ) |
USD 19,637 | | THB 715,940 | | Barclays Bank PLC | | | 11/20/2023 | | | | (318 | ) |
USD 7,298 | | BRL 37,332 | | Barclays Bank PLC | | | 01/10/2024 | | | | (46 | ) |
USD 5,803 | | CLP 5,440,900 | | BNP PARIBAS | | | 11/10/2023 | | | | (273 | ) |
USD 1,579 | | CZK 36,970 | | BNP PARIBAS | | | 01/22/2024 | | | | (11 | ) |
USD 3,372 | | ZAR 64,650 | | BNP PARIBAS | | | 01/22/2024 | | | | (71 | ) |
90 Payden Mutual Funds
Open Forward Currency Contracts to USD
| | | | | | | | | | | | |
Currency Purchased (000s) | | Currency Sold (000s) | | Counterparty | | Settlement Date | | | Unrealized Appreciation (Depreciation) (000s) | |
USD 10,766 | | ZAR 204,060 | | HSBC Bank USA, N.A. | | | 01/22/2024 | | | $ | (104 | ) |
| | | | | | | | | | | | |
| | | | | | | | | | | (1,180 | ) |
| | | | | | | | | | | | |
| Net Unrealized Appreciation (Depreciation) | | | | | | | | | | $ | 574 | |
| | | | | | | | | | | | |
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, Receive Fixed 8.390% Annually, Pay Variable 11.504% (MXIBTIIE) 28 days | | | 04/01/2033 | | | | MXN 49,950 | | | $ | (216 | ) | | $ | — | | | $ | (216 | ) |
| 10-Year MXIBTIIE Swap, Receive Fixed 8.150% 28 Days, Pay Variable 11.504% (MXIBTIIE) 28 Days | | | 07/30/2032 | | | | MXN 74,200 | | | | (373 | ) | | | — | | | | (373 | ) |
| 10-Year MXIBTIIE Swap, Receive Fixed 8.340% 28 Days, Pay Variable 11.504% (MXIBTIIE) 28 Days | | | 03/29/2033 | | | | MXN 66,500 | | | | (300 | ) | | | — | | | | (300 | ) |
| 10-Year MXIBTIIE Swap, Receive Fixed 8.8% 28 Days, Pay Variable 11.504% (MXIBTIIE) 28 Days | | | 06/25/2032 | | | | MXN 92,400 | | | | (254 | ) | | | — | | | | (254 | ) |
| 10-Year MXIBTIIE Swap, Receive Fixed 8.81% 28 Days, Pay Variable 11.504% (MXIBTIIE) 28 Days | | | 06/24/2032 | | | | MXN 151,800 | | | | (412 | ) | | | — | | | | (412 | ) |
| 10-Year MXIBTIIE Swap, Receive Fixed 9.400% 28 Days, Pay Variable 11.504% (MXIBTIIE) 28 Days | | | 09/28/2033 | | | | MXN 87,700 | | | | (81 | ) | | | — | | | | (81 | ) |
| 8-Year Interest Rate Swap, Pay Fixed 1.341% Annually, Receive Variable 3.906% (ESTRON) Annually | | | 10/17/2030 | | | | EUR 2,250 | | | | 254 | | | | — | | | | 254 | |
| 8-Year SOFR Swap, Receive Fixed 2.776% Annually, Pay Variable 5.350% (SOFRRATE) Annually | | | 10/17/2030 | | | | USD 2,534 | | | | (262 | ) | | | — | | | | (262 | ) |
| 9-Year Interest Rate Swap, Pay Fixed 2.079% Annually, Receive Variable 3.882% (ESTRON) Annually | | | 10/30/2031 | | | | EUR 5,215 | | | | 423 | | | | — | | | | 423 | |
| 9-Year SOFR Swap, Receive Fixed 2.921% Annually, Pay Variable 5.350% (SOFRRATE) Annually | | | 10/30/2031 | | | | USD 5,530 | | | | (685 | ) | | | — | | | | (685 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | (1,906 | ) | | $ | — | | | $ | (1,906 | ) |
| | | | | | | | | | | | | | | | | | | | |
Offsetting Assets and Liabilities
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
| | | | |
| Total gross amount presented on the Statements of Assets and Liabilities1 | | $ | 3,391 | |
| Non-cash Collateral2 | | | (3,391 | ) |
| | | | |
| Net Amount | | $ | — | |
| | | | |
| 1 | The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. |
| 2 | At October 31, 2023, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. |
See notes to financial statements.
Annual Report 91
Payden Emerging Markets Local Bond Fund
| | | | |
| | |
| | The Fund seeks a high level of total return. |
| | Portfolio Composition - percent of investments |
| | |
| | Foreign Government | | 94% |
| | Corporate Bond | | 4% |
| | Investment Company | | 2% |
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| | This information is not part of the audited financial statements. | | |
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Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
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| Schedule of Investments - October 31, 2023 | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
Bonds (95%) | | | | |
Brazil (BRL) (12%) | | | | |
8,600,000 | | Brazil Letras do Tesouro Nacional, 12.09%, 1/01/24 BRL (a)(b) | | $ | 1,674 | |
789,714 | | Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/50 BRL (b) | | | 159 | |
20,800,000 | | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/25 BRL (b) | | | 4,080 | |
6,600,000 | | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/29 BRL (b) | | | 1,236 | |
6,800,000 | | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/31 BRL (b) | | | 1,244 | |
| | | | | 8,393 | |
Chile (CLP) (5%) | | | | |
655,132,680 | | Bonos de la Tesoreria de la Republica 144A, 3.40%, 10/01/39 CLP (b)(c)(d) | | | 737 | |
1,000,000,000 | | Bonos de la Tesoreria de la Republica en pesos 144A, 5.80%, 6/01/24 CLP (b)(c)(d) | | | 1,102 | |
490,000,000 | | Bonos de la Tesoreria de la Republica en pesos 144A, 5.80%, 10/01/34 CLP (b)(c)(d) | | | 511 | |
700,000,000 | | Bonos de la Tesoreria de la Republica en pesos 144A, 6.00%, 4/01/33 CLP (b)(c)(d) | | | 753 | |
130,000,000 | | Bonos de la Tesoreria de la Republica en pesos Series 30YR, 6.00%, 1/01/43 CLP (b) | | | 138 | |
| | | | | 3,241 | |
| | | | | | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
China (CNY) (8%) | | | | |
19,790,000 | | China Government Bond, 2.85%, 6/04/27 CNY (b) | | $ | 2,739 | |
3,000,000 | | China Government Bond, 3.02%, 10/22/25 CNY (b) | | | 416 | |
15,640,000 | | China Government Bond Series 1906, 3.29%, 5/23/29 CNY (b) | | | 2,226 | |
| | | | | 5,381 | |
Colombia (COP) (4%) | | | | |
898,686,360 | | Colombian TES, 3.50%, 5/07/25 COP (b) | | | 216 | |
4,860,000,000 | | Colombian TES Series B, 5.75%, 11/03/27 COP (b) | | | 989 | |
1,168,000,000 | | Colombian TES Series B, 6.00%, 4/28/28 COP (b) | | | 235 | |
1,208,500,000 | | Colombian TES Series B, 7.00%, 3/26/31 COP (b) | | | 232 | |
1,077,900,000 | | Colombian TES Series B, 7.50%, 8/26/26 COP (b) | | | 241 | |
4,210,000,000 | | Colombian TES Series B, 9.25%, 5/28/42 COP (b) | | | 817 | |
445,000,000 | | Empresas Publicas de Medellin ESP 144A, 7.63%, 9/10/24 COP (b)(d) | | | 103 | |
1,436,000,000 | | Empresas Publicas de Medellin ESP 144A, 8.38%, 11/08/27 COP (b)(d) | | | 286 | |
655,000,000 | | Financiera de Desarrollo Territorial SA Findeter 144A, 7.88%, 8/12/24 COP (b)(d) | | | 152 | |
| | | | | 3,271 | |
92 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
Czech Republic (CZK) (3%) | | | | |
44,270,000 | | Czech Republic Government Bond Series 125, 1.50%, 4/24/40 CZK (b) | | $ | 1,215 | |
33,520,000 | | Czech Republic Government Bond Series
103, 2.00%, 10/13/33 CZK (b) | | | 1,145 | |
| | | | | 2,360 | |
Dominica Republic (DOP) (0%) | | | | |
19,800,000 | | Dominican Republic International Bond 144A, 11.25%, 9/15/35 DOP (b)(d) | | | 346 | |
Hungary (HUF) (3%) | | | | |
621,720,000 | | Hungary Government Bond Series
30/A, 3.00%, 8/21/30 HUF (b) | | | 1,340 | |
216,280,000 | | Hungary Government Bond Series 41/A,
3.00%, 4/25/41 HUF (b) | | | 341 | |
124,000,000 | | Hungary Government Bond Series 31/A,
3.25%, 10/22/31 HUF (b) | | | 262 | |
29,620,000 | | Hungary Government Bond Series 32/A,
4.75%, 11/24/32 HUF (b) | | | 67 | |
18,110,000 | | Hungary Government Bond Series 28/A,
6.75%, 10/22/28 HUF (b) | | | 49 | |
| | | | | 2,059 | |
Indonesia (IDR) (7%) | | | | |
27,801,000,000 | | Indonesia Treasury Bond Series FR87,
6.50%, 2/15/31 IDR (b) | | | 1,684 | |
35,316,000,000 | | Indonesia Treasury Bond Series FR96,
7.00%, 2/15/33 IDR (b) | | | 2,206 | |
8,511,000,000 | | Indonesia Treasury Bond Series FR68,
8.38%, 3/15/34 IDR (b) | | | 580 | |
4,491,000,000 | | Indonesia Treasury Bond Series FR79,
8.38%, 4/15/39 IDR (b) | | | 310 | |
| | | | | 4,780 | |
Malaysia (MYR) (9%) | | | | |
1,200,000 | | Malaysia Government Bond Series 0319,
3.48%, 6/14/24 MYR (b) | | | 252 | |
2,455,000 | | Malaysia Government Bond Series 0513,
3.73%, 6/15/28 MYR (b) | | | 511 | |
2,650,000 | | Malaysia Government Bond Series 0219,
3.89%, 8/15/29 MYR (b) | | | 552 | |
7,320,000 | | Malaysia Government Bond Series 0417,
3.90%, 11/16/27 MYR (b) | | | 1,541 | |
3,370,000 | | Malaysia Government Bond Series 0316,
3.90%, 11/30/26 MYR (b) | | | 710 | |
4,235,000 | | Malaysia Government Bond Series 0222,
4.70%, 10/15/42 MYR (b) | | | 920 | |
4,280,000 | | Malaysia Government Bond Series 0317,
4.76%, 4/07/37 MYR (b) | | | 945 | |
4,400,000 | | Malaysia Government Bond Series 0418,
4.89%, 6/08/38 MYR (b) | | | 987 | |
| | | | | 6,418 | |
Mexico (MXN) (11%) | | | | |
4,730,000 | | America Movil SAB de CV, 9.50%, 1/27/31 MXN (b) | | | 246 | |
7,270,000 | | Grupo Televisa SAB, 7.25%, 5/14/43 MXN (b) | | | 249 | |
18,780,000 | | Mexican Bonos Series M, 5.50%, 3/04/27 MXN (b) | | | 902 | |
9,690,000 | | Mexican Bonos Series M, 7.75%, 5/29/31 MXN (b) | | | 469 | |
9,750,000 | | Mexican Bonos Series M, 7.75%, 11/13/42 MXN (b) | | | 432 | |
| | | | | | |
Principal or
Shares | | Security Description | | Value
(000) | |
| | |
11,500,000 | | Mexican Bonos Series M, 8.00%, 9/05/24 MXN (b) | | $ | 621 | |
22,930,000 | | Mexican Bonos Series M, 8.00%, 11/07/47 MXN (b) | | | 1,033 | |
6,800,000 | | Mexican Bonos Series M, 8.00%, 7/31/53 MXN (b) | | | 303 | |
7,660,000 | | Mexican Bonos Series M, 8.50%, 5/31/29 MXN (b) | | | 395 | |
18,700,000 | | Mexican Bonos Series M, 8.50%, 11/18/38 MXN (b) | | | 906 | |
17,750,000 | | Mexican Bonos Series M, 10.00%, 12/05/24 MXN (b) | | | 971 | |
12,566,649 | | Mexican Udibonos Series S, 3.50%, 11/16/23 MXN (b) | | | 696 | |
5,860,000 | | Petroleos Mexicanos 13-2, 7.19%, 9/12/24 MXN (b) | | | 307 | |
| | | | | 7,530 | |
Morocco (USD) (0%) | | | | |
200,000 | | Morocco Government International Bond 144A, 5.95%, 3/08/28 (d) | | | 196 | |
Oman (USD) (0%) | | | | |
200,000 | | Oman Government International Bond 144A, 7.38%, 10/28/32 (d) | | | 208 | |
Peru (PEN) (5%) | | | | |
2,520,000 | | Banco de Credito del Peru S.A. 144A, 4.65%, 9/17/24 PEN (b)(d) | | | 634 | |
2,545,000 | | Fondo MIVIVIENDA SA 144A, 7.00%, 2/14/24 PEN (b)(d) | | | 657 | |
5,466,000 | | Peru Government Bond, 5.35%, 8/12/40 PEN (b) | | | 1,108 | |
2,695,000 | | Peru Government Bond, 5.94%, 2/12/29 PEN (b) | | | 673 | |
2,310,000 | | Peru Government Bond 144A, 7.30%, 8/12/33 PEN (b)(c)(d) | | | 590 | |
| | | | | 3,662 | |
Philippines (PHP) (0%) | | | | |
17,000,000 | | Philippine Government International Bond, 6.25%, 1/14/36 PHP (b) | | | 285 | |
Poland (PLN) (4%) | | | | |
2,810,000 | | Republic of Poland Government Bond Series 0432, 1.75%, 4/25/32 PLN (b) | | | 497 | |
745,000 | | Republic of Poland Government Bond Series 0726, 2.50%, 7/25/26 PLN (b) | | | 165 | |
4,675,000 | | Republic of Poland Government Bond Series 0527, 3.75%, 5/25/27 PLN (b) | | | 1,060 | |
3,370,000 | | Republic of Poland Government Bond Series 1033, 6.00%, 10/25/33 PLN (b) | | | 821 | |
| | | | | 2,543 | |
Romania (RON) (3%) | | | | |
6,290,000 | | Romania Government Bond Series 15Y, 3.65%, 9/24/31 RON (b) | | | 1,090 | |
885,000 | | Romania Government Bond Series 8Y, 4.15%, 1/26/28 RON (b) | | | 173 | |
4,540,000 | | Romania Government Bond Series 15YR, 5.80%, 7/26/27 RON (b) | | | 942 | |
| | | | | 2,205 | |
Serbia (EUR) (0%) | | | | |
255,000 | | Serbia International Bond 144A, 3.13%, 5/15/27 EUR (b)(d) | | | 245 | |
Annual Report 93
Payden Emerging Markets Local Bond Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
South Africa (ZAR) (10%) | | | | |
28,765,000 | | Republic of South Africa Government Bond Series R214, 6.50%, 2/28/41 ZAR (b) | | $ | 885 | |
44,035,000 | | Republic of South Africa Government Bond Series 2037, 8.50%, 1/31/37 ZAR (b) | | | 1,747 | |
34,125,000 | | Republic of South Africa Government Bond Series 2048, 8.75%, 2/28/48 ZAR (b) | | | 1,283 | |
13,850,000 | | Republic of South Africa Government Bond Series 2035, 8.88%, 2/28/35 ZAR (b) | | | 592 | |
40,530,000 | | Republic of South Africa Government Bond Series 2040, 9.00%, 1/31/40 ZAR (b) | | | 1,617 | |
14,355,000 | | Republic of South Africa Government Bond Series R186, 10.50%, 12/21/26 ZAR (b) | | | 794 | |
| | | | | 6,918 | |
South Korea (MXN) (0%) | | | | |
5,000,000 | | Export-Import Bank of Korea Series 19, 7.93%, 7/30/26 MXN (b) | | | 254 | |
Supranational (COP) (1%) | | | | |
2,806,000,000 | | Asian Development Bank, 11.20%, 1/31/25 COP (b) | | | 664 | |
Thailand (THB) (6%) | | | | |
40,420,000 | | Thailand Government Bond, 1.59%, 12/17/35 THB (b) | | | 925 | |
21,620,000 | | Thailand Government Bond, 2.00%, 12/17/31 THB (b) | | | 552 | |
20,730,000 | | Thailand Government Bond, 2.00%, 6/17/42 THB (b) | | | 449 | |
13,310,000 | | Thailand Government Bond, 2.88%, 6/17/46 THB (b) | | | 317 | |
21,500,000 | | Thailand Government Bond, 3.30%, 6/17/38 THB (b) | | | 578 | |
5,280,000 | | Thailand Government Bond, 3.45%, 6/17/43 THB (b) | | | 142 | |
25,990,000 | | Thailand Government Bond, 3.65%, 6/20/31 THB (b) | | | 748 | |
16,550,000 | | Thailand Government Bond, 3.78%, 6/25/32 THB (b) | | | 481 | |
| | | | | 4,192 | |
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
Ukraine (USD) (0%) | | | | |
205,000 | | Ukraine Government International Bond 144A, 6.88%, 5/21/31 (d) | | $ | 52 | |
United Kingdom (IDR) (1%) | | | | |
8,600,000,000 | | Standard Chartered Bank 144A, 6.50%, 2/20/31 IDR (b)(d) | | | 521 | |
United States (IDR) (1%) | | | | |
6,394,000,000 | | JPMorgan Chase Bank N.A. 144A, 9.50%, 7/17/31 IDR (b)(d) | | | 456 | |
Uruguay (UYU) (1%) | | | | |
9,397,673 | | Uruguay Government International Bond, 3.88%, 7/02/40 UYU (b) | | | 239 | |
18,870,000 | | Uruguay Government International Bond, 8.25%, 5/21/31 UYU (b) | | | 431 | |
13,520,000 | | Uruguay Government International Bond, 9.75%, 7/20/33 UYU (b) | | | 337 | |
| | | | | 1,007 | |
Uzbekistan (UZS) (1%) | | | | |
2,960,000,000 | | Republic of Uzbekistan International Bond 144A, 14.00%, 7/19/24 UZS (b)(d) | | | 242 | |
2,500,000,000 | | Republic of Uzbekistan International Bond 144A, 16.25%, 10/12/26 UZS (b)(d) | | | 205 | |
| | | | | 447 | |
Total Bonds (Cost - $72,940) | | | 67,634 | |
Investment Company (2%) | | | | |
1,110,377 | | Payden Cash Reserves Money Market Fund* | | | | |
| | (Cost - $1,110) | | | 1,110 | |
Total Investments (Cost - $74,050) (97%) | | | 68,744 | |
Other Assets, net of Liabilities (3%) | | | 2,005 | |
Net Assets (100%) | | $ | 70,749 | |
| (a) | Yield to maturity at time of purchase. |
| (b) | Principal in foreign currency. |
| (c) | 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. |
| (d) | 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. |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | | | | | |
Currency Purchased (000s) | | Currency Sold (000s) | | Counterparty | | Settlement
Date | | Unrealized Appreciation (Depreciation) (000s) |
Assets: | | | | | | | | | | | | | | | | | | | | |
CLP 360,768 | | | | USD 399 | | | | | BNP PARIBAS | | | | | 11/10/2023 | | | | $ | 4 | |
INR 88,630 | | | | USD 1,062 | | | |
| HSBC Bank
USA, N.A. |
| | | | 11/13/2023 | | | | | 2 | |
KZT 167,700 | | | | USD 350 | | | |
| HSBC Bank
USA, N.A. |
| | | | 11/20/2023 | | | | | 5 | |
USD 339 | | | | MYR 1,582 | | | |
| Barclays Bank
PLC |
| | | | 03/11/2024 | | | | | 4 | |
USD 509 | | | | HUF 184,200 | | | | | BNP PARIBAS | | | | | 11/16/2023 | | | | | 1 | |
USD 493 | | | | RON 2,261 | | | | | BNP PARIBAS | | | | | 11/20/2023 | | | | | 12 | |
USD 442 | | | | CZK 9,840 | | | | | BNP PARIBAS | | | | | 01/22/2024 | | | | | 19 | |
USD 673 | | | | TND 2,180 | | | | | BNP PARIBAS | | | | | 04/08/2024 | | | | | 7 | |
USD 179 | | | | CNH 1,309 | | | |
| HSBC Bank
USA, N.A. |
| | | | 11/14/2023 | | | | | 1 | |
USD 616 | | | | PEN 2,299 | | | |
| HSBC Bank
USA, N.A. |
| | | | 12/13/2023 | | | | | 18 | |
USD 1,892 | | | | MXN 34,230 | | | |
| HSBC Bank
USA, N.A. |
| | | | 01/16/2024 | | | | | 18 | |
USD 2,752 | | | | EUR 2,574 | | | |
| HSBC Bank
USA, N.A. |
| | | | 03/18/2024 | | | | | 11 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 102 | |
| | | | | | | | | | | | | | | | | | | | |
94 Payden Mutual Funds
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | | | | | |
Currency Purchased (000s) | | Currency Sold (000s) | | Counterparty | | Settlement Date | | Unrealized Appreciation (Depreciation) (000s) |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
BRL 1,587 | | | | USD 319 | | | |
| HSBC Bank
USA, N.A. |
| | | | 01/10/2024 | | | | $ | (7 | ) |
CNH 3,216 | | | | USD 444 | | | |
| HSBC Bank
USA, N.A. |
| | | | 11/14/2023 | | | | | (5 | ) |
CZK 43,230 | | | | USD 1,925 | | | |
| BNP
PARIBAS |
| | | | 01/22/2024 | | | | | (66 | ) |
HUF 228,500 | | | | USD 632 | | | |
| BNP
PARIBAS |
| | | | 11/16/2023 | | | | | (1 | ) |
IDR 10,913,000 | | | | USD 707 | | | |
| Barclays
Bank PLC |
| | | | 01/22/2024 | | | | | (21 | ) |
IDR 7,221,000 | | | | USD 463 | | | |
| Barclays
Bank PLC |
| | | | 01/22/2024 | | | | | (8 | ) |
MYR 3,712 | | | | USD 797 | | | |
| Barclays
Bank PLC |
| | | | 03/11/2024 | | | | | (10 | ) |
PEN 268 | | | | USD 70 | | | |
| HSBC Bank
USA, N.A. |
| | | | 12/13/2023 | | | | | — | |
PHP 1,200 | | | | USD 21 | | | |
| Barclays
Bank PLC |
| | | | 11/21/2023 | | | | | — | |
PLN 18,927 | | | | USD 4,498 | | | |
| BNP
PARIBAS |
| | | | 11/13/2023 | | | | | (5 | ) |
RON 4,347 | | | | USD 927 | | | |
| BNP
PARIBAS |
| | | | 11/20/2023 | | | | | (2 | ) |
THB 120,980 | | | | USD 3,425 | | | |
| Barclays
Bank PLC |
| | | | 11/20/2023 | | | | | (53 | ) |
TRY 13,188 | | | | USD 478 | | | |
| Goldman
Sachs & Co. |
| | | | 11/27/2023 | | | | | (22 | ) |
USD 1,437 | | | | THB 51,860 | | | |
| Barclays
Bank PLC |
| | | | 11/20/2023 | | | | | (9 | ) |
USD 261 | | | | PHP 14,800 | | | |
| Barclays
Bank PLC |
| | | | 11/21/2023 | | | | | — | |
USD 648 | | | | BRL 3,317 | | | |
| Barclays
Bank PLC |
| | | | 01/10/2024 | | | | | (4 | ) |
USD 781 | | | | COP 3,483,000 | | | |
| Barclays
Bank PLC |
| | | | 01/11/2024 | | | | | (51 | ) |
USD 1,172 | | | | CLP 1,098,300 | | | |
| BNP
PARIBAS |
| | | | 11/10/2023 | | | | | (55 | ) |
USD 1,027 | | | | PLN 4,441 | | | |
| BNP
PARIBAS |
| | | | 11/13/2023 | | | | | (27 | ) |
USD 660 | | | | ZAR 12,660 | | | |
| BNP
PARIBAS |
| | | | 01/22/2024 | | | | | (14 | ) |
USD 65 | | | | COP 282,000 | | | |
| Citibank,
N.A. |
| | | | 01/11/2024 | | | | | (2 | ) |
USD 37 | | | | ZAR 700 | | | |
| Goldman
Sachs & Co. |
| | | | 01/22/2024 | | | | | (1 | ) |
USD 74 | | | | BRL 379 | | | |
| HSBC Bank
USA, N.A. |
| | | | 01/10/2024 | | | | | (1 | ) |
USD 966 | | | | ZAR 18,310 | | | |
| HSBC Bank
USA, N.A. |
| | | | 01/22/2024 | | | | | (9 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | (373 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Net Unrealized Appreciation (Depreciation) | | | | $ | (271 | ) |
| | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Contract Type | | Number of Contracts | | Expiration Date | | Notional Amount (000s) | | Current Value (000s) | | Unrealized Appreciation (000s) |
Short Contracts: | | | | | | |
U.S. Treasury 10-Year Note Future | | 7 | | Dec-23 | | | $ | (743 | ) | | | $ | 28 | | | | $ | 28 | |
| | | | | | | | | | | | | | | | | | | |
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, Receive Fixed 8.15% Monthly, Pay Variable 11.4979% (MXIBTIIE) Monthly | | 07/30/2032 | | MXN 2,800 | | | $ | (14 | ) | | | $ | — | | | | $ | (14 | ) |
| 10-Year Interest Rate Swap, Receive Fixed 8.29% Monthly, Pay Variable 11.506% (MXIBTIIE) Monthly | | 03/23/2033 | | MXN 8,000 | | | | (38 | ) | | | | — | | | | | (38 | ) |
| 10-Year Interest Rate Swap, Receive Fixed 8.63% Monthly, Pay Variable 11.4977% (MXIBTIIE) Monthly | | 08/30/2032 | | MXN 5,600 | | | | (19 | ) | | | | — | | | | | (19 | ) |
| 10-Year Interest Rate Swap, Receive Fixed 8.80% Monthly, Pay Variable 11.5047% (MXIBTIIE) Monthly | | 06/25/2032 | | MXN 3,500 | | | | (10 | ) | | | | — | | | | | (10 | ) |
| 10-Year Interest Rate Swap, Receive Fixed 8.81% Monthly, Pay Variable 11.5047% (MXIBTIIE) Monthly | | 06/24/2032 | | MXN 5,700 | | | | (16 | ) | | | | — | | | | | (16 | ) |
| 10-Year Interest Rate Swap, Receive Fixed 9.4% Monthly, Pay Variable 11.4977% (MXIBTIIE) Monthly | | 09/28/2033 | | MXN 7,900 | | | | (7 | ) | | | | — | | | | | (7 | ) |
See notes to financial statements.
Annual Report 95
Payden Emerging Markets Local Bond Fund continued
Open Centrally Cleared Interest Rate Swap Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity Date | | Notional Amount (000s) | | Value (000s) | | Upfront payments/ receipts (000s) | | Unrealized Appreciation/ (Depreciation) (000s) |
| 5-Year Interest Rate Swap, Receive Fixed 2.4875% Quarterly, Pay Variable 2.5% (CNRR007) Quarterly | | 04/25/2027 | | | | CNY 3,740 | | | | | 4 | | | | | — | | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | (100 | ) | | | $ | — | | | | $ | (100 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
96 Payden Mutual Funds
Payden Emerging Markets Corporate Bond Fund
| | | | |
| | The Fund seeks a high level of total return. |
| | | Portfolio Composition - percent of investments |
| | Corporate Bond | | 85% |
| | Investment Company | | 6% |
| | Foreign Government | | 3% |
| | U.S. Treasury | | 3% |
| | Bank Loans | | 2% |
| | Other | | 1% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | This information is not part of the audited financial statements. |
|
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s SI Class is expected to perform similarly to its Investor Class, except for class specific expenses & waivers. |
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Schedule of Investments - October 31, 2023 | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
Bonds (95%) | | | | |
Argentina (USD) (0%) | | | | |
1 | | Pampa Energia SA 144A, 9.50%, 12/08/26 (a) | | $ | — | |
Austria (USD) (0%) | | | | |
200,000 | | Klabin Austria GmbH 144A, 5.75%, 4/03/29 (a) | | | 190 | |
Bahamas (USD) (1%) | | | | |
445,000 | | Intercorp Peru Ltd. 144A, 3.88%, 8/15/29 (a) | | | 359 | |
Bermuda (USD) (3%) | | | | |
200,000 | | Bermuda Government International Bond 144A, 3.72%, 1/25/27 (a) | | | 187 | |
300,000 | | CBQ Finance Ltd., 2.00%, 9/15/25 (b) | | | 276 | |
179,001 | | Digicel Group Holdings Ltd. 144A, 8.00%, 4/01/25 (a)(c) | | | 38 | |
760,000 | | Geopark Ltd. 144A, 5.50%, 1/17/27 (a) | | | 639 | |
200,000 | | Inkia Energy Ltd. 144A, 5.88%, 11/09/27 (a) | | | 189 | |
500,000 | | Ooredoo International Finance Ltd. 144A, 5.00%, 10/19/25 (a) | | | 493 | |
360,000 | | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak 144A, 4.85%, 10/14/38 (a) | | | 298 | |
200,000 | | Tengizchevroil Finance Co. International Ltd. 144A, 3.25%, 8/15/30 (a) | | | 149 | |
| | | | | 2,269 | |
Brazil (USD) (2%) | | | | |
400,000 | | Banco do Brasil SA 144A, 4.75%, 3/20/24 (a) | | | 396 | |
200,000 | | Banco Nacional de Desenvolvimento Economicoe Social 144A, 4.75%, 5/09/24 (a) | | | 198 | |
200,000 | | BRF SA 144A, 4.88%, 1/24/30 (a) | | | 163 | |
200,000 | | BRF SA, 4.88%, 1/24/30 (b) | | | 163 | |
| | | | | | |
| | |
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
489,088 | | Prumo Participacoes e Investimentos S/A 144A, 7.50%, 12/31/31 (a) | | $ | 457 | |
| | | | | 1,377 | |
Canada (USD) (1%) | | | | |
400,000 | | TransCanada PipeLines Ltd., 6.20%, 3/09/26 | | | 400 | |
200,000 | | Vale Canada Ltd., 7.20%, 9/15/32 | | | 202 | |
| | | | | 602 | |
Cayman Islands (USD) (9%) | | | | |
200,000 | | Alibaba Group Holding Ltd., 3.40%, 12/06/27 | | | 183 | |
400,000 | | Alibaba Group Holding Ltd., 3.60%, 11/28/24 | | | 390 | |
400,000 | | Baidu Inc., 4.38%, 5/14/24 | | | 397 | |
244,908 | | Bioceanico Sovereign Certificate Ltd. 144A, 4.31%, 6/05/34 (a)(d) | | | 169 | |
600,000 | | Country Garden Holdings Co. Ltd., 3.30%, 1/12/31 (b) | | | 24 | |
200,000 | | Country Garden Holdings Co. Ltd.,
5.13%, 1/14/27 (b) | | | 9 | |
200,000 | | Dar Al-Arkan Sukuk Co. Ltd., 7.75%, 2/07/26 (b) | | | 197 | |
200,000 | | DP World Crescent Ltd. 144A, 4.85%, 9/26/28 (a) | | | 190 | |
300,000 | | Energuate Trust 144A, 5.88%, 5/03/27 (a) | | | 270 | |
200,000 | | Gran Tierra Energy International Holdings Ltd. 144A, 6.25%, 2/15/25 (a) | | | 186 | |
350,000 | | Hutchison Whampoa International 14 Ltd. 144A, 3.63%, 10/31/24 (a) | | | 343 | |
200,000 | | Kaisa Group Holdings Ltd., 11.50%, 1/30/24 | | | 7 | |
400,000 | | MAF Global Securities Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.893%), 7.88% (b)(e)(f) | | | 395 | |
Annual Report 97
Payden Emerging Markets Corporate Bond Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
200,000 | | Melco Resorts Finance Ltd. 144A, 4.88%, 6/06/25 (a) | | $ | 189 | |
200,000 | | Melco Resorts Finance Ltd. 144A, 5.38%, 12/04/29 (a) | | | 159 | |
98,900 | | Odebrecht Oil & Gas Finance Ltd. 144A, 31.50% (a)(d)(e) | | | 2 | |
360,000 | | QNB Finance Ltd., 2.63%, 5/12/25 (b) | | | 340 | |
250,000 | | QNB Finance Ltd., 2.75%, 2/12/27 (b) | | | 227 | |
200,000 | | SA Global Sukuk Ltd., 0.95%, 6/17/24 (b) | | | 194 | |
390,000 | | SA Global Sukuk Ltd. 144A, 1.60%, 6/17/26 (a) | | | 350 | |
200,000 | | Sable International Finance Ltd. 144A, 5.75%, 9/07/27 (a) | | | 181 | |
690,000 | | Saudi Electricity Global Sukuk Co. 3 144A, 4.00%, 4/08/24 (a) | | | 684 | |
200,000 | | Saudi Electricity Global Sukuk Co. 4, 4.22%, 1/27/24 (b) | | | 199 | |
200,000 | | Shelf Drilling Holdings Ltd. 144A, 9.63%, 4/15/29 (a) | | | 190 | |
215,000 | | Shimao Group Holdings Ltd.,
5.60%, 7/15/26 (b)(c) | | | 5 | |
200,000 | | Vale Overseas Ltd., 6.25%, 8/10/26 | | | 202 | |
190,000 | | Vale Overseas Ltd., 6.88%, 11/21/36 | | | 188 | |
325,000 | | Weibo Corp., 3.38%, 7/08/30 | | | 252 | |
200,000 | | Weibo Corp., 3.50%, 7/05/24 | | | 196 | |
| | | | | 6,318 | |
Chile (USD) (3%) | | | | |
531,662 | | Alfa Desarrollo SpA 144A, 4.55%, 9/27/51 (a) | | | 346 | |
350,000 | | Celulosa Arauco y Constitucion SA, 4.50%, 8/01/24 | | | 345 | |
660,000 | | Chile Electricity PEC SpA 144A, 5.11%, 1/25/28 (a)(d) | | | 507 | |
200,000 | | Colbun SA 144A, 3.15%, 3/06/30 (a) | | | 164 | |
200,000 | | Colbun SA 144A, 3.15%, 1/19/32 (a) | | | 158 | |
455,000 | | Interchile SA 144A, 4.50%, 6/30/56 (a) | | | 330 | |
200,000 | | Inversiones CMPC SA 144A, 4.75%, 9/15/24 (a) | | | 197 | |
280,000 | | Sociedad de Transmision Austral SA 144A, 4.00%, 1/27/32 (a) | | | 231 | |
| | | | | 2,278 | |
Colombia (USD) (2%) | | | | |
400,000 | | Bancolombia SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.944%), 4.63%, 12/18/29 (f) | | | 350 | |
200,000 | | Colombia Telecomunicaciones SA ESP 144A, 4.95%, 7/17/30 (a) | | | 132 | |
290,000 | | Ecopetrol SA, 5.38%, 6/26/26 | | | 278 | |
170,000 | | Ecopetrol SA, 8.63%, 1/19/29 | | | 170 | |
200,000 | | Promigas SA ESP/Gases del Pacifico SAC 144A, 3.75%, 10/16/29 (a) | | | 161 | |
| | | | | 1,091 | |
France (USD) (0%) | | | | |
425,000 | | Altice France SA 144A, 5.13%, 7/15/29 (a) | | | 291 | |
Hong Kong (USD) (1%) | | | | |
310,000 | | AIA Group Ltd. 144A, 4.95%, 4/04/33 (a) | | | 285 | |
200,000 | | Lenovo Group Ltd. 144A, 6.54%, 7/27/32 (a) | | | 194 | |
| | | | | 479 | |
India (USD) (4%) | | | | |
175,250 | | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt. Ltd./Wardha Solar Maharash 144A, 4.63%, 10/15/39 (a) | | | 122 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
200,000 | | Bharti Airtel Ltd. 144A, 4.38%, 6/10/25 (a) | | $ | 195 | |
200,000 | | Export-Import Bank of India, 3.88%, 3/12/24 (b) | | | 198 | |
200,000 | | Export-Import Bank of India 144A, 3.88%, 2/01/28 (a) | | | 184 | |
200,000 | | ICICI Bank Ltd. 144A, 4.00%, 3/18/26 (a) | | | 192 | |
260,000 | | Power Finance Corp. Ltd., 4.50%, 6/18/29 (b) | | | 237 | |
250,000 | | Reliance Industries Ltd. 144A, 3.63%, 1/12/52 (a) | | | 152 | |
200,000 | | Shriram Finance Ltd. 144A, 4.15%, 7/18/25 (a) | | | 189 | |
490,000 | | Shriram Finance Ltd. 144A, 4.40%, 3/13/24 (a) | | | 484 | |
425,000 | | Summit Digitel Infrastructure Ltd. 144A, 2.88%, 8/12/31 (a) | | | 316 | |
| | | | | 2,269 | |
Indonesia (USD) (1%) | | | | |
200,000 | | Cikarang Listrindo Tbk PT 144A, 4.95%, 9/14/26 (a) | | | 190 | |
900,000 | | Indofood CBP Sukses Makmur Tbk PT, 3.40%, 6/09/31 (b) | | | 719 | |
| | | | | 909 | |
Ireland (USD) (1%) | | | | |
765,000 | | C&W Senior Financing DAC 144A, 6.88%, 9/15/27 (a) | | | 658 | |
Isle of Man (USD) (0%) | | | | |
120,000 | | AngloGold Ashanti Holdings PLC, 6.50%, 4/15/40 | | | 104 | |
Israel (USD) (1%) | | | | |
295,000 | | Energean Israel Finance Ltd. 144A,
4.88%, 3/30/26 (a)(b) | | | 261 | |
260,000 | | Leviathan Bond Ltd. 144A, 6.75%, 6/30/30 (a)(b) | | | 221 | |
| | | | | 482 | |
Jersey (USD) (0%) | | | | |
260,000 | | Galaxy Pipeline Assets Bidco Ltd. 144A, 2.63%, 3/31/36 (a) | | | 197 | |
Kazakhstan (USD) (0%) | | | | |
200,000 | | KazMunayGas National Co. JSC 144A, 5.38%, 4/24/30 (a) | | | 179 | |
Luxembourg (USD) (2%) | | | | |
200,000 | | Altice France Holding SA 144A, 10.50%, 5/15/27 (a) | | | 109 | |
220,000 | | B2W Digital Lux Sarl 144A, 4.38%, 12/20/30 (a)(c) | | | 33 | |
200,000 | | Cosan Luxembourg SA 144A, 7.50%, 6/27/30 (a) | | | 195 | |
200,000 | | EIG Pearl Holdings Sarl, 4.39%, 11/30/46 (b) | | | 137 | |
360,000 | | Millicom International Cellular SA 144A, 6.63%, 10/15/26 (a) | | | 342 | |
400,000 | | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (a) | | | 393 | |
316,108 | | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | | | 253 | |
200,000 | | Unigel Luxembourg SA 144A, 8.75%, 10/01/26 (a) | | | 72 | |
| | | | | 1,534 | |
Malaysia (MYR) (0%) | | | | |
750,000 | | Malaysia Government Bond Series 0418, 4.89%, 6/08/38 MYR (g) | | | 168 | |
98 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
Malaysia (USD) (0%) | | | | |
200,000 | | Petronas Capital Ltd. 144A, 3.50%, 3/18/25 (a) | | $ | 194 | |
Marshall Islands (USD) (1%) | | | | |
301,942 | | Nakilat Inc. 144A, 6.07%, 12/31/33 (a) | | | 303 | |
Mauritius (USD) (2%) | | | | |
185,500 | | Greenko Power II Ltd. 144A, 4.30%, 12/13/28 (a) | | | 156 | |
300,000 | | Greenko Solar Mauritius Ltd. 144A, 5.95%, 7/29/26 (a) | | | 277 | |
663,000 | | India Cleantech Energy 144A, 4.70%, 8/10/26 (a) | | | 580 | |
400,000 | | MTN Mauritius Investments Ltd. 144A, 4.76%, 11/11/24 (a) | | | 391 | |
| | | | | 1,404 | |
Mexico (MXN) (1%) | | | | |
4,870,000 | | Mexican Bonos Series M, 8.50%, 11/18/38 MXN (g) | | | 236 | |
Mexico (USD) (13%) | | | | |
200,000 | | America Movil SAB de CV, 4.70%, 7/21/32 | | | 181 | |
200,000 | | Banco Mercantil del Norte SA 144A, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.034%), 6.63% (a)(e)(f) | | | 150 | |
200,000 | | Banco Mercantil del Norte SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.967%), 6.75% (a)(e)(f) | | | 195 | |
800,000 | | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.995%), 7.53%, 10/01/28 (a)(f) | | | 800 | |
200,000 | | BBVA Bancomer SA 144A, 1.88%, 9/18/25 (a) | | | 184 | |
200,000 | | BBVA Bancomer SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.661%), 8.45%, 6/29/38 (a)(f) | | | 191 | |
630,000 | | Becle SAB de CV 144A, 2.50%, 10/14/31 (a) | | | 462 | |
260,000 | | Cemex SAB de CV 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.534%), 5.13% (a)(e)(f) | | | 241 | |
200,000 | | Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV 144A, 4.96%, 7/18/29 (a) | | | 178 | |
200,000 | | Coca-Cola Femsa SAB de CV, 1.85%, 9/01/32 | | | 146 | |
200,000 | | Coca-Cola Femsa SAB de CV, 2.75%, 1/22/30 | | | 168 | |
160,400 | | Cometa Energia SA de CV 144A, 6.38%, 4/24/35 (a) | | | 146 | |
420,000 | | Corp. Inmobiliaria Vesta SAB de CV 144A, 3.63%, 5/13/31 (a) | | | 336 | |
200,000 | | El Puerto de Liverpool SAB de CV 144A, 3.95%, 10/02/24 (a) | | | 195 | |
600,000 | | Electricidad Firme de Mexico Holdings SA de CV 144A, 4.90%, 11/20/26 (a) | | | 523 | |
202,899 | | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a) | | | 190 | |
200,000 | | Gruma SAB de CV 144A, 4.88%, 12/01/24 (a) | | | 197 | |
820,000 | | Grupo Axo SAPI de CV 144A, 5.75%, 6/08/26 (a) | | | 717 | |
200,000 | | Grupo Bimbo SAB de CV 144A, 3.88%, 6/27/24 (a) | | | 198 | |
250,000 | | Infraestructura Energetica Nova SAPI de CV 144A, 3.75%, 1/14/28 (a) | | | 229 | |
600,000 | | Kimberly-Clark de Mexico SAB de CV 144A, 2.43%, 7/01/31 (a) | | | 477 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
400,000 | | Kimberly-Clark de Mexico SAB de CV 144A, 3.25%, 3/12/25 (a) | | $ | 385 | |
184,187 | | Mexico Generadora de Energia S de rl 144A, 5.50%, 12/06/32 (a)(h) | | | 169 | |
440,000 | | Orbia Advance Corp. SAB de CV 144A, 1.88%, 5/11/26 (a) | | | 391 | |
200,000 | | Petroleos Mexicanos, 4.50%, 1/23/26 | | | 180 | |
165,000 | | Petroleos Mexicanos, 5.95%, 1/28/31 | | | 118 | |
250,000 | | Petroleos Mexicanos, 6.49%, 1/23/27 | | | 221 | |
70,000 | | Petroleos Mexicanos, 6.75%, 9/21/47 | | | 40 | |
920,000 | | Sitios Latinoamerica SAB de CV 144A, 5.38%, 4/04/32 (a) | | | 775 | |
200,000 | | Trust Fibra Uno 144A, 6.95%, 1/30/44 (a) | | | 154 | |
| | | | | 8,537 | |
Netherlands (USD) (8%) | | | | |
200,000 | | Bharti Airtel International Netherlands BV 144A, 5.35%, 5/20/24 (a) | | | 199 | |
200,000 | | Embraer Netherlands Finance BV 144A, 7.00%, 7/28/30 (a) | | | 195 | |
205,000 | | MEGlobal BV 144A, 2.63%, 4/28/28 (a) | | | 175 | |
575,000 | | Minejesa Capital BV 144A, 5.63%, 8/10/37 (a) | | | 426 | |
1,050,000 | | Petrobras Global Finance BV, 6.25%, 3/17/24 | | | 1,046 | |
200,000 | | Prosus NV 144A, 3.06%, 7/13/31 (a) | | | 144 | |
400,000 | | Prosus NV, 3.06%, 7/13/31 (b) | | | 289 | |
630,000 | | Prosus NV 144A, 3.83%, 2/08/51 (a) | | | 322 | |
415,000 | | Prosus NV 144A, 4.03%, 8/03/50 (a) | | | 224 | |
200,000 | | Prosus NV 144A, 4.99%, 1/19/52 (a) | | | 124 | |
800,000 | | Sigma Finance Netherlands BV 144A, 4.88%, 3/27/28 (a) | | | 753 | |
715,000 | | Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24 | | | 711 | |
595,000 | | Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/01/28 | | | 570 | |
| | | | | 5,178 | |
Norway (USD) (1%) | | | | |
500,000 | | Var Energi ASA 144A, 8.00%, 11/15/32 (a) | | | 516 | |
Panama (USD) (1%) | | | | |
336,956 | | AES Panama Generation Holdings SRL 144A, 4.38%, 5/31/30 (a) | | | 275 | |
528,255 | | UEP Penonome II SA 144A, 6.50%, 10/01/38 (a) | | | 398 | |
| | | | | 673 | |
Peru (USD) (2%) | | | | |
355,000 | | Banco de Credito del Peru S.A. 144A, 2.70%, 1/11/25 (a) | | | 340 | |
200,000 | | Consorcio Transmantaro SA 144A, 4.70%, 4/16/34 (a) | | | 174 | |
635,000 | | Kallpa Generacion SA 144A, 4.13%, 8/16/27 (a) | | | 577 | |
350,000 | | Kallpa Generacion SA 144A, 4.88%, 5/24/26 (a) | | | 334 | |
| | | | | 1,425 | |
Saudi Arabia (USD) (1%) | | | | |
355,000 | | Saudi Arabian Oil Co., 2.88%, 4/16/24 (b) | | | 350 | |
200,000 | | Saudi Arabian Oil Co. 144A, 2.88%, 4/16/24 (a) | | | 197 | |
555,000 | | Saudi Arabian Oil Co. 144A, 3.25%, 11/24/50 (a) | | | 329 | |
| | | | | 876 | |
Annual Report 99
Payden Emerging Markets Corporate Bond Fund continued
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
Singapore (USD) (1%) | | | | |
200,000 | | Continuum Energy Aura Pte Ltd. 144A, 9.50%, 2/24/27 (a) | | $ | 198 | |
222,813 | | Continuum Energy Levanter Pte Ltd. 144A, 4.50%, 2/09/27 (a) | | | 207 | |
200,000 | | DBS Group Holdings Ltd. 144A, 5.48%, 9/12/25 (a) | | | 200 | |
300,000 | | SingTel Group Treasury Pte Ltd., 2.38%, 10/03/26 (b) | | | 275 | |
| | | | | 880 | |
South Africa (ZAR) (1%) | | | | |
18,000,000 | | Republic of South Africa Government Bond Series R214, 6.50%, 2/28/41 ZAR (g) | | | 554 | |
South Korea (USD) (2%) | | | | |
345,000 | | Hana Bank 144A, 3.50%, 1/30/24 (a) | | | 343 | |
420,000 | | Kia Corp. 144A, 3.25%, 4/21/26 (a) | | | 395 | |
200,000 | | Kookmin Bank 144A, 2.50%, 11/04/30 (a) | | | 156 | |
240,000 | | Korea Development Bank, 3.38%, 9/16/25 | | | 231 | |
200,000 | | SK Hynix Inc. 144A, 6.50%, 1/17/33 (a) | | | 190 | |
350,000 | | Woori Bank 144A, 4.75%, 4/30/24 (a) | | | 347 | |
| | | | | 1,662 | |
Spain (USD) (3%) | | | | |
360,000 | | AI Candelaria Spain SA 144A, 5.75%, 6/15/33 (a) | | | 246 | |
220,833 | | AI Candelaria Spain SA 144A, 7.50%, 12/15/28 (a) | | | 199 | |
400,000 | | Banco Bilbao Vizcaya Argentaria SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.300%), 5.86%, 9/14/26 (f) | | | 394 | |
400,000 | | Banco Santander SA, 5.59%, 8/08/28 | | | 386 | |
1,630,000 | | EnfraGen Energia Sur SA/EnfraGen Spain SA/ Prime Energia SpA 144A, 5.38%, 12/30/30 (a) | | | 1,086 | |
| | | | | 2,311 | |
Sri Lanka (USD) (0%) | | | | |
250,000 | | Sri Lanka Government International Bond 144A, 6.85%, 11/03/25 (a) | | | 131 | |
Supranational (USD) (1%) | | | | |
835,000 | | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.75%, 4/01/33 | | | 739 | |
Turkey (USD) (0%) | | | | |
200,000 | | Turkiye Garanti Bankasi AS 144A, (5 yr. Swap Semi 30/360 USD + 4.220%),
7.18%, 5/24/27 (a)(f) | | | 188 | |
Ukraine (USD) (0%) | | | | |
215,000 | | Ukraine Government International Bond 144A, 7.75%, 9/01/28 (a) | | | 61 | |
United Arab Emirates (USD) (4%) | | | | |
200,000 | | Abu Dhabi National Energy Co. PJSC 144A, 3.88%, 5/06/24 (a) | | | 198 | |
350,000 | | Abu Dhabi National Energy Co. PJSC, 3.88%, 5/06/24 (b) | | | 346 | |
279,359 | | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | | | 265 | |
200,000 | | DP World Ltd. 144A, 5.63%, 9/25/48 (a) | | | 165 | |
280,000 | | Emirates Semb Corp. Water & Power Co. PJSC 144A, 4.45%, 8/01/35 (a) | | | 253 | |
200,000 | | GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 144A, 7.13%, 7/31/26 (a) | | | 193 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
315,000 | | MDGH GMTN RSC Ltd. 144A, 4.50%, 11/07/28 (a) | | $ | 298 | |
200,000 | | MDGH GMTN RSC Ltd. 144A, 5.08%, 5/22/53 (a) | | | 167 | |
415,000 | | NBK Tier 1 Financing 2 Ltd., (6 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.832%), 4.50% (b)(e)(f) | | | 382 | |
290,000 | | NBK Tier 1 Ltd. 144A, (6 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.875%), 3.63% (a)(e)(f) | | | 251 | |
300,548 | | Sweihan PV Power Co. PJSC 144A, 3.63%, 1/31/49 (a) | | | 224 | |
| | | | | 2,742 | |
United Kingdom (USD) (3%) | | | | |
245,000 | | Anglo American Capital PLC 144A, 3.95%, 9/10/50 (a) | | | 159 | |
315,000 | | Anglo American Capital PLC 144A, 4.75%, 4/10/27 (a) | | | 301 | |
200,000 | | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | | | 182 | |
535,000 | | Fresnillo PLC 144A, 5.50%, 11/13/23 (a) | | | 536 | |
445,000 | | MARB BondCo PLC 144A, 3.95%, 1/29/31 (a) | | | 327 | |
200,000 | | Standard Chartered PLC, (3 mo. LIBOR USD + 1.209%), 2.82%, 1/30/26 (b)(f) | | | 190 | |
200,000 | | Tullow Oil PLC 144A, 10.25%, 5/15/26 (a) | | | 172 | |
225,000 | | Vedanta Resources Finance II PLC 144A, 8.95%, 3/11/25 (a) | | | 164 | |
| | | | | 2,031 | |
United States (USD) (16%) | | | | |
200,000 | | American Tower Corp., 3.38%, 10/15/26 | | | 185 | |
532,180 | | BBFI Liquidating Trust 144A,
0.35%, 12/30/99 (a)(d) | | | 232 | |
400,000 | | Bimbo Bakeries USA Inc. 144A, 4.00%, 5/17/51 (a) | | | 274 | |
100,000 | | Bristol-Myers Squibb Co., 1.13%, 11/13/27 | | | 85 | |
200,000 | | CSC Holdings LLC 144A, 11.25%, 5/15/28 (a) | | | 191 | |
400,000 | | Exeter Automobile Receivables Trust 2022-6A, 5.70%, 8/17/26 | | | 399 | |
300,000 | | Ford Motor Credit Co. LLC, 6.95%, 6/10/26 | | | 301 | |
450,000 | | Hyundai Capital America 144A, 1.30%, 1/08/26 (a) | | | 406 | |
340,000 | | Hyundai Capital America 144A, 5.50%, 3/30/26 (a) | | | 334 | |
350,000 | | Hyundai Capital America 144A, 5.65%, 6/26/26 (a) | | | 346 | |
300,000 | | Invitation Homes Operating Partnership LP, 5.45%, 8/15/30 | | | 280 | |
200,000 | | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (a) | | | 180 | |
200,000 | | Lockheed Martin Corp., 3.55%, 1/15/26 | | | 192 | |
200,000 | | Metropolitan Edison Co. 144A, 5.20%, 4/01/28 (a) | | | 193 | |
635,000 | | MIC Glen LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.750%), 12.17%, 7/20/29 (i) | | | 601 | |
200,000 | | National Rural Utilities Cooperative Finance Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.533%), 7.13%, 9/15/53 (f) | | | 199 | |
100,000 | | NextEra Energy Capital Holdings Inc., 6.05%, 3/01/25 | | | 100 | |
200,000 | | ONEOK Inc., 5.65%, 11/01/28 | | | 195 | |
100 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
300,000 | | Palomino Funding Trust I 144A, 7.23%, 5/17/28 (a) | | $ | 300 | |
100,000 | | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | | | 98 | |
197,712 | | Santander Bank Auto Credit-Linked Notes 2023-A 144A, 10.07%, 6/15/33 (a) | | | 197 | |
200,000 | | Sasol Financing USA LLC, 4.38%, 9/18/26 | | | 176 | |
570,000 | | Sasol Financing USA LLC, 5.88%, 3/27/24 | | | 565 | |
240,000 | | Sasol Financing USA LLC 144A, 8.75%, 5/03/29 (a) | | | 228 | |
250,000 | | SierraCol Energy Andina LLC 144A, 6.00%, 6/15/28 (a) | | | 194 | |
345,000 | | Southern Copper Corp., 3.88%, 4/23/25 | | | 334 | |
510,000 | | Tacala Investment Corp. Term Loan B 2L, (1 mo. Term Secured Overnight Financing Rate + 7.500%), 13.44%, 2/04/28 (i) | | | 494 | |
770,000 | | Terraform Global Operating LP 144A, 6.13%, 3/01/26 (a) | | | 741 | |
200,000 | | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | | | 183 | |
1,345,000 | | U.S. Treasury Bill, 4.64%, 11/02/23 (d) | | | 1,345 | |
550,000 | | U.S. Treasury Bill, 4.73%, 11/30/23 (d) | | | 548 | |
100,000 | | Viper Energy Partners LP 144A, 7.38%, 11/01/31 (a) | | | 100 | |
100,000 | | Walmart Inc., 2.85%, 7/08/24 | | | 98 | |
400,000 | | Warnermedia Holdings Inc., 6.41%, 3/15/26 | | | 399 | |
| | | | | 10,693 | |
Uruguay (UYU) (0%) | | | | |
5,836,419 | | Uruguay Government International Bond, 3.88%, 7/02/40 UYU (g) | | | 148 | |
Virgin Islands (British) (USD) (3%) | | | | |
860,000 | | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (a) | | | 758 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value (000) | |
| | |
660,000 | | Gold Fields Orogen Holdings BVI Ltd. 144A, 5.13%, 5/15/24 (a) | | $ | 654 | |
200,000 | | Gold Fields Orogen Holdings BVI Ltd., 5.13%, 5/15/24 (b) | | | 198 | |
200,000 | | Studio City Finance Ltd. 144A, 5.00%, 1/15/29 (a) | | | 144 | |
| | | | | 1,754 | |
| |
Total Bonds (Cost - $70,219) | | | 64,990 | |
Investment Company (6%) | | | | |
4,175,670 | | Payden Cash Reserves Money Market Fund * (Cost - $4,176) | | | 4,176 | |
| |
Total Investments (Cost - $74,395) (101%) | | | 69,166 | |
Liabilities in excess of Other Assets (-1%) | | | (863 | ) |
| |
Net Assets (100%) | | $ | 68,303 | |
| (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) | 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. |
| (c) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
| (d) | Yield to maturity at time of purchase. |
| (e) | Perpetual security with no stated maturity date. |
| (f) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
| (g) | Principal in foreign currency. |
| (h) | All or a portion of these securities are on loan. At October 31, 2023, the total market value of the Fund’s securities on loan is $46 and the total market value of the collateral held by the Fund is $48. Amounts in 000s. |
| (i) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | | | | | |
Currency
Purchased
(000s) | | Currency
Sold (000s) | | Counterparty | | Settlement
Date | | Unrealized
Appreciation
(Depreciation)
(000s) |
Assets: | | | | | | | | | | | | | | | | | | | | |
CLP 152,300 | | | | USD 166 | | | | | BNP PARIBAS | | | | | 11/10/2023 | | | | $ | 5 | |
USD 337 | | | | MYR 1,573 | | | |
| Barclays Bank
PLC |
| | | | 03/11/2024 | | | | | 3 | |
USD 161 | | | | RON 732 | | | | | BNP PARIBAS | | | | | 11/20/2023 | | | | | 6 | |
USD 765 | | | | MXN 13,830 | | | |
| HSBC Bank
USA, N.A. |
| | | | 01/16/2024 | | | | | 7 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 21 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
BRL 1,707 | | | | USD 343 | | | |
| HSBC Bank
USA, N.A. |
| | | | 01/10/2024 | | | | | (7 | ) |
IDR 5,206,000 | | | | USD 337 | | | |
| Barclays Bank
PLC |
| | | | 01/22/2024 | | | | | (10 | ) |
MYR 752 | | | | USD 161 | | | |
| Barclays Bank
PLC |
| | | | 03/11/2024 | | | | | (2 | ) |
PEN 1,288 | | | | USD 346 | | | |
| HSBC Bank
USA, N.A. |
| | | | 12/13/2023 | | | | | (12 | ) |
RON 735 | | | | USD 157 | | | | | BNP PARIBAS | | | | | 11/20/2023 | | | | | — | |
THB 12,090 | | | | USD 347 | | | |
| Barclays Bank
PLC |
| | | | 11/20/2023 | | | | | (10 | ) |
USD 333 | | | | THB 12,090 | | | |
| Barclays Bank
PLC |
| | | | 11/20/2023 | | | | | (4 | ) |
USD 161 | | | | BRL 826 | | | |
| HSBC Bank
USA, N.A. |
| | | | 01/10/2024 | | | | | (1 | ) |
USD 716 | | | | ZAR 13,610 | | | |
| HSBC Bank
USA, N.A. |
| | | | 01/22/2024 | | | | | (9 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | (55 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net Unrealized Appreciation (Depreciation) | | | | $ | (34 | ) |
| | | | | | | | | | | | | | | | | | | | |
Annual Report 101
Payden Emerging Markets Corporate Bond Fund continued
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 | | 23 | | Dec-23 | | | $ | 4,656 | | | | $ | (18 | ) | | | $ | (18 | ) |
| U.S. Treasury 5-Year Note Future | | 43 | | Dec-23 | | | | 4,492 | | | | | (74 | ) | | | | (74 | ) |
| U.S. Ultra Bond Future | | 7 | | Dec-23 | | | | 788 | | | | | (104 | ) | | | | (104 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | (196 | ) |
| | | | | | | | | | | | | | | | | | | |
| Short Contracts: | | | | | | | | | | | | | | | |
| U.S. Treasury 10-Year Note Future | | 9 | | Dec-23 | | | | (956 | ) | | | | 35 | | | | | 35 | |
| U.S. Treasury 10-Year Ultra Future | | 7 | | Dec-23 | | | | (762 | ) | | | | 43 | | | | | 43 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | 78 | |
| | | | | | | | | | | | | | | | | | | |
Total Futures | | | | | | | | | | | | | | | | | $ | (118 | ) |
| | | | | | | | | | | | | | | | | | | |
Open Centrally Cleared Credit Default Swap Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity
Date | | Notional
Amount
(000s) | | Value
(000s) | | Upfront
payments/
receipts
(000s) | | Unrealized
Appreciation/
(Depreciation)
(000s) |
| Protection Bought (Relevant Credit: Federative Republic of Brazil), Pay 1% Quarterly, Receive upon credit default | | | | 06/20/2027 | | | | | USD 600 | | | | $ | 4 | | | | $ | 29 | | | | $ | (25 | ) |
| Protection Bought (Relevant Credit: Federative Republic of Brazil), Pay 1% Quarterly, Receive upon credit default | | | | 12/20/2027 | | | | | USD 250 | | | | | 4 | | | | | 20 | | | | | (16 | ) |
| Protection Bought (Relevant Credit: Markit CDX, North | | | | | | | | | | | | | | | | | | | | | | | | | |
| America High Yield Series 41 Index), Pay 5% Quarterly, Receive upon credit default | | | | 12/20/2028 | | | | | USD 1,360 | | | | | — | | | | | (14 | ) | | | | 14 | |
| Protection Bought (Relevant Credit: Markit iTraxx Crossover), Pay 5% Quarterly, Receive upon credit default | | | | 12/20/2028 | | | | | EUR 300 | | | | | (8 | ) | | | | (12 | ) | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | $ | 0 | | | | $ | 23 | | | | $ | (23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Open Centrally Cleared Interest Rate Swap Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity
Date | | Notional
Amount
(000s) | | Value
(000s) | | Upfront
payments/
receipts
(000s) | | Unrealized
Depreciation
(000s) |
| 10-Year Interest Rate Swap, Receive Fixed 8.390% Annually, Pay Variable 11.505% (MXIBTIIE) 28 days | | 04/01/2033 | | MXN 5,600 | | | $ | (24 | ) | | | $ | — | | | | $ | (24 | ) |
| | | | | | | | | | | | | | | | | | | |
102 Payden Mutual Funds
Offsetting Assets and Liabilities
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
| | | | |
| Total gross amount presented on the Statements of Assets and Liabilities1 | | $ | 46 | |
| Non-cash Collateral2 | | | (46 | ) |
| | | | |
Net Amount | | $ | — | |
| | | | |
| 1 | The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. |
| 2 | At October 31, 2023, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. |
See notes to financial statements.
Annual Report 103
Payden Equity Income Fund
| | | | |
| | | | |
| | The Fund seeks growth of capital and some current income. |
| | Portfolio Composition - percent of investments |
| | |
| | Common Stock | | 86% |
| | Investment Company | | 11% |
| | Real Estate Investment Trust | | 3% |
| | Corporate Bond | | 0% |
| | | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | This information is not part of the audited financial statements. |
| | |
| | |
| | | |
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s Adviser and SI Classes are expected to perform similarly to its Investor Class, except for class specific expenses & waivers. | | |
|
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| Schedule of Investments - October 31, 2023 | |
Principal or Shares | | Security Description | | Value (000) | |
Stocks (89%) | | | | |
Common Stock (86%) | | | | |
Communication Services (6%) | | | | |
103,800 | | Alphabet Inc., Class A (a) | | $ | 12,879 | |
551,300 | | Comcast Corp., Class A | | | 22,763 | |
62,700 | | Meta Platforms Inc., Class A (a) | | | 18,890 | |
60,200 | | T-Mobile U.S. Inc. (a) | | | 8,660 | |
| | | | | 63,192 | |
Consumer Discretionary (9%) | | | | |
112,200 | | Amazon.com Inc. (a) | | | 14,933 | |
106,100 | | DR Horton Inc. | | | 11,077 | |
22,200 | | Home Depot Inc. | | | 6,320 | |
67,800 | | McDonald’s Corp. | | | 17,775 | |
137,100 | | NIKE Inc., Class B | | | 14,090 | |
149,100 | | Ross Stores Inc. | | | 17,291 | |
127,100 | | Starbucks Corp. | | | 11,724 | |
| | | | | 93,210 | |
Consumer Staples (5%) | | | | |
268,300 | | Coca-Cola Co. | | | 15,156 | |
37,800 | | Costco Wholesale Corp. | | | 20,882 | |
91,800 | | PepsiCo Inc. | | | 14,989 | |
87,300 | | Procter & Gamble Co. | | | 13,098 | |
| | | | | 64,125 | |
Energy (13%) | | | | |
142,900 | | Chevron Corp. | | | 20,825 | |
146,600 | | ConocoPhillips | | | 17,416 | |
1,261,300 | | Energy Transfer LP | | | 16,586 | |
786,500 | | Enterprise Products Partners LP | | | 20,480 | |
221,500 | | EQT Corp. | | | 9,387 | |
251,800 | | Exxon Mobil Corp. | | | 26,653 | |
| | | | | | |
| | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
| | |
105,700 | | Marathon Petroleum Corp. | | $ | 15,987 | |
65,900 | | Phillips 66 | | | 7,517 | |
234,700 | | Schlumberger NV | | | 13,063 | |
| | | | | 147,914 | |
Financials (16%) | | | | |
41,600 | | Ameriprise Financial Inc. | | | 13,086 | |
128,900 | | Arthur J Gallagher & Co. | | | 30,355 | |
50,400 | | Berkshire Hathaway Inc., Class B (a) | | | 17,203 | |
9,500 | | BlackRock Inc. | | | 5,817 | |
106,200 | | Chubb Ltd. | | | 22,793 | |
161,900 | | JPMorgan Chase & Co. | | | 22,514 | |
281,600 | | MetLife Inc. | | | 16,899 | |
113,100 | | Morgan Stanley | | | 8,010 | |
32,100 | | S&P Global Inc. | | | 11,213 | |
270,500 | | U.S. Bancorp | | | 8,624 | |
77,700 | | Visa Inc., Class A | | | 18,267 | |
| | | | | 174,781 | |
Healthcare (8%) | | | | |
95,000 | | Abbott Laboratories | | | 8,982 | |
256,700 | | CVS Health Corp. | | | 17,715 | |
25,200 | | Eli Lilly and Co. | | | 13,959 | |
76,800 | | Johnson & Johnson | | | 11,392 | |
142,500 | | Merck & Co. Inc. | | | 14,635 | |
19,500 | | UnitedHealth Group Inc. | | | 10,443 | |
94,400 | | Zoetis Inc. | | | 14,821 | |
| | | | | 91,947 | |
Industrials (11%) | | | | |
147,000 | | AECOM | | | 11,253 | |
106,500 | | Airbus SE (b) | | | 14,230 | |
182,100 | | Carrier Global Corp. | | | 8,679 | |
24,700 | | Cintas Corp. | | | 12,526 | |
104 Payden Mutual Funds
| | | | | | |
Principal or Shares | | Security Description | | Value
(000) | |
| | |
179,700 | | Delta Air Lines Inc. | | $ | 5,616 | |
86,500 | | Dover Corp. | | | 11,241 | |
62,900 | | Eaton Corp. PLC | | | 13,078 | |
23,900 | | FedEx Corp. | | | 5,738 | |
204,600 | | GXO Logistics Inc. (a) | | | 10,334 | |
64,600 | | Honeywell International Inc. | | | 11,839 | |
13,600 | | Lockheed Martin Corp. | | | 6,183 | |
108,800 | | Schneider Electric SE (b) | | | 16,690 | |
56,900 | | Union Pacific Corp. | | | 11,813 | |
| | | | | 139,220 | |
Materials (4%) | | | | |
32,600 | | Air Products and Chemicals Inc. | | | 9,208 | |
68,300 | | CF Industries Holdings Inc. | | | 5,449 | |
174,100 | | DuPont de Nemours Inc. | | | 12,688 | |
45,000 | | Linde PLC | | | 17,197 | |
47,000 | | Nucor Corp. | | | 6,946 | |
| | | | | 51,488 | |
Technology (11%) | | | | |
146,500 | | Amdocs Ltd. | | | 11,743 | |
109,800 | | Applied Materials Inc. | | | 14,532 | |
21,200 | | Broadcom Inc. | | | 17,837 | |
221,700 | | Dell Technologies Inc., Class C | | | 14,834 | |
163,800 | | Intel Corp. | | | 5,979 | |
75,600 | | International Business Machines Corp. | | | 10,935 | |
73,600 | | Microsoft Corp. | | | 24,885 | |
121,500 | | Oracle Corp. | | | 12,563 | |
84,500 | | Salesforce Inc. (a) | | | 16,970 | |
| | | | | 130,278 | |
| | | | | | |
Principal or Shares | | Security Description | | Value (000) | |
Utilities (3%) | | | | |
132,700 | | Duke Energy Corp. | | $ | 11,796 | |
241,200 | | Exelon Corp. | | | 9,392 | |
115,200 | | NextEra Energy Inc. | | | 6,716 | |
| | | | | 27,904 | |
Total Common Stock | | | 984,059 | |
Real Estate Investment Trust (3%) | | | | |
48,500 | | Digital Realty Trust Inc. | | | 6,031 | |
12,100 | | Equinix Inc. | | | 8,829 | |
118,200 | | Prologis Inc. | | | 11,909 | |
56,200 | | Simon Property Group Inc. | | | 6,176 | |
Total Real Estate Investment Trust | | | 32,945 | |
Total Stocks (Cost - $964,638) | | | 1,017,004 | |
Corporate Bond (0%) | | | | |
2,800,000 | | Land O’ Lakes Inc. 144A, 7.00% (c)(d) | | | 2,058 | |
Total Corporate Bond (Cost - $2,800) | | | 2,058 | |
Investment Company (11%) | | | | |
126,979,029 | | Payden Cash Reserves Money Market Fund*
(Cost - $126,979) | | | 126,979 | |
Total Investments (Cost - $1,094,417) (100%) | | | 1,146,041 | |
Liabilities, in excess of Other Assets ((0.0)%) | | | (3,457 | ) |
Net Assets (100%) | | $ | 1,142,584 | |
| (b) | Principal in foreign currency. |
| (c) | Perpetual security with no stated maturity date. |
| (d) | 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. |
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | | | | | |
Currency Purchased (000s) | | Currency Sold (000s) | | Counterparty | | Settlement Date | | Unrealized Appreciation (Depreciation) (000s) |
Assets: | | | | | | | | | | | | | | | | | | | | |
| USD 44,535 | | | | EUR 41,418 | | | | | Citibank, N.A. | | | | | 03/18/2024 | | | | $ | 420 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
EUR 11,392 | | | | USD 12,220 | | | | | Citibank, N.A. | | | | | 03/18/2024 | | | | | (86 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Net Unrealized Appreciation (Depreciation) | | | | | | | | | | | | | | | | | | $ | 334 | |
| | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Contract Type | | Number of Contracts | | Expiration Date | | Notional Amount (000s) | | Current Value (000s) | | Unrealized Depreciation (000s) |
Long Contracts: | | | | | | | | | | | | | | | | | | | | | |
| S & P 500 EMINI | | | | 253 | | | | | Dec-23 | | | | $ | 53,285 | | | | $ | (1,481 | ) | | | $ | (1,481 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 105
| | |
Statements of Assets and Liabilities | | |
October 31, 2023
Numbers in 000s
| | | | | | | | | | | | |
| | | Payden
Cash Reserves
Money Market
Fund | | Payden
Limited
Maturity
Fund | | Payden
Low Duration
Fund |
ASSETS: | | | | | | | | | | | | |
Investments, at value * | | $ | 364,640 | | | $ | 1,936,652 | | | $ | 1,013,477 | |
Affiliated investments, at value ** | | | — | | | | 29,161 | | | | 8,117 | |
Repurchase agreements, at value *** | | | 81,000 | | | | — | | | | — | |
Foreign cash **** | | | — | | | | 1 | | | | 7 | |
Cash | | | 15 | | | | 2,664 | | | | 2,264 | |
Cash pledged for financial futures contracts | | | — | | | | — | | | | 1,717 | |
Cash pledged for centrally cleared swaps | | | — | | | | — | | | | — | |
Receivable for: | | | | | | | | | | | | |
Interest and dividends | | | 1,023 | | | | 7,942 | | | | 6,207 | |
Investments sold | | | — | | | | 1,873 | | | | 984 | |
Fund shares sold | | | 234 | | | | 328 | | | | 593 | |
Futures | | | — | | | | — | | | | 37 | |
Forward currency contracts | | | — | | | | 1,672 | | | | — | |
Other assets | | | 1,099 | | | | 109 | | | | 9 | |
| | | | |
Total Assets | | | 448,011 | | | | 1,980,402 | | | | 1,033,412 | |
| | | | |
LIABILITIES: | | | | | | | | | | | | |
Payable for: | | | | | | | | | | | | |
Bank overdraft | | | — | | | | — | | | | — | |
Forward currency contracts | | | — | | | | 18 | | | | — | |
Investments purchased | | | — | | | | 18,518 | | | | 2,693 | |
Fund shares redeemed | | | — | | | | 638 | | | | 551 | |
Futures | | | — | | | | — | | | | 126 | |
Variation margin on centrally cleared swaps | | | — | | | | — | | | | — | |
Options written ***** | | | — | | | | — | | | | — | |
Distributions payable | | | 1,099 | | | | 393 | | | | 284 | |
Accrued expenses: | | | | | | | | | | | | |
Investment advisory fees (Note 3) | | | 9 | | | | 7 | | | | 151 | |
Administration fees (Note 3) | | | 59 | | | | 251 | | | | 131 | |
Distribution fees (Notes 3) | | | — | | | | — | | | | — | |
Trustee fees and expenses | | | 24 | | | | 93 | | | | 47 | |
Other liabilities | | | 77 | | | | 310 | | | | 314 | |
| | | | |
Total Liabilities | | | 1,268 | | | | 20,228 | | | | 4,297 | |
| | | | |
NET ASSETS | | $ | 446,743 | | | $ | 1,960,174 | | | $ | 1,029,115 | |
| | | | |
| | | | |
NET ASSETS: | | | | | | | | | | | | |
Paid in capital | | $ | 446,785 | | | $ | 1,972,260 | | | $ | 1,103,224 | |
Distributable earnings (loss) | | | (42 | ) | | | (12,086 | ) | | | (74,109 | ) |
| | | | |
NET ASSETS | | $ | 446,743 | | | $ | 1,960,174 | | | $ | 1,029,115 | |
| | | | |
| | | | |
NET ASSET VALUE — offering and redemption price per share in whole dollars | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | |
Net Assets | | $ | 446,743 | | | $ | 641,777 | | | $ | 572,864 | |
Shares Outstanding | | | 446,779 | | | | 67,852 | | | | 60,103 | |
Net Asset Value Per Share | | $ | 1.00 | | | $ | 9.46 | | | $ | 9.53 | |
| | | | |
| | | | |
SI Class | | | | | | | | | | | | |
Net Assets | | | — | | | $ | 1,318,397 | | | $ | 456,251 | |
Shares Outstanding | | | — | | | | 139,352 | | | | 47,870 | |
Net Asset Value Per Share | | | — | | | $ | 9.46 | | | $ | 9.53 | |
| | | | |
| | | | |
Adviser Class | | | | | | | | | | | | |
Net Assets | | | — | | | | — | | | | — | |
Shares Outstanding | | | — | | | | — | | | | — | |
Net Asset Value Per Share | | | — | | | | — | | | | — | |
| | | | |
| | | | |
| | | | | | | | | | | | |
* Investments, at cost | | $ | 364,640 | | | $ | 1,945,667 | | | $ | 1,045,887 | |
** Affiliated investments, at cost | | | — | | | | 29,910 | | | | 8,117 | |
*** Repurchase agreements, at cost | | | 81,000 | | | | — | | | | — | |
**** Foreign cash, at cost | | | — | | | | 1 | | | | 7 | |
***** Optionswritten, at cost | | | — | | | | — | | | | — | |
| (a) | Adviser Class Net Asset Value Per Share are calculated using unrounded net assets $2,964,710, divided by unrounded shares 346,270. |
See notes to financial statements.
106 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Payden
U.S.
Government
Fund | | | Payden
GNMA
Fund | | Payden
Core Bond
Fund | | Payden
Corporate Bond
Fund | | Payden
Strategic Income
Fund | | | Payden
Absolute Return
Bond Fund | | Payden
Floating Rate
Fund | |
| $ | 58,080 | | | $ | 106,574 | | | $ | 846,508 | | | $ | 332,000 | | | $ | 164,906 | | | $ | 670,765 | | | $ | 111,275 | |
| | 1,463 | | | | 1,031 | | | | 26,839 | | | | 6,007 | | | | 5,874 | | | | 14,733 | | | | 4,534 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | 10,369 | | | | — | | | | 2,334 | | | | 1,304 | | | | 4 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 3,576 | | | | 53 | |
| | 54 | | | | 89 | | | | 300 | | | | 355 | | | | 124 | | | | 3,873 | | | | — | |
| | — | | | | — | | | | 1 | | | | — | | | | 11 | | | | 4,835 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 436 | | | | 304 | | | | 6,354 | | | | 4,020 | | | | 1,339 | | | | 4,828 | | | | 559 | |
| | 23 | | | | 362 | | | | 1,281 | | | | 1,330 | | | | — | | | | 1,931 | | | | 1,031 | |
| | 1 | | | | 1 | | | | 4 | | | | 543 | | | | 751 | | | | 59 | | | | 38 | |
| | 3 | | | | — | | | | 81 | | | | 10 | | | | 28 | | | | 42 | | | | — | |
| | — | | | | — | | | | 448 | | | | — | | | | 146 | | | | 1,338 | | | | 7 | |
| | 9 | | | | 1 | | | | — | | | | 17 | | | | 5 | | | | 8 | | | | 8 | |
| | |
| | 60,069 | | | | 108,362 | | | | 892,185 | | | | 344,282 | | | | 175,518 | | | | 707,292 | | | | 117,509 | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | 26 | | | | — | | | | 749 | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 594 | | | | — | |
| | — | | | | 19,644 | | | | 41,944 | | | | 2,451 | | | | 2,355 | | | | 10,138 | | | | 2,001 | |
| | 21 | | | | 44 | | | | 80 | | | | 494 | | | | 19 | | | | 84 | | | | 6 | |
| | 2 | | | | 2 | | | | 123 | | | | 19 | | | | 24 | | | | 272 | | | | — | |
| | — | | | | — | | | | 199 | | | | — | | | | 26 | | | | 245 | | | | — | |
| | 4 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 1 | | | | 24 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3 | | | | 6 | | | | 155 | | | | 95 | | | | 43 | | | | 161 | | | | 27 | |
| | 8 | | | | 12 | | | | 109 | | | | 44 | | | | 22 | | | | 89 | | | | 15 | |
| | — | | | | — | | | | 1 | | | | — | | | | — | | | | — | | | | — | |
| | 3 | | | | 4 | | | | 42 | | | | 17 | | | | 8 | | | | 33 | | | | 6 | |
| | 53 | | | | 82 | | | | 188 | | | | 139 | | | | 85 | | | | 226 | | | | 88 | |
| | |
| | 95 | | | | 19,818 | | | | 42,867 | | | | 3,259 | | | | 3,331 | | | | 11,842 | | | | 2,143 | |
| | |
| $ | 59,974 | | | $ | 88,544 | | | $ | 849,318 | | | $ | 341,023 | | | $ | 172,187 | | | $ | 695,450 | | | $ | 115,366 | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 71,686 | | | $ | 151,132 | | | $ | 1,078,127 | | | $ | 424,202 | | | $ | 191,673 | | | $ | 753,003 | | | $ | 125,690 | |
| | (11,712 | ) | | | (62,588 | ) | | | (228,809 | ) | | | (83,179 | ) | | | (19,486 | ) | | | (57,553 | ) | | | (10,324 | ) |
| | |
| $ | 59,974 | | | $ | 88,544 | | | $ | 849,318 | | | $ | 341,023 | | | $ | 172,187 | | | $ | 695,450 | | | $ | 115,366 | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 59,974 | | | $ | 88,544 | | | $ | 230,480 | | | $ | 139,288 | | | $ | 95,213 | | | $ | 139,081 | | | $ | 27,057 | |
| | 6,547 | | | | 12,500 | | | | 26,918 | | | | 15,583 | | | | 10,409 | | | | 14,941 | | | | 2,812 | |
| $ | 9.16 | | | $ | 7.08 | | | $ | 8.56 | | | $ | 8.94 | | | $ | 9.15 | | | $ | 9.31 | | | $ | 9.62 | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | $ | 615,873 | | | $ | 201,735 | | | $ | 76,974 | | | $ | 556,369 | | | $ | 88,309 | |
| | — | | | | — | | | | 72,010 | | | | 22,573 | | | | 8,416 | | | | 59,695 | | | | 9,175 | |
| | — | | | | — | | | $ | 8.55 | | | $ | 8.94 | | | $ | 9.15 | | | $ | 9.32 | | | $ | 9.63 | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | $ | 2,965 | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | 346 | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | $ | 8.56 | (a) | | | — | | | | — | | | | — | | | | — | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 61,778 | | | $ | 121,180 | | | $ | 992,815 | | | $ | 390,515 | | | $ | 178,014 | | | $ | 704,242 | | | $ | 113,605 | |
| | 1,463 | | | | 1,031 | | | | 27,912 | | | | 6,189 | | | | 5,996 | | | | 15,102 | | | | 4,534 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | 10,369 | | | | — | | | | 2,380 | | | | 1,321 | | | | 4 | |
| | (19 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
See notes to financial statements.
Annual Report 107
| | |
Statements of Assets and Liabilities continued | | |
October 31, 2023
Numbers in 000s
| | | | | | | | | | | | |
| | | Payden
High Income
Fund | | Payden
California Municipal
Social Impact
Fund | | Payden
Global Low
Duration Fund |
ASSETS: | | | | | | | | | | | | |
Investments, at value * | | $ | 563,403 | | | $ | 154,749 | | | $ | 44,646 | |
Affiliated investments, at value ** | | | 11,374 | | | | 1,932 | | | | 857 | |
Foreign cash *** | | | 105 | | | | — | | | | 17 | |
Cash | | | 12 | | | | — | | | | — | |
Cash pledged for financial futures contracts | | | — | | | | — | | | | 78 | |
Cash pledged for centrally cleared swaps | | | 1,251 | | | | — | | | | — | |
Cash pledged for OTC derivatives | | | — | | | | — | | | | — | |
Receivable for: | | | | | | | | | | | | |
Interest and dividends | | | 8,653 | | | | 1,750 | | | | 346 | |
Investments sold | | | 152 | | | | 5,000 | | | | 2 | |
Fund shares sold | | | 16 | | | | 34 | | | | 89 | |
Futures | | | — | | | | — | | | | 1 | |
Forward currency contracts | | | 183 | | | | — | | | | 4 | |
Variation margin on centrally cleared swaps | | | — | | | | — | | | | — | |
Receivable from Advisor (Note 3) | | | — | | | | — | | | | 3 | |
Other assets | | | 80 | | | | 42 | | | | — | |
Total Assets | | | 585,229 | | | | 163,507 | | | | 46,043 | |
LIABILITIES: | | | | | | | | | | | | |
Payable for: | | | | | | | | | | | | |
Bank overdraft | | | — | | | | — | | | | — | |
Foreign currency overdraft | | | — | | | | — | | | | — | |
Forward currency contracts | | | — | | | | — | | | | — | |
Investments purchased | | | 4,006 | | | | 10,663 | | | | 77 | |
Fund shares redeemed | | | 32 | | | | 222 | | | | 13 | |
Futures | | | — | | | | — | | | | 5 | |
Variation margin on centrally cleared swaps | | | 12 | | | | — | | | | — | |
Distributions payable | | | — | | | | 97 | | | | — | |
Liability for securities on loan (Note 2) | | | 2,420 | | | | — | | | | 700 | |
Accrued expenses: | | | | | | | | | | | | |
Investment advisory fees (Note 3) | | | 139 | | | | 21 | | | | — | |
Administration fees (Note 3) | | | 75 | | | | 20 | | | | 6 | |
Distribution fees (Notes 3) | | | — | | | | — | | | | — | |
Trustee fees and expenses | | | 30 | | | | 7 | | | | 3 | |
Other liabilities | | | 177 | | | | 84 | | | | 89 | |
Total Liabilities | | | 6,891 | | | | 11,114 | | | | 893 | |
NET ASSETS | | $ | 578,338 | | | $ | 152,393 | | | $ | 45,150 | |
| | | | | | | | | | | | |
NET ASSETS: | | | | | | | | | | | | |
Paid in capital | | $ | 676,231 | | | $ | 162,321 | | | $ | 49,167 | |
Distributable earnings (loss) | | | (97,893 | ) | | | (9,928 | ) | | | (4,017 | ) |
NET ASSETS | | $ | 578,338 | | | $ | 152,393 | | | $ | 45,150 | |
| | | | | | | | | | | | |
NET ASSET VALUE — offering and redemption price per share in whole dollars | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | |
Net Assets | | $ | 141,392 | | | $ | 152,393 | | | $ | 45,150 | |
Shares Outstanding | | | 24,197 | | | | 16,155 | | | | 4,783 | |
Net Asset Value Per Share | | $ | 5.84 | | | $ | 9.43 | | | $ | 9.44 | |
| | | | | | | | | | | | |
SI Class | | | | | | | | | | | | |
Net Assets | | $ | 436,946 | | | | — | | | | — | |
Shares Outstanding | | | 74,938 | | | | — | | | | — | |
Net Asset Value Per Share | | $ | 5.83 | | | | — | | | | — | |
| | | | | | | | | | | | |
Adviser Class | | | | | | | | | | | | |
Net Assets | | | — | | | | — | | | | — | |
Shares Outstanding | | | — | | | | — | | | | — | |
Net Asset Value Per Share | | | — | | | | — | | | | — | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
* Investments,at cost | | $ | 618,079 | | | $ | 159,232 | | | $ | 46,655 | |
** Affiliatedinvestments, at cost | | | 11,374 | | | | 1,932 | | | | 857 | |
*** Foreign cash, at cost | | | 105 | | | | — | | | | 17 | |
See notes to financial statements.
108 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | |
Payden
Global Fixed
Income
Fund | | | Payden
Emerging Markets
Bond Fund | | | Payden
Emerging Markets
Local Bond
Fund | | | Payden
Emerging Markets
Corporate
Bond Fund | | | Payden
Equity Income
Fund | |
| | | | | | | | | | | | | | | | | | |
| $ | 155,669 | | | $ | 659,519 | | | $ | 67,634 | | | $ | 64,990 | | | $ | 1,019,062 | |
| | 9,052 | | | | 11,440 | | | | 1,110 | | | | 4,176 | | | | 126,979 | |
| | 2,443 | | | | 178 | | | | 294 | | | | — | | | | 66 | |
| | 1 | | | | — | | | | 15 | | | | — | | | | — | |
| | 53 | | | | — | | | | 18 | | | | 90 | | | | 4,238 | |
| | 119 | | | | 2,689 | | | | 175 | | | | 154 | | | | — | |
| | — | | | | 390 | | | | — | | | | — | | | | 260 | |
| | | | | | | | | | | | | | | | | | |
| | 1,331 | | | | 12,048 | | | | 1,408 | | | | 855 | | | | 2,776 | |
| | 464 | | | | 7,842 | | | | 452 | | | | 165 | | | | 22,505 | |
| | 16 | | | | 160 | | | | — | | | | — | | | | 36 | |
| | 20 | | | | — | | | | — | | | | 5 | | | | 335 | |
| | 985 | | | | 1,754 | | | | 102 | | | | 21 | | | | 420 | |
| | — | | | | 107 | | | | 6 | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | |
| | 57 | | | | 78 | | | | 14 | | | | 3 | | | | 34 | |
| | 170,210 | | | | 696,205 | | | | 71,228 | | | | 70,459 | | | | 1,176,711 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | — | | | | 211 | | | | — | | | | 26 | | | | 260 | |
| | — | | | | — | | | | — | | | | 5 | | | | — | |
| | 349 | | | | 1,180 | | | | 373 | | | | 55 | | | | 86 | |
| | 3,936 | | | | 4,253 | | | | — | | | | 1,896 | | | | 32,822 | |
| | 5 | | | | 1,556 | | | | 5 | | | | 9 | | | | 82 | |
| | 27 | | | | — | | | | — | | | | 6 | | | | — | |
| | 27 | | | | — | | | | — | | | | 5 | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | 3,653 | | | | — | | | | 48 | | | | — | |
| | | | | | | | | | | | | | | | | | |
| | 23 | | | | 240 | | | | 20 | | | | 26 | | | | 443 | |
| | 21 | | | | 87 | | | | 9 | | | | 9 | | | | 149 | |
| | — | | | | 9 | | | | — | | | | — | | | | 6 | |
| | 8 | | | | 37 | | | | 2 | | | | 3 | | | | 59 | |
| | 95 | | | | 247 | | | | 70 | | | | 68 | | | | 220 | |
| | 4,491 | | | | 11,473 | | | | 479 | | | | 2,156 | | | | 34,127 | |
| $ | 165,719 | | | $ | 684,732 | | | $ | 70,749 | | | $ | 68,303 | | | $ | 1,142,584 | |
| | | |
| | | | | | | | | | | | | | | | | | |
| $ | 219,121 | | | $ | 1,009,258 | | | $ | 101,909 | | | $ | 79,021 | | | $ | 1,074,219 | |
| | (53,402 | ) | | | (324,526 | ) | | | (31,160 | ) | | | (10,718 | ) | | | 68,365 | |
| $ | 165,719 | | | $ | 684,732 | | | $ | 70,749 | | | $ | 68,303 | | | $ | 1,142,584 | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| $ | 43,519 | | | $ | 268,578 | | | $ | 6,646 | | | $ | 24,856 | | | $ | 318,111 | |
| | 6,101 | | | | 28,396 | | | | 1,438 | | | | 3,048 | | | | 21,415 | |
| $ | 7.13 | | | $ | 9.46 | | | $ | 4.62 | | | $ | 8.15 | | | $ | 14.85 | |
| | | |
| | | | | | | | | | | | | | | | | | |
| $ | 122,200 | | | $ | 395,460 | | | $ | 64,103 | | | $ | 43,447 | | | $ | 809,987 | |
| | 17,174 | | | | 41,882 | | | | 14,140 | | | | 5,318 | | | | 54,453 | |
| $ | 7.12 | | | $ | 9.44 | | | $ | 4.53 | | | $ | 8.17 | | | $ | 14.88 | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | — | | | $ | 20,694 | | | | — | | | | — | | | $ | 14,486 | |
| | — | | | | 2,185 | | | | — | | | | — | | | | 977 | |
| | — | | | $ | 9.47 | | | | — | | | | — | | | $ | 14.82 | |
| | | |
| | | | | | | | | | | | | | | | | | |
| $ | 183,479 | | | $ | 812,171 | | | $ | 72,940 | | | $ | 70,219 | | | $ | 967,438 | |
| | 9,264 | | | | 11,440 | | | | 1,110 | | | | 4,176 | | | | 126,979 | |
| | 2,478 | | | | 178 | | | | 294 | | | | 5 | | | | 66 | |
See notes to financial statements.
Annual Report 109
Period ended October 31, 2023
Numbers in 000s
| | | | | | | | | | | | |
| | | | | | | |
| | | Payden
Cash Reserves
Money Market
Fund | | Payden
Limited
Maturity
Fund | | Payden
Low Duration
Fund |
| | | |
INVESTMENT INCOME: | | | | | | | | | | | | |
Interest income (Note 2) | | $ | 22,896 | | | $ | 84,876 | | | $ | 43,122 | |
Interest from affiliated investments | | | — | | | | 544 | | | | 386 | |
Dividend income | | | — | | | | 1,541 | | | | — | |
Dividend income from affiliated investment (Note 2) | | | — | | | | 2,199 | | | | — | |
Income from securities lending | | | — | | | | 25 | | | | 2 | |
| | | | |
Investment Income | | | 22,896 | | | | 89,185 | | | | 43,510 | |
| | | | |
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees (Note 3) | | | 727 | | | | 5,099 | | | | 3,165 | |
Administration fees (Note 3) | | | 727 | | | | 2,879 | | | | 1,719 | |
Shareholder servicing fees | | | — | | | | 171 | | | | 382 | |
Distribution fees (Note 3) | | | — | | | | — | | | | — | |
Custodian fees | | | 30 | | | | 71 | | | | 45 | |
Transfer agent fees | | | 36 | | | | 117 | | | | 88 | |
Registration and filing fees | | | 43 | | | | 42 | | | | 65 | |
Trustee fees and expenses | | | 78 | | | | 291 | | | | 175 | |
Printing and mailing costs | | | 17 | | | | 61 | | | | 34 | |
Loan commitment fees | | | — | | | | 28 | | | | 17 | |
Legal fees | | | 19 | | | | 93 | | | | 57 | |
Publication expense | | | 10 | | | | 40 | | | | 27 | |
Pricing fees | | | 3 | | | | 63 | | | | 36 | |
Fund accounting fees | | | 87 | | | | 273 | | | | 173 | |
Insurance | | | 9 | | | | 33 | | | | 22 | |
Audit fees | | | 39 | | | | 46 | | | | 45 | |
| | | | |
Gross Expenses | | | 1,825 | | | | 9,307 | | | | 6,050 | |
Expense subsidy (Note 3) | | | (613 | ) | | | (5,176 | ) | | | (1,324 | ) |
| | | | |
Net Expenses | | | 1,212 | | | | 4,131 | | | | 4,726 | |
| | | | |
Net Investment Income | | | 21,684 | | | | 85,054 | | | | 38,784 | |
| | | | |
NET REALIZED AND UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | |
Net realized gains (losses) from: | | | | | | | | | | | | |
Investments | | | (29 | ) | | | (4,551 | ) | | | (18,433 | ) |
Foreign currency transactions | | | — | | | | 35 | | | | 67 | |
Forward foreign exchange contracts | | | — | | | | 2,040 | | | | 582 | |
Futures contracts | | | — | | | | 65 | | | | (10,746 | ) |
Swap contracts | | | — | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) from: | | | | | | | | | | | | |
Investments | | | — | | | | 25,448 | | | | 35,744 | |
Translation of assets and liabilities in foreign currencies | | | — | | | | (97 | ) | | | (11 | ) |
Forward foreign exchange contracts | | | — | | | | (1,726 | ) | | | (760 | ) |
Affiliated Investments | | | — | | | | 654 | | | | — | |
Futures contracts | | | — | | | | — | | | | 3,746 | |
Written option contracts | | | — | | | | — | | | | — | |
Swap contracts | | | — | | | | — | | | | — | |
| | | | |
Net Realized and Unrealized Gains (Losses) | | | (29 | ) | | | 21,868 | | | | 10,189 | |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | | $ 21,655 | | | | $ 106,922 | | | | $ 48,973 | |
| | | | |
See notes to financial statements.
110 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Payden
U.S. Government
Fund | | Payden
GNMA
Fund | | Payden
Core
Bond Fund | | Payden
Corporate
Bond Fund | | Payden
Strategic Income
Fund | | Payden
Absolute
Return Bond
Fund | | | Payden
Floating Rate
Fund | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 2,192 | | | $ | 3,634 | | | $ | 38,761 | | | $ | 15,986 | | | $ | 8,827 | | | $ | 46,701 | | | $ | 9,864 | |
| | 117 | | | | 131 | | | | 290 | | | | 208 | | | | 98 | | | | 267 | | | | 252 | |
| | — | | | | — | | | | 386 | | | | — | | | | 292 | | | | — | | | | 352 | |
| | — | | | | — | | | | 1,023 | | | | 196 | | | | 113 | | | | 94 | | | | — | |
| | — | | | | — | | | | 48 | | | | 56 | | | | 14 | | | | 28 | | | | 1 | |
| | |
| | 2,309 | | | | 3,765 | | | | 40,508 | | | | 16,446 | | | | 9,344 | | | | 47,090 | | | | 10,469 | |
| | |
| | 172 | | | | 274 | | | | 2,490 | | | | 1,253 | | | | 996 | | | | 3,634 | | | | 647 | |
| | 91 | | | | 152 | | | | 1,334 | | | | 537 | | | | 272 | | | | 1,090 | | | | 177 | |
| | 9 | | | | 26 | | | | 76 | | | | 111 | | | | 6 | | | | 147 | | | | 5 | |
| | — | | | | — | | | | 32 | | | | — | | | | — | | | | — | | | | — | |
| | 13 | | | | 26 | | | | 46 | | | | 25 | | | | 34 | | | | 86 | | | | 13 | |
| | 16 | | | | 26 | | | | 77 | | | | 47 | | | | 32 | | | | 58 | | | | 28 | |
| | 19 | | | | 20 | | | | 76 | | | | 53 | | | | 31 | | | | 73 | | | | 39 | |
| | 9 | | | | 15 | | | | 137 | | | | 54 | | | | 27 | | | | 113 | | | | 19 | |
| | 2 | | | | 3 | | | | 32 | | | | 11 | | | | 6 | | | | 21 | | | | 2 | |
| | 1 | | | | 1 | | | | 13 | | | | 5 | | | | 3 | | | | 11 | | | | 2 | |
| | 3 | | | | 5 | | | | 43 | | | | 17 | | | | 9 | | | | 36 | | | | 6 | |
| | 2 | | | | 3 | | | | 23 | | | | 9 | | | | 5 | | | | 19 | | | | 5 | |
| | 8 | | | | 18 | | | | 37 | | | | 30 | | | | 43 | | | | 80 | | | | 23 | |
| | 18 | | | | 24 | | | | 136 | | | | 59 | | | | 35 | | | | 115 | | | | 28 | |
| | 1 | | | | 2 | | | | 20 | | | | 7 | | | | 3 | | | | 14 | | | | 3 | |
| | 43 | | | | 46 | | | | 48 | | | | 46 | | | | 50 | | | | 53 | | | | 65 | |
| | |
| | 407 | | | | 641 | | | | 4,620 | | | | 2,264 | | | | 1,552 | | | | 5,550 | | | | 1,062 | |
| | (144 | ) | | | (184 | ) | | | (573 | ) | | | (102 | ) | | | (445 | ) | | | (1,834 | ) | | | (333 | ) |
| | |
| | 263 | | | | 457 | | | | 4,047 | | | | 2,162 | | | | 1,107 | | | | 3,716 | | | | 729 | |
| | |
| | 2,046 | | | | 3,308 | | | | 36,461 | | | | 14,284 | | | | 8,237 | | | | 43,374 | | | | 9,740 | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (506 | ) | | | (510 | ) | | | (50,658 | ) | | | (11,645 | ) | | | (5,471 | ) | | | (17,746 | ) | | | (1,796 | ) |
| | — | | | | — | | | | 521 | | | | (1 | ) | | | 211 | | | | 469 | | | | 11 | |
| | — | | | | — | | | | (139 | ) | | | — | | | | (212 | ) | | | (2,391 | ) | | | 37 | |
| | 31 | | | | (13 | ) | | | (1,674 | ) | | | (2,222 | ) | | | (133 | ) | | | 5,870 | | | | — | |
| | — | | | | — | | | | (4,621 | ) | | | — | | | | (703 | ) | | | (4,949 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (476 | ) | | | (4,179 | ) | | | 34,257 | | | | 5,967 | | | | 6,322 | | | | 31,168 | | | | 4,943 | |
| | — | | | | — | | | | (412 | ) | | | — | | | | (68 | ) | | | (217 | ) | | | 1 | |
| | — | | | | — | | | | (907 | ) | | | — | | | | (233 | ) | | | (1,116 | ) | | | (36 | ) |
| | — | | | | — | | | | (82 | ) | | | (182 | ) | | | (78 | ) | | | (369 | ) | | | — | |
| | (36 | ) | | | (296 | ) | | | (975 | ) | | | 1,443 | | | | (360 | ) | | | (3,156 | ) | | | — | |
| | 15 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | 2,531 | | | | — | | | | 386 | | | | 474 | | | | — | |
| | |
| | (972 | ) | | | (4,998 | ) | | | (22,159 | ) | | | (6,640 | ) | | | (339 | ) | | | 8,037 | | | | 3,160 | |
| | |
| $ | 1,074 | | | $ | (1,690 | ) | | $ | 14,302 | | | $ | 7,644 | | | $ | 7,898 | | | $ | 51,411 | | | $ | 12,900 | |
| | | |
See notes to financial statements.
Annual Report 111
| | |
Statements of Operations continued | | |
Period ended October 31, 2023
Numbers in 000s
| | | | | | | | | | | | |
| | | | | | | |
| | | Payden
High Income
Fund | | Payden
California Municipal
Social Impact
Fund | | Payden
Global Low
Duration Fund |
INVESTMENT INCOME: | | | | | | | | | | | | |
Interest income (Note 2) | | | $ 43,819 | | | | $ 4,829 | | | | $ 2,780 | |
Interest from affiliated investments | | | 1,202 | | | | 111 | | | | 56 | |
Dividend income | | | 1,012 | | | | — | | | | — | |
Dividend income from affiliated investment (Note 2) | | | 165 | | | | — | | | | — | |
Income from securities lending | | | 244 | | | | — | | | | 4 | |
Foreign tax withholdings | | | — | | | | — | | | | — | |
| | | | |
Investment Income | | | 46,442 | | | | 4,940 | | | | 2,840 | |
| | | | |
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees (Note 3) | | | 2,154 | | | | 460 | | | | 209 | |
Administration fees (Note 3) | | | 923 | | | | 216 | | | | 105 | |
Shareholder servicing fees | | | 123 | | | | 63 | | | | 53 | |
Distribution fees (Note 3) | | | — | | | | — | | | | — | |
Custodian fees | | | 31 | | | | 9 | | | | 28 | |
Transfer agent fees | | | 56 | | | | 22 | | | | 18 | |
Registration and filing fees | | | 30 | | | | 3 | | | | 20 | |
Trustee fees and expenses | | | 79 | | | | 23 | | | | 11 | |
Printing and mailing costs | | | 12 | | | | 5 | | | | 2 | |
Loan commitment fees | | | 9 | | | | 2 | | | | 1 | |
Legal fees | | | 32 | | | | 7 | | | | 4 | |
Publication expense | | | 14 | | | | 3 | | | | 2 | |
Pricing fees | | | 40 | | | | 15 | | | | 32 | |
Fund accounting fees | | | 95 | | | | 31 | | | | 20 | |
Insurance | | | 8 | | | | 4 | | | | 1 | |
Audit fees | | | 53 | | | | 43 | | | | 47 | |
| | | | |
Gross Expenses | | | 3,659 | | | | 906 | | | | 553 | |
Expense subsidy (Note 3) | | | (179 | ) | | | (259 | ) | | | (184 | ) |
| | | | |
Net Expenses | | | 3,480 | | | | 647 | | | | 369 | |
| | | | |
Net Investment Income | | | 42,962 | | | | 4,293 | | | | 2,471 | |
| | | | |
NET REALIZED AND UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | |
Net realized gains (losses) from: | | | | | | | | | | | | |
Investments | | | (17,874 | ) | | | (3,278 | ) | | | (920 | ) |
Foreign currency transactions | | | 216 | | | | — | | | | 6 | |
Forward foreign exchange contracts | | | (1,725 | ) | | | — | | | | 22 | |
Futures contracts | | | — | | | | 22 | | | | (813 | ) |
Swap contracts | | | 121 | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) from: | | | | | | | | | | | | |
Investments | | | 22,212 | | | | 3,440 | | | | 1,799 | |
Translation of assets and liabilities in foreign currencies | | | (55 | ) | | | — | | | | — | |
Forward foreign exchange contracts | | | 23 | | | | — | | | | (44 | ) |
Affiliated Investments | | | — | | | | — | | | | — | |
Futures contracts | | | — | | | | — | | | | 310 | |
Swap contracts | | | (1,496 | ) | | | — | | | | — | |
| | | | |
Net Realized and Unrealized Gains (Losses) | | | 1,422 | | | | 184 | | | | 360 | |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | | $ 44,384 | | | | $ 4,477 | | | | $ 2,831 | |
| | | | |
See notes to financial statements.
112 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Payden
Global Fixed
Income
Fund | |
Payden
Emerging
Markets
Bond Fund | | Payden
Emerging
Markets Local
Bond Fund | | Payden
Emerging Markets
Corporate
Bond Fund | | Payden
Equity Income
Fund |
| | | | | | | | | | | | | | | | | | |
| | $7,098 | | | | $55,696 | | | | $3,115 | | | | $4,021 | | | | $489 | |
| | 143 | | | | 655 | | | | 37 | | | | 148 | | | | 2,297 | |
| | — | | | | — | | | | — | | | | — | | | | 30,392 | |
| | 270 | | | | — | | | | — | | | | — | | | | — | |
| | 3 | | | | 69 | | | | — | | | | 27 | | | | 44 | |
| | (7 | ) | | | (125 | ) | | | (24 | ) | | | — | | | | (471 | ) |
| | | |
| | 7,507 | | | | 56,295 | | | | 3,128 | | | | 4,196 | | | | 32,751 | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | 635 | | | | 3,542 | | | | 257 | | | | 513 | | | | 6,505 | |
| | 317 | | | | 1,181 | | | | 64 | | | | 96 | | | | 1,951 | |
| | — | | | | 175 | | | | 34 | | | | 4 | | | | 111 | |
| | — | | | | 58 | | | | — | | | | — | | | | 44 | |
| | 37 | | | | 96 | | | | 41 | | | | 15 | | | | 63 | |
| | 35 | | | | 170 | | | | 24 | | | | 25 | | | | 165 | |
| | 34 | | | | 97 | | | | 29 | | | | 35 | | | | 61 | |
| | 32 | | | | 94 | | | | 6 | | | | 10 | | | | 193 | |
| | 10 | | | | 22 | | | | — | | | | 2 | | | | 44 | |
| | 3 | | | | 12 | | | | 1 | | | | 1 | | | | 19 | |
| | 11 | | | | 41 | | | | 2 | | | | 3 | | | | 64 | |
| | 7 | | | | 19 | | | | 2 | | | | 3 | | | | 31 | |
| | 43 | | | | 32 | | | | 16 | | | | 23 | | | | 4 | |
| | 44 | | | | 122 | | | | 14 | | | | 19 | | | | 200 | |
| | 4 | | | | 14 | | | | 1 | | | | 2 | | | | 23 | |
| | 32 | | | | 53 | | | | 53 | | | | 53 | | | | 46 | |
| | | |
| | 1,244 | | | | 5,728 | | | | 544 | | | | 804 | | | | 9,524 | |
| | 13 | | | | (135 | ) | | | (211 | ) | | | (235 | ) | | | (695 | ) |
| | | |
| | 1,257 | | | | 5,593 | | | | 333 | | | | 569 | | | | 8,829 | |
| | | |
| | 6,250 | | | | 50,702 | | | | 2,795 | | | | 3,627 | | | | 23,922 | |
| | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | (15,930 | ) | | | (76,262 | ) | | | (2,378 | ) | | | (2,601 | ) | | | 15,669 | |
| | 2,598 | | | | (152 | ) | | | (141 | ) | | | (15 | ) | | | 800 | |
| | (5,175 | ) | | | (7,675 | ) | | | 73 | | | | (136 | ) | | | 2,778 | |
| | (903 | ) | | | (171 | ) | | | 72 | | | | (107 | ) | | | (965 | ) |
| | (1,279 | ) | | | (1,908 | ) | | | (53 | ) | | | (169 | ) | | | — | |
| | 19,546 | | | | 130,028 | | | | 2,829 | | | | 3,851 | | | | (122,162 | ) |
| | (77 | ) | | | 309 | | | | 11 | | | | (8 | ) | | | 52 | |
| | 347 | | | | (2,929 | ) | | | (297 | ) | | | (42 | ) | | | (2,720 | ) |
| | (58 | ) | | | — | | | | — | | | | — | | | | — | |
| | 34 | | | | — | | | | (45 | ) | | | (99 | ) | | | (1,481 | ) |
| | 692 | | | | (653 | ) | | | (68 | ) | | | (31 | ) | | | — | |
| | | |
| | (205 | ) | | | 40,587 | | | | 3 | | | | 643 | | | | (108,029 | ) |
| | | |
| | $6,045 | | | | $91,289 | | | | $2,798 | | | | $4,270 | | | | $(84,107) | |
| | | |
See notes to financial statements.
Annual Report 113
| | |
Statements of Changes in Net Assets | | |
For the periods ended October 31st
Numbers in 000s
| | | | | | | | | | | | | | | | |
| | |
| | | Payden Cash Reserves
Money Market Fund | | Payden Limited
Maturity Fund |
| | | 2023 | | 2022 | | 2023 | | 2022 |
INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | | | | | | | | | |
FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 21,684 | | | $ | 3,623 | | | $ | 85,054 | | | $ | 22,532 | |
Net realized gains (losses) | | | (29 | ) | | | — | | | | (2,411 | ) | | | 1,042 | |
Change in net unrealized appreciation/(depreciation) | | | — | | | | — | | | | 24,279 | | | | (33,306 | ) |
Change in Net Assets Resulting from Operations | | | 21,655 | | | | 3,623 | | | | 106,922 | | | | (9,732 | ) |
| | | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income and net realized gains from investments: | | | | | | | | | | | | | | | | |
Investor Class | | | (21,710 | ) | | | (3,614 | ) | | | (26,361 | ) | | | (7,308 | ) |
SI Class | | | — | | | | — | | | | (60,940 | ) | | | (16,901 | ) |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Return of capital: | | | | | | | | | | | | | | | | |
Investor Class | | | — | | | | — | | | | (222 | ) | | | — | |
SI Class | | | — | | | | — | | | | (512 | ) | | | — | |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Change in Net Assets from Distributions to Shareholders | | | (21,710 | ) | | | (3,614 | ) | | | (88,035 | ) | | | (24,209 | ) |
| | | | |
FROM CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from fund shares sold: | | | | | | | | | | | | | | | | |
Investor Class | | | 41,066,472 | | | | 51,666,255 | | | | 331,828 | | | | 381,073 | |
SI Class | | | — | | | | — | | | | 450,087 | | | | 499,194 | |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Reinvestment of distributions: | | | | | | | | | | | | | | | | |
Investor Class | | | 10,347 | | | | 784 | | | | 26,386 | | | | 7,202 | |
SI Class | | | — | | | | — | | | | 56,626 | | | | 15,743 | |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Cost of fund shares redeemed: | | | | | | | | | | | | | | | | |
Investor Class | | | (41,105,956 | ) | | | (51,691,871 | ) | | | (268,509 | ) | | | (681,736 | ) |
SI Class | | | — | | | | — | | | | (527,419 | ) | | | (564,780 | ) |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Change in Net Assets from Capital Transactions | | | (29,137 | ) | | | (24,832 | ) | | | 68,999 | | | | (343,304 | ) |
Total Change in Net Assets | | | (29,192 | ) | | | (24,823 | ) | | | 87,886 | | | | (377,245 | ) |
| | | | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of period | | | 475,935 | | | | 500,758 | | | | 1,872,288 | | | | 2,249,533 | |
End of period | | $ | 446,743 | | | $ | 475,935 | | | $ | 1,960,174 | | | $ | 1,872,288 | |
| | | | | | | | | | | | | | | | |
| | | | |
FUND SHARES OF BENEFICIAL INTEREST: | | | | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | | | | |
Outstanding shares at beginning of period | | | 475,917 | | | | 500,749 | | | | 58,350 | | | | 89,467 | |
Shares sold | | | 41,066,471 | | | | 51,666,255 | | | | 35,204 | | | | 40,289 | |
Shares issued in reinvestment of distributions | | | 10,347 | | | | 784 | | | | 2,799 | | | | 765 | |
Shares redeemed | | | (41,105,956 | ) | | | (51,691,871 | ) | | | (28,501 | ) | | | (72,171 | ) |
Change in shares outstanding | | | (29,138 | ) | | | (24,832 | ) | | | 9,502 | | | | (31,117 | ) |
Outstanding shares at end of period | | | 446,779 | | | | 475,917 | | | | 67,852 | | | | 58,350 | |
| | | | | | | | | | | | | | | | |
SI Class: | | | | | | | | | | | | | | | | |
Outstanding shares at beginning of period | | | — | | | | — | | | | 141,540 | | | | 146,939 | |
Shares sold | | | — | | | | — | | | | 47,780 | | | | 52,796 | |
Shares issued in reinvestment of distributions | | | — | | | | — | | | | 6,005 | | | | 1,674 | |
Shares redeemed | | | — | | | | — | | | | (55,973 | ) | | | (59,869 | ) |
Change in shares outstanding | | | — | | | | — | | | | (2,188 | ) | | | (5,399 | ) |
Outstanding shares at end of period | | | — | | | | — | | | | 139,352 | | | | 141,540 | |
| | | | | | | | | | | | | | | | |
Adviser Class: | | | | | | | | | | | | | | | | |
Outstanding shares at beginning of period | | | — | | | | — | | | | — | | | | — | |
Shares sold | | | — | | | | — | | | | — | | | | — | |
Shares issued in reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
Change in shares outstanding | | | — | | | | — | | | | — | | | | — | |
Outstanding shares at end of period | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
LONG TERM INVESTMENT ACTIVITY: | | | | | | | | | | | | | | | | |
Purchase of investments (excluding government) | | | — | | | | — | | | | 1,107,475 | | | | 540,566 | |
Sale of investments (excluding government) | | | — | | | | — | | | | 1,004,357 | | | | 941,133 | |
Purchase of government securities | | | — | | | | — | | | | 38,120 | | | | 15,950 | |
Sale of government securities | | | — | | | | — | | | | 31,828 | | | | 107,732 | |
See notes to financial statements.
114 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Payden
Low Duration Fund | | Payden U.S.
Government Fund | | Payden
GNMA Fund | | Payden
Core Bond Fund |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 38,784 | | | $ | 20,237 | | | $ | 2,046 | | | $ | 759 | | | $ | 3,308 | | | $ | 2,016 | | | $ | 36,461 | | | $ | 30,121 | |
| | (28,530 | ) | | | (15,897 | ) | | | (475 | ) | | | (86 | ) | | | (523 | ) | | | (6,841 | ) | | | (56,571 | ) | | | (32,835 | ) |
| | 38,719 | | | | (72,032 | ) | | | (497 | ) | | | (2,772 | ) | | | (4,475 | ) | | | (10,020 | ) | | | 34,412 | | | | (193,454 | ) |
| | 48,973 | | | | (67,692 | ) | | | 1,074 | | | | (2,099 | ) | | | (1,690 | ) | | | (14,845 | ) | | | 14,302 | | | | (196,168 | ) |
| | | | | | | |
| | (24,753 | ) | | | (20,441 | ) | | | (2,078 | ) | | | (841 | ) | | | (3,191 | ) | | | (3,254 | ) | | | (9,985 | ) | | | (8,172 | ) |
| | (13,963 | ) | | | (3,463 | ) | | | — | | | | — | | | | — | | | | — | | | | (22,616 | ) | | | (17,514 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (375 | ) | | | (783 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (464 | ) | | | (2,060 | ) | | | — | | | | — | | | | — | | | | — | | | | (380 | ) | | | (1,866 | ) |
| | (261 | ) | | | (349 | ) | | | — | | | | — | | | | — | | | | — | | | | (860 | ) | | | (3,998 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (14 | ) | | | (179 | ) |
| | (39,441 | ) | | | (26,313 | ) | | | (2,078 | ) | | | (841 | ) | | | (3,191 | ) | | | (3,254 | ) | | | (34,230 | ) | | | (32,512 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 156,307 | | | | 353,267 | | | | 12,055 | | | | 39,514 | | | | 26,339 | | | | 35,137 | | | | 35,171 | | | | 39,492 | |
| | 312,118 | | | | 372,753 | | | | — | | | | — | | | | — | | | | — | | | | 78,607 | | | | 28,066 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 6,124 | | | | 3,532 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 24,619 | | | | 21,063 | | | | 1,994 | | | | 818 | | | | 2,901 | | | | 2,844 | | | | 7,883 | | | | 7,998 | |
| | 11,774 | | | | 3,797 | | | | — | | | | — | | | | — | | | | — | | | | 23,274 | | | | 21,508 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 387 | | | | 960 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (516,533 | ) | | | (996,476 | ) | | | (6,542 | ) | | | (12,797 | ) | | | (27,058 | ) | | | (30,652 | ) | | | (102,697 | ) | | | (89,792 | ) |
| | (191,837 | ) | | | (41,341 | ) | | | — | | | | — | | | | — | | | | — | | | | (82,661 | ) | | | (121,607 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (28,376 | ) | | | (19,458 | ) |
| | (203,552 | ) | | | (286,937 | ) | | | 7,507 | | | | 27,535 | | | | 2,182 | | | | 7,329 | | | | (62,288 | ) | | | (129,301 | ) |
| | (194,020 | ) | | | (380,942 | ) | | | 6,503 | | | | 24,595 | | | | (2,699 | ) | | | (10,770 | ) | | | (82,216 | ) | | | (357,981 | ) |
| | | | | | | |
| | 1,223,135 | | | | 1,604,077 | | | | 53,471 | | | | 28,876 | | | | 91,243 | | | | 102,013 | | | | 931,534 | | | | 1,289,515 | |
| $ | 1,029,115 | | | $ | 1,223,135 | | | $ | 59,974 | | | $ | 53,471 | | | $ | 88,544 | | | $ | 91,243 | | | $ | 849,318 | | | $ | 931,534 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 95,185 | | | | 158,480 | | | | 5,749 | | | | 2,807 | | | | 12,214 | | | | 11,191 | | | | 33,517 | | | | 37,762 | |
| | 16,358 | | | | 35,825 | | | | 1,274 | | | | 4,140 | | | | 3,470 | | | | 4,334 | | | | 3,847 | | | | 4,000 | |
| | 2,573 | | | | 2,146 | | | | 221 | | | | 85 | | | | 383 | | | | 341 | | | | 872 | | | | 812 | |
| | (54,013 | ) | | | (101,266 | ) | | | (697 | ) | | | (1,283 | ) | | | (3,567 | ) | | | (3,652 | ) | | | (11,318 | ) | | | (9,057 | ) |
| | (35,082 | ) | | | (63,295 | ) | | | 798 | | | | 2,942 | | | | 286 | | | | 1,023 | | | | (6,599 | ) | | | (4,245 | ) |
| | 60,103 | | | | 95,185 | | | | 6,547 | | | | 5,749 | | | | 12,500 | | | | 12,214 | | | | 26,918 | | | | 33,517 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 33,978 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 69,744 | | | | 76,964 | |
| | 32,667 | | | | 37,859 | | | | — | | | | — | | | | — | | | | — | | | | 8,726 | | | | 2,905 | |
| | 1,231 | | | | 394 | | | | — | | | | — | | | | — | | | | — | | | | 2,580 | | | | 2,190 | |
| | (20,006 | ) | | | (4,275 | ) | | | — | | | | — | | | | — | | | | — | | | | (9,040 | ) | | | (12,315 | ) |
| | 13,892 | | | | 33,978 | | | | — | | | | — | | | | — | | | | — | | | | 2,266 | | | | (7,220 | ) |
| | 47,870 | | | | 33,978 | | | | — | | | | — | | | | — | | | | — | | | | 72,010 | | | | 69,744 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,714 | | | | 4,301 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 690 | | | | 349 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 42 | | | | 97 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (3,100 | ) | | | (2,033 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (2,368 | ) | | | (1,587 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 346 | | | | 2,714 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 294,152 | | | | 272,425 | | | | — | | | | — | | | | — | | | | — | | | | 183,468 | | | | 147,389 | |
| | 378,593 | | | | 673,106 | | | | 766 | | | | 246 | | | | — | | | | — | | | | 277,249 | | | | 256,445 | |
| | 832,603 | | | | 1,020,522 | | | | 38,118 | | | | 30,326 | | | | 24,214 | | | | 35,537 | | | | 279,942 | | | | 436,628 | |
| | 943,890 | | | | 925,811 | | | | 20,795 | | | | 10,847 | | | | 21,022 | | | | 34,682 | | | | 285,263 | | | | 413,370 | |
See notes to financial statements.
Annual Report 115
| | |
Statements of Changes in Net Assets continued | | |
For the periods ended October 31st
Numbers in 000s
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | Payden Corporate
Bond Fund | | | | Payden Strategic
Income Fund |
| | | 2023 | | 2022 | | | | 2023 | | 2022 |
INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | | | | | | | | | | | | | |
FROM OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 14,284 | | | $ | 11,927 | | | | | | | $ | 8,237 | | | $ | 5,739 | |
Net realized (losses) | | | (13,868 | ) | | | (10,526 | ) | | | | | | | (6,308 | ) | | | (364 | ) |
Change in net unrealized appreciation/(depreciation) | | | 7,228 | | | | (88,378 | ) | | | | | | | 5,969 | | | | (21,686 | ) |
Change in Net Assets Resulting from Operations | | | 7,644 | | | | (86,977 | ) | | | | | | | 7,898 | | | | (16,311 | ) |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | |
Net investment income and net realized gains from investments: | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | (7,393 | ) | | | (22,405 | ) | | | | | | | (4,851 | ) | | | (5,470 | ) |
SI Class | | | (6,867 | ) | | | (1,247 | ) | | | | | | | (3,179 | ) | | | (2,083 | ) |
Return of capital: | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | — | | | | (80 | ) | | | | | | | (169 | ) | | | — | |
SI Class | | | — | | | | (4 | ) | | | | | | | (111 | ) | | | — | |
Change in Net Assets from Distributions to Shareholders | | | (14,260 | ) | | | (23,736 | ) | | | | | | | (8,310 | ) | | | (7,553 | ) |
FROM CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | |
Proceeds from fund shares sold: | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | 52,936 | | | | 89,246 | | | | | | | | 12,022 | | | | 14,018 | |
SI Class | | | 101,152 | | | | 135,526 | | | | | | | | 31,078 | | | | 4,594 | |
Reinvestment of distributions: | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | 7,265 | | | | 21,138 | | | | | | | | 4,969 | | | | 5,345 | |
SI Class | | | 6,851 | | | | 1,251 | | | | | | | | 3,192 | | | | 2,083 | |
Cost of fund shares redeemed: | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | (144,035 | ) | | | (247,290 | ) | | | | | | | (35,723 | ) | | | (36,322 | ) |
SI Class | | | (22,947 | ) | | | (2,876 | ) | | | | | | | (5,530 | ) | | | (804 | ) |
Change in Net Assets from Capital Transactions | | | 1,222 | | | | (3,005 | ) | | | | | | | 10,008 | | | | (11,086 | ) |
Total Change in Net Assets | | | (5,394 | ) | | | (113,718 | ) | | | | | | | 9,596 | | | | (34,950 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | 346,417 | | | | 460,135 | | | | | | | | 162,591 | | | | 197,541 | |
End of period | | $ | 341,023 | | | $ | 346,417 | | | | | | | $ | 172,187 | | | $ | 162,591 | |
| | | | | | | | | | | | | | | | | | | | |
FUND SHARES OF BENEFICIAL INTEREST: | | | | | | | | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | | | | | | | | |
Outstanding shares at beginning of period | | | 24,416 | | | | 38,478 | | | | | | | | 12,403 | | | | 14,142 | |
Shares sold | | | 5,564 | | | | 8,358 | | | | | | | | 1,288 | | | | 1,401 | |
Shares issued in reinvestment of distributions | | | 768 | | | | 1,923 | | | | | | | | 532 | | | | 542 | |
Shares redeemed | | | (15,165 | ) | | | (24,343 | ) | | | | | | | (3,814 | ) | | | (3,682 | ) |
Change in shares outstanding | | | (8,833 | ) | | | (14,062 | ) | | | | | | | (1,994 | ) | | | (1,739 | ) |
Outstanding shares at end of period | | | 15,583 | | | | 24,416 | | | | | | | | 10,409 | | | | 12,403 | |
| | | | | | | | | | | | | | | | | | | | |
SI Class: | | | | | | | | | | | | | | | | | | | | |
Outstanding shares at beginning of period | | | 13,636 | | | | — | | | | | | | | 5,352 | | | | 4,739 | |
Shares sold | | | 10,647 | | | | 13,810 | | | | | | | | 3,314 | | | | 481 | |
Shares issued in reinvestment of distributions | | | 728 | | | | 133 | | | | | | | | 342 | | | | 212 | |
Shares redeemed | | | (2,438 | ) | | | (307 | ) | | | | | | | (591 | ) | | | (80 | ) |
Change in shares outstanding | | | 8,937 | | | | 13,636 | | | | | | | | 3,065 | | | | 613 | |
Outstanding shares at end of period | | | 22,573 | | | | 13,636 | | | | | | | | 8,417 | | | | 5,352 | |
| | | | | | | | | | | | | | | | | | | | |
LONG TERM INVESTMENT ACTIVITY: | | | | | | | | | | | | | | | | | | | | |
Purchase of investments (excluding government) | | | 151,067 | | | | 124,626 | | | | | | | | 38,589 | | | | 44,883 | |
Sale of investments (excluding government) | | | 144,042 | | | | 143,324 | | | | | | | | 60,231 | | | | 54,688 | |
Purchase of government securities | | | — | | | | — | | | | | | | | 44,654 | | | | 15,451 | |
Sale of government securities | | | 20 | | | | 713 | | | | | | | | 14,751 | | | | 21,548 | |
See notes to financial statements.
116 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Payden Absolute Return
Bond Fund | | Payden Floating Rate
Fund | | Payden High Income
Fund | | Payden California Municipal
Social Impact Fund |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 43,374 | | | $ | 30,418 | | | $ | 9,740 | | | $ | 8,008 | | | $ | 42,962 | | | $ | 38,279 | | | $ | 4,293 | | | $ | 1,804 | |
| | (18,747 | ) | | | (12,914 | ) | | | (1,748 | ) | | | (2,857 | ) | | | (19,262 | ) | | | (19,136 | ) | | | (3,256 | ) | | | (2,199 | ) |
| | 26,784 | | | | (66,537 | ) | | | 4,908 | | | | (7,404 | ) | | | 20,684 | | | | (97,659 | ) | | | 3,440 | | | | (10,344 | ) |
| | 51,411 | | | | (49,033 | ) | | | 12,900 | | | | (2,253 | ) | | | 44,384 | | | | (78,516 | ) | | | 4,477 | | | | (10,739 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (6,882 | ) | | | (3,267 | ) | | | (1,843 | ) | | | (1,047 | ) | | | (14,513 | ) | | | (24,168 | ) | | | (4,257 | ) | | | (1,857 | ) |
| | (32,593 | ) | | | (19,551 | ) | | | (7,857 | ) | | | (7,011 | ) | | | (28,024 | ) | | | (14,520 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (37 | ) | | | (1,419 | ) | | | (7 | ) | | | (2 | ) | | | (29 | ) | | | (59 | ) | | | — | | | | — | |
| | (175 | ) | | | (8,496 | ) | | | (31 | ) | | | (11 | ) | | | (56 | ) | | | (35 | ) | | | — | | | | — | |
| | (39,687 | ) | | | (32,733 | ) | | | (9,738 | ) | | | (8,071 | ) | | | (42,622 | ) | | | (38,782 | ) | | | (4,257 | ) | | | (1,857 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 34,816 | | | | 32,136 | | | | 32,079 | | | | 4,264 | | | | 208,901 | | | | 264,796 | | | | 37,271 | | | | 86,452 | |
| | 39,209 | | | | 114,645 | | | | 21,133 | | | | 24,608 | | | | 96,474 | | | | 492,257 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6,656 | | | | 4,630 | | | | 1,823 | | | | 1,021 | | | | 11,033 | | | | 20,715 | | | | 3,301 | | | | 1,395 | |
| | 29,881 | | | | 24,881 | | | | 3,247 | | | | 3,250 | | | | 21,196 | | | | 7,872 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (27,339 | ) | | | (52,012 | ) | | | (31,516 | ) | | | (545 | ) | | | (308,429 | ) | | | (720,765 | ) | | | (30,104 | ) | | | (21,299 | ) |
| | (182,644 | ) | | | (289,321 | ) | | | (63,145 | ) | | | (64,817 | ) | | | (30,444 | ) | | | (110,135 | ) | | | — | | | | — | |
| | (99,421 | ) | | | (165,041 | ) | | | (36,379 | ) | | | (32,219 | ) | | | (1,269 | ) | | | (45,260 | ) | | | 10,468 | | | | 66,548 | |
| | (87,697 | ) | | | (246,807 | ) | | | (33,217 | ) | | | (42,543 | ) | | | 493 | | | | (162,558 | ) | | | 10,688 | | | | 53,952 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 783,147 | | | | 1,029,954 | | | | 148,583 | | | | 191,126 | | | | 577,845 | | | | 740,403 | | | | 141,705 | | | | 87,753 | |
| $ | 695,450 | | | $ | 783,147 | | | $ | 115,366 | | | $ | 148,583 | | | $ | 578,338 | | | $ | 577,845 | | | $ | 152,393 | | | $ | 141,705 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13,439 | | | | 15,064 | | | | 2,576 | | | | 2,094 | | | | 39,044 | | | | 107,757 | | | | 15,104 | | | | 8,366 | |
| | 3,699 | | | | 3,316 | | | | 3,344 | | | | 431 | | | | 35,117 | | | | 41,513 | | | | 3,823 | | | | 8,757 | |
| | 710 | | | | 484 | | | | 190 | | | | 107 | | | | 1,855 | | | | 3,211 | | | | 339 | | | | 142 | |
| | (2,907 | ) | | | (5,425 | ) | | | (3,298 | ) | | | (56 | ) | | | (51,819 | ) | | | (113,437 | ) | | | (3,111 | ) | | | (2,161 | ) |
| | 1,502 | | | | (1,625 | ) | | | 236 | | | | 482 | | | | (14,847 | ) | | | (68,713 | ) | | | 1,051 | | | | 6,738 | |
| | 14,941 | | | | 13,439 | | | | 2,812 | | | | 2,576 | | | | 24,197 | | | | 39,044 | | | | 16,155 | | | | 15,104 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 71,832 | | | | 87,581 | | | | 13,257 | | | | 17,183 | | | | 60,402 | | | | — | | | | — | | | | — | |
| | 4,159 | | | | 11,904 | | | | 2,217 | | | | 2,509 | | | | 16,110 | | | | 77,662 | | | | — | | | | — | |
| | 3,181 | | | | 2,597 | | | | 339 | | | | 336 | | | | 3,575 | | | | 1,325 | | | | — | | | | — | |
| | (19,477 | ) | | | (30,250 | ) | | | (6,638 | ) | | | (6,771 | ) | | | (5,149 | ) | | | (18,585 | ) | | | — | | | | — | |
| | (12,137 | ) | | | (15,749 | ) | | | (4,082 | ) | | | (3,926 | ) | | | 14,536 | | | | 60,402 | | | | — | | | | — | |
| | 59,695 | | | | 71,832 | | | | 9,175 | | | | 13,257 | | | | 74,938 | | | | 60,402 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 667,582 | | | | 800,243 | | | | 31,834 | | | | 58,576 | | | | 435,367 | | | | 466,333 | | | | 185,373 | | | | 140,927 | |
| | 769,870 | | | | 834,488 | | | | 49,224 | | | | 108,824 | | | | 437,729 | | | | 481,125 | | | | 174,330 | | | | 87,255 | |
| | 225,080 | | | | 125,452 | | | | — | | | | — | | | | — | | | | — | | | | 48,892 | | | | 12,032 | |
| | 212,495 | | | | 227,712 | | | | 526 | | | | — | | | | 5,367 | | | | — | | | | 38,148 | | | | 5,838 | |
See notes to financial statements.
Annual Report 117
| | |
Statements of Changes in Net Assets continued | | |
For the periods ended October 31st
Numbers in 000s
| | | | | | | | | | | | | | | | |
| | | Payden Global Low Duration Fund | | Payden Global Fixed Income Fund |
| | | 2023 | | 2022 | | 2023 | | 2022 |
INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | | | | | | | | | |
FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 2,471 | | | $ | 1,305 | | | $ | 6,250 | | | $ | 4,492 | |
Net realized gains (losses) | | | (1,705 | ) | | | (426 | ) | | | (20,689 | ) | | | 3,246 | |
Change in net unrealized appreciation/(depreciation) | | | 2,065 | | | | (4,356 | ) | | | 20,484 | | | | (46,278 | ) |
Change in Net Assets Resulting from Operations | | | 2,831 | | | | (3,477 | ) | | | 6,045 | | | | (38,540 | ) |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income and net realized gains from investments: | | | | | | | | | | | | | | | | |
Investor Class | | | (2,476 | ) | | | (1,648 | ) | | | (5,222 | ) | | | (4,924 | ) |
SI Class | | | — | | | | — | | | | (9,422 | ) | | | (5,554 | ) |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Return of capital: | | | | | | | | | | | | | | | | |
Investor Class | | | (17 | ) | | | (128 | ) | | | (1,713 | ) | | | — | |
SI Class | | | — | | | | — | | | | (3,092 | ) | | | — | |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Change in Net Assets from Distributions to Shareholders | | | (2,493 | ) | | | (1,776 | ) | | | (19,449 | ) | | | (10,478 | ) |
FROM CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from fund shares sold: | | | | | | | | | | | | | | | | |
Investor Class | | | 9,291 | | | | 13,141 | | | | 11,544 | | | | 13,857 | |
SI Class | | | — | | | | — | | | | 44,866 | | | | 46,245 | |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Reinvestment of distributions: | | | | | | | | | | | | | | | | |
Investor Class | | | 2,486 | | | | 1,769 | | | | 6,869 | | | | 4,879 | |
SI Class | | | — | | | | — | | | | 12,514 | | | | 5,554 | |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Cost of fund shares redeemed: | | | | | | | | | | | | | | | | |
Investor Class | | | (41,405 | ) | | | (21,442 | ) | | | (62,810 | ) | | | (83,995 | ) |
SI Class | | | — | | | | — | | | | (70,883 | ) | | | (4,492 | ) |
Adviser Class | | | — | | | | — | | | | — | | | | — | |
Change in Net Assets from Capital Transactions | | | (29,628 | ) | | | (6,532 | ) | | | (57,900 | ) | | | (17,952 | ) |
Total Change in Net Assets | | | (29,290 | ) | | | (11,785 | ) | | | (71,304 | ) | | | (66,970 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of period | | | 74,440 | | | | 86,225 | | | | 237,023 | | | | 303,993 | |
End of period | | $ | 45,150 | | | $ | 74,440 | | | $ | 165,719 | | | $ | 237,023 | |
| | | | | | | | | | | | | | | | |
FUND SHARES OF BENEFICIAL INTEREST: | | | | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | | | | |
Outstanding shares at beginning of period | | | 7,906 | | | | 8,535 | | | | 12,034 | | | | 19,469 | |
Shares sold | | | 976 | | | | 1,360 | | | | 1,557 | | | | 1,657 | |
Shares issued in reinvestment of distributions | | | 262 | | | | 181 | | | | 937 | | | | 556 | |
Shares redeemed | | | (4,361 | ) | | | (2,170 | ) | | | (8,427 | ) | | | (9,648 | ) |
Change in shares outstanding | | | (3,123 | ) | | | (629 | ) | | | (5,933 | ) | | | (7,435 | ) |
Outstanding shares at end of period | | | 4,783 | | | | 7,906 | | | | 6,101 | | | | 12,034 | |
| | | | | | | | | | | | | | | | |
SI Class: | | | | | | | | | | | | | | | | |
Outstanding shares at beginning of period | | | — | | | | — | | | | 18,987 | | | | 13,707 | |
Shares sold | | | — | | | | — | | | | 6,061 | | | | 5,173 | |
Shares issued in reinvestment of distributions | | | — | | | | — | | | | 1,709 | | | | 644 | |
Shares redeemed | | | — | | | | — | | | | (9,582 | ) | | | (537 | ) |
Change in shares outstanding | | | — | | | | — | | | | (1,812 | ) | | | 5,280 | |
Outstanding shares at end of period | | | — | | | | — | | | | 17,175 | | | | 18,987 | |
| | | | | | | | | | | | | | | | |
Adviser Class: | | | | | | | | | | | | | | | | |
Outstanding shares at beginning of period | | | — | | | | — | | | | — | | | | — | |
Shares sold | | | — | | | | — | | | | — | | | | — | |
Shares issued in reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
Change in shares outstanding | | | — | | | | — | | | | — | | | | — | |
Outstanding shares at end of period | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
LONG TERM INVESTMENT ACTIVITY: | | | | | | | | | | | | | | | | |
Purchase of investments (excluding government) | | | 23,835 | | | | 27,704 | | | | 74,091 | | | | 65,418 | |
Sale of investments (excluding government) | | | 36,444 | | | | 40,620 | | | | 113,646 | | | | 94,707 | |
Purchase of government securities | | | 36,304 | | | | 62,248 | | | | 9,506 | | | | 74,590 | |
Sale of government securities | | | 47,055 | | | | 58,806 | | | | 29,770 | | | | 62,291 | |
See notes to financial statements.
118 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Payden Emerging Markets
Bond Fund | | Payden Emerging Markets
Local Bond Fund | | Payden Emerging Markets
Corporate Bond Fund | | Payden Equity
Income Fund |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 50,702 | | | $ | 49,643 | | | $ | 2,795 | | | $ | 1,979 | | | $ | 3,627 | | | $ | 2,358 | | | $ | 23,922 | | | $ | 31,755 | |
| | (86,168 | ) | | | (58,077 | ) | | | (2,427 | ) | | | (6,959 | ) | | | (3,028 | ) | | | (2,528 | ) | | | 18,282 | | | | 57,782 | |
| | 126,755 | | | | (242,267 | ) | | | 2,430 | | | | (2,959 | ) | | | 3,671 | | | | (9,402 | ) | | | (126,311 | ) | | | (138,369 | ) |
| | 91,289 | | | | (250,701 | ) | | | 2,798 | | | | (7,939 | ) | | | 4,270 | | | | (9,572 | ) | | | (84,107 | ) | | | (48,832 | ) |
| | | | | | | |
| | (20,828 | ) | | | (19,706 | ) | | | (114 | ) | | | (152 | ) | | | (1,299 | ) | | | (485 | ) | | | (26,846 | ) | | | (92,547 | ) |
| | (29,190 | ) | | | (28,282 | ) | | | (927 | ) | | | (61 | ) | | | (2,210 | ) | | | (2,374 | ) | | | (55,704 | ) | | | (215,926 | ) |
| | (1,509 | ) | | | (1,969 | ) | | | — | | | | — | | | | — | | | | — | | | | (1,103 | ) | | | (3,674 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (4,462 | ) | | | — | | | | (171 | ) | | | (1,264 | ) | | | (78 | ) | | | — | | | | — | | | | — | |
| | (6,253 | ) | | | — | | | | (1,385 | ) | | | (508 | ) | | | (133 | ) | | | — | | | | — | | | | — | |
| | (323 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | (62,565 | ) | | | (49,957 | ) | | | (2,597 | ) | | | (1,985 | ) | | | (3,720 | ) | | | (2,859 | ) | | | (83,653 | ) | | | (312,147 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 187,049 | | | | 336,167 | | | | 4,495 | | | | 1,467 | | | | 5,608 | | | | 15,875 | | | | 33,366 | | | | 64,652 | |
| | 88,607 | | | | 190,569 | | | | 40,826 | | | | 27,321 | | | | 15,530 | | | | 10,000 | | | | 9,761 | | | | 153,129 | |
| | 27,826 | | | | 17,862 | | | | — | | | | — | | | | — | | | | — | | | | 1,346 | | | | 6,297 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 19,257 | | | | 16,121 | | | | 154 | | | | 1,347 | | | | 528 | | | | 275 | | | | 24,703 | | | | 88,284 | |
| | 30,580 | | | | 23,940 | | | | 1,747 | | | | 569 | | | | 1,949 | | | | 1,969 | | | | 51,343 | | | | 184,782 | |
| | 1,785 | | | | 1,887 | | | | — | | | | — | | | | — | | | | — | | | | 993 | | | | 3,611 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (273,421 | ) | | | (192,879 | ) | | | (2,575 | ) | | | (33,430 | ) | | | (581 | ) | | | (170 | ) | | | (161,567 | ) | | | (106,218 | ) |
| | (158,486 | ) | | | (164,665 | ) | | | (5,000 | ) | | | — | | | | (1,800 | ) | | | (22,412 | ) | | | (81,793 | ) | | | (380,893 | ) |
| | (32,243 | ) | | | (49,028 | ) | | | — | | | | — | | | | — | | | | — | | | | (4,932 | ) | | | (5,921 | ) |
| | (109,046 | ) | | | 179,974 | | | | 39,647 | | | | (2,726 | ) | | | 21,234 | | | | 5,537 | | | | (126,780 | ) | | | 7,723 | |
| | (80,322 | ) | | | (120,684 | ) | | | 39,848 | | | | (12,650 | ) | | | 21,784 | | | | (6,894 | ) | | | (294,540 | ) | | | (353,256 | ) |
| | | | | | | |
| | 765,054 | | | | 885,738 | | | | 30,901 | | | | 43,551 | | | | 46,519 | | | | 53,413 | | | | 1,437,124 | | | | 1,790,380 | |
| $ | 684,732 | | | $ | 765,054 | | | $ | 70,749 | | | $ | 30,901 | | | $ | 68,303 | | | $ | 46,519 | | | $ | 1,142,584 | | | $ | 1,437,124 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 35,091 | | | | 21,308 | | | | 968 | | | | 7,613 | | | | 2,387 | | | | 511 | | | | 27,942 | | | | 25,248 | |
| | 18,952 | | | | 30,136 | | | | 966 | | | | 323 | | | | 668 | | | | 1,865 | | | | 2,088 | | | | 3,692 | |
| | 1,956 | | | | 1,492 | | | | 32 | | | | 262 | | | | 62 | | | | 30 | | | | 1,532 | | | | 4,836 | |
| | (27,603 | ) | | | (17,845 | ) | | | (528 | ) | | | (7,230 | ) | | | (69 | ) | | | (19 | ) | | | (10,147 | ) | | | (5,834 | ) |
| | (6,695 | ) | | | 13,783 | | | | 470 | | | | (6,645 | ) | | | 661 | | | | 1,876 | | | | (6,527 | ) | | | 2,694 | |
| | 28,396 | | | | 35,091 | | | | 1,438 | | | | 968 | | | | 3,048 | | | | 2,387 | | | | 21,415 | | | | 27,942 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 45,972 | | | | 41,370 | | | | 6,268 | | | | — | | | | 3,498 | | | | 4,725 | | | | 55,781 | | | | 58,007 | |
| | 9,004 | | | | 17,478 | | | | 8,619 | | | | 6,139 | | | | 1,797 | | | | 980 | | | | 609 | | | | 8,666 | |
| | 3,113 | | | | 2,201 | | | | 372 | | | | 129 | | | | 232 | | | | 212 | | | | 3,190 | | | | 10,121 | |
| | (16,207 | ) | | | (15,077 | ) | | | (1,119 | ) | | | — | | | | (209 | ) | | | (2,419 | ) | | | (5,127 | ) | | | (21,013 | ) |
| | (4,090 | ) | | | 4,602 | | | | 7,872 | | | | 6,268 | | | | 1,820 | | | | (1,227 | ) | | | (1,328 | ) | | | (2,226 | ) |
| | 41,882 | | | | 45,972 | | | | 14,140 | | | | 6,268 | | | | 5,318 | | | | 3,498 | | | | 54,453 | | | | 55,781 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 2,430 | | | | 4,898 | | | | — | | | | — | | | | — | | | | — | | | | 1,147 | | | | 936 | |
| | 2,841 | | | | 1,579 | | | | — | | | | — | | | | — | | | | — | | | | 80 | | | | 346 | |
| | 181 | | | | 169 | | | | — | | | | — | | | | — | | | | — | | | | 62 | | | | 198 | |
| | (3,267 | ) | | | (4,216 | ) | | | — | | | | — | | | | — | | | | — | | | | (312 | ) | | | (333 | ) |
| | (245 | ) | | | (2,468 | ) | | | — | | | | — | | | | — | | | | — | | | | (170 | ) | | | 211 | |
| | 2,185 | | | | 2,430 | | | | — | | | | — | | | | — | | | | — | | | | 977 | | | | 1,147 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 530,506 | | | | 563,104 | | | | 65,752 | | | | 21,716 | | | | 69,876 | | | | 46,330 | | | | 1,383,197 | | | | 1,439,464 | |
| | 650,333 | | | | 405,314 | | | | 29,535 | | | | 24,539 | | | | 57,174 | | | | 42,682 | | | | 1,619,561 | | | | 1,734,373 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 1,192 | | | | — | | | | — | |
See notes to financial statements.
Annual Report 119
| | |
Notes to Financial Statements | | |
October 31, 2023
1. Organization and Related Matters
The Payden & Rygel Investment Group (the “Group” or “Paydenfunds”) is a no-load, open-end registered investment company organized as a Massachusetts business trust on January 22, 1992 and registered under the Investment Company Act of 1940 (the “1940 Act”), as amended. Each of its nineteen funds (each a “Fund,” collectively the “Funds”) is a series of the Group, and is authorized to issue unlimited shares at $0.001 par value. This report contains 18 Funds. The Payden Managed Income Fund is contained in a separate report. Each of the Funds, other than the Emerging Markets Local Bond Fund, has been classified as diversified.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each Fund’s financial statements are prepared in accordance with GAAP.
The Funds are considered investment companies under FASB ASC 946, Financial Services - Investment Companies.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. During the year ended October 31, 2023, BBFI Liquidating Trust corporate bond valued at $2,199,929 for Payden Emerging Markets Bond Fund and $232,030 for Payden Emerging Markets Corporate Bond Fund is classified as Level 3 due to the unobservable nature of the inputs used in its valuation. The following inputs used in valuation: valuation technique – income approach, unobservable input – discount rate with 16% discount.
Securities Valuation
Domestic and foreign fixed income securities and other assets for which market quotations are readily available (other than obligations with original maturities of sixty days or less) are valued on the basis of quotes obtained from brokers and
dealers or pricing services. Such quotations take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. Debt securities with original maturities of sixty days or less and securities in the Payden Cash Reserves Money Market Fund are valued at amortized cost, which approximates fair value. Cash Reserves Money Market Fund qualifies as a government money market fund under the Money Market Fund Reform.
Publicly traded equity securities, whether in the U.S. or outside the U.S., for which market quotations are readily available, generally will be valued at the official closing price or the last sale price on the exchange or market where they are principally traded, or if there have been no sales during the day, at the last bid price. Securities traded only on the over-the-counter (“OTC”) market are valued at the latest bid price. Investments in nonregistered investment companies are valued at their net asset values as reported by such companies.
Options, futures, swaps and other similar instruments are valued at the official closing price, in the case of exchange traded derivatives, or on the basis of information provided by pricing services, quotes obtained from brokers and dealers, and market trades in the case of other securities.
Fixed income or equity securities for which market quotations are not readily available are priced at their fair value as determined in good faith under procedures established pursuant to the Valuation and Liquidity Guidelines applicable to each of the Funds. In considering fair value of a security, one or more factors are taken into consideration depending on the circumstances at the time, including for example: the cost of the security or the last reported sales price of the security as a starting point; changes in interest rates; changes in yield spreads of similarly rated or structured securities; fundamental analytical information relating to the security; the value of other similar securities traded on other markets or among dealers; the general financial condition of the issuer; recent developments affecting the issuer; information, including price quotations, from other financial institutions or analysts; or government actions or pronouncements and other significant events affecting the economy, the markets, the fundamental value of the issuer or of the issuer’s industry.
Shares of open-end investment companies are valued at their respective net asset value.
Fair value pricing adjustments may occur when (1) developments occur (a “significant event”) that will affect the value of a Fund’s holdings, and (2) the significant event occurs
120 Payden Mutual Funds
after the close of the markets on which the securities trade, but before the time when the net asset value is computed for a Fund. A significant event may relate to a single issuer or an entire market.
Risks
Unforeseen events in the markets may at times result in an unusually high degree of volatility in the markets, which could adversely affect the Funds causing a decline in value.
Investing in debt securities may include failure of an issuer to make timely interest or principal payments, or a decline or the perception of a decline in credit quality. In addition, the value of the debt security may decline due to general market conditions that are not specifically related to a particular company including industry earnings outlook, changes in interest or currency rates or perception of a specific industry.
Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities.
An investment in the Cash Reserves Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share and is classified as a government money market fund under the Money Market Fund Reform, it is possible to lose money by investing in the Fund.
Investment Transactions and Related Income
Investment transactions are accounted for on the date the security is purchased or sold (trade date) for financial reporting purposes. Interest income is recognized on an accrual basis. Premiums and discounts are amortized or accreted over the expected life of the security using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses on investment transactions are determined on the identified cost basis.
Bank Loans
Floating-Rate Loan Interests (“Bank Loans”) in which the Funds invest generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), the Secured
Overnight Financing Rate (“SOFR”), (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain Bank Loans are subject to a LIBOR floor that establishes a minimum LIBOR rate. The interest rate shown on the Schedule of Investments reflects the rate in effect at October 31st. When a range of rates is disclosed, the Fund holds more than one position within the same tranche at varying rates.
Bank loans are subject to various restrictive covenants that protect the lender or investor. Loans with fewer or no restrictive covenants, “covenant light” loans, provide the issuer more flexibility and reduce investor protections in the event of a breach, and may cause the fund to experience more difficulty or delay in enforcing its rights. A significant portion of bank loans are “covenant light.”
In connection with floating rate loan interests, the Funds may also enter into unfunded loan commitments (“commitments”). In connection with these commitments, the Funds earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked- to-market daily, and any unrealized appreciation or depreciation is included in the Statements of Assets and Liabilities and Statements of Operations. As of October 31, 2023, the total unfunded obligation was approximately $88,000 (0.08% of Net Assets).
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Each of the Funds (except Cash Reserves Money Market, U.S. Government, GNMA and California Municipal Social Impact Funds) may purchase securities that are denominated in foreign currencies. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rates. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the exchange rates on the dates of the respective transactions. Each of these Funds does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from the fluctuations arising from changes in security prices.
Reported net realized foreign exchange gains or losses arise from purchases and sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the differences between the amounts of income or expenses recorded on each of these Fund’s books and the U.S. dollar equivalents of the amounts actually received or paid. Net unrealized appreciation/depreciation from translation of
Annual Report 121
| | |
Notes to Financial Statements continued | | |
assets and liabilities denominated in foreign currency arise from changes in the value of assets and liabilities resulting from changes in the foreign exchange rates.
Repurchase Agreements
The Cash Reserves Money Market Fund entered into repurchase agreements (agreements to purchase U.S. Treasury notes and bills, subject to the seller’s agreement to repurchase them at a specified time and price) with well-established registered securities dealers or banks. Repurchase agreements are the equivalent of loans by the Fund. With respect to such agreements, it is the Fund’s policy to take possession of the underlying securities, except for tri-party agreements where an independent custodian takes possession. On a daily basis the Fund or the tri-party custodian mark-to-market such securities to ensure that the value, including accrued interest, is at least equal to the amount to be repaid to the Fund under the agreement. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited.
Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/ or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.
The Cash Reserves Money Market Fund’s repurchase agreements by counterparty, which are subject to offset under a MRA, is included within the Fund’s Schedule of Investments. For financial statement purposes, the Fund does not offset financial assets and financial liabilities, that are subject to MRA on the Statements of Assets and Liabilities.
Forward Currency Contracts
Some Funds entered into forward currency contracts to protect against adverse currency movements or as speculative investments. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes
as unrealized gain or loss until the contact settlement date or an offsetting forward currency contract has been executed, at which time the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risk may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
Futures Contracts
Some Funds entered into futures transactions to enhance potential gain in circumstances where hedging is not involved.
The purchase or sale of futures contracts and options on futures contracts provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or foreign currency at a fixed price on a future date. Upon entering into such a contract, a Fund is required to deposit and maintain initial margin deposit of cash or securities as required by the exchange on which the contract is traded.
Pursuant to the contract, that Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by that Fund. When the contract is closed, that Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The potential risk to the Funds is that the change in value of the underlying securities may not correlate to the change in value of the contracts.
Stock index futures contracts are an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Variation margin accounting procedures apply to these index futures contracts. Each Fund invests in these futures contracts to permit the Fund to meet its objectives at a lower cost than investing directly in equity securities, while permitting the equivalent of an investment in a portfolio of equity securities. The potential risk to a Fund is that the change in value of the underlying index may not correlate to the change in value of the contracts.
Swap Contracts
Some Funds may enter into swap agreements, in which a Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the
122 Payden Mutual Funds
OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation) and realized gain/(loss) is recorded at termination of the contract.
Upon entering into a centrally cleared swap, a Fund is required to deposit and maintain initial margin deposit of cash or securities as required by the exchange on which the contract is traded. Pursuant to the centrally cleared swap, that Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by that Fund. When the contract is closed, that Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, credit spreads and/or market values associated with these transactions.
A Fund may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which it is not otherwise exposed (credit risk). A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occur. As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash
equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
A Fund may enter into total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.
A Fund may enter into interest rate swaps to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex swaps, the notional principal amount may decline (or amortize) over time.
For financial reporting purposes, swap interest and amortization are classified as realized or unrealized gain or loss on swap contracts.
Options Transactions
Option techniques may be utilized by a Fund to hedge against changes in interest rates, foreign currency exchange rates or security prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets. In addition, the Fund may enter into such transactions to enhance potential gain in circumstances where hedging is not involved. When a Fund writes a covered call or put option, an amount equal to the premium received
Annual Report 123
| | |
Notes to Financial Statements continued | | |
is reflected as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option.
When the Fund purchases a call or put option, an amount equal to the premium paid is included in the Fund’s Statements of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if a Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call option, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities.
Derivative Financial Instruments
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to economically hedge its exposure to certain risks such as credit risk, equity risk, interest rate risk and foreign currency exchange rate risk. These contracts may be transacted on an exchange or OTC.
The following tables show the Funds’ exposure to different types of market risks as it relates to derivative investments in the Statements of Assets and Liabilities and the Statements of Operations.
Statements of Assets and Liabilities
Fair Values of Derivative Instruments as of October 31, 2023 (000s)
| | | | | | | | |
Underlying Risk | | Derivative
Assets ($) | | | Derivative
Liabilities ($) | |
Limited Maturity | | | | | | | | |
Foreign currency1,2 | | | 1,672 | | | | (18 | ) |
| | | | | | | | |
Low Duration | | | | | | | | |
Interest rate3 | | | 836 | | | | (1,761 | ) |
| | | | | | | | |
U.S. Government | | | | | | | | |
Interest rate3,4 | | | 26 | | | | (55 | ) |
| | | | | | | | |
GNMA | | | | | | | | |
Interest rate3 | | | — | | | | (143 | ) |
| | | | | | | | |
Core Bond | | | | | | | | |
Credit3 | | | 133 | | | | — | |
Interest rate3 | | | 7,686 | | | | (7,329 | ) |
Foreign currency1 | | | 448 | | | | — | |
| | | | | | | | |
Total | | | 8,267 | | | | (7,329 | ) |
| | | | | | | | |
Corporate Bond | | | | | | | | |
Interest rate3 | | | 656 | | | | (990 | ) |
| | | | | | | | |
Strategic Income | | | | | | | | |
Credit3 | | | — | | | | — | |
Interest rate3 | | | 1,514 | | | | (1,466 | ) |
Foreign currency1 | | | 146 | | | | — | |
| | | | | | | | |
Total | | | 1,660 | | | | (1,466 | ) |
| | | | | | | | |
Absolute Return Bond | | | | | | | | |
Credit3 | | | 430 | | | | (9 | ) |
Equity4 | | | 301 | | | | — | |
Interest rate3 | | | 2,637 | | | | (8,255 | ) |
Foreign currency1,2 | | | 1,338 | | | | (594 | ) |
| | | | | | | | |
Total | | | 4,706 | | | | (8,858 | ) |
| | | | | | | | |
Floating Rate | | | | | | | | |
Foreign currency1 | | | 7 | | | | — | |
| | | | | | | | |
High Income | | | | | | | | |
Interest rate3 | | | 242 | | | | (2,033 | ) |
Foreign currency1 | | | 183 | | | | — | |
| | | | | | | | |
Total | | | 425 | | | | (2,033 | ) |
| | | | | | | | |
Global Low Duration | | | | | | | | |
Interest rate3 | | | 13 | | | | (70 | ) |
Foreign currency1 | | | 4 | | | | — | |
| | | | | | | | |
Total | | | 17 | | | | (70 | ) |
| | | | | | | | |
Global Fixed Income | | | | | | | | |
Credit3 | | | 91 | | | | — | |
Interest rate3 | | | 699 | | | | (1,260 | ) |
Foreign currency1,2 | | | 985 | | | | (349 | ) |
| | | | | | | | |
Total | | | 1,775 | | | | (1,609 | ) |
| | | | | | | | |
Emerging Markets Bond | | | | | | | | |
Interest rate3 | | | 677 | | | | (2,583 | ) |
Foreign currency1,2 | | | 1,754 | | | | (1,180 | ) |
| | | | | | | | |
Total | | | 2,431 | | | | (3,763 | ) |
| | | | | | | | |
Emerging Markets Local Bond | | | | | | | | |
Interest rate3 | | | 32 | | | | (104 | ) |
Foreign currency1,2 | | | 102 | | | | (373 | ) |
| | | | | | | | |
Total | | | 134 | | | | (477 | ) |
| | | | | | | | |
Emerging Markets Corporate Bond | | | | | | | | |
Credit3 | | | 18 | | | | (41 | ) |
Interest rate3 | | | 78 | | | | (220 | ) |
Foreign currency1,2 | | | 21 | | | | (55 | ) |
| | | | | | | | |
Total | | | 117 | | | | (316 | ) |
| | | | | | | | |
Equity Income | | | | | | | | |
Equity4 | | | — | | | | (1,481 | ) |
Foreign currency1,2 | | | 420 | | | | (86 | ) |
| | | | | | | | |
Total | | | 420 | | | | (1,567 | ) |
| | | | | | | | |
124 Payden Mutual Funds
| 1 | Receivable for forward currency contracts. |
| 2 | Payable for forward currency contracts. |
| 3 | Includes cumulative appreciation/depreciation of futures contracts and centrally cleared swaps as reported in Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities as Receivable/Payable for futures and variation margin on centrally cleared swaps. |
| 4 | Includes options purchased at fair value as reported in the Schedule of Investments. |
The Effect of Derivative Instruments on the Statements of Operations
For the Period Ended October 31, 2023 (000s)
| | | | | | | | | | | | | | | | | | | | |
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income | |
Underlying risk | | Futures1 | | | Forward Currency Contracts2 | | | Options3 | | | Swaps4 | | | Total | |
Limited Maturity | | | | | | | | | | | | | |
Interest rate | | $ | 65 | | | | — | | | | — | | | | — | | | $ | 65 | |
Foreign exchange | | | — | | | $ | 2,040 | | | | — | | | | — | | | | 2,040 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 65 | | | | 2,040 | | | | — | | | | — | | | | 2,105 | |
| | | | | | | | | | | | | | | | | | | | |
Low Duration | | | | | | | | | | | | | |
Interest rate | | | (10,746 | ) | | | — | | | | — | | | | — | | | | (10,746 | ) |
Foreign exchange | | | — | | | | 582 | | | | — | | | | — | | | | 582 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (10,746 | ) | | | 582 | | | | — | | | | — | | | | (10,164 | ) |
| | | | | | | | | | | | | | | | | | | | |
U.S. Government | | | | | | | | | | | | | |
Interest rate | | | 31 | | | | — | | | | — | | | | — | | | | 31 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 31 | | | | — | | | | — | | | | — | | | | 31 | |
| | | | | | | | | | | | | | | | | | | | |
GNMA | | | | | | | | | | | | | |
Interest rate | | | (13 | ) | | | — | | | | — | | | | — | | | | (13 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (13 | ) | | | — | | | | — | | | | — | | | | (13 | ) |
| | | | | | | | | | | | | | | | | | | | |
Core Bond | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | $ | (4,621 | ) | | | (4,621 | ) |
Interest rate | | | (1,674 | ) | | | — | | | | — | | | | — | | | | (1,674 | ) |
Foreign exchange | | | — | | | | (139 | ) | | | — | | | | — | | | | (139 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (1,674 | ) | | | (139 | ) | | | — | | | | (4,621 | ) | | | (6,434 | ) |
| | | | | | | | | | | | | | | | | | | | |
Corporate Bond | | | | | | | | | | | | | |
Interest rate | | | (2,222 | ) | | | — | | | | — | | | | — | | | | (2,222 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (2,222 | ) | | | — | | | | — | | | | — | | | | (2,222 | ) |
| | | | | | | | | | | | | | | | | | | | |
Strategic Income | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | (703 | ) | | | (703 | ) |
Interest rate | | | (133 | ) | | | — | | | | — | | | | — | | | | (133 | ) |
Foreign exchange | | | — | | | | (212 | ) | | | — | | | | — | | | | (212 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (133 | ) | | | (212 | ) | | | — | | | | (703 | ) | | | (1,048 | ) |
| | | | | | | | | | | | | | | | | | | | |
Absolute Return Bond | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | (5,196 | ) | | | (5,196 | ) |
Equity | | | — | | | | — | | | $ | (277 | ) | | | — | | | | (277 | ) |
Interest rate | | | 5,870 | | | | — | | | | — | | | | 247 | | | | 6,117 | |
Foreign exchange | | | — | | | | (2,391 | ) | | | — | | | | — | | | | (2,391 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 5,870 | | | | (2,391 | ) | | | (277 | ) | | | (4,949 | ) | | | (1,747 | ) |
| | | | | | | | | | | | | | | | | | | | |
Floating Rate | | | | | | | | | | | | | |
Foreign exchange | | | — | | | | 37 | | | | — | | | | — | | | | 37 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | 37 | | | | — | | | | — | | | | 37 | |
| | | | | | | | | | | | | | | | | | | | |
High Income | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | (7 | ) | | | (7 | ) |
Equity | | | — | | | | — | | | | (66 | ) | | | — | | | | (66 | ) |
Interest rate | | | — | | | | — | | | | — | | | | 128 | | | | 128 | |
Foreign exchange | | | — | | | | (1,725 | ) | | | — | | | | — | | | | (1,725 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | (1,725 | ) | | | (66 | ) | | | 121 | | | | (1,670 | ) |
| | | | | | | | | | | | | | | | | | | | |
California Municipal Social Impact | | | | | | | | | | | | | |
Interest rate | | | 22 | | | | — | | | | — | | | | — | | | | 22 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 22 | | | | — | | | | — | | | | — | | | | 22 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income | |
Underlying risk | | Futures1 | | | Forward Currency Contracts2 | | | Options3 | | | Swaps4 | | | Total | |
Global Low Duration | | | | | | | | | | | | | |
Interest rate | | $ | (813 | ) | | | — | | | | — | | | | — | | | $ | (813 | ) |
Foreign exchange | | | — | | | $ | 22 | | | | — | | | | — | | | | 22 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (813 | ) | | | 22 | | | | — | | | | — | | | | (791 | ) |
| | | | | | | | | | | | | | | | | | | | |
Global Fixed Income | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | $ | (1,380 | ) | | | (1,380 | ) |
Interest rate | | | (903 | ) | | | — | | | | — | | | | 101 | | | | (802 | ) |
Foreign exchange | | | — | | | | (5,175 | ) | | | — | | | | — | | | | (5,175 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (903 | ) | | | (5,175 | ) | | | — | | | | (1,279 | ) | | | (7,357 | ) |
| | | | | | | | | | | | | | | | | | | | |
Emerging Markets Bond | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | (1,391 | ) | | | (1,391 | ) |
Interest rate | | | (171 | ) | | | — | | | | — | | | | (517 | ) | | | (688 | ) |
Foreign exchange | | | — | | | | (7,675 | ) | | | — | | | | — | | | | (7,675 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (171 | ) | | | (7,675 | ) | | | — | | | | (1,908 | ) | | | (9,754 | ) |
| | | | | | | | | | | | | | | | | | | | |
Emerging Markets Local Bond | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | (25 | ) | | | (25 | ) |
Interest rate | | | 72 | | | | — | | | | — | | | | (28 | ) | | | 44 | |
Foreign exchange | | | — | | | | 73 | | | | — | | | | — | | | | 73 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 72 | | | | 73 | | | | — | | | | (53 | ) | | | 92 | |
| | | | | | | | | | | | | | | | | | | | |
Emerging Markets Corporate Bond | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | (167 | ) | | | (167 | ) |
Interest rate | | | (107 | ) | | | — | | | | — | | | | (2 | ) | | | (109 | ) |
Foreign exchange | | | — | | | | (136 | ) | | | — | | | | — | | | | (136 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (107 | ) | | | (136 | ) | | | — | | | | (169 | ) | | | (412 | ) |
| | | | | | | | | | | | | | | | | | | | |
Equity Income | | | | | | | | | | | | | |
Equity | | | — | | | | — | | | $ | (1,851 | ) | | | — | | | | (1,851 | ) |
Interest rate | | | (965 | ) | | | — | | | | — | | | | — | | | | (965 | ) |
Foreign exchange | | | — | | | | 2,778 | | | | — | | | | — | | | | 2,778 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (965 | ) | | | 2,778 | | | | (1,851 | ) | | | — | | | | (38 | ) |
| | | | | | | | | | | | | | | | | | | | |
| 1 | Net realized gains (losses) from futures contracts. |
| 2 | Net realized gains (losses) from forward foreign exchange contracts. |
| 3 | Net realized gains (losses) from written option contracts and purchased options which are included in net realized gains (losses) on investments. |
| 4 | Net realized gains (losses) from swap contracts. |
The Effect of Derivative Instruments on the Statements of Operations
For the Period Ended October 31, 2023 (000s)
| | | | | | | | | | | | | | | | | | | | |
Net Change in Unrealized Appreciation or (Depreciation)
on Derivatives Recognized in Income | |
Underlying risk | | Futures5 | | | Forward Currency Contracts6 | | | Options7 | | | Swaps8 | | | Total | |
Limited Maturity | | | | | | | | | | | | | |
Foreign exchange | | | — | | | $ | (1,726 | ) | | | — | | | | — | | | $ | (1,726 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | (1,726 | ) | | | — | | | | — | | | | (1,726 | ) |
| | | | | | | | | | | | | | | | | | | | |
Low Duration | | | | | | | | | | | | | |
Interest rate | | $ | 3,746 | | | | — | | | | — | | | | — | | | | 3,746 | |
Foreign exchange | | | — | | | | (760 | ) | | | — | | | | — | | | | (760 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 3,746 | | | | (760 | ) | | | — | | | | — | | | | 2,986 | |
| | | | | | | | | | | | | | | | | | | | |
U.S. Government | | | | | | | | | | | | | |
Interest rate | | | (36 | ) | | | — | | | $ | (23 | ) | | | — | | | | (59 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (36 | ) | | | — | | | | (23 | ) | | | — | | | | (59 | ) |
| | | | | | | | | | | | | | | | | | | | |
GNMA | | | | | | | | | | | | | |
Interest rate | | | (296 | ) | | | — | | | | — | | | | — | | | | (296 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (296 | ) | | | — | | | | — | | | | — | | | | (296 | ) |
| | | | | | | | | | | | | | | | | | | | |
Annual Report 125
| | |
Notes to Financial Statements continued | | |
| | | | | | | | | | | | | | | | | | | | |
Net Change in Unrealized Appreciation or (Depreciation)
on Derivatives Recognized in Income | |
Underlying risk | | Futures5 | | | Forward Currency Contracts6 | | | Options7 | | | Swaps8 | | | Total | |
Core Bond | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | $ | 2,323 | | | $ | 2,323 | |
Interest rate | | $ | (975 | ) | | | — | | | | — | | | | 208 | | | | (768 | ) |
Foreign exchange | | | — | | | $ | (907 | ) | | | — | | | | — | | | | (907 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (975 | ) | | | (907 | ) | | | — | | | | 2,531 | | | | 648 | |
| | | | | | | | | | | | | | | | | | | | |
Corporate Bond | | | | | | | | | | | | | |
Interest rate | | | 1,443 | | | | — | | | | — | | | | — | | | | 1,443 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 1,443 | | | | — | | | | — | | | | — | | | | 1,443 | |
| | | | | | | | | | | | | | | | | | | | |
Strategic Income | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | 338 | | | | 338 | |
Interest rate | | | (360 | ) | | | — | | | | — | | | | 48 | | | | (313 | ) |
Foreign exchange | | | — | | | | (233 | ) | | | — | | | | — | | | | (233 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (360 | ) | | | (233 | ) | | | — | | | | 386 | | | | (208 | ) |
| | | | | | | | | | | | | | | | | | | | |
Absolute Return Bond | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | 2,099 | | | | 2,099 | |
Equity | | | — | | | | — | | | $ | 72 | | | | — | | | | 72 | |
Interest rate | | | (3,156 | ) | | | — | | | | — | | | | (1,625 | ) | | | (4,781 | ) |
Foreign exchange | | | — | | | | (1,116 | ) | | | — | | | | — | | | | (1,116 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (3,156 | ) | | | (1,116 | ) | | | 72 | | | | 474 | | | | (3,726 | ) |
| | | | | | | | | | | | | | | | | | | | |
Floating Rate | | | | | | | | | | | | | |
Foreign exchange | | | — | | | | (36 | ) | | | — | | | | — | | | | (36 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | (36 | ) | | | — | | | | — | | | | (36 | ) |
| | | | | | | | | | | | | | | | | | | | |
High Income | | | | | | | | | | | | | |
Interest rate | | | — | | | | — | | | | — | | | | (1,496 | ) | | | (1,496 | ) |
Foreign exchange | | | — | | | | 23 | | | | — | | | | — | | | | 23 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | 23 | | | | — | | | | (1,496 | ) | | | (1,473 | ) |
| | | | | | | | | | | | | | | | | | | | |
Global Low Duration | | | | | | | | | | | | | |
Interest rate | | | 310 | | | | — | | | | — | | | | — | | | | 310 | |
Foreign exchange | | | — | | | | (44 | ) | | | — | | | | — | | | | (44 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 310 | | | | (44 | ) | | | — | | | | — | | | | 266 | |
| | | | | | | | | | | | | | | | | | | | |
Global Fixed Income | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | 646 | | | | 646 | |
Interest rate | | | 34 | | | | — | | | | — | | | | 46 | | | | 79 | |
Foreign exchange | | | — | | | | 347 | | | | — | | | | — | | | | 347 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 34 | | | | 347 | | | | — | | | | 692 | | | | 1,072 | |
| | | | | | | | | | | | | | | | | | | | |
Emerging Markets Bond | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | 283 | | | | 283 | |
Interest rate | | | — | | | | — | | | | — | | | | (936 | ) | | | (936 | ) |
Foreign exchange | | | — | | | | (2,929 | ) | | | — | | | | — | | | | (2,929 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | (2,929 | ) | | | — | | | | (653 | ) | | | (3,582 | ) |
| | | | | | | | | | | | | | | | | | | | |
Emerging Markets Local Bond | | | | | | | | | | | | | |
Interest rate | | | (45 | ) | | | — | | | | — | | | | (68 | ) | | | (113 | ) |
Foreign exchange | | | — | | | | (297 | ) | | | — | | | | — | | | | (297 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (45 | ) | | | (297 | ) | | | — | | | | (68 | ) | | | (410 | ) |
| | | | | | | | | | | | | | | | | | | | |
Emerging Markets Corporate Bond | | | | | | | | | | | | | |
Credit | | | — | | | | — | | | | — | | | | (11 | ) | | | (10 | ) |
Interest rate | | | (99 | ) | | | — | | | | — | | | | (20 | ) | | | (119 | ) |
Foreign exchange | | | — | | | | (42 | ) | | | — | | | | — | | | | (42 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (99 | ) | | | (42 | ) | | | — | | | | (31 | ) | | | (171 | ) |
| | | | | | | | | | | | | | | | | | | | |
Equity Income | | | | | | | | | | | | | |
Equity | | | (1,481 | ) | | | — | | | | — | | | | — | | | | (1,481 | ) |
Foreign exchange | | | — | | | | (2,720 | ) | | | — | | | | — | | | | (2,720 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | (1,481 | ) | | | (2,720 | ) | | | — | | | | — | | | | (4,201 | ) |
| | | | | | | | | | | | | | | | | | | | |
| 5 | Change in net unrealized appreciation (depreciation) from futures contracts. |
| 6 | Change in net unrealized appreciation (depreciation) from forward foreign exchange contracts. |
| 7 | Change in net unrealized appreciation (depreciation) from written option contracts and purchased options which are included in change in unrealized appreciation (depreciation) on investments. |
| 8 | Change in net unrealized appreciation (depreciation) from swap contracts. |
During the period ended October 31, 2023 the average notional amount of derivatives as a percent of average net assets were as follows:
| | | | | | | | | | | | | | | | |
| | | Foreign
currency | | Credit | | Interest
rate | | Equity |
Limited Maturity | | | 2 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Core Bond | | | 4 | % | | | 4 | % | | | 27 | % | | | 0 | % |
Strategic Income | | | 6 | % | | | 2 | % | | | 23 | % | | | 0 | % |
Absolute Return Bond | | | 13 | % | | | 8 | % | | | 11 | % | | | 0 | % |
Floating Rate | | | 1 | % | | | 0 | % | | | 0 | % | | | 0 | % |
High Income | | | 3 | % | | | 0 | % | | | 9 | % | | | 0 | % |
Global Low Duration | | | 1 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Global Fixed Income | | | 52 | % | | | 5 | % | | | 1927 | % | | | 0 | % |
Emerging Markets Bond | | | 18 | % | | | 2 | % | | | 54 | % | | | 0 | % |
Emerging Markets Local Bond | | | 33 | % | | | 1 | % | | | 63 | % | | | 0 | % |
Emerging Markets Corporate Bond | | | 3 | % | | | 4 | % | | | 5 | % | | | 0 | % |
Equity Income | | | 5 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Counterparty Credit Risk
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by a Fund. For OTC options purchased, a Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.
With exchange traded purchased options and futures and centrally cleared swaps, there is decreased counterparty credit risk to a Fund since the exchange or clearinghouse guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of
126 Payden Mutual Funds
the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to a Fund.
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.
Collateral Requirements
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any,
is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer is required, which is determined at the close of business of a Fund and additional required collateral is delivered to/pledged by a Fund on the next business day. Typically, a Fund and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.
Credit Enhancements
Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit, liquidity guarantees, security purchase agreements, and third party insurance (e.g. AGM, AMBAC and BAM).
TBA Sale Commitments
Some Funds entered into TBA sale commitments, within dollar roll agreements, to hedge their portfolio position or to sell received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction.
Unsettled TBA sale commitments are valued at approximately the current value of the underlying securities. The contract is “marked-to-market” daily and the change in the value is recorded by the Fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the Fund entered the commitment.
Annual Report 127
| | |
Notes to Financial Statements continued | | |
Securities Lending
Pursuant to a securities lending agreement with The Bank of New York Mellon, the Funds (except Cash Reserves Money Market) may lend securities to qualified institutions. It is each Fund’s policy that at origination all loans are secured by collateral of at least 102% of the value of the U.S. securities loaned and 105% of the value of the foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. The collateral is maintained by the custodian. Cash collateral is reinvested in the Cash Reserves Money Market Fund. The Funds are entitled to receive all of the income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, each Fund bears the risk of delay in receiving additional collateral or in recovery of or loss of rights in the securities loaned should the borrower fail to return the securities in a timely manner. The Funds maintain the right to recall the securities on loan for voting purposes. The income earned by each Fund is disclosed in the Statements of Operations.
Securities lending transactions are entered into by a Fund under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The Fund’s securities lending agreements, which are subject to offset under a MSLA, if applicable, is included within each Fund’s Schedule of Investments under the heading “Offsetting Assets and Liabilities”. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to MSLA on the Statements of Assets and Liabilities.
Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income and net realized gains on foreign currency transactions are declared and paid
monthly for all Funds except the Cash Reserves Money Market, Limited Maturity, Short Bond, U.S. Government, GNMA and California Municipal Social Impact Funds, which are declared daily and paid monthly and Equity Income Fund, which is declared and paid quarterly. Net realized gains on investments, if any, are declared and distributed at least annually. All distributions are paid in the form of additional shares unless cash payment is requested.
Distributions to shareholders are determined in accordance with income tax regulations, which may differ from GAAP.
Federal Income Taxes
It is the policy of each Fund to meet the requirements for qualification as a regulated investment company as defined in Subchapter M of the Internal Revenue Code (the “Code”), and to make distributions of net investment income and net realized gains sufficient to relieve it from all Federal income or excise taxes. As of and during the period ended October 31, 2023, the Funds did not record any liability for uncertain tax positions. Accordingly, no provision for Federal income or excise tax is necessary.
Each Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, the basis on which these financial statements are prepared. The differences arise primarily from the treatment of foreign currency transactions and futures contracts and the deferral of certain losses under Federal income tax regulations. Accordingly, the amounts of net investment income and net realized gains or losses reported in these financial statements may differ from those reported in each Fund’s tax return. Return of capital distributions and net investment losses for tax purposes, if any, are reclassified to paid in capital.
As of and during the period ended October 31, 2023, the Funds did not have any liabilities for any unrecognized tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
Each of the tax years in the four-year period ended October 31, 2023 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Affiliated Investments
Each of the Payden funds (except the Cash Reserves Money Market and California Municipal Social Impact Funds) invests in other Funds of the Group (an “Affiliated Fund”). The income and both realized and the change in unrealized gains and losses
128 Payden Mutual Funds
earned by each Fund from the Affiliated Funds for the period is disclosed in the Statements of Operations.
The table below details the transactions of each Fund in Affiliated Funds.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fund | | Value
October 31, 2022 | | | Purchases | | | Sales | | | Dividends | | | Value
October 31, 2023 | | | Net Realized
Gain | | | Net Change in
Unrealized Appreciation
(Depreciation) | |
| | | | | | | |
Investments in Cash Reserves Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Limited Maturity | | $ | 12,922,737 | | | $ | 839,315,901 | | | $ | 849,328,836 | | | $ | 544,216 | | | $ | 2,909,802 | | | | — | | | | — | |
Low Duration | | | 5,651,891 | | | | 627,637,452 | | | | 625,172,228 | | | | 385,963 | | | | 8,117,115 | | | | — | | | | — | |
U.S. Government | | | 6,666,151 | | | | 21,376,572 | | | | 26,579,751 | | | | 117,134 | | | | 1,462,972 | | | | — | | | | — | |
GNMA | | | 2,264,094 | | | | 38,507,265 | | | | 39,740,404 | | | | 131,228 | | | | 1,030,955 | | | | — | | | | — | |
Core Bond | | | 5,542,960 | | | | 399,220,236 | | | | 398,556,321 | | | | 290,238 | | | | 6,206,875 | | | | — | | | | — | |
Corporate Bond | | | 11,028,688 | | | | 107,284,175 | | | | 117,123,442 | | | | 208,194 | | | | 1,189,421 | | | | — | | | | — | |
Strategic Income | | | 2,568,359 | | | | 89,955,617 | | | | 89,278,021 | | | | 98,543 | | | | 3,245,955 | | | | — | | | | — | |
Absolute Return Bond | | | 6,194,614 | | | | 381,058,630 | | | | 382,350,928 | | | | 267,383 | | | | 4,902,316 | | | | — | | | | — | |
Floating Rate | | | 2,801,935 | | | | 71,572,051 | | | | 69,840,306 | | | | 252,163 | | | | 4,533,680 | | | | — | | | | — | |
High Income | | | 39,275,981 | | | | 405,053,460 | | | | 432,955,312 | | | | 1,201,568 | | | | 11,374,129 | | | | — | | | | — | |
California Municipal Social Impact | | | 1,030,982 | | | | 144,722,577 | | | | 143,822,049 | | | | 3,778 | | | | 1,931,510 | | | | — | | | | — | |
Global Low Duration | | | 1,449,141 | | | | 45,829,294 | | | | 46,421,219 | | | | 56,774 | | | | 857,216 | | | | — | | | | — | |
Global Fixed Income | | | 4,582,226 | | | | 118,888,406 | | | | 119,289,940 | | | | 143,256 | | | | 4,180,692 | | | | — | | | | — | |
Emerging Markets Bond | | | 37,308,308 | | | | 551,236,793 | | | | 577,104,605 | | | | 655,143 | | | | 11,440,496 | | | | — | | | | — | |
Emerging Markets Local Bond | | | 1,917,004 | | | | 40,449,957 | | | | 41,256,584 | | | | 36,559 | | | | 1,110,377 | | | | — | | | | — | |
Emerging Markets Corporate Bond | | | 5,569,326 | | | | 49,143,069 | | | | 50,536,725 | | | | 148,265 | | | | 4,175,670 | | | | — | | | | — | |
Equity Income | | | 85,254,398 | | | | 628,773,341 | | | | 587,048,710 | | | | 2,297,327 | | | | 126,979,029 | | | | — | | | | — | |
Investments in Payden Emerging Markets Local Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Core Bond | | | — | | | | 8,580,000 | | | | — | | | | 293,225 | | | | 8,114,280 | | | | — | | | | ($465,720 | ) |
Strategic Income | | | — | | | | 1,900,000 | | | | — | | | | 64,933 | | | | 1,796,869 | | | | — | | | | (103,132 | ) |
Absolute Return Bond | | | — | | | | 10,200,000 | | | | — | | | | 94,621 | | | | 9,831,064 | | | | — | | | | (368,936 | ) |
Global Fixed Income | | | — | | | | 2,390,000 | | | | — | | | | 81,679 | | | | 2,260,272 | | | | — | | | | (129,729 | ) |
Investments in Payden Emerging Market Corporate Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Core Bond | | | 12,133,172 | | | | — | | | | — | | | | 730,448 | | | | 12,517,133 | | | | — | | | | 383,961 | |
Corporate Bond | | | — | | | | 4,999,700 | | | | — | | | | 195,637 | | | | 4,817,217 | | | | — | | | | (182,483 | ) |
Strategic Income | | | 806,122 | | | | — | | | | — | | | | 48,531 | | | | 831,633 | | | | — | | | | 25,511 | |
Global Fixed Income | | | 1,161,765 | | | | — | | | | — | | | | 69,941 | | | | 1,198,529 | | | | — | | | | 36,764 | |
Investments in Floating Rate Fund — SI Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Limited Maturity | | | 25,597,161 | | | | — | | | | — | | | | 2,198,793 | | | | 26,251,402 | | | | — | | | | 654,241 | |
Global Fixed Income | | | 1,377,534 | | | | — | | | | — | | | | 118,330 | | | | 1,412,743 | | | | — | | | | 35,208 | |
| | | | | | | | | | | | | | | | | | | | | | |
Custodian Credits
The Funds have entered into an agreement with the custodian, whereby they earn custodian fee credits for temporary cash balances. These credits, which offset custodian fees that may be charged to the Funds, are based on 75% of the daily effective federal funds rate and are disclosed, subject to rounding, in the Statements of Operations. There were no custodian credits applicable to any fund during the period ended October 31, 2023.
Line of Credit
The Payden funds (except Cash Reserves Money Market) have entered into a Credit Agreement with Bank of New York Mellon under which the bank has agreed to make loans to one
or more of the Funds upon request by such Fund(s) and subject to the conditions of the Credit Agreement. The interest rate for any such loan will vary depending upon the type of borrowing chosen by the Fund. The aggregate of all such loans to the Funds may not exceed $75 million. No Fund took a loan during the period, nor did any Fund have a loan outstanding at the end of the period.
Other
Income and realized and unrealized gain/loss are allocated to each class based on relative net assets. Shared expenses incurred by the Group are allocated among the Funds of the Group on the basis of relative net assets. Fund-specific expenses are charged to each Fund as incurred.
Annual Report 129
| | |
Notes to Financial Statements continued | | |
Accounting Standards
The FASB issued Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting in March 2020 and ASU 2021-01 in January 2021 which provided further amendments and clarifications to Topic 848. These ASUs provide optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR), and other interbank-offered based reference rates, through December 31, 2022. In December 2022, FASB issued ASU 2022-06 which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the
relief in Topic 848. Management intends to rely upon the relief provided under Topic 848, which is not expected to have a material impact on the funds financial statements.
3. Related Party Transactions
Payden & Rygel (the “Adviser”) provides investment advisory services to the Funds. Under the terms of the investment advisory agreement, the Adviser is entitled to receive fees monthly, computed on the average daily net assets of each of the Funds separately at an annualized rate. The rates for each Fund are shown in the table below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Adviser Fees | | | Investor Class | | | SI Class | | | | | | | | | | |
| | | Between
$0–500
Million | | | Between
$0.5–1
Billion | | | Between
$1–2
Billion | | | Over $2
Billion | | | Expense
Guarantee | | | Current
Voluntary
Expense Limit | | | Current
Voluntary
Expense Limit | | | 3 Year Deferred Expense Subsidy | |
| | | FY 2021 | | | FY 2022 | | | FY 2023 | |
Cash Reserves Money | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Market | | | 0.15 | % | | | 0.15 | % | | | 0.15 | % | | | 0.15 | % | | | 0.50 | % | | | 0.25 | % | | | n/a | | | $ | 451,269 | | | $ | 579,372 | | | $ | 613,365 | |
Limited Maturity | | | 0.28 | % | | | 0.28 | % | | | 0.25 | % | | | 0.25 | % | | | 0.60 | % | | | 0.25 | % | | | 0.20 | % | | | 4,778,705 | | | | 6,437,312 | | | | 5,175,816 | |
Low Duration | | | 0.28 | % | | | 0.28 | % | | | 0.25 | % | | | 0.25 | % | | | 0.60 | % | | | 0.43 | % | | | 0.38 | % | | | 1,319,206 | | | | 1,569,409 | | | | 1,323,884 | |
U.S. Government | | | 0.28 | % | | | 0.28 | % | | | 0.25 | % | | | 0.25 | % | | | 0.60 | % | | | 0.43 | % | | | n/a | | | | 128,799 | | | | 121,161 | | | | 144,384 | |
GNMA | | | 0.27 | % | | | 0.27 | % | | | 0.27 | % | | | 0.27 | % | | | 0.50 | % | | | 0.45 | % | | | n/a | | | | 257,058 | | | | 222,269 | | | | 183,672 | |
Core Bond | | | 0.28 | % | | | 0.28 | % | | | 0.25 | % | | | 0.25 | % | | | 0.60 | % | | | 0.53 | % | | | 0.42 | % | | | 712,335 | | | | 731,474 | | | | 572,845 | |
Corporate Bond | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 1.00 | % | | | 0.65 | % | | | 0.55 | % | | | 22,954 | | | | 62,485 | | | | 101,965 | |
Strategic Income | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | n/a | | | | 0.65 | % | | | 0.55 | % | | | 386,478 | | | | 444,614 | | | | 444,372 | |
Absolute Return Bond | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | n/a | | | | 0.70 | % | | | 0.47 | % | | | 2,176,157 | | | | 2,182,335 | | | | 1,834,273 | |
Floating Rate | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | n/a | | | | 0.70 | % | | | 0.60 | % | | | 298,845 | | | | 467,767 | | | | 333,100 | |
High Income | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.75 | % | | | n/a | | | | 0.55 | % | | | — | | | | 125,500 | | | | 178,810 | |
California Municipal Social Impact | | | 0.32 | % | | | 0.32 | % | | | 0.25 | % | | | 0.25 | % | | | 0.80 | % | | | 0.45 | % | | | n/a | | | | 170,982 | | | | 252,084 | | | | 258,646 | |
Global Low Duration | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.25 | % | | | 0.70 | % | | | 0.53 | % | | | n/a | | | | 199,680 | | | | 218,903 | | | | 183,693 | |
Global Fixed Income | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.25 | % | | | 0.70 | % | | | n/a | | | | 0.55 | % | | | 69,044 | | | | 50,495 | | | | — | |
Emerging Markets Bond | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 1.25 | % | | | n/a | | | | 0.69 | % | | | 155,479 | | | | 200,391 | | | | 134,750 | |
Emerging Markets Local Bond | | | 0.60 | % | | | 0.60 | % | | | 0.60 | % | | | 0.60 | % | | | 1.50 | % | | | 0.99 | % | | | 0.75 | % | | | 55,435 | | | | 84,368 | | | | 211,092 | |
Emerging Markets Corporate Bond | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | n/a | | | | 0.95 | % | | | 0.85 | % | | | 218,452 | | | | 233,153 | | | | 234,839 | |
Equity Income | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.30 | % | | | 0.80 | % | | | n/a | | | | 0.65 | % | | | 779,256 | | | | 930,686 | | | | 695,342 | |
The Adviser agreed to guarantee that, for so long as it acts as investment adviser to the Funds, the expenses of the Funds, including advisory fees (exclusive of interest, 12b-1 fees, and taxes) will not exceed the percentages indicated above (“Expense Guarantee”) of that Fund’s average daily net assets on an annualized basis. The adviser also voluntarily agreed to temporarily limit certain Funds’ total expenses (“Voluntary Expense Limit”), including advisory fees, to the percentages indicated above of that Fund’s average daily net assets on an annualized basis through February 28, 2024 (exclusive of interest and taxes).
Each Fund remains liable to the Adviser for expenses subsidized in any fiscal year up to a maximum of three years from the end of the period in which the expenses were subsidized as long as any reimbursement will not cause the annual expense ratio for the year in which it is made to exceed the amount of the expense guarantee or voluntary expense limit (whichever is in effect at the time of waiver or reimbursement).
The deferred expense subsidies represent the cumulative amount of expenses subsidized for the Funds through the end of the period. Such amount is not considered a liability of each respective Fund, and, therefore, is not recorded as liabilities in the Statements of Assets and Liabilities, but will be recognized
130 Payden Mutual Funds
as net expense in the Statements of Operations as expense previously deferred in future periods, if expense limits permit.
Treasury Plus, Inc., a wholly owned subsidiary of Payden & Rygel, serves as administrator to the Funds. Under the terms of the administration agreement, Treasury Plus, Inc. receives fees monthly, computed on the average daily net assets of the Funds at an annualized rate of 0.15%.
Under a distribution agreement with the Funds, the Core Bond, Emerging Markets Bond and Equity Income Funds adopted a plan pursuant to SEC rule 12b-1 by which Payden & Rygel Distributors receives fee monthly, computed on the average net assets of the Adviser class at an annualized rate of 0.25%. Payden & Rygel Distributors is not entitled to receive any fees from the Investor or SI classes of the Funds.
Certain officers and/or trustees of the Funds are affiliated with Payden & Rygel, Payden & Rygel Distributors and/or Treasury Plus, Inc. Such officers and trustees receive no fees from the Funds for serving as officers and/or trustees of the Funds. The Funds may purchase securities from or sell securities to an affiliated fund or portfolio provided that the affiliation is due solely to having a common investment advisor, common officers or common trustees.
Indemnifications
Under the Group’s organizational documents, its trustees and officers are indemnified by the Funds against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. A Fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently the Funds expect this risk of loss to be remote.
4. Fair Value Measurement
Various inputs are used in determining the value of each Fund’s investments and other financial instruments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels: Level 1 — quoted prices in active markets for identical investments, Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.), and Level 3 — significant unobservable inputs (including fund’s own assumptions in determining the fair value of investments). See Note 2 —Securities Valuation for a summary of the inputs used in valuing the Funds’ investments and other financial instruments.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Investments in Securities | |
| | | | | | |
| | | | | | | | | Level 2-Other | | | | | | | | | | |
| | | | | | | | | Significant | | | Level 3-Significant | | | | |
| | | Level 1-Quoted Prices | | | Observable Inputs | | | Unobservable Inputs | | | | |
| | | | | | | |
| | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Total
(000’s) | |
Cash Reserves Money Market | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | — | | | $ | 81,000 | | | | — | | | | — | | | | — | | | $ | 81,000 | |
U.S. Government | | | — | | | | — | | | | 46,180 | | | | — | | | | — | | | | — | | | | 46,180 | |
U.S. Treasury | | | — | | | | — | | | | 313,639 | | | | — | | | | — | | | | — | | | | 313,639 | |
Investment Company | | $ | 4,821 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 4,821 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 4,821 | | | | — | | | $ | 440,819 | | | | — | | | | — | | | | — | | | $ | 445,640 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Limited Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | | 638,966 | | | | — | | | | — | | | | — | | | | 638,966 | |
Certificates of Deposit | | | — | | | | — | | | | 1,700 | | | | — | | | | — | | | | — | | | | 1,700 | |
Commercial Paper | | | — | | | | — | | | | 186,272 | | | | — | | | | — | | | | — | | | | 186,272 | |
Corporate Bond | | | — | | | | — | | | | 696,519 | | | | — | | | | — | | | | — | | | | 696,519 | |
Mortgage Backed | | | — | | | | — | | | | 122,305 | | | | — | | | | — | | | | — | | | | 122,305 | |
U.S. Government | | | — | | | | — | | | | 290,890 | | | | — | | | | — | | | | — | | | | 290,890 | |
Investment Company | | | 29,161 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 29,161 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 29,161 | | | | — | | | $ | 1,936,652 | | | | — | | | | — | | | | — | | | $ | 1,965,813 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Annual Report 131
| | |
Notes to Financial Statements continued | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Investments in Securities | |
| | | | | | |
| | | | | | | | | Level 2-Other | | | | | | | | | | |
| | | | | | | | | Significant | | | Level 3-Significant | | | | |
| | | Level 1-Quoted Prices | | | Observable Inputs | | | Unobservable Inputs | | | | |
| | | | | | | |
| | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Total
(000’s) | |
Low Duration | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | $ | 253,545 | | | | — | | | | — | | | | — | | | $ | 253,545 | |
Commercial Paper | | | — | | | | — | | | | 12,948 | | | | — | | | | — | | | | — | | | | 12,948 | |
Corporate Bond | | | — | | | | — | | | | 357,007 | | | | — | | | | — | | | | — | | | | 357,007 | |
Mortgage Backed | | | — | | | | — | | | | 89,279 | | | | — | | | | — | | | | — | | | | 89,279 | |
Municipal | | | — | | | | — | | | | 13,208 | | | | — | | | | — | | | | — | | | | 13,208 | |
U.S. Government | | | — | | | | — | | | | 287,490 | | | | — | | | | — | | | | — | | | | 287,490 | |
Investment Company | | $ | 8,117 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 8,117 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 8,117 | | | | — | | | $ | 1,013,477 | | | | — | | | | — | | | | — | | | $ | 1,021,594 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
U.S. Government | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage Backed | | | — | | | | — | | | | 27,236 | | | | — | | | | — | | | | — | | | | 27,236 | |
U.S. Government | | | — | | | | — | | | | 30,834 | | | | — | | | | — | | | | — | | | | 30,834 | |
Options Purchased | | | 10 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 10 | |
Investment Company | | | 1,463 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,463 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,473 | | | | — | | | $ | 58,070 | | | | — | | | | — | | | | — | | | $ | 59,543 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
GNMA | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage Backed | | | — | | | | — | | | | 106,574 | | | | — | | | | — | | | | — | | | | 106,574 | |
Investment Company | | | 1,031 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,031 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,031 | | | | — | | | $ | 106,574 | | | | — | | | | — | | | | — | | | $ | 107,605 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Core Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | | 53,072 | | | | — | | | | — | | | | — | | | | 53,072 | |
Bank Loans | | | — | | | | — | | | | 2,939 | | | | — | | | | — | | | | — | | | | 2,939 | |
Corporate Bond | | | — | | | | — | | | | 230,670 | | | | — | | | | — | | | | — | | | | 230,670 | |
Foreign Government | | | — | | | | — | | | | 17,471 | | | | — | | | | — | | | | — | | | | 17,471 | |
Mortgage Backed | | | — | | | | — | | | | 307,447 | | | | — | | | | — | | | | — | | | | 307,447 | |
Municipal | | | — | | | | — | | | | 39,601 | | | | — | | | | — | | | | — | | | | 39,601 | |
U.S. Government | | | — | | | | — | | | | 195,308 | | | | — | | | | — | | | | — | | | | 195,308 | |
Investment Company | | | 26,839 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 26,839 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 26,839 | | | | — | | | $ | 846,508 | | | | — | | | | — | | | | — | | | $ | 873,347 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Corporate Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | | 9,928 | | | | — | | | | — | | | | — | | | | 9,928 | |
Bank Loans | | | — | | | | — | | | | 1,807 | | | | — | | | | — | | | | — | | | | 1,807 | |
Corporate Bond | | | — | | | | — | | | | 314,130 | | | | — | | | | — | | | | — | | | | 314,130 | |
Foreign Government | | | — | | | | — | | | | 1,618 | | | | — | | | | — | | | | — | | | | 1,618 | |
Mortgage Backed | | | — | | | | — | | | | 3,610 | | | | — | | | | — | | | | — | | | | 3,610 | |
Municipal | | | — | | | | — | | | | 907 | | | | — | | | | — | | | | — | | | | 907 | |
Investment Company | | | 6,007 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 6,007 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 6,007 | | | | — | | | $ | 332,000 | | | | — | | | | — | | | | — | | | $ | 338,007 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Strategic Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | | 17,657 | | | | — | | | | — | | | | — | | | | 17,657 | |
Bank Loans | | | — | | | | — | | | | 3,384 | | | | — | | | | — | | | | — | | | | 3,384 | |
Corporate Bond | | | — | | | | — | | | | 51,790 | | | | — | | | | — | | | | — | | | | 51,790 | |
Foreign Government | | | — | | | | — | | | | 4,669 | | | | — | | | | — | | | | — | | | | 4,669 | |
Mortgage Backed | | | — | | | | — | | | | 21,533 | | | | — | | | | — | | | | — | | | | 21,533 | |
Municipal | | | — | | | | — | | | | 9,228 | | | | — | | | | — | | | | — | | | | 9,228 | |
U.S. Government | | | — | | | | — | | | | 55,658 | | | | — | | | | — | | | | — | | | | 55,658 | |
Preferred Stock | | | 986 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 986 | |
Investment Company | | | 5,875 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 5,875 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 6,861 | | | | — | | | $ | 163,919 | | | | — | | | | — | | | | — | | | $ | 170,780 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Absolute Return Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | | 205,660 | | | | — | | | | — | | | | — | | | | 205,660 | |
Bank Loans | | | — | | | | — | | | | 1,989 | | | | — | | | | — | | | | — | | | | 1,989 | |
Corporate Bond | | | — | | | | — | | | | 268,032 | | | | — | | | | — | | | | — | | | | 268,032 | |
Foreign Government | | | — | | | | — | | | | 33,750 | | | | — | | | | — | | | | — | | | | 33,750 | |
Mortgage Backed | | | — | | | | — | | | | 120,081 | | | | — | | | | — | | | | — | | | | 120,081 | |
U.S. Government | | | — | | | | — | | | | 40,952 | | | | — | | | | — | | | | — | | | | 40,952 | |
Options Purchased | | | 301 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 301 | |
Investment Company | | | 14,733 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 14,733 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 15,034 | | | | — | | | $ | 670,464 | | | | — | | | | — | | | | — | | | $ | 685,498 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
132 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Investments in Securities | |
| | | | | | |
| | | | | | | | | Level 2-Other | | | | | | | | | | |
| | | | | | | | | Significant | | | Level 3-Significant | | | | |
| | | Level 1-Quoted Prices | | | Observable Inputs | | | Unobservable Inputs | | | | |
| | | | | | | |
| | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Total
(000’s) | |
Floating Rate | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | $ | 3,534 | | | | — | | | | — | | | | — | | | $ | 3,534 | |
Bank Loans | | | — | | | | — | | | | 97,731 | | | | — | | | | — | | | | — | | | | 97,731 | |
Corporate Bond | | | — | | | | — | | | | 6,092 | | | | — | | | | — | | | | — | | | | 6,092 | |
Mortgage Backed | | | — | | | | — | | | | 3,918 | | | | — | | | | — | | | | — | | | | 3,918 | |
Investment Company | | $ | 4,534 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 4,534 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 4,534 | | | | — | | | $ | 111,275 | | | | — | | | | — | | | | — | | | $ | 115,809 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
High Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | | 15,046 | | | | — | | | | — | | | | — | | | | 15,046 | |
Bank Loans | | | — | | | | — | | | | 43,051 | | | | — | | | | — | | | | — | | | | 43,051 | |
Corporate Bond | | | — | | | | — | | | | 492,490 | | | | — | | | | — | | | | — | | | | 492,490 | |
Mortgage Backed | | | — | | | | — | | | | 12,816 | | | | — | | | | — | | | | — | | | | 12,816 | |
Investment Company | | | 11,374 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11,374 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 11,374 | | | | — | | | $ | 563,403 | | | | — | | | | — | | �� | | — | | | $ | 574,777 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
California Municipal Social Impact | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal | | | — | | | | — | | | | 137,993 | | | | — | | | | — | | | | — | | | | 137,993 | |
U.S. Government | | | — | | | | — | | | | 16,756 | | | | — | | | | — | | | | — | | | | 16,756 | |
Investment Company | | | 1,932 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,932 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,932 | | | | — | | | $ | 154,749 | | | | — | | | | — | | | | — | | | $ | 156,681 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Global Low Duration | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | | 10,329 | | | | — | | | | — | | | | — | | | | 10,329 | |
Commercial Paper | | | — | | | | — | | | | 749 | | | | — | | | | — | | | | — | | | | 749 | |
Corporate Bond | | | — | | | | — | | | | 18,355 | | | | — | | | | — | | | | — | | | | 18,355 | |
Foreign Government | | | — | | | | — | | | | 6,788 | | | | — | | | | — | | | | — | | | | 6,788 | |
Mortgage Backed | | | — | | | | — | | | | 2,965 | | | | — | | | | — | | | | — | | | | 2,965 | |
Municipal | | | — | | | | — | | | | 620 | | | | — | | | | — | | | | — | | | | 620 | |
U.S. Government | | | — | | | | — | | | | 4,840 | | | | — | | | | — | | | | — | | | | 4,840 | |
Investment Company | | | 857 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 857 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 857 | | | | — | | | $ | 44,646 | | | | — | | | | — | | | | — | | | $ | 45,503 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Global Fixed Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | | 13,482 | | | | — | | | | — | | | | — | | | | 13,482 | |
Bank Loans | | | — | | | | — | | | | 879 | | | | — | | | | — | | | | — | | | | 879 | |
Corporate Bond | | | — | | | | — | | | | 45,256 | | | | — | | | | — | | | | — | | | | 45,256 | |
Foreign Government | | | — | | | | — | | | | 61,021 | | | | — | | | | — | | | | — | | | | 61,021 | |
Mortgage Backed | | | — | | | | — | | | | 27,989 | | | | — | | | | — | | | | — | | | | 27,989 | |
U.S. Government | | | — | | | | — | | | | 7,042 | | | | — | | | | — | | | | — | | | | 7,042 | |
Investment Company | | | 9,052 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 9,052 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 9,052 | | | | — | | | $ | 155,669 | | | | — | | | | — | | | | — | | | $ | 164,721 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Emerging Markets Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Bond | | | — | | | | — | | | | 133,321 | | | | — | | | $ | 2,200 | | | | — | | | | 135,521 | |
Foreign Government | | | — | | | | — | | | | 523,998 | | | | — | | | | — | | | | — | | | | 523,998 | |
Investment Company | | | 11,440 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11,440 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 11,440 | | | | — | | | $ | 657,319 | | | | — | | | $ | 2,200 | | | | — | | | $ | 670,959 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Emerging Markets Local Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Bond | | | — | | | | — | | | | 2,802 | | | | — | | | | — | | | | — | | | | 2,802 | |
Foreign Government | | | — | | | | — | | | | 64,832 | | | | — | | | | — | | | | — | | | | 64,832 | |
Investment Company | | | 1,110 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,110 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,110 | | | | — | | | $ | 67,634 | | | | — | | | | — | | | | — | | | $ | 68,744 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Emerging Markets Corporate Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Backed | | | — | | | | — | | | | 596 | | | | — | | | | — | | | | — | | | | 596 | |
Bank Loans | | | — | | | | — | | | | 1,095 | | | | — | | | | — | | | | — | | | | 1,095 | |
Corporate Bond | | | — | | | | — | | | | 58,878 | | | | — | | | | 232 | | | | — | | | | 59,110 | |
Foreign Government | | | — | | | | — | | | | 2,296 | | | | — | | | | — | | | | — | | | | 2,296 | |
U.S. Government | | | — | | | | — | | | | 1,893 | | | | — | | | | — | | | | — | | | | 1,893 | |
Investment Company | | | 4,176 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 4,176 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 4,176 | | | | — | | | $ | 64,758 | | | | — | | | $ | 232 | | | | — | | | $ | 69,166 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Annual Report 133
| | |
Notes to Financial Statements continued | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Investments in Securities | |
| | | | | | |
| | | | | | | | | Level 2-Other | | | | | | | | | | |
| | | | | | | | | Significant | | | Level 3-Significant | | | | |
| | | Level 1-Quoted Prices | | | Observable Inputs | | | Unobservable Inputs | | | | |
| | | | | | | |
| | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Total
(000’s) | |
Equity Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Bond | | | — | | | | — | | | $ | 2,058 | | | | — | | | | — | | | | — | | | $ | 2,058 | |
Common Stock | | $ | 984,059 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 984,059 | |
Real Estate Investment Trust | | | 32,945 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 32,945 | |
Investment Company | | | 126,979 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 126,979 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,143,983 | | | | — | | | $ | 2,058 | | | | — | | | | — | | | | — | | | $ | 1,146,041 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
134 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Other Financial Instruments 1 | |
| | | | | | |
| | | | | | | | | Level 2-Other | | | | | | | | | | |
| | | | | | | | | Significant | | | Level 3-Significant | | | | |
| | | Level 1-Quoted Prices | | | Observable Inputs | | | Unobservable Inputs | | | | |
| | | | | | | |
| | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Total
(000’s) | |
Limited Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | $ | 1,672 | | | $ | (18 | ) | | | — | | | | — | | | $ | 1,654 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | — | | | | 1,672 | | | | (18 | ) | | | — | | | | — | | | | 1,654 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Low Duration | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | | 836 | | | | (1,761 | ) | | | — | | | | — | | | | — | | | | — | | | | (925 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 836 | | | | (1,761 | ) | | | — | | | | — | | | | — | | | | — | | | | (925 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
U.S. Government | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | | 16 | | | | (51 | ) | | | — | | | | — | | | | — | | | | — | | | | (35 | ) |
Options written | | | — | | | | — | | | | — | | | | (4 | ) | | | — | | | | — | | | | (4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 16 | | | | (51 | ) | | | — | | | | (4 | ) | | | — | | | | — | | | | (39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
GNMA | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | | — | | | | (143 | ) | | | — | | | | — | | | | — | | | | — | | | | (143 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | (143 | ) | | | — | | | | — | | | | — | | | | — | | | | (143 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Core Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 448 | | | | — | | | | — | | | | — | | | | 448 | |
Futures | | | 2,448 | | | | (1,895 | ) | | | — | | | | — | | | | — | | | | — | | | | 553 | |
Swaps | | | — | | | | — | | | | 5,371 | | | | (5,434 | ) | | | — | | | | — | | | | (63 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 2,448 | | | | (1,895 | ) | | | 5,819 | | | | (5,434 | ) | | | — | | | | — | | | | 938 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Corporate Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | | 656 | | | | (990 | ) | | | — | | | | — | | | | — | | | | — | | | | (334 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 656 | | | | (990 | ) | | | — | | | | — | | | | — | | | | — | | | | (334 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Strategic Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 146 | | | | — | | | | — | | | | — | | | | 146 | |
Futures | | | 600 | | | | (530 | ) | | | — | | | | — | | | | — | | | | — | | | | 70 | |
Swaps | | | — | | | | — | | | | 914 | | | | (936 | ) | | | — | | | | — | | | | (22 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 600 | | | | (530 | ) | | | 1,060 | | | | (936 | ) | | | — | | | | — | | | | 194 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Absolute Return Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 1,338 | | | | (594 | ) | | | — | | | | — | | | | 744 | |
Futures | | | 2,637 | | | | (874 | ) | | | — | | | | — | | | | — | | | | — | | | | 1,763 | |
Swaps | | | — | | | | — | | | | 430 | | | | (7,390 | ) | | | — | | | | — | | | | (6,960 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 2,637 | | | | (874 | ) | | | 1,768 | | | | (7,984 | ) | | | — | | | | — | | | | (4,453 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Floating Rate | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 7 | | | | — | | | | — | | | | — | | | | 7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | — | | | | 7 | | | | — | | | | — | | | | — | | | | 7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
High Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 183 | | | | — | | | | — | | | | — | | | | 183 | |
Swaps | | | — | | | | — | | | | 242 | | | | (2,033 | ) | | | — | | | | — | | | | (1,791 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | — | | | | 425 | | | | (2,033 | ) | | | — | | | | — | | | | (1,608 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Global Low Duration | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 4 | | | | — | | | | — | | | | — | | | | 4 | |
Futures | | | 13 | | | | (70 | ) | | | — | | | | — | | | | — | | | | — | | | | (57 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 13 | | | | (70 | ) | | | 4 | | | | — | | | | — | | | | — | | | | (53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Global Fixed Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 985 | | | | (349 | ) | | | — | | | | — | | | | 636 | |
Futures | | | 401 | | | | (784 | ) | | | — | | | | — | | | | — | | | | — | | | | (383 | ) |
Swaps | | | — | | | | — | | | | 389 | | | | (476 | ) | | | — | | | | — | | | | (87 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 401 | | | | (784 | ) | | | 1,374 | | | | (825 | ) | | | — | | | | — | | | | 166 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Emerging Markets Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 1,754 | | | | (1,180 | ) | | | — | | | | — | | | | 574 | |
Swaps | | | — | | | | — | | | | 677 | | | | (2,583 | ) | | | — | | | | — | | | | (1,906 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | — | | | | 2,431 | | | | (3,763 | ) | | | — | | | | — | | | | (1,332 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Emerging Markets Local Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 102 | | | | (373 | ) | | | — | | | | — | | | | (271 | ) |
Futures | | | 28 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 28 | |
Swaps | | | — | | | | — | | | | 4 | | | | (104 | ) | | | — | | | | — | | | | (100 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 28 | | | | — | | | | 106 | | | | (477 | ) | | | — | | | | — | | | | (343 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Emerging Markets Corporate Bond | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 21 | | | | (55 | ) | | | — | | | | — | | | | (34 | ) |
Futures | | | 78 | | | | (196 | ) | | | — | | | | — | | | | — | | | | — | | | | (118 | ) |
Swaps | | | — | | | | — | | | | 18 | | | | (65 | ) | | | — | | | | — | | | | (47 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 78 | | | | (196 | ) | | | 39 | | | | (120 | ) | | | — | | | | — | | | | (199 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Equity Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward currency contracts | | | — | | | | — | | | | 420 | | | | (86 | ) | | | — | | | | — | | | | 334 | |
Futures | | | — | | | | (1,481 | ) | | | — | | | | — | | | | — | | | | — | | | | (1,481 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | — | | | | (1,481 | ) | | | 420 | | | | (86 | ) | | | — | | | | — | | | | (1,147 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Other financial instruments are swaps, futures contracts, forward currency contracts and options written. Swaps, futures contracts and forward currency contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value. |
Annual Report 135
| | |
Notes to Financial Statements continued | | |
5. Federal Tax Information (amounts in 000s)
Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to distributable earnings and paid-in capital, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of October 31, 2023, primarily attributable to Foreign currency gains/losses, mortgage backed securities, swaps and investments in partnerships were reclassified to the following accounts. These reclassifications had no effect on net assets or net asset value per share (amounts in thousands):
| | | | | | | | |
| | | Increase/
(Decrease)
Distributable
Earnings | | | Increase/
(Decrease)
Paid in
Capital | |
U.S. Government | | $ | 2 | | | $ | (2 | ) |
Global Fixed Income | | | 4,010 | | | | (4,010 | ) |
Equity Income | | | 2 | | | | (2 | ) |
For Federal income tax purposes the following Funds had capital loss carryforwards at year end in the amount indicated below. The carryforwards are available to offset future capital gains, if any.
At October 31, 2023, the following Funds had available for Federal income tax purposes unused capital losses as follows (000’s):
| | | | |
| | | Total | |
Cash Reserves Money Market | | $ | 29 | |
Limited Maturity | | | 1,726 | |
Low Duration | | | 41,215 | |
U.S. Government | | | 8,055 | |
GNMA | | | 47,604 | |
Core Bond | | | 79,904 | |
Corporate Bond | | | 24,505 | |
Strategic Income | | | 6,084 | |
Absolute Return Bond | | | 23,526 | |
Floating Rate | | | 7,994 | |
High Income | | | 42,743 | |
California Municipal Social Impact | | | 5,480 | |
Global Low Duration | | | 1,998 | |
Global Fixed Income | | | 24,407 | |
Emerging Markets Bond | | | 152,834 | |
Emerging Markets Local Bond | | | 25,260 | |
Emerging Markets Corporate Bond | | | 5,224 | |
136 Payden Mutual Funds
The tax character of distributions paid during the fiscal years ended October 31st is as follows (000’s):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2022 | | | 2023 | |
| | | | | | | | |
| | | Tax-Exempt
Income | | | Ordinary
Income | | | Long Term
Capital Gains | | | Return of
Capital | | | Tax-Exempt
Income | | | Ordinary
Income | | | Long Term
Capital Gains | | | Return of
Capital | |
Cash Reserves Money Market | | | — | | | $ | 3,614 | | | | — | | | | — | | | | — | | | $ | 21,571 | | | | — | | | | — | |
Limited Maturity | | | — | | | | 24,209 | | | | — | | | | — | | | | — | | | | 82,818 | | | $ | 4,289 | | | $ | 734 | |
Low Duration | | | — | | | | 19,049 | | | $ | 4,855 | | | $ | 2,409 | | | | — | | | | 38,581 | | | | — | | | | 725 | |
U.S. Government | | | — | | | | 839 | | | | — | | | | 2 | | | | — | | | | 2,077 | | | | — | | | | — | |
GNMA | | | — | | | | 3,254 | | | | — | | | | — | | | | — | | | | 3,191 | | | | — | | | | — | |
Core Bond | | | — | | | | 25,475 | | | | 993 | | | | 6,043 | | | | — | | | | 32,976 | | | | — | | | | 1,254 | |
Corporate Bond | | | — | | | | 12,811 | | | | 10,841 | | | | 84 | | | | — | | | | 14,260 | | | | — | | | | — | |
Strategic Income | | | — | | | | 6,419 | | | | 1,134 | | | | — | | | | — | | | | 7,765 | | | | 265 | | | | 280 | |
Absolute Return Bond | | | — | | | | 19,564 | | | | 3,252 | | | | 9,915 | | | | — | | | | 39,475 | | | | — | | | | 212 | |
Floating Rate | | | — | | | | 8,058 | | | | — | | | | 13 | | | | — | | | | 9,700 | | | | — | | | | 38 | |
High Income | | | — | | | | 38,688 | | | | — | | | | 94 | | | | — | | | | 42,537 | | | | — | | | | 85 | |
California Municipal Social Impact | | $ | 1,855 | | | | 2 | | | | — | | | | — | | | $ | 3,462 | | | | 764 | | | | — | | | | — | |
Global Low Duration | | | — | | | | 1,366 | | | | 282 | | | | 128 | | | | — | | | | 2,476 | | | | — | | | | 17 | |
Global Fixed Income | | | — | | | | 9,721 | | | | 757 | | | | — | | | | — | | | | 14,644 | | | | — | | | | 4,805 | |
Emerging Markets Bond | | | — | | | | 49,957 | | | | — | | | | — | | | | — | | | | 51,527 | | | | — | | | | 11,038 | |
Emerging Markets Local Bond | | | — | | | | 213 | | | | — | | | | 1,772 | | | | — | | | | 1,041 | | | | — | | | | 1,556 | |
Emerging Markets Corporate Bond | | | — | | | | 2,859 | | | | — | | | | — | | | | — | | | | 3,509 | | | | — | | | | 210 | |
Equity Income | | | — | | | | 132,427 | | | | 179,721 | | | | — | | | | — | | | | 23,925 | | | | 59,728 | | | | — | |
At October 31, 2023, net unrealized appreciation (depreciation) on investments for Federal income tax purposes is as follows (000’s):
| | | | | | | | | | | | | | | | |
| | | Cost of Investments
Federal Income
Tax Purposes | | | Gross
Unrealized
Appreciation
on Investments | | | Gross
Unrealized
Depreciation
on Investments | | | Net Unrealized
Appreciation
(Depreciation)
on Investments | |
Cash Reserves Money Market | | $ | 445,640 | | | | — | | | | — | | | | — | |
Limited Maturity | | | 1,975,662 | | | $ | 996 | | | $ | (10,845) | | | $ | (9,849 | ) |
Low Duration | | | 1,054,193 | | | | 393 | | | | (32,992 | ) | | | (32,598 | ) |
U.S. Government | | | 63,241 | | | | 1 | | | | (3,699 | ) | | | (3,698 | ) |
GNMA | | | 122,939 | | | | 22 | | | | (15,356 | ) | | | (15,334 | ) |
Core Bond | | | 1,021,809 | | | | 8,358 | | | | (156,820 | ) | | | (148,462 | ) |
Corporate Bond | | | 396,685 | | | | 142 | | | | (58,820 | ) | | | (58,678 | ) |
Strategic Income | | | 184,097 | | | | 1,464 | | | | (14,781 | ) | | | (13,317 | ) |
Absolute Return Bond | | | 719,290 | | | | 10,114 | | | | (43,906 | ) | | | (33,792 | ) |
Floating Rate | | | 118,139 | | | | 934 | | | | (3,264 | ) | | | (2,330 | ) |
High Income | | | 629,946 | | | | 6,285 | | | | (61,454 | ) | | | (55,169 | ) |
California Municipal Social Impact | | | 161,164 | | | | 96 | | | | (4,579 | ) | | | (4,484 | ) |
Global Low Duration | | | 47,521 | | | | 38 | | | | (2,056 | ) | | | (2,018 | ) |
Global Fixed Income | | | 193,777 | | | | 2,493 | | | | (31,549 | ) | | | (29,056 | ) |
Emerging Markets Bond | | | 842,523 | | | | 8,781 | | | | (180,345 | ) | | | (171,564 | ) |
Emerging Markets Local Bond | | | 74,487 | | | | 847 | | | | (6,590 | ) | | | (5,743 | ) |
Emerging Markets Corporate Bond | | | 74,624 | | | | 166 | | | | (5,624 | ) | | | (5,458 | ) |
Equity Income | | | 1,097,069 | | | | 82,263 | | | | (33,291 | ) | | | 48,972 | |
Annual Report 137
| | |
Notes to Financial Statements continued | | |
At October 31, 2023, the components of accumulated earnings (deficit) for Federal income tax purposes are as follows (000’s):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Undistributed
Tax-Exempt
Income | | | Undistributed
Ordinary Income | | | Undistributed
Realized Long Term
Capital Gains | | | Capital Loss
Carryforwards | | | Distributions
Payable | | | Net Unrealized
Appreciation
(Depreciation) | | | Total Distributions
Earnings (Deficit) | |
Cash Reserves Money Market | | | — | | | $ | 1,086 | | | | — | | | $ | (29 | ) | | $ | (1,099 | ) | | | — | | | $ | (42 | ) |
Limited Maturity | | | — | | | | — | | | | — | | | | (1,726 | ) | | | (393 | ) $ | | | (9,967 | ) | | | (12,086 | ) |
Low Duration | | | — | | | | — | | | | — | | | | (41,215 | ) | | | (284 | ) | | | (32,610 | ) | | | (74,109 | ) |
U.S. Government | | | — | | | | 4 | | | | — | | | | (8,055 | ) | | | (2 | ) | | | (3,660 | ) | | | (11,713 | ) |
GNMA | | | — | | | | 374 | | | | — | | | | (47,604 | ) | | | (24 | ) | | | (15,334 | ) | | | (62,588 | ) |
Core Bond | | | — | | | | — | | | | — | | | | (79,904 | ) | | | — | | | | (148,905 | ) | | | (228,809 | ) |
Corporate Bond | | | — | | | | 4 | | | | — | | | | (24,505 | ) | | | — | | | | (58,678 | ) | | | (83,179 | ) |
Strategic Income | | | — | | | | — | | | | — | | | | (6,084 | ) | | | — | | | | (13,402 | ) | | | (19,486 | ) |
Absolute Return Bond | | | — | | | | — | | | | — | | | | (23,526 | ) | | | — | | | | (34,028 | ) | | | (57,554 | ) |
Floating Rate | | | — | | | | — | | | | — | | | | (7,994 | ) | | | — | | | | (2,330 | ) | | | (10,324 | ) |
High Income | | | — | | | | — | | | | — | | | | (42,743 | ) | | | — | | | | (55,150 | ) | | | (97,893 | ) |
California Municipal Social Impact | | $ | 133 | | | | — | | | | — | | | | (5,480 | ) | | | (97 | ) | | | (4,483 | ) | | | (9,927 | ) |
Global Low Duration | | | — | | | | — | | | | — | | | | (1,998 | ) | | | — | | | | (2,018 | ) | | | (4,016 | ) |
Global Fixed Income | | | — | | | | — | | | | — | | | | (24,407 | ) | | | — | | | | (28,994 | ) | | | (53,401 | ) |
Emerging Markets Bond | | | — | | | | — | | | | — | | | | (152,834 | ) | | | — | | | | (171,693 | ) | | | (324,527 | ) |
Emerging Markets Local Bond | | | — | | | | — | | | | — | | | | (25,260 | ) | | | — | | | | (5,900 | ) | | | (31,160 | ) |
Emerging Markets Corporate Bond | | | — | | | | — | | | | — | | | | (5,224 | ) | | | — | | | | (5,664 | ) | | | (10,888 | ) |
Equity Income | | | — | | | | 2,861 | | | $ | 16,573 | | | | — | | | | — | | | | 48,931 | | | | 68,365 | |
6. Subsequent Events
On November 30, 2023, the following Funds launched Adviser Class shares: Limited Maturity, Low Duration, Strategic Income, Absolute Return Bond, Corporate Bond, High Income, Floating Rate and California Municipal Social Impact.
The Funds have evaluated subsequent events through the issuance of the financial statements and have determined that no other events have occurred that require disclosure.
138 Payden Mutual Funds
(THIS PAGE IS INTENTIONALLY LEFT BLANK)
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Cash Reserves Money Market Fund | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.04 | | | | 0.01 | | | | 0.00 | (1) | | | 0.01 | | | | 0.02 | |
Net realized and unrealized gains (losses) | | | (0.00 | )(1) | | | 0.00 | (1) | | | 0.00 | (1) | | | 0.00 | (1) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.04 | | | | 0.01 | | | | 0.00 | | | | 0.01 | | | | 0.02 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.04 | ) | | | (0.01 | ) | | | (0.00 | )(1) | | | (0.01 | ) | | | (0.02 | ) |
From net realized gains | | | — | | | | — | | | | — | | | | (0.00 | )(1) | | | (0.00 | )(1) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.04 | ) | | | (0.01 | ) | | | (0.00 | )(1) | | | (0.01 | ) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 4.57 | % | | | 0.78 | % | | | 0.02 | % | | | 0.57 | % | | | 2.10 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 446,743 | | | $ | 475,935 | | | $ | 500,758 | | | $ | 351,597 | | | $ | 274,957 | |
Ratio of gross expense to average net assets | | | 0.38 | % | | | 0.37 | % | | | 0.38 | % | | | 0.39 | % | | | 0.38 | % |
Ratio of net expense to average net assets | | | 0.25 | % | | | 0.18 | % | | | 0.05 | % | | | 0.23 | % | | | 0.25 | % |
Ratio of investment income less gross expenses to average net assets | | | 4.34 | % | | | 0.57 | % | | | (0.32 | )% | | | 0.35 | % | | | 1.94 | % |
Ratio of net investment income to average net assets | | | 4.47 | % | | | 0.76 | % | | | 0.01 | % | | | 0.51 | % | | | 2.07 | % |
Portfolio turnover rate | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
The Fund commenced operations on December 17, 1997.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Limited Maturity Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.36 | | | $ | 9.51 | | | $ | 9.50 | | | $ | 9.49 | | | $ | 9.46 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.44 | | | | 0.10 | | | | 0.06 | | | | 0.15 | | | | 0.25 | |
Net realized and unrealized gains (losses) | | | 0.11 | | | | (0.14 | ) | | | 0.01 | | | | 0.01 | | | | 0.03 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.55 | | | | (0.04 | ) | | | 0.07 | | | | 0.16 | | | | 0.28 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.41 | ) | | | (0.11 | ) | | | (0.06 | ) | | | (0.15 | ) | | | (0.25 | ) |
From net realized gains | | | (0.04 | ) | | | — | | | | — | | | | (0.00 | )(1) | | | (0.00 | )(1) |
Return of capital | | | (0.00 | )(1) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.45 | ) | | | (0.11 | ) | | | (0.06 | ) | | | (0.15 | ) | | | (0.25 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.46 | | | $ | 9.36 | | | $ | 9.51 | | | $ | 9.50 | | | $ | 9.49 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 5.76 | % | | | (0.41 | )% | | | 0.75 | % | | | 1.75 | % | | | 2.99 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 641,777 | | | $ | 546,444 | | | $ | 851,146 | | | $ | 1,219,514 | | | $ | 783,645 | |
Ratio of gross expense to average net assets | | | 0.48 | % | | | 0.52 | % | | | 0.49 | % | | | 0.54 | % | | | 0.55 | % |
Ratio of net expense to average net assets | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % |
Ratio of investment income less gross expenses to average net assets | | | 4.18 | % | | | 0.74 | % | | | 0.41 | % | | | 1.24 | % | | | 2.29 | % |
Ratio of net investment income to average net assets | | | 4.42 | % | | | 1.02 | % | | | 0.64 | % | | | 1.53 | % | | | 2.59 | % |
Portfolio turnover rate | | | 80 | % | | | 36 | % | | | 60 | % | | | 63 | % | | | 74 | % |
The Fund commenced operations on April 29, 1994.
(1) Amount is less than $0.005.
See notes to financial statements.
140 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Limited Maturity Fund - SI Class | | | | | | | |
| | | 2023 | | | 2022 | | | 2021 | | | | | | | |
Net asset value — beginning of period | | $ | 9.37 | | | $ | 9.52 | | | $ | 9.53 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.44 | | | | 0.10 | | | | 0.02 | | | | | | | | | |
Net realized and unrealized gains (losses) | | | 0.10 | | | | (0.14 | ) | | | (0.01 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.54 | | | | (0.04 | ) | | | 0.01 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.40 | ) | | | (0.11 | ) | | | (0.02 | ) | | | | | | | | |
From net realized gains | | | (0.05 | ) | | | — | | | | — | | | | | | | | | |
Return of capital | | | (0.00 | )(1) | | | — | | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.46 | | | $ | 9.37 | | | $ | 9.52 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 5.70 | % | | | (0.36 | )% | | | 0.11 | %(2) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 1,318,397 | | | $ | 1,325,844 | | | $ | 1,398,387 | | | | | | | | | |
Ratio of gross expense to average net assets | | | 0.49 | % | | | 0.53 | % | | | 0.51 | %(3) | | | | | | | | |
Ratio of net expense to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(3) | | | | | | | | |
Ratio of investment income less gross expenses to average net assets | | | 4.15 | % | | | 0.79 | % | | | 0.28 | %(3) | | | | | | | | |
Ratio of net investment income to average net assets | | | 4.44 | % | | | 1.12 | % | | | 0.59 | %(3) | | | | | | | | |
Portfolio turnover rate | | | 80 | % | | | 36 | % | | | 60 | %(2) | | | | | | | | |
The Class commenced operations on June 30, 2021. (1) Amount is less than $0.005. (2) Not annualized. (3) Annualized. | |
| | | Payden Low Duration Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.47 | | | $ | 10.12 | | | $ | 10.22 | | | $ | 10.10 | | | $ | 9.91 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.31 | | | | 0.13 | | | | 0.18 | | | | 0.18 | | | | 0.24 | |
Net realized and unrealized gains (losses) | | | 0.08 | | | | (0.60 | ) | | | 0.00 | (1) | | | 0.12 | | | | 0.19 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.39 | | | | (0.47 | ) | | | 0.18 | | | | 0.30 | | | | 0.43 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.32 | ) | | | (0.14 | ) | | | (0.19 | ) | | | (0.18 | ) | | | (0.24 | ) |
From net realized gains | | | — | | | | (0.03 | ) | | | (0.09 | ) | | | — | | | | — | |
Return of capital | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | — | | | | (0.00 | )(1) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.33 | ) | | | (0.18 | ) | | | (0.28 | ) | | | (0.18 | ) | | | (0.24 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.53 | | | $ | 9.47 | | | $ | 10.12 | | | $ | 10.22 | | | $ | 10.10 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 4.16 | % | | | (4.65 | )% | | | 0.84 | % | | | 3.00 | % | | | 4.39 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 572,864 | | | $ | 901,416 | | | $ | 1,604,077 | | | $ | 1,532,982 | | | $ | 1,523,037 | |
Ratio of gross expense to average net assets | | | 0.53 | % | | | 0.53 | % | | | 0.51 | % | | | 0.53 | % | | | 0.54 | % |
Ratio of net expense to average net assets | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % |
Ratio of investment income less gross expenses to average net assets | | | 3.20 | % | | | 1.27 | % | | | 0.75 | % | | | 1.64 | % | | | 2.27 | % |
Ratio of net investment income to average net assets | | | 3.30 | % | | | 1.37 | % | | | 0.83 | % | | | 1.74 | % | | | 2.38 | % |
Portfolio turnover rate | | | 102 | % | | | 98 | % | | | 138 | % | | | 211 | % | | | 166 | % |
The Fund commenced operations on December 31, 1993.
(1) Amount is less than $0.005.
See notes to financial statements.
Annual Report 141
| | |
Financial Highlights continued | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Low Duration Fund -
SI Class | | | | | | | | | | |
| | | | | | | | | |
| | | 2023 | | | 2022 | | | | | | | | | | |
Net asset value — beginning of period | | $ | 9.47 | | | $ | 9.92 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.33 | | | | 0.12 | | | | | | | | | | | | | |
Net realized and unrealized gains (losses) | | | 0.06 | | | | (0.45 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.39 | | | | (0.33 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.32 | ) | | | (0.11 | ) | | | | | | | | | | | | |
Return of capital | | | (0.01 | ) | | | (0.01 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.53 | | | $ | 9.47 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 4.21 | % | | | (3.34 | )%(1) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 456,251 | | | $ | 321,719 | | | | | | | | | | | | | |
Ratio of gross expense to average net assets | | | 0.53 | % | | | 0.55 | %(2) | | | | | | | | | | | | |
Ratio of net expense to average net assets | | | 0.38 | % | | | 0.38 | %(2) | | | | | | | | | | | | |
Ratio of investment income less gross expenses to average net assets | | | 3.40 | % | | | 1.72 | %(2) | | | | | | | | | | | | |
Ratio of net investment income to average net assets | | | 3.54 | % | | | 1.88 | %(2) | | | | | | | | | | | | |
Portfolio turnover rate | | | 102 | % | | | 98 | %(1) | | | | | | | | | | | | |
The Class commenced operations on February 28, 2022.
(1) Not annualized.
(2) Annualized.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden U.S. Government Fund | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.30 | | | $ | 10.29 | | | $ | 10.54 | | | $ | 10.35 | | | $ | 10.11 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.31 | (1) | | | 0.24 | (1) | | | 0.15 | (1) | | | 0.19 | (1) | | | 0.24 | (1) |
Net realized and unrealized gains (losses) | | | (0.14 | ) | | | (0.97 | ) | | | (0.18 | ) | | | 0.25 | | | | 0.30 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.17 | | | | (0.73 | ) | | | (0.03 | ) | | | 0.44 | | | | 0.54 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.32 | ) | | | (0.26 | ) | | | (0.22 | ) | | | (0.25 | ) | | | (0.30 | ) |
Net asset value — end of period | | $ | 9.16 | | | $ | 9.30 | | | $ | 10.29 | | | $ | 10.54 | | | $ | 10.35 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 1.90 | % | | | (7.14 | )% | | | (0.31 | )% | | | 4.26 | % | | | 5.36 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 59,974 | | | $ | 53,471 | | | $ | 28,876 | | | $ | 47,360 | | | $ | 39,301 | |
Ratio of gross expense to average net assets | | | 0.67 | % | | | 0.82 | % | | | 0.77 | % | | | 0.73 | % | | | 0.73 | % |
Ratio of net expense to average net assets | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % | | | 0.43 | % |
Ratio of investment income less gross expenses to average net assets | | | 3.13 | % | | | 2.06 | % | | | 1.10 | % | | | 1.51 | % | | | 2.00 | % |
Ratio of net investment income to average net assets | | | 3.36 | % | | | 2.45 | % | | | 1.44 | % | | | 1.81 | % | | | 2.30 | % |
Portfolio turnover rate | | | 39 | % | | | 39 | % | | | 22 | % | | | 48 | % | | | 49 | % |
The Class commenced operations on December 30, 1995.
(1) Based on average shares outstanding.
See notes to financial statements.
142 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | |
| | | Payden GNMA Fund | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 7.47 | | | $ | 9.12 | | | $ | 9.47 | | | $ | 9.42 | | | $ | 8.97 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.26 | | | | 0.25 | | | | 0.07 | | | | 0.18 | | | | 0.20 | |
Net realized and unrealized gains (losses) | | | (0.41 | ) | | | (1.59 | ) | | | (0.15 | ) | | | 0.15 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | (0.15 | ) | | | (1.34 | ) | | | (0.08 | ) | | | 0.33 | | | | 0.76 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.24 | ) | | | (0.31 | ) | | | (0.27 | ) | | | (0.28 | ) | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 7.08 | | | $ | 7.47 | | | $ | 9.12 | | | $ | 9.47 | | | $ | 9.42 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | (2.19 | )% | | | (15.01 | )% | | | (0.91 | )% | | | 3.52 | % | | | 8.63 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 88,544 | | | $ | 91,243 | | | $ | 102,013 | | | $ | 122,509 | | | $ | 132,455 | |
Ratio of gross expense to average net assets | | | 0.63 | % | | | 0.70 | % | | | 0.69 | % | | | 0.71 | % | | | 0.69 | % |
Ratio of net expense to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.47 | % | | | 0.50 | % | | | 0.50 | % |
Ratio of investment income less gross expenses to average net assets | | | 3.08 | % | | | 2.03 | % | | | 1.15 | % | | | 1.92 | % | | | 2.51 | % |
Ratio of net investment income to average net assets | | | 3.26 | % | | | 2.28 | % | | | 1.38 | % | | | 2.13 | % | | | 2.70 | % |
Portfolio turnover rate | | | 17 | % | | | 29 | % | | | 28 | % | | | 25 | % | | | 18 | % |
The Fund commenced operations on August 27, 1999. | |
| | | Payden Core Bond Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 8.80 | | | $ | 10.84 | | | $ | 11.13 | | | $ | 10.90 | | | $ | 10.20 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.37 | (1) | | | 0.26 | (1) | | | 0.21 | (1) | | | 0.26 | (1) | | | 0.33 | (1) |
Net realized and unrealized gains (losses) | | | (0.26 | ) | | | (2.01 | ) | | | 0.09 | | | | 0.25 | | | | 0.71 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.11 | | | | (1.75 | ) | | | 0.30 | | | | 0.51 | | | | 1.04 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.34 | ) | | | (0.28 | ) | | | (0.42 | ) | | | (0.28 | ) | | | (0.32 | ) |
From net realized gains | | | — | | | | (0.01 | ) | | | (0.17 | ) | | | — | | | | — | |
Return of capital | | | (0.01 | ) | | | (0.00 | )(2) | | | — | | | | — | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.35 | ) | | | (0.29 | ) | | | (0.59 | ) | | | (0.28 | ) | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 8.56 | | | $ | 8.80 | | | $ | 10.84 | | | $ | 11.13 | | | $ | 10.90 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 1.07 | % | | | (16.43 | )% | | | 1.15 | % | | | 4.76 | % | | | 10.36 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 230,480 | | | $ | 294,877 | | | $ | 409,453 | | | $ | 589,061 | | | $ | 695,683 | |
Ratio of gross expense to average net assets | | | 0.52 | % | | | 0.52 | % | | | 0.51 | % | | | 0.54 | % | | | 0.53 | % |
Ratio of net expense to average net assets | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % |
Ratio of investment income less gross expenses to average net assets | | | 4.03 | % | | | 2.63 | % | | | 1.93 | % | | | 2.40 | % | | | 3.10 | % |
Ratio of net investment income to average net assets | | | 4.03 | % | | | 2.63 | % | | | 1.92 | % | | | 2.40 | % | | | 3.10 | % |
Portfolio turnover rate | | | 52 | % | | | 51 | % | | | 88 | % | | | 125 | % | | | 86 | % |
The Fund commenced operations on December 31, 1993.
(1) Based on average shares outstanding.
(2) Amount is less than $0.005.
See notes to financial statements.
Annual Report 143
| | |
Financial Highlights continued | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Core Bond Fund - SI Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 8.79 | | | $ | 10.83 | | | $ | 11.12 | | | $ | 10.89 | | | $ | 10.19 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.38 | (1) | | | 0.27 | (1) | | | 0.22 | (1) | | | 0.27 | (1) | | | 0.34 | (1) |
Net realized and unrealized gains (losses) | | | (0.27 | ) | | | (2.01 | ) | | | 0.09 | | | | 0.25 | | | | 0.71 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.11 | | | | (1.74 | ) | | | 0.31 | | | | 0.52 | | | | 1.05 | �� |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.34 | ) | | | (0.29 | ) | | | (0.43 | ) | | | (0.29 | ) | | | (0.33 | ) |
From net realized gains | | | — | | | | (0.01 | ) | | | (0.17 | ) | | | — | | | | — | |
Return of capital | | | (0.01 | ) | | | (0.00 | )(2) | | | — | | | | — | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.35 | ) | | | (0.30 | ) | | | (0.60 | ) | | | (0.29 | ) | | | (0.35 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 8.55 | | | $ | 8.79 | | | $ | 10.83 | | | $ | 11.12 | | | $ | 10.89 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 1.16 | % | | | (16.36 | )% | | | 1.27 | % | | | 4.88 | % | | | 10.49 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 615,873 | | | $ | 612,851 | | | $ | 833,563 | | | $ | 758,985 | | | $ | 323,935 | |
Ratio of gross expense to average net assets | | | 0.52 | % | | | 0.52 | % | | | 0.52 | % | | | 0.54 | % | | | 0.54 | % |
Ratio of net expense to average net assets | | | 0.42 | % | | | 0.42 | % | | | 0.42 | % | | | 0.42 | % | | | 0.54 | % |
Ratio of investment income less gross expenses to average net assets | | | 4.05 | % | | | 2.64 | % | | | 1.95 | % | | | 2.37 | % | | | 3.10 | % |
Ratio of net investment income to average net assets | | | 4.14 | % | | | 2.74 | % | | | 2.05 | % | | | 2.48 | % | | | 3.21 | % |
Portfolio turnover rate | | | 52 | % | | | 51 | % | | | 88 | % | | | 125 | % | | | 86 | % |
The Class commenced operations on January 22, 2018. | |
| | | Payden Core Bond Fund - Adviser Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 8.77 | | | $ | 10.81 | | | $ | 11.10 | | | $ | 10.87 | | | $ | 10.17 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.33 | (1) | | | 0.23 | (1) | | | 0.19 | (1) | | | 0.24 | (1) | | | 0.30 | (1) |
Net realized and unrealized gains (losses) | | | (0.22 | ) | | | (2.01 | ) | | | 0.08 | | | | 0.25 | | | | 0.72 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.11 | | | | (1.78 | ) | | | 0.27 | | | | 0.49 | | | | 1.02 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.31 | ) | | | (0.25 | ) | | | (0.39 | ) | | | (0.26 | ) | | | (0.30 | ) |
From net realized gains | | | — | | | | (0.01 | ) | | | (0.17 | ) | | | — | | | | — | |
Return of capital | | | (0.01 | ) | | | (0.00 | )(2) | | | — | | | | — | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.32 | ) | | | (0.26 | ) | | | (0.56 | ) | | | (0.26 | ) | | | (0.32 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 8.56 | | | $ | 8.77 | | | $ | 10.81 | | | $ | 11.10 | | | $ | 10.87 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 1.15 | % | | | (16.70 | )% | | | 0.92 | % | | | 4.52 | % | | | 10.13 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,965 | | | $ | 23,806 | | | $ | 46,499 | | | $ | 45,755 | | | $ | 38,979 | |
Ratio of gross expense to average net assets | | | 0.78 | % | | | 0.77 | % | | | 0.76 | % | | | 0.79 | % | | | 0.78 | % |
Ratio of net expense to average net assets | | | 0.78 | % | | | 0.77 | % | | | 0.78 | % | | | 0.78 | % | | | 0.78 | % |
Ratio of investment income less gross expenses to average net assets | | | 3.64 | % | | | 2.35 | % | | | 1.71 | % | | | 2.14 | % | | | 2.83 | % |
Ratio of net investment income to average net assets | | | 3.64 | % | | | 2.35 | % | | | 1.70 | % | | | 2.15 | % | | | 2.83 | % |
Portfolio turnover rate | | | 52 | % | | | 51 | % | | | 88 | % | | | 125 | % | | | 86 | % |
The Class commenced operations on November 2, 2009.
(1) Based on average shares outstanding.
(2) Amount is less than $0.005.
See notes to financial statements.
144 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Corporate Bond Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.10 | | | $ | 11.96 | | | $ | 12.04 | | | $ | 11.73 | | | $ | 10.63 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.36 | | | | 0.29 | | | | 0.46 | | | | 0.34 | | | | 0.38 | |
Net realized and unrealized gains (losses) | | | (0.15 | ) | | | (2.53 | ) | | | 0.09 | | | | 0.31 | | | | 1.10 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.21 | | | | (2.24 | ) | | | 0.55 | | | | 0.65 | | | | 1.48 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.37 | ) | | | (0.34 | ) | | | (0.47 | ) | | | (0.33 | ) | | | (0.38 | ) |
From net realized gains | | | — | | | | (0.28 | ) | | | (0.16 | ) | | | (0.01 | ) | | | — | |
Return of capital | | | — | | | | (0.00 | )(1) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.37 | ) | | | (0.62 | ) | | | (0.63 | ) | | | (0.34 | ) | | | (0.38 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 8.94 | | | $ | 9.10 | | | $ | 11.96 | | | $ | 12.04 | | | $ | 11.73 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 2.20 | % | | | (19.53 | )% | | | 3.27 | % | | | 5.65 | % | | | 14.20 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 139,288 | | | $ | 222,269 | | | $ | 460,135 | | | $ | 479,951 | | | $ | 463,203 | |
Ratio of gross expense to average net assets | | | 0.65 | % | | | 0.66 | % | | | 0.65 | % | | | 0.66 | % | | | 0.66 | % |
Ratio of net expense to average net assets | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % |
Ratio of investment income less gross expenses to average net assets | | | 3.92 | % | | | 2.90 | % | | | 2.47 | % | | | 2.82 | % | | | 3.43 | % |
Ratio of net investment income to average net assets | | | 3.91 | % | | | 2.90 | % | | | 2.47 | % | | | 2.83 | % | | | 3.43 | % |
Portfolio turnover rate | | | 41 | % | | | 31 | % | | | 49 | % | | | 58 | % | | | 49 | % |
The Fund commenced operations on March 12, 2009. | |
| | | Payden Corporate Bond Fund - SI Class | | | | | | | | | | |
| | | | | | | | | | |
| | | 2023 | | | 2022 | | | | | | | | | | |
Net asset value — beginning of period | | $ | 9.10 | | | $ | 10.98 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.38 | | | | 0.22 | | | | | | | | | | | | | |
Net realized and unrealized loss | | | (0.16 | ) | | | (1.87 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.22 | | | | (1.65 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.38 | ) | | | (0.23 | ) | | | | | | | | | | | | |
Return of capital | | | — | | | | (0.00 | )(1) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.38 | ) | | | (0.23 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 8.94 | | | $ | 9.10 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 2.32 | % | | | (15.14 | )%(2) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 201,735 | | | $ | 124,148 | | | | | | | | | | | | | |
Ratio of gross expense to average net assets | | | 0.63 | % | | | 0.65 | %(3) | | | | | | | | | | | | |
Ratio of net expense to average net assets | | | 0.55 | % | | | 0.55 | %(3) | | | | | | | | | | | | |
Ratio of investment income less gross expenses to average net assets | | | 4.01 | % | | | 3.45 | %(3) | | | | | | | | | | | | |
Ratio of net investment income to average net assets | | | 4.08 | % | | | 3.55 | %(3) | | | | | | | | | | | | |
Portfolio turnover rate | | | 41 | % | | | 31 | %(2) | | | | | | | | | | | | |
The Class commenced operations on February 28, 2022.
(1) Amount is less than $0.005.
(2) Not annualized.
(3) Annualized.
See notes to financial statements.
Annual Report 145
| | |
Financial Highlights continued | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Strategic Income Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.16 | | | $ | 10.46 | | | $ | 10.28 | | | $ | 10.21 | | | $ | 9.77 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.45 | | | | 0.31 | | | | 0.26 | | | | 0.29 | | | | 0.33 | |
Net realized and unrealized gains (losses) | | | (0.02 | ) | | | (1.20 | ) | | | 0.20 | | | | 0.08 | | | | 0.45 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.43 | | | | (0.89 | ) | | | 0.46 | | | | 0.37 | | | | 0.78 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.42 | ) | | | (0.33 | ) | | | (0.27 | ) | | | (0.30 | ) | | | (0.32 | ) |
From net realized gains | | | (0.01 | ) | | | (0.08 | ) | | | (0.01 | ) | | | — | | | | — | |
Return of capital | | | (0.01 | ) | | | — | | | | — | | | | — | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.44 | ) | | | (0.41 | ) | | | (0.28 | ) | | | (0.30 | ) | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.15 | | | $ | 9.16 | | | $ | 10.46 | | | $ | 10.28 | | | $ | 10.21 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 4.57 | % | | | (8.72 | )% | | | 4.37 | % | | | 3.74 | % | | | 8.09 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 95,213 | | | $ | 113,587 | | | $ | 147,966 | | | $ | 84,881 | | | $ | 115,545 | |
Ratio of gross expense to average net assets | | | 0.86 | % | | | 0.87 | % | | | 0.85 | % | | | 0.88 | % | | | 0.87 | % |
Ratio of net expense to average net assets | | | 0.65 | % | | | 0.65 | % | | | 0.66 | % | | | 0.70 | % | | | 0.70 | % |
Ratio of investment income less gross expenses to average net assets | | | 4.29 | % | | | 2.94 | % | | | 2.30 | % | | | 2.68 | % | | | 3.14 | % |
Ratio of net investment income to average net assets | | | 4.49 | % | | | 3.16 | % | | | 2.49 | % | | | 2.86 | % | | | 3.30 | % |
Portfolio turnover rate | | | 51 | % | | | 40 | % | | | 90 | % | | | 65 | % | | | 72 | % |
The Fund commenced operations on May 8, 2014.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Strategic Income Fund - SI Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.16 | | | $ | 10.46 | | | $ | 10.27 | | | $ | 10.20 | | | $ | 9.77 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.44 | | | | 0.32 | | | | 0.28 | | | | 0.31 | | | | 0.35 | |
Net realized and unrealized gains (losses) | | | (0.01 | ) | | | (1.20 | ) | | | 0.20 | | | | 0.08 | | | | 0.43 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.43 | | | | (0.88 | ) | | | 0.48 | | | | 0.39 | | | | 0.78 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.43 | ) | | | (0.34 | ) | | | (0.28 | ) | | | (0.32 | ) | | | (0.33 | ) |
From net realized gains | | | (0.01 | ) | | | (0.08 | ) | | | (0.01 | ) | | | — | | | | — | |
Return of capital | | | (0.01 | ) | | | — | | | | — | | | | — | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.45 | ) | | | (0.42 | ) | | | (0.29 | ) | | | (0.32 | ) | | | (0.35 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.15 | | | $ | 9.16 | | | $ | 10.46 | | | $ | 10.27 | | | $ | 10.20 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 4.68 | % | | | (8.62 | )% | | | 4.58 | % | | | 3.90 | % | | | 8.14 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 76,974 | | | $ | 49,004 | | | $ | 49,575 | | | $ | 49,334 | | | $ | 49,088 | |
Ratio of gross expense to average net assets | | | 0.86 | % | | | 0.87 | % | | | 0.85 | % | | | 0.88 | % | | | 0.87 | % |
Ratio of net expense to average net assets | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % |
Ratio of investment income less gross expenses to average net assets | | | 4.33 | % | | | 2.99 | % | | | 2.34 | % | | | 2.67 | % | | | 3.13 | % |
Ratio of net investment income to average net assets | | | 4.63 | % | | | 3.31 | % | | | 2.65 | % | | | 3.00 | % | | | 3.45 | % |
Portfolio turnover rate | | | 51 | % | | | 40 | % | | | 90 | % | | | 65 | % | | | 72 | % |
The Fund commenced operations on May 8, 2014.
See notes to financial statements.
146 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Absolute Return Bond Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.18 | | | $ | 10.03 | | | $ | 9.92 | | | $ | 10.06 | | | $ | 9.93 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.53 | | | | 0.30 | | | | 0.20 | | | | 0.25 | | | | 0.32 | |
Net realized and unrealized gains (losses) | | | 0.10 | | | | (0.83 | ) | | | 0.12 | | | | (0.13 | ) | | | 0.16 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.63 | | | | (0.53 | ) | | | 0.32 | | | | 0.12 | | | | 0.48 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.50 | ) | | | (0.20 | ) | | | (0.21 | ) | | | (0.26 | ) | | | (0.35 | ) |
From net realized gains | | | — | | | | (0.03 | ) | | | — | | | | — | | | | — | |
Return of capital | | | (0.00 | )(1) | | | (0.09 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.50 | ) | | | (0.32 | ) | | | (0.21 | ) | | | (0.26 | ) | | | (0.35 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.31 | | | $ | 9.18 | | | $ | 10.03 | | | $ | 9.92 | | | $ | 10.06 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.93 | % | | | (5.32 | )% | | | 3.22 | % | | | 1.23 | % | | | 4.93 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 139,081 | | | $ | 123,311 | | | $ | 151,027 | | | $ | 132,299 | | | $ | 124,347 | |
Ratio of gross expense to average net assets | | | 0.76 | % | | | 0.74 | % | | | 0.74 | % | | | 0.74 | % | | | 0.75 | % |
Ratio of net expense to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % |
Ratio of investment income less gross expenses to average net assets | | | 5.73 | % | | | 3.00 | % | | | 1.93 | % | | | 2.44 | % | | | 3.21 | % |
Ratio of net investment income to average net assets | | | 5.79 | % | | | 3.03 | % | | | 1.96 | % | | | 2.48 | % | | | 3.26 | % |
Portfolio turnover rate | | | 132 | % | | | 104 | % | | | 95 | % | | | 67 | % | | | 82 | % |
The Fund commenced operations on November 6, 2014.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Absolute Return Bond Fund - SI Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.19 | | | $ | 10.04 | | | $ | 9.93 | | | $ | 10.07 | | | $ | 9.93 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.59 | | | | 0.30 | | | | 0.22 | | | | 0.27 | | | | 0.37 | |
Net realized and unrealized gains (losses) | | | 0.06 | | | | (0.83 | ) | | | 0.12 | | | | (0.13 | ) | | | 0.15 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.65 | | | | (0.53 | ) | | | 0.34 | | | | 0.14 | | | | 0.52 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.52 | ) | | | (0.20 | ) | | | (0.23 | ) | | | (0.28 | ) | | | (0.38 | ) |
From net realized gains | | | — | | | | (0.03 | ) | | | — | | | | — | | | | — | |
Return of capital | | | (0.00 | )(1) | | | (0.09 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.52 | ) | | | (0.32 | ) | | | (0.23 | ) | | | (0.28 | ) | | | (0.38 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.32 | | | $ | 9.19 | | | $ | 10.04 | | | $ | 9.93 | | | $ | 10.07 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 7.16 | % | | | (5.10 | )% | | | 3.46 | % | | | 1.45 | % | | | 5.30 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 556,369 | | | $ | 659,836 | | | $ | 878,927 | | | $ | 686,397 | | | $ | 514,279 | |
Ratio of gross expense to average net assets | | | 0.76 | % | | | 0.74 | % | | | 0.74 | % | | | 0.74 | % | | | 0.74 | % |
Ratio of net expense to average net assets | | | 0.47 | % | | | 0.47 | % | | | 0.47 | % | | | 0.47 | % | | | 0.47 | % |
Ratio of investment income less gross expenses to average net assets | | | 5.71 | % | | | 3.01 | % | | | 1.93 | % | | | 2.44 | % | | | 3.13 | % |
Ratio of net investment income to average net assets | | | 6.01 | % | | | 3.27 | % | | | 2.19 | % | | | 2.71 | % | | | 3.40 | % |
Portfolio turnover rate | | | 132 | % | | | 104 | % | | | 95 | % | | | 67 | % | | | 82 | % |
The Fund commenced operations on November 6, 2014.
(1) Amount is less than $0.005.
See notes to financial statements.
Annual Report 147
| | |
Financial Highlights continued | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Floating Rate Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.38 | | | $ | 9.91 | | | $ | 9.51 | | | $ | 9.89 | | | $ | 9.93 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.80 | | | | 0.40 | | | | 0.30 | | | | 0.33 | | | | 0.48 | |
Net realized and unrealized gains (losses) | | | 0.23 | | | | (0.51 | ) | | | 0.39 | | | | (0.38 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 1.03 | | | | (0.11 | ) | | | 0.69 | | | | (0.05 | ) | | | 0.42 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.79 | ) | | | (0.42 | ) | | | (0.28 | ) | | | (0.33 | ) | | | (0.46 | ) |
Return of capital | | | (0.00 | )(1) | | | (0.00 | )(1) | | | (0.01 | ) | | | — | | | | (0.00 | )(1) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.79 | ) | | | (0.42 | ) | | | (0.29 | ) | | | (0.33 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.62 | | | $ | 9.38 | | | $ | 9.91 | | | $ | 9.51 | | | $ | 9.89 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 11.39 | % | | | (1.10 | )% | | | 7.29 | % | | | (0.41 | )% | | | 4.33 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 27,057 | | | $ | 24,160 | | | $ | 20,753 | | | $ | 19,569 | | | $ | 21,962 | |
Ratio of gross expense to average net assets | | | 0.90 | % | | | 0.86 | % | | | 0.92 | % | | | 0.97 | % | | | 0.89 | % |
Ratio of net expense to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.72 | % | | | 0.75 | % | | | 0.75 | % |
Ratio of investment income less gross expenses to average net assets | | | 8.06 | % | | | 4.12 | % | | | 2.80 | % | | | 3.22 | % | | | 4.22 | % |
Ratio of net investment income to average net assets | | | 8.27 | % | | | 4.28 | % | | | 3.00 | % | | | 3.44 | % | | | 4.36 | % |
Portfolio turnover rate | | | 28 | % | | | 33 | % | | | 40 | % | | | 53 | % | | | 29 | % |
The Fund commenced operations on November 11, 2013.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Floating Rate Fund - SI Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.39 | | | $ | 9.92 | | | $ | 9.51 | | | $ | 9.90 | | | $ | 9.94 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.80 | | | | 0.42 | | | | 0.32 | | | | 0.33 | | | | 0.44 | |
Net realized and unrealized gains (losses) | | | 0.25 | | | | (0.52 | ) | | | 0.39 | | | | (0.38 | ) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 1.05 | | | | (0.10 | ) | | | 0.71 | | | | (0.05 | ) | | | 0.43 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.81 | ) | | | (0.43 | ) | | | (0.29 | ) | | | (0.34 | ) | | | (0.47 | ) |
Return of capital | | | (0.00 | )(1) | | | (0.00 | )(1) | | | (0.01 | ) | | | — | | | | (0.00 | )(1) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.81 | ) | | | (0.43 | ) | | | (0.30 | ) | | | (0.34 | ) | | | (0.47 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.63 | | | $ | 9.39 | | | $ | 9.92 | | | $ | 9.51 | | | $ | 9.90 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 11.52 | % | | | (1.01 | )% | | | 7.53 | % | | | (0.41 | )% | | | 4.48 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 88,309 | | | $ | 124,423 | | | $ | 170,373 | | | $ | 47,606 | | | $ | 54,924 | |
Ratio of gross expense to average net assets | | | 0.90 | % | | | 0.86 | % | | | 0.89 | % | | | 0.97 | % | | | 0.89 | % |
Ratio of net expense to average net assets | | | 0.60 | % | | | 0.60 | % | | | 0.61 | % | | | 0.65 | % | | | 0.65 | % |
Ratio of investment income less gross expenses to average net assets | | | 7.98 | % | | | 3.98 | % | | | 2.77 | % | | | 3.23 | % | | | 4.23 | % |
Ratio of net investment income to average net assets | | | 8.29 | % | | | 4.24 | % | | | 3.05 | % | | | 3.55 | % | | | 4.48 | % |
Portfolio turnover rate | | | 28 | % | | | 33 | % | | | 40 | % | | | 53 | % | | | 29 | % |
The Fund commenced operations on November 11, 2013.
(1) Amount is less than $0.005.
See notes to financial statements.
148 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | |
| | | Payden High Income Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 5.82 | | | $ | 6.87 | | | $ | 6.45 | | | $ | 6.53 | | | $ | 6.25 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.43 | | | | 0.35 | | | | 0.33 | | | | 0.34 | | | | 0.35 | |
Net realized and unrealized gains (losses) | | | 0.00 | (1) | | | (1.05 | ) | | | 0.42 | | | | (0.08 | ) | | | 0.28 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.43 | | | | (0.70 | ) | | | 0.75 | | | | 0.26 | | | | 0.63 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.41 | ) | | | (0.35 | ) | | | (0.33 | ) | | | (0.34 | ) | | | (0.35 | ) |
Return of capital | | | (0.00 | )(1) | | | (0.00 | )(1) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 5.84 | | | $ | 5.82 | | | $ | 6.87 | | | $ | 6.45 | | | $ | 6.53 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 7.54 | % | | | (10.45 | )% | | | 11.75 | % | | | 4.23 | % | | | 10.37 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 141,392 | | | $ | 227,112 | | | $ | 740,403 | | | $ | 525,196 | | | $ | 440,406 | |
Ratio of gross expense to average net assets | | | 0.59 | % | | | 0.60 | % | | | 0.60 | % | | | 0.62 | % | | | 0.62 | % |
Ratio of net expense to average net assets | | | 0.59 | % | | | 0.60 | % | | | 0.60 | % | | | 0.62 | % | | | 0.62 | % |
Ratio of investment income less gross expenses to average net assets | | | 6.91 | % | | | 5.22 | % | | | 4.75 | % | | | 5.28 | % | | | 5.41 | % |
Ratio of net investment income to average net assets | | | 6.91 | % | | | 5.22 | % | | | 4.75 | % | | | 5.28 | % | | | 5.41 | % |
Portfolio turnover rate | | | 75 | % | | | 70 | % | | | 74 | % | | | 124 | % | | | 74 | % |
The Fund commenced operations on December 30, 1997. | |
| | | Payden High Income Fund -
SI Class | | | | | | | | | | |
| | | 2023 | | | 2022 | | | | | | | | | | |
Net asset value — beginning of period | | $ | 5.81 | | | $ | 6.57 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.42 | | | | 0.22 | | | | | | | | | | | | | |
Net realized and unrealized gains (losses) | | | 0.02 | | | | (0.74 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.44 | | | | (0.52 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.42 | ) | | | (0.24 | ) | | | | | | | | | | | | |
Return of capital | | | (0.00 | )(1) | | | (0.00 | )(1) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 5.83 | | | $ | 5.81 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 7.63 | % | | | (7.92 | )%(2) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 436,946 | | | $ | 350,733 | | | | | | | | | | | | | |
Ratio of gross expense to average net assets | | | 0.59 | % | | | 0.61 | %(3) | | | | | | | | | | | | |
Ratio of net expense to average net assets | | | 0.55 | % | | | 0.55 | %(3) | | | | | | | | | | | | |
Ratio of investment income less gross expenses to average net assets | | | 6.98 | % | | | 5.91 | %(3) | | | | | | | | | | | | |
Ratio of net investment income to average net assets | | | 7.02 | % | | | 5.96 | %(3) | | | | | | | | | | | | |
Portfolio turnover rate | | | 75 | % | | | 70 | %(2) | | | | | | | | | | | | |
The Class commenced operations on February 28, 2022.
(1) Amount is less than $0.005.
(2) Not annualized.
(3) Annualized.
See notes to financial statements.
Annual Report 149
| | |
Financial Highlights continued | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Payden California Municipal Social Impact Fund | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.38 | | | $ | 10.49 | | | $ | 10.58 | | | $ | 10.62 | | | $ | 9.98 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.29 | | | | 0.16 | | | | 0.34 | | | | 0.22 | | | �� | 0.26 | |
Net realized and unrealized gains (losses) | | | 0.05 | | | | (1.11 | ) | | | 0.09 | | | | 0.18 | | | | 0.65 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.34 | | | | (0.95 | ) | | | 0.43 | | | | 0.40 | | | | 0.91 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.29 | ) | | | (0.16 | ) | | | (0.34 | ) | | | (0.22 | ) | | | (0.26 | ) |
From net realized gains | | | — | | | | — | | | | (0.18 | ) | | | (0.22 | ) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.29 | ) | | | (0.16 | ) | | | (0.52 | ) | | | (0.44 | ) | | | (0.27 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.43 | | | $ | 9.38 | | | $ | 10.49 | | | $ | 10.58 | | | $ | 10.62 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 3.55 | % | | | (9.12 | )% | | | 2.38 | % | | | 3.90 | % | | | 9.22 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 152,393 | | | $ | 141,705 | | | $ | 87,753 | | | $ | 64,088 | | | $ | 61,866 | |
Ratio of gross expense to average net assets | | | 0.63 | % | | | 0.68 | % | | | 0.71 | % | | | 0.81 | % | | | 0.70 | % |
Ratio of net expense to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.47 | % | | | 0.53 | % | | | 0.53 | % |
Ratio of investment income less gross expenses to average net assets | | | 2.81 | % | | | 1.39 | % | | | 1.27 | % | | | 1.80 | % | | | 2.29 | % |
Ratio of net investment income to average net assets | | | 2.99 | % | | | 1.62 | % | | | 1.50 | % | | | 2.08 | % | | | 2.46 | % |
Portfolio turnover rate | | | 181 | % | | | 105 | % | | | 140 | % | | | 209 | % | | | 132 | % |
The Fund commenced operations on December 17, 1998.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Global Low Duration Fund | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.42 | | | $ | 10.10 | | | $ | 10.10 | | | $ | 10.04 | | | $ | 9.87 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.43 | | | | 0.18 | | | | 0.13 | | | | 0.19 | | | | 0.28 | |
Net realized and unrealized gains (losses) | | | (0.06 | )(1) | | | (0.64 | ) | | | (0.01 | ) | | | 0.07 | | | | 0.17 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.37 | | | | (0.46 | ) | | | 0.12 | | | | 0.26 | | | | 0.45 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.35 | ) | | | (0.17 | ) | | | (0.12 | ) | | | (0.20 | ) | | | (0.28 | ) |
From net realized gains | | | — | | | | (0.05 | ) | | | — | | | | — | | | | — | |
Return of capital | | | (0.00 | )(2) | | | — | | | | — | | | | (0.00 | )(2) | | | (0.00 | )(2) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.35 | ) | | | (0.22 | ) | | | (0.12 | ) | | | (0.20 | ) | | | (0.28 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.44 | | | $ | 9.42 | | | $ | 10.10 | | | $ | 10.10 | | | $ | 10.04 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 3.99 | % | | | (4.55 | )% | | | 1.16 | % | | | 2.63 | % | | | 4.61 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 45,150 | | | $ | 74,440 | | | $ | 86,225 | | | $ | 96,311 | | | $ | 91,028 | |
Ratio of gross expense to average net assets | | | 0.79 | % | | | 0.82 | % | | | 0.76 | % | | | 0.72 | % | | | 0.69 | % |
Ratio of net expense to average net assets | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % | | | 0.53 | % |
Ratio of investment income less gross expenses to average net assets | | | 3.29 | % | | | 1.44 | % | | | 0.91 | % | | | 1.76 | % | | | 2.63 | % |
Ratio of net investment income to average net assets | | | 3.55 | % | | | 1.74 | % | | | 1.13 | % | | | 1.95 | % | | | 2.78 | % |
Portfolio turnover rate | | | 94 | % | | | 128 | % | | | 169 | % | | | 197 | % | | | 107 | % |
The Fund commenced operations on September 18, 1996.
(1) The amount presented is inconsistent with the fund’s aggregate gains and losses because of the timing of sales and redemptions of fund shares in relation to fluctuating market values for the investment portfolio.
(2) Amount is less than $0.005.
See notes to financial statements.
150 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Global Fixed Income Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 7.65 | | | $ | 9.17 | | | $ | 9.33 | | | $ | 9.24 | | | $ | 8.89 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.86 | ) | | | (0.13 | ) | | | 0.19 | | | | 0.23 | | | | 0.19 | |
Net realized and unrealized gains (losses) | | | 0.99 | | | | (1.08 | ) | | | (0.04 | ) | | | 0.12 | | | | 0.63 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.13 | | | | (1.21 | ) | | | 0.15 | | | | 0.35 | | | | 0.82 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.49 | ) | | | (0.25 | ) | | | (0.23 | ) | | | (0.26 | ) | | | (0.47 | ) |
From net realized gains | | | — | | | | (0.06 | ) | | | (0.08 | ) | | | — | | | | — | |
Return of capital | | | (0.16 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.65 | ) | | | (0.31 | ) | | | (0.31 | ) | | | (0.26 | ) | | | (0.47 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 7.13 | | | $ | 7.65 | | | $ | 9.17 | | | $ | 9.33 | | | $ | 9.24 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 1.68 | % | | | (13.49 | )% | | | 0.59 | % | | | 3.87 | % | | | 9.56 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 43,519 | | | $ | 92,024 | | | $ | 178,480 | | | $ | 180,074 | | | $ | 138,387 | |
Ratio of gross expense to average net assets | | | 0.68 | % | | | 0.70 | % | | | 0.71 | % | | | 0.78 | % | | | 0.78 | % |
Ratio of net expense to average net assets | | | 0.68 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % |
Ratio of investment income less gross expenses to average net assets | | | 2.92 | % | | | 1.60 | % | | | 1.19 | % | | | 1.43 | % | | | 1.81 | % |
Ratio of net investment income to average net assets | | | 2.83 | % | | | 1.54 | % | | | 1.20 | % | | | 1.51 | % | | | 1.88 | % |
Portfolio turnover rate | | | 42 | % | | | 55 | % | | | 60 | % | | | 88 | % | | | 67 | % |
The Fund commenced operations on September 1, 1992.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Global Fixed Income Fund - SI Class | | | | | | | |
| | | 2023 | | | 2022 | | | 2021 | | | | | | | |
Net asset value — beginning of period | | $ | 7.64 | | | $ | 9.16 | | | $ | 9.23 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.18 | | | | 0.16 | | | | 0.04 | | | | | | | | | |
Net realized and unrealized loss | | | (0.03 | ) | | | (1.36 | ) | | | (0.06 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.15 | | | | (1.20 | ) | | | (0.02 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.50 | ) | | | (0.26 | ) | | | (0.05 | ) | | | | | | | | |
From net realized gains | | | — | | | | (0.06 | ) | | | — | | | | | | | | | |
Return of capital | | | (0.17 | ) | | | — | | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.67 | ) | | | (0.32 | ) | | | (0.05 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 7.12 | | | $ | 7.64 | | | $ | 9.16 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 1.71 | % | | | (13.37 | )% | | | (0.39 | )%(1) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 122,200 | | | $ | 144,999 | | | $ | 125,513 | | | | | | | | | |
Ratio of gross expense to average net assets | | | 0.59 | % | | | 0.63 | % | | | 0.79 | %(2) | | | | | | | | |
Ratio of net expense to average net assets | | | 0.55 | % | | | 0.55 | % | | | 0.55 | %(2) | | | | | | | | |
Ratio of investment income less gross expenses to average net assets | | | 2.98 | % | | | 1.67 | % | | | 1.11 | %(2) | | | | | | | | |
Ratio of net investment income to average net assets | | | 3.02 | % | | | 1.75 | % | | | 1.35 | %(2) | | | | | | | | |
Portfolio turnover rate | | | 42 | % | | | 55 | % | | | 60 | %(1) | | | | | | | | |
The Class commenced operations on June 30, 2021.
(1) Not annualized.
(2) Annualized.
See notes to financial statements.
Annual Report 151
| | |
Financial Highlights continued | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Emerging Markets Bond Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.17 | | | $ | 13.12 | | | $ | 12.99 | | | $ | 13.58 | | | $ | 12.68 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.63 | (1) | | | 0.64 | (1) | | | 0.70 | (1) | | | 0.68 | (1) | | | 0.75 | |
Net realized and unrealized gains (losses) | | | 0.44 | | | | (3.94 | ) | | | 0.14 | | | | (0.62 | ) | | | 0.91 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 1.07 | | | | (3.30 | ) | | | 0.84 | | | | 0.06 | | | | 1.66 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.64 | ) | | | (0.65 | ) | | | (0.71 | ) | | | (0.65 | ) | | | (0.76 | ) |
Return of capital | | | (0.14 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.78 | ) | | | (0.65 | ) | | | (0.71 | ) | | | (0.65 | ) | | | (0.76 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.46 | | | $ | 9.17 | | | $ | 13.12 | | | $ | 12.99 | | | $ | 13.58 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 11.16 | % | | | (25.82 | )% | | | 6.48 | % | | | 0.58 | % | | | 13.45 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 268,578 | | | $ | 321,800 | | | $ | 279,531 | | | $ | 282,521 | | | $ | 409,458 | |
Ratio of gross expense to average net assets | | | 0.72 | % | | | 0.73 | % | | | 0.71 | % | | | 0.73 | % | | | 0.72 | % |
Ratio of net expense to average net assets | | | 0.72 | % | | | 0.73 | % | | | 0.71 | % | | | 0.73 | % | | | 0.72 | % |
Ratio of investment income less gross expenses to average net assets | | | 6.43 | % | | | 5.88 | % | | | 5.22 | % | | | 5.16 | % | | | 5.65 | % |
Ratio of net investment income to average net assets | | | 6.43 | % | | | 5.88 | % | | | 5.22 | % | | | 5.16 | % | | | 5.65 | % |
Portfolio turnover rate | | | 73 | % | | | 52 | % | | | 63 | % | | | 79 | % | | | 73 | % |
The Fund commenced operations on December 17, 1998.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Emerging Markets Bond Fund - SI Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.16 | | | $ | 13.10 | | | $ | 12.97 | | | $ | 13.56 | | | $ | 12.67 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.64 | (1) | | | 0.65 | (1) | | | 0.71 | (1) | | | 0.67 | (1) | | | 0.81 | |
Net realized and unrealized gains (losses) | | | 0.43 | | | | (3.93 | ) | | | 0.13 | | | | (0.60 | ) | | | 0.85 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 1.07 | | | | (3.28 | ) | | | 0.84 | | | | 0.07 | | | | 1.66 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.65 | ) | | | (0.66 | ) | | | (0.71 | ) | | | (0.66 | ) | | | (0.77 | ) |
Return of capital | | | (0.14 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.79 | ) | | | (0.66 | ) | | | (0.71 | ) | | | (0.66 | ) | | | (0.77 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.44 | | | $ | 9.16 | | | $ | 13.10 | | | $ | 12.97 | | | $ | 13.56 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 11.21 | % | | | (25.76 | )% | | | 6.51 | % | | | 0.64 | % | | | 13.41 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 395,460 | | | $ | 420,935 | | | $ | 541,893 | | | $ | 660,615 | | | $ | 582,062 | |
Ratio of gross expense to average net assets | | | 0.72 | % | | | 0.73 | % | | | 0.71 | % | | | 0.74 | % | | | 0.73 | % |
Ratio of net expense to average net assets | | | 0.69 | % | | | 0.69 | % | | | 0.69 | % | | | 0.69 | % | | | 0.69 | % |
Ratio of investment income less gross expenses to average net assets | | | 6.44 | % | | | 5.86 | % | | | 5.21 | % | | | 5.06 | % | | | 5.68 | % |
Ratio of net investment income to average net assets | | | 6.47 | % | | | 5.90 | % | | | 5.23 | % | | | 5.11 | % | | | 5.72 | % |
Portfolio turnover rate | | | 73 | % | | | 52 | % | | | 63 | % | | | 79 | % | | | 73 | % |
The Class commenced operations on April 9, 2012.
(1) Based on average shares outstanding.
See notes to financial statements.
152 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Emerging Markets Bond Fund - Adviser Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.18 | | | $ | 13.13 | | | $ | 13.00 | | | $ | 13.59 | | | $ | 12.69 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.61 | (1) | | | 0.63 | (1) | | | 0.67 | (1) | | | 0.64 | (1) | | | 0.73 | |
Net realized and unrealized gains (losses) | | | 0.44 | | | | (3.96 | ) | | | 0.14 | | | | (0.61 | ) | | | 0.90 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 1.05 | | | | (3.33 | ) | | | 0.81 | | | | 0.03 | | | | 1.63 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.63 | ) | | | (0.62 | ) | | | (0.68 | ) | | | (0.62 | ) | | | (0.73 | ) |
Return of capital | | | (0.13 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.76 | ) | | | (0.62 | ) | | | (0.68 | ) | | | (0.62 | ) | | | (0.73 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.47 | | | $ | 9.18 | | | $ | 13.13 | | | $ | 13.00 | | | $ | 13.59 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 10.99 | % | | | (26.02 | )% | | | 6.21 | % | | | 0.33 | % | | | 13.14 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 20,694 | | | $ | 22,319 | | | $ | 64,314 | | | $ | 52,306 | | | $ | 67,090 | |
Ratio of gross expense to average net assets | | | 0.97 | % | | | 0.98 | % | | | 0.96 | % | | | 0.98 | % | | | 0.97 | % |
Ratio of net expense to average net assets | | | 0.97 | % | | | 0.98 | % | | | 0.96 | % | | | 0.98 | % | | | 0.97 | % |
Ratio of investment income less gross expenses to average net assets | | | 6.17 | % | | | 5.57 | % | | | 4.98 | % | | | 4.86 | % | | | 5.40 | % |
Ratio of net investment income to average net assets | | | 6.17 | % | | | 5.57 | % | | | 4.98 | % | | | 4.86 | % | | | 5.40 | % |
Portfolio turnover rate | | | 73 | % | | | 52 | % | | | 63 | % | | | 79 | % | | | 73 | % |
The Class commenced operations on November 2, 2009.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Emerging Markets Local Bond Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 4.34 | | | $ | 5.72 | | | $ | 5.84 | | | $ | 6.50 | | | $ | 5.97 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.30 | (1) | | | 0.28 | (1) | | | 0.28 | (1) | | | 0.58 | | | | 0.37 | |
Net realized and unrealized gains (losses) | | | 0.25 | | | | (1.38 | ) | | | (0.10 | ) | | | (0.93 | ) | | | 0.52 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.55 | | | | (1.10 | ) | | | 0.18 | | | | (0.35 | ) | | | 0.89 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.11 | ) | | | (0.03 | ) | | | — | | | | — | | | | (0.15 | ) |
Return of capital | | | (0.16 | ) | | | (0.25 | ) | | | (0.30 | ) | | | (0.31 | ) | | | (0.21 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.27 | ) | | | (0.28 | ) | | | (0.30 | ) | | | (0.31 | ) | | | (0.36 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 4.62 | | | $ | 4.34 | | | $ | 5.72 | | | $ | 5.84 | | | $ | 6.50 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 12.11 | % | | | (19.76 | )% | | | 2.92 | % | | | (5.41 | )% | | | 15.34 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 6,646 | | | $ | 4,200 | | | $ | 43,551 | | | $ | 128,212 | | | $ | 216,368 | |
Ratio of gross expense to average net assets | | | 1.30 | % | | | 1.12 | % | | | 1.05 | % | | | 0.93 | % | | | 0.91 | % |
Ratio of net expense to average net assets | | | 0.99 | % | | | 0.99 | % | | | 0.99 | % | | | 0.93 | % | | | 0.91 | % |
Ratio of investment income less gross expenses to average net assets | | | 5.90 | % | | | 5.19 | % | | | 4.55 | % | | | 5.08 | % | | | 5.71 | % |
Ratio of net investment income to average net assets | | | 6.21 | % | | | 5.32 | % | | | 4.61 | % | | | 5.08 | % | | | 5.71 | % |
Portfolio turnover rate | | | 72 | % | | | 65 | % | | | 39 | % | | | 54 | % | | | 62 | % |
The Fund commenced operations on November 2, 2011.
(1) Based on average shares outstanding.
See notes to financial statements.
Annual Report 153
| | |
Financial Highlights continued | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Emerging Markets
Local Bond Fund - SI Class | | | | | | | | | | |
| | | 2023 | | | 2022 | | | | | | | | | | |
Net asset value — beginning of period | | $ | 4.26 | | | $ | 5.30 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.31 | (1) | | | 0.18 | | | | | | | | | | | | | |
Net realized and unrealized gains (losses) | | | 0.24 | | | | (1.02 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.55 | | | | (0.84 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.11 | ) | | | (0.02 | ) | | | | | | | | | | | | |
Return of capital | | | (0.17 | ) | | | (0.18 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.28 | ) | | | (0.20 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 4.53 | | | $ | 4.26 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 12.63 | % | | | (16.12 | )%(2) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 64,103 | | | $ | 26,701 | | | | | | | | | | | | | |
Ratio of gross expense to average net assets | | | 1.26 | % | | | 1.31 | %(3) | | | | | | | | | | | | |
Ratio of net expense to average net assets | | | 0.75 | % | | | 0.75 | %(3) | | | | | | | | | | | | |
Ratio of investment income less gross expenses to average net assets | | | 6.04 | % | | | 5.54 | %(3) | | | | | | | | | | | | |
Ratio of net investment income to average net assets | | | 6.55 | % | | | 6.10 | %(3) | | | | | | | | | | | | |
Portfolio turnover rate | | | 72 | % | | | 65 | %(2) | | | | | | | | | | | | |
The Class commenced operations on February 28, 2022. (1) Based on average shares outstanding. (2) Not annualized. (3) Annualized. | |
| | | Payden Emerging Markets Corporate Bond Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 7.90 | | | $ | 10.18 | | | $ | 9.99 | | | $ | 9.99 | | | $ | 9.59 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.47 | (1) | | | 0.41 | (1) | | | 0.43 | (1) | | | 0.42 | (1) | | | 0.48 | (1) |
Net realized and unrealized gains (losses) | | | 0.26 | | | | (2.18 | ) | | | 0.19 | | | | 0.00 | (2) | | | 0.41 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.73 | | | | (1.77 | ) | | | 0.62 | | | | 0.42 | | | | 0.89 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.44 | ) | | | (0.41 | ) | | | (0.43 | ) | | | (0.40 | ) | | | (0.49 | ) |
From net realized gains | | | — | | | | (0.10 | ) | | | — | | | | — | | | | — | |
Return of capital | | | (0.04 | ) | | | — | | | | — | | | | (0.02 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.48 | ) | | | (0.51 | ) | | | (0.43 | ) | | | (0.42 | ) | | | (0.49 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 8.15 | | | $ | 7.90 | | | $ | 10.18 | | | $ | 9.99 | | | $ | 9.99 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 9.17 | % | | | (17.91 | )% | | | 6.08 | % | | | 4.53 | % | | | 9.46 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 24,856 | | | $ | 18,845 | | | $ | 5,208 | | | $ | 3,845 | | | $ | 3,681 | |
Ratio of gross expense to average net assets | | | 1.26 | % | | | 1.32 | % | | | 1.28 | % | | | 1.38 | % | | | 1.32 | % |
Ratio of net expense to average net assets | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % |
Ratio of investment income less gross expenses to average net assets | | | 5.29 | % | | | 4.39 | % | | | 3.80 | % | | | 3.89 | % | | | 4.55 | % |
Ratio of net investment income to average net assets | | | 5.60 | % | | | 4.77 | % | | | 4.13 | % | | | 4.31 | % | | | 4.92 | % |
Portfolio turnover rate | | | 104 | % | | | 95 | % | | | 84 | % | | | 105 | % | | | 94 | % |
The Fund commenced operations on November 11, 2013.
(1) Based on average shares outstanding.
(2) Amount is less than $0.005.
See notes to financial statements.
154 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Emerging Markets Corporate Bond Fund - SI Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 7.91 | | | $ | 10.20 | | | $ | 10.01 | | | $ | 10.01 | | | $ | 9.60 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.48 | (1) | | | 0.42 | (1) | | | 0.44 | (1) | | | 0.43 | (1) | | | 0.49 | (1) |
Net realized and unrealized gains (losses) | | | 0.26 | | | | (2.19 | ) | | | 0.19 | | | | (0.00 | )(2) | | | 0.42 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.74 | | | | (1.77 | ) | | | 0.63 | | | | 0.43 | | | | 0.91 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.44 | ) | | | (0.42 | ) | | | (0.44 | ) | | | (0.41 | ) | | | (0.50 | ) |
From net realized gains | | | — | | | | (0.10 | ) | | | — | | | | — | | | | — | |
Return of capital | | | (0.04 | ) | | | — | | | | — | | | | (0.02 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.48 | ) | | | (0.52 | ) | | | (0.44 | ) | | | (0.43 | ) | | | (0.50 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 8.17 | | | $ | 7.91 | | | $ | 10.20 | | | $ | 10.01 | | | $ | 10.01 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 9.40 | % | | | (17.93 | )% | | | 6.28 | % | | | 4.52 | % | | | 9.67 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 43,447 | | | $ | 27,674 | | | $ | 48,205 | | | $ | 39,344 | | | $ | 36,825 | |
Ratio of gross expense to average net assets | | | 1.25 | % | | | 1.33 | % | | | 1.28 | % | | | 1.38 | % | | | 1.32 | % |
Ratio of net expense to average net assets | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % |
Ratio of investment income less gross expenses to average net assets | | | 5.29 | % | | | 4.15 | % | | | 3.82 | % | | | 3.89 | % | | | 4.54 | % |
Ratio of net investment income to average net assets | | | 5.70 | % | | | 4.63 | % | | | 4.25 | % | | | 4.41 | % | | | 5.01 | % |
Portfolio turnover rate | | | 104 | % | | | 95 | % | | | 84 | % | | | 105 | % | | | 94 | % |
The Fund commenced operations on November 11, 2013. (1) Based on average shares outstanding. (2) Amount is less than $0.005. | |
| | | Payden Equity Income Fund - Investor Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 16.92 | | | $ | 21.25 | | | $ | 15.97 | | | $ | 18.15 | | | $ | 16.20 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.28 | | | | 0.33 | | | | 0.38 | | | | 0.36 | | | | 0.40 | |
Net realized and unrealized gains (losses) | | | (1.36 | ) | | | (0.93 | ) | | | 5.24 | | | | (1.66 | ) | | | 2.03 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | (1.08 | ) | | | (0.60 | ) | | | 5.62 | | | | (1.30 | ) | | | 2.43 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.28 | ) | | | (0.52 | ) | | | (0.34 | ) | | | (0.33 | ) | | | (0.37 | ) |
From net realized gains | | | (0.71 | ) | | | (3.21 | ) | | | — | | | | (0.52 | ) | | | (0.11 | ) |
Return of capital | | | — | | | | — | | | | — | | | | (0.03 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.99 | ) | | | (3.73 | ) | | | (0.34 | ) | | | (0.88 | ) | | | (0.48 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 14.85 | | | $ | 16.92 | | | $ | 21.25 | | | $ | 15.97 | | | $ | 18.15 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | (6.75 | )% | | | (3.64 | )% | | | 35.41 | % | | | (7.49 | )% | | | 15.39 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 318,111 | | | $ | 472,728 | | | $ | 536,613 | | | $ | 483,678 | | | $ | 570,662 | |
Ratio of gross expense to average net assets | | | 0.73 | % | | | 0.74 | % | | | 0.72 | % | | | 0.74 | % | | | 0.74 | % |
Ratio of net expense to average net assets | | | 0.73 | % | | | 0.74 | % | | | 0.72 | % | | | 0.74 | % | | | 0.74 | % |
Ratio of investment income less gross expenses to average net assets | | | 1.81 | % | | | 1.97 | % | | | 1.87 | % | | | 2.17 | % | | | 2.36 | % |
Ratio of net investment income to average net assets | | | 1.81 | % | | | 1.97 | % | | | 1.87 | % | | | 2.17 | % | | | 2.36 | % |
Portfolio turnover rate | | | 111 | % | | | 96 | % | | | 95 | % | | | 63 | % | | | 49 | % |
The Fund commenced operations on November 1, 1996.
See notes to financial statements.
Annual Report 155
| | |
Financial Highlights continued | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Equity Income Fund - SI Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 16.94 | | | $ | 21.27 | | | $ | 15.98 | | | $ | 18.16 | | | $ | 16.21 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.30 | | | | 0.36 | | | | 0.38 | | | | 0.36 | | | | 0.41 | |
Net realized and unrealized gains (losses) | | | (1.35 | ) | | | (0.95 | ) | | | 5.26 | | | | (1.64 | ) | | | 2.03 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | (1.05 | ) | | | (0.59 | ) | | | 5.64 | | | | (1.28 | ) | | | 2.44 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.30 | ) | | | (0.53 | ) | | | (0.35 | ) | | | (0.35 | ) | | | (0.38 | ) |
From net realized gains | | | (0.71 | ) | | | (3.21 | ) | | | — | | | | (0.52 | ) | | | (0.11 | ) |
Return of capital | | | — | | | | — | | | | — | | | | (0.03 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (1.01 | ) | | | (3.74 | ) | | | (0.35 | ) | | | (0.90 | ) | | | (0.49 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 14.88 | | | $ | 16.94 | | | $ | 21.27 | | | $ | 15.98 | | | $ | 18.16 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | (6.59 | )% | | | (3.59 | )% | | | 35.51 | % | | | (7.40 | )% | | | 15.47 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 809,987 | | | $ | 945,034 | | | $ | 1,233,890 | | | $ | 916,286 | | | $ | 809,209 | |
Ratio of gross expense to average net assets | | | 0.73 | % | | | 0.74 | % | | | 0.72 | % | | | 0.74 | % | | | 0.74 | % |
Ratio of net expense to average net assets | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % |
Ratio of investment income less gross expenses to average net assets | | | 1.78 | % | | | 1.99 | % | | | 1.87 | % | | | 2.16 | % | | | 2.36 | % |
Ratio of net investment income to average net assets | | | 1.86 | % | | | 2.07 | % | | | 1.94 | % | | | 2.24 | % | | | 2.45 | % |
Portfolio turnover rate | | | 111 | % | | | 96 | % | | | 95 | % | | | 63 | % | | | 49 | % |
The Class commenced operations on August 1, 2014.
| | | | | | | | | | | | | | | | | | | | |
| | | Payden Equity Income Fund - Adviser Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 16.89 | | | $ | 21.23 | | | $ | 15.96 | | | $ | 18.13 | | | $ | 16.19 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.23 | | | | 0.28 | | | | 0.31 | | | | 0.32 | | | | 0.36 | |
Net realized and unrealized gains (losses) | | | (1.34 | ) | | | (0.93 | ) | | | 5.26 | | | | (1.65 | ) | | | 2.02 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | (1.11 | ) | | | (0.65 | ) | | | 5.57 | | | | (1.33 | ) | | | 2.38 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.25 | ) | | | (0.48 | ) | | | (0.30 | ) | | | (0.29 | ) | | | (0.33 | ) |
From net realized gains | | | (0.71 | ) | | | (3.21 | ) | | | — | | | | (0.52 | ) | | | (0.11 | ) |
Return of capital | | | — | | | | — | | | | — | | | | (0.03 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (0.96 | ) | | | (3.69 | ) | | | (0.30 | ) | | | (0.84 | ) | | | (0.44 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 14.82 | | | $ | 16.89 | | | $ | 21.23 | | | $ | 15.96 | | | $ | 18.13 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | (6.97 | )% | | | (3.91 | )% | | | 35.08 | % | | | (7.66 | )% | | | 15.05 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 14,486 | | | $ | 19,362 | | | $ | 19,877 | | | $ | 13,486 | | | $ | 16,039 | |
Ratio of gross expense to average net assets | | | 0.98 | % | | | 0.99 | % | | | 0.97 | % | | | 0.99 | % | | | 0.99 | % |
Ratio of net expense to average net assets | | | 0.98 | % | | | 0.99 | % | | | 0.97 | % | | | 0.99 | % | | | 0.99 | % |
Ratio of investment income less gross expenses to average net assets | | | 1.55 | % | | | 1.72 | % | | | 1.62 | % | | | 1.91 | % | | | 2.11 | % |
Ratio of net investment income to average net assets | | | 1.55 | % | | | 1.72 | % | | | 1.62 | % | | | 1.91 | % | | | 2.11 | % |
Portfolio turnover rate | | | 111 | % | | | 96 | % | | | 95 | % | | | 63 | % | | | 49 | % |
The Class commenced operations on December 1, 2011.
See notes to financial statements.
156 Payden Mutual Funds
| | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | |
To the Shareholders and Board of Trustees of
The Payden & Rygel Investment Group
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Payden Cash Reserves Money Market Fund, Payden Limited Maturity Fund, Payden Low Duration Fund, Payden U.S. Government Fund, Payden GNMA Fund, Payden Core Bond Fund, Payden Corporate Bond Fund, Payden Strategic Income Fund, Payden Absolute Return Bond Fund, Payden Floating Rate Fund, Payden High Income Fund, Payden California Municipal Social Impact Fund, Payden Global Low Duration Fund, Payden Global Fixed Income Fund, Payden Emerging Markets Bond Fund, Payden Emerging Markets Local Bond Fund, Payden Emerging Markets Corporate Bond Fund, and Payden Equity Income Fund, eighteen of the funds comprising The Payden & Rygel Investment Group (the “Funds”), including the schedules of investments, as of October 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended for the Funds, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds listed above constituting The Payden & Rygel Investment Group as of October 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agents banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
|
| /s/ DELOITTE & TOUCHE LLP |
| Los Angeles, California |
| December 29, 2023 |
We have served as the auditor of one or more of The Payden & Rygel Investment Group investment companies since 1992.
Annual Report 157
| | |
Fund Expenses (unaudited) | | |
Understanding Your Fund’s Expenses
Shareholders of mutual funds, incur two types of costs: transaction costs incurred from buying or selling fund shares and ongoing costs incurred from the funds daily operations. The table below is provided to highlight ongoing cost only. If transaction costs were included your cost would have been higher.
Actual Expenses
The table below is useful in estimating actual expenses paid during the six-month period ended October 31, 2023. It uses each Fund’s actual return and expense ratio for the period (184/365 days) to calculate the ongoing expenses paid by a shareholder with an initial investment of $1,000. To estimate the actual expense that you paid over the period, divide your beginning account value by 1,000 and multiply the quotient by the number in the Expenses Paid During the Period column.
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value
May 1, 2023 | | Value
October 31, 2023 | | 6-Month
Return | | Expense
Ratio | | Expenses
Paid |
Cash Reserves Money Market | | | $ | 1,000.00 | | | | $ | 1,025.20 | | | | | 2.52 | % | | | | 0.25 | % | | | $ | 1.28 | |
Limited Maturity, Investor Class | | | | 1,000.00 | | | | | 1,028.90 | | | | | 2.89 | % | | | | 0.25 | % | | | | 1.28 | |
Limited Maturity, SI Class | | | | 1,000.00 | | | | | 1,028.10 | | | | | 2.81 | % | | | | 0.20 | % | | | | 1.02 | |
Low Duration, Investor Class | | | | 1,000.00 | | | | | 1,007.50 | | | | | 0.75 | % | | | | 0.43 | % | | | | 2.18 | |
Low Duration, SI Class | | | | 1,000.00 | | | | | 1,007.80 | | | | | 0.78 | % | | | | 0.38 | % | | | | 1.92 | |
U.S. Government | | | | 1,000.00 | | | | | 989.30 | | | | | (1.07 | )% | | | | 0.43 | % | | | | 2.16 | |
GNMA | | | | 1,000.00 | | | | | 926.30 | | | | | (7.37 | )% | | | | 0.45 | % | | | | 2.19 | |
Core Bond, Investor Class | | | | 1,000.00 | | | | | 941.40 | | | | | (5.86 | )% | | | | 0.50 | % | | | | 2.47 | |
Core Bond, SI Class | | | | 1,000.00 | | | | | 941.80 | | | | | (5.82 | )% | | | | 0.42 | % | | | | 2.06 | |
Core Bond, Adviser Class | | | | 1,000.00 | | | | | 940.10 | | | | | (5.99 | )% | | | | 0.78 | % | | | | 3.81 | |
Corporate Bond, Investor Class | | | | 1,000.00 | | | | | 941.00 | | | | | (5.90 | )% | | | | 0.65 | % | | | | 3.18 | |
Corporate Bond, SI Class | | | | 1,000.00 | | | | | 941.70 | | | | | (5.83 | )% | | | | 0.55 | % | | | | 2.69 | |
Strategic Income, Investor Class | | | | 1,000.00 | | | | | 991.60 | | | | | (0.84 | )% | | | | 0.65 | % | | | | 3.26 | |
Strategic Income, SI Class | | | | 1,000.00 | | | | | 992.10 | | | | | (0.79 | )% | | | | 0.55 | % | | | | 2.76 | |
Absolute Return Bond, Investor Class | | | | 1,000.00 | | | | | 1,008.90 | | | | | 0.89 | % | | | | 0.70 | % | | | | 3.54 | |
Absolute Return Bond, SI Class | | | | 1,000.00 | | | | | 1,010.00 | | | | | 1.00 | % | | | | 0.47 | % | | | | 2.38 | |
Floating Rate, Investor Class | | | | 1,000.00 | | | | | 1,050.30 | | | | | 5.03 | % | | | | 0.70 | % | | | | 3.62 | |
Floating Rate, SI Class | | | | 1,000.00 | | | | | 1,051.80 | | | | | 5.18 | % | | | | 0.60 | % | | | | 3.10 | |
High Income, Investor Class | | | | 1,000.00 | | | | | 1,007.70 | | | | | 0.77 | % | | | | 0.59 | % | | | | 2.97 | |
High Income, SI Class | | | | 1,000.00 | | | | | 1,008.00 | | | | | 0.80 | % | | | | 0.55 | % | | | | 2.78 | |
California Municipal Social Impact | | | | 1,000.00 | | | | | 969.60 | | | | | (3.04 | )% | | | | 0.45 | % | | | | 2.23 | |
Global Low Duration | | | | 1,000.00 | | | | | 1,006.90 | | | | | 0.69 | % | | | | 0.53 | % | | | | 2.68 | |
Global Fixed Income, Investor Class | | | | 1,000.00 | | | | | 967.60 | | | | | (3.24 | )% | | | | 0.64 | % | | | | 3.18 | |
Global Fixed Income, SI Class | | | | 1,000.00 | | | | | 967.10 | | | | | (3.29 | )% | | | | 0.55 | % | | | | 2.73 | |
Emerging Markets Bond, Investor Class | | | | 1,000.00 | | | | | 991.60 | | | | | (0.84 | )% | | | | 0.71 | % | | | | 3.58 | |
Emerging Markets Bond, SI Class | | | | 1,000.00 | | | | | 991.60 | | | | | (0.84 | )% | | | | 0.69 | % | | | | 3.46 | |
Emerging Markets Bond, Adviser Class | | | | 1,000.00 | | | | | 990.40 | | | | | (0.96 | )% | | | | 0.96 | % | | | | 4.83 | |
Emerging Markets Local Bond, Investor Class | | | | 1,000.00 | | | | | 967.10 | | | | | (3.29 | )% | | | | 0.99 | % | | | | 4.91 | |
Emerging Markets Local Bond, SI Class | | | | 1,000.00 | | | | | 969.90 | | | | | (3.01 | )% | | | | 0.75 | % | | | | 3.73 | |
Emerging Markets Corporate Bond, Investor Class | | | | 1,000.00 | | | | | 993.50 | | | | | (0.65 | )% | | | | 0.95 | % | | | | 4.77 | |
Emerging Markets Corporate Bond, SI Class | | | | 1,000.00 | | | | | 994.00 | | | | | (0.60 | )% | | | | 0.85 | % | | | | 4.27 | |
Equity Income, Investor Class | | | | 1,000.00 | | | | | 952.20 | | | | | (4.78 | )% | | | | 0.72 | % | | | | 3.55 | |
Equity Income, SI Class | | | | 1,000.00 | | | | | 953.30 | | | | | (4.67 | )% | | | | 0.65 | % | | | | 3.20 | |
Equity Income, Adviser Class | | | | 1,000.00 | | | | | 951.50 | | | | | (4.85 | )% | | | | 0.97 | % | | | | 4.77 | |
158 Payden Mutual Funds
Hypothetical Expenses
The table below is provided so that you can compare a Fund’s ongoing expenses with those of another fund. It uses a hypothetical gross annual return of 5%, which is not the Fund’s actual return, and each Fund’s actual expense ratio (184/365 days) for the six-month period ended October 31, 2023 to calculate the ongoing expenses paid by a shareholder with an initial investment of $1,000.
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value
May 1, 2023 | | Value
October 31, 2023 | | 6-Month
Return | | Expense
Ratio | | Expenses
Paid |
Cash Reserves Money Market | | | $ | 1,000.00 | | | | $ | 1,023.95 | | | | | 2.39 | % | | | | 0.25 | % | | | $ | 1.28 | |
Limited Maturity, Investor Class | | | | 1,000.00 | | | | | 1,023.94 | | | | | 2.39 | % | | | | 0.25 | % | | | | 1.28 | |
Limited Maturity, SI Class | | | | 1,000.00 | | | | | 1,024.20 | | | | | 2.42 | % | | | | 0.20 | % | | | | 1.02 | |
Low Duration, Investor Class | | | | 1,000.00 | | | | | 1,023.04 | | | | | 2.30 | % | | | | 0.43 | % | | | | 2.19 | |
Low Duration, SI Class | | | | 1,000.00 | | | | | 1,023.29 | | | | | 2.33 | % | | | | 0.38 | % | | | | 1.94 | |
U.S. Government | | | | 1,000.00 | | | | | 1,023.04 | | | | | 2.30 | % | | | | 0.43 | % | | | | 2.19 | |
GNMA | | | | 1,000.00 | | | | | 1,022.94 | | | | | 2.29 | % | | | | 0.45 | % | | | | 2.29 | |
Core Bond, Investor Class | | | | 1,000.00 | | | | | 1,022.67 | | | | | 2.27 | % | | | | 0.50 | % | | | | 2.57 | |
Core Bond, SI Class | | | | 1,000.00 | | | | | 1,023.09 | | | | | 2.31 | % | | | | 0.42 | % | | | | 2.14 | |
Core Bond, Adviser Class | | | | 1,000.00 | | | | | 1,021.27 | | | | | 2.13 | % | | | | 0.78 | % | | | | 3.97 | |
Corporate Bond, Investor Class | | | | 1,000.00 | | | | | 1,021.93 | | | | | 2.19 | % | | | | 0.65 | % | | | | 3.31 | |
Corporate Bond, SI Class | | | | 1,000.00 | | | | | 1,022.43 | | | | | 2.24 | % | | | | 0.55 | % | | | | 2.80 | |
Strategic Income, Investor Class | | | | 1,000.00 | | | | | 1,021.93 | | | | | 2.19 | % | | | | 0.65 | % | | | | 3.31 | |
Strategic Income, SI Class | | | | 1,000.00 | | | | | 1,022.43 | | | | | 2.24 | % | | | | 0.55 | % | | | | 2.80 | |
Absolute Return Bond, Investor Class | | | | 1,000.00 | | | | | 1,021.68 | | | | | 2.17 | % | | | | 0.70 | % | | | | 3.57 | |
Absolute Return Bond, SI Class | | | | 1,000.00 | | | | | 1,022.84 | | | | | 2.28 | % | | | | 0.47 | % | | | | 2.40 | |
Floating Rate, Investor Class | | | | 1,000.00 | | | | | 1,021.68 | | | | | 2.17 | % | | | | 0.70 | % | | | | 3.57 | |
Floating Rate, SI Class | | | | 1,000.00 | | | | | 1,022.18 | | | | | 2.22 | % | | | | 0.60 | % | | | | 3.06 | |
High Income, Investor Class | | | | 1,000.00 | | | | | 1,022.25 | | | | | 2.22 | % | | | | 0.59 | % | | | | 2.99 | |
High Income, SI Class | | | | 1,000.00 | | | | | 1,022.43 | | | | | 2.24 | % | | | | 0.55 | % | | | | 2.80 | |
California Municipal Social Impact | | | | 1,000.00 | | | | | 1,022.94 | | | | | 2.29 | % | | | | 0.45 | % | | | | 2.29 | |
Global Low Duration | | | | 1,000.00 | | | | | 1,022.53 | | | | | 2.25 | % | | | | 0.53 | % | | | | 2.70 | |
Global Fixed Income, Investor Class | | | | 1,000.00 | | | | | 1,021.97 | | | | | 2.20 | % | | | | 0.64 | % | | | | 3.27 | |
Global Fixed Income, SI Class | | | | 1,000.00 | | | | | 1,022.43 | | | | | 2.24 | % | | | | 0.55 | % | | | | 2.80 | |
Emerging Markets Bond, Investor Class | | | | 1,000.00 | | | | | 1,021.61 | | | | | 2.16 | % | | | | 0.71 | % | | | | 3.63 | |
Emerging Markets Bond, SI Class | | | | 1,000.00 | | | | | 1,021.73 | | | | | 2.17 | % | | | | 0.69 | % | | | | 3.52 | |
Emerging Markets Bond, Adviser Class | | | | 1,000.00 | | | | | 1,020.35 | | | | | 2.03 | % | | | | 0.96 | % | | | | 4.91 | |
Emerging Markets Local Bond, Investor Class | | | | 1,000.00 | | | | | 1,020.21 | | | | | 2.02 | % | | | | 0.99 | % | | | | 5.04 | |
Emerging Markets Local Bond, SI Class | | | | 1,000.00 | | | | | 1,021.42 | | | | | 2.14 | % | | | | 0.75 | % | | | | 3.82 | |
Emerging Markets Corporate Bond, Investor Class | | | | 1,000.00 | | | | | 1,020.42 | | | | | 2.04 | % | | | | 0.95 | % | | | | 4.84 | |
Emerging Markets Corporate Bond, SI Class | | | | 1,000.00 | | | | | 1,020.92 | | | | | 2.09 | % | | | | 0.85 | % | | | | 4.33 | |
Equity Income, Investor Class | | | | 1,000.00 | | | | | 1,021.57 | | | | | 2.16 | % | | | | 0.72 | % | | | | 3.67 | |
Equity Income, SI Class | | | | 1,000.00 | | | | | 1,021.93 | | | | | 2.19 | % | | | | 0.65 | % | | | | 3.31 | |
Equity Income, Adviser Class | | | | 1,000.00 | | | | | 1,020.31 | | | | | 2.03 | % | | | | 0.97 | % | | | | 4.94 | |
Annual Report 159
| | |
Approval of Investment Advisory Agreement (Unaudited) | | |
1. Background
Among its many duties, and most likely the most important duty of the Board of Trustees (the “Board” or the “Trustees”) of The Payden & Rygel Investment Group (the “P&R Trust”) is its initial approval, and subsequently its annual approval, of the investment management agreement (the “Agreement”) between Payden & Rygel (the “Adviser”) and the P&R Trust on behalf of each of the eighteen series covered by this Report (each a “Paydenfund,” and collectively, the “Paydenfunds”). Under the Agreement, the Adviser is responsible for providing investment advisory services and overseeing the everyday operations and the other service providers of the Paydenfunds.
Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for each Paydenfund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the P&R Trust, as that term is defined in the 1940 Act (each an “Independent Trustee,” and collectively, the “Independent Trustees”), annually renews that Agreement. Six of the P&R Trust’s current eight Trustees are deemed to be Independent Trustees for this purpose.
In order to assure that the Board’s Audit Committee (the “Audit Committee”) had sufficient time to review and discuss the material presented to it, the Audit Committee had a special session of the Audit Committee on Thursday, June 15, 2023, to assure the Audit Committee had sufficient time to consider the material presented to it.
Following that session, and after the Audit Committee had the further opportunity to discuss the approval of the investment advisers at its regularly scheduled meeting on June 20, 2023, the Audit Committee recommended unanimously and the Board of Trustees of the P&R Trust unanimously approved the Agreement between the Adviser and the P&R Trust with respect to each of the eighteen Paydenfunds for an additional year through June 30, 2024. The Board approved the Agreement following the unanimous recommendation of the Audit Committee, which is composed of all six of the Independent Trustees of the P&R Trust. In reaching these decisions, the Board took into account information furnished to it throughout the year at meetings of the Board and at meetings of the Board’s committees, as well as extensive information prepared specifically in connection with the annual renewal process. The determination made by each of the Independent Trustees individually also took into account various factors that each of them believed to be relevant, in light of (1) the legal advice furnished to them by Paul Hastings LLP (“Paul Hastings”), independent legal counsel to the Independent Trustees, and (2) the business judgment made by each of the Independent Trustees.
2. Overview of the Approval or Renewal Process
In considering the annual renewal with respect to each of the eighteen Paydenfunds, the Board followed its previously established process, as follows. As part of this process, the Board delegates the initial responsibility for the renewal process and related tasks to the Audit Committee. These tasks include working with the Adviser and Paul Hastings (1) to develop Section 15(c)-related guidelines and specific requests with respect to the types of information to be provided to the Audit Committee and to the Board in connection with the proposed contract renewals, and (2) to evaluate the information provided in response to these guidelines and requests.
[1]The Paydenfunds covered by this approval are the Payden Cash Reserves Money Market Fund, Payden Limited Maturity Fund, Payden Low Duration Fund, Payden U.S. Government Fund, Payden GNMA Fund, Payden Core Bond Fund, Payden Strategic Income Fund, Payden Absolute Return Bond Fund, Payden Corporate Bond Fund, Payden High Income Fund, Payden Floating Rate Fund, Payden California Municipal Social Impact Fund, Payden Global Low Duration Fund, Payden Global Fixed Income Fund, Payden Emerging Markets Bond Fund, Payden Emerging Markets Local Bond Fund, Payden Emerging Markets Corporate Bond Fund and Payden Equity Income Fund.
160 Payden Mutual Funds
Consistent with its established process, the P&R Trust retained Broadridge to prepare a report on each Paydenfund to assist the Audit Committee and the Board in their respective deliberations. Broadridge is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their investment advisory contract review processes.
Broadridge produced, among other information, performance and expense comparison data regarding each Paydenfund, including data relating to each Paydenfund’s advisory fee rates, total expense ratios, short-term and long-term investment performance, and portfolio turnover rates. Broadridge also compared much of this data for each Paydenfund against a universe of investment companies and against a more selective peer group of investment companies with similar investment objectives and strategies, each of which was selected by Broadridge, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Broadridge summarized the methodologies it employed to provide the data contained in its reports. In addition, Broadridge advised the Board that its reports were designed specifically to provide the Board with information on the fees, expenses and other performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that it, and not the Adviser, had identified the selected comparative peer groups and universes, and that it did so in a manner that was not intended to produce biased results for its clients.
In advance of the Board meeting held on June 20, 2023, Paul Hastings requested on behalf of the Audit Committee and the Board, and the Adviser provided, extensive information that was designed to assist the Audit Committee and the Board, respectively, in their consideration about whether to renew the Agreement for each Paydenfund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) the nature, extent and quality of services provided, or to be provided, by the Adviser to the particular Paydenfund in question; (2) the individual investment performance of each of the Paydenfunds; (3) the costs of the services provided to the Paydenfund and the profits realized or potential profits (if any) to be realized by the Adviser and its affiliates from their relationship with any one or more of the Paydenfunds; (4) fees charged by other investment advisers for the same or similar work; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the particular Paydenfund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Paydenfund investors; (7) comparisons of services and fee rates with any contracts entered into by the Adviser with other clients to whom the Adviser provides comparable services; and (8) any other benefits derived or anticipated to be derived by the Adviser or its affiliates from the relationship with the Paydenfund.
As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to approve the renewal of the Agreement. In reaching its decisions regarding the renewal of the Agreement for each Paydenfund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Paydenfunds. In addition, the Board received and considered information from Paul Hastings as to certain relevant guidelines that relate to the approval or renewal process under Section 15(c) of the 1940 Act. While the Board considered the Agreement with respect to all Paydenfunds, the Board received and considered fund-specific information and made its approval or renewal determinations on a Paydenfund-by-Paydenfund basis. In deciding whether to renew the Agreement for each Paydenfund, each Trustee may have accorded different weight to different factors, and thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Paydenfund. At its meeting on June 20, 2023, the Board voted unanimously to renew the Agreement for each Paydenfund listed above. Set forth below are certain general factors the Board considered for each of the Paydenfunds, followed by a summary of certain specific factors the Board considered for each particular Paydenfund.
Annual Report 161
| | |
Approval of Investment Advisory Agreement (Unaudited) continued | | |
3. Nature, Extent and Quality of Services
The Board and Audit Committee members considered a number of factors related to the services provided by the Adviser, including the breadth and depth of the Adviser’s investment advisory process, the experience, expertise and quality of the Adviser’s investment professionals, the experience, leadership ability and integrity of the Adviser’s senior management, the long tenure of its key personnel and the overall financial strength, stability and viability of the Adviser. They also considered the Adviser’s ability and commitment to attract and retain qualified personnel, and its commitment to maintain and enhance its investment advisory resources and information technology systems. The Board and Audit Committee further considered the Adviser’s strong commitment to compliance with applicable laws and regulations and the nature and extent of its compliance program and records. Finally, they took into account the administrative, distribution and shareholder services that the Adviser or its affiliates provided each Paydenfund under the Agreement and other agreements. Based on the foregoing, the Board and Audit Committee each concluded that the investment advisory and related services provided by the Adviser and its affiliates have benefited and should continue to benefit each Paydenfund and its shareholders.
4. Investment Results
At its regular quarterly Board meetings during the past year, the Board reviewed the investment results of each Paydenfund compared to its respective peers and benchmark indices, paying specific attention to any Paydenfund whose performance did not measure up to the Adviser’s expectations and to the plans by the Adviser to deal with that situation. In addition, as a part of the annual review of the Agreement, the Board and Audit Committee specifically reviewed a report prepared by Broadridge, which contained each Paydenfund’s performance for various time periods, i.e., 1-year, 3-years, 5-years and 10-years, as compared to the performance of (1) a group of comparable mutual funds (the “Peer Group”) selected by Broadridge, and (2) each Paydenfund’s benchmark index. The Board and Audit Committee concluded that, overall, the short-term and long-term results for each of the eighteen Paydenfunds have been satisfactory and that each of the eighteen Paydenfunds is performing competitively versus its Peer Group and benchmark index. Following the discussion of the performance of the eighteen Paydenfunds, the Board and Committee concluded that the Adviser’s continued management should benefit each Paydenfund and its shareholders.
5. Advisory Fees and Total Expenses
The Board and the Audit Committee reviewed each Paydenfund’s net operating expense ratio and its various fee and expense components, and then compared those fees and expenses to the fee and expense information for the Peer Group for each Paydenfund. They observed that the advisory fees and expenses for each Paydenfund continue to be competitive with the advisory fees and expenses of the particular Paydenfund’s Peer Group. The Board and Audit Committee also reviewed information regarding the advisory fees paid by other registered investment companies, pension funds and other institutional clients of the Adviser with respect to similar investment mandates for each of the Paydenfunds. They noted that, although the fees paid by those clients generally were lower than those paid by each Paydenfund, the differences appropriately reflected the significant investment, operational and regulatory differences between advising SEC-registered mutual funds and advising separately managed institutional accounts. Overall, the Board and Audit Committee concluded that each Paydenfund’s cost structure was fair and reasonable in relation to the services provided, and that each Paydenfund’s shareholders received reasonable value in return for the advisory fees and other amounts paid to the Adviser or its affiliates by the Paydenfund.
6. Adviser Profitability and Indirect Benefits
The Board and Audit Committee reviewed information at the P&R Trust level regarding the Adviser’s cost of providing services to the Paydenfunds, as well as the resulting level of profits to the Adviser. The Trustees further reviewed the cost allocation methodology used to determine the Adviser’s profitability of providing services to the Paydenfunds, as well as
162 Payden Mutual Funds
possible economies of scale that might be achieved. Based on that review, the Board and Audit Committee each concluded that the profits earned by the Adviser were not excessive in view of the advisory, administrative and other services provided to the Paydenfunds. Finally, the Board and Audit Committee noted that the Adviser indirectly benefited from its advisory relationship with the Paydenfunds by its ability to invest more efficiently the assets of small, separately managed accounts in the Paydenfunds, and because the availability of the Paydenfunds enhanced the Adviser’s business reputation and name recognition.
7. Fund-by-Fund Factors
The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Paydenfund. If a Paydenfund is described in the following discussions as being in the “first” quintile, it is in the best of five groups, that is, the group has the best performance or the lowest expenses, as the case may be. References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Investor Class shares of each Paydenfund. Because the Investor Class generally has lower non-management expenses than the Adviser Class of these Funds, the expenses and performance of the Adviser Class will differ from the expenses and performance shown for the Investor Class. All time periods referenced below ended as of April 30, 2023.
Cash Reserves Money Market Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.15%, placing it in the second quintile of the group of comparable funds for adviser fees. The actual management fee was also in the fourth quintile.
• Total Expenses: The Fund’s total expenses were in the fourth quintile of the group of comparable funds selected by Broadridge for expense comparison purposes. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.25%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the first quintile of the group of comparable funds for each of the five-year and ten-year periods, and in the second quintile for each of the one-year and three-year periods.
Limited Maturity Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.28%, placing it in the fifth quintile of the group of comparable funds for adviser fees. The actual management fee was in the second quintile.
• Total Expenses: The Fund’s total expenses were in the first quintile of the group of comparable funds. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.25%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the second quintile of the group of comparable funds for the one-year period, and in the first quintile for each of the three-year, five-year, and ten-year periods.
Low Duration Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.28%, placing it in the fourth quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.
Annual Report 163
| | |
Approval of Investment Advisory Agreement (Unaudited) continued | | |
• Total Expenses: The Fund’s total expenses were in the second quintile of the group of comparable funds. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.43%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the second quintile of the group of comparable funds for each of the one-year and three-year periods, and in the third quintile for each of the five-year and ten-year periods.
U.S. Government Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.28%, placing it in the third quintile of the group of comparable funds for adviser fees. The actual management fee was in the first quintile.
• Total Expenses: The Fund’s total expenses were in the first quintile of the group of comparable funds. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.43%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the second quintile of the group of comparable funds for the one-year period, and in the first quintile for each of the three-year, five-year, and ten-year periods.
GNMA Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.27%, placing it in the third quintile of the group of comparable funds for adviser fees. The actual management fee was in the first quintile.
• Total Expenses: The Fund’s total expenses were in the first quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 0.50%. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.45%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the fifth quintile of the group of comparable funds for each of the one-year and three-year periods, in the fourth quintile for the five-year period, and in the third quintile for the ten-year period.
Core Bond Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.28%, placing it in the fourth quintile of the group of comparable funds for adviser fees. The actual management fee was in the fifth quintile.
• Total Expenses: The Fund’s total expenses were in the fourth quintile of the group of comparable funds.
• Performance: The Adviser’s annual contractual management fee rate for the Fund is 0.55%, placing it in the fifth quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.
Strategic Income Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.55%, placing it in the fifth quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.
• Total Expenses: The Fund’s total expenses were in the third quintile of the group of comparable funds. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.65%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
164 Payden Mutual Funds
• Performance: The Fund was in the first quintile of the group of comparable funds for each of the one-year and five-year periods, and in the second quintile for the three-year period. The Fund began operations on May 8, 2014.
Absolute Return Bond Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.50%, placing it in the first quintile of the Expense Group for adviser fees. The actual management fee was in the second quintile.
• Total Expenses: The Fund’s total expenses were in the Second quintile of the group of comparable funds. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.70%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the second quintile of the group of comparable funds for the one-year period, and in the third quintile for each of the three-year and five-year periods. The Fund began operations on November 6, 2014.
Corporate Bond Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.35%, placing it in the third quintile of the Expense Group for adviser fees. The actual management fee was in the fifth quintile.
• Total Expenses: The Fund’s total expenses were in the fourth quintile of the Expense Group. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 1.00%. The current annual expense ratio is 0.66%.
• Performance: The Fund was in the third quintile of the group of comparable funds for each of the one-year, three-year, and five-year periods, and in the first quintile for the ten-year period.
High Income Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.35%, placing it in the first quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.
• Total Expenses: The Fund’s total expenses were in the second quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 0.75%. The current annual expense ratio is 0.60%.
• Performance: The Fund was in the first quintile of the group of comparable funds for each of the one-year, three-year, five-year, and ten-year periods.
Floating Rate Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.55%, placing it in the fourth quintile of the group of comparable funds for adviser fees. The actual management fee was in the second quintile.
• Total Expenses: The Fund’s total expenses were in the third quintile of the group of comparable funds. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.70%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the first quintile of the group of comparable funds for each of the one-year and five-year periods, and in the second quintile for the three-year period. The Fund began operations on November 11, 2013.
Annual Report 165
| | |
Approval of Investment Advisory Agreement (Unaudited) continued | | |
California Municipal Social Impact Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.32%, placing it in the fourth quintile of the Expense Group for adviser fees. The actual management fee was in the first quintile.
• Total Expenses: The Fund’s total expenses were in the first quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 0.80%. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.45%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the first quintile of the group of comparable funds for each of the one-year, three-year, five-year and ten-year periods.
Global Low Duration Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.30%, placing it in the second quintile of the group of comparable funds for adviser fees. The actual management fee was in the first quintile, as well.
• Total Expenses: The Fund’s total expenses were in the first quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 0.70%. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.53%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time
• Performance: The Fund was in the first quintile of the group of comparable funds for each of the one-year, three-year, and five-year periods, and in the second quintile for the ten-year period.
Global Fixed Income Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.30%, placing it in the first quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.
• Total Expenses: The Fund’s total expenses were in the third quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 0.70%. The current annual expense ratio is 0.70%.
• Performance: The Fund was in the third quintile of the group of comparable funds for each of the one-year and three-year periods, in the second quintile for the five- year period, and in the first quintile for the ten-year period.
Emerging Markets Bond Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.45%, placing it in the first quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.
• Total Expenses: The Fund’s total expenses were in the second quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 1.25%. The current annual expense ratio is 0.73%.
• Performance: The Fund was in the fifth quintile of the group of comparable funds for the one-year period, in the fourth quintile for the three-year period, in the third quintile for the five-year period, and in the second quintile for the ten-year period.
Emerging Markets Local Bond Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.60%, placing it in the second quintile of the group of comparable funds for adviser fees. The actual management fee is in the fourth quintile.
166 Payden Mutual Funds
• Total Expenses: The Fund’s total expenses were in the third quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 0.99%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the first quintile of the group of comparable funds for the one-year period, in the third quintile for each of the three-year and five-year periods, and in the fifth quintile for the ten-year period.
Emerging Markets Corporate Bond Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.80%, placing it in the fifth quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.
• Total Expenses: The Fund’s total expenses were in the fifth quintile of the group of comparable funds. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.95%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.
• Performance: The Fund was in the third quintile of the group of comparable funds for the one-year period, and in the first quintile for each of the three-year and five-year periods. The Fund began operations on November 11, 2013.
Equity Income Fund
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 0.50%, placing it in the third quintile of the group of comparable funds for adviser fees. The actual management fee is in the fifth quintile.
• Total Expenses: The Fund’s total expenses were in the fourth quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 0.80%. The current annual expense ratio (no cap) is 0.75%.
• Performance: The Fund was in the fifth quintile for each of the one-year, three-year, five-year, and ten-year periods.
Annual Report 167
| | | | | | | | | | | | |
| Name & Address | | Age | | Position
with Fund | | Year
Elected | | Number of
Portfolios | | Principal
Occupations(s) | | Other
Directorships
Held |
333 S. Grand Avenue Los Angeles, CA 90071 | | | | | | | | | | | | |
| Trustees (1) | | | | | | | | | | | | |
| Stephanie Bell-Rose | | 66 | | Independent Trustee | | 2020 | | 19 | | Retired, Senior Managing Director, TIAA | | |
| W. D. Hilton, Jr. | | 76 | | Chairman, Independent Trustee | | 1993 | | 19 | | Trustee/Administrator, Asbestos Bankruptcy Trusts; General Partner, Mendenhall Partners Ltd.; Private Investor | | |
| Thomas V. McKernan, Jr. | | 79 | | Independent Trustee | | 1993 | | 19 | | Vice Chair, Automobile Club of Southern California; Director, Forest Lawn Memorial Parks; Director, First American Financial | | |
| Rosemarie T. Nassif | | 82 | | Independent Trustee | | 2008 | | 19 | | Executive Director, Center for Catholic Education, Loyola Marymount University, President Emerita, Holy Names University | | |
| Andrew J. Policano | | 74 | | Independent Trustee | | 2008 | | 19 | | Former Dean, The Paul Merage School of Business, University of California, Irvine | | |
| Dennis C. Poulsen | | 81 | | Independent Trustee | | 1992 | | 19 | | Chairman, Clean Energy Enterprises; Private Investor | | |
| Jordan H. Lopez | | 42 | | Interested Trustee | | 2020 | | 19 | | Director, Payden & Rygel | | |
| Asha B. Joshi | | 66 | | Interested Trustee | | 2021 | | 19 | | Managing Director, Payden & Rygel | | |
| Officers (2) | | | | | | | | | | | | |
| Mary Beth Syal | | | | Chief Operating Officer | | 2021 | | | | Managing Director, Payden & Rygel | | |
| Brian W. Matthews | | | | Vice President and CFO | | 2003 | | | | Managing Director and CFO, Payden & Rygel | | |
| Bradley F. Hersh | | | | Vice President and Treasurer | | 1998 | | | | Managing Director and Treasurer, Payden & Rygel | | |
| Sandi Brents | | | | Vice President and CCO | | 2016 | | | | Senior Vice President and Senior Compliance Officer, Payden & Rygel | | |
| Alejandra Murphy | | | | Vice President | | 2021 | | | | Director, Payden & Rygel | | |
| Reza Pishva | | | | Secretary | | 2022 | | | | Director and General Counsel, Payden & Rygel | | |
Additional information about the Trustees is included in the SAI and is available without charge, upon request at payden.com or 1800 5 PAYDEN.
(1) Trustees do not have a set term of office, but serve until their resignation, death or removal.
(2) Officers are elected by, and serve at the pleasure of, The Board of Trustees.
168 Payden Mutual Funds
IMPORTANT INFORMATION: The information contained in this report is intended for shareholders of the Payden Mutual Funds only. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current prospectus which provides further details.
The performance numbers presented in this report are derived from historical market data. There is no guarantee of future performance nor are Fund shares guaranteed. Investment return and principal value of an investment in a Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund shares are sold through Payden & Rygel Distributors, member FINRA.
You may elect to receive shareholder reports in paper free of charge. Contact your financial intermediary or, if you invest directly with the Funds, call 1 800 572-9336, to request paper copies.
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at www.sec.gov or the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1 800 SEC-0330.
The Funds file their schedule of portfolio holdings with the SEC monthly on Form N-MFP. These reports are available on the SEC’s website at www.sec.gov.
To view the Fund’s proxy voting guidelines and proxy voting record, visit the SEC’s web site at www.sec.gov. You may also call 1 800 572-9336 to request a free copy of the proxy voting guidelines.
Annual Report
| | |
Management Discussion & Analysis | | |
For the fiscal year ended October 31, 2023, the Payden Managed Income Fund, SI Class (PKBIX) returned 6.61%, the Advisor Class (PKCBX) returned 6.38%, the Retirement Class (PKCRX) returned 6.07% and the Institutional Class (PKCIX) returned 6.76%. This return compares to the Fund’s benchmark the 30-year U.S. Treasury Bond Yield, return of 3.36%. Despite US government bond yields rising on average 1% for the fiscal year, fixed income performance was broadly positive for the period as credit risk premiums declined across most asset classes. Notwithstanding a banking crisis in March, financial markets were largely stable for the year supported by a strong labor market, resilient consumer, reacceleration in growth, and healthy corporate fundamental backdrop. The Fund overall reduced both interest rate and credit risk during the year. Fund Duration peaked at 3.2 years in May, down to a low of 1.0 in August, and ended the fiscal year at 1.5. The Fund reduced risk to the lowest level in multiple years as the current environment compensates investors to move up-in-quality and in shorter maturities all while not overly eroding yield and credit risk premiums. All core income sectors were positive contributors to performance, bar agency mortgage-backed securities which detracted from performance as interest rate volatility was elevated. The Fund remains structured with low interest rate sensitivity and invested in a diversified mix of fixed income sectors including corporate, emerging market, mortgage-backed and asset-backed securities. The Fund employs futures, options, swaps, and forward currency contracts to manage sensitivity to undesired risk exposures as well as efficient investment purposes. Overall, derivatives contributed 0.13% to Fund performance.
Annual Report 1
Portfolio Highlights & Investments
| | | | | | | | |
| | | The Fund seeks income and total return consistent with preservation of capital. | | | 
Past performance does not predict future returns. The graph does not reflect the impact of taxes or transaction costs a shareholder would pay. The Fund’s Institutional, Adviser and Retirement Classes are expected to perform similarly to its SI Class, except for class specific expenses & waivers. |
| | Portfolio Composition - percent of investments | | | | |
| | Corporate Bond | | | 42 | % |
| | Asset Backed | | | 28 | % |
| | Mortgage Backed | | | 15 | % |
| | Foreign Government | | | 7 | % |
| | U.S. Treasury | | | 3 | % |
| | Other | | | 5 | % |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | This information is not part of the audited financial statements. | |
| | | | | | |
| Schedule of Investments - October 31, 2023 | |
Principal
or Shares | | Security Description | | Value
(000) | |
Asset Backed (29%) | | | | |
250,000 | | AIMCO CLO 2018-BA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.362%), 6.76%, 1/15/32 (a)(b) | | $ | 249 | |
400,000 | | Allegro CLO VII Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.162%), 7.56%, 6/13/31 (a)(b) | | | 393 | |
491,162 | | Americredit Automobile Receivables Trust 2022-1, 2.45%, 11/18/26 | | | 480 | |
400,000 | | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 3.064%), 8.40%, 5/15/36 (a) (b) | | | 364 | |
500,000 | | BDS Ltd. 2021-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 2.914%), 8.25%, 6/16/36 (a)(b) | | | 471 | |
600,000 | | BDS Ltd. 2020-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.864%), 8.20%, 2/16/37 (a)(b) | | | 582 | |
250,000 | | Blackrock European CLO IV DAC 4A 144A, (3 mo. EURIBOR + 1.300%), 5.27%, 7/15/30
EUR (a)(b)(c) | | | 254 | |
300,000 | | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 3.564%), 8.90%, 8/19/38 (a)(b) | | | 274 | |
300,000 | | CARLYLE U.S. CLO Ltd. 2019-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.562%), 7.98%, 10/20/32 (a)(b) | | | 297 | |
800,000 | | CARS-DB4 LP 2020-1A 144A, 4.17%, 2/15/50 (b) | | | 758 | |
200,000 | | CARS-DB4 LP 2020-1A 144A, 4.52%, 2/15/50 (b) | | | 178 | |
| | | | | | |
| | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
300,000 | | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (b) | | $ | 240 | |
1,374,823 | | Carvana Auto Receivables Trust 2021-P4, 1.31%, 1/11/27 | | | 1,321 | |
800,000 | | Carvana Auto Receivables Trust 2023-P1 144A, 5.98%, 12/10/27 (b) | | | 795 | |
50 | | Chase Auto Owner Trust, 0.00%, 6/25/30 | | | 632 | |
902,756 | | CIFC Funding 2017-III Ltd. 2017-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.482%), 6.90%, 7/20/30 (a)(b) | | | 901 | |
780,014 | | CIFC Funding Ltd. 2015-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.372%), 6.78%, 1/22/31 (a)(b) | | | 779 | |
824,552 | | CNH Equipment Trust 2021-C, 0.81%, 12/15/26 | | | 782 | |
400,000 | | Cologix Canadian Issuer LP 2022-1CAN 144A, 5.68%, 1/25/52 CAD (b)(c) | | | 259 | |
713,866 | | Dewolf Park CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.182%), 6.58%, 10/15/30 (a)(b) | | | 711 | |
150,000 | | Diamond Infrastructure Funding LLC 2021-1A 144A, 2.36%, 4/15/49 (b) | | | 128 | |
500,000 | | DLLAA LLC 2023-1A 144A, 5.93%, 7/20/26 (b) | | | 500 | |
381,000 | | Driven Brands Funding LLC 2019-1A 144A, 4.64%, 4/20/49 (b) | | | 358 | |
245,000 | | Driven Brands Funding LLC 2021-1A 144A, 2.79%, 10/20/51 (b) | | | 201 | |
350,000 | | Dryden 52 Euro CLO DAC 2017-52X, (3 mo. EURIBOR + 0.860%), 4.64%, 5/15/34
EUR (a)(c)(d) | | | 363 | |
2 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
480,488 | | Dryden 59 Euro CLO DAC 2017-59X, (3 mo. EURIBOR + 0.750%), 4.53%, 5/15/32 EUR (a)(c)(d) | | $ | 498 | |
714,036 | | Dryden Senior Loan Fund 2015-41A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.232%), 6.63%, 4/15/31 (a)(b) | | | 711 | |
400,000 | | Exeter Automobile Receivables Trust 2023-3A, 6.11%, 9/15/25 | | | 400 | |
702,619 | | Exeter Automobile Receivables Trust 2023-2A, 5.87%, 11/17/25 | | | 702 | |
1,100,000 | | Exeter Automobile Receivables Trust 2022-1A 144A, 5.02%, 10/15/29 (b) | | | 970 | |
10 | | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 | | | 932 | |
750,831 | | Flatiron CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.242%), 6.61%, 5/15/30 (a)(b) | | | 748 | |
400,000 | | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 7.17%, 2/23/39 (a)(b) | | | 391 | |
300,000 | | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 7.57%, 2/23/39 (a)(b) | | | 292 | |
600,000 | | Greystone CRE Notes Ltd. 2019-FL2 144A, (1 mo. LIBOR USD + 2.400%), 7.85%, 9/15/37 (a)(b) | | | 583 | |
600,000 | | Greystone CRE Notes Ltd. 2019-FL2 144A, (1 mo. LIBOR USD + 2.750%), 8.20%, 9/15/37 (a) (b) | | | 571 | |
300,000 | | Greystone CRE Notes Ltd. 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.864%), 8.20%, 7/15/39 (a)(b) | | | 269 | |
550,000 | | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 4.28%, 9/25/28 (b) | | | 524 | |
600,000 | | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 4.39%, 12/26/28 (b) | | | 563 | |
550,000 | | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 3.69%, 2/26/29 (b) | | | 491 | |
1 | | Juniper Receivables DAC, 0.00%, 8/15/29 | | | 317 | |
10 | | Juniper Receivables DAC 2023-1 DAC, 0.00%, 7/15/30 (e) | | | 430 | |
400,000 | | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 6.78%, 2/17/39 (a)(b) | | | 392 | |
377,129 | | Kubota Credit Owner Trust 2022-2A 144A, 4.07%, 6/17/25 (b) | | | 374 | |
639,107 | | LCM XXIV Ltd. 24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.242%), 6.66%, 3/20/30 (a)(b) | | | 636 | |
300,000 | | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 3.864%), 9.20%, 7/15/36 (a)(b) | | | 266 | |
500,000 | | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 3.39%, 11/20/50 (b) | | | 452 | |
400,000 | | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (b) | | | 391 | |
264,688 | | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (b) | | | 218 | |
500,000 | | RRE Loan Management DAC 16A 144A, (3 mo. EURIBOR + 1.680%),
5.64%, 10/15/36 EUR (a)(b)(c)(f) | | | 526 | |
156,821 | | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 5.28%, 5/15/32 (b) | | | 155 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
98,013 | | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 7.38%, 5/15/32 (b) | | $ | 97 | |
835,000 | | Santander Bank Auto Credit-Linked Notes 2022-B 144A, 11.91%, 8/16/32 (b) | | | 844 | |
850,000 | | Santander Bank Auto Credit-Linked Notes 2022-C 144A, 14.59%, 12/15/32 (b) | | | 900 | |
751,242 | | Santander Drive Auto Receivables Trust 2023-2, 5.87%, 3/16/26 | | | 750 | |
926,403 | | TCI-Symphony CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.192%), 6.59%, 7/15/30 (a)(b) | | | 922 | |
400,000 | | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (b) | | | 381 | |
250,000 | | Trinitas Euro CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.750%), 5.85%, 10/25/37 EUR (a)(b)(c) | | | 263 | |
300,000 | | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%, 2/15/52 (b) | | | 250 | |
251,106 | | Venture XVII CLO Ltd. 2014-17A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.142%), 6.54%, 4/15/27 (a)(b) | | | 250 | |
918,186 | | Voya CLO Ltd. 2014-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.252%), 6.65%, 4/18/31 (a)(b) | | | 914 | |
591,000 | | Wingstop Funding LLC 2020-1A 144A, 2.84%, 12/05/50 (b) | | | 511 | |
342,125 | | Zaxby’s Funding LLC 2021-1A 144A,
3.24%, 7/30/51 (b) | | | 281 | |
Total Asset Backed (Cost - $32,654) | | | 31,435 | |
Bank Loans(g) (1%) | | | | |
396,000 | | Asurion LLC Term Loan B10 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 9.42%, 8/19/28 | | | 379 | |
165,000 | | MIC Glen LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.750%), 12.17%, 7/20/29 | | | 156 | |
324,143 | | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 9.44%, 2/05/27 | | | 323 | |
Total Bank Loans (Cost - $858) | | | 858 | |
Corporate Bond (44%) | | | | |
Financial (20%) | | | | |
200,000 | | Aircastle Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.410%), 5.25% (a)(b)(h) | | | 158 | |
225,000 | | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (a)(h) | | | 147 | |
125,000 | | Ally Financial Inc., 8.00%, 11/01/31 | | | 122 | |
300,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 0.999%), 4.99%, 5/01/26 (a) | | | 294 | |
350,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.330%), 6.34%, 10/30/26 (a) | | | 351 | |
500,000 | | American Express Co., (U.S. Secured Overnight Financing Rate + 1.280%), 5.28%, 7/27/29 (a) | | | 480 | |
375,000 | | American Tower Corp., 5.50%, 3/15/28 | | | 363 | |
400,000 | | American Tower Corp., 5.25%, 7/15/28 | | | 382 | |
200,000 | | Banco Mercantil del Norte SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.643%), 5.88% (a)(b)(h) | | | 170 | |
400,000 | | Banco Santander SA, 5.59%, 8/08/28 | | | 386 | |
Annual Report 3
Portfolio Highlights & Investments continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
450,000 | | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.774%), 3.71%, 4/24/28 (a) | | $ | 411 | |
225,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.990%), 6.20%, 11/10/28 (a) | | | 224 | |
350,000 | | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.302%), 3.42%, 12/20/28 (a) | | | 312 | |
175,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.630%), 5.20%, 4/25/29 (a) | | | 166 | |
225,000 | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.220%), 2.30%, 7/21/32 (a) | | | 166 | |
225,000 | | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (a) | | | 220 | |
500,000 | | Blackstone Holdings Finance Co. LLC 144A, 5.90%, 11/03/27 (b) | | | 495 | |
250,000 | | Blackstone Private Credit Fund, 1.75%, 9/15/24 | | | 239 | |
200,000 | | Blue Owl Capital Corp., 3.40%, 7/15/26 | | | 179 | |
250,000 | | BMW U.S. Capital LLC 144A, 5.05%, 8/11/28 (b) | | | 243 | |
350,000 | | Booking Holdings Inc., 3.63%, 11/12/28 EUR (c) | | | 367 | |
125,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 7.38%, 3/01/31 (b) | | | 118 | |
500,000 | | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, 4/01/31 | | | 383 | |
250,000 | | Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 7/18/29 (d) | | | 222 | |
850,000 | | Citigroup Inc., (3 mo. Term Secured Overnight Financing Rate + 1.652%), 3.67%, 7/24/28 (a) | | | 770 | |
250,000 | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (a) | | | 193 | |
200,000 | | Daimler Truck Finance North America LLC 144A, 5.60%, 8/08/25 (b) | | | 199 | |
450,000 | | Digital Realty Trust LP, 5.55%, 1/15/28 | | | 437 | |
200,000 | | doValue SpA 144A, 3.38%, 7/31/26 EUR (b)(c) | | | 184 | |
500,000 | | Fiserv Inc., 5.38%, 8/21/28 | | | 489 | |
425,000 | | General Motors Financial Co. Inc., 6.05%, 10/10/25 | | | 423 | |
275,000 | | General Motors Financial Co. Inc., 5.80%, 6/23/28 | | | 267 | |
500,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.075%), 5.80%, 8/10/26 (a) | | | 495 | |
500,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.846%), 3.62%, 3/15/28 (a) | | | 458 | |
450,000 | | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (a) | | | 350 | |
50,000 | | Gray Escrow II Inc. 144A, 5.38%, 11/15/31 (b) | | | 32 | |
300,000 | | Hyundai Capital America 144A, 2.10%, 9/15/28 (b) | | | 247 | |
300,000 | | Hyundai Capital America 144A, 6.10%, 9/21/28 (b) | | | 295 | |
175,000 | | Hyundai Capital America 144A, 5.70%, 6/26/30 (b) | | | 166 | |
400,000 | | Intesa Sanpaolo SpA, 1.35%, 2/24/31 EUR (c)(d) | | | 317 | |
225,000 | | Invitation Homes Operating Partnership LP, 5.45%, 8/15/30 | | | 210 | |
975,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.450%), 5.30%, 7/24/29 (a) | | | 939 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
500,000 | | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.570%), 6.09%, 10/23/29 (a) | | $ | 497 | |
1,075,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 2.240%), 6.30%, 10/18/28 (a) | | | 1,073 | |
225,000 | | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.590%), 5.16%, 4/20/29 (a) | | | 214 | |
400,000 | | Morgan Stanley Bank N.A., 5.88%, 10/30/26 | | | 400 | |
100,000 | | MPT Operating Partnership LP/MPT Finance Corp., 2.55%, 12/05/23 GBP (c) | | | 121 | |
225,000 | | MPT Operating Partnership LP/MPT Finance Corp., 2.50%, 3/24/26 GBP (c) | | | 216 | |
125,000 | | MPT Operating Partnership LP/MPT Finance Corp., 3.38%, 4/24/30 GBP (c) | | | 92 | |
225,000 | | Permanent TSB Group Holdings PLC, (ICE 1Year Euribor Swap Fix +3.500%), 6.63%, 4/25/28 EUR (a)(c)(d) | | | 241 | |
200,000 | | PRA Group Inc. 144A, 5.00%, 10/01/29 (b) | | | 133 | |
200,000 | | Realty Income Corp., 4.88%, 7/06/30 EUR (c) | | | 210 | |
250,000 | | Sagax Euro Mtn NL BV, 0.75%, 1/26/28
EUR (c)(d) | | | 215 | |
285,000 | | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.249%), 2.49%, 1/06/28 (a) | | | 245 | |
450,000 | | SBA Tower Trust 144A, 6.60%, 1/15/28 (b) | | | 450 | |
350,000 | | Stagwell Global LLC 144A, 5.63%, 8/15/29 (b) | | | 290 | |
525,000 | | Sumitomo Mitsui Trust Bank Ltd. 144A, 5.65%, 9/14/26 (b) | | | 521 | |
300,000 | | Synchrony Bank, 5.40%, 8/22/25 | | | 287 | |
300,000 | | Toronto-Dominion Bank,
3.63%, 12/13/29 EUR (c)(d) | | | 304 | |
300,000 | | Toronto-Dominion Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.075%), 8.13%, 10/31/82 (a) | | | 295 | |
350,000 | | UBS Group AG, (ICE 1Year Euribor Swap Fix +1.050%), 1.00%, 6/24/27 EUR (a)(c)(d) | | | 335 | |
250,000 | | VICI Properties LP, 4.38%, 5/15/25 | | | 242 | |
375,000 | | Volkswagen Group of America Finance LLC 144A, 5.65%, 9/12/28 (b) | | | 365 | |
200,000 | | Volkswagen Group of America Finance LLC 144A, 4.75%, 11/13/28 (b) | | | 187 | |
525,000 | | Warnermedia Holdings Inc., 3.76%, 3/15/27 | | | 483 | |
219,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.980%), 4.81%, 7/25/28 (a) | | | 207 | |
750,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.740%), 5.57%, 7/25/29 (a) | | | 723 | |
450,000 | | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.790%), 6.30%, 10/23/29 (a) | | | 446 | |
| | | | | 21,861 | |
Industrial (16%) | | | | |
375,000 | | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (b) | | | 306 | |
200,000 | | Altice France Holding SA 144A, 10.50%, 5/15/27 (b) | | | 109 | |
100,000 | | American Airlines Inc. 144A, 7.25%, 2/15/28 (b) | | | 93 | |
175,000 | | Amgen Inc., 5.15%, 3/02/28 | | | 171 | |
475,000 | | Ashtead Capital Inc. 144A, 4.25%, 11/01/29 (b) | | | 414 | |
250,000 | | AT&T Inc., 5.40%, 2/15/34 | | | 230 | |
275,000 | | AutoZone Inc., 6.25%, 11/01/28 | | | 278 | |
150,000 | | B&G Foods Inc. 144A, 8.00%, 9/15/28 (b) | | | 146 | |
200,000 | | Bausch & Lomb Escrow Corp. 144A, 8.38%, 10/01/28 (b) | | | 199 | |
275,000 | | Bayer AG, 4.63%, 5/26/33 EUR (c)(d) | | | 288 | |
475,000 | | Boeing Co., 2.20%, 2/04/26 | | | 437 | |
4 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
375,000 | | Bristol-Myers Squibb Co., 5.75%, 2/01/31 | | $ | 373 | |
300,000 | | Broadcom Inc. 144A, 4.00%, 4/15/29 (b) | | | 268 | |
500,000 | | C&W Senior Financing DAC, 6.88%, 9/15/27 (d) | | | 430 | |
95,000 | | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 8/15/30 (b) | | | 76 | |
200,000 | | Centene Corp., 3.38%, 2/15/30 | | | 166 | |
200,000 | | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (b) | | | 176 | |
696,000 | | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 4/27/29 (d) | | | 614 | |
400,000 | | Cigna Group, 4.38%, 10/15/28 | | | 374 | |
200,000 | | CSC Holdings LLC 144A, 11.25%, 5/15/28 (b) | | | 191 | |
425,000 | | CVS Health Corp., 5.13%, 2/21/30 | | | 400 | |
400,000 | | Delta Air Lines Inc./SkyMiles IP Ltd. 144A, 4.75%, 10/20/28 (b) | | | 376 | |
450,000 | | Dollar General Corp., 5.20%, 7/05/28 | | | 433 | |
201,000 | | Evergreen Acqco 1 LP/TVI Inc. 144A, 9.75%, 4/26/28 (b) | | | 203 | |
175,000 | | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 (b) | | | 139 | |
300,000 | | General Mills Inc., 3.91%, 4/13/29 EUR (c) | | | 315 | |
175,000 | | Graphic Packaging International LLC 144A, 3.75%, 2/01/30 (b) | | | 143 | |
125,000 | | Gray Television Inc. 144A, 4.75%, 10/15/30 (b) | | | 80 | |
300,000 | | Grupo Axo SAPI de CV, 5.75%, 6/08/26 (d) | | | 262 | |
275,000 | | HCA Inc., 5.20%, 6/01/28 | | | 262 | |
475,000 | | HCA Inc., 5.88%, 2/01/29 | | | 460 | |
275,000 | | Hewlett Packard Enterprise Co., 5.25%, 7/01/28 | | | 266 | |
200,000 | | Humana Inc., 5.75%, 3/01/28 | | | 199 | |
255,000 | | Hyundai Capital America 144A, 2.00%, 6/15/28 (b) | | | 210 | |
150,000 | | IHO Verwaltungs GmbH, 3.75%, 9/15/26
EUR (c)(d) | | | 150 | |
250,000 | | Jabil Inc., 5.45%, 2/01/29 | | | 241 | |
77,000 | | Jabil Inc., 3.60%, 1/15/30 | | | 65 | |
250,000 | | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.00%, 2/02/29 | | | 206 | |
193,000 | | Kaiser Aluminum Corp. 144A, 4.63%, 3/01/28 (b) | | | 161 | |
50,000 | | Kaiser Aluminum Corp. 144A, 4.50%, 6/01/31 (b) | | | 37 | |
400,000 | | Mexico City Airport Trust, 4.25%, 10/31/26 (d) | | | 372 | |
200,000 | | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (b) | | | 197 | |
300,000 | | NBM U.S. Holdings Inc., 6.63%, 8/06/29 (d) | | | 270 | |
240,000 | | NextEra Energy Capital Holdings Inc., 5.75%, 9/01/25 | | | 239 | |
200,000 | | Open Text Corp. 144A, 6.90%, 12/01/27 (b) | | | 199 | |
575,000 | | Oracle Corp., 2.80%, 4/01/27 | | | 520 | |
575,000 | | Pfizer Investment Enterprises Pte Ltd., 4.45%, 5/19/28 | | | 550 | |
350,000 | | Regal Rexnord Corp. 144A, 6.05%, 2/15/26 (b) | | | 344 | |
250,000 | | Renesas Electronics Corp. 144A, 2.17%, 11/25/26 (b) | | | 221 | |
225,000 | | Rentokil Initial PLC, 0.50%, 10/14/28 EUR (c) (d) | | | 200 | |
400,000 | | Rolls-Royce PLC 144A, 5.75%, 10/15/27 (b) | | | 380 | |
200,000 | | Sasol Financing USA LLC, 5.88%, 3/27/24 | | | 198 | |
200,000 | | Sigma Alimentos SA de CV, 4.13%, 5/02/26 (d) | | | 189 | |
200,000 | | Sitios Latinoamerica SAB de CV, 5.38%, 4/04/32 (d) | | | 169 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
100,000 | | Star Parent Inc. 144A, 9.00%, 10/01/30 (b) | | $ | 99 | |
325,000 | | Take-Two Interactive Software Inc., 4.95%, 3/28/28 | | | 312 | |
210,000 | | Tenet Healthcare Corp., 6.13%, 10/01/28 | | | 195 | |
75,000 | | Tenet Healthcare Corp. 144A, 6.75%, 5/15/31 (b) | | | 71 | |
400,000 | | Tesco Corporate Treasury Services PLC, 0.38%, 7/27/29 EUR (c)(d) | | | 339 | |
575,000 | | T-Mobile USA Inc., 3.75%, 4/15/27 | | | 535 | |
400,000 | | T-Mobile USA Inc., 3.38%, 4/15/29 | | | 349 | |
250,000 | | Toll Brothers Finance Corp., 4.88%, 11/15/25 | | | 243 | |
450,000 | | United Natural Foods Inc. 144A, 6.75%, 10/15/28 (b) | | | 355 | |
325,000 | | Universal Music Group NV, 3.00%, 6/30/27
EUR (c)(d) | | | 334 | |
275,000 | | Verizon Communications Inc., 2.36%, 3/15/32 | | | 206 | |
360,000 | | VMware Inc., 1.80%, 8/15/28 | | | 297 | |
277,000 | | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 144A, 3.88%, 2/01/29 (b) | | | 229 | |
| | | | | 17,559 | |
Utility (8%) | | | | |
425,000 | | Boeing Co., 5.04%, 5/01/27 | | | 412 | |
200,000 | | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (b) | | | 200 | |
100,000 | | Civitas Resources Inc. 144A, 8.63%, 11/01/30 (b) | | | 102 | |
175,000 | | Civitas Resources Inc. 144A, 8.75%, 7/01/31 (b) | | | 177 | |
325,000 | | Columbia Pipelines Holding Co. LLC 144A, 6.04%, 8/15/28 (b) | | | 319 | |
275,000 | | Electricidad Firme de Mexico Holdings SA de CV, 4.90%, 11/20/26 (d) | | | 240 | |
325,000 | | Enel Finance International NV, 3.88%, 3/09/29 EUR (c)(d) | | | 340 | |
250,000 | | Energy Transfer LP, 5.55%, 2/15/28 | | | 243 | |
250,000 | | Energy Transfer LP, 6.10%, 12/01/28 | | | 247 | |
250,000 | | EnfraGen Energia Sur SA/EnfraGen Spain SA/ Prime Energia SpA, 5.38%, 12/30/30 (d) | | | 167 | |
325,000 | | Exelon Corp., 5.15%, 3/15/28 | | | 315 | |
190,000 | | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27 | | | 183 | |
115,000 | | Genesis Energy LP/Genesis Energy Finance Corp., 8.88%, 4/15/30 | | | 111 | |
350,000 | | Geopark Ltd. 144A, 5.50%, 1/17/27 (b) | | | 295 | |
200,000 | | Geopark Ltd., 5.50%, 1/17/27 (d) | | | 168 | |
228,968 | | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (b) | | | 197 | |
175,000 | | Greenfire Resources Ltd. 144A, 12.00%, 10/01/28 (b) | | | 174 | |
278,250 | | Greenko Power II Ltd., 4.30%, 12/13/28 (d) | | | 234 | |
685,100 | | India Cleantech Energy, 4.70%, 8/10/26 (d) | | | 599 | |
265,000 | | International Petroleum Corp. 144A, 7.25%, 2/01/27 (b)(d) | | | 248 | |
200,000 | | Kosmos Energy Ltd., 7.75%, 5/01/27 (d) | | | 180 | |
250,000 | | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (b) | | | 225 | |
225,000 | | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | | | 220 | |
160,000 | | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | | | 147 | |
80,000 | | PBF Holding Co. LLC/PBF Finance Corp. 144A, 7.88%, 9/15/30 (b) | | | 77 | |
100,000 | | Petroleos Mexicanos, 3.63%, 11/24/25 EUR (c) (d) | | | 96 | |
275,000 | | Petroleos Mexicanos, 8.75%, 6/02/29 | | | 243 | |
Annual Report 5
Portfolio Highlights & Investments continued
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
400,000 | | SierraCol Energy Andina LLC,
6.00%, 6/15/28 (d) | | $ | 310 | |
175,000 | | Strathcona Resources Ltd. 144A, 6.88%, 8/01/26 (b) | | | 162 | |
155,000 | | Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 144A, 9.00%, 10/15/26 (b) | | | 149 | |
325,000 | | TerraForm Power Operating LLC 144A, 4.75%, 1/15/30 (b) | | | 275 | |
— | | Tierra Mojada Luxembourg II Sarl, 5.75%, 12/01/40 (d) | | | — | |
125,000 | | TransAlta Corp., 7.75%, 11/15/29 | | | 124 | |
50,000 | | Venture Global LNG Inc. 144A, 9.88%, 2/01/32 (b) | | | 51 | |
325,000 | | Viper Energy Partners LP 144A, 7.38%, 11/01/31 (b) | | | 324 | |
575,000 | | Vital Energy Inc., 10.13%, 1/15/28 | | | 577 | |
750,000 | | Williams Cos. Inc., 5.40%, 3/02/26 | | | 742 | |
| | | 8,873 | |
Total Corporate Bond (Cost - $50,169) | | | 48,293 | |
Foreign Government (7%) | | | | |
21,000,000 | | Brazil Letras do Tesouro Nacional,
1/01/24 BRL (c)(f) | | | 4,088 | |
250,000 | | Colombia Government International Bond, 4.50%, 3/15/29 | | | 218 | |
300,000 | | Export-Import Bank of India 144A, 5.50%, 1/18/33 (b) | | | 283 | |
350,000 | | Ivory Coast Government International Bond, 5.25%, 3/22/30 EUR (c)(d) | | | 307 | |
300,000 | | Mongolia Government International Bond 144A, 4.45%, 7/07/31 (b) | | | 228 | |
300,000 | | Nigeria Government International Bond, 6.50%, 11/28/27 (d) | | | 259 | |
400,000 | | Oman Government International Bond, 5.63%, 1/17/28 (d) | | | 388 | |
200,000 | | Oman Government International Bond, 6.75%, 1/17/48 (d) | | | 180 | |
325,000 | | Paraguay Government International Bond, 3.85%, 6/28/33 (d) | | | 262 | |
225,000 | | Republic of Kenya Government International Bond, 7.00%, 5/22/27 (d) | | | 195 | |
8,100,000 | | Republic of South Africa Government Bond Series 2030, 8.00%, 1/31/30 ZAR (c) | | | 382 | |
200,000 | | Republic of Uzbekistan International Bond 144A, 7.85%, 10/12/28 (b) | | | 200 | |
600,000 | | Republic of Uzbekistan International Bond, 5.38%, 2/20/29 (d) | | | 535 | |
570,000 | | Romanian Government International Bond, 6.63%, 9/27/29 EUR (c)(d) | | | 622 | |
Total Foreign Government (Cost - $8,475) | | | 8,147 | |
Mortgage Backed (15%) | | | | |
100,000 | | ACRE Commercial Mortgage Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.864%), 7.20%, 12/18/37 (a)(b) | | | 96 | |
340,000 | | BX Commercial Mortgage Trust 2019-XL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 7.25%, 10/15/36 (a)(b) | | | 336 | |
552,500 | | BX Commercial Mortgage Trust 2019-XL 144A, (1 mo. Term Secured Overnight Financing Rate + 2.114%), 7.45%, 10/15/36 (a)(b) | | | 545 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
680,000 | | BX Commercial Mortgage Trust 2019-XL 144A, (1 mo. Term Secured Overnight Financing Rate + 2.414%), 7.75%, 10/15/36 (a)(b) | | $ | 667 | |
280,000 | | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 2.864%), 8.20%, 10/15/37 (a)(b) | | | 271 | |
377,914 | | BX Commercial Mortgage Trust 2021-VINO 144A, (1 mo. Term Secured Overnight Financing Rate + 2.067%), 7.40%, 5/15/38 (a)(b) | | | 359 | |
700,000 | | BX Trust 2018-GW 144A, (1 mo. Term Secured Overnight Financing Rate + 2.717%), 8.05%, 5/15/35 (a)(b) | | | 671 | |
500,000 | | BX Trust 2023-DELC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 8.02%, 5/15/38 (a)(b) | | | 502 | |
400,000 | | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.064%), 7.40%, 2/15/38 (a)(b) | | | 326 | |
236,000 | | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 1.117%), 6.45%, 12/15/37 (a)(b) | | | 234 | |
393,196 | | Cold Storage Trust 2020-ICE5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.214%), 7.55%, 11/15/37 (a)(b) | | | 388 | |
196,598 | | Cold Storage Trust 2020-ICE5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.880%), 8.22%, 11/15/37 (a)(b) | | | 194 | |
294,897 | | Cold Storage Trust 2020-ICE5 144A, (1 mo. Term Secured Overnight Financing Rate + 3.607%), 8.94%, 11/15/37 (a)(b) | | | 291 | |
500,000 | | Connecticut Avenue Securities Trust 2018- R07 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.464%), 9.79%, 4/25/31 (a)(b) | | | 531 | |
13,011 | | Connecticut Avenue Securities Trust 2019- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.564%), 7.89%, 7/25/31 (a)(b) | | | 13 | |
1,151,410 | | Connecticut Avenue Securities Trust 2019- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.264%), 9.59%, 8/25/31 (a)(b) | | | 1,209 | |
544,423 | | Connecticut Avenue Securities Trust 2019- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.214%), 9.54%, 9/25/31 (a)(b) | | | 572 | |
521,445 | | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 7.59%, 11/25/39 (a)(b) | | | 522 | |
152,707 | | Connecticut Avenue Securities Trust 2020- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.114%), 7.44%, 1/25/40 (a)(b) | | | 153 | |
781,564 | | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 3.814%), 9.15%, 7/15/38 (a)(b) | | | 760 | |
1,637,805 | | FN MA5139 30YR, 6.00%, 9/01/53 | | | 1,596 | |
762,756 | | FN MA5167 30YR, 6.50%, 10/01/53 | | | 759 | |
1,010,000 | | FNCL, 5.50%, 11/01/5330YR TBA (i) | | | 958 | |
6 Payden Mutual Funds
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
232,040 | | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.300%), 6.62%, 2/25/42 (a)(b) | | $ | 232 | |
47,679 | | Freddie Mac STACR REMIC Trust 2020-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.014%), 7.34%, 1/25/50 (a)(b) | | | 48 | |
67,897 | | Freddie Mac STACR REMIC Trust 2020-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.964%), 7.29%, 2/25/50 (a)(b) | | | 68 | |
432,177 | | Freddie Mac STACR REMIC Trust 2020-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.864%), 11.19%, 7/25/50 (a)(b) | | | 473 | |
427,253 | | Freddie Mac STACR REMIC Trust 2020-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.114%), 11.44%, 8/25/50 (a)(b) | | | 475 | |
111,361 | | Freddie Mac STACR REMIC Trust 2020-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.800%), 8.12%, 10/25/50 (a)(b) | | | 113 | |
246,679 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQA1, (U.S. Secured Overnight Financing Rate Index 30day Average + 8.914%), 14.24%, 3/25/28 (a) | | | 257 | |
95,432 | | Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.600%), 7.92%, 11/25/50 (a)(b) | | | 97 | |
820,000 | | G2 MA9242 30YR, 6.00%, 10/20/53 | | | 804 | |
540,634 | | Life Mortgage Trust 2021-BMR 144A, (1 mo. Term Secured Overnight Financing Rate + 3.064%), 8.40%, 3/15/38 (a)(b) | | | 514 | |
900,000 | | Palisades Center Trust 2016-PLSD 144A, 3.36%, 4/13/33 (b) | | | 45 | |
110,000 | | Sage AR Funding No 1 PLC 1A 144A, (Sterling Overnight Index Average + 3.000%), 8.22%, 11/17/30 GBP (a)(b)(c) | | | 128 | |
278,317 | | SMR Mortgage Trust 2022-IND 144A, (1 mo. Term Secured Overnight Financing Rate + 6.000%), 11.33%, 2/15/39 (a)(b) | | | 245 | |
360,000 | | TPGI Trust 2021-DGWD 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 7.80%, 6/15/26 (a)(b) | | | 343 | |
| | | | | | |
Principal
or Shares | | Security Description | | Value
(000) | |
| | |
257,392 | | TTAN 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.85%, 3/15/38 (a)(b) | | $ | 244 | |
400,000 | | Wells Fargo Commercial Mortgage Trust 2017- SMP 144A, (1 mo. Term Secured Overnight Financing Rate + 1.822%), 7.16%, 12/15/34 (a)(b) | | | 342 | |
7,998,282 | | Wells Fargo Commercial Mortgage Trust 2018- C46, 0.92%, 8/15/51 (j) | | | 186 | |
| | | | | | |
Total Mortgage Backed (Cost - $17,704) | | | 16,567 | |
| | | | | | |
U.S. Treasury (3%) | | | | |
3,400,000 | | U.S. Treasury Note, 5.13%, 10/31/25
(Cost - $3,397) | | | 3,396 | |
Investment Company (2%) | | | | |
813,851 | | Payden Cash Reserves Money Market Fund * | | | 814 | |
331,915 | | Payden Emerging Markets Local Bond Fund * | | | 1,504 | |
Total Investment Company (Cost - $2,374) | | | 2,318 | |
Purchase Options (0%) | | | | |
Total Purchase Options (Cost - $79) | | | 47 | |
| |
Total Investments (Cost - $115,710) (101%) | | | 111,061 | |
Liabilities in excess of Other Assets (-1%) | | | (1,225 | ) |
| |
Net Assets (100%) | | $ | 109,836 | |
| | | | | | |
| (a) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. |
| (b) | Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board. |
| (c) | Principal in foreign currency. |
| (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. |
| (f) | Yield to maturity at time of purchase. |
| (g) | Floating rate security. The rate shown reflects the rate in effect at October 31, 2023. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |
| (h) | Perpetual security with no stated maturity date. |
| (i) | Security was purchased on a delayed delivery basis. |
| (j) | 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% | | | | | | | | | | | | | | | | | | | | | | | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | 2,000 | | | | $8 | | | $ | 69 | | | | 11/17/2023 | | | $ | 8 | | | | Put | |
| SPDR S&P Homebuilders ETF | | | 295 | | | | 39 | | | | 65 | | | | 01/19/2024 | | | | 39 | | | | Put | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Purchase Options | | | | | | | | | | | | | | | | | | $ | 47 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Annual Report 7
Portfolio Highlights & Investments continued
Open Forward Currency Contracts to USD
| | | | | | | | | | | | | | | | | | | | |
Currency
Purchased
(000s) | | Currency
Sold
(000s) | | Counterparty | | Settlement
Date | | Unrealized
Appreciation
(Depreciation)
(000s) |
Assets: | | | | | | | | | | | | | | | | | | | | |
EUR 128 | | | | USD 135 | | | | | Citibank, N.A. | | | | | 03/18/2024 | | | | $ | 1 | |
| USD 812 | | | | CHF 729 | | | | | BNP PARIBAS | | | | | 11/22/2023 | | | | | 9 | |
USD 506 | | | | AUD 787 | | | | | Citibank, N.A. | | | | | 11/22/2023 | | | | | 6 | |
| USD 4,196 | | | | BRL 20,970 | | | | | Citibank, N.A. | | | | | 01/10/2024 | | | | | 71 | |
USD 7,331 | | | | EUR 6,830 | | | | | Citibank, N.A. | | | | | 03/18/2024 | | | | | 57 | |
| USD 1,021 | | | | CAD 1,366 | | | | | HSBC Bank USA, N.A. | | | | | 11/22/2023 | | | | | 35 | |
USD 812 | | | | CHF 729 | | | | | HSBC Bank USA, N.A. | | | | | 11/22/2023 | | | | | 8 | |
| USD 1,014 | | | | EUR 928 | | | | | HSBC Bank USA, N.A. | | | | | 11/22/2023 | | | | | 31 | |
USD 300 | | | | CAD 405 | | | | | HSBC Bank USA, N.A. | | | | | 03/18/2024 | | | | | 8 | |
| USD 583 | | | | GBP 470 | | | | | HSBC Bank USA, N.A. | | | | | 03/18/2024 | | | | | 11 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 237 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
| CAD 1,366 | | | | USD 1,008 | | | | | Citibank, N.A. | | | | | 11/22/2023 | | | | | (23 | ) |
EUR 928 | | | | USD 995 | | | | | HSBC Bank USA, N.A. | | | | | 11/22/2023 | | | | | (12 | ) |
| JPY 119,100 | | | | USD 816 | | | | | BNP PARIBAS | | | | | 11/22/2023 | | | | | (27 | ) |
JPY 73,800 | | | | USD 515 | | | | | Citibank, N.A. | | | | | 11/22/2023 | | | | | (27 | ) |
| USD 420 | | | | ZAR 7,940 | | | | | Citibank, N.A. | | | | | 11/22/2023 | | | | | (5 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | (94 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Net Unrealized Appreciation (Depreciation) | | | | | | | | | | | | | | | | | | $ | 143 | |
| | | | | | | | | | | | | | | | | | | | |
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 | | | | 153 | | | | | Dec-23 | | | | $ | 30,971 | | | | $ | (53 | ) | | | $ | (53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Short Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Euro-Bobl Future | | | | 21 | | | | | Dec-23 | | | | | (2,584 | ) | | | | 13 | | | | | 13 | |
| Euro-Bund Future | | | | 81 | | | | | Dec-23 | | | | | (11,055 | ) | | | | (72 | ) | | | | (72) | |
| Euro-Schatz Future | | | | 3 | | | | | Dec-23 | | | | | (334 | ) | | | | 1 | | | | | 1 | |
| U.S. Long Bond Future | | | | 6 | | | | | Dec-23 | | | | | (657 | ) | | | | 6 | | | | | 6 | |
| U.S. Treasury 10-Year Note Future | | | | 30 | | | | | Dec-23 | | | | | (3,185 | ) | | | | 94 | | | | | 94 | |
| U.S. Treasury 10-Year Ultra Future | | | | 14 | | | | | Dec-23 | | | | | (1,524 | ) | | | | 67 | | | | | 67 | |
| U.S. Treasury 5-Year Note Future | | | | 102 | | | | | Dec-23 | | | | | (10,657 | ) | | | | 116 | | | | | 116 | |
| U.S. Ultra Bond Future | | | | 2 | | | | | Dec-23 | | | | | (225 | ) | | | | 28 | | | | | 28 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | 253 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Futures | | | | | | | | | | | | | | | | | | | | | | | $ | 200 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
8 Payden Mutual Funds
Open Centrally Cleared Credit Default Swap Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity
Date | | Notional
Amount
(000s) | | Value
(000s) | | Upfront
payments/
receipts
(000s) | | Unrealized
Appreciation/
(Depreciation)
(000s) |
| Protection Bought (Relevant Credit: Markit CDX, North America High Yield Series 41 Index), Pay 5% Quarterly, Receive upon credit default | | 12/20/2028 | | USD 4,600 | | | $ | 2 | | | | $ | (24 | ) | | | $ | 26 | |
| Protection Bought (Relevant Credit: Markit iTraxx Crossover), Pay 5% Quarterly, Receive upon credit default | | 12/20/2028 | | EUR 4,300 | | | | (116 | ) | | | | (137 | ) | | | | 21 | |
| Protection Bought (Relevant Credit: Republic of Turkey), Pay 1% Quarterly, Receive upon credit default | | 06/20/2025 | | USD 2,450 | | | | 53 | | | | | 71 | | | | | (18 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | $ | (61 | ) | | | $ | (90 | ) | | | $ | 29 | |
| | | | | | | | | | | | | | | | | | | |
Open Centrally Cleared Interest Rate Swap Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Maturity
Date | | Notional
Amount
(000s) | | Value
(000s) | | Upfront
payments/
receipts
(000s) | | Unrealized
Depreciation
(000s) |
| 10-Year SOFR Swap, Receive Fixed 1.517% Annually, Pay Variable 5.35% (SOFRRATE) Annually | | 03/03/2032 | | USD 2,413 | | | $ | (555 | ) | | | $ | — | | | | $ | (555 | ) |
| 10-Year SOFR Swap, Receive Fixed 1.615% Annually, Pay Variable 5.35% (SOFRRATE) Annually | | 03/04/2032 | | USD 1,207 | | | | (268 | ) | | | | — | | | | | (268 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | $ | (823 | ) | | | $ | — | | | | $ | (823 | ) |
| | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Annual Report 9
| | |
Statement of Assets & Liabilities | | |
| | | | |
| October 31, 2023 | | | | |
| Numbers in 000s | | | | |
| |
ASSETS: | | | | |
Investments, at value * | | $ | 108,743 | |
Affiliated investments, at value ** | | | 2,318 | |
Foreign cash *** | | | 179 | |
Cash pledged for financial futures contracts | | | 650 | |
Cash pledged for centrally cleared swaps | | | 707 | |
Receivable for: | | | | |
Interest and dividends | | | 821 | |
Investments sold | | | 1,118 | |
Fund shares sold | | | 345 | |
Futures | | | 10 | |
Forward currency contracts | | | 237 | |
Other assets | | | 32 | |
Total Assets | | | 115,160 | |
LIABILITIES: | | | | |
Payable for: | | | | |
Bank overdraft | | | 22 | |
Forward currency contracts | | | 94 | |
Investments purchased | | | 4,925 | |
Fund shares redeemed | | | 1 | |
Futures | | | 48 | |
Variation margin on centrally cleared swaps | | | 38 | |
Accrued expenses: | | | | |
Investment advisory fees (Note 3) | | | 38 | |
Administration fees (Note 3) | | | 14 | |
Distribution fees (Notes 3) | | | 21 | |
Trustee fees and expenses | | | 5 | |
Other liabilities | | | 118 | |
Total Liabilities | | | 5,324 | |
NET ASSETS | | $ | 109,836 | |
NET ASSETS: | | | | |
Paid in capital | | $ | 117,328 | |
Distributable earnings (loss) | | | (7,492 | ) |
NET ASSETS | | $ | 109,836 | |
NET ASSET VALUE — offering and redemption price per share in whole dollars | | | | |
Institutional Class | | | | |
Net Assets | | $ | 3,548 | |
Shares Outstanding | | | 339 | |
Net Asset Value Per Share | | $ | 10.47 | |
SI Class | | | | |
Net Assets | | $ | 77,527 | |
Shares Outstanding | | | 7,537 | |
Net Asset Value Per Share | | $ | 10.29 | |
Adviser Class | | | | |
Net Assets | | $ | 7,378 | |
Shares Outstanding | | | 741 | |
Net Asset Value Per Share | | $ | 9.95 | |
Retirement Class | | | | |
Net Assets | | $ | 21,383 | |
Shares Outstanding | | | 2,293 | |
Net Asset Value Per Share | | $ | 9.32 | |
| | | | |
* Investments, at cost | | $ | 113,336 | |
** Affiliated investments, at cost | | | 2,374 | |
*** Foreign cash, at cost | | | 179 | |
See notes to financial statements.
10 Payden Mutual Funds
| | | | |
| Period ended October 31, 2023 | | | | |
| Numbers in 000s | | | | |
| |
INVESTMENT INCOME: | | | | |
Interest income (Note 2) | | $ | 6,609 | |
Interest from affiliated investments | | | 65 | |
Dividend income | | | 816 | |
Dividend income from affiliated investment (Note 2) | | | 14 | |
Income from securities lending | | | 8 | |
Foreign tax withholdings | | | (2 | ) |
Investment Income | | | 7,510 | |
EXPENSES: | | | | |
Investment advisory fees (Note 3) | | | 1,129 | |
Administration fees (Note 3) | | | 154 | |
Shareholder servicing fees | | | 3 | |
Distribution fees (Note 3) | | | 126 | |
Custodian fees | | | 53 | |
Transfer agent fees | | | 46 | |
Registration and filing fees | | | 56 | |
Trustee fees and expenses | | | 16 | |
Printing and mailing costs | | | 65 | |
Loan commitment fees | | | 1 | |
Legal fees | | | 22 | |
Publication expense | | | 5 | |
Pricing fees | | | 49 | |
Fund accounting fees | | | 97 | |
Insurance | | | 2 | |
Audit fees | | | 52 | |
Gross Expenses | | | 1,876 | |
Expense subsidy (Note 3) | | | (677 | ) |
Net Expenses | | | 1,199 | |
Net Investment Income | | | 6,311 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES): | | | | |
Net realized gains (losses) from: | | | | |
Investments | | | (902 | ) |
Foreign currency transactions | | | 40 | |
Forward foreign exchange contracts | | | (328 | ) |
Futures contracts | | | 736 | |
Swap contracts | | | (663 | ) |
Change in net unrealized appreciation (depreciation) from: | | | | |
Investments | | | 1,746 | |
Translation of assets and liabilities in foreign currencies | | | (21 | ) |
Forward foreign exchange contracts | | | (110 | ) |
Affiliated Investments | | | (56 | ) |
Futures contracts | | | (201 | ) |
Swap contracts | | | 9 | |
Net Realized and Unrealized Gains | | | 250 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 6,561 | |
See notes to financial statements.
Annual Report 11
| | |
Statements of Changes in Net Assets | | |
For the periods ended October 31st
Numbers in 000s
| | | | | | | | | | |
| | | | | |
| | | 2023 | | 2022 |
INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | | | |
FROM OPERATIONS: | | | | | | | | | | |
Net investment income | | | $ | 6,311 | | | | $ | 2,906 | |
Net realized (losses) | | | | (1,117 | ) | | | | (2,184 | ) |
Change in net unrealized appreciation/(depreciation) | | | | 1,367 | | | | | (7,784 | ) |
Change in Net Assets Resulting from Operations | | | | 6,561 | | | | | (7,062 | ) |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | |
Net investment income and net realized gains from investments: | | | | | | | | | | |
Institutional Class | | | | (56 | ) | | | | (24 | ) |
SI Class | | | | (1,275 | ) | | | | (1,681 | ) |
Adviser Class | | | | (154 | ) | | | | (315 | ) |
Retirement Class | | | | (452 | ) | | | | (540 | ) |
Change in Net Assets from Distributions to Shareholders | | | | (1,937 | ) | | | | (2,560 | ) |
FROM CAPITAL TRANSACTIONS: | | | | | | | | | | |
Proceeds from fund shares sold: | | | | | | | | | | |
Institutional Class | | | | 541 | | | | | 1,839 | |
SI Class | | | | 26,378 | | | | | 15,703 | |
Adviser Class | | | | 764 | | | | | 2,295 | |
Retirement Class | | | | 2,223 | | | | | 2,484 | |
Reinvestment of distributions: | | | | | | | | | | |
Institutional Class | | | | 56 | | | | | 24 | |
SI Class | | | | 1,276 | | | | | 1,681 | |
Adviser Class | | | | 154 | | | | | 310 | |
Retirement Class | | | | 452 | | | | | 540 | |
Cost of fund shares redeemed: | | | | | | | | | | |
Institutional Class | | | | (16 | ) | | | | (12 | ) |
SI Class | | | | (20,980 | ) | | | | (25,535 | ) |
Adviser Class | | | | (8,212 | ) | | | | (2,709 | ) |
Retirement Class | | | | (3,619 | ) | | | | (6,337 | ) |
Change in Net Assets from Capital Transactions | | | | (983 | ) | | | | (9,717 | ) |
Total Change in Net Assets | | | | 3,641 | | | | | (19,339 | ) |
NET ASSETS: | | | | | | | | | | |
Beginning of period | | | | 106,195 | | | | | 125,534 | |
End of period | | | $ | 109,836 | | | | $ | 106,195 | |
FUND SHARES OF BENEFICIAL INTEREST: | | | | | | | | | | |
Institutional Class: | | | | | | | | | | |
Outstanding shares at beginning of period | | | | 283 | | | | | 101 | |
Shares sold | | | | 52 | | | | | 181 | |
Shares issued in reinvestment of distributions | | | | 6 | | | | | 2 | |
Shares redeemed | | | | (2 | ) | | | | (1 | ) |
Change in shares outstanding | | | | 56 | | | | | 182 | |
Outstanding shares at end of period | | | | 339 | | | | | 283 | |
SI Class: | | | | | | | | | | |
Outstanding shares at beginning of period | | | | 6,877 | | | | | 7,665 | |
Shares sold | | | | 2,600 | | | | | 1,558 | |
Shares issued in reinvestment of distributions | | | | 129 | | | | | 160 | |
Shares redeemed | | | | (2,069 | ) | | | | (2,506 | ) |
Change in shares outstanding | | | | 660 | | | | | (788 | ) |
Outstanding shares at end of period | | | | 7,537 | | | | | 6,877 | |
Adviser Class: | | | | | | | | | | |
Outstanding shares at beginning of period | | | | 1,493 | | | | | 1,497 | |
Shares sold | | | | 77 | | | | | 237 | |
Shares issued in reinvestment of distributions | | | | 16 | | | | | 31 | |
Shares redeemed | | | | (845 | ) | | | | (272 | ) |
Change in shares outstanding | | | | (752 | ) | | | | (4 | ) |
Outstanding shares at end of period | | | | 741 | | | | | 1,493 | |
Retirement Class: | | | | | | | | | | |
Outstanding shares at beginning of period | | | | 2,397 | | | | | 2,735 | |
Shares sold | | | | 241 | | | | | 271 | |
Shares issued in reinvestment of distributions | | | | 50 | | | | | 56 | |
Shares redeemed | | | | (395 | ) | | | | (665 | ) |
Change in shares outstanding | | | | (104 | ) | | | | (338 | ) |
Outstanding shares at end of period | | | | 2,293 | | | | | 2,397 | |
LONG TERM INVESTMENT ACTIVITY: | | | | | | | | | | |
Purchase of investments (excluding government) | | | | 143,072 | | | | | 124,866 | |
Sale of investments (excluding government) | | | | 142,797 | | | | | 130,444 | |
Purchase of government securities | | | | 41,581 | | | | | 5,123 | |
Sale of government securities | | | | 38,080 | | | | | 11,850 | |
See notes to financial statements.
12 Payden Mutual Funds
| | |
Notes to Financial Statements | | |
October 31, 2023
1. Organization and Related Matters
The Payden & Rygel Investment Group (the “Group”) is a no-load, open-end registered investment company organized as a Massachusetts business trust on January 22, 1992 and registered under the Investment Company Act of 1940 (the “1940 Act”), as amended. Each of its nineteen funds (each a “Fund,” collectively the “Funds”) is a series of the Group, and is authorized to issue unlimited shares at $0.001 par value. This report contains only the Payden/Managed Income Fund. The other Funds are contained in a separate report.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The Fund’s financial statements are prepared in accordance with GAAP.
The Fund is considered an investment company under FASB ASC 946, Financial Services - Investment Companies.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities Valuation
Domestic and foreign fixed income securities and other assets for which market quotations are readily available (other than obligations with original maturities of sixty days or less) are valued on the basis of quotes obtained from brokers and dealers or pricing services. Such quotations take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. Debt securities with original maturities of sixty days or less are valued at amortized cost, which approximates fair value.
Publicly traded equity securities, whether in the U.S. or outside the U.S., for which market quotations are readily available generally will be valued at the official closing price or the last sale price on the exchange or market where they are principally traded, or if there have been no sales during the day, at the last bid price. Securities traded only on the over-the-counter (“OTC”) market are valued at the latest bid price. Investments in nonregistered investment companies are valued at their net asset values as reported by such companies.
Options, futures, swaps and other similar instruments are valued at the official closing price, in the case of exchange traded derivatives, or on the basis of information provided by pricing services, quotes obtained from brokers and dealers, and market trades in the case of other securities.
Fixed income or equity securities for which market quotations are not readily available are priced at their fair value as determined in good faith under procedures established pursuant to the Valuation and Liquidity Guidelines applicable to the Fund. In considering fair value of a security, one or more factors are taken into consideration depending on the circumstances at the time, including for example: the cost of the security or the last reported sales price of the security as a starting point; changes in interest rates; changes in yield spreads of similarly rated or structured securities; fundamental analytical information relating to the security; the value of other similar securities traded on other markets or among dealers; the general financial condition of the issuer; recent developments affecting the issuer; information, including price quotations, from other financial institutions or analysts; or government actions or pronouncements and other significant events affecting the economy, the markets, the fundamental value of the issuer or of the issuer’s industry.
Shares of open-end investment companies are valued at their respective net asset value.
Fair value pricing adjustments may occur when (1) developments occur (a “significant event”) that will affect the value of a Fund’s holdings, and (2) the significant event occurs after the close of the markets on which the securities trade, but before the time when the net asset value is computed for a Fund. A significant event may relate to a single issuer or an entire market.
Risks
Unforeseen events in the markets may at times result in an unusually high degree of volatility in the markets, which could adversely affect the fund causing a decline in value.
Annual Report 13
| | |
Notes to Financial Statements continued | | |
Investing in debt securities may include failure of an issuer to make timely interest or principal payments, or a decline or the perception of a decline in credit quality. In addition, the value of the debt security may decline due to general market conditions that are not specifically related to a particular company including industry earnings outlook, changes in interest or currency rates or perception of a specific industry.
Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities.
An investment in the Payden Cash Reserves Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Payden Cash Reserves Money Market Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Payden Cash Reserves Money Market Fund.
Investment Transactions and Related Income
Investment transactions are accounted for on the date the security is purchased or sold (trade date) for financial reporting purposes. Interest income is recognized on an accrual basis. Premiums and discounts are amortized or accreted over the expected life of the security using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses on investment transactions are determined on the identified cost basis.
Bank Loans
Floating-Rate Loan Interests (“Bank Loans”) in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain Bank Loans are subject to a LIBOR floor that establishes a minimum LIBOR rate. The interest rate shown on the Schedule of Investments reflects the rate in effect at October 31st. When a range of rates is disclosed, the Fund holds more than one position within the same tranche at varying rates.
Bank loans are subject to various restrictive covenants that protect the lender or investor. Loans with fewer or no restrictive covenants, “covenant light” loans, provide the
issuer more flexibility and reduce investor protections in the event of a breach, and may cause the fund to experience more difficulty or delay in enforcing its rights. A significant portion of bank loans are “covenant light.”
Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars. The Fund may purchase securities that are denominated in foreign currencies. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rates. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the exchange rates on the dates of the respective transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from the fluctuations arising from changes in security prices.
Reported net realized foreign exchange gains or losses arise from purchases and sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the differences between the amounts of income or expenses recorded on the Fund’s books and the U.S. dollar equivalents of the amounts actually received or paid. Net unrealized appreciation/depreciation from translation of assets and liabilities denominated in foreign currency arise from changes in the value of assets and liabilities resulting from changes in the foreign exchange rates.
Forward Currency Contracts
The Fund enters into forward currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The Fund enters into forward currency contracts to protect against adverse currency movements or as speculative investments. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contact settlement date or an offsetting forward foreign currency contract has been executed, at which time the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risk may arise upon entering into these contracts from potential inability of the counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
Futures Contracts
The Fund invests in futures contracts to hedge against anticipated future changes in interest or exchange rates or
14 Payden Mutual Funds
security prices. In addition, the Fund entered into such transactions to enhance potential gain in circumstances where hedging is not involved.
The purchase or sale of futures contracts and options on futures contracts provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or foreign currency at a fixed price on a future date. Upon entering into such a contract, the Fund is required to deposit and maintain initial margin deposit of cash or securities as required by the exchange on which the contract is traded.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The potential risk to the Fund is that the change in value of the underlying securities may not correlate to the change in value of the contracts.
Stock index futures contracts are an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Variation margin accounting procedures apply to these index futures contracts. The Fund invests in these futures contracts to permit the Fund to meet its objectives at a lower cost than investing directly in equity securities, while permitting the equivalent of an investment in a portfolio of equity securities. The potential risk to a Fund is that the change in value of the underlying index may not correlate to the change in value of the contracts.
Swap Contracts
The Fund may enter into swap agreements, in which a Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation) and realized gain (loss) is recorded at termination of the contract.
Upon entering into a centrally cleared swap, the Fund is required to deposit and maintain initial margin deposit of cash or securities as required by the exchange on which the contract is traded. Pursuant to a centrally cleared swap, the Fund agrees to receive from or pay to the broker an amount equal to the
daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The potential risk to the Fund is that the change in value of the underlying securities may not correlate to the change in value of the contracts.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, credit spreads and/or market values associated with these transactions.
The Fund may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which it is not otherwise exposed (credit risk). A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occur. As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap
Annual Report 15
| | |
Notes to Financial Statements continued | | |
less the recovery value of the security or underlying securities comprising the index.
The Fund may enter into total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.
For financial reporting purposes, swap interest and amortization is classified as realized or unrealized gain or loss on swap contracts.
Options Transactions
Option techniques may be utilized by the Fund to hedge against changes in interest rates, foreign currency exchange rates or security prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with investments in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets. In addition, the Fund may enter into such transactions to enhance potential gain in circumstances where hedging is not involved. When a Fund writes a covered call or put option, an amount equal to the premium received is reflected as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option.
When the Fund purchases a call or put option, an amount equal to the premium paid is included in the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently
marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call option, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities.
Derivative Financial Instruments
The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to economically hedge its exposure to certain risks such as credit risk, equity risk, interest rate risk and foreign currency exchange rate risk. These contracts may be transacted on an exchange or OTC.
The following tables show the Fund’s exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations.
Statements of Assets and Liabilities
Fair Values of Derivative Instruments as of October 31, 2023 (000s)
| | | | | | | | |
| | | Derivative | | | Derivative | |
Underlying Risk | | Assets ($) | | | Liabilities ($) | |
Credit1 | | | 47 | | | | (18) | |
Equity2 | | | 47 | | | | — | |
Interest rate1 | | | 325 | | | | (948) | |
Foreign currency3,4 | | | 237 | | | | (94) | |
| | | | | | | | |
Total | | | 656 | | | | (1,060) | |
| | | | | | | | |
| 1 | Includes cumulative appreciation/depreciation of futures contracts and centrally cleared swaps as reported in Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities as Receivable/Payable for futures and variation margin on centrally cleared swaps. |
| 2 | Includes options purchased at fair value as reported in the Schedule of Investments. |
| 3 | Receivable for forward currency contracts. |
| 4 | Payable for forward currency contracts. |
The Effect of Derivative Instruments on the Statement of Operations for the Period Ended October 31, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | |
Amount of Net Realized Gain or (Loss) on Derivatives
Recognized in Income (000s) |
Underlying risk | | Futures1 | | Forward Currency Contracts2 | | Options3 | | Swaps4 | | Total |
Credit | | | | — | | | | | — | | | | | — | | | | $ | (697 | ) | | | $ | (697 | ) |
Equity | | | | — | | | | | — | | | | $ | (18 | ) | | | | — | | | | | (18 | ) |
Interest rate | | | $ | 736 | | | | | — | | | | | — | | | | | 34 | | | | | 770 | |
Foreign exchange | | | | — | | | | $ | (328 | ) | | | | — | | | | | — | | | | | (328 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | $ | 736 | | | | $ | (328 | ) | | | $ | (18 | ) | | | $ | (663 | ) | | | $ | (273 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
16 Payden Mutual Funds
| 1 | Net realized gains (losses) from futures contracts. |
| 2 | Net realized gains (losses) from forward foreign exchange contracts. |
| 3 | Net realized gains (losses) from written option contracts and purchased options which are included in net realized gains (losses) on investments. |
| 4 | Net realized gains (losses) from swap contracts. |
The Effect of Derivative Instruments on the Statement of Operations for the Period Ended October 31, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net Change in Unrealized Appreciation or (Depreciation)
on Derivatives Recognized in Income (000s) |
Underlying risk | | Futures5 | | Forward
Currency Contracts6 | | Options7 | | Swaps8 | | Total |
Credit | | | | — | | | | | — | | | | | — | | | | $ | 190 | | | | $ | 190 | |
Equity | | | | — | | | | | — | | | | $ | 6 | | | | | — | | | | | 6 | |
Interest rate | | | $ | (201 | ) | | | | — | | | | | — | | | | | (181 | ) | | | | (382 | ) |
Foreign exchange | | | | — | | | | $ | (110 | ) | | | | — | | | | | — | | | | | (110 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | $ | (201 | ) | | | $ | (110 | ) | | | $ | 6 | | | | $ | 9 | | | | $ | (296 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| 5 | Change in net unrealized appreciation (depreciation) from futures contracts. |
| 6 | Change in net unrealized appreciation (depreciation) from forward foreign exchange contracts. |
| 7 | Change in net unrealized appreciation (depreciation) from written option contracts and purchased options which are included in change in unrealized appreciation (depreciation) on investments. |
| 8 | Change in net unrealized appreciation (depreciation) from swap contracts. |
During the period ended October 31, 2023 the average notional amount of derivatives as a percent of average net assets were as follows:
| | | | | | |
Foreign currency | | Credit | | Interest rate | | Equity |
| 12% | | 9% | | 10% | | 0% |
Counterparty Credit Risk
A derivative contract may suffer a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.
With exchange traded purchased options, futures and centrally cleared swaps, there is decreased counterparty credit risk to the Fund since the exchange or clearinghouse guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.
Collateral Requirements
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting
Annual Report 17
| | |
Notes to Financial Statements continued | | |
the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer is required, which is determined at the close of business of the Fund and additional required collateral is delivered to/ pledged by the Fund on the next business day. Typically, the Fund and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Securities Lending
Pursuant to a securities lending agreement with The Bank of New York Mellon, the Fund may lend securities to qualified institutions. All loans are secured by collateral of at least 102% of the value of the U.S. securities loaned and 105% of the value of the foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. The collateral is maintained by the custodian. Cash collateral is reinvested in the Payden Cash Reserves Money Market Fund. The Fund is entitled to receive all of the income on the securities loaned, in addition to income earned as a result of the lending transaction. Although each security is fully collateralized, the Fund bears the risk of delay in receiving additional collateral or in recovery of or loss of rights in the securities loaned should the borrower fail to return the securities in a timely manner. The Fund maintains the right to recall the securities on loan for voting purposes. The income earned is disclosed in the Statement of Operations.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy
or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The Fund’s securities lending agreements by counterparty which are subject to offset under a MSLA, is included within the Fund’s Schedule of Investments under the heading “Offsetting Assets and Liabilities.” For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to a MSLA on the Statement of Assets and Liabilities.
Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income and net realized gains on foreign currency transactions are declared and paid annually. Net realized gains on investments, if any, are declared and distributed at least annually. All distributions are paid in the form of additional shares unless cash payment is requested.
Distributions to shareholders are determined in accordance with income tax regulations, which may differ from GAAP.
Federal Income Taxes
It is the policy of the Fund to meet the requirements for qualification as a regulated investment company as defined in Sub-chapter M of the Internal Revenue Code (the ‘Code”), and to make distributions of net investment income and net realized gains sufficient to relieve it from all Federal income or excise taxes. As of and during the period ended October 31, 2023, the Fund did not record any liability for uncertain tax positions. Accordingly, no provision for Federal income or excise tax was made.
The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, the basis on which these financial statements are prepared. The differences arise primarily from the treatment of foreign currency transactions and futures contracts and the
18 Payden Mutual Funds
deferral of certain losses under Federal income tax regulations. Accordingly, the amounts of net investment income and net realized gains or losses reported in these financial statements may differ from those reported in each Fund’s tax return. Return of capital distributions and net investment losses for tax purposes, if any, are reclassified to paid in capital.
As of and during the period ended October 31, 2023, the Fund did not have any liabilities for any unrecognized tax positions. The Fund recognizes interest and penalties, if any, related to unrecognized tax positions as income tax expense in the
Statement of Operations. During the period, the Fund did not incur any interest or penalties.
Each of the tax years in the four-year period ended October 31, 2023 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Affiliated Investments
The Fund invests in the Payden Cash Reserves Money Market Fund, an affiliated Fund. Income earned, if any, by the Fund from affiliated funds for the period is disclosed in the Statement of Operations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fund | | Value
October 31,
2022 | | | Purchases | | | Sales | | | Dividends | | | Value
October 31,
2023 | | | Net Realized
Gain | | | Net Change
in Unrealized
Appreciation
(Depreciation) | |
Investments in Payden Emerging Markets Local Bond Fund | | | — | | | $ | 1,560,000 | | | | — | | | $ | 14,471 | | | $ | 1,503,573 | | | | — | | | | ($56,426 | ) |
Investments in Cash Reserves Money Market Fund | | $ | 2,858,383 | | | | 76,595,412 | | | $ | 78,639,944 | | | | 65,208 | | | | 813,851 | | | | — | | | | — | |
Custodian Credits
The Fund has entered into an agreement with the custodian, whereby it earns custodian fee credits for temporary cash balance. These credits, which offset custodian fees that may be charged to the Fund, are based on 75% of the daily effective federal funds rate, and are, subject to rounding, disclosed in the Statement of Operations. There were no custodian credits applicable to any fund during the period ended October 31, 2023.
Other
Income and realized and unrealized gain/loss are allocated to each class based on relative net assets. Shared expenses incurred by the Group are allocated among the Funds of the Group on the basis of relative net assets. Fund-specific expenses are charged to each Fund as incurred.
Accounting Standards
The FASB issued Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting in March 2020 and ASU 2021-01 in January 2021 which provided further amendments and clarifications to Topic 848. These ASUs provide optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR), and other interbank-offered
based reference rates, through December 31, 2022. In December 2022, FASB issued ASU 2022-06 which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Management intends to rely upon the relief provided under Topic 848, which is not expected to have a material impact on the funds financial statements.
3. Related Party Transactions
Payden & Rygel (the “Adviser”) provides investment advisory services to the Fund. Under the terms of the investment advisory agreement, Payden & Rygel is entitled to receive fees monthly, computed on the average daily net assets of the Fund at an annualized rate of 1.10%.
Payden & Rygel agreed to guarantee that, for so long as it acts as investment adviser to the Fund, the expenses of the Fund, including advisory fees (exclusive of interest and taxes) will not exceed 0.95% for the Institutional and SI classes, 1.20% for the Adviser class, and 1.45% for the Retirement class of average daily net assets on an annualized basis.
The adviser also voluntarily agreed to temporarily limit expenses, including advisory fees to 0.95% of the average daily net assets or an annualized basis through February 28, 2024 (exclusive of interest, taxes and 12b-1 fees).
Annual Report 19
| | |
Notes to Financial Statements continued | | |
The Fund remains liable to Payden & Rygel for expenses subsidized in any fiscal year up to a maximum of three years from the end of the period in which the expenses were subsidized as long as any reimbursement will not cause the annual expense ratio for the year in which it is made to exceed the amount of the expense guarantee or expense limit (whichever is in effect at the time of waiver or reimbursement).
The deferred expense subsidies represent the cumulative amount of expenses subsidized for the Fund through the end of the period. The amount of $1,486,325 ($402,793 for 2021, $406,729 for 2022 and $676,803 for 2023) is not considered a liability of the Fund, and therefore is not recorded as a liability in the Statement of Assets and Liabilities, but will be recognized as net expense in the Statement of Operations as expense previously deferred in future periods, if expense limits permit.
Treasury Plus, Inc., a wholly owned subsidiary of Payden & Rygel, serves as administrator to the Fund. Under the terms of the administration agreement, Treasury Plus, Inc. receives fees monthly, computed on the average daily net assets of the Fund at an annualized rate of 0.15%.
The Fund has adopted a plan pursuant to SEC rule 12b-1 by which Payden & Rygel Distributors receives fees monthly, computed on the average net assets of the Adviser class at an annualized rate of 0.25% and of the Retirement class at an annualized rate of 0.50%. Payden & Rygel Distributors does not receive a fee from the Institutional or SI classes.
Certain officers and/or trustees of the Group are affiliated with Payden & Rygel, Payden & Rygel Distributors and/or Treasury Plus, Inc. Such officers and trustees receive no fees from the Fund for serving as officers and/or trustees of the Group.
Indemnifications
Under the Group’s organizations documents, its trustees and officers are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects this risk of loss to be remote.
4. Fair Value Measurement
Various inputs are used in determining the value of the Fund’s investments and other financial instruments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels: Level 1 - quoted prices in active markets for identical investments; Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.), and Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). See Note 2 - Securities Valuation for a summary of the inputs used in valuing the Fund’s investments and other financial instruments.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Investments in Securities | |
| | | | |
| | | Level 1-Quoted Prices | | | Level 2-Other
Significant Observable
Inputs | | | Level 3-Significant
Unobservable Inputs | | | | |
| | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Total
(000’s) | |
Asset Backed | | | — | | | | — | | | $ | 31,435 | | | | — | | | | — | | | | — | | | $ | 31,435 | |
Bank Loans | | | — | | | | — | | | | 858 | | | | — | | | | — | | | | — | | | | 858 | |
Corporate Bond | | | — | | | | — | | | | 48,293 | | | | — | | | | — | | | | — | | | | 48,293 | |
Foreign Government | | | — | | | | — | | | | 8,147 | | | | — | | | | — | | | | — | | | | 8,147 | |
Mortgage Backed | | | — | | | | — | | | | 16,567 | | | | — | | | | — | | | | — | | | | 16,567 | |
U.S. Government | | | — | | | | — | | | | 3,396 | | | | — | | | | — | | | | — | | | | 3,396 | |
Options Purchased | | $ | 47 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 47 | |
Investment Company | | | 2,318 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,318 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 2,365 | | | | — | | | $ | 108,696 | | | | — | | | | — | | | | — | | | $ | 111,061 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
20 Payden Mutual Funds
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Other Financial Instruments1 | |
| | | | |
| | | Level 1-Quoted Prices | | | Level 2-Other
Significant Observable
Inputs | | | Level 3-Significant
Unobservable Inputs | | | | |
| | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Assets
(000’s) | | | Liabilities
(000’s) | | | Total
(000’s) | |
Forward currency contracts | | | — | | | | — | | | $ | 237 | | | $ | (94 | ) | | | — | | | | — | | | $ | 143 | |
Futures | | $ | 325 | | | $ | (125 | ) | | | — | | | | — | | | | — | | | | — | | | | 200 | |
Swaps | | | — | | | | — | | | | 47 | | | | (841 | ) | | | — | | | | — | | | | (794 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 325 | | | | (125 | ) | | | 284 | | | | (935 | ) | | | — | | | | — | | | | (451 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Other financial instruments are swaps, futures contracts, forward currency contracts and options written. Swaps, futures contracts and forward currency contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value. |
5. Federal Tax Information (amounts in 000s)
Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to distributable earnings and paid-in capital, as appropriate, in the period that the differences arise. For the year ended October 31, 2023, there were no permanent differences.
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.
As of October 31, 2023, the Fund had available for Federal income tax purposes unused capital losses of $7,875.
The tax character of distributions paid during the fiscal years ended October 31st is as follows (000’s):
| | | | | | |
| 2022 | | 2023 |
Ordinary
Income | | Long Term
Capital Gains | | Ordinary
Income | | Long Term
Capital Gains |
| $2,560 | | $— | | $1,937 | | $— |
At October 31, 2023, net unrealized appreciation (depreciation) on investments for Federal income tax purposes is as follows (000’s):
| | | | | | |
Cost of Investments
Federal Income
Tax Purposes | | Gross
Unrealized
Appreciation
on Investments | | Gross
Unrealized
Depreciation
on Investments | | Net
Unrealized
Appreciation
(Depreciation)
on Investments |
| $115,757 | | $1,242 | | $(5,938) | | $(4,696) |
At October 31, 2023, the components of accumulated earnings (deficit) for Federal income tax purposes are as follows (000’s):
| | | | | | | | | | |
Undistributed
Ordinary
Income | | Undistributed
Realized Long Term
Capital Gains | | Capital Loss
Carryforwards | | Distributions
Payable | | Net Unrealized
Appreciation
(Depreciation) | | Total Distributions
Earnings
(Deficit) |
| $5,103 | | $— | | $(7,875) | | $— | | $(4,720) | | $(7,492) |
6. Fund Changes
At a meeting held on December 20, 2022, the Board of Trustees (the “Board”) of the The Payden & Rygel Investment Group (the “Trust”) unanimously approved (i) the termination of the investment management agreement with Payden/Kravitz Investment Advisers LLC (the “Former Agreement”) effective December 30, 2022, (ii) a new investment management agreement (the “New Agreement”) between the Trust, on behalf of the Fund, and Payden & Rygel (“P&R”), and (iii) an interim investment management agreement between the Trust, on behalf of the Fund, and P&R (the “Interim Agreement”). In
connection with these approvals, the Board also approved a change in the name of the Fund, which previously was called the “Payden/Kravitz Cash Balance Plan Fund,” to the “Payden Managed Income Fund,” effective December 30, 2022.
P&R served as the investment adviser to the Fund pursuant to the Interim Agreement, which took effect on December 30, 2022, after the termination of the Former Agreement. P&R served as investment adviser pursuant to the Interim Agreement until April 14, 2023 at which time the shareholders approved the New Agreement.
Annual Report 21
| | |
Notes to Financial Statements continued | | |
7. Subsequent Events
The Fund has evaluated subsequent events through the issuance of the financial statements and has determined that no events have occurred that require disclosure.
22 Payden Mutual Funds
For the share outstanding for each of the periods ended October 31st
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 10.00 | | | $ | 10.85 | | | $ | 10.51 | | | $ | 10.87 | | | $ | 10.64 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.66 | (1) | | | 0.34 | (1) | | | 0.24 | (1) | | | 0.34 | (1) | | | 0.36 | (1) |
Net realized and unrealized gains (losses) | | | 0.01 | | | | (0.96 | ) | | | 0.47 | | | | (0.35 | ) | | | 0.21 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.67 | | | | (0.62 | ) | | | 0.71 | | | | (0.01 | ) | | | 0.57 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.20 | ) | | | (0.23 | ) | | | (0.37 | ) | | | (0.35 | ) | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 10.47 | | | $ | 10.00 | | | $ | 10.85 | | | $ | 10.51 | | | $ | 10.87 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.76 | % | | | (5.80 | )% | | | 6.94 | % | | | (0.08 | )% | | | 5.53 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 3,548 | | | $ | 2,829 | | | $ | 1,095 | | | $ | 530 | | | $ | 6,833 | |
Ratio of gross expense to average net assets | | | 1.71 | % | | | 1.60 | % | | | 1.54 | % | | | 1.52 | % | | | 1.44 | % |
Ratio of net expense to average net assets | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % |
Ratio of investment income less gross expenses to average net assets | | | 5.64 | % | | | 2.69 | % | | | 1.63 | % | | | 2.69 | % | | | 2.88 | % |
Ratio of net investment income to average net assets | | | 6.40 | % | | | 3.33 | % | | | 2.23 | % | | | 3.25 | % | | | 3.36 | % |
Portfolio turnover rate | | | 195 | % | | | 122 | % | | | 155 | % | | | 71 | % | | | 84 | % |
The Class commenced operations on June 1, 2016.
| | | | | | | | | | | | | | | | | | | | |
| | | SI Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.84 | | | $ | 10.70 | | | $ | 10.39 | | | $ | 10.78 | | | $ | 10.58 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.64 | (1) | | | 0.28 | (1) | | | 0.21 | (1) | | | 0.30 | (1) | | | 0.32 | (1) |
Net realized and unrealized gains (losses) | | | 0.00 | (2) | | | (0.91 | ) | | | 0.47 | | | | (0.34 | ) | | | 0.21 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.64 | | | | (0.63 | ) | | | 0.68 | | | | (0.04 | ) | | | 0.53 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.19 | ) | | | (0.23 | ) | | | (0.37 | ) | | | (0.35 | ) | | | (0.33 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 10.29 | | | $ | 9.84 | | | $ | 10.70 | | | $ | 10.39 | | | $ | 10.78 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.61 | % | | | (6.03 | )% | | | 6.66 | % | | | (0.42 | )% | | | 5.22 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 77,527 | | | $ | 67,639 | | | $ | 82,019 | | | $ | 98,931 | | | $ | 130,036 | |
Ratio of gross expense to average net assets | | | 1.71 | % | | | 1.62 | % | | | 1.54 | % | | | 1.51 | % | | | 1.44 | % |
Ratio of net expense to average net assets | | | 1.04 | % | | | 1.25 | % | | | 1.25 | % | | | 1.25 | % | | | 1.25 | % |
Ratio of investment income less gross expenses to average net assets | | | 5.63 | % | | | 2.40 | % | | | 1.66 | % | | | 2.63 | % | | | 2.87 | % |
Ratio of net investment income to average net assets | | | 6.29 | % | | | 2.76 | % | | | 1.95 | % | | | 2.90 | % | | | 3.06 | % |
Portfolio turnover rate | | | 195 | % | | | 122 | % | | | 155 | % | | | 71 | % | | | 84 | % |
The Fund commenced operations on September 22, 2008.
(1) Based on average shares outstanding.
(2) Amount is less than $0.005.
See notes to financial statements.
Annual Report 23
| | |
Financial Highlights continued | | |
For the share outstanding for each of the periods ended October 31st
| | | | | | | | | | | | | | | | | | | | |
| | | Adviser Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 9.53 | | | $ | 10.40 | | | $ | 10.13 | | | $ | 10.53 | | | $ | 10.36 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.58 | (1) | | | 0.25 | (1) | | | 0.17 | (1) | | | 0.26 | (1) | | | 0.29 | (1) |
Net realized and unrealized gains (losses) | | | 0.02 | | | | (0.90 | ) | | | 0.46 | | | | (0.32 | ) | | | 0.20 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.60 | | | | (0.65 | ) | | | 0.63 | | | | (0.06 | ) | | | 0.49 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.18 | ) | | | (0.22 | ) | | | (0.36 | ) | | | (0.34 | ) | | | (0.32 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.95 | | | $ | 9.53 | | | $ | 10.40 | | | $ | 10.13 | | | $ | 10.53 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.38 | % | | | (6.34 | )% | | | 6.37 | % | | | (0.61 | )% | | | 4.94 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 7,378 | | | $ | 14,226 | | | $ | 15,565 | | | $ | 15,534 | | | $ | 22,587 | |
Ratio of gross expense to average net assets | | | 1.95 | % | | | 1.87 | % | | | 1.79 | % | | | 1.76 | % | | | 1.69 | % |
Ratio of net expense to average net assets | | | 1.32 | % | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % |
Ratio of investment income less gross expenses to average net assets | | | 5.28 | % | | | 2.17 | % | | | 1.40 | % | | | 2.37 | % | | | 2.63 | % |
Ratio of net investment income to average net assets | | | 5.90 | % | | | 2.54 | % | | | 1.69 | % | | | 2.64 | % | | | 2.81 | % |
Portfolio turnover rate | | | 195 | % | | | 122 | % | | | 155 | % | | | 71 | % | | | 84 | % |
The Fund commenced operations on September 22, 2008.
| | | | | | | | | | | | | | | | | | | | |
| | | Retirement Class | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net asset value — beginning of period | | $ | 8.97 | | | $ | 9.82 | | | $ | 9.60 | | | $ | 10.03 | | | $ | 9.91 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment activities: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.53 | (1) | | | 0.21 | (1) | | | 0.14 | (1) | | | 0.22 | (1) | | | 0.25 | (1) |
Net realized and unrealized gains (losses) | | | 0.01 | | | | (0.84 | ) | | | 0.44 | | | | (0.31 | ) | | | 0.20 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment activities | | | 0.54 | | | | (0.63 | ) | | | 0.58 | | | | (0.09 | ) | | | 0.45 | |
| | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.19 | ) | | | (0.22 | ) | | | (0.36 | ) | | | (0.34 | ) | | | (0.33 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value — end of period | | $ | 9.32 | | | $ | 8.97 | | | $ | 9.82 | | | $ | 9.60 | | | $ | 10.03 | |
| | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.07 | % | | | (6.55 | )% | | | 6.19 | % | | | (0.93 | )% | | | 4.68 | % |
| | | | | | | | | | | | | | | | | | | | |
Ratios/supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 21,383 | | | $ | 21,501 | | | $ | 26,855 | | | $ | 36,402 | | | $ | 35,677 | |
Ratio of gross expense to average net assets | | | 2.21 | % | | | 2.12 | % | | | 2.04 | % | | | 2.02 | % | | | 1.94 | % |
Ratio of net expense to average net assets | | | 1.55 | % | | | 1.75 | % | | | 1.75 | % | | | 1.75 | % | | | 1.75 | % |
Ratio of investment income less gross expenses to average net assets | | | 5.10 | % | | | 1.90 | % | | | 1.17 | % | | | 2.07 | % | | | 2.38 | % |
Ratio of net investment income to average net assets | | | 5.75 | % | | | 2.26 | % | | | 1.46 | % | | | 2.34 | % | | | 2.57 | % |
Portfolio turnover rate | | | 195 | % | | | 122 | % | | | 155 | % | | | 71 | % | | | 84 | % |
The Class commenced operations on April 6, 2009.
(1) Based on average shares outstanding.
See notes to financial statements.
24 Payden Mutual Funds
| | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | |
To the Shareholders and Board of Trustees of
The Payden & Rygel Investment Group
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Payden Managed Income Fund, one of the funds comprising the Payden & Rygel Investment Group (the “Fund”), including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ DELOITTE &TOUCHE LLP
Los Angeles, California
December 29, 2023
We have served as the auditor of one or more of The Payden & Rygel Investment Group investment companies since 1992.
Annual Report 25
| | |
Fund Expenses (unaudited) | | |
Understanding Your Fund’s Expenses
Shareholders of mutual funds, incur two types of costs: transaction costs incurred from buying or selling fund shares and ongoing costs incurred from the funds daily operations. The table below is provided to highlight ongoing cost only. If transaction costs were included your cost would have been higher.
Actual Expenses
The table below is useful in estimating actual expenses paid during the six-month period ended October 31, 2023. It uses each Fund’s actual return and expense ratio for the period (184/365 days) to calculate the ongoing expenses paid by a shareholder with an initial investment of $1,000. To estimate the actual expense that you paid over the period, divide your beginning account value by 1,000 and multiply the quotient by the number in the Expenses Paid During the Period column.
| | | | | | | | | | | | | | | | | | | | |
| | | Value
May 1, 2023 | | | Value
October 31, 2023 | | | 6-Month
Return | | | Expense
Ratio | | | Expenses
Paid | |
Institutional Class | | $ | 1,000.00 | | | $ | 1,010.60 | | | | 1.06 | % | | | 0.95 | % | | $ | 4.81 | |
SI Class | | | 1,000.00 | | | | 1,010.80 | | | | 1.08 | % | | | 0.95 | % | | | 4.81 | |
Adviser Class | | | 1,000.00 | | | | 1,009.10 | | | | 0.91 | % | | | 1.20 | % | | | 6.08 | |
Retirement Class | | | 1,000.00 | | | | 1,007.60 | | | | 0.76 | % | | | 1.45 | % | | | 7.34 | |
Hypothetical Expenses
The table below is provided so that you can compare a Fund’s ongoing expenses with those of another fund. It uses a hypothetical gross annual return of 5%, which is not the Fund’s actual return, and each Fund’s actual expense ratio (184/365 days) for the six-month period ended October 31, 2023 to calculate the ongoing expenses paid by a shareholder with an initial investment of $1,000.
| | | | | | | | | | | | | | | | | | | | |
| | | Value
May 1, 2023 | | | Value
October 31, 2023 | | | 6-Month
Return | | | Expense
Ratio | | | Expenses
Paid | |
Institutional Class | | $ | 1,000.00 | | | $ | 1,020.42 | | | | 2.04 | % | | | 0.95 | % | | $ | 4.84 | |
SI Class | | | 1,000.00 | | | | 1,020.42 | | | | 2.04 | % | | | 0.95 | % | | | 4.84 | |
Adviser Class | | | 1,000.00 | | | | 1,019.16 | | | | 1.92 | % | | | 1.20 | % | | | 6.11 | |
Retirement Class | | | 1,000.00 | | | | 1,017.90 | | | | 1.79 | % | | | 1.45 | % | | | 7.37 | |
26 Payden Mutual Funds
| | |
Approval of Investment Advisory Agreement (Unaudited) | | |
1. Background
Among its other duties, and most likely the most important duty of the Board of Trustees (the “Board” or the “Trustees”) of The Payden & Rygel Investment Group (the “P&R Trust”) is its initial approval, and subsequently its annually approval, of the investment management agreement (the “Agreement”) between Payden & Rygel (“Adviser”) and the P&R Trust with respect to the Payden Managed Income Fund (the ”Fund”). Under the Agreement, the Adviser is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Fund.
Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the P&R Trust, as that term is defined in the 1940 Act (each an “Independent Trustee,” and collectively, “Independent Trustees”), annually renews that Agreement. Six of the P&R Trust’s eight Trustees are deemed to be Independent Trustees for this purpose.
In order to assure that the Board’s Audit Committee (the “Audit Committee”) had sufficient time to review and discuss the material presented to it, the Audit Committee had a special session of the Audit Committee on Thursday, June 15, 2023, to assure the Audit Committee had sufficient time to consider the material presented to it.
Following that session, and after the Audit Committee had the further opportunity to discuss the approval of the investment advisers at its regularly scheduled meeting on June 20, 2023, the Audit Committee recommended unanimously and the Board of Trustees of the P&R Trust unanimously approved the Agreement between the Adviser and the P&R Trust with respect to the Fund for an additional year through June 30, 2024. The Board approved the Agreement following the recommendation of the Audit Committee , which is composed of all six of the P&R Trust’s Independent Trustees. In reaching these decisions, the Board took into account information furnished to it throughout the year at meetings of the Board and the Board’s committees, as well as extensive information prepared specifically in connection with the annual renewal process. The determination made by each of the Independent Trustees also took into account various factors that they believed to be relevant, in light of (1) the legal advice furnished to them by Paul Hastings LLP (“Paul Hastings”), independent legal counsel to the Independent Trustees, and (2) the business judgment made by each Independent Trustees.
2. Overview of the Approval or Renewal Process
In considering the annual renewal with respect to the Fund, the Board followed its previously established process, as follows. As part of that process, the Board delegates the initial responsibility for the renewal process and related tasks to the Audit Committee. These tasks include working with the Adviser and Paul Hastings (1) to develop Section 15(c)-related guidelines and specific requests with respect to the type of information to be provided to the Audit Committee and the Board in connection with the proposed contract renewal, and (2) to evaluate the information provided in response to these guidelines and requests.
Consistent with its established process, the P&R Trust retained Broadridge to prepare a report on the Fund to assist the Audit Committee and the Board in their respective deliberations. Broadridge is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their investment advisory contract review processes.
Broadridge produced, among other information, performance and expense comparison data regarding the Fund, including data relating to the Fund’s advisory fee rates, total expense ratios, short-term and long-term investment performance, and portfolio turnover rates. Broadridge also compared much of this data for the Fund against a universe of investment companies and against a more selective peer group of investment companies with similar investment objectives and strategies, each of which was selected by Broadridge, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. Broadridge then summarized the methodologies it employed to provide the data contained in its report. In addition, Broadridge
[1] The Paydenfunds covered by this approval are the Payden Cash Reserves Money Market Fund, Payden Limited Maturity Fund, Payden Low Duration Fund, Payden U.S. Government Fund, Payden GNMA Fund, Payden Core Bond Fund, Payden Strategic Income Fund, Payden Absolute Return Bond Fund, Payden Corporate Bond Fund, Payden High Income Fund, Payden Floating Rate Fund, Payden California Municipal Social Impact Fund, Payden Global Low Duration Fund, Payden Global Fixed Income Fund, Payden Emerging Markets Bond Fund, Payden Emerging Markets Local Bond Fund, Payden Emerging Markets Corporate Bond Fund and Payden Equity Income Fund.
Annual Report 27
| | |
Approval of Investment Advisory Agreement (Unaudited) continued | | |
represented to the Board that its reports were designed specifically to provide the Board with information on the fees, expense and other performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that it, and not the Adviser, had identified the selected comparative peer groups and universes, and that it did so in a manner that was not intended to produce biased results for its clients.
In advance of the Board meeting held on June 20, 2023, Paul Hastings requested on behalf of the Audit Committee and the Board, respectively, and the Adviser provided, extensive information that was designed to assist the Audit Committee and the Board in their consideration about whether to renew the Agreement for the Fund. In addition to the date provided by Broadridge as described above, this information included, but was not limited to, the following: (1) the nature, extent and quality of services provided or to be provided by the Adviser to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by the Adviser and its affiliates from their relationship with the Fund; (4) fees charged by other investment advisers for the same or similar work; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by the Adviser with other clients to whom the Adviser provides comparable services; and (8) any other benefits derived or anticipated to be derived by the Adviser or its affiliates from their relationship with the Fund.
As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to approve the renewal of the Agreement. In reaching its decisions regarding the renewal of the Agreement for Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Fund. In addition, the Board received and considered information from Paul Hastings as to certain relevant guidelines that relate to the approval or renewal process under Section 15(c) of the 1940 Act. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors, and thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for Fund. At its meeting on June 15, 2021, the Board voted unanimously to renew the Agreement for the Fund. Set forth below are the general factors the Board considered in making its decision.
3. Nature, Extent and Quality of Services
The Board and Audit Committee members considered a number of factors related to the services provided by the Adviser, including the breadth and depth of the Adviser’s investment advisory process, the experience, expertise and quality of the Adviser’s investment professionals, the experience, leadership ability and integrity of the Adviser’s senior management, the long tenure of its key personnel, and the overall financial strength, stability and viability of the Adviser. They also considered the Adviser’s ability and commitment to attract and retain qualified personnel, and its commitment to maintain and enhance its investment advisory resources and information technology systems. The Board and Audit Committee further considered the Adviser’s strong commitment to compliance with applicable laws and regulations and the nature and extent of its compliance program and records. Finally, they took into account the administrative, distribution and shareholder services to be provided by the Adviser or its affiliates to the Fund under the Agreement and other agreements. Based on the foregoing, the Board and Audit Committee each concluded that the investment advisory and related services to be provided by the Adviser and its affiliates have benefited and should continue to benefit the Fund and its shareholders.
4. Investment Results
At its regular quarterly Board meetings during the past year, the Board reviewed the investment results of the Fund compared to its respective peers and benchmark index, paying specific attention to performance which did not measure up to the Adviser’s expectations and to the plans by the Adviser to deal with that situation. In addition, as a part of the annual review of the Agreement, the Board and Audit Committee specifically reviewed a report prepared by Broadridge, which contained the Fund’s performance for various time periods, i.e., 1-year, 3-years, 5-years and 10-years, as compared to the performance of (1) a group of comparable mutual funds (the “Peer Group”) selected by Broadridge, and (2) the Fund’s benchmark index. The Board and Audit Committee concluded that, overall, the short-term and long-term results for the Fund have been satisfactory, and that for the most recent calendar year, the Fund’s results continued on a satisfactory track. In sum, the Board and Audit Committee concluded that the Adviser’s continued management should benefit the Fund and its shareholders.
28 Payden Mutual Funds
5. Advisory Fees and Total Expenses
The Board and the Audit Committee reviewed the Fund’s net operating expense ratio and its various fee and expense components, and then compared those fees and expenses to the fee and expense information for a peer group for the Fund. They observed that the advisory fees and expenses for the Fund continue to be very competitive with the advisory fees and expenses of this peer group. The Board and Audit Committee also reviewed information regarding the advisory fees paid by other registered investment companies, pension funds and other institutional clients of the Adviser with respect to similar investment mandates for the Fund. They noted that, although the fees paid by those clients generally were lower than those paid by the Fund, the differences appropriately reflected the significant investment, operational and regulatory differences between advising SEC-registered mutual funds and advising separately managed institutional accounts Overall, the Board and Audit Committee concluded that the Fund’s cost structure was fair and reasonable in relation to the services provided, and that the Fund’s shareholders receive reasonable value in return for the advisory fees paid to the Adviser by the Fund.
6. Adviser Profitability and Indirect Benefits
The Board and Audit Committee reviewed information at the P&R Trust level regarding the Adviser’s cost of providing services to the Fund, as well as the resulting level of profits to the Adviser. The Trustees further reviewed the cost allocation methodology used to determine the Adviser’s profitability of providing services to the Fund as well as possible economies of scale that might be achieved. Based on that review, the Board and Audit Committee concluded that the profits earned by the Adviser were not excessive in view of the advisory, administrative and other services provided to the Fund. Finally, the Board and Audit Committee noted that the Adviser indirectly benefited from its advisory relationship with the Fund by its ability to invest more efficiently the assets of small, separately managed accounts in the Fund, and because the availability of the Fund enhanced the Adviser’s business reputation and name recognition.
7. Specific-Fund Factors
The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. References below to quintiles are based on data provided to the Board in the report prepared by Broadridge. All time periods referenced below ended as of April 30, 2023.
• Adviser Fee: The Adviser’s annual contractual management fee rate for the Fund is 1.10%, placing it in the fourth quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.
• Total Expenses: The Fund’s total expenses were in the fourth quintile of the group of comparable funds selected by Broadridge for expense comparison purposes. The Adviser has contractually agreed that, for so long as it is the investment adviser to the Fund, the total Annual Fund Operating Expenses will not exceed 1.25%. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.95%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed.
• Performance: The Fund was in the second quintile for each of the one-year and three-year periods, in the third quintile for the five-year period, and in the fourth quintile for the ten-year period of the group of comparable funds.
Annual Report 29
| | | | | | | | | | | | |
| Name & Address | | Age | | Position
with Fund | | Year
Elected | | Number of Portfolios | | Principal
Occupations(s) | | Other
Directorships
Held |
| 333 S. Grand Avenue Los Angeles, CA 90071 | | | | | | | | | | | | |
| | | | | | |
| Trustees (1) | | | | | | | | | | | | |
| Stephanie Bell-Rose | | 66 | | Independent Trustee | | 2020 | | 19 | | Retired, Senior Managing Director, TIAA | | |
| W. D. Hilton, Jr. | | 76 | | Chairman, Independent Trustee | | 1993 | | 19 | | Trustee/Administrator, Asbestos Bankruptcy Trusts; General Partner, Mendenhall Partners Ltd.; Private Investor | | |
| Thomas V. McKernan, Jr. | | 79 | | Independent Trustee | | 1993 | | 19 | | Vice Chair, Automobile Club of Southern California; Director, Forest Lawn Memorial Parks; Director, First American Financial | | |
| Rosemarie T. Nassif | | 82 | | Independent Trustee | | 2008 | | 19 | | Executive Director, | | |
| | | | | | | | | | Center for Catholic Education, Loyola Marymount University, President Emerita, Holy Names University | | |
| Andrew J. Policano | | 74 | | Independent Trustee | | 2008 | | 19 | | Former Dean, The Paul Merage School of Business, University of California, Irvine | | |
| Dennis C. Poulsen | | 81 | | Independent Trustee | | 1992 | | 19 | | Chairman, Clean Energy Enterprises; Private Investor | | |
| Jordan H. Lopez | | 42 | | Interested Trustee | | 2020 | | 19 | | Director, Payden & Rygel | | |
| Asha B. Joshi | | 66 | | Interested Trustee | | 2021 | | 19 | | Managing Director, Payden & Rygel | | |
| Officers (2) | | | | | | | | | | | | |
| Mary Beth Syal | | | | Chief Operating Officer | | 2021 | | | | Managing Director, Payden & Rygel | | |
| Brian W. Matthews | | | | Chief Financial Officer | | 2003 | | | | Managing Director and CFO, Payden & Rygel | | |
| Bradley F. Hersh | | | | Vice President and Treasurer | | 1998 | | | | Managing Director and Treasurer, Payden & Rygel | | |
| Sandi Brents | | | | Vice President and CCO | | 2016 | | | | Senior Vice President and Senior Compliance Officer, Payden & Rygel | | |
| Alejandra Murphy | | | | Vice President | | 2021 | | | | Director Payden & Rygel | | |
| Reza Pishva | | | | Secretary | | 2022 | | | | Director and General Counsel, Payden & Rygel | | |
Additional information about the Trustees is included in the SAI and is available without charge, upon request at payden.com or 1800 5 PAYDEN.
(1) Trustees do not have a set term of office, but serve until their resignation, death or removal.
(2) Officers are elected by, and serve at the pleasure of, The Board of Trustees.
30 Payden Mutual Funds
IMPORTANT INFORMATION: The information contained in this report is intended for shareholders of the Payden Mutual Funds only. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current prospectus which provides further details.
The performance numbers presented in this report are derived from historical market data. There is no guarantee of future performance nor are Fund shares guaranteed. Investment return and principal value of an investment in a Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund shares are sold through Payden & Rygel Distributors, member FINRA.
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov or the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800 SEC-0330.
To view the Fund’s proxy voting guidelines and proxy voting record for the period ended June 30th, visit the SEC’s web site at http://www.sec. gov. You may also call 800 572-9336 to request a free copy of the proxy voting guidelines.
Item 2. Code of Ethics.
Effective June 9, 2003, the registrant adopted “The Payden & Rygel Investment Group Supplemental Code of Ethics for Principal Officers and Senior Financial Officers” (the “Supplemental Code of Ethics”) that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller. A copy of the Supplemental Code of Ethics was filed as an exhibit to the registrant’s Annual Report on Form N-CSR for the fiscal year-end and reporting period of October 31, 2003. There has been no amendment to the Supplemental Code of Ethics during the period covered by this report, and the registrant has not granted any waiver, including any implicit waiver, from any provision of the Supplemental Code of Ethics during the period covered by this report. Any person may obtain without charge a copy of the Supplemental Code of Ethics by sending his or her request in writing to: The Payden & Rygel Investment Group, Attention: General Counsel, 333 South Grand Avenue, Los Angeles, CA 90071. A copy of the Supplemental code of Ethics is also posted on the registrant’s Internet website at www.payden.com.
Item 3. Audit Committee Financial Expert.
At its meeting on December 19, 2023, the registrant’s Board of Trustees has determined that, for the fiscal year ended October 31, 2023, W.D. Hilton, Jr., Thomas V. McKernan and Andrew J. Policano are qualified to serve as audit committee financial experts serving on its audit committee and that they are “independent,” as defined by Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Audit Fees
| | (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $810,000 for 2023 and $735,000 for 2022. |
Audit-Related Fees
| | (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2023 and $0 for 2022. |
Tax Fees
| | (c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $141,000 for 2023 and $134,300 for 2022. These fees related to the preparation and filing of Federal and state income tax returns and Federal excise tax returns. |
All Other Fees
| | (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, were $60,000 in 2023 related to a consent in connection with filings with the SEC on November 27, 2023 and November 30, 2023 for the addition of new Adviser Class shares for certain Funds and $3,200 in 2022 related to a consent in connection with a filing with the SEC on August 24, 2022 for the new Payden Securitized Income Fund. |
| | (e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Audit Committee of the registrant’s Board of Trustees, which is composed solely of independent Trustees, approves all services by the registrant’s principal accountant, and the fees for such services, prior to any engagement.
| | (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) NA
(c) 100%
(d) 100%
| | (g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant for each of the last two fiscal years of the registrant was $201,100 for 2023 and $137,500 for 2022. |
| | (h) | In the fiscal years ended October 31, 2023 and October 31, 2022 respectively, the registrant’s principal accountant did provide non-audit services to the registrant’s investment adviser, Payden & Rygel, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that required pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, and which pre-approval was provided. Each year at the time the Audit Committee of the registrant’s Board of Trustees considers the appointment and scope of services and fees for the registrant’s principal accountant, the Audit Committee considers whether the provision of services by the registrant’s principal accountant to the registrant’s investment adviser, Payden & Rygel, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant, is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
Not applicable.
| Item 11. | Controls and Procedures. |
| | (a) | The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| | (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| | (a)(2)(2) | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| (Registrant) | | The Payden & Rygel Investment Group | | |
| | | | |
| | |
| By (Signature and Title)* | | /s/ Mary Beth Syal | | |
| | Mary Beth Syal, Chief Operating Officer | | |
| | (principal executive officer) | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By (Signature and Title)* | | /s/ Mary Beth Syal | | |
| | Mary Beth Syal, Chief Operating Officer | | |
| | (principal executive officer) | | |
| | | | |
| | |
| By (Signature and Title)* | | /s/ Brian W. Matthews | | |
| | Brian W. Matthews, Chief Financial Officer | | |
| | (principal financial officer) | | |
* Print the name and title of each signing officer under his or her signature.
