# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0001193125-25-337291
**Filing Date:** 2025-12
**Character Count:** 1183724
**Document Hash:** 22dc78ef25f8679c80f2473405541bb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-337291.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-337291

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **CENTRAL INDEX KEY:** 0000885709

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06625
- **FILM NUMBER:** 251615191

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 2136251900

**MAIL ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDENFUNDS
- **DATE OF NAME CHANGE:** 20010423

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **DATE OF NAME CHANGE:** 19940104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** P&R INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Payden Cash Reserves Money Market Fund (Series ID: S000011750)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000032175 | Payden Cash Reserves Money Market Fund (Investor Class) | PBHXX           |

### Payden Limited Maturity Fund (Series ID: S000011751)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000032176 | Payden Limited Maturity Fund (Investor Class) | PYLMX           |
| C000228770 | Payden Limited Maturity Fund (SI Class)       | PYLSX           |
| C000246929 | Payden Limited Maturity Fund (Adviser Class)  | PYLBX           |

### Payden Low Duration Fund (Series ID: S000011755)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000032180 | Payden Low Duration Fund (Investor Class) | PYSBX           |
| C000236135 | Payden Low Duration Fund (SI Class)       | PYLDX           |
| C000248241 | Payden Low Duration Fund (Adviser Class)  | PYLWX           |

### Payden U.S. Government Fund (Series ID: S000011758)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000032183 | Payden U.S. Government Fund (Investor Class) | PYUSX           |

### Payden California Municipal Social Impact Fund (Series ID: S000011760)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000032185 | Payden California Municipal Social Impact Fund (Investor Class) | PYCRX           |
| C000248242 | Payden California Municipal Social Impact Fund (Adviser)        | PYCLX           |

### Payden Core Bond Fund (Series ID: S000011761)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000032186 | Payden Core Bond Fund (Investor Class) | PYCBX           |
| C000080936 | Payden Core Bond Fund (Adviser Class)  | PYCWX           |
| C000198612 | Payden Core Bond Fund (SI Class)       | PYCSX           |

### Payden Emerging Markets Bond Fund (Series ID: S000011762)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000032187 | Payden Emerging Markets Bond Fund (Investor Class) | PYEMX           |
| C000080937 | Payden Emerging Markets Bond Fund (Adviser Class)  | PYEWX           |
| C000115587 | Payden Emerging Markets Bond Fund (SI Class)       | PYEIX           |

### Payden Global Fixed Income Fund (Series ID: S000011763)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000032188 | Payden Global Fixed Income Fund (Investor Class) | PYGFX           |
| C000228771 | Payden Global Fixed Income Fund (SI Class)       | PYGIX           |

### Payden Global Low Duration Fund (Series ID: S000011764)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000032189 | Payden Global Low Duration Fund (Investor Class) | PYGSX           |

### Payden GNMA Fund (Series ID: S000011765)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000032190 | Payden GNMA Fund (Investor Class) | PYGNX           |

### Payden Equity Income Fund (Series ID: S000011766)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000032191 | Payden Equity Income Fund (Investor Class) | PYVLX           |
| C000110231 | Payden Equity Income Fund (Adviser Class)  | PYVAX           |
| C000146917 | Payden Equity Income Fund (SI Class)       | PYVSX           |

### Payden High Income Fund (Series ID: S000011767)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000032192 | Payden High Income Fund (Investor Class) | PYHRX           |
| C000236136 | Payden High Income Fund (SI Class)       | PYCHX           |
| C000248243 | Payden High Income Fund (Adviser Class)  | PYRLX           |

### Payden Managed Income Fund (Series ID: S000022678)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000065580 | Payden Managed Income Fund (SI Class)            | PKBIX           |
| C000069457 | Payden Managed Income Fund (Adviser Class)       | PKCBX           |
| C000077412 | Payden Managed Income Fund (Retirement Class)    | PKCRX           |
| C000172680 | Payden Managed Income Fund (Institutional Class) | PKCIX           |

### Payden Corporate Bond Fund (Series ID: S000025162)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000075033 | Payden Corporate Bond Fund (Investor Class) | PYACX           |
| C000236137 | Payden Corporate Bond Fund (SI Class)       | PYCTX           |
| C000248244 | Payden Corporate Bond Fund (Adviser Class)  | PYAYX           |

### Payden Emerging Markets Local Bond Fund (Series ID: S000033934)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000104641 | Payden Emerging Markets Local Bond Fund (Investor Class) | PYELX           |
| C000236138 | Payden Emerging Markets Local Bond Fund (SI Class)       | PYILX           |

### Payden Floating Rate Fund (Series ID: S000042521)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000131550 | Payden Floating Rate Fund (Investor Class) | PYFRX           |
| C000136207 | Payden Floating Rate Fund (SI Class)       | PYFIX           |
| C000248245 | Payden Floating Rate Fund (Adviser Class)  | PYBLX           |

### Payden Emerging Markets Corporate Bond Fund (Series ID: S000042522)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000131551 | Payden Emerging Markets Corporate Bond Fund (Investor Class) | PYCEX           |
| C000136209 | Payden Emerging Markets Corporate Bond Fund (SI Class)       | PYCIX           |

### Payden Strategic Income Fund (Series ID: S000045226)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000140807 | Payden Strategic Income Fund (Investor Class) | PYSGX           |
| C000140808 | Payden Strategic Income Fund (SI Class)       | PYSIX           |
| C000248246 | Payden Strategic Income Fund (Adviser Class)  | PYSLX           |

### Payden Absolute Return Bond Fund (Series ID: S000047032)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000146994 | Payden Absolute Return Bond Fund (Investor Class) | PYARX           |
| C000146996 | Payden Absolute Return Bond Fund (SI Class)       | PYAIX           |
| C000248247 | Payden Absolute Return Bond Fund (Adviser Class)  | PYABX           |

### Payden Securitized Income Fund (Series ID: S000076847)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000236944 | Payden Securitized Income Fund (Investor Class) | PYSFX           |
| C000236945 | Payden Securitized Income Fund (SI Class)       | PYSCX           |

?xml version='1.0' encoding='ASCII'? N-CSR

### 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, 2025
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, 100 F Street, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.

# Payden Absolute Return Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYABX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Absolute Return Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$98** | **0.95%** |

---

## How did the fund perform last year?
Fixed-income markets were heavily influenced by shifting Federal Reserve policy, tariff developments, and election-related uncertainty. Rates were volatile but ended lower, while credit risk premia generally remained tight. Given pervasive uncertainty, the Fund maintained a focus on capital preservation and risk management, using dynamic rate positioning alongside selective credit exposure. Key contributors included emerging markets debt, investment-grade corporate debt, and non-agency residential mortgage credit. Looking ahead, the Fund is positioned for slower growth and a weakening labor market, with inflation moving closer to target. The Fund risk positioning remains cautious amid elevated valuations, balancing downside protection with targeted opportunities in EM and securitized assets and stands ready to add risk should market dislocations create attractive entry points.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i7e88b74fb8f59cfd83d6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 1-Month Treasury Bill Index** |
| **11/23** | 10000 | 10000 | 10000 |
| **10/24** | 10686 | 10537 | 10336 |
| **10/25** | 11285 | 11186 | 10789 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/30/2023** |
| Adviser Class | 5.61% | 6.49% |
| Bloomberg US Aggregate Bond Index | 6.16% | 6.00% |
| ICE BofA U.S. 1-Month Treasury Bill Index | 4.38% | 4.85% |

---

## Fund Statistics
* Total Net Assets (000)$639,941

* # of Portfolio Holdings395

* Investment Advisory, net of waivers (000)$1,521

* Portfolio Turnover Rate176%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| OBX Trust | 6.13% |
| Freddie Mac STACR REMIC Trust | 5.90% |
| Connecticut Avenue Securities Trust | 5.72% |
| Brazil Letras do Tesouro Nacional | 5.03% |
| Payden Emerging Markets Local Bond Fund, SI Class | 3.06% |
| Verus Securitization Trust | 1.74% |
| Mexican Bonos | 1.58% |
| BX Commercial Mortgage Trust | 1.50% |
| BRAVO Residential Funding Trust | 1.34% |
| Cross Mortgage Trust | 1.33% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 38% |
| Corporate Bond | 20% |
| Asset Backed | 18% |
| Foreign Government | 13% |
| Bank Loan | 6% |
| Others | 5% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i9249853200b12078e508.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 7.99% |
| 3-5 Years | 7.98% |
| 5-10 Years | 35.62% |
| >10 Years | 44.08% |
| Other | 4.33% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 29.39% |
| AA | 8.48% |
| A | 12.58% |
| BBB | 18.86% |
| BB | 18.17% |
| B | 6.22% |
| Below B | 0.91% |
| Unrated | 5.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Absolute Return Bond Fund

Adviser Class - PYABX

Annual Shareholder Report - October 31, 2025

#### PYABX-AR2025

# Payden Absolute Return Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYARX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Absolute Return Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$72** | **0.70%** |

---

## How did the fund perform last year?
Fixed-income markets were heavily influenced by shifting Federal Reserve policy, tariff developments, and election-related uncertainty. Rates were volatile but ended lower, while credit risk premia generally remained tight. Given pervasive uncertainty, the Fund maintained a focus on capital preservation and risk management, using dynamic rate positioning alongside selective credit exposure. Key contributors included emerging markets debt, investment-grade corporate debt, and non-agency residential mortgage credit. Looking ahead, the Fund is positioned for slower growth and a weakening labor market, with inflation moving closer to target. The Fund risk positioning remains cautious amid elevated valuations, balancing downside protection with targeted opportunities in EM and securitized assets and stands ready to add risk should market dislocations create attractive entry points.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211ic31f14e0d3bad04b24f1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 1-Month Treasury Bill Index** |
| **10/15** | 100000 | 100000 | 100000 |
| **10/16** | 103320 | 104370 | 100170 |
| **10/17** | 106854 | 105309 | 100831 |
| **10/18** | 108349 | 103150 | 102444 |
| **10/19** | 113691 | 115023 | 104698 |
| **10/20** | 115090 | 122143 | 105421 |
| **10/21** | 118795 | 121557 | 105473 |
| **10/22** | 112475 | 102497 | 106338 |
| **10/23** | 120270 | 102866 | 111325 |
| **10/24** | 130421 | 113718 | 117315 |
| **10/25** | 137946 | 120723 | 122453 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 5.77% | 3.69% | 3.27% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA U.S. 1-Month Treasury Bill Index | 4.38% | 3.04% | 2.04% |

---

## Fund Statistics
* Total Net Assets (000)$639,941

* # of Portfolio Holdings395

* Investment Advisory, net of waivers (000)$1,521

* Portfolio Turnover Rate176%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| OBX Trust | 6.13% |
| Freddie Mac STACR REMIC Trust | 5.90% |
| Connecticut Avenue Securities Trust | 5.72% |
| Brazil Letras do Tesouro Nacional | 5.03% |
| Payden Emerging Markets Local Bond Fund, SI Class | 3.06% |
| Verus Securitization Trust | 1.74% |
| Mexican Bonos | 1.58% |
| BX Commercial Mortgage Trust | 1.50% |
| BRAVO Residential Funding Trust | 1.34% |
| Cross Mortgage Trust | 1.33% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 38% |
| Corporate Bond | 20% |
| Asset Backed | 18% |
| Foreign Government | 13% |
| Bank Loan | 6% |
| Others | 5% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i9249853200b12078e508.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 7.99% |
| 3-5 Years | 7.98% |
| 5-10 Years | 35.62% |
| >10 Years | 44.08% |
| Other | 4.33% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 29.39% |
| AA | 8.48% |
| A | 12.58% |
| BBB | 18.86% |
| BB | 18.17% |
| B | 6.22% |
| Below B | 0.91% |
| Unrated | 5.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Absolute Return Bond Fund

Investor Class - PYARX

Annual Shareholder Report - October 31, 2025

#### PYARX-AR2025

# Payden Absolute Return Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYAIX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Absolute Return Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$48** | **0.47%** |

---

## How did the fund perform last year?
Fixed-income markets were heavily influenced by shifting Federal Reserve policy, tariff developments, and election-related uncertainty. Rates were volatile but ended lower, while credit risk premia generally remained tight. Given pervasive uncertainty, the Fund maintained a focus on capital preservation and risk management, using dynamic rate positioning alongside selective credit exposure. Key contributors included emerging markets debt, investment-grade corporate debt, and non-agency residential mortgage credit. Looking ahead, the Fund is positioned for slower growth and a weakening labor market, with inflation moving closer to target. The Fund risk positioning remains cautious amid elevated valuations, balancing downside protection with targeted opportunities in EM and securitized assets and stands ready to add risk should market dislocations create attractive entry points.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211i22074f0fc3da3490cce2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 1-Month Treasury Bill Index** |
| **10/15** | 10000000 | 10000000 | 10000000 |
| **10/16** | 10347000 | 10437000 | 10017000 |
| **10/17** | 10706041 | 10530933 | 10083112 |
| **10/18** | 10871985 | 10315049 | 10244442 |
| **10/19** | 11448200 | 11502311 | 10469820 |
| **10/20** | 11614199 | 12214304 | 10542061 |
| **10/21** | 12016050 | 12155675 | 10547333 |
| **10/22** | 11403231 | 10249665 | 10633821 |
| **10/23** | 12219703 | 10286564 | 11132547 |
| **10/24** | 13293815 | 11371797 | 11731478 |
| **10/25** | 14076820 | 12072300 | 12245317 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SI Class | 5.89% | 3.92% | 3.47% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA U.S. 1-Month Treasury Bill Index | 4.38% | 3.04% | 2.04% |

---

## Fund Statistics
* Total Net Assets (000)$639,941

* # of Portfolio Holdings395

* Investment Advisory, net of waivers (000)$1,521

* Portfolio Turnover Rate176%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| OBX Trust | 6.13% |
| Freddie Mac STACR REMIC Trust | 5.90% |
| Connecticut Avenue Securities Trust | 5.72% |
| Brazil Letras do Tesouro Nacional | 5.03% |
| Payden Emerging Markets Local Bond Fund, SI Class | 3.06% |
| Verus Securitization Trust | 1.74% |
| Mexican Bonos | 1.58% |
| BX Commercial Mortgage Trust | 1.50% |
| BRAVO Residential Funding Trust | 1.34% |
| Cross Mortgage Trust | 1.33% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 38% |
| Corporate Bond | 20% |
| Asset Backed | 18% |
| Foreign Government | 13% |
| Bank Loan | 6% |
| Others | 5% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i9249853200b12078e508.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 7.99% |
| 3-5 Years | 7.98% |
| 5-10 Years | 35.62% |
| >10 Years | 44.08% |
| Other | 4.33% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 29.39% |
| AA | 8.48% |
| A | 12.58% |
| BBB | 18.86% |
| BB | 18.17% |
| B | 6.22% |
| Below B | 0.91% |
| Unrated | 5.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Absolute Return Bond Fund

SI Class - PYAIX

Annual Shareholder Report - October 31, 2025

#### PYAIX-AR2025

# Payden California Municipal Social Impact Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYCLX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden California Municipal Social Impact Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$72** | **0.70%** |

---

## How did the fund perform last year?
Performance was driven by the movement in market yields and the changing shape of the yield curve. Municipal yields declined materially as the US Federal Reserve continued easing monetary policy reducing their target policy rate four times totaling 1%. Intermediate duration positioning benefitted from lower yields as prices increased, contributing to total return that exceeded earned income. Long municipal rates lagged the broader rate rally as term premium increased and institutional demand for longer municipals waned. Additional contributions came from an allocation to taxable securities, and a higher allocation to revenue sectors including the affordable housing sector.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i56f9529ca163aa0e5935.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **11/23** | 10000 | 10000 | 10000 |
| **10/24** | 10385 | 10341 | 10245 |
| **10/25** | 10844 | 10772 | 10803 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/30/2023** |
| Adviser Class | 4.42% | 4.31% |
| Bloomberg Municipal Bond Index | 4.17% | 3.94% |
| Bloomberg California Intermediate Municipal Bond Index | 5.45% | 4.10% |

---

## Fund Statistics
* Total Net Assets (000)$255,548

* # of Portfolio Holdings147

* Investment Advisory, net of waivers (000)$252

* Portfolio Turnover Rate54%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| California Community Choice Financing Authority | 12.03% |
| State of California | 8.34% |
| Los Angeles County Public Works Financing Authority | 7.77% |
| California State Public Works Board | 4.67% |
| California Housing Finance Agency | 3.98% |
| U.S. Treasury Note | 2.88% |
| California Health Facilities Financing Authority | 2.73% |
| California Municipal Finance Authority | 2.73% |
| San Diego Unified School District | 2.25% |
| University of California | 2.10% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| General Obligation | 62% |
| Revenue | 32% |
| U.S. Treasury | 3% |
| Investment Company | 2% |
| Mortgage Backed | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i50f968a7c79d96c54e1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 0.94% |
| 3-5 Years | 2.33% |
| 5-10 Years | 17.42% |
| >10 Years | 77.46% |
| Other | 1.85% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 8.74% |
| AA | 77.86% |
| A | 11.21% |
| BBB | 1.18% |
| BB | 0.39% |
| Unrated | 0.62% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden California Municipal Social Impact Fund

Adviser Class - PYCLX

Annual Shareholder Report - October 31, 2025

#### PYCLX-AR2025

# Payden California Municipal Social Impact Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYCRX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden California Municipal Social Impact Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$46** | **0.45%** |

---

## How did the fund perform last year?
Performance was driven by the movement in market yields and the changing shape of the yield curve. Municipal yields declined materially as the US Federal Reserve continued easing monetary policy reducing their target policy rate four times totaling 1%. Intermediate duration positioning benefitted from lower yields as prices increased, contributing to total return that exceeded earned income. Long municipal rates lagged the broader rate rally as term premium increased and institutional demand for longer municipals waned. Additional contributions came from an allocation to taxable securities, and a higher allocation to revenue sectors including the affordable housing sector.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211i6f93dc259edf659dec1a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **10/15** | 100000 | 100000 | 100000 |
| **10/16** | 103220 | 104060 | 102830 |
| **10/17** | 105573 | 106339 | 104547 |
| **10/18** | 105162 | 105797 | 103700 |
| **10/19** | 114858 | 115763 | 112131 |
| **10/20** | 119337 | 119919 | 116740 |
| **10/21** | 122177 | 123084 | 117440 |
| **10/22** | 111035 | 108339 | 106753 |
| **10/23** | 114976 | 111199 | 109080 |
| **10/24** | 125232 | 121985 | 116967 |
| **10/25** | 131143 | 127072 | 123342 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 4.72% | 1.90% | 2.75% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Bloomberg California Intermediate Municipal Bond Index | 5.45% | 1.10% | 2.12% |

---

## Fund Statistics
* Total Net Assets (000)$255,548

* # of Portfolio Holdings147

* Investment Advisory, net of waivers (000)$252

* Portfolio Turnover Rate54%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| California Community Choice Financing Authority | 12.03% |
| State of California | 8.34% |
| Los Angeles County Public Works Financing Authority | 7.77% |
| California State Public Works Board | 4.67% |
| California Housing Finance Agency | 3.98% |
| U.S. Treasury Note | 2.88% |
| California Health Facilities Financing Authority | 2.73% |
| California Municipal Finance Authority | 2.73% |
| San Diego Unified School District | 2.25% |
| University of California | 2.10% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| General Obligation | 62% |
| Revenue | 32% |
| U.S. Treasury | 3% |
| Investment Company | 2% |
| Mortgage Backed | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i50f968a7c79d96c54e1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 0.94% |
| 3-5 Years | 2.33% |
| 5-10 Years | 17.42% |
| >10 Years | 77.46% |
| Other | 1.85% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 8.74% |
| AA | 77.86% |
| A | 11.21% |
| BBB | 1.18% |
| BB | 0.39% |
| Unrated | 0.62% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden California Municipal Social Impact Fund

Investor Class - PYCRX

Annual Shareholder Report - October 31, 2025

#### PYCRX-AR2025

# Payden Cash Reserves Money Market Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PBHXX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Cash Reserves Money Market Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$26** | **0.25%** |

---

## How did the fund perform last year?
The US Federal Reserve lowered short-term interest rates by 1% over the year ended October 31, 2025, bringing the Federal Funds Rate to 3.75-4.00%. After two rate cuts in late 2024, the Federal Reserve held rates steady for eight months before easing by 25 basis points in both September and October 2025 as inflation moderated and labor markets softened. Front-end interest rate volatility was benign, despite shifting expectations for the pace of future rate cuts throughout the year.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211iabf7259946ff07557797.jpg)

---

| | |
|:---|:---|
| | **Investor Class** |
| **10/15** | 10000 |
| **10/16** | 10009 |
| **10/17** | 10062 |
| **10/18** | 10206 |
| **10/19** | 10420 |
| **10/20** | 10480 |
| **10/21** | 10482 |
| **10/22** | 10564 |
| **10/23** | 11046 |
| **10/24** | 11621 |
| **10/25** | 12109 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 4.20% | 2.93% | 1.93% |

---

## Fund Statistics
* Total Net Assets (000)$383,762

* # of Portfolio Holdings34

* Investment Advisory, net of waivers (000)$64

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Bill | 51.82% |
| CIBC World Markets Tri Party | 11.16% |
| Citigroup Tri Party | 9.92% |
| Mitsubishi UFJ Financial Group | 6.20% |
| Bank of Montreal Tri Party | 5.21% |
| FHLMC | 4.47% |
| U.S. Treasury Note | 3.22% |
| Goldman Sachs Tri Party | 2.48% |
| Dreyfus Treasury Obligations Cash Management Fund | 1.33% |
| FFCB Funding Corp. | 1.24% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 55% |
| Repurchase Agreements | 35% |
| U.S. Government Agency | 7% |
| Mortgage Backed | 2% |
| Investment Company | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211ic3b3f94b1a61c3fc1c89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 98.67% |
| Other | 1.33% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 34.96% |
| AA | 63.68% |
| Unrated | 1.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, including Form N-MFP and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Cash Reserves Money Market Fund

Investor Class - PBHXX

Annual Shareholder Report - October 31, 2025

#### PBHXX-AR2025

# Payden Core Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYCWX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Core Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$80** | **0.78%** |

---

## How did the fund perform last year?
The Fund established a yield advantage through owning high quality, liquid, and diversified credit exposure, reflecting our view that the US Federal Reserve would navigate a soft landing for the economy with lower inflation and just as lightly weaker employment picture. The Federal Open Market Committee cut interest rates by 0.25% four times over the year which resulted in positive excess returns to fixed income sectors. The Fund allocation to credit sectors added to relative return, with allocations to securitized debt, investment grade corporates, and emerging market debt as the main contributors. With our view of a higher unemployment rate and lower inflation, we maintained a long duration posture during the year in anticipation of lower rates.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211ibfc77207eb42377f8417.jpg)

---

| | | |
|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** |
| **10/15** | 10000 | 10000 |
| **10/16** | 10483 | 10437 |
| **10/17** | 10756 | 10531 |
| **10/18** | 10528 | 10315 |
| **10/19** | 11594 | 11502 |
| **10/20** | 12118 | 12214 |
| **10/21** | 12230 | 12156 |
| **10/22** | 10187 | 10250 |
| **10/23** | 10304 | 10287 |
| **10/24** | 11538 | 11372 |
| **10/25** | 12263 | 12072 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Adviser Class | 6.29% | 0.24% | 2.06% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

## Fund Statistics
* Total Net Assets (000)$901,113

* # of Portfolio Holdings354

* Investment Advisory, net of waivers (000)$1,744

* Portfolio Turnover Rate64%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes | 3.71% |
| U.S. Treasury Bond | 3.37% |
| OBX Trust | 1.67% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.49% |
| U.S. Treasury Note | 1.48% |
| RCKT Mortgage Trust | 1.40% |
| FNCL | 1.24% |
| UBS Group AG | 1.05% |
| JPMorgan Chase & Co. | 0.99% |
| Citigroup Inc. | 0.98% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 35% |
| Mortgage Backed | 34% |
| Asset Backed | 10% |
| U.S. Treasury | 9% |
| Investment Company | 5% |
| Others | 7% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211ie29428285059a129db73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.02% |
| 3-5 Years | 10.24% |
| 5-10 Years | 31.02% |
| >10 Years | 50.70% |
| Other | 5.02% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 13.42% |
| AA | 44.15% |
| A | 10.91% |
| BBB | 20.34% |
| BB | 7.13% |
| B | 1.84% |
| Unrated | 2.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Core Bond Fund

Adviser Class - PYCWX

Annual Shareholder Report - October 31, 2025

#### PYCWX-AR2025

# Payden Core Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYCBX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Core Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$55** | **0.53%** |

---

## How did the fund perform last year?
The Fund established a yield advantage through owning high quality, liquid, and diversified credit exposure, reflecting our view that the US Federal Reserve would navigate a soft landing for the economy with lower inflation and just as lightly weaker employment picture. The Federal Open Market Committee cut interest rates by 0.25% four times over the year which resulted in positive excess returns to fixed income sectors. The Fund allocation to credit sectors added to relative return, with allocations to securitized debt, investment grade corporates, and emerging market debt as the main contributors. With our view of a higher unemployment rate and lower inflation, we maintained a long duration posture during the year in anticipation of lower rates.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211i91683752e9ad28d65579.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** |
| **10/15** | 100000 | 100000 |
| **10/16** | 105070 | 104370 |
| **10/17** | 108159 | 105309 |
| **10/18** | 106126 | 103150 |
| **10/19** | 117120 | 115023 |
| **10/20** | 122695 | 122143 |
| **10/21** | 124106 | 121557 |
| **10/22** | 103716 | 102497 |
| **10/23** | 104825 | 102866 |
| **10/24** | 117687 | 113718 |
| **10/25** | 125419 | 120723 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 6.57% | 0.44% | 2.29% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

## Fund Statistics
* Total Net Assets (000)$901,113

* # of Portfolio Holdings354

* Investment Advisory, net of waivers (000)$1,744

* Portfolio Turnover Rate64%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes | 3.71% |
| U.S. Treasury Bond | 3.37% |
| OBX Trust | 1.67% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.49% |
| U.S. Treasury Note | 1.48% |
| RCKT Mortgage Trust | 1.40% |
| FNCL | 1.24% |
| UBS Group AG | 1.05% |
| JPMorgan Chase & Co. | 0.99% |
| Citigroup Inc. | 0.98% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 35% |
| Mortgage Backed | 34% |
| Asset Backed | 10% |
| U.S. Treasury | 9% |
| Investment Company | 5% |
| Others | 7% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211ie29428285059a129db73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.02% |
| 3-5 Years | 10.24% |
| 5-10 Years | 31.02% |
| >10 Years | 50.70% |
| Other | 5.02% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 13.42% |
| AA | 44.15% |
| A | 10.91% |
| BBB | 20.34% |
| BB | 7.13% |
| B | 1.84% |
| Unrated | 2.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Core Bond Fund

Investor Class - PYCBX

Annual Shareholder Report - October 31, 2025

#### PYCBX-AR2025

# Payden Core Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYCSX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Core Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$43** | **0.42%** |

---

## How did the fund perform last year?
The Fund established a yield advantage through owning high quality, liquid, and diversified credit exposure, reflecting our view that the US Federal Reserve would navigate a soft landing for the economy with lower inflation and just as lightly weaker employment picture. The Federal Open Market Committee cut interest rates by 0.25% four times over the year which resulted in positive excess returns to fixed income sectors. The Fund allocation to credit sectors added to relative return, with allocations to securitized debt, investment grade corporates, and emerging market debt as the main contributors. With our view of a higher unemployment rate and lower inflation, we maintained a long duration posture during the year in anticipation of lower rates.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211i853d3577ef300448e472.jpg)

---

| | | |
|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** |
| **01/18** | 10000000 | 10000000 |
| **10/18** | 9825000 | 9854000 |
| **10/19** | 10855643 | 10988195 |
| **10/20** | 11385398 | 11668365 |
| **10/21** | 11529992 | 11612357 |
| **10/22** | 9643686 | 9791539 |
| **10/23** | 9755552 | 9826789 |
| **10/24** | 10963290 | 10863515 |
| **10/25** | 11708793 | 11532707 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 1/22/2018** |
| SI Class | 6.80% | 0.39% | 2.05% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.85% |

---

## Fund Statistics
* Total Net Assets (000)$901,113

* # of Portfolio Holdings354

* Investment Advisory, net of waivers (000)$1,744

* Portfolio Turnover Rate64%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes | 3.71% |
| U.S. Treasury Bond | 3.37% |
| OBX Trust | 1.67% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.49% |
| U.S. Treasury Note | 1.48% |
| RCKT Mortgage Trust | 1.40% |
| FNCL | 1.24% |
| UBS Group AG | 1.05% |
| JPMorgan Chase & Co. | 0.99% |
| Citigroup Inc. | 0.98% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 35% |
| Mortgage Backed | 34% |
| Asset Backed | 10% |
| U.S. Treasury | 9% |
| Investment Company | 5% |
| Others | 7% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211ie29428285059a129db73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.02% |
| 3-5 Years | 10.24% |
| 5-10 Years | 31.02% |
| >10 Years | 50.70% |
| Other | 5.02% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 13.42% |
| AA | 44.15% |
| A | 10.91% |
| BBB | 20.34% |
| BB | 7.13% |
| B | 1.84% |
| Unrated | 2.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Core Bond Fund

SI Class - PYCSX

Annual Shareholder Report - October 31, 2025

#### PYCSX-AR2025

# Payden Corporate Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYAYX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$86** | **0.83%** |

---

## How did the fund perform last year?
Top Contributors to Performance:

• Security selection relative to the index was the biggest contributor to performance. Security selection amongst nearly all sectors was positive, with banking, insurance, and communications being the largest contributors.

• Allocations to out-of-index exposures such as high yield and securitized bonds also contributed.

• US Treasury futures used to hedge interest rate duration and manage total duration and yield curve positioning was a smaller contributor.

Top Detractors from Performance:

• Security selection among a few select high-yield bonds, particularly within the energy sector.

• Not owning some higher quality corporate bonds that had strong performance detracted modestly.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211iaabd2703ed1bf0437cdf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Corporate Bond Index** |
| **11/23** | 10000 | 10000 | 10000 |
| **10/24** | 10869 | 10537 | 10688 |
| **10/25** | 11582 | 11186 | 11396 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/30/2023** |
| Adviser Class | 6.56% | 7.93% |
| Bloomberg US Aggregate Bond Index | 6.16% | 6.00% |
| Bloomberg US Corporate Bond Index | 6.62% | 7.03% |

---

## Fund Statistics
* Total Net Assets (000)$414,695

* # of Portfolio Holdings352

* Investment Advisory, net of waivers (000)$1,140

* Portfolio Turnover Rate42%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Goldman Sachs Group Inc. | 2.03% |
| Bank of America Corp. | 1.82% |
| Citigroup Inc. | 1.68% |
| JPMorgan Chase & Co. | 1.61% |
| Morgan Stanley | 1.52% |
| HSBC Holdings PLC | 1.24% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.24% |
| AT&T Inc. | 1.08% |
| Wells Fargo & Co. | 0.92% |
| Broadcom Inc. | 0.90% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 85% |
| Mortgage Backed | 7% |
| Investment Company | 4% |
| Asset Backed | 3% |
| Foreign Government | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i1f34e97da822412694c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 5.51% |
| 3-5 Years | 10.02% |
| 5-10 Years | 37.97% |
| >10 Years | 42.48% |
| Other | 4.02% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 8.98% |
| AA | 11.17% |
| A | 32.95% |
| BBB | 39.28% |
| BB | 6.18% |
| B | 0.73% |
| Unrated | 0.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Corporate Bond Fund

Adviser Class - PYAYX

Annual Shareholder Report - October 31, 2025

#### PYAYX-AR2025

# Payden Corporate Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYACX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$67** | **0.65%** |

---

## How did the fund perform last year?
Top Contributors to Performance:

• Security selection relative to the index was the biggest contributor to performance. Security selection amongst nearly all sectors was positive, with banking, insurance, and communications being the largest contributors.

• Allocations to out-of-index exposures such as high yield and securitized bonds also contributed.

• US Treasury futures used to hedge interest rate duration and manage total duration and yield curve positioning was a smaller contributor.

Top Detractors from Performance:

• Security selection among a few select high-yield bonds, particularly within the energy sector.

• Not owning some higher quality corporate bonds that had strong performance detracted modestly.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211id7745c3c984a3273bded.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Corporate Bond Index** |
| **10/15** | 100000 | 100000 | 100000 |
| **10/16** | 108180 | 104370 | 107230 |
| **10/17** | 114487 | 105309 | 110940 |
| **10/18** | 111499 | 103150 | 107590 |
| **10/19** | 127332 | 115023 | 124126 |
| **10/20** | 134526 | 122143 | 132877 |
| **10/21** | 138925 | 121557 | 135774 |
| **10/22** | 111793 | 102497 | 109203 |
| **10/23** | 114252 | 102866 | 112228 |
| **10/24** | 130819 | 113718 | 127525 |
| **10/25** | 139492 | 120723 | 135967 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 6.63% | 0.72% | 3.38% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Bloomberg US Corporate Bond Index | 6.62% | 0.46% | 3.12% |

---

## Fund Statistics
* Total Net Assets (000)$414,695

* # of Portfolio Holdings352

* Investment Advisory, net of waivers (000)$1,140

* Portfolio Turnover Rate42%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Goldman Sachs Group Inc. | 2.03% |
| Bank of America Corp. | 1.82% |
| Citigroup Inc. | 1.68% |
| JPMorgan Chase & Co. | 1.61% |
| Morgan Stanley | 1.52% |
| HSBC Holdings PLC | 1.24% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.24% |
| AT&T Inc. | 1.08% |
| Wells Fargo & Co. | 0.92% |
| Broadcom Inc. | 0.90% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 85% |
| Mortgage Backed | 7% |
| Investment Company | 4% |
| Asset Backed | 3% |
| Foreign Government | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i1f34e97da822412694c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 5.51% |
| 3-5 Years | 10.02% |
| 5-10 Years | 37.97% |
| >10 Years | 42.48% |
| Other | 4.02% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 8.98% |
| AA | 11.17% |
| A | 32.95% |
| BBB | 39.28% |
| BB | 6.18% |
| B | 0.73% |
| Unrated | 0.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Corporate Bond Fund

Investor Class - PYACX

Annual Shareholder Report - October 31, 2025

#### PYACX-AR2025

# Payden Corporate Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYCTX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$57** | **0.55%** |

---

## How did the fund perform last year?
Top Contributors to Performance:

• Security selection relative to the index was the biggest contributor to performance. Security selection amongst nearly all sectors was positive, with banking, insurance, and communications being the largest contributors.

• Allocations to out-of-index exposures such as high yield and securitized bonds also contributed.

• US Treasury futures used to hedge interest rate duration and manage total duration and yield curve positioning was a smaller contributor.

Top Detractors from Performance:

• Security selection among a few select high-yield bonds, particularly within the energy sector.

• Not owning some higher quality corporate bonds that had strong performance detracted modestly.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211i621c469e2f00632c064d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Corporate Bond Index** |
| **02/22** | 10000000 | 10000000 | 10000000 |
| **10/22** | 8486000 | 8779000 | 8577000 |
| **10/23** | 8682875 | 8810604 | 8814583 |
| **10/24** | 9951443 | 9740123 | 10016011 |
| **10/25** | 10621175 | 10340115 | 10679070 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/28/2022** |
| SI Class | 6.73% | 1.65% |
| Bloomberg US Aggregate Bond Index | 6.16% | 0.91% |
| Bloomberg US Corporate Bond Index | 6.62% | 1.80% |

---

## Fund Statistics
* Total Net Assets (000)$414,695

* # of Portfolio Holdings352

* Investment Advisory, net of waivers (000)$1,140

* Portfolio Turnover Rate42%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Goldman Sachs Group Inc. | 2.03% |
| Bank of America Corp. | 1.82% |
| Citigroup Inc. | 1.68% |
| JPMorgan Chase & Co. | 1.61% |
| Morgan Stanley | 1.52% |
| HSBC Holdings PLC | 1.24% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.24% |
| AT&T Inc. | 1.08% |
| Wells Fargo & Co. | 0.92% |
| Broadcom Inc. | 0.90% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 85% |
| Mortgage Backed | 7% |
| Investment Company | 4% |
| Asset Backed | 3% |
| Foreign Government | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i1f34e97da822412694c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 5.51% |
| 3-5 Years | 10.02% |
| 5-10 Years | 37.97% |
| >10 Years | 42.48% |
| Other | 4.02% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 8.98% |
| AA | 11.17% |
| A | 32.95% |
| BBB | 39.28% |
| BB | 6.18% |
| B | 0.73% |
| Unrated | 0.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Corporate Bond Fund

SI Class - PYCTX

Annual Shareholder Report - October 31, 2025

#### PYCTX-AR2025

# Payden Emerging Markets Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYEWX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Emerging Markets Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$106** | **0.99%** |

---

## How did the fund perform last year?
The primary driver of performance was the move lower in market yields. US Treasury yields declined materially over the year, while the yield premia of emerging market bonds also narrowed. Within hard-currency credit, high-yield-rated issuers outperformed investment-grade constituents and corporate returns trailed sovereigns, largely due to their shorter duration profile. Country selection among sovereigns and quasi-sovereigns was the primary driver of outperformance. The Fund maintained a headline duration-neutral position versus the benchmark during the period. Looking forward, we expect that emerging markets debt will continue to offer attractive long-run income-generating opportunities.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211id23f185b6737101ec26c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan EMBI Global Diversified Index** |
| **10/15** | 10000 | 10000 | 10000 |
| **10/16** | 11246 | 10559 | 11170 |
| **10/17** | 12089 | 10684 | 11876 |
| **10/18** | 11381 | 10465 | 11355 |
| **10/19** | 12876 | 11463 | 12984 |
| **10/20** | 12919 | 12108 | 13111 |
| **10/21** | 13742 | 11958 | 13689 |
| **10/22** | 10172 | 9472 | 10378 |
| **10/23** | 11290 | 9635 | 11246 |
| **10/24** | 13421 | 10554 | 13288 |
| **10/25** | 15232 | 11155 | 13992 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Adviser Class | 13.49% | 3.35% | 4.29% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |
| J.P. Morgan EMBI Global Diversified Index | 12.76% | 2.71% | 4.12% |

---

## Fund Statistics
* Total Net Assets (000)$945,037

* # of Portfolio Holdings334

* Investment Advisory, net of waivers (000)$3,695

* Portfolio Turnover Rate74%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Argentine Republic Government International Bond | 3.47% |
| Brazil Notas do Tesouro Nacional Serie F | 3.24% |
| Hungary Government International Bond | 3.14% |
| Petroleos Mexicanos | 3.13% |
| Peru Government Bond | 2.94% |
| Citigroup Global Markets Holdings Inc. | 2.85% |
| Dominican Republic International Bond | 2.77% |
| Ecuador Government International Bond | 2.56% |
| Peruvian Government International Bond | 2.55% |
| Nigeria Government International Bond | 2.44% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Foreign Government | 78% |
| Corporate Bond | 19% |
| Investment Company | 3% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| Mexico | 8.33% |
| Peru | 6.37% |
| Brazil | 5.04% |
| Hungary | 4.46% |
| South Africa | 3.93% |
| Turkey | 3.60% |
| Argentina | 3.47% |
| Indonesia | 2.92% |
| United States | 2.85% |
| Dominican Republic | 2.77% |
| Supranational | 0.13% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 0.08% |
| AA | 7.75% |
| A | 2.78% |
| BBB | 36.88% |
| BB | 26.02% |
| B | 17.52% |
| Below B | 8.03% |
| Unrated | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Emerging Markets Bond Fund

Adviser Class - PYEWX

Annual Shareholder Report - October 31, 2025

#### PYEWX-AR2025

# Payden Emerging Markets Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYEMX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Emerging Markets Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$78** | **0.73%** |

---

## How did the fund perform last year?
The primary driver of performance was the move lower in market yields. US Treasury yields declined materially over the year, while the yield premia of emerging market bonds also narrowed. Within hard-currency credit, high-yield-rated issuers outperformed investment-grade constituents and corporate returns trailed sovereigns, largely due to their shorter duration profile. Country selection among sovereigns and quasi-sovereigns was the primary driver of outperformance. The Fund maintained a headline duration-neutral position versus the benchmark during the period. Looking forward, we expect that emerging markets debt will continue to offer attractive long-run income-generating opportunities.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211ifc0de69a7759d373f4bf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan EMBI Global Diversified Index** |
| **10/15** | 100000 | 100000 | 100000 |
| **10/16** | 112750 | 105590 | 111700 |
| **10/17** | 121499 | 106836 | 118759 |
| **10/18** | 114647 | 104646 | 113546 |
| **10/19** | 130067 | 114629 | 129840 |
| **10/20** | 130821 | 121083 | 131112 |
| **10/21** | 139403 | 119581 | 136894 |
| **10/22** | 103549 | 94720 | 103780 |
| **10/23** | 115094 | 96349 | 112455 |
| **10/24** | 137192 | 105541 | 132877 |
| **10/25** | 156166 | 111547 | 139920 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 13.83% | 3.60% | 4.55% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |
| J.P. Morgan EMBI Global Diversified Index | 12.76% | 2.71% | 4.12% |

---

## Fund Statistics
* Total Net Assets (000)$945,037

* # of Portfolio Holdings334

* Investment Advisory, net of waivers (000)$3,695

* Portfolio Turnover Rate74%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Argentine Republic Government International Bond | 3.47% |
| Brazil Notas do Tesouro Nacional Serie F | 3.24% |
| Hungary Government International Bond | 3.14% |
| Petroleos Mexicanos | 3.13% |
| Peru Government Bond | 2.94% |
| Citigroup Global Markets Holdings Inc. | 2.85% |
| Dominican Republic International Bond | 2.77% |
| Ecuador Government International Bond | 2.56% |
| Peruvian Government International Bond | 2.55% |
| Nigeria Government International Bond | 2.44% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Foreign Government | 78% |
| Corporate Bond | 19% |
| Investment Company | 3% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| Mexico | 8.33% |
| Peru | 6.37% |
| Brazil | 5.04% |
| Hungary | 4.46% |
| South Africa | 3.93% |
| Turkey | 3.60% |
| Argentina | 3.47% |
| Indonesia | 2.92% |
| United States | 2.85% |
| Dominican Republic | 2.77% |
| Supranational | 0.13% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 0.08% |
| AA | 7.75% |
| A | 2.78% |
| BBB | 36.88% |
| BB | 26.02% |
| B | 17.52% |
| Below B | 8.03% |
| Unrated | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Emerging Markets Bond Fund

Investor Class - PYEMX

Annual Shareholder Report - October 31, 2025

#### PYEMX-AR2025

# Payden Emerging Markets Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYEIX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Emerging Markets Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$74** | **0.69%** |

---

## How did the fund perform last year?
The primary driver of performance was the move lower in market yields. US Treasury yields declined materially over the year, while the yield premia of emerging market bonds also narrowed. Within hard-currency credit, high-yield-rated issuers outperformed investment-grade constituents and corporate returns trailed sovereigns, largely due to their shorter duration profile. Country selection among sovereigns and quasi-sovereigns was the primary driver of outperformance. The Fund maintained a headline duration-neutral position versus the benchmark during the period. Looking forward, we expect that emerging markets debt will continue to offer attractive long-run income-generating opportunities.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211ib1734ad3ad727fe5234c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan EMBI Global Diversified Index** |
| **10/15** | 10000000 | 10000000 | 10000000 |
| **10/16** | 11276000 | 10559000 | 11170000 |
| **10/17** | 12158911 | 10683596 | 11875944 |
| **10/18** | 11488955 | 10464582 | 11354590 |
| **10/19** | 13029624 | 11462904 | 12983974 |
| **10/20** | 13113013 | 12108265 | 13111217 |
| **10/21** | 13977161 | 11958123 | 13689421 |
| **10/22** | 10390621 | 9472029 | 10377950 |
| **10/23** | 11555410 | 9634948 | 11245547 |
| **10/24** | 13771738 | 10554122 | 13287738 |
| **10/25** | 15684632 | 11154651 | 13991988 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SI Class | 13.89% | 3.64% | 4.60% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |
| J.P. Morgan EMBI Global Diversified Index | 12.76% | 2.71% | 4.12% |

---

## Fund Statistics
* Total Net Assets (000)$945,037

* # of Portfolio Holdings334

* Investment Advisory, net of waivers (000)$3,695

* Portfolio Turnover Rate74%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Argentine Republic Government International Bond | 3.47% |
| Brazil Notas do Tesouro Nacional Serie F | 3.24% |
| Hungary Government International Bond | 3.14% |
| Petroleos Mexicanos | 3.13% |
| Peru Government Bond | 2.94% |
| Citigroup Global Markets Holdings Inc. | 2.85% |
| Dominican Republic International Bond | 2.77% |
| Ecuador Government International Bond | 2.56% |
| Peruvian Government International Bond | 2.55% |
| Nigeria Government International Bond | 2.44% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Foreign Government | 78% |
| Corporate Bond | 19% |
| Investment Company | 3% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| Mexico | 8.33% |
| Peru | 6.37% |
| Brazil | 5.04% |
| Hungary | 4.46% |
| South Africa | 3.93% |
| Turkey | 3.60% |
| Argentina | 3.47% |
| Indonesia | 2.92% |
| United States | 2.85% |
| Dominican Republic | 2.77% |
| Supranational | 0.13% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 0.08% |
| AA | 7.75% |
| A | 2.78% |
| BBB | 36.88% |
| BB | 26.02% |
| B | 17.52% |
| Below B | 8.03% |
| Unrated | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Emerging Markets Bond Fund

SI Class - PYEIX

Annual Shareholder Report - October 31, 2025

#### PYEIX-AR2025

# Payden Emerging Markets Corporate Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYCEX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Emerging Markets Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$98** | **0.95%** |

---

## How did the fund perform last year?
The primary driver of the Fund's performance was the move lower in market yields. US Treasury yields declined materially over the year, while the yield premium of emerging market bonds also narrowed relative to US Treasury yields. Within the corporate sector, high-yield rated issuers outperformed investment-grade constituents, which benefited relative performance given the Fund's overweight in this segment of the credit market. Credit selection was positive across most corporate sectors, and off-index sovereign bonds also contributed positively. During the period, the Fund increased its risk profile across a diversified set of high-yield corporates that have strong fundamental credit metrics, provide additional carry, and can withstand challenging macroeconomic environments. The Fund's off-index allocation to hard currency sovereign bonds added, while local currency bonds modestly detracted. Looking forward, we expect that EM debt will continue to offer useful diversification benefits and attractive long-run income-generating opportunities.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i1dd24b166205b02de936.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan CEMBI Broad Diversified Index** |
| **10/15** | 10000 | 10000 | 10000 |
| **10/16** | 10935 | 10559 | 10917 |
| **10/17** | 11714 | 10684 | 11592 |
| **10/18** | 11449 | 10465 | 11376 |
| **10/19** | 12532 | 11463 | 12764 |
| **10/20** | 13100 | 12108 | 13305 |
| **10/21** | 13896 | 11958 | 14006 |
| **10/22** | 11407 | 9472 | 11477 |
| **10/23** | 12453 | 9635 | 12530 |
| **10/24** | 14283 | 10554 | 14397 |
| **10/25** | 15322 | 11155 | 15551 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 7.28% | 3.18% | 4.36% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |
| J.P. Morgan CEMBI Broad Diversified Index | 8.01% | 3.17% | 4.51% |

---

## Fund Statistics
* Total Net Assets (000)$93,525

* # of Portfolio Holdings311

* Investment Advisory, net of waivers (000)$306

* Portfolio Turnover Rate132%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Petroleos Mexicanos | 1.98% |
| MAF Global Securities Ltd. | 1.47% |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | 1.43% |
| First Quantum Minerals Ltd. | 1.36% |
| Grupo Nutresa SA | 1.19% |
| Intercorp Peru Ltd. | 1.12% |
| GDZ Elektrik Dagitim AS | 1.07% |
| Banco de Credito del Peru S.A. | 1.07% |
| Telecom Argentina SA | 0.96% |
| Yinson Boronia Production BV | 0.95% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 84% |
| Investment Company | 9% |
| Foreign Government | 4% |
| Asset Backed | 1% |
| Preferred Stock | 1% |
| Others | 1% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| Mexico | 10.87% |
| United States | 10.37% |
| Cayman Islands | 9.34% |
| Peru | 7.85% |
| Luxembourg | 4.88% |
| Turkey | 4.23% |
| Chile | 4.19% |
| India | 3.94% |
| Netherlands | 3.65% |
| Supranational | 0.85% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AA | 10.45% |
| A | 3.11% |
| BBB | 35.12% |
| BB | 32.37% |
| B | 15.33% |
| Below B | 1.55% |
| Unrated | 1.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Emerging Markets Corporate Bond Fund

Investor Class - PYCEX

Annual Shareholder Report - October 31, 2025

#### PYCEX-AR2025

# Payden Emerging Markets Corporate Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYCIX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Emerging Markets Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$88** | **0.85%** |

---

## How did the fund perform last year?
The primary driver of the Fund's performance was the move lower in market yields. US Treasury yields declined materially over the year, while the yield premium of emerging market bonds also narrowed relative to US Treasury yields. Within the corporate sector, high-yield rated issuers outperformed investment-grade constituents, which benefited relative performance given the Fund's overweight in this segment of the credit market. Credit selection was positive across most corporate sectors, and off-index sovereign bonds also contributed positively. During the period, the Fund increased its risk profile across a diversified set of high-yield corporates that have strong fundamental credit metrics, provide additional carry, and can withstand challenging macroeconomic environments. The Fund's off-index allocation to hard currency sovereign bonds added, while local currency bonds modestly detracted. Looking forward, we expect that EM debt will continue to offer useful diversification benefits and attractive long-run income-generating opportunities.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211ie99d2a42f23d9782a351.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan CEMBI Broad Diversified Index** |
| **10/15** | 10000000 | 10000000 | 10000000 |
| **10/16** | 10944000 | 10559000 | 10917000 |
| **10/17** | 11734157 | 10683596 | 11591671 |
| **10/18** | 11480699 | 10464582 | 11376066 |
| **10/19** | 12590883 | 11462904 | 12763946 |
| **10/20** | 13159991 | 12108265 | 13305137 |
| **10/21** | 13986438 | 11958123 | 14006318 |
| **10/22** | 11478670 | 9472029 | 11476777 |
| **10/23** | 12557665 | 9634948 | 12530345 |
| **10/24** | 14403641 | 10554122 | 14397366 |
| **10/25** | 15465190 | 11154651 | 15550595 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SI Class | 7.37% | 3.28% | 4.45% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |
| J.P. Morgan CEMBI Broad Diversified Index | 8.01% | 3.17% | 4.51% |

---

## Fund Statistics
* Total Net Assets (000)$93,525

* # of Portfolio Holdings311

* Investment Advisory, net of waivers (000)$306

* Portfolio Turnover Rate132%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Petroleos Mexicanos | 1.98% |
| MAF Global Securities Ltd. | 1.47% |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | 1.43% |
| First Quantum Minerals Ltd. | 1.36% |
| Grupo Nutresa SA | 1.19% |
| Intercorp Peru Ltd. | 1.12% |
| GDZ Elektrik Dagitim AS | 1.07% |
| Banco de Credito del Peru S.A. | 1.07% |
| Telecom Argentina SA | 0.96% |
| Yinson Boronia Production BV | 0.95% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 84% |
| Investment Company | 9% |
| Foreign Government | 4% |
| Asset Backed | 1% |
| Preferred Stock | 1% |
| Others | 1% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| Mexico | 10.87% |
| United States | 10.37% |
| Cayman Islands | 9.34% |
| Peru | 7.85% |
| Luxembourg | 4.88% |
| Turkey | 4.23% |
| Chile | 4.19% |
| India | 3.94% |
| Netherlands | 3.65% |
| Supranational | 0.85% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AA | 10.45% |
| A | 3.11% |
| BBB | 35.12% |
| BB | 32.37% |
| B | 15.33% |
| Below B | 1.55% |
| Unrated | 1.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Emerging Markets Corporate Bond Fund

SI Class - PYCIX

Annual Shareholder Report - October 31, 2025

#### PYCIX-AR2025

# Payden Emerging Markets Local Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYELX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Emerging Markets Local Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$106** | **0.99%** |

---

## How did the fund perform last year?
The primary driver of performance was the move lower in market yields. Falling inflation rates globally allowed central banks to ease their monetary policy stance, causing interest rates to shift lower across most emerging markets economies. Emerging markets currencies broadly strengthened against the U.S. dollar. Local rates positioning contributed positively across both high-yield and investment-grade issuers, exhibiting strong geographic diversification as well. Positioning within emerging markets currencies added to relative performance, with strong contributions coming from off-index frontier markets exposures. Looking forward, we expect that emerging markets debt to continue to offer attractive long-run income-generating opportunities.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i6b9229cc65859e1cff6b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **J.P Morgan GBI-EM Global Diversified Index** |
| **10/15** | 10000 | 10000 | 10000 |
| **10/16** | 11011 | 10559 | 11104 |
| **10/17** | 11631 | 10684 | 11679 |
| **10/18** | 10703 | 10465 | 10911 |
| **10/19** | 12345 | 11463 | 12612 |
| **10/20** | 11677 | 12108 | 12131 |
| **10/21** | 12059 | 11958 | 12233 |
| **10/22** | 9684 | 9472 | 9753 |
| **10/23** | 10857 | 9635 | 11070 |
| **10/24** | 11743 | 10554 | 12040 |
| **10/25** | 13358 | 11155 | 13612 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 13.75% | 2.73% | 2.94% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |
| J.P Morgan GBI-EM Global Diversified Index | 13.06% | 2.33% | 3.13% |

---

## Fund Statistics
* Total Net Assets (000)$99,977

* # of Portfolio Holdings180

* Investment Advisory, net of waivers (000)$227

* Portfolio Turnover Rate71%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional Serie F | 10.72% |
| Indonesia Treasury Bond | 8.18% |
| Mexican Bonos | 7.85% |
| Republic of South Africa Government Bond | 7.20% |
| China Government Bond | 7.13% |
| Malaysia Government Bond | 6.01% |
| Thailand Government Bond | 4.77% |
| Republic of Poland Government Bond | 4.31% |
| Peru Government Bond | 4.22% |
| Colombian TES | 4.06% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Foreign Government | 84% |
| Corporate Bond | 16% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| Brazil | 10.86% |
| Mexico | 10.12% |
| Indonesia | 8.18% |
| Peru | 7.75% |
| South Africa | 7.20% |
| China | 7.13% |
| Malaysia | 6.01% |
| Thailand | 4.77% |
| Supranational | 9.09% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 7.18% |
| AA | 5.23% |
| A | 25.04% |
| BBB | 37.03% |
| BB | 21.03% |
| B | 4.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Material Fund Changes
At the Board Meeting held on March 25, 2025, the Board of Trustees approved a two for one reverse share split for all share classes of the Payden High Income Fund and the Payden Emerging Markets Local Bond Fund. The reverse share split was completed after the close of business on May 9, 2025.

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Emerging Markets Local Bond Fund

Investor Class - PYELX

Annual Shareholder Report - October 31, 2025

#### PYELX-AR2025

# Payden Emerging Markets Local Bond Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYILX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Emerging Markets Local Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$80** | **0.75%** |

---

## How did the fund perform last year?
The primary driver of performance was the move lower in market yields. Falling inflation rates globally allowed central banks to ease their monetary policy stance, causing interest rates to shift lower across most emerging markets economies. Emerging markets currencies broadly strengthened against the U.S. dollar. Local rates positioning contributed positively across both high-yield and investment-grade issuers, exhibiting strong geographic diversification as well. Positioning within emerging markets currencies added to relative performance, with strong contributions coming from off-index frontier markets exposures. Looking forward, we expect that emerging markets debt to continue to offer attractive long-run income-generating opportunities.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211ica865e49ac1eaa2bdd0e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg Global Aggregate Index** | **J.P Morgan GBI-EM Global Diversified Index** |
| **02/22** | 10000000 | 10000000 | 10000000 |
| **10/22** | 8394000 | 8256000 | 8496000 |
| **10/23** | 9454162 | 8398003 | 9642960 |
| **10/24** | 10243585 | 9199173 | 10487683 |
| **10/25** | 11694076 | 9722606 | 11857375 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/28/2022** |
| SI Class | 14.16% | 4.35% |
| Bloomberg Global Aggregate Index | 5.69% | -0.88% |
| J.P Morgan GBI-EM Global Diversified Index | 13.06% | 4.75% |

---

## Fund Statistics
* Total Net Assets (000)$99,977

* # of Portfolio Holdings180

* Investment Advisory, net of waivers (000)$227

* Portfolio Turnover Rate71%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional Serie F | 10.72% |
| Indonesia Treasury Bond | 8.18% |
| Mexican Bonos | 7.85% |
| Republic of South Africa Government Bond | 7.20% |
| China Government Bond | 7.13% |
| Malaysia Government Bond | 6.01% |
| Thailand Government Bond | 4.77% |
| Republic of Poland Government Bond | 4.31% |
| Peru Government Bond | 4.22% |
| Colombian TES | 4.06% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Foreign Government | 84% |
| Corporate Bond | 16% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| Brazil | 10.86% |
| Mexico | 10.12% |
| Indonesia | 8.18% |
| Peru | 7.75% |
| South Africa | 7.20% |
| China | 7.13% |
| Malaysia | 6.01% |
| Thailand | 4.77% |
| Supranational | 9.09% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 7.18% |
| AA | 5.23% |
| A | 25.04% |
| BBB | 37.03% |
| BB | 21.03% |
| B | 4.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Material Fund Changes
At the Board Meeting held on March 25, 2025, the Board of Trustees approved a two for one reverse share split for all share classes of the Payden High Income Fund and the Payden Emerging Markets Local Bond Fund. The reverse share split was completed after the close of business on May 9, 2025.

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Emerging Markets Local Bond Fund

SI Class - PYILX

Annual Shareholder Report - October 31, 2025

#### PYILX-AR2025

# Payden Equity Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYVAX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Equity Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$106** | **1.01%** |

---

## How did the fund perform last year?
Broad US equities delivered strong results over the year. Gains were supported by solid corporate earnings, declining interest rates, and expansionary economic policies. Volatility emerged from mid-February to early April, when equities fell nearly 20% amid concerns over new U.S. tariff policies, increased competition in artificial intelligence, and early signs of consumer softening. Markets rebounded quickly as tariff concerns eased and most sectors reported strong earnings, led by technology, industrials, utilities, financials, and consumer discretionary. The Fund participated meaningfully in the market's advance relative to other value-oriented, lower-volatility strategies, maintaining its focus on high-quality companies with durable cash flows and diversified sector exposure. Most sectors contributed positively, with financials, technology, and industrials leading results. Real estate and consumer discretionary were the only performance detractors.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i026182376b63270bf035.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Russell 3000 Index** | **Russell 1000 Value Index** |
| **10/15** | 10000 | 10000 | 10000 |
| **10/16** | 10806 | 10423 | 10636 |
| **10/17** | 12599 | 12921 | 12525 |
| **10/18** | 13064 | 13773 | 12903 |
| **10/19** | 15030 | 15630 | 14348 |
| **10/20** | 13878 | 17214 | 13261 |
| **10/21** | 18747 | 24768 | 19058 |
| **10/22** | 18014 | 20671 | 17720 |
| **10/23** | 16758 | 22397 | 17738 |
| **10/24** | 21818 | 30873 | 23226 |
| **10/25** | 23925 | 37291 | 25807 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Adviser Class | 9.66% | 11.50% | 9.11% |
| Russell 3000 Index | 20.79% | 16.71% | 14.05% |
| Russell 1000 Value Index | 11.11% | 14.24% | 9.94% |

---

## Fund Statistics
* Total Net Assets (000)$1,068,702

* # of Portfolio Holdings79

* Investment Advisory, net of waivers (000)$4,345

* Portfolio Turnover Rate112%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Alphabet Inc. | 4.38% |
| JPMorgan Chase & Co. | 4.20% |
| Bank of America Corp. | 2.76% |
| Wells Fargo & Co. | 2.71% |
| Duke Energy Corp. | 2.68% |
| Amazon.com Inc. | 2.63% |
| Morgan Stanley | 2.55% |
| General Electric Co. | 2.43% |
| Blackrock Inc. | 2.08% |
| Dominion Energy Inc. | 2.02% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Common Stock | 91% |
| Real Estate Investment Trust | 4% |
| Master Limited Partnership | 2% |
| Corporate Bond | 2% |
| Investment Company | 1% |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Equity Income Fund

Adviser Class - PYVAX

Annual Shareholder Report - October 31, 2025

#### PYVAX-AR2025

# Payden Equity Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYVLX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Equity Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$80** | **0.76%** |

---

## How did the fund perform last year?
Broad US equities delivered strong results over the year. Gains were supported by solid corporate earnings, declining interest rates, and expansionary economic policies. Volatility emerged from mid-February to early April, when equities fell nearly 20% amid concerns over new U.S. tariff policies, increased competition in artificial intelligence, and early signs of consumer softening. Markets rebounded quickly as tariff concerns eased and most sectors reported strong earnings, led by technology, industrials, utilities, financials, and consumer discretionary. The Fund participated meaningfully in the market's advance relative to other value-oriented, lower-volatility strategies, maintaining its focus on high-quality companies with durable cash flows and diversified sector exposure. Most sectors contributed positively, with financials, technology, and industrials leading results. Real estate and consumer discretionary were the only performance detractors.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211i29c23a9c52edc089703d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000 Index** | **Russell 1000 Value Index** |
| **10/15** | 100000 | 100000 | 100000 |
| **10/16** | 108370 | 104230 | 106360 |
| **10/17** | 126695 | 129214 | 125250 |
| **10/18** | 131662 | 137729 | 129032 |
| **10/19** | 151925 | 156295 | 143484 |
| **10/20** | 140545 | 172143 | 132608 |
| **10/21** | 190313 | 247680 | 190584 |
| **10/22** | 183385 | 206714 | 177205 |
| **10/23** | 171007 | 223974 | 177382 |
| **10/24** | 223249 | 308726 | 232264 |
| **10/25** | 245306 | 372910 | 258068 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 9.88% | 11.78% | 9.38% |
| Russell 3000 Index | 20.79% | 16.71% | 14.05% |
| Russell 1000 Value Index | 11.11% | 14.24% | 9.94% |

---

## Fund Statistics
* Total Net Assets (000)$1,068,702

* # of Portfolio Holdings79

* Investment Advisory, net of waivers (000)$4,345

* Portfolio Turnover Rate112%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Alphabet Inc. | 4.38% |
| JPMorgan Chase & Co. | 4.20% |
| Bank of America Corp. | 2.76% |
| Wells Fargo & Co. | 2.71% |
| Duke Energy Corp. | 2.68% |
| Amazon.com Inc. | 2.63% |
| Morgan Stanley | 2.55% |
| General Electric Co. | 2.43% |
| Blackrock Inc. | 2.08% |
| Dominion Energy Inc. | 2.02% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Common Stock | 91% |
| Real Estate Investment Trust | 4% |
| Master Limited Partnership | 2% |
| Corporate Bond | 2% |
| Investment Company | 1% |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Equity Income Fund

Investor Class - PYVLX

Annual Shareholder Report - October 31, 2025

#### PYVLX-AR2025

# Payden Equity Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYVSX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Equity Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$68** | **0.65%** |

---

## How did the fund perform last year?
Broad US equities delivered strong results over the year. Gains were supported by solid corporate earnings, declining interest rates, and expansionary economic policies. Volatility emerged from mid-February to early April, when equities fell nearly 20% amid concerns over new U.S. tariff policies, increased competition in artificial intelligence, and early signs of consumer softening. Markets rebounded quickly as tariff concerns eased and most sectors reported strong earnings, led by technology, industrials, utilities, financials, and consumer discretionary. The Fund participated meaningfully in the market's advance relative to other value-oriented, lower-volatility strategies, maintaining its focus on high-quality companies with durable cash flows and diversified sector exposure. Most sectors contributed positively, with financials, technology, and industrials leading results. Real estate and consumer discretionary were the only performance detractors.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211id76494c173d7218fd9bd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Russell 3000 Index** | **Russell 1000 Value Index** |
| **10/15** | 10000000 | 10000000 | 10000000 |
| **10/16** | 10850000 | 10423000 | 10636000 |
| **10/17** | 12708605 | 12921393 | 12524954 |
| **10/18** | 13218220 | 13772913 | 12903207 |
| **10/19** | 15263079 | 15629502 | 14348366 |
| **10/20** | 14133611 | 17214333 | 13260760 |
| **10/21** | 19152456 | 24767982 | 19058365 |
| **10/22** | 18464883 | 20671358 | 17720467 |
| **10/23** | 17248047 | 22397416 | 17738188 |
| **10/24** | 22520775 | 30872599 | 23226383 |
| **10/25** | 24781861 | 37291012 | 25806834 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SI Class | 10.04% | 11.88% | 9.49% |
| Russell 3000 Index | 20.79% | 16.71% | 14.05% |
| Russell 1000 Value Index | 11.11% | 14.24% | 9.94% |

---

## Fund Statistics
* Total Net Assets (000)$1,068,702

* # of Portfolio Holdings79

* Investment Advisory, net of waivers (000)$4,345

* Portfolio Turnover Rate112%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Alphabet Inc. | 4.38% |
| JPMorgan Chase & Co. | 4.20% |
| Bank of America Corp. | 2.76% |
| Wells Fargo & Co. | 2.71% |
| Duke Energy Corp. | 2.68% |
| Amazon.com Inc. | 2.63% |
| Morgan Stanley | 2.55% |
| General Electric Co. | 2.43% |
| Blackrock Inc. | 2.08% |
| Dominion Energy Inc. | 2.02% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Common Stock | 91% |
| Real Estate Investment Trust | 4% |
| Master Limited Partnership | 2% |
| Corporate Bond | 2% |
| Investment Company | 1% |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Equity Income Fund

SI Class - PYVSX

Annual Shareholder Report - October 31, 2025

#### PYVSX-AR2025

# Payden Floating Rate Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYBLX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Floating Rate Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$98** | **0.95%** |

---

## How did the fund perform last year?
Momentum in corporate earnings and resilient economic growth were tailwinds, but the Federal Reserve Board began what will likely be a rate-cutting cycle, which reduced loan yields and Fund income.

Top Contributors to Performance

• Security selection in consumer cyclical

• Security selection in energy

• Security selection in technology

Top Detractors from Performance

• Security selection in consumer non-cyclical

• Cash holding

• Underweight to the insurance sector

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211iad33161c5f92c00e7b49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Leveraged Loan Index** |
| **11/23** | 10000 | 10000 | 10000 |
| **10/24** | 10878 | 10537 | 10774 |
| **10/25** | 11595 | 11186 | 11403 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/30/2023** |
| Adviser Class | 6.59% | 8.00% |
| Bloomberg US Aggregate Bond Index | 6.16% | 6.00% |
| Bloomberg US Leveraged Loan Index | 5.84% | 7.75% |

---

## Fund Statistics
* Total Net Assets (000)$133,268

* # of Portfolio Holdings164

* Investment Advisory, net of waivers (000)$298

* Portfolio Turnover Rate86%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Fr Br Holdings LLC | 1.31% |
| Pac Dac LLC | 1.30% |
| Cloud Software Group Inc. | 1.16% |
| Pitney Bowes Inc. | 1.16% |
| Quikrete Holdings Inc. | 1.14% |
| Flynn Restaurant Group LP | 1.13% |
| EP Wealth Advisors LLC | 1.11% |
| Nexus Buyer LLC | 1.02% |
| Fertitta Entertainment LLC | 1.02% |
| Frontier Communications Holdings LLC | 1.01% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Bank Loan | 93% |
| Corporate Bond | 4% |
| Asset Backed | 3% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i83ce3f604b5f16e1432b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.50% |
| 3-5 Years | 21.93% |
| 5-10 Years | 74.51% |
| >10 Years | 1.89% |
| Other | 0.17% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AA | 0.63% |
| BBB | 6.72% |
| BB | 39.34% |
| B | 46.33% |
| Below B | 4.16% |
| Unrated | 2.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Floating Rate Fund

Adviser Class - PYBLX

Annual Shareholder Report - October 31, 2025

#### PYBLX-AR2025

# Payden Floating Rate Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYFRX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Floating Rate Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$72** | **0.70%** |

---

## How did the fund perform last year?
Momentum in corporate earnings and resilient economic growth were tailwinds, but the Federal Reserve Board began what will likely be a rate-cutting cycle, which reduced loan yields and Fund income.

Top Contributors to Performance

• Security selection in consumer cyclical

• Security selection in energy

• Security selection in technology

Top Detractors from Performance

• Security selection in consumer non-cyclical

• Cash holding

• Underweight to the insurance sector

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211i82deb991ea519d566e63.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** |
| **10/15** | 100000 | 100000 |
| **10/16** | 104590 | 104370 |
| **10/17** | 108261 | 105309 |
| **10/18** | 111671 | 103150 |
| **10/19** | 116507 | 115023 |
| **10/20** | 116029 | 122143 |
| **10/21** | 124488 | 121557 |
| **10/22** | 123118 | 102497 |
| **10/23** | 137141 | 102866 |
| **10/24** | 151953 | 113718 |
| **10/25** | 162042 | 120723 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 6.64% | 6.90% | 4.94% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Bloomberg US Leveraged Loan Index<sup>Footnote Reference^</sup> | 5.84% | 6.70% |  |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote^ | &nbsp;&nbsp;Bloomberg US Leveraged Loan Index commenced operations in January 2019; therefore, it does not have a 10 year return |

---

## Fund Statistics
* Total Net Assets (000)$133,268

* # of Portfolio Holdings164

* Investment Advisory, net of waivers (000)$298

* Portfolio Turnover Rate86%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Fr Br Holdings LLC | 1.31% |
| Pac Dac LLC | 1.30% |
| Cloud Software Group Inc. | 1.16% |
| Pitney Bowes Inc. | 1.16% |
| Quikrete Holdings Inc. | 1.14% |
| Flynn Restaurant Group LP | 1.13% |
| EP Wealth Advisors LLC | 1.11% |
| Nexus Buyer LLC | 1.02% |
| Fertitta Entertainment LLC | 1.02% |
| Frontier Communications Holdings LLC | 1.01% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Bank Loan | 93% |
| Corporate Bond | 4% |
| Asset Backed | 3% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i83ce3f604b5f16e1432b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.50% |
| 3-5 Years | 21.93% |
| 5-10 Years | 74.51% |
| >10 Years | 1.89% |
| Other | 0.17% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AA | 0.63% |
| BBB | 6.72% |
| BB | 39.34% |
| B | 46.33% |
| Below B | 4.16% |
| Unrated | 2.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Floating Rate Fund

Investor Class - PYFRX

Annual Shareholder Report - October 31, 2025

#### PYFRX-AR2025

# Payden Floating Rate Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYFIX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Floating Rate Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$62** | **0.60%** |

---

## How did the fund perform last year?
Momentum in corporate earnings and resilient economic growth were tailwinds, but the Federal Reserve Board began what will likely be a rate-cutting cycle, which reduced loan yields and Fund income.

Top Contributors to Performance

• Security selection in consumer cyclical

• Security selection in energy

• Security selection in technology

Top Detractors from Performance

• Security selection in consumer non-cyclical

• Cash holding

• Underweight to the insurance sector

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211i9378c669c39a4f48f20a.jpg)

---

| | | |
|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** |
| **10/15** | 10000000 | 10000000 |
| **10/16** | 10458000 | 10437000 |
| **10/17** | 10848083 | 10530933 |
| **10/18** | 11200646 | 10315049 |
| **10/19** | 11702435 | 11502311 |
| **10/20** | 11654455 | 12214304 |
| **10/21** | 12532036 | 12155675 |
| **10/22** | 12405462 | 10249665 |
| **10/23** | 13834571 | 10286564 |
| **10/24** | 15341156 | 11371797 |
| **10/25** | 16373616 | 12072300 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SI Class | 6.73% | 7.03% | 5.05% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Bloomberg US Leveraged Loan Index<sup>Footnote Reference^</sup> | 5.84% | 6.70% |  |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote^ | &nbsp;&nbsp;Bloomberg US Leveraged Loan Index commenced operations in January 2019; therefore, it does not have a 10 year return |

---

## Fund Statistics
* Total Net Assets (000)$133,268

* # of Portfolio Holdings164

* Investment Advisory, net of waivers (000)$298

* Portfolio Turnover Rate86%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Fr Br Holdings LLC | 1.31% |
| Pac Dac LLC | 1.30% |
| Cloud Software Group Inc. | 1.16% |
| Pitney Bowes Inc. | 1.16% |
| Quikrete Holdings Inc. | 1.14% |
| Flynn Restaurant Group LP | 1.13% |
| EP Wealth Advisors LLC | 1.11% |
| Nexus Buyer LLC | 1.02% |
| Fertitta Entertainment LLC | 1.02% |
| Frontier Communications Holdings LLC | 1.01% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Bank Loan | 93% |
| Corporate Bond | 4% |
| Asset Backed | 3% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i83ce3f604b5f16e1432b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.50% |
| 3-5 Years | 21.93% |
| 5-10 Years | 74.51% |
| >10 Years | 1.89% |
| Other | 0.17% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AA | 0.63% |
| BBB | 6.72% |
| BB | 39.34% |
| B | 46.33% |
| Below B | 4.16% |
| Unrated | 2.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Floating Rate Fund

SI Class - PYFIX

Annual Shareholder Report - October 31, 2025

#### PYFIX-AR2025

# Payden Global Fixed Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYGFX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Global Fixed Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$70** | **0.68%** |

---

## How did the fund perform last year?
The Fund held an overweight position in credit markets, keeping a bias towards higher quality sectors such as investment grade corporates and AAA-rated securitized assets. Despite increased political instability, rising trade tensions, and weakening labor markets, credit markets delivered positive excess returns. The Fund allocation to non-governmental sectors added to relative return, with allocations to high-yield debt, investment-grade corporate debt, securitized debt, and hard-currency emerging markets debt contributing the most. Active rates management had a positive impact on relative performance, while currency positions detracted from relative performance.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i5e995e189114dbaedf95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **Bloomberg Global Aggregate Index (USD Hedged)** |
| **10/15** | 10000 | 10000 | 10000 |
| **10/16** | 10468 | 10559 | 10517 |
| **10/17** | 10728 | 10684 | 10646 |
| **10/18** | 10686 | 10465 | 10668 |
| **10/19** | 11707 | 11463 | 11806 |
| **10/20** | 12160 | 12108 | 12316 |
| **10/21** | 12232 | 11958 | 12214 |
| **10/22** | 10582 | 9472 | 10733 |
| **10/23** | 10760 | 9635 | 10918 |
| **10/24** | 11914 | 10554 | 12001 |
| **10/25** | 12598 | 11155 | 12637 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 5.74% | 0.71% | 2.33% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.52% | 2.37% |

---

## Fund Statistics
* Total Net Assets (000)$151,474

* # of Portfolio Holdings351

* Investment Advisory, net of waivers (000)$306

* Portfolio Turnover Rate54%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 4.64% |
| Japan Government Thirty Year Bond | 2.93% |
| French Republic Government Bond OAT | 2.38% |
| Italy Buoni Poliennali Del Tesoro | 2.25% |
| Japan Government Ten Year Bond | 2.18% |
| Indonesia Treasury Bond | 1.70% |
| Canadian Government Bond | 1.66% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.63% |
| OBX Trust | 1.52% |
| RCKT Mortgage Trust | 1.48% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 32% |
| Foreign Government | 27% |
| Mortgage Backed | 20% |
| Asset Backed | 8% |
| U.S. Treasury | 7% |
| Others | 6% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| United States | 43.67% |
| Japan | 6.11% |
| Ireland | 4.33% |
| Italy | 3.47% |
| United Kingdom | 3.33% |
| France | 3.22% |
| Canada | 3.01% |
| Cayman Islands | 2.71% |
| Netherlands | 2.17% |
| Spain | 2.06% |
| Supranational | 0.30% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 11.46% |
| AA | 29.50% |
| A | 16.31% |
| BBB | 27.54% |
| BB | 10.10% |
| B | 2.93% |
| Below B | 0.18% |
| Unrated | 1.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Global Fixed Income Fund

Investor Class - PYGFX

Annual Shareholder Report - October 31, 2025

#### PYGFX-AR2025

# Payden Global Fixed Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYGIX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Global Fixed Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$57** | **0.55%** |

---

## How did the fund perform last year?
The Fund held an overweight position in credit markets, keeping a bias towards higher quality sectors such as investment grade corporates and AAA-rated securitized assets. Despite increased political instability, rising trade tensions, and weakening labor markets, credit markets delivered positive excess returns. The Fund allocation to non-governmental sectors added to relative return, with allocations to high-yield debt, investment-grade corporate debt, securitized debt, and hard-currency emerging markets debt contributing the most. Active rates management had a positive impact on relative performance, while currency positions detracted from relative performance.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211ie5e8a7ab4f970b1272b3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg Global Aggregate Index** | **Bloomberg Global Aggregate Index (USD Hedged)** |
| **06/21** | 10000000 | 10000000 | 10000000 |
| **10/21** | 9961000 | 9882000 | 9993000 |
| **10/22** | 8629214 | 7827532 | 8781848 |
| **10/23** | 8776774 | 7962166 | 8932896 |
| **10/24** | 9735198 | 8721756 | 9819039 |
| **10/25** | 10308601 | 9218024 | 10339449 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 6/30/2021** |
| SI Class | 5.89% | 0.70% |
| Bloomberg Global Aggregate Index | 5.69% | -1.86% |
| Bloomberg Global Aggregate Index (USD Hedged) | 5.30% | 0.77% |

---

## Fund Statistics
* Total Net Assets (000)$151,474

* # of Portfolio Holdings351

* Investment Advisory, net of waivers (000)$306

* Portfolio Turnover Rate54%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 4.64% |
| Japan Government Thirty Year Bond | 2.93% |
| French Republic Government Bond OAT | 2.38% |
| Italy Buoni Poliennali Del Tesoro | 2.25% |
| Japan Government Ten Year Bond | 2.18% |
| Indonesia Treasury Bond | 1.70% |
| Canadian Government Bond | 1.66% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.63% |
| OBX Trust | 1.52% |
| RCKT Mortgage Trust | 1.48% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 32% |
| Foreign Government | 27% |
| Mortgage Backed | 20% |
| Asset Backed | 8% |
| U.S. Treasury | 7% |
| Others | 6% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| United States | 43.67% |
| Japan | 6.11% |
| Ireland | 4.33% |
| Italy | 3.47% |
| United Kingdom | 3.33% |
| France | 3.22% |
| Canada | 3.01% |
| Cayman Islands | 2.71% |
| Netherlands | 2.17% |
| Spain | 2.06% |
| Supranational | 0.30% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 11.46% |
| AA | 29.50% |
| A | 16.31% |
| BBB | 27.54% |
| BB | 10.10% |
| B | 2.93% |
| Below B | 0.18% |
| Unrated | 1.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Global Fixed Income Fund

SI Class - PYGIX

Annual Shareholder Report - October 31, 2025

#### PYGIX-AR2025

# Payden Global Low Duration Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYGSX

## Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Global Low Duration Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$54** | **0.53%** |

---

## How did the fund perform last year?
The primary driver of performance was movement in market yields. US Treasury yields declined materially over the year as the Federal Reserve signaled a near-term path towards lower policy rates and ultimately delivered a total of four 0.25% rate cuts totaling 1%. The Fund maintained a longer duration positioning, which resulted in capital appreciation that contributed to total return exceeding income. The Fund's diversified allocation to credit sectors also contributed to returns as credit risk premiums narrowed modestly over the course of the year in response to resilient economic growth data. Looking forward, we continue to expect the broader economic backdrop to support credit sectors and a longer-term trajectory towards lower interest rates.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i151b38965ed55bd6509a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **ICE BofA 1-3 Year U.S. Corporate & Government Index** |
| **10/15** | 10000 | 10000 | 10000 |
| **10/16** | 10161 | 10559 | 10130 |
| **10/17** | 10330 | 10684 | 10198 |
| **10/18** | 10373 | 10465 | 10240 |
| **10/19** | 10851 | 11463 | 10741 |
| **10/20** | 11137 | 12108 | 11106 |
| **10/21** | 11266 | 11958 | 11109 |
| **10/22** | 10753 | 9472 | 10556 |
| **10/23** | 11182 | 9635 | 10904 |
| **10/24** | 12006 | 10554 | 11589 |
| **10/25** | 12661 | 11155 | 12176 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 5.45% | 2.60% | 2.39% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |
| ICE BofA 1-3 Year U.S. Corporate & Government Index | 5.07% | 1.85% | 1.99% |

---

## Fund Statistics
* Total Net Assets (000)$38,922

* # of Portfolio Holdings210

* Investment Advisory, net of waivers (000)$(36)

* Portfolio Turnover Rate67%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 13.71% |
| BX Trust | 2.53% |
| OBX Trust | 2.21% |
| Canadian Imperial Bank of Commerce | 1.79% |
| Caisse d'Amortissement de la Dette Sociale | 1.77% |
| Westlake Automobile Receivables Trust | 1.53% |
| BNG Bank NV | 1.52% |
| Asian Development Bank | 1.52% |
| RCKT Mortgage Trust | 1.45% |
| Texas Natural Gas Securitization Finance Corp. | 1.39% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 40% |
| Asset Backed | 16% |
| U.S. Treasury | 14% |
| Mortgage Backed | 13% |
| Foreign Government | 13% |
| Others | 4% |

---

### Top 10 Country Holdings (as a % of investments)

---

| | |
|:---|:---|
| United States | 60.77% |
| Canada | 9.01% |
| France | 3.98% |
| Netherlands | 3.08% |
| Cayman Islands | 2.97% |
| Sweden | 1.82% |
| Switzerland | 1.66% |
| Ireland | 1.32% |
| Supranational | 2.32% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 31.16% |
| AA | 28.73% |
| A | 20.63% |
| BBB | 15.05% |
| BB | 2.74% |
| B | 0.18% |
| Unrated | 1.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Global Low Duration Fund

Investor Class - PYGSX

Annual Shareholder Report - October 31, 2025

#### PYGSX-AR2025

# Payden GNMA Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYGNX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden GNMA Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$47** | **0.45%** |

---

## How did the fund perform last year?
The Fund benefited from a normalization in Ginnie Mae (GNMA) risk premiums, declining short- and intermediate-term interest rates, and renewed demand from U.S. financial institutions. Policy moves drove interest rate swings, a cautious Federal Reserve delayed easing short-term interest rates, and mortgage risk premia widened on macro uncertainty. As the year progressed, tariff-driven inflation fears eased, employment softened, and the Federal Reserve delivered two additional rate cuts widely anticipated by markets. Lower interest rate volatility helped mortgage yield premiums return to long-term averages. Looking ahead, we expect gradually lower long-term interest rates and stable risk premia and maintain a long duration and yield advantage versus the benchmark.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i70820c89c886a9dc273e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. GNMA Mortgage Backed Securities Index** |
| **10/15** | 10000 | 10000 | 10000 |
| **10/16** | 10326 | 10437 | 10323 |
| **10/17** | 10314 | 10531 | 10360 |
| **10/18** | 10072 | 10315 | 10193 |
| **10/19** | 10942 | 11502 | 11090 |
| **10/20** | 11327 | 12214 | 11483 |
| **10/21** | 11224 | 12156 | 11389 |
| **10/22** | 9539 | 10250 | 9852 |
| **10/23** | 9330 | 10287 | 9787 |
| **10/24** | 10320 | 11372 | 10830 |
| **10/25** | 11022 | 12072 | 11585 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 6.80% | -0.55% | 0.98% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA U.S. GNMA Mortgage Backed Securities Index | 6.97% | 0.18% | 1.48% |

---

## Fund Statistics
* Total Net Assets (000)$87,489

* # of Portfolio Holdings148

* Investment Advisory, net of waivers (000)$57

* Portfolio Turnover Rate11%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| G2SF | 18.88% |
| FHLMC Multifamily Structured Pass-Through Certificates | 3.92% |
| G2 MA7767 30YR | 1.97% |
| G2 MA7589 30YR | 1.79% |
| G2 MA9726 30YR | 1.71% |
| G2 MA7648 30YR | 1.68% |
| G2 MA7533 30YR | 1.67% |
| G2 MA7987 30YR | 1.62% |
| G2 MA7367 30YR | 1.60% |
| G2 MA6818 30YR | 1.57% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 99% |
| Investment Company | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i31b31d25a16b9bf1cf63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.86% |
| 3-5 Years | 1.85% |
| 5-10 Years | 3.88% |
| >10 Years | 89.03% |
| Other | 1.38% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 0.82% |
| AA | 99.17% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden GNMA Fund

Investor Class - PYGNX

Annual Shareholder Report - October 31, 2025

#### PYGNX-AR2025

# Payden High Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYRLX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden High Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$82** | **0.79%** |

---

## How did the fund perform last year?
Momentum in corporate earnings and resilient economic growth were tailwinds, but coupon income was the largest driver of return.

Top Contributors to Performance

• Security selection in the basic industry sector

• Security selection in the automotive sector

• Security selection in the utility sector

Top Detractors from Performance

• Security selection in the retail sector

• Security selection in the consumer goods sector

• Security selection in the healthcare sector

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i6dacfe9a5490d21904d9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index** |
| **11/23** | 10000 | 10000 | 10000 |
| **10/24** | 11155 | 10537 | 10982 |
| **10/25** | 11984 | 11186 | 11850 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/30/2023** |
| Adviser Class | 7.43% | 9.86% |
| Bloomberg US Aggregate Bond Index | 6.16% | 6.00% |
| ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index | 7.90% | 9.22% |

---

## Fund Statistics
* Total Net Assets (000)$1,041,179

* # of Portfolio Holdings413

* Investment Advisory, net of waivers (000)$2,917

* Portfolio Turnover Rate78%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.66% |
| TransDigm Inc. | 0.87% |
| American Axle & Manufacturing Inc. | 0.82% |
| Jefferson Capital Holdings LLC | 0.75% |
| Talen Energy Supply LLC | 0.71% |
| Iron Mountain Inc. | 0.70% |
| Energizer Holdings Inc. | 0.68% |
| Fr Br Holdings LLC | 0.62% |
| CoreWeave Inc. | 0.60% |
| Cleveland-Cliffs Inc. | 0.60% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 86% |
| Investment Company | 7% |
| Bank Loan | 5% |
| Asset Backed | 1% |
| Mortgage Backed | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i19ff9a59bedd6f7b121b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.75% |
| 3-5 Years | 26.27% |
| 5-10 Years | 58.39% |
| >10 Years | 6.55% |
| Other | 7.04% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AA | 7.03% |
| BBB | 2.89% |
| BB | 31.48% |
| B | 50.98% |
| Below B | 5.37% |
| Unrated | 2.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the lowest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Material Fund Changes
At the Board Meeting held on March 25, 2025, the Board of Trustees approved a two for one reverse share split for all share classes of the Payden High Income Fund and the Payden Emerging Markets Local Bond Fund. The reverse share split was completed after the close of business on May 9, 2025.

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden High Income Fund

Adviser Class - PYRLX

Annual Shareholder Report - October 31, 2025

#### PYRLX-AR2025

# Payden High Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYHRX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden High Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$62** | **0.60%** |

---

## How did the fund perform last year?
Momentum in corporate earnings and resilient economic growth were tailwinds, but coupon income was the largest driver of return.

Top Contributors to Performance

• Security selection in the basic industry sector

• Security selection in the automotive sector

• Security selection in the utility sector

Top Detractors from Performance

• Security selection in the retail sector

• Security selection in the consumer goods sector

• Security selection in the healthcare sector

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211iedd54fb697d7f56fedfc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index** |
| **10/15** | 100000 | 100000 | 100000 |
| **10/16** | 106330 | 104370 | 108950 |
| **10/17** | 114411 | 105309 | 117949 |
| **10/18** | 114594 | 103150 | 118350 |
| **10/19** | 126478 | 115023 | 129984 |
| **10/20** | 131828 | 122143 | 134326 |
| **10/21** | 147317 | 121557 | 146428 |
| **10/22** | 131923 | 102497 | 130409 |
| **10/23** | 141870 | 102866 | 137451 |
| **10/24** | 165179 | 113718 | 157973 |
| **10/25** | 177914 | 120723 | 170452 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 7.71% | 6.18% | 5.93% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index | 7.90% | 4.88% | 5.47% |

---

## Fund Statistics
* Total Net Assets (000)$1,041,179

* # of Portfolio Holdings413

* Investment Advisory, net of waivers (000)$2,917

* Portfolio Turnover Rate78%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.66% |
| TransDigm Inc. | 0.87% |
| American Axle & Manufacturing Inc. | 0.82% |
| Jefferson Capital Holdings LLC | 0.75% |
| Talen Energy Supply LLC | 0.71% |
| Iron Mountain Inc. | 0.70% |
| Energizer Holdings Inc. | 0.68% |
| Fr Br Holdings LLC | 0.62% |
| CoreWeave Inc. | 0.60% |
| Cleveland-Cliffs Inc. | 0.60% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 86% |
| Investment Company | 7% |
| Bank Loan | 5% |
| Asset Backed | 1% |
| Mortgage Backed | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i19ff9a59bedd6f7b121b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.75% |
| 3-5 Years | 26.27% |
| 5-10 Years | 58.39% |
| >10 Years | 6.55% |
| Other | 7.04% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AA | 7.03% |
| BBB | 2.89% |
| BB | 31.48% |
| B | 50.98% |
| Below B | 5.37% |
| Unrated | 2.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the lowest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Material Fund Changes
At the Board Meeting held on March 25, 2025, the Board of Trustees approved a two for one reverse share split for all share classes of the Payden High Income Fund and the Payden Emerging Markets Local Bond Fund. The reverse share split was completed after the close of business on May 9, 2025.

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden High Income Fund

Investor Class - PYHRX

Annual Shareholder Report - October 31, 2025

#### PYHRX-AR2025

# Payden High Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYCHX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden High Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$57** | **0.55%** |

---

## How did the fund perform last year?
Momentum in corporate earnings and resilient economic growth were tailwinds, but coupon income was the largest driver of return.

Top Contributors to Performance

• Security selection in the basic industry sector

• Security selection in the automotive sector

• Security selection in the utility sector

Top Detractors from Performance

• Security selection in the retail sector

• Security selection in the consumer goods sector

• Security selection in the healthcare sector

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211i5b1a95dc404502fcb379.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index** |
| **02/22** | 10000000 | 10000000 | 10000000 |
| **10/22** | 9208000 | 8779000 | 9167000 |
| **10/23** | 9910570 | 8810604 | 9662018 |
| **10/24** | 11533922 | 9740123 | 11104557 |
| **10/25** | 12441641 | 10340115 | 11981817 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/28/2022** |
| SI Class | 7.87% | 6.12% |
| Bloomberg US Aggregate Bond Index | 6.16% | 0.91% |
| ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index | 7.90% | 5.04% |

---

## Fund Statistics
* Total Net Assets (000)$1,041,179

* # of Portfolio Holdings413

* Investment Advisory, net of waivers (000)$2,917

* Portfolio Turnover Rate78%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.66% |
| TransDigm Inc. | 0.87% |
| American Axle & Manufacturing Inc. | 0.82% |
| Jefferson Capital Holdings LLC | 0.75% |
| Talen Energy Supply LLC | 0.71% |
| Iron Mountain Inc. | 0.70% |
| Energizer Holdings Inc. | 0.68% |
| Fr Br Holdings LLC | 0.62% |
| CoreWeave Inc. | 0.60% |
| Cleveland-Cliffs Inc. | 0.60% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 86% |
| Investment Company | 7% |
| Bank Loan | 5% |
| Asset Backed | 1% |
| Mortgage Backed | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i19ff9a59bedd6f7b121b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.75% |
| 3-5 Years | 26.27% |
| 5-10 Years | 58.39% |
| >10 Years | 6.55% |
| Other | 7.04% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AA | 7.03% |
| BBB | 2.89% |
| BB | 31.48% |
| B | 50.98% |
| Below B | 5.37% |
| Unrated | 2.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the lowest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Material Fund Changes
At the Board Meeting held on March 25, 2025, the Board of Trustees approved a two for one reverse share split for all share classes of the Payden High Income Fund and the Payden Emerging Markets Local Bond Fund. The reverse share split was completed after the close of business on May 9, 2025.

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden High Income Fund

SI Class - PYCHX

Annual Shareholder Report - October 31, 2025

#### PYCHX-AR2025

# Payden Limited Maturity Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYLBX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Limited Maturity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$56** | **0.55%** |

---

## How did the fund perform last year?
The US Federal Reserve lowered short-term interest rates by 1% over the year ended October 31, 2025. The Fund benefited from its allocation to short-intermediate maturity fixed-rate credit securities as US Treasury yields moved 0.50-0.75% lower over the year. The main factor driving performance was the continued tightening in credit yield premiums, supported by strong investor demand and resilient corporate earnings. Risk premia briefly widened in April amid trade-related headlines, before quickly retracing. The Fund maintains an ample allocation to US Treasuries to allow for liquidity amidst market volatility and holds a diversified mix of high-quality securitized and corporate bonds.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i7a4d7e8d7899e8f1e710.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index** |
| **11/23** | 10000 | 10000 | 10000 |
| **10/24** | 10499 | 10537 | 10493 |
| **10/25** | 11002 | 11186 | 10949 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/30/2023** |
| Adviser Class | 4.79% | 5.09% |
| Bloomberg US Aggregate Bond Index | 6.16% | 6.00% |
| ICE BofA U.S. 3-Month Treasury Bill Index | 4.35% | 4.83% |

---

## Fund Statistics
* Total Net Assets (000)$2,103,321

* # of Portfolio Holdings491

* Investment Advisory, net of waivers (000)$365

* Portfolio Turnover Rate60%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Bill | 12.74% |
| OBX Trust | 2.34% |
| Freddie Mac STACR REMIC Trust | 2.32% |
| U.S. Treasury Note | 2.01% |
| RCKT Mortgage Trust | 1.90% |
| Connecticut Avenue Securities Trust | 1.73% |
| Westlake Automobile Receivables Trust | 1.27% |
| Payden Floating Rate Fund, SI Class | 1.24% |
| American Express Co. | 1.23% |
| Enterprise Fleet Financing LLC | 1.10% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 37% |
| Asset Backed | 29% |
| Mortgage Backed | 17% |
| U.S. Treasury | 15% |
| Investment Company | 2% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211ib134d431cb468dcc9d49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 35.50% |
| 3-5 Years | 30.01% |
| 5-10 Years | 12.28% |
| >10 Years | 19.98% |
| Other | 2.23% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 39.61% |
| AA | 27.75% |
| A | 18.66% |
| BBB | 9.74% |
| BB | 3.50% |
| B | 0.20% |
| Unrated | 0.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Limited Maturity Fund

Adviser Class - PYLBX

Annual Shareholder Report - October 31, 2025

#### PYLBX-AR2025

# Payden Limited Maturity Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYLMX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Limited Maturity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$31** | **0.30%** |

---

## How did the fund perform last year?
The US Federal Reserve lowered short-term interest rates by 1% over the year ended October 31, 2025. The Fund benefited from its allocation to short-intermediate maturity fixed-rate credit securities as US Treasury yields moved 0.50-0.75% lower over the year. The main factor driving performance was the continued tightening in credit yield premiums, supported by strong investor demand and resilient corporate earnings. Risk premia briefly widened in April amid trade-related headlines, before quickly retracing. The Fund maintains an ample allocation to US Treasuries to allow for liquidity amidst market volatility and holds a diversified mix of high-quality securitized and corporate bonds.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211i77ca4e10c75b1f908bc4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index** |
| **10/15** | 100000 | 100000 | 100000 |
| **10/16** | 101310 | 104370 | 100310 |
| **10/17** | 102850 | 105309 | 101032 |
| **10/18** | 104825 | 103150 | 102730 |
| **10/19** | 107959 | 115023 | 105195 |
| **10/20** | 109848 | 122143 | 106163 |
| **10/21** | 110672 | 121557 | 106216 |
| **10/22** | 110218 | 102497 | 107044 |
| **10/23** | 116567 | 102866 | 112150 |
| **10/24** | 124354 | 113718 | 118195 |
| **10/25** | 130770 | 120723 | 123337 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 5.16% | 3.55% | 2.72% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA U.S. 3-Month Treasury Bill Index | 4.35% | 3.04% | 2.12% |

---

## Fund Statistics
* Total Net Assets (000)$2,103,321

* # of Portfolio Holdings491

* Investment Advisory, net of waivers (000)$365

* Portfolio Turnover Rate60%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Bill | 12.74% |
| OBX Trust | 2.34% |
| Freddie Mac STACR REMIC Trust | 2.32% |
| U.S. Treasury Note | 2.01% |
| RCKT Mortgage Trust | 1.90% |
| Connecticut Avenue Securities Trust | 1.73% |
| Westlake Automobile Receivables Trust | 1.27% |
| Payden Floating Rate Fund, SI Class | 1.24% |
| American Express Co. | 1.23% |
| Enterprise Fleet Financing LLC | 1.10% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 37% |
| Asset Backed | 29% |
| Mortgage Backed | 17% |
| U.S. Treasury | 15% |
| Investment Company | 2% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211ib134d431cb468dcc9d49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 35.50% |
| 3-5 Years | 30.01% |
| 5-10 Years | 12.28% |
| >10 Years | 19.98% |
| Other | 2.23% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 39.61% |
| AA | 27.75% |
| A | 18.66% |
| BBB | 9.74% |
| BB | 3.50% |
| B | 0.20% |
| Unrated | 0.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Limited Maturity Fund

Investor Class - PYLMX

Annual Shareholder Report - October 31, 2025

#### PYLMX-AR2025

# Payden Limited Maturity Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYLSX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Limited Maturity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$26** | **0.25%** |

---

## How did the fund perform last year?
The US Federal Reserve lowered short-term interest rates by 1% over the year ended October 31, 2025. The Fund benefited from its allocation to short-intermediate maturity fixed-rate credit securities as US Treasury yields moved 0.50-0.75% lower over the year. The main factor driving performance was the continued tightening in credit yield premiums, supported by strong investor demand and resilient corporate earnings. Risk premia briefly widened in April amid trade-related headlines, before quickly retracing. The Fund maintains an ample allocation to US Treasuries to allow for liquidity amidst market volatility and holds a diversified mix of high-quality securitized and corporate bonds.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211i4c93cac50a1d9b4cb778.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index** |
| **06/21** | 10000000 | 10000000 | 10000000 |
| **10/21** | 10011000 | 10011000 | 10001000 |
| **10/22** | 9974960 | 8441275 | 10079008 |
| **10/23** | 10543533 | 8471664 | 10559776 |
| **10/24** | 11253113 | 9365424 | 11128948 |
| **10/25** | 11840525 | 9942334 | 11613058 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 6/30/2021** |
| SI Class | 5.22% | 3.97% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.14% |
| ICE BofA U.S. 3-Month Treasury Bill Index | 4.35% | 3.50% |

---

## Fund Statistics
* Total Net Assets (000)$2,103,321

* # of Portfolio Holdings491

* Investment Advisory, net of waivers (000)$365

* Portfolio Turnover Rate60%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Bill | 12.74% |
| OBX Trust | 2.34% |
| Freddie Mac STACR REMIC Trust | 2.32% |
| U.S. Treasury Note | 2.01% |
| RCKT Mortgage Trust | 1.90% |
| Connecticut Avenue Securities Trust | 1.73% |
| Westlake Automobile Receivables Trust | 1.27% |
| Payden Floating Rate Fund, SI Class | 1.24% |
| American Express Co. | 1.23% |
| Enterprise Fleet Financing LLC | 1.10% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 37% |
| Asset Backed | 29% |
| Mortgage Backed | 17% |
| U.S. Treasury | 15% |
| Investment Company | 2% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211ib134d431cb468dcc9d49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 35.50% |
| 3-5 Years | 30.01% |
| 5-10 Years | 12.28% |
| >10 Years | 19.98% |
| Other | 2.23% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 39.61% |
| AA | 27.75% |
| A | 18.66% |
| BBB | 9.74% |
| BB | 3.50% |
| B | 0.20% |
| Unrated | 0.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Limited Maturity Fund

SI Class - PYLSX

Annual Shareholder Report - October 31, 2025

#### PYLSX-AR2025

# Payden Low Duration Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYLWX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Low Duration Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$-** | **-%** |

---

## How did the fund perform last year?
The primary driver of performance was movement in market yields. US Treasury yields declined materially over the year as the Federal Reserve signaled a near-term path towards lower policy rates and ultimately delivered a total of four 0.25% rate cuts totaling 1%. The Fund maintained a longer duration positioning, which resulted in capital appreciation that contributed to total return exceeding income. The Fund's diversified allocation to credit sectors also contributed to returns as credit risk premiums narrowed modestly over the course of the year in response to resilient economic growth data. Looking forward, we continue to expect the broader economic backdrop to support credit sectors and a longer-term trajectory towards lower interest rates.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211id2e625e2259d93603c91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **11/23** | 10000 | 10000 | 10000 |
| **10/24** | 10564 | 10537 | 10462 |
| **10/25** | 11075 | 11186 | 10968 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/30/2023** |
| Adviser Class | 4.84% | 5.45% |
| Bloomberg US Aggregate Bond Index | 6.16% | 6.00% |
| ICE BofA 1-3 Year U.S. Treasury Index | 4.84% | 4.92% |

---

## Fund Statistics
* Total Net Assets (000)$804,611

* # of Portfolio Holdings244

* Investment Advisory, net of waivers (000)$1,345

* Portfolio Turnover Rate74%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 31.61% |
| OBX Trust | 2.19% |
| BX Trust | 1.51% |
| RCKT Mortgage Trust | 1.36% |
| Santander Drive Auto Receivables Trust | 1.21% |
| Wells Fargo & Co. | 1.17% |
| Texas Natural Gas Securitization Finance Corp. | 1.13% |
| Citigroup Inc. | 1.13% |
| COLT Mortgage Loan Trust | 1.08% |
| CARS-DB5 LP | 1.02% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 32% |
| Corporate Bond | 31% |
| Asset Backed | 18% |
| Mortgage Backed | 16% |
| Investment Company | 2% |
| Others | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i6829829a957f64abe7ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 31.54% |
| 3-5 Years | 33.69% |
| 5-10 Years | 9.41% |
| >10 Years | 23.67% |
| Other | 1.69% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 21.65% |
| AA | 39.60% |
| A | 18.69% |
| BBB | 13.90% |
| BB | 3.83% |
| B | 0.18% |
| Unrated | 2.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Low Duration Fund

Adviser Class - PYLWX

Annual Shareholder Report - October 31, 2025

#### PYLWX-AR2025

# Payden Low Duration Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYSBX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Low Duration Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$44** | **0.43%** |

---

## How did the fund perform last year?
The primary driver of performance was movement in market yields. US Treasury yields declined materially over the year as the Federal Reserve signaled a near-term path towards lower policy rates and ultimately delivered a total of four 0.25% rate cuts totaling 1%. The Fund maintained a longer duration positioning, which resulted in capital appreciation that contributed to total return exceeding income. The Fund's diversified allocation to credit sectors also contributed to returns as credit risk premiums narrowed modestly over the course of the year in response to resilient economic growth data. Looking forward, we continue to expect the broader economic backdrop to support credit sectors and a longer-term trajectory towards lower interest rates.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211ic3971f4351633581699c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **10/15** | 100000 | 100000 | 100000 |
| **10/16** | 101730 | 104370 | 100910 |
| **10/17** | 103124 | 105309 | 101152 |
| **10/18** | 103526 | 103150 | 101405 |
| **10/19** | 108071 | 115023 | 106009 |
| **10/20** | 111313 | 122143 | 109391 |
| **10/21** | 112248 | 121557 | 109139 |
| **10/22** | 107028 | 102497 | 104042 |
| **10/23** | 111481 | 102866 | 107080 |
| **10/24** | 119340 | 113718 | 113248 |
| **10/25** | 125772 | 120723 | 118729 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 5.39% | 2.47% | 2.32% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA 1-3 Year U.S. Treasury Index | 4.84% | 1.65% | 1.73% |

---

## Fund Statistics
* Total Net Assets (000)$804,611

* # of Portfolio Holdings244

* Investment Advisory, net of waivers (000)$1,345

* Portfolio Turnover Rate74%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 31.61% |
| OBX Trust | 2.19% |
| BX Trust | 1.51% |
| RCKT Mortgage Trust | 1.36% |
| Santander Drive Auto Receivables Trust | 1.21% |
| Wells Fargo & Co. | 1.17% |
| Texas Natural Gas Securitization Finance Corp. | 1.13% |
| Citigroup Inc. | 1.13% |
| COLT Mortgage Loan Trust | 1.08% |
| CARS-DB5 LP | 1.02% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 32% |
| Corporate Bond | 31% |
| Asset Backed | 18% |
| Mortgage Backed | 16% |
| Investment Company | 2% |
| Others | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i6829829a957f64abe7ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 31.54% |
| 3-5 Years | 33.69% |
| 5-10 Years | 9.41% |
| >10 Years | 23.67% |
| Other | 1.69% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 21.65% |
| AA | 39.60% |
| A | 18.69% |
| BBB | 13.90% |
| BB | 3.83% |
| B | 0.18% |
| Unrated | 2.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Low Duration Fund

Investor Class - PYSBX

Annual Shareholder Report - October 31, 2025

#### PYSBX-AR2025

# Payden Low Duration Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYLDX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Low Duration Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$39** | **0.38%** |

---

## How did the fund perform last year?
The primary driver of performance was movement in market yields. US Treasury yields declined materially over the year as the Federal Reserve signaled a near-term path towards lower policy rates and ultimately delivered a total of four 0.25% rate cuts totaling 1%. The Fund maintained a longer duration positioning, which resulted in capital appreciation that contributed to total return exceeding income. The Fund's diversified allocation to credit sectors also contributed to returns as credit risk premiums narrowed modestly over the course of the year in response to resilient economic growth data. Looking forward, we continue to expect the broader economic backdrop to support credit sectors and a longer-term trajectory towards lower interest rates.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211i90ddd381d489331378e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **02/22** | 10000000 | 10000000 | 10000000 |
| **10/22** | 9666000 | 8779000 | 9654000 |
| **10/23** | 10072939 | 8810604 | 9935897 |
| **10/24** | 10788117 | 9740123 | 10508204 |
| **10/25** | 11374991 | 10340115 | 11016802 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/28/2022** |
| SI Class | 5.44% | 3.57% |
| Bloomberg US Aggregate Bond Index | 6.16% | 0.91% |
| ICE BofA 1-3 Year U.S. Treasury Index | 4.84% | 2.67% |

---

## Fund Statistics
* Total Net Assets (000)$804,611

* # of Portfolio Holdings244

* Investment Advisory, net of waivers (000)$1,345

* Portfolio Turnover Rate74%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 31.61% |
| OBX Trust | 2.19% |
| BX Trust | 1.51% |
| RCKT Mortgage Trust | 1.36% |
| Santander Drive Auto Receivables Trust | 1.21% |
| Wells Fargo & Co. | 1.17% |
| Texas Natural Gas Securitization Finance Corp. | 1.13% |
| Citigroup Inc. | 1.13% |
| COLT Mortgage Loan Trust | 1.08% |
| CARS-DB5 LP | 1.02% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 32% |
| Corporate Bond | 31% |
| Asset Backed | 18% |
| Mortgage Backed | 16% |
| Investment Company | 2% |
| Others | 1% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i6829829a957f64abe7ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 31.54% |
| 3-5 Years | 33.69% |
| 5-10 Years | 9.41% |
| >10 Years | 23.67% |
| Other | 1.69% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 21.65% |
| AA | 39.60% |
| A | 18.69% |
| BBB | 13.90% |
| BB | 3.83% |
| B | 0.18% |
| Unrated | 2.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Low Duration Fund

SI Class - PYLDX

Annual Shareholder Report - October 31, 2025

#### PYLDX-AR2025

# Payden Managed Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PKCBX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Managed Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$93** | **0.90%** |

---

## How did the fund perform last year?
Fixed-income markets were heavily influenced by shifting Federal Reserve policy, tariff developments, and election-related uncertainty. Rates were volatile but ended lower, while credit risk premia generally remained tight. Given pervasive uncertainty, the Fund maintained a focus on capital preservation and risk management, using dynamic rate positioning alongside selective credit exposure. Key contributors included emerging markets debt, investment-grade corporate debt, and non-agency residential mortgage credit. Looking ahead, the Fund is positioned for slower growth and a weakening labor market, with inflation moving closer to target. The Fund risk positioning remains cautious amid elevated valuations, balancing downside protection with targeted opportunities in EM and securitized assets and stands ready to add risk should market dislocations create attractive entry points.

## How has the fund performed?

### Total Return Based on $25,000 Investment
![Growth Chart](g51211i034fe8d39d7b90db7685.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 1-Month Treasury Bill Index** |
| **10/15** | 25000 | 25000 | 25000 |
| **10/16** | 25570 | 26093 | 25043 |
| **10/17** | 26225 | 26327 | 25208 |
| **10/18** | 26626 | 25788 | 25611 |
| **10/19** | 27941 | 28756 | 26175 |
| **10/20** | 27771 | 30536 | 26355 |
| **10/21** | 29540 | 30389 | 26368 |
| **10/22** | 27667 | 25624 | 26585 |
| **10/23** | 29432 | 25716 | 27831 |
| **10/24** | 31993 | 28429 | 29329 |
| **10/25** | 34027 | 30181 | 30613 |

---

The above chart represents historical performance of a hypothetical investment of $25,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Adviser Class | 6.36% | 4.14% | 3.13% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA U.S. 1-Month Treasury Bill Index | 4.38% | 3.04% | 2.04% |

---

## Fund Statistics
* Total Net Assets (000)$127,412

* # of Portfolio Holdings397

* Investment Advisory, net of waivers (000)$97

* Portfolio Turnover Rate218%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 5.94% |
| Freddie Mac STACR REMIC Trust | 5.39% |
| Brazil Letras do Tesouro Nacional | 4.85% |
| Payden Emerging Markets Local Bond Fund, SI Class | 2.96% |
| BX Trust | 2.06% |
| OBX Trust | 1.89% |
| Mexican Bonos | 1.68% |
| Cross Mortgage Trust | 1.65% |
| BRAVO Residential Funding Trust | 1.44% |
| Beechwood Park CLO Ltd. | 1.33% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 34% |
| Corporate Bond | 24% |
| Asset Backed | 15% |
| Foreign Government | 15% |
| Bank Loan | 6% |
| Others | 6% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i23184b4f299a4c2115e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 6.25% |
| 3-5 Years | 7.55% |
| 5-10 Years | 39.50% |
| >10 Years | 42.14% |
| Other | 4.56% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 15.75% |
| AA | 9.49% |
| A | 8.27% |
| BBB | 25.14% |
| BB | 19.40% |
| B | 10.75% |
| Below B | 2.07% |
| Unrated | 9.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Managed Income Fund

Adviser Class - PKCBX

Annual Shareholder Report - October 31, 2025

#### PKCBX-AR2025

# Payden Managed Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Institutional Class - PKCIX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Managed Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Institutional Class** | **$67** | **0.65%** |

---

## How did the fund perform last year?
Fixed-income markets were heavily influenced by shifting Federal Reserve policy, tariff developments, and election-related uncertainty. Rates were volatile but ended lower, while credit risk premia generally remained tight. Given pervasive uncertainty, the Fund maintained a focus on capital preservation and risk management, using dynamic rate positioning alongside selective credit exposure. Key contributors included emerging markets debt, investment-grade corporate debt, and non-agency residential mortgage credit. Looking ahead, the Fund is positioned for slower growth and a weakening labor market, with inflation moving closer to target. The Fund risk positioning remains cautious amid elevated valuations, balancing downside protection with targeted opportunities in EM and securitized assets and stands ready to add risk should market dislocations create attractive entry points.

## How has the fund performed?

### Total Return Based on $5,000,000 Investment
![Growth Chart](g51211i134bc44fbb34eaf1c8df.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 1-Month Treasury Bill Index** |
| **06/16** | 5000000 | 5000000 | 5000000 |
| **10/16** | 5106500 | 5074000 | 5005000 |
| **10/17** | 5264291 | 5119666 | 5038033 |
| **10/18** | 5372735 | 5014713 | 5118642 |
| **10/19** | 5669848 | 5591906 | 5231252 |
| **10/20** | 5665312 | 5938045 | 5267347 |
| **10/21** | 6058484 | 5909543 | 5269981 |
| **10/22** | 5707092 | 4982926 | 5313195 |
| **10/23** | 6092892 | 5000865 | 5562384 |
| **10/24** | 6640033 | 5528456 | 5861640 |
| **10/25** | 7079603 | 5869009 | 6118380 |

---

The above chart represents historical performance of a hypothetical investment of $5,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 6/1/2016** |
| Institutional Class | 6.62% | 4.56% | 3.76% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.71% |
| ICE BofA U.S. 1-Month Treasury Bill Index | 4.38% | 3.04% | 2.16% |

---

## Fund Statistics
* Total Net Assets (000)$127,412

* # of Portfolio Holdings397

* Investment Advisory, net of waivers (000)$97

* Portfolio Turnover Rate218%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 5.94% |
| Freddie Mac STACR REMIC Trust | 5.39% |
| Brazil Letras do Tesouro Nacional | 4.85% |
| Payden Emerging Markets Local Bond Fund, SI Class | 2.96% |
| BX Trust | 2.06% |
| OBX Trust | 1.89% |
| Mexican Bonos | 1.68% |
| Cross Mortgage Trust | 1.65% |
| BRAVO Residential Funding Trust | 1.44% |
| Beechwood Park CLO Ltd. | 1.33% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 34% |
| Corporate Bond | 24% |
| Asset Backed | 15% |
| Foreign Government | 15% |
| Bank Loan | 6% |
| Others | 6% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i23184b4f299a4c2115e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 6.25% |
| 3-5 Years | 7.55% |
| 5-10 Years | 39.50% |
| >10 Years | 42.14% |
| Other | 4.56% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 15.75% |
| AA | 9.49% |
| A | 8.27% |
| BBB | 25.14% |
| BB | 19.40% |
| B | 10.75% |
| Below B | 2.07% |
| Unrated | 9.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Managed Income Fund

Institutional Class - PKCIX

Annual Shareholder Report - October 31, 2025

#### PKCIX-AR2025

# Payden Managed Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Retirement Class - PKCRX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Managed Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Retirement Class** | **$118** | **1.15%** |

---

## How did the fund perform last year?
Fixed-income markets were heavily influenced by shifting Federal Reserve policy, tariff developments, and election-related uncertainty. Rates were volatile but ended lower, while credit risk premia generally remained tight. Given pervasive uncertainty, the Fund maintained a focus on capital preservation and risk management, using dynamic rate positioning alongside selective credit exposure. Key contributors included emerging markets debt, investment-grade corporate debt, and non-agency residential mortgage credit. Looking ahead, the Fund is positioned for slower growth and a weakening labor market, with inflation moving closer to target. The Fund risk positioning remains cautious amid elevated valuations, balancing downside protection with targeted opportunities in EM and securitized assets and stands ready to add risk should market dislocations create attractive entry points.

## How has the fund performed?

### Total Return Based on $25,000 Investment
![Growth Chart](g51211i16323f6ca65759efb37c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 1-Month Treasury Bill Index** |
| **10/15** | 25000 | 25000 | 25000 |
| **10/16** | 25508 | 26093 | 25043 |
| **10/17** | 26102 | 26327 | 25208 |
| **10/18** | 26425 | 25788 | 25611 |
| **10/19** | 27662 | 28756 | 26175 |
| **10/20** | 27405 | 30536 | 26355 |
| **10/21** | 29101 | 30389 | 26368 |
| **10/22** | 27195 | 25624 | 26585 |
| **10/23** | 28846 | 25716 | 27831 |
| **10/24** | 31298 | 28429 | 29329 |
| **10/25** | 33191 | 30181 | 30613 |

---

The above chart represents historical performance of a hypothetical investment of $25,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Retirement Class | 6.05% | 3.90% | 2.87% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA U.S. 1-Month Treasury Bill Index | 4.38% | 3.04% | 2.04% |

---

## Fund Statistics
* Total Net Assets (000)$127,412

* # of Portfolio Holdings397

* Investment Advisory, net of waivers (000)$97

* Portfolio Turnover Rate218%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 5.94% |
| Freddie Mac STACR REMIC Trust | 5.39% |
| Brazil Letras do Tesouro Nacional | 4.85% |
| Payden Emerging Markets Local Bond Fund, SI Class | 2.96% |
| BX Trust | 2.06% |
| OBX Trust | 1.89% |
| Mexican Bonos | 1.68% |
| Cross Mortgage Trust | 1.65% |
| BRAVO Residential Funding Trust | 1.44% |
| Beechwood Park CLO Ltd. | 1.33% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 34% |
| Corporate Bond | 24% |
| Asset Backed | 15% |
| Foreign Government | 15% |
| Bank Loan | 6% |
| Others | 6% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i23184b4f299a4c2115e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 6.25% |
| 3-5 Years | 7.55% |
| 5-10 Years | 39.50% |
| >10 Years | 42.14% |
| Other | 4.56% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 15.75% |
| AA | 9.49% |
| A | 8.27% |
| BBB | 25.14% |
| BB | 19.40% |
| B | 10.75% |
| Below B | 2.07% |
| Unrated | 9.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Managed Income Fund

Retirement Class - PKCRX

Annual Shareholder Report - October 31, 2025

#### PKCRX-AR2025

# Payden Managed Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PKBIX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Managed Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$67** | **0.65%** |

---

## How did the fund perform last year?
Fixed-income markets were heavily influenced by shifting Federal Reserve policy, tariff developments, and election-related uncertainty. Rates were volatile but ended lower, while credit risk premia generally remained tight. Given pervasive uncertainty, the Fund maintained a focus on capital preservation and risk management, using dynamic rate positioning alongside selective credit exposure. Key contributors included emerging markets debt, investment-grade corporate debt, and non-agency residential mortgage credit. Looking ahead, the Fund is positioned for slower growth and a weakening labor market, with inflation moving closer to target. The Fund risk positioning remains cautious amid elevated valuations, balancing downside protection with targeted opportunities in EM and securitized assets and stands ready to add risk should market dislocations create attractive entry points.

## How has the fund performed?

### Total Return Based on $25,000 Investment
![Growth Chart](g51211i2e2afb783c6eb1277a8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 1-Month Treasury Bill Index** |
| **10/15** | 25000 | 25000 | 25000 |
| **10/16** | 25645 | 26093 | 25043 |
| **10/17** | 26353 | 26327 | 25208 |
| **10/18** | 26832 | 25788 | 25611 |
| **10/19** | 28233 | 28756 | 26175 |
| **10/20** | 28114 | 30536 | 26355 |
| **10/21** | 29987 | 30389 | 26368 |
| **10/22** | 28179 | 25624 | 26585 |
| **10/23** | 30041 | 25716 | 27831 |
| **10/24** | 32727 | 28429 | 29329 |
| **10/25** | 34903 | 30181 | 30613 |

---

The above chart represents historical performance of a hypothetical investment of $25,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SI Class | 6.65% | 4.42% | 3.39% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA U.S. 1-Month Treasury Bill Index | 4.38% | 3.04% | 2.04% |

---

## Fund Statistics
* Total Net Assets (000)$127,412

* # of Portfolio Holdings397

* Investment Advisory, net of waivers (000)$97

* Portfolio Turnover Rate218%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 5.94% |
| Freddie Mac STACR REMIC Trust | 5.39% |
| Brazil Letras do Tesouro Nacional | 4.85% |
| Payden Emerging Markets Local Bond Fund, SI Class | 2.96% |
| BX Trust | 2.06% |
| OBX Trust | 1.89% |
| Mexican Bonos | 1.68% |
| Cross Mortgage Trust | 1.65% |
| BRAVO Residential Funding Trust | 1.44% |
| Beechwood Park CLO Ltd. | 1.33% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 34% |
| Corporate Bond | 24% |
| Asset Backed | 15% |
| Foreign Government | 15% |
| Bank Loan | 6% |
| Others | 6% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i23184b4f299a4c2115e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 6.25% |
| 3-5 Years | 7.55% |
| 5-10 Years | 39.50% |
| >10 Years | 42.14% |
| Other | 4.56% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 15.75% |
| AA | 9.49% |
| A | 8.27% |
| BBB | 25.14% |
| BB | 19.40% |
| B | 10.75% |
| Below B | 2.07% |
| Unrated | 9.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Managed Income Fund

SI Class - PKBIX

Annual Shareholder Report - October 31, 2025

#### PKBIX-AR2025

# Payden Strategic Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Adviser Class - PYSLX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Strategic Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$25** | **0.24%** |

---

## How did the fund perform last year?
The Fund established a yield advantage through owning high quality, liquid, and diversified credit exposure, reflecting our view that the US Federal Reserve would navigate a soft landing for the economy with lower inflation and just as lightly weaker employment picture. The Federal Open Market Committee cut interest rates by 0.25% four times over the year which resulted in positive excess returns to fixed income sectors. The Fund allocation to credit sectors added to relative return, with allocations to securitized debt, investment grade corporates, and emerging market debt as the main contributors. With our view of a higher unemployment rate and lower inflation, we maintained a long duration posture during the year in anticipation of lower rates.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i48c6a5d73c2bdaa4cb2b.jpg)

---

| | | |
|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** |
| **11/23** | 10000 | 10000 |
| **10/24** | 10700 | 10537 |
| **10/25** | 11356 | 11186 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/30/2023** |
| Adviser Class | 6.13% | 6.84% |
| Bloomberg US Aggregate Bond Index | 6.16% | 6.00% |

---

## Fund Statistics
* Total Net Assets (000)$171,044

* # of Portfolio Holdings297

* Investment Advisory, net of waivers (000)$348

* Portfolio Turnover Rate53%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 7.55% |
| U.S. Treasury Inflation Indexed Notes | 4.07% |
| OBX Trust | 1.80% |
| U.S. Treasury Bond | 1.64% |
| RCKT Mortgage Trust | 1.40% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.16% |
| UBS Group AG | 1.15% |
| BX Commercial Mortgage Trust | 1.14% |
| Fannie Mae Connecticut Avenue Securities | 1.10% |
| FN MA4761 30YR | 1.00% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Mortgage Backed | 24% |
| U.S. Treasury | 13% |
| Asset Backed | 12% |
| Investment Company | 7% |
| Others | 10% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i5d9f8b93f60061d2c442.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.91% |
| 3-5 Years | 9.65% |
| 5-10 Years | 41.16% |
| >10 Years | 37.42% |
| Other | 7.86% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 13.52% |
| AA | 33.85% |
| A | 7.14% |
| BBB | 24.72% |
| BB | 12.15% |
| B | 2.99% |
| Below B | 0.54% |
| Unrated | 4.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Strategic Income Fund

Adviser Class - PYSLX

Annual Shareholder Report - October 31, 2025

#### PYSLX-AR2025

# Payden Strategic Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYSGX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Strategic Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$67** | **0.65%** |

---

## How did the fund perform last year?
The Fund established a yield advantage through owning high quality, liquid, and diversified credit exposure, reflecting our view that the US Federal Reserve would navigate a soft landing for the economy with lower inflation and just as lightly weaker employment picture. The Federal Open Market Committee cut interest rates by 0.25% four times over the year which resulted in positive excess returns to fixed income sectors. The Fund allocation to credit sectors added to relative return, with allocations to securitized debt, investment grade corporates, and emerging market debt as the main contributors. With our view of a higher unemployment rate and lower inflation, we maintained a long duration posture during the year in anticipation of lower rates.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g51211i1a10fec3897e75740416.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** |
| **10/15** | 100000 | 100000 |
| **10/16** | 103900 | 104370 |
| **10/17** | 107111 | 105309 |
| **10/18** | 106757 | 103150 |
| **10/19** | 115394 | 115023 |
| **10/20** | 119709 | 122143 |
| **10/21** | 124941 | 121557 |
| **10/22** | 114046 | 102497 |
| **10/23** | 119258 | 102866 |
| **10/24** | 131816 | 113718 |
| **10/25** | 140239 | 120723 |

---

The above chart represents historical performance of a hypothetical investment of $100,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 6.39% | 3.21% | 3.44% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

## Fund Statistics
* Total Net Assets (000)$171,044

* # of Portfolio Holdings297

* Investment Advisory, net of waivers (000)$348

* Portfolio Turnover Rate53%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 7.55% |
| U.S. Treasury Inflation Indexed Notes | 4.07% |
| OBX Trust | 1.80% |
| U.S. Treasury Bond | 1.64% |
| RCKT Mortgage Trust | 1.40% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.16% |
| UBS Group AG | 1.15% |
| BX Commercial Mortgage Trust | 1.14% |
| Fannie Mae Connecticut Avenue Securities | 1.10% |
| FN MA4761 30YR | 1.00% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Mortgage Backed | 24% |
| U.S. Treasury | 13% |
| Asset Backed | 12% |
| Investment Company | 7% |
| Others | 10% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i5d9f8b93f60061d2c442.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.91% |
| 3-5 Years | 9.65% |
| 5-10 Years | 41.16% |
| >10 Years | 37.42% |
| Other | 7.86% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 13.52% |
| AA | 33.85% |
| A | 7.14% |
| BBB | 24.72% |
| BB | 12.15% |
| B | 2.99% |
| Below B | 0.54% |
| Unrated | 4.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Strategic Income Fund

Investor Class - PYSGX

Annual Shareholder Report - October 31, 2025

#### PYSGX-AR2025

# Payden Strategic Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYSIX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Strategic Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$57** | **0.55%** |

---

## How did the fund perform last year?
The Fund established a yield advantage through owning high quality, liquid, and diversified credit exposure, reflecting our view that the US Federal Reserve would navigate a soft landing for the economy with lower inflation and just as lightly weaker employment picture. The Federal Open Market Committee cut interest rates by 0.25% four times over the year which resulted in positive excess returns to fixed income sectors. The Fund allocation to credit sectors added to relative return, with allocations to securitized debt, investment grade corporates, and emerging market debt as the main contributors. With our view of a higher unemployment rate and lower inflation, we maintained a long duration posture during the year in anticipation of lower rates.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211i218188ba560c9dce8f0e.jpg)

---

| | | |
|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** |
| **10/15** | 10000000 | 10000000 |
| **10/16** | 10403000 | 10437000 |
| **10/17** | 10736936 | 10530933 |
| **10/18** | 10715462 | 10315049 |
| **10/19** | 11587701 | 11502311 |
| **10/20** | 12039621 | 12214304 |
| **10/21** | 12591036 | 12155675 |
| **10/22** | 11505689 | 10249665 |
| **10/23** | 12044155 | 10286564 |
| **10/24** | 13325653 | 11371797 |
| **10/25** | 14191821 | 12072300 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| SI Class | 6.50% | 3.34% | 3.56% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

## Fund Statistics
* Total Net Assets (000)$171,044

* # of Portfolio Holdings297

* Investment Advisory, net of waivers (000)$348

* Portfolio Turnover Rate53%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 7.55% |
| U.S. Treasury Inflation Indexed Notes | 4.07% |
| OBX Trust | 1.80% |
| U.S. Treasury Bond | 1.64% |
| RCKT Mortgage Trust | 1.40% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.16% |
| UBS Group AG | 1.15% |
| BX Commercial Mortgage Trust | 1.14% |
| Fannie Mae Connecticut Avenue Securities | 1.10% |
| FN MA4761 30YR | 1.00% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Mortgage Backed | 24% |
| U.S. Treasury | 13% |
| Asset Backed | 12% |
| Investment Company | 7% |
| Others | 10% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i5d9f8b93f60061d2c442.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.91% |
| 3-5 Years | 9.65% |
| 5-10 Years | 41.16% |
| >10 Years | 37.42% |
| Other | 7.86% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 13.52% |
| AA | 33.85% |
| A | 7.14% |
| BBB | 24.72% |
| BB | 12.15% |
| B | 2.99% |
| Below B | 0.54% |
| Unrated | 4.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Strategic Income Fund

SI Class - PYSIX

Annual Shareholder Report - October 31, 2025

#### PYSIX-AR2025

# Payden U.S. Government Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYUSX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden U.S. Government Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$44** | **0.43%** |

---

## How did the fund perform last year?
The Fund performed well due to three drivers. The US Federal Reserve delivered four 0.25% interest rate cuts in a move towards "normalizing rates" or bringing them down to levels consistent with current levels of inflation. The Fund was able to reap higher price performance relative to its benchmark. While the 2-year through 5-year maturity US Treasury yields dropped, 30-year US Treasury rates moved slightly higher over the year. The Fund used US Treasury interest rate futures to capture performance from the steepening curve. The Fund allocation to agency mortgages outperformed US Treasuries due to higher yields and improved pricing due to broader participation by investors. We expect interest rates to continue to move lower and are maintaining a longer duration profile and continue the allocation to higher yielding agency mortgage-backed securities.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i4ad83787de54c0bad9af.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA 1-5 Year U.S. Treasury Index** |
| **10/15** | 10000 | 10000 | 10000 |
| **10/16** | 10146 | 10437 | 10155 |
| **10/17** | 10130 | 10531 | 10159 |
| **10/18** | 10043 | 10315 | 10122 |
| **10/19** | 10581 | 11502 | 10712 |
| **10/20** | 11032 | 12214 | 11155 |
| **10/21** | 10997 | 12156 | 11074 |
| **10/22** | 10212 | 10250 | 10351 |
| **10/23** | 10406 | 10287 | 10602 |
| **10/24** | 11065 | 11372 | 11257 |
| **10/25** | 11671 | 12072 | 11853 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Class | 5.48% | 1.13% | 1.56% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA 1-5 Year U.S. Treasury Index | 5.29% | 1.22% | 1.71% |

---

## Fund Statistics
* Total Net Assets (000)$63,548

* # of Portfolio Holdings57

* Investment Advisory, net of waivers (000)$12

* Portfolio Turnover Rate38%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury Note | 53.56% |
| FRESB Mortgage Trust | 5.15% |
| FHLMC Multifamily Structured Pass-Through Certificates | 4.97% |
| Fannie Mae-Aces | 2.42% |
| FN MA4869 30YR | 2.30% |
| FR SD8452 30YR | 2.19% |
| FR SB8206 15YR | 1.93% |
| FN BM7166 ARM | 1.82% |
| FR SD8461 30YR | 1.70% |
| FH 841779 ARM | 1.48% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 54% |
| Mortgage Backed | 44% |
| Investment Company | 2% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i9dfe75498db2ff58d0c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 55.22% |
| 3-5 Years | 10.67% |
| 5-10 Years | 2.61% |
| >10 Years | 29.47% |
| Other | 2.03% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 2.68% |
| AA | 97.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden U.S. Government Fund

Investor Class - PYUSX

Annual Shareholder Report - October 31, 2025

#### PYUSX-AR2025

# Payden Securitized Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## Investor Class - PYSFX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Securitized Income Fund (the "Fund") for the period of March 5, 2025 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment<sup>Footnote Reference†</sup>** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$44** | **0.65%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Class from inception date, March 5, 2025 to October 31, 2025. Expenses would be higher if the Class had been in operation for the last twelve months. |

---

## How did the fund perform last year?
The Fund benefited from a compression of risk premiums, lower short- and intermediate-term rates, and robust institutional demand for securitized credit.

Because of the US Administration's policies, the Federal Reserve delayed easing short-term interest rates, and credit risk premia widened amid macro uncertainty. As the year progressed, tariff-related inflation concerns eased, labor markets softened, and the Federal Open Market Committee delivered two additional 0.25% rate cuts. The Fund's shorter duration and floating-rate allocations supported performance amid rate swings, outperforming corporate credit. Volatility created opportunities to deploy cash into higher-yielding securitized assets. The Fund remains positioned toward residential and commercial mortgage-backed sectors, supported by expectations for lower interest rates and stable credit yield premia.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g51211i7d1e08716e1d854ca7ab.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 1-Month Treasury Bill Index** |
| **03/25** | 10000 | 10000 | 10000 |
| **10/25** | 10364 | 10399 | 10284 |

---

The above chart represents historical performance of a hypothetical investment of $10,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since Inception 3/5/2025** |
| Investor Class | 3.64% |
| Bloomberg US Aggregate Bond Index | 3.99% |
| ICE BofA U.S. 1-Month Treasury Bill Index | 2.84% |

---

## Fund Statistics
* Total Net Assets (000)$108,340

* # of Portfolio Holdings257

* Investment Advisory, net of waivers (000)$(23)

* Portfolio Turnover Rate29%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| FNCL | 7.14% |
| Connecticut Avenue Securities Trust | 4.47% |
| RCKT Mortgage Trust | 3.49% |
| BX Trust | 3.27% |
| BX Commercial Mortgage Trust | 3.22% |
| OBX Trust | 3.12% |
| Verus Securitization Trust | 2.22% |
| COLT Mortgage Loan Trust | 2.12% |
| Freddie Mac STACR REMIC Trust | 2.07% |
| Westlake Automobile Receivables Trust | 1.77% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 61% |
| Asset Backed | 36% |
| Investment Company | 3% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i513a8fa341023e4aa123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.20% |
| 3-5 Years | 7.41% |
| 5-10 Years | 22.96% |
| >10 Years | 65.29% |
| Other | 3.14% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 48.52% |
| AA | 18.53% |
| A | 12.49% |
| BBB | 13.38% |
| BB | 1.64% |
| B | 0.16% |
| Unrated | 5.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Securitized Income Fund

Investor Class - PYSFX

Annual Shareholder Report - October 31, 2025

#### PYSFX-AR2025

# Payden Securitized Income Fund
![Image](g51211i6f0d4c9939060f1715c0.jpg)

## SI Class - PYSCX

### Annual Shareholder Report - October 31, 2025
This Annual shareholder report contains important information about Payden Securitized Income Fund (the "Fund") for the period of March 5, 2025 to October 31, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Annual Cost Per $10,000 Investment<sup>Footnote Reference†</sup>** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$37** | **0.55%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Class from inception date, March 5, 2025 to October 31, 2025. Expenses would be higher if the Class had been in operation for the last twelve months. |

---

## How did the fund perform last year?
The Fund benefited from a compression of risk premiums, lower short- and intermediate-term rates, and robust institutional demand for securitized credit.

Because of the US Administration's policies, the Federal Reserve delayed easing short-term interest rates, and credit risk premia widened amid macro uncertainty. As the year progressed, tariff-related inflation concerns eased, labor markets softened, and the Federal Open Market Committee delivered two additional 0.25% rate cuts. The Fund's shorter duration and floating-rate allocations supported performance amid rate swings, outperforming corporate credit. Volatility created opportunities to deploy cash into higher-yielding securitized assets. The Fund remains positioned toward residential and commercial mortgage-backed sectors, supported by expectations for lower interest rates and stable credit yield premia.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g51211icc642e3eb05a5ce7d2f8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 1-Month Treasury Bill Index** |
| **03/25** | 10000000 | 10000000 | 10000000 |
| **10/25** | 10370000 | 10399000 | 10284000 |

---

The above chart represents historical performance of a hypothetical investment of $10,000,000 over the past 10 years. The result of this chart do not predict the results of future time periods and does not reflect the impact of taxes or transaction cost a shareholder may pay.

## Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since Inception 3/5/2025** |
| SI Class | 3.70% |
| Bloomberg US Aggregate Bond Index | 3.99% |
| ICE BofA U.S. 1-Month Treasury Bill Index | 2.84% |

---

## Fund Statistics
* Total Net Assets (000)$108,340

* # of Portfolio Holdings257

* Investment Advisory, net of waivers (000)$(23)

* Portfolio Turnover Rate29%

#### Past performance does not guarantee future results. Invest with caution. For updated performance please visit payden.com/performance.aspx

## What did the Fund invest in?

### Top 10 Holdings (as a % of investments)

---

| | |
|:---|:---|
| FNCL | 7.14% |
| Connecticut Avenue Securities Trust | 4.47% |
| RCKT Mortgage Trust | 3.49% |
| BX Trust | 3.27% |
| BX Commercial Mortgage Trust | 3.22% |
| OBX Trust | 3.12% |
| Verus Securitization Trust | 2.22% |
| COLT Mortgage Loan Trust | 2.12% |
| Freddie Mac STACR REMIC Trust | 2.07% |
| Westlake Automobile Receivables Trust | 1.77% |

---

### Portfolio Composition (as a % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 61% |
| Asset Backed | 36% |
| Investment Company | 3% |

---

### Maturity Weightings (as a % of investments)
![Group By Maturity Chart](g51211i513a8fa341023e4aa123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.20% |
| 3-5 Years | 7.41% |
| 5-10 Years | 22.96% |
| >10 Years | 65.29% |
| Other | 3.14% |

---

### Credit Rating<sup>**Footnote Reference \***</sup> (as a % of investments)

---

| | |
|:---|:---|
| AAA | 48.52% |
| AA | 18.53% |
| A | 12.49% |
| BBB | 13.38% |
| BB | 1.64% |
| B | 0.16% |
| Unrated | 5.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody's, S&P, and Fitch. If a security is unrated by Moody's, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations. |

---

## Householding
To reduce expense, the Funds will mail only one copy of the prospectus, annual or semi-annual Tailored Shareholder report per address shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor or the Funds at 800-572-9336.

#### Where can I find additional information about the fund?
**You can find the Fund's prospectus, financial information, holdings, and proxy voting information at payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336 or requests@payden.com.**

![Image](g51211i39acbc8c562e8be47b41.jpg)

Payden Securitized Income Fund

SI Class - PYSCX

Annual Shareholder Report - October 31, 2025

#### PYSCX-AR2025

------

#### 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, 40<sup>th</sup> Floor, Los Angeles, CA 90071.

#### Item 3. Audit Committee Financial Expert.
At its meeting on December 16, 2025, the registrant's Board of Trustees has determined that, for the fiscal year ended October 31, 2026, W.D. Hilton, Jr., Andrew J. Policano, Nancy C. Benacci and Robert L. Gumm 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.
<u>Audit Fees</u> 

(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 $934,000 for 2025 and $849,000 for 2024.

<u>Audit-Related Fees</u> 

(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 2025 and $0 for 2024.

<u>Tax Fees</u> 

(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 $166,940 for 2025 and $156,120 for 2024. These fees related to the preparation and filing of Federal and state income tax returns and Federal excise tax returns.

------

<u>All Other Fees</u> 

(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 $0 in 2025 and $0 in 2024.

(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:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) NA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

(f) Not applicable.

(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 $166,940 for 2025 and $156,120 for 2024.

(h) In the fiscal years ended October 31, 2025 and October 31, 2024 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.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### Item 6. Investments.
Schedule of Investments is included under Item 7.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The annual financial statements are attached herewith.

------

![LOGO](g51211dsp2.jpg)

#### Annual Financial Statements and Other Information

#### October 31, 2025

------

#### Contents

---

| | |
|:---|:---|
| **4** | [Portfolio Highlights & Investments](#fin51211_1) |
| **124** | [Statements of Assets and Liabilities](#fin51211_2) |
| **129** | [Statements of Operations](#fin51211_3) |
| **133** | [Statements of Changes in Net Assets](#fin51211_4) |
| **140** | [Notes to Financial Statements](#fin51211_5) |
| **160** | [Financial Highlights](#fin51211_6) |
| **185** | [Report of Independent Registered Public Accounting Firm](#fin51211_7) |
| **187** | [Approval of Investment Advisory Agreement](#fin51211_8) |

---

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Portfolio Highlights & Investments
*October 31, 2025* 

*Abbreviations* 

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| ARM | Adjustable Rate Mortgage |
| AUD | Australian Dollar |
| BAM | Build America Mutual |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLO | Collateralized Loan Obligation |
| CMBS | Commercial Mortgage-Backed Security |
| CLP | Chilean Peso |
| CNY | China Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| DOP | Dominican Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FFCB | Federal Farm Credit Banks Funding Corporation |
| FG | Freddie Mac Gold Pool |
| FH | Freddie Mac Non Gold Pool |
| FHLB | Federal Home Loan Banks |
| FHLMC | Federal Home Loan Mortgage Company (Freddie Mac) |
| FHR | Freddie Mac REMICS |
| FN | Fannie Mae Pool |
| FNCL | Fannie Mae or Freddie Mac |
| FNR | Fannie Mae REMICS |
| FR | Freddie Mac Pool |

---

---

| |
|:---|
| G2 – Ginnie Mae II pool |
| G2SF – Ginnie Mae |
| GBP – British Pound |
| GN – Ginnie Mae I pool |
| GNR – Ginnie Mae REMICS |
| HUF – Hungarian Forint |
| IDR – Indonesian Rupiah |
| INR – Indian Rupee |
| JPY – Japanese Yen |
| LIBOR – London Interbank Offered Rate |
| MXN – Mexican Peso |
| MYR – Malaysian Ringgit |
| NGN – Nigerian Naira |
| PEN – Peruvian Sol |
| PHP – Philippine Peso |
| PLN – Polish Zloty |
| REMIC – Real Estate Mortgage Investment Conduit |
| RON – New Romanian Leu |
| SEK – Swedish Krona |
| SGD – Singapore Dollar |
| STACR – Structured Agency Credit Risk |
| TBA – To-Be-Announced |
| THB – Thai Baht |
| TRY – Turkish Lira |
| USD – US Dollar |
| UYU – Uruguayan Peso |
| ZAR – South African Rand |

---

Annual Financial Statements and Other Information **4** 

------

#### Payden Cash Reserves Money Market Fund
**Schedule of Investments** *-* **October 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **U.S. Government Agency (7%)** | **U.S. Government Agency (7%)** |  |
| 2700000 | Federal Agricultural Mortgage Corp., (U.S. Secured Overnight Financing Rate + 0.762%), 4.80%, 1/06/27 (a) | $2716 |
| 5000000 | FFCB Funding Corp., (U.S. Secured Overnight Financing Rate + 0.100%), 4.14%, 6/24/26 (a) | 5000 |
| 10000000 | FHLMC, (U.S. Secured Overnight Financing Rate + 0.080%), 4.12%, 1/08/27 (a) | 10000 |
| 8000000 | FHLMC, (U.S. Secured Overnight Financing Rate + 0.125%), 4.17%, 8/25/27 (a) | 8000 |
|  **Total U.S. Government Agency (Cost - $25,716)** | **Total U.S. Government Agency (Cost - $25,716)** | **25716** |
|  **Mortgage Backed (2%)** | **Mortgage Backed (2%)** |  |
| 558683 | FHLMC Multifamily Structured Pass-Through Certificates KBX1, 2.92%, 1/25/26 | 557 |
| 1600000 | FHLMC Multifamily Structured Pass-Through Certificates KIR1, 2.85%, 3/25/26 | 1589 |
| 1880847 | FHLMC Multifamily Structured Pass-Through Certificates KF68, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.604%), 4.91%, 7/25/26 (a) | 1881 |
| 3401381 | FN 468110, 5.29%, 5/01/26 | 3397 |
| 1795185 | FN AN1105, 2.66%, 4/01/26 | 1780 |
|  **Total Mortgage Backed (Cost - $9,204)** | **Total Mortgage Backed (Cost - $9,204)** | **9204** |
|  **U.S. Treasury (58%)** | **U.S. Treasury (58%)** |  |
| 20000000 | U.S. Treasury Bill, 4.19%, 11/06/25 (b) | 19988 |
| 20000000 | U.S. Treasury Bill, 3.98%, 11/12/25 (b) | 19976 |
| 25000000 | U.S. Treasury Bill, 4.12%, 11/28/25 (b) | 24924 |
| 45000000 | U.S. Treasury Bill, 3.91%, 12/11/25 (b) | 44806 |
| 25000000 | U.S. Treasury Bill, 3.90%, 12/18/25 (b) | 24874 |
| 25000000 | U.S. Treasury Bill, 3.89%, 1/02/26 (b) | 24834 |
| 30000000 | U.S. Treasury Bill, 3.89%, 1/08/26 (b) | 29782 |
| 20000000 | U.S. Treasury Bill, 3.71%, 3/03/26 (b) | 19751 |
| 4000000 | U.S. Treasury Note, (3 mo. U.S. Treasury Bill Yield + 0.182%), 3.95%, 7/31/26 (a) | 4003 |
| 5000000 | U.S. Treasury Note, (3 mo. U.S. Treasury Bill Yield + 0.160%), 3.93%, 4/30/27 (a) | 5001 |
| 4000000 | U.S. Treasury Note, (3 mo. U.S. Treasury Bill Yield + 0.159%), 3.92%, 7/31/27 (a) | 3999 |
|  **Total U.S. Treasury (Cost - $221,938)** | **Total U.S. Treasury (Cost - $221,938)** | **221938** |
|  **Repurchase Agreement (37%)** | **Repurchase Agreement (37%)** |  |
| 21000000 | Bank of Montreal Tri Party, 4.09%, 11/03/25 (c) | 21000 |
| 45000000 | CIBC World Markets Tri Party, 3.95%, 11/05/25 (d) | 45000 |
| 40000000 | Citigroup Tri Party, 4.00%, 11/06/25 (e) | 40000 |
| 10000000 | Goldman Sachs Tri Party, 3.94%, 11/04/25 (f) | 10000 |
| 25000000 | Mitsubishi UFJ Financial Group, 4.11%, 11/03/25 (g) | 25000 |
|  **Total Repurchase Agreements (Cost - $141,000)** | **Total Repurchase Agreements (Cost - $141,000)** | **141000** |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| 5344604 | Dreyfus Treasury Obligations Cash Management Fund (Cost - $5,345) | 5345 |
|  **Total Investments (Cost - $403,203) (105%)** | **Total Investments (Cost - $403,203) (105%)** | 403203 |
|  **Liabilities in excess of Other Assets (-5%)** | **Liabilities in excess of Other Assets (-5%)** | (19441) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**383762** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| (a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. | (a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. | (a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. |
| (b) Yield to maturity at time of purchase. | (b) Yield to maturity at time of purchase. |  |
| (c) The repurchase agreement dated 10/31/2025 is collateralized by the following securities: | (c) The repurchase agreement dated 10/31/2025 is collateralized by the following securities: |  |
|  Bank of Montreal Tri Party | Bank of Montreal Tri Party |  |
| 18392200 | U.S. Treasury Securities, maturity dated Jan 31, yielding 0.13% | $21421 |
|  |  | 21421 |
| (d) The repurchase agreement dated 10/30/2025 is collateralized by the following securities: | (d) The repurchase agreement dated 10/30/2025 is collateralized by the following securities: |  |
|  CIBC World Markets Tri Party | CIBC World Markets Tri Party |  |
| 53420000 | U.S. Treasury Securities, maturity from Jun 26-Nov 54, yielding from 0.00%-4.75% | $45900 |
|  |  | 45900 |
| (e) The repurchase agreement dated 10/30/2025 is collateralized by the following securities: | (e) The repurchase agreement dated 10/30/2025 is collateralized by the following securities: |  |
|  Citigroup Tri Party |  |  |
| 51389300 | U.S. Treasury Securities, maturity dated Nov 42, yielding 2.75% | $40800 |
|  |  | 40800 |
| (f) The repurchase agreement dated 10/30/2025 is collateralized by the following securities: | (f) The repurchase agreement dated 10/30/2025 is collateralized by the following securities: |  |
|  Goldman Sachs Tri Party | Goldman Sachs Tri Party |  |
| 12464500 | U.S. Treasury Securities, maturity from Apr 29-May 48, yielding from 2.88%-3.13% | $10200 |
|  |  | 10200 |
| (g) The repurchase agreement dated 10/27/2025 is collateralized by the following securities: | (g) The repurchase agreement dated 10/27/2025 is collateralized by the following securities: |  |
|  Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group |  |
| 7122344 | FMAC, maturity from Aug 29-Sep 55, yielding from 2.50%-7.00% | $6217 |
| 43283118 | FNMA, maturity from Jan 37-Jun 55, yielding from 2.00%-6.50% | 16379 |
| 3634595 | GNMA, maturity from Oct 51-May 55, yielding from 3.50%-6.50% | 2867 |
| 36700 | U.S. Treasury Securities, maturity dated Apr 30, yielding 3.88% | 37 |
|  |  | 25500 |

---

#### 5 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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<br>(000's) |
|  Total gross amount of repurchase agreements presented on the Statements of Assets and Liabilities | $141000 |
|  Non-cash Collateral | (141000) |
|  Net Amount | $— |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information **6** 

------

#### Payden Limited Maturity Fund
**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Asset Backed (29%)** | **Asset Backed (29%)** |  |
| 1500000 | Allegany Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 4.98%, 1/20/35 (a)(b) | $1501 |
| 586105 | Ally Auto Receivables Trust 2024-2, 4.46%, 7/15/27 | 586 |
| 3500000 | Ally Auto Receivables Trust 2025-1, 4.03%, 7/17/28 | 3500 |
| 1605947 | Ally Bank Auto Credit-Linked Notes 2024-A 144A, 5.68%, 5/17/32 (b) | 1632 |
| 3806276 | Ally Bank Auto Credit-Linked Notes Series 2025-A 144A, 4.65%, 6/15/33 (b) | 3818 |
| 446125 | American Credit Acceptance Receivables Trust 2024-3 144A, 5.76%, 11/12/27 (b) | 446 |
| 741742 | American Credit Acceptance Receivables Trust 2024-4 144A, 4.81%, 3/13/28 (b) | 742 |
| 2063172 | American Credit Acceptance Receivables Trust 2025-1 144A, 4.67%, 7/12/28 (b) | 2065 |
| 2408125 | American Credit Acceptance Receivables Trust 2025-2 144A, 4.81%, 9/12/28 (b) | 2411 |
| 1495591 | American Credit Acceptance Receivables Trust 2025-3 144A, 4.73%, 1/12/29 (b) | 1499 |
| 4200000 | American Credit Acceptance Receivables Trust 2025-4 144A, 4.42%, 5/14/29 (b) | 4200 |
| 924106 | Americredit Automobile Receivables Trust 2023- 1, 5.62%, 11/18/27 | 928 |
| 450346 | AmeriCredit Automobile Receivables Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.600%), 4.78%, 2/18/28 (a) | 450 |
| 5000000 | Apidos CLO 2013-12A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 5.35%, 4/15/31 (a)(b) | 5000 |
| 288659 | Apidos CLO XXXA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 4.96%, 10/18/31 (a)(b) | 289 |
| 4457496 | Apidos CLO 2019-32A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 4.98%, 1/20/33 (a)(b) | 4462 |
| 1680590 | Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 5.68%, 1/15/37 (a)(b) | 1684 |
| 1236909 | ARI Fleet Lease Trust 2023-A 144A, 5.41%, 2/17/32 (b) | 1238 |
| 1426965 | ARI Fleet Lease Trust 2023-B 144A, 6.05%, 7/15/32 (b) | 1438 |
| 4094455 | ARI Fleet Lease Trust 2024-A 144A, 5.30%, 11/15/32 (b) | 4119 |
| 2413456 | ARI Fleet Lease Trust 2024-B 144A, 5.54%, 4/15/33 (b) | 2431 |
| 4400000 | ARI Fleet Lease Trust 2025-A 144A, 4.38%, 1/17/34 (b) | 4409 |
| 1000000 | ARI Fleet Lease Trust 2025-B 144A, 4.59%, 3/15/34 (b) | 1005 |
| 1881373 | AutoNation Finance Trust 2025-1A 144A, 4.72%, 4/10/28 (b) | 1885 |
| 3600000 | Barings Equipment Finance LLC 2025-B 144A, 4.02%, 2/13/29 (b) | 3600 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 5000000 | Basswood Park CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.030%), 4.91%, 4/20/34 (a)(b) | $5000 |
| 771895 | BDS Ltd. 2021-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.464%), 5.49%, 12/16/36 (a)(b) | 773 |
| 5000000 | Beechwood Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 0.00%, 1/17/35 (a)(b)(c) | 5000 |
| 5000000 | Beechwood Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.18%, 1/17/35 (a)(b) | 5009 |
| 1367359 | BMW Vehicle Lease Trust 2024-2, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.420%), 4.60%, 1/25/27 (a) | 1368 |
| 1600000 | BMW Vehicle Lease Trust 2025-1, 4.43%, 9/27/27 | 1604 |
| 1600000 | Bridgecrest Lending Auto Securitization Trust 2025-4, 4.35%, 6/15/28 | 1600 |
| 4500000 | Bridgecrest Lending Auto Securitization Trust 2025-1, 4.67%, 8/15/28 | 4505 |
| 4050000 | Bridgecrest Lending Auto Securitization Trust 2024-4, 4.72%, 9/15/28 | 4059 |
| 1400000 | Bridgecrest Lending Auto Securitization Trust 2025-3, 4.66%, 1/15/29 | 1405 |
| 4991702 | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 6.29%, 9/15/35 (a)(b) | 4970 |
| 5000000 | Buttermilk Park CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.370%), 5.27%, 10/15/31 (a)(b) | 5000 |
| 2600000 | Capital One Prime Auto Receivables Trust 2025- 1, 3.88%, 1/16/29 | 2597 |
| 2250000 | Carlyle U.S. CLO Ltd. 2020-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 4.94%, 1/25/35 (a)(b) | 2251 |
| 1141490 | CarMax Auto Owner Trust 2022-4, 5.34%, 8/16/27 | 1145 |
| 1397089 | CarMax Auto Owner Trust 2024-3, 5.21%, 9/15/27 | 1401 |
| 2095837 | CarMax Auto Owner Trust 2024-4, 4.67%, 12/15/27 | 2100 |
| 3700000 | CarMax Auto Owner Trust 2025-2, 4.59%, 7/17/28 | 3709 |
| 2900000 | CarMax Auto Owner Trust 2025-3, 4.42%, 8/15/28 | 2906 |
| 1200000 | CarMax Auto Owner Trust 2025-4, 3.95%, 3/15/29 | 1199 |
| 298901 | Carvana Auto Receivables Trust 2024-P3, 4.61%, 11/10/27 | 299 |
| 327396 | Carvana Auto Receivables Trust 2022-P3, 4.61%, 11/10/27 | 328 |
| 69608 | Carvana Auto Receivables Trust 2024-P2, 5.63%, 11/10/27 | 70 |
| 1814298 | Carvana Auto Receivables Trust 2024-P4, 4.62%, 2/10/28 | 1816 |
| 1326149 | Carvana Auto Receivables Trust 2025-P1, 4.50%, 6/12/28 | 1327 |
| 1550498 | Carvana Auto Receivables Trust 2025-P2, 4.56%, 8/10/28 | 1553 |
| 1125156 | CCG Receivables Trust 2023-1 144A, 5.82%, 9/16/30 (b) | 1131 |

---

#### 7 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1786982 | CCG Receivables Trust 2024-1 144A, 4.99%, 3/15/32 (b) | $1802 |
| 3000000 | CCG Receivables Trust 2025-1 144A, 4.48%, 10/14/32 (b) | 3012 |
| 2100000 | CCG Receivables Trust 2025-2 144A, 4.14%, 8/15/34 (b) | 2100 |
| 405424 | Chase Auto Owner Trust 2024-4A 144A, 5.25%, 9/27/27 (b) | 406 |
| 1079101 | Chase Auto Owner Trust 2024-5A 144A, 4.40%, 11/26/27 (b) | 1080 |
| 3300000 | Chase Auto Owner Trust 2025-1A 144A, 4.40%, 7/25/28 (b) | 3308 |
| 1997625 | Chesapeake Funding II LLC 2024-1A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.770%), 5.00%, 5/15/36 (a)(b) | 1996 |
| 1700000 | CNH Equipment Trust 2025-B, 4.37%, 11/15/28 | 1705 |
| 5400000 | COOPR Residential Mortgage Trust 2025-CES4 144A, 5.04%, 11/25/60 (b) | 5400 |
| 3900000 | Dell Equipment Finance Trust 2025-1 144A, 4.68%, 7/22/27 (b) | 3915 |
| 5300000 | Dell Equipment Finance Trust 2025-2 144A, 4.10%, 2/22/28 (b) | 5297 |
| 785080 | Dell Equipment Finance Trust 2023-1 144A, 5.65%, 9/22/28 (b) | 786 |
| 5030000 | Dell Equipment Finance Trust 2024-1 144A, 5.39%, 3/22/30 (b) | 5067 |
| 7444350 | Dell Equipment Finance Trust 2024-2 144A, 4.69%, 8/22/30 (b) | 7459 |
| 4300000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 1.76%, 4/15/49 (b) | 4143 |
| 2100000 | DLLAD LLC 2025-1A 144A, 4.46%, 11/20/28 (b) | 2109 |
| 1127222 | DLLST LLC 2024-1A 144A, 5.05%, 8/20/27 (b) | 1132 |
| 684209 | Drive Auto Receivables Trust 2024-2, 4.94%, 12/15/27 | 685 |
| 1276208 | Drive Auto Receivables Trust 2024-1, 5.35%, 2/15/28 | 1277 |
| 5500000 | Drive Auto Receivables Trust 2025-2, 4.29%, 10/16/28 | 5501 |
| 3192697 | Drive Auto Receivables Trust 2021-3 144A, 1.94%, 6/15/29 (b) | 3154 |
| 2000000 | Drive Auto Receivables Trust 2025-1, 4.73%, 9/15/32 | 2010 |
| 2651231 | Dryden Senior Loan Fund 2015-40A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.36%, 8/15/31 (a)(b) | 2653 |
| 2153308 | Enterprise Fleet Financing LLC 2024-2 144A, 5.74%, 12/20/26 (b) | 2163 |
| 2198294 | Enterprise Fleet Financing LLC 2024-3 144A, 5.31%, 4/20/27 (b) | 2209 |
| 3668039 | Enterprise Fleet Financing LLC 2024-4 144A, 4.69%, 7/20/27 (b) | 3679 |
| 4900000 | Enterprise Fleet Financing LLC 2025-1 144A, 4.65%, 10/20/27 (b) | 4916 |
| 2200000 | Enterprise Fleet Financing LLC 2025-3 144A, 4.50%, 4/20/28 (b) | 2208 |
| 3200000 | Enterprise Fleet Financing LLC 2025-4 144A, 4.05%, 8/20/28 (b) | 3200 |
| 5333893 | Enterprise Fleet Financing LLC 2024-1 144A, 5.23%, 3/20/30 (b) | 5374 |
| 2100000 | Exeter Automobile Receivables Trust 2025-3A, 4.78%, 7/16/29 | 2114 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 3147040 | Exeter Automobile Receivables Trust 2024-4A, 5.28%, 8/15/30 | $3151 |
| 3653242 | Exeter Select Automobile Receivables Trust 2025-1, 4.83%, 10/16/28 | 3663 |
| 3200000 | Exeter Select Automobile Receivables Trust 2025-3, 4.24%, 5/15/29 | 3199 |
| 2050000 | Exeter Select Automobile Receivables Trust 2025-2, 4.54%, 6/15/29 | 2056 |
| 5000000 | Flatiron RR CLO LLC 2021-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.910%), 4.81%, 10/15/34 (a)(b) | 4975 |
| 7700000 | Ford Auto Securitization Trust II Series Asset- Backed Notes 2025-BA 144A, 2.71%, 12/15/27 CAD (b)(d) | 5491 |
| 496964 | Ford Credit Auto Lease Trust 2024-B, 5.18%, 2/15/27 | 498 |
| 3288780 | Ford Credit Auto Lease Trust 2025-A, 4.57%, 8/15/27 | 3295 |
| 5000000 | Ford Credit Auto Lease Trust 2024-B, 4.99%, 12/15/27 | 5032 |
| 5000000 | Ford Credit Auto Lease Trust 2025-B, 4.37%, 3/15/28 | 5013 |
| 4208649 | Ford Credit Auto Owner Trust 2025-A, 4.47%, 12/15/27 | 4218 |
| 2417707 | Ford Credit Auto Owner Trust 2023-A, 4.65%, 2/15/28 | 2423 |
| 2309517 | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.334%), 5.37%, 5/16/38 (a)(b) | 2305 |
| 534840 | GLS Auto Receivables Issuer Trust 2024-3A 144A, 5.35%, 8/16/27 (b) | 535 |
| 2938580 | GLS Auto Receivables Issuer Trust 2025-1A 144A, 4.68%, 12/15/27 (b) | 2942 |
| 4070862 | GLS Auto Receivables Issuer Trust 2025-2A 144A, 4.75%, 3/15/28 (b) | 4078 |
| 4900000 | GLS Auto Receivables Issuer Trust 2025-1A 144A, 4.77%, 9/15/28 (b) | 4918 |
| 1600000 | GLS Auto Receivables Issuer Trust 2025-3A |  |
|  | 144A, 4.44%, 3/15/29 (b) | 1605 |
| 2376550 | GM Financial Automobile Leasing Trust 2024-3, 4.29%, 1/20/27 | 2378 |
| 1235806 | GM Financial Automobile Leasing Trust 2024-3, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.470%), 4.65%, 1/20/27 (a) | 1236 |
| 3900000 | GM Financial Automobile Leasing Trust 2025-3, 4.19%, 10/20/27 | 3905 |
| 1030935 | GM Financial Consumer Automobile Receivables Trust 2024-3, 5.35%, 6/16/27 | 1033 |
| 1064619 | GM Financial Consumer Automobile Receivables Trust 2024-4, 4.53%, 10/18/27 | 1066 |
| 2240558 | GM Financial Consumer Automobile Receivables Trust 2023-1, 4.66%, 2/16/28 | 2246 |
| 3098573 | GMF Canada Leasing Trust 2025-1A 144A, 3.12%, 10/20/26 CAD (b)(d) | 2212 |
| 4900000 | GMF Floorplan Owner Revolving Trust 2024- 4A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.550%), 4.78%, 11/15/29 (a)(b) | 4905 |
| 3700000 | GMF Floorplan Owner Revolving Trust Series 2025-1A 144A, 4.59%, 3/15/29 (b) | 3727 |

---

Annual Financial Statements and Other Information **8** 

------

**Payden Limited Maturity Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 3200000 | Goldentree Loan Management U.S. CLO Ltd. 2020-8A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.03%, 10/20/34 (a) (b) | $3199 |
| 3000000 | Golub Capital Partners CLO 53B Ltd. 2021-53A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.980%), 4.86%, 7/20/34 (a)(b) | 2996 |
| 2198167 | GreatAmerica Leasing Receivables Funding LLC 2022-1 144A, 5.08%, 9/15/26 (b) | 2202 |
| 1900000 | GreatAmerica Leasing Receivables Funding LLC 2025-1 144A, 4.52%, 10/15/27 (b) | 1906 |
| 1500000 | Highbridge Loan Management Ltd. 5A-2015 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.20%, 10/15/30 (a)(b) | 1499 |
| 5000000 | Honda Auto Receivables Owner Trust 2025-2, 4.30%, 1/18/28 | 5005 |
| 4600000 | Honda Auto Receivables Owner Trust 2025-3, 4.19%, 3/21/28 | 4608 |
| 3040000 | Hotwire Funding LLC 2021-1 144A, 2.31%, 11/20/51 (b) | 2965 |
| 1200000 | HPEFS Equipment Trust 2025-1A 144A, 4.49%, 9/20/32 (b) | 1204 |
| 1400000 | HPEFS Equipment Trust 2025-2A 144A, 4.07%, 11/22/32 (b) | 1399 |
| 2866725 | Hyundai Auto Lease Securitization Trust 2023-C 144A, 5.80%, 12/15/26 (b) | 2872 |
| 1890627 | Hyundai Auto Lease Securitization Trust 2024- C 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.500%), 4.73%, 3/15/27 (a)(b) | 1892 |
| 4020002 | Hyundai Auto Lease Securitization Trust 2024-A 144A, 5.02%, 3/15/27 (b) | 4030 |
| 3236323 | Hyundai Auto Lease Securitization Trust 2025-B 144A, 4.58%, 9/15/27 (b) | 3248 |
| 4300000 | Hyundai Auto Lease Securitization Trust 2025-C 144A, 4.37%, 1/18/28 (b) | 4314 |
| 916197 | Hyundai Auto Receivables Trust 2022-A, 2.35%, 4/17/28 | 913 |
| 5000000 | Hyundai Auto Receivables Trust 2025-B, 4.45%, 8/15/28 | 5015 |
| 5000000 | Invesco CLO Ltd. 2021-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.00%, 7/15/34 (a)(b) | 5002 |
| 1497568 | John Deere Owner Trust 2024-C, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.430%), 4.66%, 8/16/27 (a) | 1498 |
| 5500000 | KKR CLO Ltd. 34A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.00%, 7/15/34 (a)(b) | 5496 |
| 5000000 | KKR CLO Ltd. 18 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.19%, 10/18/35 (a)(b) | 5001 |
| 2437149 | KREF Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.184%), 5.22%, 2/15/39 (a)(b) | 2429 |
| 2222819 | Kubota Credit Owner Trust 2023-1A 144A, 5.02%, 6/15/27 (b) | 2231 |
| 2200000 | Kubota Credit Owner Trust 2025-2A 144A, 4.48%, 4/17/28 (b) | 2210 |
| 2100000 | LAD Auto Receivables Trust 2025-2A 144A, 4.30%, 7/17/28 (b) | 2102 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1700000 | LCM Ltd. 31A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.16%, 7/20/34 (a)(b) | $1699 |
| 4100000 | M&T Equipment Notes 2025-1A 144A, 4.70%, 12/16/27 (b) | 4124 |
| 5900000 | Madison Park Funding LII Ltd. 2021-52A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 4.96%, 1/22/35 (a)(b) | 5897 |
| 3750000 | Madison Park Funding XLIX Ltd. 2021-49A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 4.93%, 10/19/34 (a)(b) | 3744 |
| 1205486 | Mercedes-Benz Auto Lease Trust 2024-B, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.440%), 4.67%, 12/15/26 (a) | 1206 |
| 803139 | Mercedes-Benz Auto Receivables Trust 2023-1, 4.51%, 11/15/27 | 804 |
| 603663 | MMAF Equipment Finance LLC 2023-A 144A, 5.79%, 11/13/26 (b) | 605 |
| 1412287 | MMAF Equipment Finance LLC 2024-A 144A, 5.20%, 9/13/27 (b) | 1416 |
| 224366 | MMAF Equipment Finance LLC 2022-A 144A, 3.20%, 1/13/28 (b) | 224 |
| 2500000 | Neuberger Berman Loan Advisers CLO Ltd. 2021-41A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 4.95%, 4/15/34 (a)(b) | 2503 |
| 4968125 | Neuberger Berman Loan Advisers CLO Ltd. 2022-49A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.01%, 7/25/35 (a)(b) | 4966 |
| 5000000 | Neuberger Berman Loan Advisers CLO Ltd. 2021-42A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.950%), 4.84%, 7/16/36 (a)(b) | 4998 |
| 4900000 | Nissan Auto Lease Trust 2025-B, 4.44%, 3/15/28 | 4921 |
| 4500000 | Nissan Master Owner Trust Receivables 2024- A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.670%), 4.90%, 2/15/28 (a)(b) | 4503 |
| 2800000 | Octagon Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 4.96%, 10/15/34 (a)(b) | 2799 |
| 28716 | OneMain Direct Auto Receivables Trust 2021- 1A 144A, 0.87%, 7/14/28 (b) | 29 |
| 5115000 | OneMain Direct Auto Receivables Trust 2023- 1A 144A, 5.41%, 11/14/29 (b) | 5161 |
| 48207 | Palmer Square Loan Funding Ltd. 2022-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.00%, 4/15/31 (a)(b) | 48 |
| 3970299 | Palmer Square Loan Funding Ltd. 2024-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 5.31%, 8/08/32 (a)(b) | 3975 |
| 934393 | Palmer Square Loan Funding Ltd. 2025-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.800%), 5.01%, 2/15/33 (a)(b) | 931 |
| 9100000 | PFS Financing Corp. 2024-A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.08%, 1/15/28 (a)(b) | 9109 |
| 2700000 | PFS Financing Corp. 2025-C 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.950%), 5.18%, 4/15/29 (a)(b) | 2711 |

---

#### 9 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 5000000 | PFS Financing Corp. 2025-E 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.700%), 5.07%, 7/15/29 (a)(b) | $5004 |
| 678414 | Porsche Innovative Lease Owner Trust 2024- 2A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.440%), 4.62%, 12/21/26 (a)(b) | 679 |
| 2776335 | Porsche Innovative Lease Owner Trust 2025-1A 144A, 4.60%, 12/20/27 (b) | 2784 |
| 6000000 | Rad CLO Ltd. 2020-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.350%), 5.23%, 4/17/36 (a)(b) | 6005 |
| 2923288 | RCKT Mortgage Trust 2024-CES2 144A, 6.14%, 4/25/44 (b)(e) | 2956 |
| 2016796 | RCKT Mortgage Trust 2024-CES9 144A, 5.58%, 12/25/44 (b) | 2035 |
| 3777936 | RCKT Mortgage Trust 2025-CES1 144A, 5.65%, 1/25/45 (b) | 3818 |
| 3515208 | RCKT Mortgage Trust 2025-CES3 144A, 5.55%, 3/25/55 (b) | 3552 |
| 3165543 | RCKT Mortgage Trust 2025-CES5 144A, 5.69%, 5/25/55 (b) | 3204 |
| 4184319 | RCKT Mortgage Trust 2025-CES6 144A, 5.47%, 6/25/55 (b) | 4225 |
| 4906094 | RCKT Mortgage Trust 2025-CES7 144A, 5.38%, 7/25/55 (b) | 4947 |
| 4867282 | RCKT Mortgage Trust 2025-CES8 144A, 5.15%, 8/25/55 (b)(e) | 4894 |
| 5242792 | RCKT Mortgage Trust 2025-CES9 144A, 4.80%, 9/25/55 (b) | 5229 |
| 5259000 | RCKT Mortgage Trust 2025-CES10 144A, 4.89%, 11/25/55 (b) | 5264 |
| 216839 | Santander Bank Auto Credit-Linked Notes 2023- A 144A, 6.49%, 6/15/33 (b) | 217 |
| 3800000 | Santander Drive Auto Receivables Trust 2024-5, 4.62%, 11/15/28 | 3807 |
| 17548 | SBNA Auto Lease Trust 2024-C 144A, 4.94%, 11/20/26 (b) | 18 |
| 2304349 | SBNA Auto Lease Trust 2025-A 144A, 4.68%, 4/20/27 (b) | 2307 |
| 1520840 | SBNA Auto Lease Trust 2023-A 144A, 6.51%, 4/20/27 (b) | 1529 |
| 2016337 | SFS Auto Receivables Securitization Trust 2025- 1A 144A, 4.65%, 5/22/28 (b) | 2019 |
| 1621751 | SFS Auto Receivables Securitization Trust 2024- 3A 144A, 4.71%, 5/22/28 (b) | 1624 |
| 1731599 | SFS Auto Receivables Securitization Trust 2025- 2A 144A, 4.52%, 11/20/28 (b) | 1735 |
| 2500000 | SFS Auto Receivables Securitization Trust 2025- 3A 144A, 4.11%, 3/20/29 (b) | 2498 |
| 3996340 | SoFi Consumer Loan Program Trust 2025-1 144A, 4.80%, 2/27/34 (b) | 4004 |
| 1826486 | SoFi Consumer Loan Program Trust 2025-2 144A, 4.82%, 6/25/34 (b) | 1835 |
| 3480850 | SoFi Consumer Loan Program Trust 2025-3 144A, 4.47%, 8/15/34 (b) | 3486 |
| 3700000 | SoFi Consumer Loan Program Trust 2025-4 144A, 4.24%, 8/25/35 (b) | 3699 |
| 1094000 | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (b) | 1081 |
| 2601790 | Stellantis Financial Underwritten Enhanced Lease Trust 2025-AA 144A, 4.63%, 7/20/27 (b) | 2609 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 4140026 | Symphony CLO XX Ltd. 2018-20A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 4.99%, 1/16/32 (a)(b) | $4141 |
| 885351 | Tesla Auto Lease Trust 2024-B 144A, 4.79%, 1/20/27 (b) | 886 |
| 3200000 | Tesla Lease Electric Vehicle Securitization LLC 2025-A 144A, 4.14%, 6/20/28 (b) | 3199 |
| 1603689 | TIAA CLO IV Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.140%), 5.02%, 1/20/32 (a)(b) | 1605 |
| 2536394 | Toyota Lease Owner Trust 2024-A 144A, 5.25%, 4/20/27 (b) | 2547 |
| 2620275 | Toyota Lease Owner Trust 2025-A 144A, 4.58%, 7/20/27 (b) | 2628 |
| 2200000 | Toyota Lease Owner Trust 2025-B 144A, 3.91%, 5/22/28 (b) | 2199 |
| 1700000 | USB Auto Owner Trust 2025-1A 144A, 4.51%, 6/15/28 (b) | 1704 |
| 5950000 | Vantage Data Centers Issuer LLC 2024-1A 144A, 5.10%, 9/15/54 (b) | 5970 |
| 2750851 | VERDE CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.110%), 5.01%, 4/15/32 (a)(b) | 2750 |
| 3300000 | Verizon Master Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.650%), 4.88%, 12/20/28 (a) | 3302 |
| 4100000 | Verizon Master Trust 2025-3, 4.51%, 3/20/30 | 4131 |
| 4500000 | Volkswagen Auto Lease Trust 2025-B, 3.97%, 4/20/28 | 4498 |
| 3597731 | Volkswagen Auto Loan Enhanced Trust 2025-1, 4.51%, 1/20/28 | 3605 |
| 1100000 | Volvo Financial Equipment LLC Series 2025-1A 144A, 4.41%, 11/15/27 (b) | 1102 |
| 2052896 | Voya CLO Ltd. 2015-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.960%), 4.84%, 10/20/31 (a)(b) | 2053 |
| 2782888 | Westlake Automobile Receivables Trust 2024- 1A 144A, 5.44%, 5/17/27 (b) | 2786 |
| 684302 | Westlake Automobile Receivables Trust 2023- 3A 144A, 5.82%, 5/17/27 (b) | 685 |
| 824189 | Westlake Automobile Receivables Trust 2024- 2A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.660%), 4.89%, 8/16/27 (a)(b) | 824 |
| 1249062 | Westlake Automobile Receivables Trust 2024- 3A 144A, 4.82%, 9/15/27 (b) | 1251 |
| 3896280 | Westlake Automobile Receivables Trust 2025- 1A 144A, 4.66%, 1/18/28 (b) | 3904 |
| 1200000 | Westlake Automobile Receivables Trust 2025-P1 144A, 4.65%, 2/15/28 (b) | 1203 |
| 3160000 | Westlake Automobile Receivables Trust 2024- 2A 144A, 5.56%, 2/15/28 (b) | 3178 |
| 5400000 | Westlake Automobile Receivables Trust 2024- 3A 144A, 4.71%, 4/17/28 (b) | 5418 |
| 2500000 | Westlake Automobile Receivables Trust 2025- 2A 144A, 4.66%, 9/15/28 (b) | 2505 |
| 5000000 | Westlake Automobile Receivables Trust 2025- 3A 144A, 4.22%, 6/15/29 (b) | 4999 |
| 5100000 | Wheels Fleet Lease Funding LLC 2025-1A 144A, 4.57%, 1/18/40 (b) | 5138 |
| 4500000 | World Omni Auto Receivables Trust 2025-C, 4.19%, 10/16/28 | 4506 |
|  **Total Asset Backed (Cost - $603,433)** | **Total Asset Backed (Cost - $603,433)** | **604818** |

---

Annual Financial Statements and Other Information **10** 

------

**Payden Limited Maturity Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | Value<br>(000) |
|  **Corporate Bond (37%)** | **Corporate Bond (37%)** |  |
|  **Financial (25%)** | **Financial (25%)** |  |
| 9500000 | ABN AMRO Bank NV 144A, (Secured Overnight Financing Rate + 1.780%), 5.92%, 9/18/27 (a)(b) | $9598 |
| 4900000 | ABN AMRO Bank NV 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.780%), 4.99%, 12/03/28 (a)(b) | 4970 |
| 7430000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 4/01/28 | 7546 |
| 1750000 | Air Lease Corp., 2.88%, 1/15/26 | 1744 |
| 2980000 | Ally Financial Inc., 5.75%, 11/20/25 | 2979 |
| 8435000 | American Express Co., (Secured Overnight Financing Rate + 0.970%), 5.05%, 7/28/27 (a) | 8471 |
| 4730000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.01%, 7/26/28 (a) | 4768 |
| 5320000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.260%), 5.34%, 4/25/29 (a) | 5387 |
| 7110000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.810%), 4.90%, 7/20/29 (a) | 7121 |
| 4820000 | Aon North America Inc., 5.13%, 3/01/27 | 4880 |
| 8660000 | Ares Strategic Income Fund 144A, 5.45%, 9/09/28 (b) | 8698 |
| 1930000 | Arthur J Gallagher & Co., 4.60%, 12/15/27 | 1949 |
| 8360000 | Athene Global Funding 144A, 4.95%, 1/07/27 (b) | 8427 |
| 2170000 | Aviation Capital Group LLC 144A, 4.75%, 4/14/27 (b) | 2181 |
| 10000000 | Banco Santander SA, (U.S. Secured Overnight Financing Rate + 1.120%), 5.22%, 7/15/28 (a) | 10059 |
| 9480000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 0.830%), 4.98%, 1/24/29 (a) | 9650 |
| 9980000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.110%), 5.39%, 5/09/29 (a) | 10057 |
| 6895000 | Bank of Montreal, (Secured Overnight Financing Rate + 0.670%), 5.00%, 1/27/29 (a)(f) | 7030 |
| 4965000 | Bank of New York Mellon Corp., (U.S. Secured Overnight Financing Rate + 0.680%), 4.44%, 6/09/28 (a) | 4998 |
| 9760000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 1.000%), 5.19%, 9/08/28 (a) | 9811 |
| 10650000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 0.760%), 4.04%, 9/15/28 (a) | 10630 |
| 4510000 | Banque Federative du Credit Mutuel SA 144A, (Secured Overnight Financing Rate + 1.400%), 5.50%, 7/13/26 (a)(b) | 4542 |
| 4270000 | Banque Federative du Credit Mutuel SA 144A, 5.09%, 1/23/27 (b) | 4317 |
| 10065000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 1.080%), 5.36%, 11/11/29 (a)(f) | 10101 |
| 7485000 | Blackstone Secured Lending Fund, 2.13%, 2/15/27 (f) | 7240 |
| 2660000 | Blackstone Secured Lending Fund, 5.88%, 11/15/27 | 2715 |
| 900000 | BPCE SA 144A, 5.20%, 1/18/27 (b) | 911 |
| 4150000 | Brandywine Operating Partnership LP, 6.13%, 1/15/31 | 4171 |
| 2365000 | Brown & Brown Inc., 4.60%, 12/23/26 | 2375 |
| 6340000 | CaixaBank SA 144A, (U.S. Secured Overnight Financing Rate + 1.140%), 4.63%, 7/03/29 (a) (b) | 6387 |

---

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | Value<br>(000) |
| 9430000 | Canadian Imperial Bank of Commerce, (U.S. Secured Overnight Financing Rate + 0.720%), 4.86%, 1/13/28 (a) | $9509 |
| 3010000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (b) | 2995 |
| 6180000 | Citibank N.A., 4.58%, 5/29/27 | 6235 |
| 9755000 | Citibank N.A., (U.S. Secured Overnight Financing Rate + 0.712%), 4.88%, 11/19/27 (a) | 9824 |
| 10370000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.143%), 4.64%, 5/07/28 (a) | 10439 |
| 3930000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.171%), 5.34%, 9/11/31 (a) | 3952 |
| 2090000 | Corebridge Global Funding 144A, 4.90%, 1/07/28 (b) | 2123 |
| 7990000 | Credit Agricole SA 144A, (U.S. Secured Overnight Financing Rate + 1.290%), 5.40%, 7/05/26 (a)(b) | 8036 |
| 8595000 | Credit Agricole SA 144A, 5.13%, 3/11/27 (b) | 8722 |
| 3965000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.950%), 5.43%, 3/01/28 (a)(b) | 4032 |
| 2180000 | Equitable America Global Funding 144A, 3.95%, 9/15/27 (b) | 2178 |
| 855000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (b) | 898 |
| 2000000 | GGAM Finance Ltd. 144A, 8.00%, 2/15/27 (b) | 2046 |
| 8620000 | Goldman Sachs Bank USA, (U.S. Secured Overnight Financing Rate + 0.777%), 5.28%, 3/18/27 (a) | 8653 |
| 6950000 | Goldman Sachs Bank USA, (U.S. Secured Overnight Financing Rate + 0.750%), 4.99%, 5/21/27 (a) | 6964 |
| 5320000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.319%), 4.94%, 4/23/28 (a) | 5378 |
| 4475000 | Goldman Sachs Private Credit Corp. 144A, 5.38%, 1/31/29 (b) | 4481 |
| 8330000 | HPS Corporate Lending Fund 144A, 5.30%, 6/05/27 (b) | 8363 |
| 4670000 | Huntington National Bank, (U.S. Secured Overnight Financing Rate + 0.720%), 4.87%, 4/12/28 (a) | 4712 |
| 9615000 | Jefferies Financial Group Inc., 4.75%, 8/11/26 | 9624 |
| 2000000 | Jefferson Capital Holdings LLC 144A, 6.00%, 8/15/26 (b) | 1992 |
| 4100000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.190%), 5.04%, 1/23/28 (a) | 4143 |
| 4865000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.57%, 4/22/28 (a) | 4965 |
| 5460000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.01%, 7/22/28 (a) | 5493 |
| 3900000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (a) | 3931 |
| 3065000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 0.930%), 4.83%, 1/16/29 (a) | 3103 |
| 2250000 | Macquarie Bank Ltd. 144A, (U.S. Secured Overnight Financing Rate + 1.200%), 5.39%, 12/07/26 (a)(b) | 2267 |
| 3620000 | Macquarie Bank Ltd. 144A, (U.S. Secured Overnight Financing Rate + 0.920%), 5.03%, 7/02/27 (a)(b) | 3647 |
| 4000000 | Main Street Capital Corp., 5.40%, 8/15/28 | 4000 |

---

#### 11 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 2645000 | Manufacturers & Traders Trust Co., (U.S. Secured Overnight Financing Rate + 0.950%), 4.76%, 7/06/28 (a) | $2670 |
| 9660000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.020%), 5.11%, 4/13/28 (a) | 9713 |
| 4775000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 1.080%), 4.95%, 1/14/28 (a) | 4818 |
| 3350000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 0.940%), 5.03%, 7/14/28 (a) | 3371 |
| 3575000 | Morgan Stanley Private Bank N.A., (U.S. Secured Overnight Financing Rate + 0.770%), 4.47%, 7/06/28 (a) | 3594 |
| 5880000 | Morgan Stanley Private Bank N.A., (U.S. Secured Overnight Financing Rate + 0.770%), 4.87%, 7/06/28 (a) | 5895 |
| 5705000 | National Bank of Canada, (Secured Overnight Financing Rate + 1.030%), 5.14%, 7/02/27 (a) | 5722 |
| 2000000 | Navient Corp., 5.00%, 3/15/27 | 1990 |
| 5425000 | New York Life Global Funding 144A, 5.45%, 9/18/26 (b) | 5493 |
| 1855000 | North Haven Private Income Fund LLC 144A, 5.13%, 9/25/28 (b)(f) | 1844 |
| 3750000 | Pacific Life Global Funding II 144A, (U.S. Secured Overnight Financing Rate + 0.480%), 4.78%, 2/04/27 (a)(b) | 3755 |
| 7485000 | PNC Bank N.A., (U.S. Secured Overnight Financing Rate + 0.630%), 4.54%, 5/13/27 (a) | 7496 |
| 2865000 | PNC Bank N.A., (U.S. Secured Overnight Financing Rate + 0.727%), 4.43%, 7/21/28 (a) | 2880 |
| 4855000 | PNC Financial Services Group Inc., (Secured Overnight Financing Rate + 1.730%), 6.62%, 10/20/27 (a) | 4965 |
| 1895000 | PNC Financial Services Group Inc., (U.S. Secured Overnight Financing Rate + 1.342%), 5.30%, 1/21/28 (a) | 1920 |
| 1815000 | Principal Life Global Funding II 144A, 5.00%, 1/16/27 (b) | 1835 |
| 2465000 | Protective Life Global Funding 144A, 4.99%, 1/12/27 (b) | 2490 |
| 1885000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (b) | 1852 |
| 2045000 | Royal Bank of Canada, 4.88%, 1/19/27 | 2068 |
| 9840000 | Royal Bank of Canada, (Secured Overnight Financing Rate + 0.720%), 4.51%, 10/18/27 (a) | 9874 |
| 10065000 | Royal Bank of Canada, (Secured Overnight Financing Rate + 0.880%), 5.17%, 8/06/29 (a) | 10093 |
| 1545000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.232%), 6.12%, 5/31/27 (a) | 1558 |
| 7470000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.610%), 5.74%, 3/20/29 (a) | 7575 |
| 3445000 | Skandinaviska Enskilda Banken AB 144A, 5.13%, 3/05/27 (b) | 3499 |
| 1285000 | Starwood Property Trust Inc. 144A, 6.50%, 7/01/30 (b) | 1338 |
| 3500000 | State Street Corp., (U.S. Secured Overnight Financing Rate + 0.950%), 4.54%, 4/24/28 (a) | 3526 |
| 9830000 | Toronto-Dominion Bank, 4.57%, 12/17/26 | 9886 |
| 8160000 | Toronto-Dominion Bank, 4.86%, 1/31/28 | 8301 |

---

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 10205000 | Truist Bank, (U.S. Secured Overnight Financing Rate + 0.590%), 4.67%, 5/20/27 (a) | $10227 |
| 7180000 | Truist Bank, (U.S. Secured Overnight Financing Rate + 0.770%), 4.42%, 7/24/28 (a) | 7209 |
| 5585000 | Truist Bank, (U.S. Secured Overnight Financing Rate + 0.911%), 4.14%, 10/23/29 (a) | 5564 |
| 5280000 | U.S. Bank N.A., (U.S. Secured Overnight Financing Rate + 0.910%), 4.73%, 5/15/28 (a) | 5326 |
| 5045000 | UBS AG, (U.S. Secured Overnight Financing Rate + 0.720%), 4.86%, 1/10/28 (a) | 5086 |
| 4490000 | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 0.840%), 4.15%, 12/23/29 (a) (b) | 4481 |
| 3920000 | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 0.840%), 4.97%, 12/23/29 (a) (b) | 3918 |
| 3815000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.71%, 4/22/28 (a) | 3899 |
| 7055000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.370%), 5.45%, 4/23/29 (a)(f) | 7155 |
| 10530000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 0.880%), 5.04%, 9/15/29 (a) | 10544 |
| 960000 | XHR LP 144A, 6.63%, 5/15/30 (b) | 981 |
|  |  | 530829 |
| **Industrial (8%)** | **Industrial (8%)** |  |
| 2735000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (b) | 2826 |
| 3030000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (b) | 3028 |
| 1130000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 5.50%, 3/31/31 (b) | 1140 |
| 2970000 | Allison Transmission Inc. 144A, 4.75%, 10/01/27 (b) | 2962 |
| 3150000 | Alumina Pty Ltd. 144A, 6.13%, 3/15/30 (b) | 3232 |
| 9735000 | American Honda Finance Corp., (U.S. Secured Overnight Financing Rate + 0.550%), 4.79%, 5/21/26 (a) | 9746 |
| 6800000 | Amrize Finance U.S. LLC 144A, 4.60%, 4/07/27 (b) | 6844 |
| 2620000 | Axon Enterprise Inc. 144A, 6.13%, 3/15/30 (b) | 2697 |
| 2415000 | BAE Systems PLC 144A, 5.00%, 3/26/27 (b) | 2442 |
| 5875000 | BMW U.S. Capital LLC 144A, (Secured Overnight Financing Rate + 0.800%), 5.07%, 8/13/26 (a)(b) | 5896 |
| 9825000 | BMW U.S. Capital LLC 144A, 4.90%, 4/02/27 (b)(f) | 9947 |
| 1530000 | Carnival Corp. 144A, 5.13%, 5/01/29 (b) | 1550 |
| 1750000 | Carnival Corp. 144A, 5.75%, 3/15/30 (b) | 1804 |
| 2000000 | Churchill Downs Inc. 144A, 4.75%, 1/15/28 (b) | 1983 |
| 1000000 | Daimler Truck Finance North America LLC 144A, 5.00%, 1/15/27 (b) | 1010 |
| 1020000 | Daimler Truck Finance North America LLC 144A, 4.30%, 8/12/27 (b) | 1023 |
| 4570000 | Daimler Truck Finance North America LLC 144A, (U.S. Secured Overnight Financing Rate + 0.960%), 5.09%, 9/25/27 (a)(b) | 4589 |
| 3600000 | Ford Motor Credit Co. LLC, (U.S. Secured Overnight Financing Rate + 2.950%), 7.14%, 3/06/26 (a) | 3622 |
| 3060000 | Ford Motor Credit Co. LLC, 5.85%, 5/17/27 | 3104 |
| 1410000 | General Mills Inc., 4.70%, 1/30/27 | 1421 |

---

Annual Financial Statements and Other Information **12** 

------

**Payden Limited Maturity Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 2720000 | General Motors Financial Co. Inc., 5.40%, 5/08/27 | $2765 |
| 6950000 | General Motors Financial Co. Inc., (Secured Overnight Financing Rate + 1.050%), 5.15%, 7/15/27 (a) | 6965 |
| 5075000 | General Motors Financial Co. Inc., (Secured Overnight Financing Rate + 1.170%), 5.28%, 4/04/28 (a) | 5073 |
| 3550000 | Glencore Funding LLC 144A, 5.34%, 4/04/27 (b) | 3605 |
| 1065000 | Group 1 Automotive Inc. 144A, 6.38%, 1/15/30 (b) | 1088 |
| 9700000 | Hewlett Packard Enterprise Co., 4.05%, 9/15/27 | 9682 |
| 6285000 | Hyundai Capital America 144A, (U.S. Secured Overnight Financing Rate + 1.500%), 5.61%, 1/08/27 (a)(b) | 6346 |
| 3685000 | Hyundai Capital America 144A, 4.88%, 6/23/27 (b) | 3719 |
| 2000000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 144A, 4.75%, 6/01/27 (b) | 1998 |
| 4130000 | Mars Inc. 144A, 4.45%, 3/01/27 (b) | 4158 |
| 3025000 | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (b) | 3017 |
| 7285000 | Mercedes-Benz Finance North America LLC 144A, (U.S. Secured Overnight Financing Rate + 0.630%), 4.71%, 7/31/26 (a)(b) | 7297 |
| 1990000 | Meritage Homes Corp., 5.13%, 6/06/27 | 2004 |
| 4310000 | NTT Finance Corp. 144A, 4.57%, 7/16/27 (b) | 4343 |
| 2900000 | Oracle Corp., 2.80%, 4/01/27 | 2847 |
| 2360000 | Owens Corning, 5.50%, 6/15/27 | 2409 |
| 1965000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.35%, 1/12/27 (b) | 1987 |
| 3640000 | Regal Rexnord Corp., 6.05%, 2/15/26 | 3651 |
| 3640000 | Ryder System Inc., 5.30%, 3/15/27 | 3692 |
| 3060000 | Sirius XM Radio LLC 144A, 3.13%, 9/01/26 (b) | 3037 |
| 4480000 | Synopsys Inc., 4.55%, 4/01/27 | 4512 |
| 2770000 | Toyota Motor Credit Corp., 4.35%, 10/08/27 | 2795 |
| 2985000 | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (b) | 3009 |
| 1880000 | United Airlines Inc. 144A, 4.38%, 4/15/26 (b) | 1877 |
| 8690000 | Volkswagen Group of America Finance LLC 144A, 5.40%, 3/20/26 (b) | 8722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171464 |
|  **Utility (4%)** | **Utility (4%)** |  |
| 2485000 | Alliant Energy Finance LLC 144A, 5.40%, 6/06/27 (b) | 2518 |
| 7892000 | Antero Resources Corp. 144A, 5.38%, 3/01/30 (b) | 7952 |
| 1400000 | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.00%, 7/15/29 (b) | 1454 |
| 3469000 | Continental Resources Inc. 144A, 2.27%, 11/15/26 (b) | 3383 |
| 6840000 | Energy Transfer LP, 6.05%, 12/01/26 | 6958 |
| 7301000 | EQT Corp. 144A, 3.13%, 5/15/26 (b) | 7235 |
| 4900000 | Expand Energy Corp., 5.38%, 3/15/30 | 4974 |
| 5125000 | Hess Midstream Operations LP 144A, 5.88%, 3/01/28 (b) | 5234 |
| 1255000 | Hess Midstream Operations LP 144A, 6.50%, 6/01/29 (b) | 1301 |
| 9600000 | National Fuel Gas Co., 5.50%, 10/01/26 | 9707 |
| 9900000 | National Rural Utilities Cooperative Finance Corp., (U.S. Secured Overnight Financing Rate + 0.820%), 4.97%, 9/16/27 (a)(f) | 9955 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 5290000 | NextEra Energy Capital Holdings Inc., (Secured Overnight Financing Rate + 0.800%), 5.10%, 2/04/28 (a) | $5329 |
| 3125000 | ONEOK Inc., 5.55%, 11/01/26 | 3163 |
| 5055000 | ONEOK Inc., 4.25%, 9/24/27 | 5062 |
| 3015000 | Repsol E&P Capital Markets U.S. LLC 144A, 4.81%, 9/16/28 (b) | 3023 |
| 1090000 | Sunoco LP 144A, 7.00%, 5/01/29 (b) | 1137 |
| 3315000 | TD SYNNEX Corp., 4.30%, 1/17/29 | 3306 |
| 3045000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (b) | 3036 |
| 1155000 | Vistra Operations Co. LLC 144A, 5.05%, 12/30/26 (b) | 1164 |
| 900000 | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (b) | 901 |
| 3700000 | Vistra Operations Co. LLC 144A, 4.30%, 10/15/28 (b) | 3688 |
|  |  | 90480 |
|  **Total Corporate Bond (Cost - $785,947)** | **Total Corporate Bond (Cost - $785,947)** | **792773** |
|  **Mortgage Backed (17%)** | **Mortgage Backed (17%)** |  |
| 2750000 | Acrec 2025 Fl LLC 2025-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.310%), 5.34%, 8/18/42 (a)(b) | 2748 |
| 1628249 | ACREC LLC 2023-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.230%), 6.26%, 2/19/38 (a)(b) | 1631 |
| 1799473 | AREIT Ltd. 2024-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.686%), 5.72%, 5/17/41 (a)(b) | 1806 |
| 2800000 | BDS LLC 2025-FL14 144A, (1 mo. Term Secured Overnight Financing Rate + 1.282%), 5.28%, 10/17/42 (a)(b) | 2798 |
| 5280000 | BDS Ltd. 2021-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.764%), 5.79%, 12/16/36 (a)(b) | 5287 |
| 2900000 | BHMS Commercial Mortgage Trust 2025-ATLS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.850%), 5.88%, 8/15/42 (a)(b) | 2913 |
| 4700000 | BRSP Ltd. 2024-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.945%), 5.98%, 8/19/37 (a)(b) | 4702 |
| 6681853 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.47%, 2/15/39 (a)(b) | 6697 |
| 4868215 | BX Commercial Mortgage Trust 2024-AIRC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 5.72%, 8/15/39 (a)(b) | 4881 |
| 5495180 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.392%), 5.42%, 3/15/41 (a)(b) | 5504 |
| 3802076 | BX Commercial Mortgage Trust 2024-MDHS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.641%), 5.67%, 5/15/41 (a)(b) | 3809 |
| 4873484 | BX Trust 2025-LUNR 144A, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 5.53%, 6/15/40 (a)(b) | 4884 |
| 1080000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.491%), 5.52%, 6/15/41 (a)(b) | 1081 |
| 5100000 | BX Trust 2025-VLT7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.700%), 5.73%, 7/15/44 (a)(b) | 5127 |

---

#### 13 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 961495 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 5.30%, 2/15/38 (a)(b) | $960 |
| 2500000 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.514%), 5.55%, 2/15/38 (a)(b) | 2478 |
| 4316981 | Colt Mortgage Loan Trust 2024-7 144A, 5.54%, 12/26/69 (b) | 4346 |
| 4366175 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (b) | 4406 |
| 1568229 | COLT Mortgage Loan Trust 2024-INV4 144A, 5.61%, 5/25/69 (b) | 1579 |
| 5201512 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (b) | 5225 |
| 4939510 | COLT Mortgage Loan Trust 2025-8 144A, 5.48%, 8/25/70 (b) | 4987 |
| 3000000 | COLT Mortgage Loan Trust 2025-10 144A, 5.09%, 10/25/70 (b)(e) | 3001 |
| 5200000 | COMM Mortgage Trust 2025-SBX 144A, 5.26%, 8/10/41 (b)(e) | 5236 |
| 610259 | Connecticut Avenue Securities Trust 2021- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.03%, 12/25/41 (a)(b) | 610 |
| 321483 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.18%, 12/25/41 (a)(b) | 322 |
| 461611 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 5.38%, 1/25/42 (a)(b) | 462 |
| 1824377 | Connecticut Avenue Securities Trust 2023- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.400%), 6.58%, 12/25/42 (a)(b) | 1864 |
| 724152 | Connecticut Avenue Securities Trust 2023- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.48%, 1/25/43 (a)(b) | 739 |
| 2621314 | Connecticut Avenue Securities Trust 2023- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.48%, 5/25/43 (a)(b) | 2679 |
| 3130101 | Connecticut Avenue Securities Trust 2023- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.08%, 6/25/43 (a)(b) | 3161 |
| 3355727 | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.700%), 5.88%, 7/25/43 (a)(b) | 3369 |
| 1311870 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.28%, 2/25/44 (a)(b) | 1313 |
| 7440809 | Connecticut Avenue Securities Trust 2024- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.18%, 7/25/44 (a)(b) | 7459 |

---

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 923067 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.050%), 5.23%, 9/25/44 (a)(b) | $923 |
| 2228070 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 5.33%, 9/25/44 (a)(b) | 2237 |
| 4058280 | Connecticut Avenue Securities Trust 2025- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 5.63%, 3/25/45 (a)(b) | 4087 |
| 2327939 | Connecticut Avenue Securities Trust 2025- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.18%, 5/25/45 (a)(b) | 2333 |
| 5211173 | Connecticut Avenue Securities Trust 2025- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.900%), 5.08%, 9/25/45 (a)(b) | 5216 |
| 2564065 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (b)(e) | 2582 |
| 4263257 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (b)(e) | 4291 |
| 5050000 | DBGS 2024-SBL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.882%), 5.92%, 8/15/34 (a)(b) | 5058 |
| 5950000 | DGWD Trust 2025-INFL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.600%), 5.63%, 8/15/35 (a)(b) | 5985 |
| 3946250 | Freddie Mac Stacr Remic Trust 2025-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.950%), 5.13%, 9/25/45 (a)(b) | 3952 |
| 1460476 | Freddie Mac STACR REMIC Trust 2021-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.650%), 5.83%, 1/25/34 (a)(b) | 1464 |
| 1466406 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.300%), 5.48%, 2/25/42 (a)(b) | 1469 |
| 1090250 | Freddie Mac STACR REMIC Trust 2022-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.28%, 3/25/42 (a)(b) | 1094 |
| 5000000 | Freddie Mac STACR REMIC Trust 2022-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.900%), 7.08%, 4/25/42 (a)(b) | 5195 |
| 10670000 | Freddie Mac STACR REMIC Trust 2022-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.350%), 7.53%, 5/25/42 (a)(b) | 11066 |
| 2852653 | Freddie Mac STACR REMIC Trust 2022-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.150%), 6.33%, 9/25/42 (a)(b) | 2869 |
| 4017649 | Freddie Mac STACR REMIC Trust 2023-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.29%, 4/25/43 (a)(b) | 4076 |

---

Annual Financial Statements and Other Information **14** 

------

**Payden Limited Maturity Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 6870262 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.03%, 11/25/43 (a)(b) | $6940 |
| 632209 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.03%, 11/25/43 (a)(b) | 636 |
| 3354011 | Freddie Mac STACR REMIC Trust 2024-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.350%), 5.53%, 2/25/44 (a)(b) | 3372 |
| 571449 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.18%, 10/25/44 (a)(b) | 572 |
| 2889000 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.050%), 5.23%, 10/25/44 (a)(b) | 2896 |
| 5000000 | Freddie Mac STACR REMIC Trust 2025-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.900%), 5.09%, 10/25/45 (a)(b) | 5008 |
| 2028948 | Freddie Mac STACR REMIC Trust 2022-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 6.68%, 3/25/52 (a)(b) | 2049 |
| 3500000 | FS Rialto 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.664%), 5.70%, 11/16/36 (a)(b) | 3492 |
| 1000000 | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.664%), 5.70%, 5/16/38 (a)(b) | 998 |
| 5100000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 5.66%, 10/19/39 (a)(b) | 5116 |
| 5000000 | Greystone CRE Notes 2024-HC3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.215%), 6.25%, 3/15/41 (a)(b) | 5002 |
| 5100000 | Greystone CRE Notes LLC 2025-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.481%), 5.51%, 1/15/43 (a)(b) | 5116 |
| 2700000 | GS Mortgage Securities Corp. Trust 2023-SHIP 144A, 4.94%, 9/10/38 (b)(e) | 2698 |
| 1970508 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 5.87%, 10/15/41 (a)(b) | 1980 |
| 5700000 | HTL Commercial Mortgage Trust 2024-T53 144A, 5.88%, 5/10/39 (b)(e) | 5777 |
| 3995280 | JP Morgan Mortgage Trust 2024-NQM1 144A, 5.59%, 2/25/64 (b) | 4023 |
| 4596299 | JP Morgan Mortgage Trust Series 2025-NQM1 144A, 5.59%, 6/25/65 (b) | 4641 |
| 4100000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.33%, 5/15/39 (a)(b) | 3972 |
| 4400000 | LoanCore Issuer LLC 2025-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 5.51%, 8/18/42 (a)(b) | 4417 |
| 4177024 | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.864%), 5.90%, 7/15/36 (a)(b) | 4182 |

---

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 2497646 | MCR Mortgage Trust 2024-HTL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.758%), 5.79%, 2/15/37 (a)(b) | $2501 |
| 4157459 | MF1 Ltd. 2022-FL8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.350%), 5.35%, 2/19/37 (a)(b) | 4162 |
| 5300000 | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8 144A, 4.96%, 9/25/70 (b)(e) | 5293 |
| 5200000 | NYC Commercial Mortgage Trust 2025-28L 144A, 4.67%, 11/05/38 (b)(e) | 5200 |
| 4360737 | OBX Trust 2025-NQM7 144A, 5.56%, 5/25/55 (b) | 4404 |
| 3495007 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (b) | 3500 |
| 3685626 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (b) | 3702 |
| 3486910 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (b) | 3481 |
| 1998749 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (b) | 2008 |
| 3401181 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (b)(e) | 3417 |
| 1887001 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (b) | 1898 |
| 3511903 | OBX Trust 2025-NQM2 144A, 5.60%, 11/25/64 (b) | 3542 |
| 3934974 | OBX Trust 2024-NQM17 144A, 5.61%, 11/25/64 (b)(e) | 3974 |
| 2828188 | OBX Trust 2025-NQM3 144A, 5.65%, 12/01/64 (b) | 2855 |
| 3043128 | OBX Trust 2025-NQM1 144A, 5.55%, 12/25/64 (b)(e) | 3067 |
| 6126374 | OBX Trust 2025-NQM11 144A, 5.42%, 5/25/65 (b) | 6166 |
| 2886906 | OBX Trust 2025-NQM14 144A, 5.16%, 7/25/65 (b) | 2907 |
| 4882628 | OBX Trust 2025-NQM15 144A, 5.14%, 7/27/65 (b) | 4902 |
| 3950000 | ONE Mortgage Trust 2021-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 0.814%), 4.85%, 3/15/36 (a)(b) | 3898 |
| 2799917 | PFP Ltd. 2024-11 144A, (1 mo. Term Secured Overnight Financing Rate + 1.832%), 5.92%, 9/17/39 (a)(b) | 2803 |
| 1760590 | STWD Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 5.35%, 4/18/38 (a)(b) | 1758 |
| 6450735 | THPT Mortgage Trust 2023-THL 144A, 6.99%, 12/10/34 (b)(e) | 6538 |
| 5000000 | TRTX Issuer Ltd. 2025-FL6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.537%), 5.57%, 9/18/42 (a)(b) | 5012 |
| 1660772 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (b)(e) | 1665 |
| 2142081 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (b)(e) | 2152 |
| 4417002 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (b)(e) | 4455 |
| 3349495 | Verus Securitization Trust 2025-INV1 144A, 5.55%, 2/25/70 (b) | 3377 |
| 2291310 | Verus Securitization Trust 2025-3 144A, 5.62%, 5/25/70 (b) | 2315 |

---

#### 15 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 5027351 | Verus Securitization Trust 2025-7 144A, 5.13%, 8/25/70 (b) | $5041 |
| 5300000 | VTR Commercial Mortgage Trust 2025-STEM 144A, 5.20%, 10/13/39 (b)(e) | 5326 |
|  **Total Mortgage Backed (Cost - $354,704)** | **Total Mortgage Backed (Cost - $354,704)** | **356167** |
|  **U.S. Treasury (15%)** | **U.S. Treasury (15%)** |  |
| 70000000 | U.S. Treasury Bill, 4.28%, 11/04/25 (c) | 69992 |
| 60000000 | U.S. Treasury Bill, 4.17%, 11/13/25 (c) | 59936 |
| 60000000 | U.S. Treasury Bill, 3.92%, 12/04/25 (c) | 59800 |
| 25000000 | U.S. Treasury Bill, 4.07%, 12/16/25 (c) | 24885 |
| 30000000 | U.S. Treasury Bill, 3.89%, 1/02/26 (c) | 29808 |
| 25000000 | U.S. Treasury Bill, 3.95%, 2/26/26 (c) | 24702 |
| 42100000 | U.S. Treasury Note, 3.88%, 7/15/28 | 42398 |
|  **Total U.S. Treasury (Cost - $311,545)** | **Total U.S. Treasury (Cost - $311,545)** | **311521** |
|  **Investment Company (2%)** | **Investment Company (2%)** |  |
| 20843103 | Payden Cash Reserves Money Market Fund\* | 20843 |
| 2726002 | Payden Floating Rate Fund, SI Class\* | 26252 |
|  **Total Investment Company (Cost - $47,834)** | **Total Investment Company (Cost - $47,834)** | **47095** |
|  **Total Investments (Cost - $2,103,463) (100%)** | **Total Investments (Cost - $2,103,463) (100%)** | 2112374 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | (9053) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**2103321** |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $7,398 and the total market value of the collateral held by the Fund is $7,612. Amounts in 000s.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Assets:** |  |  |  |  |
|  USD 5,528 | CAD 7,700 | Citibank, N.A. | 03/18/2026 | $1 |
|  USD 3,140 | CAD 4,309 | HSBC Bank USA, N.A. | 03/18/2026 | 47 |
|  |  |  |  | 48 |
|  **Liabilities:** |  |  |  |  |
|  CAD 664 | USD 479 | Citibank, N.A. | 03/18/2026 | (3) |
|  CAD 597 | USD 431 | HSBC Bank USA, N.A. | 03/18/2026 | (2) |
|  |  |  |  | (5) |
|  Net Unrealized Appreciation (Depreciation) |  |  |  | $43 |

---

#### 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 Liabilities<sup>1</sup> | $7398 |
|  Non-cash Collateral<sup>2</sup> | (7398) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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 Financial Statements and Other Information **16** 

------

#### Payden Low Duration Fund
**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (19%)** | **Asset Backed (19%)** |  |
| 1036095 | Ally Bank Auto Credit-Linked Notes 2024-A 144A, 6.32%, 5/17/32 (a) | $1051 |
| 2015087 | Ally Bank Auto Credit-Linked Notes Series 2025-A 144A, 4.99%, 6/15/33 (a) | 2022 |
| 2000000 | Ally Bank Auto Credit-Linked Notes Series 2025-B 144A, 4.94%, 9/15/33 (a) | 2000 |
| 1000000 | American Credit Acceptance Receivables Trust 2024-3 144A, 5.73%, 7/12/30 (a) | 1011 |
| 2000000 | American Credit Acceptance Receivables Trust 2024-1 144A, 7.98%, 11/12/31 (a) | 2054 |
| 1400000 | ARI Fleet Lease Trust 2024-B 144A, 5.26%, 4/15/33 (a) | 1426 |
| 1500000 | ARI Fleet Lease Trust 2025-A 144A, 4.46%, 1/17/34 (a) | 1510 |
| 1900000 | BofA Auto Trust 2024-1A 144A, 5.31%, 6/17/30 (a) | 1938 |
| 2627212 | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 6.29%, 9/15/35 (a)(b) | 2616 |
| 2850000 | CarMax Auto Owner Trust 2024-3, 5.67%, 1/15/31 | 2899 |
| 2300000 | CarMax Auto Owner Trust 2024-4, 5.36%, 8/15/31 | 2324 |
| 8487917 | CARS-DB5 LP 2021-1A 144A, 1.44%, 8/15/51 (a) | 8232 |
| 2000000 | Carvana Auto Receivables Trust 2025-P1, 4.55%, 5/10/30 | 2013 |
| 3760000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | 3705 |
| 7500000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 1.76%, 4/15/49 (a) | 7227 |
| 7650000 | Diamond Issuer LLC 2021-1A 144A, 2.31%, 11/20/51 (a) | 7293 |
| 867094 | DLLST LLC 2024-1A 144A, 5.05%, 8/20/27 (a) | 871 |
| 1977142 | Drive Auto Receivables Trust 2025-S1 144A, 6.04%, 6/16/29 (a) | 1993 |
| 4000000 | Drive Auto Receivables Trust 2025-2, 4.90%, 12/15/32 | 3969 |
| 1950000 | Driven Brands Funding LLC 2025-1A 144A, 5.30%, 10/20/55 (a) | 1945 |
| 1030000 | Enterprise Fleet Financing LLC 2023-3 144A, 6.41%, 6/20/30 (a) | 1068 |
| 1350000 | Exeter Automobile Receivables Trust 2024-4A, 5.48%, 8/15/30 | 1360 |
| 1900000 | Exeter Select Automobile Receivables Trust 2025-3, 4.18%, 12/16/30 | 1898 |
| 5150000 | GMF Floorplan Owner Revolving Trust 2024-4A 144A, 4.73%, 11/15/29 (a) | 5215 |
| 1000000 | GreatAmerica Leasing Receivables Funding LLC 2025-1 144A, 4.49%, 4/16/29 (a) | 1010 |
| 1600000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (a) | 1667 |
| 3100000 | HPEFS Equipment Trust 2024-2A 144A, 5.36%, 10/20/31 (a) | 3119 |
| 1000000 | Kubota Credit Owner Trust 2024-2A 144A, 5.19%, 5/15/30 (a) | 1027 |
| 1750000 | Kubota Credit Owner Trust 2025-2A 144A, 4.57%, 11/15/30 (a) | 1780 |
| 3000000 | M&T Equipment Notes 2025-1A 144A, 4.78%, 9/17/29 (a) | 3049 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 6500000 | Nissan Master Owner Trust Receivables 2024-B 144A, 5.05%, 2/15/29 (a) | $6579 |
| 4400000 | Onemain Financial Issuance Trust 2025-1A 144A, 4.82%, 7/14/38 (a) | 4449 |
| 1409810 | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | 1411 |
| 5000000 | PFS Financing Corp. 2024-F 144A, 4.75%, 8/15/29 (a) | 5052 |
| 3770720 | RCKT Mortgage Trust 2025-CES5 144A, 5.69%, 5/25/55 (a) | 3817 |
| 1598504 | RCKT Mortgage Trust 2025-CES6 144A, 5.47%, 6/25/55 (a) | 1614 |
| 3078334 | RCKT Mortgage Trust 2025-CES7 144A, 5.38%, 7/25/55 (a) | 3104 |
| 2530987 | RCKT Mortgage Trust 2025-CES8 144A, 5.15%, 8/25/55 (a)(c) | 2545 |
| 3500000 | Santander Bank Auto Credit-Linked Notes Series 2023-A 144A, 13.75%, 6/15/33 (a) | 3700 |
| 1920200 | Santander Drive Auto Receivables Trust 2023-S1 144A, 8.14%, 4/18/28 (a) | 1922 |
| 4154960 | Santander Drive Auto Receivables Trust 2024-S2 144A, 5.80%, 12/16/28 (a) | 4155 |
| 1214692 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (a) | 1214 |
| 2500000 | Santander Drive Auto Receivables Trust 2024-2, 5.78%, 7/16/29 | 2533 |
| 1777948 | Securitized Term Auto Receivables Trust 2025-B 144A, 5.12%, 12/29/32 (a) | 1790 |
| 2400000 | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (a) | 2371 |
| 5000000 | Switch ABS Issuer LLC 2024-2A 144A, 5.44%, 6/25/54 (a) | 5021 |
| 975000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%, 2/15/52 (a) | 950 |
| 1000000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 1038 |
| 354025 | Westlake Automobile Receivables Trust 2021- 3A 144A, 2.12%, 1/15/27 (a) | 354 |
| 4810000 | Westlake Automobile Receivables Trust 2023- 1A 144A, 6.79%, 11/15/28 (a) | 4921 |
| 4000000 | Wheels Fleet Lease Funding LLC 2025-1A 144A, 4.57%, 1/18/40 (a) | 4030 |
| 3700000 | Wheels Fleet Lease Funding LLC 2025-3A 144A, 4.08%, 9/18/40 (a) | 3706 |
| 4432500 | Wingstop Funding LLC 2020-1A 144A, 2.84%, 12/05/50 (a) | 4288 |
|  **Total Asset Backed (Cost - $149,698)** | **Total Asset Backed (Cost - $149,698)** | 149856 |
|  **Corporate Bond (31%)** | **Corporate Bond (31%)** |  |
|  **Financial (19%)** | **Financial (19%)** |  |
| 2400000 | 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) | 2443 |
| 3570000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 4/01/28 | 3626 |
| 930000 | Ally Financial Inc., (Secured Overnight Financing Rate + 1.960%), 5.74%, 5/15/29 (b) | 949 |
| 2890000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.260%), 4.73%, 4/25/29 (b) | 2934 |
| 3345000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.810%), 4.35%, 7/20/29 (b) | 3366 |

---

#### 17 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 4025000 | Ares Strategic Income Fund 144A, 5.45%, 9/09/28 (a) | $4043 |
| 975000 | Arthur J Gallagher & Co., 4.60%, 12/15/27 | 984 |
| 4945000 | Athene Global Funding 144A, 5.52%, 3/25/27 (a) | 5029 |
| 995000 | Aviation Capital Group LLC 144A, 4.75%, 4/14/27 (a) | 1000 |
| 4000000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.950%), 5.37%, 7/15/28 (b) | 4076 |
| 4680000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.110%), 4.62%, 5/09/29 (b) | 4738 |
| 1470000 | Bank of New York Mellon, (U.S. Secured Overnight Financing Rate + 1.135%), 4.73%, 4/20/29 (b) | 1494 |
| 4660000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 0.890%), 4.93%, 2/14/29 (b) | 4737 |
| 1445000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 1.080%), 4.48%, 11/11/29 (b) | 1448 |
| 5000000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 4934 |
| 1520000 | Blue Owl Technology Finance Corp. 144A, 3.75%, 6/17/26 (a) | 1508 |
| 4945000 | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 1.450%), 4.79%, 5/09/29 (a) (b) | 4990 |
| 1600000 | Brandywine Operating Partnership LP, 6.13%, 1/15/31 | 1608 |
| 850000 | Brown & Brown Inc., 4.70%, 6/23/28 | 858 |
| 2870000 | CaixaBank SA 144A, (U.S. Secured Overnight Financing Rate + 1.140%), 4.63%, 7/03/29 (a) (b) | 2891 |
| 2605000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.440%), 7.15%, 10/29/27 (b) | 2676 |
| 1100000 | Citadel Finance LLC 144A, 5.90%, 2/10/30 (a) | 1112 |
| 4300000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.143%), 4.64%, 5/07/28 (b) | 4329 |
| 4685000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 0.870%), 4.79%, 3/04/29 (b) | 4747 |
| 1960000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.950%), 5.43%, 3/01/28 (a)(b) | 1993 |
| 1270000 | Franklin BSP Capital Corp., 7.20%, 6/15/29 | 1311 |
| 720000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (a) | 756 |
| 2455000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.319%), 4.94%, 4/23/28 (b) | 2482 |
| 4090000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 0.900%), 4.15%, 10/21/29 (b) | 4079 |
| 1730000 | Goldman Sachs Private Credit Corp. 144A, 5.38%, 1/31/29 (a) | 1732 |
| 3860000 | HPS Corporate Lending Fund 144A, 5.30%, 6/05/27 (a) | 3875 |
| 1390000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.190%), 5.04%, 1/23/28 (b) | 1405 |
| 2515000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 4.98%, 7/22/28 (b) | 2552 |
| 1915000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 1930 |
| 4723000 | KeyBank N.A., 5.85%, 11/15/27 | 4862 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 1540000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 0.930%), 4.83%, 1/16/29 (b) | $1559 |
| 1620000 | Main Street Capital Corp., 5.40%, 8/15/28 | 1620 |
| 1190000 | Manufacturers & Traders Trust Co., (U.S. Secured Overnight Financing Rate + 0.950%), 4.76%, 7/06/28 (b)(d) | 1201 |
| 2440000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.380%), 4.99%, 4/12/29 (b) | 2486 |
| 2545000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 0.930%), 4.97%, 7/14/28 (b)(d) | 2581 |
| 2935000 | Morgan Stanley Private Bank N.A., (U.S. Secured Overnight Financing Rate + 0.770%), 4.47%, 7/06/28 (b) | 2950 |
| 715000 | North Haven Private Income Fund LLC 144A, 5.13%, 9/25/28 (a) | 711 |
| 544000 | OneMain Finance Corp., 7.13%, 3/15/26 | 548 |
| 3350000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | 3291 |
| 5215000 | Royal Bank of Canada, (U.S. Secured Overnight Financing Rate + 0.890%), 4.50%, 8/06/29 (b) | 5257 |
| 795000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.232%), 6.12%, 5/31/27 (b) | 802 |
| 4525000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.610%), 5.47%, 3/20/29 (b) | 4605 |
| 2850000 | SBA Tower Trust 144A, 1.88%, 1/15/26 (a) | 2835 |
| 3800000 | SBA Tower Trust 144A, 1.63%, 11/15/26 (a) | 3693 |
| 645000 | Starwood Property Trust Inc. 144A, 6.50%, 7/01/30 (a) | 672 |
| 685000 | Synchrony Financial, (U.S. Secured Overnight Financing Rate + 1.395%), 5.02%, 7/29/29 (b) | 690 |
| 1185000 | Toronto-Dominion Bank, 4.86%, 1/31/28 | 1205 |
| 2950000 | Truist Bank, (U.S. Secured Overnight Financing Rate + 0.770%), 4.42%, 7/24/28 (b) | 2962 |
| 2440000 | U.S. Bank N.A., (U.S. Secured Overnight Financing Rate + 0.910%), 4.73%, 5/15/28 (b) | 2461 |
| 2240000 | UBS Group AG 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.600%), 6.33%, 12/22/27 (a)(b) | 2292 |
| 2205000 | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 0.840%), 4.15%, 12/23/29 (a) (b) | 2200 |
| 1930000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.71%, 4/22/28 (b) | 1973 |
| 3610000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.370%), 4.97%, 4/23/29 (b) | 3676 |
| 3905000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 0.880%), 4.08%, 9/15/29 (b) | 3895 |
| 480000 | XHR LP 144A, 6.63%, 5/15/30 (a) | 491 |
|  |  | 154153 |
|  **Industrial (8%)** | **Industrial (8%)** |  |
| 830000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (a) | 858 |
| 1020000 | AGCO Corp., 5.45%, 3/21/27 | 1035 |
| 1595000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (a) | 1594 |
| 440000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 5.50%, 3/31/31 (a) | 444 |

---

Annual Financial Statements and Other Information **18** 

------

**Payden Low Duration Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 1550000 | Allison Transmission Inc. 144A, 4.75%, 10/01/27 (a) | $1546 |
| 1000000 | Alumina Pty Ltd. 144A, 6.13%, 3/15/30 (a) | 1026 |
| 3270000 | Amrize Finance U.S. LLC 144A, 4.70%, 4/07/28 (a) | 3307 |
| 4465000 | ArcelorMittal SA, 6.55%, 11/29/27 | 4645 |
| 760000 | Axon Enterprise Inc. 144A, 6.13%, 3/15/30 (a) | 782 |
| 1900000 | Boeing Co., 6.26%, 5/01/27 | 1953 |
| 2365000 | Carnival Corp. 144A, 4.00%, 8/01/28 (a) | 2328 |
| 590000 | Carnival Corp. 144A, 5.13%, 5/01/29 (a) | 598 |
| 795000 | Carnival Corp. 144A, 5.75%, 3/15/30 (a) | 819 |
| 1550000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (a) | 1542 |
| 1065000 | Cencora Inc., 4.63%, 12/15/27 | 1078 |
| 3190000 | CommonSpirit Health, 6.07%, 11/01/27 | 3299 |
| 940000 | CoreWeave Inc. 144A, 9.25%, 6/01/30 (a) | 950 |
| 760000 | CoreWeave Inc. 144A, 9.00%, 2/01/31 (a) | 763 |
| 415000 | Daimler Truck Finance North America LLC 144A, 4.30%, 8/12/27 (a) | 416 |
| 1770000 | Daimler Truck Finance North America LLC 144A, 5.13%, 9/25/27 (a) | 1799 |
| 1015000 | Daimler Truck Finance North America LLC 144A, 4.95%, 1/13/28 (a) | 1028 |
| 2600000 | Dell International LLC/EMC Corp., 4.15%, 2/15/29 | 2597 |
| 1770000 | Glencore Funding LLC 144A, 5.34%, 4/04/27 (a) | 1797 |
| 1085000 | HCA Inc., 5.00%, 3/01/28 | 1105 |
| 2555000 | Hewlett Packard Enterprise Co., 4.15%, 9/15/28 | 2551 |
| 935000 | Hilton Domestic Operating Co. Inc. 144A, 5.88%, 4/01/29 (a) | 955 |
| 4075000 | Hyundai Capital America 144A, 4.88%, 6/23/27 (a) | 4113 |
| 1525000 | Icon Investments Six DAC, 5.81%, 5/08/27 | 1557 |
| 2300000 | Las Vegas Sands Corp., 5.90%, 6/01/27 | 2344 |
| 1550000 | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (a) | 1546 |
| 680000 | Meritage Homes Corp., 5.13%, 6/06/27 | 685 |
| 1650000 | Microchip Technology Inc., 4.90%, 3/15/28 | 1671 |
| 1895000 | NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 8/19/28 | 1898 |
| 1025000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.35%, 1/12/27 (a) | 1037 |
| 2945000 | Regal Rexnord Corp., 6.05%, 2/15/26 | 2954 |
| 1060000 | Rio Tinto Finance USA PLC, 4.50%, 3/14/28 | 1072 |
| 1550000 | Sirius XM Radio LLC 144A, 3.13%, 9/01/26 (a) | 1538 |
| 1960000 | Synopsys Inc., 4.65%, 4/01/28 | 1982 |
| 1280000 | TD SYNNEX Corp., 4.30%, 1/17/29 | 1277 |
| 1565000 | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (a) | 1578 |
|  |  | 66067 |
|  **Utility (4%)** | **Utility (4%)** |  |
| 1270000 | Alliant Energy Finance LLC 144A, 5.40%, 6/06/27 (a) | 1287 |
| 3240000 | Antero Resources Corp. 144A, 5.38%, 3/01/30 (a) | 3265 |
| 725000 | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.00%, 7/15/29 (a) | 753 |
| 2145612 | Brazos Securitization LLC 144A, 5.01%, 9/01/31 (a) | 2183 |
| 1505000 | EOG Resources Inc., 4.40%, 7/15/28 | 1521 |
| 3906000 | EQT Corp. 144A, 3.13%, 5/15/26 (a) | 3871 |
| 1610000 | Evergy Kansas Central Inc., 4.70%, 3/13/28 | 1625 |
| 2280000 | Hess Midstream Operations LP 144A, 5.88%, 3/01/28 (a) | 2328 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 640000 | Hess Midstream Operations LP 144A, 6.50%, 6/01/29 (a) | $664 |
| 3700000 | National Fuel Gas Co., 5.50%, 10/01/26 | 3741 |
| 1165000 | Repsol E&P Capital Markets U.S. LLC 144A, 4.81%, 9/16/28 (a) | 1168 |
| 550000 | Sunoco LP 144A, 7.00%, 5/01/29 (a) | 574 |
| 1550000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | 1545 |
| 1550000 | Var Energi ASA 144A, 7.50%, 1/15/28 (a) | 1643 |
| 580000 | Vistra Operations Co. LLC 144A, 5.05%, 12/30/26 (a) | 584 |
| 935000 | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (a) | 936 |
| 1430000 | Vistra Operations Co. LLC 144A, 4.30%, 10/15/28 (a) | 1425 |
| 3650000 | Whistler Pipeline LLC 144A, 5.40%, 9/30/29 (a) | 3743 |
|  |  | 32856 |
|  **Total Corporate Bond (Cost - $249,972)** | **Total Corporate Bond (Cost - $249,972)** | 253076 |
|  **Mortgage Backed (16%)** | **Mortgage Backed (16%)** |  |
| 2500000 | Acrec 2025 Fl LLC 2025-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.310%), 5.34%, 8/18/42 (a)(b) | 2498 |
| 115844786 | Benchmark Mortgage Trust 2018-B6, 0.39%, 10/10/51 (c) | 855 |
| 2300000 | BHMS Commercial Mortgage Trust 2025-ATLS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.850%), 5.88%, 8/15/42 (a)(b) | 2310 |
| 4175441 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 5.30%, 8/19/38 (a)(b) | 4173 |
| 2120000 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.714%), 5.75%, 8/19/38 (a)(b) | 2111 |
| 968828 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 1.064%), 5.10%, 9/15/36 (a)(b) | 968 |
| 2320088 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.792%), 5.82%, 2/15/39 (a)(b) | 2328 |
| 4400000 | BX Commercial Mortgage Trust 2024-GPA2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.542%), 5.57%, 11/15/41 (a)(b) | 4406 |
| 1380000 | BX Trust 2023-LIFE 144A, 5.39%, 2/15/28 (a) | 1354 |
| 3600000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 5.97%, 6/15/41 (a)(b) | 3605 |
| 3100000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.893%), 5.92%, 3/15/42 (a)(b) | 3106 |
| 4200000 | BX Trust 2025-VLT7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.700%), 5.73%, 7/15/44 (a)(b) | 4223 |
| 4213726 | BXMT Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.164%), 5.20%, 5/15/38 (a)(b) | 4187 |
| 21461885 | Cantor Commercial Real Estate Lending 2019- CF1, 1.11%, 5/15/52 (c) | 580 |
| 2158491 | Colt Mortgage Loan Trust 2024-7 144A, 5.54%, 12/26/69 (a) | 2173 |
| 2504741 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (a) | 2516 |
| 1858430 | COLT Mortgage Loan Trust 2025-8 144A, 5.48%, 8/25/70 (a) | 1876 |

---

#### 19 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 4341868 | COLT Mortgage Loan Trust 2025-6 144A, 5.53%, 8/25/70 (a) | $4377 |
| 2700000 | Connecticut Avenue Securities Trust 2024- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 5.98%, 1/25/44 (a)(b) | 2723 |
| 2600000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 5.98%, 2/25/44 (a)(b) | 2622 |
| 1150000 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.78%, 9/25/44 (a)(b) | 1154 |
| 2131629 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (a)(c) | 2145 |
| 4488716 | Cross Mortgage Trust 2025-H6 144A, 5.18%, 7/25/70 (a)(c) | 4497 |
| 4875273 | Freddie Mac REMIC 5057, 1.00%, 4/15/54 | 4546 |
| 1000000 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 5.63%, 10/25/44 (a)(b) | 1001 |
| 345486 | Freddie Mac STACR REMIC Trust 2022-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 6.68%, 3/25/52 (a)(b) | 349 |
| 4350000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 5.66%, 10/19/39 (a)(b) | 4364 |
| 1000000 | Greystone CRE Notes HC-4 LLC 2025-HC4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.240%), 6.39%, 10/15/42 (a)(b) | 999 |
| 1948832 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 5.87%, 10/15/41 (a)(b) | 1958 |
| 1977862 | JP Morgan Mortgage Trust 2024-NQM1 144A, 5.59%, 2/25/64 (a) | 1992 |
| 2000000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.33%, 5/15/39 (a)(b) | 1937 |
| 3439902 | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.864%), 5.90%, 7/15/36 (a)(b) | 3444 |
| 2000000 | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8 144A, 4.96%, 9/25/70 (a)(c) | 1997 |
| 1636582 | New Residential Mortgage Loan Trust 2017-1A 144A, 4.00%, 2/25/57 (a)(c) | 1598 |
| 1114364 | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (a)(c) | 1077 |
| 1600000 | NYC Commercial Mortgage Trust 2025-28L 144A, 4.67%, 11/05/38 (a)(c) | 1600 |
| 2068473 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (a) | 2071 |
| 4496463 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 4516 |
| 1667653 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 1665 |
| 1678949 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 1687 |
| 1661042 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (a)(c) | 1669 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 754801 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (a) | $759 |
| 3746038 | OBX Trust 2025-NQM6 144A, 5.60%, 3/25/65 (a) | 3781 |
| 1443453 | OBX Trust 2025-NQM14 144A, 5.16%, 7/25/65 (a) | 1454 |
| 4850000 | ONE Mortgage Trust 2021-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 0.814%), 4.85%, 3/15/36 (a)(b) | 4787 |
| 3133892 | Provident Funding Mortgage Trust 2020-F1 144A, 2.00%, 1/25/36 (a)(c) | 2810 |
| 1079502 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (a)(c) | 1082 |
| 1725147 | Verus Securitization Trust 2025-4 144A, 5.45%, 5/25/70 (a) | 1738 |
| 3252992 | Verus Securitization Trust 2025-7 144A, 5.13%, 8/25/70 (a) | 3262 |
| 2950000 | Wells Fargo Commercial Mortgage Trust 2024- MGP 144A, (1 mo. Term Secured Overnight Financing Rate + 2.939%), 6.97%, 8/15/41 (a) (b) | 2950 |
| 4000000 | Wells Fargo Commercial Mortgage Trust 2025-HI 144A, (1 mo. Term Secured Overnight Financing Rate + 1.693%), 5.73%, 10/15/42 (a) (b) | 4012 |
|  **Total Mortgage Backed (Cost - $127,155)** | **Total Mortgage Backed (Cost - $127,155)** | 125892 |
|  **Municipal (1%)** | **Municipal (1%)** |  |
| 1575000 | California Earthquake Authority A, 5.60%, 7/01/27 | 1595 |
| 8850339 | Texas Natural Gas Securitization Finance Corp., 5.10%, 4/01/35 | 9121 |
|  **Total Municipal (Cost - $10,425)** | **Total Municipal (Cost - $10,425)** | 10716 |
|  **U.S. Treasury (32%)** | **U.S. Treasury (32%)** |  |
| 52200000 | U.S. Treasury Note, 3.50%, 9/30/26 | 52084 |
| 6305000 | U.S. Treasury Note, 4.13%, 10/31/26 | 6329 |
| 4405000 | U.S. Treasury Note, 4.25%, 11/30/26 | 4429 |
| 32835000 | U.S. Treasury Note, 4.25%, 12/31/26 | 33034 |
| 3880000 | U.S. Treasury Note, 4.63%, 6/15/27 | 3941 |
| 47735000 | U.S. Treasury Note, 3.75%, 6/30/27 | 47831 |
| 5840000 | U.S. Treasury Note, 3.88%, 7/31/27 | 5865 |
| 5020000 | U.S. Treasury Note, 3.75%, 8/15/27 | 5031 |
| 12205000 | U.S. Treasury Note, 3.63%, 8/31/27 | 12208 |
| 10175000 | U.S. Treasury Note, 3.38%, 9/15/27 | 10133 |
| 1000000 | U.S. Treasury Note, 3.50%, 9/30/27 | 998 |
| 14055000 | U.S. Treasury Note, 3.75%, 5/15/28 | 14109 |
| 30370000 | U.S. Treasury Note, 3.88%, 6/15/28 | 30589 |
| 7430000 | U.S. Treasury Note, 3.88%, 7/15/28 | 7483 |
| 18570000 | U.S. Treasury Note, 3.38%, 9/15/28 | 18459 |
| 3225000 | U.S. Treasury Note, 3.50%, 10/15/28 | 3216 |
|  **Total U.S. Treasury (Cost - $254,954)** | **Total U.S. Treasury (Cost - $254,954)** | 255739 |
|  **Investment Company (2%)** | **Investment Company (2%)** |  |
| 13658334 | Payden Cash Reserves Money Market Fund \* |  |
|  | (Cost - $13,658) | 13658 |
|  **Total Investments (Cost - $805,862) (101%)** | **Total Investments (Cost - $805,862) (101%)** | 808937 |
|  **Liabilities in excess of Other Assets (-1%)** | **Liabilities in excess of Other Assets (-1%)** | (4326) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**804611** |

---

Annual Financial Statements and Other Information **20** 

------

**Payden Low Duration Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Affiliated investment.

(a) Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

(b) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) 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.

(d) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $112 and the total market value of the collateral held by the Fund is $116. Amounts in 000s.

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Depreciation<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. Treasury 2-Year Note Future | 989 | Dec-25 | $205952 | $(45) | $(45) |
|  U.S. Treasury 5-Year Note Future | 302 | Dec-25 | 32982 | (11) | (11) |
|  **Total Futures** |  |  |  |  | $(56) |

---

#### 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 Liabilities<sup>1</sup> | $112 |
|  Non-cash Collateral<sup>2</sup> | (112) |
|  Net Amount | $– |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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.* 

#### 21 Payden Mutual Funds

------

#### Payden U.S. Government Fund
**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
|  **Mortgage Backed (44%)** | **Mortgage Backed (44%)** |  |
| 730609 | Fannie Mae Grantor Trust 2017-T1, 2.90%, 6/25/27 | $717 |
| 1547431 | Fannie Mae-Aces 2017-M15, 3.16%, 11/25/27 (a) | 1526 |
| 938914 | FH 841779 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.335%), 4.44%, 6/01/54 (b) | 936 |
| 694947 | FH 8C0092 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 1.54%, 8/01/51 (b) | 655 |
| 808362 | FH 8C0312 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 4.45%, 7/01/52 (b) | 808 |
| 700000 | FHLMC Multifamily Structured Pass-Through Certificates K058, 2.65%, 8/25/26 | 692 |
| 1004718 | FHLMC Multifamily Structured Pass-Through Certificates K061, 3.35%, 11/25/26 (a) | 995 |
| 1200000 | FHLMC Multifamily Structured Pass-Through Certificates K505, 4.82%, 6/25/28 | 1225 |
| 219282 | FHLMC Multifamily Structured Pass-Through Certificates Q013, 6.35%, 5/25/50 (a) | 219 |
| 190560 | FN AS4186 15YR, 2.50%, 1/01/30 | 186 |
| 122640 | FN AS6443 15YR, 3.00%, 12/01/30 | 120 |
| 211103 | FN AS8013 15YR, 2.50%, 9/01/31 | 204 |
| 241322 | FN BM4153 15YR, 3.00%, 6/01/33 | 236 |
| 1126757 | FN BM7166 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.346%), 5.14%, 3/01/53 (b) | 1147 |
| 376324 | FN BP6814 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year + 1.610%), 2.29%, 5/01/50 (b) | 354 |
| 647774 | FN BR9966 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.610%), 1.92%, 5/01/51 (b) | 594 |
| 701942 | FN BV2462 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.131%), 3.79%, 6/01/52 (b) | 692 |
| 904970 | FN CB9937 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.284%), 5.05%, 2/01/55 (b) | 918 |
| 932313 | FN FS2395 15YR, 3.50%, 7/01/37 | 908 |
| 274729 | FN FS3564 15YR, 3.50%, 7/01/38 | 266 |
| 914775 | FN MA4694 15YR, 3.50%, 8/01/37 | 887 |
| 1431850 | FN MA4869 30YR, 5.50%, 1/01/53 | 1454 |
| 763739 | FN MA5072 30YR, 5.50%, 7/01/53 | 772 |
| 656347 | FN MA5110 15YR, 5.00%, 8/01/38 | 664 |
| 439492 | FNR 2024-21 DA 2024-21, 5.50%, 12/25/46 | 440 |
| 50094 | FNR FA 2002-10, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.864%), 5.05%, 2/25/32 (b) | 50 |
| 531818 | FR SB8192 15YR, 5.00%, 10/01/37 | 538 |
| 1205702 | FR SB8206 15YR, 5.00%, 1/01/38 | 1220 |
| 775871 | FR SD8308 30YR, 5.50%, 3/01/53 | 788 |
| 1386183 | FR SD8452 30YR, 5.00%, 8/01/54 | 1380 |
| 1077243 | FR SD8461 30YR, 5.00%, 9/01/54 | 1073 |
| 472661 | Freddie Mac REMICS 5451, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.28%, 9/25/54 (b) | 474 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 514561 | FRESB Mortgage Trust 2021-SB83, 0.63%, 1/25/26 (a) | $512 |
| 666198 | FRESB Mortgage Trust 2017-SB38, 2.92%, 8/25/27 (a) | 653 |
| 651996 | FRESB Mortgage Trust 2018-SB56, 3.69%, 10/25/28 (a) | 645 |
| 627251 | FRESB Mortgage Trust 2019-SB59, 3.47%, 1/25/29 (a) | 617 |
| 828956 | FRESB Mortgage Trust 2020-SB79, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.814%), 3.56%, 7/25/40 (b) | 824 |
| 195078 | G2 778200, 4.00%, 2/20/32 | 193 |
| 163551 | G2 778203, 4.75%, 2/20/32 | 165 |
| 504895 | G2 AD0857, 3.75%, 9/20/33 | 495 |
| 194832 | G2 AY5132, 3.25%, 7/20/37 | 186 |
| 416665 | G2 AY5138, 3.25%, 12/20/37 | 397 |
| 194894 | GN 728153, 5.50%, 10/15/29 | 198 |
|  **Total Mortgage Backed (Cost - $28,122)** | **Total Mortgage Backed (Cost - $28,122)** | **28023** |
|  **U.S. Treasury (53%)** | **U.S. Treasury (53%)** |  |
| 2500000 | U.S. Treasury Note, 3.63%, 5/15/26 | 2498 |
| 6000000 | U.S. Treasury Note, 4.38%, 12/15/26 | 6043 |
| 7700000 | U.S. Treasury Note, 4.00%, 1/15/27 | 7728 |
| 5500000 | U.S. Treasury Note, 3.25%, 6/30/27 | 5468 |
| 6000000 | U.S. Treasury Note, 3.75%, 8/15/27 | 6014 |
| 1000000 | U.S. Treasury Note, 3.50%, 9/30/27 | 998 |
| 2500000 | U.S. Treasury Note, 4.13%, 10/31/27 | 2525 |
| 2500000 | U.S. Treasury Note, 4.00%, 2/29/28 | 2522 |
|  **Total U.S. Treasury (Cost - $33,586)** | **Total U.S. Treasury (Cost - $33,586)** | **33796** |
|  **Investment Company (2%)** | **Investment Company (2%)** |  |
| 1270765 | Payden Cash Reserves Money Market Fund \* |  |
|  | **(Cost - $1,271)** | 1271 |
|  **Purchase Options (0%)** | **Purchase Options (0%)** |  |
|  **Total Purchase Options (Cost - $20)** | **Total Purchase Options (Cost - $20)** | **13** |
|  **Total Investments (Cost - $62,999) (99%)** | **Total Investments (Cost - $62,999) (99%)** | 63103 |
|  **Other Assets, net of Liabilities (1%)** | **Other Assets, net of Liabilities (1%)** | 445 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**63548** |

---

\* Affiliated investment.

(a) 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.

(b) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

Annual Financial Statements and Other Information **22** 

------

**Payden U.S. Government Fund** continued

#### Purchase Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000s)** | **Exercise<br>Price** | **Maturity**<br>**Date** | **Value<br>(000s)** | **Call/Put** |
|  **Exchange Traded Options Purchase - 0.0%** |  |  |  |  |  |  |
|  U.S. 10YR Note | 30 | $1266 | $115 | 02/20/2026 | $13 | Call |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. Treasury 10-Year Note Future | 34 | Dec-25 | $3831 | $6 | $6 |
|  U.S. Treasury 2-Year Note Future | 40 | Dec-25 | 8330 | (3) | (3) |
|  U.S. Treasury 5-Year Note Future | 30 | Dec-25 | 3276 |  |  |
|  **Total Futures** |  |  |  |  | $3 |

---

*See notes to financial statements.* 

#### 23 Payden Mutual Funds

------

#### Payden GNMA Fund
**Schedule of Investments** *- October 31, 2025* 

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | Value<br>(000) |
| **Mortgage Backed** (121%**)** | **Mortgage Backed** (121%**)** |  |
| 422253 | FHLMC Multifamily Structured Pass-Through Certificates KF60, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.604%), 4.91%, 2/25/26 (a) | $422 |
| 293936 | FHLMC Multifamily Structured Pass-Through Certificates KF62, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.594%), 4.90%, 4/25/26 (a) | 294 |
| 725059 | FHLMC Multifamily Structured Pass-Through Certificates KF68, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.604%), 4.91%, 7/25/26 (a) | 725 |
| 890000 | FHLMC Multifamily Structured Pass-Through Certificates K058, 2.72%, 8/25/26 (b) | 879 |
| 115887 | FHLMC Multifamily Structured Pass-Through Certificates KF74, (1 mo. Secured Overnight Financing Rate Index + 0.530%), 4.83%, 1/25/27 (a) | 116 |
| 756287 | FHLMC Multifamily Structured Pass-Through Certificates KS09, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.484%), 4.67%, 10/25/27 (a) | 755 |
| 766259 | FHLMC Multifamily Structured Pass-Through Certificates KF50, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.514%), 4.82%, 7/25/28 (a) | 766 |
| 269187 | FHLMC Multifamily Structured Pass-Through |  |
|  | Certificates Q013, 6.35%, 5/25/50 (b) | 269 |
| 644562 | FN 468110, 5.29%, 5/01/26 | 643 |
| 974617 | FN AL6513, 5.00%, 7/01/44 | 998 |
| 179175 | FN BM2007 30YR, 4.00%, 9/01/48 | 173 |
| 488968 | FN CB4211 30YR, 4.50%, 7/01/52 | 479 |
| 805831 | FN CB9019 30YR, 6.00%, 8/01/54 | 826 |
| 388114 | FN FS8791 30YR, 6.00%, 8/01/54 | 398 |
| 1157539 | FN MA3238 30YR, 3.50%, 1/01/48 | 1086 |
| 1578186 | FN MA4918 30YR, 5.00%, 2/01/53 | 1578 |
| 57800 | FNR FA 2007-110, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.734%), 4.92%, 12/25/37 (a) | 58 |
| 853711 | FR RA7790 30YR, 5.00%, 8/01/52 | 855 |
| 648882 | FR SD8199 30YR, 2.00%, 3/01/52 | 529 |
| 916502 | Freddie Mac REMICS 5451, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.28%, 9/25/54 (a) | 919 |
| 475151 | FRESB Mortgage Trust 2017-SB41, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.814%), 5.12%, 9/25/37 (a) | 475 |
| 120569 | G2 3711 30YR, 5.50%, 5/20/35 | 125 |
| 94240 | G2 3772 30YR, 5.00%, 10/20/35 | 96 |
| 199378 | G2 3785 30YR, 5.00%, 11/20/35 | 204 |
| 235261 | G2 4802 30YR, 5.00%, 9/20/40 | 242 |
| 802503 | G2 4853 30YR, 4.00%, 11/20/40 | 791 |
| 296371 | G2 5083 30YR, 5.00%, 6/20/41 | 304 |
| 939857 | G2 5115 30YR, 4.50%, 7/20/41 | 948 |
| 805500 | G2 5258 30YR, 3.50%, 12/20/41 | 766 |
| 419283 | G2 770239 30YR, 4.00%, 2/20/42 | 406 |
| 414902 | G2 785023 15YR, 3.00%, 5/20/34 | 406 |
| 1165389 | G2 785219 30YR, 2.00%, 12/20/50 | 961 |
| 424354 | G2 785289 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.04%, 12/20/47 (a) | 433 |

---

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | Value<br>(000) |
| 1089528 | G2 785524 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.537%), 5.26%, 12/20/41 (a) | $1109 |
| 30446 | G2 80029 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 1/20/27 (a) | 30 |
| 62789 | G2 80052 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 3/20/27 (a) | 63 |
| 45109 | G2 80059 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 4/20/27 (a) | 45 |
| 114935 | G2 80074 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 5/20/27 (a) | 115 |
| 281207 | G2 80152 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 1/20/28 (a) | 281 |
| 80869 | G2 80154 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 1/20/28 (a) | 81 |
| 114774 | G2 80169 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 2/20/28 (a) | 115 |
| 194150 | G2 80184 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 4/20/28 (a) | 195 |
| 245850 | G2 80319 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 9/20/29 (a) | 247 |
| 293837 | G2 80637 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 9/20/32 (a) | 295 |
| 582191 | G2 80795 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.75%, 12/20/33 (a) | 596 |
| 225269 | G2 80826 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 2/20/34 (a) | 229 |
| 370211 | G2 80835 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 2/20/34 (a) | 377 |
| 357411 | G2 81282 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 3/20/35 (a) | 364 |
| 392138 | G2 82074 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 5/20/38 (a) | 401 |
| 214819 | G2 82107 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 7/20/38 (a) | 219 |
| 435807 | G2 82457 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 1/20/40 (a) | 445 |
| 259497 | G2 82463 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.63%, 1/20/40 (a) | 265 |
| 31296 | G2 83031 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.75%, 1/20/42 (a) | 32 |

---

Annual Financial Statements and Other Information **24** 

------

**Payden GNMA Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 49332 | G2 8991 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.75%, 10/20/26 (a) | $49 |
| 695531 | G2 AY5132, 3.25%, 7/20/37 | 663 |
| 833782 | G2 AY5138, 3.25%, 12/20/37 | 795 |
| 120318 | G2 MA0312, 3.50%, 8/20/42 | 109 |
| 151063 | G2 MA0387, 3.50%, 9/20/42 | 137 |
| 1109195 | G2 MA0698 30YR, 3.00%, 1/20/43 | 1029 |
| 1006424 | G2 MA1012 30YR, 3.50%, 5/20/43 | 956 |
| 892218 | G2 MA1089 30YR, 3.00%, 6/20/43 | 825 |
| 869623 | G2 MA1520 30YR, 3.00%, 12/20/43 | 803 |
| 811798 | G2 MA2304 30YR, 4.00%, 10/20/44 | 786 |
| 741269 | G2 MA2522 30YR, 4.00%, 1/20/45 | 717 |
| 454158 | G2 MA2767 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 5.50%, 4/20/45 (a) | 465 |
| 357842 | G2 MA3454 30YR, 3.50%, 2/20/46 | 335 |
| 1134796 | G2 MA3662 30YR, 3.00%, 5/20/46 | 1036 |
| 698535 | G2 MA3663 30YR, 3.50%, 5/20/46 | 653 |
| 1306444 | G2 MA3735 30YR, 3.00%, 6/20/46 | 1194 |
| 562576 | G2 MA3936 30YR, 3.00%, 9/20/46 | 514 |
| 475124 | G2 MA4069 30YR, 3.50%, 11/20/46 | 444 |
| 570580 | G2 MA4195 30YR, 3.00%, 1/20/47 | 521 |
| 356895 | G2 MA4197 30YR, 4.00%, 1/20/47 | 344 |
| 551254 | G2 MA4262 30YR, 3.50%, 2/20/47 | 514 |
| 714020 | G2 MA4321 30YR, 3.50%, 3/20/47 | 666 |
| 395886 | G2 MA4322 30YR, 4.00%, 3/20/47 | 381 |
| 951476 | G2 MA4382 30YR, 3.50%, 4/20/47 | 888 |
| 292446 | G2 MA4510 30YR, 3.50%, 6/20/47 | 274 |
| 631682 | G2 MA4719 30YR, 3.50%, 9/20/47 | 587 |
| 463764 | G2 MA4962 30YR, 3.50%, 1/20/48 | 432 |
| 1008048 | G2 MA5265 30YR, 4.50%, 6/20/48 | 1004 |
| 1729224 | G2 MA6473 30YR, 2.50%, 2/20/50 | 1504 |
| 514713 | G2 MA6709 30YR, 2.50%, 6/20/50 | 447 |
| 2025147 | G2 MA6818 30YR, 2.00%, 8/20/50 | 1687 |
| 1248538 | G2 MA6930 30YR, 2.00%, 10/20/50 | 1040 |
| 1789245 | G2 MA6931 30YR, 2.50%, 10/20/50 | 1555 |
| 1849304 | G2 MA7051 30YR, 2.00%, 12/20/50 | 1540 |
| 1992396 | G2 MA7367 30YR, 2.50%, 5/20/51 | 1727 |
| 724846 | G2 MA7471 30YR, 2.00%, 7/20/51 | 604 |
| 1277445 | G2 MA7472 30YR, 2.50%, 7/20/51 | 1107 |
| 714934 | G2 MA7473 30YR, 3.00%, 7/20/51 | 644 |
| 2153281 | G2 MA7533 30YR, 2.00%, 8/20/51 | 1793 |
| 1661198 | G2 MA7535 30YR, 3.00%, 8/20/51 | 1495 |
| 2220062 | G2 MA7589 30YR, 2.50%, 9/20/51 | 1924 |
| 2178781 | G2 MA7648 30YR, 2.00%, 10/20/51 | 1814 |
| 1754179 | G2 MA7705 30YR, 2.50%, 11/20/51 | 1521 |
| 920451 | G2 MA7706 30YR, 3.00%, 11/20/51 | 828 |
| 2448727 | G2 MA7767 30YR, 2.50%, 12/20/51 | 2122 |
| 760633 | G2 MA7768 30YR, 3.00%, 12/20/51 | 684 |
| 1506756 | G2 MA7881 30YR, 2.50%, 2/20/52 | 1306 |
| 372806 | G2 MA7882 30YR, 3.00%, 2/20/52 | 335 |
| 2010485 | G2 MA7987 30YR, 2.50%, 4/20/52 | 1743 |
| 743240 | G2 MA7990 30YR, 4.00%, 4/20/52 | 709 |
| 751489 | G2 MA8097 30YR, 2.50%, 6/20/52 | 651 |
| 805788 | G2 MA8146 30YR, 2.00%, 7/20/52 | 672 |
| 782574 | G2 MA8200 30YR, 4.00%, 8/20/52 | 748 |
| 394024 | G2 MA8266 30YR, 3.50%, 9/20/52 | 365 |
| 1027270 | G2 MA8570 30YR, 5.50%, 1/20/53 | 1044 |
| 1332129 | G2 MA8648 30YR, 5.50%, 2/20/53 | 1353 |
| 764130 | G2 MA8948 30YR, 5.50%, 6/20/53 | 775 |
| 1807378 | G2 MA9726 30YR, 6.00%, 6/20/54 | 1846 |
| 405012 | G2 MA9779 30YR, 5.50%, 7/20/54 | 409 |
| 1400903 | G2 MB0026 30YR, 5.50%, 11/20/54 | 1417 |
| 1700000 | G2SF, 3.50%, 11/20/5530YR TBA (c) | 1556 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 2700000 | G2SF, 4.50%, 11/20/5530YR TBA (c) | $2636 |
| 4400000 | G2SF, 5.00%, 11/20/5530YR TBA (c) | 4387 |
| 5010000 | G2SF, 5.50%, 11/20/5530YR TBA (c) | 5052 |
| 5530000 | G2SF, 6.00%, 11/20/5530YR TBA (c) | 5629 |
| 1030000 | G2SF, 6.50%, 11/20/5530YR TBA (c) | 1062 |
| 10185 | GN 455989, 5.00%, 7/15/26 | 10 |
| 18617 | GN 558954, 5.25%, 5/15/29 | 19 |
| 175152 | GN 558956, 4.50%, 6/15/29 | 175 |
| 85623 | GN 605099 30YR, 5.50%, 3/15/34 | 89 |
| 208792 | GN 616826 30YR, 5.50%, 1/15/35 | 214 |
| 442504 | GN 710868 30YR, 5.50%, 9/15/39 | 460 |
| 117790 | GN 728153, 5.50%, 10/15/29 | 120 |
| 34612 | GN 728159, 5.25%, 11/15/29 | 35 |
| 87738 | GN 781810 30YR, 5.50%, 10/15/34 | 91 |
| 771718 | GNR 2009-22 FA 2009-22, (1 mo. Term Secured Overnight Financing Rate + 0.844%), 4.88%, 4/20/39 (a) | 774 |
| 234592 | GNR AF 2012-18, (1 mo. Term Secured Overnight Financing Rate + 0.414%), 4.45%, 2/20/38 (a) | 235 |
| 418501 | GNR F 2004-56, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 4.55%, 6/20/33 (a) | 418 |
| 87443 | GNR FA 2001-35, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 4.40%, 8/16/31 (a) | 87 |
| 159695 | GNR FB 2007-76, (1 mo. Term Secured Overnight Financing Rate + 0.614%), 4.65%, 11/20/37 (a) | 160 |
| 434629 | GNR FB 2008-11, (1 mo. Term Secured Overnight Financing Rate + 0.714%), 4.75%, 2/20/38 (a) | 435 |
| 231650 | GNR FC 2003-71, (1 mo. Term Secured Overnight Financing Rate + 0.614%), 4.65%, 7/20/33 (a) | 231 |
| 369515 | GNR FC 2007-54, (1 mo. Term Secured Overnight Financing Rate + 0.374%), 4.41%, 9/20/37 (a) | 365 |
| 689853 | GNR FC 2018-91, (1 mo. Term Secured Overnight Financing Rate + 0.414%), 4.55%, 7/20/48 (a) | 676 |
| 228953 | GNR FG 2004-86, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 4.55%, 7/20/34 (a) | 229 |
| 308306 | GNR FH 2004-59, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 4.40%, 8/16/34 (a) | 308 |
| 132777 | GNR FH 2008-2, (1 mo. Term Secured Overnight Financing Rate + 0.564%), 4.60%, 1/20/38 (a) | 132 |
| 517379 | GNR FJ 2019-6, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 4.55%, 1/20/49 (a) | 507 |
| 392193 | GNR FK 2006-60, (1 mo. Term Secured Overnight Financing Rate + 0.314%), 4.35%, 11/20/36 (a) | 392 |
| 231788 | GNR LF 2011-153, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 4.40%, 7/16/41 (a) | 229 |
| 530029 | GNR UF 2008-67, (1 mo. Term Secured Overnight Financing Rate + 0.564%), 4.60%, 6/20/38 (a) | 530 |
|  **Total Mortgage Backed (Cost - $108,633)** | **Total Mortgage Backed (Cost - $108,633)** | 106202 |

---

#### 25 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal or<br>Shares | Security Description | Value<br>(000) |
|  **Investment Company** (2%**)** | **Investment Company** (2%**)** |  |
| 1473363 | Payden Cash Reserves Money Market Fund \* |  |
|  | **(Cost - $1,473)** | $1473 |
|  **Purchase Options** (0%**)** | **Purchase Options** (0%**)** |  |
|  **Total Purchase Options (Cost - $27)** | **Total Purchase Options (Cost - $27)** | **17** |
|  **Total Investments (Cost - $110,133) (123%)** | **Total Investments (Cost - $110,133) (123%)** | 107692 |
|  **Liabilities in excess of Other Assets (-23%)** | **Liabilities in excess of Other Assets (-23%)** | (20203) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**87489** |

---

\* Affiliated investment.

(a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

(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.

#### Purchase Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Notional<br>Amount<br>(000s) | Exercise<br>Price | Maturity Date | Value<br>(000s) | Call/Put |
|  **Exchange Traded Options Purchase - 0.0%** |  |  |  |  |  |  |
|  U.S. 10YR Note | 40 | $17 | $115 | 02/20/2026 | $17 | Call |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. Treasury 10-Year Note Future | 46 | Dec-25 | $5183 | $20 | $20 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information **26** 

------

#### Payden Core Bond Fund
**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Asset Backed (10%)** | **Asset Backed (10%)** |  |
| 4000000 | AGL CLO Ltd. 2022-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.190%), 5.07%, 1/20/37 (a)(b) | $3997 |
| 1600000 | American Credit Acceptance Receivables Trust 2024-1 144A, 7.98%, 11/12/31 (b) | 1643 |
| 2800000 | Bain Capital Credit CLO Ltd. 2020-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.210%), 5.07%, 10/23/34 (a)(b) | 2803 |
| 3700000 | Basswood Park CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.030%), 4.91%, 4/20/34 (a)(b) | 3700 |
| 3800000 | Beechwood Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.18%, 1/17/35 (a)(b) | 3807 |
| 2709473 | CARS-DB4 LP 2020-1A 144A, 3.25%, 2/15/50 (b) | 2525 |
| 3225000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 CAD (b)(c) | 2283 |
| 2800000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (b) | 2759 |
| 1186285 | Drive Auto Receivables Trust 2025-S1 144A, 6.04%, 6/16/29 (b) | 1196 |
| 3100000 | Driven Brands Funding LLC 2025-1A 144A, 5.30%, 10/20/55 (b) | 3091 |
| 2350000 | Flatiron CLO LLC 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.12%, 4/17/36 (a)(b) | 2348 |
| 4700000 | Galaxy XXII CLO Ltd. 2016-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.13%, 4/16/34 (a)(b) | 4707 |
| 558235 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (b) | 567 |
| 2150000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.48%, 7/20/36 (a)(b) | 2150 |
| 3600000 | LCM Ltd. 39A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.340%), 5.24%, 10/15/34 (a)(b) | 3601 |
| 3550000 | Madison Park Funding LII Ltd. 2021-52A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 4.96%, 1/22/35 (a)(b) | 3548 |
| 2000000 | Madison Park Funding XLVIII Ltd. 2021-48A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.262%), 6.15%, 4/19/33 (a)(b) | 2003 |
| 1337062 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (b) | 1173 |
| 693716 | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (b) | 694 |
| 3725000 | Palmer Square CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.530%), 5.42%, 4/16/37 (a)(b) | 3733 |
| 1862084 | RCKT Mortgage Trust 2025-CES5 144A, 5.69%, 5/25/55 (b) | 1885 |
| 1175371 | RCKT Mortgage Trust 2025-CES6 144A, 5.47%, 6/25/55 (b) | 1187 |
| 2404948 | RCKT Mortgage Trust 2025-CES7 144A, 5.38%, 7/25/55 (b) | 2425 |
| 2920369 | RCKT Mortgage Trust 2025-CES8 144A, 5.15%, 8/25/55 (b)(d) | 2936 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 4253586 | RCKT Mortgage Trust 2025-CES9 144A, 4.80%, 9/25/55 (b) | $4242 |
| 4500000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.13%, 7/20/35 (a)(b) | 4504 |
| 1101141 | Rockford Tower CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.422%), 5.31%, 10/20/31 (a)(b) | 1102 |
| 4700000 | RR Ltd. 2021-16A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 4.95%, 7/15/36 (a)(b) | 4700 |
| 150 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (e) | 1680 |
| 539863 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (b) | 540 |
| 63 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, 4/18/28 (e) | 1579 |
| 500000 | Sona Fios CLO I DAC 1A 144A, (3 mo. EURIBOR + 2.500%), 7.91%, 7/15/36 EUR (a) (b)(c) | 576 |
| 2679750 | Store Master Funding I-VII XIV XIX XX XXIV XXII 2024-1A 144A, 5.70%, 5/20/54 (b) | 2746 |
| 3000000 | Taco Bell Funding LLC 2025-1A 144A, 4.82%, 8/25/55 (b) | 2992 |
| 1500000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (b) | 1557 |
|  **Total Asset Backed (Cost - $86,579)** | **Total Asset Backed (Cost - $86,579)** | **86979** |
|  **Bank Loan(f) (1%)** | **Bank Loan(f) (1%)** |  |
| 1153354 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 6.50%, 8/20/31 | 1157 |
| 2487473 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 8.00%, 4/01/30 | 2509 |
| 1690000 | Fr Br Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.19%, 10/09/30 | 1686 |
| 2772000 | Verde Purchaser LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.00%, 11/30/30 | 2670 |
|  **Total Bank Loan (Cost - $7,986)** | **Total Bank Loan (Cost - $7,986)** | **8022** |
|  **Corporate Bond (35%)** | **Corporate Bond (35%)** |  |
|  **Financial (17%)** | **Financial (17%)** |  |
| 2450000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (a)(g) | 2403 |
| 1750000 | Ally Financial Inc., (Secured Overnight Financing Rate + 1.960%), 5.74%, 5/15/29 (a) | 1786 |
| 2250000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (a) | 2374 |
| 1800000 | American Express Co., (Secured Overnight Financing Rate + 1.280%), 5.28%, 7/27/29 (a) | 1855 |
| 2400000 | AmFam Holdings Inc. 144A, 3.83%, 3/11/51 (b) | 1619 |
| 2100000 | Ares Strategic Income Fund 144A, 5.45%, 9/09/28 (b) | 2109 |
| 1800000 | ASB Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.250%), 5.28%, 6/17/32 (a)(b) | 1822 |

---

#### 27 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 2450000 | Athene Holding Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.607%), 6.63%, 10/15/54 (a) | $2442 |
| 635000 | Augustar Life Insurance Co. 144A, 6.88%, 6/15/42 (b) | 619 |
| 2200000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (a) | 2153 |
| 5500000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.110%), 4.62%, 5/09/29 (a) | 5568 |
| 3400000 | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.452%), 2.88%, 10/22/30 (a) | 3230 |
| 3000000 | Bank of Montreal f2f, (U.S. Secured Overnight Financing Rate + 0.880%), 4.57%, 9/10/27 (a) (h) | 3009 |
| 2050000 | Bank of Nova Scotia, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.017%), 8.00%, 1/27/84 (a) | 2189 |
| 2100000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (a) | 2117 |
| 1500000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, 5.25%, 9/10/29 (b) | 1548 |
| 2330000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 2299 |
| 2000000 | Blue Owl Capital Corp., 5.95%, 3/15/29 | 2027 |
| 2150000 | Bread Financial Holdings Inc. 144A, 9.75%, 3/15/29 (b) | 2296 |
| 1375000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.62%, 10/30/31 (a) | 1551 |
| 5300000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.463%), 4.95%, 5/07/31 (a) | 5408 |
| 3400000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.171%), 4.50%, 9/11/31 (a) | 3405 |
| 4800000 | Corebridge Financial Inc., 3.90%, 4/05/32 | 4571 |
| 1550000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.400%), 5.71%, 3/01/30 (a)(b) | 1612 |
| 2250000 | Deutsche Bank AG, (U.S. Secured Overnight Financing Rate + 1.219%), 2.31%, 11/16/27 (a) | 2205 |
| 2670000 | Equinix Inc., 1.80%, 7/15/27 | 2567 |
| 1950000 | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | 1867 |
| 8500000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.580%), 5.22%, 4/23/31 (a) | 8774 |
| 1600000 | Goldman Sachs Private Credit Corp. 144A, 5.38%, 1/31/29 (b) | 1602 |
| 1000000 | HPS Corporate Lending Fund 144A, 5.30%, 6/05/27 (b) | 1004 |
| 3000000 | HPS Corporate Lending Fund 144A, 4.90%, 9/11/28 (b) | 2979 |
| 3000000 | Huntington Bancshares Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 6.14%, 11/18/39 (a) | 3109 |
| 1000000 | Huntington National Bank, (U.S. Secured Overnight Financing Rate + 0.720%), 4.87%, 4/12/28 (a) | 1009 |
| 2900000 | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.900%), 7.78%, 6/20/54 (a)(b) | 3485 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 2150000 | Invitation Homes Operating Partnership LP, 4.95%, 1/15/33 | $2161 |
| 1337000 | JAB Holdings BV 144A, 2.20%, 11/23/30 (b) | 1181 |
| 3750000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (a) | 3780 |
| 5000000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.435%), 5.10%, 4/22/31 (a) | 5165 |
| 2500000 | LPL Holdings Inc., 5.75%, 6/15/35 | 2571 |
| 2450000 | Macquarie Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 3.05%, 3/03/36 (a)(b) | 2224 |
| 2750000 | Macquarie Group Ltd. 144A, (3 mo. Term Secured Overnight Financing Rate + 1.634%), 3.76%, 11/28/28 (a)(b) | 2718 |
| 3100000 | Mitsubishi UFJ Financial Group Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.170%), 5.16%, 4/24/31 (a) | 3199 |
| 4000000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.380%), 4.99%, 4/12/29 (a) | 4075 |
| 2000000 | Morgan Stanley, (3 mo. Term Secured Overnight Financing Rate + 1.890%), 4.43%, 1/23/30 (a) | 2012 |
| 2650000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.100%), 4.65%, 10/18/30 (a) | 2682 |
| 1300000 | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (b) | 1763 |
| 900000 | Nuveen LLC 144A, 5.85%, 4/15/34 (b) | 952 |
| 1200000 | PennyMac Financial Services Inc. 144A, 6.88%, 5/15/32 (b) | 1253 |
| 2475000 | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | 2205 |
| 3100000 | Royal Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.030%), 5.15%, 2/04/31 (a) | 3193 |
| 3200000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.940%), 5.35%, 9/06/30 (a) | 3261 |
| 2850000 | Starwood Property Trust Inc. 144A, 5.25%, 10/15/28 (b) | 2862 |
| 3400000 | Toronto-Dominion Bank, 4.99%, 4/05/29 | 3488 |
| 2450000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.630%), 6.85% (a)(b)(g) | 2511 |
| 2700000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.179%), 7.13% (a)(b)(g) | 2750 |
| 2800000 | UBS Group AG 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.745%), 9.25% (a)(b)(g) | 3055 |
| 1000000 | UBS Group AG 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.758%), 9.25% (a)(b)(g) | 1172 |
| 1900000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 2.100%), 2.39%, 6/02/28 (a) | 1849 |
| 6400000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.500%), 5.15%, 4/23/31 (a) | 6602 |
|  |  | 157297 |
| **Industrial (9%)** | **Industrial (9%)** |  |
| 2364283 | American Airlines Pass-Through Trust 2019-1, AA, 3.15%, 2/15/32 | 2224 |
| 2225000 | Ashtead Capital Inc. 144A, 5.55%, 5/30/33 (b) | 2296 |
| 3000000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (b) | 3061 |
| 1300000 | Cemex SAB de CV 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.520%), 7.20% (a)(b)(g) | 1352 |

---

Annual Financial Statements and Other Information **28** 

------

**Payden Core Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 1400000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (b) | $1459 |
| 1620000 | CoreWeave Inc. 144A, 9.00%, 2/01/31 (b) | 1627 |
| 2000000 | Daimler Truck Finance North America LLC 144A, 5.40%, 9/20/28 (b) | 2061 |
| 2800000 | Flowers Foods Inc., 5.75%, 3/15/35 | 2832 |
| 1600000 | Flutter Treasury DAC 144A, 5.88%, 6/04/31 (b) | 1621 |
| 2850000 | Ford Motor Credit Co. LLC, 5.80%, 3/05/27 | 2883 |
| 2600000 | Ford Motor Credit Co. LLC, 5.92%, 3/20/28 | 2657 |
| 2500000 | Foundry JV Holdco LLC 144A, 5.90%, 1/25/30 (b) | 2629 |
| 3150000 | General Motors Financial Co. Inc., 4.20%, 10/27/28 (h) | 3143 |
| 2750000 | General Motors Financial Co. Inc., 2.35%, 1/08/31 | 2459 |
| 1900000 | HCA Inc., 4.90%, 11/15/35 | 1878 |
| 4000000 | Hewlett Packard Enterprise Co., 4.40%, 10/15/30 | 3970 |
| 1950000 | Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | 1971 |
| 2700000 | Hyundai Capital America 144A, 1.80%, 1/10/28 (b) | 2566 |
| 2300000 | IHS Holding Ltd. 144A, 7.88%, 5/29/30 (b) | 2350 |
| 1800000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (b) | 1852 |
| 3900000 | Mars Inc. 144A, 4.60%, 3/01/28 (b) | 3946 |
| 2700000 | Meta Platforms Inc., 4.88%, 11/15/35 | 2713 |
| 1825000 | Micron Technology Inc., 5.30%, 1/15/31 | 1887 |
| 2150000 | Micron Technology Inc., 5.80%, 1/15/35 | 2271 |
| 1500000 | NTT Finance Corp. 144A, 4.62%, 7/16/28 (b) | 1517 |
| 2200000 | Oracle Corp., 6.25%, 11/09/32 | 2358 |
| 3500000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.25%, 7/01/29 (b) | 3607 |
| 2350000 | Regal Rexnord Corp., 6.40%, 4/15/33 | 2520 |
| 3650000 | Royalty Pharma PLC, 4.45%, 3/25/31 | 3627 |
| 4100000 | Synopsys Inc., 4.55%, 4/01/27 | 4129 |
| 1100000 | TD SYNNEX Corp., 4.30%, 1/17/29 | 1097 |
| 3750000 | Volkswagen Group of America Finance LLC 144A, 4.85%, 9/11/30 (b) | 3778 |
| 800000 | Windfall Mining Group Inc./Groupe Minier Windfall Inc. 144A, 5.85%, 5/13/32 (b) | 837 |
|  |  | 81178 |
|  **Utility (9%)** | **Utility (9%)** |  |
| 3450000 | Abu Dhabi National Energy Co. PJSC 144A, 4.38%, 10/09/31 (b)(h) | 3484 |
| 3092050 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (b) | 3178 |
| 2100000 | Algonquin Power & Utilities Corp., 5.37%, 6/15/26 | 2110 |
| 1700000 | Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A, 5.75%, 10/15/33 (b) | 1699 |
| 1650000 | Arizona Public Service Co., 5.70%, 8/15/34 | 1736 |
| 1650000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp. 144A, 6.63%, 7/15/33 (b) | 1681 |
| 1750000 | BKV Upstream Midstream LLC 144A, 7.50%, 10/15/30 (b) | 1754 |
| 1750000 | BP Capital Markets PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.153%), 6.45% (a)(g) | 1871 |
| 1000000 | Colbun SA 144A, 5.38%, 9/11/35 (b) | 1011 |
| 2325000 | Duquesne Light Holdings Inc. 144A, 2.78%, 1/07/32 (b) | 2068 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 1000000 | Energuate Trust 2 0 144A, 6.35%, 9/15/35 (b) $| 1004 |
| 3000000 | Energy Transfer LP, 5.25%, 4/15/29 | 3085 |
| 2175000 | Energy Transfer LP, 5.75%, 2/15/33 | 2278 |
| 3875000 | Expand Energy Corp., 5.70%, 1/15/35 | 3991 |
| 181735 | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (b) | 185 |
| 940982 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (b) | 997 |
| 850000 | Grupo Energia Bogota SA ESP 144A, 5.75%, 10/22/35 (b) | 845 |
| 2450000 | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 144A, 6.88%, 12/01/32 (b) | 2486 |
| 3590000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (b) | 3469 |
| 1550000 | Occidental Petroleum Corp., 6.05%, 10/01/54 | 1510 |
| 1757500 | OHI Group SA 144A, 13.00%, 7/22/29 (b) | 1816 |
| 3600000 | ONEOK Inc., 4.75%, 10/15/31 | 3602 |
| 2750000 | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | 2932 |
| 2200000 | Petrobras Global Finance BV, 6.25%, 1/10/36 | 2173 |
| 2600000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 2599 |
| 2750000 | Repsol E&P Capital Markets U.S. LLC 144A, 5.20%, 9/16/30 (b) | 2761 |
| 2000000 | Saavi Energia Sarl 144A, 8.88%, 2/10/35 (b) | 2153 |
| 2950000 | Saudi Arabian Oil Co. 144A, 5.88%, 7/17/64 (b) | 2949 |
| 2112660 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (b) | 2171 |
| 1560000 | Sunoco LP 144A, 6.25%, 7/01/33 (b) | 1595 |
| 1926384 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (b) | 1894 |
| 1450000 | Var Energi ASA 144A, 7.50%, 1/15/28 (b) | 1538 |
| 1900000 | Venture Global Plaquemines LNG LLC 144A, 6.75%, 1/15/36 (b) | 2014 |
| 3000000 | Vistra Operations Co. LLC 144A, 3.70%, 1/30/27 (b) | 2977 |
| 2550000 | Vistra Operations Co. LLC 144A, 4.60%, 10/15/30 (b) | 2535 |
| 350000 | Western Midstream Operating LP, 6.35%, 1/15/29 | 368 |
| 1350000 | Western Midstream Operating LP, 6.15%, 4/01/33 | 1423 |
| 3150000 | Williams Cos. Inc., 5.30%, 8/15/28 | 3246 |
|  |  | 81188 |
|  **Total Corporate Bond (Cost - $316,279)** | **Total Corporate Bond (Cost - $316,279)** | **319663** |
|  **Foreign Government (3%)** | **Foreign Government (3%)** |  |
| 900000 | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (b)(h) | 643 |
| 2650000 | Chile Government International Bond, 4.13%, 7/05/34 EUR (c) | 3179 |
| 5270000 | CPPIB Capital Inc. 144A, 1.95%, 9/30/29 CAD (b)(c) | 3647 |
| 1850000 | Dominican Republic International Bond 144A, 7.05%, 2/03/31 (b) | 1994 |
| 1675000 | Guatemala Government Bond 144A, 6.55%, 2/06/37 (b) | 1807 |
| 1700000 | Ivory Coast Government International Bond 144A, 7.63%, 1/30/33 (b) | 1798 |
| 3200000 | Municipal Finance Authority of British, 2.55%, 10/09/29 CAD (c) | 2263 |
| 458000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (b) | 461 |
| 2000000 | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (b) | 2112 |

---

#### 29 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 3600000 | Perusahaan Penerbit SBSN Indonesia III 144A, 5.20%, 7/02/34 (b) | $3712 |
| 1500000 | Peruvian Government International Bond, 5.38%, 2/08/35 | 1544 |
| 1200000 | Republic of Kenya Government International Bond 144A, 7.88%, 10/09/33 (b) | 1177 |
| 1100000 | Republic of South Africa Government International Bond Series 10Y, 4.85%, 9/30/29 | 1100 |
| 1350000 | Republic of South Africa Government International Bond Series 12Y, 5.88%, 6/22/30 | 1399 |
| 2825000 | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (b) | 2630 |
| **Total Foreign Government (Cost - $29,393)** | **Total Foreign Government (Cost - $29,393)** | **29466** |
| **Mortgage Backed (35%)** | **Mortgage Backed (35%)** |  |
| 3850000 | Bravo Residential Funding Trust 2025-NQM10 144A, 4.87%, 9/25/65 (b)(d) | 3843 |
| 2778447 | Bravo Residential Funding Trust 2025-NQM9 144A, 5.04%, 9/25/65 (b) | 2777 |
| 1674111 | BRAVO Residential Funding Trust 2024-NQM7 144A, 5.55%, 10/27/64 (b) | 1685 |
| 2000000 | BSPRT Issuer LLC 2025-FL12 144A, (1 mo. Term Secured Overnight Financing Rate + 1.386%), 5.49%, 1/17/43 (a)(b) | 1999 |
| 1565000 | BSPRT Issuer LLC 2025-FL12 144A, (1 mo. Term Secured Overnight Financing Rate + 1.648%), 5.75%, 1/17/43 (a)(b) | 1564 |
| 3996416 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.55%, 9/15/36 (a)(b) | 3995 |
| 1338570 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 6.72%, 3/15/41 (a)(b) | 1344 |
| 1856968 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 6.72%, 4/15/41 (a)(b) | 1866 |
| 3492940 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (b) | 3525 |
| 1400000 | COLT Mortgage Loan Trust 2025-10 144A, 5.09%, 10/25/70 (b)(d) | 1401 |
| 3983627 | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.364%), 13.55%, 11/25/39 (a)(b) | 4260 |
| 1276847 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 5.33%, 3/25/44 (a)(b) | 1277 |
| 1116609 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (b)(d) | 1124 |
| 1376677 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (b)(d) | 1386 |
| 2050000 | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (b) | 2119 |
| 1150000 | Extended Stay America Trust 2025-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 1.850%), 6.00%, 10/15/42 (a)(b) | 1157 |
| 1678825 | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 16.55%, 9/25/28 (a) | 1747 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1714926 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 14.55%, 1/25/29 (a) | $1817 |
| 492331 | Fannie Mae Connecticut Avenue Securities 2016-C05, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.864%), 15.05%, 1/25/29 (a) | 522 |
| 419401 | FN 254766 30YR, 5.00%, 6/01/33 | 426 |
| 210844 | FN 725027 30YR, 5.00%, 11/01/33 | 214 |
| 420278 | FN 725423 30YR, 5.50%, 5/01/34 | 432 |
| 405379 | FN 725424 30YR, 5.50%, 4/01/34 | 417 |
| 1845994 | FN AS8305 30YR, 3.00%, 11/01/46 | 1684 |
| 734115 | FN AT2016 30YR, 3.00%, 4/01/43 | 680 |
| 1285565 | FN AZ7336 30YR, 3.50%, 11/01/45 | 1215 |
| 4424023 | FN BC8998 30YR, 3.00%, 11/01/46 | 4035 |
| 744328 | FN BM2003 30YR, 4.00%, 10/01/47 | 721 |
| 2483271 | FN BM2007 30YR, 4.00%, 9/01/48 | 2403 |
| 3507588 | FN BP6626 30YR, 2.00%, 8/01/50 | 2873 |
| 2276039 | FN BV7937 30YR, 4.00%, 8/01/52 | 2172 |
| 2014496 | FN CA6739 30YR, 3.00%, 8/01/50 | 1791 |
| 1055148 | FN CA7224 30YR, 2.00%, 10/01/50 | 866 |
| 3501409 | FN CB1301 30YR, 2.50%, 8/01/51 | 3018 |
| 2203436 | FN CB2542 30YR, 2.50%, 1/01/52 | 1894 |
| 6045128 | FN CB2759 30YR, 3.00%, 2/01/52 | 5374 |
| 3990739 | FN CB2839 30YR, 2.00%, 2/01/52 | 3293 |
| 4626581 | FN CB3258 30YR, 3.50%, 4/01/52 | 4304 |
| 3413276 | FN CB3622 30YR, 4.00%, 5/01/52 | 3256 |
| 4472580 | FN CB4127 30YR, 4.50%, 7/01/52 | 4382 |
| 455817 | FN CB4211 30YR, 4.50%, 7/01/52 | 447 |
| 2678454 | FN CB4794 30YR, 4.50%, 10/01/52 | 2622 |
| 4141016 | FN CB5106 30YR, 5.00%, 11/01/52 | 4174 |
| 4608798 | FN CB5113 30YR, 5.50%, 11/01/52 | 4686 |
| 4145721 | FN CB6689 30YR, 5.50%, 7/01/53 | 4204 |
| 4072383 | FN CB8021 30YR, 6.50%, 2/01/54 | 4277 |
| 2769823 | FN CB9929 30YR, 6.00%, 2/01/55 | 2848 |
| 1420721 | FN FM1717 30YR, 3.50%, 12/01/45 | 1357 |
| 1841736 | FN FM3162 30YR, 3.00%, 11/01/46 | 1707 |
| 2399574 | FN FM4994 30YR, 2.00%, 12/01/50 | 1974 |
| 4413636 | FN FM7418 30YR, 2.50%, 6/01/51 | 3801 |
| 2316522 | FN FM7494 30YR, 3.00%, 6/01/51 | 2074 |
| 6501347 | FN FM9195 30YR, 2.50%, 10/01/51 | 5589 |
| 3057085 | FN FM9218 30YR, 2.00%, 10/01/51 | 2495 |
| 1315136 | FN FM9750 30YR, 3.00%, 4/01/48 | 1216 |
| 2882665 | FN FS0287 30YR, 2.00%, 1/01/52 | 2371 |
| 5579559 | FN FS0349 30YR, 2.00%, 1/01/52 | 4590 |
| 4760330 | FN FS0439 30YR, 2.50%, 1/01/52 | 4098 |
| 2310459 | FN FS3111 30YR, 5.00%, 9/01/52 | 2325 |
| 3015975 | FN FS3838 30YR, 4.00%, 5/01/49 | 2952 |
| 2602710 | FN FS4931 30YR, 6.00%, 6/01/53 | 2675 |
| 3481933 | FN FS8791 30YR, 6.00%, 8/01/54 | 3571 |
| 4212152 | FN MA2806 30YR, 3.00%, 11/01/46 | 3841 |
| 4719519 | FN MA3210 30YR, 3.50%, 12/01/47 | 4434 |
| 5337007 | FN MA3238 30YR, 3.50%, 1/01/48 | 5008 |
| 1786656 | FN MA4413 30YR, 2.00%, 9/01/51 | 1460 |
| 1695337 | FN MA4579 30YR, 3.00%, 4/01/52 | 1513 |
| 419777 | FN MA4626 30YR, 4.00%, 6/01/52 | 401 |
| 3675506 | FN MA4761 30YR, 5.00%, 9/01/52 | 3677 |
| 3085421 | FN MA4785 30YR, 5.00%, 10/01/52 | 3091 |
| 2934308 | FN MA4842 30YR, 5.50%, 12/01/52 | 2983 |
| 897243 | FN MA4918 30YR, 5.00%, 2/01/53 | 897 |
| 3016611 | FN MA5040 30YR, 6.00%, 6/01/53 | 3098 |
| 713036 | FN MA5073 30YR, 6.00%, 7/01/53 | 731 |
| 338989 | FN MA5167 30YR, 6.50%, 10/01/53 | 352 |
| 11140000 | FNCL, 5.50%, 11/01/5430YR TBA (i) | 11256 |

---

Annual Financial Statements and Other Information **30** 

------

**Payden Core Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 599151 | FR RA3728 30YR, 2.00%, 10/01/50 | $493 |
| 4095876 | FR RA4531 30YR, 2.50%, 2/01/51 | 3516 |
| 5144839 | FR RA5276 30YR, 2.50%, 5/01/51 | 4419 |
| 3306841 | FR RA6823 30YR, 2.00%, 2/01/52 | 2717 |
| 5355483 | FR RA7778 30YR, 4.50%, 8/01/52 | 5246 |
| 4350216 | FR RA7790 30YR, 5.00%, 8/01/52 | 4358 |
| 3944725 | FR RA8415 30YR, 5.50%, 1/01/53 | 4012 |
| 1464716 | FR RA8647 30YR, 4.50%, 5/01/53 | 1434 |
| 2652613 | FR SD0729 30YR, 2.00%, 10/01/51 | 2175 |
| 3223184 | FR SD2184 30YR, 6.00%, 1/01/53 | 3319 |
| 2392675 | FR SD4053 30YR, 6.00%, 10/01/53 | 2456 |
| 4215585 | FR SD5641 30YR, 5.50%, 6/01/53 | 4307 |
| 5333630 | FR SD7537 30YR, 2.00%, 3/01/51 | 4394 |
| 2927920 | FR SD8106 30YR, 2.00%, 11/01/50 | 2399 |
| 888625 | FR SD8244 30YR, 4.00%, 9/01/52 | 848 |
| 649842 | FR SD8245 30YR, 4.50%, 9/01/52 | 637 |
| 1161908 | FR ZA4718 30YR, 3.00%, 10/01/46 | 1060 |
| 2053022 | FR ZT0534 30YR, 3.50%, 12/01/47 | 1940 |
| 2272355 | FR ZT1159, 3.50%, 2/01/44 | 2152 |
| 1658610 | G2 4853 30YR, 4.00%, 11/20/40 | 1636 |
| 3140417 | G2 785219 30YR, 2.00%, 12/20/50 | 2589 |
| 397223 | G2 MA2522 30YR, 4.00%, 1/20/45 | 384 |
| 1573344 | G2 MA3663 30YR, 3.50%, 5/20/46 | 1471 |
| 3076132 | G2 MA3802 30YR, 3.00%, 7/20/46 | 2807 |
| 1016255 | G2 MA4510 30YR, 3.50%, 6/20/47 | 951 |
| 3047524 | G2 MA5265 30YR, 4.50%, 6/20/48 | 3035 |
| 1124319 | G2 MA6930 30YR, 2.00%, 10/20/50 | 936 |
| 2647880 | G2 MA7472 30YR, 2.50%, 7/20/51 | 2295 |
| 1885078 | G2 MA8044 30YR, 3.50%, 5/20/52 | 1742 |
| 3015848 | G2 MA8200 30YR, 4.00%, 8/20/52 | 2882 |
| 3305911 | G2 MA8648 30YR, 5.50%, 2/20/53 | 3357 |
| 1519470 | GN 783716 30YR, 3.00%, 2/15/43 | 1381 |
| 4250000 | MF1 2024-FL16 144A, (1 mo. Term Secured Overnight Financing Rate + 1.541%), 5.57%, 11/18/39 (a)(b) | 4261 |
| 11249147 | Morgan Stanley Capital I Trust 2018-H3, 0.79%, 7/15/51 (d) | 189 |
| 114774 | Nationstar Mortgage Loan Trust 2013-A 144A, 3.75%, 12/25/52 (b)(d) | 110 |
| 226800 | New Residential Mortgage Loan Trust 2014-3A 144A, 3.75%, 11/25/54 (a)(b)(d) | 219 |
| 3600000 | NXPT Commercial Mortgage Trust 2024-STOR 144A, 4.31%, 11/05/41 (b)(d) | 3565 |
| 1212553 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (b) | 1214 |
| 1547963 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (b) | 1555 |
| 1516048 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (b) | 1513 |
| 1399124 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (b) | 1406 |
| 1186458 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (b)(d) | 1192 |
| 1471861 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (b) | 1481 |
| 1224831 | OBX Trust 2024-NQM17 144A, 5.61%, 11/25/64 (b)(d) | 1237 |
| 2608396 | OBX Trust 2025-NQM1 144A, 5.55%, 12/25/64 (b)(d) | 2629 |
| 1583510 | OBX Trust 2025-NQM16 144A, 5.06%, 8/25/65 (b) | 1582 |
| 1391336 | OBX Trust 2025-NQM18 144A, 5.06%, 9/25/65 (b)(d) | 1392 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1300000 | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.80%, 2/25/47 (a)(b) | $1588 |
| 2200000 | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.55%, 3/15/38 (a)(b) | 2207 |
| 3200000 | TRTX Issuer Ltd. 2025-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 0.00%, 6/18/43 (a)(b)(e) | 3211 |
| 1079502 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (b)(d) | 1082 |
| 1400591 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (b)(d) | 1407 |
| 1779464 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (b)(d) | 1790 |
| 3931132 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (b)(d) | 3965 |
| 2825000 | Wells Fargo Commercial Mortgage Trust 2025-HI 144A, (1 mo. Term Secured Overnight Financing Rate + 2.692%), 6.72%, 10/15/42 (a) (b) | 2833 |
|  **Total Mortgage Backed (Cost - $317,524)** | **Total Mortgage Backed (Cost - $317,524)** | **312629** |
|  **Municipal (2%)** | **Municipal (2%)** |  |
| 1685000 | California Earthquake Authority A, 5.60%, 7/01/27 | 1706 |
| 3900000 | California Health Facilities Financing Authority, 2.86%, 6/01/31 | 3652 |
| 1127512 | California Pollution Control Financing Authority, AMT 144A, 7.50%, 12/01/39 (b)(j) |  |
| 2565000 | Compton Community College District B, 3.46%, 8/01/38 (k) | 2253 |
| 3285000 | Golden State Tobacco Securitization Corp. B, 2.75%, 6/01/34 (k) | 2997 |
| 1995000 | Idaho Housing & Finance Association A, 6.00%, 1/01/65 (k) | 2083 |
| 2300000 | Pennsylvania Economic Development Financing Authority B, 6.53%, 6/15/39 | 2538 |
| 1495000 | State of California, 7.55%, 4/01/39 | 1825 |
|  **Total Municipal (Cost - $18,621)** | **Total Municipal (Cost - $18,621)** | **17054** |
|  **U.S. Government Agency (1%)** | **U.S. Government Agency (1%)** |  |
| 6000000 | FHLB, 1.80%, 2/04/36 | 4690 |
| 4280000 | Tennessee Valley Authority, 5.25%, 9/15/39 | 4577 |
|  **Total U.S. Government Agency (Cost - $9,296)** | **Total U.S. Government Agency (Cost - $9,296)** | **9267** |
|  **U.S. Treasury (9%)** | **U.S. Treasury (9%)** |  |
| 439000 | U.S. Treasury Bond, 2.50%, 2/15/46 | 313 |
| 8130000 | U.S. Treasury Bond, 3.00%, 2/15/49 (l)(m) | 6152 |
| 4180000 | U.S. Treasury Bond, 3.63%, 5/15/53 | 3487 |
| 1850000 | U.S. Treasury Bond, 4.50%, 11/15/54 | 1800 |
| 1780000 | U.S. Treasury Bond, 4.63%, 2/15/55 | 1767 |
| 16740000 | U.S. Treasury Bond, 4.75%, 5/15/55 | 16965 |
| 18828190 | U.S. Treasury Inflation Indexed Notes, 1.63%, 4/15/30 | 19064 |
| 14774349 | U.S. Treasury Inflation Indexed Notes, 1.38%, 7/15/33 | 14543 |
| 13240000 | U.S. Treasury Note, 4.25%, 5/15/35 | 13420 |
|  **Total U.S. Treasury (Cost - $81,909)** | **Total U.S. Treasury (Cost - $81,909)** | **77511** |
|  **Investment Company (5%)** | **Investment Company (5%)** |  |
| 23213365 | Payden Cash Reserves Money Market Fund\* | 23213 |
| 1532310 | Payden Emerging Market Corporate Bond Fund, SI Class\* | 13561 |

---

#### 31 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 890041 | Payden Emerging Markets Local Bond Fund, SI Class\* | $8669 |
|  **Total Investment Company (Cost - $44,751)** | **Total Investment Company (Cost - $44,751)** | **45443** |
|  **Purchased Swaptions (0%)** | **Purchased Swaptions (0%)** |  |
|  **Total Purchased Swaptions (Cost - $47)** | **Total Purchased Swaptions (Cost - $47)** | **47** |
|  **Total Investments (Cost - $912,385) (101%)** | **Total Investments (Cost - $912,385) (101%)** | 906081 |
|  **Liabilities in excess of Other Assets (-1%)** | **Liabilities in excess of Other Assets (-1%)** | (4968) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**901113** |

---

\* Affiliated investment.

(a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

(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) 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.

(e) Yield to maturity at time of purchase.

(f) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. 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) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $8,674 and the total market value of the collateral held by the Fund is $8,896. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) Security was purchased on a delayed delivery basis.

(j) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(k) Payment of principal and/or interest is insured against default by a monoline insurer.

(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.

#### Purchased Swaptions

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Notional<br>Amount<br>(000s)** | **Expiration<br>Date** | **Value<br>(000s)** | **Call/Put** |
|  **Purchased Swaptions - 0.0%** |  |  |  |  |  |
|  Protection Bought (Relevant Credit:Markit CDX, |  |  |  |  |  |
|  North America High Yield Series 45 Index), Pay 5.00% |  |  |  |  |  |
|  Quarterly, Receive upon credit default | Citibank, N.A. | $4200 | 01/21/2026 | $47 | Put |

---

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> &nbsp;&nbsp;&nbsp;&nbsp;(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(000s) |
|  **Assets:** |  |  |  |  |
|  USD 9,143 | CAD 12,548 | Morgan Stanley | 03/18/2026 | $137 |
|  USD 8,610 | EUR 7,254 | Morgan Stanley | 03/18/2026 | 187 |
|  |  |  |  | 324 |

---

Annual Financial Statements and Other Information **32** 

------

**Payden Core Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. 10-Year Ultra Future | 126 | Dec-25 | $14551 | $(24) | $(24) |
|  U.S. Treasury 10-Year Note Future | 29 | Dec-25 | 3267 | 20 | 20 |
|  U.S. Treasury 2-Year Note Future | 731 | Dec-25 | 152225 | (107) | (107) |
|  U.S. Treasury 5-Year Note Future | 337 | Dec-25 | 36804 | (123) | (123) |
|  U.S. Ultra Bond Future | 549 | Dec-25 | 66583 | 1712 | 1712 |
|  **Total Futures** |  |  |  |  | $1478 |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
|  10-Year SOFR Swap, Receive Variable 4.270% (SOFRRATE) Annually, Pay Fixed 3.282% Annually | 02/27/2035 | $15600 | $555 | $– $| 555 |
|  10-Year SOFR Swap, Receive Variable 4.278% (SOFRRATE) Annually, Pay Fixed 2.738% Annually | 08/30/2034 | 15900 | 1098 | – | 1098 |
|  10-Year SOFR Swap, Receive Variable 4.326% (SOFRRATE) Annually, Pay Fixed 2.936% Annually | 06/28/2034 | 15985 | 874 | – | 874 |
|  2-Year SOFR Swap, Receive Fixed 2.740% Annually, Pay Variable 4.278% (SOFRRATE) Annually | 08/30/2026 | 71500 | (761) | – | (761) |
|  2-Year SOFR Swap, Receive Fixed 2.830% Annually, Pay Variable 4.326% (SOFRRATE) Annually | 06/29/2026 | 71425 | (818) | – | (818) |
|  2-Year SOFR Swap, Receive Fixed 3.333% Annually, Pay Variable 4.270% (SOFRRATE) Annually | 02/27/2027 | 67700 | (631) | – | (631) |
|  |  |  | $317 | $– $| 317 |

---

#### 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 Liabilities<sup>1</sup> | $8674 |
|  Non-cash Collateral<sup>2</sup> | (8674) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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.* 

#### 33 Payden Mutual Funds

------

#### Payden Corporate Bond Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Asset Backed (3%)** | **Asset Backed (3%)** |  |
| 1900000 | Allegro CLO XII Ltd. 2020-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.440%), 5.31%, 7/21/37 (a)(b) | $1905 |
| 1100000 | COOPR Residential Mortgage Trust 2025-CES4 144A, 5.04%, 11/25/60 (a) | 1100 |
| 1350000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | 1330 |
| 875250 | Domino's Pizza Master Issuer LLC 2021-1A 144A, 2.66%, 4/25/51 (a) | 832 |
| 1450000 | Driven Brands Funding LLC 2025-1A 144A, 5.30%, 10/20/55 (a) | 1446 |
| 1095801 | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 5.45%, 2/17/39 (a)(b) | 1098 |
| 1833500 | Planet Fitness Master Issuer LLC 2022-1A 144A, 3.25%, 12/05/51 (a) | 1803 |
| 2350000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 4.29%, 2/15/52 (a) | 2314 |
| 1460188 | Zaxbys Funding LLC 2021-1A, 144A, 3.24%, 7/30/51 (a) | 1368 |
|  **Total Asset Backed (Cost - $13,297)** | **Total Asset Backed (Cost - $13,297)** | 13196 |
|  **Bank Loan(c) (0%)** | **Bank Loan(c) (0%)** |  |
| 40252 | DirectV Financing LLC Term Loan NON-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.10%, 8/02/27 | 41 |
| 126711 | Lackawanna Energy Center LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 7.11%, 8/05/32 | 127 |
|  **Total Bank Loan (Cost - $166)** | **Total Bank Loan (Cost - $166)** | 168 |
|  **Corporate Bond (86%)** | **Corporate Bond (86%)** |  |
|  **Automotive (2%)** | **Automotive (2%)** |  |
| 1280000 | American Honda Finance Corp., 5.15%, 7/09/32 | 1316 |
| 1800000 | Ford Motor Credit Co. LLC, 2.90%, 2/16/28 | 1722 |
| 2000000 | Ford Motor Credit Co. LLC, 6.05%, 3/05/31 | 2047 |
| 3275000 | Nissan Motor Co. Ltd. 144A, 4.35%, 9/17/27 (a) | 3211 |
| 1185000 | Volkswagen Group of America Finance LLC 144A, 5.70%, 9/12/26 (a) | 1201 |
|  |  | 9497 |
|  **Banking (17%)** | **Banking (17%)** |  |
| 1025000 | AIB Group PLC 144A, (U.S. Secured Overnight Financing Rate + 1.650%), 5.32%, 5/15/31 (a) (b) | 1056 |
| 1585000 | Bank of America Corp. N, (U.S. Secured Overnight Financing Rate + 1.220%), 2.65%, 3/11/32 (b) | 1450 |
| 1350000 | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.774%), 3.71%, 4/24/28 (b) | 1342 |
| 1800000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.000%), 5.16%, 1/24/31 (b) | 1859 |
| 1000000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.913%), 5.43%, 8/15/35 (b) | 1023 |
| 1875000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.650%), 5.47%, 1/23/35 (b) | 1959 |
| 1150000 | Barclays PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.050%), 2.28%, 11/24/27 (b) | 1127 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1185000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 1.830%), 5.86%, 8/11/46 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 |
| 1300000 | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 1.880%), 5.74%, 2/20/35 (a) (b)(d) | 1365 |
| 1675000 | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 1.850%), 5.94%, 5/30/35 (a) (b) | 1757 |
| 2005000 | CaixaBank SA 144A, (U.S. Secured Overnight Financing Rate + 1.140%), 4.63%, 7/03/29 (a) (b) | 2020 |
| 1150000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.830%), 6.02%, 1/24/36 (b) | 1204 |
| 1705000 | Credit Agricole SA 144A, (U.S. Secured Overnight Financing Rate + 1.360%), 4.82%, 9/25/33 (a)(b) | 1696 |
| 1025000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.400%), 5.71%, 3/01/30 (a)(b) | 1066 |
| 1175000 | Deutsche Bank AG, (U.S. Secured Overnight Financing Rate + 3.180%), 6.72%, 1/18/29 (b) | 1232 |
| 2025000 | Enel Finance International NV 144A, 5.00%, 9/30/35 (a) | 2005 |
| 470000 | Fifth Third Bancorp, (U.S. Secured Overnight Financing Rate + 1.840%), 5.63%, 1/29/32 (b) | 492 |
| 900000 | Fifth Third Bancorp, (U.S. Secured Overnight Financing Rate + 2.340%), 6.34%, 7/27/29 (b) | 946 |
| 1300000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.248%), 2.38%, 7/21/32 (b) | 1159 |
| 2000000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.264%), 2.65%, 10/21/32 (b) | 1800 |
| 1600000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.420%), 5.02%, 10/23/35 (b) | 1611 |
| 775000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.552%), 5.85%, 4/25/35 (b) | 826 |
| 950000 | Huntington Bancshares Inc., (Secured Overnight Financing Rate + 1.870%), 5.71%, 2/02/35 (b) | 988 |
| 850000 | ING Groep NV, (U.S. Secured Overnight Financing Rate + 1.610%), 5.53%, 3/25/36 (b) | 885 |
| 915000 | JPMorgan Chase & Co., (3 mo. Term Secured Overnight Financing Rate + 2.460%), 3.11%, 4/22/41 (b) | 724 |
| 910000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 2.440%), 3.11%, 4/22/51 (b) | 634 |
| 1370000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.040%), 4.60%, 10/22/30 (b) | 1389 |
| 950000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.315%), 5.50%, 1/24/36 (b) | 997 |
| 950000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.635%), 5.58%, 7/23/36 (b) | 986 |
| 1210000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.490%), 5.77%, 4/22/35 (b) | 1291 |
| 700000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.810%), 6.25%, 10/23/34 (b) | 771 |
| 1025000 | KeyBank N.A., 5.00%, 1/26/33 | 1032 |
| 1225000 | Lloyds Banking Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.480%), 5.99%, 8/07/27 (b) | 1241 |

---

Annual Financial Statements and Other Information **34** 

------

**Payden Corporate Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1010000 | Lloyds Banking Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.600%), 6.07%, 6/13/36 (b) | $1059 |
| 870000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 1.400%), 5.18%, 7/08/31 (b) | 889 |
| 1200000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 2.800%), 7.41%, 10/30/29 (b) | 1299 |
| 1025000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.020%), 1.93%, 4/28/32 (b) | 897 |
| 1325000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.555%), 5.32%, 7/19/35 (b) | 1363 |
| 800000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.730%), 5.47%, 1/18/35 (b) | 832 |
| 1425000 | Morgan Stanley, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.430%), 5.95%, 1/19/38 (b) | 1495 |
| 600000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.64%, 6/14/27 (b) | 591 |
| 355000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (b) | 357 |
| 970000 | Old National Bank/Evansville IN, 5.88%, 9/29/26 | 978 |
| 1430000 | PNC Financial Services Group Inc., (U.S. Secured Overnight Financing Rate + 1.259%), 4.81%, 10/21/32 (b) | 1451 |
| 1150000 | PNC Financial Services Group Inc., (Secured Overnight Financing Rate + 2.140%), 6.04%, 10/28/33 (b) | 1240 |
| 1175000 | Royal Bank of Canada, (Secured Overnight Financing Rate + 1.080%), 4.65%, 10/18/30 (b) | 1190 |
| 450000 | Santander Holdings USA Inc., 3.24%, 10/05/26 | 447 |
| 1300000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 2.138%), 6.34%, 5/31/35 (b) | 1382 |
| 1375000 | Sumitomo Mitsui Financial Group Inc., (U.S. Secured Overnight Financing Rate + 1.780%), 5.80%, 7/08/46 (b) | 1418 |
| 875000 | Sumitomo Mitsui Trust Group Inc. 144A, (U.S. Secured Overnight Financing Rate + 1.650%), 5.42%, 9/11/36 (a)(b) | 890 |
| 1475000 | Toronto-Dominion Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.721%), 6.35%, 10/31/85 (b) | 1493 |
| 1275000 | Truist Bank, (U.S. Secured Overnight Financing Rate + 0.590%), 4.67%, 5/20/27 (b) | 1278 |
| 900000 | Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 1.309%), 5.07%, 5/20/31 (b) | 922 |
| 1025000 | Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 1.571%), 5.15%, 8/05/32 (b) | 1053 |
| 1000000 | Wachovia Corp., 5.50%, 8/01/35 | 1032 |
| 1500000 | Wells Fargo & Co., (3 mo. Term Secured Overnight Financing Rate + 1.262%), 2.57%, 2/11/31 (b) | 1399 |
| 1550000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 0.880%), 4.08%, 9/15/29 (b) | 1546 |
| 875000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.110%), 5.24%, 1/24/31 (b) | 906 |
| 765000 | Westpac Banking Corp., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.200%), 5.62%, 11/20/35 (b) | 791 |
|  |  | 69359 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Basic Industry (5%)** | **Basic Industry (5%)** |  |
| 1440000 | Amrize Finance U.S. LLC 144A, 4.95%, 4/07/30 (a) | $1475 |
| 525000 | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | 545 |
| 1075000 | Anglo American Capital PLC 144A, 5.75%, 4/05/34 (a) | 1130 |
| 635000 | ArcelorMittal SA, 6.00%, 6/17/34 (d) | 682 |
| 960000 | Burlington Northern Santa Fe LLC, 5.80%, 3/15/56 | 999 |
| 1000000 | CIMIC Finance USA Pty Ltd. 144A, 7.00%, 3/25/34 (a) | 1096 |
| 2000000 | CommonSpirit Health, 4.98%, 9/01/35 | 1992 |
| 800000 | Glencore Funding LLC 144A, 5.89%, 4/04/54 (a) (d) | 818 |
| 1100000 | Lockheed Martin Corp., 5.20%, 2/15/64 | 1045 |
| 825000 | Macquarie Bank Ltd. 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.450%), 5.64%, 8/13/36 (a)(b) | 840 |
| 785000 | Nature Conservancy A, 3.96%, 3/01/52 | 632 |
| 1470000 | Norfolk Southern Corp., 5.35%, 8/01/54 (d) | 1440 |
| 1285000 | Northrop Grumman Corp., 4.65%, 7/15/30 | 1309 |
| 825000 | Regal Rexnord Corp., 6.05%, 4/15/28 | 854 |
| 825000 | Regal Rexnord Corp., 6.40%, 4/15/33 | 885 |
| 1725000 | RTX Corp., 4.63%, 11/16/48 | 1534 |
| 1050000 | Union Pacific Corp., 4.95%, 5/15/53 | 983 |
|  |  | 18259 |
|  **Consumer Goods (2%)** | **Consumer Goods (2%)** |  |
| 855000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 5.50%, 3/31/31 (a) | 863 |
| 740000 | Anheuser-Busch InBev Worldwide Inc., 8.00%, 11/15/39 | 954 |
| 1320000 | Coca-Cola Co., 2.60%, 6/01/50 | 840 |
| 329000 | Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC 144A, 6.63%, 7/15/30 (a) | 337 |
| 1050000 | J M Smucker Co., 6.50%, 11/15/43 | 1143 |
| 1150000 | JDE Peet's NV 144A, 1.38%, 1/15/27 (a) | 1110 |
| 1425000 | Mars Inc. 144A, 5.20%, 3/01/35 (a) | 1463 |
| 1850000 | NIKE Inc., 3.38%, 3/27/50 | 1353 |
| 1025000 | Under Armour Inc. 144A, 7.25%, 7/15/30 (a) | 1014 |
|  |  | 9077 |
|  **Energy (5%)** | **Energy (5%)** |  |
| 1760000 | American Electric Power Co. Inc. C, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.128%), 5.80%, 3/15/56 (b) | 1765 |
| 575000 | BKV Upstream Midstream LLC 144A, 7.50%, 10/15/30 (a) | 576 |
| 1500000 | Diamondback Energy Inc., 3.13%, 3/24/31 | 1395 |
| 1300000 | Energy Transfer LP, 5.20%, 4/01/30 | 1341 |
| 1475000 | EOG Resources Inc., 5.00%, 7/15/32 | 1507 |
| 1725000 | FirstEnergy Transmission LLC 144A, 4.75%, 1/15/33 (a) | 1724 |
| 855000 | Florida Gas Transmission Co. LLC 144A, 5.75%, 7/15/35 (a) | 890 |
| 1435000 | GLP Capital LP/GLP Financing II Inc., 5.25%, 2/15/33 | 1439 |
| 1375000 | Goldman Sachs Private Credit Corp. 144A, 5.38%, 1/31/29 (a) | 1377 |
| 750000 | Kinder Morgan Energy Partners LP, 6.55%, 9/15/40 | 820 |

---

#### 35 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1680000 | Northern Oil & Gas Inc. 144A, 7.88%, 10/15/33 (a) | $1638 |
| 575000 | NRG Energy Inc. 144A, 6.00%, 1/15/36 (a) | 585 |
| 410000 | Parsley Energy LLC/Parsley Finance Corp. 144A, 4.13%, 2/15/28 (a) | 405 |
| 1400000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 1400 |
| 1050000 | Saudi Arabian Oil Co. 144A, 5.75%, 7/17/54 (a) | 1056 |
| 1100000 | Vermilion Energy Inc. 144A, 6.88%, 5/01/30 (a) | 1048 |
| 480000 | Williams Cos. Inc., 8.75%, 3/15/32 | 583 |
|  |  | 19549 |
|  **Financial (13%)** | **Financial (13%)** |  |
| 1400000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (b) | 1477 |
| 925000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.790%), 5.67%, 4/25/36 (b) | 977 |
| 1851000 | American Express Co., 8.15%, 3/19/38 | 2364 |
| 985000 | Apollo Global Management Inc., 5.80%, 5/21/54 | 992 |
| 1300000 | ASB Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.250%), 5.28%, 6/17/32 (a)(b) | 1316 |
| 1100000 | Ashtead Capital Inc. 144A, 5.50%, 8/11/32 (a) | 1136 |
| 1425000 | AT&T Inc., 4.90%, 11/01/35 | 1405 |
| 1600000 | Aviation Capital Group LLC 144A, 5.13%, 4/10/30 (a) | 1625 |
| 2400000 | Banco Santander SA, 2.75%, 12/03/30 | 2180 |
| 1250000 | Blackstone Private Credit Fund, 2.63%, 12/15/26 | 1223 |
| 605000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 597 |
| 1675000 | Blackstone Secured Lending Fund, 5.30%, 6/30/30 | 1676 |
| 430000 | Block Inc. 144A, 6.00%, 8/15/33 (a) | 440 |
| 931000 | Blue Owl Capital Corp., 2.63%, 1/15/27 | 907 |
| 1275000 | Blue Owl Credit Income Corp., 7.75%, 9/16/27 | 1334 |
| 1350000 | Blue Owl Finance LLC, 6.25%, 4/18/34 | 1402 |
| 915000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.080%), 5.47%, 2/01/29 (b) | 937 |
| 1000000 | Citadel Finance LLC 144A, 5.90%, 2/10/30 (a) | 1011 |
| 2300000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 2.107%), 2.57%, 6/03/31 (b) | 2122 |
| 1430000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (b) | 1307 |
| 1400000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.447%), 5.45%, 6/11/35 (b) | 1454 |
| 900000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.746%), 5.61%, 3/04/56 (b) | 914 |
| 875000 | Enact Holdings Inc., 6.25%, 5/28/29 | 916 |
| 425000 | Fortress Intermediate 3 Inc. 144A, 7.50%, 6/01/31 (a) | 444 |
| 800000 | Franklin BSP Capital Corp., 7.20%, 6/15/29 | 826 |
| 650000 | goeasy Ltd. 144A, 7.63%, 7/01/29 (a) | 655 |
| 1850000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.696%), 5.73%, 1/28/56 (b) | 1917 |
| 945000 | HPS Corporate Lending Fund 144A, 5.30%, 6/05/27 (a) | 949 |
| 925000 | HPS Corporate Lending Fund, 5.45%, 1/14/28 (d) | 932 |
| 1100000 | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 1.460%), 5.55%, 3/04/30 (b) | 1140 |
| 1040000 | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 1.960%), 5.74%, 9/10/36 (b) | 1063 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 2850000 | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 3.350%), 7.39%, 11/03/28 (b) | $3018 |
| 364000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 365 |
| 1155000 | Low Income Investment Fund 2019, 3.71%, 7/01/29 | 1114 |
| 1150000 | Main Street Capital Corp., 6.50%, 6/04/27 | 1173 |
| 620000 | Mastercard Inc., 3.85%, 3/26/50 | 496 |
| 1800000 | Morgan Stanley I, (U.S. Secured Overnight Financing Rate + 1.074%), 4.36%, 10/22/31 (b) | 1794 |
| 1625000 | NTT Finance Corp. 144A, 5.17%, 7/16/32 (a) | 1670 |
| 550000 | Nuveen LLC 144A, 5.85%, 4/15/34 (a) | 582 |
| 1380000 | OneMain Finance Corp., 6.13%, 5/15/30 | 1397 |
| 1300000 | PayPal Holdings Inc., 3.25%, 6/01/50 | 908 |
| 1025000 | Synchrony Financial, (U.S. Secured Overnight Financing Rate + 2.070%), 6.00%, 7/29/36 (b) | 1049 |
| 570000 | Synchrony Financial, 7.25%, 2/02/33 | 604 |
| 2050000 | Vistra Operations Co. LLC 144A, 5.25%, 10/15/35 (a) | 2038 |
|  |  | 53846 |
|  **Healthcare (4%)** | **Healthcare (4%)** |  |
| 1350000 | AbbVie Inc., 4.85%, 6/15/44 | 1272 |
| 1620000 | Amgen Inc., 3.15%, 2/21/40 | 1280 |
| 1000000 | Amgen Inc., 5.60%, 3/02/43 | 1016 |
| 1625000 | Bristol-Myers Squibb Co., 4.25%, 10/26/49 | 1353 |
| 895000 | Cigna Group, 4.90%, 12/15/48 | 808 |
| 1850000 | CVS Health Corp., 5.30%, 12/05/43 | 1747 |
| 740000 | Dignity Health, 4.50%, 11/01/42 | 657 |
| 950000 | Eli Lilly & Co., 4.88%, 2/27/53 | 889 |
| 750000 | Humana Inc., 5.50%, 3/15/53 | 697 |
| 1350000 | Icon Investments Six DAC, 6.00%, 5/08/34 | 1417 |
| 550000 | Jazz Securities DAC 144A, 4.38%, 1/15/29 (a) | 539 |
| 1450000 | Johnson & Johnson, 4.85%, 3/01/32 | 1508 |
| 1300000 | Merck & Co. Inc., 2.35%, 6/24/40 | 941 |
| 390000 | Molina Healthcare Inc. 144A, 4.38%, 6/15/28 (a) | 380 |
| 950000 | Roche Holdings Inc. 144A, 5.22%, 3/08/54 (a) | 934 |
| 1150000 | Takeda Pharmaceutical Co. Ltd., 5.65%, 7/05/44 | 1179 |
| 420000 | Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46 | 316 |
| 1820000 | Viatris Inc., 4.00%, 6/22/50 | 1227 |
|  |  | 18160 |
|  **Insurance (6%)** | **Insurance (6%)** |  |
| 725000 | AIA Group Ltd. 144A, 5.38%, 4/05/34 (a)(d) | 756 |
| 1275000 | Arthur J Gallagher & Co., 5.55%, 2/15/55 | 1240 |
| 915000 | Athene Global Funding 144A, 5.52%, 3/25/27 (a) | 931 |
| 1175000 | Athene Holding Ltd., 6.25%, 4/01/54 | 1171 |
| 515000 | Augustar Life Insurance Co. 144A, 6.88%, 6/15/42 (a) | 502 |
| 600000 | Beacon Funding Trust 144A, 6.27%, 8/15/54 (a) | 618 |
| 1025000 | Brandywine Operating Partnership LP, 6.13%, 1/15/31 | 1030 |
| 1535000 | Brown & Brown Inc., 5.55%, 6/23/35 | 1581 |
| 1020000 | F&G Annuities & Life Inc., 6.50%, 6/04/29 | 1066 |
| 1150000 | Fairfax Financial Holdings Ltd., 6.35%, 3/22/54 | 1218 |
| 1400000 | First American Financial Corp., 2.40%, 8/15/31 | 1220 |
| 450000 | Global Atlantic Fin Co. 144A, 6.75%, 3/15/54 (a) | 470 |
| 1875000 | Meta Platforms Inc., 5.63%, 11/15/55 | 1862 |
| 725000 | Nationwide Financial Services Inc. 144A, 5.30%, 11/18/44 (a)(d) | 693 |
| 1731000 | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (a) | 2347 |

---

Annual Financial Statements and Other Information **36** 

------

**Payden Corporate Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 500000 | New York Life Insurance Co. 144A, 6.75%, 11/15/39 (a) | $575 |
| 1510000 | Northwestern Mutual Life Insurance Co. 144A, 6.17%, 5/29/55 (a) | 1626 |
| 450000 | Pacific Life Insurance Co. 144A, 9.25%, 6/15/39 (a) | 618 |
| 675000 | Prudential Financial Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.404%), 6.50%, 3/15/54 (b) | 719 |
| 1050000 | Symetra Life Insurance Co. 144A, 6.55%, 10/01/55 (a) | 1108 |
| 550000 | Teachers Insurance & Annuity Association of America 144A, 4.90%, 9/15/44 (a) | 510 |
| 2000000 | Teachers Insurance & Annuity Association of America 144A, 6.85%, 12/16/39 (a) | 2307 |
| 650000 | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 1.060%), 4.40%, 9/23/31 (a) (b) | 648 |
| 1310000 | Unum Group, 6.00%, 6/15/54 | 1322 |
|  |  | 26138 |
|  **Leisure (1%)** | **Leisure (1%)** |  |
| 1100000 | Choice Hotels International Inc., 5.85%, 8/01/34 | 1119 |
| 835000 | Flutter Treasury DAC 144A, 6.38%, 4/29/29 (a) | 866 |
| 1150000 | Hyatt Hotels Corp., 5.75%, 3/30/32 | 1201 |
| 1255000 | Marriott International Inc., 5.50%, 4/15/37 | 1290 |
| 500000 | Mattel Inc. 144A, 3.38%, 4/01/26 (a) | 497 |
|  |  | 4973 |
|  **Media (1%)** | **Media (1%)** |  |
| 1275000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 6.55%, 6/01/34 | 1342 |
| 900000 | Comcast Corp., 5.35%, 5/15/53 (d) | 836 |
| 1365000 | Paramount Global, 5.85%, 9/01/43 | 1229 |
| 1450000 | Time Warner Cable LLC, 6.75%, 6/15/39 | 1490 |
|  |  | 4897 |
|  **Real Estate (5%)** | **Real Estate (5%)** |  |
| 1400000 | American Homes 4 Rent LP, 5.25%, 3/15/35 | 1423 |
| 950000 | Brixmor Operating Partnership LP, 5.20%, 4/01/32 | 973 |
| 1050000 | DOC DR LLC, 2.63%, 11/01/31 | 938 |
| 760000 | Extra Space Storage LP, 5.40%, 2/01/34 | 783 |
| 1025000 | First Industrial LP, 5.25%, 1/15/31 | 1049 |
| 1175000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.330%), 4.94%, 10/21/36 (b) | 1170 |
| 1075000 | Healthpeak OP LLC, 4.75%, 1/15/33 | 1070 |
| 1070000 | Meritage Homes Corp., 5.65%, 3/15/35 | 1086 |
| 1175000 | NNN REIT Inc., 5.50%, 6/15/34 | 1219 |
| 1375000 | Prologis Targeted U.S. Logistics Fund LP 144A, 5.25%, 1/15/35 (a) | 1410 |
| 1875000 | Rexford Industrial Realty LP, 2.13%, 12/01/30 | 1676 |
| 875000 | Simon Property Group LP, 6.65%, 1/15/54 | 997 |
| 1110000 | Starwood Property Trust Inc. 144A, 6.50%, 7/01/30 (a) | 1156 |
| 1650000 | Ventas Realty LP, 5.00%, 1/15/35 | 1655 |
| 1540000 | VICI Properties LP / VICI Note Co. Inc. 144A, 4.25%, 12/01/26 (a) | 1537 |
| 770000 | WEA Finance LLC 144A, 4.13%, 9/20/28 (a) | 763 |
| 980000 | WEA Finance LLC 144A, 4.63%, 9/20/48 (a) | 812 |
|  |  | 19717 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Retail (2%)** | **Retail (2%)** |  |
| 335000 | Bath & Body Works Inc., 6.88%, 11/01/35 | $351 |
| 2000000 | Home Depot Inc., 4.50%, 12/06/48 | 1758 |
| 1325000 | Lowe's Cos. Inc., 5.13%, 4/15/50 | 1225 |
| 1400000 | Walmart Inc., 4.50%, 9/09/52 | 1259 |
| 1355000 | Walmart Inc., 4.50%, 4/15/53 | 1215 |
|  |  | 5808 |
|  **Service (1%)** | **Service (1%)** |  |
| 2185000 | American University 2019, 3.67%, 4/01/49 | 1697 |
| 1850000 | California Institute of Technology, 3.65%, 9/01/19 | 1216 |
| 1150000 | Ford Foundation 2020, 2.82%, 6/01/70 | 678 |
| 1540000 | Georgetown University B, 4.32%, 4/01/49 | 1313 |
| 1180000 | President and Fellows of Harvard College, 2.52%, 10/15/50 | 734 |
|  |  | 5638 |
|  **Technology (7%)** | **Technology (7%)** |  |
| 1305000 | Apple Inc., 2.65%, 5/11/50 | 831 |
| 1200000 | Apple Inc., 3.95%, 8/08/52 | 972 |
| 1475000 | Broadcom Inc., 4.35%, 2/15/30 | 1482 |
| 920000 | Broadcom Inc., 4.90%, 7/15/32 | 941 |
| 1325000 | Broadcom Inc., 5.15%, 11/15/31 | 1378 |
| 750000 | CDW LLC/CDW Finance Corp., 5.55%, 8/22/34 | 771 |
| 1175000 | CoreWeave Inc. 144A, 9.00%, 2/01/31 (a) | 1180 |
| 1825000 | EQT Corp., 6.38%, 4/01/29 | 1887 |
| 1455000 | Fiserv Inc., 5.38%, 8/21/28 | 1486 |
| 1675000 | Foundry JV Holdco LLC 144A, 6.25%, 1/25/35 (a) | 1784 |
| 1675000 | Hewlett Packard Enterprise Co., 5.60%, 10/15/54 | 1585 |
| 1300000 | Intel Corp., 4.10%, 5/19/46 | 1025 |
| 760000 | Kentucky Utilities Co., 5.85%, 8/15/55 | 785 |
| 325000 | Kodiak Gas Services LLC 144A, 6.75%, 10/01/35 (a) | 335 |
| 1025000 | Marvell Technology Inc., 4.75%, 7/15/30 | 1038 |
| 1130000 | Micron Technology Inc., 5.30%, 1/15/31 | 1168 |
| 2800000 | Microsoft Corp., 2.53%, 6/01/50 | 1759 |
| 1155000 | NetApp Inc., 5.50%, 3/17/32 | 1204 |
| 1350000 | NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 6/18/29 | 1347 |
| 320000 | Open Text Holdings Inc. 144A, 4.13%, 12/01/31 (a) | 298 |
| 1660000 | Oracle Corp., 4.80%, 9/26/32 | 1643 |
| 1000000 | Oracle Corp., 6.50%, 4/15/38 | 1071 |
| 1250000 | Synopsys Inc., 4.85%, 4/01/30 | 1272 |
| 1175000 | Synopsys Inc., 5.70%, 4/01/55 | 1188 |
|  |  | 28430 |
|  **Telecommunication (6%)** | **Telecommunication (6%)** |  |
| 1575000 | Alphabet Inc., 2.05%, 8/15/50 | 891 |
| 1750000 | Amazon.com Inc., 3.10%, 5/12/51 | 1202 |
| 2550000 | Ares Capital Corp., 5.95%, 7/15/29 | 2618 |
| 1859000 | AT&T Inc., 3.50%, 9/15/53 | 1273 |
| 2800000 | AT&T Inc., 3.65%, 9/15/59 | 1899 |
| 1760000 | British Telecommunications PLC 144A, 4.25%, 11/08/49 (a) | 1446 |
| 1500000 | Deutsche Telekom International Finance BV, 8.75%, 6/15/30 | 1765 |
| 1110000 | Go Daddy Operating Co LLC/GD Finance Co. Inc. 144A, 3.50%, 3/01/29 (a) | 1058 |
| 1115000 | Juniper Networks Inc., 2.00%, 12/10/30 | 981 |
| 760000 | Louisville Gas and Electric Co., 5.85%, 8/15/55 | 784 |
| 1260000 | Motorola Solutions Inc., 5.20%, 8/15/32 | 1297 |

---

#### 37 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1475000 | Orange SA, 9.00%, 3/01/31 | $1786 |
| 1550000 | Rogers Communications Inc., 5.45%, 10/01/43 | 1493 |
| 850000 | Rogers Communications Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.620%), 7.13%, 4/15/55 (b) | 910 |
| 1375000 | SoftBank Corp. 144A, 5.33%, 7/09/35 (a) | 1390 |
| 1450000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (a) | 1383 |
| 1295000 | TD SYNNEX Corp., 5.30%, 10/10/35 | 1293 |
| 825000 | Vodafone Group PLC, 5.75%, 6/28/54 | 810 |
|  |  | 24279 |
|  **Transportation (1%)** | **Transportation (1%)** |  |
| 1325000 | American Airlines Inc./AAdvantage Loyalty IP Ltd. 144A, 5.75%, 4/20/29 (a) | 1338 |
| 1041828 | American Airlines Pass-Through Trust 2019-1, A, 3.50%, 2/15/32 | 957 |
| 975000 | Delta Air Lines Inc./SkyMiles IP Ltd. 144A, 4.75%, 10/20/28 (a) | 982 |
|  |  | 3277 |
|  **Utility (8%)** | **Utility (8%)** |  |
| 1350000 | Algonquin Power & Utilities Corp., 5.37%, 6/15/26 | 1357 |
| 1050000 | Basin Electric Power Cooperative 144A, 4.75%, 4/26/47 (a) | 939 |
| 800000 | Boston Gas Co. 144A, 6.12%, 7/20/53 (a) | 826 |
| 1265000 | Brooklyn Union Gas Co. 144A, 6.42%, 7/18/54 (a) | 1337 |
| 1115000 | Consolidated Edison Co. of New York Inc., 5.50%, 3/15/55 | 1115 |
| 1050000 | Dominion Energy South Carolina Inc., 6.25%, 10/15/53 | 1166 |
| 819000 | DTE Energy Co. C, 3.40%, 6/15/29 | 795 |
| 2250000 | Duke Energy Florida LLC, 5.95%, 11/15/52 | 2377 |
| 1000000 | Enel Finance International NV 144A, 5.13%, 6/26/29 (a) | 1025 |
| 925000 | Engie SA 144A, 5.88%, 4/10/54 (a)(d) | 964 |
| 1300000 | Exelon Corp., 5.15%, 3/15/29 | 1337 |
| 600000 | Freedom Mortgage Holdings LLC 144A, 7.88%, 4/01/33 (a) | 617 |
| 1825000 | Indiana Michigan Power Co., 5.63%, 4/01/53 | 1854 |
| 900000 | Indianapolis Power & Light Co. 144A, 5.70%, 4/01/54 (a) | 914 |
| 625000 | Interstate Power and Light Co., 5.45%, 9/30/54 | 609 |
| 1000000 | Interstate Power and Light Co., 5.60%, 6/29/35 | 1044 |
| 660000 | KeySpan Gas East Corp. 144A, 5.82%, 4/01/41 (a) | 664 |
| 555000 | Kilroy Realty LP, 5.88%, 10/15/35 | 561 |
| 1675000 | Narragansett Electric Co. 144A, 5.35%, 5/01/34 (a) | 1732 |
| 1350000 | National Fuel Gas Co., 5.50%, 3/15/30 | 1395 |
| 610000 | Nevada Power Co., 6.00%, 3/15/54 | 638 |
| 975000 | NextEra Energy Capital Holdings Inc., 5.55%, 3/15/54 | 962 |
| 1000000 | NiSource Inc., 5.65%, 2/01/45 | 1001 |
| 900000 | Northern States Power Co., 5.10%, 5/15/53 | 863 |
| 1010000 | Repsol E&P Capital Markets U.S. LLC 144A, 5.20%, 9/16/30 (a) | 1014 |
| 1450000 | RWE Finance U.S. LLC 144A, 5.88%, 4/16/34 (a) | 1520 |
| 850000 | Snam SpA 144A, 5.75%, 5/28/35 (a) | 886 |
| 1400000 | Southern Co., 4.40%, 7/01/46 | 1201 |
| 941000 | System Energy Resources Inc., 6.00%, 4/15/28 | 978 |
| 585000 | Tucson Electric Power Co., 5.50%, 4/15/53 | 572 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1310000 | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 0.840%), 4.15%, 12/23/29 (a) (b) | $1307 |
| 1275000 | Union Electric Co., 5.13%, 3/15/55 | 1209 |
|  |  | 34779 |
|  **Total Corporate Bond (Cost - $363,857)** | **Total Corporate Bond (Cost - $363,857)** | **355683** |
|  **Foreign Government (1%)** | **Foreign Government (1%)** |  |
| 1885000 | Corp. Financiera de Desarrollo SA 144A, 2.40%, 9/28/27 (a)<br>(Cost - $1,883) | 1817 |
|  **Mortgage Backed (7%)** | **Mortgage Backed (7%)** |  |
| 1300000 | AREIT Ltd. 2025-CRE10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.388%), 5.42%, 12/17/29 (a)(b) | 1301 |
| 674803 | AREIT Ltd. 2024-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.686%), 5.72%, 5/17/41 (a)(b) | 677 |
| 1250506 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.392%), 5.42%, 3/15/41 (a)(b) | 1253 |
| 1064581 | BX Commercial Mortgage Trust 2024-MDHS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.641%), 5.67%, 5/15/41 (a)(b) | 1067 |
| 900000 | BX Trust 2023-DELC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 6.72%, 5/15/38 (a)(b) | 902 |
| 1325000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.491%), 5.52%, 6/15/41 (a)(b) | 1327 |
| 2000000 | COMM Mortgage Trust 2025-SBX 144A, 5.26%, 8/10/41 (a)(e) | 2014 |
| 1345000 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 8.68%, 1/25/42 (a)(b) | 1396 |
| 696223 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 5.33%, 3/25/44 (a)(b) | 696 |
| 975808 | Cross Mortgage Trust 2025-H6 144A, 5.18%, 7/25/70 (a)(e) | 978 |
| 1350000 | CSTL Commercial Mortgage Trust 2024-GATE 144A, 4.76%, 11/10/41 (a)(e) | 1355 |
| 1400000 | Durst Commercial Mortgage Trust 2025-151 144A, 5.15%, 8/10/42 (a)(e) | 1428 |
| 1900000 | LoanCore Issuer LLC 2025-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 5.51%, 8/18/42 (a)(b) | 1907 |
| 1700000 | MF1 2024-FL16 144A, (1 mo. Term Secured Overnight Financing Rate + 1.541%), 5.57%, 11/18/39 (a)(b) | 1704 |
| 217789 | MHC Commercial Mortgage Trust 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 0.915%), 4.95%, 4/15/38 (a)(b) | 218 |
| 1500000 | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8 144A, 4.96%, 9/25/70 (a)(e) | 1498 |
| 1700000 | NRTH Commercial Mortgage Trust 2025-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 1.393%), 5.54%, 10/15/40 (a)(b) | 1703 |
| 1500000 | NXPT Commercial Mortgage Trust 2024-STOR 144A, 4.31%, 11/05/41 (a)(e) | 1485 |

---

Annual Financial Statements and Other Information **38** 

------

**Payden Corporate Bond Fund** *continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1057148 | OBX Trust 2025-NQM7 144A, 5.56%, 5/25/55 (a) | $1068 |
| 871728 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 870 |
| 1781449 | OBX Trust 2025-NQM16 144A, 4.91%, 8/25/65 (a)(e) | 1780 |
| 1655000 | PFP Ltd. 2025-12 144A, (1 mo. Term Secured Overnight Financing Rate + 1.489%), 5.51%, 12/18/42 (a)(b) | 1658 |
| 939380 | Verus Securitization Trust 2025-5 144A, 5.43%, 6/25/70 (a) | 946 |
| 1600000 | VTR Commercial Mortgage Trust 2025-STEM 144A, 5.20%, 10/13/39 (a)(e) | 1608 |
|  **Total Mortgage Backed (Cost - $30,706)** | **Total Mortgage Backed (Cost - $30,706)** | 30839 |
|  **Municipal (0%**) | **Municipal (0%**) |  |
| 1050000 | Michigan Finance Authority D, 5.02%, 11/01/43 (Cost - $1,050) | 1011 |
|  **Investment Company (4%**) | **Investment Company (4%**) |  |
| 11667370 | Payden Cash Reserves Money Market Fund\* | 11667 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 589623 | Payden Emerging Market Corporate Bond Fund, SI Class\* | $5218 |
|  **Total Investment Company (Cost - $16,657)** | **Total Investment Company (Cost - $16,657)** | **16885** |
|  **Total Investments (Cost - $427,616) (101%)** | **Total Investments (Cost - $427,616) (101%)** | 419599 |
|  **Liabilities in excess of Other Assets (-1%)** | **Liabilities in excess of Other Assets (-1%)** | (4904) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**414695** |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $5,570 and the total market value of the collateral held by the Fund is $5,788. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | Unrealized |
|  | | | Notional | Current | Appreciation |
|  | Number of | Expiration | Amount | Value | (Depreciation) |
| Contract Type | Contracts | Date | (000s) | (000s) | (000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. Long Bond Future | 109 | Dec-25 | $12787 | $226 | $226 |
|  U.S. Treasury 10-Year Note Future | 36 | Dec-25 | 4056 | 24 | 24 |
|  U.S. Treasury 2-Year Note Future | 96 | Dec-25 | 19991 | (6) | (6) |
|  U.S. Treasury 5-Year Note Future | 119 | Dec-25 | 12996 | 14 | 14 |
|  |  |  |  |  | 258 |
|  **Short Contracts:** |  |  |  |  |  |
|  U.S. 10-Year Ultra Future | 23 | Dec-25 | (2656) | (32) | (32) |
|  U.S. Ultra Bond Future | 57 | Dec-25 | (6913) | (261) | (261) |
|  |  |  |  |  | (293) |
|  **Total Futures** |  |  |  |  | $(35) |

---

#### 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 Liabilities<sup>1</sup> | $5570 |
|  Non-cash Collateral<sup>2</sup> | (5570) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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.* 

#### 39 Payden Mutual Funds

------

#### Payden Strategic Income Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Asset Backed (11%)** | **Asset Backed (11%)** |  |
| 450000 | American Credit Acceptance Receivables Trust 2024-1 144A, 7.98%, 11/12/31 (a) | $462 |
| 208450 | Arbys Funding LLC 2020-1A 144A, 3.24%, 7/30/50 (a) | 202 |
| 650000 | Basswood Park CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.030%), 4.91%, 4/20/34 (a)(b) | 650 |
| 700000 | Blackrock European CLO VII DAC 7A 144A, (3 mo. EURIBOR + 1.300%), 3.31%, 10/15/31 EUR (a)(b)(c) | 807 |
| 600000 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.814%), 6.85%, 8/19/38 (a)(b) | 597 |
| 360000 | CARS-DB4 LP 2020-1A 144A, 4.95%,<br>2/15/50 (a) | 329 |
| 675000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 CAD (a)(c) | 478 |
| 550000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | 542 |
| 1118516 | Driven Brands Funding LLC 2020-1A 144A, 3.79%, 7/20/50 (a) | 1100 |
| 550000 | Driven Brands Funding LLC 2025-1A 144A, 5.30%, 10/20/55 (a) | 548 |
| 174637 | Dryden CLO Ltd. 2018-55A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.282%), 5.19%, 4/15/31 (a)(b) | 175 |
| 400000 | Dryden XXVI Senior Loan Fund 2013-26A 144A, (3 mo. Term Secured Overnight Financing Rate + 5.802%), 9.71%,<br>4/15/29 (a)(b) | 385 |
| 1050000 | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.164%), 6.20%, 5/16/38 (a)(b) | 1048 |
| 1000000 | Galaxy XXII CLO Ltd. 2016-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.13%, 4/16/34 (a)(b) | 1001 |
| 1 | Juniper Receivables 2021-2 DAC Holding Class R-1 Notes, 0.00%, 2/15/29 (d) | 150 |
| 400000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.48%, 7/20/36 (a)(b) | 400 |
| 750000 | LCM Ltd. 39A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.340%), 5.24%, 10/15/34 (a)(b) | 750 |
| 250000 | Montmartre Euro CLO DAC 2020-2A 144A, (3 mo. EURIBOR + 0.960%), 2.97%, 7/15/34 EUR (a)(b)(c) | 288 |
| 500000 | Neuberger Berman Loan Advisers Euro CLO DAC 2021-2A 144A, (3 mo. EURIBOR + 1.030%), 3.04%, 4/15/34 EUR (a)(b)(c) | 577 |
| 247604 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (a) | 217 |
| 111890 | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | 112 |
| 700000 | Palmer Square CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.530%), 5.42%, 4/16/37 (a)(b) | 702 |
| 386425 | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (a) | 370 |
| 372417 | RCKT Mortgage Trust 2025-CES5 144A, 5.69%, 5/25/55 (a) | 377 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 188059 | RCKT Mortgage Trust 2025-CES6 144A, 5.47%, 6/25/55 (a) | $190 |
| 432891 | RCKT Mortgage Trust 2025-CES7 144A, 5.38%, 7/25/55 (a) | 437 |
| 535401 | RCKT Mortgage Trust 2025-CES8 144A, 5.15%, 8/25/55 (a)(e) | 538 |
| 791365 | RCKT Mortgage Trust 2025-CES9 144A, 4.80%, 9/25/55 (a) | 789 |
| 900000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.13%, 7/20/35 (a)(b) | 901 |
| 225875 | Rockford Tower CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.422%), 5.31%, 10/20/31 (a)(b) | 226 |
| 15096 | Santander Bank Auto Credit-Linked Notes 2023- A 144A, 10.07%, 6/15/33 (a) | 15 |
| 50 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (d) | 560 |
| 539863 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (a) | 540 |
| 250000 | Sona Fios CLO I DAC 1A 144A, (3 mo. EURIBOR + 2.500%), 7.91%, 7/15/36 EUR (a) (b)(c) | 288 |
| 496250 | Store Master Funding I-VII XIV XIX XX XXIV XXII 2024-1A 144A, 5.70%,<br>5/20/54 (a) | 509 |
| 550000 | Taco Bell Funding LLC 2025-1A 144A, 4.82%, 8/25/55 (a) | 549 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 311 |
| 255062 | Voya Euro CLO III DAC 3A 144A, (3 mo. EURIBOR + 0.920%), 2.93%, 4/15/33 EUR (a) (b)(c) | 294 |
| 631950 | Zaxbys Funding LLC 2021-1A 144A, 3.24%, 7/30/51 (a) | 592 |
|  **Total Asset Backed (Cost - $19,899)** | **Total Asset Backed (Cost - $19,899)** | 19006 |
|  **Bank Loan(f) (2%)** | **Bank Loan(f) (2%)** |  |
| 495003 | Altice France SA Term Loan B14 1L, (1 mo. Term Secured Overnight Financing Rate + 5.875%), 10.86%, 5/30/31 | 495 |
| 247501 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 6.50%, 8/20/31 | 248 |
| 497495 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 8.00%, 4/01/30 | 502 |
| 300000 | Fr Br Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.19%, 10/09/30 | 299 |
| 321652 | Lackawanna Energy Center LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 7.11%, 8/05/32 | 323 |
| 427649 | MIC Glen LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.22%, 7/21/28 | 431 |
| 343908 | Pegasus Bidco Bv Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.76%, 7/12/29 | 346 |
| 152063 | Standard Industries Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 5.75%, 9/22/28 | 153 |

---

Annual Financial Statements and Other Information **40** 

------

**Payden Strategic Income Fund** *continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 544500 | Verde Purchaser LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.00%, 11/30/30 | $524 |
|  **Total Bank Loan (Cost - $3,401)** | **Total Bank Loan (Cost - $3,401)** | 3321 |
|  **Corporate Bond (33%)** | **Corporate Bond (33%)** |  |
|  **Financial (14%)** | **Financial (14%)** |  |
| 450000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (b)(g) | 441 |
| 450000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (b) | 475 |
| 700000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.930%), 5.63%, 7/28/34 (b) | 735 |
| 560000 | American Tower Corp., 3.95%, 3/15/29 | 555 |
| 725000 | AmFam Holdings Inc. 144A, 2.81%, 3/11/31 (a) | 632 |
| 400000 | Ares Strategic Income Fund 144A, 5.45%, 9/09/28 (a) | 402 |
| 500000 | Athene Holding Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.607%), 6.63%, 10/15/54 (b) | 498 |
| 425000 | Banco Bilbao Vizcaya Argentaria SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.700%), 6.14%, 9/14/28 (b) | 439 |
| 350000 | Banco de Credito e Inversiones SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.944%), 8.75% (a)(b)(g) | 377 |
| 400000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (b) | 391 |
| 700000 | Bank of Nova Scotia, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.017%), 8.00%, 1/27/84 (b) | 748 |
| 450000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (b) | 454 |
| 300000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, 5.25%, 9/10/29 (a) | 310 |
| 625000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 617 |
| 400000 | Blue Owl Capital Corp., 5.95%, 3/15/29 | 405 |
| 400000 | Bread Financial Holdings Inc. 144A, 9.75%, 3/15/29 (a) | 427 |
| 275000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.62%, 10/30/31 (b) | 310 |
| 650000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.171%), 4.50%, 9/11/31 (b) | 651 |
| 900000 | Corebridge Financial Inc., 3.90%, 4/05/32 | 857 |
| 300000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.400%), 5.71%, 3/01/30 (a)(b) | 312 |
| 600000 | Extra Space Storage LP, 5.90%, 1/15/31 | 638 |
| 550000 | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | 526 |
| 700000 | goeasy Ltd. 144A, 9.25%, 12/01/28 (a) | 726 |
| 500000 | goeasy Ltd. 144A, 6.88%, 5/15/30 (a) | 492 |
| 500000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.210%), 5.05%, 7/23/30 (b) | 512 |
| 300000 | Goldman Sachs Private Credit Corp. 144A, 5.38%, 1/31/29 (a) | 300 |
| 250000 | HPS Corporate Lending Fund 144A, 5.30%, 6/05/27 (a) | 251 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 550000 | HPS Corporate Lending Fund 144A, 4.90%, 9/11/28 (a) | $546 |
| 600000 | Huntington Bancshares Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 6.14%, 11/18/39 (b) | 622 |
| 650000 | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.900%), 7.78%, 6/20/54 (a)(b) | 781 |
| 430000 | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 416 |
| 600000 | Jane Street Group/JSG Finance Inc. 144A, 6.13%, 11/01/32 (a) | 611 |
| 500000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 0.930%), 4.83%, 1/16/29 (b) | 506 |
| 750000 | Macquarie Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 3.05%, 3/03/36 (a)(b) | 681 |
| 300000 | Main Street Capital Corp., 6.95%, 3/01/29 | 313 |
| 200000 | PennyMac Financial Services Inc. 144A, 6.88%, 5/15/32 (a) | 209 |
| 525000 | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | 468 |
| 450000 | Santander Holdings USA Inc., 3.24%, 10/05/26 | 447 |
| 800000 | Shriram Finance Ltd. 144A, 6.63%, 4/22/27 (a) | 820 |
| 500000 | Starwood Property Trust Inc. 144A, 5.25%, 10/15/28 (a) | 502 |
| 280000 | Synchrony Financial, 7.25%, 2/02/33 | 297 |
| 500000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.630%), 6.85% (a)(b)(g) | 512 |
| 500000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.179%), 7.13% (a)(b)(g) | 509 |
| 750000 | UBS Group AG 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.758%), 9.25% (a)(b)(g) | 879 |
| 750000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 0.880%), 4.08%, 9/15/29 (b) | 748 |
| 600000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.500%), 5.15%, 4/23/31 (b) | 619 |
|  |  | 23967 |
|  **Industrial (9%)** | **Industrial (9%)** |  |
| 550000 | Alcoa Nederland Holding BV 144A, 7.13%, 3/15/31 (a) | 582 |
| 450000 | Ashtead Capital Inc. 144A, 5.55%, 5/30/33 (a) | 464 |
| 700000 | Boeing Co., 6.53%, 5/01/34 | 775 |
| 400000 | Braskem Netherlands Finance BV 144A, 4.50%, 1/31/30 (a) | 161 |
| 550000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (a) | 561 |
| 350000 | CDW LLC/CDW Finance Corp., 5.55%, 8/22/34 | 360 |
| 225000 | Cemex SAB de CV 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.520%), 7.20% (a)(b)(g) | 234 |
| 450000 | Centene Corp., 4.25%, 12/15/27 | 444 |
| 250000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (a) | 261 |
| 600000 | Cleveland-Cliffs Inc. 144A, 7.00%, 3/15/32 (a) (h) | 614 |
| 500000 | Clydesdale Acquisition Holdings Inc. 144A, 6.75%, 4/15/32 (a) | 502 |
| 300000 | CoreWeave Inc. 144A, 9.00%, 2/01/31 (a) | 301 |
| 350000 | Crown Americas LLC 144A, 5.88%, 6/01/33 (a) | 355 |

---

#### 41 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 250000 | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 (a) | $232 |
| 500000 | Flowers Foods Inc., 5.75%, 3/15/35 | 506 |
| 300000 | Flutter Treasury DAC 144A, 5.88%, 6/04/31 (a) | 304 |
| 550000 | Ford Motor Credit Co. LLC, 5.80%, 3/05/27 | 556 |
| 500000 | Foundry JV Holdco LLC 144A, 5.90%, 1/25/30 (a) | 526 |
| 550000 | General Motors Co., 5.60%, 10/15/32 | 574 |
| 300000 | Graphic Packaging International LLC 144A, 1.51%, 4/15/26 (a) | 296 |
| 260000 | HCA Inc., 3.50%, 9/01/30 | 250 |
| 700000 | Hewlett Packard Enterprise Co., 4.40%, 10/15/30 | 695 |
| 650000 | Hyundai Capital America 144A, 6.50%, 1/16/29 (a) | 690 |
| 450000 | IHS Holding Ltd. 144A, 7.88%, 5/29/30 (a) | 460 |
| 500000 | JH North America Holdings Inc. 144A, 5.88%, 1/31/31 (a) | 510 |
| 200000 | Land O' Lakes Inc. 144A, 7.00% (a)(g) | 174 |
| 350000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 360 |
| 450000 | Meta Platforms Inc., 4.88%, 11/15/35 | 452 |
| 350000 | Micron Technology Inc., 5.30%, 1/15/31 | 362 |
| 300000 | NTT Finance Corp. 144A, 4.57%, 7/16/27 (a) | 302 |
| 250000 | OCP SA 144A, 6.10%, 4/30/30 (a) | 262 |
| 300000 | Quikrete Holdings Inc. 144A, 6.75%, 3/01/33 (a) | 312 |
| 400000 | Regal Rexnord Corp., 6.40%, 4/15/33 | 429 |
| 500000 | Solstice Advanced Materials Inc. 144A, 5.63%, 9/30/33 (a) | 501 |
| 800000 | Stellantis Finance U.S. Inc. 144A, 1.71%, 1/29/27 (a) | 773 |
| 700000 | Synopsys Inc., 4.85%, 4/01/30 | 713 |
|  |  | 15853 |
| Utility (10%) | Utility (10%) |  |
| 700000 | Abu Dhabi National Energy Co. PJSC 144A, 4.38%, 10/09/31 (a)(h) | 707 |
| 599950 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | 617 |
| 550000 | Algonquin Power & Utilities Corp., 5.37%, 6/15/26 | 553 |
| 300000 | Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A, 5.75%, 10/15/33 (a) | 300 |
| 300000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp. 144A, 6.63%, 7/15/33 (a) | 306 |
| 300000 | Azule Energy Finance PLC 144A, 8.13%, 1/23/30 (a) | 302 |
| 300000 | BKV Upstream Midstream LLC 144A, 7.50%, 10/15/30 (a) | 301 |
| 350000 | BP Capital Markets PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.153%), 6.45% (b)(g) | 374 |
| 370000 | CNX Resources Corp. 144A, 7.25%, 3/01/32 (a) | 386 |
| 975000 | Duquesne Light Holdings Inc. 144A, 2.78%, 1/07/32 (a) | 867 |
| 200000 | Energuate Trust 2 0 144A, 6.35%, 9/15/35 (a) | 201 |
| 400000 | Energy Transfer LP, 5.75%, 2/15/33 | 419 |
| 600000 | Energy Transfer LP, 6.55%, 12/01/33 | 656 |
| 750000 | Expand Energy Corp., 5.70%, 1/15/35 | 772 |
| 198101 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (a) | 210 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 450000 | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 144A, 6.88%, 12/01/32 (a) | $457 |
| 680000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (a) | 657 |
| 800000 | NRG Energy Inc. 144A, 6.25%, 11/01/34 (a) | 824 |
| 450000 | Occidental Petroleum Corp., 5.55%, 10/01/34 (h) | 456 |
| 332500 | OHI Group SA 144A, 13.00%, 7/22/29 (a) | 344 |
| 300000 | ONEOK Inc., 5.80%, 11/01/30 | 316 |
| 650000 | Palomino Funding Trust I 144A, 7.23%, 5/17/28 (a) | 688 |
| 550000 | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | 586 |
| 450000 | Petrobras Global Finance BV, 6.25%, 1/10/36 | 444 |
| 450000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 450 |
| 500000 | Repsol E&P Capital Markets U.S. LLC 144A, 5.20%, 9/16/30 (a) | 502 |
| 300000 | Saavi Energia Sarl 144A, 8.88%, 2/10/35 (a) | 323 |
| 600000 | Saudi Arabian Oil Co. 144A, 5.88%, 7/17/64 (a) | 600 |
| 432135 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (a) | 444 |
| 550000 | South Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/34 | 552 |
| 250000 | Sunoco LP 144A, 6.25%, 7/01/33 (a) | 256 |
| 264572 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | 260 |
| 400000 | USA Compression Partners LP/USA Compression Finance Corp. 144A, 6.25%, 10/01/33 (a) | 402 |
| 400000 | Var Energi ASA 144A, 8.00%, 11/15/32 (a) | 462 |
| 400000 | Venture Global Plaquemines LNG LLC 144A, 6.50%, 1/15/34 (a) | 419 |
| 100000 | Western Midstream Operating LP, 6.35%, 1/15/29 | 105 |
| 250000 | Western Midstream Operating LP, 6.15%, 4/01/33 | 263 |
| 400000 | Whistler Pipeline LLC 144A, 5.40%, 9/30/29 (a) | 410 |
|  |  | 17191 |
|  **Total Corporate Bond (Cost - $55,926)** | **Total Corporate Bond (Cost - $55,926)** | 57011 |
|  **Foreign Government (4%**) | **Foreign Government (4%**) |  |
| 200000 | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (a)(h) | 143 |
| 550000 | Chile Government International Bond, 4.13%, 7/05/34 EUR (c) | 660 |
| 830000 | CPPIB Capital Inc. 144A, 1.95%, 9/30/29 CAD (a)(c) | 574 |
| 350000 | Dominican Republic International Bond 144A, 6.60%, 6/01/36 (a) | 370 |
| 590000 | Guatemala Government Bond, 4.50%, 5/03/26 (i) | 589 |
| 350000 | Guatemala Government Bond 144A, 6.55%, 2/06/37 (a) | 378 |
| 300000 | Ivory Coast Government International Bond 144A, 7.63%, 1/30/33 (a) | 317 |
| 500000 | Municipal Finance Authority of British, 2.55%, 10/09/29 CAD (c) | 354 |
| 400000 | Nigeria Government International Bond 144A, 6.13%, 9/28/28 (a) | 394 |
| 172000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (a) | 173 |
| 450000 | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (a) | 475 |
| 700000 | Perusahaan Penerbit SBSN Indonesia III 144A, 5.20%, 7/02/34 (a) | 722 |

---

Annual Financial Statements and Other Information **42** 

------

**Payden Strategic Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 300000 | Peruvian Government International Bond, 5.38%, 2/08/35 | $309 |
| 200000 | Republic of Kenya Government International Bond 144A, 7.88%, 10/09/33 (a) | 196 |
| 250000 | Republic of South Africa Government International Bond Series 10Y, 4.85%, 9/30/29 | 250 |
| 250000 | Republic of South Africa Government International Bond Series 12Y, 5.88%, 6/22/30 | 259 |
| 575000 | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (a) | 535 |
| 300000 | Romanian Government International Bond 144A, 5.75%, 9/16/30 (a) | 307 |
|  **Total Foreign Government (Cost - $6,963)** | **Total Foreign Government (Cost - $6,963)** | &nbsp;&nbsp;&nbsp;&nbsp;7005 |
|  **Mortgage Backed (23%)** | **Mortgage Backed (23%)** |  |
| 450000 | BDS LLC 2024-FL13 144A, (1 mo. Term Secured Overnight Financing Rate + 1.576%), 5.61%, 9/19/39 (a)(b) | 451 |
| 700000 | Bravo Residential Funding Trust 2025-NQM10 144A, 4.87%, 9/25/65 (a)(e) | 699 |
| 496151 | Bravo Residential Funding Trust 2025-NQM9 144A, 5.04%, 9/25/65 (a) | 496 |
| 334822 | BRAVO Residential Funding Trust 2024-NQM7 144A, 5.55%, 10/27/64 (a) | 337 |
| 400000 | BSPRT Issuer LLC 2025-FL12 144A, (1 mo. Term Secured Overnight Financing Rate + 1.386%), 5.49%, 1/17/43 (a)(b) | 400 |
| 300000 | BSPRT Issuer LLC 2025-FL12 144A, (1 mo. Term Secured Overnight Financing Rate + 1.648%), 5.75%, 1/17/43 (a)(b) | 300 |
| 605518 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.55%, 9/15/36 (a)(b) | 605 |
| 742428 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 3.140%), 7.17%, 2/15/39 (a)(b) | 746 |
| 528383 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 6.72%, 3/15/41 (a)(b) | 530 |
| 700000 | BX Trust 2024-BIO 144A, (1 mo. Term Secured Overnight Financing Rate + 1.642%), 5.67%, 2/15/41 (a)(b) | 700 |
| 611265 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (a) | 617 |
| 250000 | COLT Mortgage Loan Trust 2025-10 144A, 5.09%, 10/25/70 (a)(e) | 250 |
| 550000 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.13%, 3/25/44 (a)(b) | 554 |
| 248135 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (a)(e) | 250 |
| 222045 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (a)(e) | 223 |
| 400000 | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (a) | 413 |
| 200000 | Extended Stay America Trust 2025-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 1.850%), 6.00%, 10/15/42 (a)(b) | 201 |
| 493772 | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 16.55%, 9/25/28 (b) | 514 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 763811 | Fannie Mae Connecticut Avenue Securities 2016-C03, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.05%, 10/25/28 (b) | $799 |
| 489979 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 14.55%, 1/25/29 (b) | 519 |
| 981500 | FN CB3622 30YR, 4.00%, 5/01/52 | 936 |
| 1213252 | FN CB4120 30YR, 4.00%, 7/01/52 | 1157 |
| 977903 | FN CB4127 30YR, 4.50%, 7/01/52 | 958 |
| 853621 | FN CB4211 30YR, 4.50%, 7/01/52 | 837 |
| 859442 | FN CB4794 30YR, 4.50%, 10/01/52 | 841 |
| 687683 | FN CB7991 30YR, 5.50%, 2/01/54 | 697 |
| 566133 | FN CB8021 30YR, 6.50%, 2/01/54 | 595 |
| 550110 | FN CB9019 30YR, 6.00%, 8/01/54 | 564 |
| 1654955 | FN MA4761 30YR, 5.00%, 9/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;1655 |
| 1281341 | FN MA4785 30YR, 5.00%, 10/01/52 | 1284 |
| 1030876 | FN MA4842 30YR, 5.50%, 12/01/52 | 1048 |
| 881718 | FN MA4869 30YR, 5.50%, 1/01/53 | 895 |
| 178406 | FN MA4876 30YR, 6.00%, 12/01/52 | 184 |
| 1393354 | FN MA5040 30YR, 6.00%, 6/01/53 | 1431 |
| 906918 | FN MA5073 30YR, 6.00%, 7/01/53 | 930 |
| 645851 | FR RA7790 30YR, 5.00%, 8/01/52 | 647 |
| 508357 | FR RA7936 30YR, 5.00%, 9/01/52 | 512 |
| 778812 | FR RA8249 30YR, 5.50%, 11/01/52 | 792 |
| 1173835 | FR RA8415 30YR, 5.50%, 1/01/53 | 1194 |
| 441409 | FR SB8192 15YR, 5.00%, 10/01/37 | 447 |
| 711938 | FR SB8206 15YR, 5.00%, 1/01/38 | 720 |
| 220461 | FR SB8247 15YR, 5.00%, 8/01/38 | 223 |
| 670889 | FR SD2184 30YR, 6.00%, 1/01/53 | 691 |
| 679413 | FR SD8245 30YR, 4.50%, 9/01/52 | 666 |
| 330174 | Freddie Mac STACR Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.80%, 5/25/28 (b) | 332 |
| 300000 | Freddie Mac STACR Trust 2019-FTR3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.914%), 9.27%, 9/25/47 (a)(b) | 323 |
| 550000 | Greystone CRE Notes HC-4 LLC 2025-HC4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.784%), 5.93%, 10/15/42 (a)(b) | 550 |
| 186553 | Last Mile Logistics Pan Euro Finance DAC 1A 144A, (3 mo. EURIBOR + 1.900%), 3.93%, 8/17/33 EUR (a)(b)(c) | 215 |
| 785485 | Last Mile Logistics Pan Euro Finance DAC 1X, (3 mo. EURIBOR + 2.700%), 4.73%, 8/17/33 EUR (b)(c)(i) | 904 |
| 23477 | Nationstar Mortgage Loan Trust 2013-A 144A, 3.75%, 12/25/52 (a)(e) | 23 |
| 155324 | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (a)(e) | 150 |
| 750000 | NXPT Commercial Mortgage Trust 2024-STOR 144A, 4.31%, 11/05/41 (a)(e) | 743 |
| 356633 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (a) | 357 |
| 368563 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 370 |
| 303210 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 303 |
| 279825 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 281 |
| 197743 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (a)(e) | 199 |

---

#### 43 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 301920 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (a) | $304 |
| 204139 | OBX Trust 2024-NQM17 144A, 5.61%, 11/25/64 (a)(e) | 206 |
| 434733 | OBX Trust 2025-NQM1 144A, 5.55%, 12/25/64 (a)(e) | 438 |
| 296908 | OBX Trust 2025-NQM16 144A, 5.06%, 8/25/65 (a) | 297 |
| 248453 | OBX Trust 2025-NQM18 144A, 5.06%, 9/25/65 (a)(e) | 249 |
| 300000 | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.80%, 2/25/47 (a)(b) | 366 |
| 400000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 3.340%), 7.37%, 2/15/42 (a)(b) | 399 |
| 794167 | Taurus DAC 2021-UK1A 144A, (Sterling Overnight Index Average + 2.600%), 6.59%, 5/17/31 GBP (a)(b)(c) | 1046 |
| 300000 | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.55%, 3/15/38 (a)(b) | 301 |
| 550000 | TRTX Issuer Ltd. 2025-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 0.00%, 6/18/43 (a)(b)(d) | 552 |
| 288357 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (a)(e) | 290 |
| 303811 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (a)(e) | 306 |
| 662550 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (a)(e) | 668 |
| 550000 | Wells Fargo Commercial Mortgage Trust 2025-HI 144A, (1 mo. Term Secured Overnight Financing Rate + 2.692%), 6.72%, 10/15/42 (a) (b) | 551 |
|  **Total Mortgage Backed (Cost - $39,710)** | **Total Mortgage Backed (Cost - $39,710)** | 40231 |
|  **Municipal (2%)** | **Municipal (2%)** |  |
| 295000 | California Earthquake Authority A, 5.60%, 7/01/27 | 299 |
| 245111 | California Pollution Control Financing Authority, AMT 144A, 7.50%, 12/01/39 (a)(j) |  |
| 900000 | County of Alameda CA B, 3.95%, 8/01/33 | 878 |
| 250000 | District of Columbia Water & Sewer Authority A, 4.81%, 10/01/14 | 223 |
| 505000 | Golden State Tobacco Securitization Corp. B, 2.75%, 6/01/34 (k) | 461 |
| 350000 | Idaho Housing & Finance Association A, 6.00%, 1/01/65 (k) | 365 |
| 400000 | Pennsylvania Economic Development Financing Authority B, 6.53%, 6/15/39 | 441 |
| 600000 | Regents of the University of California Medical Center Pooled Revenue Q, 4.13%, 5/15/32 | 595 |
|  **Total Municipal (Cost - $3,587)** | **Total Municipal (Cost - $3,587)** | 3262 |
|  **U.S. Government Agency (1%)** | **U.S. Government Agency (1%)** |  |
| 950000 | Tennessee Valley Authority, 5.25%, 9/15/39 (Cost - $1,030) | 1016 |
|  **U.S. Treasury (13%)** | **U.S. Treasury (13%)** |  |
| 1940000 | U.S. Treasury Bond, 2.00%, 8/15/51 (l)(m) | 1151 |
| 1550000 | U.S. Treasury Bond, 4.75%, 8/15/55 | 1571 |
| 3775815 | U.S. Treasury Inflation Indexed Notes, 1.63%, 4/15/30 | 3823 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 2986872 | U.S. Treasury Inflation Indexed Notes, 1.38%, 7/15/33 | $2940 |
| 490000 | U.S. Treasury Note, 3.50%, 1/31/28 (l)(m) | 489 |
| 320000 | U.S. Treasury Note, 3.88%, 8/31/32 | 320 |
| 1810000 | U.S. Treasury Note, 3.88%, 8/15/34 | 1789 |
| 2050000 | U.S. Treasury Note, 4.25%, 11/15/34 | 2082 |
| 7720000 | U.S. Treasury Note, 4.25%, 5/15/35 | 7825 |
|  **Total U.S. Treasury (Cost - $22,561)** | **Total U.S. Treasury (Cost - $22,561)** | **21990** |
|  **Stock (1%)** | **Stock (1%)** |  |
|  **Preferred Stock (1%)** | **Preferred Stock (1%)** |  |
| 40000 | Morgan Stanley, 6.50% (g) |  |
|  | **(Cost - $1,000)** | 1024 |
|  **Private Equity (0%)** | **Private Equity (0%)** |  |
| 2910 | Luxco 3 Restructuring (c) |  |
|  | **(Cost - $–)** | 49 |
|  **Total Stock (Cost - $1,000)** | **Total Stock (Cost - $1,000)** | **1073** |
|  **Investment Company (7%)** | **Investment Company (7%)** |  |
| 9057217 | Payden Cash Reserves Money Market Fund\* | 9057 |
| 101806 | Payden Emerging Market Corporate Bond Fund, SI Class\* | 901 |
| 197095 | Payden Emerging Markets Local Bond Fund, SI Class\* | 1920 |
|  **Total Investment Company (Cost - $11,777)** | **Total Investment Company (Cost - $11,777)** | **11878** |
|  **Purchased Swaptions (0%)** | **Purchased Swaptions (0%)** |  |
|  **Total Purchased Swaptions (Cost - $82)** | **Total Purchased Swaptions (Cost - $82)** | **82** |
|  **Total Investments (Cost - $165,936) (97%)** | **Total Investments (Cost - $165,936) (97%)** | 165875 |
|  **Other Assets, net of Liabilities (3%)** | **Other Assets, net of Liabilities (3%)** | 5169 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**171044** |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $1,920 and the total market value of the collateral held by the Fund is $1,978. Amounts in 000s. (i) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Payment of principal and/or interest is insured against default by a monoline insurer.

&nbsp;&nbsp;&nbsp;&nbsp;(l) All or a portion of security has been pledged in connection with outstanding centrally cleared swaps.

&nbsp;&nbsp;&nbsp;&nbsp;(m) All or a portion of the security is pledged to cover futures contract margin requirements.

Annual Financial Statements and Other Information **44** 

------

**Payden Strategic Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Purchased Swaptions

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Notional<br>Amount<br>(000s)** | **Expiration<br>Date** | **Value<br>(000s)** | **Call/Put** |
|  **Purchased Swaptions - 0.1%** |  |  |  |  |  |
|  Protection Bought (Relevant Credit:Markit CDX, |  |  |  |  |  |
|  North America High Yield Series 45 Index), Pay 5.00% |  |  |  |  |  |
|  Quarterly, Receive upon credit default | Citibank, N.A. | $7300 | 01/21/2026 | $82 | Put |

---

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br>Sold (000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(000s) |
|  **Assets:** |  |  |  |  |
|  USD 1,722 | CAD 2,364 | Morgan Stanley | 03/18/2026 | $26 |
|  USD 6,147 | EUR 5,179 | Morgan Stanley | 03/18/2026 | 134 |
|  USD 1,180 | GBP 868 | Morgan Stanley | 03/18/2026 | 39 |
|  |  |  |  | 199 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. 10-Year Ultra Future | 161 | Dec-25 | $18593 | $221 | $221 |
|  U.S. Treasury 2-Year Note Future | 229 | Dec-25 | 47687 | (39) | (39) |
|  |  |  |  |  | 182 |
|  **Short Contracts:** |  |  |  |  |  |
|  U.S. Treasury 5-Year Note Future | 386 | Dec-25 | (42155) | 46 | 46 |
|  U.S. Ultra Bond Future | 9 | Dec-25 | (1092) | (41) | (41) |
|  |  |  |  |  | 5 |
|  **Total Futures** |  |  |  |  | $187 |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
|  10-Year SOFR Swap, Receive Variable 4.270% (SOFRRATE) |  |  |  |  |  |
|  Annually, Pay Fixed 3.282% Annually | 02/27/2035 | $3200 | $114 | $— | $114 |
|  10-Year SOFR Swap, Receive Variable 4.278% (SOFRRATE) |  |  |  |  |  |
|  Annually, Pay Fixed 2.738% Annually | 08/30/2034 | 2600 | 180 |  | 180 |
|  10-Year SOFR Swap, Receive Variable 4.326% (SOFRRATE) |  |  |  |  |  |
|  Annually, Pay Fixed 2.936% Annually | 06/28/2034 | 2630 | 144 |  | 144 |
|  2-Year SOFR Swap, Receive Fixed 2.740% Annually, Pay |  |  |  |  |  |
|  Variable 4.278% (SOFRRATE) Annually | 08/30/2026 | 11900 | (127) |  | (127) |
|  2-Year SOFR Swap, Receive Fixed 2.830% Annually, Pay |  |  |  |  |  |
|  Variable 4.326% (SOFRRATE) Annually | 06/29/2026 | 11766 | (135) |  | (135) |

---

#### 45 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
|  5-Year SOFR Swap, Receive Variable 4.270% (SOFRRATE) |  |  |  |  |  |
|  Annually, Pay Fixed 3.333% Annually | 02/27/2027 | $13500 | (126) |  | (126) |
|  |  |  | $50 | $— | $50 |

---

#### 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 Liabilities<sup>1</sup> | $1920 |
|  Non-cash Collateral<sup>2</sup> | (1920) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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 Financial Statements and Other Information **46** 

------

#### Payden Absolute Return Bond Fund
**Schedule of Investments** *- October 31, 2025* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (18%)** | **Asset Backed (18%)** |  |
| 1400000 | AIMCO CLO 2018-BA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 5.39%, 4/16/37 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;1403 |
| 3250000 | Allegro CLO XII Ltd. 2020-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.440%), 5.31%, 7/21/37 (a)(b) | 3259 |
| 1450000 | Apidos CLO 2013-12A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 5.35%, 4/15/31 (a)(b) | 1450 |
| 2125421 | ARES LII CLO Ltd. 2019-52A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.880%), 4.74%, 4/22/31 (a)(b) | 2125 |
| 8100000 | ARES XLIV CLO Ltd. 2017-44A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.130%), 5.03%, 4/15/34 (a)(b) | 8109 |
| 2200000 | Buckhorn Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 4.95%, 7/18/34 (a)(b) | 2201 |
| 7000000 | Canyon Capital CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 4.95%, 4/15/34 (a)(b) | 7000 |
| 2300000 | Carlyle Global Market Strategies CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 4.97%, 4/20/34 (a) (b) | 2302 |
| 1000000 | CARS-DB4 LP 2020-1A 144A, 4.52%, 2/15/50 (b) | 975 |
| 970000 | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (b) | 888 |
| 2000000 | Cifc Funding Ltd. 2023-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.48%, 1/20/37 (a)(b) | 2002 |
| 3200000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 5.68%, 1/25/52 CAD (b)(c) | 2238 |
| 1150000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 2.36%, 4/15/49 (b) | 1113 |
| 2000000 | Diamond Issuer LLC 2021-1A 144A, 3.79%, 11/20/51 (b) | 1874 |
| 1873184 | Driven Brands Funding LLC 2021-1A 144A, 2.79%, 10/20/51 (b) | 1768 |
| 650000 | Dryden 39 Euro CLO DAC 2015-39A 144A, (3 mo. EURIBOR + 0.950%), 2.98%, 4/15/35 EUR (a)(b)(c) | 747 |
| 110 | Flagship Credit Auto Trust, 26.40%, 3/15/29 (d) | 5 |
| 2120075 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 6.43%, 2/23/39 (a)(b) | 2115 |
| 3500000 | Galaxy XXII CLO Ltd. 2016-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.13%, 4/16/34 (a)(b) | 3505 |
| 2016000 | Golub Capital Partners Static Ltd. 2024-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.120%), 5.45%,<br>7/20/35 (a)(b) | 2015 |
| 2500000 | Henley CLO III DAC 3X, (3 mo. EURIBOR + 0.970%), 3.04%, 12/25/35 EUR (a)(c)(e) | 2882 |
| 750000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (b) | 781 |
| 2475000 | HPS Loan Management Ltd. 2021-16A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.110%), 4.97%, 1/23/35 (a)(b) | 2476 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 651274 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 |
| 2275000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 4.96%, 7/20/36 (a)(b) | 2275 |
| 3100000 | KKR CLO Ltd. 25 144A, (3 mo. Term Secured Overnight Financing Rate + 0.950%), 4.85%, 7/15/34 (a)(b) | 3088 |
| 3050000 | KKR CLO Ltd. 26 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.00%, 10/15/34 (a)(b) | 3050 |
| 1506726 | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 5.45%, 2/17/39 (a)(b) | 1509 |
| 2700000 | Madison Park Funding LVII Ltd. 2022-57A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.14%,<br>7/27/34 (a)(b) | 2702 |
| 5275000 | Neuberger Berman Loan Advisers CLO Ltd. 2021-41A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 4.95%, 4/15/34 (a)(b) | 5282 |
| 2500000 | OAK Hill European Credit Partners V Designated Activity Co. 2016-5A 144A, (3 mo. EURIBOR + 0.980%), 2.99%, 1/21/35 EUR (a) (b)(c) | 2880 |
| 2575083 | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 3.39%, 11/20/50 (b) | 2215 |
| 2200000 | Octagon Investment Partners Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.05%,<br>10/15/34 (a)(b) | 2202 |
| 3600000 | Octagon Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 4.96%, 10/15/34 (a)(b) | 3598 |
| 1722915 | RCKT Mortgage Trust 2025-CES2 144A, 5.50%, 2/25/55 (b) | 1738 |
| 931042 | RCKT Mortgage Trust 2025-CES5 144A, 5.69%, 5/25/55 (b) | 942 |
| 1905588 | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 14.59%, 12/15/32 (b) | 1950 |
| 100 | Santander Consumer Auto Receivables Trust 2021-B, 0.00%, 3/15/29 (d) | 2821 |
| 100 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (d) | 1120 |
| 453380 | Santander Drive Auto Receivables Trust 2023-S1 144A, 8.14%, 4/18/28 (b) | 454 |
| 1306965 | Santander Drive Auto Receivables Trust 2023-S1 144A, 10.40%, 4/18/28 (b) | 1306 |
| 1045749 | Santander Drive Auto Receivables Trust 2024-S1 144A, 6.53%, 3/16/29 (b) | 1046 |
| 126 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, 4/18/28 (d) | 3158 |
| 61 | Santander Drive Auto Receivables Trust 2024- S2, 5.80%, 12/16/28 (d) | 1153 |
| 2200000 | Sona Fios CLO I DAC 1A 144A, (3 mo. EURIBOR + 1.500%), 4.71%, 7/15/36 EUR (a) (b)(c) | 2537 |
| 2100000 | Sound Point Euro CLO I Funding DAC 1X, (3 mo. EURIBOR + 0.820%), 2.89%, 5/25/34 EUR (a)(c)(e) | 2415 |
| 85 | United Auto Credit Securitization Trust 2022-2, 0.00%, 4/10/29 (d) |  |

---

#### 47 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 2300000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%, 2/15/52 (b) | $2240 |
| 1000000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 6.64%, 5/15/54 (b) | 1017 |
| 8000000 | Voya CLO Ltd. 2020-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 4.97%, 7/16/34 (a)(b) | 8007 |
| 2025000 | Westlake Automobile Receivables Trust 2023- 4A 144A, 7.19%, 7/16/29 (b) | 2095 |
|  **Total Asset Backed (Cost - $122,419)** | **Total Asset Backed (Cost - $122,419)** | 116695 |
|  **Bank Loan(f) (6%)** | **Bank Loan(f) (6%)** |  |
| 1289861 | Alpha Generation LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 5.97%, 9/30/31 | 1293 |
| 418947 | American Airlines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.13%, 5/28/32 | 421 |
| 693002 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 6.50%, 8/20/31 | 695 |
| 4075844 | EMRLD Borrower LP Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.12%, 8/04/31 | 4067 |
| 1827628 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 7.03%, 9/13/32 | 1832 |
| 1875000 | Fr Br Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.19%, 10/09/30 | 1870 |
| 1393599 | Hanesbrands Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 6.72%, 3/07/32 | 1401 |
| 937385 | Iron Mountain Information Management LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 5.97%, 1/31/31 | 939 |
| 2241814 | Lackawanna Energy Center LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 7.11%, 8/05/32 | 2249 |
| 671625 | Leia Finco U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.19%, 10/09/31 | 674 |
| 816750 | Lightning Power LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.25%, 8/18/31 | 821 |
| 2288083 | Madison Iaq LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 6.70%, 6/21/28 | 2295 |
| 266098 | Madison Iaq LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.45%, 5/06/32 | 267 |
| 2060481 | McGraw-Hill Education Inc. Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.82%, 8/06/31 | 2061 |
| 1448051 | MIC Glen LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.22%, 7/21/28 | 1460 |
| 1243719 | Omnia Partners LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.36%, 7/25/30 | 1246 |
| 1500000 | Qnity Electronics Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.000%), 11/01/32 | 1503 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 2613621 | Quikrete Holdings Inc. Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.22%, 2/10/32 | $2620 |
| 1300000 | QXO Building Products Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 6.97%, 4/30/32 | 1304 |
| 2600000 | Raising Canes Restaurants LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.000%), 2.00%, 11/03/32 | 2599 |
| 1075000 | Talen Energy Supply LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 2.00%, 10/11/32 | 1076 |
| 930543 | Terex Corp. Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 0.750%), 5.72%, 10/08/31 | 935 |
| 1091709 | Transdigm Inc. Term Loan J 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.50%, 2/28/31 | 1094 |
| 1050000 | Transdigm Inc. Term Loan M 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.50%, 8/13/32 | 1052 |
| 1055895 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.72%, 4/25/31 | 1064 |
|  **Total Bank Loan (Cost - $36,782)** | **Total Bank Loan (Cost - $36,782)** | 36838 |
|  **Corporate Bond (20%)** | **Corporate Bond (20%)** |  |
| 1300000 | ADT Security Corp. 144A, 5.88%,<br>10/15/33 (b) | 1322 |
| 1700000 | AECOM 144A, 6.00%, 8/01/33 (b) | 1746 |
| 1000000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 1.780%), 5.55%,<br>7/31/33 (a) | 1005 |
| 1100000 | Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30 EUR (c)(e) | 1287 |
| 200000 | Alpha Generation LLC 144A, 6.25%, 1/15/34 (b) | 202 |
| 1950000 | Alphabet Inc., 2.50%, 5/06/29 EUR (c) | 2249 |
| 185000 | Altice France Lux 3/Altice Holdings 1 144A, 10.00%, 1/15/33 (b) | 174 |
| 330000 | American Express Co., (Secured Overnight Financing Rate + 1.280%), 5.28%,<br>7/27/29 (a) | 340 |
| 725000 | American Homes 4 Rent LP, 4.95%, 6/15/30 | 739 |
| 3175000 | American Honda Finance Corp., 4.50%, 9/04/30 | 3184 |
| 675000 | Amrize Finance U.S. LLC 144A, 4.95%, 4/07/30 (b) | 691 |
| 425000 | B&M European Value Retail SA, 6.50%, 11/27/31 GBP (c)(e) | 549 |
| 375000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.000%), 5.16%, 1/24/31 (a) | 387 |
| 975000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 1.080%), 4.48%,<br>11/11/29 (a) | 977 |
| 725000 | Beach Acquisition Bidco LLC 144A, 5.25%, 7/15/32 EUR (b)(c) | 861 |
| 1450000 | BKV Upstream Midstream LLC 144A, 7.50%, 10/15/30 (b) | 1453 |
| 125000 | Blue Owl Capital Corp., 3.40%, 7/15/26 | 124 |
| 1595000 | Bombardier Inc. 144A, 7.00%, 6/01/32 (b) | 1677 |
| 950000 | Boots Group Finco LP 144A, 5.38%, 8/31/32 EUR (b)(c) | 1138 |
| 900000 | Boparan Finance PLC, 9.38%, 11/07/29 GBP (c) (e) | 1258 |
| 900000 | Broadcom Inc., 4.20%, 10/15/30 | 899 |
| 550000 | Bubbles Bidco SpA 144A, 6.50%, 9/30/31 EUR (b)(c) | 655 |
| 1425000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (b) | 1454 |

---

Annual Financial Statements and Other Information **48** 

------

**Payden Absolute Return Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1025000 | Cigna Group, 4.50%, 9/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;1029 |
| 1425000 | CITGO Petroleum Corp. 144A, 6.38%, 6/15/26 (b) | 1428 |
| 750000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (a) | 686 |
| 1160000 | Clean Harbors Inc. 144A, 5.75%, 10/15/33 (b) | 1186 |
| 2100000 | Corp. Inmobiliaria Vesta SAB de CV 144A, 5.50%, 1/30/33 (b) | 2132 |
| 775000 | CRH America Finance Inc., 5.40%, 5/21/34 | 804 |
| 1500000 | Deutsche Bank AG, (3 mo. EURIBOR + 1.500%), 4.13%, 4/04/30 EUR (a)(c)(e) | 1794 |
| 1425000 | DNB Bank ASA, (1 yr. UK Government Bonds Note Generic Bid Yield + 2.150%), 4.00%, 8/17/27 GBP (a)(c)(e) | 1869 |
| 1150000 | doValue SpA 144A, 5.38%,<br>11/15/31 EUR (b)(c) | 1326 |
| 1250000 | DTE Energy Co., 5.05%, 10/01/35 | 1247 |
| 325000 | Duke Energy Carolinas LLC, 4.85%, 3/15/30 | 334 |
| 1050000 | Edge Finco PLC 144A, 8.13%, 8/15/31 GBP (b) (c) | 1463 |
| 500000 | EOG Resources Inc., 5.35%, 1/15/36 | 515 |
| 450000 | Equitable America Global Funding 144A, 4.65%, 6/09/28 (b) | 455 |
| 1350000 | Fiesta Purchaser Inc. 144A, 9.63%,<br>9/15/32 (b) | 1456 |
| 1950000 | Fiserv Funding ULC, 2.88%, 6/15/28 EUR (c) | 2246 |
| 1050000 | Flutter Treasury DAC 144A, 6.13%, 6/04/31 GBP (b)(c) | 1394 |
| 1625000 | Ford Motor Credit Co. LLC, 5.87%, 10/31/35 | 1606 |
| 1400000 | Fressnapf Holding SE, 5.25%, 10/31/31 EUR (c) (e) | 1641 |
| 1000000 | Frontier Communications Holdings LLC 144A, 5.00%, 5/01/28 (b) | 999 |
| 2325000 | General Motors Financial Co. Inc., 4.90%, 10/06/29 | 2359 |
| 3250000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 0.900%), 4.15%, 10/21/29 (a) | 3241 |
| 3250000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.060%), 4.37%, 10/21/31 (a) | 3237 |
| 250000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (a) | 229 |
| 1125000 | Gruppo San Donato SpA 144A, 6.50%, 10/31/31 EUR (b)(c) | 1335 |
| 425000 | HCA Inc., 5.88%, 2/01/29 (g) | 443 |
| 1500000 | HCA Inc., 4.90%, 11/15/35 | 1483 |
| 1250000 | Hewlett Packard Enterprise Co., 5.00%, 10/15/34 | 1237 |
| 1225000 | Hyundai Capital America 144A, 4.50%, 9/18/30 (b) | 1223 |
| 1675000 | Invitation Homes Operating Partnership LP, 4.95%, 1/15/33 | 1683 |
| 1905000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 4.26%, 10/22/31 (a) | 1899 |
| 975000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.340%), 4.95%, 10/22/35 (a) | 986 |
| 1400000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%, 2/15/29 (b) | 1468 |
| 2400000 | M&T Bank Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.430%), 5.40%, 7/30/35 (a) | 2418 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1535000 | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 144A, 6.88%, 12/01/32 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;1558 |
| 950000 | Marriott International Inc., 4.50%, 10/15/31 | 948 |
| 1050000 | Meta Platforms Inc., 4.20%, 11/15/30 | 1049 |
| 1600000 | Mexico City Airport Trust, 4.25%, 10/31/26 (e) | 1595 |
| 2625000 | Morgan Stanley I, (U.S. Secured Overnight Financing Rate + 1.074%), 4.36%, 10/22/31 (a) | 2617 |
| 725000 | Novelis Corp. 144A, 6.38%, 8/15/33 (b) | 735 |
| 900000 | Novo Banco SA, (3 mo. EURIBOR + 1.050%), 3.38%, 1/22/31 EUR (a)(c)(e) | 1054 |
| 1400000 | Opal Bidco SAS 144A, 5.50%, 3/31/32 EUR (b) (c) | 1676 |
| 2425000 | Open Text Corp. 144A, 6.90%, 12/01/27 (b) | 2527 |
| 375000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.25%, 7/01/29 (b) | 386 |
| 1275000 | Permanent TSB Group Holdings PLC, (ICE 1Year Euribor Swap Fix + 3.500%), 6.63%, 6/30/29 EUR (a)(c)(e) | 1611 |
| 1400000 | Petroleos Mexicanos, 3.63%,<br>11/24/25 EUR (c) (e) | 1614 |
| 127000 | Petroleos Mexicanos, 2.75%,<br>4/21/27 EUR (c)(e) | 145 |
| 1675000 | Petroleos Mexicanos, 6.35%, 2/12/48 | 1344 |
| 1000000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (b) | 1053 |
| 750000 | Qnity Electronics Inc. 144A, 5.75%,<br>8/15/32 (b) | 764 |
| 1700000 | Rentokil Initial PLC, 0.50%,<br>10/14/28 EUR (c) (e) | 1854 |
| 350000 | Royal Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.030%), 5.15%, 2/04/31 (a) | 361 |
| 1800000 | Sagax AB, 4.38%, 5/29/30 EUR (c)(e)(g) | 2169 |
| 925000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.940%), 5.35%, 9/06/30 (a) | 943 |
| 4000000 | SBA Tower Trust 144A, 1.63%, 11/15/26 (b) | 3888 |
| 2200000 | SBA Tower Trust 144A, 6.60%, 1/15/28 (b) | 2253 |
| 1900000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (b) | 1812 |
| 1550000 | Standard Building Solutions Inc. 144A, 6.50%, 8/15/32 (b) | 1595 |
| 1375000 | Standard Building Solutions Inc. 144A, 6.25%, 8/01/33 (b) | 1403 |
| 1275000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (b) | 1363 |
| 825000 | Sumitomo Mitsui Trust Group Inc. 144A, (U.S. Secured Overnight Financing Rate + 1.650%), 5.42%, 9/11/36 (a)(b) | 839 |
| 910000 | Surgery Center Holdings Inc. 144A, 7.25%, 4/15/32 (b) | 937 |
| 435000 | Synopsys Inc., 4.85%, 4/01/30 | 443 |
| 695000 | Synopsys Inc., 5.00%, 4/01/32 | 710 |
| 850000 | Synopsys Inc., 5.15%, 4/01/35 | 864 |
| 1100000 | TDF Infrastructure SASU, 4.13%, 10/23/31 EUR (c)(e) | 1296 |
| 1650000 | Tesco Corporate Treasury Services PLC, 3.38%, 5/06/32 EUR (c)(e) | 1916 |
| 1080000 | Toronto-Dominion Bank, 4.11%, 10/13/28 | 1080 |
| 1650000 | Uber Technologies Inc., 4.15%, 1/15/31 | 1635 |
| 1775000 | UniCredit SpA, (3 mo. EURIBOR + 1.600%), 4.45%, 2/16/29 EUR (a)(c)(e) | 2126 |
| 1200000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (b) | 1207 |
| 875000 | Viper Energy Partners LLC, 5.70%, 8/01/35 | 893 |
| 495000 | VMware LLC, 1.80%, 8/15/28 | 465 |
| 1600000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.500%), 5.15%, 4/23/31 (a) | 1650 |

---

#### 49 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1850000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 2.020%), 5.39%, 4/24/34 (a) | $1922 |
| 1075000 | WMG Acquisition Corp. 144A, 3.75%, 12/01/29 (b) | 1029 |
|  **Total Corporate Bond (Cost - $127,744)** | **Total Corporate Bond (Cost - $127,744)** | 130551 |
|  **Foreign Government (13%)** | **Foreign Government (13%)** |  |
| 775000 | Albania Government International Bond 144A, 4.75%, 2/14/35 EUR (b)(c) | 920 |
| 186000000 | Brazil Letras do Tesouro Nacional, 14.11%, 4/01/26 BRL (c)(d) | 32689 |
| 44000000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/31 BRL (c) | 7204 |
| 1350000 | Costa Rica Government International Bond, 7.16%, 3/12/45 (e) | 1483 |
| 1310000 | Dominican Republic International Bond, 5.95%, 1/25/27 (e) | 1331 |
| 1625000 | Dominican Republic International Bond 144A, 5.88%, 10/28/35 (b) | 1624 |
| 700000 | Egypt Government International Bond, 5.63%, 4/16/30 EUR (c)(e) | 786 |
| 4125000 | Ghana Government International Bond, 5.00%, 7/03/29 (e) | 4027 |
| 1090000 | Guatemala Government Bond, 4.38%,<br>6/05/27 (e) | 1084 |
| 1575000 | Guatemala Government Bond 144A, 6.25%, 8/15/36 (b) | 1663 |
| 925000 | Guatemala Government Bond, 6.55%, 2/06/37 (e) | 998 |
| 2225000 | Hungary Government International Bond Series 10Y, 4.50%, 6/16/34 EUR (c)(e) | 2661 |
| 917000 | Ivory Coast Government International Bond, 6.38%, 3/03/28 (e) | 931 |
| 300000 | Ivory Coast Government International Bond 144A, 8.08%, 4/01/36 (b) | 317 |
| 600000 | Ivory Coast Government International Bond, 8.08%, 4/01/36 (e) | 634 |
| 200000 | Ivory Coast Government International Bond, 8.25%, 1/30/37 (e) | 213 |
| 201930000 | Mexican Bonos Series M, 7.75%, 11/23/34 MXN (c) | 10253 |
| 1700000 | Mexico Government International Bond, 5.38%, 3/22/33 | 1705 |
| 1000000 | Nigeria Government International Bond, 10.38%, 12/09/34 (e) | 1128 |
| 94060000 | Republic of South Africa Government Bond Series 2035, 8.88%, 2/28/35 ZAR (c) | 5438 |
| 400000 | Republic of Uzbekistan International Bond, 5.38%, 2/20/29 (e) | 404 |
| 900000 | Republic of Uzbekistan International Bond, 3.70%, 11/25/30 (e) | 842 |
| 1800000 | Republic of Uzbekistan International Bond, 6.95%, 5/25/32 (e) | 1957 |
| 850000 | Romanian Government International Bond 144A, 5.75%, 9/16/30 (b) | 871 |
| 1050000 | Romanian Government International Bond 144A, 5.88%, 7/11/32 EUR (b)(c) | 1264 |
| 1200000 | Sri Lanka Government International Bond, 3.60%, 2/15/38 (e) | 1111 |
| 2350975 | Zambia Government International Bond, 5.75%, 6/30/33 (e) | 2265 |
|  **Total Foreign Government (Cost - $83,704)** | **Total Foreign Government (Cost - $83,704)** | 85803 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Mortgage Backed (39%)** | **Mortgage Backed (39%)** |  |
| 1425000 | 1301 Trust 2025-1301 144A, 5.06%, 8/11/42 (b)(h) | $&nbsp;&nbsp;&nbsp;&nbsp;1448 |
| 1150000 | 1301 Trust 2025-1301 144A, 6.22%, 8/11/42 (b)(h) | 1169 |
| 2000000 | Arbor Realty Commercial Real Estate Notes LLC 2025-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.354%), 5.39%, 1/20/43 (a) (b) | 2002 |
| 1650000 | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.814%), 5.85%, 11/15/36 (a) (b) | 1654 |
| 2600000 | BDS LLC 2025-FL15 144A, (1 mo. Term Secured Overnight Financing Rate + 1.400%), 5.43%, 3/19/43 (a)(b) | 2602 |
| 2050000 | BFLD Commercial Mortgage Trust 2025-660F 144A, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 5.46%,<br>11/15/42 (a)(b) | 2058 |
| 1425000 | BFLD Commercial Mortgage Trust 2025-660F 144A, (1 mo. Term Secured Overnight Financing Rate + 2.150%), 6.11%,<br>11/15/42 (a)(b) | 1431 |
| 2553395 | Bravo Residential Funding Trust 2025-NQM1 144A, 5.60%, 12/25/64 (b) | 2573 |
| 1111278 | Bravo Residential Funding Trust 2025-NQM3 144A, 5.57%, 3/25/65 (b) | 1120 |
| 2025000 | Bravo Residential Funding Trust 2025-NQM10 144A, 5.33%, 9/25/65 (b) | 2022 |
| 1703873 | BRAVO Residential Funding Trust 2024-NQM7 144A, 6.06%, 10/27/64 (b) | 1717 |
| 1581511 | BRAVO Residential Funding Trust 2025-NQM2 144A, 5.68%, 11/25/64 (b) | 1595 |
| 2338376 | BRAVO Residential Funding Trust 2025-NQM6 144A, 5.33%, 6/25/65 (b) | 2350 |
| 3044456 | BRAVO Residential Funding Trust 2025-NQM7 144A, 5.46%,<br>7/25/65 (b) | 3069 |
| 2250000 | BSPRT Issuer LLC 2025-FL12 144A, (1 mo. Term Secured Overnight Financing Rate + 1.386%), 5.49%, 1/17/43 (a)(b) | 2248 |
| 2722407 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 1.764%), 5.80%,<br>9/15/36 (a)(b) | 2721 |
| 2906484 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.964%), 7.00%,<br>9/15/36 (a)(b) | 2866 |
| 1568127 | BX Commercial Mortgage Trust 2024-AIRC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 5.72%,<br>8/15/39 (a)(b) | 1572 |
| 1197856 | BX Commercial Mortgage Trust 2025-BCAT 144A, (1 mo. Term Secured Overnight Financing Rate + 1.380%), 5.41%,<br>8/15/42 (a)(b) | 1200 |
| 1365556 | BX Commercial Mortgage Trust 2025-BCAT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.650%), 6.68%,<br>8/15/42 (a)(b) | 1376 |
| 3950000 | BX Mortgage Trust 2025-BIO3 144A, 6.14%, 2/10/42 (b) | 4090 |
| 1625000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 5.97%, 6/15/41 (a)(b) | 1627 |
| 2200000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.893%), 5.92%, 3/15/42 (a)(b) | 2204 |

---

Annual Financial Statements and Other Information **50** 

------

**Payden Absolute Return Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1700000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 2.192%), 6.22%, 3/15/42 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;1698 |
| 1500000 | BX Trust 2025-VLT7 144A, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.28%, 7/15/44 (a)(b) | 1513 |
| 3200000 | BXMT Ltd. 2025-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.639%), 5.67%, 10/18/42 (a)(b) | 3188 |
| 14857203 | Cantor Commercial Real Estate Lending 2019- CF1, 1.11%, 5/15/52 (h) | 402 |
| 1550000 | Century Plaza Towers 2019-CPT 144A, 3.00%, 11/13/39 (b)(h) | 1370 |
| 2331170 | Colt Mortgage Loan Trust 2024-7 144A, 5.54%, 12/26/69 (b) | 2347 |
| 1344916 | COLT Mortgage Loan Trust 2025-8 144A, 5.48%, 8/25/70 (b) | 1358 |
| 2054054 | COLT Mortgage Loan Trust 2025-8 144A, 5.89%, 8/25/70 (b) | 2070 |
| 2400000 | COMM Mortgage Trust 2025-SBX 144A, 5.55%, 8/10/41 (b)(h) | 2414 |
| 1900000 | Connecticut Avenue Securities Trust 2020- SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%), 8.12%, 2/25/40 (a)(b) | 1968 |
| 1363209 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.550%), 5.73%, 10/25/41 (a)(b) | 1367 |
| 1830000 | Connecticut Avenue Securities Trust 2021-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.18%, 10/25/41 (a)(b) | 1903 |
| 3400000 | Connecticut Avenue Securities Trust 2021- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.300%), 7.48%, 11/25/41 (a)(b) | 3476 |
| 650000 | Connecticut Avenue Securities Trust 2021-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.200%), 10.38%, 11/25/41 (a)(b) | 679 |
| 5963000 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 8.68%, 1/25/42 (a)(b) | 6190 |
| 1775000 | Connecticut Avenue Securities Trust 2022-R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.500%), 13.68%, 3/25/42 (a)(b) | 1956 |
| 300000 | Connecticut Avenue Securities Trust 2022-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.850%), 14.03%, 3/25/42 (a)(b) | 332 |
| 1213156 | Connecticut Avenue Securities Trust 2023- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.48%, 5/25/43 (a)(b) | 1240 |
| 507802 | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.700%), 5.88%, 7/25/43 (a)(b) | 510 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1824462 | Connecticut Avenue Securities Trust 2023- R07 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.13%, 9/25/43 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;1837 |
| 481019 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.28%, 2/25/44 (a)(b) | 481 |
| 2128601 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.18%, 2/25/45 (a)(b) | 2134 |
| 2264237 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 5.33%, 2/25/45 (a)(b) | 2268 |
| 2500000 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.78%, 2/25/45 (a)(b) | 2507 |
| 2036881 | Connecticut Avenue Securities Trust 2025- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.78%, 3/25/45 (a)(b) | 2045 |
| 2450000 | Connecticut Avenue Securities Trust 2025- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.500%), 5.68%, 5/25/45 (a)(b) | 2460 |
| 3858713 | Connecticut Avenue Securities Trust 2025- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.950%), 5.13%, 9/25/45 (a)(b) | 3859 |
| 3552714 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (b)(h) | 3576 |
| 2164500 | Cross Mortgage Trust 2025-H1 144A, 5.74%, 2/25/70 (b)(h) | 2185 |
| 2829843 | Cross Mortgage Trust 2025-H6 144A, 5.18%, 7/25/70 (b)(h) | 2835 |
| 1425000 | DBC Mortgage Trust 2025-DBC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.350%), 5.40%, 6/15/38 (a)(b) | 1429 |
| 1925000 | DBC Mortgage Trust 2025-DBC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.600%), 5.65%, 6/15/38 (a)(b) | 1931 |
| 1650000 | DBC Mortgage Trust 2025-DBC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.050%), 6.10%, 6/15/38 (a)(b) | 1657 |
| 1650000 | DGWD Trust 2025-INFL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.600%), 5.63%, 8/15/35 (a)(b) | 1660 |
| 1475000 | Durst Commercial Mortgage Trust 2025-151 144A, 5.82%, 8/10/42 (b)(h) | 1506 |
| 1725000 | Durst Commercial Mortgage Trust 2025-151 144A, 6.79%, 8/10/42 (b)(h) | 1779 |
| 1925000 | Freddie Mac Stacr Remic Trust 2025-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.500%), 5.68%, 9/25/45 (a)(b) | 1927 |
| 3900000 | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.350%), 7.53%, 9/25/41 (a)(b) | 3967 |

---

#### 51 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 2050000 | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.250%), 10.43%, 9/25/41 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;2126 |
| 669469 | Freddie Mac STACR REMIC Trust 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.500%), 5.68%, 10/25/41 (a)(b) | 672 |
| 1825000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 7.800%), 11.98%, 11/25/41 (a)(b) | 1936 |
| 1500000 | Freddie Mac STACR REMIC Trust 2021-HQA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.750%), 7.93%, 12/25/41 (a)(b) | 1538 |
| 2775000 | Freddie Mac STACR REMIC Trust 2022-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.350%), 8.53%, 4/25/42 (a)(b) | 2906 |
| 2850000 | Freddie Mac STACR REMIC Trust 2022-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.250%), 9.43%, 5/25/42 (a)(b) | 3028 |
| 1340000 | Freddie Mac STACR REMIC Trust 2022-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.750%), 10.93%, 6/25/42 (a)(b) | 1459 |
| 1300000 | Freddie Mac STACR REMIC Trust 2022-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.350%), 9.53%, 8/25/42 (a)(b) | 1393 |
| 2481272 | Freddie Mac STACR REMIC Trust 2023-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.29%, 3/25/43 (a)(b) | 2518 |
| 1697598 | Freddie Mac STACR REMIC Trust 2023-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.29%, 4/25/43 (a)(b) | 1722 |
| 1400000 | Freddie Mac STACR REMIC Trust 2023-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.500%), 9.68%, 5/25/43 (a)(b) | 1542 |
| 4492095 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.03%, 11/25/43 (a)(b) | 4538 |
| 641586 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.03%, 11/25/43 (a)(b) | 645 |
| 975512 | Freddie Mac STACR REMIC Trust 2024-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.250%), 5.43%, 3/25/44 (a)(b) | 977 |
| 3000000 | Freddie Mac STACR REMIC Trust 2024-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.18%, 3/25/44 (a)(b) | 3035 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 2017662 | Freddie Mac STACR REMIC Trust 2024-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 5.38%, 5/25/44 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| 2210000 | Freddie Mac STACR REMIC Trust 2024-HQA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.250%), 5.43%, 8/25/44 (a)(b) | 2223 |
| 1242885 | Frost CMBS DAC 2021-1A 144A, (Sterling Overnight Index Average + 2.900%), 6.89%, 11/20/33 GBP (a)(b)(c) | 1625 |
| 2837531 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 5.87%, 10/15/41 (a)(b) | 2851 |
| 20684 | JP Morgan Mortgage Trust 2017-5 144A, 4.96%, 10/26/48 (a)(b)(h) | 21 |
| 3778018 | LCCM 2017-LC26 144A, 1.50%,<br>7/12/50 (b)(h) | 61 |
| 1800000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.33%, 5/15/39 (a)(b) | 1744 |
| 2990000 | LoanCore 2025 Issuer LLC 2025-CRE8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.385%), 5.42%, 8/17/42 (a)(b) | 2990 |
| 1175000 | LoanCore Issuer LLC 2025-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.950%), 6.01%, 8/18/42 (a)(b) | 1180 |
| 3775000 | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8 144A, 4.96%,<br>9/25/70 (b)(h) | 3770 |
| 3075000 | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8 144A, 5.42%, 9/25/70 (b) | 3077 |
| 3125000 | NRTH Commercial Mortgage Trust 2025-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 1.393%), 5.54%,<br>10/15/40 (a)(b) | 3131 |
| 1800000 | NRTH Commercial Mortgage Trust 2025-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 1.643%), 5.79%,<br>10/15/40 (a)(b) | 1804 |
| 1805962 | OBX Trust 2025-NQM7 144A, 5.56%, 5/25/55 (b) | 1824 |
| 1367799 | OBX Trust 2024-NQM8 144A, 6.23%,<br>5/25/64 (b) | 1386 |
| 998573 | OBX Trust 2024-NQM13 144A, 5.42%, 6/25/64 (b) | 998 |
| 1658532 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (b) | 1666 |
| 1250740 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (b) | 1248 |
| 1918799 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (b) | 1928 |
| 3322083 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (b)(h) | 3337 |
| 6793859 | OBX Trust 2025-NQM2 144A, 5.60%, 11/25/64 (b) | 6852 |
| 2121141 | OBX Trust 2025-NQM3 144A, 5.65%, 12/01/64 (b) | 2141 |
| 1855999 | OBX Trust 2025-NQM3 144A, 5.95%, 12/01/64 (b) | 1871 |
| 4156271 | OBX Trust 2025-NQM5 144A, 5.52%, 3/25/65 (b) | 4174 |
| 2115410 | OBX Trust 2025-NQM6 144A, 5.96%, 3/25/65 (b) | 2136 |
| 4527728 | OBX Trust 2025-NQM10 144A, 5.45%, 5/25/65 (b) | 4570 |

---

Annual Financial Statements and Other Information **52** 

------

**Payden Absolute Return Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 4150000 | OBX Trust 2025-NQM19 144A, 4.87%, 10/25/65 (b)(h) | $4138 |
| 1625000 | OBX Trust 2025-NQM20 144A, 5.02%, 10/25/65 (b)(h) | 1625 |
| 2250000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.443%), 5.48%, 2/15/42 (a)(b) | 2239 |
| 2474254 | THPT Mortgage Trust 2023-THL 144A, 6.99%, 12/10/34 (b)(h) | 2508 |
| 1775000 | TRTX Issuer Ltd. 2025-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.950%), 0.00%, 6/18/43 (a)(b)(d) | 1781 |
| 1125000 | TRTX Issuer Ltd. 2025-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 2.200%), 0.00%, 6/18/43 (a)(b)(d) | 1129 |
| 3196986 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (b)(h) | 3206 |
| 3038110 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (b)(h) | 3057 |
| 1618416 | Verus Securitization Trust 2025-2 144A, 5.31%, 3/25/70 (b) | 1626 |
| 1512949 | Verus Securitization Trust 2025-6 144A, 5.42%, 7/25/70 (b) | 1524 |
| 1973465 | Verus Securitization Trust 2025-8 144A, 4.87%, 9/25/70 (b)(h) | 1971 |
| 1825000 | VRTX Trust 2025-HQ 144A, 5.92%, 8/05/42 (b)(h) | 1856 |
| 950000 | VTR Commercial Mortgage Trust 2025-STEM 144A, 6.06%, 10/13/39 (b)(h) | 955 |
| 1200000 | Wells Fargo Commercial Mortgage Trust 2024- MGP 144A, (1 mo. Term Secured Overnight Financing Rate + 2.939%), 6.97%, 8/15/41 (a) (b) | 1200 |
| 1550000 | Wells Fargo Commercial Mortgage Trust 2025-HI 144A, (1 mo. Term Secured Overnight Financing Rate + 1.693%), 5.73%, 10/15/42 (a) (b) | 1555 |
| 4799505 | Wells Fargo Commercial Mortgage Trust 2018- C46, 0.90%, 8/15/51 (h) | 80 |
|  **Total Mortgage Backed (Cost - $246,465)** | **Total Mortgage Backed (Cost - $246,465)** | 245855 |
|  **U.S. Treasury (1%)** | **U.S. Treasury (1%)** |  |
| 6000000 | U.S. Treasury Note, 3.88%, 7/31/27<br> (Cost - $6,026) | 6026 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Stock (0%)** | **Stock (0%)** |  |
|  **Private Equity (0%)** | **Private Equity (0%)** |  |
| 8123 | Luxco 3 Restructuring (c)(i)<br>(Cost - $–) | $137 |
|  **Rights (0%)** | **Rights (0%)** |  |
| 773 | Altice France CVR (c)(i)<br>(Cost - $–) | 12 |
|  **Total Stock (Cost - $–)** | **Total Stock (Cost - $–)** | 149 |
|  **Investment Company (5%)** | **Investment Company (5%)** |  |
| 7887069 | Payden Cash Reserves Money Market Fund\* | 7887 |
| 2042302 | Payden Emerging Markets Local Bond Fund, SI Class\* | 19892 |
|  **Total Investment Company (Cost - $27,001)** | **Total Investment Company (Cost - $27,001)** | 27779 |
|  **Purchase Options (0%)** | **Purchase Options (0%)** |  |
|  **Total Purchase Options (Cost - $794)** | **Total Purchase Options (Cost - $794)** | 479 |
|  **Total Investments, Before Written Options**<br> **(Cost - $650,935) (102%)** | **Total Investments, Before Written Options**<br> **(Cost - $650,935) (102%)** | 650175 |
|  **Written Options (0%)** | **Written Options (0%)** |  |
|  **Total Written Options (Cost - $(334))** | **Total Written Options (Cost - $(334))** | (231) |
|  **Total Investments (Cost - $650,601) (102%)** | **Total Investments (Cost - $650,601) (102%)** | 649944 |
|  **Liabilities in excess of Other Assets (-2%)** | **Liabilities in excess of Other Assets (-2%)** | (10003) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $639941 |

---

\* Affiliated investment.

(a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

(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) 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) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

(g) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $410 and the total market value of the collateral held by the Fund is $439. Amounts in 000s.

(h) 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.

(i) Non-income producing

#### Purchase Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000s)** | **Exercise<br>Price** | **Maturity<br>Date** | **Value<br>(000s)** | **Call/Put** |
|  **Exchange Traded Options Purchase - 0.1%** |  |  |  |  |  |  |
|  Energy Select Sector SPDR Fund | 1817 | $22 | $75 | 11/21/2025 | $22 | Put |
|  S&P 500 Emini | 104 | 343 | 6500 | 12/31/2025 | 343 | Put |
|  S&P 500 Emini | 28 | 114 | 6800 | 11/28/2025 | 114 | Put |
|  **Total Purchase Options** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 |  |

---

#### 53 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Written Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000s)** | **Exercise<br>Price** | **Maturity<br>Date** | **Value<br>(000s)** | **Call/Put** |
|  **Exchange Traded Options Purchase - 0.0%** |  |  |  |  |  |  |
|  S&P 500 Emini | 104 | $(191) | $6200 | 12/31/2025 | $(191) | Put |
|  S&P 500 Emini | 28 | (40) | 6500 | 11/28/2025 | (40) | Put |

---

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Assets:** |  |  |  |  |
|  AUD 27,668 | USD 18,036 | HSBC Bank USA, N.A. | 11/20/2025 | $71 |
|  CHF 155 | USD 193 | HSBC Bank USA, N.A. | 11/20/2025 |  |
|  HUF 1,112,900 | USD 3,259 | HSBC Bank USA, N.A. | 11/20/2025 | 44 |
|  USD 4,897 | GBP 3,627 | BNP PARIBAS | 11/20/2025 | 132 |
|  USD 33,381 | BRL 186,000 | BNP PARIBAS | 04/07/2026 | 43 |
|  USD 497 | AUD 753 | HSBC Bank USA, N.A. | 11/20/2025 | 4 |
|  USD 9,899 | CHF 7,867 | HSBC Bank USA, N.A. | 11/20/2025 | 100 |
|  USD 4,893 | EUR 4,169 | HSBC Bank USA, N.A. | 11/20/2025 | 82 |
|  USD 13,072 | GBP 9,757 | HSBC Bank USA, N.A. | 11/20/2025 | 254 |
|  USD 6,489 | JPY 970,500 | HSBC Bank USA, N.A. | 11/20/2025 | 179 |
|  USD 5,035 | NOK 49,340 | HSBC Bank USA, N.A. | 11/20/2025 | 164 |
|  USD 2,362 | CAD 3,242 | Morgan Stanley | 03/18/2026 | 35 |
|  USD 73,244 | EUR 61,742 | Morgan Stanley | 03/18/2026 | 1555 |
|  USD 9,372 | GBP 6,900 | Morgan Stanley | 03/18/2026 | 307 |
|  |  |  |  | 2970 |
|  **Liabilities:** |  |  |  |  |
|  EUR 4,187 | USD 4,916 | HSBC Bank USA, N.A. | 11/20/2025 | (84) |
|  EUR 21,712 | USD 25,441 | Morgan Stanley | 03/18/2026 | (231) |
|  GBP 13,384 | USD 18,023 | HSBC Bank USA, N.A. | 11/20/2025 | (439) |
|  GBP 550 | USD 733 | Morgan Stanley | 03/18/2026 | (10) |
|  JPY 2,201,385 | USD 15,006 | HSBC Bank USA, N.A. | 11/20/2025 | (692) |
|  NOK 49,340 | USD 4,900 | HSBC Bank USA, N.A. | 11/20/2025 | (29) |
|  USD 6,385 | COP 26,046,900 | Barclays Bank PLC | 11/19/2025 | (354) |
|  USD 7,005 | ZAR 124,370 | BNP PARIBAS | 11/20/2025 | (158) |
|  USD 625 | BRL 3,500 | HSBC Bank USA, N.A. | 11/19/2025 | (23) |
|  USD 10,356 | MXN 193,067 | HSBC Bank USA, N.A. | 11/20/2025 | (14) |
|  ZAR 30,005 | USD 1,742 | BNP PARIBAS | 11/20/2025 | (14) |
|  |  |  |  | (2048) |
|  Net Unrealized Appreciation (Depreciation) |  |  |  | $922 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  3 Month SOFR Future | 635 | Dec-26 | $153678 | $50 | $50 |
|  U.S. 10-Year Ultra Future | 23 | Dec-25 | 2656 | (11) | (11) |
|  U.S. Treasury 10-Year Note Future | 423 | Dec-25 | 47660 | (303) | (303) |
|  U.S. Treasury 5-Year Note Future | 871 | Dec-25 | 95123 | (151) | (151) |
|  |  |  |  |  | (415) |

---

Annual Financial Statements and Other Information **54** 

------

**Payden Absolute Return Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Short Contracts:** |  |  |  |  |  |
|  Euro-Bobl Future | 118 | Dec-25 | $(16085) | $(72) | $(72) |
|  Euro-Bund Future | 101 | Dec-25 | (15063) | (190) | (190) |
|  Euro-Schatz Future | 72 | Dec-25 | (8887) | (2) | (2) |
|  Long Gilt Future | 14 | Dec-25 | (1722) | (56) | (56) |
|  U.S. Long Bond Future | 98 | Dec-25 | (11497) | (55) | (55) |
|  U.S. Treasury 2-Year Note Future | 702 | Dec-25 | (146186) | 205 | 205 |
|  U.S. Ultra Bond Future | 176 | Dec-25 | (21346) | (540) | (540) |
|  |  |  |  |  | (710) |
|  **Total Futures** |  |  |  |  | $(1125) |

---

#### Open Centrally Cleared Credit Default Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation<br>(000s) |
|  Protection Sold (Relevant Credit:Markit CDX, North |  |  |  |  |  |
|  America High Yield Series 45 Index), Pay 5.00% Quarterly, |  |  |  |  |  |
|  Receive upon credit default | 12/20/2030 | $4400 | $344 | $317 | $27 |

---

#### 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 Liabilities<sup>1</sup> | $410 |
|  Non-cash Collateral<sup>2</sup> | (410) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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.* 

#### 55 Payden Mutual Funds

------

#### Payden Securitized Income Fund
**Schedule of Investments** *- October 31, 2025* 

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (38%)** | **Asset Backed (38%)** |  |
|  **Commercial (6%)** | **Commercial (6%)** |  |
| 223899 | Ally Bank Auto Credit-Linked Notes Series 2025-A 144A, 6.07%, 6/15/33 (a) | $224 |
| 250000 | Ally Bank Auto Credit-Linked Notes Series 2025-B 144A, 6.16%, 9/15/33 (a) | 250 |
| 322417 | ARI Fleet Lease Trust 2023-B 144A, 6.05%, 7/15/32 (a) | 325 |
| 57972 | Dell Equipment Finance Trust 2023-3 144A, 5.93%, 4/23/29 (a) | 58 |
| 1009492 | DLLAD LLC 2021-1A 144A, 0.90%, 6/20/29 (a) | 1001 |
| 297798 | Enterprise Fleet Financing LLC 2024-2 144A, 5.74%, 12/20/26 (a) | 299 |
| 600000 | GMF Floorplan Owner Revolving Trust Series 2025-1A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.600%), 4.83%, 3/15/29 (a)(b) | 602 |
| 425000 | Hotwire Funding LLC 2021-1 144A, 2.31%, 11/20/51 (a) | 415 |
| 500000 | Hotwire Funding LLC 2021-1 144A, 2.66%, 11/20/51 (a) | 487 |
| 300000 | Hotwire Funding LLC 2023-1A 144A, 7.00%, 5/20/53 (a) | 305 |
| 100000 | MMAF Equipment Finance LLC 2021-A 144A, 1.19%, 11/13/43 (a) | 99 |
| 455592 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (a) | 400 |
| 198250 | Oak Street Investment Grade Net Lease Fund Series 2021-1A 144A, 3.26%, 1/20/51 (a) | 165 |
| 178893 | OneMain Financial Issuance Trust 2022-3A 144A, 5.94%, 5/15/34 (a) | 180 |
| 390000 | OneMain Financial Issuance Trust 2022-S1 144A, 5.20%, 5/14/35 (a) | 391 |
| 100000 | OneMain Financial Issuance Trust 2021-1A 144A, 2.47%, 6/16/36 (a) | 94 |
| 100000 | OneMain Financial Issuance Trust 2019-2A 144A, 4.05%, 10/14/36 (a) | 97 |
| 500000 | PFS Financing Corp. 2024-A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.08%, 1/15/28 (a)(b) | 501 |
| 300000 | PFS Financing Corp. 2025-C 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.950%), 5.18%, 4/15/29 (a)(b) | 301 |
| 250000 | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (a) | 247 |
| 366875 | Store Master Funding I-VII XIV XIX XX 2021- 1A 144A, 2.86%, 6/20/51 (a) | 348 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%, 2/15/52 (a) | 292 |
| 400000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 5.59%, 5/15/54 (a) | 402 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 311 |
| 500000 | Wheels Fleet Lease Funding LLC 2025-1A 144A, (1 mo. Term Secured Overnight Financing Rate + 0.670%), 4.99%, 1/18/40 (a)(b) | 501 |
|  |  | 8295 |
|  **Consumer (12%)** | **Consumer (12%)** |  |
| 100000 | American Credit Acceptance Receivables Trust 2024-3 144A, 6.04%, 7/12/30 (a) | 102 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 400000 | American Credit Acceptance Receivables Trust 2025-2 144A, 5.50%, 7/14/31 (a) | $405 |
| 100000 | American Credit Acceptance Receivables Trust 2025-1 144A, 5.54%, 8/12/31 (a) | 101 |
| 123845 | AmeriCredit Automobile Receivables Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.600%), 4.78%, 2/18/28 (b) | 124 |
| 138674 | CarMax Auto Owner Trust 2024-3, 5.21%, 9/15/27 | 139 |
| 400000 | CarMax Select Receivables Trust 2025-B, 5.33%, 7/15/31 | 401 |
| 290000 | CarMax Select Receivables Trust 2025-A, 5.46%, 7/15/31 | 296 |
| 318540 | Carvana Auto Receivables Trust 2021-P3, 1.03%, 6/10/27 | 315 |
| 202243 | Carvana Auto Receivables Trust 2022-P3, 4.61%, 11/10/27 | 202 |
| 226787 | Carvana Auto Receivables Trust 2024-P4, 4.62%, 2/10/28 | 227 |
| 288293 | Carvana Auto Receivables Trust 2025-P1, 4.50%, 6/12/28 | 289 |
| 310306 | Chase Auto Credit Linked Notes Series 2025-1 144A, 6.02%, 2/25/33 (a) | 311 |
| 177943 | Drive Auto Receivables Trust 2025-S1 144A, 6.04%, 6/16/29 (a) | 179 |
| 400000 | Drive Auto Receivables Trust 2025-2, 4.90%, 12/15/32 | 397 |
| 200593 | Driven Brands Funding LLC 2020-1A 144A, 3.79%, 7/20/50 (a) | 197 |
| 393369 | Driven Brands Funding LLC 2021-1A 144A, 2.79%, 10/20/51 (a) | 371 |
| 350000 | Driven Brands Funding LLC 2025-1A 144A, 5.30%, 10/20/55 (a) | 349 |
| 400000 | Exeter Automobile Receivables Trust 2024-4A, 5.81%, 12/16/30 | 406 |
| 290000 | Exeter Automobile Receivables Trust 2025-2A, 5.16%, 7/15/31 | 293 |
| 400000 | Exeter Automobile Receivables Trust 2025-4A, 5.23%, 1/15/32 | 398 |
| 550000 | Ford Credit Auto Owner Trust 2022-C, 5.22%, 3/15/30 | 553 |
| 65224 | GLS Auto Receivables Issuer Trust 2024-3A 144A, 5.35%, 8/16/27 (a) | 65 |
| 389257 | GLS Auto Receivables Issuer Trust 2025-1A 144A, 4.68%, 12/15/27 (a) | 390 |
| 201000 | GLS Auto Receivables Issuer Trust 2023-4A 144A, 7.18%, 8/15/29 (a) | 208 |
| 500000 | GLS Auto Receivables Issuer Trust 2025-2A 144A, 4.97%, 10/15/29 (a) | 504 |
| 260000 | GLS Auto Receivables Issuer Trust 2024-2A 144A, 6.19%, 2/15/30 (a) | 267 |
| 450000 | GLS Auto Receivables Issuer Trust 2025-3A 144A, 5.16%, 6/16/31 (a) | 448 |
| 82769 | GM Financial Consumer Automobile Receivables Trust 2021-4, 0.99%, 10/18/27 | 82 |
| 209953 | Onemain Direct Auto Receivables Trust 2022- 1A 144A, 4.65%, 3/14/29 (a) | 210 |
| 500000 | Santander Bank Auto Credit-Linked Notes Series 2023-A 144A, 13.75%, 6/15/33 (a) | 529 |
| 314699 | Santander Drive Auto Receivables Trust 2023-S1 144A, 8.14%, 4/18/28 (a) | 315 |

---

Annual Financial Statements and Other Information **56** 

------

**Payden Securitized Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 214912 | Santander Drive Auto Receivables Trust 2024-S2 144A, 5.80%, 12/16/28 (a) | $215 |
| 522874 | Santander Drive Auto Receivables Trust 2024-S1 144A, 6.53%, 3/16/29 (a) | 523 |
| 290000 | Santander Drive Auto Receivables Trust 2025-2, 5.47%, 5/15/31 | 294 |
| 289433 | Securitized Term Auto Receivables Trust 2025-B 144A, 5.12%, 12/29/32 (a) | 291 |
| 400000 | SoFi Consumer Loan Program Trust 2025-3 144A, 5.04%, 8/15/34 (a) | 401 |
| 600000 | SoFi Consumer Loan Program Trust 2025-4 144A, 4.24%, 8/25/35 (a) | 600 |
| 448584 | Stellantis Financial Underwritten Enhanced Lease Trust 2025-AA 144A, 4.63%, 7/20/27 (a) | 450 |
| 350000 | USB Auto Owner Trust 2025-1A 144A, 4.96%, 3/17/31 (a) | 355 |
| 374642 | Westlake Automobile Receivables Trust 2025- 1A 144A, 4.66%, 1/18/28 (a) | 375 |
| 800000 | Westlake Automobile Receivables Trust 2025- 3A 144A, 4.31%, 4/17/28 (a) | 800 |
| 455000 | Westlake Automobile Receivables Trust 2023- 1A 144A, 6.79%, 11/15/28 (a) | 465 |
| 405000 | Westlake Automobile Receivables Trust 2023- 4A 144A, 7.19%, 7/16/29 (a) | 419 |
| 34886 | World Omni Auto Receivables Trust 2022-A, 1.66%, 5/17/27 | 35 |
|  |  | 14296 |
|  **Corporate CLO (20%)** | **Corporate CLO (20%)** |  |
| 250000 | AGL CLO Ltd. 2021-14A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.950%), 5.82%, 12/02/34 (a)(b) | 250 |
| 8919 | Alinea CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.900%), 4.78%, 7/20/31 (a)(b) | 9 |
| 321540 | Allegro CLO XI Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 5.78%, 1/19/33 (a)(b) | 322 |
| 400000 | Apidos CLO XXIII 2015-23A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.20%, 4/15/33 (a)(b) | 398 |
| 250000 | ARES Loan Funding III Ltd. 2022-ALF3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.46%, 7/25/36 (a)(b) | 250 |
| 1000000 | Ares LXV CLO Ltd. 2022-65A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.120%), 4.98%, 7/25/34 (a)(b) | 1001 |
| 250000 | Bain Capital Credit CLO 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 5.33%, 10/17/32 (a)(b) | 250 |
| 1000000 | Beechwood Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 0.00%, 1/17/35 (a)(b) | 1000 |
| 500000 | Benefit Street Partners CLO XXIV Ltd. 2021- 24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.060%), 4.94%, 10/20/34 (a) (b) | 499 |
| 500000 | Benefit Street Partners CLO XXVIII Ltd. 2022- 28A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.900%), 6.78%, 10/20/37 (a) (b) | 500 |
| 500000 | Buckhorn Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 4.95%, 7/18/34 (a)(b) | 500 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 600000 | Carlyle Global Market Strategies CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 4.97%, 4/20/34 (a) (b) | $601 |
| 750000 | Cedar Funding VI CLO Ltd. 2016-6A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 4.97%, 4/20/34 (a)(b) | 750 |
| 400000 | CIFC Funding Ltd. 2022-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.700%), 6.59%, 7/16/35 (a)(b) | 401 |
| 500000 | Dryden CLO Ltd. 2019-68A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.00%, 7/15/35 (a)(b) | 500 |
| 400000 | Dryden CLO Ltd. 2024-121A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.900%), 6.80%, 1/15/37 (a)(b) | 401 |
| 350000 | Dryden Euro CLO 2020-74A 144A, (3 mo. EURIBOR + 2.450%), 4.53%, 10/18/39 EUR (a)(b)(c) | 404 |
| 250000 | Elmwood CLO Ltd. 2022-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.38%, 4/20/37 (a)(b) | 251 |
| 250000 | Flatiron CLO LLC 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.700%), 6.58%, 4/17/36 (a)(b) | 250 |
| 250000 | Flatiron CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.09%, 11/16/34 (a)(b) | 251 |
| 525000 | Flatiron CLO Ltd. 2024-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 5.40%, 7/15/36 (a)(b) | 526 |
| 435000 | Flatiron RR CLO 22 LLC 2021-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 5.40%, 10/15/34 (a)(b) | 435 |
| 750000 | Fort Greene Park CLO LLC 2025-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.950%), 4.81%, 4/22/34 (a)(b) | 749 |
| 380000 | Goldentree Loan Management U.S. CLO Ltd. 2017-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.48%, 4/20/34 (a) (b) | 380 |
| 350000 | Harvest CLO XXX DAC 30X, (3 mo. EURIBOR + 3.400%), 5.47%, 7/27/36 EUR (b) (c)(d) | 404 |
| 250000 | Invesco CLO Ltd. 2022-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 5.68%, 4/20/35 (a)(b) | 250 |
| 450000 | Jubilee CLO DAC 2021-25A 144A, (3 mo. EURIBOR + 1.750%), 3.76%, 10/15/35 EUR (a)(b)(c) | 519 |
| 1 | Juniper Receivables DAC, 0.00%, 8/15/29 | 170 |
| 400000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.550%), 6.43%, 7/20/36 (a)(b) | 397 |
| 290000 | KKR CLO Ltd. 27A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 5.80%, 1/15/35 (a)(b) | 290 |
| 600000 | Madison Park Euro Funding XV DAC 15A 144A, (3 mo. EURIBOR + 1.800%), 3.83%, 7/15/36 EUR (a)(b)(c) | 691 |
| 600000 | Madison Park Funding LVII Ltd. 2022-57A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.14%, 7/27/34 (a)(b) | 601 |

---

#### 57 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 430000 | Magnetite XXIV Ltd. 2019-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 5.65%, 4/15/35 (a)(b) | $430 |
| 581883 | Neuberger Berman Loan Advisers CLO Ltd. 2019-35A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 4.93%, 1/19/33 (a)(b) | 582 |
| 400000 | Neuberger Berman Loan Advisers CLO Ltd. 2021-46A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 5.63%, 1/20/37 (a)(b) | 401 |
| 290000 | OCP CLO Ltd. 2015-9A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.650%), 5.55%, 1/15/37 (a)(b) | 291 |
| 600000 | Octagon Investment Partners Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 4.99%, 10/15/33 (a)(b) | 600 |
| 430000 | Octagon Investment Partners Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.550%), 5.43%, 1/20/35 (a)(b) | 430 |
| 300000 | Palmer Square European Loan Funding DAC 2025-2A 144A, (3 mo. EURIBOR + 2.500%), 4.55%, 2/15/35 EUR (a)(b)(c) | 346 |
| 400000 | Palmer Square European Loan Funding DAC 2025-3A 144A, (3 mo. EURIBOR + 1.950%), 0.00%, 7/15/35 EUR (a)(b)(c) | 461 |
| 250000 | Sona Fios CLO I DAC 1A 144A, (3 mo. EURIBOR + 2.500%), 7.91%, 7/15/36 EUR (a) (b)(c) | 288 |
| 400000 | Thompson Park CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 5.80%, 4/15/34 (a)(b) | 401 |
| 229701 | TIAA CLO IV Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.140%), 5.02%, 1/20/32 (a)(b) | 230 |
| 250000 | Voya CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.700%), 5.60%, 7/15/34 (a)(b) | 251 |
|  |  | 18911 |
| **Total Asset Backed (Cost - $41,459)** | **Total Asset Backed (Cost - $41,459)** | 41502 |
|  **Mortgage Backed (66%)** | **Mortgage Backed (66%)** |  |
| 250000 | Acrec 2025 Fl LLC 2025-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 5.97%, 8/18/42 (a)(b) | 248 |
| 360000 | AG Trust 2024-NLP 144A, (1 mo. Term Secured Overnight Financing Rate + 3.811%), 7.84%, 7/15/41 (a)(b) | 362 |
| 1000000 | Arbor Realty Commercial Real Estate Notes LLC 2025-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.354%), 5.39%, 1/20/43 (a) (b) | 1001 |
| 350000 | Arbor Realty Commercial Real Estate Notes LLC 2025-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.292%), 6.32%, 1/20/43 (a) (b) | 353 |
| 255807 | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.464%), 5.50%, 11/15/36 (a) (b) | 256 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 430000 | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.814%), 5.85%, 11/15/36 (a) (b) | $431 |
| 220000 | Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.53%, 1/15/37 (a)(b) | 221 |
| 600000 | AREIT Ltd. 2025-CRE10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.388%), 5.42%, 12/17/29 (a)(b) | 600 |
| 570000 | ARES Commercial Mortgage Trust 2024-IND 144A, (1 mo. Term Secured Overnight Financing Rate + 1.692%), 5.72%, 7/15/41 (a)(b) | 572 |
| 800000 | BDS LLC 2025-FL15 144A, (1 mo. Term Secured Overnight Financing Rate + 1.400%), 5.43%, 3/19/43 (a)(b) | 801 |
| 420000 | BDS Ltd. 2021-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.764%), 5.79%, 12/16/36 (a)(b) | 421 |
| 600000 | BFLD Trust 2025-FPM 144A, 5.01%, 10/10/40 (a)(e) | 607 |
| 750000 | BHMS Commercial Mortgage Trust 2025-ATLS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.850%), 5.88%, 8/15/42 (a)(b) | 753 |
| 711218 | Bravo Residential Funding Trust 2025-NQM3 144A, 5.57%, 3/25/65 (a) | 717 |
| 595240 | BRAVO Residential Funding Trust 2024-NQM7 144A, 5.55%, 10/27/64 (a) | 599 |
| 350000 | BRAVO Residential Funding Trust 2025-NQM6 144A, 6.03%, 6/25/65 (a)(e) | 354 |
| 434922 | BRAVO Residential Funding Trust 2025-NQM7 144A, 5.46%, 7/25/65 (a) | 438 |
| 255340 | Bravo Residential Funding Trust Series 2025- NQM1 144A, 5.91%, 12/25/64 (a) | 257 |
| 100000 | BRSP Ltd. 2024-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.380%), 6.41%, 8/19/37 (a)(b) | 100 |
| 554894 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 5.30%, 8/19/38 (a)(b) | 555 |
| 400000 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.014%), 6.05%, 8/19/38 (a)(b) | 398 |
| 242207 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 1.064%), 5.10%, 9/15/36 (a)(b) | 242 |
| 245000 | BX Commercial Mortgage Trust 2021-XL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.511%), 5.54%, 10/15/38 (a)(b) | 245 |
| 371214 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.47%, 2/15/39 (a)(b) | 372 |
| 369358 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.792%), 5.82%, 2/15/39 (a)(b) | 371 |
| 720870 | BX Commercial Mortgage Trust 2024-AIRC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 5.72%, 8/15/39 (a)(b) | 723 |
| 281804 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 5.97%, 3/15/41 (a)(b) | 283 |

---

Annual Financial Statements and Other Information **58** 

------

**Payden Securitized Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 196020 | BX Commercial Mortgage Trust 2024-BIO2 144A, 5.41%, 8/13/41 (a)(e) | $199 |
| 500000 | BX Commercial Mortgage Trust 2024-GPA2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.542%), 5.57%, 11/15/41 (a)(b) | 501 |
| 479142 | BX Commercial Mortgage Trust 2025-BCAT 144A, (1 mo. Term Secured Overnight Financing Rate + 1.380%), 5.41%, 8/15/42 (a)(b) | 480 |
| 335400 | BX Commercial Mortgage Trust 2025-BCAT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.650%), 6.68%, 8/15/42 (a)(b) | 338 |
| 600000 | BX Mortgage Trust 2025-BIO3 144A, 6.14%, 2/10/42 (a) | 621 |
| 305000 | BX Trust 2023-LIFE 144A, 5.39%, 2/15/28 (a) | 299 |
| 350000 | BX Trust 2025-TAIL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.400%), 5.43%, 6/15/35 (a)(b) | 351 |
| 200000 | BX Trust 2021-ARIA 144A, (1 mo. Term Secured Overnight Financing Rate + 2.359%), 6.39%, 10/15/36 (a)(b) | 200 |
| 350000 | BX Trust 2021-ARIA 144A, (1 mo. Term Secured Overnight Financing Rate + 2.708%), 6.74%, 10/15/36 (a)(b) | 350 |
| 371394 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.47%, 4/15/41 (a)(b) | 372 |
| 540000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.491%), 5.52%, 6/15/41 (a)(b) | 541 |
| 650000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.443%), 5.48%, 3/15/42 (a)(b) | 651 |
| 350000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 2.192%), 6.22%, 3/15/42 (a)(b) | 350 |
| 350000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 2.592%), 6.62%, 3/15/42 (a)(b) | 349 |
| 350000 | BX Trust 2025-VLT7 144A, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 7.78%, 7/15/44 (a)(b) | 353 |
| 500000 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.514%), 5.55%, 2/15/38 (a)(b) | 496 |
| 282708 | BXMT Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.164%), 5.20%, 5/15/38 (a)(b) | 281 |
| 800000 | BXMT Ltd. 2025-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.639%), 5.67%, 10/18/42 (a)(b) | 797 |
| 400000 | BXMT Ltd. 2025-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.546%), 6.58%, 10/18/42 (a)(b) | 399 |
| 838306 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (a) | 846 |
| 250000 | Colt Mortgage Loan Trust 2025-1 144A, 6.63%, 1/25/70 (a)(e) | 254 |
| 738899 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (a) | 742 |
| 963514 | COLT Mortgage Loan Trust 2025-INV2 144A, 5.60%, 2/25/70 (a) | 972 |
| 320000 | COLT Mortgage Loan Trust 2025-5 144A, 6.30%, 5/25/70 (a)(e) | 324 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 420000 | COLT Mortgage Loan Trust 2025-9 144A, 5.88%, 9/25/70 (a)(e) | $421 |
| 400000 | COMM Mortgage Trust 2025-167G 144A, 5.50%, 8/10/40 (a) | 402 |
| 850000 | COMM Mortgage Trust 2025-SBX 144A, 5.26%, 8/10/41 (a)(e) | 856 |
| 303178 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.550%), 5.73%, 10/25/41 (a)(b) | 304 |
| 400000 | Connecticut Avenue Securities Trust 2021-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.18%, 10/25/41 (a)(b) | 416 |
| 400000 | Connecticut Avenue Securities Trust 2022-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.18%, 12/25/41 (a)(b) | 419 |
| 174000 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 8.68%, 1/25/42 (a)(b) | 181 |
| 400000 | Connecticut Avenue Securities Trust 2022-R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.500%), 13.68%, 3/25/42 (a)(b) | 441 |
| 116907 | Connecticut Avenue Securities Trust 2022- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.08%, 4/25/42 (a)(b) | 117 |
| 650000 | Connecticut Avenue Securities Trust 2023- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.900%), 8.08%, 4/25/43 (a)(b) | 687 |
| 622700 | Connecticut Avenue Securities Trust 2023- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.08%, 6/25/43 (a)(b) | 629 |
| 250000 | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.700%), 6.88%, 7/25/43 (a)(b) | 258 |
| 147729 | Connecticut Avenue Securities Trust 2023- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.500%), 5.68%, 10/25/43 (a)(b) | 148 |
| 65593 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.28%, 2/25/44 (a)(b) | 66 |
| 250000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 5.98%, 2/25/44 (a)(b) | 252 |
| 250000 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.13%, 3/25/44 (a)(b) | 252 |
| 250000 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.78%, 2/25/45 (a)(b) | 251 |

---

#### 59 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 350000 | Connecticut Avenue Securities Trust 2025- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.500%), 5.68%, 5/25/45 (a)(b) | $351 |
| 400000 | Connecticut Avenue Securities Trust 2025- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.78%, 7/25/45 (a)(b) | 402 |
| 600000 | COOPR Residential Mortgage Trust 2025-CES4 144A, 5.04%, 11/25/60 (a) | 600 |
| 444089 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (a)(e) | 447 |
| 290000 | Cross Mortgage Trust 2025-H1 144A, 6.48%, 2/25/70 (a)(e) | 293 |
| 610000 | CSTL Commercial Mortgage Trust 2024-GATE 144A, 4.76%, 11/10/41 (a)(e) | 612 |
| 600000 | DGWD Trust 2025-INFL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.600%), 5.63%, 8/15/35 (a)(b) | 604 |
| 300000 | Durst Commercial Mortgage Trust 2025-151 144A, 5.82%, 8/10/42 (a)(e) | 306 |
| 250000 | Extended Stay America Trust 2025-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 2.600%), 6.75%, 10/15/42 (a)(b) | 252 |
| 100000 | Extended Stay America Trust 2025-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 3.350%), 7.50%, 10/15/42 (a)(b) | 101 |
| 437173 | Fannie Mae Connecticut Avenue Securities 2017-C06, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.764%), 6.95%, 2/25/30 (b) | 447 |
| 4310000 | FNCL, 5.50%, 11/01/5430YR TBA (f) | 4355 |
| 3970000 | FNCL, 5.00%, 11/01/5530YR TBA (f) | 3951 |
| 247878 | Freddie Mac STACR Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.80%, 5/25/28 (b) | 249 |
| 531082 | Freddie Mac STACR REMIC Trust 2021-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.650%), 5.83%, 1/25/34 (a)(b) | 532 |
| 400000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 7.800%), 11.98%, 11/25/41 (a)(b) | 424 |
| 300000 | Freddie Mac STACR REMIC Trust 2022-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.750%), 10.93%, 6/25/42 (a)(b) | 327 |
| 1117020 | Freddie Mac STACR REMIC Trust 2023-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.29%, 4/25/43 (a)(b) | 1133 |
| 1000000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 5.66%, 10/19/39 (a)(b) | 1003 |
| 850000 | FS Rialto Issuer LLC 2025-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.385%), 5.42%, 8/19/42 (a)(b) | 850 |
| 500000 | GPMT Ltd. 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.964%), 5.99%, 7/16/35 (a)(b) | 500 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 470000 | Greystone CRE Notes HC-4 LLC 2025-HC4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.790%), 6.94%, 10/15/42 (a)(b) | $469 |
| 500000 | Greystone CRE Notes LLC 2025-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.481%), 5.51%, 1/15/43 (a)(b) | 502 |
| 100000 | Greystone CRE Notes Ltd. 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.114%), 6.15%, 7/15/39 (a)(b) | 99 |
| 380000 | HTL Commercial Mortgage Trust 2024-T53 144A, 5.88%, 5/10/39 (a)(e) | 385 |
| 735408 | JP Morgan Mortgage Trust Series 2025-NQM1 144A, 5.59%, 6/25/65 (a) | 743 |
| 700000 | LEX Mortgage Trust 2024-BBG 144A, 4.87%, 10/13/33 (a)(e) | 704 |
| 600000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.33%, 5/15/39 (a)(b) | 581 |
| 1000000 | LoanCore 2025 Issuer LLC 2025-CRE8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.385%), 5.42%, 8/17/42 (a)(b) | 1000 |
| 360000 | LoanCore 2025 Issuer LLC 2025-CRE8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.591%), 5.63%, 8/17/42 (a)(b) | 358 |
| 900000 | LoanCore Issuer LLC 2025-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 5.51%, 8/18/42 (a)(b) | 903 |
| 250000 | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 6.50%, 7/15/36 (a)(b) | 249 |
| 520000 | MF1 LLC 2025-FL19 144A, (1 mo. Term Secured Overnight Financing Rate + 1.488%), 5.52%, 5/18/42 (a)(b) | 521 |
| 425678 | MF1 Ltd. 2022-FL8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.350%), 5.35%, 2/19/37 (a)(b) | 426 |
| 1000000 | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8 144A, 4.96%, 9/25/70 (a)(e) | 999 |
| 300000 | NRTH Commercial Mortgage Trust 2025-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 1.643%), 5.79%, 10/15/40 (a)(b) | 301 |
| 500000 | NYC Commercial Mortgage Trust 2025-28L 144A, 4.67%, 11/05/38 (a)(e) | 500 |
| 350000 | OBX Trust 2023-NQM3 144A, 6.56%, 2/25/63 (a)(b)(e) | 350 |
| 300000 | OBX Trust 2023-NQM4 144A, 7.09%, 3/25/63 (a)(b)(e) | 302 |
| 333610 | OBX Trust 2024-NQM8 144A, 6.23%, 5/25/64 (a) | 338 |
| 406077 | OBX Trust 2024-NQM11 144A, 5.88%, 6/25/64 (a) | 410 |
| 622495 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (a)(e) | 625 |
| 250000 | OBX Trust 2024-NQM18 144A, 6.17%, 10/25/64 (a)(e) | 252 |
| 668934 | OBX Trust 2025-NQM2 144A, 5.60%, 11/25/64 (a) | 675 |
| 330000 | OBX Trust 2025-NQM2 144A, 6.49%, 11/25/64 (a)(e) | 336 |
| 330000 | OBX Trust 2024-NQM17 144A, 6.65%, 11/25/64 (a)(e) | 335 |

---

Annual Financial Statements and Other Information **60** 

------

**Payden Securitized Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 399988 | PFP Ltd. 2024-11 144A, (1 mo. Term Secured Overnight Financing Rate + 1.832%), 5.92%, 9/17/39 (a)(b) | $400 |
| 837938 | RCKT Mortgage Trust 2025-CES5 144A, 5.69%, 5/25/55 (a) | 848 |
| 470148 | RCKT Mortgage Trust 2025-CES6 144A, 5.67%, 6/25/55 (a) | 475 |
| 673386 | RCKT Mortgage Trust 2025-CES7 144A, 5.38%, 7/25/55 (a) | 679 |
| 584074 | RCKT Mortgage Trust 2025-CES8 144A, 5.15%, 8/25/55 (a)(e) | 587 |
| 1483809 | RCKT Mortgage Trust 2025-CES9 144A, 4.80%, 9/25/55 (a) | 1480 |
| 750000 | SCG Trust 2025-SNIP 144A, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 5.53%, 9/15/42 (a)(b) | 752 |
| 150000 | SCG Trust 2025-SNIP 144A, (1 mo. Term Secured Overnight Financing Rate + 2.600%), 6.63%, 9/15/42 (a)(b) | 151 |
| 83838 | STWD Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 5.35%, 4/18/38 (a)(b) | 84 |
| 478849 | STWD Ltd. 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.350%), 5.58%, 11/15/38 (a)(b) | 477 |
| 250000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 2.092%), 6.12%, 2/15/42 (a)(b) | 249 |
| 350000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 3.340%), 7.37%, 2/15/42 (a)(b) | 349 |
| 636237 | THPT Mortgage Trust 2023-THL 144A, 6.99%, 12/10/34 (a)(e) | 645 |
| 600000 | TRTX Issuer Ltd. 2025-FL6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.537%), 5.57%, 9/18/42 (a)(b) | 601 |
| 310000 | UK Logistics DAC 2025-2A 144A, (Sterling Overnight Index Average + 2.900%), 0.01%, 8/17/35 GBP (a)(b)(c)(g) | 408 |
| 434016 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (a)(e) | 437 |
| 530040 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (a)(e) | 535 |
| 697811 | Verus Securitization Trust 2025-INV1 144A, 5.55%, 2/25/70 (a) | 704 |
| 409000 | Verus Securitization Trust 2025-8 144A, 5.73%, 9/25/70 (a) | 412 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 500000 | Verus Securitization Trust 2025-9 144A, 4.94%, 10/27/70 (a)(e) | $501 |
| 125000 | VTR Commercial Mortgage Trust 2025-STEM 144A, 6.06%, 10/13/39 (a)(e) | 126 |
| 250000 | VTR Commercial Mortgage Trust 2025-STEM 144A, 6.71%, 10/13/39 (a)(e) | 251 |
| 250000 | Wells Fargo Commercial Mortgage Trust 2024- MGP 144A, (1 mo. Term Secured Overnight Financing Rate + 2.939%), 6.97%, 8/15/41 (a) (b) | 250 |
| 225000 | Wells Fargo Commercial Mortgage Trust 2025-HI 144A, (1 mo. Term Secured Overnight Financing Rate + 2.692%), 6.72%, 10/15/42 (a) (b) | 226 |
|  **Total Mortgage Backed (Cost - $71,038)** | **Total Mortgage Backed (Cost - $71,038)** | **71175** |
| **Investment Company (3%**) | **Investment Company (3%**) |  |
| 3652834 | Payden Cash Reserves Money Market Fund \*<br> **(Cost - $3,653)** | 3653 |
|  **Total Investments (Cost - $116,150) (107%)** | **Total Investments (Cost - $116,150) (107%)** | 116330 |
|  **Liabilities in excess of Other Assets (-7%)** | **Liabilities in excess of Other Assets (-7%)** | (7990) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**108340** |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Yield to maturity at time of purchase.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(000s) |
|  **Assets:** |  |  |  |  |
|  USD 3,221 | EUR 2,712 | Morgan Stanley | 03/18/2026 | $72 |
|  USD 414 | GBP 310 | State Street Bank & Trust Co. | 03/18/2026 | 7 |
|  |  |  |  | 79 |

---

#### 61 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Depreciation<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. Treasury 5-Year Note Future | 21 | Dec-25 | $2293 | $(10) | $(10) |

---

*See notes to financial statements*.** 

Annual Financial Statements and Other Information **62** 

------

#### Payden Floating Rate Fund
**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
|  **Asset Backed (3%**) | **Asset Backed (3%**) |  |
| 400000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 7.74%, 1/25/52 CAD (a)(b) | $279 |
| 750000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (a) | 781 |
| 772525 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (a) | 678 |
| 50 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (c) | 560 |
| 539863 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (a) | 540 |
| 29 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, 4/18/28 (c) | 728 |
| 21 | Santander Drive Auto Receivables Trust 2024- S2, 5.80%, 12/16/28 (c) | 402 |
|  **Total Asset Backed (Cost - $4,283)** | **Total Asset Backed (Cost - $4,283)** | **3968** |
|  **Bank Loan(d) (90%**) | **Bank Loan(d) (90%**) |  |
|  **Automotive (6%)** | **Automotive (6%)** |  |
| 646717 | Adient U.S. LLC Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.22%, 1/31/31 | 648 |
| 480000 | American Axle & Manufacturing Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.05%, 12/12/29 | 480 |
| 850000 | Clarios Global LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.72%, 1/28/32 | 854 |
| 948399 | Dealer Tire LLC Term Loan B5 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 6.97%, 7/02/31 | 942 |
| 845750 | Goat Holdco LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.72%, 1/27/32 | 846 |
| 1690000 | Pac Dac LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.11%, 10/28/30 | 1677 |
| 700000 | Tenneco Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.30%, 11/17/28 | 690 |
| 988710 | Wand NewCo 3 Inc. Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.47%, 1/30/31 | 988 |
|  |  | 7125 |
|  **Basic Industry (3%)** | **Basic Industry (3%)** |  |
| 495000 | American Airlines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.26%, 6/04/29 | 494 |
| 485000 | American Airlines Inc. Term Loan B 1L, (6 mo. Term Secured Overnight Financing Rate + 2.250%), 6.50%, 2/15/28 | 485 |
| 248750 | American Airlines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.13%, 5/28/32 | 250 |
| 588668 | Arsenal Aic Parent LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.72%, 8/18/30 | 591 |
| 646742 | Olympus Water U.S. Holding Corp. Term Loan B6 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 7.00%, 6/20/31 | 642 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
| 545000 | Qnity Electronics Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.000%), 11/01/32 | $546 |
| 1006038 | SCIH Salt Holdings Inc. Term Loan B1 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 7.20%, 1/31/29 | 1011 |
| 673943 | Transdigm Inc. Term Loan K 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.25%, 3/22/30 | 675 |
| 492516 | Transdigm Inc. Term Loan J 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.50%, 2/28/31 | 494 |
| 1009625 | WestJet Loyalty LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.25%, 2/14/31 | 1014 |
|  |  | 6202 |
| **Capital Goods (7%)** | **Capital Goods (7%)** |  |
| 656471 | Cimpress PLC Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 6.47%, 5/17/28 | 659 |
| 990019 | EMRLD Borrower LP Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.12%, 8/04/31 | 988 |
| 1036875 | Husky Injection Molding Systems Ltd. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 7.75%, 2/15/29 | 1042 |
| 1168776 | Madison Iaq LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 6.70%, 6/21/28 | 1172 |
| 1193985 | MI Windows and Doors LLC Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 6.72%, 3/28/31 | 1197 |
| 1467625 | Quikrete Holdings Inc. Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.22%, 2/10/32 | 1471 |
| 1245841 | TK Elevator Midco Gmbh Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.20%, 4/30/30 | 1255 |
| 990000 | Wilsonart LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.25%, 8/05/31 | 961 |
|  |  | 8745 |
| **Consumer Goods (4%)** | **Consumer Goods (4%)** |  |
| 550000 | C&S Wholesale Grocers Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 9.00%, 9/20/30 | 543 |
| 1012232 | Fiesta Purchaser Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.72%, 2/12/31 | 1010 |
| 1000000 | Froneri International Ltd. Term Loan B6 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.37%, 8/02/32 | 1001 |
| 395882 | Hanesbrands Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 6.72%, 3/07/32 | 398 |
| 1240861 | Journey Personal Care Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 7.72%, 3/01/28 | 1216 |

---

#### 63 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
| 321111 | QXO Building Products Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 6.97%, 4/30/32 | $322 |
| 459085 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.72%, 4/25/31 | 463 |
| 1133860 | Verde Purchaser LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.00%, 11/30/30 | 1092 |
|  |  | 6045 |
|  **Energy (8%)** | **Energy (8%)** |  |
| 990003 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 6.50%, 8/20/31 | 993 |
| 925340 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 8.00%, 4/01/30 | 933 |
| 571031 | Epic Crude Services LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.34%, 10/15/31 | 574 |
| 1690000 | Fr Br Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.19%, 10/09/30 | 1686 |
| 847991 | Lackawanna Energy Center LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 7.11%, 8/05/32 | 851 |
| 646750 | Long Ridge Energy LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.50%, 2/19/32 | 634 |
| 393495 | M6 Etx Holdings Ii Midco LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 6.47%, 4/01/32 | 395 |
| 1023775 | Par Petroleum LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 7.69%, 2/28/30 | 1027 |
| 340000 | Talen Energy Supply LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 2.00%, 10/11/32 | 340 |
| 706593 | Talen Energy Supply LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.73%, 5/17/30 | 708 |
| 975150 | U.S. Silica Co. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.47%, 7/31/31 | 946 |
| 1130000 | Whitewater Matterhorn Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.25%, 6/16/32 | 1133 |
|  |  | 10220 |
|  **Financial (15%)** | **Financial (15%)** |  |
| 1072313 | Albion Financing 3 SARL Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.22%, 5/21/31 | 1080 |
| 822932 | Allspring Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 6.81%, 11/01/30 | 826 |
| 572129 | Blackstone Mortgage Trust Inc. Term Loan B6 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 6.97%, 12/10/30 | 575 |
| 588750 | Champ Acquisition Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.17%, 11/25/31 | 594 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
| 1082267 | CPI Holdco B LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.000%), 5.97%, 5/17/31 | $1083 |
| 1425000 | EP Wealth Advisors LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 6.89%, 10/18/32 | 1431 |
| 1241372 | Focus Financial Partners LLC Term Loan B8 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 6.72%, 9/15/31 | 1246 |
| 980131 | Greystar Real Estate Partners LLC Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.48%, 8/21/30 | 985 |
| 827925 | GTCR Everest Borrower LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 6.75%, 9/05/31 | 831 |
| 893920 | HUB International Ltd. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.12%, 6/20/30 | 898 |
| 992500 | Jefferies Finance LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 6.80%, 10/21/31 | 978 |
| 1197000 | Jump Financial LLC Term Loan B1 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 7.50%, 2/26/32 | 1202 |
| 650000 | Lendingtree Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.47%, 8/14/30 | 648 |
| 1079534 | Mermaid Bidco Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.57%, 7/03/31 | 1084 |
| 968940 | Nexus Buyer LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.47%, 7/31/31 | 964 |
| 350000 | Nexus Buyer LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 4.750%), 9.72%, 2/16/32 | 349 |
| 1492500 | Pitney Bowes Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 7.72%, 3/19/32 | 1493 |
| 850000 | Shift4 Payments LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 6.50%, 6/30/32 | 857 |
| 1085000 | Skechers U.S.A. Inc. Term Loan B1 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.31%, 9/12/32 | 1092 |
| 598500 | WH Borrower LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 8.70%, 2/20/32 | 600 |
|  |  | 18816 |
|  **Healthcare (9%)** | **Healthcare (9%)** |  |
| 1157100 | 1261229 BC Ltd. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 5.250%), 10.22%, 9/25/30 | 1152 |
| 975000 | Amneal Pharmaceuticals LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.47%, 8/02/32 | 984 |
| 1009400 | Bausch & Lomb Corp. Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.97%, 9/29/28 | 1014 |
| 934891 | Embecta Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 6.97%, 3/30/29 | 937 |

---

Annual Financial Statements and Other Information **64** 

------

**Payden Floating Rate Fund** *continued*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
| 172829 | Fortrea Holdings Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.72%, 7/01/30 | $164 |
| 990019 | LifePoint Health Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate mo. Term Secured Overnight Financing Rate + 2.750%), 7.66%, 5/16/31 | 992 |
| 850599 | Owens & Minor Inc. Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 7.82%, 3/29/29 | 847 |
| 1302461 | Padagis LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 8.95%, 7/06/28 | 1136 |
| 942810 | Sotera Health Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.34%, 5/30/31 | 948 |
| 1034250 | Star Parent Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.00%, 9/27/30 | 1037 |
|  |  | 9211 |
|  **Insurance (0%)** | **Insurance (0%)** |  |
| 350000 | Asurion LLC Term Loan B4 2L, (1 mo. Term Secured Overnight Financing Rate + 5.250%), 9.43%, 1/20/29 | 335 |
| 367742 | Truist Insurance Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 6.75%, 5/06/31 | 368 |
| 184211 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 8.75%, 5/06/32 | 187 |
|  |  | 890 |
|  **Leisure (3%)** | **Leisure (3%)** |  |
| 646750 | Cinemark USA Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.23%, 5/24/30 | 648 |
| 1306621 | Fertitta Entertainment LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.22%, 1/27/29 | 1307 |
| 568575 | Flutter Entertainment Public Ltd. Co. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.000%), 6.00%, 6/04/32 | 567 |
| 1190977 | Lc Ahab Us Bidco LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 6.97%, 5/01/31 | 1195 |
| 574500 | MajorDrive Holdings IV LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.26%, 6/01/28 | 559 |
| 1007063 | Ontario Gaming GTA LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.24%, 8/01/30 | 947 |
| 370588 | Sabre GLBL Inc. Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.32%, 6/30/28 | 346 |
| 646742 | Travel Leisure Co. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.47%, 12/14/29 | 649 |
|  |  | 6218 |
|  **Media (4%)** | **Media (4%)** |  |
| 1097737 | Altice Financing SA Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.91%, 10/31/27 | 872 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
| 570688 | Charter Communications Operating LLC Term Loan B5 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.24%, 12/15/31 | $570 |
| 1182060 | CNT Holdings I Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.09%, 11/08/32 | 1185 |
| 650000 | Coral U.S. Co.-Borrower LLC Term Loan B7 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.16%, 1/31/32 | 631 |
| 480563 | CSC Holdings LLC Term Loan B5 1L, (3 + 2.500%), 8.75%, 4/15/27 | 454 |
| 1073800 | DirectV Financing LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 9.34%, 2/17/31 | 1063 |
| 568113 | Gray Television Inc. Term Loan D 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.25%, 12/01/28 | 570 |
| 244372 | McGraw-Hill Education Inc. Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.82%, 8/06/31 | 244 |
| 187845 | MH Sub I LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.22%, 12/31/31 | 152 |
| 601525 | MH Sub I LLC Term Loan B3 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.25%, 5/03/28 | 549 |
| 300000 | MH Sub I LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 6.250%), 10.09%, 2/23/29 | 229 |
| 982405 | Sinclair Television Group Inc. Term Loan B7 1L, (1 mo. Term Secured Overnight Financing Rate + 4.100%), 8.17%, 12/31/30 | 895 |
| 644901 | Sunrise HoldCo III BV Term Loan AAA 1L, (6 mo. Term Secured Overnight Financing Rate + 2.500%), 6.69%, 2/15/32 | 644 |
| 500000 | Virgin Media Bristol LLC Term Loan Y 1L, (6 mo. Term Secured Overnight Financing Rate + 3.175%), 7.05%, 3/31/31 | 490 |
| 600000 | Virgin Media Bristol LLC Term Loan Q 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.40%, 1/31/29 | 600 |
|  |  | 9148 |
|  **Retail (12%)** | **Retail (12%)** |  |
| 1000000 | Boots Group Finco LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 7.71%, 8/30/32 | 1006 |
| 1165159 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 7.03%, 9/13/32 | 1168 |
| 1443872 | Flynn Restaurant Group LP Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 7.72%, 1/28/32 | 1451 |
| 518438 | Harbor Freight Tools USA Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.22%, 6/11/31 | 512 |
| 1191000 | Highline AfterMarket Acquisition LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 7.70%, 2/13/30 | 1196 |
| 1029949 | IRB Holding Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.47%, 12/15/27 | 1033 |

---

#### 65 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1121617 | MIC Glen LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.22%, 7/21/28 | $1131 |
| 1242543 | PetsMart LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.03%, 8/18/32 | 1227 |
| 727650 | S&S Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 8.99%, 9/19/31 | 710 |
| 910564 | Specialty Building Products Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 7.82%, 10/15/28 | 876 |
| 1034302 | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 6.97%, 1/31/31 | 1039 |
| 938742 | Victra Holdings LLC aka LSF9 Atlantis Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.75%, 3/30/29 | 943 |
| 962167 | Whatabrands LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.47%, 8/03/28 | 965 |
|  |  | 13257 |
|  **Service (3%)** | **Service (3%)** |  |
| 577500 | ABG Intermediate Holdings 2 LLC Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.22%, 12/21/28 | 578 |
| 408010 | Adtalem Global Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.72%, 8/12/28 | 409 |
| 1034329 | Conservice Midco LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.72%, 5/13/30 | 1036 |
| 1234406 | Omnia Partners LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.36%, 7/25/30 | 1237 |
| 171881 | Sizzling Platter LLC Term Loan DD 1L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 5.00%, 6/25/32 | 169 |
| 913119 | Sizzling Platter LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 8.97%, 6/25/32 | 898 |
|  |  | 4327 |
|  **Technology (11%)** | **Technology (11%)** |  |
| 800000 | Amentum Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.22%, 9/29/31 | 801 |
| 1288631 | AthenaHealth Group Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.72%, 2/15/29 | 1285 |
| 990025 | BMC Software Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 7.20%, 7/30/31 | 985 |
| 671168 | Cloud Software Group Inc. Term Loan B2 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.25%, 3/21/31 | 672 |
| 825000 | Cloud Software Group Inc. Term Loan B1 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.25%, 8/13/32 | 826 |
| 1100000 | Dayforce Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 3.00%, 10/07/32 | 1098 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 992500 | Fortress Intermediate 3 Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 7.11%, 6/27/31 | $996 |
| 660000 | Icon Parent I Inc. Term Loan 2L, (6 mo. Term Secured Overnight Financing Rate + 5.000%), 9.21%, 11/12/32 | 663 |
| 670000 | Knowbe4 Inc. Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.59%, 7/23/32 | 670 |
| 1250000 | Leia Finco U.S. LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.19%, 10/09/32 | 1251 |
| 1237500 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.09%, 7/01/31 | 1212 |
| 298500 | PointClickCare Technologies Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 6.75%, 11/03/31 | 300 |
| 555000 | Project Alpha Intermediate Holding Inc. Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.00%, 5/09/33 | 542 |
| 455409 | Rocket Software Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.72%, 11/28/28 | 454 |
| 1050000 | Sandisk Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 6.86%, 2/20/32 | 1053 |
|  |  | 12808 |
|  **Telecommunication (4%)** | **Telecommunication (4%)** |  |
| 865332 | Altice France SA Term Loan B14 1L, (1 mo. Term Secured Overnight Financing Rate + 5.875%), 10.86%, 5/30/31 | 865 |
| 1000000 | Digicel International Finance Ltd. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 5.250%), 9.49%, 7/30/32 | 987 |
| 1300191 | Frontier Communications Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.53%, 7/01/31 | 1303 |
| 974357 | Iridium Satellite LLC Term Loan B4 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.22%, 9/20/30 | 917 |
|  |  | 4072 |
|  **Transportation (1%)** | **Transportation (1%)** |  |
| 249405 | First Student Bidco Inc. Term Loan C 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.71%, 8/15/30 | 250 |
| 932796 | First Student Bidco Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.71%, 8/15/30 | 935 |
| 607769 | Spirit Aerosystems Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.34%, 1/15/27 | 610 |
|  |  | 1795 |
|  **Total Bank Loan (Cost - $119,120)** | **Total Bank Loan (Cost - $119,120)** | **118879** |
|  **Corporate Bond (4%**) | **Corporate Bond (4%**) |  |
| 700000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (e)(f) | 687 |
| 470000 | CoreWeave Inc. 144A, 9.25%,<br>6/01/30 (a) | 475 |
| 620000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (a) | 651 |

---

Annual Financial Statements and Other Information **66** 

------

**Payden Floating Rate Fund** *continued*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 300000 | Jefferson Capital Holdings LLC 144A, 8.25%, 5/15/30 (a) | $311 |
| 880000 | Kraken Oil & Gas Partners LLC 144A, 7.63%, 8/15/29 (a) | 862 |
| 500000 | Midcap Financial Issuer Trust 144A, 6.50%, 5/01/28 (a) | 492 |
| 500000 | Mineral Resources Ltd. 144A, 8.50%, 5/01/30 (a) | 522 |
| 600000 | MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 8/01/29 | 491 |
| 375000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (a) | 395 |
| 285000 | Surge Energy Inc. 144A, 8.50%, 9/05/29 CAD (a)(b) | 209 |
| 620000 | Tamarack Valley Energy Ltd. 144A, 6.88%, 7/25/30 CAD (a)(b) | 452 |
|  **Total Corporate Bond (Cost - $5,416)** | **Total Corporate Bond (Cost - $5,416)** | **5547** |
|  **Stock (0%)** |  |  |
|  **Private Equity (0%**) | **Private Equity (0%**) |  |
| 5086 | Luxco 3 Restructuring (b) **(Cost - $–)** | 85 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Total Stock (Cost - $–)** | **Total Stock (Cost - $–)** | $**85** |
|  **Investment Company (0%**) | **Investment Company (0%**) |  |
| 125821 | Payden Cash Reserves Money Market Fund \* (Cost - $126) | 126 |
|  **Total Investments (Cost - $128,945) (97%)** | **Total Investments (Cost - $128,945) (97%)** | 128605 |
|  **Other Assets, net of Liabilities (3%)** | **Other Assets, net of Liabilities (3%)** | 4663 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**133268** |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(000s) |
|  **Assets:** |  |  |  |  |
|  USD 942 | CAD 1,293 | Morgan Stanley | 03/18/2026 | $14 |

---

*See notes to financial statements.* 

#### 67 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Payden High Income Fund
**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Asset Backed (1%**) | **Asset Backed (1%**) |  |
| 60 | Chase Auto Owner Trust, 0.00%, 6/25/30 (a) | $406 |
| 1600000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 7.74%, 1/25/52 CAD (b)(c) | 1117 |
| 1500000 | Exeter Automobile Receivables Trust 2022-2A 144A, 6.34%, 10/15/29 (c) | 1456 |
| 2000000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (c) | 2083 |
| 620261 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (c) | 630 |
| 80 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (a) | 896 |
| 87 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, 4/18/28 (a) | 2185 |
| 96 | Santander Drive Auto Receivables Trust 2024- S2, 5.80%, 12/16/28 (a) | 1799 |
|  **Total Asset Backed (Cost - $11,324)** | **Total Asset Backed (Cost - $11,324)** | **10572** |
|  **Bank Loan(d) (5%**) | **Bank Loan(d) (5%**) |  |
| 333701 | Adtalem Global Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.72%, 8/12/28 | 334 |
| 2257271 | Albion Financing 3 SARL Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.22%, 5/21/31 | 2274 |
| 1570000 | Dayforce Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 3.00%, 10/07/32 | 1567 |
| 1000000 | Digicel International Finance Ltd. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 5.250%), 9.49%, 7/30/32 | 987 |
| 66373 | DirectV Financing LLC Term Loan NON-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.10%, 8/02/27 | 67 |
| 1870579 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 8.00%, 4/01/30 | 1887 |
| 1975087 | Fiesta Purchaser Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.72%, 2/12/31 | 1970 |
| 2455719 | First Student Bidco Inc. Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 6.80%, 7/21/28 | 2462 |
| 6455000 | Fr Br Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.19%, 10/09/30 | 6439 |
| 3990000 | GTCR Everest Borrower LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 6.75%, 9/05/31 | 4006 |
| 816953 | Hertz Corp. Term Loan B-EXIT 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.58%, 6/30/28 | 680 |
| 159583 | Hertz Corp. Term Loan C-EXIT 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.58%, 6/30/28 | 133 |
| 1661391 | Journey Personal Care Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 7.72%, 3/01/28 | 1628 |
| 4523663 | Jump Financial LLC Term Loan B1 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 7.50%, 2/26/32 | 4543 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 2125000 | Leia Finco U.S. LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.19%, 10/09/32 | $2126 |
| 3500000 | Lendingtree Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.47%, 8/14/30 | 3487 |
| 1786950 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.09%, 7/01/31 | 1750 |
| 2450000 | Nexus Buyer LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 4.750%), 9.72%, 2/16/32 | 2444 |
| 960000 | PetsMart LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.03%, 8/18/32 | 948 |
| 1915000 | Project Alpha Intermediate Holding Inc. Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.00%, 5/09/33 | 1870 |
| 2452348 | Sinclair Television Group Inc. Term Loan B7 1L, (1 mo. Term Secured Overnight Financing Rate + 4.100%), 8.17%, 12/31/30 | 2235 |
| 1998757 | Sotera Health Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.34%, 5/30/31 | 2009 |
| 1458647 | Spirit Aerosystems Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.34%, 1/15/27 | 1465 |
| 3995100 | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 6.97%, 1/31/31 | 4014 |
| 977625 | Transdigm Inc. Term Loan K 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.25%, 3/22/30 | 980 |
| 2052632 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 8.75%, 5/06/32 | 2087 |
| 1485000 | U.S. Silica Co. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.47%, 7/31/31 | 1441 |
| 1970000 | WestJet Loyalty LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.25%, 2/14/31 | 1979 |
|  **Total Bank Loan (Cost - $57,760)** | **Total Bank Loan (Cost - $57,760)** | **57812** |
|  **Corporate Bond (86%**) | **Corporate Bond (86%**) |  |
|  **Automotive (6%)** | **Automotive (6%)** |  |
| 2100000 | Adient Global Holdings Ltd. 144A, 7.50%, 2/15/33 (c) | 2173 |
| 2660000 | Adient Global Holdings Ltd. 144A, 8.25%, 4/15/31 (c)(e) | 2781 |
| 2500000 | Allison Transmission Inc. 144A, 3.75%, 1/30/31 (c) | 2310 |
| 2030000 | American Axle & Manufacturing Inc., 5.00%, 10/01/29 (e) | 1931 |
| 2935000 | American Axle & Manufacturing Inc., 6.50%, 4/01/27 | 2935 |
| 3755000 | American Axle & Manufacturing Inc. 144A, 7.75%, 10/15/33 (c) | 3764 |
| 3630000 | Aston Martin Capital Holdings Ltd. 144A, 10.00%, 3/31/29 (c) | 3232 |
| 2700000 | Clarios Global LP/Clarios U.S. Finance Co. 144A, 6.75%, 2/15/30 (c) | 2801 |

---

Annual Financial Statements and Other Information **68** 

------

**Payden High Income Fund** *continued*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1775000 | Clarios Global LP/Clarios U.S. Finance Co. 144A, 6.75%,<br>9/15/32 (c) | $1818 |
| 3895000 | Ford Motor Credit Co. LLC, 7.20%, 6/10/30 | 4170 |
| 2965000 | Forvia SE 144A, 6.75%, 9/15/33 (c) | 3010 |
| 4210000 | Garrett Motion Holdings Inc./Garrett LX I Sarl 144A, 7.75%, 5/31/32 (c) | 4435 |
| 1750000 | Goodyear Tire & Rubber Co., 5.00%, 7/15/29 (e) | 1667 |
| 2750000 | Goodyear Tire & Rubber Co., 5.25%, 7/15/31 | 2510 |
| 3300000 | IHO Verwaltungs GmbH 144A, 7.75%, 11/15/30 (c) | 3421 |
| 2750000 | Jaguar Land Rover Automotive PLC 144A, 5.50%, 7/15/29 (c)(e) | 2751 |
| 5130000 | JB Poindexter & Co. Inc. 144A, 8.75%, 12/15/31 (c) | 5375 |
| 4910000 | Nissan Motor Co. Ltd. 144A, 4.81%, 9/17/30 (c) | 4608 |
| 1180000 | Nissan Motor Co. Ltd. 144A, 7.75%, 7/17/32 (c) | 1247 |
| 2500000 | Phinia Inc. 144A, 6.63%,<br>10/15/32 (c) | 2574 |
| 2325000 | Tenneco Inc. 144A, 8.00%,<br>11/17/28 (c) | 2321 |
| 3610000 | ZF North America Capital Inc. 144A, 7.13%, 4/14/30 (c) | 3517 |
|  |  | 65351 |
|  **Banking (2%)** | **Banking (2%)** |  |
| 3800000 | Bank of Montreal, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.452%), 7.70%,<br>5/26/84 (f) | 4033 |
| 2600000 | Goldman Sachs Group Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.461%),<br>6.85% (f)(g) | 2709 |
| 1750000 | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.600%), 4.20%, 6/01/32 (c)(f) | 1660 |
| 4600000 | Toronto-Dominion Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.075%), 8.13%, 10/31/82 (f) | 4864 |
| 2165000 | UniCredit SpA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.750%), 5.46%, 6/30/35 (c)(f) | 2191 |
|  |  | 15457 |
|  **Basic Industry (12%)** | **Basic Industry (12%)** |  |
| 2020000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (c) | 2087 |
| 1300000 | Alcoa Nederland Holding BV 144A, 7.13%, 3/15/31 (c) | 1375 |
| 1500000 | Alumina Pty Ltd. 144A, 6.38%, 9/15/32 (c) | 1554 |
| 2880000 | Avient Corp. 144A, 6.25%,<br>11/01/31 (c) | 2943 |
| 2595000 | Bombardier Inc. 144A, 6.75%, 6/15/33 (c) | 2727 |
| 2000000 | Bombardier Inc. 144A, 7.00%, 6/01/32 (c) | 2102 |
| 1000000 | Bombardier Inc. 144A, 8.75%, 11/15/30 (c) | 1080 |
| 3000000 | Builders FirstSource Inc. 144A, 4.25%, 2/01/32 (c) | 2841 |
| 3470000 | Celanese U.S. Holdings LLC, 6.88%, 7/15/32 | 3489 |
| 1710000 | Century Aluminum Co. 144A, 6.88%, 8/01/32 (c) | 1760 |
| 3000000 | Cleveland-Cliffs Inc. 144A, 6.75%, 4/15/30 (c) | 3070 |
| 905000 | Cleveland-Cliffs Inc. 144A, 7.00%, 3/15/32 (c) | 927 |
| 2200000 | Cleveland-Cliffs Inc. 144A, 7.50%, 9/15/31 (c) | 2305 |
| 2000000 | Coeur Mining Inc. 144A, 5.13%, 2/15/29 (c) | 1982 |
| 1980000 | Eldorado Gold Corp. 144A, 6.25%, 9/01/29 (c) | 1986 |
| 2500000 | Element Solutions Inc. 144A, 3.88%, 9/01/28 (c) | 2422 |
| 2365000 | Empire Communities Corp. 144A, 9.75%, 5/01/29 (c) | 2421 |
| 2475000 | EMRLD Borrower LP/Emerald Co.-Issuer Inc. 144A, 6.63%, 12/15/30 (c) | 2547 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 7300000 | Energizer Holdings Inc. 144A, 6.00%, 9/15/33 (c) | $7061 |
| 1120000 | Fortescue Treasury Pty Ltd. 144A, 4.38%, 4/01/31 (c) | 1085 |
| 1500000 | Fortescue Treasury Pty Ltd. 144A, 6.13%, 4/15/32 (c) | 1566 |
| 3235000 | Goat Holdco LLC 144A, 6.75%, 2/01/32 (c) | 3306 |
| 1800000 | Inversion Escrow Issuer LLC 144A, 6.75%, 8/01/32 (c) | 1759 |
| 3245000 | JW Aluminum Continuous Cast Co. 144A, 10.25%, 4/01/30 (c) | 3344 |
| 3250000 | Kaiser Aluminum Corp. 144A, 4.50%, 6/01/31 (c) | 3103 |
| 465000 | Kaiser Aluminum Corp. 144A, 5.88%, 3/01/34 (c) | 464 |
| 3115000 | LGI Homes Inc. 144A, 7.00%, 11/15/32 (c) | 2993 |
| 3250000 | Manitowoc Co. Inc. 144A, 9.25%, 10/01/31 (c) | 3420 |
| 1895000 | MasTec Inc. 144A, 6.63%, 8/15/29 (c) | 1911 |
| 905000 | Mineral Resources Ltd. 144A, 7.00%, 4/01/31 (c) | 938 |
| 4360000 | Mineral Resources Ltd. 144A, 9.25%, 10/01/28 (c) | 4577 |
| 3800000 | Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC 144A, 6.75%, 4/01/32 (c) | 3903 |
| 2995000 | New Gold Inc. 144A, 6.88%,<br>4/01/32 (c) | 3134 |
| 750000 | NOVA Chemicals Corp. 144A, 4.25%, 5/15/29 (c) | 731 |
| 2170000 | Novelis Corp. 144A, 6.38%,<br>8/15/33 (c) | 2200 |
| 2000000 | Novelis Sheet Ingot GmbH, 3.38%, 4/15/29 EUR (b)(h) | 2270 |
| 3240000 | Olin Corp. 144A, 6.63%, 4/01/33 (c) | 3213 |
| 2800000 | SCIH Salt Holdings Inc. 144A, 4.88%, 5/01/28 (c) | 2771 |
| 2350000 | Solstice Advanced Materials Inc. 144A, 5.63%, 9/30/33 (c) | 2354 |
| 870000 | Standard Building Solutions Inc. 144A, 6.25%, 8/01/33 (c) | 888 |
| 1150000 | Standard Building Solutions Inc. 144A, 6.50%, 8/15/32 (c) | 1183 |
| 2500000 | Standard Industries Inc. 144A, 4.38%, 7/15/30 (c) | 2413 |
| 1000000 | Standard Industries Inc. 144A, 4.75%, 1/15/28 (c) | 997 |
| 2820000 | TopBuild Corp. 144A, 5.63%,<br>1/31/34 (c) | 2834 |
| 3240000 | TransDigm Inc., 4.88%, 5/01/29 (e) | 3213 |
| 3450000 | TransDigm Inc. 144A, 6.00%,<br>1/15/33 (c) | 3508 |
| 750000 | TransDigm Inc. 144A, 6.63%,<br>3/01/32 (c) | 777 |
| 875000 | TransDigm Inc. 144A, 6.75%,<br>1/31/34 (c) | 907 |
| 600000 | TransDigm Inc. 144A, 6.88%, 12/15/30 (c) | 623 |
| 2500000 | TTM Technologies Inc. 144A, 4.00%, 3/01/29 (c) | 2417 |
| 2695000 | Velocity Vehicle Group LLC 144A, 8.00%, 6/01/29 (c) | 2653 |
| 1050000 | Whirlpool Corp., 4.60%, 5/15/50 | 783 |
| 3000000 | Wilsonart LLC 144A,<br>11.00%, 8/15/32 (c) | 2836 |
|  |  | 121753 |
|  **Consumer Goods (3%)** | **Consumer Goods (3%)** |  |
| 3000000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 4.88%, 2/15/30 (c) | 2966 |
| 2300000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 5.75%, 3/31/34 (c) | 2313 |
| 4065000 | B&G Foods Inc. 144A, 8.00%, 9/15/28 (c) | 3827 |

---

#### 69 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1500000 | Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC 144A, 4.75%, 1/15/29 (c) | $1480 |
| 1610000 | Fiesta Purchaser Inc. 144A, 7.88%, 3/01/31 (c) | 1706 |
| 5250000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%, 2/15/29 (c) | 5503 |
| 1160000 | Newell Brands Inc. 144A, 8.50%, 6/01/28 (c) | 1193 |
| 2345000 | Post Holdings Inc. 144A, 4.50%, 9/15/31 (c) | 2204 |
| 900000 | Post Holdings Inc. 144A, 4.63%, 4/15/30 (c) | 874 |
| 1000000 | Post Holdings Inc. 144A, 5.50%, 12/15/29 (c) | 1002 |
| 3250000 | Primo Water Holdings Inc./Triton Water Holdings Inc. 144A, 4.38%, 4/30/29 (c) | 3165 |
| 4425000 | Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed 144A, 4.63%, 3/01/29 (c) | 4245 |
| 3580000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (c) | 3601 |
|  |  | 34079 |
|  **Energy (7%)** | **Energy (7%)** |  |
| 2160000 | AltaGas Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.573%), 7.20%, 10/15/54 (c)(f) | 2216 |
| 1156000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp. 144A, 9.00%, 11/01/27 (c) | 1363 |
| 1675000 | Azule Energy Finance PLC 144A, 8.13%, 1/23/30 (c) | 1685 |
| 5930000 | BKV Upstream Midstream LLC 144A, 7.50%, 10/15/30 (c) | 5944 |
| 895000 | California Resources Corp. 144A, 7.00%, 1/15/34 (c) | 892 |
| 545000 | Comstock Resources Inc. 144A, 5.88%, 1/15/30 (c) | 519 |
| 3690000 | Kraken Oil & Gas Partners LLC 144A, 7.63%, 8/15/29 (c) | 3616 |
| 3955000 | Long Ridge Energy LLC 144A, 8.75%, 2/15/32 (c) | 4093 |
| 3440000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (c) | 3324 |
| 1120000 | Noble Finance II LLC 144A, 8.00%, 4/15/30 (c) | 1163 |
| 1125000 | Northern Oil & Gas Inc. 144A, 7.88%, 10/15/33 (c) | 1097 |
| 5190000 | Oceanica Lux 144A, 13.00%, 10/02/29 (c) | 5149 |
| 4474500 | OHI Group SA 144A, 13.00%, 7/22/29 (c) | 4624 |
| 2740000 | Pattern Energy Operations LP/Pattern Energy Operations Inc. 144A, 4.50%, 8/15/28 (c) | 2673 |
| 4125000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 7.88%, 9/15/30 (c) | 4147 |
| 4855000 | Phillips 66 Co. A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.283%), 5.88%, 3/15/56 (f) | 4830 |
| 1590000 | Seadrill Finance Ltd. 144A, 8.38%, 8/01/30 (c) | 1628 |
| 1930000 | Surge Energy Inc. 144A, 8.50%, 9/05/29 CAD (b)(c) | 1414 |
| 4380000 | Tamarack Valley Energy Ltd. 144A, 6.88%, 7/25/30 CAD (b)(c) | 3193 |
| 4040000 | TerraForm Power Operating LLC 144A, 4.75%, 1/15/30 (c) | 3878 |
| 3880000 | USA Compression Partners LP/USA Compression Finance Corp. 144A, 6.25%, 10/01/33 (c) | 3898 |
| 2200000 | Valaris Ltd. 144A, 8.38%, 4/30/30 (c) | 2300 |
| 2460000 | Vermilion Energy Inc. 144A, 7.25%, 2/15/33 (c) | 2274 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 2420000 | Vital Energy Inc. 144A, 7.88%, 4/15/32 (c) | $2292 |
|  |  | 68212 |
|  **Financial (10%)** | **Financial (10%)** |  |
| 2600000 | Aircastle Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.410%), 5.25% (c)(f)(g) | 2587 |
| 4625000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (f)(g) | 4536 |
| 3945000 | Avation Group S Pte Ltd. 144A, 8.50%, 5/15/31 (c) | 3846 |
| 3495000 | Azorra Finance Ltd. 144A, 7.25%, 1/15/31 (c) | 3664 |
| 1520000 | Bread Financial Holdings Inc. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.300%), 8.38%, 6/15/35 (c)(f) | 1557 |
| 3165000 | Bread Financial Holdings Inc. 144A, 9.75%, 3/15/29 (c) | 3380 |
| 3640000 | Burford Capital Global Finance LLC 144A, 7.50%, 7/15/33 (c) | 3598 |
| 1425000 | Burford Capital Global Finance LLC 144A, 9.25%, 7/01/31 (c) | 1477 |
| 3545000 | CrossCountry Intermediate HoldCo LLC 144A, 6.50%, 10/01/30 (c) | 3582 |
| 3600000 | doValue SpA 144A, 5.38%, 11/15/31 EUR (b)(c) | 4150 |
| 2520000 | Encore Capital Group Inc. 144A, 9.25%, 4/01/29 (c) | 2649 |
| 1785000 | Fortress Intermediate 3 Inc. 144A, 7.50%, 6/01/31 (c) | 1864 |
| 1200000 | Freedom Mortgage Holdings LLC 144A, 8.38%, 4/01/32 (c) | 1252 |
| 4650000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (c) | 4885 |
| 1550000 | goeasy Ltd. 144A, 6.88%, 5/15/30 (c) | 1525 |
| 1615000 | goeasy Ltd. 144A, 6.88%, 2/15/31 (c) | 1579 |
| 1450000 | goeasy Ltd. 144A, 7.63%, 7/01/29 (c) | 1462 |
| 2000000 | Greystar Real Estate Partners LLC 144A, 7.75%, 9/01/30 (c) | 2117 |
| 1325000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 2/01/29 | 1145 |
| 612000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 613 |
| 505000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/29 | 507 |
| 3650000 | Jefferson Capital Holdings LLC 144A, 6.00%, 8/15/26 (c) | 3636 |
| 2660000 | Jefferson Capital Holdings LLC 144A, 8.25%, 5/15/30 (c) | 2760 |
| 1425000 | Jefferson Capital Holdings LLC 144A, 9.50%, 2/15/29 (c) | 1503 |
| 5275000 | LFS Topco LLC 144A, 8.75%, 7/15/30 (c) | 5168 |
| 5440000 | Midcap Financial Issuer Trust 144A, 6.50%, 5/01/28 (c) | 5347 |
| 2700000 | Navient Corp., 5.50%, 3/15/29 | 2658 |
| 1000000 | OneMain Finance Corp., 4.00%, 9/15/30 | 931 |
| 1250000 | OneMain Finance Corp., 5.38%, 11/15/29 | 1241 |
| 350000 | OneMain Finance Corp., 6.63%, 1/15/28 | 359 |
| 1000000 | OneMain Finance Corp., 7.13%, 11/15/31 | 1037 |
| 2500000 | PennyMac Financial Services Inc. 144A, 4.25%, 2/15/29 (c) | 2429 |
| 1340000 | PennyMac Financial Services Inc. 144A, 6.88%, 2/15/33 (c) | 1388 |
| 1725000 | PennyMac Financial Services Inc. 144A, 7.88%, 12/15/29 (c) | 1835 |

---

Annual Financial Statements and Other Information **70** 

------

**Payden High Income Fund** *continued*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 4100000 | Phoenix Aviation Capital Ltd. 144A, 9.25%, 7/15/30 (c) | $4323 |
| 2000000 | Rfna LP 144A, 7.88%, 2/15/30 (c) | 1993 |
| 2900000 | SLM Corp., 6.50%, 1/31/30 | 3009 |
| 2690000 | Stonex Escrow Issuer LLC 144A, 6.88%, 7/15/32 (c) | 2786 |
| 2810000 | Synchrony Financial, 7.25%, 2/02/33 | 2980 |
| 4455000 | UWM Holdings LLC 144A, 6.63%, 2/01/30 (c) | 4542 |
|  |  | 101900 |
|  **Healthcare (5%)** | **Healthcare (5%)** |  |
| 2470000 | 1261229 BC Ltd. 144A, 10.00%, 4/15/32 (c) | 2584 |
| 4220000 | Bausch & Lomb Corp. 144A, 8.38%, 10/01/28 (c) | 4415 |
| 800000 | Bausch Health Cos. Inc. 144A, 4.88%, 6/01/28 (c) | 729 |
| 1720000 | BellRing Brands Inc. 144A, 7.00%, 3/15/30 (c) | 1775 |
| 4850000 | CHS/Community Health Systems Inc. 144A, 5.25%, 5/15/30 (c) | 4551 |
| 2450000 | CVS Health Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.886%), 7.00%, 3/10/55 (f) | 2578 |
| 2990000 | DaVita Inc. 144A, 3.75%, 2/15/31 (c) | 2747 |
| 2375000 | DaVita Inc. 144A, 6.75%, 7/15/33 (c) | 2464 |
| 3540000 | Fortrea Holdings Inc. 144A, 7.50%, 7/01/30 (c) (e) | 3403 |
| 2135000 | LifePoint Health Inc. 144A, 9.88%, 8/15/30 (c) | 2308 |
| 2175000 | Molina Healthcare Inc. 144A, 3.88%, 11/15/30 (c) | 2008 |
| 2175000 | Molina Healthcare Inc. 144A, 6.25%, 1/15/33 (c) | 2191 |
| 1000000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 5.13%, 4/30/31 (c) | 768 |
| 2395000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 7.88%, 5/15/34 (c) | 1867 |
| 2400000 | Prestige Brands Inc. 144A, 3.75%, 4/01/31 (c) | 2229 |
| 5060000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (c) | 5328 |
| 3935000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (c) | 4207 |
| 3250000 | Tenet Healthcare Corp., 4.38%, 1/15/30 | 3175 |
| 3000000 | Tenet Healthcare Corp., 6.13%, 10/01/28 | 3006 |
|  |  | 52333 |
|  **Insurance (1%)** | **Insurance (1%)** |  |
| 3000000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer 144A, 6.75%, 10/15/27 (c) | 3013 |
| 2575000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer 144A, 7.00%, 1/15/31 (c) | 2670 |
| 1750000 | Assurant Inc., (3 mo. LIBOR USD + 4.135%), 7.00%, 3/27/48 (f) | 1800 |
| 5430000 | Enstar Finance LLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.006%), 5.50%, 1/15/42 (f) | 5373 |
|  |  | 12856 |
|  **Leisure (4%)** | **Leisure (4%)** |  |
| 1430000 | Amer Sports Co. 144A, 6.75%, 2/16/31 (c) | 1491 |
| 2070000 | Caesars Entertainment Inc. 144A, 6.00%, 10/15/32 (c)(e) | 1977 |
| 2000000 | Carnival Corp. 144A, 6.00%, 5/01/29 (c) | 2030 |
| 2335000 | Carnival Corp. 144A, 6.13%, 2/15/33 (c) | 2409 |
| 1625000 | Cinemark USA Inc. 144A, 7.00%, 8/01/32 (c) | 1686 |
| 5475000 | Kingpin Intermediate Holdings LLC 144A, 7.25%, 10/15/32 (c) | 5146 |
| 5475000 | Marriott Ownership Resorts Inc. 144A, 6.50%, 10/01/33 (c) | 5405 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 2680000 | MGM Resorts International, 6.50%, 4/15/32 (e) | $2723 |
| 3005000 | NCL Corp. Ltd. 144A, 6.25%, 9/15/33 (c) | 3041 |
| 1883000 | Sabre GLBL Inc. 144A, 10.75%, 11/15/29 (c) | 1796 |
| 530000 | Sabre GLBL Inc. 144A, 11.13%, 7/15/30 (c) | 501 |
| 3840000 | Travel + Leisure Co. 144A, 4.50%, 12/01/29 (c) | 3741 |
| 2595000 | Viking Cruises Ltd. 144A, 5.88%, 10/15/33 (c) | 2640 |
| 2050000 | Warnermedia Holdings Inc., 4.28%, 3/15/32 | 1880 |
| 3150000 | Warnermedia Holdings Inc., 5.05%, 3/15/42 | 2532 |
| 775000 | Warnermedia Holdings Inc., 5.14%, 3/15/52 | 591 |
| 3230000 | Wynn Macau Ltd. 144A, 6.75%, 2/15/34 (c) | 3257 |
| 2025000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 144A, 7.13%, 2/15/31 (c) | 2176 |
|  |  | 45022 |
|  **Media (7%)** | **Media (7%)** |  |
| 3690000 | AMC Networks Inc. 144A, 10.25%, 1/15/29 (c) | 3877 |
| 3670000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.25%, 2/01/31 (c) | 3325 |
| 3150000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.25%, 1/15/34 (c) | 2649 |
| 1500000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 8/15/30 (c) | 1407 |
| 1000000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/01/32 | 890 |
| 2580000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 6/01/33 (c) | 2239 |
| 2750000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.75%, 3/01/30 (c) | 2617 |
| 2000000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.75%, 2/01/32 (c) | 1812 |
| 2550000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.38%, 6/01/29 (c) | 2519 |
| 3700000 | Cogent Communications Group LLC / Cogent Finance Inc. 144A, 7.00%, 6/15/27 (c) | 3695 |
| 2550000 | Directv Financing LLC 144A, 8.88%, 2/01/30 (c) | 2538 |
| 1250000 | Directv Financing LLC 144A, 8.88%, 2/01/30 (c) | 1244 |
| 324000 | Directv Financing LLC/Directv Financing Co.- Obligor Inc. 144A, 5.88%, 8/15/27 (c) | 324 |
| 2150000 | Directv Financing LLC/Directv Financing Co- Obligor Inc. 144A, 10.00%, 2/15/31 (c) | 2144 |
| 2500000 | DISH Network Corp. 144A, 11.75%, 11/15/27 (c) | 2633 |
| 4650000 | EchoStar Corp., 10.75%, 11/30/29 | 5122 |
| 2975000 | EquipmentShare.com Inc. 144A, 9.00%, 5/15/28 (c) | 3001 |
| 1110000 | Gray Media Inc. 144A, 10.50%, 7/15/29 (c) | 1197 |
| 1985000 | ION Platform Finance U.S. Inc./ION Platform Finance Sarl 144A, 9.50%, 5/30/29 (c) | 2031 |
| 1300000 | Match Group Holdings II LLC 144A, 3.63%, 10/01/31 (c) | 1180 |
| 1500000 | Match Group Holdings II LLC 144A, 4.63%, 6/01/28 (c) | 1479 |
| 2740000 | McGraw-Hill Education Inc. 144A, 8.00%, 8/01/29 (c) | 2764 |
| 3870000 | Nexstar Media Inc. 144A, 4.75%, 11/01/28 (c) | 3812 |
| 3540000 | Rakuten Group Inc. 144A, 9.75%, 4/15/29 (c) | 3974 |
| 1000000 | Sinclair Television Group Inc. 144A, 8.13%, 2/15/33 (c) | 1020 |
| 4500000 | Sirius XM Radio LLC 144A, 3.88%, 9/01/31 (c) | 4087 |
| 4910000 | Univision Communications Inc. 144A, 7.38%, 6/30/30 (c)(e) | 4931 |
| 2750000 | Versant Media Group Inc. 144A, 7.25%, 1/30/31 (c) | 2805 |

---

#### 71 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 575000 | Virgin Media Secured Finance PLC 144A, 4.50%, 8/15/30 (c) | $535 |
| 1500000 | Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29 (c) | 1474 |
|  |  | 73325 |
|  **Real Estate (4%)** | **Real Estate (4%)** |  |
| 1635000 | Blackstone Mortgage Trust Inc. 144A, 7.75%, 12/01/29 (c) | 1724 |
| 3795000 | Brandywine Operating Partnership LP, 8.88%, 4/12/29 | 4125 |
| 4000000 | Iron Mountain Inc. 144A, 4.88%, 9/15/29 (c) | 3951 |
| 1500000 | Iron Mountain Inc. 144A, 5.25%, 3/15/28 (c) | 1500 |
| 1840000 | Iron Mountain Inc. 144A, 6.25%, 1/15/33 (c) | 1884 |
| 1000000 | Kennedy-Wilson Inc., 4.75%, 3/01/29 | 948 |
| 2500000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A, 4.75%, 6/15/29 (c) | 2453 |
| 4080000 | Millrose Properties Inc. 144A, 6.25%, 9/15/32 (c) | 4103 |
| 4000000 | MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 8/01/29 | 3275 |
| 3120000 | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer 144A, 7.00%, 2/01/30 (c) | 3197 |
| 2500000 | Piedmont Operating Partnership LP, 9.25%, 7/20/28 | 2768 |
| 2000000 | Service Properties Trust, 5.50%, 12/15/27 | 1949 |
| 415000 | Service Properties Trust, 8.88%, 6/15/32 | 410 |
| 2260000 | Starwood Property Trust Inc. 144A, 6.50%, 7/01/30 (c) | 2353 |
| 2250000 | Uniti Group LP/Uniti Group Finance 2019 Inc./ CSL Capital LLC 144A, 4.75%, 4/15/28 (c) | 2201 |
| 2750000 | XHR LP 144A, 4.88%, 6/01/29 (c) | 2691 |
| 2860000 | XHR LP 144A, 6.63%, 5/15/30 (c) | 2923 |
|  |  | 42455 |
|  **Retail (7%)** | **Retail (7%)** |  |
| 2850000 | 1011778 BC ULC/New Red Finance Inc. 144A, 4.00%, 10/15/30 (c) | 2699 |
| 2000000 | 1011778 BC ULC/New Red Finance Inc. 144A, 5.63%, 9/15/29 (c) | 2038 |
| 2105000 | Advance Auto Parts Inc. 144A, 7.00%, 8/01/30 (c) | 2126 |
| 2105000 | Advance Auto Parts Inc. 144A, 7.38%, 8/01/33 (c) | 2133 |
| 2100000 | Arko Corp. 144A, 5.13%, 11/15/29 (c)(e) | 1756 |
| 2000000 | Asbury Automotive Group Inc. 144A, 4.63%, 11/15/29 (c) | 1944 |
| 2750000 | Asbury Automotive Group Inc. 144A, 5.00%, 2/15/32 (c) | 2650 |
| 1000000 | Bath & Body Works Inc. 144A, 6.63%, 10/01/30 (c) | 1029 |
| 2500000 | Bath & Body Works Inc., 6.88%, 11/01/35 | 2618 |
| 4045000 | BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc. 144A, 9.50%, 7/01/32 (c) | 4076 |
| 4150000 | Champ Acquisition Corp. 144A, 8.38%, 12/01/31 (c) | 4430 |
| 2230000 | Cougar JV Subsidiary LLC 144A, 8.00%, 5/15/32 (c) | 2380 |
| 2435000 | Dealer Tire LLC/DT Issuer LLC 144A, 8.00%, 2/01/28 (c) | 2370 |
| 4480000 | Ferrellgas LP/Ferrellgas Finance Corp. 144A, 9.25%, 1/15/31 (c) | 4524 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 2650000 | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 (c) | $2459 |
| 2000000 | FirstCash Inc. 144A, 4.63%, 9/01/28 (c) | 1974 |
| 1750000 | FirstCash Inc. 144A, 5.63%, 1/01/30 (c) | 1759 |
| 2740000 | Group 1 Automotive Inc. 144A, 4.00%, 8/15/28 (c) | 2660 |
| 4185000 | Hanesbrands Inc. 144A, 9.00%, 2/15/31 (c) | 4418 |
| 1890000 | Kontoor Brands Inc. 144A, 4.13%, 11/15/29 (c) | 1798 |
| 1820000 | LCM Investments Holdings II LLC 144A, 8.25%, 8/01/31 (c) | 1917 |
| 525000 | Macy's Retail Holdings LLC, 4.30%, 2/15/43 | 381 |
| 466000 | Macy's Retail Holdings LLC 144A, 5.88%, 3/15/30 (c) | 467 |
| 515000 | Nordstrom Inc., 5.00%, 1/15/44 | 389 |
| 3500000 | PetSmart LLC/PetSmart Finance Corp. 144A, 7.50%, 9/15/32 (c) | 3500 |
| 3000000 | Sally Holdings LLC/Sally Capital Inc., 6.75%, 3/01/32 (e) | 3126 |
| 2800000 | Sonic Automotive Inc. 144A, 4.88%, 11/15/31 (c) | 2666 |
| 2950000 | Specialty Building Products Holdings LLC/SBP Finance Corp. 144A, 7.75%, 10/15/29 (c) | 2971 |
| 3295000 | Veritiv Operating Co. 144A, 10.50%, 11/30/30 (c) | 3433 |
| 3965000 | Victra Holdings LLC/Victra Finance Corp. 144A, 8.75%, 9/15/29 (c) | 4212 |
|  |  | 74903 |
|  **Service (4%)** | **Service (4%)** |  |
| 2150000 | ADT Security Corp. 144A, 4.13%, 8/01/29 (c) | 2084 |
| 3715000 | ADT Security Corp. 144A, 5.88%, 10/15/33 (c) | 3778 |
| 2790000 | Alta Equipment Group Inc. 144A, 9.00%, 6/01/29 (c) | 2531 |
| 2000000 | Avis Budget Car Rental LLC/Avis Budget Finance Inc. 144A, 8.00%, 2/15/31 (c)(e) | 2035 |
| 1525000 | Avis Budget Car Rental LLC/Avis Budget Finance Inc. 144A, 8.25%, 1/15/30 (c) | 1558 |
| 1135000 | Block Inc. 144A, 5.63%, 8/15/30 (c) | 1153 |
| 3495000 | Carriage Services Inc. 144A, 4.25%, 5/15/29 (c) | 3309 |
| 3810000 | Cimpress PLC 144A, 7.38%, 9/15/32 (c) | 3877 |
| 4075000 | Clear Channel Outdoor Holdings Inc. 144A, 7.88%, 4/01/30 (c) | 4276 |
| 4450000 | Deluxe Corp. 144A, 8.13%, 9/15/29 (c) | 4667 |
| 1465000 | Herc Holdings Inc. 144A, 7.25%, 6/15/33 (c) | 1546 |
| 1100000 | ION Platform Finance U.S. Inc. 144A, 7.88%, 9/30/32 (c) | 1074 |
| 2000000 | Madison IAQ LLC 144A, 5.88%, 6/30/29 (c) | 1961 |
| 2350000 | Neptune Bidco U.S. Inc. 144A, 9.29%, 4/15/29 (c) | 2323 |
| 4080000 | PROG Holdings Inc. 144A, 6.00%, 11/15/29 (c) | 3985 |
| 2000000 | United Rentals North America Inc., 3.88%, 2/15/31 | 1900 |
| 1145000 | Williams Scotsman Inc. 144A, 6.63%, 6/15/29 (c) | 1180 |
|  |  | 43237 |
|  **Technology (3%)** | **Technology (3%)** |  |
| 1575000 | Cloud Software Group Inc. 144A, 6.63%, 8/15/33 (c) | 1580 |
| 2320000 | Cloud Software Group Inc. 144A, 8.25%, 6/30/32 (c) | 2440 |
| 750000 | Cloud Software Group Inc. 144A, 9.00%, 9/30/29 (c) | 776 |

---

Annual Financial Statements and Other Information **72** 

------

**Payden High Income Fund** *continued* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 3055000 | Consensus Cloud Solutions Inc. 144A, 6.50%, 10/15/28 (c) | $3053 |
| 3235000 | CoreWeave Inc. 144A, 9.00%, 2/01/31 (c) | 3249 |
| 3045000 | CoreWeave Inc. 144A, 9.25%, 6/01/30 (c) | 3079 |
| 2600000 | Diebold Nixdorf Inc. 144A, 7.75%, 3/31/30 (c) | 2760 |
| 2215000 | Kioxia Holdings Corp. 144A, 6.63%, 7/24/33 (c) | 2313 |
| 2850000 | Qnity Electronics Inc. 144A, 6.25%, 8/15/33 (c) | 2930 |
| 1500000 | Rocket Software Inc. 144A, 9.00%, 11/28/28 (c) | 1547 |
| 2540000 | Western Digital Corp., 2.85%, 2/01/29 | 2417 |
| 3960000 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 144A, 3.88%, 2/01/29 (c) | 3739 |
|  |  | 29883 |
|  **Telecommunication (4%)** | **Telecommunication (4%)** |  |
| 1155150 | Altice France SA 144A, 6.50%, 3/15/32 (c) | 1107 |
| 2950000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (c) | 3010 |
| 2010000 | CommScope LLC 144A, 4.75%, 9/01/29 (c) | 2005 |
| 2300000 | Digicel International Finance Ltd./Difl U.S. LLC 144A, 8.63%, 8/01/32 (c) | 2292 |
| 2568000 | Fibercop SpA 2033 144A, 6.38%, 11/15/33 (c) | 2547 |
| 2500000 | Frontier Communications Holdings LLC 144A, 5.88%, 10/15/27 (c) | 2500 |
| 2500000 | Go Daddy Operating Co. LLC/GD Finance Co. Inc. 144A, 3.50%, 3/01/29 (c) | 2383 |
| 4230000 | Level 3 Financing Inc. 144A, 7.00%, 3/31/34 (c) | 4349 |
| 1510000 | Millicom International Cellular SA 144A, 4.50%, 4/27/31 (c) | 1412 |
| 2565000 | Rogers Communications Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.653%), 7.00%, 4/15/55 (f) | 2685 |
| 3070000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (c) | 3075 |
| 4675000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (c) | 4459 |
| 432000 | Telecom Italia Capital SA, 6.38%, 11/15/33 | 456 |
| 3270000 | Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31 (c) | 2988 |
| 2685000 | Windstream Services LLC/Windstream Escrow Finance Corp. 144A, 8.25%, 10/01/31 (c) | 2745 |
| 2032000 | Zegona Finance PLC 144A, 8.63%, 7/15/29 (c) | 2165 |
|  |  | 40178 |
|  **Transportation (1%)** | **Transportation (1%)** |  |
| 760000 | American Airlines Inc. 144A, 7.25%, 2/15/28 (c) | 778 |
| 2475000 | American Airlines Inc. 144A, 8.50%, 5/15/29 (c) | 2584 |
| 3000000 | American Airlines Inc./AAdvantage Loyalty IP Ltd. 144A, 5.75%, 4/20/29 (c) | 3029 |
| 830000 | First Student Bidco Inc./First Transit Parent Inc. 144A, 4.00%, 7/31/29 (c) | 803 |
| 1250000 | JetBlue Airways Corp./JetBlue Loyalty LP 144A, 9.88%, 9/20/31 (c) | 1230 |
| 1500000 | United Airlines Inc. 144A, 4.63%, 4/15/29 (c) | 1486 |
| 2635000 | XPO Inc. 144A, 7.13%, 2/01/32 (c) | 2780 |
|  |  | 12690 |
|  **Utility (6%)** | **Utility (6%)** |  |
| 2540000 | Alpha Generation LLC 144A, 6.25%, 1/15/34 (c) | 2571 |
| 2100000 | Alpha Generation LLC 144A, 6.75%, 10/15/32 (c) | 2160 |
| 3390000 | Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A, 5.75%, 10/15/33 (c) | 3387 |
| 3760000 | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC 144A, 6.38%, 2/15/32 (c) | 3801 |
| 500000 | Calpine Corp. 144A, 4.50%, 2/15/28 (c) | 499 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1750000 | Calpine Corp. 144A, 4.63%, 2/01/29 (c) | $1740 |
| 1000000 | Calpine Corp. 144A, 5.13%, 3/15/28 (c) | 1001 |
| 2500000 | Clearway Energy Operating LLC 144A, 4.75%, 3/15/28 (c) | 2488 |
| 5190000 | Delek Logistics Partners LP/Delek Logistics Finance Corp. 144A, 8.63%, 3/15/29 (c) | 5420 |
| 2750000 | Evergy Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.558%), 6.65%, 6/01/55 (f) | 2842 |
| 2870000 | Hess Midstream Operations LP 144A, 5.88%, 3/01/28 (c) | 2931 |
| 1725000 | Howard Midstream Energy Partners LLC 144A, 6.63%, 1/15/34 (c) | 1779 |
| 2700000 | Lightning Power LLC 144A, 7.25%, 8/15/32 (c) | 2867 |
| 2500000 | NRG Energy Inc. 144A, 3.38%, 2/15/29 (c) | 2379 |
| 1145000 | NRG Energy Inc. 144A, 5.75%, 1/15/34 (c) | 1154 |
| 1880000 | NRG Energy Inc. 144A, 6.25%, 11/01/34 (c) | 1937 |
| 1500000 | PG&E Corp., 5.00%, 7/01/28 | 1491 |
| 4830000 | Talen Energy Supply LLC 144A, 6.50%, 2/01/36 (c) | 5006 |
| 2265000 | Talen Energy Supply LLC 144A, 8.63%, 6/01/30 (c) | 2405 |
| 2060000 | TransMontaigne Partners LLC 144A, 8.50%, 6/15/30 (c) | 2158 |
| 3465000 | Venture Global Plaquemines LNG LLC 144A, 6.75%, 1/15/36 (c) | 3672 |
| 2250000 | Vistra Operations Co. LLC 144A, 7.75%, 10/15/31 (c) | 2389 |
| 2340000 | VoltaGrid LLC 144A, 7.38%, 11/01/30 (c) | 2381 |
| 3275000 | XPLR Infrastructure Operating Partners LP 144A, 8.38%, 1/15/31 (c) | 3429 |
|  |  | 61887 |
|  **Total Corporate Bond (Cost - $883,138)** | **Total Corporate Bond (Cost - $883,138)** | **895521** |
|  **Mortgage Backed (1%**) | **Mortgage Backed (1%**) |  |
| 3983627 | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.364%), 13.55%, 11/25/39 (c)(f) | 4260 |
| 1777962 | STACR Trust 2018-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.05%, 5/25/43 (c)(f) | 2130 |
| 1550000 | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.80%, 2/25/47 (c)(f) | 1893 |
|  **Total Mortgage Backed (Cost - $7,312)** | **Total Mortgage Backed (Cost - $7,312)** | **8283** |
|  **Stock (0%)** | **Stock (0%)** |  |
|  **Private Equity (0%**) | **Private Equity (0%**) |  |
| 6791 | Luxco 3 Restructuring (b) |  |
|  | **(Cost - $–)** | 114 |
|  **Total Stock (Cost - $–)** | **Total Stock (Cost - $–)** | **114** |
|  **Investment Company (7%**) | **Investment Company (7%**) |  |
| 73474027 | Payden Cash Reserves Money Market Fund \*<br> **(Cost - $73,474)** | 73474 |
|  **Total Investments (Cost - $1,033,008) (100%)** | **Total Investments (Cost - $1,033,008) (100%)** | 1045776 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | (4597) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**1041179** |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal in foreign currency.

#### 73 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $18,489 and the total market value of the collateral held by the Fund is $19,250. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(000s) |
|  **Assets:** |  |  |  |  |
|  USD 6,523 | CAD 8,953 | Morgan Stanley | 03/18/2026 | $97 |
|  USD 13,154 | EUR 11,082 | Morgan Stanley | 03/18/2026 | 286 |
|  |  |  |  | 383 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. Treasury 10-Year Note Future | 285 | Dec-25 | $32111 | $190 | $190 |

---

#### Open Centrally Cleared Credit Default Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Depreciation<br>(000s) |
|  Protection Bought (Relevant Credit:Transocean International Ltd.), Pay 1.00% Quarterly, Receive upon credit default | 12/20/2030 | USD 4,000 | $567 | $690 | $(123) |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
|  4-Year Interest Rate Swap, Pay Fixed 2.630% Annually, Receive Variable 2.168% (ESTRON) Annually | 02/01/2026 | EUR 1,000 | $(6) | $— | $(6) |
|  4-Year SOFR Swap, Receive Fixed 4.230% Annually, Pay Variable 4.383% (SOFRRATE) Annually | 02/01/2026 | USD 1,030 | (1) |  | (1) |
|  6-Year Interest Rate Swap, Pay Fixed 2.650% Annually, Receive Variable 1.988% (ESTRON) Annually | 04/30/2028 | EUR 3,500 | (86) | 3 | (89) |
|  6-Year SOFR Swap, Receive Fixed 3.970% Annually, Pay Variable 4.346% (SOFRRATE) Annually | 04/30/2028 | USD 3,630 | 45 | 3 | 42 |
|  7-Year Interest Rate Swap, Pay Fixed 2.660% Annually, Receive Variable 1.924% (ESTRON) Annually | 06/30/2029 | EUR 3,000 | (89) | 3 | (92) |
|  7-Year Interest Rate Swap, Pay Fixed 2.660% Annually, Receive Variable 2.009% (ESTRON) Annually | 04/15/2029 | EUR 2,000 | (60) |  | (60) |
|  7-Year SOFR Swap, Receive Fixed 3.890% Annually, Pay Variable 4.326% (SOFRRATE) Annually | 06/30/2029 | USD 3,130 | 52 | 3 | 49 |

---

Annual Financial Statements and Other Information **74** 

------

**Payden High Income Fund** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
|  7-Year SOFR Swap, Receive Fixed 3.900% Annually, Pay Variable 4.352% (SOFRRATE) Annually | 04/15/2029 | USD 2,080 | 31 |  | 31 |
|  |  |  | $(114) | $12 | $(126) |

---

#### Open OTC Credit Default Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
|  Protection Bought (Relevant Credit:Hilcorp Energy I LP), Pay 5.00% Quarterly, Receive upon credit default | 12/20/2030 | USD 4,000 | $(452) | $(475) | $23 |
|  Protection Bought (Relevant Credit:Civitas Resources Inc), Pay 5.00% Quarterly, Receive upon credit default | 12/20/2030 | USD 3,000 | (325) | (305) | (20) |
|  Protection Bought (Relevant Credit:Hilcorp Energy I LP), Pay 5.00% Quarterly, Receive upon credit default | 06/20/2030 | USD 3,000 | (340) | (361) | 21 |
|  Protection Bought (Relevant Credit:Hilcorp Energy I LP), Pay 5.00% Quarterly, Receive upon credit default | 12/20/2030 | USD 5,000 | (564) | (605) | 41 |
|  |  |  | $(1681) | $(1746) | $65 |

---

#### 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 Liabilities<sup>1</sup> | $18489 |
|  Non-cash Collateral<sup>2</sup> | (18489) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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.*

#### 75 Payden Mutual Funds

------

#### Payden California Municipal Social Impact Fund
**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **General Obligation (62%**) | **General Obligation (62%**) |  |
| 175000 | Abag Finance Authority for Nonprofit Corps A, 5.00%, 9/02/26 | $175 |
| 100000 | Alameda Community Improvement Commission Successor Agency A, 5.00%, 9/01/28 BAM (a) | 100 |
| 250000 | Alameda Community Improvement Commission Successor Agency A, 5.00%, 9/01/32 BAM (a) | 250 |
| 1500000 | Antelope Valley Community College District, 5.00%, 8/01/44 | 1561 |
| 300000 | Brentwood Infrastructure Financing Authority, 4.00%, 10/01/36 | 315 |
| 2545000 | California Community Choice Financing Authority B-1, 4.00%, 2/01/52 (b) | 2600 |
| 2675000 | California Community Choice Financing Authority F, 5.00%, 11/01/33 | 2923 |
| 1300000 | California Community Choice Financing Authority 1, 5.00%, 2/01/54 (b) | 1396 |
| 1280000 | California Community Choice Financing Authority, 5.00%, 5/01/54 (b) | 1381 |
| 3500000 | California Community Choice Financing Authority B, 5.00%, 1/01/55 (b) | 3710 |
| 1470000 | California Community Choice Financing Authority F, 5.00%, 2/01/55 (b) | 1610 |
| 6420000 | California Community Choice Financing Authority E, 5.00%, 2/01/55 (b) | 6948 |
| 3265000 | California Community Choice Financing Authority C, 5.00%, 12/01/55 (b) | 3505 |
| 1190000 | California Community Choice Financing Authority H, 5.00%, 1/01/56 (b) | 1319 |
| 2270000 | California Community Choice Financing Authority B, 5.00%, 3/01/56 (b) | 2493 |
| 1125000 | California Community Choice Financing Authority E, 5.00%, 10/01/56 (b) | 1238 |
| 1890000 | California Community Choice Financing Authority, 5.50%, 10/01/54 (b) | 2063 |
| 255000 | California Earthquake Authority A, 5.60%, 7/01/27 | 258 |
| 1000000 | California Infrastructure & Economic Development Bank A, 3.25%, 8/01/29 | 1007 |
| 2935000 | California State Public Works Board C, 5.00%, 11/01/30 | 3294 |
| 1000000 | California State Public Works Board A, 5.00%, 4/01/34 | 1185 |
| 1785000 | California State Public Works Board C, 5.00%, 8/01/36 | 2001 |
| 1700000 | California State Public Works Board C, 5.00%, 9/01/39 | 1939 |
| 1700000 | California State Public Works Board B2, 7.80%, 3/01/35 | 1913 |
| 1460000 | California State Public Works Board G2, 8.36%, 10/01/34 | 1748 |
| 1580000 | City & County of San Francisco CA C, 3.00%, 6/15/33 | 1582 |
| 45000 | Coronado Community Development Agency Successor Agency A, 5.00%, 9/01/33 | 45 |
| 1000000 | County of Santa Barbara CA B, AMT, 5.00%, 12/01/36 | 1043 |
| 835000 | El Rancho Unified School District, 2.51%, 8/01/28 (c) | 780 |
| 1050000 | Evergreen School District, 5.00%, 8/01/38 | 1278 |
| 625000 | Fontana Public Facilities Financing Authority A, 5.00%, 11/01/40 | 713 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1125000 | Fontana Unified School District, 3.00%, 8/01/40 BAM-TCRS (a) | $1020 |
| 1025000 | Grossmont Union High School District, 4.00%, 8/01/33 | 1026 |
| 850000 | Hartnell Community College District A, 0.06%, 8/01/36 (c) | 546 |
| 1095000 | Hartnell Community College District B, 3.00%, 8/01/45 | 915 |
| 1285000 | Inglewood Unified School District B, 5.50%, 8/01/37 | 1564 |
| 3000000 | Inglewood Unified School District B, 5.50%, 8/01/43 | 3450 |
| 1000000 | Jefferson Union High School District B, 5.00%, 8/01/44 | 1089 |
| 2000000 | Los Angeles County Facilities Inc. A, 5.00%, 12/01/43 | 2090 |
| 500000 | Los Angeles County Public Works Financing Authority B, 5.00%, 12/01/31 | 501 |
| 5570000 | Los Angeles County Public Works Financing Authority G, 5.00%, 12/01/41 | 6066 |
| 2500000 | Los Angeles County Public Works Financing Authority J, 5.00%, 12/01/42 | 2807 |
| 8925000 | Los Angeles County Public Works Financing Authority D, 5.00%, 12/01/45 | 8940 |
| 1655000 | Los Angeles County Public Works Financing Authority, 7.49%, 8/01/33 | 1838 |
| 2415000 | Los Angeles Unified School District 1, 5.00%, 7/01/40 | 2786 |
| 1000000 | Los Angeles Unified School District, 5.00%, 7/01/43 | 1104 |
| 1000000 | Mt San Antonio Community College District A, 5.00%, 8/01/42 | 1123 |
| 500000 | Municipal Improvement Corp. of Los Angeles B, 5.00%, 11/01/31 | 510 |
| 1360000 | National School District C, 5.00%, 8/01/46 | 1461 |
| 1000000 | Ontario Public Financing Authority A, 5.00%, 11/01/44 | 1096 |
| 2575000 | Ontario Public Financing Authority A, 5.00%, 11/01/45 | 2801 |
| 1000000 | Palo Alto Unified School District, 3.25%, 8/01/42 | 911 |
| 1275000 | Panama-Buena Vista Union School District, 3.00%, 8/01/35 | 1296 |
| 1725000 | Peralta Community College District 4, 4.10%, 8/05/31 NATL (a)(b) | 1725 |
| 1000000 | Peralta Community College District 1, 5.00%, 8/01/45 | 1095 |
| 1000000 | Pittsburg Unified School District A, 5.00%, 8/01/43 AGC (a) | 1107 |
| 1125000 | Riverside Unified School District, 5.00%, 8/01/38 | 1320 |
| 4830000 | Sacramento Area Flood Control Agency, 5.00%, 10/01/47 | 4888 |
| 3075000 | San Bernardino Community College District B, 5.00%, 8/01/42 | 3388 |
| 550000 | San Diego Public Facilities Financing Authority B, 5.00%, 10/15/32 | 550 |
| 1500000 | San Diego Public Facilities Financing Authority A, 5.00%, 10/15/38 | 1763 |
| 1500000 | San Diego Unified School District 5C, 5.00%, 7/01/39 | 1742 |
| 1400000 | San Diego Unified School District F2, 5.00%, 7/01/42 | 1558 |

---

Annual Financial Statements and Other Information **76** 

------

**Payden California Municipal Social Impact Fund** *continued*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 2380000 | San Diego Unified School District 3, 5.00%, 7/01/48 | $2545 |
| 725000 | San Francisco City & County Redevelopment Agency Successor Agency B, 5.00%, 8/01/40 AGC (a) | 817 |
| 1050000 | San Francisco City & County Redevelopment Agency Successor Agency B, 5.00%, 8/01/43 AGC (a) | 1149 |
| 2590000 | San Joaquin Valley Clean Energy Authority A, 5.50%, 1/01/56 (b) | 2962 |
| 1000000 | San Leandro Unified School District B, 5.00%, 8/01/43 BAM (a) | 1045 |
| 2500000 | Santa Clara Valley Transportation Authority 2, 4.20%, 6/01/55 (b) | 2500 |
| 1810000 | Saugus Union School District School Facilities Improvement District No 2014-1 C, 3.00%, 8/01/37 | 1709 |
| 200000 | Simi Valley Public Financing Authority A, 5.00%, 10/01/29 | 200 |
| 2560000 | Southwestern Community College District D, 3.00%, 8/01/41 | 2242 |
| 1500000 | State Center Community College District B, 3.00%, 8/01/39 | 1383 |
| 1850000 | State of California, 4.00%, 8/01/34 | 2039 |
| 1000000 | State of California CU, 4.85%, 12/01/46 | 1047 |
| 2740000 | State of California, 5.00%, 3/01/31 | 3099 |
| 1725000 | State of California, 5.00%, 3/01/32 | 1985 |
| 2000000 | State of California, 5.00%, 12/01/35 | 2227 |
| 3065000 | State of California, 5.00%, 8/01/36 | 3623 |
| 3700000 | State of California, 5.00%, 8/01/46 | 3759 |
| 3750000 | State of California, 5.00%, 10/01/47 | 3777 |
| 2455000 | Stockton Unified School District A, 5.00%, 8/01/45 BAM (a) | 2672 |
| 475000 | Temecula Valley Unified School District D, 3.00%, 8/01/44 | 394 |
| 350000 | Union City Community Redevelopment Agency Successor Agency A, 5.00%, 10/01/35 | 351 |
| 1575000 | West Sonoma County Union High School District D, 5.00%, 8/01/50 | 1664 |
|  **Total General Obligation (Cost - $155,379)** | **Total General Obligation (Cost - $155,379)** | **159638** |
|  **Mortgage Backed (1%**) | **Mortgage Backed (1%**) |  |
| 1842260 | Freddie Mac Multifamily ML Certificates 2023- ML16, 2.75%, 11/25/35 | 1684 |
|  **Revenue (33%**) | **Revenue (33%**) |  |
|  **Airport/Port (2%)** | **Airport/Port (2%)** |  |
| 1200000 | City of Los Angeles Department of Airports B, AMT, 5.00%, 5/15/33 | 1251 |
| 1375000 | City of Los Angeles Department of Airports D, 5.00%, 5/15/45 | 1505 |
| 2000000 | City of Los Angeles Department of Airports, AMT, 5.50%, 5/15/38 | 2213 |
| 400000 | City of Palm Springs CA Passenger Facility Charge Revenue, AMT, 5.00%, 6/01/26 BAM (a) | 401 |
|  |  | 5370 |
|  **Education (6%)** | **Education (6%)** |  |
| 1075000 | California Educational Facilities Authority, 5.25%, 4/01/40 | 1341 |
| 1000000 | California Educational Facilities Authority A, 5.25%, 10/01/44 | 1005 |
| 750000 | California State University B3, 3.13%, 11/01/51 (b) | 750 |
| 2000000 | California State University A, 5.00%, 11/01/37 | 2373 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1080000 | California State University A, 5.00%, 11/01/39 | $1149 |
| 1080000 | Modesto Elementary School District A, 5.00%, 8/01/45 | 1174 |
| 1000000 | Modesto High School District B, 5.00%, 8/01/45 | 1087 |
| 230000 | Oxnard School District, 5.00%, 8/01/45 BAM (a) (b) | 232 |
| 1540000 | Redwoods Community College District, 5.00%, 8/01/44 BAM (a) | 1685 |
| 2330000 | University of California S, 5.00%, 5/15/39 | 2584 |
| 1310000 | University of California CA, 5.00%, 5/15/40 | 1497 |
| 1200000 | University of California BS, 5.00%, 5/15/42 | 1342 |
|  |  | 16219 |
|  **Facility (0%)** | **Facility (0%)** |  |
| 1035000 | Abag Finance Authority for Nonprofit Corps., 4.20%, 12/01/30 (b) | 1035 |
|  **Healthcare (4%)** | **Healthcare (4%)** |  |
| 500000 | California Health Facilities Financing Authority, 5.00%, 2/01/31 | 514 |
| 440000 | California Health Facilities Financing Authority A, 5.00%, 8/15/32 | 447 |
| 1015000 | California Health Facilities Financing Authority, 5.00%, 10/01/39 (b) | 1046 |
| 1750000 | California Health Facilities Financing Authority B, 5.00%, 11/15/46 | 1766 |
| 705000 | California Health Facilities Financing Authority, 5.00%, 11/15/49 | 709 |
| 2450000 | California Health Facilities Financing Authority A, 5.25%, 12/01/42 | 2628 |
| 750000 | California Municipal Finance Authority A, AMT, 4.38%, 9/01/53 (b) | 775 |
| 325000 | California Municipal Finance Authority B, 5.00%, 5/15/37 (a) | 330 |
| 1500000 | Regents of the University of California Medical Center Pooled Revenue O-2, 3.15%, 5/15/45 (b) | 1500 |
|  |  | 9715 |
|  **Housing (12%)** | **Housing (12%)** |  |
| 800000 | California Housing Finance Agency JJ, 2.90%, 5/01/47 (a)(b) | 799 |
| 2928959 | California Housing Finance Agency K, 3.75%, 12/01/33 (a) | 3051 |
| 1013551 | California Housing Finance Agency 2021, 3.75%, 3/25/35 (a) | 1034 |
| 1490000 | California Housing Finance Agency T, 4.10%, 7/01/40 (a) | 1505 |
| 1360000 | California Housing Finance Agency V, 5.00%, 5/01/54 (b) | 1382 |
| 2390000 | California Housing Finance Agency A, 6.25%, 8/01/55 (a) | 2541 |
| 2443437 | California Municipal Finance Authority A, 2.65%, 3/01/40 (a) | 2024 |
| 2400000 | California Municipal Finance Authority B, 3.00%, 10/01/29 (b) | 2412 |
| 520000 | California Municipal Finance Authority 1, 5.00%, 6/01/56 (b) | 550 |
| 960959 | California Statewide Communities Development Authority C, 2.00%, 7/01/38 (a) | 741 |
| 1000000 | California Statewide Communities Development Authority, 5.00%, 11/01/39 (a) | 1113 |
| 3200182 | City & County of San Francisco CA J, 2.55%, 7/01/39 (a) | 2529 |
| 2469517 | Freddie Mac Multifamily ML Certificates, 2.25%, 9/25/37 | 2100 |

---

#### 77 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1591494 | Freddie Mac Multifamily ML Certificates 2022- ML13, 2.88%, 7/25/36 | $1496 |
| 2185000 | Los Angeles Housing Authority A, 3.75%, 4/01/34 (a) | 2195 |
| 1600000 | Sacramento County Housing Authority D, 3.28%, 5/15/31 (b) | 1600 |
| 2805000 | San Diego Housing Authority Inc. E, 4.20%, 6/01/40 (a) | 2816 |
|  |  | 29888 |
|  **Industrial Development/Pollution Control (1%)** | **Industrial Development/Pollution Control (1%)** |  |
| 1000000 | California Municipal Finance Authority B, AMT, 3.38%, 9/01/50 (b) | 983 |
| 1550000 | County of Santa Barbara CA A, 5.00%, 12/01/38 | 1636 |
| 625000 | Golden State Tobacco Securitization Corp., B, 3.00%, 6/01/46 (a) | 566 |
|  |  | 3185 |
|  **Power (1%)** |  |  |
| 1800000 | Anaheim Housing & Public Improvements Authority B, 5.00%, 10/01/43 | 1898 |
| 820000 | Sacramento Municipal Utility District D, 5.00%, 8/15/49 (b) | 906 |
|  |  | 2804 |
|  **Transportation (3%)** | **Transportation (3%)** |  |
| 1100000 | Bay Area Toll Authority, 4.00%, 4/01/37 | 1116 |
| 1000000 | Port of Los Angeles B1, 5.00%, 8/01/41 | 1123 |
| 4590000 | San Diego County Regional Transportation Commission A, 5.00%, 4/01/48 | 4615 |
|  |  | 6854 |
|  **Water & Sewer (4%)** | **Water & Sewer (4%)** |  |
| 1000000 | City of San Francisco CA Public Utilities Commission Water Revenue F, 5.00%, 11/01/39 | 1227 |
| 1300000 | East Bay Municipal Utility District Water System Revenue B, 5.00%, 6/01/45 | 1438 |
| 2000000 | Metropolitan Water District of Southern California 3, 5.00%, 7/01/37 (b) | 2262 |
| 1450000 | Rancho Water District Financing Authority A, 3.00%, 8/01/40 | 1322 |
| 2470000 | San Diego Public Facilities Financing Authority A, 5.00%, 10/15/44 | 2470 |
| 100000 | San Diego Public Facilities Financing Authority Water Revenue A, 5.00%, 8/01/32 | 101 |
|  |  | 8820 |
|  **Total Revenue (Cost - $82,151)** | **Total Revenue (Cost - $82,151)** | **83890** |
|  **U.S. Treasury (3%**) | **U.S. Treasury (3%**) |  |
| 1600000 | U.S. Treasury Bill, 3.91%, 5/14/26 (c) | 1569 |
| 5900000 | U.S. Treasury Note, 3.88%, 7/31/30 | 5945 |
| 1492000 | U.S. Treasury Note, 4.38%, 8/31/28 | 1523 |
|  **Total U.S. Treasury (Cost - $9,012)** | **Total U.S. Treasury (Cost - $9,012)** | **9037** |
|  **Investment Company (2%**) | **Investment Company (2%**) |  |
| 4803131 | Payden Cash Reserves Money Market Fund\*<br> (Cost $4,803) | 4803 |
|  **Total Investments (Cost - $253,007) (101%)** | **Total Investments (Cost - $253,007) (101%)** | 259052 |
|  **Liabilities in excess of Other Assets (-1%)** | **Liabilities in excess of Other Assets (-1%)** | **(3504)** |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**255548** |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payment of principal and/or interest is insured against default by a monoline insurer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Yield to maturity at time of purchase.

*See notes to financial statements.*

Annual Financial Statements and Other Information **78** 

------

#### Payden Global Low Duration Fund
**Schedule of Investments** *- October 31, 2025* 

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Bond (99%)** | **Bond (99%)** | **Bond (99%)** |
|  **Canada (USD) (9%)** | **Canada (USD) (9%)** | **Canada (USD) (9%)** |
| 195000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 0.890%), 4.93%, 2/14/29 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 |
| 700000 | Canadian Imperial Bank of Commerce 144A, 4.41%, 6/08/28 (b) | 710 |
| 500000 | CDP Financial Inc. 144A, (Secured Overnight Financing Rate + 0.500%), 4.81%, 5/05/28 (a) (b) | 502 |
| 300000 | CPPIB Capital Inc. 144A, 3.75%, 10/08/27 (b) | 300 |
| 300000 | OMERS Finance Trust, 4.00%, 4/20/28 (c) | 302 |
| 300000 | Ontario Teachers' Finance Trust 144A, 4.25%, 4/25/28 (b) | 304 |
| 300000 | Province of British Columbia Canada, 4.70%, 1/24/28 | 306 |
| 500000 | PSP Capital Inc. 144A, 3.50%, 6/29/27 (b) | 498 |
| 235000 | Rogers Communications Inc., 3.20%, 3/15/27 | 232 |
| 215000 | Royal Bank of Canada, (U.S. Secured Overnight Financing Rate + 0.890%), 4.50%, 8/06/29 (a) | 217 |
|  |  | 3569 |
|  **Cayman Islands (USD) (4%**) | **Cayman Islands (USD) (4%**) | **Cayman Islands (USD) (4%**) |
| 250000 | ARES Loan Funding III Ltd. 2022-ALF3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.270%), 5.13%, 7/25/36 (a) (b) | 251 |
| 250000 | KKR CLO Ltd. 28A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.120%), 4.99%, 2/09/35 (a)(b) | 250 |
| 245707 | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.864%), 5.90%, 7/15/36 (a)(b) | 246 |
| 171027 | Palmer Square Loan Funding Ltd. 2024- 1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 4.95%, 10/15/32 (a)(b) | 171 |
| 250000 | Suci Second Investment Co., 6.00%, 10/25/28 (c) | 263 |
|  |  | 1181 |
|  **Chile (USD) (0%**) | **Chile (USD) (0%**) | **Chile (USD) (0%**) |
| 250000 | Chile Government International Bond, 2.75%, 1/31/27 | 246 |
|  **Denmark (USD) (1%**) | **Denmark (USD) (1%**) | **Denmark (USD) (1%**) |
| 235000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.730%), 1.55%, 9/10/27 (a)(b) | 230 |
| 210000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.750%), 4.30%, 4/01/28 (a)(b) | 210 |
|  |  | 440 |
|  **France (USD) (4%**) | **France (USD) (4%**) | **France (USD) (4%**) |
| 215000 | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 1.450%), 4.79%, 5/09/29 (a)(b) | 217 |
| 395000 | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 2.100%), 5.98%, 1/18/27 (a) (b) | 396 |
| 300000 | Caisse d'Amortissement de la Dette Sociale 144A, 3.75%, 9/12/27 (b) | 299 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) | Value<br> (000) |
| 400000 | Caisse d'Amortissement de la Dette Sociale 144A, 4.25%, 1/24/27 (b) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
| 250000 | Credit Agricole SA 144A, (U.S. Secured Overnight Financing Rate + 1.860%), 6.32%, 10/03/29 (a)(b) |  | 263 |
|  |  |  | 1577 |
|  **Ireland (USD) (1%**) | **Ireland (USD) (1%**) | **Ireland (USD) (1%**) | **Ireland (USD) (1%**) |
| 165000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 4/01/28 |  | 168 |
| 150000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 1/15/27 |  | 153 |
| 200000 | Icon Investments Six DAC, 5.81%, 5/08/27 |  | 204 |
|  |  |  | 525 |
|  **Japan (USD) (1%**) | **Japan (USD) (1%**) | **Japan (USD) (1%**) | **Japan (USD) (1%**) |
| 200000 | Mitsubishi UFJ Financial Group Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.380%), 5.42%, 2/22/29 (a) |  | 206 |
| 200000 | Sumitomo Mitsui Financial Group Inc., 1.90%, 9/17/28 |  | 188 |
|  |  |  | 394 |
|  **Jersey (USD) (1%**) | **Jersey (USD) (1%**) | **Jersey (USD) (1%**) | **Jersey (USD) (1%**) |
| 250000 | Dryden CLO Ltd. 2022-113A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 4.99%, 10/15/37 (a)(b) |  | 250 |
| 250000 | Neuberger Berman Loan Advisers CLO Ltd. 2022-51A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.14%, 10/23/36 (a)(b) |  | 250 |
|  |  |  | 500 |
|  **Luxembourg (USD) (1%**) | **Luxembourg (USD) (1%**) | **Luxembourg (USD) (1%**) | **Luxembourg (USD) (1%**) |
| 200000 | ArcelorMittal SA, 6.55%, 11/29/27 |  | 208 |
|  **Netherlands (USD) (3%**) | **Netherlands (USD) (3%**) | **Netherlands (USD) (3%**) | **Netherlands (USD) (3%**) |
| 210000 | ABN AMRO Bank NV 144A, 4.20%, 7/07/28 (b) |  | 211 |
| 200000 | 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) |  | 204 |
| 300000 | BNG Bank NV, 3.63%, 10/01/26 (c) |  | 299 |
| 300000 | BNG Bank NV 144A, 4.25%, 1/25/29 (b) |  | 305 |
| 200000 | Enel Finance International NV 144A, 5.13%, 6/26/29 (b) |  | 205 |
|  |  |  | 1224 |
|  **Norway (USD) (1%**) | **Norway (USD) (1%**) | **Norway (USD) (1%**) | **Norway (USD) (1%**) |
| 210000 | DNB Bank ASA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.680%), 1.61%, 3/30/28 (a)(b) |  | 203 |
| 200000 | Var Energi ASA 144A, 7.50%, 1/15/28 (b) |  | 212 |
|  |  |  | 415 |
|  **Panama (USD) (1%**) | **Panama (USD) (1%**) | **Panama (USD) (1%**) | **Panama (USD) (1%**) |
| 30000 | Carnival Corp. 144A, 5.13%, 5/01/29 (b) |  | 30 |
| 35000 | Carnival Corp. 144A, 5.75%, 3/15/30 (b) |  | 36 |
| 225000 | Intercorp Financial Services Inc. 144A, 4.13%, 10/19/27 (b) |  | 224 |
|  |  |  | 290 |
|  **Poland (USD) (1%**) | **Poland (USD) (1%**) | **Poland (USD) (1%**) | **Poland (USD) (1%**) |
| 250000 | Bank Gospodarstwa Krajowego, 6.25%, 10/31/28 (c) |  | 267 |

---

#### 79 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Qatar (USD) (1%)** | **Qatar (USD) (1%)** | **Qatar (USD) (1%)** |
| 250000 | QatarEnergy, 1.38%, 9/12/26 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
|  **Spain (USD) (1%)** | **Spain (USD) (1%)** | **Spain (USD) (1%)** |
| 200000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.950%), 5.37%, 7/15/28 (a) | 204 |
| 200000 | CaixaBank SA 144A, (U.S. Secured Overnight Financing Rate + 1.140%), 4.63%, 7/03/29 (a) (b) | 201 |
|  |  | 405 |
|  **Supranational (USD) (2%)** | **Supranational (USD) (2%)** | **Supranational (USD) (2%)** |
| 350000 | Asian Development Bank, (Secured Overnight Financing Rate + 0.300%), 4.44%, 6/20/28 (a)350 |  |
| 250000 | Asian Development Bank, 4.75%, 2/12/30 | 252 |
| 220000 | International Bank for Reconstruction & Development Series GDIF, 4.75%, 7/30/29 (d)221 |  |
| 95000 | NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 8/19/28 | 95 |
|  |  | 918 |
|  **Sweden (USD) (2%)** | **Sweden (USD) (2%)** | **Sweden (USD) (2%)** |
| 220000 | Kommuninvest I Sverige AB 144A, 4.25%, 12/10/25 (b) | 220 |
| 500000 | Svensk Exportkredit AB, 4.13%, 6/14/28 | 505 |
|  |  | 725 |
|  **Switzerland (USD) (2%)** | **Switzerland (USD) (2%)** | **Switzerland (USD) (2%)** |
| 250000 | UBS AG, (U.S. Secured Overnight Financing Rate + 0.720%), 4.86%, 1/10/28 (a) | 252 |
| 200000 | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 0.840%), 4.15%, 12/23/29 (a)(b) | 199 |
| 200000 | UBS Group AG 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.600%), 6.33%, 12/22/27 (a)(b) | 205 |
|  |  | 656 |
|  **United Arab Emirates (USD) (1%)** | **United Arab Emirates (USD) (1%)** | **United Arab Emirates (USD) (1%)** |
| 250000 | MDGH GMTN RSC Ltd., 3.00%, 3/28/27 (c) | 246 |
|  **United Kingdom (USD) (1%)** | **United Kingdom (USD) (1%)** | **United Kingdom (USD) (1%)** |
| 200000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 1.080%), 4.48%, 11/11/29 (a) | 200 |
| 200000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (a) | 201 |
| 50000 | Rio Tinto Finance USA PLC, 4.50%, 3/14/28 | 51 |
|  |  | 452 |
|  **United States (USD) (61%)** | **United States (USD) (61%)** | **United States (USD) (61%)** |
| 35000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (b) | 36 |
| 75000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (b) | 75 |
| 20000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 5.50%, 3/31/31 (b) | 20 |
| 60000 | Alliant Energy Finance LLC 144A, 5.40%, 6/06/27 (b) | 61 |
| 70000 | Allison Transmission Inc. 144A, 4.75%, 10/01/27 (b) | 70 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 250000 | Ally Bank Auto Credit-Linked Notes Series 2025-B 144A, 4.94%, 9/15/33 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| 223899 | Ally Bank Auto Credit-Linked Notes Series 2025-A 144A, 4.99%, 6/15/33 (b) | 225 |
| 40000 | Ally Financial Inc., (Secured Overnight Financing Rate + 1.960%), 5.74%, 5/15/29 (a) 41 |  |
| 70000 | Ally Financial Inc., 5.75%, 11/20/25 | 70 |
| 125000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.260%), 4.73%, 4/25/29 (a) | 127 |
| 145000 | Amrize Finance U.S. LLC 144A, 4.70%, 4/07/28 (b) | 147 |
| 160000 | Antero Resources Corp. 144A, 5.38%, 3/01/30 (b) | 161 |
| 175000 | Ares Strategic Income Fund 144A, 5.45%, 9/09/28 (b) | 176 |
| 240000 | Athene Global Funding 144A, 5.52%, 3/25/27 (b) | 244 |
| 45000 | Aviation Capital Group LLC 144A, 4.75%, 4/14/27 (b) | 45 |
| 35000 | Axon Enterprise Inc. 144A, 6.13%, 3/15/30 (b)36 |  |
| 205000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.110%), 4.62%, 5/09/29 (a) | 208 |
| 13957663 | Benchmark Mortgage Trust 2018-B6, 0.39%, 10/10/51 (e) | 103 |
| 100000 | BHMS Commercial Mortgage Trust 2025- ATLS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.850%), 5.88%, 8/15/42 (a) (b) | 100 |
| 85000 | Blue Owl Technology Finance Corp. 144A, 3.75%, 6/17/26 (b) | 84 |
| 35000 | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.00%, 7/15/29 (b) | 36 |
| 90000 | Boeing Co., 6.26%, 5/01/27 | 93 |
| 80000 | Brandywine Operating Partnership LP, 6.13%, 1/15/31 | 80 |
| 131361 | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 6.29%, 9/15/35 (a)(b) | 131 |
| 278411 | BX Commercial Mortgage Trust 2024- XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.47%, 2/15/39 (a) (b) | 279 |
| 176128 | BX Commercial Mortgage Trust 2024- XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 5.72%, 3/15/41 (a) (b) | 177 |
| 200000 | BX Trust 2024-BIO 144A, (1 mo. Term Secured Overnight Financing Rate + 1.642%), 5.67%, 2/15/41 (a)(b) | 200 |
| 148557 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 1.692%), 5.72%, 4/15/41 (a)(b) | 149 |
| 200000 | BX Trust 2025-VLT7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.700%), 5.73%, 7/15/44 (a)(b) | 201 |
| 250000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.893%), 5.92%, 3/15/42 (a)(b) | 250 |
| 200000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 5.97%, 6/15/41 (a)(b) | 200 |

---

Annual Financial Statements and Other Information **80** 

------

**Payden Global Low Duration Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 2751475 | Cantor Commercial Real Estate Lending 2019- CF1, 1.11%, 5/15/52 (e) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| 75000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.440%), 7.15%, 10/29/27 (a) | 77 |
| 100000 | CarMax Auto Owner Trust 2024-4, 5.36%, 8/15/31 | 101 |
| 150000 | CarMax Auto Owner Trust 2024-3, 5.67%, 1/15/31 | 153 |
| 461300 | CARS-DB5 LP 2021-1A 144A, 1.44%, 8/15/51 (b) | 447 |
| 75000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (b) | 75 |
| 210000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.143%), 4.64%, 5/07/28 (a) | 211 |
| 210000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 0.870%), 4.79%, 3/04/29 (a) | 213 |
| 83491 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (b) | 84 |
| 97812 | COLT Mortgage Loan Trust 2025-8 144A, 5.48%, 8/25/70 (b) | 99 |
| 190000 | CommonSpirit Health, 6.07%, 11/01/27 | 196 |
| 100000 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.78%, 9/25/44 (a)(b) | 100 |
| 100000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 5.98%, 2/25/44 (a)(b) | 101 |
| 40000 | CoreWeave Inc. 144A, 9.00%, 2/01/31 (b) | 40 |
| 40000 | CoreWeave Inc. 144A, 9.25%, 6/01/30 (b) | 40 |
| 195162 | Cross Mortgage Trust 2025-H6 144A, 5.18%, 7/25/70 (b)(e) | 196 |
| 88818 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (b)(e) | 89 |
| 200000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (b) | 197 |
| 150000 | Daimler Truck Finance North America LLC 144A, 4.95%, 1/13/28 (b) | 152 |
| 150000 | Daimler Truck Finance North America LLC 144A, 5.13%, 9/25/27 (b) | 152 |
| 400000 | Diamond Issuer LLC 2021-1A 144A, 2.31%, 11/20/51 (b) | 381 |
| 200000 | Drive Auto Receivables Trust 2025-2, 4.90%, 12/15/32 | 198 |
| 100000 | Driven Brands Funding LLC 2025-1A 144A, 5.30%, 10/20/55 (b) | 100 |
| 150000 | EMD Finance LLC 144A, 4.13%, 8/15/28 (b) | 150 |
| 100000 | Exeter Select Automobile Receivables Trust 2025-3, 4.18%, 12/16/30 | 100 |
| 60000 | Franklin BSP Capital Corp., 7.20%, 6/15/29 | 62 |
| 100000 | Freddie Mac STACR REMIC Trust 2024- DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 5.63%, 10/25/44 (a)(b) | 100 |
| 35000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (b) | 37 |
| 200000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 5.66%, 10/19/39 (a)(b) | 201 |
| 100000 | General Motors Financial Co. Inc., 5.05%, 4/04/28 | 102 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 70000 | General Motors Financial Co. Inc., 5.35%, 7/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| 65000 | General Motors Financial Co. Inc., 5.40%, 5/08/27 | 66 |
| 85000 | Glencore Funding LLC 144A, 5.34%, 4/04/27 (b) | 86 |
| 110000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.319%), 4.94%, 4/23/28 (a) | 111 |
| 90000 | Goldman Sachs Private Credit Corp. 144A, 5.38%, 1/31/29 (b) | 90 |
| 100000 | Hess Midstream Operations LP 144A, 5.88%, 3/01/28 (b) | 102 |
| 30000 | Hess Midstream Operations LP 144A, 6.50%, 6/01/29 (b) | 31 |
| 130000 | Hewlett Packard Enterprise Co., 4.15%, 9/15/28 | 130 |
| 98525 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 5.87%, 10/15/41 (a)(b) | 99 |
| 40000 | Hilton Domestic Operating Co. Inc. 144A, 5.88%, 4/01/29 (b) | 41 |
| 170000 | HPS Corporate Lending Fund 144A, 5.30%, 6/05/27 (b) | 171 |
| 85000 | Hyundai Capital America 144A, 5.25%, 1/08/27 (b) | 86 |
| 79114 | JP Morgan Mortgage Trust 2024-NQM1 144A, 5.59%, 2/25/64 (b) | 80 |
| 65000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.190%), 5.04%, 1/23/28 (a) | 66 |
| 40000 | KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC 144A, 4.75%, 6/01/27 (b) | 40 |
| 105000 | Las Vegas Sands Corp., 5.90%, 6/01/27 | 107 |
| 100000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.33%, 5/15/39 (a)(b) | 97 |
| 70000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 0.930%), 4.83%, 1/16/29 (a) 71 |  |
| 200000 | M&T Equipment Notes 2025-1A 144A, 4.78%, 9/17/29 (b) | 203 |
| 80000 | Main Street Capital Corp., 5.40%, 8/15/28 | 80 |
| 70000 | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (b) | 70 |
| 30000 | Meritage Homes Corp., 5.13%, 6/06/27 | 30 |
| 75000 | Microchip Technology Inc., 4.90%, 3/15/28 76 |  |
| 250000 | Morgan Stanley Private Bank N.A., (U.S. Secured Overnight Financing Rate + 0.770%), 4.47%, 7/06/28 (a) | 251 |
| 250000 | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8 144A, 4.96%, 9/25/70 (b) (e) | 250 |
| 225000 | National Fuel Gas Co., 5.50%, 10/01/26 | 228 |
| 76178 | New Residential Mortgage Loan Trust 2017-1A 144A, 4.00%, 2/25/57 (b)(e) | 74 |
| 141444 | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (b)(e) | 137 |
| 100000 | NYC Commercial Mortgage Trust 2025-28L 144A, 4.67%, 11/05/38 (b)(e) | 100 |
| 250000 | OBX Trust 2025-NQM19 144A, 4.87%, 10/25/65 (b)(e) | 249 |

---

#### 81 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 75802 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| 178317 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (b) | 179 |
| 96230 | OBX Trust 2025-NQM14 144A, 5.16%, 7/25/65 (b) | 97 |
| 184281 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (b) | 185 |
| 88381 | OBX Trust 2025-NQM3 144A, 5.65%, 12/01/64 (b) | 89 |
| 25000 | OneMain Finance Corp., 7.13%, 3/15/26 | 25 |
| 200000 | Onemain Financial Issuance Trust 2025-1A 144A, 4.82%, 7/14/38 (b) | 202 |
| 120000 | ONEOK Inc., 4.25%, 9/24/27 | 120 |
| 45000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.35%, 1/12/27 (b) | 46 |
| 200000 | PFS Financing Corp. 2023-C 144A, 5.52%, 10/15/28 (b) | 202 |
| 194691 | RCKT Mortgage Trust 2025-CES8 144A, 5.15%, 8/25/55 (b)(e) | 196 |
| 188059 | RCKT Mortgage Trust 2025-CES6 144A, 5.47%, 6/25/55 (b) | 190 |
| 186208 | RCKT Mortgage Trust 2025-CES5 144A, 5.69%, 5/25/55 (b) | 189 |
| 180000 | Regal Rexnord Corp., 6.05%, 2/15/26 | 181 |
| 165000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (b) | 162 |
| 143274 | Santander Drive Auto Receivables Trust 2024- S2 144A, 5.80%, 12/16/28 (b) | 143 |
| 92272 | Santander Drive Auto Receivables Trust 2024- S1 144A, 6.53%, 3/16/29 (b) | 92 |
| 80008 | Santander Drive Auto Receivables Trust 2023- S1 144A, 8.14%, 4/18/28 (b) | 80 |
| 185000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.610%), 5.47%, 3/20/29 (a) | 188 |
| 35000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.232%), 6.12%, 5/31/27 (a) | 35 |
| 200000 | SBA Tower Trust 144A, 1.63%, 11/15/26 (b) | 194 |
| 180000 | SBA Tower Trust 144A, 1.88%, 1/15/26 (b) | 179 |
| 70000 | Sirius XM Radio LLC 144A, 3.13%, 9/01/26 (b) | 70 |
| 80000 | South Bow USA Infrastructure Holdings LLC, 4.91%, 9/01/27 | 81 |
| 30000 | Starwood Property Trust Inc. 144A, 6.50%, 7/01/30 (b) | 31 |
| 25000 | Sunoco LP 144A, 7.00%, 5/01/29 (b) | 26 |
| 200000 | Switch ABS Issuer LLC 2024-2A 144A, 5.44%, 6/25/54 (b) | 201 |
| 35000 | Synchrony Financial, (U.S. Secured Overnight Financing Rate + 1.395%), 5.02%, 7/29/29 (a) | 35 |
| 90000 | Synopsys Inc., 4.65%, 4/01/28 | 91 |
| 70000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (b) | 70 |
| 535877 | Texas Natural Gas Securitization Finance Corp., 5.10%, 4/01/35 | 552 |
| 75000 | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (b) | 76 |
| 455000 | U.S. Treasury Note, 3.38%, 9/15/27 | 453 |
| 500000 | U.S. Treasury Note, 3.38%, 9/15/28 | 497 |
| 645000 | U.S. Treasury Note, 3.50%, 10/15/28 | 643 |
| 310000 | U.S. Treasury Note, 3.63%, 8/31/27 | 310 |
| 1800000 | U.S. Treasury Note, 3.75%, 8/15/27 | 1804 |
| 215000 | U.S. Treasury Note, 3.88%, 3/31/27 | 216 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 940000 | U.S. Treasury Note, 3.88%, 7/31/27 | $944 |
| 565000 | U.S. Treasury Note, 4.38%, 7/15/27 | 572 |
| 100000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (b) | 104 |
| 250000 | Verus Securitization Trust 2025-9 144A, 4.94%, 10/27/70 (b)(e) | 250 |
| 83039 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (b)(e) | 83 |
| 40000 | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (b) | 40 |
| 25000 | Vistra Operations Co. LLC 144A, 5.05%, 12/30/26 (b) | 25 |
| 250000 | Volkswagen Group of America Finance LLC 144A, 5.30%, 3/22/27 (b) | 253 |
| 195000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 0.880%), 4.08%, 9/15/29 (a) | 195 |
| 160000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.370%), 4.97%, 4/23/29 (a) | 163 |
| 90000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.71%, 4/22/28 (a) | 92 |
| 5334327 | Wells Fargo Commercial Mortgage Trust 2018- C46, 0.90%, 8/15/51 (e) | 88 |
| 200000 | Wells Fargo Commercial Mortgage Trust 2025-HI 144A, (1 mo. Term Secured Overnight Financing Rate + 1.693%), 5.73%, 10/15/42 (a)(b) | 201 |
| 300000 | Westlake Automobile Receivables Trust 2024- 1A 144A, 5.55%, 11/15/27 (b) | 302 |
| 300000 | Westlake Automobile Receivables Trust 2023- 1A 144A, 6.79%, 11/15/28 (b) | 307 |
| 200000 | Wheels Fleet Lease Funding LLC 2025-2A 144A, 4.41%, 5/18/40 (b) | 201 |
| 170000 | Whistler Pipeline LLC 144A, 5.40%, 9/30/29 (b) | 174 |
| 295500 | Wingstop Funding LLC 2020-1A 144A, 2.84%, 12/05/50 (b) | 286 |
| 20000 | XHR LP 144A, 6.63%, 5/15/30 (b) | 20 |
|  |  | 24102 |
|  **Total Bond** (Cost - $39,066) | **Total Bond** (Cost - $39,066) | 38585 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 1079155 | Payden Cash Reserves Money Market Fund \* |  |
|  | **(Cost - $1,079)** | 1079 |
|  **Total Investments (Cost - $40,145) (102%)** | **Total Investments (Cost - $40,145) (102%)** | 39664 |
|  **Liabilities in excess of Other Assets (-2%)** | **Liabilities in excess of Other Assets (-2%)** | (742) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38922 |

---

Annual Financial Statements and Other Information **82** 

------

**Payden Global Low Duration Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $50 and the total market value of the collateral held by the Fund is $52. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Depreciation<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. Treasury 2-Year Note Future | 41 | Dec-25 | $8538 | $(2) | $(2) |
|  U.S. Treasury 5-Year Note Future | 22 | Dec-25 | 2403 | (1) | (1) |
|  **Total Futures** |  |  |  |  | $(3) |

---

#### 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 Liabilities<sup>1</sup> | $50 |
|  Non-cash Collateral<sup>2</sup> | (50) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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.* 

#### 83 Payden Mutual Funds

------

#### Payden Global Fixed Income Fund
**Schedule of Investments** *- October 31, 2025* 

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Bond (92%)** | **Bond (92%)** |  |
|  **Australia (AUD) (1%)** | **Australia (AUD) (1%)** |  |
| 1950000 | Australia Government Bond Series 145, 2.75%, 6/21/35 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 |
|  **Australia (USD) (1%)** | **Australia (USD) (1%)** |  |
| 850000 | Macquarie Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 3.05%, 3/03/36 (c)(d) | 771 |
|  **Austria (EUR) (0%)** | **Austria (EUR) (0%)** |  |
| 390000 | Republic of Austria Government Bond 144A, 3.15%, 6/20/44 (a)(b)(c) | 432 |
|  **Bahamas (USD) (0%)** | **Bahamas (USD) (0%)** |  |
| 475000 | Intercorp Peru Ltd., 3.88%, 8/15/29 (a) | 463 |
|  **Belgium (EUR) (1%)** | **Belgium (EUR) (1%)** |  |
| 400000 | KBC Group NV, (3 mo. EURIBOR + 1.300%), 4.25%, 11/28/29 (a)(b)(d) | 482 |
| 200000 | Kingdom of Belgium Government Bond Series 75 144A, 1.00%, 6/22/31 (a)(b)(c) | 211 |
| 410000 | Kingdom of Belgium Government Bond Series 78 144A, 1.60%, 6/22/47 (a)(b)(c) | 315 |
|  |  | 1008 |
|  **Bermuda (USD) (0%)** | **Bermuda (USD) (0%)** |  |
| 200000 | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (c)(e) | 143 |
|  **Brazil (BRL) (1%)** | **Brazil (BRL) (1%)** |  |
| 9000000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/31 (b) | 1474 |
|  **Canada (CAD) (2%)** | **Canada (CAD) (2%)** |  |
| 1680000 | Canadian Government Bond, 3.50%, 12/01/45 (b) | 1202 |
| 1500000 | Canadian Government Bond, 5.00%, 6/01/37 (b) | 1251 |
| 775000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 (b)(c) | 549 |
|  |  | 3002 |
|  **Canada (USD) (1%)** | **Canada (USD) (1%)** |  |
| 350000 | Aris Mining Corp. 144A, 8.00%, 10/31/29 (c) | 364 |
| 575000 | TELUS Corp., 3.40%, 5/13/32 | 529 |
| 325000 | Toronto-Dominion Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.075%), 8.13%, 10/31/82 (d) | 344 |
| 200000 | Windfall Mining Group Inc./Groupe Minier Windfall Inc. 144A, 5.85%, 5/13/32 (c) | 209 |
|  |  | 1446 |
|  **Cayman Islands (USD) (4%)** | **Cayman Islands (USD) (4%)** |  |
| 500000 | Apidos CLO XXXII 2019-32A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 5.68%, 1/20/33 (c)(d) | 500 |
| 160409 | ARES LII CLO Ltd. 2019-52A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.880%), 4.74%, 4/22/31 (c)(d) | 160 |
| 500000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (c) | 510 |
| 200000 | Energuate Trust 2 0 144A, 6.35%, 9/15/35 (c) | 201 |
| 250000 | FS Rialto 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.614%), 6.65%, 11/16/36 (c)(d) | 251 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1350000 | HGI CRE CLO Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 5.95%, 9/17/36 (c)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353 |
| 350000 | IHS Holding Ltd. 144A, 7.88%, 5/29/30 (c) | 358 |
| 230957 | Symphony CLO XXIII Ltd. 2020-23A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.900%), 4.80%, 1/15/34 (c)(d) | 231 |
| 450000 | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.55%, 3/15/38 (c)(d) | 452 |
|  |  | 4016 |
|  **Chile (EUR) (1%)** | **Chile (EUR) (1%)** |  |
| 250000 | Chile Government International Bond, 3.80%, 7/01/35 (b) | 291 |
| 300000 | Chile Government International Bond, 4.13%, 7/05/34 (b) | 360 |
|  |  | 651 |
|  **Chile (USD) (0%)** | **Chile (USD) (0%)** |  |
| 200000 | Colbun SA 144A, 5.38%, 9/11/35 (c) | 202 |
|  **Colombia (USD) (0%)** | **Colombia (USD) (0%)** |  |
| 200000 | Grupo Energia Bogota SA ESP 144A, 5.75%, 10/22/35 (c) | 199 |
|  **Czech Republic (CZK) (0%)** | **Czech Republic (CZK) (0%)** |  |
| 3600000 | Czech Republic Government Bond Series 125, 1.50%, 4/24/40 (b) | 113 |
|  **Denmark (DKK) (0%)** | **Denmark (DKK) (0%)** |  |
| 650000 | Denmark Government Bond Series 31Y, 4.50%, 11/15/39 (b) | 121 |
|  **Finland (EUR) (0%)** | **Finland (EUR) (0%)** |  |
| 170000 | Finland Government Bond Series 16Y 144A, 2.75%, 7/04/28 (a)(b)(c) | 199 |
|  **France (EUR) (3%)** | **France (EUR) (3%)** |  |
| 1100000 | French Republic Government Bond OAT Series OAT 144A, 0.50%, 6/25/44 (a)(b)(c) | 696 |
| 1550000 | French Republic Government Bond OAT Series OAT 144A, 1.25%, 5/25/36 (a)(b)(c) | 1438 |
| 1200000 | French Republic Government Bond OAT Series OAT 144A, 2.50%, 5/25/30 (a)(b)(c) | 1380 |
| 400000 | Mercialys SA, 4.00%, 6/04/32 (a)(b) | 468 |
| 300000 | Opal Bidco SAS 144A, 5.50%, 3/31/32 (b)(c) | 359 |
| 400000 | Praemia Healthcare SACA, 1.38%, 9/17/30 (a) (b) | 421 |
|  |  | 4762 |
|  **Germany (EUR) (1%)** | **Germany (EUR) (1%)** |  |
| 500000 | Deutsche Bank AG, (3 mo. EURIBOR + 2.950%), 5.00%, 9/05/30 (a)(b)(d) | 618 |
|  **Guatemala (USD) (0%)** | **Guatemala (USD) (0%)** |  |
| 300000 | Guatemala Government Bond 144A, 6.55%, 2/06/37 (c) | 324 |
|  **Hungary (USD) (1%)** | **Hungary (USD) (1%)** |  |
| 600000 | Hungary Government International Bond 144A, 5.38%, 9/26/30 (c) | 619 |
|  **India (USD) (0%)** | **India (USD) (0%)** |  |
| 425000 | Shriram Finance Ltd., 6.15%, 4/03/28 (a) | 437 |
|  **Indonesia (IDR) (2%)** | **Indonesia (IDR) (2%)** |  |
| 4440000000 | Indonesia Treasury Bond Series FR87, 6.50%, 2/15/31 (b) | 277 |

---

Annual Financial Statements and Other Information **84** 

------

**Payden Global Fixed Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 32000000000 | Indonesia Treasury Bond Series FR72, 8.25%, 5/15/36 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 |
|  |  | 2510 |
|  **Indonesia (USD) (0%)** | **Indonesia (USD) (0%)** |  |
| 336105 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (c) | 345 |
|  **Ireland (EUR) (4%)** | **Ireland (EUR) (4%)** |  |
| 300000 | Contego CLO X DAC 10X, (3 mo. EURIBOR + 2.150%), 4.19%, 5/15/38 (a)(b)(d) | 346 |
| 450000 | Harvest CLO XXX DAC 30X, (3 mo. EURIBOR + 3.400%), 5.47%, 7/27/36 (a)(b) (d) | 520 |
| 250000 | Ireland Government Bond, 1.10%, 5/15/29 (a) (b) | 278 |
| 216008 | Last Mile Logistics Pan Euro Finance DAC 1A 144A, (3 mo. EURIBOR + 1.900%), 3.93%, 8/17/33 (b)(c)(d) | 249 |
| 903308 | Last Mile Logistics Pan Euro Finance DAC 1X, (3 mo. EURIBOR + 2.700%), 4.73%, 8/17/33 (a)(b)(d) | 1040 |
| 239951 | Last Mile Securities PE DAC 2021-1A 144A, (3 mo. EURIBOR + 2.350%), 4.38%, 8/17/31 (b) (c)(d) | 277 |
| 300000 | Palmer Square European Loan Funding DAC 2024-1A 144A, (3 mo. EURIBOR + 1.700%), 3.74%, 8/15/33 (b)(c)(d) | 346 |
| 400000 | Palmer Square European Loan Funding DAC 2024-3X, (3 mo. EURIBOR + 1.850%), 3.89%, 5/15/34 (a)(b)(d) | 462 |
| 250000 | Permanent TSB Group Holdings PLC, (ICE 1Year Euribor Swap Fix + 3.500%), 6.63%, 4/25/28 (a)(b)(d) | 305 |
| 275000 | Permanent TSB Group Holdings PLC, (5 yr. Euro Swap + 10.546%), 13.25% (a)(b)(d)(f) | 375 |
| 420000 | Sona Fios CLO I DAC 1A 144A, (3 mo. EURIBOR + 2.500%), 7.91%, 7/15/36 (b)(c) (d) | 484 |
| 500000 | Texas Debt Capital Euro CLO DAC 2024-1A 144A, (3 mo. EURIBOR + 2.550%), 4.57%, 7/16/38 (b)(c)(d) | 578 |
|  |  | 5260 |
|  **Ireland (GBP) (0%)** | **Ireland (GBP) (0%)** |  |
| 375000 | Flutter Treasury DAC, 6.13%, 6/04/31 (a)(b) | 498 |
| 200000 | UK Logistics DAC 2024-1A 144A, (Sterling Overnight Index Average + 1.650%), 5.64%, 5/17/34 (b)(c)(d) | 263 |
|  |  | 761 |
|  **Ireland (USD) (0%)** | **Ireland (USD) (0%)** |  |
| 400000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32 | 369 |
|  **Italy (EUR) (3%)** | **Italy (EUR) (3%)** |  |
| 250000 | Bubbles Bidco SpA 144A, 6.50%, 9/30/31 (b) (c) | 298 |
| 300000 | doValue SpA 144A, 5.38%, 11/15/31 (b)(c) | 346 |
| 325000 | Gruppo San Donato SpA 144A, 6.50%, 10/31/31 (b)(c) | 385 |
| 1960000 | Italy Buoni Poliennali Del Tesoro Series 10Y 144A, 0.60%, 8/01/31 (a)(b)(c) | 2004 |
| 300000 | Italy Buoni Poliennali Del Tesoro Series 10Y, 2.50%, 12/01/32 (a)(b) | 336 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 600000 | Italy Buoni Poliennali Del Tesoro Series 15Y 144A, 3.85%, 10/01/40 (a)(b)(c) | $696 |
| 250000 | Italy Buoni Poliennali Del Tesoro Series 30Y 144A, 4.30%, 10/01/54 (a)(b)(c) | 291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356 |
|  **Italy (USD) (1%)** | **Italy (USD) (1%)** |  |
| 650000 | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.900%), 7.78%, 6/20/54 (c)(d) | 781 |
|  **Ivory Coast (EUR) (0%)** | **Ivory Coast (EUR) (0%)** |  |
| 450000 | Ivory Coast Government International Bond, 4.88%, 1/30/32 (a)(b) | 502 |
|  **Japan (JPY) (6%)** | **Japan (JPY) (6%)** |  |
| 230000000 | Japan Government Five Year Bond Series 178, 1.00%, 3/20/30 (b) | 1482 |
| 525000000 | Japan Government Ten Year Bond Series 376, 0.90%, 9/20/34 (b) | 3218 |
| 265000000 | Japan Government Thirty Year Bond Series 58, 0.80%, 3/20/48 (b) | 1160 |
| 213200000 | Japan Government Thirty Year Bond Series 49, 1.40%, 12/20/45 (b) | 1122 |
| 180000000 | Japan Government Thirty Year Bond Series 31, 2.20%, 9/20/39 (b) | 1181 |
| 10000000 | Japan Government Thirty Year Bond Series 30, 2.30%, 3/20/39 (b) | 67 |
| 145000000 | Japan Government Thirty Year Bond Series 85, 2.30%, 12/20/54 (b) | 800 |
|  |  | 9030 |
|  **Jersey (EUR) (0%)** | **Jersey (EUR) (0%)** |  |
| 450000 | Heathrow Funding Ltd., 1.13%, 10/08/30 (a) (b) | 476 |
|  **Jersey (GBP) (0%)** | **Jersey (GBP) (0%)** |  |
| 200000 | Waga Bondco Ltd. 144A, 8.50%, 6/15/30 (b)(c) | 240 |
|  **Jersey (USD) (1%)** | **Jersey (USD) (1%)** |  |
| 600000 | Dryden CLO Ltd. 2022-113A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 4.99%, 10/15/37 (c)(d) | 600 |
| 350000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.48%, 7/20/36 (c)(d) | 350 |
|  |  | 950 |
|  **Kenya (USD) (0%)** | **Kenya (USD) (0%)** |  |
| 200000 | Republic of Kenya Government International Bond 144A, 7.88%, 10/09/33 (c) | 196 |
|  **Luxembourg (EUR) (0%)** | **Luxembourg (EUR) (0%)** |  |
| 420000 | Harvest CLO XVI DAC 16A 144A, (3 mo. EURIBOR + 1.300%), 3.31%, 10/15/31 (b) (c)(d) | 483 |
| 375000 | P3 Group Sarl, 4.00%, 4/19/32 (a)(b) | 443 |
|  |  | 926 |
|  **Luxembourg (USD) (1%)** | **Luxembourg (USD) (1%)** |  |
| 300000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (c) | 316 |
| 285000 | OHI Group SA 144A, 13.00%, 7/22/29 (c) | 295 |
| 300000 | Saavi Energia Sarl 144A, 8.88%, 2/10/35 (c) | 323 |
|  |  | 934 |
|  **Malaysia (MYR) (1%)** | **Malaysia (MYR) (1%)** |  |
| 1700000 | Malaysia Government Bond Series 0307, 3.50%, 5/31/27 (b) | 409 |

---

#### 85 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1300000 | Malaysia Government Bond Series 0222, 4.70%, 10/15/42 (b) | $342 |
|  |  | 751 |
|  **Mexico (MXN) (1%)** | **Mexico (MXN) (1%)** |  |
| 11660000 | Mexican Bonos Series M, 5.75%, 3/05/26 (b) | 624 |
| 7760000 | Mexican Bonos Series M, 8.50%, 5/31/29 (b) | 425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  **Mexico (USD) (1%)** | **Mexico (USD) (1%)** |  |
| 250000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, 5.25%, 9/10/29 (c) | 258 |
| 198101 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (c) | 210 |
| 450000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 450 |
|  |  | 918 |
|  **Morocco (USD) (0%)** | **Morocco (USD) (0%)** |  |
| 250000 | OCP SA 144A, 6.10%, 4/30/30 (c) | 262 |
|  **Netherlands (EUR) (3%)** | **Netherlands (EUR) (3%)** |  |
| 300000 | ABN AMRO Bank NV, (5 yr. Euro Swap + 4.239%), 6.88% (a)(b)(d)(f) | 381 |
| 450000 | Enel Finance International NV, 3.88%, 3/09/29 (a)(b) | 539 |
| 500000 | JAB Holdings BV, 5.00%, 6/12/33 (a)(b) | 627 |
| 530000 | Netherlands Government Bond 144A, 4.00%, 1/15/37 (a)(b)(c) | 676 |
| 525000 | Sagax Euro Mtn NL BV, 0.75%, 1/26/28 (a)(b) | 582 |
|  |  | 2805 |
|  **Netherlands (USD) (0%)** | **Netherlands (USD) (0%)** |  |
| 400000 | Petrobras Global Finance BV, 6.25%, 1/10/36 | 395 |
|  **New Zealand (USD) (0%)** | **New Zealand (USD) (0%)** |  |
| 550000 | ASB Bank Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.250%), 5.28%, 6/17/32 (c)(d) | 557 |
|  **Norway (USD) (0%)** | **Norway (USD) (0%)** |  |
| 350000 | Var Energi ASA 144A, 7.50%, 1/15/28 (c) | 371 |
|  **Paraguay (USD) (0%)** | **Paraguay (USD) (0%)** |  |
| 172000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (c) | 173 |
|  **Peru (PEN) (1%)** | **Peru (PEN) (1%)** |  |
| 7100000 | Peru Government Bond, 5.35%, 8/12/40 (b) | 1866 |
|  **Peru (USD) (0%)** | **Peru (USD) (0%)** |  |
| 250000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (c) | 261 |
|  **Poland (PLN) (0%)** | **Poland (PLN) (0%)** |  |
| 410000 | Republic of Poland Government Bond Series 1029, 2.75%, 10/25/29 (b) | 104 |
|  **Poland (USD) (0%)** | **Poland (USD) (0%)** |  |
| 450000 | ORLEN SA 144A, 6.00%, 1/30/35 (c) | 476 |
|  **Portugal (EUR) (0%)** | **Portugal (EUR) (0%)** |  |
| 300000 | Portugal Obrigacoes do Tesouro OT Series 10Y 144A, 3.00%, 6/15/35 (a)(b)(c) | 346 |
|  **Romania (EUR) (0%)** | **Romania (EUR) (0%)** |  |
| 150000 | Romanian Government International Bond 144A, 6.63%, 9/27/29 (b)(c) | 190 |
|  **Romania (USD) (0%)** | **Romania (USD) (0%)** |  |
| 300000 | Romanian Government International Bond 144A, 5.75%, 9/16/30 (c) | 307 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Singapore (SGD) (0%)** | **Singapore (SGD) (0%)** |  |
| 280000 | Singapore Government Bond, 3.50%, 3/01/27 (b) | $221 |
|  **South Africa (USD) (0%)** | **South Africa (USD) (0%)** |  |
| 200000 | Republic of South Africa Government International Bond Series 10Y, 4.85%, 9/30/29 | 200 |
| 250000 | Republic of South Africa Government International Bond Series 12Y, 5.88%, 6/22/30 | 259 |
|  |  | 459 |
|  **Spain (EUR) (2%)** | **Spain (EUR) (2%)** |  |
| 500000 | Banco de Sabadell SA, (1Year Euribor Swap Rate + 2.400%), 5.25%, 2/07/29 (a)(b)(d) | 609 |
| 200000 | CaixaBank SA, (5 yr. Euro Swap + 3.857%), 3.63% (a)(b)(d)(f) | 223 |
| 500000 | CaixaBank SA, (3 mo. EURIBOR + 1.650%), 5.00%, 7/19/29 (a)(b)(d) | 612 |
| 50000 | Spain Government Bond 144A, 1.25%, 10/31/30 (a)(b)(c) | 54 |
| 960000 | Spain Government Bond 144A, 2.90%, 10/31/46 (a)(b)(c) | 972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 |
|  **Spain (USD) (1%)** | **Spain (USD) (1%)** |  |
| 600000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (d) | 587 |
|  **Sri Lanka (USD) (0%)** | **Sri Lanka (USD) (0%)** |  |
| 36256 | Sri Lanka Government International Bond 144A, 3.10%, 1/15/30 (c) | 34 |
| 71116 | Sri Lanka Government International Bond 144A, 3.35%, 3/15/33 (c) | 62 |
| 48020 | Sri Lanka Government International Bond 144A, 3.60%, 6/15/35 (c) | 37 |
| 33327 | Sri Lanka Government International Bond 144A, 3.60%, 5/15/36 (c) | 31 |
| 66682 | Sri Lanka Government International Bond 144A, 3.60%, 2/15/38 (c) | 62 |
| 37824 | Sri Lanka Government International Bond 144A, 4.00%, 4/15/28 (c) | 36 |
|  |  | 262 |
|  **Supranational (USD) (0%)** | **Supranational (USD) (0%)** |  |
| 475000 | Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (a) | 443 |
|  **Sweden (SEK) (0%)** | **Sweden (SEK) (0%)** |  |
| 2900000 | Sweden Government Bond Series 1059, 1.00%, 11/12/26 (a)(b) | 303 |
|  **Switzerland (CHF) (1%)** | **Switzerland (CHF) (1%)** |  |
| 1050000 | Swiss Confederation Government Bond, 0.50%, 5/27/30 (a)(b) | 1337 |
|  **Switzerland (USD) (0%)** | **Switzerland (USD) (0%)** |  |
| 450000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.179%), 7.13% (c) (d)(f) | 458 |
|  **Thailand (THB) (0%)** | **Thailand (THB) (0%)** |  |
| 16300000 | Thailand Government Bond, 1.59%, 12/17/35 (b) | 498 |
|  **Turkey (USD) (0%)** | **Turkey (USD) (0%)** |  |
| 300000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (c) | 309 |

---

Annual Financial Statements and Other Information **86** 

------

**Payden Global Fixed Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **United Arab Emirates (EUR) (0%)** | **United Arab Emirates (EUR) (0%)** |  |
| 300000 | Finance Department Government of Sharjah 144A, 4.63%, 1/17/31 (b)(c) | $356 |
|  **United Kingdom (EUR) (0%)** | **United Kingdom (EUR) (0%)** |  |
| 200000 | Amber Finco PLC 144A, 6.63%, 7/15/29 (b)(c) | 243 |
|  **United Kingdom (GBP) (4%)** | **United Kingdom (GBP) (4%)** |  |
| 300000 | Boparan Finance PLC 144A, 9.38%, 11/07/29 (b)(c) | 419 |
| 250000 | Edge Finco PLC 144A, 8.13%, 8/15/31 (b)(c) | 348 |
| 300000 | Galaxy Bidco Ltd. 144A, 8.13%, 12/19/29 (b) (c) | 412 |
| 325000 | Kier Group PLC, 9.00%, 2/15/29 (a)(b) | 451 |
| 350000 | Motability Operations Group PLC, 2.38%, 3/14/32 (a)(b) | 398 |
| 200000 | NatWest Group PLC, (5 yr. UK Government Bonds Note Generic Bid Yield + 3.294%), 7.50% (b)(d)(f) | 272 |
| 100000 | United Kingdom Gilt, 0.38%, 10/22/30 (a)(b) | 112 |
| 1500000 | United Kingdom Gilt, 3.75%, 7/22/52 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 |
| 400000 | United Kingdom Gilt, 4.25%, 9/07/39 (a)(b) | 498 |
|  |  | 4480 |
|  **United Kingdom (USD) (0%)** | **United Kingdom (USD) (0%)** |  |
| 200000 | Azule Energy Finance PLC 144A, 8.13%, 1/23/30 (c) | 201 |
|  **United States (EUR) (4%)** | **United States (EUR) (4%)** |  |
| 450000 | Avery Dennison Corp., 4.00%, 9/11/35 (b) | 529 |
| 750000 | Bank of America Corp., (3 mo. EURIBOR + 0.910%), 1.38%, 5/09/30 (a)(b)(d) | 826 |
| 150000 | Beach Acquisition Bidco LLC 144A, 5.25%, 7/15/32 (b)(c) | 178 |
| 450000 | Boots Group Finco LP 144A, 5.38%, 8/31/32 (b)(c) | 539 |
| 950000 | Citigroup Inc., (3 mo. EURIBOR + 1.611%), 4.30%, 7/23/36 (b)(d) | 1124 |
| 450000 | Duke Energy Corp., 3.75%, 4/01/31 (b) | 532 |
| 400000 | Equinix Europe 2 Financing Corp. LLC, 3.25%, 5/19/29 (b) | 466 |
| 400000 | Ford Motor Credit Co. LLC, 4.45%, 9/16/32 (b) | 468 |
| 450000 | General Mills Inc., 3.60%, 4/17/32 (b) | 527 |
| 700000 | Morgan Stanley, (3 mo. EURIBOR + 0.833%), 1.10%, 4/29/33 (b)(d) | 709 |
| 550000 | Prologis Euro Finance LLC, 4.00%, 5/05/34 (b) | 654 |
|  |  | 6552 |
|  **United States (USD) (38%)** | **United States (USD) (38%)** |  |
| 400000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (d)(f) | 392 |
| 410000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (d) | 433 |
| 390000 | American National Group Inc., 5.00%, 6/15/27 | 392 |
| 420000 | American Tower Corp., 5.50%, 3/15/28 | 432 |
| 850000 | American Tower Trust 144A, 5.49%, 3/15/28 (c) | 866 |
| 246350 | Arbys Funding LLC 2020-1A 144A, 3.24%, 7/30/50 (c) | 238 |
| 400000 | Athene Holding Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.607%), 6.63%, 10/15/54 (d) | 399 |
| 575000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 567 |
| 425000 | Boeing Co., 2.20%, 2/04/26 | 423 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 600000 | Boeing Co., 6.53%, 5/01/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 |
| 350000 | Brandywine Operating Partnership LP, 6.13%, 1/15/31 | 352 |
| 260417 | BRAVO Residential Funding Trust 2024- NQM7 144A, 5.55%, 10/27/64 (c) | 262 |
| 350000 | Bread Financial Holdings Inc. 144A, 9.75%, 3/15/29 (c) | 374 |
| 445672 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.47%, 4/15/41 (c)(d) | 446 |
| 2201560 | Cantor Commercial Real Estate Lending 2019- CF1, 1.11%, 5/15/52 (g) | 60 |
| 263910 | CARS-DB4 LP 2020-1A 144A, 3.25%, 2/15/50 (c) | 246 |
| 220000 | Centene Corp., 4.25%, 12/15/27 | 217 |
| 567603 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (c) | 573 |
| 268451 | Connecticut Avenue Securities Trust 2024- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.18%, 5/25/44 (c)(d) | 269 |
| 131187 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.28%, 2/25/44 (c)(d) | 131 |
| 199672 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 5.33%, 3/25/44 (c)(d) | 200 |
| 250000 | CoreWeave Inc. 144A, 9.00%, 2/01/31 (c) | 251 |
| 222045 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (c)(g) | 223 |
| 165424 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (c)(g) | 167 |
| 500000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (c) | 493 |
| 550000 | Energy Transfer LP, 5.75%, 2/15/33 | 576 |
| 435000 | Evergy Inc., 2.90%, 9/15/29 | 414 |
| 197370 | Fannie Mae Connecticut Avenue Securities 2016-C07, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.614%), 13.80%, 5/25/29 (d) | 212 |
| 489979 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 14.55%, 1/25/29 (d) | 519 |
| 492331 | Fannie Mae Connecticut Avenue Securities 2016-C05, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.864%), 15.05%, 1/25/29 (d) | 522 |
| 326538 | Fannie Mae-Aces 2018-M13, 3.75%, 9/25/30 (g) | 323 |
| 592993 | FN BM2007 30YR, 4.00%, 9/01/48 | 574 |
| 545055 | FN BP6626 30YR, 2.00%, 8/01/50 | 447 |
| 635569 | FN CB2759 30YR, 3.00%, 2/01/52 | 565 |
| 423979 | FN CB3258 30YR, 3.50%, 4/01/52 | 394 |
| 568548 | FN CB4127 30YR, 4.50%, 7/01/52 | 557 |
| 446654 | FN CB5106 30YR, 5.00%, 11/01/52 | 450 |
| 666964 | FN CB5113 30YR, 5.50%, 11/01/52 | 678 |
| 692344 | FN CB6689 30YR, 5.50%, 7/01/53 | 702 |
| 419319 | FN CB7991 30YR, 5.50%, 2/01/54 | 425 |
| 626521 | FN CB8021 30YR, 6.50%, 2/01/54 | 658 |
| 805831 | FN CB9019 30YR, 6.00%, 8/01/54 | 826 |

---

#### 87 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value (000) |
| 757122 | FN FM3162 30YR, 3.00%, 11/01/46 | $702 |
| 1222061 | FN FM7194 30YR, 2.50%, 3/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 |
| 938114 | FN FM9195 30YR, 2.50%, 10/01/51 | 806 |
| 557707 | FN FS0007 30YR, 3.00%, 8/01/50 | 498 |
| 570209 | FN FS3111 30YR, 5.00%, 9/01/52 | 574 |
| 585052 | FN FS6939 30YR, 3.50%, 8/01/48 | 556 |
| 307445 | FN MA4413 30YR, 2.00%, 9/01/51 | 251 |
| 1055802 | FR RA3728 30YR, 2.00%, 10/01/50 | 868 |
| 316538 | FR RA7778 30YR, 4.50%, 8/01/52 | 310 |
| 393450 | FR RA7790 30YR, 5.00%, 8/01/52 | 394 |
| 475027 | FR SB8509 15YR, 2.00%, 1/01/36 | 439 |
| 468108 | FR SD0729 30YR, 2.00%, 10/01/51 | 384 |
| 839468 | FR SD1035 30YR, 4.00%, 5/01/52 | 797 |
| 627112 | FR SD5641 30YR, 5.50%, 6/01/53 | 641 |
| 926087 | FR ZA4718 30YR, 3.00%, 10/01/46 | 845 |
| 681739 | FR ZT0534 30YR, 3.50%, 12/01/47 | 644 |
| 800000 | Freddie Mac STACR REMIC Trust 2021- DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 7.58%, 10/25/41 (c)(d) | 817 |
| 343634 | G2 MA3663 30YR, 3.50%, 5/20/46 | 321 |
| 384488 | G2 MA4195 30YR, 3.00%, 1/20/47 | 351 |
| 599273 | G2 MA5265 30YR, 4.50%, 6/20/48 | 597 |
| 921942 | G2 MA6930 30YR, 2.00%, 10/20/50 | 768 |
| 830966 | G2 MA7472 30YR, 2.50%, 7/20/51 | 720 |
| 213127 | G2 MA7766 30YR, 2.00%, 12/20/51 | 177 |
| 575000 | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | 550 |
| 450000 | HCA Inc., 4.13%, 6/15/29 | 447 |
| 500000 | HPS Corporate Lending Fund 144A, 4.90%, 9/11/28 (c) | 496 |
| 425000 | Hyundai Capital America 144A, 1.80%, 1/10/28 (c) | 404 |
| 685000 | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 663 |
| 350000 | ITC Holdings Corp. 144A, 2.95%, 5/14/30 (c)329 |  |
| 250000 | Kodiak Gas Services LLC 144A, 6.50%, 10/01/33 (c) | 256 |
| 400000 | Meta Platforms Inc., 4.88%, 11/15/35 | 402 |
| 210000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (c) | 203 |
| 470000 | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (c) | 637 |
| 227407 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (c) | 227 |
| 356633 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (c) | 357 |
| 239850 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (c) | 241 |
| 197743 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (c)(g) | 199 |
| 368563 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (c) | 370 |
| 226440 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (c) | 228 |
| 434733 | OBX Trust 2025-NQM1 144A, 5.55%, 12/25/64 (c)(g) | 438 |
| 204139 | OBX Trust 2024-NQM17 144A, 5.61%, 11/25/64 (c)(g) | 206 |
| 600000 | Oracle Corp., 4.20%, 9/27/29 | 595 |
| 200000 | PennyMac Financial Services Inc. 144A, 6.88%, 5/15/32 (c) | 209 |
| 430000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.25%, 7/01/29 (c) | 443 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value (000) |
| 600000 | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | $535 |
| 282750 | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (c) | 271 |
| 741904 | RCKT Mortgage Trust 2025-CES9 144A, 4.80%, 9/25/55 (c) | 740 |
| 486728 | RCKT Mortgage Trust 2025-CES8 144A, 5.15%, 8/25/55 (c)(g) | 489 |
| 432891 | RCKT Mortgage Trust 2025-CES7 144A, 5.38%, 7/25/55 (c) | 436 |
| 188059 | RCKT Mortgage Trust 2025-CES6 144A, 5.47%, 6/25/55 (c) | 190 |
| 325865 | RCKT Mortgage Trust 2025-CES5 144A, 5.69%, 5/25/55 (c) | 330 |
| 450000 | Repsol E&P Capital Markets U.S. LLC 144A, 5.20%, 9/16/30 (c) | 452 |
| 307573 | Santander Drive Auto Receivables Trust 2024- S1 144A, 6.53%, 3/16/29 (c) | 308 |
| 400000 | South Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/34 | 402 |
| 475000 | Stellantis Finance U.S. Inc. 144A, 2.69%, 9/15/31 (c) | 413 |
| 496250 | Store Master Funding I-VII XIV XIX XX XXIV XXII 2024-1A 144A, 5.70%, 5/20/54 (c) | 509 |
| 250000 | Sunoco LP 144A, 6.25%, 7/01/33 (c) | 256 |
| 500000 | Taco Bell Funding LLC 2025-1A 144A, 4.82%, 8/25/55 (c) | 499 |
| 1200000 | U.S. Treasury Bill, 3.78%, 3/26/26 (h) | 1182 |
| 2110000 | U.S. Treasury Bond, 2.25%, 8/15/46 (i)(j) | 1425 |
| 40000 | U.S. Treasury Bond, 4.25%, 8/15/54 | 37 |
| 2100000 | U.S. Treasury Note, 4.13%, 3/31/32 | 2133 |
| 4660000 | U.S. Treasury Note, 4.25%, 5/15/35 | 4724 |
| 250000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (c) | 259 |
| 350000 | Venture Global Plaquemines LNG LLC 144A, 6.50%, 1/15/34 (c) | 367 |
| 205969 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (c)(g) | 207 |
| 303811 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (c)(g) | 306 |
| 662550 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (c)(g) | 668 |
| 420000 | Vistra Operations Co. LLC 144A, 6.00%, 4/15/34 (c) | 441 |
| 300000 | Western Midstream Operating LP, 6.15%, 4/01/33 | 316 |
| 430000 | Williams Cos. Inc., 4.80%, 11/15/29 | 438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57659 |
|  **Uzbekistan (EUR) (0%)** | **Uzbekistan (EUR) (0%)** |  |
| 350000 | Republic of Uzbekistan International Bond 144A, 5.10%, 2/25/29 (b)(c) | 420 |
|  **Virgin Islands (British) (USD) (0%)** | **Virgin Islands (British) (USD) (0%)** |  |
| 450000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 4/27/29 (a) | 441 |
|  **Total Bond** (Cost - $142,971) | **Total Bond** (Cost - $142,971) | 138289 |
|  **Bank Loan(k) (0%)** | **Bank Loan(k) (0%)** |  |
| 43198 | DirectV Financing LLC Term Loan NON-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.10%, 8/02/27 | 43 |

---

Annual Financial Statements and Other Information **88** 

------

**Payden Global Fixed Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 300000 | Fr Br Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%),<br>8.19%, 10/09/30 (Cost - $297) | $299 |
|  **Total Bank Loan (Cost - $340)** | **Total Bank Loan (Cost - $340)** | 342 |
|  **Investment Company (6%)** | **Investment Company (6%)** |  |
| 4023586 | Payden Cash Reserves Money Market Fund \* | 4024 |
| 146720 | Payden Emerging Market Corporate Bond Fund, SI Class \* | 1298 |
| 247925 | Payden Emerging Markets Local Bond Fund, SI Class \* | 2415 |
| 146702 | Payden Floating Rate Fund, SI Class \* | 1412 |
|  **Total Investment Company (Cost - $9,068)** | **Total Investment Company (Cost - $9,068)** | 9149 |
|  **Purchased Swaptions (0%)** | **Purchased Swaptions (0%)** |  |
|  **Total Purchased Swaptions (Cost - $41)** | **Total Purchased Swaptions (Cost - $41)** | 41 |
|  **Total Investments (Cost - $152,420) (98%)** | **Total Investments (Cost - $152,420) (98%)** | 147821 |
|  **Other Assets, net of Liabilities (2%)** | **Other Assets, net of Liabilities (2%)** | 3653 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151474 |

---

---

| |
|:---|
|  \* Affiliated investment. |
| (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, 2025. |
| (e) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $143 and the total market value of the collateral held by the Fund is $146. Amounts in 000s. |
| (f) Perpetual security with no stated maturity date. |
| (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) Yield to maturity at time of purchase. |
| (i) All or a portion of security has been pledged in connection with outstanding centrally cleared swaps. |
| (j) All or a portion of the security is pledged to cover futures contract margin requirements. |
| (k) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Purchased Swaptions

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Notional**<br> **Amount**<br> (000s) | **Expiration**<br> **Date** | **Value**<br> (000s) | **Call/Put** |
|  **Purchased Swaptions - 0.0%** |  |  |  |  |  |
|  Protection Bought (Relevant Credit:Markit CDX, |  |  |  |  |  |
|  North America High Yield Series 45 Index), Pay 5.00% |  |  |  |  |  |
|  Quarterly, Receive upon credit default | Citibank, N.A. | $3600 | 01/21/2026 | $41 | Put |

---

#### 89 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Unrealized |
| Currency | Currency |  |  | Appreciation |
| Purchased | Sold |  | Settlement | (Depreciation) |
| (000s) | (000s) | Counterparty | Date | (000s) |
|  **Assets:** |  |  |  |  |
|  AUD 1,730 | USD 1,126 | HSBC Bank USA, N.A. | 11/20/2025 | $6 |
|  BRL 301 | USD 54 | HSBC Bank USA, N.A. | 11/19/2025 | 2 |
|  JPY 1,381,400 | USD 8,968 | BNP PARIBAS | 11/06/2025 | 1 |
|  USD 2,656 | IDR 43,346,000 | Barclays Bank PLC | 11/20/2025 | 50 |
|  USD 596 | THB 19,210 | Barclays Bank PLC | 11/20/2025 |  |
|  USD 34,899 | EUR 29,639 | BNP PARIBAS | 11/06/2025 | 724 |
|  USD 9,388 | JPY 1,381,400 | BNP PARIBAS | 11/06/2025 | 419 |
|  USD 1,135 | CHF 902 | BNP PARIBAS | 11/20/2025 | 11 |
|  USD 128 | CZK 2,670 | BNP PARIBAS | 11/20/2025 | 1 |
|  USD 1,121 | GBP 830 | BNP PARIBAS | 11/20/2025 | 30 |
|  USD 132 | PLN 483 | BNP PARIBAS | 11/20/2025 | 2 |
|  USD 33,755 | EUR 29,197 | BNP PARIBAS | 12/04/2025 | 36 |
|  USD 6,269 | GBP 4,656 | HSBC Bank USA, N.A. | 11/06/2025 | 153 |
|  USD 1,132 | GBP 842 | HSBC Bank USA, N.A. | 11/20/2025 | 26 |
|  USD 1,121 | JPY 167,600 | HSBC Bank USA, N.A. | 11/20/2025 | 31 |
|  USD 1,153 | NOK 11,300 | HSBC Bank USA, N.A. | 11/20/2025 | 38 |
|  USD 6,245 | GBP 4,753 | HSBC Bank USA, N.A. | 12/04/2025 | 1 |
|  USD 1,415 | CHF 1,108 | Morgan Stanley | 01/28/2026 | 24 |
|  USD 156 | DKK 995 | Morgan Stanley | 01/28/2026 | 2 |
|  USD 331 | SEK 3,106 | Morgan Stanley | 01/28/2026 | 3 |
|  USD 272 | SGD 347 | Wells Fargo Securities LLC | 11/20/2025 | 5 |
|  |  |  |  | 1565 |
|  Liabilities: |  |  |  |  |
|  AUD 1,716 | USD 1,132 | BNP PARIBAS | 11/20/2025 | (9) |
|  EUR 29,639 | USD 34,228 | BNP PARIBAS | 11/06/2025 | (53) |
|  EUR 2,875 | USD 3,375 | HSBC Bank USA, N.A. | 11/20/2025 | (58) |
|  GBP 4,656 | USD 6,117 | HSBC Bank USA, N.A. | 11/06/2025 | (1) |
|  GBP 1,672 | USD 2,264 | HSBC Bank USA, N.A. | 11/20/2025 | (67) |
|  JPY 332,500 | USD 2,267 | HSBC Bank USA, N.A. | 11/20/2025 | (105) |
|  NOK 11,300 | USD 1,122 | HSBC Bank USA, N.A. | 11/20/2025 | (7) |
|  USD 735 | COP 3,000,000 | Barclays Bank PLC | 11/19/2025 | (41) |
|  USD 947 | MYR 3,978 | Barclays Bank PLC | 11/20/2025 | (3) |
|  USD 1,349 | PEN 4,765 | BNP PARIBAS | 11/20/2025 | (66) |
|  USD 9,004 | JPY 1,383,100 | BNP PARIBAS | 12/04/2025 | (2) |
|  USD 1,183 | MXN 22,160 | Morgan Stanley | 11/20/2025 | (7) |
|  USD 1,169 | AUD 1,799 | Morgan Stanley | 01/28/2026 | (9) |
|  USD 3,098 | CAD 4,328 | Morgan Stanley | 01/28/2026 | (1) |
|  |  |  |  | (429) |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  | $1136 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | Unrealized |
|  | | | Notional | Current | Appreciation |
|  | Number of | Expiration | Amount | Value | (Depreciation) |
| Contract Type | Contracts | Date | (000s) | (000s) | (000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  Euro-Bobl Future | 1 | Dec-25 | $136 | $1 | $1 |
|  EURO-BUXL 30Y BND DEC 25 | 9 | Dec-25 | 1205 | 41 | 41 |
|  Euro-Schatz Future | 180 | Dec-25 | 22217 | 6 | 6 |
|  Long Gilt Future | 5 | Dec-25 | 615 | 20 | 20 |
|  U.S. Long Bond Future | 26 | Dec-25 | 3050 | 77 | 77 |
|  U.S. Treasury 2-Year Note Future | 63 | Dec-25 | 13119 | (44) | (44) |
|  U.S. Treasury 5-Year Note Future | 141 | Dec-25 | 15399 | 2 | 2 |

---

Annual Financial Statements and Other Information **90** 

------

**Payden Global Fixed Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | Unrealized |
|  | | | Notional | Current | Appreciation |
|  | Number of | Expiration | Amount | Value | (Depreciation) |
| Contract Type | Contracts | Date | (000s) | (000s) | (000s) |
|  U.S. Ultra Bond Future | 24 | Dec-25 | $2911 | $(1) | $(1) |
|  |  |  |  |  | 102 |
|  **Short Contracts:** |  |  |  |  |  |
|  Euro-Bund Future | 23 | Dec-25 | (3430) | (9) | (9) |
|  U.S. 10-Year Ultra Future | 54 | Dec-25 | (6236) | (75) | (75) |
|  U.S. Treasury 10-Year Note Future | 30 | Dec-25 | (3380) | (13) | (13) |
|  |  |  |  |  | (97) |
|  **Total Futures** |  |  |  |  | $5 |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Upfront | Unrealized |
|  | | Notional | | payments/ | Appreciation/ |
|  | | Amount | Value | receipts | (Depreciation) |
| Description | Maturity Date | (000s) | (000s) | (000s) | (000s) |
|  10-Year Interest Rate Swap, Receive Fixed 2.010% Quarterly, Pay Variable 1.630% (CNRR007) Quarterly | 06/03/2029 | CNY 10,000 | $25 | $— | $25 |
|  10-Year Interest Rate Swap, Receive Fixed 2.698% Quarterly, Pay Variable 2.540% (3M KWCDC) Quarterly | 10/15/2035 | KRW 712,000 | (10) |  | (10) |
|  10-Year Interest Rate Swap, Receive Fixed 1.125% Quarterly, Pay Variable 2.550% (3M KWCDC) Quarterly | 10/07/2029 | KRW 1,584,200 | (70) |  | (70) |
|  10-Year Interest Rate Swap, Receive Fixed 1.740% Quarterly, Pay Variable 1.492% (CNRR007) Quarterly | 10/16/2029 | CNY 13,200 | 15 |  | 15 |
|  10-Year Interest Rate Swap, Receive Fixed 1.800% Quarterly, Pay Variable 2.570% (3M KWCDC) Quarterly | 09/23/2031 | KRW 2,288,000 | (91) |  | (91) |
|  2-Year Interest Rate Swap, Receive Fixed 9.150% 28 days, Pay Variable 7.610% (MXIBTIIE) 28 days | 11/19/2026 | MXN 102,340 | 123 |  | 123 |
|  5-Year Interest Rate Swap, Receive Fixed 1.618% Quarterly, Pay Variable 1.528% (CNRR007) Quarterly | 03/21/2030 | CNY 4,500 | 2 |  | 2 |
|  5-Year Interest Rate Swap, Receive Fixed 2.481% Quarterly, Pay Variable 1.650% (CNRR007) Quarterly | 09/22/2026 | CNY 33,000 | 43 |  | 43 |
|  5-Year Interest Rate Swap, Receive Fixed 1.593% Quarterly, Pay Variable 1.506% (CNRR007) Quarterly | 10/15/2030 | CNY 8,940 | 2 |  | 2 |
|  5-Year Interest Rate Swap, Receive Fixed 2.032% Quarterly, Pay Variable 1.570% (CNRR007) Quarterly | 04/25/2029 | CNY 5,350 | 13 |  | 13 |
|  5-Year Interest Rate Swap, Receive Fixed 2.122% Quarterly, Pay Variable 1.630% (CNRR007) Quarterly | 02/02/2029 | CNY 13,100 | 38 |  | 38 |
|  5-Year Interest Rate Swap, Receive Fixed 2.378% Quarterly, Pay Variable 1.630% (CNRR007) Quarterly | 07/24/2028 | CNY 40,100 | 131 |  | 131 |
|  5-Year Interest Rate Swap, Receive Fixed 2.635% Quarterly, Pay Variable 1.570% (CNRR007) Quarterly | 01/08/2026 | CNY 38,600 | 15 |  | 15 |
|  5-Year Interest Rate Swap, Receive Fixed 2.823% Quarterly, Pay Variable 1.600% (CNRR007) Quarterly | 02/15/2028 | CNY 35,900 | 163 |  | 163 |
|  |  |  | $399 | $— | $399 |

---

#### Open OTC Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Upfront | |
|  | | Notional | | payments/ | Unrealized |
|  | | Amount | Value | receipts | Depreciation |
| Description | Maturity Date | (000s) | (000s) | (000s) | (000s) |
|  5-Year Interest Rate Swap, Receive Fixed 1.452% Quarterly, Pay Variable 1.500% (CNRR007) Quarterly | 07/07/2030 | CNY 17,970 | $(11) | $— | $(11) |
|  5-Year Interest Rate Swap, Receive Fixed 1.520% Quarterly, Pay Variable 1.650% (CNRR007) Quarterly | 01/27/2030 | CNY 20,170 | (2) |  | (2) |
|  |  |  | $(13) | $— | $(13) |

---

#### 91 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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 Liabilities<sup>1</sup> | $143 |
|  Non-cash Collateral<sup>2</sup> | (143) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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 Financial Statements and Other Information **92** 

------

#### Payden Emerging Markets Bond Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** *- October 31, 2025* 

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Bond (96%)** | **Bond (96%)** |  |
|  **Albania (EUR) (0%)** | **Albania (EUR) (0%)** |  |
| 520000 | Albania Government International Bond 144A, 3.50%, 11/23/31 EUR (a)(b) | $600 |
| 2790000 | Albania Government International Bond 144A, 4.75%, 2/14/35 EUR (a)(b) | 3314 |
|  |  | 3914 |
|  **Angola (USD) (1%)** | **Angola (USD) (1%)** |  |
| 4595000 | Angolan Government International Bond 144A, 8.75%, 4/14/32 (b) | 4319 |
| 5850000 | Angolan Government International Bond 144A, 9.13%, 11/26/49 (b) | 4920 |
| 1575000 | Angolan Government International Bond 144A, 9.24%, 1/15/31 (b) | 1540 |
| 2730000 | Angolan Government International Bond 144A, 9.50%, 11/12/25 (b) | 2732 |
|  |  | 13511 |
|  **Argentina (USD) (3%)** | **Argentina (USD) (3%)** |  |
| 7068000 | Argentine Republic Government International Bond, 0.75%, 7/09/30 | 5796 |
| 1375196 | Argentine Republic Government International Bond, 1.00%, 7/09/29 | 1174 |
| 9357500 | Argentine Republic Government International Bond, 3.50%, 7/09/41 | 6101 |
| 25910476 | Argentine Republic Government International Bond, 4.13%, 7/09/35 | 18215 |
| 1580090 | Argentine Republic Government International Bond, 5.00%, 1/09/38 | 1163 |
|  |  | 32449 |
|  **Bahamas (USD) (1%)** | **Bahamas (USD) (1%)** |  |
| 4645000 | Bahamas Government International Bond 144A, 8.25%, 6/24/36 (b) | 5039 |
| 515000 | Intercorp Peru Ltd. 144A, 3.88%, 8/15/29 (b) (c) | 502 |
|  |  | 5541 |
|  **Bermuda (USD) (0%)** | **Bermuda (USD) (0%)** |  |
| 1840000 | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak 144A, 4.85%, 10/14/38 (b) | 1777 |
|  **Brazil (BRL) (3%)** | **Brazil (BRL) (3%)** |  |
| 9807502 | Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/50 BRL (a) | 1586 |
| 107300000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/29 BRL (a) | 18473 |
| 45000000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/31 BRL (a) | 7367 |
| 28500000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/33 BRL (a) | 4483 |
|  |  | 31909 |
|  **Brazil (USD) (2%)** | **Brazil (USD) (2%)** |  |
| 3480000 | Brazilian Government International Bond, 6.00%, 10/20/33 | 3567 |
| 8255000 | Brazilian Government International Bond, 6.13%, 3/15/34 | 8432 |
| 2750000 | Brazilian Government International Bond, 8.25%, 1/20/34 | 3229 |
|  |  | 15228 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Canada (USD) (0%)** | **Canada (USD) (0%)** |  |
| 1709000 | Aris Mining Corp. 144A, 8.00%, 10/31/29 (b) | $1779 |
| 1720000 | First Quantum Minerals Ltd. 144A, 8.63%, 6/01/31 (b) | 1803 |
|  |  | 3582 |
|  **Cayman Islands (USD) (2%)** | **Cayman Islands (USD) (2%)** |  |
| 3052213 | Bioceanico Sovereign Certificate Ltd. 144A, 2.80%, 6/05/34 (b)(d) | 2511 |
| 2415000 | Energuate Trust 2 0 144A, 6.35%, 9/15/35 (b) | 2426 |
| 2535000 | Gaci First Investment Co., 5.38%, 10/13/22 (e) | 2281 |
| 2150000 | IHS Holding Ltd. 144A, 7.88%, 5/29/30 (b) | 2197 |
| 2614000 | Liberty Costa Rica Senior Secured Finance 144A, 10.88%, 1/15/31 (b) | 2767 |
| 1655000 | Melco Resorts Finance Ltd. 144A, 7.63%, 4/17/32 (b) | 1743 |
| 2560000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (b) | 2564 |
|  |  | 16489 |
|  **Chile (USD) (1%)** | **Chile (USD) (1%)** |  |
| 4095429 | Alfa Desarrollo SpA 144A, 4.55%, 9/27/51 (b) | 3367 |
| 1550000 | Banco de Credito e Inversiones SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.944%), 8.75% (b)(f)(g) | 1668 |
| 2365000 | Chile Government International Bond, 3.10%, 5/07/41 | 1832 |
| 1760000 | Corp. Nacional del Cobre de Chile 144A, 6.30%, 9/08/53 (b) | 1832 |
| 2530000 | Corp. Nacional del Cobre de Chile 144A, 6.78%, 1/13/55 (b) | 2773 |
|  |  | 11472 |
|  **Colombia (USD) (2%)** | **Colombia (USD) (2%)** |  |
| 4135000 | Colombia Government International Bond, 7.38%, 9/18/37 | 4320 |
| 5365000 | Colombia Government International Bond, 7.75%, 11/07/36 | 5726 |
| 3830000 | Colombia Government International Bond, 8.00%, 11/14/35 | 4184 |
| 5515000 | Colombia Government International Bond, 8.50%, 4/25/35 | 6229 |
|  |  | 20459 |
|  **Costa Rica (USD) (2%)** | **Costa Rica (USD) (2%)** |  |
| 10740000 | Costa Rica Government International Bond 144A, 6.55%, 4/03/34 (b) | 11637 |
| 4400000 | Costa Rica Government International Bond 144A, 7.16%, 3/12/45 (b) | 4833 |
| 2775000 | Costa Rica Government International Bond 144A, 7.30%, 11/13/54 (b) | 3110 |
|  |  | 19580 |
|  **Dominican Republic (USD) (3%)** | **Dominican Republic (USD) (3%)** |  |
| 1900000 | Dominican Republic International Bond 144A, 4.50%, 1/30/30 (b) | 1862 |
| 4780000 | Dominican Republic International Bond 144A, 4.88%, 9/23/32 (b) | 4591 |
| 3555000 | Dominican Republic International Bond 144A, 5.88%, 10/28/35 (b) | 3552 |
| 3340000 | Dominican Republic International Bond 144A, 6.00%, 7/19/28 (b) | 3445 |

---

#### 93 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 2780000 | Dominican Republic International Bond 144A, 6.00%, 2/22/33 (b) | $2844 |
| 1580000 | Dominican Republic International Bond 144A, 6.60%, 6/01/36 (b) | 1671 |
| 7445000 | Dominican Republic International Bond 144A, 6.95%, 3/15/37 (b) | 7952 |
|  |  | 25917 |
|  **Ecuador (USD) (3%)** | **Ecuador (USD) (3%)** |  |
| 3042050 | Ecuador Government International Bond 144A, 5.00%, 7/31/40 (b) | 2080 |
| 11771320 | Ecuador Government International Bond 144A, 6.90%, 7/31/30 (b) | 10768 |
| 9257819 | Ecuador Government International Bond 144A, 6.90%, 7/31/35 (b) | 7117 |
| 5160000 | Ecuador Government International Bond 144A, 13.07%, 7/31/30 (b)(d) | 4044 |
|  |  | 24009 |
|  **Egypt (EUR) (1%)** | **Egypt (EUR) (1%)** |  |
| 7740000 | Egypt Government International Bond 144A, 6.38%, 4/11/31 EUR (a)(b) | 8853 |
|  **Egypt (USD) (1%)** | **Egypt (USD) (1%)** |  |
| 3060000 | Egypt Government International Bond 144A, 5.88%, 2/16/31 (b) | 2948 |
| 2865000 | Egypt Government International Bond 144A, 7.63%, 5/29/32 (b) | 2929 |
| 1975000 | Egypt Government International Bond 144A, 7.90%, 2/21/48 (b) | 1720 |
| 4290000 | Egypt Government International Bond 144A, 8.75%, 9/30/51 (b) | 3998 |
|  |  | 11595 |
|  **El Salvador (USD) (1%)** | **El Salvador (USD) (1%)** |  |
| 2720000 | El Salvador Government International Bond 144A, 0.25%, 4/17/30 (b) | 74 |
| 1165000 | El Salvador Government International Bond 144A, 7.63%, 2/01/41 (b) | 1156 |
| 2755000 | El Salvador Government International Bond 144A, 9.25%, 4/17/30 (b) | 3006 |
| 2845000 | El Salvador Government International Bond 144A, 9.50%, 7/15/52 (b) | 3149 |
|  |  | 7385 |
|  **Gabon (USD) (0%)** | **Gabon (USD) (0%)** |  |
| 2688000 | Gabon Government International Bond 144A, 6.63%, 2/06/31 (b) | 2109 |
|  **Ghana (USD) (2%)** | **Ghana (USD) (2%)** |  |
| 352958 | Ghana Government International Bond 144A, 4.72%, 7/03/26 (b)(d) | 343 |
| 625755 | Ghana Government International Bond 144A, 4.96%, 1/03/30 (b)(d) | 544 |
| 111320 | Ghana Government International Bond, 5.00%, 7/03/29 (e) | 109 |
| 4368494 | Ghana Government International Bond 144A, 5.00%, 7/03/29 (b) | 4265 |
| 160080 | Ghana Government International Bond, 5.00%, 7/03/35 (e) | 138 |
| 12917542 | Ghana Government International Bond 144A, 5.00%, 7/03/35 (b) | 11165 |
| 20851 | Ghana Government International Bond, 5.05%, 1/03/30 (d)(e) | 18 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 7360 | Ghana Government International Bond, 5.19%, 7/03/26 (d)(e) | $7 |
|  |  | 16589 |
|  **Guatemala (USD) (1%)** | **Guatemala (USD) (1%)** |  |
| 3535000 | Guatemala Government Bond 144A, 5.38%, 4/24/32 (b) | 3591 |
| 8680000 | Guatemala Government Bond 144A, 6.60%, 6/13/36 (b) | 9374 |
|  |  | 12965 |
|  **Hungary (HUF) (1%)** | **Hungary (HUF) (1%)** |  |
| 4100690000 | Hungary Government Bond Series 35/A, 7.00%, 10/24/35 HUF (a) | 12338 |
|  **Hungary (USD) (3%)** | **Hungary (USD) (3%)** |  |
| 2600000 | Hungary Government International Bond 144A, 2.13%, 9/22/31 (b) | 2248 |
| 4650000 | Hungary Government International Bond 144A, 3.13%, 9/21/51 (b) | 3039 |
| 6135000 | Hungary Government International Bond 144A, 5.25%, 6/16/29 (b) | 6278 |
| 8030000 | Hungary Government International Bond 144A, 5.50%, 6/16/34 (b) | 8209 |
| 2155000 | Hungary Government International Bond 144A, 6.00%, 9/26/35 (b) | 2268 |
| 2170000 | Hungary Government International Bond 144A, 6.25%, 9/22/32 (b) | 2342 |
| 4174000 | Hungary Government International Bond Series 30Y, 7.63%, 3/29/41 | 5033 |
|  |  | 29417 |
|  **India (USD) (1%)** | **India (USD) (1%)** |  |
| 1675000 | Muthoot Finance Ltd. 144A, 7.13%, 2/14/28 (b) | 1715 |
| 1531400 | SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/ UBEPL 144A, 7.80%, 7/31/31 (b) | 1553 |
| 1655000 | Shriram Finance Ltd. 144A, 6.63%, 4/22/27 (b) | 1696 |
|  |  | 4964 |
|  **Indonesia (IDR) (1%)** | **Indonesia (IDR) (1%)** |  |
| 67377000000 | Indonesia Treasury Bond Series 100, 6.63%, 2/15/34 IDR (a) | 4201 |
| 43321000000 | Indonesia Treasury Bond Series 103, 6.75%, 7/15/35 IDR (a) | 2737 |
| 58833000000 | Indonesia Treasury Bond Series FR72, 8.25%, 5/15/36 IDR (a) | 4106 |
|  |  | 11044 |
|  **Indonesia (USD) (1%)** | **Indonesia (USD) (1%)** |  |
| 3030000 | Hutama Karya Persero PT 144A, 3.75%, 5/11/30 (b) | 2946 |
| 8235000 | Indonesia Government International Bond, 4.45%, 4/15/70 | 6871 |
| 4510000 | Perusahaan Penerbit SBSN Indonesia III 144A, 5.65%, 11/25/54 (b) | 4629 |
| 1771754 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (b) | 1820 |
|  |  | 16266 |
|  **Ivory Coast (EUR) (0%)** | **Ivory Coast (EUR) (0%)** |  |
| 579000 | Ivory Coast Government International Bond 144A, 4.88%, 1/30/32 EUR (a)(b) | 646 |
| 1950000 | Ivory Coast Government International Bond 144A, 5.88%, 10/17/31 EUR (a)(b) | 2275 |
|  |  | 2921 |

---

Annual Financial Statements and Other Information **94** 

------

**Payden Emerging Markets Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Ivory Coast (USD) (1%)** | **Ivory Coast (USD) (1%)** |  |
| 3535000 | Ivory Coast Government International Bond 144A, 6.13%, 6/15/33 (b)(c) | $3447 |
| 1713000 | Ivory Coast Government International Bond 144A, 6.38%, 3/03/28 (b) | 1740 |
| 3015000 | Ivory Coast Government International Bond 144A, 8.08%, 4/01/36 (b) | 3187 |
| 1740000 | Ivory Coast Government International Bond 144A, 8.25%, 1/30/37 (b) | 1853 |
|  |  | 10227 |
|  **Jordan (USD) (0%)** | **Jordan (USD) (0%)** |  |
| 1800000 | Jordan Government International Bond 144A, 6.13%, 1/29/26 (b) | 1802 |
| 1320000 | Jordan Government International Bond 144A, 7.75%, 1/15/28 (b) | 1388 |
|  |  | 3190 |
|  **Kazakhstan (USD) (1%)** | **Kazakhstan (USD) (1%)** |  |
| 3340000 | Kazakhstan Government International Bond 144A, 5.00%, 7/01/32 (b) | 3402 |
| 3470000 | Kazakhstan Government International Bond 144A, 5.50%, 7/01/37 (b) | 3556 |
|  |  | 6958 |
|  **Kenya (USD) (1%)** | **Kenya (USD) (1%)** |  |
| 2755000 | Republic of Kenya Government International Bond 144A, 7.88%, 10/09/33 (b) | 2702 |
| 1660000 | Republic of Kenya Government International Bond 144A, 8.80%, 10/09/38 (b) | 1625 |
| 1760000 | Republic of Kenya Government International Bond 144A, 9.75%, 2/16/31 (b) | 1897 |
|  |  | 6224 |
|  **Lebanon (USD) (1%)** | **Lebanon (USD) (1%)** |  |
| 4065000 | Lebanon Government International Bond Series 10Y, 6.00%, 1/22/26 (e)(h) | 935 |
| 4045000 | Lebanon Government International Bond, 6.20%, 2/26/25 (e)(h) | 928 |
| 3365000 | Lebanon Government International Bond, 6.60%, 11/27/26 (e)(h) | 771 |
| 1096000 | Lebanon Government International Bond, 6.65%, 2/26/30 (e)(h) | 252 |
| 2290000 | Lebanon Government International Bond Series 15Y, 6.75%, 11/29/27 (e)(h) | 529 |
| 1210000 | Lebanon Government International Bond, 6.85%, 5/25/29 (e)(h) | 279 |
| 4140000 | Lebanon Government International Bond Series 15YR, 7.00%, 3/23/32 (e)(h) | 962 |
|  |  | 4656 |
|  **Luxembourg (USD) (1%)** | **Luxembourg (USD) (1%)** |  |
| 3835000 | EIG Pearl Holdings Sarl 144A, 4.39%, 11/30/46 (b) | 3218 |
| 1700000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (b) | 1792 |
| 445000 | Minerva Luxembourg SA 144A, 4.38%, 3/18/31 (b)(c) | 411 |
| 980000 | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (b) | 1073 |
| 1690000 | Saavi Energia Sarl 144A, 8.88%, 2/10/35 (b) | 1819 |
| 1830868 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (b) | 1800 |
|  |  | 10113 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Malaysia (USD) (1%)** | **Malaysia (USD) (1%)** |  |
| 1605000 | Petronas Capital Ltd. 144A, 4.55%, 4/21/50 (b) $| 1433 |
| 4930000 | Petronas Capital Ltd. 144A, 5.34%, 4/03/35 (b) | 5150 |
|  |  | 6583 |
|  **Mexico (MXN) (3%)** | **Mexico (MXN) (3%)** |  |
| 26900000 | Grupo Televisa SAB, 7.25%, 5/14/43 MXN (a) | 887 |
| 285120000 | Mexican Bonos Series M, 7.75%, 11/13/42 MXN (a)(c) | 13249 |
| 75790000 | Mexican Bonos Series M, 10.00%, 11/20/36 MXN (a) | 4415 |
| 152685700 | Mexican Udibonos Series S, 2.75%, 11/27/31 MXN (a) | 7504 |
|  |  | 26055 |
|  **Mexico (USD) (5%)** | **Mexico (USD) (5%)** |  |
| 1475000 | Banco Nacional de Comercio Exterior SNC 144A, 5.88%, 5/07/30 (b) | 1534 |
| 2785000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.650%), 5.13%, 1/18/33 (b)(c)(g) | 2757 |
| 3155887 | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (b) | 3212 |
| 1629385 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (b) | 1726 |
| 1490000 | Mexico Government International Bond, 4.88%, 5/19/33 | 1453 |
| 2030000 | Mexico Government International Bond, 5.38%, 3/22/33 | 2035 |
| 2120000 | Mexico Government International Bond, 5.85%, 7/02/32 | 2194 |
| 1320000 | Mexico Government International Bond, 6.00%, 5/07/36 | 1354 |
| 4920000 | Mexico Government International Bond, 6.34%, 5/04/53 | 4898 |
| 1330000 | Mexico Government International Bond, 6.88%, 5/13/37 | 1444 |
| 5015000 | Petroleos Mexicanos, 5.95%, 1/28/31 | 4909 |
| 5425000 | Petroleos Mexicanos, 6.63%, 6/15/35 | 5210 |
| 10486000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 10484 |
| 860000 | Petroleos Mexicanos, 6.95%, 1/28/60 | 709 |
| 8745000 | Petroleos Mexicanos, 7.69%, 1/23/50 | 7938 |
|  |  | 51857 |
|  **Montenegro (USD) (0%)** | **Montenegro (USD) (0%)** |  |
| 1705000 | Montenegro Government International Bond 144A, 7.25%, 3/12/31 (b) | 1843 |
|  **Morocco (EUR) (1%)** | **Morocco (EUR) (1%)** |  |
| 5980000 | Morocco Government International Bond 144A, 4.75%, 4/02/35 EUR (a)(b) | 7143 |
|  **Morocco (USD) (0%)** | **Morocco (USD) (0%)** |  |
| 1640000 | Morocco Government International Bond 144A, 6.50%, 9/08/33 (b) | 1798 |
| 965000 | OCP SA 144A, 6.10%, 4/30/30 (b) | 1011 |
| 1700000 | OCP SA 144A, 6.70%, 3/01/36 (b) | 1834 |
|  |  | 4643 |
|  **Netherlands (USD) (0%)** | **Netherlands (USD) (0%)** |  |
| 955000 | Yinson Bergenia Production BV 144A, 8.50%, 1/31/45 (b) | 1004 |

---

#### 95 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 946752 | Yinson Boronia Production BV 144A, 8.95%, 7/31/42 (b) | $1035 |
|  |  | 2039 |
|  **Nigeria (USD) (2%)** | **Nigeria (USD) (2%)** |  |
| 1945000 | Nigeria Government International Bond 144A, 6.13%, 9/28/28 (b) | 1915 |
| 1890000 | Nigeria Government International Bond 144A, 6.50%, 11/28/27 (b) | 1911 |
| 7830000 | Nigeria Government International Bond 144A, 7.14%, 2/23/30 (b) | 7829 |
| 4575000 | Nigeria Government International Bond 144A, 7.70%, 2/23/38 (b) | 4324 |
| 2190000 | Nigeria Government International Bond 144A, 8.38%, 3/24/29 (b) | 2282 |
| 4045000 | Nigeria Government International Bond 144A, 10.38%, 12/09/34 (b) | 4562 |
|  |  | 22823 |
|  **Oman (USD) (2%)** | **Oman (USD) (2%)** |  |
| 2065000 | Oman Government International Bond 144A, 5.38%, 3/08/27 (b) | 2093 |
| 8280000 | Oman Government International Bond 144A, 5.63%, 1/17/28 (b) | 8511 |
| 2265000 | Oman Government International Bond 144A, 6.25%, 1/25/31 (b) | 2452 |
| 2610000 | Oman Government International Bond 144A, 6.50%, 3/08/47 (b)(c) | 2874 |
| 1870000 | Oman Government International Bond 144A, 7.38%, 10/28/32 (b) | 2180 |
|  |  | 18110 |
|  **Pakistan (USD) (1%)** | **Pakistan (USD) (1%)** |  |
| 5295000 | Pakistan Government International Bond 144A, 7.38%, 4/08/31 (b) | 5243 |
| 2665000 | Pakistan Government International Bond 144A, 8.88%, 4/08/51 (b) | 2547 |
|  |  | 7790 |
|  **Panama (USD) (2%)** | **Panama (USD) (2%)** |  |
| 2480000 | Panama Government International Bond, 4.30%, 4/29/53 | 1899 |
| 2845000 | Panama Government International Bond, 4.50%, 4/16/50 | 2232 |
| 2275000 | Panama Government International Bond, 6.40%, 2/14/35 | 2396 |
| 6180000 | Panama Government International Bond, 7.50%, 3/01/31 | 6857 |
| 5750000 | Panama Government International Bond, 8.00%, 3/01/38 | 6701 |
|  |  | 20085 |
|  **Paraguay (USD) (2%)** | **Paraguay (USD) (2%)** |  |
| 1740000 | Paraguay Government International Bond 144A, 2.74%, 1/29/33 (b)(c) | 1545 |
| 2255000 | Paraguay Government International Bond 144A, 5.60%, 3/13/48 (b) | 2169 |
| 2765000 | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (b) | 2919 |
| 4440000 | Paraguay Government International Bond 144A, 6.00%, 2/09/36 (b) | 4745 |
| 5745000 | Paraguay Government International Bond 144A, 6.10%, 8/11/44 (b) | 5989 |
|  |  | 17367 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Peru (PEN) (4%)** | **Peru (PEN) (4%)** |  |
| 16365000 | Peru Government Bond, 5.40%, 8/12/34 PEN (a) | $4727 |
| 61211000 | Peru Government Bond 144A, 6.85%, 8/12/35 PEN (a)(b)(e) | 19204 |
| 10895000 | Peru Government Bond 144A, 7.30%, 8/12/33 PEN (a)(b)(e) | 3612 |
| 31745000 | Peruvian Government International Bond 144A, 6.90%, 8/12/37 PEN (a)(b) | 9830 |
|  |  | 37373 |
|  **Peru (USD) (3%)** | **Peru (USD) (3%)** |  |
| 450000 | 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 (b)(g) | 444 |
| 3270000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.961%), 5.65%, 1/15/37 (b)(g) | 3292 |
| 2163000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (b) | 2255 |
| 5785000 | Peruvian Government International Bond, 3.60%, 1/15/72 | 3745 |
| 4540000 | Peruvian Government International Bond, 5.88%, 8/08/54 | 4611 |
| 5390000 | Peruvian Government International Bond, 6.20%, 6/30/55 | 5673 |
| 490000 | Pluspetrol Camisea SA/Pluspetrol Lote 56 SA 144A, 6.24%, 7/03/36 (b) | 525 |
| 1635000 | Scotiabank Peru SAA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.309%), 6.10%, 10/01/35 (b)(c)(g) | 1701 |
|  |  | 22246 |
|  **Philippines (USD) (1%)** | **Philippines (USD) (1%)** |  |
| 4565000 | Philippine Government International Bond, 3.70%, 3/01/41 | 3901 |
| 2045000 | Philippine Government International Bond, 5.50%, 1/17/48 | 2102 |
| 4245000 | Philippine Government International Bond, 5.90%, 2/04/50 | 4544 |
|  |  | 10547 |
|  **Poland (USD) (2%)** | **Poland (USD) (2%)** |  |
| 2090000 | Bank Gospodarstwa Krajowego 144A, 5.38%, 5/22/33 (b) | 2186 |
| 5450000 | Bank Gospodarstwa Krajowego 144A, 5.75%, 7/09/34 (b) | 5819 |
| 1930000 | Republic of Poland Government International Bond Series 10Y, 5.38%, 2/12/35 | 2022 |
| 2900000 | Republic of Poland Government International Bond Series 30Y, 5.50%, 4/04/53 | 2868 |
| 4790000 | Republic of Poland Government International Bond Series 30Y, 5.50%, 3/18/54 | 4739 |
|  |  | 17634 |
|  **Qatar (USD) (1%)** | **Qatar (USD) (1%)** |  |
| 1790000 | Qatar Government International Bond 144A, 4.82%, 3/14/49 (b) | 1732 |
| 3050000 | Qatar Government International Bond 144A, 5.10%, 4/23/48 (b) | 3061 |
|  |  | 4793 |
|  **Romania (EUR) (0%)** | **Romania (EUR) (0%)** |  |
| 2726000 | Romanian Government International Bond 144A, 4.63%, 4/03/49 EUR (a)(b) | 2499 |

---

Annual Financial Statements and Other Information **96** 

------

**Payden Emerging Markets Bond Fund** *continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1430000 | Romanian Government International Bond 144A, 5.63%, 2/22/36 EUR (a)(b) | $1626 |
|  |  | 4125 |
|  **Romania (USD) (2%)** | **Romania (USD) (2%)** |  |
| 2700000 | Romanian Government International Bond 144A, 3.00%, 2/27/27 (b) | 2652 |
| 9020000 | Romanian Government International Bond 144A, 5.75%, 3/24/35 (b) | 8844 |
| 2320000 | Romanian Government International Bond 144A, 6.13%, 1/22/44 (b) | 2241 |
| 2550000 | Romanian Government International Bond 144A, 7.50%, 2/10/37 (b) | 2801 |
|  |  | 16538 |
|  **Saudi Arabia (USD) (3%)** | **Saudi Arabia (USD) (3%)** |  |
| 4775000 | Saudi Arabian Oil Co. 144A, 4.25%, 4/16/39 (b)(c) | 4382 |
| 2135000 | Saudi Arabian Oil Co. 144A, 5.75%, 7/17/54 (b) | 2148 |
| 3550000 | Saudi Government International Bond 144A, 3.25%, 11/17/51 (b) | 2452 |
| 7025000 | Saudi Government International Bond 144A, 3.45%, 2/02/61 (b) | 4717 |
| 5655000 | Saudi Government International Bond 144A, 3.75%, 1/21/55 (b) | 4187 |
| 2335000 | Saudi Government International Bond 144A, 5.25%, 1/16/50 (b) | 2282 |
|  |  | 20168 |
|  **Senegal (USD) (0%)** | **Senegal (USD) (0%)** |  |
| 2045000 | Senegal Government International Bond 144A, 6.25%, 5/23/33 (b) | 1472 |
| 1695000 | Senegal Government International Bond 144A, 6.75%, 3/13/48 (b) | 1093 |
|  |  | 2565 |
|  **South Africa (USD) (3%)** | **South Africa (USD) (3%)** |  |
| 905000 | Eskom Holdings 144A, 6.35%, 8/10/28 (b) | 935 |
| 3845000 | Eskom Holdings 144A, 8.45%, 8/10/28 (b) | 4127 |
| 3120000 | Republic of South Africa Government International Bond Series 12Y, 4.30%, 10/12/28 | 3100 |
| 2700000 | Republic of South Africa Government International Bond Series 30Y, 5.65%, 9/27/47 | 2290 |
| 4780000 | Republic of South Africa Government International Bond Series 30Y, 5.75%, 9/30/49 | 4053 |
| 4450000 | Republic of South Africa Government International Bond Series 12Y, 5.88%, 6/22/30 | 4611 |
| 1905000 | Republic of South Africa Government International Bond 144A, 7.10%, 11/19/36 (b) | 2051 |
| 3690000 | Republic of South Africa Government International Bond Series 30Y, 7.30%, 4/20/52 | 3723 |
|  |  | 24890 |
|  **South Africa (ZAR) (1%)** | **South Africa (ZAR) (1%)** |  |
| 116158000 | Republic of South Africa Government Bond Series R214, 6.50%, 2/28/41 ZAR (a) | 4977 |
| 126790000 | Republic of South Africa Government Bond Series 2040, 9.00%, 1/31/40 ZAR (a) | 6880 |
|  |  | 11857 |
|  **Spain (USD) (0%)** | **Spain (USD) (0%)** |  |
| 1205745 | AI Candelaria - spain- SA 144A, 7.50%, 12/15/28 (b) | 1220 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Sri Lanka (USD) (2%)** | **Sri Lanka (USD) (2%)** |  |
| 5550840 | Sri Lanka Government International Bond 144A, 3.10%, 1/15/30 (b) | $5245 |
| 4915164 | Sri Lanka Government International Bond 144A, 3.35%, 3/15/33 (b) | 4296 |
| 2303369 | Sri Lanka Government International Bond 144A, 3.60%, 5/15/36 (b) | 2110 |
| 4358677 | Sri Lanka Government International Bond 144A, 3.60%, 2/15/38 (b) | 4037 |
| 2356106 | Sri Lanka Government International Bond 144A, 4.00%, 4/15/28 (b) | 2268 |
|  |  | 17956 |
|  **Supranational (INR) (0%)** | **Supranational (INR) (0%)** |  |
| 66000000 | European Bank for Reconstruction & Development, 6.75%, 3/14/31 INR (a) | 745 |
|  **Supranational (USD) (0%)** | **Supranational (USD) (0%)** |  |
| 485000 | Promigas SA ESP/Gases del Pacifico SAC 144A, 3.75%, 10/16/29 (b) | 452 |
|  **Turkey (TRY) (1%)** | **Turkey (TRY) (1%)** |  |
| 193565000 | Turkiye Government Bond Series 5Y, 17.30%, 7/19/28 TRY (a) | 3277 |
| 87970000 | Turkiye Government Bond Series 2Y, 36.00%, 8/12/26 TRY (a) | 2067 |
|  |  | 5344 |
|  **Turkey (USD) (3%)** | **Turkey (USD) (3%)** |  |
| 4230000 | Hazine Mustesarligi Varlik Kiralama AS 144A, 8.51%, 1/14/29 (b) | 4651 |
| 1655000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (b) | 1703 |
| 2095000 | Turkiye Government International Bond Series 11Y, 4.25%, 4/14/26 | 2101 |
| 5305000 | Turkiye Government International Bond Series 10Y, 5.88%, 6/26/31 | 5269 |
| 1070000 | Turkiye Government International Bond Series 30Y, 6.00%, 1/14/41 | 955 |
| 3375000 | Turkiye Government International Bond Series 7Y, 7.13%, 2/12/32 | 3518 |
| 5050000 | Turkiye Government International Bond, 7.25%, 5/29/32 | 5296 |
| 2755000 | Turkiye Government International Bond, 9.13%, 7/13/30 | 3138 |
| 1705000 | Yapi ve Kredi Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.499%), 9.74% (b)(f)(g) | 1794 |
|  |  | 28425 |
|  **Ukraine (USD) (1%)** | **Ukraine (USD) (1%)** |  |
| 2695000 | Ukraine Government International Bond 144A, 1.03%, 8/01/41 (b)(d) | 2294 |
| 109127 | Ukraine Government International Bond 144A, 4.50%, 2/01/29 (b) | 75 |
| 288922 | Ukraine Government International Bond, 4.50%, 2/01/29 (e) | 200 |
| 3947407 | Ukraine Government International Bond 144A, 4.50%, 2/01/34 (b) | 2225 |
| 505614 | Ukraine Government International Bond, 4.50%, 2/01/34 (e) | 285 |
| 3561258 | Ukraine Government International Bond 144A, 4.50%, 2/01/35 (b) | 1986 |
| 577845 | Ukraine Government International Bond, 4.50%, 2/01/35 (e) | 322 |

---

#### 97 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 2892488 | Ukraine Government International Bond 144A, 4.50%, 2/01/36 (b) | $1595 |
| 72231 | Ukraine Government International Bond, 4.50%, 2/01/36 (e) | 40 |
| 759110 | Ukraine Government International Bond 144A, 16.60%, 2/01/34 (b)(d) | 318 |
| 593240 | Ukraine Government International Bond 144A, 18.44%, 2/01/30 (b)(d) | 314 |
| 78912 | Ukraine Government International Bond, 18.44%, 2/01/30 (d)(e) | 42 |
|  |  | 9696 |
|  **United Arab Emirates (USD) (2%)** | **United Arab Emirates (USD) (2%)** |  |
| 9318000 | Abu Dhabi Crude Oil Pipeline LLC 144A, 4.60%, 11/02/47 (b) | 8797 |
| 2415000 | Abu Dhabi Developmental Holding Co. PJSC 144A, 5.25%, 10/02/54 (b) | 2421 |
| 1979835 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (b) | 2035 |
| 1580000 | MDGH GMTN RSC Ltd. 144A, 5.08%, 5/22/53 (b) | 1529 |
| 2000000 | UAE International Government Bond 144A, 4.95%, 7/07/52 (b) | 1985 |
|  |  | 16767 |
|  **United States (EGP) (1%)** | **United States (EGP) (1%)** |  |
| 245842600 | Citigroup Global Markets Holdings Inc. EMNT 144A, 25.50%, 3/05/26 EGP (a)(b)(d) | 4795 |
| 136500000 | Citigroup Global Markets Holdings Inc. 144A, 26.80%, 3/05/26 EGP (a)(b)(d) | 2663 |
| 250590089 | Citigroup Global Markets Holdings Inc. 144A, 26.80%, 3/05/26 EGP (a)(b)(d) | 4888 |
|  |  | 12346 |
|  **United States (NGN) (2%)** | **United States (NGN) (2%)** |  |
| 6770000000 | Citigroup Global Markets Holdings Inc. EMNT 144A, 22.05%, 2/19/26 NGN (a)(b)(d) | 4470 |
| 14567700000 | Citigroup Global Markets Holdings Inc. 144A, 24.64%, 1/08/26 NGN (a)(b)(d) | 9812 |
|  |  | 14282 |
|  **Uruguay (USD) (0%)** | **Uruguay (USD) (0%)** |  |
| 2210000 | Uruguay Government International Bond, 5.44%, 2/14/37 | 2319 |
|  **Uzbekistan (USD) (2%)** | **Uzbekistan (USD) (2%)** |  |
| 3555000 | Navoi Mining & Metallurgical Combinat 144A, 6.75%, 5/14/30 (b) | 3752 |
| 2975000 | Navoiyuran State Enterprise 144A, 6.70%, 7/02/30 (b) | 3012 |
| 3950000 | Republic of Uzbekistan International Bond 144A, 3.70%, 11/25/30 (b) | 3695 |
| 4080000 | Republic of Uzbekistan International Bond 144A, 5.38%, 2/20/29 (b) | 4121 |
| 3200000 | Republic of Uzbekistan International Bond 144A, 7.85%, 10/12/28 (b) | 3450 |
|  |  | 18030 |
|  **Venezuela (USD) (1%)** | **Venezuela (USD) (1%)** |  |
| 3630000 | Petroleos de Venezuela SA, 5.38%, 4/12/27 (e) (h) | 811 |
| 3220000 | Petroleos de Venezuela SA, 6.00%, 11/15/26 (e) (h) | 720 |
| 1122500 | Petroleos de Venezuela SA, 8.50%, 10/27/26 (e) (h) | 1122 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 2890000 | Petroleos de Venezuela SA, 9.00%, 11/17/26 (e) (h) | $656 |
| 1640000 | Petroleos de Venezuela SA, 12.75%, 2/17/26 (e) (h) | 436 |
| 1420000 | Venezuela Government International Bond, 7.00%, 3/31/38 (e)(h) | 393 |
| 4560000 | Venezuela Government International Bond, 7.65%, 10/31/25 (e)(h) | 1181 |
| 12420000 | Venezuela Government International Bond, 7.75%, 10/13/26 (e)(h) | 2970 |
| 3375000 | Venezuela Government International Bond, 8.25%, 10/13/26 (e)(h) | 874 |
| 4870000 | Venezuela Government International Bond, 9.25%, 9/15/27 (h) | 1504 |
|  |  | 10667 |
|  **Virgin Islands (British) (USD) (0%)** | **Virgin Islands (British) (USD) (0%)** |  |
| 3125000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (b) | 3065 |
|  **Zambia (USD) (1%)** | **Zambia (USD) (1%)** |  |
| 2326963 | Zambia Government International Bond 144A, 0.50%, 12/31/53 (b) | 1634 |
| 4838720 | Zambia Government International Bond 144A, 5.75%, 6/30/33 (b) | 4661 |
|  |  | 6295 |
|  **Total Bond** (Cost - $870,248) | **Total Bond** (Cost - $870,248) | 910334 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 25621678 | Payden Cash Reserves Money Market Fund \* <br> **(Cost - $25,622)** | 25622 |
|  **Total Investments (Cost - $895,870) (99%)** | **Total Investments (Cost - $895,870) (99%)** | 935956 |
|  **Other Assets, net of Liabilities (1%)** | **Other Assets, net of Liabilities (1%)** | 9081 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $945037 |

---

Annual Financial Statements and Other Information **98** 

------

**Payden Emerging Markets Bond Fund** *continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $8,595 and the total market value of the collateral held by the Fund is $13,054. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Assets:** |  |  |  |  |
|  CLP 4,114,200 | USD 4,310 | BNP PARIBAS | 01/15/2026 | $55 |
|  IDR 142,806,000 | USD 8,580 | BNP PARIBAS | 01/14/2026 |  |
|  KZT 2,436,300 | USD 4,426 | HSBC Bank USA, N.A. | 12/08/2025 | 110 |
|  PEN 17,071 | USD 4,937 | BNP PARIBAS | 11/20/2025 | 131 |
|  TRY 140,072 | USD 3,050 | Barclays Bank PLC | 01/15/2026 | 79 |
|  USD 20,438 | PHP 1,198,070 | Barclays Bank PLC | 11/18/2025 | 88 |
|  USD 4,537 | PLN 16,407 | BNP PARIBAS | 11/19/2025 | 95 |
|  USD 3,914 | HUF 1,305,500 | BNP PARIBAS | 01/22/2026 | 54 |
|  USD 14,143 | CHF 11,204 | BNP PARIBAS | 01/30/2026 | 73 |
|  USD 26,998 | MXN 498,730 | HSBC Bank USA, N.A. | 11/24/2025 | 221 |
|  USD 8,873 | GBP 6,624 | HSBC Bank USA, N.A. | 12/04/2025 | 170 |
|  USD 14,290 | EUR 12,093 | HSBC Bank USA, N.A. | 03/18/2026 | 249 |
|  USD 4,880 | EUR 4,176 | Morgan Stanley | 03/18/2026 | 31 |
|  USD 16,503 | EUR 13,904 | Morgan Stanley | 03/18/2026 | 359 |
|  ZAR 146,050 | USD 8,366 | HSBC Bank USA, N.A. | 11/19/2025 | 47 |
|  |  |  |  | 1762 |
|  **Liabilities:** |  |  |  |  |
|  BRL 26,102 | USD 4,832 | HSBC Bank USA, N.A. | 11/19/2025 | (4) |
|  CZK 235,740 | USD 11,414 | BNP PARIBAS | 12/11/2025 | (236) |
|  EUR 5,907 | USD 6,981 | Morgan Stanley | 03/18/2026 | (122) |
|  GBP 6,624 | USD 8,963 | HSBC Bank USA, N.A. | 12/04/2025 | (261) |
|  HUF 3,874,400 | USD 11,521 | BNP PARIBAS | 01/22/2026 | (66) |
|  USD 27,952 | PEN 97,379 | BNP PARIBAS | 11/20/2025 | (955) |
|  USD 4,331 | KZT 2,436,300 | BNP PARIBAS | 12/08/2025 | (204) |
|  USD 4,287 | CLP 4,114,200 | BNP PARIBAS | 01/15/2026 | (79) |
|  USD 756 | INR 67,640 | BNP PARIBAS | 02/12/2026 | (2) |
|  USD 23,344 | COP 91,247,000 | HSBC Bank USA, N.A. | 11/18/2025 | (265) |
|  USD 14,003 | BRL 77,493 | HSBC Bank USA, N.A. | 11/19/2025 | (331) |
|  USD 12,036 | ZAR 214,080 | HSBC Bank USA, N.A. | 11/19/2025 | (296) |
|  USD 18,458 | CNH 131,580 | HSBC Bank USA, N.A. | 11/20/2025 | (39) |
|  USD 4,512 | PEN 15,541 | HSBC Bank USA, N.A. | 11/20/2025 | (101) |
|  ZAR 55,990 | USD 3,247 | BNP PARIBAS | 11/19/2025 | (21) |
|  |  |  |  | (2982) |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  | $(1220) |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. Treasury 5-Year Note Future | 142 | Dec-25 | $15508 | $17 | $17 |

---

#### 99 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  U.S. Ultra Bond Future | 146 | Dec-25 | $17707 | $520 | $520 |
|  |  |  |  |  | 537 |
|  **Short Contracts:** |  |  |  |  |  |
|  U.S. 10-Year Ultra Future | 144 | Dec-25 | (16630) | (101) | (101) |
|  **Total Futures** |  |  |  |  | $436 |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
|  8-Year Interest Rate Swap, Pay Fixed 1.341% Annually, Receive Variable 1.929% (ESTRON) Annually | 10/17/2030 | EUR | 2250 | $94 | $– $| 94 |
|  8-Year SOFR Swap, Receive Fixed 2.776% Annually, Pay Variable 4.222% (SOFRRATE) Annually | 10/17/2030 | USD | 2534 | (74) | – | (74) |
|  9-Year Interest Rate Swap, Pay Fixed 2.079% Annually, Receive Variable 2.413% (ESTRON) Annually | 10/30/2031 | EUR | 5215 | 55 | – | 55 |
|  9-Year SOFR Swap, Receive Fixed 2.921% Annually, Pay Variable 4.461% (SOFRRATE) Annually | 10/30/2031 | USD | 5530 | (246) | – | (246) |
|  |  |  |  | $(171) | $– $| (171) |

---

#### 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 Liabilities<sup>1</sup> | $8595 |
|  Non-cash Collateral<sup>2</sup> | (8595) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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 Financial Statements and Other Information **100** 

------

#### Payden Emerging Markets Local Bond Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** *- October 31, 2025* 

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Bond (98%)** | **Bond (98%)** | **Bond (98%)** |
|  **Brazil (BRL) (11%)** | **Brazil (BRL) (11%)** | **Brazil (BRL) (11%)** |
| 866710 | Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/50 BRL (a) | $140 |
| 8000000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/27 BRL (a) | 1434 |
| 28800000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/29 BRL (a) | 4958 |
| 24900000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/31 BRL (a) | 4077 |
|  |  | 10609 |
|  **Chile (CLP) (2%)** | **Chile (CLP) (2%)** | **Chile (CLP) (2%)** |
| 1245000000 | Bonos de la Tesoreria de la Republica en pesos 144A, 5.80%, 10/01/29 CLP (a)(b)(c) | 1346 |
| 355000000 | Bonos de la Tesoreria de la Republica en pesos 144A, 6.00%, 4/01/33 CLP (a)(b)(c) | 387 |
|  |  | 1733 |
|  **China (CNY) (7%)** | **China (CNY) (7%)** | **China (CNY) (7%)** |
| 5500000 | China Government Bond Series 2216, 2.50%, 7/25/27 CNY (a) | 786 |
| 10300000 | China Government Bond, 2.52%, 8/25/33 CNY (a) | 1532 |
| 9500000 | China Government Bond, 2.75%, 6/15/29 CNY (a) | 1396 |
| 14450000 | China Government Bond, 2.76%, 5/15/32 CNY (a) | 2172 |
| 2080000 | China Government Bond, 3.19%, 4/15/53 CNY (a) | 355 |
| 4790000 | China Government Bond Series 1906, 3.29%, 5/23/29 CNY (a) | 720 |
|  |  | 6961 |
|  **Colombia (COP) (4%)** | **Colombia (COP) (4%)** | **Colombia (COP) (4%)** |
| 3202100000 | Colombian TES Series B, 7.00%, 3/26/31 COP (a) | 690 |
| 6237900000 | Colombian TES Series B, 11.00%, 8/22/29 COP (a) | 1618 |
| 6437700000 | Colombian TES Series B, 11.75%, 1/24/35 COP (a) | 1655 |
| 1436000000 | Empresas Publicas de Medellin ESP 144A, 8.38%, 11/08/27 COP (a)(b) | 348 |
|  |  | 4311 |
|  **Czech Republic (CZK) (3%)** | **Czech Republic (CZK) (3%)** | **Czech Republic (CZK) (3%)** |
| 27080000 | Czech Republic Government Bond Series 125, 1.50%, 4/24/40 CZK (a) | 852 |
| 8860000 | Czech Republic Government Bond Series 103, 2.00%, 10/13/33 CZK (a) | 353 |
| 21010000 | Czech Republic Government Bond Series 145, 3.50%, 5/30/35 CZK (a) | 922 |
| 11700000 | Czech Republic Government Bond Series 151, 4.90%, 4/14/34 CZK (a) | 573 |
|  |  | 2700 |
|  **Dominican Republic (DOP) (0%)** | **Dominican Republic (DOP) (0%)** | **Dominican Republic (DOP) (0%)** |
| 11950000 | Dominican Republic International Bond 144A, 13.63%, 2/03/33 DOP (a)(b) | 225 |
|  **Dominican Republic (USD) (0%)** | **Dominican Republic (USD) (0%)** | **Dominican Republic (USD) (0%)** |
| 390000 | Dominican Republic International Bond 144A, 5.88%, 10/28/35 (b) | 390 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Ghana (USD) (1%)** | **Ghana (USD) (1%)** | **Ghana (USD) (1%)** |
| 570000 | Ghana Government International Bond 144A, 5.00%, 7/03/35 (b) | $493 |
|  **Hungary (HUF) (2%)** | **Hungary (HUF) (2%)** | **Hungary (HUF) (2%)** |
| 29580000 | Hungary Government Bond Series 41/A, 3.00%, 4/25/41 HUF (a) | 55 |
| 704850000 | Hungary Government Bond Series 35/A, 7.00%, 10/24/35 HUF (a) | 2120 |
|  |  | 2175 |
|  **Indonesia (IDR) (8%)** | **Indonesia (IDR) (8%)** | **Indonesia (IDR) (8%)** |
| 13884000000 | Indonesia Treasury Bond Series FR87, 6.50%, 2/15/31 IDR (a) | 867 |
| 14527000000 | Indonesia Treasury Bond Series 100, 6.63%, 2/15/34 IDR (a) | 906 |
| 3733000000 | Indonesia Treasury Bond Series 103, 6.75%, 7/15/35 IDR (a) | 236 |
| 34666000000 | Indonesia Treasury Bond Series FR96, 7.00%, 2/15/33 IDR (a) | 2199 |
| 15966000000 | Indonesia Treasury Bond Series 106, 7.13%, 8/15/40 IDR (a) | 1030 |
| 13305000000 | Indonesia Treasury Bond Series FR97, 7.13%, 6/15/43 IDR (a) | 856 |
| 10100000000 | Indonesia Treasury Bond Series FR72, 8.25%, 5/15/36 IDR (a) | 705 |
| 8511000000 | Indonesia Treasury Bond Series FR68, 8.38%, 3/15/34 IDR (a) | 588 |
| 8491000000 | Indonesia Treasury Bond Series FR79, 8.38%, 4/15/39 IDR (a) | 598 |
|  |  | 7985 |
|  **Malaysia (MYR) (6%)** | **Malaysia (MYR) (6%)** | **Malaysia (MYR) (6%)** |
| 9640000 | Malaysia Government Bond Series 0222, 4.70%, 10/15/42 MYR (a) | 2540 |
| 9420000 | Malaysia Government Bond Series 0317, 4.76%, 4/07/37 MYR (a) | 2476 |
| 3200000 | Malaysia Government Bond Series 0418, 4.89%, 6/08/38 MYR (a) | 851 |
|  |  | 5867 |
|  **Mexico (MXN) (10%)** | **Mexico (MXN) (10%)** | **Mexico (MXN) (10%)** |
| 4730000 | America Movil SAB de CV, 9.50%, 1/27/31 MXN (a) | 263 |
| 8110000 | America Movil SAB de CV, 10.13%, 1/22/29 MXN (a) | 457 |
| 5300000 | America Movil SAB de CV, 10.30%, 1/30/34 MXN (a) | 305 |
| 7270000 | Grupo Televisa SAB, 7.25%, 5/14/43 MXN (a) | 240 |
| 38490000 | Mexican Bonos Series M, 7.50%, 5/26/33 MXN (a) | 1957 |
| 64930000 | Mexican Bonos Series M, 7.75%, 11/13/42 MXN (a) | 3017 |
| 19890000 | Mexican Bonos Series M, 8.00%, 11/07/47 MXN (a) | 934 |
| 24700000 | Mexican Bonos Series M, 8.50%, 11/18/38 MXN (a) | 1270 |
| 8410000 | Mexican Bonos Series M, 10.00%, 11/20/36 MXN (a) | 490 |
| 19460783 | Mexican Udibonos Series S, 2.75%, 11/27/31 MXN (a) | 957 |
|  |  | 9890 |

---

#### 101 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Morocco (EUR) (0%)** | **Morocco (EUR) (0%)** | **Morocco (EUR) (0%)** |
| 235000 | Morocco Government International Bond 144A, 4.75%, 4/02/35 EUR (a)(b) | $281 |
|  **Panama (USD) (0%)** | **Panama (USD) (0%)** | **Panama (USD) (0%)** |
| 200000 | Banco Latinoamericano de Comercio Exterior SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.736%), 7.50% (b)(d)(e) | 204 |
|  **Peru (PEN) (7%)** | **Peru (PEN) (7%)** | **Peru (PEN) (7%)** |
| 2011000 | Alicorp SAA 144A, 7.40%, 6/16/32 PEN (a)(b) | 606 |
| 1810000 | Banco de Credito del Peru S.A. 144A, 7.85%, 1/11/29 PEN (a)(b) | 569 |
| 1770000 | Credicorp Capital Sociedad Titulizadora SA 144A, 9.70%, 3/05/45 PEN (a)(b) | 564 |
| 1700000 | Luz del Sur SAA 144A, 6.75%, 10/09/32 PEN (a)(b) | 508 |
| 2285000 | Peru Government Bond, 5.40%, 8/12/34 PEN (a) | 660 |
| 6795000 | Peru Government Bond 144A, 6.85%, 8/12/35 PEN (a)(b)(c) | 2132 |
| 3995000 | Peru Government Bond 144A, 7.30%, 8/12/33 PEN (a)(b)(c) | 1324 |
| 3885000 | Peruvian Government International Bond 144A, 6.90%, 8/12/37 PEN (a)(b) | 1203 |
|  |  | 7566 |
|  **Philippines (PHP) (0%)** | **Philippines (PHP) (0%)** | **Philippines (PHP) (0%)** |
| 17000000 | Philippine Government International Bond, 6.25%, 1/14/36 PHP (a) | 284 |
|  **Poland (PLN) (4%)** | **Poland (PLN) (4%)** | **Poland (PLN) (4%)** |
| 6705000 | Republic of Poland Government Bond Series 1034, 5.00%, 10/25/34 PLN (a) | 1788 |
| 9165000 | Republic of Poland Government Bond Series 1035, 5.00%, 10/25/35 PLN (a) | 2426 |
|  |  | 4214 |
|  **Romania (RON) (3%)** | **Romania (RON) (3%)** | **Romania (RON) (3%)** |
| 4130000 | Romania Government Bond Series 15Y, 3.65%, 9/24/31 RON (a) | 792 |
| 2235000 | Romania Government Bond Series 5Y, 4.25%, 4/28/36 RON (a) | 408 |
| 2530000 | Romania Government Bond Series 15Y, 4.75%, 10/11/34 RON (a) | 493 |
| 4530000 | Romania Government Bond Series 15YR, 5.80%, 7/26/27 RON (a) | 1014 |
| 1310000 | Romania Government Bond Series 2Y, 6.30%, 1/28/26 RON (a) | 297 |
|  |  | 3004 |
|  **South Africa (ZAR) (7%)** | **South Africa (ZAR) (7%)** | **South Africa (ZAR) (7%)** |
| 40824000 | Republic of South Africa Government Bond Series R214, 6.50%, 2/28/41 ZAR (a) | 1749 |
| 21750000 | Republic of South Africa Government Bond Series 2037, 8.50%, 1/31/37 ZAR (a) | 1184 |
| 13000000 | Republic of South Africa Government Bond Series 2048, 8.75%, 2/28/48 ZAR (a) | 669 |
| 63220000 | Republic of South Africa Government Bond Series 2040, 9.00%, 1/31/40 ZAR (a) | 3430 |
|  |  | 7032 |
|  **South Korea (MXN) (0%)** | **South Korea (MXN) (0%)** | **South Korea (MXN) (0%)** |
| 5000000 | Export-Import Bank of Korea Series 19, 7.93%, 7/30/26 MXN (a) | 269 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Supranational (COP) (1%)** | **Supranational (COP) (1%)** | **Supranational (COP) (1%)** |
| 2000000000 | Corp. Andina de Fomento, 6.77%, 5/24/28 COP (a)(c) | $474 |
|  **Supranational (INR) (8%)** | **Supranational (INR) (8%)** | **Supranational (INR) (8%)** |
| 87000000 | Corp. Andina de Fomento, 8.25%, 4/26/34 INR (a) | 1027 |
| 104800000 | European Bank for Reconstruction & Development, 6.50%, 10/03/36 INR (a) | 1166 |
| 122000000 | European Bank for Reconstruction & Development, 6.75%, 3/14/31 INR (a) | 1377 |
| 76000000 | European Investment Bank, 7.40%, 10/23/33 INR (a)(c) | 894 |
| 140000000 | Inter-American Development Bank, 7.00%, 4/17/33 INR (a) | 1606 |
| 93000000 | Inter-American Development Bank, 7.00%, 8/08/33 INR (a) | 1063 |
| 47000000 | Inter-American Development Bank, 7.35%, 10/06/30 INR (a) | 545 |
| 31500000 | International Bank for Reconstruction & Development, 6.85%, 4/24/28 INR (a) | 358 |
|  |  | 8036 |
|  **Supranational (MXN) (0%)** | **Supranational (MXN) (0%)** | **Supranational (MXN) (0%)** |
| 7500000 | Corp. Andina de Fomento, 6.82%, 2/22/31 MXN (a)(c) | 367 |
|  **Thailand (THB) (5%)** | **Thailand (THB) (5%)** | **Thailand (THB) (5%)** |
| 18820000 | Thailand Government Bond, 1.59%, 12/17/35 THB (a) | 574 |
| 9690000 | Thailand Government Bond, 2.00%, 12/17/31 THB (a) | 308 |
| 47485000 | Thailand Government Bond, 2.00%, 6/17/42 THB (a) | 1422 |
| 21500000 | Thailand Government Bond, 3.30%, 6/17/38 THB (a) | 766 |
| 43985000 | Thailand Government Bond, 3.45%, 6/17/43 THB (a) | 1594 |
|  |  | 4664 |
|  **Turkey (TRY) (2%)** | **Turkey (TRY) (2%)** | **Turkey (TRY) (2%)** |
| 53725000 | Turkiye Government Bond Series 5Y, 17.30%, 7/19/28 TRY (a) | 910 |
| 49980000 | Turkiye Government Bond Series 2Y, 36.00%, 8/12/26 TRY (a) | 1174 |
|  |  | 2084 |
|  **United Kingdom (IDR) (1%)** | **United Kingdom (IDR) (1%)** | **United Kingdom (IDR) (1%)** |
| 8600000000 | Standard Chartered Bank 144A, 6.50%, 2/20/31 IDR (a)(b) | 537 |
|  **United States (EGP) (2%)** | **United States (EGP) (2%)** | **United States (EGP) (2%)** |
| 28000000 | Citigroup Global Markets Holdings Inc. EMNT 144A, 25.50%, 3/05/26 EGP (a)(b)(f) | 546 |
| 20400000 | Citigroup Global Markets Holdings Inc. 144A, 26.80%, 3/05/26 EGP (a)(b)(f) | 398 |
| 34976000 | Citigroup Global Markets Holdings Inc. 144A, 26.80%, 3/05/26 EGP (a)(b)(f) | 682 |
| 35500000 | Citigroup Global Markets Holdings Inc. 144A, 27.53%, 3/05/26 EGP (a)(b)(f) | 693 |
|  |  | 2319 |
|  **United States (IDR) (1%)** | **United States (IDR) (1%)** | **United States (IDR) (1%)** |
| 6394000000 | JPMorgan Chase Bank N.A. 144A, 9.50%, 7/17/31 IDR (a)(b) | 458 |

---

Annual Financial Statements and Other Information **102** 

------

**Payden Emerging Markets Local Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **United States (NGN) (2%)** | **United States (NGN) (2%)** | **United States (NGN) (2%)** |
| 650000000 | Citigroup Global Markets Holdings Inc. EMNT 144A, 22.05%, 2/19/26 NGN (a)(b)(f) | $429 |
| 1709400000 | Citigroup Global Markets Holdings Inc. 144A, 24.64%, 1/08/26 NGN (a)(b)(f) | 1151 |
|  |  | 1580 |
|  **Uruguay (UYU) (1%)** | **Uruguay (UYU) (1%)** | **Uruguay (UYU) (1%)** |
| 11153100 | Uruguay Government International Bond, 3.40%, 5/16/45 UYU (a) | 287 |
| 4824544 | Uruguay Government International Bond, 3.88%, 7/02/40 UYU (a) | 130 |
| 10470000 | Uruguay Government International Bond, 8.25%, 5/21/31 UYU (a) | 269 |
|  |  | 686 |
|  **Total Bond** (Cost - $95,026) | **Total Bond** (Cost - $95,026) | 97398 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Investment Company (0%)** | **Investment Company (0%)** | **Investment Company (0%)** |
| 270003 | Payden Cash Reserves Money Market Fund \*<br>(Cost - $270) | $270 |
|  **Total Investments (Cost - $95,296) (98%)** | **Total Investments (Cost - $95,296) (98%)** | 97668 |
|  **Other Assets, net of Liabilities (2%)** | **Other Assets, net of Liabilities (2%)** | 2309 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $99977 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Yield to maturity at time of purchase.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br> Sold<br> (000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Assets:** |  |  |  |  |
|  BRL 5,452 | USD 1,006 | HSBC Bank USA, N.A. | 11/19/2025 | $2 |
|  CLP 46,600 | USD 49 | HSBC Bank USA, N.A. | 01/15/2026 | 1 |
|  CNH 1,393 | USD 195 | HSBC Bank USA, N.A. | 11/20/2025 |  |
|  IDR 59,612,000 | USD 3,582 | BNP PARIBAS | 01/14/2026 |  |
|  INR 156,120 | USD 1,745 | BNP PARIBAS | 02/12/2026 | 4 |
|  KZT 267,000 | USD 485 | HSBC Bank USA, N.A. | 12/08/2025 | 12 |
|  MYR 17,040 | USD 4,043 | Barclays Bank PLC | 01/14/2026 | 36 |
|  PEN 895 | USD 257 | BNP PARIBAS | 11/20/2025 | 8 |
|  TRY 4,998 | USD 109 | Barclays Bank PLC | 01/15/2026 | 3 |
|  USD 2,651 | PHP 154,720 | Barclays Bank PLC | 11/18/2025 | 23 |
|  USD 581 | PLN 2,102 | BNP PARIBAS | 11/19/2025 | 12 |
|  USD 513 | CZK 10,620 | BNP PARIBAS | 12/11/2025 | 9 |
|  USD 2,069 | CHF 1,639 | BNP PARIBAS | 01/30/2026 | 11 |
|  USD 1,081 | CNH 7,685 | HSBC Bank USA, N.A. | 11/20/2025 |  |
|  USD 1,769 | MXN 32,810 | HSBC Bank USA, N.A. | 11/24/2025 | 8 |
|  USD 982 | GBP 733 | HSBC Bank USA, N.A. | 12/04/2025 | 19 |
|  USD 1,657 | EUR 1,401 | HSBC Bank USA, N.A. | 03/18/2026 | 30 |
|  USD 413 | EUR 353 | Morgan Stanley | 03/18/2026 | 3 |
|  ZAR 40,260 | USD 2,313 | HSBC Bank USA, N.A. | 11/19/2025 | 6 |
|  |  |  |  | 187 |
|  **Liabilities:** |  |  |  |  |
|  CZK 81,270 | USD 3,919 | BNP PARIBAS | 12/11/2025 | (65) |
|  EUR 623 | USD 739 | Morgan Stanley | 03/18/2026 | (16) |
|  GBP 733 | USD 992 | HSBC Bank USA, N.A. | 12/04/2025 | (29) |
|  HUF 772,350 | USD 2,306 | BNP PARIBAS | 01/22/2026 | (22) |
|  MXN 16,090 | USD 872 | HSBC Bank USA, N.A. | 11/24/2025 | (8) |
|  MXN 1,120 | USD 61 | HSBC Bank USA, N.A. | 11/24/2025 | (1) |
|  PLN 14,298 | USD 3,899 | BNP PARIBAS | 11/19/2025 | (28) |
|  RON 873 | USD 200 | Barclays Bank PLC | 01/12/2026 | (3) |
|  THB 102,250 | USD 3,240 | Barclays Bank PLC | 12/15/2025 | (66) |
|  USD 4,212 | PEN 14,618 | BNP PARIBAS | 11/20/2025 | (128) |
|  USD 464 | KZT 260,800 | BNP PARIBAS | 12/08/2025 | (22) |
|  USD 201 | CLP 193,032 | BNP PARIBAS | 01/15/2026 | (4) |

---

#### 103 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br> Sold<br> (000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  USD 5,124 | COP 20,023,000 | HSBC Bank USA, N.A. | 11/18/2025 | $(56) |
|  USD 640 | BRL 3,542 | HSBC Bank USA, N.A. | 11/19/2025 | (15) |
|  USD 932 | ZAR 16,540 | HSBC Bank USA, N.A. | 11/19/2025 | (21) |
|  USD 525 | PEN 1,808 | HSBC Bank USA, N.A. | 11/20/2025 | (12) |
|  ZAR 12,150 | USD 703 | BNP PARIBAS | 11/19/2025 | (3) |
|  |  |  |  | (499) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  | $(312) |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
|  5-Year Interest Rate Swap, Receive Fixed 1.430% Quarterly,<br>Pay Variable 1.650% (CNRR007) Quarterly | 04/28/2030 | CNY 11,450 | $(8) | $– $| (8) |
|  5-Year Interest Rate Swap, Receive Fixed 1.480% Quarterly,<br>Pay Variable 1.492% (CNRR007) Quarterly | 01/17/2030 | CNY 8,650 | (3) | – | (3) |
|  5-Year Interest Rate Swap, Receive Fixed 1.801% Quarterly,<br>Pay Variable 1.507% (CNRR007) Quarterly | 08/09/2029 | CNY 2,230 | 3 | – | 3 |
|  5-Year Interest Rate Swap, Receive Fixed 2.488% Quarterly,<br>Pay Variable 1.650% (CNRR007) Quarterly | 04/25/2027 | CNY 3,740 | 8 | – | 8 |
|  5-Year Interest Rate Swap, Receive Fixed 5.634% Semi Annually,<br>Pay Variable 5.593% (IN00O/N) Semi Annually | 04/23/2030 | INR 253,900 | 1 | – | 1 |
|  |  |  | $1 | $– $| 1 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information **104** 

------

#### Payden Emerging Markets Corporate Bond Fund
**Schedule of Investments** *- October 31, 2025* 

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Bond (89%)** | **Bond (89%)** |  |
|  **Argentina (USD) (2%)** | **Argentina (USD) (2%)** |  |
| 210000 | Arcor SAIC 144A, 7.60%, 7/31/33 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| 210000 | Pampa Energia SA 144A, 7.88%, 12/16/34 (a) | 213 |
| 585000 | Telecom Argentina SA 144A, 9.25%, 5/28/33 (a) | 596 |
| 270000 | Telecom Argentina SA 144A, 9.50%, 7/18/31 (a) | 281 |
| 215000 | Vista Energy Argentina SAU 144A, 7.63%, 12/10/35 (a) | 213 |
| 220000 | YPF SA 144A, 8.25%, 1/17/34 (a) | 222 |
| 215000 | YPF SA 144A, 8.75%, 9/11/31 (a) | 222 |
|  |  | 1961 |
|  **Australia (USD) (0%)** | **Australia (USD) (0%)** |  |
| 200000 | Nickel Industries Ltd. 144A, 9.00%, 9/30/30 (a)(b) | 207 |
|  **Bahamas (USD) (1%)** | **Bahamas (USD) (1%)** |  |
| 1050000 | Intercorp Peru Ltd. 144A, 3.88%, 8/15/29 (a) | 1023 |
|  **Bermuda (USD) (0%)** | **Bermuda (USD) (0%)** |  |
| 260000 | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak 144A, 4.85%, 10/14/38 (a) | 251 |
|  **Brazil (BRL) (1%)** | **Brazil (BRL) (1%)** |  |
| 2700000 | Brazil Letras do Tesouro Nacional, 14.20%, 7/01/26 BRL (c)(d) | 460 |
| 2500000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/31 BRL (d) | 409 |
|  |  | 869 |
|  **Brazil (USD) (1%)** | **Brazil (USD) (1%)** |  |
| 365000 | BRF SA 144A, 5.75%, 9/21/50 (a) | 310 |
| 867431 | Samarco Mineracao SA 144A, 9.50%, 6/30/31 (a) | 868 |
|  |  | 1178 |
|  **Canada (USD) (2%)** | **Canada (USD) (2%)** |  |
| 550000 | Aris Mining Corp. 144A, 8.00%, 10/31/29 (a) | 572 |
| 200000 | First Quantum Minerals Ltd. 144A, 8.00%, 3/01/33 (a) | 213 |
| 985000 | First Quantum Minerals Ltd. 144A, 8.63%, 6/01/31 (a) | 1033 |
|  |  | 1818 |
|  **Cayman Islands (USD) (9%)** | **Cayman Islands (USD) (9%)** |  |
| 200000 | Azorra Finance Ltd. 144A, 7.25%, 1/15/31 (a) | 210 |
| 307071 | Bioceanico Sovereign Certificate Ltd. 144A, 2.81%, 6/05/34 (a)(c) | 253 |
| 200000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (a) | 204 |
| 600000 | Country Garden Holdings Co. Ltd., 3.30%, 1/12/31 (e)(f) | 57 |
| 200000 | Country Garden Holdings Co. Ltd., 5.13%, 1/14/27 (e)(f) | 20 |
| 610000 | CSN Inova Ventures 144A, 6.75%, 1/28/28 (a) | 567 |
| 200000 | Dar Al-Arkan Sukuk Co. Ltd., 7.75%, 2/07/26 (f) | 201 |
| 200000 | DP World Crescent Ltd. 144A, 4.85%, 9/26/28 (a) | 203 |
| 490000 | Energuate Trust 2 0 144A, 6.35%, 9/15/35 (a) | 492 |
| 790000 | IHS Holding Ltd. 144A, 7.88%, 5/29/30 (a) | 807 |
| 5109 | Kaisa Group Holdings Ltd. 144A, 0.00%, 12/31/25 (a)(c) |  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 6813 | Kaisa Group Holdings Ltd. 144A, 0.00%, 12/31/26 (a)(c) | $— |
| 8516 | Kaisa Group Holdings Ltd. 144A, 0.00%, 12/31/27 (a)(c) |  |
| 13626 | Kaisa Group Holdings Ltd. 144A, 0.00%, 12/31/28 (a)(c) |  |
| 13626 | Kaisa Group Holdings Ltd. 144A, 0.00%, 12/31/29 (a)(c) |  |
| 17033 | Kaisa Group Holdings Ltd. 144A, 0.00%, 12/31/30 (a)(c) |  |
| 17033 | Kaisa Group Holdings Ltd. 144A, 0.00%, 12/31/31 (a)(c) |  |
| 32134 | Kaisa Group Holdings Ltd. 144A, 0.00%, 12/31/32 (a)(c) |  |
| 10219 | Kaisa Group Holdings Ltd. 144A, 6.25%, 12/28/28 (a) |  |
| 17033 | Kaisa Group Holdings Ltd. 144A, 6.50%, 12/28/29 (a) |  |
| 20439 | Kaisa Group Holdings Ltd. 144A, 6.75%, 12/28/30 (a) |  |
| 30659 | Kaisa Group Holdings Ltd. 144A, 7.00%, 12/28/31 (a) | 1 |
| 28727 | Kaisa Group Holdings Ltd. 144A, 7.25%, 12/28/32 (a) |  |
| 6813 | Kaisa Group Holdings Ltd. 144A, 7.72%, 12/28/27 (a) |  |
| 360000 | Liberty Costa Rica Senior Secured Finance 144A, 10.88%, 1/15/31 (a) | 381 |
| 186790 | Lima Metro Line 2 Finance Ltd. 144A, 5.88%, 7/05/34 (a) | 194 |
| 1300000 | MAF Global Securities Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.893%), 7.88% (f)(g)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 |
| 355000 | Meituan 144A, 5.13%, 11/05/35 (a) | 356 |
| 200000 | Melco Resorts Finance Ltd. 144A, 5.38%, 12/04/29 (a) | 198 |
| 200000 | Melco Resorts Finance Ltd. 144A, 5.75%, 7/21/28 (a) | 200 |
| 200000 | Melco Resorts Finance Ltd. 144A, 6.50%, 9/24/33 (a) | 202 |
| 200000 | Melco Resorts Finance Ltd. 144A, 7.63%, 4/17/32 (a) | 211 |
| 425000 | Montego Bay Airport Revenue Finance Ltd. 144A, 6.60%, 6/15/35 (a) | 421 |
| 560000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (a) | 561 |
| 255000 | Sands China Ltd., 3.80%, 1/08/26 | 255 |
| 270000 | Sands China Ltd., 5.40%, 8/08/28 | 276 |
| 176237 | Shimao Group Holdings Ltd. 144A, 0.00%, 7/21/26 (a)(c) | 9 |
| 64824 | Shimao Group Holdings Ltd. 144A, 5.00%, 7/21/31 (a) | 2 |
| 270000 | Vale Overseas Ltd., 6.40%, 6/28/54 | 282 |
| 230000 | Wynn Macau Ltd. 144A, 5.63%, 8/26/28 (a) | 230 |
| 410000 | Wynn Macau Ltd. 144A, 6.75%, 2/15/34 (a) | 413 |
|  |  | 8554 |
|  **Chile (USD) (4%)** | **Chile (USD) (4%)** |  |
| 605000 | AES Andes SA 144A, 6.30%, 3/15/29 (a) | 627 |
| 620221 | Alfa Desarrollo SpA 144A, 4.55%, 9/27/51 (a) | 510 |

---

#### 105 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 200000 | Banco de Credito e Inversiones SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.767%), 7.50% (a)(g)(h) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
| 340000 | Banco de Credito e Inversiones SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.944%), 8.75% (a)(g)(h) | 366 |
| 809356 | Chile Electricity PEC SpA 144A, 5.32%, 1/25/28 (a)(c) | 728 |
| 200000 | Colbun SA 144A, 3.15%, 1/19/32 (a) | 184 |
| 200000 | Engie Energia Chile SA 144A, 6.38%, 4/17/34 (a) | 213 |
| 225000 | Sociedad de Transmision Austral SA 144A, 4.00%, 1/27/32 (a) | 214 |
| 400000 | VTR Comunicaciones SpA 144A, 4.38%, 4/15/29 (a) | 373 |
| 415000 | VTR Comunicaciones SpA 144A, 5.13%, 1/15/28 (a) | 404 |
|  |  | 3830 |
|  **Colombia (USD) (3%)** | **Colombia (USD) (3%)** |  |
| 400000 | Banco Davivienda SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.588%), 8.13%, 7/02/35 (a)(h) | 414 |
| 535000 | Colombia Telecomunicaciones SA ESP 144A, 4.95%, 7/17/30 (a) | 481 |
| 160000 | Ecopetrol SA, 8.38%, 1/19/36 | 166 |
| 250000 | Grupo Energia Bogota SA ESP 144A, 5.75%, 10/22/35 (a) | 249 |
| 455000 | Grupo Nutresa SA 144A, 8.00%, 5/12/30 (a) | 489 |
| 525000 | Grupo Nutresa SA 144A, 9.00%, 5/12/35 (a) | 597 |
| 585000 | Oleoducto Central SA 144A, 4.00%, 7/14/27 (a) | 576 |
| 200000 | SURA Asset Management SA 144A, 6.35%, 5/13/32 (a) | 215 |
|  |  | 3187 |
|  **Czech Republic (EUR) (0%)** | **Czech Republic (EUR) (0%)** |  |
| 310000 | Energo-Pro as 144A, 8.00%, 5/27/30 EUR (a) (d) | 380 |
|  **Czech Republic (USD) (0%)** | **Czech Republic (USD) (0%)** |  |
| 200000 | Czechoslovak Group AS 144A, 6.50%, 1/10/31 (a) | 207 |
|  **Georgia (USD) (0%)** | **Georgia (USD) (0%)** |  |
| 200000 | Silk Road Group Holding LLC 144A, 7.50%, 9/15/30 (a) | 201 |
|  **Germany (USD) (0%)** | **Germany (USD) (0%)** |  |
| 400000 | Allianz SE 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.317%), 6.55% (a)(g)(h) | 415 |
|  **Hong Kong (USD) (0%)** | **Hong Kong (USD) (0%)** |  |
| 200000 | Lenovo Group Ltd. 144A, 6.54%, 7/27/32 (a) | 221 |
|  **Hungary (HUF) (1%)** | **Hungary (HUF) (1%)** |  |
| 387000000 | Hungary Government Bond Series 34/A, 2.25%, 6/22/34 HUF (d) | 820 |
|  **India (USD) (4%)** | **India (USD) (4%)** |  |
| 197723 | Continuum Green Energy India Pvt./Co.-Issuers 144A, 7.50%, 6/26/33 (a) | 209 |
| 200000 | ICICI Bank Ltd. 144A, 4.00%, 3/18/26 (a) | 200 |
| 200000 | Muthoot Finance Ltd. 144A, 6.38%, 4/23/29 (a) | 203 |
| 210000 | Muthoot Finance Ltd. 144A, 7.13%, 2/14/28 (a) | 215 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 430000 | Power Finance Corp. Ltd. 144A, 3.95%, 4/23/30 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 |
| 250000 | Reliance Industries Ltd. 144A, 3.63%, 1/12/52 (a) | 186 |
| 250000 | Reliance Industries Ltd. 144A, 3.67%, 11/30/27 (a) | 247 |
| 225000 | ReNew Pvt. Ltd. 144A, 5.88%, 3/05/27 (a) | 225 |
| 593712 | SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/ UBEPL 144A, 7.80%, 7/31/31 (a) | 602 |
| 210000 | Shriram Finance Ltd. 144A, 6.15%, 4/03/28 (a) | 216 |
| 250000 | Shriram Finance Ltd. 144A, 6.63%, 4/22/27 (a) | 256 |
| 200000 | State Bank of India, 4.88%, 5/05/28 (f) | 203 |
| 399000 | Varanasi Aurangabad Nh-2 Tollway Pvt. Ltd. 144A, 5.90%, 2/28/34 (a) | 419 |
|  |  | 3600 |
|  **Indonesia (IDR) (0%)** | **Indonesia (IDR) (0%)** |  |
| 6100000000 | Indonesia Treasury Bond Series FR96, 7.00%, 2/15/33 IDR (d) | 387 |
|  **Indonesia (USD) (0%)** | **Indonesia (USD) (0%)** |  |
| 220000 | Indofood CBP Sukses Makmur Tbk PT, 3.40%, 6/09/31 (f) | 207 |
| 192060 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (a) | 197 |
|  |  | 404 |
|  **Ireland (USD) (0%)** | **Ireland (USD) (0%)** |  |
| 200000 | Aragvi Finance International DAC 144A, 11.13%, 11/20/29 (a) | 200 |
| 200000 | Phoenix Aviation Capital Ltd. 144A, 9.25%, 7/15/30 (a) | 211 |
|  |  | 411 |
|  **Isle of Man (USD) (1%)** | **Isle of Man (USD) (1%)** |  |
| 485000 | AngloGold Ashanti Holdings PLC, 6.50%, 4/15/40 | 520 |
|  **Israel (USD) (1%)** | **Israel (USD) (1%)** |  |
| 215000 | Energean Israel Finance Ltd. 144A, 5.38%, 3/30/28 (a)(f) | 212 |
| 210000 | Energean Israel Finance Ltd. 144A, 8.50%, 9/30/33 (a)(f) | 224 |
|  |  | 436 |
|  **Jamaica (USD) (0%)** | **Jamaica (USD) (0%)** |  |
| 200000 | NCB Financial Group Ltd. 144A, 11.00%, 7/31/30 (a) | 199 |
|  **Japan (USD) (1%)** | **Japan (USD) (1%)** |  |
| 200000 | Mitsubishi UFJ Financial Group Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.070%), 6.35% (g)(h) | 205 |
| 400000 | Rakuten Group Inc. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.250%), 8.13% (a)(g)(h) | 418 |
|  |  | 623 |
|  **Jersey (USD) (0%)** | **Jersey (USD) (0%)** |  |
| 200000 | Africell Holding Ltd. 144A, 10.50%, 10/23/29 (a)(b) | 199 |
|  **Luxembourg (USD) (5%)** | **Luxembourg (USD) (5%)** |  |
| 125000 | Adecoagro SA 144A, 7.50%, 7/29/32 (a) | 118 |
| 214763 | ARD Finance SA 144A, 6.50%, 6/30/27 (a) | 3 |
| 215051 | Chile Electricity Lux Mpc II Sarl 144A, 5.58%, 10/20/35 (a) | 222 |
| 200000 | EIG Pearl Holdings Sarl, 4.39%, 11/30/46 (f) | 168 |

---

Annual Financial Statements and Other Information **106** 

------

**Payden Emerging Markets Corporate Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 200000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
| 165182 | Guara Norte Sarl 144A, 5.20%, 6/15/34 (a) | 163 |
| 290000 | MHP Lux SA 144A, 6.95%, 4/03/26 (a) | 277 |
| 245000 | Millicom International Cellular SA 144A, 4.50%, 4/27/31 (a) | 229 |
| 315000 | Millicom International Cellular SA 144A, 5.13%, 1/15/28 (a) | 314 |
| 200000 | Millicom International Cellular SA 144A, 7.38%, 4/02/32 (a) | 209 |
| 510000 | Minerva Luxembourg SA 144A, 4.38%, 3/18/31 (a)(b) | 471 |
| 200000 | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (a) | 219 |
| 285000 | Raizen Fuels Finance SA 144A, 6.45%, 3/05/34 (a)(b) | 243 |
| 200000 | Raizen Fuels Finance SA 144A, 6.70%, 2/25/37 (a) | 167 |
| 736000 | Saavi Energia Sarl 144A, 8.88%, 2/10/35 (a) | 792 |
| 215000 | Threelands Energy Ltd. Sarl 144A, 7.45%, 10/20/35 (a) | 215 |
| 435317 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | 428 |
| 111125 | Unigel Luxembourg SA 144A, 11.00%, 12/31/28 (a) | 8 |
|  |  | 4457 |
|  **Mauritius (USD) (1%)** | **Mauritius (USD) (1%)** |  |
| 600000 | Diamond II Ltd. 144A, 7.95%, 7/28/26 (a) | 604 |
| 200000 | MTN Mauritius Investments Ltd. 144A, 6.50%, 10/13/26 (a)(b) | 202 |
|  |  | 806 |
|  **Mexico (MXN) (0%)** | **Mexico (MXN) (0%)** |  |
| 7500000 | America Movil SAB de CV, 9.50%, 1/27/31 MXN (d) | 417 |
|  **Mexico (USD) (10%)** | **Mexico (USD) (10%)** |  |
| 245000 | America Movil SAB de CV, 3.63%, 4/22/29 | 240 |
| 200000 | America Movil SAB de CV, 4.70%, 7/21/32 | 201 |
| 320000 | Banco Mercantil del Norte SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.643%), 5.88% (a)(g)(h) | 318 |
| 400000 | Banco Mercantil del Norte SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.072%), 8.38% (a)(g)(h) | 419 |
| 800000 | 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)(h) | 860 |
| 660000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.650%), 5.13%, 1/18/33 (a)(h) | 654 |
| 500000 | Cemex SAB de CV 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.520%), 7.20% (a)(g)(h) | 520 |
| 200000 | Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV 144A, 4.96%, 7/18/29 (a) | 201 |
| 183750 | Cometa Energia SA de CV 144A, 6.38%, 4/24/35 (a) | 191 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 200000 | Corp. Inmobiliaria Vesta SAB de CV 144A, 5.50%, 1/30/33 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
| 250000 | Eagle Funding Luxco Sarl 144A, 5.50%, 8/17/30 (a) | 254 |
| 200000 | El Puerto de Liverpool SAB de CV 144A, 6.26%, 1/22/32 (a) | 213 |
| 516369 | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a) | 525 |
| 440000 | Fibra Soma Trust F/6185 144A, 4.38%, 7/22/31 (a) | 385 |
| 609162 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (a) | 645 |
| 230000 | Industrias Penoles SAB de CV 144A, 5.65%, 9/12/49 (a) | 218 |
| 280000 | Infraestructura Energetica Nova SAPI de CV 144A, 4.75%, 1/15/51 (a) | 218 |
| 385000 | Mexico City Airport Trust 144A, 4.25%, 10/31/26 (a) | 384 |
| 200000 | Mexico City Airport Trust 144A, 5.50%, 10/31/46 (a) | 177 |
| 255000 | Mexico City Airport Trust 144A, 5.50%, 7/31/47 (a) | 225 |
| 153605 | Mexico Generadora de Energia S de rl 144A, 5.50%, 12/06/32 (a)(b) | 157 |
| 485000 | Minera Mexico SA de CV 144A, 5.63%, 2/12/32 (a) | 505 |
| 535000 | Petroleos Mexicanos, 6.63%, 6/15/38 | 494 |
| 810000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 810 |
| 285000 | Petroleos Mexicanos, 6.84%, 1/23/30 | 293 |
| 235000 | Petroleos Mexicanos, 7.69%, 1/23/50 | 213 |
|  |  | 9523 |
|  **Morocco (USD) (1%)** | **Morocco (USD) (1%)** |  |
| 200000 | OCP SA 144A, 6.10%, 4/30/30 (a) | 209 |
| 200000 | OCP SA 144A, 6.70%, 3/01/36 (a) | 216 |
|  |  | 425 |
|  **Netherlands (USD) (4%)** | **Netherlands (USD) (4%)** |  |
| 1690000 | Braskem Netherlands Finance BV 144A, 4.50%, 1/31/30 (a) | 681 |
| 363196 | Minejesa Capital BV 144A, 4.63%, 8/10/30 (a) | 363 |
| 415000 | Prosus NV 144A, 4.03%, 8/03/50 (a) | 297 |
| 500000 | Prosus NV 144A, 4.99%, 1/19/52 (a) | 410 |
| 295000 | Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/01/28 | 307 |
| 131402 | Unigel Netherlands Holding Corp. BV 144A, 15.00%, 12/31/44 (a) | 4 |
| 200000 | Veon Midco BV 144A, 3.38%, 11/25/27 (a) | 188 |
| 200000 | Yinson Bergenia Production BV 144A, 8.50%, 1/31/45 (a) | 210 |
| 794683 | Yinson Boronia Production BV 144A, 8.95%, 7/31/42 (a) | 869 |
|  |  | 3329 |
|  **Panama (USD) (1%)** | **Panama (USD) (1%)** |  |
| 620000 | Aeropuerto Internacional de Tocumen SA 144A, 4.00%, 8/11/41 (a) | 517 |
| 233467 | UEP Penonome II SA 144A, 6.50%, 10/01/38 (a) | 211 |
|  |  | 728 |
|  **Peru (PEN) (1%)** | **Peru (PEN) (1%)** |  |
| 1400000 | Alicorp SAA 144A, 7.40%, 6/16/32 PEN (a)(d) | 422 |

---

#### 107 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Peru (USD) (8%)** | **Peru (USD) (8%)** |  |
| 280000 | Banco BBVA Peru SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.002%), 6.20%, 6/07/34 (a)(h) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| 305000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.961%), 5.65%, 1/15/37 (a)(h) | 307 |
| 460000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.240%), 5.80%, 3/10/35 (a)(b)(h) | 465 |
| 195000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.486%), 6.45%, 7/30/35 (a)(h) | 203 |
| 750000 | Banco Internacional del Peru SAA Interbank 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.067%), 6.40%, 4/30/35 (a)(h) | 775 |
| 600000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (a) | 626 |
| 200000 | Consorcio Transmantaro SA 144A, 4.70%, 4/16/34 (a) | 198 |
| 400000 | Corp. Financiera de Desarrollo SA 144A, 5.50%, 5/06/30 (a) | 411 |
| 400000 | Hunt Oil Co. of Peru LLC Sucursal Del Peru 144A, 7.75%, 11/05/38 (a) | 444 |
| 295000 | Kallpa Generacion SA 144A, 5.50%, 9/11/35 (a) | 298 |
| 280000 | Kallpa Generacion SA 144A, 5.88%, 1/30/32 (a) | 294 |
| 625000 | Niagara Energy SAC 144A, 5.75%, 10/03/34 (a) | 644 |
| 525000 | Orazul Energy Peru SA 144A, 6.25%, 9/17/32 (a) | 534 |
| 420000 | Pluspetrol Camisea SA/Pluspetrol Lote 56 SA 144A, 6.24%, 7/03/36 (a) | 450 |
| 200000 | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA 144A, 3.75%, 8/02/28 (a) | 191 |
| 200000 | Scotiabank Peru SAA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.309%), 6.10%, 10/01/35 (a)(h) | 208 |
| 198000 | Transportadora de Gas del Peru SA 144A, 4.25%, 4/30/28 (a) | 198 |
| 210000 | Volcan Cia Minera SAA 144A, 8.50%, 10/28/32 (a) | 213 |
|  |  | 6750 |
|  **Saudi Arabia (USD) (1%)** | **Saudi Arabia (USD) (1%)** |  |
| 420000 | Saudi Arabian Oil Co. 144A, 5.88%, 7/17/64 (a) | 420 |
|  **Singapore (USD) (1%)** | **Singapore (USD) (1%)** |  |
| 200000 | Boroo Investments Pte Ltd. 144A, 9.50%, 8/07/32 (a)(b) | 189 |
| 315000 | Medco Cypress Tree Pte Ltd. 144A, 8.63%, 5/19/30 (a) | 334 |
| 200000 | ONGC Videsh Vankorneft Pte Ltd., 3.75%, 7/27/26 (f) | 199 |
|  |  | 722 |
|  **South Africa (ZAR) (1%)** | **South Africa (ZAR) (1%)** |  |
| 6900000 | Republic of South Africa Government Bond Series 2030, 8.00%, 1/31/30 ZAR (d) | 402 |
|  **South Korea (USD) (1%)** | **South Korea (USD) (1%)** |  |
| 200000 | Kookmin Bank 144A, 2.50%, 11/04/30 (a)(b) | 182 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value (000) |
| 400000 | SK hynix Inc. 144A, 6.50%, 1/17/33 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 |
|  |  | 625 |
|  **Spain (USD) (1%)** | **Spain (USD) (1%)** |  |
| 292499 | AI Candelaria - spain- SA 144A, 7.50%, 12/15/28 (a) | 296 |
| 200000 | EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 144A, 8.50%, 6/30/32 (a) | 210 |
|  |  | 506 |
|  **Sri Lanka (USD) (0%)** | **Sri Lanka (USD) (0%)** |  |
| 50798 | Sri Lanka Government International Bond 144A, 3.35%, 3/15/33 (a) | 44 |
| 23805 | Sri Lanka Government International Bond 144A, 3.60%, 5/15/36 (a) | 22 |
| 47630 | Sri Lanka Government International Bond 144A, 3.60%, 2/15/38 (a) | 44 |
|  |  | 110 |
|  **Supranational (USD) (1%)** | **Supranational (USD) (1%)** |  |
| 200000 | African Development Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.653%), 5.88% (g)(h) | 201 |
| 400000 | Digicel International Finance Ltd./Difl U.S. LLC 144A, 8.63%, 8/01/32 (a) | 399 |
| 200000 | Promigas SA ESP/Gases del Pacifico SAC 144A, 3.75%, 10/16/29 (a) | 186 |
|  |  | 786 |
|  **Thailand (USD) (0%)** | **Thailand (USD) (0%)** |  |
| 200000 | GC Treasury Center Co. Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.162%), 7.13% (a)(g)(h) | 207 |
|  **Trinidad and Tobago (USD) (0%)** | **Trinidad and Tobago (USD) (0%)** |  |
| 400000 | Trinidad Generation UnLtd 144A, 7.75%, 6/16/33 (a)(b) | 419 |
|  **Turkey (USD) (4%)** | **Turkey (USD) (4%)** |  |
| 430000 | Aydem Yenilenebilir Enerji AS 144A, 9.88%, 9/30/30 (a) | 425 |
| 200000 | Cimko Cimento Ve Beton Sanayi Ve Ticaret AS 144A, 10.75%, 5/21/30 (a) | 210 |
| 1000000 | GDZ Elektrik Dagitim AS 144A, 9.00%, 10/15/29 (a) | 981 |
| 455000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 468 |
| 207906 | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A, 9.50%, 7/10/36 (a) | 211 |
| 205000 | Limak Yenilenebilir Enerji AS 144A, 9.63%, 8/12/30 (a) | 203 |
| 370000 | Turkiye Garanti Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.867%), 7.63%, 4/15/36 (a)(h) | 372 |
| 200000 | Turkiye Garanti Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.090%), 8.38%, 2/28/34 (a)(h) | 208 |
| 200000 | Yapi ve Kredi Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.442%), 8.25% (a)(g)(h) | 202 |
| 245000 | Yapi ve Kredi Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.499%), 9.74% (a)(g)(h) | 258 |

---

Annual Financial Statements and Other Information **108** 

------

**Payden Emerging Markets Corporate Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 370000 | Zorlu Enerji Elektrik Uretim AS 144A, 11.00%, 4/23/30 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
|  |  | 3871 |
|  **Ukraine (USD) (0%)** | **Ukraine (USD) (0%)** |  |
| 36175 | Ukraine Government International Bond 144A, 4.50%, 2/01/35 (a) | 20 |
| 14858 | Ukraine Government International Bond 144A, 9.97%, 2/01/36 (a)(c) | 8 |
| 17829 | Ukraine Government International Bond 144A, 9.99%, 2/01/35 (a)(c) | 9 |
| 21097 | Ukraine Government International Bond 144A, 13.24%, 2/01/34 (a)(c) | 9 |
| 5646 | Ukraine Government International Bond 144A, 18.44%, 2/01/30 (a)(c) | 3 |
|  |  | 49 |
|  **United Arab Emirates (USD) (3%)** | **United Arab Emirates (USD) (3%)** |  |
| 200000 | Abu Dhabi National Energy Co. PJSC 144A, 4.75%, 3/09/37 (a) | 199 |
| 812240 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | 835 |
| 200000 | Axian Telecom Holding & Management PLC 144A, 7.25%, 7/11/30 (a) | 202 |
| 200000 | DP World Ltd. 144A, 5.63%, 9/25/48 (a) | 201 |
| 210000 | Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 8/01/35 (f) | 203 |
| 280000 | Emirates Semb Corp. Water & Power Co. PJSC 144A, 4.45%, 8/01/35 (a) | 271 |
| 200000 | MDGH GMTN RSC Ltd. 144A, 5.08%, 5/22/53 (a) | 194 |
| 283991 | Sweihan PV Power Co. PJSC 144A, 3.63%, 1/31/49 (a) | 244 |
| 293152 | Sweihan PV Power Co. PJSC, 3.63%, 1/31/49 (b)(f) | 252 |
|  |  | 2601 |
|  **United Kingdom (USD) (3%)** | **United Kingdom (USD) (3%)** |  |
| 315000 | Anglo American Capital PLC 144A, 4.75%, 4/10/27 (a) | 317 |
| 200000 | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | 208 |
| 200000 | Antofagasta PLC 144A, 6.25%, 5/02/34 (a) | 216 |
| 295000 | Avianca Midco 2 PLC 144A, 9.63%, 2/14/30 (a) | 293 |
| 200000 | HSBC Holdings PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.987%), 7.05% (g)(h) | 208 |
| 425000 | MARB BondCo PLC 144A, 3.95%, 1/29/31 (a) | 384 |
| 233512 | NAK Naftogaz Ukraine via Kondor Finance PLC 144A, 7.63%, 11/08/28 (a) | 183 |
| 270000 | Vedanta Resources Finance II PLC 144A, 10.25%, 6/03/28 (a)(b) | 279 |
| 200000 | Vedanta Resources Finance II PLC 144A, 10.88%, 9/17/29 (a) | 210 |
|  |  | 2298 |
|  **United States (EGP) (1%)** | **United States (EGP) (1%)** |  |
| 20990000 | Citigroup Global Markets Holdings Inc. 144A, 26.80%, 3/05/26 EGP (a)(c)(d) | 409 |
| 11815000 | Citigroup Global Markets Holdings Inc. 144A, 26.80%, 3/05/26 EGP (a)(c)(d) | 231 |
|  |  | 640 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **United States (EUR) (0%)** | **United States (EUR) (0%)** |  |
| 225000 | Boots Group Finco LP 144A, 5.38%, 8/31/32 EUR (a)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
|  **United States (NGN) (0%)** | **United States (NGN) (0%)** |  |
| 335000000 | Citigroup Global Markets Holdings Inc. eTnM 144A, 26.85%, 1/08/26 NGN (a)(c)(d) | 226 |
|  **United States (USD) (8%)** | **United States (USD) (8%)** |  |
| 130000 | 1301 Trust 2025-1301 144A, 6.22%, 8/11/42 (a)(i) | 132 |
| 200000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 5.75%, 3/31/34 (a) | 201 |
| 425000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (g)(h) | 417 |
| 200000 | American Axle & Manufacturing Inc. 144A, 6.38%, 10/15/32 (a) | 201 |
| 200000 | American Electric Power Co. Inc. C, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.128%), 5.80%, 3/15/56 (h) | 200 |
| 100000 | American Electric Power Co. Inc. D, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.940%), 6.05%, 3/15/56 (h) | 101 |
| 200000 | Azul Secured Finance LLP Term Loan DD 1L, (Fixed), 0.00%, 2/27/26 (j) | 205 |
| 230000 | Azul Secured Finance LLP, 11.93%, 8/28/28 (e) | 96 |
| 191657 | BX Commercial Mortgage Trust 2025- BCAT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.650%), 6.68%, 8/15/42 (a) (h) | 193 |
| 200000 | BX Trust 2025-VLT7 144A, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 7.78%, 7/15/44 (a)(h) | 202 |
| 200000 | COMM Mortgage Trust 2025-SBX 144A, 5.55%, 8/10/41 (a)(i) | 201 |
| 525000 | CoreWeave Inc. 144A, 9.00%, 2/01/31 (a) | 527 |
| 200000 | Energy Transfer LP, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.676%), 6.50%, 2/15/56 (h) | 198 |
| 750000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (a) | 781 |
| 300000 | Huntington Bancshares Inc. K, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.653%), 6.25% (g)(h) | 298 |
| 300000 | K Hovnanian Enterprises Inc. 144A, 8.00%, 4/01/31 (a) | 307 |
| 250000 | Las Vegas Sands Corp., 5.63%, 6/15/28 | 256 |
| 200000 | NBM U.S. Holdings Inc. 144A, 7.00%, 5/14/26 (a) | 200 |
| 100000 | North Haven Private Income Fund LLC 144A, 5.13%, 9/25/28 (a) | 99 |
| 95000 | Northern Oil & Gas Inc. 144A, 7.88%, 10/15/33 (a) | 93 |
| 99042 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (a) | 87 |
| 99125 | Oak Street Investment Grade Net Lease Fund Series 2021-1A 144A, 3.26%, 1/20/51 (a) | 82 |
| 107500 | Saks Global Enterprises LLC 144A, 11.00%, 12/15/29 (a) | 25 |
| 13724 | Santander Bank Auto Credit-Linked Notes 2023-A 144A, 10.07%, 6/15/33 (a) | 14 |

---

#### 109 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 297038 | Santander Drive Auto Receivables Trust 2023- S1 144A, 10.40%, 4/18/28 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| 16 | Santander Drive Auto Receivables Trust 2024- S2, 5.80%, 12/16/28 (c) | 293 |
| 300000 | SBL Holdings Inc. 144A, 7.20%, 10/30/34 (a) | 293 |
| 240000 | Stillwater Mining Co. 144A, 4.00%, 11/16/26 (a) | 238 |
| 298000 | Terraform Global Operating LP 144A, 6.13%, 3/01/26 (a) | 296 |
| 160000 | Versant Media Group Inc. 144A, 7.25%, 1/30/31 (a) | 163 |
| 625000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (a) | 629 |
| 200000 | Webster Financial Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.125%), 5.78%, 9/11/35 (h) | 200 |
|  |  | 7525 |
|  **Uzbekistan (USD) (1%)** | **Uzbekistan (USD) (1%)** |  |
| 200000 | Navoi Mining & Metallurgical Combinat 144A, 6.70%, 10/17/28 (a) | 208 |
| 335000 | Navoi Mining & Metallurgical Combinat 144A, 6.75%, 5/14/30 (a) | 354 |
| 200000 | Navoiyuran State Enterprise 144A, 6.70%, 7/02/30 (a) | 203 |
| 200000 | Uzbek Industrial and Construction Bank ATB 144A, 8.95%, 7/24/29 (a) | 216 |
|  |  | 981 |
|  **Virgin Islands (British) (USD) (1%)** | **Virgin Islands (British) (USD) (1%)** |  |
| 1335000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (a) | 1309 |
|  **Total Bond** (Cost - $81,438) | **Total Bond** (Cost - $81,438) | 82724 |
|  **Stock (1%)** | **Stock (1%)** |  |
|  **Preferred Stock (1%)** | **Preferred Stock (1%)** |  |
| 8000 | Comerica Inc. 6.875 (g) | 205 |
| 8000 | DTE Energy Co. 6.25 | 201 |
| 8000 | M&T Bank Corp. 6.35 (g) | 200 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 8000 | Wintrust Financial Corp. 7.875 (g)(h) | $210 |
|  **Total Preferred Stock** (Cost - **$800**) | **Total Preferred Stock** (Cost - **$800**) | 816 |
|  **Common Stock (0%)** | **Common Stock (0%)** |  |
| 355 | Stichting Administratiekant Npv ADR |  |
|  | **(Cost - $–)** (k) |  |
|  **Total Stock** (Cost - $800) | **Total Stock** (Cost - $800) | 816 |
|  **Investment Company (8%)** | **Investment Company (8%)** |  |
| 7860188 | Payden Cash Reserves Money Market Fund \* |  |
|  | (Cost - $7,860) | 7860 |
|  **Total Investments (Cost - $90,098) (98%)** | **Total Investments (Cost - $90,098) (98%)** | 91400 |
|  **Other Assets, net of Liabilities (2%)** | **Other Assets, net of Liabilities (2%)** | 2125 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93525 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $1,351 and the total market value of the collateral held by the Fund is $1,380. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br> Sold<br> (000s) | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation<br> (Depreciation)<br> (000s) |
|  **Assets:** |  |  |  |  |
|  IDR 13,215,000 | USD 794 | BNP PARIBAS | 01/14/2026 | $— |
|  USD 1,214 | PHP 70,990 | Barclays Bank PLC | 11/18/2025 | 8 |
|  USD 858 | CHF 680 | BNP PARIBAS | 01/30/2026 | 5 |
|  USD 426 | MXN 7,850 | HSBC Bank USA, N.A. | 11/24/2025 | 4 |
|  USD 359 | EUR 308 | HSBC Bank USA, N.A. | 03/18/2026 | 1 |
|  USD 1,540 | EUR 1,304 | Morgan Stanley | 03/18/2026 | 26 |
|  ZAR 13,680 | USD 784 | HSBC Bank USA, N.A. | 11/19/2025 | 4 |
|  |  |  |  | 48 |

---

Annual Financial Statements and Other Information **110** 

------

**Payden Emerging Markets Corporate Bond Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Liabilities:** |  |  |  |  |
|  EUR 270 | USD 316 | HSBC Bank USA, N.A. | 03/18/2026 | $(3) |
|  HUF 77,300 | USD 229 | BNP PARIBAS | 01/22/2026 | (1) |
|  USD 250 | PEN 871 | BNP PARIBAS | 11/20/2025 | (8) |
|  USD 854 | COP 3,332,000 | HSBC Bank USA, N.A. | 11/18/2025 | (8) |
|  USD 399 | ZAR 7,100 | HSBC Bank USA, N.A. | 11/19/2025 | (10) |
|  ZAR 5,370 | USD 312 | BNP PARIBAS | 11/19/2025 | (2) |
|  |  |  |  | (32) |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  | $16 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Long Contracts:** |  |  |  |  |  |
|  U.S. Treasury 2-Year Note Future | 41 | Dec-25 | $8538 | $(21) | $(21) |
|  U.S. Ultra Bond Future | 7 | Dec-25 | 849 | 29 | 29 |
|  |  |  |  |  | 8 |
|  **Short Contracts:** |  |  |  |  |  |
|  U.S. 10-Year Ultra Future | 3 | Dec-25 | (346) | (4) | (4) |
|  U.S. Treasury 10-Year Note Future | 11 | Dec-25 | (1239) | (5) | (5) |
|  U.S. Treasury 5-Year Note Future | 8 | Dec-25 | (874) | 4 | 4 |
|  |  |  |  |  | (5) |
|  **Total Futures** |  |  |  |  | $3 |

---

#### Open Centrally Cleared Credit Default Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation<br>(000s) |
|  Protection Sold (Relevant Credit: Petroleos Mexicanos), Pay 1.000% Quarterly, Receive upon credit default | 06/20/2030 | $470 | $(27) | $(54) | $27 |

---

#### 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 Liabilities<sup>1</sup> | $1351 |
|  Non-cash Collateral<sup>2</sup> | (1351) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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.* 

#### 111 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (16%)** | **Asset Backed (16%)** |  |
| 410259 | Ally Bank Auto Credit-Linked Notes 2024-B 144A, 5.41%, 9/15/32 (a) | $412 |
| 500000 | American Credit Acceptance Receivables Trust 2024-4 144A, 5.34%, 8/12/31 (a) | 502 |
| 800000 | Apidos CLO XLVI Ltd. 2023-46A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 0.00%, 10/24/38 (a)(b)(c) | 800 |
| 503485 | Bain Capital Credit CLO Ltd. 2020-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.990%), 4.87%, 4/18/33 (a)(c) | 504 |
| 725000 | Beechwood Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 0.00%, 1/17/35 (a)(b)(c) | 725 |
| 1000000 | Beechwood Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.18%, 1/17/35 (a)(c) | 1002 |
| 350000 | Benefit Street Partners CLO XXIV Ltd. 2021- 24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.060%), 4.94%, 10/20/34 (a) (c) | 349 |
| 500000 | Buckhorn Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 4.95%, 7/18/34 (a)(c) | 500 |
| 775000 | Canyon CLO Ltd. 2024-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 5.70%, 1/15/38 (a)(c) | 778 |
| 1000000 | Carlyle Global Market Strategies CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 4.97%, 4/20/34 (a)(c) | 1001 |
| 200000 | CARS-DB4 LP 2020-1A 144A, 4.52%, 2/15/50 (a) | 195 |
| 300000 | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (a) | 275 |
| 400000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 5.68%, 1/25/52 CAD (a)(d) | 280 |
| 1425000 | Contego CLO IV DAC 4X, (3 mo. EURIBOR + 1.300%), 3.34%, 1/23/30 EUR (c)(d)(e) | 1632 |
| 150000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 2.36%, 4/15/49 (a) | 145 |
| 500000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 3.48%, 4/15/49 (a) | 482 |
| 234148 | Driven Brands Funding LLC 2021-1A 144A, 2.79%, 10/20/51 (a) | 221 |
| 400000 | Driven Brands Funding LLC 2025-1A 144A, 5.30%, 10/20/55 (a) | 399 |
| 1000000 | Elmwood CLO Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.01%, 4/22/35 (a)(c) | 999 |
| 450000 | Exeter Automobile Receivables Trust 2024-5A, 5.06%, 2/18/31 | 451 |
| 205169 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 6.43%, 2/23/39 (a)(c) | 205 |
| 1 | Juniper Receivables DAC, 0.00%, 8/15/29 (b) | 170 |
| 10 | Juniper Receivables DAC 2023-1 DAC, 0.00%, 7/15/30 (b) | 219 |
| 250000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 5.33%, 7/20/36 (a)(c) | 250 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 600000 | KKR CLO Ltd. 25 144A, (3 mo. Term Secured Overnight Financing Rate + 0.950%), 4.85%, 7/15/34 (a)(c) | $598 |
| 185291 | KKR Static CLO I Ltd. 2022-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.980%), 4.86%, 7/20/31 (a)(c) | 185 |
| 219160 | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 5.45%, 2/17/39 (a)(c) | 219 |
| 350000 | Neuberger Berman Loan Advisers CLO Ltd. 2021-41A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 4.95%, 4/15/34 (a)(c) | 350 |
| 1000000 | Neuberger Berman Loan Advisers CLO Ltd. 2021-45A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.060%), 4.97%, 10/14/36 (a)(c) | 1000 |
| 450000 | OAK Hill European Credit Partners V Designated Activity Co. 2016-5A 144A, (3 mo. EURIBOR + 0.980%), 2.99%, 1/21/35 EUR (a) (c)(d) | 518 |
| 495208 | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 3.39%, 11/20/50 (a) | 426 |
| 400000 | Octagon Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 4.96%, 10/15/34 (a)(c) | 400 |
| 423396 | Rckt Mortgage Trust 2025-CES4 144A, 5.81%, 4/25/55 (a) | 429 |
| 323046 | RCKT Mortgage Trust 2025-CES2 144A, 5.50%, 2/25/55 (a) | 326 |
| 399626 | RCKT Mortgage Trust 2025-CES6 144A, 5.47%, 6/25/55 (a) | 403 |
| 505039 | RCKT Mortgage Trust 2025-CES7 144A, 5.38%, 7/25/55 (a) | 509 |
| 326741 | Santander Drive Auto Receivables Trust 2023-S1 144A, 10.40%, 4/18/28 (a) | 327 |
| 184544 | Santander Drive Auto Receivables Trust 2024-S1 144A, 6.53%, 3/16/29 (a) | 185 |
| 20 | Santander Drive Auto Receivables Trust 2024- S2, 5.80%, 12/16/28 (b) | 372 |
| 300000 | Sona Fios CLO I DAC 1A 144A, (3 mo. EURIBOR + 1.500%), 4.71%, 7/15/36 EUR (a) (c)(d) | 346 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%, 2/15/52 (a) | 292 |
| 200000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 6.64%, 5/15/54 (a) | 203 |
| 200000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 208 |
|  **Total Asset Backed (Cost - $20,355)** | **Total Asset Backed (Cost - $20,355)** | **19792** |
|  **Bank Loan(f) (7%)** | **Bank Loan(f) (7%)** |  |
| 321750 | Alpha Generation LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 5.97%, 9/30/31 | 322 |
| 278800 | American Airlines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.13%, 5/28/32 | 280 |
| 335000 | Amneal Pharmaceuticals LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.47%, 8/02/32 | 338 |

---

Annual Financial Statements and Other Information **112** 

------

**Payden Managed Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 148500 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 6.50%, 8/20/31 | $149 |
| 446625 | EMRLD Borrower LP Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.12%, 8/04/31 | 446 |
| 450000 | EP Wealth Advisors LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 6.89%, 10/18/32 | 452 |
| 392541 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 7.03%, 9/13/32 | 393 |
| 375000 | Fr Br Holdings LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.19%, 10/09/30 | 374 |
| 472750 | Hanesbrands Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 6.72%, 3/07/32 | 475 |
| 197339 | Iron Mountain Information Management LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 5.97%, 1/31/31 | 198 |
| 243675 | Lackawanna Energy Center LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 7.11%, 8/05/32 | 244 |
| 124375 | Leia Finco U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.19%, 10/09/31 | 125 |
| 272250 | Lightning Power LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.25%, 8/18/31 | 274 |
| 198964 | Madison Iaq LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 6.70%, 6/21/28 | 200 |
| 567066 | McGraw-Hill Education Inc. Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 6.82%, 8/06/31 | 567 |
| 380256 | MIC Glen LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.22%, 7/21/28 | 383 |
| 272250 | Omnia Partners LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.36%, 7/25/30 | 273 |
| 425000 | PetsMart LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.03%, 8/18/32 | 420 |
| 498747 | Quikrete Holdings Inc. Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.22%, 2/10/32 | 500 |
| 225000 | QXO Building Products Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 6.97%, 4/30/32 | 226 |
| 500000 | Raising Canes Restaurants LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.000%), 2.00%, 11/03/32 | 500 |
| 373127 | Terex Corp. Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 0.750%), 5.72%, 10/08/31 | 375 |
| 198492 | Transdigm Inc. Term Loan J 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.50%, 2/28/31 | 199 |
| 200000 | Transdigm Inc. Term Loan M 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.50%, 8/13/32 | 200 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 178947 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 8.75%, 5/06/32 | $182 |
| 344314 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.72%, 4/25/31 | 347 |
|  **Total Bank Loan (Cost - $8,434)** | **Total Bank Loan (Cost - $8,434)** | **8442** |
|  **Corporate Bond (24%)** | **Corporate Bond (24%)** |  |
| 250000 | ADT Security Corp. 144A, 5.88%, 10/15/33 (a) | 254 |
| 300000 | AECOM 144A, 6.00%, 8/01/33 (a) | 308 |
| 125000 | Alpha Generation LLC 144A, 6.25%, 1/15/34 (a) | 127 |
| 350000 | Alphabet Inc., 2.50%, 5/06/29 EUR (d) | 404 |
| 65000 | Altice France Lux 3/Altice Holdings 1 144A, 10.00%, 1/15/33 (a) | 61 |
| 125000 | American Homes 4 Rent LP, 4.95%, 6/15/30 | 127 |
| 325000 | American Honda Finance Corp., 4.50%, 9/04/30 | 326 |
| 150000 | Amrize Finance U.S. LLC 144A, 4.95%, 4/07/30 (a) | 154 |
| 175000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.486%), 6.45%, 7/30/35 (a)(c) | 182 |
| 700000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.961%), 5.65%, 1/15/37 (a)(c) | 705 |
| 200000 | Banco de Credito e Inversiones SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.944%), 8.75% (a)(c)(g) | 215 |
| 225000 | BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc. 144A, 9.50%, 7/01/32 (a) | 227 |
| 500000 | BKV Upstream Midstream LLC 144A, 7.50%, 10/15/30 (a) | 501 |
| 50000 | Blue Owl Capital Corp., 3.40%, 7/15/26 | 50 |
| 200000 | Bombardier Inc. 144A, 7.00%, 6/01/32 (a) | 210 |
| 100000 | Bombardier Inc. 144A, 6.75%, 6/15/33 (a) | 105 |
| 300000 | Boots Group Finco LP 144A, 5.38%, 8/31/32 EUR (a)(d) | 359 |
| 150000 | Boparan Finance PLC 144A, 9.38%, 11/07/29 GBP (a)(d) | 210 |
| 100000 | Boparan Finance PLC, 9.38%, 11/07/29 GBP (d) (e) | 140 |
| 175000 | Broadcom Inc., 4.20%, 10/15/30 | 175 |
| 250000 | Broadcom Inc., 4.90%, 7/15/32 | 256 |
| 250000 | Bubbles Bidco SpA, 6.50%, 9/30/31 EUR (d)(e) | 298 |
| 250000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (a) | 255 |
| 100000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.036%), 6.18%, 1/30/36 (c) | 104 |
| 470000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 4/27/29 (e) | 461 |
| 575000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (a) | 599 |
| 200000 | Cigna Group, 4.50%, 9/15/30 | 201 |
| 225000 | CITGO Petroleum Corp. 144A, 6.38%, 6/15/26 (a) | 225 |
| 220000 | Clean Harbors Inc. 144A, 5.75%, 10/15/33 (a) | 225 |
| 200000 | CoreWeave Inc. 144A, 9.00%, 2/01/31 (a) | 201 |
| 450000 | Corp. Inmobiliaria Vesta SAB de CV 144A, 5.50%, 1/30/33 (a) | 457 |
| 200000 | CRH America Finance Inc., 5.40%, 5/21/34 | 208 |
| 150000 | Currenta Group Holdings Sarl 144A, 5.50%, 5/15/30 EUR (a)(d) | 176 |

---

#### 113 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 200000 | Digicel International Finance Ltd./Difl U.S. LLC 144A, 8.63%, 8/01/32 (a) | $199 |
| 250000 | doValue SpA 144A, 5.38%, 11/15/31 EUR (a)(d) | 288 |
| 650000 | DTE Energy Co., 5.05%, 10/01/35 | 649 |
| 150000 | Duke Energy Carolinas LLC, 4.85%, 3/15/30 | 154 |
| 150000 | Edge Finco PLC, 8.13%, 8/15/31 GBP (d)(e) | 209 |
| 150000 | EMRLD Borrower LP/Emerald Co.-Issuer Inc. 144A, 6.75%, 7/15/31 (a) | 156 |
| 250000 | Energuate Trust 2 0 144A, 6.35%, 9/15/35 (a) | 251 |
| 175000 | EOG Resources Inc., 5.35%, 1/15/36 | 180 |
| 175000 | Ferrellgas LP/Ferrellgas Finance Corp. 144A, 9.25%, 1/15/31 (a) | 177 |
| 200000 | Fibra Soma Trust F/6185, 4.38%, 7/22/31 (e)(h) | 175 |
| 198101 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple, 7.25%, 1/31/41 (e) | 210 |
| 250000 | Fiesta Purchaser Inc. 144A, 9.63%, 9/15/32 (a) | 270 |
| 350000 | Fiserv Funding ULC, 2.88%, 6/15/28 EUR (d) | 403 |
| 325000 | Flutter Treasury DAC, 6.13%, 6/04/31 GBP (d) (e) | 432 |
| 325000 | Ford Motor Credit Co. LLC, 5.87%, 10/31/35 | 321 |
| 130000 | Freedom Mortgage Holdings LLC 144A, 9.13%, 5/15/31 (a) | 138 |
| 200000 | Frontier Communications Holdings LLC 144A, 5.00%, 5/01/28 (a) | 200 |
| 125000 | Galaxy Bidco Ltd., 8.13%, 12/19/29 GBP (d)(e) | 172 |
| 200000 | GDZ Elektrik Dagitim AS, 9.00%, 10/15/29 (e) | 196 |
| 150000 | General Motors Financial Co. Inc., 4.90%, 10/06/29 | 152 |
| 150000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (c) | 138 |
| 300000 | Grupo Energia Bogota SA ESP 144A, 5.75%, 10/22/35 (a) | 298 |
| 200000 | Grupo Nutresa SA 144A, 8.00%, 5/12/30 (a) | 215 |
| 275000 | Gruppo San Donato SpA 144A, 6.50%, 10/31/31 EUR (a)(d) | 326 |
| 300000 | HCA Inc., 4.90%, 11/15/35 | 297 |
| 175000 | Hewlett Packard Enterprise Co., 5.00%, 10/15/34 | 173 |
| 200000 | IHS Holding Ltd. 144A, 8.25%, 11/29/31 (a) | 209 |
| 300000 | Invitation Homes Operating Partnership LP, 4.95%, 1/15/33 | 301 |
| 150000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.435%), 5.10%, 4/22/31 (c) | 155 |
| 300000 | Kaiser Aluminum Corp. 144A, 5.88%, 3/01/34 (a) | 299 |
| 450000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%, 2/15/29 (a) | 472 |
| 350000 | Kier Group PLC, 9.00%, 2/15/29 GBP (d)(e) | 485 |
| 250000 | Liberty Costa Rica Senior Secured Finance, 10.88%, 1/15/31 (e) | 265 |
| 400000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 412 |
| 250000 | Madison IAQ LLC 144A, 5.88%, 6/30/29 (a) | 245 |
| 175000 | Marriott International Inc., 4.50%, 10/15/31 (h) | 175 |
| 250000 | Medco Cypress Tree Pte Ltd. 144A, 8.63%, 5/19/30 (a) | 265 |
| 200000 | Meta Platforms Inc., 4.20%, 11/15/30 | 200 |
| 225000 | Meta Platforms Inc., 5.50%, 11/15/45 | 223 |
| 240000 | Meta Platforms Inc., 5.63%, 11/15/55 | 238 |
| 190000 | Meta Platforms Inc., 5.75%, 11/15/65 | 189 |
| 400000 | Minerva Luxembourg SA, 8.88%, 9/13/33 (e) | 438 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 250000 | Morgan Stanley Private Bank N.A., (U.S. Secured Overnight Financing Rate + 1.080%), 4.73%, 7/18/31 (c) | $254 |
| 250000 | MPLX LP, 5.40%, 9/15/35 | 251 |
| 200000 | Novo Banco SA, (5 yr. Euro Swap + 6.714%), 9.88%, 12/01/33 EUR (c)(d)(e) | 270 |
| 200000 | Oceanica Lux, 13.00%, 10/02/29 (e) | 198 |
| 190000 | OHI Group SA 144A, 13.00%, 7/22/29 (a) | 196 |
| 250000 | Opal Bidco SAS 144A, 5.50%, 3/31/32 EUR (a) (d) | 299 |
| 375000 | Open Text Corp. 144A, 6.90%, 12/01/27 (a) | 391 |
| 200000 | Orbia Advance Corp. SAB de CV 144A, 7.50%, 5/13/35 (a) | 199 |
| 275000 | OVH Groupe SA, 4.75%, 2/05/31 EUR (d)(e) | 321 |
| 100000 | Petroleos Mexicanos, 3.63%, 11/24/25 EUR (d) (e) | 115 |
| 375000 | Petroleos Mexicanos, 6.35%, 2/12/48 | 301 |
| 275000 | Phoenix Aviation Capital Ltd. 144A, 9.25%, 7/15/30 (a) | 290 |
| 425000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (a) | 447 |
| 175000 | Quikrete Holdings Inc. 144A, 6.75%, 3/01/33 (a) | 182 |
| 225000 | QXO Building Products Inc. 144A, 6.75%, 4/30/32 (a) | 233 |
| 375000 | Saavi Energia Sarl, 8.88%, 2/10/35 (e) | 404 |
| 200000 | Sagax AB, 4.38%, 5/29/30 EUR (d)(e)(h) | 241 |
| 250000 | Sagax Euro Mtn NL BV, 0.75%, 1/26/28 EUR (d)(e) | 277 |
| 150000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.940%), 5.35%, 9/06/30 (c) | 153 |
| 450000 | SBA Tower Trust 144A, 6.60%, 1/15/28 (a) | 461 |
| 325000 | Scotiabank Peru SAA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.309%), 6.10%, 10/01/35 (a)(c)(h) | 338 |
| 400000 | Societe Generale SA, (3 mo. EURIBOR + 0.950%), 0.50%, 6/12/29 EUR (c)(d)(e) | 436 |
| 425000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (a) | 405 |
| 300000 | Standard Building Solutions Inc. 144A, 6.25%, 8/01/33 (a) | 306 |
| 350000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (a) | 374 |
| 200000 | Sumitomo Mitsui Trust Group Inc. 144A, (U.S. Secured Overnight Financing Rate + 1.650%), 5.42%, 9/11/36 (a)(c) | 203 |
| 350000 | Surgery Center Holdings Inc. 144A, 7.25%, 4/15/32 (a) | 361 |
| 130000 | Synopsys Inc., 5.00%, 4/01/32 | 133 |
| 165000 | Synopsys Inc., 5.15%, 4/01/35 | 168 |
| 300000 | TDF Infrastructure SASU, 4.13%, 10/23/31 EUR (d)(e) | 353 |
| 300000 | Tesco Corporate Treasury Services PLC, 3.38%, 5/06/32 EUR (d)(e) | 348 |
| 100000 | Toronto-Dominion Bank, 4.11%, 10/13/28 | 100 |
| 100000 | Toronto-Dominion Bank, 4.81%, 6/03/30 | 102 |
| 250000 | Turkiye Garanti Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.867%), 7.63%, 4/15/36 (a)(c) | 251 |
| 250000 | Uber Technologies Inc., 4.15%, 1/15/31 | 248 |
| 285000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (a) | 287 |
| 350000 | Viper Energy Partners LLC, 4.90%, 8/01/30 | 353 |
| 350000 | VISA, Inc., 2.25%, 5/15/28 EUR (d) | 402 |

---

Annual Financial Statements and Other Information **114** 

------

**Payden Managed Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 230000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.500%), 5.15%, 4/23/31 (c) (h) | $237 |
| 175000 | WMG Acquisition Corp. 144A, 3.75%, 12/01/29 (a) | 168 |
| 250000 | YPF SA 144A, 8.75%, 9/11/31 (a) | 257 |
| **Total Corporate Bond (Cost - $30,096)** | **Total Corporate Bond (Cost - $30,096)** | **30769** |
| **Foreign Government (15%)** | **Foreign Government (15%)** |  |
| 375000 | Albania Government International Bond 144A, 4.75%, 2/14/35 EUR (a)(d) | 445 |
| 450000 | Argentine Republic Government International Bond, 4.13%, 7/09/35 | 316 |
| 36000000 | Brazil Letras do Tesouro Nacional, 14.11%, 4/01/26 BRL (b)(d) | 6327 |
| 8000000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/31 BRL (d) | 1310 |
| 300000 | Costa Rica Government International Bond, 7.16%, 3/12/45 (e) | 330 |
| 275000 | Dominican Republic International Bond, 5.95%, 1/25/27 (e) | 279 |
| 350000 | Dominican Republic International Bond 144A, 5.88%, 10/28/35 (a) | 350 |
| 250000 | Egypt Government International Bond, 5.63%, 4/16/30 EUR (d)(e) | 281 |
| 375000 | Ghana Government International Bond 144A, 5.00%, 7/03/35 (a) | 324 |
| 300000 | Guatemala Government Bond 144A, 6.25%, 8/15/36 (a) | 317 |
| 250000 | Guatemala Government Bond, 6.55%, 2/06/37 (e) | 270 |
| 552500000 | Hungary Government Bond Series 30/A, 3.00%, 8/21/30 HUF (d) | 1421 |
| 400000 | Hungary Government International Bond Series 10Y, 4.50%, 6/16/34 EUR (d)(e) | 478 |
| 225000 | Ivory Coast Government International Bond, 8.08%, 4/01/36 (e) | 238 |
| 43310000 | Mexican Bonos Series M, 7.75%, 11/23/34 MXN (d)(h) | 2199 |
| 200000 | Nigeria Government International Bond, 10.38%, 12/09/34 (e) | 226 |
| 4000000 | Peru Government Bond 144A, 6.85%, 8/12/35 PEN (a)(d)(e) | 1255 |
| 16775000 | Republic of South Africa Government Bond Series 2035, 8.88%, 2/28/35 ZAR (d) | 970 |
| 375000 | Republic of Uzbekistan International Bond, 5.10%, 2/25/29 EUR (d)(e) | 450 |
| 250000 | Republic of Uzbekistan International Bond, 6.90%, 2/28/32 (e) | 272 |
| 130000 | Romanian Government International Bond 144A, 5.75%, 9/16/30 (a) | 133 |
| 200000 | Romanian Government International Bond 144A, 5.88%, 7/11/32 EUR (a)(d) | 241 |
| 200000 | Sri Lanka Government International Bond, 3.10%, 1/15/30 (e) | 189 |
| 225000 | Sri Lanka Government International Bond, 3.60%, 2/15/38 (e) | 208 |
| 200000 | Suriname Government International Bond 144A, 7.70%, 11/06/30 (a) | 201 |
| 200000 | Suriname Government International Bond 144A, 8.50%, 11/06/35 (a) | 206 |
| 459589 | Zambia Government International Bond, 5.75%, 6/30/33 (e) | 443 |
| **Total Foreign Government (Cost - $19,124)** | **Total Foreign Government (Cost - $19,124)** | **19679** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| **Mortgage Backed (35%)** | **Mortgage Backed (35%)** |  |
| 325000 | 1301 Trust 2025-1301 144A, 5.06%, 8/11/42 (a)(i) | $330 |
| 250000 | 1301 Trust 2025-1301 144A, 6.22%, 8/11/42 (a)(i) | 254 |
| 100000 | ACRE Commercial Mortgage Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.364%), 6.39%, 12/18/37 (a)(c) | 99 |
| 500000 | Acrec 2025 Fl LLC 2025-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.291%), 6.32%, 8/18/42 (a)(c) | 500 |
| 400000 | Arbor Realty Commercial Real Estate Notes LLC 2025-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.833%), 5.86%, 1/20/43 (a)(c) | 400 |
| 275000 | Arbor Realty Commercial Real Estate Notes LLC 2025-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 3.293%), 7.32%, 1/20/43 (a)(c) | 275 |
| 350000 | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 3.014%), 7.05%, 11/15/36 (a) (c) | 350 |
| 300000 | AREIT Ltd. 2025-CRE10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.542%), 5.58%, 1/17/30 (a)(c) | 300 |
| 320000 | ARES1 2024-IND2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.443%), 5.48%, 10/15/34 (a)(c) | 321 |
| 130000 | BDS LLC 2025-FL14 144A, (1 mo. Term Secured Overnight Financing Rate + 1.893%), 5.89%, 10/17/42 (a)(c) | 127 |
| 300000 | BDS LLC 2025-FL15 144A, (1 mo. Term Secured Overnight Financing Rate + 2.150%), 6.18%, 3/19/43 (a)(c) | 301 |
| 525000 | BFLD Commercial Mortgage Trust 2025-660F 144A, (1 mo. Term Secured Overnight Financing Rate + 1.800%), 5.76%, 11/15/42 (a)(c) | 527 |
| 275000 | BFLD Commercial Mortgage Trust 2025-660F 144A, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 6.71%, 11/15/42 (a)(c) | 276 |
| 625000 | Bravo Residential Funding Trust 2025-NQM10 144A, 4.87%, 9/25/65 (a)(i) | 624 |
| 500000 | BRAVO Residential Funding Trust 2024-NQM7 144A, 6.38%, 10/27/64 (a)(i) | 507 |
| 327373 | BRAVO Residential Funding Trust 2025-NQM6 144A, 5.59%, 6/25/65 (a) | 328 |
| 475000 | BRAVO Residential Funding Trust 2025-NQM6 144A, 6.03%, 6/25/65 (a)(i) | 480 |
| 555734 | BRAVO Residential Funding Trust 2025-NQM7 144A, 5.46%, 7/25/65 (a) | 560 |
| 387531 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.114%), 6.15%, 9/15/36 (a)(c) | 387 |
| 287485 | BX Commercial Mortgage Trust 2025-BCAT 144A, (1 mo. Term Secured Overnight Financing Rate + 1.380%), 5.41%, 8/15/42 (a)(c) | 288 |
| 311443 | BX Commercial Mortgage Trust 2025-BCAT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.650%), 6.68%, 8/15/42 (a)(c) | 314 |
| 550000 | BX Mortgage Trust 2025-BIO3 144A, 6.56%, 2/10/42 (a) | 566 |
| 460000 | BX Trust 2023-LIFE 144A, 5.39%, 2/15/28 (a) | 451 |

---

#### 115 Payden Mutual Funds

------

**Payden Managed Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 500000 | BX Trust 2023-DELC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 6.72%, 5/15/38 (a)(c) | $501 |
| 425000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.893%), 5.92%, 3/15/42 (a)(c) | 426 |
| 300000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 2.192%), 6.22%, 3/15/42 (a)(c) | 300 |
| 300000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 2.592%), 6.62%, 3/15/42 (a)(c) | 300 |
| 300000 | BX Trust 2025-VLT7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.700%), 5.73%, 7/15/44 (a)(c) | 302 |
| 400000 | BX Trust 2025-VLT7 144A, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.28%, 7/15/44 (a)(c) | 403 |
| 425000 | Century Plaza Towers 2019-CPT 144A, 3.00%, 11/13/39 (a)(i) | 376 |
| 244530 | COLT Mortgage Loan Trust 2025-8 144A, 5.48%, 8/25/70 (a) | 247 |
| 366795 | COLT Mortgage Loan Trust 2025-8 144A, 5.89%, 8/25/70 (a) | 370 |
| 550000 | COMM Mortgage Trust 2025-SBX 144A, 5.84%, 8/10/41 (a)(i) | 553 |
| 650000 | Connecticut Avenue Securities Series 2025- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.500%), 5.68%, 1/25/45 (a)(c) | 651 |
| 254193 | Connecticut Avenue Securities Trust 2019- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.864%), 8.05%, 9/25/39 (a)(c) | 260 |
| 800000 | Connecticut Avenue Securities Trust 2021-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.18%, 10/25/41 (a)(c) | 832 |
| 925000 | Connecticut Avenue Securities Trust 2021-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.200%), 10.38%, 11/25/41 (a)(c) | 966 |
| 825000 | Connecticut Avenue Securities Trust 2022-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.18%, 12/25/41 (a)(c) | 864 |
| 1075000 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 8.68%, 1/25/42 (a)(c) | 1116 |
| 500000 | Connecticut Avenue Securities Trust 2022- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.500%), 7.68%, 3/25/42 (a)(c) | 517 |
| 200000 | Connecticut Avenue Securities Trust 2022-R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.500%), 13.68%, 3/25/42 (a)(c) | 220 |
| 200000 | Connecticut Avenue Securities Trust 2022-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.850%), 14.03%, 3/25/42 (a)(c) | 222 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 500000 | Connecticut Avenue Securities Trust 2022- R09 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.750%), 8.93%, 9/25/42 (a)(c) | $532 |
| 1300000 | Connecticut Avenue Securities Trust 2023- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.900%), 8.08%, 4/25/43 (a)(c) | 1374 |
| 387018 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.18%, 2/25/45 (a)(c) | 388 |
| 450000 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.78%, 2/25/45 (a)(c) | 451 |
| 575000 | Cross Mortgage Trust 2024-H8 144A, 6.32%, 12/25/69 (a)(i) | 583 |
| 512299 | Cross Mortgage Trust 2025-H6 144A, 5.18%, 7/25/70 (a)(i) | 513 |
| 565421 | Cross Mortgage Trust 2025-H7 144A, 4.93%, 9/25/70 (a)(i) | 564 |
| 491670 | Cross Mortgage Trust 2025-H7 144A, 5.29%, 9/25/70 (a) | 491 |
| 350000 | DBC Mortgage Trust 2025-DBC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.350%), 5.40%, 6/15/38 (a)(c) | 351 |
| 500000 | DBC Mortgage Trust 2025-DBC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.600%), 5.65%, 6/15/38 (a)(c) | 501 |
| 375000 | DBC Mortgage Trust 2025-DBC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.050%), 6.10%, 6/15/38 (a)(c) | 377 |
| 335000 | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (a) | 346 |
| 400000 | DGWD Trust 2025-INFL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.600%), 5.63%, 8/15/35 (a)(c) | 402 |
| 325000 | Durst Commercial Mortgage Trust 2025-151 144A, 5.82%, 8/10/42 (a)(i) | 332 |
| 400000 | Durst Commercial Mortgage Trust 2025-151 144A, 6.79%, 8/10/42 (a)(i) | 413 |
| 375000 | Extended Stay America Trust 2025-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 2.600%), 6.75%, 10/15/42 (a)(c) | 379 |
| 180000 | Extended Stay America Trust 2025-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 4.100%), 8.25%, 10/15/42 (a)(c) | 182 |
| 123443 | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 16.55%, 9/25/28 (c) | 128 |
| 49278 | Fannie Mae Connecticut Avenue Securities 2016-C03, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.05%, 10/25/28 (c) | 52 |
| 97996 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 14.55%, 1/25/29 (c) | 104 |
| 297454 | Freddie Mac STACR Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.80%, 5/25/28 (c) | 299 |

---

#### 116 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 1075000 | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.350%), 7.53%, 9/25/41 (a)(c) | $1093 |
| 425000 | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.250%), 10.43%, 9/25/41 (a)(c) | 441 |
| 650000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 7.800%), 11.98%, 11/25/41 (a)(c) | 690 |
| 300000 | Freddie Mac STACR REMIC Trust 2021-HQA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.750%), 7.93%, 12/25/41 (a)(c) | 308 |
| 500000 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.750%), 7.93%, 2/25/42 (a)(c) | 517 |
| 350000 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.750%), 8.93%, 2/25/42 (a)(c) | 365 |
| 525000 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 8.500%), 12.68%, 2/25/42 (a)(c) | 568 |
| 950000 | Freddie Mac STACR REMIC Trust 2022-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 7.000%), 11.18%, 3/25/42 (a)(c) | 1022 |
| 650000 | Freddie Mac STACR REMIC Trust 2022-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.350%), 8.53%, 4/25/42 (a)(c) | 681 |
| 108576 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.03%, 11/25/43 (a)(c) | 109 |
| 250000 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.350%), 7.53%, 11/25/43 (a)(c) | 264 |
| 625000 | Freddie Mac STACR REMIC Trust 2024-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.13%, 2/25/44 (a)(c) | 632 |
| 350000 | Freddie Mac STACR REMIC Trust 2024-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.18%, 3/25/44 (a)(c) | 354 |
| 725000 | Freddie Mac STACR REMIC Trust 2021-DNA6 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 7.500%), 11.68%, 10/25/41 (a)(c) | 764 |
| 600000 | FS Rialto Issuer LLC 2025-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.385%), 5.42%, 8/19/42 (a)(c) | 600 |
| 400000 | Greystone CRE Notes HC-4 LLC 2025-HC4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.784%), 5.93%, 10/15/42 (a)(c) | 400 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| 246313 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 3.640%), 7.67%, 10/15/41 (a)(c) | $248 |
| 528574 | JP Morgan Mortgage Trust Series 2025-NQM1 144A, 5.59%, 6/25/65 (a) | 534 |
| 300000 | KREF 2022-FL3 Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.800%), 6.80%, 2/17/39 (a)(c) | 299 |
| 375000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.33%, 5/15/39 (a)(c) | 363 |
| 241708 | MCR Mortgage Trust 2024-HTL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.758%), 5.79%, 2/15/37 (a)(c) | 242 |
| 525000 | MF1 2024-FL16 144A, (1 mo. Term Secured Overnight Financing Rate + 1.541%), 5.57%, 11/18/39 (a)(c) | 526 |
| 225000 | NYC Commercial Mortgage Trust 2025-28L 144A, 5.01%, 11/05/38 (a)(i) | 225 |
| 330359 | OBX Trust 2025-NQM7 144A, 5.56%, 5/25/55 (a) | 334 |
| 400000 | OBX Trust 2023-NQM4 144A, 7.09%, 3/25/63 (a)(c)(i) | 402 |
| 147425 | OBX Trust 2024-NQM12 144A, 5.83%, 7/25/64 (a) | 148 |
| 355617 | OBX Trust 2025-NQM5 144A, 5.52%, 3/25/65 (a) | 357 |
| 396639 | OBX Trust 2025-NQM6 144A, 5.96%, 3/25/65 (a) | 401 |
| 825000 | OBX Trust 2025-NQM19 144A, 4.87%, 10/25/65 (a)(i) | 823 |
| 900000 | Palisades Center Trust 2016-PLSD 144A, 3.36%, 4/13/33 (a)(j) |  |
| 475000 | SCG Trust 2025-SNIP 144A, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 5.53%, 9/15/42 (a)(c) | 476 |
| 775000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.443%), 5.48%, 2/15/42 (a)(c) | 771 |
| 275000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 2.641%), 6.67%, 2/15/42 (a)(c) | 274 |
| 250000 | TRTX Issuer Ltd. 2025-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 2.650%), 0.00%, 6/18/43 (a)(b)(c) | 251 |
| 275000 | UK Logistics DAC 2025-2A 144A, (Sterling Overnight Index Average + 1.650%), 0.01%, 8/17/35 GBP (a)(b)(c)(d) | 362 |
| 300000 | UK Logistics DAC 2025-2A 144A, (Sterling Overnight Index Average + 1.330%), 0.01%, 8/17/35 GBP (a)(b)(c)(d) | 395 |
| 444030 | Verus Securitization Trust 2025-8 144A, 5.22%, 9/25/70 (a) | 443 |
| 400000 | VRTX Trust 2025-HQ 144A, 5.92%, 8/05/42 (a)(i) | 407 |
| 350000 | VTR Commercial Mortgage Trust 2025-STEM 144A, 5.50%, 10/13/39 (a)(i) | 352 |
| 275000 | VTR Commercial Mortgage Trust 2025-STEM 144A, 6.71%, 10/13/39 (a)(i) | 277 |
| 200000 | Wells Fargo Commercial Mortgage Trust 2024- MGP 144A, (1 mo. Term Secured Overnight Financing Rate + 2.939%), 6.97%, 8/15/41 (a)(c) | 200 |

---

Annual Financial Statements and Other Information **117** 

------

**Payden Managed Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 7494932 | Wells Fargo Commercial Mortgage Trust 2018- C46, 0.90%, 8/15/51 (i) | $124 |
|  **Total Mortgage Backed (Cost - $45,657)** | **Total Mortgage Backed (Cost - $45,657)** | 44795 |
|  **U.S. Treasury (1%)** | **U.S. Treasury (1%)** |  |
| 1150000 | U.S. Treasury Note, 3.88%, 7/31/27<br> **(Cost - $1,158)** | 1155 |
|  **Stock (0%)** | **Stock (0%)** |  |
|  **Private Equity (0%)** | **Private Equity (0%)** |  |
| 2854 | Luxco 3 Restructuring (d)<br>**(Cost - $–)** | 48 |
|  **Rights (0%)** | **Rights (0%)** |  |
| 271 | Altice France CVR (d)(k)<br>**(Cost - $–)** | 4 |
|  **Total Stock (Cost - $–)** | **Total Stock (Cost - $–)** | 52 |
|  **Investment Company (4%)** | **Investment Company (4%)** |  |
| 2021500 | Payden Cash Reserves Money Market Fund\* | 2021 |
| 397140 | Payden Emerging Markets Local Bond Fund, SI Class\* | 3869 |
|  **Total Investment Company (Cost - $5,746)** | **Total Investment Company (Cost - $5,746)** | 5890 |
|  **Purchase Options (0%)** | **Purchase Options (0%)** |  |
|  **Total Purchase Options (Cost - $59)** | **Total Purchase Options (Cost - $59)** | 28 |
|  **Total Investments, Before Written Options<br>(Cost - $130,629) (102%)** | **Total Investments, Before Written Options<br>(Cost - $130,629) (102%)** | 130602 |
|  **Written Options (0%)** | **Written Options (0%)** |  |
|  **Total Written Options (Cost - $(8))** | **Total Written Options (Cost - $(8))** | (8) |
|  **Total Investments (Cost - $130,621) (102%)** | **Total Investments (Cost - $130,621) (102%)** | 130594 |
|  **Liabilities in excess of Other Assets (-2%)** | **Liabilities in excess of Other Assets (-2%)** | (3182) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $127412 |

---

\* Affiliated investment.

(a) Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

(b) Yield to maturity at time of purchase.

(c) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

(d) Principal in foreign currency.

(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, 2025. 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) All or a portion of these securities are on loan. At October 31, 2025, the total market value of the Fund's securities on loan is $1,037 and the total market value of the collateral held by the Fund is $1,106. Amounts in 000s.

(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.

(j) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(k) Non-income producing

#### Purchase Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000s)** | **Exercise<br>Price** | **Maturity<br>Date** | **Value<br>(000s)** | **Call/Put** |
|  **Exchange Traded Options Purchase - 0.0%** |  |  |  |  |  |  |
|  Energy Select Sector SPDR Fund | 335 | $4 | $75 | 11/21/2025 | $4 | Put |
|  S&P 500 Emini | 6 | 24 | 6800 | 11/28/2025 | 24 | Put |
|  **Total Purchase Options** |  |  |  |  | $28 |  |

---

#### Written Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000s)** | **Exercise<br>Price** | **Maturity<br>Date** | **Value<br>(000s)** | **Call/Put** |
|  **Exchange Traded Options Purchase - 0.0%** |  |  |  |  |  |  |
|  S&P 500 Emini | 6 | (8) | 6500 | 11/28/2025 | $(8) | Put |

---

#### 118 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000s)  | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Assets:** |  |  |  |  |
|  AUD 7,536 | USD 4,913 | HSBC Bank USA, N.A. | 11/20/2025 | $19 |
|  USD 1,353 | GBP 1,002 | BNP PARIBAS | 11/20/2025 | 37 |
|  USD 6,461 | BRL 36,000 | BNP PARIBAS | 04/07/2026 | 8 |
|  USD 79 | AUD 119 | HSBC Bank USA, N.A. | 11/20/2025 | 1 |
|  USD 2,685 | CHF 2,134 | HSBC Bank USA, N.A. | 11/20/2025 | 27 |
|  USD 1,358 | EUR 1,157 | HSBC Bank USA, N.A. | 11/20/2025 | 23 |
|  USD 3,566 | GBP 2,662 | HSBC Bank USA, N.A. | 11/20/2025 | 69 |
|  USD 1,768 | JPY 264,400 | HSBC Bank USA, N.A. | 11/20/2025 | 49 |
|  USD 1,384 | NOK 13,560 | HSBC Bank USA, N.A. | 11/20/2025 | 45 |
|  USD 584 | CAD 801 | Morgan Stanley | 03/18/2026 | 9 |
|  USD 11,909 | EUR 10,062 | Morgan Stanley | 03/18/2026 | 226 |
|  USD 2,475 | GBP 1,833 | Morgan Stanley | 03/18/2026 | 66 |
|  |  |  |  | 579 |
|  **Liabilities:** |  |  |  |  |
|  CAD 420 | USD 303 | Morgan Stanley | 03/18/2026 | (2) |
|  EUR 1,374 | USD 1,613 | HSBC Bank USA, N.A. | 11/20/2025 | (28) |
|  EUR 1,830 | USD 2,155 | Morgan Stanley | 03/18/2026 | (30) |
|  GBP 3,664 | USD 4,934 | HSBC Bank USA, N.A. | 11/20/2025 | (121) |
|  JPY 591,200 | USD 4,033 | HSBC Bank USA, N.A. | 11/20/2025 | (189) |
|  NOK 13,560 | USD 1,347 | HSBC Bank USA, N.A. | 11/20/2025 | (8) |
|  USD 1,258 | COP 5,119,515 | Barclays Bank PLC | 11/19/2025 | (66) |
|  USD 63 | BRL 350 | BNP PARIBAS | 11/19/2025 | (1) |
|  USD 807 | HUF 272,539 | BNP PARIBAS | 11/20/2025 | (2) |
|  USD 1,170 | PEN 4,139 | BNP PARIBAS | 11/20/2025 | (58) |
|  USD 1,261 | ZAR 22,140 | BNP PARIBAS | 11/20/2025 | (14) |
|  USD 2,222 | MXN 41,437 | HSBC Bank USA, N.A. | 11/20/2025 | (3) |
|  ZAR 5,437 | USD 316 | BNP PARIBAS | 11/20/2025 | (3) |
|  |  |  |  | (525) |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  | $54 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  Long Contracts: |  |  |  |  |  |
|  3 Month SOFR Future | 114 | Dec-26 | $27589 | $9 | $9 |
|  U.S. 10-Year Ultra Future | 32 | Dec-25 | 3696 | (19) | (19) |
|  U.S. Treasury 10-Year Note Future | 71 | Dec-25 | 8000 | (77) | (77) |
|  U.S. Treasury 5-Year Note Future | 113 | Dec-25 | 12341 | (23) | (23) |
|  |  |  |  |  | (110) |
|  **Short Contracts:** |  |  |  |  |  |
|  Euro-Bobl Future | 22 | Dec-25 | (2999) | (13) | (13) |
|  Euro-Bund Future | 25 | Dec-25 | (3729) | (47) | (47) |
|  Euro-Schatz Future | 19 | Dec-25 | (2345) | (1) | (1) |
|  Long Gilt Future | 2 | Dec-25 | (246) | (8) | (8) |
|  U.S. Long Bond Future | 24 | Dec-25 | (2816) | (31) | (31) |
|  U.S. Treasury 2-Year Note Future | 88 | Dec-25 | (18325) | 26 | 26 |
|  U.S. Ultra Bond Future | 38 | Dec-25 | (4609) | (103) | (103) |
|  |  |  |  |  | (177) |
|  **Total Futures** |  |  |  |  | $(287) |

---

Annual Financial Statements and Other Information **119** 

------

**Payden Managed Income Fund** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Open Centrally Cleared Credit Default Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation<br>(000s) |
|  Protection Sold (Relevant Credit:Markit CDX, North |  |  |  |  |  |
|  America High Yield Series 45 Index), Pay 5.00% Quarterly, |  |  |  |  |  |
|  Receive upon credit default | 12/20/2030 | $2600 | $203 | $187 | $16 |

---

#### 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 Liabilities<sup>1</sup> | $1037 |
|  Non-cash Collateral<sup>2</sup> | (1037) |
|  Net Amount | $— |

---

<sup>1</sup> The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis. 

<sup>2</sup> At October 31, 2025, 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.* 

#### 120 Payden Mutual Funds

------

#### Payden Equity Income Fund
**Schedule of Investments** *- October 31, 2025*

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
|  **Corporate Bond (2%)** | **Corporate Bond (2%)** |  |
| 10300000 | Citigroup Inc. FF, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.726%), 6.95% (a)(b) | $10609 |
| 5700000 | Huntington Bancshares Inc. K, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.653%), 6.25% (a)(b) | 5654 |
| 2800000 | Land O' Lakes Inc. 144A, 7.00% (a)(c) | 2438 |
|  **Total Corporate Bond (Cost - $19,097)** | **Total Corporate Bond (Cost - $19,097)** | 18701 |
|  **Common Stock (91%)** | **Common Stock (91%)** |  |
|  **Communication (9%)** | **Communication (9%)** |  |
| 165800 | Alphabet Inc., Class A | 46621 |
| 211600 | Corning Inc. | 18849 |
| 17600 | Meta Platforms Inc., Class A | 11411 |
| 33400 | T-Mobile U.S. Inc. | 7016 |
| 313000 | Verizon Communications Inc. | 12439 |
|  |  | 96336 |
|  **Consumer Discretionary (8%)** | **Consumer Discretionary (8%)** |  |
| 114900 | Amazon.com Inc. (d) | 28061 |
| 1500 | Booking Holdings Inc. | 7617 |
| 78800 | Lennar Corp., Class A | 9753 |
| 34200 | McDonald's Corp. | 10206 |
| 125400 | TJX Cos. Inc. | 17573 |
|  |  | 73210 |
|  **Consumer Staple (6%)** | **Consumer Staple (6%)** |  |
| 9500 | Costco Wholesale Corp. | 8659 |
| 334300 | Koninklijke Ahold Delhaize NV (e) | 13683 |
| 105100 | PepsiCo Inc. | 15354 |
| 64400 | Procter & Gamble Co. | 9684 |
| 179400 | Walmart Inc. | 18152 |
|  |  | 65532 |
|  **Energy (3%)** | **Energy (3%)** |  |
| 98900 | Chevron Corp. | 15598 |
| 212000 | Coterra Energy Inc. | 5016 |
| 106200 | Valero Energy Corp. | 18007 |
|  |  | 38621 |
|  **Financial (23%)** | **Financial (23%)** |  |
| 25800 | American Express Co. | 9307 |
| 1434000 | Aviva PLC (e) | 12595 |
| 550900 | Bank of America Corp. | 29446 |
| 20500 | Blackrock Inc. | 22198 |
| 234800 | Fifth Third Bancorp | 9772 |
| 143700 | JPMorgan Chase & Co. | 44708 |
| 98200 | MetLife Inc. | 7838 |
| 165300 | Morgan Stanley | 27109 |
| 87400 | Nasdaq Inc. | 7472 |
| 2058000 | NatWest Group PLC (e) | 15789 |
| 15700 | S&P Global Inc. | 7649 |
| 46400 | Visa Inc., Class A | 15810 |
| 332400 | Wells Fargo & Co. | 28909 |
|  |  | 238602 |
|  **Healthcare (11%)** | **Healthcare (11%)** |  |
| 54700 | AbbVie Inc. | 11927 |
| 37000 | Cigna Group | 9043 |
| 248700 | CVS Health Corp. | 19436 |
| 90200 | Gilead Sciences Inc. | 10805 |
| 64900 | Johnson & Johnson | 12258 |
| 19200 | McKesson Corp. | 15578 |
| 188500 | Merck & Co. Inc. | 16207 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value (000) |
| 194500 | Pfizer Inc. | $4794 |
| 85900 | Quest Diagnostics Inc. | 15114 |
| 27500 | Stryker Corp. | 9797 |
|  |  | 124959 |
|  **Industrial (10%)** | **Industrial (10%)** |  |
| 139900 | AECOM | 18795 |
| 22000 | Cummins Inc. | 9629 |
| 32900 | Eaton Corp. PLC | 12553 |
| 83700 | General Electric Co. | 25859 |
| 73100 | ITT Inc. | 13529 |
| 88300 | Jacobs Solutions Inc. | 13758 |
| 76400 | RTX Corp. | 13637 |
| 52100 | Vinci SA (e) | 6960 |
|  |  | 114720 |
|  **Material (2%)** | **Material (2%)** |  |
| 160200 | CRH PLC | 19080 |
|  **Technology (12%)** | **Technology (12%)** |  |
| 64900 | Analog Devices Inc. | 15195 |
| 25300 | Broadcom Inc. | 9352 |
| 253900 | Cisco Systems Inc. | 18563 |
| 59900 | International Business Machines Corp. | 18414 |
| 26100 | Microsoft Corp. | 13515 |
| 78800 | Oracle Corp. | 20694 |
| 218600 | SS&C Technologies Holdings Inc. | 18563 |
| 44500 | Texas Instruments Inc. | 7185 |
|  |  | 121481 |
|  **Utility (7%)** |  |  |
| 365900 | Dominion Energy Inc. | 21475 |
| 229800 | Duke Energy Corp. | 28564 |
| 344800 | Exelon Corp. | 15902 |
| 470900 | SSE PLC (e) | 11853 |
|  |  | 77794 |
|  **Total Common Stock** | **Total Common Stock** | 970335 |
|  **Master Limited Partnership (2%)** | **Master Limited Partnership (2%)** |  |
| 730100 | Energy Transfer LP | 12288 |
| 408900 | Enterprise Products Partners LP | 12590 |
|  **Total Master Limited Partnership** | **Total Master Limited Partnership** | 24878 |
|  **Real Estate Investment Trust (4%)** | **Real Estate Investment Trust (4%)** |  |
| 372100 | Annaly Capital Management Inc. | 7877 |
| 346500 | Kimco Realty Corp. | 7159 |
| 93500 | Prologis Inc. | 11603 |
| 74000 | Simon Property Group Inc. | 13006 |
|  **Total Real Estate Investment Trust** | **Total Real Estate Investment Trust** | 39645 |
|  **Total Stock (Cost - $819,903)** | **Total Stock (Cost - $819,903)** | 1034858 |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| 11684253 | Payden Cash Reserves Money Market Fund\* |  |
|  | (Cost - $11,684) | 11684 |
|  **Total Investments (Cost - $850,684) (100%)** | **Total Investments (Cost - $850,684) (100%)** | 1065243 |
|  **Other Assets, net of Liabilities (0%)** | **Other Assets, net of Liabilities (0%)** | 3459 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $1068702 |

---

Annual Financial Statements and Other Information **121** 

------

**Payden Equity Income Fund** continued

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. The rate shown reflects the rate in effect at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;(e) Principal in foreign currency.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Assets:** |  |  |  |  |
|  USD 26,286 | EUR 22,156 | Morgan Stanley | 03/18/2026 | $561 |
|  USD 42,201 | GBP 31,191 | Morgan Stanley | 03/18/2026 | 1224 |
|  |  |  |  | 1785 |
|  **Liabilities:** |  |  |  |  |
|  EUR 3,794 | USD 4,514 | Morgan Stanley | 03/18/2026 | (109) |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  | $1676 |

---

*See notes to financial statements.* 

#### 122 Payden Mutual Funds

------

#### Statements of Assets and Liabilities
*October 31, 2025* 

(a) Payden Limited Maturity Fund, Payden Low Duration Fund, Payden Core Bond Fund, Payden Corporate Bond Fund, Payden Strategic Income Fund, Payden Absolute Return Bond Fund and Payden Floating Rate Fund Adviser Class's Net Asset Value Per Share are calculated using unrounded net assets $7,621.64, $110.73, $1,275,651.89, $6,588.22, $113.55, $32,629.16 and $53,251.43 divided by unrounded shares 798.92, 11.20, 136,093.73, 655.00, 11.72, 3,446.88 and 5,522.91 respectively. Payden Securitized Income Fund and Payden Managed Income Fund, Investor Class's and Retirement Class's Net Asset Value Per Share are calculated using unrounded net assets $2,454,545.68 and $35,801,665.28 divided by unrounded shares 244,454.00 and 3,814,677.72 respectively.

Annual Financial Statements and Other Information **123** 

------

**Statements of Assets and Liabilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*October 31, 2025*

*Numbers in 000s*

---

| | | | |
|:---|:---|:---|:---|
|  | **Payden Cash Reserves<br>Money Market**<br>**Fund** | **Payden<br>Limited<br>Maturity<br>Fund** | **Payden<br>Low Duration<br>Fund** |
|  **ASSETS:** |  |  |  |
|  Investments, at value\* | $262203 | $2065279 | $795279 |
|  Affiliated investments, at value\*\* |  | 47095 | 13658 |
|  Repurchase agreements, at value\*\*\* | 141000 |  |  |
|  Foreign cash\*\*\*\* |  | 1 | 2 |
|  Cash |  |  | 430 |
|  Cash pledged for financial futures contracts |  |  | 1652 |
|  Cash pledged for centrally cleared swaps |  |  |  |
|  Cash pledged for foreign currency |  |  |  |
|  Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 214 | 10403 | 6026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 7 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 846 | 10209 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  | 48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  |  |  |
|  Receivable from Advisor (Note 3) |  |  |  |
|  Other assets | 1113 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 405376 | 2133062 | 817278 |
|  **LIABILITIES:** |  |  |  |
|  Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft |  | 107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 19751 | 19351 | 11401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 817 | 1408 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax liability |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written\*\*\*\*\* |  |  |  |
|  Distributions payable | 906 | 488 | 328 |
|  Liability for securities on loan (Note 2) |  | 7612 | 116 |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3) | 7 | 15 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 3) | 52 | 267 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Notes 3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 20 | 99 | 39 |
|  Other liabilities | 61 | 389 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 21614 | 29741 | 12667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $383762 | $2103321 | $804611 |
|  **NET ASSETS:** |  |  |  |
|  Paid in capital | $383781 | $2094354 | $844206 |
|  Distributable earnings (loss) | (19) | 8967 | (39595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $383762 | $2103321 | $804611 |
|  NET ASSET VALUE — offering and redemption price per share in whole dollars |  |  |  |
|  Investor Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $383762 | $621994 | $455502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 383773 | 65047 | 46129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $1.00 | $9.56 | $9.87 |
|  SI Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  | $1481320 | $349109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  | 154876 | 35357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  | $9.56 | $9.87 |
|  Adviser Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  | $7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  | $9.54 (a) | $9.89 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> \* Investments, at cost | $262203 | $2055629 | $792204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* Affiliated investments, at cost |  | 47834 | 13658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\*\* Repurchase agreements, at cost | 141000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\* Foreign cash, at cost |  | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*\* Options written, at cost |  |  |  |

---

*See notes to financial statements*.** 

#### 124 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payden U.S.<br>Government<br>Fund** | **Payden<br>GNMA<br>Fund** | **Payden**<br>**Core Bond<br>Fund** | **Payden<br>Corporate Bond<br>Fund** | **Payden<br>Strategic Income<br>Fund** | **Payden<br>Absolute Return<br>Bond Fund** | **Payden<br>Securitized Income<br>Fund** |
| $61832 | $106219 | $860638 | $402714 | $153997 | $622396 | $112677 |
| 1271 | 1473 | 45443 | 16885 | 11878 | 27779 | 3653 |
|  |  | 5610 |  | 2388 | 2318 | 32 |
| 1 |  |  |  |  | 1273 |  |
| 195 | 157 | 3024 | 512 | 152 | 2672 | 34 |
|  |  | 1072 |  | 46 | 375 |  |
|  |  |  |  |  | 590 |  |
| 467 | 310 | 6110 | 4463 | 1394 | 3604 | 324 |
| 30 |  | 3240 |  |  | 18778 |  |
| 1 | 1 | 5287 | 179 | 4186 | 20 | 2292 |
|  |  |  | 30 | 5 | 124 |  |
|  |  | 324 |  | 199 | 2970 | 79 |
|  |  | 70 |  | 13 |  |  |
| 1 |  |  |  |  |  | 9 |
| 9 | 3 | 23 | 7 | 13 | 23 | 13 |
| 63807 | 108163 | 930841 | 424790 | 174271 | 682922 | 119113 |
|  |  | 31 | 48 | 3 |  | 3 |
|  |  |  |  |  | 2048 |  |
|  | 20361 | 20027 | 3832 | 1082 | 38458 | 10667 |
| 11 | 58 |  | 36 | 1 | 1316 |  |
| 1 | 2 | 286 | 32 | 10 | 46 |  |
|  |  |  |  |  | 4 |  |
|  |  |  |  |  | 231 |  |
| 164 | 146 |  |  |  |  |  |
|  |  | 8896 | 5788 | 1978 | 439 |  |
|  | 2 | 126 | 124 | 16 | 119 |  |
| 8 | 11 | 114 | 53 | 20 | 83 | 13 |
|  |  | 1 |  |  |  |  |
| 3 | 4 | 42 | 19 | 8 | 31 | 4 |
| 72 | 90 | 205 | 163 | 109 | 206 | 86 |
| 259 | 20674 | 29728 | 10095 | 3227 | 42981 | 10773 |
| $63548 | $87489 | $901113 | $414695 | $171044 | $639941 | $108340 |
| $72738 | $141801 | $1051249 | $457856 | $179674 | $685831 | $108074 |
| (9190) | (54312) | (150136) | (43161) | (8630) | (45890) | 266 |
| $63548 | $87489 | $901113 | $414695 | $171044 | $639941 | $108340 |
| $63548 | $87489 | $274838 | $191121 | $94201 | $148782 | $2454 |
| 6666 | 11256 | 29318 | 19166 | 9683 | 15733 | 244 |
| $9.53 | $7.77 | $9.37 | $9.97 | $9.73 | $9.46 | $10.04 (a) |
|  |  | $624999 | $223567 | $76843 | $491126 | $105886 |
|  |  | 66736 | 22425 | 7900 | 51860 | 10550 |
|  |  | $9.37 | $9.97 | $9.73 | $9.47 | $10.04 |
|  |  | $1276 | $7 |  | $33 |  |
|  |  | 136 | 1 |  | 3 |  |
|  |  | $9.37 (a) | $10.06 (a) | $9.69 (a) | $9.47 (a) |  |
| $61728 | $108660 | $867634 | $410959 | $154159 | $623934 | $112497 |
| 1271 | 1473 | 44751 | 16657 | 11777 | 27001 | 3653 |
|  |  | 5760 |  | 2388 | 2327 | 32 |
|  |  |  |  |  | (334) |  |

---

*See notes to financial statements*.** 

Annual Financial Statements and Other Information **125** 

------

**Statements of Assets and Liabilities** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*October 31, 2025*

*Numbers in 000s*

---

| | | | |
|:---|:---|:---|:---|
|  | **Payden<br>Floating Rate<br>Fund** | **Payden**<br>**High Income<br>Fund** | **Payden<br>California Municipal<br>Social Impact**<br>**Fund** |
|  **ASSETS:** |  |  |  |
|  Investments, at value\* | $128479 | $972302 | $254249 |
|  Affiliated investments, at value\*\* | 126 | 73474 | 4803 |
|  Foreign cash\*\*\* | 14 | 12070 |  |
|  Cash | 59 | 46 |  |
|  Cash pledged for financial futures contracts |  | 615 |  |
|  Cash pledged for centrally cleared swaps |  | 610 |  |
|  Cash pledged for OTC derivatives |  |  |  |
|  Cash pledged for foreign currency |  | 850 |  |
|  Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 672 | 14616 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5872 |  | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 330 | 8354 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 14 | 383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  |  |  |
|  Receivable from Advisor (Note 3) |  |  |  |
|  Other assets | 38 | 80 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 135604 | 1083400 | 263920 |
|  **LIABILITIES:** |  |  |  |
|  Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2151 | 20013 | 7800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 19 | 664 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax liability |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  | 1662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written\*\*\*\*\* |  |  |  |
|  Distributions payable |  |  | 173 |
|  Liability for securities on loan (Note 2) |  | 19250 |  |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3) | 20 | 261 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 3) | 18 | 130 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Notes 3) |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 7 | 60 | 11 |
|  Other liabilities | 121 | 169 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2336 | 42221 | 8372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $133268 | $1041179 | $255548 |
|  **NET ASSETS:** |  |  |  |
|  Paid in capital | $143873 | $1080984 | $254178 |
|  Distributable earnings (loss) | (10605) | (39805) | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $133268 | $1041179 | $255548 |
|  NET ASSET VALUE — offering and redemption price per share in whole dollars |  |  |  |
|  Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  |  |  |
|  Investor Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $54284 | $245580 | $255189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 5636 | 19271 | 25515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $9.63 | $12.74 | $10.00 |
|  SI Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $78931 | $788024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 8189 | 61989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $9.64 | $12.71 |  |
|  Adviser Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $53 | $7575 | $359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 6 | 592 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $9.64 (a) | $12.80 | $9.97 |
|  Retirement Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  |  |  |
|  <br> \* Investments, at cost | $128819 | $959534 | $248204 |
|  \*\* Affiliated investments, at cost | 126 | 73474 | 4803 |
|  \*\*\* Foreign cash, at cost | 14 | 12322 |  |
|  \*\*\*\*\* Options written, at cost |  |  |  |

---

*See notes to financial statements*.** 

#### 126 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payden<br>Global Low<br>Duration Fund** | **Payden Global<br>fixed Income<br>Fund** | **Payden Emerging<br>Markets Bond<br>Fund** | **Payden Emerging<br>Markets**<br>**Local Bond**<br>**Fund** | **Payden Emerging<br>Markets<br>Corporate**<br>**Bond Fund** | **Payden<br>Managed Income<br>Fund** | **Payden<br>Equity Income<br>Fund** |
| $38585 | $138672 | $910334 | $97398 | $83540 | $124712 | $1053559 |
| 1079 | 9149 | 25622 | 270 | 7860 | 5890 | 11684 |
|  | 3145 | 2624 | 1315 | 59 | 279 | 1198 |
| 14 |  | 2716 | 24 | 725 | 362 |  |
| 94 | 144 | 794 |  | 74 | 502 |  |
|  | 104 | 978 | 319 | 438 | 221 |  |
|  |  |  | 280 |  |  |  |
|  |  | 1570 |  |  |  |  |
| 300 | 1301 | 14799 | 2022 | 1205 | 853 | 1967 |
| 2 | 372 | 10836 | 3079 | 794 | 4409 |  |
| 5 | 16 | 5583 |  | 4400 | 135 | 183 |
|  | 15 | 9 |  | 1 | 26 |  |
|  | 1565 | 1762 | 187 | 48 | 579 | 1785 |
|  | 5 |  |  |  |  |  |
| 6 |  |  |  |  |  |  |
| 9 | 7 | 56 | 14 | 17 | 15 | 11 |
| 40094 | 154495 | 977683 | 104908 | 99161 | 137983 | 1070387 |
|  | 281 |  |  |  |  | 700 |
|  | 429 | 2982 | 499 | 32 | 525 | 109 |
| 1030 | 1966 | 11949 | 1842 | 4085 | 8710 |  |
|  | 12 | 3614 | 2400 |  | 1 | 93 |
|  |  |  | 12 |  |  |  |
|  | 31 | 73 |  | 3 | 10 |  |
|  |  | 159 | 45 | 3 | 2 |  |
|  |  |  |  |  | 8 |  |
| 52 | 146 | 13054 |  | 1380 | 1106 |  |
|  | 19 | 333 | 13 | 18 | 9 | 366 |
| 5 | 19 | 118 | 13 | 11 | 16 | 135 |
|  |  | 10 |  |  | 34 | 6 |
| 2 | 7 | 60 | 5 | 4 | 6 | 50 |
| 83 | 111 | 294 | 102 | 100 | 144 | 226 |
| 1172 | 3021 | 32646 | 4931 | 5636 | 10571 | 1685 |
| $38922 | $151474 | $945037 | $99977 | $93525 | $127412 | $1068702 |
| $41477 | $187814 | $1134126 | $124253 | $98205 | $131570 | $802346 |
| (2555) | (36340) | (189089) | (24276) | (4680) | (4158) | 266356 |
| $38922 | $151474 | $945037 | $99977 | $93525 | $127412 | $1068702 |
|  |  |  |  |  | $4633 |  |
|  |  |  |  |  | 429 |  |
|  |  |  |  |  | $10.80 |  |
| $38922 | $39478 | $406835 | $2597 | $23621 |  | $268809 |
| 3993 | 5093 | 36577 | 261 | 2673 |  | 15280 |
| $9.75 | $7.75 | $11.12 | $9.94 | $8.84 |  | $17.59 |
|  | $111996 | $511650 | $97380 | $69904 | $77667 | $786594 |
|  | 14489 | 46093 | 9995 | 7897 | 7333 | 44618 |
|  | $7.73 | $11.10 | $9.74 | $8.85 | $10.59 | $17.63 |
|  |  | $26552 |  |  | $9310 | $13299 |
|  |  | 2383 |  |  | 917 | 758 |
|  |  | $11.14 |  |  | $10.15 | $17.54 |
|  |  |  |  |  | $35802 |  |
|  |  |  |  |  | 3815 |  |
|  |  |  |  |  | $9.39 (a) |  |
| $39066 | $143352 | $870248 | $95026 | $82238 | $124883 | $839000 |
| 1079 | 9068 | 25622 | 270 | 7860 | 5746 | 11684 |
|  | 3145 | 2631 | 1319 | 59 | 280 | 1224 |
|  |  |  |  |  | (8) |  |

---

*See notes to financial statements*.** 

Annual Financial Statements and Other Information **127** 

------

**Statements of Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Period ended October 31, 2025*

*Numbers in 000s*

---

| | | | |
|:---|:---|:---|:---|
|  | **Payden Cash Reserves<br>Money Market**<br>**Fund** | **Payden<br>Limited<br>Maturity<br>Fund** | **Payden<br>Low Duration<br>Fund** |
|  **INVESTMENT INCOME:** |  |  |  |
|  Interest income (Note 2) | $18408 | $102676 | $43060 |
|  Interest from affiliated investments |  | 401 | 284 |
|  Dividend income |  |  |  |
|  Dividend income from affiliated investment (Note 2) |  | 2051 |  |
|  Income from securities lending |  | 39 | 6 |
|  Investment Income | 18408 | 105167 | 43350 |
|  **EXPENSES:** |  |  |  |
|  Investment advisory fees (Note 3) | 630 | 5343 | 2517 |
|  Administration fees (Note 3) | 630 | 3026 | 1348 |
|  Shareholder servicing fees |  | 642 | 288 |
|  Distribution fees (Note 3) |  |  |  |
|  Custodian fees | 61 | 115 | 54 |
|  Transfer agent fees | 29 | 94 | 70 |
|  Registration and filing fees | 22 | 64 | 55 |
|  Trustee fees and expenses | 67 | 309 | 138 |
|  Printing and mailing costs | 20 | 107 | 46 |
|  Loan commitment fees |  | 30 | 13 |
|  Legal fees | 11 | 56 | 25 |
|  Publication expense | 10 | 43 | 22 |
|  Pricing fees | 1 | 86 | 33 |
|  Fund accounting fees | 81 | 331 | 156 |
|  Insurance | 6 | 27 | 12 |
|  Audit fees | 48 | 52 | 54 |
|  Interest expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expenses | 1616 | 10325 | 4831 |
|  Expense subsidy (Note 3) | (566) | (4978) | (1172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1050 | 5347 | 3659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 17358 | 99820 | 39691 |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES):** |  |  |  |
|  Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 5 | 1421 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  | 138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |
|  Change in net unrealized appreciation (depreciation) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 2329 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments |  | (354) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) | 5 | 3521 | 7523 |
|  CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $17363 | $103341 | $47214 |
| (1) The Fund commenced operations on March 5, 2025. |  |  |  |

---

*See notes to financial statements*.** 

#### 128 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payden U.S.<br>Government<br>Fund** | **Payden<br>GNMA<br>Fund** | **Payden<br>Core Bond<br>Fund** | **Payden<br>Corporate Bond<br>Fund** | **Payden<br>Strategic Income<br>Fund** | **Payden<br>Absolute Return<br>Bond Fund** | **Payden<br>Securitized Income<br>Fund(1)** |
| $2766 | $4040 | $44148 | $19507 | $8791 | $37837 | $2640 |
| 47 | 69 | 253 | 305 | 94 | 251 | 151 |
|  |  | 564 |  | 142 | 1753 | 14 |
|  |  | 2086 | 340 | 325 | 1548 |  |
|  |  | 38 | 48 | 6 | 18 |  |
| 2813 | 4109 | 47089 | 20200 | 9358 | 41407 | 2805 |
| 188 | 248 | 2451 | 1345 | 868 | 3121 | 252 |
| 100 | 138 | 1312 | 577 | 237 | 936 | 75 |
| 19 | 25 | 219 | 128 | 39 | 198 |  |
|  |  | 3 |  |  |  |  |
| 12 | 23 | 69 | 31 | 38 | 83 | 23 |
| 24 | 24 | 66 | 64 | 61 | 67 | 46 |
| 19 | 19 | 48 | 66 | 45 | 55 | 38 |
| 10 | 14 | 133 | 59 | 24 | 96 | 9 |
| 3 | 5 | 46 | 20 | 8 | 33 | 4 |
| 1 | 1 | 13 | 6 | 2 | 9 |  |
| 2 | 3 | 24 | 11 | 4 | 17 | 1 |
| 2 | 3 | 22 | 10 | 6 | 16 | 2 |
| 7 | 17 | 46 | 35 | 46 | 69 | 35 |
| 21 | 26 | 149 | 72 | 35 | 110 | 18 |
| 1 | 1 | 12 | 5 | 3 | 8 |  |
| 55 | 57 | 58 | 58 | 61 | 65 | 50 |
|  |  |  |  |  | 1 |  |
| 464 | 604 | 4671 | 2487 | 1477 | 4884 | 553 |
| (176) | (191) | (707) | (205) | (520) | (1600) | (275) |
| 288 | 413 | 3964 | 2282 | 957 | 3284 | 278 |
| 2525 | 3696 | 43125 | 17918 | 8401 | 38123 | 2527 |
| (1206) | (2795) | (40899) | (3378) | (2280) | (644) | 56 |
|  |  | 439 |  | 127 | 368 | (1) |
|  |  | (88) |  | (250) | (9137) | (52) |
| 288 | 103 | (1666) | (646) | (37) | 2321 |  |
| 3 |  |  |  |  | 897 |  |
| (67) | (91) | (2960) |  | (670) | (1222) |  |
| 1959 | 4986 | 55840 | 10542 | 4193 | 8358 | 180 |
|  |  | (709) |  | (6) | (75) |  |
|  |  | (114) |  | (15) | (1035) | 79 |
|  |  | 702 | 29 | 143 | 932 |  |
| 78 | 20 | 1864 | 789 | (84) | (3406) | (10) |
|  |  |  |  |  | 101 |  |
|  |  | 1448 |  | 238 | 62 |  |
| 1055 | 2223 | 13857 | 7336 | 1359 | (2480) | 252 |
| $3580 | $5919 | $56982 | $25254 | $9760 | $35643 | $2779 |

---

*See notes to financial statements*.

Annual Financial Statements and Other Information **129** 

------

**Statements of Operations** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Period ended October 31, 2025*

*Numbers in 000s*

---

| | | | |
|:---|:---|:---|:---|
|  | **Payden<br>Floating Rate<br>Fund** | **Payden<br>High Income<br>Fund** | **Payden<br>California Municipal<br>Social Impact**<br>**Fund** |
|  **INVESTMENT INCOME:** |  |  |  |
|  Interest income (Note 2) | $10057 | $64439 | $7214 |
|  Interest from affiliated investments | 392 | 2014 | 265 |
|  Dividend income | 634 | 1921 |  |
|  Dividend income from affiliated investment (Note 2) |  |  |  |
|  Income from securities lending | 4 | 407 |  |
|  Foreign tax withholdings |  |  |  |
|  Investment Income | 11087 | 68781 | 7479 |
|  **EXPENSES:** |  |  |  |
|  Investment advisory fees (Note 3) | 728 | 3245 | 603 |
|  Administration fees (Note 3) | 199 | 1391 | 283 |
|  Shareholder servicing fees | 35 | 250 | 54 |
|  Distribution fees (Note 3) | 1 | 8 |  |
|  Custodian fees | 20 | 31 | 14 |
|  Transfer agent fees | 62 | 65 | 45 |
|  Registration and filing fees | 51 | 52 | 35 |
|  Trustee fees and expenses | 20 | 162 | 30 |
|  Printing and mailing costs | 7 | 43 | 10 |
|  Loan commitment fees | 2 | 13 | 3 |
|  Legal fees | 4 |  | 5 |
|  Publication expense | 5 | 20 | 5 |
|  Pricing fees | 33 | 47 | 19 |
|  Fund accounting fees | 33 | 148 | 38 |
|  Insurance | 2 | 13 | 3 |
|  Audit fees | 79 | 65 | 54 |
|  Interest expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expenses | 1281 | 5553 | 1201 |
|  Expense subsidy (Note 3) | (430) | (328) | (351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 851 | 5225 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 10236 | 63556 | 6629 |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES):** |  |  |  |
|  Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (2410) | (5681) | (459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4 | 640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | 38 | (294) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (702) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 3 |  |
|  Change in net unrealized appreciation (depreciation) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 556 | 12276 | 4140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | (1) | (236) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | (10) | (185) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 1252 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | (21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) | (1823) | 7052 | 3791 |
|  CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $8413 | $70608 | $10420 |

---

*See notes to financial statements*.** 

#### 130 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payden<br>Global Low<br>Duration Fund** | **Payden Global<br>fixed Income<br>Fund** | **Payden Emerging<br>Markets Bond<br>Fund** | **Payden Emerging<br>Markets**<br>**Local Bond**<br>**Fund** | **Payden Emerging<br>Markets<br>Corporate**<br>**Bond Fund** | **Payden<br>Managed Income<br>Fund** | **Payden<br>Equity Income<br>Fund** |
| $2122 | $6222 | $65410 | $6776 | $5635 | $7763 | $416 |
| 29 | 103 | 728 | 106 | 156 | 60 | 1461 |
|  |  |  |  | 116 | 451 | 19076 |
|  | 530 |  |  |  | 294 |  |
| 18 | 4 | 53 |  | 26 | 7 |  |
|  | (14) | (59) | (44) |  | 1 | (63) |
| 2169 | 6845 | 66132 | 6838 | 5933 | 8576 | 20890 |
| 126 | 445 | 3880 | 505 | 645 | 1291 | 5127 |
| 63 | 223 | 1293 | 126 | 121 | 176 | 1538 |
| 13 | 38 | 303 | 17 | 20 | 27 | 322 |
|  |  | 54 |  |  | 166 | 35 |
| 24 | 40 | 88 | 65 | 41 | 63 | 45 |
| 23 | 41 | 247 | 43 | 41 | 76 | 156 |
| 18 | 33 | 37 | 30 | 31 | 80 | 49 |
| 6 | 23 | 158 | 13 | 12 | 18 | 159 |
| 2 | 8 | 25 | 5 | 4 | 6 | 52 |
| 1 | 2 | 13 | 1 | 1 | 2 | 15 |
| 1 | 4 |  | 3 | 2 | 3 | 29 |
| 2 | 5 | 20 | 3 | 3 | 5 | 26 |
| 29 | 51 | 24 | 21 | 30 | 61 |  |
| 17 | 33 | 116 | 24 | 26 | 82 | 165 |
| 1 | 2 | 6 | 1 | 1 | 2 | 14 |
| 58 | 57 | 64 | 68 | 65 | 65 | 53 |
|  | 2 |  |  |  |  | 1 |
| 384 | 1007 | 6328 | 925 | 1043 | 2123 | 7786 |
| (162) | (139) | (185) | (278) | (339) | (1194) | (782) |
| 222 | 868 | 6143 | 647 | 704 | 929 | 7004 |
| 1947 | 5977 | 59989 | 6191 | 5229 | 7647 | 13886 |
| 87 | (1788) | (8314) | (572) | (569) | (874) | 60537 |
| (6) | 41 | (121) | (48) | (13) | 70 | 329 |
| 6 | (916) | (5818) | 19 | (63) | (1742) | (1054) |
| (34) | (507) | 1456 | 89 | (90) | 514 | (6585) |
|  |  |  |  |  | 453 |  |
|  | 120 | 1366 | 303 | 64 | 197 | (228) |
| 174 | 5701 | 69753 | 5716 | 1080 | 2049 | 31781 |
| 7 | 35 | 13 | 28 | (5) | 6 | 49 |
|  |  |  | 2 |  |  |  |
| (7) | (664) | (4297) | (500) | 11 | (379) | 360 |
|  | 162 |  |  |  | 170 |  |
| 54 | 303 | 234 | (36) | (1) | (782) |  |
|  |  |  |  |  | (1) |  |
|  | 9 | 50 | (7) | 23 | 16 |  |
| 281 | 2496 | 54322 | 4994 | 437 | (303) | 85189 |
| $2228 | $8473 | $114311 | $11185 | $5666 | $7344 | $99075 |

---

*See notes to financial statements*.** 

Annual Financial Statements and Other Information **131** 

------

#### Statements of Changes in Net Assets
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*October 31, 2025*

*Numbers in 000s*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payden Cash Reserves**<br>**Money Market Fund** | **Payden Cash Reserves**<br>**Money Market Fund** | **Payden Limited Maturity<br>Fund** | **Payden Limited Maturity<br>Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $17358 | $23426 | $99820 | $109294 |
|  Net realized gains (losses) | 5 |  | 1556 | 2213 |
|  Change in net unrealized appreciation/(depreciation) |  |  | 1965 | 15112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 17363 | 23426 | 103341 | 126619 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Investor Class | (17346) | (23420) | (30635) | (31012) |
|  SI Class |  |  | (71803) | (75457) |
|  Adviser Class |  |  |  |  |
|  Return of capital: |  |  |  |  |
|  Investor Class |  |  |  |  |
|  SI Class |  |  |  |  |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (17346) | (23420) | (102438) | (106469) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Investor Class | 44484795 | 47217068 | 231881 | 192318 |
|  SI Class |  |  | 271110 | 395003 |
|  Adviser Class |  |  | 18 |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Investor Class | 4940 | 7926 | 29983 | 30681 |
|  SI Class |  |  | 66214 | 71357 |
|  Adviser Class |  |  |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Investor Class | (44588677) | (47189056) | (187531) | (323478) |
|  SI Class |  |  | (257518) | (397934) |
|  Adviser Class |  |  | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | (98942) | 35938 | 154147 | (32053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | (98925) | 35944 | 155050 | (11903) |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 482687 | 446743 | 1948271 | 1960174 |
|  End of period | $383762 | $482687 | $2103321 | $1948271 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 482717 | 446779 | 57279 | 67852 |
|  Shares sold | 44484794 | 47217068 | 24269 | 20207 |
|  Shares issued in reinvestment of distributions | 4940 | 7926 | 3139 | 3220 |
|  Shares redeemed | (44588678) | (47189056) | (19640) | (34000) |
|  Change in shares outstanding | (98944) | 35938 | 7768 | (10573) |
|  Outstanding shares at end of period | 383773 | 482717 | 65047 | 57279 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  | 146532 | 139352 |
|  Shares sold |  |  | 28366 | 41456 |
|  Shares issued in reinvestment of distributions |  |  | 6929 | 7485 |
|  Shares redeemed |  |  | (26951) | (41761) |
|  Change in shares outstanding |  |  | 8344 | 7180 |
|  Outstanding shares at end of period |  |  | 154876 | 146532 |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  |  |  |
|  Shares sold |  |  | 2 |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed |  |  | (1) |  |
|  Change in shares outstanding |  |  | 1 |  |
|  Outstanding shares at end of period |  |  | 1 |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) |  |  | 1201469 | 1178016 |
|  Sale of investments (excluding government) |  |  | 946163 | 1110129 |
|  Purchase of government securities |  |  | 78030 | 33557 |
|  Sale of government securities |  |  | 43544 | 33800 |

---

(1) Amount is less than $500.

*See notes to financial statements*.

#### 132 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payden** | **Payden** | **Payden U.S.** | **Payden U.S.** | **Payden** | **Payden** | **Payden** | **Payden** |
| **Low Duration Fund** | **Low Duration Fund** | **Government Fund** | **Government Fund** | **GNMA Fund** | **GNMA Fund** | **Core Bond Fund** | **Core Bond Fund** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $39691 | $42259 | $2525 | $2526 | $3696 | $3829 | $43125 | $43713 |
| 1571 | (4092) | (982) | (325) | (2783) | (1775) | (45174) | (24261) |
| 5952 | 30402 | 2037 | 1789 | 5006 | 7321 | 59031 | 82458 |
| 47214 | 68569 | 3580 | 3990 | 5919 | 9375 | 56982 | 101910 |
| (21091) | (23136) | (2517) | (2531) | (3541) | (3477) | (11435) | (10565) |
| (18230) | (18812) |  |  |  |  | (27983) | (30066) |
| —(1) |  |  |  |  |  | (58) | (112) |
|  |  |  |  |  |  |  | (208) |
|  |  |  |  |  |  |  | (592) |
|  |  |  |  |  |  |  | (2) |
| (39321) | (41948) | (2517) | (2531) | (3541) | (3477) | (39476) | (41545) |
| 47321 | 90061 | 1489 | 8797 | 4663 | 18258 | 35265 | 71124 |
| 93144 | 115977 |  |  |  |  | 45537 | 91991 |
|  |  |  |  |  |  | 60 | 281 |
| 20924 | 22942 | 464 | 2337 | 1778 | 3055 | 10083 | 9442 |
| 14450 | 15570 |  |  |  |  | 25954 | 28685 |
| —(1) |  |  |  |  |  | 54 | 111 |
| (141171) | (176668) | (8457) | (3578) | (17526) | (19559) | (38832) | (64316) |
| (211997) | (149571) |  |  |  |  | (103155) | (135901) |
|  |  |  |  |  |  | (475) | (1984) |
| (177329) | (81689) | (6504) | 7556 | (11085) | 1754 | (25509) | (567) |
| (169436) | (55068) | (5441) | 9015 | (8707) | 7652 | (8003) | 59798 |
| 974047 | 1029115 | 68989 | 59974 | 96196 | 88544 | 909116 | 849318 |
| $804611 | $974047 | $63548 | $68989 | $87489 | $96196 | $901113 | $909116 |
| 53565 | 60103 | 7353 | 6547 | 12718 | 12500 | 28603 | 26918 |
| 4815 | 9267 | 159 | 937 | 617 | 2401 | 3844 | 7655 |
| 2129 | 2359 | 49 | 249 | 233 | 403 | 1094 | 1030 |
| (14380) | (18164) | (895) | (380) | (2312) | (2586) | (4223) | (7000) |
| (7436) | (6538) | (687) | 806 | (1462) | 218 | 715 | 1685 |
| 46129 | 53565 | 6666 | 7353 | 11256 | 12718 | 29318 | 28603 |
| 45994 | 47870 |  |  |  |  | 70198 | 72010 |
| 9503 | 11842 |  |  |  |  | 4934 | 10007 |
| 1470 | 1602 |  |  |  |  | 2820 | 3136 |
| (21610) | (15320) |  |  |  |  | (11216) | (14955) |
| (10637) | (1876) |  |  |  |  | (3462) | (1812) |
| 35357 | 45994 |  |  |  |  | 66736 | 70198 |
|  |  |  |  |  |  | 175 | 346 |
|  |  |  |  |  |  | 6 | 31 |
|  |  |  |  |  |  | 6 | 12 |
|  |  |  |  |  |  | (51) | (214) |
|  |  |  |  |  |  | (39) | (171) |
|  |  |  |  |  |  | 136 | 175 |
| 347599 | 306181 |  |  |  |  | 366726 | 420818 |
| 415070 | 410540 |  |  |  |  | 323799 | 326952 |
| 310431 | 290444 | 24863 | 41018 | 11743 | 29796 | 184935 | 221444 |
| 416443 | 226807 | 30641 | 34231 | 23197 | 28962 | 258604 | 303846 |

---

*See notes to financial statements*.

Annual Financial Statements and Other Information **133** 

------

**Statements of Changes in Net Assets** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*October 31, 2025*

*Numbers in 000s*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payden Corporate Bond<br>Fund** | **Payden Corporate Bond<br>Fund** | **Payden Strategic<br>Income Fund** | **Payden Strategic<br>Income Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $17918 | $16837 | $8401 | $9405 |
|  Net realized gains (losses) | (4024) | (6970) | (3110) | (364) |
|  Change in net unrealized appreciation/(depreciation) | 11360 | 39620 | 4469 | 8974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 25254 | 49487 | 9760 | 18015 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Investor Class | (7759) | (6781) | (4361) | (5129) |
|  SI Class | (10147) | (10036) | (3513) | (3916) |
|  Adviser Class |  |  |  |  |
|  Return of capital: |  |  |  |  |
|  Investor Class |  |  |  | (142) |
|  SI Class |  |  |  | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (17906) | (16817) | (7874) | (9296) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Investor Class | 64568 | 52381 | 15975 | 11916 |
|  SI Class | 25841 | 27137 | 13532 | 5959 |
|  Adviser Class | 6 |  |  |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Investor Class | 7667 | 6678 | 4355 | 5258 |
|  SI Class | 10116 | 9965 | 3348 | 3841 |
|  Adviser Class |  |  |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Investor Class | (42669) | (53471) | (35165) | (9318) |
|  SI Class | (33732) | (40833) | (16166) | (15283) |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | 31797 | 1857 | (14121) | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | 39145 | 34527 | (12235) | 11092 |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 375550 | 341023 | 183279 | 172187 |
|  End of period | $414695 | $375550 | $171044 | $183279 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 16152 | 15583 | 11230 | 10409 |
|  Shares sold | 6603 | 5372 | 1660 | 1247 |
|  Shares issued in reinvestment of distributions | 781 | 686 | 453 | 551 |
|  Shares redeemed | (4370) | (5489) | (3660) | (977) |
|  Change in shares outstanding | 3014 | 569 | (1547) | 821 |
|  Outstanding shares at end of period | 19166 | 16152 | 9683 | 11230 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 22207 | 22573 | 7837 | 8417 |
|  Shares sold | 2637 | 2787 | 1395 | 626 |
|  Shares issued in reinvestment of distributions | 1032 | 1024 | 348 | 403 |
|  Shares redeemed | (3451) | (4177) | (1679) | (1609) |
|  Change in shares outstanding | 218 | (366) | 64 | (580) |
|  Outstanding shares at end of period | 22425 | 22207 | 7901 | 7837 |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  |  |  |
|  Shares sold | 1 |  |  |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed |  |  |  |  |
|  Change in shares outstanding | 1 |  |  |  |
|  Outstanding shares at end of period | 1 |  |  |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) | 188136 | 244120 | 55543 | 91688 |
|  Sale of investments (excluding government) | 154286 | 246199 | 71500 | 68391 |
|  Purchase of government securities | 2369 |  | 26567 | 40715 |
|  Sale of government securities | 2349 |  | 36543 | 39409 |

---

(1) The Fund commenced operations on March 5, 2025.

(2) Amount is less than $500.

*See notes to financial statements*.

#### 134 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payden Absolute Return**<br>**Bond Fund** | **Payden Absolute Return**<br>**Bond Fund** | **Payden Securitized<br>Income**<br>**Fund(1)** | **Payden Floating Rate**<br>**Fund** | **Payden Floating Rate**<br>**Fund** | **Payden High Income**<br>**Fund** | **Payden High Income**<br>**Fund** |
| **2025** | **2024** | **2025** | **2025** | **2024** | **2025** | **2024** |
| $38123 | $40069 | $2527 | $10236 | $10832 | $63556 | $52720 |
| (7417) | (18034) | 3 | (2368) | 90 | (6034) | (3336) |
| 4937 | 31353 | 249 | 545 | 1451 | 13086 | 55824 |
| 35643 | 53388 | 2779 | 8413 | 12373 | 70608 | 105208 |
| (9152) | (9126) | (60) | (4299) | (3328) | (14831) | (14074) |
| (29487) | (29588) | (2453) | (5909) | (7518) | (49975) | (38641) |
| (2) | (13) |  | (23) |  | (206) | (1) |
| (38641) | (38727) | (2513) | (10231) | (10846) | (65012) | (52716) |
| 26466 | 39870 | 2400 | 74624 | 58601 | 250178 | 294383 |
| 130956 | 57448 | 104468 | 10292 | 2711 | 217920 | 220458 |
| —(2) | 275 |  | 606 | 4 | 10635 | 67 |
| 8824 | 8747 | 59 | 4071 | 3208 | 12067 | 11618 |
| 22874 | 26307 | 1309 | 2891 | 3570 | 27810 | 28662 |
| —(2) | 11 |  | 23 |  | 206 | 1 |
| (36206) | (40171) | (12) | (70284) | (42378) | (233795) | (245372) |
| (90251) | (222068) | (150) | (10236) | (18938) | (106655) | (79914) |
| (252) | (2) |  | (571) | (1) | (3516) |  |
| 62411 | (129583) | 108074 | 11416 | 6777 | 174850 | 229903 |
| 59413 | (114922) | 108340 | 9598 | 8304 | 180446 | 282395 |
| 580528 | 695450 |  | 123670 | 115366 | 860733 | 578338 |
| $639941 | $580528 | $108340 | $133268 | $123670 | $1041179 | $860733 |
| 15833 | 14941 |  | 4794 | 2812 | 17040 | 12099 |
| 2792 | 4195 | 240 | 7678 | 5974 | 19767 | 23569 |
| 933 | 921 | 5 | 421 | 328 | 955 | 926 |
| (3825) | (4224) | (1) | (7257) | (4320) | (18491) | (19554) |
| (100) | 892 | 244 | 842 | 1982 | 2231 | 4941 |
| 15733 | 15833 | 244 | 5636 | 4794 | 19271 | 17040 |
| 45165 | 59695 |  | 7884 | 9175 | 50998 | 37469 |
| 13788 | 6025 | 10434 | 1054 | 276 | 17259 | 17600 |
| 2415 | 2768 | 131 | 299 | 365 | 2210 | 2289 |
| (9508) | (23323) | (15) | (1048) | (1932) | (8478) | (6360) |
| 6695 | (14530) | 10550 | 305 | (1291) | 10991 | 13529 |
| 51860 | 45165 | 10550 | 8189 | 7884 | 61989 | 50998 |
| 30 |  |  |  |  | 5 |  |
|  | 29 |  | 62 |  | 850 | 5 |
|  | 1 |  | 3 |  | 16 |  |
| (27) |  |  | (59) |  | (279) |  |
| (27) | 30 |  | 6 |  | 587 | 5 |
| 3 | 30 |  | 6 |  | 592 | 5 |
| 810796 | 701284 | 121435 | 120321 | 78969 | 803893 | 731104 |
| 761164 | 823330 | 20357 | 108113 | 69944 | 661816 | 524319 |
| 284863 | 407527 | 5775 | 2 | 1 | 17861 | 3 |
| 257898 | 467606 | 2642 | 1475 | 2453 | 17820 | 4585 |

---

*See notes to financial statements*.

Annual Financial Statements and Other Information **135** 

------

**Statements of Changes in Net Assets** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*October 31, 2025*

*Numbers in 000s*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payden California Municipal<br>Social Impact Fund** | **Payden California Municipal<br>Social Impact Fund** | **Payden Global Low<br>Duration Fund** | **Payden Global Low<br>Duration Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $6629 | $5561 | $1947 | $2095 |
|  Net realized gains (losses) | (448) | 1400 | 53 | (185) |
|  Change in net unrealized appreciation/(depreciation) | 4239 | 6289 | 228 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 10420 | 13250 | 2228 | 3261 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Investor Class | (6624) | (5745) | (1954) | (2073) |
|  SI Class |  |  |  |  |
|  Adviser Class | (3) |  |  |  |
|  Return of capital: |  |  |  |  |
|  Investor Class |  | (272) |  |  |
|  SI Class |  |  |  |  |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (6627) | (6017) | (1954) | (2073) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Investor Class | 108916 | 27536 | 3737 | 10647 |
|  SI Class |  |  |  |  |
|  Adviser Class | 338 | 21 |  |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Investor Class | 4751 | 4641 | 1689 | 2038 |
|  SI Class |  |  |  |  |
|  Adviser Class | 3 |  |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Investor Class | (24758) | (29313) | (11709) | (14092) |
|  SI Class |  |  |  |  |
|  Adviser Class | (6) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | 89244 | 2885 | (6283) | (1407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | 93037 | 10118 | (6009) | (219) |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 162511 | 152393 | 44931 | 45150 |
|  End of period | $255548 | $162511 | $38922 | $44931 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 16433 | 16155 | 4639 | 4783 |
|  Shares sold | 11118 | 2785 | 384 | 1106 |
|  Shares issued in reinvestment of distributions | 483 | 469 | 174 | 212 |
|  Shares redeemed | (2519) | (2976) | (1204) | (1462) |
|  Change in shares outstanding | 9082 | 278 | (646) | (144) |
|  Outstanding shares at end of period | 25515 | 16433 | 3993 | 4639 |
|  SI 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 |  |  |  |  |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 2 |  |  |  |
|  Shares sold | 35 | 2 |  |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed | (1) |  |  |  |
|  Change in shares outstanding | 34 | 2 |  |  |
|  Outstanding shares at end of period | 36 | 2 |  |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) | 177492 | 95239 | 18532 | 21484 |
|  Sale of investments (excluding government) | 78117 | 94284 | 20494 | 26080 |
|  Purchase of government securities | 15632 | 28798 | 8849 | 15422 |
|  Sale of government securities | 16290 | 33005 | 10663 | 13878 |
| (1) Amount is less than $500. |  |  |  |  |

---

*See notes to financial statements*.

#### 136 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payden Global fixed**<br>**Income Fund** | **Payden Global fixed**<br>**Income Fund** | **Payden Emerging Markets<br>Bond Fund** | **Payden Emerging Markets<br>Bond Fund** | **Payden Emerging Markets<br>Local Bond Fund** | **Payden Emerging Markets<br>Local Bond Fund** | **Payden Emerging Markets<br>Corporate Bond Fund** | **Payden Emerging Markets<br>Corporate Bond Fund** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $5977 | $5837 | $59989 | $58504 | $6191 | $5295 | $5229 | $5159 |
| (3050) | (8773) | (11431) | (44596) | (209) | (1853) | (671) | (119) |
| 5546 | 19255 | 65753 | 128298 | 5203 | 2511 | 1108 | 5689 |
| 8473 | 16319 | 114311 | 142206 | 11185 | 5953 | 5666 | 10729 |
| (1314) | (710) | (23758) | (19010) | (454) | (554) | (1233) | (1428) |
| (3765) | (1942) | (40158) | (35016) | (5722) | (3467) | (3991) | (3726) |
|  |  | (1557) | (1581) |  |  |  |  |
| (219) | (816) | (80) |  |  | (166) | (10) |  |
| (629) | (2229) | (135) |  |  | (1037) | (34) |  |
|  |  | (5) |  |  |  |  |  |
| (5927) | (5697) | (65693) | (55607) | (6176) | (5224) | (5268) | (5154) |
| 7767 | 7212 | 222938 | 144714 | 561 | 8676 | 6531 | 6664 |
| 655 | 4213 | 93177 | 145857 | 29285 | 79 | 8756 | 23396 |
|  |  | 23563 | 18852 |  |  |  |  |
| 1511 | 1502 | 20248 | 13025 | 78 | 121 | 1243 | 890 |
| 4394 | 4171 | 33631 | 31543 | 3260 | 2751 | 2402 | 2815 |
|  |  | 1510 | 1554 |  |  |  |  |
| (11428) | (14187) | (140063) | (173780) | (9689) | (4055) | (2594) | (15880) |
| (1463) | (31760) | (173657) | (94669) | (2600) | (4977) | (10181) | (4793) |
|  |  | (26846) | (16509) |  |  |  |  |
| 1436 | (28849) | 54501 | 70587 | 20895 | 2595 | 6157 | 13092 |
| 3982 | (18227) | 103119 | 157186 | 25904 | 3324 | 6555 | 18667 |
| 147492 | 165719 | 841918 | 684732 | 74073 | 70749 | 86970 | 68303 |
| $151474 | $147492 | $945037 | $841918 | $99977 | $74073 | $93525 | $86970 |
| 5377 | 6101 | 26890 | 28396 | 1212 | 719 | 2088 | 3048 |
| 1014 | 957 | 21079 | 14111 | 58 | 900 | 738 | 769 |
| 197 | 198 | 1902 | 1259 | 8 | 12 | 142 | 103 |
| (1495) | (1879) | (13294) | (16876) | (1017) | (419) | (296) | (1832) |
| (284) | (724) | 9687 | (1506) | (951) | 493 | 584 | (960) |
| 5093 | 5377 | 36577 | 26890 | 261 | 1212 | 2672 | 2088 |
| 14020 | 17175 | 50501 | 41882 | 6829 | 7070 | 7793 | 5318 |
| 86 | 547 | 8913 | 14704 | 3085 | 7 | 986 | 2702 |
| 575 | 553 | 3185 | 3051 | 348 | 281 | 273 | 325 |
| (192) | (4255) | (16506) | (9136) | (267) | (529) | (1155) | (552) |
| 469 | (3155) | (4408) | 8619 | 3166 | (241) | 104 | 2475 |
| 14489 | 14020 | 46093 | 50501 | 9995 | 6829 | 7897 | 7793 |
|  |  | 2563 | 2185 |  |  |  |  |
|  |  | 2204 | 1801 |  |  |  |  |
|  |  | 142 | 150 |  |  |  |  |
|  |  | (2526) | (1573) |  |  |  |  |
|  |  | (180) | 378 |  |  |  |  |
|  |  | 2383 | 2563 |  |  |  |  |
| 63801 | 80431 | 610454 | 588118 | 78782 | 41578 | 100822 | 123911 |
| 72434 | 99004 | 607057 | 513128 | 53559 | 45339 | 97821 | 106516 |
| 12737 | 10808 |  |  |  |  |  |  |
| 7047 | 19265 |  |  |  |  |  |  |

---

*See notes to financial statements*.

Annual Financial Statements and Other Information **137** 

------

**Statements of Changes in Net Assets** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*October 31, 2025*

*Numbers in 000s*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payden Managed<br>Income Fund** | **Payden Managed<br>Income Fund** | **Payden**<br>**Equity Income Fund** | **Payden**<br>**Equity Income Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $7647 | $7652 | $13886 | $17874 |
|  Net realized gains (losses) | (1382) | (1447) | 52999 | 168078 |
|  Change in net unrealized appreciation/(depreciation) | 1079 | 3640 | 32190 | 133593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 7344 | 9845 | 99075 | 319545 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Institutional Class | (343) | (197) |  |  |
|  Investor Class |  |  | (43324) | (9533) |
|  SI Class | (4929) | (4208) | (110985) | (26506) |
|  Adviser Class | (571) | (413) | (2229) | (434) |
|  Retirement Class | (1917) | (1277) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (7760) | (6095) | (156538) | (36473) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Institutional Class | 1253 | 1666 |  |  |
|  Investor Class |  |  | 31610 | 24414 |
|  SI Class | 17108 | 23693 | 22579 | 23142 |
|  Adviser Class | 1058 | 1291 | 353 | 631 |
|  Retirement Class | 12382 | 4474 |  |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Institutional Class | 343 | 197 |  |  |
|  Investor Class |  |  | 42385 | 8480 |
|  SI Class | 4929 | 4208 | 105769 | 25761 |
|  Adviser Class | 571 | 413 | 2026 | 394 |
|  Retirement Class | 1917 | 1277 |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Institutional Class | (2134) | (416) |  |  |
|  Investor Class |  |  | (76666) | (137861) |
|  SI Class | (24490) | (27850) | (62196) | (303034) |
|  Adviser Class | (530) | (1071) | (3390) | (3888) |
|  Retirement Class | (3541) | (2506) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | 8866 | 5376 | 62470 | (361961) |
|  Total Change in Net Assets | 8450 | 9126 | 5007 | (78889) |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 118962 | 109836 | 1063695 | 1142584 |
|  End of period | $127412 | $118962 | $1068702 | $1063695 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Institutional Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 476 | 339 |  |  |
|  Shares sold | 118 | 157 |  |  |
|  Shares issued in reinvestment of distributions | 33 | 19 |  |  |
|  Shares redeemed | (198) | (39) |  |  |
|  Change in shares outstanding | (47) | 137 |  |  |
|  Outstanding shares at end of period | 429 | 476 |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  | 15346 | 21415 |
|  Shares sold |  |  | 1946 | 1431 |
|  Shares issued in reinvestment of distributions |  |  | 2597 | 496 |
|  Shares redeemed |  |  | (4609) | (7996) |
|  Change in shares outstanding |  |  | (66) | (6069) |
|  Outstanding shares at end of period |  |  | 15280 | 15346 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 7559 | 7537 | 40291 | 54453 |
|  Shares sold | 1654 | 2294 | 1366 | 1368 |
|  Shares issued in reinvestment of distributions | 490 | 424 | 6473 | 1502 |
|  Shares redeemed | (2370) | (2696) | (3512) | (17032) |
|  Change in shares outstanding | (226) | 22 | 4327 | (14162) |
|  Outstanding shares at end of period | 7333 | 7559 | 44618 | 40291 |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 805 | 741 | 815 | 977 |
|  Shares sold | 106 | 129 | 20 | 37 |
|  Shares issued in reinvestment of distributions | 59 | 43 | 124 | 23 |
|  Shares redeemed | (53) | (108) | (201) | (222) |
|  Change in shares outstanding | 112 | 64 | (57) | (162) |
|  Outstanding shares at end of period | 917 | 805 | 758 | 815 |
|  Retirement Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 2652 | 2293 |  |  |
|  Shares sold | 1326 | 482 |  |  |
|  Shares issued in reinvestment of distributions | 214 | 143 |  |  |
|  Shares redeemed | (377) | (266) |  |  |
|  Change in shares outstanding | 1163 | 359 |  |  |
|  Outstanding shares at end of period | 3815 | 2652 |  |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) | 187517 | 198991 | 1108727 | 890871 |
|  Sale of investments (excluding government) | 179773 | 197195 | 1157593 | 1183845 |
|  Purchase of government securities | 63592 | 88198 |  |  |
|  Sale of government securities | 61743 | 89404 |  |  |

---

*See notes to financial statements.* 

#### 138 Payden Mutual Funds

------

#### Notes to Financial Statements
*October 31, 2025* 

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 twenty 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. Each of the Funds, other than the Emerging Markets Local Bond Fund, has been classified as diversified.

At the Board Meeting held on March 25, 2025, the Board of Trustees approved a two for one reverse share split for all share classes of the Payden High Income Fund and the Payden Emerging Markets Local Bond Fund. The reverse share split was completed after the close of business on May 9, 2025.

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.

Each fund represents a single operating segment as the operating results of the fund are monitored as a whole, and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives and strategies that are executed by the fund's portfolio management team. The Funds' Chief Operating Officer and Chief Financial Officer serve as the fund's chief operating decision makers ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from funds share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the funds' profits and losses and to make resource allocation decisions. Each segment assets are reflected in the statements of assets and liabilities as net assets, which consists

primarily of investments, at value, and affiliated investments, at value, and significant segment expenses are listed in the accompanying statements of operations.

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. As of October 31, 2025, Palisades Center Trust, asset backed security, valued at $0 for the Payden Managed Income Fund and Stichting Administratiekant Npv ADR common stock, valued at $0 for Payden Emerging Markets Corporate Bond are 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.

*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.

Annual Financial Statements and Other Information **139** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 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 the Secured Overnight Financing Rate ("SOFR"). Certain Bank Loans are subject to a SOFR floor that establishes a minimum SOFR 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, 2025, there were no unfunded obligations.

#### 140 Payden Mutual Funds

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*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 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

Annual Financial Statements and Other Information **141** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 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,

#### 142 Payden Mutual Funds

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 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, 2025 (000s)

---

| | | |
|:---|:---|:---|
| **Underlying Risk** | **Derivative<br>Assets ($)** | **Derivative<br>Liabilities ($)** |
|  **Limited Maturity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 48 | (5) |
|  **Low Duration** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  |  | (56) |
|  **U.S. Government** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3,4</sup>  | 19 | (3) |
|  **GNMA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3,4</sup>  | 37 |  |
|  **Core Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>3</sup>  | 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 4259 | (2464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1</sup>  | 324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 4630 | (2464) |
|  **Corporate Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 264 | (299) |
|  **Strategic Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>3</sup>  | 82 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 705 | (468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1</sup>  | 199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 986 | (468) |
|  **Absolute Return Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>3</sup>  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity<sup>4</sup>  | 479 | (231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 255 | (1380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 2970 | (2048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 3731 | (3659) |
|  **Securitized Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1</sup>  | 79 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 79 | (10) |
|  **Floating Rate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1</sup>  | 14 |  |
|  **High Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>3</sup>  | 85 | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 312 | (248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1</sup>  | 383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 780 | (391) |
|  **Global Low Duration** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  |  | (3) |
|  **Global Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>3</sup>  | 41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 717 | (326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 1565 | (429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 2323 | (755) |
|  **Emerging Markets Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 686 | (421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 1762 | (2982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 2448 | (3403) |
|  **Emerging Markets Local Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 12 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 187 | (499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 199 | (510) |

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Annual Financial Statements and Other Information **143** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Underlying Risk** | **Derivative<br>Assets ($)** | **Derivative<br>Liabilities ($)** |
|  **Emerging Markets Corporate Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>3</sup>  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 33 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 48 | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 108 | (62) |
|  **Managed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>3</sup>  | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity<sup>4</sup>  | 28 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 35 | (322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 579 | (525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 658 | (855) |
|  **Equity Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 1785 | (109) |

---

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 Year Ended **October 31, 2025** (000s)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Underlying risk** | **Futures<sup>1</sup>** | **Forward**<br>**Currency**<br>**Contracts<sup>2</sup>** | **Options<sup>3</sup>** | **Swaps<sup>4</sup>** | **Total** |
|  **Limited Maturity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $138 |  |  | $138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | 138 |  |  | 138 |
|  **Low Duration** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $(637) |  |  |  | (637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | (637) |  |  |  | (637) |
|  **U.S. Government** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 288 |  | $3 | $(67) | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 288 |  | 3 | (67) | 224 |
|  **GNMA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 103 |  |  | (91) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 103 |  |  | (91) | 12 |
|  **Core Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (737) | (737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (1666) |  |  | (2223) | (3889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (88) |  |  | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (1666) | (88) |  | (2960) | (4714) |
|  **Corporate Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (646) |  |  |  | (646) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (646) |  |  |  | (646) |
|  **Strategic Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (140) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (37) |  |  | (389) | (426) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (250) |  |  | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (37) | (250) |  | (529) | (816) |
|  **Absolute Return Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (1222) | (1222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 2321 |  | 897 |  | 3218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (9137) |  |  | (9137) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 2321 | (9137) | 897 | (1222) | (7141) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Underlying risk** | **Futures<sup>1</sup>** | **Forward**<br>**Currency**<br>**Contracts<sup>2</sup>** | **Options<sup>3</sup>** | **Swaps<sup>4</sup>** | **Total** |
|  **Securitized Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $(52) |  |  | $(52) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | (52) |  |  | (52) |
|  **Floating Rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 38 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | 38 |  |  | 38 |
|  **High Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | $(12) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $(702) |  |  | 15 | (688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (294) |  |  | (294) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (702) | (294) |  | 3 | (994) |
|  **California Municipal Social Impact** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 11 |  |  |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 11 |  |  |  | 11 |
|  **Global Low Duration** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (34) |  |  |  | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (34) | 6 |  |  | (28) |
|  **Global Fixed Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (126) | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (507) |  |  | 246 | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (916) |  |  | (916) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (507) | (916) |  | 120 | (1303) |
|  **Emerging Markets Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 1456 |  |  | 1366 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (5818) |  |  | (5818) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1456 | (5818) |  | 1366 | (2996) |
|  **Emerging Markets Local Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 89 |  |  | 303 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 19 |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 89 | 19 |  | 303 | 411 |
|  **Emerging Markets Corporate Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (90) |  |  | 37 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (63) |  |  | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (90) | (63) |  | 64 | (90) |
|  **Managed Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 197 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 514 |  | $453 |  | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (1742) |  |  | (1742) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | $514 | $(1742) | $453 | $197 | $(578) |
|  **Equity Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | (7917) | (228) | (8145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (6585) |  |  |  | (6585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (1054) |  |  | (1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (6585) | (1054) | (7917) | (228) | (15784) |

---

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.

#### 144 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Effect of Derivative Instruments on the Statements of Operations

For the Year Ended **October 31, 2025** (000s)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** |
| **Underlying risk** | **Futures<sup>5</sup>** | **Forward**<br>**Currency**<br>**Contracts<sup>6</sup>** | **Options<sup>7</sup>** | **Swaps<sup>8</sup>** | **Total** |
|  **Limited Maturity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $(13) |  |  | $(13) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | (13) |  |  | (13) |
|  **Low Duration** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $1284 |  |  |  | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1284 |  |  |  | 1284 |
|  **U.S. Government** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 78 |  | $(8) |  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 78 |  | (8) |  | 70 |
|  **GNMA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 20 |  | (10) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 20 |  | (10) |  | 9 |
|  **Core Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 1864 |  |  | $1448 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (114) |  |  | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1864 | (114) |  | 1448 | 3198 |
|  **Corporate Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 789 |  |  |  | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 789 |  |  |  | 789 |
|  **Strategic Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (84) |  |  | 238 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (15) |  |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (84) | (15) |  | 238 | 139 |
|  **Absolute Return Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | (272) |  | (272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (3406) |  | 250 |  | (3156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (1035) |  |  | (1035) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (3406) | (1035) | (22) | 62 | (4401) |
|  **Securitized Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (10) |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 79 |  |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (10) | 79 |  |  | 69 |
|  **Floating Rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (10) |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | (10) |  |  | (10) |
|  **High Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (58) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 1252 |  |  | 37 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (185) |  |  | (185) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1252 | (185) |  | (21) | 1046 |
|  **California Municipal Social Impact** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 99 |  |  |  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 99 |  |  |  | 99 |
|  **Global Low Duration** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 54 |  |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (7) |  |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 54 | (7) |  |  | 47 |
|  **Global Fixed Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 303 |  |  | 9 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (664) |  |  | (664) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 303 | (664) |  | 9 | (351) |
|  **Emerging Markets Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 234 |  |  | 50 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (4297) |  |  | (4297) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 234 | (4297) |  | 50 | (4013) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on Derivatives**<br> **Recognized in Income** |
| **Underlying risk** | **Futures<sup>5</sup>** | **Forward**<br>**Currency**<br>**Contracts<sup>6</sup>** | **Options<sup>7</sup>** | **Swaps<sup>8</sup>** | **Total** |
|  **Emerging Markets Local Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $(36) |  |  | $(7) | $(43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $(500) |  |  | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (36) | (500) |  | (7) | (543) |
|  **Emerging Markets Corporate Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (1) |  |  | (8) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 11 |  |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (1) | 11 |  | 23 | 33 |
|  **Managed Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | $(50) |  | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (782) |  | 49 |  | (733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (379) |  |  | (379) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | $(782) | $(379) | $(1) | $16 | $(1146) |
|  **Equity Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 360 |  |  | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | 360 |  |  | 360 |

---

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 year ended October 31, 2025 the average notional amount of derivatives as a percent of average net assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Foreign**<br>**currency** | **Credit** | **Interest<br>rate** | **Equity** |
|  U.S. Government | 0% | 0% | 4% | 0% |
|  GNMA | 0% | 0% | 4% | 0% |
|  Core Bond | 3% | 1% | 36% | 0% |
|  Strategic Income | 7% | 1% | 35% | 0% |
|  Absolute Return Bond | 26% | 5% | 0% | 0% |
|  Securitized Income | 2% | 0% | 0% | 0% |
|  Floating Rate | 1% | 0% | 0% | 0% |
|  High Income | 2% | 0% | 2% | 0% |
|  Global Fixed Income | 54% | 1% | 3144% | 0% |
|  Emerging Markets Bond | 22% | 0% | 98% | 0% |
|  Emerging Markets Local Bond | 40% | 0% | 437% | 0% |
|  Emerging Markets Corporate Bond | 5% | 0% | 20% | 0% |
|  Managed Income | 29% | 2% | 0% | 0% |
|  Equity Income | 4% | 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

Annual Financial Statements and Other Information **145** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 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.

At October 31, 2025, the Funds' derivative assets and liabilities (by type) on a gross basis are as follows (000s):

#### 146 Payden Mutual Funds

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  **<u>Global Fixed Income</u>** |  |  |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swaps | $5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 15 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts | 1565 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Swaps |  | 13 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 1585 | 473 |

---

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  Derivatives not subject to a MNA | $(54) | $(62) |
|  Total derivative assets and liabilities subject to a MNA | $1531 | $411 |

---

The following tables present the Funds' derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of October 31, 2025 (000s):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Global Fixed Income** | | | | | |
| **Counterparty** |<br>**Derivative Assets<br>Subject to MNA<br>by Counterparty** |<br>**Derivatives<br>Available<br>for Offset<sup>1</sup>** |<br>**Non-Cash<br>Collateral<br>Received** |<br>**Cash<br>Collateral<br>Received** |<br>**Net<br>Amount of<br>Derivative<br>Assets<sup>2</sup>** |
|  Barclays Bank PLC | $51 | $(44) |  |  | $6 |
|  BNP PARIBAS | 1225 | (130) |  |  | 1096 |
|  HSBC Bank USA, N.A. | 255 | (237) |  |  | 18 |
|  Total | $1531 | $(411) |  |  | $1120 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>Subject to MNA<br>by Counterparty** | **Derivatives<br>Available<br>for Offset<sup>1</sup>** | **Non-Cash<br>Collateral<br>Pledged** | **Cash<br>Collateral<br>Pledged** | **Net<br>Amount of<br>Derivative<br>Liabilities<sup>3</sup>** |
|  Barclays Bank PLC | 44 | (44) | – |  |  |
|  BNP PARIBAS | 130 | (130) | – |  |  |
|  HSBC Bank USA, N.A. | 237 | (237) | – |  |  |
|  Total | $411 | $(411) | – |  |  |

---

---

| | |
|:---|:---|
| 1 | The amount of derivatives for offset is limited to the amount of assets and/or liabilities that are subject to a MNA.  |

---

---

| | |
|:---|:---|
| 2 | Net amount represents the net amount receivable from the counterparty in the event of default.  |

---

---

| | |
|:---|:---|
| 3 | Net amount represents the net amount payable from the counterparty in the event of default.  |

---

*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.

*Securities Lending* 

Pursuant to a securities lending agreement with The Bank of New York, 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

Annual Financial Statements and Other Information **147** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 year ended October 31, 2025, 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 year ended October 31, 2025, 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 year ended October 31, 2025 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 Fund invests in other Funds of the Group (an "Affiliated Fund"). The income and both realized and the change in unrealized gains and losses earned by each Fund from the Affiliated Funds for the period is disclosed in the Statements of Operations.

#### 148 Payden Mutual Funds

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The table below details the transactions of each Fund in Affiliated Funds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value<br>October 31,<br>2024** | **Purchases** | **Sales** | **Dividends** | **Value<br>October 31,<br>2025** | **Net<br>Realized<br>Gain** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)** |
|  <u>Cash Reserves Money Market Fund</u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Maturity | $33387684 | $610008131 | $622552712 | $402386 | $20843103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Duration | 7227350 | 384313269 | 377882285 | 283630 | 13658334 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | 1988572 | 12811520 | 13529327 | 46588 | 1270765 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA | 2806479 | 23448270 | 24781386 | 68516 | 1473363 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Bond | 5413581 | 318348069 | 300548285 | 252874 | 23213365 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond | 8881447 | 138750635 | 135964712 | 304995 | 11667370 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Income | 2643037 | 72432213 | 66018033 | 93994 | 9057217 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absolute Return Bond | 11952183 | 349466571 | 353531685 | 251328 | 7887069 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securitized Income | 4980 | 99507406 | 95859552 | 150927 | 3652834 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate | 9930161 | 93471012 | 103275352 | 392416 | 125821 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Income | 82832925 | 646658174 | 656017072 | 2014343 | 73474027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Social Impact | 2437210 | 118535909 | 116169988 | 265502 | 4803131 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Low Duration | 911129 | 21653713 | 21485680 | 29371 | 1079162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Fixed Income | 2172549 | 54384984 | 52533947 | 103098 | 4023586 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Bond | 22078607 | 591962588 | 588419517 | 728357 | 25621678 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Local Bond | 4448023 | 84084487 | 88262507 | 105808 | 270003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Corporate Bond | 12148178 | 68139239 | 72427229 | 156291 | 7860188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Income | 473165 | 98042219 | 96493884 | 60102 | 2021500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Income | 55062074 | 392365829 | 435743650 | 1460672 | 11684253 |  |  |
|  <u>Payden Emerging Markets Local Bond Fund — SI Class</u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Bond | 8170581 |  | 127312 | 1203336 | 8669004 |  | $625735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Income | 1809336 |  | 28192 | 266473 | 1919710 |  | 138566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absolute Return Bond | 7413972 | 11661000 | 194905 | 1547946 | 19892018 |  | 932568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Fixed Income | 2275955 |  | 35463 | 335195 | 2414793 |  | 174301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Income | 1523489 | 2198000 | 23738 | 294478 | 3868143 |  | 170392 |
|  <u>Payden Emerging Market Corporate Bond Fund — SI Class</u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Bond | 13484326 |  |  | 882457 | 13560941 |  | 76615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond | 5188679 |  |  | 339564 | 5218160 |  | 29481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Income | 895892 |  |  | 58630 | 900983 |  | 5091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Fixed Income | 1291139 |  |  | 84496 | 1298475 |  | 7336 |
|  <u>Floating Rate Fund — SI Class</u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Maturity | 26605781 |  |  | 2051044 | 26251402 |  | (354379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Fixed Income | 1431814 |  |  | 110379 | 1412742 |  | (19072) |

---

*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 year ended October 31, 2025.

*Line of Credit* 

The Payden funds (except Cash Reserves Money Market) have entered into a Credit Agreement with Bank of New York 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 Financial Statements and Other Information **149** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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** | **Adviser Fees** | **Adviser Fees** | **Adviser Fees** | **Investor/Institutional<br>Class** | **Investor/Institutional<br>Class** | **SI Class** | | | |
|  | **Between<br>$0-500<br>Million** | **Between<br>$0.5-1<br>Billion** | **Between<br>$1-2<br>Billion** | **Over<br>$2<br>Billion** | **Expense<br>Guarantee** | **Current<br>Voluntary<br>Expense Limit** | **Current<br>Voluntary<br>Expense Limit** | **3 Year Deferred Expense Subsidy** | **3 Year Deferred Expense Subsidy** | **3 Year Deferred Expense Subsidy** |
|  | **Between<br>$0-500<br>Million** | **Between<br>$0.5-1<br>Billion** | **Between<br>$1-2<br>Billion** | **Over<br>$2<br>Billion** | **Expense<br>Guarantee** | **Current<br>Voluntary<br>Expense Limit** | **Current<br>Voluntary<br>Expense Limit** | **FY 2023** | **FY 2024** | **FY 2025** |
|  Cash Reserves Money Market | 0.15% | 0.15% | 0.15% | 0.15% | 0.50% | 0.25% | n/a | $613365 | $581600 | $566010 |
|  Limited Maturity | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.30% | 0.25% | 5175816 | 5245262 | 4977955 |
|  Low Duration | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.43% | 0.38% | 1323884 | 1553351 | 1172096 |
|  U.S. Government | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.43% | n/a | 144384 | 156077 | 176079 |
|  GNMA | 0.27% | 0.27% | 0.27% | 0.27% | 0.50% | 0.45% | n/a | 183672 | 213246 | 190742 |
|  Core Bond | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.53% | 0.42% | 572845 | 708437 | 707286 |
|  Corporate Bond | 0.35% | 0.35% | 0.35% | 0.35% | 1.00% | 0.65% | 0.55% | 101965 | 296367 | 204578 |
|  Strategic Income | 0.55% | 0.55% | 0.55% | 0.55% | n/a | 0.65% | 0.55% | 444372 | 498236 | 520106 |
|  Absolute Return Bond | 0.50% | 0.50% | 0.50% | 0.50% | n/a | 0.70% | 0.47% | 1834273 | 1528827 | 1600449 |
|  Securitized Income | 0.55% | 0.55% | 0.55% | 0.55% | n/a | 0.65% | 0.55% |  |  | 274593 |
|  Floating Rate | 0.55% | 0.55% | 0.55% | 0.55% | n/a | 0.70% | 0.60% | 333100 | 367538 | 430325 |
|  High Income | 0.35% | 0.35% | 0.35% | 0.35% | 0.75% | n/a | 0.55% | 178810 | 427137 | 328086 |
|  California Municipal Social Impact | 0.32% | 0.32% | 0.25% | 0.25% | 0.80% | 0.45% | n/a | 258646 | 376481 | 351308 |
|  Global Low Duration | 0.30% | 0.30% | 0.30% | 0.25% | 0.70% | 0.53% | n/a | 183693 | 149909 | 161835 |
|  Global Fixed Income | 0.30% | 0.30% | 0.30% | 0.25% | 0.70% | n/a | 0.55% |  | 163424 | 139136 |
|  Emerging Markets Bond | 0.45% | 0.45% | 0.45% | 0.45% | 1.25% | n/a | 0.69% | 134750 | 250752 | 184991 |
|  Emerging Markets Local Bond | 0.60% | 0.60% | 0.60% | 0.60% | 1.50% | 0.99% | 0.75% | 211092 | 219514 | 278041 |
|  Emerging Markets Corporate Bond | 0.80% | 0.80% | 0.80% | 0.80% | n/a | 0.95% | 0.85% | 234839 | 262376 | 339034 |
|  Managed Income | 1.10% | 1.10% | 1.10% | 1.10% | 1.25% | 0.65% | 0.65% | 676803 | 1004087 | 1194589 |
|  Equity Income | 0.50% | 0.50% | 0.50% | 0.30% | 0.80% | n/a | 0.65% | 695342 | 870169 | 781601 |

---

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, 2026 (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 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

#### 150 Payden Mutual Funds

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 Limited Maturity, Low Duration, Core Bond, Corporate Bond, Strategic Income, Absolute Return Bond, High Income, Floating Rate, California Municipal Social Impact, Emerging Markets Bond, Managed Income 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% and Retirement class at an annualized rate of 0.50%. 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** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Level 2-Other Significant<br>Observable Inputs** | **Level 2-Other Significant<br>Observable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | |
|  | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** |<br>**Total**<br>**(000's)** |
|  **<u>Cash Reserves Money Market</u>** |  |  |  |  |  |  |  |
|  Mortgage Backed |  |  | $9204 |  |  |  | $9204 |
|  Repurchase Agreements |  |  | 141000 |  |  |  | 141000 |
|  U.S. Government |  |  | 25716 |  |  |  | 25716 |
|  U.S. Treasury |  |  | 221938 |  |  |  | 221938 |
|  Investment Company | $5345 |  |  |  |  |  | 5345 |
|  **Total** | $**5345** |  | $**397858** |  |  |  | $**403203** |
|  **<u>Limited Maturity</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 604818 |  |  |  | 604818 |
|  Corporate Bond |  |  | 792773 |  |  |  | 792773 |
|  Mortgage Backed |  |  | 356167 |  |  |  | 356167 |
|  U.S. Government |  |  | 311521 |  |  |  | 311521 |
|  Investment Company | 47095 |  |  |  |  |  | 47095 |
|  **Total** | $**47095** |  | $**2065279** |  |  |  | $**2112374** |
|  **<u>Low Duration</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 149856 |  |  |  | 149856 |
|  Corporate Bond |  |  | 253076 |  |  |  | 253076 |
|  Mortgage Backed |  |  | 125892 |  |  |  | 125892 |
|  Municipal |  |  | 10716 |  |  |  | 10716 |
|  U.S. Government |  |  | 255739 |  |  |  | 255739 |
|  Investment Company | 13658 |  |  |  |  |  | 13658 |
|  **Total** | $**13658** |  | $**795279** |  |  |  | $**808937** |

---

Annual Financial Statements and Other Information **151** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Level 2-Other Significant<br>Observable Inputs** | **Level 2-Other Significant<br>Observable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | |
|  | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** |<br>**Total<br>(000's)** |
| **U.S. Government** |  |  |  |  |  |  |  |
|  Mortgage Backed |  |  | $28023 |  |  |  | $28023 |
|  U.S. Government |  |  | 33796 |  |  |  | 33796 |
|  Options Purchased | $13 |  |  |  |  |  | 13 |
|  Investment Company | 1271 |  |  |  |  |  | 1271 |
|  **Total** | $**1284** |  | $**61819** |  |  |  | $**63103** |
| **GNMA** |  |  |  |  |  |  |  |
|  Mortgage Backed |  |  | 106202 |  |  |  | 106202 |
|  Options Purchased | 17 |  |  |  |  |  | 17 |
|  Investment Company | 1473 |  |  |  |  |  | 1473 |
|  **Total** | $**1490** |  | $**106202** |  |  |  | $**107692** |
| **Core Bond** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 86979 |  |  |  | 86979 |
|  Bank Loans |  |  | 8022 |  |  |  | 8022 |
|  Corporate Bond |  |  | 319663 |  |  |  | 319663 |
|  Foreign Government |  |  | 29466 |  |  |  | 29466 |
|  Mortgage Backed |  |  | 312629 |  |  |  | 312629 |
|  Municipal |  |  | 17054 |  |  |  | 17054 |
|  U.S. Government |  |  | 86778 |  |  |  | 86778 |
|  Swaptions Purchased |  |  | 47 |  |  |  | 47 |
|  Investment Company | 45443 |  |  |  |  |  | 45443 |
|  **Total** | $**45443** |  | $**860638** |  |  |  | $**906081** |
| **Corporate Bond** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 13196 |  |  |  | 13196 |
|  Bank Loans |  |  | 168 |  |  |  | 168 |
|  Corporate Bond |  |  | 355683 |  |  |  | 355683 |
|  Foreign Government |  |  | 1817 |  |  |  | 1817 |
|  Mortgage Backed |  |  | 30839 |  |  |  | 30839 |
|  Municipal |  |  | 1011 |  |  |  | 1011 |
|  Investment Company | 16885 |  |  |  |  |  | 16885 |
|  **Total** | $**16885** |  | $**402714** |  |  |  | $**419599** |
| **Strategic Income** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 19006 |  |  |  | 19006 |
|  Bank Loans |  |  | 3321 |  |  |  | 3321 |
|  Corporate Bond |  |  | 57011 |  |  |  | 57011 |
|  Foreign Government |  |  | 7005 |  |  |  | 7005 |
|  Mortgage Backed |  |  | 40231 |  |  |  | 40231 |
|  Municipal |  |  | 3262 |  |  |  | 3262 |
|  U.S. Government |  |  | 23006 |  |  |  | 23006 |
|  Preferred Stock |  |  | 1024 |  |  |  | 1024 |
|  Private Equity |  |  | 49 |  |  |  | 49 |
|  Swaptions Purchased |  |  | 82 |  |  |  | 82 |
|  Investment Company | 11878 |  |  |  |  |  | 11878 |
|  **Total** | $**11878** |  | $**153997** |  |  |  | $**165875** |
| **Absolute Return Bond** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 116695 |  |  |  | 116695 |
|  Bank Loans |  |  | 36838 |  |  |  | 36838 |
|  Corporate Bond |  |  | 130551 |  |  |  | 130551 |
|  Foreign Government |  |  | 85803 |  |  |  | 85803 |
|  Mortgage Backed |  |  | 245855 |  |  |  | 245855 |
|  U.S. Government |  |  | 6026 |  |  |  | 6026 |
|  Options Purchased | 479 |  |  |  |  |  | 479 |
|  Private Equity |  |  | 137 |  |  |  | 137 |
|  Rights |  |  | 12 |  |  |  | 12 |
|  Investment Company | 27779 |  |  |  |  |  | 27779 |
|  **Total** | $**28258** |  | $**621917** |  |  |  | $**650175** |
| **Securitized Income** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 41502 |  |  |  | 41502 |
|  Mortgage Backed |  |  | 71175 |  |  |  | 71175 |
|  Investment Company | 3653 |  |  |  |  |  | 3653 |
|  **Total** | $**3653** |  | $**112677** |  |  |  | $**116330** |

---

#### 152 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Level 2-Other Significant<br>Observable Inputs** | **Level 2-Other Significant<br>Observable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | |
|  | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** |<br>**Total**<br>**(000's)** |
|  **<u>Floating Rate</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | $3968 |  |  |  | $3968 |
|  Bank Loans |  |  | 118879 |  |  |  | 118879 |
|  Corporate Bond |  |  | 5547 |  |  |  | 5547 |
|  Private Equity |  |  | 85 |  |  |  | 85 |
|  Investment Company | $126 |  |  |  |  |  | 126 |
|  **Total** | $**126** |  | $**128479** |  |  |  | $**128605** |
| **High Income** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 10572 |  |  |  | 10572 |
|  Bank Loans |  |  | 57812 |  |  |  | 57812 |
|  Corporate Bond |  |  | 895521 |  |  |  | 895521 |
|  Mortgage Backed |  |  | 8283 |  |  |  | 8283 |
|  Private Equity |  |  | 114 |  |  |  | 114 |
|  Investment Company | 73474 |  |  |  |  |  | 73474 |
|  **Total** | $**73474** |  | $**972302** |  |  |  | $**1045776** |
| **California Municipal Social Impact** |  |  |  |  |  |  |  |
|  Mortgage Backed |  |  | 1684 |  |  |  | 1684 |
|  Municipal |  |  | 243528 |  |  |  | 243528 |
|  U.S. Government |  |  | 9037 |  |  |  | 9037 |
|  Investment Company | 4803 |  |  |  |  |  | 4803 |
|  **Total** | $**4803** |  | $**254249** |  |  |  | $**259052** |
| **Global Low Duration** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 6353 |  |  |  | 6353 |
|  Corporate Bond |  |  | 15853 |  |  |  | 15853 |
|  Foreign Government |  |  | 5105 |  |  |  | 5105 |
|  Mortgage Backed |  |  | 5283 |  |  |  | 5283 |
|  Municipal |  |  | 552 |  |  |  | 552 |
|  U.S. Government |  |  | 5439 |  |  |  | 5439 |
|  Investment Company | 1079 |  |  |  |  |  | 1079 |
|  **Total** | $**1079** |  | $**38585** |  |  |  | $**39664** |
| **Global Fixed Income** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 12221 |  |  |  | 12221 |
|  Bank Loans |  |  | 342 |  |  |  | 342 |
|  Corporate Bond |  |  | 47083 |  |  |  | 47083 |
|  Foreign Government |  |  | 40059 |  |  |  | 40059 |
|  Mortgage Backed |  |  | 29425 |  |  |  | 29425 |
|  U.S. Government |  |  | 9501 |  |  |  | 9501 |
|  Swaptions Purchased |  |  | 41 |  |  |  | 41 |
|  Investment Company | 9149 |  |  |  |  |  | 9149 |
|  **Total** | $**9149** |  | $**138672** |  |  |  | $**147821** |
| **Emerging Markets Bond** |  |  |  |  |  |  |  |
|  Corporate Bond |  |  | 183373 |  |  |  | 183373 |
|  Foreign Government |  |  | 726961 |  |  |  | 726961 |
|  Investment Company | 25622 |  |  |  |  |  | 25622 |
|  **Total** | $**25622** |  | $**910334** |  |  |  | $**935956** |
| **Emerging Markets Local Bond** |  |  |  |  |  |  |  |
|  Corporate Bond |  |  | 15571 |  |  |  | 15571 |
|  Foreign Government |  |  | 81827 |  |  |  | 81827 |
|  Investment Company | 270 |  |  |  |  |  | 270 |
|  **Total** | $**270** |  | $**97398** |  |  |  | $**97668** |
| **Emerging Markets Corporate Bond** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 1554 |  |  |  | 1554 |
|  Bank Loans |  |  | 205 |  |  |  | 205 |
|  Corporate Bond |  |  | 76734 |  |  |  | 76734 |
|  Foreign Government |  |  | 3503 |  |  |  | 3503 |
|  Mortgage Backed |  |  | 728 |  |  |  | 728 |
|  Common Stock |  |  |  |  |  |  |  |
|  Preferred Stock |  |  | 816 |  |  |  | 816 |
|  Investment Company | 7860 |  |  |  |  |  | 7860 |
|  **Total** | $**7860** |  | $**83540** |  |  |  | $**91400** |

---

Annual Financial Statements and Other Information **153** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Level 2-Other Significant<br>Observable Inputs** | **Level 2-Other Significant<br>Observable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | |
|  | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** |<br>**Total**<br>**(000's)** |
| **Managed Income** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | $19792 |  |  |  | $19792 |
|  Bank Loans |  |  | 8442 |  |  |  | 8442 |
|  Corporate Bond |  |  | 30769 |  |  |  | 30769 |
|  Foreign Government |  |  | 19679 |  |  |  | 19679 |
|  Mortgage Backed |  |  | 44795 |  |  |  | 44795 |
|  U.S. Government |  |  | 1155 |  |  |  | 1155 |
|  Options Purchased | $28 |  |  |  |  |  | 28 |
|  Private Equity |  |  | 48 |  |  |  | 48 |
|  Rights |  |  | 4 |  |  |  | 4 |
|  Investment Company | 5890 |  |  |  |  |  | 5890 |
|  **Total** | $**5918** |  | $**124684** |  |  |  | $**130602** |
| **Equity Income** |  |  |  |  |  |  |  |
|  Corporate Bond |  |  | 18701 |  |  |  | 18701 |
|  Common Stock | 970335 |  |  |  |  |  | 970335 |
|  Master Limited Partnership | 24878 |  |  |  |  |  | 24878 |
|  Real Estate Investment Trust | 39645 |  |  |  |  |  | 39645 |
|  Investment Company | 11684 |  |  |  |  |  | 11684 |
|  **Total** | $**1046542** |  | $**18701** |  |  |  | $**1065243** |

---

#### 154 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Other Financial Instruments<sup>1</sup>** | **Other Financial Instruments<sup>1</sup>** | **Other Financial Instruments<sup>1</sup>** | **Other Financial Instruments<sup>1</sup>** | **Other Financial Instruments<sup>1</sup>** | **Other Financial Instruments<sup>1</sup>** | **Other Financial Instruments<sup>1</sup>** |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Level 2-Other Significant<br>Observable Inputs** | **Level 2-Other Significant<br>Observable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | |
|  | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** | <br>**Total**<br>**(000's)** |
| **Limited Maturity** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | $48 | $(5) |  |  | $43 |
|  **Total** | **—** | **—** | **48** | **(5)** |  |  | **43** |
| **Low Duration** |  |  |  |  |  |  |  |
|  Futures |  | (56) |  |  |  |  | (56) |
|  **Total** | **—** | **(56)** | **—** | **—** |  |  | **(56)** |
| **U.S. Government** |  |  |  |  |  |  |  |
|  Futures | 6 | (3) |  |  |  |  | 3 |
|  **Total** | **6** | **(3)** | **—** | **—** |  |  | **3** |
| **GNMA** |  |  |  |  |  |  |  |
|  Futures | 20 |  |  |  |  |  | 20 |
|  **Total** | **20** | **—** | **—** | **—** |  |  | **20** |
| **Core Bond** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 324 |  |  |  | 324 |
|  Futures | 1732 | (254) |  |  |  |  | 1478 |
|  Swaps |  |  | 2527 | (2210) |  |  | 317 |
|  **Total** | **1732** | **(254)** | **2851** | **(2210)** |  |  | **2119** |
| **Corporate Bond** |  |  |  |  |  |  |  |
|  Futures | 264 | (299) |  |  |  |  | (35) |
|  **Total** | **264** | **(299)** | **—** | **—** |  |  | **(35)** |
| **Strategic Income** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 199 |  |  |  | 199 |
|  Futures | 267 | (80) |  |  |  |  | 187 |
|  Swaps |  |  | 438 | (388) |  |  | 50 |
|  **Total** | **267** | **(80)** | **637** | **(388)** |  |  | **436** |
| **Absolute Return Bond** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 2970 | (2048) |  |  | 922 |
|  Futures | 255 | (1380) |  |  |  |  | (1125) |
|  Options written |  | (231) |  |  |  |  | (231) |
|  Swaps |  |  | 27 |  |  |  | 27 |
|  **Total** | **255** | **(1611)** | **2997** | **(2048)** |  |  | **(407)** |
| **Securitized Income** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 79 |  |  |  | 79 |
|  Futures |  | (10) |  |  |  |  | (10) |
|  **Total** | **—** | **(10)** | **79** | **—** |  |  | **69** |
| **Floating Rate** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 14 |  |  |  | 14 |
|  **Total** | **—** | **—** | **14** | **—** |  |  | **14** |
| **High Income** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 383 |  |  |  | 383 |
|  Futures | 190 |  |  |  |  |  | 190 |
|  Swaps |  |  | 207 | (391) |  |  | (184) |
|  **Total** | **190** | **—** | **590** | **(391)** |  |  | **389** |
| **Global Low Duration** |  |  |  |  |  |  |  |
|  Futures |  | (3) |  |  |  |  | (3) |
|  **Total** | **—** | **(3)** | **—** | **—** |  |  | **(3)** |
| **Global Fixed Income** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 1565 | (429) |  |  | 1136 |
|  Futures | 147 | (142) |  |  |  |  | 5 |
|  Swaps |  |  | 570 | (184) |  |  | 386 |
|  **Total** | **147** | **(142)** | **2135** | **(613)** |  |  | **1527** |
| **Emerging Markets Bond** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 1762 | (2982) |  |  | (1220) |
|  Futures | 537 | (101) |  |  |  |  | 436 |
|  Swaps |  |  | 149 | (320) |  |  | (171) |
|  **Total** | **537** | **(101)** | **1911** | **(3302)** |  |  | **(955)** |

---

Annual Financial Statements and Other Information **155** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **<u>Emerging Markets Local Bond</u>** |  |  |  |  |  |
|  Forward currency contracts |  |  | 187 | (499) | (312) |
|  Swaps |  |  | 12 | (11) | 1 |
|  **Total** | **—** | **—** | **199** | **(510)** | **(311)** |
| **Emerging Markets Corporate Bond** |  |  |  |  |  |
|  Forward currency contracts |  |  | 48 | (32) | 16 |
|  Futures | 33 | (30) |  |  | 3 |
|  Swaps |  |  | 27 |  | 27 |
|  **Total** | **33** | **(30)** | **75** | **(32)** | **46** |
| **Managed Income** |  |  |  |  |  |
|  Forward currency contracts |  |  | 579 | (525) | 54 |
|  Futures | 35 | (322) |  |  | (287) |
|  Options written |  | (8) |  |  | (8) |
|  Swaps |  |  | 16 |  | 16 |
|  **Total** | **35** | **(330)** | **595** | **(525)** | **(225)** |
| **Equity Income** |  |  |  |  |  |
|  Forward currency contracts |  |  | 1785 | (109) | 1676 |
|  **Total** | **—** | **—** | **1785** | **(109)** | **1676** |

---

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.

At October 31, 2025, the following Funds had available for Federal income tax purposes unused capital losses as follows (000's):

---

| | |
|:---|:---|
|  | **Total** |
|  Cash Reserves Money Market | $25 |
|  Low Duration | 43067 |
|  U.S. Government | 9324 |
|  GNMA | 53551 |
|  Core Bond | 146679 |
|  Corporate Bond | 35205 |
|  Strategic Income | 9025 |
|  Absolute Return Bond | 49612 |
|  Floating Rate | 10268 |
|  High Income | 53497 |
|  California Municipal Social Impact | 4531 |
|  Global Low Duration | 2090 |
|  Global Fixed Income | 30382 |
|  Emerging Markets Bond | 197883 |
|  Emerging Markets Local Bond | 25405 |
|  Emerging Markets Corporate Bond | 5817 |
|  Managed Income | 11469 |

---

#### 156 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The tax character of distributions paid during the fiscal years ended October 31st is as follows (000's):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Tax-Exempt<br>Income** | **Ordinary<br>Income** | **Long Term<br>Capital<br>Gains** | **Return of<br>Capital** |
|  Cash Reserves Money Market |  | $23206 |  |  |
|  Limited Maturity |  | 106230 |  |  |
|  Low Duration |  | 41915 |  |  |
|  U.S. Government |  | 2354 |  |  |
|  GNMA |  | 3357 |  |  |
|  Core Bond |  | 40743 |  | $802 |
|  Corporate Bond |  | 16817 |  |  |
|  Strategic Income |  | 9045 |  | 251 |
|  Absolute Return Bond |  | 38727 |  |  |
|  Floating Rate |  | 10846 |  |  |
|  High Income |  | 52716 |  |  |
|  California Municipal Social Impact | $4692 | 1001 |  | 272 |
|  Global Low Duration |  | 2073 |  |  |
|  Global Fixed Income |  | 2652 |  | 3045 |
|  Emerging Markets Bond |  | 55607 |  |  |
|  Emerging Markets Local Bond |  | 4021 |  | 1203 |
|  Emerging Markets Corporate Bond |  | 5153 |  |  |
|  Managed Income |  | 6095 |  |  |
|  Equity Income |  | 27055 | $34768 |  |
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Tax-Exempt<br>Income** | **Ordinary<br>Income** | **Long Term<br>Capital<br>Gains** | **Return of<br>Capital** |
|  Cash Reserves Money Market |  | $17753 |  |  |
|  Limited Maturity |  | 102581 |  |  |
|  Low Duration |  | 39310 |  |  |
|  U.S. Government |  | 2532 |  |  |
|  GNMA |  | 3540 |  |  |
|  Core Bond |  | 39476 |  |  |
|  Corporate Bond |  | 17906 |  |  |
|  Strategic Income |  | 7874 |  |  |
|  Absolute Return Bond |  | 38641 |  |  |
|  Securitized Income |  | 2513 |  |  |
|  Floating Rate |  | 10231 |  |  |
|  High Income |  | 65012 |  |  |
|  California Municipal Social Impact | $5805 | 797 |  |  |
|  Global Low Duration |  | 1954 |  |  |
|  Global Fixed Income |  | 5079 |  | $848 |
|  Emerging Markets Bond |  | 65473 |  | 220 |
|  Emerging Markets Local Bond |  | 6176 |  |  |
|  Emerging Markets Corporate Bond |  | 5224 |  | 44 |
|  Managed Income |  | 7760 |  |  |
|  Equity Income |  | 60334 | $96204 |  |

---

Annual Financial Statements and Other Information **157** 

------

**Notes to Financial Statements** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

At October 31, 2025, net unrealized appreciation (depreciation) on investments for Federal income tax purposes is as follows (000's):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of<br>Investments<br>Federal Income<br>Tax Purposes** | **Gross Unrealized<br>Appreciation on<br>Investments** | **Gross Unrealized<br>Depreciation on<br>Investments** | **Net Unrealized<br>Appreciation<br>(Depreciation) on<br>Investments** |
|  Cash Reserves Money Market | $403203 |  |  |  |
|  Limited Maturity | 2103463 | $10235 | $(1324) | $8911 |
|  Low Duration | 805914 | 6526 | (3503) | 3023 |
|  U.S. Government | 62999 | 447 | (343) | 104 |
|  GNMA | 109738 | 1198 | (3244) | (2046) |
|  Core Bond | 913010 | 17295 | (24224) | (6929) |
|  Corporate Bond | 427616 | 7508 | (15525) | (8017) |
|  Strategic Income | 166014 | 3431 | (3570) | (139) |
|  Absolute Return Bond | 650649 | 14083 | (14788) | (705) |
|  Securitized Income | 116117 | 375 | (162) | 213 |
|  Floating Rate | 128986 | 1346 | (1727) | (381) |
|  High Income | 1033174 | 23160 | (10558) | 12602 |
|  California Municipal Social Impact | 253007 | 6404 | (359) | 6045 |
|  Global Low Duration | 40145 | 350 | (831) | (481) |
|  Global Fixed Income | 153027 | 6825 | (12031) | (5206) |
|  Emerging Markets Bond | 918398 | 61748 | (44190) | 17558 |
|  Emerging Markets Local Bond | 95596 | 5198 | (3126) | 2072 |
|  Emerging Markets Corporate Bond | 90291 | 2429 | (1319) | 1110 |
|  Managed Income | 130658 | 2923 | (2987) | (64) |
|  Equity Income | 848984 | 226372 | (10113) | 216259 |

---

At October 31, 2025, the components of accumulated earnings (deficit) for Federal income tax purposes are as follows (000's):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Tax-Exempt<br>Income** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Realized<br>Long Term<br>Capital Gains** | **Capital Loss<br>Carryforwards** | **Other<br>Temporary<br>Differences** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Total<br>Distributions<br>Earnings<br>(Deficit)** |
|  Cash Reserves Money Market |  | $913 |  | $(25) | $(906) |  | $(18) |
|  Limited Maturity |  | 651 |  |  | (488) | $8804 | 8967 |
|  Low Duration |  | 818 |  | (43067) | (358) | 3011 | (39596) |
|  U.S. Government |  | 212 |  | (9324) | (190) | 112 | (9190) |
|  GNMA |  | 1421 |  | (53551) | (146) | (2036) | (54312) |
|  Core Bond |  | 3604 |  | (146679) | 760 | (7821) | (150136) |
|  Corporate Bond |  | 61 |  | (35205) |  | (8017) | (43162) |
|  Strategic Income |  | 565 |  | (9025) | (26) | (144) | (8630) |
|  Absolute Return Bond |  | 6135 |  | (49612) |  | (2413) | (45890) |
|  Securitized Income |  | 43 | $10 |  |  | 213 | 266 |
|  Floating Rate |  | 47 |  | (10268) |  | (384) | (10605) |
|  High Income |  | 1648 |  | (53497) | 140 | 11904 | (39805) |
|  California Municipal Social Impact | $28 |  |  | (4531) | (173) | 6045 | 1369 |
|  Global Low Duration |  | 16 |  | (2090) |  | (481) | (2555) |
|  Global Fixed Income |  |  |  | (30382) | (993) | (4966) | (36341) |
|  Emerging Markets Bond |  |  |  | (197883) | (8219) | 17014 | (189088) |
|  Emerging Markets Local Bond |  | 750 |  | (25405) | (1443) | 1823 | (24275) |
|  Emerging Markets Corporate Bond |  |  |  | (5817) | (5) | 1142 | (4680) |
|  Managed Income |  | 7662 |  | (11469) | (14) | (337) | (4158) |
|  Equity Income |  | 118 | 49995 |  |  | 216243 | 266356 |

---

6. Subsequent Events

The Funds have evaluated subsequent events through the issuance of the financial statements and have determined that no events have occurred that require disclosure.

#### 158 Payden Mutual Funds

------

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Cash Reserves Money Market Fund** | **Payden Cash Reserves Money Market Fund** | **Payden Cash Reserves Money Market Fund** | **Payden Cash Reserves Money Market Fund** | **Payden Cash Reserves Money Market Fund** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Income from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.03 | 0.05 | 0.04 | 0.01 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.00) | (0.00) | (0.00) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.03 | 0.05 | 0.04 | 0.01 | 0.00 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.03) | (0.05) | (0.04) | (0.01) | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.03) | (0.05) | (0.04) | (0.01) | (0.00) |
|  Net asset value — end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 4.20 | 5.20 | 4.57 | 0.78 | 0.02 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $383762 | $482687 | $446743 | $475935 | $500758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.38 | 0.38 | 0.38 | 0.37 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.25 | 0.25 | 0.25 | 0.18 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.00 | 4.96 | 4.34 | 0.57 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.13 | 5.08 | 4.47 | 0.76 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | n/a | n/a | n/a | n/a | n/a |

---

The Fund commenced operations on December 17, 1997.

(1) Amount is less than $0.005.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Limited Maturity Fund — Investor Class** | **Payden Limited Maturity Fund — Investor Class** | **Payden Limited Maturity Fund — Investor Class** | **Payden Limited Maturity Fund — Investor Class** | **Payden Limited Maturity Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.56 | $9.46 | $9.36 | $9.51 | $9.50 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.47 | 0.54 | 0.44 | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.01 | 0.08 | 0.11 | (0.14) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.48 | 0.62 | 0.55 | (0.04) | 0.07 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.48) | (0.52) | (0.41) | (0.11) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.48) | (0.52) | (0.45) | (0.11) | (0.06) |
|  Net asset value — end of period | $9.56 | $9.56 | $9.46 | $9.36 | $9.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.16% | 6.68% | 5.76 | (0.41)% | 0.75% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $621994 | $547456 | $641777 | $546444 | $851146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.51% | 0.52% | 0.48 | 0.52% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.30% | 0.28% | 0.25 | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.68% | 5.33% | 4.18 | 0.74% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.89% | 5.56% | 4.42 | 1.02% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 60% | 76% | 80 | 36% | 60% |

---

The Fund commenced operations on April 29, 1994.

(1) Amount is less than $0.005.

*See notes to financial statements.*

Annual Financial Statements and Other Information **159** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Limited Maturity Fund — SI Class** | **Payden Limited Maturity Fund — SI Class** | **Payden Limited Maturity Fund — SI Class** | **Payden Limited Maturity Fund — SI Class** | **Payden Limited Maturity Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.56 | $9.46 | $9.37 | $9.52 | $9.53 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.48 | 0.53 | 0.44 | 0.10 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.01 | 0.09 | 0.10 | (0.14) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.49 | 0.62 | 0.54 | (0.04) | 0.01 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.52) | (0.40) | (0.11) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.49) | (0.52) | (0.45) | (0.11) | (0.02) |
|  Net asset value — end of period | $9.56 | $9.56 | $9.46 | $9.37 | $9.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.22% | 6.73% | 5.70 | (0.36)% | 0.11%(2) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $1481320 | $1400815 | $1318397 | $1325844 | $1398387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.51% | 0.52% | 0.49 | 0.53% | 0.51%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.25% | 0.23% | 0.20 | 0.20% | 0.20%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.71% | 5.35% | 4.15 | 0.79% | 0.28%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.97% | 5.63% | 4.44 | 1.12% | 0.59%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 60% | 76% | 80 | 36% | 60%(2) |

---

The Class commenced operations on June 30, 2021.

---

| | | |
|:---|:---|:---|
|  | **Payden Limited Maturity<br>Fund — Adviser Class** | **Payden Limited Maturity<br>Fund — Adviser Class** |
|  | **2025** | **2024** |
|  Net asset value — beginning of period | $9.55 | $9.49 |
|  Income (loss) from investment activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (2.37) | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 2.82 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.45 | 0.46 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.46) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.46) | (0.40) |
|  Net asset value — end of period | $9.54 | $9.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 4.79% | 4.99 |
|  Ratios/supplemental data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $7 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.71% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.32% | 4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.49% | 4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 60% | 76 |

---

The Class commenced operations on November 30, 2023.

(1) Amount is less than $0.005.

(2) Not annualized.

(3) Annualized.

(4) Amount is less than $500.

*See notes to financial statements.*

#### 160 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Low Duration Fund — Investor Class** | **Payden Low Duration Fund — Investor Class** | **Payden Low Duration Fund — Investor Class** | **Payden Low Duration Fund — Investor Class** | **Payden Low Duration Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.78 | $9.53 | $9.47 | $10.12 | $10.22 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.42 | 0.40 | 0.31 | 0.13 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.10 | 0.26 | 0.08 | (0.60) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.52 | 0.66 | 0.39 | (0.47) | 0.18 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.41) | (0.32) | (0.14) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.03) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.43) | (0.41) | (0.33) | (0.18) | (0.28) |
|  Net asset value — end of period | $9.87 | $9.78 | $9.53 | $9.47 | $10.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.39% | 7.05% | 4.16% | (4.65)% | 0.84 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $455502 | $524087 | $572864 | $901416 | $1604077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.54% | 0.57% | 0.53% | 0.53% | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.43% | 0.43% | 0.43% | 0.43% | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.22% | 4.07% | 3.20% | 1.27% | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.32% | 4.20% | 3.30% | 1.37% | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 74% | 63% | 102% | 98% | 138 |

---

The Fund commenced operations on December 31, 1993.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payden Low Duration Fund — SI Class** | **Payden Low Duration Fund — SI Class** | **Payden Low Duration Fund — SI Class** | **Payden Low Duration Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** |
|  Net asset value — beginning of period | $9.78 | $9.53 | $9.47 | $9.92 |
|  Income (loss) from investment activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.45 | 0.43 | 0.33 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.07 | 0.24 | 0.06 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.52 | 0.67 | 0.39 | (0.33) |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.42) | (0.32) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.43) | (0.42) | (0.33) | (0.12) |
|  Net asset value — end of period | $9.87 | $9.78 | $9.53 | $9.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.44% | 7.10% | 4.21% | (3.34)%(2) |
|  Ratios/supplemental data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $349109 | $449960 | $456251 | $321719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.54% | 0.57% | 0.53% | 0.55%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.38% | 0.38% | 0.38% | 0.38%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.36% | 4.20% | 3.40% | 1.72%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.52% | 4.39% | 3.54% | 1.88%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 74% | 63% | 102% | 98%(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 Financial Statements and Other Information **161** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Payden Low<br>Duration Fund —<br>Adviser Class** | **Payden Low<br>Duration Fund —<br>Adviser Class** |
|  | **2025** | **2024** |
|  Net asset value — beginning of period | $9.79 | $9.62 |
|  Income (loss) from investment activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.39 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.08 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.47 | 0.53 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.37) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.37) | (0.36) |
|  Net asset value — end of period | $9.89 | $9.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 4.84 | 5.64 |
|  Ratios/supplemental data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets |  | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets |  | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.99 | 4.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.99 | 4.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 74 | 63 |

---

The Class commenced operations on November 30, 2023.

(1) Not annualized.

(2) Amount is less than $500.

(3) Annualized.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden U.S. Government Fund** | **Payden U.S. Government Fund** | **Payden U.S. Government Fund** | **Payden U.S. Government Fund** | **Payden U.S. Government Fund** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.38 | $9.16 | $9.30 | $10.29 | $10.54 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.36 | 0.35 | 0.31 | 0.24 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.14 | 0.22 | (0.14) | (0.97) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.50 | 0.57 | 0.17 | (0.73) | (0.03) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.35) | (0.35) | (0.32) | (0.26) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.35) | (0.35) | (0.32) | (0.26) | (0.22) |
|  Net asset value — end of period | $9.53 | $9.38 | $9.16 | $9.30 | $10.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.48 | 6.33 | 1.90 | (7.14) | (0.31) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $63548 | $68989 | $59974 | $53471 | $28876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.69 | 0.66 | 0.67 | 0.82 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.51 | 3.53 | 3.13 | 2.06 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.77 | 3.76 | 3.36 | 2.45 | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38 | 52 | 39 | 39 | 22 |

---

The Class commenced operations on December 30, 1995.

(1) Based on average shares outstanding.

*See notes to financial statements.*

#### 162 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden GNMA Fund** | **Payden GNMA Fund** | **Payden GNMA Fund** | **Payden GNMA Fund** | **Payden GNMA Fund** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $7.56 | $7.08 | $7.47 | $9.12 | $9.47 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.31 | 0.30 | 0.26 | 0.25 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.19 | 0.45 | (0.41) | (1.59) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.50 | 0.75 | (0.15) | (1.34) | (0.08) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.29) | (0.27) | (0.24) | (0.31) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.29) | (0.27) | (0.24) | (0.31) | (0.27) |
|  Net asset value — end of period | $7.77 | $7.56 | $7.08 | $7.47 | $9.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.80% | 10.61% | (2.19)% | (15.01)% | (0.91)% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $87489 | $96196 | $88544 | $91243 | $102013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.66% | 0.67% | 0.63% | 0.70% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.45% | 0.45% | 0.45% | 0.45% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.82% | 3.67% | 3.08% | 2.03% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.02% | 3.89% | 3.26% | 2.28% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 11% | 25% | 17% | 29% | 28% |

---

The Fund commenced operations on August 27, 1999.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Core Bond Fund — Investor Class** | **Payden Core Bond Fund — Investor Class** | **Payden Core Bond Fund — Investor Class** | **Payden Core Bond Fund — Investor Class** | **Payden Core Bond Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.19 | $8.56 | $8.80 | $10.84 | $11.13 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.45 | 0.43 | 0.37 | 0.26 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.14 | 0.61 | (0.26) | (2.01) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.59 | 1.04 | 0.11 | (1.75) | 0.30 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.41) | (0.40) | (0.34) | (0.28) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.41) | (0.41) | (0.35) | (0.29) | (0.59) |
|  Net asset value — end of period | $9.37 | $9.19 | $8.56 | $8.80 | $10.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.57 | 12.27 | 1.07 | (16.43) | 1.15 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $274838 | $262908 | $230480 | $294877 | $409453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.53 | 0.53 | 0.52 | 0.52 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.53 | 0.53 | 0.52 | 0.52 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.84 | 4.69 | 4.03 | 2.63 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.85 | 4.69 | 4.03 | 2.63 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 64 | 69 | 52 | 51 | 88 |

---

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 Financial Statements and Other Information **163** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Core Bond Fund — SI Class** | **Payden Core Bond Fund — SI Class** | **Payden Core Bond Fund — SI Class** | **Payden Core Bond Fund — SI Class** | **Payden Core Bond Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.18 | $8.55 | $8.79 | $10.83 | $11.12 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.46 | 0.44 | 0.38 | 0.27 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.15 | 0.61 | (0.27) | (2.01) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.61 | 1.05 | 0.11 | (1.74) | 0.31 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.42) | (0.41) | (0.34) | (0.29) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.42) | (0.42) | (0.35) | (0.30) | (0.60) |
|  Net asset value — end of period | $9.37 | $9.18 | $8.55 | $8.79 | $10.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.80 | 12.38 | 1.16 | (16.36) | 1.27 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $624999 | $644599 | $615873 | $612851 | $833563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.53 | 0.53 | 0.52 | 0.52 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.85 | 4.68 | 4.05 | 2.64 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.96 | 4.78 | 4.14 | 2.74 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 64 | 69 | 52 | 51 | 88 |
| <br> The Class commenced operations on January 22, 2018. |  |  |  |  |  |
|  | **Payden Core Bond Fund — Adviser Class** | **Payden Core Bond Fund — Adviser Class** | **Payden Core Bond Fund — Adviser Class** | **Payden Core Bond Fund — Adviser Class** | **Payden Core Bond Fund — Adviser Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.19 | $8.56 | $8.77 | $10.81 | $11.10 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.42 | 0.40 | 0.33 | 0.23 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.14 | 0.62 | (0.22) | (2.01) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.56 | 1.02 | 0.11 | (1.78) | 0.27 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.38) | (0.38) | (0.31) | (0.25) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.38) | (0.39) | (0.32) | (0.26) | (0.56) |
|  Net asset value — end of period | $9.37 | $9.19 | $8.56 | $8.77 | $10.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.29 | 11.97 | 1.15 | (16.70) | 0.92 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $1276 | $1609 | $2965 | $23806 | $46499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.78 | 0.78 | 0.78 | 0.77 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.78 | 0.78 | 0.78 | 0.77 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.60 | 4.42 | 3.64 | 2.35 | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.60 | 4.42 | 3.64 | 2.35 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 64 | 69 | 52 | 51 | 88 |

---

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.* 

#### 164 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Corporate Bond Fund — Investor Class** | **Payden Corporate Bond Fund — Investor Class** | **Payden Corporate Bond Fund — Investor Class** | **Payden Corporate Bond Fund — Investor Class** | **Payden Corporate Bond Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.79 | $8.94 | $9.10 | $11.96 | $12.04 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.45 | 0.43 | 0.36 | 0.29 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.18 | 0.85 | (0.15) | (2.53) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.63 | 1.28 | 0.21 | (2.24) | 0.55 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.45) | (0.43) | (0.37) | (0.34) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.28) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.45) | (0.43) | (0.37) | (0.62) | (0.63) |
|  Net asset value — end of period | $9.97 | $9.79 | $8.94 | $9.10 | $11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.63% | 14.50% | 2.20% | (19.53) | 3.27% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $191121 | $158154 | $139288 | $222269 | $460135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.65% | 0.67% | 0.65% | 0.66 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65% | 0.65% | 0.65% | 0.65 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.61% | 4.45% | 3.92% | 2.90 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.60% | 4.47% | 3.91% | 2.90 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 42% | 67% | 41% | 31 | 49% |
| <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. |
|  | **Payden Corporate Bond Fund — SI Class** | **Payden Corporate Bond Fund — SI Class** | **Payden Corporate Bond Fund — SI Class** | **Payden Corporate Bond Fund — SI Class** |  |
|  | **2025** | **2024** | **2023** | **2022** |  |
|  Net asset value — beginning of period | $9.79 | $8.94 | $9.10 | $10.98 |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.46 | 0.44 | 0.38 | 0.22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.18 | 0.85 | (0.16) | (1.87) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.64 | 1.29 | 0.22 | (1.65) |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.46) | (0.44) | (0.38) | (0.23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.46) | (0.44) | (0.38) | (0.23) |  |
|  Net asset value — end of period | $9.97 | $9.79 | $8.94 | $9.10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.73% | 14.61% | 2.32% | (15.14) |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $223567 | $217396 | $201735 | $124148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.65% | 0.67% | 0.63% | 0.65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% | 0.55% | 0.55% | 0.55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.61% | 4.45% | 4.01% | 3.45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.71% | 4.57% | 4.08% | 3.55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 42% | 67% | 41% | 31 |  |

---

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 Financial Statements and Other Information **165** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Corporate Bond<br>Fund — Adviser Class** | **Payden Corporate Bond<br>Fund — Adviser Class** | | | |
|  | **2025** | **2024** | | | |
|  Net asset value — beginning of period | $9.86 | $9.44 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.17) | 0.47 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 1.80 | 0.34 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.63 | 0.81 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.39) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.43) | (0.39) |  |  |  |
|  Net asset value — end of period | $10.06 | $9.86 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.56% | 8.69 |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $7 | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.83% | 0.02 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.83% | 0.01 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.43% | 5.24 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.43% | 5.25 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 42% | 67 |  |  |  |
| <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. |  |  |  |  |  |
|  | **Payden Strategic Income Fund — Investor Class** | **Payden Strategic Income Fund — Investor Class** | **Payden Strategic Income Fund — Investor Class** | **Payden Strategic Income Fund — Investor Class** | **Payden Strategic Income Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.61 | $9.15 | $9.16 | $10.46 | $10.28 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.47 | 0.49 | 0.45 | 0.31 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.13 | 0.46 | (0.02) | (1.20) | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.60 | 0.95 | 0.43 | (0.89) | 0.46 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.48) | (0.48) | (0.42) | (0.33) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.01) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.48) | (0.49) | (0.44) | (0.41) | (0.28) |
|  Net asset value — end of period | $9.73 | $9.61 | $9.15 | $9.16 | $10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.39% | 10.53 | 4.57% | (8.72)% | 4.37% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $94201 | $107956 | $95213 | $113587 | $147966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.94% | 0.88 | 0.86% | 0.87% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65% | 0.65 | 0.65% | 0.65% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.99% | 4.93 | 4.29% | 2.94% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.27% | 5.16 | 4.49% | 3.16% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53% | 63 | 51% | 40% | 90% |

---

The Fund commenced operations on May 8, 2014.

*See notes to financial statements.* 

#### 166 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Strategic Income Fund — SI Class** | **Payden Strategic Income Fund — SI Class** | **Payden Strategic Income Fund — SI Class** | **Payden Strategic Income Fund — SI Class** | **Payden Strategic Income Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.61 | $9.15 | $9.16 | $10.46 | $10.27 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.51 | 0.51 | 0.44 | 0.32 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.10 | 0.45 | (0.01) | (1.20) | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.61 | 0.96 | 0.43 | (0.88) | 0.48 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.49) | (0.43) | (0.34) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.01) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.49) | (0.50) | (0.45) | (0.42) | (0.29) |
|  Net asset value — end of period | $9.73 | $9.61 | $9.15 | $9.16 | $10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.50 | 10.64 | 4.68% | (8.62)% | 4.58% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $76843 | $75323 | $76974 | $49004 | $49575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.94 | 0.88 | 0.86% | 0.87% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55 | 0.55 | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.00 | 4.91 | 4.33% | 2.99% | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.38 | 5.25 | 4.63% | 3.31% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53 | 63 | 51% | 40% | 90% |
| <br> The Fund commenced operations on May 8, 2014. |  |  |  |  |  |
|  | **Payden Strategic<br>Income Fund —<br>Adviser Class** | **Payden Strategic<br>Income Fund —<br>Adviser Class** |  |  |  |
|  | **2025** | **2024** |  |  |  |
|  Net asset value — beginning of period | $9.57 | $9.36 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.46 | 0.41 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.11 | 0.24 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.57 | 0.65 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.45) | (0.44) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.45) | (0.44) |  |  |  |
|  Net asset value — end of period | $9.69 | $9.57 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.13 | 7.00 |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.24 | 0.07 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.24 | 0.07 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.81 | 4.57 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.81 | 4.57 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53 | 63 |  |  |  |

---

The Class commenced operations on November 30, 2023.

(1) Not annualized.

(2) Amount is less than $500.

(3) Annualized.

*See notes to financial statements.* 

Annual Financial Statements and Other Information **167** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Absolute Return Bond Fund — Investor Class** | **Payden Absolute Return Bond Fund — Investor Class** | **Payden Absolute Return Bond Fund — Investor Class** | **Payden Absolute Return Bond Fund — Investor Class** | **Payden Absolute Return Bond Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.50 | $9.31 | $9.18 | $10.03 | $9.92 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.56 | 0.59 | 0.53 | 0.30 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.03) | 0.18 | 0.10 | (0.83) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.53 | 0.77 | 0.63 | (0.53) | 0.32 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.57) | (0.58) | (0.50) | (0.20) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.57) | (0.58) | (0.50) | (0.32) | (0.21) |
|  Net asset value — end of period | $9.46 | $9.50 | $9.31 | $9.18 | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.77% | 8.44% | 6.93 | (5.32)% | 3.22% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $148782 | $150463 | $139081 | $123311 | $151027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.78% | 0.77% | 0.76 | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.70% | 0.70% | 0.70 | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.85% | 6.23% | 5.73 | 3.00% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.93% | 6.30% | 5.79 | 3.03% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 176% | 188% | 132 | 104% | 95% |
| <br> The Fund commenced operations on November 6, 2014. |  |  |  |  |  |
|  | **Payden Absolute Return Bond Fund — SI Class** | **Payden Absolute Return Bond Fund — SI Class** | **Payden Absolute Return Bond Fund — SI Class** | **Payden Absolute Return Bond Fund — SI Class** | **Payden Absolute Return Bond Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.52 | $9.32 | $9.19 | $10.04 | $9.93 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.58 | 0.66 | 0.59 | 0.30 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.04) | 0.14 | 0.06 | (0.83) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.54 | 0.80 | 0.65 | (0.53) | 0.34 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.59) | (0.60) | (0.52) | (0.20) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.59) | (0.60) | (0.52) | (0.32) | (0.23) |
|  Net asset value — end of period | $9.47 | $9.52 | $9.32 | $9.19 | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.89% | 8.79% | 7.16 | (5.10)% | 3.46% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $491126 | $429782 | $556369 | $659836 | $878927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.78% | 0.77% | 0.76 | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.47% | 0.47% | 0.47 | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.85% | 6.10% | 5.71 | 3.01% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.16% | 6.40% | 6.01 | 3.27% | 2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 176% | 188% | 132 | 104% | 95% |

---

The Fund commenced operations on November 6, 2014.

(1) Amount is less than $0.005.

*See notes to financial statements.* 

#### 168 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Payden Absolute<br>Return Bond<br>Fund —<br>Adviser Class** | **Payden Absolute<br>Return Bond<br>Fund —<br>Adviser Class** |
|  | **2025** | **2024** |
|  Net asset value — beginning of period | $9.50 | $9.39 |
|  Income (loss) from investment activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.46 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.06 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.52 | 0.63 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.55) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.55) | (0.52) |
|  Net asset value — end of period | $9.47 | $9.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.61% | 6.86%(1) |
|  Ratios/supplemental data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $33 | $283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.02% | 1.04%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.95% | 0.95%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.43% | 6.52%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.50% | 6.59%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 176% | 188%(1) |
| <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Annualized. |  |  |
|  | **Payden<br>Securitized<br>Income<br>Fund —<br>Investor<br>Class** |  |
|  | **2025** |  |
|  Net asset value — beginning of period | $10.00 |  |
|  Income (loss) from investment activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.36 |  |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.32) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.32) |  |
|  Net asset value — end of period | $10.04 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 3.64%(1) |  |
|  Ratios/supplemental data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $2454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.77%(2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65%(2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.86%(2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.98%(2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 29%(1) |  |

---

The Fund commenced operations on March 5, 2025.

(1) Not annualized.

(2) Annualized.

*See notes to financial statements.* 

Annual Financial Statements and Other Information **169** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden<br>Securitized<br>Income<br>Fund —<br>SI Class** | | | | |
|  | **2025** | | | | |
|  Net asset value — beginning of period | $10.00 |  |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.33 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.03 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.36 |  |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.32) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.32) |  |  |  |  |
|  Net asset value — end of period | $10.04 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 3.70%(1) |  |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $105886 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.08%(2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55%(2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.49%(2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.03%(2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 29%(1) |  |  |  |  |
| <br> The Fund commenced operations on March 5, 2025.<br>(1) Not annualized.<br> (2) Annualized. |  |  |  |  |  |
|  | **Payden Floating Rate Fund — Investor Class** | **Payden Floating Rate Fund — Investor Class** | **Payden Floating Rate Fund — Investor Class** | **Payden Floating Rate Fund — Investor Class** | **Payden Floating Rate Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.75 | $9.62 | $9.38 | $9.91 | $9.51 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.74 | 0.85 | 0.80 | 0.40 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.12) | 0.15 | 0.23 | (0.51) | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.62 | 1.00 | 1.03 | (0.11) | 0.69 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.74) | (0.87) | (0.79) | (0.42) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.00) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.74) | (0.87) | (0.79) | (0.42) | (0.29) |
|  Net asset value — end of period | $9.63 | $9.75 | $9.62 | $9.38 | $9.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.64% | 10.80% | 11.39 | (1.10) | 7.29% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $54284 | $46741 | $27057 | $24160 | $20753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.96% | 0.94% | 0.90 | 0.86 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.70% | 0.70% | 0.70 | 0.70 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.40% | 8.69% | 8.06 | 4.12 | 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.66% | 8.93% | 8.27 | 4.28 | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 86% | 62% | 28 | 33 | 40% |

---

The Fund commenced operations on November 11, 2013.

(1) Amount is less than $0.005.

*See notes to financial statements.* 

#### 170 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Floating Rate Fund — SI Class** | **Payden Floating Rate Fund — SI Class** | **Payden Floating Rate Fund — SI Class** | **Payden Floating Rate Fund — SI Class** | **Payden Floating Rate Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.76 | $9.63 | $9.39 | $9.92 | $9.51 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.75 | 0.88 | 0.80 | 0.42 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.13) | 0.13 | 0.25 | (0.52) | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.62 | 1.01 | 1.05 | (0.10) | 0.71 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.75) | (0.88) | (0.81) | (0.43) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.00) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.75) | (0.88) | (0.81) | (0.43) | (0.30) |
|  Net asset value — end of period | $9.64 | $9.76 | $9.63 | $9.39 | $9.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.73% | 10.89% | 11.52 | (1.01) | 7.53% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $78931 | $76926 | $88309 | $124423 | $170373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.97% | 0.93% | 0.90 | 0.86 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.60% | 0.60% | 0.60 | 0.60 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.40% | 8.65% | 7.98 | 3.98 | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.77% | 8.98% | 8.29 | 4.24 | 3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 86% | 62% | 28 | 33 | 40% |
| <br> The Fund commenced operations on November 11, 2013. |  |  |  |  |  |
|  | **Payden Floating Rate<br>Fund —<br>Adviser Class** | **Payden Floating Rate<br>Fund —<br>Adviser Class** |  |  |  |
|  | **2025** | **2024** |  |  |  |
|  Net asset value — beginning of period | $9.74 | $9.70 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.04 | 0.71 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.42) | 0.12 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.62 | 0.83 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.72) | (0.79) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.72) | (0.79) |  |  |  |
|  Net asset value — end of period | $9.64 | $9.74 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.59% | 8.78%(2) |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $53 | $3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.25% | 0.99%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.95% | 0.95%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.32% | 8.14%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.62% | 8.17%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 86% | 62%(2) |  |  |  |

---

The Class commenced operations on November 30, 2023.

(1) Amount is less than $0.005.

(2) Not annualized.

(3) Annualized.

*See notes to financial statements.* 

Annual Financial Statements and Other Information **171** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden High Income Fund — Investor Class (1)** | **Payden High Income Fund — Investor Class (1)** | **Payden High Income Fund — Investor Class (1)** | **Payden High Income Fund — Investor Class (1)** | **Payden High Income Fund — Investor Class (1)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $12.68 | $11.68 | $11.64 | $13.74 | $12.90 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.64 | 0.88 | 0.86 | 0.70 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.07 | 1.00 | (0.00) | (2.10) | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.71 | 1.88 | 0.86 | 1.40 | 1.50 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.65) | (0.88) | (0.82) | (0.70) | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.65) | (0.88) | (0.82) | (0.70) | (0.66) |
|  Net asset value — end of period | $12.74 | $12.68 | $11.68 | $11.64 | $13.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 7.71% | 16.43% | 7.54 | (10.45) | 11.75% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $245580 | $215913 | $141392 | $227112 | $740403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.60% | 0.63% | 0.59 | 0.60 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.60% | 0.63% | 0.59 | 0.60 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.80% | 7.04% | 6.91 | 5.22 | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.80% | 7.04% | 6.91 | 5.22 | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 78% | 76% | 75 | 70 | 74% |
| <br> The Fund commenced operations on December 30, 1997. |  |  |  |  |  |
|  | **Payden High Income Fund — SI Class (1)** | **Payden High Income Fund — SI Class (1)** | **Payden High Income Fund — SI Class (1)** | **Payden High Income Fund — SI Class (1)** |  |
|  | **2025** | **2024** | **2023** | **2022** |  |
|  Net asset value — beginning of period | $12.64 | $11.66 | $11.62 | $13.14 |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.64 | 0.90 | 0.84 | 0.44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.08 | 0.98 | 0.04 | (1.48) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.72 | 1.88 | 0.88 | (1.04) |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.65) | (0.90) | (0.84) | (0.48) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.65) | (0.90) | (0.84) | (0.48) |  |
|  Net asset value — end of period | $12.71 | $12.64 | $11.66 | $11.62 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 7.87% | 16.38% | 7.63 | (7.92) |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $788024 | $644754 | $436946 | $350733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.60% | 0.63% | 0.59 | 0.61 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% | 0.55% | 0.55 | 0.55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.83% | 7.05% | 6.98 | 5.91 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.87% | 7.13% | 7.02 | 5.96 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 78% | 76% | 75 | 70 |  |

---

The Class commenced operations on February 28, 2022.

(1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.

(2) Amount is less than $0.005.

(3) Not annualized.

(4) Annualized.

*See notes to financial statements.* 

#### 172 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden High Income<br>Fund —<br>Adviser Class (1)** | **Payden High Income<br>Fund —<br>Adviser Class (1)** | | | |
|  | **2025** | **2024** | | | |
|  Net asset value — beginning of period | $12.74 | $12.16 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (14.58) | 0.76 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 15.27 | 0.62 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.69 | 1.38 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.63) | (0.80) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.63) | (0.80) |  |  |  |
|  Net asset value — end of period | $12.80 | $12.74 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 7.43% | 11.55%(2) |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $7575 | $66 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.79% | 0.85%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.79% | 0.85%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.41% | 6.55%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.41% | 6.55%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 78% | 76%(2) |  |  |  |
| <br> The Class commenced operations on November 30, 2023.<br>(1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Not annualized.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Not annualized.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Not annualized.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Not annualized.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Not annualized.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Not annualized.<br> (3) Annualized. |
|  | **Payden California Municipal Social Impact Fund —<br>Investor Class** | **Payden California Municipal Social Impact Fund —<br>Investor Class** | **Payden California Municipal Social Impact Fund —<br>Investor Class** | **Payden California Municipal Social Impact Fund —<br>Investor Class** | **Payden California Municipal Social Impact Fund —<br>Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.89 | $9.43 | $9.38 | $10.49 | $10.58 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.35 | 0.35 | 0.29 | 0.16 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.11 | 0.49 | 0.05 | (1.11) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.46 | 0.84 | 0.34 | (0.95) | 0.43 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.35) | (0.36) | (0.29) | (0.16) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.35) | (0.38) | (0.29) | (0.16) | (0.52) |
|  Net asset value — end of period | $10.00 | $9.89 | $9.43 | $9.38 | $10.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 4.72% | 8.92% | 3.55% | (9.12)% | 2.38% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $255189 | $162490 | $152393 | $141705 | $87753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.64% | 0.69% | 0.63% | 0.68% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.45% | 0.45% | 0.45% | 0.45% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.33% | 3.26% | 2.81% | 1.39% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.52% | 3.50% | 2.99% | 1.62% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 89% | 181% | 105% | 140% |

---

The Fund commenced operations on December 17, 1998.

*See notes to financial statements.* 

Annual Financial Statements and Other Information **173** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden California<br>Municipal Social<br>Impact Fund —<br>Adviser Class** | **Payden California<br>Municipal Social<br>Impact Fund —<br>Adviser Class** | | | |
|  | **2025** | **2024** | | | |
|  Net asset value — beginning of period | $9.88 | $9.84 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.69 | 0.32 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.26) | 0.05 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.43 | 0.37 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.34) | (0.32) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.34) | (0.33) |  |  |  |
|  Net asset value — end of period | $9.97 | $9.88 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 4.42% | 3.85%(1) |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $359 | $21 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.88% | 0.91%(2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.70% | 0.70%(2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 2.22% | 3.01%(2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.40% | 3.22%(2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 89%(1) |  |  |  |
| <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Annualized. |  |  |  |  |  |
|  | **Payden Global Low Duration Fund** | **Payden Global Low Duration Fund** | **Payden Global Low Duration Fund** | **Payden Global Low Duration Fund** | **Payden Global Low Duration Fund** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.69 | $9.44 | $9.42 | $10.10 | $10.10 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.46 | 0.43 | 0.43 | 0.18 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.06 | 0.25 | (0.06) | (0.64) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.52 | 0.68 | 0.37 | (0.46) | 0.12 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.46) | (0.43) | (0.35) | (0.17) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.46) | (0.43) | (0.35) | (0.22) | (0.12) |
|  Net asset value — end of period | $9.75 | $9.69 | $9.44 | $9.42 | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.45% | 7.37% | 3.99 | (4.55)% | 1.16% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $38922 | $44931 | $45150 | $74440 | $86225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.92% | 0.85% | 0.79 | 0.82% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.53% | 0.53% | 0.53 | 0.53% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.27% | 4.21% | 3.29 | 1.44% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.65% | 4.54% | 3.55 | 1.74% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 67% | 84% | 94 | 128% | 169% |

---

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.* 

#### 174 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Global Fixed Income Fund — Investor Class** | **Payden Global Fixed Income Fund — Investor Class** | **Payden Global Fixed Income Fund — Investor Class** | **Payden Global Fixed Income Fund — Investor Class** | **Payden Global Fixed Income Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $7.62 | $7.13 | $7.65 | $9.17 | $9.33 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | (0.04) | (0.86) | (0.13) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.21 | 0.80 | 0.99 | (1.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.43 | 0.76 | 0.13 | (1.21) | 0.15 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.26) | (0.12) | (0.49) | (0.25) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.04) | (0.15) | (0.16) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.30) | (0.27) | (0.65) | (0.31) | (0.31) |
|  Net asset value — end of period | $7.75 | $7.62 | $7.13 | $7.65 | $9.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.74% | 10.73% | 1.68% | (13.49)% | 0.59% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $39478 | $40963 | $43519 | $92024 | $178480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.68% | 0.69% | 0.68% | 0.70% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.68% | 0.69% | 0.68% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.94% | 3.57% | 2.92% | 1.60% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.94% | 3.57% | 2.83% | 1.54% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 61% | 42% | 55% | 60% |
| <br> The Fund commenced operations on September 1, 1992. |  |  |  |  |  |
|  | **Payden Global Fixed Income Fund — SI Class** | **Payden Global Fixed Income Fund — SI Class** | **Payden Global Fixed Income Fund — SI Class** | **Payden Global Fixed Income Fund — SI Class** | **Payden Global Fixed Income Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $7.60 | $7.12 | $7.64 | $9.16 | $9.23 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.30 | 0.15 | 0.18 | 0.16 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.14 | 0.61 | (0.03) | (1.36) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.44 | 0.76 | 0.15 | (1.20) | (0.02) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.27) | (0.13) | (0.50) | (0.26) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.04) | (0.15) | (0.17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.31) | (0.28) | (0.67) | (0.32) | (0.05) |
|  Net asset value — end of period | $7.73 | $7.60 | $7.12 | $7.64 | $9.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.89% | 10.92% | 1.71% | (13.37)% | (0.39)%(1) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $111996 | $106529 | $122200 | $144999 | $125513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.68% | 0.69% | 0.59% | 0.63% | 0.79%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.94% | 3.55% | 2.98% | 1.67% | 1.11%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.06% | 3.69% | 3.02% | 1.75% | 1.35%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 61% | 42% | 55% | 60%(1) |

---

The Class commenced operations on June 30, 2021.

(1) Not annualized.

(2) Annualized.

*See notes to financial statements.* 

Annual Financial Statements and Other Information **175** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Emerging Markets Bond Fund — Investor Class** | **Payden Emerging Markets Bond Fund — Investor Class** | **Payden Emerging Markets Bond Fund — Investor Class** | **Payden Emerging Markets Bond Fund — Investor Class** | **Payden Emerging Markets Bond Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $10.54 | $9.46 | $9.17 | $13.12 | $12.99 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.74 | 0.72 | 0.63 | 0.64 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.66 | 1.04 | 0.44 | (3.94) | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.40 | 1.76 | 1.07 | (3.30) | 0.84 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.81) | (0.68) | (0.64) | (0.65) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00) |  | (0.14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.81) | (0.68) | (0.78) | (0.65) | (0.71) |
|  Net asset value — end of period | $11.12 | $10.54 | $9.46 | $9.17 | $13.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 13.83 | 19.20 | 11.16 | (25.82) | 6.48 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $406835 | $283480 | $268578 | $321800 | $279531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.73 | 0.74 | 0.72 | 0.73 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.73 | 0.74 | 0.72 | 0.73 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.93 | 6.92 | 6.43 | 5.88 | 5.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.93 | 6.92 | 6.43 | 5.88 | 5.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 74 | 65 | 73 | 52 | 63 |
| <br> The Fund commenced operations on December 17, 1998. |  |  |  |  |  |
|  | **Payden Emerging Markets Bond Fund — SI Class** | **Payden Emerging Markets Bond Fund — SI Class** | **Payden Emerging Markets Bond Fund — SI Class** | **Payden Emerging Markets Bond Fund — SI Class** | **Payden Emerging Markets Bond Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $10.52 | $9.44 | $9.16 | $13.10 | $12.97 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.74 | 0.72 | 0.64 | 0.65 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.65 | 1.05 | 0.43 | (3.93) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.39 | 1.77 | 1.07 | (3.28) | 0.84 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.81) | (0.69) | (0.65) | (0.66) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00) |  | (0.14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.81) | (0.69) | (0.79) | (0.66) | (0.71) |
|  Net asset value — end of period | $11.10 | $10.52 | $9.44 | $9.16 | $13.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 13.89 | 19.18 | 11.21 | (25.76) | 6.51 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $511650 | $531384 | $395460 | $420935 | $541893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.73 | 0.74 | 0.72 | 0.73 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.95 | 6.91 | 6.44 | 5.86 | 5.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.98 | 6.96 | 6.47 | 5.90 | 5.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 74 | 65 | 73 | 52 | 63 |

---

The Class commenced operations on April 9, 2012.

(1) Based on average shares outstanding.

(2) Amount is less than $0.005.

*See notes to financial statements.* 

#### 176 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Emerging Markets Bond Fund — Adviser Class** | **Payden Emerging Markets Bond Fund — Adviser Class** | **Payden Emerging Markets Bond Fund — Adviser Class** | **Payden Emerging Markets Bond Fund — Adviser Class** | **Payden Emerging Markets Bond Fund — Adviser Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $10.56 | $9.47 | $9.18 | $13.13 | $13.00 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.71 | 0.69 | 0.61 | 0.63 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.65 | 1.05 | 0.44 | (3.96) | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.36 | 1.74 | 1.05 | (3.33) | 0.81 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.78) | (0.65) | (0.63) | (0.62) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00) |  | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.78) | (0.65) | (0.76) | (0.62) | (0.68) |
|  Net asset value — end of period | $11.14 | $10.56 | $9.47 | $9.18 | $13.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 13.49 | 18.88 | 10.99 | (26.02) | 6.21 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $26552 | $27054 | $20694 | $22319 | $64314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.99 | 0.99 | 0.97 | 0.98 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.99 | 0.99 | 0.97 | 0.98 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.68 | 6.70 | 6.17 | 5.57 | 4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.68 | 6.70 | 6.17 | 5.57 | 4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 74 | 65 | 73 | 52 | 63 |
| <br> The Class commenced operations on November 2, 2009. |  |  |  |  |  |
| <br> (1) Based on average shares outstanding.<br> (2) Amount is less than $0.005. |  |  |  |  |  |
|  | **Payden Emerging Markets Local Bond Fund —<br>Investor Class (1)** | **Payden Emerging Markets Local Bond Fund —<br>Investor Class (1)** | **Payden Emerging Markets Local Bond Fund —<br>Investor Class (1)** | **Payden Emerging Markets Local Bond Fund —<br>Investor Class (1)** | **Payden Emerging Markets Local Bond Fund —<br>Investor Class (1)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.36 | $9.24 | $8.68 | $11.44 | $11.68 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.67 | 0.66 | 0.60 | 0.56 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.41 | 0.08 | 0.50 | (2.76) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.08 | 0.74 | 1.10 | (2.20) | 0.36 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.50) | (0.48) | (0.22) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.14) | (0.32) | (0.50) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.50) | (0.62) | (0.54) | (0.56) | (0.60) |
|  Net asset value — end of period | $9.94 | $9.36 | $9.24 | $8.68 | $11.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 13.75 | 8.16 | 12.11 | (19.76) | 2.92 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $2597 | $11336 | $6646 | $4200 | $43551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.10 | 1.07 | 1.30 | 1.12 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.06 | 6.67 | 5.90 | 5.19 | 4.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.18 | 6.75 | 6.21 | 5.32 | 4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 71 | 61 | 72 | 65 | 39 |

---

The Fund commenced operations on November 2, 2011.

(1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.

(2) Based on average shares outstanding.

*See notes to financial statements.* 

Annual Financial Statements and Other Information **177** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Emerging Markets Local Bond<br>Fund — SI Class (1)** | **Payden Emerging Markets Local Bond<br>Fund — SI Class (1)** | **Payden Emerging Markets Local Bond<br>Fund — SI Class (1)** | **Payden Emerging Markets Local Bond<br>Fund — SI Class (1)** | |
|  | **2025** | **2024** | **2023** | **2022** | |
|  Net asset value — beginning of period | $9.18 | $9.06 | $8.52 | $10.60 |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.69 | 0.66 | 0.62 | 0.36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.39 | 0.12 | 0.48 | (2.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.08 | 0.78 | 1.10 | (1.68) |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.52) | (0.50) | (0.22) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.16) | (0.34) | (0.36) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.52) | (0.66) | (0.56) | (0.40) |  |
|  Net asset value — end of period | $9.74 | $9.18 | $9.06 | $8.52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 14.16 | 8.35 | 12.63 | (16.12) |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $97380 | $62737 | $64103 | $26701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.10 | 1.07 | 1.26 | 1.31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.75 | 0.75 | 0.75 | 0.75 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.03 | 6.65 | 6.04 | 5.54 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.38 | 6.97 | 6.55 | 6.10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 71 | 61 | 72 | 65 |  |
| <br> The Class commenced operations on February 28, 2022. |  |  |  |  |  |
| <br> (1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Based on average shares outstanding.<br> (3) Not annualized.<br> (4) Annualized. | <br> (1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Based on average shares outstanding.<br> (3) Not annualized.<br> (4) Annualized. | <br> (1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Based on average shares outstanding.<br> (3) Not annualized.<br> (4) Annualized. | <br> (1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Based on average shares outstanding.<br> (3) Not annualized.<br> (4) Annualized. | <br> (1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Based on average shares outstanding.<br> (3) Not annualized.<br> (4) Annualized. | <br> (1) Share amounts have been adjusted for a reverse stock split effective after the close of business on May 9, 2025. See Note 1 of the Notes to Financial Statements.<br> (2) Based on average shares outstanding.<br> (3) Not annualized.<br> (4) Annualized. |
|  | **Payden Emerging Markets Corporate Bond Fund —<br>Investor Class** | **Payden Emerging Markets Corporate Bond Fund —<br>Investor Class** | **Payden Emerging Markets Corporate Bond Fund —<br>Investor Class** | **Payden Emerging Markets Corporate Bond Fund —<br>Investor Class** | **Payden Emerging Markets Corporate Bond Fund —<br>Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $8.79 | $8.15 | $7.90 | $10.18 | $9.99 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.56 | 0.54 | 0.47 | 0.41 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.06 | 0.63 | 0.26 | (2.18) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.62 | 1.17 | 0.73 | (1.77) | 0.62 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.57) | (0.53) | (0.44) | (0.41) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.57) | (0.53) | (0.48) | (0.51) | (0.43) |
|  Net asset value — end of period | $8.84 | $8.79 | $8.15 | $7.90 | $10.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 7.28 | 14.69 | 9.17 | (17.91) | 6.08 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $23621 | $18362 | $24856 | $18845 | $5208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.30 | 1.20 | 1.26 | 1.32 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.07 | 5.99 | 5.29 | 4.39 | 3.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.42 | 6.24 | 5.60 | 4.77 | 4.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 132 | 144 | 104 | 95 | 84 |

---

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.* 

#### 178 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Emerging Markets Corporate Bond Fund —<br>SI Class** | **Payden Emerging Markets Corporate Bond Fund —<br>SI Class** | **Payden Emerging Markets Corporate Bond Fund —<br>SI Class** | **Payden Emerging Markets Corporate Bond Fund —<br>SI Class** | **Payden Emerging Markets Corporate Bond Fund —<br>SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $8.80 | $8.17 | $7.91 | $10.20 | $10.01 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.57 | 0.55 | 0.48 | 0.42 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.06 | 0.63 | 0.26 | (2.19) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.63 | 1.18 | 0.74 | (1.77) | 0.63 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.58) | (0.55) | (0.44) | (0.42) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.58) | (0.55) | (0.48) | (0.52) | (0.44) |
|  Net asset value — end of period | $8.85 | $8.80 | $8.17 | $7.91 | $10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 7.37 | 14.70 | 9.40 | (17.93) | 6.28 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $69904 | $68608 | $43447 | $27674 | $48205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.29 | 1.20 | 1.25 | 1.33 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.07 | 6.01 | 5.29 | 4.15 | 3.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.51 | 6.36 | 5.70 | 4.63 | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 132 | 144 | 104 | 95 | 84 |
| <br> The Fund commenced operations on November 11, 2013.<br>(1) Based on average shares outstanding.<br> (2) Amount is less than $0.005. |  |  |  |  |  |
|  | **Payden Managed Income Fund — Institutional Class** | **Payden Managed Income Fund — Institutional Class** | **Payden Managed Income Fund — Institutional Class** | **Payden Managed Income Fund — Institutional Class** | **Payden Managed Income Fund — Institutional Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $10.82 | $10.47 | $10.00 | $10.85 | $10.51 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.70 | 0.71 | 0.66 | 0.34 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.02) | 0.19 | 0.01 | (0.96) | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.68 | 0.90 | 0.67 | (0.62) | 0.71 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.70) | (0.55) | (0.20) | (0.23) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.70) | (0.55) | (0.20) | (0.23) | (0.37) |
|  Net asset value — end of period | $10.80 | $10.82 | $10.47 | $10.00 | $10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.62 | 8.98 | 6.76 | (5.80) | 6.94 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $4633 | $5147 | $3548 | $2829 | $1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.67 | 1.61 | 1.71 | 1.60 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65 | 0.74 | 0.95 | 0.95 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.65 | 5.85 | 5.64 | 2.69 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.67 | 6.72 | 6.40 | 3.33 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 218 | 262 | 195 | 122 | 155 |

---

The Class commenced operations on June 1, 2016.

(1) Based on average shares outstanding.

*See notes to financial statements.* 

Annual Financial Statements and Other Information **179** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Managed Income Fund — SI Class** | **Payden Managed Income Fund — SI Class** | **Payden Managed Income Fund — SI Class** | **Payden Managed Income Fund — SI Class** | **Payden Managed Income Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $10.62 | $10.29 | $9.84 | $10.70 | $10.39 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.69 | 0.69 | 0.64 | 0.28 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.02) | 0.19 | 0.00 | (0.91) | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.67 | 0.88 | 0.64 | (0.63) | 0.68 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.70) | (0.55) | (0.19) | (0.23) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.70) | (0.55) | (0.19) | (0.23) | (0.37) |
|  Net asset value — end of period | $10.59 | $10.62 | $10.29 | $9.84 | $10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.65 | 8.94 | 6.61 | (6.03) | 6.66 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $77667 | $80297 | $77527 | $67639 | $82019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.67 | 1.61 | 1.71 | 1.62 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65 | 0.75 | 1.04 | 1.25 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.63 | 5.85 | 5.63 | 2.40 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.65 | 6.71 | 6.29 | 2.76 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 218 | 262 | 195 | 122 | 155 |
| <br> The Fund commenced operations on September 22, 2008. |  |  |  |  |  |
|  | **Payden Managed Income Fund — Adviser Class** | **Payden Managed Income Fund — Adviser Class** | **Payden Managed Income Fund — Adviser Class** | **Payden Managed Income Fund — Adviser Class** | **Payden Managed Income Fund — Adviser Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $10.23 | $9.95 | $9.53 | $10.40 | $10.13 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.64 | 0.64 | 0.58 | 0.25 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.02) | 0.19 | 0.02 | (0.90) | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.62 | 0.83 | 0.60 | (0.65) | 0.63 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.70) | (0.55) | (0.18) | (0.22) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.70) | (0.55) | (0.18) | (0.22) | (0.36) |
|  Net asset value — end of period | $10.15 | $10.23 | $9.95 | $9.53 | $10.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.36 | 8.70 | 6.38 | (6.34) | 6.37 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $9310 | $8237 | $7378 | $14226 | $15565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.92 | 1.86 | 1.95 | 1.87 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.90 | 1.00 | 1.32 | 1.50 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.40 | 5.60 | 5.28 | 2.17 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.42 | 6.47 | 5.90 | 2.54 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 218 | 262 | 195 | 122 | 155 |

---

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.* 

#### 180 Payden Mutual Funds

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Managed Income Fund — Retirement Class** | **Payden Managed Income Fund — Retirement Class** | **Payden Managed Income Fund — Retirement Class** | **Payden Managed Income Fund — Retirement Class** | **Payden Managed Income Fund — Retirement Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $9.53 | $9.32 | $8.97 | $9.82 | $9.60 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.57 | 0.58 | 0.53 | 0.21 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.02) | 0.18 | 0.01 | (0.84) | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.55 | 0.76 | 0.54 | (0.63) | 0.58 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.69) | (0.55) | (0.19) | (0.22) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.69) | (0.55) | (0.19) | (0.22) | (0.36) |
|  Net asset value — end of period | $9.39 | $9.53 | $9.32 | $8.97 | $9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.05 | 8.50 | 6.07 | (6.55) | 6.19 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $35802 | $25281 | $21383 | $21501 | $26855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 2.17 | 2.11 | 2.21 | 2.12 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 1.15 | 1.24 | 1.55 | 1.75 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.15 | 5.37 | 5.10 | 1.90 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.17 | 6.24 | 5.75 | 2.26 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 218 | 262 | 195 | 122 | 155 |
| <br> The Class commenced operations on April 6, 2009.<br>(1) Based on average shares outstanding. |  |  |  |  |  |
|  | **Payden Equity Income Fund — Investor Class** | **Payden Equity Income Fund — Investor Class** | **Payden Equity Income Fund — Investor Class** | **Payden Equity Income Fund — Investor Class** | **Payden Equity Income Fund — Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $18.82 | $14.85 | $16.92 | $21.25 | $15.97 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.22 | 0.23 | 0.28 | 0.33 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.39 | 4.25 | (1.36) | (0.93) | 5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.61 | 4.48 | (1.08) | (0.60) | 5.62 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.29) | (0.28) | (0.52) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (2.63) | (0.22) | (0.71) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.83) | (0.51) | (0.99) | (3.73) | (0.34) |
|  Net asset value — end of period | $17.59 | $18.82 | $14.85 | $16.92 | $21.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 9.88 | 30.55 | (6.75) | (3.64) | 35.41 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $268809 | $288798 | $318111 | $472728 | $536613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.76 | 0.75 | 0.73 | 0.74 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.76 | 0.75 | 0.73 | 0.74 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 1.28 | 1.43 | 1.81 | 1.97 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.28 | 1.43 | 1.81 | 1.97 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 112 | 80 | 111 | 96 | 95 |

---

The Fund commenced operations on November 1, 1996.

*See notes to financial statements.* 

Annual Financial Statements and Other Information **181** 

------

**Financial Highlights** *continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payden Equity Income Fund — SI Class** | **Payden Equity Income Fund — SI Class** | **Payden Equity Income Fund — SI Class** | **Payden Equity Income Fund — SI Class** | **Payden Equity Income Fund — SI Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $18.85 | $14.88 | $16.94 | $21.27 | $15.98 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 | 0.24 | 0.30 | 0.36 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.40 | 4.25 | (1.35) | (0.95) | 5.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.63 | 4.49 | (1.05) | (0.59) | 5.64 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.30) | (0.30) | (0.53) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (2.63) | (0.22) | (0.71) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.85) | (0.52) | (1.01) | (3.74) | (0.35) |
|  Net asset value — end of period | $17.63 | $18.85 | $14.88 | $16.94 | $21.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 10.04% | 30.57% | (6.59)% | (3.59)% | 35.51% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $786594 | $759602 | $809987 | $945034 | $1233890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.76% | 0.75% | 0.73% | 0.74% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets . | 1.28% | 1.44% | 1.78% | 1.99% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.39% | 1.54% | 1.86% | 2.07% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 112% | 80% | 111% | 96% | 95% |
| <br> The Class commenced operations on August 1, 2014. |  |  |  |  |  |
|  | **Payden Equity Income Fund — Adviser Class** | **Payden Equity Income Fund — Adviser Class** | **Payden Equity Income Fund — Adviser Class** | **Payden Equity Income Fund — Adviser Class** | **Payden Equity Income Fund — Adviser Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value — beginning of period | $18.77 | $14.82 | $16.89 | $21.23 | $15.96 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 | 0.17 | 0.23 | 0.28 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.39 | 4.25 | (1.34) | (0.93) | 5.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.56 | 4.42 | (1.11) | (0.65) | 5.57 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.25) | (0.25) | (0.48) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (2.63) | (0.22) | (0.71) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.79) | (0.47) | (0.96) | (3.69) | (0.30) |
|  Net asset value — end of period | $17.54 | $18.77 | $14.82 | $16.89 | $21.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 9.66% | 30.19% | (6.97)% | (3.91)% | 35.08% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $13299 | $15295 | $14486 | $19362 | $19877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.01% | 1.00% | 0.98% | 0.99% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 1.01% | 1.00% | 0.98% | 0.99% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets . | 1.03% | 1.17% | 1.55% | 1.72% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.03% | 1.17% | 1.55% | 1.72% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 112% | 80% | 111% | 96% | 95% |

---

The Class commenced operations on December 1, 2011.

*See notes to financial statements.* 

#### 182 Payden Mutual Funds

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**183** 

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#### 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, Payden Equity Income Fund, Payden Securitized Income Fund, and Payden Managed Income Fund (the "Funds"), including the schedules of investments, as of October 31, 2025, 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, except Payden Securitized Income Fund; the related statement of operations, the statement of changes in net assets and the financial highlights for the period from March 5, 2025 (commencement of operations) through October 31, 2025 for Payden Securitized Income Fund; 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, except Payden Securitized Income Fund, as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of 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. Also in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Payden Securitized Income Fund as of October 31, 2025, and the results of its operations, the changes in its net assets and the financial highlights for the period from March 5, 2025 (commencement of operations) through October 31, 2025, 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.

#### 184 Payden Mutual Funds

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, 2025, 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 audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Los Angeles, California

December 26, 2025

We have served as the auditor of one or more of The Payden & Rygel Investment Group investment companies since 1992.

Annual Financial Statements and Other Information **185** 

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#### 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 twenty series covered by this Report (each a "Payden Fund," and collectively, the "Payden Funds"). Under the Agreement, the Adviser is responsible for providing investment advisory services and overseeing the everyday operations and the other service providers of the Payden Funds.

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 Payden 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, the "Independent Trustees"), annually renews that Agreement. Six of the P&R Trust's current seven 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 12, 2025, 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 17, 2025, 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 twenty Payden Funds (1) for an additional year through June 30, 2026. 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, as well as extensive information prepared specifically in connection with the annual renewal process.

**2.** **Overview of the Approval or Renewal Process** 

In considering the annual renewal with respect to each of the twenty Payden Funds, 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.

Consistent with its established process, the P&R Trust retained Broadridge to prepare a report on each Payden 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.

(1) The Payden Funds 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, Payden Equity Income Fund, Payden Managed Income Fund, and Payden Securitized Income Fund.

#### 186 Payden Mutual Funds

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Broadridge produced, among other information, performance and expense comparison data regarding each Payden Fund, including data relating to each Payden 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 each Payden 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. 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 17, 2025, 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 Payden Fund. 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 Payden Fund in question; (2) with the exception of the Payden Securitized Income Fund, the individual investment performance of each of the Payden Funds; (3) the costs of the services provided to the Payden Fund 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 Payden Funds; (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 Payden Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Payden 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 the relationship with the Payden 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 each Payden 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 Payden Funds. 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 Payden Funds, the Board received and considered fund-specific information and made its approval or renewal determinations on a Payden Fund-by-Payden Fund basis. In deciding whether to renew the Agreement for each Payden 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 each Payden Fund. At its meeting on June 17, 2025, the Board voted unanimously to renew the Agreement for each Payden Fund listed above. Set forth below are certain general factors the Board considered for each of the Payden Funds, followed by a summary of certain specific factors the Board considered for each particular Payden Fund.

**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 Payden 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 provided by the Adviser and its affiliates have benefited and should continue to benefit each Payden Fund and its shareholders.

Annual Financial Statements and Other Information **187** 

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**Approval of Investment Advisory Agreement (Unaudited) continued** 

**4.** **Investment Results** 

At its regular quarterly Board meetings during the past year, the Board reviewed the investment results of each Payden Fund compared to its respective peers and benchmark indices, paying specific attention to any Payden Fund 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, with the exception of the Payden Securitized Income Fund, contained each Payden 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) each Payden Fund's benchmark index. The Board and Audit Committee concluded that, overall, the short-term and long-term results for each of the Payden Funds have been satisfactory and that each of the Payden Funds is performing competitively versus its Peer Group and benchmark index. Following the discussion of the performance of the Payden Funds, the Board and Committee concluded that the Adviser's continued management should benefit each Payden Fund and its shareholders.

**5.** **Advisory Fees and Total Expenses** 

The Board and the Audit Committee reviewed each Payden 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 the Peer Group for each Payden Fund. They observed that the advisory fees and expenses for each Payden Fund continue to be competitive with the advisory fees and expenses of the particular Payden Fund'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 Payden Funds. They noted that, although the fees paid by those clients generally were lower than those paid by each Payden 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 each Payden Fund's cost structure was fair and reasonable in relation to the services provided, and that each Payden Fund's shareholders received reasonable value in return for the advisory fees and other amounts paid to the Adviser or its affiliates by the Payden 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 Payden Funds, 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 Payden Funds, as well as 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 Payden Funds. Finally, the Board and Audit Committee noted that the Adviser indirectly benefited from its advisory relationship with the Payden Funds by its ability to invest more efficiently the assets of small, separately managed accounts in the Payden Funds, and because the availability of the Payden Funds 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 Payden Fund. If a Payden Fund 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 SI Class shares of the Payden Managed Income Fund, and the Investor Class shares of each of the other Payden Funds. Because other share classes of the funds may have different non-management expenses, the expenses and performance of the other share classes may differ from the expenses and performance shown. All time periods referenced below ended as of April 30, 2025.

#### 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 second quintile.

#### 188 Payden Mutual Funds

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• *Total Expenses:* The fund's total expenses were in the second 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, 2026. 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.

#### 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 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 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 0.30%. This agreement has a one-year term ending February 28, 2026. 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.

• *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, 2026. 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 each of the one-year, three-year, 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 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 0.60%. 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, 2026. 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 the one-year period, in the second quintile for the three-year and five-year periods, and in the first quintile for the ten-year period.

#### 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.

Annual Financial Statements and Other Information **189** 

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**Approval of Investment Advisory Agreement (Unaudited) continued** 

• *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, 2026. 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, in the fourth quintile for the three-year and ten-year periods, and in the fifth quintile for the five-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 fund was in the second quintile of the group of comparable funds for each of the one-year, three-year, five-year and ten-year periods.

#### Strategic Income 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 0.65%. This agreement has a one-year term ending February 28, 2026. It may or may not be renewed at that time.

• *Performance:* The fund was in the fourth quintile of the group of comparable funds for the one-year period, and in the third quintile for each of the three-year, five-year, and ten year-periods.

#### 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 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 0.70%. This agreement has a one-year term ending February 28, 2026. 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 and three-year periods, and in the third quintile for the five-year and ten-year periods.

#### 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 group of comparable funds for adviser fees. The actual management fee was in the fourth 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 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.

#### 190 Payden Mutual Funds

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#### 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 0.63%.

• *Performance:* The fund was in the fourth 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.

#### Floating Rate 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 first 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, 2026. 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 and five-year periods, and in the first quintile for the three-year and ten-year periods.

#### 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 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 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 0.80%. 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, 2026. 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 first quintile of the group of comparable funds for adviser fees. The actual management fee was also 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 0.70%. 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, 2026. It may or may not be renewed at that time.

• *Performance:* The fund was in the fourth 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.

Annual Financial Statements and Other Information **191** 

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**Approval of Investment Advisory Agreement (Unaudited) continued** 

#### 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 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 0.70%. The current annual expense ratio excluding acquired fund fees and expenses is 0.70%.

• *Performance:* The fund was in the third quintile of the group of comparable funds for the one-year and three-year periods, and in the second quintile for the five-year and ten- year periods.

#### Emerging Markets Bond Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.45%, placing it in the second 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 0.74%.

• *Performance:* The fund was in the second quintile of the group of comparable funds for each of the one-year, five-year and ten-year periods, and in the third quintile for the three-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 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 1.50%. 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 0.99%. This agreement has a one-year term ending February 28, 2026. 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 each of the one-year, three-year, and five-year periods, and in the fourth 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 fourth 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, 2026. 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, in the fourth quintile for the three-year period, in the second quintile for the five-year period, and in the first quintile for the ten-year period.

#### 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 fourth quintile.

#### 192 Payden Mutual Funds

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• *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 0.73%.

• *Performance:* The fund was in the fourth quintile for the one-year and ten-year periods, and in the fifth quintile for the three-year and five-year periods.

#### Managed Income Fund
• *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 first 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 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, 2026. It may or may not be renewed.

• *Performance:* The fund was in the second quintile of the group of comparable funds for the one-year and five-year periods, and in the third quintile for the three-year and ten-year periods.

#### Securitized Income Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.50%, 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 fourth quintile of the group of comparable. 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, 2026. It may or may not be renewed.

• *Performance:* Performance information for this fund has not been presented because the fund has not been in operation for a full calendar year.

Annual Financial Statements and Other Information **193** 

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**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 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 www.sec.gov. You may also call 800 572-9336 to request a free copy of the proxy voting guidelines.

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#### U.S. BOND FUNDS
Payden Cash Reserves Money Market Fund (PBHXX)

Payden Limited Maturity Fund — SI Class (PYLSX)

Payden Limited Maturity Fund — Investor Class (PYLMX)

Payden Limited Maturity Fund — Adviser Class (PYLBX)

Payden Low Duration Fund — SI Class (PYLDX)

Payden Low Duration Fund — Investor Class (PYSBX)

Payden Low Duration Fund — Adviser Class (PYLWX)

Payden U.S. Government Fund (PYUSX)

Payden GNMA Fund (PYGNX)

Payden Core Bond Fund — SI Class (PYCSX)

Payden Core Bond Fund — Investor Class (PYCBX)

Payden Core Bond Fund — Adviser Class (PYCWX)

Payden Corporate Bond Fund — SI Class (PYCTX)

Payden Corporate Bond Fund — Investor Class (PYACX)

Payden Corporate Bond Fund — Adviser Class (PYAYX)

Payden Strategic Income Fund — SI Class (PYSIX)

Payden Strategic Income Fund — Investor Class (PYSGX)

Payden Strategic Income Fund — Adviser Class (PYSLX)

Payden Absolute Return Bond Fund — SI Class (PYAIX)

Payden Absolute Return Bond Fund — Investor Class (PYARX)

Payden Absolute Return Bond Fund — Adviser Class (PYABX)

Payden Managed Income Fund — Institutional Class (PKCIX)

Payden Managed Income Fund — SI Class (PKBIX)

Payden Managed Income Fund — Adviser Class (PKCBX)

Payden Managed Income Fund — Retirement Class (PKCRX)

Payden Securitized Income Fund — SI Class (PYSCX)

Payden Securitized Income Fund — Investor Class (PYSFX)

Payden Floating Rate Fund — SI Class (PYFIX)

Payden Floating Rate Fund — Investor Class (PYFRX)

Payden Floating Rate Fund — Adviser Class (PYBLX)

Payden High Income Fund — SI Class (PYCHX)

Payden High Income Fund — Investor Class (PYHRX)

Payden High Income Fund — Adviser Class (PYRLX)

#### PAYDEN MUTUAL FUNDS
333 South Grand Avenue, Los Angeles, California 90071

800 5-PAYDEN 800 572 9336 payden.com

requests@payden.com

#### TAX EXEMPT BOND FUND
Payden California Municipal Social Impact Fund — Investor Class (PYCRX)

Payden California Municipal Social Impact Fund — Adviser Class (PYCLX)

#### GLOBAL BOND FUNDS
Payden Global Low Duration Fund (PYGSX)

Payden Global Fixed Income Fund — SI Class (PYGIX)

Payden Global Fixed Income Fund — Investor Class (PYGFX)

Payden Emerging Markets Bond Fund — SI Class (PYEIX)

Payden Emerging Markets Bond Fund — Investor Class (PYEMX)

Payden Emerging Markets Bond Fund — Adviser Class (PYEWX)

Payden Emerging Markets Local Bond Fund — Investor Class (PYILX)

Payden Emerging Markets Local Bond Fund — Investor Class (PYELX)

Payden Emerging Markets Corporate Bond Fund — SI Class (PYCIX)

Payden Emerging Markets Corporate Bond Fund — Investor Class (PYCEX)

#### EQUITY FUND
Payden Equity Income Fund — SI Class (PYVSX)

Payden Equity Income Fund — Investor Class (PYVLX)

Payden Equity Income Fund — Adviser Class (PYVAX)

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(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration Paid to Directors, Offices, and Others of Open-End Management Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

#### Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d51211dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d51211dex99906cert.htm) |

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#### 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<br> Mary Beth Syal, Chief Operating Officer |
|  | (principal executive officer) |

---

Date <u>12/26/25</u>

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) |

---

Date <u>12/26/25</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian W. Matthews<br> Brian W. Matthews, Chief Financial Officer |
|  | (principal financial officer) |

---

 <br> Date <u>12/26/25</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Mary Beth Syal, certify that:

1. I have reviewed this report on Form N-CSR of The Payden &
Rygel Investment Group;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>12/26/25</u> | /s/ Mary Beth Syal |
|  | Mary Beth Syal, Chief Operating Officer |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Brian W. Matthews, certify that:

1. I have reviewed this report on Form N-CSR of The Payden &
Rygel Investment Group;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>12/26/25</u> | /s/ Brian W. Matthews |
|  | Brian W. Matthews, Chief Financial Officer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, Mary Beth Syal, Chief Operating Officer of The Payden & Rygel Investment Group (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>12/26/25</u> | /s/ Mary Beth Syal |
|  | Mary Beth Syal, Chief Operating Officer |
|  | (principal executive officer) |

---

I, Brian W. Matthews, Chief Financial Officer of The Payden & Rygel Investment Group (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>12/26/25</u> | /s/ Brian W. Matthews |
|  | Brian W. Matthews, Chief Financial Officer |
|  | (principal financial officer) |

---