# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0001193125-25-192648
**Filing Date:** 2025-8
**Character Count:** 1224514
**Document Hash:** 178f38facf7b07dce27f2aba4be535e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-192648.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001193125-25-192648

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 189

**CONFORMED PERIOD OF REPORT**: 20241031

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06625
- **FILM NUMBER:** 251279898

**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           |

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

### 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, 2024
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.

#### EXPLANATORY NOTE:
The Registrant is filing this amendment to its Form N-CSR (the "Amendment") for the period ended October 31, 2024, originally filed with the Securities and Exchange Commission on January 2, 2025 (Accession Number 0001193125-25-000559) (the "Original Filing") and amended on January 27, 2025 (Accession Number 0001193125-25-013208) (the "Amended Filing). This Amendment is filed solely to correct the response to Item 9. *Proxy Disclosures for Open-End Management Investment Companies*.

Except as set forth above, the Amendment does not amend, update or change any other information or disclosures contained in the Original Filing or the Amended Filing.

------

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

# Payden Absolute Return Bond Fund
![Image](g42120i9f2e51ddc4053ab2b637.jpg)

## Adviser Class - PYABX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Absolute Return Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$90** | **0.95%** |

---

## How did the fund perform last year?
With little value left to extract in a soft-landing outcome given that a combination of long duration and long credit positioning would require rates to move lower while risk assets perform. Inflation concerns were seemingly under control, recent easing of financial conditions and positive US economic data did not indicate a recessionary environment. As a result, the Fund chose to increase credit risk while minimizing interest rate exposure. Interest rate duration contributed positively to performance as US rates declined. In credit, the Fund added risk to highest conviction sectors in emerging markets debt, high yield bonds, and residential mortgage credit. The increase in credit risk was additive to performance as credit risk premiums mostly declined for the period. The combination of a strong income stream, modestly more credit risk, and reduced interest rate risk was favorable as the Fund generated positive returns for each month of the fiscal year. Going forward, as markets take time to digest the US election outcome and another Federal Reserve Board meeting, the Fund is prepared to act if dislocations occur but remain patient to not overreact to new information.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i261d2326ad7492067cc9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Treasury Bills 1-Month Index** |
| **11/23** | 10000 | 10000 | 10000 |
| **10/24** | 10686 | 10537 | 10336 |

---

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 11/30/2023** |
| Adviser Class | 6.86% |
| Bloomberg US Aggregate Bond Index | 5.37% |
| Bloomberg US Treasury Bills 1-Month Index | 3.36% |

---

## Fund Statistics
* Total Net Assets (000)$580,528

* # of Portfolio Holdings376

* Investment Advisory, net of waivers (000)$1,614

* Portfolio Turnover Rate188%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 8.02% |
| Brazil Letras do Tesouro Nacional | 4.86% |
| Freddie Mac STACR REMIC Trust | 3.29% |
| U.S. Treasury Bill | 2.92% |
| Wells Fargo & Co. | 1.43% |
| OBX Trust | 1.32% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.27% |
| Exeter Automobile Receivables Trust | 1.25% |
| BX Commercial Mortgage Trust | 1.24% |
| Santander Bank Auto Credit-Linked Notes | 1.20% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 31% |
| Asset Backed | 28% |
| Mortgage Backed | 20% |
| Foreign Government | 12% |
| Bank Loans | 3% |
| Other | 6% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120ieb2dce21e910c73217bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 10.44% |
| 3-5 Years | 11.43% |
| 5-10 Years | 33.51% |
| >10 Years | 37.42% |
| Other | 54.57% |

---

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

---

| | |
|:---|:---|
| AAA | 14.49% |
| AA | 5.12% |
| A | 15.87% |
| BBB | 27.29% |
| BB | 20.50% |
| B | 5.84% |
| Below B | 1.03% |
| Unrated | 9.80% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ie2363753934a936f7873.jpg)

Payden Absolute Return Bond Fund

Adviser Class - PYABX

Annual Shareholder Report - October 31, 2024

#### PYABX-AR2024

# Payden Absolute Return Bond Fund
![Image](g42120ie3db9856b852bf885736.jpg)

## Investor Class - PYARX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Absolute Return Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$73** | **0.70%** |

---

## How did the fund perform last year?
With little value left to extract in a soft-landing outcome given that a combination of long duration and long credit positioning would require rates to move lower while risk assets perform. Inflation concerns were seemingly under control, recent easing of financial conditions and positive US economic data did not indicate a recessionary environment. As a result, the Fund chose to increase credit risk while minimizing interest rate exposure. Interest rate duration contributed positively to performance as US rates declined. In credit, the Fund added risk to highest conviction sectors in emerging markets debt, high yield bonds, and residential mortgage credit. The increase in credit risk was additive to performance as credit risk premiums mostly declined for the period. The combination of a strong income stream, modestly more credit risk, and reduced interest rate risk was favorable as the Fund generated positive returns for each month of the fiscal year. Going forward, as markets take time to digest the US election outcome and another Federal Reserve Board meeting, the Fund is prepared to act if dislocations occur but remain patient to not overreact to new information.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120i7ad5e13111a032406d0c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Treasury Bills 1-Month Index** |
| **11/14** | 100000 | 100000 | 100000 |
| **10/15** | 100970 | 102040 | 100010 |
| **10/16** | 104322 | 106499 | 100140 |
| **10/17** | 107890 | 107458 | 100611 |
| **10/18** | 109400 | 105255 | 101697 |
| **10/19** | 114794 | 117370 | 103253 |
| **10/20** | 116206 | 124635 | 103739 |
| **10/21** | 119948 | 124037 | 103770 |
| **10/22** | 113567 | 104588 | 104351 |
| **10/23** | 121437 | 104964 | 107773 |
| **10/24** | 131686 | 116038 | 111729 |

---

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** | **Since Inception 11/6/2014** |
| Investor Class | 8.44% | 2.78% | 31.69% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 16.02% |
| Bloomberg US Treasury Bills 1-Month Index | 3.67% | 1.59% | 11.72% |

---

## Fund Statistics
* Total Net Assets (000)$580,528

* # of Portfolio Holdings376

* Investment Advisory, net of waivers (000)$1,614

* Portfolio Turnover Rate188%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 8.02% |
| Brazil Letras do Tesouro Nacional | 4.86% |
| Freddie Mac STACR REMIC Trust | 3.29% |
| U.S. Treasury Bill | 2.92% |
| Wells Fargo & Co. | 1.43% |
| OBX Trust | 1.32% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.27% |
| Exeter Automobile Receivables Trust | 1.25% |
| BX Commercial Mortgage Trust | 1.24% |
| Santander Bank Auto Credit-Linked Notes | 1.20% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 31% |
| Asset Backed | 28% |
| Mortgage Backed | 20% |
| Foreign Government | 12% |
| Bank Loans | 3% |
| Other | 6% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120ia8e30de9b25194b98a16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 10.44% |
| 3-5 Years | 11.43% |
| 5-10 Years | 33.51% |
| >10 Years | 37.42% |
| Other | 54.57% |

---

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

---

| | |
|:---|:---|
| AAA | 14.49% |
| AA | 5.12% |
| A | 15.87% |
| BBB | 27.29% |
| BB | 20.50% |
| B | 5.84% |
| Below B | 1.03% |
| Unrated | 9.80% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i0807d196d73fe4d31666.jpg)

Payden Absolute Return Bond Fund

Investor Class - PYARX

Annual Shareholder Report - October 31, 2024

#### PYARX-AR2024

# Payden Absolute Return Bond Fund
![Image](g42120i6a01232a3e27f7b74c9d.jpg)

## SI Class - PYAIX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Absolute Return Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$49** | **0.47%** |

---

## How did the fund perform last year?
With little value left to extract in a soft-landing outcome given that a combination of long duration and long credit positioning would require rates to move lower while risk assets perform. Inflation concerns were seemingly under control, recent easing of financial conditions and positive US economic data did not indicate a recessionary environment. As a result, the Fund chose to increase credit risk while minimizing interest rate exposure. Interest rate duration contributed positively to performance as US rates declined. In credit, the Fund added risk to highest conviction sectors in emerging markets debt, high yield bonds, and residential mortgage credit. The increase in credit risk was additive to performance as credit risk premiums mostly declined for the period. The combination of a strong income stream, modestly more credit risk, and reduced interest rate risk was favorable as the Fund generated positive returns for each month of the fiscal year. Going forward, as markets take time to digest the US election outcome and another Federal Reserve Board meeting, the Fund is prepared to act if dislocations occur but remain patient to not overreact to new information.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120i5a380571356ea8e6ca24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Treasury Bills 1-Month Index** |
| **11/14** | 10000000 | 10000000 | 10000000 |
| **10/15** | 10120000 | 10204000 | 10001000 |
| **10/16** | 10471164 | 10649915 | 10014001 |
| **10/17** | 10834513 | 10745764 | 10061067 |
| **10/18** | 11002448 | 10525476 | 10169727 |
| **10/19** | 11585578 | 11736958 | 10325323 |
| **10/20** | 11753569 | 12463476 | 10373852 |
| **10/21** | 12160242 | 12403651 | 10376965 |
| **10/22** | 11540070 | 10458759 | 10435076 |
| **10/23** | 12366339 | 10496410 | 10777346 |
| **10/24** | 13453340 | 11603781 | 11172875 |

---

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 11/6/2014** |
| SI Class | 8.79% | 3.03% | 34.52% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 16.02% |
| Bloomberg US Treasury Bills 1-Month Index | 3.67% | 1.59% | 11.72% |

---

## Fund Statistics
* Total Net Assets (000)$580,528

* # of Portfolio Holdings376

* Investment Advisory, net of waivers (000)$1,614

* Portfolio Turnover Rate188%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 8.02% |
| Brazil Letras do Tesouro Nacional | 4.86% |
| Freddie Mac STACR REMIC Trust | 3.29% |
| U.S. Treasury Bill | 2.92% |
| Wells Fargo & Co. | 1.43% |
| OBX Trust | 1.32% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.27% |
| Exeter Automobile Receivables Trust | 1.25% |
| BX Commercial Mortgage Trust | 1.24% |
| Santander Bank Auto Credit-Linked Notes | 1.20% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 31% |
| Asset Backed | 28% |
| Mortgage Backed | 20% |
| Foreign Government | 12% |
| Bank Loans | 3% |
| Other | 6% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120ibab2a993736fc5d92ad9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 10.44% |
| 3-5 Years | 11.43% |
| 5-10 Years | 33.51% |
| >10 Years | 37.42% |
| Other | 54.57% |

---

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

---

| | |
|:---|:---|
| AAA | 14.49% |
| AA | 5.12% |
| A | 15.87% |
| BBB | 27.29% |
| BB | 20.50% |
| B | 5.84% |
| Below B | 1.03% |
| Unrated | 9.80% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i33e358b54330a243e8d3.jpg)

Payden Absolute Return Bond Fund

SI Class - PYAIX

Annual Shareholder Report - October 31, 2024

#### PYAIX-AR2024

# Payden California Municipal Social Impact Fund
![Image](g42120i5f9c24084e644fe49b6c.jpg)

## Adviser Class - PYCLX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden California Municipal Social Impact Fund. It outlines performance and positional information.

The Fund seeks income that is exempt from Federal and California income tax and is consistent with preservation of capital.

## 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** | **$66** | **0.70%** |

---

## How did the fund perform last year?
The largest driver of performance was movement in market yields. Municipal yields declined dramatically early in the fiscal year as the Federal Reserve Board signaled a near term path towards lower policy rates. The Fund's intermediate duration positioning benefitted from lower yields as prices increased, contributing to total performance that exceeded earned income. Additional contributions to performance came from an allocation to taxable securities, and a higher allocation to revenue sectors including the affordable housing sector. Active management of taxable securities throughout the year allowed the Fund to take advantage of changes in the relationship between taxable and tax-exempt yields. Revenue sectors outperformed General Obligations overall with affordable housing securities outperforming further due to higher yields and sector specific spread compression and lower coupon securities, priced at discount prices, outperformed as yields moved lower.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i03acb1a9198d6860892c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 7-Year Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **11/23** | 10000 | 10000 | 10000 | 10000 |
| **10/24** | 10385 | 10341 | 10265 | 10245 |

---

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 11/30/2023** |
| Adviser Class | 3.85% |
| Bloomberg Municipal Bond Index | 3.41% |
| Bloomberg 7-Year Municipal Bond Index | 2.65% |
| Bloomberg California Intermediate Municipal Bond Index | 2.45% |

---

## Fund Statistics
* Total Net Assets (000)$162,511

* # of Portfolio Holdings112

* Investment Advisory, net of waivers (000)$132

* Portfolio Turnover Rate89%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Los Angeles Unified School District | 6.99% |
| U.S. Treasury Note | 6.67% |
| Los Angeles County Public Works Financing Authority | 6.66% |
| State of California | 5.97% |
| California Health Facilities Financing Authority | 5.16% |
| California Community Choice Financing Authority | 4.85% |
| City of Los Angeles Department of Airports | 3.40% |
| California Housing Finance Agency | 3.06% |
| Sacramento Area Flood Control Agency | 2.88% |
| San Diego County Regional Transportation Commission | 2.83% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| General Obligation | 49% |
| Revenue | 43% |
| U.S. Treasury | 7% |
| Investment Company | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120ib622477fca1ee80ae959.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.22% |
| 3-5 Years | 1.19% |
| 5-10 Years | 17.80% |
| >10 Years | 72.30% |
| Other | (10.71)% |

---

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

---

| | |
|:---|:---|
| AAA | 27.99% |
| AA | 57.39% |
| A | 8.79% |
| BBB | 3.15% |
| Unrated | 2.68% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i1b5c12b8f39a46adaaba.jpg)

Payden California Municipal Social Impact Fund

Adviser Class - PYCLX

Annual Shareholder Report - October 31, 2024

#### PYCLX-AR2024

# Payden California Municipal Social Impact Fund
![Image](g42120ie1782a8a6b1ae2a93743.jpg)

## Investor Class - PYCRX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden California Municipal Social Impact Fund. It outlines performance and positional information.

The Fund seeks income that is exempt from Federal and California income tax and is consistent with preservation of capital.

## 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 largest driver of performance was movement in market yields. Municipal yields declined dramatically early in the fiscal year as the Federal Reserve Board signaled a near term path towards lower policy rates. The Fund's intermediate duration positioning benefitted from lower yields as prices increased, contributing to total performance that exceeded earned income. Additional contributions to performance came from an allocation to taxable securities, and a higher allocation to revenue sectors including the affordable housing sector. Active management of taxable securities throughout the year allowed the Fund to take advantage of changes in the relationship between taxable and tax-exempt yields. Revenue sectors outperformed General Obligations overall with affordable housing securities outperforming further due to higher yields and sector specific spread compression and lower coupon securities, priced at discount prices, outperformed as yields moved lower.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120i604a2cd4ee075df43486.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 7-Year Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **10/14** | 100000 | 100000 | 100000 | 100000 |
| **10/15** | 101870 | 102870 | 102710 | 102780 |
| **10/16** | 105150 | 107047 | 106028 | 105689 |
| **10/17** | 107548 | 109391 | 107862 | 107454 |
| **10/18** | 107128 | 108833 | 106848 | 106583 |
| **10/19** | 117005 | 119085 | 115983 | 115249 |
| **10/20** | 121569 | 123360 | 120820 | 119985 |
| **10/21** | 124462 | 126617 | 122342 | 120705 |
| **10/22** | 113111 | 111448 | 111197 | 109721 |
| **10/23** | 117126 | 114390 | 113665 | 112113 |
| **10/24** | 127574 | 125486 | 122043 | 120219 |

---

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 | 8.92% | 1.74% | 2.46% |
| Bloomberg Municipal Bond Index | 9.70% | 1.05% | 2.29% |
| Bloomberg 7-Year Municipal Bond Index | 7.37% | 1.02% | 2.01% |
| Bloomberg California Intermediate Municipal Bond Index | 7.23% | 0.85% | 1.86% |

---

## Fund Statistics
* Total Net Assets (000)$162,511

* # of Portfolio Holdings112

* Investment Advisory, net of waivers (000)$132

* Portfolio Turnover Rate89%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Los Angeles Unified School District | 6.99% |
| U.S. Treasury Note | 6.67% |
| Los Angeles County Public Works Financing Authority | 6.66% |
| State of California | 5.97% |
| California Health Facilities Financing Authority | 5.16% |
| California Community Choice Financing Authority | 4.85% |
| City of Los Angeles Department of Airports | 3.40% |
| California Housing Finance Agency | 3.06% |
| Sacramento Area Flood Control Agency | 2.88% |
| San Diego County Regional Transportation Commission | 2.83% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| General Obligation | 49% |
| Revenue | 43% |
| U.S. Treasury | 7% |
| Investment Company | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i205dbf9ea03bc90fa83d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.22% |
| 3-5 Years | 1.19% |
| 5-10 Years | 17.80% |
| >10 Years | 72.30% |
| Other | (10.71)% |

---

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

---

| | |
|:---|:---|
| AAA | 27.99% |
| AA | 57.39% |
| A | 8.79% |
| BBB | 3.15% |
| Unrated | 2.68% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i7032d249de27f625ff42.jpg)

Payden California Municipal Social Impact Fund

Investor Class - PYCRX

Annual Shareholder Report - October 31, 2024

#### PYCRX-AR2024

# Payden Cash Reserves Money Market Fund
![Image](g42120i3854bb68f12f1e2eb0a0.jpg)

## Investor Class - PBHXX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Cash Reserves Money Market Fund. It outlines performance and positional information.

The Fund seeks to provide investors with liquidity, a stable share price, and as high a level of current income as is consistent with preservation of principal and liquidity.

## 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?
At the Federal Open Market Committee meeting in December 2023, the Chairman signaled a softening of its tight monetary policy leading bond yields lower. Shorter duration positioning underperformed as yields moved lower, but rates reversed course allowing the strategy to take advantage of higher yields. In September 2024, the Federal Reserve Board delivered a 50 basis point rate cut. The market has priced two 25 basis point rate cuts for the remainder of the calendar year.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i53e8e4660b1af8196b23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **Lipper Government Money Market Average** |
| **10/14** | 10000 | 10000 | 10000 |
| **10/15** | 10001 | 10196 | 10001 |
| **10/16** | 10010 | 10642 | 10005 |
| **10/17** | 10063 | 10737 | 10030 |
| **10/18** | 10207 | 10517 | 10132 |
| **10/19** | 10421 | 11728 | 10305 |
| **10/20** | 10481 | 12454 | 10348 |
| **10/21** | 10483 | 12394 | 10350 |
| **10/22** | 10565 | 10451 | 10420 |
| **10/23** | 11047 | 10488 | 10873 |
| **10/24** | 11622 | 11595 | 11401 |

---

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 | 5.20% | 2.20% | 1.51% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| Lipper Government Money Market Average | 4.86% | 2.04% | 1.32% |

---

## Fund Statistics
* Total Net Assets (000)$482,687

* # of Portfolio Holdings37

* Investment Advisory, net of waivers (000)$110

* Portfolio Turnover Rate0%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 43.47% |
| Citigroup Tri Party | 9.34% |
| Mitsubishi UFJ Financial Group | 9.33% |
| U.S. Treasury Floating Rate Notes | 9.33% |
| Bank of Montreal Tri Party | 9.13% |
| CIBC World Markets Tri Party | 6.22% |
| FHLB | 3.94% |
| FFCB Funding Corp. | 3.01% |
| Goldman Sachs Tri Party | 2.07% |
| FHLMC Multifamily Structured Pass-Through Certificates | 1.76% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 53% |
| Repurchase Agreements | 36% |
| U.S. Government Agency | 7% |
| Mortgage Backed | 3% |
| Investment Company | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i8f3248f192d2f40e1948.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 99.12% |
| >10 Years | 0.84% |
| Other | -% |

---

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

---

| | |
|:---|:---|
| AAA | 99.96% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120idc1fe662da53dc7db507.jpg)

Payden Cash Reserves Money Market Fund

Investor Class - PBHXX

Annual Shareholder Report - October 31, 2024

#### PBHXX-AR2024

# Payden Core Bond Fund
![Image](g42120i05ae27934af5ee6ee838.jpg)

## Adviser Class - PYCWX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Core Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$83** | **0.78%** |

---

## How did the fund perform last year?
The Fund held a yield advantage through overweight positions in credit with an emphasis on the higher quality and liquid parts of the credit market. This positioning reflected our belief that while we expected to see a "soft-landing" economy, we still believed the year had the potential for a high level of volatility as the macroeconomic backdrop remained uncertain. Given broadly positive excess returns over the period, the Fund's allocation to non-governmental sectors added to relative return, with allocations to securitized debt, agency MBS, and investment grade corporates as the main contributors. The Fund adjusted rate positioning over the year as interest rate levels and curves fluctuated. This active duration management contributed positively to relative performance.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i7ab827e2b474322110a7.jpg)

---

| | | |
|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** |
| **10/14** | 10000 | 10000 |
| **10/15** | 10149 | 10196 |
| **10/16** | 10639 | 10642 |
| **10/17** | 10916 | 10737 |
| **10/18** | 10684 | 10517 |
| **10/19** | 11767 | 11728 |
| **10/20** | 12299 | 12454 |
| **10/21** | 12412 | 12394 |
| **10/22** | 10339 | 10451 |
| **10/23** | 10458 | 10488 |
| **10/24** | 11710 | 11595 |

---

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 | 11.97% | -0.10% | 1.59% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |

---

## Fund Statistics
* Total Net Assets (000)$909,116

* # of Portfolio Holdings350

* Investment Advisory, net of waivers (000)$1,865

* Portfolio Turnover Rate69%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bond | 7.25% |
| U.S. Treasury Inflation Indexed Notes | 4.07% |
| Duke Energy Corp. | 2.06% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.48% |
| OBX Trust | 1.01% |
| Payden Emerging Markets Local Bond Fund, SI Class | 0.90% |
| UBS Group AG | 0.91% |
| Energy Transfer LP | 0.87% |
| BX Commercial Mortgage Trust | 0.83% |
| G2 MA7472 30YR | 0.75% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 34% |
| Corporate Bond | 32% |
| U.S. Treasury | 12% |
| Asset Backed | 8% |
| Municipal | 3% |
| Other | 11% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i906ba68a2888d4806bd7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.22% |
| 3-5 Years | 6.43% |
| 5-10 Years | 26.93% |
| >10 Years | 53.22% |
| Other | (31.63)% |

---

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

---

| | |
|:---|:---|
| AAA | 49.68% |
| AA | 5.40% |
| A | 9.39% |
| BBB | 24.08% |
| BB | 5.49% |
| B | 2.08% |
| Unrated | 3.88% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i2710f523ed810ba18bbe.jpg)

Payden Core Bond Fund

Adviser Class - PYCWX

Annual Shareholder Report - October 31, 2024

#### PYCWX-AR2024

# Payden Core Bond Fund
![Image](g42120i4dfee1824785074125ed.jpg)

## Investor Class - PYCBX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Core Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$56** | **0.53%** |

---

## How did the fund perform last year?
The Fund held a yield advantage through overweight positions in credit with an emphasis on the higher quality and liquid parts of the credit market. This positioning reflected our belief that while we expected to see a "soft-landing" economy, we still believed the year had the potential for a high level of volatility as the macroeconomic backdrop remained uncertain. Given broadly positive excess returns over the period, the Fund's allocation to non-governmental sectors added to relative return, with allocations to securitized debt, agency MBS, and investment grade corporates as the main contributors. The Fund adjusted rate positioning over the year as interest rate levels and curves fluctuated. This active duration management contributed positively to relative performance.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120if0454f209d54db3190ea.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** |
| **10/14** | 100000 | 100000 |
| **10/15** | 101730 | 101960 |
| **10/16** | 106888 | 106416 |
| **10/17** | 110030 | 107373 |
| **10/18** | 107962 | 105172 |
| **10/19** | 119146 | 117278 |
| **10/20** | 124818 | 124537 |
| **10/21** | 126253 | 123939 |
| **10/22** | 105510 | 104506 |
| **10/23** | 106639 | 104882 |
| **10/24** | 119723 | 115947 |

---

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 | 12.27% | 0.09% | 1.81% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |

---

## Fund Statistics
* Total Net Assets (000)$909,116

* # of Portfolio Holdings350

* Investment Advisory, net of waivers (000)$1,865

* Portfolio Turnover Rate69%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bond | 7.25% |
| U.S. Treasury Inflation Indexed Notes | 4.07% |
| Duke Energy Corp. | 2.06% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.48% |
| OBX Trust | 1.01% |
| Payden Emerging Markets Local Bond Fund, SI Class | 0.90% |
| UBS Group AG | 0.91% |
| Energy Transfer LP | 0.87% |
| BX Commercial Mortgage Trust | 0.83% |
| G2 MA7472 30YR | 0.75% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 34% |
| Corporate Bond | 32% |
| U.S. Treasury | 12% |
| Asset Backed | 8% |
| Municipal | 3% |
| Other | 11% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i5c602dfe8a1b98b7fddd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.22% |
| 3-5 Years | 6.43% |
| 5-10 Years | 26.93% |
| >10 Years | 53.22% |
| Other | (31.63)% |

---

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

---

| | |
|:---|:---|
| AAA | 49.68% |
| AA | 5.40% |
| A | 9.39% |
| BBB | 24.08% |
| BB | 5.49% |
| B | 2.08% |
| Unrated | 3.88% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ic0726589a1282421ce69.jpg)

Payden Core Bond Fund

Investor Class - PYCBX

Annual Shareholder Report - October 31, 2024

#### PYCBX-AR2024

# Payden Core Bond Fund
![Image](g42120i8942705dcb810627047c.jpg)

## SI Class - PYCSX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Core Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$45** | **0.42%** |

---

## How did the fund perform last year?
The Fund held a yield advantage through overweight positions in credit with an emphasis on the higher quality and liquid parts of the credit market. This positioning reflected our belief that while we expected to see a "soft-landing" economy, we still believed the year had the potential for a high level of volatility as the macroeconomic backdrop remained uncertain. Given broadly positive excess returns over the period, the Fund's allocation to non-governmental sectors added to relative return, with allocations to securitized debt, agency MBS, and investment grade corporates as the main contributors. The Fund adjusted rate positioning over the year as interest rate levels and curves fluctuated. This active duration management contributed positively to relative performance.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120i0d52e19b8be808a5475c.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 |

---

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 | 12.38% | 0.20% | 9.65% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 8.63% |

---

## Fund Statistics
* Total Net Assets (000)$909,116

* # of Portfolio Holdings350

* Investment Advisory, net of waivers (000)$1,865

* Portfolio Turnover Rate69%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bond | 7.25% |
| U.S. Treasury Inflation Indexed Notes | 4.07% |
| Duke Energy Corp. | 2.06% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.48% |
| OBX Trust | 1.01% |
| Payden Emerging Markets Local Bond Fund, SI Class | 0.90% |
| UBS Group AG | 0.91% |
| Energy Transfer LP | 0.87% |
| BX Commercial Mortgage Trust | 0.83% |
| G2 MA7472 30YR | 0.75% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 34% |
| Corporate Bond | 32% |
| U.S. Treasury | 12% |
| Asset Backed | 8% |
| Municipal | 3% |
| Other | 11% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120ic8faa581a6b95a2454a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.22% |
| 3-5 Years | 6.43% |
| 5-10 Years | 26.93% |
| >10 Years | 53.22% |
| Other | (31.63)% |

---

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

---

| | |
|:---|:---|
| AAA | 49.68% |
| AA | 5.40% |
| A | 9.39% |
| BBB | 24.08% |
| BB | 5.49% |
| B | 2.08% |
| Unrated | 3.88% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ic6eb1d92d55f9b55cf8d.jpg)

Payden Core Bond Fund

SI Class - PYCSX

Annual Shareholder Report - October 31, 2024

#### PYCSX-AR2024

# Payden Corporate Bond Fund
![Image](g42120ie6a71f82c1013dbdc0b6.jpg)

## Adviser Class - PYAYX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Corporate Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$1** | **0.01%** |

---

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

• The Fund's security selection relative to its index was the biggest contributor to the Fund's performance. Security selection amongst almost all sectors was positive, with industrials and financials being the largest contributors.

• The Fund's allocation to out-of-index exposure high-yield bonds was also a big contributor, as high yield outperformed and credit spreads rallied.

• The Fund's allocation to out-of-index exposure securitized bonds was also a slight contributor throughout the period.

Top Detractors from Performance:

• The Fund used US Treasury futures to hedge duration as well as to strategically manage overall duration and curve positioning, which was a small detractor to performance.

• The Fund's allocation to out-of-index exposure municipal bonds was also a slight detractor.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i5d6752dbe2a11cf983dd.jpg)

---

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

---

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 11/30/2023** |
| Adviser Class | 8.69% |
| Bloomberg US Aggregate Bond Index | 5.37% |
| Bloomberg US Corporate Bond Index | 6.88% |

---

## Fund Statistics
* Total Net Assets (000)$375,550

* # of Portfolio Holdings322

* Investment Advisory, net of waivers (000)$1,005

* Portfolio Turnover Rate67%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.40% |
| Morgan Stanley | 1.95% |
| Goldman Sachs Group Inc. | 1.58% |
| Citigroup Inc. | 1.50% |
| Bank of America Corp. | 1.47% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.38% |
| HSBC Holdings PLC | 1.10% |
| FS KKR Capital Corp. | 1.00% |
| EQM Midstream Partners LP | 0.97% |
| Ford Motor Credit Co. LLC | 0.97% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 87% |
| Mortgage Backed | 5% |
| Investment Company | 4% |
| Asset Backed | 3% |
| Bank Loans | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i161dd96a9314dc730ef2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 7.43% |
| 3-5 Years | 10.70% |
| 5-10 Years | 25.87% |
| >10 Years | 47.59% |
| Other | (8.45)% |

---

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

---

| | |
|:---|:---|
| AAA | 5.30% |
| AA | 8.94% |
| A | 31.58% |
| BBB | 41.48% |
| BB | 6.72% |
| B | 2.80% |
| Below B | 0.47% |
| Unrated | 2.71% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i077158ebae593624b27c.jpg)

Payden Corporate Bond Fund

Adviser Class - PYAYX

Annual Shareholder Report - October 31, 2024

#### PYAYX-AR2024

# Payden Corporate Bond Fund
![Image](g42120i82f24a4640dfd19ac6b4.jpg)

## Investor Class - PYACX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Corporate Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **0.65%** |

---

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

• The Fund's security selection relative to its index was the biggest contributor to the Fund's performance. Security selection amongst almost all sectors was positive, with industrials and financials being the largest contributors.

• The Fund's allocation to out-of-index exposure high-yield bonds was also a big contributor, as high yield outperformed and credit spreads rallied.

• The Fund's allocation to out-of-index exposure securitized bonds was also a slight contributor throughout the period.

Top Detractors from Performance:

• The Fund used US Treasury futures to hedge duration as well as to strategically manage overall duration and curve positioning, which was a small detractor to performance.

• The Fund's allocation to out-of-index exposure municipal bonds was also a slight detractor.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120i39f45fd8911acca57c58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Corporate Bond Index** |
| **10/14** | 100000 | 100000 | 100000 |
| **10/15** | 102260 | 101960 | 101050 |
| **10/16** | 110625 | 106416 | 108356 |
| **10/17** | 117074 | 107373 | 112105 |
| **10/18** | 114019 | 105172 | 108719 |
| **10/19** | 130209 | 117278 | 125430 |
| **10/20** | 137566 | 124537 | 134272 |
| **10/21** | 142065 | 123939 | 137200 |
| **10/22** | 114319 | 104506 | 110350 |
| **10/23** | 116834 | 104882 | 113406 |
| **10/24** | 133775 | 115947 | 128864 |

---

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 | 14.50% | 0.54% | 2.95% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| Bloomberg US Corporate Bond Index | 13.63% | 0.54% | 2.57% |

---

## Fund Statistics
* Total Net Assets (000)$375,550

* # of Portfolio Holdings322

* Investment Advisory, net of waivers (000)$1,005

* Portfolio Turnover Rate67%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.40% |
| Morgan Stanley | 1.95% |
| Goldman Sachs Group Inc. | 1.58% |
| Citigroup Inc. | 1.50% |
| Bank of America Corp. | 1.47% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.38% |
| HSBC Holdings PLC | 1.10% |
| FS KKR Capital Corp. | 1.00% |
| EQM Midstream Partners LP | 0.97% |
| Ford Motor Credit Co. LLC | 0.97% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 87% |
| Mortgage Backed | 5% |
| Investment Company | 4% |
| Asset Backed | 3% |
| Bank Loans | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120if9c7d7df149e1c375e88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 7.43% |
| 3-5 Years | 10.70% |
| 5-10 Years | 25.87% |
| >10 Years | 47.59% |
| Other | (8.45)% |

---

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

---

| | |
|:---|:---|
| AAA | 5.30% |
| AA | 8.94% |
| A | 31.58% |
| BBB | 41.48% |
| BB | 6.72% |
| B | 2.80% |
| Below B | 0.47% |
| Unrated | 2.71% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120if12b448f82da9407f9c8.jpg)

Payden Corporate Bond Fund

Investor Class - PYACX

Annual Shareholder Report - October 31, 2024

#### PYACX-AR2024

# Payden Corporate Bond Fund
![Image](g42120id349a16386407df91387.jpg)

## SI Class - PYCTX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Corporate Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$59** | **0.55%** |

---

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

• The Fund's security selection relative to its index was the biggest contributor to the Fund's performance. Security selection amongst almost all sectors was positive, with industrials and financials being the largest contributors.

• The Fund's allocation to out-of-index exposure high-yield bonds was also a big contributor, as high yield outperformed and credit spreads rallied.

• The Fund's allocation to out-of-index exposure securitized bonds was also a slight contributor throughout the period.

Top Detractors from Performance:

• The Fund used US Treasury futures to hedge duration as well as to strategically manage overall duration and curve positioning, which was a small detractor to performance.

• The Fund's allocation to out-of-index exposure municipal bonds was also a slight detractor.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120idc82f0d0a501a2c346f6.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** | 11461000 | 9740123 | 10016011 |

---

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 | 14.61% | -0.48% |
| Bloomberg US Aggregate Bond Index | 10.55% | -2.60% |
| Bloomberg US Corporate Bond Index | 13.63% | 0.16% |

---

## Fund Statistics
* Total Net Assets (000)$375,550

* # of Portfolio Holdings322

* Investment Advisory, net of waivers (000)$1,005

* Portfolio Turnover Rate67%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.40% |
| Morgan Stanley | 1.95% |
| Goldman Sachs Group Inc. | 1.58% |
| Citigroup Inc. | 1.50% |
| Bank of America Corp. | 1.47% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.38% |
| HSBC Holdings PLC | 1.10% |
| FS KKR Capital Corp. | 1.00% |
| EQM Midstream Partners LP | 0.97% |
| Ford Motor Credit Co. LLC | 0.97% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 87% |
| Mortgage Backed | 5% |
| Investment Company | 4% |
| Asset Backed | 3% |
| Bank Loans | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i8eaeba578c4edb95f80f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 7.43% |
| 3-5 Years | 10.70% |
| 5-10 Years | 25.87% |
| >10 Years | 47.59% |
| Other | (8.45)% |

---

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

---

| | |
|:---|:---|
| AAA | 5.30% |
| AA | 8.94% |
| A | 31.58% |
| BBB | 41.48% |
| BB | 6.72% |
| B | 2.80% |
| Below B | 0.47% |
| Unrated | 2.71% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i2af60733108f0513948c.jpg)

Payden Corporate Bond Fund

SI Class - PYCTX

Annual Shareholder Report - October 31, 2024

#### PYCTX-AR2024

# Payden Emerging Markets Bond Fund
![Image](g42120i08519b9ad1a7370719ca.jpg)

## Adviser Class - PYEWX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Emerging Markets Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return.

## 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** | **$108** | **0.99%** |

---

## 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, and the yield premium of emerging market bonds narrowed relative to US Treasury yields. Within hard currency credit, high-yield rated issuers outperformed investment-grade constituents and corporate bond returns trailed sovereigns, largely due to their shorter duration profile. Country selection among sovereigns and quasi-sovereigns was the primary driver of outperformance, as the Fund benefited from overweight positioning in select high-yield credits. Additionally, underweight positioning in investment-grade sovereigns contributed positively. The Fund maintained a headline duration-neutral position versus the benchmark during the period, though underlying this duration profile was an underweight in investment-grade sovereigns, which was used to fund diversifying investments in off-index corporates and local currency bonds. Looking forward, we expect that emerging market 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](g42120id39dafd7930ae5980de6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan EMBI Global Diversified Index** |
| **10/14** | 10000 | 10000 | 10000 |
| **10/15** | 9706 | 9693 | 10039 |
| **10/16** | 10915 | 10235 | 11214 |
| **10/17** | 11734 | 10356 | 11922 |
| **10/18** | 11046 | 10143 | 11399 |
| **10/19** | 12498 | 11111 | 13035 |
| **10/20** | 12539 | 11737 | 13162 |
| **10/21** | 13338 | 11591 | 13743 |
| **10/22** | 9873 | 9181 | 10418 |
| **10/23** | 10958 | 9339 | 11289 |
| **10/24** | 13027 | 10230 | 13340 |

---

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 | 18.88% | 0.83% | 2.68% |
| Bloomberg Global Aggregate Index | 9.55% | -1.64% | 0.23% |
| J.P. Morgan EMBI Global Diversified Index | 18.16% | 0.47% | 2.92% |

---

## Fund Statistics
* Total Net Assets (000)$841,918

* # of Portfolio Holdings340

* Investment Advisory, net of waivers (000)$3,542

* Portfolio Turnover Rate65%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Dominican Republic International Bond | 4.10% |
| Colombia Government International Bond | 3.95% |
| Petroleos Mexicanos | 3.52% |
| Argentine Republic Government International Bond | 3.40% |
| Oman Government International Bond | 2.97% |
| Republic of South Africa Government International Bond | 2.92% |
| Hungary Government International Bond | 2.80% |
| Egypt Government International Bond | 2.57% |
| Panama Government International Bond | 2.45% |
| Nigeria Government International Bond | 2.41% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Foreign Government | 77% |
| Corporate Bond | 20% |
| Investment Company | 3% |

---

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

---

| | |
|:---|:---|
| Brazil | 6.26% |
| Mexico | 6.07% |
| South Africa | 5.11% |
| Colombia | 4.82% |
| Dominican Republic | 4.59% |
| Peru | 3.97% |
| Turkey | 3.71% |
| Argentina | 3.40% |
| Hungary | 3.20% |
| Oman | 2.97% |

---

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

---

| | |
|:---|:---|
| AAA | 0.09% |
| AA | 3.70% |
| A | 7.22% |
| BBB | 31.14% |
| BB | 29.71% |
| B | 13.79% |
| Below B | 10.52% |
| Unrated | 3.83% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i59c7f047f85a33fe244b.jpg)

Payden Emerging Markets Bond Fund

Adviser Class - PYEWX

Annual Shareholder Report - October 31, 2024

#### PYEWX-AR2024

# Payden Emerging Markets Bond Fund
![Image](g42120i83fd961db67f12c65ede.jpg)

## Investor Class - PYEMX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Emerging Markets Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return.

## 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** | **$81** | **0.74%** |

---

## 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, and the yield premium of emerging market bonds narrowed relative to US Treasury yields. Within hard currency credit, high-yield rated issuers outperformed investment-grade constituents and corporate bond returns trailed sovereigns, largely due to their shorter duration profile. Country selection among sovereigns and quasi-sovereigns was the primary driver of outperformance, as the Fund benefited from overweight positioning in select high-yield credits. Additionally, underweight positioning in investment-grade sovereigns contributed positively. The Fund maintained a headline duration-neutral position versus the benchmark during the period, though underlying this duration profile was an underweight in investment-grade sovereigns, which was used to fund diversifying investments in off-index corporates and local currency bonds. Looking forward, we expect that emerging market debt will continue to offer useful diversification benefits and attractive long-run income-generating opportunities.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120iac4eff825f1804cd2eb7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan EMBI Global Diversified Index** |
| **10/14** | 100000 | 100000 | 100000 |
| **10/15** | 97350 | 96930 | 100390 |
| **10/16** | 109762 | 102348 | 112136 |
| **10/17** | 118280 | 103556 | 119223 |
| **10/18** | 111609 | 101433 | 113989 |
| **10/19** | 126620 | 111110 | 130346 |
| **10/20** | 127354 | 117365 | 131624 |
| **10/21** | 135709 | 115910 | 137428 |
| **10/22** | 100805 | 91812 | 104184 |
| **10/23** | 112044 | 93392 | 112894 |
| **10/24** | 133557 | 102301 | 133396 |

---

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 | 19.20% | 1.07% | 2.93% |
| Bloomberg Global Aggregate Index | 9.55% | -1.64% | 0.23% |
| J.P. Morgan EMBI Global Diversified Index | 18.16% | 0.47% | 2.92% |

---

## Fund Statistics
* Total Net Assets (000)$841,918

* # of Portfolio Holdings340

* Investment Advisory, net of waivers (000)$3,542

* Portfolio Turnover Rate65%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Dominican Republic International Bond | 4.10% |
| Colombia Government International Bond | 3.95% |
| Petroleos Mexicanos | 3.52% |
| Argentine Republic Government International Bond | 3.40% |
| Oman Government International Bond | 2.97% |
| Republic of South Africa Government International Bond | 2.92% |
| Hungary Government International Bond | 2.80% |
| Egypt Government International Bond | 2.57% |
| Panama Government International Bond | 2.45% |
| Nigeria Government International Bond | 2.41% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Foreign Government | 77% |
| Corporate Bond | 20% |
| Investment Company | 3% |

---

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

---

| | |
|:---|:---|
| Brazil | 6.26% |
| Mexico | 6.07% |
| South Africa | 5.11% |
| Colombia | 4.82% |
| Dominican Republic | 4.59% |
| Peru | 3.97% |
| Turkey | 3.71% |
| Argentina | 3.40% |
| Hungary | 3.20% |
| Oman | 2.97% |

---

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

---

| | |
|:---|:---|
| AAA | 0.09% |
| AA | 3.70% |
| A | 7.22% |
| BBB | 31.14% |
| BB | 29.71% |
| B | 13.79% |
| Below B | 10.52% |
| Unrated | 3.83% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i50e44cfdc6a7fa9bb8b3.jpg)

Payden Emerging Markets Bond Fund

Investor Class - PYEMX

Annual Shareholder Report - October 31, 2024

#### PYEMX-AR2024

# Payden Emerging Markets Bond Fund
![Image](g42120ibe016e787ffc500bd3ed.jpg)

## SI Class - PYEIX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Emerging Markets Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return.

## 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** | **$76** | **0.69%** |

---

## 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, and the yield premium of emerging market bonds narrowed relative to US Treasury yields. Within hard currency credit, high-yield rated issuers outperformed investment-grade constituents and corporate bond returns trailed sovereigns, largely due to their shorter duration profile. Country selection among sovereigns and quasi-sovereigns was the primary driver of outperformance, as the Fund benefited from overweight positioning in select high-yield credits. Additionally, underweight positioning in investment-grade sovereigns contributed positively. The Fund maintained a headline duration-neutral position versus the benchmark during the period, though underlying this duration profile was an underweight in investment-grade sovereigns, which was used to fund diversifying investments in off-index corporates and local currency bonds. Looking forward, we expect that emerging market 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](g42120i1b32e1049743c97a0fda.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan EMBI Global Diversified Index** |
| **10/14** | 10000000 | 10000000 | 10000000 |
| **10/15** | 9742000 | 9693000 | 10039000 |
| **10/16** | 10985079 | 10234839 | 11213563 |
| **10/17** | 11845211 | 10355610 | 11922260 |
| **10/18** | 11192540 | 10143320 | 11398873 |
| **10/19** | 12693459 | 11110993 | 13034611 |
| **10/20** | 12774698 | 11736541 | 13162350 |
| **10/21** | 13616550 | 11591008 | 13742810 |
| **10/22** | 10122543 | 9181238 | 10418424 |
| **10/23** | 11257280 | 9339155 | 11289405 |
| **10/24** | 13416427 | 10230110 | 13339560 |

---

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 | 19.18% | 1.11% | 2.98% |
| Bloomberg Global Aggregate Index | 9.55% | -1.64% | 0.23% |
| J.P. Morgan EMBI Global Diversified Index | 18.16% | 0.47% | 2.92% |

---

## Fund Statistics
* Total Net Assets (000)$841,918

* # of Portfolio Holdings340

* Investment Advisory, net of waivers (000)$3,542

* Portfolio Turnover Rate65%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Dominican Republic International Bond | 4.10% |
| Colombia Government International Bond | 3.95% |
| Petroleos Mexicanos | 3.52% |
| Argentine Republic Government International Bond | 3.40% |
| Oman Government International Bond | 2.97% |
| Republic of South Africa Government International Bond | 2.92% |
| Hungary Government International Bond | 2.80% |
| Egypt Government International Bond | 2.57% |
| Panama Government International Bond | 2.45% |
| Nigeria Government International Bond | 2.41% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Foreign Government | 77% |
| Corporate Bond | 20% |
| Investment Company | 3% |

---

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

---

| | |
|:---|:---|
| Brazil | 6.26% |
| Mexico | 6.07% |
| South Africa | 5.11% |
| Colombia | 4.82% |
| Dominican Republic | 4.59% |
| Peru | 3.97% |
| Turkey | 3.71% |
| Argentina | 3.40% |
| Hungary | 3.20% |
| Oman | 2.97% |

---

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

---

| | |
|:---|:---|
| AAA | 0.09% |
| AA | 3.70% |
| A | 7.22% |
| BBB | 31.14% |
| BB | 29.71% |
| B | 13.79% |
| Below B | 10.52% |
| Unrated | 3.83% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120if02f112a521bc0392b5c.jpg)

Payden Emerging Markets Bond Fund

SI Class - PYEIX

Annual Shareholder Report - October 31, 2024

#### PYEIX-AR2024

# Payden Emerging Markets Corporate Bond Fund
![Image](g42120ieb7b01df05694f4fd663.jpg)

## Investor Class - PYCEX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Emerging Markets Corporate Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return.

## 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** | **$102** | **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](g42120i4d600092b770d908b128.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan CEMBI Broad Diversified Index** |
| **10/14** | 10000 | 10000 | 10000 |
| **10/15** | 9845 | 9693 | 10093 |
| **10/16** | 10766 | 10235 | 11019 |
| **10/17** | 11532 | 10356 | 11699 |
| **10/18** | 11271 | 10143 | 11482 |
| **10/19** | 12338 | 11111 | 12883 |
| **10/20** | 12897 | 11737 | 13429 |
| **10/21** | 13681 | 11591 | 14137 |
| **10/22** | 11230 | 9181 | 11584 |
| **10/23** | 12260 | 9339 | 12647 |
| **10/24** | 14061 | 10230 | 14531 |

---

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 | 14.69% | 2.65% | 3.46% |
| Bloomberg Global Aggregate Index | 9.55% | -1.64% | 0.23% |
| J.P. Morgan CEMBI Broad Diversified Index | 14.90% | 2.44% | 3.81% |

---

## Fund Statistics
* Total Net Assets (000)$86,970

* # of Portfolio Holdings298

* Investment Advisory, net of waivers (000)$390

* Portfolio Turnover Rate144%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Prosus NV | 1.49% |
| First Quantum Minerals Ltd. | 1.49% |
| Melco Resorts Finance Ltd. | 1.40% |
| Braskem Netherlands Finance BV | 1.40% |
| Minerva Luxembourg SA | 1.33% |
| Hyundai Capital America | 1.22% |
| Sasol Financing USA LLC | 1.13% |
| BBVA Bancomer SA | 1.12% |
| Banco de Credito del Peru S.A. | 1.10% |
| Petroleos Mexicanos | 1.04% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 83% |
| Investment Company | 13% |
| Asset Backed | 2% |
| Bank Loans | 1% |
| Foreign Government | 1% |

---

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

---

| | |
|:---|:---|
| United States | 14.85% |
| Cayman Islands | 8.94% |
| Mexico | 8.46% |
| Luxembourg | 6.59% |
| Netherlands | 5.45% |
| India | 3.77% |
| Chile | 3.53% |
| United Kingdom | 3.13% |
| Turkey | 3.00% |
| Colombia | 2.82% |

---

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

---

| | |
|:---|:---|
| AA | 1.61% |
| A | 5.73% |
| BBB | 29.99% |
| BB | 30.16% |
| B | 15.65% |
| Below B | 1.32% |
| Unrated | 15.54% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ia78bf91289d47d1750f8.jpg)

Payden Emerging Markets Corporate Bond Fund

Investor Class - PYCEX

Annual Shareholder Report - October 31, 2024

#### PYCEX-AR2024

# Payden Emerging Markets Corporate Bond Fund
![Image](g42120i0765952c6fd1dd423359.jpg)

## SI Class - PYCIX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Emerging Markets Corporate Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return.

## 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** | **$91** | **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](g42120ic0c0ed53dc9fb76e0443.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg Global Aggregate Index** | **J.P. Morgan CEMBI Broad Diversified Index** |
| **10/14** | 10000000 | 10000000 | 10000000 |
| **10/15** | 9853000 | 9693000 | 10093000 |
| **10/16** | 10783123 | 10234839 | 11018528 |
| **10/17** | 11561665 | 10355610 | 11699473 |
| **10/18** | 11311933 | 10143320 | 11481863 |
| **10/19** | 12405797 | 11110993 | 12882650 |
| **10/20** | 12966539 | 11736541 | 13428875 |
| **10/21** | 13780837 | 11591008 | 14136576 |
| **10/22** | 11309933 | 9181238 | 11583511 |
| **10/23** | 12373067 | 9339155 | 12646877 |
| **10/24** | 14191908 | 10230110 | 14531262 |

---

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 | 14.70% | 2.72% | 3.56% |
| Bloomberg Global Aggregate Index | 9.55% | -1.64% | 0.23% |
| J.P. Morgan CEMBI Broad Diversified Index | 14.90% | 2.44% | 3.81% |

---

## Fund Statistics
* Total Net Assets (000)$86,970

* # of Portfolio Holdings298

* Investment Advisory, net of waivers (000)$390

* Portfolio Turnover Rate144%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Prosus NV | 1.49% |
| First Quantum Minerals Ltd. | 1.49% |
| Melco Resorts Finance Ltd. | 1.40% |
| Braskem Netherlands Finance BV | 1.40% |
| Minerva Luxembourg SA | 1.33% |
| Hyundai Capital America | 1.22% |
| Sasol Financing USA LLC | 1.13% |
| BBVA Bancomer SA | 1.12% |
| Banco de Credito del Peru S.A. | 1.10% |
| Petroleos Mexicanos | 1.04% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 83% |
| Investment Company | 13% |
| Asset Backed | 2% |
| Bank Loans | 1% |
| Foreign Government | 1% |

---

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

---

| | |
|:---|:---|
| United States | 14.85% |
| Cayman Islands | 8.94% |
| Mexico | 8.46% |
| Luxembourg | 6.59% |
| Netherlands | 5.45% |
| India | 3.77% |
| Chile | 3.53% |
| United Kingdom | 3.13% |
| Turkey | 3.00% |
| Colombia | 2.82% |

---

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

---

| | |
|:---|:---|
| AA | 1.61% |
| A | 5.73% |
| BBB | 29.99% |
| BB | 30.16% |
| B | 15.65% |
| Below B | 1.32% |
| Unrated | 15.54% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ie0dcc517d34254536b7e.jpg)

Payden Emerging Markets Corporate Bond Fund

SI Class - PYCIX

Annual Shareholder Report - October 31, 2024

#### PYCIX-AR2024

# Payden Emerging Markets Local Bond Fund
![Image](g42120i92e73ba0e9dc4e1fd01a.jpg)

## Investor Class - PYELX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Emerging Markets Local Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return.

## 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** | **$103** | **0.99%** |

---

## How did the fund perform last year?
The primary driver of the Fund's performance was the move lower in market yields. Falling rates of inflation globally allowed central banks to begin removing their restrictive monetary policy stance, which caused interest rates to shift lower across most emerging market economies. Emerging market currencies broadly moved sideways against the US dollar. Local rates positioning contributed positively across both high-yield and investment-grade issuers, exhibiting strong geographic diversification. However, these gains were more than offset by relative underperformance within emerging market currencies. Off-index exposure to hard currency sovereign and corporate bonds modestly added. During the period, the Fund reduced its duration overweight stance, and also took down its net currency exposure. 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](g42120i42eb2b763c5b41900c62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **J.P Morgan GBI-EM Global Diversified Index** |
| **10/14** | 10000 | 10000 | 10000 |
| **10/15** | 8284 | 9693 | 8258 |
| **10/16** | 9122 | 10235 | 9170 |
| **10/17** | 9635 | 10356 | 9645 |
| **10/18** | 8866 | 10143 | 9010 |
| **10/19** | 10226 | 11111 | 10415 |
| **10/20** | 9673 | 11737 | 10018 |
| **10/21** | 9989 | 11591 | 10102 |
| **10/22** | 8022 | 9181 | 8054 |
| **10/23** | 8994 | 9339 | 9142 |
| **10/24** | 9728 | 10230 | 9943 |

---

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 | 8.16% | -0.99% | -0.27% |
| Bloomberg Global Aggregate Index | 9.55% | -1.64% | 0.23% |
| J.P Morgan GBI-EM Global Diversified Index | 8.76% | -0.92% | -0.06% |

---

## Fund Statistics
* Total Net Assets (000)$74,073

* # of Portfolio Holdings177

* Investment Advisory, net of waivers (000)$238

* Portfolio Turnover Rate61%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional Serie F | 9.88% |
| Republic of South Africa Government Bond | 9.03% |
| Indonesia Treasury Bond | 8.83% |
| China Government Bond | 8.12% |
| Thailand Government Bond | 5.32% |
| Mexican Bonos | 4.98% |
| Malaysia Government Bond | 4.97% |
| Colombian TES | 4.01% |
| Republic of Poland Government Bond | 3.77% |
| Inter-American Development Bank | 2.92% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Foreign Government | 80% |
| Corporate Bond | 14% |
| Investment Company | 6% |

---

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

---

| | |
|:---|:---|
| Brazil | 12.29% |
| South Africa | 9.03% |
| Indonesia | 8.83% |
| China | 8.12% |
| Supranational | 7.32% |
| Mexico | 6.15% |
| Thailand | 5.32% |
| Malaysia | 4.97% |
| Colombia | 4.74% |
| Peru | 4.72% |

---

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

---

| | |
|:---|:---|
| AAA | 6.33% |
| AA | 4.17% |
| A | 23.05% |
| BBB | 30.23% |
| BB | 26.42% |
| B | 2.48% |
| Below B | 0.10% |
| Unrated | 7.22% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i85a9917371dbd6b9ec9e.jpg)

Payden Emerging Markets Local Bond Fund

Investor Class - PYELX

Annual Shareholder Report - October 31, 2024

#### PYELX-AR2024

# Payden Emerging Markets Local Bond Fund
![Image](g42120i3b392b667bc1e8989be4.jpg)

## SI Class - PYILX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Emerging Markets Local Bond Fund. It outlines performance and positional information.

The Fund seeks a high level of total return.

## 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** | **$78** | **0.75%** |

---

## How did the fund perform last year?
The primary driver of the Fund's performance was the move lower in market yields. Falling rates of inflation globally allowed central banks to begin removing their restrictive monetary policy stance, which caused interest rates to shift lower across most emerging market economies. Emerging market currencies broadly moved sideways against the US dollar. Local rates positioning contributed positively across both high-yield and investment-grade issuers, exhibiting strong geographic diversification. However, these gains were more than offset by relative underperformance within emerging market currencies. Off-index exposure to hard currency sovereign and corporate bonds modestly added. During the period, the Fund reduced its duration overweight stance, and also took down its net currency exposure. 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](g42120i085702f370b047341b73.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 |

---

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 | 8.35% | 2.44% |
| Bloomberg Global Aggregate Index | 9.55% | -8.00% |
| J.P Morgan GBI-EM Global Diversified Index | 8.76% | 4.88% |

---

## Fund Statistics
* Total Net Assets (000)$74,073

* # of Portfolio Holdings177

* Investment Advisory, net of waivers (000)$238

* Portfolio Turnover Rate61%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional Serie F | 9.88% |
| Republic of South Africa Government Bond | 9.03% |
| Indonesia Treasury Bond | 8.83% |
| China Government Bond | 8.12% |
| Thailand Government Bond | 5.32% |
| Mexican Bonos | 4.98% |
| Malaysia Government Bond | 4.97% |
| Colombian TES | 4.01% |
| Republic of Poland Government Bond | 3.77% |
| Inter-American Development Bank | 2.92% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Foreign Government | 80% |
| Corporate Bond | 14% |
| Investment Company | 6% |

---

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

---

| | |
|:---|:---|
| Brazil | 12.29% |
| South Africa | 9.03% |
| Indonesia | 8.83% |
| China | 8.12% |
| Supranational | 7.32% |
| Mexico | 6.15% |
| Thailand | 5.32% |
| Malaysia | 4.97% |
| Colombia | 4.74% |
| Peru | 4.72% |

---

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

---

| | |
|:---|:---|
| AAA | 6.33% |
| AA | 4.17% |
| A | 23.05% |
| BBB | 30.23% |
| BB | 26.42% |
| B | 2.48% |
| Below B | 0.10% |
| Unrated | 7.22% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ia943ee755c98f2ce95e4.jpg)

Payden Emerging Markets Local Bond Fund

SI Class - PYILX

Annual Shareholder Report - October 31, 2024

#### PYILX-AR2024

# Payden Equity Income Fund
![Image](g42120i479f0f0a535b5a06a2b8.jpg)

## Adviser Class - PYVAX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Equity Income Fund. It outlines performance and positional information.

The Fund seeks growth of capital and some current income.

## 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** | **$116** | **1.00%** |

---

## How did the fund perform last year?
US equities rallied sharply ending October 2024 at record highs. Unlike the previous two years, the macro backdrop turned favorable for equity investors as economic growth remained healthy, inflation moderated, and interest rates fell, which was supported by the Federal Reserve Board cutting interest rates for the first time since 2020. Corporate earnings also provided a boost to investor sentiment as the Artificial Intelligence infrastructure build out continued to drive robust corporate earnings results, especially for a handful of mega-tech companies. The Fund held an overweight to technology and an underweight to consumer staples which positively contributed to relative performance. Strong security selection within technology and consumer staples also contributed positively to relative performance. The Fund held underweights to financials and industrials which negatively contributed to relative performance. Security selection within consumer discretionary and industrials also detracted from relative performance.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i7dce0687ae028eff5b8c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Russell 3000 Index** | **Russell 1000 Value Index** |
| **10/14** | 10000 | 10000 | 10000 |
| **10/15** | 10266 | 10449 | 10053 |
| **10/16** | 11093 | 10891 | 10692 |
| **10/17** | 12934 | 13502 | 12591 |
| **10/18** | 13411 | 14391 | 12972 |
| **10/19** | 15429 | 16331 | 14424 |
| **10/20** | 14248 | 17987 | 13331 |
| **10/21** | 19246 | 25880 | 19159 |
| **10/22** | 18493 | 21600 | 17814 |
| **10/23** | 17204 | 23403 | 17832 |
| **10/24** | 22398 | 32259 | 23349 |

---

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 | 30.19% | 7.73% | 8.39% |
| Russell 3000 Index | 37.84% | 14.57% | 12.41% |
| Russell 1000 Value Index | 30.94% | 10.10% | 8.84% |

---

## Fund Statistics
* Total Net Assets (000)$1,063,695

* # of Portfolio Holdings78

* Investment Advisory, net of waivers (000)$5,075

* Portfolio Turnover Rate80%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.14% |
| CRH PLC | 2.54% |
| Duke Energy Corp. | 2.50% |
| NextEra Energy Inc. | 2.48% |
| MetLife Inc. | 2.42% |
| Eaton Corp. PLC | 2.21% |
| L3Harris Technologies Inc. | 2.05% |
| Energy Transfer LP | 2.04% |
| Exxon Mobil Corp. | 2.01% |
| Verizon Communications Inc. | 2.00% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Common Stock | 85% |
| Real Estate Investment Trust | 6% |
| Investment Company | 5% |
| Master Limited Partnership | 4% |
| Corporate Bond | 0% |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i876b4831728a21caaf84.jpg)

Payden Equity Income Fund

Adviser Class - PYVAX

Annual Shareholder Report - October 31, 2024

#### PYVAX-AR2024

# Payden Equity Income Fund
![Image](g42120i3c8324a68d5e6460fa0a.jpg)

## Investor Class - PYVLX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Equity Income Fund. It outlines performance and positional information.

The Fund seeks growth of capital and some current income.

## 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** | **$87** | **0.75%** |

---

## How did the fund perform last year?
US equities rallied sharply ending October 2024 at record highs. Unlike the previous two years, the macro backdrop turned favorable for equity investors as economic growth remained healthy, inflation moderated, and interest rates fell, which was supported by the Federal Reserve Board cutting interest rates for the first time since 2020. Corporate earnings also provided a boost to investor sentiment as the Artificial Intelligence infrastructure build out continued to drive robust corporate earnings results, especially for a handful of mega-tech companies. The Fund held an overweight to technology and an underweight to consumer staples which positively contributed to relative performance. Strong security selection within technology and consumer staples also contributed positively to relative performance. The Fund held underweights to financials and industrials which negatively contributed to relative performance. Security selection within consumer discretionary and industrials also detracted from relative performance.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120i3330d73db7326cfeec57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000 Index** | **Russell 1000 Value Index** |
| **10/14** | 100000 | 100000 | 100000 |
| **10/15** | 102900 | 104490 | 100530 |
| **10/16** | 111513 | 108910 | 106924 |
| **10/17** | 130370 | 135016 | 125913 |
| **10/18** | 135480 | 143913 | 129716 |
| **10/19** | 156330 | 163313 | 144244 |
| **10/20** | 144621 | 179873 | 133310 |
| **10/21** | 195832 | 258801 | 191594 |
| **10/22** | 188703 | 215995 | 178144 |
| **10/23** | 175966 | 234031 | 178322 |
| **10/24** | 229723 | 322588 | 233495 |

---

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 | 30.55% | 7.99% | 8.67% |
| Russell 3000 Index | 37.84% | 14.57% | 12.41% |
| Russell 1000 Value Index | 30.94% | 10.10% | 8.84% |

---

## Fund Statistics
* Total Net Assets (000)$1,063,695

* # of Portfolio Holdings78

* Investment Advisory, net of waivers (000)$5,075

* Portfolio Turnover Rate80%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.14% |
| CRH PLC | 2.54% |
| Duke Energy Corp. | 2.50% |
| NextEra Energy Inc. | 2.48% |
| MetLife Inc. | 2.42% |
| Eaton Corp. PLC | 2.21% |
| L3Harris Technologies Inc. | 2.05% |
| Energy Transfer LP | 2.04% |
| Exxon Mobil Corp. | 2.01% |
| Verizon Communications Inc. | 2.00% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Common Stock | 85% |
| Real Estate Investment Trust | 6% |
| Investment Company | 5% |
| Master Limited Partnership | 4% |
| Corporate Bond | 0% |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120iaf283cb23173e5b6413f.jpg)

Payden Equity Income Fund

Investor Class - PYVLX

Annual Shareholder Report - October 31, 2024

#### PYVLX-AR2024

# Payden Equity Income Fund
![Image](g42120i274246a2006341851914.jpg)

## SI Class - PYVSX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Equity Income Fund. It outlines performance and positional information.

The Fund seeks growth of capital and some current income.

## 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** | **$75** | **0.65%** |

---

## How did the fund perform last year?
US equities rallied sharply ending October 2024 at record highs. Unlike the previous two years, the macro backdrop turned favorable for equity investors as economic growth remained healthy, inflation moderated, and interest rates fell, which was supported by the Federal Reserve Board cutting interest rates for the first time since 2020. Corporate earnings also provided a boost to investor sentiment as the Artificial Intelligence infrastructure build out continued to drive robust corporate earnings results, especially for a handful of mega-tech companies. The Fund held an overweight to technology and an underweight to consumer staples which positively contributed to relative performance. Strong security selection within technology and consumer staples also contributed positively to relative performance. The Fund held underweights to financials and industrials which negatively contributed to relative performance. Security selection within consumer discretionary and industrials also detracted from relative performance.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120id620bde28e0d7cc72e7a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Russell 3000 Index** | **Russell 1000 Value Index** |
| **10/14** | 10000000 | 10000000 | 10000000 |
| **10/15** | 10304000 | 10449000 | 10053000 |
| **10/16** | 11179840 | 10890993 | 10692371 |
| **10/17** | 13094947 | 13501564 | 12591336 |
| **10/18** | 13620054 | 14391317 | 12971594 |
| **10/19** | 15727076 | 16331266 | 14424413 |
| **10/20** | 14563273 | 17987257 | 13331042 |
| **10/21** | 19734691 | 25880065 | 19159374 |
| **10/22** | 19026215 | 21599502 | 17814386 |
| **10/23** | 17772388 | 23403060 | 17832200 |
| **10/24** | 23205407 | 32258779 | 23349483 |

---

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 | 30.57% | 8.08% | 8.78% |
| Russell 3000 Index | 37.84% | 14.57% | 12.41% |
| Russell 1000 Value Index | 30.94% | 10.10% | 8.84% |

---

## Fund Statistics
* Total Net Assets (000)$1,063,695

* # of Portfolio Holdings78

* Investment Advisory, net of waivers (000)$5,075

* Portfolio Turnover Rate80%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.14% |
| CRH PLC | 2.54% |
| Duke Energy Corp. | 2.50% |
| NextEra Energy Inc. | 2.48% |
| MetLife Inc. | 2.42% |
| Eaton Corp. PLC | 2.21% |
| L3Harris Technologies Inc. | 2.05% |
| Energy Transfer LP | 2.04% |
| Exxon Mobil Corp. | 2.01% |
| Verizon Communications Inc. | 2.00% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Common Stock | 85% |
| Real Estate Investment Trust | 6% |
| Investment Company | 5% |
| Master Limited Partnership | 4% |
| Corporate Bond | 0% |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i51b835296cc43b018640.jpg)

Payden Equity Income Fund

SI Class - PYVSX

Annual Shareholder Report - October 31, 2024

#### PYVSX-AR2024

# Payden Floating Rate Fund
![Image](g42120i2e7df86e6d59a65e5942.jpg)

## Adviser Class - PYBLX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Floating Rate Fund. It outlines performance and positional information.

The Fund seeks a high level of current income through floating rate debt instruments, with a secondary objective of long-term capital appreciation.

## 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** | **$91** | **0.95%** |

---

## How did the fund perform last year?
The leveraged loan market finished the year with a positive return. Positive economic growth and elevated rate levels were tailwinds, but idiosyncratic credit factors remained important as issuer-level dispersion was elevated.

Top Contributors to Performance

• Security selection in retail

• Security selection in information technology

• Allocation to securitized

Top Detractors from Performance

• Security selection in media/telecom

• Security selection in forest products/containers

• Cash holdings

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120ia70e6b4642d7ec634a75.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **Credit Suisse Institutional Leveraged Loan BB Index** |
| **11/23** | 10000 | 10000 | 10000 |
| **10/24** | 10878 | 10537 | 10774 |

---

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 11/30/2023** |
| Adviser Class | 8.78% |
| Bloomberg US Aggregate Bond Index | 5.37% |
| Credit Suisse Institutional Leveraged Loan BB Index | 7.74% |

---

## Fund Statistics
* Total Net Assets (000)$123,670

* # of Portfolio Holdings155

* Investment Advisory, net of waivers (000)$297

* Portfolio Turnover Rate62%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Flynn Restaurant Group LP | 1.13% |
| Albion Financing 3 Sarl | 1.13% |
| Asurion LLC | 1.11% |
| Banijay Entertainment SAS | 1.05% |
| Fertitta Entertainment LLC | 1.02% |
| Frontier Communications | 1.02% |
| MH Sub I LLC | 1.01% |
| AthenaHealth Group Inc. | 1.00% |
| Peraton Corp. | 0.99% |
| Nexus Buyer LLC | 0.99% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Bank Loans | 82% |
| Investment Company | 8% |
| Corporate Bond | 6% |
| Asset Backed | 3% |
| Mortgage Backed | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120idc3f92570db36d59a4b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.41% |
| 3-5 Years | 28.28% |
| 5-10 Years | 60.13% |
| >10 Years | 9.12% |
| Other | 0.61% |

---

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

---

| | |
|:---|:---|
| BBB | 2.95% |
| BB | 37.39% |
| B | 43.88% |
| Below B | 4.06% |
| Unrated | 11.72% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i47c6dc9b6b6de5c96c2b.jpg)

Payden Floating Rate Fund

Adviser Class - PYBLX

Annual Shareholder Report - October 31, 2024

#### PYBLX-AR2024

# Payden Floating Rate Fund
![Image](g42120i0c47d6962ebf9017b9c7.jpg)

## Investor Class - PYFRX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Floating Rate Fund. It outlines performance and positional information.

The Fund seeks a high level of current income through floating rate debt instruments, with a secondary objective of long-term capital appreciation.

## 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** | **$74** | **0.70%** |

---

## How did the fund perform last year?
The leveraged loan market finished the year with a positive return. Positive economic growth and elevated rate levels were tailwinds, but idiosyncratic credit factors remained important as issuer-level dispersion was elevated.

Top Contributors to Performance

• Security selection in retail

• Security selection in information technology

• Allocation to securitized

Top Detractors from Performance

• Security selection in media/telecom

• Security selection in forest products/containers

• Cash holdings

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120i8c157f17764f4aed36ac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **Credit Suisse Institutional Leveraged Loan BB Index** |
| **10/14** | 100000 | 100000 | 100000 |
| **10/15** | 102640 | 101960 | 103450 |
| **10/16** | 107351 | 106416 | 108550 |
| **10/17** | 111119 | 107373 | 112849 |
| **10/18** | 114619 | 105172 | 117317 |
| **10/19** | 119582 | 117278 | 122456 |
| **10/20** | 119092 | 124537 | 118880 |
| **10/21** | 127774 | 123939 | 124634 |
| **10/22** | 126368 | 104506 | 126080 |
| **10/23** | 140762 | 104882 | 137982 |
| **10/24** | 155964 | 115947 | 150193 |

---

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 | 10.80% | 5.45% | 4.54% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| Credit Suisse Institutional Leveraged Loan BB Index | 8.85% | 4.16% | 4.15% |

---

## Fund Statistics
* Total Net Assets (000)$123,670

* # of Portfolio Holdings155

* Investment Advisory, net of waivers (000)$297

* Portfolio Turnover Rate62%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Flynn Restaurant Group LP | 1.13% |
| Albion Financing 3 Sarl | 1.13% |
| Asurion LLC | 1.11% |
| Banijay Entertainment SAS | 1.05% |
| Fertitta Entertainment LLC | 1.02% |
| Frontier Communications | 1.02% |
| MH Sub I LLC | 1.01% |
| AthenaHealth Group Inc. | 1.00% |
| Peraton Corp. | 0.99% |
| Nexus Buyer LLC | 0.99% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Bank Loans | 82% |
| Investment Company | 8% |
| Corporate Bond | 6% |
| Asset Backed | 3% |
| Mortgage Backed | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i71a4f23a151736c03d00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.41% |
| 3-5 Years | 28.28% |
| 5-10 Years | 60.13% |
| >10 Years | 9.12% |
| Other | 0.61% |

---

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

---

| | |
|:---|:---|
| BBB | 2.95% |
| BB | 37.39% |
| B | 43.88% |
| Below B | 4.06% |
| Unrated | 11.72% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i88901d1743ef87366f48.jpg)

Payden Floating Rate Fund

Investor Class - PYFRX

Annual Shareholder Report - October 31, 2024

#### PYFRX-AR2024

# Payden Floating Rate Fund
![Image](g42120i1f80be468f30a7ece8c2.jpg)

## SI Class - PYFIX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Floating Rate Fund. It outlines performance and positional information.

The Fund seeks a high level of current income through floating rate debt instruments, with a secondary objective of long-term capital appreciation.

## 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** | **$63** | **0.60%** |

---

## How did the fund perform last year?
The leveraged loan market finished the year with a positive return. Positive economic growth and elevated rate levels were tailwinds, but idiosyncratic credit factors remained important as issuer-level dispersion was elevated.

Top Contributors to Performance

• Security selection in retail

• Security selection in information technology

• Allocation to securitized

Top Detractors from Performance

• Security selection in media/telecom

• Security selection in forest products/containers

• Cash holdings

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120i3698026187949bafbdea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **Credit Suisse Institutional Leveraged Loan BB Index** |
| **10/14** | 10000000 | 10000000 | 10000000 |
| **10/15** | 10274000 | 10196000 | 10345000 |
| **10/16** | 10744549 | 10641565 | 10855009 |
| **10/17** | 11145321 | 10737339 | 11284867 |
| **10/18** | 11507544 | 10517224 | 11731748 |
| **10/19** | 12023082 | 11727756 | 12245598 |
| **10/20** | 11973787 | 12453704 | 11888027 |
| **10/21** | 12875413 | 12393927 | 12463407 |
| **10/22** | 12745372 | 10450559 | 12607983 |
| **10/23** | 14213638 | 10488181 | 13798176 |
| **10/24** | 15761504 | 11594684 | 15019315 |

---

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 | 10.89% | 5.56% | 4.65% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| Credit Suisse Institutional Leveraged Loan BB Index | 8.85% | 4.16% | 4.15% |

---

## Fund Statistics
* Total Net Assets (000)$123,670

* # of Portfolio Holdings155

* Investment Advisory, net of waivers (000)$297

* Portfolio Turnover Rate62%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Flynn Restaurant Group LP | 1.13% |
| Albion Financing 3 Sarl | 1.13% |
| Asurion LLC | 1.11% |
| Banijay Entertainment SAS | 1.05% |
| Fertitta Entertainment LLC | 1.02% |
| Frontier Communications | 1.02% |
| MH Sub I LLC | 1.01% |
| AthenaHealth Group Inc. | 1.00% |
| Peraton Corp. | 0.99% |
| Nexus Buyer LLC | 0.99% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Bank Loans | 82% |
| Investment Company | 8% |
| Corporate Bond | 6% |
| Asset Backed | 3% |
| Mortgage Backed | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120if24f8b95daf578ecb014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 1.41% |
| 3-5 Years | 28.28% |
| 5-10 Years | 60.13% |
| >10 Years | 9.12% |
| Other | 0.61% |

---

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

---

| | |
|:---|:---|
| BBB | 2.95% |
| BB | 37.39% |
| B | 43.88% |
| Below B | 4.06% |
| Unrated | 11.72% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ie0c47490e43090861f6e.jpg)

Payden Floating Rate Fund

SI Class - PYFIX

Annual Shareholder Report - October 31, 2024

#### PYFIX-AR2024

# Payden Global Fixed Income Fund
![Image](g42120ifd2d1e2d336e05362eba.jpg)

## Investor Class - PYGFX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Global Fixed Income Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$73** | **0.69%** |

---

## How did the fund perform last year?
The Fund held an overweight position in credit markets, focusing on less cyclical sectors and lower-beta, highly liquid names. This positioning reflected the belief that while we would likely see a "soft-landing" economy. Given broadly positive excess returns over the year, the Fund's allocation to non-governmental sectors added to return, with allocations to investment-grade securitized debt, investment-grade corporate debt, and hard currency emerging market debt contributing the most. In currency, the Fund held long positions in a basket of emerging market currencies versus the US dollar. In the Group of Ten countries (G10), the Fund held an overweight to the Japanese yen for much of the period. These active currency positions, which were implemented using currency forwards, negatively contributed to relative performance. In rates, the Fund held underweight positions in the US and Japan and overweight positions in the UK, Europe, and a select group of local emerging markets. As economic regional divergences emerged, we were biased towards taking relative country duration positions and maintaining a headline duration close to benchmark.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i47fa2b550ca25d61b5df.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **Bloomberg Global Aggregate Index (USD Hedged)** |
| **10/14** | 10000 | 10000 | 10000 |
| **10/15** | 10227 | 9693 | 10272 |
| **10/16** | 10706 | 10235 | 10803 |
| **10/17** | 10971 | 10356 | 10936 |
| **10/18** | 10928 | 10143 | 10958 |
| **10/19** | 11973 | 11111 | 12127 |
| **10/20** | 12436 | 11737 | 12651 |
| **10/21** | 12510 | 11591 | 12546 |
| **10/22** | 10822 | 9181 | 11025 |
| **10/23** | 11004 | 9339 | 11215 |
| **10/24** | 12185 | 10230 | 12327 |

---

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 | 10.73% | 0.35% | 1.99% |
| Bloomberg Global Aggregate Index | 9.55% | -1.64% | 0.23% |
| Bloomberg Global Aggregate Index (USD Hedged) | 9.92% | 0.33% | 2.11% |

---

## Fund Statistics
* Total Net Assets (000)$147,492

* # of Portfolio Holdings339

* Investment Advisory, net of waivers (000)$315

* Portfolio Turnover Rate61%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Japan Government Twenty Year Bond | 2.58% |
| Italy Buoni Poliennali Del Tesoro | 2.54% |
| French Republic Government Bond OAT | 2.31% |
| Japan Government Thirty Year Bond | 1.84% |
| Indonesia Treasury Bond | 1.76% |
| Japan Government Ten Year Bond | 1.73% |
| United Kingdom Gilt | 1.71% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.59% |
| Canadian Government Bond | 1.52% |
| OBX Trust | 1.30% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 36% |
| Foreign Government | 28% |
| Mortgage Backed | 20% |
| Asset Backed | 10% |
| Investment Company | 5% |
| Other | 1% |

---

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

---

| | |
|:---|:---|
| United States | 39.92% |
| Japan | 6.47% |
| Ireland | 6.23% |
| United Kingdom | 4.17% |
| Italy | 3.90% |
| Cayman Islands | 3.31% |
| France | 2.98% |
| Spain | 2.96% |
| Netherlands | 2.90% |
| Canada | 2.75% |

---

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

---

| | |
|:---|:---|
| AAA | 26.34% |
| AA | 6.84% |
| A | 18.41% |
| BBB | 30.43% |
| BB | 10.19% |
| B | 2.89% |
| Below B | 0.70% |
| Unrated | 4.43% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120id429151b282ccd184dfa.jpg)

Payden Global Fixed Income Fund

Investor Class - PYGFX

Annual Shareholder Report - October 31, 2024

#### PYGFX-AR2024

# Payden Global Fixed Income Fund
![Image](g42120i3bb2221cf925205a35e6.jpg)

## SI Class - PYGIX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Global Fixed Income Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$58** | **0.55%** |

---

## How did the fund perform last year?
The Fund held an overweight position in credit markets, focusing on less cyclical sectors and lower-beta, highly liquid names. This positioning reflected the belief that while we would likely see a "soft-landing" economy. Given broadly positive excess returns over the year, the Fund's allocation to non-governmental sectors added to return, with allocations to investment-grade securitized debt, investment-grade corporate debt, and hard currency emerging market debt contributing the most. In currency, the Fund held long positions in a basket of emerging market currencies versus the US dollar. In the Group of Ten countries (G10), the Fund held an overweight to the Japanese yen for much of the period. These active currency positions, which were implemented using currency forwards, negatively contributed to relative performance. In rates, the Fund held underweight positions in the US and Japan and overweight positions in the UK, Europe, and a select group of local emerging markets. As economic regional divergences emerged, we were biased towards taking relative country duration positions and maintaining a headline duration close to benchmark.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120ic89f597c3eb26c48b117.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 |

---

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 | 10.92% | -2.65% |
| Bloomberg Global Aggregate Index | 9.55% | -12.77% |
| Bloomberg Global Aggregate Index (USD Hedged) | 9.92% | -1.82% |

---

## Fund Statistics
* Total Net Assets (000)$147,492

* # of Portfolio Holdings339

* Investment Advisory, net of waivers (000)$315

* Portfolio Turnover Rate61%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Japan Government Twenty Year Bond | 2.58% |
| Italy Buoni Poliennali Del Tesoro | 2.54% |
| French Republic Government Bond OAT | 2.31% |
| Japan Government Thirty Year Bond | 1.84% |
| Indonesia Treasury Bond | 1.76% |
| Japan Government Ten Year Bond | 1.73% |
| United Kingdom Gilt | 1.71% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.59% |
| Canadian Government Bond | 1.52% |
| OBX Trust | 1.30% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 36% |
| Foreign Government | 28% |
| Mortgage Backed | 20% |
| Asset Backed | 10% |
| Investment Company | 5% |
| Other | 1% |

---

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

---

| | |
|:---|:---|
| United States | 39.92% |
| Japan | 6.47% |
| Ireland | 6.23% |
| United Kingdom | 4.17% |
| Italy | 3.90% |
| Cayman Islands | 3.31% |
| France | 2.98% |
| Spain | 2.96% |
| Netherlands | 2.90% |
| Canada | 2.75% |

---

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

---

| | |
|:---|:---|
| AAA | 26.34% |
| AA | 6.84% |
| A | 18.41% |
| BBB | 30.43% |
| BB | 10.19% |
| B | 2.89% |
| Below B | 0.70% |
| Unrated | 4.43% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i813e61bc7a328ebd7c67.jpg)

Payden Global Fixed Income Fund

SI Class - PYGIX

Annual Shareholder Report - October 31, 2024

#### PYGIX-AR2024

# Payden Global Low Duration Fund
![Image](g42120i6b741c4e8ef9dc23802d.jpg)

## Investor Class - PYGSX

## Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Global Low Duration Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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 primary driver of the Fund's performance was movement in market yields. US Treasury yields declined materially over the year as the Federal Reserve Board signaled a near term path toward lower policy rates and ultimately delivered the first policy rate reduction of the current cycle, reducing the policy rate by 0.5%. The Fund extended duration positioning ahead of this shift, which benefitted the portfolio and contributed to total performance that exceeded earned income. The Fund's diversified allocation to credit sectors and non-US domiciled issuers also contributed to incremental returns as credit premiums narrowed over the course of the year in response to stronger overall economic data. Specifically, the Fund's allocations to supranational agencies, corporate bonds, including sub-investment grade, and securitized sectors, specifically asset-backed (ABS) and commercial mortgage-backed sectors (CMBS), were a significant driver of relative outperformance. Looking forward, we continue to expect the broader economic backdrop to support credit sectors and the longer-term trajectory towards lower yields.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i8654f2c0420146fd0782.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg Global Aggregate Index** | **ICE BofA 1-3 Year U.S. Corporate & Government Index** |
| **10/14** | 10000 | 10000 | 10000 |
| **10/15** | 10032 | 9693 | 10088 |
| **10/16** | 10194 | 10235 | 10219 |
| **10/17** | 10363 | 10356 | 10288 |
| **10/18** | 10406 | 10143 | 10330 |
| **10/19** | 10886 | 11111 | 10836 |
| **10/20** | 11172 | 11737 | 11203 |
| **10/21** | 11302 | 11591 | 11206 |
| **10/22** | 10788 | 9181 | 10647 |
| **10/23** | 11218 | 9339 | 10999 |
| **10/24** | 12045 | 10230 | 11690 |

---

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 | 7.37% | 2.04% | 1.88% |
| Bloomberg Global Aggregate Index | 9.55% | -1.64% | 0.23% |
| ICE BofA 1-3 Year U.S. Corporate & Government Index | 6.28% | 1.53% | 1.57% |

---

## Fund Statistics
* Total Net Assets (000)$44,931

* # of Portfolio Holdings208

* Investment Advisory, net of waivers (000)$(11)

* Portfolio Turnover Rate84%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 13.86% |
| Canadian Imperial Bank of Commerce | 2.59% |
| BX Commercial Mortgage Trust | 1.78% |
| BX Trust | 1.78% |
| Export Development Canada | 1.65% |
| Connecticut Avenue Securities Trust | 1.63% |
| Fannie Mae Connecticut Avenue Securities | 1.57% |
| Caisse d'Amortissement de la Dette Sociale | 1.55% |
| BPCE SA | 1.45% |
| Texas Natural Gas Securitization Finance Corp. | 1.34% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 38% |
| Asset Backed | 19% |
| U.S. Treasury | 14% |
| Mortgage Backed | 12% |
| Foreign Government | 10% |
| Other | 7% |

---

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

---

| | |
|:---|:---|
| United States | 58.32% |
| Canada | 10.60% |
| France | 5.03% |
| Cayman Islands | 4.62% |
| Sweden | 2.13% |
| Jersey | 1.67% |
| Japan | 1.55% |
| Philippines | 1.24% |
| United Kingdom | 1.01% |
| Netherlands | 0.91% |

---

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

---

| | |
|:---|:---|
| AAA | 40.74% |
| AA | 14.66% |
| A | 18.43% |
| BBB | 15.57% |
| BB | 5.95% |
| B | 0.37% |
| Unrated | 4.28% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i891eb3fa4c43ca07b889.jpg)

Payden Global Low Duration Fund

Investor Class - PYGSX

Annual Shareholder Report - October 31, 2024

#### PYGSX-AR2024

# Payden GNMA Fund
![Image](g42120id017fbf4915b27e622f0.jpg)

## Investor Class - PYGNX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden GNMA Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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 strong rebound in demand for fixed income and Ginnie Mae (GNMA) mortgage bonds. Despite volatile interest rates, GNMA bonds ultimately declined from historically high levels, as cooling inflation and a softer employment outlook allowed the Federal Reserve Board to implement a significant rate cut, signaling the end of restrictive monetary policy. GNMA bonds started the period offering the highest yields and risk premiums since the Global Financial Crisis, and as supply-demand conditions improved, these risk premiums compressed. The Fund's performance was primarily driven by a longer duration bias and a rebound in the valuations of adjustable-rate mortgage (ARM) holdings. The Fund also reduced exposure to higher coupon, premium mortgage securities to mitigate prepayment risk, while increasing its overweight in Fannie Mae and Freddie Mac mortgage-backed securities, which detracted from relative performance. The Fund maintains a yield advantage over its benchmark and remains well-positioned as GNMA securities continue to offer an attractive alternative to corporate credit in a softening economic environment.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120idec9633c3b0198004dc4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. GNMA Mortgage Backed Securities Index** |
| **10/14** | 10000 | 10000 | 10000 |
| **10/15** | 10206 | 10196 | 10187 |
| **10/16** | 10539 | 10642 | 10516 |
| **10/17** | 10526 | 10737 | 10554 |
| **10/18** | 10280 | 10517 | 10384 |
| **10/19** | 11167 | 11728 | 11298 |
| **10/20** | 11560 | 12454 | 11698 |
| **10/21** | 11455 | 12394 | 11602 |
| **10/22** | 9735 | 10451 | 10037 |
| **10/23** | 9522 | 10488 | 9970 |
| **10/24** | 10533 | 11595 | 11032 |

---

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 | 10.61% | -1.16% | 0.52% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| ICE BofA U.S. GNMA Mortgage Backed Securities Index | 10.65% | -0.47% | 0.99% |

---

## Fund Statistics
* Total Net Assets (000)$96,196

* # of Portfolio Holdings142

* Investment Advisory, net of waivers (000)$53

* Portfolio Turnover Rate25%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| G2SF | 16.80% |
| FHLMC Multifamily Structured Pass-Through Certificates | 3.15% |
| G2 MA7766 30YR | 2.13% |
| G2 MA9726 30YR | 2.04% |
| G2 MA7767 30YR | 1.93% |
| G2 MA7881 30YR | 1.77% |
| G2 MA7589 30YR | 1.75% |
| G2 MA7648 30YR | 1.65% |
| G2 MA7533 30YR | 1.63% |
| G2 MA7987 30YR | 1.59% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Mortgage Backed | 98% |
| Investment Company | 2% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120ia9b602bace17a3d12be2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 2.35% |
| 3-5 Years | 1.81% |
| 5-10 Years | 1.74% |
| >10 Years | 91.69% |
| Other | -% |

---

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

---

| | |
|:---|:---|
| AAA | 97.63% |
| Unrated | 2.37% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i303affb57dc93f576f4f.jpg)

Payden GNMA Fund

Investor Class - PYGNX

Annual Shareholder Report - October 31, 2024

#### PYGNX-AR2024

# Payden High Income Fund
![Image](g42120i7fa47ac8f31e96549b8c.jpg)

## Adviser Class - PYRLX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden High Income Fund. It outlines performance and positional information.

The Fund seeks high current income while providing for capital appreciation by investing primarily in a diversified portfolio of below investment grade bonds.

## 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** | **$83** | **0.85%** |

---

## How did the fund perform last year?
The high yield bond market finished with a positive year. Strong earnings, positive economic growth and lower interest rates were tailwinds, but idiosyncratic credit factors remained important as issuer-level dispersion was elevated.

Top Contributors to Performance

• Security selection in the energy sector

• Security selection in the financial services sector

• Security selection in the media sector

Top Detractors from Performance

• Security selection in the consumer goods sector

• Security selection in the insurance sector

• Cash holdings

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i91265d9f76689e25f7ef.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 |

---

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 11/30/2023** |
| Adviser Class | 11.55% |
| Bloomberg US Aggregate Bond Index | 5.37% |
| ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index | 9.82% |

---

## Fund Statistics
* Total Net Assets (000)$860,733

* # of Portfolio Holdings411

* Investment Advisory, net of waivers (000)$2,169

* Portfolio Turnover Rate76%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.60% |
| Freedom Mortgage Holdings LLC | 0.88% |
| TransDigm Inc. | 0.87% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 0.86% |
| Venture Global LNG Inc. | 0.84% |
| Wildfire Intermediate Holdings LLC | 0.77% |
| MPT Operating Partnership LP/MPT Finance Corp. | 0.76% |
| Moss Creek Resources Holdings Inc. | 0.73% |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV | 0.72% |
| 1011778 BC ULC/New Red Finance Inc. | 0.69% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 81% |
| Investment Company | 9% |
| Bank Loans | 7% |
| Asset Backed | 1% |
| Common Stock | 1% |
| Other | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i47122bd2ec7d06b76a7a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.37% |
| 3-5 Years | 16.34% |
| 5-10 Years | 64.07% |
| >10 Years | 13.77% |
| Other | (1.64)% |

---

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

---

| | |
|:---|:---|
| BBB | 1.53% |
| BB | 29.54% |
| B | 49.21% |
| Below B | 8.00% |
| Unrated | 11.27% |

---

---

| | |
|:---|:---|
| 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. |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ie8cdc601e24aeae75646.jpg)

Payden High Income Fund

Adviser Class - PYRLX

Annual Shareholder Report - October 31, 2024

#### PYRLX-AR2024

# Payden High Income Fund
![Image](g42120i6b565b90b6884741fb65.jpg)

## Investor Class - PYHRX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden High Income Fund. It outlines performance and positional information.

The Fund seeks high current income while providing for capital appreciation by investing primarily in a diversified portfolio of below investment grade bonds.

## 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** | **$68** | **0.63%** |

---

## How did the fund perform last year?
The high yield bond market finished with a positive year. Strong earnings, positive economic growth and lower interest rates were tailwinds, but idiosyncratic credit factors remained important as issuer-level dispersion was elevated.

Top Contributors to Performance

• Security selection in the energy sector

• Security selection in the financial services sector

• Security selection in the media sector

Top Detractors from Performance

• Security selection in the consumer goods sector

• Security selection in the insurance sector

• Cash holdings

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120i29e7c8ee5d97995f9bc0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index** |
| **10/14** | 100000 | 100000 | 100000 |
| **10/15** | 99210 | 101960 | 99370 |
| **10/16** | 105490 | 106416 | 108264 |
| **10/17** | 113507 | 107373 | 117206 |
| **10/18** | 113689 | 105172 | 117605 |
| **10/19** | 125478 | 117278 | 129165 |
| **10/20** | 130786 | 124537 | 133479 |
| **10/21** | 146153 | 123939 | 145506 |
| **10/22** | 130880 | 104506 | 129588 |
| **10/23** | 140749 | 104882 | 136585 |
| **10/24** | 163874 | 115947 | 156977 |

---

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 | 16.43% | 5.48% | 5.06% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index | 14.93% | 3.97% | 4.61% |

---

## Fund Statistics
* Total Net Assets (000)$860,733

* # of Portfolio Holdings411

* Investment Advisory, net of waivers (000)$2,169

* Portfolio Turnover Rate76%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.60% |
| Freedom Mortgage Holdings LLC | 0.88% |
| TransDigm Inc. | 0.87% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 0.86% |
| Venture Global LNG Inc. | 0.84% |
| Wildfire Intermediate Holdings LLC | 0.77% |
| MPT Operating Partnership LP/MPT Finance Corp. | 0.76% |
| Moss Creek Resources Holdings Inc. | 0.73% |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV | 0.72% |
| 1011778 BC ULC/New Red Finance Inc. | 0.69% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 81% |
| Investment Company | 9% |
| Bank Loans | 7% |
| Asset Backed | 1% |
| Common Stock | 1% |
| Other | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120ie33fdf028321f196ff71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.37% |
| 3-5 Years | 16.34% |
| 5-10 Years | 64.07% |
| >10 Years | 13.77% |
| Other | (1.64)% |

---

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

---

| | |
|:---|:---|
| BBB | 1.53% |
| BB | 29.54% |
| B | 49.21% |
| Below B | 8.00% |
| Unrated | 11.27% |

---

---

| | |
|:---|:---|
| 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. |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i8f414e98312b8568ed3b.jpg)

Payden High Income Fund

Investor Class - PYHRX

Annual Shareholder Report - October 31, 2024

#### PYHRX-AR2024

# Payden High Income Fund
![Image](g42120i408b5441f2ba55b2c412.jpg)

## SI Class - PYCHX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden High Income Fund. It outlines performance and positional information.

The Fund seeks high current income while providing for capital appreciation by investing primarily in a diversified portfolio of below investment grade bonds.

## 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** | **$60** | **0.55%** |

---

## How did the fund perform last year?
The high yield bond market finished with a positive year. Strong earnings, positive economic growth and lower interest rates were tailwinds, but idiosyncratic credit factors remained important as issuer-level dispersion was elevated.

Top Contributors to Performance

• Security selection in the energy sector

• Security selection in the financial services sector

• Security selection in the media sector

Top Detractors from Performance

• Security selection in the consumer goods sector

• Security selection in the insurance sector

• Cash holdings

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120ie48b447102624cd300cd.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 |

---

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 | 16.38% | 15.33% |
| Bloomberg US Aggregate Bond Index | 10.55% | -2.60% |
| ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index | 14.93% | 11.05% |

---

## Fund Statistics
* Total Net Assets (000)$860,733

* # of Portfolio Holdings411

* Investment Advisory, net of waivers (000)$2,169

* Portfolio Turnover Rate76%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.60% |
| Freedom Mortgage Holdings LLC | 0.88% |
| TransDigm Inc. | 0.87% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 0.86% |
| Venture Global LNG Inc. | 0.84% |
| Wildfire Intermediate Holdings LLC | 0.77% |
| MPT Operating Partnership LP/MPT Finance Corp. | 0.76% |
| Moss Creek Resources Holdings Inc. | 0.73% |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV | 0.72% |
| 1011778 BC ULC/New Red Finance Inc. | 0.69% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 81% |
| Investment Company | 9% |
| Bank Loans | 7% |
| Asset Backed | 1% |
| Common Stock | 1% |
| Other | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i8be85fee757ab7fc2f28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 3.37% |
| 3-5 Years | 16.34% |
| 5-10 Years | 64.07% |
| >10 Years | 13.77% |
| Other | (1.64)% |

---

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

---

| | |
|:---|:---|
| BBB | 1.53% |
| BB | 29.54% |
| B | 49.21% |
| Below B | 8.00% |
| Unrated | 11.27% |

---

---

| | |
|:---|:---|
| 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. |

---

## Householding
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120iec401ecbac1e48578585.jpg)

Payden High Income Fund

SI Class - PYCHX

Annual Shareholder Report - October 31, 2024

#### PYCHX-AR2024

# Payden Limited Maturity Fund
![Image](g42120ib7a081a15260d0b4c912.jpg)

## Adviser Class - PYLBX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Limited Maturity Fund. It outlines performance and positional information.

The Fund seeks a total return that, over time, is greater than returns of money market funds and is consistent with preservation of capital.

## 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?
Investment grade corporates, most notably floating-rate corporates, were the largest driver of outperformance in the Fund. Strong investor demand for corporate bonds compressed yield premiums despite record new issuance. The Fund's allocation to high yield bonds and bank loans also contributed significantly to performance, as strong earnings and economic growth supported returns for higher-risk assets. Commercial mortgage-backed securities (CMBS), particularly commercial real estate collateralized loan obligations (CRE CLOs) and single asset single borrower (SASB) holdings had the strongest performance within the Fund's securitized holdings. The Fund maintains a diversified mix of mortgage-backed security collateral types, with limited exposure to office-backed collateral which showed mixed results.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i22d975eeb03bd8f7ff6a.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 |

---

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 11/30/2023** |
| Adviser Class | 4.99% |
| Bloomberg US Aggregate Bond Index | 5.37% |
| ICE BofA U.S. 3-Month Treasury Bill Index | 4.93% |

---

## Fund Statistics
* Total Net Assets (000)$1,948,271

* # of Portfolio Holdings424

* Investment Advisory, net of waivers (000)$(76)

* Portfolio Turnover Rate76%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 15.33% |
| Freddie Mac STACR REMIC Trust | 2.57% |
| Connecticut Avenue Securities Trust | 2.07% |
| BX Commercial Mortgage Trust | 1.38% |
| Royal Bank of Canada | 1.35% |
| Payden Floating Rate Fund, SI Class | 1.32% |
| American Express Co. | 1.22% |
| RTX Corp. | 1.14% |
| Enterprise Fleet Financing LLC | 1.13% |
| Hyundai Auto Lease Securitization Trust | 1.04% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Asset Backed | 30% |
| U.S. Treasury | 15% |
| Mortgage Backed | 11% |
| Commercial Paper | 7% |
| Other | 3% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i32aefbe903d61b9b1a93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 43.26% |
| 3-5 Years | 26.24% |
| 5-10 Years | 11.70% |
| >10 Years | 16.83% |
| Other | 0.08% |

---

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

---

| | |
|:---|:---|
| AAA | 50.86% |
| AA | 11.27% |
| A | 16.98% |
| BBB | 14.67% |
| BB | 4.16% |
| B | 0.40% |
| Unrated | 1.66% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120idca0c6e45834f23d4d8a.jpg)

Payden Limited Maturity Fund

Adviser Class - PYLBX

Annual Shareholder Report - October 31, 2024

#### PYLBX-AR2024

# Payden Limited Maturity Fund
![Image](g42120i22219162ed20fbc7dbc1.jpg)

## Investor Class - PYLMX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Limited Maturity Fund. It outlines performance and positional information.

The Fund seeks a total return that, over time, is greater than returns of money market funds and is consistent with preservation of capital.

## 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** | **$29** | **0.28%** |

---

## How did the fund perform last year?
Investment grade corporates, most notably floating-rate corporates, were the largest driver of outperformance in the Fund. Strong investor demand for corporate bonds compressed yield premiums despite record new issuance. The Fund's allocation to high yield bonds and bank loans also contributed significantly to performance, as strong earnings and economic growth supported returns for higher-risk assets. Commercial mortgage-backed securities (CMBS), particularly commercial real estate collateralized loan obligations (CRE CLOs) and single asset single borrower (SASB) holdings had the strongest performance within the Fund's securitized holdings. The Fund maintains a diversified mix of mortgage-backed security collateral types, with limited exposure to office-backed collateral which showed mixed results.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120i54a3d1cfbc7361810806.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index** |
| **10/14** | 100000 | 100000 | 100000 |
| **10/15** | 100200 | 101960 | 100010 |
| **10/16** | 101513 | 106416 | 100320 |
| **10/17** | 103056 | 107373 | 101042 |
| **10/18** | 105034 | 105172 | 102740 |
| **10/19** | 108175 | 117278 | 105206 |
| **10/20** | 110068 | 124537 | 106173 |
| **10/21** | 110893 | 123939 | 106227 |
| **10/22** | 110439 | 104506 | 107055 |
| **10/23** | 116800 | 104882 | 112162 |
| **10/24** | 124602 | 115947 | 118207 |

---

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 | 6.68% | 2.87% | 2.22% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| ICE BofA U.S. 3-Month Treasury Bill Index | 5.39% | 2.36% | 1.69% |

---

## Fund Statistics
* Total Net Assets (000)$1,948,271

* # of Portfolio Holdings424

* Investment Advisory, net of waivers (000)$(76)

* Portfolio Turnover Rate76%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 15.33% |
| Freddie Mac STACR REMIC Trust | 2.57% |
| Connecticut Avenue Securities Trust | 2.07% |
| BX Commercial Mortgage Trust | 1.38% |
| Royal Bank of Canada | 1.35% |
| Payden Floating Rate Fund, SI Class | 1.32% |
| American Express Co. | 1.22% |
| RTX Corp. | 1.14% |
| Enterprise Fleet Financing LLC | 1.13% |
| Hyundai Auto Lease Securitization Trust | 1.04% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Asset Backed | 30% |
| U.S. Treasury | 15% |
| Mortgage Backed | 11% |
| Commercial Paper | 7% |
| Other | 3% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120ie0fc818f5ae7910542d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 43.26% |
| 3-5 Years | 26.24% |
| 5-10 Years | 11.70% |
| >10 Years | 16.83% |
| Other | 0.08% |

---

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

---

| | |
|:---|:---|
| AAA | 50.86% |
| AA | 11.27% |
| A | 16.98% |
| BBB | 14.67% |
| BB | 4.16% |
| B | 0.40% |
| Unrated | 1.66% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120id9367a8b114e3faceed3.jpg)

Payden Limited Maturity Fund

Investor Class - PYLMX

Annual Shareholder Report - October 31, 2024

#### PYLMX-AR2024

# Payden Limited Maturity Fund
![Image](g42120ic88faa46182015c2531d.jpg)

## SI Class - PYLSX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Limited Maturity Fund. It outlines performance and positional information.

The Fund seeks a total return that, over time, is greater than returns of money market funds and is consistent with preservation of capital.

## 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** | **$24** | **0.23%** |

---

## How did the fund perform last year?
Investment grade corporates, most notably floating-rate corporates, were the largest driver of outperformance in the Fund. Strong investor demand for corporate bonds compressed yield premiums despite record new issuance. The Fund's allocation to high yield bonds and bank loans also contributed significantly to performance, as strong earnings and economic growth supported returns for higher-risk assets. Commercial mortgage-backed securities (CMBS), particularly commercial real estate collateralized loan obligations (CRE CLOs) and single asset single borrower (SASB) holdings had the strongest performance within the Fund's securitized holdings. The Fund maintains a diversified mix of mortgage-backed security collateral types, with limited exposure to office-backed collateral which showed mixed results.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120i960cd073346413429ba3.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 |

---

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 | 6.73% | 12.53% |
| Bloomberg US Aggregate Bond Index | 10.55% | -6.36% |
| ICE BofA U.S. 3-Month Treasury Bill Index | 5.39% | 11.29% |

---

## Fund Statistics
* Total Net Assets (000)$1,948,271

* # of Portfolio Holdings424

* Investment Advisory, net of waivers (000)$(76)

* Portfolio Turnover Rate76%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 15.33% |
| Freddie Mac STACR REMIC Trust | 2.57% |
| Connecticut Avenue Securities Trust | 2.07% |
| BX Commercial Mortgage Trust | 1.38% |
| Royal Bank of Canada | 1.35% |
| Payden Floating Rate Fund, SI Class | 1.32% |
| American Express Co. | 1.22% |
| RTX Corp. | 1.14% |
| Enterprise Fleet Financing LLC | 1.13% |
| Hyundai Auto Lease Securitization Trust | 1.04% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Asset Backed | 30% |
| U.S. Treasury | 15% |
| Mortgage Backed | 11% |
| Commercial Paper | 7% |
| Other | 3% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i3a60e5cc2b4909aed4b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 43.26% |
| 3-5 Years | 26.24% |
| 5-10 Years | 11.70% |
| >10 Years | 16.83% |
| Other | 0.08% |

---

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

---

| | |
|:---|:---|
| AAA | 50.86% |
| AA | 11.27% |
| A | 16.98% |
| BBB | 14.67% |
| BB | 4.16% |
| B | 0.40% |
| Unrated | 1.66% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120iaded4b4ce407f4c96a3f.jpg)

Payden Limited Maturity Fund

SI Class - PYLSX

Annual Shareholder Report - October 31, 2024

#### PYLSX-AR2024

# Payden Low Duration Fund
![Image](g42120i19daacf9744644ee25bf.jpg)

## Adviser Class - PYLWX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Low Duration Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$1** | **0.01%** |

---

## How did the fund perform last year?
The primary driver of the Fund's performance was movement in market yields. US Treasury yields declined materially over the year as the Federal Reserve Board signaled a near term path towards lower policy rates and ultimately delivered the first policy rate reduction of the current cycle, reducing the policy rate by 50 basis points. The Fund had extended duration positioning ahead of this shift, which benefitted the portfolio and contributed to total performance that exceeded earned income. The Fund's diversified allocation to credit sectors also contributed to incremental returns as credit premiums narrowed over the course of the year in response to stronger overall economic data. Specifically, the Fund's allocations to corporate bonds, including sub-investment grade corporate bonds, and securitized sectors, specifically asset-backed (ABS) and commercial mortgage-backed (CMBS) sectors, were a significant driver of relative outperformance. Looking forward, we continue to expect the broader economic backdrop to support credit sectors and the longer-term trajectory towards lower yields, both of which should continue to benefit the Fund's positioning.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i1e13a99fa44f23865356.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 |

---

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 11/30/2023** |
| Adviser Class | 5.64% |
| Bloomberg US Aggregate Bond Index | 5.37% |
| ICE BofA 1-3 Year U.S. Treasury Index | 4.62% |

---

## Fund Statistics
* Total Net Assets (000)$974,047

* # of Portfolio Holdings239

* Investment Advisory, net of waivers (000)$1,206

* Portfolio Turnover Rate63%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 32.55% |
| Connecticut Avenue Securities Trust | 1.94% |
| Carvana Auto Receivables Trust | 1.64% |
| FISERV, Inc. | 1.53% |
| Freddie Mac STACR REMIC Trust | 1.49% |
| Fannie Mae Connecticut Avenue Securities | 1.34% |
| Enterprise Fleet Financing LLC | 1.31% |
| Westlake Automobile Receivables Trust | 1.22% |
| OBX Trust | 1.20% |
| FHLB | 1.20% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 33% |
| Corporate Bond | 30% |
| Asset Backed | 20% |
| Mortgage Backed | 12% |
| Commercial Paper | 2% |
| Other | 3% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i1d7ee95b0f07553b6bc4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 40.21% |
| 3-5 Years | 26.76% |
| 5-10 Years | 10.55% |
| >10 Years | 21.62% |
| Other | (24.56)% |

---

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

---

| | |
|:---|:---|
| AAA | 53.00% |
| AA | 5.27% |
| A | 16.55% |
| BBB | 16.28% |
| BB | 5.48% |
| B | 0.58% |
| Unrated | 2.84% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i9797d62a1ccc65f59f5c.jpg)

Payden Low Duration Fund

Adviser Class - PYLWX

Annual Shareholder Report - October 31, 2024

#### PYLWX-AR2024

# Payden Low Duration Fund
![Image](g42120i34be86bdefe9a0b249f5.jpg)

## Investor Class - PYSBX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Low Duration Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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** | **$45** | **0.43%** |

---

## How did the fund perform last year?
The primary driver of the Fund's performance was movement in market yields. US Treasury yields declined materially over the year as the Federal Reserve Board signaled a near term path towards lower policy rates and ultimately delivered the first policy rate reduction of the current cycle, reducing the policy rate by 50 basis points. The Fund had extended duration positioning ahead of this shift, which benefitted the portfolio and contributed to total performance that exceeded earned income. The Fund's diversified allocation to credit sectors also contributed to incremental returns as credit premiums narrowed over the course of the year in response to stronger overall economic data. Specifically, the Fund's allocations to corporate bonds, including sub-investment grade corporate bonds, and securitized sectors, specifically asset-backed (ABS) and commercial mortgage-backed (CMBS) sectors, were a significant driver of relative outperformance. Looking forward, we continue to expect the broader economic backdrop to support credit sectors and the longer-term trajectory towards lower yields, both of which should continue to benefit the Fund's positioning.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120icbfca69b1ba8a4f95f0c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **10/14** | 100000 | 100000 | 100000 |
| **10/15** | 100500 | 101960 | 100780 |
| **10/16** | 102239 | 106416 | 101697 |
| **10/17** | 103639 | 107373 | 101941 |
| **10/18** | 104044 | 105172 | 102196 |
| **10/19** | 108611 | 117278 | 106836 |
| **10/20** | 111869 | 124537 | 110244 |
| **10/21** | 112809 | 123939 | 109990 |
| **10/22** | 107563 | 104506 | 104854 |
| **10/23** | 112038 | 104882 | 107915 |
| **10/24** | 119937 | 115947 | 114131 |

---

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 | 7.05% | 2.00% | 1.83% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.76% | 1.33% | 1.33% |

---

## Fund Statistics
* Total Net Assets (000)$974,047

* # of Portfolio Holdings239

* Investment Advisory, net of waivers (000)$1,206

* Portfolio Turnover Rate63%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 32.55% |
| Connecticut Avenue Securities Trust | 1.94% |
| Carvana Auto Receivables Trust | 1.64% |
| FISERV, Inc. | 1.53% |
| Freddie Mac STACR REMIC Trust | 1.49% |
| Fannie Mae Connecticut Avenue Securities | 1.34% |
| Enterprise Fleet Financing LLC | 1.31% |
| Westlake Automobile Receivables Trust | 1.22% |
| OBX Trust | 1.20% |
| FHLB | 1.20% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 33% |
| Corporate Bond | 30% |
| Asset Backed | 20% |
| Mortgage Backed | 12% |
| Commercial Paper | 2% |
| Other | 3% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120iebfe011bff16db1518df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 40.21% |
| 3-5 Years | 26.76% |
| 5-10 Years | 10.55% |
| >10 Years | 21.62% |
| Other | (24.56)% |

---

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

---

| | |
|:---|:---|
| AAA | 53.00% |
| AA | 5.27% |
| A | 16.55% |
| BBB | 16.28% |
| BB | 5.48% |
| B | 0.58% |
| Unrated | 2.84% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i195d5ddcd49d70a00cca.jpg)

Payden Low Duration Fund

Investor Class - PYSBX

Annual Shareholder Report - October 31, 2024

#### PYSBX-AR2024

# Payden Low Duration Fund
![Image](g42120i9b3642c5c71d8daf221a.jpg)

## SI Class - PYLDX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Low Duration Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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 the Fund's performance was movement in market yields. US Treasury yields declined materially over the year as the Federal Reserve Board signaled a near term path towards lower policy rates and ultimately delivered the first policy rate reduction of the current cycle, reducing the policy rate by 50 basis points. The Fund had extended duration positioning ahead of this shift, which benefitted the portfolio and contributed to total performance that exceeded earned income. The Fund's diversified allocation to credit sectors also contributed to incremental returns as credit premiums narrowed over the course of the year in response to stronger overall economic data. Specifically, the Fund's allocations to corporate bonds, including sub-investment grade corporate bonds, and securitized sectors, specifically asset-backed (ABS) and commercial mortgage-backed (CMBS) sectors, were a significant driver of relative outperformance. Looking forward, we continue to expect the broader economic backdrop to support credit sectors and the longer-term trajectory towards lower yields, both of which should continue to benefit the Fund's positioning.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120i6376fbf5d15b9d8caa3a.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 |

---

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 | 7.10% | 7.89% |
| Bloomberg US Aggregate Bond Index | 10.55% | -2.60% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.76% | 5.08% |

---

## Fund Statistics
* Total Net Assets (000)$974,047

* # of Portfolio Holdings239

* Investment Advisory, net of waivers (000)$1,206

* Portfolio Turnover Rate63%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 32.55% |
| Connecticut Avenue Securities Trust | 1.94% |
| Carvana Auto Receivables Trust | 1.64% |
| FISERV, Inc. | 1.53% |
| Freddie Mac STACR REMIC Trust | 1.49% |
| Fannie Mae Connecticut Avenue Securities | 1.34% |
| Enterprise Fleet Financing LLC | 1.31% |
| Westlake Automobile Receivables Trust | 1.22% |
| OBX Trust | 1.20% |
| FHLB | 1.20% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 33% |
| Corporate Bond | 30% |
| Asset Backed | 20% |
| Mortgage Backed | 12% |
| Commercial Paper | 2% |
| Other | 3% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120if4d62f4572f1da377751.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 40.21% |
| 3-5 Years | 26.76% |
| 5-10 Years | 10.55% |
| >10 Years | 21.62% |
| Other | (24.56)% |

---

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

---

| | |
|:---|:---|
| AAA | 53.00% |
| AA | 5.27% |
| A | 16.55% |
| BBB | 16.28% |
| BB | 5.48% |
| B | 0.58% |
| Unrated | 2.84% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i7f910e99d5c0767b8c2c.jpg)

Payden Low Duration Fund

SI Class - PYLDX

Annual Shareholder Report - October 31, 2024

#### PYLDX-AR2024

# Payden Managed Income Fund
![Image](g42120i33a22691edad2cd6ec28.jpg)

## Adviser Class - PKCBX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Managed Income Fund. It outlines performance and positional information.

The Fund seeks income and total return consistent with preservation of capital.

## 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** | **$104** | **1.00%** |

---

## How did the fund perform last year?
With little value left to extract in a soft-landing outcome given that the combination of long duration and long credit positioning would require rates to move lower while risk assets perform. Inflation concerns were seemingly under control, recent easing of financial conditions and positive US economic data did not indicate a recessionary environment. As a result, the Fund increase credit risk while minimizing interest rate exposure. Interest rate duration contributed positively to performance as US rates declined. In credit, the Fund added risk to highest conviction sectors in emerging markets debt, high yield bonds, and residential mortgage credit. The increase in credit risk was additive to performance as credit risk premiums mostly declined for the period. The combination of a strong income stream, modestly more credit risk, and reduced interest rate risk was favorable as the Fund generated positive returns for each month of the fiscal year. Going forward, as markets take time to digest the US election outcome and another Federal Reserve Board meeting, the Fund is prepared to act if dislocations occur but remain patient to not overreact to new information.

## How has the fund performed?

### Total Return Based on $25,000 Investment
![Growth Chart](g42120i5a2e814f8293aae18fa0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** | **30-year US Treasury Bond Yield** |
| **10/14** | 25000 | 25000 | 25000 |
| **10/15** | 25013 | 25490 | 25753 |
| **10/16** | 25583 | 26604 | 26512 |
| **10/17** | 26238 | 26843 | 27331 |
| **10/18** | 26639 | 26293 | 28102 |
| **10/19** | 27955 | 29319 | 28956 |
| **10/20** | 27785 | 31134 | 29660 |
| **10/21** | 29554 | 30985 | 30185 |
| **10/22** | 27681 | 26126 | 30734 |
| **10/23** | 29447 | 26220 | 31767 |
| **10/24** | 32009 | 28987 | 33060 |

---

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 | 8.70% | 2.74% | 2.50% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| 30-year US Treasury Bond Yield | 4.07% | 2.68% | 2.83% |

---

## Fund Statistics
* Total Net Assets (000)$118,962

* # of Portfolio Holdings386

* Investment Advisory, net of waivers (000)$272

* Portfolio Turnover Rate262%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 7.61% |
| Freddie Mac STACR REMIC Trust | 5.54% |
| Brazil Letras do Tesouro Nacional | 4.67% |
| U.S. Treasury Bill | 2.65% |
| Neuberger Berman Loan Advisers CLO Ltd. | 1.62% |
| Ally Bank Auto Credit-Linked Notes Series | 1.53% |
| Santander Drive Auto Receivables Trust | 1.37% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.27% |
| Exeter Automobile Receivables Trust | 1.25% |
| Westlake Automobile Receivables Trust | 1.12% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Asset Backed | 24% |
| Mortgage Backed | 22% |
| Foreign Government | 10% |
| Bank Loans | 5% |
| Other | 5% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120ia9be95bfba88a94bf605.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 9.71% |
| 3-5 Years | 9.54% |
| 5-10 Years | 41.21% |
| >10 Years | 32.98% |
| Other | 57.39% |

---

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

---

| | |
|:---|:---|
| AAA | 9.95% |
| AA | 4.73% |
| A | 7.81% |
| BBB | 28.57% |
| BB | 25.24% |
| B | 11.43% |
| Below B | 1.93% |
| Unrated | 10.26% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120if9680bc2376c8e33eb58.jpg)

Payden Managed Income Fund

Adviser Class - PKCBX

Annual Shareholder Report - October 31, 2024

#### PKCBX-AR2024

# Payden Managed Income Fund
![Image](g42120i29fc83e4bff9bc630478.jpg)

## Institutional Class - PKCIX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Managed Income Fund. It outlines performance and positional information.

The Fund seeks income and total return consistent with preservation of capital.

## 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** | **$77** | **0.74%** |

---

## How did the fund perform last year?
With little value left to extract in a soft-landing outcome given that the combination of long duration and long credit positioning would require rates to move lower while risk assets perform. Inflation concerns were seemingly under control, recent easing of financial conditions and positive US economic data did not indicate a recessionary environment. As a result, the Fund increase credit risk while minimizing interest rate exposure. Interest rate duration contributed positively to performance as US rates declined. In credit, the Fund added risk to highest conviction sectors in emerging markets debt, high yield bonds, and residential mortgage credit. The increase in credit risk was additive to performance as credit risk premiums mostly declined for the period. The combination of a strong income stream, modestly more credit risk, and reduced interest rate risk was favorable as the Fund generated positive returns for each month of the fiscal year. Going forward, as markets take time to digest the US election outcome and another Federal Reserve Board meeting, the Fund is prepared to act if dislocations occur but remain patient to not overreact to new information.

## How has the fund performed?

### Total Return Based on $5,000,000 Investment
![Growth Chart](g42120ie27105e439c26af19250.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg US Aggregate Bond Index** | **30-year US Treasury Bond Yield** |
| **06/16** | 5000000 | 5000000 | 5000000 |
| **10/16** | 5106500 | 5074000 | 5061500 |
| **10/17** | 5264291 | 5119666 | 5217900 |
| **10/18** | 5372735 | 5014713 | 5365045 |
| **10/19** | 5669848 | 5591906 | 5528143 |
| **10/20** | 5665312 | 5938045 | 5662476 |
| **10/21** | 6058484 | 5909543 | 5762702 |
| **10/22** | 5707092 | 4982926 | 5867583 |
| **10/23** | 6092892 | 5000865 | 6064734 |
| **10/24** | 6640033 | 5528456 | 6311569 |

---

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 | 8.98% | 3.20% | 32.79% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 10.56% |
| 30-year US Treasury Bond Yield | 4.07% | 2.68% | 26.24% |

---

## Fund Statistics
* Total Net Assets (000)$118,962

* # of Portfolio Holdings386

* Investment Advisory, net of waivers (000)$272

* Portfolio Turnover Rate262%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 7.61% |
| Freddie Mac STACR REMIC Trust | 5.54% |
| Brazil Letras do Tesouro Nacional | 4.67% |
| U.S. Treasury Bill | 2.65% |
| Neuberger Berman Loan Advisers CLO Ltd. | 1.62% |
| Ally Bank Auto Credit-Linked Notes Series | 1.53% |
| Santander Drive Auto Receivables Trust | 1.37% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.27% |
| Exeter Automobile Receivables Trust | 1.25% |
| Westlake Automobile Receivables Trust | 1.12% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Asset Backed | 24% |
| Mortgage Backed | 22% |
| Foreign Government | 10% |
| Bank Loans | 5% |
| Other | 5% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i556e9ed24c833f2f834b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 9.71% |
| 3-5 Years | 9.54% |
| 5-10 Years | 41.21% |
| >10 Years | 32.98% |
| Other | 57.39% |

---

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

---

| | |
|:---|:---|
| AAA | 9.95% |
| AA | 4.73% |
| A | 7.81% |
| BBB | 28.57% |
| BB | 25.24% |
| B | 11.43% |
| Below B | 1.93% |
| Unrated | 10.26% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i6a168cb3ae9bee7c07da.jpg)

Payden Managed Income Fund

Institutional Class - PKCIX

Annual Shareholder Report - October 31, 2024

#### PKCIX-AR2024

# Payden Managed Income Fund
![Image](g42120ib2aa5fe32f09c2c5c43a.jpg)

## Retirement Class - PKCRX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Managed Income Fund. It outlines performance and positional information.

The Fund seeks income and total return consistent with preservation of capital.

## 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** | **$129** | **1.24%** |

---

## How did the fund perform last year?
With little value left to extract in a soft-landing outcome given that the combination of long duration and long credit positioning would require rates to move lower while risk assets perform. Inflation concerns were seemingly under control, recent easing of financial conditions and positive US economic data did not indicate a recessionary environment. As a result, the Fund increase credit risk while minimizing interest rate exposure. Interest rate duration contributed positively to performance as US rates declined. In credit, the Fund added risk to highest conviction sectors in emerging markets debt, high yield bonds, and residential mortgage credit. The increase in credit risk was additive to performance as credit risk premiums mostly declined for the period. The combination of a strong income stream, modestly more credit risk, and reduced interest rate risk was favorable as the Fund generated positive returns for each month of the fiscal year. Going forward, as markets take time to digest the US election outcome and another Federal Reserve Board meeting, the Fund is prepared to act if dislocations occur but remain patient to not overreact to new information.

## How has the fund performed?

### Total Return Based on $25,000 Investment
![Growth Chart](g42120idcd1b13c2b072f6932ff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **Bloomberg US Aggregate Bond Index** | **30-year US Treasury Bond Yield** |
| **10/14** | 25000 | 25000 | 25000 |
| **10/15** | 24953 | 25490 | 25753 |
| **10/16** | 25459 | 26604 | 26512 |
| **10/17** | 26052 | 26843 | 27331 |
| **10/18** | 26375 | 26293 | 28102 |
| **10/19** | 27610 | 29319 | 28956 |
| **10/20** | 27353 | 31134 | 29660 |
| **10/21** | 29046 | 30985 | 30185 |
| **10/22** | 27144 | 26126 | 30734 |
| **10/23** | 28791 | 26220 | 31767 |
| **10/24** | 31238 | 28987 | 33060 |

---

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 | 8.50% | 2.49% | 2.25% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| 30-year US Treasury Bond Yield | 4.07% | 2.68% | 2.83% |

---

## Fund Statistics
* Total Net Assets (000)$118,962

* # of Portfolio Holdings386

* Investment Advisory, net of waivers (000)$272

* Portfolio Turnover Rate262%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 7.61% |
| Freddie Mac STACR REMIC Trust | 5.54% |
| Brazil Letras do Tesouro Nacional | 4.67% |
| U.S. Treasury Bill | 2.65% |
| Neuberger Berman Loan Advisers CLO Ltd. | 1.62% |
| Ally Bank Auto Credit-Linked Notes Series | 1.53% |
| Santander Drive Auto Receivables Trust | 1.37% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.27% |
| Exeter Automobile Receivables Trust | 1.25% |
| Westlake Automobile Receivables Trust | 1.12% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Asset Backed | 24% |
| Mortgage Backed | 22% |
| Foreign Government | 10% |
| Bank Loans | 5% |
| Other | 5% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i391eaf72b3b43d6cc01f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 9.71% |
| 3-5 Years | 9.54% |
| 5-10 Years | 41.21% |
| >10 Years | 32.98% |
| Other | 57.39% |

---

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

---

| | |
|:---|:---|
| AAA | 9.95% |
| AA | 4.73% |
| A | 7.81% |
| BBB | 28.57% |
| BB | 25.24% |
| B | 11.43% |
| Below B | 1.93% |
| Unrated | 10.26% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ic44e1128a91131537bec.jpg)

Payden Managed Income Fund

Retirement Class - PKCRX

Annual Shareholder Report - October 31, 2024

#### PKCRX-AR2024

# Payden Managed Income Fund
![Image](g42120ie8f6de9a599368469050.jpg)

## SI Class - PKBIX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Managed Income Fund. It outlines performance and positional information.

The Fund seeks income and total return consistent with preservation of capital.

## 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** | **$78** | **0.75%** |

---

## How did the fund perform last year?
With little value left to extract in a soft-landing outcome given that the combination of long duration and long credit positioning would require rates to move lower while risk assets perform. Inflation concerns were seemingly under control, recent easing of financial conditions and positive US economic data did not indicate a recessionary environment. As a result, the Fund increase credit risk while minimizing interest rate exposure. Interest rate duration contributed positively to performance as US rates declined. In credit, the Fund added risk to highest conviction sectors in emerging markets debt, high yield bonds, and residential mortgage credit. The increase in credit risk was additive to performance as credit risk premiums mostly declined for the period. The combination of a strong income stream, modestly more credit risk, and reduced interest rate risk was favorable as the Fund generated positive returns for each month of the fiscal year. Going forward, as markets take time to digest the US election outcome and another Federal Reserve Board meeting, the Fund is prepared to act if dislocations occur but remain patient to not overreact to new information.

## How has the fund performed?

### Total Return Based on $25,000 Investment
![Growth Chart](g42120i8450621b05424bac1f11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** | **30-year US Treasury Bond Yield** |
| **10/14** | 25000 | 25000 | 25000 |
| **10/15** | 25073 | 25490 | 25753 |
| **10/16** | 25719 | 26604 | 26512 |
| **10/17** | 26429 | 26843 | 27331 |
| **10/18** | 26910 | 26293 | 28102 |
| **10/19** | 28315 | 29319 | 28956 |
| **10/20** | 28196 | 31134 | 29660 |
| **10/21** | 30074 | 30985 | 30185 |
| **10/22** | 28260 | 26126 | 30734 |
| **10/23** | 30128 | 26220 | 31767 |
| **10/24** | 32822 | 28987 | 33060 |

---

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 | 8.94% | 2.99% | 2.76% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| 30-year US Treasury Bond Yield | 4.07% | 2.68% | 2.83% |

---

## Fund Statistics
* Total Net Assets (000)$118,962

* # of Portfolio Holdings386

* Investment Advisory, net of waivers (000)$272

* Portfolio Turnover Rate262%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 7.61% |
| Freddie Mac STACR REMIC Trust | 5.54% |
| Brazil Letras do Tesouro Nacional | 4.67% |
| U.S. Treasury Bill | 2.65% |
| Neuberger Berman Loan Advisers CLO Ltd. | 1.62% |
| Ally Bank Auto Credit-Linked Notes Series | 1.53% |
| Santander Drive Auto Receivables Trust | 1.37% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.27% |
| Exeter Automobile Receivables Trust | 1.25% |
| Westlake Automobile Receivables Trust | 1.12% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 34% |
| Asset Backed | 24% |
| Mortgage Backed | 22% |
| Foreign Government | 10% |
| Bank Loans | 5% |
| Other | 5% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i2473828736cc7b829b27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 9.71% |
| 3-5 Years | 9.54% |
| 5-10 Years | 41.21% |
| >10 Years | 32.98% |
| Other | 57.39% |

---

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

---

| | |
|:---|:---|
| AAA | 9.95% |
| AA | 4.73% |
| A | 7.81% |
| BBB | 28.57% |
| BB | 25.24% |
| B | 11.43% |
| Below B | 1.93% |
| Unrated | 10.26% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i749482d97f440f6ed933.jpg)

Payden Managed Income Fund

SI Class - PKBIX

Annual Shareholder Report - October 31, 2024

#### PKBIX-AR2024

# Payden Strategic Income Fund
![Image](g42120i3e0fe7c34f06bbade6c4.jpg)

## Adviser Class - PYSLX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Strategic Income Fund. It outlines performance and positional information.

The Fund seeks a high level of total return combined with income generation that is consistent with preservation of capital.

## 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** | **$7** | **0.07%** |

---

## How did the fund perform last year?
The Fund held a yield advantage via overweight positions in credit with an emphasis on higher quality and liquid parts of the market. This positioning reflected the belief that while we expected to see a "soft-landing" economy, we still believed the year had the potential for a high level of volatility as the macroeconomic backdrop remained uncertain. Given broadly positive excess returns over the period, the Fund's allocation to non-governmental sectors added to relative return, with allocations to investment grade corporates, securitized debt, high yield corporates, and emerging market debt as the main contributors. Rate positioning was adjusted over the year as interest rate levels and curves fluctuated. This active duration management contributed positively to relative performance.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i67a7d5067888290c5346.jpg)

---

| | | |
|:---|:---|:---|
| | **Adviser Class** | **Bloomberg US Aggregate Bond Index** |
| **11/23** | 10000 | 10000 |
| **10/24** | 10700 | 10537 |

---

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 11/30/2023** |
| Adviser Class | 7.00% |
| Bloomberg US Aggregate Bond Index | 5.37% |

---

## Fund Statistics
* Total Net Assets (000)$183,279

* # of Portfolio Holdings327

* Investment Advisory, net of waivers (000)$496

* Portfolio Turnover Rate63%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 9.42% |
| U.S. Treasury Inflation Indexed Notes | 4.03% |
| UBS Group AG | 1.30% |
| BX Commercial Mortgage Trust | 1.28% |
| U.S. Treasury Bond | 1.16% |
| OBX Trust | 1.15% |
| FN MA5073 30YR | 1.11% |
| Morgan Stanley | 1.10% |
| Fannie Mae Connecticut Avenue Securities | 1.08% |
| U.S. Treasury Bill | 0.99% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 36% |
| Mortgage Backed | 21% |
| U.S. Treasury | 15% |
| Asset Backed | 13% |
| Foreign Government | 4% |
| Other | 11% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i38f13a56e1ca5925004a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 7.66% |
| 3-5 Years | 9.60% |
| 5-10 Years | 35.14% |
| >10 Years | 33.41% |
| Other | 8.42% |

---

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

---

| | |
|:---|:---|
| AAA | 40.10% |
| AA | 4.27% |
| A | 8.20% |
| BBB | 26.47% |
| BB | 10.30% |
| B | 3.16% |
| Below B | 0.40% |
| Unrated | 7.10% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i5a54878a29d7b6c32ac6.jpg)

Payden Strategic Income Fund

Adviser Class - PYSLX

Annual Shareholder Report - October 31, 2024

#### PYSLX-AR2024

# Payden Strategic Income Fund
![Image](g42120ib50169c38d40793c1af9.jpg)

## Investor Class - PYSGX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Strategic Income Fund. It outlines performance and positional information.

The Fund seeks a high level of total return combined with income generation that is consistent with preservation of capital.

## 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** | **$68** | **0.65%** |

---

## How did the fund perform last year?
The Fund held a yield advantage via overweight positions in credit with an emphasis on higher quality and liquid parts of the market. This positioning reflected the belief that while we expected to see a "soft-landing" economy, we still believed the year had the potential for a high level of volatility as the macroeconomic backdrop remained uncertain. Given broadly positive excess returns over the period, the Fund's allocation to non-governmental sectors added to relative return, with allocations to investment grade corporates, securitized debt, high yield corporates, and emerging market debt as the main contributors. Rate positioning was adjusted over the year as interest rate levels and curves fluctuated. This active duration management contributed positively to relative performance.

## How has the fund performed?

### Total Return Based on $100,000 Investment
![Growth Chart](g42120ie5680ffb7049dc3500eb.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** |
| **10/14** | 100000 | 100000 |
| **10/15** | 102080 | 101960 |
| **10/16** | 106061 | 106416 |
| **10/17** | 109338 | 107373 |
| **10/18** | 108978 | 105172 |
| **10/19** | 117794 | 117278 |
| **10/20** | 122199 | 124537 |
| **10/21** | 127539 | 123939 |
| **10/22** | 116418 | 104506 |
| **10/23** | 121738 | 104882 |
| **10/24** | 134557 | 115947 |

---

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 | 10.53% | 2.69% | 3.01% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |

---

## Fund Statistics
* Total Net Assets (000)$183,279

* # of Portfolio Holdings327

* Investment Advisory, net of waivers (000)$496

* Portfolio Turnover Rate63%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 9.42% |
| U.S. Treasury Inflation Indexed Notes | 4.03% |
| UBS Group AG | 1.30% |
| BX Commercial Mortgage Trust | 1.28% |
| U.S. Treasury Bond | 1.16% |
| OBX Trust | 1.15% |
| FN MA5073 30YR | 1.11% |
| Morgan Stanley | 1.10% |
| Fannie Mae Connecticut Avenue Securities | 1.08% |
| U.S. Treasury Bill | 0.99% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 36% |
| Mortgage Backed | 21% |
| U.S. Treasury | 15% |
| Asset Backed | 13% |
| Foreign Government | 4% |
| Other | 11% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i9dbf665f6de693d1ebf2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 7.66% |
| 3-5 Years | 9.60% |
| 5-10 Years | 35.14% |
| >10 Years | 33.41% |
| Other | 8.42% |

---

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

---

| | |
|:---|:---|
| AAA | 40.10% |
| AA | 4.27% |
| A | 8.20% |
| BBB | 26.47% |
| BB | 10.30% |
| B | 3.16% |
| Below B | 0.40% |
| Unrated | 7.10% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ib1def722420a7c04f98b.jpg)

Payden Strategic Income Fund

Investor Class - PYSGX

Annual Shareholder Report - October 31, 2024

#### PYSGX-AR2024

# Payden Strategic Income Fund
![Image](g42120i61e61934f7af1061a933.jpg)

## SI Class - PYSIX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden Strategic Income Fund. It outlines performance and positional information.

The Fund seeks a high level of total return combined with income generation that is consistent with preservation of capital.

## 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** | **$58** | **0.55%** |

---

## How did the fund perform last year?
The Fund held a yield advantage via overweight positions in credit with an emphasis on higher quality and liquid parts of the market. This positioning reflected the belief that while we expected to see a "soft-landing" economy, we still believed the year had the potential for a high level of volatility as the macroeconomic backdrop remained uncertain. Given broadly positive excess returns over the period, the Fund's allocation to non-governmental sectors added to relative return, with allocations to investment grade corporates, securitized debt, high yield corporates, and emerging market debt as the main contributors. Rate positioning was adjusted over the year as interest rate levels and curves fluctuated. This active duration management contributed positively to relative performance.

## How has the fund performed?

### Total Return Based on $10,000,000 Investment
![Growth Chart](g42120i919ad1b1eb67fcc4de8e.jpg)

---

| | | |
|:---|:---|:---|
| | **SI Class** | **Bloomberg US Aggregate Bond Index** |
| **10/14** | 10000000 | 10000000 |
| **10/15** | 10232000 | 10196000 |
| **10/16** | 10644350 | 10641565 |
| **10/17** | 10986033 | 10737339 |
| **10/18** | 10964061 | 10517224 |
| **10/19** | 11856536 | 11727756 |
| **10/20** | 12318941 | 12453704 |
| **10/21** | 12883148 | 12393927 |
| **10/22** | 11772621 | 10450559 |
| **10/23** | 12323579 | 10488181 |
| **10/24** | 13634808 | 11594684 |

---

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 | 10.64% | 2.83% | 3.15% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |

---

## Fund Statistics
* Total Net Assets (000)$183,279

* # of Portfolio Holdings327

* Investment Advisory, net of waivers (000)$496

* Portfolio Turnover Rate63%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 9.42% |
| U.S. Treasury Inflation Indexed Notes | 4.03% |
| UBS Group AG | 1.30% |
| BX Commercial Mortgage Trust | 1.28% |
| U.S. Treasury Bond | 1.16% |
| OBX Trust | 1.15% |
| FN MA5073 30YR | 1.11% |
| Morgan Stanley | 1.10% |
| Fannie Mae Connecticut Avenue Securities | 1.08% |
| U.S. Treasury Bill | 0.99% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| Corporate Bond | 36% |
| Mortgage Backed | 21% |
| U.S. Treasury | 15% |
| Asset Backed | 13% |
| Foreign Government | 4% |
| Other | 11% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i399bd4357d6d11f7e67d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 7.66% |
| 3-5 Years | 9.60% |
| 5-10 Years | 35.14% |
| >10 Years | 33.41% |
| Other | 8.42% |

---

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

---

| | |
|:---|:---|
| AAA | 40.10% |
| AA | 4.27% |
| A | 8.20% |
| BBB | 26.47% |
| BB | 10.30% |
| B | 3.16% |
| Below B | 0.40% |
| Unrated | 7.10% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120ifa21cf86efcffe4b00f0.jpg)

Payden Strategic Income Fund

SI Class - PYSIX

Annual Shareholder Report - October 31, 2024

#### PYSIX-AR2024

# Payden U.S. Government Fund
![Image](g42120ib4323cd8bce753f225b2.jpg)

## Investor Class - PYUSX

### Annual Shareholder Report - October 31, 2024

## Fund Overview
This Annual shareholder report contains important information about Payden U.S. Government Fund. It outlines performance and positional information.

The Fund seeks a high level of total return that is consistent with preservation of capital.

## 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 the Funds' performance was a decline in market yields and the outperformance of agency mortgage-backed securities relative to US Treasuries. After an extended period of unchanged monetary policy, the Federal Reserve Board cut interest rates by 0.5% in September 2024. The markets aggressively priced for lower rates which resulted in an inverted yield curve, with shorter maturities yielding more than longer maturities. Due to the inversion the Fund was positioned shorter than the benchmark for most of the fiscal year which was additive to performance. In addition, the Funds overweight to agency mortgage-backed securities provided additional yield and price performance relative to US Treasuries. The sharp rise in interest rates following the rate cut in September was a detriment to performance. The Fund extended duration into the easing cycle and maintained its mortgage positions which underperformed during this time. Looking forward we expect agency mortgage to offer value due to their higher yields and the positioning of the Fund to take advantage of expected lower interest rates.

## How has the fund performed?

### Total Return Based on $10,000 Investment
![Growth Chart](g42120i8dbb03eaba87138818a4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg US Aggregate Bond Index** | **ICE BofA 1-5 Year U.S. Treasury Index** |
| **10/14** | 10000 | 10000 | 10000 |
| **10/15** | 10101 | 10196 | 10141 |
| **10/16** | 10248 | 10642 | 10298 |
| **10/17** | 10232 | 10737 | 10302 |
| **10/18** | 10144 | 10517 | 10265 |
| **10/19** | 10688 | 11728 | 10863 |
| **10/20** | 11143 | 12454 | 11312 |
| **10/21** | 11109 | 12394 | 11230 |
| **10/22** | 10315 | 10451 | 10496 |
| **10/23** | 10511 | 10488 | 10752 |
| **10/24** | 11177 | 11595 | 11416 |

---

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 | 6.33% | 0.90% | 1.12% |
| Bloomberg US Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
| ICE BofA 1-5 Year U.S. Treasury Index | 6.18% | 1.00% | 1.33% |

---

## Fund Statistics
* Total Net Assets (000)$68,989

* # of Portfolio Holdings54

* Investment Advisory, net of waivers (000)$32

* Portfolio Turnover Rate52%

#### Past performance does not guarantee future results. Invest with caution. Call 800-572-9336 for current performance questions.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 53.53% |
| FHLMC Multifamily Structured Pass-Through Certificates | 5.88% |
| FRESB Mortgage Trust | 5.45% |
| FNCL | 3.42% |
| FN MA4869 30YR | 2.26% |
| FR SB8206 15YR | 2.15% |
| Fannie Mae-Aces | 2.12% |
| FN BM7166 ARM | 1.87% |
| FN FS2395 15YR | 1.51% |
| FN MA4694 15YR | 1.46% |

---

### Portfolio Composition (as % of investments)

---

| | |
|:---|:---|
| U.S. Treasury | 53% |
| Mortgage Backed | 42% |
| Investment Company | 3% |
| Asset Backed | 1% |
| U.S. Government Agency | 1% |

---

### Maturity Weightings (as % of investments)
![Group By Maturity Chart](g42120i5f185b4c85efe83bd834.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 1-3 Years | 18.39% |
| 3-5 Years | 45.74% |
| 5-10 Years | 5.75% |
| >10 Years | 30.12% |
| Other | (4.53)% |

---

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

---

| | |
|:---|:---|
| AAA | 97.20% |
| Unrated | 2.80% |

---

---

| | |
|:---|:---|
| 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
If you wish to receive a copy of this document at a new address, contact 800-572-9336.

#### Where can I find additional information about the fund?
If you wish to view additional information about the Fund contact us @

#### Visit: payden.com

#### Call: 800-572-9336

#### Email: requests@payden.com
![Image](g42120i4819440d43c130ad79c6.jpg)

Payden U.S. Government Fund

Investor Class - PYUSX

Annual Shareholder Report - October 31, 2024

#### PYUSX-AR2024

------

#### 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. A copy of the Supplemental Code of Ethics is also posted on the registrant's Internet website at <u>www.payden.com</u>.

#### Item 3. Audit Committee Financial Expert.
At its meeting on December 17, 2024, the registrant's Board of Trustees has determined that, for the fiscal year ended October 31, 2025, W.D. Hilton, Jr., Thomas V. McKernan, 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 $849,000 for 2024 and $810,000 for 2023.

<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 2024 and $0 for 2023.

<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 $156,120 for 2024 and $141,100 for 2023. 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 2024 and $60,000 in 2023 related to a consent in connection with filings with the SEC on November 27, 2023 and November 30, 2023 for the addition of new Adviser Class shares for certain.

------

(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) 100%

&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) 100%

(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 $156,120 for 2024 and $201,100 for 2023.

(h) In the fiscal years ended October 31, 2024 and October 31, 2023 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.

(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.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The annual financial statements are attached herewith.

------

![LOGO](g42120dsp1.jpg)

## Annual Financial Statements

## and Other Information

## October 31, 2024

------

&nbsp;&nbsp; Contents <br>

---

| | |
|:---|:---|
| 4 | [Portfolio Highlights & Investments](#ar42120_1) |
| 106 | [Statements of Assets and Liabilities](#ar42120_2) |
| 110 | [Statements of Operations](#ar42120_3) |
| 114 | [Statements of Changes in Net Assets](#ar42120_4) |
| 120 | [Notes to Financial Statements](#ar42120_5) |
| 141 | [Financial Highlights](#ar42120_6) |
| 162 | [Report of Independent Registered Public Accounting Firm](#ar42120_7) |
| 163 | [Approval of Investment Advisory Agreement](#ar42120_8) |

---

Annual Financial Statements and Other Information

------

Portfolio Highlights & Investments

*October 31, 2024* 

---

| | |
|:---|:---|
| *Abbreviations* |  |
| AGM - Assured Guaranty Municipal Corporation | G2SF - Ginnie Mae |
| AMT - Alternative Minimum Tax | GBP - British Pound |
| ARM - Adjustable Rate Mortgage | GN - Ginnie Mae I pool |
| AUD - Australian Dollar | GNR - Ginnie Mae REMICS |
| BAM - Build America Mutual | HUF - Hungarian Forint |
| BRL - Brazilian Real | IDR - Indonesian Rupiah |
| CAD - Canadian Dollar | INR - Indian Rupee |
| CHF - Swiss Franc | JPY - Japanese Yen |
| CLO - Collateralized Loan Obligation | KRW - South Korean Won |
| CMBS - Commercial Mortgage-Backed Security | KZT - Kazakhstani Tenge |
| CLP - Chilean Peso | LIBOR - London Interbank Offered Rate |
| CNH - Offshore China Renminbi | MXN - Mexican Peso |
| CNY - China Renminbi | MYR - Malaysian Ringgit |
| COP - Colombian Peso | NGN - Nigerian Naira |
| CZK - Czech Koruna | NOK - Norwegian Krone |
| DKK - Danish Krone | PEN - Peruvian Sol |
| DOP - Dominican Peso | PHP - Philippine Peso |
| EGP - Egyptian Pound | PLN - Polish Zloty |
| EUR - Euro | REMIC - Real Estate Mortgage Investment Conduit |
| EURIBOR - Euro Interbank Offered Rate | RON - New Romanian Leu |
| FFCB - Federal Farm Credit Banks Funding Corporation | SEK - Swedish Krona |
| FG - Freddie Mac Gold Pool | SGD - Singapore Dollar |
| FH - Freddie Mac Non Gold Pool | STACR - Structured Agency Credit Risk |
| FHLB - Federal Home Loan Banks | TBA - To-Be-Announced |
| FHLMC - Federal Home Loan Mortgage Company (Freddie Mac) | THB - Thai Baht |
| FHR - Freddie Mac REMICS | TRY - Turkish Lira |
| FN - Fannie Mae Pool | USD - US Dollar |
| FNCL - Fannie Mae or Freddie Mac | UYU - Uruguayan Peso |
| FNR - Fannie Mae REMICS | UZS - Uzbekistani Som |
| FR - Freddie Mac Pool | ZAR - South African Rand |
| G2 - Ginnie Mae II pool |  |

---

4 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;Payden Cash Reserves Money Market Fund

---

| | | |
|:---|:---|:---|
| Schedule of Investments - *October 31, 2024* | Schedule of Investments - *October 31, 2024* | Schedule of Investments - *October 31, 2024* |
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **U.S. Government Agency (7%)** | **U.S. Government Agency (7%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | FFCB Funding Corp., (U.S. Secured Overnight Financing Rate + 0.190%), 5.00%, 11/25/24 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 |
| 4500000 | FFCB Funding Corp., (U.S. Secured Overnight Financing Rate + 0.115%), 4.93%, 10/29/25 (a) | 4502 |
| 5000000 | FFCB Funding Corp., (U.S. Secured Overnight Financing Rate + 0.100%), 4.91%, 6/24/26 (a) | 5000 |
| 2000000 | FHLB, 4.38%, 3/06/25 | 1998 |
| 4500000 | FHLB, (U.S. Secured Overnight Financing Rate + 0.160%), 4.97%, 7/10/25 (a) | 4503 |
| 4000000 | FHLB, (U.S. Secured Overnight Financing Rate + 0.140%), 4.95%, 3/12/26 (a) | 4000 |
| 4500000 | FHLB, (U.S. Secured Overnight Financing Rate + 0.170%), 4.98%, 8/20/26 (a) | 4500 |
| 4000000 | FHLB, (U.S. Secured Overnight Financing Rate + 0.180%), 4.99%, 9/18/26 (a) | 4000 |
|  **Total U.S. Government Agency (Cost - $33,503)** | **Total U.S. Government Agency (Cost - $33,503)** | 33503 |
|  **Mortgage Backed (3%)** | **Mortgage Backed (3%)** |  |
| 4118044 | Fannie Mae-Aces 2015-M9, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.414%), 5.27%, 6/25/25 (a) | 4119 |
| 3213147 | Fannie Mae-Aces 2015-M6, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.414%), 5.27%, 1/25/26 (a) | 3212 |
| 557561 | FHLMC Multifamily Structured Pass-Through Certificates KF39, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.434%), 5.60%, 11/25/24 (a) | 558 |
| 4077422 | FHLMC Multifamily Structured Pass-Through Certificates K730, 3.59%, 1/25/25 (b) | 4067 |
| 3838629 | FHLMC Multifamily Structured Pass-Through Certificates KF68, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.604%), 5.77%, 7/25/26 (a) | 3842 |
|  **Total Mortgage Backed (Cost - $15,798)** | **Total Mortgage Backed (Cost - $15,798)** | 15798 |
|  **U.S. Treasury (53%)** | **U.S. Treasury (53%)** |  |
| 55000000 | U.S. Treasury Bill, 5.06%, 11/05/24 (c) | 54969 |
| 50000000 | U.S. Treasury Bill, 4.70%, 11/07/24 (c) | 49961 |
| 50000000 | U.S. Treasury Bill, 4.74%, 11/12/24 (c) | 49928 |
| 55000000 | U.S. Treasury Bill, 4.80%, 12/12/24 (c) | 54703 |
| 15000000 | U.S. Treasury Floating Rate Notes, (3 mo. U.S. Treasury Bill Yield + 0.169%), 4.71%, 4/30/25 (a) | 15003 |
| 14000000 | U.S. Treasury Floating Rate Notes, (3 mo. U.S. Treasury Bill Yield + 0.125%), 4.67%, 7/31/25 (a) | 13996 |
| 16000000 | U.S. Treasury Floating Rate Notes, (3 mo. U.S. Treasury Bill Yield + 0.170%), 4.71%, 10/31/25 (a) | 15997 |
|  **Total U.S. Treasury (Cost - $254,557)** | **Total U.S. Treasury (Cost - $254,557)** | 254557 |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| 4043241 | Dreyfus Treasury Obligations Cash Management Fund<br>**(Cost - $4,043)** | 4043 |
|  **Repurchase Agreements (36%)** | **Repurchase Agreements (36%)** |  |
| 44000000 | Bank of Montreal Tri Party, 4.80%, 11/01/24 (d) | 44000 |
| 30000000 | CIBC World Markets Tri Party, 4.80%, 11/06/24 (e) | 30000 |
| 45000000 | Citigroup Tri Party, 4.84%, 11/07/24 (f) | 45000 |
| 10000000 | Goldman Sachs Tri Party, 4.79%, 11/05/24 (g) | 10000 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000000 | Mitsubishi UFJ Financial Group, 4.82%, 11/04/24 (h) | $45000 |
|  **Total Repurchase Agreements (Cost - $174,000)** | **Total Repurchase Agreements (Cost - $174,000)** | 174000 |
|  **Total Investments (Cost - $481,901) (100%)** | **Total Investments (Cost - $481,901) (100%)** | 481901 |
|  **Other Assets, net of Liabilities (0%)** | **Other Assets, net of Liabilities (0%)** | 786 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The repurchase agreement dated 10/31/2024 is collateralized by the following securities:

---

| | | |
|:---|:---|:---|
|  Bank of Montreal Tri Party | Bank of Montreal Tri Party |  |
| 47130800 | U.S. Treasury Securities, maturity from Feb 25-Feb 52, yielding from 0.00%-4.63% | $44881 |
|  |  | 44881 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(e) The repurchase agreement dated 10/30/2024 is collateralized by the following securities:

CIBC World Markets Tri Party

---

| | | |
|:---|:---|:---|
| 21663100 | U.S. Treasury Securities, maturity from Mar 25-Aug 53, yielding from 0.00%-4.75% | $20011.0 |
| 10725400 | U.S. Treasury Securities, maturity from Mar 26-Feb 34, yielding from 2.13%-4.50% | 10589.0 |
|  |  | 30600.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The repurchase agreement dated 10/31/2024 is collateralized by the following securities:

Citigroup Tri Party

---

| | | |
|:---|:---|:---|
| 46620400 | U.S. Treasury Securities, maturity dated Aug 29, yielding 3.63% | $45900.0 |
|  |  | 45900.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(g) The repurchase agreement dated 10/29/2024 is collateralized by the following securities:

Goldman Sachs Tri Party

---

| | | |
|:---|:---|:---|
| 1755000 | FMAC, maturity dated Aug 35, yielding 5.00% | $74.0 |
| 31325811 | FNMA, maturity from Nov 36-Nov 52, yielding from 3.00%-6.00% | 3978.0 |
| 6154000 | U.S. Treasury Securities, maturity dated Feb 44, yielding 4.50% | 6148.0 |
|  |  | 10200.0 |

---

Annual Financial Statements and Other Information 5

------

&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 Cash Reserves Money Market Fund continued

&nbsp;&nbsp;&nbsp;&nbsp;(h) The repurchase agreement dated 10/28/2024 is collateralized by the following securities:

Mitsubishi UFJ Financial Group

---

| | | |
|:---|:---|:---|
| 108155 | FMAC, maturity from Apr 52-Sep 54, yielding from 3.00%-6.00% | $88.0 |
| 1392795 | FNMA, maturity from Sep 52-Aug 54, yielding from 4.50%-6.00% | 1238.0 |
| 172963 | GNMA, maturity from Jun 51-Jul 54, yielding from 2.50%-5.50% | 145.0 |
| 45043500 | U.S. Treasury Securities, maturity from Jul 25-May 52, yielding from 0.13%-4.38% | 44429.0 |
|  |  | 45900.0 |

---

#### 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 | $174000 |
|  Non-cash Collateral | (174000) |
|  Net Amount | $— |

---

*See notes to financial statements.* 

6 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Limited Maturity Fund

**Schedule of Investments** - October 31, 2024

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Asset Backed (31%)** | **Asset Backed (31%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10121180 | ACRES Commercial Realty Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.10%, 6/15/36 (a)(b) | $10081 |
| 2791777 | ACRES Commercial Realty Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.514%), 6.30%, 1/15/37 (a)(b) | 2790 |
| 378787 | AEP Texas Restoration Funding LLC 2019-1, 2.06%, 2/01/27 | 376 |
| 1322928 | Ally Auto Receivables Trust 2023-1, 5.76%, 11/15/26 | 1325 |
| 4005000 | Ally Auto Receivables Trust 2024-2, 4.46%, 7/15/27 | 4000 |
| 2611305 | Ally Bank Auto Credit-Linked Notes Series 2024-A 144A, 5.68%, 5/17/32 (a) | 2638 |
| 1376493 | American Credit Acceptance Receivables Trust 2024-1 144A, 5.61%, 1/12/27 (a) | 1378 |
| 4972378 | American Credit Acceptance Receivables Trust 2024-2 144A, 5.90%, 2/12/27 (a) | 4993 |
| 420055 | American Credit Acceptance Receivables Trust 2023-3 144A, 6.00%, 3/12/27 (a) | 420 |
| 1043415 | American Credit Acceptance Receivables Trust 2023-4 144A, 6.20%, 6/14/27 (a) | 1046 |
| 5533126 | American Credit Acceptance Receivables Trust 2024-3 144A, 5.76%, 11/12/27 (a) | 5556 |
| 3700000 | American Credit Acceptance Receivables Trust 2024-4 144A, 4.81%, 3/13/28 (a) | 3699 |
| 4000000 | AmeriCredit Automobile Receivables Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.600%), 5.49%, 2/18/28 (b) | 4002 |
| 5000000 | Apidos CLO XII 2013-12A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 6.11%, 4/15/31 (a)(b) | 5008 |
| 826790 | Apidos CLO XXX 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 5.71%, 10/18/31 (a)(b) | 827 |
| 5000000 | Apidos CLO XXXII 2019-32A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.72%, 1/20/33 (a)(b) | 5004 |
| 2964134 | Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 6.46%, 1/15/37 (a)(b) | 2965 |
| 4975052 | Ares XXXVII CLO Ltd. 2015-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 5.74%, 10/15/30 (a)(b) | 4982 |
| 3160284 | ARI Fleet Lease Trust 2023-B 144A, 6.05%, 7/15/32 (a) | 3193 |
| 8240000 | ARI Fleet Lease Trust 2024-A 144A, 5.30%, 11/15/32 (a) | 8272 |
| 4200000 | ARI Fleet Lease Trust 2024-B 144A, 5.54%, 4/15/33 (a) | 4234 |
| 4149968 | Bain Capital Credit CLO 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 5.70%, 7/19/31 (a)(b) | 4150 |
| 4988588 | Bain Capital Credit CLO 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.130%), 5.78%, 10/17/32 (a)(b) | 4992 |
| 566337 | Bank of America Auto Trust 2023-1A 144A, 5.83%, 5/15/26 (a) | 567 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931910 | BDS Ltd. 2021-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.464%), 6.22%, 12/16/36 (a)(b) | $1929 |
| 4500000 | Benefit Street Partners CLO XIX Ltd. 2019-19A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.180%), 5.84%, 1/15/33 (a)(b) | 4506 |
| 2455640 | BMW Canada Auto Trust 2024-1A 144A, 5.03%, 4/20/26 CAD (a)(c) | 1785 |
| 2990000 | BMW Vehicle Lease Trust 2024-2, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.420%), 5.55%, 1/25/27 (b)(d) | 2992 |
| 2653973 | BMW Vehicle Owner Trust 2023-A, 5.72%, 4/27/26 | 2659 |
| 4000000 | Bridgecrest Lending Auto Securitization Trust 2024-3, 5.54%, 2/16/27 | 4009 |
| 4050000 | Bridgecrest Lending Auto Securitization Trust 2024-4, 4.72%, 9/15/28 | 4045 |
| 7600000 | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 7.06%, 9/15/35 (a)(b) | 7637 |
| 1971745 | BSPRT Issuer Ltd. 2021-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.434%), 6.24%, 12/15/38 (a)(b) | 1970 |
| 5000000 | Buttermilk Park CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.370%), 6.03%, 10/15/31 (a)(b) | 5000 |
| 3000000 | Carlyle Global Market Strategies CLO Ltd. 2012-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.350%), 5.98%, 4/22/32 (a)(b) | 3000 |
| 4151667 | CarMax Auto Owner Trust 2022-1, 1.47%, 12/15/26 | 4083 |
| 4356663 | CarMax Auto Owner Trust 2023-4, 6.08%, 12/15/26 | 4376 |
| 4050000 | CarMax Auto Owner Trust 2024-3, 5.21%, 9/15/27 | 4068 |
| 4400000 | CarMax Auto Owner Trust 2024-4, 4.67%, 12/15/27 | 4400 |
| 468518 | Carvana Auto Receivables Trust 2023-P2 144A, 5.98%, 8/10/26 (a) | 469 |
| 611527 | Carvana Auto Receivables Trust 2023-P3 144A, 6.09%, 11/10/26 (a) | 613 |
| 2840366 | Carvana Auto Receivables Trust 2021-P4, 1.31%, 1/11/27 | 2805 |
| 1279038 | Carvana Auto Receivables Trust 2023-P4 144A, 6.23%, 1/11/27 (a) | 1282 |
| 3447167 | Carvana Auto Receivables Trust 2022-P1, 3.35%, 2/10/27 | 3424 |
| 2575575 | Carvana Auto Receivables Trust 2024-P1 144A, 5.50%, 8/10/27 (a) | 2580 |
| 2600000 | Carvana Auto Receivables Trust 2024-P3, 4.61%, 11/10/27 | 2596 |
| 3641655 | Carvana Auto Receivables Trust 2024-P2, 5.63%, 11/10/27 | 3658 |
| 3862008 | CCG Receivables Trust 2023-1 144A, 5.82%, 9/16/30 (a) | 3890 |
| 2500000 | CCG Receivables Trust 2024-1 144A, 4.99%, 3/15/32 (a) | 2504 |
| 1950000 | Chase Auto Owner Trust 2024-4A 144A, 5.25%, 9/27/27 (a) | 1959 |
| 3200000 | Chase Auto Owner Trust 2024-5A 144A, 4.40%, 11/26/27 (a) | 3197 |

---

Annual Financial Statements and Other Information 7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Limited Maturity Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416739 | Chesapeake Funding II LLC 2021-1A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.344%), 5.35%, 4/15/33 (a)(b) | $417 |
| 3132302 | Chesapeake Funding II LLC 2024-1A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.770%), 5.78%, 5/15/36 (a)(b) | 3137 |
| 600000 | Cifc Funding Ltd. 2014-4RA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.212%), 5.86%, 1/17/35 (a)(b) | 600 |
| 1296012 | CIFC Funding Ltd. 2015-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.132%), 5.75%, 4/19/29 (a)(b) | 1297 |
| 2579507 | CNH Equipment Trust 2023-B, 5.90%, 2/16/27 | 2589 |
| 2316782 | Crestline Denali CLO XVII Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.130%), 5.79%, 10/15/31 (a)(b) | 2317 |
| 2967129 | Daimler Trucks Retail Trust 2024-1, 5.60%, 4/15/26 | 2976 |
| 5000000 | Dell Equipment Finance Trust 2023-1 144A, 5.65%, 9/22/28 (a) | 5018 |
| 1792942 | Dell Equipment Finance Trust 2023-2 144A, 5.84%, 1/22/29 (a) | 1796 |
| 1340145 | Dell Equipment Finance Trust 2023-3 144A, 6.10%, 4/23/29 (a) | 1345 |
| 4350000 | Dell Equipment Finance Trust 2024-2 144A, 4.69%, 8/22/30 (a) | 4347 |
| 4300000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 1.76%, 4/15/49 (a) | 3983 |
| 1624382 | DLLAA LLC 2023-1A 144A, 5.93%, 7/20/26 (a) | 1631 |
| 1300000 | DLLST LLC 2024-1A 144A, 5.05%, 8/20/27 (a) | 1306 |
| 4100000 | Drive Auto Receivables Trust 2024-2, 4.94%, 12/15/27 | 4099 |
| 7250000 | Drive Auto Receivables Trust 2024-1, 5.35%, 2/15/28 | 7280 |
| 4750726 | Dryden Senior Loan Fund 2015-40A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 6.27%, 8/15/31 (a)(b) | 4753 |
| 4700000 | Enterprise Fleet Financing LLC 2024-2 144A, 5.74%, 12/20/26 (a) | 4740 |
| 4000000 | Enterprise Fleet Financing LLC 2024-3 144A, 5.31%, 4/20/27 (a) | 4023 |
| 4400000 | Enterprise Fleet Financing LLC 2024-4 144A, 4.69%, 7/20/27 (a) | 4395 |
| 480990 | Enterprise Fleet Financing LLC 2021-3 144A, 0.77%, 8/20/27 (a) | 478 |
| 9047131 | Enterprise Fleet Financing LLC 2024-1 144A, 5.23%, 3/20/30 (a) | 9101 |
| 238219 | Exeter Automobile Receivables Trust 2023-3A, 6.04%, 7/15/26 | 238 |
| 1159330 | Exeter Automobile Receivables Trust 2023-4A, 6.06%, 9/15/26 | 1160 |
| 5630064 | Exeter Automobile Receivables Trust 2024-3A, 5.82%, 2/15/27 | 5645 |
| 2800000 | Exeter Automobile Receivables Trust 2024-5A, 4.79%, 4/15/27 | 2799 |
| 3400000 | Exeter Automobile Receivables Trust 2024-4A, 5.28%, 8/15/30 | 3420 |
| 256001 | Flagship Credit Auto Trust 2022-1 144A, 1.79%, 10/15/26 (a) | 255 |
| 640147 | Flagship Credit Auto Trust 2023-1 144A, 5.38%, 12/15/26 (a) | 640 |
| 3955788 | Flagship Credit Auto Trust 2023-2 144A, 5.76%, 4/15/27 (a) | 3962 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780073 | Flagship Credit Auto Trust 2023-3 144A, 5.89%, 7/15/27 (a) | $1786 |
| 1700000 | Ford Credit Auto Lease Trust 2024-B, 5.18%, 2/15/27 | 1705 |
| 5267813 | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.334%), 6.12%, 5/16/38 (a)(b) | 5237 |
| 1317182 | FS Rialto-Fl4 Issuer LLC 2022-FL4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.77%, 1/19/39 (a)(b) | 1317 |
| 1673718 | Galaxy XV CLO Ltd. 2013-15A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.232%), 5.89%, 10/15/30 (a)(b) | 1674 |
| 4100000 | GLS Auto Receivables Issuer Trust 2024-3A 144A, 5.35%, 8/16/27 (a) | 4110 |
| 826424 | GM Financial Automobile Leasing Trust 2023-2, 5.44%, 10/20/25 | 827 |
| 9665000 | GM Financial Automobile Leasing Trust 2023-2, 5.05%, 7/20/26 | 9679 |
| 2600000 | GM Financial Automobile Leasing Trust 2024-3, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.470%), 5.36%, 1/20/27 (b) | 2601 |
| 805109 | GM Financial Consumer Automobile Receivables Trust 2023-1, 5.19%, 3/16/26 | 805 |
| 1864262 | GM Financial Consumer Automobile Receivables Trust 2023-3, 5.74%, 9/16/26 | 1869 |
| 1676700 | GM Financial Consumer Automobile Receivables Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.400%), 5.39%, 2/16/27 (b) | 1677 |
| 2300000 | GM Financial Consumer Automobile Receivables Trust 2024-4, 4.53%, 10/18/27 | 2299 |
| 4200000 | Goldentree Loan Management U.S. CLO Ltd. 2019-5A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 5.69%, 10/20/32 (a)(b) | 4200 |
| 3200000 | Goldentree Loan Management U.S. CLO Ltd. 2020-8A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.75%, 10/20/34 (a)(b) | 3200 |
| 8800000 | GreatAmerica Leasing Receivables Funding LLC Series 2022-1 144A, 5.08%, 9/15/26 (a) | 8814 |
| 1500000 | Highbridge Loan Management Ltd. 5A-2015 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 0.00%, 10/15/30 (a)(b)(d) | 1500 |
| 2698706 | Honda Auto Receivables Owner Trust 2023-2, 5.41%, 4/15/26 | 2702 |
| 2370000 | Hotwire Funding LLC 2021-1 144A, 2.31%, 11/20/51 (a) | 2230 |
| 3627020 | HPEFS Equipment Trust 2023-2A 144A, 6.04%, 1/21/31 (a) | 3642 |
| 4900000 | HPS Loan Management Ltd. 13A-18 144A, (3 mo. Term Secured Overnight Financing Rate + 1.400%), 6.06%, 10/15/30 (a)(b) | 4900 |
| 470431 | Hyundai Auto Lease Securitization Trust 2023-B 144A, 5.47%, 9/15/25 (a) | 470 |
| 4307050 | Hyundai Auto Lease Securitization Trust 2023-C 144A, 5.85%, 3/16/26 (a) | 4320 |
| 4500000 | Hyundai Auto Lease Securitization Trust 2023-B 144A, 5.15%, 6/15/26 (a) | 4505 |
| 8700000 | Hyundai Auto Lease Securitization Trust 2023-C 144A, 5.80%, 12/15/26 (a) | 8787 |

---

8 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | Hyundai Auto Lease Securitization Trust 2024- C 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.500%), 5.51%,<br>3/15/27 (a)(b) | $3104 |
| 2288673 | Hyundai Auto Receivables Trust 2023-B, 5.77%, 5/15/26 | 2294 |
| 2405125 | John Deere Owner Trust 2023-B, 5.59%, 6/15/26 | 2409 |
| 3000000 | John Deere Owner Trust 2024-C, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.430%), 5.42%, 8/16/27 (b) | 3002 |
| 4450897 | KKR CLO Ltd. 15 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.73%, 1/18/32 (a)(b) | 4451 |
| 4744157 | KREF Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.184%), 5.97%, 2/15/39 (a)(b) | 4709 |
| 4593277 | Kubota Credit Owner Trust 2023-2A 144A, 5.61%, 7/15/26 (a) | 4607 |
| 3157942 | LAD Auto Receivables Trust 2024-1A 144A, 5.44%, 11/16/26 (a) | 3162 |
| 1700000 | LCM Ltd. 31A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.90%, 7/20/34 (a)(b) | 1703 |
| 2334032 | LCM XXIV Ltd. 24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.242%), 5.86%, 3/20/30 (a)(b) | 2335 |
| 3669315 | Madison Park Funding XLII Ltd. 13A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.78%, 11/21/30 (a)(b) | 3676 |
| 2116264 | Magnetite XV Ltd. 2015-15A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.272%), 5.90%, 7/25/31 (a)(b) | 2120 |
| 5000000 | Mercedes-Benz Auto Lease Trust 2024-B, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.440%), 5.43%, 12/15/26 (b) | 5001 |
| 5676368 | MF1 Ltd. 2022-FL8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.350%), 6.11%, 2/19/37 (a)(b) | 5659 |
| 3814100 | MMAF Equipment Finance LLC 2023-A 144A, 5.79%, 11/13/26 (a) | 3834 |
| 3356426 | MMAF Equipment Finance LLC 2024-A 144A, 5.20%, 9/13/27 (a) | 3367 |
| 711490 | MMAF Equipment Finance LLC 2022-A 144A, 3.20%, 1/13/28 (a) | 703 |
| 2250000 | Navistar Financial Dealer Note Master Owner Trust II 2023-1 144A, 6.18%, 8/25/28 (a) | 2275 |
| 5000000 | Neuberger Berman Loan Advisers CLO Ltd. 2022-49A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.78%, 7/25/35 (a)(b) | 5000 |
| 960273 | Nissan Auto Lease Trust 2023-B, 5.74%, 8/15/25 | 960 |
| 4500000 | Nissan Master Owner Trust Receivables 2024- A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.670%), 5.68%,<br>2/15/28 (a)(b) | 4508 |
| 1326981 | OCP CLO Ltd. 2014-6A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.80%, 10/17/30 (a)(b) | 1327 |
| 2788793 | Palmer Square Loan Funding Ltd. 2022-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.76%, 4/15/31 (a)(b) | 2790 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600000 | Palmer Square Loan Funding Ltd. 2024-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 6.24%, 8/08/32 (a)(b) | $5601 |
| 5600000 | Palmer Square Loan Funding Ltd. 2024-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 6.16%, 10/15/32 (a)(b) | 5605 |
| 9100000 | PFS Financing Corp. 2024-A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.86%, 1/15/28 (a)(b) | 9132 |
| 404434 | Porsche Financial Auto Securitization Trust 2023-1A 144A, 5.42%, 12/22/26 (a) | 405 |
| 2300000 | Porsche Innovative Lease Owner Trust 2024- 2A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.440%), 5.59%, 12/21/26 (a)(b)(d) | 2301 |
| 6000000 | Rad CLO Ltd. 2020-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.350%), 6.00%,<br>4/17/36 (a)(b) | 6018 |
| 3988577 | Regatta XIII Funding Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.76%, 7/15/31 (a)(b) | 3993 |
| 2300000 | Regatta XIII Funding Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.16%, 7/15/31 (a)(b) | 2300 |
| 3831128 | Regatta XIV Funding Ltd. 2018-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.73%, 10/25/31 (a)(b) | 3831 |
| 6700000 | Regatta XIV Funding Ltd. 2018-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.13%, 10/25/31 (a)(b) | 6700 |
| 3300000 | Regatta XV Funding Ltd. 2018-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.550%), 6.18%, 10/25/31 (a)(b) | 3302 |
| 5000000 | RR Ltd. 2022-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.730%), 6.39%,<br>1/15/36 (a)(b) | 5010 |
| 435728 | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 5.72%, 8/16/32 (a) | 436 |
| 1354939 | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 6.45%, 12/15/32 (a) | 1362 |
| 1498757 | Santander Bank Auto Credit-Linked Notes 2023- A 144A, 6.49%, 6/15/33 (a) | 1509 |
| 87781 | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | 88 |
| 2602801 | Santander Drive Auto Receivables Trust 2024-1, 5.71%, 2/16/27 | 2608 |
| 2055632 | Santander Drive Auto Receivables Trust 2023-4, 6.18%, 2/16/27 | 2059 |
| 5250000 | Santander Drive Auto Receivables Trust 2024-4, 5.41%, 7/15/27 | 5267 |
| 3056397 | Santander Drive Auto Receivables Trust 2023-5, 6.31%, 7/15/27 | 3065 |
| 3800000 | Santander Drive Auto Receivables Trust 2024-5, 4.62%, 11/15/28 | 3793 |
| 4700000 | SBNA Auto Lease Trust 2024-C 144A, 4.94%, 11/20/26 (a) | 4701 |
| 4124708 | SBNA Auto Receivables Trust 2024-A 144A, 5.70%, 3/15/27 (a) | 4132 |
| 1127732 | SFS Auto Receivables Securitization Trust 2023- 1A 144A, 5.89%, 3/22/27 (a) | 1131 |
| 3226388 | SFS Auto Receivables Securitization Trust 2024- 1A 144A, 5.35%, 6/21/27 (a) | 3233 |

---

Annual Financial Statements and Other Information 9

------

&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 Limited Maturity Fund** *continued* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | SFS Auto Receivables Securitization Trust 2024- 3A 144A, 4.71%, 5/22/28 (a) | $2999 |
| 1094000 | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (a) | 1044 |
| 3313531 | STWD Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.07%, 4/18/38 (a)(b) | 3305 |
| 1884913 | Symphony CLO XVIII Ltd. 2016-18A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.73%, 7/23/33 (a)(b) | 1889 |
| 6379524 | Symphony CLO XX Ltd. 2018-20A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.75%, 1/16/32 (a)(b) | 6384 |
| 2471306 | Tesla Auto Lease Trust 2023-B 144A, 6.02%, 9/22/25 (a) | 2475 |
| 3100000 | Tesla Auto Lease Trust 2024-B 144A, 4.79%, 1/20/27 (a) | 3100 |
| 3408482 | THL Credit Wind River CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.200%), 5.86%, 7/15/30 (a)(b) | 3417 |
| 3992452 | TIAA CLO IV Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.140%), 5.76%, 1/20/32 (a)(b) | 3992 |
| 731296 | Toyota Auto Receivables Owner Trust 2023-A, 5.05%, 1/15/26 | 731 |
| 3178734 | Toyota Lease Owner Trust 2023-B 144A, 5.73%, 4/20/26 (a) | 3189 |
| 6118000 | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (a) | 5930 |
| 5950000 | Vantage Data Centers Issuer LLC 2024-1A 144A, 5.10%, 9/15/54 (a) | 5824 |
| 4698373 | VERDE CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.110%), 5.77%, 4/15/32 (a)(b) | 4698 |
| 3300000 | Verizon Master Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.650%), 5.64%, 12/20/28 (b) | 3307 |
| 4137880 | Volkswagen Auto Lease Trust 2023-A, 5.87%, 1/20/26 | 4147 |
| 1044347 | Volkswagen Auto Loan Enhanced Trust 2023-1, 5.50%, 12/21/26 | 1046 |
| 3963336 | Voya CLO Ltd. 2016-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.78%, 10/18/31 (a)(b) | 3968 |
| 4613636 | Voya CLO Ltd. 2016-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.350%), 5.98%, 10/18/31 (a)(b) | 4613 |
| 5399095 | Voya CLO Ltd. 2015-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.78%, 10/20/31 (a)(b) | 5405 |
| 483611 | Westlake Automobile Receivables Trust 2023- 1A 144A, 5.51%, 6/15/26 (a) | 484 |
| 2758928 | Westlake Automobile Receivables Trust 2023- 3A 144A, 5.96%, 10/15/26 (a) | 2766 |
| 1000000 | Westlake Automobile Receivables Trust 2023- 2A 144A, 5.80%, 2/16/27 (a) | 1003 |
| 2930000 | Westlake Automobile Receivables Trust 2024- 1A 144A, 5.44%, 5/17/27 (a) | 2946 |
| 3760000 | Westlake Automobile Receivables Trust 2023- 3A 144A, 5.82%, 5/17/27 (a) | 3787 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550000 | Westlake Automobile Receivables Trust 2024- 2A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.660%), 5.67%, 8/16/27 (a)(b) | $3555 |
| 5400000 | Westlake Automobile Receivables Trust 2024- 3A 144A, 4.71%, 4/17/28 (a) | 5390 |
| 1279612 | World Omni Auto Receivables Trust 2021-B, 0.42%, 6/15/26 | 1271 |
| 1198509 | World Omni Auto Receivables Trust 2023-A, 5.18%, 7/15/26 | 1199 |
| 488763 | World Omni Automobile Lease Securitization Trust 2023-A, 5.47%, 11/17/25 | 489 |
|  **Total Asset Backed (Cost - $599,921)** | **Total Asset Backed (Cost - $599,921)** | 601468 |
|  **Commercial Paper(d) (7%)** | **Commercial Paper(d) (7%)** |  |
| 15000000 | Arizona Public Service Company, 5.03%, 11/08/24 | 14983 |
| 15000000 | AT&T Inc., 5.03%, 11/05/24 | 14990 |
| 15000000 | Autozone, Inc., 4.84%, 11/01/24 | 14998 |
| 15000000 | Avery Dennison Corporation, 5.01%, 11/04/24 | 14992 |
| 15000000 | CRH America Finance, Inc., 4.92%, 11/12/24 | 14975 |
| 4000000 | Duke Energy Corp., 4.84%, 11/01/24 | 3999 |
| 15000000 | RTX Corp., 4.89%, 11/01/24 | 14998 |
| 8000000 | RTX Corp., 4.90%, 11/12/24 | 7987 |
| 5000000 | Ryder System, Inc., 4.92%, 11/06/24 | 4996 |
| 15000000 | San Diego Gas & Elec Co., 4.89%, 11/01/24 | 14998 |
| 12000000 | Sysco Corporation, 4.86%, 11/05/24 | 11992 |
| 10000000 | VW Credit Inc., 4.97%, 11/12/24 | 9984 |
|  **Total Commercial Paper (Cost - $143,912)** | **Total Commercial Paper (Cost - $143,912)** | 143892 |
|  **Corporate Bond (34%)** | **Corporate Bond (34%)** |  |
|  **Financial (20%)** | **Financial (20%)** |  |
| 9500000 | ABN AMRO Bank NV 144A, (Secured Overnight Financing Rate + 1.780%), 6.65%, 9/18/27 (a)(b) | 9649 |
| 1750000 | Air Lease Corp., 2.88%, 1/15/26 | 1709 |
| 2980000 | Ally Financial Inc., 5.75%, 11/20/25 | 2993 |
| 2305000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.760%), 5.85%, 2/13/26 (b)(e) | 2315 |
| 4680000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.999%), 4.99%, 5/01/26 (b) | 4679 |
| 4260000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.330%), 6.34%, 10/30/26 (b) | 4320 |
| 8435000 | American Express Co., (Secured Overnight Financing Rate + 0.970%), 5.81%, 7/28/27 (b) | 8488 |
| 4730000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.77%, 7/26/28 (b) | 4757 |
| 1500000 | Antares Holdings LP 144A, 8.50%, 5/18/25 (a) | 1516 |
| 4820000 | Aon North America Inc., 5.13%, 3/01/27 | 4882 |
| 2438000 | Ares Capital Corp., 3.25%, 7/15/25 | 2405 |
| 8125000 | Australia & New Zealand Banking Group Ltd., 5.38%, 7/03/25 | 8170 |
| 10000000 | Banco Santander SA, (U.S. Secured Overnight Financing Rate + 1.120%), 5.96%, 7/15/28 (b) | 10029 |
| 6425000 | Bank of Montreal, 5.20%, 12/12/24 | 6426 |
| 9930000 | Bank of Montreal, 5.92%, 9/25/25 (e) | 10043 |
| 9760000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 1.000%), 5.91%, 9/08/28 (b) | 9783 |
| 9430000 | Bank of Nova Scotia, (Secured Overnight Financing Rate + 1.080%), 5.92%, 8/01/29 (b)(e) | 9467 |
| 4510000 | Banque Federative du Credit Mutuel SA 144A, (Secured Overnight Financing Rate + 1.400%), 6.24%, 7/13/26 (a)(b) | 4565 |

---

10 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270000 | Banque Federative du Credit Mutuel SA 144A, 5.09%, 1/23/27 (a) | $4305 |
| 1905000 | Blackstone Private Credit Fund, 2.70%, 1/15/25 | 1894 |
| 2660000 | Blackstone Secured Lending Fund, 5.88%, 11/15/27 | 2694 |
| 1883000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 1864 |
| 8542000 | Blue Owl Credit Income Corp., 5.50%, 3/21/25 | 8541 |
| 4810000 | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 0.960%), 5.82%, 9/25/25 (a)(b) | 4835 |
| 900000 | BPCE SA 144A, 5.20%, 1/18/27 (a) | 908 |
| 9905000 | Canadian Imperial Bank of Commerce, (U.S. Secured Overnight Financing Rate + 1.220%), 6.07%, 10/02/26 (b) | 10015 |
| 1196000 | Capital One N.A., (U.S. Secured Overnight Financing Rate + 0.911%), 2.28%, 1/28/26 (b)(e) | 1187 |
| 3010000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (a) | 2950 |
| 2715000 | Citibank N.A., (U.S. Secured Overnight Financing Rate + 0.708%), 5.83%, 8/06/26 (b) | 2724 |
| 7265000 | Commonwealth Bank of Australia, 5.08%, 1/10/25 | 7267 |
| 4395000 | Commonwealth Bank of Australia 144A, (U.S. Secured Overnight Financing Rate + 0.750%), 5.65%, 3/13/26 (a)(b)(e) | 4421 |
| 7990000 | Credit Agricole SA 144A, (U.S. Secured Overnight Financing Rate + 1.290%), 6.13%, 7/05/26 (a)(b) | 8089 |
| 8595000 | Credit Agricole SA 144A, 5.13%, 3/11/27 (a) | 8694 |
| 3950000 | CubeSmart LP, 4.00%, 11/15/25 | 3911 |
| 2980000 | Daimler Truck Finance North America LLC 144A, 5.60%, 8/08/25 (a) | 3000 |
| 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) | 4016 |
| 855000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (a) | 876 |
| 8620000 | Goldman Sachs Bank USA, (U.S. Secured Overnight Financing Rate + 0.777%), 5.28%, 3/18/27 (b) | 8677 |
| 6950000 | Goldman Sachs Bank USA, (U.S. Secured Overnight Financing Rate + 0.750%), 5.78%, 5/21/27 (b) | 6957 |
| 5000000 | Goldman Sachs Group Inc., 5.70%, 11/01/24 | 5000 |
| 7865000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.075%), 5.80%, 8/10/26 (b) | 7915 |
| 3637000 | Huntington National Bank, (U.S. Secured Overnight Financing Rate + 1.215%), 5.70%, 11/18/25 (b) | 3637 |
| 1625000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 1515 |
| 5685000 | Jefferies Financial Group Inc., 5.15%, 9/15/25 (e) | 5686 |
| 4100000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.190%), 5.04%, 1/23/28 (b) | 4123 |
| 4865000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.57%, 4/22/28 (b) | 4953 |
| 5460000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.77%, 7/22/28 (b) | 5495 |
| 3900000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 3873 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | Macquarie Bank Ltd. 144A, (U.S. Secured Overnight Financing Rate + 1.200%), 6.14%, 12/07/26 (a)(b) | $2280 |
| 3620000 | Macquarie Bank Ltd. 144A, (Secured Overnight Financing Rate + 0.920%), 5.77%, 7/02/27 (a)(b)(e) | 3645 |
| 6430000 | Mitsubishi UFJ Financial Group Inc., (U.S. Secured Overnight Financing Rate + 0.940%), 6.01%, 2/20/26 (b) | 6441 |
| 9660000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.020%), 5.86%, 4/13/28 (b) | 9722 |
| 9765000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 1.165%), 6.00%, 10/30/26 (b)(e) | 9901 |
| 4775000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 1.080%), 4.95%, 1/14/28 (b) | 4795 |
| 3350000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 0.940%), 5.78%, 7/14/28 (b) | 3364 |
| 885000 | Nasdaq Inc., 5.65%, 6/28/25 (e) | 889 |
| 5705000 | National Bank of Canada, (Secured Overnight Financing Rate + 1.030%), 5.88%, 7/02/27 (b)(e) | 5729 |
| 5425000 | New York Life Global Funding 144A, 5.45%, 9/18/26 (a) | 5524 |
| 4855000 | PNC Financial Services Group Inc., (Secured Overnight Financing Rate + 1.730%), 6.62%, 10/20/27 (b) | 5029 |
| 1895000 | PNC Financial Services Group Inc., (U.S. Secured Overnight Financing Rate + 1.342%), 5.30%, 1/21/28 (b) | 1918 |
| 1815000 | Principal Life Global Funding II 144A, 5.00%, 1/16/27 (a) | 1831 |
| 2465000 | Protective Life Global Funding 144A, 4.99%, 1/12/27 (a) | 2481 |
| 1885000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | 1795 |
| 5970000 | Royal Bank of Canada GMTn, 4.95%, 4/25/25 | 5978 |
| 2045000 | Royal Bank of Canada, 4.88%, 1/19/27 | 2061 |
| 9250000 | Royal Bank of Canada, (U.S. Secured Overnight Financing Rate + 0.790%), 5.63%, 7/23/27 (b) | 9268 |
| 9840000 | Royal Bank of Canada, (Secured Overnight Financing Rate + 0.720%), 4.51%, 10/18/27 (b) | 9810 |
| 1545000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.232%), 6.12%, 5/31/27 (b) | 1568 |
| 3445000 | Skandinaviska Enskilda Banken AB 144A, 5.13%, 3/05/27 (a) | 3489 |
| 2995000 | Starwood Property Trust Inc., 4.75%, 3/15/25 | 2989 |
| 7595000 | Sumitomo Mitsui Financial Group Inc., (U.S. Secured Overnight Financing Rate + 1.430%), 6.27%, 1/13/26 (b) | 7690 |
| 4825000 | Sumitomo Mitsui Financial Group Inc., (U.S. Secured Overnight Financing Rate + 1.170%), 6.02%, 7/09/29 (b) | 4875 |
| 4920000 | Sumitomo Mitsui Trust Bank Ltd. 144A, (U.S. Secured Overnight Financing Rate + 1.120%), 6.09%, 3/09/26 (a)(b) | 4961 |
| 7275000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.320%), 6.16%, 4/25/26 (b)(e) | 7300 |

---

Annual Financial Statements and Other Information 11

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Limited Maturity Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.71%, 4/22/28 (b) | $3890 |
| 8910000 | Wells Fargo Bank N.A., 5.55%, 8/01/25 | 8965 |
| 8525000 | Wells Fargo Bank N.A., 4.81%, 1/15/26 | 8549 |
| 900000 | XHR LP 144A, 6.38%, 8/15/25 (a) | 900 |
|  |  | 393855 |
|  **Industrial (9%)** | **Industrial (9%)** |  |
| 735000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (a) | 752 |
| 3030000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (a) | 2936 |
| 2970000 | Allison Transmission Inc. 144A, 4.75%, 10/01/27 (a) | 2899 |
| 4580000 | American Honda Finance Corp., (U.S. Secured Overnight Financing Rate + 0.920%), 5.76%, 1/12/26 (b) | 4604 |
| 2415000 | BAE Systems PLC 144A, 5.00%, 3/26/27 (a) | 2431 |
| 2590000 | Baxter International Inc., (Secured Overnight Financing Rate + 0.440%), 5.43%, 11/29/24 (b) | 2590 |
| 5875000 | BMW U.S. Capital LLC 144A, (Secured Overnight Financing Rate + 0.800%), 5.89%, 8/13/26 (a)(b) | 5907 |
| 9825000 | BMW U.S. Capital LLC 144A, 4.90%, 4/02/27 (a)(e) | 9891 |
| 1200000 | Bristol-Myers Squibb Co., 4.90%, 2/22/27 | 1213 |
| 1195000 | Campbell Soup Co., 5.30%, 3/20/26 | 1205 |
| 3670000 | Caterpillar Financial Services Corp., (U.S. Secured Overnight Financing Rate + 0.690%), 5.53%, 10/16/26 (b)(e) | 3694 |
| 471000 | Coty Inc. 144A, 5.00%, 4/15/26 (a) | 469 |
| 1000000 | Daimler Truck Finance North America LLC 144A, 5.00%, 1/15/27 (a) | 1006 |
| 4570000 | Daimler Truck Finance North America LLC 144A, (U.S. Secured Overnight Financing Rate + 0.960%), 5.82%, 9/25/27 (a)(b) | 4582 |
| 1340000 | Ford Motor Credit Co. LLC, 5.13%, 6/16/25 | 1337 |
| 3600000 | Ford Motor Credit Co. LLC, (U.S. Secured Overnight Financing Rate + 2.950%), 7.89%, 3/06/26 (b) | 3676 |
| 3060000 | Ford Motor Credit Co. LLC, 5.85%, 5/17/27 | 3090 |
| 1550000 | Freeport-McMoRan Inc., 4.55%, 11/14/24 | 1551 |
| 1410000 | General Mills Inc., 4.70%, 1/30/27 | 1411 |
| 2720000 | General Motors Financial Co. Inc., 5.40%, 5/08/27 | 2751 |
| 6950000 | General Motors Financial Co. Inc., (Secured Overnight Financing Rate + 1.050%), 5.89%, 7/15/27 (b) | 6953 |
| 1365000 | Genuine Parts Co., 1.75%, 2/01/25 | 1353 |
| 3550000 | Glencore Funding LLC 144A, 5.34%, 4/04/27 (a) | 3593 |
| 1065000 | Group 1 Automotive Inc. 144A, 6.38%, 1/15/30 (a) | 1072 |
| 1550000 | HCA Inc., 5.38%, 2/01/25 | 1550 |
| 4250000 | Hyundai Capital America 144A, (U.S. Secured Overnight Financing Rate + 1.150%), 6.29%, 8/04/25 (a)(b) | 4270 |
| 6285000 | Hyundai Capital America 144A, (U.S. Secured Overnight Financing Rate + 1.500%), 6.35%, 1/08/27 (a)(b) | 6365 |
| 7240000 | John Deere Capital Corp., (U.S. Secured Overnight Financing Rate + 0.680%), 5.52%, 7/15/27 (b)(e) | 7285 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025000 | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (a) | $2956 |
| 3520000 | Mercedes-Benz Finance North America LLC 144A, (U.S. Secured Overnight Financing Rate + 0.930%), 5.78%, 3/30/25 (a)(b) | 3530 |
| 6735000 | Mercedes-Benz Finance North America LLC 144A, 5.38%, 8/01/25 (a) | 6765 |
| 7285000 | Mercedes-Benz Finance North America LLC 144A, (U.S. Secured Overnight Financing Rate + 0.630%), 5.47%, 7/31/26 (a)(b) | 7291 |
| 1990000 | Meritage Homes Corp., 5.13%, 6/06/27 | 1991 |
| 3645000 | Newmont Corp./Newcrest Finance Pty Ltd., 5.30%, 3/15/26 | 3680 |
| 2900000 | Oracle Corp., 2.80%, 4/01/27 | 2779 |
| 2360000 | Owens Corning, 5.50%, 6/15/27 | 2407 |
| 1550000 | Penske Automotive Group Inc., 3.50%, 9/01/25 | 1528 |
| 4525000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 3.95%, 3/10/25 (a) | 4506 |
| 1965000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.35%, 1/12/27 (a) | 1983 |
| 4910000 | PTC Inc. 144A, 3.63%, 2/15/25 (a) | 4885 |
| 3640000 | Regal Rexnord Corp., 6.05%, 2/15/26 | 3679 |
| 3640000 | Ryder System Inc., 5.30%, 3/15/27 | 3684 |
| 3060000 | Sirius XM Radio Inc. 144A, 3.13%, 9/01/26 (a) | 2938 |
| 3025000 | Standard Industries Inc. 144A, 5.00%, 2/15/27 (a) | 2965 |
| 1550000 | Toll Brothers Finance Corp., 4.88%, 11/15/25 | 1550 |
| 4020000 | Toyota Motor Credit Corp., (Secured Overnight Financing Rate + 0.890%), 5.95%, 5/18/26 (b)(e) | 4050 |
| 8780000 | Toyota Motor Credit Corp., (U.S. Secured Overnight Financing Rate + 0.770%), 5.88%, 8/07/26 (b) | 8831 |
| 2770000 | Toyota Motor Credit Corp., 4.35%, 10/08/27 | 2760 |
| 2985000 | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (a) | 3012 |
| 1880000 | United Airlines Inc. 144A, 4.38%, 4/15/26 (a) | 1849 |
| 3605000 | UnitedHealth Group Inc., (U.S. Secured Overnight Financing Rate + 0.500%), 5.34%, 7/15/26 (b) | 3619 |
| 8690000 | Volkswagen Group of America Finance LLC 144A, 5.40%, 3/20/26 (a) | 8725 |
|  |  | 182399 |
|  **Utility (5%)** | **Utility (5%)** |  |
| 2485000 | Alliant Energy Finance LLC 144A, 5.40%, 6/06/27 (a) | 2513 |
| 4180000 | American Electric Power Co. Inc., 5.70%, 8/15/25 | 4203 |
| 1400000 | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.00%, 7/15/29 (a) | 1437 |
| 1955000 | California Resources Corp. 144A, 8.25%, 6/15/29 (a) | 1976 |
| 3469000 | Continental Resources Inc. 144A, 2.27%, 11/15/26 (a) | 3273 |
| 900000 | DPL Inc., 4.13%, 7/01/25 | 893 |
| 6840000 | Energy Transfer LP, 6.05%, 12/01/26 | 7010 |
| 7301000 | EQT Corp. 144A, 3.13%, 5/15/26 (a) | 7071 |
| 1835000 | Hess Midstream Operations LP 144A, 6.50%, 6/01/29 (a) | 1867 |
| 2600000 | Howard Midstream Energy Partners LLC 144A, 8.88%, 7/15/28 (a) | 2745 |
| 1890000 | Ithaca Energy North Sea PLC 144A, 8.13%, 10/15/29 (a) | 1895 |

---

12 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935000 | Karoon USA Finance Inc. 144A, 10.50%,<br>5/14/29 (a)(e) | $1998 |
| 9600000 | National Fuel Gas Co., 5.50%, 10/01/26 | 9718 |
| 9900000 | National Rural Utilities Cooperative Finance Corp., (U.S. Secured Overnight Financing Rate + 0.820%), 5.71%, 9/16/27 (b)(e) | 9986 |
| 4000000 | NextEra Energy Capital Holdings Inc., 5.75%, 9/01/25 | 4030 |
| 10090000 | NextEra Energy Capital Holdings Inc., 4.95%, 1/29/26 | 10126 |
| 3125000 | ONEOK Inc., 5.55%, 11/01/26 | 3169 |
| 5055000 | ONEOK Inc., 4.25%, 9/24/27 | 4991 |
| 3920000 | Ovintiv Inc., 5.65%, 5/15/25 | 3934 |
| 1345000 | SM Energy Co. 144A, 6.75%, 8/01/29 (a) | 1338 |
| 1830000 | Summit Midstream Holdings LLC 144A, 8.63%, 10/31/29 (a) | 1892 |
| 1090000 | Sunoco LP 144A, 7.00%, 5/01/29 (a) | 1125 |
| 3045000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | 2978 |
| 1950000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 1961 |
| 2020000 | USA Compression Partners LP/USA Compression Finance Corp. 144A, 7.13%, 3/15/29 (a) | 2059 |
| 900000 | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (a) | 889 |
| 1300000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (a) | 1264 |
|  |  | 96341 |
|  **Total Corporate Bond (Cost - $667,449)** | **Total Corporate Bond (Cost - $667,449)** | 672595 |
|  **Mortgage Backed (12%)** | **Mortgage Backed (12%)** |  |
| 3897567 | ACREC LLC 2023-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.230%), 7.03%, 2/19/38 (a)(b) | 3927 |
| 3200000 | AREIT Ltd. 2024-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.686%), 6.47%, 5/17/41 (a)(b) | 3213 |
| 4700000 | BRSP Ltd. 2024-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.945%), 6.70%, 8/19/37 (a)(b) | 4693 |
| 3428017 | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 1.044%), 5.85%, 10/15/37 (a)(b) | 3421 |
| 6998468 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 6.25%, 2/15/39 (a)(b) | 7023 |
| 5200000 | BX Commercial Mortgage Trust 2024-AIRC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 6.50%, 8/15/39 (a)(b) | 5217 |
| 7211627 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.392%), 6.20%, 3/15/41 (a)(b) | 7228 |
| 4729779 | BX Commercial Mortgage Trust 2024-MDHS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.641%), 6.45%, 5/15/41 (a)(b) | 4742 |
| 3171515 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.014%), 5.80%, 2/15/38 (a)(b) | 3132 |
| 2500000 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 6.05%, 2/15/38 (a)(b) | 2382 |
| 6230000 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (a) | 6256 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| 525875 | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 7.12%, 11/25/39 (a)(b) | $529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279923 | Connecticut Avenue Securities Trust 2021- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.71%, 12/25/41 (a)(b) | 2279 |
| 777106 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.86%, 12/25/41 (a)(b) | 777 |
| 2643119 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 6.06%, 1/25/42 (a)(b) | 2646 |
| 2256344 | Connecticut Avenue Securities Trust 2022- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.750%), 7.61%, 5/25/42 (a)(b) | 2314 |
| 2271378 | Connecticut Avenue Securities Trust 2023- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.400%), 7.26%, 12/25/42 (a)(b) | 2330 |
| 895434 | Connecticut Avenue Securities Trust 2023- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 7.16%, 1/25/43 (a)(b) | 918 |
| 3349316 | Connecticut Avenue Securities Trust 2023- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 7.16%, 5/25/43 (a)(b) | 3424 |
| 4618115 | Connecticut Avenue Securities Trust 2023- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.76%, 6/25/43 (a)(b) | 4669 |
| 5418927 | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.700%), 6.56%, 7/25/43 (a)(b) | 5439 |
| 2408967 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.96%, 2/25/44 (a)(b) | 2410 |
| 7888162 | Connecticut Avenue Securities Trust 2024- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.86%, 7/25/44 (a)(b) | 7881 |
| 3491293 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.050%), 5.91%, 9/25/44 (a)(b) | 3498 |
| 2666205 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 6.01%, 9/25/44 (a)(b) | 2668 |
| 3100000 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (a)(f) | 3098 |
| 5050000 | DBGS 2024-SBL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.882%), 6.69%,<br>8/15/34 (a)(b) | 5066 |

---

Annual Financial Statements and Other Information 13

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Limited Maturity Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546914 | Freddie Mac STACR REMIC Trust 2021-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.650%), 6.51%,<br>1/25/34 (a)(b) | $2559 |
| 3061240 | Freddie Mac STACR REMIC Trust 2022-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.86%,<br>1/25/42 (a)(b) | 3062 |
| 3040011 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.300%), 6.16%,<br>2/25/42 (a)(b) | 3048 |
| 2741226 | Freddie Mac STACR REMIC Trust 2022-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.96%,<br>3/25/42 (a)(b) | 2764 |
| 6012539 | Freddie Mac STACR REMIC Trust 2022-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.86%,<br>4/25/42 (a)(b) | 6082 |
| 1280817 | Freddie Mac STACR REMIC Trust 2022-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.200%), 7.06%,<br>5/25/42 (a)(b) | 1302 |
| 5994703 | Freddie Mac STACR REMIC Trust 2022-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.150%), 7.01%,<br>9/25/42 (a)(b) | 6056 |
| 3735230 | Freddie Mac STACR REMIC Trust 2023-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.96%,<br>4/25/43 (a)(b) | 3801 |
| 7407465 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.71%,<br>11/25/43 (a)(b) | 7497 |
| 3736758 | Freddie Mac STACR REMIC Trust 2024-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.350%), 6.21%,<br>2/25/44 (a)(b) | 3747 |
| 2650000 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 6.03%,<br>10/25/44 (a)(b) | 2648 |
| 5400000 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.050%), 6.08%,<br>10/25/44 (a)(b) | 5408 |
| 3812708 | Freddie Mac STACR REMIC Trust 2022-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 7.36%,<br>3/25/52 (a)(b) | 3872 |
| 5100000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 2.79%, 10/19/39 (a)(b)(d) | 5105 |
| 5000000 | Greystone CRE Notes 2024-HC3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.215%), 7.02%, 3/15/41 (a)(b) | 5005 |
| 2700000 | GS Mortgage Securities Corp. Trust 2023-SHIP 144A, 4.94%, 9/10/38 (a)(f) | 2671 |
| 834824 | HIG RCP LLC 2023-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.274%), 7.08%, 9/19/38 (a)(b) | 838 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 6.79%, 10/15/41 (a)(b) | $2002 |
| 5700000 | HTL Commercial Mortgage Trust 2024-T53 144A, 5.88%, 5/10/39 (a)(f) | 5752 |
| 3045635 | Life Mortgage Trust 2021-BMR 144A, (1 mo. Term Secured Overnight Financing Rate + 0.814%), 5.62%, 3/15/38 (a)(b) | 3002 |
| 4100000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 6.10%, 5/15/39 (a)(b) | 3990 |
| 2676112 | MCR Mortgage Trust 2024-HTL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.758%), 6.56%, 2/15/37 (a)(b) | 2677 |
| 504306 | Oaktown Re VII Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 6.46%, 4/25/34 (a)(b) | 505 |
| 4820251 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (a) | 4789 |
| 4873068 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 4872 |
| 4539623 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 4490 |
| 2500000 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 2517 |
| 2500000 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (a) | 2500 |
| 3950000 | ONE Mortgage Trust 2021-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 0.814%), 5.62%, 3/15/36 (a)(b) | 3867 |
| 4097605 | PFP Ltd. 2024-11 144A, (1 mo. Term Secured Overnight Financing Rate + 1.832%), 6.61%, 9/17/39 (a)(b) | 4110 |
| 3333799 | Shelter Growth CRE Issuer Ltd. 2023-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.754%), 7.51%, 5/19/38 (a)(b) | 3342 |
| 7300000 | THPT Mortgage Trust 2023-THL 144A, 6.99%, 12/10/34 (a)(f) | 7424 |
| 2000000 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (a) | 2012 |
| 2600000 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (a)(f) | 2609 |
|  **Total Mortgage Backed (Cost - $226,517)** | **Total Mortgage Backed (Cost - $226,517)** | 227105 |
|  **U.S. Treasury (16%)** | **U.S. Treasury (16%)** |  |
| 40000000 | U.S. Treasury Bill, 4.74%, 11/05/24 (d) | 39979 |
| 55000000 | U.S. Treasury Bill, 4.73%, 11/12/24 (d) | 54922 |
| 70000000 | U.S. Treasury Bill, 5.13%, 11/14/24 (d) | 69883 |
| 80000000 | U.S. Treasury Bill, 4.84%, 12/12/24 (d) | 79583 |
| 65000000 | U.S. Treasury Bill, 4.74%, 1/14/25 (d) | 64406 |
|  **Total U.S. Treasury (Cost - $308,712)** | **Total U.S. Treasury (Cost - $308,712)** | 308773 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 33387684 | Payden Cash Reserves Money Market Fund\* | 33388 |
| 2726002 | Payden Floating Rate Fund, SI Class\* | 26605 |
|  **Total Investment Company (Cost - $60,379)** | **Total Investment Company (Cost - $60,379)** | 59993 |
|  **Total Investments (Cost - $2,006,890) (103%)** | **Total Investments (Cost - $2,006,890) (103%)** | 2013826 |
|  **Liabilities in excess of Other Assets (-3%)** | **Liabilities in excess of Other Assets (-3%)** | (65555) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $1948271 |

---

14 Payden Mutual Funds

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
\* 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, 2024.

&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) All or a portion of these securities are on loan. At October 31, 2024, the total market value of the Fund's securities on loan is $26,205 and the total market value of the collateral held by the Fund is $26,941. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

#### 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 1,967 | CAD 2,645 | HSBC Bank USA, N.A. | 03/19/2025 | $58 |
|  **Liabilities:** |  |  |  |  |
|  CAD 295 | USD 215 | HSBC Bank USA, N.A. | 03/19/2025 | (2) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $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> | $26205 |
| Non-cash Collateral<sup>2</sup> | (26205) |
| 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, 2024, 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 15

------

&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 Low Duration Fund

---

| | | |
|:---|:---|:---|
| Schedule of Investments *- October 31, 2024* | Schedule of Investments *- October 31, 2024* | Schedule of Investments *- October 31, 2024* |
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Asset Backed (21%)** | **Asset Backed (21%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684713 | Ally Bank Auto Credit-Linked Notes Series 2024-A 144A, 6.32%, 5/17/32 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 |
| 1400000 | ARI Fleet Lease Trust 2024-B 144A, 5.26%, 4/15/33 (a) | 1416 |
| 1900000 | BofA Auto Trust 2024-1A 144A, 5.31%, 6/17/30 (a) | 1934 |
| 7151549 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 6.02%, 8/19/38 (a)(b) | 7134 |
| 4000000 | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 7.06%, 9/15/35 (a)(b) | 4019 |
| 4900000 | CarMax Auto Owner Trust 2024-4, 4.60%, 10/15/29 | 4895 |
| 2850000 | CarMax Auto Owner Trust 2024-3, 5.67%, 1/15/31 | 2871 |
| 2300000 | CarMax Auto Owner Trust 2024-4, 5.36%, 8/15/31 | 2297 |
| 8533338 | CARS-DB5 LP 2021-1A 144A, 1.44%, 8/15/51 (a) | 7975 |
| 1800000 | Carvana Auto Receivables Trust 2021-P3, 1.03%, 6/10/27 | 1727 |
| 2400000 | Carvana Auto Receivables Trust 2023-P5 144A, 5.62%, 1/10/29 (a) | 2427 |
| 8700000 | Carvana Auto Receivables Trust 2024-P1 144A, 5.05%, 4/10/29 (a) | 8734 |
| 3150000 | Carvana Auto Receivables Trust 2024-P2, 5.33%, 7/10/29 | 3186 |
| 3760000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | 3596 |
| 7500000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 1.76%, 4/15/49 (a) | 6947 |
| 7650000 | Diamond Issuer LLC 2021-1A 144A, 2.31%, 11/20/51 (a) | 7070 |
| 1000000 | DLLST LLC 2024-1A 144A, 5.05%, 8/20/27 (a) | 1005 |
| 2900000 | Enterprise Fleet Financing LLC 2024-2 144A, 5.61%, 4/20/28 (a) | 2957 |
| 6816725 | Enterprise Fleet Financing LLC 2023-1 144A, 5.51%, 1/22/29 (a) | 6850 |
| 1030000 | Enterprise Fleet Financing LLC 2023-3 144A, 6.41%, 6/20/30 (a) | 1074 |
| 1900000 | Enterprise Fleet Financing LLC 2024-1 144A, 5.16%, 9/20/30 (a) | 1924 |
| 810793 | Flagship Credit Auto Trust 2021-3 144A, 0.95%, 7/15/27 (a) | 807 |
| 2100000 | GM Financial Consumer Automobile Receivables Trust 2024-1, 4.85%, 12/18/28 | 2112 |
| 2600000 | GreatAmerica Leasing Receivables Funding LLC Series 2024-2 144A, 5.00%, 9/15/28 (a) | 2622 |
| 3750000 | Greystone CRE Notes Ltd. 2021-HC2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.70%, 12/15/39 (a)(b) | 3755 |
| 1600000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (a) | 1668 |
| 4800000 | HPEFS Equipment Trust 2023-1A 144A, 5.41%, 2/22/28 (a) | 4814 |
| 3100000 | HPEFS Equipment Trust 2024-2A 144A, 5.36%, 10/20/31 (a) | 3135 |
| 6054 | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 0.97%, 12/26/28 (a) | 6 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Kubota Credit Owner Trust 2024-2A 144A, 5.19%, 5/15/30 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 |
| 2667029 | LCCM Trust 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.12%, 12/13/38 (a)(b) | 2649 |
| 3205447 | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.414%), 6.22%, 7/15/36 (a)(b) | 3200 |
| 6500000 | Nissan Master Owner Trust Receivables 2024-B 144A, 5.05%, 2/15/29 (a) | 6564 |
| 3450000 | OCP CLO Ltd. 2014-6A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.55%, 10/17/30 (a)(b) | 3455 |
| 6019402 | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | 6015 |
| 4150000 | PFS Financing Corp. 2024-B 144A, 4.95%, 2/15/29 (a) | 4170 |
| 5000000 | PFS Financing Corp. 2024-F 144A, 4.75%, 8/15/29 (a) | 4994 |
| 584164 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | 584 |
| 231770 | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 5.92%, 8/16/32 (a) | 232 |
| 169965 | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 6.79%, 8/16/32 (a) | 170 |
| 2087693 | Santander Bank Auto Credit-Linked Notes 2023- B 144A, 5.64%, 12/15/33 (a) | 2104 |
| 75673 | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | 75 |
| 2524937 | Santander Drive Auto Receivables Trust 2023-S1 144A, 8.14%, 4/18/28 (a) | 2563 |
| 4314353 | Santander Drive Auto Receivables Trust 2024-S2 144A, 5.80%, 12/16/28 (a) | 4311 |
| 1762329 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (a) | 1766 |
| 2500000 | Santander Drive Auto Receivables Trust 2024-2, 5.78%, 7/16/29 | 2544 |
| 4410000 | Stack Infrastructure Issuer LLC 2020-1A 144A, 1.89%, 8/25/45 (a) | 4291 |
| 2400000 | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (a) | 2290 |
| 3000000 | Subway Funding LLC 2024-3A 144A, 5.25%, 7/30/54 (a) | 2954 |
| 5000000 | Switch ABS Issuer LLC 2024-2A 144A, 5.44%, 6/25/54 (a) | 4989 |
| 4598438 | Taco Bell Funding LLC 2016-1A 144A, 4.97%, 5/25/46 (a) | 4582 |
| 4800000 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | 4813 |
| 6550000 | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (a) | 6349 |
| 1000000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 1017 |
| 6400000 | Verizon Master Trust 2024-6, 4.17%, 8/20/30 | 6352 |
| 2000000 | Westlake Automobile Receivables Trust 2021- 3A 144A, 2.12%, 1/15/27 (a) | 1962 |
| 10000000 | Westlake Automobile Receivables Trust 2023- 2A 144A, 5.80%, 2/16/27 (a) | 10030 |
| 4432500 | Wingstop Funding LLC 2020-1A 144A, 2.84%, 12/05/50 (a) | 4118 |
|  **Total Asset Backed (Cost - $201,912)** | **Total Asset Backed (Cost - $201,912)** | 200815 |

---

16 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Commercial Paper(c) (1%)** | **Commercial Paper(c) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | FISERV, Inc., 4.85%, 11/01/24 (Cost - $15,000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14998 |
|  **Corporate Bond (31%)** | **Corporate Bond (31%)** |  |
|  **Financial (16%)** | **Financial (16%)** |  |
| 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) | 2463 |
| 4576000 | Air Lease Corp., 2.88%, 1/15/26 | 4469 |
| 5650000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.970%), 5.39%, 7/28/27 (b) | 5712 |
| 2715000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.04%, 7/26/28 (b) | 2734 |
| 4945000 | Athene Global Funding 144A, 5.52%, 3/25/27 (a) | 5002 |
| 4000000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.950%), 5.37%, 7/15/28 (b) | 4036 |
| 1920000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 0.650%), 1.53%, 12/06/25 (b) | 1913 |
| 4995000 | Banque Federative du Credit Mutuel SA 144A, 5.90%, 7/13/26 (a) | 5092 |
| 2225000 | Banque Federative du Credit Mutuel SA 144A, 5.09%, 1/23/27 (a) | 2243 |
| 1690000 | Blackstone Private Credit Fund, 2.70%, 1/15/25 | 1680 |
| 5000000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 4766 |
| 2160000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 2138 |
| 1520000 | Blue Owl Technology Finance Corp. 144A, 3.75%, 6/17/26 (a) | 1458 |
| 285000 | BPCE SA 144A, 5.20%, 1/18/27 (a) | 288 |
| 3245000 | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 2.100%), 5.98%, 1/18/27 (a)(b) | 3276 |
| 2165000 | Brighthouse Financial Global Funding 144A, 1.75%, 1/13/25 (a) | 2150 |
| 2605000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.440%), 7.15%, 10/29/27 (b) | 2720 |
| 3000000 | Citizens Bank N.A., (U.S. Secured Overnight Financing Rate + 1.020%), 5.28%, 1/26/26 (b)(d) | 2997 |
| 5605000 | Credit Agricole SA 144A, 5.59%, 7/05/26 (a) | 5688 |
| 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) | 1985 |
| 1270000 | Franklin BSP Capital Corp. 144A, 7.20%, 6/15/29 (a) | 1282 |
| 720000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (a) | 738 |
| 3980000 | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (a) | 3962 |
| 4300000 | Goldman Sachs Bank USA, (U.S. Secured Overnight Financing Rate + 0.777%), 5.28%, 3/18/27 (b) | 4329 |
| 3600000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 0.609%), 0.86%, 2/12/26 (b) | 3555 |
| 4655000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.075%), 5.80%, 8/10/26 (b) | 4685 |
| 3540000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.320%), 4.08%, 4/26/26 (b) | 3523 |
| 1390000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.190%), 5.04%, 1/23/28 (b) | 1398 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 4.98%, 7/22/28 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527 |
| 1915000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 1902 |
| 1220000 | KeyBank N.A., 4.70%, 1/26/26 | 1216 |
| 4723000 | KeyBank N.A., 5.85%, 11/15/27 (d) | 4840 |
| 6245000 | Manufacturers & Traders Trust Co., 4.65%, 1/27/26 | 6222 |
| 2905000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.770%), 6.14%, 10/16/26 (b) | 2939 |
| 4335000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 0.680%), 4.45%, 10/15/27 (b) | 4313 |
| 2545000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 0.930%), 4.97%, 7/14/28 (b) | 2560 |
| 4865000 | National Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.036%), 5.60%, 7/02/27 (b) | 4923 |
| 1440000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (b) | 1457 |
| 1560000 | OneMain Finance Corp., 7.13%, 3/15/26 | 1599 |
| 985000 | PNC Financial Services Group Inc., (U.S. Secured Overnight Financing Rate + 1.342%), 5.30%, 1/21/28 (b) | 997 |
| 3350000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | 3191 |
| 795000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.232%), 6.12%, 5/31/27 (b) | 807 |
| 2850000 | SBA Tower Trust 144A, 1.88%, 1/15/26 (a) | 2745 |
| 3800000 | SBA Tower Trust 144A, 1.63%, 11/15/26 (a) | 3541 |
| 1570000 | Starwood Property Trust Inc., 4.75%, 3/15/25 | 1567 |
| 6385000 | Sumitomo Mitsui Financial Group Inc., 5.46%, 1/13/26 | 6441 |
| 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) | 2306 |
| 1700000 | VICI Properties LP/VICI Note Co. Inc. 144A, 3.50%, 2/15/25 (a) | 1690 |
| 5365000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.320%), 3.91%, 4/25/26 (b) | 5334 |
| 3525000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.560%), 4.54%, 8/15/26 (b) | 3511 |
| 1930000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.71%, 4/22/28 (b) | 1968 |
| 615000 | XHR LP 144A, 6.38%, 8/15/25 (a) | 615 |
|  |  | 155493 |
|  **Industrial (10%)** | **Industrial (10%)** |  |
| 360000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (a) | 368 |
| 1020000 | AGCO Corp., 5.45%, 3/21/27 | 1032 |
| 1595000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (a) | 1546 |
| 1550000 | Allison Transmission Inc. 144A, 4.75%, 10/01/27 (a) | 1513 |
| 1735000 | AutoZone Inc., 5.05%, 7/15/26 | 1749 |
| 1200000 | BAE Systems PLC 144A, 5.00%, 3/26/27 (a)(d) | 1208 |
| 1900000 | Boeing Co. 144A, 6.26%, 5/01/27 (a) | 1944 |
| 1600000 | Campbell Soup Co., 5.20%, 3/19/27 | 1624 |

---

Annual Financial Statements and Other Information 17

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Low Duration Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519 |
| 3190000 | CommonSpirit Health, 6.07%, 11/01/27 | 3303 |
| 2940000 | Concentrix Corp., 6.65%, 8/02/26 | 2994 |
| 1770000 | Daimler Truck Finance North America LLC 144A, 5.13%, 9/25/27 (a) | 1785 |
| 1835000 | Darden Restaurants Inc., 4.35%, 10/15/27 | 1812 |
| 5450000 | Ford Motor Credit Co. LLC, 2.30%, 2/10/25 | 5402 |
| 2665000 | Ford Motor Credit Co. LLC, 5.13%, 6/16/25 | 2659 |
| 580000 | Freeport-McMoRan Inc., 4.55%, 11/14/24 | 581 |
| 2065000 | General Motors Financial Co. Inc., 5.40%, 4/06/26 | 2082 |
| 1315000 | General Motors Financial Co. Inc., 5.40%, 5/08/27 | 1330 |
| 3130000 | General Motors Financial Co. Inc., 5.35%, 7/15/27 | 3164 |
| 1770000 | Glencore Funding LLC 144A, 5.34%, 4/04/27 (a) | 1791 |
| 1380000 | HCA Inc., 5.38%, 2/01/25 | 1380 |
| 800000 | Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl 144A, 8.75%, 5/01/29 (a) | 813 |
| 2665000 | Hewlett Packard Enterprise Co., 4.40%, 9/25/27 | 2645 |
| 985000 | Hyundai Capital America 144A, 6.25%, 11/03/25 (a) | 999 |
| 6240000 | Hyundai Capital America 144A, 5.65%, 6/26/26 (a) | 6311 |
| 2230000 | Hyundai Capital America 144A, 5.25%, 1/08/27 (a) | 2247 |
| 1525000 | Icon Investments Six DAC, 5.81%, 5/08/27 | 1556 |
| 1910000 | Kroger Co., 4.70%, 8/15/26 | 1917 |
| 2060000 | Kroger Co., 4.60%, 8/15/27 | 2065 |
| 2300000 | Las Vegas Sands Corp., 5.90%, 6/01/27 | 2337 |
| 1550000 | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (a) | 1515 |
| 680000 | Meritage Homes Corp., 5.13%, 6/06/27 | 681 |
| 1380000 | Penske Automotive Group Inc., 3.50%, 9/01/25 | 1360 |
| 1025000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.35%, 1/12/27 (a) | 1034 |
| 2945000 | Regal Rexnord Corp., 6.05%, 2/15/26 | 2977 |
| 1905000 | Renesas Electronics Corp. 144A, 1.54%, 11/26/24 (a) | 1900 |
| 1550000 | Sirius XM Radio Inc. 144A, 3.13%, 9/01/26 (a) | 1488 |
| 1070000 | Smith & Nephew PLC, 5.15%, 3/20/27 | 1076 |
| 1550000 | Standard Industries Inc. 144A, 5.00%, 2/15/27 (a) | 1519 |
| 865000 | T-Mobile USA Inc., 2.25%, 2/15/26 | 838 |
| 1380000 | Toll Brothers Finance Corp., 4.88%, 11/15/25 | 1380 |
| 1565000 | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (a) | 1579 |
| 4590000 | Volkswagen Group of America Finance LLC 144A, 5.70%, 9/12/26 (a) | 4649 |
| 3590000 | Volkswagen Group of America Finance LLC 144A, 5.30%, 3/22/27 (a) | 3610 |
| 5070000 | Warnermedia Holdings Inc., 3.76%, 3/15/27 | 4884 |
| 1340000 | Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25 | 1324 |
|  |  | 93490 |
|  **Utility (5%)** | **Utility (5%)** |  |
| 1270000 | Alliant Energy Finance LLC 144A, 5.40%, 6/06/27 (a) | 1284 |
| 2800000 | American Electric Power Co. Inc., 5.70%, 8/15/25 | 2816 |
| 725000 | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.00%, 7/15/29 (a) | 744 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458089 | Brazos Securitization LLC 144A, 5.01%, 9/01/31 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461 |
| 975000 | California Resources Corp. 144A, 8.25%, 6/15/29 (a) | 985 |
| 1430000 | Civitas Resources Inc. 144A, 8.38%, 7/01/28 (a) | 1480 |
| 1485000 | DTE Energy Co., 4.95%, 7/01/27 | 1493 |
| 3585000 | Energy Transfer LP, 6.05%, 12/01/26 | 3674 |
| 3906000 | EQT Corp. 144A, 3.13%, 5/15/26 (a) | 3783 |
| 935000 | Hess Midstream Operations LP 144A, 6.50%, 6/01/29 (a) | 951 |
| 935000 | Ithaca Energy North Sea PLC 144A, 8.13%, 10/15/29 (a) | 938 |
| 1305000 | Karoon USA Finance Inc. 144A, 10.50%,<br>5/14/29 (a)(d) | 1348 |
| 5000000 | National Fuel Gas Co., 5.50%, 10/01/26 | 5061 |
| 1930000 | ONEOK Inc., 5.55%, 11/01/26 | 1957 |
| 2370000 | ONEOK Inc., 4.25%, 9/24/27 | 2340 |
| 2805000 | Ovintiv Inc., 5.65%, 5/15/25 | 2815 |
| 2300000 | Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 | 2291 |
| 690000 | SM Energy Co. 144A, 6.75%, 8/01/29 (a) | 686 |
| 1880000 | South Bow USA Infrastructure Holdings LLC 144A, 4.91%, 9/01/27 (a) | 1872 |
| 935000 | Summit Midstream Holdings LLC 144A, 8.63%, 10/31/29 (a) | 967 |
| 550000 | Sunoco LP 144A, 7.00%, 5/01/29 (a) | 568 |
| 1550000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | 1516 |
| 990000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 995 |
| 1010000 | USA Compression Partners LP/USA Compression Finance Corp. 144A, 7.13%, 3/15/29 (a) | 1029 |
| 1550000 | Var Energi ASA 144A, 7.50%, 1/15/28 (a) | 1645 |
| 3650000 | Whistler Pipeline LLC 144A, 5.40%, 9/30/29 (a) | 3668 |
| 610000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (a) | 593 |
| 1080000 | Williams Cos. Inc., 5.40%, 3/02/26 | 1088 |
|  |  | 51048 |
|  **Total Corporate Bond (Cost - $297,969)** | **Total Corporate Bond (Cost - $297,969)** | 300031 |
|  **Mortgage Backed (12%)** | **Mortgage Backed (12%)** |  |
| 117294722 | Benchmark Mortgage Trust 2018-B6, 0.40%, 10/10/51 (e) | 1185 |
| 4781000 | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 1.244%), 6.05%, 10/15/37 (a)(b) | 4755 |
| 2430024 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.792%), 6.60%, 2/15/39 (a)(b) | 2433 |
| 3600000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 6.74%, 7/15/29 (a)(b) | 3609 |
| 4550000 | BX Trust 2021-ARIA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.014%), 5.82%, 10/15/36 (a)(b) | 4523 |
| 6788082 | BXMT Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.164%), 5.95%, 5/15/38 (a)(b) | 6568 |
| 21650649 | Cantor Commercial Real Estate Lending 2019- CF1, 1.11%, 5/15/52 (e) | 752 |
| 3000000 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (a) | 3013 |

---

18 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019618 | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 7.12%, 11/25/39 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 |
| 900000 | Connecticut Avenue Securities Trust 2020- SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%), 8.62%, 2/25/40 (a)(b) | 952 |
| 3750000 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.150%), 8.01%, 12/25/41 (a)(b) | 3849 |
| 2085644 | Connecticut Avenue Securities Trust 2022- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.550%), 7.41%, 7/25/42 (a)(b) | 2139 |
| 2700000 | Connecticut Avenue Securities Trust 2024- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 6.66%, 1/25/44 (a)(b) | 2725 |
| 2600000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 6.66%, 2/25/44 (a)(b) | 2620 |
| 4541220 | Connecticut Avenue Securities Trust 2024- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.86%, 7/25/44 (a)(b) | 4543 |
| 1150000 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 6.46%, 9/25/44 (a)(b) | 1157 |
| 13150000 | Fannie Mae Connecticut Avenue Securities 2021- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.86%, 11/25/41 (a)(b) | 13227 |
| 6203510 | Freddie Mac REMIC 5057, 1.00%, 4/15/54 | 5635 |
| 3100000 | Freddie Mac STACR REMIC Trust 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 8.26%, 10/25/41 (a)(b) | 3195 |
| 3000000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.650%), 8.51%, 11/25/41 (a)(b) | 3115 |
| 793793 | Freddie Mac STACR REMIC Trust 2022-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.150%), 7.01%, 9/25/42 (a)(b) | 802 |
| 1762819 | Freddie Mac STACR REMIC Trust 2024-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 6.06%, 5/25/44 (a)(b) | 1768 |
| 4108778 | Freddie Mac STACR REMIC Trust 2024-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.250%), 6.11%, 5/25/44 (a)(b) | 4117 |
| 1000000 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 6.48%, 10/25/44 (a)(b) | 1002 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649221 | Freddie Mac STACR REMIC Trust 2022-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 7.36%, 3/25/52 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 |
| 4350000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 2.79%, 10/19/39 (a)(b)(c) | 4355 |
| 1848000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 6.79%, 10/15/41 (a)(b) | 1849 |
| 2000000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 6.10%, 5/15/39 (a)(b) | 1947 |
| 1951448 | New Residential Mortgage Loan Trust 2017-1A 144A, 4.00%, 2/25/57 (a)(e) | 1870 |
| 1309998 | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (a)(e) | 1252 |
| 451617 | Oaktown Re VII Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 6.46%, 4/25/34 (a)(b) | 452 |
| 2852801 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (a) | 2834 |
| 3703531 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 3703 |
| 2171124 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 2147 |
| 2100000 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 2114 |
| 1000000 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (a) | 1000 |
| 6450000 | ONE Mortgage Trust 2021-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 0.814%), 5.62%, 3/15/36 (a)(b) | 6314 |
| 3615644 | Provident Funding Mortgage Trust 2020-F1 144A, 2.00%, 1/25/36 (a)(e) | 3151 |
| 2175742 | Shelter Growth CRE Issuer Ltd. 2023-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.754%), 7.51%, 5/19/38 (a)(b) | 2181 |
| 1600000 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (a) | 1609 |
|  **Total Mortgage Backed (Cost - $118,420)** | **Total Mortgage Backed (Cost - $118,420)** | 116146 |
|  **Municipal (1%)** | **Municipal (1%)** |  |
| 2330000 | California Earthquake Authority A, 5.60%, 7/01/27 | 2349 |
| 9797393 | Texas Natural Gas Securitization Finance Corp., 5.10%, 4/01/35 | 9963 |
|  **Total Municipal (Cost - $12,128)** | **Total Municipal (Cost - $12,128)** | 12312 |
|  **U.S. Government Agency (1%)** | **U.S. Government Agency (1%)** |  |
| 11730000 | FHLB, 5.00%, 2/28/25 |  |
|  | **(Cost - $11,715)** | 11745 |
|  **U.S. Treasury (33%)** | **U.S. Treasury (33%)** |  |
| 41261000 | U.S. Treasury Note, 3.75%, 4/15/26 | 40989 |
| 102753000 | U.S. Treasury Note, 4.38%, 8/15/26 | 103096 |
| 74740000 | U.S. Treasury Note, 3.50%, 9/30/26 | 73835 |
| 4880000 | U.S. Treasury Note, 4.00%, 10/31/26 | 4877 |
| 8235000 | U.S. Treasury Note, 4.50%, 5/15/27 | 8306 |
| 6920000 | U.S. Treasury Note, 4.63%, 6/15/27 | 7006 |
| 42935000 | U.S. Treasury Note, 4.13%, 8/15/27 | 42512 |
| 35380000 | U.S. Treasury Note, 3.38%, 9/15/27 | 34676 |
| 4880000 | U.S. Treasury Note, 3.50%, 10/15/27 | 4847 |
|  **Total U.S. Treasury (Cost - $320,640)** | **Total U.S. Treasury (Cost - $320,640)** | 320144 |

---

Annual Financial Statements and Other Information 19

------

Payden Low Duration Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227350 | Payden Cash Reserves Money Market Fund \* |  |
|  | **(Cost - $7,227)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227 |
|  **Total Investments (Cost - $985,011) (101%)** | **Total Investments (Cost - $985,011) (101%)** | 983418 |
|  **Liabilities in excess of Other Assets (-1%)** | **Liabilities in excess of Other Assets (-1%)** | (9371) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $974047 |

---

\* 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, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of these securities are on loan. At October 31, 2024, the total market value of the Fund's securities on loan is $3,399 and the total market value of the collateral held by the Fund is $3,591. 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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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:** | **Long Contracts:** |  |  |  |  |
| U.S. Treasury 2-Year Note Future | 1173 | Dec-24 | $241574 | $(1340) | $(1340) |

---

#### 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> | $3399 |
|  Non-cash Collateral<sup>2</sup>  | (3399) |
|  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, 2024, 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.* 

20 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. Government Fund

---

| | | |
|:---|:---|:---|
|  **Schedule of Investments** *- October 31, 2024* | **Schedule of Investments** *- October 31, 2024* |  |
| Principal<br>or Shares | Security Description | Value (000) |
|  **Asset Backed (1%)** | **Asset Backed (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732073 | Fannie Mae Grantor Trust 2017-T1, 2.90%, 6/25/27 (Cost - $699) | $700 |
|  **Mortgage Backed (43%)** | **Mortgage Backed (43%)** |  |
| 1559277 | Fannie Mae-Aces 2017-M15, 3.16%, 11/25/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 |
| 980178 | FH 841779 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.335%), 4.44%, 6/01/54 (b) | 955 |
| 739911 | FH 8C0092 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 1.54%, 8/01/51 (b) | 672 |
| 850104 | FH 8C0312 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 4.44%, 7/01/52 (b) | 835 |
| 796801 | FHLMC Multifamily Structured Pass-Through Certificates K045, 3.02%, 1/25/25 | 792 |
| 700000 | FHLMC Multifamily Structured Pass-Through Certificates K058, 2.65%, 8/25/26 | 678 |
| 1027938 | FHLMC Multifamily Structured Pass-Through Certificates K061, 3.35%, 11/25/26 (a) | 1004 |
| 1200000 | FHLMC Multifamily Structured Pass-Through Certificates K505, 4.82%, 6/25/28 | 1208 |
| 504493 | FHLMC Multifamily Structured Pass-Through Certificates Q013, 2.66%, 5/25/50 (a) | 500 |
| 262799 | FN AS4186 15YR, 2.50%, 1/01/30 | 252 |
| 158083 | FN AS6443 15YR, 3.00%, 12/01/30 | 152 |
| 276659 | FN AS8013 15YR, 2.50%, 9/01/31 | 263 |
| 305316 | FN BM4153 15YR, 3.00%, 6/01/33 | 292 |
| 1323215 | FN BM7166 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.341%), 5.17%, 3/01/53 (b) | 1325 |
| 397694 | FN BP6814 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year + 1.610%), 2.29%, 5/01/50 (b) | 362 |
| 731106 | FN BR9966 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.610%), 1.92%, 5/01/51 (b) | 651 |
| 775018 | FN BV2462 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 3.78%, 6/01/52 (b) | 749 |
| 1118684 | FN FS2395 15YR, 3.50%, 7/01/37 | 1070 |
| 1090923 | FN MA4694 15YR, 3.50%, 8/01/37 | 1040 |
| 1622147 | FN MA4869 30YR, 5.50%, 1/01/53 | 1608 |
| 854420 | FN MA5072 30YR, 5.50%, 7/01/53 | 847 |
| 836058 | FN MA5110 15YR, 5.00%, 8/01/38 | 835 |
| 2500000 | FNCL, 5.00%, 11/01/<br> 5430YR TBA (c) | 2429 |
| 878388 | FNR 2024-21 DA 2024-21, 5.50%, 12/25/46 | 886 |
| 63460 | FNR FA 2002-10, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.864%), 5.72%, 2/25/32 (b) | 64 |
| 683219 | FR SB8192 15YR, 5.00%, 10/01/37 | 683 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value (000) |
| 1527685 | FR SB8206 15YR, 5.00%, 1/01/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871905 | FR SD8308 30YR, 5.50%, 3/01/53 | 864 |
| 794989 | FRESB Mortgage Trust 2021-SB83, 0.63%, 1/25/26 (a) | 759 |
| 852991 | FRESB Mortgage Trust 2017-SB38, 2.92%, 8/25/27 (a) | 817 |
| 757824 | FRESB Mortgage Trust 2018-SB56, 3.69%, 10/25/28 (a) | 735 |
| 683229 | FRESB Mortgage Trust 2019-SB59, 3.47%, 1/25/29 (a) | 656 |
| 950721 | FRESB Mortgage Trust 2020-SB79, 0.80%, 7/25/40 (a) | 908 |
| 226324 | G2 778200, 4.00%, 2/20/32 | 221 |
| 244924 | G2 778203, 4.75%, 2/20/32 | 244 |
| 554931 | G2 AD0857, 3.75%, 9/20/33 | 535 |
| 231502 | G2 AY5132, 3.25%, 7/20/37 | 218 |
| 455158 | G2 AY5138, 3.25%, 12/20/37 | 429 |
| 250757 | GN 728153, 5.50%, 10/15/29 | 253 |
| 159681 | GNR ST 2014-79, 33.00%, 7/20/29 (a)(d) | 1 |
|  **Total Mortgage Backed (Cost - $31,597)** | **Total Mortgage Backed (Cost - $31,597)** | 29823 |
|  **U.S. Government Agency (1%)** | **U.S. Government Agency (1%)** |  |
| 500000 | Federal Home Loan Mortgage Corp., 4.00%, 2/28/25 (Cost - $500) | 499 |
|  **U.S. Treasury (55%)** | **U.S. Treasury (55%)** |  |
| 1500000 | U.S. Treasury Note, 3.50%, 9/15/25 | 1490 |
| 1500000 | U.S. Treasury Note, 4.00%, 12/15/25 | 1495 |
| 1400000 | U.S. Treasury Note, 4.00%, 2/15/26 | 1396 |
| 6000000 | U.S. Treasury Note, 3.63%, 5/15/26 | 5947 |
| 6000000 | U.S. Treasury Note, 4.38%, 12/15/26 | 6027 |
| 7700000 | U.S. Treasury Note, 4.00%, 1/15/27 | 7677 |
| 5500000 | U.S. Treasury Note, 3.25%, 6/30/27 | 5380 |
| 4500000 | U.S. Treasury Note, 4.13%, 8/15/27 | 4456 |
| 3000000 | U.S. Treasury Note, 4.00%, 2/29/28 | 2987 |
| 1200000 | U.S. Treasury Note, 3.50%, 9/30/29 | 1166 |
|  **Total U.S. Treasury (Cost - $38,102)** | **Total U.S. Treasury (Cost - $38,102)** | 38021 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 1988572 | Payden Cash Reserves Money Market Fund \* (Cost - $1,989) | 1989 |
|  **Total Investments (Cost - $72,887) (103%)** | **Total Investments (Cost - $72,887) (103%)** | 71032 |
|  **Liabilities in excess of Other Assets (-3%)** | **Liabilities in excess of Other Assets (-3%)** | (2043) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $68989 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Yield to maturity at time of purchase.

Annual Financial Statements and Other Information 21

------

&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. Government Fund continued

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number<br>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 | 30 | Dec-24 | $3217 | $(75) | $(75) |

---

*See notes to financial statements.* 

22 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 GNMA Fund

---

| | | |
|:---|:---|:---|
|  **Schedule of Investments** *- October 31, 2024* | **Schedule of Investments** *- October 31, 2024* |  |
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Mortgage Backed (120%)** | **Mortgage Backed (120%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156117 | FHLMC Multifamily Structured Pass-Through Certificates KF39, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.434%), 5.60%, 11/25/24 (a) | $156 |
| 374487 | FHLMC Multifamily Structured Pass-Through Certificates KF07, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.404%), 5.57%, 2/25/25 (a) | 374 |
| 317405 | FHLMC Multifamily Structured Pass-Through Certificates KF60, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.604%), 5.77%, 2/25/26 (a) | 318 |
| 491497 | FHLMC Multifamily Structured Pass-Through Certificates KF62, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.594%), 5.76%, 4/25/26 (a) | 492 |
| 1230705 | FHLMC Multifamily Structured Pass-Through Certificates KF68, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.604%), 5.77%, 7/25/26 (a) | 1232 |
| 118405 | FHLMC Multifamily Structured Pass-Through Certificates KF74, (1 mo. Secured Overnight Financing Rate Index + 0.530%), 5.68%, 1/25/27 (a) | 118 |
| 410209 | FHLMC Multifamily Structured Pass-Through Certificates KS09, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.484%), 5.34%, 10/25/27 (a) | 411 |
| 619309 | FHLMC Multifamily Structured Pass-Through Certificates Q013, 2.66%, 5/25/50 (b) | 614 |
| 1121364 | FN AL6513, 5.00%, 7/01/44 | 1122 |
| 196987 | FN BM2007 30YR, 4.00%, 9/01/48 | 185 |
| 1141793 | FN FM9195 30YR, 2.50%, 10/01/51 | 955 |
| 1697820 | FN MA3238 30YR, 3.50%, 1/01/48 | 1540 |
| 943294 | FN MA4918 30YR, 5.00%, 2/01/53 | 918 |
| 750000 | FNCL, 4.50%, 11/01/5430YR TBA (c) | 712 |
| 1000000 | FNCL, 5.00%, 11/01/5430YR TBA (c) | 972 |
| 64596 | FNR FA 2007-110, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.734%), 5.59%, 12/25/37 (a) | 64 |
| 978926 | FR RA7790 30YR, 5.00%, 8/01/52 | 955 |
| 563796 | FRESB Mortgage Trust 2017-SB41, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.814%), 5.98%, 9/25/37 (a) | 563 |
| 142331 | G2 3711 30YR, 5.50%, 5/20/35 | 146 |
| 114198 | G2 3772 30YR, 5.00%, 10/20/35 | 114 |
| 236771 | G2 3785 30YR, 5.00%, 11/20/35 | 238 |
| 262711 | G2 4802 30YR, 5.00%, 9/20/40 | 264 |
| 896767 | G2 4853 30YR, 4.00%, 11/20/40 | 859 |
| 329426 | G2 5083 30YR, 5.00%, 6/20/41 | 330 |
| 1053641 | G2 5115 30YR, 4.50%, 7/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 |
| 899549 | G2 5258 30YR, 3.50%, 12/20/41 | 835 |
| 437933 | G2 770239 30YR, 4.00%, 2/20/42 | 419 |
| 530742 | G2 785023 15YR, 3.00%, 5/20/34 | 509 |
| 1256197 | G2 785219 30YR, 2.00%, 12/20/50 | 1006 |
| 499737 | G2 785289 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.09%, 12/20/47 (a) | 504 |
| 1377477 | G2 785524 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.532%), 4.25%, 12/20/41 (a) | 1388 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72618 | G2 80029 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/27 (a) | $72 |
| 127898 | G2 80052 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 3/20/27 (a) | 126 |
| 96825 | G2 80059 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.88%, 4/20/27 (a) | 96 |
| 211795 | G2 80074 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.88%, 5/20/27 (a) | 211 |
| 477094 | G2 80152 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/28 (a) | 476 |
| 134572 | G2 80154 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/28 (a) | 134 |
| 197570 | G2 80169 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 2/20/28 (a) | 196 |
| 295325 | G2 80184 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.88%, 4/20/28 (a) | 295 |
| 334470 | G2 80319 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 9/20/29 (a) | 333 |
| 342365 | G2 80637 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 9/20/32 (a) | 345 |
| 736413 | G2 80795 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.75%, 12/20/33 (a) | 739 |
| 271429 | G2 80826 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 2/20/34 (a) | 273 |
| 439679 | G2 80835 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 2/20/34 (a) | 442 |
| 414353 | G2 81282 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 3/20/35 (a) | 417 |
| 432644 | G2 82074 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.88%, 5/20/38 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 |
| 290771 | G2 82107 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.63%, 7/20/38 (a) | 295 |
| 528874 | G2 82457 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/40 (a) | 533 |
| 302747 | G2 82463 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/40 (a) | 305 |
| 37093 | G2 83031 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 6.50%, 1/20/42 (a) | 37 |
| 118051 | G2 8991 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.75%, 10/20/26 (a) | 118 |
| 826438 | G2 AY5132, 3.25%, 7/20/37 | 778 |

---

Annual Financial Statements and Other Information 23

------

&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 GNMA Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 910809 | G2 AY5138, 3.25%, 12/20/37 | $858 |
| 131089 | G2 MA0312, 3.50%, 8/20/42 | 118 |
| 164520 | G2 MA0387, 3.50%, 9/20/42 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234347 | G2 MA0698 30YR, 3.00%, 1/20/43 | 1105 |
| 1118888 | G2 MA1012 30YR, 3.50%, 5/20/43 | 1034 |
| 986982 | G2 MA1089 30YR, 3.00%, 6/20/43 | 884 |
| 958249 | G2 MA1520 30YR, 3.00%, 12/20/43 | 858 |
| 905639 | G2 MA2304 30YR, 4.00%, 10/20/44 | 862 |
| 818246 | G2 MA2522 30YR, 4.00%, 1/20/45 | 778 |
| 509458 | G2 MA2767 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.50%, 4/20/45 (a) | 520 |
| 397023 | G2 MA3454 30YR, 3.50%, 2/20/46 | 364 |
| 1253298 | G2 MA3662 30YR, 3.00%, 5/20/46 | 1115 |
| 773473 | G2 MA3663 30YR, 3.50%, 5/20/46 | 710 |
| 1445579 | G2 MA3735 30YR, 3.00%, 6/20/46 | 1287 |
| 622528 | G2 MA3936 30YR, 3.00%, 9/20/46 | 553 |
| 524204 | G2 MA4069 30YR, 3.50%, 11/20/46 | 480 |
| 629561 | G2 MA4195 30YR, 3.00%, 1/20/47 | 559 |
| 395670 | G2 MA4197 30YR, 4.00%, 1/20/47 | 375 |
| 610412 | G2 MA4262 30YR, 3.50%, 2/20/47 | 558 |
| 784999 | G2 MA4321 30YR, 3.50%, 3/20/47 | 717 |
| 438852 | G2 MA4322 30YR, 4.00%, 3/20/47 | 414 |
| 1050189 | G2 MA4382 30YR, 3.50%, 4/20/47 | 959 |
| 322522 | G2 MA4510 30YR, 3.50%, 6/20/47 | 295 |
| 698390 | G2 MA4719 30YR, 3.50%, 9/20/47 | 638 |
| 512427 | G2 MA4962 30YR, 3.50%, 1/20/48 | 468 |
| 1010042 | G2 MA5265 30YR, 4.50%, 6/20/48 | 978 |
| 1899830 | G2 MA6473 30YR, 2.50%, 2/20/50 | 1618 |
| 564796 | G2 MA6709 30YR, 2.50%, 6/20/50 | 481 |
| 2202387 | G2 MA6818 30YR, 2.00%, 8/20/50 | 1802 |
| 1363173 | G2 MA6930 30YR, 2.00%, 10/20/50 | 1114 |
| 1965597 | G2 MA6931 30YR, 2.50%, 10/20/50 | 1671 |
| 2018974 | G2 MA7051 30YR, 2.00%, 12/20/50 | 1650 |
| 2187179 | G2 MA7367 30YR, 2.50%, 5/20/51 | 1856 |
| 791598 | G2 MA7471 30YR, 2.00%, 7/20/51 | 646 |
| 1405770 | G2 MA7472 30YR, 2.50%, 7/20/51 | 1193 |
| 794151 | G2 MA7473 30YR, 3.00%, 7/20/51 | 697 |
| 2364112 | G2 MA7533 30YR, 2.00%, 8/20/51 | 1930 |
| 1840986 | G2 MA7535 30YR, 3.00%, 8/20/51 | 1617 |
| 2441160 | G2 MA7589 30YR, 2.50%, 9/20/51 | 2071 |
| 2383413 | G2 MA7648 30YR, 2.00%, 10/20/51 | 1946 |
| 1929526 | G2 MA7705 30YR, 2.50%, 11/20/51 | 1636 |
| 2011257 | G2 MA7706 30YR, 3.00%, 11/20/51 | 1766 |
| 3085437 | G2 MA7766 30YR, 2.00%, 12/20/51 | 2519 |
| 2690348 | G2 MA7767 30YR, 2.50%, 12/20/51 | 2283 |
| 1622908 | G2 MA7768 30YR, 3.00%, 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 |
| 2474485 | G2 MA7881 30YR, 2.50%, 2/20/52 | 2098 |
| 416271 | G2 MA7882 30YR, 3.00%, 2/20/52 | 365 |
| 2222723 | G2 MA7987 30YR, 2.50%, 4/20/52 | 1885 |
| 1659576 | G2 MA7990 30YR, 4.00%, 4/20/52 | 1548 |
| 835917 | G2 MA8097 30YR, 2.50%, 6/20/52 | 709 |
| 937288 | G2 MA8146 30YR, 2.00%, 7/20/52 | 766 |
| 871913 | G2 MA8200 30YR, 4.00%, 8/20/52 | 812 |
| 436662 | G2 MA8266 30YR, 3.50%, 9/20/52 | 395 |
| 841139 | G2 MA8570 30YR, 5.50%, 1/20/53 | 839 |
| 979890 | G2 MA8648 30YR, 5.50%, 2/20/53 | 978 |
| 896718 | G2 MA8948 30YR, 5.50%, 6/20/53 | 894 |
| 2395137 | G2 MA9726 30YR, 6.00%, 6/20/54 | 2415 |
| 2700000 | G2SF, 3.50%, 11/15/5430YR TBA (c) | 2440 |
| 2700000 | G2SF, 4.50%, 11/15/5430YR TBA (c) | 2577 |
| 5010000 | G2SF, 5.50%, 11/15/5430YR TBA (c) | 4983 |
| 5530000 | G2SF, 6.00%, 11/15/5430YR TBA (c) | 5571 |
| 4400000 | G2SF, 5.00%, 11/20/5430YR TBA (c) | 4298 |
| 84269 | GN 455989, 5.00%, 7/15/26 | 84 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 27269 | GN 558954, 5.25%, 5/15/29 | $27 |
| 236820 | GN 558956, 4.50%, 6/15/29 | 235 |
| 98481 | GN 605099 30YR, 5.50%, 3/15/34 | 100 |
| 249999 | GN 616826 30YR, 5.50%, 1/15/35 | 253 |
| 490496 | GN 710868 30YR, 5.50%, 9/15/39 | 502 |
| 151552 | GN 728153, 5.50%, 10/15/29 | 153 |
| 52383 | GN 728159, 5.25%, 11/15/29 | 52 |
| 103780 | GN 781810 30YR, 5.50%, 10/15/34 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943046 | GNR 2009-22 FA 2009-22, (1 mo. Term Secured Overnight Financing Rate + 0.844%), 5.60%, 4/20/39 (a) | 946 |
| 269662 | GNR AF 2012-18, (1 mo. Term Secured Overnight Financing Rate + 0.414%), 5.17%, 2/20/38 (a) | 269 |
| 2757 | GNR AH 2015-159, 2.50%, 5/20/43 | 3 |
| 532105 | GNR F 2004-56, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 5.27%, 6/20/33 (a) | 531 |
| 111612 | GNR FA 2001-35, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 5.15%, 8/16/31 (a) | 112 |
| 180961 | GNR FB 2007-76, (1 mo. Term Secured Overnight Financing Rate + 0.614%), 5.37%, 11/20/37 (a) | 181 |
| 493372 | GNR FB 2008-11, (1 mo. Term Secured Overnight Financing Rate + 0.714%), 5.47%, 2/20/38 (a) | 494 |
| 281131 | GNR FC 2003-71, (1 mo. Term Secured Overnight Financing Rate + 0.614%), 5.37%, 7/20/33 (a) | 280 |
| 425849 | GNR FC 2007-54, (1 mo. Term Secured Overnight Financing Rate + 0.374%), 5.13%, 9/20/37 (a) | 425 |
| 789354 | GNR FC 2018-91, (1 mo. Term Secured Overnight Financing Rate + 0.414%), 5.26%, 7/20/48 (a) | 772 |
| 276072 | GNR FG 2004-86, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 5.27%, 7/20/34 (a) | 276 |
| 398536 | GNR FH 2004-59, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 5.15%, 8/16/34 (a) | 398 |
| 154910 | GNR FH 2008-2, (1 mo. Term Secured Overnight Financing Rate + 0.564%), 5.32%, 1/20/38 (a) | 154 |
| 575147 | GNR FJ 2019-6, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 5.27%, 1/20/49 (a) | 562 |
| 514180 | GNR FK 2006-60, (1 mo. Term Secured Overnight Financing Rate + 0.314%), 5.10%, 11/20/36 (a) | 513 |
| 261073 | GNR LF 2011-153, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 5.15%, 7/16/41 (a) | 257 |
| 370797 | GNR ST 2014-79, 33.00%, 7/20/29 (b)(d) | 3 |
| 597949 | GNR UF 2008-67, (1 mo. Term Secured Overnight Financing Rate + 0.564%), 5.32%, 6/20/38 (a) | 598 |
|  **Total Mortgage Backed (Cost - $122,844)** | **Total Mortgage Backed (Cost - $122,844)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115417 |

---

24 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806479 | Payden Cash Reserves Money Market Fund \* |  |
|  | **(Cost - $2,806)** | $2806 |
|  **Total Investments (Cost - $125,650) (123%)** | **Total Investments (Cost - $125,650) (123%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118223 |
|  **Liabilities in excess of Other Assets (-23%)** | **Liabilities in excess of Other Assets (-23%)** | (22027) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $96196 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Yield to maturity at time of purchase.

*See notes to financial statements.* 

Annual Financial Statements and Other Information 25

------

Payden Core Bond Fund

---

| | | |
|:---|:---|:---|
|  Schedule of Investments *- October 31, 2024*  | Schedule of Investments *- October 31, 2024*  |  |
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (8%)** | **Asset Backed (8%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024236 | ACRES Commercial Realty Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.10%,<br>6/15/36 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 |
| 3900000 | Bain Capital Credit CLO Ltd. 2020-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.210%), 5.84%, 10/23/34 (a)(b) | 3900 |
| 4015276 | Carlyle Global Market Strategies CLO Ltd. 2012-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.120%), 5.75%,<br>4/22/32 (a)(b) | 4015 |
| 2724090 | CARS-DB4 LP 2020-1A 144A, 3.25%, 2/15/50 (a) | 2440 |
| 3225000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 CAD (a)(c) | 2328 |
| 2800000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | 2678 |
| 3800000 | Dryden CLO Ltd. 2019-72A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.89%, 5/15/32 (a)(b) | 3803 |
| 29 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (d) | 1863 |
| 1220806 | Flatiron CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.212%), 5.86%, 4/17/31 (a)(b) | 1222 |
| 4700000 | Galaxy XXII CLO Ltd. 2016-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.89%, 4/16/34 (a)(b) | 4700 |
| 980767 | JPMorgan Chase Bank N.A.-CACLN 2020-2 144A, 31.36%, 2/25/28 (a) | 1000 |
| 2058591 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (a) | 2279 |
| 5955 | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 2.28%, 12/26/28 (a) | 6 |
| 48447 | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 2.10%, 2/26/29 (a) | 48 |
| 3600000 | LCM Ltd. 39A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.340%), 6.00%, 10/15/34 (a)(b) | 3600 |
| 2000000 | Madison Park Funding XLVIII Ltd. 2021-48A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.262%), 6.88%,<br>4/19/33 (a)(b) | 2002 |
| 2335000 | Neuberger Berman Loan Advisers CLO Ltd. 2020-36A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 6.42%, 4/20/33 (a)(b) | 2339 |
| 2600000 | Ocean Trails CLO VII 2019-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.712%), 7.36%, 4/17/30 (a)(b) | 2605 |
| 2961928 | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | 2960 |
| 664299 | Palmer Square CLO Ltd. 2014-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.392%), 6.04%, 1/17/31 (a)(b) | 665 |
| 3725000 | Palmer Square CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.530%), 6.18%, 4/16/37 (a)(b) | 3746 |
| 4500000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.87%, 7/20/35 (a)(b) | 4500 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472844 | Rockford Tower CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.422%), 6.04%, 10/20/31 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478 |
| 3100000 | RR Ltd. 2022-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.730%), 6.39%, 1/15/36 (a)(b) | 3106 |
| 496540 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | 496 |
| 80347 | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 6.79%, 8/16/32 (a) | 80 |
| 2041300 | Santander Bank Auto Credit-Linked Notes 2023- B 144A, 6.66%, 12/15/33 (a) | 2065 |
| 83240 | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | 83 |
| 150 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (d) | 1770 |
| 783257 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (a) | 785 |
| 63 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, | 1612 |
| 2693250 | Store Master Funding I-VII XIV XIX XX XXIV XXII 2024-1A 144A, 5.70%, 5/20/54 (a) | 2711 |
| 2600000 | Symphony CLO XXIV Ltd. 2020-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.512%), 7.14%, 1/23/32 (a)(b) | 2608 |
| 3850000 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | 3860 |
| 1500000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 1526 |
|  **Total Asset Backed (Cost - $78,310)** | **Total Asset Backed (Cost - $78,310)** | 77895 |
|  **Bank Loans(e) (2%)** | **Bank Loans(e) (2%)** |  |
| 1621825 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.09%, 2/01/29 | 1627 |
| 1165000 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.85%, 8/20/31 | 1170 |
| 2500000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 4.00%, 10/24/29 | 2494 |
| 3250000 | Epic Y Grade Services LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.60%, 6/29/29 | 3248 |
| 2786000 | Ineos U.S. Petrochem LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 9.04%, 4/02/29 | 2777 |
| 2793000 | Verde Purchaser LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 9.10%, 11/30/30 | 2774 |
| 3150000 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.39%, 6/27/29 | 3089 |
|  **Total Bank Loans (Cost - $16,991)** | **Total Bank Loans (Cost - $16,991)** | 17179 |
|  **Commercial Paper(d) (2%)** | **Commercial Paper(d) (2%)** |  |
| 16000000 | Duke Energy Corp., 4.84%, 11/01/24<br> **(Cost - $16,000)** | 15998 |
|  **Corporate Bond (32%)** | **Corporate Bond (32%)** |  |
|  **Financial (15%)** | **Financial (15%)** |  |
| 2250000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (b) | 2340 |

---

26 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | American Express Co., (Secured Overnight Financing Rate + 1.280%), 5.28%, 7/27/29 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 |
| 3150000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.930%), 5.63%, 7/28/34 (b) | 3205 |
| 4350000 | American Tower Corp., 2.30%, 9/15/31 | 3654 |
| 2400000 | AmFam Holdings Inc. 144A, 3.83%, 3/11/51 (a) | 1453 |
| 1700000 | Ares Capital Corp., 5.95%, 7/15/29 | 1716 |
| 1900000 | Ares Management Corp., 5.60%, 10/11/54 | 1847 |
| 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) | 1793 |
| 2450000 | Athene Holding Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.607%), 6.63%, 10/15/54 (b) | 2415 |
| 2100000 | Augustar Life Insurance Co. 144A, 6.88%, 6/15/42 (a) | 1949 |
| 2200000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (b) | 2071 |
| 3000000 | Bank of Montreal f2f, (U.S. Secured Overnight Financing Rate + 0.880%), 4.57%, 9/10/27 (b) | 2996 |
| 2050000 | Bank of Nova Scotia, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.017%), 8.00%, 1/27/84 (b) | 2171 |
| 2100000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (b) | 2126 |
| 1500000 | BBVA Bancomer SA 144A, 5.25%, 9/10/29 (a) | 1490 |
| 2330000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 2221 |
| 2100000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 2079 |
| 1375000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.62%, 10/30/31 (b) | 1528 |
| 2675000 | Charles Schwab Corp. G, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.971%), 5.38% (b)(f) | 2668 |
| 3300000 | Citibank N.A., 5.57%, 4/30/34 | 3399 |
| 1850000 | Corebridge Financial Inc., 3.90%, 4/05/32 | 1692 |
| 2450000 | Credit Agricole SA 144A, 5.51%, 7/05/33 (a) | 2524 |
| 3750000 | CubeSmart LP, 2.00%, 2/15/31 | 3127 |
| 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) | 1582 |
| 2250000 | Deutsche Bank AG, (U.S. Secured Overnight Financing Rate + 1.219%), 2.31%, 11/16/27 (b) | 2129 |
| 2670000 | Equinix Inc., 1.80%, 7/15/27 | 2478 |
| 3550000 | Equinix Inc., 2.50%, 5/15/31 | 3065 |
| 3025000 | Extra Space Storage LP, 2.20%, 10/15/30 | 2586 |
| 2500000 | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (a) | 2489 |
| 1950000 | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | 1795 |
| 4000000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.135%), 4.69%, 10/23/30 (b) | 3949 |
| 2100000 | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 2.390%), 6.25%, 3/09/34 (b) | 2226 |
| 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) | 3196 |
| 3100000 | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 2879 |
| 2100000 | Invitation Homes Operating Partnership LP, 4.88%, 2/01/35 | 2009 |
| 1337000 | JAB Holdings BV 144A, 2.20%, 11/23/30 (a) | 1115 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 |
| 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) | 2113 |
| 2750000 | Macquarie Group Ltd. 144A, (3 mo. LIBOR USD + 1.372%), 3.76%, 11/28/28 (a)(b) | 2656 |
| 2000000 | Morgan Stanley, (3 mo. Term Secured Overnight Financing Rate + 1.890%), 4.43%, 1/23/30 (b) | 1961 |
| 2650000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.100%), 4.65%, 10/18/30 (b) | 2614 |
| 1300000 | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (a) | 1684 |
| 900000 | Nuveen LLC 144A, 5.85%, 4/15/34 (a) | 924 |
| 1450000 | Pacific Life Insurance Co. 144A, 9.25%, 6/15/39 (a) | 1967 |
| 2670000 | Panther Escrow Issuer LLC 144A, 7.13%, 6/01/31 (a) | 2736 |
| 2475000 | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | 2078 |
| 1900000 | Royal Bank of Canada, 5.00%, 2/01/33 | 1905 |
| 3200000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.940%), 5.35%, 9/06/30 (b) | 3168 |
| 2750000 | Simon Property Group LP, 6.25%, 1/15/34 | 2962 |
| 2925000 | Simon Property Group LP, 4.75%, 9/26/34 | 2808 |
| 3400000 | Toronto-Dominion Bank, 4.99%, 4/05/29 | 3421 |
| 2450000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.630%), 6.85% (a)(b)(f) | 2435 |
| 1000000 | UBS Group AG 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.758%), 9.25% (a)(b)(f) | 1160 |
| 2800000 | UBS Group AG 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.745%), 9.25% (a)(b)(f) | 3058 |
| 1450000 | UBS Group AG 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.800%), 6.25%, 9/22/29 (a)(b) | 1515 |
| 1300000 | Unum Group, 6.00%, 6/15/54 | 1319 |
| 2035000 | WEA Finance LLC 144A, 4.63%, 9/20/48 (a)(g) | 1619 |
| 1900000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 2.100%), 2.39%, 6/02/28 (b) | 1787 |
|  |  | 133406 |
|  **Industrial (7%)** | **Industrial (7%)** |  |
| 2547231 | American Airlines Pass-Through Trust 2019-1, AA, 3.15%, 2/15/32 | 2340 |
| 1250000 | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | 1263 |
| 2225000 | Ashtead Capital Inc. 144A, 5.55%, 5/30/33 (a) | 2217 |
| 3500000 | Boeing Co. 144A, 6.86%, 5/01/54 (a) | 3756 |
| 3350000 | Broadcom Inc., 4.35%, 2/15/30 | 3262 |
| 3680000 | Broadcom Inc. 144A, 4.93%, 5/15/37 (a) | 3531 |
| 1400000 | Cadence Design Systems Inc., 4.30%, 9/10/29 | 1373 |
| 1650000 | Cencosud SA 144A, 5.95%, 5/28/31 (a) | 1672 |
| 4050000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 12/01/61 | 2708 |
| 2000000 | Daimler Truck Finance North America LLC 144A, 5.40%, 9/20/28 (a) | 2036 |
| 2850000 | Ford Motor Credit Co. LLC, 5.80%, 3/05/27 | 2876 |
| 2500000 | Foundry JV Holdco LLC 144A, 5.90%, 1/25/30 (a) | 2536 |

---

Annual Financial Statements and Other Information 27

------

Payden Core Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | General Motors Financial Co. Inc., 2.35%, 1/08/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 |
| 3475000 | Glencore Funding LLC 144A, 3.88%, 4/27/51 (a) | 2600 |
| 2050000 | HCA Inc., 5.90%, 6/01/53 | 2028 |
| 3800000 | Hewlett Packard Enterprise Co., 4.40%, 9/25/27 | 3771 |
| 1950000 | Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | 1912 |
| 2700000 | Hyundai Capital America 144A, 1.80%, 1/10/28 (a) | 2446 |
| 1800000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 1754 |
| 1825000 | Micron Technology Inc., 5.30%, 1/15/31 | 1839 |
| 1300000 | OCP SA 144A, 7.50%, 5/02/54 (a) | 1349 |
| 3700000 | Oracle Corp., 4.20%, 9/27/29 | 3605 |
| 2200000 | Oracle Corp., 6.25%, 11/09/32 | 2361 |
| 3500000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.25%, 7/01/29 (a) | 3536 |
| 2350000 | Regal Rexnord Corp., 6.40%, 4/15/33 | 2456 |
| 2100000 | Uber Technologies Inc., 4.80%, 9/15/34 | 2037 |
| 3400000 | VMware LLC, 2.20%, 8/15/31 | 2841 |
| 3375000 | Warnermedia Holdings Inc., 5.14%, 3/15/52 | 2544 |
|  |  | 68965 |
|  **Utility (10%)** | **Utility (10%)** |  |
| 3450000 | Abu Dhabi National Energy Co. PJSC 144A, 4.38%, 10/09/31 (a) | 3375 |
| 3236301 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | 3247 |
| 2100000 | Algonquin Power & Utilities Corp., 5.37%, 6/15/26 | 2113 |
| 1650000 | Arizona Public Service Co., 5.70%, 8/15/34 | 1689 |
| 1750000 | BP Capital Markets PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.153%), 6.45% (b)(f)(g) | 1831 |
| 1450000 | California Resources Corp. 144A, 8.25%, 6/15/29 (a) | 1466 |
| 2000000 | Diamondback Energy Inc., 4.25%, 3/15/52 | 1561 |
| 3000000 | DTE Energy Co., 5.85%, 6/01/34 | 3120 |
| 2700000 | Duke Energy Corp., 5.80%, 6/15/54 | 2709 |
| 2325000 | Duquesne Light Holdings Inc. 144A, 2.78%, 1/07/32 (a) | 1956 |
| 3000000 | Energy Transfer LP, 5.25%, 4/15/29 | 3028 |
| 2175000 | Energy Transfer LP, 5.75%, 2/15/33 | 2219 |
| 2700000 | Energy Transfer LP, 6.05%, 9/01/54 | 2705 |
| 194423 | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a) | 192 |
| 950000 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (a) | 954 |
| 748000 | Geopark Ltd. 144A, 5.50%, 1/17/27 (a) | 706 |
| 1815000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 6.88%, 5/15/34 (a) | 1739 |
| 1290000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 7.25%, 2/15/35 (a) | 1266 |
| 1980000 | Ithaca Energy North Sea PLC 144A, 8.13%, 10/15/29 (a) | 1986 |
| 2100000 | Kinder Morgan Inc., 5.30%, 12/01/34 | 2073 |
| 1501000 | Kosmos Energy Ltd. 144A, 7.50%, 3/01/28 (a)(g) | 1442 |
| 2150000 | Matador Resources Co. 144A, 6.25%, 4/15/33 (a) | 2110 |
| 1850000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (a)(g) | 1814 |
| 1400000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (a) | 1398 |
| 1550000 | Occidental Petroleum Corp., 6.05%, 10/01/54 | 1503 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | ONEOK Inc., 5.80%, 11/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 |
| 3600000 | ONEOK Inc., 4.75%, 10/15/31 | 3517 |
| 2750000 | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | 2910 |
| 1695000 | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | 1646 |
| 2420000 | Petroleos Mexicanos, 6.49%, 1/23/27 | 2387 |
| 2500000 | Petroleos Mexicanos, 5.95%, 1/28/31 | 2157 |
| 1258000 | Saturn Oil & Gas Inc. 144A, 9.63%, 6/15/29 (a) | 1243 |
| 2950000 | Saudi Arabian Oil Co. 144A, 5.88%, 7/17/64 (a) | 2842 |
| 2200000 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (a)(g) | 2184 |
| 1650000 | South Bow USA Infrastructure Holdings LLC 144A, 6.18%, 10/01/54 (a) | 1634 |
| 3191109 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | 2899 |
| 1450000 | Var Energi ASA 144A, 7.50%, 1/15/28 (a) | 1539 |
| 3000000 | Vistra Operations Co. LLC 144A, 3.70%, 1/30/27 (a) | 2916 |
| 2170000 | Vistra Operations Co. LLC 144A, 4.30%, 7/15/29 (a) | 2083 |
| 3350000 | Weatherford International Ltd. 144A, 8.63%, 4/30/30 (a) | 3465 |
| 350000 | Western Midstream Operating LP, 6.35%, 1/15/29 | 364 |
| 1350000 | Western Midstream Operating LP, 6.15%, 4/01/33 | 1396 |
| 1380000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (a) | 1342 |
| 3150000 | Williams Cos. Inc., 5.30%, 8/15/28 | 3200 |
|  |  | 89535 |
|  **Total Corporate Bond (Cost - $302,055)** | **Total Corporate Bond (Cost - $302,055)** | 291906 |
|  **Foreign Government (3%)** | **Foreign Government (3%)** |  |
| 900000 | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (a) | 616 |
| 2650000 | Chile Government International Bond, 4.13%, 7/05/34 EUR (c) | 2974 |
| 5270000 | CPPIB Capital Inc. 144A, 1.95%, 9/30/29 CAD (a)(c) | 3561 |
| 1850000 | Dominican Republic International Bond 144A, 7.05%, 2/03/31 (a) | 1936 |
| 1675000 | Guatemala Government Bond 144A, 6.55%, 2/06/37 (a) | 1689 |
| 3650000 | KSA Sukuk Ltd. 144A, 5.25%, 6/04/34 (a) | 3700 |
| 3200000 | Municipal Finance Authority of British, 2.55%, 10/09/29 CAD (c) | 2216 |
| 640000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (a) | 632 |
| 2000000 | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (a)(g) | 2024 |
| 3600000 | Perusahaan Penerbit SBSN Indonesia III 144A, 5.20%, 7/02/34 (a) | 3643 |
| 1500000 | Peruvian Government International Bond, 5.38%, 2/08/35 | 1480 |
| 1100000 | Republic of South Africa Government International Bond, 4.85%, 9/30/29 | 1040 |
| 1350000 | Republic of South Africa Government International Bond, 5.88%, 6/22/30 | 1322 |
| 2825000 | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (a) | 2357 |
|  **Total Foreign Government (Cost - $30,296)** | **Total Foreign Government (Cost - $30,296)** | 29190 |
|  **Mortgage Backed (34%)** | **Mortgage Backed (34%)** |  |
| 2250000 | BRAVO Residential Funding Trust 2024-NQM7 144A, 5.55%, 10/27/64 (a) | 2247 |

---

28 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.32%,<br>9/15/36 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114 |
| 1753476 | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.72%,<br>6/15/38 (a)(b) | 1746 |
| 1756678 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.49%,<br>3/15/41 (a)(b) | 1760 |
| 2472686 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.49%, 4/15/41 (a)(b) | 2483 |
| 4100000 | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.364%), 14.22%, 11/25/39 (a)(b) | 4550 |
| 2077816 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 6.01%, 3/25/44 (a)(b) | 2081 |
| 1350000 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (a)(h) | 1349 |
| 2050000 | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (a) | 2114 |
| 434553 | Eagle RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.050%), 6.91%, 4/25/34 (a)(b) | 435 |
| 1681924 | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 17.22%, 9/25/28 (b) | 1916 |
| 1724570 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 15.22%, 1/25/29 (b) | 1965 |
| 495545 | Fannie Mae Connecticut Avenue Securities 2016-C05, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.864%), 15.72%, 1/25/29 (b) | 564 |
| 510538 | FN 254766 30YR, 5.00%, 6/01/33 | 511 |
| 258939 | FN 725027 30YR, 5.00%, 11/01/33 | 259 |
| 507221 | FN 725423 30YR, 5.50%, 5/01/34 | 513 |
| 487987 | FN 725424 30YR, 5.50%, 4/01/34 | 493 |
| 402302 | FN 995203 30YR, 5.00%, 7/01/35 | 402 |
| 2052810 | FN AS8305 30YR, 3.00%, 11/01/46 | 1805 |
| 1420316 | FN AZ7336 30YR, 3.50%, 11/01/45 | 1295 |
| 4841688 | FN BC8998 30YR, 3.00%, 11/01/46 | 4257 |
| 822032 | FN BM2003 30YR, 4.00%, 10/01/47 | 771 |
| 2730132 | FN BM2007 30YR, 4.00%, 9/01/48 | 2558 |
| 2898679 | FN BP6626 30YR, 2.00%, 8/01/50 | 2308 |
| 3605645 | FN BV7937 30YR, 4.00%, 8/01/52 | 3339 |
| 1102916 | FN CA3666 30YR, 4.00%, 6/01/49 | 1037 |
| 1650321 | FN CA6314 30YR, 3.00%, 7/01/50 | 1435 |
| 2160110 | FN CA6739 30YR, 3.00%, 8/01/50 | 1893 |
| 2783831 | FN CB1301 30YR, 2.50%, 8/01/51 | 2330 |
| 5611921 | FN CB2542 30YR, 2.50%, 1/01/52 | 4687 |
| 6622881 | FN CB2759 30YR, 3.00%, 2/01/52 | 5719 |
| 4397655 | FN CB2839 30YR, 2.00%, 2/01/52 | 3541 |
| 5372284 | FN CB3258 30YR, 3.50%, 4/01/52 | 4844 |
| 3827865 | FN CB3622 30YR, 4.00%, 5/01/52 | 3545 |
| 4767737 | FN CB4127 30YR, 4.50%, 7/01/52 | 4535 |
| 2837799 | FN CB4794 30YR, 4.50%, 10/01/52 | 2696 |
| 4650634 | FN CB5106 30YR, 5.00%, 11/01/52 | 4542 |
| 5328490 | FN CB5113 30YR, 5.50%, 11/01/52 | 5295 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798401 | FN CB8021 30YR, 6.50%, 2/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 |
| 2229076 | FN FM1717 30YR, 3.50%, 12/01/45 | 2049 |
| 2032765 | FN FM3162 30YR, 3.00%, 11/01/46 | 1813 |
| 415947 | FN FM4990 30YR, 5.00%, 7/01/47 | 417 |
| 2579910 | FN FM4994 30YR, 2.00%, 12/01/50 | 2077 |
| 4360615 | FN FM7418 30YR, 2.50%, 6/01/51 | 3682 |
| 2491419 | FN FM7494 30YR, 3.00%, 6/01/51 | 2169 |
| 7039744 | FN FM9195 30YR, 2.50%, 10/01/51 | 5890 |
| 3288328 | FN FM9218 30YR, 2.00%, 10/01/51 | 2636 |
| 1452639 | FN FM9750 30YR, 3.00%, 4/01/48 | 1292 |
| 5931966 | FN FS0287 30YR, 2.00%, 1/01/52 | 4775 |
| 6001761 | FN FS0349 30YR, 2.00%, 1/01/52 | 4829 |
| 5784650 | FN FS0439 30YR, 2.50%, 1/01/52 | 4842 |
| 4179800 | FN FS3111 30YR, 5.00%, 9/01/52 | 4082 |
| 3399789 | FN FS3838 30YR, 4.00%, 5/01/49 | 3237 |
| 3117294 | FN FS4931 30YR, 6.00%, 6/01/53 | 3142 |
| 3963819 | FN MA2806 30YR, 3.00%, 11/01/46 | 3478 |
| 4214678 | FN MA3210 30YR, 3.50%, 12/01/47 | 3824 |
| 5280118 | FN MA3238 30YR, 3.50%, 1/01/48 | 4790 |
| 6693458 | FN MA4413 30YR, 2.00%, 9/01/51 | 5335 |
| 4236305 | FN MA4437 30YR, 2.00%, 10/01/51 | 3376 |
| 4351573 | FN MA4465 30YR, 2.00%, 11/01/51 | 3467 |
| 1771159 | FN MA4548 30YR, 2.50%, 2/01/52 | 1470 |
| 3110212 | FN MA4579 30YR, 3.00%, 4/01/52 | 2685 |
| 3677373 | FN MA4761 30YR, 5.00%, 9/01/52 | 3582 |
| 2793583 | FN MA4785 30YR, 5.00%, 10/01/52 | 2720 |
| 3874293 | FN MA4842 30YR, 5.50%, 12/01/52 | 3848 |
| 4010697 | FN MA5040 30YR, 6.00%, 6/01/53 | 4038 |
| 660385 | FR RA3728 30YR, 2.00%, 10/01/50 | 531 |
| 4471514 | FR RA4531 30YR, 2.50%, 2/01/51 | 3743 |
| 5654485 | FR RA5276 30YR, 2.50%, 5/01/51 | 4742 |
| 6634884 | FR RA7778 30YR, 4.50%, 8/01/52 | 6311 |
| 4988267 | FR RA7790 30YR, 5.00%, 8/01/52 | 4868 |
| 4329600 | FR RA8415 30YR, 5.50%, 1/01/53 | 4303 |
| 1588297 | FR RA8647 30YR, 4.50%, 5/01/53 | 1511 |
| 3862064 | FR SB8509 15YR, 2.00%, 1/01/36 | 3468 |
| 6154765 | FR SD0729 30YR, 2.00%, 10/01/51 | 4935 |
| 513319 | FR SD0857 30YR, 2.50%, 1/01/52 | 430 |
| 4695464 | FR SD1035 30YR, 4.00%, 5/01/52 | 4341 |
| 3817468 | FR SD2184 30YR, 6.00%, 1/01/53 | 3844 |
| 4753706 | FR SD5641 30YR, 5.50%, 6/01/53 | 4730 |
| 5769780 | FR SD7537 30YR, 2.00%, 3/01/51 | 4648 |
| 3135628 | FR SD8106 30YR, 2.00%, 11/01/50 | 2509 |
| 1283307 | FR ZA4718 30YR, 3.00%, 10/01/46 | 1128 |
| 581355 | FR ZS9382 30YR, 3.00%, 9/01/43 | 518 |
| 2282844 | FR ZT0534 30YR, 3.50%, 12/01/47 | 2082 |
| 2533492 | FR ZT1159, 3.50%, 2/01/44 | 2323 |
| 1853435 | G2 4853 30YR, 4.00%, 11/20/40 | 1775 |
| 767458 | G2 5174 30YR, 4.00%, 9/20/41 | 735 |
| 182904 | G2 5233 30YR, 4.00%, 11/20/41 | 175 |
| 3385120 | G2 785219 30YR, 2.00%, 12/20/50 | 2710 |
| 438473 | G2 MA2522 30YR, 4.00%, 1/20/45 | 417 |
| 1268066 | G2 MA3663 30YR, 3.50%, 5/20/46 | 1163 |
| 3401975 | G2 MA3802 30YR, 3.00%, 7/20/46 | 3029 |
| 255330 | G2 MA4126 30YR, 3.00%, 12/20/46 | 227 |
| 1120769 | G2 MA4510 30YR, 3.50%, 6/20/47 | 1025 |
| 3009100 | G2 MA5265 30YR, 4.50%, 6/20/48 | 2913 |
| 2272378 | G2 MA6930 30YR, 2.00%, 10/20/50 | 1857 |
| 8044895 | G2 MA7472 30YR, 2.50%, 7/20/51 | 6825 |
| 661793 | G2 MA7473 30YR, 3.00%, 7/20/51 | 581 |
| 4379226 | G2 MA7706 30YR, 3.00%, 11/20/51 | 3844 |
| 3414450 | G2 MA7766 30YR, 2.00%, 12/20/51 | 2788 |
| 2731162 | G2 MA8044 30YR, 3.50%, 5/20/52 | 2470 |
| 2488226 | G2 MA8200 30YR, 4.00%, 8/20/52 | 2318 |
| 1637079 | GN 783716 30YR, 3.00%, 2/15/43 | 1456 |

---

Annual Financial Statements and Other Information 29

------

Payden Core Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843477 | GN 785986 30YR, 3.00%, 10/15/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 |
| 4250000 | MF1 2024-FL16 144A, (1 mo. Term Secured Overnight Financing Rate + 1.541%), 6.40%, 11/18/29 (a)(b)(d) | 4243 |
| 13008135 | Morgan Stanley Capital I Trust 2018-H3, 0.80%, 7/15/51 (h) | 292 |
| 134721 | Nationstar Mortgage Loan Trust 2013-A 144A, 3.75%, 12/25/52 (a)(h) | 127 |
| 258384 | New Residential Mortgage Loan Trust 2014-3A 144A, 3.75%, 11/25/54 (a)(h) | 244 |
| 3600000 | NXPT Commercial Mortgage Trust 2024-STOR 144A, 4.46%, 11/05/41 (a)(h) | 3465 |
| 1672332 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (a) | 1661 |
| 2046688 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 2046 |
| 1973749 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 1952 |
| 1750000 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 1762 |
| 1950000 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (a) | 1950 |
| 1300000 | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.47%, 2/25/47 (a)(b) | 1590 |
| 2200000 | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.30%, 3/15/38 (a)(b) | 2168 |
| 1300000 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (a) | 1308 |
| 1700000 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (a)(h) | 1706 |
|  **Total Mortgage Backed (Cost - $326,245)** | **Total Mortgage Backed (Cost - $326,245)** | 309825 |
|  **Municipal (3%)** | **Municipal (3%)** |  |
| 2495000 | California Earthquake Authority A, 5.60%, 7/01/27 | 2516 |
| 3900000 | California Health Facilities Financing Authority, 2.86%, 6/01/31 | 3475 |
| 1127512 | California Pollution Control Financing Authority, AMT 144A, 7.50%, 12/01/39 (a)(i) | 1 |
| 3580000 | City of San Francisco CA Public Utilities Commission Water Revenue E, 2.83%, 11/01/41 | 2741 |
| 2565000 | Compton Community College District B, 3.46%, 8/01/38 (j) | 2157 |
| 3285000 | Golden State Tobacco Securitization Corp. B, 2.75%, 6/01/34 (j) | 2787 |
| 4680000 | New York State Dormitory Authority C, 1.54%, 3/15/27 | 4385 |
| 3000000 | Redondo Beach Community Financing Authority A, 1.98%, 5/01/29 | 2666 |
| 1495000 | State of California, 7.55%, 4/01/39 | 1807 |
| 2000000 | Tuolumne Wind Project Authority B, 6.92%, 1/01/34 | 2164 |
|  **Total Municipal (Cost - $28,270)** | **Total Municipal (Cost - $28,270)** | 24699 |
|  **U.S. Government Agency (1%)** | **U.S. Government Agency (1%)** |  |
| 6000000 | FHLB, 1.80%, 2/04/36 | 4440 |
| 4280000 | Tennessee Valley Authority, 5.25%, 9/15/39 | 4474 |
|  **Total U.S. Government Agency (Cost - $9,213)** | **Total U.S. Government Agency (Cost - $9,213)** | 8914 |
|  **U.S. Treasury (12%)** | **U.S. Treasury (12%)** |  |
| 4560000 | U.S. Treasury Bill, 4.53%, 1/30/25 (d) | 4509 |
| 4289000 | U.S. Treasury Bond, 2.50%, 2/15/46 | 3056 |
| 15410000 | U.S. Treasury Bond, 3.00%, 2/15/49 (k)(l) | 11762 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26859000 | U.S. Treasury Bond, 2.38%, 11/15/49 | $17989 |
| 11125000 | U.S. Treasury Bond, 2.00%, 2/15/50 | 6828 |
| 9480000 | U.S. Treasury Bond, 2.38%, 5/15/51 | 6301 |
| 1450000 | U.S. Treasury Bond, 4.00%, 11/15/52 | 1332 |
| 4180000 | U.S. Treasury Bond, 3.63%, 5/15/53 | 3591 |
| 1434000 | U.S. Treasury Bond, 4.25%, 2/15/54 | 1379 |
| 14270000 | U.S. Treasury Bond, 4.25%, 8/15/54 | 13734 |
| 23061988 | U.S. Treasury Inflation Indexed Notes, 2.13%, 4/15/29 | 23313 |
| 14355664 | U.S. Treasury Inflation Indexed Notes, 1.38%, 7/15/33 | 13741 |
|  **Total U.S. Treasury (Cost - $138,598)** | **Total U.S. Treasury (Cost - $138,598)** | 107535 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 5413581 | Payden Cash Reserves Money Market Fund\* | 5414 |
| 1532310 | Payden Emerging Market Corporate Bond Fund, SI Class\* | 13484 |
| 1780083 | Payden Emerging Markets Local Bond Fund, SI Class\* | 8170 |
|  **Total Investment Company (Cost - $27,078)** | **Total Investment Company (Cost - $27,078)** | 27068 |
|  **Total Investments (Cost - $973,056) (100%)** | **Total Investments (Cost - $973,056) (100%)** | 910209 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | (1093) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909116 |

---

\* 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, 2024.

&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) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(g) All or a portion of these securities are on loan. At October 31, 2024, the total market value of the Fund's securities on loan is $3,158 and the total market value of the collateral held by the Fund is $3,253. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Payment of principal and/or interest is insured against default by a monoline insurer.

&nbsp;&nbsp;&nbsp;&nbsp;(k) All or a portion of security has been pledged in connection with outstanding centrally cleared swaps.

&nbsp;&nbsp;&nbsp;&nbsp;(l) All or a portion of the security is pledged to cover futures contract margin requirements.

30 Payden Mutual Funds

------

#### 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 9,088 | CAD 12,220 | Citibank, N.A. | 03/19/2025 | $268 |
|  USD 7,761 | EUR 6,930 | State Street Bank<br>& Trust Co. | 03/19/2025 | 175 |
|  USD 2,955 | MXN 58,795 | Wells Fargo &<br>Co. | 11/19/2024 | 26 |
|  |  |  |  | 469 |
|  **Liabilities:** |  |  |  |  |
|  USD 5,913 | EUR 5,461 | HSBC Bank<br>USA, N.A. | 11/19/2024 | (31) |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $438 |

---

#### 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 | 185 | Dec-24 | $21044 | $(855) | $(855) |
| U.S. Treasury 2-Year Note Future | 1808 | Dec-24 | 372349 | (1949) | (1949) |
| U.S. Ultra Bond Future | 71 | Dec-24 | 8919 | 28 | 28 |
|  |  |  |  |  | (2776) |
| **Short Contracts:** |  |  |  |  |  |
| U.S. Treasury 10-Year Note Future | 312 | Dec-24 | (34466) | 1118 | 1118 |
| U.S. Treasury 5-Year Note Future | 510 | Dec-24 | (54690) | 1272 | 1272 |
|  |  |  |  |  | 2390 |
| **Total Futures** |  |  |  |  | $(386) |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>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 4.90% (SOFRRATE) Annually, Pay Fixed 3.2815% Annually | 02/27/2035 | $15600 | $596 | $– $| 596 |
| 10-Year SOFR Swap, Receive Variable 5.05835% (SOFRRATE) Annually, Pay Fixed 2.7375% Annually | 08/30/2034 | 15900 | 1417 | – | 1417 |
| 10-Year SOFR Swap, Receive Variable 5.2148% (SOFRRATE) Annually, Pay Fixed 2.9360% Annually | 06/28/2034 | 15985 | 1212 | – | 1212 |
| 2-Year SOFR Swap, Receive Fixed 2.7400% Annually, Pay Variable 5.05835% (SOFRRATE) Annually | 08/30/2026 | 71500 | (1835) | – | (1835) |
| 2-Year SOFR Swap, Receive Fixed 2.8300% Annually, Pay Variable 5.2148% (SOFRRATE) Annually | 06/29/2026 | 71425 | (1935) | – | (1935) |
| 2-Year SOFR Swap, Receive Fixed 3.3330% Annually, Pay Variable 4.90% (SOFRRATE) Annually | 02/27/2027 | 67700 | (586) | – | (586) |
|  |  |  | $(1131) | $– $| (1131) |

---

Annual Financial Statements and Other Information 31

------

Payden Core Bond Fund continued

#### 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> | $3158 |
| Non-cash Collateral<sup>2</sup> | (3158) |
| 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, 2024, 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.* 

32 Payden Mutual Funds

------

Payden Corporate Bond Fund

---

| | | |
|:---|:---|:---|
|  Schedule of Investments - *October 31, 2024*  | Schedule of Investments - *October 31, 2024*  |  |
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (2%)** | **Asset Backed (2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | $1291 |
| 875250 | Domino's Pizza Master Issuer LLC 2021-1A 144A, 2.66%, 4/25/51 (a) | 793 |
| 1961042 | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 6.21%, 2/17/39 (a)(b) | 1961 |
| 1852500 | Planet Fitness Master Issuer LLC 2022-1A 144A, 3.25%, 12/05/51 (a) | 1772 |
| 2350000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 4.29%, 2/15/52 (a) | 2228 |
| 1475438 | Zaxbys Funding LLC 2021-1A, 144A, 3.24%, 7/30/51 (a) | 1342 |
|  **Total Asset Backed (Cost - $9,734)** | **Total Asset Backed (Cost - $9,734)** | 9387 |
|  **Bank Loans(c) (1%)** | **Bank Loans(c) (1%)** |  |
| 527328 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.09%, 2/01/29 | 529 |
| 367632 | DirectV Financing LLC Term Loan NON-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.85%, 8/02/27 | 369 |
| 1530000 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.39%, 6/27/29 | 1500 |
|  **Total Bank Loans (Cost - $2,408)** | **Total Bank Loans (Cost - $2,408)** | 2398 |
|  **Corporate Bond (88%)** | **Corporate Bond (88%)** |  |
|  **Automotive (4%)** | **Automotive (4%)** |  |
| 1100000 | Allison Transmission Inc. 144A, 3.75%, 1/30/31 (a) | 977 |
| 1055000 | BMW U.S. Capital LLC 144A, 4.85%, 8/13/31 (a) | 1042 |
| 1800000 | Ford Motor Credit Co. LLC, 2.90%, 2/16/28 | 1654 |
| 2000000 | Ford Motor Credit Co. LLC, 6.05%, 3/05/31 | 2013 |
| 1225000 | General Motors Co., 5.40%, 4/01/48 | 1116 |
| 1200000 | General Motors Co., 6.75%, 4/01/46 | 1281 |
| 1700000 | Hyundai Capital America 144A, 1.80%, 10/15/25 (a) | 1653 |
| 3275000 | Nissan Motor Co. Ltd. 144A, 4.35%, 9/17/27 (a) | 3147 |
| 1185000 | Volkswagen Group of America Finance LLC 144A, 5.70%, 9/12/26 (a) | 1200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14083 |
|  **Banking (16%)** | **Banking (16%)** |  |
| 1585000 | Bank of America Corp. N, (U.S. Secured Overnight Financing Rate + 1.220%), 2.65%, 3/11/32 (b) | 1374 |
| 1350000 | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.774%), 3.71%, 4/24/28 (b) | 1316 |
| 1000000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.913%), 5.43%, 8/15/35 (b) | 985 |
| 1875000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.650%), 5.47%, 1/23/35 (b) | 1904 |
| 1150000 | Barclays PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.050%), 2.28%, 11/24/27 (b) | 1091 |
| 1300000 | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 1.880%), 5.74%, 2/20/35 (a)(b)(d) | 1322 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000 | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 1.850%), 5.94%, 5/30/35 (a)(b) | $1705 |
| 925000 | Canadian Imperial Bank of Commerce, 5.26%, 4/08/29 | 942 |
| 970000 | CapStar Bank, 5.88%, 9/29/26 | 977 |
| 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) | 1047 |
| 1175000 | Deutsche Bank AG, (U.S. Secured Overnight Financing Rate + 3.180%), 6.72%, 1/18/29 (b) | 1225 |
| 1250000 | Federation des Caisses Desjardins du Quebec 144A, 5.70%, 3/14/28 (a) | 1277 |
| 470000 | Fifth Third Bancorp, (U.S. Secured Overnight Financing Rate + 1.840%), 5.63%, 1/29/32 (b) | 478 |
| 900000 | Fifth Third Bancorp, (U.S. Secured Overnight Financing Rate + 2.340%), 6.34%, 7/27/29 (b) | 939 |
| 1300000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.248%), 2.38%, 7/21/32 (b) | 1096 |
| 2000000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.264%), 2.65%, 10/21/32 (b) | 1706 |
| 2425000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.420%), 5.02%, 10/23/35 (b) | 2369 |
| 775000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.552%), 5.85%, 4/25/35 (b) | 803 |
| 950000 | Huntington Bancshares Inc., (Secured Overnight Financing Rate + 1.870%), 5.71%, 2/02/35 (b) | 961 |
| 700000 | Huntington National Bank, (Secured Overnight Financing Rate + 1.650%), 4.55%, 5/17/28 (b) | 695 |
| 915000 | JPMorgan Chase & Co., (3 mo. Term Secured Overnight Financing Rate + 2.460%), 3.11%, 4/22/41 (b) | 704 |
| 910000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 2.440%), 3.11%, 4/22/51 (b) | 634 |
| 640000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 636 |
| 1370000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.040%), 4.60%, 10/22/30 (b) | 1352 |
| 1975000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.990%), 4.85%, 7/25/28 (b) | 1978 |
| 1700000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.845%), 5.35%, 6/01/34 (b) | 1720 |
| 1210000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.490%), 5.77%, 4/22/35 (b) | 1260 |
| 700000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.810%), 6.25%, 10/23/34 (b) | 752 |
| 1025000 | KeyBank N.A., 5.00%, 1/26/33 | 989 |
| 1225000 | Lloyds Banking Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.480%), 5.99%, 8/07/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 |
| 925000 | Manufacturers & Traders Trust Co., 5.40%, 11/21/25 | 931 |
| 985000 | Mizuho Financial Group Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.300%), 5.58%, 5/26/35 (b) | 1009 |
| 1300000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 0.858%), 1.51%, 7/20/27 (b) | 1230 |

---

Annual Financial Statements and Other Information 33

------

Payden Corporate Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.020%), 1.93%, 4/28/32 (b) | $847 |
| 910000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.990%), 2.19%, 4/28/26 (b) | 897 |
| 830000 | Morgan Stanley, 5.00%, 11/24/25 | 832 |
| 1325000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.555%), 5.32%, 7/19/35 (b) | 1331 |
| 800000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.730%), 5.47%, 1/18/35 (b) | 811 |
| 1425000 | Morgan Stanley, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.430%), 5.95%, 1/19/38 (b) | 1452 |
| 600000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.64%, 6/14/27 (b) | 570 |
| 355000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (b) | 359 |
| 475000 | NatWest Group PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.752%), 8.13% (b)(d)(e) | 510 |
| 1430000 | PNC Financial Services Group Inc., (U.S. Secured Overnight Financing Rate + 1.259%), 4.81%, 10/21/32 (b) | 1403 |
| 1150000 | PNC Financial Services Group Inc., (Secured Overnight Financing Rate + 2.140%), 6.04%, 10/28/33 (b) | 1208 |
| 1175000 | Royal Bank of Canada, (Secured Overnight Financing Rate + 1.080%), 4.65%, 10/18/30 (b) | 1163 |
| 450000 | Santander Holdings USA Inc., 3.24%, 10/05/26 | 435 |
| 1300000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 2.138%), 6.34%, 5/31/35 (b) | 1328 |
| 1125000 | Standard Chartered PLC 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.450%), 5.91%, 5/14/35 (a)(b) | 1154 |
| 1025000 | Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 1.571%), 5.15%, 8/05/32 (b) | 1018 |
| 1440000 | U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.65%, 2/01/29 (b) | 1432 |
| 1000000 | Wachovia Corp., 5.50%, 8/01/35 | 1012 |
| 1500000 | Wells Fargo & Co., (3 mo. Term Secured Overnight Financing Rate + 1.262%), 2.57%, 2/11/31 (b) | 1331 |
| 1311000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.510%), 3.53%, 3/24/28 (b) | 1273 |
| 675000 | Westpac New Zealand Ltd. 144A, 4.90%, 2/15/28 (a) | 676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59697 |
|  **Basic Industry (4%)** | **Basic Industry (4%)** |  |
| 525000 | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | 530 |
| 1075000 | Anglo American Capital PLC 144A, 5.75%, 4/05/34 (a) | 1100 |
| 1800000 | ArcelorMittal SA, 6.00%, 6/17/34 | 1849 |
| 580000 | Builders FirstSource Inc. 144A, 5.00%, 3/01/30 (a) | 555 |
| 1000000 | CIMIC Finance USA Pty Ltd. 144A, 7.00%, 3/25/34 (a) | 1050 |
| 1980000 | Freeport-McMoRan Inc., 5.00%, 9/01/27 | 1980 |
| 800000 | Glencore Funding LLC 144A, 5.89%, 4/04/54 (a) | 809 |
| 1100000 | Lockheed Martin Corp., 5.20%, 2/15/64 | 1073 |
| 785000 | Nature Conservancy A, 3.96%, 3/01/52 (d) | 646 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470000 | Norfolk Southern Corp., 5.35%, 8/01/54 | $1449 |
| 825000 | Regal Rexnord Corp., 6.05%, 4/15/28 | 845 |
| 825000 | Regal Rexnord Corp., 6.40%, 4/15/33 | 862 |
| 600000 | RTX Corp., 4.63%, 11/16/48 | 530 |
| 705000 | Sonoco Products Co., 4.45%, 9/01/26 | 701 |
| 1050000 | Union Pacific Corp., 4.95%, 5/15/53 | 1002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14981 |
|  **Consumer Goods (3%)** | **Consumer Goods (3%)** |  |
| 740000 | Anheuser-Busch InBev Worldwide Inc., 8.00%, 11/15/39 | 943 |
| 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) | 336 |
| 1050000 | J M Smucker Co., 6.50%, 11/15/43 | 1137 |
| 1150000 | JDE Peet's NV 144A, 1.38%, 1/15/27 (a) | 1065 |
| 2030000 | Kroger Co., 5.50%, 9/15/54 | 1973 |
| 2165000 | Land O' Lakes Inc. 144A, 7.00% (a)(e) | 1770 |
| 1850000 | NIKE Inc., 3.38%, 3/27/50 | 1362 |
| 488000 | Post Holdings Inc. 144A, 5.63%, 1/15/28 (a) | 492 |
|  |  | 9918 |
|  **Energy (4%)** | **Energy (4%)** |  |
| 1445000 | Comstock Resources Inc. 144A, 6.75%, 3/01/29 (a) | 1384 |
| 1825000 | EQM Midstream Partners LP 144A, 6.38%, 4/01/29 (a) | 1855 |
| 1800000 | EQM Midstream Partners LP, 6.50%, 7/15/48 | 1813 |
| 1075000 | EQT Corp., 5.70%, 4/01/28 | 1096 |
| 330000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (a)(d) | 304 |
| 750000 | Kinder Morgan Energy Partners LP, 6.55%, 9/15/40 | 789 |
| 775000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (a) | 760 |
| 410000 | Parsley Energy LLC/Parsley Finance Corp. 144A, 4.13%, 2/15/28 (a) | 395 |
| 1275000 | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | 1349 |
| 1675000 | Rockies Express Pipeline LLC 144A, 4.95%, 7/15/29 (a) | 1575 |
| 1050000 | Saudi Arabian Oil Co. 144A, 5.75%, 7/17/54 (a) | 1015 |
| 1710000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 1719 |
| 1800000 | Whistler Pipeline LLC 144A, 6.35%, 9/30/44 (a) | 1792 |
| 1030000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (a) | 1002 |
| 480000 | Williams Cos. Inc., 8.75%, 3/15/32 | 576 |
|  |  | 17424 |
|  **Financial Services (13%)** | **Financial Services (13%)** |  |
| 1000000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/03/26 | 993 |
| 1400000 | Ally Financial Inc., (U.S. Secured Overnight |  |
|  | Financing Rate + 2.820%), 6.85%, 1/03/30 (b) | 1456 |
| 1851000 | American Express Co., 8.15%, 3/19/38 | 2362 |
| 985000 | Apollo Global Management Inc., 5.80%, 5/21/54 | 1011 |
| 1950000 | Ares Capital Corp., 3.25%, 7/15/25 | 1924 |
| 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) | 1295 |
| 1100000 | Ashtead Capital Inc. 144A, 5.50%, 8/11/32 (a) | 1097 |
| 2400000 | Banco Santander SA, 2.75%, 12/03/30 | 2061 |
| 1250000 | Blackstone Private Credit Fund, 2.63%, 12/15/26 | 1178 |

---

34 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 605000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 (d) | $577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 2183 |
| 1275000 | Blue Owl Credit Income Corp., 7.75%, 9/16/27 | 1329 |
| 1350000 | Blue Owl Finance LLC, 6.25%, 4/18/34 | 1388 |
| 1350000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 1.290%), 2.64%, 3/03/26 (b) | 1338 |
| 915000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.080%), 5.47%, 2/01/29 (b) | 926 |
| 2300000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 2.107%), 2.57%, 6/03/31 (b) | 2018 |
| 1430000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (b) | 1243 |
| 1000000 | Citigroup Inc., 4.45%, 9/29/27 | 988 |
| 1400000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.447%), 5.45%, 6/11/35 (b) | 1412 |
| 875000 | Enact Holdings Inc., 6.25%, 5/28/29 | 893 |
| 425000 | Fortress Intermediate 3 Inc. 144A, 7.50%, 6/01/31 (a) | 442 |
| 800000 | Franklin BSP Capital Corp. 144A, 7.20%, 6/15/29 (a) | 808 |
| 675000 | Freedom Mortgage Holdings LLC 144A, 9.13%, 5/15/31 (a) | 685 |
| 3775000 | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (a) | 3758 |
| 650000 | goeasy Ltd. 144A, 7.63%, 7/01/29 (a) | 668 |
| 1100000 | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 1.460%), 5.55%, 3/04/30 (b) | 1118 |
| 2850000 | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 3.350%), 7.39%, 11/03/28 (b) | 3037 |
| 1820000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 1790 |
| 1155000 | Low Income Investment Fund 2019, 3.71%, 7/01/29 | 1054 |
| 1600000 | Macquarie Group Ltd. 144A, (U.S. Secured Overnight Financing Rate + 1.069%), 1.34%, 1/12/27 (a)(b) | 1532 |
| 1150000 | Main Street Capital Corp., 6.50%, 6/04/27 | 1162 |
| 620000 | Mastercard Inc., 3.85%, 3/26/50 | 500 |
| 2020000 | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27 (d) | 1784 |
| 550000 | Nuveen LLC 144A, 5.85%, 4/15/34 (a) | 565 |
| 1300000 | PayPal Holdings Inc., 3.25%, 6/01/50 | 920 |
| 845000 | Sixth Street Lending Partners 144A, 6.50%, 3/11/29 (a) | 852 |
| 570000 | Synchrony Financial, 7.25%, 2/02/33 | 584 |
| 1320000 | Westpac Banking Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.750%), 2.67%, 11/15/35 (b) | 1128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50059 |
|  **Healthcare (7%)** | **Healthcare (7%)** |  |
| 1350000 | AbbVie Inc., 4.85%, 6/15/44 | 1269 |
| 1620000 | Amgen Inc., 3.15%, 2/21/40 | 1239 |
| 1000000 | Amgen Inc., 5.60%, 3/02/43 | 1002 |
| 700000 | Blue Cross and Blue Shield of Minnesota 144A, 3.79%, 5/01/25 (a) | 694 |
| 1625000 | Bristol-Myers Squibb Co., 4.25%, 10/26/49 | 1361 |
| 895000 | Cigna Group, 4.90%, 12/15/48 | 794 |
| 1850000 | CVS Health Corp., 5.30%, 12/05/43 | 1677 |
| 740000 | Dignity Health, 4.50%, 11/01/42 | 645 |
| 1150000 | Elevance Health Inc., 4.38%, 12/01/47 | 956 |
| 950000 | Eli Lilly & Co., 4.88%, 2/27/53 | 900 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1180000 | HCA Inc., 5.90%, 6/01/53 | $1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | Health Care Service Corp. A Mutual Legal Reserve Co. 144A, 5.45%, 6/15/34 (a) | 2307 |
| 750000 | Humana Inc., 5.50%, 3/15/53 | 698 |
| 1350000 | Icon Investments Six DAC, 6.00%, 5/08/34 | 1383 |
| 550000 | Jazz Securities DAC 144A, 4.38%, 1/15/29 (a) | 521 |
| 950000 | Medline Borrower LP/Medline Co.-Issuer Inc. 144A, 6.25%, 4/01/29 (a) | 968 |
| 1300000 | Merck & Co. Inc., 2.35%, 6/24/40 | 905 |
| 690000 | Molina Healthcare Inc. 144A, 4.38%, 6/15/28 (a) | 663 |
| 955000 | PeaceHealth Obligated Group 2020, 1.38%, 11/15/25 | 917 |
| 1200000 | Perrigo Finance Unlimited Co., 4.90%, 6/15/30 | 1137 |
| 950000 | Roche Holdings Inc. 144A, 5.22%, 3/08/54 (a) | 951 |
| 1150000 | Takeda Pharmaceutical Co. Ltd., 5.65%, 7/05/44 | 1173 |
| 420000 | Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46 | 297 |
| 970000 | UnitedHealth Group Inc., 5.88%, 2/15/53 | 1017 |
| 1820000 | Viatris Inc., 4.00%, 6/22/50 | 1259 |
|  |  | 25901 |
|  **Insurance (5%)** | **Insurance (5%)** |  |
| 725000 | AIA Group Ltd. 144A, 5.38%, 4/05/34 (a) | 733 |
| 915000 | Athene Global Funding 144A, 5.52%, 3/25/27 (a) | 926 |
| 1175000 | Athene Holding Ltd., 6.25%, 4/01/54 | 1208 |
| 1700000 | Augustar Life Insurance Co. 144A, 6.88%, 6/15/42 (a) | 1578 |
| 1630000 | Beacon Funding Trust 144A, 6.27%, 8/15/54 (a) | 1635 |
| 1020000 | F&G Annuities & Life Inc., 6.50%, 6/04/29 | 1034 |
| 1150000 | Fairfax Financial Holdings Ltd., 6.35%, 3/22/54 | 1197 |
| 1400000 | First American Financial Corp., 2.40%, 8/15/31 | 1147 |
| 450000 | Global Atlantic Fin Co. 144A, 6.75%, 3/15/54 (a) | 461 |
| 775000 | MetLife Inc., 5.30%, 12/15/34 | 783 |
| 725000 | Nationwide Financial Services Inc. 144A, 5.30%, 11/18/44 (a)(d) | 688 |
| 1731000 | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (a) | 2243 |
| 500000 | New York Life Insurance Co. 144A, 6.75%, 11/15/39 (a) | 565 |
| 450000 | Pacific Life Insurance Co. 144A, 9.25%, 6/15/39 (a) | 611 |
| 675000 | Prudential Financial Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.404%), 6.50%, 3/15/54 (b) | 706 |
| 550000 | Teachers Insurance & Annuity Association of America 144A, 4.90%, 9/15/44 (a) | 502 |
| 2000000 | Teachers Insurance & Annuity Association of America 144A, 6.85%, 12/16/39 (a) | 2264 |
| 1310000 | Unum Group, 6.00%, 6/15/54 | 1329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19610 |
|  **Leisure (1%)** | **Leisure (1%)** |  |
| 1100000 | Choice Hotels International Inc., 5.85%, 8/01/34 | 1107 |
| 835000 | Flutter Treasury DAC 144A, 6.38%, 4/29/29 (a)(d) | 855 |
| 500000 | Mattel Inc. 144A, 3.38%, 4/01/26 (a) | 489 |
| 1875000 | Warnermedia Holdings Inc., 4.28%, 3/15/32 | 1644 |
| 1355000 | Warnermedia Holdings Inc., 5.14%, 3/15/52 | 1021 |
|  |  | 5116 |

---

Annual Financial Statements and Other Information 35

------

Payden Corporate Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Media (2%)** | **Media (2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/01/41 | $1247 |
| 1275000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 6.55%, 6/01/34 | 1299 |
| 1110000 | Comcast Corp., 2.89%, 11/01/51 | 705 |
| 900000 | Comcast Corp., 5.35%, 5/15/53 | 873 |
| 1365000 | Paramount Global, 5.85%, 9/01/43 | 1163 |
| 1450000 | Time Warner Cable LLC, 6.75%, 6/15/39 | 1410 |
|  |  | 6697 |
|  **Real Estate (4%)** | **Real Estate (4%)** |  |
| 1050000 | DOC DR LLC, 2.63%, 11/01/31 | 900 |
| 760000 | Extra Space Storage LP, 5.40%, 2/01/34 | 761 |
| 70000 | Healthpeak OP LLC, 3.40%, 2/01/25 | 70 |
| 1175000 | NNN REIT Inc., 5.50%, 6/15/34 | 1190 |
| 1375000 | Prologis Targeted U.S. Logistics Fund LP 144A, 5.25%, 1/15/35 (a) | 1362 |
| 1875000 | Rexford Industrial Realty LP, 2.13%, 12/01/30 | 1583 |
| 875000 | Simon Property Group LP, 6.65%, 1/15/54 | 1004 |
| 1200000 | Simon Property Group LP, 6.75%, 2/01/40 | 1348 |
| 525000 | Star Holding LLC 144A, 8.75%, 8/01/31 (a) | 500 |
| 360000 | Toll Brothers Finance Corp., 4.88%, 11/15/25 | 360 |
| 1650000 | Ventas Realty LP, 5.00%, 1/15/35 | 1595 |
| 1540000 | VICI Properties LP / VICI Note Co. Inc. 144A, 4.25%, 12/01/26 (a) | 1512 |
| 770000 | WEA Finance LLC 144A, 4.13%, 9/20/28 (a) | 737 |
| 980000 | WEA Finance LLC 144A, 4.63%, 9/20/48 (a)(d) | 780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13702 |
|  **Retail (2%)** | **Retail (2%)** |  |
| 915000 | Bath & Body Works Inc., 6.88%, 11/01/35 | 930 |
| 2000000 | Home Depot Inc., 4.50%, 12/06/48 | 1778 |
| 1325000 | Lowe's Cos. Inc., 5.13%, 4/15/50 | 1245 |
| 345000 | Nordstrom Inc., 4.25%, 8/01/31 | 304 |
| 875000 | Target Corp., 4.50%, 9/15/32 | 860 |
| 1400000 | Walmart Inc., 4.50%, 9/09/52 | 1278 |
| 1355000 | Walmart Inc., 4.50%, 4/15/53 | 1235 |
|  |  | 7630 |
|  **Service (2%)** | **Service (2%)** |  |
| 505000 | ADT Security Corp. 144A, 4.13%, 8/01/29 (a) | 473 |
| 2185000 | American University 2019, 3.67%, 4/01/49 | 1711 |
| 1850000 | California Institute of Technology, 3.65%, 9/01/19 | 1246 |
| 1150000 | Ford Foundation 2020, 2.82%, 6/01/70 | 692 |
| 1540000 | Georgetown University B, 4.32%, 4/01/49 | 1350 |
| 1180000 | President and Fellows of Harvard College, 2.52%, 10/15/50 | 757 |
| 250000 | Wand NewCo 3 Inc. 144A, 7.63%, 1/30/32 (a) | 258 |
|  |  | 6487 |
|  **Technology (5%)** | **Technology (5%)** |  |
| 1305000 | Apple Inc., 2.65%, 5/11/50 | 848 |
| 1200000 | Apple Inc., 3.95%, 8/08/52 | 996 |
| 1475000 | Broadcom Inc., 4.35%, 2/15/30 | 1436 |
| 1325000 | Broadcom Inc., 5.15%, 11/15/31 | 1337 |
| 750000 | CDW LLC/CDW Finance Corp., 5.55%, 8/22/34 | 747 |
| 710000 | Concentrix Corp., 6.65%, 8/02/26 | 723 |
| 89000 | Dell International LLC/EMC Corp., 8.35%, 7/15/46 | 116 |
| 1455000 | Fiserv Inc., 5.38%, 8/21/28 | 1485 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000 | Foundry JV Holdco LLC 144A, 6.25%, 1/25/35 (a) | $1715 |
| 1075000 | Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl 144A, 8.75%, 5/01/29 (a) | 1092 |
| 1675000 | Hewlett Packard Enterprise Co., 5.60%, 10/15/54 | 1613 |
| 1130000 | Micron Technology Inc., 5.30%, 1/15/31 | 1139 |
| 2800000 | Microsoft Corp., 2.53%, 6/01/50 | 1794 |
| 1350000 | NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 6/18/29 | 1314 |
| 1493000 | Oracle Corp., 4.13%, 5/15/45 | 1205 |
| 1000000 | Oracle Corp., 6.50%, 4/15/38 | 1094 |
| 1300000 | Seagate HDD Cayman, 5.75%, 12/01/34 | 1283 |
|  |  | 19937 |
|  **Telecommunications (6%)** | **Telecommunications (6%)** |  |
| 1575000 | Alphabet Inc., 2.05%, 8/15/50 | 927 |
| 1750000 | Amazon.com Inc., 3.10%, 5/12/51 | 1229 |
| 1859000 | AT&T Inc., 3.50%, 9/15/53 | 1297 |
| 2800000 | AT&T Inc., 3.65%, 9/15/59 | 1923 |
| 1760000 | British Telecommunications PLC 144A, 4.25%, 11/08/49 (a) | 1433 |
| 1500000 | Deutsche Telekom International Finance BV, 8.75%, 6/15/30 | 1767 |
| 1110000 | Go Daddy Operating Co LLC/GD Finance Co. Inc. 144A, 3.50%, 3/01/29 (a) | 1025 |
| 1115000 | Juniper Networks Inc., 2.00%, 12/10/30 | 931 |
| 1475000 | Orange SA, 9.00%, 3/01/31 | 1786 |
| 1550000 | Rogers Communications Inc., 5.45%, 10/01/43 | 1491 |
| 820000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (a) | 825 |
| 1450000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (a) | 1380 |
| 1100000 | TELUS Corp., 4.60%, 11/16/48 | 931 |
| 905000 | Uber Technologies Inc., 4.80%, 9/15/34 | 878 |
| 1967000 | Verizon Communications Inc., 2.36%, 3/15/32 | 1641 |
| 2075000 | Vodafone Group PLC, 5.75%, 6/28/54 | 2058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21522 |
|  **Transportation (1%)** | **Transportation (1%)** |  |
| 1325000 | American Airlines Inc./AAdvantage Loyalty IP Ltd. 144A, 5.75%, 4/20/29 (a) | 1313 |
| 1171575 | American Airlines Pass-Through Trust 2019-1, AA, 3.15%, 2/15/32 | 1076 |
| 1122444 | American Airlines Pass-Through Trust 2019-1, A, 3.50%, 2/15/32 | 995 |
| 975000 | Delta Air Lines Inc./SkyMiles IP Ltd. 144A, 4.75%, 10/20/28 (a) | 965 |
|  |  | 4349 |
|  **Utility (9%)** | **Utility (9%)** |  |
| 1350000 | Algonquin Power & Utilities Corp., 5.37%, 6/15/26 | 1358 |
| 1050000 | Basin Electric Power Cooperative 144A, 4.75%, 4/26/47 (a) | 911 |
| 244000 | Berkshire Hathaway Energy Co., 6.13%, 4/01/36 | 261 |
| 800000 | Boston Gas Co. 144A, 6.12%, 7/20/53 (a) | 814 |
| 1265000 | Brooklyn Union Gas Co. 144A, 6.42%, 7/18/54 (a) | 1329 |
| 1050000 | Dominion Energy South Carolina Inc., 6.25%, 10/15/53 | 1178 |
| 1000000 | Duke Energy Corp., 5.45%, 6/15/34 | 1012 |
| 2250000 | Duke Energy Florida LLC, 5.95%, 11/15/52 | 2378 |
| 1000000 | Enel Finance International NV 144A, 5.13%, 6/26/29 (a) | 1005 |
| 925000 | Engie SA 144A, 5.88%, 4/10/54 (a) | 941 |

---

36 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | Entergy Louisiana LLC, 5.35%, 3/15/34 | $1223 |
| 1300000 | Exelon Corp., 5.15%, 3/15/29 | 1318 |
| 1825000 | Indiana Michigan Power Co., 5.63%, 4/01/53 | 1864 |
| 900000 | Indianapolis Power & Light Co. 144A, 5.70%, 4/01/54 (a) | 918 |
| 625000 | Interstate Power and Light Co., 5.45%, 9/30/54 | 624 |
| 660000 | KeySpan Gas East Corp. 144A, 5.82%, 4/01/41 (a) | 658 |
| 1675000 | Narragansett Electric Co. 144A, 5.35%, 5/01/34 (a) | 1691 |
| 1780000 | National Fuel Gas Co., 5.50%, 1/15/26 | 1790 |
| 610000 | Nevada Power Co., 6.00%, 3/15/54 | 650 |
| 950000 | NextEra Energy Capital Holdings Inc., 5.00%, 2/28/30 | 959 |
| 975000 | NextEra Energy Capital Holdings Inc., 5.55%, 3/15/54 | 970 |
| 775000 | Niagara Mohawk Power Corp. 144A, 5.66%, 1/17/54 (a) | 771 |
| 1000000 | NiSource Inc., 5.65%, 2/01/45 | 1006 |
| 900000 | Northern States Power Co., 5.10%, 5/15/53 | 869 |
| 675000 | Public Service Electric and Gas Co., 5.13%, 3/15/53 | 654 |
| 1450000 | RWE Finance U.S. LLC 144A, 5.88%, 4/16/34 (a) | 1475 |
| 1450000 | Sempra, 3.30%, 4/01/25 | 1440 |
| 941000 | System Energy Resources Inc., 6.00%, 4/15/28 | 971 |
| 585000 | Tucson Electric Power Co., 5.50%, 4/15/53 | 577 |
| 1275000 | Union Electric Co., 5.13%, 3/15/55 | 1213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32828 |
|  **Total Corporate Bond (Cost - $347,767)** | **Total Corporate Bond (Cost - $347,767)** | 329941 |
|  **Foreign Government (0%)** | **Foreign Government (0%)** |  |
| 1885000 | Corp. Financiera de Desarrollo SA 144A, 2.40%, 9/28/27 (a) |  |
|  | (Cost - $1,882) | 1748 |
|  **Mortgage Backed (5%)** | **Mortgage Backed (5%)** |  |
| 1200000 | AREIT Ltd. 2024-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.686%), 6.47%, 5/17/41 (a)(b) | 1205 |
| 1641107 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.392%), 6.20%, 3/15/41 (a)(b) | 1645 |
| 1324338 | BX Commercial Mortgage Trust 2024-MDHS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.641%), 6.45%, 5/15/41 (a)(b) | 1328 |
| 1325000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.491%), 6.30%, 7/15/29 (a)(b) | 1328 |
| 900000 | BX Trust 2023-DELC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.49%, 5/15/38 (a)(b) | 908 |
| 2000000 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.064%), 6.85%, 2/15/38 (a)(b) | 1631 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345000 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 9.36%, 1/25/42 (a)(b) | $1421 |
| 1132966 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 6.01%, 3/25/44 (a)(b) | 1134 |
| 1350000 | CSTL Commercial Mortgage Trust 2024-GATE 144A, 4.92%, 11/10/29 (a)(f) | 1309 |
| 1626608 | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 1.814%), 6.62%, 7/15/38 (a)(b) | 1628 |
| 1700000 | MF1 2024-FL16 144A, (1 mo. Term Secured Overnight Financing Rate + 1.541%), 6.40%, 11/18/29 (a)(b)(g) | 1697 |
| 974974 | MHC Commercial Mortgage Trust 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 0.915%), 5.72%,<br>4/15/38 (a)(b) | 973 |
| 1500000 | NXPT Commercial Mortgage Trust 2024-STOR 144A, 4.46%, 11/05/41 (a)(f) | 1444 |
| 1134906 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 1122 |
|  **Total Mortgage Backed (Cost - $19,167)** | **Total Mortgage Backed (Cost - $19,167)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18773 |
|  **Municipal (0%)** | **Municipal (0%)** |  |
| 1050000 | Michigan Finance Authority D, 5.02%, 11/01/43 |  |
|  | **(Cost - $1,050)** | 974 |
|  **Investment Company (4%)** | **Investment Company (4%)** |  |
| 8881447 | Payden Cash Reserves Money Market Fund\* | 8881 |
| 589623 | Payden Emerging Market Corporate Bond Fund, SI Class\* | 5189 |
|  **Total Investment Company (Cost - $13,871)** | **Total Investment Company (Cost - $13,871)** | 14070 |
|  **Total Investments (Cost - $395,879) (100%)** | **Total Investments (Cost - $395,879) (100%)** | 377291 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | (1741) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $375550 |

---

\* 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, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024. 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, 2024, the total market value of the Fund's securities on loan is $4,753 and the total market value of the collateral held by the Fund is $4,913. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Yield to maturity at time of purchase.

Annual Financial Statements and Other Information 37

------

Payden Corporate Bond Fund continued

#### 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. Long Bond Future | 94 | Dec-24 | $11089 | $(666) | $(666) |
| U.S. Treasury 10-Year Note Future | 100 | Dec-24 | 11047 | (372) | (372) |
| U.S. Treasury 2-Year Note Future | 46 | Dec-24 | 9473 | (82) | (82) |
| U.S. Treasury 5-Year Note Future | 200 | Dec-24 | 21447 | (530) | (530) |
|  |  |  |  |  | (1650) |
| **Short Contracts:** |  |  |  |  |  |
| U.S. 10-Year Ultra Future | 111 | Dec-24 | (12626) | 505 | 505 |
| U.S. Ultra Bond Future | 68 | Dec-24 | (8543) | 321 | 321 |
|  |  |  |  |  | 826 |
| **Total Futures** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(824) |

---

#### 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> | $4753 |
|  Non-cash Collateral<sup>2</sup>  | (4753) |
|  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, 2024, 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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See notes to financial statements.* 

**38 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;Payden Strategic Income Fund

**Schedule of Investments** - October *31, 2024* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (13%)** | **Asset Backed (13%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350349 | ACRES Commercial Realty Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 6.10%, 6/15/36 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
| 210650 | Arbys Funding LLC 2020-1A 144A, 3.24%, 7/30/50 (a) | 199 |
| 1000000 | BDS Ltd. 2021-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 7.22%, 6/16/36 (a)(b) | 971 |
| 700000 | Blackrock European CLO VII DAC 7A 144A, (3 mo. EURIBOR + 1.300%), 4.48%, 10/15/31<br>EUR (a)(b)(c) | 755 |
| 600000 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.814%), 7.57%, 8/19/38 (a)(b) | 589 |
| 892284 | Carlyle Global Market Strategies CLO Ltd. 2012-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.120%), 5.75%, 4/22/32 (a)(b) | 892 |
| 360000 | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (a) | 319 |
| 600000 | CIFC European Funding CLO II DAC 2A 144A, (3 mo. EURIBOR + 0.900%), 4.08%, 4/15/33 EUR (a)(b)(c) | 652 |
| 656649 | CIFC Funding Ltd. 2018-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.362%), 5.99%, 7/18/31 (a)(b) | 658 |
| 675000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 CAD (a)(c) | 487 |
| 550000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | 526 |
| 1130616 | Driven Brands Funding LLC 2020-1A 144A, 3.79%, 7/20/50 (a) | 1083 |
| 459109 | Dryden CLO Ltd. 2018-55A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.282%), 5.94%, 4/15/31 (a)(b) | 460 |
| 800000 | Dryden CLO Ltd. 2019-72A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.89%, 5/15/32 (a)(b) | 801 |
| 400000 | Dryden XXVI Senior Loan Fund 2013-26A 144A, (3 mo. Term Secured Overnight Financing Rate + 5.802%), 10.46%, 4/15/29 (a)(b) | 382 |
| 1050000 | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.164%), 6.95%, 5/16/38 (a)(b) | 1025 |
| 1000000 | Galaxy XXII CLO Ltd. 2016-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.89%, 4/16/34 (a)(b) | 1000 |
| 234531 | JPMorgan Chase Bank N.A.-CACLN 2020-2 144A, 31.36%, 2/25/28 (a) | 239 |
| 5955 | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 2.28%, 12/26/28 (a) | 6 |
| 42634 | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 2.10%, 2/26/29 (a) | 42 |
| 1 | Juniper Receivables 2021-2 DAC Holding Class R-1 Notes, 0.00%, 2/15/29 (d) | 234 |
| 750000 | LCM Ltd. 39A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.340%), 6.00%, 10/15/34 (a)(b) | 750 |
| 251354 | Man GLG Euro CLO VI DAC 6A 144A, (3 mo. EURIBOR + 0.810%), 3.99%, 10/15/32<br>EUR (a)(b)(c) | 273 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Montmartre Euro CLO DAC 2020-2A 144A, (3 mo. EURIBOR + 0.960%), 4.14%, 7/15/34<br>EUR (a)(b)(c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 |
| 450000 | Neuberger Berman Loan Advisers CLO Ltd. 2020-36A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 6.42%, 4/20/33 (a)(b) | 451 |
| 1200000 | Neuberger Berman Loan Advisers CLO Ltd. 2019-33A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.342%), 5.99%, 10/16/33 (a)(b) | 1201 |
| 500000 | Neuberger Berman Loan Advisers Euro CLO DAC 2021-2A 144A, (3 mo. EURIBOR + 1.030%), 4.21%, 4/15/34 EUR (a)(b)(c) | 544 |
| 477730 | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | 477 |
| 132860 | Palmer Square CLO Ltd. 2014-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.392%), 6.04%, 1/17/31 (a)(b) | 133 |
| 700000 | Palmer Square CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.530%), 6.18%, 4/16/37 (a)(b) | 704 |
| 390525 | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (a) | 360 |
| 900000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.87%, 7/20/35 (a)(b) | 900 |
| 507250 | Rockford Tower CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.422%), 6.04%, 10/20/31 (a)(b) | 508 |
| 600000 | RR Ltd. 2022-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.730%), 6.39%, 1/15/36 (a)(b) | 601 |
| 87625 | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 5.28%, 5/15/32 (a) | 88 |
| 55625 | Santander Bank Auto Credit-Linked Notes 2022-B 144A, 6.79%, 8/16/32 (a) | 56 |
| 104344 | Santander Bank Auto Credit-Linked Notes 2023-A 144A, 10.07%, 6/15/33 (a) | 106 |
| 45404 | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | 45 |
| 50 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (d) | 590 |
| 783257 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (a) | 785 |
| 600000 | Sculptor European CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.750%), 4.93%, 1/14/32<br>EUR (a)(b)(c) | 655 |
| 498750 | Store Master Funding I-VII XIV XIX XX XXIV XXII 2024-1A 144A, 5.70%, 5/20/54 (a) | 502 |
| 450000 | Symphony CLO XXIV Ltd. 2020-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.512%), 7.14%, 1/23/32 (a)(b) | 451 |
| 850000 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | 852 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 305 |
| 300000 | Voya Euro CLO III DAC 3A 144A, (3 mo. EURIBOR + 0.920%), 4.10%, 4/15/33<br>EUR (a)(b)(c) | 326 |

---

Annual Financial Statements and Other Information 39

------

&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 Strategic Income Fund** *continued* 

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638550 | Zaxbys Funding LLC 2021-1A 144A, 3.24%, 7/30/51 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
|  **Total Asset Backed (Cost - $25,240)** | **Total Asset Backed (Cost - $25,240)** | 24184 |
|  **Bank Loans(e) (3%)** | **Bank Loans(e) (3%)** |  |
| 298495 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.09%, 2/01/29 | 299 |
| 250000 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.85%, 8/20/31 | 251 |
| 500000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 4.00%, 10/24/29 | 499 |
| 600000 | Epic Y Grade Services LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.60%, 6/29/29 | 600 |
| 547250 | Ineos U.S. Petrochem LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 9.04%, 4/02/29 | 545 |
| 432000 | MIC Glen LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.30%, 7/21/28 | 433 |
| 646056 | Numericable U.S. LLC Term Loan B14-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 10.16%, 8/15/28 | 519 |
| 347375 | Pegasus Bidco Bv Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.85%, 7/12/29 | 349 |
| 309563 | Standard Industries Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 6.76%, 9/22/28 | 311 |
| 548625 | Verde Purchaser LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 9.10%, 11/30/30 | 545 |
| 650000 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.39%, 6/27/29 | 637 |
|  **Total Bank Loans (Cost - $5,072)** | **Total Bank Loans (Cost - $5,072)** | 4988 |
|  **Corporate Bond (36%)** | **Corporate Bond (36%)** |  |
|  **Financial (15%)** | **Financial (15%)** |  |
| 675000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | 644 |
| 450000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (b) | 468 |
| 700000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.930%), 5.63%, 7/28/34 (b) | 712 |
| 560000 | American Tower Corp., 3.95%, 3/15/29 | 539 |
| 725000 | AmFam Holdings Inc. 144A, 2.81%, 3/11/31 (a) | 563 |
| 350000 | Ares Capital Corp., 5.95%, 7/15/29 | 353 |
| 500000 | Athene Holding Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.607%), 6.63%, 10/15/54 (b) | 493 |
| 925000 | Banco Bilbao Vizcaya Argentaria SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.700%), 6.14%, 9/14/28 (b) | 953 |
| 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)(f) | 370 |
| 400000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (b) | 377 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Bank of Nova Scotia, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.017%), 8.00%, 1/27/84 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 |
| 450000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (b) | 456 |
| 300000 | BBVA Bancomer SA 144A, 5.25%, 9/10/29 (a) | 298 |
| 325000 | Blackstone Private Credit Fund, 4.70%, 3/24/25 | 324 |
| 625000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 596 |
| 345000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 342 |
| 250000 | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 2.074%), 2.22%, 6/09/26 (a)(b) | 246 |
| 275000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.62%, 10/30/31 (b) | 306 |
| 375000 | Charles Schwab Corp. G, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.971%), 5.38% (b)(f) | 374 |
| 900000 | Corebridge Financial Inc., 3.90%, 4/05/32 | 823 |
| 550000 | Credit Agricole SA 144A, 5.51%, 7/05/33 (a) | 567 |
| 400000 | CubeSmart LP, 2.25%, 12/15/28 | 362 |
| 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) | 306 |
| 600000 | Extra Space Storage LP, 5.90%, 1/15/31 | 622 |
| 400000 | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (a) | 398 |
| 550000 | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | 506 |
| 700000 | goeasy Ltd. 144A, 9.25%, 12/01/28 (a) | 747 |
| 500000 | goeasy Ltd. 144A, 6.88%, 5/15/30 (a) | 508 |
| 500000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.210%), 5.05%, 7/23/30 (b) | 501 |
| 565000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (b) | 494 |
| 500000 | HSBC Holdings PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.858%), 8.00% (b)(f) | 526 |
| 500000 | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 1.970%), 6.16%, 3/09/29 (b) | 517 |
| 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) | 716 |
| 430000 | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 399 |
| 600000 | Jane Street Group/JSG Finance Inc. 144A, 6.13%, 11/01/32 (a) | 601 |
| 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) | 647 |
| 300000 | Main Street Capital Corp., 6.95%, 3/01/29 | 307 |
| 550000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.200%), 2.51%, 10/20/32 (b) | 467 |
| 585000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.290%), 2.94%, 1/21/33 (b) | 508 |
| 500000 | Panther Escrow Issuer LLC 144A, 7.13%, 6/01/31 | 512 |
| 525000 | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | 441 |
| 625000 | Realty Income Corp., 2.10%, 3/15/28 | 574 |
| 750000 | Royal Bank of Canada, 5.00%, 2/01/33 | 752 |

---

40 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 2.328%), 5.81%, 9/09/26 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 |
| 450000 | Santander Holdings USA Inc., 3.24%, 10/05/26 | 435 |
| 800000 | Shriram Finance Ltd. 144A, 6.63%, 4/22/27 (a) | 810 |
| 700000 | Simon Property Group LP, 4.75%, 9/26/34 | 672 |
| 500000 | Starwood Property Trust Inc. 144A, 6.00%,<br>4/15/30 (a) | 491 |
| 280000 | Synchrony Financial, 7.25%, 2/02/33 | 287 |
| 500000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.630%), 6.85% (a)(b)(f) | 497 |
| 750000 | UBS Group AG 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.758%), 9.25% (a)(b)(f) | 870 |
| 750000 | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 1.730%), 3.09%, 5/14/32 (a)(b) | 661 |
| 300000 | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 5.020%), 9.02%, 11/15/33 (a)(b) | 370 |
|  |  | 27827 |
|  **Industrial (9%)** | **Industrial (9%)** |  |
| 550000 | Alcoa Nederland Holding BV 144A, 7.13%, 3/15/31 (a) | 574 |
| 350000 | Amentum Holdings Inc. 144A, 7.25%, 8/01/32 (a) | 363 |
| 300000 | Anglo American Capital PLC 144A, 5.50%,<br>5/02/33 (a) | 303 |
| 450000 | Ashtead Capital Inc. 144A, 5.55%, 5/30/33 (a) | 448 |
| 500000 | Blue Cross and Blue Shield of Minnesota 144A, 3.79%, 5/01/25 (a) | 496 |
| 700000 | Boeing Co. 144A, 6.53%, 5/01/34 (a) | 738 |
| 250000 | Braskem Netherlands Finance BV 144A, 8.00%, 10/15/34 (a) | 250 |
| 200000 | BRF SA 144A, 5.75%, 9/21/50 (a) | 164 |
| 192000 | Broadcom Inc. 144A, 3.14%, 11/15/35 (a) | 158 |
| 575000 | Campbell Soup Co., 5.20%, 3/21/29 | 583 |
| 42000 | Carrier Global Corp., 2.24%, 2/15/25 | 42 |
| 350000 | CDW LLC/CDW Finance Corp., 5.55%, 8/22/34 | 349 |
| 300000 | Cencosud SA 144A, 5.95%, 5/28/31 (a) | 304 |
| 450000 | Centene Corp., 4.25%, 12/15/27 | 436 |
| 825000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 12/01/61 | 552 |
| 600000 | Cleveland-Cliffs Inc. 144A, 7.00%, 3/15/32 (a) | 601 |
| 700000 | CVS Health Corp., 5.63%, 2/21/53 | 651 |
| 300000 | Dell International LLC/EMC Corp., 5.75%, 2/01/33 | 312 |
| 140000 | Equifax Inc., 2.60%, 12/15/25 | 137 |
| 250000 | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 | 228 |
| 550000 | Ford Motor Credit Co. LLC, 5.80%, 3/05/27 | 555 |
| 500000 | Foundry JV Holdco LLC 144A, 5.90%, 1/25/30 (a) | 507 |
| 550000 | General Motors Co., 5.60%, 10/15/32 | 559 |
| 725000 | Glencore Funding LLC 144A, 3.88%, 4/27/51 (a) | 542 |
| 525000 | Global Payments Inc., 1.20%, 3/01/26 | 501 |
| 300000 | Graphic Packaging International LLC 144A, 1.51%, 4/15/26 (a) | 284 |
| 260000 | HCA Inc., 3.50%, 9/01/30 | 239 |
| 650000 | Hyundai Capital America 144A, 6.50%,<br>1/16/29 (a) | 683 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Kontoor Brands Inc. 144A, 4.13%, 11/15/29 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| 200000 | Land O' Lakes Inc. 144A, 7.00% (a)(f) | 163 |
| 350000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 341 |
| 350000 | Micron Technology Inc., 5.30%, 1/15/31 | 353 |
| 500000 | Northwell Healthcare Inc., 4.26%, 11/01/47 | 412 |
| 300000 | OCP SA 144A, 7.50%, 5/02/54 (a) | 311 |
| 400000 | Regal Rexnord Corp., 6.40%, 4/15/33 | 418 |
| 750000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (a) | 754 |
| 310000 | Sinclair Television Group Inc. 144A, 4.13%, 12/01/30 (a) | 239 |
| 800000 | Stellantis Finance U.S. Inc. 144A, 1.71%, 1/29/27 (a) | 743 |
| 500000 | T-Mobile USA Inc., 2.63%, 4/15/26 | 484 |
| 775000 | VMware LLC, 2.20%, 8/15/31 | 648 |
| 525000 | Warnermedia Holdings Inc., 5.14%, 3/15/52 | 396 |
|  |  | 17054 |
|  **Utility (12%)** | **Utility (12%)** |  |
| 700000 | Abu Dhabi National Energy Co. PJSC 144A, 4.38%, 10/09/31 (a) | 685 |
| 627939 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | 630 |
| 550000 | Algonquin Power & Utilities Corp., 5.37%, 6/15/26 | 553 |
| 450000 | AltaGas Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.573%), 7.20%, 10/15/54 (a)(b) | 452 |
| 500000 | Ameren Corp., 5.70%, 12/01/26 | 509 |
| 300000 | Arizona Public Service Co., 5.70%, 8/15/34 | 307 |
| 550000 | BP Capital Markets America Inc., 4.81%, 2/13/33 | 539 |
| 350000 | BP Capital Markets PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.153%), 6.45% (b)(f) | 366 |
| 300000 | California Resources Corp. 144A, 8.25%, 6/15/29 (a) | 303 |
| 500000 | Duke Energy Corp., 5.80%, 6/15/54 | 502 |
| 975000 | Duquesne Light Holdings Inc. 144A, 2.78%, 1/07/32 (a) | 820 |
| 400000 | Energy Transfer LP, 5.75%, 2/15/33 | 408 |
| 600000 | Energy Transfer LP, 6.55%, 12/01/33 | 644 |
| 500000 | Energy Transfer LP, 6.05%, 9/01/54 | 501 |
| 200000 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (a) | 201 |
| 255000 | Geopark Ltd. 144A, 5.50%, 1/17/27 (a) | 241 |
| 340000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 6.88%, 5/15/34 (a) | 326 |
| 260000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 7.25%, 2/15/35 (a) | 255 |
| 400000 | Ithaca Energy North Sea PLC 144A, 8.13%, 10/15/29 (a) | 401 |
| 270000 | Kinder Morgan Inc., 2.00%, 2/15/31 | 228 |
| 450000 | Matador Resources Co. 144A, 6.25%, 4/15/33 (a) | 441 |
| 400000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (a) | 392 |
| 330000 | National Fuel Gas Co., 5.50%, 1/15/26 | 332 |
| 300000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (a) | 300 |
| 800000 | NRG Energy Inc. 144A, 6.25%, 11/01/34 | 800 |
| 450000 | Occidental Petroleum Corp., 5.55%, 10/01/34 | 443 |
| 300000 | ONEOK Inc., 5.80%, 11/01/30 | 311 |

---

Annual Financial Statements and Other Information 41

------

&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 Strategic Income Fund** *continued* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Palomino Funding Trust I 144A, 7.23%,<br>5/17/28 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 |
| 550000 | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | 582 |
| 415000 | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | 403 |
| 385000 | Petroleos Mexicanos, 6.49%, 1/23/27 | 380 |
| 400000 | Petroleos Mexicanos, 5.95%, 1/28/31 | 345 |
| 735000 | Phillips 66 Co., 2.45%, 12/15/24 | 732 |
| 244000 | Saturn Oil & Gas Inc. 144A, 9.63%, 6/15/29 (a) | 241 |
| 600000 | Saudi Arabian Oil Co. 144A, 5.88%, 7/17/64 (a) | 578 |
| 450000 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (a) | 447 |
| 550000 | South Bow USA Infrastructure Holdings LLC 144A, 5.58%, 10/01/34 (a) | 544 |
| 350000 | Surge Energy Inc. 144A, 8.50%, 9/05/29<br>CAD (a)(c) | 253 |
| 438339 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | 398 |
| 300000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 302 |
| 350000 | Transocean Inc. 144A, 8.50%, 5/15/31 (a) | 353 |
| 500000 | USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 9/01/27 | 503 |
| 300000 | Valaris Ltd. 144A, 8.38%, 4/30/30 (a) | 305 |
| 400000 | Var Energi ASA 144A, 8.00%, 11/15/32 (a) | 455 |
| 650000 | Weatherford International Ltd. 144A, 8.63%, 4/30/30 (a) | 672 |
| 100000 | Western Midstream Operating LP, 6.35%, 1/15/29 | 104 |
| 250000 | Western Midstream Operating LP, 6.15%, 4/01/33 | 259 |
| 400000 | Whistler Pipeline LLC 144A, 5.40%, 9/30/29 (a) | 402 |
| 300000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (a) | 292 |
| 650000 | Williams Cos. Inc., 5.80%, 11/15/54 | 653 |
|  |  | 21778 |
|  **Total Corporate Bond (Cost - $68,132)** | **Total Corporate Bond (Cost - $68,132)** | 66659 |
|  **Foreign Government (4%)** | **Foreign Government (4%)** |  |
| 200000 | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (a) | 137 |
| 550000 | Chile Government International Bond, 4.13%, 7/05/34 EUR (c) | 617 |
| 830000 | CPPIB Capital Inc. 144A, 1.95%, 9/30/29<br>CAD (a)(c) | 561 |
| 350000 | Dominican Republic International Bond 144A, 6.60%, 6/01/36 (a) | 356 |
| 590000 | Guatemala Government Bond, 4.50%, 5/03/26 (g) | 580 |
| 350000 | Guatemala Government Bond 144A, 6.55%, 2/06/37 (a) | 353 |
| 700000 | KSA Sukuk Ltd. 144A, 5.25%, 6/04/34 (a) | 710 |
| 250000 | Mexico Government International Bond, 6.34%, 5/04/53 | 233 |
| 500000 | Municipal Finance Authority of British, 2.55%, 10/09/29 CAD (c) | 346 |
| 400000 | Nigeria Government International Bond 144A, 6.13%, 9/28/28 (a) | 362 |
| 240000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (a) | 237 |
| 450000 | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (a) | 455 |
| 700000 | Perusahaan Penerbit SBSN Indonesia III 144A, 5.20%, 7/02/34 (a) | 708 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Peruvian Government International Bond, 5.38%, 2/08/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| 250000 | Republic of South Africa Government International Bond, 4.85%, 9/30/29 | 236 |
| 250000 | Republic of South Africa Government International Bond, 5.88%, 6/22/30 | 245 |
| 575000 | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (a) | 480 |
|  **Total Foreign Government (Cost - $7,162)** | **Total Foreign Government (Cost - $7,162)** | 6912 |
|  **Mortgage Backed (21%)** | **Mortgage Backed (21%)** |  |
| 700000 | AREIT Ltd. 2024-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.686%), 6.47%, 5/17/41 (a)(b) | 703 |
| 450000 | BRAVO Residential Funding Trust 2024-NQM7 144A, 5.55%, 10/27/64 (a) | 449 |
| 625000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.32%, 9/15/36 (a)(b) | 623 |
| 263021 | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.72%, 6/15/38 (a)(b) | 262 |
| 777608 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 3.140%), 7.94%, 2/15/39 (a)(b) | 781 |
| 693426 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.49%, 3/15/41 (a)(b) | 695 |
| 700000 | BX Trust 2024-BIO 144A, (1 mo. Term Secured Overnight Financing Rate + 1.642%), 6.45%, 2/15/41 (a)(b) | 703 |
| 395630 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.49%, 4/15/41 (a)(b) | 397 |
| 550000 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.81%, 3/25/44 (a)(b) | 555 |
| 300000 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (a)(h) | 300 |
| 400000 | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (a) | 412 |
| 70741 | Eagle RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.050%), 6.91%, 4/25/34 (a)(b) | 71 |
| 494684 | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 17.22%,<br>9/25/28 (b) | 564 |
| 766978 | Fannie Mae Connecticut Avenue Securities 2016-C03, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.72%,<br>10/25/28 (b) | 875 |
| 492734 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 15.22%,<br>1/25/29 (b) | 562 |
| 1100717 | FN CB3622 30YR, 4.00%, 5/01/52 | 1019 |
| 1317654 | FN CB4120 30YR, 4.00%, 7/01/52 | 1220 |
| 1098282 | FN CB4127 30YR, 4.50%, 7/01/52 | 1045 |
| 910571 | FN CB4794 30YR, 4.50%, 10/01/52 | 865 |
| 774014 | FN CB7991 30YR, 5.50%, 2/01/54 | 769 |
| 667062 | FN CB8021 30YR, 6.50%, 2/01/54 | 686 |
| 1840360 | FN MA4761 30YR, 5.00%, 9/01/52 | 1793 |

---

42 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437882 | FN MA4785 30YR, 5.00%, 10/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 |
| 1160894 | FN MA4842 30YR, 5.50%, 12/01/52 | 1153 |
| 1767287 | FN MA4869 30YR, 5.50%, 1/01/53 | 1752 |
| 207313 | FN MA4876 30YR, 6.00%, 12/01/52 | 209 |
| 1667650 | FN MA5040 30YR, 6.00%, 6/01/53 | 1679 |
| 2034690 | FN MA5073 30YR, 6.00%, 7/01/53 | 2049 |
| 740579 | FR RA7790 30YR, 5.00%, 8/01/52 | 723 |
| 576954 | FR RA7936 30YR, 5.00%, 9/01/52 | 564 |
| 875867 | FR RA8249 30YR, 5.50%, 11/01/52 | 871 |
| 1288363 | FR RA8415 30YR, 5.50%, 1/01/53 | 1280 |
| 567072 | FR SB8192 15YR, 5.00%, 10/01/37 | 567 |
| 902062 | FR SB8206 15YR, 5.00%, 1/01/38 | 902 |
| 277778 | FR SB8247 15YR, 5.00%, 8/01/38 | 277 |
| 384874 | FR SD1035 30YR, 4.00%, 5/01/52 | 356 |
| 794586 | FR SD2184 30YR, 6.00%, 1/01/53 | 800 |
| 742307 | FR SD8245 30YR, 4.50%, 9/01/52 | 705 |
| 492293 | Freddie Mac STACR Debt Notes 2015-HQA1, (U.S. Secured Overnight Financing Rate Index 30day Average + 8.914%), 13.77%, 3/25/28 (b) | 512 |
| 489828 | Freddie Mac STACR Debt Notes 2015-DNA3, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.464%), 14.32%, 4/25/28 (b) | 525 |
| 329729 | Freddie Mac STACR Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.47%, 5/25/28 (b) | 345 |
| 300000 | Freddie Mac STACR Trust 2019-FTR3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.914%), 10.19%, 9/25/47 (a)(b) | 319 |
| 300000 | Freddie Mac STACR Trust 2019-FTR4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.114%), 9.97%, 11/25/47 (a)(b) | 321 |
| 186553 | Last Mile Logistics Pan Euro Finance DAC 1A 144A, (3 mo. EURIBOR + 1.900%), 5.45%, 8/17/33 EUR (a)(b)(c) | 202 |
| 785485 | Last Mile Logistics Pan Euro Finance DAC 1X, (3 mo. EURIBOR + 2.700%), 6.25%, 8/17/33<br>EUR (b)(c)(g) | 851 |
| 27557 | Nationstar Mortgage Loan Trust 2013-A 144A, 3.75%, 12/25/52 (a)(h) | 26 |
| 182592 | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (a)(h) | 175 |
| 750000 | NXPT Commercial Mortgage Trust 2024-STOR 144A, 4.46%, 11/05/41 (a)(h) | 722 |
| 491862 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (a) | 489 |
| 487307 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 487 |
| 394750 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 390 |
| 350000 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 352 |
| 400000 | OBX Trust 2024-NQM16 144A, 5.53%,<br>10/25/64 (a) | 400 |
| 300000 | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.47%, 2/25/47 (a)(b) | 367 |
| 794167 | Taurus DAC 2021-UK1A 144A, (Sterling Overnight Index Average + 2.600%), 7.58%, 5/17/31<br>GBP (a)(b)(c) | 1026 |
| 300000 | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.30%, 3/15/38 (a)(b) | 296 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (a)(h) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
|  **Total Mortgage Backed (Cost - $38,647)** | **Total Mortgage Backed (Cost - $38,647)** | 38792 |
|  **Municipal (4%)** | **Municipal (4%)** |  |
| 440000 | California Earthquake Authority A, 5.60%, 7/01/27 | 444 |
| 910000 | California Health Facilities Financing Authority, 2.48%, 6/01/27 | 864 |
| 245111 | California Pollution Control Financing Authority, AMT 144A, 7.50%, 12/01/39 (a)(i) |  |
| 1000000 | City of El Segundo CA, 1.98%, 7/01/29 | 880 |
| 740000 | City of Tempe AZ, 1.58%, 7/01/28 | 668 |
| 900000 | County of Alameda CA B, 3.95%, 8/01/33 | 848 |
| 250000 | District of Columbia Water & Sewer Authority A, 4.81%, 10/01/14 | 227 |
| 505000 | Golden State Tobacco Securitization Corp. B, 2.75%, 6/01/34 (j) | 428 |
| 750000 | New York State Dormitory Authority C, 1.54%, 3/15/27 | 703 |
| 500000 | Redondo Beach Community Financing Authority A, 1.98%, 5/01/29 | 444 |
| 600000 | Regents of the University of California Medical Center Pooled Revenue Q, 4.13%, 5/15/32 | 573 |
| 1000000 | State of Connecticut A, 2.42%, 7/01/27 | 951 |
|  **Total Municipal (Cost - $7,852)** | **Total Municipal (Cost - $7,852)** | 7030 |
|  **U.S. Government Agency (0%)** | **U.S. Government Agency (0%)** |  |
| 950000 | Tennessee Valley Authority, 5.25%, 9/15/39 |  |
|  | (Cost - $1,035) | 993 |
|  **U.S. Treasury (16%)** | **U.S. Treasury (16%)** |  |
| 1860000 | U.S. Treasury Bill, 4.53%, 1/30/25 (d) | 1839 |
| 160000 | U.S. Treasury Bond, 2.00%, 2/15/50 | 98 |
| 1940000 | U.S. Treasury Bond, 2.00%, 8/15/51 (k)(l) | 1175 |
| 478000 | U.S. Treasury Bond, 4.25%, 2/15/54 | 460 |
| 420000 | U.S. Treasury Bond, 4.25%, 8/15/54 | 404 |
| 4630717 | U.S. Treasury Inflation Indexed Notes, 2.13%, 4/15/29 | 4681 |
| 2902228 | U.S. Treasury Inflation Indexed Notes, 1.38%, 7/15/33 | 2778 |
| 1890000 | U.S. Treasury Note, 4.50%, 7/15/26 | 1899 |
| 2530000 | U.S. Treasury Note, 4.38%, 7/31/26 | 2538 |
| 960000 | U.S. Treasury Note, 3.50%, 1/31/28 (k)(l) | 942 |
| 640000 | U.S. Treasury Note, 1.38%, 11/15/31 | 530 |
| 3190000 | U.S. Treasury Note, 3.88%, 8/15/33 | 3098 |
| 2340000 | U.S. Treasury Note, 4.00%, 2/15/34 | 2290 |
| 3460000 | U.S. Treasury Note, 4.38%, 5/15/34 | 3485 |
| 2690000 | U.S. Treasury Note, 4.28%, 8/15/34 (d) | 2603 |
|  **Total U.S. Treasury (Cost - $29,637)** | **Total U.S. Treasury (Cost - $29,637)** | 28820 |
|  **Stocks (1%)** | **Stocks (1%)** |  |
|  **Preferred Stock (1%)** | **Preferred Stock (1%)** |  |
| 40000 | Morgan Stanley, 6.50% (f) |  |
|  | **(Cost - $1,000)** | 1044 |
|  **Total Stocks (Cost - $1,000)** | **Total Stocks (Cost - $1,000)** | 1044 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 2643037 | Payden Cash Reserves Money Market Fund\* | 2643 |
| 101806 | Payden Emerging Market Corporate Bond Fund, SI Class\* | 896 |

---

Annual Financial Statements and Other Information 43

------

&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 Strategic Income Fund** *continued* 

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 394191 | Payden Emerging Markets Local Bond Fund, SI Class\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 |
|  **Total Investment Company (Cost - $5,390)** | **Total Investment Company (Cost - $5,390)** | 5348 |
|  **Total Investments (Cost - $189,167) (101%)** | **Total Investments (Cost - $189,167) (101%)** | 184770 |
|  **Liabilities in excess of Other Assets (-1%)** | **Liabilities in excess of Other Assets (-1%)** | (1491) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183279 |

---

\* 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, 2024.

&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;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Payment of principal and/or interest is insured against default by a monoline insurer.

&nbsp;&nbsp;&nbsp;&nbsp;(k) All or a portion of the security is pledged to cover futures contract margin requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(l) All or a portion of security has been pledged in connection with outstanding centrally cleared swaps.

#### 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 1,116 | GBP 839 | Barclays Bank PLC | 03/19/2025 | $35 |
| USD 1,871 | CAD 2,516 | Citibank, N.A. | 03/19/2025 | 55 |
| USD 5,546 | EUR 4,952 | State Street Bank & Trust Co. | 03/19/2025 | 125 |
| USD 605 | MXN 12,030 | Wells Fargo & Co. | 11/19/2024 | 5 |
|  |  |  |  | 220 |
| **Liabilities:** |  |  |  |  |
| USD 1,210 | EUR 1,117 | HSBC Bank USA, N.A. | 11/19/2024 | (6) |
| Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | $214 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number<br>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:** | **Long Contracts:** |  |  |  |  |
| U.S. 10-Year Ultra Future | 141 | Dec-24 | $16039 | $(652) | $(652) |
| U.S. Treasury 2-Year Note Future | 182 | Dec-24 | 37482 | (326) | (326) |
|  |  |  |  |  | (978) |
|  **Short Contracts:** |  |  |  |  |  |
| U.S. Treasury 10-Year Note Future | 55 | Dec-24 | (6076) | 197 | 197 |
| U.S. Treasury 5-Year Note Future | 493 | Dec-24 | (52867) | 1052 | 1052 |
|  |  |  |  |  | 1249 |
|  **Total Futures** |  |  |  |  | $271 |

---

44 Payden Mutual Funds

------

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>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 4.9000% (SOFRRATE) Annually, Pay Fixed 2.7375% Annually | 08/30/2034 | $2600 | $232 | $– $| 232 |
| 10-Year SOFR Swap, Receive Variable 4.9000% (SOFRRATE) Annually, Pay Fixed 2.9360% Annually | 06/28/2034 | 2630 | 199 | – | 199 |
| 10-Year SOFR Swap, Receive Variable 4.9000% (SOFRRATE) Annually, Pay Fixed 3.2815% Annually | 02/27/2035 | 3200 | 122 | – | 122 |
| 2-Year SOFR Swap, Receive Fixed 2.7400% Annually, Pay Variable 4.9000% (SOFRRATE) Annually | 08/30/2026 | 11900 | (305) | – | (305) |
| 2-Year SOFR Swap, Receive Fixed 2.8300% Annually, Pay Variable 4.9000% (SOFRRATE) Annually | 06/29/2026 | 11766 | (319) | – | (319) |
| 5-Year SOFR Swap, Receive Variable 4.9000% (SOFRRATE) Annually, Pay Fixed 3.3330% Annually | 02/27/2027 | 13500 | (117) | – | (117) |
|  |  |  | $(188) | $– $| (188) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See notes to financial statements.* 

Annual Financial Statements and Other Information 45

------

&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 Absolute Return Bond Fund

**Schedule of Investments -** October 31, 2024

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Asset Backed (28%)** | **Asset Backed (28%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | AIMCO CLO 2018-BA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.15%, 4/16/37 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 |
| 2030000 | American Credit Acceptance Receivables Trust 2024-3 144A, 5.73%, 7/12/30 (a) | 2053 |
| 900000 | American Credit Acceptance Receivables Trust 2024-3 144A, 6.04%, 7/12/30 (a) | 911 |
| 1450000 | Apidos CLO XII 2013-12A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 6.11%, 4/15/31 (a)(b) | 1452 |
| 800000 | Apidos CLO XXXII 2019-32A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.12%, 1/20/33 (a)(b) | 800 |
| 1700000 | ARES CLO Ltd. 2022-ALF3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 6.23%, 7/25/36 (a)(b) | 1705 |
| 5700000 | ARES Loan Funding III Ltd. 2022-ALF3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.270%), 5.90%,<br>7/25/36 (a)(b) | 5700 |
| 1700000 | Bain Capital Credit CLO 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.550%), 6.20%, 10/17/32 (a)(b) | 1703 |
| 5900000 | Bain Capital Credit CLO Ltd. 2020-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 6.37%, 10/20/36 (a)(b) | 5937 |
| 2200000 | Buckhorn Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.382%), 6.01%, 7/18/34 (a)(b) | 2202 |
| 2000000 | Cairn CLO XIII DAC 2021-13X, (3 mo. EURIBOR + 1.600%), 4.82%, 10/20/33 EUR (b)(c)(d) | 2165 |
| 5175245 | Carlyle Global Market Strategies CLO Ltd. 2012-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.120%), 5.75%,<br>4/22/32 (a)(b) | 5175 |
| 1000000 | CARS-DB4 LP 2020-1A 144A, 4.52%,<br>2/15/50 (a) | 949 |
| 970000 | CARS-DB4 LP 2020-1A 144A, 4.95%,<br>2/15/50 (a) | 859 |
| 2000000 | Cifc Funding Ltd. 2023-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 6.22%, 1/20/37 (a)(b) | 2009 |
| 3200000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 5.68%, 1/25/52 CAD (a)(c) | 2320 |
| 700000 | Cumulus Static CLO DAC 2024-1A 144A, (3 mo. EURIBOR + 1.900%), 5.73%, 11/15/33 EUR (a)(b)(c) | 763 |
| 2395000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 1.76%, 4/15/49 (a) | 2218 |
| 1150000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 2.36%, 4/15/49 (a) | 1063 |
| 2000000 | Diamond Issuer LLC 2021-1A 144A, 3.79%, 11/20/51 (a) | 1789 |
| 1011729 | Driven Brands Funding LLC 2019-1A 144A, 4.64%, 4/20/49 (a) | 998 |
| 1221054 | Driven Brands Funding LLC 2020-2A 144A, 3.24%, 1/20/51 (a) | 1138 |
| 650000 | Dryden 39 Euro CLO DAC 2015-39A 144A, (3 mo. EURIBOR + 0.950%), 4.13%, 4/15/35 EUR (a)(b)(c) | 704 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | Dryden XXVI Senior Loan Fund 2013-26A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.712%), 6.37%, 4/15/29 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702 |
| 3000000 | Exeter Automobile Receivables Trust 2022-1A 144A, 5.02%, 10/15/29 (a) | 2895 |
| 2500000 | Exeter Automobile Receivables Trust 2022-2A 144A, 6.34%, 10/15/29 (a) | 2466 |
| 1900000 | Exeter Automobile Receivables Trust 2022-4A 144A, 8.23%, 3/15/30 (a) | 1942 |
| 53 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (e) | 3431 |
| 2700000 | Flagship Credit Auto Trust 2021-3 144A, 3.32%, 12/15/28 (a) | 2308 |
| 110 | Flagship Credit Auto Trust, 0.00%, 3/15/29 (e) | 306 |
| 3500000 | Flexential Issuer 2021-1A 144A, 3.25%,<br>11/27/51 (a) | 3298 |
| 1357536 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.71%, 2/23/39 (a)(b) | 1337 |
| 3100000 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 7.11%, 2/23/39 (a)(b) | 2992 |
| 3500000 | Galaxy XXII CLO Ltd. 2016-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.89%, 4/16/34 (a)(b) | 3500 |
| 2800000 | Goldentree Loan Management U.S. CLO Ltd. 2021-9A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.12%, 4/20/37 (a)(b) | 2819 |
| 1300000 | Henley CLO VII DAC 7A 144A, (3 mo. EURIBOR + 1.800%), 4.89%, 4/25/34<br>EUR (a)(b)(c) | 1415 |
| 750000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (a) | 782 |
| 2401690 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (a) | 2658 |
| 1500000 | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 9.81%, 2/26/29 (a) | 1528 |
| 1300000 | Jubilee CLO DAC 2017-19X, (3 mo. EURIBOR + 1.250%), 4.34%, 7/25/30 EUR (b)(c)(d) | 1408 |
| 2696433 | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 6.21%, 2/17/39 (a)(b) | 2696 |
| 2700000 | Madison Park Funding Ltd. 2022-57A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.90%, 7/27/34 (a)(b) | 2701 |
| 4650000 | Neuberger Berman Loan Advisers CLO Ltd. 2022-50A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.88%, 7/23/36 (a)(b) | 4653 |
| 2588083 | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 3.39%, 11/20/50 (a) | 2454 |
| 2300000 | OCP CLO Ltd. 2014-6A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.55%, 10/17/30 (a)(b) | 2303 |
| 2500000 | Palmer Square Loan Funding Ltd. 2024-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.650%), 6.81%, 8/08/32 (a)(b) | 2512 |
| 3350000 | Rad CLO Ltd. 2020-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.350%), 6.00%, 4/17/36 (a)(b) | 3360 |

---

46 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | Regatta XIII Funding Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.16%, 7/15/31 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 |
| 957782 | Regatta XIV Funding Ltd. 2018-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.73%, 10/25/31 (a)(b) | 958 |
| 1000000 | Regatta XVI Funding Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.56%, 1/15/33 (a)(b) | 1002 |
| 3400000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.700%), 6.32%, 7/20/35 (a)(b) | 3400 |
| 2100000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 6.62%, 7/20/35 (a)(b) | 2100 |
| 2600000 | RR Ltd. 2022-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.730%), 6.39%, 1/15/36 (a)(b) | 2605 |
| 373865 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | 374 |
| 221982 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 7.38%, 5/15/32 (a) | 223 |
| 2995000 | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 11.91%, 8/16/32 (a) | 3086 |
| 329898 | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 11.37%, 12/15/32 (a) | 337 |
| 2700000 | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 14.59%, 12/15/32 (a) | 2979 |
| 100 | Santander Consumer Auto Receivables Trust 2021-B, 0.00%, 3/15/29 (e) | 2343 |
| 100 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (e) | 1180 |
| 596166 | Santander Drive Auto Receivables Trust 2023-S1 144A, 8.14%, 4/18/28 (a) | 605 |
| 1718574 | Santander Drive Auto Receivables Trust 2023-S1 144A, 10.40%, 4/18/28 (a) | 1736 |
| 6140 | Santander Drive Auto Receivables Trust 2024-S2 144A, 0.00%, 12/16/28 (a)(e) | 1137 |
| 1517219 | Santander Drive Auto Receivables Trust 2024-S1 144A, 6.53%, 3/16/29 (a) | 1520 |
| 126 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, | 3224 |
| 2400000 | Stack Infrastructure Issuer LLC 2020-1A 144A, 1.89%, 8/25/45 (a) | 2336 |
| 550000 | Stack Infrastructure Issuer LLC 2023-1A 144A, 5.90%, 3/25/48 (a) | 554 |
| 2000000 | Stack Infrastructure Issuer LLC 2023-2A 144A, 5.90%, 7/25/48 (a) | 2016 |
| 2900000 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | 2908 |
| 85 | United Auto Credit Securitization Trust 2022-2, 0.00%, 4/10/29 (e) |  |
| 6000000 | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (a) | 5815 |
| 2300000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%, 2/15/52 (a) | 2137 |
| 1000000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 6.64%, 5/15/54 (a) | 1011 |
| 1935035 | VMC Finance LLC 2022-FL5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.79%, 2/18/39 (a)(b) | 1926 |
| 2025000 | Westlake Automobile Receivables Trust 2023- 4A 144A, 7.19%, 7/16/29 (a) | 2108 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | Westlake Automobile Receivables Trust 2024- 3A 144A, 5.21%, 4/15/30 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 |
| 2418750 | Zaxbys Funding LLC 2021-1A 144A, 3.24%, 7/30/51 (a) | 2200 |
|  **Total Asset Backed (Cost - $169,078)** | **Total Asset Backed (Cost - $169,078)** | 161638 |
|  **Bank Loans(f) (3%)** | **Bank Loans(f) (3%)** |  |
| 725000 | Alpha Generation LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.45%, 9/30/31 | 726 |
| 1775000 | American Airlines Inc. Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.29%, 4/20/28 | 1828 |
| 596991 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.09%, 2/01/29 | 599 |
| 700000 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.85%, 8/20/31 | 703 |
| 710000 | Dragon Buyer Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.85%, 9/30/31 | 707 |
| 700000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 4.00%, 10/24/29 | 698 |
| 1200000 | Epic Y Grade Services LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.60%, 6/29/29 | 1199 |
| 1836310 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 5.750%), 8.39%, 4/26/28 | 1844 |
| 1350000 | Fertitta Entertainment LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 4.00%, 1/29/29 | 1352 |
| 700000 | Fortress Intermediate 3 Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.44%, 6/27/31 | 700 |
| 946926 | Iron Mountain Information Management LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.77%, 1/31/31 | 943 |
| 675000 | Leia Finco U.S. LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 3.25%, 7/02/31 | 670 |
| 825000 | Lightning Power LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 8.35%, 8/18/31 | 828 |
| 938585 | McGraw-Hill Education Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.60%, 8/01/31 | 944 |
| 1462650 | MIC Glen LLC Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 9.05%, 7/21/28 | 1474 |
| 675000 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.10%, 7/01/31 | 649 |
| 850000 | Terex Corp. Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 1.000%), 6.69%, 10/08/31 | 851 |
| 1025000 | Third Coast Infrastructure LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.94%, 9/25/30 | 1017 |
| 1364138 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.44%, 4/25/31 | 1374 |

---

Annual Financial Statements and Other Information 47

------

&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 Absolute Return Bond Fund** *continued* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.39%, 6/27/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 |
|  **Total Bank Loans (Cost - $20,070)** | **Total Bank Loans (Cost - $20,070)** | 20136 |
|  **Corporate Bond (31%)** | **Corporate Bond (31%)** |  |
|  **Financial (14%)** | **Financial (14%)** |  |
| 620000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (b)(g)(h) | 560 |
| 1730000 | American Express Co., (Secured Overnight Financing Rate + 1.280%), 5.28%, 7/27/29 (b) | 1758 |
| 1100000 | American Homes 4 Rent LP, 5.50%, 2/01/34 | 1107 |
| 725000 | Apollo Global Management Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.168%), 6.00%, 12/15/54 (b) | 716 |
| 850000 | Ares Capital Corp., 5.95%, 7/15/29 | 858 |
| 525000 | Avis Budget Finance PLC, 7.00%, 2/28/29<br>EUR (c)(d)(g) | 574 |
| 1010000 | Banco Mercantil del Norte SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.643%), 5.88% (b)(d)(g)(h) | 977 |
| 2400000 | Banco Santander SA, 5.59%, 8/08/28 | 2455 |
| 850000 | BBVA Bancomer SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.661%), 8.45%, 6/29/38 (b)(d) | 895 |
| 975000 | Beacon Funding Trust 144A, 6.27%, 8/15/54 (a) | 978 |
| 900000 | Blue Owl Capital Corp., 3.40%, 7/15/26 | 868 |
| 1500000 | BPCE SA, 3.88%, 1/11/29 EUR (c)(d) | 1660 |
| 550000 | Bubbles Holdco SpA 144A, 6.50%, 9/30/31 EUR (a)(c) | 601 |
| 2475000 | Citigroup Inc., (3 mo. Term Secured Overnight Financing Rate + 1.652%), 3.67%, 7/24/28 (b) | 2400 |
| 1700000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (b) | 1478 |
| 1500000 | Deutsche Bank AG, (3 mo. EURIBOR + 1.500%), 4.13%, 4/04/30 EUR (b)(c)(d) | 1659 |
| 725000 | doValue SpA 144A, 3.38%, 7/31/26 EUR (a)(c) | 770 |
| 375000 | Franklin BSP Capital Corp. 144A, 7.20%, 6/15/29 (a) | 379 |
| 965000 | Freedom Mortgage Holdings LLC 144A, 9.13%, 5/15/31 (a) | 979 |
| 1600000 | FS KKR Capital Corp. 144A, 4.25%,<br>2/14/25 (a) | 1593 |
| 3650000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.135%), 4.69%, 10/23/30 (b) | 3603 |
| 3050000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (b) | 2664 |
| 2075000 | HSBC Holdings PLC, (3 mo. EURIBOR + 0.777%), 0.64%, 9/24/29 EUR (b)(c)(d) | 2038 |
| 1200000 | JAB Holdings BV, 5.00%, 6/12/33 EUR (c)(d) | 1404 |
| 4125000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 4096 |
| 1525000 | JPMorgan Chase & Co., (3 mo. Term Secured Overnight Financing Rate + 1.382%), 4.01%, 4/23/29 (b) | 1495 |
| 725000 | Kite Realty Group LP, 4.95%, 12/15/31 | 712 |
| 1300000 | Kite Realty Group LP, 5.50%, 3/01/34 | 1309 |
| 1300000 | Klepierre SA, 3.88%, 9/23/33 EUR (c)(d) | 1424 |
| 1375000 | Main Street Capital Corp., 6.50%, 6/04/27 | 1389 |
| 3675000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.100%), 4.65%, 10/18/30 (b) | 3625 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | MPT Operating Partnership LP/MPT Finance Corp., 2.50%, 3/24/26 GBP (c)(g) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 |
| 1225000 | MPT Operating Partnership LP/MPT Finance Corp., 0.99%, 10/15/26 EUR (c) | 1131 |
| 1175000 | NNN REIT Inc., 5.50%, 6/15/34 | 1190 |
| 1275000 | Permanent TSB Group Holdings PLC, (ICE 1Year Euribor Swap Fix + 3.500%), 6.63%, 6/30/29 EUR (b)(c)(d) | 1526 |
| 1800000 | Sagax AB, 4.38%, 5/29/30 EUR (c)(d) | 2012 |
| 1450000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.940%), 5.35%, 9/06/30 (b) | 1436 |
| 4000000 | SBA Tower Trust 144A, 1.63%, 11/15/26 (a) | 3727 |
| 2200000 | SBA Tower Trust 144A, 6.60%, 1/15/28 (a) | 2250 |
| 975000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (a) | 928 |
| 1350000 | Sun Communities Operating LP, 5.50%, 1/15/29 | 1363 |
| 2475000 | Synchrony Bank, 5.40%, 8/22/25 | 2477 |
| 1375000 | Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 1.571%), 5.15%, 8/05/32 (b) | 1365 |
| 1250000 | UBS Group AG 144A, (1-Year SOFR ICE Swap Rate + 1.340%), 5.62%, 9/13/30 (a)(b) | 1277 |
| 1125000 | UDR Inc., 5.13%, 9/01/34 | 1101 |
| 1775000 | UniCredit SpA, (3 mo. EURIBOR + 1.600%), 4.45%, 2/16/29 EUR (b)(c)(d) | 1998 |
| 642000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.980%), 4.81%, 7/25/28 (b)(g) | 641 |
| 4950000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.740%), 5.57%, 7/25/29 (b) | 5056 |
| 2500000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.790%), 6.30%, 10/23/29 (b) | 2620 |
|  |  | 80441 |
|  **Industrial (12%)** | **Industrial (12%)** |  |
| 875000 | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (a) | 820 |
| 925000 | Altice France Holding SA 144A, 10.50%, 5/15/27 (a) | 282 |
| 675000 | Amentum Holdings Inc. 144A, 7.25%,<br>8/01/32 (a) | 700 |
| 375000 | ams-OSRAM AG, 10.50%, 3/30/29<br>EUR (c)(d)(g) | 414 |
| 400000 | ams-OSRAM AG 144A, 12.25%, 3/30/29 (a) | 416 |
| 875000 | Bausch + Lomb Corp. 144A, 8.38%, 10/01/28 (a) | 919 |
| 750000 | BE Semiconductor Industries NV 144A, 4.50%, 7/15/31 EUR (a)(c) | 839 |
| 2875000 | Boeing Co., 5.04%, 5/01/27 | 2865 |
| 1000000 | Boeing Co. 144A, 6.39%, 5/01/31 (a) | 1047 |
| 820000 | Bombardier Inc. 144A, 7.00%, 6/01/32 (a)(g) | 841 |
| 2550000 | Broadcom Inc. 144A, 4.00%, 4/15/29 (a) | 2461 |
| 1950000 | Broadcom Inc., 5.05%, 7/12/29 | 1967 |
| 825000 | Centene Corp., 3.38%, 2/15/30 | 740 |
| 2450000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 2/01/32 | 1936 |
| 950000 | Cleveland-Cliffs Inc. 144A, 6.88%, 11/01/29 (a) | 955 |
| 550000 | Cleveland-Cliffs Inc. 144A, 7.38%, 5/01/33 (a) | 555 |
| 1200000 | CRH America Finance Inc., 5.40%, 5/21/34 | 1216 |
| 2050000 | Delta Air Lines Inc./SkyMiles IP Ltd. 144A, 4.75%, 10/20/28 (a) | 2028 |
| 1050000 | Edge Finco PLC 144A, 8.13%, 8/15/31<br>GBP (a)(c) | 1375 |
| 900000 | Fiesta Purchaser Inc. 144A, 7.88%, 3/01/31 (a) | 945 |

---

48 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Frontier Communications Holdings LLC 144A, 5.00%, 5/01/28 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 |
| 3600000 | General Motors Financial Co. Inc., 4.90%, 10/06/29 | 3551 |
| 2500000 | HCA Inc., 5.88%, 2/01/29 | 2576 |
| 1150000 | Howmet Aerospace Inc., 4.85%, 10/15/31 | 1142 |
| 3200000 | Hyundai Capital America 144A, 4.30%,<br>9/24/27 (a) | 3154 |
| 725000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%, 2/15/29 (a) | 752 |
| 1250000 | LKQ Dutch Bond BV, 4.13%, 3/13/31 EUR (c) | 1373 |
| 700000 | Millicom International Cellular SA, 4.50%, 4/27/31 (d) | 632 |
| 1100000 | Minerva Luxembourg SA, 8.88%, 9/13/33 (d) | 1156 |
| 1065000 | NBM U.S. Holdings Inc., 7.00%, 5/14/26 (d) | 1072 |
| 3760000 | Open Text Corp. 144A, 6.90%, 12/01/27 (a) | 3912 |
| 850000 | Orbia Advance Corp. SAB de CV, 5.88%, 9/17/44 (d)(g) | 743 |
| 500000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 5.13%, 4/30/31 (a)(g) | 456 |
| 575000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 7.88%, 5/15/34 (a) | 594 |
| 800000 | Paramount Global, 4.95%, 1/15/31 | 743 |
| 1550000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.88%, 11/15/27 (a) | 1595 |
| 2275000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.25%, 7/01/29 (a) | 2298 |
| 600000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (a) | 610 |
| 1700000 | Rentokil Initial PLC, 0.50%, 10/14/28<br>EUR (c)(d) | 1682 |
| 1950000 | Rogers Communications Inc., 5.30%, 2/15/34 | 1935 |
| 575000 | Sisecam UK PLC, 8.63%, 5/02/32 (d) | 587 |
| 350000 | Sitios Latinoamerica SAB de CV, 5.38%, 4/04/32 (d)(g) | 336 |
| 800000 | Standard Industries Inc. 144A, 6.50%,<br>8/15/32 (a) | 806 |
| 400000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (a) | 416 |
| 850000 | Surgery Center Holdings Inc. 144A, 7.25%, 4/15/32 (a) | 874 |
| 1500000 | Tesco Corporate Treasury Services PLC, 4.25%, 2/27/31 EUR (c)(d) | 1693 |
| 2325000 | Uber Technologies Inc., 4.30%, 1/15/30 | 2262 |
| 1225000 | Universal Music Group NV, 4.00%, 6/13/31 EUR (c)(d) | 1383 |
| 575000 | Verde Purchaser LLC 144A, 10.50%,<br>11/30/30 (a) | 614 |
| 2895000 | VMware LLC, 1.80%, 8/15/28 | 2594 |
| 1500000 | Warnermedia Holdings Inc., 4.28%, 3/15/32 | 1315 |
| 1700000 | WMG Acquisition Corp. 144A, 3.75%, 12/01/29 (a)(g) | 1576 |
|  |  | 68737 |
|  **Utility (5%)** | **Utility (5%)** |  |
| 529878 | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (a) | 544 |
| 1425000 | CITGO Petroleum Corp. 144A, 6.38%,<br>6/15/26 (a) | 1428 |
| 1300000 | Civitas Resources Inc. 144A, 8.38%,<br> 7/01/28 (a) | 1345 |
| 1100000 | Diamondback Energy Inc., 5.40%, 4/18/34 | 1099 |
| 670000 | Ecopetrol SA, 8.38%, 1/19/36 | 655 |
| 1850000 | Energy Transfer LP, 5.55%, 5/15/34 | 1859 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | EQM Midstream Partners LP 144A, 7.50%, 6/01/30 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;1722 |
| 1700000 | Eskom Holdings SOC Ltd., 7.13%, 2/11/25 (d) | 1702 |
| 1045000 | Geopark Ltd., 5.50%, 1/17/27 (d) | 987 |
| 1450000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (a) | 1454 |
| 560000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 6.88%, 5/15/34 (a) | 536 |
| 420000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 7.25%, 2/15/35 (a) | 412 |
| 1144000 | Kosmos Energy Ltd., 7.75%, 5/01/27 (d) | 1123 |
| 1125000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (a) | 1103 |
| 625000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (a) | 624 |
| 475000 | NextEra Energy Operating Partners LP 144A, 7.25%, 1/15/29 (a)(g) | 489 |
| 700000 | Noble Finance II LLC 144A, 8.00%,<br>4/15/30 (a) | 710 |
| 1750000 | ONEOK Inc., 4.25%, 9/24/27 | 1728 |
| 1450000 | ONEOK Inc., 4.75%, 10/15/31 | 1417 |
| 1200000 | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | 1270 |
| 1400000 | Petroleos Mexicanos, 3.63%,<br>11/24/25 EUR (c)(d) | 1496 |
| 700000 | Petroleos Mexicanos, 3.75%,<br> 4/16/26 EUR (c)(d) | 741 |
| 750000 | Petroleos Mexicanos, 4.88%,<br> 2/21/28 EUR (c)(d) | 778 |
| 1075000 | Petroleos Mexicanos, 8.75%, 6/02/29 | 1090 |
| 1225000 | South Bow USA Infrastructure Holdings LLC 144A, 5.03%, 10/01/29 (a) | 1206 |
| 335000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 337 |
| 781000 | Vistra Operations Co. LLC 144A, 5.13%, 5/13/25 (a) | 781 |
| 900000 | Vistra Operations Co. LLC 144A, 6.95%, 10/15/33 (a) | 983 |
| 1000000 | Western Midstream Operating LP, 5.45%, 11/15/34 | 976 |
| 725000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (a) | 705 |
|  |  | 31300 |
|  **Total Corporate Bond (Cost - $179,852)** | **Total Corporate Bond (Cost - $179,852)** | 180478 |
|  **Foreign Government (12%)** | **Foreign Government (12%)** |  |
| 525000 | Angolan Government International Bond, 8.00%, 11/26/29 (d) | 482 |
| 1250000 | Argentine Republic Government International Bond, 4.13%, 7/09/35 | 693 |
| 1275000 | Bank Gospodarstwa Krajowego, 5.75%,<br>7/09/34 (d) | 1289 |
| 1750000 | Bank Gospodarstwa Krajowego 144A, 5.75%, 7/09/34 (a) | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176000000 | Brazil Letras do Tesouro Nacional, 10.91%, 7/01/25 BRL (c)(e) | 28266 |
| 2350000 | Brazilian Government International Bond, 6.13%, 3/15/34 | 2328 |
| 1175000 | Colombia Government International Bond, 7.75%, 11/07/36 | 1156 |
| 1310000 | Dominican Republic International Bond, 5.95%, 1/25/27 (d) | 1316 |
| 800000 | Dominican Republic International Bond, 7.05%, 2/03/31 (d) | 837 |
| 1390000 | Guatemala Government Bond, 4.38%,<br>6/05/27 (d) | 1339 |
| 600000 | Guatemala Government Bond 144A, 6.05%, 8/06/31 (a) | 598 |

---

Annual Financial Statements and Other Information 49

------

&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 Absolute Return Bond Fund** *continued* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 1500000 | Guatemala Government Bond, 7.05%, 10/04/32 (d) | $1583 |
| 2995000 | Hungary Government International Bond, 6.13%, 5/22/28 (d) | 3085 |
| 250000 | Hungary Government International Bond, 4.25%, 6/16/31 EUR (c)(d) | 276 |
| 1950000 | Ivory Coast Government International Bond, 6.38%, 3/03/28 (d) | 1939 |
| 700000 | Ivory Coast Government International Bond, 4.88%, 1/30/32 EUR (c)(d) | 668 |
| 625000 | Ivory Coast Government International Bond, 8.25%, 1/30/37 (d) | 623 |
| 915000 | Nigeria Government International Bond, 6.13%, 9/28/28 (d) | 828 |
| 675000 | Nigeria Government International Bond, 7.88%, 2/16/32 (d) | 607 |
| 421000 | Panama Government International Bond, 3.88%, 3/17/28 | 397 |
| 958000 | Panama Government International Bond, 3.16%, 1/23/30 | 828 |
| 1950000 | Panama Government International Bond, 7.50%, 3/01/31 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120200000 | Republic of South Africa Government Bond Series 2037, 8.50%, 1/31/37 ZAR (c) | 5711 |
| 1950000 | Republic of South Africa Government International Bond, 4.85%, 9/30/29 | 1843 |
| 1200000 | Republic of South Africa Government International Bond, 5.88%, 6/22/30 | 1175 |
| 400000 | Republic of Uzbekistan International Bond, 5.38%, 2/20/29 (d) | 381 |
| 900000 | Republic of Uzbekistan International Bond, 3.70%, 11/25/30 (d) | 759 |
| 1125000 | Republic of Uzbekistan International Bond, 6.90%, 2/28/32 (d) | 1109 |
| 1625000 | Romanian Government International Bond 144A, 5.13%, 9/24/31 EUR (a)(c) | 1762 |
| 1450000 | Turkiye Government International Bond, 6.50%, 1/03/35 | 1379 |
| 1903230 | Zambia Government International Bond, 5.75%, 6/30/33 (d) | 1676 |
|  **Total Foreign Government (Cost - $70,532)** | **Total Foreign Government (Cost - $70,532)** | 68755 |
|  **Mortgage Backed (20%)** | **Mortgage Backed (20%)** |  |
| 1600000 | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.114%), 6.92%, 12/15/35 (a)(b) | 1597 |
| 2290000 | BRAVO Residential Funding Trust 2024-NQM7 144A, 6.06%, 10/27/64 (a) | 2287 |
| 3000000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.964%), 7.77%, 9/15/36 (a)(b) | 2978 |
| 2310000 | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 2.214%), 7.02%, 10/15/37 (a)(b) | 2286 |
| 1260000 | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 2.864%), 7.67%, 10/15/37 (a)(b) | 1243 |
| 789064 | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 7.27%, 6/15/38 (a)(b) | 786 |
| 2450000 | BX Trust 2024-BIO 144A, (1 mo. Term Secured Overnight Financing Rate + 1.642%), 6.45%, 2/15/41 (a)(b) | 2460 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 700000 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.064%), 6.85%, 2/15/38 (a)(b) | $571 |
| 799000 | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 3.547%), 8.35%,<br>12/15/37 (a)(b) | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14987877 | Cantor Commercial Real Estate Lending 2019- CF1, 1.11%, 5/15/52 (i) | 520 |
| 2227000 | COLT Mortgage Loan Trust 2024-6 144A, 6.00%, 11/25/69 (a)(i) | 2202 |
| 2508955 | Connecticut Avenue Securities Trust 2019- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.214%), 9.07%, 9/25/31 (a)(b) | 2663 |
| 1315008 | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 7.12%, 11/25/39 (a)(b) | 1322 |
| 1900000 | Connecticut Avenue Securities Trust 2020- SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%), 8.62%, 2/25/40 (a)(b) | 2007 |
| 2091663 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.550%), 6.41%, 10/25/41 (a)(b) | 2100 |
| 4175000 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.100%), 7.96%, 10/25/41 (a)(b) | 4291 |
| 1475000 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.150%), 8.01%, 12/25/41 (a)(b) | 1514 |
| 3763000 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 9.36%, 1/25/42 (a)(b) | 3975 |
| 800000 | Connecticut Avenue Securities Trust 2022- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.500%), 8.36%, 3/25/42 (a)(b) | 840 |
| 1184581 | Connecticut Avenue Securities Trust 2022- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.750%), 7.61%, 5/25/42 (a)(b) | 1215 |
| 1005983 | Connecticut Avenue Securities Trust 2022- R07 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.950%), 7.81%, 6/25/42 (a)(b) | 1036 |
| 6101184 | Connecticut Avenue Securities Trust 2023- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 7.36%, 4/25/43 (a)(b) | 6209 |
| 1550078 | Connecticut Avenue Securities Trust 2023- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 7.16%, 5/25/43 (a)(b) | 1585 |
| 820014 | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.700%), 6.56%, 7/25/43 (a)(b) | 823 |

---

50 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.700%), 7.56%, 7/25/43 (a)(b) | $1139 |
| 1600000 | Connecticut Avenue Securities Trust 2023- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 7.36%, 10/25/43 (a)(b) | 1646 |
| 3000000 | Connecticut Avenue Securities Trust 2024- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 6.66%, 1/25/44 (a)(b) | 3028 |
| 2700000 | Connecticut Avenue Securities Trust 2024- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.700%), 7.56%, 1/25/44 (a)(b) | 2754 |
| 883288 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.96%, 2/25/44 (a)(b) | 884 |
| 1900000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 6.66%, 2/25/44 (a)(b) | 1914 |
| 2750000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 7.36%, 2/25/44 (a)(b) | 2814 |
| 1500000 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.81%, 3/25/44 (a)(b) | 1514 |
| 1400000 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.050%), 6.91%, 9/25/44 (a)(b) | 1408 |
| 1425000 | DBGS Mortgage Trust 2018-BIOD 144A, (1 mo. Term Secured Overnight Financing Rate + 2.296%), 7.10%, 5/15/35 (a)(b) | 1406 |
| 2550000 | DBGS Mortgage Trust 2018-BIOD 144A, (1 mo. Term Secured Overnight Financing Rate + 2.796%), 7.60%, 5/15/35 (a)(b) | 2509 |
| 2577685 | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 2.964%), 7.77%,<br>7/15/38 (a)(b) | 2587 |
| 2888785 | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 3.814%), 8.62%,<br>7/15/38 (a)(b) | 2906 |
| 2500000 | Fannie Mae Connecticut Avenue Securities 2018-C01, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.664%), 8.52%, 7/25/30 (b) | 2690 |
| 4100000 | Freddie Mac STACR REMIC Trust 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 8.26%, 10/25/41 (a)(b) | 4226 |
| 925000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.650%), 8.51%, 11/25/41 (a)(b) | 961 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377047 | Freddie Mac STACR REMIC Trust 2023-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.96%, 3/25/43 (a)(b) | $1392 |
| 1021988 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.71%, 11/25/43 (a)(b) | 1028 |
| 2374188 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.71%, 11/25/43 (a)(b) | 2403 |
| 1766135 | Freddie Mac STACR REMIC Trust 2024-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.250%), 6.11%, 3/25/44 (a)(b) | 1770 |
| 2820510 | Freddie Mac STACR REMIC Trust 2024-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 6.06%, 5/25/44 (a)(b) | 2828 |
| 3700000 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 6.03%, 10/25/44 (a)(b) | 3698 |
| 736940 | Freddie Mac STACR REMIC Trust 2022-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 7.36%, 3/25/52 (a)(b) | 748 |
| 1268277 | Frost CMBS DAC 2021-1A 144A, (Sterling Overnight Index Average + 2.900%), 7.88%, 11/20/33 GBP (a)(b)(c) | 1618 |
| 1400000 | Greystone CRE Notes 2024-HC3 144A, (1 mo. Term Secured Overnight Financing Rate + 4.432%), 9.24%, 3/15/41 (a)(b) | 1410 |
| 1500000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 6.79%, 10/15/41 (a)(b) | 1501 |
| 41264 | JP Morgan Mortgage Trust 2017-5 144A, 5.42%, 10/26/48 (a)(i) | 42 |
| 3921753 | LCCM 2017-LC26 144A, 1.51%,<br>7/12/50 (a)(i) | 114 |
| 1800000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 6.10%, 5/15/39 (a)(b) | 1752 |
| 1377214 | OBX Trust 2024-NQM13 144A, 5.42%, 6/25/64 (a) | 1368 |
| 2192880 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 2193 |
| 1628343 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 1610 |
| 2400000 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 2416 |
| 848734 | TTAN 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.32%, 3/15/38 (a)(b) | 843 |
| 1900000 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (a) | 1911 |
| 1500000 | Verus Securitization Trust 2024-8 144A, 5.99%, 10/25/69 (a)(i) | 1486 |
| 4991096 | Wells Fargo Commercial Mortgage Trust 2018- C46, 0.91%, 8/15/51 (i) | 110 |
|  **Total Mortgage Backed (Cost - $115,065)** | **Total Mortgage Backed (Cost - $115,065)** | 113923 |

---

Annual Financial Statements and Other Information 51

------

&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 Absolute Return Bond Fund** *continued* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **U.S. Treasury (3%)** | **U.S. Treasury (3%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000000 | U.S. Treasury Bill, 4.69%, 11/19/24 (e) |  |
|  | (Cost - $16,960) | $16961 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 11952183 | Payden Cash Reserves Money Market Fund\* | 11952 |
| 1615244 | Payden Emerging Markets Local Bond Fund, SI Class\* | 7414 |
|  **Total Investment Company (Cost - $19,520)** | **Total Investment Company (Cost - $19,520)** | 19366 |
|  **Purchased Swaptions (0%)** | **Purchased Swaptions (0%)** |  |
|  **Total Purchased Swaptions (Cost - $278)** | **Total Purchased Swaptions (Cost - $278)** | 202 |
|  **Purchase Options (0%)** | **Purchase Options (0%)** |  |
|  **Total Purchase Options (Cost - $515)** | **Total Purchase Options (Cost - $515)** | 361 |
|  **Total Investments, Before Written Swaptions and Written Options** | **Total Investments, Before Written Swaptions and Written Options** |  |
|  **(Cost - $591,870) (100%)** | **(Cost - $591,870) (100%)** | 581820 |
|  **Written Swaptions (0%)** | **Written Swaptions (0%)** |  |
|  **Total Written Swaptions (Cost - $(153))** | **Total Written Swaptions (Cost - $(153))** | (114) |
|  **Written Options (0%)** | **Written Options (0%)** |  |
|  **Total Written Options (Cost - $(84))** | **Total Written Options (Cost - $(84))** | (121) |
|  **Total Investments (Cost - $591,633) (100%)** | **Total Investments (Cost - $591,633) (100%)** | 581585 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | (1057) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $580528 |

---

\* 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, 2024.

&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) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(g) All or a portion of these securities are on loan. At October 31, 2024, the total market value of the Fund's securities on loan is $6,979 and the total market value of the collateral held by the Fund is $7,311. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Perpetual security with no stated maturity date.

&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.

#### 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%** |  |  |  |  |  |  |
| 3 Month SOFR | 2290 | $29 | $95 | 12/13/2024 | $29 | Put |
| 3 Month SOFR | 1891 | 35 | 95 | 12/13/2024 | 35 | Put |
| S&P Emini | 58 | 297 | 5750 | 11/15/2024 | 297 | Put |
| **Total Purchase Options** | **Total Purchase Options** | **Total Purchase Options** | **Total Purchase Options** | **Total Purchase Options** | $361 |  |

---

#### 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 Emini | 58 | 121 | 5550 | 11/15/2024 | $(121) | Put |

---

#### 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 43 Index), Pay 0.40% |  |  |  |  |  |
| Quarterly, Receive upon credit default | Citibank, N.A. | $69400 | 11/20/2024 | $202 | Put |

---

#### Written Swaptions

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Notional<br>Amount<br>(000s) | Expiration<br>Date | Value<br>(000s) | Call/Put |
| **Written Swaptions - (0.0%)** |  |  |  |  |  |
| Protection Bought (Relevant Credit: Markit CDX, North America High Yield Series 43 Index), Pay 0.22% |  |  |  |  |  |
| Quarterly, Receive upon credit default | Citibank, N.A. | 69400 | 11/20/2024 | (114) | Put |

---

52 Payden Mutual Funds

------

#### 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:** |  |  |  |  |
|  EUR 5,449 | USD 5,908 | HSBC Bank<br>USA, N.A. | 11/19/2024 | $24 |
|  USD 4,460 | GBP 3,367 | Barclays<br>Bank PLC | 03/19/2025 | 120 |
|  USD 5,805 | CHF 4,885 | BNP<br>PARIBAS | 11/19/2024 | 136 |
|  USD 4,328 | EUR 3,926 | BNP<br>PARIBAS | 11/19/2024 | 55 |
|  USD 5,759 | JPY 855,600 | BNP<br>PARIBAS | 11/19/2024 | 114 |
|  USD 7,215 | BRL 39,800 | Citibank,<br>N.A. | 11/14/2024 | 342 |
|  USD 2,556 | CAD 3,437 | Citibank,<br>N.A. | 03/19/2025 | 76 |
|  USD 22,455 | BRL 126,106 | HSBC Bank<br>USA, N.A. | 11/14/2024 | 677 |
|  USD 5,768 | AUD 8,692 | HSBC Bank<br>USA, N.A. | 11/19/2024 | 47 |
|  USD 6,094 | EUR 5,449 | HSBC Bank<br>USA, N.A. | 11/19/2024 | 162 |
|  USD 5,775 | GBP 4,378 | HSBC Bank<br>USA, N.A. | 11/19/2024 | 130 |
|  USD 548 | EUR 500 | HSBC Bank<br>USA, N.A. | 03/19/2025 | 1 |
|  USD 2,201 | AUD 3,315 | State Street<br>Bank &<br>Trust Co. | 11/19/2024 | 19 |
|  USD 2,167 | MXN 43,500 | State Street<br>Bank &<br>Trust Co. | 11/19/2024 |  |
|  USD 44,256 | EUR 39,520 | State Street<br>Bank &<br>Trust Co. | 03/19/2025 | 994 |
|  |  |  |  | 2897 |
|  **Liabilities:** |  |  |  |  |
|  AUD 8,481 | USD 5,795 | HSBC Bank<br>USA, N.A. | 11/19/2024 | (212) |
|  CHF 4,885 | USD 5,722 | BNP<br>PARIBAS | 11/19/2024 | (53) |
|  EUR 6,370 | USD 7,051 | State Street<br>Bank &<br>Trust Co. | 03/19/2025 | (78) |
|  GBP 4,378 | USD 5,690 | BNP<br>PARIBAS | 11/19/2024 | (45) |
|  JPY 855,600 | USD 6,140 | BNP<br>PARIBAS | 11/19/2024 | (495) |
|  USD 5,597 | AUD 8,530 | BNP<br>PARIBAS | 11/19/2024 | (18) |
|  USD 5,829 | ZAR 103,625 | State Street<br>Bank &<br>Trust Co. | 11/19/2024 | (39) |
|  |  |  |  | (940) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  | $1957 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract<br>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:** | **Long Contracts:** | **Long Contracts:** | **Long Contracts:** |  |  |
| Long Gilt Future | 146 | Dec-24 | $17704 | $(1045) | $(1045) |
|  **Short Contracts:** | **Short Contracts:** | **Short Contracts:** | **Short Contracts:** |  |  |
| Euro-Bobl Future | 104 | Dec-24 | (13366) | 55 | 55 |
| Euro-Bund Future | 38 | Dec-24 | (5448) | 65 | 65 |
| Euro-Buxl Future | 4 | Dec-24 | (576) | 12 | 12 |
| Euro-Schatz Future | 55 | Dec-24 | (6374) | 17 | 17 |
| U.S. 10-Year Ultra Future | 593 | Dec-24 | (67454) | 2373 | 2373 |
| U.S. Long Bond Future | 33 | Dec-24 | (3893) | 49 | 49 |
| U.S. Treasury 10-Year Note Future | 49 | Dec-24 | (5413) | 81 | 81 |
| U.S. Treasury 2-Year Note Future | 54 | Dec-24 | (11121) | 9 | 9 |
| U.S. Treasury 5-Year Note Future | 1222 | Dec-24 | (131040) | 665 | 665 |
| U.S. Ultra Bond Future | 6 | Dec-24 | (754) |  |  |
|  |  |  |  |  | 3326 |
|  **Total Futures** | **Total Futures** | **Total Futures** | **Total Futures** |  | $2281 |

---

Annual Financial Statements and Other Information 53

------

&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 Absolute Return Bond Fund** *continued* 

#### Open Centrally Cleared Credit Default Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>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: Markit CDX, North America High Yield Series 43 Index), Pay 5% Quarterly, Receive upon credit default | 12/20/2029 | $18600 | $(1384) | $(1349) | $(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> | $6979 |
|  Non-cash Collateral<sup>2</sup>  | (6979) |
|  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, 2024, 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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See notes to financial statements.* 

54 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;Payden Floating Rate Fund

**Schedule of Investments** *- October 31, 2024* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (4%)** | **Asset Backed (4%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 7.74%, 1/25/52 CAD (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 |
| 10 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (c) | 647 |
| 750000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (b) | 782 |
| 50 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (c) | 590 |
| 2140 | Santander Drive Auto Receivables Trust 2024-S2 144A, 0.00%, 12/16/28 (b)(c) | 396 |
| 783257 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (b) | 785 |
| 29 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, | 743 |
|  **Total Asset Backed (Cost - $4,846)** | **Total Asset Backed (Cost - $4,846)** | 4232 |
|  **Bank Loans(d) (85%)** | **Bank Loans(d) (85%)** |  |
|  **Automotive (4%)** | **Automotive (4%)** |  |
| 480000 | American Axle & Manufacturing Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.64%, 12/12/29 | 482 |
| 997500 | Clarios Global LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 7.19%, 5/06/30 | 1001 |
| 1061250 | Driven Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.80%, 12/15/28 | 1061 |
| 700000 | Tenneco Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 10.23%, 11/17/28 | 670 |
| 1047375 | Wand NewCo 3 Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.91%, 1/30/31 | 1049 |
| 1019875 | WestJet Loyalty LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 8.35%, 2/14/31 | 1021 |
|  |  | 5284 |
|  **Basic Industry (5%)** | **Basic Industry (5%)** |  |
| 500000 | American Airlines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 7.21%, 6/04/29 | 499 |
| 490000 | American Airlines Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.65%, 2/15/28 | 491 |
| 175000 | American Airlines Inc. Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.29%, 4/20/28 | 180 |
| 1014782 | Arsenal Aic Parent LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.94%, 8/18/30 | 1019 |
| 1014900 | Ineos U.S. Petrochem LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 9.04%, 4/02/29 | 1012 |
| 845707 | Mauser Packaging Solutions Holding Co. Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 8.35%, 4/15/27 | 849 |
| 1013640 | SCIH Salt Holdings Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.09%, 3/16/27 | 1017 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497503 | Transdigm Inc. Term Loan J 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.10%, 2/28/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| 679061 | Transdigm Inc. Term Loan K 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.35%, 3/22/30 | 681 |
|  |  | 6247 |
|  **Capital Goods (4%)** | **Capital Goods (4%)** |  |
| 663102 | Cimpress PLC Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.69%, 5/17/28 | 665 |
| 1047375 | Husky Injection Molding Systems Ltd. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 10.33%, 2/15/29 | 1050 |
| 1177907 | Madison Iaq LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.89%, 6/21/28 | 1179 |
| 1258378 | TK Elevator Midco Gmbh Term Loan B 1L, (6 mo. Term Secured Overnight Financing Rate + 3.500%), 8.59%, 4/30/30 | 1263 |
| 1000000 | Wilsonart LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.85%, 8/05/31 | 990 |
|  |  | 5147 |
|  **Consumer Goods (2%)** | **Consumer Goods (2%)** |  |
| 641709 | Journey Personal Care Corp. Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 9.05%, 3/01/28 | 641 |
| 597000 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.44%, 4/25/31 | 602 |
| 1017450 | Verde Purchaser LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 9.10%, 11/30/30 | 1010 |
|  |  | 2253 |
|  **Energy (12%)** | **Energy (12%)** |  |
| 1000000 | Alpha Generation LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.45%, 9/30/31 | 1001 |
| 1243731 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.09%, 2/01/29 | 1247 |
| 600000 | Calpine Corp. Term Loan B5 1L, (1 mo. Term Secured Overnight Financing Rate + 1.000%), 6.69%, 12/16/27 | 601 |
| 1000000 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.85%, 8/20/31 | 1004 |
| 795091 | CQP Holdco LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.85%, 12/31/30 | 796 |
| 930000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 4.00%, 10/24/29 | 928 |
| 615000 | Epic Crude Services LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.66%, 10/10/31 | 615 |

---

Annual Financial Statements and Other Information 55

------

&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 Floating Rate Fund** *continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | Epic Y Grade Services LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.60%, 6/29/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 |
| 985000 | Lightning Power LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 8.35%, 8/18/31 | 989 |
| 825000 | NGP XI Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 8.60%, 7/25/31 | 826 |
| 1034250 | Par Petroleum LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 8.33%, 2/28/30 | 1034 |
| 995000 | Prairie ECI Acquiror LP Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.44%, 8/01/29 | 998 |
| 713821 | Talen Energy Supply LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.60%, 5/17/30 | 716 |
| 302143 | Talen Energy Supply LLC Term Loan C 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.60%, 5/17/30 | 303 |
| 405905 | TerraForm Power Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 7.20%, 5/21/29 | 407 |
| 985000 | U.S. Silica Co. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 9.19%, 7/31/31 | 969 |
| 985000 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.39%, 6/27/29 | 966 |
|  |  | 14250 |
|  **Financial Services (7%)** | **Financial Services (7%)** |  |
| 1458844 | Albion Financing 3 Sarl Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 9.10%, 8/16/29 | 1465 |
| 1035030 | AmWINS Group Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.05%, 2/19/28 | 1036 |
| 1050000 | Boost Newco Borrower LLC Term Loan B-1 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 7.10%, 1/31/31 | 1054 |
| 957961 | Dealer Tire Financial LLC Term Loan B4 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.19%, 7/02/31 | 962 |
| 1022438 | Fiesta Purchaser Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.69%, 2/12/31 | 1026 |
| 990031 | Greystar Real Estate Partners LLC Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.50%, 8/21/30 | 994 |
| 1023435 | Naked Juice LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.95%, 1/24/29 | 773 |
| 976250 | Nexus Buyer LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 8.69%, 7/31/31 | 975 |
| 300000 | Nexus Buyer LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.250%), 11.04%, 11/05/29 | 299 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579083 | Starwood Property Mortgage LLC Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.04%, 7/24/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
|  |  | 9164 |
|  **Healthcare (9%)** | **Healthcare (9%)** |  |
| 981250 | Amneal Pharmaceuticals LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.500%), 10.19%, 5/04/28 | 1001 |
| 1298428 | AthenaHealth Group Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.94%, 2/15/29 | 1296 |
| 1019700 | Bausch & Lomb Corp. Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.69%, 9/29/28 | 1024 |
| 1000000 | Concentra Health Services Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.94%, 7/26/31 | 1004 |
| 1175544 | Embecta Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.69%, 3/30/29 | 1144 |
| 172829 | Fortrea Holdings Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 8.49%, 7/01/30 | 173 |
| 997500 | LifePoint Health Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 8.41%, 5/16/31 | 999 |
| 1000000 | Medline Borrower LP Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 6.94%, 10/23/28 | 1001 |
| 853096 | Owens & Minor Inc. Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.54%, 3/29/29 | 855 |
| 1317647 | Padagis LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.60%, 7/06/28 | 1229 |
| 1000000 | Sotera Health Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.84%, 5/30/31 | 1003 |
| 1044750 | Star Parent Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.35%, 9/27/30 | 1025 |
|  |  | 11754 |
|  **Insurance (4%)** | **Insurance (4%)** |  |
| 547250 | AssuredPartners Inc. Term Loan B5 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.19%, 2/14/31 | 549 |
| 1097456 | Asurion LLC Term Loan B8 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.05%, 12/23/26 | 1098 |
| 350000 | Asurion LLC Term Loan B4 2L, (1 mo. Term Secured Overnight Financing Rate + 5.250%), 10.05%, 1/20/29 | 335 |
| 1055637 | HUB International Ltd. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 7.37%, 6/20/30 | 1059 |
| 800000 | Truist Insurance Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.85%, 5/06/31 | 802 |
| 350000 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.35%, 5/06/32 | 355 |

---

56 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | USI Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 7.35%, 9/27/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
|  |  | 5194 |
|  **Leisure (4%)** | **Leisure (4%)** |  |
| 330750 | Caesars Entertainment Inc. Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.44%, 2/06/30 | 331 |
| 289024 | Fertitta Entertainment LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 4.00%, 1/27/29 | 289 |
| 1031137 | Fertitta Entertainment LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.54%, 1/27/29 | 1033 |
| 1458750 | Flynn Restaurant Group LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 9.05%, 12/01/28 | 1466 |
| 580500 | MajorDrive Holdings IV LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.87%, 6/01/28 | 583 |
| 1017313 | Ontario Gaming GTA LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.89%, 8/01/30 | 1019 |
|  |  | 4721 |
|  **Media (8%)** | **Media (8%)** |  |
| 735573 | Advantage Sales & Marketing Inc. Term Loan B2 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.12%, 10/28/27 | 724 |
| 1109025 | Altice Financing SA Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 9.66%, 10/31/27 | 1009 |
| 1353256 | Banijay Entertainment SAS Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.20%, 3/01/28 | 1358 |
| 1191000 | CNT Holdings I Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.09%, 11/08/27 | 1195 |
| 485662 | CSC Holdings LLC Term Loan B5 1L, (LIBOR USD 6-Month + 2.500%), 7.17%, 4/15/27 | 453 |
| 204375 | E.W. Scripps Co. Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.80%, 1/07/28 | 192 |
| 1064068 | Gray Television Inc. Term Loan D 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.96%, 12/01/28 | 1004 |
| 500896 | McGraw-Hill Education Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.60%, 8/01/31 | 504 |
| 1017893 | MH Sub I LLC Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.94%, 5/03/28 | 1013 |
| 300000 | MH Sub I LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.250%), 10.94%, 2/23/29 | 295 |
| 989873 | Sinclair Television Group Inc. Term Loan B4 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.54%, 4/21/29 | 779 |
| 644901 | UPC Financing Partnership Term Loan AX 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.84%, 1/31/29 | 645 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Virgin Media Bristol LLC Term Loan Y 1L, (3 mo. Term Secured Overnight Financing Rate + 3.175%), 7.72%, 3/31/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
| 600000 | Virgin Media Bristol LLC Term Loan Q 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.15%, 1/31/29 | 586 |
|  |  | 10243 |
|  **Retail (8%)** | **Retail (8%)** |  |
| 583333 | ABG Intermediate Holdings 2 LLC Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.60%, 12/21/28 | 585 |
| 1032199 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 5.750%), 8.39%, 4/26/28 | 1037 |
| 331558 | Hanesbrands Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.44%, 3/08/30 | 334 |
| 523688 | Harbor Freight Tools USA Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.19%, 6/11/31 | 512 |
| 1037732 | IRB Holding Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.54%, 12/15/27 | 1039 |
| 768000 | MIC Glen LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.30%, 7/21/28 | 770 |
| 218900 | MIC Glen LLC Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 9.05%, 7/21/28 | 221 |
| 483750 | Michaels Cos. Inc. Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.12%, 4/15/28 | 369 |
| 677250 | PetsMart LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.54%, 2/11/28 | 674 |
| 735000 | S&S Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 5.50%, 9/19/31 | 733 |
| 920000 | Specialty Building Products Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.54%, 10/15/28 | 913 |
| 1044750 | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.19%, 1/31/31 | 1049 |
| 1000000 | Victra Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 5.250%), 9.85%, 3/31/29 | 1011 |
| 969437 | Whatabrands LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.44%, 8/03/28 | 970 |
|  |  | 10217 |
|  **Service (2%)** | **Service (2%)** |  |
| 1000285 | Adtalem Global Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.44%, 8/12/28 | 1002 |
| 1246875 | Omnia Partners LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.87%, 7/25/30 | 1251 |
|  |  | 2253 |

---

Annual Financial Statements and Other Information 57

------

Payden Floating Rate Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Technology (7%)** | **Technology (7%)** |  |
| 1000000 | Amentum Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.94%, 9/29/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | BMC Software (Boxer/ Bladelogic) Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 8.34%, 7/30/31 | 994 |
| 1234394 | Cloud Software Group Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.60%, 3/30/29 | 1235 |
| 1000000 | Fortress Intermediate 3 Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.44%, 6/27/31 | 1000 |
| 660000 | Instructure Holdings Inc. Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 5.00%, 9/10/32 | 671 |
| 985000 | Leia Finco U.S. LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.89%, 7/02/32 | 960 |
| 850000 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.10%, 7/01/31 | 817 |
| 1324213 | Peraton Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.54%, 2/01/28 | 1285 |
| 300000 | PointClickCare Technologies Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 3.25%, 10/10/31 | 301 |
|  |  | 8264 |
|  **Telecommunications (4%)** | **Telecommunications (4%)** |  |
| 1310000 | Frontier Communications Term Loan B 1L, (6 mo. Term Secured Overnight Financing Rate + 3.500%), 8.76%, 7/01/31 | 1321 |
| 1111622 | Gogo Intermediate Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.55%, 4/30/28 | 1044 |
| 994994 | Iridium Satellite LLC Term Loan B4 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.94%, 9/20/30 | 985 |
| 1129395 | Numericable U.S. LLC Term Loan B14-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 10.16%, 8/15/28 | 907 |
| 650000 | Zegona Holdco Ltd. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 9.40%, 7/17/29 | 651 |
|  |  | 4908 |
|  **Transportation (4%)** | **Transportation (4%)** |  |
| 183975 | Delta Air Lines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 8.37%, 10/20/27 | 188 |
| 638529 | First Student Bidco Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.87%, 7/21/28 | 640 |
| 195270 | First Student Bidco Inc. Term Loan C 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.87%, 7/21/28 | 195 |
| 614035 | Spirit Aerosystems Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.09%, 1/15/27 | 618 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1000000 | Third Coast Infrastructure LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.94%, 9/25/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | United Air Lines Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 2.00%, 2/22/31 | 988 |
| 995000 | United AirLines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 7.39%, 2/22/31 | 999 |
|  |  | 4621 |
|  **Utility (1%)** | **Utility (1%)** |  |
| 1042138 | Conservice Midco LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.19%, 5/13/27 | 1049 |
|  **Total Bank Loans (Cost - $105,659)** | **Total Bank Loans (Cost - $105,659)** | 105569 |
|  **Corporate Bond (7%)** | **Corporate Bond (7%)** |  |
| 700000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (e)(f) | 632 |
| 500000 | ARD Finance SA 144A, 6.50%, 6/30/27 (b) | 106 |
| 250000 | Athabasca Oil Corp. 144A, 6.75%, 8/09/29 CAD (a)(b) | 181 |
| 529878 | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (b) | 544 |
| 270000 | Frontera Energy Corp. 144A, 7.88%, 6/21/28 (b) | 213 |
| 650000 | Geopark Ltd. 144A, 5.50%, 1/17/27 (b) | 614 |
| 600000 | Global Marine Inc., 7.00%, 6/01/28 | 568 |
| 650000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (b) | 599 |
| 675000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 629 |
| 450000 | International Petroleum Corp. 144A, 7.25%, 2/01/27 (b)(g) | 448 |
| 675000 | MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/01/26 | 639 |
| 650000 | Navient Corp., 5.00%, 3/15/27 | 640 |
| 645000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (b) | 644 |
| 750000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (b) | 763 |
| 450000 | Surge Energy Inc. 144A, 8.50%,<br>9/05/29 CAD (a)(b) | 325 |
| 600000 | W&T Offshore Inc. 144A, 11.75%,<br>2/01/26 (b) | 603 |
|  **Total Corporate Bond (Cost - $8,514)** | **Total Corporate Bond (Cost - $8,514)** | 8148 |
|  **Mortgage Backed (1%)** | **Mortgage Backed (1%)** |  |
| 660448 | Freddie Mac STACR Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.47%, 5/25/28 (e) | 691 |
| 658128 | STACR Trust 2018-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.72%, 5/25/43 (b)(e) | 802 |
|  **Total Mortgage Backed (Cost - $1,319)** | **Total Mortgage Backed (Cost - $1,319)** | 1493 |
|  **Investment Company (8%)** | **Investment Company (8%)** |  |
| 9930161 | Payden Cash Reserves Money Market Fund \*<br>(Cost - $9,930) | 9930 |
|  **Total Investments (Cost - $130,268) (105%)** | **Total Investments (Cost - $130,268) (105%)** | 129372 |
|  **Liabilities in excess of Other Assets (-5%)** | **Liabilities in excess of Other Assets (-5%)** | (5702) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $123670 |

---

58 Payden Mutual Funds

------

\* 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) 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, 2024. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 815 | CAD 1,095 | State Street Bank & Trust Co. | 03/19/2025 | $24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See notes to financial statements.* 

Annual Financial Statements and Other Information 59

------

&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 High Income Fund

**Schedule of Investments** *- October 31, 2024* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (2%)** | **Asset Backed (2%)** |  |
| 60 | Chase Auto Owner Trust, 0.00%, 6/25/30 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 7.74%, 1/25/52 CAD (b)(c) | 1155 |
| 1500000 | Exeter Automobile Receivables Trust 2022-2A 144A, 6.34%, 10/15/29 (c) | 1479 |
| 19 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (a) | 1244 |
| 2000000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (c) | 2085 |
| 2287323 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (c) | 2532 |
| 80 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (a) | 944 |
| 9580 | Santander Drive Auto Receivables Trust 2024-S2 144A, 0.00%, 12/16/28 (a)(c) | 1775 |
| 87 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, (a) | 2230 |
|  **Total Asset Backed (Cost - $14,827)** | **Total Asset Backed (Cost - $14,827)** | 13893 |
|  **Bank Loans(d) (7%)** | **Bank Loans(d) (7%)** |  |
| 818107 | Adtalem Global Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.44%, 8/12/28 | 819 |
| 2942280 | Advantage Sales & Marketing Inc. Term Loan B2 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.12%, 10/28/27 | 2897 |
| 2274300 | Albion Financing 3 Sarl Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 9.10%, 8/16/29 | 2285 |
| 1962500 | Amneal Pharmaceuticals LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.500%), 10.19%, 5/04/28 | 2002 |
| 1417500 | Caesars Entertainment Inc. Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.44%, 2/06/30 | 1421 |
| 1975030 | Cloud Software Group Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.60%, 3/30/29 | 1977 |
| 900000 | Cloud Software Group Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 9.10%, 3/19/31 | 901 |
| 1985025 | Conservice Midco LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.19%, 5/13/27 | 1998 |
| 606195 | DirectV Financing LLC Term Loan NON-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.85%, 8/02/27 | 608 |
| 1880000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 4.00%, 10/24/29 | 1875 |
| 2235000 | Epic Y Grade Services LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.60%, 6/29/29 | 2234 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995000 | Fiesta Purchaser Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.69%, 2/12/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 |
| 2461874 | First Student Bidco Inc. Term Loan B2 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 7.70%, 7/21/28 | 2468 |
| 825486 | Hertz Corp. Term Loan B-EXIT 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.30%, 6/30/28 | 737 |
| 159583 | Hertz Corp. Term Loan C-EXIT 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.30%, 6/30/28 | 142 |
| 1678315 | Journey Personal Care Corp. Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 9.05%, 3/01/28 | 1676 |
| 2125000 | Leia Finco U.S. LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.89%, 7/02/32 | 2071 |
| 1173543 | Mauser Packaging Solutions Holding Co. Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 8.35%, 4/15/27 | 1179 |
| 3132190 | Medline Borrower LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.44%, 10/23/28 | 3139 |
| 1805000 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.10%, 7/01/31 | 1734 |
| 2000000 | Naked Juice LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 6.500%), 10.70%, 1/24/30 | 1150 |
| 1700000 | Nexus Buyer LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.250%), 11.04%, 11/05/29 | 1697 |
| 967500 | PetsMart LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.54%, 2/11/28 | 963 |
| 820875 | Prairie ECI Acquiror LP Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.44%, 8/01/29 | 824 |
| 2470991 | Sinclair Television Group Inc. Term Loan B4 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.54%, 4/21/29 | 1946 |
| 2120000 | Sotera Health Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.84%, 5/30/31 | 2126 |
| 1473684 | Spirit Aerosystems Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.09%, 1/15/27 | 1483 |
| 1990000 | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.19%, 1/31/31 | 1998 |
| 5380000 | Third Coast Infrastructure LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.94%, 9/25/30 | 5340 |

---

60 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 985050 | Transdigm Inc. Term Loan K 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.35%, 3/22/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.35%, 5/06/32 | 3960 |
| 1500000 | U.S. Silica Co. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 9.19%, 7/31/31 | 1475 |
| 497500 | United AirLines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 7.39%, 2/22/31 | 499 |
| 3220000 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.39%, 6/27/29 | 3158 |
| 1990000 | WestJet Loyalty LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 8.35%, 2/14/31 | 1992 |
|  **Total Bank Loans (Cost - $64,283)** | **Total Bank Loans (Cost - $64,283)** | 63765 |
|  **Corporate Bond (85%)** | **Corporate Bond (85%)** |  |
|  **Automotive (4%)** | **Automotive (4%)** |  |
| 2215000 | Adient Global Holdings Ltd. 144A, 8.25%, 4/15/31 (c)(e) | 2296 |
| 2500000 | Allison Transmission Inc. 144A, 3.75%, 1/30/31 (c) | 2221 |
| 2500000 | American Axle & Manufacturing Inc., 6.50%, 4/01/27 (e) | 2494 |
| 3245000 | Aston Martin Capital Holdings Ltd. 144A, 10.00%, 3/31/29 (c) | 3155 |
| 4210000 | Garrett Motion Holdings Inc./Garrett LX I Sarl 144A, 7.75%, 5/31/32 (c) | 4205 |
| 1750000 | Goodyear Tire & Rubber Co., 5.00%, 7/15/29 (e) | 1586 |
| 2750000 | Goodyear Tire & Rubber Co., 5.25%, 7/15/31 (e) | 2420 |
| 3300000 | IHO Verwaltungs GmbH 144A, 7.75%, 11/15/30 (c) | 3303 |
| 2750000 | Jaguar Land Rover Automotive PLC 144A, 5.50%, 7/15/29 (c) | 2686 |
| 2030000 | JB Poindexter & Co. Inc. 144A, 8.75%, 12/15/31 (c) | 2132 |
| 2500000 | Phinia Inc. 144A, 6.63%, 10/15/32 (c) | 2494 |
| 4500000 | Tenneco Inc. 144A, 8.00%, 11/17/28 (c) | 4171 |
| 2650000 | ZF North America Capital Inc. 144A, 7.13%, 4/14/30 (c) | 2667 |
|  |  | 35830 |
|  **Banking (1%)** | **Banking (1%)** |  |
| 3800000 | Bank of Montreal, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.452%), 7.70%, 5/26/84 (f) | 3983 |
| 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) | 1533 |
| 2165000 | UniCredit SpA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.750%), 5.46%, 6/30/35 (c)(f) | 2090 |
|  |  | 7606 |
|  **Basic Industry (9%)** | **Basic Industry (9%)** |  |
| 2020000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (c) | 2066 |
| 1300000 | Alcoa Nederland Holding BV 144A, 7.13%, 3/15/31 (c) | 1357 |
| 1500000 | ARD Finance SA 144A, 6.50%, 6/30/27 (c) | 319 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870000 | Avient Corp. 144A, 6.25%, 11/01/31 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 |
| 2000000 | Bombardier Inc. 144A, 7.00%, 6/01/32 (c)(e) | 2050 |
| 1000000 | Bombardier Inc. 144A, 8.75%, 11/15/30 (c) | 1085 |
| 3000000 | Builders FirstSource Inc. 144A, 4.25%, 2/01/32 (c) | 2686 |
| 3000000 | Cleveland-Cliffs Inc. 144A, 6.75%, 4/15/30 (c) | 3001 |
| 400000 | Cleveland-Cliffs Inc. 144A, 7.00%, 3/15/32 (c) | 401 |
| 2500000 | Cleveland-Cliffs Inc. 144A, 7.38%, 5/01/33 (c) | 2521 |
| 2000000 | Coeur Mining Inc. 144A, 5.13%, 2/15/29 (c) | 1910 |
| 1980000 | Eldorado Gold Corp. 144A, 6.25%, 9/01/29 (c) | 1950 |
| 2500000 | Element Solutions Inc. 144A, 3.88%, 9/01/28 (c) | 2411 |
| 2080000 | Empire Communities Corp. 144A, 9.75%, 5/01/29 (c) | 2176 |
| 1475000 | EMRLD Borrower LP/Emerald Co.-Issuer Inc. 144A, 6.63%, 12/15/30 (c) | 1502 |
| 2000000 | FMG Resources August 2006 Pty Ltd. 144A, 4.38%, 4/01/31 (c) | 1822 |
| 1115000 | FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27 (c) | 1086 |
| 1500000 | FMG Resources August 2006 Pty Ltd. 144A, 6.13%, 4/15/32 (c) | 1506 |
| 2500000 | H&E Equipment Services Inc. 144A, 3.88%, 12/15/28 (c) | 2311 |
| 2000000 | Hillenbrand Inc., 6.25%, 2/15/29 (e) | 2010 |
| 3250000 | Kaiser Aluminum Corp. 144A, 4.50%, 6/01/31 (c) | 2904 |
| 2175000 | KBR Inc. 144A, 4.75%, 9/30/28 (c) | 2083 |
| 1820000 | Manitowoc Co. Inc. 144A, 9.25%, 10/01/31 (c) | 1850 |
| 1895000 | MasTec Inc. 144A, 6.63%, 8/15/29 (c) | 1895 |
| 2210000 | Mineral Resources Ltd. 144A, 9.25%, 10/01/28 (c)(e) | 2329 |
| 3800000 | Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC 144A, 6.75%, 4/01/32 (c) | 3868 |
| 2350000 | Moog Inc. 144A, 4.25%, 12/15/27 (c) | 2242 |
| 750000 | NOVA Chemicals Corp. 144A, 4.25%, 5/15/29 (c)(e) | 684 |
| 2000000 | Novelis Sheet Ingot GmbH, 3.38%, 4/15/29 EUR (b)(e)(g) | 2081 |
| 2210000 | Olympus Water U.S. Holding Corp. 144A, 9.75%, 11/15/28 (c) | 2347 |
| 2500000 | Standard Industries Inc. 144A, 4.38%, 7/15/30 (c) | 2299 |
| 1000000 | Standard Industries Inc. 144A, 4.75%, 1/15/28 (c) | 965 |
| 3240000 | TransDigm Inc., 4.88%, 5/01/29 | 3098 |
| 3450000 | TransDigm Inc. 144A, 6.00%, 1/15/33 (c) | 3422 |
| 750000 | TransDigm Inc. 144A, 6.63%, 3/01/32 (c) | 764 |
| 600000 | TransDigm Inc. 144A, 6.88%, 12/15/30 (c) | 616 |
| 1500000 | Tri Pointe Homes Inc., 5.70%, 6/15/28 | 1498 |
| 2500000 | TTM Technologies Inc. 144A, 4.00%, 3/01/29 (c) | 2339 |
| 2050000 | Vallourec SACA 144A, 7.50%, 4/15/32 (c) | 2150 |
| 1720000 | Velocity Vehicle Group LLC 144A, 8.00%, 6/01/29 (c) | 1773 |
| 3000000 | Wilsonart LLC 144A, 11.00%, 8/15/32 (c) | 2961 |
|  |  | 80215 |
|  **Consumer Goods (4%)** | **Consumer Goods (4%)** |  |
| 3000000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 4.88%, 2/15/30 (c) | 2925 |
| 3620000 | B&G Foods Inc. 144A, 8.00%, 9/15/28 (c) | 3765 |

---

Annual Financial Statements and Other Information 61

------

&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 High Income Fund** *continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC 144A, 4.75%, 1/15/29 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 |
| 730000 | Fiesta Purchaser Inc. 144A, 7.88%, 3/01/31 (c) | 766 |
| 5250000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%, 2/15/29 (c) | 5443 |
| 1200000 | Newell Brands Inc., 6.38%, 5/15/30 | 1209 |
| 915000 | Newell Brands Inc., 6.88%, 4/01/36 | 912 |
| 1800000 | Post Holdings Inc. 144A, 4.50%, 9/15/31 (c) | 1640 |
| 900000 | Post Holdings Inc. 144A, 4.63%, 4/15/30 (c) | 842 |
| 1000000 | Post Holdings Inc. 144A, 5.50%, 12/15/29 (c) | 976 |
| 3250000 | Primo Water Holdings Inc. 144A, 4.38%, 4/30/29 (c) | 3065 |
| 2465000 | Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed 144A, 4.63%, 3/01/29 (c) | 2286 |
| 2175000 | Spectrum Brands Inc. 144A, 3.88%, 3/15/31 (c) | 1915 |
| 2680000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (c) | 2678 |
| 1500000 | Winnebago Industries Inc. 144A, 6.25%, 7/15/28 (c) | 1493 |
|  |  | 31363 |
|  **Energy (13%)** | **Energy (13%)** |  |
| 1250000 | AltaGas Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.573%), 7.20%, 10/15/54 (c)(f) | 1256 |
| 1156000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp. 144A, 9.00%, 11/01/27 (c) | 1373 |
| 1044000 | Berry Petroleum Co. LLC 144A, 7.00%, 2/15/26 (c) | 1019 |
| 2439320 | Borr IHC Ltd./Borr Finance LLC 144A, 10.38%, 11/15/30 (c) | 2519 |
| 3500000 | California Resources Corp. 144A, 8.25%, 6/15/29 (c) | 3537 |
| 1800000 | Civitas Resources Inc. 144A, 8.63%, 11/01/30 (c) | 1893 |
| 1500000 | CVR Energy Inc. 144A, 8.50%, 1/15/29 (c) | 1456 |
| 2460000 | Delek Logistics Partners LP/Delek Logistics Finance Corp. 144A, 8.63%, 3/15/29 (c) | 2526 |
| 1815000 | Energy Transfer LP, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.829%), 7.13%, 10/01/54 (f) | 1836 |
| 4115000 | EQM Midstream Partners LP, 6.50%, 7/15/48 | 4144 |
| 800000 | EQM Midstream Partners LP 144A, 7.50%, 6/01/27 (c) | 819 |
| 1100000 | EQM Midstream Partners LP 144A, 7.50%, 6/01/30 (c) | 1184 |
| 1235000 | Frontera Energy Corp. 144A, 7.88%, 6/21/28 (c)(e) | 973 |
| 1302000 | Geopark Ltd. 144A, 5.50%, 1/17/27 (c) | 1229 |
| 4434000 | Global Marine Inc., 7.00%, 6/01/28 | 4200 |
| 6322000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (c) | 5830 |
| 690000 | Greenfire Resources Ltd. 144A, 12.00%, 10/01/28 (c) | 744 |
| 1430000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 6.88%, 5/15/34 (c) | 1370 |
| 1025000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 7.25%, 2/15/35 (c) | 1006 |
| 2500000 | International Petroleum Corp. 144A, 7.25%, 2/01/27 (c)(e)(g) | 2487 |
| 1726000 | Kosmos Energy Ltd. 144A, 7.50%,<br>3/01/28 (c)(e) | 1658 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277000 | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 |
| 1000000 | Matador Resources Co. 144A, 6.25%, 4/15/33 (c) | 981 |
| 6740000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (c) | 6610 |
| 4545000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (c) | 4538 |
| 3050000 | Noble Finance II LLC 144A, 8.00%, 4/15/30 (c) | 3094 |
| 1000000 | Obsidian Energy Ltd., 11.95%, 7/27/27<br>CAD (b)(g) | 741 |
| 4500000 | OHI Group SA 144A, 13.00%, 7/22/29 (c) | 4450 |
| 2740000 | Pattern Energy Operations LP/Pattern Energy Operations Inc. 144A, 4.50%, 8/15/28 (c) | 2615 |
| 1300000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 7.88%, 9/15/30 (c) | 1299 |
| 1125000 | Saturn Oil & Gas Inc. 144A, 9.63%, 6/15/29 (c) | 1112 |
| 3000000 | SEPLAT Energy PLC 144A, 7.75%, 4/01/26 (c) | 2995 |
| 2040000 | Shelf Drilling Holdings Ltd. 144A, 9.63%, 4/15/29 (c) | 1847 |
| 3050000 | Surge Energy Inc. 144A, 8.50%, 9/05/29 CAD (b)(c) | 2203 |
| 1240000 | Talos Production Inc. 144A, 9.38%, 2/01/31 (c) | 1278 |
| 4040000 | TerraForm Power Operating LLC 144A, 4.75%, 1/15/30 (c) | 3773 |
| 2600000 | Transocean Inc. 144A, 8.25%, 5/15/29 (c) | 2614 |
| 2890000 | Transocean Inc. 144A, 8.50%, 5/15/31 (c) | 2914 |
| 1500000 | Trident Energy Finance PLC 144A, 12.50%, 11/30/29 (c) | 1577 |
| 3400000 | Tullow Oil PLC 144A, 10.25%, 5/15/26 (c) | 3113 |
| 2200000 | Valaris Ltd. 144A, 8.38%, 4/30/30 (c) | 2234 |
| 1980000 | Venture Global LNG Inc. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.440%), 9.00% (c)(f)(h) | 1981 |
| 4875000 | Vital Energy Inc. 144A, 7.88%, 4/15/32 (c) | 4688 |
| 4335000 | W&T Offshore Inc. 144A, 11.75%, 2/01/26 (c) | 4356 |
| 2300000 | Weatherford International Ltd. 144A, 8.63%, 4/30/30 (c) | 2379 |
| 7145000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (c) | 6948 |
|  |  | 114653 |
|  **Financial Services (10%)** | **Financial Services (10%)** |  |
| 2600000 | Aircastle Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.410%), 5.25% (c)(f)(h) | 2562 |
| 4625000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (f)(h) | 4175 |
| 1870000 | Amentum Holdings Inc. 144A, 7.25%, 8/01/32 (c) | 1939 |
| 3165000 | Bread Financial Holdings Inc. 144A, 9.75%, 3/15/29 (c) | 3346 |
| 3300000 | Compass Group Diversified Holdings LLC 144A, 5.25%, 4/15/29 (c) | 3176 |
| 2520000 | Encore Capital Group Inc. 144A, 9.25%, 4/01/29 (c) | 2686 |
| 900000 | Fortress Intermediate 3 Inc. 144A, 7.50%, 6/01/31 (c) | 937 |
| 3100000 | Freedom Mortgage Holdings LLC 144A, 9.13%, 5/15/31 (c) | 3144 |
| 4650000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (c) | 4765 |
| 3925000 | GGAM Finance Ltd. 144A, 8.00%, 2/15/27 (c) | 4058 |
| 3750000 | goeasy Ltd. 144A, 6.88%, 5/15/30 (c) | 3813 |
| 1450000 | goeasy Ltd. 144A, 7.63%, 7/01/29 (c) | 1491 |

---

62 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | Greystar Real Estate Partners LLC 144A, 7.75%, 9/01/30 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098 |
| 2040000 | Hightower Holding LLC 144A, 9.13%, 1/31/30 (c) | 2152 |
| 1325000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 2/01/29 | 1107 |
| 2000000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 1865 |
| 3050000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 3001 |
| 1775000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/29 | 1776 |
| 900000 | Jane Street Group/JSG Finance Inc. 144A, 4.50%, 11/15/29 (c) | 852 |
| 3650000 | Jefferson Capital Holdings LLC 144A, 6.00%, 8/15/26 (c) | 3641 |
| 1425000 | Jefferson Capital Holdings LLC 144A, 9.50%, 2/15/29 (c) | 1517 |
| 3600000 | Midcap Financial Issuer Trust 144A, 6.50%, 5/01/28 (c) | 3406 |
| 3250000 | MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/01/26 (e) | 3078 |
| 2750000 | Nationstar Mortgage Holdings Inc. 144A, 5.13%, 12/15/30 (c) | 2577 |
| 2700000 | Navient Corp., 5.50%, 3/15/29 | 2575 |
| 1000000 | OneMain Finance Corp., 4.00%, 9/15/30 | 881 |
| 1250000 | OneMain Finance Corp., 5.38%, 11/15/29 | 1199 |
| 350000 | OneMain Finance Corp., 6.63%, 1/15/28 | 356 |
| 1000000 | OneMain Finance Corp., 7.13%, 11/15/31 | 1012 |
| 800000 | OneMain Finance Corp., 9.00%, 1/15/29 | 848 |
| 2500000 | PennyMac Financial Services Inc. 144A, 4.25%, 2/15/29 (c) | 2334 |
| 1725000 | PennyMac Financial Services Inc. 144A, 7.88%, 12/15/29 (c) | 1808 |
| 2000000 | PRA Group Inc. 144A, 5.00%, 10/01/29 (c) | 1812 |
| 1430000 | PRA Group Inc. 144A, 8.88%, 1/31/30 (c) | 1485 |
| 1500000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 3.88%, 3/01/31 (c) | 1337 |
| 2810000 | Synchrony Financial, 7.25%, 2/02/33 | 2879 |
|  |  | 81688 |
|  **Healthcare (6%)** | **Healthcare (6%)** |  |
| 4220000 | Bausch & Lomb Corp. 144A, 8.38%, 10/01/28 (c) | 4433 |
| 800000 | Bausch Health Cos. Inc. 144A, 4.88%, 6/01/28 (c) | 619 |
| 2050000 | Bausch Health Cos. Inc. 144A, 6.13%, 2/01/27 (c) | 1853 |
| 1720000 | BellRing Brands Inc. 144A, 7.00%, 3/15/30 (c) | 1792 |
| 2200000 | CHS/Community Health Systems Inc. 144A, 5.25%, 5/15/30 (c) | 1922 |
| 2500000 | CHS/Community Health Systems Inc. 144A, 8.00%, 12/15/27 (c) | 2498 |
| 2990000 | DaVita Inc. 144A, 3.75%, 2/15/31 (c) | 2602 |
| 3070000 | Fortrea Holdings Inc. 144A, 7.50%, 7/01/30 (c) | 3023 |
| 1710000 | LifePoint Health Inc. 144A, 9.88%, 8/15/30 (c) | 1873 |
| 2175000 | Molina Healthcare Inc. 144A, 3.88%, 11/15/30 (c) | 1971 |
| 3500000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV, 2.88%, 4/30/28 EUR (b)(g) | 3682 |
| 1000000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 5.13%, 4/30/31 (c)(e) | 913 |
| 1850000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 7.88%, 5/15/34 (c) | 1912 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | Owens & Minor Inc. 144A, 6.63%, 4/01/30 (c)(e) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 |
| 2400000 | Prestige Brands Inc. 144A, 3.75%, 4/01/31 (c) | 2141 |
| 5060000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (c) | 5146 |
| 3000000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (c) | 3124 |
| 2575000 | Surgery Center Holdings Inc. 144A, 7.25%, 4/15/32 (c) | 2647 |
| 3250000 | Tenet Healthcare Corp., 4.38%, 1/15/30 | 3049 |
| 3000000 | Tenet Healthcare Corp., 6.13%, 10/01/28 | 3000 |
|  |  | 51543 |
|  **Insurance (2%)** | **Insurance (2%)** |  |
| 3000000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer 144A, 6.75%, 10/15/27 (c) | 2991 |
| 2575000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer 144A, 7.00%, 1/15/31 (c) | 2595 |
| 1750000 | Assurant Inc., (3 mo. LIBOR USD + 4.135%), 7.00%, 3/27/48 (f) | 1781 |
| 5000000 | Enstar Finance LLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.006%), 5.50%, 1/15/42 (f) | 4696 |
| 1500000 | Ryan Specialty LLC 144A, 5.88%, 8/01/32 (c) | 1496 |
| 1500000 | USI Inc. 144A, 7.50%, 1/15/32 (c) | 1532 |
|  |  | 15091 |
|  **Leisure (3%)** | **Leisure (3%)** |  |
| 1430000 | Amer Sports Co. 144A, 6.75%, 2/16/31 (c)(e) | 1454 |
| 1000000 | Carnival Corp. 144A, 5.75%, 3/01/27 (c) | 1003 |
| 2000000 | Carnival Corp. 144A, 6.00%, 5/01/29 (c) | 2005 |
| 2500000 | Churchill Downs Inc. 144A, 5.75%, 4/01/30 (c) | 2463 |
| 2500000 | Cinemark USA Inc. 144A, 5.25%, 7/15/28 (c) | 2456 |
| 1625000 | Cinemark USA Inc. 144A, 7.00%, 8/01/32 (c) | 1667 |
| 2500000 | Hilton Domestic Operating Co. Inc. 144A, 5.88%, 3/15/33 (c) | 2507 |
| 1350000 | Light & Wonder International Inc. 144A, 7.50%, 9/01/31 (c) | 1396 |
| 2680000 | MGM Resorts International, 6.50%, 4/15/32 | 2682 |
| 1300000 | NCL Corp. Ltd. 144A, 5.88%, 3/15/26 (c) | 1299 |
| 510000 | Royal Caribbean Cruises Ltd. 144A, 5.38%, 7/15/27 (c) | 509 |
| 1000000 | Royal Caribbean Cruises Ltd. 144A, 5.50%, 8/31/26 (c) | 1002 |
| 900000 | Royal Caribbean Cruises Ltd. 144A, 5.50%, 4/01/28 (c) | 900 |
| 1740000 | Sabre GLBL Inc. 144A, 11.25%, 12/15/27 (c) | 1794 |
| 2775000 | Travel + Leisure Co. 144A, 4.50%, 12/01/29 (c) | 2594 |
| 2025000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 144A, 7.13%, 2/15/31 (c) | 2132 |
|  |  | 27863 |
|  **Media (6%)** | **Media (6%)** |  |
| 770000 | AMC Networks Inc., 4.25%, 2/15/29 (e) | 532 |
| 2200000 | AMC Networks Inc. 144A, 10.25%, 1/15/29 (c) | 2268 |
| 3670000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.25%, 2/01/31 (c) | 3188 |
| 1000000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.25%, 1/15/34 (b)(c) | 800 |
| 1500000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 8/15/30 (c) | 1341 |
| 1000000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/01/32 | 852 |
| 2000000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 6/01/33 (c) | 1665 |
| 2750000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.75%, 3/01/30 (c) | 2504 |

---

Annual Financial Statements and Other Information 63

------

&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 High Income Fund** *continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.75%, 2/01/32 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 |
| 2550000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.38%, 6/01/29 (c) | 2436 |
| 3190000 | Cogent Communications Group LLC 144A, 7.00%, 6/15/27 (c) | 3227 |
| 250000 | Directv Financing LLC 144A, 8.88%, 2/01/30 (c) | 247 |
| 790000 | Directv Financing LLC/Directv Financing Co.- Obligor Inc. 144A, 5.88%, 8/15/27 (c) | 762 |
| 2520000 | EquipmentShare.com Inc. 144A, 9.00%, 5/15/28 (c) | 2609 |
| 1000000 | Gray Television Inc. 144A, 5.38%, 11/15/31 (c) | 604 |
| 1110000 | Gray Television Inc. 144A, 10.50%, 7/15/29 (c) | 1154 |
| 2500000 | Lamar Media Corp., 4.88%, 1/15/29 | 2435 |
| 1300000 | Match Group Holdings II LLC 144A, 3.63%, 10/01/31 (c) | 1140 |
| 1500000 | Match Group Holdings II LLC 144A, 4.63%, 6/01/28 (c) | 1444 |
| 2740000 | McGraw-Hill Education Inc. 144A, 8.00%, 8/01/29 (c) | 2761 |
| 2240000 | News Corp. 144A, 5.13%, 2/15/32 (c) | 2149 |
| 3450000 | Nexstar Media Inc. 144A, 4.75%,<br>11/01/28 (c)(e) | 3246 |
| 1800000 | Outfront Media Capital LLC/Outfront Media Capital Corp. 144A, 7.38%, 2/15/31 (c) | 1903 |
| 3540000 | Rakuten Group Inc. 144A, 9.75%, 4/15/29 (c) | 3835 |
| 4500000 | Sirius XM Radio Inc. 144A, 3.88%, 9/01/31 (c) | 3870 |
| 4400000 | Univision Communications Inc. 144A, 7.38%, 6/30/30 (c) | 4229 |
| 575000 | Virgin Media Secured Finance PLC 144A, 4.50%, 8/15/30 (c) | 504 |
| 1500000 | Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29 (c) | 1420 |
|  |  | 54856 |
|  **Real Estate (4%)** | **Real Estate (4%)** |  |
| 1360000 | Brandywine Operating Partnership LP, 8.88%, 4/12/29 | 1475 |
| 4000000 | Iron Mountain Inc. 144A, 4.88%, 9/15/29 (c) | 3856 |
| 1500000 | Iron Mountain Inc. 144A, 5.25%, 3/15/28 (c) | 1473 |
| 1000000 | Kennedy-Wilson Inc., 4.75%, 3/01/29 | 918 |
| 2500000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A, 4.75%, 6/15/29 (c) | 2384 |
| 2500000 | MPT Operating Partnership LP/MPT Finance Corp., 3.33%, 3/24/25 EUR (b)(e) | 2647 |
| 1500000 | MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 8/01/29 (e) | 1168 |
| 3120000 | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer 144A, 7.00%, 2/01/30 (c) | 3198 |
| 1535000 | Piedmont Operating Partnership LP, 9.25%, 7/20/28 | 1689 |
| 2000000 | Service Properties Trust, 5.50%, 12/15/27 | 1896 |
| 1150000 | Service Properties Trust, 8.88%, 6/15/32 | 1070 |
| 1780000 | Star Holding LLC 144A, 8.75%, 8/01/31 (c) | 1695 |
| 2250000 | Uniti Group LP/Uniti Group Finance 2019 Inc./ CSL Capital LLC 144A, 4.75%, 4/15/28 (c) | 2070 |
| 1430000 | Uniti Group LP/Uniti Group Finance 2019 Inc./ CSL Capital LLC 144A, 10.50%, 2/15/28 (c) | 1525 |
| 2750000 | XHR LP 144A, 4.88%, 6/01/29 (c) | 2584 |
|  |  | 29648 |
|  **Retail (7%)** | **Retail (7%)** |  |
| 2850000 | 1011778 BC ULC/New Red Finance Inc. 144A, 4.00%, 10/15/30 (c) | 2577 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | 1011778 BC ULC/New Red Finance Inc. 144A, 5.63%, 9/15/29 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695 |
| 2500000 | Arko Corp. 144A, 5.13%, 11/15/29 (c)(e) | 2306 |
| 2000000 | Asbury Automotive Group Inc. 144A, 4.63%, 11/15/29 (c) | 1874 |
| 2750000 | Asbury Automotive Group Inc. 144A, 5.00%, 2/15/32 (c) | 2535 |
| 1000000 | Bath & Body Works Inc. 144A, 6.63%, 10/01/30 (c) | 1002 |
| 2500000 | Bath & Body Works Inc., 6.88%, 11/01/35 | 2541 |
| 2230000 | Cougar JV Subsidiary LLC 144A, 8.00%, 5/15/32 (c) | 2333 |
| 2000000 | Dealer Tire LLC/DT Issuer LLC 144A, 8.00%, 2/01/28 (c) | 1975 |
| 4150000 | Evergreen Acqco 1 LP/TVI Inc. 144A, 9.75%, 4/26/28 (c) | 4371 |
| 1950000 | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 (c) | 1775 |
| 2000000 | FirstCash Inc. 144A, 4.63%, 9/01/28 (c) | 1896 |
| 1750000 | FirstCash Inc. 144A, 5.63%, 1/01/30 (c) | 1701 |
| 2740000 | Group 1 Automotive Inc. 144A, 4.00%, 8/15/28 (c) | 2575 |
| 3720000 | Hanesbrands Inc. 144A, 9.00%, 2/15/31 (c)(e) | 3989 |
| 1820000 | LCM Investments Holdings II LLC 144A, 8.25%, 8/01/31 (c) | 1902 |
| 525000 | Macy's Retail Holdings LLC, 4.30%, 2/15/43 | 363 |
| 1450000 | Macy's Retail Holdings LLC 144A, 5.88%, 3/15/30 (c)(e) | 1404 |
| 915000 | Nordstrom Inc., 5.00%, 1/15/44 | 690 |
| 1815000 | PetSmart Inc./PetSmart Finance Corp. 144A, 4.75%, 2/15/28 (c) | 1727 |
| 1400000 | QVC Inc. 144A, 6.88%, 4/15/29 (c)(e) | 1207 |
| 2200000 | Raising Cane's Restaurants LLC 144A, 9.38%, 5/01/29 (c) | 2367 |
| 3000000 | Sally Holdings LLC/Sally Capital Inc., 6.75%, 3/01/32 (e) | 3040 |
| 2800000 | Sonic Automotive Inc. 144A, 4.88%, 11/15/31 (c) | 2520 |
| 4150000 | Verde Purchaser LLC 144A, 10.50%, 11/30/30 (c) | 4435 |
| 2505000 | Victra Holdings LLC/Victra Finance Corp. 144A, 8.75%, 9/15/29 (c) | 2618 |
| 750000 | Walgreens Boots Alliance Inc., 4.10%, 4/15/50 (e) | 485 |
| 750000 | Walgreens Boots Alliance Inc., 4.80%, 11/18/44 (e) | 553 |
| 2230000 | Yum! Brands Inc., 5.38%, 4/01/32 | 2173 |
|  |  | 62629 |
|  **Service (4%)** | **Service (4%)** |  |
| 2150000 | ADT Security Corp. 144A, 4.13%, 8/01/29 (c) | 2012 |
| 2125000 | Albion Financing 1 Sarl/Aggreko Holdings Inc. 144A, 6.13%, 10/15/26 (c) | 2128 |
| 1610000 | Alta Equipment Group Inc. 144A, 9.00%, 6/01/29 (c) | 1431 |
| 2000000 | Avis Budget Car Rental LLC/Avis Budget Finance Inc. 144A, 8.00%, 2/15/31 (c)(e) | 2046 |
| 1525000 | Avis Budget Car Rental LLC/Avis Budget Finance Inc. 144A, 8.25%, 1/15/30 (c)(e) | 1559 |
| 2000000 | Carriage Services Inc. 144A, 4.25%, 5/15/29 (c) | 1830 |
| 2315000 | Cimpress PLC 144A, 7.38%, 9/15/32 (c) | 2282 |
| 2000000 | Madison IAQ LLC 144A, 5.88%, 6/30/29 (c) | 1899 |

---

64 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | Neptune Bidco U.S. Inc. 144A, 9.29%, 4/15/29 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198 |
| 2300000 | Prime Security Services Borrower LLC/Prime Finance Inc. 144A, 6.25%, 1/15/28 (c) | 2300 |
| 2445000 | PROG Holdings Inc. 144A, 6.00%, 11/15/29 (c) | 2366 |
| 2370000 | Reworld Holding Corp. 144A, 4.88%, 12/01/29 (c) | 2216 |
| 2000000 | United Rentals North America Inc., 3.88%, 2/15/31 | 1816 |
| 1225000 | Wand NewCo 3 Inc. 144A, 7.63%, 1/30/32 (c) | 1267 |
| 2375000 | WASH Multifamily Acquisition Inc. 144A, 5.75%, 4/15/26 (c) | 2372 |
| 1145000 | Williams Scotsman Inc. 144A, 6.63%, 6/15/29 (c) | 1163 |
| 1120000 | Williams Scotsman Inc. 144A, 7.38%, 10/01/31 (c) | 1161 |
|  |  | 32046 |
|  **Technology (2%)** | **Technology (2%)** |  |
| 2650000 | ams-OSRAM AG 144A, 12.25%, 3/30/29 (c) | 2755 |
| 2320000 | Cloud Software Group Inc. 144A, 8.25%, 6/30/32 (c) | 2386 |
| 750000 | Cloud Software Group Inc. 144A, 9.00%, 9/30/29 (c) | 751 |
| 2750000 | Consensus Cloud Solutions Inc. 144A, 6.50%, 10/15/28 (c)(e) | 2727 |
| 2295000 | Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl 144A, 8.75%, 5/01/29 (c) | 2332 |
| 1500000 | Rocket Software Inc. 144A, 9.00%, 11/28/28 (c) | 1565 |
| 1880000 | Xerox Holdings Corp. 144A, 5.50%, 8/15/28 (c) | 1543 |
| 2000000 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 144A, 3.88%, 2/01/29 (c) | 1824 |
|  |  | 15883 |
|  **Telecommunications (3%)** | **Telecommunications (3%)** |  |
| 1460000 | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (c) | 1368 |
| 1500000 | Altice France SA 144A, 5.13%, 7/15/29 (c) | 1124 |
| 2065000 | C&W Senior Finance Ltd. 144A, 6.88%, 9/15/27 (c) | 2046 |
| 2500000 | Frontier Communications Holdings LLC 144A, 5.88%, 10/15/27 (c) | 2496 |
| 1250000 | Frontier Communications Holdings LLC 144A, 6.00%, 1/15/30 (c) | 1225 |
| 2500000 | Go Daddy Operating Co. LLC/GD Finance Co. Inc. 144A, 3.50%, 3/01/29 (c) | 2309 |
| 700000 | Level 3 Financing Inc. 144A, 10.50%, 4/15/29 (c) | 783 |
| 1650000 | Level 3 Financing Inc. 144A, 10.50%, 5/15/30 (c) | 1813 |
| 1000000 | Millicom International Cellular SA 144A, 4.50%, 4/27/31 (c) | 903 |
| 2568000 | Optics Bidco SpA 2033 144A, 6.38%, 11/15/33 (c) | 2601 |
| 2165000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (c) | 2178 |
| 4250000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (c) | 4046 |
| 432000 | Telecom Italia Capital SA, 6.38%, 11/15/33 | 437 |
| 3270000 | Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31 (c) | 2824 |
| 2230000 | Zegona Finance PLC 144A, 8.63%, 7/15/29 (c) | 2361 |
|  |  | 28514 |
|  **Transportation (2%)** | **Transportation (2%)** |  |
| 760000 | American Airlines Inc. 144A, 7.25%, 2/15/28 (c) | 773 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475000 | American Airlines Inc. 144A, 8.50%, 5/15/29 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603 |
| 3000000 | American Airlines Inc./AAdvantage Loyalty IP Ltd. 144A, 5.75%, 4/20/29 (c) | 2973 |
| 830000 | First Student Bidco Inc./First Transit Parent Inc. 144A, 4.00%, 7/31/29 (c) | 765 |
| 1850000 | Fortress Transportation and Infrastructure Investors LLC 144A, 5.50%, 5/01/28 (c) | 1815 |
| 2075000 | Fortress Transportation and Infrastructure Investors LLC 144A, 7.00%, 6/15/32 (c) | 2130 |
| 1500000 | Fortress Transportation and Infrastructure Investors LLC 144A, 7.88%, 12/01/30 (c) | 1582 |
| 1250000 | JetBlue Airways Corp./JetBlue Loyalty LP 144A, 9.88%, 9/20/31 (c) | 1300 |
| 1500000 | United Airlines Inc. 144A, 4.63%, 4/15/29 (c) | 1437 |
| 2635000 | XPO Inc. 144A, 7.13%, 2/01/32 (c) | 2740 |
|  |  | 18118 |
|  **Utility (5%)** | **Utility (5%)** |  |
| 2100000 | Alpha Generation LLC 144A, 6.75%, 10/15/32 (c) | 2131 |
| 3760000 | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC 144A, 6.38%, 2/15/32 (c) | 3736 |
| 500000 | Calpine Corp. 144A, 4.50%, 2/15/28 (c) | 482 |
| 1750000 | Calpine Corp. 144A, 4.63%, 2/01/29 (c) | 1661 |
| 1000000 | Calpine Corp. 144A, 5.13%, 3/15/28 (c) | 978 |
| 2500000 | Clearway Energy Operating LLC 144A, 4.75%, 3/15/28 (c) | 2427 |
| 1500000 | Dominion Energy Inc. A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.386%), 6.88%, 2/01/55 (f) | 1571 |
| 3000000 | Energizer Gamma Acquisition BV, 3.50%, 6/30/29 EUR (b)(g) | 3085 |
| 3060000 | Ithaca Energy North Sea PLC 144A, 8.13%, 10/15/29 (c) | 3068 |
| 2700000 | Lightning Power LLC 144A, 7.25%, 8/15/32 (c) | 2811 |
| 4400000 | NextEra Energy Operating Partners LP 144A, 7.25%, 1/15/29 (c) | 4530 |
| 2500000 | NRG Energy Inc. 144A, 3.38%, 2/15/29 (c) | 2282 |
| 1880000 | NRG Energy Inc. 144A, 6.25%, 11/01/34 (c) | 1879 |
| 1500000 | PG&E Corp., 5.00%, 7/01/28 | 1464 |
| 2265000 | Talen Energy Supply LLC 144A, 8.63%, 6/01/30 (c) | 2445 |
| 3600000 | Venture Global LNG Inc. 144A, 9.50%, 2/01/29 (c) | 3981 |
| 1450000 | Venture Global LNG Inc. 144A, 9.88%, 2/01/32 (c) | 1584 |
| 450000 | Vistra Operations Co. LLC 144A, 6.88%, 4/15/32 (c) | 466 |
| 2250000 | Vistra Operations Co. LLC 144A, 7.75%, 10/15/31 (c) | 2379 |
|  |  | 42960 |
|  **Total Corporate Bond (Cost - $729,445)** | **Total Corporate Bond (Cost - $729,445)** | 730506 |
|  **Mortgage Backed (1%)** | **Mortgage Backed (1%)** |  |
| 4100000 | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.364%), 14.22%, 11/25/39 (c)(f) | 4550 |
| 1786348 | STACR Trust 2018-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.72%, 5/25/43 (c)(f) | 2176 |

---

Annual Financial Statements and Other Information 65

------

&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 High Income Fund** *continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 15.47%, 2/25/47 (c)(f) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 |
|  **Total Mortgage Backed (Cost - $7,437)** | **Total Mortgage Backed (Cost - $7,437)** | 8622 |
|  **Stocks (0%)** | **Stocks (0%)** |  |
|  **Common Stock (0%)** | **Common Stock (0%)** |  |
| 34000 | APA Corp. | 803 |
| 17500 | Canadian Natural Resources Ltd. | 595 |
| 21000 | Devon Energy Corp. | 812 |
| 16500 | Matador Resources Co. | 860 |
| 21500 | Ovintiv Inc. | 843 |
| 11900 | Strathcona Resources Ltd.(b) | 235 |
|  **Total Stocks (Cost - $4,451)** | **Total Stocks (Cost - $4,451)** | 4148 |
|  **Investment Company (10%)** | **Investment Company (10%)** |  |
| 82832925 | Payden Cash Reserves Money Market Fund \*<br>**(Cost - $82,833)** | 82833 |
|  **Total Investments (Cost - $903,276) (105%)** | **Total Investments (Cost - $903,276) (105%)** | 903767 |
|  **Liabilities in excess of Other Assets (-5%)** | **Liabilities in excess of Other Assets (-5%)** | (43034) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860733 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal in foreign currency.

&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, 2024. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of these securities are on loan. At October 31, 2024, the total market value of the Fund's securities on loan is $37,096 and the total market value of the collateral held by the Fund is $38,734. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;(h) Perpetual security with no stated maturity date.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br> Sold<br> (000s) | Currency<br> Sold<br> (000s) | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation<br> (Depreciation)<br> (000s) |
|  **Assets:** |  |  |  |  |  |
|  EUR 4,604 | USD | 5018 | State Street Bank<br>& Trust Co. | 03/19/2025 | $22 |
|  USD 6,182 | CAD | 8329 | State Street Bank<br>& Trust Co. | 03/19/2025 | 171 |
|  USD 16,901 | EUR | 15091 | State Street Bank<br>& Trust Co. | 03/19/2025 | 382 |
|  |  |  |  |  | 575 |
|  **Liabilities:** |  |  |  |  |  |
|  CAD 923 | USD | 673 | State Street Bank<br>& Trust Co. | 03/19/2025 | (7) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $568 |

---

#### 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 10-Year Note Future | 285 | Dec-24 | $31484 | $(1062) | $(1062) |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>Date | Notional<br> Amount<br> (000s) | Value<br> (000s) | Upfront<br> payments/<br> receipts<br> (000s) | Unrealized<br> Appreciation/<br> (Depreciation)<br> (000s) |
| 3-Year Interest Rate Swap, Pay Fixed 2.640% Annually, Receive Variable 3.729% (ESTRON) Annually | 03/24/2025 | EUR 2,500 | $21 | $– | $21 |
| 3-Year SOFR Swap, Receive Fixed 4.430% Annually, Pay Variable 5.318% (SOFRRATE) Annually | 03/24/2025 | USD 2,550 | (16) | – | (16) |
| 4-Year Interest Rate Swap, Pay Fixed 2.630% Annually, Receive Variable 3.784% (ESTRON) Annually | 02/01/2026 | EUR 1,000 | 5 | – | 5 |

---

66 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>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 SOFR Swap, Receive Fixed 4.230% Annually, Pay Variable 5.353% (SOFRRATE) Annually | 02/01/2026 | USD 1,030 | (7) | 1 | (8) |
| 6-Year Interest Rate Swap, Pay Fixed 2.650% Annually, Receive Variable 3.679% (ESTRON) Annually | 04/30/2028 | EUR 3,500 | (41) | 4 | (45) |
| 6-Year SOFR Swap, Receive Fixed 3.970% Annually, Pay Variable 5.285% (SOFRRATE) Annually | 04/30/2028 | USD 3,630 | (9) | 2 | (11) |
| 7-Year Interest Rate Swap, Pay Fixed 2.660% Annually, Receive Variable 3.575% (ESTRON) Annually | 06/30/2029 | EUR 3,000 | (60) | 3 | (63) |
| 7-Year Interest Rate Swap, Pay Fixed 2.660% Annually, Receive Variable 3.700% (ESTRON) Annually | 04/15/2029 | EUR 2,000 | (33) |  | (33) |
| 7-Year SOFR Swap, Receive Fixed 3.890% Annually, Pay Variable 5.211% (SOFRRATE) Annually | 06/30/2029 | USD 3,130 | (3) | 2 | (5) |
| 7-Year SOFR Swap, Receive Fixed 3.900% Annually, Pay Variable 5.298% (SOFRRATE) Annually | 04/15/2029 | USD 2,080 | (8) |  | (8) |
|  |  |  | $(151) | $12 | $(163) |

---

#### 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> | $37096 |
|  Non-cash Collateral<sup>2</sup> | (37096) |
|  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, 2024, 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 67

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payden California Municipal Social Impact Fund

---

| | | |
|:---|:---|:---|
| **Schedule of Investments -** *October 31, 2024* | **Schedule of Investments -** *October 31, 2024* | **Schedule of Investments -** *October 31, 2024* |
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **General Obligation (50%)** | **General Obligation (50%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | Abag Finance Authority for Nonprofit Corps A, 5.00%, 9/02/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 |
| 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 |
| 1390000 | Beverly Hills Unified School District CA A, 3.00%, 8/01/39 | 1255 |
| 300000 | Brentwood Infrastructure Financing Authority, 4.00%, 10/01/36 | 309 |
| 625000 | California Community Choice Financing Authority A-1, 4.00%, 5/01/53 (b) | 630 |
| 2190000 | California Community Choice Financing Authority, 5.00%, 7/01/53 (b) | 2328 |
| 1680000 | California Community Choice Financing Authority, 5.00%, 5/01/54 (b) | 1810 |
| 1400000 | California Community Choice Financing Authority C, 5.00%, 8/01/55 (b) | 1496 |
| 1600000 | California Community Choice Financing Authority, 5.50%, 10/01/54 (b) | 1758 |
| 375000 | California Earthquake Authority A, 5.60%, 7/01/27 | 378 |
| 1000000 | California Infrastructure & Economic Development Bank A, 3.25%, 8/01/29 | 1006 |
| 385000 | California State Public Works Board C, 5.25%, 10/01/33 | 386 |
| 1460000 | California State Public Works Board G2, 8.36%, 10/01/34 | 1747 |
| 1580000 | City & County of San Francisco CA C, 3.00%, 6/15/33 | 1515 |
| 1000000 | City of Los Angeles CA, 5.00%, 6/26/25 | 1012 |
| 2270000 | Contra Costa Community College District, 6.50%, 8/01/34 | 2436 |
| 130000 | Coronado Community Development Agency Successor Agency A, 5.00%, 9/01/33 | 132 |
| 1000000 | County of Santa Barbara CA B, AMT, 5.00%, 12/01/36 | 1047 |
| 1125000 | Fontana Unified School District, 3.00%, 8/01/40 BAM-TCRS (a) | 987 |
| 1025000 | Grossmont Union High School District, 4.00%, 8/01/33 | 1029 |
| 1095000 | Hartnell Community College District B, 3.00%, 8/01/45 | 906 |
| 750000 | Hartnell Community College District A, 13.75%, 8/01/36 (c) | 450 |
| 1000000 | Irvine Unified School District, 5.00%, 9/01/38 BAM (a) | 1152 |
| 1500000 | Jefferson Union High School District B, 5.00%, 8/01/43 | 1664 |
| 1000000 | Jefferson Union High School District B, 5.00%, 8/01/44 | 1103 |
| 500000 | Lancaster Redevelopment Agency Successor Agency, 5.00%, 8/01/30 AGM (a) | 515 |
| 8925000 | Los Angeles County Public Works Financing Authority D, 5.00%, 12/01/45 | 9067 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790000 | Los Angeles County Public Works Financing Authority, 7.49%, 8/01/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 |
| 1050000 | Los Angeles Unified School District A, 5.00%, 7/01/32 | 1223 |
| 1200000 | Los Angeles Unified School District QRR, 5.00%, 7/01/41 | 1379 |
| 1000000 | Los Angeles Unified School District, 5.00%, 7/01/43 | 1123 |
| 2500000 | Los Angeles Unified School District QRR, 5.00%, 7/01/44 | 2819 |
| 2000000 | Los Angeles Unified School District QRR, 5.25%, 7/01/47 | 2234 |
| 2475000 | Los Angeles Unified School District, 5.25%, 7/01/48 | 2782 |
| 500000 | Municipal Improvement Corp. of Los Angeles B, 5.00%, 11/01/31 | 519 |
| 1500000 | Nuveen, CA Free Quality Municipal Income Fund, AMT A 144A, 3.69%, 10/01/47 (b)(d) | 1500 |
| 1000000 | Palo Alto Unified School District, 3.25%, 8/01/42 | 944 |
| 1275000 | Panama-Buena Vista Union School District, 3.00%, 8/01/35 | 1284 |
| 1500000 | Peralta Community College District D, 4.00%, 8/01/39 | 1479 |
| 4685000 | Sacramento Area Flood Control Agency, 5.00%, 10/01/47 | 4766 |
| 3075000 | San Bernardino Community College District B, 5.00%, 8/01/42 | 3382 |
| 550000 | San Diego Public Facilities Financing Authority B, 5.00%, 10/15/32 | 559 |
| 1400000 | San Diego Unified School District F2, 5.00%, 7/01/42 | 1556 |
| 200000 | Simi Valley Public Financing Authority A, 5.00%, 10/01/29 | 200 |
| 2560000 | Southwestern Community College District D, 3.00%, 8/01/41 | 2243 |
| 1500000 | State Center Community College District B, 3.00%, 8/01/39 | 1387 |
| 1850000 | State of California, 4.00%, 8/01/34 | 1981 |
| 1000000 | State of California CU, 4.85%, 12/01/46 | 1070 |
| 435000 | State of California, 5.00%, 3/01/45 | 437 |
| 3700000 | State of California, 5.00%, 8/01/46 | 3818 |
| 1400000 | State of California, 5.00%, 10/01/47 | 1425 |
| 1000000 | State of California, 5.25%, 8/01/44 | 1137 |
| 45000 | Temecula Valley Unified School District D, 3.00%, 8/01/44 | 37 |
| 350000 | Union City Community Redevelopment Agency Successor Agency A, 5.00%, 10/01/35 | 355 |
|  **Total General Obligation (Cost - $79,240)** | **Total General Obligation (Cost - $79,240)** | 80711 |
|  **Revenue (44%)** | **Revenue (44%)** |  |
|  **Airport/Port (4%)** | **Airport/Port (4%)** |  |
| 2000000 | City of Los Angeles Department of Airports, |  |
|  | AMT, 5.00%, 5/15/29 | 2129 |
| 1200000 | City of Los Angeles Department of Airports B, |  |
|  | AMT, 5.00%, 5/15/33 | 1264 |
| 2000000 | City of Los Angeles Department of Airports, |  |
|  | AMT, 5.50%, 5/15/38 | 2232 |

---

68 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | City of Palm Springs CA Passenger Facility Charge Revenue, AMT, 5.00%, 6/01/26 BAM (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
|  |  | 6029 |
|  **Education (3%)** | **Education (3%)** |  |
| 1000000 | California Educational Facilities Authority A, 5.25%, 10/01/44 | 1055 |
| 1250000 | California Infrastructure & Economic Development Bank, 4.00%, 11/01/51 | 1173 |
| 1875000 | California School Cash Reserve Program Authority A, 5.00%, 6/30/25 | 1900 |
| 750000 | California State University B3, 3.13%, 11/01/51 (b) | 749 |
| 235000 | Oxnard School District, 5.00%, 8/01/45<br>BAM (a)(b) | 239 |
|  |  | 5116 |
|  **Facilities (1%)** | **Facilities (1%)** |  |
| 1125000 | Abag Finance Authority for Nonprofit Corps., 4.20%, 12/01/30 (b) | 1125 |
|  **Healthcare (7%)** | **Healthcare (7%)** |  |
| 710000 | California Health Facilities Financing Authority A, 5.00%, 11/15/27 | 710 |
| 500000 | California Health Facilities Financing Authority, 5.00%, 2/01/31 | 524 |
| 440000 | California Health Facilities Financing Authority A, 5.00%, 8/15/32 | 454 |
| 1000000 | California Health Facilities Financing Authority A, 5.00%, 11/15/32 | 1001 |
| 1015000 | California Health Facilities Financing Authority, 5.00%, 10/01/39 (b) | 1058 |
| 705000 | California Health Facilities Financing Authority, 5.00%, 11/15/49 | 707 |
| 750000 | California Health Facilities Financing Authority A, 5.25%, 12/01/42 | 816 |
| 1000000 | California Health Facilities Financing Authority A, 5.25%, 12/01/43 | 1083 |
| 1000000 | California Health Facilities Financing Authority A, 5.25%, 12/01/44 | 1078 |
| 1000000 | California Health Facilities Financing Authority A, 5.25%, 12/01/49 | 1091 |
| 750000 | California Municipal Finance Authority A, AMT, 4.38%, 9/01/53 (b) | 734 |
| 325000 | California Municipal Finance Authority B, 5.00%, 5/15/37 (a) | 334 |
| 1500000 | California Statewide Communities Development Authority B, 3.05%, 8/15/47 (b) | 1500 |
|  |  | 11090 |
|  **Housing (9%)** | **Housing (9%)** |  |
| 2974485 | California Housing Finance Agency K, 3.75%, 12/01/33 (a) | 2910 |
| 767048 | California Housing Finance Agency 2021, 3.75%, 3/25/35 (a) | 753 |
| 1360000 | California Housing Finance Agency V, 5.00%, 5/01/54 (b) | 1394 |
| 2458000 | California Municipal Finance Authority A, 2.65%, 3/01/40 (a) | 1976 |
| 974402 | California Statewide Communities Development Authority C, 2.00%, 7/01/38 (a) | 728 |
| 1000000 | California Statewide Communities Development Authority, 5.00%, 11/01/39 (a) | 1104 |
| 3246316 | City & County of San Francisco CA J, 2.55%, 7/01/39 (a) | 2599 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506214 | Freddie Mac Multifamily ML Certificates, 2.25%, 9/25/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 |
| 2000000 | Sacramento County Housing Authority D, 3.30%, 5/15/31 (b) | 2000 |
|  |  | 15525 |
|  **Industrial Development/Pollution Control (1%)** | **Industrial Development/Pollution Control (1%)** |  |
| 370000 | Emeryville Redevelopment Agency Successor Agency A, 5.00%, 9/01/25 AGM (a) | 371 |
| 710000 | Golden State Tobacco Securitization Corp., B, 3.00%, 6/01/46 (a) | 653 |
| 300000 | Palm Springs Community Redevelopment Agency Successor Agency, 5.00%, 9/01/29 AGM (a) | 300 |
| 390000 | Palm Springs Community Redevelopment Agency Successor Agency, 5.00%, 9/01/31 AGM (a) | 390 |
|  |  | 1714 |
|  **Pollution Control (1%)** | **Pollution Control (1%)** |  |
| 1500000 | Western Placer Waste Management Authority, 4.00%, 6/01/42 | 1547 |
|  **Power (2%)** | **Power (2%)** |  |
| 1725000 | Los Angeles Department of Water & Power A, 5.00%, 7/01/35 | 1730 |
| 1020000 | Los Angeles Department of Water & Power A, 5.00%, 7/01/35 | 1023 |
| 820000 | Sacramento Municipal Utility District D, 5.00%, 8/15/49 (b) | 899 |
|  |  | 3652 |
|  **Transportation (5%)** | **Transportation (5%)** |  |
| 660000 | Bay Area Toll Authority, 4.00%, 4/01/37 | 668 |
| 750000 | City of Long Beach CA Harbor Revenue A, AMT, 5.00%, 5/15/28 | 779 |
| 835000 | Port of Los Angeles A, AMT, 5.00%, 8/01/29 | 836 |
| 1000000 | Port of Los Angeles B1, 5.00%, 8/01/41 | 1142 |
| 4590000 | San Diego County Regional Transportation Commission A, 5.00%, 4/01/48 | 4680 |
|  |  | 8105 |
|  **Water & Sewer (11%)** | **Water & Sewer (11%)** |  |
| 2700000 | City of Modesto CA Water Revenue A, 2.75%, 10/01/36 AGM (a)(b) | 2700 |
| 1900000 | Irvine Ranch Water District Water Service Corp. A1, 3.35%, 10/01/37 (b) | 1900 |
| 4100000 | Los Angeles Department of Water & Power Water System Revenue A2, 3.18%, 7/01/45 (b) | 4100 |
| 2390000 | Metropolitan Water District of Southern California 2, 4.86%, 7/01/46 (b) | 2390 |
| 2000000 | Metropolitan Water District of Southern California 3, 5.00%, 7/01/37 (b) | 2247 |
| 1450000 | Rancho Water District Financing Authority A, 3.00%, 8/01/40 | 1308 |
| 2470000 | San Diego Public Facilities Financing Authority A, 5.00%, 10/15/44 | 2501 |
| 100000 | San Diego Public Facilities Financing Authority Water Revenue A, 5.00%, 8/01/32 | 103 |
|  |  | 17249 |
|  **Total Revenue (Cost - $70,911)** | **Total Revenue (Cost - $70,911)** | 71152 |
|  **U.S. Treasury (7%)** | **U.S. Treasury (7%)** |  |
| 10040000 | U.S. Treasury Note, 4.13%, 3/31/29 | 10025 |
| 1000000 | U.S. Treasury Note, 4.63%, 10/15/26 | 1009 |
|  **Total U.S. Treasury (Cost - $10,841)** | **Total U.S. Treasury (Cost - $10,841)** | 11034 |

---

Annual Financial Statements and Other Information 69

------

&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Payden California Municipal Social Impact Fund** *continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437210 | Payden Cash Reserves Money Market Fund\*<br>(Cost $2,437) | $2437 |
|  **Total Investments (Cost - $163,429) (102%)** | **Total Investments (Cost - $163,429) (102%)** | 165334 |
|  **Liabilities in excess of Other Assets (-2%)** | **Liabilities in excess of Other Assets (-2%)** | **(2823)** |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**162511** |

---

\* 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, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

#### Open 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:** | **Long Contracts:** |  |  |  |  |
| U.S. Treasury 2-Year Note Future | 86 | Dec-24 | $17711 | $(99) | $(99) |

---

*See notes to financial statements.* 

70 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 Global Low Duration Fund

---

| | | |
|:---|:---|:---|
| **Schedule of Investments -** *October 31, 2024* | **Schedule of Investments -** *October 31, 2024* | **Schedule of Investments -** *October 31, 2024* |
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Bonds (94%)** | **Bonds (94%)** |  |
|  **Bermuda (USD) (0%)** | **Bermuda (USD) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22581 | Oaktown Re VII Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 6.46%, 4/25/34 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
|  **Canada (USD) (11%)** | **Canada (USD) (11%)** |  |
| 345000 | Bank of Montreal f2f, (U.S. Secured Overnight Financing Rate + 0.880%), 4.57%, 9/10/27 (b) | 344 |
| 225000 | Bank of Montreal, 5.27%, 12/11/26 | 228 |
| 230000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 1.000%), 4.40%, 9/08/28 (b) | 228 |
| 700000 | Canadian Imperial Bank of Commerce 144A, 4.41%, 6/08/28 (a)(c) | 700 |
| 235000 | Canadian Imperial Bank of Commerce, (U.S. Secured Overnight Financing Rate + 0.930%), 4.51%, 9/11/27 (b) | 234 |
| 225000 | Canadian Imperial Bank of Commerce, 5.24%, 6/28/27 | 228 |
| 600000 | CDP Financial Inc. 144A, (Secured Overnight Financing Rate + 0.400%), 5.47%, 5/19/25 (a) (b) | 601 |
| 300000 | CPPIB Capital Inc. 144A, 3.75%, 10/08/27 (a) | 295 |
| 750000 | Export Development Canada, 3.38%, 8/26/25 | 744 |
| 250000 | National Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.036%), 5.60%, 7/02/27 (b) | 253 |
| 500000 | PSP Capital Inc. 144A, 3.50%, 6/29/27 (a) | 490 |
| 235000 | Rogers Communications Inc., 3.20%, 3/15/27 | 227 |
| 195000 | Royal Bank of Canada, (Secured Overnight Financing Rate + 0.860%), 4.52%, 10/18/28 (b) | 194 |
|  |  | 4766 |
|  **Cayman Islands (USD) (5%)** | **Cayman Islands (USD) (5%)** |  |
| 250000 | ARES Loan Funding III Ltd. 2022-ALF3A, (3 mo. Term Secured Overnight Financing Rate + 1.270%), 5.90%, 7/25/36 (a)(b) | 250 |
| 207472 | Bain Capital Credit CLO 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 5.70%, 7/19/31 (a)(b) | 208 |
| 250000 | Greystone CRE Notes Ltd. 2021-HC2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.70%, 12/15/39 (a)(b) | 250 |
| 222545 | KKR CLO Ltd. 15 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.73%, 1/18/32 (a)(b) | 223 |
| 332641 | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.414%), 6.22%, 7/15/36 (a)(b) | 332 |
| 250000 | OCP CLO Ltd. 2014-6A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.55%, 10/17/30 (a)(b) | 250 |
| 250000 | Palmer Square Loan Funding Ltd. 2024- 1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 6.16%, 10/15/32 (a)(b) | 250 |
| 250000 | Suci Second Investment Co., 6.00%, 10/25/28 (d) | 260 |
| 50000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 50 |
|  |  | 2073 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Chile (USD) (0%)** | **Chile (USD) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Chile Government International Bond, 2.75%, 1/31/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
|  **Denmark (USD) (0%)** | **Denmark (USD) (0%)** |  |
| 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) | 222 |
|  **France (USD) (5%)** | **France (USD) (5%)** |  |
| 355000 | Banque Federative du Credit Mutuel SA 144A, 4.94%, 1/26/26 (a) | 356 |
| 200000 | Banque Federative du Credit Mutuel SA 144A, 5.09%, 1/23/27 (a) | 202 |
| 250000 | BPCE SA 144A, 5.20%, 1/18/27 (a) | 252 |
| 395000 | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 2.100%), 5.98%, 1/18/27 (a) (b) | 399 |
| 300000 | Caisse d'Amortissement de la Dette Sociale 144A, 3.75%, 9/12/27 (a) | 296 |
| 400000 | Caisse d'Amortissement de la Dette Sociale 144A, 4.25%, 1/24/27 (a) | 399 |
| 350000 | Credit Agricole SA 144A, 5.59%, 7/05/26 (a) | 355 |
|  |  | 2259 |
|  **Ireland (USD) (1%)** | **Ireland (USD) (1%)** |  |
| 150000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 1/15/27 | 154 |
| 200000 | Icon Investments Six DAC, 5.81%, 5/08/27 | 204 |
|  |  | 358 |
|  **Japan (USD) (2%)** | **Japan (USD) (2%)** |  |
| 340000 | Sumitomo Mitsui Financial Group Inc., 5.88%, 7/13/26 | 347 |
| 345000 | Sumitomo Mitsui Trust Bank Ltd. 144A, 5.65%, 3/09/26 (a) | 349 |
|  |  | 696 |
|  **Jersey (USD) (1%)** | **Jersey (USD) (1%)** |  |
| 500000 | Dryden CLO Ltd. 2022-113A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.87%, 10/15/37 (a)(b) | 500 |
| 250000 | Neuberger Berman Loan Advisers CLO Ltd. 2022-51A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.91%, 10/23/36 (a)(b) | 250 |
|  |  | 750 |
|  **Malaysia (USD) (1%)** | **Malaysia (USD) (1%)** |  |
| 250000 | Petronas Capital Ltd., 3.50%, 3/18/25 (d) | 248 |
|  **Netherlands (USD) (1%)** | **Netherlands (USD) (1%)** |  |
| 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) | 205 |
| 200000 | Enel Finance International NV 144A, 5.13%, 6/26/29 (a) | 201 |
|  |  | 406 |
|  **Norway (USD) (0%)** | **Norway (USD) (0%)** |  |
| 200000 | Var Energi ASA 144A, 7.50%, 1/15/28 (a) | 212 |
|  **Panama (USD) (0%)** | **Panama (USD) (0%)** |  |
| 225000 | Intercorp Financial Services Inc. 144A, 4.13%, 10/19/27 (a) | 215 |

---

Annual Financial Statements and Other Information 71

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payden Global Low Duration Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Philippines (USD) (1%)** | **Philippines (USD) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | Asian Development Bank, 4.25%, 1/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 |
|  **Poland (USD) (1%)** | **Poland (USD) (1%)** |  |
| 250000 | Bank Gospodarstwa Krajowego, 6.25%,<br>10/31/28 (d) | 262 |
|  **Qatar (USD) (1%)** | **Qatar (USD) (1%)** |  |
| 250000 | QatarEnergy, 1.38%, 9/12/26 (d) | 236 |
|  **Saudi Arabia (USD) (0%)** | **Saudi Arabia (USD) (0%)** |  |
| 250000 | Saudi Government International Bond, 2.90%, 10/22/25 (d) | 246 |
|  **Spain (USD) (0%)** | **Spain (USD) (0%)** |  |
| 200000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.950%), 5.37%, 7/15/28 (b) | 202 |
|  **Sweden (USD) (3%)** | **Sweden (USD) (3%)** |  |
| 220000 | Kommuninvest I Sverige AB 144A, 4.25%, 12/10/25 (a) | 220 |
| 500000 | Svensk Exportkredit AB, 4.00%, 7/15/25 | 498 |
| 235000 | Swedbank AB 144A, 5.47%, 6/15/26 (a) | 239 |
|  |  | 957 |
|  **Switzerland (USD) (0%)** | **Switzerland (USD) (0%)** |  |
| 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) | 206 |
|  **United Arab Emirates (USD) (1%)** | **United Arab Emirates (USD) (1%)** |  |
| 250000 | MDGH GMTN RSC Ltd., 3.00%, 3/28/27 (d) | 240 |
|  **United Kingdom (USD) (1%)** | **United Kingdom (USD) (1%)** |  |
| 200000 | BAE Systems PLC 144A, 5.00%, 3/26/27 (a) | 201 |
| 200000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (b) | 203 |
| 50000 | Smith & Nephew PLC, 5.15%, 3/20/27 | 50 |
|  |  | 454 |
|  **United States (USD) (59%)** | **United States (USD) (59%)** |  |
| 15000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (a) | 15 |
| 235000 | Air Lease Corp., 2.20%, 1/15/27 | 222 |
| 75000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (a) | 73 |
| 60000 | Alliant Energy Finance LLC 144A, 5.40%,<br>6/06/27 (a) | 61 |
| 70000 | Allison Transmission Inc. 144A, 4.75%,<br>10/01/27 (a) | 68 |
| 100000 | Ally Auto Receivables Trust 2024-1, 5.08%, 12/15/28 | 101 |
| 70000 | Ally Financial Inc., 5.75%, 11/20/25 | 70 |
| 125000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.04%, 7/26/28 (b) | 126 |
| 240000 | American Honda Finance Corp., 4.40%, 10/05/26 | 240 |
| 240000 | Athene Global Funding 144A, 5.52%, 3/25/27 (a) | 243 |
| 14132359 | Benchmark Mortgage Trust 2018-B6, 0.40%, 10/10/51 (e) | 143 |
| 95000 | Blackstone Private Credit Fund, 2.70%, 1/15/25 | 94 |
| 130000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 129 |
| 85000 | Blue Owl Technology Finance Corp. 144A, 3.75%, 6/17/26 (a) | 82 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.00%, 7/15/29 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| 90000 | Boeing Co. 144A, 6.26%, 5/01/27 (a) | 92 |
| 200000 | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 7.06%, 9/15/35 (a)(b) | 201 |
| 280000 | BX Commercial Mortgage Trust 2020- VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 1.244%), 6.05%, 10/15/37 (a)(b) | 278 |
| 291603 | BX Commercial Mortgage Trust 2024- XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 6.25%, 2/15/39 (a) (b) | 293 |
| 231142 | BX Commercial Mortgage Trust 2024- XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 6.50%, 3/15/41 (a) (b) | 231 |
| 200000 | BX Trust 2021-ARIA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.014%), 5.82%, 10/15/36 (a)(b) | 199 |
| 200000 | BX Trust 2024-BIO 144A, (1 mo. Term Secured Overnight Financing Rate + 1.642%), 6.45%, 2/15/41 (a)(b) | 201 |
| 197815 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 1.692%), 6.50%, 4/15/41 (a)(b) | 198 |
| 200000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 6.74%, 7/15/29 (a)(b) | 200 |
| 45000 | California Resources Corp. 144A, 8.25%,<br>6/15/29 (a) | 45 |
| 2775675 | Cantor Commercial Real Estate Lending 2019- CF1, 1.11%, 5/15/52 (e) | 96 |
| 75000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.440%), 7.15%, 10/29/27 (b) | 78 |
| 100000 | CarMax Auto Owner Trust 2024-4, 5.36%, 8/15/31 | 100 |
| 150000 | CarMax Auto Owner Trust 2024-3, 5.67%, 1/15/31 | 151 |
| 463768 | CARS-DB5 LP 2021-1A 144A, 1.44%, 8/15/51 (a) | 433 |
| 500000 | Carvana Auto Receivables Trust 2024-P1 144A, 5.05%, 4/10/29 (a) | 502 |
| 75000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (a) | 73 |
| 90000 | Civitas Resources Inc. 144A, 8.38%, 7/01/28 (a) | 93 |
| 100000 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (a) | 100 |
| 190000 | CommonSpirit Health, 6.07%, 11/01/27 | 197 |
| 185000 | Concentrix Corp., 6.65%, 8/02/26 | 188 |
| 100000 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 6.46%,<br>9/25/44 (a)(b) | 101 |
| 100000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 6.66%,<br>2/25/44 (a)(b) | 101 |

---

72 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74972 | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 7.12%, 11/25/39 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| 139043 | Connecticut Avenue Securities Trust 2022- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.550%), 7.41%, 7/25/42 (a)(b) | 143 |
| 200000 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.150%), 8.01%, 12/25/41 (a)(b) | 205 |
| 100000 | Connecticut Avenue Securities Trust 2020- SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%), 8.62%, 2/25/40 (a)(b) | 106 |
| 21000 | Coty Inc. 144A, 5.00%, 4/15/26 (a) | 21 |
| 200000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | 191 |
| 150000 | Daimler Truck Finance North America LLC 144A, 5.13%, 9/25/27 (a) | 151 |
| 95000 | Darden Restaurants Inc., 4.35%, 10/15/27 | 94 |
| 400000 | Diamond Issuer LLC 2021-1A 144A, 2.31%, 11/20/51 (a) | 370 |
| 40000 | DPL Inc., 4.13%, 7/01/25 | 40 |
| 165000 | Energy Transfer LP, 6.05%, 12/01/26 | 169 |
| 700000 | Fannie Mae Connecticut Avenue Securities 2021-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.86%, 11/25/41 (a)(b) | 704 |
| 200000 | Ford Motor Credit Co. LLC, 5.13%, 6/16/25 | 200 |
| 60000 | Franklin BSP Capital Corp. 144A, 7.20%, 6/15/29 (a) | 61 |
| 100000 | Freddie Mac STACR REMIC Trust 2024- DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 6.48%, 10/25/44 (a)(b) | 100 |
| 100000 | Freddie Mac STACR REMIC Trust 2021- DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 8.26%, 10/25/41 (a)(b) | 103 |
| 150000 | Freddie Mac STACR REMIC Trust 2021- DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.650%), 8.51%, 11/25/41 (a)(b) | 156 |
| 35000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (a) | 36 |
| 245000 | FS KKR Capital Corp. 144A, 4.25%, 2/14/25 (a) | 244 |
| 200000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 2.79%, 10/19/39 (a)(b)(f) | 200 |
| 70000 | General Motors Financial Co. Inc., 5.35%, 7/15/27 | 71 |
| 65000 | General Motors Financial Co. Inc., 5.40%, 5/08/27 | 66 |
| 85000 | Glencore Funding LLC 144A, 5.34%, 4/04/27 (a) | 86 |
| 200000 | GM Financial Consumer Automobile Receivables Trust 2024-1, 4.85%, 12/18/28 | 201 |
| 45000 | Hess Midstream Operations LP 144A, 6.50%, 6/01/29 (a) | 46 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | Hewlett Packard Enterprise Co., 4.40%, 9/25/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| 100000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 6.79%, 10/15/41 (a)(b) | 100 |
| 85000 | Hyundai Capital America 144A, 5.25%,<br> 1/08/27 (a) | 86 |
| 385000 | Hyundai Capital America 144A, 5.65%,<br> 6/26/26 (a) | 389 |
| 65000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.190%), 5.04%, 1/23/28 (b) | 65 |
| 8436 | JPMorgan Chase Bank N.A.-CACLN 2021-2 144A, 0.97%, 12/26/28 (a) | 8 |
| 100000 | Kroger Co., 4.60%, 8/15/27 | 100 |
| 90000 | Kroger Co., 4.70%, 8/15/26 | 90 |
| 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%), 6.10%, 5/15/39 (a)(b) | 97 |
| 70000 | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (a) | 68 |
| 30000 | Meritage Homes Corp., 5.13%, 6/06/27 | 30 |
| 180000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.669%), 4.68%, 7/17/26 (b) | 179 |
| 135000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.010%), 5.65%, 4/13/28 (b) | 138 |
| 225000 | National Fuel Gas Co., 5.50%, 10/01/26 | 228 |
| 90834 | New Residential Mortgage Loan Trust 2017-1A 144A, 4.00%, 2/25/57 (a)(e) | 87 |
| 166275 | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (a)(e) | 159 |
| 98687 | OBX Trust 2024-NQM14 144A, 4.94%,<br> 9/25/64 (a) | 98 |
| 245931 | OBX Trust 2024-NQM13 144A, 5.12%,<br> 6/25/64 (a) | 244 |
| 243653 | OBX Trust 2024-NQM12 144A, 5.48%,<br> 7/25/64 (a) | 244 |
| 75000 | OneMain Finance Corp., 7.13%, 3/15/26 | 77 |
| 120000 | ONEOK Inc., 4.25%, 9/24/27 | 118 |
| 125000 | ONEOK Inc., 5.55%, 11/01/26 | 127 |
| 185000 | Ovintiv Inc., 5.65%, 5/15/25 | 186 |
| 70000 | Penske Automotive Group Inc., 3.50%, 9/01/25 | 69 |
| 45000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.35%, 1/12/27 (a) | 45 |
| 200000 | PFS Financing Corp. 2023-C 144A, 5.52%, 10/15/28 (a) | 203 |
| 45000 | PNC Financial Services Group Inc., (U.S. Secured Overnight Financing Rate + 1.342%), 5.30%, 1/21/28 (b) | 46 |
| 180000 | Regal Rexnord Corp., 6.05%, 2/15/26 | 182 |
| 165000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | 157 |
| 29208 | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 5.28%, 5/15/32 (a) | 29 |
| 231966 | Santander Bank Auto Credit-Linked Notes 2023-B 144A, 5.64%, 12/15/33 (a) | 234 |
| 15451 | Santander Bank Auto Credit-Linked Notes 2022-B 144A, 6.79%, 8/16/32 (a) | 15 |
| 58910 | Santander Bank Auto Credit-Linked Notes 2022-C 144A, 6.99%, 12/15/32 (a) | 59 |
| 7567 | Santander Bank N.A.-SBCLN 2021-1A 144A, 1.83%, 12/15/31 (a) | 8 |

---

Annual Financial Statements and Other Information 73

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Global Low Duration Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191749 | Santander Drive Auto Receivables Trust 2024- S2 144A, 5.80%, 12/16/28 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 |
| 133872 | Santander Drive Auto Receivables Trust 2024- S1 144A, 6.53%, 3/16/29 (a) | 134 |
| 105206 | Santander Drive Auto Receivables Trust 2023- S1 144A, 8.14%, 4/18/28 (a) | 107 |
| 35000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.232%), 6.12%, 5/31/27 (b) | 36 |
| 200000 | SBA Tower Trust 144A, 1.63%, 11/15/26 (a) | 186 |
| 180000 | SBA Tower Trust 144A, 1.88%, 1/15/26 (a) | 173 |
| 70000 | Sirius XM Radio Inc. 144A, 3.13%, 9/01/26 (a) | 67 |
| 30000 | SM Energy Co. 144A, 6.75%, 8/01/29 (a) | 30 |
| 80000 | South Bow USA Infrastructure Holdings LLC 144A, 4.91%, 9/01/27 (a) | 80 |
| 350000 | Stack Infrastructure Issuer LLC 2020-1A 144A, 1.89%, 8/25/45 (a) | 341 |
| 75000 | Standard Industries Inc. 144A, 5.00%, 2/15/27 (a) | 73 |
| 75000 | Starwood Property Trust Inc., 4.75%, 3/15/25 | 75 |
| 200000 | Subway Funding LLC 2024-3A 144A, 5.25%, 7/30/54 (a) | 197 |
| 45000 | Summit Midstream Holdings LLC 144A, 8.63%, 10/31/29 (a) | 47 |
| 25000 | Sunoco LP 144A, 7.00%, 5/01/29 (a) | 26 |
| 200000 | Switch ABS Issuer LLC 2024-2A 144A, 5.44%, 6/25/54 (a) | 200 |
| 281250 | Taco Bell Funding LLC 2016-1A 144A, 4.97%, 5/25/46 (a) | 280 |
| 70000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | 68 |
| 593220 | Texas Natural Gas Securitization Finance Corp., 5.10%, 4/01/35 | 603 |
| 300000 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | 301 |
| 75000 | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (a) | 76 |
| 1235000 | U.S. Treasury Note, 3.38%, 9/15/27 | 1211 |
| 1240000 | U.S. Treasury Note, 3.50%, 9/30/26 | 1225 |
| 225000 | U.S. Treasury Note, 3.50%, 10/15/27 | 224 |
| 1800000 | U.S. Treasury Note, 4.13%, 8/15/27 | 1782 |
| 65000 | U.S. Treasury Note, 4.25%, 3/15/27 | 65 |
| 687000 | U.S. Treasury Note, 4.38%, 8/15/26 | 689 |
| 915000 | U.S. Treasury Note, 4.38%, 7/15/27 | 921 |
| 115000 | U.S. Treasury Note, 4.63%, 6/15/27 | 116 |
| 50000 | USA Compression Partners LP/USA Compression Finance Corp. 144A, 7.13%, 3/15/29 (a) | 51 |
| 450000 | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (a) | 436 |
| 100000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 102 |
| 500000 | Verizon Master Trust 2024-6, 4.17%, 8/20/30 | 496 |
| 100000 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (a) | 101 |
| 75000 | VICI Properties LP, 4.38%, 5/15/25 | 75 |
| 40000 | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (a) | 39 |
| 250000 | Volkswagen Group of America Finance LLC 144A, 5.30%, 3/22/27 (a) | 251 |
| 225000 | Warnermedia Holdings Inc., 3.76%, 3/15/27 | 217 |
| 90000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.71%, 4/22/28 (b) | 92 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5547267 | Wells Fargo Commercial Mortgage Trust 2018- C46, 0.91%, 8/15/51 (e) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| 300000 | Westlake Automobile Receivables Trust 2024- 1A 144A, 5.55%, 11/15/27 (a) | 303 |
| 170000 | Whistler Pipeline LLC 144A, 5.40%, 9/30/29 (a) | 171 |
| 30000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (a) | 29 |
| 295500 | Wingstop Funding LLC 2020-1A 144A, 2.84%, 12/05/50 (a) | 274 |
| 40000 | XHR LP 144A, 6.38%, 8/15/25 (a) | 40 |
|  |  | 26228 |
|  **Total Bonds (Cost - $42,711)** | **Total Bonds (Cost - $42,711)** | 42056 |
|  **Commercial Paper(f) (4%)** | **Commercial Paper(f) (4%)** |  |
| 500000 | Canadian National Railway Co., 4.89%, 11/07/24 | 500 |
| 250000 | Experian Finance PLC, 4.84%, 12/13/24 | 249 |
| 500000 | Federation des Caisses Desjardins du Quebec, 4.83%, 11/12/24 | 499 |
| 500000 | Nutrien Ltd., 4.94%, 11/26/24 | 498 |
| 250000 | VW Credit Inc., 4.99%, 11/26/24 | 249 |
|  **Total Commercial Paper (Cost - $1,995)** | **Total Commercial Paper (Cost - $1,995)** | 1995 |
|  **Investment Company (2%)** | **Investment Company (2%)** |  |
| 911129 | Payden Cash Reserves Money Market Fund\* |  |
|  | (Cost - $911) | 911 |
|  **Total Investments (Cost - $45,617) (100%)** | **Total Investments (Cost - $45,617) (100%)** | 44962 |
|  **Liabilities in excess of Other Assets ((0)%)** | **Liabilities in excess of Other Assets ((0)%)** | (31) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $44931 |

---

\* 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, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of these securities are on loan. At October 31, 2024, the total market value of the Fund's securities on loan is $500 and the total market value of the collateral held by the Fund is $520. Amounts in 000s.

&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) Yield to maturity at time of purchase.

74 Payden Mutual Funds

------

#### 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:** | **Assets:** |  |  |  |
|  USD 224 | GBP 168 | Barclays Bank PLC | 03/19/2025 | $7 |

---

#### 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:** | **Long Contracts:** |  |  |  |  |
| U.S. Treasury 2-Year Note Future | 65 | Dec-24 | $13386 | $(74) | $(74) |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |
| U.S. Treasury 5-Year Note Future | 7 | Dec-24 | (751) | 17 | 17 |
| **Total Futures** |  |  |  |  | $(57) |

---

#### Offsetting Assets and Liabilities
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

---

| | |
|:---|:---|
| Total gross amount presented on the Statements of Assets and Liabilities<sup>1</sup> | $500 |
| Non-cash Collateral<sup>2</sup> | (500) |
| Net Amount | $— |

---

---

| | |
|:---|:---|
| 1 | The amount presented on the Statements of Assets and Liabilities is not offset and is shown on a gross basis.  |

---

---

| | |
|:---|:---|
| 2 | At October 31, 2024, 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 75

------

&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 Global Fixed Income Fund

**Schedule of Investments** *- October 31, 2024* 

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
|  **Bonds (93%)** | **Bonds (93%)** |  |
|  **Australia (AUD) (1%)** | **Australia (AUD) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  **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) | 733 |
|  **Austria (EUR) (0%)** | **Austria (EUR) (0%)** |  |
| 175000 | ams-OSRAM AG, 10.50%, 3/30/29 (a)(b) | 193 |
| 390000 | Republic of Austria Government Bond 144A, 3.15%, 6/20/44 (a)(b)(c) | 427 |
|  |  | 620 |
|  **Austria (USD) (0%)** | **Austria (USD) (0%)** |  |
| 175000 | ams-OSRAM AG 144A, 12.25%, 3/30/29 (c) | 182 |
|  **Belgium (EUR) (0%)** | **Belgium (EUR) (0%)** |  |
| 400000 | KBC Group NV, (3 mo. EURIBOR + 1.300%), 4.25%, 11/28/29 (a)(b)(d) | 451 |
| 200000 | Kingdom of Belgium Government Bond Series 75 144A, 1.00%, 6/22/31 (a)(b)(c) | 195 |
| 410000 | Kingdom of Belgium Government Bond Series 78 144A, 1.60%, 6/22/47 (a)(b)(c) | 321 |
|  |  | 967 |
|  **Bermuda (USD) (0%)** | **Bermuda (USD) (0%)** |  |
| 200000 | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (c) | 137 |
| 111165 | Eagle RE Ltd. 2021-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.050%), 6.91%, 4/25/34 (c)(d) | 111 |
| 300000 | Geopark Ltd. 144A, 5.50%, 1/17/27 (c) | 283 |
| 550000 | RR Ltd. 2022-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.730%), 6.39%, 1/15/36 (c)(d) | 551 |
|  |  | 1082 |
|  **Brazil (USD) (0%)** | **Brazil (USD) (0%)** |  |
| 400000 | Brazilian Government International Bond, 6.13%, 1/22/32 | 404 |
|  **Canada (CAD) (3%)** | **Canada (CAD) (3%)** |  |
| 1680000 | Canadian Government Bond, 3.50%, 12/01/45 (a) | 1244 |
| 1100000 | Canadian Government Bond, 5.00%, 6/01/37 (a) | 931 |
| 775000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 (a)(c) | 559 |
|  |  | 2734 |
|  **Canada (USD) (1%)** | **Canada (USD) (1%)** |  |
| 350000 | Aris Mining Corp. 144A, 8.00%, 10/31/29 (c) | 352 |
| 575000 | TELUS Corp., 3.40%, 5/13/32 | 514 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | Toronto-Dominion Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.075%), 8.13%, 10/31/82 (d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 |
|  |  | 1209 |
|  **Cayman Islands (USD) (4%)** | **Cayman Islands (USD) (4%)** |  |
| 500000 | Apidos CLO XXXII 2019-32A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 6.42%, 1/20/33 (c)(d) | 501 |
| 250000 | FS Rialto 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.614%), 7.40%, 11/16/36 (c)(d) | 243 |
| 1350000 | HGI CRE CLO Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.70%, 9/17/36 (c)(d) | 1350 |
| 900000 | Ocean Trails CLO VII 2019-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.712%), 7.36%, 4/17/30 (c)(d) | 902 |
| 250000 | STWD Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.914%), 7.67%, 4/18/38 (c)(d) | 239 |
| 400000 | Symphony CLO XXIV Ltd. 2020-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.912%), 6.54%, 1/23/32 (c)(d) | 400 |
| 300000 | Transocean Inc. 144A, 8.25%, 5/15/29 (c) | 302 |
| 350000 | Transocean Inc. 144A, 8.50%, 5/15/31 (c) | 353 |
| 450000 | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.30%, 3/15/38 (c)(d) | 443 |
|  |  | 4733 |
|  **Chile (EUR) (0%)** | **Chile (EUR) (0%)** |  |
| 550000 | Chile Government International Bond, 4.13%, 7/05/34 (a) | 617 |
|  **Colombia (USD) (0%)** | **Colombia (USD) (0%)** |  |
| 350000 | Colombia Government International Bond, 7.38%, 9/18/37 | 336 |
|  **Czech Republic (CZK) (0%)** | **Czech Republic (CZK) (0%)** |  |
| 3600000 | Czech Republic Government Bond Series 125, 1.50%, 4/24/40 (a) | 107 |
|  **Denmark (DKK) (0%)** | **Denmark (DKK) (0%)** |  |
| 650000 | Denmark Government Bond, 4.50%, 11/15/39 (a) | 119 |
|  **Finland (EUR) (0%)** | **Finland (EUR) (0%)** |  |
| 170000 | Finland Government Bond Series 16Y 144A, 2.75%, 7/04/28 (a)(b)(c) | 187 |
|  **France (EUR) (2%)** | **France (EUR) (2%)** |  |
| 1100000 | French Republic Government Bond OAT Series OAT 144A, 0.50%, 6/25/44 (a)(b)(c) | 704 |
| 750000 | French Republic Government Bond OAT Series OAT 144A, 1.25%, 5/25/36 (a)(b)(c) | 664 |
| 20000 | French Republic Government Bond OAT Series OAT 144A, 1.75%, 11/25/24 (a)(b)(c) | 22 |
| 1800000 | French Republic Government Bond OAT Series OAT 144A, 2.50%, 5/25/30 (a)(b)(c) | 1931 |

---

76 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Mobilux Finance SAS 144A, 7.00%,<br>5/15/30 (a)(c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |
|  |  | 3715 |
|  **France (USD) (0%)** | **France (USD) (0%)** |  |
| 550000 | Credit Agricole SA 144A, 5.51%, 7/05/33 (c) | 567 |
|  **Germany (EUR) (2%)** | **Germany (EUR) (2%)** |  |
| 800000 | Bundesobligation Series 190, 2.50%,<br>10/11/29 (a)(b) | 880 |
| 500000 | Deutsche Bank AG, (3 mo. EURIBOR + 2.950%), 5.00%, 9/05/30 (a)(b)(d) | 574 |
|  |  | 1454 |
|  **Guatemala (USD) (0%)** | **Guatemala (USD) (0%)** |  |
| 300000 | Guatemala Government Bond 144A, 6.55%, 2/06/37 (c) | 303 |
|  **Indonesia (IDR) (2%)** | **Indonesia (IDR) (2%)** |  |
| 4440000000 | Indonesia Treasury Bond Series FR87, 6.50%, 2/15/31 (a) | 279 |
| 32000000000 | Indonesia Treasury Bond Series FR72, 8.25%, 5/15/36 (a) | 2242 |
|  |  | 2521 |
|  **Indonesia (USD) (0%)** | **Indonesia (USD) (0%)** |  |
| 350000 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (c) | 347 |
|  **Ireland (EUR) (5%)** | **Ireland (EUR) (5%)** |  |
| 294807 | Avoca CLO XIV DAC 14A 144A, (3 mo. EURIBOR + 0.810%), 3.99%, 1/12/31 (a)(c)(d) | 321 |
| 325000 | Bank of Ireland Group PLC, (5 yr. Euro Swap + 6.434%), 6.00% (a)(b)(d)(e) | 356 |
| 500000 | Bridgepoint CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.800%), 4.98%, 4/15/36 (a)(c)(d) | 546 |
| 450000 | Cairn CLO 2023-17A 144A, (3 mo. EURIBOR + 1.800%), 5.01%, 10/18/36 (a)(c)(d) | 492 |
| 425000 | Flutter Treasury DAC 144A, 5.00%,<br>4/29/29 (a)(c) | 476 |
| 420000 | Harvest CLO XVI DAC 16A 144A, (3 mo. EURIBOR + 1.300%), 4.48%,<br>10/15/31 (a)(c)(d) | 458 |
| 250000 | Ireland Government Bond, 1.10%, |  |
|  | 5/15/29 (a)(b) | 257 |
| 300000 | Jubilee CLO DAC 2019-23A 144A, (3 mo. EURIBOR + 3.500%), 6.68%, 7/15/37 (a)(c)(d) | 326 |
| 216008 | Last Mile Logistics Pan Euro Finance DAC 1A 144A, (3 mo. EURIBOR + 1.900%), 5.45%, 8/17/33 (a)(c)(d) | 234 |
| 903308 | Last Mile Logistics Pan Euro Finance DAC 1X, (3 mo. EURIBOR + 2.700%), 6.25%,<br>8/17/33 (a)(b)(d) | 979 |
| 239951 | Last Mile Securities PE DAC 2021-1A 144A,<br>(3 mo. EURIBOR + 2.350%), 5.90%,<br>8/17/31 (a)(c)(d) | 261 |
| 900000 | Palmer Square European CLO DAC 2021-1A 144A, (3 mo. EURIBOR + 0.870%), 4.05%, 4/15/34 (a)(c)(d) | 977 |
| 290000 | Palmer Square European Loan Funding DAC 2024-1A 144A, (3 mo. EURIBOR + 2.070%), 5.61%, 8/15/33 (a)(c)(d) | 316 |
| 525000 | Permanent TSB Group Holdings PLC, (ICE 1Year Euribor Swap Fix + 3.500%), 6.63%, 4/25/28 (a)(b)(d) | 611 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | Permanent TSB Group Holdings PLC, (5 yr. Euro Swap + 10.546%), 13.25% (a)(b)(d)(e) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
| 750000 | Sculptor European CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.750%), 4.93%,<br>1/14/32 (a)(c)(d) | 818 |
| 500000 | Texas Debt Capital Euro CLO DAC 2024-1A 144A, (3 mo. EURIBOR + 2.550%), 6.25%, 7/16/38 (a)(c)(d) | 545 |
|  |  | 8328 |
|  **Ireland (GBP) (0%)** | **Ireland (GBP) (0%)** |  |
| 200000 | UK Logistics DAC 2024-1A 144A, (Sterling Overnight Index Average + 1.650%), 6.63%, 5/17/34 (a)(c)(d) | 260 |
|  **Ireland (USD) (0%)** | **Ireland (USD) (0%)** |  |
| 400000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32 | 352 |
|  **Italy (EUR) (4%)** | **Italy (EUR) (4%)** |  |
| 250000 | Bubbles Holdco SpA 144A, 6.50%,<br>9/30/31 (a)(c) | 273 |
| 175000 | doValue SpA 144A, 3.38%, 7/31/26 (a)(c) | 186 |
| 1960000 | Italy Buoni Poliennali Del Tesoro Series 10Y 144A, 0.60%, 8/01/31 (a)(b)(c) | 1797 |
| 1800000 | Italy Buoni Poliennali Del Tesoro Series 10Y, 2.50%, 12/01/32 (a)(b) | 1843 |
| 375000 | UniCredit SpA, (3 mo. EURIBOR + 1.600%), 4.45%, 2/16/29 (a)(b)(d) | 422 |
|  |  | 4521 |
|  **Italy (USD) (1%)** | **Italy (USD) (1%)** |  |
| 350000 | Intesa Sanpaolo SpA 144A, (5 yr. Swap Semi 30/360 USD + 5.462%), 7.70% (c)(d)(e) | 351 |
| 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) | 716 |
|  |  | 1067 |
|  **Ivory Coast (EUR) (0%)** | **Ivory Coast (EUR) (0%)** |  |
| 450000 | Ivory Coast Government International Bond, 4.88%, 1/30/32 (a)(b) | 429 |
|  **Japan (JPY) (6%)** | **Japan (JPY) (6%)** |  |
| 377400000 | Japan Government Ten Year Bond Series 341, 0.30%, 12/20/25 (a) | 2483 |
| 235000000 | Japan Government Thirty Year Bond Series 58, 0.80%, 3/20/48 (a) | 1209 |
| 213200000 | Japan Government Thirty Year Bond Series 49, 1.40%, 12/20/45 (a) | 1292 |
| 10000000 | Japan Government Thirty Year Bond Series 31, 2.20%, 9/20/39 (a) | 73 |
| 10000000 | Japan Government Thirty Year Bond Series 30, 2.30%, 3/20/39 (a) | 73 |
| 530500000 | Japan Government Twenty Year Bond Series 104, 2.10%, 6/20/28 (a) | 3695 |
|  |  | 8825 |
|  **Japan (USD) (0%)** | **Japan (USD) (0%)** |  |
| 490000 | Nissan Motor Co. Ltd. 144A, 4.81%,<br>9/17/30 (c) | 453 |
|  **Jersey (EUR) (1%)** | **Jersey (EUR) (1%)** |  |
| 300000 | Avis Budget Finance PLC 144A, 7.25%,<br>7/31/30 (a)(c) | 328 |
| 450000 | Heathrow Funding Ltd., 1.13%, 10/08/30 (a)(b) | 428 |
|  |  | 756 |

---

Annual Financial Statements and Other Information 77

------

&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Payden Global Fixed Income Fund** *continued*<br>

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
|  **Jersey (USD) (1%)** | **Jersey (USD) (1%)** |  |
| 600000 | Dryden CLO Ltd. 2022-113A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.87%, 10/15/37 (c)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 |
| 650000 | GoldenTree Loan Management U.S. CLO Ltd. 2022-16A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.670%), 6.29%, 1/20/34 (c)(d) | 652 |
| 250000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.87%, 7/20/36 (c)(d) | 250 |
|  |  | 1502 |
|  **Luxembourg (USD) (1%)** | **Luxembourg (USD) (1%)** |  |
| 300000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (c) | 301 |
| 400000 | Minerva Luxembourg SA 144A, 8.88%,<br> 9/13/33 (c) | 420 |
| 250000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (c) | 250 |
|  |  | 971 |
|  **Malaysia (MYR) (1%)** | **Malaysia (MYR) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | Malaysia Government Bond Series 0307, 3.50%, 5/31/27 (a) | 388 |
| 1300000 | Malaysia Government Bond Series 0222, 4.70%, 10/15/42 (a) | 319 |
|  |  | 707 |
|  **Mexico (MXN) (1%)** | **Mexico (MXN) (1%)** |  |
| 11660000 | Mexican Bonos Series M, 5.75%, 3/05/26 (a) | 550 |
| 7760000 | Mexican Bonos Series M, 8.50%, 5/31/29 (a) | 368 |
|  |  | 918 |
|  **Mexico (USD) (1%)** | **Mexico (USD) (1%)** |  |
| 250000 | BBVA Bancomer SA 144A, 5.25%, 9/10/29 (c) | 248 |
| 200000 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (c) | 201 |
| 400000 | Petroleos Mexicanos, 5.95%, 1/28/31 | 345 |
|  |  | 794 |
|  **Morocco (USD) (0%)** | **Morocco (USD) (0%)** |  |
| 250000 | OCP SA 144A, 7.50%, 5/02/54 (c) | 259 |
|  **Netherlands (EUR) (3%)** | **Netherlands (EUR) (3%)** |  |
| 300000 | ABN AMRO Bank NV, (5 yr. Euro Swap + 4.239%), 6.88% (a)(b)(d)(e) | 342 |
| 300000 | BE Semiconductor Industries NV 144A, 4.50%, 7/15/31 (a)(c) | 336 |
| 450000 | Enel Finance International NV, 3.88%,<br>3/09/29 (a)(b) | 505 |
| 500000 | JAB Holdings BV, 5.00%, 6/12/33 (a)(b) | 585 |
| 300000 | LKQ Dutch Bond BV, 4.13%, 3/13/31 (a) | 329 |
| 530000 | Netherlands Government Bond 144A, 4.00%, |  |
|  | 1/15/37 (a)(b)(c) | 650 |
| 525000 | Sagax Euro Mtn NL BV, 0.75%, 1/26/28 (a)(b) | 524 |
| 650000 | Teva Pharmaceutical Finance Netherlands II BV, 3.75%, 5/09/27 (a) | 704 |
|  |  | 3975 |
|  **Netherlands (USD) (0%)** | **Netherlands (USD) (0%)** |  |
| 200000 | Braskem Netherlands Finance BV 144A, 8.00%, 10/15/34 (c) | 200 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 |
|  **Norway (USD) (0%)** | **Norway (USD) (0%)** |  |
| 350000 | Var Energi ASA 144A, 7.50%, 1/15/28 (c) | 371 |
|  **Paraguay (USD) (1%)** | **Paraguay (USD) (1%)** |  |
| 240000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (c) | 237 |
| 450000 | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (c) | 455 |
|  |  | 692 |
|  **Peru (PEN) (1%)** | **Peru (PEN) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100000 | Peru Government Bond, 5.35%, 8/12/40 (a) | 1543 |
|  **Peru (USD) (0%)** | **Peru (USD) (0%)** |  |
| 250000 | Peruvian Government International Bond, 5.38%, 2/08/35 | 247 |
|  **Poland (PLN) (0%)** | **Poland (PLN) (0%)** |  |
| 410000 | Republic of Poland Government Bond Series 1029, 2.75%, 10/25/29 (a) | 90 |
|  **Poland (USD) (0%)** | **Poland (USD) (0%)** |  |
| 320000 | Bank Gospodarstwa Krajowego 144A, 5.75%, 7/09/34 (c) | 323 |
|  **Romania (EUR) (0%)** | **Romania (EUR) (0%)** |  |
| 150000 | Romanian Government International Bond 144A, 6.63%, 9/27/29 (a)(c) | 178 |
|  **Singapore (SGD) (0%)** | **Singapore (SGD) (0%)** |  |
| 280000 | Singapore Government Bond, 3.50%, 3/01/27 (a) | 216 |
|  **South Africa (USD) (0%)** | **South Africa (USD) (0%)** |  |
| 200000 | Republic of South Africa Government International Bond, 4.85%, 9/30/29 | 189 |
| 250000 | Republic of South Africa Government International Bond, 5.88%, 6/22/30 | 245 |
|  |  | 434 |
|  **Spain (EUR) (3%)** | **Spain (EUR) (3%)** |  |
| 400000 | Banco Bilbao Vizcaya Argentaria SA, (5-Year Mid-Swap Rate + 5.544%), 8.38% (a)(b)(d)(e) | 474 |
| 500000 | Banco de Sabadell SA, (1Year Euribor Swap Rate + 2.400%), 5.25%, 2/07/29 (a)(b)(d) | 574 |
| 500000 | CaixaBank SA, (3 mo. EURIBOR + 1.650%), 5.00%, 7/19/29 (a)(b)(d) | 576 |
| 200000 | CaixaBank SA, (5 yr. Euro Swap + 6.346%), 5.88% (a)(b)(d)(e) | 220 |
| 500000 | International Consolidated Airlines Group SA, 3.75%, 3/25/29 (a)(b) | 547 |
| 450000 | Spain Government Bond 144A, 1.25%,<br> 10/31/30 (a)(b)(c) | 449 |
| 860000 | Spain Government Bond 144A, 2.90%,<br> 10/31/46 (a)(b)(c) | 841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3681 |
|  **Spain (USD) (0%)** | **Spain (USD) (0%)** |  |
| 600000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (d) | 565 |
|  **Sri Lanka (USD) (0%)** | **Sri Lanka (USD) (0%)** |  |
| 350000 | Sri Lanka Government International Bond, 6.85%, 11/03/25 (b) | 220 |

---

78 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Supranational (USD) (0%)** | **Supranational (USD) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337195 | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |
|  **Sweden (SEK) (0%)** | **Sweden (SEK) (0%)** |  |
| 2900000 | Sweden Government Bond Series 1059, 1.00%, 11/12/26 (a)(b) | 268 |
|  **Sweden (USD) (0%)** | **Sweden (USD) (0%)** |  |
| 400000 | Swedbank AB, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.589%),<br> 7.63% (b)(d)(e) | 412 |
|  **Switzerland (CHF) (1%)** | **Switzerland (CHF) (1%)** |  |
| 1050000 | Swiss Confederation Government Bond, 0.50%, 5/27/30 (a)(b) | 1226 |
|  **Switzerland (USD) (1%)** | **Switzerland (USD) (1%)** |  |
| 500000 | UBS Group AG 144A, (U.S. Secured Overnight Financing Rate + 5.020%), 9.02%,<br> 11/15/33 (c)(d) | 617 |
|  **Thailand (THB) (1%)** | **Thailand (THB) (1%)** |  |
| 43300000 | Thailand Government Bond, 1.59%, 12/17/35 (a) | 1173 |
|  **Turkey (USD) (0%)** | **Turkey (USD) (0%)** |  |
| 300000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (c) | 292 |
|  **United Arab Emirates (EUR) (0%)** | **United Arab Emirates (EUR) (0%)** |  |
| 300000 | Finance Department Government of Sharjah 144A, 4.63%, 1/17/31 (a)(c) | 327 |
|  **United Kingdom (EUR) (1%)** | **United Kingdom (EUR) (1%)** |  |
| 200000 | Amber Finco PLC 144A, 6.63%, 7/15/29 (a)(c) | 228 |
| 400000 | Mobico Group PLC, 4.88%, 9/26/31 (a)(b) | 425 |
| 325000 | Tesco Corporate Treasury Services PLC, 4.25%, 2/27/31 (a)(b) | 367 |
|  |  | 1020 |
|  **United Kingdom (GBP) (3%)** | **United Kingdom (GBP) (3%)** |  |
| 450000 | Boparan Finance PLC 144A, 9.38%,<br> 11/07/29 (a)(c) | 580 |
| 250000 | Edge Finco PLC 144A, 8.13%, 8/15/31 (a)(c) | 327 |
| 325000 | Kier Group PLC, 9.00%, 2/15/29 (a)(b) | 445 |
| 275000 | NatWest Group PLC, (5 yr. UK Government Bonds Note Generic Bid Yield + 4.985%),<br> 5.13% (a)(d)(e) | 338 |
| 130000 | Sage AR Funding No 1 PLC 1A 144A, (Sterling Overnight Index Average + 3.000%), 7.98%, 11/17/30 (a)(c)(d) | 167 |
| 100000 | United Kingdom Gilt, 0.38%, 10/22/30 (a)(b) | 104 |
| 1500000 | United Kingdom Gilt, 3.75%, 7/22/52 (a)(b) | 1609 |
| 600000 | United Kingdom Gilt, 4.25%, 9/07/39 (a)(b) | 738 |
|  |  | 4308 |
|  **United Kingdom (USD) (1%)** | **United Kingdom (USD) (1%)** |  |
| 350000 | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (c) | 353 |
| 300000 | Ithaca Energy North Sea PLC 144A, 8.13%, 10/15/29 (c) | 301 |
|  |  | 654 |
|  **United States (EUR) (3%)** | **United States (EUR) (3%)** |  |
| 350000 | Booking Holdings Inc., 4.13%, 5/12/33 (a) | 398 |
| 450000 | Coca-Cola Co., 3.75%, 8/15/53 (a) | 489 |
| 525000 | Discovery Communications LLC, 1.90%, |  |
|  | 3/19/27 (a) | 557 |
| 450000 | Duke Energy Corp., 3.75%, 4/01/31 (a) | 491 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Molson Coors Beverage Co., 3.80%, 6/15/32 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
| 700000 | Morgan Stanley, (3 mo. EURIBOR + 0.833%), 1.10%, 4/29/33 (a)(d) | 638 |
| 850000 | MPT Operating Partnership LP/MPT Finance Corp., 0.99%, 10/15/26 (a) | 785 |
| 550000 | Prologis Euro Finance LLC, 4.00%, 5/05/34 (a) | 607 |
| 400000 | Southern Co., (5 yr. Euro Swap + 2.108%), 1.88%, 9/15/81 (a)(d) | 406 |
|  |  | 4867 |
|  **United States (USD) (36%)** | **United States (USD) (36%)** |  |
| 410000 | Ally Financial Inc., (U.S. Secured Overnight |  |
|  | Financing Rate + 2.820%), 6.85%, 1/03/30 (d) | 426 |
| 500000 | American Homes 4 Rent LP, 2.38%, 7/15/31 | 421 |
| 390000 | American National Group Inc., 5.00%, 6/15/27 | 388 |
| 420000 | American Tower Corp., 5.50%, 3/15/28 | 428 |
| 850000 | American Tower Trust 144A, 5.49%, 3/15/28 (c) | 860 |
| 248950 | Arbys Funding LLC 2020-1A 144A, 3.24%, 7/30/50 (c) | 235 |
| 400000 | Athene Holding Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.607%), 6.63%, 10/15/54 (d) | 394 |
| 575000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 548 |
| 850000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 841 |
| 425000 | Boeing Co., 2.20%, 2/04/26 | 409 |
| 600000 | Boeing Co. 144A, 6.53%, 5/01/34 (c) | 633 |
| 350000 | BRAVO Residential Funding Trust 2024- NQM7 144A, 5.55%, 10/27/64 (c) | 349 |
| 593445 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 6.25%, 4/15/41 (c)(d) | 594 |
| 2220924 | Cantor Commercial Real Estate Lending 2019- CF1, 1.11%, 5/15/52 (f) | 77 |
| 265333 | CARS-DB4 LP 2020-1A 144A, 3.25%,<br> 2/15/50 (c) | 238 |
| 220000 | Centene Corp., 4.25%, 12/15/27 | 213 |
| 750000 | Charter Communications Operating LLC/ Charter Communications Operating Capital, 4.80%, 3/01/50 | 563 |
| 292463 | Connecticut Avenue Securities Trust 2024- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.86%,<br> 5/25/44 (c)(d) | 292 |
| 240897 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.96%,<br> 2/25/44 (c)(d) | 241 |
| 324926 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 6.01%,<br> 3/25/44 (c)(d) | 325 |
| 200000 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (c)(f) | 200 |
| 500000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (c) | 478 |
| 410000 | DTE Energy Co., 5.85%, 6/01/34 | 426 |
| 550000 | Energy Transfer LP, 5.75%, 2/15/33 | 561 |
| 475000 | Equinix Inc., 2.50%, 5/15/31 | 410 |
| 435000 | Evergy Inc., 2.90%, 9/15/29 | 397 |
| 480000 | Extra Space Storage LP, 2.20%, 10/15/30 | 410 |

---

Annual Financial Statements and Other Information 79

------

&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Payden Global Fixed Income Fund** *continued*<br>

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198559 | Fannie Mae Connecticut Avenue Securities 2016-C07, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.614%), 14.47%, 5/25/29 (d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| 492734 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 15.22%, 1/25/29 (d) | 562 |
| 495545 | Fannie Mae Connecticut Avenue Securities 2016-C05, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.864%), 15.72%, 1/25/29 (d) | 564 |
| 341511 | Fannie Mae-Aces 2018-M13, 3.74%,<br> 9/25/30 (f) | 326 |
| 116127 | FN AL3577 30YR, 3.50%, 4/01/43 | 107 |
| 651942 | FN BM2007 30YR, 4.00%, 9/01/48 | 611 |
| 696312 | FN CB2759 30YR, 3.00%, 2/01/52 | 601 |
| 468944 | FN CB3258 30YR, 3.50%, 4/01/52 | 423 |
| 638536 | FN CB4127 30YR, 4.50%, 7/01/52 | 607 |
| 501622 | FN CB5106 30YR, 5.00%, 11/01/52 | 490 |
| 771115 | FN CB5113 30YR, 5.50%, 11/01/52 | 766 |
| 471960 | FN CB7991 30YR, 5.50%, 2/01/54 | 469 |
| 738216 | FN CB8021 30YR, 6.50%, 2/01/54 | 759 |
| 441887 | FN FM1717 30YR, 3.50%, 12/01/45 | 406 |
| 835653 | FN FM3162 30YR, 3.00%, 11/01/46 | 745 |
| 1359314 | FN FM7194 30YR, 2.50%, 3/01/51 | 1148 |
| 1015802 | FN FM9195 30YR, 2.50%, 10/01/51 | 850 |
| 598476 | FN FS0007 30YR, 3.00%, 8/01/50 | 522 |
| 518227 | FN FS3111 30YR, 5.00%, 9/01/52 | 506 |
| 328231 | FN MA4413 30YR, 2.00%, 9/01/51 | 262 |
| 873257 | FN MA5073 30YR, 6.00%, 7/01/53 | 879 |
| 1163706 | FR RA3728 30YR, 2.00%, 10/01/50 | 936 |
| 349316 | FR RA7778 30YR, 4.50%, 8/01/52 | 332 |
| 451157 | FR RA7790 30YR, 5.00%, 8/01/52 | 440 |
| 404988 | FR SB8509 15YR, 2.00%, 1/01/36 | 364 |
| 1032570 | FR SD0729 30YR, 2.00%, 10/01/51 | 828 |
| 906592 | FR SD1035 30YR, 4.00%, 5/01/52 | 838 |
| 707163 | FR SD5641 30YR, 5.50%, 6/01/53 | 704 |
| 1022847 | FR ZA4718 30YR, 3.00%, 10/01/46 | 899 |
| 758055 | FR ZT0534 30YR, 3.50%, 12/01/47 | 691 |
| 800000 | Freddie Mac STACR REMIC Trust 2021- DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 8.26%, 10/25/41 (c)(d) | 825 |
| 350000 | FS KKR Capital Corp. 144A, 4.25%,<br> 2/14/25 (c) | 349 |
| 380499 | G2 MA3663 30YR, 3.50%, 5/20/46 | 349 |
| 424233 | G2 MA4195 30YR, 3.00%, 1/20/47 | 377 |
| 420401 | G2 MA5265 30YR, 4.50%, 6/20/48 | 407 |
| 1006591 | G2 MA6930 30YR, 2.00%, 10/20/50 | 823 |
| 914440 | G2 MA7472 30YR, 2.50%, 7/20/51 | 776 |
| 233535 | G2 MA7766 30YR, 2.00%, 12/20/51 | 191 |
| 575000 | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | 529 |
| 450000 | HCA Inc., 4.13%, 6/15/29 | 434 |
| 400000 | Howard Midstream Energy Partners LLC 144A, 7.38%, 7/15/32 (c) | 408 |
| 425000 | Hyundai Capital America 144A, 1.80%, 1/10/28 (c) | 385 |
| 685000 | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 636 |
| 350000 | Invitation Homes Operating Partnership LP, 4.88%, 2/01/35 | 335 |
| 350000 | ITC Holdings Corp. 144A, 2.95%, 5/14/30 (c) | 316 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277173 | JPMorgan Chase Bank N.A.-CACLN 2020-2 144A, 31.36%, 2/25/28 (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 |
| 350000 | Matador Resources Co. 144A, 6.25%,<br> 4/15/33 (c) | 343 |
| 300000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (c) | 294 |
| 290000 | National Fuel Gas Co., 5.50%, 1/15/26 | 292 |
| 470000 | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (c) | 609 |
| 296062 | OBX Trust 2024-NQM14 144A, 4.94%,<br> 9/25/64 (c) | 293 |
| 491862 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (c) | 489 |
| 300000 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (c) | 302 |
| 487307 | OBX Trust 2024-NQM12 144A, 5.48%,<br> 7/25/64 (c) | 487 |
| 300000 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (c) | 300 |
| 600000 | Oracle Corp., 4.20%, 9/27/29 | 585 |
| 63000 | Pacific Life Insurance Co. 144A, 9.25%,<br> 6/15/39 (c) | 86 |
| 450000 | Panther Escrow Issuer LLC 144A, 7.13%, 6/01/31 (c) | 461 |
| 400000 | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | 389 |
| 430000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.25%, 7/01/29 (c) | 434 |
| 600000 | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | 504 |
| 285750 | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (c) | 263 |
| 116833 | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 5.28%, 5/15/32 (c) | 117 |
| 556718 | Santander Bank Auto Credit-Linked Notes 2023-B 144A, 6.66%, 12/15/33 (c) | 563 |
| 446241 | Santander Drive Auto Receivables Trust 2024- S1 144A, 6.53%, 3/16/29 (c) | 447 |
| 500000 | SBA Tower Trust 144A, 2.84%, 1/15/25 (c) | 498 |
| 450000 | Simon Property Group LP, 4.75%, 9/26/34 | 432 |
| 400000 | South Bow USA Infrastructure Holdings LLC 144A, 5.58%, 10/01/34 (c) | 395 |
| 475000 | Stellantis Finance U.S. Inc. 144A, 2.69%, 9/15/31 (c) | 393 |
| 498750 | Store Master Funding I-VII XIV XIX XX XXIV XXII 2024-1A 144A, 5.70%, 5/20/54 (c) | 502 |
| 850000 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (c) | 852 |
| 2110000 | U.S. Treasury Bond, 2.25%, 8/15/46 (g)(h) | 1422 |
| 290000 | U.S. Treasury Bond, 4.25%, 8/15/54 | 279 |
| 250000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (c) | 255 |
| 600000 | Venture Global LNG Inc. 144A, 8.13%,<br> 6/01/28 (c) | 623 |
| 250000 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (c)(f) | 251 |
| 420000 | Vistra Operations Co. LLC 144A, 6.00%, 4/15/34 (c) | 434 |
| 500000 | VMware LLC, 2.20%, 8/15/31 | 418 |
| 800000 | Warnermedia Holdings Inc., 5.14%, 3/15/52 | 603 |
| 800000 | Welltower OP LLC, 3.85%, 6/15/32 | 743 |
| 300000 | Western Midstream Operating LP, 6.15%, 4/01/33 | 310 |

---

80 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | Williams Cos. Inc., 4.80%, 11/15/29 | $428 |
|  |  | 52737 |
|  **Uzbekistan (USD) (0%)** | **Uzbekistan (USD) (0%)** |  |
| 650000 | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (c) | 542 |
|  **Total Bonds** (Cost - $146,623) | **Total Bonds** (Cost - $146,623) | 136243 |
|  **Bank Loans(i) (0%)** | **Bank Loans(i) (0%)** |  |
| 394532 | DirectV Financing LLC Term Loan NON-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.85%, 8/02/27 (Cost - $396) | 396 |
|  **Investment Company (5%)** | **Investment Company (5%)** |  |
| 2172549 | Payden Cash Reserves Money Market Fund \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 |
| 146720 | Payden Emerging Market Corporate Bond Fund, SI Class \* 1,291 |  |
| 495851 | Payden Emerging Markets Local Bond Fund, SI Class \* 2,276 |  |
| 146702 | Payden Floating Rate Fund, SI Class \* | 1432 |
|  **Total Investment Company** (Cost - $7,253) | **Total Investment Company** (Cost - $7,253) | 7171 |
|  **Total Investments (Cost - $154,272) (98%)** | **Total Investments (Cost - $154,272) (98%)** | 143810 |
|  **Other Assets, net of Liabilities (2%)** | **Other Assets, net of Liabilities (2%)** | 3682 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147492 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security offered and sold outside the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

&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, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

&nbsp;&nbsp;&nbsp;&nbsp;(g) All or a portion of security has been pledged in connection with outstanding centrally cleared swaps.

&nbsp;&nbsp;&nbsp;&nbsp;(h) All or a portion of the security is pledged to cover futures contract margin requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br>Sold (000s) | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation<br> (Depreciation)<br> (000s) |
|  **Assets:** | **Assets:** |  |  |  |
|  CHF 1,245 | USD 1,444 | BNP<br>PARIBAS | 11/19/2024 | $1 |
|  EUR 33,677 | USD 36,565 | State<br>Street<br>Bank &<br>Trust Co. | 11/06/2024 | 76 |
|  GBP 3,585 | USD 4,609 | HSBC<br>Bank<br>USA,<br>N.A. | 11/06/2024 | 14 |
|  JPY 1,362,000 | USD 8,943 | Citibank,<br>N.A. | 11/06/2024 | 28 |
| USD 122 | CZK 2,800 | BNP<br>PARIBAS | 11/19/2024 | 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Annual Financial Statements and Other Information 81

------

Payden Global Fixed Income Fund continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br> (000s) | Currency<br>Sold (000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  USD 2,667 | IDR 41,673,840 | BNP<br>PARIBAS | 11/19/2024 | 13 |
|  USD 1,428 | JPY 214,700 | BNP<br>PARIBAS | 11/19/2024 | 12 |
|  USD 91 | PLN 351 | BNP<br>PARIBAS | 11/19/2024 | 3 |
|  USD 1,090 | SEK 11,390 | BNP<br>PARIBAS | 11/19/2024 | 20 |
|  USD 254 | SGD 334 | BNP<br>PARIBAS | 11/19/2024 | 1 |
|  USD 9,564 | JPY 1,362,000 | Citibank,<br>N.A. | 11/06/2024 | 593 |
|  USD 1,479 | CHF 1,245 | Citibank,<br>N.A. | 11/19/2024 | 34 |
|  USD 1,188 | AUD 1,769 | Citibank,<br>N.A. | 01/22/2025 | 23 |
|  USD 4,802 | GBP 3,585 | HSBC<br>Bank<br>USA,<br>N.A. | 11/06/2024 | 179 |
|  USD 843 | HUF 304,200 | HSBC<br>Bank<br>USA,<br>N.A. | 11/19/2024 | 33 |
|  USD 1,796 | PEN 6,707 | HSBC<br>Bank<br>USA,<br>N.A. | 11/19/2024 | 19 |
|  USD 278 | SEK 2,910 | HSBC<br>Bank<br>USA,<br>N.A. | 01/22/2025 | 3 |
|  USD 1,116 | MXN 21,270 | Morgan<br>Stanley | 11/19/2024 | 56 |
|  USD 37,638 | EUR 33,677 | State<br>Street<br>Bank &<br>Trust Co. | 11/06/2024 | 997 |
|  USD 2,790 | CAD 3,839 | State<br>Street<br>Bank &<br>Trust Co. | 01/22/2025 | 25 |
|  USD 738 | MXN 14,677 | Wells<br>Fargo &<br>Co. | 11/19/2024 | 7 |
|  |  |  |  | 2139 |
|  **Liabilities:** |  |  |  |  |
|  HUF 304,200 | USD 813 | HSBC<br>Bank<br>USA,<br>N.A. | 11/19/2024 | (3) |
|  JPY 214,700 | USD 1,539 | Citibank,<br>N.A. | 11/19/2024 | (123) |
|  NOK 11,650 | USD 1,090 | BNP<br>PARIBAS | 11/19/2024 | (31) |
|  USD 872 | MYR 3,858 | Barclays<br>Bank PLC | 11/19/2024 | (10) |
|  USD 1,177 | THB 41,070 | Barclays<br>Bank PLC | 11/19/2024 | (42) |
|  USD 8,922 | JPY 1,353,800 | Citibank,<br>N.A. | 12/05/2024 | (29) |
|  USD 1,266 | CHF 1,084 | Citibank,<br>N.A. | 01/22/2025 | (1) |
|  USD 138 | DKK 945 | Citibank,<br>N.A. | 01/22/2025 |  |
|  USD 1,476 | EUR 1,363 | HSBC<br>Bank<br>USA,<br>N.A. | 11/19/2024 | (8) |
|  USD 4,533 | GBP 3,526 | HSBC<br>Bank<br>USA,<br>N.A. | 12/05/2024 | (13) |
|  USD 36,541 | EUR 33,617 | State<br>Street<br>Bank &<br>Trust Co. | 12/05/2024 | (79) |
|  |  |  |  | (339) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $1800 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract<br> 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:** | **Long Contracts:** |  |  |  |  |
| Euro-Bobl Future | 52 | Dec-24 | $6683 | $(39) | $(39) |
| Euro-Buxl Future | 8 | Dec-24 | 1152 | (6) | (6) |
| Euro-Schatz Future | 21 | Dec-24 | 2434 | (1) | (1) |
| Long Gilt Future | 22 | Dec-24 | 2668 | (124) | (124) |
| U.S. Long Bond Future | 25 | Dec-24 | 2949 | (169) | (169) |
| U.S. Treasury 2-Year Note Future | 18 | Dec-24 | 3707 | (26) | (26) |
| U.S. Treasury 5-Year Note Future | 118 | Dec-24 | 12654 | (298) | (298) |
| U.S. Ultra Bond Future | 5 | Dec-24 | 628 | (46) | (46) |
|  |  |  |  |  | (709) |
|  **Short Contracts:** | **Short Contracts:** |  |  |  |  |
| U.S. 10-Year Ultra Future | 75 | Dec-24 | (8531) | 300 | 300 |
| U.S. Treasury 10-Year Note Future | 31 | Dec-24 | (3425) | 111 | 111 |
|  |  |  |  |  | 411 |
|  **Total Futures** | **Total Futures** |  |  |  | $(298) |

---

82 Payden Mutual Funds

------

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br> 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 Interest Rate Swap, Receive Fixed 1.125% Quarterly, |  |  |  |  |  |
| Pay Variable 3.620% (3M KWCDC) Quarterly | 10/07/2029 | KRW 1,584,200 | $(102) | $— | $(102) |
| 10-Year Interest Rate Swap, Receive Fixed 1.800% Quarterly, |  |  |  |  |  |
| Pay Variable 3.650% (3M KWCDC) Quarterly | 09/23/2031 | KRW 2,288,000 | (127) |  | (127) |
| 10-Year Interest Rate Swap, Receive Fixed 1.740% Quarterly, |  |  |  |  |  |
| Pay Variable 1.899% (CNRR007) Quarterly | 10/16/2029 | CNY 13,200 | (2) |  | (2) |
| 10-Year Interest Rate Swap, Receive Fixed 2.010% Quarterly, |  |  |  |  |  |
| Pay Variable 1.900% (CNRR007) Quarterly | 06/03/2029 | CNY 10,000 | 16 |  | 16 |
| 5-Year Interest Rate Swap, Receive Fixed 2.4810% Quarterly, |  |  |  |  |  |
| Pay Variable 1.900% (CNRR007) Quarterly | 09/22/2026 | CNY 33,000 | 73 |  | 73 |
| 5-Year Interest Rate Swap, Receive Fixed 1.850% Quarterly, |  |  |  |  |  |
| Pay Variable 1.950% (CNRR007) Quarterly | 05/08/2025 | CNY 16,000 |  |  |  |
| 5-Year Interest Rate Swap, Receive Fixed 2.032% Quarterly, |  |  |  |  |  |
| Pay Variable 1.980% (CNRR007) Quarterly | 04/25/2029 | CNY 5,350 | 9 |  | 9 |
| 5-Year Interest Rate Swap, Receive Fixed 2.122% Quarterly, |  |  |  |  |  |
| Pay Variable 2.100% (CNRR007) Quarterly | 02/02/2029 | CNY 13,100 | 30 |  | 30 |
| 5-Year Interest Rate Swap, Receive Fixed 2.3775% Quarterly, |  |  |  |  |  |
| Pay Variable 2.100% (CNRR007) Quarterly | 07/24/2028 | CNY 40,100 | 137 |  | 137 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br> 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 2.580% Quarterly, |  |  |  |  |  |
| Pay Variable 1.980% (CNRR007) Quarterly | 02/05/2025 | CNY 2,350 | 1 |  | 1 |
| 5-Year Interest Rate Swap, Receive Fixed 2.635% Quarterly, |  |  |  |  |  |
| Pay Variable 1.980% (CNRR007) Quarterly | 01/08/2026 | CNY 38,600 | 63 |  | 63 |
| 5-Year Interest Rate Swap, Receive Fixed 2.715% Quarterly, |  |  |  |  |  |
| Pay Variable 1.980% (CNRR007) Quarterly | 09/16/2025 | CNY 12,200 | 17 |  | 17 |
| 5-Year Interest Rate Swap, Receive Fixed 2.720% Quarterly, |  |  |  |  |  |
| Pay Variable 1.900% (CNRR007) Quarterly | 10/14/2025 | CNY 10,000 | 14 |  | 14 |
| 5-Year Interest Rate Swap, Receive Fixed 2.8225% Quarterly, |  |  |  |  |  |
| Pay Variable 1.900% (CNRR007) Quarterly | 02/15/2028 | CNY 35,900 | 193 |  | 193 |
| 5-Year Interest Rate Swap, Receive Fixed 2.920% Quarterly, |  |  |  |  |  |
| Pay Variable 2.350% (CNRR007) Quarterly | 01/17/2025 | CNY 11,580 | 4 |  | 4 |
| 5-Year Interest Rate Swap, Receive Fixed 2.960% Quarterly, |  |  |  |  |  |
| Pay Variable 1.980% (CNRR007) Quarterly | 12/09/2024 | CNY 28,890 | 10 |  | 10 |
| 5-Year Interest Rate Swap, Receive Fixed 10.550% Quarterly, |  |  |  |  |  |
| Pay Variable 10.744% (MXIBTIIE) Quarterly | 06/17/2026 | MXN 82,250 | 40 |  | 40 |
| 5-Year Interest Rate Swap, Receive Fixed 2.350% Quarterly, |  |  |  |  |  |
| Pay Variable 1.950% (CNRR007) Quarterly | 07/03/2025 | CNY 11,800 | 7 |  | 7 |
| 5-Year Interest Rate Swap, Receive Fixed 9.790% Quarterly, |  |  |  |  |  |
| Pay Variable 10.716% (MXIBTIIE) Quarterly | 08/05/2026 | MXN 100,000 | (6) |  | (6) |
|  |  |  | $377 | $— | $377 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information 83

------

&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 Emerging Markets Bond Fund

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** *- October 31, 2024* | **Schedule of Investments** *- October 31, 2024* | **Schedule of Investments** *- October 31, 2024* |
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Bonds (97%)** | **Bonds (97%)** |  |
|  **Angola (USD) (2%)** | **Angola (USD) (2%)** |  |
| 6745000 | Angolan Government International Bond 144A, 8.00%, 11/26/29 (a) | $6187 |
| 4910000 | Angolan Government International Bond 144A, 9.38%, 5/08/48 (a) | 4204 |
| 3440000 | Angolan Government International Bond 144A, 9.50%, 11/12/25 (a) | 3498 |
|  |  | 13889 |
|  **Argentina (USD) (3%)** | **Argentina (USD) (3%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12038400 | Argentine Republic Government International Bond, 0.75%, 7/09/30 | 8130 |
| 1718995 | Argentine Republic Government International Bond, 1.00%, 7/09/29 | 1238 |
| 4907500 | Argentine Republic Government International Bond, 3.50%, 7/09/41 | 2527 |
| 25632476 | Argentine Republic Government International Bond, 4.13%, 7/09/35 | 14211 |
| 4344090 | Argentine Republic Government International Bond, 5.00%, 1/09/38 | 2595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28701 |
|  **Armenia (USD) (0%)** | **Armenia (USD) (0%)** |  |
| 2380000 | Republic of Armenia International Bond 144A, 3.60%, 2/02/31 (a) | 1999 |
|  **Bahamas (USD) (0%)** | **Bahamas (USD) (0%)** |  |
| 515000 | Intercorp Peru Ltd. 144A, 3.88%, 8/15/29 (a)(b) | 470 |
|  **Bahrain (USD) (1%)** | **Bahrain (USD) (1%)** |  |
| 2560000 | Bahrain Government International Bond 144A, 5.25%, 1/25/33 (a) | 2347 |
| 3450000 | Bahrain Government International Bond 144A, 6.75%, 9/20/29 (a) | 3552 |
|  |  | 5899 |
|  **Belarus (USD) (0%)** | **Belarus (USD) (0%)** |  |
| 1450000 | Republic of Belarus International Bond, 6.20%, 2/28/30 (c) | 631 |
|  **Benin (USD) (0%)** | **Benin (USD) (0%)** |  |
| 2180000 | Benin Government International Bond 144A, 7.96%, 2/13/38 (a) | 2150 |
|  **Bermuda (USD) (1%)** | **Bermuda (USD) (1%)** |  |
| 2690000 | Geopark Ltd. 144A, 5.50%,<br>1/17/27 (a)(b) | 2540 |
| 2535000 | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak 144A, 4.85%, 10/14/38 (a) | 2386 |
|  |  | 4926 |
|  **Brazil (BRL) (4%)** | **Brazil (BRL) (4%)** |  |
| 94000000 | Brazil Letras do Tesouro Nacional, 12.31%, 7/01/26 BRL (d)(e) | 13310 |
| 9346213 | Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/50 BRL (e) | 1490 |
| 41000000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/27 BRL (e) | 6739 |
| 50900000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/29 BRL (e) | 8057 |
| 28500000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/33 BRL (e) | 4292 |
|  |  | 33888 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Brazil (USD) (2%)** | **Brazil (USD) (2%)** |  |
| 3480000 | Brazilian Government International Bond, 6.00%, 10/20/33 | $3459 |
| 4495000 | Brazilian Government International Bond, 6.13%, 3/15/34 | 4453 |
| 4110000 | Brazilian Government International Bond, 6.25%, 3/18/31 | 4191 |
| 4170000 | Brazilian Government International Bond, 7.13%, 5/13/54 | 4171 |
| 2320000 | Brazilian Government International Bond, 8.25%, 1/20/34 | 2683 |
|  |  | 18957 |
|  **Canada (USD) (0%)** | **Canada (USD) (0%)** |  |
| 1720000 | First Quantum Minerals Ltd. 144A, 8.63%, 6/01/31 (a) | 1742 |
|  **Cayman Islands (USD) (2%)** | **Cayman Islands (USD) (2%)** |  |
| 3485234 | Bioceanico Sovereign Certificate Ltd. 144A, 2.77%, 6/05/34 (a)(d) | 2728 |
| 1765000 | DP World Salaam, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.750%), 6.00% (c)(f)(g) | 1762 |
| 2335000 | Gaci First Investment Co., 5.38%, 10/13/22 (c) | 2014 |
| 2799000 | Liberty Costa Rica Senior Secured Finance 144A, 10.88%, 1/15/31 (a) | 3004 |
| 1655000 | Melco Resorts Finance Ltd. 144A, 7.63%, 4/17/32 (a) | 1678 |
| 2560000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (a) | 2575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13761 |
|  **Chile (EUR) (0%)** | **Chile (EUR) (0%)** |  |
| 3190000 | Chile Government International Bond, 4.13%, 7/05/34 EUR (e) | 3581 |
|  **Chile (USD) (1%)** | **Chile (USD) (1%)** |  |
| 4320932 | Alfa Desarrollo SpA 144A, 4.55%, 9/27/51 (a) | 3252 |
| 3870000 | Chile Government International Bond, 3.10%, 5/07/41 | 2881 |
| 1743244 | Chile Government International Bond, 5.33%, 1/05/54 | 1679 |
|  |  | 7812 |
|  **Colombia (COP) (1%)** | **Colombia (COP) (1%)** |  |
| 33835500000 | Colombian TES Series B, 7.25%, 10/26/50 COP (e) | 4968 |
|  **Colombia (USD) (4%)** | **Colombia (USD) (4%)** |  |
| 1882000 | Colombia Government International Bond, 3.13%, 4/15/31 | 1505 |
| 2675000 | Colombia Government International Bond, 3.25%, 4/22/32 | 2072 |
| 1440000 | Colombia Government International Bond, 4.13%, 2/22/42 | 918 |
| 4980000 | Colombia Government International Bond, 5.00%, 6/15/45 | 3424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12369000 | Colombia Government International Bond, 6.13%, 1/18/41 | 10165 |
| 3895000 | Colombia Government International Bond, 7.38%, 9/18/37 | 3734 |
| 2180000 | Colombia Government International Bond, 7.50%, 2/02/34 | 2163 |
| 3520000 | Colombia Government International Bond, 7.75%, 11/07/36 | 3463 |

---

84 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| 1980000 | Colombia Government International Bond, 8.00%, 4/20/33 | $2038 |
| 3830000 | Colombia Government International Bond, 8.00%, 11/14/35 | 3883 |
| 2410000 | Ecopetrol SA, 8.38%, 1/19/36 | 2357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35722 |
|  **Costa Rica (USD) (1%)** | **Costa Rica (USD) (1%)** |  |
| 1245000 | Costa Rica Government International Bond 144A, 6.13%, 2/19/31 (a) | 1271 |
| 2325000 | Costa Rica Government International Bond 144A, 6.55%, 4/03/34 (a) | 2420 |
| 925000 | Costa Rica Government International Bond 144A, 7.00%, 4/04/44 (a) | 952 |
| 3920000 | Costa Rica Government International Bond 144A, 7.30%, 11/13/54 (a) | 4148 |
|  |  | 8791 |
|  **Czech Republic (CZK) (1%)** | **Czech Republic (CZK) (1%)** |  |
| 139160000 | Czech Republic Government Bond Series 125, 1.50%, 4/24/40 CZK (e) | 4140 |
|  **Dominican Republic (DOP) (1%)** | **Dominican Republic (DOP) (1%)** |  |
| 252140000 | Dominican Republic Central Bank Notes 144A, 10.50%, 1/17/25<br>DOP (a)(e) | 4179 |
| 293900000 | Dominican Republic International Bond 144A, 10.75%, 6/01/36 DOP (a)(e) | 5252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99300000 | Dominican Republic International Bond 144A, 13.63%, 2/03/33 DOP (a)(e) | 2019 |
|  |  | 11450 |
|  **Dominican Republic (USD) (3%)** | **Dominican Republic (USD) (3%)** |  |
| 1900000 | Dominican Republic International Bond 144A, 4.50%, 1/30/30 (a) | 1767 |
| 3780000 | Dominican Republic International Bond 144A, 4.88%, 9/23/32 (a) | 3465 |
| 7280000 | Dominican Republic International Bond 144A, 5.30%, 1/21/41 (a) | 6386 |
| 4640000 | Dominican Republic International Bond 144A, 5.50%, 2/22/29 (a) | 4568 |
| 4360000 | Dominican Republic International Bond 144A, 6.00%, 7/19/28 (a) | 4388 |
| 5410000 | Dominican Republic International Bond 144A, 6.00%, 2/22/33 (a) | 5337 |
| 1380000 | Dominican Republic International Bond 144A, 6.60%, 6/01/36 (a) | 1406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27317 |
|  **Ecuador (USD) (1%)** | **Ecuador (USD) (1%)** |  |
| 1257250 | Ecuador Government International Bond 144A, 5.00%, 7/31/40 (a) | 642 |
| 7884458 | Ecuador Government International Bond 144A, 5.50%, 7/31/35 (a) | 4386 |
| 2640000 | Ecuador Government International Bond 144A, 6.90%, 7/31/30 (a) | 1829 |
| 5160000 | Ecuador Government International Bond 144A, 14.41%, 7/31/30 (a)(d) | 2826 |
|  |  | 9683 |
|  **Egypt (EUR) (1%)** | **Egypt (EUR) (1%)** |  |
| 12580000 | Egypt Government International Bond 144A, 6.38%, 4/11/31 EUR (a)(e) | 11821 |
|  **Egypt (USD) (1%)** | **Egypt (USD) (1%)** |  |
| 5195000 | Egypt Government International Bond 144A, 7.63%, 5/29/32 (a) | 4568 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 2425000 | Egypt Government International Bond 144A, 7.90%, 2/21/48 (a) | $1830 |
| 4290000 | Egypt Government International Bond 144A, 8.75%, 9/30/51 (a) | 3472 |
|  |  | 9870 |
|  **El Salvador (USD) (1%)** | **El Salvador (USD) (1%)** |  |
| 2720000 | El Salvador Government International Bond 144A, 0.25%, 4/17/30 (a) | 74 |
| 2065000 | El Salvador Government International Bond 144A, 7.63%, 2/01/41 (a) | 1722 |
| 2040000 | El Salvador Government International Bond 144A, 8.25%, 4/10/32 (a) | 1914 |
| 2720000 | El Salvador Government International Bond 144A, 9.25%, 4/17/30 (a) | 2703 |
| 2845000 | El Salvador Government International Bond 144A, 9.50%, 7/15/52 (a) | 2711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9124 |
|  **Gabon (USD) (0%)** | **Gabon (USD) (0%)** |  |
| 2888000 | Gabon Government International Bond 144A, 6.63%, 2/06/31 (a) | 2310 |
|  **Ghana (USD) (1%)** | **Ghana (USD) (1%)** |  |
| 705916 | Ghana Government International Bond 144A, 4.72%, 7/03/26 (a)(d) | 656 |
| 764738 | Ghana Government International Bond 144A, 4.96%, 1/03/30 (a)(d) | 581 |
| 111320 | Ghana Government International Bond, 5.00%, 7/03/29 (c) | 96 |
| 7476842 | Ghana Government International Bond 144A, 5.00%, 7/03/35 (a) | 5225 |
| 4868494 | Ghana Government International Bond 144A, 5.00%, 7/03/35 (a) | 4187 |
| 160080 | Ghana Government International Bond, 5.00%, 7/03/35 (c) | 112 |
| 25482 | Ghana Government International Bond, 5.05%, 1/03/30 (c)(d) | 19 |
| 14720 | Ghana Government International Bond, 5.19%, 7/03/26 (c)(d) | 14 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10890 |
|  **Guatemala (USD) (1%)** | **Guatemala (USD) (1%)** |  |
| 1247000 | Guatemala Government Bond 144A, 4.38%, 6/05/27 (a) | 1201 |
| 2895000 | Guatemala Government Bond 144A, 4.65%, 10/07/41 (a) | 2297 |
| 580000 | Guatemala Government Bond 144A, 5.38%, 4/24/32 (a) | 560 |
| 1855000 | Guatemala Government Bond 144A, 6.60%, 6/13/36 (a) | 1889 |
|  |  | 5947 |
|  **Hungary (EUR) (1%)** | **Hungary (EUR) (1%)** |  |
| 3395000 | Hungary Government International Bond Series 4Y, 5.00%, 2/22/27 EUR (c)(e) | 3837 |
|  **Hungary (HUF) (0%)** | **Hungary (HUF) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788040000 | Hungary Government Bond Series 33/A, 2.25%, 4/20/33 HUF (e) | 3409 |
|  **Hungary (USD) (2%)** | **Hungary (USD) (2%)** |  |
| 2250000 | Hungary Government International Bond 144A, 2.13%, 9/22/31 (a) | 1806 |
| 3290000 | Hungary Government International Bond 144A, 3.13%, 9/21/51 (a) | 2035 |

---

Annual Financial Statements and Other Information 85

------

&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 Emerging Markets Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 7995000 | Hungary Government International Bond 144A, 5.25%, 6/16/29 (a) | $7933 |
| 1160000 | Hungary Government International Bond 144A, 6.13%, 5/22/28 (a) | 1195 |
| 2170000 | Hungary Government International Bond 144A, 6.25%, 9/22/32 (a) | 2259 |
| 3924000 | Hungary Government International Bond Series 30Y, 7.63%, 3/29/41 | 4490 |
|  |  | 19718 |
|  **India (USD) (0%)** | **India (USD) (0%)** |  |
| 1675000 | Muthoot Finance Ltd. 144A, 7.13%, 2/14/28 (a) | 1706 |
| 1655000 | Shriram Finance Ltd. 144A, 6.63%, 4/22/27 (a) | 1675 |
|  |  | 3381 |
|  **Indonesia (IDR) (1%)** | **Indonesia (IDR) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67377000000 | Indonesia Treasury Bond Series 100, 6.63%, 2/15/34 IDR (e) | 4238 |
| 58833000000 | Indonesia Treasury Bond Series FR72, 8.25%, 5/15/36 IDR (e) | 4122 |
|  |  | 8360 |
|  **Indonesia (USD) (2%)** | **Indonesia (USD) (2%)** |  |
| 3230000 | Hutama Karya Persero PT 144A, 3.75%, 5/11/30 (a) | 3037 |
| 3340000 | Pertamina Persero PT 144A, 6.50%, 11/07/48 (a)(b) | 3628 |
| 1664000 | Perusahaan Listrik Negara PT 144A, 4.88%, 7/17/49 (a)(b) | 1402 |
| 2150000 | Perusahaan Listrik Negara PT 144A, 5.25%, 5/15/47 (a) | 1951 |
| 8075000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A, 4.00%, 6/30/50 (a) | 5898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15916 |
|  **Israel (USD) (0%)** | **Israel (USD) (0%)** |  |
| 2255000 | Leviathan Bond Ltd. 144A, 6.75%, 6/30/30 (a)(c) | 2075 |
|  **Ivory Coast (EUR) (1%)** | **Ivory Coast (EUR) (1%)** |  |
| 4680000 | Ivory Coast Government International Bond 144A, 4.88%, 1/30/32 EUR (a)(e) | 4466 |
| 2050000 | Ivory Coast Government International Bond 144A, 5.88%, 10/17/31 EUR (a)(e) | 2100 |
|  |  | 6566 |
|  **Ivory Coast (USD) (1%)** | **Ivory Coast (USD) (1%)** |  |
| 3235000 | Ivory Coast Government International Bond 144A, 6.13%, 6/15/33 (a) | 2940 |
| 3645000 | Ivory Coast Government International Bond 144A, 6.38%, 3/03/28 (a) | 3624 |
| 2200000 | Ivory Coast Government International Bond 144A, 8.25%, 1/30/37 (a) | 2194 |
|  |  | 8758 |
|  **Jordan (USD) (1%)** | **Jordan (USD) (1%)** |  |
| 2000000 | Jordan Government International Bond 144A, 6.13%, 1/29/26 (a) | 1995 |
| 3000000 | Jordan Government International Bond 144A, 7.75%, 1/15/28 (a) | 3082 |
|  |  | 5077 |
|  **Kenya (USD) (1%)** | **Kenya (USD) (1%)** |  |
| 1485000 | Republic of Kenya Government International Bond 144A, 7.00%,<br>5/22/27 (a) | 1468 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 2785000 | Republic of Kenya Government International Bond 144A, 7.25%, 2/28/28 (a) | $2672 |
|  |  | 4140 |
|  **Lebanon (USD) (0%)** | **Lebanon (USD) (0%)** |  |
| 2500000 | Lebanon Government International Bond Series 10Y, 6.00%, 1/27/23 (c)(h) | 215 |
| 2550000 | Lebanon Government International Bond, 6.20%, 2/26/25 (c)(h) | 220 |
| 1805000 | Lebanon Government International Bond, 6.60%, 11/27/26 (c)(h) | 155 |
| 1096000 | Lebanon Government International Bond, 6.65%, 2/26/30 (c)(h) | 94 |
| 1540000 | Lebanon Government International Bond Series 15Y, 6.75%, 11/29/27 (c)(h) | 132 |
| 1210000 | Lebanon Government International Bond, 6.85%, 5/25/29 (h) | 104 |
| 2590000 | Lebanon Government International Bond Series 15YR, 7.00%, 3/23/32 (c)(h) | 221 |
|  |  | 1141 |
|  **Luxembourg (USD) (2%)** | **Luxembourg (USD) (2%)** |  |
| 3835000 | EIG Pearl Holdings Sarl 144A, 4.39%, 11/30/46 (a) | 3048 |
| 1700000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (a) | 1705 |
| 1917000 | JBS USA Holding Lux Sarl/JBS USA Food Co./ JBS Lux Co. Sarl, 5.75%, 4/01/33 | 1937 |
| 445000 | Minerva Luxembourg SA 144A, 4.38%, 3/18/31 (a) | 377 |
| 2385000 | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (a) | 2506 |
| 1640000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (a) | 1638 |
| 3033307 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | 2755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13966 |
|  **Malaysia (USD) (0%)** | **Malaysia (USD) (0%)** |  |
| 2105000 | Petronas Capital Ltd. 144A, 4.55%, 4/21/50 (a) | 1877 |
|  **Mauritius (USD) (0%)** | **Mauritius (USD) (0%)** |  |
| 780750 | Greenko Power II Ltd. 144A, 4.30%,<br>12/13/28 (a) | 729 |
| 520000 | Greenko Solar Mauritius Ltd. 144A, 5.95%, 7/29/26 (a) | 517 |
| 2184681 | India Cleantech Energy 144A, 4.70%, 8/10/26 (a) | 2121 |
|  |  | 3367 |
|  **Mexico (MXN) (0%)** | **Mexico (MXN) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26900000 | Grupo Televisa SAB, 7.25%, 5/14/43 MXN (e) | 803 |
|  **Mexico (USD) (6%)** | **Mexico (USD) (6%)** |  |
| 2450000 | BBVA Bancomer SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.661%), 8.45%, 6/29/38 (a)(f) | 2578 |
| 1890000 | Cemex SAB de CV 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.534%), 5.13% (a)(f)(g) | 1847 |
| 1171000 | Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV 144A, 4.96%, 7/18/29 (a) | 1129 |
| 1205000 | Corp. Inmobiliaria Vesta SAB de CV 144A, 3.63%, 5/13/31 (a) | 1062 |

---

86 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 3376222 | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a) | $3337 |
| 1730000 | Mexico Government International Bond, 4.88%, 5/19/33 | 1595 |
| 1270000 | Mexico Government International Bond, 5.40%, 2/09/28 | 1276 |
| 1320000 | Mexico Government International Bond, 6.00%, 5/07/36 | 1284 |
| 4720000 | Mexico Government International Bond, 6.34%, 5/04/53 | 4398 |
| 3458000 | Petroleos Mexicanos, 6.49%, 1/23/27 | 3411 |
| 3640000 | Petroleos Mexicanos, 6.50%, 3/13/27 | 3574 |
| 6045000 | Petroleos Mexicanos, 6.63%, 6/15/35 | 4959 |
| 5681000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 5056 |
| 6034000 | Petroleos Mexicanos, 6.75%, 9/21/47 | 4324 |
| 4515000 | Petroleos Mexicanos, 6.95%, 1/28/60 | 3220 |
| 2625000 | Petroleos Mexicanos, 7.69%, 1/23/50 | 2039 |
| 3190000 | Petroleos Mexicanos, 8.75%, 6/02/29 | 3235 |
| 2255000 | Sitios Latinoamerica SAB de CV 144A, 5.38%, 4/04/32 (a) | 2164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50488 |
|  **Montenegro (USD) (0%)** | **Montenegro (USD) (0%)** |  |
| 2990000 | Montenegro Government International Bond 144A, 7.25%, 3/12/31 (a) | 3111 |
|  **Morocco (USD) (1%)** | **Morocco (USD) (1%)** |  |
| 3985000 | Morocco Government International Bond 144A, 5.95%, 3/08/28 (a) | 4049 |
| 3680000 | Morocco Government International Bond 144A, 6.50%, 9/08/33 (a) | 3872 |
|  |  | 7921 |
|  **Netherlands (USD) (0%)** | **Netherlands (USD) (0%)** |  |
| 2620000 | Prosus NV 144A, 4.03%, 8/03/50 (a) | 1831 |
| 965000 | Yinson Boronia Production BV 144A, 8.95%, 7/31/42 (a) | 1025 |
|  |  | 2856 |
|  **Nigeria (USD) (2%)** | **Nigeria (USD) (2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470000 | Nigeria Government International Bond 144A, 6.13%, 9/28/28 (a) | 3139 |
| 3525000 | Nigeria Government International Bond 144A, 6.50%, 11/28/27 (a)(b) | 3332 |
| 1540000 | Nigeria Government International Bond 144A, 7.14%, 2/23/30 (a) | 1392 |
| 1010000 | Nigeria Government International Bond 144A, 7.38%, 9/28/33 (a) | 856 |
| 4575000 | Nigeria Government International Bond 144A, 7.70%, 2/23/38 (a) | 3726 |
| 5685000 | Nigeria Government International Bond 144A, 8.25%, 9/28/51 (a) | 4542 |
| 3480000 | Nigeria Government International Bond 144A, 8.38%, 3/24/29 (a) | 3361 |
|  |  | 20348 |
|  **Oman (USD) (3%)** | **Oman (USD) (3%)** |  |
| 5175000 | Oman Government International Bond 144A, 5.38%, 3/08/27 (a) | 5186 |
| 8105000 | Oman Government International Bond 144A, 5.63%, 1/17/28 (a) | 8168 |
| 4320000 | Oman Government International Bond 144A, 6.25%, 1/25/31 (a) | 4503 |
| 2360000 | Oman Government International Bond 144A, 6.50%, 3/08/47 (a) | 2380 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 2640000 | Oman Government International Bond 144A, 6.75%, 1/17/48 (a) | $2737 |
| 1870000 | Oman Government International Bond 144A, 7.38%, 10/28/32 (a) | 2093 |
|  |  | 25067 |
|  **Pakistan (USD) (1%)** | **Pakistan (USD) (1%)** |  |
| 5345000 | Pakistan Government International Bond 144A, 7.38%, 4/08/31 (a) | 4533 |
| 2665000 | Pakistan Government International Bond 144A, 8.88%, 4/08/51 (a) | 2129 |
|  |  | 6662 |
|  **Panama (USD) (2%)** | **Panama (USD) (2%)** |  |
| 3130000 | Panama Government International Bond, 3.87%, 7/23/60 | 1771 |
| 2480000 | Panama Government International Bond, 4.30%, 4/29/53 | 1577 |
| 2975000 | Panama Government International Bond, 4.50%, 4/16/50 | 1984 |
| 2275000 | Panama Government International Bond, 6.40%, 2/14/35 | 2183 |
| 7480000 | Panama Government International Bond, 7.50%, 3/01/31 | 7876 |
| 3655000 | Panama Government International Bond, 7.88%, 3/01/57 | 3829 |
| 1360000 | Panama Government International Bond, 8.00%, 3/01/38 | 1436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20656 |
|  **Paraguay (USD) (1%)** | **Paraguay (USD) (1%)** |  |
| 2220000 | Paraguay Government International Bond 144A, 2.74%, 1/29/33 (a) | 1839 |
| 1885000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (a) | 1860 |
| 780000 | Paraguay Government International Bond 144A, 6.00%, 2/09/36 (a) | 800 |
| 1015000 | Paraguay Government International Bond 144A, 6.10%, 8/11/44 (a) | 1003 |
|  |  | 5502 |
|  **Peru (PEN) (3%)** | **Peru (PEN) (3%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18835000 | Peru Government Bond, 5.35%, 8/12/40 PEN (e) | 4094 |
| 20300000 | Peru Government Bond 144A, 7.30%, 8/12/33 PEN (a)(c)(e) | 5597 |
| 15920000 | Peru Government Bond 144A, 7.60%, 8/12/39 PEN (a)(c)(e) | 4331 |
| 42000000 | Peruvian Government International Bond 144A, 6.90%, 8/12/37 PEN (a)(e) | 10848 |
|  |  | 24870 |
|  **Peru (USD) (1%)** | **Peru (USD) (1%)** |  |
| 2080000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.000%), 3.13%, 7/01/30 (a)(f) | 2032 |
| 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 (a)(f) | 422 |
| 6085000 | Peruvian Government International Bond, 3.60%, 1/15/72 | 3913 |
| 1770000 | Peruvian Government International Bond, 5.88%, 8/08/54 | 1754 |

---

Annual Financial Statements and Other Information 87

------

&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 Emerging Markets Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 490000 | Pluspetrol Camisea SA/Pluspetrol Lote 56 SA 144A, 6.24%, 7/03/36 (a) | $504 |
|  |  | 8625 |
|  **Philippines (USD) (0%)** | **Philippines (USD) (0%)** |  |
| 1330000 | Philippine Government International Bond, 5.00%, 7/17/33 | 1334 |
| 2015000 | Philippine Government International Bond, 5.50%, 1/17/48 | 2038 |
|  |  | 3372 |
|  **Poland (USD) (2%)** | **Poland (USD) (2%)** |  |
| 2390000 | Bank Gospodarstwa Krajowego 144A, 5.38%, 5/22/33 (a) | 2378 |
| 5250000 | Bank Gospodarstwa Krajowego 144A, 5.75%, 7/09/34 (a) | 5306 |
| 2900000 | Republic of Poland Government International Bond, 5.50%, 4/04/53 | 2813 |
| 9145000 | Republic of Poland Government International Bond, 5.50%, 3/18/54 | 8840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19337 |
|  **Qatar (USD) (1%)** | **Qatar (USD) (1%)** |  |
| 3690000 | Qatar Government International Bond 144A, 4.40%, 4/16/50 (a) | 3289 |
| 3345000 | Qatar Government International Bond 144A, 4.82%, 3/14/49 (a) | 3177 |
| 3050000 | Qatar Government International Bond 144A, 5.10%, 4/23/48 (a) | 3017 |
|  |  | 9483 |
|  **Romania (EUR) (1%)** | **Romania (EUR) (1%)** |  |
| 2726000 | Romanian Government International Bond 144A, 4.63%, 4/03/49 EUR (a)(e) | 2452 |
| 1730000 | Romanian Government International Bond 144A, 5.63%, 2/22/36 EUR (a)(e) | 1850 |
|  |  | 4302 |
|  **Romania (USD) (1%)** | **Romania (USD) (1%)** |  |
| 7470000 | Romanian Government International Bond 144A, 3.00%, 2/27/27 (a) | 7106 |
|  **Saudi Arabia (USD) (3%)** | **Saudi Arabia (USD) (3%)** |  |
| 5275000 | Saudi Arabian Oil Co. 144A, 4.25%, 4/16/39 (a) | 4650 |
| 2135000 | Saudi Arabian Oil Co. 144A, 5.75%, 7/17/54 (a) | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780000 | Saudi Government International Bond 144A, 3.25%, 11/17/51 (a) | 2489 |
| 7225000 | Saudi Government International Bond 144A, 3.45%, 2/02/61 (a) | 4646 |
| 6305000 | Saudi Government International Bond 144A, 3.75%, 1/21/55 (a) | 4440 |
| 5530000 | Saudi Government International Bond 144A, 5.00%, 1/18/53 (a) | 4866 |
| 1785000 | Saudi Government International Bond 144A, 5.25%, 1/16/50 (a) | 1665 |
|  |  | 24820 |
|  **Senegal (USD) (0%)** | **Senegal (USD) (0%)** |  |
| 3145000 | Senegal Government International Bond 144A, 6.75%, 3/13/48 (a) | 2228 |
|  **Serbia (EUR) (1%)** | **Serbia (EUR) (1%)** |  |
| 4305000 | Serbia International Bond 144A, 3.13%, 5/15/27 EUR (a)(e) | 4619 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **South Africa (USD) (4%)** | **South Africa (USD) (4%)** |  |
| 2625000 | Eskom Holdings SOC Ltd. 144A, 6.35%, 8/10/28 (a) | $2630 |
| 1210000 | Eskom Holdings SOC Ltd. 144A, 7.13%, 2/11/25 (a) | 1211 |
| 1805000 | Eskom Holdings SOC Ltd. 144A, 8.45%, 8/10/28 (a) | 1890 |
| 2820000 | Republic of South Africa Government International Bond, 4.30%, 10/12/28 | 2670 |
| 2700000 | Republic of South Africa Government International Bond, 5.65%, 9/27/47 | 2123 |
| 4520000 | Republic of South Africa Government International Bond, 5.75%, 9/30/49 | 3541 |
| 6780000 | Republic of South Africa Government International Bond, 5.88%, 6/22/30 | 6641 |
| 3495000 | Republic of South Africa Government International Bond, 5.88%, 4/20/32 | 3355 |
| 6580000 | Republic of South Africa Government International Bond, 7.30%, 4/20/52 | 6214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30275 |
|  **South Africa (ZAR) (2%)** | **South Africa (ZAR) (2%)** |  |
| 109670000 | Republic of South Africa Government Bond Series R214, 6.50%, 2/28/41 ZAR (e) | 4095 |
| 183555000 | Republic of South Africa Government Bond Series 2037, 8.50%, 1/31/37 ZAR (e) | 8722 |
|  |  | 12817 |
|  **Spain (USD) (0%)** | **Spain (USD) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422163 | AL Candelaria - spain- SA 144A, 7.50%, 12/15/28 (a) | 1409 |
|  **Sri Lanka (USD) (2%)** | **Sri Lanka (USD) (2%)** |  |
| 2875000 | Sri Lanka Government International Bond 144A, 0.00%, 7/25/22 (d) | 1753 |
| 8345000 | Sri Lanka Government International Bond 144A, 6.20%, 5/11/27 (a) | 5153 |
| 2530000 | Sri Lanka Government International Bond 144A, 6.83%, 7/18/26 (a) | 1569 |
| 1885000 | Sri Lanka Government International Bond 144A, 7.55%, 3/28/30 (a) | 1176 |
| 9055000 | Sri Lanka Government International Bond 144A, 7.85%, 3/14/29 (a) | 5688 |
|  |  | 15339 |
|  **Supranational (INR) (0%)** | **Supranational (INR) (0%)** |  |
| 66000000 | European Bank for Reconstruction & Development, 6.75%, 3/14/31 INR (e) | 774 |
|  **Supranational (USD) (0%)** | **Supranational (USD) (0%)** |  |
| 1531829 | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (a) | 1574 |
| 485000 | Promigas SA ESP/Gases del Pacifico SAC 144A, 3.75%, 10/16/29 (a) | 442 |
|  |  | 2016 |
|  **Turkey (EUR) (1%)** | **Turkey (EUR) (1%)** |  |
| 3810000 | Turkiye Government International Bond, 5.88%, 5/21/30 EUR (e) | 4304 |
|  **Turkey (TRY) (1%)** | **Turkey (TRY) (1%)** |  |
| 193565000 | Turkiye Government Bond Series 5Y, 17.30%, 7/19/28 TRY (e) | 3905 |
| 126600000 | Turkiye Government Bond Series 10Y, 17.80%, 7/13/33 TRY (e) | 2453 |
|  |  | 6358 |

---

88 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Turkey (USD) (3%)** | **Turkey (USD) (3%)** |  |
| 4910000 | Hazine Mustesarligi Varlik Kiralama AS 144A, 8.51%, 1/14/29 (a) | $5318 |
| 3170000 | Istanbul Metropolitan Municipality 144A, 10.50%, 12/06/28 (a) | 3468 |
| 1795000 | Turkiye Government International Bond Series 11Y, 4.25%, 4/14/26 | 1771 |
| 4270000 | Turkiye Government International Bond Series 30Y, 6.00%, 1/14/41 | 3619 |
| 2755000 | Turkiye Government International Bond, 9.13%, 7/13/30 | 3081 |
| 1640000 | Vestel Elektronik Sanayi ve Ticaret AS 144A, 9.75%, 5/15/29 (a) | 1642 |
| 1705000 | Yapi ve Kredi Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.499%), 9.74% (a)(f)(g) | 1769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20668 |
|  **Ukraine (USD) (1%)** | **Ukraine (USD) (1%)** |  |
| 288922 | Ukraine Government International Bond, 1.75%, 2/01/29 (c) | 175 |
| 109127 | Ukraine Government International Bond 144A, 1.75%, 2/01/29 (a) | 66 |
| 4097407 | Ukraine Government International Bond 144A, 1.75%, 2/01/34 (a) | 1959 |
| 505614 | Ukraine Government International Bond, 1.75%, 2/01/34 (c) | 242 |
| 3761258 | Ukraine Government International Bond 144A, 1.75%, 2/01/35 (a) | 1753 |
| 577845 | Ukraine Government International Bond, 1.75%, 2/01/35 (c) | 269 |
| 72231 | Ukraine Government International Bond, 1.75%, 2/01/36 (c) | 33 |
| 2892488 | Ukraine Government International Bond 144A, 1.75%, 2/01/36 (a) | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695000 | Ukraine Government International Bond 144A, (N/A + 0.000%), 1.92%,<br>8/01/41 (a)(d)(i) | 1955 |
| 1561164 | Ukraine Government International Bond 144A, 12.59%, 2/01/36 (a)(d) | 759 |
| 207663 | Ukraine Government International Bond, 12.59%, 2/01/36 (c)(d) | 101 |
| 1873396 | Ukraine Government International Bond 144A, 12.74%, 2/01/35 (a)(d) | 918 |
| 249195 | Ukraine Government International Bond, 12.74%, 2/01/35 (c)(d) | 122 |
| 294881 | Ukraine Government International Bond, 16.60%, 2/01/34 (c)(d) | 111 |
| 2216854 | Ukraine Government International Bond 144A, 16.60%, 2/01/34 (a)(d) | 834 |
| 78912 | Ukraine Government International Bond, 18.44%, 2/01/30 (c)(d) | 38 |
| 593240 | Ukraine Government International Bond 144A, 18.44%, 2/01/30 (a)(d) | 288 |
|  |  | 10956 |
|  **United Arab Emirates (USD) (3%)** | **United Arab Emirates (USD) (3%)** |  |
| 9398000 | Abu Dhabi Crude Oil Pipeline LLC 144A, 4.60%, 11/02/47 (a) | 8475 |
| 2215000 | Abu Dhabi Developmental Holding Co. PJSC 144A, 5.25%, 10/02/54 (a) | 2090 |
| 3790000 | Abu Dhabi Government International Bond 144A, 5.50%, 4/30/54 (a) | 3868 |
| 2072199 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | 2079 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 1580000 | MDGH GMTN RSC Ltd. 144A, 5.08%, 5/22/53 (a) | $1494 |
| 1800000 | UAE International Government Bond 144A, 4.95%, 7/07/52 (a) | 1699 |
|  |  | 19705 |
|  **United Kingdom (NGN) (0%)** | **United Kingdom (NGN) (0%)** |  |
| 1495000000 | HSBC Bank PLC 144A, 21.67%, 3/10/25 NGN (a)(d)(e) | 811 |
|  **United States (NGN) (1%)** | **United States (NGN) (1%)** |  |
| 8190970214 | Citigroup Global Markets Holdings Inc. 144A, 25.99%, 3/10/25 NGN (a)(d)(e) | 4442 |
|  **United States (USD) (2%)** | **United States (USD) (2%)** |  |
| 5045708 | BBFI Liquidating Trust 144A, 1.50%, 12/30/99 (a)(d) | 1646 |
| 3590000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (a)(b) | 3311 |
| 856000 | Kosmos Energy Ltd. 144A, 7.50%, 3/01/28 (a)(b) | 822 |
| 580000 | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (a) | 570 |
| 1630000 | NBM U.S. Holdings Inc. 144A, 6.63%, 8/06/29 (a) | 1627 |
| 4325000 | SierraCol Energy Andina LLC 144A, 6.00%, 6/15/28 (a) | 3935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11911 |
|  **Uzbekistan (USD) (2%)** | **Uzbekistan (USD) (2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11755000 | Republic of Uzbekistan International Bond 144A, 3.70%, 11/25/30 (a) | 9909 |
| 4550000 | Republic of Uzbekistan International Bond 144A, 5.38%, 2/20/29 (a) | 4335 |
| 3640000 | Republic of Uzbekistan International Bond 144A, 7.85%, 10/12/28 (a) | 3801 |
|  |  | 18045 |
|  **Venezuela (USD) (0%)** | **Venezuela (USD) (0%)** |  |
| 3630000 | Petroleos de Venezuela SA, 5.38%, 4/12/27 (c)(h) | 361 |
| 3220000 | Petroleos de Venezuela SA, 6.00%, 11/15/26 (c)(h) | 314 |
| 1122500 | Petroleos de Venezuela SA, 8.50%, 10/27/20 (c)(h) | 1017 |
| 2890000 | Petroleos de Venezuela SA, 9.00%, 11/17/21 (c)(h) | 297 |
| 1640000 | Petroleos de Venezuela SA, 12.75%, 2/17/22 (c)(h) | 184 |
| 1420000 | Venezuela Government International Bond, 7.00%, 3/31/38 (c)(h) | 192 |
| 4560000 | Venezuela Government International Bond, 7.65%, 4/21/25 (c)(h) | 617 |
| 12920000 | Venezuela Government International Bond, 7.75%, 10/13/19 (c)(h) | 1675 |
| 3375000 | Venezuela Government International Bond, 8.25%, 10/13/24 (c)(h) | 470 |
| 4870000 | Venezuela Government International Bond, 9.25%, 9/15/27 (h) | 752 |
|  |  | 5879 |
|  **Virgin Islands (British) (USD) (0%)** | **Virgin Islands (British) (USD) (0%)** |  |
| 1100000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (a) | 1056 |

---

Annual Financial Statements and Other Information 89

------

&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 Emerging Markets Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Zambia (USD) (1%)** | **Zambia (USD) (1%)** |  |
| 2426963 | Zambia Government International Bond 144A, 0.50%, 12/31/53 (a) | $1327 |
| 10606418 | Zambia Government International Bond 144A, 5.75%, 6/30/33 (a) | 9340 |
|  |  | 10667 |
|  **Total Bonds (Cost - $851,302)** | **Total Bonds (Cost - $851,302)** | 821635 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 22078607 | Payden Cash Reserves Money Market Fund\* (Cost - $22,079) | 22079 |
|  **Total Investments (Cost - $873,381) (100%)** | **Total Investments (Cost - $873,381) (100%)** | 843714 |
|  **Liabilities in excess of Other Assets ((0)%)** | **Liabilities in excess of Other Assets ((0)%)** | (1796) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841918 |

---

\* 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, 2024, the total market value of the Fund's securities on loan is $6,175 and the total market value of the collateral held by the Fund is $6,450. Amounts in 000s.

&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) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

&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.

#### 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:** |  |  |  |  |
|  INR 638,620 | USD 7,552 | BNP<br>PARIBAS | 01/13/2025 | $18 |
|  TRY 25,345 | USD 683 | HSBC Bank<br>USA, N.A. | 11/13/2024 | 46 |
|  USD 8,674 | PHP 497,190 | Barclays Bank<br>PLC | 11/15/2024 | 120 |
|  USD 1,792 | COP 7,570,000 | BNP<br>PARIBAS | 11/08/2024 | 83 |
|  USD 4,394 | MXN 87,950 | BNP<br>PARIBAS | 11/25/2024 | 18 |
|  USD 4,480 | CZK 101,080 | BNP<br>PARIBAS | 12/12/2024 | 133 |
|  USD 4,329 | HUF 1,565,400 | BNP<br>PARIBAS | 12/12/2024 | 167 |
|  USD 13,574 | ZAR 238,670 | BNP<br>PARIBAS | 01/15/2025 | 126 |
|  USD 8,815 | PLN 35,273 | BNP<br>PARIBAS | 02/10/2025 | 35 |
|  USD 4,243 | COP 17,452,000 | Citibank,<br>N.A. | 11/08/2024 | 304 |
|  USD 35,615 | PEN 133,964 | HSBC Bank<br>USA, N.A. | 11/08/2024 | 117 |
|  USD 17,936 | BRL 100,732 | HSBC Bank<br>USA, N.A. | 11/14/2024 | 541 |
|  USD 5,487 | MXN 108,200 | HSBC Bank<br>USA, N.A. | 11/25/2024 | 103 |
|  USD 8,916 | CNH 62,563 | HSBC Bank<br>USA, N.A. | 02/10/2025 | 72 |
|  USD 2,461 | PEN 9,284 | HSBC Bank<br>USA, N.A. | 02/13/2025 | 3 |
|  USD 48,391 | EUR 43,160 | HSBC Bank<br>USA, N.A. | 03/19/2025 | 1145 |
|  USD 1,661 | PEN 6,232 | Morgan<br>Stanley | 11/08/2024 | 9 |
|  USD 20,692 | BRL 115,065 | Morgan<br>Stanley | 11/14/2024 | 821 |
|  USD 4,581 | COP 19,792,000 | Wells Fargo<br>& Co | 11/08/2024 | 114 |
|  |  |  |  | 3975 |
|  **Liabilities:** |  |  |  |  |
|  BRL 14,709 | USD 2,569 | Morgan<br>Stanley | 11/14/2024 | (29) |
|  CLP 4,104,200 | USD 4,432 | Barclays Bank<br>PLC | 02/04/2025 | (165) |
|  HUF 160,400 | USD 444 | BNP<br>PARIBAS | 12/12/2024 | (18) |
|  IDR 64,276,000 | USD 4,089 | BNP<br>PARIBAS | 01/13/2025 | (3) |
|  KZT 1,491,700 | USD 3,007 | Barclays Bank<br>PLC | 02/12/2025 | (30) |
|  KZT 2,946,000 | USD 6,036 | BNP<br>PARIBAS | 02/12/2025 | (156) |
|  MXN 86,550 | USD 4,459 | BNP<br>PARIBAS | 11/25/2024 | (152) |
|  PEN 53,386 | USD 14,196 | Barclays Bank<br>PLC | 11/08/2024 | (50) |
|  PHP 497,190 | USD 8,793 | Barclays Bank<br>PLC | 11/15/2024 | (238) |

---

90 Payden Mutual Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
| USD 8,785 | THB 298,080 | Barclays Bank PLC | 11/15/2024 | (57) |
|  |  |  |  | (898) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $3077 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number<br>of Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Long Contracts:** | **Long Contracts:** | **Long Contracts:** | **Long Contracts:** | **Long Contracts:** |  |
| U.S. Treasury 2-Year Note Future | 586 | Dec-24 | $120684 | $(552) | $(552) |
|  **Short Contracts:** | **Short Contracts:** | **Short Contracts:** | **Short Contracts:** | **Short Contracts:** |  |
| U.S. 10-Year Ultra Future | 241 | Dec-24 | (27414) | 754 | 754 |
| Total Futures |  |  |  |  | $202 |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
| 2-Year Interest Rate Swap, Receive Fixed 10.440% Monthly, Pay Variable 10.743% (MXIBTIIE) 28 days | 04/28/2026 | MXN 525,100 | $176 | $– | $176 |
| 2-Year Interest Rate Swap, Receive Fixed 9.640% Monthly, Pay Variable 11.245% (MXIBTIIE) 28 days | 08/03/2026 | MXN 550,000 | (105) | – | (105) |
| 8-Year Interest Rate Swap, Pay Fixed 1.341% Annually, Receive Variable 3.263% (ESTRON) Annually | 10/17/2030 | EUR 2,250 | 119 | – | 119 |
| 8-Year SOFR Swap, Receive Fixed 2.776% Annually, Pay Variable 4.831% (SOFRRATE) Annually | 10/17/2030 | USD 2,534 | (137) | – | (137) |
| 9-Year Interest Rate Swap, Pay Fixed 2.079% Annually, Receive Variable 3.853% (ESTRON) Annually | 10/30/2031 | EUR 5,215 | 153 | – | 153 |
| 9-Year SOFR Swap, Receive Fixed 2.921% Annually, Pay Variable 5.417% (SOFRRATE) Annually | 10/30/2031 | USD 5,530 | (427) | – | (427) |
|  |  |  | $(221) | $– | $(221) |

---

#### 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> | $6175 |
|  Non-cash Collateral<sup>2</sup> | (6175) |
|  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, 2024, 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 91

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payden Emerging Markets Local Bond Fund

**Schedule of Investments -** *October 31, 2024* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Bonds (91%)** | **Bonds (91%)** |  |
|  **Brazil (BRL) (12%)** | **Brazil (BRL) (12%)** |  |
| 2500000 | Brazil Letras do Tesouro Nacional, 10.30%, 7/01/25 BRL (a)(b) | $401 |
| 7200000 | Brazil Letras do Tesouro Nacional, 10.36%, 4/01/25 BRL (a)(b) | 1191 |
| 825944 | Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/50 BRL (b) | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12800000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/25 BRL (b) | 2208 |
| 6100000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/27 BRL (b) | 1003 |
| 8100000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/29 BRL (b) | 1282 |
| 9400000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/31 BRL (b) | 1443 |
| 7600000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/33 BRL (b) | 1145 |
|  |  | 8805 |
|  **China (CNY) (8%)** | **China (CNY) (8%)** |  |
| 5500000 | China Government Bond Series 2216, 2.50%, 7/25/27 CNY (b) | 790 |
| 1400000 | China Government Bond, 2.52%, 8/25/33 CNY (b) | 202 |
| 9500000 | China Government Bond, 2.75%, 6/15/29 CNY (b) | 1389 |
| 14450000 | China Government Bond, 2.76%, 5/15/32 CNY (b) | 2125 |
| 3000000 | China Government Bond, 3.02%, 10/22/25 CNY (b) | 429 |
| 980000 | China Government Bond, 3.19%, 4/15/53 CNY (b) | 162 |
| 4790000 | China Government Bond Series 1906, 3.29%, 5/23/29 CNY (b) | 720 |
|  |  | 5817 |
|  **Colombia (COP) (4%)** | **Colombia (COP) (4%)** |  |
| 1738665390 | Colombian TES, 3.75%, 2/25/37 COP (b) | 335 |
| 1673000000 | Colombian TES Series B, 5.75%, 11/03/27 COP (b) | 342 |
| 603000000 | Colombian TES Series B, 6.00%, 4/28/28 COP (b) | 121 |
| 1902100000 | Colombian TES Series B, 7.00%, 3/26/31 COP (b) | 365 |
| 6720200000 | Colombian TES Series B, 7.25%, 10/26/50 COP (b) | 987 |
| 3845000000 | Colombian TES Series B, 9.25%, 5/28/42 COP (b) | 724 |
| 1436000000 | Empresas Publicas de Medellin ESP 144A, 8.38%, 11/08/27 COP (b)(c) | 297 |
|  |  | 3171 |
|  **Colombia (USD) (0%)** | **Colombia (USD) (0%)** |  |
| 230000 | Ecopetrol SA, 8.38%, 1/19/36 | 225 |
|  **Czech Republic (CZK) (3%)** | **Czech Republic (CZK) (3%)** |  |
| 28630000 | Czech Republic Government Bond Series 125, 1.50%, 4/24/40 CZK (b) | 852 |
| 22570000 | Czech Republic Government Bond Series 103, 2.00%, 10/13/33 CZK (b) | 822 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 7930000 | Czech Republic Government Bond Series 151, 4.90%, 4/14/34 CZK (b) | $362 |
|  |  | 2036 |
|  **Dominican Republic (DOP) (2%)** | **Dominican Republic (DOP) (2%)** |  |
| 43760000 | Dominican Republic Central Bank Notes 144A, 10.50%, 1/17/25 DOP (b)(c) | 725 |
| 25200000 | Dominican Republic International Bond 144A, 10.75%, 6/01/36 DOP (b)(c) | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000000 | Dominican Republic International Bond 144A, 13.63%, 2/03/33 DOP (b)(c) | 570 |
|  |  | 1745 |
|  **Hungary (HUF) (2%)** | **Hungary (HUF) (2%)** |  |
| 628420000 | Hungary Government Bond Series 30/A, 3.00%, 8/21/30 HUF (b) | 1386 |
| 29580000 | Hungary Government Bond Series 41/A, 3.00%, 4/25/41 HUF (b) | 49 |
| 29620000 | Hungary Government Bond Series 32/A, 4.75%, 11/24/32 HUF (b) | 69 |
|  |  | 1504 |
|  **Indonesia (IDR) (9%)** | **Indonesia (IDR) (9%)** |  |
| 24801000000 | Indonesia Treasury Bond Series FR87, 6.50%, 2/15/31 IDR (b) | 1560 |
| 8527000000 | Indonesia Treasury Bond Series 100, 6.63%, 2/15/34 IDR (b) | 536 |
| 36066000000 | Indonesia Treasury Bond Series FR96, 7.00%, 2/15/33 IDR (b) | 2323 |
| 9805000000 | Indonesia Treasury Bond Series FR97, 7.13%, 6/15/43 IDR (b) | 631 |
| 5100000000 | Indonesia Treasury Bond Series FR72, 8.25%, 5/15/36 IDR (b) | 357 |
| 8511000000 | Indonesia Treasury Bond Series FR68, 8.38%, 3/15/34 IDR (b) | 597 |
| 4491000000 | Indonesia Treasury Bond Series FR79, 8.38%, 4/15/39 IDR (b) | 322 |
|  |  | 6326 |
|  **Ivory Coast (EUR) (0%)** | **Ivory Coast (EUR) (0%)** |  |
| 200000 | Ivory Coast Government International Bond 144A, 4.88%, 1/30/32 EUR (b)(c) | 191 |
|  **Ivory Coast (USD) (0%)** | **Ivory Coast (USD) (0%)** |  |
| 200000 | Ivory Coast Government International Bond 144A, 8.25%, 1/30/37 (c) | 199 |
|  **Malaysia (MYR) (5%)** | **Malaysia (MYR) (5%)** |  |
| 3220000 | Malaysia Government Bond Series 0219, 3.89%, 8/15/29 MYR (b) | 742 |
| 5450000 | Malaysia Government Bond Series 0222, 4.70%, 10/15/42 MYR (b) | 1338 |
| 2800000 | Malaysia Government Bond Series 0317, 4.76%, 4/07/37 MYR (b) | 687 |
| 3200000 | Malaysia Government Bond Series 0418, 4.89%, 6/08/38 MYR (b) | 798 |
|  |  | 3565 |
|  **Mexico (MXN) (6%)** | **Mexico (MXN) (6%)** |  |
| 4730000 | America Movil SAB de CV, 9.50%, 1/27/31 MXN (b) | 225 |
| 8110000 | America Movil SAB de CV, 10.13%, 1/22/29 MXN (b) | 400 |
| 7270000 | Grupo Televisa SAB, 7.25%, 5/14/43<br>MXN (b) | 217 |

---

92 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26280000 | Mexican Bonos Series M, 5.50%, 3/04/27 MXN (b) | $1193 |
| 9750000 | Mexican Bonos Series M, 7.75%, 11/13/42 MXN (b) | 386 |
| 13640000 | Mexican Bonos Series M, 8.00%, 11/07/47 MXN (b) | 545 |
| 13190000 | Mexican Bonos Series M, 8.50%, 5/31/29 MXN (b) | 625 |
| 18700000 | Mexican Bonos Series M, 8.50%, 11/18/38 MXN (b) | 819 |
|  |  | 4410 |
|  **Oman (USD) (0%)** | **Oman (USD) (0%)** |  |
| 200000 | Oman Government International Bond 144A, 7.38%, 10/28/32 (c) | 224 |
|  **Paraguay (PYG) (1%)** | **Paraguay (PYG) (1%)** |  |
| 2625000000 | Paraguay Government International Bond 144A, 7.90%, 2/09/31 PYG (b)(c) | 338 |
|  **Peru (PEN) (5%)** | **Peru (PEN) (5%)** |  |
| 1510000 | Banco de Credito del Peru S.A. 144A, 7.85%, 1/11/29 PEN (b)(c) | 426 |
| 5406000 | Peru Government Bond, 5.35%, 8/12/40<br>PEN (b) | 1175 |
| 565000 | Peru Government Bond 144A, 7.30%, 8/12/33 PEN (b)(c)(d) | 156 |
| 1910000 | Peru Government Bond 144A, 7.60%, 8/12/39 PEN (b)(c)(d) | 519 |
| 4255000 | Peruvian Government International Bond 144A, 6.90%, 8/12/37 PEN (b)(c) | 1099 |
|  |  | 3375 |
|  **Philippines (PHP) (0%)** | **Philippines (PHP) (0%)** |  |
| 17000000 | Philippine Government International Bond, 6.25%, 1/14/36 PHP (b) | 288 |
|  **Poland (PLN) (4%)** | **Poland (PLN) (4%)** |  |
| 4640000 | Republic of Poland Government Bond Series 0432, 1.75%, 4/25/32 PLN (b) | 880 |
| 3640000 | Republic of Poland Government Bond Series 1034, 5.00%, 10/25/34 PLN (b) | 847 |
| 3870000 | Republic of Poland Government Bond Series 1033, 6.00%, 10/25/33 PLN (b) | 973 |
|  |  | 2700 |
|  **Romania (RON) (2%)** | **Romania (RON) (2%)** |  |
| 1735000 | Romania Government Bond Series 5Y, 4.25%, 4/28/36 RON (b) | 304 |
| 2530000 | Romania Government Bond Series 15Y, 4.75%, 10/11/34 RON (b) | 474 |
| 3380000 | Romania Government Bond Series 15YR, 5.80%, 7/26/27 RON (b) | 734 |
|  |  | 1512 |
|  **South Africa (ZAR) (9%)** | **South Africa (ZAR) (9%)** |  |
| 3960000 | Republic of South Africa Government Bond Series R214, 6.50%, 2/28/41 ZAR (b) | 148 |
| 53440000 | Republic of South Africa Government Bond Series 2037, 8.50%, 1/31/37 ZAR (b) | 2539 |
| 17635000 | Republic of South Africa Government Bond Series 2048, 8.75%, 2/28/48 ZAR (b) | 802 |
| 18910000 | Republic of South Africa Government Bond Series 2035, 8.88%, 2/28/35 ZAR (b) | 961 |
| 34380000 | Republic of South Africa Government Bond Series 2040, 9.00%, 1/31/40 ZAR (b) | 1638 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 6480000 | Republic of South Africa Government Bond Series R186, 10.50%, 12/21/26 ZAR (b) | $383 |
|  |  | 6471 |
|  **South Korea (MXN) (0%)** | **South Korea (MXN) (0%)** |  |
| 5000000 | Export-Import Bank of Korea Series 19, 7.93%, 7/30/26 MXN (b) | 243 |
|  **Supranational (COP) (1%)** | **Supranational (COP) (1%)** |  |
| 2806000000 | Asian Development Bank, 11.20%, 1/31/25 COP (b) | 635 |
| 2000000000 | Corp. Andina de Fomento, 6.77%, 5/24/28 COP (b)(d) | 399 |
|  |  | 1034 |
|  **Supranational (INR) (5%)** | **Supranational (INR) (5%)** |  |
| 122000000 | European Bank for Reconstruction & Development, 6.75%, 3/14/31 INR (b) | 1430 |
| 113000000 | Inter-American Development Bank, 7.00%, 4/17/33 INR (b) | 1340 |
| 16000000 | Inter-American Development Bank, 7.00%, 8/08/33 INR (b) | 190 |
| 47000000 | Inter-American Development Bank, 7.35%, 10/06/30 INR (b) | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31500000 | International Bank for Reconstruction & Development, 6.85%, 4/24/28 INR (b) | 375 |
|  |  | 3902 |
|  **Supranational (MXN) (1%)** | **Supranational (MXN) (1%)** |  |
| 7500000 | Corp. Andina de Fomento, 6.82%, 2/22/31 MXN (b)(d) | 309 |
|  **Thailand (THB) (5%)** | **Thailand (THB) (5%)** |  |
| 40880000 | Thailand Government Bond, 1.59%, 12/17/35 THB (b) | 1108 |
| 15590000 | Thailand Government Bond, 2.00%, 12/17/31 THB (b) | 453 |
| 17570000 | Thailand Government Bond, 2.00%, 6/17/42 THB (b) | 464 |
| 13310000 | Thailand Government Bond, 2.88%, 6/17/46 THB (b) | 384 |
| 21500000 | Thailand Government Bond, 3.30%, 6/17/38 THB (b) | 685 |
| 22555000 | Thailand Government Bond, 3.45%, 6/17/43 THB (b) | 721 |
|  |  | 3815 |
|  **Turkey (TRY) (2%)** | **Turkey (TRY) (2%)** |  |
| 43915000 | Turkiye Government Bond Series 5Y, 17.30%, 7/19/28 TRY (b) | 886 |
| 36225000 | Turkiye Government Bond Series 10Y, 17.80%, 7/13/33 TRY (b) | 702 |
|  |  | 1588 |
|  **Ukraine (USD) (0%)** | **Ukraine (USD) (0%)** |  |
| 30916 | Ukraine Government International Bond 144A, 1.75%, 2/01/34 (c) | 15 |
| 33294 | Ukraine Government International Bond 144A, 1.75%, 2/01/35 (c) | 15 |
| 30916 | Ukraine Government International Bond 144A, 1.75%, 2/01/36 (c) | 14 |
| 13674 | Ukraine Government International Bond 144A, 12.59%, 2/01/36 (a)(c) | 7 |
| 16409 | Ukraine Government International Bond 144A, 12.74%, 2/01/35 (a)(c) | 8 |
| 19418 | Ukraine Government International Bond 144A, 16.60%, 2/01/34 (a)(c) | 7 |

---

Annual Financial Statements and Other Information 93

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Emerging Markets Local Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
| 5196 | Ukraine Government International Bond 144A, 18.44%, 2/01/30 (a)(c) | $3 |
|  |  | 69 |
|  **United Kingdom (IDR) (1%)** | **United Kingdom (IDR) (1%)** |  |
| 8600000000 | Standard Chartered Bank 144A, 6.50%, 2/20/31 IDR (b)(c) | 541 |
|  **United Kingdom (NGN) (0%)** | **United Kingdom (NGN) (0%)** |  |
| 316800000 | HSBC Bank PLC 144A, 21.67%, 3/10/25 NGN (a)(b)(c) | 172 |
|  **United States (EGP) (1%)** | **United States (EGP) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30125013 | Citigroup Global Markets Holdings Inc. 144A, 32.55%, 3/13/25<br>EGP (a)(b)(c) | 560 |
|  **United States (IDR) (1%)** | **United States (IDR) (1%)** |  |
| 6394000000 | JPMorgan Chase Bank N.A. 144A, 9.50%, 7/17/31 IDR (b)(c) | 465 |
|  **United States (NGN) (1%)** | **United States (NGN) (1%)** |  |
| 339000000 | Citigroup Global Markets Holdings Inc. 144A, 22.84%, 3/10/25<br>NGN (a)(b)(c) | 184 |
| 1589873418 | Citigroup Global Markets Holdings Inc. 144A, 25.99%, 3/10/25<br>NGN (a)(b)(c) | 862 |
|  |  | 1046 |
|  **Uruguay (UYU) (0%)** | **Uruguay (UYU) (0%)** |  |
| 5570000 | Uruguay Government International Bond, 8.25%, 5/21/31 UYU (b) | 127 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Uzbekistan (UZS) (1%)** | **Uzbekistan (UZS) (1%)** |  |
| 2500000000 | Republic of Uzbekistan International Bond 144A, 16.25%, 10/12/26 UZS (b)(c) | $197 |
| 3140000000 | Republic of Uzbekistan International Bond 144A, 16.63%, 5/29/27 UZS (b)(c) | 243 |
|  |  | 440 |
|  **Total Bonds (Cost - $70,557)** | **Total Bonds (Cost - $70,557)** | 67213 |
|  **Investment Company (6%)** | **Investment Company (6%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448023 | Payden Cash Reserves Money Market Fund\* |  |
|  | (Cost - $4,448) | 4448 |
|  **Total Investments (Cost - $75,005) (97%)** | **Total Investments (Cost - $75,005) (97%)** | 71661 |
|  **Other Assets, net of Liabilities (3%)** | **Other Assets, net of Liabilities (3%)** | 2412 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $74073 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal in foreign currency.

&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) 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>(Depreciation)<br>(000s) |
|  **Assets:** |  |  |  |  |
|  INR 118,680 | USD 1,404 | BNP PARIBAS | 01/13/2025 | $3 |
|  THB 113,070 | USD 3,268 | Barclays Bank PLC | 11/15/2024 | 86 |
|  TRY 3,687 | USD 99 | HSBC Bank USA, N.A. | 11/13/2024 | 7 |
|  USD 1,043 | PHP 59,770 | Barclays Bank PLC | 11/15/2024 | 14 |
|  USD 874 | THB 29,010 | Barclays Bank PLC | 11/15/2024 | 13 |
|  USD 741 | TND 2,265 | BNP PARIBAS | 11/04/2024 | 13 |
|  USD 1,329 | COP 5,614,000 | BNP PARIBAS | 11/08/2024 | 62 |
|  USD 585 | CZK 13,210 | BNP PARIBAS | 12/12/2024 | 17 |
|  USD 554 | HUF 200,400 | BNP PARIBAS | 12/12/2024 | 22 |
|  USD 890 | ZAR 15,650 | BNP PARIBAS | 01/15/2025 | 8 |
|  USD 751 | PLN 3,004 | BNP PARIBAS | 02/10/2025 | 3 |
|  USD 520 | COP 2,137,000 | Citibank, N.A. | 11/08/2024 | 37 |
|  USD 201 | COP 845,000 | HSBC Bank USA, N.A. | 11/08/2024 | 11 |
|  USD 4,740 | PEN 17,783 | HSBC Bank USA, N.A. | 11/08/2024 | 28 |
|  USD 1,238 | BRL 6,992 | HSBC Bank USA, N.A. | 11/14/2024 | 31 |
|  USD 206 | MXN 3,940 | HSBC Bank USA, N.A. | 11/25/2024 | 10 |
|  USD 640 | CNH 4,493 | HSBC Bank USA, N.A. | 02/10/2025 | 5 |
|  USD 276 | PEN 1,040 | HSBC Bank USA, N.A. | 02/13/2025 |  |
|  USD 2,158 | EUR 1,925 | HSBC Bank USA, N.A. | 03/19/2025 | 51 |
|  USD 2,025 | BRL 11,089 | Morgan Stanley | 11/14/2024 | 110 |
|  USD 533 | COP 2,301,000 | Wells Fargo & Co. | 11/08/2024 | 13 |
|  ZAR 11,390 | USD 637 | BNP PARIBAS | 01/15/2025 | 5 |
|  |  |  |  | 549 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 Payden Mutual Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Liabilities:** |  |  |  |  |
| CLP 1,611,968 | USD 1,758 | Barclays<br>Bank PLC | 02/04/2025 | $(82) |
| CNH 10,497 | USD 1,494 | HSBC Bank<br>USA, N.A. | 02/10/2025 | (10) |
| COP 807,000 | USD 189 | BNP<br>PARIBAS | 11/08/2024 | (7) |
| COP 1,101,000 | USD 264 | Citibank,<br>N.A. | 11/08/2024 | (16) |
| CZK 57,620 | USD 2,530 | BNP<br>PARIBAS | 12/12/2024 | (52) |
| HUF 300,100 | USD 831 | BNP<br>PARIBAS | 12/12/2024 | (33) |
| HUF 52,000 | USD 140 | Morgan<br>Stanley | 12/12/2024 | (2) |
| IDR 16,391,000 | USD 1,043 | BNP<br>PARIBAS | 01/13/2025 | (1) |
| KZT 110,900 | USD 224 | Barclays<br>Bank PLC | 02/12/2025 | (2) |
| KZT 265,100 | USD 543 | BNP<br>PARIBAS | 02/12/2025 | (14) |
| MXN 25,320 | USD 1,298 | BNP<br>PARIBAS | 11/25/2024 | (38) |
| MXN 16,720 | USD 840 | HSBC Bank<br>USA, N.A. | 11/25/2024 | (8) |
| MYR 13,241 | USD 3,043 | Barclays<br>Bank PLC | 12/11/2024 | (13) |
| PEN 5,026 | USD 1,336 | Barclays<br>Bank PLC | 11/08/2024 | (5) |
| PEN 370 | USD 99 | HSBC Bank<br>USA, N.A. | 11/08/2024 | (1) |
| PEN 606 | USD 161 | Morgan<br>Stanley | 11/08/2024 | (1) |
| PHP 43,220 | USD 764 | Barclays<br>Bank PLC | 11/15/2024 | (21) |
| PLN 10,302 | USD 2,608 | BNP<br>PARIBAS | 02/10/2025 | (44) |
| RON 5,701 | USD 1,253 | BNP<br>PARIBAS | 11/20/2024 | (7) |
| TND 2,265 | USD 731 | BNP<br>PARIBAS | 11/04/2024 | (3) |
| USD 533 | INR 45,020 | Barclays<br>Bank PLC | 01/13/2025 |  |
| USD 1,069 | INR 90,270 | BNP<br>PARIBAS | 01/13/2025 | (1) |
|  |  |  |  | (361) |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $188 |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract<br>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:** | **Long Contracts:** | **Long Contracts:** |  |  |  |
|  U.S. Treasury 2-Year Note Future | 49 | Dec-24 | $10091 | $(46) | $(46) |
|  **Short Contracts:** | **Short Contracts:** | **Short Contracts:** |  |  |  |
|  U.S. 10-Year Ultra Future | 20 | Dec-24 | (2275) | 44 | 44 |
|  U.S. Treasury 10-Year Note Future | 23 | Dec-24 | (2541) | 38 | 38 |
|  |  |  |  |  | 82 |
|  **Total Futures** |  |  |  |  | $36 |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
| 2-Year Interest Rate Swap, Receive Fixed 10.44% 28 Days, Pay Variable 10.74 % (MXIBTIIE) 28 Days | 04/28/2026 | MXN 73,700 | $25 | $– | $25 |
| 2-Year Interest Rate Swap, Receive Fixed 9.64% 28 Days, Pay Variable 11.25 % (MXIBTIIE) 28 Days | 08/03/2026 | MXN 100,000 | (19) | – | (19) |
| 2-Year Interest Rate Swap, Receive Fixed 9.765% 28 Days, Pay Variable 10.74 % (MXIBTIIE) 28 Days | 03/20/2026 | MXN 46,300 | (9) | – | (9) |
| 5-Year Interest Rate Swap, Receive Fixed 1.801% Quarterly, Pay Variable 1.85% (CNRR007) Quarterly | 08/09/2029 | CNY 2,230 | 1 | – | 1 |

---

Annual Financial Statements and Other Information 95

------

&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 Emerging Markets Local Bond Fund continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>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 2.4875% Quarterly, Pay Variable 1.93% (CNRR007) Quarterly | 04/25/2027 | CNY 3,740 | 10 | – | 10 |
|  |  |  | $8 | $– | $8 |

---

*See notes to financial statements.* 

96 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;Payden Emerging Markets Corporate Bond Fund

---

| | | |
|:---|:---|:---|
| Schedule of Investments - *October 31, 2024* | Schedule of Investments - *October 31, 2024* | Schedule of Investments - *October 31, 2024* |
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Bonds (92%)** | **Bonds (92%)** |  |
|  **Argentina (USD) (0%)** | **Argentina (USD) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | Telecom Argentina SA 144A, 9.50%, 7/18/31 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
|  **Austria (USD) (1%)** | **Austria (USD) (1%)** |  |
| 220000 | BRF GmbH 144A, 4.35%, 9/29/26 (a) | 216 |
| 200000 | Klabin Austria GmbH 144A, 5.75%, 4/03/29 (a) | 200 |
| 200000 | Klabin Austria GmbH 144A, 7.00%,<br>4/03/49 (a)(b) | 209 |
| 455000 | LD Celulose International GmbH 144A, 7.95%, 1/26/32 (a) | 466 |
|  |  | 1091 |
|  **Bahamas (USD) (1%)** | **Bahamas (USD) (1%)** |  |
| 1050000 | Intercorp Peru Ltd. 144A, 3.88%, 8/15/29 (a)(b) | 959 |
|  **Bermuda (USD) (2%)** | **Bermuda (USD) (2%)** |  |
| 300000 | CBQ Finance Ltd., 2.00%, 9/15/25 (c) | 292 |
| 225000 | Geopark Ltd. 144A, 5.50%, 1/17/27 (a) | 212 |
| 500000 | Ooredoo International Finance Ltd. 144A, 5.00%, 10/19/25 (a) | 500 |
| 360000 | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak 144A, 4.85%, 10/14/38 (a) | 339 |
| 200000 | Tengizchevroil Finance Co. International Ltd. 144A, 3.25%, 8/15/30 (a) | 170 |
|  |  | 1513 |
|  **Brazil (USD) (2%)** | **Brazil (USD) (2%)** |  |
| 395000 | Banco do Brasil SA 144A, 4.63%, 1/15/25 (a) | 395 |
| 200000 | BRF SA 144A, 4.88%, 1/24/30 (a) | 187 |
| 365000 | BRF SA 144A, 5.75%, 9/21/50 (a) | 300 |
| 220000 | Centrais Eletricas Brasileiras SA 144A, 6.50%, 1/11/35 (a) | 216 |
| 606392 | Samarco Mineracao SA 144A, 9.00%, 6/30/31 (a) | 576 |
|  |  | 1674 |
|  **Canada (USD) (3%)** | **Canada (USD) (3%)** |  |
| 670000 | Aris Mining Corp. 144A, 6.88%, 8/09/26 (a) | 681 |
| 200000 | Aris Mining Corp. 144A, 8.00%, 10/31/29 (a) | 201 |
| 205000 | Empire Communities Corp. 144A, 9.75%, 5/01/29 (a) | 214 |
| 1360000 | First Quantum Minerals Ltd. 144A, 8.63%, 6/01/31 (a) | 1377 |
|  |  | 2473 |
|  **Cayman Islands (USD) (10%)** | **Cayman Islands (USD) (10%)** |  |
| 155000 | ABRA Global Finance 144A, 14.00%,<br>10/22/29 (a) | 157 |
| 200000 | Alibaba Group Holding Ltd., 3.40%, 12/06/27 | 193 |
| 350636 | Bioceanico Sovereign Certificate Ltd. 144A, 2.81%, 6/05/34 (a)(d) | 274 |
| 214000 | C&W Senior Finance Ltd. 144A, 6.88%, 9/15/27 | 212 |
| 615000 | Cosan Overseas Ltd., 8.25% (c)(e) | 627 |
| 600000 | Country Garden Holdings Co. Ltd., 3.30%, 1/12/31 (c)(f) | 59 |
| 200000 | Country Garden Holdings Co. Ltd., 5.13%, 1/14/27 (c)(f) | 20 |
| 200000 | Dar Al-Arkan Sukuk Co. Ltd., 7.75%, 2/07/26 (c) | 204 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | DP World Crescent Ltd. 144A, 4.85%, 9/26/28 (a) | $200 |
| 500000 | Energuate Trust 144A, 5.88%, 5/03/27 (a) | 491 |
| 200000 | Gran Tierra Energy International Holdings Ltd. 144A, 6.25%, 2/15/25 (a) | 195 |
| 240000 | IHS Holding Ltd. 144A, 6.25%, 11/29/28 (a) | 225 |
| 200000 | Kaisa Group Holdings Ltd., 11.50%, 1/30/23 (c)(f) | 10 |
| 200000 | Kingston Airport Revenue Finance Ltd. 144A, 6.75%, 12/15/36 (a) | 204 |
| 650000 | Liberty Costa Rica Senior Secured Finance 144A, 10.88%, 1/15/31 (a) | 697 |
| 202684 | Lima Metro Line 2 Finance Ltd. 144A, 5.88%, 7/05/34 (a) | 202 |
| 600000 | MAF Global Securities Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.893%), 7.88% (c)(e)(g) | 621 |
| 500000 | Melco Resorts Finance Ltd. 144A, 4.88%, 6/06/25 (a) | 495 |
| 200000 | Melco Resorts Finance Ltd. 144A, 5.38%, 12/04/29 (a) | 184 |
| 220000 | Melco Resorts Finance Ltd. 144A, 5.75%, 7/21/28 (a) | 210 |
| 400000 | Melco Resorts Finance Ltd. 144A, 7.63%, 4/17/32 (a) | 406 |
| 200000 | MGM China Holdings Ltd. 144A, 7.13%, 6/26/31 (a) | 203 |
| 360000 | QNB Finance Ltd., 2.63%, 5/12/25 (c) | 355 |
| 250000 | QNB Finance Ltd., 2.75%, 2/12/27 (c) | 239 |
| 390000 | SA Global Sukuk Ltd. 144A, 1.60%,<br>6/17/26 (a)(b) | 371 |
| 440000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (a) | 443 |
| 255000 | Sands China Ltd., 3.80%, 1/08/26 | 250 |
| 215000 | Shimao Group Holdings Ltd., 5.60%,<br>7/15/26 (c)(f) | 14 |
| 215000 | Vale Overseas Ltd., 6.40%, 6/28/54 | 216 |
| 325000 | Weibo Corp., 3.38%, 7/08/30 (b) | 292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8269 |
|  **Chile (USD) (4%)** | **Chile (USD) (4%)** |  |
| 405000 | AES Andes SA 144A, 6.30%, 3/15/29 (a) | 414 |
| 768056 | Alfa Desarrollo SpA 144A, 4.55%, 9/27/51 (a) | 578 |
| 240000 | Banco de Credito e Inversiones SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.944%), 8.75% (a)(e)(g) | 254 |
| 652143 | Chile Electricity PEC SpA 144A, 3.13%,<br>1/25/28 (a)(d) | 547 |
| 200000 | Engie Energia Chile SA 144A, 6.38%, 4/17/34 (a) | 204 |
| 280000 | Sociedad de Transmision Austral SA 144A, 4.00%, 1/27/32 (a) | 250 |
| 220000 | Sociedad Quimica y Minera de Chile SA 144A, 5.50%, 9/10/34 (a) | 211 |
| 600000 | Sociedad Quimica y Minera de Chile SA 144A, 6.50%, 11/07/33 (a) | 627 |
| 200000 | VTR Comunicaciones SpA 144A, 4.38%, 4/15/29 (a) | 177 |
|  |  | 3262 |

---

Annual Financial Statements and Other Information 97

------

&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 Emerging Markets Corporate Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Colombia (USD) (3%)** | **Colombia (USD) (3%)** |  |
| 400000 | Bancolombia SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.944%), 4.63%, 12/18/29 (g) | $398 |
| 405000 | Colombia Telecomunicaciones SA ESP 144A, 4.95%, 7/17/30 (a) | 351 |
| 360000 | Ecopetrol SA, 8.38%, 1/19/36 | 352 |
| 200000 | Ecopetrol SA, 8.88%, 1/13/33 | 206 |
| 450000 | Grupo Energia Bogota SA ESP 144A, 7.85%, 11/09/33 (a) | 508 |
| 420000 | Oleoducto Central SA 144A, 4.00%, 7/14/27 (a) | 399 |
| 400000 | Transportadora de Gas Internacional SA ESP 144A, 5.55%, 11/01/28 (a) | 397 |
|  |  | 2611 |
|  **Czech Republic (USD) (0%)** | **Czech Republic (USD) (0%)** |  |
| 200000 | Energo-Pro AS 144A, 11.00%, 11/02/28 (a) | 215 |
|  **Hong Kong (USD) (0%)** | **Hong Kong (USD) (0%)** |  |
| 200000 | Lenovo Group Ltd. 144A, 6.54%, 7/27/32 (a) | 216 |
|  **India (USD) (4%)** | **India (USD) (4%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339500 | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt. Ltd./Wardha Solar Maharash 144A, 4.63%, 10/15/39 (a) | 285 |
| 200000 | Bharti Airtel Ltd. 144A, 4.38%, 6/10/25 (a) | 199 |
| 205000 | Continuum Green Energy India Pvt./Co.-Issuers 144A, 7.50%, 6/26/33 (a) | 212 |
| 200000 | ICICI Bank Ltd. 144A, 4.00%, 3/18/26 (a) | 198 |
| 455000 | Muthoot Finance Ltd. 144A, 7.13%, 2/14/28 (a) | 463 |
| 260000 | Power Finance Corp. Ltd., 4.50%, 6/18/29 (c) | 252 |
| 250000 | Reliance Industries Ltd. 144A, 3.63%, 1/12/52 (a) | 182 |
| 430000 | SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/ UBEPL 144A, 7.80%, 7/31/31 (a) | 435 |
| 200000 | Shriram Finance Ltd. 144A, 4.15%, 7/18/25 (a) | 198 |
| 220000 | Shriram Finance Ltd. 144A, 6.15%, 4/03/28 (a) | 218 |
| 480000 | Shriram Finance Ltd. 144A, 6.63%, 4/22/27 (a) | 486 |
| 425000 | Summit Digitel Infrastructure Ltd. 144A, 2.88%, 8/12/31 (a) | 364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492 |
|  **Indonesia (USD) (1%)** | **Indonesia (USD) (1%)** |  |
| 200000 | Cikarang Listrindo Tbk PT 144A, 4.95%, 9/14/26 (a) | 199 |
| 435000 | Indofood CBP Sukses Makmur Tbk PT, 3.40%, 6/09/31 (c) | 388 |
| 400000 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (a) | 397 |
|  |  | 984 |
|  **Isle of Man (USD) (1%)** | **Isle of Man (USD) (1%)** |  |
| 485000 | AngloGold Ashanti Holdings PLC, 6.50%, 4/15/40 | 499 |
|  **Israel (USD) (1%)** | **Israel (USD) (1%)** |  |
| 295000 | Energean Israel Finance Ltd. 144A, 4.88%, 3/30/26 (a)(c) | 287 |
| 260000 | Leviathan Bond Ltd. 144A, 6.75%,<br>6/30/30 (a)(c) | 239 |
|  |  | 526 |
|  **Japan (USD) (0%)** | **Japan (USD) (0%)** |  |
| 200000 | Rakuten Group Inc. 144A, 9.75%, 4/15/29 (a) | 217 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Kazakhstan (USD) (0%)** | **Kazakhstan (USD) (0%)** |  |
| 200000 | KazMunayGas National Co. JSC 144A, 5.38%, 4/24/30 (a) | $198 |
|  **Luxembourg (USD) (7%)** | **Luxembourg (USD) (7%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | Ambipar Lux Sarl 144A, 9.88%, 2/06/31 (a) | 225 |
| 200000 | ARD Finance SA 144A, 6.50%, 6/30/27 (a) | 42 |
| 220000 | Chile Electricity Lux Mpc II Sarl 144A, 5.58%, 10/20/35 (a) | 219 |
| 365000 | Consolidated Energy Finance SA 144A, 12.00%, 2/15/31 (a) | 356 |
| 200000 | CSN Resources SA 144A, 5.88%, 4/08/32 (a) | 166 |
| 200000 | CSN Resources SA 144A, 8.88%, 12/05/30 (a)(b) | 201 |
| 200000 | EIG Pearl Holdings Sarl, 4.39%, 11/30/46 (c) | 159 |
| 392563 | Gol Finance SA 144A, (1 mo. Term Secured Overnight Financing Rate + 10.500%), 15.19%, 1/29/25 (a)(b)(g) | 411 |
| 200000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (a) | 201 |
| 227741 | Guara Norte Sarl 144A, 5.20%, 6/15/34 (a) | 216 |
| 607000 | JBS USA Holding Lux Sarl/JBS USA Food Co./ JBS Lux Co. Sarl, 5.75%, 4/01/33 | 613 |
| 187159 | MC Brazil Downstream Trading Sarl 144A, 7.25%, 6/30/31 (a) | 159 |
| 290000 | MHP Lux SA 144A, 6.95%, 4/03/26 (a) | 262 |
| 245000 | Millicom International Cellular SA 144A, 4.50%, 4/27/31 (a) | 221 |
| 510000 | Minerva Luxembourg SA 144A, 4.38%, 3/18/31 (a) | 432 |
| 755000 | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (a) | 793 |
| 270000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (a) | 270 |
| 200000 | OHI Group SA 144A, 13.00%, 7/22/29 (a) | 198 |
| 285000 | Raizen Fuels Finance SA 144A, 6.45%, 3/05/34 (a) | 291 |
| 648742 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | 589 |
| 200000 | Unigel Luxembourg SA, 8.75%,<br>10/01/26 (c)(f) | 53 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6077 |
|  **Malaysia (USD) (0%)** | **Malaysia (USD) (0%)** |  |
| 200000 | GENM Capital Labuan Ltd. 144A, 3.88%, 4/19/31 (a) | 179 |
|  **Mauritius (USD) (1%)** | **Mauritius (USD) (1%)** |  |
| 173500 | Greenko Power II Ltd. 144A, 4.30%, 12/13/28 (a) | 162 |
| 300000 | Greenko Solar Mauritius Ltd. 144A, 5.95%, 7/29/26 (a)(b) | 298 |
| 291455 | India Cleantech Energy 144A, 4.70%, 8/10/26 (a) | 283 |
|  |  | 743 |
|  **Mexico (USD) (9%)** | **Mexico (USD) (9%)** |  |
| 200000 | Banco Mercantil del Norte SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.643%),<br>5.88% (a)(e)(g) | 193 |
| 200000 | Banco Mercantil del Norte SA 144A, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.034%),<br>6.63% (a)(e)(g) | 181 |
| 200000 | Banco Mercantil del Norte SA 144A, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.353%),<br>7.63% (a)(e)(g) | 199 |

---

98 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)(g) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 |
| 430000 | BBVA Bancomer SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.000%), 5.35%, 11/12/29 (a)(g) | 430 |
| 580000 | BBVA Bancomer SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.661%), 8.45%, 6/29/38 (a)(g) | 610 |
| 830000 | Becle SAB de CV 144A, 2.50%, 10/14/31 (a) | 677 |
| 200000 | Braskem Idesa SAPI 144A, 7.45%, 11/15/29 (a) | 159 |
| 260000 | Cemex SAB de CV 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.534%), 5.13% (a)(e)(g) | 254 |
| 200000 | Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV 144A, 4.96%, 7/18/29 (a) | 193 |
| 245000 | Cibanco SA Institucion de Banca Multiple Trust CIB/3332 144A, 4.38%, 7/22/31 (a) | 206 |
| 200000 | Coca-Cola Femsa SAB de CV, 2.75%, 1/22/30 | 181 |
| 260000 | Corp. Inmobiliaria Vesta SAB de CV 144A, 3.63%, 5/13/31 (a) | 229 |
| 373063 | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a) | 369 |
| 455000 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (a) | 457 |
| 200000 | Gruma SAB de CV 144A, 4.88%, 12/01/24 (a) | 200 |
| 220000 | Grupo Aeromexico SAB de CV 144A, 8.63%, 11/15/31 (a) | 220 |
| 169355 | Mexico Generadora de Energia S de rl 144A, 5.50%, 12/06/32 (a) | 167 |
| 440000 | Orbia Advance Corp. SAB de CV 144A, 1.88%, 5/11/26 (a) | 416 |
| 430000 | Orbia Advance Corp. SAB de CV 144A, 5.88%, 9/17/44 (a) | 376 |
| 415000 | Petroleos Mexicanos, 4.50%, 1/23/26 | 404 |
| 350000 | Petroleos Mexicanos, 6.49%, 1/23/27 | 345 |
| 220000 | Petroleos Mexicanos, 6.63%, 6/15/38 | 168 |
| 70000 | Petroleos Mexicanos, 6.75%, 9/21/47 | 50 |
| 315000 | Sitios Latinoamerica SAB de CV 144A, 5.38%, 4/04/32 (a) | 302 |
|  |  | 7828 |
|  **Netherlands (USD) (6%)** | **Netherlands (USD) (6%)** |  |
| 680000 | Braskem Netherlands Finance BV 144A, 7.25%, 2/13/33 (a) | 660 |
| 400000 | Braskem Netherlands Finance BV 144A, 8.50%, 1/12/31 (a) | 414 |
| 215000 | Braskem Netherlands Finance BV 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.220%), 8.50%, 1/23/81 (a)(g) | 218 |
| 300000 | Embraer Netherlands Finance BV 144A, 7.00%, 7/28/30 (a) | 318 |
| 200000 | IHS Netherlands Holdco BV 144A, 8.00%, 9/18/27 (a) | 200 |
| 205000 | MEGlobal BV 144A, 2.63%, 4/28/28 (a) | 187 |
| 230000 | Minejesa Capital BV 144A, 5.63%, 8/10/37 (a) | 217 |
| 430000 | Petrobras Global Finance BV, 5.30%, 1/27/25 | 429 |
| 200000 | Prosus NV 144A, 3.06%, 7/13/31 (a) | 171 |
| 200000 | Prosus NV, 3.06%, 7/13/31 (b)(c) | 171 |
| 515000 | Prosus NV 144A, 3.83%, 2/08/51 (a) | 346 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | Prosus NV 144A, 4.03%, 8/03/50 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
| 500000 | Prosus NV 144A, 4.99%, 1/19/52 (a) | 405 |
| 295000 | Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/01/28 | 302 |
| 260000 | Teva Pharmaceutical Finance Netherlands III BV, 8.13%, 9/15/31 (b) | 291 |
| 405000 | Yinson Boronia Production BV 144A, 8.95%, 7/31/42 (a) | 430 |
|  |  | 5049 |
|  **Nigeria (USD) (0%)** | **Nigeria (USD) (0%)** |  |
| 200000 | SEPLAT Energy PLC 144A, 7.75%, 4/01/26 (a) | 200 |
|  **Panama (USD) (1%)** | **Panama (USD) (1%)** |  |
| 200000 | Aeropuerto Internacional de Tocumen SA 144A, 4.00%, 8/11/41 (a) | 157 |
| 200000 | Panama Government International Bond, 7.88%, 3/01/57 | 210 |
| 249452 | UEP Penonome II SA 144A, 6.50%, 10/01/38 (a) | 223 |
|  |  | 590 |
|  **Peru (USD) (3%)** | **Peru (USD) (3%)** |  |
| 200000 | Banco BBVA Peru SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.002%), 6.20%, 6/07/34 (a)(g) | 204 |
| 355000 | Banco de Credito del Peru S.A. 144A, 2.70%, 1/11/25 (a) | 353 |
| 415000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.000%), 3.13%, 7/01/30 (a)(g) | 405 |
| 260000 | 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)(g) | 255 |
| 200000 | Consorcio Transmantaro SA 144A, 4.70%, 4/16/34 (a)(b) | 188 |
| 351560 | Hunt Oil Co. of Peru LLC Sucursal Del Peru 144A, 6.38%, 6/01/28 (a) | 355 |
| 220000 | Niagara Energy SAC 144A, 5.75%, 10/03/34 (a) | 215 |
| 420000 | Pluspetrol Camisea SA/Pluspetrol Lote 56 SA 144A, 6.24%, 7/03/36 (a)(b) | 432 |
| 200000 | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA 144A, 3.75%, 8/02/28 (a) | 183 |
|  |  | 2590 |
|  **Saudi Arabia (USD) (1%)** | **Saudi Arabia (USD) (1%)** |  |
| 420000 | Saudi Arabian Oil Co. 144A, 5.88%, 7/17/64 (a) | 404 |
|  **Singapore (USD) (1%)** | **Singapore (USD) (1%)** |  |
| 600000 | Continuum Energy Aura Pte Ltd. 144A, 9.50%, 2/24/27 (a) | 630 |
|  **South Korea (USD) (1%)** | **South Korea (USD) (1%)** |  |
| 420000 | Kia Corp. 144A, 3.25%, 4/21/26 (a) | 411 |
| 200000 | Kookmin Bank 144A, 2.50%, 11/04/30 (a) | 171 |
| 400000 | LG Electronics Inc. 144A, 5.63%, 4/24/27 (a) | 406 |
| 200000 | SK Hynix Inc. 144A, 6.50%, 1/17/33 (a) | 215 |
|  |  | 1203 |
|  **Spain (USD) (1%)** | **Spain (USD) (1%)** |  |
| 191666 | AL Candelaria - spain- SA 144A, 7.50%, 12/15/28 (a) | 190 |
| 200000 | Banco Bilbao Vizcaya Argentaria SA, (5 yr. Swap Semi 30/360 USD + 3.870%), 6.13% (b)(e)(g) | 194 |

---

Annual Financial Statements and Other Information 99

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Emerging Markets Corporate Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | EnfraGen Energia Sur SA/EnfraGen Spain SA/ Prime Energia SpA 144A, 5.38%, 12/30/30 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 |
| 200000 | Termocandelaria Power SA 144A, 7.75%, 9/17/31 (a) | 201 |
|  |  | 879 |
|  **Sri Lanka (USD) (0%)** | **Sri Lanka (USD) (0%)** |  |
| 250000 | Sri Lanka Government International Bond 144A, 6.85%, 11/03/25 (a) | 157 |
|  **Supranational (USD) (1%)** | **Supranational (USD) (1%)** |  |
| 195146 | Borr IHC Ltd./Borr Finance LLC 144A, 10.38%, 11/15/30 (a) | 202 |
| 570883 | Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., 12.00%, 5/25/27 | 574 |
| 200000 | Promigas SA ESP/Gases del Pacifico SAC 144A, 3.75%, 10/16/29 (a) | 182 |
|  |  | 958 |
|  **Turkey (USD) (3%)** | **Turkey (USD) (3%)** |  |
| 210000 | Eregli Demir ve Celik Fabrikalari TAS 144A, 8.38%, 7/23/29 (a) | 216 |
| 215000 | GDZ Elektrik Dagitim AS 144A, 9.00%, 10/15/29 (a) | 206 |
| 300000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 292 |
| 591069 | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A, 9.50%, 7/10/36 (a) | 560 |
| 200000 | Turkiye Garanti Bankasi AS 144A, (5 yr. Swap Semi 30/360 USD + 4.220%), 7.18%, 5/24/27 (a)(g) | 203 |
| 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)(g) | 205 |
| 200000 | Ulker Biskuvi Sanayi AS 144A, 7.88%, 7/08/31 (a) | 205 |
| 410000 | Vestel Elektronik Sanayi ve Ticaret AS 144A, 9.75%, 5/15/29 (a) | 411 |
| 245000 | Yapi ve Kredi Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.499%), 9.74% (a)(e)(g) | 254 |
| 220000 | Zorlu Enerji Elektrik Uretim AS 144A, 11.00%, 4/23/30 (a) | 221 |
|  |  | 2773 |
|  **Ukraine (USD) (0%)** | **Ukraine (USD) (0%)** |  |
| 46511 | Ukraine Government International Bond 144A, 1.75%, 2/01/34 (a) | 22 |
| 36175 | Ukraine Government International Bond 144A, 1.75%, 2/01/35 (a) | 17 |
| 20672 | Ukraine Government International Bond 144A, 1.75%, 2/01/36 (a) | 9 |
| 14858 | Ukraine Government International Bond 144A, 12.59%, 2/01/36 (a)(d) | 7 |
| 17829 | Ukraine Government International Bond 144A, 12.74%, 2/01/35 (a)(d) | 9 |
| 21097 | Ukraine Government International Bond 144A, 16.60%, 2/01/34 (a)(d) | 8 |
| 5646 | Ukraine Government International Bond 144A, 18.44%, 2/01/30 (a)(d) | 3 |
|  |  | 75 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **United Arab Emirates (USD) (3%)** | **United Arab Emirates (USD) (3%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Abu Dhabi National Energy Co. PJSC 144A, 4.75%, 3/09/37 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 |
| 850133 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | 853 |
| 200000 | DP World Ltd. 144A, 5.63%, 9/25/48 (a) | 192 |
| 280000 | Emirates Semb Corp. Water & Power Co. PJSC 144A, 4.45%, 8/01/35 (a) | 272 |
| 315000 | MDGH GMTN RSC Ltd. 144A, 4.50%, 11/07/28 (a) | 313 |
| 200000 | MDGH GMTN RSC Ltd. 144A, 5.08%, 5/22/53 (a) | 189 |
| 292612 | Sweihan PV Power Co. PJSC 144A, 3.63%, 1/31/49 (a)(b) | 247 |
|  |  | 2260 |
|  **United Kingdom (NGN) (0%)** | **United Kingdom (NGN) (0%)** |  |
| 300000000 | HSBC Bank PLC 144A, 21.67%, 3/10/25 NGN (a)(d)(h) | 163 |
|  **United Kingdom (USD) (3%)** | **United Kingdom (USD) (3%)** |  |
| 315000 | Anglo American Capital PLC 144A, 4.75%, 4/10/27 (a) | 313 |
| 200000 | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | 202 |
| 200000 | Antofagasta PLC 144A, 6.25%, 5/02/34 (a) | 208 |
| 225000 | Biocon Biologics Global PLC 144A, 6.67%, 10/09/29 (a) | 222 |
| 200000 | MARB BondCo PLC 144A, 3.95%, 1/29/31 (a) | 173 |
| 405000 | Sisecam UK PLC 144A, 8.63%, 5/02/32 (a) | 413 |
| 200000 | Standard Chartered PLC, (3 mo. LIBOR USD + 1.209%), 2.82%, 1/30/26 (c)(g) | 199 |
| 169704 | Vedanta Resources Finance II PLC, 13.88%, 12/09/28 (c) | 171 |
| 125192 | Vedanta Resources Finance II PLC 144A, 13.88%, 12/09/28 (a) | 126 |
| 485000 | WE Soda Investments Holding PLC 144A, 9.38%, 2/14/31 (a) | 499 |
| 200000 | WE Soda Investments Holding PLC 144A, 9.50%, 10/06/28 (a) | 207 |
|  |  | 2733 |
|  **United States (NGN) (0%)** | **United States (NGN) (0%)** |  |
| 424000000 | Citigroup Global Markets Holdings Inc. 144A, 22.84%, 3/10/25 NGN (a)(d)(h) | 230 |
|  **United States (USD) (17%)** | **United States (USD) (17%)** |  |
| 200000 | Acrisure LLC/Acrisure Finance Inc. 144A, 7.50%, 11/06/30 | 203 |
| 200000 | American Tower Corp., 3.38%, 10/15/26 | 195 |
| 197980 | Asurion LLC Term Loan B10 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.79%, 8/19/28 (i) | 196 |
| 139298 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.09%, 2/01/29 (i) | 140 |
| 532180 | BBFI Liquidating Trust 144A, 1.50%, 12/30/99 (a)(d) | 174 |
| 400000 | Bimbo Bakeries USA Inc. 144A, 4.00%, 5/17/51 (a) | 307 |
| 210000 | Champions Financing Inc. 144A, 8.75%, 2/15/29 (a) | 212 |
| 120000 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.85%, 8/20/31 (i) | 121 |

---

100 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 2.36%, 4/15/49 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| 197203 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 5.750%), 8.39%, 4/26/28 (i) | 198 |
| 50000 | Fiesta Purchaser Inc. 144A, 9.63%, 9/15/32 | 52 |
| 200000 | FirstEnergy Pennsylvania Electric Co. 144A, 5.20%, 4/01/28 (a) | 202 |
| 300000 | Ford Motor Credit Co. LLC, 6.95%, 6/10/26 | 307 |
| 300000 | Franklin BSP Capital Corp. 144A, 7.20%, 6/15/29 (a) | 303 |
| 250000 | Freedom Mortgage Holdings LLC 144A, 9.13%, 5/15/31 (a) | 254 |
| 600000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (a)(b) | 553 |
| 135000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 6.88%, 5/15/34 (a) | 129 |
| 90000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 7.25%, 2/15/35 (a) | 88 |
| 750000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (a) | 782 |
| 450000 | Hyundai Capital America 144A, 1.30%, 1/08/26 (a) | 431 |
| 340000 | Hyundai Capital America 144A, 5.50%, 3/30/26 (a) | 343 |
| 350000 | Hyundai Capital America 144A, 5.65%, 6/26/26 (a) | 354 |
| 325000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%, 2/15/29 (a) | 337 |
| 205000 | Kosmos Energy Ltd. 144A, 7.50%, 3/01/28 (a) | 197 |
| 200000 | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (a) | 196 |
| 200000 | Kraton Corp. 144A, 5.00%, 7/15/27 (a) | 201 |
| 200000 | Kroger Co., 4.90%, 9/15/31 | 200 |
| 208950 | MIC Glen LLC Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 9.05%, 7/21/28 (i) | 211 |
| 300000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (a) | 294 |
| 200000 | National Rural Utilities Cooperative Finance Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.533%), 7.13%, 9/15/53 (g) | 208 |
| 200000 | NBM U.S. Holdings Inc. 144A, 7.00%, 5/14/26 (a) | 201 |
| 100000 | NextEra Energy Capital Holdings Inc., 6.05%, 3/01/25 | 100 |
| 200000 | Resorts World Las Vegas LLC/RWLV Capital Inc. 144A, 8.45%, 7/27/30 (a) | 206 |
| 200000 | RR Donnelley & Sons Co. 144A, 9.50%, 8/01/29 (a) | 202 |
| 94858 | Santander Bank Auto Credit-Linked Notes 2023-A 144A, 10.07%, 6/15/33 (a) | 96 |
| 1560 | Santander Drive Auto Receivables Trust 2024- S2 144A, 0.00%, 12/16/28 (a)(d) | 289 |
| 390585 | Santander Drive Auto Receivables Trust 2023- S1 144A, 10.40%, 4/18/28 (a) | 395 |
| 400000 | Sasol Financing USA LLC, 4.38%, 9/18/26 | 387 |
| 640000 | Sasol Financing USA LLC 144A, 8.75%, 5/03/29 (a) | 659 |
| 300000 | SBL Holdings Inc. 144A, 7.20%, 10/30/34 (a) | 291 |
| 200000 | Service Properties Trust, 8.88%, 6/15/32 | 186 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | SierraCol Energy Andina LLC 144A, 6.00%, 6/15/28 (a) | $628 |
| 345000 | Southern Copper Corp., 3.88%, 4/23/25 | 343 |
| 200000 | Staples Inc. 144A, 10.75%, 9/01/29 (a) | 194 |
| 225000 | Star Holding LLC 144A, 8.75%, 8/01/31 (a) | 214 |
| 205000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (a) | 213 |
| 240000 | Stillwater Mining Co. 144A, 4.00%, 11/16/26 (a) | 227 |
| 770000 | Terraform Global Operating LP 144A, 6.13%, 3/01/26 (a) | 769 |
| 200000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | 196 |
| 100000 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.35%, 5/06/32 (i) | 102 |
| 99500 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.44%, 4/25/31 (i) | 100 |
| 180000 | Uniti Group LP/Uniti Group Finance 2019 Inc./CSL Capital LLC 144A, 10.50%, 2/15/28 (a) | 192 |
| 100000 | Uniti Group LP/Uniti Group Finance 2019 Inc./CSL Capital LLC 144A, 10.50%, 2/15/28 | 107 |
| 210000 | Venture Global LNG Inc. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.440%), 9.00% (a)(e)(g) | 210 |
| 115000 | Verde Purchaser LLC 144A, 10.50%, 11/30/30 (b) | 123 |
| 450000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (a) | 450 |
| 190000 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.39%, 6/27/29 (i) | 186 |
|  |  | 14746 |
|  **Uzbekistan (USD) (0%)** | **Uzbekistan (USD) (0%)** |  |
| 210000 | Uzbek Industrial and Construction Bank ATB 144A, 8.95%, 7/24/29 (a) | 212 |
|  **Venezuela (USD) (0%)** | **Venezuela (USD) (0%)** |  |
| 1100000 | Petroleos de Venezuela SA, 6.00%, 11/15/26 | 107 |
|  **Virgin Islands (British) (USD) (1%)** | **Virgin Islands (British) (USD) (1%)** |  |
| 630000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (a) | 605 |
| 560000 | Studio City Finance Ltd. 144A, 5.00%, 1/15/29 (a) | 506 |
|  |  | 1111 |
|  **Total Bonds (Cost - $80,100)** | **Total Bonds (Cost - $80,100)** | 80323 |
|  **Investment Company (14%)** | **Investment Company (14%)** |  |
| 12148178 | Payden Cash Reserves Money Market Fund\*<br> (Cost - $12,148) | 12148 |
|  **Total Investments (Cost - $92,248) (106%)** | **Total Investments (Cost - $92,248) (106%)** | 92471 |
|  **Liabilities in excess of Other Assets (-6%)** | **Liabilities in excess of Other Assets (-6%)** | (5501) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86970 |

---

Annual Financial Statements and Other Information 101

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Payden Emerging Markets Corporate Bond Fund** *continued* 

\* 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, 2024, the total market value of the Fund's securities on loan is $2,852 and the total market value of the collateral held by the Fund is $2,959. Amounts in 000s.

&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) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

#### 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 660 | PHP 37,820 | Barclays Bank<br>PLC | 11/15/2024 | $9 |
|  USD 874 | THB 29,450 | Barclays Bank<br>PLC | 11/15/2024 |  |
|  USD 217 | HUF 78,600 | BNP<br>PARIBAS | 12/12/2024 | 8 |
|  USD 402 | MXN 7,920 | HSBC Bank<br>USA, N.A. | 11/25/2024 | 8 |
|  USD 149 | CAD 200 | State Street<br>Bank & Trust<br>Co. | 03/19/2025 | 5 |
|  |  |  |  | 30 |
|  **Liabilities:** |  |  |  |  |
|  CAD 200 | USD 147 | State Street<br>Bank & Trust<br>Co. | 03/19/2025 | (2) |
|  HUF 78,600 | USD 218 | BNP<br>PARIBAS | 12/12/2024 | (9) |
|  IDR 13,966,000 | USD 888 | BNP<br>PARIBAS | 01/13/2025 | (1) |
|  MXN 7,640 | USD 394 | BNP<br>PARIBAS | 11/25/2024 | (13) |
|  |  |  |  | (25) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $5 |

---

#### 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:** | **Long Contracts:** | **Long Contracts:** |  |  |  |
|  U.S. Long Bond Future | 5 | Dec-24 | $590 | $(34) | $(34) |
|  U.S. Ultra Bond Future | 7 | Dec-24 | 879 | (59) | (59) |
|  |  |  |  |  | (93) |
|  **Short Contracts:** | **Short Contracts:** | **Short Contracts:** |  |  |  |
|  U.S. 10-Year Ultra Future | 4 | Dec-24 | (455) | 18 | 18 |
|  U.S. Treasury 10-Year Note Future | 22 | Dec-24 | (2430) | 79 | 79 |
|  |  |  |  |  | 97 |
|  **Total Futures** |  |  |  |  | $4 |

---

102 Payden Mutual Funds

------

#### Open Centrally Cleared Credit Default Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>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: Markit CDX, North America High Yield Series 43 Index), Pay 5% Quarterly, Receive upon credit default | 12/20/2029 | USD 1,220 | $84 | $88 | $(4) |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity<br>Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation<br>(000s) |
| 2-Year Interest Rate Swap, Receive Fixed 10.440% Monthly, Pay Variable 10.744% (MXIBTIIE) 28 days | 04/28/2026 | MXN 23,000 | $8 | $– | $8 |

---

#### 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> | $2852 |
| Non-cash Collateral<sup>2</sup> | (2852) |
|  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, 2024, 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 103

------

&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 Equity Income Fund

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** *- October 31, 2024* | **Schedule of Investments** *- October 31, 2024* | **Schedule of Investments** *- October 31, 2024* |
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Stocks (95%)** | **Stocks (95%)** |  |
|  **Common Stock (85%)** | **Common Stock (85%)** |  |
|  **Communication Services (7%)** | **Communication Services (7%)** |  |
| 66700 | Alphabet Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11413 |
| 11600 | Meta Platforms Inc., Class A | 6584 |
| 98100 | Nexstar Media Group Inc. | 17258 |
| 73300 | T-Mobile U.S. Inc. | 16358 |
| 504100 | Verizon Communications Inc. | 21238 |
| 61100 | Walt Disney Co. | 5878 |
|  |  | 78729 |
|  **Consumer Discretionary (7%)** | **Consumer Discretionary (7%)** |  |
| 71100 | Amazon.com Inc. (a) | 13253 |
| 80100 | DR Horton Inc. | 13537 |
| 33600 | Home Depot Inc. | 13230 |
| 62700 | Lennar Corp., Class A | 10678 |
| 33700 | McDonald's Corp. | 9844 |
| 110200 | Ross Stores Inc. | 15397 |
|  |  | 75939 |
|  **Consumer Staples (6%)** | **Consumer Staples (6%)** |  |
| 241000 | Coca-Cola Co. | 15740 |
| 9500 | Costco Wholesale Corp. | 8305 |
| 151100 | Mondelez International Inc., Class A | 10347 |
| 95600 | Procter & Gamble Co. | 15791 |
| 226500 | Walmart Inc. | 18562 |
|  |  | 68745 |
|  **Energy (4%)** | **Energy (4%)** |  |
| 86500 | EOG Resources Inc. | 10550 |
| 152600 | EQT Corp. | 5576 |
| 182500 | Exxon Mobil Corp. | 21312 |
|  |  | 37438 |
|  **Financials (20%)** | **Financials (20%)** |  |
| 38400 | American Express Co. | 10371 |
| 31600 | Ameriprise Financial Inc. | 16125 |
| 111500 | Ares Management Corp., Class A | 18696 |
| 73100 | Arthur J Gallagher & Co. | 20556 |
| 384700 | Bank of America Corp. | 16088 |
| 64700 | Chubb Ltd. | 18274 |
| 188100 | Fidelity National Information Services Inc. | 16878 |
| 149900 | JPMorgan Chase & Co. | 33266 |
| 327100 | MetLife Inc. | 25651 |
| 108400 | Morgan Stanley | 12602 |
| 26600 | S&P Global Inc. | 12778 |
| 533400 | Sumitomo Mitsui Financial Group Inc. (b) | 11490 |
| 48300 | Visa Inc., Class A | 14000 |
|  |  | 226775 |
|  **Healthcare (8%)** | **Healthcare (8%)** |  |
| 27300 | Amgen Inc. | 8740 |
| 153100 | Bristol Myers Squibb Co. | 8538 |
| 9700 | Eli Lilly and Co. | 8048 |
| 39700 | Johnson & Johnson | 6346 |
| 33500 | McKesson Corp. | 16770 |
| 98300 | Merck & Co. Inc. | 10058 |
| 44400 | Stryker Corp. | 15819 |
|  |  | 74319 |
|  **Industrials (11%)** | **Industrials (11%)** |  |
| 107100 | AECOM | 11438 |
| 70500 | Eaton Corp. PLC | 23376 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 74500 | Emerson Electric Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8066 |
| 39200 | FedEx Corp. | 10735 |
| 61300 | General Electric Co. | 10530 |
| 73100 | ITT Inc. | 10243 |
| 88000 | L3Harris Technologies Inc. | 21777 |
| 58800 | Schneider Electric SE (b) | 15171 |
| 63800 | Vertiv Holdings Co., Class A | 6973 |
|  |  | 118309 |
|  **Materials (5%)** | **Materials (5%)** |  |
| 281900 | CRH PLC | 26902 |
| 40600 | Linde PLC | 18520 |
|  |  | 45422 |
|  **Technology (12%)** | **Technology (12%)** |  |
| 35000 | Apple Inc. | 7907 |
| 56400 | Applied Materials Inc. | 10241 |
| 13300 | ASML Holding NV (b) | 8987 |
| 106900 | Broadcom Inc. | 18148 |
| 205400 | Cisco Systems Inc. | 11250 |
| 92200 | Dell Technologies Inc., Class C | 11399 |
| 59300 | International Business Machines Corp. | 12259 |
| 49600 | Microsoft Corp. | 20155 |
| 50700 | Oracle Corp. | 8509 |
| 78600 | QUALCOMM Inc. | 12794 |
|  |  | 121649 |
|  **Utilities (5%)** | **Utilities (5%)** |  |
| 229800 | Duke Energy Corp. | 26489 |
| 331700 | NextEra Energy Inc. | 26287 |
|  |  | 52776 |
|  **Total Common Stock** | **Total Common Stock** | 900101 |
|  **Master Limited Partnership (4%)** | **Master Limited Partnership (4%)** |  |
| 1311900 | Energy Transfer LP | 21620 |
| 623500 | Enterprise Products Partners LP | 17870 |
|  **Total Master Limited Partnership** | **Total Master Limited Partnership** | 39490 |
|  **Real Estate Investment Trust (6%)** | **Real Estate Investment Trust (6%)** |  |
| 58400 | American Tower Corp. | 12471 |
| 72500 | AvalonBay Communities Inc. | 16067 |
| 68700 | Digital Realty Trust Inc. | 12244 |
| 68400 | Prologis Inc. | 7725 |
| 85700 | Simon Property Group Inc. | 14493 |
|  **Total Real Estate Investment Trust** | **Total Real Estate Investment Trust** | 63000 |
|  **Total Stocks (Cost - $819,302)** | **Total Stocks (Cost - $819,302)** | 1002591 |
|  **Corporate Bond (0%)** | **Corporate Bond (0%)** |  |
| 2800000 | Land O' Lakes Inc. 144A, 7.00% (c)(d) | 2289 |
|  **Total Corporate Bond (Cost - $2,800)** | **Total Corporate Bond (Cost - $2,800)** | 2289 |
|  **Investment Company (5%)** | **Investment Company (5%)** |  |
| 55062074 | Payden Cash Reserves Money Market Fund\*<br>(Cost - $55,062) | 55062 |
|  **Total Investments (Cost - $877,164) (100%)** | **Total Investments (Cost - $877,164) (100%)** | 1059942 |
|  **Other Assets, net of Liabilities (0%)** | **Other Assets, net of Liabilities (0%)** | 3753 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $1063695 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

104 Payden Mutual Funds

------

#### 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:** |  |  |  |  |
| EUR 1,497 | USD 1,636 | State Street Bank & Trust Co. | 03/19/2025 | $3 |
| USD 27,547 | EUR 24,581 | State Street Bank & Trust Co. | 03/19/2025 | 639 |
| USD 12,686 | JPY 1,793,400 | State Street Bank & Trust Co. | 03/19/2025 | 674 |
|  |  |  |  | 1316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See notes to financial statements.* 

Annual Financial Statements and Other Information 105

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities

*October 31, 2024* 

*Numbers in 000s* 

---

| | | | |
|:---|:---|:---|:---|
|  | Payden<br>Cash Reserves<br>Money Market<br> Fund | Payden<br>Limited<br>Maturity<br> Fund  | Payden<br>Low Duration<br> Fund  |
|  **ASSETS:** |  |  |  |
|  Investments, at value\* | $307901 | $1953833 | $976191 |
|  Affiliated investments, at value\*\* |  | 59993 | 7227 |
|  Repurchase agreements, at value\*\*\* | 174000 |  |  |
|  Foreign cash\*\*\*\* |  | 233 | 7 |
|  Cash |  |  |  |
|  Cash pledged for financial futures contracts |  |  | 1267 |
|  Cash pledged for centrally cleared swaps |  |  |  |
|  Cash pledged for OTC derivatives |  |  |  |
|  Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 301 | 8901 | 6558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 11963 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 808 | 1946 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  | 58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  |  |  |
|  Receivable from Advisor (Note 3) | 5 | 112 |  |
|  Other assets | 1112 | 66 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 484127 | 2037105 | 992351 |
|  **LIABILITIES:** |  |  |  |
|  Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft |  | 184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 55001 | 13089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | 5583 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax liability |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written\*\*\*\*\* |  |  |  |
|  Distributions payable | 1313 | 632 | 317 |
|  Liability for securities on loan (Note 2) |  | 26941 | 3591 |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3) |  |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 3) | 59 | 248 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Notes 3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 5 | 23 | 11 |
|  Other liabilities | 63 | 220 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1440 | 88834 | 18304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $482687 | $1948271 | $974047 |
|  **NET ASSETS:** |  |  |  |
|  Paid in capital | $482723 | $1940207 | $1021535 |
|  Distributable earnings (loss) | (36) | 8064 | (47488) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $482687 | $1948271 | $974047 |
|  NET ASSET VALUE — offering and redemption price per share in whole dollars |  |  |  |
|  Investor Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $482687 | $547456 | $524087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 482717 | 57279 | 53565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $1.00 | $9.56 | $9.78 |
|  SI Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  | $1400815 | $449960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  | 146532 | 45994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  | $9.56 | $9.78 |
|  Adviser Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  | $9.55(a) | $9.79(a) |
|  \* Investments, at cost | $307901 | $1946511 | $977784 |
|  \*\* Affiliated investments, at cost |  | 60379 | 7227 |
|  \*\*\* Repurchase agreements, at cost | 174000 |  |  |
|  \*\*\*\* Foreign cash, at cost |  | 234 | 8 |
|  \*\*\*\*\* Options written, at cost |  |  |  |

---

(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, the Adviser Class' Net Asset Value Per Share are calculated using unrounded net assets $104.97, $105.60, $2,714,811.87, $108.68, $107.07, $283,411, and $3,168.91 divided by unrounded shares 10.994, 10.79, 293,306.274, 11.025,11.18, 29,818 and 325.202, respectively.

*See notes to financial statements.* 

106 Payden Mutual Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Payden<br>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>Floating Rate<br> Fund  |
| $69043 | $115417 | $883141 | $363221 | $179422 | $562454 | $119442 |
| 1989 | 2806 | 27068 | 14070 | 5348 | 19366 | 9930 |
|  |  | 5522 |  | 488 | 1625 | 4 |
|  |  |  |  |  |  | 492 |
| 113 |  | 300 | 647 | 159 | 4623 |  |
|  |  | 1 |  |  | 2881 |  |
|  |  |  |  |  | 260 |  |
| 567 | 336 | 6508 | 4402 | 1535 | 3838 | 598 |
| 19 | 717 | 1 | 2049 | 640 | 2104 |  |
| 2 | 1 | 7711 | 213 | 7 | 381 | 331 |
|  |  | 149 | 21 | 82 | 328 |  |
|  |  | 469 |  | 220 | 2897 | 24 |
|  |  |  |  |  | 51 |  |
| 8 |  |  |  |  |  |  |
| 5 | 5 | 36 | 28 | 18 | 41 | 31 |
| 71746 | 119282 | 930906 | 384651 | 187919 | 600849 | 130852 |
|  |  |  |  |  | 17 |  |
|  |  | 31 |  | 6 | 940 |  |
| 2506 | 22818 | 17962 | 3675 | 4479 | 11201 | 6894 |
| 10 | 41 | 5 | 190 |  | 156 | 195 |
| 10 |  | 162 | 68 | 39 | 170 |  |
|  |  | 12 |  | 2 |  |  |
|  |  |  |  |  | 235 |  |
| 178 | 145 |  |  |  |  |  |
|  |  | 3253 | 4913 |  | 7311 |  |
|  |  | 90 | 67 | 26 | 91 | 21 |
| 9 | 13 | 116 | 48 | 23 | 74 | 16 |
|  |  | 1 |  |  |  |  |
| 1 | 1 | 11 | 5 | 2 | 7 | 1 |
| 43 | 68 | 147 | 135 | 63 | 119 | 55 |
| 2757 | 23086 | 21790 | 9101 | 4640 | 20321 | 7182 |
| $68989 | $96196 | $909116 | $375550 | $183279 | $580528 | $123670 |
| $79242 | $152886 | $1076758 | $426059 | $193795 | $623420 | $132457 |
| (10253) | (56690) | (167642) | (50509) | (10516) | (42892) | (8787) |
| $68989 | $96196 | $909116 | $375550 | $183279 | $580528 | $123670 |
| $68989 | $96196 | $262908 | $158154 | $107956 | $150463 | $46741 |
| 7353 | 12718 | 28603 | 16152 | 11230 | 15833 | 4794 |
| $9.38 | $7.56 | $9.19 | $9.79 | $9.61 | $9.50 | $9.75 |
|  |  | $644599 | $217396 | $75323 | $429782 | $76926 |
|  |  | 70198 | 22207 | 7837 | 45165 | 7884 |
|  |  | $9.18 | $9.79 | $9.61 | $9.52 | $9.76 |
|  |  | $1609 |  |  | $283 | $3 |
|  |  | 175 |  |  | 30 |  |
|  |  | $9.19 | $9.86(a) | $9.57(a) | $9.50 | $9.74(a) |
| $70898 | $122844 | $945978 | $382008 | $183777 | $572350 | $120338 |
| 1989 | 2806 | 27078 | 13871 | 5390 | 19520 | 9930 |
|  |  | 5656 |  | 488 | 1662 | 4 |
|  |  |  |  |  | (237) |  |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information 107

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities continued

*October 31, 2024* 

*Numbers in 000s* 

---

| | | | |
|:---|:---|:---|:---|
|  | Payden<br>High Income<br> Fund  | Payden<br>California Municipal<br>Social Impact<br> Fund  | Payden<br>Global Low<br> Duration Fund  |
|  **ASSETS:** |  |  |  |
|  Investments, at value\* | $820934 | $162897 | $44051 |
|  Affiliated investments, at value\*\* | 82833 | 2437 | 911 |
|  Foreign cash\*\*\* | 1198 |  | 223 |
|  Cash | 3262 |  |  |
|  Cash pledged for financial futures contracts | 655 | 114 | 79 |
|  Cash pledged for centrally cleared swaps | 164 |  |  |
|  Cash pledged for OTC derivatives |  |  |  |
|  Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 12762 | 1612 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 490 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 575 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 6 |  |  |
|  Other assets | 52 | 17 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 922931 | 167080 | 45627 |
|  **LIABILITIES:** |  |  |  |
|  Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 22807 | 4225 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 78 | 86 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax liability |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 67 | 6 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  |  |  |
|  Distributions payable |  | 148 |  |
|  Liability for securities on loan (Note 2) | 38734 |  | 520 |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3) | 207 | 10 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 3) | 110 | 21 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Notes 3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 4 | 2 | 1 |
|  Other liabilities | 184 | 71 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 62198 | 4569 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $860733 | $162511 | $44931 |
|  **NET ASSETS:** |  |  |  |
|  Paid in capital | $906134 | $164934 | $47760 |
|  Distributable earnings (loss) | (45401) | (2423) | (2829) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $860733 | $162511 | $44931 |
|  NET ASSET VALUE — offering and redemption price per share in whole dollars |  |  |  |
|  Investor Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $215913 | $162490 | $44931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 34079 | 16433 | 4639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $6.34 | $9.89 | $9.69 |
|  SI Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $644754 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 101995 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $6.32 |  |  |
|  Adviser Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $66 | $21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 10 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $6.37 | $9.88 (a) |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Investments, at cost | $820443 | $160992 | $44706 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\* Affiliated investments, at cost | 82833 | 2437 | 911 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\*\* Foreign cash, at cost | 1198 |  | 232 |

---

(a) Payden High Income Fund and Payden California Municipal Social Impact Fund, the Adviser Class' Net Asset Value Per Share are calculated using unrounded net assets $66,205, and $20,409.98 divided by unrounded shares 10,400, and 2,066.116 respectively.

*See notes to financial statements.* 

108 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Payden<br> Global Fixed<br> Income<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  | Payden<br>Emerging Markets<br> Bond Fund  | Payden<br>Emerging Markets<br>Local Bond<br> Fund | Payden<br>Emerging Markets<br>Corporate<br> Bond Fund  | Payden<br>Equity Income<br> Fund  |
| $136639 | $821635 | $67213 | $80323 | $1004880 |
| 7171 | 22079 | 4448 | 12148 | 55062 |
| 2149 | 2632 | 818 | 36 | 908 |
|  | 6553 | 22 |  | 2603 |
| 63 | 817 | 120 | 25 |  |
| 43 | 2063 | 235 | 128 |  |
|  | 620 |  |  |  |
| 1305 | 14233 | 1465 | 1183 | 2108 |
| 542 | 5319 | 237 | 611 |  |
| 1 | 138 |  |  | 10 |
| 34 | 45 | 9 | 6 |  |
| 2139 | 3975 | 549 | 30 | 1316 |
|  | 34 |  |  |  |
| 12 | 39 | 19 | 16 | 32 |
| 150098 | 880182 | 75135 | 94506 | 1066919 |
|  |  |  | 9 |  |
| 339 | 898 | 361 | 25 |  |
| 2096 | 29222 | 596 | 4436 | 2495 |
|  | 1007 |  |  | 87 |
|  |  | 14 |  |  |
| 54 | 41 | 3 | 1 |  |
| 2 |  | 9 | 11 |  |
|  | 6450 |  | 2959 |  |
| 14 | 313 | 6 | 29 | 332 |
| 19 | 111 | 10 | 11 | 138 |
|  | 12 |  |  | 7 |
| 2 | 2 | 1 | 1 | 13 |
| 80 | 208 | 62 | 54 | 152 |
| 2606 | 38264 | 1062 | 7536 | 3224 |
| $147492 | $841918 | $74073 | $86970 | $1063695 |
| $187227 | $1079845 | $103301 | $92092 | $737603 |
| (39735) | (237927) | (29228) | (5122) | 326092 |
| $147492 | $841918 | $74073 | $86970 | $1063695 |
| $40963 | $283480 | $11336 | $18362 | $288798 |
| 5377 | 26890 | 2423 | 2089 | 15346 |
| $7.62 | $10.54 | $4.68 | $8.79 | $18.82 |
| $106529 | $531384 | $62737 | $68608 | $759602 |
| 14020 | 50501 | 13657 | 7792 | 40291 |
| $7.60 | $10.52 | $4.59 | $8.80 | $18.85 |
|  | $27054 |  |  | $15295 |
|  | 2563 |  |  | 815 |
|  | $10.56 |  |  | $18.77 |
| $147019 | $851302 | $70557 | $80100 | $822102 |
| 7253 | 22079 | 4448 | 12148 | 55062 |
| 2171 | 2632 | 818 | 36 | 941 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information 109

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations

*Period ended October 31, 2024* 

*Numbers in 000s* 

---

| | | | |
|:---|:---|:---|:---|
|  | Payden<br>Cash Reserves<br>Money Market<br> Fund  | Payden<br>Limited<br>Maturity<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  | Payden<br>Low Duration<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  |
|  **INVESTMENT INCOME:** |  |  |  |
|  Interest income (Note 2) | $24579 | $104499 | $45566 |
|  Interest from affiliated investments |  | 632 | 522 |
|  Dividend income |  | 4249 | 154 |
|  Dividend income from affiliated investment (Note 2) |  | 4711 |  |
|  Income from securities lending |  | 42 | 37 |
|  Foreign tax withholdings |  |  |  |
|  Investment Income | 24579 | 114133 | 46279 |
|  **EXPENSES:** |  |  |  |
|  Investment advisory fees (Note 3) | 692 | 5170 | 2759 |
|  Administration fees (Note 3) | 692 | 2922 | 1479 |
|  Shareholder servicing fees |  | 481 | 569 |
|  Distribution fees (Note 3) |  |  |  |
|  Custodian fees | 24 | 99 | 48 |
|  Transfer agent fees | 35 | 114 | 75 |
|  Registration and filing fees | 9 | 150 | 35 |
|  Trustee fees and expenses | 63 | 281 | 146 |
|  Printing and mailing costs | 39 | 205 | 103 |
|  Loan commitment fees |  | 28 | 14 |
|  Legal fees | 14 | 73 | 38 |
|  Publication expense | 11 | 43 | 25 |
|  Pricing fees | 19 | 108 | 52 |
|  Fund accounting fees | 85 | 310 | 151 |
|  Insurance | 7 | 39 | 20 |
|  Audit fees | 45 | 61 | 59 |
|  Interest expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expenses | 1735 | 10084 | 5573 |
|  Expense subsidy (Note 3) | (582) | (5245) | (1553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1153 | 4839 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 23426 | 109294 | 42259 |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES):** |  |  |  |
|  Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 1691 | (3544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 6 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  | 516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |
|  Change in net unrealized appreciation (depreciation) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 16338 | 30817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  | (1598) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments |  | 362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains |  | 17325 | 26310 |
|  CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $23426 | $126619 | $68569 |

---

*See notes to financial statements.* 

110 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Payden<br>U.S. Government<br> Fund  | Payden<br>GNMA<br> Fund  | Payden<br>Core<br> Bond Fund  | Payden<br>Corporate<br> Bond Fund  | Payden<br>Strategic Income<br> Fund  | Payden<br>Absolute<br>Return Bond<br> Fund  | Payden<br>Floating Rate<br> Fund  |
| $2745 | $4161 | $43884 | $17896 | $9740 | $38274 | $10388 |
| 70 | 112 | 309 | 208 | 91 | 297 | 480 |
|  |  | 1300 | 311 | 475 | 4014 | 727 |
|  |  | 2293 | 567 | 193 | 763 |  |
|  |  | 46 | 51 | 1 | 28 |  |
|  |  | 11 |  |  | 15 |  |
| 2815 | 4273 | 47843 | 19033 | 10500 | 43391 | 11595 |
| 188 | 266 | 2574 | 1301 | 995 | 3143 | 665 |
| 101 | 148 | 1379 | 558 | 271 | 937 | 181 |
| 11 | 56 | 174 | 217 | 30 | 176 | 32 |
|  |  | 7 |  |  | 1 |  |
| 11 | 24 | 53 | 29 | 31 | 79 | 9 |
| 16 | 26 | 76 | 44 | 31 | 51 | 30 |
| 17 | 15 | 13 | 59 | 44 |  | 44 |
| 10 | 15 | 131 | 53 | 26 | 91 | 18 |
| 7 | 9 | 88 | 40 | 20 | 69 | 14 |
| 1 | 1 | 14 | 5 | 3 | 10 | 2 |
| 3 | 4 | 35 | 14 | 7 | 25 | 5 |
| 2 | 3 | 22 | 10 | 6 | 18 | 5 |
| 8 | 10 | 51 | 29 | 24 | 45 | 17 |
| 20 | 25 | 148 | 65 | 37 | 100 | 27 |
| 1 | 2 | 14 | 7 | 4 | 15 | 2 |
| 49 | 53 | 55 | 61 | 64 | 68 | 79 |
|  |  | 4 |  |  | 23 |  |
| 445 | 657 | 4838 | 2492 | 1593 | 4851 | 1130 |
| (156) | (213) | (708) | (296) | (498) | (1529) | (367) |
| 289 | 444 | 4130 | 2196 | 1095 | 3322 | 763 |
| 2526 | 3829 | 43713 | 16837 | 9405 | 40069 | 10832 |
| (306) | (1851) | (22088) | (7457) | 310 | (579) | 96 |
|  |  | 39 |  | (33) | (259) | (2) |
|  |  | 81 |  | (146) | (586) | (4) |
| (19) | 76 | (641) | 488 | (481) | (7355) |  |
|  |  |  |  |  | 1008 |  |
|  |  | (1652) |  | (14) | (10263) |  |
| 1844 | 7178 | 83470 | 39727 | 8754 | 23581 | 1434 |
|  |  | (59) |  | 38 | (1101) |  |
|  |  | (10) |  | 68 | 1213 | 17 |
|  |  | 1064 | 382 | 79 | 215 |  |
| (40) | 143 | (939) | (490) | 201 | 518 |  |
| (15) |  |  |  |  | 2 |  |
|  |  | (1068) |  | (166) | 6925 |  |
| 1464 | 5546 | 58197 | 32650 | 8610 | 13319 | 1541 |
| $3990 | $9375 | $101910 | $49487 | $18015 | $53388 | $12373 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information 111

------

Statements of Operations continued

*Period ended October 31, 2024* 

*Numbers in 000s* 

---

| | | | |
|:---|:---|:---|:---|
|  | Payden<br> High Income<br> Fund  | Payden<br>California Municipal<br>Social Impact<br> Fund  | Payden<br>Global Low<br> Duration Fund  |
|  **INVESTMENT INCOME:** |  |  |  |
|  Interest income (Note 2) | $52508 | $6131 | $2252 |
|  Interest from affiliated investments | 2028 | 145 | 51 |
|  Dividend income | 1748 |  |  |
|  Dividend income from affiliated investment (Note 2) | 101 |  |  |
|  Income from securities lending | 581 |  | 37 |
|  Foreign tax withholdings |  |  |  |
|  Investment Income | 56966 | 6276 | 2340 |
|  **EXPENSES:** |  |  |  |
|  Investment advisory fees (Note 3) | 2596 | 509 | 139 |
|  Administration fees (Note 3) | 1113 | 238 | 69 |
|  Shareholder servicing fees | 246 | 82 | 42 |
|  Distribution fees (Note 3) |  |  |  |
|  Custodian fees | 29 | 9 | 23 |
|  Transfer agent fees | 61 | 22 | 16 |
|  Registration and filing fees | 144 | 74 | 11 |
|  Trustee fees and expenses | 99 | 23 | 6 |
|  Printing and mailing costs | 66 | 18 | 4 |
|  Loan commitment fees | 11 | 2 | 1 |
|  Legal fees | 38 | 6 | 2 |
|  Publication expense | 17 | 5 | 2 |
|  Pricing fees | 46 | 11 | 11 |
|  Fund accounting fees | 122 | 34 | 15 |
|  Insurance | 12 | 1 | 1 |
|  Audit fees | 68 | 57 | 53 |
|  Interest expense | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expenses | 4673 | 1091 | 395 |
|  Expense subsidy (Note 3) | (427) | (376) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 4246 | 715 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 52720 | 5561 | 2095 |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES):** |  |  |  |
|  Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (3195) | 1380 | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (64) |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | (384) |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 650 | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (343) |  |  |
|  Change in net unrealized appreciation (depreciation) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 55168 | 6388 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | (295) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | 385 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1062) | (99) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 1628 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains | 52488 | 7689 | 1166 |
|  CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $105208 | $13250 | $3261 |

---

*See notes to financial statements.* 

112 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<br> Global Fixed<br> Income<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  | Payden<br> Emerging Markets<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund  | Payden<br> Emerging Markets<br> Local<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund  | Payden<br> Emerging Markets<br> Corporate<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund  | Payden<br> Equity Income<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  |
| $5528 | $63846 | $5859 | $5682 | $364 |
| 115 | 712 | 100 | 162 | 3127 |
| 508 |  |  |  | 22672 |
| 633 |  |  |  |  |
|  | 60 |  | 33 |  |
| (10) | (76) | (56) | (1) | (180) |
| 6774 | 64542 | 5903 | 5876 | 25983 |
| 478 | 3793 | 458 | 653 | 5945 |
| 239 | 1264 | 115 | 122 | 1784 |
| 51 | 235 | 11 | 14 | 221 |
|  | 62 |  |  | 39 |
| 58 | 56 | 62 | 21 | 70 |
| 31 | 185 | 26 | 26 | 164 |
| 79 | 162 | 28 | 19 | 56 |
| 24 | 111 | 12 | 12 | 177 |
| 15 | 72 | 8 | 8 | 110 |
| 2 | 13 | 1 | 1 | 18 |
| 6 | 46 | 3 | 3 | 46 |
| 6 | 20 | 3 | 3 | 29 |
| 22 | 48 | 11 | 15 | 48 |
| 32 | 142 | 22 | 24 | 193 |
| 4 | 19 |  |  | 27 |
| 53 | 61 | 59 | 58 | 52 |
|  |  | 9 |  |  |
| 1100 | 6289 | 828 | 979 | 8979 |
| (163) | (251) | (220) | (262) | (870) |
| 937 | 6038 | 608 | 717 | 8109 |
| 5837 | 58504 | 5295 | 5159 | 17874 |
| (6821) | (39453) | (1514) | 44 | 150430 |
| (428) | (307) | (164) | 2 | 96 |
| (1198) | (1790) | (55) | (62) | 1995 |
| 186 | (427) | 6 | (35) | 15557 |
|  | (302) |  | (35) |  |
| (512) | (2317) | (126) | (33) |  |
| 17429 | 122985 | 1962 | 5450 | 131154 |
| (18) | 923 | (12) | 27 | (24) |
|  |  | (14) |  |  |
| 1164 | 2503 | 459 | 39 | 982 |
| 131 |  |  |  |  |
| 85 | 202 | 8 | 122 | 1481 |
| 464 | 1685 | 108 | 51 |  |
| 10482 | 83702 | 658 | 5570 | 301671 |
| $16319 | $142206 | $5953 | $10729 | $319545 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information 113

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets

*For the periods ended October 31<sup>st</sup>* 

*Numbers in 000s* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Payden Cash Reserves<br>Money Market Fund | Payden Cash Reserves<br>Money Market Fund | Payden Limited<br>Maturity Fund | Payden Limited<br>Maturity Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $23426 | $21684 | $109294 | $85054 |
|  Net realized gains (losses) |  | (29) | 2213 | (2411) |
|  Change in net unrealized appreciation/(depreciation) |  |  | 15112 | 24279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 23426 | 21655 | 126619 | 106922 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Investor Class | (23420) | (21710) | (31012) | (26361) |
|  SI Class |  |  | (75457) | (60940) |
|  Adviser Class |  |  |  |  |
|  Return of capital: |  |  |  |  |
|  Investor Class |  |  |  | (222) |
|  SI Class |  |  |  | (512) |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (23420) | (21710) | (106469) | (88035) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Investor Class | 47217068 | 41066472 | 192318 | 331828 |
|  SI Class |  |  | 395003 | 450087 |
|  Adviser Class |  |  |  |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Investor Class | 7926 | 10347 | 30681 | 26386 |
|  SI Class |  |  | 71357 | 56626 |
|  Adviser Class |  |  |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Investor Class | (47189056) | (41105956) | (323478) | (268509) |
|  SI Class |  |  | (397934) | (527419) |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | 35938 | (29137) | (32053) | 68999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | 35944 | (29192) | (11903) | 87886 |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 446743 | 475935 | 1960174 | 1872288 |
|  End of period | $482687 | $446743 | $1948271 | $1960174 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 446779 | 475917 | 67852 | 58350 |
|  Shares sold | 47217068 | 41066471 | 20207 | 35204 |
|  Shares issued in reinvestment of distributions | 7926 | 10347 | 3220 | 2799 |
|  Shares redeemed | (47189056) | (41105956) | (34000) | (28501) |
|  Change in shares outstanding | 35938 | (29138) | (10573) | 9502 |
|  Outstanding shares at end of period | 482717 | 446779 | 57279 | 67852 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  | 139352 | 141540 |
|  Shares sold |  |  | 41456 | 47780 |
|  Shares issued in reinvestment of distributions |  |  | 7485 | 6005 |
|  Shares redeemed |  |  | (41761) | (55973) |
|  Change in shares outstanding |  |  | 7180 | (2188) |
|  Outstanding shares at end of period |  |  | 146532 | 139352 |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed |  |  |  |  |
|  Change in shares outstanding |  |  |  |  |
|  Outstanding shares at end of period |  |  |  |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) |  |  | 1178016 | 1107475 |
|  Sale of investments (excluding government) |  |  | 1110129 | 1004357 |
|  Purchase of government securities |  |  | 33557 | 38120 |
|  Sale of government securities |  |  | 33800 | 31828 |

---

(1) Amount is less than $500.

*See notes to financial statements.* 

114 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Payden<br>Low Duration Fund | Payden<br>Low Duration Fund | Payden<br>U.S. Government Fund | Payden<br>U.S. Government Fund | Payden<br>GNMA Fund | Payden<br>GNMA Fund | Payden<br>Core Bond Fund | Payden<br>Core Bond Fund |
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| $42259 | $38784 | $2526 | $2046 | $3829 | $3308 | $43713 | $36461 |
| (4092) | (28530) | (325) | (475) | (1775) | (523) | (24261) | (56571) |
| 30402 | 38719 | 1789 | (497) | 7321 | (4475) | 82458 | 34412 |
| 68569 | 48973 | 3990 | 1074 | 9375 | (1690) | 101910 | 14302 |
| (23136) | (24753) | (2531) | (2078) | (3477) | (3191) | (10565) | (9985) |
| (18812) | (13963) |  |  |  |  | (30066) | (22616) |
|  |  |  |  |  |  | (112) | (375) |
|  | (464) |  |  |  |  | (208) | (380) |
|  | (261) |  |  |  |  | (592) | (860) |
|  |  |  |  |  |  | (2) | (14) |
| (41948) | (39441) | (2531) | (2078) | (3477) | (3191) | (41545) | (34230) |
| 90061 | 156307 | 8797 | 12055 | 18258 | 26339 | 71124 | 35171 |
| 115977 | 312118 |  |  |  |  | 91991 | 78607 |
|  |  |  |  |  |  | 281 | 6124 |
| 22942 | 24619 | 2337 | 1994 | 3055 | 2901 | 9442 | 7883 |
| 15570 | 11774 |  |  |  |  | 28685 | 23274 |
|  |  |  |  |  |  | 111 | 387 |
| (176668) | (516533) | (3578) | (6542) | (19559) | (27058) | (64316) | (102697) |
| (149571) | (191837) |  |  |  |  | (135901) | (82661) |
|  |  |  |  |  |  | (1984) | (28376) |
| (81689) | (203552) | 7556 | 7507 | 1754 | 2182 | (567) | (62288) |
| (55068) | (194020) | 9015 | 6503 | 7652 | (2699) | 59798 | (82216) |
| 1029115 | 1223135 | 59974 | 53471 | 88544 | 91243 | 849318 | 931534 |
| $974047 | $1029115 | $68989 | $59974 | $96196 | $88544 | $909116 | $849318 |
| 60103 | 95185 | 6547 | 5749 | 12500 | 12214 | 26918 | 33517 |
| 9267 | 16358 | 937 | 1274 | 2401 | 3470 | 7655 | 3847 |
| 2359 | 2573 | 249 | 221 | 403 | 383 | 1030 | 872 |
| (18164) | (54013) | (380) | (697) | (2586) | (3567) | (7000) | (11318) |
| (6538) | (35082) | 806 | 798 | 218 | 286 | 1685 | (6599) |
| 53565 | 60103 | 7353 | 6547 | 12718 | 12500 | 28603 | 26918 |
| 47870 | 33978 |  |  |  |  | 72010 | 69744 |
| 11842 | 32667 |  |  |  |  | 10007 | 8726 |
| 1602 | 1231 |  |  |  |  | 3136 | 2580 |
| (15320) | (20006) |  |  |  |  | (14955) | (9040) |
| (1876) | 13892 |  |  |  |  | (1812) | 2266 |
| 45994 | 47870 |  |  |  |  | 70198 | 72010 |
|  |  |  |  |  |  | 346 | 2714 |
|  |  |  |  |  |  | 31 | 690 |
|  |  |  |  |  |  | 12 | 42 |
|  |  |  |  |  |  | (214) | (3100) |
|  |  |  |  |  |  | (171) | (2368) |
|  |  |  |  |  |  | 175 | 346 |
| 306181 | 294152 |  |  |  |  | 420818 | 183468 |
| 410540 | 378593 |  | 766 |  |  | 326952 | 277249 |
| 290444 | 832603 | 41018 | 38118 | 29796 | 24214 | 221444 | 279942 |
| 226807 | 943890 | 34231 | 20795 | 28962 | 21022 | 303846 | 285263 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information 115

------

&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;**Statements of Changes in Net Assets** *continued* <br>

*For the periods ended October 31<sup>st</sup>* 

*Numbers in 000s* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Payden Corporate<br>Bond Fund | Payden Corporate<br>Bond Fund | Payden Strategic<br>Income Fund | Payden Strategic<br>Income Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $16837 | $14284 | $9405 | $8237 |
|  Net realized gains (losses) | (6970) | (13868) | (364) | (6308) |
|  Change in net unrealized appreciation/(depreciation) | 39620 | 7228 | 8974 | 5969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 49487 | 7644 | 18015 | 7898 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Investor Class | (6781) | (7393) | (5129) | (4851) |
|  SI Class | (10036) | (6867) | (3916) | (3179) |
|  Adviser Class |  |  |  |  |
|  Return of capital: |  |  |  |  |
|  Investor Class |  |  | (142) | (169) |
|  SI Class |  |  | (109) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (16817) | (14260) | (9296) | (8310) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Investor Class | 52381 | 52936 | 11916 | 12022 |
|  SI Class | 27137 | 101152 | 5959 | 31078 |
|  Adviser Class |  |  |  |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Investor Class | 6678 | 7265 | 5258 | 4969 |
|  SI Class | 9965 | 6851 | 3841 | 3192 |
|  Adviser Class |  |  |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Investor Class | (53471) | (144035) | (9318) | (35723) |
|  SI Class | (40833) | (22947) | (15283) | (5530) |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | 1857 | 1222 | 2373 | 10008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | 34527 | (5394) | 11092 | 9596 |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 341023 | 346417 | 172187 | 162591 |
|  End of period | $375550 | $341023 | $183279 | $172187 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 15583 | 24416 | 10409 | 12403 |
|  Shares sold | 5372 | 5564 | 1247 | 1288 |
|  Shares issued in reinvestment of distributions | 686 | 768 | 551 | 532 |
|  Shares redeemed | (5489) | (15165) | (977) | (3814) |
|  Change in shares outstanding | 569 | (8833) | 821 | (1994) |
|  Outstanding shares at end of period | 16152 | 15583 | 11230 | 10409 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 22573 | 13636 | 8417 | 5352 |
|  Shares sold | 2787 | 10647 | 626 | 3314 |
|  Shares issued in reinvestment of distributions | 1024 | 728 | 403 | 342 |
|  Shares redeemed | (4177) | (2438) | (1609) | (591) |
|  Change in shares outstanding | (366) | 8937 | (580) | 3065 |
|  Outstanding shares at end of period | 22207 | 22573 | 7837 | 8417 |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed |  |  |  |  |
|  Change in shares outstanding |  |  |  |  |
|  Outstanding shares at end of period |  |  |  |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) | 244120 | 151067 | 91688 | 38589 |
|  Sale of investments (excluding government) | 246199 | 144042 | 68391 | 60231 |
|  Purchase of government securities |  |  | 40715 | 44654 |
|  Sale of government securities |  | 20 | 39409 | 14751 |

---

(1) Amount is less than $500.

*See notes to financial statements.* 

116 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Payden Absolute Return<br> Bond Fund | Payden Absolute Return<br> Bond Fund | Payden Floating Rate<br>Fund | Payden Floating Rate<br>Fund | Payden High Income<br>Fund | Payden High Income<br>Fund | Payden California Municipal<br>Social Impact Fund | Payden California Municipal<br>Social Impact Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| $40069 | $43374 | $10832 | $9740 | $52720 | $42962 | $5561 | $4293 |
| (18034) | (18747) | 90 | (1748) | (3336) | (19262) | 1400 | (3256) |
| 31353 | 26784 | 1451 | 4908 | 55824 | 20684 | 6289 | 3440 |
| 53388 | 51411 | 12373 | 12900 | 105208 | 44384 | 13250 | 4477 |
| (9126) | (6882) | (3328) | (1843) | (14074) | (14513) | (5745) | (4257) |
| (29588) | (32593) | (7518) | (7857) | (38641) | (28024) |  |  |
| (13) |  |  |  | (1) |  |  |  |
|  | (37) |  | (7) |  | (29) | (272) |  |
|  | (175) |  | (31) |  | (56) |  |  |
| (38727) | (39687) | (10846) | (9738) | (52716) | (42622) | (6017) | (4257) |
| 39870 | 34816 | 58601 | 32079 | 294383 | 208901 | 27536 | 37271 |
| 57448 | 39209 | 2711 | 21133 | 220458 | 96474 |  |  |
| 275 |  | 4 |  | 67 |  | 21 |  |
| 8747 | 6656 | 3208 | 1823 | 11618 | 11033 | 4641 | 3301 |
| 26307 | 29881 | 3570 | 3247 | 28662 | 21196 |  |  |
| 11 |  |  |  | 1 |  |  |  |
| (40171) | (27339) | (42378) | (31516) | (245372) | (308429) | (29313) | (30104) |
| (222068) | (182644) | (18938) | (63145) | (79914) | (30444) |  |  |
| (2) |  | (1) |  |  |  |  |  |
| (129583) | (99421) | 6777 | (36379) | 229903 | (1269) | 2885 | 10468 |
| (114922) | (87697) | 8304 | (33217) | 282395 | 493 | 10118 | 10688 |
| 695450 | 783147 | 115366 | 148583 | 578338 | 577845 | 152393 | 141705 |
| $580528 | $695450 | $123670 | $115366 | $860733 | $578338 | $162511 | $152393 |
| 14941 | 13439 | 2812 | 2576 | 24197 | 39044 | 16155 | 15104 |
| 4195 | 3699 | 5974 | 3344 | 47138 | 35117 | 2785 | 3823 |
| 921 | 710 | 328 | 190 | 1851 | 1855 | 469 | 339 |
| (4224) | (2907) | (4320) | (3298) | (39107) | (51819) | (2976) | (3111) |
| 892 | 1502 | 1982 | 236 | 9882 | (14847) | 278 | 1051 |
| 15833 | 14941 | 4794 | 2812 | 34079 | 24197 | 16433 | 16155 |
| 59695 | 71832 | 9175 | 13257 | 74938 | 60402 |  |  |
| 6025 | 4159 | 276 | 2217 | 35199 | 16110 |  |  |
| 2768 | 3181 | 365 | 339 | 4577 | 3575 |  |  |
| (23323) | (19477) | (1932) | (6638) | (12719) | (5149) |  |  |
| (14530) | (12137) | (1291) | (4082) | 27057 | 14536 |  |  |
| 45165 | 59695 | 7884 | 9175 | 101995 | 74938 |  |  |
| 29 |  |  |  | 10 |  | 2 |  |
| 1 |  |  |  |  |  |  |  |
| 30 |  |  |  | 10 |  | 2 |  |
| 30 |  |  |  | 10 |  | 2 |  |
| 701284 | 667582 | 78969 | 31834 | 731104 | 435367 | 95239 | 185373 |
| 823330 | 769870 | 69944 | 49224 | 524319 | 437729 | 94284 | 174330 |
| 407527 | 225080 | 1 |  | 3 |  | 28798 | 48892 |
| 467606 | 212495 | 2453 | 526 | 4585 | 5367 | 33005 | 38148 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information 117

------

&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;**Statements of Changes in Net Assets** *continued* <br>

*For the periods ended October 31<sup>st</sup>* 

*Numbers in 000s* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Payden Global Low<br> Duration Fund | <br> Payden Global Low<br> Duration Fund | <br> Payden Global Fixed<br> Income Fund | <br> Payden Global Fixed<br> Income Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $2095 | $2471 | $5837 | $6250 |
|  Net realized gains (losses) | (185) | (1705) | (8773) | (20689) |
|  Change in net unrealized appreciation/(depreciation) | 1351 | 2065 | 19255 | 20484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 3261 | 2831 | 16319 | 6045 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Investor Class | (2073) | (2476) | (710) | (5222) |
|  SI Class |  |  | (1942) | (9422) |
|  Adviser Class |  |  |  |  |
|  Return of capital: |  |  |  |  |
|  Investor Class |  | (17) | (816) | (1713) |
|  SI Class |  |  | (2229) | (3092) |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (2073) | (2493) | (5697) | (19449) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Investor Class | 10647 | 9291 | 7212 | 11544 |
|  SI Class |  |  | 4213 | 44866 |
|  Adviser Class |  |  |  |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Investor Class | 2038 | 2486 | 1502 | 6869 |
|  SI Class |  |  | 4171 | 12514 |
|  Adviser Class |  |  |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Investor Class | (14092) | (41405) | (14187) | (62810) |
|  SI Class |  |  | (31760) | (70883) |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | (1407) | (29628) | (28849) | (57900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | (219) | (29290) | (18227) | (71304) |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 45150 | 74440 | 165719 | 237023 |
|  End of period | $44931 | $45150 | $147492 | $165719 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 4783 | 7906 | 6101 | 12034 |
|  Shares sold | 1106 | 976 | 957 | 1557 |
|  Shares issued in reinvestment of distributions | 212 | 262 | 198 | 937 |
|  Shares redeemed | (1462) | (4361) | (1879) | (8427) |
|  Change in shares outstanding | (144) | (3123) | (724) | (5933) |
|  Outstanding shares at end of period | 4639 | 4783 | 5377 | 6101 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  | 17175 | 18987 |
|  Shares sold |  |  | 547 | 6061 |
|  Shares issued in reinvestment of distributions |  |  | 553 | 1709 |
|  Shares redeemed |  |  | (4255) | (9582) |
|  Change in shares outstanding |  |  | (3155) | (1812) |
|  Outstanding shares at end of period |  |  | 14020 | 17175 |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed |  |  |  |  |
|  Change in shares outstanding |  |  |  |  |
|  Outstanding shares at end of period |  |  |  |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) | 21484 | 23835 | 80431 | 74091 |
|  Sale of investments (excluding government) | 26080 | 36444 | 99004 | 113646 |
|  Purchase of government securities | 15422 | 36304 | 10808 | 9506 |
|  Sale of government securities | 13878 | 47055 | 19265 | 29770 |

---

*See notes to financial statements.* 

118 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | Payden Equity<br>Income Fund | Payden Equity<br>Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58504 | $50702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23922 |
| (44596) | (86168) | (1853) | (2427) | (119) | (3028) | 168078 | 18282 |
| 128298 | 126755 | 2511 | 2430 | 5689 | 3671 | 133593 | (126311) |
| 142206 | 91289 | 5953 | 2798 | 10729 | 4270 | 319545 | (84107) |
| (19010) | (20828) | (554) | (114) | (1428) | (1299) | (9533) | (26846) |
| (35016) | (29190) | (3467) | (927) | (3726) | (2210) | (26506) | (55704) |
| (1581) | (1509) |  |  |  |  | (434) | (1103) |
|  | (4462) | (166) | (171) |  | (78) |  |  |
|  | (6253) | (1037) | (1385) |  | (133) |  |  |
|  | (323) |  |  |  |  |  |  |
| (55607) | (62565) | (5224) | (2597) | (5154) | (3720) | (36473) | (83653) |
| 144714 | 187049 | 8676 | 4495 | 6664 | 5608 | 24414 | 33366 |
| 145857 | 88607 | 79 | 40826 | 23396 | 15530 | 23142 | 9761 |
| 18852 | 27826 |  |  |  |  | 631 | 1346 |
| 13025 | 19257 | 121 | 154 | 890 | 528 | 8480 | 24703 |
| 31543 | 30580 | 2751 | 1747 | 2815 | 1949 | 25761 | 51343 |
| 1554 | 1785 |  |  |  |  | 394 | 993 |
| (173780) | (273421) | (4055) | (2575) | (15880) | (581) | (137861) | (161567) |
| (94669) | (158486) | (4977) | (5000) | (4793) | (1800) | (303034) | (81793) |
| (16509) | (32243) |  |  |  |  | (3888) | (4932) |
| 70587 | (109046) | 2595 | 39647 | 13092 | 21234 | (361961) | (126780) |
| 157186 | (80322) | 3324 | 39848 | 18667 | 21784 | (78889) | (294540) |
| 684732 | 765054 | 70749 | 30901 | 68303 | 46519 | 1142584 | 1437124 |
| $841918 | $684732 | $74073 | $70749 | $86970 | $68303 | $1063695 | $1142584 |
| 28396 | 35091 | 1438 | 968 | 3048 | 2387 | 21415 | 27942 |
| 14111 | 18952 | 1799 | 966 | 769 | 668 | 1431 | 2088 |
| 1259 | 1956 | 24 | 32 | 103 | 62 | 496 | 1532 |
| (16876) | (27603) | (838) | (528) | (1832) | (69) | (7996) | (10147) |
| (1506) | (6695) | 985 | 470 | (960) | 661 | (6069) | (6527) |
| 26890 | 28396 | 2423 | 1438 | 2088 | 3048 | 15346 | 21415 |
| 41882 | 45972 | 14140 | 6268 | 5318 | 3498 | 54453 | 55781 |
| 14704 | 9004 | 14 | 8619 | 2702 | 1797 | 1368 | 609 |
| 3051 | 3113 | 561 | 372 | 325 | 232 | 1502 | 3190 |
| (9136) | (16207) | (1058) | (1119) | (552) | (209) | (17032) | (5127) |
| 8619 | (4090) | (483) | 7872 | 2475 | 1820 | (14162) | (1328) |
| 50501 | 41882 | 13657 | 14140 | 7793 | 5318 | 40291 | 54453 |
| 2185 | 2430 |  |  |  |  | 977 | 1147 |
| 1801 | 2841 |  |  |  |  | 37 | 80 |
| 150 | 181 |  |  |  |  | 23 | 62 |
| (1573) | (3267) |  |  |  |  | (222) | (312) |
| 378 | (245) |  |  |  |  | (162) | (170) |
| 2563 | 2185 |  |  |  |  | 815 | 977 |
| 588118 | 530506 | 41578 | 65752 | 123911 | 69876 | 890871 | 1383197 |
| 513128 | 650333 | 45339 | 29535 | 106516 | 57174 | 1183845 | 1619561 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information 119

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements** <br>

*October 31, 2024* 

1. Organization and Related Matters

The Payden & Rygel Investment Group (the "Group" or "Paydenfunds") is a no-load, open-end registered investment company organized as a Massachusetts business trust on January 22, 1992 and registered under the Investment Company Act of 1940 (the "1940 Act"), as amended. Each of its nineteen funds (each a "Fund," collectively the "Funds") is a series of the Group, and is authorized to issue unlimited shares at $0.001 par value. This report contains 19 Funds. The Payden Managed Income Fund is contained in a separate report. Each of the Funds, other than the Emerging Markets Local Bond Fund, has been classified as diversified.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each Fund's financial statements are prepared in accordance with GAAP.

The Funds are considered investment companies under FASB ASC 946, Financial Services - Investment Companies.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. During the year ended October 31, 2024, BBFI Liquidating Trust corporate bond valued at $1,645,910 for Payden Emerging Markets Bond Fund and $173,597 for Payden Emerging Markets Corporate Bond Fund is classified as Level 3 due to the unobservable nature of the inputs used in its valuation. The following inputs used in valuation: valuation technique – income approach, unobservable input – discount rate with 12.54% discount.

*Securities Valuation* 

Domestic and foreign fixed income securities and other assets for which market quotations are readily available (other than obligations with original maturities of sixty days or less) are valued on the basis of quotes obtained from brokers and

dealers or pricing services. Such quotations take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. Debt securities with original maturities of sixty days or less and securities in the Payden Cash Reserves Money Market Fund are valued at amortized cost, which approximates fair value. Cash Reserves Money Market Fund qualifies as a government money market fund under the Money Market Fund Reform.

Publicly traded equity securities, whether in the U.S. or outside the U.S., for which market quotations are readily available, generally will be valued at the official closing price or the last sale price on the exchange or market where they are principally traded, or if there have been no sales during the day, at the last bid price. Securities traded only on the over-the-counter ("OTC") market are valued at the latest bid price. Investments in nonregistered investment companies are valued at their net asset values as reported by such companies.

Options, futures, swaps and other similar instruments are valued at the official closing price, in the case of exchange traded derivatives, or on the basis of information provided by pricing services, quotes obtained from brokers and dealers, and market trades in the case of other securities.

Fixed income or equity securities for which market quotations are not readily available are priced at their fair value as determined in good faith under procedures established pursuant to the Valuation and Liquidity Guidelines applicable to each of the Funds. In considering fair value of a security, one or more factors are taken into consideration depending on the circumstances at the time, including for example: the cost of the security or the last reported sales price of the security as a starting point; changes in interest rates; changes in yield spreads of similarly rated or structured securities; fundamental analytical information relating to the security; the value of other similar securities traded on other markets or among dealers; the general financial condition of the issuer; recent developments affecting the issuer; information, including price quotations, from other financial institutions or analysts; or government actions or pronouncements and other significant events affecting the economy, the markets, the fundamental value of the issuer or of the issuer's industry.

Shares of open-end investment companies are valued at their respective net asset value.

Fair value pricing adjustments may occur when (1) developments occur (a "significant event") that will affect the value of a Fund's holdings, and (2) the significant event occurs

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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, 2024, there were no unfunded obligations.

*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.

Annual Financial Statements and Other Information 121

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements**continued <br>

*Repurchase Agreements* 

The Cash Reserves Money Market Fund entered into repurchase agreements (agreements to purchase U.S. Treasury notes and bills, subject to the seller's agreement to repurchase them at a specified time and price) with well-established registered securities dealers or banks. Repurchase agreements are the equivalent of loans by the Fund. With respect to such agreements, it is the Fund's policy to take possession of the underlying securities, except for tri-party agreements where an independent custodian takes possession. On a daily basis the Fund or the tri-party custodian mark-to-market such securities to ensure that the value, including accrued interest, is at least equal to the amount to be repaid to the Fund under the agreement. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited.

Master Repurchase Agreements ("MRA") permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/ or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

The Cash Reserves Money Market Fund's repurchase agreements by counterparty, which are subject to offset under a MRA, is included within the Fund's Schedule of Investments. For financial statement purposes, the Fund does not offset financial assets and financial liabilities, that are subject to MRA on the Statements of Assets and Liabilities.

*Forward Currency Contracts* 

Some Funds entered into forward currency contracts to protect against adverse currency movements or as speculative investments. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gain or loss until the contact settlement date or an offsetting forward currency contract has been executed, at which time the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was

opened and the value at the time it was closed. Risk may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

*Futures Contracts* 

Some Funds entered into futures transactions to enhance potential gain in circumstances where hedging is not involved.

The purchase or sale of futures contracts and options on futures contracts provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or foreign currency at a fixed price on a future date. Upon entering into such a contract, a Fund is required to deposit and maintain initial margin deposit of cash or securities as required by the exchange on which the contract is traded.

Pursuant to the contract, that Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by that Fund. When the contract is closed, that Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The potential risk to the Funds is that the change in value of the underlying securities may not correlate to the change in value of the contracts.

Stock index futures contracts are an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Variation margin accounting procedures apply to these index futures contracts. Each Fund invests in these futures contracts to permit the Fund to meet its objectives at a lower cost than investing directly in equity securities, while permitting the equivalent of an investment in a portfolio of equity securities. The potential risk to a Fund is that the change in value of the underlying index may not correlate to the change in value of the contracts.

*Swap Contracts* 

Some Funds may enter into swap agreements, in which a Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the 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

122 Payden Mutual Funds

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recorded as unrealized appreciation (depreciation) and realized gain/(loss) is recorded at termination of the contract.

Upon entering into a centrally cleared swap, a Fund is required to deposit and maintain initial margin deposit of cash or securities as required by the exchange on which the contract is traded. Pursuant to the centrally cleared swap, that Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by that Fund. When the contract is closed, that Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, credit spreads and/or market values associated with these transactions.

A Fund may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which it is not otherwise exposed (credit risk). A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occur. As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the

Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

A Fund may enter into total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

A Fund may enter into interest rate swaps to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex swaps, the notional principal amount may decline (or amortize) over time.

For financial reporting purposes, swap interest and amortization are classified as realized or unrealized gain or loss on swap contracts.

*Options Transactions* 

Option techniques may be utilized by a Fund to hedge against changes in interest rates, foreign currency exchange rates or security prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets. In addition, the Fund may enter into such transactions to enhance potential gain in circumstances where hedging is not involved. When a Fund writes a covered call or put option, an amount equal to the premium received 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

Annual Financial Statements and Other Information 123

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements**continued <br>

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, 2024 (000s)

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| | | |
|:---|:---|:---|
| **Underlying Risk** | **Derivative**<br> **Assets ($)**  | **Derivative<br>Liabilities ($)** |
|  **Limited Maturity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 58 | (2) |
|  **Low Duration** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  |  | (1340) |
|  **U.S. Government** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  |  | (75) |
|  **Core Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 5643 | (7160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 469 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 6112 | (7191) |

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| | | |
|:---|:---|:---|
| **Underlying Risk** | **Derivative**<br> **Assets ($)**  | **Derivative<br>Liabilities ($)** |
|  **Corporate Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 826 | (1650) |
|  **Strategic Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 1802 | (1719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 220 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 2022 | (1725) |
|  **Absolute Return Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>3,4</sup>  | 202 | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity<sup>4,4</sup>  | 297 | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3,4</sup>  | 3390 | (1045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2,4</sup>  | 2897 | (940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 6786 | (2255) |
|  **Floating Rate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1</sup>  | 24 |  |
|  **High Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 26 | (1251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 575 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 601 | (1258) |
|  **California Municipal Social Impact** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  |  | (99) |
|  **Global Low Duration** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 17 | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1</sup>  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 24 | (74) |
|  **Global Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 1025 | (946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 2139 | (339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 3164 | (1285) |
|  **Emerging Markets Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 1202 | (1221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 3975 | (898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 5177 | (2119) |
|  **Emerging Markets Local Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 118 | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 549 | (361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 667 | (435) |
|  **Emerging Markets Corporate Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>3</sup>  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>3</sup>  | 105 | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,2</sup>  | 30 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 135 | (122) |
|  **Equity Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1</sup>  | 1316 |  |

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1 Receivable for forward currency contracts.

2 Payable for forward currency contracts.

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| | |
|:---|:---|
| 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.  |

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4 Includes options purchased at fair value as reported in the Schedule of Investments.

124 Payden Mutual Funds

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#### The Effect of Derivative Instruments on the Statements of Operations

#### For the Period Ended October 31, 2024 (000s)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Limited Maturity** | **Limited Maturity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $516 |  |  | $516 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | 516 |  |  | 516 |
|  **Low Duration** | **Low Duration** | **Low Duration** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $(545) |  |  |  | (545) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (545) |  |  |  | (545) |
|  **U.S. Government** | **U.S. Government** | **U.S. Government** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (19) |  |  |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (19) |  |  |  | (19) |
|  **GNMA** | **GNMA** | **GNMA** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 76 |  |  |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 76 |  |  |  | 76 |
|  **Core Bond** | **Core Bond** | **Core Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | $(1753) | (1753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (641) |  |  | 101 | (540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 81 |  |  | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (641) | 81 |  | (1652) | (2212) |
|  **Corporate Bond** | **Corporate Bond** | **Corporate Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 488 |  |  |  | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 488 |  |  |  | 488 |
|  **Strategic Income** | **Strategic Income** | **Strategic Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (23) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (481) |  |  | 9 | (472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (146) |  |  | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (481) | (146) |  | (14) | (641) |
|  **Absolute Return Bond** | **Absolute Return Bond** | **Absolute Return Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (4098) | (4098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | $(2667) |  | (2667) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (7355) |  |  | (6165) | (13520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (586) |  |  | (586) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (7355) | (586) | (2667) | (10263) | (20871) |
|  **Floating Rate** | **Floating Rate** | **Floating Rate** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (4) |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | (4) |  |  | (4) |
|  **High Income** | **High Income** | **High Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 650 |  |  | (343) | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (384) |  |  | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 650 | (384) |  | (343) | (77) |
|  **California Municipal Social Impact** | **California Municipal Social Impact** | **California Municipal Social Impact** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 20 |  |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 20 |  |  |  | 20 |
|  **Global Low Duration** | **Global Low Duration** | **Global Low Duration** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (15) |  |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | (15) |  |  | (15) |
|  **Global Fixed Income** | **Global Fixed Income** | **Global Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (502) | (502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 186 |  |  | (10) | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (1198) |  |  | (1198) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 186 | (1198) |  | (512) | (1524) |
|  **Emerging Markets Bond** | **Emerging Markets Bond** | **Emerging Markets Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (427) |  | (302) | (2317) | (3046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (1790) |  |  | (1790) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (427) | (1790) | (302) | (2317) | (4836) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  **Emerging Markets Local Bond** | **Emerging Markets Local Bond** | **Emerging Markets Local Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $6 |  |  | $(126) | $(120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $(55) |  |  | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 6 | (55) |  | (126) | (175) |
|  **Emerging Markets Corporate Bond** | **Emerging Markets Corporate Bond** | **Emerging Markets Corporate Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | $(35) |  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (35) |  |  | (33) | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (62) |  |  | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (35) | (62) | (35) | (33) | (165) |
|  **Equity Income** | **Equity Income** | **Equity Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 15557 |  |  |  | 15557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 1995 |  |  | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 15557 | 1995 |  |  | 17552 |

---

1 Net realized gains (losses) from futures contracts.

2 Net realized gains (losses) from forward foreign exchange contracts.

3 Net realized gains (losses) from written option contracts and purchased options which are included in net realized gains (losses) on investments.

4 Net realized gains (losses) from swap contracts.

#### The Effect of Derivative Instruments on the Statements of Operations

#### For the Period Ended October 31, 2024 (000s)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives 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** | **Limited Maturity** | **Limited Maturity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $(1598) |  |  | $(1598) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | (1598) |  |  | (1598) |
|  **Low Duration** | **Low Duration** | **Low Duration** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $(415) |  |  |  | (415) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (415) |  |  |  | (415) |
|  **U.S. Government** | **U.S. Government** | **U.S. Government** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (40) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (40) |  | 23 |  | (17) |
|  **GNMA** | **GNMA** | **GNMA** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 143 |  |  |  | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 143 |  |  |  | 143 |
|  **Core Bond** | **Core Bond** | **Core Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | $(133) | (133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (939) |  |  | (935) | (1874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (10) |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (939) | (10) |  | (1068) | (2017) |
|  **Corporate Bond** | **Corporate Bond** | **Corporate Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (490) |  |  |  | (490) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (490) |  |  |  | (490) |
|  **Strategic Income** | **Strategic Income** | **Strategic Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 201 |  |  | (166) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 68 |  |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 201 | 68 |  | (166) | 103 |

---

Annual Financial Statements and Other Information 125

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements**continued <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation or (Depreciation) on<br>Derivatives 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** |
|  **Absolute Return Bond** | **Absolute Return Bond** | **Absolute Return Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  | $(37) | $(456) | $(493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | 276 |  | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $518 |  | (250) | 7381 | 7649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $1213 |  |  | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 518 | 1213 | (11) | 6925 | 8645 |
|  **Floating Rate** | **Floating Rate** | **Floating Rate** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 17 |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | 17 |  |  | 17 |
|  **High Income** | **High Income** | **High Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (1062) |  |  | 1628 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 385 |  |  | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (1062) | 385 |  | 1628 | 951 |
|  **California Municipal Social Impact** | **California Municipal Social Impact** | **California Municipal Social Impact** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (99) |  |  |  | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (99) |  |  |  | (99) |
|  **Global Low Duration** | **Global Low Duration** | **Global Low Duration** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | 3 |  |  | 3 |
|  **Global Fixed Income** | **Global Fixed Income** | **Global Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (91) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 85 |  |  | 555 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 1164 |  |  | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 85 | 1164 |  | 464 | 1713 |
|  **Emerging Markets Bond** | **Emerging Markets Bond** | **Emerging Markets Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 202 |  |  | 1685 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 2503 |  |  | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 202 | 2503 |  | 1685 | 4390 |
|  **Emerging Markets Local Bond** | **Emerging Markets Local Bond** | **Emerging Markets Local Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 8 |  |  | 108 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 459 |  |  | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 8 | 459 |  | 108 | 575 |
|  **Emerging Markets Corporate Bond** | **Emerging Markets Corporate Bond** | **Emerging Markets Corporate Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 122 |  |  | 32 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 39 |  |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 122 | 39 |  | 51 | 212 |
|  **Equity Income** | **Equity Income** | **Equity Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 1481 |  |  |  | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 982 |  |  | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1481 | 982 |  |  | 2463 |

---

5 Change in net unrealized appreciation (depreciation) from futures contracts.

6 Change in net unrealized appreciation (depreciation) from forward foreign exchange contracts.

7 Change in net unrealized appreciation (depreciation) from written option contracts and purchased options which are included in change in unrealized appreciation (depreciation) on investments.

8 Change in net unrealized appreciation (depreciation) from swap contracts.

During the period ended October 31, 2024 the average notional amount of derivatives as a percent of average net assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Foreign<br>currency** | **Credit** | **Interest<br>rate** | **Equity** |
|  Limited Maturity | 1% | 0% | 0% | 0% |
|  Core Bond | 2% | 1% | 29% | 0% |
|  Strategic Income | 5% | 0% | 26% | 0% |
|  Absolute Return Bond | 16% | 5% | 22% | 0% |
|  High Income | 2% | 0% | 4% | 0% |
|  Global Fixed Income | 50% | 3% | 2629% | 0% |
|  Emerging Markets Bond | 19% | 1% | 148% | 0% |
|  Emerging Markets Local Bond | 41% | 0% | 152% | 0% |
|  Emerging Markets Corporate Bond | 4% | 1% | 19% | 0% |
|  Equity Income | 5% | 0% | 0% | 0% |

---

*Counterparty Credit Risk* 

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by a Fund. For OTC options purchased, a Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.

With exchange traded purchased options and futures and centrally cleared swaps, there is decreased counterparty credit risk to a Fund since the exchange or clearinghouse guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps

126 Payden Mutual Funds

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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, 2024, the Funds' derivative assets and liabilities (by type) on a gross basis are as follows (000s):

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  **<u>Global Fixed Income</u>** |  |  |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swaps |  | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $34 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts | 2139 | 339 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | 2173 | 395 |
|  Derivatives not subject to a MNA | (1873) | (288) |
|  Total derivative assets and liabilities subject to a MNA | $300 | $107 |

---

Annual Financial Statements and Other Information 127

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements**continued <br>

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, 2024 (000s):

<u>Global Fixed Income</u> 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets<br>Subject to MNA by<br> Counterparty | Derivatives<br>Available<br>for Offset<sup>1</sup> | Non-Cash<br>Collateral<br>Received | Cash<br>Collateral<br>Received | Net Amount of<br>Derivative<br>Assets<sup>2</sup> |
|  BNP PARIBAS | $52 | $(31) |  |  | $21 |
|  HSBC Bank USA, N.A. | 248 | (24) |  |  | 224 |
|  Total | $300 | $(55) |  |  | $245 |
| Counterparty | Derivative<br>Liabilities<br>Subject to MNA by<br>Counterparty | Derivatives<br>Available<br>for Offset<sup>1</sup> | Non-Cash<br>Collateral<br>Pledged | Cash<br>Collateral<br>Pledged | Net Amount of<br>Derivative<br>Liabilities<sup>3</sup> |
|  Barclays Bank PLC | 52 |  |  |  | 52 |
|  BNP PARIBAS | 31 | (31) |  |  |  |
|  HSBC Bank USA, N.A. | 24 | (24) |  |  |  |
|  Total | $107 | $(55) |  |  | $52 |

---

<sup>1</sup> The amount of derivatives for offset is limited to the amount of assets and/or liabilities that are subject to a MNA. 

<sup>2</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>3</sup> 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 Mellon, the Funds (except Cash Reserves Money Market) may lend securities to qualified institutions. It is each Fund's policy that at origination all loans are secured by collateral of at least 102% of the value of the U.S. securities loaned and 105% of the value of the foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. The collateral is maintained by the custodian. Cash collateral is reinvested in the Cash Reserves Money Market Fund. The Funds are entitled to receive all of the income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, each Fund bears the risk of delay in receiving additional collateral or in recovery of or loss of rights in the securities loaned should the borrower fail to return the securities in a timely manner. The Funds maintain the right to recall the securities on loan for voting purposes. The income earned by each Fund is disclosed in the Statements of Operations.

Securities lending transactions are entered into by a Fund under Master Securities Lending Agreements ("MSLA") which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower

128 Payden Mutual Funds

------

defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MSLA counterparty's bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The Fund's securities lending agreements, which are subject to offset under a MSLA, if applicable, is included within each Fund's Schedule of Investments under the heading "Offsetting Assets and Liabilities". For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to MSLA on the Statements of Assets and Liabilities.

*Distributions to Shareholders* 

Distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income and net realized gains on foreign currency transactions are declared and paid monthly for all Funds except the Cash Reserves Money Market, Limited Maturity, Short Bond, U.S. Government, GNMA and California Municipal Social Impact Funds, which are declared daily and paid monthly and Equity Income Fund, which is declared and paid quarterly. Net realized gains on investments, if any, are declared and distributed at least annually. All distributions are paid in the form of additional shares unless cash payment is requested.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from GAAP.

*Federal Income Taxes* 

It is the policy of each Fund to meet the requirements for qualification as a regulated investment company as defined in Subchapter M of the Internal Revenue Code (the "Code"), and to make distributions of net investment income and net realized gains sufficient to relieve it from all Federal income or excise taxes. As of and during the period ended October 31, 2024, the Funds did not record any liability for uncertain tax positions. Accordingly, no provision for Federal income or excise tax is necessary.

Each Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, the basis on which these financial statements are prepared. The differences arise primarily from the treatment

of foreign currency transactions and futures contracts and the deferral of certain losses under Federal income tax regulations. Accordingly, the amounts of net investment income and net realized gains or losses reported in these financial statements may differ from those reported in each Fund's tax return. Return of capital distributions and net investment losses for tax purposes, if any, are reclassified to paid in capital.

As of and during the period ended October 31, 2024, the Funds did not have any liabilities for any unrecognized tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

Each of the tax years in the four-year period ended October 31, 2024 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.

Annual Financial Statements and Other Information 129

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements**continued <br>

The table below details the transactions of each Fund in Affiliated Funds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value<br>October 31, 2023** | **Purchases** | **Sales** | **Dividends** | **Value<br>October 31, 2024** | **Net Realized<br>Gain** | **Net Change in<br>Unrealized Appreciation<br>(Depreciation)** |
|  <u>Cash Reserves Money Market Fund</u> | <u>Cash Reserves Money Market Fund</u> | <u>Cash Reserves Money Market Fund</u> |  |  |  |  |  |
|  Limited Maturity | $2909802 | $934042327 | $903564445 | $632379 | $33387684 |  |  |
|  Low Duration | 8117115 | 625841727 | 626731492 | 522321 | 7227350 |  |  |
|  U.S. Government | 1462972 | 21608725 | 21083125 | 70415 | 1988572 |  |  |
|  GNMA | 1030955 | 34930326 | 33154802 | 112227 | 2806479 |  |  |
|  Core Bond | 6206875 | 442924089 | 443717383 | 309505 | 5413581 |  |  |
|  Corporate Bond | 1189421 | 160014203 | 152322177 | 208463 | 8881447 |  |  |
|  Strategic Income | 3245955 | 67829705 | 68432623 | 91322 | 2643037 |  |  |
|  Absolute Return Bond | 4902316 | 335999319 | 328949452 | 297177 | 11952183 |  |  |
|  Floating Rate | 4533680 | 89090714 | 83694233 | 479862 | 9930161 |  |  |
|  High Income | 11374129 | 668023523 | 596564727 | 2028121 | 82832925 |  |  |
|  California Municipal Social Impact | 1931510 | 96823025 | 96317325 | 144894 | 2437210 |  |  |
|  Global Low Duration | 857216 | 34736139 | 34682226 | 50665 | 911129 |  |  |
|  Global Fixed Income | 4180692 | 68200974 | 70209117 | 114858 | 2172549 |  |  |
|  Emerging Markets Bond | 11440496 | 466202355 | 455564244 | 712187 | 22078607 |  |  |
|  Emerging Markets Local Bond | 1110377 | 34402688 | 31065042 | 100153 | 4448023 |  |  |
|  Emerging Markets Corporate Bond | 4175670 | 67482306 | 59509798 | 161722 | 12148178 |  |  |
|  Equity Income | 126979029 | 515512586 | 587429541 | 3126605 | 55062074 |  |  |
|  <u>Payden Emerging Markets Local Bond Fund - SI Class</u> | <u>Payden Emerging Markets Local Bond Fund - SI Class</u> | <u>Payden Emerging Markets Local Bond Fund - SI Class</u> |  |  |  |  |  |
|  Core Bond | 8114280 |  |  | 873309 | 8170581 |  | $56301 |
|  Strategic Income | 1796869 |  |  | 193390 | 1809336 |  | 12467 |
|  Absolute Return Bond | 9831064 |  | 2631885 | 763233 | 7413972 |  | 214793 |
|  Global Fixed Income | 2260272 |  |  | 243264 | 2275955 |  | 15682 |
|  <u>Payden Emerging Market Corporate Bond Fund - SI Class</u> | <u>Payden Emerging Market Corporate Bond Fund - SI Class</u> | <u>Payden Emerging Market Corporate Bond Fund - SI Class</u> |  |  |  |  |  |
|  Core Bond | 12517133 |  | 40239 | 1419545 | 13484326 |  | 1007432 |
|  Corporate Bond | 4817217 |  | 10814 | 566804 | 5188679 |  | 382276 |
|  Strategic Income | 831633 |  | 2406 | 94314 | 895892 |  | 66666 |
|  Global Fixed Income | 1198529 |  | 3082 | 135923 | 1291139 |  | 95693 |
|  <u>Floating Rate Fund - SI Class</u> | <u>Floating Rate Fund - SI Class</u> | <u>Floating Rate Fund - SI Class</u> |  |  |  |  |  |
|  Limited Maturity | 26251402 |  | 8723 | 4710532 | 26605781 |  | 363103 |
|  Global Fixed Income | 1412743 |  | 470 | 253501 | 1431814 |  | 19541 |

---

*Custodian Credits* 

The Funds have entered into an agreement with the custodian, whereby they earn custodian fee credits for temporary cash balances. These credits, which offset custodian fees that may be charged to the Funds, are based on 75% of the daily effective federal funds rate and are disclosed, subject to rounding, in the Statements of Operations. There were no custodian credits applicable to any fund during the period ended October 31, 2024.

*Line of Credit* 

The Payden funds (except Cash Reserves Money Market) have entered into a Credit Agreement with Bank of New York Mellon under which the bank has agreed to make loans to one or more of the Funds upon request by such Fund(s) and subject to the conditions of the Credit Agreement. The interest rate for any such loan will vary depending upon the type of borrowing chosen by the Fund. The aggregate of all such loans to the

Funds may not exceed $75 million. No Fund took a loan during the period, nor did any Fund have a loan outstanding at the end of the period.

*Other* 

Income and realized and unrealized gain/loss are allocated to each class based on relative net assets. Shared expenses incurred by the Group are allocated among the Funds of the Group on the basis of relative net assets. Fund-specific expenses are charged to each Fund as incurred.

*Accounting Standards* 

The FASB issued Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting in March 2020 and ASU 2021-01 in January 2021 which provided further amendments and clarifications to Topic 848. These ASUs provide optional, temporary relief with respect to

130 Payden Mutual Funds

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the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR), and other interbank-offered based reference rates, through December 31, 2022. In December 2022, FASB issued ASU 2022-06 which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Management intends to rely upon the relief provided under Topic 848, which is not expected to have a material impact on the funds financial statements.

&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 Class** | **Investor Class** | **SI Class** | | | |
|  | **Between<br>$0–500<br>Million** | **Between<br>$0.5–1<br>Billion** | **Between<br>$1–2<br>Billion** | **Over $2<br>Billion** | **Expense<br>Guarantee** | **Current<br>Voluntary<br>Expense Limit** | **Current<br>Voluntary<br>Expense Limit** | <br> **3 Year Deferred Expense Subsidy** | <br> **3 Year Deferred Expense Subsidy** | <br> **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 $2<br>Billion** | **Expense<br>Guarantee** | **Current<br>Voluntary<br>Expense Limit** | **Current<br>Voluntary<br>Expense Limit** | **FY 2022** | **FY 2023** | **FY 2024** |
|  Cash Reserves Money Market | 0.15% | 0.15% | 0.15% | 0.15% | 0.50% | 0.25% | n/a | $579372 | $613365 | $581600 |
|  Limited Maturity | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.30% | 0.25% | 6437312 | 5175816 | 5245262 |
|  Low Duration | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.43% | 0.38% | 1569409 | 1323884 | 1553351 |
|  U.S. Government | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.43% | n/a | 121161 | 144384 | 156077 |
|  GNMA | 0.27% | 0.27% | 0.27% | 0.27% | 0.50% | 0.45% | n/a | 222269 | 183672 | 213246 |
|  Core Bond | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.53% | 0.42% | 731474 | 572845 | 708437 |
|  Corporate Bond | 0.35% | 0.35% | 0.35% | 0.35% | 1.00% | 0.65% | 0.55% | 62485 | 101965 | 296367 |
|  Strategic Income | 0.55% | 0.55% | 0.55% | 0.55% | n/a | 0.65% | 0.55% | 444614 | 444372 | 498236 |
|  Absolute Return Bond | 0.50% | 0.50% | 0.50% | 0.50% | n/a | 0.70% | 0.47% | 2182335 | 1834273 | 1528827 |
|  Floating Rate | 0.55% | 0.55% | 0.55% | 0.55% | n/a | 0.70% | 0.60% | 467767 | 333100 | 367538 |
|  High Income | 0.35% | 0.35% | 0.35% | 0.35% | 0.75% | n/a | 0.55% | 125500 | 178810 | 427137 |
|  California Municipal Social Impact | 0.32% | 0.32% | 0.25% | 0.25% | 0.80% | 0.45% | n/a | 252084 | 258646 | 376481 |
|  Global Low Duration | 0.30% | 0.30% | 0.30% | 0.25% | 0.70% | 0.53% | n/a | 218903 | 183693 | 149909 |
|  Global Fixed Income | 0.30% | 0.30% | 0.30% | 0.25% | 0.70% | n/a | 0.55% | 50495 |  | 163424 |
|  Emerging Markets Bond | 0.45% | 0.45% | 0.45% | 0.45% | 1.25% | n/a | 0.69% | 200391 | 134750 | 250752 |
|  Emerging Markets Local Bond | 0.60% | 0.60% | 0.60% | 0.60% | 1.50% | 0.99% | 0.75% | 84368 | 211092 | 219514 |
|  Emerging Markets Corporate Bond | 0.80% | 0.80% | 0.80% | 0.80% | n/a | 0.95% | 0.85% | 233153 | 234839 | 262376 |
|  Equity Income | 0.50% | 0.50% | 0.50% | 0.30% | 0.80% | n/a | 0.65% | 930686 | 695342 | 870169 |

---

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, 2025 (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

Annual Financial Statements and Other Information 131

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements**continued <br>

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 and Equity Income Funds adopted a plan pursuant to SEC rule 12b-1 by which Payden & Rygel Distributors receives fee monthly, computed on the average net assets of the Adviser class at an annualized rate of 0.25%. Payden & Rygel Distributors is not entitled to receive any fees from the Investor or SI classes of the Funds.

Certain officers and/or trustees of the Funds are affiliated with Payden & Rygel, Payden & Rygel Distributors and/or Treasury Plus, Inc. Such officers and trustees receive no fees from the Funds for serving as officers and/or trustees of the Funds. The Funds may purchase securities from or sell securities to an affiliated fund or portfolio provided that the affiliation is due solely to having a common investment advisor, common officers or common trustees.

*Indemnifications* 

Under the Group's organizational documents, its trustees and officers are indemnified by the Funds against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds

enter into contracts with service providers that contain general indemnification clauses. A Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently the Funds expect this risk of loss to be remote.

4. Fair Value Measurement

Various inputs are used in determining the value of each Fund's investments and other financial instruments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels: Level 1 — quoted prices in active markets for identical investments, Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.), and Level 3 — significant unobservable inputs (including fund's own assumptions in determining the fair value of investments). See Note 2 — Securities Valuation for a summary of the inputs used in valuing the Funds' investments and other financial instruments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  | | | **Level 2-Other** | **Level 2-Other** | | | |
|  | | | **Significant** | **Significant** | **Level 3-Significant** | **Level 3-Significant** | |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Observable Inputs** | **Observable Inputs** | **Unobservable Inputs** | **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><br> **Total <br>(000's)** |
|  **<u>Cash Reserves Money Market</u>** |  |  |  |  |  |  |  |
|  Mortgage Backed |  |  | $15798 |  |  |  | $15798 |
|  Repurchase Agreements |  |  | 174000 |  |  |  | 174000 |
|  U.S. Government |  |  | 33503 |  |  |  | 33503 |
|  U.S. Treasury |  |  | 254557 |  |  |  | 254557 |
|  Investment Company | $4043 |  |  |  |  |  | 4043 |
|  **Total** | $**4043** |  | $**477858** |  |  |  | $**481901** |
|  **<u>Limited Maturity</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 601468 |  |  |  | 601468 |
|  Commercial Paper |  |  | 143892 |  |  |  | 143892 |
|  Corporate Bond |  |  | 672595 |  |  |  | 672595 |
|  Mortgage Backed |  |  | 227105 |  |  |  | 227105 |
|  U.S. Government |  |  | 308773 |  |  |  | 308773 |
|  Investment Company | 59993 |  |  |  |  |  | 59993 |
|  **Total** | $**59993** |  | $**1953833** |  |  |  | $**2013826** |

---

132 Payden Mutual Funds

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  | | | **Level 2-Other** | **Level 2-Other** | | | |
|  | | | **Significant** | **Significant** | **Level 3-Significant** | **Level 3-Significant** | |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Observable Inputs** | **Observable Inputs** | **Unobservable Inputs** | **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><br> **Total <br>(000's)** |
|  **<u>Low Duration</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | $200815 |  |  |  | $200815 |
|  Commercial Paper |  |  | 14998 |  |  |  | 14998 |
|  Corporate Bond |  |  | 300031 |  |  |  | 300031 |
|  Mortgage Backed |  |  | 116146 |  |  |  | 116146 |
|  Municipal |  |  | 12312 |  |  |  | 12312 |
|  U.S. Government |  |  | 331889 |  |  |  | 331889 |
|  Investment Company | $7227 |  |  |  |  |  | 7227 |
|  **Total** | $**7227** |  | $**976191** |  |  |  | $**983418** |
|  **<u>U.S. Government</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 700 |  |  |  | 700 |
|  Mortgage Backed |  |  | 29823 |  |  |  | 29823 |
|  U.S. Government |  |  | 38520 |  |  |  | 38520 |
|  Investment Company | 1989 |  |  |  |  |  | 1989 |
|  **Total** | $**1989** |  | $**69043** |  |  |  | $**71032** |
|  **<u>GNMA</u>** |  |  |  |  |  |  |  |
|  Mortgage Backed |  |  | 115417 |  |  |  | 115417 |
|  Investment Company | 2806 |  |  |  |  |  | 2806 |
|  **Total** | $**2806** |  | $**115417** |  |  |  | $**118223** |
|  **<u>Core Bond</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 77895 |  |  |  | 77895 |
|  Bank Loans |  |  | 17179 |  |  |  | 17179 |
|  Commercial Paper |  |  | 15998 |  |  |  | 15998 |
|  Corporate Bond |  |  | 291906 |  |  |  | 291906 |
|  Foreign Government |  |  | 29190 |  |  |  | 29190 |
|  Mortgage Backed |  |  | 309825 |  |  |  | 309825 |
|  Municipal |  |  | 24699 |  |  |  | 24699 |
|  U.S. Government |  |  | 116449 |  |  |  | 116449 |
|  Investment Company | 27068 |  |  |  |  |  | 27068 |
|  **Total** | $**27068** |  | $**883141** |  |  |  | $**910209** |
|  **<u>Corporate Bond</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 9387 |  |  |  | 9387 |
|  Bank Loans |  |  | 2398 |  |  |  | 2398 |
|  Corporate Bond |  |  | 329941 |  |  |  | 329941 |
|  Foreign Government |  |  | 1748 |  |  |  | 1748 |
|  Mortgage Backed |  |  | 18773 |  |  |  | 18773 |
|  Municipal |  |  | 974 |  |  |  | 974 |
|  Investment Company | 14070 |  |  |  |  |  | 14070 |
|  **Total** | $**14070** |  | $**363221** |  |  |  | $**377291** |
|  **<u>Strategic Income</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 24184 |  |  |  | 24184 |
|  Bank Loans |  |  | 4988 |  |  |  | 4988 |
|  Corporate Bond |  |  | 66659 |  |  |  | 66659 |
|  Foreign Government |  |  | 6912 |  |  |  | 6912 |
|  Mortgage Backed |  |  | 38792 |  |  |  | 38792 |
|  Municipal |  |  | 7030 |  |  |  | 7030 |
|  U.S. Government |  |  | 29813 |  |  |  | 29813 |
|  Preferred Stock | 1044 |  |  |  |  |  | 1044 |
|  Investment Company | 5348 |  |  |  |  |  | 5348 |
|  **Total** | $**6392** |  | $**178378** |  |  |  | $**184770** |
|  **<u>Absolute Return Bond</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 161638 |  |  |  | 161638 |
|  Bank Loans |  |  | 20136 |  |  |  | 20136 |
|  Corporate Bond |  |  | 180478 |  |  |  | 180478 |
|  Foreign Government |  |  | 68755 |  |  |  | 68755 |
|  Mortgage Backed |  |  | 113923 |  |  |  | 113923 |
|  U.S. Government |  |  | 16961 |  |  |  | 16961 |
|  Options Purchased | 64 |  | 297 |  |  |  | 361 |
|  Swaptions Purchased |  |  | 202 |  |  |  | 202 |
|  Investment Company | 19366 |  |  |  |  |  | 19366 |
|  **Total** | $**19430** |  | $**562390** |  |  |  | $**581820** |

---

Annual Financial Statements and Other Information 133

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements**continued <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  | | | **Level 2-Other** | **Level 2-Other** | | | |
|  | | | **Significant** | **Significant** | **Level 3-Significant** | **Level 3-Significant** | |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Observable Inputs** | **Observable Inputs** | **Unobservable Inputs** | **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><br> **Total <br>(000's)** |
|  **<u>Floating Rate</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | $4232 |  |  |  | $4232 |
|  Bank Loans |  |  | 105569 |  |  |  | 105569 |
|  Corporate Bond |  |  | 8148 |  |  |  | 8148 |
|  Mortgage Backed |  |  | 1493 |  |  |  | 1493 |
|  Investment Company | $9930 |  |  |  |  |  | 9930 |
|  **Total** | $**9930** |  | $**119442** |  | **—** |  | $**129372** |
|  **<u>High Income</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 13893 |  |  |  | 13893 |
|  Bank Loans |  |  | 63765 |  |  |  | 63765 |
|  Corporate Bond |  |  | 730506 |  |  |  | 730506 |
|  Mortgage Backed |  |  | 8622 |  |  |  | 8622 |
|  Common Stock | 4148 |  |  |  |  |  | 4148 |
|  Investment Company | 82833 |  |  |  |  |  | 82833 |
|  **Total** | $**86981** |  | $**816786** |  | **—** |  | $**903767** |
|  **<u>California Municipal Social Impact</u>** |  |  |  |  |  |  |  |
|  Municipal |  |  | 151863 |  |  |  | 151863 |
|  U.S. Government |  |  | 11034 |  |  |  | 11034 |
|  Investment Company | 2437 |  |  |  |  |  | 2437 |
|  **Total** | $**2437** |  | $**162897** |  | **—** |  | $**165334** |
|  **<u>Global Low Duration</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 8682 |  |  |  | 8682 |
|  Commercial Paper |  |  | 1995 |  |  |  | 1995 |
|  Corporate Bond |  |  | 17041 |  |  |  | 17041 |
|  Foreign Government |  |  | 4290 |  |  |  | 4290 |
|  Mortgage Backed |  |  | 5207 |  |  |  | 5207 |
|  Municipal |  |  | 603 |  |  |  | 603 |
|  U.S. Government |  |  | 6233 |  |  |  | 6233 |
|  Investment Company | 911 |  |  |  |  |  | 911 |
|  **Total** | $**911** |  | $**44051** |  | **—** |  | $**44962** |
|  **<u>Global Fixed Income</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 15279 |  |  |  | 15279 |
|  Bank Loans |  |  | 396 |  |  |  | 396 |
|  Corporate Bond |  |  | 51211 |  |  |  | 51211 |
|  Foreign Government |  |  | 39788 |  |  |  | 39788 |
|  Mortgage Backed |  |  | 28264 |  |  |  | 28264 |
|  U.S. Government |  |  | 1701 |  |  |  | 1701 |
|  Investment Company | 7171 |  |  |  |  |  | 7171 |
|  **Total** | $**7171** |  | $**136639** |  | **—** |  | $**143810** |
|  **<u>Emerging Markets Bond</u>** |  |  |  |  |  |  |  |
|  Corporate Bond |  |  | 168582 |  | $1646 |  | 170228 |
|  Foreign Government |  |  | 651407 |  |  |  | 651407 |
|  Investment Company | 22079 |  |  |  |  |  | 22079 |
|  **Total** | $**22079** |  | $**819989** |  | $**1646** |  | $**843714** |
|  **<u>Emerging Markets Local Bond</u>** |  |  |  |  |  |  |  |
|  Corporate Bond |  |  | 9819 |  |  |  | 9819 |
|  Foreign Government |  |  | 57394 |  |  |  | 57394 |
|  Investment Company | 4448 |  |  |  |  |  | 4448 |
|  **Total** | $**4448** |  | $**67213** |  | **—** |  | $**71661** |
|  **<u>Emerging Markets Corporate Bond</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 1654 |  |  |  | 1654 |
|  Bank Loans |  |  | 1254 |  |  |  | 1254 |
|  Corporate Bond |  |  | 76799 |  | 174 |  | 76973 |
|  Foreign Government |  |  | 442 |  |  |  | 442 |
|  Investment Company | 12148 |  |  |  |  |  | 12148 |
|  **Total** | $**12148** |  | $**80149** |  | $**174** |  | $**92471** |

---

134 Payden Mutual Funds

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  | | | **Level 2-Other** | **Level 2-Other** | | | |
|  | | | **Significant** | **Significant** | **Level 3-Significant** | **Level 3-Significant** | |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Observable Inputs** | **Observable Inputs** | **Unobservable Inputs** | **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><br> **Total <br>(000's)** |
|  **<u>Equity Income</u>** |  |  |  |  |  |  |  |
|  Corporate Bond |  |  | $2289 |  |  |  | $2289 |
|  Common Stock | $900101 |  |  |  |  |  | 900101 |
|  Master Limited Partnership | 39490 |  |  |  |  |  | 39490 |
|  Real Estate Investment Trust | 63000 |  |  |  |  |  | 63000 |
|  Investment Company | 55062 |  |  |  |  |  | 55062 |
|  **Total** | $**1057653** |  | $**2289** |  |  |  | $**1059942** |

---

Annual Financial Statements and Other Information 135

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements**continued <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 2-Other** | **Level 2-Other** | | | |
|  | | | **Significant** | **Significant** | **Level 3-Significant** | **Level 3-Significant** | |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Observable Inputs** | **Observable Inputs** | **Unobservable Inputs** | **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><br> **Total <br>(000's)** |
|  **<u>Limited Maturity</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | $58 | $(2) |  |  | $56 |
|  **Total** | **—** | **—** | **58** | **(2)** |  |  | **56** |
|  **<u>Low Duration</u>** |  |  |  |  |  |  |  |
|  Futures |  | $(1340) |  |  |  |  | (1340) |
|  **Total** | **—** | **(1340)** | **—** | **—** |  |  | **(1340)** |
|  **<u>U.S. Government</u>** |  |  |  |  |  |  |  |
|  Futures |  | (75) |  |  |  |  | (75) |
|  **Total** | **—** | **(75)** | **—** | **—** |  |  | **(75)** |
|  **<u>Core Bond</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 469 | (31) |  |  | 438 |
|  Futures | $2418 | (2804) |  |  |  |  | (386) |
|  Swaps |  |  | 3225 | (4356) |  |  | (1131) |
|  **Total** | **2418** | **(2804)** | **3694** | **(4387)** |  |  | **(1079)** |
|  **<u>Corporate Bond</u>** |  |  |  |  |  |  |  |
|  Futures | 826 | (1650) |  |  |  |  | (824) |
|  **Total** | **826** | **(1650)** | **—** | **—** |  |  | **(824)** |
|  **<u>Strategic Income</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 220 | (6) |  |  | 214 |
|  Futures | 1249 | (978) |  |  |  |  | 271 |
|  Swaps |  |  | 553 | (741) |  |  | (188) |
|  **Total** | **1249** | **(978)** | **773** | **(747)** |  |  | **297** |
|  **<u>Absolute Return Bond</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 2897 | (940) |  |  | 1957 |
|  Futures | 3326 | (1045) |  |  |  |  | 2281 |
|  Options written |  |  |  | (121) |  |  | (121) |
|  Swaps |  |  |  | (35) |  |  | (35) |
|  Written Swaptions |  |  |  | (114) |  |  | (114) |
|  **Total** | **3326** | **(1045)** | **2897** | **(1210)** |  |  | **3968** |
|  **<u>Floating Rate</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 24 |  |  |  | 24 |
|  **Total** | **—** | **—** | **24** | **—** |  |  | **24** |
|  **<u>High Income</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 575 | (7) |  |  | 568 |
|  Futures |  | (1062) |  |  |  |  | (1062) |
|  Swaps |  |  | 26 | (189) |  |  | (163) |
|  **Total** | **—** | **(1062)** | **601** | **(196)** |  |  | **(657)** |
|  **<u>California Municipal Social Impact</u>** | **<u>California Municipal Social Impact</u>** | **<u>California Municipal Social Impact</u>** | **<u>California Municipal Social Impact</u>** | **<u>California Municipal Social Impact</u>** | **<u>California Municipal Social Impact</u>** |  |  |
|  Futures |  | (99) |  |  |  |  | (99) |
|  **Total** | **—** | **(99)** | **—** | **—** |  |  | **(99)** |
|  **<u>Global Low Duration</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 7 |  |  |  | 7 |
|  Futures | 17 | (74) |  |  |  |  | (57) |
|  **Total** | **17** | **(74)** | **7** | **—** |  |  | **(50)** |
|  **<u>Global Fixed Income</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 2139 | (339) |  |  | 1800 |
|  Futures | 411 | (709) |  |  |  |  | (298) |
|  Swaps |  |  | 614 | (237) |  |  | 377 |
|  **Total** | **411** | **(709)** | **2753** | **(576)** |  |  | **1879** |
|  **<u>Emerging Markets Bond</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 3975 | (898) |  |  | 3077 |
|  Futures | 754 | (552) |  |  |  |  | 202 |
|  Swaps |  |  | 448 | (669) |  |  | (221) |
|  **Total** | **754** | **(552)** | **4423** | **(1567)** |  |  | **3058** |

---

136 Payden Mutual Funds

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 2-Other** | **Level 2-Other** | | | |
|  | | | **Significant** | **Significant** | **Level 3-Significant** | **Level 3-Significant** | |
|  | **Level 1-Quoted Prices** | **Level 1-Quoted Prices** | **Observable Inputs** | **Observable Inputs** | **Unobservable Inputs** | **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><br> **Total <br>(000's)** |
|  **<u>Emerging Markets Local Bond</u>** | **<u>Emerging Markets Local Bond</u>** | **<u>Emerging Markets Local Bond</u>** | **<u>Emerging Markets Local Bond</u>** | **<u>Emerging Markets Local Bond</u>** | **<u>Emerging Markets Local Bond</u>** |  |  |
|  Forward currency contracts |  |  | $549 | $(361) |  |  | $188 |
|  Futures | $82 | $(46) |  |  |  |  | 36 |
|  Swaps |  |  | 36 | (28) |  |  | 8 |
|  **Total** | **82** | **(46)** | **585** | **(389)** |  |  | **232** |
|  **<u>Emerging Markets Corporate Bond</u>** | **<u>Emerging Markets Corporate Bond</u>** | **<u>Emerging Markets Corporate Bond</u>** | **<u>Emerging Markets Corporate Bond</u>** | **<u>Emerging Markets Corporate Bond</u>** | **<u>Emerging Markets Corporate Bond</u>** |  |  |
|  Forward currency contracts |  |  | 30 | (25) |  |  | 5 |
|  Futures | 97 | (93) |  |  |  |  | 4 |
|  Swaps |  |  | 8 | (4) |  |  | 4 |
|  **Total** | **97** | **(93)** | **38** | **(29)** |  |  | **13** |
|  **<u>Equity Income</u>** | **<u>Equity Income</u>** | **<u>Equity Income</u>** | **<u>Equity Income</u>** | **<u>Equity Income</u>** | **<u>Equity Income</u>** |  |  |
|  Forward currency contracts |  |  | 1316 |  |  |  | 1316 |
|  **Total** | **—** | **—** | **1316** | **—** |  |  | **1316** |

---

1 Other financial instruments are swaps, futures contracts, forward currency contracts and options written. Swaps, futures contracts and forward currency contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value.

**5. Federal Tax Information** *(amounts in 000s)*

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to distributable earnings and paid-in capital, as appropriate, in the period that the differences arise.

For Federal income tax purposes the following Funds had capital loss carryforwards at year end in the amount indicated below. The carryforwards are available to offset future capital gains, if any.

At October 31, 2024, the following Funds had available for Federal income tax purposes unused capital losses as follows (000's):

---

| | |
|:---|:---|
|  | **Total** |
|  Cash Reserves Money Market | $29 |
|  Limited Maturity | 1080 |
|  Low Duration | 45738 |
|  U.S. Government | 8453 |
|  GNMA | 50628 |
|  Core Bond | 104029 |
|  Corporate Bond | 31970 |
|  Strategic Income | 6028 |
|  Absolute Return Bond | 33847 |
|  Floating Rate | 7894 |
|  High Income | 46712 |
|  California Municipal Social Impact | 4182 |
|  Global Low Duration | 2191 |
|  Global Fixed Income | 28349 |
|  Emerging Markets Bond | 191535 |
|  Emerging Markets Local Bond | 25664 |
|  Emerging Markets Corporate Bond | 5194 |

---

Annual Financial Statements and Other Information 137

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements**continued <br>

The tax character of distributions paid during the fiscal years ended October 31st is as follows (000's):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** |
|  | **Tax-Exempt<br>Income** | **Ordinary<br>Income** | **Long Term<br>Capital Gains** | **Return of<br>Capital** |
|  Cash Reserves Money Market |  | $21571 |  |  |
|  Limited Maturity |  | 82818 | $4289 | $734 |
|  Low Duration |  | 38581 |  | 725 |
|  U.S. Government |  | 2077 |  |  |
|  GNMA |  | 3191 |  |  |
|  Core Bond |  | 32976 |  | 1254 |
|  Corporate Bond |  | 14260 |  |  |
|  Strategic Income |  | 7765 | 265 | 280 |
|  Absolute Return Bond |  | 39475 |  | 212 |
|  Floating Rate |  | 9700 |  | 38 |
|  High Income |  | 42537 |  | 85 |
|  California Municipal Social Impact | $3462 | 764 |  |  |
|  Global Low Duration |  | 2476 |  | 17 |
|  Global Fixed Income |  | 14644 |  | 4805 |
|  Emerging Markets Bond |  | 51527 |  | 11038 |
|  Emerging Markets Local Bond |  | 1041 |  | 1556 |
|  Emerging Markets Corporate Bond |  | 3509 |  | 210 |
|  Equity Income |  | 23925 | 59728 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Tax-Exempt<br>Income** | **Ordinary<br>Income** | **Long Term<br>Capital 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 |  |  |
|  Equity Income |  | 27055 | $34768 |  |

---

138 Payden Mutual Funds

------

At October 31, 2024, net unrealized appreciation (depreciation) on investments for Federal income tax purposes is as follows (000's):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of Investments<br>Federal Income<br>Tax Purposes** | **Gross<br>Unrealized<br>Appreciation<br>on Investments** | **Gross<br>Unrealized<br>Depreciation<br>on Investments** | **Net Unrealized<br>Appreciation<br>(Depreciation)<br>on Investments** |
|  Cash Reserves Money Market | $481901 |  |  |  |
|  Limited Maturity | 2006890 | $8775 | $(1839) | $6936 |
|  Low Duration | 985231 | 6490 | (8303) | (1813) |
|  U.S. Government | 72856 | 192 | (2017) | (1824) |
|  GNMA | 125110 | 860 | (7748) | (6887) |
|  Core Bond | 973322 | 13044 | (76156) | (63112) |
|  Corporate Bond | 395856 | 3568 | (22133) | (18565) |
|  Strategic Income | 189210 | 2817 | (7258) | (4441) |
|  Absolute Return Bond | 591649 | 10243 | (20307) | (10064) |
|  Floating Rate | 130263 | 1629 | (2519) | (890) |
|  High Income | 903703 | 18081 | (18017) | 64 |
|  California Municipal Social Impact | 163429 | 2469 | (564) | 1905 |
|  Global Low Duration | 45620 | 300 | (958) | (658) |
|  Global Fixed Income | 155050 | 3196 | (14437) | (11241) |
|  Emerging Markets Bond | 894254 | 27985 | (78525) | (50540) |
|  Emerging Markets Local Bond | 75338 | 1980 | (5657) | (3677) |
|  Emerging Markets Corporate Bond | 92440 | 1931 | (1901) | 30 |
|  Equity Income | 877389 | 188847 | (6294) | 182553 |

---

At October 31, 2024, 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 Income** | **Undistributed<br>Realized Long Term<br>Capital Gains** | **Capital Loss<br>Carryforwards** | **Distributions<br>Payable** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Total Distributions<br>Earnings (Deficit)** |
|  Cash Reserves Money Market | – $| 1306 |  | $(29) | $(1313) |  | $(36) |
|  Limited Maturity | – | 2948 |  | (1080) | (632) | $6828 | 8064 |
|  Low Duration | – | 391 |  | (45738) | (317) | (1824) | (47488) |
|  U.S. Government | – | 202 |  | (8453) | (178) | (1824) | (10253) |
|  GNMA | – | 970 |  | (50628) | (145) | (6887) | (56690) |
|  Core Bond | – |  |  | (104030) |  | (63612) | (167642) |
|  Corporate Bond | – | 26 |  | (31970) |  | (18565) | (50509) |
|  Strategic Income | – |  |  | (6028) |  | (4489) | (10517) |
|  Absolute Return Bond | – | 2166 |  | (33847) |  | (11211) | (42892) |
|  Floating Rate | – |  |  | (7894) |  | (893) | (8787) |
|  High Income | – | 1522 |  | (46712) |  | (211) | (45401) |
|  California Municipal Social Impact | – |  |  | (4182) | (148) | 1906 | (2424) |
|  Global Low Duration | – | 28 |  | (2191) |  | (666) | (2829) |
|  Global Fixed Income | – |  |  | (28349) |  | (11386) | (39735) |
|  Emerging Markets Bond | – | 3121 |  | (191535) |  | (49513) | (237927) |
|  Emerging Markets Local Bond | – |  |  | (25664) |  | (3563) | (29227) |
|  Emerging Markets Corporate Bond | – |  |  | (5194) |  | 73 | (5121) |
|  Equity Income | – | 47403 | $96201 |  |  | 182488 | 326092 |

---

6. Subsequent Events

The Funds have evaluated subsequent events through the issuance of the financial statements and have determined that no other events have occurred that require disclosure.

Annual Financial Statements and Other Information 139

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(THIS PAGE IS INTENTIONALLY LEFT BLANK)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  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 | 0.05 | 0.04 | 0.01 | 0.00 | 0.01 |
| &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;&nbsp;&nbsp; Total from investment activities | 0.05 | 0.04 | 0.01 | 0.00 | 0.01 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.05) | (0.04) | (0.01) | (0.00) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  |  | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.05) | (0.04) | (0.01) | (0.00) | (0.01) |
|  Net asset value — end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 5.20 | 4.57 | 0.78 | 0.02 | 0.57 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.38 | 0.38 | 0.37 | 0.38 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.25 | 0.25 | 0.18 | 0.05 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.96 | 4.34 | 0.57 | (0.32) | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.08 | 4.47 | 0.76 | 0.01 | 0.51 |
| &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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.46 | $9.36 | $9.51 | $9.50 | $9.49 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.54 | 0.44 | 0.10 | 0.06 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.08 | 0.11 | (0.14) | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.62 | 0.55 | (0.04) | 0.07 | 0.16 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.52) | (0.41) | (0.11) | (0.06) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  | (0.04) |  |  | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.52) | (0.45) | (0.11) | (0.06) | (0.15) |
|  Net asset value — end of period | $9.56 | $9.46 | $9.36 | $9.51 | $9.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.68% | 5.76 | (0.41)% | 0.75% | 1.75 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.52% | 0.48 | 0.52% | 0.49% | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.28% | 0.25 | 0.25% | 0.25% | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.33% | 4.18 | 0.74% | 0.41% | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.56% | 4.42 | 1.02% | 0.64% | 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 76% | 80 | 36% | 60% | 63 |

---

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 141

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Payden Limited Maturity Fund - SI Class | Payden Limited Maturity Fund - SI Class | Payden Limited Maturity Fund - SI Class | Payden Limited Maturity Fund - SI Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  |
|  Net asset value — beginning of period | $9.46 | $9.37 | $9.52 | $9.53 |
|  Income (loss) from investment activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.53 | 0.44 | 0.10 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.09 | 0.10 | (0.14) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.62 | 0.54 | (0.04) | 0.01 |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (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;&nbsp;&nbsp; Total distributions to shareholders | (0.52) | (0.45) | (0.11) | (0.02) |
|  Net asset value — end of period | $9.56 | $9.46 | $9.37 | $9.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.73 | 5.70 | (0.36)% | 0.11%(2) |
|  Ratios/supplemental data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.52 | 0.49 | 0.53% | 0.51%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.23 | 0.20 | 0.20% | 0.20%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.35 | 4.15 | 0.79% | 0.28%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.63 | 4.44 | 1.12% | 0.59%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 76 | 80 | 36% | 60%(2) |
| <br> The Class commenced operations on June 30, 2021. | <br> The Class commenced operations on June 30, 2021. | <br> The Class commenced operations on June 30, 2021. | <br> The Class commenced operations on June 30, 2021. | <br> The Class commenced operations on June 30, 2021. |
|  | Payden<br>Limited<br>Maturity<br>Fund -<br>Adviser<br>Class |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |  |  |  |
|  Net asset value — beginning of period | $9.49 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.41 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.05 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.46 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.40) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.40) |  |  |  |
|  Net asset value — end of period | $9.55 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 4.99 |  |  |  |
|  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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.61 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.61 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 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.* 

142 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 |
|  Net asset value — beginning of period | $9.53 | $9.47 | $10.12 | $10.22 | $10.10 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.40 | 0.31 | 0.13 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.26 | 0.08 | (0.60) | 0.00 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.66 | 0.39 | (0.47) | 0.18 | 0.30 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.41) | (0.32) | (0.14) | (0.19) | (0.18) |
| &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;&nbsp;&nbsp; Total distributions to shareholders | (0.41) | (0.33) | (0.18) | (0.28) | (0.18) |
|  Net asset value — end of period | $9.78 | $9.53 | $9.47 | $10.12 | $10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 7.05% | 4.16% | (4.65)% | 0.84 | 3.00% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.57% | 0.53% | 0.53% | 0.51 | 0.53% |
| &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 | 4.07% | 3.20% | 1.27% | 0.75 | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.20% | 3.30% | 1.37% | 0.83 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 63% | 102% | 98% | 138 | 211% |
| <br> The Fund commenced operations on December 31, 1993. | <br> The Fund commenced operations on December 31, 1993. | <br> The Fund commenced operations on December 31, 1993. | <br> The Fund commenced operations on December 31, 1993. | <br> The Fund commenced operations on December 31, 1993. | <br> The Fund commenced operations on December 31, 1993. |
|  | <br> Payden Low Duration Fund - SI Class | <br> Payden Low Duration Fund - SI Class | <br> Payden Low Duration Fund - SI Class |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  |  |  |
|  Net asset value — beginning of period | $9.53 | $9.47 | $9.92 |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.43 | 0.33 | 0.12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.24 | 0.06 | (0.45) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.67 | 0.39 | (0.33) |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (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;&nbsp;&nbsp; Total distributions to shareholders | (0.42) | (0.33) | (0.12) |  |  |
|  Net asset value — end of period | $9.78 | $9.53 | $9.47 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 7.10% | 4.21% | (3.34)%(2) |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $449960 | $456251 | $321719 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 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%(3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.20% | 3.40% | 1.72%(3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.39% | 3.54% | 1.88%(3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 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 143

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Low<br>Duration<br>Fund -<br>Adviser<br>Class |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | | | | |
|  Net asset value — beginning of period | $9.62 |  |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.36 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.17 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.53 |  |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.36) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.36) |  |  |  |  |
|  Net asset value — end of period | $9.79 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 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 | 4.07 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.08 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 63 |  |  |  |  |
| <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.16 | $9.30 | $10.29 | $10.54 | $10.35 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.35 | 0.31 | 0.24 | 0.15 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.22 | (0.14) | (0.97) | (0.18) | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.57 | 0.17 | (0.73) | (0.03) | 0.44 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.35) | (0.32) | (0.26) | (0.22) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.35) | (0.32) | (0.26) | (0.22) | (0.25) |
|  Net asset value — end of period | $9.38 | $9.16 | $9.30 | $10.29 | $10.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.33 | 1.90 | (7.14) | (0.31) | 4.26 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.66 | 0.67 | 0.82 | 0.77 | 0.73 |
| &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 | 3.53 | 3.13 | 2.06 | 1.10 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.76 | 3.36 | 2.45 | 1.44 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 52 | 39 | 39 | 22 | 48 |

---

The Class commenced operations on December 30, 1995.

(1) Based on average shares outstanding.

*See notes to financial statements.* 

144 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden GNMA Fund | Payden GNMA Fund | Payden GNMA Fund | Payden GNMA Fund | Payden GNMA Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $7.08 | $7.47 | $9.12 | $9.47 | $9.42 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.30 | 0.26 | 0.25 | 0.07 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.45 | (0.41) | (1.59) | (0.15) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.75 | (0.15) | (1.34) | (0.08) | 0.33 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.27) | (0.24) | (0.31) | (0.27) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.27) | (0.24) | (0.31) | (0.27) | (0.28) |
|  Net asset value — end of period | $7.56 | $7.08 | $7.47 | $9.12 | $9.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 10.61 | (2.19) | (15.01) | (0.91) | 3.52 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.67 | 0.63 | 0.70 | 0.69 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.45 | 0.45 | 0.45 | 0.47 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.67 | 3.08 | 2.03 | 1.15 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.89 | 3.26 | 2.28 | 1.38 | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 25 | 17 | 29 | 28 | 25 |
| <br> The Fund commenced operations on August 27, 1999. | <br> The Fund commenced operations on August 27, 1999. | <br> The Fund commenced operations on August 27, 1999. | <br> The Fund commenced operations on August 27, 1999. | <br> The Fund commenced operations on August 27, 1999. | <br> The Fund commenced operations on August 27, 1999. |
|  | <br> Payden Core Bond Fund - Investor Class | <br> Payden Core Bond Fund - Investor Class | <br> Payden Core Bond Fund - Investor Class | <br> Payden Core Bond Fund - Investor Class | <br> Payden Core Bond Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $8.56 | $8.80 | $10.84 | $11.13 | $10.90 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.43 | 0.37 | 0.26 | 0.21 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.61 | (0.26) | (2.01) | 0.09 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.04 | 0.11 | (1.75) | 0.30 | 0.51 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.40) | (0.34) | (0.28) | (0.42) | (0.28) |
| &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;&nbsp;&nbsp; Total distributions to shareholders | (0.41) | (0.35) | (0.29) | (0.59) | (0.28) |
|  Net asset value — end of period | $9.19 | $8.56 | $8.80 | $10.84 | $11.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 12.27 | 1.07 | (16.43) | 1.15 | 4.76 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $262908 | $230480 | $294877 | $409453 | $589061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.53 | 0.52 | 0.52 | 0.51 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.53 | 0.52 | 0.52 | 0.53 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.69 | 4.03 | 2.63 | 1.93 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.69 | 4.03 | 2.63 | 1.92 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 69 | 52 | 51 | 88 | 125 |

---

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 145

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $8.55 | $8.79 | $10.83 | $11.12 | $10.89 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.44 | 0.38 | 0.27 | 0.22 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.61 | (0.27) | (2.01) | 0.09 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.05 | 0.11 | (1.74) | 0.31 | 0.52 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.41) | (0.34) | (0.29) | (0.43) | (0.29) |
| &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;&nbsp;&nbsp; Total distributions to shareholders | (0.42) | (0.35) | (0.30) | (0.60) | (0.29) |
|  Net asset value — end of period | $9.18 | $8.55 | $8.79 | $10.83 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 12.38 | 1.16 | (16.36) | 1.27 | 4.88 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.53 | 0.52 | 0.52 | 0.52 | 0.54 |
| &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 | 4.68 | 4.05 | 2.64 | 1.95 | 2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.78 | 4.14 | 2.74 | 2.05 | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 69 | 52 | 51 | 88 | 125 |
| <br> The Class commenced operations on January 22, 2018. | <br> The Class commenced operations on January 22, 2018. | <br> The Class commenced operations on January 22, 2018. | <br> The Class commenced operations on January 22, 2018. | <br> The Class commenced operations on January 22, 2018. | <br> The Class commenced operations on January 22, 2018. |
|  | <br> Payden Core Bond Fund - Adviser Class | <br> Payden Core Bond Fund - Adviser Class | <br> Payden Core Bond Fund - Adviser Class | <br> Payden Core Bond Fund - Adviser Class | <br> Payden Core Bond Fund - Adviser Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $8.56 | $8.77 | $10.81 | $11.10 | $10.87 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.40 | 0.33 | 0.23 | 0.19 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.62 | (0.22) | (2.01) | 0.08 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.02 | 0.11 | (1.78) | 0.27 | 0.49 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.38) | (0.31) | (0.25) | (0.39) | (0.26) |
| &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;&nbsp;&nbsp; Total distributions to shareholders | (0.39) | (0.32) | (0.26) | (0.56) | (0.26) |
|  Net asset value — end of period | $9.19 | $8.56 | $8.77 | $10.81 | $11.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 11.97 | 1.15 | (16.70) | 0.92 | 4.52 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $1609 | $2965 | $23806 | $46499 | $45755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.78 | 0.78 | 0.77 | 0.76 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.78 | 0.78 | 0.77 | 0.78 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.42 | 3.64 | 2.35 | 1.71 | 2.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.42 | 3.64 | 2.35 | 1.70 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 69 | 52 | 51 | 88 | 125 |

---

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.* 

146 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $8.94 | $9.10 | $11.96 | $12.04 | $11.73 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.43 | 0.36 | 0.29 | 0.46 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.85 | (0.15) | (2.53) | 0.09 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.28 | 0.21 | (2.24) | 0.55 | 0.65 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.37) | (0.34) | (0.47) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.43) | (0.37) | (0.62) | (0.63) | (0.34) |
|  Net asset value — end of period | $9.79 | $8.94 | $9.10 | $11.96 | $12.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 14.50% | 2.20% | (19.53) | 3.27% | 5.65% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.67% | 0.65% | 0.66 | 0.65% | 0.66% |
| &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 | 4.45% | 3.92% | 2.90 | 2.47% | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.47% | 3.91% | 2.90 | 2.47% | 2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 67% | 41% | 31 | 49% | 58% |
| <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. |
|  | <br> Payden Corporate Bond Fund - SI Class | <br> Payden Corporate Bond Fund - SI Class | <br> Payden Corporate Bond Fund - SI Class |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  |  |  |
|  Net asset value — beginning of period | $8.94 | $9.10 | $10.98 |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.44 | 0.38 | 0.22 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.85 | (0.16) | (1.87) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.29 | 0.22 | (1.65) |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.38) | (0.23) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.44) | (0.38) | (0.23) |  |  |
|  Net asset value — end of period | $9.79 | $8.94 | $9.10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 14.61% | 2.32% | (15.14) |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $217396 | $201735 | $124148 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.67% | 0.63% | 0.65 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% | 0.55% | 0.55 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.45% | 4.01% | 3.45 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.57% | 4.08% | 3.55 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 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 147

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden<br>Corporate<br>Bond Fund -<br>Adviser<br>Class | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | | | | |
|  Net asset value — beginning of period | $9.44 |  |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.47 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.34 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.81 |  |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.39) |  |  |  |  |
|  Net asset value — end of period | $9.86 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.69 |  |  |  |  |
|  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 | 5.24 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.25 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 67 |  |  |  |  |
| <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Amount is less than $500.<br> (3) Annualized. | <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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.15 | $9.16 | $10.46 | $10.28 | $10.21 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.49 | 0.45 | 0.31 | 0.26 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.46 | (0.02) | (1.20) | 0.20 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.95 | 0.43 | (0.89) | 0.46 | 0.37 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.48) | (0.42) | (0.33) | (0.27) | (0.30) |
| &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;&nbsp;&nbsp; Total distributions to shareholders | (0.49) | (0.44) | (0.41) | (0.28) | (0.30) |
|  Net asset value — end of period | $9.61 | $9.15 | $9.16 | $10.46 | $10.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 10.53 | 4.57% | (8.72)% | 4.37% | 3.74% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $107956 | $95213 | $113587 | $147966 | $84881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.88 | 0.86% | 0.87% | 0.85% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65 | 0.65% | 0.65% | 0.66% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.93 | 4.29% | 2.94% | 2.30% | 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.16 | 4.49% | 3.16% | 2.49% | 2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 63 | 51% | 40% | 90% | 65% |

---

The Fund commenced operations on May 8, 2014.

*See notes to financial statements.* 

148 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.15 | $9.16 | $10.46 | $10.27 | $10.20 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.51 | 0.44 | 0.32 | 0.28 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.45 | (0.01) | (1.20) | 0.20 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.96 | 0.43 | (0.88) | 0.48 | 0.39 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.43) | (0.34) | (0.28) | (0.32) |
| &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;&nbsp;&nbsp; Total distributions to shareholders | (0.50) | (0.45) | (0.42) | (0.29) | (0.32) |
|  Net asset value — end of period | $9.61 | $9.15 | $9.16 | $10.46 | $10.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 10.64 | 4.68% | (8.62)% | 4.58% | 3.90% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.88 | 0.86% | 0.87% | 0.85% | 0.88% |
| &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 | 4.91 | 4.33% | 2.99% | 2.34% | 2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.25 | 4.63% | 3.31% | 2.65% | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 63 | 51% | 40% | 90% | 65% |
| <br> The Fund commenced operations on May 8, 2014. | <br> The Fund commenced operations on May 8, 2014. | <br> The Fund commenced operations on May 8, 2014. | <br> The Fund commenced operations on May 8, 2014. | <br> The Fund commenced operations on May 8, 2014. | <br> The Fund commenced operations on May 8, 2014. |
|  | <br> Payden<br>Strategic<br>Income Fund -<br>Adviser Class |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |  |  |  |  |
|  Net asset value — beginning of period | $9.36 |  |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.41 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.24 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.65 |  |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.44) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.44) |  |  |  |  |
|  Net asset value — end of period | $9.57 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 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 | 0.07 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.07 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.57 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.57 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 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 149

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.31 | $9.18 | $10.03 | $9.92 | $10.06 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.59 | 0.53 | 0.30 | 0.20 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.18 | 0.10 | (0.83) | 0.12 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.77 | 0.63 | (0.53) | 0.32 | 0.12 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.58) | (0.50) | (0.20) | (0.21) | (0.26) |
| &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;&nbsp;&nbsp; Total distributions to shareholders | (0.58) | (0.50) | (0.32) | (0.21) | (0.26) |
|  Net asset value — end of period | $9.50 | $9.31 | $9.18 | $10.03 | $9.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.44% | 6.93 | (5.32)% | 3.22% | 1.23% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.77% | 0.76 | 0.74% | 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 | 6.23% | 5.73 | 3.00% | 1.93% | 2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.30% | 5.79 | 3.03% | 1.96% | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 188% | 132 | 104% | 95% | 67% |
| <br> The Fund commenced operations on November 6, 2014. | <br> The Fund commenced operations on November 6, 2014. | <br> The Fund commenced operations on November 6, 2014. | <br> The Fund commenced operations on November 6, 2014. | <br> The Fund commenced operations on November 6, 2014. | <br> The Fund commenced operations on November 6, 2014. |
|  | <br> Payden Absolute Return Bond Fund - SI Class | <br> Payden Absolute Return Bond Fund - SI Class | <br> Payden Absolute Return Bond Fund - SI Class | <br> Payden Absolute Return Bond Fund - SI Class | <br> Payden Absolute Return Bond Fund - SI Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.32 | $9.19 | $10.04 | $9.93 | $10.07 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.66 | 0.59 | 0.30 | 0.22 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.14 | 0.06 | (0.83) | 0.12 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.80 | 0.65 | (0.53) | 0.34 | 0.14 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.60) | (0.52) | (0.20) | (0.23) | (0.28) |
| &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;&nbsp;&nbsp; Total distributions to shareholders | (0.60) | (0.52) | (0.32) | (0.23) | (0.28) |
|  Net asset value — end of period | $9.52 | $9.32 | $9.19 | $10.04 | $9.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.79% | 7.16 | (5.10)% | 3.46% | 1.45% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $429782 | $556369 | $659836 | $878927 | $686397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.77% | 0.76 | 0.74% | 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 | 6.10% | 5.71 | 3.01% | 1.93% | 2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.40% | 6.01 | 3.27% | 2.19% | 2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 188% | 132 | 104% | 95% | 67% |

---

The Fund commenced operations on November 6, 2014.

(1) Amount is less than $0.005.

*See notes to financial statements.* 

150 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden<br>Absolute<br>Return Bond<br>Fund -<br>Adviser<br>Class |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | | | | |
|  Net asset value — beginning of period | $9.39 |  |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.50 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.13 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.63 |  |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.52) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.52) |  |  |  |  |
|  Net asset value — end of period | $9.50 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 6.86%(1) |  |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $283 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.04%(2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.95%(2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.52%(2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.59%(2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 188%(1) |  |  |  |  |
| <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Annualized. | <br> The Class commenced operations on November 30, 2023.<br>(1) Not annualized.<br> (2) Annualized. |
|  | <br> Payden Floating Rate Fund - Investor Class | <br> Payden Floating Rate Fund - Investor Class | <br> Payden Floating Rate Fund - Investor Class | <br> Payden Floating Rate Fund - Investor Class | <br> Payden Floating Rate Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.62 | $9.38 | $9.91 | $9.51 | $9.89 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.85 | 0.80 | 0.40 | 0.30 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.15 | 0.23 | (0.51) | 0.39 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.00 | 1.03 | (0.11) | 0.69 | (0.05) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.87) | (0.79) | (0.42) | (0.28) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00) | (0.00) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.87) | (0.79) | (0.42) | (0.29) | (0.33) |
|  Net asset value — end of period | $9.75 | $9.62 | $9.38 | $9.91 | $9.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 10.80% | 11.39 | (1.10) | 7.29% | (0.41)% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.94% | 0.90 | 0.86 | 0.92% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.70% | 0.70 | 0.70 | 0.72% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 8.69% | 8.06 | 4.12 | 2.80% | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 8.93% | 8.27 | 4.28 | 3.00% | 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 62% | 28 | 33 | 40% | 53% |

---

The Fund commenced operations on November 11, 2013.

(1) Amount is less than $0.005.

*See notes to financial statements.* 

Annual Financial Statements and Other Information 151

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.63 | $9.39 | $9.92 | $9.51 | $9.90 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.88 | 0.80 | 0.42 | 0.32 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.13 | 0.25 | (0.52) | 0.39 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.01 | 1.05 | (0.10) | 0.71 | (0.05) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.88) | (0.81) | (0.43) | (0.29) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00) | (0.00) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.88) | (0.81) | (0.43) | (0.30) | (0.34) |
|  Net asset value — end of period | $9.76 | $9.63 | $9.39 | $9.92 | $9.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 10.89% | 11.52 | (1.01) | 7.53% | (0.41)% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $76926 | $88309 | $124423 | $170373 | $47606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.93% | 0.90 | 0.86 | 0.89% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.60% | 0.60 | 0.60 | 0.61% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 8.65% | 7.98 | 3.98 | 2.77% | 3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 8.98% | 8.29 | 4.24 | 3.05% | 3.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 62% | 28 | 33 | 40% | 53% |
| <br> The Fund commenced operations on November 11, 2013. | <br> The Fund commenced operations on November 11, 2013. | <br> The Fund commenced operations on November 11, 2013. | <br> The Fund commenced operations on November 11, 2013. | <br> The Fund commenced operations on November 11, 2013. | <br> The Fund commenced operations on November 11, 2013. |
|  | Payden<br>Floating<br>Rate<br>Fund -<br>Adviser<br>Class |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |  |  |  |  |
|  Net asset value — beginning of period | $9.70 |  |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.71 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.12 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.83 |  |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.79) |  |  |  |  |
|  Total distributions to shareholders | (0.79) |  |  |  |  |
|  Net asset value — end of period | $9.74 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.78%(2) |  |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.99%(3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.95%(3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 8.14%(3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 8.17%(3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 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.* 

152 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden High Income Fund - Investor Class | Payden High Income Fund - Investor Class | Payden High Income Fund - Investor Class | Payden High Income Fund - Investor Class | Payden High Income Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $5.84 | $5.82 | $6.87 | $6.45 | $6.53 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.44 | 0.43 | 0.35 | 0.33 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.50 | 0.00 | (1.05) | 0.42 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.94 | 0.43 | (0.70) | 0.75 | 0.26 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.41) | (0.35) | (0.33) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00) | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.44) | (0.41) | (0.35) | (0.33) | (0.34) |
|  Net asset value — end of period | $6.34 | $5.84 | $5.82 | $6.87 | $6.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 16.43% | 7.54 | (10.45) | 11.75% | 4.23% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $215913 | $141392 | $227112 | $740403 | $525196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.63% | 0.59 | 0.60 | 0.60% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.63% | 0.59 | 0.60 | 0.60% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.04% | 6.91 | 5.22 | 4.75% | 5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.04% | 6.91 | 5.22 | 4.75% | 5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 76% | 75 | 70 | 74% | 124% |

---

The Fund commenced operations on December 30, 1997.

---

| | | | |
|:---|:---|:---|:---|
|  | Payden High Income Fund - SI Class | Payden High Income Fund - SI Class | Payden High Income Fund - SI Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  |
|  Net asset value — beginning of period | $5.83 | $5.81 | $6.57 |
|  Income (loss) from investment activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.45 | 0.42 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.49 | 0.02 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.94 | 0.44 | (0.52) |
|  Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.45) | (0.42) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00) | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.45) | (0.42) | (0.24) |
|  Net asset value — end of period | $6.32 | $5.83 | $5.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 16.38% | 7.63 | (7.92) |
|  Ratios/supplemental data: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $644754 | $436946 | $350733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.63% | 0.59 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% | 0.55 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.05% | 6.98 | 5.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.13% | 7.02 | 5.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 76% | 75 | 70 |

---

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 153

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | |
|:---|:---|
|  | Payden High<br>Income Fund -<br>Adviser Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |
|  Net asset value — beginning of period | $6.08 |
|  Income (loss) from investment activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.69 |
|  Distributions to shareholders: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.40) |
|  Net asset value — end of period | $6.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 11.55%(1) |
|  Ratios/supplemental data: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.85%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.85%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.55%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.55%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 76%(1) |

---

The Class commenced operations on November 30, 2023.

(1) Not annualized.

(2) Annualized.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br> Payden California Municipal Social Impact Fund - Investor Class | <br> Payden California Municipal Social Impact Fund - Investor Class | <br> Payden California Municipal Social Impact Fund - Investor Class | <br> Payden California Municipal Social Impact Fund - Investor Class | <br> Payden California Municipal Social Impact Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.43 | $9.38 | $10.49 | $10.58 | $10.62 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.35 | 0.29 | 0.16 | 0.34 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.49 | 0.05 | (1.11) | 0.09 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.84 | 0.34 | (0.95) | 0.43 | 0.40 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.36) | (0.29) | (0.16) | (0.34) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.18) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.02) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.38) | (0.29) | (0.16) | (0.52) | (0.44) |
|  Net asset value — end of period | $9.89 | $9.43 | $9.38 | $10.49 | $10.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.92% | 3.55% | (9.12)% | 2.38% | 3.90% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.69% | 0.63% | 0.68% | 0.71% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.45% | 0.45% | 0.45% | 0.47% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.26% | 2.81% | 1.39% | 1.27% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.50% | 2.99% | 1.62% | 1.50% | 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 89% | 181% | 105% | 140% | 209% |

---

The Fund commenced operations on December 17, 1998.

*See notes to financial statements.* 

154 Payden Mutual Funds

------

---

| | |
|:---|:---|
|  | Payden<br>California Municipal<br>Social Impact Fund -<br>Adviser Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |
|  Net asset value — beginning of period | $9.84 |
|  Income (loss) from investment activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.37 |
|  Distributions to shareholders: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.33) |
|  Net asset value — end of period | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 3.85%(1) |
|  Ratios/supplemental data: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.91%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.70%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.01%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.22%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 89%(1) |

---

The Class commenced operations on November 30, 2023.

(1) Not annualized.

(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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.44 | $9.42 | $10.10 | $10.10 | $10.04 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.43 | 0.43 | 0.18 | 0.13 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.25 | (0.06) | (0.64) | (0.01) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.68 | 0.37 | (0.46) | 0.12 | 0.26 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.35) | (0.17) | (0.12) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00) |  |  | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.43) | (0.35) | (0.22) | (0.12) | (0.20) |
|  Net asset value — end of period | $9.69 | $9.44 | $9.42 | $10.10 | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 7.37% | 3.99 | (4.55)% | 1.16% | 2.63 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.85% | 0.79 | 0.82% | 0.76% | 0.72 |
| &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 | 4.21% | 3.29 | 1.44% | 0.91% | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.54% | 3.55 | 1.74% | 1.13% | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 84% | 94 | 128% | 169% | 197 |

---

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.* 

Annual Financial Statements and Other Information 155

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $7.13 | $7.65 | $9.17 | $9.33 | $9.24 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.86) | (0.13) | 0.19 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.80 | 0.99 | (1.08) | (0.04) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.76 | 0.13 | (1.21) | 0.15 | 0.35 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.49) | (0.25) | (0.23) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.06) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.15) | (0.16) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.27) | (0.65) | (0.31) | (0.31) | (0.26) |
|  Net asset value — end of period | $7.62 | $7.13 | $7.65 | $9.17 | $9.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 10.73% | 1.68% | (13.49)% | 0.59% | 3.87% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.69% | 0.68% | 0.70% | 0.71% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.69% | 0.68% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.57% | 2.92% | 1.60% | 1.19% | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.57% | 2.83% | 1.54% | 1.20% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 61% | 42% | 55% | 60% | 88% |

---

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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  |
|  Net asset value — beginning of period | $7.12 | $7.64 | $9.16 | $9.23 |
|  Income (loss) from investment activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.15 | 0.18 | 0.16 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.61 | (0.03) | (1.36) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.76 | 0.15 | (1.20) | (0.02) |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (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 | (0.15) | (0.17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.28) | (0.67) | (0.32) | (0.05) |
|  Net asset value — end of period | $7.60 | $7.12 | $7.64 | $9.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 10.92% | 1.71% | (13.37)% | (0.39)%(1) |
|  Ratios/supplemental data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144999 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 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%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.55% | 2.98% | 1.67% | 1.11%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.69% | 3.02% | 1.75% | 1.35%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 61% | 42% | 55% | 60%(1) |

---

The Class commenced operations on June 30, 2021.

(1) Not annualized.

(2) Annualized.

*See notes to financial statements.* 

156 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.46 | $9.17 | $13.12 | $12.99 | $13.58 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.72 | 0.63 | 0.64 | 0.70 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.04 | 0.44 | (3.94) | 0.14 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.76 | 1.07 | (3.30) | 0.84 | 0.06 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.68) | (0.64) | (0.65) | (0.71) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.14) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.68) | (0.78) | (0.65) | (0.71) | (0.65) |
|  Net asset value — end of period | $10.54 | $9.46 | $9.17 | $13.12 | $12.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 19.20% | 11.16 | (25.82) | 6.48 | 0.58 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.74% | 0.72 | 0.73 | 0.71 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.74% | 0.72 | 0.73 | 0.71 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.92% | 6.43 | 5.88 | 5.22 | 5.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.92% | 6.43 | 5.88 | 5.22 | 5.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 65% | 73 | 52 | 63 | 79 |

---

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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.44 | $9.16 | $13.10 | $12.97 | $13.56 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.72 | 0.64 | 0.65 | 0.71 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.05 | 0.43 | (3.93) | 0.13 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.77 | 1.07 | (3.28) | 0.84 | 0.07 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.69) | (0.65) | (0.66) | (0.71) | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.14) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.69) | (0.79) | (0.66) | (0.71) | (0.66) |
|  Net asset value — end of period | $10.52 | $9.44 | $9.16 | $13.10 | $12.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 19.18% | 11.21 | (25.76) | 6.51 | 0.64 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.74% | 0.72 | 0.73 | 0.71 | 0.74 |
| &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 | 6.91% | 6.44 | 5.86 | 5.21 | 5.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.96% | 6.47 | 5.90 | 5.23 | 5.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 65% | 73 | 52 | 63 | 79 |

---

The Class commenced operations on April 9, 2012.

(1) Based on average shares outstanding.

*See notes to financial statements.* 

Annual Financial Statements and Other Information 157

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.47 | $9.18 | $13.13 | $13.00 | $13.59 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.69 | 0.61 | 0.63 | 0.67 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.05 | 0.44 | (3.96) | 0.14 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.74 | 1.05 | (3.33) | 0.81 | 0.03 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.65) | (0.63) | (0.62) | (0.68) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.13) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.65) | (0.76) | (0.62) | (0.68) | (0.62) |
|  Net asset value — end of period | $10.56 | $9.47 | $9.18 | $13.13 | $13.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 18.88 | 10.99 | (26.02) | 6.21 | 0.33 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.99 | 0.97 | 0.98 | 0.96 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.99 | 0.97 | 0.98 | 0.96 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.70 | 6.17 | 5.57 | 4.98 | 4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.70 | 6.17 | 5.57 | 4.98 | 4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 65 | 73 | 52 | 63 | 79 |
| <br> The Class commenced operations on November 2, 2009.<br>(1) Based on average shares outstanding.<br>|  |  |  |  |  |
|  | Payden Emerging Markets Local Bond Fund - Investor Class | Payden Emerging Markets Local Bond Fund - Investor Class | Payden Emerging Markets Local Bond Fund - Investor Class | Payden Emerging Markets Local Bond Fund - Investor Class | Payden Emerging Markets Local Bond Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $4.62 | $4.34 | $5.72 | $5.84 | $6.50 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.33 | 0.30 | 0.28 | 0.28 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.04 | 0.25 | (1.38) | (0.10) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.37 | 0.55 | (1.10) | 0.18 | (0.35) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.24) | (0.11) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.07) | (0.16) | (0.25) | (0.30) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.31) | (0.27) | (0.28) | (0.30) | (0.31) |
|  Net asset value — end of period | $4.68 | $4.62 | $4.34 | $5.72 | $5.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.16 | 12.11 | (19.76) | 2.92 | (5.41) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.07 | 1.30 | 1.12 | 1.05 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.99 | 0.99 | 0.99 | 0.99 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.67 | 5.90 | 5.19 | 4.55 | 5.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.75 | 6.21 | 5.32 | 4.61 | 5.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 61 | 72 | 65 | 39 | 54 |

---

The Fund commenced operations on November 2, 2011.

(1) Based on average shares outstanding.

*See notes to financial statements.* 

158 Payden Mutual Funds

------

---

| | | | |
|:---|:---|:---|:---|
|  | Payden Emerging Markets Local Bond Fund - SI Class | Payden Emerging Markets Local Bond Fund - SI Class | Payden Emerging Markets Local Bond Fund - SI Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  |
|  Net asset value — beginning of period | $4.53 | $4.26 | $5.30 |
|  Income (loss) from investment activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.33 | 0.31 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.06 | 0.24 | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.39 | 0.55 | (0.84) |
|  Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.11) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.08) | (0.17) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.33) | (0.28) | (0.20) |
|  Net asset value — end of period | $4.59 | $4.53 | $4.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.35 | 12.63 | (16.12)%(2) |
|  Ratios/supplemental data: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.07 | 1.26 | 1.31%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.75 | 0.75 | 0.75%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.65 | 6.04 | 5.54%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.97 | 6.55 | 6.10%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 61 | 72 | 65%(2) |

---

The Class commenced operations on February 28, 2022.

(1) Based on average shares outstanding.

(2) Not annualized.

(3) Annualized.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Emerging Markets Corporate Bond Fund - Investor Class | Payden Emerging Markets Corporate Bond Fund - Investor Class | Payden Emerging Markets Corporate Bond Fund - Investor Class | Payden Emerging Markets Corporate Bond Fund - Investor Class | Payden Emerging Markets Corporate Bond Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $8.15 | $7.90 | $10.18 | $9.99 | $9.99 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.54 | 0.47 | 0.41 | 0.43 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.63 | 0.26 | (2.18) | 0.19 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.17 | 0.73 | (1.77) | 0.62 | 0.42 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.53) | (0.44) | (0.41) | (0.43) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.04) |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.53) | (0.48) | (0.51) | (0.43) | (0.42) |
|  Net asset value — end of period | $8.79 | $8.15 | $7.90 | $10.18 | $9.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 14.69% | 9.17 | (17.91) | 6.08 | 4.53 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.20% | 1.26 | 1.32 | 1.28 | 1.38 |
| &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 | 5.99% | 5.29 | 4.39 | 3.80 | 3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.24% | 5.60 | 4.77 | 4.13 | 4.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 144% | 104 | 95 | 84 | 105 |

---

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.* 

Annual Financial Statements and Other Information 159

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Emerging Markets Corporate Bond Fund - SI Class | Payden Emerging Markets Corporate Bond Fund - SI Class | Payden Emerging Markets Corporate Bond Fund - SI Class | Payden Emerging Markets Corporate Bond Fund - SI Class | Payden Emerging Markets Corporate Bond Fund - SI Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $8.17 | $7.91 | $10.20 | $10.01 | $10.01 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.55 | 0.48 | 0.42 | 0.44 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.63 | 0.26 | (2.19) | 0.19 | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.18 | 0.74 | (1.77) | 0.63 | 0.43 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.55) | (0.44) | (0.42) | (0.44) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.04) |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.55) | (0.48) | (0.52) | (0.44) | (0.43) |
|  Net asset value — end of period | $8.80 | $8.17 | $7.91 | $10.20 | $10.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 14.70% | 9.40 | (17.93) | 6.28 | 4.52 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $68608 | $43447 | $27674 | $48205 | $39344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.20% | 1.25 | 1.33 | 1.28 | 1.38 |
| &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 | 6.01% | 5.29 | 4.15 | 3.82 | 3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.36% | 5.70 | 4.63 | 4.25 | 4.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 144% | 104 | 95 | 84 | 105 |
| <br> The Fund commenced operations on November 11, 2013.<br>(1) Based on average shares outstanding.<br> (2) Amount is less than $0.005.<br>|  |  |  |  |  |
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $14.85 | $16.92 | $21.25 | $15.97 | $18.15 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 | 0.28 | 0.33 | 0.38 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 4.25 | (1.36) | (0.93) | 5.24 | (1.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 4.48 | (1.08) | (0.60) | 5.62 | (1.30) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.29) | (0.28) | (0.52) | (0.34) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.22) | (0.71) | (3.21) |  | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.51) | (0.99) | (3.73) | (0.34) | (0.88) |
|  Net asset value — end of period | $18.82 | $14.85 | $16.92 | $21.25 | $15.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 30.55% | (6.75) | (3.64) | 35.41 | (7.49) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.75% | 0.73 | 0.74 | 0.72 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.75% | 0.73 | 0.74 | 0.72 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 1.43% | 1.81 | 1.97 | 1.87 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.43% | 1.81 | 1.97 | 1.87 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 80% | 111 | 96 | 95 | 63 |

---

The Fund commenced operations on November 1, 1996.

*See notes to financial statements.* 

160 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $14.88 | $16.94 | $21.27 | $15.98 | $18.16 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.24 | 0.30 | 0.36 | 0.38 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 4.25 | (1.35) | (0.95) | 5.26 | (1.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 4.49 | (1.05) | (0.59) | 5.64 | (1.28) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.30) | (0.30) | (0.53) | (0.35) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.22) | (0.71) | (3.21) |  | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.52) | (1.01) | (3.74) | (0.35) | (0.90) |
|  Net asset value — end of period | $18.85 | $14.88 | $16.94 | $21.27 | $15.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 30.57% | (6.59)% | (3.59)% | 35.51% | (7.40)% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.75% | 0.73% | 0.74% | 0.72% | 0.74% |
| &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 | 1.44% | 1.78% | 1.99% | 1.87% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.54% | 1.86% | 2.07% | 1.94% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 80% | 111% | 96% | 95% | 63% |
| <br> The Class commenced operations on August 1, 2014.<br>|  |  |  |  |  |
|  | 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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $14.82 | $16.89 | $21.23 | $15.96 | $18.13 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 | 0.23 | 0.28 | 0.31 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 4.25 | (1.34) | (0.93) | 5.26 | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 4.42 | (1.11) | (0.65) | 5.57 | (1.33) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.25) | (0.48) | (0.30) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.22) | (0.71) | (3.21) |  | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.47) | (0.96) | (3.69) | (0.30) | (0.84) |
|  Net asset value — end of period | $18.77 | $14.82 | $16.89 | $21.23 | $15.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 30.19% | (6.97)% | (3.91)% | 35.08% | (7.66)% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $15295 | $14486 | $19362 | $19877 | $13486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.00% | 0.98% | 0.99% | 0.97% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 1.00% | 0.98% | 0.99% | 0.97% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 1.17% | 1.55% | 1.72% | 1.62% | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.17% | 1.55% | 1.72% | 1.62% | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 80% | 111% | 96% | 95% | 63% |

---

The Class commenced operations on December 1, 2011.

*See notes to financial statements.* 

Annual Financial Statements and Other Information 161

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

The Payden & Rygel Investment Group

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Payden Cash Reserves Money Market Fund, Payden Limited Maturity Fund, Payden Low Duration Fund, Payden U.S. Government Fund, Payden GNMA Fund, Payden Core Bond Fund, Payden Corporate Bond Fund, Payden Strategic Income Fund, Payden Absolute Return Bond Fund, Payden Floating Rate Fund, Payden High Income Fund, Payden California Municipal Social Impact Fund, Payden Global Low Duration Fund, Payden Global Fixed Income Fund, Payden Emerging Markets Bond Fund, Payden Emerging Markets Local Bond Fund, Payden Emerging Markets Corporate Bond Fund, and Payden Equity Income Fund, eighteen of the funds comprising The Payden & Rygel Investment Group (the "Funds"), including the schedules of investments, as of October 31, 2024, 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, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds listed above constituting The Payden & Rygel Investment Group as of October 31, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America..

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agents banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE &TOUCHE LLP

Los Angeles, California

December 24, 2024

We have served as the auditor of one or more of The Payden & Rygel Investment Group investment companies since 1992.

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Approval of Investment Advisory Agreement (Unaudited)**<br>

1. Background

Among its many duties, and most likely the most important duty of the Board of Trustees (the "Board" or the "Trustees") of The Payden & Rygel Investment Group (the "P&R Trust") is its initial approval, and subsequently its annual approval, of the investment management agreement (the "Agreement") between Payden & Rygel (the "Adviser") and the P&R Trust on behalf of each of the eighteen series covered by this Report (each a "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. Seven of the P&R Trust's current eight Trustees are deemed to be Independent Trustees for this purpose.

In order to assure that the Board's Audit Committee (the "Audit Committee") had sufficient time to review and discuss the material presented to it, the Audit Committee had a special session of the Audit Committee on Thursday, June 13, 2024, 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 18, 2024, the Audit Committee recommended unanimously and the Board of Trustees of the P&R Trust unanimously approved the Agreement between the Adviser and the P&R Trust with respect to each of the eighteen Payden Funds for an additional year through June 30, 2025. The Board approved the Agreement following the unanimous recommendation of the Audit Committee, which is composed of all seven of the Independent Trustees of the P&R Trust. In reaching these decisions, the Board took into account information furnished to it throughout the year at meetings of the Board and at meetings of the Board's committees, as well as extensive information prepared specifically in connection with the annual renewal process. The determination made by each of the Independent Trustees individually also took into account various factors that each of them believed to be relevant, in light of (1) the legal advice furnished to them by Paul Hastings LLP ("Paul Hastings"), independent legal counsel to the Independent Trustees, and (2) the business judgment made by each of the Independent Trustees

2. Overview of the Approval or Renewal Process

In considering the annual renewal with respect to each of the eighteen 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 Paydenfunds covered by this approval are the Payden Cash Reserves Money Market Fund, Payden Limited Maturity Fund, Payden Low Duration Fund, Payden U.S. Government Fund, Payden GNMA Fund, Payden Core Bond Fund, Payden Strategic Income Fund, Payden Absolute Return Bond Fund, Payden Corporate Bond Fund, Payden High Income Fund, Payden Floating Rate Fund, Payden California Municipal Social Impact Fund, Payden Global Low Duration Fund, Payden Global Fixed Income Fund, Payden Emerging Markets Bond Fund, Payden Emerging Markets Local Bond Fund, Payden Emerging Markets Corporate Bond Fund and Payden Equity Income Fund.

Annual Financial Statements and Other Information 163

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Approval of Investment Advisory Agreement (Unaudited)** *continued* <br>

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 18, 2024, 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) 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 18, 2024, 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

164 Payden Mutual Funds

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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.

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 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 eighteen Payden Funds have been satisfactory and that each of the eighteen Payden Funds is performing competitively versus its Peer Group and benchmark index. Following the discussion of the performance of the eighteen 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 Investor Class shares of each Payden Fund. Because the Investor Class generally has lower non-management expenses than the Adviser Class of these funds, the expenses and performance of the Adviser Class will differ from the expenses and performance shown for the Investor Class. All time periods referenced below ended as of April 30, 2024.

Annual Financial Statements and Other Information 165

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Approval of Investment Advisory Agreement (Unaudited)** *continued* <br>

#### 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.

• *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, 2025. 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, five-year and ten-year periods, and in the second quintile for the three-year period.

#### Limited Maturity Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.28%, placing it in the fifth quintile of the group of comparable funds for adviser fees. The actual management fee was in the second quintile.

• *Total Expenses:* The fund's total expenses were in the first quintile of the group of comparable funds. The Adviser has contractually agreed to waive its investment advisory fee or reimburse fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.30%. This agreement has a one-year term ending February 28, 2025. 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 each of the one-year and ten-year periods, and in the first quintile for each of the three-year and five-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 also in the fourth 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 0.43%. This agreement has a one-year term ending February 28, 2025. 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, five-year, and ten-year periods, and in the second quintile for the three-year period.

#### 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 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, 2025. It may or may not be renewed at that time.

• *Performance:* The fund was in the second quintile of the group of comparable funds for each of the one-year and three-year periods, and in the first quintile for each of the five-year and ten-year periods.

#### GNMA Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the Fund is 0.27%, placing it in the third quintile of the group of comparable funds for adviser fees. The actual management fee was in the first quintile.

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• *Total Expenses:* The Fund's total expenses were in the first quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the Fund, the Total Annual Fund Operating Expenses will not exceed 0.50%. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.45%. This agreement has a one-year term ending February 28, 2024. It may or may not be renewed at that time.

• *Performance:* The Fund was in the fifth quintile of the group of comparable funds for each of the one-year and three-year periods, in the fourth quintile for the five-year period, and in the third quintile for the ten-year period.

#### Core Bond Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.28%, placing it in the fourth quintile of the group of comparable funds for adviser fees. The actual management fee was in the fifth quintile.

• *Total Expenses:* The fund's total expenses were in the fourth quintile of the group of comparable funds.

• *Performance:* The fund was in the second quintile of the group of comparable funds for each of the one-year, three-year and ten-year periods, and in the third quintile for the five-year period.

#### 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 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 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, 2025. 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 first quintile for the three-year period, and in the second quintile for the five-year period. The fund began operations on May 8, 2014.

#### Absolute Return Bond Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.50%, placing it in the first quintile of the Expense Group for adviser fees. The actual management fee was in the second quintile.

• *Total Expenses:* The fund's total expenses were in the second quintile of the group of comparable funds. The Adviser has contractually agreed to waive its investment advisory fee or reimburse fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.70%. This agreement has a one-year term ending February 28, 2025. 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 and five-year periods, and in the second quintile for the three-year period. The fund began operations on November 6, 2014.

#### Corporate Bond Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.35%, placing it in the third quintile of the Expense Group for adviser fees. The actual management fee was in the fifth quintile.

• *Total Expenses:* The fund's total expenses were in the fifth quintile of the Expense Group. The Adviser has contractually agreed that for so long as it is the investment adviser to the fund, the Total Annual Fund Operating Expenses will not exceed 1.00%. The current annual expense ratio is 0.66%.

• *Performance:* The fund was in the second quintile of the group of comparable funds for each of the one-year and three-year periods, in the third quintile for the five-year period, and in the first quintile for the ten-year period.

Annual Financial Statements and Other Information 167

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Approval of Investment Advisory Agreement (Unaudited)** *continued* <br>

#### High Income Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.35%, placing it in the first quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.

• *Total Expenses:* The fund's total expenses were in the second quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the fund, the Total Annual Fund Operating Expenses will not exceed 0.75%. The current annual expense ratio is 0.60%.

• *Performance:* The fund was in the first quintile of the group of comparable funds for each of the one-year, three-year, five-year, and ten-year periods.

#### Floating Rate Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.55%, placing it in the fourth quintile of the group of comparable funds for adviser fees. The actual management fee was in the second quintile.

• *Total Expenses:* The fund's total expenses were in the 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, 2025. 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.

#### California Municipal Social Impact Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.32%, placing it in the fourth quintile of the Expense Group for adviser fees. The actual management fee was in the 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, 2025. 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.

#### 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, 2025. 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.

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#### 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 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 0.70%. The current annual expense ratio is 0.69%.

• *Performance:* The fund was in the second 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.

#### Emerging Markets Bond Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.45%, placing it in the first quintile of the group of comparable funds for adviser fees. The actual management fee was in the third quintile.

• *Total Expenses:* The fund's total expenses were in the second quintile of the group of comparable funds. The Adviser has contractually agreed that for so long as it is the investment adviser to the fund, the Total Annual Fund Operating Expenses will not exceed 1.25%. The current annual expense ratio is 0.73%.

• *Performance:* The fund was in the second quintile of the group of comparable funds for each of the one-year and ten-year periods, in the fourth quintile for the three-year period, and in the third quintile for the five-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 second 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 0.99%. This agreement has a one-year term ending February 28, 2025. 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, and in the fourth quintile for each of the three-year, five-year, and ten-year periods.

#### 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, 2025. 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.

#### Equity Income Fund
• *Adviser Fee:* The Adviser's annual contractual management fee rate for the fund is 0.50%, placing it in the second quintile of the group of comparable funds for adviser fees. The actual management fee is in the fourth quintile.

Annual Financial Statements and Other Information 169

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Approval of Investment Advisory Agreement (Unaudited)** *continued* <br>

• *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 each of the one-year and ten-year periods, and in the fifth quintile for each of the three-year and five-year periods.

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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 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)

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)

PAYDEN MUTUAL FUNDS

333 South Grand Avenue, Los Angeles, California 90071

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![LOGO](g42120dsp173.jpg)

## Annual Financial Statements

## and Other Information

## October 31, 2024

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&nbsp;&nbsp; Contents <br>

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| | |
|:---|:---|
| 4 | [Portfolio Highlights & Investments](#arar42120_1) |
| 13 | [Statement of Assets & Liabilities](#arar42120_2) |
| 14 | [Statement of Operations](#arar42120_3) |
| 15 | [Statements of Changes in Net Assets](#arar42120_4) |
| 16 | [Notes to Financial Statements](#arar42120_5) |
| 26 | [Financial Highlights](#arar42120_6) |
| 28 | [Report of Independent Registered Public Accounting Firm](#arar42120_7) |
| 29 | [Approval of Investment Advisory Agreement](#arar42120_8) |

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Annual Financial Statements and Other Information

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Highlights & Investments

**Schedule of Investments -** October 31, 2024

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (25%)** | **Asset Backed (25%)** |  |
| 250000 | AIMCO CLO 2018-BA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.15%,<br> 4/16/37 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| 631767 | Ally Bank Auto Credit-Linked Notes Series 2024-A 144A, 7.92%, 5/17/32 (a) | 640 |
| 650000 | Ally Bank Auto Credit-Linked Notes Series 2024-B 144A, 5.41%, 9/15/32 (a) | 650 |
| 550000 | Ally Bank Auto Credit-Linked Notes Series 2024-B 144A, 6.68%, 9/15/32 (a) | 550 |
| 600000 | American Credit Acceptance Receivables Trust 2022-4 144A, 8.00%, 2/15/29 (a) | 615 |
| 200000 | American Credit Acceptance Receivables Trust 2024-3 144A, 6.04%, 7/12/30 (a) | 202 |
| 500000 | American Credit Acceptance Receivables Trust 2024-4 144A, 5.34%, 8/12/31 (a) | 496 |
| 250000 | Anchorage Capital Europe CLO DAC 1X, (3 mo. EURIBOR + 1.450%), 4.63%, 1/15/31 EUR (b)(c)(d) | 271 |
| 300000 | Apidos CLO XII 2013-12A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 6.11%,<br> 4/15/31 (a)(b) | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | ARES Loan Funding III Ltd. 2022-ALF3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.270%), 5.90%, 7/25/36 (a)(b) | 1100 |
| 400000 | Ballyrock CLO Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.400%), 6.53%,<br> 2/20/36 (a)(b) | 401 |
| 250000 | Benefit Street Partners CLO XIX Ltd. 2019-19A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 6.26%, 1/15/33 (a)(b) | 250 |
| 500000 | Buckhorn Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.382%), 6.01%, 7/18/34 (a)(b) | 500 |
| 1026126 | Carlyle Global Market Strategies CLO Ltd. 2012-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.120%), 5.75%, 4/22/32 (a)(b) | 1026 |
| 200000 | CARS-DB4 LP 2020-1A 144A, 4.52%, 2/15/50 (a) | 190 |
| 300000 | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (a) | 266 |
| 50 | Chase Auto Owner Trust, 0.00%, 6/25/30 (e) | 375 |
| 400000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 5.68%, 1/25/52 CAD (a)(d) | 290 |
| 250000 | Cumulus Static CLO DAC 2024-1A 144A, (3 mo. EURIBOR + 2.400%), 6.23%, 11/15/33 EUR (a)(b)(d) | 272 |
| 200000 | CVC Cordatus Loan Fund III DAC 3X, (3 mo. EURIBOR + 1.700%), 5.24%, 8/15/32 EUR (b)(c)(d) | 217 |
| 400000 | CyrusOne Data Centers Issuer I LLC 2023-1A 144A, 4.30%, 4/20/48 (a) | 384 |
| 486250 | DB Master Finance LLC 2021-1A 144A, 2.05%,<br> 11/20/51 (a) | 458 |
| 150000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 2.36%, 4/15/49 (a) | 139 |
| 500000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 3.48%, 4/15/49 (a) | 461 |
| 367902 | Driven Brands Funding LLC 2019-1A 144A, 4.64%, 4/20/49 (a) | 363 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 236648 | Driven Brands Funding LLC 2021-1A 144A, 2.79%, 10/20/51 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | Exeter Automobile Receivables Trust 2022-1A 144A, 5.02%, 10/15/29 (a) | 1061 |
| 450000 | Exeter Automobile Receivables Trust 2024-5A, 5.06%, 2/18/31 | 443 |
| 10 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (e) | 647 |
| 675000 | Flagship Credit Auto Trust 2022-3 144A, 6.00%,<br> 7/17/28 (a) | 666 |
| 150837 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.71%, 2/23/39 (a)(b) | 149 |
| 300000 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 7.11%, 2/23/39 (a)(b) | 290 |
| 300000 | Greystone CRE Notes Ltd. 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.864%), 7.65%, 7/15/39 (a)(b) | 285 |
| 250000 | Henley CLO VII DAC 7A 144A, (3 mo. EURIBOR + 2.100%), 5.19%, 4/25/34 EUR (a)(b)(d) | 272 |
| 550000 | Huntington Bank Auto Credit-Linked Notes Series 2024-2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.600%), 7.46%, 10/20/32 (a)(b) | 550 |
| 42302 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 4.28%, 9/25/28 (a) | 42 |
| 550000 | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 3.69%, 2/26/29 (a) | 545 |
| 250000 | Jubilee CLO DAC 2017-19X, (3 mo. EURIBOR + 1.250%), 4.34%, 7/25/30 EUR (b)(c)(d) | 271 |
| 350000 | Jubilee CLO DAC 2019-23A 144A, (3 mo. EURIBOR + 1.850%), 5.03%, 7/15/37 EUR (a)(b)(d) | 381 |
| 1 | Juniper Receivables DAC, 0.00%, 8/15/29 (e) | 237 |
| 10 | Juniper Receivables DAC 2023-1 DAC, 0.00%, 7/15/30 (e) | 371 |
| 392208 | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 6.21%, 2/17/39 (a)(b) | 392 |
| 300000 | Neuberger Berman Loan Advisers CLO Ltd. 2020-36A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 6.42%, 4/20/33 (a)(b) | 301 |
| 600000 | Neuberger Berman Loan Advisers CLO Ltd. 2022-50A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.88%, 7/23/36 (a)(b) | 600 |
| 450000 | Neuberger Berman Loan Advisers CLO Ltd. 2022-51A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.850%), 6.48%, 10/23/36 (a)(b) | 450 |
| 600000 | Neuberger Berman Loan Advisers CLO Ltd. 2024-58A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.900%), 0.00%, 10/18/38 (a)(b)(e) | 600 |
| 497708 | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 3.39%, 11/20/50 (a) | 472 |

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4 Payden Mutual Funds

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---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | OCP CLO Ltd. 2014-6A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.55%,<br> 10/17/30 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 |
| 750000 | Palmer Square Loan Funding Ltd. 2024-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.650%), 6.81%, 8/08/32 (a)(b) | 754 |
| 261938 | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (a) | 241 |
| 300000 | Regatta XIII Funding Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.16%, 7/15/31 (a)(b) | 300 |
| 350000 | Regatta XIV Funding Ltd. 2018-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.13%, 10/25/31 (a)(b) | 350 |
| 250000 | Regatta XV Funding Ltd. 2018-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.550%), 6.18%, 10/25/31 (a)(b) | 250 |
| 250000 | Regatta XVI Funding Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.56%, 1/15/33 (a)(b) | 251 |
| 600000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 3.100%), 7.72%, 7/20/35 (a)(b) | 600 |
| 46733 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | 47 |
| 29208 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 7.38%, 5/15/32 (a) | 29 |
| 835000 | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 11.91%, 8/16/32 (a) | 860 |
| 429644 | Santander Drive Auto Receivables Trust 2023-S1 144A, 10.40%, 4/18/28 (a) | 434 |
| 1980 | Santander Drive Auto Receivables Trust 2024-S2 144A, 0.00%, 12/16/28 (a)(e) | 367 |
| 267745 | Santander Drive Auto Receivables Trust 2024-S1 144A, 6.53%, 3/16/29 (a) | 268 |
| 600000 | Santander Drive Auto Receivables Trust 2024-5, 5.14%, 2/17/32 | 595 |
| 400000 | Texas Debt Capital Euro CLO DAC 2024-1A 144A, (3 mo. EURIBOR + 2.100%), 5.80%, 7/16/38<br>EUR (a)(b)(d) | 437 |
| 400000 | TierPoint Issuer LLC 2023-1A 144A, 6.00%,<br>6/25/53 (a) | 401 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%,<br> 2/15/52 (a) | 279 |
| 200000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 6.64%, 5/15/54 (a) | 202 |
| 325000 | Westlake Automobile Receivables Trust 2023- 4A 144A, 7.19%, 7/16/29 (a) | 338 |
| 400000 | Westlake Automobile Receivables Trust 2024- 1A 144A, 6.02%, 10/15/29 (a) | 407 |
| 600000 | Westlake Automobile Receivables Trust 2024- 3A 144A, 5.21%, 4/15/30 (a) | 597 |
| 591000 | Wingstop Funding LLC 2020-1A 144A, 2.84%,<br> 12/05/50 (a) | 549 |
| 338625 | Zaxbys Funding LLC 2021-1A 144A, 3.24%,<br>7/30/51 (a) | 308 |
|  **Total Asset Backed (Cost - $30,552)** | **Total Asset Backed (Cost - $30,552)** | 29469 |
|  **Bank Loans(f) (6%)** | **Bank Loans(f) (6%)** |  |
| 325000 | Alpha Generation LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.45%, 9/30/31 | 325 |

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| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | American Airlines Inc. Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.29%, 4/20/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 |
| 124373 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.09%, 2/01/29 | 125 |
| 199000 | Consolidated Energy Finance SA Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.56%, 11/15/30 | 188 |
| 150000 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.85%, 8/20/31 | 151 |
| 200000 | Dragon Buyer Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.85%, 9/30/31 | 199 |
| 330000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 4.00%, 10/24/29 | 329 |
| 340000 | Epic Y Grade Services LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 10.60%, 6/29/29 | 340 |
| 394406 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 5.750%), 8.39%, 4/26/28 | 396 |
| 275000 | Fertitta Entertainment LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 4.00%, 1/29/29 | 275 |
| 350000 | Fortress Intermediate 3 Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.44%, 6/27/31 | 350 |
| 199347 | Iron Mountain Information Management LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.77%, 1/31/31 | 199 |
| 125000 | Leia Finco U.S. LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 3.25%, 7/02/31 | 124 |
| 275000 | Lightning Power LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 8.35%, 8/18/31 | 276 |
| 151128 | McGraw-Hill Education Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.60%, 8/01/31 | 152 |
| 248750 | MIC Glen LLC Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 9.05%, 7/21/28 | 251 |
| 375000 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 9.10%, 7/01/31 | 360 |
| 275000 | Omnia Partners LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.87%, 7/25/30 | 276 |
| 250000 | S&S Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 5.50%, 9/19/31 | 249 |
| 375000 | Terex Corp. Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 1.000%), 6.69%, 10/08/31 | 376 |
| 465000 | Third Coast Infrastructure LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.94%, 9/25/30 | 462 |
| 150000 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.35%, 5/06/32 | 152 |

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Annual Financial Statements and Other Information 5

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&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Highlights & Investments** *continued* <br>

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| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447750 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.44%, 4/25/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 |
| 225000 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.39%, 6/27/29 | 221 |
| 175000 | Wilsonart LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.85%, 8/05/31 | 173 |
|  **Total Bank Loans (Cost - $6,780)** | **Total Bank Loans (Cost - $6,780)** | 6786 |
|  **Corporate Bond (34%)** | **Corporate Bond (34%)** |  |
|  **Financial (11%)** | **Financial (11%)** |  |
| 175000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%),<br>4.70% (b)(g) | 158 |
| 250000 | American Homes 4 Rent LP, 5.50%, 2/01/34 | 251 |
| 250000 | Ares Capital Corp., 5.88%, 3/01/29 | 252 |
| 250000 | Avis Budget Finance PLC, 7.00%, 2/28/29 EUR (c)(d) | 273 |
| 400000 | 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) | 423 |
| 200000 | Banco Mercantil del Norte SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.643%),<br> 5.88% (b)(c)(g) | 193 |
| 200000 | Banco Mercantil del Norte SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.643%), 5.88% (a)(b)(g) | 194 |
| 175000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.220%), 2.30%, 7/21/32 (b) | 147 |
| 250000 | Bank of Nova Scotia, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.017%), 8.00%, 1/27/84 (b) | 265 |
| 200000 | BBVA Bancomer SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.661%), 8.45%,<br> 6/29/38 (b)(c) | 210 |
| 200000 | Blue Owl Capital Corp., 3.40%, 7/15/26 | 193 |
| 600000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, 4/01/31 | 505 |
| 200000 | Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 7/18/29 (c) | 193 |
| 300000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (b) | 261 |
| 250000 | Corp. Inmobiliaria Vesta SAB de CV, 3.63%,<br>5/13/31 (c) | 220 |
| 200000 | doValue SpA 144A, 3.38%, 7/31/26 EUR (a)(d) | 212 |
| 100000 | Franklin BSP Capital Corp. 144A, 7.20%, 6/15/29 (a) | 101 |
| 100000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 | 102 |
| 280000 | Freedom Mortgage Holdings LLC 144A, 9.13%,<br> 5/15/31 (a) | 284 |
| 150000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.135%), 4.69%, 10/23/30 (b) | 148 |
| 550000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (b) | 480 |
| 300000 | JAB Holdings BV, 5.00%, 6/12/33 EUR (c)(d) | 351 |
| 350000 | JPMorgan Chase & Co., (U.S. Secured Overnight |  |
|  | Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 348 |

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| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | JPMorgan Chase & Co., (3 mo. Term Secured Overnight Financing Rate + 1.382%), 4.01%, 4/23/29 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| 675000 | Kite Realty Group LP, 4.95%, 12/15/31 | 663 |
| 225000 | Lazard Group LLC, 6.00%, 3/15/31 | 234 |
| 150000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.100%), 4.65%, 10/18/30 (b) | 148 |
| 225000 | MPT Operating Partnership LP/MPT Finance Corp., 2.50%, 3/24/26 GBP (d) | 258 |
| 325000 | MPT Operating Partnership LP/MPT Finance Corp., 0.99%, 10/15/26 EUR (d) | 300 |
| 225000 | Muthoot Finance Ltd. 144A, 7.13%, 2/14/28 (a) | 229 |
| 200000 | Muthoot Finance Ltd., 7.13%, 2/14/28 (c) | 204 |
| 325000 | NNN REIT Inc., 5.50%, 6/15/34 | 329 |
| 110000 | PRA Group Inc. 144A, 5.00%, 10/01/29 (a) | 100 |
| 200000 | Sagax AB, 4.38%, 5/29/30 EUR (c)(d) | 224 |
| 250000 | Sagax Euro Mtn NL BV, 0.75%, 1/26/28 EUR (c)(d) | 250 |
| 375000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.940%), 5.35%, 9/06/30 (b) | 371 |
| 450000 | SBA Tower Trust 144A, 6.60%, 1/15/28 (a) | 460 |
| 400000 | Societe Generale SA, (3 mo. EURIBOR + 0.950%), 0.50%, 6/12/29 EUR (b)(c)(d) | 391 |
| 275000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (a) | 262 |
| 300000 | Synchrony Bank, 5.40%, 8/22/25 | 300 |
| 375000 | Toronto-Dominion Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.075%), 8.13%, 10/31/82 (b) | 396 |
| 325000 | Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 1.571%), 5.15%, 8/05/32 (b) | 323 |
| 375000 | UBS Group AG, (ICE 1Year Euribor Swap Fix + 4.950%), 7.75%, 3/01/29 EUR (b)(c)(d) | 463 |
| 250000 | UDR Inc., 5.13%, 9/01/34 | 245 |
| 700000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 2.020%), 5.39%, 4/24/34 (b) | 705 |
|  |  | 13011 |
|  **Industrial (15%)** | **Industrial (15%)** |  |
| 200000 | Advantage Sales & Marketing Inc. 144A, 6.50%,<br> 11/15/28 (a) | 187 |
| 325000 | Altice France Holding SA 144A, 10.50%, 5/15/27 (a) | 99 |
| 125000 | Amentum Holdings Inc. 144A, 7.25%, 8/01/32 (a) | 130 |
| 300000 | ams-OSRAM AG, 10.50%, 3/30/29 EUR (c)(d) | 331 |
| 150000 | Bausch + Lomb Corp. 144A, 8.38%, 10/01/28 (a) | 158 |
| 200000 | BE Semiconductor Industries NV 144A, 4.50%, 7/15/31<br> EUR (a)(d) | 224 |
| 250000 | Boeing Co., 2.20%, 2/04/26 | 241 |
| 250000 | Boeing Co. 144A, 6.30%, 5/01/29 (a) | 259 |
| 125000 | Bombardier Inc. 144A, 7.00%, 6/01/32 (a) | 128 |
| 250000 | Boparan Finance PLC 144A, 9.38%, 11/07/29 GBP (a)(d) | 322 |
| 250000 | Cemex SAB de CV, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.534%), 5.13% (b)(c)(g) | 244 |
| 250000 | Centene Corp., 3.38%, 2/15/30 | 224 |
| 325000 | Centene Corp., 3.00%, 10/15/30 | 282 |
| 266000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 4/27/29 (c) | 255 |
| 150000 | Champions Financing Inc. 144A, 8.75%, 2/15/29 (a) | 152 |

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6 Payden Mutual Funds

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| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 2/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| 200000 | Cleveland-Cliffs Inc. 144A, 6.88%, 11/01/29 (a) 201 |  |
| 125000 | Cleveland-Cliffs Inc. 144A, 7.38%, 5/01/33 (a) 126 |  |
| 325000 | CRH America Finance Inc., 5.40%, 5/21/34 | 329 |
| 200000 | CRH SMW Finance DAC, 5.20%, 5/21/29 | 203 |
| 525000 | Delta Air Lines Inc./SkyMiles IP Ltd. 144A, 4.75%, 10/20/28 (a) | 519 |
| 175000 | Empire Communities Corp. 144A, 9.75%, 5/01/29 (a) | 183 |
| 150000 | EMRLD Borrower LP/Emerald Co.-Issuer Inc. 144A, 6.75%, 7/15/31 (a) | 153 |
| 350000 | Fiesta Purchaser Inc. 144A, 7.88%, 3/01/31 | 367 |
| 350000 | Flutter Treasury DAC 144A, 5.00%, 4/29/29<br>EUR (a)(d) | 392 |
| 200000 | Frontier Communications Holdings LLC 144A, 5.00%, 5/01/28 (a) | 197 |
| 275000 | General Motors Financial Co. Inc., 5.55%, 7/15/29 | 279 |
| 600000 | General Motors Financial Co. Inc., 4.90%, 10/06/29 | 592 |
| 225000 | HCA Inc., 5.88%, 2/01/29 | 232 |
| 100000 | Howmet Aerospace Inc., 4.85%, 10/15/31 | 99 |
| 275000 | Hyundai Capital America 144A, 4.30%, 9/24/27 (a) | 271 |
| 325000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%, 2/15/29 (a) | 337 |
| 350000 | Kier Group PLC, 9.00%, 2/15/29 GBP (c)(d) | 479 |
| 200000 | LD Celulose International GmbH 144A, 7.95%,<br> 1/26/32 (a) | 205 |
| 625000 | Liberty Costa Rica Senior Secured Finance, 10.88%, 1/15/31 (c) | 671 |
| 200000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%,<br> 7/25/29 (a) | 195 |
| 200000 | LKQ Dutch Bond BV, 4.13%, 3/13/31 EUR (d) 220 |  |
| 250000 | Madison IAQ LLC 144A, 5.88%, 6/30/29 | 237 |
| 225000 | Midcontinent Communications 144A, 8.00%,<br>8/15/32 (a) | 229 |
| 325000 | Millicom International Cellular SA, 4.50%, 4/27/31 (c) | 294 |
| 225000 | Minerva Luxembourg SA, 8.88%, 9/13/33 (c) 237 |  |
| 200000 | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (a) | 210 |
| 275000 | Mobico Group PLC, 4.88%, 9/26/31 EUR (c)(d) 292 |  |
| 225000 | NBM U.S. Holdings Inc., 6.63%, 8/06/29 (c) 225 |  |
| 250000 | Neopharmed Gentili SpA 144A, 7.13%, 4/08/30<br> EUR (a)(d) | 285 |
| 925000 | Open Text Corp. 144A, 6.90%, 12/01/27 (a) | 962 |
| 200000 | Orbia Advance Corp. SAB de CV, 5.88%, 9/17/44 (c) | 175 |
| 200000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 7.88%, 5/15/34 (a) | 207 |
| 170000 | Paramount Global, 4.95%, 1/15/31 | 158 |
| 425000 | Prime Healthcare Services Inc. 144A, 9.38%,<br>9/01/29 (a) | 432 |
| 500000 | Rogers Communications Inc., 5.30%, 2/15/34 496 |  |
| 300000 | Sable International Finance Ltd. 144A, 7.13%,<br> 10/15/32 (a) | 302 |
| 450000 | Sisecam UK PLC, 8.63%, 5/02/32 (c) | 459 |
| 200000 | Sitios Latinoamerica SAB de CV, 5.38%, 4/04/32 (c) | 192 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 300000 | Specialty Building Products Holdings LLC/SBP Finance Corp. 144A, 7.75%, 10/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
| 150000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (a) | 156 |
| 325000 | Surgery Center Holdings Inc. 144A, 7.25%, 4/15/32 | 334 |
| 325000 | Tesco Corporate Treasury Services PLC, 4.25%, 2/27/31<br> EUR (c)(d) | 367 |
| 200000 | Uber Technologies Inc., 4.30%, 1/15/30 | 195 |
| 200000 | Vale Overseas Ltd., 6.40%, 6/28/54 | 201 |
| 225000 | Verde Purchaser LLC 144A, 10.50%, 11/30/30 | 240 |
| 210000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (a) | 210 |
| 300000 | Warnermedia Holdings Inc., 4.28%, 3/15/32 | 263 |
| 425000 | WMG Acquisition Corp. 144A, 3.75%, 12/01/29 (a) | 394 |
|  |  | 17682 |
|  **Utility (8%)** | **Utility (8%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Boeing Co., 5.04%, 5/01/27 | 523 |
| 192683 | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%,<br> 11/15/28 (a) | 198 |
| 225000 | CITGO Petroleum Corp. 144A, 6.38%, 6/15/26 (a) | 226 |
| 325000 | Diamondback Energy Inc., 5.15%, 1/30/30 | 327 |
| 50000 | Ecopetrol SA, 8.38%, 1/19/36 | 49 |
| 450000 | Energy Transfer LP, 5.55%, 5/15/34 | 452 |
| 250000 | EPH Financing International AS, 5.88%, 11/30/29<br> EUR (c)(d) | 286 |
| 275000 | EQM Midstream Partners LP 144A, 7.50%, 6/01/30 (a) | 296 |
| 350000 | Eskom Holdings SOC Ltd., 7.13%, 2/11/25 (c) | 350 |
| 200000 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (a) | 201 |
| 200000 | Geopark Ltd., 5.50%, 1/17/27 (c) | 189 |
| 350000 | Geopark Ltd. 144A, 5.50%, 1/17/27 (a) | 330 |
| 275000 | Global Marine Inc., 7.00%, 6/01/28 | 261 |
| 428000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (a) | 395 |
| 250000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (a) | 251 |
| 210000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 6.88%, 5/15/34 (a) | 201 |
| 165000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 7.25%, 2/15/35 (a) | 162 |
| 225775 | India Cleantech Energy, 4.70%, 8/10/26 (c) | 219 |
| 200000 | Kosmos Energy Ltd., 7.75%, 5/01/27 (c) | 196 |
| 250000 | Kosmos Energy Ltd. 144A, 7.75%, 5/01/27 (a) | 246 |
| 225000 | Moss Creek Resources Holdings Inc. 144A, 8.25%,<br> 9/01/31 (a) | 221 |
| 300000 | NewCo Holding USD 20 Sarl 144A, 9.38%,<br>11/07/29 (a) | 300 |
| 180000 | NextEra Energy Operating Partners LP 144A, 7.25%, 1/15/29 | 185 |
| 450000 | OHI Group SA 144A, 13.00%, 7/22/29 (a) | 445 |
| 150000 | ONEOK Inc., 4.25%, 9/24/27 | 148 |
| 375000 | ONEOK Inc., 4.75%, 10/15/31 | 366 |
| 275000 | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | 291 |
| 100000 | Petroleos Mexicanos, 3.63%, 11/24/25 EUR (c)(d) | 107 |
| 425000 | Petroleos Mexicanos, 3.75%, 4/16/26 EUR (c)(d) | 450 |
| 200000 | Petroleos Mexicanos, 6.63%, 6/15/35 | 164 |
| 320000 | SierraCol Energy Andina LLC, 6.00%, 6/15/28 (c) | 291 |

---

Annual Financial Statements and Other Information 7

------

&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Highlights & Investments** *continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 250000 | South Bow USA Infrastructure Holdings LLC 144A, 4.91%, 9/01/27 (a) | $249 |
| 150000 | Surge Energy Inc. 144A, 8.50%, 9/05/29 CAD (a)(d) | 108 |
| 219170 | Tierra Mojada Luxembourg II Sarl, 5.75%,<br>12/01/40 (c) | 199 |
| 120000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 121 |
| 200000 | Venture Global LNG Inc. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.440%),<br> 9.00% (a)(b)(g) | 200 |
| 275000 | Vistra Operations Co. LLC 144A, 6.95%,<br>10/15/33 (a) | 300 |
| 175000 | Vital Energy Inc. 144A, 7.88%, 4/15/32 (a) | 168 |
| 250000 | Western Midstream Operating LP, 5.45%, 11/15/34 | 244 |
| 275000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (a) | 267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10182 |
|  **Total Corporate Bond (Cost - $40,788)** | **Total Corporate Bond (Cost - $40,788)** | 40875 |
|  **Foreign Government (10%)** | **Foreign Government (10%)** |  |
| 275000 | Angolan Government International Bond, 8.00%, 11/26/29 (c) | 252 |
| 250000 | Argentine Republic Government International Bond, 4.13%, 7/09/35 | 139 |
| 35000000 | Brazil Letras do Tesouro Nacional, 10.91%, 7/01/25<br> BRL (d)(e) | 5621 |
| 200000 | Brazilian Government International Bond, 6.13%, 3/15/34 | 198 |
| 250000 | Colombia Government International Bond, 7.75%, 11/07/36 | 246 |
| 275000 | Dominican Republic International Bond, 5.95%,<br> 1/25/27 (c) | 276 |
| 200000 | Ghana Government International Bond 144A, 5.00%, 7/03/35 (a) | 140 |
| 625000 | Guatemala Government Bond, 4.38%, 6/05/27 (c) | 602 |
| 400000 | Ivory Coast Government International Bond, 6.38%, 3/03/28 (c) | 398 |
| 275000 | Ivory Coast Government International Bond, 4.88%, 1/30/32 EUR (c)(d) | 262 |
| 525000 | Nigeria Government International Bond, 6.50%, 11/28/27 (c) | 496 |
| 250000 | Panama Government International Bond, 3.16%, 1/23/30 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000000 | Republic of South Africa Government Bond Series 2037, 8.50%, 1/31/37 ZAR (d) | 1140 |
| 350000 | Republic of South Africa Government International Bond, 4.85%, 9/30/29 | 331 |
| 250000 | Republic of South Africa Government International Bond, 5.88%, 6/22/30 | 245 |
| 300000 | Republic of Uzbekistan International Bond 144A, 5.38%, 5/29/27 EUR (a)(d) | 327 |
| 275000 | Republic of Uzbekistan International Bond, 3.90%, 10/19/31 (c) | 230 |
| 400000 | Romanian Government International Bond 144A, 5.13%, 9/24/31 EUR (a)(d) | 434 |
| 380646 | Zambia Government International Bond, 5.75%,<br> 6/30/33 (c) | 335 |
|  **Total Foreign Government (Cost - $12,274)** | **Total Foreign Government (Cost - $12,274)** | 11888 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Mortgage Backed (22%)** | **Mortgage Backed (22%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | ACRE Commercial Mortgage Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.864%), 6.62%, 12/18/37 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| 500000 | BRAVO Residential Funding Trust 2024-NQM7 144A, 6.38%, 10/27/64 (a)(h) | 499 |
| 400000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.114%), 6.92%, 9/15/36 (a)(b) | 398 |
| 280000 | BX Commercial Mortgage Trust 2020-VKNG 144A, (1 mo. Term Secured Overnight Financing Rate + 2.864%), 7.67%, 10/15/37 (a)(b) | 276 |
| 350000 | BX Commercial Mortgage Trust 2021-VINO 144A, (1 mo. Term Secured Overnight Financing Rate + 2.067%), 6.87%, 5/15/38 (a)(b) | 347 |
| 500000 | BX Trust 2023-DELC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.49%, 5/15/38 (a)(b) | 505 |
| 700000 | BX Trust 2024-BIO 144A, (1 mo. Term Secured Overnight Financing Rate + 1.642%), 6.45%, 2/15/41 (a)(b) | 703 |
| 400000 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.064%), 6.85%, 2/15/38 (a)(b) | 326 |
| 236000 | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 1.367%), 6.17%, 12/15/37 (a)(b) | 236 |
| 459975 | Connecticut Avenue Securities Trust 2019- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.214%), 9.07%, 9/25/31 (a)(b) | 488 |
| 286352 | Connecticut Avenue Securities Trust 2019- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.864%), 8.72%, 9/25/39 (a)(b) | 298 |
| 219561 | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 7.12%, 11/25/39 (a)(b) | 221 |
| 575000 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.100%), 7.96%, 10/25/41 (a)(b) | 591 |
| 300000 | Connecticut Avenue Securities Trust 2021- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.750%), 7.61%, 12/25/41 (a)(b) | 307 |
| 825000 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.150%), 8.01%, 12/25/41 (a)(b) | 847 |
| 325000 | Connecticut Avenue Securities Trust 2022-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.86%, 12/25/41 (a)(b) | 342 |
| 675000 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 9.36%, 1/25/42 (a)(b) | 713 |
| 500000 | Connecticut Avenue Securities Trust 2022- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.500%), 8.36%, 3/25/42 (a)(b) | 525 |

---

8 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Connecticut Avenue Securities Trust 2022- R09 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.750%), 9.61%,<br> 9/25/42 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 |
| 300058 | Connecticut Avenue Securities Trust 2023- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 7.36%,<br> 4/25/43 (a)(b) | 305 |
| 800000 | Connecticut Avenue Securities Trust 2023- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.900%), 8.76%,<br> 4/25/43 (a)(b) | 856 |
| 471894 | Connecticut Avenue Securities Trust 2023- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 7.16%,<br> 5/25/43 (a)(b) | 482 |
| 500000 | Connecticut Avenue Securities Trust 2024- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.700%), 7.56%,<br> 1/25/44 (a)(b) | 510 |
| 700000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 7.36%,<br> 2/25/44 (a)(b) | 716 |
| 300000 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.81%,<br> 3/25/44 (a)(b) | 303 |
| 600000 | Connecticut Avenue Securities Trust 2024- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.200%), 7.06%,<br> 5/25/44 (a)(b) | 606 |
| 225000 | Connecticut Avenue Securities Trust 2024- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.86%,<br> 7/25/44 (a)(b) | 226 |
| 275000 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.050%), 6.91%,<br> 9/25/44 (a)(b) | 277 |
| 575000 | Connecticut Avenue Securities Trust 2021-R01 2021-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.86%, 10/25/41 (a)(b) | 605 |
| 500000 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (a)(h) | 500 |
| 733307 | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 3.814%), 8.62%, 7/15/38 (a)(b) | 738 |
| 123671 | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 17.22%, 9/25/28 (b) | 141 |
| 49482 | Fannie Mae Connecticut Avenue Securities 2016-C03, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.72%, 10/25/28 (b) | 56 |
| 98547 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 15.22%, 1/25/29 (b) | 112 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | Fannie Mae Connecticut Avenue Securities 2021- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.200%), 11.06%, 11/25/41 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
| 246147 | Freddie Mac STACR Debt Notes 2015-HQA1, (U.S. Secured Overnight Financing Rate Index 30day Average + 8.914%), 13.77%, 3/25/28 (b) | 256 |
| 375000 | Freddie Mac STACR REMIC Trust 2021-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.500%), 10.36%, 1/25/34 (a)(b) | 425 |
| 850000 | Freddie Mac STACR REMIC Trust 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 8.26%, 10/25/41 (a)(b) | 876 |
| 500000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.650%), 8.51%, 11/25/41 (a)(b) | 519 |
| 391288 | Freddie Mac STACR REMIC Trust 2022-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.200%), 7.06%, 5/25/42 (a)(b) | 398 |
| 298818 | Freddie Mac STACR REMIC Trust 2023-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.96%, 4/25/43 (a)(b) | 304 |
| 664773 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.71%, 11/25/43 (a)(b) | 673 |
| 172952 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.71%, 11/25/43 (a)(b) | 174 |
| 573318 | Freddie Mac STACR REMIC Trust 2024-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.250%), 6.11%, 5/25/44 (a)(b) | 574 |
| 805510 | Freddie Mac STACR REMIC Trust 2024-HQA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 6.06%, 8/25/44 (a)(b) | 807 |
| 900000 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 6.03%, 10/25/44 (a)(b) | 899 |
| 300000 | Freddie Mac STACR REMIC Trust 2020-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.114%), 14.97%, 7/25/50 (a)(b) | 405 |
| 175000 | Freddie Mac STACR REMIC Trust 2020-HQA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.514%), 14.37%, 9/25/50 (a)(b) | 232 |
| 150000 | Freddie Mac STACR REMIC Trust 2020-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.650%), 10.51%, 12/25/50 (a)(b) | 170 |
| 200000 | Freddie Mac STACR REMIC Trust 2021-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.750%), 9.61%, 1/25/51 (a)(b) | 215 |

---

Annual Financial Statements and Other Information 9

------

&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Highlights & Investments** *continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 225000 | Freddie Mac STACR REMIC Trust 2021-DNA6 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 7.500%), 12.36%, 10/25/41 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| 450000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.86%, 8/25/33 (a)(b) | 534 |
| 200000 | Greystone CRE Notes 2024-HC3 144A, (1 mo. Term Secured Overnight Financing Rate + 4.432%), 9.24%, 3/15/41 (a)(b) | 201 |
| 250000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 3.640%), 8.59%, 10/15/41 (a)(b) | 251 |
| 436224 | Life Mortgage Trust 2021-BMR 144A, (1 mo. Term Secured Overnight Financing Rate + 3.064%), 7.87%, 3/15/38 (a)(b) | 422 |
| 375000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 6.10%, 5/15/39 (a)(b) | 365 |
| 393490 | OBX Trust 2024-NQM13 144A, 5.12%,<br> 6/25/64 (a) | 391 |
| 194923 | OBX Trust 2024-NQM12 144A, 5.83%,<br> 7/25/64 (a) | 195 |
| 296062 | OBX Trust 2024-NQM14 144A, 4.94%,<br> 9/25/64 (a) | 293 |
| 900000 | Palisades Center Trust 2016-PLSD 144A, 3.36%, 4/13/33 (a) | 45 |
| 110000 | Sage AR Funding No 1 PLC 1A 144A, (Sterling Overnight Index Average + 3.000%), 7.98%, 11/17/30 GBP (a)(b)(d) | 141 |
| 231473 | TTAN 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 7.32%, 3/15/38 (a)(b) | 230 |
| 275000 | Verus Securitization Trust 2024-8 144A, 7.03%, 10/25/69 (a)(h) | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7794121 | Wells Fargo Commercial Mortgage Trust 2018- C46, 0.91%, 8/15/51 (h) | 172 |
|  **Total Mortgage Backed (Cost - $26,895)** | **Total Mortgage Backed (Cost - $26,895)** | 26092 |
|  **U.S. Treasury (2%)** | **U.S. Treasury (2%)** |  |
| 3200000 | U.S. Treasury Bill, 4.68%, 11/19/24 (e)<br> (Cost - $3,192) | 3193 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Investment Company (2%)** | **Investment Company (2%)** |  |
| 473165 | Payden Cash Reserves Money Market Fund\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 |
| 331915 | Payden Emerging Markets Local Bond Fund, SI Class\* | 1524 |
|  **Total Investment Company (Cost - $2,024)** | **Total Investment Company (Cost - $2,024)** | 1997 |
|  **Purchased Swaptions (0%)** | **Purchased Swaptions (0%)** |  |
|  **Total Purchased Swaptions (Cost - $82)** | **Total Purchased Swaptions (Cost - $82)** | 60 |
|  **Purchase Options (0%)** | **Purchase Options (0%)** |  |
|  **Total Purchase Options (Cost - $123)** | **Total Purchase Options (Cost - $123)** | 105 |
|  **Total Investments, Before Written Swaptions and**<br> **Written Options**<br> **(Cost - $122,710) (101%)** | **Total Investments, Before Written Swaptions and**<br> **Written Options**<br> **(Cost - $122,710) (101%)** | 120465 |
|  **Written Swaptions (0%)** | **Written Swaptions (0%)** |  |
|  **Total Written Swaptions (Cost - $(45))** | **Total Written Swaptions (Cost - $(45))** | (34) |
|  **Written Options (0%)** | **Written Options (0%)** |  |
|  **Total Written Options (Cost - $(26))** | **Total Written Options (Cost - $(26))** | (38) |
|  **Total Investments (Cost - $122,639) (101%)** | **Total Investments (Cost - $122,639) (101%)** | 120393 |
|  **Liabilities in excess of Other Assets (-1%)** | **Liabilities in excess of Other Assets (-1%)** | (1431) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118962 |

---

\* 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, 2024.

&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) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at October 31, 2024. 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) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

#### Purchase Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | |
| Description | Contracts | (000s) | Price | Date | (000s) | Call/Put |
| **Exchange Traded Options Purchase - 0.1%** |  |  |  |  |  |  |
| 3 Month SOFR | 441 | $6 | $95 | 12/13/2024 | $6 | Put |
| 3 Month SOFR | 371 | 7 | 95 | 12/13/2024 | 7 | Put |
| S&P Emini | 18 | 92 | 5750 | 11/15/2024 | 92 | Put |
| Total Purchase Options |  |  |  |  | $105 |  |
| **Written Options** |  |  |  |  |  |  |
|  |  | Notional |  |  |  |  |
|  | Number of | Amount | Exercise | Maturity | Value |  |
| Description | Contracts | (000s) | Price | Date | (000s) | Call/Put |
|  Exchange Traded Options Purchase - 0.0% |  |  |  |  |  |  |
| S&P Emini | 18 | (38) | 5550 | 11/15/2024 | $(38) | Put |

---

10 Payden Mutual Funds

------

#### 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 43 Index), Pay 0.40% |  |  |  |  |  |
| Quarterly, Receive upon credit default | Citibank, N.A. | $20500 | 11/20/2024 | $60 | Put |
|  **Written Swaptions** |  |  |  |  |  |
| Description | Counterparty | Notional<br> Amount<br> (000s) | Expiration<br> Date | Value<br> (000s) | Call/Put |
|  **Written Swaptions - (0.0%)** |  |  |  |  |  |
| Protection Bought (Relevant Credit: Markit CDX, |  |  |  |  |  |
| North America High Yield Series 43 Index), Pay 0.22% |  |  |  |  |  |
| Quarterly, Receive upon credit default | Citibank, N.A. | 20500 | 11/20/2024 | (34) | Put |

---

#### 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:** |  |  |  |  |
|  EUR 1,525 | USD 1,653 | HSBC Bank USA, N.A. | 11/19/2024 | $7 |
|  USD 902 | GBP 677 | Barclays Bank PLC | 03/19/2025 | 30 |
|  USD 1,639 | CHF 1,379 | BNP PARIBAS | 11/19/2024 | 38 |
|  USD 910 | EUR 826 | BNP PARIBAS | 11/19/2024 | 11 |
|  USD 1,607 | JPY 238,700 | BNP PARIBAS | 11/19/2024 | 32 |
|  USD 407 | CAD 547 | Citibank, N.A. | 03/19/2025 | 12 |
|  USD 5,899 | BRL 32,891 | HSBC Bank USA, N.A. | 11/14/2024 | 218 |
|  USD 1,684 | AUD 2,538 | HSBC Bank USA, N.A. | 11/19/2024 | 14 |
|  USD 1,705 | EUR 1,525 | HSBC Bank USA, N.A. | 11/19/2024 | 45 |
|  USD 1,644 | GBP 1,246 | HSBC Bank USA, N.A. | 11/19/2024 | 38 |
|  USD 432 | AUD 651 | State Street Bank & Trust Co. | 11/19/2024 | 4 |
|  USD 451 | MXN 9,050 | State Street Bank & Trust Co. | 11/19/2024 |  |
|  USD 11,224 | EUR 10,024 | State Street Bank & Trust Co. | 03/19/2025 | 251 |
|  |  |  |  | 700 |
|  **Liabilities:** |  |  |  |  |
|  AUD 2,408 | USD 1,646 | HSBC Bank USA, N.A. | 11/19/2024 | (61) |
|  CHF 1,379 | USD 1,615 | BNP PARIBAS | 11/19/2024 | (15) |
|  EUR 2,070 | USD 2,293 | State Street Bank & Trust Co. | 03/19/2025 | (27) |
|  GBP 1,246 | USD 1,619 | BNP PARIBAS | 11/19/2024 | (13) |
|  JPY 238,700 | USD 1,713 | BNP PARIBAS | 11/19/2024 | (138) |
|  USD 1,601 | AUD 2,440 | BNP PARIBAS | 11/19/2024 | (5) |
|  USD 1,164 | ZAR 20,695 | State Street Bank & Trust Co. | 11/19/2024 | (8) |
|  |  |  |  | (267) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |

---

#### 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:** |  |  |  |  |  |
| Long Gilt Future | 43 | Dec-24 | $5214 | $(309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(309) |

---

Annual Financial Statements and Other Information 11

------

&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Highlights & Investments** *continued* <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 | 20 | Dec-24 | $(2570) | $13 | $13 |
| Euro-Bund Future | 8 | Dec-24 | (1147) | 15 | 15 |
| Euro-Schatz Future | 19 | Dec-24 | (2202) | 4 | 4 |
| U.S. 10-Year Ultra Future | 144 | Dec-24 | (16380) | 593 | 593 |
| U.S. Long Bond Future | 8 | Dec-24 | (944) | 27 | 27 |
| U.S. Treasury 10-Year Note Future | 11 | Dec-24 | (1215) | 2 | 2 |
| U.S. Treasury 2-Year Note Future | 18 | Dec-24 | (3707) | 2 | 2 |
| U.S. Treasury 5-Year Note Future | 253 | Dec-24 | (27130) | 145 | 145 |
| U.S. Ultra Bond Future | 1 | Dec-24 | (126) | 3 | 3 |
|  |  |  |  |  | 804 |
|  **Total Futures** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 |

---

*See notes to financial statements.* 

12 Payden Mutual Funds

------

Statement of Assets & Liabilities

---

| | |
|:---|:---|
| October 31, 2024 |  |
| Numbers in 000s |  |
|  **ASSETS:** |  |
|  Investments, at value\* | $118468 |
|  Affiliated investments, at value\*\* | 1997 |
|  Foreign cash\*\*\* | 112 |
|  Cash pledged for financial futures contracts | 1127 |
|  Cash pledged for centrally cleared swaps | 1409 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 700 |
|  Other assets | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 126585 |
|  **LIABILITIES:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 7079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax liability |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written\*\*\*\* | 72 |
|  Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Notes 3) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 1 |
|  Other liabilities | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 7623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $118962 |
|  **NET ASSETS:** |  |
|  Paid in capital | $122704 |
|  Distributable earnings (loss) | (3742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $118962 |
|  NET ASSET VALUE — offering and redemption price per share in whole dollars |  |
|  Institutional Class |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $5147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $10.82 (a) |
|  SI Class |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $80297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 7559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $10.62 |
|  Adviser Class |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $8237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $10.23 |
|  Retirement Class |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $25281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 2652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $9.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Investments, at cost | $120686 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\* Affiliated investments, at cost | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\*\* Foreign cash, at cost | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\*\*\* Options written, at cost | (71) |

---

(a) Institutional Class Net Asset Value Per Share are calculated using unrounded net assets $5,147,058.68, divided by unrounded shares 475,723.62.

*See notes to financial statements.* 

Annual Financial Statements and Other Information 13

------

Statement of Operations

---

| | |
|:---|:---|
| Period ended October 31, 2024 |  |
| Numbers in 000s |  |
|  **INVESTMENT INCOME:** |  |
|  Interest income (Note 2) | $7527 |
|  Interest from affiliated investments | 63 |
|  Dividend income | 937 |
|  Dividend income from affiliated investment (Note 2) | 140 |
|  Foreign tax withholdings | (9) |
|  Investment Income | 8658 |
|  **EXPENSES:** |  |
|  Investment advisory fees (Note 3) | 1276 |
|  Administration fees (Note 3) | 174 |
|  Shareholder servicing fees | 20 |
|  Distribution fees (Note 3) | 140 |
|  Custodian fees | 56 |
|  Transfer agent fees | 47 |
|  Registration and filing fees | 80 |
|  Trustee fees and expenses | 17 |
|  Printing and mailing costs | 9 |
|  Loan commitment fees | 2 |
|  Legal fees | 4 |
|  Publication expense | 4 |
|  Pricing fees | 25 |
|  Fund accounting fees | 93 |
|  Insurance | 2 |
|  Audit fees | 59 |
|  Interest expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expenses | 2010 |
|  Expense subsidy (Note 3) | (1004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 7652 |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gains (losses) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | (147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1239) |
|  Change in net unrealized appreciation (depreciation) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxed |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains | 2193 |
|  CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $9845 |

---

*See notes to financial statements.* 

14 Payden Mutual Funds

------

Statements of Changes in Net Assets

*For the periods ended October 31<sup>st</sup>* 

*Numbers in 000s* 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023  |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
|  **FROM OPERATIONS:** |  |  |
|  Net investment income | $7652 | $6311 |
|  Net realized (losses) | (1447) | (1117) |
|  Change in net unrealized appreciation/(depreciation) | 3640 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 9845 | 6561 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Net investment income and net realized gains from investments: |  |  |
|  Institutional Class | (197) | (56) |
|  SI Class | (4208) | (1275) |
|  Adviser Class | (413) | (154) |
|  Retirement Class | (1277) | (452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (6095) | (1937) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |
|  Proceeds from fund shares sold: |  |  |
|  Institutional Class | 1666 | 541 |
|  SI Class | 23693 | 26378 |
|  Adviser Class | 1291 | 764 |
|  Retirement Class | 4474 | 2223 |
|  Reinvestment of distributions: |  |  |
|  Institutional Class | 197 | 56 |
|  SI Class | 4208 | 1276 |
|  Adviser Class | 413 | 154 |
|  Retirement Class | 1277 | 452 |
|  Cost of fund shares redeemed: |  |  |
|  Institutional Class | (416) | (16) |
|  SI Class | (27850) | (20980) |
|  Adviser Class | (1071) | (8212) |
|  Retirement Class | (2506) | (3619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | 5376 | (983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | 9126 | 3641 |
|  **NET ASSETS:** |  |  |
|  Beginning of period | 109836 | 106195 |
|  End of period | $118962 | $109836 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |
|  Institutional Class: |  |  |
|  Outstanding shares at beginning of period | 339 | 283 |
|  Shares sold | 157 | 52 |
|  Shares issued in reinvestment of distributions | 19 | 6 |
|  Shares redeemed | (39) | (2) |
|  Change in shares outstanding | 137 | 56 |
|  Outstanding shares at end of period | 476 | 339 |
|  SI Class: |  |  |
|  Outstanding shares at beginning of period | 7537 | 6877 |
|  Shares sold | 2294 | 2600 |
|  Shares issued in reinvestment of distributions | 424 | 129 |
|  Shares redeemed | (2696) | (2069) |
|  Change in shares outstanding | 22 | 660 |
|  Outstanding shares at end of period | 7559 | 7537 |
|  Adviser Class: |  |  |
|  Outstanding shares at beginning of period | 741 | 1493 |
|  Shares sold | 129 | 77 |
|  Shares issued in reinvestment of distributions | 43 | 16 |
|  Shares redeemed | (108) | (845) |
|  Change in shares outstanding | 64 | (752) |
|  Outstanding shares at end of period | 805 | 741 |
|  Retirement Class: |  |  |
|  Outstanding shares at beginning of period | 2293 | 2397 |
|  Shares sold | 482 | 241 |
|  Shares issued in reinvestment of distributions | 143 | 50 |
|  Shares redeemed | (266) | (395) |
|  Change in shares outstanding | 359 | (104) |
|  Outstanding shares at end of period | 2652 | 2293 |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |
|  Purchase of investments (excluding government) | 198991 | 143072 |
|  Sale of investments (excluding government) | 197195 | 142797 |
|  Purchase of government securities | 88198 | 41581 |
|  Sale of government securities | 89404 | 38080 |

---

*See notes to financial statements.* 

Annual Financial Statements and Other Information 15

------

Notes to Financial Statements

*October 31, 2024* 

1. Organization and Related Matters

The Payden & Rygel Investment Group (the "Group") is a no-load, open-end registered investment company organized as a Massachusetts business trust on January 22, 1992 and registered under the Investment Company Act of 1940 (the "1940 Act"), as amended. Each of its nineteen funds (each a "Fund," collectively the "Funds") is a series of the Group, and is authorized to issue unlimited shares at $0.001 par value. This report contains only the Payden Managed Income Fund. The other Funds are contained in a separate report.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The Fund's financial statements are prepared in accordance with GAAP.

The Fund is considered an investment company under FASB ASC 946, Financial Services—Investment Companies.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. During the year ended October 31, 2024, Palisades Center Trust values at $45,000 for Payden Managed Fund is classified as Level 3 due to the unobservable nature of the inputs used in its valuation. The following inputs used in valuation: valuation technique – income approach, unobservable input. The appraised property value exceeds the Class A payoff. The Class B position was marked at $5 for option value.

*Securities Valuation* 

Domestic and foreign fixed income securities and other assets for which market quotations are readily available (other than obligations with original maturities of sixty days or less) are valued on the basis of quotes obtained from brokers and dealers or pricing services. Such quotations take into account appropriate factors such as institutional-sized trading in similar

groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. Debt securities with original maturities of sixty days or less are valued at amortized cost, which approximates fair value.

Publicly traded equity securities, whether in the U.S. or outside the U.S., for which market quotations are readily available generally will be valued at the official closing price or the last sale price on the exchange or market where they are principally traded, or if there have been no sales during the day, at the last bid price. Securities traded only on the over-the-counter ("OTC") market are valued at the latest bid price. Investments in nonregistered investment companies are valued at their net asset values as reported by such companies.

Options, futures, swaps and other similar instruments are valued at the official closing price, in the case of exchange traded derivatives, or on the basis of information provided by pricing services, quotes obtained from brokers and dealers, and market trades in the case of other securities.

Fixed income or equity securities for which market quotations are not readily available are priced at their fair value as determined in good faith under procedures established pursuant to the Valuation and Liquidity Guidelines applicable to the Fund. In considering fair value of a security, one or more factors are taken into consideration depending on the circumstances at the time, including for example: the cost of the security or the last reported sales price of the security as a starting point; changes in interest rates; changes in yield spreads of similarly rated or structured securities; fundamental analytical information relating to the security; the value of other similar securities traded on other markets or among dealers; the general financial condition of the issuer; recent developments affecting the issuer; information, including price quotations, from other financial institutions or analysts; or government actions or pronouncements and other significant events affecting the economy, the markets, the fundamental value of the issuer or of the issuer's industry.

Shares of open-end investment companies are valued at their respective net asset value.

Fair value pricing adjustments may occur when (1) developments occur (a "significant event") that will affect the value of a Fund's holdings, and (2) the significant event occurs after the close of the markets on which the securities trade, but before the time when the net asset value is computed for a Fund. A significant event may relate to a single issuer or an entire market.

16 Payden Mutual Funds

------

*Risks* 

Unforeseen events in the markets may at times result in an unusually high degree of volatility in the markets, which could adversely affect the fund causing a decline in value.

Investing in debt securities may include failure of an issuer to make timely interest or principal payments, or a decline or the perception of a decline in credit quality. In addition, the value of the debt security may decline due to general market conditions that are not specifically related to a particular company including industry earnings outlook, changes in interest or currency rates or perception of a specific industry.

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities.

An investment in the Payden Cash Reserves Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Payden Cash Reserves Money Market Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Payden Cash Reserves Money Market Fund.

*Investment Transactions and Related Income* 

Investment transactions are accounted for on the date the security is purchased or sold (trade date) for financial reporting purposes. Interest income is recognized on an accrual basis. Premiums and discounts are amortized or accreted over the expected life of the security using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses on investment transactions are determined on the identified cost basis.

*Bank Loans* 

Floating-Rate Loan Interests ("Bank Loans") in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally 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 April 30th. When a range of rates is disclosed, the Fund holds more than one position within the same tranche at varying rates.

Bank loans are subject to various restrictive covenants that protect the lender or investor. Loans with fewer or no restrictive covenants, "covenant light" loans, provide the issuer more flexibility and reduce investor protections in the event of a breach, and may cause the fund to experience more difficulty or delay in enforcing its rights. A significant portion of bank loans are "covenant light."

*Foreign Currency Translation* 

The accounting records of the Fund are maintained in U.S. dollars. The Fund may purchase securities that are denominated in foreign currencies. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rates. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the exchange rates on the dates of the respective transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from the fluctuations arising from changes in security prices.

Reported net realized foreign exchange gains or losses arise from purchases and sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the differences between the amounts of income or expenses recorded on the Fund's books and the U.S. dollar equivalents of the amounts actually received or paid. Net unrealized appreciation/depreciation from translation of assets and liabilities denominated in foreign currency arise from changes in the value of assets and liabilities resulting from changes in the foreign exchange rates.

*Forward Currency Contracts* 

The Fund enters into forward currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The Fund enters into forward currency contracts to protect against adverse currency movements or as speculative investments. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contact settlement date or an offsetting forward foreign currency contract has been executed, at which time the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risk may arise upon entering into these contracts from potential inability of the counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Annual Financial Statements and Other Information 17

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Notes to Financial Statements continued

*Futures Contracts* 

The Fund invests in futures contracts to hedge against anticipated future changes in interest or exchange rates or security prices. In addition, the Fund entered into such transactions to enhance potential gain in circumstances where hedging is not involved.

The purchase or sale of futures contracts and options on futures contracts provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or foreign currency at a fixed price on a future date. Upon entering into such a contract, the Fund is required to deposit and maintain initial margin deposit of cash or securities as required by the exchange on which the contract is traded.

Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The potential risk to the Fund is that the change in value of the underlying securities may not correlate to the change in value of the contracts.

Stock index futures contracts are an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Variation margin accounting procedures apply to these index futures contracts. The Fund invests in these futures contracts to permit the Fund to meet its objectives at a lower cost than investing directly in equity securities, while permitting the equivalent of an investment in a portfolio of equity securities. The potential risk to a Fund is that the change in value of the underlying index may not correlate to the change in value of the contracts.

*Swap Contracts* 

The Fund may enter into swap agreements, in which a Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation) and realized gain (loss) is recorded at termination of the contract.

Upon entering into a centrally cleared swap, the Fund is required to deposit and maintain initial margin deposit of cash or securities as required by the exchange on which the contract is traded. Pursuant to a centrally cleared swap, the Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The potential risk to the Fund is that the change in value of the underlying securities may not correlate to the change in value of the contracts.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, credit spreads and/or market values associated with these transactions.

The Fund may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which it is not otherwise exposed (credit risk). A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occur. As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

18 Payden Mutual Funds

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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.

The Fund may enter into total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

For financial reporting purposes, swap interest and amortization is classified as realized or unrealized gain or loss on swap contracts.

*Options Transactions* 

Option techniques may be utilized by the Fund to hedge against changes in interest rates, foreign currency exchange rates or security prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with investments in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets. In addition, the Fund may enter into such transactions to enhance potential gain in circumstances where hedging is not involved. When a Fund writes a covered call or put option, an amount equal to the premium received is reflected as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears

the market risk of an unfavorable change in the price of the security underlying the written option.

When the Fund purchases a call or put option, an amount equal to the premium paid is included in the Fund's Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call option, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities.

*Derivative Financial Instruments* 

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to economically hedge its exposure to certain risks such as credit risk, equity risk, interest rate risk and foreign currency exchange rate risk. These contracts may be transacted on an exchange or OTC.

The following tables show the Fund's exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations.

#### Statements of Assets and Liabilities

#### Fair Values of Derivative Instruments as of October 31, 2024 (000s)

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| | | |
|:---|:---|:---|
| **Underlying Risk** | **Derivative <br> Assets ($)** | **Derivative<br>Liabilities ($)** |
|  Credit<sup>1,2</sup> | 60 | (34) |
|  Equity<sup>2,2</sup> | 92 | (38) |
|  Interest rate<sup>1,2</sup> | 817 | (309) |
|  Foreign currency<sup>2,3,4</sup> | 700 | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1669 | (648) |

---

---

| | |
|:---|:---|
| 1 | Includes cumulative appreciation/depreciation of futures contracts and centrally cleared swaps as reported in Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities as Receivable/Payable for futures and variation margin on centrally cleared swaps.  |

---

2 Includes options purchased at fair value as reported in the Schedule of Investments.

3 Receivable for forward currency contracts.

4 Payable for forward currency contracts.

Annual Financial Statements and Other Information 19

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Notes to Financial Statements continued

#### The Effect of Derivative Instruments on the Statement of Operations for the Period Ended October 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Net Realized Gain or (Loss) on Derivatives**<br> **Recognized in Income (000s)** | **Amount of Net Realized Gain or (Loss) on Derivatives**<br> **Recognized in Income (000s)** | **Amount of Net Realized Gain or (Loss) on Derivatives**<br> **Recognized in Income (000s)** | **Amount of Net Realized Gain or (Loss) on Derivatives**<br> **Recognized in Income (000s)** | **Amount of Net Realized Gain or (Loss) on Derivatives**<br> **Recognized in Income (000s)** | **Amount of Net Realized Gain or (Loss) on Derivatives**<br> **Recognized in Income (000s)** |
| **Underlying risk** | **Futures<sup>1</sup>** | **Forward<br>Currency<br>Contracts<sup>2</sup>** | **Options<sup>3</sup>** | **Swaps<sup>4</sup>** | **Total** |
|  Credit |  |  |  | $(465) | $(465) |
|  Equity |  |  | $172 |  | 172 |
|  Interest rate | $(1272) |  |  | (774) | (2046) |
|  Foreign exchange |  | $(147) |  |  | (147) |
|  Total | $(1272) | $(147) | $172 | $(1239) | $(2486) |

---

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation or (Depreciation)**<br> **on Derivatives Recognized in Income (000s)** | **Net Change in Unrealized Appreciation or (Depreciation)**<br> **on Derivatives Recognized in Income (000s)** | **Net Change in Unrealized Appreciation or (Depreciation)**<br> **on Derivatives Recognized in Income (000s)** | **Net Change in Unrealized Appreciation or (Depreciation)**<br> **on Derivatives Recognized in Income (000s)** | **Net Change in Unrealized Appreciation or (Depreciation)**<br> **on Derivatives Recognized in Income (000s)** | **Net Change in Unrealized Appreciation or (Depreciation)**<br> **on Derivatives Recognized in Income (000s)** |
| **Underlying risk** | **Futures<sup>5</sup>** | **Forward**<br> **Currency**<br> **Contracts<sup>6</sup>** | **Options<sup>7</sup>** | **Swaps<sup>8</sup>** | **Total** |
|  Credit |  |  | (11) | $(29) | $(40) |
|  Equity |  |  | $51 |  | 51 |
|  Interest rate | $295 |  | (49) | 823 | 1070 |
|  Foreign exchange |  | $290 |  |  | 290 |
|  Total | $295 | $290 | $(9) | $794 | $1371 |

---

5 Change in net unrealized appreciation (depreciation) from futures contracts.

6 Change in net unrealized appreciation (depreciation) from forward foreign exchange contracts.

7 Change in net unrealized appreciation (depreciation) from written option contracts and purchased options which are included in change in unrealized appreciation (depreciation) on investments.

8 Change in net unrealized appreciation (depreciation) from swap contracts.

During the period ended October 31, 2024 the average notional amount of derivatives as a percent of average net assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Foreign currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit**  | **Interest rate**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity**  |
| 18% | 3% | 23% | 0% |

---

*Counterparty Credit Risk* 

A derivative contract may suffer a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.

With exchange traded purchased options, futures and centrally cleared swaps, there is decreased counterparty credit risk to the Fund since the exchange or clearinghouse guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held

20 Payden Mutual Funds

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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 the Fund and the counterparty. Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer is required, which is determined at the close of business of the Fund and additional required collateral is delivered to/ pledged by the Fund on the next business day. Typically, the Fund and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to the Fund

from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

At October 31, 2024, the Funds' derivative assets and liabilities (by type) on a gross basis are as follows (000s):

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
| **Derivative Financial Instruments:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swaps |  | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $71 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts | 700 | 267 |
|  Total derivative assets and liabilities in the |  |  |
|  Statements of Assets and Liabilities | 771 | 318 |
|  Derivatives not subject to a MNA | (338) | (86) |
|  Total derivative assets and liabilities subject to a |  |  |
|  MNA | $433 | $232 |

---

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, 2024 (000s):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to MNA<br>by<br>Counterparty** | **Derivatives<br>Available<br>for Offset<sup>1</sup>** | **Non-Cash<br>Collateral<br>Received** | **Cash<br>Collateral<br>Received** | **Net Amount of<br>Derivative<br>Assets<sup>2</sup>** |
|  Barclays Bank PLC | $30 |  |  |  | $30 |
|  BNP PARIBAS | 81 | $(81) |  |  |  |
|  HSBC Bank USA, N.A. | 322 | (61) |  |  | 261 |
|  Total | $433 | $(142) |  |  | $291 |
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to MNA<br>by<br>Counterparty** | **Derivatives<br>Available<br>for Offset<sup>1</sup>** | **Non-Cash<br>Collateral<br>Pledged** | **Cash<br>Collateral<br>Pledged** | **Net Amount of<br>Derivative<br>Liabilities<sup>3</sup>** |
|  BNP PARIBAS | 171 | (81) |  |  | 90 |
|  HSBC Bank USA, N.A. | 61 | (61) |  |  |  |
|  Total | $232 | $(142) |  |  | $90 |

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Annual Financial Statements and Other Information 21

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Notes to Financial Statements continued

*Securities Lending* 

Pursuant to a securities lending agreement with The Bank of New York Mellon, the Fund may lend securities to qualified institutions. All loans are secured by collateral of at least 102% of the value of the U.S. securities loaned and 105% of the value of the foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. The collateral is maintained by the custodian. Cash collateral is reinvested in the Payden Cash Reserves Money Market Fund. The Fund is entitled to receive all of the income on the securities loaned, in addition to income earned as a result of the lending transaction. Although each security is fully collateralized, the Fund bears the risk of delay in receiving additional collateral or in recovery of or loss of rights in the securities loaned should the borrower fail to return the securities in a timely manner. The Fund maintains the right to recall the securities on loan for voting purposes. The income earned is disclosed in the Statement of Operations.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements ("MSLA") which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MSLA counterparty's bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The Fund's securities lending agreements by counterparty which are subject to offset under a MSLA, is included within the Fund's Schedule of Investments under the heading "Offsetting Assets and Liabilities." For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to a MSLA on the Statement of Assets and Liabilities.

*Distributions to Shareholders* 

Distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income and net realized gains on foreign currency transactions are declared and paid annually. Net realized gains on investments, if any, are declared

and distributed at least annually. All distributions are paid in the form of additional shares unless cash payment is requested.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from GAAP.

*Federal Income Taxes* 

It is the policy of the Fund to meet the requirements for qualification as a regulated investment company as defined in Sub-chapter M of the Internal Revenue Code (the 'Code"), and to make distributions of net investment income and net realized gains sufficient to relieve it from all Federal income or excise taxes. As of and during the period ended October 31, 2024, the Fund did not record any liability for uncertain tax positions. Accordingly, no provision for Federal income or excise tax was made.

The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, the basis on which these financial statements are prepared. The differences arise primarily from the treatment of foreign currency transactions and futures contracts and the deferral of certain losses under Federal income tax regulations. Accordingly, the amounts of net investment income and net realized gains or losses reported in these financial statements may differ from those reported in each Fund's tax return. Return of capital distributions and net investment losses for tax purposes, if any, are reclassified to paid in capital.

As of and during the period ended October 31, 2024, the Fund did not have any liabilities for any unrecognized tax positions. The Fund recognizes interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties.

Each of the tax years in the four-year period ended October 31, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.

*Affiliated Investments* 

The Fund invests in other Funds of the Group, affiliated Funds. Income earned, if any, by the Fund from affiliated funds for the period is disclosed in the Statement of Operations.

22 Payden Mutual Funds

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value<br>October 31,<br>2023** | **Purchases** | **Sales** | **Dividends** | **Value<br>October 31,<br>2024** | **Net Realized<br>Gain** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  <u>Cash Reserves Money Market Fund</u> |  |  |  |  |  |  |  |
|  | $813851 | $70847358 | $71188044 | $64448 | $473165 |  |  |
|  <u>Payden Emerging Markets Local Bond Fund — SI Class</u> |  |  |  |  |  |  |  |
|  | 1503574 |  | 9672 | 140068 | 1523489 |  | $29587 |

---

*Custodian Credits* 

The Fund has entered into an agreement with the custodian, whereby it earns custodian fee credits for temporary cash balance. These credits, which offset custodian fees that may be charged to the Fund, are based on 75% of the daily effective federal funds rate, and are, subject to rounding, disclosed in the Statement of Operations. There were no custodian credits applicable to any fund during the period ended October 31, 2024.

*Other* 

Income and realized and unrealized gain/loss are allocated to each class based on relative net assets. Shared expenses incurred by the Group are allocated among the Funds of the Group on the basis of relative net assets. Fund-specific expenses are charged to each Fund as incurred.

*Accounting Standards* 

The FASB issued Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting in March 2020 and ASU 2021-01 in January 2021 which provided further amendments and clarifications to Topic 848. These ASUs provide optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR), and other interbank-offered based reference rates, through December 31, 2022. In December 2022, FASB issued ASU 2022-06 which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Management intends to rely upon the relief provided under Topic 848, which is not expected to have a material impact on the funds financial statements.

3. Related Party Transactions

Payden & Rygel (the "Adviser") provides investment advisory services to the Fund. Under the terms of the investment advisory agreement, Payden & Rygel is entitled to receive fees

monthly, computed on the average daily net assets of the Fund at an annualized rate of 1.10%.

Payden & Rygel agreed to guarantee that, for so long as it acts as investment adviser to the Fund, the expenses of the Fund, including advisory fees (exclusive of interest and taxes) will not exceed 1.25% for the Institutional and SI classes, 1.50% for the Adviser class, and 1.75% for the Retirement class of average daily net assets on an annualized basis.

The adviser also voluntarily agreed to temporarily limit expenses to 0.65% of the average daily net assets on an annualized basis through February 28, 2025 (exclusive of interest, taxes and 12b-1 fees).

The Fund remains liable to Payden & Rygel for expenses subsidized in any fiscal year up to a maximum of three years from the end of the period in which the expenses were subsidized as long as any reimbursement will not cause the annual expense ratio for the year in which it is made to exceed the amount of the expense guarantee or expense limit (whichever is in effect at the time of waiver or reimbursement).

The deferred expense subsidies represent the cumulative amount of expenses subsidized for the Fund through the end of the period. The amount of $2,087,619 ($406,729 for 2022, $676,803 for 2023 and $1,004,087 for 2024) is not considered a liability of the Fund, and therefore is not recorded as a liability in the Statement of Assets and Liabilities, but will be recognized as net expense in the Statement of Operations as expense previously deferred in future periods, if expense limits permit.

Treasury Plus, Inc., a wholly owned subsidiary of Payden & Rygel, serves as administrator to the Fund. Under the terms of the administration agreement, Treasury Plus, Inc. receives fees monthly, computed on the average daily net assets of the Fund at an annualized rate of 0.15%.

The Fund has adopted a plan pursuant to SEC rule 12b-1 by which Payden & Rygel Distributors receives fees monthly, computed on the average net assets of the Adviser class at an annualized rate of 0.25% and of the Retirement class at an

Annual Financial Statements and Other Information 23

------

Notes to Financial Statements continued

annualized rate of 0.50%. Payden & Rygel Distributors does not receive a fee from the Institutional or SI classes.

Certain officers and/or trustees of the Group are affiliated with Payden & Rygel, Payden & Rygel Distributors and/or Treasury Plus, Inc. Such officers and trustees receive no fees from the Fund for serving as officers and/or trustees of the Group.

*Indemnifications* 

Under the Group's organizations documents, its trustees and officers are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund

that have not yet occurred. Currently, the Fund expects this risk of loss to be remote.

4. Fair Value Measurement

Various inputs are used in determining the value of the Fund's investments and other financial instruments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels: Level 1 - quoted prices in active markets for identical investments; Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.), and Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). See Note 2 - Securities Valuation for a summary of the inputs used in valuing the Fund's investments and other financial instruments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **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)** |
|  Asset Backed |  |  | $29469 |  |  |  | $29469 |
|  Bank Loans |  |  | 6786 |  |  |  | 6786 |
|  Corporate Bond |  |  | 40875 |  |  |  | 40875 |
|  Foreign Government |  |  | 11888 |  |  |  | 11888 |
|  Mortgage Backed |  |  | 26047 |  | $45 |  | 26092 |
|  U.S. Government |  |  | 3193 |  |  |  | 3193 |
|  Options Purchased | $13 |  | 92 |  |  |  | 105 |
|  Swaptions Purchased |  |  | 60 |  |  |  | 60 |
|  Investment Company | 1997 |  |  |  |  |  | 1997 |
|  Total | $2010 |  | $118410 |  | $45 |  | $120465 |

---

24 Payden Mutual Funds

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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**<br>**Significant Observable<br>Inputs** | **Level 2-Other**<br>**Significant Observable<br>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)** |
|  Forward currency contracts |  |  | $700 | $(267) |  |  | $433 |
|  Futures | $804 | $(309) |  |  |  |  | 495 |
|  Options written |  |  |  | (38) |  |  | (38) |
|  Written Swaptions |  |  |  | (34) |  |  | (34) |
|  Total | 804 | (309) | 700 | (339) |  |  | 856 |

---

1 Other financial instruments are swaps, futures contracts, forward currency contracts and options written. Swaps, futures contracts and forward currency contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value.

**5. Federal Tax Information** *(amounts in 000s)*

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to distributable earnings and paid-in capital, as appropriate, in the period that the differences arise. For the year ended October 31, 2024, there were no permanent differences.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

As of October 31, 2024, the Fund had available for Federal income tax purposes unused capital losses of $7,928.

The tax character of distributions paid during the fiscal years ended October 31st is as follows (000's):

---

| | | | |
|:---|:---|:---|:---|
| **2023** | **2023** | **2024** | **2024** |
| **Ordinary<br>Income** | **Long Term<br>Capital Gains** | **Ordinary<br>Income** | **Long Term<br>Capital Gains** |
| $1937 | $— | $6095 | $— |

---

At October 31, 2024, net unrealized appreciation (depreciation) on investments for Federal income tax purposes is as follows (000's):

---

| | | | |
|:---|:---|:---|:---|
| **Cost of Investments<br>Federal Income<br>Tax Purposes** | **Gross<br>Unrealized<br>Appreciation<br>on Investments** | **Gross<br>Unrealized<br>Depreciation<br>on Investments** | **Net<br>Unrealized**<br>**Appreciation<br>(Depreciation)<br>on Investments** |
| $122656 | $2751 | $(5014) | $(2263) |

---

At October 31, 2024, the components of accumulated earnings (deficit) for Federal income tax purposes are as follows (000's):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Realized Long Term<br>Capital Gains** | **Capital Loss<br>Carryforwards** | **Distributions<br>Payable** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Total Distributions**<br>**Earnings**<br>**(Deficit)** |
| $6586 | $– | $(7928) | $– | $(2400) | $(3742) |

---

6. Subsequent Events

The Fund has evaluated subsequent events through the issuance of the financial statements and has determined that no events have occurred that require disclosure.

Annual Financial Statements and Other Information 25

------

Financial Highlights

*For the share outstanding for the periods ended October 31st* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $10.47 | $10.00 | $10.85 | $10.51 | $10.87 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.71 | 0.66 | 0.34 | 0.24 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.19 | 0.01 | (0.96) | 0.47 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.90 | 0.67 | (0.62) | 0.71 | (0.01) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.55) | (0.20) | (0.23) | (0.37) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.55) | (0.20) | (0.23) | (0.37) | (0.35) |
|  Net asset value — end of period | $10.82 | $10.47 | $10.00 | $10.85 | $10.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.98 | 6.76 | (5.80) | 6.94 | (0.08) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $5147 | $3548 | $2829 | $1095 | $530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.61 | 1.71 | 1.60 | 1.54 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.74 | 0.95 | 0.95 | 0.95 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.85 | 5.64 | 2.69 | 1.63 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.72 | 6.40 | 3.33 | 2.23 | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 262 | 195 | 122 | 155 | 71 |

---

The Class commenced operations on June 1, 2016.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | SI Class | SI Class | SI Class | SI Class | SI Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $10.29 | $9.84 | $10.70 | $10.39 | $10.78 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.69 | 0.64 | 0.28 | 0.21 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.19 | 0.00 | (0.91) | 0.47 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.88 | 0.64 | (0.63) | 0.68 | (0.04) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.55) | (0.19) | (0.23) | (0.37) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.55) | (0.19) | (0.23) | (0.37) | (0.35) |
|  Net asset value — end of period | $10.62 | $10.29 | $9.84 | $10.70 | $10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.94 | 6.61 | (6.03) | 6.66 | (0.42) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.61 | 1.71 | 1.62 | 1.54 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.75 | 1.04 | 1.25 | 1.25 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.85 | 5.63 | 2.40 | 1.66 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.71 | 6.29 | 2.76 | 1.95 | 2.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 262 | 195 | 122 | 155 | 71 |

---

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.* 

26 Payden Mutual Funds

------

*For the share outstanding for the periods ended October 31st* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Adviser Class | Adviser Class | Adviser Class | Adviser Class | Adviser Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.95 | $9.53 | $10.40 | $10.13 | $10.53 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.64 | 0.58 | 0.25 | 0.17 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.19 | 0.02 | (0.90) | 0.46 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.83 | 0.60 | (0.65) | 0.63 | (0.06) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.55) | (0.18) | (0.22) | (0.36) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.55) | (0.18) | (0.22) | (0.36) | (0.34) |
|  Net asset value — end of period | $10.23 | $9.95 | $9.53 | $10.40 | $10.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.70 | 6.38 | (6.34) | 6.37 | (0.61) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.86 | 1.95 | 1.87 | 1.79 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 1.00 | 1.32 | 1.50 | 1.50 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.60 | 5.28 | 2.17 | 1.40 | 2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.47 | 5.90 | 2.54 | 1.69 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 262 | 195 | 122 | 155 | 71 |

---

The Fund commenced operations on September 22, 2008.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Retirement Class | Retirement Class | Retirement Class | Retirement Class | Retirement Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020  |
|  Net asset value — beginning of period | $9.32 | $8.97 | $9.82 | $9.60 | $10.03 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.58 | 0.53 | 0.21 | 0.14 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.18 | 0.01 | (0.84) | 0.44 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.76 | 0.54 | (0.63) | 0.58 | (0.09) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.55) | (0.19) | (0.22) | (0.36) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.55) | (0.19) | (0.22) | (0.36) | (0.34) |
|  Net asset value — end of period | $9.53 | $9.32 | $8.97 | $9.82 | $9.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 8.50 | 6.07 | (6.55) | 6.19 | (0.93) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 2.11 | 2.21 | 2.12 | 2.04 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 1.24 | 1.55 | 1.75 | 1.75 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.37 | 5.10 | 1.90 | 1.17 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.24 | 5.75 | 2.26 | 1.46 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 262 | 195 | 122 | 155 | 71 |

---

The Class commenced operations on April 6, 2009.

(1) Based on average shares outstanding.

*See notes to financial statements.* 

Annual Financial Statements and Other Information 27

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

The Payden & Rygel Investment Group

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Payden Managed Income Fund, one of the funds comprising the Payden & Rygel Investment Group (the "Fund"), including the schedule of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

---

| |
|:---|
| /s/ DELOITTE & TOUCHE LLP |
| Los Angeles, California |
| December 24, 2024 |

---

We have served as the auditor of one or more of The Payden & Rygel Investment Group investment companies since 1992.

28 Payden Mutual Funds

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of Investment Advisory Agreement (Unaudited)

1. Background

Among its other duties, and most likely the most important duty of the Board of Trustees (the "Board" or the "Trustees") of The Payden & Rygel Investment Group (the "P&R Trust") is its initial approval, and subsequently its annually approval, of the investment management agreement (the "Agreement") between Payden & Rygel ("Adviser") and the P&R Trust with respect to the Payden Managed Income Fund (the "Fund"). Under the Agreement, the Adviser is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Fund.

Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") requires that, after an initial period of up to two years, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not "interested persons" of the P&R Trust, as that term is defined in the 1940 Act (each an "Independent Trustee," and collectively, "Independent Trustees"), annually renews that Agreement. Seven of the P&R Trust's eight Trustees are deemed to be Independent Trustees for this purpose.

In order to assure that the Board's Audit Committee (the "Audit Committee") had sufficient time to review and discuss the material presented to it, the Audit Committee had a special session of the Audit Committee on Thursday, June 13, 2024, 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 adviser at its regularly scheduled meeting on June 18, 2024, the Audit Committee recommended unanimously and the Board of Trustees of the P&R Trust unanimously approved the Agreement between the Adviser and the P&R Trust with respect to the Fund for an additional year through June 30, 2025.The Board approved the Agreement following the recommendation of the Audit Committee , which is composed of all seven of the P&R Trust's Independent Trustees. In reaching these decisions, the Board took into account information furnished to it throughout the year at meetings of the Board and the Board's committees, as well as extensive information prepared specifically in connection with the annual renewal process. The determination made by each of the Independent Trustees also took into account various factors that they believed to be relevant, in light of (1) the legal advice furnished to them by Paul Hastings LLP ("Paul Hastings"), independent legal counsel to the Independent Trustees, and (2) the business judgment made by each Independent Trustees.

2. Overview of the Approval or Renewal Process

In considering the annual renewal with respect to the Fund, the Board followed its previously established process, as follows. As part of that process, the Board delegates the initial responsibility for the renewal process and related tasks to the Audit Committee. These tasks include working with the Adviser and Paul Hastings (1) to develop Section 15(c)-related guidelines and specific requests with respect to the type of information to be provided to the Audit Committee and the Board in connection with the proposed contract renewal, and (2) to evaluate the information provided in response to these guidelines and requests.

Consistent with its established process, the P&R Trust retained Broadridge to prepare a report on the Fund to assist the Audit Committee and the Board in their respective deliberations. Broadridge is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their investment advisory contract review processes.

[1]The Paydenfunds covered by this approval are the Payden Cash Reserves Money Market Fund, Payden Limited Maturity Fund, Payden Low Duration Fund, Payden U.S. Government Fund, Payden GNMA Fund, Payden Core Bond Fund, Payden Strategic Income Fund, Payden Absolute Return Bond Fund, Payden Corporate Bond Fund, Payden High Income Fund, Payden Floating Rate Fund, Payden California Municipal Social Impact Fund, Payden Global Low Duration Fund, Payden Global Fixed Income Fund, Payden Emerging Markets Bond Fund, Payden Emerging Markets Local Bond Fund, Payden Emerging Markets Corporate Bond Fund and Payden Equity Income Fund.

Annual Financial Statements and Other Information 29

------

&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Approval of Investment Advisory Agreement (Unaudited)** *continued* <br>

Broadridge produced, among other information, performance and expense comparison data regarding the Fund, including data relating to the Fund's advisory fee rates, total expense ratios, short-term and long-term investment performance, and portfolio turnover rates. Broadridge also compared much of this data for the Fund against a universe of investment companies and against a more selective peer group of investment companies with similar investment objectives and strategies, each of which was selected by Broadridge, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. Broadridge then summarized the methodologies it employed to provide the data contained in its report. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with information on the fees, expense and other performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that it, and not the Adviser, had identified the selected comparative peer groups and universes, and that it did so in a manner that was not intended to produce biased results for its clients.

In advance of the Board meeting held on June 18, 2024, Paul Hastings requested on behalf of the Audit Committee and the Board, respectively, and the Adviser provided, extensive information that was designed to assist the Audit Committee and the Board in their consideration about whether to renew the Agreement for the Fund. In addition to the date provided by Broadridge as described above, this information included, but was not limited to, the following: (1) the nature, extent and quality of services provided or to be provided by the Adviser to the Fund; (2) the Fund's investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by the Adviser and its affiliates from their relationship with the Fund; (4) fees charged by other investment advisers for the same or similar work; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by the Adviser with other clients to whom the Adviser provides comparable services; and (8) any other benefits derived or anticipated to be derived by the Adviser or its affiliates from their relationship with the Fund.

As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to approve the renewal of the Agreement. In reaching its decisions regarding the renewal of the Agreement for the Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its committees on an ongoing basis in connection with the Board's general oversight duties with respect to the Fund. In addition, the Board received and considered information from Paul Hastings as to certain relevant guidelines that relate to the approval or renewal process under Section 15(c) of the 1940 Act. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors, and thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on June 18, 2024, the Board voted unanimously to renew the Agreement for the Fund. Set forth below are the general factors the Board considered in making its decision.

3. Nature, Extent and Quality of Services

The Board and Audit Committee members considered a number of factors related to the services provided by the Adviser, including the breadth and depth of the Adviser's investment advisory process, the experience, expertise and quality of the Adviser's investment professionals, the experience, leadership ability and integrity of the Adviser's senior management, the long tenure of its key personnel, and the overall financial strength, stability and viability of the Adviser. They also considered the Adviser's ability and commitment to attract and retain qualified personnel, and its commitment to maintain and enhance its investment advisory resources and information technology systems. The Board and Audit Committee further considered the Adviser's strong commitment to compliance with applicable laws and regulations and the nature and extent of its compliance program and records. Finally, they took into account the administrative, distribution and shareholder services to be provided by the Adviser or its affiliates to the Fund under the Agreement and other agreements. Based on the foregoing, the Board and Audit Committee each concluded that the investment advisory and related services to be provided by the Adviser and its affiliates have benefited and should continue to benefit the Fund and its shareholders.

30 Payden Mutual Funds

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4. Investment Results

At its regular quarterly Board meetings during the past year, the Board reviewed the investment results of the Fund compared to its respective peers and benchmark index, paying specific attention to performance which did not measure up to the Adviser's expectations and to the plans by the Adviser to deal with that situation. In addition, as a part of the annual review of the Agreement, the Board and Audit Committee specifically reviewed a report prepared by Broadridge, which contained the Fund's performance for various time periods, i.e., 1-year, 3-years, 5-years and 10-years, as compared to the performance of (1) a group of comparable mutual funds (the "Peer Group") selected by Broadridge, and (2) the Fund's benchmark index. The Board and Audit Committee concluded that, overall, the short-term and long-term results for the Fund have been satisfactory, and that for the most recent calendar year, the Fund's results continued on a satisfactory track. In sum, the Board and Audit Committee concluded that the Adviser's continued management should benefit the Fund and its shareholders.

5. Advisory Fees and Total Expenses

The Board and the Audit Committee reviewed the Fund's net operating expense ratio and its various fee and expense components, and then compared those fees and expenses to the fee and expense information for a peer group for the Fund. They observed that the advisory fees and expenses for the Fund continue to be very competitive with the advisory fees and expenses of this peer group. The Board and Audit Committee also reviewed information regarding the advisory fees paid by other registered investment companies, pension funds and other institutional clients of the Adviser with respect to similar investment mandates for the Fund. They noted that, although the fees paid by those clients generally were lower than those paid by the Fund, the differences appropriately reflected the significant investment, operational and regulatory differences between advising SEC-registered mutual funds and advising separately managed institutional accounts Overall, the Board and Audit Committee concluded that the Fund's cost structure was fair and reasonable in relation to the services provided, and that the Fund's shareholders receive reasonable value in return for the advisory fees paid to the Adviser by the Fund.

6. Adviser Profitability and Indirect Benefits

The Board and Audit Committee reviewed information at the P&R Trust level regarding the Adviser's cost of providing services to the Fund, as well as the resulting level of profits to the Adviser. The Trustees further reviewed the cost allocation methodology used to determine the Adviser's profitability of providing services to the Fund as well as possible economies of scale that might be achieved. Based on that review, the Board and Audit Committee concluded that the profits earned by the Adviser were not excessive in view of the advisory, administrative and other services provided to the Fund. Finally, the Board and Audit Committee noted that the Adviser indirectly benefited from its advisory relationship with the Fund by its ability to invest more efficiently the assets of small, separately managed accounts in the Fund, and because the availability of the Fund enhanced the Adviser's business reputation and name recognition.

7. Specific-Fund Factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. References below to quintiles are based on data provided to the Board in the report prepared by Broadridge. All time periods referenced below ended as of April 30, 2024.

*• Adviser Fee:* : The Adviser's annual contractual management fee rate for the Fund is 1.10%, placing it in the third 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 selected by Broadridge for expense comparison purposes. The Adviser has contractually agreed that, for so long as it is the investment adviser to the Fund, the total Annual Fund Operating Expenses will not exceed 1.25%. The Adviser has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement exceed 0.65%. This agreement has a one-year term ending February 28, 2025. It may or may not be renewed.

*• Performance:* The Fund was in the third quintile of the group of comparable funds for each of the one-year, three-year, and ten-year periods, and in the fourth quintile for the five-year period.

Annual Financial Statements and Other Information 31

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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.

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 performance numbers presented in this report are derived from historical market data. There is no

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.

------

#### PAYDEN MANAGED INCOME FUND
Payden Managed Income Fund – Adviser Share Class (PKCBX)

Payden Managed Income Fund – Institutional Share Class (PKCIX)

Payden Managed Income Fund – Retirement Share Class (PKCRX)

Payden Managed Income Fund – SI Share Class (PKBIX)

#### PAYDEN MUTUAL FUNDS
333 South Grand Avenue, Los Angeles, California 90071

800 5-PAYDEN 800 572 9336 payden.com

requests@payden.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.
A special meeting of shareholders was held on November 10, 2023. The results of votes taken among shareholders on the proposal before them are reported below.

#### Proposal 1
To approve the election of ten Trustees as members of the Board. This proposal reflects trust-wide proposal and voting results.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee: | For | Withheld | Abstained | Broker Non-<br>Votes |
|  Stephanie Bell-Rose | 928611371.925 | 9106032.397 | N/A | N/A |
|  W.D. Hilton, Jr. | 928195788.931 | 9521615.391 | N/A | N/A |
|  Thomas V. McKernan | 928182274.883 | 9535129.439 | N/A | N/A |
|  Rosemarie T. Nassif | 927271627.712 | 10445776.610 | N/A | N/A |
|  Andrew J. Policano | 927713862.465 | 10003541.857 | N/A | N/A |
|  Dennis C. Poulsen | 928015561.103 | 9701843.219 | N/A | N/A |
|  Asha B. Joshi | 927635780.023 | 10081624.299 | N/A | N/A |
|  Jordan H. Lopez | 927646108.408 | 10071295.914 | N/A | N/A |
|  Nancy Benacci | 927683070.693 | 10034333.629 | N/A | N/A |
|  Robert Gumm | 927914528.076 | 9802876.246 | N/A | N/A |

---

#### Proposal 2
To approve an amendment to the current fundamental investment policy of certain Funds regarding industry concentration.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund: | For | Against | Abstained/Withheld | Broker Non-<br>Votes |
|  Payden California Municipal Social Impact Fund | 7472921.980 | 0.000 | 35729.090 | 1698852.547 |
|  Payden Cash Reserves Money Market Fund | 366174208.180 | 1066.680 | 3303.540 | 0.000 |
|  Payden Core Bond Fund | 72705905.031 | 4261.562 | 49866.498 | 509638.656 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Payden Corporate Bond Fund | 14040147.716 | 119966.346 | 111960.874 | 6660308.682 |
|  Payden Emerging Markets Bond Fund | 30445341.594 | 1100515.939 | 150485.63 | 10285771.446 |
|  Payden Emerging Markets Corporate Bond Fund | 4492127.958 | 0.0 | 4565.752 | 0.0 |
|  Payden Emerging Markets Local Bond Fund | 8126679.778 | 0.0 | 0.0 | 61690.872 |
|  Payden Floating Rate Fund | 8157551.552 | 0.0 | 7548.0 | 788780.911 |
|  Payden Global Fixed Income Fund | 5975171.432 | 12509.079 | 42799.88 | 1575360.729 |
|  Payden Global Low Duration Fund | 3589699.109 | 29380.383 | 20471.08 | 1370330.058 |
|  Payden GNMA Fund | 6495887.339 | 49467.811 | 80138.441 | 3128804.423 |
|  Payden High Income Fund | 72863472.34 | 63475.484 | 3933669.027 | 6386880.366 |
|  Payden Limited Maturity Fund | 105903954.499 | 31408.551 | 975637.526 | 5200528.344 |
|  Payden Low Duration Fund | 50130352.484 | 30446.29 | 60674.469 | 11462475.877 |
|  Payden Managed Income Fund | 5922756.008 | 0.0 | 0.0 | 38550.619 |
|  Payden Securitized Income Fund | 20.0 | 0.0 | 0.0 | 0.0 |
|  Payden U.S. Government Fund | 5752863.371 | 3275.11 | 0.0 | 202294.185 |

---

The Payden Global Fixed Income Fund did not exceed quorum for passage on Proposal 2 at the November 10, 2023, meeting of shareholders. A subsequent special meeting of shareholders was held on December 14, 2023. The results of votes taken among shareholders on the proposal before them are reported below.

To approve an amendment to the current fundamental investment policy of certain Funds regarding industry concentration.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund: | For | Against | Abstained/Withheld | Broker Non-<br>Votes |
|  Payden Global Fixed Income Fund | 11824861.747 | 14407.221 | 42799.880 | 1465455.706 |

---

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not Applicable.

#### 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.

#### 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.
(a)(1) Not applicable.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](d42120dex99cert.htm) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d42120dex99cert.htm)  |

---

------

(a)(3)(1) 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)(3)(2) There was no change in the Registrant's independent public accountant during the period covered by the report.

[(b)](d42120dex99906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d42120dex99906cert.htm) 

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Payden & Rygel Investment Group

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mary Beth Syal |
|  | Mary Beth Syal, Chief Operating Officer |
|  | (principal executive officer) |
|  Date <u>August 29, 2025</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>August 29, 2025</u> |  |
|  By (Signature and Title)\* | /s/ Brian W. Matthews |
|  | Brian W. Matthews, Chief Financial Officer |
|  | (principal financial officer) |
|  Date <u>August 29, 2025</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: | August 29, 2025 | /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: | August 29, 2025 | /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>August 29, 2025</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>August 29, 2025</u> | /s/ Brian W. Matthews |
|  | Brian W. Matthews, Chief Financial Officer |
|  | (principal financial officer) |

---