# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0001193125-25-153860
**Filing Date:** 2025-7
**Character Count:** 1032664
**Document Hash:** 02e3323bb846a940e343e406f61364b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-153860.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-153860

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250701

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06625
- **FILM NUMBER:** 251095420

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? Payden Funds

### 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: April 30, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

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

# Payden Absolute Return Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYABX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Absolute Return Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$48** | **0.95%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $635353 |
| # of Portfolio Holdings | 426 |
| Investment Advisory, net of waivers (000) | $728 |
| Portfolio Turnover Rate | 77% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 9.69% |
| Freddie Mac STACR REMIC Trust | 6.94% |
| Brazil Letras do Tesouro Nacional | 4.76% |
| OBX Trust | 4.10% |
| Payden Emerging Markets Local Bond Fund, SI Class | 2.00% |
| U.S. Treasury Note | 1.89% |
| Verus Securitization Trust | 1.77% |
| Wells Fargo & Co. | 1.35% |
| BX Commercial Mortgage Trust | 1.27% |
| Fannie Mae Connecticut Avenue Securities | 1.06% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed | 33% |
| Corporate Bond | 28% |
| Asset Backed | 21% |
| Foreign Government | 10% |
| Investment Company | 3% |
| Others | 5% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Absolute Return Bond Fund

Adviser Class - PYABX

Semi-Annual Shareholder Report - April 30, 2025

#### PYABX-SA2025

# Payden Absolute Return Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYARX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Absolute Return Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$35** | **0.70%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $635353 |
| # of Portfolio Holdings | 426 |
| Investment Advisory, net of waivers (000) | $728 |
| Portfolio Turnover Rate | 77% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 9.69% |
| Freddie Mac STACR REMIC Trust | 6.94% |
| Brazil Letras do Tesouro Nacional | 4.76% |
| OBX Trust | 4.10% |
| Payden Emerging Markets Local Bond Fund, SI Class | 2.00% |
| U.S. Treasury Note | 1.89% |
| Verus Securitization Trust | 1.77% |
| Wells Fargo & Co. | 1.35% |
| BX Commercial Mortgage Trust | 1.27% |
| Fannie Mae Connecticut Avenue Securities | 1.06% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed | 33% |
| Corporate Bond | 28% |
| Asset Backed | 21% |
| Foreign Government | 10% |
| Investment Company | 3% |
| Others | 5% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Absolute Return Bond Fund

Investor Class - PYARX

Semi-Annual Shareholder Report - April 30, 2025

#### PYARX-SA2025

# Payden Absolute Return Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYAIX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Absolute Return Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$24** | **0.47%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $635353 |
| # of Portfolio Holdings | 426 |
| Investment Advisory, net of waivers (000) | $728 |
| Portfolio Turnover Rate | 77% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 9.69% |
| Freddie Mac STACR REMIC Trust | 6.94% |
| Brazil Letras do Tesouro Nacional | 4.76% |
| OBX Trust | 4.10% |
| Payden Emerging Markets Local Bond Fund, SI Class | 2.00% |
| U.S. Treasury Note | 1.89% |
| Verus Securitization Trust | 1.77% |
| Wells Fargo & Co. | 1.35% |
| BX Commercial Mortgage Trust | 1.27% |
| Fannie Mae Connecticut Avenue Securities | 1.06% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed | 33% |
| Corporate Bond | 28% |
| Asset Backed | 21% |
| Foreign Government | 10% |
| Investment Company | 3% |
| Others | 5% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Absolute Return Bond Fund

SI Class - PYAIX

Semi-Annual Shareholder Report - April 30, 2025

#### PYAIX-SA2025

# Payden California Municipal Social Impact Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYCLX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden California Municipal Social Impact Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$35** | **0.70%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $173547 |
| # of Portfolio Holdings | 119 |
| Investment Advisory, net of waivers (000) | $87 |
| Portfolio Turnover Rate | 43% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| State of California | 10.08% |
| Los Angeles Unified School District | 7.81% |
| California Community Choice Financing Authority | 6.82% |
| Los Angeles County Public Works Financing Authority | 6.36% |
| California Housing Finance Agency | 4.20% |
| California Health Facilities Financing Authority | 3.86% |
| California State Public Works Board | 3.32% |
| City of Los Angeles Department of Airports | 2.68% |
| Sacramento Area Flood Control Agency | 2.62% |
| San Diego County Regional Transportation Commission | 2.57% |

---

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

---

| | |
|:---|:---|
| General Obligation | 60% |
| Revenue | 35% |
| Investment Company | 4% |
| Mortgage Backed | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden California Municipal Social Impact Fund

Adviser Class - PYCLX

Semi-Annual Shareholder Report - April 30, 2025

#### PYCLX-SA2025

# Payden California Municipal Social Impact Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYCRX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden California Municipal Social Impact Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$22** | **0.45%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $173547 |
| # of Portfolio Holdings | 119 |
| Investment Advisory, net of waivers (000) | $87 |
| Portfolio Turnover Rate | 43% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| State of California | 10.08% |
| Los Angeles Unified School District | 7.81% |
| California Community Choice Financing Authority | 6.82% |
| Los Angeles County Public Works Financing Authority | 6.36% |
| California Housing Finance Agency | 4.20% |
| California Health Facilities Financing Authority | 3.86% |
| California State Public Works Board | 3.32% |
| City of Los Angeles Department of Airports | 2.68% |
| Sacramento Area Flood Control Agency | 2.62% |
| San Diego County Regional Transportation Commission | 2.57% |

---

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

---

| | |
|:---|:---|
| General Obligation | 60% |
| Revenue | 35% |
| Investment Company | 4% |
| Mortgage Backed | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden California Municipal Social Impact Fund

Investor Class - PYCRX

Semi-Annual Shareholder Report - April 30, 2025

#### PYCRX-SA2025

# Payden Managed Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PKCBX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Managed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$45** | **0.90%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $114550 |
| # of Portfolio Holdings | 387 |
| Investment Advisory, net of waivers (000) | $17 |
| Portfolio Turnover Rate | 108% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 10.60% |
| Freddie Mac STACR REMIC Trust | 7.29% |
| Brazil Letras do Tesouro Nacional | 5.21% |
| U.S. Treasury Note | 2.86% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.97% |
| Fannie Mae Connecticut Avenue Securities | 1.48% |
| Neuberger Berman Loan Advisers CLO Ltd. | 1.25% |
| Wells Fargo & Co. | 0.92% |
| Arini European CLO I DAC | 0.89% |
| Petroleos Mexicanos | 0.87% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed | 30% |
| Corporate Bond | 29% |
| Asset Backed | 18% |
| Foreign Government | 10% |
| Bank Loan | 5% |
| Others | 8% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Managed Income Fund

Adviser Class - PKCBX

Semi-Annual Shareholder Report - April 30, 2025

#### PKCBX-SA2025

# Payden Managed Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Institutional Class - PKCIX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Managed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Institutional Class** | **$33** | **0.65%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $114550 |
| # of Portfolio Holdings | 387 |
| Investment Advisory, net of waivers (000) | $17 |
| Portfolio Turnover Rate | 108% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 10.60% |
| Freddie Mac STACR REMIC Trust | 7.29% |
| Brazil Letras do Tesouro Nacional | 5.21% |
| U.S. Treasury Note | 2.86% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.97% |
| Fannie Mae Connecticut Avenue Securities | 1.48% |
| Neuberger Berman Loan Advisers CLO Ltd. | 1.25% |
| Wells Fargo & Co. | 0.92% |
| Arini European CLO I DAC | 0.89% |
| Petroleos Mexicanos | 0.87% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed | 30% |
| Corporate Bond | 29% |
| Asset Backed | 18% |
| Foreign Government | 10% |
| Bank Loan | 5% |
| Others | 8% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Managed Income Fund

Institutional Class - PKCIX

Semi-Annual Shareholder Report - April 30, 2025

#### PKCIX-SA2025

# Payden Managed Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Retirement Class - PKCRX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Managed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Retirement Class** | **$58** | **1.15%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $114550 |
| # of Portfolio Holdings | 387 |
| Investment Advisory, net of waivers (000) | $17 |
| Portfolio Turnover Rate | 108% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 10.60% |
| Freddie Mac STACR REMIC Trust | 7.29% |
| Brazil Letras do Tesouro Nacional | 5.21% |
| U.S. Treasury Note | 2.86% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.97% |
| Fannie Mae Connecticut Avenue Securities | 1.48% |
| Neuberger Berman Loan Advisers CLO Ltd. | 1.25% |
| Wells Fargo & Co. | 0.92% |
| Arini European CLO I DAC | 0.89% |
| Petroleos Mexicanos | 0.87% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed | 30% |
| Corporate Bond | 29% |
| Asset Backed | 18% |
| Foreign Government | 10% |
| Bank Loan | 5% |
| Others | 8% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Managed Income Fund

Retirement Class - PKCRX

Semi-Annual Shareholder Report - April 30, 2025

#### PKCRX-SA2025

# Payden Managed Income Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PKBIX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Managed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$33** | **0.65%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $114550 |
| # of Portfolio Holdings | 387 |
| Investment Advisory, net of waivers (000) | $17 |
| Portfolio Turnover Rate | 108% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 10.60% |
| Freddie Mac STACR REMIC Trust | 7.29% |
| Brazil Letras do Tesouro Nacional | 5.21% |
| U.S. Treasury Note | 2.86% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.97% |
| Fannie Mae Connecticut Avenue Securities | 1.48% |
| Neuberger Berman Loan Advisers CLO Ltd. | 1.25% |
| Wells Fargo & Co. | 0.92% |
| Arini European CLO I DAC | 0.89% |
| Petroleos Mexicanos | 0.87% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed | 30% |
| Corporate Bond | 29% |
| Asset Backed | 18% |
| Foreign Government | 10% |
| Bank Loan | 5% |
| Others | 8% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Managed Income Fund

SI Class - PKBIX

Semi-Annual Shareholder Report - April 30, 2025

#### PKBIX-SA2025

# Payden Cash Reserves Money Market Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PBHXX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Cash Reserves Money Market Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$13** | **0.25%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $429480 |
| # of Portfolio Holdings | 33 |
| Investment Advisory, net of waivers (000) | $(7) |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 45.50% |
| Bank of Montreal Tri Party | 14.59% |
| Citigroup Tri Party | 9.80% |
| U.S. Treasury Floating Rate Notes | 7.41% |
| Mitsubishi UFJ Financial Group | 6.53% |
| CIBC World Markets Tri Party | 5.44% |
| FHLB | 5.33% |
| Goldman Sachs Tri Party | 2.18% |
| FFCB Funding Corp. | 2.07% |
| FHLMC Multifamily Structured Pass-Through Certificates | 0.91% |

---

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

---

| | |
|:---|:---|
| U.S. Treasury | 53% |
| Repurchase Agreement | 39% |
| U.S. Government Agency | 7% |
| Mortgage Backed | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Cash Reserves Money Market Fund

Investor Class - PBHXX

Semi-Annual Shareholder Report - April 30, 2025

#### PBHXX-SA2025

# Payden Core Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYCWX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Core Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$39** | **0.78%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $829241 |
| # of Portfolio Holdings | 340 |
| Investment Advisory, net of waivers (000) | $922 |
| Portfolio Turnover Rate | 26% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes | 4.58% |
| OBX Trust | 1.68% |
| U.S. Treasury Bond | 1.61% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.59% |
| FNCL | 1.54% |
| Essential Utilities, Inc. | 1.20% |
| UBS Group AG | 1.09% |
| Verus Securitization Trust | 1.10% |
| Payden Emerging Markets Local Bond Fund, SI Class | 0.99% |
| U.S. Treasury Note | 0.98% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 37% |
| Mortgage Backed | 35% |
| Asset Backed | 8% |
| U.S. Treasury | 7% |
| Investment Company | 4% |
| Others | 9% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Core Bond Fund

Adviser Class - PYCWX

Semi-Annual Shareholder Report - April 30, 2025

#### PYCWX-SA2025

# Payden Core Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYCBX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Core Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$26** | **0.52%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $829241 |
| # of Portfolio Holdings | 340 |
| Investment Advisory, net of waivers (000) | $922 |
| Portfolio Turnover Rate | 26% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes | 4.58% |
| OBX Trust | 1.68% |
| U.S. Treasury Bond | 1.61% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.59% |
| FNCL | 1.54% |
| Essential Utilities, Inc. | 1.20% |
| UBS Group AG | 1.09% |
| Verus Securitization Trust | 1.10% |
| Payden Emerging Markets Local Bond Fund, SI Class | 0.99% |
| U.S. Treasury Note | 0.98% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 37% |
| Mortgage Backed | 35% |
| Asset Backed | 8% |
| U.S. Treasury | 7% |
| Investment Company | 4% |
| Others | 9% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Core Bond Fund

Investor Class - PYCBX

Semi-Annual Shareholder Report - April 30, 2025

#### PYCBX-SA2025

# Payden Core Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYCSX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Core Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$21** | **0.42%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $829241 |
| # of Portfolio Holdings | 340 |
| Investment Advisory, net of waivers (000) | $922 |
| Portfolio Turnover Rate | 26% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes | 4.58% |
| OBX Trust | 1.68% |
| U.S. Treasury Bond | 1.61% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.59% |
| FNCL | 1.54% |
| Essential Utilities, Inc. | 1.20% |
| UBS Group AG | 1.09% |
| Verus Securitization Trust | 1.10% |
| Payden Emerging Markets Local Bond Fund, SI Class | 0.99% |
| U.S. Treasury Note | 0.98% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 37% |
| Mortgage Backed | 35% |
| Asset Backed | 8% |
| U.S. Treasury | 7% |
| Investment Company | 4% |
| Others | 9% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Core Bond Fund

SI Class - PYCSX

Semi-Annual Shareholder Report - April 30, 2025

#### PYCSX-SA2025

# Payden Corporate Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYAYX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$43** | **0.86%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $370397 |
| # of Portfolio Holdings | 329 |
| Investment Advisory, net of waivers (000) | $502 |
| Portfolio Turnover Rate | 18% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.16% |
| Goldman Sachs Group Inc. | 2.13% |
| Citigroup Inc. | 2.09% |
| Bank of America Corp. | 2.03% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.39% |
| Morgan Stanley | 1.21% |
| HSBC Holdings PLC | 1.13% |
| Ford Motor Credit Co. LLC | 0.98% |
| Wells Fargo & Co. | 0.96% |
| American Express Co. | 0.89% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 89% |
| Mortgage Backed | 5% |
| Investment Company | 3% |
| Asset Backed | 2% |
| Foreign Government | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Corporate Bond Fund

Adviser Class - PYAYX

Semi-Annual Shareholder Report - April 30, 2025

#### PYAYX-SA2025

# Payden Corporate Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYACX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$32** | **0.65%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $370397 |
| # of Portfolio Holdings | 329 |
| Investment Advisory, net of waivers (000) | $502 |
| Portfolio Turnover Rate | 18% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.16% |
| Goldman Sachs Group Inc. | 2.13% |
| Citigroup Inc. | 2.09% |
| Bank of America Corp. | 2.03% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.39% |
| Morgan Stanley | 1.21% |
| HSBC Holdings PLC | 1.13% |
| Ford Motor Credit Co. LLC | 0.98% |
| Wells Fargo & Co. | 0.96% |
| American Express Co. | 0.89% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 89% |
| Mortgage Backed | 5% |
| Investment Company | 3% |
| Asset Backed | 2% |
| Foreign Government | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Corporate Bond Fund

Investor Class - PYACX

Semi-Annual Shareholder Report - April 30, 2025

#### PYACX-SA2025

# Payden Corporate Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYCTX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$27** | **0.55%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $370397 |
| # of Portfolio Holdings | 329 |
| Investment Advisory, net of waivers (000) | $502 |
| Portfolio Turnover Rate | 18% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.16% |
| Goldman Sachs Group Inc. | 2.13% |
| Citigroup Inc. | 2.09% |
| Bank of America Corp. | 2.03% |
| Payden Emerging Market Corporate Bond Fund, SI Class | 1.39% |
| Morgan Stanley | 1.21% |
| HSBC Holdings PLC | 1.13% |
| Ford Motor Credit Co. LLC | 0.98% |
| Wells Fargo & Co. | 0.96% |
| American Express Co. | 0.89% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 89% |
| Mortgage Backed | 5% |
| Investment Company | 3% |
| Asset Backed | 2% |
| Foreign Government | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Corporate Bond Fund

SI Class - PYCTX

Semi-Annual Shareholder Report - April 30, 2025

#### PYCTX-SA2025

# Payden Emerging Markets Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYEWX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Emerging Markets Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$53** | **1.06%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $839562 |
| # of Portfolio Holdings | 349 |
| Investment Advisory, net of waivers (000) | $1563 |
| Portfolio Turnover Rate | 42% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional Serie F | 4.01% |
| Argentine Republic Government International Bond | 3.65% |
| Hungary Government International Bond | 3.39% |
| Peruvian Government International Bond | 3.04% |
| Colombia Government International Bond | 2.87% |
| Dominican Republic International Bond | 2.78% |
| Petroleos Mexicanos | 2.70% |
| Oman Government International Bond | 2.58% |
| Panama Government International Bond | 2.48% |
| Republic of Poland Government International Bond | 2.37% |

---

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

---

| | |
|:---|:---|
| Foreign Government | 80% |
| Corporate Bond | 16% |
| U.S. Government Agency | 2% |
| Investment Company | 1% |
| U.S. Treasury | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Emerging Markets Bond Fund

Adviser Class - PYEWX

Semi-Annual Shareholder Report - April 30, 2025

#### PYEWX-SA2025

# Payden Emerging Markets Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYEMX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Emerging Markets Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$41** | **0.81%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $839562 |
| # of Portfolio Holdings | 349 |
| Investment Advisory, net of waivers (000) | $1563 |
| Portfolio Turnover Rate | 42% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional Serie F | 4.01% |
| Argentine Republic Government International Bond | 3.65% |
| Hungary Government International Bond | 3.39% |
| Peruvian Government International Bond | 3.04% |
| Colombia Government International Bond | 2.87% |
| Dominican Republic International Bond | 2.78% |
| Petroleos Mexicanos | 2.70% |
| Oman Government International Bond | 2.58% |
| Panama Government International Bond | 2.48% |
| Republic of Poland Government International Bond | 2.37% |

---

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

---

| | |
|:---|:---|
| Foreign Government | 80% |
| Corporate Bond | 16% |
| U.S. Government Agency | 2% |
| Investment Company | 1% |
| U.S. Treasury | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Emerging Markets Bond Fund

Investor Class - PYEMX

Semi-Annual Shareholder Report - April 30, 2025

#### PYEMX-SA2025

# Payden Emerging Markets Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYEIX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Emerging Markets Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$35** | **0.69%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $839562 |
| # of Portfolio Holdings | 349 |
| Investment Advisory, net of waivers (000) | $1563 |
| Portfolio Turnover Rate | 42% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional Serie F | 4.01% |
| Argentine Republic Government International Bond | 3.65% |
| Hungary Government International Bond | 3.39% |
| Peruvian Government International Bond | 3.04% |
| Colombia Government International Bond | 2.87% |
| Dominican Republic International Bond | 2.78% |
| Petroleos Mexicanos | 2.70% |
| Oman Government International Bond | 2.58% |
| Panama Government International Bond | 2.48% |
| Republic of Poland Government International Bond | 2.37% |

---

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

---

| | |
|:---|:---|
| Foreign Government | 80% |
| Corporate Bond | 16% |
| U.S. Government Agency | 2% |
| Investment Company | 1% |
| U.S. Treasury | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Emerging Markets Bond Fund

SI Class - PYEIX

Semi-Annual Shareholder Report - April 30, 2025

#### PYEIX-SA2025

# Payden Emerging Markets Corporate Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYCEX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Emerging Markets Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$48** | **0.95%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $78424 |
| # of Portfolio Holdings | 277 |
| Investment Advisory, net of waivers (000) | $153 |
| Portfolio Turnover Rate | 53% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 2.59% |
| Banco de Credito del Peru S.A. | 1.56% |
| Orbia Advance Corp. SAB de CV | 1.54% |
| First Quantum Minerals Ltd. | 1.49% |
| Braskem Netherlands Finance BV | 1.49% |
| Melco Resorts Finance Ltd. | 1.32% |
| Sasol Financing USA LLC | 1.23% |
| Intercorp Peru Ltd. | 1.22% |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | 1.18% |
| Shriram Finance Ltd. | 1.11% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 87% |
| Investment Company | 7% |
| U.S. Treasury | 3% |
| Asset Backed | 2% |
| Foreign Government | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Emerging Markets Corporate Bond Fund

Investor Class - PYCEX

Semi-Annual Shareholder Report - April 30, 2025

#### PYCEX-SA2025

# Payden Emerging Markets Corporate Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYCIX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Emerging Markets Corporate Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$43** | **0.85%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $78424 |
| # of Portfolio Holdings | 277 |
| Investment Advisory, net of waivers (000) | $153 |
| Portfolio Turnover Rate | 53% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 2.59% |
| Banco de Credito del Peru S.A. | 1.56% |
| Orbia Advance Corp. SAB de CV | 1.54% |
| First Quantum Minerals Ltd. | 1.49% |
| Braskem Netherlands Finance BV | 1.49% |
| Melco Resorts Finance Ltd. | 1.32% |
| Sasol Financing USA LLC | 1.23% |
| Intercorp Peru Ltd. | 1.22% |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | 1.18% |
| Shriram Finance Ltd. | 1.11% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 87% |
| Investment Company | 7% |
| U.S. Treasury | 3% |
| Asset Backed | 2% |
| Foreign Government | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Emerging Markets Corporate Bond Fund

SI Class - PYCIX

Semi-Annual Shareholder Report - April 30, 2025

#### PYCIX-SA2025

# Payden Emerging Markets Local Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYELX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Emerging Markets Local Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$50** | **0.99%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $84168 |
| # of Portfolio Holdings | 168 |
| Investment Advisory, net of waivers (000) | $90 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional Serie F | 9.39% |
| Indonesia Treasury Bond | 8.03% |
| China Government Bond | 7.57% |
| Malaysia Government Bond | 6.60% |
| Mexican Bonos | 6.09% |
| Thailand Government Bond | 5.71% |
| Republic of South Africa Government Bond | 5.58% |
| Republic of Poland Government Bond | 5.28% |
| Czech Republic Government Bond | 3.88% |
| Inter-American Development Bank | 3.54% |

---

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

---

| | |
|:---|:---|
| Foreign Government | 84% |
| Corporate Bond | 11% |
| Investment Company | 5% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Emerging Markets Local Bond Fund

Investor Class - PYELX

Semi-Annual Shareholder Report - April 30, 2025

#### PYELX-SA2025

# Payden Emerging Markets Local Bond Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYILX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Emerging Markets Local Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$38** | **0.75%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $84168 |
| # of Portfolio Holdings | 168 |
| Investment Advisory, net of waivers (000) | $90 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional Serie F | 9.39% |
| Indonesia Treasury Bond | 8.03% |
| China Government Bond | 7.57% |
| Malaysia Government Bond | 6.60% |
| Mexican Bonos | 6.09% |
| Thailand Government Bond | 5.71% |
| Republic of South Africa Government Bond | 5.58% |
| Republic of Poland Government Bond | 5.28% |
| Czech Republic Government Bond | 3.88% |
| Inter-American Development Bank | 3.54% |

---

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

---

| | |
|:---|:---|
| Foreign Government | 84% |
| Corporate Bond | 11% |
| Investment Company | 5% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Emerging Markets Local Bond Fund

SI Class - PYILX

Semi-Annual Shareholder Report - April 30, 2025

#### PYILX-SA2025

# Payden Equity Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYVAX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$49** | **1.00%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $963843 |
| # of Portfolio Holdings | 83 |
| Investment Advisory, net of waivers (000) | $2183 |
| Portfolio Turnover Rate | 57% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.67% |
| Duke Energy Corp. | 2.93% |
| Walmart Inc. | 2.30% |
| General Electric Co. | 2.26% |
| McKesson Corp. | 2.10% |
| T-Mobile U.S. Inc. | 2.08% |
| Wells Fargo & Co. | 2.06% |
| Morgan Stanley | 1.99% |
| Procter & Gamble Co. | 1.98% |
| Bank of America Corp. | 1.87% |

---

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

---

| | |
|:---|:---|
| Common Stock | 85% |
| Investment Company | 8% |
| Real Estate Investment Trust | 4% |
| Master Limited Partnership | 3% |
| Corporate Bond | 0% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Equity Income Fund

Adviser Class - PYVAX

Semi-Annual Shareholder Report - April 30, 2025

#### PYVAX-SA2025

# Payden Equity Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYVLX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$37** | **0.75%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $963843 |
| # of Portfolio Holdings | 83 |
| Investment Advisory, net of waivers (000) | $2183 |
| Portfolio Turnover Rate | 57% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.67% |
| Duke Energy Corp. | 2.93% |
| Walmart Inc. | 2.30% |
| General Electric Co. | 2.26% |
| McKesson Corp. | 2.10% |
| T-Mobile U.S. Inc. | 2.08% |
| Wells Fargo & Co. | 2.06% |
| Morgan Stanley | 1.99% |
| Procter & Gamble Co. | 1.98% |
| Bank of America Corp. | 1.87% |

---

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

---

| | |
|:---|:---|
| Common Stock | 85% |
| Investment Company | 8% |
| Real Estate Investment Trust | 4% |
| Master Limited Partnership | 3% |
| Corporate Bond | 0% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Equity Income Fund

Investor Class - PYVLX

Semi-Annual Shareholder Report - April 30, 2025

#### PYVLX-SA2025

# Payden Equity Income Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYVSX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$32** | **0.65%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $963843 |
| # of Portfolio Holdings | 83 |
| Investment Advisory, net of waivers (000) | $2183 |
| Portfolio Turnover Rate | 57% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.67% |
| Duke Energy Corp. | 2.93% |
| Walmart Inc. | 2.30% |
| General Electric Co. | 2.26% |
| McKesson Corp. | 2.10% |
| T-Mobile U.S. Inc. | 2.08% |
| Wells Fargo & Co. | 2.06% |
| Morgan Stanley | 1.99% |
| Procter & Gamble Co. | 1.98% |
| Bank of America Corp. | 1.87% |

---

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

---

| | |
|:---|:---|
| Common Stock | 85% |
| Investment Company | 8% |
| Real Estate Investment Trust | 4% |
| Master Limited Partnership | 3% |
| Corporate Bond | 0% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Equity Income Fund

SI Class - PYVSX

Semi-Annual Shareholder Report - April 30, 2025

#### PYVSX-SA2025

# Payden Floating Rate Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYBLX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Floating Rate Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$47** | **0.95%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $124504 |
| # of Portfolio Holdings | 156 |
| Investment Advisory, net of waivers (000) | $140 |
| Portfolio Turnover Rate | 63% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| PetsMart LLC | 1.45% |
| Novitex Acquisition LLC (Fka Arsloane Acquisition LLC) | 1.19% |
| Albion Financing 3 SARL | 1.17% |
| Quikrete Holdings Inc. | 1.16% |
| Flynn Restaurant Group LP | 1.16% |
| Sandisk Corp. | 1.16% |
| Asurion LLC | 1.06% |
| Frontier Communications Holdings LLC | 1.05% |
| AthenaHealth Group Inc. | 1.04% |
| Fertitta Entertainment LLC | 1.03% |

---

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

---

| | |
|:---|:---|
| Bank Loan | 84% |
| Corporate Bond | 7% |
| Investment Company | 6% |
| Asset Backed | 3% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Floating Rate Fund

Adviser Class - PYBLX

Semi-Annual Shareholder Report - April 30, 2025

#### PYBLX-SA2025

# Payden Floating Rate Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYFRX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Floating Rate Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$35** | **0.70%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $124504 |
| # of Portfolio Holdings | 156 |
| Investment Advisory, net of waivers (000) | $140 |
| Portfolio Turnover Rate | 63% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| PetsMart LLC | 1.45% |
| Novitex Acquisition LLC (Fka Arsloane Acquisition LLC) | 1.19% |
| Albion Financing 3 SARL | 1.17% |
| Quikrete Holdings Inc. | 1.16% |
| Flynn Restaurant Group LP | 1.16% |
| Sandisk Corp. | 1.16% |
| Asurion LLC | 1.06% |
| Frontier Communications Holdings LLC | 1.05% |
| AthenaHealth Group Inc. | 1.04% |
| Fertitta Entertainment LLC | 1.03% |

---

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

---

| | |
|:---|:---|
| Bank Loan | 84% |
| Corporate Bond | 7% |
| Investment Company | 6% |
| Asset Backed | 3% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Floating Rate Fund

Investor Class - PYFRX

Semi-Annual Shareholder Report - April 30, 2025

#### PYFRX-SA2025

# Payden Floating Rate Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYFIX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Floating Rate Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$30** | **0.60%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $124504 |
| # of Portfolio Holdings | 156 |
| Investment Advisory, net of waivers (000) | $140 |
| Portfolio Turnover Rate | 63% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| PetsMart LLC | 1.45% |
| Novitex Acquisition LLC (Fka Arsloane Acquisition LLC) | 1.19% |
| Albion Financing 3 SARL | 1.17% |
| Quikrete Holdings Inc. | 1.16% |
| Flynn Restaurant Group LP | 1.16% |
| Sandisk Corp. | 1.16% |
| Asurion LLC | 1.06% |
| Frontier Communications Holdings LLC | 1.05% |
| AthenaHealth Group Inc. | 1.04% |
| Fertitta Entertainment LLC | 1.03% |

---

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

---

| | |
|:---|:---|
| Bank Loan | 84% |
| Corporate Bond | 7% |
| Investment Company | 6% |
| Asset Backed | 3% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Floating Rate Fund

SI Class - PYFIX

Semi-Annual Shareholder Report - April 30, 2025

#### PYFIX-SA2025

# Payden Global Fixed Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYGFX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Global Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$34** | **0.68%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $147657 |
| # of Portfolio Holdings | 379 |
| Investment Advisory, net of waivers (000) | $148 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Japan Government Thirty Year Bond | 2.65% |
| Japan Treasury Discount Bill | 2.37% |
| Italy Buoni Poliennali Del Tesoro | 2.17% |
| French Republic Government Bond OAT | 2.06% |
| FNCL | 1.99% |
| OBX Trust | 1.77% |
| Indonesia Treasury Bond | 1.61% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.56% |
| United Kingdom Gilt | 1.49% |
| Canadian Government Bond | 1.48% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 35% |
| Foreign Government | 23% |
| Mortgage Backed | 23% |
| Asset Backed | 9% |
| Investment Company | 5% |
| Others | 5% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Global Fixed Income Fund

Investor Class - PYGFX

Semi-Annual Shareholder Report - April 30, 2025

#### PYGFX-SA2025

# Payden Global Fixed Income Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYGIX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Global Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$28** | **0.55%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $147657 |
| # of Portfolio Holdings | 379 |
| Investment Advisory, net of waivers (000) | $148 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Japan Government Thirty Year Bond | 2.65% |
| Japan Treasury Discount Bill | 2.37% |
| Italy Buoni Poliennali Del Tesoro | 2.17% |
| French Republic Government Bond OAT | 2.06% |
| FNCL | 1.99% |
| OBX Trust | 1.77% |
| Indonesia Treasury Bond | 1.61% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.56% |
| United Kingdom Gilt | 1.49% |
| Canadian Government Bond | 1.48% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 35% |
| Foreign Government | 23% |
| Mortgage Backed | 23% |
| Asset Backed | 9% |
| Investment Company | 5% |
| Others | 5% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Global Fixed Income Fund

SI Class - PYGIX

Semi-Annual Shareholder Report - April 30, 2025

#### PYGIX-SA2025

# Payden Global Low Duration Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYGSX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Global Low Duration Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$27** | **0.53%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $41139 |
| # of Portfolio Holdings | 207 |
| Investment Advisory, net of waivers (000) | $(33) |
| Portfolio Turnover Rate | 31% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 14.77% |
| BX Trust | 2.34% |
| Canadian Imperial Bank of Commerce | 2.18% |
| Export Development Canada | 1.73% |
| Caisse d'Amortissement de la Dette Sociale | 1.63% |
| Fannie Mae Connecticut Avenue Securities | 1.62% |
| Connecticut Avenue Securities Trust | 1.54% |
| BPCE SA | 1.51% |
| OBX Trust | 1.44% |
| Asian Development Bank | 1.39% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 38% |
| U.S. Treasury | 15% |
| Asset Backed | 14% |
| Foreign Government | 13% |
| Mortgage Backed | 13% |
| Others | 7% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Global Low Duration Fund

Investor Class - PYGSX

Semi-Annual Shareholder Report - April 30, 2025

#### PYGSX-SA2025

# Payden GNMA Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYGNX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden GNMA Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$23** | **0.45%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $94758 |
| # of Portfolio Holdings | 150 |
| Investment Advisory, net of waivers (000) | $28 |
| Portfolio Turnover Rate | 8% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| G2SF | 18.52% |
| FHLMC Multifamily Structured Pass-Through Certificates | 3.95% |
| G2 MA9726 30YR | 1.90% |
| G2 MA7767 30YR | 1.89% |
| G2 MA7881 30YR | 1.74% |
| G2 MA7589 30YR | 1.72% |
| FR SD8199 30YR | 1.61% |
| G2 MA7648 30YR | 1.61% |
| G2 MA7533 30YR | 1.60% |
| G2 MA7987 30YR | 1.56% |

---

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

---

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

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden GNMA Fund

Investor Class - PYGNX

Semi-Annual Shareholder Report - April 30, 2025

#### PYGNX-SA2025

# Payden High Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYRLX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden High Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$46** | **0.93%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $890923 |
| # of Portfolio Holdings | 385 |
| Investment Advisory, net of waivers (000) | $1090 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.84% |
| Freedom Mortgage Holdings LLC | 0.98% |
| TransDigm Inc. | 0.86% |
| Cleveland-Cliffs Inc. | 0.83% |
| Jefferson Capital Holdings LLC | 0.80% |
| Iron Mountain Inc. | 0.78% |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV | 0.74% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 0.72% |
| CHS/Community Health Systems Inc. | 0.67% |
| Tenet Healthcare Corp. | 0.65% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 82% |
| Investment Company | 11% |
| Bank Loan | 5% |
| Asset Backed | 1% |
| Mortgage Backed | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden High Income Fund

Adviser Class - PYRLX

Semi-Annual Shareholder Report - April 30, 2025

#### PYRLX-SA2025

# Payden High Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYHRX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden High Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$34** | **0.69%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $890923 |
| # of Portfolio Holdings | 385 |
| Investment Advisory, net of waivers (000) | $1090 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.84% |
| Freedom Mortgage Holdings LLC | 0.98% |
| TransDigm Inc. | 0.86% |
| Cleveland-Cliffs Inc. | 0.83% |
| Jefferson Capital Holdings LLC | 0.80% |
| Iron Mountain Inc. | 0.78% |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV | 0.74% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 0.72% |
| CHS/Community Health Systems Inc. | 0.67% |
| Tenet Healthcare Corp. | 0.65% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 82% |
| Investment Company | 11% |
| Bank Loan | 5% |
| Asset Backed | 1% |
| Mortgage Backed | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden High Income Fund

Investor Class - PYHRX

Semi-Annual Shareholder Report - April 30, 2025

#### PYHRX-SA2025

# Payden High Income Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYCHX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden High Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$27** | **0.55%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $890923 |
| # of Portfolio Holdings | 385 |
| Investment Advisory, net of waivers (000) | $1090 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.84% |
| Freedom Mortgage Holdings LLC | 0.98% |
| TransDigm Inc. | 0.86% |
| Cleveland-Cliffs Inc. | 0.83% |
| Jefferson Capital Holdings LLC | 0.80% |
| Iron Mountain Inc. | 0.78% |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV | 0.74% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 0.72% |
| CHS/Community Health Systems Inc. | 0.67% |
| Tenet Healthcare Corp. | 0.65% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 82% |
| Investment Company | 11% |
| Bank Loan | 5% |
| Asset Backed | 1% |
| Mortgage Backed | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden High Income Fund

SI Class - PYCHX

Semi-Annual Shareholder Report - April 30, 2025

#### PYCHX-SA2025

# Payden Limited Maturity Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYLBX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Limited Maturity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$28** | **0.55%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $2010140 |
| # of Portfolio Holdings | 449 |
| Investment Advisory, net of waivers (000) | $191 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 18.51% |
| Freddie Mac STACR REMIC Trust | 2.30% |
| Connecticut Avenue Securities Trust | 1.95% |
| OBX Trust | 1.80% |
| Westlake Automobile Receivables Trust | 1.55% |
| American Express Co. | 1.36% |
| Payden Floating Rate Fund, SI Class | 1.28% |
| Enterprise Fleet Financing LLC | 1.20% |
| BX Commercial Mortgage Trust | 1.13% |
| Hyundai Auto Lease Securitization Trust | 1.10% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 36% |
| Asset Backed | 30% |
| U.S. Treasury | 19% |
| Mortgage Backed | 14% |
| Investment Company | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Limited Maturity Fund

Adviser Class - PYLBX

Semi-Annual Shareholder Report - April 30, 2025

#### PYLBX-SA2025

# Payden Limited Maturity Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYLMX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Limited Maturity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$15** | **0.30%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $2010140 |
| # of Portfolio Holdings | 449 |
| Investment Advisory, net of waivers (000) | $191 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 18.51% |
| Freddie Mac STACR REMIC Trust | 2.30% |
| Connecticut Avenue Securities Trust | 1.95% |
| OBX Trust | 1.80% |
| Westlake Automobile Receivables Trust | 1.55% |
| American Express Co. | 1.36% |
| Payden Floating Rate Fund, SI Class | 1.28% |
| Enterprise Fleet Financing LLC | 1.20% |
| BX Commercial Mortgage Trust | 1.13% |
| Hyundai Auto Lease Securitization Trust | 1.10% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 36% |
| Asset Backed | 30% |
| U.S. Treasury | 19% |
| Mortgage Backed | 14% |
| Investment Company | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Limited Maturity Fund

Investor Class - PYLMX

Semi-Annual Shareholder Report - April 30, 2025

#### PYLMX-SA2025

# Payden Limited Maturity Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYLSX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Limited Maturity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$13** | **0.25%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $2010140 |
| # of Portfolio Holdings | 449 |
| Investment Advisory, net of waivers (000) | $191 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Bill | 18.51% |
| Freddie Mac STACR REMIC Trust | 2.30% |
| Connecticut Avenue Securities Trust | 1.95% |
| OBX Trust | 1.80% |
| Westlake Automobile Receivables Trust | 1.55% |
| American Express Co. | 1.36% |
| Payden Floating Rate Fund, SI Class | 1.28% |
| Enterprise Fleet Financing LLC | 1.20% |
| BX Commercial Mortgage Trust | 1.13% |
| Hyundai Auto Lease Securitization Trust | 1.10% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 36% |
| Asset Backed | 30% |
| U.S. Treasury | 19% |
| Mortgage Backed | 14% |
| Investment Company | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Limited Maturity Fund

SI Class - PYLSX

Semi-Annual Shareholder Report - April 30, 2025

#### PYLSX-SA2025

# Payden Low Duration Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYLWX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Low Duration Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

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

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $937130 |
| # of Portfolio Holdings | 250 |
| Investment Advisory, net of waivers (000) | $618 |
| Portfolio Turnover Rate | 31% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 33.27% |
| Carvana Auto Receivables Trust | 2.14% |
| Connecticut Avenue Securities Trust | 2.01% |
| Essential Utilities, Inc. | 1.83% |
| Freddie Mac STACR REMIC Trust | 1.58% |
| OBX Trust | 1.50% |
| Santander Drive Auto Receivables Trust | 1.49% |
| Fannie Mae Connecticut Avenue Securities | 1.38% |
| American Express Co. | 1.20% |
| CarMax Auto Owner Trust | 1.13% |

---

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

---

| | |
|:---|:---|
| U.S. Treasury | 34% |
| Corporate Bond | 29% |
| Asset Backed | 19% |
| Mortgage Backed | 14% |
| Commercial Paper | 2% |
| Others | 2% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Low Duration Fund

Adviser Class - PYLWX

Semi-Annual Shareholder Report - April 30, 2025

#### PYLWX-SA2025

# Payden Low Duration Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYSBX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Low Duration Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$22** | **0.43%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $937130 |
| # of Portfolio Holdings | 250 |
| Investment Advisory, net of waivers (000) | $618 |
| Portfolio Turnover Rate | 31% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 33.27% |
| Carvana Auto Receivables Trust | 2.14% |
| Connecticut Avenue Securities Trust | 2.01% |
| Essential Utilities, Inc. | 1.83% |
| Freddie Mac STACR REMIC Trust | 1.58% |
| OBX Trust | 1.50% |
| Santander Drive Auto Receivables Trust | 1.49% |
| Fannie Mae Connecticut Avenue Securities | 1.38% |
| American Express Co. | 1.20% |
| CarMax Auto Owner Trust | 1.13% |

---

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

---

| | |
|:---|:---|
| U.S. Treasury | 34% |
| Corporate Bond | 29% |
| Asset Backed | 19% |
| Mortgage Backed | 14% |
| Commercial Paper | 2% |
| Others | 2% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Low Duration Fund

Investor Class - PYSBX

Semi-Annual Shareholder Report - April 30, 2025

#### PYSBX-SA2025

# Payden Low Duration Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYLDX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Low Duration Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$19** | **0.38%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $937130 |
| # of Portfolio Holdings | 250 |
| Investment Advisory, net of waivers (000) | $618 |
| Portfolio Turnover Rate | 31% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 33.27% |
| Carvana Auto Receivables Trust | 2.14% |
| Connecticut Avenue Securities Trust | 2.01% |
| Essential Utilities, Inc. | 1.83% |
| Freddie Mac STACR REMIC Trust | 1.58% |
| OBX Trust | 1.50% |
| Santander Drive Auto Receivables Trust | 1.49% |
| Fannie Mae Connecticut Avenue Securities | 1.38% |
| American Express Co. | 1.20% |
| CarMax Auto Owner Trust | 1.13% |

---

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

---

| | |
|:---|:---|
| U.S. Treasury | 34% |
| Corporate Bond | 29% |
| Asset Backed | 19% |
| Mortgage Backed | 14% |
| Commercial Paper | 2% |
| Others | 2% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Low Duration Fund

SI Class - PYLDX

Semi-Annual Shareholder Report - April 30, 2025

#### PYLDX-SA2025

# Payden Strategic Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Adviser Class - PYSLX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Adviser Class** | **$6** | **0.11%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $154490 |
| # of Portfolio Holdings | 293 |
| Investment Advisory, net of waivers (000) | $172 |
| Portfolio Turnover Rate | 21% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes | 5.01% |
| U.S. Treasury Note | 4.05% |
| OBX Trust | 1.85% |
| BX Commercial Mortgage Trust | 1.50% |
| Fannie Mae Connecticut Avenue Securities | 1.23% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.19% |
| UBS Group AG | 1.18% |
| FN MA4761 30YR | 1.12% |
| FN MA5040 30YR | 1.00% |
| Verus Securitization Trust | 0.91% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 38% |
| Mortgage Backed | 24% |
| Asset Backed | 12% |
| U.S. Treasury | 10% |
| Investment Company | 6% |
| Others | 10% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Strategic Income Fund

Adviser Class - PYSLX

Semi-Annual Shareholder Report - April 30, 2025

#### PYSLX-SA2025

# Payden Strategic Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYSGX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$33** | **0.65%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $154490 |
| # of Portfolio Holdings | 293 |
| Investment Advisory, net of waivers (000) | $172 |
| Portfolio Turnover Rate | 21% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes | 5.01% |
| U.S. Treasury Note | 4.05% |
| OBX Trust | 1.85% |
| BX Commercial Mortgage Trust | 1.50% |
| Fannie Mae Connecticut Avenue Securities | 1.23% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.19% |
| UBS Group AG | 1.18% |
| FN MA4761 30YR | 1.12% |
| FN MA5040 30YR | 1.00% |
| Verus Securitization Trust | 0.91% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 38% |
| Mortgage Backed | 24% |
| Asset Backed | 12% |
| U.S. Treasury | 10% |
| Investment Company | 6% |
| Others | 10% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Strategic Income Fund

Investor Class - PYSGX

Semi-Annual Shareholder Report - April 30, 2025

#### PYSGX-SA2025

# Payden Strategic Income Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYSIX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$28** | **0.55%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $154490 |
| # of Portfolio Holdings | 293 |
| Investment Advisory, net of waivers (000) | $172 |
| Portfolio Turnover Rate | 21% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes | 5.01% |
| U.S. Treasury Note | 4.05% |
| OBX Trust | 1.85% |
| BX Commercial Mortgage Trust | 1.50% |
| Fannie Mae Connecticut Avenue Securities | 1.23% |
| Payden Emerging Markets Local Bond Fund, SI Class | 1.19% |
| UBS Group AG | 1.18% |
| FN MA4761 30YR | 1.12% |
| FN MA5040 30YR | 1.00% |
| Verus Securitization Trust | 0.91% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 38% |
| Mortgage Backed | 24% |
| Asset Backed | 12% |
| U.S. Treasury | 10% |
| Investment Company | 6% |
| Others | 10% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Strategic Income Fund

SI Class - PYSIX

Semi-Annual Shareholder Report - April 30, 2025

#### PYSIX-SA2025

# Payden U.S. Government Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYUSX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden U.S. Government Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$22** | **0.43%** |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $68178 |
| # of Portfolio Holdings | 58 |
| Investment Advisory, net of waivers (000) | $14 |
| Portfolio Turnover Rate | 28% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Note | 54.37% |
| FRESB Mortgage Trust | 5.51% |
| FHLMC Multifamily Structured Pass-Through Certificates | 4.76% |
| FN MA4869 30YR | 2.27% |
| Fannie Mae-Aces | 2.26% |
| FR SD8452 30YR | 2.10% |
| FR SB8206 15YR | 2.03% |
| FN BM7166 ARM | 1.80% |
| FR SD8461 30YR | 1.61% |
| FN FS2395 15YR | 1.48% |

---

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

---

| | |
|:---|:---|
| U.S. Treasury | 55% |
| Mortgage Backed | 43% |
| Investment Company | 1% |
| Asset Backed | 1% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden U.S. Government Fund

Investor Class - PYUSX

Semi-Annual Shareholder Report - April 30, 2025

#### PYUSX-SA2025

# Payden Securitized Income Fund
![Image](g915857if5399b16340048686898.jpg)

## Investor Class - PYSFX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Securitized Income Fund (the "Fund") for the period of March 5, 2025 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment<sup>Footnote Reference†</sup>** | **Annualized Cost as a % of Investment** |
| **Investor Class** | **$10** | **0.65%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Class from inception date, March 5, 2025 to April 30, 2025. Expenses would be higher if the Class had been in operation for the six month period. |

---

#### What are some fund statistics?

## Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000) | $61539 |
| # of Portfolio Holdings | 165 |
| Investment Advisory, net of waivers (000) | $(33) |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 5.52% |
| BX Commercial Mortgage Trust | 5.00% |
| OBX Trust | 4.49% |
| Freddie Mac STACR REMIC Trust | 4.47% |
| Carvana Auto Receivables Trust | 2.38% |
| Octagon Investment Partners Ltd. | 2.36% |
| Arbor Realty Commercial Real Estate Notes Ltd. | 2.09% |
| Santander Drive Auto Receivables Trust | 2.07% |
| BXMT Ltd. | 2.00% |
| BRAVO Residential Funding Trust | 1.85% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed | 55% |
| Asset Backed | 41% |
| Investment Company | 4% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Securitized Income Fund

Investor Class - PYSFX

Semi-Annual Shareholder Report - April 30, 2025

#### PYSFX-SA2025

# Payden Securitized Income Fund
![Image](g915857if5399b16340048686898.jpg)

## SI Class - PYSCX

## Semi-Annual Shareholder Report - April 30, 2025
This Semi-Annual shareholder report contains important information about Payden Securitized Income Fund (the "Fund") for the period of March 5, 2025 to April 30, 2025. You can find additional information about the Fund at www.payden.com/usfunds.aspx. You can also request this information by contacting us at 800-572-9336.

## What were the fund's cost for the last six months?

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| | | |
|:---|:---|:---|
| **Class Name** | **Cost Per $10,000 Investment<sup>Footnote Reference†</sup>** | **Annualized Cost as a % of Investment** |
| **SI Class** | **$9** | **0.55%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Class from inception date, March 5, 2025 to April 30, 2025. Expenses would be higher if the Class had been in operation for the six month period. |

---

#### What are some fund statistics?

## Fund Statistics

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| | |
|:---|:---|
| Total Net Assets (000) | $61539 |
| # of Portfolio Holdings | 165 |
| Investment Advisory, net of waivers (000) | $(33) |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

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

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| | |
|:---|:---|
| Connecticut Avenue Securities Trust | 5.52% |
| BX Commercial Mortgage Trust | 5.00% |
| OBX Trust | 4.49% |
| Freddie Mac STACR REMIC Trust | 4.47% |
| Carvana Auto Receivables Trust | 2.38% |
| Octagon Investment Partners Ltd. | 2.36% |
| Arbor Realty Commercial Real Estate Notes Ltd. | 2.09% |
| Santander Drive Auto Receivables Trust | 2.07% |
| BXMT Ltd. | 2.00% |
| BRAVO Residential Funding Trust | 1.85% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed | 55% |
| Asset Backed | 41% |
| Investment Company | 4% |

---

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

![Image](g915857i9e60446db2e2957eef56.jpg)

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

Payden Securitized Income Fund

SI Class - PYSCX

Semi-Annual Shareholder Report - April 30, 2025

#### PYSCX-SA2025

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(b) Not applicable.

#### -OR-
A copy of each notice that is the subject of disclosure required by this Item is attached herewith.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this form.

(b) Not applicable.

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#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The semi-annual financial statements are attached herewith.

------

![LOGO](g915857dsp1.jpg)

## Semi-Annual Financial Statements

## and Other Information

## April 30, 2025

------

&nbsp;&nbsp; Contents <br>

---

| | |
|:---|:---|
| 4 | [Portfolio Highlights & Investments](#sar1915857_1) |
| 120 | TOCEntry |
| 120 | [Statements of Assets and Liabilities](#sar1915857_3) |
| 125 | [Statements of Operations](#sar1915857_4) |
| 129 | [Statements of Changes in Net Assets](#sar1915857_5) |
| 137 | [Notes to Financial Statements](#sar1915857_6) |
| 157 | [Financial Highlights](#sar1915857_7) |

---

------

Portfolio Highlights & Investments

*April 30, 2025 (Unaudited)* 

---

| | |
|:---|:---|
| *Abbreviations* |  |
| AGM - Assured Guaranty Municipal Corporation | FR - Freddie Mac Pool |
| AMT - Alternative Minimum Tax | G2 - Ginnie Mae II pool |
| ARM - Adjustable Rate Mortgage | G2SF - Ginnie Mae |
| AUD - Australian Dollar | GBP - British Pound |
| BAM - Build America Mutual | GN - Ginnie Mae I pool |
| BRL - Brazilian Real | GNR - Ginnie Mae REMICS |
| CAD - Canadian Dollar | HUF - Hungarian Forint |
| CHF - Swiss Franc | IDR - Indonesian Rupiah |
| CLO - Collateralized Loan Obligation | INR - Indian Rupee |
| CMBS - Commercial Mortgage-Backed Security | JPY - Japanese Yen |
| CLP - Chilean Peso | LIBOR - London Interbank Offered Rate |
| CNY - China Renminbi | MXN - Mexican Peso |
| COP - Colombian Peso | MYR - Malaysian Ringgit |
| CZK - Czech Koruna | PEN - Peruvian Sol |
| DKK - Danish Krone | PHP - Philippine Peso |
| DOP - Dominican Peso | PLN - Polish Zloty |
| EGP - Egyptian Pound | REMIC - Real Estate Mortgage Investment Conduit |
| EUR - Euro | RON - New Romanian Leu |
| EURIBOR - Euro Interbank Offered Rate | SEK - Swedish Krona |
| FFCB - Federal Farm Credit Banks Funding Corporation | SGD - Singapore Dollar |
| FG - Freddie Mac Gold Pool | STACR - Structured Agency Credit Risk |
| FH - Freddie Mac Non Gold Pool | TBA - To-Be-Announced |
| FHLB - Federal Home Loan Banks | THB - Thai Baht |
| FHLMC - Federal Home Loan Mortgage Company (Freddie Mac) | TRY - Turkish Lira |
| FHR - Freddie Mac REMICS | USD - US Dollar |
| FN - Fannie Mae Pool | UYU - Uruguayan Peso |
| FNCL - Fannie Mae or Freddie Mac | ZAR - South African Rand |
| FNR - Fannie Mae REMICS |  |

---

4 Payden Mutual Funds

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&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 - *April 30, 2025 (Unaudited)* | Schedule of Investments - *April 30, 2025 (Unaudited)* | Schedule of Investments - *April 30, 2025 (Unaudited)* |
| Principal<br> or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **U.S. Government Agency (8%)** | **U.S. Government Agency (8%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | FFCB Funding Corp., (U.S. Secured Overnight Financing Rate + 0.115%), 4.48%, 10/29/25 (a) | $4501 |
| 5000000 | FFCB Funding Corp., (U.S. Secured Overnight Financing Rate + 0.100%), 4.46%, 6/24/26 (a) | 5000 |
| 4500000 | FHLB, (U.S. Secured Overnight Financing Rate + 0.160%), 4.52%, 7/10/25 (a) | 4501 |
| 8000000 | FHLB, 4.05%, 1/02/26 | 7992 |
| 3500000 | FHLB, 4.35%, 3/02/26 | 3500 |
| 4500000 | FHLB 0001, (U.S. Secured Overnight Financing Rate + 0.170%), 4.53%, 8/20/26 (a) | 4500 |
| 4000000 | FHLB, (U.S. Secured Overnight Financing Rate + 0.180%), 4.54%, 9/18/26 (a) | 4000 |
|  **Total U.S. Government Agency (Cost - $33,994)** | **Total U.S. Government Agency (Cost - $33,994)** | **33994** |
|  **Mortgage Backed (1%)** | **Mortgage Backed (1%)** |  |
| 1108910 | Fannie Mae-Aces 2015-M9, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.414%), 4.75%, 6/25/25 (a) | 1109 |
| 1246560 | FHLMC Multifamily Structured Pass-Through Certificates K048, 3.28%, 6/25/25 (b) | 1245 |
| 2904860 | FHLMC Multifamily Structured Pass-Through Certificates KF68, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.604%), 4.94%, 7/25/26 (a) | 2907 |
|  **Total Mortgage Backed (Cost - $5,261)** | **Total Mortgage Backed (Cost - $5,261)** | **5261** |
|  **U.S. Treasury (57%)** | **U.S. Treasury (57%)** |  |
| 30000000 | U.S. Treasury Bill, 4.25%, 5/01/25 (c) | 30000 |
| 50000000 | U.S. Treasury Bill, 4.26%, 5/08/25 (c) | 49959 |
| 25000000 | U.S. Treasury Bill, 4.24%, 6/20/25 (c) | 24854 |
| 30000000 | U.S. Treasury Bill, 1.33%, 6/24/25 (c) | 29810 |
| 35000000 | U.S. Treasury Bill, 4.25%, 7/03/25 (c) | 34743 |
| 40000000 | U.S. Treasury Bill, 4.26%, 7/24/25 (c) | 39607 |
| 14000000 | U.S. Treasury Floating Rate Notes, (3 mo. U.S. Treasury Bill Yield + 0.125%), 4.37%, 7/31/25 (a) | 13998 |
| 20000000 | U.S. Treasury Floating Rate Notes, (3 mo. U.S. Treasury Bill Yield + 0.170%), 4.42%, 10/31/25 (a) | 20000 |
|  **Total U.S. Treasury (Cost - $242,971)** | **Total U.S. Treasury (Cost - $242,971)** | **242971** |
|  **Repurchase Agreement (41%)** | **Repurchase Agreement (41%)** |  |
| 67000000 | Bank of Montreal Tri Party, 4.30%, 5/01/25 (d) | 67000 |
| 25000000 | CIBC World Markets Tri Party, 4.28%, 5/07/25 (e) | 25000 |
| 45000000 | Citigroup Tri Party, 4.29%, 5/01/25 (f) | 45000 |
| 10000000 | Goldman Sachs Tri Party, 4.28%, 5/06/25 (g) | 10000 |
| 30000000 | Mitsubishi UFJ Financial Group, 4.30%, 5/05/25 (h) | 30000 |
|  **Total Repurchase Agreement (Cost - $177,000)** | **Total Repurchase Agreement (Cost - $177,000)** | **177000** |
|  **Total Investments (Cost - $459,226) (107%)** | **Total Investments (Cost - $459,226) (107%)** | 459226 |
|  **Liabilities in excess of Other Assets (-7%)** | **Liabilities in excess of Other Assets (-7%)** | (29746) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**429480** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025.

&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;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The repurchase agreement dated 5/1/2025 01/31/20 is collateralized by the following securities:

---

| | | |
|:---|:---|:---|
|  Bank of Montreal Tri Party | Bank of Montreal Tri Party |  |
| 70568700 | U.S. Treasury Securities, maturity from Oct 25-Jan 35, yielding from 0.13%-2.88% | $68340 |
|  |  | 68340 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(e) The repurchase agreement dated 5/7/2025 is collateralized by the following securities:

---

| | | |
|:---|:---|:---|
| CIBC World Markets Tri Party | CIBC World Markets Tri Party |  |
| 23141400 | U.S. Treasury Securities, maturity from Dec 25-Nov 52, yielding from 0.13%-4.50% | $25500 |
|  |  | 25500 |
| (f) The repurchase agreement dated 5/1/2025 is collateralized by the following securities: | (f) The repurchase agreement dated 5/1/2025 is collateralized by the following securities: |  |
|  CitigroupTri Party | CitigroupTri Party |  |
| 46519600 | U.S. Treasury Securities, maturity from Feb 27-Feb 27, yielding from 1.88%-4.13% | $45900 |
|  |  | 45900 |
| (g) The repurchase agreement dated 5/6/2025 is collateralized by the following securities: | (g) The repurchase agreement dated 5/6/2025 is collateralized by the following securities: |  |
|  Goldman Sachs Tri Party | Goldman Sachs Tri Party |  |
| 7692058 | FMAC, maturity from May 34-Mar 55, yielding from 3.00%-6.00% | $2239 |
| 10804326 | FNMA, maturity from Oct 42-Mar 55, yielding from 2.00%-6.00% | 3424 |
| 36341927 | GNMA, maturity dated Oct 49, yielding 3.50% | 4537 |
|  |  | 10200 |
| (h) The repurchase agreement dated 5/5/2025 is collateralized by the following securities: | (h) The repurchase agreement dated 5/5/2025 is collateralized by the following securities: |  |
|  Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group |  |
| 6306198 | FMAC, maturity from Feb 48-Mar 55, yielding from 2.00%-7.00% | $5806 |
| 35620982 | FNMA, maturity from Jan 37-Jan 55, yielding from 2.00%-6.00% | 10241 |
| 7171783 | GNMA, maturity from Apr 46-Oct 65, yielding from 3.00%-6.50% | 6238 |
| 7985500 | U.S. Treasury Securities, maturity from Jul 25- Feb 45, yielding from 0.13%-4.38% | 8315 |
|  |  | 30600 |

---

Semi-Annual 5

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&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

#### 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 | $177000 |
|  Non-cash Collateral | (177000) |
|  Net Amount | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See notes to financial statements.* 

6 Payden Mutual Funds

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Limited Maturity Fund

**Schedule of Investments** *- April 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Asset Backed (30%)** | **Asset Backed (30%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817536 | Ally Auto Receivables Trust 2024-2, 4.46%, 7/15/27 | $2816 |
| 2075091 | Ally Bank Auto Credit-Linked Notes 2024-A 144A, 5.68%, 5/17/32 (a) | 2108 |
| 48440 | American Credit Acceptance Receivables Trust 2024-1 144A, 5.61%, 1/12/27 (a) | 48 |
| 1843898 | American Credit Acceptance Receivables Trust 2024-2 144A, 5.90%, 2/12/27 (a) | 1846 |
| 2623753 | American Credit Acceptance Receivables Trust 2024-3 144A, 5.76%, 11/12/27 (a) | 2630 |
| 2135532 | American Credit Acceptance Receivables Trust 2024-4 144A, 4.81%, 3/13/28 (a) | 2135 |
| 4377581 | American Credit Acceptance Receivables Trust 2025-1 144A, 4.67%, 7/12/28 (a) | 4377 |
| 1914808 | Americredit Automobile Receivables Trust 2023- 1, 5.62%, 11/18/27 | 1923 |
| 1975579 | AmeriCredit Automobile Receivables Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.600%), 4.95%, 2/18/28 (b) | 1974 |
| 5000000 | Apidos CLO 2013-12A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 5.71%, 4/15/31 (a)(b) | 4994 |
| 579350 | Apidos CLO XXXA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 5.35%, 10/18/31 (a)(b) | 578 |
| 4975766 | Apidos CLO 2019-32A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.37%, 1/20/33 (a)(b) | 4972 |
| 2210730 | Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 5.79%, 1/15/37 (a)(b) | 2214 |
| 2372488 | Ares XXXVII CLO Ltd. 2015-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 5.34%, 10/15/30 (a)(b) | 2370 |
| 3825557 | ARI Fleet Lease Trust 2023-A 144A, 5.41%, 2/17/32 (a) | 3830 |
| 2248681 | ARI Fleet Lease Trust 2023-B 144A, 6.05%, 7/15/32 (a) | 2267 |
| 6311051 | ARI Fleet Lease Trust 2024-A 144A, 5.30%, 11/15/32 (a) | 6344 |
| 3620335 | ARI Fleet Lease Trust 2024-B 144A, 5.54%, 4/15/33 (a) | 3643 |
| 4400000 | ARI Fleet Lease Trust 2025-A 144A, 4.38%, 1/17/34 (a) | 4397 |
| 1585006 | BDS Ltd. 2021-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.464%), 5.78%, 12/16/36 (a)(b) | 1583 |
| 5000000 | Beechwood Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.58%, 1/17/35 (a)(b) | 5000 |
| 140423 | BMW Canada Auto Trust 2024-1A 144A, 5.03%, 4/20/26 CAD (a)(c) | 102 |
| 2725785 | BMW Vehicle Lease Trust 2024-2, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.420%), 4.77%, 1/25/27 (b) | 2725 |
| 1599248 | Bridgecrest Lending Auto Securitization Trust 2024-3, 5.54%, 2/16/27 | 1601 |

---

---

| | | |
|:---|:---|:---|
| 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;4500000 | Bridgecrest Lending Auto Securitization Trust 2025-1, 4.67%, 8/15/28 | $4506 |
| 4050000 | Bridgecrest Lending Auto Securitization Trust 2024-4, 4.72%, 9/15/28 | 4058 |
| 7598108 | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 6.58%, 9/15/35 (a)(b) | 7597 |
| 1311275 | BSPRT Issuer Ltd. 2021-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.434%), 5.76%, 12/15/38 (a)(b) | 1313 |
| 5000000 | Buttermilk Park CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.370%), 5.63%, 10/15/31 (a)(b) | 4990 |
| 3000000 | Carlyle Global Market Strategies CLO Ltd. 2012-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.350%),<br>5.62%, 4/22/32 (a)(b) | 2993 |
| 1935917 | CarMax Auto Owner Trust 2022-1, 1.47%, 12/15/26 | 1922 |
| 1478358 | CarMax Auto Owner Trust 2023-4, 6.08%, 12/15/26 | 1481 |
| 2275082 | CarMax Auto Owner Trust 2022-4, 5.34%, 8/16/27 | 2283 |
| 3125070 | CarMax Auto Owner Trust 2024-3, 5.21%, 9/15/27 | 3133 |
| 4030794 | CarMax Auto Owner Trust 2024-4, 4.67%, 12/15/27 | 4032 |
| 3700000 | CarMax Auto Owner Trust 2025-2, 4.59%, 7/17/28 | 3707 |
| 757589 | Carvana Auto Receivables Trust 2021-P4, 1.31%, 1/11/27 | 755 |
| 1305517 | Carvana Auto Receivables Trust 2022-P1, 3.35%, 2/10/27 | 1303 |
| 1148658 | Carvana Auto Receivables Trust 2024-P1 144A, 5.50%, 8/10/27 (a) | 1150 |
| 1652408 | Carvana Auto Receivables Trust 2024-P3, 4.61%, 11/10/27 | 1652 |
| 667493 | Carvana Auto Receivables Trust 2022-P3, 4.61%, 11/10/27 | 667 |
| 1748874 | Carvana Auto Receivables Trust 2024-P2, 5.63%, 11/10/27 | 1752 |
| 4440083 | Carvana Auto Receivables Trust 2024-P4, 4.62%, 2/10/28 | 4439 |
| 2300000 | Carvana Auto Receivables Trust 2025-P1, 4.50%, 6/12/28 | 2301 |
| 2300161 | CCG Receivables Trust 2023-1 144A, 5.82%, 9/16/30 (a) | 2315 |
| 2365291 | CCG Receivables Trust 2024-1 144A, 4.99%, 3/15/32 (a) | 2381 |
| 3000000 | CCG Receivables Trust 2025-1 144A, 4.48%, 10/14/32 (a) | 3004 |
| 1279844 | Chase Auto Owner Trust 2024-4A 144A, 5.25%, 9/27/27 (a) | 1283 |
| 2583546 | Chase Auto Owner Trust 2024-5A 144A, 4.40%, 11/26/27 (a) | 2581 |
| 6100687 | Chenango Park CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.31%, 4/15/30 (a)(b) | 6095 |
| 2536511 | Chesapeake Funding II LLC 2024-1A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.770%), 5.11%, 5/15/36 (a)(b) | 2539 |
| 1252881 | CNH Equipment Trust 2023-B, 5.90%, 2/16/27 | 1255 |

---

Semi-Annual 7

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&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;1556852 | Crestline Denali CLO XVII Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.130%), 5.39%,<br> 10/15/31 (a)(b) | $1556 |
| 1199439 | Daimler Trucks Retail Trust 2024-1, 5.60%, 4/15/26 | 1201 |
| 3900000 | Dell Equipment Finance Trust 2025-1 144A, 4.68%, 7/22/27 (a) | 3905 |
| 2491740 | Dell Equipment Finance Trust 2023-1 144A, 5.65%, 9/22/28 (a) | 2499 |
| 218668 | Dell Equipment Finance Trust 2023-3 144A, 6.10%, 4/23/29 (a) | 219 |
| 5030000 | Dell Equipment Finance Trust 2024-1 144A, 5.39%, 3/22/30 (a) | 5089 |
| 10450000 | Dell Equipment Finance Trust 2024-2 144A, 4.69%, 8/22/30 (a) | 10462 |
| 4300000 | Diamond Infrastructure Funding LLC<br>2021-1A 144A, 1.76%, 4/15/49 (a) | 4066 |
| 538383 | DLLAA LLC 2023-1A 144A, 5.93%, 7/20/26 (a) | 539 |
| 1300000 | DLLST LLC 2024-1A 144A, 5.05%, 8/20/27 (a) | 1307 |
| 2524313 | Drive Auto Receivables Trust 2024-2, 4.94%, 12/15/27 | 2526 |
| 6927371 | Drive Auto Receivables Trust 2024-1, 5.35%, 2/15/28 | 6936 |
| 3478612 | Dryden Senior Loan Fund 2015-40A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.47%, 8/15/31 (a)(b) | 3478 |
| 3886107 | Enterprise Fleet Financing LLC 2024-2 144A, 5.74%, 12/20/26 (a) | 3906 |
| 3756144 | Enterprise Fleet Financing LLC 2024-3 144A, 5.31%, 4/20/27 (a) | 3769 |
| 4400000 | Enterprise Fleet Financing LLC 2024-4 144A, 4.69%, 7/20/27 (a) | 4412 |
| 4900000 | Enterprise Fleet Financing LLC 2025-1 144A, 4.65%, 10/20/27 (a) | 4911 |
| 7134215 | Enterprise Fleet Financing LLC 2024-1 144A, 5.23%, 3/20/30 (a) | 7192 |
| 1374018 | Exeter Automobile Receivables Trust<br>2024-3A, 5.82%, 2/15/27 | 1375 |
| 1633507 | Exeter Automobile Receivables Trust<br>2024-5A, 4.79%, 4/15/27 | 1633 |
| 5300000 | Exeter Automobile Receivables Trust<br>2024-4A, 5.28%, 8/15/30 | 5316 |
| 4965000 | Exeter Select Automobile Receivables Trust 2025-1, 4.83%, 10/16/28 | 4973 |
| 326005 | Flagship Credit Auto Trust 2023-2 144A, 5.76%, 4/15/27 (a) | 326 |
| 641286 | Flagship Credit Auto Trust 2023-3 144A, 5.89%, 7/15/27 (a) | 642 |
| 5000000 | Flatiron RR CLO LLC 2021-2A 144A,<br>(3 mo. Term Secured Overnight Financing Rate + 0.910%), 5.17%, 10/15/34 (a)(b) | 4954 |
| 1228031 | Ford Credit Auto Lease Trust 2024-B, 5.18%, 2/15/27 | 1230 |
| 3900000 | Ford Credit Auto Lease Trust 2025-A, 4.57%, 8/15/27 | 3906 |
| 5000000 | Ford Credit Auto Lease Trust 2024-B, 4.99%, 12/15/27 | 5043 |
| 4500000 | Ford Credit Auto Owner Trust 2025-A, 4.47%, 12/15/27 | 4506 |
| 4057807 | Ford Credit Auto Owner Trust 2023-A, 4.65%, 2/15/28 | 4061 |
| 4303722 | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.334%), 5.66%, 5/16/38 (a)(b) | 4260 |

---

---

| | | |
|:---|:---|:---|
| 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;103555 | Galaxy XV CLO Ltd. 2013-15A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.232%), 5.49%, 10/15/30 (a)(b) | $104 |
| 2488130 | GLS Auto Receivables Issuer Trust 2024-3A 144A, 5.35%, 8/16/27 (a) | 2492 |
| 4756000 | GLS Auto Receivables Issuer Trust 2025-1A 144A, 4.68%, 12/15/27 (a) | 4755 |
| 4900000 | GLS Auto Receivables Issuer Trust 2025-1A 144A, 4.77%, 9/15/28 (a) | 4924 |
| 4458667 | GM Financial Automobile Leasing Trust 2023-2, 5.05%, 7/20/26 | 4461 |
| 4733618 | GM Financial Automobile Leasing Trust 2024-3, 4.29%, 1/20/27 | 4726 |
| 2461481 | GM Financial Automobile Leasing Trust 2024-3, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.470%), 4.82%, 1/20/27 (b) | 2459 |
| 81027 | GM Financial Consumer Automobile Receivables Trust 2023-3, 5.74%, 9/16/26 | 81 |
| 729943 | GM Financial Consumer Automobile Receivables Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.400%), 4.75%, 2/16/27 (b) | 730 |
| 3436252 | GM Financial Consumer Automobile Receivables Trust 2024-3, 5.35%, 6/16/27 | 3445 |
| 2158135 | GM Financial Consumer Automobile Receivables Trust 2024-4, 4.53%, 10/18/27 | 2158 |
| 3781286 | GM Financial Consumer Automobile Receivables Trust 2023-1, 4.66%, 2/16/28 | 3784 |
| 4900000 | GMF Floorplan Owner Revolving Trust<br> 2024- 4A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.550%), 4.89%, 11/15/29 (a)(b) | 4883 |
| 3700000 | GMF Floorplan Owner Revolving Trust Series 2025-1A 144A, 4.59%, 3/15/29 (a) | 3722 |
| 3465703 | Goldentree Loan Management U.S. CLO Ltd. 2019-5A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 5.34%, 10/20/32 (a)(b) | 3462 |
| 3200000 | Goldentree Loan Management U.S. CLO Ltd. 2020-8A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.42%, 10/20/34 (a)(b) | 3189 |
| 3000000 | Golub Capital Partners CLO 53B Ltd.<br>2021-53A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.980%), 5.29%, 7/20/34 (a)(b) | 2974 |
| 5352892 | GreatAmerica Leasing Receivables Funding LLC 2022-1 144A, 5.08%, 9/15/26 (a) | 5361 |
| 1900000 | GreatAmerica Leasing Receivables Funding LLC 2025-1 144A, 4.52%, 10/15/27 (a) | 1903 |
| 1500000 | Highbridge Loan Management Ltd. 5A-2015 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%),<br>5.56%, 10/15/30 (a)(b) | 1497 |
| 112559 | Honda Auto Receivables Owner Trust 2023-2, 5.41%, 4/15/26 | 113 |
| 5000000 | Honda Auto Receivables Owner Trust 2025-2, 4.30%, 1/18/28 | 5001 |
| 5100000 | Honda Auto Receivables Owner Trust 2021-4, 1.14%, 6/21/28 | 5089 |
| 2370000 | Hotwire Funding LLC 2021-1 144A, 2.31%, 11/20/51 (a) | 2264 |
| 1251760 | HPEFS Equipment Trust 2023-2A 144A, 6.04%, 1/21/31 (a) | 1254 |

---

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;4900000 | HPS Loan Management Ltd. 13A-18 144A, (3 mo. Term Secured Overnight Financing Rate + 1.400%), 5.66%, 10/15/30 (a)(b) | $4891 |
| 571670 | Hyundai Auto Lease Securitization Trust 2023-C 144A, 5.85%, 3/16/26 (a) | 572 |
| 1743498 | Hyundai Auto Lease Securitization Trust 2023-B 144A, 5.15%, 6/15/26 (a) | 1745 |
| 8700000 | Hyundai Auto Lease Securitization Trust 2023-C 144A, 5.80%, 12/15/26 (a) | 8739 |
| 2811682 | Hyundai Auto Lease Securitization Trust 2024-C 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.500%), 4.84%, 3/15/27 (a)(b) | 2811 |
| 5000000 | Hyundai Auto Lease Securitization Trust 2024-A 144A, 5.02%, 3/15/27 (a) | 5018 |
| 3300000 | Hyundai Auto Lease Securitization Trust 2025-B 144A, 4.58%, 9/15/27 (a) | 3308 |
| 1461000 | Hyundai Auto Receivables Trust 2022-A, 2.35%, 4/17/28 | 1443 |
| 3000000 | John Deere Owner Trust 2024-C, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.430%), 4.78%, 8/16/27 (b) | 3002 |
| 2445790 | KREF Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.184%), 5.51%,<br>2/15/39 (a)(b) | 2428 |
| 1882117 | Kubota Credit Owner Trust 2023-2A 144A, 5.61%, 7/15/26 (a) | 1885 |
| 3680722 | Kubota Credit Owner Trust 2023-1A 144A, 5.02%, 6/15/27 (a) | 3695 |
| 242318 | LAD Auto Receivables Trust 2024-1A 144A, 5.44%, 11/16/26 (a) | 242 |
| 1700000 | LCM Ltd. 31A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.55%, 7/20/34 (a)(b) | 1697 |
| 410818 | LCM XXIV Ltd. 24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.242%), 5.51%,<br>3/20/30 (a)(b) | 411 |
| 2671787 | Madison Park Funding XLII Ltd. 13A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.43%, 11/21/30 (a)(b) | 2668 |
| 3750000 | Madison Park Funding XLIX Ltd. 2021-49A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.32%, 10/19/34 (a)(b) | 3728 |
| 942952 | Magnetite XV Ltd. 2015-15A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.272%), 5.55%, 7/25/31 (a)(b) | 943 |
| 3818637 | Mercedes-Benz Auto Lease Trust 2024-B, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.440%), 4.78%, 12/15/26 (b) | 3817 |
| 1453895 | Mercedes-Benz Auto Receivables Trust 2023-1, 4.51%, 11/15/27 | 1454 |
| 2188535 | MMAF Equipment Finance LLC 2023-A 144A, 5.79%, 11/13/26 (a) | 2195 |
| 2299321 | MMAF Equipment Finance LLC 2024-A 144A, 5.20%, 9/13/27 (a) | 2308 |
| 445099 | MMAF Equipment Finance LLC 2022-A 144A, 3.20%, 1/13/28 (a) | 442 |
| 2250000 | Navistar Financial Dealer Note Master Owner Trust II 2023-1 144A, 6.18%, 8/25/28 (a) | 2259 |
| 5000000 | Neuberger Berman Loan Advisers CLO Ltd. 2021-42A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.950%), 5.21%, 7/16/35 (a)(b) | 4970 |

---

---

| | | |
|:---|:---|:---|
| 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;5000000 | Neuberger Berman Loan Advisers CLO Ltd. 2022-49A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.43%, 7/25/35 (a)(b) | $4990 |
| 4500000 | Nissan Master Owner Trust Receivables 2024-A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.670%), 5.01%, 2/15/28 (a)(b) | 4507 |
| 254712 | OneMain Direct Auto Receivables Trust 2021-1A 144A, 0.87%, 7/14/28 (a) | 252 |
| 5115000 | OneMain Direct Auto Receivables Trust 2023-1A 144A, 5.41%, 11/14/29 (a) | 5173 |
| 1352006 | Palmer Square Loan Funding Ltd. 2022-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.36%, 4/15/31 (a)(b) | 1351 |
| 4769514 | Palmer Square Loan Funding Ltd. 2024-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.080%), 5.38%, 8/08/32 (a)(b) | 4764 |
| 4785727 | Palmer Square Loan Funding Ltd. 2024-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.31%, 10/15/32 (a)(b) | 4775 |
| 1000000 | Palmer Square Loan Funding Ltd. 2025-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.800%), 5.12%, 2/15/33 (a)(b) | 994 |
| 9100000 | PFS Financing Corp. 2024-A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.19%, 1/15/28 (a)(b) | 9116 |
| 1992882 | Porsche Innovative Lease Owner Trust 2024-2A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.440%), 4.79%, 12/21/26 (a)(b) | 1992 |
| 6000000 | Rad CLO Ltd. 2020-7A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.350%), 5.63%,<br>4/17/36 (a)(b) | 5994 |
| 2564233 | Regatta XIII Funding Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.36%, 7/15/31 (a)(b) | 2563 |
| 2300000 | Regatta XIII Funding Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 5.76%, 7/15/31 (a)(b) | 2298 |
| 6700000 | Regatta XIV Funding Ltd. 2018-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 5.78%, 10/25/31 (a)(b) | 6662 |
| 465857 | Santander Bank Auto Credit-Linked Notes 2022-C 144A, 6.45%, 12/15/32 (a) | 467 |
| 830691 | Santander Bank Auto Credit-Linked Notes 2023-A 144A, 6.49%, 6/15/33 (a) | 834 |
| 228296 | Santander Drive Auto Receivables Trust 2024-1, 5.71%, 2/16/27 | 228 |
| 2349073 | Santander Drive Auto Receivables Trust 2024-4, 5.41%, 7/15/27 | 2352 |
| 283881 | Santander Drive Auto Receivables Trust 2023-5, 6.31%, 7/15/27 | 284 |
| 3047976 | Santander Drive Auto Receivables Trust 2024-S3 144A, 1.33%, 9/16/27 (a) | 3018 |
| 4300000 | Santander Drive Auto Receivables Trust 2021-3 144A, 2.70%, 10/16/28 (a) | 4259 |
| 3800000 | Santander Drive Auto Receivables Trust 2024-5, 4.62%, 11/15/28 | 3808 |
| 2825935 | SBNA Auto Lease Trust 2024-C 144A, 4.94%, 11/20/26 (a) | 2828 |
| 4250000 | SBNA Auto Lease Trust 2025-A 144A, 4.68%, 4/20/27 (a) | 4252 |

---

Semi-Annual 9

------

&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;4900000 | SBNA Auto Lease Trust 2023-A 144A, 6.51%, 4/20/27 (a) | $4928 |
| 74628 | SFS Auto Receivables Securitization Trust 2023-1A 144A, 5.89%, 3/22/27 (a) | 75 |
| 1074052 | SFS Auto Receivables Securitization Trust 2024-1A 144A, 5.35%, 6/21/27 (a) | 1075 |
| 3400000 | SFS Auto Receivables Securitization Trust 2025-1A 144A, 4.65%, 5/22/28 (a) | 3398 |
| 3814394 | SFS Auto Receivables Securitization Trust 2024-3A 144A, 4.71%, 5/22/28 (a) | 3814 |
| 5613185 | SoFi Consumer Loan Program Trust 2025-1 144A, 4.80%, 2/27/34 (a) | 5621 |
| 1094000 | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (a) | 1061 |
| 1763903 | Symphony CLO XVIII Ltd. 2016-18A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.38%, 7/23/33 (a)(b) | 1762 |
| 5705822 | Symphony CLO XX Ltd. 2018-20A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.36%, 1/16/32 (a)(b) | 5700 |
| 2422597 | Tesla Auto Lease Trust 2024-B 144A, 4.79%,<br>1/20/27 (a) | 2424 |
| 503593 | THL Credit Wind River CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.200%), 5.46%, 7/15/30 (a)(b) | 503 |
| 3216447 | TIAA CLO IV Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.140%), 5.41%, 1/20/32 (a)(b) | 3214 |
| 5000000 | Toyota Lease Owner Trust 2024-A 144A, 5.25%, 4/20/27 (a) | 5030 |
| 3600000 | Toyota Lease Owner Trust 2025-A 144A, 4.58%, 7/20/27 (a) | 3613 |
| 6118000 | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (a) | 6032 |
| 5950000 | Vantage Data Centers Issuer LLC 2024-1A 144A, 5.10%, 9/15/54 (a) | 5894 |
| 3853426 | VERDE CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.110%), 5.37%, 4/15/32 (a)(b) | 3849 |
| 3300000 | Verizon Master Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.650%), 5.00%, 12/20/28 (b) | 3304 |
| 4100000 | Verizon Master Trust 2025-3, 4.51%, 3/20/30 | 4130 |
| 158972 | Volkswagen Auto Loan Enhanced Trust 2023-1, 5.50%, 12/21/26 | 159 |
| 4100000 | Volkswagen Auto Loan Enhanced Trust 2025-1, 4.51%, 1/20/28 | 4109 |
| 1100000 | Volvo Financial Equipment LLC Series 2025-1A 144A, 4.41%, 11/15/27 (a) | 1100 |
| 3244628 | Voya CLO Ltd. 2016-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.42%, 10/18/31 (a)(b) | 3243 |
| 4613636 | Voya CLO Ltd. 2016-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.350%), 5.62%, 10/18/31 (a)(b) | 4587 |
| 4298615 | Voya CLO Ltd. 2015-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.150%), 5.42%, 10/20/31 (a)(b) | 4295 |
| 100767 | Westlake Automobile Receivables Trust 2023-3A 144A, 5.96%, 10/15/26 (a) | 101 |
| 2763658 | Westlake Automobile Receivables Trust 2023-4A 144A, 6.23%, 1/15/27 (a) | 2771 |

---

---

| | | |
|:---|:---|:---|
| 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;275771 | Westlake Automobile Receivables Trust 2023-2A 144A, 5.80%, 2/16/27 (a) | $276 |
| 91658 | Westlake Automobile Receivables Trust 2022-1A 144A, 3.11%, 3/15/27 (a) | 92 |
| 4633000 | Westlake Automobile Receivables Trust 2024-1A 144A, 5.44%, 5/17/27 (a) | 4647 |
| 4200000 | Westlake Automobile Receivables Trust 2023-3A 144A, 5.82%, 5/17/27 (a) | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451129 | Westlake Automobile Receivables Trust 2024-2A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.660%), 5.00%, 8/16/27 (a)(b) | 2452 |
| 2774574 | Westlake Automobile Receivables Trust 2024-3A 144A, 4.82%, 9/15/27 (a) | 2776 |
| 5200000 | Westlake Automobile Receivables Trust 2025-1A 144A, 4.66%, 1/18/28 (a) | 5202 |
| 3160000 | Westlake Automobile Receivables Trust 2024-2A 144A, 5.56%, 2/15/28 (a) | 3185 |
| 5400000 | Westlake Automobile Receivables Trust 2024-3A 144A, 4.71%, 4/17/28 (a) | 5407 |
| 5100000 | Wheels Fleet Lease Funding LLC 2025-1A 144A, 4.57%, 1/18/40 (a) | 5116 |
|  **Total Asset Backed (Cost - $591,715)** | **Total Asset Backed (Cost - $591,715)** | 592585 |
|  **Commercial Paper(d) (0%)** | **Commercial Paper(d) (0%)** |  |
| 6500000 | Essential Utilities, Inc., 4.65%, 5/01/25 | 6499 |
|  **Corporate Bond (36%)** | **Corporate Bond (36%)** |  |
|  **Financial (22%)** | **Financial (22%)** |  |
| 9500000 | ABN AMRO Bank NV 144A, (Secured Overnight Financing Rate + 1.780%), 6.15%, 9/18/27 (a)(b) | 9593 |
| 4900000 | ABN AMRO Bank NV 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.780%), 4.99%, 12/03/28 (a)(b) | 4947 |
| 7430000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 4/01/28 | 7476 |
| 1750000 | Air Lease Corp., 2.88%, 1/15/26 | 1726 |
| 2980000 | Ally Financial Inc., 5.75%, 11/20/25 | 2984 |
| 4680000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.999%), 4.99%, 5/01/26 (b) | 4680 |
| 4260000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.330%), 6.34%, 10/30/26 (b) | 4299 |
| 8435000 | American Express Co., (Secured Overnight Financing Rate + 0.970%), 5.35%, 7/28/27 (b) | 8462 |
| 4730000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.31%, 7/26/28 (b) | 4749 |
| 5320000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.260%), 5.64%, 4/25/29 (b) | 5348 |
| 4820000 | Aon North America Inc., 5.13%, 3/01/27 | 4889 |
| 2438000 | Ares Capital Corp., 3.25%, 7/15/25 | 2430 |
| 1930000 | Arthur J Gallagher & Co., 4.60%, 12/15/27 | 1946 |
| 8360000 | Athene Global Funding 144A, 4.95%, 1/07/27 (a) | 8416 |
| 2170000 | Aviation Capital Group LLC 144A, 4.75%, 4/14/27 (a) | 2173 |
| 10000000 | Banco Santander SA, (U.S. Secured Overnight Financing Rate + 1.120%), 5.50%, 7/15/28 (b) | 9981 |
| 9480000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 0.830%), 4.98%, 1/24/29 (b) | 9608 |
| 9930000 | Bank of Montreal, 5.92%, 9/25/25 | 9982 |
| 6895000 | Bank of Montreal, (Secured Overnight Financing Rate + 0.670%), 5.00%, 1/27/29 (b) | 7004 |

---

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;9760000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 1.000%), 5.37%, 9/08/28 (b)(e) | $9745 |
| 4510000 | Banque Federative du Credit Mutuel SA 144A,(Secured Overnight Financing Rate + 1.400%), 5.78%, 7/13/26 (a)(b) | 4562 |
| 4270000 | Banque Federative du Credit Mutuel SA 144A, 5.09%, 1/23/27 (a) | 4315 |
| 7485000 | Blackstone Secured Lending Fund, 3.63%, 1/15/26 | 7406 |
| 2660000 | Blackstone Secured Lending Fund, 5.88%, 11/15/27 | 2694 |
| 1883000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 1878 |
| 900000 | BPCE SA 144A, 5.20%, 1/18/27 (a) | 913 |
| 9905000 | Canadian Imperial Bank of Commerce, (U.S. Secured Overnight Financing Rate + 1.220%), 5.60%, 10/02/26 (b) | 9967 |
| 9430000 | Canadian Imperial Bank of Commerce, (U.S. Secured Overnight Financing Rate + 0.720%), 4.86%, 1/13/28 (b) | 9504 |
| 3010000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (a) | 2971 |
| 2715000 | Citibank N.A., (U.S. Secured Overnight Financing Rate + 0.708%), 5.07%, 8/06/26 (b) | 2714 |
| 9755000 | Citibank N.A., (U.S. Secured Overnight Financing Rate + 0.712%), 4.88%, 11/19/27 (b) | 9824 |
| 2090000 | Corebridge Global Funding 144A, 4.90%, 1/07/28 (a) | 2118 |
| 7990000 | Credit Agricole SA 144A, (U.S. Secured Overnight Financing Rate + 1.290%), 5.67%, 7/05/26 (a)(b) | 8037 |
| 8595000 | Credit Agricole SA 144A, 5.13%, 3/11/27 (a) | 8737 |
| 3950000 | CubeSmart LP, 4.00%, 11/15/25 | 3934 |
| 2980000 | Daimler Truck Finance North America LLC 144A, 5.60%, 8/08/25 (a) | 2984 |
| 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) | 4031 |
| 855000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (a) | 872 |
| 2000000 | GGAM Finance Ltd. 144A, 8.00%, 2/15/27 (a) | 2055 |
| 8620000 | Goldman Sachs Bank USA, (U.S. Secured Overnight Financing Rate + 0.777%), 5.28%, 3/18/27 (b) | 8679 |
| 6950000 | Goldman Sachs Bank USA, (U.S. Secured Overnight Financing Rate + 0.750%), 5.11%, 5/21/27 (b)(e) | 6937 |
| 7865000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.075%), 5.80%, 8/10/26 (b) | 7884 |
| 5320000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.319%), 4.94%, 4/23/28 (b) | 5370 |
| 4670000 | Huntington National Bank, (U.S. Secured Overnight Financing Rate + 0.720%), 4.87%, 4/12/28 (b) | 4694 |
| 1625000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 1543 |
| 9615000 | Jefferies Financial Group Inc., 5.00%, 2/10/26 | 9629 |
| 2000000 | Jefferson Capital Holdings LLC 144A, 6.00%, 8/15/26 (a) | 1992 |
| 4100000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.190%), 5.04%, 1/23/28 (b) | 4141 |

---

---

| | | |
|:---|:---|:---|
| 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;4865000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.57%, 4/22/28 (b) | $4977 |
| 5460000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.31%, 7/22/28 (b) | 5459 |
| 3900000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 3912 |
| 3065000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 0.930%), 4.83%, 1/16/29 (b) | 3072 |
| 2250000 | Macquarie Bank Ltd. 144A, (U.S. Secured Overnight Financing Rate + 1.200%), 5.57%, 12/07/26 (a)(b) | 2266 |
| 3620000 | Macquarie Bank Ltd. 144A, (Secured Overnight Financing Rate + 0.920%), 5.30%, 7/02/27 (a)(b) | 3636 |
| 9660000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.020%), 5.40%, 4/13/28 (b) | 9690 |
| 9765000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 1.165%), 5.55%, 10/30/26 (b) | 9825 |
| 4775000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 1.080%), 4.95%, 1/14/28 (b) | 4815 |
| 3350000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 0.940%), 5.32%, 7/14/28 (b) | 3350 |
| 707000 | Nasdaq Inc., 5.65%, 6/28/25 | 708 |
| 5705000 | National Bank of Canada, (Secured Overnight Financing Rate + 1.030%), 5.41%, 7/02/27 (b) | 5707 |
| 2000000 | Navient Corp., 5.00%, 3/15/27 | 1982 |
| 5425000 | New York Life Global Funding 144A, 5.45%, 9/18/26 (a) | 5519 |
| 3750000 | Pacific Life Global Funding II 144A, (U.S. Secured Overnight Financing Rate + 0.480%), 4.84%,<br>2/04/27 (a)(b) | 3741 |
| 4855000 | PNC Financial Services Group Inc., (Secured Overnight Financing Rate + 1.730%), 6.62%, 10/20/27 (b) | 5002 |
| 1895000 | PNC Financial Services Group Inc., (U.S. Secured Overnight Financing Rate + 1.342%), 5.30%, 1/21/28 (b) | 1923 |
| 1815000 | Principal Life Global Funding II 144A, 5.00%, 1/16/27 (a) | 1838 |
| 2465000 | Protective Life Global Funding 144A, 4.99%, 1/12/27 (a) | 2495 |
| 1885000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | 1821 |
| 2045000 | Royal Bank of Canada, 4.88%, 1/19/27 | 2071 |
| 9250000 | Royal Bank of Canada, (Secured Overnight Financing Rate + 0.790%), 5.17%, 7/23/27 (b) | 9255 |
| 9840000 | Royal Bank of Canada, (Secured Overnight Financing Rate + 0.720%), 4.51%, 10/18/27 (b) | 9853 |
| 1545000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.232%), 6.12%, 5/31/27 (b) | 1562 |
| 7470000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.610%), 5.98%, 3/20/29 (b) | 7496 |
| 3445000 | Skandinaviska Enskilda Banken AB 144A, 5.13%, 3/05/27 (a) | 3501 |
| 1285000 | Starwood Property Trust Inc. 144A, 6.50%, 7/01/30 (a) | 1293 |
| 3500000 | State Street Corp., (U.S. Secured Overnight Financing Rate + 0.950%), 4.54%, 4/24/28 (b) | 3526 |

---

Semi-Annual 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;4920000 | Sumitomo Mitsui Trust Bank Ltd. 144A, (U.S. Secured Overnight Financing Rate + 1.120%), 5.49%, 3/09/26 (a)(b) | $4936 |
| 9830000 | Toronto-Dominion Bank, 4.57%, 12/17/26 | 9875 |
| 8160000 | Toronto-Dominion Bank, 4.86%, 1/31/28 | 8275 |
| 5045000 | UBS AG, (U.S. Secured Overnight Financing Rate + 0.720%), 4.86%, 1/10/28 (b) | 5081 |
| 3815000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.71%, 4/22/28 (b) | 3901 |
| 7055000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.370%), 5.75%, 4/23/29 (b) | 7104 |
| 8910000 | Wells Fargo Bank N.A., 5.55%, 8/01/25 (e) | 8925 |
| 8525000 | Wells Fargo Bank N.A., 4.81%, 1/15/26 | 8551 |
| 960000 | XHR LP 144A, 6.63%, 5/15/30 (a) | 947 |
|  |  | 438713 |
|  **Industrial (10%)** | **Industrial (10%)** |  |
| 2735000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (a) | 2802 |
| 3030000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (a) | 2977 |
| 2970000 | Allison Transmission Inc. 144A, 4.75%, 10/01/27 (a) | 2918 |
| 3150000 | Alumina Pty Ltd. 144A, 6.13%, 3/15/30 (a) | 3127 |
| 4580000 | American Honda Finance Corp., (U.S. Secured Overnight Financing Rate + 0.920%), 5.30%,<br>1/12/26 (b)(e) | 4594 |
| 9735000 | American Honda Finance Corp., (U.S. Secured Overnight Financing Rate + 0.550%), 4.91%, 5/21/26 (b) | 9724 |
| 2620000 | Axon Enterprise Inc. 144A, 6.13%, 3/15/30 (a) | 2672 |
| 2415000 | BAE Systems PLC 144A, 5.00%, 3/26/27 (a) | 2447 |
| 5875000 | BMW U.S. Capital LLC 144A, (Secured Overnight Financing Rate + 0.800%), 5.16%, 8/13/26 (a)(b) | 5883 |
| 9825000 | BMW U.S. Capital LLC 144A, 4.90%, 4/02/27 (a) | 9918 |
| 1200000 | Bristol-Myers Squibb Co., 4.90%, 2/22/27 | 1220 |
| 1750000 | Carnival Corp. 144A, 5.75%, 3/15/30 (a) | 1739 |
| 2000000 | Churchill Downs Inc. 144A, 4.75%, 1/15/28 (a) | 1940 |
| 2000000 | Cogent Communications Group LLC 144A, 3.50%, 5/01/26 (a) | 1964 |
| 1000000 | Daimler Truck Finance North America LLC 144A, 5.00%, 1/15/27 (a) | 1007 |
| 4570000 | Daimler Truck Finance North America LLC 144A, (U.S. Secured Overnight Financing Rate + 0.960%), 5.33%, 9/25/27 (a)(b) | 4552 |
| 1340000 | Ford Motor Credit Co. LLC, 5.13%, 6/16/25 | 1339 |
| 3600000 | Ford Motor Credit Co. LLC, (U.S. Secured Overnight Financing Rate + 2.950%), 7.32%, 3/06/26 (b) | 3620 |
| 3060000 | Ford Motor Credit Co. LLC, 5.85%, 5/17/27 | 3047 |
| 1410000 | General Mills Inc., 4.70%, 1/30/27 | 1419 |
| 2720000 | General Motors Financial Co. Inc., 5.40%, 5/08/27 | 2748 |
| 6950000 | General Motors Financial Co. Inc., (Secured Overnight Financing Rate + 1.050%), 5.43%, 7/15/27 (b) | 6832 |
| 5075000 | General Motors Financial Co. Inc., (Secured Overnight Financing Rate + 1.170%), 5.55%, 4/04/28 (b) | 4991 |
| 3550000 | Glencore Funding LLC 144A, 5.34%, 4/04/27 (a) | 3600 |

---

---

| | | |
|:---|:---|:---|
| 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;1065000 | Group 1 Automotive Inc. 144A, 6.38%, 1/15/30 (a) | $1078 |
| 6800000 | Holcim Finance U.S. LLC 144A, 4.60%, 4/07/27 (a) | 6826 |
| 6285000 | Hyundai Capital America 144A, (U.S. Secured Overnight Financing Rate + 1.500%), 5.88%, 1/08/27 (a)(b) | 6322 |
| 7240000 | John Deere Capital Corp., (U.S. Secured Overnight Financing Rate + 0.680%), 5.06%, 7/15/27 (b) | 7257 |
| 2000000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 144A, 4.75%, 6/01/27 (a) | 1997 |
| 4130000 | Mars Inc. 144A, 4.45%, 3/01/27 (a) | 4157 |
| 3025000 | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (a) | 2978 |
| 6735000 | Mercedes-Benz Finance North America LLC 144A, 5.38%, 8/01/25 (a) | 6743 |
| 7285000 | Mercedes-Benz Finance North America LLC 144A, (U.S. Secured Overnight Financing Rate + 0.630%), 5.01%, 7/31/26 (a)(b) | 7267 |
| 1990000 | Meritage Homes Corp., 5.13%, 6/06/27 | 2009 |
| 2900000 | Oracle Corp., 2.80%, 4/01/27 | 2822 |
| 2360000 | Owens Corning, 5.50%, 6/15/27 | 2408 |
| 1550000 | Penske Automotive Group Inc., 3.50%, 9/01/25 | 1540 |
| 1965000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.35%, 1/12/27 (a) | 1988 |
| 3640000 | Regal Rexnord Corp., 6.05%, 2/15/26 | 3662 |
| 2635000 | Rio Tinto Finance USA PLC, 4.38%, 3/12/27 (e) | 2650 |
| 3640000 | Ryder System Inc., 5.30%, 3/15/27 | 3693 |
| 3060000 | Sirius XM Radio LLC 144A, 3.13%, 9/01/26 (a) | 2980 |
| 3025000 | Standard Industries Inc. 144A, 5.00%, 2/15/27 (a) | 3005 |
| 4480000 | Synopsys Inc., 4.55%, 4/01/27 | 4506 |
| 1195000 | The Campbell's Company, 5.30%, 3/20/26 | 1202 |
| 1550000 | Toll Brothers Finance Corp., 4.88%, 11/15/25 | 1550 |
| 4020000 | Toyota Motor Credit Corp., (Secured Overnight Financing Rate + 0.890%), 5.25%, 5/18/26 (b) | 4033 |
| 8780000 | Toyota Motor Credit Corp., (U.S. Secured Overnight Financing Rate + 0.770%), 5.13%, 8/07/26 (b) | 8798 |
| 2770000 | Toyota Motor Credit Corp., 4.35%, 10/08/27 | 2782 |
| 2985000 | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (a) | 3008 |
| 1880000 | United Airlines Inc. 144A, 4.38%, 4/15/26 (a) | 1855 |
| 8690000 | Volkswagen Group of America Finance LLC 144A, 5.40%, 3/20/26 (a) | 8730 |
|  |  | 194926 |
|  **Utility (4%)** | **Utility (4%)** |  |
| 2485000 | Alliant Energy Finance LLC 144A, 5.40%, 6/06/27 (a) | 2520 |
| 4180000 | American Electric Power Co. Inc., 5.70%, 8/15/25 | 4189 |
| 4865000 | Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A, 5.75%, 3/01/27 (a) | 4852 |
| 1400000 | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.00%, 7/15/29 (a) | 1426 |
| 3469000 | Continental Resources Inc. 144A, 2.27%, 11/15/26 (a) | 3326 |
| 900000 | DPL Inc., 4.13%, 7/01/25 | 897 |
| 6840000 | Energy Transfer LP, 6.05%, 12/01/26 | 6979 |
| 7301000 | EQT Corp. 144A, 3.13%, 5/15/26 (a) | 7161 |
| 5125000 | Hess Midstream Operations LP 144A, 5.88%, 3/01/28 (a) | 5140 |

---

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;1255000 | Hess Midstream Operations LP 144A, 6.50%, 6/01/29 (a) | $1276 |
| 9600000 | National Fuel Gas Co., 5.50%, 10/01/26 | 9713 |
| 9900000 | National Rural Utilities Cooperative Finance Corp., (U.S. Secured Overnight Financing Rate + 0.820%), 5.19%, 9/16/27 (b) | 9893 |
| 10090000 | NextEra Energy Capital Holdings Inc., 4.95%, 1/29/26 | 10113 |
| 5290000 | NextEra Energy Capital Holdings Inc., (Secured Overnight Financing Rate + 0.800%), 5.16%, 2/04/28 (b) | 5296 |
| 3125000 | ONEOK Inc., 5.55%, 11/01/26 | 3164 |
| 5055000 | ONEOK Inc., 4.25%, 9/24/27 | 5027 |
| 3920000 | Ovintiv Inc., 5.65%, 5/15/25 | 3919 |
| 1345000 | SM Energy Co. 144A, 6.75%, 8/01/29 (a) | 1258 |
| 1090000 | Sunoco LP 144A, 7.00%, 5/01/29 (a) | 1122 |
| 3045000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | 2968 |
| 1675000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 1352 |
| 1155000 | Vistra Operations Co. LLC 144A, 5.05%, 12/30/26 (a) | 1161 |
| 900000 | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (a) | 893 |
|  |  | 93645 |
|  **Total Corporate Bond (Cost - $723,215)** | **Total Corporate Bond (Cost - $723,215)** | 727284 |
|  **Mortgage Backed (14%)** | **Mortgage Backed (14%)** |  |
| 3775117 | ACREC LLC 2023-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.230%), 6.55%, 2/19/38 (a)(b) | 3777 |
| 3200000 | AREIT Ltd. 2024-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.686%), 6.01%, 5/17/41 (a)(b) | 3199 |
| 2800000 | BDS LLC 2025-FL14 144A, (1 mo. Term Secured Overnight Financing Rate + 1.282%), 5.60%, 10/21/42 (a)(b) | 2747 |
| 5280000 | BDS Ltd. 2021-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.764%), 6.08%, 12/16/36 (a)(b) | 5263 |
| 2250000 | BDS Ltd. 2021-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.814%), 6.13%, 11/16/38 (a)(b) | 2254 |
| 4700000 | BRSP Ltd. 2024-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.945%), 6.27%, 8/19/37 (a)(b) | 4693 |
| 1033000 | BSPRT Issuer Ltd. 2021-FL7 144A, (1 mo. Term Secured Overnight Financing Rate + 1.764%), 6.09%, 12/15/38 (a)(b) | 1030 |
| 6998468 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.76%, 2/15/39 (a)(b) | 6999 |
| 5047742 | BX Commercial Mortgage Trust 2024-AIRC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 6.01%, 8/15/39 (a)(b) | 5056 |
| 6744686 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.392%), 5.71%, 3/15/41 (a)(b) | 6745 |
| 3983301 | BX Commercial Mortgage Trust 2024-MDHS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.641%), 5.96%, 5/15/41 (a)(b) | 3987 |
| 1080000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.491%), 5.81%, 7/15/29 (a)(b) | 1074 |

---

---

| | | |
|:---|:---|:---|
| 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;1948121 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 5.59%, 2/15/38 (a)(b) | $1941 |
| 2500000 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.514%), 5.84%, 2/15/38 (a)(b) | 2457 |
| 4794500 | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 1.367%), 5.69%,<br>12/15/37 (a)(b) | 4791 |
| 4772789 | Colt Mortgage Loan Trust 2024-7 144A, 5.54%, 12/26/69 (a) | 4782 |
| 4873615 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (a) | 4986 |
| 1685151 | COLT Mortgage Loan Trust 2024-INV4 144A, 5.61%, 5/25/69 (a) | 1693 |
| 5812831 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (a) | 5828 |
| 208919 | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 6.62%, 11/25/39 (a)(b) | 209 |
| 1584216 | Connecticut Avenue Securities Trust 2021-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.20%, 12/25/41 (a)(b) | 1580 |
| 560949 | Connecticut Avenue Securities Trust 2022-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.35%, 12/25/41 (a)(b) | 560 |
| 1635751 | Connecticut Avenue Securities Trust 2022-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 5.55%, 1/25/42 (a)(b) | 1635 |
| 2012072 | Connecticut Avenue Securities Trust 2022-R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.750%), 7.10%, 5/25/42 (a)(b) | 2051 |
| 2058854 | Connecticut Avenue Securities Trust 2023-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.400%), 6.75%, 12/25/42 (a)(b) | 2108 |
| 823498 | Connecticut Avenue Securities Trust 2023-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.65%, 1/25/43 (a)(b) | 840 |
| 3043065 | Connecticut Avenue Securities Trust 2023-R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.65%, 5/25/43 (a)(b) | 3101 |
| 4006053 | Connecticut Avenue Securities Trust 2023-R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.25%, 6/25/43 (a)(b) | 4038 |
| 4375535 | Connecticut Avenue Securities Trust 2023-R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.700%), 6.05%, 7/25/43 (a)(b) | 4394 |
| 1868787 | Connecticut Avenue Securities Trust 2024-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.45%, 2/25/44 (a)(b) | 1864 |

---

Semi-Annual 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;7664485 | Connecticut Avenue Securities Trust 2024- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.35%, 7/25/44 (a)(b) | $7626 |
| 1973352 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.050%), 5.40%, 9/25/44 (a)(b) | 1971 |
| 2463432 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 5.50%, 9/25/44 (a)(b) | 2460 |
| 4951183 | Connecticut Avenue Securities Trust 2025- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 5.80%, 3/25/45 (a)(b) | 4964 |
| 2914326 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (a)(f) | 2923 |
| 4685162 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (a)(f) | 4701 |
| 5050000 | DBGS 2024-SBL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.882%), 6.20%, 8/15/34 (a)(b) | 5037 |
| 4720940 | FHLMC Multifamily Structured Pass-Through Certificates KF67, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.634%), 4.97%, 8/25/29 (b) | 4720 |
| 2044765 | Freddie Mac STACR REMIC Trust 2021-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.650%), 6.00%, 1/25/34 (a)(b) | 2052 |
| 2305145 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.300%), 5.65%, 2/25/42 (a)(b) | 2304 |
| 2048998 | Freddie Mac STACR REMIC Trust 2022-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.45%, 3/25/42 (a)(b) | 2059 |
| 4982458 | Freddie Mac STACR REMIC Trust 2022-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.35%, 4/25/42 (a)(b) | 5044 |
| 1064429 | Freddie Mac STACR REMIC Trust 2022-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.200%), 6.55%, 5/25/42 (a)(b) | 1081 |
| 4360888 | Freddie Mac STACR REMIC Trust 2022-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.65%, 8/25/42 (a)(b) | 4426 |
| 4532835 | Freddie Mac STACR REMIC Trust 2022-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.150%), 6.50%, 9/25/42 (a)(b) | 4565 |
| 4722079 | Freddie Mac STACR REMIC Trust 2023-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.45%, 4/25/43 (a)(b) | 4784 |
| 7173629 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.20%, 11/25/43 (a)(b) | 7239 |

---

---

| | | |
|:---|:---|:---|
| 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;843863 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.20%, 11/25/43 (a)(b) | $848 |
| 3528749 | Freddie Mac STACR REMIC Trust 2024-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.350%), 5.70%, 2/25/44 (a)(b) | 3533 |
| 1415351 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.35%, 10/25/44 (a)(b) | 1413 |
| 3982500 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.050%), 5.40%, 10/25/44 (a)(b) | 3971 |
| 2980694 | Freddie Mac STACR REMIC Trust 2022-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 6.85%, 3/25/52 (a)(b) | 3019 |
| 3500000 | FS Rialto 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.664%), 5.99%, 11/16/36 (a)(b) | 3503 |
| 1000000 | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.664%), 5.99%, 5/16/38 (a)(b) | 1001 |
| 5100000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 5.95%, 10/19/39 (a)(b) | 5093 |
| 712308 | FS Rialto-Fl4 Issuer LLC 2022-FL4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.25%,<br>1/19/39 (a)(b) | 710 |
| 5000000 | Greystone CRE Notes 2024-HC3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.215%), 6.54%, 3/15/41 (a)(b) | 4996 |
| 2700000 | GS Mortgage Securities Corp. Trust 2023-SHIP 144A, 5.10%, 9/10/38 (a)(f) | 2689 |
| 25079 | HIG RCP LLC 2023-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.274%), 6.60%, 9/19/38 (a)(b) | 25 |
| 2000000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 6.16%, 10/15/41 (a)(b) | 1999 |
| 5700000 | HTL Commercial Mortgage Trust 2024-T53 144A, 6.07%, 5/10/39 (a)(f) | 5779 |
| 4646249 | JP Morgan Mortgage Trust 2024-NQM1 144A, 5.59%, 2/25/64 (a) | 4678 |
| 4100000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.62%, 5/15/39 (a)(b) | 3970 |
| 2497646 | MCR Mortgage Trust 2024-HTL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.758%), 6.08%, 2/15/37 (a)(b) | 2498 |
| 4750138 | MF1 Ltd. 2022-FL8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.350%), 5.67%, 2/19/37 (a)(b) | 4741 |
| 4176946 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (a) | 4164 |
| 4395501 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 4399 |
| 4114363 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 4090 |

---

14 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;2260339 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | $2260 |
| 3954742 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (a)(f) | 3962 |
| 2230828 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (a) | 2235 |
| 4065117 | OBX Trust 2025-NQM2 144A, 5.60%, 11/25/64 (a) | 4081 |
| 4564514 | OBX Trust 2024-NQM17 144A, 5.61%, 11/25/64 (a)(f) | 4586 |
| 3142276 | OBX Trust 2025-NQM3 144A, 5.65%, 12/01/64 (a) | 3158 |
| 3300838 | OBX Trust 2025-NQM1 144A, 5.55%, 12/25/64 (a)(f) | 3311 |
| 3950000 | ONE Mortgage Trust 2021-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 0.814%), 5.14%, 3/15/36 (a)(b) | 3865 |
| 4097605 | PFP Ltd. 2024-11 144A, (1 mo. Term Secured Overnight Financing Rate + 1.832%), 6.13%, 9/17/39 (a)(b) | 4097 |
| 2382899 | STWD Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 5.63%, 4/18/38 (a)(b) | 2344 |
| 6450735 | THPT Mortgage Trust 2023-THL 144A, 7.23%, 12/10/34 (a)(f) | 6542 |
| 5000000 | TRTX Issuer Ltd. 2025-FL6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.537%), 5.90%, 9/18/42 (a)(b) | 4988 |
| 1851994 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (a)(f) | 1850 |
| 2404297 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (a)(f) | 2403 |
| 4919670 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (a)(f) | 4939 |

---

---

| | | |
|:---|:---|:---|
| 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;3508291 | Verus Securitization Trust 2025-INV1 144A, 5.55%, 2/25/70 (a) | $3524 |
|  **Total Mortgage Backed (Cost - $288,449)** | **Total Mortgage Backed (Cost - $288,449)** | 288902 |
|  **U.S. Treasury (19%)** | **U.S. Treasury (19%)** |  |
| 70500000 | U.S. Treasury Bill, 4.25%, 5/06/25 (d) | 70459 |
| 75000000 | U.S. Treasury Bill, 4.28%, 5/13/25 (d) | 74895 |
| 20000000 | U.S. Treasury Bill, 4.23%, 5/15/25 (d) | 19967 |
| 60000000 | U.S. Treasury Bill, 4.25%, 6/20/25 (d) | 59649 |
| 40000000 | U.S. Treasury Bill, 4.25%, 7/03/25 (d) | 39707 |
| 70000000 | U.S. Treasury Bill, 4.23%, 7/08/25 (d) | 69447 |
| 40000000 | U.S. Treasury Bill, 4.27%, 8/12/25 (d) | 39521 |
|  **Total U.S. Treasury (Cost - $373,644)** | **Total U.S. Treasury (Cost - $373,644)** | 373645 |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| 3841180 | Payden Cash Reserves Money Market Fund\* | 3841 |
| 2726002 | Payden Floating Rate Fund, SI Class\* | 25924 |
|  **Total Investment Company (Cost - $30,833)** | **Total Investment Company (Cost - $30,833)** | 29765 |
|  **Total Investments (Cost - $2,014,356) (100%)** | **Total Investments (Cost - $2,014,356) (100%)** | 2018680 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | (8540) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $2010140 |

---

\* 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 April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of these securities are on loan. At April 30, 2025, the total market value of the Fund's securities on loan is $413 and the total market value of the collateral held by the Fund is $424. 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>Depreciation<br>(000s) |
|  **Liabilities:** |  |  |  |  |
| USD 896 | CAD 1,288 | State Street Bank & Trust Co. | 06/18/2025 | $(41) |

---

#### 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> | $413 |
| Non-cash Collateral<sup>2</sup> | (413) |
| 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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See notes to financial statements.* 

Semi-Annual 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 *- April 30, 2025 (Unaudited)* | Schedule of Investments *- April 30, 2025 (Unaudited)* | Schedule of Investments *- April 30, 2025 (Unaudited)* |
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **Asset Backed (20%)** | **Asset Backed (20%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338769 | Ally Bank Auto Credit-Linked Notes 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;1353 |
| 1400000 | ARI Fleet Lease Trust 2024-B 144A, 5.26%, 4/15/33 (a) | 1425 |
| 1500000 | ARI Fleet Lease Trust 2025-A 144A, 4.46%, 1/17/34 (a) | 1502 |
| 1900000 | BofA Auto Trust 2024-1A 144A, 5.31%, 6/17/30 (a) | 1938 |
| 3999004 | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 6.58%, 9/15/35 (a)(b) | 3998 |
| 1900000 | Capital One Prime Auto Receivables Trust 2024- 1, 4.66%, 1/15/30 | 1924 |
| 5600000 | CarMax Auto Owner Trust 2025-2, 4.48%, 3/15/30 | 5623 |
| 2850000 | CarMax Auto Owner Trust 2024-3, 5.67%, 1/15/31 | 2904 |
| 2300000 | CarMax Auto Owner Trust 2024-4, 5.36%, 8/15/31 | 2319 |
| 8510627 | CARS-DB5 LP 2021-1A 144A, 1.44%, 8/15/51 (a) | 8127 |
| 1800000 | Carvana Auto Receivables Trust 2021-P3, 1.03%, 6/10/27 | 1762 |
| 2400000 | Carvana Auto Receivables Trust 2023-P5 144A, 5.62%, 1/10/29 (a) | 2426 |
| 8700000 | Carvana Auto Receivables Trust 2024-P1 144A, 5.05%, 4/10/29 (a) | 8758 |
| 3150000 | Carvana Auto Receivables Trust 2024-P2, 5.33%, 7/10/29 | 3183 |
| 2400000 | Carvana Auto Receivables Trust 2024-P4, 4.64%, 1/10/30 | 2415 |
| 2000000 | Carvana Auto Receivables Trust 2025-P1, 4.55%, 5/10/30 | 2014 |
| 2550000 | CNH Equipment Trust 2025-A, 4.36%, 8/15/30 | 2560 |
| 3760000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | 3641 |
| 5400000 | Dell Equipment Finance Trust 2025-1 144A, 4.61%, 2/24/31 (a) | 5439 |
| 7500000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 1.76%, 4/15/49 (a) | 7092 |
| 7650000 | Diamond Issuer LLC 2021-1A 144A, 2.31%, 11/20/51 (a) | 7172 |
| 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) | 2958 |
| 4240777 | Enterprise Fleet Financing LLC 2023-1 144A, 5.51%, 1/22/29 (a) | 4254 |
| 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) | 1937 |
| 5150000 | GMF Floorplan Owner Revolving Trust 2024-4A 144A, 4.73%, 11/15/29 (a) | 5212 |
| 2600000 | GreatAmerica Leasing Receivables Funding LLC 2024-2 144A, 5.00%, 9/15/28 (a) | 2633 |
| 1000000 | GreatAmerica Leasing Receivables Funding LLC 2025-1 144A, 4.49%, 4/16/29 (a) | 1007 |

---

---

| | | |
|:---|:---|:---|
| 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;1600000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641 |
| 3264536 | HPEFS Equipment Trust 2023-1A 144A, 5.41%, 2/22/28 (a) | 3268 |
| 3100000 | HPEFS Equipment Trust 2024-2A 144A, 5.36%, 10/20/31 (a) | 3131 |
| 1000000 | Kubota Credit Owner Trust 2024-2A 144A, 5.19%, 5/15/30 (a) | 1025 |
| 3185510 | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.414%), 5.74%, 7/15/36 (a)(b) | 3167 |
| 6500000 | Nissan Master Owner Trust Receivables 2024-B 144A, 5.05%, 2/15/29 (a) | 6583 |
| 3541116 | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | 3539 |
| 4150000 | PFS Financing Corp. 2024-B 144A, 4.95%, 2/15/29 (a) | 4193 |
| 5000000 | PFS Financing Corp. 2024-F 144A, 4.75%, 8/15/29 (a) | 5049 |
| 67875 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | 68 |
| 2184768 | Santander Drive Auto Receivables Trust 2023-S1 144A, 8.14%, 4/18/28 (a) | 2207 |
| 3159712 | Santander Drive Auto Receivables Trust 2024-S3 144A, 5.81%, 10/16/28 (a) | 3159 |
| 4759865 | Santander Drive Auto Receivables Trust 2024-S2 144A, 5.80%, 12/16/28 (a) | 4758 |
| 1478436 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (a) | 1481 |
| 2500000 | Santander Drive Auto Receivables Trust 2024-2, 5.78%, 7/16/29 | 2539 |
| 2400000 | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (a) | 2328 |
| 2985000 | Subway Funding LLC 2024-3A 144A, 5.25%, 7/30/54 (a) | 2966 |
| 5000000 | Switch ABS Issuer LLC 2024-2A 144A, 5.44%, 6/25/54 (a) | 4971 |
| 4598438 | Taco Bell Funding LLC 2016-1A 144A, 4.97%, 5/25/46 (a) | 4600 |
| 800000 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | 802 |
| 6550000 | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (a) | 6457 |
| 1000000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 1050 |
| 6400000 | Verizon Master Trust 2024-6, 4.17%, 8/20/30 | 6407 |
| 1491193 | Westlake Automobile Receivables Trust 2021- 3A 144A, 2.12%, 1/15/27 (a) | 1480 |
| 4000000 | Wheels Fleet Lease Funding LLC 2025-1A 144A, 4.57%, 1/18/40 (a) | 4013 |
| 4432500 | Wingstop Funding LLC 2020-1A 144A, 2.84%, 12/05/50 (a) | 4208 |
|  **Total Asset Backed (Cost - $182,793)** | **Total Asset Backed (Cost - $182,793)** | 182745 |
|  **Commercial Paper(c) (2%)** | **Commercial Paper(c) (2%)** |  |
| 17500000 | Essential Utilities, Inc., 4.65%, 5/01/25<br>(Cost - $17,500) | 17498 |
|  **Corporate Bond (30%)** | **Corporate Bond (30%)** |  |
| 830000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (a) | 850 |

---

16 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| 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;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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 |
| 3570000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 4/01/28 | 3592 |
| 1020000 | AGCO Corp., 5.45%, 3/21/27 | 1029 |
| 4576000 | Air Lease Corp., 2.88%, 1/15/26 | 4512 |
| 1595000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (a) | 1567 |
| 1270000 | Alliant Energy Finance LLC 144A, 5.40%, 6/06/27 (a) | 1288 |
| 1550000 | Allison Transmission Inc. 144A, 4.75%, 10/01/27 (a) | 1523 |
| 1000000 | Alumina Pty Ltd. 144A, 6.13%, 3/15/30 (a) | 993 |
| 5650000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.970%), 5.39%, 7/28/27 (b) | 5710 |
| 2715000 | American Express Co., (U.S. Secured Overnight Financing Rate + 0.930%), 5.04%, 7/26/28 (b) | 2754 |
| 2890000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.260%), 4.73%, 4/25/29 (b) | 2917 |
| 2450000 | Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A, 5.75%, 3/01/27 (a) | 2443 |
| 4465000 | ArcelorMittal SA, 6.55%, 11/29/27 | 4645 |
| 975000 | Arthur J Gallagher & Co., 4.60%, 12/15/27 | 983 |
| 4945000 | Athene Global Funding 144A, 5.52%, 3/25/27 (a) | 5026 |
| 995000 | Aviation Capital Group LLC 144A, 4.75%, 4/14/27 (a) | 996 |
| 760000 | Axon Enterprise Inc. 144A, 6.13%, 3/15/30 (a) | 775 |
| 1200000 | BAE Systems PLC 144A, 5.00%, 3/26/27 (a) | 1216 |
| 4000000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.950%), 5.37%, 7/15/28 (b) | 4078 |
| 1470000 | Bank of New York Mellon, (U.S. Secured Overnight Financing Rate + 1.135%), 4.73%, 4/20/29 (b)(d) | 1491 |
| 4660000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 0.890%), 4.93%, 2/14/29 (b) | 4714 |
| 4995000 | Banque Federative du Credit Mutuel SA 144A, 5.90%, 7/13/26 (a) | 5077 |
| 2225000 | Banque Federative du Credit Mutuel SA 144A, 5.09%, 1/23/27 (a) | 2248 |
| 5000000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 4833 |
| 2160000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 2154 |
| 1520000 | Blue Owl Technology Finance Corp. 144A, 3.75%, 6/17/26 (a) | 1483 |
| 725000 | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.00%, 7/15/29 (a) | 738 |
| 4945000 | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 1.450%), 4.79%, 5/09/29 (a)(b) | 4943 |
| 1900000 | Boeing Co., 6.26%, 5/01/27 | 1958 |
| 285000 | BPCE SA 144A, 5.20%, 1/18/27 (a) | 289 |
| 3245000 | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 2.100%), 5.98%, 1/18/27 (a)(b) | 3272 |
| 2303785 | Brazos Securitization LLC 144A, 5.01%, 9/01/31 (a) | 2353 |
| 2605000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.440%), 7.15%, 10/29/27 (b) | 2696 |

---

---

| | | |
|:---|:---|:---|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | Carnival Corp. 144A, 5.75%, 3/15/30 (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;790 |
| 1550000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (a) | 1530 |
| 1065000 | Cencora Inc., 4.63%, 12/15/27 | 1073 |
| 1100000 | Citadel Finance LLC 144A, 5.90%, 2/10/30 (a) | 1093 |
| 4890000 | Citibank N.A., (U.S. Secured Overnight Financing Rate + 0.712%), 4.88%, 11/19/27 (b) | 4924 |
| 4685000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 0.870%), 4.79%, 3/04/29 (b) | 4709 |
| 3190000 | CommonSpirit Health, 6.07%, 11/01/27 | 3307 |
| 2940000 | Concentrix Corp., 6.65%, 8/02/26 | 2996 |
| 2805000 | Credit Agricole SA 144A, 5.59%, 7/05/26 (a)(d) | 2844 |
| 1770000 | Daimler Truck Finance North America LLC 144A, 5.13%, 9/25/27 (a) | 1790 |
| 1015000 | Daimler Truck Finance North America LLC 144A, 4.95%, 1/13/28 (a) | 1023 |
| 1960000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.950%), 5.43%, 3/01/28 (a)(b) | 1993 |
| 520000 | Dell International LLC/EMC Corp., 4.75%, 4/01/28 | 524 |
| 1485000 | DTE Energy Co., 4.95%, 7/01/27 | 1501 |
| 3585000 | Energy Transfer LP, 6.05%, 12/01/26 | 3658 |
| 3906000 | EQT Corp. 144A, 3.13%, 5/15/26 (a) | 3831 |
| 1610000 | Evergy Kansas Central Inc., 4.70%, 3/13/28 | 1628 |
| 2665000 | Ford Motor Credit Co. LLC, 5.13%, 6/16/25 | 2663 |
| 1270000 | Franklin BSP Capital Corp., 7.20%, 6/15/29 | 1293 |
| 720000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (a) | 734 |
| 2065000 | General Motors Financial Co. Inc., 5.40%, 4/06/26 | 2070 |
| 1770000 | Glencore Funding LLC 144A, 5.34%, 4/04/27 (a) | 1795 |
| 4300000 | Goldman Sachs Bank USA, (U.S. Secured Overnight Financing Rate + 0.777%), 5.28%, 3/18/27 (b) | 4329 |
| 4655000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.075%), 5.80%, 8/10/26 (b) | 4666 |
| 2455000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.319%), 4.94%, 4/23/28 (b) | 2478 |
| 1085000 | HCA Inc., 5.00%, 3/01/28 | 1098 |
| 800000 | Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl 144A, 8.75%, 5/01/29 (a) | 778 |
| 2280000 | Hess Midstream Operations LP 144A, 5.88%, 3/01/28 (a) | 2287 |
| 640000 | Hess Midstream Operations LP 144A, 6.50%, 6/01/29 (a) | 651 |
| 935000 | Hilton Domestic Operating Co. Inc. 144A, 5.88%, 4/01/29 (a) | 945 |
| 3270000 | Holcim Finance U.S. LLC 144A, 4.70%, 4/07/28 (a) | 3295 |
| 3045000 | Huntington National Bank, (U.S. Secured Overnight Financing Rate + 0.720%), 4.87%, 4/12/28 (b) | 3061 |
| 985000 | Hyundai Capital America 144A, 6.25%, 11/03/25 (a) | 991 |
| 1525000 | Icon Investments Six DAC, 5.81%, 5/08/27 | 1556 |
| 1390000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.190%), 5.04%, 1/23/28 (b) | 1404 |
| 2515000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.930%), 4.98%, 7/22/28 (b) | 2545 |
| 1915000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 1921 |

---

Semi-Annual 17

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Low Duration 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;1220000 | KeyBank N.A., 4.70%, 1/26/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 |
| 4723000 | KeyBank N.A., 5.85%, 11/15/27 | 4851 |
| 2300000 | Las Vegas Sands Corp., 5.90%, 6/01/27 | 2330 |
| 1540000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 0.930%), 4.83%, 1/16/29 (b) | 1544 |
| 1470000 | Manufacturers & Traders Trust Co., 4.65%, 1/27/26 | 1469 |
| 3210000 | Mars Inc. 144A, 4.60%, 3/01/28 (a) | 3245 |
| 1550000 | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (a) | 1526 |
| 680000 | Meritage Homes Corp., 5.13%, 6/06/27 (d) | 687 |
| 1650000 | Microchip Technology Inc., 4.90%, 3/15/28 | 1654 |
| 2905000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.770%), 6.14%, 10/16/26 (b) | 2923 |
| 2440000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.380%), 4.99%, 4/12/29 (b) | 2474 |
| 4335000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 0.680%), 4.45%, 10/15/27 (b) | 4341 |
| 2545000 | Morgan Stanley Bank N.A., (U.S. Secured Overnight Financing Rate + 0.930%), 4.97%, 7/14/28 (b) | 2571 |
| 4865000 | National Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.036%), 5.60%, 7/02/27 (b) | 4924 |
| 5000000 | National Fuel Gas Co., 5.50%, 10/01/26 | 5059 |
| 1440000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (b) | 1454 |
| 1560000 | OneMain Finance Corp., 7.13%, 3/15/26 | 1575 |
| 1930000 | ONEOK Inc., 5.55%, 11/01/26 | 1954 |
| 1400000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 9.88%, 3/15/30 (a)(d) | 1234 |
| 1380000 | Penske Automotive Group Inc., 3.50%, 9/01/25 | 1371 |
| 1025000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.35%, 1/12/27 (a) | 1037 |
| 2300000 | Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 | 2301 |
| 985000 | PNC Financial Services Group Inc., (U.S. Secured Overnight Financing Rate + 1.342%), 5.30%, 1/21/28 (b) | 1000 |
| 2945000 | Regal Rexnord Corp., 6.05%, 2/15/26 | 2963 |
| 1060000 | Rio Tinto Finance USA PLC, 4.50%, 3/14/28 (d) | 1069 |
| 3350000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (a) | 3236 |
| 795000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.232%), 6.12%, 5/31/27 (b) | 804 |
| 4525000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.610%), 5.47%, 3/20/29 (b) | 4543 |
| 2850000 | SBA Tower Trust 144A, 1.88%, 1/15/26 (a) | 2790 |
| 3800000 | SBA Tower Trust 144A, 1.63%, 11/15/26 (a) | 3619 |
| 1550000 | Sirius XM Radio LLC 144A, 3.13%, 9/01/26 (a) | 1510 |
| 690000 | SM Energy Co. 144A, 6.75%, 8/01/29 (a) | 645 |
| 1070000 | Smith & Nephew PLC, 5.15%, 3/20/27 | 1083 |
| 1550000 | Standard Industries Inc. 144A, 5.00%, 2/15/27 (a) | 1540 |
| 645000 | Starwood Property Trust Inc. 144A, 6.50%, 7/01/30 (a) | 649 |
| 550000 | Sunoco LP 144A, 7.00%, 5/01/29 (a) | 566 |
| 1960000 | Synopsys Inc., 4.65%, 4/01/28 | 1983 |
| 1550000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | 1511 |

---

---

| | | |
|:---|:---|:---|
| 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;1600000 | The Campbell's Company, 5.20%, 3/19/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 |
| 865000 | T-Mobile USA Inc., 2.25%, 2/15/26 | 849 |
| 3885000 | Toronto-Dominion Bank, 4.86%, 1/31/28 | 3940 |
| 850000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 686 |
| 1565000 | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (a) | 1577 |
| 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)(d) | 2301 |
| 1550000 | Var Energi ASA 144A, 7.50%, 1/15/28 (a) | 1635 |
| 580000 | Vistra Operations Co. LLC 144A, 5.05%, 12/30/26 (a) | 583 |
| 935000 | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (a) | 928 |
| 2570000 | Warnermedia Holdings Inc., 3.76%, 3/15/27 | 2502 |
| 1930000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.71%, 4/22/28 (b) | 1973 |
| 3610000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.370%), 4.97%, 4/23/29 (b) | 3656 |
| 1340000 | Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25 | 1337 |
| 3650000 | Whistler Pipeline LLC 144A, 5.40%, 9/30/29 (a) | 3680 |
| 1080000 | Williams Cos. Inc., 5.40%, 3/02/26 | 1086 |
| 480000 | XHR LP 144A, 6.63%, 5/15/30 (a) | 473 |
|  **Total Corporate Bond (Cost - $275,183)** | **Total Corporate Bond (Cost - $275,183)** | 277460 |
|  **Mortgage Backed (14%)** | **Mortgage Backed (14%)** |  |
| 2500000 | Acrec 2025 Fl LLC 2025-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.310%), 5.63%, 8/18/42 (a)(b) | 2478 |
| 2000000 | BDS Ltd. 2021-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.814%), 6.13%, 11/16/38 (a)(b) | 2004 |
| 116530000 | Benchmark Mortgage Trust 2018-B6, 0.55%, 10/10/51 (e) | 1046 |
| 4373777 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 5.58%, 8/19/38 (a)(b) | 4344 |
| 2120000 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.714%), 6.03%, 8/19/38 (a)(b) | 2099 |
| 1000000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 1.064%), 5.39%, 9/15/36 (a)(b) | 990 |
| 2430024 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.792%), 6.11%, 2/15/39 (a)(b) | 2429 |
| 4400000 | BX Commercial Mortgage Trust 2024-GPA2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.542%), 5.86%, 11/15/41 (a)(b) | 4406 |
| 3600000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 6.26%, 7/15/29 (a)(b) | 3571 |
| 4000000 | BX Trust 2021-ARIA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.014%), 5.34%, 10/15/36 (a)(b) | 3972 |
| 3100000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.893%), 6.21%, 3/15/42 (a)(b) | 3070 |
| 5137537 | BXMT Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.164%), 5.49%, 5/15/38 (a)(b) | 5081 |
| 21556725 | Cantor Commercial Real Estate Lending 2019- CF1, 1.27%, 5/15/52 (e) | 687 |

---

18 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| 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;2386394 | Colt Mortgage Loan Trust 2024-7 144A, 5.54%, 12/26/69 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 |
| 2799116 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (a) | 2806 |
| 405072 | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 6.62%, 11/25/39 (a)(b) | 406 |
| 900000 | Connecticut Avenue Securities Trust 2020- SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%), 8.12%, 2/25/40 (a)(b) | 935 |
| 2740000 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.100%), 7.45%, 10/25/41 (a)(b) | 2787 |
| 3750000 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.150%), 7.50%, 12/25/41 (a)(b) | 3825 |
| 1891693 | Connecticut Avenue Securities Trust 2022- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.550%), 6.90%, 7/25/42 (a)(b) | 1931 |
| 2700000 | Connecticut Avenue Securities Trust 2024- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 6.15%, 1/25/44 (a)(b) | 2707 |
| 2600000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 6.15%, 2/25/44 (a)(b) | 2601 |
| 2926850 | Connecticut Avenue Securities Trust 2024- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.35%, 7/25/44 (a)(b) | 2925 |
| 1150000 | Connecticut Avenue Securities Trust 2024- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.95%, 9/25/44 (a)(b) | 1150 |
| 2342581 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (a)(e) | 2350 |
| 13150000 | Fannie Mae Connecticut Avenue Securities 2021- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.35%, 11/25/41 (a)(b) | 13169 |
| 5475749 | Freddie Mac REMIC 5057, 1.00%, 4/15/54 | 5064 |
| 3100000 | Freddie Mac STACR REMIC Trust 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 7.75%, 10/25/41 (a)(b) | 3179 |
| 3000000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.650%), 8.00%, 11/25/41 (a)(b) | 3086 |
| 1300000 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.400%), 6.75%, 2/25/42 (a)(b) | 1328 |
| 600219 | Freddie Mac STACR REMIC Trust 2022-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.150%), 6.50%, 9/25/42 (a)(b) | 604 |

---

---

| | | |
|:---|:---|:---|
| 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;1500044 | Freddie Mac STACR REMIC Trust 2024-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 5.55%, 5/25/44 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 |
| 3896920 | Freddie Mac STACR REMIC Trust 2024-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.250%), 5.60%, 5/25/44 (a)(b) | 3897 |
| 1000000 | Freddie Mac STACR REMIC Trust 2024-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 5.80%, 10/25/44 (a)(b) | 997 |
| 507547 | Freddie Mac STACR REMIC Trust 2022-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 6.85%, 3/25/52 (a)(b) | 514 |
| 4350000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 5.95%, 10/19/39 (a)(b) | 4344 |
| 2438512 | Greystone CRE Notes Ltd. 2021-HC2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.24%, 12/15/39 (a)(b) | 2442 |
| 1978000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 6.16%, 10/15/41 (a)(b) | 1977 |
| 2300123 | JP Morgan Mortgage Trust 2024-NQM1 144A, 5.59%, 2/25/64 (a) | 2316 |
| 2000000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.62%, 5/15/39 (a)(b) | 1937 |
| 1804550 | New Residential Mortgage Loan Trust 2017-1A 144A, 4.00%, 2/25/57 (a)(e) | 1755 |
| 1220758 | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (a)(e) | 1178 |
| 2472070 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (a) | 2464 |
| 3340581 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 3343 |
| 1967739 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 1956 |
| 1898685 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 1898 |
| 1931386 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (a)(e) | 1935 |
| 892331 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (a) | 894 |
| 1768657 | OBX Trust 2025-NQM6 144A, 5.60%, 3/25/65 (a) | 1779 |
| 4850000 | ONE Mortgage Trust 2021-PARK 144A, (1 mo. Term Secured Overnight Financing Rate + 0.814%), 5.14%, 3/15/36 (a)(b) | 4746 |
| 3379885 | Provident Funding Mortgage Trust 2020-F1 144A, 2.00%, 1/25/36 (a)(e) | 3008 |
| 1203796 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (a)(e) | 1203 |
|  **Total Mortgage Backed (Cost - $137,473)** | **Total Mortgage Backed (Cost - $137,473)** | 135504 |
|  **Municipal (1%)** | **Municipal (1%)** |  |
| 2330000 | California Earthquake Authority A, 5.60%, 7/01/27 | 2354 |
| 9329830 | Texas Natural Gas Securitization Finance Corp., 5.10%, 4/01/35 | 9530 |
|  **Total Municipal (Cost - $11,660)** | **Total Municipal (Cost - $11,660)** | 11884 |

---

Semi-Annual 19

------

Payden Low Duration Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value <br> (000) |
|  **U.S. Treasury (34%)** | **U.S. Treasury (34%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45001000 | U.S. Treasury Note, 3.75%, 4/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44940 |
| 93088000 | U.S. Treasury Note, 4.38%, 8/15/26 | 93784 |
| 74740000 | U.S. Treasury Note, 3.50%, 9/30/26 | 74502 |
| 9305000 | U.S. Treasury Note, 4.13%, 10/31/26 | 9359 |
| 4405000 | U.S. Treasury Note, 4.25%, 11/30/26 | 4442 |
| 32835000 | U.S. Treasury Note, 4.25%, 12/31/26 | 33137 |
| 12145000 | U.S. Treasury Note, 3.88%, 3/31/27 | 12202 |
| 7595000 | U.S. Treasury Note, 4.63%, 6/15/27 | 7755 |
| 6955000 | U.S. Treasury Note, 3.75%, 8/15/27 | 6980 |
| 23670000 | U.S. Treasury Note, 3.38%, 9/15/27 | 23564 |
| 2440000 | U.S. Treasury Note, 4.25%, 2/15/28 | 2483 |
| 4690000 | U.S. Treasury Note, 3.75%, 4/15/28 | 4712 |
|  **Total U.S. Treasury (Cost - $315,984)** | **Total U.S. Treasury (Cost - $315,984)** | 317860 |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| 12353620 | Payden Cash Reserves Money Market Fund \* |  |
|  | **(Cost - $12,354)** | 12354 |
|  **Total Investments (Cost - $952,947) (102%)** | **Total Investments (Cost - $952,947) (102%)** | 955305 |
|  **Liabilities in excess of Other Assets (-2%)** | **Liabilities in excess of Other Assets (-2%)** | (18175) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $937130 |

---

\* 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 April 30, 2025.

&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 April 30, 2025, the total market value of the Fund's securities on loan is $8,662 and the total market value of the collateral held by the Fund is $8,975. 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>Appreciation<br>(000s) |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |
| U.S. Treasury 2-Year Note Future | 1289 | Jun-25 | $268303 | $1968 | $1968 |

---

#### 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> | $8662 |
|  Non-cash Collateral<sup>2</sup> | (8662) |
|  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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

*See notes to financial statements.* 

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 - *April 30, 2025 (Unaudited)* | Schedule of Investments - *April 30, 2025 (Unaudited)* | Schedule of Investments - *April 30, 2025 (Unaudited)* |
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Asset Backed (1%)** | **Asset Backed (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731282 | Fannie Mae Grantor Trust 2017-T1, 2.90%, 6/25/27 (Cost - $709) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 |
|  **Mortgage Backed (43%)** | **Mortgage Backed (43%)** |  |
| 1553382 | Fannie Mae-Aces 2017-M15, 3.21%, 11/25/27 (a) | 1524 |
| 959359 | FH 841779 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.335%), 4.44%, 6/01/54 (b) | 947 |
| 706398 | FH 8C0092 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 1.54%, 8/01/51 (b) | 657 |
| 841744 | FH 8C0312 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 4.44%, 7/01/52 (b) | 836 |
| 700000 | FHLMC Multifamily Structured Pass-Through Certificates K058, 2.65%, 8/25/26 | 687 |
| 1015258 | FHLMC Multifamily Structured Pass-Through Certificates K061, 3.35%, 11/25/26 (a) | 1002 |
| 1200000 | FHLMC Multifamily Structured Pass-Through Certificates K505, 4.82%, 6/25/28 | 1227 |
| 297704 | FHLMC Multifamily Structured Pass-Through Certificates Q013, 4.61%, 5/25/50 (a) | 297 |
| 223927 | FN AS4186 15YR, 2.50%, 1/01/30 | 217 |
| 140721 | FN AS6443 15YR, 3.00%, 12/01/30 | 137 |
| 244899 | FN AS8013 15YR, 2.50%, 9/01/31 | 236 |
| 270368 | FN BM4153 15YR, 3.00%, 6/01/33 | 264 |
| 1199207 | FN BM7166 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.346%), 5.16%, 3/01/53 (b) | 1216 |
| 383169 | FN BP6814 ARM, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Year + 1.610%), 2.29%, 5/01/50 (b) | 357 |
| 712858 | FN BR9966 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.610%), 1.92%, 5/01/51 (b) | 648 |
| 743488 | FN BV2462 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.130%), 3.78%, 6/01/52 (b) | 728 |
| 959739 | FN CB9937 ARM, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.284%), 5.06%, 2/01/55 (b) | 969 |
| 1030008 | FN FS2395 15YR, 3.50%, 7/01/37 | 997 |
| 1001112 | FN MA4694 15YR, 3.50%, 8/01/37 | 965 |
| 1531507 | FN MA4869 30YR, 5.50%, 1/01/53 | 1534 |
| 810350 | FN MA5072 30YR, 5.50%, 7/01/53 | 811 |
| 745065 | FN MA5110 15YR, 5.00%, 8/01/38 | 750 |
| 629658 | FNR 2024-21 DA 2024-21, 5.50%, 12/25/46 | 633 |
| 56449 | FNR FA 2002-10, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.864%), 5.22%, 2/25/32 (b) | 57 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599390 | FR SB8192 15YR, 5.00%, 10/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
| 1360820 | FR SB8206 15YR, 5.00%, 1/01/38 | 1371 |
| 824983 | FR SD8308 30YR, 5.50%, 3/01/53 | 826 |
| 1448217 | FR SD8452 30YR, 5.00%, 8/01/54 | 1421 |
| 1110226 | FR SD8461 30YR, 5.00%, 9/01/54 | 1089 |
| 627171 | Freddie Mac REMICS 5451, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.45%, 9/25/54 (b) | 626 |
| 764236 | FRESB Mortgage Trust 2021-SB83, 0.63%, 1/25/26 (a) | 746 |
| 744739 | FRESB Mortgage Trust 2017-SB38, 2.92%, 8/25/27 (a) | 725 |
| 726508 | FRESB Mortgage Trust 2018-SB56, 3.70%, 10/25/28 (a) | 714 |
| 664636 | FRESB Mortgage Trust 2019-SB59, 3.47%, 1/25/29 (a) | 649 |
| 897008 | FRESB Mortgage Trust 2020-SB79, 0.80%, 7/25/40 (a)(b) | 885 |
| 211054 | G2 778200, 4.00%, 2/20/32 | 209 |
| 175511 | G2 778203, 4.75%, 2/20/32 | 177 |
| 530480 | G2 AD0857, 3.75%, 9/20/33 | 520 |
| 225720 | G2 AY5132, 3.25%, 7/20/37 | 215 |
| 428176 | G2 AY5138, 3.25%, 12/20/37 | 407 |
| 222333 | GN 728153, 5.50%, 10/15/29 | 226 |
| 94953 | GNR ST 2014-79, 33.00%, 7/20/29 (a)(c) | 1 |
|  **Total Mortgage Backed (Cost - $30,467)** | **Total Mortgage Backed (Cost - $30,467)** | 29107 |
|  **U.S. Treasury (54%)** | **U.S. Treasury (54%)** |  |
| 1400000 | U.S. Treasury Note, 4.00%, 2/15/26 | 1400 |
| 6000000 | U.S. Treasury Note, 3.63%, 5/15/26 | 5985 |
| 6000000 | U.S. Treasury Note, 4.38%, 12/15/26 | 6065 |
| 7700000 | U.S. Treasury Note, 4.00%, 1/15/27 | 7743 |
| 5500000 | U.S. Treasury Note, 3.25%, 6/30/27 | 5462 |
| 6000000 | U.S. Treasury Note, 3.75%, 8/15/27 | 6021 |
| 4000000 | U.S. Treasury Note, 4.00%, 2/29/28 | 4044 |
|  **Total U.S. Treasury (Cost - $36,433)** | **Total U.S. Treasury (Cost - $36,433)** | 36720 |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| 1005970 | Payden Cash Reserves Money Market Fund \* (Cost - $1,006) | 1006 |
|  **Total Investments (Cost - $68,615) (99%)** | **Total Investments (Cost - $68,615) (99%)** | 67544 |
|  **Other Assets, net of Liabilities (1%)** | **Other Assets, net of Liabilities (1%)** | 634 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $68178 |

---

\* 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 April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Yield to maturity at time of purchase.

Semi-Annual 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>Appreciation<br>(000s) |
| **Long Contracts:** |  |  |  |  |  |
| U.S. Treasury 10-Year Note Future | 10 | Jun-25 | $1122 | $25 | $25 |
| U.S. Treasury 5-Year Note Future | 112 | Jun-25 | 12230 | 235 | 235 |
| **Short Contracts:** |  |  |  |  |  |
| U.S. Ultra Bond Future | 9 | Jun-25 | (1089) | 4 | 4 |
| **Total Futures** |  |  |  |  | $264 |

---

#### 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>Depreciation<br>(000s) |
|  4-Year SOFR Swap, Receive Variable 0.00% (SOFRRATE) |  |  |  |  |  |
|  Annually, Pay Fixed 3.7079% Annually | 08/31/2029 | $4308 | $(67) | $— | $(67) |

---

*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 - *April 30, 2025 (Unaudited)* | Schedule of Investments - *April 30, 2025 (Unaudited)* | Schedule of Investments - *April 30, 2025 (Unaudited)* |
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Mortgage Backed (121%)** | **Mortgage Backed (121%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403575 | FHLMC Multifamily Structured Pass-Through Certificates KF60, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.604%), 4.94%, 2/25/26 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
| 490125 | FHLMC Multifamily Structured Pass-Through Certificates KF62, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.594%), 4.93%, 4/25/26 (a) | 490 |
| 1119813 | FHLMC Multifamily Structured Pass-Through Certificates KF68, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.604%), 4.94%, 7/25/26 (a) | 1120 |
| 363349 | FHLMC Multifamily Structured Pass-Through Certificates KI08, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.200%), 4.53%, 10/25/26 (a) | 362 |
| 117190 | FHLMC Multifamily Structured Pass-Through Certificates KF74, (1 mo. Secured Overnight Financing Rate Index + 0.530%), 4.87%, 1/25/27 (a) | 117 |
| 407264 | FHLMC Multifamily Structured Pass-Through Certificates KS09, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.484%), 4.84%, 10/25/27 (a) | 407 |
| 1313998 | FHLMC Multifamily Structured Pass-Through Certificates KF50, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.514%), 4.85%, 7/25/28 (a) | 1310 |
| 365457 | FHLMC Multifamily Structured Pass-Through Certificates Q013, 4.61%, 5/25/50 (b) | 365 |
| 1026067 | FN AL6513, 5.00%, 7/01/44 | 1035 |
| 188795 | FN BM2007 30YR, 4.00%, 9/01/48 | 178 |
| 1096804 | FN FM9195 30YR, 2.50%, 10/01/51 | 920 |
| 450832 | FN FS8791 30YR, 6.00%, 8/01/54 | 459 |
| 1632344 | FN MA3238 30YR, 3.50%, 1/01/48 | 1497 |
| 1661041 | FN MA4918 30YR, 5.00%, 2/01/53 | 1631 |
| 61060 | FNR FA 2007-110, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.734%), 5.09%, 12/25/37 (a) | 61 |
| 923628 | FR RA7790 30YR, 5.00%, 8/01/52 | 908 |
| 2355247 | FR SD8199 30YR, 2.00%, 3/01/52 | 1872 |
| 841327 | Freddie Mac REMICS 5451, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.45%, 9/25/54 (a) | 840 |
| 504515 | FRESB Mortgage Trust 2017-SB41, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.814%), 5.15%, 9/25/37 (a) | 504 |
| 132068 | G2 3711 30YR, 5.50%, 5/20/35 | 135 |
| 105843 | G2 3772 30YR, 5.00%, 10/20/35 | 106 |
| 218477 | G2 3785 30YR, 5.00%, 11/20/35 | 220 |
| 248270 | G2 4802 30YR, 5.00%, 9/20/40 | 251 |
| 850929 | G2 4853 30YR, 4.00%, 11/20/40 | 815 |
| 312711 | G2 5083 30YR, 5.00%, 6/20/41 | 316 |
| 997332 | G2 5115 30YR, 4.50%, 7/20/41 | 990 |
| 852503 | G2 5258 30YR, 3.50%, 12/20/41 | 798 |
| 428692 | G2 770239 30YR, 4.00%, 2/20/42 | 409 |
| 468552 | G2 785023 15YR, 3.00%, 5/20/34 | 458 |
| 1213031 | G2 785219 30YR, 2.00%, 12/20/50 | 971 |
| 461957 | G2 785289 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.69%, 12/20/47 (a) | 470 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217897 | G2 785524 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.534%), 4.70%, 12/20/41 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 |
| 51120 | G2 80029 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/27 (a) | 51 |
| 93329 | G2 80052 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 3/20/27 (a) | 93 |
| 69718 | G2 80059 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.88%, 4/20/27 (a) | 69 |
| 161096 | G2 80074 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.88%, 5/20/27 (a) | 161 |
| 383082 | G2 80152 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/28 (a) | 383 |
| 102192 | G2 80154 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/28 (a) | 102 |
| 147621 | G2 80169 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 2/20/28 (a) | 147 |
| 241995 | G2 80184 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.88%, 4/20/28 (a) | 243 |
| 277043 | G2 80319 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 9/20/29 (a) | 278 |
| 320924 | G2 80637 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 9/20/32 (a) | 325 |
| 654892 | G2 80795 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.75%, 12/20/33 (a) | 668 |
| 256224 | G2 80826 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 2/20/34 (a) | 260 |
| 402810 | G2 80835 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 2/20/34 (a) | 409 |
| 392058 | G2 81282 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 3/20/35 (a) | 398 |
| 403700 | G2 82074 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.88%, 5/20/38 (a) | 411 |
| 269278 | G2 82107 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 7/20/38 (a) | 274 |
| 487921 | G2 82457 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/40 (a) | 497 |
| 280422 | G2 82463 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.63%, 1/20/40 (a) | 286 |
| 36528 | G2 83031 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 6.50%, 1/20/42 (a) | 37 |

---

Semi-Annual 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden GNMA Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82098 | G2 8991 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.75%, 10/20/26 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| 805798 | G2 AY5132, 3.25%, 7/20/37 | 766 |
| 856816 | G2 AY5138, 3.25%, 12/20/37 | 814 |
| 125108 | G2 MA0312, 3.50%, 8/20/42 | 113 |
| 159161 | G2 MA0387, 3.50%, 9/20/42 | 144 |
| 1172548 | G2 MA0698 30YR, 3.00%, 1/20/43 | 1070 |
| 1062595 | G2 MA1012 30YR, 3.50%, 5/20/43 | 987 |
| 941419 | G2 MA1089 30YR, 3.00%, 6/20/43 | 857 |
| 920365 | G2 MA1520 30YR, 3.00%, 12/20/43 | 837 |
| 859268 | G2 MA2304 30YR, 4.00%, 10/20/44 | 818 |
| 781059 | G2 MA2522 30YR, 4.00%, 1/20/45 | 740 |
| 485343 | G2 MA2767 ARM, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 4.50%, 4/20/45 (a) | 496 |
| 378068 | G2 MA3454 30YR, 3.50%, 2/20/46 | 348 |
| 1194716 | G2 MA3662 30YR, 3.00%, 5/20/46 | 1075 |
| 735908 | G2 MA3663 30YR, 3.50%, 5/20/46 | 677 |
| 1378442 | G2 MA3735 30YR, 3.00%, 6/20/46 | 1240 |
| 593987 | G2 MA3936 30YR, 3.00%, 9/20/46 | 534 |
| 499317 | G2 MA4069 30YR, 3.50%, 11/20/46 | 459 |
| 600499 | G2 MA4195 30YR, 3.00%, 1/20/47 | 539 |
| 375893 | G2 MA4197 30YR, 4.00%, 1/20/47 | 355 |
| 581451 | G2 MA4262 30YR, 3.50%, 2/20/47 | 535 |
| 751705 | G2 MA4321 30YR, 3.50%, 3/20/47 | 691 |
| 416639 | G2 MA4322 30YR, 4.00%, 3/20/47 | 393 |
| 1003166 | G2 MA4382 30YR, 3.50%, 4/20/47 | 922 |
| 308160 | G2 MA4510 30YR, 3.50%, 6/20/47 | 283 |
| 664074 | G2 MA4719 30YR, 3.50%, 9/20/47 | 608 |
| 487753 | G2 MA4962 30YR, 3.50%, 1/20/48 | 448 |
| 1066940 | G2 MA5265 30YR, 4.50%, 6/20/48 | 1036 |
| 1816055 | G2 MA6473 30YR, 2.50%, 2/20/50 | 1553 |
| 540892 | G2 MA6709 30YR, 2.50%, 6/20/50 | 463 |
| 2123181 | G2 MA6818 30YR, 2.00%, 8/20/50 | 1734 |
| 1310144 | G2 MA6930 30YR, 2.00%, 10/20/50 | 1070 |
| 1882452 | G2 MA6931 30YR, 2.50%, 10/20/50 | 1608 |
| 1938589 | G2 MA7051 30YR, 2.00%, 12/20/50 | 1583 |
| 2093237 | G2 MA7367 30YR, 2.50%, 5/20/51 | 1786 |
| 761775 | G2 MA7471 30YR, 2.00%, 7/20/51 | 622 |
| 1343451 | G2 MA7472 30YR, 2.50%, 7/20/51 | 1146 |
| 754755 | G2 MA7473 30YR, 3.00%, 7/20/51 | 669 |
| 2267640 | G2 MA7533 30YR, 2.00%, 8/20/51 | 1852 |
| 1752399 | G2 MA7535 30YR, 3.00%, 8/20/51 | 1553 |
| 2336737 | G2 MA7589 30YR, 2.50%, 9/20/51 | 1993 |
| 2287956 | G2 MA7648 30YR, 2.00%, 10/20/51 | 1869 |
| 1845742 | G2 MA7705 30YR, 2.50%, 11/20/51 | 1574 |
| 974629 | G2 MA7706 30YR, 3.00%, 11/20/51 | 864 |
| 2571777 | G2 MA7767 30YR, 2.50%, 12/20/51 | 2194 |
| 1538358 | G2 MA7768 30YR, 3.00%, 12/20/51 | 1363 |
| 2364276 | G2 MA7881 30YR, 2.50%, 2/20/52 | 2017 |
| 395506 | G2 MA7882 30YR, 3.00%, 2/20/52 | 351 |
| 2120344 | G2 MA7987 30YR, 2.50%, 4/20/52 | 1809 |
| 1575649 | G2 MA7990 30YR, 4.00%, 4/20/52 | 1473 |
| 794146 | G2 MA8097 30YR, 2.50%, 6/20/52 | 677 |
| 879304 | G2 MA8146 30YR, 2.00%, 7/20/52 | 718 |
| 830885 | G2 MA8200 30YR, 4.00%, 8/20/52 | 777 |
| 414346 | G2 MA8266 30YR, 3.50%, 9/20/52 | 377 |
| 1124262 | G2 MA8570 30YR, 5.50%, 1/20/53 | 1129 |
| 1454568 | G2 MA8648 30YR, 5.50%, 2/20/53 | 1460 |
| 824679 | G2 MA8948 30YR, 5.50%, 6/20/53 | 827 |
| 2173487 | G2 MA9726 30YR, 6.00%, 6/20/54 | 2205 |
| 441625 | G2 MA9779 30YR, 5.50%, 7/20/54 | 442 |
| 1480880 | G2 MB0026 30YR, 5.50%, 11/20/54 | 1482 |
| 2700000 | G2SF, 3.50%, 5/20/5530YR TBA (c) | 2453 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 2700000 | G2SF, 4.50%, 5/20/5530YR TBA (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 |
| 4400000 | G2SF, 5.00%, 5/20/5530YR TBA (c) | 4317 |
| 5010000 | G2SF, 5.50%, 5/20/5530YR TBA (c) | 5009 |
| 5530000 | G2SF, 6.00%, 5/20/5530YR TBA (c) | 5595 |
| 1500000 | G2SF, 6.50%, 5/20/5530YR TBA (c) | 1534 |
| 33179 | GN 455989, 5.00%, 7/15/26 | 33 |
| 22597 | GN 558954, 5.25%, 5/15/29 | 23 |
| 200218 | GN 558956, 4.50%, 6/15/29 | 200 |
| 92230 | GN 605099 30YR, 5.50%, 3/15/34 | 95 |
| 231847 | GN 616826 30YR, 5.50%, 1/15/35 | 235 |
| 466399 | GN 710868 30YR, 5.50%, 9/15/39 | 481 |
| 134373 | GN 728153, 5.50%, 10/15/29 | 137 |
| 42856 | GN 728159, 5.25%, 11/15/29 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95590 | GN 781810 30YR, 5.50%, 10/15/34 | 98 |
| 863314 | GNR 2009-22 FA 2009-22, (1 mo. Term Secured Overnight Financing Rate + 0.844%), 5.16%, 4/20/39 (a) | 866 |
| 253684 | GNR AF 2012-18, (1 mo. Term Secured Overnight Financing Rate + 0.414%), 4.73%, 2/20/38 (a) | 254 |
| 459953 | GNR F 2004-56, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 4.83%, 6/20/33 (a) | 459 |
| 98951 | GNR FA 2001-35, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 4.69%, 8/16/31 (a) | 99 |
| 170769 | GNR FB 2007-76, (1 mo. Term Secured Overnight Financing Rate + 0.614%), 4.93%, 11/20/37 (a) | 171 |
| 469460 | GNR FB 2008-11, (1 mo. Term Secured Overnight Financing Rate + 0.714%), 5.03%, 2/20/38 (a) | 469 |
| 259901 | GNR FC 2003-71, (1 mo. Term Secured Overnight Financing Rate + 0.614%), 4.93%, 7/20/33 (a) | 259 |
| 403178 | GNR FC 2007-54, (1 mo. Term Secured Overnight Financing Rate + 0.374%), 4.69%, 9/20/37 (a) | 402 |
| 740885 | GNR FC 2018-91, (1 mo. Term Secured Overnight Financing Rate + 0.414%), 4.74%, 7/20/48 (a) | 723 |
| 251972 | GNR FG 2004-86, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 4.83%, 7/20/34 (a) | 252 |
| 350100 | GNR FH 2004-59, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 4.69%, 8/16/34 (a) | 349 |
| 143572 | GNR FH 2008-2, (1 mo. Term Secured Overnight Financing Rate + 0.564%), 4.88%, 1/20/38 (a) | 143 |
| 552480 | GNR FJ 2019-6, (1 mo. Term Secured Overnight Financing Rate + 0.514%), 4.83%, 1/20/49 (a) | 537 |
| 452991 | GNR FK 2006-60, (1 mo. Term Secured Overnight Financing Rate + 0.314%), 4.64%, 11/20/36 (a) | 452 |
| 248241 | GNR LF 2011-153, (1 mo. Term Secured Overnight Financing Rate + 0.364%), 4.69%, 7/16/41 (a) | 245 |
| 220492 | GNR ST 2014-79, 33.00%, 7/20/29 (b)(d) | 3 |
| 567161 | GNR UF 2008-67, (1 mo. Term Secured Overnight Financing Rate + 0.564%), 4.88%, 6/20/38 (a) | 567 |
|  **Total Mortgage Backed (Cost - $121,472)** | **Total Mortgage Backed (Cost - $121,472)** | 114943 |

---

24 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105551 | Payden Cash Reserves Money Market Fund \* |  |
|  | **(Cost - $1,106)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 |
|  **Total Investments (Cost - $122,578) (122%)** | **Total Investments (Cost - $122,578) (122%)** | 116049 |
|  **Liabilities in excess of Other Assets (-22%)** | **Liabilities in excess of Other Assets (-22%)** | (21291) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $94758 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025.

&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.

#### 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>(000s) |
| **Long Contracts:** |  |  |  |  |  |
| U.S. Treasury 10-Year Note Future | 30 | Jun-25 | $3367 | $2 | $2 |
| U.S. Treasury 5-Year Note Future | 54 | Jun-25 | 5897 | 97 | 97 |
| Total Futures |  |  |  |  | $99 |

---

#### 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>Depreciation<br>(000s) |
| 4-Year SOFR Swap, Pay Fixed 3.708% Annually, Receive |  |  |  |  |  |
| Variable 0.00% (SOFRRATE) Annually | 08/31/2029 | $5815 | $(90) | $— | $(90) |

---

*See notes to financial statements.* 

Semi-Annual 25

------

&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 Core Bond Fund

---

| | | |
|:---|:---|:---|
| Schedule of Investments - *April 30, 2025 (Unaudited)* | Schedule of Investments - *April 30, 2025 (Unaudited)* | Schedule of Investments - *April 30, 2025 (Unaudited)* |
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Asset Backed (8%)** | **Asset Backed (8%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | AGL CLO Ltd. 2022-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.190%), 5.46%, 1/20/37 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976 |
| 3000000 | Bain Capital Credit CLO Ltd. 2020-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.210%), 5.49%, 10/23/34 (a)(b) | 2993 |
| 3800000 | Beechwood Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.58%, 1/17/35 (a)(b) | 3800 |
| 3257136 | Carlyle Global Market Strategies CLO Ltd. 2012-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.120%), 5.39%, 4/22/32 (a)(b) | 3255 |
| 2716782 | CARS-DB4 LP 2020-1A 144A, 3.25%, 2/15/50 (b) | 2507 |
| 3225000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 CAD (b)(c) | 2312 |
| 2800000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (b) | 2712 |
| 3145939 | Dryden CLO Ltd. 2019-72A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.42%, 5/15/32 (a)(b) | 3142 |
| 29 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (d) | 1466 |
| 4700000 | Galaxy XXII CLO Ltd. 2016-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.50%, 4/16/34 (a)(b) | 4688 |
| 389366 | JPMorgan Chase Bank N.A.-CACLN 2020-2 144A, 31.36%, 2/25/28 (b) | 397 |
| 1165413 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (b) | 1196 |
| 1831 | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 2.10%, 2/26/29 (b) | 2 |
| 3600000 | LCM Ltd. 39A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.340%), 5.60%, 10/15/34 (a)(b) | 3596 |
| 2000000 | Madison Park Funding XLVIII Ltd. 2021-48A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.262%), 6.53%, 4/19/33 (a)(b) | 1997 |
| 2335000 | Neuberger Berman Loan Advisers CLO Ltd. 2020-36A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 6.07%, 4/20/33 (a)(b) | 2328 |
| 1340437 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (b) | 1293 |
| 1742454 | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (b) | 1742 |
| 3725000 | Palmer Square CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.530%), 5.79%, 4/16/37 (a)(b) | 3727 |
| 4500000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.52%, 7/20/35 (a)(b) | 4479 |
| 1813500 | Rockford Tower CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.422%), 5.69%, 10/20/31 (a)(b) | 1814 |
| 3760000 | RR Ltd. 2021-16A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.372%), 5.63%, 7/15/36 (a)(b) | 3758 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57693 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (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;58 |
| 150 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (d) | 1661 |
| 657083 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (b) | 658 |
| 63 | Santander Drive Auto Receivables Trust 2023-S1, 0.00%, (d) | 1555 |
| 2686500 | Store Master Funding I-VII XIV XIX XX XXIV XXII 2024-1A 144A, 5.70%, 5/20/54 (b) | 2767 |
| 2600000 | Symphony CLO XXIV Ltd. 2020-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.512%), 6.79%, 1/23/32 (a)(b) | 2599 |
| 641667 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (b) | 643 |
| 1500000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (b) | 1575 |
|  **Total Asset Backed (Cost - $69,869)** | **Total Asset Backed (Cost - $69,869)** | 68696 |
|  **Bank Loan(e) (1%)** | **Bank Loan(e) (1%)** |  |
| 1613650 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.79%, 2/01/29 | 1617 |
| 1159176 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.05%, 8/20/31 | 1153 |
| 2500000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.30%, 10/24/29 | 2494 |
| 2786000 | Verde Purchaser LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.30%, 11/30/30 | 2768 |
| 1325794 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 6/27/29 | 1270 |
|  **Total Bank Loan (Cost - $9,267)** | **Total Bank Loan (Cost - $9,267)** | 9302 |
|  **Commercial Paper(d) (1%)** | **Commercial Paper(d) (1%)** |  |
| 10000000 | Essential Utilities, Inc., 4.65%, 5/01/25<br> **(Cost - $10,000)** | 9999 |
|  **Corporate Bond (38%)** | **Corporate Bond (38%)** |  |
|  **Financial (18%)** | **Financial (18%)** |  |
| 2450000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (a)(f) | 2258 |
| 2250000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (a) | 2336 |
| 1800000 | American Express Co., (Secured Overnight Financing Rate + 1.280%), 5.28%, 7/27/29 (a) | 1848 |
| 3250000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.440%), 5.02%, 4/25/31 (a)(g) | 3304 |
| 4350000 | American Tower Corp., 2.30%, 9/15/31 | 3747 |
| 2400000 | AmFam Holdings Inc. 144A, 3.83%, 3/11/51 (b) | 1496 |
| 1700000 | Ares Capital Corp., 5.95%, 7/15/29 | 1722 |
| 1900000 | Ares Management Corp., 5.60%, 10/11/54 | 1741 |
| 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) | 1809 |
| 2450000 | Athene Holding Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.607%), 6.63%, 10/15/54 (a) | 2360 |

---

26 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | Augustar Life Insurance Co. 144A, 6.88%, 6/15/42 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 |
| 2200000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (a) | 2113 |
| 3400000 | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.452%), 2.88%, 10/22/30 (a) | 3156 |
| 3000000 | Bank of Montreal f2f, (U.S. Secured Overnight Financing Rate + 0.880%), 4.57%, 9/10/27 (a) | 3003 |
| 2050000 | Bank of Nova Scotia, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.017%), 8.00%, 1/27/84 (a) | 2103 |
| 2100000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (a) | 2122 |
| 1500000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, 5.25%, 9/10/29 (b) | 1510 |
| 2330000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 2252 |
| 2100000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 2095 |
| 2150000 | Bread Financial Holdings Inc. 144A, 9.75%, 3/15/29 (b) | 2264 |
| 1375000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.62%, 10/30/31 (a) | 1532 |
| 2675000 | Charles Schwab Corp. G, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.971%), 5.38% (a)(f) | 2673 |
| 3300000 | Citibank N.A., 5.57%, 4/30/34 | 3407 |
| 4800000 | Corebridge Financial Inc., 3.90%, 4/05/32 | 4424 |
| 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) | 1600 |
| 2250000 | Deutsche Bank AG, (U.S. Secured Overnight Financing Rate + 1.219%), 2.31%, 11/16/27 (a) | 2167 |
| 2670000 | Equinix Inc., 1.80%, 7/15/27 | 2526 |
| 3025000 | Extra Space Storage LP, 2.20%, 10/15/30 | 2645 |
| 1950000 | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | 1810 |
| 3600000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.580%), 5.22%, 4/23/31 (a) | 3667 |
| 3300000 | Holcim Finance U.S. LLC 144A, 5.40%, 4/07/35 (b) | 3300 |
| 3000000 | Huntington Bancshares Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 6.14%, 11/18/39 (a) | 2968 |
| 1000000 | Huntington National Bank, (U.S. Secured Overnight Financing Rate + 0.720%), 4.87%, 4/12/28 (a) | 1005 |
| 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) | 3122 |
| 2100000 | Invitation Homes Operating Partnership LP, 4.88%, 2/01/35 | 1998 |
| 1337000 | JAB Holdings BV 144A, 2.20%, 11/23/30 (b) | 1141 |
| 3750000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (a) | 3761 |
| 2500000 | LPL Holdings Inc., 5.75%, 6/15/35 | 2488 |
| 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) | 2155 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | Macquarie Group Ltd. 144A, (3 mo. LIBOR USD + 1.372%), 3.76%, 11/28/28 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 |
| 3100000 | Mitsubishi UFJ Financial Group Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.170%), 5.16%, 4/24/31 (a) | 3158 |
| 2000000 | Morgan Stanley, (3 mo. Term Secured Overnight Financing Rate + 1.890%), 4.43%, 1/23/30 (a) | 1986 |
| 2650000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.100%), 4.65%, 10/18/30 (a) | 2642 |
| 1300000 | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (b) | 1701 |
| 900000 | Nuveen LLC 144A, 5.85%, 4/15/34 (b) | 926 |
| 2670000 | Panther Escrow Issuer LLC 144A, 7.13%, 6/01/31 (b) | 2738 |
| 2475000 | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | 2118 |
| 2200000 | PRA Group Inc. 144A, 8.88%, 1/31/30 (b)(g) | 2268 |
| 3100000 | Royal Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.030%), 5.15%, 2/04/31 (a) | 3156 |
| 3200000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.940%), 5.35%, 9/06/30 (a) | 3211 |
| 2925000 | Simon Property Group LP, 4.75%, 9/26/34 | 2798 |
| 3400000 | Toronto-Dominion Bank, 4.99%, 4/05/29 | 3470 |
| 2450000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.630%), 6.85% (a)(b)(f) | 2411 |
| 2700000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.179%), 7.13% (a)(b)(f) | 2589 |
| 2800000 | UBS Group AG 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.745%), 9.25% (a)(b)(f) | 3033 |
| 1000000 | UBS Group AG 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.758%), 9.25% (a)(b)(f) | 1120 |
| 1300000 | Unum Group, 6.00%, 6/15/54 | 1270 |
| 2035000 | WEA Finance LLC 144A, 4.63%, 9/20/48 (b) | 1581 |
| 1900000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 2.100%), 2.39%, 6/02/28 (a) | 1822 |
| 3200000 | Wells Fargo & Co., (U.S. Secured Overnight |  |
|  | Financing Rate + 1.500%), 5.15%, 4/23/31 (a) | 3250 |
|  |  | 143487 |
|  **Industrial (9%)** | **Industrial (9%)** |  |
| 2325000 | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (b) | 1874 |
| 2455757 | American Airlines Pass-Through Trust 2019-1, AA, 3.15%, 2/15/32 | 2226 |
| 2225000 | Ashtead Capital Inc. 144A, 5.55%, 5/30/33 (b) | 2203 |
| 3500000 | Boeing Co., 6.86%, 5/01/54 | 3742 |
| 3350000 | Broadcom Inc., 4.35%, 2/15/30 | 3311 |
| 3000000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (b) | 3012 |
| 1150000 | Celulosa Arauco y Constitucion SA 144A, 6.18%, 5/05/32 (b) | 1150 |
| 4050000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 12/01/61 | 2633 |
| 1400000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (b) | 1393 |
| 2000000 | Daimler Truck Finance North America LLC 144A, 5.40%, 9/20/28 (b) | 2045 |
| 2800000 | Flowers Foods Inc., 5.75%, 3/15/35 | 2827 |
| 2850000 | Ford Motor Credit Co. LLC, 5.80%, 3/05/27 | 2835 |
| 2600000 | Ford Motor Credit Co. LLC, 5.92%, 3/20/28 | 2585 |

---

Semi-Annual 27

------

Payden Core Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | Foundry JV Holdco LLC 144A, 5.90%, 1/25/30 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597 |
| 2750000 | General Motors Financial Co. Inc., 2.35%, 1/08/31 | 2338 |
| 3475000 | Glencore Funding LLC 144A, 3.88%, 4/27/51 (b) | 2426 |
| 2050000 | HCA Inc., 5.90%, 6/01/53 | 1944 |
| 1950000 | Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | 1927 |
| 1700000 | Huntington Ingalls Industries Inc., 5.75%, 1/15/35 | 1734 |
| 2700000 | Hyundai Capital America 144A, 1.80%, 1/10/28 (b) | 2494 |
| 2300000 | IHS Holding Ltd. 144A, 7.88%, 5/29/30 (b) | 2223 |
| 1800000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (b) | 1770 |
| 3900000 | Mars Inc. 144A, 4.60%, 3/01/28 (b) | 3943 |
| 1825000 | Micron Technology Inc., 5.30%, 1/15/31 | 1834 |
| 2150000 | Micron Technology Inc., 5.80%, 1/15/35 | 2138 |
| 2200000 | Oracle Corp., 6.25%, 11/09/32 | 2347 |
| 3500000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.25%, 7/01/29 (b) | 3560 |
| 2350000 | Regal Rexnord Corp., 6.40%, 4/15/33 | 2396 |
| 4100000 | Synopsys Inc., 4.55%, 4/01/27 | 4123 |
| 3375000 | Warnermedia Holdings Inc., 5.14%, 3/15/52 | 2309 |
|  |  | 73939 |
|  **Utility (11%)** | **Utility (11%)** |  |
| 3450000 | Abu Dhabi National Energy Co. PJSC 144A, 4.38%, 10/09/31 (b) | 3412 |
| 3156672 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (b) | 3144 |
| 2100000 | Algonquin Power & Utilities Corp., 5.37%, 6/15/26 | 2114 |
| 1650000 | Arizona Public Service Co., 5.70%, 8/15/34 | 1676 |
| 1750000 | BP Capital Markets PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.153%), 6.45% (a)(f)(g) | 1747 |
| 2000000 | Diamondback Energy Inc., 4.25%, 3/15/52 | 1467 |
| 3000000 | DTE Energy Co., 5.85%, 6/01/34 | 3094 |
| 2700000 | Duke Energy Corp., 5.80%, 6/15/54 | 2590 |
| 2325000 | Duquesne Light Holdings Inc. 144A, 2.78%, 1/07/32 (b) | 1997 |
| 3000000 | Energy Transfer LP, 5.25%, 4/15/29 | 3039 |
| 2175000 | Energy Transfer LP, 5.75%, 2/15/33 | 2206 |
| 3875000 | Expand Energy Corp., 5.70%, 1/15/35 | 3826 |
| 188981 | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (b) | 182 |
| 944538 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (b) | 939 |
| 2300000 | Frontera Energy Corp. 144A, 7.88%, 6/21/28 (b) | 1509 |
| 390000 | Geopark Ltd. 144A, 8.75%, 1/31/30 (b) | 338 |
| 1295000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (b) | 1008 |
| 1900000 | Kimmeridge Texas Gas LLC 144A, 8.50%, 2/15/30 (b) | 1827 |
| 2100000 | Kinder Morgan Inc., 5.30%, 12/01/34 | 2047 |
| 2450000 | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 144A, 6.88%, 12/01/32 (b) | 2375 |
| 2150000 | Matador Resources Co. 144A, 6.25%, 4/15/33 (b) | 2035 |
| 3590000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (b) | 3304 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | Occidental Petroleum Corp., 6.05%, 10/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 |
| 1850000 | OHI Group SA 144A, 13.00%, 7/22/29 (b) | 1870 |
| 3600000 | ONEOK Inc., 4.75%, 10/15/31 | 3513 |
| 2750000 | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | 2708 |
| 1695000 | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | 1498 |
| 2400000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 9.88%, 3/15/30 (b)(g) | 2115 |
| 2420000 | Petroleos Mexicanos, 6.49%, 1/23/27 | 2366 |
| 2000000 | Saavi Energia Sarl 144A, 8.88%, 2/10/35 (b) | 2012 |
| 2950000 | Saudi Arabian Oil Co. 144A, 5.88%, 7/17/64 (b) | 2722 |
| 2172060 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (b) | 2115 |
| 1650000 | South Bow USA Infrastructure Holdings LLC 144A, 6.18%, 10/01/54 (b) | 1528 |
| 1560000 | Sunoco LP 144A, 6.25%, 7/01/33 (b) | 1559 |
| 1976509 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (b) | 1817 |
| 1450000 | Var Energi ASA 144A, 7.50%, 1/15/28 (b) | 1530 |
| 2050000 | Venture Global LNG Inc. 144A, 9.50%, 2/01/29 (b) | 2126 |
| 2800000 | Venture Global LNG Inc. 144A, 7.00%, 1/15/30 (b) | 2640 |
| 3000000 | Vistra Operations Co. LLC 144A, 3.70%, 1/30/27 (b) | 2949 |
| 2345000 | W&T Offshore Inc. 144A, 10.75%, 2/01/29 (b)(g) | 1851 |
| 3350000 | Weatherford International Ltd. 144A, 8.63%, 4/30/30 (b) | 3323 |
| 350000 | Western Midstream Operating LP, 6.35%, 1/15/29 | 364 |
| 1350000 | Western Midstream Operating LP, 6.15%, 4/01/33 | 1364 |
| 3150000 | Williams Cos. Inc., 5.30%, 8/15/28 | 3223 |
|  |  | 92408 |
|  **Total Corporate Bond (Cost - $321,418)** | **Total Corporate Bond (Cost - $321,418)** | 309834 |
|  **Foreign Government (4%)** | **Foreign Government (4%)** |  |
| 900000 | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (b) | 599 |
| 2650000 | Chile Government International Bond, 4.13%, 7/05/34 EUR (c) | 3092 |
| 5270000 | CPPIB Capital Inc. 144A, 1.95%, 9/30/29 CAD (b)(c) | 3678 |
| 1850000 | Dominican Republic International Bond 144A, 7.05%, 2/03/31 (b) | 1909 |
| 1675000 | Guatemala Government Bond 144A, 6.55%, 2/06/37 (b) | 1672 |
| 3000000 | Ivory Coast Government International Bond 144A, 8.08%, 4/01/36 (b) | 2774 |
| 3200000 | Municipal Finance Authority of British, 2.55%, 10/09/29 CAD (c) | 2288 |
| 458000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (b) | 457 |
| 2000000 | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (b) | 2020 |
| 3600000 | Perusahaan Penerbit SBSN Indonesia III 144A, 5.20%, 7/02/34 (b) | 3616 |
| 1500000 | Peruvian Government International Bond, 5.38%, 2/08/35 | 1481 |
| 1100000 | Republic of South Africa Government International Bond, 4.85%, 9/30/29 | 1038 |
| 1350000 | Republic of South Africa Government International Bond, 5.88%, 6/22/30 | 1311 |

---

28 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825000 | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398 |
|  **Total Foreign Government (Cost - $29,437)** | **Total Foreign Government (Cost - $29,437)** | 28333 |
|  **Mortgage Backed (35%)** | **Mortgage Backed (35%)** |  |
| 2034741 | BRAVO Residential Funding Trust 2024-NQM7 144A, 5.55%, 10/27/64 (b) | 2040 |
| 4125000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.84%, 9/15/36 (a)(b) | 4044 |
| 2029648 | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.24%, 6/15/38 (a)(b) | 2013 |
| 1642936 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.01%, 3/15/41 (a)(b) | 1625 |
| 2113207 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.01%, 4/15/41 (a)(b) | 2103 |
| 3898892 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (b) | 3988 |
| 4100000 | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.364%), 13.72%, 11/25/39 (a)(b) | 4433 |
| 1679623 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 5.50%, 3/25/44 (a)(b) | 1678 |
| 1269142 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (b)(h) | 1273 |
| 1512917 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (b)(h) | 1518 |
| 2050000 | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (b) | 2123 |
| 1679387 | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 16.72%, 9/25/28 (a) | 1811 |
| 1721191 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 14.72%, 1/25/29 (a) | 1841 |
| 494326 | Fannie Mae Connecticut Avenue Securities 2016-C05, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.864%), 15.22%, 1/25/29 (a) | 538 |
| 463382 | FN 254766 30YR, 5.00%, 6/01/33 | 470 |
| 234878 | FN 725027 30YR, 5.00%, 11/01/33 | 238 |
| 462712 | FN 725423 30YR, 5.50%, 5/01/34 | 476 |
| 447021 | FN 725424 30YR, 5.50%, 4/01/34 | 460 |
| 367798 | FN 995203 30YR, 5.00%, 7/01/35 | 372 |
| 1941575 | FN AS8305 30YR, 3.00%, 11/01/46 | 1728 |
| 268225 | FN AT2016 30YR, 3.00%, 4/01/43 | 244 |
| 1361184 | FN AZ7336 30YR, 3.50%, 11/01/45 | 1256 |
| 4646325 | FN BC8998 30YR, 3.00%, 11/01/46 | 4135 |
| 783264 | FN BM2003 30YR, 4.00%, 10/01/47 | 742 |
| 2616598 | FN BM2007 30YR, 4.00%, 9/01/48 | 2468 |
| 3637581 | FN BP6626 30YR, 2.00%, 8/01/50 | 2913 |
| 2399780 | FN BV7937 30YR, 4.00%, 8/01/52 | 2242 |
| 2083346 | FN CA6739 30YR, 3.00%, 8/01/50 | 1814 |
| 1108085 | FN CA7224 30YR, 2.00%, 10/01/50 | 890 |
| 2697705 | FN CB1301 30YR, 2.50%, 8/01/51 | 2271 |
| 2326892 | FN CB2542 30YR, 2.50%, 1/01/52 | 1948 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6335664 | FN CB2759 30YR, 3.00%, 2/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518 |
| 4202993 | FN CB2839 30YR, 2.00%, 2/01/52 | 3388 |
| 4864998 | FN CB3258 30YR, 3.50%, 4/01/52 | 4431 |
| 3611690 | FN CB3622 30YR, 4.00%, 5/01/52 | 3380 |
| 4533764 | FN CB4127 30YR, 4.50%, 7/01/52 | 4346 |
| 2760777 | FN CB4794 30YR, 4.50%, 10/01/52 | 2643 |
| 4427786 | FN CB5106 30YR, 5.00%, 11/01/52 | 4374 |
| 5047582 | FN CB5113 30YR, 5.50%, 11/01/52 | 5061 |
| 4462389 | FN CB8021 30YR, 6.50%, 2/01/54 | 4647 |
| 2881776 | FN CB9929 30YR, 6.00%, 2/01/55 | 2938 |
| 1530238 | FN FM1717 30YR, 3.50%, 12/01/45 | 1434 |
| 1940184 | FN FM3162 30YR, 3.00%, 11/01/46 | 1762 |
| 391527 | FN FM4990 30YR, 5.00%, 7/01/47 | 396 |
| 2495472 | FN FM4994 30YR, 2.00%, 12/01/50 | 2008 |
| 4166761 | FN FM7418 30YR, 2.50%, 6/01/51 | 3516 |
| 2425423 | FN FM7494 30YR, 3.00%, 6/01/51 | 2127 |
| 6762363 | FN FM9195 30YR, 2.50%, 10/01/51 | 5671 |
| 3162505 | FN FM9218 30YR, 2.00%, 10/01/51 | 2534 |
| 1386686 | FN FM9750 30YR, 3.00%, 4/01/48 | 1257 |
| 3008098 | FN FS0287 30YR, 2.00%, 1/01/52 | 2418 |
| 5816613 | FN FS0349 30YR, 2.00%, 1/01/52 | 4673 |
| 4223323 | FN FS0439 30YR, 2.50%, 1/01/52 | 3554 |
| 2512991 | FN FS3111 30YR, 5.00%, 9/01/52 | 2482 |
| 3203606 | FN FS3838 30YR, 4.00%, 5/01/49 | 3072 |
| 2959377 | FN FS4931 30YR, 6.00%, 6/01/53 | 3014 |
| 4044606 | FN FS8791 30YR, 6.00%, 8/01/54 | 4116 |
| 3815135 | FN MA2806 30YR, 3.00%, 11/01/46 | 3391 |
| 4030447 | FN MA3210 30YR, 3.50%, 12/01/47 | 3697 |
| 5266777 | FN MA3238 30YR, 3.50%, 1/01/48 | 4829 |
| 3508258 | FN MA4761 30YR, 5.00%, 9/01/52 | 3448 |
| 2644865 | FN MA4785 30YR, 5.00%, 10/01/52 | 2599 |
| 2678998 | FN MA4842 30YR, 5.50%, 12/01/52 | 2682 |
| 3283233 | FN MA5040 30YR, 6.00%, 6/01/53 | 3339 |
| 12890000 | FNCL, 5.50%, 5/01/5530YR TBA (i) | 12864 |
| 633309 | FR RA3728 30YR, 2.00%, 10/01/50 | 510 |
| 4281471 | FR RA4531 30YR, 2.50%, 2/01/51 | 3599 |
| 5419212 | FR RA5276 30YR, 2.50%, 5/01/51 | 4565 |
| 3474495 | FR RA6823 30YR, 2.00%, 2/01/52 | 2790 |
| 5679079 | FR RA7778 30YR, 4.50%, 8/01/52 | 5444 |
| 4706487 | FR RA7790 30YR, 5.00%, 8/01/52 | 4628 |
| 4171601 | FR RA8415 30YR, 5.50%, 1/01/53 | 4180 |
| 1545549 | FR RA8647 30YR, 4.50%, 5/01/53 | 1482 |
| 2779244 | FR SD0729 30YR, 2.00%, 10/01/51 | 2227 |
| 3524493 | FR SD2184 30YR, 6.00%, 1/01/53 | 3593 |
| 4513783 | FR SD5641 30YR, 5.50%, 6/01/53 | 4551 |
| 5581126 | FR SD7537 30YR, 2.00%, 3/01/51 | 4499 |
| 3038530 | FR SD8106 30YR, 2.00%, 11/01/50 | 2419 |
| 1215311 | FR ZA4718 30YR, 3.00%, 10/01/46 | 1081 |
| 2173055 | FR ZT0534 30YR, 3.50%, 12/01/47 | 2002 |
| 2409760 | FR ZT1159, 3.50%, 2/01/44 | 2245 |
| 1758696 | G2 4853 30YR, 4.00%, 11/20/40 | 1685 |
| 729007 | G2 5174 30YR, 4.00%, 9/20/41 | 698 |
| 173323 | G2 5233 30YR, 4.00%, 11/20/41 | 166 |
| 3268799 | G2 785219 30YR, 2.00%, 12/20/50 | 2618 |
| 418546 | G2 MA2522 30YR, 4.00%, 1/20/45 | 397 |
| 1657521 | G2 MA3663 30YR, 3.50%, 5/20/46 | 1524 |
| 3246915 | G2 MA3802 30YR, 3.00%, 7/20/46 | 2917 |
| 1070864 | G2 MA4510 30YR, 3.50%, 6/20/47 | 984 |
| 2786208 | G2 MA5265 30YR, 4.50%, 6/20/48 | 2706 |
| 1179797 | G2 MA6930 30YR, 2.00%, 10/20/50 | 964 |
| 2403230 | G2 MA7472 30YR, 2.50%, 7/20/51 | 2050 |
| 2598811 | G2 MA8044 30YR, 3.50%, 5/20/52 | 2367 |
| 2371140 | G2 MA8200 30YR, 4.00%, 8/20/52 | 2218 |
| 3609766 | G2 MA8648 30YR, 5.50%, 2/20/53 | 3623 |
| 1587442 | GN 783716 30YR, 3.00%, 2/15/43 | 1425 |

---

Semi-Annual 29

------

Payden Core Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | MF1 2024-FL16 144A, (1 mo. Term Secured Overnight Financing Rate + 1.541%), 5.86%, 11/18/39 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4247 |
| 12744743 | Morgan Stanley Capital I Trust 2018-H3, 0.96%, 7/15/51 (h) | 248 |
| 127203 | Nationstar Mortgage Loan Trust 2013-A 144A, 3.75%, 12/25/52 (b)(h) | 122 |
| 242327 | New Residential Mortgage Loan Trust 2014-3A 144A, 3.75%, 11/25/54 (a)(b)(h) | 234 |
| 3600000 | NXPT Commercial Mortgage Trust 2024-STOR 144A, 4.46%, 11/05/41 (b)(h) | 3522 |
| 1449145 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (b) | 1445 |
| 1846110 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (b) | 1848 |
| 1788853 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (b) | 1778 |
| 1582237 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (b) | 1582 |
| 1379561 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (b)(h) | 1382 |
| 1740046 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (b) | 1744 |
| 1420787 | OBX Trust 2024-NQM17 144A, 5.61%, 11/25/64 (b)(h) | 1427 |
| 2829289 | OBX Trust 2025-NQM1 144A, 5.55%, 12/25/64 (b)(h) | 2838 |
| 1300000 | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.97%, 2/25/47 (a)(b) | 1598 |
| 2200000 | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.84%, 3/15/38 (a)(b) | 2189 |
| 1203796 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (b)(h) | 1203 |
| 1572041 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (b)(h) | 1571 |
| 1975018 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (b)(h) | 1977 |
| 4378506 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (b)(h) | 4395 |
|  **Total Mortgage Backed (Cost - $298,388)** | **Total Mortgage Backed (Cost - $298,388)** | 288811 |
|  **Municipal (2%)** | **Municipal (2%)** |  |
| 2495000 | California Earthquake Authority A, 5.60%, 7/01/27 | 2521 |
| 3900000 | California Health Facilities Financing Authority, 2.86%, 6/01/31 | 3555 |
| 1127512 | California Pollution Control Financing Authority, AMT 144A, 7.50%, 12/01/39 (b)(j) |  |
| 2565000 | Compton Community College District B, 3.46%, 8/01/38 (k) | 2182 |
| 3285000 | Golden State Tobacco Securitization Corp. B, 2.75%, 6/01/34 (k) | 2818 |
| 2000000 | Idaho Housing & Finance Association A, 6.00%, 1/01/65 (k) | 2104 |
| 2300000 | Pennsylvania Economic Development Financing Authority B, 6.53%, 6/15/39 | 2520 |
| 1495000 | State of California, 7.55%, 4/01/39 | 1807 |
|  **Total Municipal (Cost - $19,445)** | **Total Municipal (Cost - $19,445)** | 17507 |
|  **U.S. Government Agency (1%)** | **U.S. Government Agency (1%)** |  |
| 6000000 | FHLB, 1.80%, 2/04/36 | 4557 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280000 | Tennessee Valley Authority, 5.25%, 9/15/39 | $4504 |
|  **Total U.S. Government Agency (Cost - $9,243)** | **Total U.S. Government Agency (Cost - $9,243)** | 9061 |
|  **U.S. Treasury (7%)** | **U.S. Treasury (7%)** |  |
| 439000 | U.S. Treasury Bond, 2.50%, 2/15/46 | 307 |
| 8130000 | U.S. Treasury Bond, 3.00%, 2/15/49 (l)(m) | 6054 |
| 4180000 | U.S. Treasury Bond, 3.63%, 5/15/53 | 3461 |
| 1850000 | U.S. Treasury Bond, 4.50%, 11/15/54 | 1791 |
| 1780000 | U.S. Treasury Bond, 4.63%, 2/15/55 | 1762 |
| 23376056 | U.S. Treasury Inflation Indexed Notes, 2.13%, 4/15/29 | 24143 |
| 14551087 | U.S. Treasury Inflation Indexed Notes, 1.38%, 7/15/33 | 14107 |
| 8100000 | U.S. Treasury Note, 4.00%, 3/31/30 | 8202 |
|  **Total U.S. Treasury (Cost - $64,856)** | **Total U.S. Treasury (Cost - $64,856)** | 59827 |
|  **Investment Company (4%)** | **Investment Company (4%)** |  |
| 11976790 | Payden Cash Reserves Money Market Fund\* | 11977 |
| 1532310 | Payden Emerging Market Corporate Bond Fund, SI Class\* | 13285 |
| 1780083 | Payden Emerging Markets Local Bond Fund, SI Class\* | 8242 |
|  **Total Investment Company (Cost - $33,514)** | **Total Investment Company (Cost - $33,514)** | 33504 |
|  **Total Investments (Cost - $865,437) (101%)** | **Total Investments (Cost - $865,437) (101%)** | 834874 |
|  **Liabilities in excess of Other Assets (-1%)** | **Liabilities in excess of Other Assets (-1%)** | (5633) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829241 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 April 30, 2025. 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 April 30, 2025, the total market value of the Fund's securities on loan is $9,610 and the total market value of the collateral held by the Fund is $10,060. 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) Security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Payment of principal and/or interest is insured against default by a monoline insurer.

&nbsp;&nbsp;&nbsp;&nbsp;(l) All or a portion of the security is pledged to cover futures contract margin requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(m) All or a portion of security has been pledged in connection with outstanding centrally cleared swaps.

30 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### 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 5,667 | USD 6,204 | HSBC Bank<br>USA, N.A. | 05/28/2025 | $227 |
|  **Liabilities:** |  |  |  |  |
|  USD 5,949 | EUR 5,667 | HSBC Bank<br>USA, N.A. | 05/28/2025 | (482) |
|  USD 8,695 | CAD 12,504 | State Street Bank<br>& Trust Co. | 06/18/2025 | (398) |
|  USD 7,814 | EUR 7,161 | State Street Bank<br>& Trust Co. | 06/18/2025 | (324) |
|  |  |  |  | (1204) |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(977) |

---

#### 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 | 30 | Jun-25 | $3442 | $(9) | $(9) |
| U.S. Treasury 10-Year Note Future | 121 | Jun-25 | 13578 | 211 | 211 |
| U.S. Treasury 2-Year Note Future | 636 | Jun-25 | 132382 | 1037 | 1037 |
| U.S. Treasury 5-Year Note Future | 691 | Jun-25 | 75454 | 1078 | 1078 |
| U.S. Ultra Bond Future | 455 | Jun-25 | 55069 | (679) | (679) |
|  |  |  |  |  | 1638 |
| **Total Futures** |  |  |  |  | $1638 |

---

#### 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 44 Index), Pay 5% Quarterly, |  |  |  |  |  |
| Receive upon credit default | 06/20/2030 | $23570 | $(9904) | $(9856) | $(48) |

---

#### 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 4.36% (SOFRRATE) Annually, Pay Fixed 3.2815% Annually | 02/27/2035 | $15600 | $498 | $– $| 498 |
| 10-Year SOFR Swap, Receive Variable 4.6556% (SOFRRATE) Annually, Pay Fixed 2.7375% Annually | 08/30/2034 | 15900 | 1323 | – | 1323 |
| 10-Year SOFR Swap, Receive Variable 4.8208% (SOFRRATE) Annually, Pay Fixed 2.9360% Annually | 06/28/2034 | 15985 | 1103 | – | 1103 |
| 2-Year SOFR Swap, Receive Fixed 2.7400% Annually, Pay Variable 4.6556% (SOFRRATE) Annually | 08/30/2026 | 71500 | (1713) | – | (1713) |
| 2-Year SOFR Swap, Receive Fixed 2.8300% Annually, Pay Variable 4.8208% (SOFRRATE) Annually | 06/29/2026 | 71425 | (1890) | – | (1890) |
| 2-Year SOFR Swap, Receive Fixed 3.3330% Annually, Pay Variable 4.36% (SOFRRATE) Annually | 02/27/2027 | 67700 | (225) | – | (225) |
| 4-Year SOFR Swap, Receive Fixed 3.70791% Annually, Pay Variable 3.70791% (SOFRRATE) Annually | 08/31/2029 | 50400 | (781) | – | (781) |
|  |  |  | $(1685) | $– $| (1685) |

---

Semi-Annual 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> | $9610 |
| Non-cash Collateral<sup>2</sup> | (9610) |
| 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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

*See notes to financial statements.* 

32 Payden Mutual Funds

------

Payden Corporate Bond Fund

---

| | | |
|:---|:---|:---|
| **Schedule of Investments -** *April 30, 2025 (Unaudited)* | **Schedule of Investments -** *April 30, 2025 (Unaudited)* | **Schedule of Investments -** *April 30, 2025 (Unaudited)* |
| 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) | $1308 |
| 875250 | Domino's Pizza Master Issuer LLC 2021-1A 144A, 2.66%, 4/25/51 (a) | 816 |
| 1536276 | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 5.77%, 2/17/39 (a)(b) | 1536 |
| 1843000 | Planet Fitness Master Issuer LLC 2022-1A 144A, 3.25%, 12/05/51 (a) | 1792 |
| 2350000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 4.29%, 2/15/52 (a) | 2238 |
| 1467813 | Zaxbys Funding LLC 2021-1A, 144A, 3.24%, 7/30/51 (a) | 1349 |
|  **Total Asset Backed (Cost - $9,295)** | **Total Asset Backed (Cost - $9,295)** | 9039 |
|  **Bank Loan(c) (0%)** | **Bank Loan(c) (0%)** |  |
| 114741 | DirectV Financing LLC Term Loan NON-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.54%, 8/02/27 | 115 |
| 642561 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 6/27/29 | 615 |
|  **Total Bank Loan (Cost - $752)** | **Total Bank Loan (Cost - $752)** | 730 |
|  **Corporate Bond (88%)** | **Corporate Bond (88%)** |  |
|  **Automotive (4%)** | **Automotive (4%)** |  |
| 1100000 | Allison Transmission Inc. 144A, 3.75%, 1/30/31 (a) | 989 |
| 1800000 | Ford Motor Credit Co. LLC, 2.90%, 2/16/28 | 1648 |
| 2000000 | Ford Motor Credit Co. LLC, 6.05%, 3/05/31 | 1955 |
| 1225000 | General Motors Co., 5.40%, 4/01/48 (d) | 1024 |
| 1200000 | General Motors Co., 6.75%, 4/01/46 | 1186 |
| 1700000 | Hyundai Capital America 144A, 1.80%, 10/15/25 (a) | 1677 |
| 3275000 | Nissan Motor Co. Ltd. 144A, 4.35%, 9/17/27 (a) | 3145 |
| 1015000 | Stellantis Finance U.S. Inc. 144A, 5.75%, 3/18/30 (a) | 1016 |
| 1185000 | Volkswagen Group of America Finance LLC 144A, 5.70%, 9/12/26 (a) | 1198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13838 |
|  **Banking (16%)** | **Banking (16%)** |  |
| 1585000 | Bank of America Corp. N, (U.S. Secured Overnight Financing Rate + 1.220%), 2.65%, 3/11/32 (b) | 1407 |
| 1350000 | Bank of America Corp., (3 mo. Term Secured Overnight Financing Rate + 1.774%), 3.71%, 4/24/28 (b) | 1331 |
| 1800000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.000%), 5.16%, 1/24/31 (b) | 1834 |
| 1000000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.913%), 5.43%, 8/15/35 (b) | 979 |
| 1875000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.650%), 5.47%, 1/23/35 (b) | 1902 |
| 1150000 | Barclays PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.050%), 2.28%, 11/24/27 (b) | 1108 |
| 1300000 | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 1.880%), 5.74%, 2/20/35 (a) (b)(d) | 1333 |

---

---

| | | |
|:---|:---|:---|
| 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) | $1695 |
| 925000 | Canadian Imperial Bank of Commerce, 5.26%, 4/08/29 | 950 |
| 1150000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.830%), 6.02%, 1/24/36 (b) | 1154 |
| 1705000 | Credit Agricole SA 144A, (U.S. Secured Overnight Financing Rate + 1.740%), 5.86%, 1/09/36 (a)(b) | 1736 |
| 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) | 1058 |
| 1175000 | Deutsche Bank AG, (U.S. Secured Overnight Financing Rate + 3.180%), 6.72%, 1/18/29 (b) | 1232 |
| 1250000 | Federation des Caisses Desjardins du Quebec 144A, 5.70%, 3/14/28 (a) | 1293 |
| 470000 | Fifth Third Bancorp, (U.S. Secured Overnight Financing Rate + 1.840%), 5.63%, 1/29/32 (b) | 482 |
| 900000 | Fifth Third Bancorp, (U.S. Secured Overnight Financing Rate + 2.340%), 6.34%, 7/27/29 (b) | 944 |
| 1300000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.248%), 2.38%, 7/21/32 (b) | 1120 |
| 2000000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.264%), 2.65%, 10/21/32 (b) | 1736 |
| 2425000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.420%), 5.02%, 10/23/35 (b) | 2351 |
| 775000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.552%), 5.85%, 4/25/35 (b) | 799 |
| 950000 | Huntington Bancshares Inc., (Secured Overnight Financing Rate + 1.870%), 5.71%, 2/02/35 (b) | 952 |
| 700000 | Huntington National Bank, (Secured Overnight Financing Rate + 1.650%), 4.55%, 5/17/28 (b) | 699 |
| 850000 | ING Groep NV, (U.S. Secured Overnight Financing Rate + 1.610%), 5.53%, 3/25/36 (b) | 856 |
| 915000 | JPMorgan Chase & Co., (3 mo. Term Secured Overnight Financing Rate + 2.460%), 3.11%, 4/22/41 (b) | 693 |
| 910000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 2.440%), 3.11%, 4/22/51 (b) | 602 |
| 640000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 642 |
| 1370000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.040%), 4.60%, 10/22/30 (b) | 1370 |
| 1700000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.845%), 5.35%, 6/01/34 (b) | 1727 |
| 950000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.315%), 5.50%, 1/24/36 (b) | 967 |
| 1210000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.490%), 5.77%, 4/22/35 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 |
| 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 | 988 |
| 1225000 | Lloyds Banking Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.480%), 5.99%, 8/07/27 (b) | 1244 |
| 1200000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 2.800%), 7.41%, 10/30/29 (b) | 1291 |

---

Semi-Annual 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) | $864 |
| 1325000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.555%), 5.32%, 7/19/35 (b) | 1319 |
| 800000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.730%), 5.47%, 1/18/35 (b) | 808 |
| 1425000 | Morgan Stanley, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.430%), 5.95%, 1/19/38 (b) | 1437 |
| 600000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.64%, 6/14/27 (b) | 580 |
| 355000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (b) | 358 |
| 475000 | NatWest Group PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.752%), 8.13% (b)(e) | 492 |
| 970000 | Old National Bank/Evansville IN, 5.88%, 9/29/26 | 979 |
| 1430000 | PNC Financial Services Group Inc., (U.S. Secured Overnight Financing Rate + 1.259%), 4.81%, 10/21/32 (b) | 1418 |
| 1150000 | PNC Financial Services Group Inc., (Secured Overnight Financing Rate + 2.140%), 6.04%, 10/28/33 (b) | 1202 |
| 1175000 | Royal Bank of Canada, (Secured Overnight Financing Rate + 1.080%), 4.65%, 10/18/30 (b) | 1173 |
| 450000 | Santander Holdings USA Inc., 3.24%, 10/05/26 | 441 |
| 1300000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 2.138%), 6.34%, 5/31/35 (b) | 1330 |
| 1025000 | Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 1.571%), 5.15%, 8/05/32 (b) | 1031 |
| 1440000 | U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.65%, 2/01/29 (b) | 1445 |
| 1000000 | Wachovia Corp., 5.50%, 8/01/35 | 1002 |
| 1500000 | Wells Fargo & Co., (3 mo. Term Secured Overnight Financing Rate + 1.262%), 2.57%, 2/11/31 (b) | 1360 |
| 1311000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.510%), 3.53%, 3/24/28 (b) | 1289 |
| 875000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.110%), 5.24%, 1/24/31 (b) | 893 |
| 765000 | Westpac Banking Corp., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.200%), 5.62%, 11/20/35 (b) | 759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60662 |
|  **Basic Industry (4%)** | **Basic Industry (4%)** |  |
| 1285000 | Alumina Pty Ltd. 144A, 6.38%, 9/15/32 (a) | 1252 |
| 525000 | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | 526 |
| 1075000 | Anglo American Capital PLC 144A, 5.75%, 4/05/34 (a) | 1083 |
| 635000 | ArcelorMittal SA, 6.00%, 6/17/34 | 651 |
| 550000 | Axon Enterprise Inc. 144A, 6.25%, 3/15/33 (a) | 562 |
| 1375000 | BHP Billiton Finance USA Ltd., 5.13%, 2/21/32 | 1393 |
| 975000 | Braskem Netherlands Finance BV 144A, 7.25%, 2/13/33 (a) | 854 |
| 580000 | Builders FirstSource Inc. 144A, 5.00%, 3/01/30 (a) | 557 |
| 1000000 | CIMIC Finance USA Pty Ltd. 144A, 7.00%, 3/25/34 (a) | 1043 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Glencore Funding LLC 144A, 5.89%, 4/04/54 (a)(d) | $755 |
| 1440000 | Holcim Finance U.S. LLC 144A, 4.95%, 4/07/30 (a) | 1455 |
| 1100000 | Lockheed Martin Corp., 5.20%, 2/15/64 | 1000 |
| 785000 | Nature Conservancy A, 3.96%, 3/01/52 | 618 |
| 1470000 | Norfolk Southern Corp., 5.35%, 8/01/54 | 1386 |
| 825000 | Regal Rexnord Corp., 6.05%, 4/15/28 | 847 |
| 825000 | Regal Rexnord Corp., 6.40%, 4/15/33 | 841 |
| 600000 | RTX Corp., 4.63%, 11/16/48 | 508 |
| 1050000 | Union Pacific Corp., 4.95%, 5/15/53 | 950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16281 |
|  **Consumer Goods (3%)** | **Consumer Goods (3%)** |  |
| 740000 | Anheuser-Busch InBev Worldwide Inc., 8.00%, 11/15/39 | 929 |
| 1320000 | Coca-Cola Co., 2.60%, 6/01/50 | 808 |
| 329000 | Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC 144A, 6.63%, 7/15/30 (a) | 330 |
| 1050000 | J M Smucker Co., 6.50%, 11/15/43 | 1114 |
| 1150000 | JDE Peet's NV 144A, 1.38%, 1/15/27 (a) | 1082 |
| 2165000 | Land O' Lakes Inc. 144A, 7.00% (a)(e) | 1775 |
| 1545000 | Mars Inc. 144A, 5.00%, 3/01/32 (a) | 1558 |
| 1425000 | Mars Inc. 144A, 5.20%, 3/01/35 (a) | 1431 |
| 1850000 | NIKE Inc., 3.38%, 3/27/50 | 1286 |
|  |  | 10313 |
|  **Energy (3%)** | **Energy (3%)** |  |
| 1300000 | Energy Transfer LP, 5.20%, 4/01/30 | 1314 |
| 1825000 | EQT Corp. 144A, 6.38%, 4/01/29 (a) | 1868 |
| 800000 | Kimmeridge Texas Gas LLC 144A, 8.50%, 2/15/30 (a) | 769 |
| 750000 | Kinder Morgan Energy Partners LP, 6.55%, 9/15/40 | 774 |
| 775000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (a) | 713 |
| 410000 | Parsley Energy LLC/Parsley Finance Corp. 144A, 4.13%, 2/15/28 (a) | 407 |
| 1045000 | Rockies Express Pipeline LLC 144A, 4.95%, 7/15/29 (a) | 1000 |
| 1050000 | Saudi Arabian Oil Co. 144A, 5.75%, 7/17/54 (a) | 983 |
| 1675000 | Southwestern Energy Co., 4.75%, 2/01/32 | 1573 |
| 1205000 | W&T Offshore Inc. 144A, 10.75%, 2/01/29 (a)(d) | 951 |
| 480000 | Williams Cos. Inc., 8.75%, 3/15/32 | 572 |
|  |  | 10924 |
|  **Financial (12%)** | **Financial (12%)** |  |
| 1400000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (b) | 1454 |
| 925000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.790%), 5.67%, 4/25/36 (b) | 950 |
| 1851000 | American Express Co., 8.15%, 3/19/38 | 2297 |
| 985000 | Apollo Global Management Inc., 5.80%, 5/21/54 | 945 |
| 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) | 1306 |
| 1100000 | Ashtead Capital Inc. 144A, 5.50%, 8/11/32 (a) | 1092 |
| 1600000 | Aviation Capital Group LLC 144A, 5.13%, 4/10/30 (a) | 1584 |
| 2400000 | Banco Santander SA, 2.75%, 12/03/30 | 2105 |
| 1250000 | Blackstone Private Credit Fund, 2.63%, 12/15/26 | 1200 |

---

34 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | $585 |
| 1675000 | Blackstone Secured Lending Fund, 5.30%, 6/30/30 | 1632 |
| 2205000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 2199 |
| 1275000 | Blue Owl Credit Income Corp., 7.75%, 9/16/27 (d) | 1322 |
| 1350000 | Blue Owl Finance LLC, 6.25%, 4/18/34 | 1363 |
| 915000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.080%), 5.47%, 2/01/29 (b) | 933 |
| 1000000 | Citadel Finance LLC 144A, 5.90%, 2/10/30 (a) | 994 |
| 2300000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 2.107%), 2.57%, 6/03/31 (b) | 2060 |
| 1430000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (b) | 1257 |
| 1000000 | Citigroup Inc., 4.45%, 9/29/27 | 997 |
| 1400000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.447%), 5.45%, 6/11/35 (b) | 1405 |
| 900000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.746%), 5.61%, 3/04/56 (b) | 861 |
| 875000 | Enact Holdings Inc., 6.25%, 5/28/29 | 896 |
| 425000 | Fortress Intermediate 3 Inc. 144A, 7.50%, 6/01/31 (a) | 435 |
| 800000 | Franklin BSP Capital Corp., 7.20%, 6/15/29 | 815 |
| 675000 | Freedom Mortgage Holdings LLC 144A, 9.13%, 5/15/31 (a) | 683 |
| 650000 | goeasy Ltd. 144A, 7.63%, 7/01/29 (a) | 656 |
| 1850000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.696%), 5.73%, 1/28/56 (b) | 1803 |
| 925000 | HPS Corporate Lending Fund, 5.45%, 1/14/28 (d) | 925 |
| 1100000 | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 1.460%), 5.55%, 3/04/30 (b) | 1128 |
| 2850000 | HSBC Holdings PLC, (U.S. Secured Overnight Financing Rate + 3.350%), 7.39%, 11/03/28 (b) | 3030 |
| 1092000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 1089 |
| 1155000 | Low Income Investment Fund 2019, 3.71%, 7/01/29 | 1099 |
| 1150000 | Main Street Capital Corp., 6.50%, 6/04/27 (d) | 1169 |
| 620000 | Mastercard Inc., 3.85%, 3/26/50 | 485 |
| 550000 | Nuveen LLC 144A, 5.85%, 4/15/34 (a) | 566 |
| 1300000 | PayPal Holdings Inc., 3.25%, 6/01/50 | 862 |
| 570000 | Synchrony Financial, 7.25%, 2/02/33 | 582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44764 |
|  **Healthcare (6%)** | **Healthcare (6%)** |  |
| 1350000 | AbbVie Inc., 4.85%, 6/15/44 | 1229 |
| 1620000 | Amgen Inc., 3.15%, 2/21/40 | 1227 |
| 1000000 | Amgen Inc., 5.60%, 3/02/43 | 974 |
| 700000 | Blue Cross and Blue Shield of Minnesota 144A, 3.79%, 5/01/25 (a) | 700 |
| 1625000 | Bristol-Myers Squibb Co., 4.25%, 10/26/49 | 1302 |
| 895000 | Cigna Group, 4.90%, 12/15/48 | 772 |
| 1850000 | CVS Health Corp., 5.30%, 12/05/43 | 1654 |
| 740000 | Dignity Health, 4.50%, 11/01/42 | 614 |
| 950000 | Eli Lilly & Co., 4.88%, 2/27/53 | 862 |
| 1180000 | HCA Inc., 5.90%, 6/01/53 | 1119 |
| 750000 | Humana Inc., 5.50%, 3/15/53 | 666 |
| 1350000 | Icon Investments Six DAC, 6.00%, 5/08/34 | 1349 |
| 550000 | Jazz Securities DAC 144A, 4.38%, 1/15/29 (a) | 523 |
| 1450000 | Johnson & Johnson, 4.85%, 3/01/32 | 1487 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | Medline Borrower LP/Medline Co.-Issuer Inc. 144A, 6.25%, 4/01/29 (a) | $958 |
| 1300000 | Merck & Co. Inc., 2.35%, 6/24/40 | 906 |
| 690000 | Molina Healthcare Inc. 144A, 4.38%, 6/15/28 (a) | 664 |
| 1200000 | Perrigo Finance Unlimited Co., 4.90%, 6/15/30 | 1143 |
| 950000 | Roche Holdings Inc. 144A, 5.22%, 3/08/54 (a) | 911 |
| 1150000 | Takeda Pharmaceutical Co. Ltd., 5.65%, 7/05/44 | 1125 |
| 420000 | Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46 | 297 |
| 970000 | UnitedHealth Group Inc., 5.88%, 2/15/53 | 966 |
| 1820000 | Viatris Inc., 4.00%, 6/22/50 | 1146 |
|  |  | 22594 |
|  **Insurance (5%)** | **Insurance (5%)** |  |
| 725000 | AIA Group Ltd. 144A, 5.38%, 4/05/34 (a) | 732 |
| 1275000 | Arthur J Gallagher & Co., 5.55%, 2/15/55 | 1203 |
| 915000 | Athene Global Funding 144A, 5.52%, 3/25/27 (a) | 930 |
| 1175000 | Athene Holding Ltd., 6.25%, 4/01/54 | 1140 |
| 1700000 | Augustar Life Insurance Co. 144A, 6.88%, 6/15/42 (a) | 1555 |
| 600000 | Beacon Funding Trust 144A, 6.27%, 8/15/54 (a) | 587 |
| 1020000 | F&G Annuities & Life Inc., 6.50%, 6/04/29 | 1040 |
| 1150000 | Fairfax Financial Holdings Ltd., 6.35%, 3/22/54 | 1154 |
| 1400000 | First American Financial Corp., 2.40%, 8/15/31 | 1185 |
| 450000 | Global Atlantic Fin Co. 144A, 6.75%, 3/15/54 (a) | 442 |
| 725000 | Nationwide Financial Services Inc. 144A, 5.30%, 11/18/44 (a)(d) | 671 |
| 1731000 | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (a) | 2266 |
| 500000 | New York Life Insurance Co. 144A, 6.75%, 11/15/39 (a) | 564 |
| 450000 | Pacific Life Insurance Co. 144A, 9.25%, 6/15/39 (a) | 612 |
| 675000 | Prudential Financial Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.404%), 6.50%, 3/15/54 (b) | 679 |
| 550000 | Teachers Insurance & Annuity Association of America 144A, 4.90%, 9/15/44 (a) | 489 |
| 2000000 | Teachers Insurance & Annuity Association of America 144A, 6.85%, 12/16/39 (a) | 2263 |
| 1310000 | Unum Group, 6.00%, 6/15/54 | 1279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18791 |
|  **Leisure (2%)** | **Leisure (2%)** |  |
| 1100000 | Choice Hotels International Inc., 5.85%, 8/01/34 | 1080 |
| 835000 | Flutter Treasury DAC 144A, 6.38%, 4/29/29 (a) | 854 |
| 1150000 | Hyatt Hotels Corp., 5.75%, 3/30/32 | 1153 |
| 1255000 | Marriott International Inc., 5.50%, 4/15/37 | 1224 |
| 500000 | Mattel Inc. 144A, 3.38%, 4/01/26 (a) | 491 |
| 1875000 | Warnermedia Holdings Inc., 4.28%, 3/15/32 | 1606 |
| 1355000 | Warnermedia Holdings Inc., 5.14%, 3/15/52 | 927 |
|  |  | 7335 |
|  **Media (2%)** | **Media (2%)** |  |
| 1820000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/01/41 | 1245 |
| 1275000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 6.55%, 6/01/34 | 1316 |
| 1110000 | Comcast Corp., 2.89%, 11/01/51 | 668 |
| 900000 | Comcast Corp., 5.35%, 5/15/53 | 827 |
| 1365000 | Paramount Global, 5.85%, 9/01/43 | 1158 |

---

Semi-Annual 35

------

Payden Corporate Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1450000 | Time Warner Cable LLC, 6.75%, 6/15/39 | $1448 |
|  |  | 6662 |
|  **Real Estate (5%)** | **Real Estate (5%)** |  |
| 1400000 | American Homes 4 Rent LP, 5.25%, 3/15/35 | 1365 |
| 950000 | Brixmor Operating Partnership LP, 5.20%, |  |
|  | 4/01/32 | 950 |
| 1050000 | DOC DR LLC, 2.63%, 11/01/31 | 906 |
| 760000 | Extra Space Storage LP, 5.40%, 2/01/34 | 754 |
| 1070000 | Meritage Homes Corp., 5.65%, 3/15/35 | 1045 |
| 1175000 | NNN REIT Inc., 5.50%, 6/15/34 | 1178 |
| 1375000 | Prologis Targeted U.S. Logistics Fund LP 144A, 5.25%, 1/15/35 (a) | 1365 |
| 1875000 | Rexford Industrial Realty LP, 2.13%, 12/01/30 | 1597 |
| 875000 | Simon Property Group LP, 6.65%, 1/15/54 | 947 |
| 1200000 | Simon Property Group LP, 6.75%, 2/01/40 | 1336 |
| 1110000 | Starwood Property Trust Inc. 144A, 6.50%, |  |
|  | 7/01/30 (a) | 1117 |
| 360000 | Toll Brothers Finance Corp., 4.88%, 11/15/25 | 360 |
| 1650000 | Ventas Realty LP, 5.00%, 1/15/35 | 1594 |
| 1540000 | VICI Properties LP / VICI Note Co. Inc. 144A, 4.25%, 12/01/26 (a) | 1525 |
| 770000 | WEA Finance LLC 144A, 4.13%, 9/20/28 (a) | 754 |
| 980000 | WEA Finance LLC 144A, 4.63%, 9/20/48 (a) | 762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17555 |
|  **Retail (2%)** | **Retail (2%)** |  |
| 915000 | Bath & Body Works Inc., 6.88%, 11/01/35 | 917 |
| 2000000 | Home Depot Inc., 4.50%, 12/06/48 | 1697 |
| 1325000 | Lowe's Cos. Inc., 5.13%, 4/15/50 | 1163 |
| 345000 | Nordstrom Inc., 4.25%, 8/01/31 | 297 |
| 875000 | Target Corp., 4.50%, 9/15/32 | 863 |
| 1400000 | Walmart Inc., 4.50%, 9/09/52 | 1219 |
| 1355000 | Walmart Inc., 4.50%, 4/15/53 | 1182 |
|  |  | 7338 |
|  **Service (2%)** | **Service (2%)** |  |
| 505000 | ADT Security Corp. 144A, 4.13%, 8/01/29 (a) | 477 |
| 2185000 | American University 2019, 3.67%, 4/01/49 | 1639 |
| 1850000 | California Institute of Technology, 3.65%, 9/01/19 | 1157 |
| 1150000 | Ford Foundation 2020, 2.82%, 6/01/70 | 638 |
| 1540000 | Georgetown University B, 4.32%, 4/01/49 | 1258 |
| 1180000 | President and Fellows of Harvard College, 2.52%, 10/15/50 | 708 |
| 250000 | Wand NewCo 3 Inc. 144A, 7.63%, 1/30/32 (a) | 258 |
|  |  | 6135 |
|  **Technology (7%)** | **Technology (7%)** |  |
| 1305000 | Apple Inc., 2.65%, 5/11/50 | 814 |
| 1200000 | Apple Inc., 3.95%, 8/08/52 | 952 |
| 550000 | AppLovin Corp., 5.13%, 12/01/29 | 555 |
| 1475000 | Broadcom Inc., 4.35%, 2/15/30 | 1458 |
| 1325000 | Broadcom Inc., 5.15%, 11/15/31 | 1351 |
| 750000 | CDW LLC/CDW Finance Corp., 5.55%, 8/22/34 | 736 |
| 710000 | Concentrix Corp., 6.65%, 8/02/26 | 723 |
| 1455000 | Fiserv Inc., 5.38%, 8/21/28 | 1493 |
| 1675000 | Foundry JV Holdco LLC 144A, 6.25%, 1/25/35 (a) | 1734 |
| 1075000 | Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl 144A, 8.75%, 5/01/29 (a) | 1045 |
| 1675000 | Hewlett Packard Enterprise Co., 5.60%, 10/15/54 | 1546 |
| 875000 | Microchip Technology Inc., 4.90%, 3/15/28 | 877 |
| 1130000 | Micron Technology Inc., 5.30%, 1/15/31 | 1135 |
| 2800000 | Microsoft Corp., 2.53%, 6/01/50 | 1737 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1155000 | NetApp Inc., 5.50%, 3/17/32 | $1170 |
| 1350000 | NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 6/18/29 | 1320 |
| 320000 | Open Text Holdings Inc. 144A, 4.13%, 12/01/31 (a) | 287 |
| 1493000 | Oracle Corp., 4.13%, 5/15/45 | 1160 |
| 995000 | Oracle Corp., 5.25%, 2/03/32 | 1009 |
| 1000000 | Oracle Corp., 6.50%, 4/15/38 | 1070 |
| 1300000 | Seagate HDD Cayman, 5.75%, 12/01/34 | 1256 |
| 1250000 | Synopsys Inc., 4.85%, 4/01/30 | 1264 |
| 1175000 | Synopsys Inc., 5.70%, 4/01/55 | 1137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25829 |
|  **Telecommunication (6%)** | **Telecommunication (6%)** |  |
| 1575000 | Alphabet Inc., 2.05%, 8/15/50 | 882 |
| 1750000 | Amazon.com Inc., 3.10%, 5/12/51 | 1179 |
| 1859000 | AT&T Inc., 3.50%, 9/15/53 | 1246 |
| 2800000 | AT&T Inc., 3.65%, 9/15/59 | 1854 |
| 1325000 | Bell Telephone Co. of Canada or Bell Canada, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.390%), 6.88%, 9/15/55 (b) | 1327 |
| 1760000 | British Telecommunications PLC 144A, 4.25%, 11/08/49 (a) | 1334 |
| 1100000 | Cisco Systems Inc., 4.75%, 2/24/30 | 1127 |
| 1500000 | Deutsche Telekom International Finance BV, 8.75%, 6/15/30 | 1766 |
| 1110000 | Go Daddy Operating Co LLC/GD Finance Co. Inc. 144A, 3.50%, 3/01/29 (a) | 1036 |
| 1115000 | Juniper Networks Inc., 2.00%, 12/10/30 | 958 |
| 1475000 | Orange SA, 9.00%, 3/01/31 | 1794 |
| 1550000 | Rogers Communications Inc., 5.45%, 10/01/43 | 1438 |
| 850000 | Rogers Communications Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.620%), 7.13%, 4/15/55 (b) | 847 |
| 820000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (a) | 807 |
| 1450000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (a) | 1370 |
| 1100000 | TELUS Corp., 4.60%, 11/16/48 | 881 |
| 1967000 | Verizon Communications Inc., 2.36%, 3/15/32 | 1680 |
| 2075000 | Vodafone Group PLC, 5.75%, 6/28/54 | 1963 |
|  |  | 23489 |
|  **Transportation (1%)** | **Transportation (1%)** |  |
| 1325000 | American Airlines Inc./AAdvantage Loyalty IP Ltd. 144A, 5.75%, 4/20/29 (a) | 1287 |
| 1082136 | American Airlines Pass-Through Trust 2019-1, A, 3.50%, 2/15/32 | 971 |
| 975000 | Delta Air Lines Inc./SkyMiles IP Ltd. 144A, 4.75%, 10/20/28 (a) | 969 |
|  |  | 3227 |
|  **Utility (8%)** | **Utility (8%)** |  |
| 1350000 | Algonquin Power & Utilities Corp., 5.37%, 6/15/26 | 1359 |
| 1050000 | Basin Electric Power Cooperative 144A, 4.75%, 4/26/47 (a) | 886 |
| 244000 | Berkshire Hathaway Energy Co., 6.13%, 4/01/36 | 257 |
| 800000 | Boston Gas Co. 144A, 6.12%, 7/20/53 (a) | 800 |
| 1265000 | Brooklyn Union Gas Co. 144A, 6.42%, 7/18/54 (a) | 1296 |
| 1115000 | Consolidated Edison Co. of New York Inc., 5.50%, 3/15/55 | 1062 |
| 1050000 | Dominion Energy South Carolina Inc., 6.25%, 10/15/53 | 1110 |

---

36 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1000000 | Duke Energy Corp., 5.45%, 6/15/34 (d) | $1017 |
| 2250000 | Duke Energy Florida LLC, 5.95%, 11/15/52 | 2280 |
| 1000000 | Enel Finance International NV 144A, 5.13%, 6/26/29 (a) | 1016 |
| 925000 | Engie SA 144A, 5.88%, 4/10/54 (a) | 900 |
| 1200000 | Entergy Louisiana LLC, 5.35%, 3/15/34 | 1220 |
| 1300000 | Exelon Corp., 5.15%, 3/15/29 | 1330 |
| 1825000 | Indiana Michigan Power Co., 5.63%, 4/01/53 | 1760 |
| 900000 | Indianapolis Power & Light Co. 144A, 5.70%, 4/01/54 (a) | 876 |
| 625000 | Interstate Power and Light Co., 5.45%, 9/30/54 | 586 |
| 660000 | KeySpan Gas East Corp. 144A, 5.82%, 4/01/41 (a) | 638 |
| 1675000 | Narragansett Electric Co. 144A, 5.35%, 5/01/34 (a) | 1690 |
| 1350000 | National Fuel Gas Co., 5.50%, 3/15/30 | 1383 |
| 610000 | Nevada Power Co., 6.00%, 3/15/54 | 619 |
| 950000 | NextEra Energy Capital Holdings Inc., 5.00%, 2/28/30 | 969 |
| 975000 | NextEra Energy Capital Holdings Inc., 5.55%, 3/15/54 | 913 |
| 1000000 | NiSource Inc., 5.65%, 2/01/45 | 959 |
| 900000 | Northern States Power Co., 5.10%, 5/15/53 | 821 |
| 1450000 | RWE Finance U.S. LLC 144A, 5.88%, 4/16/34 (a) | 1477 |
| 941000 | System Energy Resources Inc., 6.00%, 4/15/28 | 977 |
| 585000 | Tucson Electric Power Co., 5.50%, 4/15/53 | 552 |
| 1275000 | Union Electric Co., 5.13%, 3/15/55 | 1153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29906 |
|  **Total Corporate Bond (Cost - $346,631)** | **Total Corporate Bond (Cost - $346,631)** | 325643 |
|  **Foreign Government (1%)** | **Foreign Government (1%)** |  |
| 1885000 | Corp. Financiera de Desarrollo SA 144A, 2.40%, 9/28/27 (a) |  |
|  | (Cost - $1,883) | 1768 |
|  **Mortgage Backed (5%)** | **Mortgage Backed (5%)** |  |
| 1300000 | AREIT Ltd. 2025-CRE10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.388%), 5.72%, 12/17/29 (a)(b) | 1275 |
| 1200000 | AREIT Ltd. 2024-CRE9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.686%), 6.01%, 5/17/41 (a)(b) | 1200 |
| 1534848 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.392%), 5.71%,<br>3/15/41 (a)(b) | 1535 |
| 1115324 | BX Commercial Mortgage Trust 2024-MDHS 144A, (1 mo. Term Secured Overnight Financing Rate + 1.641%), 5.96%,<br> 5/15/41 (a)(b) | 1116 |
| 1325000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.491%), 5.81%, 7/15/29 (a)(b) | 1317 |
| 900000 | BX Trust 2023-DELC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.01%, 5/15/38 (a)(b) | 904 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 1345000 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 8.85%, 1/25/42 (a)(b) | $1399 |
| 915844 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 5.50%, 3/25/44 (a)(b) | 915 |
| 1350000 | CSTL Commercial Mortgage Trust 2024-GATE 144A, 4.92%, 11/10/41 (a)(f) | 1345 |
| 1572850 | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 1.814%), 6.14%, 7/15/38 (a)(b) | 1568 |
| 1700000 | MF1 2024-FL16 144A, (1 mo. Term Secured Overnight Financing Rate + 1.541%), 5.86%, 11/18/39 (a)(b) | 1699 |
| 217789 | MHC Commercial Mortgage Trust 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 0.915%), 5.24%, 4/15/38 (a)(b) | 218 |
| 1500000 | NXPT Commercial Mortgage Trust 2024-STOR 144A, 4.46%, 11/05/41 (a)(f) | 1467 |
| 1200000 | OBX Trust 2025-NQM7 144A, 5.56%, 5/25/55 (a) | 1214 |
| 1028591 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 1022 |
|  **Total Mortgage Backed (Cost - $18,215)** | **Total Mortgage Backed (Cost - $18,215)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18194 |
|  **Municipal (0%)** | **Municipal (0%)** |  |
| 1050000 | Michigan Finance Authority D, 5.02%, 11/01/43 |  |
|  | **(Cost - $1,050)** | 978 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 6200530 | Payden Cash Reserves Money Market Fund\* | 6201 |
| 589623 | Payden Emerging Market Corporate Bond Fund, SI Class\* | 5112 |
|  **Total Investment Company (Cost - $11,190)** | **Total Investment Company (Cost - $11,190)** | 11313 |
|  **Total Investments (Cost - $389,016) (99%)** | **Total Investments (Cost - $389,016) (99%)** | 367665 |
|  **Other Assets, net of Liabilities (1%)** | **Other Assets, net of Liabilities (1%)** | 2732 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $370397 |

---

\* 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 April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of these securities are on loan. At April 30, 2025, the total market value of the Fund's securities on loan is $5,607 and the total market value of the collateral held by the Fund is $5,873. 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.

Semi-Annual 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 | 85 | Jun-25 | $9913 | $60 | $60 |
| U.S. Treasury 10-Year Note Future | 36 | Jun-25 | 4040 | 91 | 91 |
| U.S. Treasury 2-Year Note Future | 46 | Jun-25 | 9575 | 90 | 90 |
| U.S. Treasury 5-Year Note Future | 121 | Jun-25 | 13213 | 273 | 273 |
|  |  |  |  |  | 514 |
| **Short Contracts:** |  |  |  |  |  |
| U.S. 10-Year Ultra Future | 50 | Jun-25 | (5737) | (99) | (99) |
| U.S. Ultra Bond Future | 74 | Jun-25 | (8956) | 15 | 15 |
|  |  |  |  |  | (84) |
| **Total Futures** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |

---

#### 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> | $5607 |
|  Non-cash Collateral<sup>2</sup> | (5607) |
|  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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

&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** *- April 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Asset Backed (12%)** | **Asset Backed (12%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209550 | Arbys Funding LLC 2020-1A 144A, 3.24%, 7/30/50 (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;200 |
| 700000 | Blackrock European CLO VII DAC 7A 144A, (3 mo. EURIBOR + 1.300%), 3.58%, 10/15/31<br>EUR (a)(b)(c) | 789 |
| 600000 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 2.814%), 7.13%, 8/19/38 (a)(b) | 597 |
| 723808 | Carlyle Global Market Strategies CLO Ltd. 2012-4A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.120%), 5.39%,<br>4/22/32 (a)(b) | 723 |
| 360000 | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (a) | 325 |
| 600000 | CIFC European Funding CLO II DAC 2A 144A, (3 mo. EURIBOR + 0.900%), 3.18%, 4/15/33<br>EUR (a)(b)(c) | 675 |
| 498808 | CIFC Funding Ltd. 2018-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.362%), 5.63%, 7/18/31 (a)(b) | 499 |
| 675000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 CAD (a)(c) | 484 |
| 550000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (a) | 533 |
| 1124566 | Driven Brands Funding LLC 2020-1A 144A, 3.79%, 7/20/50 (a) | 1090 |
| 277532 | Dryden CLO Ltd. 2018-55A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.282%), 5.54%, 4/15/31 (a)(b) | 278 |
| 662303 | Dryden CLO Ltd. 2019-72A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.42%, 5/15/32 (a)(b) | 661 |
| 400000 | Dryden XXVI Senior Loan Fund 2013-26A 144A, (3 mo. Term Secured Overnight Financing Rate + 5.802%), 10.06%,<br>4/15/29 (a)(b) | 377 |
| 1050000 | FS RIALTO 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.164%), 6.49%, 5/16/38 (a)(b) | 1027 |
| 1000000 | Galaxy XXII CLO Ltd. 2016-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.50%, 4/16/34 (a)(b) | 998 |
| 93109 | JPMorgan Chase Bank N.A.-CACLN 2020-2 144A, 31.36%, 2/25/28 (a) | 95 |
| 1611 | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 2.10%, 2/26/29 (a) | 2 |
| 1 | Juniper Receivables 2021-2 DAC Holding Class R-1 Notes, 0.00%, 2/15/29 (d) | 196 |
| 750000 | LCM Ltd. 39A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.340%), 5.60%, 10/15/34 (a)(b) | 749 |
| 250000 | Montmartre Euro CLO DAC 2020-2A 144A, (3 mo. EURIBOR + 0.960%), 3.24%, 7/15/34 EUR (a)(b)(c) | 282 |
| 450000 | Neuberger Berman Loan Advisers CLO Ltd. 2020-36A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 6.07%, 4/20/33 (a)(b) | 449 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Neuberger Berman Loan Advisers Euro CLO DAC 2021-2A 144A, (3 mo. EURIBOR + 1.030%), 3.31%, 4/15/34 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;564 |
| 248229 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (a) | 240 |
| 281041 | OneMain Financial Issuance Trust 2022-2A 144A, 4.89%, 10/14/34 (a) | 281 |
| 700000 | Palmer Square CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.530%), 5.79%, 4/16/37 (a)(b) | 700 |
| 388475 | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (a) | 368 |
| 900000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.52%, 7/20/35 (a)(b) | 896 |
| 372000 | Rockford Tower CLO Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.422%), 5.69%, 10/20/31 (a)(b) | 372 |
| 10181 | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 5.28%, 5/15/32 (a) | 10 |
| 57833 | Santander Bank Auto Credit-Linked Notes 2023-A 144A, 10.07%, 6/15/33 (a) | 58 |
| 50 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (d) | 554 |
| 657083 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (a) | 658 |
| 600000 | Sculptor European CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.750%), 4.02%, 1/14/32<br>EUR (a)(b)(c) | 677 |
| 497500 | Store Master Funding I-VII XIV XIX XX XXIV XXII 2024-1A 144A, 5.70%, 5/20/54 (a) | 512 |
| 450000 | Symphony CLO XXIV Ltd. 2020-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.512%), 6.79%, 1/23/32 (a)(b) | 450 |
| 141667 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | 142 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 315 |
| 299424 | Voya Euro CLO III DAC 3A 144A, (3 mo. EURIBOR + 0.920%), 3.20%, 4/15/33<br>EUR (a) (b)(c) | 337 |
| 635250 | Zaxbys Funding LLC 2021-1A 144A, 3.24%, 7/30/51 (a) | 584 |
|  **Total Asset Backed (Cost - $19,689)** | **Total Asset Backed (Cost - $19,689)** | 18747 |
|  **Bank Loan(e) (2%)** | **Bank Loan(e) (2%)** |  |
| 296991 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.79%, 2/01/29 | 298 |
| 248750 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.05%, 8/20/31 | 247 |
| 500000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.30%, 10/24/29 | 499 |
| 429798 | MIC Glen LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 7.82%, 7/21/28 | 430 |

---

Semi-Annual 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;642777 | Numericable U.S. LLC Term Loan B14-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 9.76%, 8/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
| 345638 | Pegasus Bidco Bv Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.57%, 7/12/29 | 346 |
| 155813 | Standard Industries Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 6.07%, 9/22/28 | 156 |
| 547250 | Verde Purchaser LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.30%, 11/30/30 | 544 |
| 273687 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 6/27/29 | 262 |
|  **Total Bank Loan (Cost - $3,449)** | **Total Bank Loan (Cost - $3,449)** | 3363 |
|  **Corporate Bond (38%)** | **Corporate Bond (38%)** |  |
|  **Financial (14%)** | **Financial (14%)** |  |
| 450000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (b)(f) | 415 |
| 450000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (b) | 467 |
| 700000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.930%), 5.63%, 7/28/34 (b) | 706 |
| 560000 | American Tower Corp., 3.95%, 3/15/29 | 546 |
| 725000 | AmFam Holdings Inc. 144A, 2.81%, 3/11/31 (a) | 611 |
| 350000 | Ares Capital Corp., 5.95%, 7/15/29 | 354 |
| 400000 | Arthur J Gallagher & Co., 5.15%, 2/15/35 | 397 |
| 500000 | Athene Holding Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.607%), 6.63%, 10/15/54 (b) | 482 |
| 425000 | Banco Bilbao Vizcaya Argentaria SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.700%), 6.14%, 9/14/28 (b) | 440 |
| 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) | 363 |
| 400000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (b) | 384 |
| 700000 | Bank of Nova Scotia, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.017%), 8.00%, 1/27/84 (b) | 718 |
| 450000 | Barclays PLC, (U.S. Secured Overnight Financing Rate + 2.210%), 5.83%, 5/09/27 (b) | 455 |
| 300000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, 5.25%, 9/10/29 (a) | 302 |
| 625000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 604 |
| 345000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 344 |
| 250000 | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 2.074%), 2.22%, 6/09/26 (a)(b) | 249 |
| 400000 | Bread Financial Holdings Inc. 144A, 9.75%, 3/15/29 (a) | 421 |
| 275000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.62%, 10/30/31 (b) | 307 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | Charles Schwab Corp. G, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.971%), 5.38% (b)(f) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| 900000 | Corebridge Financial Inc., 3.90%, 4/05/32 | 829 |
| 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) | 310 |
| 600000 | Extra Space Storage LP, 5.90%, 1/15/31 | 627 |
| 550000 | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | 511 |
| 700000 | goeasy Ltd. 144A, 9.25%, 12/01/28 (a) | 734 |
| 500000 | goeasy Ltd. 144A, 6.88%, 5/15/30 (a) | 488 |
| 500000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.210%), 5.05%, 7/23/30 (b) | 506 |
| 600000 | Huntington Bancshares Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 6.14%, 11/18/39 (b) | 594 |
| 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) | 700 |
| 430000 | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 401 |
| 600000 | Jane Street Group/JSG Finance Inc. 144A, 6.13%, 11/01/32 (a) | 590 |
| 500000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 0.930%), 4.83%, 1/16/29 (b) | 501 |
| 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) | 660 |
| 300000 | Main Street Capital Corp., 6.95%, 3/01/29 | 307 |
| 500000 | Panther Escrow Issuer LLC 144A, 7.13%, 6/01/31 (a) | 513 |
| 525000 | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | 449 |
| 400000 | PRA Group Inc. 144A, 8.88%, 1/31/30 (a)(g) | 412 |
| 775000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 2.328%), 5.81%, 9/09/26 (b) | 777 |
| 450000 | Santander Holdings USA Inc., 3.24%, 10/05/26 | 441 |
| 800000 | Shriram Finance Ltd. 144A, 6.63%, 4/22/27 (a) | 799 |
| 280000 | Synchrony Financial, 7.25%, 2/02/33 | 286 |
| 500000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.630%), 6.85% (a)(b)(f) | 492 |
| 500000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.179%), 7.13% (a)(b)(f) | 479 |
| 750000 | UBS Group AG 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.758%), 9.25% (a)(b)(f) | 840 |
|  |  | 22186 |
|  **Industrial (11%)** | **Industrial (11%)** |  |
| 435000 | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (a) | 351 |
| 550000 | Alcoa Nederland Holding BV 144A, 7.13%, 3/15/31 (a) | 567 |
| 450000 | Ashtead Capital Inc. 144A, 5.55%, 5/30/33 (a) | 446 |
| 565000 | Axon Enterprise Inc. 144A, 6.25%, 3/15/33 (a) | 577 |
| 500000 | Blue Cross and Blue Shield of Minnesota 144A, 3.79%, 5/01/25 (a) | 500 |
| 700000 | Boeing Co., 6.53%, 5/01/34 | 752 |
| 250000 | Braskem Netherlands Finance BV 144A, 8.00%, 10/15/34 (a) | 223 |
| 192000 | Broadcom Inc. 144A, 3.14%, 11/15/35 (a) | 159 |

---

40 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (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;552 |
| 350000 | CDW LLC/CDW Finance Corp., 5.55%, 8/22/34 | 344 |
| 250000 | Celulosa Arauco y Constitucion SA 144A, 6.18%, 5/05/32 (a) | 250 |
| 450000 | Centene Corp., 4.25%, 12/15/27 | 440 |
| 825000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 12/01/61 | 536 |
| 250000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (a) | 249 |
| 600000 | Cleveland-Cliffs Inc. 144A, 7.00%, 3/15/32 (a) | 565 |
| 500000 | Clydesdale Acquisition Holdings Inc. 144A, 6.75%, 4/15/32 (a) | 512 |
| 700000 | CVS Health Corp., 5.63%, 2/21/53 | 636 |
| 250000 | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 (a) | 219 |
| 500000 | Flowers Foods Inc., 5.75%, 3/15/35 | 505 |
| 550000 | Ford Motor Credit Co. LLC, 5.80%, 3/05/27 | 547 |
| 500000 | Foundry JV Holdco LLC 144A, 5.90%, 1/25/30 (a) | 519 |
| 550000 | General Motors Co., 5.60%, 10/15/32 | 546 |
| 725000 | Glencore Funding LLC 144A, 3.88%, 4/27/51 (a) | 506 |
| 300000 | Graphic Packaging International LLC 144A, 1.51%, 4/15/26 (a) | 290 |
| 260000 | HCA Inc., 3.50%, 9/01/30 | 243 |
| 650000 | Hyundai Capital America 144A, 6.50%, 1/16/29 (a) | 679 |
| 450000 | IHS Holding Ltd. 144A, 7.88%, 5/29/30 (a) | 435 |
| 550000 | J Paul Getty Trust, 4.91%, 4/01/35 | 550 |
| 200000 | Land O' Lakes Inc. 144A, 7.00% (a)(f) | 164 |
| 350000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 344 |
| 700000 | Mars Inc. 144A, 5.00%, 3/01/32 (a) | 706 |
| 350000 | Micron Technology Inc., 5.30%, 1/15/31 | 352 |
| 500000 | Northwell Healthcare Inc., 4.26%, 11/01/47 | 391 |
| 250000 | OCP SA 144A, 6.10%, 4/30/30 (a) | 250 |
| 300000 | Quikrete Holdings Inc. 144A, 6.75%, 3/01/33 (a) | 301 |
| 400000 | Regal Rexnord Corp., 6.40%, 4/15/33 | 408 |
| 800000 | Stellantis Finance U.S. Inc. 144A, 1.71%, 1/29/27 (a) | 756 |
| 700000 | Synopsys Inc., 4.85%, 4/01/30 | 708 |
| 525000 | Warnermedia Holdings Inc., 5.14%, 3/15/52 | 359 |
|  |  | 17437 |
|  **Utility (13%)** | **Utility (13%)** |  |
| 700000 | Abu Dhabi National Energy Co. PJSC 144A, 4.38%, 10/09/31 (a) | 692 |
| 612489 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | 610 |
| 550000 | Algonquin Power & Utilities Corp., 5.37%, 6/15/26 | 554 |
| 300000 | Azule Energy Finance PLC 144A, 8.13%, 1/23/30 (a) | 289 |
| 350000 | BP Capital Markets PLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.153%), 6.45% (b)(f) | 349 |
| 370000 | CNX Resources Corp. 144A, 7.25%,<br>3/01/32 (a)(g) | 370 |
| 500000 | Duke Energy Corp., 5.80%, 6/15/54 | 480 |
| 975000 | Duquesne Light Holdings Inc. 144A, 2.78%, 1/07/32 (a) | 837 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Energy Transfer LP, 5.75%, 2/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 |
| 600000 | Energy Transfer LP, 6.55%, 12/01/33 | 632 |
| 750000 | Expand Energy Corp., 5.70%, 1/15/35 | 741 |
| 198850 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (a) | 198 |
| 400000 | Frontera Energy Corp. 144A, 7.88%,<br>6/21/28 (a)(g) | 262 |
| 350000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (a) | 273 |
| 350000 | Kimmeridge Texas Gas LLC 144A, 8.50%, 2/15/30 (a) | 336 |
| 450000 | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 144A, 6.88%, 12/01/32 (a) | 436 |
| 450000 | Matador Resources Co. 144A, 6.25%, 4/15/33 (a) | 426 |
| 680000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (a) | 626 |
| 800000 | NRG Energy Inc. 144A, 6.25%, 11/01/34 (a) | 799 |
| 450000 | Occidental Petroleum Corp., 5.55%, 10/01/34 | 420 |
| 350000 | OHI Group SA 144A, 13.00%, 7/22/29 (a) | 354 |
| 300000 | ONEOK Inc., 5.80%, 11/01/30 | 311 |
| 650000 | Palomino Funding Trust I 144A, 7.23%, 5/17/28 (a) | 686 |
| 550000 | Patterson-UTI Energy Inc., 7.15%, 10/01/33 | 542 |
| 415000 | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | 367 |
| 400000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 9.88%, 3/15/30 (a)(g) | 353 |
| 385000 | Petroleos Mexicanos, 6.49%, 1/23/27 | 376 |
| 300000 | Saavi Energia Sarl 144A, 8.88%, 2/10/35 (a) | 302 |
| 600000 | Saudi Arabian Oil Co. 144A, 5.88%, 7/17/64 (a) | 554 |
| 444285 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (a) | 433 |
| 550000 | South Bow USA Infrastructure Holdings LLC 144A, 5.58%, 10/01/34 (a) | 532 |
| 250000 | Sunoco LP 144A, 6.25%, 7/01/33 (a) | 250 |
| 220000 | Surge Energy Inc. 144A, 8.50%, 9/05/29<br>CAD (a)(c) | 157 |
| 271456 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | 249 |
| 300000 | Transocean Inc. 144A, 8.25%, 5/15/29 (a) | 242 |
| 260000 | Transocean Inc. 144A, 8.50%, 5/15/31 (a) | 201 |
| 400000 | Var Energi ASA 144A, 8.00%, 11/15/32 (a) | 436 |
| 350000 | Venture Global LNG Inc. 144A, 9.50%, 2/01/29 (a) | 363 |
| 500000 | Venture Global LNG Inc. 144A, 7.00%, 1/15/30 (a) | 471 |
| 385000 | W&T Offshore Inc. 144A, 10.75%, 2/01/29 (a) (g) | 304 |
| 650000 | Weatherford International Ltd. 144A, 8.63%, 4/30/30 (a) | 645 |
| 100000 | Western Midstream Operating LP, 6.35%, 1/15/29 (g) | 104 |
| 250000 | Western Midstream Operating LP, 6.15%, 4/01/33 | 253 |
| 400000 | Whistler Pipeline LLC 144A, 5.40%, 9/30/29 (a) | 403 |
| 650000 | Williams Cos. Inc., 5.80%, 11/15/54 | 617 |
|  |  | 19241 |
|  **Total Corporate Bond (Cost - $60,870)** | **Total Corporate Bond (Cost - $60,870)** | 58864 |
|  **Foreign Government (4%)** | **Foreign Government (4%)** |  |
| 200000 | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (a) | 133 |

---

Semi-Annual 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;550000 | Chile Government International Bond, 4.13%, 7/05/34 EUR (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;642 |
| 830000 | CPPIB Capital Inc. 144A, 1.95%, 9/30/29 CAD (a)(c) | 579 |
| 350000 | Dominican Republic International Bond 144A, 6.60%, 6/01/36 (a) | 344 |
| 590000 | Guatemala Government Bond, 4.50%, 5/03/26 (h) | 585 |
| 350000 | Guatemala Government Bond 144A, 6.55%, 2/06/37 (a) | 349 |
| 500000 | Ivory Coast Government International Bond 144A, 8.08%, 4/01/36 (a) | 462 |
| 500000 | Municipal Finance Authority of British, 2.55%, 10/09/29 CAD (c) | 358 |
| 400000 | Nigeria Government International Bond 144A, 6.13%, 9/28/28 (a) | 360 |
| 172000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (a) | 172 |
| 450000 | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (a) | 454 |
| 700000 | Perusahaan Penerbit SBSN Indonesia III 144A, 5.20%, 7/02/34 (a) | 703 |
| 300000 | Peruvian Government International Bond, 5.38%, 2/08/35 | 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 | 243 |
| 575000 | Republic of Uzbekistan International Bond 144A, 3.90%, 10/19/31 (a) | 488 |
|  **Total Foreign Government (Cost - $6,647)** | **Total Foreign Government (Cost - $6,647)** | 6404 |
|  **Mortgage Backed (24%)** | **Mortgage Backed (24%)** |  |
| 406948 | BRAVO Residential Funding Trust 2024-NQM7 144A, 5.55%, 10/27/64 (a) | 408 |
| 625000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.84%,<br>9/15/36 (a)(b) | 613 |
| 263021 | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.24%,<br>6/15/38 (a)(b) | 261 |
| 777608 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 3.140%), 7.46%,<br>2/15/39 (a)(b) | 779 |
| 648527 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.01%,<br>3/15/41 (a)(b) | 642 |
| 700000 | BX Trust 2024-BIO 144A, (1 mo. Term Secured Overnight Financing Rate + 1.642%), 5.96%, 2/15/41 (a)(b) | 696 |
| 682306 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (a) | 698 |
| 550000 | Connecticut Avenue Securities Trust 2024-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.30%,<br>3/25/44 (a)(b) | 551 |
| 282032 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (a)(i) | 283 |
| 244019 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (a)(i) | 245 |
| 400000 | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (a) | 414 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493937 | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 16.72%, 9/25/28 (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;533 |
| 766729 | Fannie Mae Connecticut Avenue Securities 2016-C03, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.22%, 10/25/28 (b) | 830 |
| 491769 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 14.72%, 1/25/29 (b) | 526 |
| 1038555 | FN CB3622 30YR, 4.00%, 5/01/52 | 972 |
| 1271639 | FN CB4120 30YR, 4.00%, 7/01/52 | 1190 |
| 1044385 | FN CB4127 30YR, 4.50%, 7/01/52 | 1001 |
| 885857 | FN CB4794 30YR, 4.50%, 10/01/52 | 848 |
| 727896 | FN CB7991 30YR, 5.50%, 2/01/54 | 729 |
| 620351 | FN CB8021 30YR, 6.50%, 2/01/54 | 646 |
| 1755725 | FN MA4761 30YR, 5.00%, 9/01/52 | 1726 |
| 1361335 | FN MA4785 30YR, 5.00%, 10/01/52 | 1338 |
| 1098045 | FN MA4842 30YR, 5.50%, 12/01/52 | 1099 |
| 943086 | FN MA4869 30YR, 5.50%, 1/01/53 | 944 |
| 191962 | FN MA4876 30YR, 6.00%, 12/01/52 | 196 |
| 1516505 | FN MA5040 30YR, 6.00%, 6/01/53 | 1542 |
| 990340 | FN MA5073 30YR, 6.00%, 7/01/53 | 1007 |
| 698745 | FR RA7790 30YR, 5.00%, 8/01/52 | 687 |
| 536777 | FR RA7936 30YR, 5.00%, 9/01/52 | 530 |
| 838126 | FR RA8249 30YR, 5.50%, 11/01/52 | 840 |
| 1241347 | FR RA8415 30YR, 5.50%, 1/01/53 | 1244 |
| 497494 | FR SB8192 15YR, 5.00%, 10/01/37 | 501 |
| 803532 | FR SB8206 15YR, 5.00%, 1/01/38 | 809 |
| 248592 | FR SB8247 15YR, 5.00%, 8/01/38 | 250 |
| 733605 | FR SD2184 30YR, 6.00%, 1/01/53 | 748 |
| 714268 | FR SD8245 30YR, 4.50%, 9/01/52 | 685 |
| 494535 | Freddie Mac STACR Debt Notes 2015-HQA1, (U.S. Secured Overnight Financing Rate Index 30day Average + 8.914%), 13.27%, 3/25/28 (b) | 497 |
| 489758 | Freddie Mac STACR Debt Notes 2015-DNA3, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.464%), 13.82%, 4/25/28 (b) | 505 |
| 330450 | Freddie Mac STACR Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.97%, 5/25/28 (b) | 344 |
| 300000 | Freddie Mac STACR Trust 2019-FTR3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.914%), 9.25%, 9/25/47 (a)(b) | 316 |
| 300000 | Freddie Mac STACR Trust 2019-FTR4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.114%), 9.47%, 11/25/47 (a)(b) | 328 |
| 186553 | Last Mile Logistics Pan Euro Finance DAC 1A 144A, (3 mo. EURIBOR + 1.900%), 4.46%, 8/17/33 EUR (a)(b)(c) | 210 |
| 785485 | Last Mile Logistics Pan Euro Finance DAC 1X, (3 mo. EURIBOR + 2.700%), 5.26%, 8/17/33 EUR (b)(c)(h) | 879 |
| 26019 | Nationstar Mortgage Loan Trust 2013-A 144A, 3.75%, 12/25/52 (a)(i) | 25 |
| 170153 | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (a)(i) | 164 |
| 750000 | NXPT Commercial Mortgage Trust 2024-STOR 144A, 4.46%, 11/05/41 (a)(i) | 734 |
| 426219 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (a) | 425 |

---

42 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439550 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (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;440 |
| 357771 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 356 |
| 316447 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 316 |
| 229927 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (a)(i) | 230 |
| 356932 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (a) | 358 |
| 236798 | OBX Trust 2024-NQM17 144A, 5.61%, 11/25/64 (a)(i) | 238 |
| 471548 | OBX Trust 2025-NQM1 144A, 5.55%, 12/25/64 (a)(i) | 473 |
| 300000 | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.97%, 2/25/47 (a)(b) | 369 |
| 794167 | Taurus DAC 2021-UK1A 144A, (Sterling Overnight Index Average + 2.600%), 7.08%, 5/17/31 GBP (a)(b)(c) | 1052 |
| 300000 | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.84%, 3/15/38 (a)(b) | 298 |
| 323655 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (a)(i) | 323 |
| 337198 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (a)(i) | 337 |
| 737951 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (a)(i) | 741 |
|  **Total Mortgage Backed (Cost - $36,716)** | **Total Mortgage Backed (Cost - $36,716)** | 36969 |
|  **Municipal (2%)** | **Municipal (2%)** |  |
| 440000 | California Earthquake Authority A, 5.60%, 7/01/27 | 445 |
| 245111 | California Pollution Control Financing Authority, AMT 144A, 7.50%, 12/01/39 (a)(j)(k) |  |
| 900000 | County of Alameda CA B, 3.95%, 8/01/33 | 858 |
| 250000 | District of Columbia Water & Sewer Authority A, 4.81%, 10/01/14 | 213 |
| 505000 | Golden State Tobacco Securitization Corp. B, 2.75%, 6/01/34 (l) | 433 |
| 350000 | Idaho Housing & Finance Association A, 6.00%, 1/01/65 (l) | 368 |
| 400000 | Pennsylvania Economic Development Financing Authority B, 6.53%, 6/15/39 | 438 |
| 600000 | Regents of the University of California Medical Center Pooled Revenue Q, 4.13%, 5/15/32 | 583 |
|  **Total Municipal (Cost - $3,734)** | **Total Municipal (Cost - $3,734)** | 3338 |
|  **U.S. Government Agency (1%)** | **U.S. Government Agency (1%)** |  |
| 950000 | Tennessee Valley Authority, 5.25%, 9/15/39 |  |
|  | (Cost - $1,033) | 1000 |
|  **U.S. Treasury (10%)** | **U.S. Treasury (10%)** |  |
| 1940000 | U.S. Treasury Bond, 2.00%, 8/15/51 (m)(n) | 1132 |
| 4693780 | U.S. Treasury Inflation Indexed Notes, 2.13%, 4/15/29 | 4848 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941736 | U.S. Treasury Inflation Indexed Notes, 1.38%, 7/15/33 | $2852 |
| 490000 | U.S. Treasury Note, 3.50%, 1/31/28 (m)(n) | 489 |
| 3750000 | U.S. Treasury Note, 3.88%, 8/15/34 | 3674 |
| 2050000 | U.S. Treasury Note, 4.25%, 11/15/34 | 2066 |
|  **Total U.S. Treasury (Cost - $15,695)** | **Total U.S. Treasury (Cost - $15,695)** | 15061 |
|  **Stock (1%)** | **Stock (1%)** |  |
|  **Preferred Stock (1%)** | **Preferred Stock (1%)** |  |
| 40000 | Morgan Stanley, 6.50% (f) |  |
|  | **(Cost - $1,000)** | 1003 |
|  **Total Stock (Cost - $1,000)** | **Total Stock (Cost - $1,000)** | 1003 |
|  **Investment Company (6%)** | **Investment Company (6%)** |  |
| 6301862 | Payden Cash Reserves Money Market Fund\* | 6302 |
| 101806 | Payden Emerging Market Corporate Bond Fund, SI Class\* | 883 |
| 394191 | Payden Emerging Markets Local Bond Fund, SI Class\* | 1825 |
|  **Total Investment Company (Cost - $9,021)** | **Total Investment Company (Cost - $9,021)** | 9010 |
|  **Total Investments (Cost - $157,854) (100%)** | **Total Investments (Cost - $157,854) (100%)** | 153759 |
|  **Other Assets, net of Liabilities (0%)** | **Other Assets, net of Liabilities (0%)** | 731 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154490 |

---

\* 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 April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025. 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 April 30, 2025, the total market value of the Fund's securities on loan is $1,440 and the total market value of the collateral held by the Fund is $1,520. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Security offered and sold outside the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;(k) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Payment of principal and/or interest is insured against default by a monoline insurer.

&nbsp;&nbsp;&nbsp;&nbsp;(m) All or a portion of security has been pledged in connection with outstanding centrally cleared swaps.

&nbsp;&nbsp;&nbsp;&nbsp;(n) All or a portion of the security is pledged to cover futures contract margin requirements.

Semi-Annual 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* 

#### 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 1,093 | USD 1,197 | HSBC Bank USA, N.A. | 05/28/2025 | $44 |
| **Liabilities:** |  |  |  |  |
| USD 1,147 | EUR 1,093 | HSBC Bank USA, N.A. | 05/28/2025 | (93) |
| USD 1,795 | CAD 2,582 | State Street Bank & Trust Co. | 06/18/2025 | (82) |
| USD 5,545 | EUR 5,082 | State Street Bank & Trust Co. | 06/18/2025 | (230) |
| USD 1,114 | GBP 861 | State Street Bank & Trust Co. | 06/18/2025 | (34) |
|  |  |  |  | (439) |
| Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | $(395) |

---

#### 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 | 165 | Jun-25 | $18931 | $362 | $362 |
| U.S. Treasury 2-Year Note Future | 222 | Jun-25 | 46209 | 435 | 435 |
|  |  |  |  |  | 797 |
|  **Short Contracts:** | **Short Contracts:** |  |  |  |  |
| U.S. Treasury 10-Year Note Future | 40 | Jun-25 | (4489) | (89) | (89) |
| U.S. Treasury 5-Year Note Future | 352 | Jun-25 | (38437) | (744) | (744) |
| U.S. Ultra Bond Future | 9 | Jun-25 | (1089) | 4 | 4 |
|  |  |  |  |  | (829) |
|  **Total Futures** |  |  |  |  | $(32) |

---

#### 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 44 Index), Pay 5% Quarterly, |  |  |  |  |  |
| Receive upon credit default | 06/20/2030 | $4440 | $(187) | $(178) | $(9) |

---

#### 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 4.3300% (SOFRRATE) Annually, Pay Fixed 3.2815% Annually | 02/27/2035 | $3200 | $102 | $– $| 102 |
| 10-Year SOFR Swap, Receive Variable 4.6562% (SOFRRATE) Annually, Pay Fixed 2.7375% Annually | 08/30/2034 | 2600 | 216 | – | 216 |
| 10-Year SOFR Swap, Receive Variable 4.8215% (SOFRRATE) Annually, Pay Fixed 2.9360% Annually | 06/28/2034 | 2630 | 182 | – | 182 |
| 2-Year SOFR Swap, Receive Fixed 2.7400% Annually, Pay Variable 4.6562% (SOFRRATE) Annually | 08/30/2026 | 11900 | (285) | – | (285) |

---

44 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 SOFR Swap, Receive Fixed 2.8300% Annually, Pay Variable 4.8215% (SOFRRATE) Annually | 06/29/2026 | 11766 | (311) | – | (311) |
| 4-Year SOFR Swap, Receive Variable 3.7079% (SOFRRATE) Annually, Pay Fixed 3.7079% Annually | 08/31/2029 | 9477 | (147) | – | (147) |
| 5-Year SOFR Swap, Receive Variable 4.3300% (SOFRRATE) Annually, Pay Fixed 3.3330% Annually | 02/27/2027 | 13500 | (45) | – | (45) |
|  |  |  | $(288) | $– $| (288) |

---

#### 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> | $1440 |
|  Non-cash Collateral<sup>2</sup> | (1440) |
|  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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Absolute Return Bond Fund

**Schedule of Investments -** April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
|  **Asset Backed (21%)** | **Asset Backed (21%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | AIMCO CLO 2018-BA 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 5.76%, 4/16/37 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 |
| 1450000 | Apidos CLO 2013-12A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 5.71%, 4/15/31 (a)(b) | 1448 |
| 800000 | Apidos CLO XXXII 2019-32A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 5.77%, 1/20/33 (a)(b) | 798 |
| 4076391 | ARES LII CLO Ltd. 2019-52A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.880%), 5.15%, 4/22/31 (a)(b) | 4066 |
| 1700000 | ARES Loan Funding III Ltd. 2022-ALF3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.88%, 7/25/36 (a)(b) | 1694 |
| 1500000 | Arini European CLO I DAC 1X, (3 mo. EURIBOR + 3.950%), 6.23%, 7/15/36<br>EUR (b)(c)(d) | 1705 |
| 2000000 | Bluemountain Euro CLO DAC 2021-2X, (3 mo. EURIBOR + 1.750%), 4.03%, 10/15/35<br>EUR (b)(c)(d) | 2252 |
| 1225000 | BlueMountain Fuji Eur CLO V DAC 5X, (3 mo. EURIBOR + 1.550%), 3.83%, 1/15/33<br>EUR (b)(c)(d) | 1377 |
| 1700000 | Bosphorus CLO VII DAC 7X, (3 mo. EURIBOR + 3.700%), 5.96%, 10/17/36 EUR (b)(c)(d) | 1936 |
| 2200000 | Buckhorn Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 5.34%, 7/18/34 (a)(b) | 2189 |
| 2000000 | Cairn CLO XIII DAC 2021-13X, (3 mo. EURIBOR + 1.600%), 3.84%, 10/20/33<br>EUR (b)(c)(d) | 2241 |
| 2300000 | Carlyle Global Market Strategies CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 5.36%, 4/20/34 (a)(b) | 2291 |
| 1000000 | CARS-DB4 LP 2020-1A 144A, 4.52%, 2/15/50 (a) | 966 |
| 970000 | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (a) | 877 |
| 2000000 | Cifc Funding Ltd. 2023-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.87%, 1/20/37 (a)(b) | 2002 |
| 3200000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 5.68%, 1/25/52 CAD (a)(d) | 2253 |
| 700000 | Cumulus Static CLO DAC 2024-1A 144A, (3 mo. EURIBOR + 1.900%), 4.46%, 11/15/33 EUR (a)(b)(d) | 794 |
| 3300000 | CVC Cordatus Loan Fund IX DAC 9X, (3 mo. EURIBOR + 1.700%), 4.22%, 8/20/34<br>EUR (b)(c)(d) | 3715 |
| 1150000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 2.36%, 4/15/49 (a) | 1084 |
| 2000000 | Diamond Issuer LLC 2021-1A 144A, 3.79%, 11/20/51 (a) | 1844 |
| 1006229 | Driven Brands Funding LLC 2019-1A 144A, 4.64%, 4/20/49 (a) | 1000 |
| 650000 | Dryden 39 Euro CLO DAC 2015-39A 144A, (3 mo. EURIBOR + 0.950%), 3.23%, 4/15/35 EUR (a)(b)(d) | 731 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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%), 5.97%, 4/15/29 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698 |
| 2850000 | Elmwood CLO X Ltd. 2021-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.270%), 5.54%, 4/20/34 (a)(b) | 2847 |
| 2409000 | Euro-Galaxy VII CLO DAC 2019-7X, (3 mo. EURIBOR + 1.650%), 3.81%, 7/25/35<br>EUR (b)(c)(d) | 2700 |
| 53 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (e) | 2701 |
| 110 | Flagship Credit Auto Trust, 0.00%, 3/15/29 (e) | 18 |
| 320104 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.20%, 2/23/39 (a)(b) | 315 |
| 3100000 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 6.60%, 2/23/39 (a)(b) | 3035 |
| 3500000 | Galaxy XXII CLO Ltd. 2016-22A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.240%), 5.50%, 4/16/34 (a)(b) | 3492 |
| 2026333 | Golub Capital Partners Static Ltd. 2024-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.230%), 5.50%, 4/20/33 (a)(b) | 2026 |
| 1300000 | Henley CLO VII DAC 7A 144A, (3 mo. EURIBOR + 1.800%), 3.96%, 4/25/34<br>EUR (a)(b)(d) | 1466 |
| 750000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (a) | 769 |
| 1359648 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (a) | 1396 |
| 1500000 | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 9.81%, 2/26/29 (a) | 1503 |
| 3100000 | KKR CLO Ltd. 25 144A, (3 mo. Term Secured Overnight Financing Rate + 0.950%), 5.21%, 7/15/34 (a)(b) | 3077 |
| 2112380 | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 5.77%, 2/17/39 (a)(b) | 2112 |
| 2700000 | Madison Park Funding LVII Ltd. 2022-57A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.56%, 7/27/34 (a)(b) | 2692 |
| 4300000 | Magnetite XIX Ltd. 2017-19A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 6.03%, 4/17/34 (a)(b) | 4269 |
| 2581583 | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 3.39%, 11/20/50 (a) | 2486 |
| 4200000 | OCP CLO Ltd. 2021-23A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.700%), 5.98%, 1/17/37 (a)(b) | 4141 |
| 1700000 | Ocp Euro CLO DAC 2023-7A 144A, (3 mo. EURIBOR + 1.900%), 4.06%, 4/25/36<br>EUR (a)(b)(d) | 1913 |
| 2200000 | Octagon Investment Partners Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.442%), 5.70%, 10/15/34 (a)(b) | 2196 |
| 2500000 | Palmer Square CLO Ltd. 2022-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.320%), 5.59%, 4/20/35 (a)(b) | 2501 |

---

46 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | Palmer Square European Loan Funding DAC 2024-1A 144A, (3 mo. EURIBOR + 2.050%), 4.41%, 8/15/33 EUR (a)(b)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571 |
| 2500000 | Palmer Square Loan Funding Ltd. 2024-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.650%), 5.95%, 8/08/32 (a)(b) | 2500 |
| 1400000 | Penta CLO DAC 2024-17X, (3 mo. EURIBOR + 2.250%), 4.81%, 8/15/38 EUR (b)(c)(d) | 1577 |
| 1350000 | Regatta XIII Funding Ltd. 2018-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 5.76%, 7/15/31 (a)(b) | 1349 |
| 1000000 | Regatta XVI Funding Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.16%, 1/15/33 (a)(b) | 994 |
| 3400000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.700%), 5.97%, 7/20/35 (a)(b) | 3391 |
| 2100000 | Regatta XXII Funding Ltd. 2022-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 6.27%, 7/20/35 (a)(b) | 2100 |
| 43440 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | 43 |
| 25792 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 7.38%, 5/15/32 (a) | 26 |
| 1630027 | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 11.91%, 8/16/32 (a) | 1651 |
| 113426 | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 11.37%, 12/15/32 (a) | 114 |
| 2700000 | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 14.59%, 12/15/32 (a) | 2850 |
| 100 | Santander Consumer Auto Receivables Trust 2021-B, 0.00%, 3/15/29 (e) | 2711 |
| 100 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (e) | 1107 |
| 515848 | Santander Drive Auto Receivables Trust 2023-S1 144A, 8.14%, 4/18/28 (a) | 521 |
| 1487041 | Santander Drive Auto Receivables Trust 2023-S1 144A, 10.40%, 4/18/28 (a) | 1496 |
| 1272810 | Santander Drive Auto Receivables Trust 2024-S1 144A, 6.53%, 3/16/29 (a) | 1275 |
| 126 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, (e) | 3110 |
| 61 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-S2, 5.80%, 12/16/28 (e) | 1046 |
| 1750000 | Sound Point Euro CLO X Funding DAC 10A 144A, (3 mo. EURIBOR + 2.650%), 4.89%, 4/20/38 EUR (a)(b)(d) | 1983 |
| 1700000 | Texas Debt Capital Euro CLO DAC 2024-1X, (3 mo. EURIBOR + 2.550%), 4.80%, 7/16/38 EUR (b)(c)(d) | 1920 |
| 483333 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | 484 |
| 85 | United Auto Credit Securitization Trust 2022-2, 0.00%, 4/10/29 (e) |  |
| 2300000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%, 2/15/52 (a) | 2170 |
| 1000000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 6.64%, 5/15/54 (a) | 1031 |
| 2025000 | Westlake Automobile Receivables Trust 2023- 4A 144A, 7.19%, 7/16/29 (a) | 2114 |
|  **Total Asset Backed (Cost - $137,881)** | **Total Asset Backed (Cost - $137,881)** | 130150 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
|  **Bank Loans(f) (3%)** | **Bank Loans(f) (3%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721375 | Alpha Generation LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.07%, 9/30/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
| 593982 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.79%, 2/01/29 | 595 |
| 696501 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.05%, 8/20/31 | 693 |
| 708225 | Dragon Buyer Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.30%, 9/30/31 | 705 |
| 1795489 | EMRLD Borrower LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.80%, 8/04/31 | 1777 |
| 1827628 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 5.750%), 8.05%, 4/26/28 | 1820 |
| 900000 | Hanesbrands Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 0.000%), 7.07%, 3/07/32 | 894 |
| 942155 | Iron Mountain Information Management LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.32%, 1/31/31 | 939 |
| 675000 | Leia Finco U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.46%, 10/09/31 | 672 |
| 820875 | Lightning Power LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.55%, 8/18/31 | 820 |
| 2300000 | Madison Iaq LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 6.76%, 6/21/28 | 2282 |
| 859627 | McGraw-Hill Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.57%, 8/06/31 | 859 |
| 1455328 | MIC Glen LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 7.82%, 7/21/28 | 1457 |
| 671625 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.78%, 7/01/31 | 639 |
| 1925000 | Quikrete Holdings Inc. Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.57%, 2/10/32 | 1890 |
| 850000 | Terex Corp. Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 0.750%), 6.30%, 10/08/31 | 850 |
| 598388 | Third Coast Infrastructure LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.57%, 9/25/30 | 587 |
| 1097236 | Transdigm Inc. Term Loan J 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.80%, 2/28/31 | 1088 |
| 1366200 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.07%, 4/25/31 | 1373 |
| 443261 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 6/27/29 | 425 |
|  **Total Bank Loans (Cost - $21,294)** | **Total Bank Loans (Cost - $21,294)** | 21087 |

---

Semi-Annual 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
|  **Corporate Bond (28%)** | **Corporate Bond (28%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 |
| 1100000 | Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30 EUR (c)(d) | 1272 |
| 1950000 | Alphabet Inc., 2.50%, 5/06/29 EUR (d) | 2209 |
| 925000 | Altice France Holding SA 144A, 10.50%, 5/15/27 (a) | 288 |
| 980000 | American Express Co., (Secured Overnight Financing Rate + 1.280%), 5.28%, 7/27/29 (b) | 1006 |
| 825000 | American Homes 4 Rent LP, 5.50%, 2/01/34 | 823 |
| 1725000 | Americold Realty Operating Partnership LP, 5.60%, 5/15/32 | 1728 |
| 1125000 | Ameriprise Financial Inc., 5.20%, 4/15/35 | 1127 |
| 625000 | Ares Capital Corp., 5.95%, 7/15/29 | 633 |
| 1075000 | Autostrade per l'Italia SpA, 4.25%, 6/28/32 EUR (c)(d) | 1256 |
| 900000 | AutoZone Inc., 5.40%, 7/15/34 | 910 |
| 1275000 | Aviation Capital Group LLC 144A, 5.13%, 4/10/30 (a) | 1263 |
| 925000 | B&M European Value Retail SA, 6.50%, 11/27/31 GBP (c)(d) | 1207 |
| 1100000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.000%), 5.16%, 1/24/31 (b) | 1121 |
| 750000 | BE Semiconductor Industries NV 144A, 4.50%, 7/15/31 EUR (a)(d) | 864 |
| 700000 | Blackstone Secured Lending Fund, 5.30%, 6/30/30 | 682 |
| 375000 | Blue Owl Capital Corp., 3.40%, 7/15/26 | 365 |
| 1450000 | Boeing Co., 5.04%, 5/01/27 | 1460 |
| 750000 | Boeing Co., 6.39%, 5/01/31 | 801 |
| 1095000 | Bombardier Inc. 144A, 7.00%, 6/01/32 (a)(g) | 1109 |
| 1300000 | Broadcom Inc. 144A, 4.00%, 4/15/29 (a) | 1273 |
| 1000000 | Broadcom Inc., 5.05%, 7/12/29 | 1020 |
| 550000 | Bubbles Bidco SpA 144A, 6.50%, 9/30/31 EUR (a)(d) | 624 |
| 1000000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (a) | 1004 |
| 875000 | CDW LLC/CDW Finance Corp., 5.55%, 8/22/34 | 859 |
| 1100000 | Centene Corp., 3.38%, 2/15/30 | 1003 |
| 1425000 | CITGO Petroleum Corp. 144A, 6.38%, 6/15/26 (a) | 1419 |
| 1250000 | Citigroup Inc., (3 mo. Term Secured Overnight Financing Rate + 1.652%), 3.67%, 7/24/28 (b) | 1227 |
| 1250000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%, 1/25/33 (b) | 1099 |
| 1250000 | Cleveland-Cliffs Inc. 144A, 6.88%, 11/01/29 (a) | 1212 |
| 725000 | Cleveland-Cliffs Inc. 144A, 7.38%, 5/01/33 (a) | 682 |
| 900000 | CRH America Finance Inc., 5.40%, 5/21/34 | 913 |
| 1525000 | Delta Air Lines Inc./SkyMiles IP Ltd. 144A, 4.75%, 10/20/28 (a) | 1516 |
| 1500000 | Deutsche Bank AG, (3 mo. EURIBOR + 1.500%), 4.13%, 4/04/30 EUR (b)(c)(d) | 1743 |
| 1425000 | DNB Bank ASA, (1 yr. UK Government Bonds Note Generic Bid Yield + + 2.150%), 4.00%, 8/17/27 GBP (b)(c)(d) | 1880 |
| 925000 | Duke Energy Carolinas LLC, 4.85%, 3/15/30 | 944 |
| 1725000 | Duke Energy Progress LLC, 5.05%, 3/15/35 | 1721 |
| 1050000 | Edge Finco PLC 144A, 8.13%, 8/15/31<br>GBP (a)(d) | 1423 |
| 650000 | Energy Transfer LP, 5.20%, 4/01/30 | 657 |
| 1175000 | Entegris Inc. 144A, 4.75%, 4/15/29 (a) | 1145 |
| 1725000 | Eurobank SA, (ICE 1Year Euribor Swap Fix + 1.250%), 3.25%, 3/12/30 EUR (b)(c)(d) | 1935 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| 825000 | Evergy Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.558%), 6.65%, 6/01/55 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 |
| 700000 | Expand Energy Corp., 5.70%, 1/15/35 | 691 |
| 425000 | Extra Space Storage LP, 5.70%, 4/01/28 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | Extra Space Storage LP, 5.40%, 6/15/35 | 1522 |
| 1200000 | Fiesta Purchaser Inc. 144A, 7.88%, 3/01/31 (a) | 1259 |
| 1950000 | Fiserv Funding ULC, 2.88%, 6/15/28 EUR (d) | 2213 |
| 1290000 | Freedom Mortgage Holdings LLC 144A, 9.13%, 5/15/31 (a) | 1306 |
| 1400000 | Fressnapf Holding SE, 5.25%, 10/31/31<br>EUR (c)(d) | 1603 |
| 1000000 | Frontier Communications Holdings LLC 144A, 5.00%, 5/01/28 (a) | 991 |
| 2675000 | General Motors Financial Co. Inc., 4.90%, 10/06/29 | 2632 |
| 1850000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.135%), 4.69%, 10/23/30 (b) | 1846 |
| 1525000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.580%), 5.22%, 4/23/31 (b) | 1554 |
| 2275000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (b) | 2007 |
| 1275000 | HCA Inc., 5.88%, 2/01/29 | 1317 |
| 1450000 | Hewlett Packard Enterprise Co., 5.00%, 10/15/34 | 1400 |
| 2050000 | Holcim Finance U.S. LLC 144A, 4.95%, 4/07/30 (a) | 2072 |
| 1350000 | Holcim Finance U.S. LLC 144A, 5.40%, 4/07/35 (a) | 1350 |
| 1325000 | Huntington Bancshares Inc., (U.S. Secured Overnight Financing Rate + 1.276%), 5.27%, 1/15/31 (b) | 1335 |
| 700000 | Hyatt Hotels Corp., 5.05%, 3/30/28 | 704 |
| 1625000 | Hyundai Capital America 144A, 4.30%, 9/24/27 (a) | 1605 |
| 1200000 | JAB Holdings BV, 5.00%, 6/12/33 EUR (c)(d) | 1451 |
| 2075000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.860%), 4.51%, 10/22/28 (b) | 2081 |
| 1675000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.435%), 5.10%, 4/22/31 (b) | 1706 |
| 1125000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.340%), 4.95%, 10/22/35 (b) | 1099 |
| 950000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%, 2/15/29 (a) | 973 |
| 1300000 | Klepierre SA, 3.88%, 9/23/33 EUR (c)(d) | 1504 |
| 1250000 | LKQ Dutch Bond BV, 4.13%, 3/13/31 EUR (d) | 1443 |
| 1100000 | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 144A, 6.88%, 12/01/32 (a) | 1066 |
| 2000000 | Mexico City Airport Trust, 4.25%, 10/31/26 (c) | 1963 |
| 1625000 | Micron Technology Inc., 5.80%, 1/15/35 | 1616 |
| 700000 | Millicom International Cellular SA, 4.50%, 4/27/31 (c) | 624 |
| 1725000 | Minerva Luxembourg SA, 8.88%, 9/13/33 (c) | 1841 |
| 3300000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.380%), 4.99%, 4/12/29 (b) | 3346 |
| 1850000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.100%), 4.65%, 10/18/30 (b) | 1845 |
| 1300000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.108%), 5.23%, 1/15/31 (b) | 1326 |

---

48 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| 925000 | National Fuel Gas Co., 5.95%, 3/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 |
| 875000 | NNN REIT Inc., 5.50%, 6/15/34 | 878 |
| 950000 | OCP SA 144A, 6.10%, 4/30/30 (a) | 952 |
| 950000 | OCP SA 144A, 6.70%, 3/01/36 (a) | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | Opal Bidco SAS 144A, 5.50%, 3/31/32<br>EUR (a)(d) | 1580 |
| 2800000 | Open Text Corp. 144A, 6.90%, 12/01/27 (a) | 2882 |
| 1800000 | Orbia Advance Corp. SAB de CV 144A, 6.80%, 5/13/30 (a) | 1799 |
| 750000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 5.13%, 4/30/31 (a) | 630 |
| 700000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 7.88%, 5/15/34 (a) | 646 |
| 600000 | Paramount Global, 4.95%, 1/15/31 | 581 |
| 925000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 9.88%, 3/15/30 (a)(g) | 815 |
| 775000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.88%, 11/15/27 (a) | 797 |
| 1150000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.25%, 7/01/29 (a) | 1170 |
| 1275000 | Permanent TSB Group Holdings PLC, (ICE 1Year Euribor Swap Fix + 3.500%), 6.63%, 6/30/29 EUR (b)(c)(d) | 1581 |
| 1400000 | Petroleos Mexicanos, 3.63%, 11/24/25<br>EUR (c)(d) | 1573 |
| 800000 | Petroleos Mexicanos, 3.75%, 4/16/26 EUR (c)(d) | 886 |
| 2000000 | Petroleos Mexicanos, 6.49%, 1/23/27 | 1955 |
| 300000 | Petroleos Mexicanos, 2.75%, 4/21/27<br>EUR (c)(d)(g) | 315 |
| 750000 | Petroleos Mexicanos, 4.88%, 2/21/28 EUR (c)(d) | 799 |
| 875000 | PRA Group Inc. 144A, 8.88%, 1/31/30 (a) | 902 |
| 675000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (a) | 644 |
| 1175000 | RELX Capital Inc., 4.75%, 3/27/30 | 1189 |
| 1700000 | Rentokil Initial PLC, 0.50%, 10/14/28<br>EUR (c)(d) | 1807 |
| 1450000 | Rogers Communications Inc., 5.30%, 2/15/34 | 1430 |
| 1450000 | Rollins Inc. 144A, 5.25%, 2/24/35 (a) | 1447 |
| 1075000 | Royal Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.030%), 5.15%, 2/04/31 (b) | 1094 |
| 750000 | Ryder System Inc., 5.00%, 3/15/30 | 757 |
| 1800000 | Sagax AB, 4.38%, 5/29/30 EUR (c)(d) | 2117 |
| 1075000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.940%), 5.35%, 9/06/30 (b) | 1079 |
| 4000000 | SBA Tower Trust 144A, 1.63%, 11/15/26 (a) | 3810 |
| 2200000 | SBA Tower Trust 144A, 6.60%, 1/15/28 (a) | 2252 |
| 975000 | Smurfit Westrock Financing DAC 144A, 5.42%, 1/15/35 (a) | 977 |
| 1300000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (a) | 1228 |
| 1050000 | Standard Building Solutions Inc. 144A, 6.50%, 8/15/32 (a) | 1064 |
| 875000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (a)(g) | 886 |
| 800000 | Sunoco LP 144A, 6.25%, 7/01/33 (a) | 800 |
| 850000 | Surgery Center Holdings Inc. 144A, 7.25%, 4/15/32 (a) | 849 |
| 1250000 | Synchrony Bank, 5.40%, 8/22/25 | 1250 |
| 1285000 | Synopsys Inc., 4.85%, 4/01/30 | 1300 |
| 1145000 | Synopsys Inc., 5.00%, 4/01/32 | 1154 |
| 1375000 | Synopsys Inc., 5.15%, 4/01/35 | 1378 |
| 1100000 | TDF Infrastructure SASU, 4.13%, 10/23/31 EUR (c)(d) | 1251 |
| 1500000 | Tesco Corporate Treasury Services PLC, 4.25%, 2/27/31 EUR (c)(d) | 1784 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 1.571%), 5.15%, 8/05/32 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 |
| 1175000 | Uber Technologies Inc., 4.30%, 1/15/30 | 1161 |
| 925000 | UBS Group AG 144A, (1-Year SOFR ICE Swap Rate + 1.340%), 5.62%, 9/13/30 (a)(b) | 955 |
| 825000 | UDR Inc., 5.13%, 9/01/34 | 805 |
| 1775000 | UniCredit SpA, (3 mo. EURIBOR + 1.600%), 4.45%, 2/16/29 EUR (b)(c)(d) | 2092 |
| 1225000 | Universal Music Group NV, 4.00%, 6/13/31 EUR (c)(d) | 1446 |
| 750000 | Veritiv Operating Co. 144A, 10.50%, 11/30/30 (a) | 784 |
| 825000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (a) | 786 |
| 3150000 | VISA, Inc., 2.25%, 5/15/28 EUR (d) | 3549 |
| 456000 | Vistra Operations Co. LLC 144A, 5.13%, 5/13/25 (a) | 456 |
| 675000 | Vistra Operations Co. LLC 144A, 6.95%, 10/15/33 (a) | 725 |
| 1470000 | VMware LLC, 1.80%, 8/15/28 | 1344 |
| 820000 | W&T Offshore Inc. 144A, 10.75%, 2/01/29 (a)(g) | 647 |
| 1125000 | Warnermedia Holdings Inc., 4.28%, 3/15/32 | 964 |
| 317000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.980%), 4.81%, 7/25/28 (b) | 319 |
| 2850000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.370%), 4.97%, 4/23/29 (b) | 2886 |
| 2525000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.740%), 5.57%, 7/25/29 (b) | 2598 |
| 675000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.110%), 5.24%, 1/24/31 (b) | 689 |
| 2125000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 2.020%), 5.39%, 4/24/34 (b) | 2134 |
| 750000 | Western Midstream Operating LP, 5.45%, 11/15/34 | 713 |
| 1250000 | WMG Acquisition Corp. 144A, 3.75%, 12/01/29 (a) | 1157 |
| 625000 | XPLR Infrastructure Operating Partners LP 144A, 7.25%, 1/15/29 (a)(g) | 619 |
|  **Total Corporate Bond (Cost - $179,372)** | **Total Corporate Bond (Cost - $179,372)** | 180842 |
|  **Foreign Government (10%)** | **Foreign Government (10%)** |  |
| 775000 | Albania Government International Bond 144A, 4.75%, 2/14/35 EUR (a)(d) | 839 |
| 1250000 | Argentine Republic Government International Bond, 4.13%, 7/09/35 | 837 |
| 176000000 | Brazil Letras do Tesouro Nacional, 10.91%, 7/01/25 BRL (d)(e) | 30333 |
| 1310000 | Dominican Republic International Bond, 5.95%, 1/25/27 (c) | 1318 |
| 1390000 | Guatemala Government Bond, 4.38%, 6/05/27 (c) | 1360 |
| 1675000 | Guatemala Government Bond, 6.55%, 2/06/37 (c) | 1672 |
| 2225000 | Hungary Government International Bond Series 10Y, 4.50%, 6/16/34 EUR (c)(d) | 2458 |
| 917000 | Ivory Coast Government International Bond, 6.38%, 3/03/28 (c) | 905 |
| 1050000 | Ivory Coast Government International Bond 144A, 8.08%, 4/01/36 (a) | 971 |
| 200000 | Ivory Coast Government International Bond, 8.25%, 1/30/37 (c) | 184 |
| 2325000 | Mexico Government International Bond, 6.35%, 2/09/35 | 2318 |

---

Semi-Annual 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | Morocco Government International Bond 144A, 3.88%, 4/02/29 EUR (a)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 |
| 1700000 | Morocco Government International Bond 144A, 4.75%, 4/02/35 EUR (a)(d) | 1914 |
| 915000 | Nigeria Government International Bond, 6.13%, 9/28/28 (c) | 822 |
| 2500000 | Paraguay Government International Bond, 6.00%, 2/09/36 (c) | 2524 |
| 4875000 | Republic of Poland Government International Bond, 5.38%, 2/12/35 | 4934 |
| 400000 | Republic of Uzbekistan International Bond, 5.38%, 2/20/29 (c) | 390 |
| 900000 | Republic of Uzbekistan International Bond, 3.70%, 11/25/30 (c) | 775 |
| 1050000 | Romanian Government International Bond 144A, 5.88%, 7/11/32 EUR (a)(d) | 1162 |
| 2225000 | Saudi Government International Bond 144A, 3.75%, 3/05/37 EUR (a)(d) | 2467 |
| 1200000 | Sri Lanka Government International Bond, 3.60%, 2/15/38 (c) | 849 |
| 939307 | Zambia Government International Bond, 5.75%, 6/30/33 (c) | 817 |
|  **Total Foreign Government (Cost - $62,254)** | **Total Foreign Government (Cost - $62,254)** | 61779 |
|  **Mortgage Backed (33%)** | **Mortgage Backed (33%)** |  |
| 1650000 | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.814%), 6.14%,<br>11/15/36 (a)(b) | 1653 |
| 2851327 | Bravo Residential Funding Trust 2025-NQM1 144A, 5.60%, 12/25/64 (a) | 2862 |
| 2070915 | BRAVO Residential Funding Trust 2024-NQM7 144A, 6.06%, 10/27/64 (a) | 2085 |
| 1715009 | BRAVO Residential Funding Trust 2025-NQM2 144A, 5.68%, 11/25/64 (a) | 1723 |
| 1227387 | BRAVO Residential Funding Trust 2025-NQM3 144A, 5.57%, 3/25/65 (a) | 1244 |
| 2810000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 1.764%), 6.09%, 9/15/36 (a)(b) | 2770 |
| 3000000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.964%), 7.29%, 9/15/36 (a)(b) | 2934 |
| 789064 | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 6.79%, 6/15/38 (a)(b) | 782 |
| 1625955 | BX Commercial Mortgage Trust 2024-AIRC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 6.01%, 8/15/39 (a)(b) | 1629 |
| 3950000 | BX Mortgage Trust 2025-BIO3 144A, 6.14%, 2/10/42 (a) | 4041 |
| 1625000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 6.26%, 7/15/29 (a)(b) | 1612 |
| 2200000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.893%), 6.21%, 3/15/42 (a)(b) | 2179 |
| 1198500 | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 2.047%), 6.37%, 12/15/37 (a)(b) | 1193 |
| 1599000 | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 3.547%), 7.87%, 12/15/37 (a)(b) | 1583 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14922858 | Cantor Commercial Real Estate Lending 2019- CF1, 1.27%, 5/15/52 (h) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 |
| 2577306 | Colt Mortgage Loan Trust 2024-7 144A, 5.54%, 12/26/69 (a) | 2582 |
| 2227000 | COLT Mortgage Loan Trust 2024-6 144A, 6.00%, 11/25/69 (a)(h) | 2212 |
| 2000000 | Connecticut Avenue Securities Series 2025- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.700%), 6.05%, 1/25/45 (a)(b) | 1958 |
| 2297671 | Connecticut Avenue Securities Trust 2019- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.214%), 8.57%, 9/25/31 (a)(b) | 2397 |
| 522424 | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 6.62%, 11/25/39 (a)(b) | 523 |
| 1900000 | Connecticut Avenue Securities Trust 2020- SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%), 8.12%, 2/25/40 (a)(b) | 1974 |
| 1752135 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.550%), 5.90%, 10/25/41 (a)(b) | 1755 |
| 5375000 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.100%), 7.45%, 10/25/41 (a)(b) | 5466 |
| 1100000 | Connecticut Avenue Securities Trust 2021- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.750%), 7.10%, 12/25/41 (a)(b) | 1115 |
| 1475000 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.150%), 7.50%, 12/25/41 (a)(b) | 1504 |
| 5963000 | Connecticut Avenue Securities Trust 2022- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 8.85%, 1/25/42 (a)(b) | 6201 |
| 2732553 | Connecticut Avenue Securities Trust 2022- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.45%, 3/25/42 (a)(b) | 2757 |
| 800000 | Connecticut Avenue Securities Trust 2022- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.500%), 7.85%, 3/25/42 (a)(b) | 827 |
| 4100000 | Connecticut Avenue Securities Trust 2022- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.250%), 9.60%, 3/25/42 (a)(b) | 4346 |
| 3700000 | Connecticut Avenue Securities Trust 2022-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.250%), 10.60%, 3/25/42 (a)(b) | 3992 |
| 1056338 | Connecticut Avenue Securities Trust 2022- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.750%), 7.10%, 5/25/42 (a)(b) | 1077 |

---

50 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873828 | Connecticut Avenue Securities Trust 2022- R07 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.950%), 7.30%, 6/25/42 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |
| 6467377 | Connecticut Avenue Securities Trust 2023- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 6.85%, 4/25/43 (a)(b) | 6549 |
| 1408344 | Connecticut Avenue Securities Trust 2023- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.65%, 5/25/43 (a)(b) | 1435 |
| 662124 | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.700%), 6.05%, 7/25/43 (a)(b) | 665 |
| 1100000 | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.700%), 7.05%, 7/25/43 (a)(b) | 1135 |
| 2628093 | Connecticut Avenue Securities Trust 2023- R07 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.30%, 9/25/43 (a)(b) | 2644 |
| 1600000 | Connecticut Avenue Securities Trust 2023- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 6.85%, 10/25/43 (a)(b) | 1643 |
| 685222 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.45%, 2/25/44 (a)(b) | 683 |
| 2182150 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.35%, 2/25/45 (a)(b) | 2174 |
| 2937164 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%), 5.50%, 2/25/45 (a)(b) | 2941 |
| 2500000 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.95%, 2/25/45 (a)(b) | 2494 |
| 2000000 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.30%, 2/25/45 (a)(b) | 1971 |
| 2520808 | Connecticut Avenue Securities Trust 2025- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 6.60%, 3/25/45 (a)(b) | 2537 |
| 3904302 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (a)(h) | 3917 |
| 2434314 | Cross Mortgage Trust 2025-H1 144A, 5.74%, 2/25/70 (a)(h) | 2449 |
| 1246247 | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 2.964%), 7.29%, 7/15/38 (a)(b) | 1242 |
| 2793313 | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 3.814%), 8.14%, 7/15/38 (a)(b) | 2764 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | Fannie Mae Connecticut Avenue Securities 2018-C01, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.664%), 8.02%, 7/25/30 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 |
| 3400000 | Fannie Mae Connecticut Avenue Securities 2021- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.300%), 7.65%, 11/25/41 (a)(b) | 3463 |
| 650000 | Fannie Mae Connecticut Avenue Securities 2021- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.200%), 10.55%, 11/25/41 (a)(b) | 679 |
| 1763129 | Freddie Mac STACR Debt Notes 2015-DNA3, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.464%), 13.82%, 4/25/28 (b) | 1817 |
| 3900000 | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.350%), 7.70%, 9/25/41 (a)(b) | 3971 |
| 600000 | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.250%), 10.60%, 9/25/41 (a)(b) | 620 |
| 768273 | Freddie Mac STACR REMIC Trust 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.500%), 5.85%, 10/25/41 (a)(b) | 768 |
| 5600000 | Freddie Mac STACR REMIC Trust 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 7.75%, 10/25/41 (a)(b) | 5744 |
| 755526 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.20%, 11/25/41 (a)(b) | 753 |
| 4850000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.650%), 8.00%, 11/25/41 (a)(b) | 4988 |
| 600000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 7.800%), 12.15%, 11/25/41 (a)(b) | 639 |
| 1500000 | Freddie Mac STACR REMIC Trust 2021-HQA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.750%), 8.10%, 12/25/41 (a)(b) | 1535 |
| 4200000 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.400%), 6.75%, 2/25/42 (a)(b) | 4290 |
| 1340000 | Freddie Mac STACR REMIC Trust 2022-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.750%), 11.10%, 6/25/42 (a)(b) | 1474 |
| 1300000 | Freddie Mac STACR REMIC Trust 2022-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.350%), 9.70%, 8/25/42 (a)(b) | 1394 |
| 1213943 | Freddie Mac STACR REMIC Trust 2023-DNA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.45%, 3/25/43 (a)(b) | 1235 |

---

Semi-Annual 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | Freddie Mac STACR REMIC Trust 2023-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.500%), 9.85%, 5/25/43 (a)(b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 |
| 4690450 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.20%, 11/25/43 (a)(b) | 4733 |
| 856380 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.20%, 11/25/43 (a)(b) | 861 |
| 1396316 | Freddie Mac STACR REMIC Trust 2024-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.250%), 5.60%, 3/25/44 (a)(b) | 1395 |
| 3000000 | Freddie Mac STACR REMIC Trust 2024-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.35%, 3/25/44 (a)(b) | 3010 |
| 2400070 | Freddie Mac STACR REMIC Trust 2024-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 5.55%, 5/25/44 (a)(b) | 2400 |
| 2380000 | Freddie Mac STACR REMIC Trust 2024-HQA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.250%), 5.60%, 8/25/44 (a)(b) | 2383 |
| 576124 | Freddie Mac STACR REMIC Trust 2022-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.500%), 6.85%, 3/25/52 (a)(b) | 584 |
| 1255583 | Frost CMBS DAC 2021-1A 144A, (Sterling Overnight Index Average + 2.900%), 7.38%, 11/20/33 GBP (a)(b)(d) | 1648 |
| 2880000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 6.16%, 10/15/41 (a)(b) | 2878 |
| 29371 | JP Morgan Mortgage Trust 2017-5 144A, 4.95%, 10/26/48 (a)(b)(h) | 30 |
| 3888520 | LCCM 2017-LC26 144A, 1.68%, 7/12/50 (a)(h) | 91 |
| 1800000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.62%, 5/15/39 (a)(b) | 1743 |
| 1608728 | OBX Trust 2024-NQM8 144A, 6.23%, 5/25/64 (a) | 1625 |
| 1193413 | OBX Trust 2024-NQM13 144A, 5.42%, 6/25/64 (a) | 1192 |
| 1977975 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (a) | 1980 |
| 1475804 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (a) | 1467 |
| 2169925 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (a) | 2169 |
| 3862771 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (a)(h) | 3870 |
| 1300000 | OBX Trust 2024-NQM18 144A, 6.17%, 10/25/64 (a)(h) | 1296 |
| 5710521 | OBX Trust 2025-NQM2 144A, 5.60%, 11/25/64 (a) | 5733 |
| 2356707 | OBX Trust 2025-NQM3 144A, 5.65%, 12/01/64 (a) | 2369 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062119 | OBX Trust 2025-NQM3 144A, 5.95%, 12/01/64 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072 |
| 2358209 | OBX Trust 2025-NQM6 144A, 5.96%, 3/25/65 (a) | 2371 |
| 2250000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.443%), 5.76%, 3/15/42 (a)(b) | 2215 |
| 2341705 | THPT Mortgage Trust 2023-THL 144A, 7.23%, 12/10/34 (a)(h) | 2375 |
| 845949 | TTAN 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.84%, 3/15/38 (a)(b) | 843 |
| 3565088 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (a)(h) | 3562 |
| 1500000 | Verus Securitization Trust 2024-8 144A, 5.99%, 10/25/69 (a)(h) | 1489 |
| 3371982 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (a)(h) | 3375 |
| 1075000 | Verus Securitization Trust 2024-9 144A, 6.20%, 11/25/69 (a)(h) | 1074 |
| 1781160 | Verus Securitization Trust 2025-2 144A, 5.31%, 3/25/70 (a) | 1783 |
| 4845636 | Wells Fargo Commercial Mortgage Trust 2018- C46, 1.07%, 8/15/51 (h) | 97 |
|  **Total Mortgage Backed (Cost - $211,527)** | **Total Mortgage Backed (Cost - $211,527)** | 209802 |
|  **U.S. Treasury (2%)** | **U.S. Treasury (2%)** |  |
| 12000000 | U.S. Treasury Note, 3.88%, 3/31/27 |  |
|  | (Cost - $12,018) | 12056 |
|  **Investment Company (3%)** | **Investment Company (3%)** |  |
| 9020437 | Payden Cash Reserves Money Market Fund\* | 9020 |
| 2743609 | Payden Emerging Markets Local Bond Fund, SI Class\* | 12704 |
|  **Total Investment Company (Cost - $21,657)** | **Total Investment Company (Cost - $21,657)** | 21724 |
|  **Purchase Options (0%)** | **Purchase Options (0%)** |  |
|  **Total Purchase Options (Cost - $819)** | **Total Purchase Options (Cost - $819)** | 594 |
|  **Total Investments, Before Written Options** | **Total Investments, Before Written Options** |  |
|  **(Cost - $646,822) (100%)** | **(Cost - $646,822) (100%)** | 638034 |
|  **Written Options (0%)** | **Written Options (0%)** |  |
|  **Total Written Options (Cost - $(148))** | **Total Written Options (Cost - $(148))** | (108) |
|  **Total Investments (Cost - $646,674) (100%)** | **Total Investments (Cost - $646,674) (100%)** | 637926 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | (2573) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $635353 |

---

52 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

\* 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 April 30, 2025.

&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 April 30, 2025. 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 April 30, 2025, the total market value of the Fund's securities on loan is $4,250 and the total market value of the collateral held by the Fund is $4,471. 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.

#### 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%** |  |  |  |  |  |  |
| S&P 500 Emini | 49 | $323 | $5450 | 06/30/2025 | $323 | Put |
| S&P 500 Emini | 51 | 271 | 5500 | 05/30/2025 | 271 | Put |
| **Total Purchase Options** | **Total Purchase Options** | **Total Purchase Options** | **Total Purchase Options** | **Total Purchase Options** | $594 |  |

---

#### Written Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Notional<br>Amount<br>(000s) | Exercise<br>Price | Maturity<br>Date | Value<br>(000s) | Call/Put |
| **Exchange Traded Options Purchase - 0.0%** |  |  |  |  |  |  |
| S&P 500 Emini | 49 | (108) | 4950 | 06/30/2025 | $(108) | 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:** |  |  |  |  |
|  AUD 4,758 | USD 3,024 | HSBC Bank<br>USA, N.A. | 05/28/2025 | $24 |
|  AUD 7,707 | USD 4,783 | HSBC Bank<br>USA, N.A. | 05/28/2025 | 156 |
|  CHF 8,409 | USD 9,886 | HSBC Bank<br>USA, N.A. | 05/28/2025 | 337 |
|  EUR 3,900 | USD 4,418 | BNP PARIBAS | 06/18/2025 | 14 |
|  EUR 22,896 | USD 25,157 | HSBC Bank<br>USA, N.A. | 05/28/2025 | 824 |
|  EUR 7,620 | USD 8,563 | State Street<br>Bank & Trust<br>Co. | 06/18/2025 | 96 |
|  GBP 2,396 | USD 3,035 | HSBC Bank<br>USA, N.A. | 05/28/2025 | 158 |
|  JPY 1,396,000 | USD 9,565 | HSBC Bank<br>USA, N.A. | 05/28/2025 | 230 |
|  JPY 1,142,500 | USD 7,614 | Morgan Stanley | 05/28/2025 | 402 |
|  NOK 50,382 | USD 4,646 | HSBC Bank<br>USA, N.A. | 05/28/2025 | 196 |
|  SEK 46,903 | USD 4,691 | HSBC Bank<br>USA, N.A. | 05/28/2025 | 170 |
|  |  |  |  | 2607 |
|  **Liabilities:** |  |  |  |  |
|  EUR 373 | USD 424 | BNP PARIBAS | 05/28/2025 |  |
|  USD 9,398 | EUR 8,951 | BNP PARIBAS | 05/28/2025 | (759) |
|  USD 5,472 | EUR 4,906 | BNP PARIBAS | 06/18/2025 | (103) |
|  USD 2,964 | AUD 4,758 | HSBC Bank<br>USA, N.A. | 05/28/2025 | (85) |
|  USD 14,467 | CHF 12,485 | HSBC Bank<br>USA, N.A. | 05/28/2025 | (711) |
|  USD 6,083 | EUR 5,786 | HSBC Bank<br>USA, N.A. | 05/28/2025 | (483) |
|  USD 14,567 | EUR 13,045 | HSBC Bank<br>USA, N.A. | 05/28/2025 | (236) |
|  USD 4,808 | GBP 3,736 | HSBC Bank<br>USA, N.A. | 05/28/2025 | (171) |
|  USD 3,109 | JPY 457,100 | HSBC Bank<br>USA, N.A. | 05/28/2025 | (98) |
|  USD 4,783 | NOK 50,382 | HSBC Bank<br>USA, N.A. | 05/28/2025 | (60) |
|  USD 4,670 | SEK 46,903 | HSBC Bank<br>USA, N.A. | 05/28/2025 | (191) |
|  USD 29,562 | BRL 175,892 | HSBC Bank<br>USA, N.A. | 06/27/2025 | (1004) |

---

Semi-Annual 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* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br> Sold<br> (000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  USD 3,022 | GBP 2,396 | Morgan Stanley | 05/28/2025 | $(171) |
|  USD 2,218 | CAD 3,189 | State Street Bank<br>& Trust Co. | 06/18/2025 | (101) |
|  USD 75,698 | EUR 69,407 | State Street Bank<br>& Trust Co. | 06/18/2025 | (3174) |
|  USD 6,205 | GBP 4,797 | State Street Bank<br>& Trust Co. | 06/18/2025 | (189) |
|  |  |  |  | (7536) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  | $(4929) |

---

#### 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:** |  |  |
| U.S. Treasury 2-Year Note Future | 1881 | Jun-25 | $391527 | $3086 | $3086 |
| U.S. Treasury 5-Year Note Future | 356 | Jun-25 | 38874 | 311 | 311 |
|  |  |  |  |  | 3397 |
|  **Short Contracts:** | **Short Contracts:** | **Short Contracts:** | **Short Contracts:** |  |  |
| Euro-Bobl Future | 126 | Jun-25 | (17076) | (216) | (216) |
| Euro-Bund Future | 150 | Jun-25 | (22393) | (364) | (364) |
| Euro-Buxl Future | 4 | Jun-25 | (562) | 1 | 1 |
| Euro-Schatz Future | 86 | Jun-25 | (10480) | (28) | (28) |
| Long Gilt Future | 14 | Jun-25 | (1745) | (50) | (50) |
| U.S. 10-Year Ultra Future | 195 | Jun-25 | (22373) | (337) | (337) |
| U.S. Long Bond Future | 4 | Jun-25 | (467) | (2) | (2) |
| U.S. Treasury 10-Year Note Future | 181 | Jun-25 | (20312) | (229) | (229) |
| U.S. Ultra Bond Future | 42 | Jun-25 | (5083) | 35 | 35 |
|  |  |  |  |  | (1190) |
|  **Total Futures** | **Total Futures** | **Total Futures** | **Total Futures** |  | $2207 |

---

#### 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 44 Index), Pay 5% Quarterly, Receive upon credit default | 06/20/2030 | $25700 | $(1080) | $(986) | $(94) |

---

*See notes to financial statements.* 

54 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### 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> | $4250 |
|  Non-cash Collateral<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4250) |
|  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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

*See notes to financial statements.* 

Semi-Annual 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;Payden Securitized Income Fund

**Schedule of Investments -** April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
|  **Asset Backed (41%)** | **Asset Backed (41%)** |  |
|  **Commercial (9%)** | **Commercial (9%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120943 | ARI Fleet Lease Trust 2023-B 144A, 6.05%, 7/15/32 (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;122 |
| 100000 | Dell Equipment Finance Trust 2023-3 144A, 5.93%, 4/23/29 (a) | 101 |
| 237836 | Driven Brands Funding LLC 2019-1A 144A, 4.64%, 4/20/49 (a) | 236 |
| 537440 | Enterprise Fleet Financing LLC 2024-2 144A, 5.74%, 12/20/26 (a) | 540 |
| 90000 | Ford Credit Floorplan Master Owner Trust A 2020-2, 1.06%, 9/15/27 | 89 |
| 600000 | GMF Floorplan Owner Revolving Trust Series 2025-1A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.600%), 4.94%, 3/15/29 (a)(b) | 599 |
| 300000 | Hotwire Funding LLC 2023-1A 144A, 7.00%, 5/20/53 (a) | 306 |
| 100000 | MMAF Equipment Finance LLC 2021-A 144A, 1.19%, 11/13/43 (a) | 97 |
| 297875 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (a) | 287 |
| 198750 | Oak Street Investment Grade Net Lease Fund Series 2021-1A 144A, 3.26%, 1/20/51 (a) | 172 |
| 372254 | OneMain Financial Issuance Trust 2022-3A 144A, 5.94%, 5/15/34 (a) | 374 |
| 500000 | PFS Financing Corp. 2024-A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.19%, 1/15/28 (a)(b) | 501 |
| 250000 | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (a) | 243 |
| 367812 | Store Master Funding I-VII XIV XIX XX 2021- 1A 144A, 2.86%, 6/20/51 (a) | 344 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 5.59%, 5/15/54 (a) | 302 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 315 |
| 500000 | Wheels Fleet Lease Funding LLC 2025-1A 144A, (1 mo. Term Secured Overnight Financing Rate + 0.670%), 4.99%, 1/18/40 (a)(b) | 498 |
|  |  | 5126 |
|  **Consumer (14%)** | **Consumer (14%)** |  |
| 370000 | American Credit Acceptance Receivables Trust 2024-4 144A, 4.91%, 8/12/31 (a) | 369 |
| 543284 | AmeriCredit Automobile Receivables Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.600%), 4.95%, 2/18/28 (b) | 543 |
| 385420 | Bridgecrest Lending Auto Securitization Trust 2023-1, 6.51%, 11/15/27 | 387 |
| 310192 | CarMax Auto Owner Trust 2024-3, 5.21%, 9/15/27 | 311 |
| 290000 | CarMax Select Receivables Trust 2025-A, 5.46%, 7/15/31 | 290 |
| 412332 | Carvana Auto Receivables Trust 2022-P3, 4.61%, 11/10/27 | 412 |
| 555010 | Carvana Auto Receivables Trust 2024-P4, 4.62%, 2/10/28 | 555 |
| 500000 | Carvana Auto Receivables Trust 2025-P1, 4.50%, 6/12/28 | 500 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | Exeter Automobile Receivables Trust 2025-2A, 5.16%, 7/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 |
| 550000 | Ford Credit Auto Owner Trust 2022-C, 5.22%, 3/15/30 | 554 |
| 303430 | GLS Auto Receivables Issuer Trust 2024-3A 144A, 5.35%, 8/16/27 (a) | 304 |
| 630000 | GLS Auto Receivables Issuer Trust 2025-1A 144A, 4.68%, 12/15/27 (a) | 630 |
| 148000 | GM Financial Consumer Automobile Receivables Trust 2021-4, 0.99%, 10/18/27 | 145 |
| 423682 | Onemain Direct Auto Receivables Trust 2022- 1A 144A, 4.65%, 3/14/29 (a) | 424 |
| 81019 | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 11.37%, 12/15/32 (a) | 82 |
| 260958 | Santander Drive Auto Receivables Trust 2023-S1 144A, 8.14%, 4/18/28 (a) | 264 |
| 249451 | Santander Drive Auto Receivables Trust 2024-S3 144A, 5.81%, 10/16/28 (a) | 249 |
| 246200 | Santander Drive Auto Receivables Trust 2024-S2 144A, 5.80%, 12/16/28 (a) | 246 |
| 224614 | Santander Drive Auto Receivables Trust 2024-S1 144A, 6.53%, 3/16/29 (a) | 225 |
| 290000 | Santander Drive Auto Receivables Trust 2025-2, 5.47%, 5/15/31 | 292 |
| 25608 | SBNA Auto Lease Trust 2023-A 144A, 6.27%, 4/20/26 (a) | 26 |
| 500000 | Westlake Automobile Receivables Trust 2025- 1A 144A, 4.66%, 1/18/28 (a) | 500 |
| 105000 | Westlake Automobile Receivables Trust 2023- 1A 144A, 6.79%, 11/15/28 (a) | 108 |
| 291445 | World Omni Auto Receivables Trust 2022-A, 1.66%, 5/17/27 | 289 |
|  |  | 7998 |
|  **Corporate CLO (18%)** | **Corporate CLO (18%)** |  |
| 250000 | AGL CLO Ltd. 2021-14A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.950%), 6.22%, 12/02/34 (a)(b) | 248 |
| 321540 | Allegro CLO XI Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.17%, 1/19/33 (a)(b) | 321 |
| 400000 | Apidos CLO XXIII 2015-23A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.56%, 4/15/33 (a)(b) | 394 |
| 250000 | ARES Loan Funding III Ltd. 2022-ALF3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.88%, 7/25/36 (a)(b) | 249 |
| 250000 | Bain Capital Credit CLO 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 5.73%, 10/17/32 (a)(b) | 249 |
| 500000 | Benefit Street Partners CLO VIII Ltd. 2015-8A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.712%), 5.98%, 1/20/31 (a)(b) | 500 |
| 500000 | Benefit Street Partners CLO XXIV Ltd. 2021- 24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.060%), 5.33%, 10/20/34 (a) (b) | 497 |
| 500000 | Benefit Street Partners CLO XXVIII Ltd. 2022- 28A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.900%), 7.17%, 10/20/37 (a) (b) | 500 |

---

56 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Buckhorn Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 5.34%, 7/18/34 (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;498 |
| 600000 | Carlyle Global Market Strategies CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 5.36%, 4/20/34 (a)(b) | 598 |
| 351818 | Chenango Park CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.31%, 4/15/30 (a)(b) | 351 |
| 500000 | Dryden CLO Ltd. 2019-68A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.36%, 7/15/35 (a)(b) | 498 |
| 250000 | Dryden CLO Ltd. 2022-113A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.650%), 5.91%, 10/15/37 (a)(b) | 249 |
| 250000 | Elmwood CLO Ltd. 2022-8A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.200%), 6.47%, 10/20/36 (a)(b) | 251 |
| 250000 | Elmwood CLO Ltd. 2022-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.77%, 4/20/37 (a)(b) | 250 |
| 250000 | Flatiron CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.21%, 11/16/34 (a)(b) | 248 |
| 188122 | Galaxy XX CLO Ltd. 2015-20A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.262%), 5.53%, 4/20/31 (a)(b) | 188 |
| 316614 | Golub Capital Partners Static Ltd. 2024-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.230%), 5.50%, 4/20/33 (a)(b) | 317 |
| 250000 | Invesco CLO Ltd. 2022-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 6.07%, 4/20/35 (a)(b) | 250 |
| 250000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.550%), 5.82%, 7/20/36 (a)(b) | 247 |
| 290000 | KKR CLO Ltd. 27A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.16%, 1/15/35 (a)(b) | 288 |
| 600000 | Madison Park Funding LVII Ltd. 2022-57A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.56%, 7/27/34 (a)(b) | 598 |
| 430000 | Magnetite XXIV Ltd. 2019-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 6.01%, 4/15/35 (a)(b) | 428 |
| 600000 | Neuberger Berman Loan Advisers CLO Ltd. 2019-35A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.32%, 1/19/33 (a)(b) | 595 |
| 290000 | OCP CLO Ltd. 2015-9A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.650%), 5.91%, 1/15/37 (a)(b) | 286 |
| 600000 | Octagon Investment Partners Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 5.35%, 10/15/33 (a)(b) | 597 |
| 430000 | Octagon Investment Partners Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.550%), 5.82%, 1/20/35 (a)(b) | 427 |
| 430000 | Octagon Investment Partners Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.850%), 6.11%, 4/15/35 (a)(b) | 429 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Palmer Square CLO Ltd. 2022-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.320%), 5.59%, 4/20/35 (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;600 |
| 250000 | Thompson Park CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.16%, 4/15/34 (a)(b) | 248 |
| 460701 | TIAA CLO IV Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.140%), 5.41%, 1/20/32 (a)(b) | 460 |
| 250000 | Voya CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.700%), 5.96%, 7/15/34 (a)(b) | 247 |
|  |  | 12106 |
| 250000 | AGL CLO Ltd. 2021-14A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.950%), 6.22%, 12/02/34 (a)(b) | 248 |
| 321540 | Allegro CLO XI Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.17%, 1/19/33 (a)(b) | 321 |
| 370000 | American Credit Acceptance Receivables Trust 2024-4 144A, 4.91%, 8/12/31 (a) | 369 |
| 543284 | AmeriCredit Automobile Receivables Trust 2024-1, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.600%), 4.95%, 2/18/28 (b) | 543 |
| 400000 | Apidos CLO XXIII 2015-23A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.56%, 4/15/33 (a)(b) | 394 |
| 250000 | ARES Loan Funding III Ltd. 2022-ALF3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.600%), 5.88%, 7/25/36 (a)(b) | 249 |
| 120943 | ARI Fleet Lease Trust 2023-B 144A, 6.05%, 7/15/32 (a) | 122 |
| 250000 | Bain Capital Credit CLO 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.450%), 5.73%, 10/17/32 (a)(b) | 249 |
| 500000 | Benefit Street Partners CLO VIII Ltd. 2015-8A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.712%), 5.98%, 1/20/31 (a)(b) | 500 |
| 500000 | Benefit Street Partners CLO XXIV Ltd. 2021- 24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.060%), 5.33%,<br>10/20/34 (a)(b) | 497 |
| 500000 | Benefit Street Partners CLO XXVIII Ltd. 2022- 28A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.900%), 7.17%,<br>10/20/37 (a)(b) | 500 |
| 385420 | Bridgecrest Lending Auto Securitization Trust 2023-1, 6.51%, 11/15/27 | 387 |
| 500000 | Buckhorn Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 5.34%, 7/18/34 (a)(b) | 498 |
| 600000 | Carlyle Global Market Strategies CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 5.36%, 4/20/34 (a) (b) | 598 |
| 310192 | CarMax Auto Owner Trust 2024-3, 5.21%, 9/15/27 | 311 |
| 290000 | CarMax Select Receivables Trust 2025-A, 5.46%, 7/15/31 | 290 |
| 412332 | Carvana Auto Receivables Trust 2022-P3, 4.61%, 11/10/27 | 412 |

---

Semi-Annual 57

------

&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 Securitized Income Fund***continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555010 | Carvana Auto Receivables Trust 2024-P4, 4.62%, 2/10/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 |
| 500000 | Carvana Auto Receivables Trust 2025-P1, 4.50%, 6/12/28 | 500 |
| 351818 | Chenango Park CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.31%, 4/15/30 (a)(b) | 351 |
| 100000 | Dell Equipment Finance Trust 2023-3 144A, 5.93%, 4/23/29 (a) | 101 |
| 237836 | Driven Brands Funding LLC 2019-1A 144A, 4.64%, 4/20/49 (a) | 236 |
| 500000 | Dryden CLO Ltd. 2019-68A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.100%), 5.36%, 7/15/35 (a)(b) | 498 |
| 250000 | Dryden CLO Ltd. 2022-113A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.650%), 5.91%, 10/15/37 (a)(b) | 249 |
| 250000 | Elmwood CLO Ltd. 2022-8A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.200%), 6.47%, 10/20/36 (a)(b) | 251 |
| 250000 | Elmwood CLO Ltd. 2022-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.77%, 4/20/37 (a)(b) | 250 |
| 537440 | Enterprise Fleet Financing LLC 2024-2 144A, 5.74%, 12/20/26 (a) | 540 |
| 290000 | Exeter Automobile Receivables Trust 2025-2A, 5.16%, 7/15/31 | 293 |
| 250000 | Flatiron CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.21%, 11/16/34 (a)(b) | 248 |
| 550000 | Ford Credit Auto Owner Trust 2022-C, 5.22%, 3/15/30 | 554 |
| 90000 | Ford Credit Floorplan Master Owner Trust A 2020-2, 1.06%, 9/15/27 | 89 |
| 188122 | Galaxy XX CLO Ltd. 2015-20A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.262%), 5.53%, 4/20/31 (a)(b) | 188 |
| 303430 | GLS Auto Receivables Issuer Trust 2024-3A 144A, 5.35%, 8/16/27 (a) | 304 |
| 630000 | GLS Auto Receivables Issuer Trust 2025-1A 144A, 4.68%, 12/15/27 (a) | 630 |
| 148000 | GM Financial Consumer Automobile Receivables Trust 2021-4, 0.99%, 10/18/27 | 145 |
| 600000 | GMF Floorplan Owner Revolving Trust Series 2025-1A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.600%), 4.94%, 3/15/29 (a)(b) | 599 |
| 316614 | Golub Capital Partners Static Ltd. 2024-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.230%), 5.50%, 4/20/33 (a)(b) | 317 |
| 300000 | Hotwire Funding LLC 2023-1A 144A, 7.00%, 5/20/53 (a) | 306 |
| 250000 | Invesco CLO Ltd. 2022-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 6.07%, 4/20/35 (a)(b) | 250 |
| 250000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.550%), 5.82%, 7/20/36 (a)(b) | 247 |
| 290000 | KKR CLO Ltd. 27A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.16%, 1/15/35 (a)(b) | 288 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Madison Park Funding LVII Ltd. 2022-57A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.56%, 7/27/34 (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;598 |
| 430000 | Magnetite XXIV Ltd. 2019-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 6.01%, 4/15/35 (a)(b) | 428 |
| 100000 | MMAF Equipment Finance LLC 2021-A 144A, 1.19%, 11/13/43 (a) | 97 |
| 600000 | Neuberger Berman Loan Advisers CLO Ltd. 2019-35A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.32%, 1/19/33 (a)(b) | 595 |
| 297875 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (a) | 287 |
| 198750 | Oak Street Investment Grade Net Lease Fund Series 2021-1A 144A, 3.26%, 1/20/51 (a) | 172 |
| 290000 | OCP CLO Ltd. 2015-9A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.650%), 5.91%, 1/15/37 (a)(b) | 286 |
| 600000 | Octagon Investment Partners Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 5.35%, 10/15/33 (a)(b) | 597 |
| 430000 | Octagon Investment Partners Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.550%), 5.82%, 1/20/35 (a)(b) | 427 |
| 430000 | Octagon Investment Partners Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.850%), 6.11%, 4/15/35 (a)(b) | 429 |
| 423682 | Onemain Direct Auto Receivables Trust 2022- 1A 144A, 4.65%, 3/14/29 (a) | 424 |
| 372254 | OneMain Financial Issuance Trust 2022-3A 144A, 5.94%, 5/15/34 (a) | 374 |
| 600000 | Palmer Square CLO Ltd. 2022-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.320%), 5.59%, 4/20/35 (a)(b) | 600 |
| 500000 | PFS Financing Corp. 2024-A 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.850%), 5.19%, 1/15/28 (a)(b) | 501 |
| 81019 | Santander Bank Auto Credit-Linked Notes 2022- C 144A, 11.37%, 12/15/32 (a) | 82 |
| 260958 | Santander Drive Auto Receivables Trust 2023-S1 144A, 8.14%, 4/18/28 (a) | 264 |
| 249451 | Santander Drive Auto Receivables Trust 2024-S3 144A, 5.81%, 10/16/28 (a) | 249 |
| 246200 | Santander Drive Auto Receivables Trust 2024-S2 144A, 5.80%, 12/16/28 (a) | 246 |
| 224614 | Santander Drive Auto Receivables Trust 2024-S1 144A, 6.53%, 3/16/29 (a) | 225 |
| 290000 | Santander Drive Auto Receivables Trust 2025-2, 5.47%, 5/15/31 | 292 |
| 25608 | SBNA Auto Lease Trust 2023-A 144A, 6.27%, 4/20/26 (a) | 26 |
| 250000 | Stack Infrastructure Issuer LLC 2021-1A 144A, 1.88%, 3/26/46 (a) | 243 |
| 367812 | Store Master Funding I-VII XIV XIX XX 2021- 1A 144A, 2.86%, 6/20/51 (a) | 344 |
| 250000 | Thompson Park CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.16%, 4/15/34 (a)(b) | 248 |
| 460701 | TIAA CLO IV Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.140%), 5.41%, 1/20/32 (a)(b) | 460 |

---

58 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 5.59%, 5/15/54 (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;302 |
| 300000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 315 |
| 250000 | Voya CLO Ltd. 2021-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.700%), 5.96%, 7/15/34 (a)(b) | 247 |
| 500000 | Westlake Automobile Receivables Trust 2025- 1A 144A, 4.66%, 1/18/28 (a) | 500 |
| 105000 | Westlake Automobile Receivables Trust 2023- 1A 144A, 6.79%, 11/15/28 (a) | 108 |
| 500000 | Wheels Fleet Lease Funding LLC 2025-1A 144A, (1 mo. Term Secured Overnight Financing Rate + 0.670%), 4.99%, 1/18/40 (a)(b) | 498 |
| 291445 | World Omni Auto Receivables Trust 2022-A, 1.66%, 5/17/27 | 289 |
|  **Total Asset Backed (Cost - $25,273)** | **Total Asset Backed (Cost - $25,273)** | 25230 |
|  **Mortgage Backed (55%)** | **Mortgage Backed (55%)** |  |
| 250000 | Acrec 2025 Fl LLC 2025-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 6.26%, 8/18/42 (a)(b) | 247 |
| 760000 | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.514%), 5.84%,<br>8/15/34 (a) (b) | 759 |
| 100000 | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.964%), 6.29%,<br>8/15/34 (a) (b) | 100 |
| 430000 | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.814%), 6.14%,<br>11/15/36 (a) (b) | 431 |
| 500000 | AREIT Ltd. 2025-CRE10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.388%), 5.72%, 12/17/29 (a)(b) | 490 |
| 570000 | ARES Commercial Mortgage Trust 2024-IND 144A, (1 mo. Term Secured Overnight Financing Rate + 1.692%), 6.01%, 7/15/41 (a)(b) | 571 |
| 420000 | BDS Ltd. 2021-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.764%), 6.08%, 12/16/36 (a)(b) | 419 |
| 542598 | BRAVO Residential Funding Trust 2024-NQM7 144A, 5.55%, 10/27/64 (a) | 544 |
| 589146 | BRAVO Residential Funding Trust 2025-NQM3 144A, 5.57%, 3/25/65 (a) | 597 |
| 285133 | Bravo Residential Funding Trust Series 2025- NQM1 144A, 5.91%, 12/25/64 (a) | 286 |
| 100000 | BRSP Ltd. 2024-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 2.380%), 6.70%, 8/19/37 (a)(b) | 100 |
| 581252 | BRSP Ltd. 2021-FL1 144A, (1 mo. Term Secured Overnight Financing Rate + 1.264%), 5.58%, 8/19/38 (a)(b) | 577 |
| 250000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 1.064%), 5.39%, 9/15/36 (a)(b) | 248 |
| 249870 | BX Commercial Mortgage Trust 2021-SOAR 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.24%, 6/15/38 (a)(b) | 248 |
| 245000 | BX Commercial Mortgage Trust 2021-XL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.511%), 5.83%, 10/15/38 (a)(b) | 243 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291603 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.76%, 2/15/39 (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;292 |
| 386860 | BX Commercial Mortgage Trust 2024-XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.792%), 6.11%, 2/15/39 (a)(b) | 387 |
| 553310 | BX Commercial Mortgage Trust 2024-AIRC 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 6.01%, 8/15/39 (a)(b) | 554 |
| 71601 | BX Commercial Mortgage Trust 2023-XL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.761%), 6.08%, 12/09/40 (a)(b) | 72 |
| 345881 | BX Commercial Mortgage Trust 2024-XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 6.26%, 3/15/41 (a)(b) | 346 |
| 196020 | BX Commercial Mortgage Trust 2024-BIO2 144A, 5.59%, 8/13/41 (a)(c) | 198 |
| 500000 | BX Commercial Mortgage Trust 2024-GPA2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.542%), 5.86%, 11/15/41 (a)(b) | 501 |
| 370000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.491%), 5.81%, 7/15/29 (a)(b) | 368 |
| 422641 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.76%, 4/15/41 (a)(b) | 423 |
| 250000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 2.192%), 6.51%, 3/15/42 (a)(b) | 247 |
| 500000 | BXMT Ltd. 2020-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.514%), 5.84%, 2/15/38 (a)(b) | 491 |
| 344689 | BXMT Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.164%), 5.49%, 5/15/38 (a)(b) | 341 |
| 400000 | BXMT Ltd. 2025-FL5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.546%), 6.87%, 10/18/42 (a)(b) | 399 |
| 500000 | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 1.367%), 5.69%, 12/15/37 (a)(b) | 500 |
| 280000 | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 1.547%), 5.87%, 12/15/37 (a)(b) | 279 |
| 545845 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (a) | 558 |
| 250000 | Colt Mortgage Loan Trust 2025-1 144A, 6.63%, 1/25/70 (a)(c) | 252 |
| 611140 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (a) | 613 |
| 385296 | COLT Mortgage Loan Trust 2025-INV2 144A, 5.60%, 2/25/70 (a) | 387 |
| 294359 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.550%), 5.90%,<br>10/25/41 (a)(b) | 295 |
| 250000 | Connecticut Avenue Securities Trust 2021- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.100%), 7.45%,<br>10/25/41 (a)(b) | 254 |

---

Semi-Annual 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;&nbsp;&nbsp;**Payden Securitized Income Fund***continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.25%,<br>12/25/41 (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;251 |
| 250000 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.150%), 7.50%,<br>12/25/41 (a)(b) | 255 |
| 223623 | Connecticut Avenue Securities Trust 2022- R05 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.25%,<br>4/25/42 (a)(b) | 224 |
| 250000 | Connecticut Avenue Securities Trust 2023- R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.700%), 7.05%,<br>7/25/43 (a)(b) | 258 |
| 205763 | Connecticut Avenue Securities Trust 2023- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.500%), 5.85%,<br>10/25/43 (a)(b) | 206 |
| 515083 | Connecticut Avenue Securities Trust 2024- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.050%), 5.40%,<br>1/25/44 (a)(b) | 514 |
| 93439 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.45%,<br>2/25/44 (a)(b) | 93 |
| 250000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 6.15%,<br>2/25/44 (a)(b) | 250 |
| 250000 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.30%,<br>3/25/44 (a)(b) | 251 |
| 250000 | Connecticut Avenue Securities Trust 2025- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.95%,<br>2/25/45 (a)(b) | 249 |
| 300000 | Connecticut Avenue Securities Trust 2025- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 6.60%,<br>3/25/45 (a)(b) | 302 |
| 488038 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (a)(c) | 490 |
| 290000 | Cross Mortgage Trust 2025-H1 144A, 6.48%, 2/25/70 (a)(c) | 291 |
| 610000 | CSTL Commercial Mortgage Trust 2024-GATE 144A, 4.92%, 11/10/41 (a)(c) | 608 |
| 240655 | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 2.364%), 6.69%, 7/15/38 (a)(b) | 240 |
| 493654 | Fannie Mae Connecticut Avenue Securities 2017-C06, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.764%), 7.12%, 2/25/30 (b) | 504 |
| 315000 | Fannie Mae Connecticut Avenue Securities 2021- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.35%, 11/25/41 (a)(b) | 315 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248085 | Freddie Mac STACR Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.97%, 5/25/28 (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;258 |
| 250000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.650%), 8.00%,<br>11/25/41 (a)(b) | 257 |
| 483651 | Freddie Mac STACR REMIC Trust 2021-HQA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 0.950%), 5.30%,<br>12/25/41 (a)(b) | 480 |
| 206816 | Freddie Mac STACR REMIC Trust 2022-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.200%), 6.55%,<br>5/25/42 (a)(b) | 210 |
| 300000 | Freddie Mac STACR REMIC Trust 2022-DNA5 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.750%), 11.10%,<br>6/25/42 (a)(b) | 330 |
| 482813 | Freddie Mac STACR REMIC Trust 2022-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.65%,<br>8/25/42 (a)(b) | 490 |
| 419001 | Freddie Mac STACR REMIC Trust 2023-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.45%,<br>4/25/43 (a)(b) | 425 |
| 551818 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.20%,<br>11/25/43 (a)(b) | 557 |
| 600000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 5.95%, 10/19/39 (a)(b) | 599 |
| 500000 | FS Rialto Issuer LLC 2025-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.385%), 5.70%, 8/19/42 (a)(b) | 495 |
| 186557 | FS Rialto-Fl4 Issuer LLC 2022-FL4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.900%), 6.25%, 1/19/39 (a)(b) | 186 |
| 100000 | Greystone CRE Notes Ltd. 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.114%), 6.44%, 7/15/39 (a)(b) | 99 |
| 487703 | Greystone CRE Notes Ltd. 2021-HC2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.24%, 12/15/39 (a)(b) | 488 |
| 493210 | HGI CRE CLO Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.114%), 5.44%, 9/17/36 (a)(b) | 491 |
| 380000 | HTL Commercial Mortgage Trust 2024-T53 144A, 6.07%, 5/10/39 (a)(c) | 385 |
| 494928 | JP Morgan Mortgage Trust Series 2025-NQM1 144A, 5.59%, 6/25/65 (a) | 502 |
| 370000 | LEX Mortgage Trust 2024-BBG 144A, 5.04%, 10/13/33 (a)(c) | 372 |
| 500000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.62%, 5/15/39 (a)(b) | 484 |
| 360000 | LoanCore 2025 Issuer LLC 2025-CRE8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.591%), 5.92%, 8/17/42 (a)(b) | 354 |

---

60 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)  |
| 250000 | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 2.464%), 6.79%, 7/15/36 (a)(b) | $250 |
| 486362 | MF1 Ltd. 2022-FL8 144A, (1 mo. Term Secured Overnight Financing Rate + 1.350%), 5.67%, 2/19/37 (a)(b) | 485 |
| 392373 | OBX Trust 2024-NQM8 144A, 6.23%,<br>5/25/64 (a) | 396 |
| 482928 | OBX Trust 2024-NQM11 144A, 5.88%,<br>6/25/64 (a) | 486 |
| 459854 | OBX Trust 2024-NQM18 144A, 5.41%,<br>10/25/64 (a)(c) | 461 |
| 250000 | OBX Trust 2024-NQM18 144A, 6.17%,<br>10/25/64 (a)(c) | 249 |
| 580731 | OBX Trust 2025-NQM2 144A, 5.60%,<br>11/25/64 (a) | 583 |
| 290000 | OBX Trust 2025-NQM2 144A, 6.49%,<br>11/25/64 (a)(c) | 291 |
| 300000 | OBX Trust 2024-NQM17 144A, 6.65%,<br>11/25/64 (a)(c) | 303 |
| 487810 | PFP Ltd. 2024-11 144A, (1 mo. Term Secured Overnight Financing Rate + 1.832%), 6.13%,<br>9/17/39 (a)(b) | 488 |
| 113471 | STWD Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.314%), 5.63%, 4/18/38 (a)(b) | 112 |
| 504339 | STWD Ltd. 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.350%), 5.69%, 11/15/38 (a)(b) | 502 |
| 250000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.443%), 5.76%, 3/15/42 (a)(b) | 246 |
| 250000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 2.092%), 6.41%, 3/15/42 (a)(b) | 242 |
| 371138 | THPT Mortgage Trust 2023-THL 144A, 7.23%, 12/10/34 (a)(c) | 376 |
| 600000 | TRTX Issuer Ltd. 2025-FL6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.537%), 5.90%, 9/18/42 (a)(b) | 599 |
| 653688 | TTAN 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 0.964%), 5.29%, 3/15/38 (a)(b) | 653 |
| 481712 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (a)(c) | 482 |
| 590360 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (a)(c) | 593 |
|  **Total Mortgage Backed (Cost - $34,231)** | **Total Mortgage Backed (Cost - $34,231)** | 34177 |
|  **Investment Company (4%)** | **Investment Company (4%)** |  |
| 2212976 | Payden Cash Reserves Money Market Fund \*<br>(Cost - $2,213) | 2213 |
|  **Total Investments (Cost - $61,717) (100%)** | **Total Investments (Cost - $61,717) (100%)** | 61620 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | (81) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $61539 |

---

\* 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 April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

*See notes to financial statements.* 

Semi-Annual 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;Payden Floating Rate Fund

**Schedule of Investments** - April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Asset Backed (3%)** | **Asset Backed (3%)** |  |
| &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;281 |
| 10 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (c) | 509 |
| 750000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (b) | 769 |
| 50 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (c) | 554 |
| 657083 | Santander Drive Auto Receivables Trust 2024-S1 144A, 8.32%, 3/16/29 (b) | 658 |
| 29 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, (c) | 717 |
| 21 | Santander Drive Auto Receivables Trust 2024- S2, 5.80%, 12/16/28 (c) | 365 |
|  **Total Asset Backed (Cost - $4,755)** | **Total Asset Backed (Cost - $4,755)** | 3853 |
|  **Bank Loan(d) (84%)** | **Bank Loan(d) (84%)** |  |
|  **Automotive (5%)** | **Automotive (5%)** |  |
| 480000 | American Axle & Manufacturing Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.20%, 12/12/29 | 471 |
| 850000 | Clarios Global LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.07%, 1/28/32 | 835 |
| 953177 | Dealer Tire LLC Term Loan B5 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.32%, 7/02/31 | 951 |
| 243750 | Driven Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.44%, 12/15/28 | 243 |
| 850000 | Goat Holdco LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 7.32%, 1/27/32 | 839 |
| 700000 | Tenneco Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 9.42%, 11/17/28 | 664 |
| 1013226 | Wand NewCo 3 Inc. Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 6.82%, 1/30/31 | 1001 |
|  |  | 5004 |
|  **Basic Industry (4%)** | **Basic Industry (4%)** |  |
| 495000 | American Airlines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.51%, 6/04/29 | 482 |
| 490000 | American Airlines Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 6.57%, 2/15/28 | 478 |
| 1009708 | Arsenal Aic Parent LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.07%, 8/18/30 | 998 |
| 1011106 | SCIH Salt Holdings Inc. Term Loan B1 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 7.28%, 1/31/29 | 1003 |
| 495009 | Transdigm Inc. Term Loan J 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.80%, 2/28/31 | 491 |
| 675649 | Transdigm Inc. Term Loan K 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.05%, 3/22/30 | 675 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1014750 | WestJet Loyalty LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.55%, 2/14/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 |
|  |  | 5097 |
|  **Capital Goods (6%)** | **Capital Goods (6%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659786 | Cimpress PLC Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 6.82%, 5/17/28 | 640 |
| 600000 | Eco Material Technologies Inc. Term Loan 1L, (6 mo. Term Secured Overnight Financing Rate + 2.250%), 7.47%, 2/12/32 | 596 |
| 995000 | EMRLD Borrower LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.80%, 8/04/31 | 985 |
| 1174863 | Madison Iaq LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 6.76%, 6/21/28 | 1166 |
| 1475000 | Quikrete Holdings Inc. Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.57%, 2/10/32 | 1448 |
| 1252094 | TK Elevator Midco Gmbh Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.24%, 4/30/30 | 1249 |
| 995000 | Wilsonart LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.55%, 8/05/31 | 965 |
|  |  | 7049 |
|  **Consumer Goods (4%)** | **Consumer Goods (4%)** |  |
| 1017325 | Fiesta Purchaser Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.57%, 2/12/31 | 1010 |
| 397872 | Hanesbrands Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.07%, 3/07/32 | 395 |
| 1247128 | Journey Personal Care Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 8.05%, 3/01/28 | 1240 |
| 850000 | QXO Building Products Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 3.00%, 4/23/32 | 850 |
| 594000 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.07%, 4/25/31 | 597 |
| 1139587 | Verde Purchaser LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.30%, 11/30/30 | 1132 |
|  |  | 5224 |
|  **Energy (9%)** | **Energy (9%)** |  |
| 995000 | Alpha Generation LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.07%, 9/30/31 | 996 |
| 995001 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.05%, 8/20/31 | 990 |
| 930000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.30%, 10/24/29 | 928 |

---

62 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613463 | Epic Crude Services LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.26%, 10/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |
| 980075 | Lightning Power LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.55%, 8/18/31 | 979 |
| 420000 | M6 Etx Holdings Ii Midco LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.32%, 3/25/32 | 418 |
| 822938 | NGP XI Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 7.80%, 7/25/31 | 815 |
| 1029012 | Par Petroleum LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 8.01%, 2/28/30 | 997 |
| 710207 | Talen Energy Supply LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.82%, 5/17/30 | 709 |
| 980075 | U.S. Silica Co. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.82%, 7/31/31 | 929 |
| 1244411 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 6/27/29 | 1192 |
|  |  | 9567 |
|  **Financial (9%)** | **Financial (9%)** |  |
| 1451550 | Albion Financing 3 SARL Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.29%, 8/16/29 | 1453 |
| 573563 | Blackstone Mortgage Trust Inc. Term Loan B5 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.07%, 12/10/28 | 574 |
| 596250 | Champ Acquisition Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.80%, 11/25/31 | 598 |
| 998750 | Focus Financial Partners LLC Term Loan B8 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.07%, 9/15/31 | 988 |
| 985069 | Greystar Real Estate Partners LLC Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.07%, 8/21/30 | 981 |
| 1050359 | HUB International Ltd. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.77%, 6/20/30 | 1045 |
| 997500 | Jefferies Finance LLC Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 7.32%, 10/21/31 | 999 |
| 1200000 | Jump Financial LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.55%, 2/20/32 | 1199 |
| 1018200 | Naked Juice LLC Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.40%, 1/24/29 | 373 |
| 973809 | Nexus Buyer LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.82%, 7/31/31 | 972 |
| 300000 | Nexus Buyer LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.250%), 10.67%, 11/05/29 | 297 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1500000 | Novitex Acquisition LLC (Fka Arsloane Acquisition LLC) Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.07%, 3/19/32 | $1479 |
| 1042125 | Titan Acquisition Ltd. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 8.78%, 2/15/29 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | WH Borrower LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 9.07%, 2/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  |  | 12558 |
|  **Healthcare (10%)** | **Healthcare (10%)** |  |
| 1160000 | 1261229 BC Ltd. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 5.250%), 10.57%, 9/25/30 | 1097 |
| 968750 | Amneal Pharmaceuticals LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.500%), 9.82%, 5/04/28 | 972 |
| 1014550 | Bausch & Lomb Corp. Term Loan 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.32%, 9/29/28 | 1009 |
| 1097609 | Embecta Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.31%, 3/30/29 | 1089 |
| 172829 | Fortrea Holdings Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.07%, 7/01/30 | 158 |
| 1000000 | Grifols Worldwide Operations USA Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.000%), 6.46%, 11/15/27 | 987 |
| 995006 | LifePoint Health Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 8.01%, 5/16/31 | 978 |
| 850599 | Owens & Minor Inc. Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.17%, 3/29/29 | 807 |
| 1317647 | Padagis LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.27%, 7/06/28 | 1235 |
| 995000 | Sotera Health Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.55%, 5/30/31 | 994 |
| 1039500 | Star Parent Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 8.30%, 9/27/30 | 1008 |
|  |  | 10334 |
|  **Insurance (1%)** | **Insurance (1%)** |  |
| 544500 | AssuredPartners Inc. Term Loan B5 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.82%, 2/14/31 | 545 |
| 999457 | Asurion LLC Term Loan B8 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.69%, 12/23/26 | 993 |
| 350000 | Asurion LLC Term Loan B4 2L, (1 mo. Term Secured Overnight Financing Rate + 5.250%), 9.69%, 1/20/29 | 322 |
| 367742 | Truist Insurance Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 7.05%, 5/06/31 | 364 |

---

Semi-Annual 63

------

Payden Floating Rate Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184211 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 5/06/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
|  |  | 2408 |
|  **Leisure (4%)** | **Leisure (4%)** |  |
| 1313391 | Fertitta Entertainment LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.82%, 1/27/29 | 1283 |
| 1451250 | Flynn Restaurant Group LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.69%, 12/01/28 | 1444 |
| 1196992 | Lc Ahab Us Bidco LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.32%, 5/01/31 | 1167 |
| 577500 | MajorDrive Holdings IV LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.56%, 6/01/28 | 538 |
| 1012188 | Ontario Gaming GTA LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.55%, 8/01/30 | 982 |
|  |  | 5414 |
|  **Media (6%)** | **Media (6%)** |  |
| 466180 | Advantage Sales & Marketing Inc. Term Loan B2 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.79%, 10/28/27 | 413 |
| 1103381 | Altice Financing SA Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 9.26%, 10/31/27 | 903 |
| 573563 | Charter Communications Operating LLC Term Loan B5 1L, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 6.55%, 12/15/31 | 572 |
| 1188000 | CNT Holdings I Corp Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.78%, 11/08/32 | 1183 |
| 483113 | CSC Holdings LLC Term Loan B5 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 9.00%, 4/15/27 | 466 |
| 1144600 | DirectV Financing LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.500%), 9.82%, 2/17/31 | 1066 |
| 1061185 | Gray Television Inc. Term Loan D 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.44%, 12/01/28 | 983 |
| 458758 | McGraw-Hill Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.57%, 8/06/31 | 458 |
| 604601 | MH Sub I LLC Term Loan B3 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 8.57%, 5/03/28 | 574 |
| 188791 | MH Sub I LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.57%, 12/31/31 | 166 |
| 300000 | MH Sub I LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.250%), 10.57%, 2/23/29 | 269 |
| 987342 | Sinclair Television Group Inc. Term Loan B7 1L, (1 mo. Term Secured Overnight Financing Rate + 4.100%), 8.53%, 12/31/30 | 780 |
| 644901 | Sunrise HoldCo III BV Term Loan AAA 1L, (6 mo. Term Secured Overnight Financing Rate + 2.500%), 6.79%, 2/15/32 | 643 |

---

---

| | | |
|:---|:---|:---|
| 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, (6 mo. Term Secured Overnight Financing Rate + 3.175%), 7.37%, 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;487 |
| 600000 | Virgin Media Bristol LLC Term Loan Q 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.69%, 1/31/29 | 593 |
|  |  | 9556 |
|  **Retail (10%)** | **Retail (10%)** |  |
| 1027319 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 5.750%), 8.05%, 4/26/28 | 1023 |
| 521063 | Harbor Freight Tools USA Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.82%, 6/11/31 | 486 |
| 1197000 | Highline AfterMarket Acquisition LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.82%, 2/13/30 | 1199 |
| 1035137 | IRB Holding Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.82%, 12/15/27 | 1029 |
| 981889 | MIC Glen LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 7.82%, 7/21/28 | 983 |
| 1822528 | PetsMart LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.17%, 2/11/28 | 1802 |
| 731325 | S&S Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.000%), 9.32%, 9/19/31 | 702 |
| 915282 | Specialty Building Products Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.17%, 10/15/28 | 859 |
| 1039526 | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.82%, 1/31/31 | 1040 |
| 962813 | Victra Holdings LLC aka LSF9 Atlantis Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.55%, 3/29/29 | 940 |
| 967014 | Whatabrands LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.500%), 6.82%, 8/03/28 | 963 |
|  |  | 11026 |
|  **Service (1%)** | **Service (1%)** |  |
| 580417 | ABG Intermediate Holdings 2 LLC Term Loan B1 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.57%, 12/21/28 | 571 |
| 605435 | Adtalem Global Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.07%, 8/12/28 | 607 |
| 1240641 | Omnia Partners LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.03%, 7/25/30 | 1237 |
|  |  | 2415 |
|  **Technology (9%)** | **Technology (9%)** |  |
| 997500 | Amentum Holdings LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.57%, 9/29/31 | 987 |
| 1295107 | AthenaHealth Group Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.32%, 2/15/29 | 1286 |

---

64 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 | BMC Software (Boxer/Bladelogic) Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.000%), 7.32%, 7/30/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 |
| 914690 | Cloud Software Group Inc. Term Loan B1 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 7.80%, 3/30/29 | 905 |
| 316881 | Cloud Software Group Inc. Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.05%, 3/24/31 | 314 |
| 995000 | Fortress Intermediate 3 Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 8.07%, 6/27/31 | 976 |
| 660000 | Icon Parent Inc. Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 9.32%, 11/12/32 | 653 |
| 1250000 | Leia Finco U.S. LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.46%, 10/09/32 | 1198 |
| 1243750 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.78%, 7/01/31 | 1183 |
| 617202 | Peraton Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.17%, 2/01/28 | 559 |
| 299250 | PointClickCare Technologies Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 7.55%, 11/03/31 | 299 |
| 555000 | Project Alpha Intermediate Holding Inc. Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 5.50%, 11/22/32 | 534 |
| 457700 | Rocket Software Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.57%, 11/28/28 | 455 |
| 1500000 | Sandisk Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.33%, 2/20/32 | 1436 |
|  |  | 11762 |
|  **Telecommunication (3%)** | **Telecommunication (3%)** |  |
| 1306725 | Frontier Communications Holdings LLC Term Loan B 1L, (6 mo. Term Secured Overnight Financing Rate + 1.500%), 6.79%, 7/01/31 | 1302 |
| 989981 | Iridium Satellite LLC Term Loan B4 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.57%, 9/20/30 | 983 |
| 1123662 | Numericable U.S. LLC Term Loan B14-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 4.500%), 9.76%, 8/15/28 | 1016 |
|  |  | 3301 |
|  **Transportation (2%)** | **Transportation (2%)** |  |
| 153313 | Delta Air Lines Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 8.02%, 10/20/27 | 155 |
| 195270 | First Student Bidco Inc. Term Loan C 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.80%, 7/21/28 | 195 |
| 638529 | First Student Bidco Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.500%), 6.80%, 7/21/28 | 637 |
| 610902 | Spirit Aerosystems Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.78%, 1/15/27 | 612 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 1242188 | Third Coast Infrastructure LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.57%, 9/25/30 | $1217 |
|  |  | 2816 |
|  **Utility (1%)** | **Utility (1%)** |  |
| 1036927 | Conservice Midco LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 7.32%, 5/13/30 | 1033 |
|  **Total Bank Loan (Cost - $106,573)** | **Total Bank Loan (Cost - $106,573)** | 104564 |
|  **Corporate Bond (7%)** | **Corporate Bond (7%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (e)(f) | 645 |
| 518125 | ARD Finance SA 144A, 6.50%, 6/30/27 (b) | 17 |
| 500000 | B&G Foods Inc. 144A, 8.00%, 9/15/28 (b) | 497 |
| 500000 | Empire Communities Corp. 144A, 9.75%, 5/01/29 (b) | 488 |
| 500000 | Enstar Finance LLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.006%), 5.50%, 1/15/42 (e) | 480 |
| 620000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (b) | 632 |
| 270000 | Frontera Energy Corp. 144A, 7.88%, 6/21/28 (b) | 177 |
| 600000 | Global Marine Inc., 7.00%, 6/01/28 | 518 |
| 420000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (b) | 327 |
| 675000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 641 |
| 300000 | Jefferson Capital Holdings LLC 144A, 8.25%, 5/15/30 (b) | 302 |
| 505000 | Kimmeridge Texas Gas LLC 144A, 8.50%, 2/15/30 (b) | 485 |
| 500000 | Midcap Financial Issuer Trust 144A, 6.50%, 5/01/28 (b) | 478 |
| 500000 | Mineral Resources Ltd. 144A, 8.50%, 5/01/30 (b) | 455 |
| 600000 | MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 8/01/29 | 458 |
| 500000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (b)(g) | 494 |
| 375000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (b) | 358 |
| 250000 | Saks Global Enterprises LLC 144A, 11.00%, 12/15/29 (b) | 152 |
| 285000 | Surge Energy Inc. 144A, 8.50%, 9/05/29 CAD (a)(b) | 204 |
| 515000 | W&T Offshore Inc. 144A, 10.75%, 2/01/29 (b) (g) | 407 |
|  **Total Corporate Bond (Cost - $9,266)** | **Total Corporate Bond (Cost - $9,266)** | 8215 |
|  **Investment Company (6%)** | **Investment Company (6%)** |  |
| 7589095 | Payden Cash Reserves Money Market Fund \* (Cost - $7,589) | 7589 |
|  **Total Investments (Cost - $128,183) (100%)** | **Total Investments (Cost - $128,183) (100%)** | 124221 |
|  **Other Assets, net of Liabilities (0%)** | **Other Assets, net of Liabilities (0%)** | 283 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124504 |

---

Semi-Annual 65

------

Payden Floating Rate Fund continued

\* 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 April 30, 2025. 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 April 30, 2025.

&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 April 30, 2025, the total market value of the Fund's securities on loan is $800 and the total market value of the collateral held by the Fund is $863. Amounts in 000s.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br> Sold<br> (000s) | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation<br> (Depreciation)<br> (000s) |
|  **Assets:** |  |  |  |  |
|  CAD 463 | USD 327 | State Street Bank & Trust Co. | 06/18/2025 | $9 |
|  **Liabilities:** |  |  |  |  |
|  USD 796 | CAD 1,144 | State Street Bank & Trust Co. | 06/18/2025 | (36) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(27) |

---

#### Offsetting Assets and Liabilities
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

---

| | |
|:---|:---|
| Total gross amount presented on the Statements of Assets and Liabilities<sup>1</sup> | $800 |
| Non-cash Collateral<sup>2</sup> | (800) |
| 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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 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 High Income Fund

**Schedule of Investments** - April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Asset Backed (1%)** | **Asset Backed (1%)** |  |
| 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;424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 7.74%, 1/25/52 CAD (b)(c) | 1124 |
| 1500000 | Exeter Automobile Receivables Trust 2022-2A 144A, 6.34%, 10/15/29 (b) | 1385 |
| 19 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (a) | 979 |
| 2000000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (b) | 2051 |
| 1294903 | JPMorgan Chase Bank N.A.-CACLN 2021-1 144A, 28.35%, 9/25/28 (b) | 1329 |
| 80 | Santander Consumer Auto Receivables Trust 2021-C, 0.00%, 6/15/28 (a) | 886 |
| 87 | Santander Drive Auto Receivables Trust 2023- S1, 0.00%, (a) | 2152 |
| 96 | Santander Drive Auto Receivables Trust 2024- S2, 5.80%, 12/16/28 (a) | 1633 |
|  **Total Asset Backed (Cost - $13,984)** | **Total Asset Backed (Cost - $13,984)** | 11963 |
|  **Bank Loan(d) (6%)** | **Bank Loan(d) (6%)** |  |
| 495169 | Adtalem Global Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.07%, 8/12/28 | 496 |
| 1864708 | Advantage Sales & Marketing Inc. Term Loan B2 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.79%, 10/28/27 | 1650 |
| 2262928 | Albion Financing 3 SARL Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.000%), 7.29%, 8/16/29 | 2265 |
| 1937500 | Amneal Pharmaceuticals LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.500%), 9.82%, 5/04/28 | 1945 |
| 1463504 | Cloud Software Group Inc. Term Loan B1 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 7.80%, 3/30/29 | 1448 |
| 506730 | Cloud Software Group Inc. Term Loan B2 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 8.05%, 3/24/31 | 502 |
| 189199 | DirectV Financing LLC Term Loan NON-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.54%, 8/02/27 | 189 |
| 1880000 | Emg Utica Midstream Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.000%), 8.30%, 10/24/29 | 1875 |
| 1985025 | Fiesta Purchaser Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.250%), 7.57%, 2/12/31 | 1971 |
| 2461874 | First Student Bidco Inc. Term Loan B2 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 6.80%, 7/21/28 | 2455 |
| 821220 | Hertz Corp. Term Loan B-EXIT 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.04%, 6/30/28 | 640 |
| 159583 | Hertz Corp. Term Loan C-EXIT 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 8.04%, 6/30/28 | 124 |
| 1669783 | Journey Personal Care Corp. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.750%), 8.05%, 3/01/28 | 1661 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | Jump Financial LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 8.55%, 2/20/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596 |
| 2125000 | Leia Finco U.S. LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.250%), 9.46%, 10/09/32 | 2036 |
| 1795975 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.78%, 7/01/31 | 1708 |
| 1700000 | Nexus Buyer LLC Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 6.250%), 10.67%, 11/05/29 | 1681 |
| 965000 | PetsMart LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.17%, 2/11/28 | 954 |
| 1915000 | Project Alpha Intermediate Holding Inc. Term Loan 2L, (1 mo. Term Secured Overnight Financing Rate + 5.000%), 5.50%, 11/22/32 | 1842 |
| 2464671 | Sinclair Television Group Inc. Term Loan B7 1L, (1 mo. Term Secured Overnight Financing Rate + 4.100%), 8.53%, 12/31/30 | 1948 |
| 2109400 | Sotera Health Holdings LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.55%, 5/30/31 | 2108 |
| 1466165 | Spirit Aerosystems Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.78%, 1/15/27 | 1469 |
| 1980050 | Tacala Investment Corp. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.500%), 7.82%, 1/31/31 | 1980 |
| 3605800 | Third Coast Infrastructure LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.57%, 9/25/30 | 3534 |
| 980100 | Transdigm Inc. Term Loan K 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.05%, 3/22/30 | 979 |
| 2052632 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 5/06/32 | 2052 |
| 1492500 | U.S. Silica Co. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 8.82%, 7/31/31 | 1415 |
| 3203900 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 6/27/29 | 3069 |
| 1980000 | WestJet Loyalty LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.55%, 2/14/31 | 1892 |
|  **Total Bank Loan (Cost - $50,382)** | **Total Bank Loan (Cost - $50,382)** | 49484 |
|  **Corporate Bond (85%)** | **Corporate Bond (85%)** |  |
|  **Automotive (6%)** | **Automotive (6%)** |  |
| 2100000 | Adient Global Holdings Ltd. 144A, 7.50%, 2/15/33 (b) | 1992 |
| 2660000 | Adient Global Holdings Ltd. 144A, 8.25%, 4/15/31 (b) | 2636 |
| 2500000 | Allison Transmission Inc. 144A, 3.75%, 1/30/31 (b) | 2248 |
| 2935000 | American Axle & Manufacturing Inc., 6.50%, 4/01/27 | 2866 |

---

Semi-Annual 67

------

&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;3630000 | Aston Martin Capital Holdings Ltd. 144A, 10.00%, 3/31/29 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123 |
| 2700000 | Clarios Global LP/Clarios U.S. Finance Co. 144A, 6.75%, 2/15/30 (b)(e) | 2749 |
| 2600000 | Ford Motor Credit Co. LLC, 7.20%, 6/10/30 | 2679 |
| 4210000 | Garrett Motion Holdings Inc./Garrett LX I Sarl 144A, 7.75%, 5/31/32 (b) | 4206 |
| 1750000 | Goodyear Tire & Rubber Co., 5.00%, 7/15/29 (e) | 1667 |
| 2750000 | Goodyear Tire & Rubber Co., 5.25%, 7/15/31 (e) | 2564 |
| 3300000 | IHO Verwaltungs GmbH 144A, 7.75%, 11/15/30 (b) | 3225 |
| 2750000 | Jaguar Land Rover Automotive PLC 144A, 5.50%, 7/15/29 (b)(e) | 2639 |
| 3010000 | JB Poindexter & Co. Inc. 144A, 8.75%, 12/15/31 (b) | 3030 |
| 4360000 | Nissan Motor Co. Ltd. 144A, 4.81%, 9/17/30 (b) | 4032 |
| 2500000 | Phinia Inc. 144A, 6.63%, 10/15/32 (b) | 2456 |
| 4500000 | Tenneco Inc. 144A, 8.00%, 11/17/28 (b) | 4303 |
| 3610000 | ZF North America Capital Inc. 144A, 7.13%, 4/14/30 (b) | 3326 |
|  |  | 49741 |
|  **Banking (2%)** | **Banking (2%)** |  |
| 3800000 | Bank of Montreal, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.452%), 7.70%, 5/26/84 (f) | 3878 |
| 2600000 | Goldman Sachs Group Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.461%), 6.85% (f)(g) | 2571 |
| 1750000 | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.600%), 4.20%, 6/01/32 (b)(f) | 1566 |
| 4600000 | Toronto-Dominion Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.075%), 8.13%, 10/31/82 (f) | 4766 |
| 2165000 | UniCredit SpA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.750%), 5.46%, 6/30/35 (b)(f) | 2108 |
|  |  | 14889 |
|  **Basic Industry (11%)** | **Basic Industry (11%)** |  |
| 2020000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (b) | 2070 |
| 1300000 | Alcoa Nederland Holding BV 144A, 7.13%, 3/15/31 (b) | 1341 |
| 1500000 | Alumina Pty Ltd. 144A, 6.38%, 9/15/32 (b) | 1462 |
| 1554375 | ARD Finance SA 144A, 6.50%, 6/30/27 (b) | 50 |
| 1870000 | Avient Corp. 144A, 6.25%, 11/01/31 (b) | 1852 |
| 2000000 | Bombardier Inc. 144A, 7.00%, 6/01/32 (b) | 2026 |
| 1000000 | Bombardier Inc. 144A, 8.75%, 11/15/30 (b) | 1073 |
| 3000000 | Builders FirstSource Inc. 144A, 4.25%, 2/01/32 (b) | 2705 |
| 3470000 | Celanese U.S. Holdings LLC, 6.63%, 7/15/32 | 3414 |
| 3000000 | Cleveland-Cliffs Inc. 144A, 6.75%, 4/15/30 (b) | 2893 |
| 400000 | Cleveland-Cliffs Inc. 144A, 7.00%, 3/15/32 (b) (e) | 376 |
| 2500000 | Cleveland-Cliffs Inc. 144A, 7.38%, 5/01/33 (b) | 2352 |
| 2200000 | Cleveland-Cliffs Inc. 144A, 7.50%, 9/15/31 (b) | 2131 |
| 2000000 | Coeur Mining Inc. 144A, 5.13%, 2/15/29 (b) | 1899 |
| 1980000 | Eldorado Gold Corp. 144A, 6.25%, 9/01/29 (b) | 1954 |
| 2500000 | Element Solutions Inc. 144A, 3.88%, 9/01/28 (b) | 2366 |
| 2520000 | Empire Communities Corp. 144A, 9.75%, 5/01/29 (b) | 2462 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475000 | EMRLD Borrower LP/Emerald Co.-Issuer Inc. 144A, 6.63%, 12/15/30 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 |
| 2000000 | FMG Resources August 2006 Pty Ltd. 144A, 4.38%, 4/01/31 (b) | 1812 |
| 1500000 | FMG Resources August 2006 Pty Ltd. 144A, 6.13%, 4/15/32 (b) | 1480 |
| 4450000 | Goat Holdco LLC 144A, 6.75%, 2/01/32 (b) | 4354 |
| 3245000 | JW Aluminum Continuous Cast Co. 144A, 10.25%, 4/01/30 (b) | 3158 |
| 3250000 | Kaiser Aluminum Corp. 144A, 4.50%, 6/01/31 (b) | 2923 |
| 2600000 | KBR Inc. 144A, 4.75%, 9/30/28 (b) | 2467 |
| 3115000 | LGI Homes Inc. 144A, 7.00%, 11/15/32 (b) | 2878 |
| 2275000 | Manitowoc Co. Inc. 144A, 9.25%, 10/01/31 (b) | 2309 |
| 1895000 | MasTec Inc. 144A, 6.63%, 8/15/29 (b) | 1894 |
| 4360000 | Mineral Resources Ltd. 144A, 9.25%, 10/01/28 (b) | 4129 |
| 3800000 | Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC 144A, 6.75%, 4/01/32 (b) | 3805 |
| 2995000 | New Gold Inc. 144A, 6.88%, 4/01/32 (b) | 3066 |
| 750000 | NOVA Chemicals Corp. 144A, 4.25%,<br>5/15/29 (b)(e) | 709 |
| 2000000 | Novelis Sheet Ingot GmbH, 3.38%,<br>4/15/29 EUR (c)(h) | 2156 |
| 3240000 | Olin Corp. 144A, 6.63%, 4/01/33 (b) | 3078 |
| 2210000 | Olympus Water U.S. Holding Corp. 144A, 9.75%, 11/15/28 (b) | 2305 |
| 2800000 | SCIH Salt Holdings Inc. 144A, 4.88%, 5/01/28 (b) | 2685 |
| 1150000 | Standard Building Solutions Inc. 144A, 6.50%, 8/15/32 (b) | 1165 |
| 2500000 | Standard Industries Inc. 144A, 4.38%, 7/15/30 (b) | 2334 |
| 1000000 | Standard Industries Inc. 144A, 4.75%, 1/15/28 (b) | 980 |
| 3240000 | TransDigm Inc., 4.88%, 5/01/29 | 3131 |
| 3450000 | TransDigm Inc. 144A, 6.00%, 1/15/33 (b) | 3446 |
| 750000 | TransDigm Inc. 144A, 6.63%, 3/01/32 (b) | 769 |
| 600000 | TransDigm Inc. 144A, 6.88%, 12/15/30 (b) | 619 |
| 2500000 | TTM Technologies Inc. 144A, 4.00%, 3/01/29 (b) | 2327 |
| 2175000 | Velocity Vehicle Group LLC 144A, 8.00%, 6/01/29 (b) | 2200 |
| 3000000 | Wilsonart LLC 144A, 11.00%, 8/15/32 (b) | 2719 |
|  |  | 98822 |
|  **Consumer Goods (3%)** | **Consumer Goods (3%)** |  |
| 3000000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 4.88%, 2/15/30 (b) | 2902 |
| 4065000 | B&G Foods Inc. 144A, 8.00%, 9/15/28 (b) | 4038 |
| 1500000 | Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC 144A, 4.75%, 1/15/29 (b) | 1444 |
| 1610000 | Fiesta Purchaser Inc. 144A, 7.88%, 3/01/31 (b) | 1689 |
| 5250000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%, 2/15/29 (b) | 5377 |
| 1800000 | Post Holdings Inc. 144A, 4.50%, 9/15/31 (b) | 1640 |
| 900000 | Post Holdings Inc. 144A, 4.63%, 4/15/30 (b) | 849 |
| 1000000 | Post Holdings Inc. 144A, 5.50%, 12/15/29 (b) | 983 |
| 3250000 | Primo Water Holdings Inc./Triton Water Holdings Inc. 144A, 4.38%, 4/30/29 (b) | 3088 |

---

68 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425000 | Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed 144A, 4.63%, 3/01/29 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 |
| 3580000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (b) | 3410 |
|  |  | 29537 |
|  **Energy (8%)** | **Energy (8%)** |  |
| 2160000 | AltaGas Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.573%), 7.20%, 10/15/54 (b)(f) | 2115 |
| 1220000 | Aris Water Holdings LLC 144A, 7.25%, 4/01/30 (b) | 1212 |
| 1156000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp. 144A, 9.00%, 11/01/27 (b) | 1361 |
| 1675000 | Azule Energy Finance PLC 144A, 8.13%, 1/23/30 (b) | 1615 |
| 1575610 | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (b) | 1356 |
| 4060000 | California Resources Corp. 144A, 8.25%, 6/15/29 (b) | 3877 |
| 3275000 | Frontera Energy Corp. 144A, 7.88%, 6/21/28 (b) | 2149 |
| 4224000 | Global Marine Inc., 7.00%, 6/01/28 | 3645 |
| 3587000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (b) | 2793 |
| 1430000 | Hilcorp Energy I LP/Hilcorp Finance Co. 144A, 6.88%, 5/15/34 (b) | 1217 |
| 3675000 | Kimmeridge Texas Gas LLC 144A, 8.50%, 2/15/30 (b) | 3533 |
| 1675000 | Long Ridge Energy LLC 144A, 8.75%, 2/15/32 (b) | 1597 |
| 3155000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (b) | 2904 |
| 3590000 | Murphy Oil Corp., 6.00%, 10/01/32 | 3270 |
| 1925000 | NewCo Holding USD 20 Sarl 144A, 9.38%, 11/07/29 (b) | 1903 |
| 1620000 | Northern Oil & Gas Inc. 144A, 8.13%, 3/01/28 (b) | 1601 |
| 1000000 | Obsidian Energy Ltd., 11.95%, 7/27/27 CAD (c)(h) | 745 |
| 4960000 | Oceanica Lux 144A, 13.00%, 10/02/29 (b) | 4457 |
| 5260000 | OHI Group SA 144A, 13.00%, 7/22/29 (b) | 5318 |
| 2740000 | Pattern Energy Operations LP/Pattern Energy Operations Inc. 144A, 4.50%, 8/15/28 (b) | 2606 |
| 2095000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 7.88%, 9/15/30 (b) | 1726 |
| 3505000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 9.88%, 3/15/30 (b) | 3089 |
| 1930000 | Surge Energy Inc. 144A, 8.50%,<br>9/05/29 CAD (b)(c) | 1379 |
| 4220000 | Talos Production Inc. 144A, 9.38%, 2/01/31 (b) | 3973 |
| 4040000 | TerraForm Power Operating LLC 144A, 4.75%, 1/15/30 (b) | 3812 |
| 2275000 | Transocean Inc. 144A, 8.25%, 5/15/29 (b) | 1836 |
| 2500000 | Trident Energy Finance PLC 144A, 12.50%, 11/30/29 (b) | 2370 |
| 2200000 | Valaris Ltd. 144A, 8.38%, 4/30/30 (b) | 2063 |
| 2420000 | W&T Offshore Inc. 144A, 10.75%, 2/01/29 (b)(e) | 1911 |
| 2300000 | Weatherford International Ltd. 144A, 8.63%, 4/30/30 (b) | 2282 |
| 1505000 | Wildfire Intermediate Holdings LLC 144A, 7.50%, 10/15/29 (b) | 1381 |
|  |  | 75096 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Financial (10%)** | **Financial (10%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | Aircastle Ltd. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.410%), 5.25% (b)(f)(g) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 |
| 4625000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (f)(g) | 4264 |
| 1520000 | Bread Financial Holdings Inc. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.300%), 8.38%, 6/15/35 (b)(f) | 1423 |
| 3165000 | Bread Financial Holdings Inc. 144A, 9.75%, 3/15/29 (b) | 3332 |
| 3300000 | Compass Group Diversified Holdings LLC 144A, 5.25%, 4/15/29 (b) | 3117 |
| 2520000 | Encore Capital Group Inc. 144A, 9.25%, 4/01/29 (b) | 2663 |
| 1785000 | Fortress Intermediate 3 Inc. 144A, 7.50%, 6/01/31 (b) | 1827 |
| 1200000 | Freedom Mortgage Holdings LLC 144A, 8.38%, 4/01/32 (b) | 1175 |
| 3100000 | Freedom Mortgage Holdings LLC 144A, 9.13%, 5/15/31 (b) | 3138 |
| 4650000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (b) | 4741 |
| 1550000 | goeasy Ltd. 144A, 6.88%, 5/15/30 (b) | 1513 |
| 1450000 | goeasy Ltd. 144A, 7.63%, 7/01/29 (b) | 1463 |
| 2000000 | Greystar Real Estate Partners LLC 144A, 7.75%, 9/01/30 (b) | 2102 |
| 1325000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 2/01/29 | 1106 |
| 2000000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 1899 |
| 1830000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 1825 |
| 1775000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/29 | 1754 |
| 900000 | Jane Street Group/JSG Finance Inc. 144A, 4.50%, 11/15/29 (b) | 858 |
| 3650000 | Jefferson Capital Holdings LLC 144A, 6.00%, 8/15/26 (b) | 3635 |
| 2250000 | Jefferson Capital Holdings LLC 144A, 8.25%, 5/15/30 (b) | 2265 |
| 1425000 | Jefferson Capital Holdings LLC 144A, 9.50%, 2/15/29 (b) | 1495 |
| 3600000 | Midcap Financial Issuer Trust 144A, 6.50%, 5/01/28 (b) | 3441 |
| 2750000 | Nationstar Mortgage Holdings Inc. 144A, 5.13%, 12/15/30 (b) | 2760 |
| 2700000 | Navient Corp., 5.50%, 3/15/29 | 2559 |
| 1000000 | OneMain Finance Corp., 4.00%, 9/15/30 | 888 |
| 1250000 | OneMain Finance Corp., 5.38%, 11/15/29 | 1197 |
| 350000 | OneMain Finance Corp., 6.63%, 1/15/28 | 353 |
| 1000000 | OneMain Finance Corp., 7.13%, 11/15/31 | 1005 |
| 2500000 | PennyMac Financial Services Inc. 144A, 4.25%, 2/15/29 (b) | 2336 |
| 1340000 | PennyMac Financial Services Inc. 144A, 6.88%, 2/15/33 (b) | 1340 |
| 1725000 | PennyMac Financial Services Inc. 144A, 7.88%, 12/15/29 (b) | 1800 |
| 2000000 | PRA Group Inc. 144A, 5.00%, 10/01/29 (b) | 1824 |
| 3130000 | PRA Group Inc. 144A, 8.88%, 1/31/30 (b) | 3228 |
| 2000000 | Rfna LP 144A, 7.88%, 2/15/30 (b) | 1970 |

---

Semi-Annual 69

------

&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 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 3.88%, 3/01/31 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 |
| 2900000 | SLM Corp., 6.50%, 1/31/30 | 2996 |
| 2810000 | Synchrony Financial, 7.25%, 2/02/33 | 2868 |
| 4455000 | UWM Holdings LLC 144A, 6.63%, 2/01/30 (b) | 4410 |
|  |  | 84460 |
|  **Healthcare (6%)** | **Healthcare (6%)** |  |
| 1975000 | 1261229 BC Ltd. 144A, 10.00%, 4/15/32 (b) | 1935 |
| 4220000 | Bausch & Lomb Corp. 144A, 8.38%, 10/01/28 (b) | 4389 |
| 800000 | Bausch Health Cos. Inc. 144A, 4.88%, 6/01/28 (b) | 651 |
| 1720000 | BellRing Brands Inc. 144A, 7.00%, 3/15/30 (b) | 1786 |
| 4280000 | CHS/Community Health Systems Inc. 144A, 5.25%, 5/15/30 (b) | 3656 |
| 2500000 | CHS/Community Health Systems Inc. 144A, 8.00%, 12/15/27 (b) | 2503 |
| 2450000 | CVS Health Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.886%), 7.00%, 3/10/55 (f) | 2484 |
| 2990000 | DaVita Inc. 144A, 3.75%, 2/15/31 (b) | 2631 |
| 3540000 | Fortrea Holdings Inc. 144A, 7.50%, 7/01/30 (b) (e) | 3076 |
| 2135000 | LifePoint Health Inc. 144A, 9.88%, 8/15/30 (b) | 2274 |
| 2175000 | Molina Healthcare Inc. 144A, 3.88%, 11/15/30 (b) | 1962 |
| 2175000 | Molina Healthcare Inc. 144A, 6.25%, 1/15/33 (b) | 2160 |
| 3500000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV, 2.88%, 4/30/28 EUR (c)(h) | 3785 |
| 1000000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 5.13%, 4/30/31 (b) | 840 |
| 2395000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 7.88%, 5/15/34 (b) | 2209 |
| 1195000 | Owens & Minor Inc. 144A, 10.00%, 4/15/30 (b) | 1235 |
| 2400000 | Prestige Brands Inc. 144A, 3.75%, 4/01/31 (b) | 2169 |
| 5060000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (b) | 4829 |
| 3450000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (b) | 3495 |
| 3250000 | Tenet Healthcare Corp., 4.38%, 1/15/30 | 3083 |
| 3000000 | Tenet Healthcare Corp., 6.13%, 10/01/28 | 2995 |
|  |  | 54147 |
|  **Insurance (2%)** | **Insurance (2%)** |  |
| 3000000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer 144A, 6.75%, 10/15/27 (b) | 2982 |
| 2575000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer 144A, 7.00%, 1/15/31 (b) | 2616 |
| 1750000 | Assurant Inc., (3 mo. LIBOR USD + 4.135%), 7.00%, 3/27/48 (e)(f) | 1743 |
| 5430000 | Enstar Finance LLC, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.006%), 5.50%, 1/15/42 (f) | 5213 |
| 2410000 | Ryan Specialty LLC 144A, 5.88%, 8/01/32 (b) | 2382 |
|  |  | 14936 |
|  **Leisure (2%)** | **Leisure (2%)** |  |
| 1430000 | Amer Sports Co. 144A, 6.75%, 2/16/31 (b) | 1448 |
| 2070000 | Caesars Entertainment Inc. 144A, 6.00%, 10/15/32 (b)(e) | 1953 |
| 2000000 | Carnival Corp. 144A, 6.00%, 5/01/29 (b) | 1990 |
| 2335000 | Carnival Corp. 144A, 6.13%, 2/15/33 (b) | 2317 |
| 1625000 | Cinemark USA Inc. 144A, 7.00%, 8/01/32 (b) | 1663 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | Hilton Domestic Operating Co. Inc. 144A, 5.88%, 3/15/33 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501 |
| 2680000 | MGM Resorts International, 6.50%, 4/15/32 (e) | 2643 |
| 1883000 | Sabre GLBL Inc. 144A, 10.75%, 11/15/29 (b) | 1801 |
| 2775000 | Travel + Leisure Co. 144A, 4.50%, 12/01/29 (b) | 2603 |
| 2025000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 144A, 7.13%, 2/15/31 (b) | 2091 |
|  |  | 21010 |
|  **Media (7%)** | **Media (7%)** |  |
| 770000 | AMC Networks Inc., 4.25%, 2/15/29 | 568 |
| 2200000 | AMC Networks Inc. 144A, 10.25%, 1/15/29 (b) | 2264 |
| 3670000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.25%, 2/01/31 (b) | 3319 |
| 3150000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.25%, 1/15/34 (b) | 2656 |
| 1500000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 8/15/30 (b) | 1394 |
| 1000000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/01/32 | 889 |
| 2000000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.50%, 6/01/33 (b) | 1742 |
| 2750000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.75%, 3/01/30 (b) | 2599 |
| 2000000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 4.75%, 2/01/32 (b) | 1812 |
| 2550000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.38%, 6/01/29 (b) | 2497 |
| 3190000 | Cogent Communications Group LLC 144A, 7.00%, 6/15/27 (b) | 3208 |
| 1250000 | Directv Financing LLC 144A, 8.88%, 2/01/30 (b) | 1194 |
| 790000 | Directv Financing LLC/Directv Financing Co.- Obligor Inc. 144A, 5.88%, 8/15/27 (b) | 764 |
| 2150000 | Directv Financing LLC/Directv Financing Co- Obligor Inc. 144A, 10.00%, 2/15/31 (b) | 2038 |
| 2500000 | DISH Network Corp. 144A, 11.75%, 11/15/27 (b) | 2630 |
| 4650000 | EchoStar Corp., 10.75%, 11/30/29 | 4923 |
| 2975000 | EquipmentShare.com Inc. 144A, 9.00%, 5/15/28 (b) | 3032 |
| 1110000 | Gray Media Inc. 144A, 10.50%, 7/15/29 (b) | 1141 |
| 1300000 | Match Group Holdings II LLC 144A, 3.63%, 10/01/31 (b) | 1116 |
| 1500000 | Match Group Holdings II LLC 144A, 4.63%, 6/01/28 (b) | 1445 |
| 2740000 | McGraw-Hill Education Inc. 144A, 8.00%, 8/01/29 (b) | 2717 |
| 2240000 | News Corp. 144A, 5.13%, 2/15/32 (b) | 2139 |
| 3870000 | Nexstar Media Inc. 144A, 4.75%, 11/01/28 (b) (e) | 3648 |
| 3540000 | Rakuten Group Inc. 144A, 9.75%, 4/15/29 (b) | 3744 |
| 1000000 | Sinclair Television Group Inc. 144A, 8.13%, 2/15/33 (b) | 991 |
| 4500000 | Sirius XM Radio LLC 144A, 3.88%, 9/01/31 (b) (e) | 3865 |
| 4400000 | Univision Communications Inc. 144A, 7.38%, 6/30/30 (b) | 4012 |
| 575000 | Virgin Media Secured Finance PLC 144A, 4.50%, 8/15/30 (b) | 517 |
| 1500000 | Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29 (b) | 1446 |
|  |  | 64310 |

---

70 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Real Estate (4%)** | **Real Estate (4%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635000 | Blackstone Mortgage Trust Inc. 144A, 7.75%, 12/01/29 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 |
| 2515000 | Brandywine Operating Partnership LP, 8.88%, 4/12/29 | 2640 |
| 4000000 | Iron Mountain Inc. 144A, 4.88%, 9/15/29 (b) | 3857 |
| 1500000 | Iron Mountain Inc. 144A, 5.25%, 3/15/28 (b) | 1478 |
| 1840000 | Iron Mountain Inc. 144A, 6.25%, 1/15/33 (b) | 1838 |
| 1000000 | Kennedy-Wilson Inc., 4.75%, 3/01/29 | 902 |
| 2500000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A, 4.75%, 6/15/29 (b) | 2395 |
| 4000000 | MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 8/01/29 | 3051 |
| 3120000 | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer 144A, 7.00%, 2/01/30 (b) | 3126 |
| 2500000 | Piedmont Operating Partnership LP, 9.25%, 7/20/28 | 2709 |
| 2000000 | Service Properties Trust, 5.50%, 12/15/27 | 1907 |
| 1150000 | Service Properties Trust, 8.88%, 6/15/32 | 1113 |
| 2260000 | Starwood Property Trust Inc. 144A, 6.50%, 7/01/30 (b) | 2275 |
| 2250000 | Uniti Group LP/Uniti Group Finance 2019 Inc./ CSL Capital LLC 144A, 4.75%, 4/15/28 (b) | 2155 |
| 1368000 | Uniti Group LP/Uniti Group Finance 2019 Inc./ CSL Capital LLC 144A, 10.50%, 2/15/28 (b) | 1454 |
| 2750000 | XHR LP 144A, 4.88%, 6/01/29 (b) | 2588 |
| 2860000 | XHR LP 144A, 6.63%, 5/15/30 (b) | 2821 |
|  |  | 38009 |
|  **Retail (7%)** | **Retail (7%)** |  |
| 2850000 | 1011778 BC ULC/New Red Finance Inc. 144A, 4.00%, 10/15/30 (b) | 2597 |
| 2000000 | 1011778 BC ULC/New Red Finance Inc. 144A, 5.63%, 9/15/29 (b) | 1996 |
| 2100000 | Arko Corp. 144A, 5.13%, 11/15/29 (b)(e) | 1684 |
| 2000000 | Asbury Automotive Group Inc. 144A, 4.63%, 11/15/29 (b) | 1883 |
| 2750000 | Asbury Automotive Group Inc. 144A, 5.00%, 2/15/32 (b) | 2509 |
| 1000000 | Bath & Body Works Inc. 144A, 6.63%, 10/01/30 (b) | 1019 |
| 2500000 | Bath & Body Works Inc., 6.88%, 11/01/35 | 2505 |
| 2230000 | Cougar JV Subsidiary LLC 144A, 8.00%, 5/15/32 (b) | 2315 |
| 2435000 | Dealer Tire LLC/DT Issuer LLC 144A, 8.00%, 2/01/28 (b) | 2365 |
| 4196000 | Evergreen Acqco 1 LP/TVI Inc. 144A, 9.75%, 4/26/28 (b) | 4337 |
| 2650000 | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. 144A, 6.75%, 1/15/30 (b) | 2321 |
| 2000000 | FirstCash Inc. 144A, 4.63%, 9/01/28 (b) | 1941 |
| 1750000 | FirstCash Inc. 144A, 5.63%, 1/01/30 (b) | 1722 |
| 2740000 | Group 1 Automotive Inc. 144A, 4.00%, 8/15/28 (b) | 2607 |
| 4185000 | Hanesbrands Inc. 144A, 9.00%, 2/15/31 (b)(e) | 4341 |
| 1820000 | LCM Investments Holdings II LLC 144A, 8.25%, 8/01/31 (b) | 1905 |
| 525000 | Macy's Retail Holdings LLC, 4.30%, 2/15/43 | 316 |
| 1450000 | Macy's Retail Holdings LLC 144A, 5.88%, 3/15/30 (b) | 1352 |
| 515000 | Nordstrom Inc., 5.00%, 1/15/44 | 366 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815000 | PetSmart Inc./PetSmart Finance Corp. 144A, 4.75%, 2/15/28 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737 |
| 1400000 | QVC Inc. 144A, 6.88%, 4/15/29 (b) | 931 |
| 3235000 | Saks Global Enterprises LLC 144A, 11.00%, 12/15/29 (b) | 1966 |
| 3000000 | Sally Holdings LLC/Sally Capital Inc., 6.75%, 3/01/32 (e) | 3026 |
| 2800000 | Sonic Automotive Inc. 144A, 4.88%, 11/15/31 (b) | 2559 |
| 4625000 | Veritiv Operating Co. 144A, 10.50%, 11/30/30 (b) | 4837 |
| 3480000 | Victra Holdings LLC/Victra Finance Corp. 144A, 8.75%, 9/15/29 (b) | 3537 |
| 750000 | Walgreens Boots Alliance Inc., 4.10%, 4/15/50 (e) | 656 |
| 750000 | Walgreens Boots Alliance Inc., 4.80%, 11/18/44 | 693 |
|  |  | 60023 |
|  **Service (4%)** | **Service (4%)** |  |
| 2150000 | ADT Security Corp. 144A, 4.13%, 8/01/29 (b) | 2032 |
| 2125000 | Albion Financing 1 Sarl/Aggreko Holdings Inc. 144A, 6.13%, 10/15/26 (b) | 2119 |
| 2790000 | Alta Equipment Group Inc. 144A, 9.00%, 6/01/29 (b)(e) | 2352 |
| 2000000 | Avis Budget Car Rental LLC/Avis Budget Finance Inc. 144A, 8.00%, 2/15/31 (b)(e) | 1989 |
| 1525000 | Avis Budget Car Rental LLC/Avis Budget Finance Inc. 144A, 8.25%, 1/15/30 (b)(e) | 1523 |
| 2410000 | Carriage Services Inc. 144A, 4.25%, 5/15/29 (b) | 2218 |
| 2795000 | Cimpress PLC 144A, 7.38%, 9/15/32 (b) | 2554 |
| 4450000 | Deluxe Corp. 144A, 8.13%, 9/15/29 (b) | 4461 |
| 2000000 | Madison IAQ LLC 144A, 5.88%, 6/30/29 (b) | 1894 |
| 2350000 | Neptune Bidco U.S. Inc. 144A, 9.29%, 4/15/29 (b) | 2094 |
| 2300000 | Prime Security Services Borrower LLC/Prime Finance Inc. 144A, 6.25%, 1/15/28 (b) | 2301 |
| 2855000 | PROG Holdings Inc. 144A, 6.00%, 11/15/29 (b) | 2635 |
| 2370000 | Reworld Holding Corp. 144A, 4.88%, 12/01/29 (b) | 2217 |
| 2000000 | United Rentals North America Inc., 3.88%, 2/15/31 | 1828 |
| 1145000 | Williams Scotsman Inc. 144A, 6.63%, 6/15/29 (b) | 1161 |
|  |  | 33378 |
|  **Technology (2%)** | **Technology (2%)** |  |
| 2320000 | Cloud Software Group Inc. 144A, 8.25%, 6/30/32 (b) | 2422 |
| 750000 | Cloud Software Group Inc. 144A, 9.00%, 9/30/29 (b) | 756 |
| 2750000 | Consensus Cloud Solutions Inc. 144A, 6.50%, 10/15/28 (b) | 2701 |
| 2600000 | Diebold Nixdorf Inc. 144A, 7.75%, 3/31/30 (b) | 2714 |
| 3185000 | Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl 144A, 8.75%, 5/01/29 (b) | 3096 |
| 1500000 | Rocket Software Inc. 144A, 9.00%, 11/28/28 (b) | 1547 |
| 2540000 | Western Digital Corp., 2.85%, 2/01/29 | 2320 |
| 1880000 | Xerox Holdings Corp. 144A, 5.50%, 8/15/28 (b) | 1209 |
| 3960000 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 144A, 3.88%, 2/01/29 (b) | 3643 |
|  |  | 20408 |
|  **Telecommunication (4%)** | **Telecommunication (4%)** |  |
| 2240000 | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (b) | 1806 |

---

Semi-Annual 71

------

&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 | Altice France SA 144A, 5.13%, 7/15/29 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226 |
| 2950000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (b) | 2962 |
| 2010000 | CommScope LLC 144A, 4.75%, 9/01/29 (b) | 1777 |
| 2568000 | Fibercop SpA 2033 144A, 6.38%, 11/15/33 (b) | 2463 |
| 2500000 | Frontier Communications Holdings LLC 144A, 5.88%, 10/15/27 (b) | 2499 |
| 2500000 | Go Daddy Operating Co. LLC/GD Finance Co. Inc. 144A, 3.50%, 3/01/29 (b) | 2332 |
| 700000 | Level 3 Financing Inc. 144A, 10.50%, 4/15/29 (b) | 779 |
| 1650000 | Level 3 Financing Inc. 144A, 10.50%, 5/15/30 (b) | 1792 |
| 1510000 | Millicom International Cellular SA 144A, 4.50%, 4/27/31 (b) | 1346 |
| 2565000 | Rogers Communications Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.653%), 7.00%, 4/15/55 (f) | 2586 |
| 3070000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (b) | 3021 |
| 4675000 | Stagwell Global LLC 144A, 5.63%, 8/15/29 (b) | 4417 |
| 432000 | Telecom Italia Capital SA, 6.38%, 11/15/33 | 432 |
| 3270000 | Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31 (b) | 2857 |
| 2230000 | Zegona Finance PLC 144A, 8.63%, 7/15/29 (b) | 2378 |
|  |  | 34673 |
|  **Transportation (2%)** | **Transportation (2%)** |  |
| 760000 | American Airlines Inc. 144A, 7.25%,<br>2/15/28 (b)(e) | 751 |
| 2475000 | American Airlines Inc. 144A, 8.50%,<br>5/15/29 (b)(e) | 2524 |
| 3000000 | American Airlines Inc./AAdvantage Loyalty IP Ltd. 144A, 5.75%, 4/20/29 (b) | 2913 |
| 830000 | First Student Bidco Inc./First Transit Parent Inc. 144A, 4.00%, 7/31/29 (b) | 768 |
| 1850000 | Fortress Transportation and Infrastructure Investors LLC 144A, 5.50%, 5/01/28 (b) | 1819 |
| 2075000 | Fortress Transportation and Infrastructure Investors LLC 144A, 7.00%, 6/15/32 (b) | 2105 |
| 1500000 | Fortress Transportation and Infrastructure Investors LLC 144A, 7.88%, 12/01/30 (b) | 1570 |
| 1250000 | JetBlue Airways Corp./JetBlue Loyalty LP 144A, 9.88%, 9/20/31 (b) | 1152 |
| 1500000 | United Airlines Inc. 144A, 4.63%, 4/15/29 (b) | 1411 |
| 2635000 | XPO Inc. 144A, 7.13%, 2/01/32 (b) | 2702 |
|  |  | 17715 |
|  **Utility (5%)** | **Utility (5%)** |  |
| 2100000 | Alpha Generation LLC 144A, 6.75%, 10/15/32 (b) | 2142 |
| 3760000 | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC 144A, 6.38%, 2/15/32 (b) | 3697 |
| 500000 | Calpine Corp. 144A, 4.50%, 2/15/28 (b) | 489 |
| 1750000 | Calpine Corp. 144A, 4.63%, 2/01/29 (b) | 1694 |
| 1000000 | Calpine Corp. 144A, 5.13%, 3/15/28 (b) | 991 |
| 2500000 | Clearway Energy Operating LLC 144A, 4.75%, 3/15/28 (b) | 2446 |
| 3000000 | Energizer Gamma Acquisition BV, 3.50%, 6/30/29 EUR (c)(h) | 3183 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | Evergy Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.558%), 6.65%, 6/01/55 (f) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 |
| 2870000 | Hess Midstream Operations LP 144A, 5.88%, 3/01/28 (b) | 2878 |
| 2700000 | Lightning Power LLC 144A, 7.25%, 8/15/32 (b) | 2800 |
| 2500000 | NRG Energy Inc. 144A, 3.38%, 2/15/29 (b) | 2320 |
| 1880000 | NRG Energy Inc. 144A, 6.25%, 11/01/34 (b) | 1879 |
| 1500000 | PG&E Corp., 5.00%, 7/01/28 | 1464 |
| 2265000 | Talen Energy Supply LLC 144A, 8.63%, 6/01/30 (b) | 2421 |
| 2060000 | TransMontaigne Partners LLC 144A, 8.50%, 6/15/30 (b) | 2076 |
| 3600000 | Venture Global LNG Inc. 144A, 9.50%, 2/01/29 (b) | 3733 |
| 1450000 | Venture Global LNG Inc. 144A, 9.88%, 2/01/32 (b) | 1473 |
| 2250000 | Vistra Operations Co. LLC 144A, 7.75%, 10/15/31 (b) | 2381 |
| 2780000 | XPLR Infrastructure Operating Partners LP 144A, 8.38%, 1/15/31 (b)(e) | 2793 |
|  |  | 43540 |
|  **Total Corporate Bond (Cost - $770,098)** | **Total Corporate Bond (Cost - $770,098)** | 754694 |
|  **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%), 13.72%, 11/25/39 (b)(f) | 4433 |
| 1784253 | STACR Trust 2018-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.22%, 5/25/43 (b)(f) | 2135 |
| 1550000 | STACR Trust 2018-HRP2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.97%, 2/25/47 (b)(f) | 1906 |
|  **Total Mortgage Backed (Cost - $7,434)** | **Total Mortgage Backed (Cost - $7,434)** | 8474 |
|  **Investment Company (11%)** | **Investment Company (11%)** |  |
| 99737170 | Payden Cash Reserves Money Market Fund \* (Cost - $99,737) | 99737 |
|  **Total Investments (Cost - $941,635) (104%)** | **Total Investments (Cost - $941,635) (104%)** | 924352 |
|  **Liabilities in excess of Other Assets (-4%)** | **Liabilities in excess of Other Assets (-4%)** | (33429) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890923 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Yield to maturity at time of purchase.

&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) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025. 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 April 30, 2025, the total market value of the Fund's securities on loan is $37,669 and the total market value of the collateral held by the Fund is $39,458. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Security offered and sold outside the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

72 Payden Mutual Funds

------

#### Open Forward Currency Contracts to USD

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased<br> (000s) | Currency<br> Sold<br> (000s) | Currency<br> Sold<br> (000s) | Counterparty | Settlement<br> Date | Unrealized<br> Depreciation<br> (000s) |
|  **Liabilities:** |  |  |  |  |  |
|  USD 5,471 | CAD | 7868 | State Street Bank<br>& Trust Co. | 06/18/2025 | $(251) |
|  USD 11,917 | EUR | 10921 | State Street Bank<br>& Trust Co. | 06/18/2025 | (493) |
|  **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | $(744) |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br> Contracts | Expiration<br> Date | Notional<br> Amount<br> (000s) | Current<br> Value<br> (000s) | Unrealized<br> Appreciation<br> (000s) |
| **Long Contracts:** |  |  |  |  |  |
| U.S. Treasury 10-Year Note Future | 285 | Jun-25 | $31982 | $718 | $718 |

---

#### 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) |
| 4-Year Interest Rate Swap, Pay Fixed 2.630% Annually, Receive Variable 2.517% (ESTRON) Annually | 02/01/2026 | EUR 1,000 | $(8) | $— | $(8) |
| 4-Year SOFR Swap, Receive Fixed 4.230% Annually, Pay Variable 4.362% (SOFRRATE) Annually | 02/01/2026 | USD 1,030 | 2 | 1 | 1 |
| 6-Year Interest Rate Swap, Pay Fixed 2.650% Annually, Receive Variable 3.269% (ESTRON) Annually | 04/30/2028 | EUR 3,500 | (82) | 3 | (85) |
| 6-Year SOFR Swap, Receive Fixed 3.970% Annually, Pay Variable 4.938% (SOFRRATE) Annually | 04/30/2028 | USD 3,630 | 32 | 2 | 30 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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) |
| 7-Year Interest Rate Swap, Pay Fixed 2.660% Annually, Receive Variable 2.263% (ESTRON) Annually | 04/15/2029 | EUR 2,000 | (73) |  | (73) |
| 7-Year Interest Rate Swap, Pay Fixed 2.660% Annually, Receive Variable 3.132% (ESTRON) Annually | 06/30/2029 | EUR 3,000 | (98) | 3 | (101) |
| 7-Year SOFR Swap, Receive Fixed 3.890% Annually, Pay Variable 4.816% (SOFRRATE) Annually | 06/30/2029 | USD 3,130 | 43 | 2 | 41 |
| 7-Year SOFR Swap, Receive Fixed 3.900% Annually, Pay Variable 4.331% (SOFRRATE) Annually | 04/15/2029 | USD 2,080 | 44 | 1 | 43 |
|  |  |  | $(140) | $12 | $(152) |

---

#### 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> | $37669 |
|  Non-cash Collateral<sup>2</sup> | (37669) |
|  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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

*See notes to financial statements.* 

Semi-Annual 73

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payden California Municipal Income Social Impact Fund

**Schedule of Investments** - April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **General Obligation (62%)** | **General Obligation (62%)** |  |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | Antelope Valley Community College District, 5.00%, 8/01/44 | 1520 |
| 300000 | Brentwood Infrastructure Financing Authority, 4.00%, 10/01/36 | 302 |
| 2190000 | California Community Choice Financing Authority, 5.00%, 7/01/53 (b) | 2271 |
| 560000 | California Community Choice Financing Authority 1, 5.00%, 2/01/54 (b) | 585 |
| 3500000 | California Community Choice Financing Authority B, 5.00%, 1/01/55 (b) | 3601 |
| 1350000 | California Community Choice Financing Authority F, 5.00%, 2/01/55 (b) | 1428 |
| 1900000 | California Community Choice Financing Authority E, 5.00%, 2/01/55 (b) | 1996 |
| 645000 | California Community Choice Financing Authority H, 5.00%, 1/01/56 (b) | 689 |
| 1590000 | California Community Choice Financing Authority, 5.50%, 10/01/54 (b) | 1713 |
| 375000 | California Earthquake Authority A, 5.60%, 7/01/27 | 379 |
| 1000000 | California Infrastructure & Economic Development Bank A, 3.25%, 8/01/29 | 994 |
| 1150000 | California State Public Works Board C, 5.00%, 9/01/26 | 1186 |
| 1000000 | California State Public Works Board A, 5.00%, 4/01/34 | 1129 |
| 1700000 | California State Public Works Board B2, 7.80%, 3/01/35 | 1933 |
| 1460000 | California State Public Works Board G2, 8.36%, 10/01/34 | 1729 |
| 1580000 | City & County of San Francisco CA C, 3.00%, 6/15/33 | 1481 |
| 1000000 | City of Los Angeles CA, 5.00%, 6/26/25 | 1002 |
| 130000 | Coronado Community Development Agency Successor Agency A, 5.00%, 9/01/33 | 131 |
| 1000000 | County of Santa Barbara CA B, AMT, 5.00%, 12/01/36 | 1025 |
| 835000 | El Rancho Unified School District, 3.29%, 8/01/28 (c) | 743 |
| 1125000 | Fontana Unified School District, 3.00%, 8/01/40 BAM-TCRS (a) | 926 |
| 1025000 | Grossmont Union High School District, 4.00%, 8/01/33 | 1026 |
| 850000 | Hartnell Community College District A, 0.06%, 8/01/36 (c) | 503 |
| 1095000 | Hartnell Community College District B, 3.00%, 8/01/45 | 859 |
| 2000000 | Inglewood Unified School District B, 5.50%, 8/01/43 | 2205 |
| 1000000 | Jefferson Union High School District B, 5.00%, 8/01/44 | 1058 |
| 500000 | Los Angeles County Public Works Financing Authority B, 5.00%, 12/01/31 | 505 |
| 8925000 | Los Angeles County Public Works Financing Authority D, 5.00%, 12/01/45 | 8959 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | 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;1980 |
| 1050000 | Los Angeles Unified School District A, 5.00%, 7/01/32 | 1173 |
| 2415000 | Los Angeles Unified School District 1, 5.00%, 7/01/40 | 2639 |
| 1000000 | Los Angeles Unified School District, 5.00%, 7/01/43 | 1062 |
| 1685000 | Los Angeles Unified School District 1, 5.00%, 7/01/49 | 1762 |
| 2000000 | Los Angeles Unified School District QRR, 5.25%, 7/01/47 | 2112 |
| 4975000 | Los Angeles Unified School District, 5.25%, 7/01/48 | 5315 |
| 500000 | Municipal Improvement Corp. of Los Angeles B, 5.00%, 11/01/31 | 512 |
| 1360000 | National School District C, 5.00%, 8/01/46 | 1426 |
| 1000000 | Palo Alto Unified School District, 3.25%, 8/01/42 | 882 |
| 1275000 | Panama-Buena Vista Union School District, 3.00%, 8/01/35 | 1232 |
| 1500000 | Peralta Community College District D, 4.00%, 8/01/39 | 1504 |
| 1000000 | Peralta Community College District 1, 5.00%, 8/01/45 | 1068 |
| 4685000 | Sacramento Area Flood Control Agency, 5.00%, 10/01/47 | 4718 |
| 3075000 | San Bernardino Community College District B, 5.00%, 8/01/42 | 3265 |
| 550000 | San Diego Public Facilities Financing Authority B, 5.00%, 10/15/32 | 554 |
| 1500000 | San Diego Unified School District 5C, 5.00%, 7/01/39 | 1663 |
| 1400000 | San Diego Unified School District F2, 5.00%, 7/01/42 | 1487 |
| 725000 | San Francisco City & County Redevelopment Agency Successor Agency B, 5.00%, 8/01/40 AGC (a) | 783 |
| 1050000 | San Francisco City & County Redevelopment Agency Successor Agency B, 5.00%, 8/01/43 AGC (a) | 1117 |
| 2590000 | San Joaquin Valley Clean Energy Authority A, 5.50%, 1/01/56 (b) | 2835 |
| 1810000 | Saugus Union School District School Facilities Improvement District No 2014-1 C, 3.00%, 8/01/37 | 1578 |
| 200000 | Simi Valley Public Financing Authority A, 5.00%, 10/01/29 | 200 |
| 2560000 | Southwestern Community College District D, 3.00%, 8/01/41 | 2136 |
| 1500000 | State Center Community College District B, 3.00%, 8/01/39 | 1301 |
| 3250000 | State of California 3, 3.00%, 5/01/48 (b) | 3250 |
| 1850000 | State of California, 4.00%, 8/01/34 | 1942 |
| 1000000 | State of California CU, 4.85%, 12/01/46 | 1033 |
| 1330000 | State of California, 5.00%, 3/01/30 | 1442 |
| 2740000 | State of California, 5.00%, 3/01/31 | 3008 |
| 1725000 | State of California, 5.00%, 3/01/32 | 1912 |
| 435000 | State of California, 5.00%, 3/01/45 | 435 |
| 3700000 | State of California, 5.00%, 8/01/46 | 3731 |
| 1400000 | State of California, 5.00%, 10/01/47 | 1407 |
| 45000 | Temecula Valley Unified School District D, 3.00%, 8/01/44 | 34 |

---

74 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 350000 | Union City Community Redevelopment Agency Successor Agency A, 5.00%, 10/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575000 | West Sonoma County Union High School District D, 5.00%, 8/01/50 | 1630 |
|  **Total General Obligation (Cost - $107,562)** | **Total General Obligation (Cost - $107,562)** | 107354 |
|  **Mortgage Backed (1%)** | **Mortgage Backed (1%)** |  |
| 1859582 | Freddie Mac Multifamily ML Certificates 2023- ML16, 2.75%, 11/25/35 | 1680 |
|  **Revenue (37%)** | **Revenue (37%)** |  |
|  **Airport/Port (3%)** | **Airport/Port (3%)** |  |
| 1200000 | City of Los Angeles Department of Airports B, AMT, 5.00%, 5/15/33 | 1233 |
| 1375000 | City of Los Angeles Department of Airports D, 5.00%, 5/15/45 | 1453 |
| 2000000 | City of Los Angeles Department of Airports, AMT, 5.50%, 5/15/38 | 2139 |
| 400000 | City of Palm Springs CA Passenger Facility Charge Revenue, AMT, 5.00%, 6/01/26 BAM (a) | 400 |
|  |  | 5225 |
|  **Education (6%)** | **Education (6%)** |  |
| 1000000 | California Educational Facilities Authority A, 5.25%, 10/01/44 | 1016 |
| 1875000 | California School Cash Reserve Program Authority A, 5.00%, 6/30/25 | 1881 |
| 750000 | California State University B3, 3.13%, 11/01/51 (b) | 746 |
| 1080000 | Modesto Elementary School District A, 5.00%, 8/01/45 | 1139 |
| 1000000 | Modesto High School District B, 5.00%, 8/01/45 | 1065 |
| 235000 | Oxnard School District, 5.00%, 8/01/45 BAM (a) (b) | 236 |
| 1540000 | Redwoods Community College District, 5.00%, 8/01/44 BAM (a) | 1633 |
| 1310000 | University of California CA, 5.00%, 5/15/40 | 1432 |
| 1200000 | University of California BS, 5.00%, 5/15/42 | 1287 |
|  |  | 10435 |
|  **Facility (1%)** | **Facility (1%)** |  |
| 1035000 | Abag Finance Authority for Nonprofit Corps., 4.50%, 12/01/30 (b) | 1035 |
|  **Healthcare (5%)** | **Healthcare (5%)** |  |
| 710000 | California Health Facilities Financing Authority A, 5.00%, 11/15/27 | 711 |
| 500000 | California Health Facilities Financing Authority, 5.00%, 2/01/31 | 516 |
| 440000 | California Health Facilities Financing Authority A, 5.00%, 8/15/32 | 449 |
| 1000000 | California Health Facilities Financing Authority A, 5.00%, 11/15/32 | 1002 |
| 1015000 | California Health Facilities Financing Authority, 5.00%, 10/01/39 (b) | 1046 |
| 705000 | California Health Facilities Financing Authority, 5.00%, 11/15/49 | 706 |
| 2450000 | California Health Facilities Financing Authority A, 5.25%, 12/01/42 | 2516 |
| 750000 | California Municipal Finance Authority A, AMT, 4.38%, 9/01/53 (b) | 751 |
| 325000 | California Municipal Finance Authority B, 5.00%, 5/15/37 (a) | 332 |
|  |  | 8029 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Housing (10%)** | **Housing (10%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951804 | California Housing Finance Agency K, 3.75%, 12/01/33 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893 |
| 760733 | California Housing Finance Agency 2021, 3.75%, 3/25/35 (a) | 739 |
| 1360000 | California Housing Finance Agency V, 5.00%, 5/01/54 (b) | 1382 |
| 2390000 | California Housing Finance Agency A, 6.25%, 8/01/55 (a) | 2538 |
| 2456049 | California Municipal Finance Authority A, 2.65%, 3/01/40 (a) | 1871 |
| 520000 | California Municipal Finance Authority 1, 5.00%, 6/01/56 (b) | 541 |
| 967693 | California Statewide Communities Development Authority C, 2.00%, 7/01/38 (a) | 693 |
| 1000000 | California Statewide Communities Development Authority, 5.00%, 11/01/39 (a) | 1093 |
| 3223305 | City & County of San Francisco CA J, 2.55%, 7/01/39 (a) | 2561 |
| 2488217 | Freddie Mac Multifamily ML Certificates, 2.25%, 9/25/37 | 2083 |
| 1900000 | Sacramento County Housing Authority D, 3.68%, 5/15/31 (b) | 1900 |
|  |  | 18294 |
|  **Industrial Development/Pollution Control (2%)** | **Industrial Development/Pollution Control (2%)** |  |
| 2500000 | California Infrastructure & Economic Development Bank A, AMT 144A, 9.50%, 1/01/65 (b)(d) | 2409 |
| 710000 | Golden State Tobacco Securitization Corp., B, 3.00%, 6/01/46 (a) | 622 |
|  |  | 3031 |
|  **Power (0%)** | **Power (0%)** |  |
| 820000 | Sacramento Municipal Utility District D, 5.00%, 8/15/49 (b) | 877 |
|  **Transportation (4%)** | **Transportation (4%)** |  |
| 900000 | Bay Area Toll Authority, 4.00%, 4/01/37 | 903 |
| 1000000 | Port of Los Angeles B1, 5.00%, 8/01/41 | 1100 |
| 4590000 | San Diego County Regional Transportation Commission A, 5.00%, 4/01/48 | 4619 |
|  |  | 6622 |
|  **Water & Sewer (6%)** | **Water & Sewer (6%)** |  |
| 2700000 | City of Modesto CA Water Revenue A, 3.15%, 10/01/36 AGM (a)(b) | 2700 |
| 1000000 | City of San Francisco CA Public Utilities Commission Water Revenue A, 5.00%, 11/01/30 | 1106 |
| 2000000 | Metropolitan Water District of Southern California 3, 5.00%, 7/01/37 (b) | 2195 |
| 1450000 | Rancho Water District Financing Authority A, 3.00%, 8/01/40 | 1271 |
| 2470000 | San Diego Public Facilities Financing Authority A, 5.00%, 10/15/44 | 2477 |
| 100000 | San Diego Public Facilities Financing Authority Water Revenue A, 5.00%, 8/01/32 | 102 |
|  |  | 9851 |
|  **Total Revenue (Cost - $63,800)** | **Total Revenue (Cost - $63,800)** | 63399 |

---

Semi-Annual 75

------

&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Payden California Municipal Income Social Impact Fund** *continued* <br>

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
|  **Investment Company (4%)** | **Investment Company (4%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7455513 | Payden Cash Reserves Money Market Fund\* (Cost $7,456) | $7456 |
|  **Total Investments (Cost - $180,480) (104%)** | **Total Investments (Cost - $180,480) (104%)** | 179889 |
|  **Liabilities in excess of Other Assets (-4%)** | **Liabilities in excess of Other Assets (-4%)** | **(6342)** |
|  **Net Assets (100%)** | **Net Assets (100%)** | $**173547** |

---

\* 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 April 30, 2025.

&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> Appreciation<br> (Depreciation)<br> (000s) |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |
| U.S. Treasury 2-Year Note Future | 43 | Jun-25 | $8950 | $84 | $84 |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |
| U.S. Ultra Bond Future | 6 | Jun-25 | (726) | (16) | (16) |
| **Total Futures** |  |  |  |  | $68 |

---

*See notes to financial statements.* 

76 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** - April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Bond (99%)** | **Bond (99%)** |  |
|  **Canada (USD) (11%)** | **Canada (USD) (11%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 1.000%), 4.40%,<br>9/08/28 (a) (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| 195000 | Bank of Nova Scotia, (U.S. Secured Overnight Financing Rate + 0.890%), 4.93%, 2/14/29 (b) | 197 |
| 700000 | Canadian Imperial Bank of Commerce 144A, 4.41%, 6/08/28 (a)(c) | 710 |
| 225000 | Canadian Imperial Bank of Commerce, 5.24%, 6/28/27 | 229 |
| 500000 | CDP Financial Inc. 144A, (Secured Overnight Financing Rate + 0.500%), 4.88%,<br>5/05/28 (b) (c) | 501 |
| 300000 | CPPIB Capital Inc. 144A, 3.75%,<br>10/08/27 (a) (c) | 300 |
| 750000 | Export Development Canada, 3.38%, 8/26/25 | 748 |
| 250000 | National Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.036%), 5.60%, 7/02/27 (b) | 253 |
| 300000 | OMERS Finance Trust, 4.00%, 4/20/28 (d) | 301 |
| 300000 | Ontario Teachers' Finance Trust 144A, 4.25%, 4/25/28 (c) | 303 |
| 300000 | Province of British Columbia Canada, 4.70%, 1/24/28 | 307 |
| 500000 | PSP Capital Inc. 144A, 3.50%, 6/29/27 (c) | 497 |
| 235000 | Rogers Communications Inc., 3.20%, 3/15/27 | 230 |
|  |  | 4806 |
|  **Cayman Islands (USD) (4%)** | **Cayman Islands (USD) (4%)** |  |
| 250000 | ARES Loan Funding III Ltd. 2022-ALF3A, (3 mo. Term Secured Overnight Financing Rate + 1.270%), 5.55%, 7/25/36 (b)(c) | 249 |
| 250000 | BDS Ltd. 2021-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.814%), 6.13%, 11/16/38 (b)(c) | 250 |
| 162568 | Greystone CRE Notes Ltd. 2021-HC2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.24%, 12/15/39 (b)(c) | 163 |
| 330572 | LoanCore Issuer Ltd. 2021-CRE5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.414%), 5.74%, 7/15/36 (b)(c) | 329 |
| 213649 | Palmer Square Loan Funding Ltd. 2024- 1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.31%,<br>10/15/32 (b)(c) | 213 |
| 250000 | Suci Second Investment Co., 6.00%,<br>10/25/28 (d) | 260 |
| 45000 | Transocean Inc. 144A, 8.25%, 5/15/29 (c) | 36 |
|  |  | 1500 |
|  **Chile (USD) (0%)** | **Chile (USD) (0%)** |  |
| 250000 | Chile Government International Bond, 2.75%, 1/31/27 | 243 |
|  **Denmark (USD) (1%)** | **Denmark (USD) (1%)** |  |
| 235000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.730%), 1.55%, 9/10/27 (b)(c) | 226 |

---

#### &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | Danske Bank A/S 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.750%), 4.30%, 4/01/28 (b)(c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
|  |  | 435 |
|  **France (USD) (5%)** | **France (USD) (5%)** |  |
| 200000 | Banque Federative du Credit Mutuel SA 144A, 5.09%, 1/23/27 (c) | 202 |
| 215000 | BNP Paribas SA 144A, (U.S. Secured Overnight Financing Rate + 1.450%), 4.79%, 5/09/29 (b)(c) | 215 |
| 250000 | BPCE SA 144A, 5.20%, 1/18/27 (c) | 254 |
| 395000 | BPCE SA 144A, (U.S. Secured Overnight Financing Rate + 2.100%), 5.98%, 1/18/27 (b) (c) | 398 |
| 300000 | Caisse d'Amortissement de la Dette Sociale 144A, 3.75%, 9/12/27 (c) | 300 |
| 400000 | Caisse d'Amortissement de la Dette Sociale 144A, 4.25%, 1/24/27 (c) | 403 |
| 350000 | Credit Agricole SA 144A, 5.59%, 7/05/26 (a)(c) | 355 |
|  |  | 2127 |
|  **Ireland (USD) (1%)** | **Ireland (USD) (1%)** |  |
| 165000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 4/01/28 | 166 |
| 150000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 1/15/27 | 153 |
| 200000 | Icon Investments Six DAC, 5.81%, 5/08/27 | 204 |
|  |  | 523 |
|  **Jersey (USD) (2%)** | **Jersey (USD) (2%)** |  |
| 500000 | Dryden CLO Ltd. 2022-113A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.51%, 10/15/37 (b)(c) | 497 |
| 250000 | Neuberger Berman Loan Advisers CLO Ltd. 2022-51A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.280%), 5.56%,<br>10/23/36 (b)(c) | 249 |
|  |  | 746 |
|  **Luxembourg (USD) (1%)** | **Luxembourg (USD) (1%)** |  |
| 200000 | ArcelorMittal SA, 6.55%, 11/29/27 | 208 |
|  **Netherlands (USD) (2%)** | **Netherlands (USD) (2%)** |  |
| 200000 | ABN AMRO Bank NV 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.650%), 6.34%, 9/18/27 (b)(c) | 205 |
| 300000 | BNG Bank NV, 3.63%, 10/01/26 (d) | 299 |
| 200000 | Enel Finance International NV 144A, 5.13%, 6/26/29 (c) | 203 |
|  |  | 707 |
|  **Norway (USD) (1%)** | **Norway (USD) (1%)** |  |
| 210000 | DNB Bank ASA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.680%), 1.61%, 3/30/28 (b)(c) | 199 |
| 200000 | DNB Bank ASA 144A, (Secured Overnight Financing Rate + 1.950%), 5.90%,<br>10/09/26 (b)(c) | 201 |
| 200000 | Var Energi ASA 144A, 7.50%, 1/15/28 (c) | 211 |
|  |  | 611 |

---

Semi-Annual 77

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payden Global Low Duration Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Panama (USD) (1%)** | **Panama (USD) (1%)** |  |
| 35000 | Carnival Corp. 144A, 5.75%, 3/15/30 (c) | $35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Intercorp Financial Services Inc. 144A, 4.13%, 10/19/27 (c) | 218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
|  **Poland (USD) (1%)** | **Poland (USD) (1%)** |  |
| 250000 | Bank Gospodarstwa Krajowego, 6.25%, 10/31/28 (d) | 263 |
|  **Qatar (USD) (1%)** | **Qatar (USD) (1%)** |  |
| 250000 | QatarEnergy, 1.38%, 9/12/26 (d) | 240 |
|  **Saudi Arabia (USD) (0%)** | **Saudi Arabia (USD) (0%)** |  |
| 250000 | Saudi Government International Bond, 2.90%, 10/22/25 (d) | 248 |
|  **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) | 204 |
|  **Supranational (USD) (2%)** | **Supranational (USD) (2%)** |  |
| 350000 | Asian Development Bank, (Secured Overnight Financing Rate + 0.300%), 4.67%, 6/20/28 (b) | 350 |
| 250000 | Asian Development Bank, 4.75%, 2/12/30 | 251 |
| 220000 | International Bank for Reconstruction & Development Series GDIF, 4.75%, 7/30/29 | 221 |
|  |  | 822 |
|  **Sweden (USD) (2%)** | **Sweden (USD) (2%)** |  |
| 220000 | Kommuninvest I Sverige AB 144A, 4.25%, 12/10/25 (c) | 220 |
| 500000 | Svensk Exportkredit AB, 4.00%, 7/15/25 | 499 |
|  |  | 719 |
|  **Switzerland (USD) (1%)** | **Switzerland (USD) (1%)** |  |
| 250000 | UBS AG, (U.S. Secured Overnight Financing Rate + 0.720%), 4.86%, 1/10/28 (b) | 252 |
| 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)(c) | 205 |
|  |  | 457 |
|  **United Arab Emirates (USD) (1%)** | **United Arab Emirates (USD) (1%)** |  |
| 250000 | MDGH GMTN RSC Ltd., 3.00%, 3/28/27 (d) | 243 |
|  **United Kingdom (USD) (1%)** | **United Kingdom (USD) (1%)** |  |
| 200000 | BAE Systems PLC 144A, 5.00%, 3/26/27 (c) | 203 |
| 200000 | NatWest Group PLC, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.350%), 5.85%, 3/02/27 (b) | 202 |
| 50000 | Rio Tinto Finance USA PLC, 4.50%, 3/14/28 (a) | 50 |
|  |  | 455 |
|  **United States (USD) (61%)** | **United States (USD) (61%)** |  |
| 35000 | AAR Escrow Issuer LLC 144A, 6.75%, 3/15/29 (c) | 36 |
| 235000 | Air Lease Corp., 2.20%, 1/15/27 (a) | 226 |
| 75000 | Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 144A, 3.25%, 3/15/26 (c) | 74 |
| 60000 | Alliant Energy Finance LLC 144A, 5.40%, 6/06/27 (c) | 61 |
| 70000 | Allison Transmission Inc. 144A, 4.75%, 10/01/27 (c) | 69 |
| 70000 | Ally Financial Inc., 5.75%, 11/20/25 | 70 |

---

---

| | | |
|:---|:---|:---|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;125000 | American Express Co., (U.S. Secured Overnight Financing Rate + 1.260%), 4.73%, 4/25/29 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 |
| 115000 | Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A, 5.75%, 3/01/27 (c) | 115 |
| 240000 | Athene Global Funding 144A, 5.52%, 3/25/27 (c) | 244 |
| 45000 | Aviation Capital Group LLC 144A, 4.75%, 4/14/27 (c) | 45 |
| 35000 | Axon Enterprise Inc. 144A, 6.13%, 3/15/30 (c) | 36 |
| 14040221 | Benchmark Mortgage Trust 2018-B6, 0.55%, 10/10/51 (e) | 126 |
| 130000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 130 |
| 85000 | Blue Owl Technology Finance Corp. 144A, 3.75%, 6/17/26 (c) | 83 |
| 35000 | Blue Racer Midstream LLC/Blue Racer Finance Corp. 144A, 7.00%, 7/15/29 (c) | 36 |
| 90000 | Boeing Co., 6.26%, 5/01/27 | 93 |
| 199950 | BSPRT Issuer Ltd. 2023-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 2.259%), 6.58%, 9/15/35 (b)(c) | 200 |
| 291603 | BX Commercial Mortgage Trust 2024- XL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.76%, 2/15/39 (b) (c) | 292 |
| 216176 | BX Commercial Mortgage Trust 2024- XL5 144A, (1 mo. Term Secured Overnight Financing Rate + 1.691%), 6.01%, 3/15/41 (b) (c) | 216 |
| 200000 | BX Trust 2021-ARIA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.014%), 5.34%, 10/15/36 (b)(c) | 199 |
| 200000 | BX Trust 2024-BIO 144A, (1 mo. Term Secured Overnight Financing Rate + 1.642%), 5.96%, 2/15/41 (b)(c) | 199 |
| 169057 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 1.692%), 6.01%, 4/15/41 (b)(c) | 168 |
| 250000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.893%), 6.21%, 3/15/42 (b)(c) | 248 |
| 200000 | BX Trust 2024-VLT4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.941%), 6.26%, 7/15/29 (b)(c) | 198 |
| 2763634 | Cantor Commercial Real Estate Lending 2019- CF1, 1.27%, 5/15/52 (e) | 88 |
| 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 | 101 |
| 150000 | CarMax Auto Owner Trust 2024-3, 5.67%, 1/15/31 | 153 |
| 462534 | CARS-DB5 LP 2021-1A 144A, 1.44%, 8/15/51 (c) | 442 |
| 500000 | Carvana Auto Receivables Trust 2024-P1 144A, 5.05%, 4/10/29 (c) | 503 |
| 75000 | CCO Holdings LLC/CCO Holdings Capital Corp. 144A, 5.13%, 5/01/27 (c) | 74 |
| 210000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 0.870%), 4.79%, 3/04/29 (b) | 211 |
| 93304 | COLT Mortgage Loan Trust 2024-6 144A, 5.39%, 11/25/69 (c) | 93 |

---

78 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;190000 | CommonSpirit Health, 6.07%, 11/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%), 5.95%, 9/25/44 (b)(c) | 100 |
| 100000 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.800%), 6.15%, 2/25/44 (b)(c) | 100 |
| 29785 | Connecticut Avenue Securities Trust 2019- HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 6.62%, 11/25/39 (b)(c) | 30 |
| 126113 | Connecticut Avenue Securities Trust 2022- R08 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.550%), 6.90%, 7/25/42 (b)(c) | 129 |
| 200000 | Connecticut Avenue Securities Trust 2022- R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.150%), 7.50%, 12/25/41 (b)(c) | 204 |
| 100000 | Connecticut Avenue Securities Trust 2020- SBT1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.764%), 8.12%, 2/25/40 (b)(c) | 104 |
| 97608 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (c)(e) | 98 |
| 200000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (c) | 194 |
| 150000 | Daimler Truck Finance North America LLC 144A, 4.95%, 1/13/28 (c) | 151 |
| 150000 | Daimler Truck Finance North America LLC 144A, 5.13%, 9/25/27 (c) | 152 |
| 95000 | Darden Restaurants Inc., 4.35%, 10/15/27 | 95 |
| 25000 | Dell International LLC/EMC Corp., 4.75%, 4/01/28 | 25 |
| 400000 | Diamond Issuer LLC 2021-1A 144A, 2.31%, 11/20/51 (c) | 375 |
| 40000 | DPL Inc., 4.13%, 7/01/25 | 40 |
| 700000 | Fannie Mae Connecticut Avenue Securities 2021-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.35%, 11/25/41 (b)(c) | 701 |
| 200000 | Ford Motor Credit Co. LLC, 5.13%, 6/16/25 | 200 |
| 60000 | Franklin BSP Capital Corp., 7.20%, 6/15/29 | 61 |
| 100000 | Freddie Mac STACR REMIC Trust 2024- DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.450%), 5.80%, 10/25/44 (b)(c) | 100 |
| 100000 | Freddie Mac STACR REMIC Trust 2021- DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 7.75%, 10/25/41 (b)(c) | 102 |
| 200000 | Freddie Mac STACR REMIC Trust 2021- DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.650%), 8.00%, 11/25/41 (b)(c) | 206 |
| 35000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (c) | 36 |
| 200000 | FS Rialto Issuer LLC 2024-FL9 144A, (1 mo. Term Secured Overnight Financing Rate + 1.631%), 5.95%, 10/19/39 (b)(c) | 200 |

---

---

| | | |
|:---|:---|:---|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | General Motors Financial Co. Inc., 5.05%, 4/04/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| 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 (c) | 86 |
| 110000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.319%), 4.94%, 4/23/28 (b) | 111 |
| 100000 | Hess Midstream Operations LP 144A, 5.88%, 3/01/28 (c) | 100 |
| 30000 | Hess Midstream Operations LP 144A, 6.50%, 6/01/29 (c) | 30 |
| 100000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 1.842%), 6.16%, 10/15/41 (b)(c) | 100 |
| 40000 | Hilton Domestic Operating Co. Inc. 144A, 5.88%, 4/01/29 (c) | 40 |
| 145000 | Holcim Finance U.S. LLC 144A, 4.70%, 4/07/28 (c) | 146 |
| 250000 | Huntington National Bank, (U.S. Secured Overnight Financing Rate + 0.720%), 4.87%, 4/12/28 (b) | 251 |
| 85000 | Hyundai Capital America 144A, 5.25%, 1/08/27 (c) | 86 |
| 385000 | Hyundai Capital America 144A, 5.65%, 6/26/26 (c) | 389 |
| 92005 | JP Morgan Mortgage Trust 2024-NQM1 144A, 5.59%, 2/25/64 (c) | 93 |
| 65000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.190%), 5.04%, 1/23/28 (b) | 66 |
| 40000 | KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC 144A, 4.75%, 6/01/27 (c) | 40 |
| 105000 | Las Vegas Sands Corp., 5.90%, 6/01/27 | 106 |
| 100000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.62%, 5/15/39 (b)(c) | 97 |
| 70000 | M&T Bank Corp., (U.S. Secured Overnight Financing Rate + 0.930%), 4.83%, 1/16/29 (b) | 70 |
| 70000 | Match Group Holdings II LLC 144A, 5.00%, 12/15/27 (c) | 69 |
| 30000 | Meritage Homes Corp., 5.13%, 6/06/27 (a) | 30 |
| 75000 | Microchip Technology Inc., 4.90%, 3/15/28 | 75 |
| 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 |
| 83997 | New Residential Mortgage Loan Trust 2017-1A 144A, 4.00%, 2/25/57 (c)(e) | 82 |
| 154948 | New Residential Mortgage Loan Trust 2017-4A 144A, 4.00%, 5/25/57 (c)(e) | 149 |
| 89443 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (c) | 89 |
| 213110 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (c) | 212 |
| 219775 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (c) | 220 |
| 98196 | OBX Trust 2025-NQM3 144A, 5.65%, 12/01/64 (c) | 99 |
| 75000 | OneMain Finance Corp., 7.13%, 3/15/26 | 76 |

---

Semi-Annual 79

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | ONEOK Inc., 4.25%, 9/24/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| 65000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 9.88%, 3/15/30 (a)(c) | 57 |
| 70000 | Penske Automotive Group Inc., 3.50%, 9/01/25 | 70 |
| 45000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.35%, 1/12/27 (c) | 46 |
| 200000 | PFS Financing Corp. 2023-C 144A, 5.52%, 10/15/28 (c) | 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 | 181 |
| 165000 | Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer Inc. 144A, 2.88%, 10/15/26 (c) | 159 |
| 3394 | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 5.28%, 5/15/32 (c) | 3 |
| 20255 | Santander Bank Auto Credit-Linked Notes 2022-C 144A, 6.99%, 12/15/32 (c) | 20 |
| 164133 | Santander Drive Auto Receivables Trust 2024- S2 144A, 5.80%, 12/16/28 (c) | 164 |
| 83150 | Santander Drive Auto Receivables Trust 2024- S3 144A, 5.81%, 10/16/28 (c) | 83 |
| 112307 | Santander Drive Auto Receivables Trust 2024- S1 144A, 6.53%, 3/16/29 (c) | 112 |
| 91032 | Santander Drive Auto Receivables Trust 2023- S1 144A, 8.14%, 4/18/28 (c) | 92 |
| 185000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.610%), 5.47%, 3/20/29 (b) | 186 |
| 35000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.232%), 6.12%, 5/31/27 (b) | 35 |
| 200000 | SBA Tower Trust 144A, 1.63%, 11/15/26 (c) | 190 |
| 180000 | SBA Tower Trust 144A, 1.88%, 1/15/26 (c) | 176 |
| 70000 | Sirius XM Radio LLC 144A, 3.13%, 9/01/26 (c) | 68 |
| 30000 | SM Energy Co. 144A, 6.75%, 8/01/29 (c) | 28 |
| 80000 | South Bow USA Infrastructure Holdings LLC 144A, 4.91%, 9/01/27 (c) | 80 |
| 75000 | Standard Industries Inc. 144A, 5.00%, 2/15/27 (c) | 75 |
| 30000 | Starwood Property Trust Inc. 144A, 6.50%, 7/01/30 (c) | 30 |
| 199000 | Subway Funding LLC 2024-3A 144A, 5.25%, 7/30/54 (c) | 198 |
| 25000 | Sunoco LP 144A, 7.00%, 5/01/29 (c) | 26 |
| 200000 | Switch ABS Issuer LLC 2024-2A 144A, 5.44%, 6/25/54 (c) | 199 |
| 90000 | Synopsys Inc., 4.65%, 4/01/28 | 91 |
| 281250 | Taco Bell Funding LLC 2016-1A 144A, 4.97%, 5/25/46 (c) | 281 |
| 70000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (c) | 68 |
| 564909 | Texas Natural Gas Securitization Finance Corp., 5.10%, 4/01/35 | 577 |
| 50000 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (c) | 50 |
| 75000 | Travel + Leisure Co. 144A, 6.63%, 7/31/26 (c) | 76 |
| 805000 | U.S. Treasury Note, 3.38%, 9/15/27 | 801 |
| 205000 | U.S. Treasury Note, 3.50%, 9/30/26 | 204 |

---

---

| | | |
|:---|:---|:---|
| 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;1800000 | U.S. Treasury Note, 3.75%, 8/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 |
| 455000 | U.S. Treasury Note, 3.75%, 4/15/28 | 457 |
| 575000 | U.S. Treasury Note, 3.88%, 3/31/27 | 578 |
| 225000 | U.S. Treasury Note, 3.88%, 10/15/27 | 227 |
| 630000 | U.S. Treasury Note, 4.13%, 1/31/27 | 635 |
| 60000 | U.S. Treasury Note, 4.25%, 11/30/26 | 61 |
| 770000 | U.S. Treasury Note, 4.25%, 12/31/26 | 777 |
| 815000 | U.S. Treasury Note, 4.38%, 7/15/27 | 828 |
| 450000 | Vantage Data Centers Issuer LLC 2020-1A 144A, 1.65%, 9/15/45 (c) | 444 |
| 100000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (c) | 105 |
| 92600 | Verus Securitization Trust 2024-R1 144A, 5.22%, 9/25/69 (c)(e) | 92 |
| 40000 | Vistra Operations Co. LLC 144A, 5.00%, 7/31/27 (c) | 40 |
| 25000 | Vistra Operations Co. LLC 144A, 5.05%, 12/30/26 (c) | 25 |
| 250000 | Volkswagen Group of America Finance LLC 144A, 5.30%, 3/22/27 (c) | 252 |
| 225000 | Warnermedia Holdings Inc., 3.76%, 3/15/27 | 219 |
| 160000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.370%), 4.97%, 4/23/29 (b) | 162 |
| 90000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.71%, 4/22/28 (b) | 92 |
| 5385599 | Wells Fargo Commercial Mortgage Trust 2018- C46, 1.07%, 8/15/51 (e) | 107 |
| 300000 | Westlake Automobile Receivables Trust 2024- 1A 144A, 5.55%, 11/15/27 (c) | 302 |
| 170000 | Whistler Pipeline LLC 144A, 5.40%, 9/30/29 (c) | 171 |
| 295500 | Wingstop Funding LLC 2020-1A 144A, 2.84%, 12/05/50 (c) | 281 |
| 20000 | XHR LP 144A, 6.63%, 5/15/30 (c) | 20 |
|  |  | 24811 |
|  **Total Bond (Cost - $41,155)** | **Total Bond (Cost - $41,155)** | 40621 |
|  **Investment Company (6%)** | **Investment Company (6%)** |  |
| 2534961 | Payden Cash Reserves Money Market Fund\*<br> (Cost - $2,535) | 2535 |
|  **Total Investments (Cost - $43,690) (105%)** | **Total Investments (Cost - $43,690) (105%)** | 43156 |
|  **Liabilities in excess of Other Assets (-5%)** | **Liabilities in excess of Other Assets (-5%)** | (2017) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $41139 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are on loan. At April 30, 2025, the total market value of the Fund's securities on loan is $1,007 and the total market value of the collateral held by the Fund is $1,036. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025.

&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.

&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.

80 Payden Mutual Funds

------

#### 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 | 53 | Jun-25 | $11032 | $92 | $92 |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |
| U.S. Treasury 5-Year Note Future | 7 | Jun-25 | (764) | (15) | (15) |
| **Total Futures** |  |  |  |  | $77 |

---

#### 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> | $1007 |
| Non-cash Collateral<sup>2</sup> | (1007) |
| 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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*See notes to financial statements.* 

Semi-Annual 81

------

&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 -** April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Bond (95%)** | **Bond (95%)** |  |
|  **Australia (AUD) (1%)** | **Australia (AUD) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;1104 |
|  **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) | 748 |
|  **Austria (EUR) (0%)** | **Austria (EUR) (0%)** |  |
| 390000 | Republic of Austria Government Bond 144A, 3.15%, 6/20/44 (a)(b)(d) | 431 |
|  **Belgium (EUR) (0%)** | **Belgium (EUR) (0%)** |  |
| 400000 | KBC Group NV, (3 mo. EURIBOR + 1.300%), 4.25%, 11/28/29 (a)(b)(c) | 473 |
| 200000 | Kingdom of Belgium Government Bond Series 75 144A, 1.00%, 6/22/31 (a)(b)(d) | 208 |
| 410000 | Kingdom of Belgium Government Bond Series 78 144A, 1.60%, 6/22/47 (a)(b)(d) | 320 |
|  |  | 1001 |
|  **Bermuda (USD) (0%)** | **Bermuda (USD) (0%)** |  |
| 200000 | Bermuda Government International Bond 144A, 3.38%, 8/20/50 (d) | 133 |
|  **Brazil (BRL) (1%)** | **Brazil (BRL) (1%)** |  |
| 5000000 | Brazil Letras do Tesouro Nacional, 12.59%, 7/01/25 (b)(e) | 862 |
|  **Canada (CAD) (3%)** | **Canada (CAD) (3%)** |  |
| 1680000 | Canadian Government Bond, 3.50%, 12/01/45 (b) | 1244 |
| 1100000 | Canadian Government Bond, 5.00%,<br>6/01/37 (b) | 943 |
| 775000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 4.94%, 1/25/52 (b)(d) | 556 |
|  |  | 2743 |
|  **Canada (USD) (1%)** | **Canada (USD) (1%)** |  |
| 350000 | Aris Mining Corp. 144A, 8.00%, 10/31/29 (d) | 353 |
| 350000 | Frontera Energy Corp. 144A, 7.88%, 6/21/28 (d) | 230 |
| 575000 | TELUS Corp., 3.40%, 5/13/32 | 514 |
| 325000 | Toronto-Dominion Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.075%), 8.13%, 10/31/82 (c) | 337 |
|  |  | 1434 |
|  **Cayman Islands (USD) (4%)** | **Cayman Islands (USD) (4%)** |  |
| 500000 | Apidos CLO XXXII 2019-32A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.800%), 6.07%, 1/20/33 (c)(d) | 496 |
| 307652 | ARES LII CLO Ltd. 2019-52A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.880%), 5.15%, 4/22/31 (c)(d) | 307 |
| 500000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (d) | 502 |
| 263863 | Chenango Park CLO Ltd. 2018-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.050%), 5.31%, 4/15/30 (c)(d) | 264 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 250000 | FS Rialto 2021-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.614%), 6.94%, 11/16/36 (c)(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;248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | HGI CRE CLO Ltd. 2021-FL2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.914%), 6.24%, 9/17/36 (c)(d) | 1354 |
| 350000 | IHS Holding Ltd. 144A, 7.88%, 5/29/30 (d) | 339 |
| 340994 | Symphony CLO XXIII Ltd. 2020-23A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.900%), 5.16%, 1/15/34 (c)(d) | 339 |
| 400000 | Symphony CLO XXIV Ltd. 2020-24A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.912%), 6.19%, 1/23/32 (c)(d) | 400 |
| 300000 | Transocean Inc. 144A, 8.25%, 5/15/29 (d) | 242 |
| 260000 | Transocean Inc. 144A, 8.50%, 5/15/31 (d) | 201 |
| 450000 | TRTX Issuer Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.84%, 3/15/38 (c)(d) | 448 |
|  |  | 5140 |
|  **Chile (EUR) (0%)** | **Chile (EUR) (0%)** |  |
| 300000 | Chile Government International Bond, 4.13%, 7/05/34 (b) | 350 |
|  **Chile (USD) (0%)** | **Chile (USD) (0%)** |  |
| 200000 | Celulosa Arauco y Constitucion SA 144A, 6.18%, 5/05/32 (d) | 200 |
|  **Czech Republic (CZK) (0%)** | **Czech Republic (CZK) (0%)** |  |
| 3600000 | Czech Republic Government Bond Series 125, 1.50%, 4/24/40 (b) | 113 |
|  **Denmark (DKK) (0%)** | **Denmark (DKK) (0%)** |  |
| 650000 | Denmark Government Bond, 4.50%, 11/15/39 (b) | 122 |
|  **Finland (EUR) (0%)** | **Finland (EUR) (0%)** |  |
| 170000 | Finland Government Bond Series 16Y 144A, 2.75%, 7/04/28 (a)(b)(d) | 197 |
|  **France (EUR) (3%)** | **France (EUR) (3%)** |  |
| 1100000 | French Republic Government Bond OAT Series OAT 144A, 0.50%, 6/25/44 (a)(b)(d) | 714 |
| 1050000 | French Republic Government Bond OAT Series OAT 144A, 1.25%, 5/25/36 (a)(b)(d) | 969 |
| 1200000 | French Republic Government Bond OAT Series OAT 144A, 2.50%, 5/25/30 (a)(b)(d) | 1364 |
| 350000 | Mobilux Finance SAS 144A, 7.00%, 5/15/30 (b)(d) | 414 |
| 300000 | Opal Bidco SAS 144A, 5.50%, 3/31/32 (b)(d) | 339 |
| 400000 | Praemia Healthcare SACA, 1.38%, 9/17/30 (a)(b) | 406 |
|  |  | 4206 |
|  **France (USD) (0%)** | **France (USD) (0%)** |  |
| 550000 | Credit Agricole SA 144A, 5.51%, 7/05/33 (d) | 566 |
|  **Germany (EUR) (1%)** | **Germany (EUR) (1%)** |  |
| 500000 | Deutsche Bank AG, (3 mo. EURIBOR + 2.950%), 5.00%, 9/05/30 (a)(b)(c) | 601 |
|  **Guatemala (USD) (0%)** | **Guatemala (USD) (0%)** |  |
| 300000 | Guatemala Government Bond 144A, 6.55%, 2/06/37 (d) | 299 |

---

82 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Indonesia (IDR) (2%)** | **Indonesia (IDR) (2%)** |  |
| 4440000000 | Indonesia Treasury Bond Series FR87, 6.50%, 2/15/31 (b) | $265 |
| 32000000000 | Indonesia Treasury Bond Series FR72, 8.25%, 5/15/36 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 |
|  |  | 2377 |
|  **Indonesia (USD) (0%)** | **Indonesia (USD) (0%)** |  |
| 345555 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (d) | 336 |
|  **Ireland (EUR) (5%)** | **Ireland (EUR) (5%)** |  |
| 140810 | Avoca CLO XIV DAC 14A 144A, (3 mo. EURIBOR + 0.810%), 3.08%, 1/12/31 (b)(c) (d) | 159 |
| 300000 | Bain Capital Euro CLO DAC 2024-1X, (3 mo. EURIBOR + 2.250%), 4.44%,<br>4/24/38 (a)(b) (c) | 340 |
| 325000 | Bank of Ireland Group PLC, (5 yr. Euro Swap + 6.434%),<br>6.00% (a)(b)(c)(f) | 370 |
| 500000 | Bridgepoint CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.800%), 4.08%, 4/15/36 (b)(c) (d) | 567 |
| 300000 | Contego CLO X DAC 10X, (3 mo. EURIBOR + 2.150%), 4.71%,<br>5/15/38 (a)(b)(c) | 340 |
| 425000 | Flutter Treasury DAC 144A, 5.00%, 4/29/29 (b)(d) | 499 |
| 250000 | Ireland Government Bond, 1.10%, 5/15/29 (a) (b) | 273 |
| 300000 | Jubilee CLO DAC 2019-23A 144A, (3 mo. EURIBOR + 3.500%), 5.78%, 7/15/37 (b)(c) (d) | 331 |
| 216008 | Last Mile Logistics Pan Euro Finance DAC 1A 144A, (3 mo. EURIBOR + 1.900%), 4.46%, 8/17/33 (b)(c)(d) | 243 |
| 903308 | Last Mile Logistics Pan Euro Finance DAC 1X, (3 mo. EURIBOR + 2.700%), 5.26%, 8/17/33 (a)(b)(c) | 1012 |
| 239951 | Last Mile Securities PE DAC 2021-1A 144A, (3 mo. EURIBOR + 2.350%), 4.91%, 8/17/31 (b) (c)(d) | 271 |
| 900000 | Palmer Square European CLO DAC 2021-1A 144A, (3 mo. EURIBOR + 0.870%), 3.15%, 4/15/34 (b)(c)(d) | 1016 |
| 300000 | Palmer Square European Loan Funding DAC 2024-1A 144A, (3 mo. EURIBOR + 1.700%), 4.06%,<br>8/15/33 (b)(c)(d) | 339 |
| 400000 | Palmer Square European Loan Funding DAC 2024-3X, (3 mo. EURIBOR + 1.850%), 4.54%, 5/15/34 (a)(b)(c) | 453 |
| 250000 | Permanent TSB Group Holdings PLC, (ICE 1Year Euribor Swap Fix + 3.500%), 6.63%, 4/25/28 (a)(b)(c) | 303 |
| 275000 | Permanent TSB Group Holdings PLC, (5 yr. Euro Swap + 10.546%),<br>13.25% (a)(b)(c)(f) | 368 |
| 750000 | Sculptor European CLO V DAC 5A 144A, (3 mo. EURIBOR + 1.750%), 4.02%, 1/14/32 (b) (c)(d) | 846 |
| 500000 | Texas Debt Capital Euro CLO DAC 2024-1A 144A, (3 mo. EURIBOR + 2.550%), 4.80%, 7/16/38 (b)(c)(d) | 565 |
|  |  | 8295 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Ireland (USD) (0%)** | **Ireland (USD) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
|  **Italy (EUR) (3%)** | **Italy (EUR) (3%)** |  |
| 250000 | Bubbles Bidco SpA 144A, 6.50%,<br>9/30/31 (b) (d) | 284 |
| 300000 | doValue SpA 144A, 7.00%, 2/28/30 (b)(d) | 351 |
| 1960000 | Italy Buoni Poliennali Del Tesoro Series 10Y 144A, 0.60%, 8/01/31 (a)(b)(d) | 1933 |
| 300000 | Italy Buoni Poliennali Del Tesoro Series 10Y, 2.50%, 12/01/32 (a)(b) | 326 |
| 600000 | Italy Buoni Poliennali Del Tesoro Series 15Y 144A, 3.85%, 10/01/40 (a)(b)(d) | 667 |
| 250000 | Italy Buoni Poliennali Del Tesoro Series 30Y 144A, 4.30%, 10/01/54 (a)(b)(d) | 280 |
| 375000 | UniCredit SpA, (3 mo. EURIBOR + 1.600%), 4.45%, 2/16/29 (a)(b)(c) | 442 |
|  |  | 4283 |
|  **Italy (USD) (1%)** | **Italy (USD) (1%)** |  |
| 650000 | Intesa Sanpaolo SpA 144A, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.900%), 7.78%, 6/20/54 (c)(d) | 700 |
|  **Ivory Coast (EUR) (0%)** | **Ivory Coast (EUR) (0%)** |  |
| 450000 | Ivory Coast Government International Bond, 4.88%, 1/30/32 (a)(b) | 442 |
|  **Japan (JPY) (4%)** | **Japan (JPY) (4%)** |  |
| 275000000 | Japan Government Ten Year Bond Series 376, 0.90%, 9/20/34 (b) | 1864 |
| 265000000 | Japan Government Thirty Year Bond Series 58, 0.80%, 3/20/48 (b) | 1343 |
| 213200000 | Japan Government Thirty Year Bond Series 49, 1.40%, 12/20/45 (b) | 1280 |
| 10000000 | Japan Government Thirty Year Bond Series 31, 2.20%, 9/20/39 (b) | 73 |
| 10000000 | Japan Government Thirty Year Bond Series 30, 2.30%, 3/20/39 (b) | 74 |
| 175000000 | Japan Government Thirty Year Bond Series 85, 2.30%, 12/20/54 (b) | 1138 |
|  |  | 5772 |
|  **Jersey (EUR) (0%)** | **Jersey (EUR) (0%)** |  |
| 450000 | Heathrow Funding Ltd., 1.13%, 10/08/30 (a) (b) | 458 |
|  **Jersey (GBP) (0%)** | **Jersey (GBP) (0%)** |  |
| 200000 | Waga Bondco Ltd. 144A, 8.50%, 6/15/30 (b) (d) | 261 |
|  **Jersey (USD) (1%)** | **Jersey (USD) (1%)** |  |
| 600000 | Dryden CLO Ltd. 2022-113A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.51%, 10/15/37 (c)(d) | 597 |
| 250000 | Juniper Valley Park CLO Ltd. 2023-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.250%), 5.52%, 7/20/36 (c)(d) | 249 |
|  |  | 846 |
|  **Luxembourg (EUR) (0%)** | **Luxembourg (EUR) (0%)** |  |
| 420000 | Harvest CLO XVI DAC 16A 144A, (3 mo. EURIBOR + 1.300%), 3.58%,<br>10/15/31 (b) (c)(d) | 471 |

---

Semi-Annual 83

------

&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) |
|  **Luxembourg (USD) (1%)** | **Luxembourg (USD) (1%)** |  |
| 300000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (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;302 |
| 200000 | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (d) | 214 |
| 300000 | OHI Group SA 144A, 13.00%, 7/22/29 (d) | 303 |
| 300000 | Saavi Energia Sarl 144A, 8.88%, 2/10/35 (d) | 302 |
|  |  | 1121 |
|  **Malaysia (MYR) (1%)** | **Malaysia (MYR) (1%)** |  |
| 1700000 | Malaysia Government Bond Series 0307, 3.50%, 5/31/27 (b) | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | Malaysia Government Bond Series 0222, 4.70%, 10/15/42 (b) | 331 |
|  |  | 728 |
|  **Mexico (MXN) (1%)** | **Mexico (MXN) (1%)** |  |
| 11660000 | Mexican Bonos Series M, 5.75%, 3/05/26 (b) | 582 |
| 7760000 | Mexican Bonos Series M, 8.50%, 5/31/29 (b) | 393 |
|  |  | 975 |
|  **Mexico (USD) (0%)** | **Mexico (USD) (0%)** |  |
| 250000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, 5.25%, 9/10/29 (d) | 252 |
| 198850 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (d) | 197 |
|  |  | 449 |
|  **Morocco (USD) (0%)** | **Morocco (USD) (0%)** |  |
| 250000 | OCP SA 144A, 6.10%, 4/30/30 (d) | 250 |
|  **Netherlands (EUR) (3%)** | **Netherlands (EUR) (3%)** |  |
| 300000 | ABN AMRO Bank NV, (5 yr. Euro Swap + 4.239%), 6.88% (a)(b)(c)(f) | 355 |
| 450000 | Enel Finance International NV, 3.88%, 3/09/29 (a)(b) | 529 |
| 500000 | JAB Holdings BV, 5.00%, 6/12/33 (a)(b) | 605 |
| 300000 | LKQ Dutch Bond BV, 4.13%, 3/13/31 (b) | 346 |
| 530000 | Netherlands Government Bond 144A, 4.00%, 1/15/37 (a)(b)(d) | 672 |
| 525000 | Sagax Euro Mtn NL BV, 0.75%,<br>1/26/28 (a)(b) | 557 |
|  |  | 3064 |
|  **Netherlands (USD) (0%)** | **Netherlands (USD) (0%)** |  |
| 200000 | Braskem Netherlands Finance BV 144A, 8.00%, 10/15/34 (d) | 179 |
|  **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) | 553 |
|  **Norway (USD) (0%)** | **Norway (USD) (0%)** |  |
| 350000 | Var Energi ASA 144A, 7.50%, 1/15/28 (d) | 369 |
|  **Paraguay (USD) (0%)** | **Paraguay (USD) (0%)** |  |
| 172000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (d) | 172 |
|  **Peru (PEN) (1%)** | **Peru (PEN) (1%)** |  |
| 7100000 | Peru Government Bond, 5.35%, 8/12/40 (b) | 1618 |
|  **Peru (USD) (0%)** | **Peru (USD) (0%)** |  |
| 250000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (d) | 249 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Poland (PLN) (0%)** | **Poland (PLN) (0%)** |  |
| 410000 | Republic of Poland Government Bond Series 1029, 2.75%, 10/25/29 (b) | $101 |
|  **Poland (USD) (0%)** | **Poland (USD) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | ORLEN SA 144A, 6.00%, 1/30/35 (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;455 |
|  **Portugal (EUR) (0%)** | **Portugal (EUR) (0%)** |  |
| 300000 | Portugal Obrigacoes do Tesouro OT Series 10Y 144A, 3.00%,<br>6/15/35 (a)(b)(d) | 340 |
|  **Romania (EUR) (0%)** | **Romania (EUR) (0%)** |  |
| 150000 | Romanian Government International Bond 144A, 6.63%, 9/27/29 (b)(d) | 182 |
|  **Singapore (SGD) (0%)** | **Singapore (SGD) (0%)** |  |
| 280000 | Singapore Government Bond, 3.50%, 3/01/27 (b) | 220 |
|  **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 | 243 |
|  |  | 432 |
|  **Spain (EUR) (2%)** | **Spain (EUR) (2%)** |  |
| 500000 | Banco de Sabadell SA, (1Year Euribor Swap Rate + 2.400%), 5.25%, 2/07/29 (a)(b)(c) | 601 |
| 500000 | CaixaBank SA, (3 mo. EURIBOR + 1.650%), 5.00%, 7/19/29 (a)(b)(c) | 603 |
| 200000 | CaixaBank SA, (5 yr. Euro Swap + 6.346%), 5.88% (a)(b)(c)(f) | 230 |
| 200000 | International Consolidated Airlines Group SA, 3.75%, 3/25/29 (a)(b) | 231 |
| 50000 | Spain Government Bond 144A, 1.25%, 10/31/30 (a)(b)(d) | 53 |
| 960000 | Spain Government Bond 144A, 2.90%, 10/31/46 (a)(b)(d) | 951 |
|  |  | 2669 |
|  **Spain (USD) (1%)** | **Spain (USD) (1%)** |  |
| 600000 | Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.900%), 1.72%, 9/14/27 (c) | 576 |
|  **Sri Lanka (USD) (0%)** | **Sri Lanka (USD) (0%)** |  |
| 36257 | Sri Lanka Government International Bond 144A, 3.10%, 1/15/30 (d) | 30 |
| 71117 | Sri Lanka Government International Bond 144A, 3.35%, 3/15/33 (d) | 50 |
| 48020 | Sri Lanka Government International Bond 144A, 3.60%, 6/15/35 (d) | 31 |
| 33327 | Sri Lanka Government International Bond 144A, 3.60%, 5/15/36 (d) | 23 |
| 66682 | Sri Lanka Government International Bond 144A, 3.60%, 2/15/38 (d) | 47 |
| 37824 | Sri Lanka Government International Bond 144A, 4.00%, 4/15/28 (d) | 35 |
|  |  | 216 |
|  **Supranational (USD) (0%)** | **Supranational (USD) (0%)** |  |
| 324390 | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (d) | 279 |
|  **Sweden (SEK) (0%)** | **Sweden (SEK) (0%)** |  |
| 2900000 | Sweden Government Bond Series 1059, 1.00%, 11/12/26 (a)(b) | 296 |

---

84 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Sweden (USD) (0%)** | **Sweden (USD) (0%)** |  |
| 400000 | Swedbank AB, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.589%), 7.63% (a)(c)(f)(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;411 |
|  **Switzerland (CHF) (1%)** | **Switzerland (CHF) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | Swiss Confederation Government Bond, 0.50%, 5/27/30 (a)(b) | 1303 |
|  **Switzerland (USD) (0%)** | **Switzerland (USD) (0%)** |  |
| 450000 | UBS Group AG 144A, (5-Year U.S. Dollar SOFR ICE Swap Rate + 3.179%), 7.13% (c) (d)(f) | 431 |
|  **Thailand (THB) (1%)** | **Thailand (THB) (1%)** |  |
| 43300000 | Thailand Government Bond, 1.59%, 12/17/35 (b) | 1256 |
|  **Turkey (USD) (0%)** | **Turkey (USD) (0%)** |  |
| 300000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (d) | 295 |
|  **United Arab Emirates (EUR) (0%)** | **United Arab Emirates (EUR) (0%)** |  |
| 300000 | Finance Department Government of Sharjah 144A, 4.63%, 1/17/31 (b)(d) | 341 |
|  **United Kingdom (EUR) (1%)** | **United Kingdom (EUR) (1%)** |  |
| 200000 | Amber Finco PLC 144A, 6.63%,<br>7/15/29 (b)(d) | 237 |
| 400000 | Mobico Group PLC, 4.88%, 9/26/31 (a)(b) | 436 |
| 325000 | Tesco Corporate Treasury Services PLC, 4.25%, 2/27/31 (a)(b) | 386 |
|  |  | 1059 |
|  **United Kingdom (GBP) (4%)** | **United Kingdom (GBP) (4%)** |  |
| 300000 | Boparan Finance PLC 144A, 9.38%, 11/07/29 (b)(d) | 386 |
| 250000 | Edge Finco PLC 144A, 8.13%,<br>8/15/31 (b)(d) | 339 |
| 300000 | Galaxy Bidco Ltd. 144A, 8.13%, 12/19/29 (b) (d) | 401 |
| 325000 | Kier Group PLC, 9.00%, 2/15/29 (a)(b) | 452 |
| 350000 | Motability Operations Group PLC, 2.38%, 3/14/32 (a)(b) | 393 |
| 200000 | NatWest Group PLC, (5 yr. UK Government Bonds Note Generic Bid Yield + 3.294%), 7.50% (b)(c)(f) | 256 |
| 130000 | Sage AR Funding No 1 PLC 1A 144A, (Sterling Overnight Index Average + 3.000%), 7.48%, 11/17/30 (b)(c)(d) | 173 |
| 200000 | UK Logistics DAC 2024-1A 144A, (Sterling Overnight Index Average + 1.650%), 6.13%, 5/17/34 (b)(c)(d) | 266 |
| 100000 | United Kingdom Gilt, 0.38%, 10/22/30 (a)(b) | 111 |
| 1500000 | United Kingdom Gilt, 3.75%, 7/22/52 (a)(b) | 1581 |
| 400000 | United Kingdom Gilt, 4.25%, 9/07/39 (a)(b) | 503 |
|  |  | 4861 |
|  **United Kingdom (USD) (0%)** | **United Kingdom (USD) (0%)** |  |
| 200000 | Azule Energy Finance PLC 144A, 8.13%, 1/23/30 (d) | 193 |
|  **United States (EUR) (4%)** | **United States (EUR) (4%)** |  |
| 750000 | Bank of America Corp., (3 mo. EURIBOR + 0.910%), 1.38%, 5/09/30 (a)(b)(c) | 798 |
| 350000 | Booking Holdings Inc., 4.13%, 5/12/33 (b) | 412 |
| 450000 | Coca-Cola Co., 3.75%, 8/15/53 (b) | 484 |
| 525000 | Discovery Communications LLC, 1.90%, 3/19/27 (b) | 582 |
| 450000 | Duke Energy Corp., 3.75%, 4/01/31 (b) | 518 |
| 400000 | Ford Motor Credit Co. LLC, 4.07%, 8/21/30 (b) | 444 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 450000 | General Mills Inc., 3.60%, 4/17/32 (b) | $510 |
| 450000 | Molson Coors Beverage Co., 3.80%, 6/15/32 (b) | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Morgan Stanley, (3 mo. EURIBOR + 0.833%), 1.10%, 4/29/33 (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;671 |
| 550000 | Prologis Euro Finance LLC, 4.00%, 5/05/34 (b) | 636 |
| 400000 | Southern Co., (5 yr. Euro Swap + 2.108%), 1.88%, 9/15/81 (b)(c) | 432 |
|  |  | 6008 |
|  **United States (USD) (41%)** | **United States (USD) (41%)** |  |
| 385000 | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (d) | 310 |
| 400000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (c)(f) | 369 |
| 410000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 2.820%), 6.85%, 1/03/30 (c) | 426 |
| 500000 | American Homes 4 Rent LP, 2.38%, 7/15/31 | 431 |
| 390000 | American National Group Inc., 5.00%, 6/15/27 | 391 |
| 420000 | American Tower Corp., 5.50%, 3/15/28 | 432 |
| 850000 | American Tower Trust 144A, 5.49%, 3/15/28 (d) | 866 |
| 247650 | Arbys Funding LLC 2020-1A 144A, 3.24%, 7/30/50 (d) | 236 |
| 400000 | Athene Holding Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.607%), 6.63%, 10/15/54 (c) | 385 |
| 575000 | Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 556 |
| 850000 | Blue Owl Capital Corp., 3.75%, 7/22/25 | 848 |
| 425000 | Boeing Co., 2.20%, 2/04/26 | 416 |
| 600000 | Boeing Co., 6.53%, 5/01/34 | 645 |
| 316515 | BRAVO Residential Funding Trust 2024- NQM7 144A, 5.55%, 10/27/64 (d) | 317 |
| 350000 | Bread Financial Holdings Inc. 144A, 9.75%, 3/15/29 (d) | 369 |
| 507170 | BX Trust 2024-CNYN 144A, (1 mo. Term Secured Overnight Financing Rate + 1.442%), 5.76%, 4/15/41 (c)(d) | 508 |
| 2211289 | Cantor Commercial Real Estate Lending 2019- CF1, 1.27%, 5/15/52 (h) | 70 |
| 264622 | CARS-DB4 LP 2020-1A 144A, 3.25%, 2/15/50 (d) | 244 |
| 220000 | Centene Corp., 4.25%, 12/15/27 | 215 |
| 750000 | Charter Communications Operating LLC/ Charter Communications Operating Capital, 4.80%, 3/01/50 | 559 |
| 633570 | Colt Mortgage Loan Trust 2025-1 144A, 5.70%, 1/25/70 (d) | 648 |
| 283418 | Connecticut Avenue Securities Trust 2024- R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.35%,<br>5/25/44 (c)(d) | 283 |
| 186879 | Connecticut Avenue Securities Trust 2024- R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.100%), 5.45%,<br>2/25/44 (c)(d) | 186 |
| 262657 | Connecticut Avenue Securities Trust 2024- R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.150%),<br>5.50%, 3/25/44 (c)(d) | 262 |
| 244019 | Cross Mortgage Trust 2024-H8 144A, 5.55%, 12/25/69 (d)(h) | 245 |

---

Semi-Annual 85

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188021 | Cross Mortgage Trust 2024-H7 144A, 5.59%, 11/25/69 (d)(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;189 |
| 500000 | CyrusOne Data Centers Issuer I LLC 2024-2A 144A, 4.50%, 5/20/49 (d) | 484 |
| 410000 | DTE Energy Co., 5.85%, 6/01/34 | 423 |
| 550000 | Energy Transfer LP, 5.75%, 2/15/33 | 558 |
| 475000 | Equinix Inc., 2.50%, 5/15/31 | 416 |
| 435000 | Evergy Inc., 2.90%, 9/15/29 | 405 |
| 480000 | Extra Space Storage LP, 2.20%, 10/15/30 | 420 |
| 198015 | Fannie Mae Connecticut Avenue Securities 2016-C07, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.614%), 13.97%, 5/25/29 (c) | 213 |
| 491769 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 14.72%, 1/25/29 (c) | 526 |
| 494326 | Fannie Mae Connecticut Avenue Securities 2016-C05, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.864%), 15.22%, 1/25/29 (c) | 538 |
| 339300 | Fannie Mae-Aces 2018-M13, 3.87%, 9/25/30 (h) | 333 |
| 99778 | FN AL3577 30YR, 3.50%, 4/01/43 | 93 |
| 624831 | FN BM2007 30YR, 4.00%, 9/01/48 | 589 |
| 565255 | FN BP6626 30YR, 2.00%, 8/01/50 | 453 |
| 666115 | FN CB2759 30YR, 3.00%, 2/01/52 | 580 |
| 445828 | FN CB3258 30YR, 3.50%, 4/01/52 | 406 |
| 607200 | FN CB4127 30YR, 4.50%, 7/01/52 | 582 |
| 477586 | FN CB5106 30YR, 5.00%, 11/01/52 | 472 |
| 730463 | FN CB5113 30YR, 5.50%, 11/01/52 | 732 |
| 443839 | FN CB7991 30YR, 5.50%, 2/01/54 | 444 |
| 686521 | FN CB8021 30YR, 6.50%, 2/01/54 | 715 |
| 869104 | FN CB9019 30YR, 6.00%, 8/01/54 | 885 |
| 797594 | FN FM3162 30YR, 3.00%, 11/01/46 | 724 |
| 1282440 | FN FM7194 30YR, 2.50%, 3/01/51 | 1085 |
| 975777 | FN FM9195 30YR, 2.50%, 10/01/51 | 818 |
| 578384 | FN FS0007 30YR, 3.00%, 8/01/50 | 506 |
| 491322 | FN FS3111 30YR, 5.00%, 9/01/52 | 485 |
| 625334 | FN FS6939 30YR, 3.50%, 8/01/48 | 585 |
| 318618 | FN MA4413 30YR, 2.00%, 9/01/51 | 254 |
| 2950000 | FNCL, 5.50%, 5/01/5530YR TBA (i) | 2944 |
| 1115993 | FR RA3728 30YR, 2.00%, 10/01/50 | 898 |
| 335664 | FR RA7778 30YR, 4.50%, 8/01/52 | 322 |
| 425672 | FR RA7790 30YR, 5.00%, 8/01/52 | 419 |
| 486995 | FR SB8509 15YR, 2.00%, 1/01/36 | 446 |
| 988695 | FR SD0729 30YR, 2.00%, 10/01/51 | 792 |
| 876488 | FR SD1035 30YR, 4.00%, 5/01/52 | 818 |
| 671472 | FR SD5641 30YR, 5.50%, 6/01/53 | 677 |
| 968652 | FR ZA4718 30YR, 3.00%, 10/01/46 | 862 |
| 721597 | FR ZT0534 30YR, 3.50%, 12/01/47 | 665 |
| 800000 | Freddie Mac STACR REMIC Trust 2021- DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 7.75%, 10/25/41 (c)(d) | 820 |
| 362019 | G2 MA3663 30YR, 3.50%, 5/20/46 | 333 |
| 404649 | G2 MA4195 30YR, 3.00%, 1/20/47 | 363 |
| 402229 | G2 MA5265 30YR, 4.50%, 6/20/48 | 391 |
| 967433 | G2 MA6930 30YR, 2.00%, 10/20/50 | 790 |
| 873902 | G2 MA7472 30YR, 2.50%, 7/20/51 | 745 |
| 224098 | G2 MA7766 30YR, 2.00%, 12/20/51 | 183 |
| 575000 | GLP Capital LP/GLP Financing II Inc., 4.00%, 1/15/31 | 534 |

---

---

| | | |
|:---|:---|:---|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (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;234 |
| 450000 | HCA Inc., 4.13%, 6/15/29 | 438 |
| 425000 | Hyundai Capital America 144A, 1.80%, 1/10/28 (d) | 393 |
| 685000 | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 638 |
| 350000 | Invitation Homes Operating Partnership LP, 4.88%, 2/01/35 | 333 |
| 350000 | ITC Holdings Corp. 144A, 2.95%, 5/14/30 (d) | 322 |
| 110038 | JPMorgan Chase Bank N.A.-CACLN 2020-2 144A, 31.36%, 2/25/28 (d) | 112 |
| 650000 | Mars Inc. 144A, 5.20%, 3/01/35 (d) | 653 |
| 210000 | Moss Creek Resources Holdings Inc. 144A, 8.25%, 9/01/31 (d) | 193 |
| 470000 | Nationwide Mutual Insurance Co. 144A, 9.38%, 8/15/39 (d) | 615 |
| 268328 | OBX Trust 2024-NQM14 144A, 4.94%, 9/25/64 (d) | 267 |
| 426219 | OBX Trust 2024-NQM13 144A, 5.12%, 6/25/64 (d) | 425 |
| 271241 | OBX Trust 2024-NQM15 144A, 5.32%, 10/25/64 (d) | 271 |
| 229927 | OBX Trust 2024-NQM18 144A, 5.41%, 10/25/64 (d)(h) | 230 |
| 439550 | OBX Trust 2024-NQM12 144A, 5.48%, 7/25/64 (d) | 440 |
| 267699 | OBX Trust 2024-NQM16 144A, 5.53%, 10/25/64 (d) | 268 |
| 471548 | OBX Trust 2025-NQM1 144A, 5.55%, 12/25/64 (d)(h) | 473 |
| 236798 | OBX Trust 2024-NQM17 144A, 5.61%, 11/25/64 (d)(h) | 238 |
| 600000 | Oracle Corp., 4.20%, 9/27/29 | 591 |
| 63000 | Pacific Life Insurance Co. 144A, 9.25%, 6/15/39 (d) | 86 |
| 400000 | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | 353 |
| 400000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 9.88%, 3/15/30 (d)(g) | 353 |
| 430000 | Penske Truck Leasing Co. LP/PTL Finance Corp. 144A, 5.25%, 7/01/29 (d) | 437 |
| 600000 | Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 | 513 |
| 284250 | Planet Fitness Master Issuer LLC 2019-1A 144A, 3.86%, 12/05/49 (d) | 269 |
| 350000 | PRA Group Inc. 144A, 8.88%, 1/31/30 (d)(g) | 361 |
| 13575 | Santander Bank Auto Credit-Linked Notes 2022-A 144A, 5.28%, 5/15/32 (d) | 14 |
| 374356 | Santander Drive Auto Receivables Trust 2024- S1 144A, 6.53%, 3/16/29 (d) | 375 |
| 450000 | Simon Property Group LP, 4.75%, 9/26/34 | 431 |
| 400000 | South Bow USA Infrastructure Holdings LLC 144A, 5.58%, 10/01/34 (d) | 387 |
| 475000 | Stellantis Finance U.S. Inc. 144A, 2.69%, 9/15/31 (d) | 392 |
| 497500 | Store Master Funding I-VII XIV XIX XX XXIV XXII 2024-1A 144A, 5.70%, 5/20/54 (d) | 512 |
| 250000 | Sunoco LP 144A, 6.25%, 7/01/33 (d) | 250 |
| 141667 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (d) | 142 |
| 1500000 | U.S. Treasury Bill, 4.09%, 2/19/26 (e) | 1454 |
| 1610000 | U.S. Treasury Bond, 2.25%, 8/15/46 (j)(k) | 1066 |

---

86 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 40000 | U.S. Treasury Bond, 4.25%, 8/15/54 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | U.S. Treasury Note, 4.13%, 3/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 |
| 250000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (d) | 263 |
| 600000 | Venture Global LNG Inc. 144A, 8.13%, 6/01/28 (d) | 596 |
| 231182 | Verus Securitization Trust 2024-8 144A, 5.36%, 10/25/69 (d)(h) | 231 |
| 337198 | Verus Securitization Trust 2024-9 144A, 5.44%, 11/25/69 (d)(h) | 338 |
| 737951 | Verus Securitization Trust 2025-1 144A, 5.62%, 1/25/70 (d)(h) | 741 |
| 420000 | Vistra Operations Co. LLC 144A, 6.00%, 4/15/34 (d) | 425 |
| 500000 | VMware LLC, 2.20%, 8/15/31 | 425 |
| 365000 | W&T Offshore Inc. 144A, 10.75%, 2/01/29 (d) (g) | 288 |
| 800000 | Warnermedia Holdings Inc., 5.14%, 3/15/52 | 547 |
| 800000 | Welltower OP LLC, 3.85%, 6/15/32 | 751 |
| 300000 | Western Midstream Operating LP, 6.15%, 4/01/33 | 303 |
| 430000 | Williams Cos. Inc., 4.80%, 11/15/29 | 433 |
|  |  | 59962 |
|  **Uzbekistan (EUR) (0%)** | **Uzbekistan (EUR) (0%)** |  |
| 350000 | Republic of Uzbekistan International Bond 144A, 5.10%, 2/25/29 (b)(d) | 404 |
|  **Total Bond** (Cost - $144,352) | **Total Bond** (Cost - $144,352) | 136862 |
|  **Bank Loan(l) (0%)** | **Bank Loan(l) (0%)** |  |
| 123137 | DirectV Financing LLC Term Loan NON-EXT 1L, (3 mo. Term Secured Overnight Financing Rate + 5.000%), 9.54%, 8/02/27 (Cost - $123) | 123 |
|  **Commercial Paper(e) (2%)** | **Commercial Paper(e) (2%)** |  |
| 500000000 | Japan Treasury Discount Bill(b) 1293, 0.25%, 6/16/25 (Cost - $3,318) | 3495 |
|  **Investment Company (5%)** | **Investment Company (5%)** |  |
| 2257702 | Payden Cash Reserves Money Market Fund \* | 2258 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
| 146720 | Payden Emerging Market Corporate Bond Fund, SI Class \* | $1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495851 | Payden Emerging Markets Local Bond Fund, SI Class \* | 2296 |
| 146702 | Payden Floating Rate Fund, SI Class \* | 1395 |
|  **Total Investment Company** (Cost - $7,302) | **Total Investment Company** (Cost - $7,302) | 7221 |
|  **Total Investments (Cost - $155,095) (100%)** | **Total Investments (Cost - $155,095) (100%)** | 147701 |
|  **Liabilities in excess of Other Assets ((0)%)** | **Liabilities in excess of Other Assets ((0)%)** | (44) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147657 |

---

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security offered and sold outside the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Yield to maturity at time of purchase.

&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 April 30, 2025, the total market value of the Fund's securities on loan is $1,235 and the total market value of the collateral held by the Fund is $1,305. 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) Security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of security has been pledged in connection with outstanding centrally cleared swaps.

&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) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

Semi-Annual 87

------

&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>

#### 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: |  |  |  |  |
|  AUD 1,184 | USD 753 | HSBC<br>Bank<br>USA,<br>N.A. | 05/28/2025 | $6 |
|  CHF 1,946 | USD 2,290 | BNP<br>PARIBAS | 05/28/2025 | 76 |
|  CHF 49 | USD 56 | HSBC<br>Bank<br>USA,<br>N.A. | 05/28/2025 | 4 |
|  EUR 69 | USD 76 | BNP<br>PARIBAS | 05/28/2025 | 3 |
|  EUR 5,153 | USD 5,623 | HSBC<br>Bank<br>USA,<br>N.A. | 05/28/2025 | 224 |
|  GBP 601 | USD 761 | HSBC<br>Bank<br>USA,<br>N.A. | 05/28/2025 | 40 |
|  JPY 162,900 | USD 1,114 | HSBC<br>Bank<br>USA,<br>N.A. | 05/28/2025 | 29 |
|  JPY 224,900 | USD 1,499 | Morgan<br>Stanley | 05/28/2025 | 79 |
|  NOK 12,270 | USD 1,101 | Barclays<br>Bank PLC | 05/28/2025 | 78 |
|  SEK 11,040 | USD 1,098 | BNP<br>PARIBAS | 05/28/2025 | 47 |
|  SEK 800 | USD 80 | HSBC<br>Bank<br>USA,<br>N.A. | 05/28/2025 | 3 |
|  USD 2,465 | IDR 40,044,566 | BNP<br>PARIBAS | 05/28/2025 | 55 |
|  USD 10,266 | JPY 1,458,700 | BNP<br>PARIBAS | 06/05/2025 | 22 |
|  USD 1,098 | EUR 953 | HSBC<br>Bank<br>USA,<br>N.A. | 05/28/2025 | 16 |
|  USD 5,256 | GBP 3,935 | HSBC<br>Bank<br>USA,<br>N.A. | 06/05/2025 | 12 |
|  USD 1,345 | CHF 1,084 | Morgan<br>Stanley | 07/16/2025 | 20 |
|  USD 145 | DKK 945 | Morgan<br>Stanley | 07/16/2025 |  |
|  USD 35,951 | EUR 31,568 | State<br>Street<br>Bank &<br>Trust Co. | 06/05/2025 | 110 |
|  |  |  |  | 824 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br> (000s) | Currency<br>Sold (000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Liabilities:** |  |  |  |  |
|  EUR 32,300 | USD 36,685 | State Street<br>Bank &<br>Trust Co. | 05/08/2025 | (77) |
|  GBP 3,909 | USD 5,221 | HSBC<br>Bank<br>USA, N.A. | 05/08/2025 | (12) |
|  JPY 1,459,000 | USD 10,236 | BNP<br>PARIBAS | 05/08/2025 | (22) |
|  USD 876 | MYR 3,858 | Barclays<br>Bank PLC | 05/28/2025 | (19) |
|  USD 67 | NOK 710 | Barclays<br>Bank PLC | 05/28/2025 | (1) |
|  USD 250 | SGD 334 | Barclays<br>Bank PLC | 05/28/2025 | (6) |
|  USD 1,277 | THB 42,810 | Barclays<br>Bank PLC | 05/28/2025 | (7) |
|  USD 9,796 | JPY 1,459,000 | BNP<br>PARIBAS | 05/08/2025 | (417) |
|  USD 117 | CZK 2,800 | BNP<br>PARIBAS | 05/28/2025 | (10) |
|  USD 2,281 | EUR 2,071 | BNP<br>PARIBAS | 05/28/2025 | (70) |
|  USD 1,061 | NOK 11,560 | BNP<br>PARIBAS | 05/28/2025 | (50) |
|  USD 115 | PLN 461 | BNP<br>PARIBAS | 05/28/2025 | (6) |
|  USD 804 | BRL 4,680 | Citibank,<br>N.A. | 05/28/2025 | (15) |
|  USD 5,045 | GBP 3,909 | HSBC<br>Bank<br>USA, N.A. | 05/08/2025 | (165) |
|  USD 738 | AUD 1,184 | HSBC<br>Bank<br>USA, N.A. | 05/28/2025 | (21) |
|  USD 2,273 | CHF 1,995 | HSBC<br>Bank<br>USA, N.A. | 05/28/2025 | (152) |
|  USD 2,971 | EUR 2,829 | HSBC<br>Bank<br>USA, N.A. | 05/28/2025 | (240) |
|  USD 850 | JPY 124,600 | HSBC<br>Bank<br>USA, N.A. | 05/28/2025 | (24) |
|  USD 1,865 | PEN 6,919 | HSBC<br>Bank<br>USA, N.A. | 05/28/2025 | (21) |
|  USD 1,113 | SEK 11,840 | HSBC<br>Bank<br>USA, N.A. | 05/28/2025 | (114) |
|  USD 758 | GBP 601 | Morgan<br>Stanley | 05/28/2025 | (43) |
|  USD 1,006 | MXN 20,660 | Morgan<br>Stanley | 05/28/2025 | (43) |
|  USD 1,128 | AUD 1,769 | Morgan<br>Stanley | 07/16/2025 | (6) |
|  USD 2,862 | CAD 3,964 | Morgan<br>Stanley | 07/16/2025 | (25) |
|  USD 299 | SEK 2,910 | Morgan<br>Stanley | 07/16/2025 | (4) |
|  USD 34,967 | EUR 32,300 | State Street<br>Bank &<br>Trust Co. | 05/08/2025 | (1641) |
|  |  |  |  | (3211) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(2387) |

---

88 Payden Mutual Funds

------

#### 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 | 1 | Jun-25 | $136 | $1 | $1 |
| Euro-Buxl Future | 8 | Jun-25 | 1125 | (21) | (21) |
| Euro-Schatz Future | 164 | Jun-25 | 19985 | 166 | 166 |
| Long Gilt Future | 5 | Jun-25 | 623 | 9 | 9 |
| U.S. Long Bond Future | 26 | Jun-25 | 3032 | 12 | 12 |
| U.S. Treasury 2-Year Note Future | 177 | Jun-25 | 36842 | 293 | 293 |
| U.S. Treasury 5-Year Note Future | 30 | Jun-25 | 3276 | 54 | 54 |
| U.S. Ultra Bond Future | 30 | Jun-25 | 3631 | (21) | (21) |
|  |  |  |  |  | 493 |
|  **Short Contracts:** | **Short Contracts:** |  |  |  |  |
| Euro-Bund Future | 15 | Jun-25 | (2239) | (81) | (81) |
| U.S. 10-Year Ultra Future | 58 | Jun-25 | (6655) | (113) | (113) |
| U.S. Treasury 10-Year Note Future | 44 | Jun-25 | (4938) | (68) | (68) |
|  |  |  |  |  | (262) |
|  **Total Futures** | **Total Futures** |  |  |  | $231 |

---

#### 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 44 Index), Pay 5% Quarterly, Receive upon credit default | 06/20/2030 | USD 4,230 | $(178) | $(169) | $(9) |

---

#### 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 2.010% Quarterly, Pay Variable 1.840% (CNRR007) Quarterly | 06/03/2029 | CNY 10,000 | $34 | $– | $34 |
| 10-Year Interest Rate Swap, Receive Fixed 1.125% Quarterly, Pay Variable 2.810% (3M KWCDC) Quarterly | 10/07/2029 | KRW 1,584,200 | (56) | – | (56) |
| 10-Year Interest Rate Swap, Receive Fixed 1.740% Quarterly, Pay Variable 1.841% (CNRR007) Quarterly | 10/16/2029 | CNY 13,200 | 26 | – | 26 |
| 10-Year Interest Rate Swap, Receive Fixed 1.800% Quarterly, Pay Variable 2.840% (3M KWCDC) Quarterly | 09/23/2031 | KRW 2,288,000 | (50) | – | (50) |
| 2-Year Interest Rate Swap, Receive Fixed 9.150% 28 days, Pay Variable 9.080% (MXIBTIIE) 28 days | 11/19/2026 | MXN 102,340 | 123 | – | 123 |
| 5-Year Interest Rate Swap, Receive Fixed 1.6175% Quarterly, Pay Variable 1.842% (CNRR007) Quarterly | 03/21/2030 | CNY 4,500 | 6 | – | 6 |
| 5-Year Interest Rate Swap, Receive Fixed 2.4810% Quarterly, Pay Variable 1.840% (CNRR007) Quarterly | 09/22/2026 | CNY 33,000 | 68 | – | 68 |
| 5-Year Interest Rate Swap, Receive Fixed 1.520% Quarterly, Pay Variable 1.840% (CNRR007) Quarterly | 01/27/2030 | CNY 20,170 | 15 | – | 15 |
| 5-Year Interest Rate Swap, Receive Fixed 2.032% Quarterly, Pay Variable 1.840% (CNRR007) Quarterly | 04/25/2029 | CNY 5,350 | 18 | – | 18 |
| 5-Year Interest Rate Swap, Receive Fixed 2.122% Quarterly, Pay Variable 1.840% (CNRR007) Quarterly | 02/02/2029 | CNY 13,100 | 48 | – | 48 |
| 5-Year Interest Rate Swap, Receive Fixed 2.3775% Quarterly, Pay Variable 1.840% (CNRR007) Quarterly | 07/24/2028 | CNY 40,100 | 172 | – | 172 |

---

Semi-Annual 89

------

&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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 2.635% Quarterly, |  |  |  |  |  |
| Pay Variable 1.840% (CNRR007) Quarterly | 01/08/2026 | CNY 38,600 | 42 |  | 42 |
| 5-Year Interest Rate Swap, Receive Fixed 2.715% Quarterly, |  |  |  |  |  |
| Pay Variable 1.840% (CNRR007) Quarterly | 09/16/2025 | CNY 12,200 | 9 |  | 9 |
| 5-Year Interest Rate Swap, Receive Fixed 2.720% Quarterly, |  |  |  |  |  |
| Pay Variable 1.840% (CNRR007) Quarterly | 10/14/2025 | CNY 10,000 | 8 |  | 8 |
| 5-Year Interest Rate Swap, Receive Fixed 2.8225% Quarterly, |  |  |  |  |  |
| Pay Variable 1.840% (CNRR007) Quarterly | 02/15/2028 | CNY 35,900 | 204 |  | 204 |
| 5-Year Interest Rate Swap, Receive Fixed 2.350% Quarterly, |  |  |  |  |  |
| Pay Variable 1.840% (CNRR007) Quarterly | 07/03/2025 | CNY 11,800 | 2 |  | 2 |
|  |  |  | $669 | $— | $669 |

---

#### Open OTC Interest Rate Swap Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Maturity<br>Date | Notional<br>Amount<br> (000s) | Value<br>(000s) | Unrealized<br>Depreciation<br>(000s) |
| 5-Year Interest Rate Swap, Receive Fixed 1.850% Quarterly, Pay Variable 1.840% (CNRR007) Quarterly | 05/08/2025 | CNY 16,000 | $– $– $|  |

---

#### 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> | $1235 |
| Non-cash Collateral<sup>2</sup> | (1235) |
|  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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

*See notes to financial statements.* 

90 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 Bond Fund

**Schedule of Investments** - April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
|  **Bond (99%)** | **Bond (99%)** |  |
|  **Albania (EUR) (0%)** | **Albania (EUR) (0%)** |  |
| 520000 | Albania Government International Bond 144A, 3.50%, 11/23/31<br>EUR (a)(b) | $558 |
| 2890000 | Albania Government International Bond 144A, 4.75%, 2/14/35<br>EUR (a)(b) | 3128 |
|  |  | 3686 |
|  **Angola (USD) (1%)** | **Angola (USD) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595000 | Angolan Government International Bond 144A, 8.75%, 4/14/32 (a) | 3619 |
| 5850000 | Angolan Government International Bond 144A, 9.13%, 11/26/49 (a) | 4009 |
| 3030000 | Angolan Government International Bond 144A, 9.50%, 11/12/25 (a)(c) | 2967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10595 |
|  **Argentina (USD) (4%)** | **Argentina (USD) (4%)** |  |
| 13472800 | Argentine Republic Government International Bond, 0.75%, 7/09/30 | 10340 |
| 1547095 | Argentine Republic Government International Bond, 1.00%, 7/09/29 | 1248 |
| 5107500 | Argentine Republic Government International Bond, 3.50%, 7/09/41 | 3095 |
| 19207476 | Argentine Republic Government International Bond, 4.13%, 7/09/35 | 12857 |
| 4344090 | Argentine Republic Government International Bond, 5.00%, 1/09/38 | 3036 |
|  |  | 30576 |
|  **Bahamas (USD) (0%)** | **Bahamas (USD) (0%)** |  |
| 515000 | Intercorp Peru Ltd. 144A, 3.88%, 8/15/29 (a) (c) | 482 |
|  **Bermuda (USD) (0%)** | **Bermuda (USD) (0%)** |  |
| 1105000 | Geopark Ltd. 144A, 8.75%, 1/31/30 (a) | 956 |
| 1840000 | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak 144A, 4.85%, 10/14/38 (a) | 1710 |
|  |  | 2666 |
|  **Brazil (BRL) (4%)** | **Brazil (BRL) (4%)** |  |
| 9669128 | Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/50 BRL (b) | 1476 |
| 184400000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/29 BRL (b) | 29447 |
| 28500000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/33 BRL (b) | 4164 |
|  |  | 35087 |
|  **Brazil (USD) (2%)** | **Brazil (USD) (2%)** |  |
| 3480000 | Brazilian Government International Bond, 6.00%, 10/20/33 | 3434 |
| 8255000 | Brazilian Government International Bond, 6.13%, 3/15/34 | 8109 |
| 3360000 | Brazilian Government International Bond, 6.25%, 3/18/31 | 3460 |
| 2750000 | Brazilian Government International Bond, 8.25%, 1/20/34 | 3076 |
|  |  | 18079 |
|  **Canada (USD) (0%)** | **Canada (USD) (0%)** |  |
| 1720000 | First Quantum Minerals Ltd. 144A, 8.63%, 6/01/31 (a) | 1745 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
|  **Cayman Islands (USD) (2%)** | **Cayman Islands (USD) (2%)** |  |
| 3266124 | Bioceanico Sovereign Certificate Ltd. 144A, 2.80%, 6/05/34 (a)(d) | $2529 |
| 1315000 | DP World Salaam, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.750%), 6.00% (e)(f)(g) | 1314 |
| 2535000 | Gaci First Investment Co., 5.38%, 10/13/22 (e) | 2073 |
| 2614000 | Liberty Costa Rica Senior Secured Finance 144A, 10.88%, 1/15/31 (a) | 2778 |
| 1655000 | Melco Resorts Finance Ltd. 144A, 7.63%, 4/17/32 (a) | 1599 |
| 2560000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (a) | 2519 |
|  |  | 12812 |
|  **Chile (CLP) (1%)** | **Chile (CLP) (1%)** |  |
| 3905000000 | Bonos de la Tesoreria de la Republica en pesos 144A, 6.00%, 4/01/33 CLP (a)(b)(e) | 4240 |
|  **Chile (USD) (2%)** | **Chile (USD) (2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110272 | Alfa Desarrollo SpA 144A, 4.55%, 9/27/51 (a) | 3025 |
| 1550000 | Banco de Credito e Inversiones SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.944%), 8.75% (a)(f)(g) | 1607 |
| 3870000 | Chile Government International Bond, 3.10%, 5/07/41 | 2855 |
| 2473244 | Chile Government International Bond, 5.33%, 1/05/54 (c) | 2306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9793 |
|  **Colombia (USD) (3%)** | **Colombia (USD) (3%)** |  |
| 2242000 | Colombia Government International Bond, 3.13%, 4/15/31 | 1810 |
| 2475000 | Colombia Government International Bond, 3.25%, 4/22/32 | 1915 |
| 1440000 | Colombia Government International Bond, 4.13%, 2/22/42 | 880 |
| 5789000 | Colombia Government International Bond, 6.13%, 1/18/41 | 4558 |
| 2010000 | Colombia Government International Bond, 7.38%, 4/25/30 | 2044 |
| 4385000 | Colombia Government International Bond, 7.38%, 9/18/37 (c) | 4075 |
| 3190000 | Colombia Government International Bond, 7.75%, 11/07/36 | 3043 |
| 1980000 | Colombia Government International Bond, 8.00%, 4/20/33 | 2014 |
| 3830000 | Colombia Government International Bond, 8.00%, 11/14/35 | 3765 |
|  |  | 24104 |
|  **Costa Rica (USD) (2%)** | **Costa Rica (USD) (2%)** |  |
| 8640000 | Costa Rica Government International Bond 144A, 6.55%, 4/03/34 (a) | 8857 |
| 925000 | Costa Rica Government International Bond 144A, 7.00%, 4/04/44 (a) | 932 |
| 3920000 | Costa Rica Government International Bond 144A, 7.30%, 11/13/54 (a) | 4001 |
|  |  | 13790 |
|  **Czech Republic (CZK) (1%)** | **Czech Republic (CZK) (1%)** |  |
| 207120000 | Czech Republic Government Bond Series 145, 3.50%, 5/30/35 CZK (b) | 8992 |

---

Semi-Annual 91

------

&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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
|  **Dominican Republic (USD) (3%)** | **Dominican Republic (USD) (3%)** |  |
| 1900000 | Dominican Republic International Bond 144A, 4.50%, 1/30/30 (a) | $1773 |
| 4780000 | Dominican Republic International Bond 144A, 4.88%, 9/23/32 (a) | 4303 |
| 4640000 | Dominican Republic International Bond 144A, 5.50%, 2/22/29 (a) | 4585 |
| 3340000 | Dominican Republic International Bond 144A, 6.00%, 7/19/28 (a) | 3367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130000 | Dominican Republic International Bond 144A, 6.00%, 2/22/33 (a) | 5930 |
| 1580000 | Dominican Republic International Bond 144A, 6.60%, 6/01/36 (a) | 1555 |
| 1820000 | Dominican Republic International Bond 144A, 6.95%, 3/15/37 (a) | 1810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23323 |
|  **Ecuador (USD) (1%)** | **Ecuador (USD) (1%)** |  |
| 1257250 | Ecuador Government International Bond 144A, 5.00%, 7/31/40 (a) | 660 |
| 9457819 | Ecuador Government International Bond 144A, 5.50%, 7/31/35 (a) | 5704 |
| 1949320 | Ecuador Government International Bond 144A, 6.90%, 7/31/30 (a) | 1463 |
| 5160000 | Ecuador Government International Bond 144A, 13.07%, 7/31/30 (a)(d) | 3152 |
|  |  | 10979 |
|  **Egypt (EUR) (1%)** | **Egypt (EUR) (1%)** |  |
| 7740000 | Egypt Government International Bond 144A, 6.38%, 4/11/31 EUR (a)(b) | 7582 |
|  **Egypt (USD) (1%)** | **Egypt (USD) (1%)** |  |
| 2865000 | Egypt Government International Bond 144A, 7.63%, 5/29/32 (a) | 2446 |
| 1975000 | Egypt Government International Bond 144A, 7.90%, 2/21/48 (a)(c) | 1363 |
| 4290000 | Egypt Government International Bond 144A, 8.75%, 9/30/51 (a) | 3175 |
|  |  | 6984 |
|  **El Salvador (USD) (1%)** | **El Salvador (USD) (1%)** |  |
| 2720000 | El Salvador Government International Bond 144A, 0.25%, 4/17/30 (a) | 61 |
| 1165000 | El Salvador Government International Bond 144A, 7.63%, 2/01/41 (a) | 1044 |
| 2720000 | El Salvador Government International Bond 144A, 9.25%, 4/17/30 (a) | 2809 |
| 2845000 | El Salvador Government International Bond 144A, 9.50%, 7/15/52 (a) | 2852 |
|  |  | 6766 |
|  **Gabon (USD) (0%)** | **Gabon (USD) (0%)** |  |
| 2688000 | Gabon Government International Bond 144A, 6.63%, 2/06/31 (a) | 1917 |
|  **Ghana (USD) (1%)** | **Ghana (USD) (1%)** |  |
| 529437 | Ghana Government International Bond 144A, 4.72%, 7/03/26 (a)(d) | 502 |
| 695246 | Ghana Government International Bond 144A, 4.96%, 1/03/30 (a)(d) | 528 |
| 111320 | Ghana Government International Bond, 5.00%, 7/03/29 (e) | 95 |
| 4368494 | Ghana Government International Bond 144A, 5.00%, 7/03/29 (a) | 3730 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
| 160080 | Ghana Government International Bond, 5.00%, 7/03/35 (e) | $109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7396842 | Ghana Government International Bond 144A, 5.00%, 7/03/35 (a) | 5033 |
| 23166 | Ghana Government International Bond, 5.05%, 1/03/30 (d)(e) | 18 |
| 11040 | Ghana Government International Bond, 5.19%, 7/03/26 (d)(e) | 10 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10025 |
|  **Guatemala (USD) (2%)** | **Guatemala (USD) (2%)** |  |
| 1047000 | Guatemala Government Bond 144A, 4.38%, 6/05/27 (a) | 1024 |
| 2895000 | Guatemala Government Bond 144A, 4.65%, 10/07/41 (a) | 2245 |
| 5105000 | Guatemala Government Bond 144A, 5.38%, 4/24/32 (a)(c) | 4916 |
| 8880000 | Guatemala Government Bond 144A, 6.60%, 6/13/36 (a) | 8896 |
|  |  | 17081 |
|  **Hungary (HUF) (1%)** | **Hungary (HUF) (1%)** |  |
| 2575310000 | Hungary Government Bond Series 35/A, 7.00%, 10/24/35 HUF (b) | 7316 |
|  **Hungary (USD) (3%)** | **Hungary (USD) (3%)** |  |
| 2600000 | Hungary Government International Bond 144A, 2.13%, 9/22/31 (a) | 2116 |
| 5100000 | Hungary Government International Bond 144A, 3.13%, 9/21/51 (a) | 2994 |
| 7195000 | Hungary Government International Bond 144A, 5.25%, 6/16/29 (a) | 7195 |
| 8300000 | Hungary Government International Bond 144A, 5.50%, 6/16/34 (a) | 8012 |
| 1160000 | Hungary Government International Bond 144A, 6.13%, 5/22/28 (a) | 1194 |
| 2170000 | Hungary Government International Bond 144A, 6.25%, 9/22/32 (a) | 2239 |
| 4174000 | Hungary Government International Bond Series 30Y, 7.63%, 3/29/41 | 4621 |
|  |  | 28371 |
|  **India (USD) (1%)** | **India (USD) (1%)** |  |
| 1675000 | Muthoot Finance Ltd. 144A, 7.13%, 2/14/28 (a) | 1665 |
| 1578281 | SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/ UBEPL 144A, 7.80%, 7/31/31 (a) | 1499 |
| 1655000 | Shriram Finance Ltd. 144A, 6.63%, 4/22/27 (a) | 1653 |
|  |  | 4817 |
|  **Indonesia (EUR) (1%)** | **Indonesia (EUR) (1%)** |  |
| 6335000 | Indonesia Government International Bond, 1.10%, 3/12/33 EUR (b) | 5875 |
| 415000 | Indonesia Government International Bond, 3.88%, 1/15/33 EUR (b) | 472 |
|  |  | 6347 |
|  **Indonesia (IDR) (1%)** | **Indonesia (IDR) (1%)** |  |
| 67377000000 | Indonesia Treasury Bond Series 100, 6.63%, 2/15/34 IDR (b) | 4005 |
| 43321000000 | Indonesia Treasury Bond Series 103, 6.75%, 7/15/35 IDR (b) | 2590 |
| 58833000000 | Indonesia Treasury Bond Series FR72, 8.25%, 5/15/36 IDR (b) | 3883 |
|  |  | 10478 |

---

92 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
|  **Indonesia (USD) (3%)** | **Indonesia (USD) (3%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030000 | Hutama Karya Persero PT 144A, 3.75%, 5/11/30 (a) | $2859 |
| 4450000 | Indonesia Government International Bond, 3.05%, 3/12/51 | 2896 |
| 8235000 | Indonesia Government International Bond, 4.45%, 4/15/70 | 6520 |
| 4770000 | Perusahaan Penerbit SBSN Indonesia III 144A, 5.65%, 11/25/54 (a) | 4621 |
| 1821569 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (a) | 1774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18670 |
|  **Israel (USD) (0%)** | **Israel (USD) (0%)** |  |
| 2255000 | Leviathan Bond Ltd. 144A, 6.75%, 6/30/30 (a) (c)(e) | 2189 |
|  **Ivory Coast (EUR) (0%)** | **Ivory Coast (EUR) (0%)** |  |
| 579000 | Ivory Coast Government International Bond 144A, 4.88%, 1/30/32<br>EUR (a)(b) | 568 |
| 2050000 | Ivory Coast Government International Bond 144A, 5.88%, 10/17/31<br>EUR (a)(b) | 2119 |
|  |  | 2687 |
|  **Ivory Coast (USD) (1%)** | **Ivory Coast (USD) (1%)** |  |
| 3735000 | Ivory Coast Government International Bond 144A, 6.13%, 6/15/33 (a)(c) | 3223 |
| 1713000 | Ivory Coast Government International Bond 144A, 6.38%, 3/03/28 (a) | 1691 |
| 2690000 | Ivory Coast Government International Bond 144A, 8.08%, 4/01/36 (a) | 2487 |
| 1940000 | Ivory Coast Government International Bond 144A, 8.25%, 1/30/37 (a) | 1788 |
|  |  | 9189 |
|  **Jordan (USD) (0%)** | **Jordan (USD) (0%)** |  |
| 1800000 | Jordan Government International Bond 144A, 6.13%, 1/29/26 (a)(c) | 1799 |
| 1320000 | Jordan Government International Bond 144A, 7.75%, 1/15/28 (a) | 1340 |
|  |  | 3139 |
|  **Kenya (USD) (0%)** | **Kenya (USD) (0%)** |  |
| 2785000 | Republic of Kenya Government International Bond 144A, 7.25%, 2/28/28 (a) | 2620 |
|  **Lebanon (USD) (0%)** | **Lebanon (USD) (0%)** |  |
| 4065000 | Lebanon Government International Bond Series 10Y, 6.00%,<br>1/27/23 (e)(h) | 703 |
| 4545000 | Lebanon Government International Bond, 6.20%, 2/26/25 (e)(h) | 786 |
| 3365000 | Lebanon Government International Bond, 6.60%, 11/27/26 (e)(h) | 580 |
| 1096000 | Lebanon Government International Bond, 6.65%, 2/26/30 (e)(h) | 189 |
| 2290000 | Lebanon Government International Bond Series 15Y, 6.75%,<br>11/29/27 (e)(h) | 395 |
| 1210000 | Lebanon Government International Bond, 6.85%, 5/25/29 (e)(h) | 209 |
| 4140000 | Lebanon Government International Bond Series 15YR, 7.00%, 3/23/32 (e)(h) | 714 |
|  |  | 3576 |
|  **Luxembourg (USD) (1%)** | **Luxembourg (USD) (1%)** |  |
| 3835000 | EIG Pearl Holdings Sarl 144A, 4.39%, 11/30/46 (a) | 2972 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (a) | $1713 |
| 445000 | Minerva Luxembourg SA 144A, 4.38%, 3/18/31 (a)(c) | 392 |
| 2385000 | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (a) | 2546 |
| 1878508 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | 1727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 |
|  **Malaysia (USD) (1%)** | **Malaysia (USD) (1%)** |  |
| 2105000 | Petronas Capital Ltd. 144A, 4.55%, 4/21/50 (a) | 1777 |
| 4930000 | Petronas Capital Ltd. 144A, 5.34%, 4/03/35 (a) | 5011 |
|  |  | 6788 |
|  **Mauritius (USD) (0%)** | **Mauritius (USD) (0%)** |  |
| 751500 | Greenko Power II Ltd. 144A, 4.30%, 12/13/28 (a) | 691 |
| 2102190 | India Cleantech Energy 144A, 4.70%, 8/10/26 (a) | 2046 |
|  |  | 2737 |
|  **Mexico (EUR) (0%)** | **Mexico (EUR) (0%)** |  |
| 2325000 | Petroleos Mexicanos, 3.75%, 4/16/26 EUR (b) (e) | 2574 |
|  **Mexico (MXN) (1%)** | **Mexico (MXN) (1%)** |  |
| 26900000 | Grupo Televisa SAB, 7.25%, 5/14/43 MXN (b) | 830 |
| 60280000 | Mexican Bonos Series M, 7.50%, 5/26/33 MXN (b) | 2780 |
| 150519861 | Mexican Udibonos Series S, 2.75%, 11/27/31 MXN (b) | 6662 |
|  |  | 10272 |
|  **Mexico (USD) (5%)** | **Mexico (USD) (5%)** |  |
| 1475000 | Banco Nacional de Comercio Exterior SNC 144A, 5.88%, 5/07/30 | 1468 |
| 2785000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.650%), 5.13%, 1/18/33 (a)(f) | 2637 |
| 3281717 | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a) | 3158 |
| 1635542 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (a) | 1625 |
| 1730000 | Mexico Government International Bond, 4.88%, 5/19/33 | 1596 |
| 1270000 | Mexico Government International Bond, 5.40%, 2/09/28 | 1293 |
| 1320000 | Mexico Government International Bond, 6.00%, 5/07/36 | 1261 |
| 4920000 | Mexico Government International Bond, 6.34%, 5/04/53 | 4335 |
| 1330000 | Mexico Government International Bond, 6.88%, 5/13/37 | 1348 |
| 3458000 | Petroleos Mexicanos, 6.49%, 1/23/27 | 3381 |
| 3640000 | Petroleos Mexicanos, 6.50%, 3/13/27 | 3559 |
| 6045000 | Petroleos Mexicanos, 6.63%, 6/15/35 | 4669 |
| 2981000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 2557 |
| 860000 | Petroleos Mexicanos, 6.95%, 1/28/60 | 574 |
| 2975000 | Petroleos Mexicanos, 7.69%, 1/23/50 | 2173 |
| 3190000 | Petroleos Mexicanos, 8.75%, 6/02/29 | 3139 |
|  |  | 38773 |

---

Semi-Annual 93

------

&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) |
|  **Montenegro (USD) (0%)** | **Montenegro (USD) (0%)** |  |
| 1625000 | Montenegro Government International Bond 144A, 7.25%, 3/12/31 (a) | $1641 |
|  **Morocco (EUR) (0%)** | **Morocco (EUR) (0%)** |  |
| 2485000 | Morocco Government International Bond 144A, 4.75%, 4/02/35 EUR (a)(b) | 2797 |
|  **Morocco (USD) (1%)** | **Morocco (USD) (1%)** |  |
| 3985000 | Morocco Government International Bond 144A, 5.95%, 3/08/28 (a) | 4058 |
| 1840000 | Morocco Government International Bond 144A, 6.50%, 9/08/33 (a) | 1905 |
| 965000 | OCP SA 144A, 6.10%, 4/30/30 (a) | 967 |
| 1700000 | OCP SA 144A, 6.70%, 3/01/36 (a) | 1686 |
|  |  | 8616 |
|  **Netherlands (USD) (0%)** | **Netherlands (USD) (0%)** |  |
| 956489 | Yinson Boronia Production BV 144A, 8.95%, 7/31/42 (a) | 983 |
|  **Nigeria (USD) (2%)** | **Nigeria (USD) (2%)** |  |
| 3470000 | Nigeria Government International Bond 144A, 6.13%, 9/28/28 (a) | 3119 |
| 3525000 | Nigeria Government International Bond 144A, 6.50%, 11/28/27 (a) | 3320 |
| 4575000 | Nigeria Government International Bond 144A, 7.70%, 2/23/38 (a) | 3561 |
| 3430000 | Nigeria Government International Bond 144A, 8.38%, 3/24/29 (a) | 3249 |
|  |  | 13249 |
|  **Oman (USD) (3%)** | **Oman (USD) (3%)** |  |
| 3825000 | Oman Government International Bond 144A, 5.38%, 3/08/27 (a) | 3850 |
| 8480000 | Oman Government International Bond 144A, 5.63%, 1/17/28 (a) | 8587 |
| 4320000 | Oman Government International Bond 144A, 6.25%, 1/25/31 (a) | 4531 |
| 2610000 | Oman Government International Bond 144A, 6.50%, 3/08/47 (a) | 2595 |
| 1870000 | Oman Government International Bond 144A, 7.38%, 10/28/32 (a) | 2097 |
|  |  | 21660 |
|  **Pakistan (USD) (1%)** | **Pakistan (USD) (1%)** |  |
| 2805000 | Pakistan Government International Bond 144A, 7.38%, 4/08/31 (a) | 2219 |
| 2665000 | Pakistan Government International Bond 144A, 8.88%, 4/08/51 (a) | 1904 |
|  |  | 4123 |
|  **Panama (USD) (2%)** | **Panama (USD) (2%)** |  |
| 2480000 | Panama Government International Bond, 4.30%, 4/29/53 | 1514 |
| 3195000 | Panama Government International Bond, 4.50%, 4/16/50 | 2060 |
| 2275000 | Panama Government International Bond, 6.40%, 2/14/35 | 2157 |
| 6410000 | Panama Government International Bond, 7.50%, 3/01/31 | 6667 |
| 8100000 | Panama Government International Bond, 8.00%, 3/01/38 | 8404 |
|  |  | 20802 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Paraguay (USD) (2%)** | **Paraguay (USD) (2%)** |  |
| 1940000 | Paraguay Government International Bond 144A, 2.74%, 1/29/33 (a) | $1636 |
| 1347000 | Paraguay Government International Bond 144A, 4.70%, 3/27/27 (a) | 1345 |
| 2255000 | Paraguay Government International Bond 144A, 5.60%, 3/13/48 (a) | 1988 |
| 4510000 | Paraguay Government International Bond 144A, 5.85%, 8/21/33 (a) | 4555 |
| 4440000 | Paraguay Government International Bond 144A, 6.00%, 2/09/36 (a) | 4482 |
| 5745000 | Paraguay Government International Bond 144A, 6.10%, 8/11/44 (a) | 5422 |
|  |  | 19428 |
|  **Peru (PEN) (3%)** | **Peru (PEN) (3%)** |  |
| 18835000 | Peru Government Bond, 5.35%, 8/12/40 PEN (b) | 4293 |
| 16365000 | Peru Government Bond, 5.40%, 8/12/34 PEN (b) | 4117 |
| 15920000 | Peru Government Bond 144A, 7.60%, 8/12/39<br>PEN (a)(b)(e) | 4523 |
| 42000000 | Peruvian Government International Bond 144A, 6.90%, 8/12/37 PEN (a)(b) | 11340 |
|  |  | 24273 |
|  **Peru (USD) (2%)** | **Peru (USD) (2%)** |  |
| 1930000 | 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) | 1927 |
| 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)(c)(f) | 433 |
| 4975000 | Peruvian Government International Bond, 3.00%, 1/15/34 | 4155 |
| 5935000 | Peruvian Government International Bond, 3.60%, 1/15/72 | 3636 |
| 1910000 | Peruvian Government International Bond, 5.38%, 2/08/35 | 1886 |
| 4660000 | Peruvian Government International Bond, 5.88%, 8/08/54 | 4429 |
| 490000 | Pluspetrol Camisea SA/Pluspetrol Lote 56 SA 144A, 6.24%, 7/03/36 (a) | 500 |
|  |  | 16966 |
|  **Philippines (USD) (1%)** | **Philippines (USD) (1%)** |  |
| 4565000 | Philippine Government International Bond, 3.70%, 3/01/41 | 3670 |
| 2445000 | Philippine Government International Bond, 5.50%, 1/17/48 | 2379 |
| 4245000 | Philippine Government International Bond, 5.90%, 2/04/50 | 4326 |
|  |  | 10375 |
|  **Poland (EUR) (1%)** | **Poland (EUR) (1%)** |  |
| 4075000 | Republic of Poland Government International Bond, 3.63%, 1/16/35 EUR (b)(e) | 4692 |
|  **Poland (PLN) (1%)** | **Poland (PLN) (1%)** |  |
| 39740000 | Republic of Poland Government Bond Series 1034, 5.00%, 10/25/34 PLN (b) | 10357 |
|  **Poland (USD) (3%)** | **Poland (USD) (3%)** |  |
| 2090000 | Bank Gospodarstwa Krajowego 144A, 5.38%, 5/22/33 (a) | 2106 |

---

94 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 5650000 | Bank Gospodarstwa Krajowego 144A, 5.75%, 7/09/34 (a) | $5780 |
| 2900000 | Republic of Poland Government International Bond, 5.50%, 4/04/53 | 2719 |
| 13400000 | Republic of Poland Government International Bond, 5.50%, 3/18/54 | 12479 |
|  |  | 23084 |
|  **Qatar (USD) (1%)** | **Qatar (USD) (1%)** |  |
| 3690000 | Qatar Government International Bond 144A, 4.40%, 4/16/50 (a) | 3134 |
| 3215000 | Qatar Government International Bond 144A, 4.82%, 3/14/49 (a) | 2923 |
| 3050000 | Qatar Government International Bond 144A, 5.10%, 4/23/48 (a) | 2893 |
|  |  | 8950 |
|  **Romania (EUR) (0%)** | **Romania (EUR) (0%)** |  |
| 2726000 | Romanian Government International Bond 144A, 4.63%, 4/03/49 EUR (a)(b) | 2264 |
| 1730000 | Romanian Government International Bond 144A, 5.63%, 2/22/36 EUR (a)(b) | 1800 |
|  |  | 4064 |
|  **Romania (USD) (2%)** | **Romania (USD) (2%)** |  |
| 2700000 | Romanian Government International Bond 144A, 3.00%, 2/27/27 (a) | 2586 |
| 9020000 | Romanian Government International Bond 144A, 5.75%, 3/24/35 (a) | 8001 |
| 2320000 | Romanian Government International Bond 144A, 6.13%, 1/22/44 (a) | 1980 |
| 2550000 | Romanian Government International Bond 144A, 7.50%, 2/10/37 (a) | 2540 |
|  |  | 15107 |
|  **Saudi Arabia (USD) (3%)** | **Saudi Arabia (USD) (3%)** |  |
| 4775000 | Saudi Arabian Oil Co. 144A, 4.25%, 4/16/39 (a) | 4118 |
| 2135000 | Saudi Arabian Oil Co. 144A, 5.75%, 7/17/54 (a) | 1999 |
| 3550000 | Saudi Government International Bond 144A, 3.25%, 11/17/51 (a) | 2226 |
| 7025000 | Saudi Government International Bond 144A, 3.45%, 2/02/61 (a) | 4328 |
| 6305000 | Saudi Government International Bond 144A, 3.75%, 1/21/55 (a) | 4270 |
| 2335000 | Saudi Government International Bond 144A, 5.25%, 1/16/50 (a) | 2086 |
|  |  | 19027 |
|  **Senegal (USD) (1%)** | **Senegal (USD) (1%)** |  |
| 2245000 | Senegal Government International Bond 144A, 6.25%, 5/23/33 (a) | 1566 |
| 5490000 | Senegal Government International Bond 144A, 6.75%, 3/13/48 (a) | 3334 |
|  |  | 4900 |
|  **Singapore (USD) (0%)** | **Singapore (USD) (0%)** |  |
| 1955000 | Continuum Energy Aura Pte Ltd. 144A, 9.50%, 2/24/27 (a) | 1998 |
|  **South Africa (USD) (2%)** | **South Africa (USD) (2%)** |  |
| 905000 | Eskom Holdings SOC Ltd. 144A, 6.35%, 8/10/28 (a) | 895 |
| 2005000 | Eskom Holdings SOC Ltd. 144A, 8.45%, 8/10/28 (a) | 2050 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 3120000 | Republic of South Africa Government International Bond, 4.30%, 10/12/28 | $2955 |
| 2700000 | Republic of South Africa Government International Bond, 5.65%, 9/27/47 | 1942 |
| 4980000 | Republic of South Africa Government International Bond, 5.75%, 9/30/49 | 3569 |
| 4700000 | Republic of South Africa Government International Bond, 5.88%, 6/22/30 | 4565 |
| 1905000 | Republic of South Africa Government International Bond 144A, 7.10%, 11/19/36 (a) | 1816 |
| 3690000 | Republic of South Africa Government International Bond, 7.30%, 4/20/52 | 3165 |
|  |  | 20957 |
|  **Spain (USD) (0%)** | **Spain (USD) (0%)** |  |
| 1313954 | AI Candelaria - spain- SA 144A, 7.50%, 12/15/28 (a) | 1297 |
|  **Sri Lanka (USD) (2%)** | **Sri Lanka (USD) (2%)** |  |
| 2905840 | Sri Lanka Government International Bond 144A, 3.10%, 1/15/30 (a) | 2361 |
| 4915164 | Sri Lanka Government International Bond 144A, 3.35%, 3/15/33 (a) | 3440 |
| 3318868 | Sri Lanka Government International Bond 144A, 3.60%, 6/15/35 (a) | 2165 |
| 2303369 | Sri Lanka Government International Bond 144A, 3.60%, 5/15/36 (a) | 1618 |
| 4608677 | Sri Lanka Government International Bond 144A, 3.60%, 2/15/38 (a) | 3261 |
| 2356107 | Sri Lanka Government International Bond 144A, 4.00%, 4/15/28 (a) | 2191 |
|  |  | 15036 |
|  **Supranational (INR) (0%)** | **Supranational (INR) (0%)** |  |
| 66000000 | European Bank for Reconstruction & Development, 6.75%, 3/14/31 INR (b) | 786 |
|  **Supranational (USD) (0%)** | **Supranational (USD) (0%)** |  |
| 1473659 | Borr IHC Ltd./Borr Finance LLC 144A, 10.00%, 11/15/28 (a) | 1268 |
| 485000 | Promigas SA ESP/Gases del Pacifico SAC 144A, 3.75%, 10/16/29 (a) | 458 |
|  |  | 1726 |
|  **Turkey (EUR) (1%)** | **Turkey (EUR) (1%)** |  |
| 3810000 | Turkiye Government International Bond, 5.88%, 5/21/30 EUR (b) | 4459 |
|  **Turkey (TRY) (1%)** | **Turkey (TRY) (1%)** |  |
| 193565000 | Turkiye Government Bond Series 5Y, 17.30%, 7/19/28 TRY (b) | 3302 |
| 87970000 | Turkiye Government Bond Series 2Y, 36.00%, 8/12/26 TRY (b) | 2093 |
|  |  | 5395 |
|  **Turkey (USD) (3%)** | **Turkey (USD) (3%)** |  |
| 4710000 | Hazine Mustesarligi Varlik Kiralama AS 144A, 8.51%, 1/14/29 (a) | 4997 |
| 3170000 | Istanbul Metropolitan Municipality 144A, 10.50%, 12/06/28 (a) | 3380 |
| 1655000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 1627 |
| 2095000 | Turkiye Government International Bond Series 11Y, 4.25%, 4/14/26 | 2070 |
| 1070000 | Turkiye Government International Bond Series 30Y, 6.00%, 1/14/41 | 855 |

---

Semi-Annual 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 Bond Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 3375000 | Turkiye Government International Bond Series 7Y, 7.13%, 2/12/32 | $3298 |
| 2755000 | Turkiye Government International Bond, 9.13%, 7/13/30 | 2991 |
| 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) | 1726 |
|  |  | 20944 |
|  **Ukraine (USD) (1%)** | **Ukraine (USD) (1%)** |  |
| 109127 | Ukraine Government International Bond 144A, 1.75%, 2/01/29 (a) | 68 |
| 288922 | Ukraine Government International Bond, 1.75%, 2/01/29 (e) | 181 |
| 4097407 | Ukraine Government International Bond 144A, 1.75%, 2/01/34 (a) | 2063 |
| 505614 | Ukraine Government International Bond, 1.75%, 2/01/34 (e) | 255 |
| 3761258 | Ukraine Government International Bond 144A, 1.75%, 2/01/35 (a) | 1862 |
| 577845 | Ukraine Government International Bond, 1.75%, 2/01/35 (e) | 286 |
| 2892488 | Ukraine Government International Bond 144A, 1.75%, 2/01/36 (a) | 1405 |
| 72231 | Ukraine Government International Bond, 1.75%, 2/01/36 (e) | 35 |
| 2695000 | Ukraine Government International Bond 144A, 2.04%, 8/01/41 (a)(d)(f) | 1925 |
| 759110 | Ukraine Government International Bond 144A, 16.60%, 2/01/34 (a)(d) | 292 |
| 593240 | Ukraine Government International Bond 144A, 18.44%, 2/01/30 (a)(d) | 293 |
| 78912 | Ukraine Government International Bond, 18.44%, 2/01/30 (d)(e) | 39 |
|  |  | 8704 |
|  **United Arab Emirates (USD) (3%)** | **United Arab Emirates (USD) (3%)** |  |
| 9558000 | Abu Dhabi Crude Oil Pipeline LLC 144A, 4.60%, 11/02/47 (a) | 8485 |
| 2415000 | Abu Dhabi Developmental Holding Co. PJSC 144A, 5.25%, 10/02/54 (a) | 2211 |
| 3790000 | Abu Dhabi Government International Bond 144A, 5.50%, 4/30/54 (a) | 3765 |
| 2021212 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | 2013 |
| 1580000 | MDGH GMTN RSC Ltd. 144A, 5.08%, 5/22/53 (a) | 1445 |
| 2000000 | UAE International Government Bond 144A, 4.95%, 7/07/52 (a) | 1834 |
|  |  | 19753 |
|  **United States (USD) (3%)** | **United States (USD) (3%)** |  |
| 5045708 | BBFI Liquidating Trust 144A, 6.24%, 12/30/99 (a)(d) | 50 |
| 19000000 | Federal Home Loan Bank Discount Notes, 4.18%, 5/01/25 (d) | 18998 |
| 2535000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (a) | 1974 |
| 10350000 | U.S. Treasury Bill, 4.22%, 5/06/25 (d) | 10344 |
|  |  | 31366 |
|  **Uruguay (USD) (0%)** | **Uruguay (USD) (0%)** |  |
| 2330000 | Uruguay Government International Bond, 5.44%, 2/14/37 | $2376 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Uzbekistan (USD) (1%)** | **Uzbekistan (USD) (1%)** |  |
| 3950000 | Republic of Uzbekistan International Bond 144A, 3.70%, 11/25/30 (a) | 3401 |
| 4280000 | Republic of Uzbekistan International Bond 144A, 5.38%, 2/20/29 (a) | 4175 |
| 3200000 | Republic of Uzbekistan International Bond 144A, 7.85%, 10/12/28 (a) | 3383 |
|  |  | 10959 |
|  **Venezuela (USD) (0%)** | **Venezuela (USD) (0%)** |  |
| 3630000 | Petroleos de Venezuela SA, 5.38%, 4/12/27 (e)(h) | 430 |
| 3220000 | Petroleos de Venezuela SA, 6.00%, 11/15/26 (e)(h) | 382 |
| 1122500 | Petroleos de Venezuela SA, 8.50%, 10/27/20 (e)(h) | 1055 |
| 2890000 | Petroleos de Venezuela SA, 9.00%, 11/17/21 (e)(h) | 376 |
| 1640000 | Petroleos de Venezuela SA, 12.75%, 2/17/22 (e)(h) | 225 |
| 1420000 | Venezuela Government International Bond, 7.00%, 3/31/38 (e)(h) | 220 |
| 4560000 | Venezuela Government International Bond, 7.65%, 4/21/25 (e)(h) | 673 |
| 12420000 | Venezuela Government International Bond, 7.75%, 10/13/19 (e)(h) | 1762 |
| 3375000 | Venezuela Government International Bond, 8.25%, 10/13/24 (e)(h) | 498 |
| 4870000 | Venezuela Government International Bond, 9.25%, 9/15/27 (h) | 864 |
|  |  | 6485 |
|  **Virgin Islands (British) (USD) (1%)** | **Virgin Islands (British) (USD) (1%)** |  |
| 3125000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (a) | 2993 |
|  **Zambia (USD) (1%)** | **Zambia (USD) (1%)** |  |
| 2326963 | Zambia Government International Bond 144A, 0.50%, 12/31/53 (a) | 1329 |
| 5630593 | Zambia Government International Bond 144A, 5.75%, 6/30/33 (a) | 4900 |
|  |  | 6229 |
|  **Total Bond (Cost - $856,035)** | **Total Bond (Cost - $856,035)** | 827754 |
|  **Investment Company (1%)** | **Investment Company (1%)** |  |
| 10849164 | Payden Cash Reserves Money Market Fund\*<br>(Cost - $10,849) | 10849 |
|  **Total Investments (Cost - $866,884) (100%)** | **Total Investments (Cost - $866,884) (100%)** | 838603 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | 959 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $839562 |

---

96 Payden Mutual Funds

------

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of these securities are on loan. At April 30, 2025, the total market value of the Fund's securities on loan is $5,696 and the total market value of the collateral held by the Fund is $5,922. Amounts in 000s.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security offered and sold outside the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025.

&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.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Assets:** |  |  |  |  |
|  BRL 26,673 | USD 4,331 | HSBC Bank USA, N.A. | 06/27/2025 | $304 |
|  BRL 20,551 | USD 3,548 | Morgan Stanley | 06/27/2025 | 23 |
|  CNH 42,760 | USD 5,855 | HSBC Bank USA, N.A. | 05/12/2025 | 33 |
|  CZK 90,200 | USD 3,956 | HSBC Bank USA, N.A. | 06/09/2025 | 143 |
|  EUR 7,839 | USD 8,608 | HSBC Bank USA, N.A. | 06/18/2025 | 300 |
|  HUF 1,510,300 | USD 4,104 | BNP PARIBAS | 06/23/2025 | 115 |
|  KRW 5,795,000 | USD 4,078 | Barclays Bank PLC | 05/30/2025 | 7 |
|  KZT 4,437,700 | USD 8,430 | Barclays Bank PLC | 05/12/2025 | 165 |
|  MXN 82,870 | USD 4,117 | BNP PARIBAS | 06/20/2025 | 80 |
|  PEN 15,438 | USD 4,209 | BNP PARIBAS | 05/12/2025 | 1 |
|  PLN 8,598 | USD 2,148 | HSBC Bank USA, N.A. | 05/12/2025 | 126 |
|  USD 7,635 | HUF 2,716,400 | BNP PARIBAS | 06/23/2025 | 47 |
|  USD 4,278 | CLP 3,989,200 | BNP PARIBAS | 07/24/2025 | 67 |
|  USD 12,738 | CNH 92,323 | HSBC Bank USA, N.A. | 05/12/2025 | 25 |
|  USD 3,651 | BRL 20,885 | HSBC Bank USA, N.A. | 06/27/2025 | 22 |
|  |  |  |  | 1458 |
|  **Liabilities:** |  |  |  |  |
|  COP 3,022,000 | USD 712 | BNP PARIBAS | 06/10/2025 | (1) |
|  EUR 10,473 | USD 11,964 | BNP PARIBAS | 06/18/2025 | (63) |
|  HUF 2,716,416 | USD 7,655 | BNP PARIBAS | 05/05/2025 | (47) |
|  PEN 31,904 | USD 8,797 | HSBC Bank USA, N.A. | 05/12/2025 | (98) |
|  THB 315,550 | USD 9,477 | Barclays Bank PLC | 05/20/2025 | (16) |
|  TRY 91,078 | USD 2,225 | Barclays Bank PLC | 06/24/2025 | (6) |
|  USD 8,567 | KZT 4,437,700 | Barclays Bank PLC | 05/12/2025 | (28) |
|  USD 8,937 | THB 308,020 | Barclays Bank PLC | 05/20/2025 | (297) |
|  USD 6,557 | THB 219,680 | Barclays Bank PLC | 05/20/2025 | (29) |
|  USD 5,984 | KRW 8,614,000 | Barclays Bank PLC | 05/30/2025 | (89) |
|  USD 4,225 | IDR 71,937,000 | Barclays Bank PLC | 07/21/2025 | (93) |
|  USD 3,671 | PEN 13,485 | BNP PARIBAS | 05/12/2025 | (6) |
|  USD 4,810 | PLN 18,949 | BNP PARIBAS | 05/12/2025 | (201) |
|  USD 2,097 | KRW 3,036,000 | BNP PARIBAS | 05/30/2025 | (43) |
|  USD 8,693 | EUR 7,886 | BNP PARIBAS | 06/18/2025 | (269) |
|  USD 4,693 | MXN 94,980 | BNP PARIBAS | 06/20/2025 | (117) |
|  USD 782 | INR 67,640 | BNP PARIBAS | 07/21/2025 | (14) |
|  USD 5,461 | MXN 110,830 | Goldman Sachs & Co. | 06/20/2025 | (151) |
|  USD 5,629 | CNH 41,023 | HSBC Bank USA, N.A. | 05/12/2025 | (20) |
|  USD 21,122 | PEN 78,503 | HSBC Bank USA, N.A. | 05/12/2025 | (284) |
|  USD 2,109 | PLN 8,598 | HSBC Bank USA, N.A. | 05/12/2025 | (165) |
|  USD 5,370 | PLN 20,846 | HSBC Bank USA, N.A. | 05/12/2025 | (143) |
|  USD 7,149 | CZK 164,470 | HSBC Bank USA, N.A. | 06/09/2025 | (325) |
|  USD 9,565 | COP 41,902,000 | HSBC Bank USA, N.A. | 06/10/2025 | (292) |

---

Semi-Annual 97

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payden Emerging Markets Bond Fund continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
| USD 27,152 | EUR 24,877 | HSBC Bank USA, N.A. | 06/18/2025 | $(1117) |
| USD 27,220 | BRL 161,893 | HSBC Bank USA, N.A. | 06/27/2025 | (913) |
|  |  |  |  | (4827) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $(3369) |

---

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contract Type | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000s) | Current<br>Value<br>(000s) | Unrealized<br>Appreciation<br>(000s) |
|  **Long Contracts:** | **Long Contracts:** | **Long Contracts:** | **Long Contracts:** | **Long Contracts:** |  |
| U.S. 10-Year Ultra Future | 77 | Jun-25 | $8835 | $83 | $83 |
| U.S. Treasury 5-Year Note Future | 60 | Jun-25 | 6552 | 43 | 43 |
| **Total Futures** |  |  |  |  | $126 |

---

#### Open Centrally Cleared Interest Rate Swap Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Maturity Date | Notional<br>Amount<br>(000s) | Value<br>(000s) | Upfront<br>payments/<br>receipts<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s) |
| 2-Year Interest Rate Swap, Receive Fixed 9.070% 28 days, Pay Variable 9.080% (MXIBTIEF) 28 days | 11/23/2026 | MXN 495,000 | $568 | $– | $568 |
| 2-Year Interest Rate Swap, Receive Fixed 9.150% 28 days, Pay Variable 9.080% (MXIBTIEF) 28 days | 11/19/2026 | MXN 396,640 | 476 | – | 476 |
| 8-Year Interest Rate Swap, Pay Fixed 1.341% Annually, Receive Variable 2.156% (ESTRON) Annually | 10/17/2030 | EUR 2,250 | 104 | – | 104 |
| 8-Year SOFR Swap, Receive Fixed 2.776% Annually, Pay Variable 4.410% (SOFRRATE) Annually | 10/17/2030 | USD 2,534 | (103) | – | (103) |
| 9-Year Interest Rate Swap, Pay Fixed 2.079% Annually, Receive Variable 2.156% (ESTRON) Annually | 10/30/2031 | EUR 5,215 | 10 | – | 10 |
| 9-Year SOFR Swap, Receive Fixed 2.921% Annually, Pay Variable 4.410% (SOFRRATE) Annually | 10/30/2031 | USD 5,530 | (220) | – | (220) |
|  |  |  | $835 | $– | $835 |

---

#### 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> | $5696 |
| Non-cash Collateral<sup>2</sup> | (5696) |
| 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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

*See notes to financial statements.* 

98 Payden Mutual Funds

------

&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** - April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Bond (95%)** | **Bond (95%)** |  |
|  **Angola (USD) (0%)** | **Angola (USD) (0%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Angolan Government International Bond<br>144A, 8.75%, 4/14/32 (a) | $217 |
|  **Argentina (USD) (0%)** | **Argentina (USD) (0%)** |  |
| 242000 | Argentine Republic Government International Bond, 0.75%, 7/09/30 | 186 |
|  **Brazil (BRL) (11%)** | **Brazil (BRL) (11%)** |  |
| 7800000 | Brazil Letras do Tesouro Nacional, 13.19%, 7/01/25 BRL (b)(c) | 1344 |
| 854481 | Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/50 BRL (c) | 130 |
| 5000000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/27 BRL (c) | 836 |
| 33400000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/29 BRL (c) | 5334 |
| 11400000 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/31 BRL (c) | 1724 |
|  |  | 9368 |
|  **Chile (CLP) (2%)** | **Chile (CLP) (2%)** |  |
| 1200000000 | Bonos de la Tesoreria de la Republica en pesos, 5.00%, 3/01/35 CLP (c) | 1219 |
| 355000000 | Bonos de la Tesoreria de la Republica en pesos 144A, 6.00%, 4/01/33 CLP (a)(c)(d) | 386 |
|  |  | 1605 |
|  **China (CNY) (8%)** | **China (CNY) (8%)** |  |
| 5500000 | China Government Bond Series 2216, 2.50%, 7/25/27 CNY (c) | 773 |
| 5300000 | China Government Bond, 2.52%, 8/25/33 CNY (c) | 776 |
| 9500000 | China Government Bond, 2.75%, 6/15/29 CNY (c) | 1372 |
| 14450000 | China Government Bond, 2.76%, 5/15/32 CNY (c) | 2144 |
| 3000000 | China Government Bond, 3.02%, 10/22/25 CNY (c) | 416 |
| 980000 | China Government Bond, 3.19%, 4/15/53 CNY (c) | 172 |
| 4790000 | China Government Bond Series 1906, 3.29%, 5/23/29 CNY (c) | 710 |
|  |  | 6363 |
|  **Colombia (COP) (3%)** | **Colombia (COP) (3%)** |  |
| 1673000000 | Colombian TES Series B, 5.75%, 11/03/27 COP (c) | 363 |
| 603000000 | Colombian TES Series B, 6.00%, 4/28/28 COP (c) | 128 |
| 2502100000 | Colombian TES Series B, 7.00%, 3/26/31 COP (c) | 483 |
| 2322800000 | Colombian TES Series B, 7.25%, 10/18/34 COP (c) | 404 |
| 2780200000 | Colombian TES Series B, 7.25%, 10/26/50 COP (c) | 388 |
| 3345000000 | Colombian TES Series B, 9.25%, 5/28/42 COP (c) | 605 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
| 1436000000 | Empresas Publicas de Medellin ESP 144A, 8.38%, 11/08/27 COP (a)(c) | $311 |
|  |  | 2682 |
|  **Czech Republic (CZK) (4%)** | **Czech Republic (CZK) (4%)** |  |
| 18460000 | Czech Republic Government Bond Series 125, 1.50%, 4/24/40 CZK (c) | 577 |
| 29240000 | Czech Republic Government Bond Series 103, 2.00%, 10/13/33 CZK (c) | 1145 |
| 22410000 | Czech Republic Government Bond Series 145, 3.50%, 5/30/35 CZK (c) | 973 |
| 11700000 | Czech Republic Government Bond Series 151, 4.90%, 4/14/34 CZK (c) | 569 |
|  |  | 3264 |
|  **Dominican Republic (DOP) (0%)** | **Dominican Republic (DOP) (0%)** |  |
| 11950000 | Dominican Republic International Bond 144A, 13.63%, 2/03/33 DOP (a)(c) | 236 |
|  **Ghana (USD) (1%)** | **Ghana (USD) (1%)** |  |
| 570000 | Ghana Government International Bond 144A, 5.00%, 7/03/35 (a) | 388 |
|  **Guatemala (USD) (0%)** | **Guatemala (USD) (0%)** |  |
| 350000 | Guatemala Government Bond 144A, 4.50%, 5/03/26 (a) | 347 |
|  **Hungary (HUF) (2%)** | **Hungary (HUF) (2%)** |  |
| 29580000 | Hungary Government Bond Series 41/A, 3.00%, 4/25/41 HUF (c) | 52 |
| 604550000 | Hungary Government Bond Series 35/A, 7.00%, 10/24/35 HUF (c) | 1717 |
|  |  | 1769 |
|  **Indonesia (EUR) (0%)** | **Indonesia (EUR) (0%)** |  |
| 120000 | Indonesia Government International Bond, 1.10%, 3/12/33 EUR (c) | 111 |
| 130000 | Indonesia Government International Bond, 3.88%, 1/15/33 EUR (c) | 148 |
|  |  | 259 |
|  **Indonesia (IDR) (8%)** | **Indonesia (IDR) (8%)** |  |
| 28039000000 | Indonesia Treasury Bond Series FR87, 6.50%, 2/15/31 IDR (c) | 1674 |
| 8527000000 | Indonesia Treasury Bond Series 100, 6.63%, 2/15/34 IDR (c) | 507 |
| 3733000000 | Indonesia Treasury Bond Series 103, 6.75%, 7/15/35 IDR (c) | 223 |
| 32066000000 | Indonesia Treasury Bond Series FR96, 7.00%, 2/15/33 IDR (c) | 1951 |
| 9805000000 | Indonesia Treasury Bond Series FR97, 7.13%, 6/15/43 IDR (c) | 594 |
| 10100000000 | Indonesia Treasury Bond Series FR72, 8.25%, 5/15/36 IDR (c) | 667 |
| 8511000000 | Indonesia Treasury Bond Series FR68, 8.38%, 3/15/34 IDR (c) | 563 |
| 8491000000 | Indonesia Treasury Bond Series FR79, 8.38%, 4/15/39 IDR (c) | 569 |
|  |  | 6748 |

---

Semi-Annual 99

------

&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

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Malaysia (MYR) (7%)** | **Malaysia (MYR) (7%)** |  |
| 2160000 | Malaysia Government Bond Series 0307, 3.50%, 5/31/27 MYR (c) | $504 |
| 3420000 | Malaysia Government Bond Series 0219, 3.89%, 8/15/29 MYR (c) | 810 |
| 8390000 | Malaysia Government Bond Series 0222, 4.70%, 10/15/42 MYR (c) | 2139 |
| 5000000 | Malaysia Government Bond Series 0317, 4.76%, 4/07/37 MYR (c) | 1267 |
| 3200000 | Malaysia Government Bond Series 0418, 4.89%, 6/08/38 MYR (c) | 826 |
|  |  | 5546 |
|  **Mexico (MXN) (8%)** | **Mexico (MXN) (8%)** |  |
| 4730000 | America Movil SAB de CV, 9.50%, 1/27/31 MXN (c) | 241 |
| 8110000 | America Movil SAB de CV, 10.13%, 1/22/29 MXN (c) | 422 |
| 7270000 | Grupo Televisa SAB, 7.25%,<br>5/14/43 MXN (c) | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33490000 | Mexican Bonos Series M, 7.50%, 5/26/33 MXN (c) | 1545 |
| 9750000 | Mexican Bonos Series M, 7.75%, 11/13/42 MXN (c) | 409 |
| 13640000 | Mexican Bonos Series M, 8.00%, 11/07/47 MXN (c) | 577 |
| 27800000 | Mexican Bonos Series M, 8.50%, 5/31/29 MXN (c) | 1410 |
| 25300000 | Mexican Bonos Series M, 8.50%, 11/18/38 MXN (c) | 1177 |
| 16564791 | Mexican Udibonos Series S, 2.75%, 11/27/31 MXN (c) | 733 |
|  |  | 6738 |
|  **Morocco (EUR) (0%)** | **Morocco (EUR) (0%)** |  |
| 235000 | Morocco Government International Bond 144A, 4.75%, 4/02/35 EUR (a)(c) | 265 |
|  **Paraguay (PYG) (1%)** | **Paraguay (PYG) (1%)** |  |
| 2625000000 | Paraguay Government International Bond 144A, 7.90%, 2/09/31 PYG (a)(c) | 323 |
| 1250000000 | Paraguay Government International Bond 144A, 8.50%, 3/04/35 PYG (a)(c) | 154 |
|  |  | 477 |
|  **Peru (PEN) (4%)** | **Peru (PEN) (4%)** |  |
| 1510000 | Banco de Credito del Peru S.A. 144A, 7.85%, 1/11/29 PEN (a)(c) | 435 |
| 4221000 | Peru Government Bond, 5.35%, 8/12/40 PEN (c) | 962 |
| 2285000 | Peru Government Bond, 5.40%, 8/12/34 PEN (c) | 575 |
| 565000 | Peru Government Bond 144A, 7.30%, 8/12/33 PEN (a)(c)(d) | 165 |
| 2170000 | Peru Government Bond 144A, 7.60%, 8/12/39 PEN (a)(c)(d) | 616 |
| 4255000 | Peruvian Government International Bond 144A, 6.90%, 8/12/37 PEN (a)(c) | 1149 |
|  |  | 3902 |
|  **Philippines (PHP) (0%)** | **Philippines (PHP) (0%)** |  |
| 17000000 | Philippine Government International Bond, 6.25%, 1/14/36 PHP (c) | 298 |
|  **Poland (EUR) (1%)** | **Poland (EUR) (1%)** |  |
| 345000 | Republic of Poland Government International Bond, 3.63%, 1/16/35<br>EUR (c)(d) | 397 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Poland (PLN) (5%)** | **Poland (PLN) (5%)** |  |
| 4960000 | Republic of Poland Government Bond Series 0432, 1.75%, 4/25/32 PLN (c) | $1071 |
| 7385000 | Republic of Poland Government Bond Series 1034, 5.00%, 10/25/34 PLN (c) | 1925 |
| 5120000 | Republic of Poland Government Bond Series 1033, 6.00%, 10/25/33 PLN (c) | 1435 |
|  |  | 4431 |
|  **Romania (RON) (3%)** | **Romania (RON) (3%)** |  |
| 2730000 | Romania Government Bond Series 15Y, 3.65%, 9/24/31 RON (c) | 508 |
| 2235000 | Romania Government Bond Series 5Y, 4.25%, 4/28/36 RON (c) | 394 |
| 2530000 | Romania Government Bond Series 15Y, 4.75%, 10/11/34 RON (c) | 472 |
| 3530000 | Romania Government Bond Series 15YR, 5.80%, 7/26/27 RON (c) | 784 |
| 1310000 | Romania Government Bond Series 2Y, 6.30%, 1/28/26 RON (c) | 297 |
|  |  | 2455 |
|  **South Africa (ZAR) (6%)** | **South Africa (ZAR) (6%)** |  |
| 42240000 | Republic of South Africa Government Bond Series 2037, 8.50%, 1/31/37 ZAR (c) | 1883 |
| 16825000 | Republic of South Africa Government Bond Series 2048, 8.75%, 2/28/48 ZAR (c) | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48080000 | Republic of South Africa Government Bond Series 2040, 9.00%, 1/31/40 ZAR (c) | 2118 |
|  |  | 4691 |
|  **South Korea (MXN) (0%)** | **South Korea (MXN) (0%)** |  |
| 5000000 | Export-Import Bank of Korea Series 19, 7.93%, 7/30/26 MXN (c) | 252 |
|  **Supranational (COP) (0%)** | **Supranational (COP) (0%)** |  |
| 2000000000 | Corp. Andina de Fomento, 6.77%, 5/24/28 COP (c)(d) | 429 |
|  **Supranational (INR) (9%)** | **Supranational (INR) (9%)** |  |
| 55000000 | Corp. Andina de Fomento, 8.25%, 4/26/34 INR (c) | 684 |
| 67800000 | European Bank for Reconstruction & Development, 6.50%, 10/03/36 INR (c) | 795 |
| 122000000 | European Bank for Reconstruction & Development, 6.75%, 3/14/31 INR (c) | 1454 |
| 76000000 | European Investment Bank, 7.40%, 10/23/33 INR (c)(d) | 951 |
| 150000000 | Inter-American Development Bank, 7.00%, 4/17/33 INR (c) | 1824 |
| 48000000 | Inter-American Development Bank, 7.00%, 8/08/33 INR (c) | 583 |
| 47000000 | Inter-American Development Bank, 7.35%, 10/06/30 INR (c) | 573 |
| 31500000 | International Bank for Reconstruction & Development, 6.85%, 4/24/28 INR (c) | 377 |
|  |  | 7241 |
|  **Supranational (MXN) (0%)** | **Supranational (MXN) (0%)** |  |
| 7500000 | Corp. Andina de Fomento, 6.82%, 2/22/31 MXN (c)(d) | 337 |
|  **Thailand (THB) (6%)** | **Thailand (THB) (6%)** |  |
| 46020000 | Thailand Government Bond, 1.59%, 12/17/35 THB (c) | 1334 |
| 17690000 | Thailand Government Bond, 2.00%, 12/17/31 THB (c) | 538 |

---

100 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;38220000 | Thailand Government Bond, 2.00%, 6/17/42 THB (c) | $1087 |
| 13310000 | Thailand Government Bond, 2.88%, 6/17/46 THB (c) | 423 |
| 21500000 | Thailand Government Bond, 3.30%, 6/17/38 THB (c) | 733 |
| 19805000 | Thailand Government Bond, 3.45%, 6/17/43 THB (c) | 680 |
|  |  | 4795 |
|  **Turkey (TRY) (2%)** | **Turkey (TRY) (2%)** |  |
| 49025000 | Turkiye Government Bond Series 5Y, 17.30%, 7/19/28 TRY (c) | 836 |
| 41880000 | Turkiye Government Bond Series 2Y, 36.00%, 8/12/26 TRY (c) | 997 |
|  |  | 1833 |
|  **United Kingdom (IDR) (1%)** | **United Kingdom (IDR) (1%)** |  |
| 8600000000 | Standard Chartered Bank 144A, 6.50%, 2/20/31 IDR (a)(c) | 513 |
|  **United States (EGP) (1%)** | **United States (EGP) (1%)** |  |
| 32420000 | Citigroup Global Markets Holdings Inc. 144A, 27.18%, 10/16/25 EGP (a)(b)(c) | 571 |
|  **United States (IDR) (1%)** | **United States (IDR) (1%)** |  |
| 6394000000 | JPMorgan Chase Bank N.A. 144A, 9.50%, 7/17/31 IDR (a)(c) | 437 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Uruguay (USD) (0%)** | **Uruguay (USD) (0%)** |  |
| 190000 | Uruguay Government International Bond, 5.44%, 2/14/37 | $194 |
|  **Uruguay (UYU) (1%)** | **Uruguay (UYU) (1%)** |  |
| 11064039 | Uruguay Government International Bond, 3.40%, 5/16/45 UYU (c) | 263 |
| 4786017 | Uruguay Government International Bond, 3.88%, 7/02/40 UYU (c) | 120 |
| 5570000 | Uruguay Government International Bond, 8.25%, 5/21/31 UYU (c) | 125 |
|  |  | 508 |
|  **Total Bond (Cost - $80,699)** | **Total Bond (Cost - $80,699)** | 79742 |
|  **Investment Company (5%)** | **Investment Company (5%)** |  |
| 4310863 | Payden Cash Reserves Money Market Fund\* |  |
|  | (Cost - $4,311) | 4311 |
|  **Total Investments (Cost - $85,010) (100%)** | **Total Investments (Cost - $85,010) (100%)** | 84053 |
|  **Liabilities in excess of Other Assets (0%)** | **Liabilities in excess of Other Assets (0%)** | 115 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $84168 |

---

\* 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) Yield to maturity at time of purchase.

&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.

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Assets:** |  |  |  |  |
|  BRL 5,653 | USD 980 | HSBC Bank USA, N.A. | 06/27/2025 | $2 |
|  BRL 2,632 | USD 444 | HSBC Bank USA, N.A. | 06/27/2025 | 13 |
|  BRL 4,952 | USD 830 | Morgan Stanley | 06/27/2025 | 31 |
|  CNH 9,894 | USD 1,357 | HSBC Bank USA, N.A. | 05/12/2025 | 5 |
|  CZK 63,450 | USD 2,807 | HSBC Bank USA, N.A. | 06/09/2025 | 76 |
|  HUF 702,650 | USD 1,921 | BNP PARIBAS | 06/23/2025 | 42 |
|  IDR 12,092,000 | USD 710 | Barclays Bank PLC | 07/21/2025 | 16 |
|  IDR 5,602,000 | USD 333 | BNP PARIBAS | 07/21/2025 | 4 |
|  INR 92,270 | USD 1,075 | HSBC Bank USA, N.A. | 07/21/2025 | 12 |
|  KRW 562,000 | USD 395 | Barclays Bank PLC | 05/30/2025 | 1 |
|  KZT 376,000 | USD 714 | Barclays Bank PLC | 05/12/2025 | 14 |
|  MXN 6,480 | USD 322 | BNP PARIBAS | 06/20/2025 | 6 |
|  MXN 43,510 | USD 2,146 | Goldman Sachs & Co. | 06/20/2025 | 57 |
|  MYR 11,113 | USD 2,533 | Barclays Bank PLC | 07/18/2025 | 49 |
|  MYR 1,183 | USD 273 | Morgan Stanley | 07/18/2025 | 2 |
|  PEN 1,365 | USD 372 | BNP PARIBAS | 05/12/2025 |  |
|  PLN 9,602 | USD 2,355 | HSBC Bank USA, N.A. | 05/12/2025 | 184 |
|  RON 3,710 | USD 812 | Barclays Bank PLC | 06/16/2025 | 31 |
|  THB 48,010 | USD 1,433 | Barclays Bank PLC | 05/20/2025 | 6 |
|  USD 561 | RON 2,459 | Barclays Bank PLC | 06/16/2025 | 2 |
|  USD 159 | TRY 6,495 | Barclays Bank PLC | 06/24/2025 |  |
|  USD 766 | HUF 272,700 | BNP PARIBAS | 06/23/2025 | 5 |
|  USD 126 | CLP 117,232 | BNP PARIBAS | 07/24/2025 | 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual 101

------

&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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  USD 381 | CNH 2,759 | HSBC Bank USA, N.A. | 05/12/2025 | $1 |
|  ZAR 2,040 | USD 109 | Bank Of America | 05/19/2025 | 1 |
|  ZAR 19,740 | USD 1,009 | BNP PARIBAS | 05/19/2025 | 51 |
|  |  |  |  | 613 |
|  **Liabilities:** |  |  |  |  |
|  CNH 1,788 | USD 247 | HSBC Bank USA, N.A. | 05/12/2025 | (1) |
|  EUR 591 | USD 675 | BNP PARIBAS | 06/18/2025 | (3) |
|  EUR 45 | USD 52 | HSBC Bank USA, N.A. | 06/18/2025 |  |
|  HUF 272,706 | USD 768 | BNP PARIBAS | 05/05/2025 | (5) |
|  KZT 190,500 | USD 359 | Barclays Bank PLC | 09/22/2025 | (5) |
|  PEN 2,724 | USD 751 | HSBC Bank USA, N.A. | 05/12/2025 | (8) |
|  PLN 485 | USD 129 | HSBC Bank USA, N.A. | 05/12/2025 | (1) |
|  THB 64,360 | USD 1,932 | Barclays Bank PLC | 05/20/2025 | (2) |
|  USD 1,092 | KZT 566,500 | Barclays Bank PLC | 05/12/2025 | (5) |
|  USD 285 | PHP 16,550 | Barclays Bank PLC | 05/19/2025 | (11) |
|  USD 48,040 | THB 1,414 | Barclays Bank PLC | 05/20/2025 | (26) |
|  USD 204 | KRW 296,000 | Barclays Bank PLC | 05/30/2025 | (4) |
|  USD 449 | PEN 1,649 | BNP PARIBAS | 05/12/2025 | (1) |
|  USD 473 | PLN 1,862 | BNP PARIBAS | 05/12/2025 | (20) |
|  USD 602 | KRW 860,000 | BNP PARIBAS | 05/30/2025 | (4) |
|  USD 93 | COP 399,000 | BNP PARIBAS | 06/10/2025 | (1) |
|  USD 378 | EUR 344 | BNP PARIBAS | 06/18/2025 | (13) |
|  USD 517 | MXN 10,470 | BNP PARIBAS | 06/20/2025 | (13) |
|  USD 520 | MXN 10,550 | Goldman Sachs & Co. | 06/20/2025 | (15) |
|  USD 889 | CNH 6,476 | HSBC Bank USA, N.A. | 05/12/2025 | (2) |
|  USD 1,819 | PEN 6,758 | HSBC Bank USA, N.A. | 05/12/2025 | (24) |
|  USD 675 | PLN 2,621 | HSBC Bank USA, N.A. | 05/12/2025 | (18) |
|  USD 641 | CZK 14,750 | HSBC Bank USA, N.A. | 06/09/2025 | (29) |
|  USD 1,315 | COP 5,761,000 | HSBC Bank USA, N.A. | 06/10/2025 | (40) |
|  USD 3,972 | BRL 23,621 | HSBC Bank USA, N.A. | 06/27/2025 | (133) |
|  USD 949 | INR 81,340 | HSBC Bank USA, N.A. | 07/21/2025 | (8) |
|  USD 504 | BRL 2,904 | Morgan Stanley | 06/27/2025 | (1) |
|  |  |  |  | (393) |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $220 |

---

#### 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 9.07% 28 Days, Pay Variable 9.08% (MXIBTIEF) 28 Days | 11/23/2026 | MXN 90,000 | $103 | $– | $103 |
| 2-Year Interest Rate Swap, Receive Fixed 9.15% 28 Days, Pay Variable 9.08% (MXIBTIEF) 28 Days | 11/19/2026 | MXN 88,780 | 106 | – | 106 |
| 5-Year Interest Rate Swap, Receive Fixed 1.43% Quarterly, Pay Variable 1.84% (CNRR007) Quarterly | 04/28/2030 | CNY 11,450 | 2 | – | 2 |
| 5-Year Interest Rate Swap, Receive Fixed 1.48% Quarterly, Pay Variable 1.841% (CNRR007) Quarterly | 01/17/2030 | CNY 8,650 | 4 | – | 4 |
| 5-Year Interest Rate Swap, Receive Fixed 1.801% Quarterly, Pay Variable 1.928% (CNRR007) Quarterly | 08/09/2029 | CNY 2,230 | 5 | – | 5 |
| 5-Year Interest Rate Swap, Receive Fixed 2.4875% Quarterly, Pay Variable 1.84% (CNRR007) Quarterly | 04/25/2027 | CNY 3,740 | 11 | – | 11 |
| 5-Year Interest Rate Swap, Receive Fixed 5.634% Semi Annually, Pay Variable 5.964% (IN00O/N) Semi Annually | 04/23/2030 | INR 253,900 | 4 | – | 4 |
|  |  |  | $235 | $– | $235 |

---

*See notes to financial statements.* 

102 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 *- April 30, 2025 (Unaudited)* | Schedule of Investments *- April 30, 2025 (Unaudited)* | Schedule of Investments *- April 30, 2025 (Unaudited)* |
| Principal<br>or Shares | Security Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value <br> (000) |
|  **Bond (96%)** | **Bond (96%)** |  |
|  **Argentina (USD) (1%)** | **Argentina (USD) (1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | Telecom Argentina SA 144A, 9.50%, 7/18/31 (a) | $404 |
| 210000 | YPF SA 144A, 8.25%, 1/17/34 (a) | 204 |
|  |  | 608 |
|  **Austria (USD) (1%)** | **Austria (USD) (1%)** |  |
| 220000 | BRF GmbH 144A, 4.35%, 9/29/26 (a) | 217 |
| 455000 | LD Celulose International GmbH 144A,<br>7.95%, 1/26/32 (a) | 468 |
| 200000 | Suzano Austria GmbH 144A, 5.75%, 7/14/26 (a) | 202 |
|  |  | 887 |
|  **Bahamas (USD) (1%)** | **Bahamas (USD) (1%)** |  |
| 1050000 | Intercorp Peru Ltd. 144A, 3.88%, 8/15/29 (a) | 982 |
|  **Bermuda (USD) (2%)** | **Bermuda (USD) (2%)** |  |
| 300000 | CBQ Finance Ltd., 2.00%, 9/15/25 (b) | 297 |
| 200000 | Geopark Ltd. 144A, 8.75%, 1/31/30 (a) | 173 |
| 500000 | Ooredoo International Finance Ltd. 144A, 5.00%, 10/19/25 (a)(c) | 501 |
| 260000 | Star Energy Geothermal Darajat II/Star Energy Geothermal Salak 144A, 4.85%, 10/14/38 (a) | 241 |
| 200000 | Tengizchevroil Finance Co. International Ltd. 144A, 3.25%, 8/15/30 (a) | 175 |
|  |  | 1387 |
|  **Brazil (BRL) (1%)** | **Brazil (BRL) (1%)** |  |
| 2700000 | Brazil Letras do Tesouro Nacional, 14.20%, 7/01/26 BRL (d)(e) | 407 |
|  **Brazil (USD) (1%)** | **Brazil (USD) (1%)** |  |
| 365000 | BRF SA 144A, 5.75%, 9/21/50 (a) | 296 |
| 633984 | Samarco Mineracao SA 144A, 9.50%, 6/30/31 (a) | 597 |
|  |  | 893 |
|  **Canada (USD) (2%)** | **Canada (USD) (2%)** |  |
| 200000 | Aris Mining Corp. 144A, 8.00%, 10/31/29 (a) | 202 |
| 200000 | First Quantum Minerals Ltd. 144A, 8.00%, 3/01/33 (a) | 198 |
| 985000 | First Quantum Minerals Ltd. 144A, 8.63%, 6/01/31 (a) | 999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 |
|  **Cayman Islands (USD) (11%)** | **Cayman Islands (USD) (11%)** |  |
| 200000 | Alibaba Group Holding Ltd., 3.40%, 12/06/27 | 195 |
| 200000 | Banco Nacional de Comercio Exterior SNC 144A, 5.88%, 5/07/30 | 199 |
| 328592 | Bioceanico Sovereign Certificate Ltd. 144A, 2.81%, 6/05/34 (a)(d) | 254 |
| 200000 | C&W Senior Finance Ltd. 144A, 9.00%, 1/15/33 (a) | 201 |
| 600000 | Country Garden Holdings Co. Ltd., 3.30%, 1/12/31 (b)(f) | 51 |
| 200000 | Country Garden Holdings Co. Ltd., 5.13%, 1/14/27 (b)(f) | 18 |
| 210000 | CSN Inova Ventures 144A, 6.75%, 1/28/28 (a) | 196 |
| 200000 | Dar Al-Arkan Sukuk Co. Ltd., 7.75%, 2/07/26 (b) | 202 |

---

---

| | | |
|:---|:---|:---|
| 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 |
| 595000 | DP World Salaam, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.750%), 6.00% (b)(g)(h) | 594 |
| 500000 | Energuate Trust 144A, 5.88%, 5/03/27 (a) | 493 |
| 240000 | IHS Holding Ltd. 144A, 6.25%, 11/29/28 (a) | 229 |
| 435000 | IHS Holding Ltd. 144A, 7.88%, 5/29/30 (a) | 420 |
| 200000 | IHS Holding Ltd. 144A, 8.25%, 11/29/31 (a) | 193 |
| 200000 | Kaisa Group Holdings Ltd., 11.50%, 1/30/23 (b)(f) | 9 |
| 610000 | Liberty Costa Rica Senior Secured Finance 144A, 10.88%, 1/15/31 (a) | 648 |
| 194853 | Lima Metro Line 2 Finance Ltd. 144A, 5.88%, 7/05/34 (a) | 196 |
| 600000 | MAF Global Securities Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.893%), 7.88% (b)(g)(h) | 618 |
| 500000 | Melco Resorts Finance Ltd. 144A, 4.88%, 6/06/25 (a) | 499 |
| 200000 | Melco Resorts Finance Ltd. 144A, 5.38%, 12/04/29 (a) | 181 |
| 400000 | Melco Resorts Finance Ltd. 144A, 7.63%, 4/17/32 (a) | 387 |
| 430000 | MGM China Holdings Ltd. 144A, 5.25%, 6/18/25 (a) | 430 |
| 200000 | MGM China Holdings Ltd. 144A, 7.13%, 6/26/31 (a) | 201 |
| 360000 | QNB Finance Ltd., 2.63%, 5/12/25 (b) | 360 |
| 250000 | QNB Finance Ltd., 2.75%, 2/12/27 (b) | 243 |
| 440000 | Sable International Finance Ltd. 144A, 7.13%, 10/15/32 (a) | 433 |
| 255000 | Sands China Ltd., 3.80%, 1/08/26 | 252 |
| 430000 | Sands China Ltd., 5.13%, 8/08/25 | 430 |
| 215000 | Shimao Group Holdings Ltd., 5.60%, 7/15/26 (b)(f) | 12 |
| 270000 | Vale Overseas Ltd., 6.40%, 6/28/54 | 261 |
| 230000 | Wynn Macau Ltd. 144A, 5.63%, 8/26/28 (a) | 220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8825 |
|  **Chile (USD) (6%)** | **Chile (USD) (6%)** |  |
| 405000 | AES Andes SA 144A, 6.30%, 3/15/29 (a) | 412 |
| 410039 | Alfa Desarrollo SpA 144A, 4.55%, 9/27/51 (a) | 302 |
| 205000 | Banco de Credito e Inversiones SA 144A, 3.50%, 10/12/27 (a) | 200 |
| 240000 | Banco de Credito e Inversiones SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.944%), 8.75% (a)(g)(h) | 249 |
| 255000 | Celulosa Arauco y Constitucion SA 144A, 6.18%, 5/05/32 (a) | 255 |
| 867010 | Chile Electricity PEC SpA 144A, 5.18%, 1/25/28 (a)(d) | 754 |
| 425000 | Colbun SA 144A, 3.95%, 10/11/27 (a)(c) | 417 |
| 405000 | Corp. Nacional del Cobre de Chile 144A, 3.63%, 8/01/27 (a) | 398 |
| 200000 | Engie Energia Chile SA 144A, 6.38%,<br>4/17/34 (a) | 206 |
| 280000 | Sociedad de Transmision Austral SA 144A, 4.00%, 1/27/32 (a) | 255 |

---

Semi-Annual 103

------

&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) |
| 220000 | Sociedad Quimica y Minera de Chile SA 144A, 5.50%, 9/10/34 (a) | $213 |
| 600000 | Sociedad Quimica y Minera de Chile SA 144A, 6.50%, 11/07/33 (a) | 626 |
| 200000 | VTR Comunicaciones SpA 144A, 4.38%,<br>4/15/29 (a) | 176 |
|  |  | 4463 |
|  **Colombia (USD) (3%)** | **Colombia (USD) (3%)** |  |
| 425000 | Colombia Telecomunicaciones SA ESP 144A, 4.95%, 7/17/30 (a) | 375 |
| 160000 | Ecopetrol SA, 8.38%, 1/19/36 | 150 |
| 200000 | Ecopetrol SA, 8.88%, 1/13/33 | 200 |
| 300000 | Grupo Energia Bogota SA ESP 144A, 7.85%, 11/09/33 (a) | 334 |
| 585000 | Oleoducto Central SA 144A, 4.00%, 7/14/27 (a) | 567 |
| 400000 | Transportadora de Gas Internacional SA ESP 144A, 5.55%, 11/01/28 (a) | 405 |
|  |  | 2031 |
|  **Hong Kong (USD) (0%)** | **Hong Kong (USD) (0%)** |  |
| 200000 | Lenovo Group Ltd. 144A, 6.54%, 7/27/32 (a)(c) | 211 |
|  **India (USD) (7%)** | **India (USD) (7%)** |  |
| 334000 | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt. Ltd./Wardha Solar Maharash 144A, 4.63%, 10/15/39 (a) | 265 |
| 875000 | Bharti Airtel Ltd. 144A, 4.38%, 6/10/25 (a) | 874 |
| 200336 | Continuum Green Energy India Pvt./Co.-Issuers 144A, 7.50%, 6/26/33 (a) | 201 |
| 200000 | ICICI Bank Ltd. 144A, 4.00%, 3/18/26 (a) | 199 |
| 455000 | Muthoot Finance Ltd. 144A, 7.13%, 2/14/28 (a) | 452 |
| 460000 | Power Finance Corp. Ltd., 4.50%, 6/18/29 (b) | 450 |
| 200000 | REC Ltd. 144A, 5.63%, 4/11/28 (a) | 204 |
| 250000 | Reliance Industries Ltd. 144A, 3.63%, 1/12/52 (a) | 172 |
| 250000 | Reliance Industries Ltd. 144A, 3.67%,<br>11/30/27 (a)(c) | 245 |
| 611888 | SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/ UBEPL 144A, 7.80%, 7/31/31 (a) | 581 |
| 200000 | Shriram Finance Ltd. 144A, 4.15%, 7/18/25 (a) | 200 |
| 220000 | Shriram Finance Ltd. 144A, 6.15%, 4/03/28 (a) | 216 |
| 480000 | Shriram Finance Ltd. 144A, 6.63%, 4/22/27 (a) | 480 |
| 200000 | State Bank of India, 4.88%, 5/05/28 (b) | 201 |
| 285000 | State Bank of India, 5.00%, 1/17/29 (b) | 287 |
| 425000 | Summit Digitel Infrastructure Ltd. 144A, 2.88%, 8/12/31 (a) | 373 |
| 200000 | Varanasi Aurangabad Nh-2 Tollway Pvt. Ltd. 144A, 5.90%, 2/28/34 (a) | 202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602 |
|  **Indonesia (USD) (1%)** | **Indonesia (USD) (1%)** |  |
| 220000 | Indofood CBP Sukses Makmur Tbk PT, 3.40%, 6/09/31 (b) | 200 |
| 197460 | Sorik Marapi Geothermal Power PT 144A, 7.75%, 8/05/31 (a) | 192 |
|  |  | 392 |
|  **Ireland (USD) (0%)** | **Ireland (USD) (0%)** |  |
| 200000 | Aragvi Finance International DAC 144A, 11.13%, 11/20/29 (a) | 199 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Isle of Man (USD) (1%)** | **Isle of Man (USD) (1%)** |  |
| 485000 | AngloGold Ashanti Holdings PLC, 6.50%, 4/15/40 | $491 |
|  **Israel (USD) (1%)** | **Israel (USD) (1%)** |  |
| 295000 | Energean Israel Finance Ltd. 144A, 4.88%, 3/30/26 (a)(b) | 291 |
| 260000 | Leviathan Bond Ltd. 144A, 6.75%, 6/30/30 (a) (b) | 253 |
|  |  | 544 |
|  **Japan (USD) (0%)** | **Japan (USD) (0%)** |  |
| 200000 | Rakuten Group Inc. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.250%), 8.13% (a)(g)(h) | 189 |
|  **Jersey (USD) (0%)** | **Jersey (USD) (0%)** |  |
| 200000 | Africell Holding Ltd. 144A, 10.50%, 10/23/29 (a) | 188 |
|  **Kazakhstan (USD) (0%)** | **Kazakhstan (USD) (0%)** |  |
| 200000 | KazMunayGas National Co. JSC 144A, 5.38%, 4/24/30 (a) | 196 |
|  **Luxembourg (USD) (7%)** | **Luxembourg (USD) (7%)** |  |
| 207250 | ARD Finance SA 144A, 6.50%, 6/30/27 (a) | 7 |
| 215051 | Chile Electricity Lux Mpc II Sarl 144A, 5.58%, 10/20/35 (a) | 214 |
| 350000 | Consolidated Energy Finance SA 144A, 12.00%, 2/15/31 (a)(c) | 316 |
| 465000 | CSN Resources SA 144A, 4.63%, 6/10/31 (a) | 353 |
| 200000 | EIG Pearl Holdings Sarl, 4.39%, 11/30/46 (b) | 155 |
| 200000 | Greensaif Pipelines Bidco Sarl 144A, 5.85%, 2/23/36 (a) | 202 |
| 607000 | JBS USA Holding Lux Sarl/JBS USA Food Co./ JBS Lux Co. Sarl, 5.75%, 4/01/33 | 620 |
| 290000 | MHP Lux SA 144A, 6.95%, 4/03/26 (a) | 269 |
| 245000 | Millicom International Cellular SA 144A, 4.50%, 4/27/31 (a) | 218 |
| 315000 | Millicom International Cellular SA 144A, 5.13%, 1/15/28 (a) | 308 |
| 510000 | Minerva Luxembourg SA 144A, 4.38%,<br>3/18/31 (a)(c) | 449 |
| 380000 | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (a) | 406 |
| 200000 | Movida Europe SA 144A, 7.85%, 4/11/29 (a)(c) | 176 |
| 285000 | Raizen Fuels Finance SA 144A, 6.45%, 3/05/34 (a) | 283 |
| 200000 | Raizen Fuels Finance SA 144A, 6.70%, 2/25/37 (a) | 196 |
| 275000 | Saavi Energia Sarl 144A, 8.88%, 2/10/35 (a) | 277 |
| 828243 | Tierra Mojada Luxembourg II Sarl 144A, 5.75%, 12/01/40 (a) | 761 |
| 104747 | Unigel Luxembourg SA, 11.00%, 12/31/28 (b) | 41 |
| 29934 | Unigel Luxembourg SA, 13.50%, 12/31/27 (b) | 27 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5278 |
|  **Malaysia (USD) (0%)** | **Malaysia (USD) (0%)** |  |
| 200000 | GENM Capital Labuan Ltd. 144A, 3.88%, 4/19/31 (a) | 177 |
|  **Mauritius (USD) (1%)** | **Mauritius (USD) (1%)** |  |
| 400000 | Diamond II Ltd. 144A, 7.95%, 7/28/26 (a) | 399 |
| 167000 | Greenko Power II Ltd. 144A, 4.30%, 12/13/28 (a) | 154 |

---

104 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 280450 | India Cleantech Energy 144A, 4.70%, 8/10/26 (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;273 |
|  |  | 826 |
|  **Mexico (USD) (10%)** | **Mexico (USD) (10%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | America Movil SAB de CV, 3.63%, 4/22/29 | 237 |
| 200000 | Banco Mercantil del Norte SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.643%), 5.88% (a)(g)(h) | 193 |
| 300000 | Banco Mercantil del Norte SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.072%), 8.38% (a)(g)(h) | 296 |
| 800000 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.995%), 7.53%, 10/01/28 (a)(h) | 838 |
| 335000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.650%), 5.13%, 1/18/33 (a)(h) | 317 |
| 200000 | Braskem Idesa SAPI 144A, 7.45%,<br>11/15/29 (a) (c) | 155 |
| 440000 | Cibanco SA Institucion de Banca Multiple Trust CIB/3332 144A, 4.38%, 7/22/31 (a) | 355 |
| 189500 | Cometa Energia SA de CV 144A, 6.38%,<br>4/24/35 (a) | 189 |
| 200000 | El Puerto de Liverpool SAB de CV 144A, 6.26%, 1/22/32 (a) | 204 |
| 362621 | Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a) | 349 |
| 452384 | FIEMEX Energia-Banco Actinver SA Institucion de Banca Multiple 144A, 7.25%, 1/31/41 (a) | 450 |
| 420000 | Kimberly-Clark de Mexico SAB de CV 144A, 2.43%, 7/01/31 (a) | 374 |
| 385000 | Mexico City Airport Trust 144A, 4.25%,<br>10/31/26 (a) | 378 |
| 255000 | Mexico City Airport Trust 144A, 5.50%,<br>7/31/47 (a) | 200 |
| 161717 | Mexico Generadora de Energia S de rl 144A, 5.50%, 12/06/32 (a) | 159 |
| 200000 | Minera Mexico SA de CV 144A, 5.63%,<br>2/12/32 (a) | 201 |
| 685000 | Orbia Advance Corp. SAB de CV 144A, 1.88%, 5/11/26 (a) | 679 |
| 295000 | Orbia Advance Corp. SAB de CV 144A, 6.80%, 5/13/30 (a) | 295 |
| 270000 | Orbia Advance Corp. SAB de CV 144A, 7.50%, 5/13/35 (a) | 268 |
| 415000 | Petroleos Mexicanos, 4.50%, 1/23/26 | 405 |
| 220000 | Petroleos Mexicanos, 6.63%, 6/15/38 | 158 |
| 420000 | Sitios Latinoamerica SAB de CV 144A, 6.00%, 11/25/29 (a) | 422 |
| 390000 | Total Play Telecomunicaciones SA de CV 144A, 11.13%, 12/31/32 (a) | 353 |
|  |  | 7475 |
|  **Morocco (USD) (1%)** | **Morocco (USD) (1%)** |  |
| 200000 | OCP SA 144A, 6.10%, 4/30/30 (a) | 200 |
| 200000 | OCP SA 144A, 6.70%, 3/01/36 (a) | 199 |
|  |  | 399 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
|  **Netherlands (USD) (5%)** | **Netherlands (USD) (5%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | Braskem Netherlands Finance BV 144A, 7.25%, 2/13/33 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 |
| 400000 | Braskem Netherlands Finance BV 144A, 8.50%, 1/12/31 (a) | 384 |
| 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)(h) | 213 |
| 400000 | Embraer Netherlands Finance BV 144A, 7.00%, 7/28/30 (a) | 426 |
| 205000 | MEGlobal BV 144A, 2.63%, 4/28/28 (a) | 193 |
| 415000 | Prosus NV 144A, 4.03%, 8/03/50 (a) | 273 |
| 500000 | Prosus NV 144A, 4.99%, 1/19/52 (a) | 376 |
| 315000 | Teva Pharmaceutical Finance Netherlands III BV, 4.75%, 5/09/27 | 310 |
| 295000 | Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/01/28 | 302 |
| 131402 | Unigel Netherlands Holding Corp. BV, 15.00%, 12/31/44 (b) | 7 |
| 802856 | Yinson Boronia Production BV 144A, 8.95%,<br>7/31/42 (a) | 825 |
|  |  | 3904 |
|  **Panama (USD) (1%)** | **Panama (USD) (1%)** |  |
| 410000 | Aeropuerto Internacional de Tocumen SA 144A, 4.00%, 8/11/41 (a) | 300 |
| 243333 | UEP Penonome II SA 144A, 6.50%, 10/01/38 (a) | 217 |
|  |  | 517 |
|  **Peru (USD) (5%)** | **Peru (USD) (5%)** |  |
| 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)(h) | 203 |
| 805000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.000%), 3.13%, 7/01/30 (a)(h) | 804 |
| 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)(h) | 255 |
| 195000 | Banco de Credito del Peru S.A. 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.486%), 6.45%, 7/30/35 (a)(h) | 195 |
| 200000 | Banco Internacional del Peru SAA Interbank 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.067%), 6.40%, 4/30/35 (a)(h) | 203 |
| 205000 | Cia de Minas Buenaventura SAA 144A, 5.50%, 7/23/26 (a) | 204 |
| 200000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (a) | 199 |
| 200000 | Consorcio Transmantaro SA 144A, 4.70%, 4/16/34 (a) | 191 |
| 200000 | Corp. Financiera de Desarrollo SA 144A, 5.50%, 5/06/30 (a) | 200 |
| 331820 | Hunt Oil Co. of Peru LLC Sucursal Del Peru 144A, 6.38%, 6/01/28 (a) | 339 |
| 395000 | Kallpa Generacion SA 144A, 4.13%, 8/16/27 (a) | 390 |
| 420000 | Niagara Energy SAC 144A, 5.75%, 10/03/34 (a) | 415 |
| 420000 | Pluspetrol Camisea SA/Pluspetrol Lote 56 SA 144A, 6.24%, 7/03/36 (a) | 429 |

---

Semi-Annual 105

------

&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;200000 | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA 144A, 3.75%, 8/02/28 (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;184 |
|  |  | 4211 |
|  **Saudi Arabia (USD) (0%)** | **Saudi Arabia (USD) (0%)** |  |
| 420000 | Saudi Arabian Oil Co. 144A, 5.88%, |  |
|  | 7/17/64 (a) | 387 |
|  **Singapore (USD) (2%)** | **Singapore (USD) (2%)** |  |
| 200000 | BOC Aviation Ltd. 144A, 3.88%, 4/27/26 (a) | 199 |
| 800000 | Continuum Energy Aura Pte Ltd. 144A, 9.50%, 2/24/27 (a) | 818 |
| 200000 | ONGC Videsh Vankorneft Pte Ltd., 3.75%, |  |
|  | 7/27/26 (b) | 198 |
|  |  | 1215 |
|  **South Korea (USD) (0%)** | **South Korea (USD) (0%)** |  |
| 200000 | Kookmin Bank 144A, 2.50%, 11/04/30 (a) | 177 |
| 200000 | SK Hynix Inc. 144A, 6.50%, 1/17/33 (a) | 213 |
|  |  | 390 |
|  **Spain (USD) (1%)** | **Spain (USD) (1%)** |  |
| 177083 | AI Candelaria - spain- SA 144A, 7.50%,<br>12/15/28 (a) | 175 |
| 340000 | EnfraGen Energia Sur SA/EnfraGen Spain SA/ Prime Energia SpA 144A, 5.38%,<br>12/30/30 (a) (c) | 292 |
|  |  | 467 |
|  **Sri Lanka (USD) (0%)** | **Sri Lanka (USD) (0%)** |  |
| 25898 | Sri Lanka Government International Bond 144A, 3.10%, 1/15/30 (a) | 21 |
| 50798 | Sri Lanka Government International Bond 144A, 3.35%, 3/15/33 (a) | 35 |
| 34300 | Sri Lanka Government International Bond 144A, 3.60%, 6/15/35 (a) | 22 |
| 23805 | Sri Lanka Government International Bond 144A, 3.60%, 5/15/36 (a) | 17 |
| 47630 | Sri Lanka Government International Bond 144A, 3.60%, 2/15/38 (a) | 34 |
| 27017 | Sri Lanka Government International Bond 144A, 4.00%, 4/15/28 (a) | 25 |
|  |  | 154 |
|  **Supranational (USD) (0%)** | **Supranational (USD) (0%)** |  |
|  – | Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., 12.00%, 5/25/27 |  |
| 200000 | Promigas SA ESP/Gases del Pacifico SAC 144A, |  |
|  | 3.75%, 10/16/29 (a) | 189 |
|  |  | 189 |
|  **Turkey (USD) (2%)** | **Turkey (USD) (2%)** |  |
| 570000 | GDZ Elektrik Dagitim AS 144A, 9.00%, 10/15/29 (a) | 534 |
| 300000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 295 |
| 200000 | Limak Yenilenebilir Enerji AS 144A, 9.63%, 8/12/30 (a) | 195 |
| 200000 | Turkiye Garanti Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.090%), 8.38%, 2/28/34 (a)(h) | 199 |
| 245000 | Yapi ve Kredi Bankasi AS 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.499%), 9.74% (a)(g)(h) | 248 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Zorlu Enerji Elektrik Uretim AS 144A, 11.00%, 4/23/30 (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
|  |  | 1811 |
|  **Ukraine (USD) (0%)** | **Ukraine (USD) (0%)** |  |
| 46511 | Ukraine Government International Bond 144A, 1.75%, 2/01/34 (a) | 23 |
| 36175 | Ukraine Government International Bond 144A, 1.75%, 2/01/35 (a) | 18 |
| 310672 | Ukraine Government International Bond 144A, 1.75%, 2/01/36 (a) | 151 |
| 14858 | Ukraine Government International Bond 144A, 9.97%, 2/01/36 (a)(d) | 8 |
| 17829 | Ukraine Government International Bond 144A, 9.99%, 2/01/35 (a)(d) | 9 |
| 21097 | Ukraine Government International Bond 144A, 13.24%, 2/01/34 (a)(d) | 8 |
| 5646 | Ukraine Government International Bond 144A, 18.44%, 2/01/30 (a)(d) | 3 |
|  |  | 220 |
|  **United Arab Emirates (USD) (3%)** | **United Arab Emirates (USD) (3%)** |  |
| 200000 | Abu Dhabi National Energy Co. PJSC 144A, 4.75%, 3/09/37 (a) | 192 |
| 829215 | Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a) | 826 |
| 200000 | DP World Ltd. 144A, 5.63%, 9/25/48 (a) | 185 |
| 280000 | Emirates Semb Corp. Water & Power Co. PJSC 144A, 4.45%, 8/01/35 (a) | 263 |
| 200000 | Masdar Abu Dhabi Future Energy Co., 4.88%, 7/25/29 (b) | 202 |
| 315000 | MDGH GMTN RSC Ltd. 144A, 4.50%,<br>11/07/28 (a) | 316 |
| 200000 | MDGH GMTN RSC Ltd. 144A, 5.08%,<br>5/22/53 (a) | 183 |
| 285894 | Sweihan PV Power Co. PJSC 144A, 3.63%,<br>1/31/49 (a) | 236 |
|  |  | 2403 |
|  **United Kingdom (USD) (3%)** | **United Kingdom (USD) (3%)** |  |
| 315000 | Anglo American Capital PLC 144A, 4.75%, 4/10/27 (a) | 316 |
| 200000 | Anglo American Capital PLC 144A, 5.50%, 5/02/33 (a) | 200 |
| 200000 | Antofagasta PLC 144A, 6.25%, 5/02/34 (a) | 203 |
| 355000 | Avianca Midco 2 PLC 144A, 9.63%, 2/14/30 (a) | 310 |
| 225000 | Biocon Biologics Global PLC 144A, 6.67%, 10/09/29 (a) | 203 |
| 200000 | MARB BondCo PLC 144A, 3.95%, 1/29/31 (a) | 173 |
| 405000 | Sisecam UK PLC 144A, 8.63%, 5/02/32 (a) | 402 |
| 200000 | Vedanta Resources Finance II PLC 144A, 9.85%, 4/24/33 (a) | 182 |
| 270000 | Vedanta Resources Finance II PLC 144A, 10.25%, 6/03/28 (a) | 267 |
| 200000 | WE Soda Investments Holding PLC 144A, 9.50%, 10/06/28 (a) | 205 |
|  |  | 2461 |
|  **United States (USD) (15%)** | **United States (USD) (15%)** |  |
| 425000 | Ally Financial Inc. B, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.868%), 4.70% (g)(h) | 392 |
| 200000 | American Tower Corp., 3.38%, 10/15/26 | 197 |

---

106 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 504 | Asurion LLC Term Loan B10 1L, (1 mo. Term Secured Overnight Financing Rate + 3.000%), 8.42%, 8/19/28 (i) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | Azul Secured Finance LLP, 11.93%, 8/28/28 | 139 |
| 532180 | BBFI Liquidating Trust 144A, 6.24%,<br>12/30/99 (a)(d) | 5 |
| 425000 | Gran Tierra Energy Inc. 144A, 9.50%, 10/15/29 (a) | 331 |
| 200000 | Hanwha Futureproof Corp. 144A, 4.75%,<br>4/30/28 (a) | 202 |
| 750000 | Hotwire Funding LLC 2024-1A 144A, 9.19%, 6/20/54 (a) | 769 |
| 200000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 0.885%), 1.58%, 4/22/27 (h) | 195 |
| 325000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%,<br>2/15/29 (a) | 333 |
| 200000 | Kraton Corp. 144A, 5.00%, 7/15/27 (a) | 203 |
| 250000 | Las Vegas Sands Corp., 5.63%, 6/15/28 | 251 |
| 80000 | Manufacturers & Traders Trust Co., 4.65%, 1/27/26 | 80 |
| 200000 | MassMutual Global Funding II 144A, 4.15%, 8/26/25 (a) | 200 |
| 170000 | National Rural Utilities Cooperative Finance Corp., 4.45%, 3/13/26 | 170 |
| 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 (h) | 206 |
| 200000 | NBM U.S. Holdings Inc. 144A, 7.00%, 5/14/26 (a) | 200 |
| 180000 | New York Life Global Funding 144A, 4.40%, 4/25/28 (a) | 182 |
| 99292 | Oak Street Investment Grade Net Lease Fund Series 2020-1A 144A, 2.26%, 11/20/50 (a) | 96 |
| 99375 | Oak Street Investment Grade Net Lease Fund Series 2021-1A 144A, 3.26%, 1/20/51 (a) | 86 |
| 300000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 9.88%, 3/15/30 (a)(c) | 264 |
| 90000 | Protective Life Global Funding 144A, 5.37%, 1/06/26 (a) | 90 |
| 200000 | Resorts World Las Vegas LLC/RWLV Capital Inc. 144A, 8.45%, 7/27/30 (a) | 195 |
| 430000 | Saks Global Enterprises LLC 144A, 11.00%, 12/15/29 (a) | 261 |
| 200000 | Sammons Financial Group Global Funding 144A, 5.05%, 1/10/28 (a) | 203 |
| 52575 | Santander Bank Auto Credit-Linked Notes 2023-A 144A, 10.07%, 6/15/33 (a) | 53 |
| 337964 | Santander Drive Auto Receivables Trust 2023- S1 144A, 10.40%, 4/18/28 (a) | 340 |
| 16 | Santander Drive Auto Receivables Trust 2024- S2, 5.80%, 12/16/28 (d) | 266 |
| 400000 | Sasol Financing USA LLC, 4.38%, 9/18/26 | 383 |
| 640000 | Sasol Financing USA LLC 144A, 8.75%, 5/03/29 (a) | 607 |
| 300000 | SBL Holdings Inc. 144A, 7.20%, 10/30/34 (a) | 282 |
| 205000 | Star Parent Inc. 144A, 9.00%, 10/01/30 (a)(c) | 208 |
| 240000 | Stillwater Mining Co. 144A, 4.00%, 11/16/26 (a) | 230 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372000 | Terraform Global Operating LP 144A, 6.13%, 3/01/26 (a) | $364 |
| 200000 | TerraForm Power Operating LLC 144A, 5.00%, 1/31/28 (a) | 195 |
| 195000 | U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.430%), 5.73%, 10/21/26 (h) | 196 |
| 1550000 | U.S. Treasury Bill, 4.22%, 5/06/25 (d) | 1549 |
| 535000 | U.S. Treasury Bill, 4.24%, 5/20/25 (d) | 534 |
| 115000 | Veritiv Operating Co. 144A, 10.50%,<br>11/30/30 (a) | 120 |
| 625000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (a) | 595 |
| 79326 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 6/27/29 (i) | 76 |
| 200000 | Wipro IT Services LLC 144A, 1.50%,<br>6/23/26 (a) | 193 |
|  |  | 11442 |
|  **Virgin Islands (British) (USD) (1%)** | **Virgin Islands (British) (USD) (1%)** |  |
| 995000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 144A, 5.25%, 4/27/29 (a) | 953 |
|  **Total Bond (Cost - $76,137)** | **Total Bond (Cost - $76,137)** | 74773 |
|  **Stock (0%)** | **Stock (0%)** |  |
|  **Common Stock (0%)** | **Common Stock (0%)** |  |
| 355 | New Stitching ADM Uni Depository (Cost - $0) |  |
|  **Investment Company (7%)** | **Investment Company (7%)** |  |
| 5769366 | Payden Cash Reserves Money Market Fund\* (Cost - $5,769) | 5769 |
|  **Total Investments (Cost - $81,906) (103%)** | **Total Investments (Cost - $81,906) (103%)** | 80542 |
|  **Liabilities in excess of Other Assets (-3%)** | **Liabilities in excess of Other Assets (-3%)** | (2118) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78424 |

---

\* 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) 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) All or a portion of these securities are on loan. At April 30, 2025, the total market value of the Fund's securities on loan is $2,076 and the total market value of the collateral held by the Fund is $2,159. Amounts in 000s.

&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) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

Semi-Annual 107

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Payden Emerging Markets Corporate Bond Fund** *continued* 

#### Open Forward Currency Contracts to USD

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Depreciation<br>(000s) |
|  **Assets:** |  |  |  |  |
|  KRW 286,000 | USD 201 | Barclays<br>Bank<br>PLC | 05/30/2025 | $1 |
|  **Liabilities:** |  |  |  |  |
|  THB 20,050 | USD 602 | Barclays<br>Bank<br>PLC | 05/20/2025 | (1) |
|  USD 597 | THB 20,010 | Barclays<br>Bank<br>PLC | 05/20/2025 | (3) |
|  USD 200 | KRW 286,000 | Barclays<br>Bank<br>PLC | 05/30/2025 | (1) |
|  |  |  |  | (5) |
|  **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | $(4) |

---

#### 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 | 11 | Jun-25 | $1283 | $7 | $7 |
|  U.S. Treasury 5-Year Note Future | 83 | Jun-25 | 9063 | 58 | 58 |
|  U.S. Ultra Bond Future | 7 | Jun-25 | 847 | (1) | (1) |
|  |  |  |  |  | 64 |
|  **Short Contracts:** | **Short Contracts:** | **Short Contracts:** |  |  |  |
|  U.S. 10-Year Ultra Future | 3 | Jun-25 | (344) | (6) | (6) |
|  U.S. Treasury 10-Year Note Future | 11 | Jun-25 | (1234) | (25) | (25) |
|  |  |  |  |  | (31) |
|  **Total Futures** |  |  |  |  | $33 |

---

#### 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 9.150% Monthly, Pay Variable 9.080% (MXIBTIEF) 28 days | 11/19/2026 | MXN 17,380 | $21 | $– | $21 |

---

#### 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> | $2076 |
| Non-cash Collateral<sup>2</sup> | (2076) |
|  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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

*See notes to financial statements.* 

108 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 Managed Income Fund

---

| | | |
|:---|:---|:---|
| Schedule of Investments *- April 30, 2025 (Unaudited)* | Schedule of Investments *- April 30, 2025 (Unaudited)* | Schedule of Investments *- April 30, 2025 (Unaudited)* |
| Principal<br>or Shares | Security Description | Value (000) |
|  **Asset Backed (18%)** | **Asset Backed (18%)** |  |
| 523534 | Ally Bank Auto Credit-Linked Notes 2024-B 144A, 5.41%, 9/15/32 (a) | $523 |
| 500000 | American Credit Acceptance Receivables Trust 2024-4 144A, 5.34%, 8/12/31 (a) | 500 |
| 800000 | Arbour CLO VII DAC 7A 144A, (3 mo. EURIBOR + 2.350%), 4.85%, 12/15/38 EUR (a)(b)(c) | 902 |
| 1000000 | ARES Loan Funding III Ltd. 2022-ALF3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.270%), 5.55%,<br>7/25/36 (a)(b) | 997 |
| 600000 | Arini European CLO I DAC 1X, (3 mo. EURIBOR + 2.650%), 4.93%, 7/15/36<br>EUR (b)(c)(d) | 680 |
| 300000 | Arini European CLO I DAC 1X, (3 mo. EURIBOR + 3.950%), 6.23%, 7/15/36<br>EUR (b)(c)(d) | 341 |
| 1000000 | Beechwood Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.300%), 5.58%, 1/17/35 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| 500000 | Bridgepoint CLO VI DAC 6X, (3 mo. EURIBOR + 2.700%), 5.25%, 11/14/36 EUR (b)(c)(d) | 565 |
| 500000 | Buckhorn Park CLO Ltd. 2019-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.070%), 5.34%, 7/18/34 (a)(b) | 498 |
| 1000000 | Carlyle Global Market Strategies CLO Ltd. 2016-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.090%), 5.36%,<br>4/20/34 (a)(b) | 996 |
| 200000 | CARS-DB4 LP 2020-1A 144A, 4.52%, 2/15/50 (a) | 193 |
| 300000 | CARS-DB4 LP 2020-1A 144A, 4.95%, 2/15/50 (a) | 271 |
| 400000 | Cologix Canadian Issuer LP 2022-1CAN 144A, 5.68%, 1/25/52 CAD (a)(c) | 282 |
| 250000 | Cumulus Static CLO DAC 2024-1A 144A, (3 mo. EURIBOR + 2.400%), 4.96%, 11/15/33 EUR (a)(b)(c) | 283 |
| 150000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 2.36%, 4/15/49 (a) | 141 |
| 500000 | Diamond Infrastructure Funding LLC 2021-1A 144A, 3.48%, 4/15/49 (a) | 471 |
| 365902 | Driven Brands Funding LLC 2019-1A 144A, 4.64%, 4/20/49 (a) | 364 |
| 235398 | Driven Brands Funding LLC 2021-1A 144A, 2.79%, 10/20/51 (a) | 220 |
| 1000000 | Elmwood CLO X Ltd. 2021-3A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.270%), 5.54%, 4/20/34 (a)(b) | 999 |
| 450000 | Exeter Automobile Receivables Trust 2024-5A, 5.06%, 2/18/31 | 446 |
| 10 | Exeter Automobile Receivables Trust 2021-2, 0.00%, 2/15/28 (e) | 509 |
| 35567 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.20%, 2/23/39 (a)(b) | 35 |
| 300000 | FORT CRE Issuer LLC 2022-FL3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 6.60%, 2/23/39 (a)(b) | 294 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value (000) |
| 250000 | Henley CLO VII DAC 7A 144A, (3 mo. EURIBOR + 2.100%), 4.26%, 4/25/34 EUR (a)(b)(c) | $281 |
| 550000 | JPMorgan Chase Bank N.A.-CACLN 2021-3 144A, 3.69%, 2/26/29 (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;&nbsp;&nbsp;&nbsp;&nbsp;549 |
| 1 | Juniper Receivables DAC, 0.00%,<br>8/15/29 (e) | 209 |
| 10 | Juniper Receivables DAC 2023-1 DAC, 0.00%, 7/15/30 (e) | 266 |
| 600000 | KKR CLO Ltd. 25 144A, (3 mo. Term Secured Overnight Financing Rate + 0.950%), 5.21%, 7/15/34 (a)(b) | 595 |
| 268034 | KKR Static CLO I Ltd. 2022-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 0.980%), 5.25%, 7/20/31 (a)(b) | 267 |
| 307255 | KREF Ltd. 2022-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 1.450%), 5.77%, 2/17/39 (a)(b) | 307 |
| 300000 | Magnetite XIX Ltd. 2017-19A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.750%), 6.03%, 4/17/34 (a)(b) | 298 |
| 1000000 | Neuberger Berman Loan Advisers CLO Ltd. 2021-45A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.060%), 5.30%, 10/14/36 (a)(b) | 995 |
| 450000 | Neuberger Berman Loan Advisers CLO Ltd. 2022-51A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.850%), 6.13%, 10/23/36 (a)(b) | 446 |
| 496458 | Oak Street Investment Grade Net Lease Fund 2020-1A 144A, 3.39%, 11/20/50 (a) | 478 |
| 300000 | OCP CLO Ltd. 2021-23A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.700%), 5.98%, 1/17/37 (a)(b) | 296 |
| 500000 | Ocp Euro CLO DAC 2023-7A 144A, (3 mo. EURIBOR + 1.550%), 3.71%, 4/25/36 EUR (a)(b)(c) | 565 |
| 300000 | OCP Euro CLO DAC 2020-4X, (3 mo. EURIBOR + 2.200%), 4.44%, 9/22/34 EUR (b)(c)(d) | 339 |
| 250000 | Regatta XVI Funding Ltd. 2019-2A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.900%), 6.16%, 1/15/33 (a)(b) | 249 |
| 5430 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 5.28%, 5/15/32 (a) | 5 |
| 3394 | Santander Bank Auto Credit-Linked Notes 2022- A 144A, 7.38%, 5/15/32 (a) | 3 |
| 454448 | Santander Bank Auto Credit-Linked Notes 2022- B 144A, 11.91%, 8/16/32 (a) | 460 |
| 371760 | Santander Drive Auto Receivables Trust 2023-S1 144A, 10.40%, 4/18/28 (a) | 374 |
| 224614 | Santander Drive Auto Receivables Trust 2024-S1 144A, 6.53%, 3/16/29 (a) | 225 |
| 20 | Santander Drive Auto Receivables Trust 2024- S2, 5.80%, 12/16/28 (e) | 337 |
| 350000 | Sound Point Euro CLO X Funding DAC 10X, (3 mo. EURIBOR + 2.650%), 4.89%, 4/20/38 EUR (b)(c)(d) | 397 |
| 66667 | TierPoint Issuer LLC 2023-1A 144A, 6.00%, 6/25/53 (a) | 67 |
| 800000 | Valley Stream Park CLO Ltd. 2022-1A 144A, (3 mo. Term Secured Overnight Financing Rate + 1.850%), 6.12%,<br>1/20/37 (a)(b) | 793 |

---

Semi-Annual 109

------

&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 Managed Income Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 300000 | VB-S1 Issuer LLC-VBTEL 2022-1A 144A, 5.27%, 2/15/52 (a) | $283 |
| 200000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 6.64%, 5/15/54 (a) | 206 |
| 200000 | VB-S1 Issuer LLC-VBTEL 2024-1A 144A, 8.87%, 5/15/54 (a) | 210 |
|  **Total Asset Backed (Cost - $21,872)** | **Total Asset Backed (Cost - $21,872)** | **21010** |
|  **Bank Loans(f) (5%)** | **Bank Loans(f) (5%)** |  |
| 323375 | Alpha Generation LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.750%), 7.07%, 9/30/31 | 324 |
| 123746 | Bangl LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.79%, 2/01/29 | 124 |
| 198000 | Consolidated Energy Finance SA Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.81%, 11/15/30 | 183 |
| 149250 | CPPIB OVM Member U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.750%), 7.05%, 8/20/31 | 148 |
| 199500 | Dragon Buyer Inc. Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.30%, 9/30/31 | 199 |
| 448872 | EMRLD Borrower LP Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 1.500%), 6.80%, 8/04/31 | 444 |
| 392541 | Evergreen AcqCo 1 LP Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 5.750%), 8.05%, 4/26/28 | 391 |
| 170000 | Flynn Restaurant Group LP Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 8.07%, 1/28/32 | 166 |
| 375000 | Hanesbrands Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.750%), 7.07%, 3/07/32 | 373 |
| 198343 | Iron Mountain Information Management LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 1.250%), 6.32%, 1/31/31 | 198 |
| 125000 | Leia Finco U.S. LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 7.46%, 10/09/31 | 124 |
| 273625 | Lightning Power LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.55%, 8/18/31 | 273 |
| 200000 | Madison Iaq LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.250%), 6.76%, 6/21/28 | 198 |
| 425242 | McGraw-Hill Education Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 2.250%), 7.57%, 8/06/31 | 425 |
| 382167 | MIC Glen LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.500%), 7.82%, 7/21/28 | 383 |
| 373125 | Modena Buyer LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 3.500%), 8.78%, 7/01/31 | 355 |
| 273625 | Omnia Partners LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + |  |
|  | 2.750%), 7.03%, 7/25/30 | 273 |
| 375000 | Terex Corp. Term Loan 1L, (3 mo. Term Secured Overnight Financing Rate + 0.750%), 6.30%, 10/08/31 | 375 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 271906 | Third Coast Infrastructure LLC Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 4.250%), 8.57%, 9/25/30 | $266 |
| 199497 | Transdigm Inc. Term Loan J 1L, (3 mo. Term Secured Overnight Financing Rate + 2.250%), 6.80%, 2/28/31 | 198 |
| 178947 | Truist Insurance Holdings LLC Term Loan 2L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 5/06/32 | 179 |
| 445500 | United Natural Foods Inc. Term Loan B 1L, (1 mo. Term Secured Overnight Financing Rate + 3.750%), 9.07%, 4/25/31 | 448 |
| 93203 | WaterBridge Midstream Operating LLC Term Loan B 1L, (3 mo. Term Secured Overnight Financing Rate + 4.750%), 9.05%, 6/27/29 | 89 |
|  **Total Bank Loans (Cost - $6,193)** | **Total Bank Loans (Cost - $6,193)** | **6136** |
|  **Corporate Bond (29%)** | **Corporate Bond (29%)** |  |
| 195000 | Advantage Sales & Marketing Inc. 144A, 6.50%, 11/15/28 (a) | 157 |
| 350000 | Alphabet Inc., 2.50%, 5/06/29 EUR (c) | 396 |
| 325000 | Altice France Holding SA 144A, 10.50%, 5/15/27 (a) | 101 |
| 150000 | American Homes 4 Rent LP, 5.50%, 2/01/34 | 150 |
| 275000 | Americold Realty Operating Partnership LP, 5.60%, 5/15/32 | 275 |
| 175000 | Ares Capital Corp., 5.88%, 3/01/29 | 176 |
| 250000 | Autostrade per l'Italia SpA, 4.25%, 6/28/32 EUR (c)(d) | 292 |
| 150000 | AutoZone Inc., 5.40%, 7/15/34 | 152 |
| 150000 | Axon Enterprise Inc. 144A, 6.13%,<br>3/15/30 (a) | 153 |
| 200000 | Banco de Credito e Inversiones SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.944%),<br>8.75% (a)(b)(g) | 207 |
| 75000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.000%), 5.16%, 1/24/31 (b) | 76 |
| 200000 | BE Semiconductor Industries NV 144A, 4.50%, 7/15/31 EUR (a)(c) | 230 |
| 225000 | Beacon Roofing Supply Inc. 144A, 6.75%, 4/30/32 (a) | 226 |
| 75000 | Blue Owl Capital Corp., 3.40%, 7/15/26 | 73 |
| 25000 | Boeing Co., 2.20%, 2/04/26 | 25 |
| 25000 | Boeing Co., 5.04%, 5/01/27 | 25 |
| 25000 | Boeing Co., 6.30%, 5/01/29 | 26 |
| 200000 | Bombardier Inc. 144A, 7.00%,<br>6/01/32 (a)(h) | 203 |
| 150000 | Boparan Finance PLC 144A, 9.38%, 11/07/29 GBP (a)(c) | 193 |
| 175000 | Broadcom Inc., 5.05%, 7/12/29 | 179 |
| 250000 | Bubbles Bidco SpA, 6.50%, 9/30/31 EUR (c)(d) | 284 |
| 150000 | Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.036%), 6.18%, 1/30/36 (b) | 148 |
| 125000 | Capstone Copper Corp. 144A, 6.75%, 3/31/33 (a) | 123 |
| 150000 | Centene Corp., 3.38%, 2/15/30 | 137 |
| 175000 | Centene Corp., 3.00%, 10/15/30 | 154 |
| 266000 | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 4/27/29 (d) | 255 |
| 350000 | Cia de Minas Buenaventura SAA 144A, 6.80%, 2/04/32 (a) | 348 |
| 200000 | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 7/22/31 (d) | 162 |
| 225000 | CITGO Petroleum Corp. 144A, 6.38%, 6/15/26 (a) | 224 |

---

110 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value (000) |
| 175000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.351%), 3.06%,<br>1/25/33 (b) | $154 |
| 200000 | Cleveland-Cliffs Inc. 144A, 6.88%, 11/01/29 (a) | 194 |
| 125000 | Cleveland-Cliffs Inc. 144A, 7.38%,<br>5/01/33 (a) | 118 |
| 250000 | CRH America Finance Inc., 5.40%, 5/21/34 | 254 |
| 325000 | Delta Air Lines Inc./SkyMiles IP Ltd. 144A, 4.75%, 10/20/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
| 150000 | doValue SpA 144A, 7.00%, 2/28/30<br>EUR (a)(c) | 176 |
| 300000 | Duke Energy Carolinas LLC, 4.85%, 3/15/30 | 306 |
| 300000 | Duke Energy Progress LLC, 5.05%, 3/15/35 | 299 |
| 150000 | Edge Finco PLC, 8.13%, 8/15/31<br>GBP (c)(d) | 203 |
| 175000 | Empire Communities Corp. 144A, 9.75%,<br>5/01/29 (a) | 171 |
| 150000 | EMRLD Borrower LP/Emerald Co.-Issuer Inc. 144A, 6.75%, 7/15/31 (a) | 153 |
| 200000 | Entegris Inc. 144A, 4.75%, 4/15/29 (a) | 195 |
| 250000 | EPH Financing International AS, 5.88%, 11/30/29 EUR (c)(d) | 299 |
| 300000 | Eurobank SA, (ICE 1Year Euribor Swap Fix + 1.250%), 3.25%, 3/12/30 EUR (b)(c)(d) | 337 |
| 125000 | Evergy Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.558%), 6.65%, 6/01/55 (b) | 122 |
| 125000 | Expand Energy Corp., 5.70%, 1/15/35 | 123 |
| 250000 | Extra Space Storage LP, 5.40%, 6/15/35 | 246 |
| 200000 | Fiesta Purchaser Inc. 144A, 9.63%,<br>9/15/32 (a) | 210 |
| 350000 | Fiserv Funding ULC, 2.88%, 6/15/28 EUR (c) | 397 |
| 350000 | Flutter Treasury DAC 144A, 5.00%, 4/29/29<br>EUR (a)(c) | 411 |
| 100000 | Freedom Mortgage Holdings LLC 144A, 9.25%, 2/01/29 (a) | 102 |
| 280000 | Freedom Mortgage Holdings LLC 144A, 9.13%, 5/15/31 (a) | 283 |
| 200000 | Frontier Communications Holdings LLC 144A, 5.00%, 5/01/28 (a) | 198 |
| 125000 | Galaxy Bidco Ltd., 8.13%, 12/19/29<br>GBP (c)(d) | 167 |
| 150000 | General Motors Financial Co. Inc., 5.55%,<br>7/15/29 | 151 |
| 350000 | General Motors Financial Co. Inc., 4.90%, 10/06/29 | 344 |
| 260000 | Global Marine Inc., 7.00%, 6/01/28 | 224 |
| 275000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.580%), 5.22%, 4/23/31 (b) | 280 |
| 325000 | Goldman Sachs Group Inc., (U.S. Secured Overnight Financing Rate + 1.410%), 3.10%, 2/24/33 (b) | 287 |
| 203000 | Gran Tierra Energy Inc. 144A, 9.50%,<br>10/15/29 (a) | 158 |
| 250000 | Hewlett Packard Enterprise Co., 5.00%, 10/15/34 | 241 |
| 325000 | Holcim Finance U.S. LLC 144A, 4.95%, 4/07/30 (a) | 329 |
| 200000 | Holcim Finance U.S. LLC 144A, 5.40%, 4/07/35 (a) | 200 |
| 225000 | Huntington Bancshares Inc., (U.S. Secured Overnight Financing Rate + 1.276%), 5.27%, 1/15/31 (b) | 227 |
| 100000 | Hyatt Hotels Corp., 5.05%, 3/30/28 | 101 |
| 50000 | Hyundai Capital America 144A, 4.30%, 9/24/27 (a) | 49 |
| 200000 | IHS Holding Ltd. 144A, 8.25%, 11/29/31 (a) | 193 |
| 217250 | India Cleantech Energy, 4.70%, 8/10/26 (d) | 211 |
| 300000 | JAB Holdings BV, 5.00%, 6/12/33<br>EUR (c)(d) | 363 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value (000) |
| 300000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.435%), 5.10%,<br>4/22/31 (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;306 |
| 250000 | JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 1.340%), 4.95%,<br>10/22/35 (b) | 244 |
| 325000 | KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution Inc. 144A, 9.00%,<br>2/15/29 (a) | 333 |
| 350000 | Kier Group PLC, 9.00%, 2/15/29 GBP (c)(d) | 487 |
| 175000 | Kraft Heinz Foods Co., 3.75%, 4/01/30 | 168 |
| 150000 | Lazard Group LLC, 6.00%, 3/15/31 | 155 |
| 200000 | LD Celulose International GmbH 144A, 7.95%, 1/26/32 (a) | 206 |
| 400000 | Limak Cimento Sanayi ve Ticaret AS 144A, 9.75%, 7/25/29 (a) | 393 |
| 200000 | LKQ Dutch Bond BV, 4.13%, 3/13/31 EUR (c) | 231 |
| 250000 | Madison IAQ LLC 144A, 5.88%, 6/30/29 (a) | 237 |
| 225000 | Midcontinent Communications 144A, 8.00%, 8/15/32 (a) | 230 |
| 325000 | Millicom International Cellular SA, 4.50%,<br>4/27/31 (d) | 290 |
| 200000 | Minerva Luxembourg SA 144A, 8.88%, 9/13/33 (a) | 213 |
| 225000 | Minerva Luxembourg SA, 8.88%, 9/13/33 (d) | 240 |
| 275000 | Mobico Group PLC, 4.88%, 9/26/31 EUR (c)(d) | 300 |
| 550000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.380%), 4.99%, 4/12/29 (b) | 558 |
| 225000 | Morgan Stanley, (U.S. Secured Overnight Financing Rate + 1.108%), 5.23%, 1/15/31 (b) | 229 |
| 225000 | Muthoot Finance Ltd. 144A, 7.13%, 2/14/28 (a) | 224 |
| 200000 | Muthoot Finance Ltd., 7.13%, 2/14/28 (d) | 199 |
| 175000 | NNN REIT Inc., 5.50%, 6/15/34 | 176 |
| 200000 | Oceanica Lux, 13.00%, 10/02/29 (d) | 180 |
| 200000 | OCP SA 144A, 6.10%, 4/30/30 (a) | 200 |
| 200000 | OCP SA 144A, 6.70%, 3/01/36 (a) | 198 |
| 200000 | OHI Group SA 144A, 13.00%, 7/22/29 (a) | 202 |
| 250000 | Opal Bidco SAS 144A, 5.50%, 3/31/32 EUR (a)(c) | 282 |
| 550000 | Open Text Corp. 144A, 6.90%, 12/01/27 (a) | 566 |
| 325000 | Orbia Advance Corp. SAB de CV 144A, 6.80%, 5/13/30 (a) | 325 |
| 200000 | Orbia Advance Corp. SAB de CV 144A, 7.50%, 5/13/35 (a) | 199 |
| 225000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 5.13%, 4/30/31 (a)(h) | 189 |
| 200000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV 144A, 7.88%, 5/15/34 (a) | 184 |
| 275000 | OVH Groupe SAS, 4.75%, 2/05/31 EUR (c)(d) | 315 |
| 95000 | Paramount Global, 4.95%, 1/15/31 | 92 |
| 300000 | PBF Holding Co. LLC/PBF Finance Corp. 144A, 9.88%, 3/15/30 (a)(h) | 264 |
| 100000 | Petroleos Mexicanos, 3.63%, 11/24/25 EUR (c)(d) | 112 |
| 425000 | Petroleos Mexicanos, 3.75%, 4/16/26 EUR (c)(d) | 471 |
| 400000 | Petroleos Mexicanos, 2.75%, 4/21/27<br>EUR (c)(d)(h) | 420 |
| 110000 | PRA Group Inc. 144A, 5.00%, 10/01/29 (a)(h) | 100 |
| 180000 | PRA Group Inc. 144A, 8.88%, 1/31/30 (a)(h) | 186 |
| 425000 | Prime Healthcare Services Inc. 144A, 9.38%, 9/01/29 (a) | 406 |
| 175000 | Quikrete Holdings Inc. 144A, 6.75%, 3/01/33 (a) | 176 |
| 175000 | RELX Capital Inc., 4.75%, 3/27/30 | 177 |
| 400000 | Reworld Holding Corp. 144A, 4.88%, 12/01/29 (a) | 374 |

---

Semi-Annual 111

------

&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 Managed Income Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value (000) |
| 350000 | Rogers Communications Inc., 5.30%, 2/15/34 | $345 |
| 75000 | Royal Bank of Canada, (U.S. Secured Overnight Financing Rate + 1.030%), 5.15%, 2/04/31 (b) | 76 |
| 300000 | Sable International Finance Ltd. 144A, 7.13%,<br>10/15/32 (a) | 295 |
| 200000 | Sagax AB, 4.38%, 5/29/30 EUR (c)(d) | 235 |
| 250000 | Sagax Euro Mtn NL BV, 0.75%, 1/26/28<br>EUR (c)(d) | 265 |
| 225000 | Santander Holdings USA Inc., (U.S. Secured Overnight Financing Rate + 1.940%), 5.35%,<br>9/06/30 (b) | 226 |
| 450000 | SBA Tower Trust 144A, 6.60%, 1/15/28 (a) | 461 |
| 400000 | Societe Generale SA, (3 mo. EURIBOR + 0.950%), 0.50%, 6/12/29 EUR (b)(c)(d) | 419 |
| 275000 | Stagwell Global LLC 144A, 5.63%,<br>8/15/29 (a) | 260 |
| 350000 | Star Parent Inc. 144A, 9.00%,<br>10/01/30 (a)(h) | 355 |
| 95000 | Surge Energy Inc. 144A, 8.50%, 9/05/29<br>CAD (a)(c) | 68 |
| 425000 | Surgery Center Holdings Inc. 144A, 7.25%, 4/15/32 (a) | 425 |
| 180000 | Synopsys Inc., 5.00%, 4/01/32 | 181 |
| 240000 | Synopsys Inc., 5.15%, 4/01/35 | 241 |
| 300000 | TDF Infrastructure SASU, 4.13%, 10/23/31<br>EUR (c)(d) | 341 |
| 325000 | Tesco Corporate Treasury Services PLC, 4.25%, 2/27/31 EUR (c)(d) | 386 |
| 175000 | Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 1.571%), 5.15%, 8/05/32 (b) | 176 |
| 150000 | UDR Inc., 5.13%, 9/01/34 | 146 |
| 225000 | Veritiv Operating Co. 144A, 10.50%, 11/30/30 (a) | 235 |
| 285000 | Viking Baked Goods Acquisition Corp. 144A, 8.63%, 11/01/31 (a) | 271 |
| 550000 | VISA, Inc., 2.25%, 5/15/28 EUR (c) | 620 |
| 150000 | Vistra Operations Co. LLC 144A, 6.95%, 10/15/33 (a) | 161 |
| 295000 | W&T Offshore Inc. 144A, 10.75%, 2/01/29 (a)(h) | 233 |
| 175000 | Warnermedia Holdings Inc., 4.28%, 3/15/32 | 150 |
| 500000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.370%), 4.97%, 4/23/29 (b) | 506 |
| 125000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.110%), 5.24%, 1/24/31 (b) | 128 |
| 425000 | Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 2.020%), 5.39%, 4/24/34 (b) | 427 |
| 150000 | Western Midstream Operating LP, 5.45%, 11/15/34 | 143 |
| 250000 | WMG Acquisition Corp. 144A, 3.75%, 12/01/29 (a) | 231 |
| 180000 | XPLR Infrastructure Operating Partners LP 144A, 7.25%, 1/15/29 (a)(h) | 178 |
|  **Total Corporate Bond (Cost - $33,190)** | **Total Corporate Bond (Cost - $33,190)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33170 |
|  **Foreign Government (10%)** | **Foreign Government (10%)** |  |
| 375000 | Albania Government International Bond 144A, 4.75%, 2/14/35 EUR (a)(c) | 406 |
| 250000 | Argentine Republic Government International Bond, 4.13%, 7/09/35 | 167 |
| 35000000 | Brazil Letras do Tesouro Nacional, 11.58%, 7/01/25 BRL (c)(e) | 6032 |
| 275000 | Dominican Republic International Bond, 5.95%, 1/25/27 (d) | 277 |
| 200000 | Ghana Government International Bond 144A, 5.00%, 7/03/35 (a) | 136 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 425000 | Guatemala Government Bond, 4.38%, 6/05/27 (d) | $416 |
| 250000 | Guatemala Government Bond, 6.55%, 2/06/37 (d) | 250 |
| 400000 | Hungary Government International Bond Series 10Y, 4.50%, 6/16/34 EUR (c)(d) | 442 |
| 200000 | Ivory Coast Government International Bond, 8.25%, 1/30/37 (d) | 184 |
| 425000 | Mexico Government International Bond, 6.35%, 2/09/35 | 424 |
| 300000 | Morocco Government International Bond 144A, 3.88%, 4/02/29 EUR (a)(c) | 341 |
| 300000 | Morocco Government International Bond 144A, 4.75%, 4/02/35 EUR (a)(c) | 338 |
| 250000 | Nigeria Government International Bond, 6.50%, 11/28/27 (d) | 235 |
| 200000 | Nigeria Government International Bond, 6.13%, 9/28/28 (d) | 180 |
| 450000 | Paraguay Government International Bond, 6.00%, 2/09/36 (d) | 454 |
| 400000 | Republic of Poland Government International Bond, 5.38%, 2/12/35 | 405 |
| 250000 | Republic of Uzbekistan International Bond, 6.90%, 2/28/32 (d) | 250 |
| 200000 | Romanian Government International Bond 144A, 5.88%, 7/11/32 EUR (a)(c) | 221 |
| 225000 | Sri Lanka Government International Bond, 3.60%, 2/15/38 (d) | 159 |
| 179867 | Zambia Government International Bond, 5.75%, 6/30/33 (d) | 157 |
|  **Total Foreign Government (Cost - $11,275)** | **Total Foreign Government (Cost - $11,275)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11474 |
|  **Mortgage Backed (31%)** | **Mortgage Backed (31%)** |  |
| 100000 | ACRE Commercial Mortgage Ltd. 2021-FL4 144A, (1 mo. Term Secured Overnight Financing Rate + 1.864%), 6.68%, 12/18/37 (a)(b) | 99 |
| 500000 | Acrec 2025 Fl LLC 2025-FL3 144A, (1 mo. Term Secured Overnight Financing Rate + 2.291%), 6.61%, 8/18/42 (a)(b) | 491 |
| 300000 | AREIT Ltd. 2025-CRE10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.542%), 5.87%, 1/17/30 (a)(b) | 298 |
| 320000 | ARES1 2024-IND2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.443%), 5.76%, 10/15/34 (a)(b) | 320 |
| 500000 | BRAVO Residential Funding Trust 2024-NQM7 144A, 6.38%, 10/27/64 (a)(i) | 501 |
| 400000 | BX Commercial Mortgage Trust 2021-VOLT 144A, (1 mo. Term Secured Overnight Financing Rate + 2.114%), 6.44%, 9/15/36 (a)(b) | 394 |
| 350000 | BX Commercial Mortgage Trust 2021-VINO 144A, (1 mo. Term Secured Overnight Financing Rate + 2.067%), 6.39%, 5/15/38 (a)(b) | 347 |
| 550000 | BX Mortgage Trust 2025-BIO3 144A, 6.56%, 2/10/42 (a) | 554 |
| 500000 | BX Trust 2023-DELC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.690%), 7.01%, 5/15/38 (a)(b) | 502 |
| 425000 | BX Trust 2025-VLT6 144A, (1 mo. Term Secured Overnight Financing Rate + 1.893%), 6.21%, 3/15/42 (a)(b) | 421 |
| 300000 | CAMB Commercial Mortgage Trust 2019-LIFE 144A, (1 mo. Term Secured Overnight Financing Rate + 3.547%), 7.87%, 12/15/37 (a)(b) | 297 |

---

112 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 400000 | Connecticut Avenue Securities Series 2025-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.700%), 6.05%, 1/25/45 (a)(b) | $392 |
| 421240 | Connecticut Avenue Securities Trust 2019-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.214%), 8.57%, 9/25/31 (a)(b) | 440 |
| 270184 | Connecticut Avenue Securities Trust 2019-R06 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.864%), 8.22%, 9/25/39 (a)(b) | 276 |
| 87227 | Connecticut Avenue Securities Trust 2019-HRP1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.264%), 6.62%, 11/25/39 (a)(b) | 87 |
| 575000 | Connecticut Avenue Securities Trust 2021-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.100%), 7.45%, 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;585 |
| 300000 | Connecticut Avenue Securities Trust 2021-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.750%), 7.10%, 12/25/41 (a)(b) | 304 |
| 1125000 | Connecticut Avenue Securities Trust 2022-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.150%), 7.50%, 12/25/41 (a)(b) | 1147 |
| 325000 | Connecticut Avenue Securities Trust 2022-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.35%, 12/25/41 (a)(b) | 339 |
| 1075000 | Connecticut Avenue Securities Trust 2022-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.500%), 8.85%, 1/25/42 (a)(b) | 1118 |
| 500000 | Connecticut Avenue Securities Trust 2022-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.500%), 7.85%, 3/25/42 (a)(b) | 517 |
| 800000 | Connecticut Avenue Securities Trust 2022-R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 5.250%), 9.60%, 3/25/42 (a)(b) | 848 |
| 500000 | Connecticut Avenue Securities Trust 2022-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.250%), 10.60%, 3/25/42 (a)(b) | 539 |
| 200000 | Connecticut Avenue Securities Trust 2022-R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.500%), 13.85%, 3/25/42 (a)(b) | 222 |
| 500000 | Connecticut Avenue Securities Trust 2022-R09 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.750%), 9.10%, 9/25/42 (a)(b) | 534 |
| 782705 | Connecticut Avenue Securities Trust 2023-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.400%), 6.75%, 12/25/42 (a)(b) | 801 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br> (000) |
| 1300000 | Connecticut Avenue Securities Trust 2023-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.900%), 8.25%,<br>4/25/43 (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;1372 |
| 771742 | Connecticut Avenue Securities Trust 2023-R04 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.65%,<br>5/25/43 (a)(b) | 786 |
| 396755 | Connecticut Avenue Securities Trust 2025-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.000%), 5.35%,<br>2/25/45 (a)(b) | 395 |
| 450000 | Connecticut Avenue Securities Trust 2025-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.95%,<br>2/25/45 (a)(b) | 449 |
| 350000 | Connecticut Avenue Securities Trust 2025-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.950%), 6.30%,<br>2/25/45 (a)(b) | 345 |
| 736150 | Connecticut Avenue Securities Trust 2025-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.600%), 5.95%,<br>3/25/45 (a)(b) | 738 |
| 411450 | Connecticut Avenue Securities Trust 2025-R03 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.250%), 6.60%,<br>3/25/45 (a)(b) | 414 |
| 800000 | Connecticut Avenue Securities Trust 2021-R01 2021-R01 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.000%), 10.35%, 10/25/41 (a)(b) | 832 |
| 575000 | Cross Mortgage Trust 2024-H8 144A, 6.32%, 12/25/69 (a)(i) | 575 |
| 335000 | DC Commercial Mortgage Trust 2023-DC 144A, 6.31%, 9/12/40 (a) | 347 |
| 558663 | Extended Stay America Trust 2021-ESH 144A, (1 mo. Term Secured Overnight Financing Rate + 3.814%), 8.14%, 7/15/38 (a)(b) | 553 |
| 123484 | Fannie Mae Connecticut Avenue Securities 2016-C02, (U.S. Secured Overnight Financing Rate Index 30day Average + 12.364%), 16.72%, 9/25/28 (b) | 133 |
| 49466 | Fannie Mae Connecticut Avenue Securities 2016-C03, (U.S. Secured Overnight Financing Rate Index 30day Average + 11.864%), 16.22%, 10/25/28 (b) | 54 |
| 98354 | Fannie Mae Connecticut Avenue Securities 2016-C04, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.364%), 14.72%, 1/25/29 (b) | 105 |
| 700000 | Fannie Mae Connecticut Avenue Securities 2021-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.300%), 7.65%, 11/25/41 (a)(b) | 713 |
| 675000 | Fannie Mae Connecticut Avenue Securities 2021-R02 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.200%), 10.55%, 11/25/41 (a)(b) | 705 |
| 247267 | Freddie Mac STACR Debt Notes 2015-HQA1, (U.S. Secured Overnight Financing Rate Index 30day Average + 8.914%), 13.27%, 3/25/28 (b) | 248 |

---

Semi-Annual 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;Payden Managed Income Fund continued

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 293855 | Freddie Mac STACR Debt Notes 2015-DNA3, (U.S. Secured Overnight Financing Rate Index 30day Average + 9.464%), 13.82%, 4/25/28 (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 |
| 297702 | Freddie Mac STACR Debt Notes 2015-HQA2, (U.S. Secured Overnight Financing Rate Index 30day Average + 10.614%), 14.97%,<br>5/25/28 (b) | 310 |
| 1075000 | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.350%), 7.70%,<br>9/25/41 (a)(b) | 1095 |
| 425000 | Freddie Mac STACR REMIC Trust 2021-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 6.250%), 10.60%,<br>9/25/41 (a)(b) | 439 |
| 425000 | Freddie Mac STACR REMIC Trust 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.400%), 7.75%, 10/25/41 (a)(b) | 436 |
| 1125000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.650%), 8.00%,<br>11/25/41 (a)(b) | 1157 |
| 400000 | Freddie Mac STACR REMIC Trust 2021-DNA7 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 7.800%), 12.15%,<br>11/25/41 (a)(b) | 426 |
| 300000 | Freddie Mac STACR REMIC Trust 2021-HQA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.750%), 8.10%, 12/25/41 (a)(b) | 307 |
| 500000 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 3.750%), 8.10%, 2/25/42 (a)(b) | 519 |
| 350000 | Freddie Mac STACR REMIC Trust 2022-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 4.750%), 9.10%, 2/25/42 (a)(b) | 366 |
| 617660 | Freddie Mac STACR REMIC Trust 2022-DNA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.35%, 4/25/42 (a)(b) | 625 |
| 325182 | Freddie Mac STACR REMIC Trust 2022-DNA4 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.200%), 6.55%, 5/25/42 (a)(b) | 330 |
| 249568 | Freddie Mac STACR REMIC Trust 2022-HQA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.650%), 7.00%, 7/25/42 (a)(b) | 255 |
| 249194 | Freddie Mac STACR REMIC Trust 2022-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.300%), 6.65%, 8/25/42 (a)(b) | 253 |
| 266033 | Freddie Mac STACR REMIC Trust 2023-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.100%), 6.45%, 4/25/43 (a)(b) | 270 |
| 233733 | Freddie Mac STACR REMIC Trust 2023-HQA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.35%, 6/25/43 (a)(b) | 235 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| 144926 | Freddie Mac STACR REMIC Trust 2023-HQA3 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.850%), 6.20%, 11/25/43 (a)(b) | $146 |
| 350000 | Freddie Mac STACR REMIC Trust 2024-HQA1 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 2.000%), 6.35%, 3/25/44 (a)(b) | 351 |
| 543756 | Freddie Mac STACR REMIC Trust 2024-DNA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.250%), 5.60%, 5/25/44 (a)(b) | 544 |
| 678431 | Freddie Mac STACR REMIC Trust 2024-HQA2 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 1.200%), 5.55%, 8/25/44 (a)(b) | 677 |
| 725000 | Freddie Mac STACR REMIC Trust 2021-DNA6 2021-DNA6 144A, (U.S. Secured Overnight Financing Rate Index 30day Average + 7.500%), 11.85%, 10/25/41 (a)(b) | 767 |
| 600000 | FS Rialto Issuer LLC 2025-FL10 144A, (1 mo. Term Secured Overnight Financing Rate + 1.385%), 5.70%, 8/19/42 (a)(b) | 594 |
| 250000 | HIH Trust 2024-61P 144A, (1 mo. Term Secured Overnight Financing Rate + 3.640%), 7.96%, 10/15/41 (a)(b) | 247 |
| 300000 | KREF 2022-FL3 Ltd., (1 mo. Term Secured Overnight Financing Rate + 2.800%), 7.12%, 2/17/39 | 298 |
| 385000 | Life Mortgage Trust 2021-BMR 144A, (1 mo. Term Secured Overnight Financing Rate + 3.064%), 7.39%, 3/15/38 (a)(b) | 375 |
| 375000 | Life Mortgage Trust 2022-BMR2 144A, (1 mo. Term Secured Overnight Financing Rate + 1.295%), 5.62%, 5/15/39 (a)(b) | 363 |
| 241708 | MCR Mortgage Trust 2024-HTL 144A, (1 mo. Term Secured Overnight Financing Rate + 1.758%), 6.08%, 2/15/37 (a)(b) | 242 |
| 178620 | OBX Trust 2024-NQM12 144A, 5.83%, 7/25/64 (a) | 179 |
| 442164 | OBX Trust 2025-NQM6 144A, 5.96%, 3/25/65 (a) | 445 |
| 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%), 7.48%, 11/17/30 GBP (a)(b)(c) | 146 |
| 575000 | SWCH Commercial Mortgage Trust 2025-DATA 144A, (1 mo. Term Secured Overnight Financing Rate + 1.443%), 5.76%, 3/15/42 (a)(b) | 566 |
| 230713 | TTAN 2021-MHC 144A, (1 mo. Term Secured Overnight Financing Rate + 2.514%), 6.84%, 3/15/38 (a)(b) | 230 |
| 7566970 | Wells Fargo Commercial Mortgage Trust 2018- C46, 1.07%, 8/15/51 (i) | 151 |
|  **Total Mortgage Backed (Cost - $35,849)** | **Total Mortgage Backed (Cost - $35,849)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34829 |
|  **U.S. Treasury (3%)** | **U.S. Treasury (3%)** |  |
| 3300000 | U.S. Treasury Note, 3.88%, 3/31/27<br> (Cost - $3,310) | 3316 |
|  **Investment Company (5%)** | **Investment Company (5%)** |  |
| 3419055 | Payden Cash Reserves Money Market Fund\* | 3419 |

---

114 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
| Principal<br>or Shares | Security Description | Value<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491000 | Payden Emerging Markets Local Bond Fund, SI Class\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274 |
|  **Total Investment Company (Cost - $5,677)** | **Total Investment Company (Cost - $5,677)** | 5693 |
|  **Purchase Options (0%)** | **Purchase Options (0%)** |  |
|  **Total Purchase Options (Cost - $126)** | **Total Purchase Options (Cost - $126)** | 89 |
|  **Total Investments, Before Written Options** | **Total Investments, Before Written Options** |  |
|  **(Cost - $117,492) (101%)** | **(Cost - $117,492) (101%)** | 115717 |
|  **Written Options (0%)** | **Written Options (0%)** |  |
|  **Total Written Options (Cost - $(17))** | **Total Written Options (Cost - $(17))** | (12) |
|  **Total Investments (Cost - $117,475) (101%)** | **Total Investments (Cost - $117,475) (101%)** | 115705 |
|  **Liabilities in excess of Other Assets (-1%)** | **Liabilities in excess of Other Assets (-1%)** | (1155) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $114550 |

---

\* 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 April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security offered and sold outside the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Yield to maturity at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Floating rate security. The rate shown reflects the rate in effect at April 30, 2025. The stated maturity is subject to prepayments. See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) All or a portion of these securities are on loan. At April 30, 2025, the total market value of the Fund's securities on loan is $2,147 and the total market value of the collateral held by the Fund is $2,262. Amounts in 000s.

&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%** | **Exchange Traded Options Purchase - 0.1%** | **Exchange Traded Options Purchase - 0.1%** | **Exchange Traded Options Purchase - 0.1%** | **Exchange Traded Options Purchase - 0.1%** |  |  |
|  S&P 500 Emini | 17 | $53 | $5100 | 06/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;53 | Put |
|  S&P 500 Emini | 9 | 36 | 5400 | 05/30/2025 | 36 | Put |
|  **Total Purchase Options** |  |  |  |  | $89 |  |
| Written Options |  |  |  |  |  |  |
| Description | Number of<br>Contracts | Notional<br>Amount<br>(000s) | Exercise<br>Price | Maturity<br>Date | Value<br>(000s) | Call/Put |
|  Exchange Traded Options Purchase - 0.0% |  |  |  |  |  |  |
|  S&P 500 Emini | 17 | (12) | 4400 | 06/30/2025 | $(12) | 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:** |  |  |  |  |
| AUD 1,245 | USD 791 | Hsbc Securities (Usa) Inc. | 05/28/2025 | $6 |
| AUD 1,910 | USD 1,185 | Hsbc Securities (Usa) Inc. | 05/28/2025 | 39 |
| CHF 2,086 | USD 2,452 | Hsbc Securities (Usa) Inc. | 05/28/2025 | 84 |
| EUR 94 | USD 105 | Bnp Paribas Securities Corp. | 05/28/2025 | 2 |
| EUR 125 | USD 133 | Hsbc Securities (Usa) Inc. | 05/28/2025 | 9 |
| EUR 2,139 | USD 2,326 | Hsbc Securities (Usa) Inc. | 05/28/2025 | 101 |
| EUR 3,329 | USD 3,671 | Hsbc Securities Inc | 05/28/2025 | 107 |
| EUR 5,240 | USD 5,902 | State Street Bank & Trust Co. | 06/18/2025 | 53 |
| GBP 628 | USD 796 | Hsbc Securities (Usa) Inc. | 05/28/2025 | 41 |
| JPY 7,342 | USD 49 | Hsbc Securities (Usa) Inc. | 05/28/2025 | 2 |
| JPY 347,700 | USD 2,382 | Hsbc Securities Inc | 05/28/2025 | 57 |
| JPY 299,800 | USD 1,998 | Morgan Stanley & Co. Llc | 05/28/2025 | 105 |
| NOK 12,525 | USD 1,155 | Hsbc Securities (Usa) Inc. | 05/28/2025 | 49 |
| SEK 11,660 | USD 1,166 | Hsbc Securities (Usa) Inc. | 05/28/2025 | 42 |
|  |  |  |  | 697 |

---

Semi-Annual 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;Payden Managed Income Fund continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency<br>Purchased<br>(000s) | Currency<br>Sold<br>(000s) | Counterparty | Settlement<br>Date | Unrealized<br>Appreciation<br>(Depreciation)<br>(000s) |
|  **Liabilities:** |  |  |  |  |
| EUR 400 | USD 456 | State Street Global<br>Markets, Llc | 06/18/2025 | $(2) |
| USD 2,042 | EUR 1,944 | Bnp Paribas<br>Securities Corp. | 05/28/2025 | (164) |
| USD 776 | AUD 1,245 | Hsbc Securities<br>(Usa) Inc. | 05/28/2025 | (22) |
| USD 2,331 | CHF 2,046 | Hsbc Securities<br>(Usa) Inc. | 05/28/2025 | (156) |
| USD 1,600 | EUR 1,522 | Hsbc Securities<br>(Usa) Inc. | 05/28/2025 | (127) |
| USD 3,627 | EUR 3,248 | Hsbc Securities<br>(Usa) Inc. | 05/28/2025 | (58) |
| USD 1,194 | GBP 928 | Hsbc Securities<br>(Usa) Inc. | 05/28/2025 | (43) |
| USD 773 | JPY 113,600 | Hsbc Securities<br>(Usa) Inc. | 05/28/2025 | (24) |
| USD 1,189 | NOK 12,525 | Hsbc Securities<br>(Usa) Inc. | 05/28/2025 | (15) |
| USD 1,161 | SEK 11,660 | Hsbc Securities<br>(Usa) Inc. | 05/28/2025 | (48) |
| USD 192 | BRL 1,156 | Hsbc Securities<br>(Usa) Inc. | 06/27/2025 | (9) |
| USD 1,257 | CHF 1,050 | Hsbc Securities<br>Inc | 05/28/2025 | (20) |
| USD 135 | JPY 19,300 | Hsbc Securities<br>Inc | 05/28/2025 |  |
| USD 5,709 | BRL 33,955 | Hsbc Securities<br>Inc | 06/27/2025 | (191) |
| USD 792 | GBP 628 | Morgan Stanley &<br>Co. Llc | 05/28/2025 | (45) |
| USD 88 | JPY 13,042 | Morgan Stanley &<br>Co. Llc | 05/28/2025 | (3) |
| USD 4,432 | EUR 4,060 | State Street Bank<br>& Trust Co. | 06/18/2025 | (181) |
|  USD 207 | GBP 160 | State Street Bank<br>& Trust Co. | 06/18/2025 | (6) |
|  USD 344 | CAD 495 | State Street Global<br>Markets, Llc | 06/18/2025 | (16) |
|  USD 13,602 | EUR 12,468 | State Street Global<br>Markets, Llc | 06/18/2025 | (566) |
|  USD 1,002 | GBP 775 | State Street Global<br>Markets, Llc | 06/18/2025 | (31) |
|  |  |  |  | (1727) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(1030) |

---

#### 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 | 363 | Jun-25 | $75558 | $616 | $616 |
|  U.S. Treasury 5-Year Note Future | 71 | Jun-25 | 7753 | 49 | 49 |
|  |  |  |  |  | 665 |
|  **Short Contracts:** | **Short Contracts:** | **Short Contracts:** |  |  |  |
|  Euro-Bobl Future | 23 | Jun-25 | (3117) | (49) | (49) |
|  Euro-Bund Future | 31 | Jun-25 | (4628) | (56) | (56) |
|  Euro-Schatz Future | 17 | Jun-25 | (2072) | (6) | (6) |
|  Long Gilt Future | 2 | Jun-25 | (249) | (7) | (7) |
|  U.S. 10-Year Ultra Future | 25 | Jun-25 | (2868) | (35) | (35) |
|  U.S. Long Bond Future | 8 | Jun-25 | (933) | (4) | (4) |
|  U.S. Treasury 10-Year Note Future | 35 | Jun-25 | (3928) | (46) | (46) |
|  U.S. Ultra Bond Future | 2 | Jun-25 | (242) | 2 | 2 |
|  |  |  |  |  | (201) |
|  **Total Futures** | **Total Futures** |  |  |  | $464 |

---

116 Payden Mutual Funds

------

#### Offsetting Assets and Liabilities
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

---

| | |
|:---|:---|
| Total gross amount presented on the Statements of Assets and Liabilities<sup>1</sup> | $2147 |
|  Non-cash Collateral<sup>2</sup> | (2147) |
|  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 April 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Schedule of Investments. 

*See notes to financial statements.* 

Semi-Annual 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;Payden Equity Income Fund

---

| | | |
|:---|:---|:---|
| Schedule of Investments *- April 30, 2025 (Unaudited)* | Schedule of Investments *- April 30, 2025 (Unaudited)* | Schedule of Investments *- April 30, 2025 (Unaudited)* |
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Stock (91%)** | **Stock (91%)** |  |
|  **Common Stock (84%)** | **Common Stock (84%)** |  |
|  **Communication (6%)** | **Communication (6%)** |  |
| 67100 | Alphabet Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10655 |
| 150900 | Corning Inc. | 6697 |
| 17600 | Meta Platforms Inc., Class A | 9662 |
| 80700 | T-Mobile U.S. Inc. | 19929 |
| 265700 | Verizon Communications Inc. | 11707 |
|  |  | 58650 |
|  **Consumer Discretionary (7%)** | **Consumer Discretionary (7%)** |  |
| 38500 | Amazon.com Inc. (a) | 7100 |
| 1500 | Booking Holdings Inc. | 7649 |
| 26300 | Home Depot Inc. | 9481 |
| 52800 | McDonald's Corp. | 16878 |
| 123600 | Service Corp. International | 9876 |
| 55200 | TJX Cos. Inc. | 7103 |
|  |  | 58087 |
|  **Consumer Staple (8%)** | **Consumer Staple (8%)** |  |
| 133200 | Coca-Cola Co. | 9664 |
| 9500 | Costco Wholesale Corp. | 9448 |
| 168300 | Koninklijke Ahold Delhaize NV (b) | 6890 |
| 109700 | Mondelez International Inc., Class A | 7474 |
| 116600 | Procter & Gamble Co. | 18956 |
| 226500 | Walmart Inc. | 22027 |
|  |  | 74459 |
|  **Energy (3%)** | **Energy (3%)** |  |
| 139700 | Exxon Mobil Corp. | 14756 |
| 284100 | Williams Cos. Inc. | 16640 |
|  |  | 31396 |
|  **Financial (22%)** | **Financial (22%)** |  |
| 58800 | American Express Co. | 15665 |
| 19600 | Ameriprise Financial Inc. | 9232 |
| 29500 | Arthur J Gallagher & Co. | 9460 |
| 959800 | Aviva PLC (b) | 7163 |
| 449600 | Bank of America Corp. | 17930 |
| 7700 | Blackrock Inc. | 7040 |
| 34500 | Chubb Ltd. | 9870 |
| 143700 | JPMorgan Chase & Co. | 35152 |
| 167600 | MetLife Inc. | 12632 |
| 165300 | Morgan Stanley | 19079 |
| 96000 | Nasdaq Inc. | 7316 |
| 33800 | S&P Global Inc. | 16902 |
| 48300 | Visa Inc., Class A | 16688 |
| 278400 | Wells Fargo & Co. | 19769 |
|  |  | 203898 |
|  **Healthcare (14%)** | **Healthcare (14%)** |  |
| 48500 | AbbVie Inc. | 9462 |
| 22100 | Cigna Group | 7515 |
| 115500 | Corteva Inc. | 7160 |
| 48900 | Danaher Corp. | 9747 |
| 12300 | Eli Lilly and Co. | 11057 |
| 67300 | Gilead Sciences Inc. | 7170 |
| 43000 | HCA Healthcare Inc. | 14838 |
| 64900 | Johnson & Johnson | 10145 |
| 28200 | McKesson Corp. | 20101 |
| 41500 | Quest Diagnostics Inc. | 7396 |
| 47900 | Stryker Corp. | 17911 |
| 18500 | UnitedHealth Group Inc. | 7612 |
|  |  | 130114 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> or Shares | Security Description | Value<br> (000) |
|  **Industrial (9%)** | **Industrial (9%)** |  |
| 107100 | AECOM | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10565 |
| 32900 | Eaton Corp. PLC | 9685 |
| 107400 | General Electric Co. | 21645 |
| 73100 | ITT Inc. | 10016 |
| 58500 | Jacobs Solutions Inc. | 7242 |
| 20400 | Lockheed Martin Corp. | 9746 |
| 76400 | RTX Corp. | 9636 |
| 58800 | Schneider Electric SE (b) | 13602 |
|  |  | 92137 |
|  **Material (3%)** | **Material (3%)** |  |
| 166900 | CRH PLC | 15926 |
| 30500 | Linde PLC | 13824 |
|  |  | 29750 |
|  **Technology (7%)** | **Technology (7%)** |  |
| 35000 | Apple Inc. | 7437 |
| 7100 | ASML Holding NV (b) | 4685 |
| 25300 | Broadcom Inc. | 4869 |
| 253900 | Cisco Systems Inc. | 14658 |
| 59300 | International Business Machines Corp. | 14340 |
| 26100 | Microsoft Corp. | 10316 |
| 52200 | Oracle Corp. | 7346 |
| 23500 | Salesforce Inc. | 6315 |
| 176400 | SS&C Technologies Holdings Inc. | 13336 |
|  |  | 83302 |
|  **Utility (5%)** | **Utility (5%)** |  |
| 275000 | Dominion Energy Inc. | 14954 |
| 229800 | Duke Energy Corp. | 28040 |
| 145700 | NextEra Energy Inc. | 9744 |
|  |  | 52738 |
|  **Total Common Stock** | **Total Common Stock** | 814531 |
|  **Master Limited Partnership (3%)** | **Master Limited Partnership (3%)** |  |
| 823700 | Energy Transfer LP | 13624 |
| 467700 | Enterprise Products Partners LP | 13984 |
|  **Total Master Limited Partnership** | **Total Master Limited Partnership** | 27608 |
|  **Real Estate Investment Trust (4%)** | **Real Estate Investment Trust (4%)** |  |
| 33400 | American Tower Corp. | 7529 |
| 47100 | AvalonBay Communities Inc. | 9890 |
| 68400 | Prologis Inc. | 6991 |
| 59800 | Simon Property Group Inc. | 9411 |
|  **Total Real Estate Investment Trust** | **Total Real Estate Investment Trust** | 33821 |
|  **Total Stock (Cost - $759,250)** | **Total Stock (Cost - $759,250)** | 875960 |
|  **Corporate Bond (0%)** | **Corporate Bond (0%)** |  |
| 2800000 | Land O' Lakes Inc. 144A, 7.00% (c)(d) | 2296 |
|  **Total Corporate Bond (Cost - $2,800)** | **Total Corporate Bond (Cost - $2,800)** | 2296 |
|  **Investment Company (8%)** | **Investment Company (8%)** |  |
| 79877723 | Payden Cash Reserves Money Market Fund\* |  |
|  | (Cost - $79,878) | 79878 |
|  **Total Investments (Cost - $841,928) (99%)** | **Total Investments (Cost - $841,928) (99%)** | 958134 |
|  **Other Assets, net of Liabilities (1%)** | **Other Assets, net of Liabilities (1%)** | 5709 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $963843 |

---

118 Payden Mutual Funds

------

\* Affiliated investment.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal in foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security offered only to qualified institutional investors, and thus is not registered for sale to the public under rule 144A of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Perpetual security with no stated maturity date.

#### 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 1,909 | USD 2,128 | State Street Bank<br>& Trust Co. | 06/18/2025 | $41 |
| USD 6,930 | GBP 5,194 | State Street Bank<br>& Trust Co. | 06/18/2025 | 7 |
|  |  |  |  | 48 |
|  **Liabilities:** |  |  |  |  |
|  USD 26,563 | EUR 24,037 | State Street Bank<br>& Trust Co. | 06/18/2025 | (752) |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  | $(704) |

---

#### 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> (000s) |
|  **Long Contracts:** | **Long Contracts:** | **Long Contracts:** |  |  |  |
|  S&P500 EMINI FUT JUN 25 | 152 | Jun-25 | $42461 | $599 | $599 |

---

Semi-Annual 119

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities

*April 30, 2025 (Unaudited)* 

(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, Payden Floating Rate Fund, Payden California Municipal Social Impact Fund, and Payden Equity Income Fund Adviser Class's Net Asset Value Per Share are calculated using unrounded net assets $10,083.55, $108.35, $1,378,591.90, $5,686.40, $109.13, $32,602.67 $473,745.11, $540,212.79 and $13,341,649.26 divided by unrounded shares 1,060.68, 11.01, 150,228.86, 581.19, 11.46, 3,444.28, 49,942.42, 55,574.99 and 859,450.69 respectively. Payden Securitized Income Fund, Investor Class's Net Asset Value Per Share are calculated using unrounded net assets $1,786,850, divided by unrounded shares 178,899, respectively.

120 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities

*April 30, 2025 (Unaudited)* 

*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\* | $282226 | $1988915 | $942951 |
|  Affiliated investments, at value\*\* |  | 29765 | 12354 |
|  Repurchase agreements, at value\*\*\* | 177000 |  |  |
|  Foreign cash\*\*\*\* |  | 831 | 8 |
|  Cash |  |  |  |
|  Cash pledged for financial futures contracts |  |  | 1535 |
|  Cash pledged for centrally cleared swaps |  |  |  |
|  Cash pledged for OTC derivatives |  |  |  |
|  Cash pledged for foreign currency |  |  |  |
|  Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 531 | 8904 | 5857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 7 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 794 | 198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  |  |  |
|  Receivable from Advisor (Note 3) | 43 | 41 |  |
|  Other assets | 1119 | 67 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 461713 | 2028728 | 967857 |
|  **LIABILITIES:** |  |  |  |
|  Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft | 1186 | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  | 41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 29810 | 12604 | 20671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | 4289 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax liability |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written\*\*\*\*\* |  |  |  |
|  Distributions payable | 1062 | 503 | 309 |
|  Liability for securities on loan (Note 2) |  | 424 | 8975 |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3) |  |  | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 3) | 53 | 248 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Notes 3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 21 | 100 | 46 |
|  Other liabilities | 101 | 330 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 32233 | 18588 | 30727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $429480 | $2010140 | $937130 |
|  **NET ASSETS:** |  |  |  |
|  Paid in capital | $429504 | $2008548 | $978251 |
|  Distributable earnings (loss) | (24) | 1592 | (41121) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $429480 | $2010140 | $937130 |
|  NET ASSET VALUE — offering and redemption price per share in whole dollars |  |  |  |
|  Investor Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $429480 | $619831 | $494477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 429497 | 65058 | 50193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $1.00 | $9.53 | $9.85 |
|  SI Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  | $1390299 | $442653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  | 145891 | 44937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  | $9.53 | $9.85 |
|  Adviser Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  | $10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  | $9.51(a) | $9.84(a) |
|  \* Investments, at cost | $282226 | $1983523 | $940593 |
|  \*\* Affiliated investments, at cost |  | 30833 | 12354 |
|  \*\*\* Repurchase agreements, at cost | 177000 |  |  |
|  \*\*\*\* Foreign cash, at cost |  | 811 | 8 |
|  \*\*\*\*\* Options written, at cost |  |  |  |

---

*See notes to financial statements.* 

Semi-Annual 121

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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>Securitized Income<br> Fund  |
| $66538 | $114943 | $801370 | $356352 | $144749 | $616310 | $59407 |
| 1006 | 1106 | 33504 | 11313 | 9010 | 21724 | 2213 |
|  |  | 5856 |  | 1044 | 806 |  |
|  |  | 311 |  | 11 | 1180 |  |
| 163 | 157 | 2054 | 271 | 151 | 4258 |  |
|  | 169 | 2539 |  | 174 | 1600 |  |
|  |  | 600 |  |  |  |  |
|  |  |  |  | 310 | 4910 |  |
| 541 | 330 | 5958 | 4229 | 1392 | 3462 | 154 |
| 11 |  | 2543 | 931 | 495 | 737 |  |
| 1 | 1 |  | 3474 | 2 | 741 | 85 |
| 19 | 7 | 128 | 76 | 38 | 343 |  |
|  |  | 227 |  | 44 | 2607 |  |
| 121 |  | 90 |  | 17 | 87 |  |
| 8 |  |  |  | 17 |  | 12 |
| 10 | 2 | 46 | 38 | 30 | 38 | 25 |
| 68418 | 116715 | 855226 | 376684 | 157484 | 658803 | 61896 |
|  |  |  |  |  |  | 3 |
|  |  | 1204 |  | 439 | 7536 |  |
|  | 21673 | 13942 |  | 800 | 10729 | 317 |
| 11 | 40 | 30 | 77 | 79 | 123 |  |
|  |  | 332 | 37 | 48 | 116 |  |
|  | 7 |  |  |  |  |  |
|  |  |  |  |  | 108 |  |
| 173 | 145 |  |  |  |  |  |
|  |  | 10060 | 5873 | 1520 | 4471 |  |
|  | 4 | 124 | 66 |  | 89 |  |
| 9 | 12 | 101 | 45 | 19 | 78 | 7 |
|  |  | 1 |  |  |  |  |
| 3 | 5 | 44 | 19 | 8 | 31 | 2 |
| 44 | 71 | 147 | 170 | 81 | 169 | 28 |
| 240 | 21957 | 25985 | 6287 | 2994 | 23450 | 357 |
| $68178 | $94758 | $829241 | $370397 | $154490 | $635353 | $61539 |
| $77560 | $150582 | $998019 | $424350 | $166129 | $681146 | $61640 |
| (9382) | (55824) | (168778) | (53953) | (11639) | (45793) | (101) |
| $68178 | $94758 | $829241 | $370397 | $154490 | $635353 | $61539 |
| $68178 | $94758 | $250217 | $158118 | $85320 | $151229 | $1787 |
| 7174 | 12415 | 27264 | 16292 | 8942 | 15992 | 179 |
| $9.50 | $7.63 | $9.18 | $9.70 | $9.54 | $9.46 | $9.99(a) |
|  |  | $577645 | $212273 | $69170 | $484091 | $59752 |
|  |  | 62999 | 21879 | 7252 | 51119 | 5985 |
|  |  | $9.17 | $9.70 | $9.54 | $9.47 | $9.98 |
|  |  | $1379 | $6 |  | $33 |  |
|  |  | 150 | 1 |  | 3 |  |
|  |  | $9.18(a) | $9.78(a) | $9.52(a) | $9.46(a) |  |
| $67609 | $121472 | $831923 | $377826 | $148833 | $625165 | $59504 |
| 1006 | 1106 | 33514 | 11190 | 9021 | 21657 | 2213 |
|  |  | 5647 |  | 1015 | 806 |  |
|  |  |  |  |  | (148) |  |

---

*See notes to financial statements.* 

122 Payden Mutual Funds

------

*April 30, 2025 (Unaudited)* 

*Numbers in 000s* 

---

| | | | |
|:---|:---|:---|:---|
|  | Payden<br>Floating Rate<br> Fund | Payden<br>High Income<br> Fund  | Payden<br>California Municipal<br>Social Impact<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  |
|  **ASSETS:** |  |  |  |
|  Investments, at value\* | $116632 | $824615 | $172433 |
|  Affiliated investments, at value\*\* | 7589 | 99737 | 7456 |
|  Foreign cash\*\*\* | 2 | 5533 |  |
|  Cash |  | 13 |  |
|  Cash pledged for financial futures contracts |  | 615 | 51 |
|  Cash pledged for centrally cleared swaps |  | 148 |  |
|  Cash pledged for OTC derivatives |  |  |  |
|  Cash pledged for foreign currency |  | 700 |  |
|  Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 680 | 14148 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3875 | 6072 | 4029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 24 | 71 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 18 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  | 11 |  |
|  Receivable from Advisor (Note 3) | 24 |  | 3 |
|  Other assets | 40 | 24 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 128875 | 951705 | 185928 |
|  **LIABILITIES:** |  |  |  |
|  Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft | 286 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 36 | 744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2779 | 18816 | 11744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 299 | 771 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax liability |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written\*\*\*\*\* |  |  |  |
|  Distributions payable |  |  | 152 |
|  Liability for securities on loan (Note 2) | 863 | 39458 |  |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3) |  | 304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 3) | 15 | 109 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Notes 3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 7 | 5 | 8 |
|  Other liabilities | 86 | 575 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 4371 | 60782 | 12381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $124504 | $890923 | $173547 |
|  **NET ASSETS:** |  |  |  |
|  Paid in capital | $136839 | $960830 | $178439 |
|  Distributable earnings (loss) | (12335) | (69907) | (4892) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $124504 | $890923 | $173547 |
|  NET ASSET VALUE — offering and redemption price per share in whole dollars |  |  |  |
|  Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  |  |  |
|  Investor Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $48725 | $191434 | $173007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 5129 | 31039 | 17764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $9.50 | $6.17 | $9.74 |
|  SI Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $75305 | $699241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 7921 | 113637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $9.51 | $6.15 |  |
|  Adviser Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $474 | $248 | $540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding | 50 | 40 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $9.49(a) | $6.20 | $9.72(a) |
|  Retirement Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share |  |  |  |
|  \* Investments, at cost | $120594 | $841898 | $173024 |
|  \*\* Affiliated investments, at cost | 7589 | 99737 | 7456 |
|  \*\*\* Foreign cash, at cost | 2 | 5339 |  |
|  \*\*\*\*\* Options written, at cost |  |  |  |

---

*See notes to financial statements.* 

Semi-Annual 123

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Payden<br>Global Low<br> Duration Fund  | 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  | Payden<br>Emerging Markets<br>Corporate<br> Bond Fund  | Payden<br>Managed Income<br> Fund  | Payden<br>Equity Income<br> Fund  |
| $40621 | $140480 | $827754 | $79742 | $74773 | $110024 | $878256 |
| 2535 | 7221 | 10849 | 4311 | 5769 | 5692 | 79878 |
| 6 | 2517 | 23657 | 4628 | 11 | 167 | 270 |
|  | 1428 | 4774 |  |  |  |  |
| 77 | 238 | 313 |  | 188 | 2417 | 3846 |
|  | 256 | 1001 | 283 | 18 | 706 |  |
|  | 580 | 2110 | 20 |  | 260 |  |
|  | 510 | 300 |  |  | 980 | 770 |
| 305 | 1304 | 13185 | 1757 | 1058 | 658 | 1953 |
| 182 | 68 | 4418 |  | 500 | 1557 |  |
| 9 | 29 | 408 |  |  | 90 | 267 |
| 7 | 49 | 6 |  | 5 | 65 | 25 |
|  | 824 | 1458 | 613 | 1 | 697 | 48 |
|  | 26 | 21 | 12 |  |  |  |
| 30 |  |  | 9 | 10 | 53 |  |
| 8 | 12 | 13 | 21 | 23 | 22 | 35 |
| 43780 | 155542 | 890267 | 91396 | 82356 | 123388 | 965348 |
|  |  |  | 473 | 12 | 281 |  |
|  | 3211 | 4827 | 393 | 5 | 1727 | 752 |
| 1526 | 3145 | 37223 | 6204 | 1666 | 2719 |  |
|  | 49 | 1697 |  |  | 3 | 74 |
|  |  |  | 75 |  |  |  |
| 1 | 45 | 2 |  | 10 | 23 |  |
|  |  |  |  |  | 12 |  |
| 1036 | 1305 | 5922 |  | 2159 | 2262 |  |
|  | 14 | 355 |  |  |  | 343 |
| 5 | 18 | 101 | 9 | 10 | 14 | 115 |
|  |  | 9 |  |  | 26 | 6 |
| 2 | 7 |  | 4 | 4 | 6 | 49 |
| 71 | 91 | 569 | 70 | 66 | 1765 | 167 |
| 2641 | 7885 | 50705 | 7228 | 3932 | 8838 | 1506 |
| $41139 | $147657 | $839562 | $84168 | $78424 | $114550 | $963842 |
| $43778 | $186733 | $1093984 | $112816 | $84735 | $122807 | $819028 |
| (2639) | (39076) | (254422) | (28648) | (6311) | (8257) | 144814 |
| $41139 | $147657 | $839562 | $84168 | $78424 | $114550 | $963842 |
|  |  |  |  |  | $5755 |  |
|  |  |  |  |  | 552 |  |
|  |  |  |  |  | $10.43 |  |
| $41139 | $38153 | $267511 | $8677 | $18610 |  | $263499 |
| 4228 | 4985 | 25891 | 1840 | 2149 |  | 16919 |
| $9.73 | $7.65 | $10.33 | $4.72 | $8.66 |  | $15.57 |
|  | $109504 | $553205 | $75491 | $59814 | $72365 | $687002 |
|  | 14344 | 53651 | 16318 | 6896 | 7078 | 44018 |
|  | $7.63 | $10.31 | $4.63 | $8.67 | $10.22 | $15.61 |
|  |  | $18846 |  |  | $8813 | $13342 |
|  |  | 1821 |  |  | 898 | 859 |
|  |  | $10.35 |  |  | $9.81 | $15.52 |
|  |  |  |  |  | $27617 |  |
|  |  |  |  |  | 3040 |  |
|  |  |  |  |  | $9.08 |  |
| $41155 | $147793 | $856035 | $80699 | $76137 | $111815 | $762050 |
| 2535 | 7302 | 10849 | 4311 | 5769 | 5677 | 79878 |
| 6 | 2506 | 23675 | 4624 | 11 | 167 | 270 |
|  |  |  |  |  | (17) |  |

---

*See notes to financial statements.* 

124 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations

*Period ended April 30, 2025 (Unaudited)* 

*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  |
|  **INVESTMENT INCOME:** |  |  |  |
|  Interest income (Note 2) | $9413 | $51128 | $22555 |
|  Interest from affiliated investments |  | 158 | 124 |
|  Dividend income |  |  | 34 |
|  Dividend income from affiliated investment (Note 2) |  | 1063 |  |
|  Income from securities lending |  | 26 | 4 |
|  Investment Income | 9413 | 52375 | 22717 |
|  **EXPENSES:** |  |  |  |
|  Investment advisory fees (Note 3) | 316 | 2609 | 1310 |
|  Administration fees (Note 3) | 316 | 1476 | 702 |
|  Shareholder servicing fees |  | 319 | 254 |
|  Distribution fees (Note 3) |  |  |  |
|  Custodian fees | 80 | 81 | 33 |
|  Transfer agent fees | 5 | 10 | 15 |
|  Registration and filing fees | 11 | 31 | 27 |
|  Trustee fees and expenses | 39 | 171 | 82 |
|  Printing and mailing costs | 8 | 40 | 19 |
|  Loan commitment fees |  | 14 | 7 |
|  Legal fees | 6 | 32 | 15 |
|  Publication expense | 6 | 21 | 12 |
|  Pricing fees | (4) | 31 | 10 |
|  Fund accounting fees | 43 | 153 | 78 |
|  Insurance | 3 | 14 | 6 |
|  Audit fees | 22 | 23 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expenses | 851 | 5025 | 2595 |
|  Expense subsidy (Note 3) | (323) | (2418) | (692) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 528 | 2607 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 8885 | 49768 | 20814 |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES):** |  |  |  |
|  Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 3 | 903 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  | 109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (1480) |
| &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 |  | (1930) | 3951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  | (97) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments |  | (682) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 3308 |
| &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 (Losses) | 3 | (1683) | 6130 |
|  CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $8888 | $48085 | $26944 |

---

*See notes to financial statements.* 

Semi-Annual 125

------

Statements of Operations continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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>Securitized Income<br> Fund  |
| $1397 | $2012 | $22394 | $9499 | $4470 | $18288 | $414 |
| 30 | 46 | 108 | 123 | 46 | 116 | 58 |
|  | 13 | 30 |  |  | 678 |  |
|  |  | 1328 | 170 | 227 | 898 |  |
|  |  | 27 | 30 | 3 | 11 |  |
| 1427 | 2071 | 23887 | 9822 | 4746 | 19991 | 472 |
| 95 | 127 | 1234 | 648 | 433 | 1491 | 44 |
| 51 | 71 | 661 | 278 | 118 | 447 | 13 |
| 3 | 20 | 67 | 107 | 9 | 107 |  |
|  |  | 2 |  |  |  |  |
| 7 | 11 | 31 | 16 | 22 | 37 | 1 |
| 10 | 8 | 15 | 25 | 29 | 24 | 28 |
| 11 | 9 | 24 | 33 | 22 | 27 | 20 |
| 6 | 8 | 78 | 32 | 14 | 52 | 2 |
| 1 | 2 | 17 | 7 | 3 | 13 |  |
| 1 | 1 | 7 | 3 | 1 | 4 |  |
| 1 | 2 | 15 | 6 | 3 | 10 |  |
| 1 | 1 | 11 | 5 | 3 | 8 | 1 |
| 4 | 11 | 20 | 19 | 31 | 35 | 1 |
| 10 | 12 | 74 | 34 | 19 | 49 | 6 |
|  | 1 | 6 | 3 | 1 | 4 |  |
| 26 | 27 | 27 | 27 | 29 | 31 | 10 |
| 227 | 311 | 2289 | 1243 | 737 | 2339 | 126 |
| (80) | (99) | (312) | (146) | (260) | (763) | (77) |
| 147 | 212 | 1977 | 1097 | 477 | 1576 | 49 |
| 1280 | 1859 | 21910 | 8725 | 4269 | 18415 | 423 |
| (111) | (119) | (35172) | (953) | (1201) | (1508) |  |
|  |  | (116) |  | 3 | (336) |  |
|  |  | 1151 |  | 381 | 2529 |  |
| (80) |  | (1577) | (996) | 122 | 1912 |  |
| 3 |  |  |  |  | 599 |  |
|  |  | 782 |  | 131 | 1097 |  |
| 784 | 898 | 32284 | (2687) | 271 | 1042 | (97) |
|  |  | (346) |  | (74) | 101 |  |
|  |  | (1415) |  | (609) | (6886) |  |
|  |  | (1) | (76) | 31 | 220 |  |
| 339 | 99 | 2024 | 1254 | (303) | (74) |  |
|  |  |  |  |  | 38 |  |
| (67) | (90) | (602) |  | (109) | (59) |  |
| 868 | 788 | (2988) | (3458) | (1357) | (1325) | (97) |
| $2148 | $2647 | $18922 | $5267 | $2912 | $17090 | $326 |

---

*See notes to financial statements.* 

126 Payden Mutual Funds

------

*Period ended April 30, 2025 (Unaudited)* 

*Numbers in 000s* 

---

| | | | |
|:---|:---|:---|:---|
|  | Payden<br>Floating Rate<br> Fund  | Payden<br>High Income<br> Fund  | Payden<br>California Municipal<br>Social Impact<br> Fund  |
|  **INVESTMENT INCOME:** |  |  |  |
|  Interest income (Note 2) | $5059 | $31460 | $3143 |
|  Interest from affiliated investments | 180 | 828 | 75 |
|  Dividend income | 356 | 1066 |  |
|  Dividend income from affiliated investment (Note 2) |  |  |  |
|  Income from securities lending | 1 | 244 |  |
|  Foreign tax withholdings |  |  |  |
|  Investment Income | 5596 | 33598 | 3218 |
|  **EXPENSES:** |  |  |  |
|  Investment advisory fees (Note 3) | 353 | 1536 | 263 |
|  Administration fees (Note 3) | 96 | 659 | 123 |
|  Shareholder servicing fees | 14 | 178 | 41 |
|  Distribution fees (Note 3) |  |  |  |
|  Custodian fees | 12 | 90 | 8 |
|  Transfer agent fees | 29 | 16 | 20 |
|  Registration and filing fees | 26 | 114 | 18 |
|  Trustee fees and expenses | 11 | 41 | 14 |
|  Printing and mailing costs | 3 | 100 | 3 |
|  Loan commitment fees | 1 | 10 | 1 |
|  Legal fees | 2 | 111 | 3 |
|  Publication expense | 3 | 9 | 3 |
|  Pricing fees | 21 | 37 | 7 |
|  Fund accounting fees | 15 | 77 | 17 |
|  Insurance | 1 | 1 | 1 |
|  Audit fees | 39 | 29 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expenses | 626 | 3008 | 547 |
|  Expense subsidy (Note 3) | (214) | (446) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 412 | 2562 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 5184 | 31036 | 2847 |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES):** |  |  |  |
|  Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (491) | (5503) | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1 | 89 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | 57 | 876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (1336) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 10 |  |
|  Change in net unrealized appreciation (depreciation) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (3066) | (17775) | (2496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | 187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | (51) | (1312) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 1780 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) | (3550) | (22973) | (2468) |
|  CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $1634 | $8063 | $379 |

---

*See notes to financial statements.* 

Semi-Annual 127

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Payden<br> Global Low<br> Duration Fund  | 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<br> Bond Fund  | Payden<br>Emerging Markets<br>Corporate<br> Bond Fund  | Payden<br>Managed Income<br> Fund  | Payden<br>Equity Income<br> Fund  |
| $1095 | $2943 | $32012 | $2944 | $2795 | $3770 | $133 |
| 15 | 59 | 394 | 59 | 95 | 29 | 772 |
|  |  |  |  | 54 | 211 | 9034 |
|  | 346 |  |  |  | 174 |  |
| 11 | 2 | 22 |  | 16 | 3 |  |
|  | (3) | (17) | (22) |  | 1 | (6) |
| 1121 | 3347 | 32411 | 2981 | 2960 | 4188 | 9933 |
| 64 | 219 | 1878 | 217 | 320 | 624 | 2533 |
| 32 | 110 | 626 | 54 | 60 | 85 | 760 |
| 12 | 17 | 37 | 3 | 5 | 6 | 143 |
|  |  | 27 |  |  | 77 | 18 |
| 18 | 20 | 57 | 33 | 21 | 37 | 27 |
| 11 | 17 | 109 | 19 | 19 | 35 | 45 |
| 9 | 17 | 142 | 15 | 15 | 40 | 23 |
| 4 | 13 | 18 | 6 | 7 | 10 | 89 |
| 1 | 3 | 129 | 1 | 1 | 11 | 18 |
|  | 1 | 9 | 1 | 1 | 1 | 8 |
| 1 | 2 | 137 | 1 | 1 | 2 | 17 |
| 1 | 3 | 11 | 2 | 2 | 2 | 14 |
| 20 | 32 | 68 | 14 | 20 | 40 | (14) |
| 9 | 17 | 103 | 11 | 12 | 51 | 88 |
|  | 1 | 22 |  |  | 1 | 8 |
| 28 | 27 | 29 | 32 | 31 | 31 | 24 |
| 210 | 499 | 3402 | 409 | 515 | 1053 | 3801 |
| (97) | (71) | (315) | (127) | (166) | (608) | (350) |
| 113 | 428 | 3087 | 282 | 349 | 445 | 3451 |
| 1008 | 2919 | 29324 | 2699 | 2611 | 3743 | 6482 |
| 27 | (1218) | (11588) | (1852) | 339 | (1108) | 34347 |
| (7) | (85) | (222) | (82) | (19) | (32) | 10 |
| 6 | 2344 | 3485 | (226) | 22 | 546 | 1101 |
| (75) | (344) | 1282 | 89 | (3) | 485 | (5701) |
|  |  |  |  |  | 384 |  |
|  | 150 | 139 | 22 | 37 | 227 | (228) |
| 121 | 3068 | 1386 | 2387 | (1587) | 427 | (66572) |
| 8 | 78 | 201 | 46 | (6) | 19 | 74 |
|  |  |  | (61) |  |  |  |
| (7) | (4187) | (6446) | 32 | (9) | (1463) | (2020) |
|  |  |  |  |  | 43 |  |
| 134 | 529 | (76) | (36) | 29 | (31) | 599 |
|  |  |  |  |  | 5 |  |
|  | 283 | 1056 | 227 | 17 |  |  |
| 207 | 618 | (10783) | 546 | (1180) | (498) | (38390) |
| $1215 | $3537 | $18541 | $3245 | $1431 | $3245 | $(31908) |

---

*See notes to financial statements.* 

128 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets

*April 30, 2025 (Unaudited)* 

*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;2025 | &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;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $8885 | $23426 | $49768 | $109294 |
|  Net realized gains (losses) | 3 |  | 1004 | 2213 |
|  Change in net unrealized appreciation/(depreciation) |  |  | (2687) | 15112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 8888 | 23426 | 48085 | 126619 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Investor Class | (8876) | (23420) | (16215) | (31012) |
|  SI Class |  |  | (38342) | (75457) |
|  Adviser Class |  |  |  |  |
|  Return of capital: |  |  |  |  |
|  Investor Class |  |  |  |  |
|  SI Class |  |  |  |  |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (8876) | (23420) | (54557) | (106469) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Investor Class | 19969200 | 47217068 | 152203 | 192318 |
|  SI Class |  |  | 104895 | 395003 |
|  Adviser Class |  |  | 10 |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Investor Class | 2448 | 7926 | 15953 | 30681 |
|  SI Class |  |  | 35261 | 71357 |
|  Adviser Class |  |  |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Investor Class | (20024867) | (47189056) | (93722) | (323478) |
|  SI Class |  |  | (146259) | (397934) |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | (53219) | 35938 | 68341 | (32053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | (53207) | 35944 | 61869 | (11903) |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 482687 | 446743 | 1948271 | 1960174 |
|  End of period | $429480 | $482687 | $2010140 | $1948271 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 482717 | 446779 | 57279 | 67852 |
|  Shares sold | 19969199 | 47217068 | 15929 | 20207 |
|  Shares issued in reinvestment of distributions | 2448 | 7926 | 1670 | 3220 |
|  Shares redeemed | (20024867) | (47189056) | (9820) | (34000) |
|  Change in shares outstanding | (53220) | 35938 | 7779 | (10573) |
|  Outstanding shares at end of period | 429497 | 482717 | 65058 | 57279 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  | 146532 | 139352 |
|  Shares sold |  |  | 10970 | 41456 |
|  Shares issued in reinvestment of distributions |  |  | 3691 | 7485 |
|  Shares redeemed |  |  | (15302) | (41761) |
|  Change in shares outstanding |  |  | (641) | 7180 |
|  Outstanding shares at end of period |  |  | 145891 | 146532 |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  |  |  |
|  Shares sold |  |  | 1 |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed |  |  |  |  |
|  Change in shares outstanding |  |  | 1 |  |
|  Outstanding shares at end of period |  |  | 1 |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) |  |  | 563245 | 1178016 |
|  Sale of investments (excluding government) |  |  | 462034 | 1110129 |
|  Purchase of government securities |  |  | 11845 | 33557 |
|  Sale of government securities |  |  | 12448 | 33800 |

---

(1) Amount is less than $500.

*See notes to financial statements.* 

Semi-Annual 129

------

&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>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &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;2025 | &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;2025 | &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;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| $20814 | $42259 | $1280 | $2526 | $1859 | $3829 | $21910 | $43713 |
| (1129) | (4092) | (188) | (325) | (119) | (1775) | (34932) | (24261) |
| 7259 | 30402 | 1056 | 1789 | 907 | 7321 | 31944 | 82458 |
| 26944 | 68569 | 2148 | 3990 | 2647 | 9375 | 18922 | 101910 |
| (10947) | (23136) | (1277) | (2531) | (1781) | (3477) | (5561) | (10565) |
| (9630) | (18812) |  |  |  |  | (14467) | (30066) |
|  |  |  |  |  |  | (30) | (112) |
|  |  |  |  |  |  |  | (208) |
|  |  |  |  |  |  |  | (592) |
|  |  |  |  |  |  |  | (2) |
| (20577) | (41948) | (1277) | (2531) | (1781) | (3477) | (20058) | (41545) |
| 22268 | 90061 | 1352 | 8797 | 3505 | 18258 | 13592 | 71124 |
| 56186 | 115977 |  |  |  |  | 16688 | 91991 |
|  |  |  |  |  |  | 41 | 281 |
| 10879 | 22942 | 233 | 2337 | 914 | 3055 | 4880 | 9442 |
| 7728 | 15570 |  |  |  |  | 13415 | 28685 |
|  |  |  |  |  |  | 28 | 111 |
| (66129) | (176668) | (3267) | (3578) | (6723) | (19559) | (30711) | (64316) |
| (74216) | (149571) |  |  |  |  | (96376) | (135901) |
|  |  |  |  |  |  | (296) | (1984) |
| (43284) | (81689) | (1682) | 7556 | (2304) | 1754 | (78739) | (567) |
| (36917) | (55068) | (811) | 9015 | (1438) | 7652 | (79875) | 59798 |
| 974047 | 1029115 | 68989 | 59974 | 96196 | 88544 | 909116 | 849318 |
| $937130 | $974047 | $68178 | $68989 | $94758 | $96196 | $829241 | $909116 |
| 53565 | 60103 | 7353 | 6547 | 12718 | 12500 | 28603 | 26918 |
| 2273 | 9267 | 144 | 937 | 466 | 2401 | 1476 | 7655 |
| 1109 | 2359 | 25 | 249 | 120 | 403 | 531 | 1030 |
| (6754) | (18164) | (348) | (380) | (889) | (2586) | (3346) | (7000) |
| (3372) | (6538) | (179) | 806 | (303) | 218 | (1339) | 1685 |
| 50193 | 53565 | 7174 | 7353 | 12415 | 12718 | 27264 | 28603 |
| 45994 | 47870 |  |  |  |  | 70198 | 72010 |
| 5742 | 11842 |  |  |  |  | 1818 | 10007 |
| 788 | 1602 |  |  |  |  | 1463 | 3136 |
| (7587) | (15320) |  |  |  |  | (10480) | (14955) |
| (1057) | (1876) |  |  |  |  | (7199) | (1812) |
| 44937 | 45994 |  |  |  |  | 62999 | 70198 |
|  |  |  |  |  |  | 175 | 346 |
|  |  |  |  |  |  | 4 | 31 |
|  |  |  |  |  |  | 3 | 12 |
|  |  |  |  |  |  | (32) | (214) |
|  |  |  |  |  |  | (25) | (171) |
|  |  |  |  |  |  | 150 | 175 |
| 157133 | 306181 |  |  |  |  | 163128 | 420818 |
| 181058 | 410540 |  |  |  |  | 151045 | 326952 |
| 128587 | 290444 | 19065 | 41018 | 9056 | 29796 | 64664 | 221444 |
| 145187 | 226807 | 19939 | 34231 | 9761 | 28962 | 159150 | 303846 |

---

*See notes to financial statements.* 

130 Payden Mutual Funds

------

*April 30, 2025 (Unaudited)* 

*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;2025 | &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;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $8725 | $16837 | $4269 | $9405 |
|  Net realized gains (losses) | (1949) | (6970) | (564) | (364) |
|  Change in net unrealized appreciation/(depreciation) | (1509) | 39620 | (793) | 8974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 5267 | 49487 | 2912 | 18015 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Investor Class | (3651) | (6781) | (2231) | (5129) |
|  SI Class | (5059) | (10036) | (1804) | (3916) |
|  Adviser Class |  |  |  |  |
|  Return of capital: |  |  |  |  |
|  Investor Class |  |  |  | (142) |
|  SI Class |  |  |  | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (8710) | (16817) | (4035) | (9296) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Investor Class | 20890 | 52381 | 1095 | 11916 |
|  SI Class | 12707 | 27137 | 2794 | 5959 |
|  Adviser Class | 6 |  |  |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Investor Class | 3605 | 6678 | 2228 | 5258 |
|  SI Class | 5031 | 9965 | 1715 | 3841 |
|  Adviser Class |  |  |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Investor Class | (23040) | (53471) | (25365) | (9318) |
|  SI Class | (20909) | (40833) | (10133) | (15283) |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | (1710) | 1857 | (27666) | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | (5153) | 34527 | (28789) | 11092 |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 375550 | 341023 | 183279 | 172187 |
|  End of period | $370397 | $375550 | $154490 | $183279 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 16152 | 15583 | 11230 | 10409 |
|  Shares sold | 2143 | 5372 | 114 | 1247 |
|  Shares issued in reinvestment of distributions | 369 | 686 | 232 | 551 |
|  Shares redeemed | (2372) | (5489) | (2634) | (977) |
|  Change in shares outstanding | 140 | 569 | (2288) | 821 |
|  Outstanding shares at end of period | 16292 | 16152 | 8942 | 11230 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 22207 | 22573 | 7837 | 8417 |
|  Shares sold | 1305 | 2787 | 291 | 626 |
|  Shares issued in reinvestment of distributions | 516 | 1024 | 179 | 403 |
|  Shares redeemed | (2149) | (4177) | (1055) | (1609) |
|  Change in shares outstanding | (328) | (366) | (585) | (580) |
|  Outstanding shares at end of period | 21879 | 22207 | 7252 | 7837 |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  |  |  |
|  Shares sold | 1 |  |  |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed |  |  |  |  |
|  Change in shares outstanding | 1 |  |  |  |
|  Outstanding shares at end of period | 1 |  |  |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) | 64285 | 244120 | 24000 | 91688 |
|  Sale of investments (excluding government) | 66018 | 246199 | 40683 | 68391 |
|  Purchase of government securities |  |  | 9158 | 40715 |
|  Sale of government securities |  |  | 24541 | 39409 |

---

(1) Amount is less than $500.

*See notes to financial statements.* 

Semi-Annual 131

------

&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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Payden Absolute Return<br>Bond Fund | Payden Absolute Return<br>Bond Fund | Payden Securitized<br>Income Fund | Payden Floating Rate<br>Fund | Payden Floating Rate<br>Fund | Payden High Income<br>Fund | Payden High Income<br>Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &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;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| $18415 | $40069 | $423 | $5184 | $10832 | $31036 | $52720 |
| 4293 | (18034) |  | (433) | 90 | (5864) | (3336) |
| (5618) | 31353 | (97) | (3117) | 1451 | (17109) | 55824 |
| 17090 | 53388 | 326 | 1634 | 12373 | 8063 | 105208 |
| (4952) | (9126) | (7) | (2139) | (3328) | (7528) | (14074) |
| (15039) | (29588) | (420) | (3032) | (7518) | (25034) | (38641) |
|  | (13) |  | (12) |  | (7) | (1) |
| (19991) | (38727) | (427) | (5183) | (10846) | (32569) | (52716) |
| 15728 | 39870 | 1782 | 43882 | 58601 | 117350 | 294383 |
| 73956 | 57448 | 59618 | 4881 | 2711 | 119638 | 220458 |
|  | 275 |  | 572 | 4 | 246 | 67 |
| 4770 | 8747 | 7 | 2041 | 3208 | 6185 | 11618 |
| 12127 | 26307 | 233 | 1443 | 3570 | 17208 | 28662 |
|  | 11 |  | 12 |  | 7 | 1 |
| (18977) | (40171) |  | (42392) | (42378) | (142744) | (245372) |
| (29626) | (222068) |  | (5959) | (18938) | (63129) | (79914) |
| (252) | (2) |  | (97) | (1) | (65) |  |
| 57726 | (129583) | 61640 | 4383 | 6777 | 54696 | 229903 |
| 54825 | (114922) | 61539 | 834 | 8304 | 30190 | 282395 |
| 580528 | 695450 |  | 123670 | 115366 | 860733 | 578338 |
| $635353 | $580528 | $61539 | $124504 | $123670 | $890923 | $860733 |
| 15833 | 14941 |  | 4794 | 2812 | 34079 | 24197 |
| 1662 | 4195 | 178 | 4495 | 5974 | 18570 | 47138 |
| 504 | 921 | 1 | 210 | 328 | 982 | 1851 |
| (2007) | (4224) |  | (4370) | (4320) | (22592) | (39107) |
| 159 | 892 | 179 | 335 | 1982 | (3040) | 9882 |
| 15992 | 15833 | 179 | 5129 | 4794 | 31039 | 34079 |
| 45165 | 59695 |  | 7884 | 9175 | 101995 | 74938 |
| 7794 | 6025 | 5962 | 495 | 276 | 18955 | 35199 |
| 1280 | 2768 | 23 | 149 | 365 | 2741 | 4577 |
| (3120) | (23323) |  | (607) | (1932) | (10054) | (12719) |
| 5954 | (14530) | 5985 | 37 | (1291) | 11642 | 27057 |
| 51119 | 45165 | 5985 | 7921 | 7884 | 113637 | 101995 |
| 30 |  |  |  |  | 10 |  |
|  | 29 |  | 59 |  | 39 | 10 |
|  | 1 |  | 1 |  | 1 |  |
| (27) |  |  | (10) |  | (10) |  |
| (27) | 30 |  | 50 |  | 30 | 10 |
| 3 | 30 |  | 50 |  | 40 | 10 |
| 388707 | 701284 | 58220 | 79889 | 78969 | 342811 | 731104 |
| 357393 | 823330 | 2047 | 77802 | 69944 | 317418 | 524319 |
| 72487 | 407527 | 3408 | 2 | 1 | 1 | 3 |
| 115916 | 467606 | 71 | 1475 | 2453 | 3 | 4585 |

---

*See notes to financial statements.* 

132 Payden Mutual Funds

------

*April 30, 2025 (Unaudited)* 

*Numbers in 000s* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Payden California Municipal<br>Social Impact Fund | Payden California Municipal<br>Social Impact Fund | Payden Global Low<br>Duration Fund | Payden Global Low<br>Duration Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &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;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $2847 | $5561 | $1008 | $2095 |
|  Net realized gains (losses) | (139) | 1400 | (49) | (185) |
|  Change in net unrealized appreciation/(depreciation) | (2329) | 6289 | 256 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 379 | 13250 | 1215 | 3261 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Investor Class | (2847) | (5745) | (1025) | (2073) |
|  SI Class |  |  |  |  |
|  Adviser Class | (1) |  |  |  |
|  Return of capital: |  |  |  |  |
|  Investor Class |  | (272) |  |  |
|  SI Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (2848) | (6017) | (1025) | (2073) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Investor Class | 24103 | 27536 | 1798 | 10647 |
|  SI Class |  |  |  |  |
|  Adviser Class | 510 | 21 |  |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Investor Class | 1982 | 4641 | 868 | 2038 |
|  SI Class |  |  |  |  |
|  Adviser Class |  |  |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Investor Class | (13090) | (29313) | (6648) | (14092) |
|  SI Class |  |  |  |  |
|  Adviser Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | 13505 | 2885 | (3982) | (1407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | 11036 | 10118 | (3792) | (219) |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 162511 | 152393 | 44931 | 45150 |
|  End of period | $173547 | $162511 | $41139 | $44931 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 16433 | 16155 | 4639 | 4783 |
|  Shares sold | 2459 | 2785 | 185 | 1106 |
|  Shares issued in reinvestment of distributions | 201 | 469 | 90 | 212 |
|  Shares redeemed | (1329) | (2976) | (686) | (1462) |
|  Change in shares outstanding | 1331 | 278 | (411) | (144) |
|  Outstanding shares at end of period | 17764 | 16433 | 4228 | 4639 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed |  |  |  |  |
|  Change in shares outstanding |  |  |  |  |
|  Outstanding shares at end of period |  |  |  |  |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 2 |  |  |  |
|  Shares sold | 54 | 2 |  |  |
|  Shares issued in reinvestment of distributions |  |  |  |  |
|  Shares redeemed |  |  |  |  |
|  Change in shares outstanding | 54 | 2 |  |  |
|  Outstanding shares at end of period | 56 | 2 |  |  |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) | 79499 | 95239 | 8674 | 21484 |
|  Sale of investments (excluding government) | 57464 | 94284 | 10408 | 26080 |
|  Purchase of government securities | 3661 | 28798 | 4069 | 15422 |
|  Sale of government securities | 13211 | 33005 | 3945 | 13878 |

---

(1) Amount is less than $500.

*See notes to financial statements.* 

Semi-Annual 133

------

&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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Payden Global Fixed<br>Income Fund | Payden Global Fixed<br>Income Fund | Payden Emerging Markets<br>Bond Fund | Payden Emerging Markets<br>Bond Fund | Payden Emerging Markets<br>Local Bond Fund | Payden Emerging Markets<br>Local Bond Fund | Payden Emerging Markets<br>Corporate Bond Fund | Payden Emerging Markets<br>Corporate Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &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;2025 | &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;2025 | &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;2025 | &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;2919 | $5837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159 |
| 847 | (8773) | (6904) | (44596) | (2049) | (1853) | 376 | (119) |
| (229) | 19255 | (3879) | 128298 | 2595 | 2511 | (1556) | 5689 |
| 3537 | 16319 | 18541 | 142206 | 3245 | 5953 | 1431 | 10729 |
| (751) | (710) | (11573) | (19010) | (307) | (554) | (607) | (1428) |
| (2127) | (1942) | (22644) | (35016) | (2358) | (3467) | (2013) | (3726) |
|  |  | (819) | (1581) |  |  |  |  |
|  | (816) |  |  |  | (166) |  |  |
|  | (2229) |  |  |  | (1037) |  |  |
| (2878) | (5697) | (35036) | (55607) | (2665) | (5224) | (2620) | (5154) |
| 5035 | 7212 | 66909 | 144714 | 146 | 8676 | 990 | 6664 |
| 403 | 4213 | 55158 | 145857 | 10832 | 79 |  | 23396 |
|  |  | 12104 | 18852 |  |  |  |  |
| 739 | 1502 | 9088 | 13025 | 39 | 121 | 607 | 890 |
| 2127 | 4171 | 20487 | 31543 | 1398 | 2751 | 1285 | 2815 |
|  |  | 801 | 1554 |  |  |  |  |
| (8745) | (14187) | (86167) | (173780) | (2900) | (4055) | (1058) | (15880) |
| (53) | (31760) | (43495) | (94669) |  | (4977) | (9181) | (4793) |
|  |  | (20746) | (16509) |  |  |  |  |
| (494) | (28849) | 14139 | 70587 | 9515 | 2595 | (7357) | 13092 |
| 165 | (18227) | (2356) | 157186 | 10095 | 3324 | (8546) | 18667 |
| 147492 | 165719 | 841918 | 684732 | 74073 | 70749 | 86970 | 68303 |
| $147657 | $147492 | $839562 | $841918 | $84168 | $74073 | $78424 | $86970 |
| 5377 | 6101 | 26890 | 28396 | 2423 | 1438 | 2088 | 3048 |
| 657 | 957 | 6380 | 14111 | 32 | 1799 | 113 | 769 |
| 97 | 198 | 867 | 1259 | 8 | 24 | 69 | 103 |
| (1146) | (1879) | (8246) | (16876) | (623) | (838) | (121) | (1832) |
| (392) | (724) | (999) | (1506) | (583) | 985 | 61 | (960) |
| 4985 | 5377 | 25891 | 26890 | 1840 | 2423 | 2149 | 2088 |
| 14020 | 17175 | 50501 | 41882 | 13657 | 14140 | 7793 | 5318 |
| 52 | 547 | 5355 | 14704 | 2352 | 14 |  | 2702 |
| 279 | 553 | 1957 | 3051 | 309 | 561 | 147 | 325 |
| (7) | (4255) | (4162) | (9136) |  | (1058) | (1044) | (552) |
| 324 | (3155) | 3150 | 8619 | 2661 | (483) | (897) | 2475 |
| 14344 | 14020 | 53651 | 50501 | 16318 | 13657 | 6896 | 7793 |
|  |  | 2563 | 2185 |  |  |  |  |
|  |  | 1147 | 1801 |  |  |  |  |
|  |  | 76 | 150 |  |  |  |  |
|  |  | (1965) | (1573) |  |  |  |  |
|  |  | (742) | 378 |  |  |  |  |
|  |  | 1821 | 2563 |  |  |  |  |
| 26784 | 80431 | 332904 | 588118 | 36597 | 41578 | 38525 | 123911 |
| 37259 | 99004 | 339783 | 513128 | 22363 | 45339 | 45583 | 106516 |
| 8684 | 10808 |  |  |  |  |  |  |
| 4656 | 19265 |  |  |  |  |  |  |

---

*See notes to financial statements.* 

134 Payden Mutual Funds

------

*April 30, 2025 (Unaudited)* 

*Numbers in 000s* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Payden Managed<br>Income Fund | Payden Managed<br>Income 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;2025 | &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;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
|  **FROM OPERATIONS:** |  |  |  |  |
|  Net investment income | $3743 | $7652 | $6482 | $17874 |
|  Net realized gains (losses) | 502 | (1447) | 29529 | 168078 |
|  Change in net unrealized appreciation/(depreciation) | (1000) | 3640 | (67919) | 133593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets Resulting from Operations | 3245 | 9845 | (31908) | 319545 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
|  Net investment income and net realized gains from investments: |  |  |  |  |
|  Institutional Class | (343) | (197) |  |  |
|  Investor Class |  |  | (41587) | (9533) |
|  SI Class | (4929) | (4208) | (105624) | (26506) |
|  Adviser Class | (571) | (413) | (2159) | (434) |
|  Retirement Class | (1917) | (1277) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions to Shareholders | (7760) | (6095) | (149370) | (36473) |
|  **FROM CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Proceeds from fund shares sold: |  |  |  |  |
|  Institutional Class | 474 | 1666 |  |  |
|  Investor Class |  |  | 19366 | 24414 |
|  SI Class | 8609 | 23693 | 6406 | 23142 |
|  Adviser Class | 551 | 1291 | 269 | 631 |
|  Retirement Class | 2805 | 4474 |  |  |
|  Reinvestment of distributions: |  |  |  |  |
|  Institutional Class | 343 | 197 |  |  |
|  Investor Class |  |  | 40690 | 8480 |
|  SI Class | 4929 | 4208 | 104422 | 25761 |
|  Adviser Class | 571 | 413 | 1965 | 394 |
|  Retirement Class | 1917 | 1277 |  |  |
|  Cost of fund shares redeemed: |  |  |  |  |
|  Institutional Class | (23) | (416) |  |  |
|  Investor Class |  |  | (35145) | (137861) |
|  SI Class | (18693) | (27850) | (54977) | (303034) |
|  Adviser Class | (210) | (1071) | (1570) | (3888) |
|  Retirement Class | (1170) | (2506) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Capital Transactions | 103 | 5376 | 81426 | (361961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Net Assets | (4412) | 9126 | (99852) | (78889) |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 118962 | 109836 | 1063695 | 1142584 |
|  End of period | $114550 | $118962 | $963843 | $1063695 |
|  **FUND SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
|  Institutional Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 476 | 339 |  |  |
|  Shares sold | 45 | 157 |  |  |
|  Shares issued in reinvestment of distributions | 33 | 19 |  |  |
|  Shares redeemed | (2) | (39) |  |  |
|  Change in shares outstanding | 76 | 137 |  |  |
|  Outstanding shares at end of period | 552 | 476 |  |  |
|  Investor Class: |  |  |  |  |
|  Outstanding shares at beginning of period |  |  | 15346 | 21415 |
|  Shares sold |  |  | 1211 | 1431 |
|  Shares issued in reinvestment of distributions |  |  | 2498 | 496 |
|  Shares redeemed |  |  | (2136) | (7996) |
|  Change in shares outstanding |  |  | 1573 | (6069) |
|  Outstanding shares at end of period |  |  | 16919 | 15346 |
|  SI Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 7559 | 7537 | 40291 | 54453 |
|  Shares sold | 841 | 2294 | 413 | 1368 |
|  Shares issued in reinvestment of distributions | 491 | 424 | 6394 | 1502 |
|  Shares redeemed | (1813) | (2696) | (3080) | (17032) |
|  Change in shares outstanding | (481) | 22 | 3727 | (14162) |
|  Outstanding shares at end of period | 7078 | 7559 | 44018 | 40291 |
|  Adviser Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 805 | 741 | 815 | 977 |
|  Shares sold | 55 | 129 | 15 | 37 |
|  Shares issued in reinvestment of distributions | 59 | 43 | 121 | 23 |
|  Shares redeemed | (21) | (108) | (92) | (222) |
|  Change in shares outstanding | 93 | 64 | 44 | (162) |
|  Outstanding shares at end of period | 898 | 805 | 859 | 815 |
|  Retirement Class: |  |  |  |  |
|  Outstanding shares at beginning of period | 2652 | 2293 |  |  |
|  Shares sold | 296 | 482 |  |  |
|  Shares issued in reinvestment of distributions | 215 | 143 |  |  |
|  Shares redeemed | (123) | (266) |  |  |
|  Change in shares outstanding | 388 | 359 |  |  |
|  Outstanding shares at end of period | 3040 | 2652 |  |  |

---

*See notes to financial statements.* 

Semi-Annual 135

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&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>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Payden Managed<br>Income Fund | Payden Managed<br>Income 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;2025 | &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;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  **LONG TERM INVESTMENT ACTIVITY:** |  |  |  |  |
|  Purchase of investments (excluding government) | 87559 | 198991 |  | 890871 |
|  Sale of investments (excluding government) | 98337 | 197195 |  | 1183845 |
|  Purchase of government securities | 28551 | 88198 | 560243 |  |
|  Sale of government securities | 22177 | 89404 | 655147 |  |

---

*See notes to financial statements.* 

136 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements

*April 30, 2025 (Unaudited)* 

1. Organization and Related Matters

The Payden & Rygel Investment Group (the "Group" or "Paydenfunds") is a no-load, open-end registered investment company organized as a Massachusetts business trust on January 22, 1992 and registered under the Investment Company Act of 1940 (the "1940 Act"), as amended. Each of its twenty funds (each a "Fund," collectively the "Funds") is a series of the Group, and is authorized to issue unlimited shares at $0.001 par value. Each of the Funds, other than the Emerging Markets Local Bond Fund, has been classified as diversified.

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 period ended April 30, 2025, BBFI Liquidating Trust, corporate bond, valued at $50,457 for Payden Emerging Markets Bond Fund and $5,322 for Payden Emerging Markets Corporate Bond Fund and Palisades Center Trust, asset backed security, valued at $45,000 for the Payden Managed Income Fund are classified as Level 3 due to the unobservable nature of the inputs used in its valuation. The following inputs used in valuation: valuation technique – income approach.

*Securities Valuation* 

Domestic and foreign fixed income securities and other assets for which market quotations are readily available (other than obligations with original maturities of sixty days or less) are valued on the basis of quotes obtained from brokers and dealers or pricing services. Such quotations take into account

appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. Debt securities with original maturities of sixty days or less and securities in the Payden Cash Reserves Money Market Fund are valued at amortized cost, which approximates fair value. Cash Reserves Money Market Fund qualifies as a government money market fund under the Money Market Fund Reform.

Publicly traded equity securities, whether in the U.S. or outside the U.S., for which market quotations are readily available, generally will be valued at the official closing price or the last sale price on the exchange or market where they are principally traded, or if there have been no sales during the day, at the last bid price. Securities traded only on the over-the-counter ("OTC") market are valued at the latest bid price. Investments in nonregistered investment companies are valued at their net asset values as reported by such companies.

Options, futures, swaps and other similar instruments are valued at the official closing price, in the case of exchange traded derivatives, or on the basis of information provided by pricing services, quotes obtained from brokers and dealers, and market trades in the case of other securities.

Fixed income or equity securities for which market quotations are not readily available are priced at their fair value as determined in good faith under procedures established pursuant to the Valuation and Liquidity Guidelines applicable to each of the Funds. In considering fair value of a security, one or more factors are taken into consideration depending on the circumstances at the time, including for example: the cost of the security or the last reported sales price of the security as a starting point; changes in interest rates; changes in yield spreads of similarly rated or structured securities; fundamental analytical information relating to the security; the value of other similar securities traded on other markets or among dealers; the general financial condition of the issuer; recent developments affecting the issuer; information, including price quotations, from other financial institutions or analysts; or government actions or pronouncements and other significant events affecting the economy, the markets, the fundamental value of the issuer or of the issuer's industry.

Shares of open-end investment companies are valued at their respective net asset value.

Fair value pricing adjustments may occur when (1) developments occur (a "significant event") that will affect the value of a Fund's holdings, and (2) the significant event occurs after the close of the markets on which the securities trade, but

Semi-Annual 137

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements** *continued* <br>

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 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."

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 April 30, 2025, 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.

138 Payden Mutual Funds

------

*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

Semi-Annual 139

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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>

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

140 Payden Mutual Funds

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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 April 30, 2025 (000s)

---

| | | |
|:---|:---|:---|
| **Underlying Risk** | **Derivative**<br> **Assets ($)**  | **Derivative**<br> **Liabilities ($)** |
|  **Limited Maturity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1</sup> |  | (41) |
|  **Low Duration** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 1968 |  |
|  **U.S. Government** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 264 | (67) |
|  **GNMA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 99 | (90) |
|  **Core Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>2</sup> |  | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 5250 | (5297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3</sup> | 227 | (1204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 5477 | (6549) |

---

---

| | | |
|:---|:---|:---|
| **Underlying Risk** | **Derivative**<br> **Assets ($)**  | **Derivative**<br> **Liabilities ($)** |
|  **Corporate Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 529 | (99) |
|  **Strategic Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>2</sup> |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 1301 | (1621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3</sup> | 44 | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1345 | (2069) |
|  **Absolute Return Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>2,4</sup> |  | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2,4</sup> | 4027 | (1334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3,4</sup> | 2607 | (7536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 6634 | (8964) |
|  **Floating Rate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3</sup> | 9 | (36) |
|  **High Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 833 | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3</sup> |  | (744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 833 | (1011) |
|  **California Municipal Social Impact** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 84 | (16) |
|  **Global Low Duration** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 92 | (15) |
|  **Global Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit<sup>2</sup> |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 1310 | (410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3</sup> | 824 | (3211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 2134 | (3630) |
|  **Emerging Markets Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 1284 | (323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3</sup> | 1458 | (4827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 2742 | (5150) |
|  **Emerging Markets Local Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3</sup> | 613 | (393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 848 | (393) |
|  **Emerging Markets Corporate Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2</sup> | 86 | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3</sup> | 1 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 87 | (37) |
|  **Managed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate<sup>2,4</sup> | 756 | (215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3,4</sup> | 697 | (1727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1453 | (1942) |
|  **Equity Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity<sup>4</sup> | 599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency<sup>1,3</sup> | 48 | (752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 647 | (752) |

---

1 Payable for forward currency contracts.

---

| | |
|:---|:---|
| 2 | 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.  |

---

3 Receivable for forward currency contracts.

4 Includes options purchased at fair value as reported in the Schedule of Investments.

Semi-Annual 141

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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>

#### The Effect of Derivative Instruments on the Statements of Operations

#### For the Period Ended April 30, 2025 (000s)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Underlying risk** | **Futures<sup>1</sup>** | **Forward<br>Currency<br>Contracts<sup>2</sup>** | **Options<sup>3</sup>** | **Swaps<sup>4</sup>** | **Total** |
|  **Limited Maturity** | **Limited Maturity** | **Limited Maturity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $109 |  |  | $109 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | 109 |  |  | 109 |
|  **Low Duration** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $(1480) |  |  |  | (1480) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (1480) |  |  |  | (1480) |
|  **U.S. Government** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | $3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (80) |  |  |  | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (80) |  | 3 |  | (77) |
|  **Core Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | $69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (1577) |  |  | 713 | (864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 1151 |  |  | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (1577) | 1151 |  | 782 | 356 |
|  **Corporate Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (996) |  |  |  | (996) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (996) |  |  |  | (996) |
|  **Strategic Income** | **Strategic Income** | **Strategic Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 122 |  |  | 118 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 381 |  |  | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 122 | 381 |  | 131 | 634 |
|  **Absolute Return Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 1097 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | 599 |  | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 1912 |  |  |  | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 2529 |  |  | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1912 | 2529 | 599 | 1097 | 6137 |
|  **Floating Rate** | **Floating Rate** | **Floating Rate** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 57 |  |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | 57 |  |  | 57 |
|  **High Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (1336) |  |  | 10 | (1326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 876 |  |  | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (1336) | 876 |  | 10 | (450) |
|  **California Municipal Social Impact** | **California Municipal Social Impact** | **California Municipal Social Impact** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (67) |  |  |  | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (67) |  |  |  | (67) |
|  **Global Low Duration** | **Global Low Duration** | **Global Low Duration** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (75) |  |  |  | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (75) | 6 |  |  | (69) |
|  **Global Fixed Income** | **Global Fixed Income** | **Global Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (13) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (344) |  |  | 163 | (181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 2344 |  |  | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (344) | 2344 |  | 150 | 2150 |
|  **Emerging Markets Bond** | **Emerging Markets Bond** | **Emerging Markets Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 1282 |  |  | 139 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 3485 |  |  | 3485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1282 | 3485 |  | 139 | 4906 |
|  **Emerging Markets Local Bond** | **Emerging Markets Local Bond** | **Emerging Markets Local Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 89 |  |  | 22 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (226) |  |  | (226) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 89 | (226) |  | 22 | (115) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Corporate Bond** | **Emerging Markets Corporate Bond** | **Emerging Markets Corporate Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | $28 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $(3) |  |  | 9 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $22 |  |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (3) | 22 |  | 37 | 56 |
|  **Managed Income** | **Managed Income** | **Managed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 227 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | $384 |  | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 485 |  |  |  | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 546 |  |  | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | $485 | $546 | $384 | $227 | $1642 |
|  **Equity Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (228) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (5701) |  |  |  | (5701) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 1101 |  |  | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (5701) | 1101 |  | (228) | (4828) |

---

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 April 30, 2025 (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 |  | $(97) |  |  | $(97) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | (97) |  |  | (97) |
|  **Low Duration** | **Low Duration** | **Low Duration** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $3308 |  |  |  | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 3308 |  |  |  | 3308 |
|  **U.S. Government** | **U.S. Government** | **U.S. Government** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 339 |  |  | $(67) | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 339 |  |  | (67) | 272 |
|  **GNMA** | **GNMA** | **GNMA** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 99 |  |  | (90) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 99 |  |  | (90) | 8 |
|  **Core Bond** | **Core Bond** | **Core Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (48) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 2024 |  |  | (554) | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (1415) |  |  | (1415) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 2024 | (1415) |  | (602) | 7 |
|  **Corporate Bond** | **Corporate Bond** | **Corporate Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 1254 |  |  |  | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1254 |  |  |  | 1254 |
|  **Strategic Income** | **Strategic Income** | **Strategic Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (9) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (303) |  |  | (100) | (404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (609) |  |  | (609) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (303) | (609) |  | (109) | (1022) |

---

142 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 |  |  |  | $(59) | $(59) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | $(60) |  | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | $(74) |  | 65 |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | $(6886) |  |  | (6886) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (74) | (6886) | 5 | (59) | (7014) |
|  **Floating Rate** | **Floating Rate** | **Floating Rate** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (51) |  |  | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | (51) |  |  | (51) |
|  **High Income** | **High Income** | **High Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 1780 |  |  | 11 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (1312) |  |  | (1312) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1780 | (1312) |  | 11 | 480 |
|  **California Municipal Social Impact** | **California Municipal Social Impact** | **California Municipal Social Impact** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 167 |  |  |  | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 167 |  |  |  | 167 |
|  **Global Low Duration** | **Global Low Duration** | **Global Low Duration** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 134 |  |  |  | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (7) |  |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 134 | (7) |  |  | 127 |
|  **Global Fixed Income** | **Global Fixed Income** | **Global Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | (9) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 529 |  |  | 292 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (4187) |  |  | (4187) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 529 | (4187) |  | 283 | (3376) |
|  **Emerging Markets Bond** | **Emerging Markets Bond** | **Emerging Markets Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (76) |  |  | 1056 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (6446) |  |  | (6446) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (76) | (6446) |  | 1056 | (5466) |
|  **Emerging Markets Local Bond** | **Emerging Markets Local Bond** | **Emerging Markets Local Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (36) |  |  | 227 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 32 |  |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | (36) | 32 |  | 227 | 223 |
|  **Emerging Markets Corporate Bond** | **Emerging Markets Corporate Bond** | **Emerging Markets Corporate Bond** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit |  |  |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 29 |  |  | 13 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (9) |  |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 29 | (9) |  | 17 | 37 |
|  **Managed Income** | **Managed Income** | **Managed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | (19) |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (31) |  | 17 |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (1463) |  |  | (1463) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | $(31) | $(1463) | $(2) | $— | $(1496) |
|  **Equity Income** | **Equity Income** | **Equity Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 599 |  |  |  | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (2020) |  |  | (2020) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | 599 | (2020) |  |  | (1421) |

---

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 April 30, 2025 the average notional amount of derivatives as a percent of average net assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Foreign<br>currency** | **Credit** | **Interest<br>rate** | **Equity** |
|  U.S. Government | 0% | 0% | 2% | 0% |
|  GNMA | 0% | 0% | 2% | 0% |
|  Core Bond | 3% | 1% | 37% | 0% |
|  Strategic Income | 8% | 1% | 36% | 0% |
|  Absolute Return Bond | 25% | 4% | 0% | 0% |
|  Floating Rate | 1% | 0% | 0% | 0% |
|  High Income | 2% | 0% | 3% | 0% |
|  Global Fixed Income | 60% | 1% | 3377% | 0% |
|  Emerging Markets Bond | 24% | 0% | 126% | 0% |
|  Emerging Markets Local Bond | 48% | 0% | 427% | 0% |
|  Emerging Markets Corporate Bond | 5% | 0% | 25% | 0% |
|  Managed Income | 29% | 2% | 0% | 0% |
|  Equity Income | 3% | 0% | 0% | 1% |

---

*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 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

Semi-Annual 143

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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>

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 April 30, 2025, 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 | $26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 49 | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts | 824 | 3211 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 899 | 3256 |
|  Derivatives not subject to a MNA | (174) | (181) |
|  Total derivative assets and liabilities subject to a MNA | $725 | $3075 |
|  **<u>Emerging Markets Local Bond</u>** |  |  |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swaps | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts | 612 | 393 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 624 | 393 |
|  Derivatives not subject to a MNA | (46) |  |
|  Total derivative assets and liabilities subject to a MNA | $579 | $392 |
|  **<u>Absolute Return Bond</u>** |  |  |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swaps | 87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 343 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts | 2607 | 7537 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 3037 | 7653 |
|  Derivatives not subject to a MNA | (928) | (3751) |
|  Total derivative assets and liabilities subject to a MNA | $2110 | $3902 |
|  **<u>Managed Income</u>** |  |  |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 65 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts | 697 | 1727 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 762 | 1750 |
|  Derivatives not subject to a MNA | (762) | (1750) |
|  Total derivative assets and liabilities subject to a MNA | $— | $— |

---

144 Payden Mutual Funds

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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 April 30, 2025 (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> |
|  Barclays Bank PLC | $78 | $(33) |  |  | $45 |
|  BNP PARIBAS | 202 | (202) |  |  |  |
|  HSBC Bank USA, N.A. | 335 | (334) |  |  |  |
|  State Street Bank & Trust Co. | 110 | (110) |  |  |  |
|  Total | $725 | $(679) |  |  | $45 |
| 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 | 33 | (33) |  |  |  |
|  BNP PARIBAS | 576 | (202) |  |  | 374 |
|  HSBC Bank USA, N.A. | 748 | (334) |  |  | 413 |
|  State Street Bank & Trust Co. | 1718 | (110) |  |  | 1608 |
|  Total | $3075 | $(679) |  |  | $2395 |
|  <br> <u>Emerging Markets Local Bond</u> <br>|  |  |  |  |  |
| 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> |
|  Barclays Bank PLC | 119 | (53) |  |  | 66 |
|  BNP PARIBAS | 110 | (60) |  |  | 50 |
|  Goldman Sachs & Co. | 57 | (15) |  |  | 43 |
|  HSBC Bank USA, N.A. | 293 | (265) |  |  | 28 |
|  Total | $579 | $(393) |  |  | $187 |
| 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 | 53 | (53) |  |  |  |
|  BNP PARIBAS | 60 | (60) |  |  |  |
|  Goldman Sachs & Co. | 14 | (15) |  |  |  |
|  HSBC Bank USA, N.A. | 265 | (265) |  |  |  |
|  Total | $392 | $(393) |  |  |  |
|  <br> <u>Absolute Return Bond</u> <br>|  |  |  |  |  |
| 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 | 14 | (14) |  |  |  |
|  HSBC Bank USA, N.A. | 2096 | (2095) |  |  |  |
|  Total | $2110 | $(2109) |  |  |  |
| 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> |
|  BNP PARIBAS | 863 | (14) |  |  | 848 |
|  HSBC Bank USA, N.A. | 3039 | (2095) |  |  | 944 |
|  Total | $3902 | $(2109) |  |  | $1792 |

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Semi-Annual 145

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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>

---

| | |
|:---|:---|
| 1 | The amount of derivatives for offset is limited to the amount of assets and/or liabilities that are subject to a MNA.  |

---

---

| | |
|:---|:---|
| 2 | Net amount represents the net amount receivable from the counterparty in the event of default.  |

---

---

| | |
|:---|:---|
| 3 | Net amount represents the net amount payable from the counterparty in the event of default.  |

---

*Credit Enhancements* 

Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit, liquidity guarantees, security purchase agreements, and third party insurance (e.g. AGM, AMBAC and BAM).

*TBA Sale Commitments* 

Some Funds entered into TBA sale commitments, within dollar roll agreements, to hedge their portfolio position or to sell received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction.

Unsettled TBA sale commitments are valued at approximately the current value of the underlying securities. The contract is "marked-to-market" daily and the change in the value is recorded by the Fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the Fund entered the commitment.

*Securities Lending* 

Pursuant to a securities lending agreement with The Bank of New York Mellon, the Funds (except Cash Reserves Money Market) may lend securities to qualified institutions. It is each Fund's policy that at origination all loans are secured by collateral of at least 102% of the value of the U.S. securities loaned and 105% of the value of the foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. The collateral is maintained by the custodian. Cash collateral is reinvested in the Cash Reserves Money Market Fund. The Funds are entitled to receive all of the income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, each Fund bears the risk of delay in receiving additional collateral or in recovery of or loss of rights in the securities loaned should the borrower fail to return the securities in a timely manner. The Funds maintain the right to recall the securities on loan for voting purposes. The

income earned by each Fund is disclosed in the Statements of Operations.

Securities lending transactions are entered into by a Fund under Master Securities Lending Agreements ("MSLA") which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MSLA counterparty's bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The Fund's securities lending agreements, which are subject to offset under a MSLA, if applicable, is included within each Fund's Schedule of Investments under the heading "Offsetting Assets and Liabilities". For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to MSLA on the Statements of Assets and Liabilities.

*Distributions to Shareholders* 

Distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income and net realized gains on foreign currency transactions are declared and paid monthly for all Funds except the Cash Reserves Money Market, Limited Maturity, Short Bond, U.S. Government, GNMA and California Municipal Social Impact Funds, which are declared daily and paid monthly and Equity Income Fund, which is declared and paid quarterly. Net realized gains on investments, if any, are declared and distributed at least annually. All distributions are paid in the form of additional shares unless cash payment is requested.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from GAAP.

146 Payden Mutual Funds

------

*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 April 30, 2025, the Funds did not record any liability for uncertain tax positions. Accordingly, no provision for Federal income or excise tax is necessary.

Each Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, the basis on which these financial statements are prepared. The differences arise primarily from the treatment of foreign currency transactions and futures contracts and the deferral of certain losses under Federal income tax regulations. Accordingly, the amounts of net investment income and net realized gains or losses reported in these financial statements may differ from those reported in each Fund's tax return. Return of capital distributions and net investment losses for tax purposes, if any, are reclassified to paid in capital.

As of and during the period ended April 30, 2025, the Funds did not have any liabilities for any unrecognized tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

Each of the tax years in the four-year period ended April 30, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

*Affiliated Investments* 

Each of the Payden funds except the Cash Reserves Money Market Fund invests in other Funds of the Group (an "Affiliated Fund"). The income and both realized and the change in unrealized gains and losses earned by each Fund from the Affiliated Funds for the period is disclosed in the Statements of Operations.

The table below details the transactions of each Fund in Affiliated Funds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value<br>October 31, 2024** | **Purchases** | **Sales** | **Dividends** | **Value<br>April 30, 2025** | **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> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Maturity | $33387684 | $259860781 | $289407285 | $157949 | $3841180 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Low Duration | 7227350 | 180079944 | 174953674 | 124714 | 12353620 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | 1988572 | 8502192 | 9484794 | 30314 | 1005970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA | 2806479 | 12093661 | 13794589 | 45969 | 1105551 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond | 5413581 | 135627379 | 129064170 | 107883 | 11976790 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond | 8881447 | 56665053 | 59345970 | 123133 | 6200530 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Income | 2643037 | 34174517 | 30515692 | 46486 | 6301862 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Absolute Return Bond | 11952183 | 168489162 | 171420908 | 116055 | 9020437 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitized Income | 4980 | 42072618 | 39864622 | 57698 | 2212976 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Floating Rate | 9930161 | 53993934 | 56335000 | 179914 | 7589095 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Income | 82832925 | 352840406 | 335936161 | 827321 | 99737170 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Social Impact | 2437210 | 45350556 | 40332253 | 75332 | 7455513 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Low Duration | 911129 | 11879647 | 10255815 | 14753 | 2534961 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Fixed Income | 2172549 | 30269880 | 30184727 | 59333 | 2257702 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Bond | 22078607 | 363225032 | 374454475 | 393972 | 10849164 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Local Bond | 4448023 | 52789671 | 52926831 | 59417 | 4310863 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Corporate Bond | 12148178 | 27281788 | 33660600 | 95086 | 5769366 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Income | 473165 | 40742112 | 37796222 | 28600 | 3419055 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Income | 55062074 | 259078101 | 234262452 | 771573 | 79877723 |  |  |
|  <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> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond | 8170581 |  | 127312 | 886481 | 8242284 |  | $198515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Income | 1809336 |  | 28193 | 196307 | 1825104 |  | 43960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Absolute Return Bond | 7413972 | 5068478 |  | 898128 | 12702912 |  | 220462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Fixed Income | 2275955 |  | 35463 | 246934 | 2295789 |  | 55297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Income | 1523489 | 707261 |  | 174284 | 2273330 |  | 42580 |
|  <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> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond | 13484326 |  |  | 441458 | 13285126 |  | (199200) |

---

Semi-Annual 147

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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>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value<br>October 31, 2024** | **Purchases** | **Sales** | **Dividends** | **Value<br>April 30, 2025** | **Net Realized<br>Gain** | **Net Change in<br>Unrealized Appreciation<br>(Depreciation)** | **Net Change in<br>Unrealized Appreciation<br>(Depreciation)** |
|  Corporate Bond | $5188679 |  |  | $169870 | $5112029 |  | ($| 76651) |
|  Strategic Income | 895892 |  |  | 29330 | 882658 |  |  | (13234) |
|  Global Fixed Income | 1291139 |  |  | 42270 | 1272066 |  |  | (19074) |
|  <u>Floating Rate Fund - SI Class</u> | <u>Floating Rate Fund - SI Class</u> | <u>Floating Rate Fund - SI Class</u> |  |  |  |  |  |  |
|  Limited Maturity | 26605781 |  |  | 1063413 | 25924281 |  |  | (681500) |
|  Global Fixed Income | 1431814 |  |  | 57229 | 1395138 |  |  | (36676) |

---

*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 April 30, 2025.

*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.

3. Related Party Transactions

Payden & Rygel (the "Adviser") provides investment advisory services to the Funds. Under the terms of the investment advisory agreement, the Adviser is entitled to receive fees monthly, computed on the average daily net assets of each of the Funds separately at an annualized rate. The rates for each Fund are shown in the table below.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adviser Fees** | **Adviser Fees** | **Adviser Fees** | **Adviser Fees** | **Investor/Institutional Class** | **Investor/Institutional 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 2023** | **FY 2024** | **FY 2025** |
|  Cash Reserves Money Market | 0.15% | 0.15% | 0.15% | 0.15% | 0.50% | 0.25% | n/a | $613365 | $581600 | $322941 |
|  Limited Maturity | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.30% | 0.25% | 5175816 | 5245262 | 2417710 |
|  Low Duration | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.43% | 0.38% | 1323884 | 1553351 | 691973 |
|  U.S. Government | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.43% | n/a | 144384 | 156077 | 80854 |
|  GNMA | 0.27% | 0.27% | 0.27% | 0.27% | 0.50% | 0.45% | n/a | 183672 | 213246 | 98654 |
|  Core Bond | 0.28% | 0.28% | 0.25% | 0.25% | 0.60% | 0.53% | 0.42% | 572845 | 708437 | 65085 |
|  Corporate Bond | 0.35% | 0.35% | 0.35% | 0.35% | 1.00% | 0.65% | 0.55% | 101965 | 296367 | 145734 |
|  Strategic Income | 0.55% | 0.55% | 0.55% | 0.55% | n/a | 0.65% | 0.55% | 444372 | 498236 | 260032 |
|  Absolute Return Bond | 0.50% | 0.50% | 0.50% | 0.50% | n/a | 0.70% | 0.47% | 1834273 | 1528827 | 762592 |
|  Securitized Income | 0.55% | 0.55% | 0.55% | 0.55% | n/a | 0.65% | 0.55% |  |  | 76774 |
|  Floating Rate | 0.55% | 0.55% | 0.55% | 0.55% | n/a | 0.70% | 0.60% | 333100 | 367538 | 213536 |
|  High Income | 0.35% | 0.35% | 0.35% | 0.35% | 0.75% | n/a | 0.55% | 178810 | 427137 | 446536 |
|  California Municipal Social Impact | 0.32% | 0.32% | 0.25% | 0.25% | 0.80% | 0.45% | n/a | 258646 | 376481 | 176028 |
|  Global Low Duration | 0.30% | 0.30% | 0.30% | 0.25% | 0.70% | 0.53% | n/a | 183693 | 149909 | 396683 |

---

148 Payden Mutual Funds

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adviser Fees** | **Adviser Fees** | **Adviser Fees** | **Adviser Fees** | **Investor/Institutional Class** | **Investor/Institutional 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 2023** | **FY 2024** | **FY 2025** |
|  Global Fixed Income | 0.30% | 0.30% | 0.30% | 0.25% | 0.70% | n/a | 0.55% |  | 163424 | 70668 |
|  Emerging Markets Bond | 0.45% | 0.45% | 0.45% | 0.45% | 1.25% | n/a | 0.69% | 134750 | 250752 | 314866 |
|  Emerging Markets Local Bond | 0.60% | 0.60% | 0.60% | 0.60% | 1.50% | 0.99% | 0.75% | 211092 | 219514 | 126589 |
|  Emerging Markets Corporate Bond | 0.80% | 0.80% | 0.80% | 0.80% | n/a | 0.95% | 0.85% | 234839 | 262376 | 166381 |
|  Managed Income | 1.10% | 1.10% | 1.10% | 1.10% | 1.25% | 0.65% | 0.65% | 676803 | 1004087 | 607796 |
|  Equity Income | 0.50% | 0.50% | 0.50% | 0.30% | 0.80% | n/a | 0.65% | 695342 | 870169 | 349935 |

---

The Adviser agreed to guarantee that, for so long as it acts as investment adviser to the Funds, the expenses of the Funds, including advisory fees (exclusive of interest, 12b-1 fees, and taxes) will not exceed the percentages indicated above ("Expense Guarantee") of that Fund's average daily net assets on an annualized basis. The adviser also voluntarily agreed to temporarily limit certain Funds' total expenses ("Voluntary Expense Limit"), including advisory fees, to the percentages indicated above of that Fund's average daily net assets on an annualized basis through February 28, 2026 (exclusive of interest and taxes).

Each Fund remains liable to the Adviser for expenses subsidized in any fiscal year up to a maximum of three years from the end of the period in which the expenses were subsidized as long as any reimbursement will not cause the annual expense ratio for the year in which it is made to exceed the amount of the expense guarantee or voluntary expense limit (whichever is in effect at the time of waiver or reimbursement).

The deferred expense subsidies represent the cumulative amount of expenses subsidized for the Funds through the end of the period. Such amount is not considered a liability of each respective Fund, and, therefore, is not recorded as liabilities in the Statements of Assets and Liabilities, but will be recognized as net expense in the Statements of Operations as expense previously deferred in future periods, if expense limits permit.

Treasury Plus, Inc., a wholly owned subsidiary of Payden & Rygel, serves as administrator to the Funds. Under the terms of the administration agreement, Treasury Plus, Inc. receives fees monthly, computed on the average daily net assets of the Funds at an annualized rate of 0.15%.

Under a distribution agreement with the Funds, the Limited Maturity, Low Duration, Core Bond, Corporate Bond, Strategic Income, Absolute Return Bond, High Income, Floating Rate, California Municipal Social Impact, Emerging Markets Bond, Managed Income and Equity Income Funds adopted a plan pursuant to SEC rule 12b-1 by which Payden & Rygel Distributors receives fee monthly, computed on the average net assets of the Adviser class at an annualized rate of 0.25% and Retirement class at an annualized rate of 0.50%. Payden &

Rygel Distributors is not entitled to receive any fees from the Investor or SI classes of the Funds.

Certain officers and/or trustees of the Funds are affiliated with Payden & Rygel, Payden & Rygel Distributors and/or Treasury Plus, Inc. Such officers and trustees receive no fees from the Funds for serving as officers and/or trustees of the Funds. The Funds may purchase securities from or sell securities to an affiliated fund or portfolio provided that the affiliation is due solely to having a common investment advisor, common officers or common trustees.

*Indemnifications* 

Under the Group's organizational documents, its trustees and officers are indemnified by the Funds against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. A Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently the Funds expect this risk of loss to be remote.

4. Fair Value Measurement

Various inputs are used in determining the value of each Fund's investments and other financial instruments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels: Level 1 — quoted prices in active markets for identical investments, Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.), and Level 3 — significant unobservable inputs (including fund's own assumptions in determining the fair value of investments). See Note 2 —Securities Valuation for a summary of the inputs used in valuing the Funds' investments and other financial instruments.

Semi-Annual 149

------

&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 1-Quoted Prices** | **Level 1-Quoted Prices** | **Level 2-Other**<br>**Significant**<br>**Observable Inputs** | **Level 2-Other**<br>**Significant**<br>**Observable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | **Level 3-Significant<br>Unobservable Inputs** | **Total**<br>**(000's)** |
|  | <br> **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Assets<br>(000's)** | **Liabilities<br>(000's)** | **Total**<br>**(000's)** |
|  **<u>Cash Reserves Money Market</u>** | **<u>Cash Reserves Money Market</u>** | **<u>Cash Reserves Money Market</u>** | **<u>Cash Reserves Money Market</u>** | **<u>Cash Reserves Money Market</u>** | **<u>Cash Reserves Money Market</u>** | **<u>Cash Reserves Money Market</u>** | **<u>Cash Reserves Money Market</u>** |
|  Mortgage Backed |  |  | $5261 |  |  |  | $5261 |
|  Repurchase Agreement |  |  | 177000 |  |  |  | 177000 |
|  U.S. Government |  |  | 33994 |  |  |  | 33994 |
|  U.S. Treasury |  |  | 242971 |  |  |  | 242971 |
|  **Total** | **—** |  | $**459226** |  |  |  | $**459226** |
|  **<u>Limited Maturity</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 592585 |  |  |  | 592585 |
|  Commercial Paper |  |  | 6499 |  |  |  | 6499 |
|  Corporate Bond |  |  | 727284 |  |  |  | 727284 |
|  Mortgage Backed |  |  | 288902 |  |  |  | 288902 |
|  U.S. Government |  |  | 373645 |  |  |  | 373645 |
|  Investment Company | $29765 |  |  |  |  |  | 29765 |
|  **Total** | $**29765** |  | $**1988915** |  |  |  | $**2018680** |
|  **<u>Low Duration</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 182745 |  |  |  | 182745 |
|  Commercial Paper |  |  | 17498 |  |  |  | 17498 |
|  Corporate Bond |  |  | 277460 |  |  |  | 277460 |
|  Mortgage Backed |  |  | 135504 |  |  |  | 135504 |
|  Municipal |  |  | 11884 |  |  |  | 11884 |
|  U.S. Government |  |  | 317860 |  |  |  | 317860 |
|  Investment Company | 12354 |  |  |  |  |  | 12354 |
|  **Total** | $**12354** |  | $**942951** |  |  |  | $**955305** |
|  **<u>U.S. Government</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 711 |  |  |  | 711 |
|  Mortgage Backed |  |  | 29107 |  |  |  | 29107 |
|  U.S. Government |  |  | 36720 |  |  |  | 36720 |
|  Investment Company | 1006 |  |  |  |  |  | 1006 |
|  **Total** | $**1006** |  | $**66538** |  |  |  | $**67544** |
|  **<u>GNMA</u>** |  |  |  |  |  |  |  |
|  Mortgage Backed |  |  | 114943 |  |  |  | 114943 |
|  Investment Company | 1106 |  |  |  |  |  | 1106 |
|  **Total** | $**1106** |  | $**114943** |  |  |  | $**116049** |
|  **<u>Core Bond</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 68696 |  |  |  | 68696 |
|  Bank Loans |  |  | 9302 |  |  |  | 9302 |
|  Commercial Paper |  |  | 9999 |  |  |  | 9999 |
|  Corporate Bond |  |  | 309834 |  |  |  | 309834 |
|  Foreign Government |  |  | 28333 |  |  |  | 28333 |
|  Mortgage Backed |  |  | 288811 |  |  |  | 288811 |
|  Municipal |  |  | 17507 |  |  |  | 17507 |
|  U.S. Government |  |  | 68888 |  |  |  | 68888 |
|  Investment Company | 33504 |  |  |  |  |  | 33504 |
|  **Total** | $**33504** |  | $**801370** |  |  |  | $**834874** |
|  **<u>Corporate Bond</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 9039 |  |  |  | 9039 |
|  Bank Loans |  |  | 730 |  |  |  | 730 |
|  Corporate Bond |  |  | 325643 |  |  |  | 325643 |
|  Foreign Government |  |  | 1768 |  |  |  | 1768 |
|  Mortgage Backed |  |  | 18194 |  |  |  | 18194 |
|  Municipal |  |  | 978 |  |  |  | 978 |
|  Investment Company | 11313 |  |  |  |  |  | 11313 |
|  **Total** | $**11313** |  | $**356352** |  |  |  | $**367665** |

---

150 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 1-Quoted Prices** | **Level 1-Quoted Prices** | **Level 2-Other**<br>**Significant**<br>**Observable Inputs** | **Level 2-Other**<br>**Significant**<br>**Observable Inputs** | **Level 3-Significant**<br>**Unobservable Inputs** | **Level 3-Significant**<br>**Unobservable Inputs** | |
|  | **Assets** <br>**(000's)** | **Liabilities <br>(000's)** | **Assets <br>(000's)** | **Liabilities <br>(000's)** | **Assets <br>(000's)** | **Liabilities <br>(000's)** | <br> **Total <br>(000's)** |
|  **<u>Strategic Income</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | $18747 |  |  |  | $18747 |
|  Bank Loans |  |  | 3363 |  |  |  | 3363 |
|  Corporate Bond |  |  | 58864 |  |  |  | 58864 |
|  Foreign Government |  |  | 6404 |  |  |  | 6404 |
|  Mortgage Backed |  |  | 36969 |  |  |  | 36969 |
|  Municipal |  |  | 3338 |  |  |  | 3338 |
|  U.S. Government |  |  | 16061 |  |  |  | 16061 |
|  Preferred Stock | $1003 |  |  |  |  |  | 1003 |
|  Investment Company | 9010 |  |  |  |  |  | 9010 |
|  **Total** | $**10013** |  | $**143746** |  |  |  | $**153759** |
|  **<u>Absolute Return Bond</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 130150 |  |  |  | 130150 |
|  Bank Loans |  |  | 21087 |  |  |  | 21087 |
|  Corporate Bond |  |  | 180842 |  |  |  | 180842 |
|  Foreign Government |  |  | 61779 |  |  |  | 61779 |
|  Mortgage Backed |  |  | 209802 |  |  |  | 209802 |
|  U.S. Government |  |  | 12056 |  |  |  | 12056 |
|  Options Purchased | 594 |  |  |  |  |  | 594 |
|  Investment Company | 21724 |  |  |  |  |  | 21724 |
|  **Total** | $**22318** |  | $**615716** |  |  |  | $**638034** |
|  **<u>Securitized Income</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 25230 |  |  |  | 25230 |
|  Mortgage Backed |  |  | 34177 |  |  |  | 34177 |
|  Investment Company | 2213 |  |  |  |  |  | 2213 |
|  **Total** | $**2213** |  | $**59407** |  |  |  | $**61620** |
|  **<u>Floating Rate</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 3853 |  |  |  | 3853 |
|  Bank Loans |  |  | 104564 |  |  |  | 104564 |
|  Corporate Bond |  |  | 8215 |  |  |  | 8215 |
|  Investment Company | 7589 |  |  |  |  |  | 7589 |
|  **Total** | $**7589** |  | $**116632** |  |  |  | $**124221** |
|  **<u>High Income</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 11963 |  |  |  | 11963 |
|  Bank Loans |  |  | 49484 |  |  |  | 49484 |
|  Corporate Bond |  |  | 754694 |  |  |  | 754694 |
|  Mortgage Backed |  |  | 8475 |  |  |  | 8475 |
|  Investment Company | 99737 |  |  |  |  |  | 99737 |
|  **Total** | $**99737** |  | $**824616** |  |  |  | $**924353** |
|  **<u>California Municipal Social Impact</u>** |  |  |  |  |  |  |  |
|  Mortgage Backed |  |  | 1680 |  |  |  | 1680 |
|  Municipal |  |  | 170753 |  |  |  | 170753 |
|  Investment Company | 7456 |  |  |  |  |  | 7456 |
|  **Total** | $**7456** |  | $**172433** |  |  |  | $**179889** |
|  **<u>Global Low Duration</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 6042 |  |  |  | 6042 |
|  Corporate Bond |  |  | 16192 |  |  |  | 16192 |
|  Foreign Government |  |  | 5782 |  |  |  | 5782 |
|  Mortgage Backed |  |  | 5654 |  |  |  | 5654 |
|  Municipal |  |  | 577 |  |  |  | 577 |
|  U.S. Government |  |  | 6374 |  |  |  | 6374 |
|  Investment Company | 2535 |  |  |  |  |  | 2535 |
|  **Total** | $**2535** |  | $**40621** |  |  |  | $**43156** |

---

Semi-Annual 151

------

&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 1-Quoted Prices** | **Level 1-Quoted Prices** | **Level 2-Other**<br>**Significant**<br>**Observable Inputs** | **Level 2-Other**<br>**Significant**<br>**Observable Inputs** | **Level 3-Significant**<br>**Unobservable Inputs** | **Level 3-Significant**<br>**Unobservable Inputs** | |
|  | **Assets <br>(000's)** | **Liabilities <br>(000's)** | **Assets <br>(000's)** | **Liabilities <br>(000's)** | **Assets <br>(000's)** | **Liabilities <br>(000's)** | <br> **Total <br>(000's)** |
|  **<u>Global Fixed Income</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | $12888 |  |  |  | $12888 |
|  Bank Loans |  |  | 123 |  |  |  | 123 |
|  Commercial Paper |  |  | 3495 |  |  |  | 3495 |
|  Corporate Bond |  |  | 52067 |  |  |  | 52067 |
|  Foreign Government |  |  | 33898 |  |  |  | 33898 |
|  Mortgage Backed |  |  | 33529 |  |  |  | 33529 |
|  U.S. Government |  |  | 4480 |  |  |  | 4480 |
|  Investment Company | $7221 |  |  |  |  |  | 7221 |
|  **Total** | $**7221** |  | $**140480** |  | **—** |  | $**147701** |
|  **<u>Emerging Markets Bond</u>** |  |  |  |  |  |  |  |
|  Corporate Bond |  |  | 131502 |  | $50 |  | 131552 |
|  Foreign Government |  |  | 666860 |  |  |  | 666860 |
|  U.S. Government |  |  | 29342 |  |  |  | 29342 |
|  Investment Company | 10849 |  |  |  |  |  | 10849 |
|  **Total** | $**10849** |  | $**827704** |  | $**50** |  | $**838603** |
|  **<u>Emerging Markets Local Bond</u>** |  |  |  |  |  |  |  |
|  Corporate Bond |  |  | 9415 |  |  |  | 9415 |
|  Foreign Government |  |  | 70327 |  |  |  | 70327 |
|  Investment Company | 4311 |  |  |  |  |  | 4311 |
|  **Total** | $**4311** |  | $**79742** |  | **—** |  | $**84053** |
|  **<u>Emerging Markets Corporate Bond</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 1610 |  |  |  | 1610 |
|  Bank Loans |  |  | 77 |  |  |  | 77 |
|  Corporate Bond |  |  | 70017 |  | 5 |  | 70022 |
|  Foreign Government |  |  | 981 |  |  |  | 981 |
|  U.S. Government |  |  | 2083 |  |  |  | 2083 |
|  Common Stock |  |  |  |  |  |  |  |
|  Investment Company | 5769 |  |  |  |  |  | 5769 |
|  **Total** | $**5769** |  | $**74768** |  | $**5** |  | $**80542** |
|  **<u>Managed Income</u>** |  |  |  |  |  |  |  |
|  Asset Backed |  |  | 21010 |  |  |  | 21010 |
|  Bank Loans |  |  | 6136 |  |  |  | 6136 |
|  Corporate Bond |  |  | 33170 |  |  |  | 33170 |
|  Foreign Government |  |  | 11474 |  |  |  | 11474 |
|  Mortgage Backed |  |  | 34784 |  | 45 |  | 34829 |
|  U.S. Government |  |  | 3316 |  |  |  | 3316 |
|  Options Purchased | 89 |  |  |  |  |  | 89 |
|  Investment Company | 5693 |  |  |  |  |  | 5693 |
|  **Total** | $**5782** |  | $**109890** |  | $**45** |  | $**115717** |
|  **<u>Equity Income</u>** |  |  |  |  |  |  |  |
|  Corporate Bond |  |  | 2296 |  |  |  | 2296 |
|  Common Stock | 814531 |  |  |  |  |  | 814531 |
|  Master Limited Partnership | 27608 |  |  |  |  |  | 27608 |
|  Real Estate Investment Trust | 33821 |  |  |  |  |  | 33821 |
|  Investment Company | 79878 |  |  |  |  |  | 79878 |
|  **Total** | $**955838** |  | $**2296** |  | **—** |  | $**958134** |

---

152 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 1-Quoted Prices** | **Level 1-Quoted Prices** | **Level 2-Other**<br>**Significant**<br>**Observable Inputs** | **Level 2-Other**<br>**Significant**<br>**Observable Inputs** | **Level 3-Significant**<br>**Unobservable Inputs** | **Level 3-Significant**<br>**Unobservable Inputs** | |
|  | **Assets <br>(000's)** | **Liabilities <br>(000's)** | **Assets <br>(000's)** | **Liabilities <br>(000's)** | **Assets <br>(000's)** | **Liabilities <br>(000's)** | <br> **Total <br>(000's)** |
|  **<u>Limited Maturity</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  |  | $(41) |  |  | $(41) |
|  **Total** | **—** | **—** | **—** | **(41)** |  |  | **(41)** |
|  **<u>Low Duration</u>** |  |  |  |  |  |  |  |
|  Futures | 1968 |  |  |  |  |  | 1968 |
|  **Total** | **1968** | **—** | **—** | **—** |  |  | **1968** |
|  **<u>U.S. Government</u>** |  |  |  |  |  |  |  |
|  Futures | 264 |  |  |  |  |  | 264 |
|  Swaps |  |  |  | (67) |  |  | (67) |
|  **Total** | **264** | **—** | **—** | **(67)** |  |  | **197** |
|  **<u>GNMA</u>** |  |  |  |  |  |  |  |
|  Futures | 99 |  |  |  |  |  | 99 |
|  Swaps |  |  |  | (90) |  |  | (90) |
|  **Total** | **99** | **—** | **—** | **(90)** |  |  | **9** |
|  **<u>Core Bond</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 227 | (1204) |  |  | (977) |
|  Futures | 2326 | (688) |  |  |  |  | 1638 |
|  Swaps |  |  | 2924 | (4657) |  |  | (1733) |
|  **Total** | **2326** | **(688)** | **3151** | **(5861)** |  |  | **(1072)** |
|  **<u>Corporate Bond</u>** |  |  |  |  |  |  |  |
|  Futures | 529 | (99) |  |  |  |  | 430 |
|  **Total** | **529** | **(99)** | **—** | **—** |  |  | **430** |
|  **<u>Strategic Income</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 44 | (439) |  |  | (395) |
|  Futures | 801 | (833) |  |  |  |  | (32) |
|  Swaps |  |  | 500 | (797) |  |  | (297) |
|  **Total** | **801** | **(833)** | **544** | **(1236)** |  |  | **(724)** |
|  **<u>Absolute Return Bond</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 2607 | (7536) |  |  | (4929) |
|  Futures | 3433 | (1226) |  |  |  |  | 2207 |
|  Options written |  | (108) |  |  |  |  | (108) |
|  Swaps |  |  |  | (94) |  |  | (94) |
|  **Total** | **3433** | **(1334)** | **2607** | **(7630)** |  |  | **(2924)** |
|  **<u>Floating Rate</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 9 | (36) |  |  | (27) |
|  **Total** | **—** | **—** | **9** | **(36)** |  |  | **(27)** |
|  **<u>High Income</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  |  | (744) |  |  | (744) |
|  Futures | 718 |  |  |  |  |  | 718 |
|  Swaps |  |  | 115 | (267) |  |  | (152) |
|  **Total** | **718** | **—** | **115** | **(1011)** |  |  | **(178)** |
|  **<u>California Municipal Social Impact</u>** |  |  |  |  |  |  |  |
|  Futures | 84 | (16) |  |  |  |  | 68 |
|  **Total** | **84** | **(16)** | **—** | **—** |  |  | **68** |
|  **<u>Global Low Duration</u>** |  |  |  |  |  |  |  |
|  Futures | 92 | (15) |  |  |  |  | 77 |
|  **Total** | **92** | **(15)** | **—** | **—** |  |  | **77** |
|  **<u>Global Fixed Income</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 824 | (3211) |  |  | (2387) |
|  Futures | 535 | (304) |  |  |  |  | 231 |
|  Swaps |  |  | 775 | (115) |  |  | 660 |
|  **Total** | **535** | **(304)** | **1599** | **(3326)** |  |  | **(1496)** |
|  **<u>Emerging Markets Bond</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 1458 | (4827) |  |  | (3369) |
|  Futures | 126 |  |  |  |  |  | 126 |

---

Semi-Annual 153

------

&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 1-Quoted Prices** | **Level 1-Quoted Prices** | <br> **Level 2-Other**<br> **Significant**<br>**Observable Inputs** | <br> **Level 2-Other**<br> **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)** |
|  Swaps |  |  | 1158 | (323) |  |  | 835 |
|  **Total** | **126** | **—** | **2616** | **(5150)** |  |  | **(2408)** |
|  **<u>Emerging Markets Local Bond</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 613 | (393) |  |  | 220 |
|  Swaps |  |  | 235 |  |  |  | 235 |
|  **Total** | **—** | **—** | **848** | **(393)** |  |  | **455** |
|  **<u>Emerging Markets Corporate Bond</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 1 | (5) |  |  | (4) |
|  Futures | 65 | (32) |  |  |  |  | 33 |
|  Swaps |  |  | 21 |  |  |  | 21 |
|  **Total** | **65** | **(32)** | **22** | **(5)** |  |  | **50** |
|  **<u>Managed Income</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 697 | (1727) |  |  | (1030) |
|  Futures | 667 | (203) |  |  |  |  | 464 |
|  Options written |  | (12) |  |  |  |  | (12) |
|  **Total** | **667** | **(215)** | **697** | **(1727)** |  |  | **(578)** |
|  **<u>Equity Income</u>** |  |  |  |  |  |  |  |
|  Forward currency contracts |  |  | 48 | (752) |  |  | (704) |
|  Futures | 599 |  |  |  |  |  | 599 |
|  **Total** | **599** | **—** | **48** | **(752)** |  |  | **(105)** |

---

1 Other financial instruments are swaps, futures contracts, forward currency contracts and options written. Swaps, futures contracts and forward currency contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value.

**5. Federal Tax Information** *(amounts in 000s)*

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under GAAP. These book/tax

differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to distributable earnings and paid-in capital, as appropriate, in the period that the differences arise.

At October 31, 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 |
|  Managed Income | 7928 |

---

Funds with no carryforward amounts are not shown in this table.

154 Payden Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

At April 30, 2025, 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 | $459226 |  |  |  |
|  Limited Maturity | 2014356 | $7315 | $(3032) | $4283 |
|  Low Duration | 953062 | 9316 | (4875) | 4441 |
|  U.S. Government | 68615 | 709 | (1582) | (873) |
|  GNMA | 122631 | 514 | (6981) | (6467) |
|  Core Bond | 864533 | 12869 | (44465) | (31596) |
|  Corporate Bond | 389016 | 3421 | (24343) | (20922) |
|  Strategic Income | 157691 | 2978 | (7782) | (4804) |
|  Absolute Return Bond | 645747 | 14424 | (25929) | (11505) |
|  Securitized Income | 61717 | 69 | (166) | (97) |
|  Floating Rate | 128183 | 641 | (4630) | (3989) |
|  High Income | 942156 | 11937 | (28889) | (16952) |
|  California Municipal Social Impact | 180480 | 929 | (1452) | (523) |
|  Global Low Duration | 43690 | 430 | (887) | (457) |
|  Global Fixed Income | 155151 | 5235 | (13900) | (8665) |
|  Emerging Markets Bond | 870473 | 25043 | (52143) | (27100) |
|  Emerging Markets Local Bond | 85178 | 3079 | (3413) | (334) |
|  Emerging Markets Corporate Bond | 81958 | 1013 | (2275) | (1262) |
|  Managed Income | 117830 | 2529 | (4510) | (1981) |
|  Equity Income | 842301 | 128480 | (12006) | 116474 |

---

6. Subsequent Events

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

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.

Semi-Annual 155

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Income from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.02 | 0.05 | 0.04 | 0.01 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.00) | (0.00) | (0.00) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.02 | 0.05 | 0.04 | 0.01 | 0.00 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) | (0.05) | (0.04) | (0.01) | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.02) | (0.05) | (0.04) | (0.01) | (0.00) |
|  Net asset value — end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.10 | 5.20 | 4.57 | 0.78 | 0.02 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429480 | $&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; Ratio of gross expense to average net assets | 0.40 | 0.38 | 0.38 | 0.37 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.25 | 0.25 | 0.25 | 0.18 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.06 | 4.96 | 4.34 | 0.57 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.21 | 5.08 | 4.47 | 0.76 | 0.01 |

---

The Fund commenced operations on December 17, 1997.

(1) Amount is less than $0.005.

(2) Not annualized.

(3) Annualized.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $9.56 | $9.46 | $9.36 | $9.51 | $9.50 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.24 | 0.54 | 0.44 | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.01) | 0.08 | 0.11 | (0.14) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.23 | 0.62 | 0.55 | (0.04) | 0.07 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.26) | (0.52) | (0.41) | (0.11) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.26) | (0.52) | (0.45) | (0.11) | (0.06) |
|  Net asset value — end of period | $9.53 | $9.56 | $9.46 | $9.36 | $9.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.44%(2) | 6.68% | 5.76 | (0.41)% | 0.75% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619831 | $&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; Ratio of gross expense to average net assets | 0.51%(3) | 0.52% | 0.48 | 0.52% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.30%(3) | 0.28% | 0.25 | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.77%(3) | 5.33% | 4.18 | 0.74% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.98%(3) | 5.56% | 4.42 | 1.02% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 30%(2) | 76% | 80 | 36% | 60% |

---

The Fund commenced operations on April 29, 1994.

(1) Amount is less than $0.005.

(2) Not annualized.

(3) Annualized.

*See notes to financial statements.* 

Semi-Annual 157

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Limited Maturity Fund - SI Class | Payden Limited Maturity Fund - SI Class | Payden Limited Maturity Fund - SI Class | Payden Limited Maturity Fund - SI Class | Payden Limited Maturity Fund - SI Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $9.56 | $9.46 | $9.37 | $9.52 | $9.53 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.24 | 0.53 | 0.44 | 0.10 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.01) | 0.09 | 0.10 | (0.14) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.23 | 0.62 | 0.54 | (0.04) | 0.01 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.26) | (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 | (0.26) | (0.52) | (0.45) | (0.11) | (0.02) |
|  Net asset value — end of period | $9.53 | $9.56 | $9.46 | $9.37 | $9.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.46%(2) | 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;1390299 | $&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 | 0.51%(3) | 0.52 | 0.49 | 0.53% | 0.51%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.25%(3) | 0.23 | 0.20 | 0.20% | 0.20%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.83%(3) | 5.35 | 4.15 | 0.79% | 0.28%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.09%(3) | 5.63 | 4.44 | 1.12% | 0.59%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 30%(2) | 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. | <br> The Class commenced operations on June 30, 2021. |
|  | Payden Limited Maturity<br>Fund - Adviser Class | Payden Limited Maturity<br>Fund - Adviser Class |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |  |  |  |
|  Net asset value — beginning of period | $9.55 | $9.49 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.18 | 0.41 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.03 | 0.05 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.21 | 0.46 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.40) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.25) | (0.40) |  |  |  |
|  Net asset value — end of period | $9.51 | $9.55 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.19%(2) | 4.99 |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $10 | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.72%(3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55%(3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.19%(3) | 4.61 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.36%(3) | 4.61 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 30%(2) | 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.* 

158 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;2025  | &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 | $9.78 | $9.53 | $9.47 | $10.12 | $10.22 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.21 | 0.40 | 0.31 | 0.13 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.07 | 0.26 | 0.08 | (0.60) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.28 | 0.66 | 0.39 | (0.47) | 0.18 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21) | (0.41) | (0.32) | (0.14) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.03) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.21) | (0.41) | (0.33) | (0.18) | (0.28) |
|  Net asset value — end of period | $9.85 | $9.78 | $9.53 | $9.47 | $10.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.92%(2) | 7.05% | 4.16% | (4.65)% | 0.84 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494477 | $&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; Ratio of gross expense to average net assets | 0.55%(3) | 0.57% | 0.53% | 0.53% | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.43%(3) | 0.43% | 0.43% | 0.43% | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.17%(3) | 4.07% | 3.20% | 1.27% | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.30%(3) | 4.20% | 3.30% | 1.37% | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 31%(2) | 63% | 102% | 98% | 138 |
| <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. |
|  | Payden Low Duration Fund - SI Class | Payden Low Duration Fund - SI Class | Payden Low Duration Fund - SI Class | Payden Low Duration Fund - SI Class |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $9.78 | $9.53 | $9.47 | $9.92 |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 | 0.43 | 0.33 | 0.12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.05 | 0.24 | 0.06 | (0.45) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.28 | 0.67 | 0.39 | (0.33) |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21) | (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 | (0.21) | (0.42) | (0.33) | (0.12) |  |
|  Net asset value — end of period | $9.85 | $9.78 | $9.53 | $9.47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.94%(2) | 7.10% | 4.21% | (3.34)%(2) |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.55%(3) | 0.57% | 0.53% | 0.55%(3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.38%(3) | 0.38% | 0.38% | 0.38%(3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets . | 4.45%(3) | 4.20% | 3.40% | 1.72%(3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.63%(3) | 4.39% | 3.54% | 1.88%(3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 31%(2) | 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.* 

Semi-Annual 159

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Low Duration Fund -<br>Adviser Class | Payden Low Duration Fund -<br>Adviser Class | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | | | |
|  Net asset value — beginning of period | $9.79 | $9.62 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.19 | 0.36 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.06 | 0.17 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.25 | 0.53 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.36) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.20) | (0.36) |  |  |  |
|  Net asset value — end of period | $9.84 | $9.79 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.53 | 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 | 4.03 | 4.07 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.03 | 4.08 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 31 | 63 |  |  |  |
|  <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;2025  | &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 | $9.38 | $9.16 | $9.30 | $10.29 | $10.54 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.18 | 0.35 | 0.31 | 0.24 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.11 | 0.22 | (0.14) | (0.97) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.29 | 0.57 | 0.17 | (0.73) | (0.03) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) | (0.35) | (0.32) | (0.26) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.18) | (0.35) | (0.32) | (0.26) | (0.22) |
|  Net asset value — end of period | $9.50 | $9.38 | $9.16 | $9.30 | $10.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 3.19 | 6.33 | 1.90 | (7.14) | (0.31) |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68178 | $&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; Ratio of gross expense to average net assets | 0.67 | 0.66 | 0.67 | 0.82 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.55 | 3.53 | 3.13 | 2.06 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.79 | 3.76 | 3.36 | 2.45 | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28 | 52 | 39 | 39 | 22 |

---

The Class commenced operations on December 30, 1995.

(1) Based on average shares outstanding.

(2) Not annualized.

(3) Annualized.

*See notes to financial statements.* 

160 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;2025  | &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 | $7.56 | $7.08 | $7.47 | $9.12 | $9.47 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.15 | 0.30 | 0.26 | 0.25 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.07 | 0.45 | (0.41) | (1.59) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.22 | 0.75 | (0.15) | (1.34) | (0.08) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.27) | (0.24) | (0.31) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.14) | (0.27) | (0.24) | (0.31) | (0.27) |
|  Net asset value — end of period | $7.63 | $7.56 | $7.08 | $7.47 | $9.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.83%(1) | 10.61% | (2.19)% | (15.01)% | (0.91)% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94758 | $&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; Ratio of gross expense to average net assets | 0.66%(2) | 0.67% | 0.63% | 0.70% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.45%(2) | 0.45% | 0.45% | 0.45% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.74%(2) | 3.67% | 3.08% | 2.03% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.95%(2) | 3.89% | 3.26% | 2.28% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 8%(1) | 25% | 17% | 29% | 28% |

---

The Fund commenced operations on August 27, 1999.

(1) Not annualized.

(2) Annualized.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Core Bond Fund - Investor Class | Payden Core Bond Fund - Investor Class | Payden Core Bond Fund - Investor Class | Payden Core Bond Fund - Investor Class | Payden Core Bond Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $9.19 | $8.56 | $8.80 | $10.84 | $11.13 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.22 | 0.43 | 0.37 | 0.26 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.03) | 0.61 | (0.26) | (2.01) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.19 | 1.04 | 0.11 | (1.75) | 0.30 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.40) | (0.34) | (0.28) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.20) | (0.41) | (0.35) | (0.29) | (0.59) |
|  Net asset value — end of period | $9.18 | $9.19 | $8.56 | $8.80 | $10.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.13 | 12.27 | 1.07 | (16.43) | 1.15 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.52 | 0.53 | 0.52 | 0.52 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.52 | 0.53 | 0.52 | 0.52 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.90 | 4.69 | 4.03 | 2.63 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.90 | 4.69 | 4.03 | 2.63 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 26 | 69 | 52 | 51 | 88 |

---

The Fund commenced operations on December 31, 1993.

(1) Based on average shares outstanding.

(2) Amount is less than $0.005.

(3) Not annualized.

(4) Annualized.

*See notes to financial statements.* 

Semi-Annual 161

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $9.18 | $8.55 | $8.79 | $10.83 | $11.12 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 | 0.44 | 0.38 | 0.27 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.03) | 0.61 | (0.27) | (2.01) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.20 | 1.05 | 0.11 | (1.74) | 0.31 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21) | (0.41) | (0.34) | (0.29) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.21) | (0.42) | (0.35) | (0.30) | (0.60) |
|  Net asset value — end of period | $9.17 | $9.18 | $8.55 | $8.79 | $10.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.18 | 12.38 | 1.16 | (16.36) | 1.27 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $577645 | $644599 | $615873 | $612851 | $833563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.52 | 0.53 | 0.52 | 0.52 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.90 | 4.68 | 4.05 | 2.64 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.00 | 4.78 | 4.14 | 2.74 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 26 | 69 | 52 | 51 | 88 |
| <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;2025  | &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 | $9.19 | $8.56 | $8.77 | $10.81 | $11.10 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.21 | 0.40 | 0.33 | 0.23 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.03) | 0.62 | (0.22) | (2.01) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.18 | 1.02 | 0.11 | (1.78) | 0.27 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.19) | (0.38) | (0.31) | (0.25) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.19) | (0.39) | (0.32) | (0.26) | (0.56) |
|  Net asset value — end of period | $9.18 | $9.19 | $8.56 | $8.77 | $10.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.00 | 11.97 | 1.15 | (16.70) | 0.92 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $1379 | $1609 | $2965 | $23806 | $46499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.78 | 0.78 | 0.78 | 0.77 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.78 | 0.78 | 0.78 | 0.77 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.65 | 4.42 | 3.64 | 2.35 | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.63 | 4.42 | 3.64 | 2.35 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 26 | 69 | 52 | 51 | 88 |

---

The Class commenced operations on November 2, 2009.

(1) Based on average shares outstanding.

(2) Amount is less than $0.005.

(3) Not annualized.

(4) Annualized.

*See notes to financial statements.* 

162 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;2025  | &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 | $9.79 | $8.94 | $9.10 | $11.96 | $12.04 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 | 0.43 | 0.36 | 0.29 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.09) | 0.85 | (0.15) | (2.53) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.14 | 1.28 | 0.21 | (2.24) | 0.55 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.23) | (0.43) | (0.37) | (0.34) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.28) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.23) | (0.43) | (0.37) | (0.62) | (0.63) |
|  Net asset value — end of period | $9.70 | $9.79 | $8.94 | $9.10 | $11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.39%(2) | 14.50% | 2.20% | (19.53) | 3.27% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $158118 | $158154 | $139288 | $222269 | $460135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.67%(3) | 0.67% | 0.65% | 0.66 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65%(3) | 0.65% | 0.65% | 0.65 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.63%(3) | 4.45% | 3.92% | 2.90 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.66%(3) | 4.47% | 3.91% | 2.90 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 18%(2) | 67% | 41% | 31 | 49% |
| <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. | <br> The Fund commenced operations on March 12, 2009. |
|  | <br> Payden Corporate Bond Fund - SI Class | <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;2025  | &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 | $9.79 | $8.94 | $9.10 | $10.98 |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 | 0.44 | 0.38 | 0.22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.09) | 0.85 | (0.16) | (1.87) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.14 | 1.29 | 0.22 | (1.65) |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.23) | (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 | (0.23) | (0.44) | (0.38) | (0.23) |  |
|  Net asset value — end of period | $9.70 | $9.79 | $8.94 | $9.10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.44%(2) | 14.61% | 2.32% | (15.14) |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $212273 | $217396 | $201735 | $124148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.67%(3) | 0.67% | 0.63% | 0.65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55%(3) | 0.55% | 0.55% | 0.55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.63%(3) | 4.45% | 4.01% | 3.45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.76%(3) | 4.57% | 4.08% | 3.55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 18%(2) | 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.* 

Semi-Annual 163

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Corporate Bond Fund<br>- Adviser Class | Payden Corporate Bond Fund<br>- Adviser Class | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | | | |
|  Net asset value — beginning of period | $9.86 | $9.44 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (4.80) | 0.47 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 4.94 | 0.34 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.14 | 0.81 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.39) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.22) | (0.39) |  |  |  |
|  Net asset value — end of period | $9.78 | $9.86 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.38%(1) | 8.69 |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $6 | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.86%(3) | 0.02 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.86%(3) | 0.01 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.46%(3) | 5.24 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.46%(3) | 5.25 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 18%(1) | 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. |
|  | <br> Payden Strategic Income Fund - Investor Class | <br> Payden Strategic Income Fund - Investor Class | <br> Payden Strategic Income Fund - Investor Class | <br> Payden Strategic Income Fund - Investor Class | <br> Payden Strategic Income Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $9.61 | $9.15 | $9.16 | $10.46 | $10.28 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.27 | 0.49 | 0.45 | 0.31 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.09) | 0.46 | (0.02) | (1.20) | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.18 | 0.95 | 0.43 | (0.89) | 0.46 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.48) | (0.42) | (0.33) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.01) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.25) | (0.49) | (0.44) | (0.41) | (0.28) |
|  Net asset value — end of period | $9.54 | $9.61 | $9.15 | $9.16 | $10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.84%(1) | 10.53 | 4.57% | (8.72)% | 4.37% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $85320 | $107956 | $95213 | $113587 | $147966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.94%(2) | 0.88 | 0.86% | 0.87% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65%(2) | 0.65 | 0.65% | 0.65% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.10%(2) | 4.93 | 4.29% | 2.94% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.38%(2) | 5.16 | 4.49% | 3.16% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 21%(1) | 63 | 51% | 40% | 90% |

---

The Fund commenced operations on May 8, 2014.

(1) Not annualized.

(2) Annualized.

*See notes to financial statements.* 

164 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;2025  | &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 | $9.61 | $9.15 | $9.16 | $10.46 | $10.27 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.27 | 0.51 | 0.44 | 0.32 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.09) | 0.45 | (0.01) | (1.20) | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.18 | 0.96 | 0.43 | (0.88) | 0.48 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.49) | (0.43) | (0.34) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.01) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.25) | (0.50) | (0.45) | (0.42) | (0.29) |
|  Net asset value — end of period | $9.54 | $9.61 | $9.15 | $9.16 | $10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.89 | 10.64 | 4.68% | (8.62)% | 4.58% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $69170 | $75323 | $76974 | $49004 | $49575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.94 | 0.88 | 0.86% | 0.87% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55 | 0.55 | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.10 | 4.91 | 4.33% | 2.99% | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.49 | 5.25 | 4.63% | 3.31% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 21 | 63 | 51% | 40% | 90% |
| <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. |
|  | Payden Strategic Income Fund<br>- Adviser Class | Payden Strategic Income Fund<br>- Adviser Class |  |  |  |
|  | 2025 | 2024 |  |  |  |
|  Net asset value — beginning of period | $9.57 | $9.36 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.24 | 0.41 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.06) | 0.24 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.18 | 0.65 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.23) | (0.44) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.23) | (0.44) |  |  |  |
|  Net asset value — end of period | $9.52 | $9.57 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.92 | 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 | 0.11 | 0.07 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.11 | 0.07 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.37 | 4.57 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.37 | 4.57 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 21 | 63 |  |  |  |

---

The Class commenced operations on November 30, 2023.

(1) Not annualized.

(2) Annualized.

(3) Amount is less than $500.

*See notes to financial statements.* 

Semi-Annual 165

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $9.50 | $9.31 | $9.18 | $10.03 | $9.92 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.28 | 0.59 | 0.53 | 0.30 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.02) | 0.18 | 0.10 | (0.83) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.26 | 0.77 | 0.63 | (0.53) | 0.32 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.31) | (0.58) | (0.50) | (0.20) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.31) | (0.58) | (0.50) | (0.32) | (0.21) |
|  Net asset value — end of period | $9.46 | $9.50 | $9.31 | $9.18 | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.86%(2) | 8.44% | 6.93 | (5.32)% | 3.22% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $151229 | $150463 | $139081 | $123311 | $151027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.78%(3) | 0.77% | 0.76 | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.70%(3) | 0.70% | 0.70 | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.91%(3) | 6.23% | 5.73 | 3.00% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.00%(3) | 6.30% | 5.79 | 3.03% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77%(2) | 188% | 132 | 104% | 95% |
| <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;2025  | &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 | $9.52 | $9.32 | $9.19 | $10.04 | $9.93 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.27 | 0.66 | 0.59 | 0.30 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.01) | 0.14 | 0.06 | (0.83) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.26 | 0.80 | 0.65 | (0.53) | 0.34 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.32) | (0.60) | (0.52) | (0.20) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.32) | (0.60) | (0.52) | (0.32) | (0.23) |
|  Net asset value — end of period | $9.47 | $9.52 | $9.32 | $9.19 | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.86%(2) | 8.79% | 7.16 | (5.10)% | 3.46% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $484091 | $429782 | $556369 | $659836 | $878927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.78%(3) | 0.77% | 0.76 | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.47%(3) | 0.47% | 0.47 | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.92%(3) | 6.10% | 5.71 | 3.01% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.24%(3) | 6.40% | 6.01 | 3.27% | 2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77%(2) | 188% | 132 | 104% | 95% |

---

The Fund commenced operations on November 6, 2014.

(1) Amount is less than $0.005.

(2) Not annualized.

(3) Annualized.

*See notes to financial statements.* 

166 Payden Mutual Funds

------

---

| | | |
|:---|:---|:---|
|  | Payden Absolute Return Bond<br>Fund - Adviser Class | Payden Absolute Return Bond<br>Fund - Adviser Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |
|  Net asset value — beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.39 |
|  Income (loss) from investment activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.21 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.05 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.26 | 0.63 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.30) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.30) | (0.52) |
|  Net asset value — end of period | $9.46 | $9.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.83%(1) | 6.86%(1) |
|  Ratios/supplemental data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $33 | $283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.02%(2) | 1.04%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.95%(2) | 0.95%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.34%(2) | 6.52%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.41%(2) | 6.59%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77%(1) | 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. |
|  | Payden<br>Securitized<br>Income Fund -<br>Investor<br>Class |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  |  |
|  Net asset value — beginning of period | $10.00 |  |
|  Income (loss) from investment activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.08 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.06 |  |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.07) |  |
|  Net asset value — end of period | $9.99 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 0.60%(1) |  |
|  Ratios/supplemental data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $1787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 7.43%(2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65%(2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | (1.79)%(2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.99%(2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 11%(1) |  |

---

The Fund commenced operations on March 5, 2025.

(1) Not annualized.

(2) Annualized.

*See notes to financial statements.* 

Semi-Annual 167

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>* 

---

| | |
|:---|:---|
|  | Payden<br>Securitized<br>Income<br>Fund - SI<br>Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  |
|  Net asset value — beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
|  Income (loss) from investment activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.05 |
|  Distributions to shareholders: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.07) |
|  Net asset value — end of period | $9.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 0.52%(1) |
|  Ratios/supplemental data: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $59752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.33%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.00%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.78%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 11%(1) |

---

The Fund commenced operations on March 5, 2025.

(1) Not annualized.

(2) Annualized.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Floating Rate Fund - Investor Class | Payden Floating Rate Fund - Investor Class | Payden Floating Rate Fund - Investor Class | Payden Floating Rate Fund - Investor Class | Payden Floating Rate Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $9.75 | $9.62 | $9.38 | $9.91 | $9.51 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.38 | 0.85 | 0.80 | 0.40 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.24) | 0.15 | 0.23 | (0.51) | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.14 | 1.00 | 1.03 | (0.11) | 0.69 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) | (0.87) | (0.79) | (0.42) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.00) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.39) | (0.87) | (0.79) | (0.42) | (0.29) |
|  Net asset value — end of period | $9.50 | $9.75 | $9.62 | $9.38 | $9.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.37%(2) | 10.80% | 11.39 | (1.10) | 7.29% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $48725 | $46741 | $27057 | $24160 | $20753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.97%(3) | 0.94% | 0.90 | 0.86 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.70%(3) | 0.70% | 0.70 | 0.70 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.76%(3) | 8.69% | 8.06 | 4.12 | 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 8.03%(3) | 8.93% | 8.27 | 4.28 | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 63%(2) | 62% | 28 | 33 | 40% |

---

The Fund commenced operations on November 11, 2013.

(1) Amount is less than $0.005.

(2) Not annualized.

(3) Annualized.

*See notes to financial statements.* 

168 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $9.76 | $9.63 | $9.39 | $9.92 | $9.51 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.39 | 0.88 | 0.80 | 0.42 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.25) | 0.13 | 0.25 | (0.52) | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.14 | 1.01 | 1.05 | (0.10) | 0.71 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) | (0.88) | (0.81) | (0.43) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) | (0.00) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.39) | (0.88) | (0.81) | (0.43) | (0.30) |
|  Net asset value — end of period | $9.51 | $9.76 | $9.63 | $9.39 | $9.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.42%(2) | 10.89% | 11.52 | (1.01) | 7.53% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.98%(3) | 0.93% | 0.90 | 0.86 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.60%(3) | 0.60% | 0.60 | 0.60 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.72%(3) | 8.65% | 7.98 | 3.98 | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 8.10%(3) | 8.98% | 8.29 | 4.24 | 3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 63%(2) | 62% | 28 | 33 | 40% |
| <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. |
|  | <br> Payden Floating Rate Fund -<br> Adviser Class | <br> Payden Floating Rate Fund -<br> Adviser Class |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |  |  |  |
|  Net asset value — beginning of period | $9.74 | $9.70 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.19 | 0.71 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.07) | 0.12 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.12 | 0.83 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.37) | (0.79) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.37) | (0.79) |  |  |  |
|  Net asset value — end of period | $9.49 | $9.74 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.25%(2) | 8.78%(2) |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $474 | $3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.31%(3) | 0.99%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.95%(3) | 0.95%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.98%(3) | 8.14%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 8.34%(3) | 8.17%(3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 63%(2) | 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.* 

Semi-Annual 169

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $6.34 | $5.84 | $5.82 | $6.87 | $6.45 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.22 | 0.44 | 0.43 | 0.35 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.16) | 0.50 | 0.00 | (1.05) | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.06 | 0.94 | 0.43 | (0.70) | 0.75 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.23) | (0.44) | (0.41) | (0.35) | (0.33) |
| &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 | (0.23) | (0.44) | (0.41) | (0.35) | (0.33) |
|  Net asset value — end of period | $6.17 | $6.34 | $5.84 | $5.82 | $6.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 0.90%(2) | 16.43% | 7.54 | (10.45) | 11.75% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $191434 | $215913 | $141392 | $227112 | $740403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.69%(3) | 0.63% | 0.59 | 0.60 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.69%(3) | 0.63% | 0.59 | 0.60 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.94%(3) | 7.04% | 6.91 | 5.22 | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.94%(3) | 7.04% | 6.91 | 5.22 | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38%(2) | 76% | 75 | 70 | 74% |
| <br> The Fund commenced operations on December 30, 1997. | <br> The Fund commenced operations on December 30, 1997. | <br> The Fund commenced operations on December 30, 1997. | <br> The Fund commenced operations on December 30, 1997. | <br> The Fund commenced operations on December 30, 1997. | <br> 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 | Payden High Income Fund - SI Class |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $6.32 | $5.83 | $5.81 | $6.57 |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.22 | 0.45 | 0.42 | 0.22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.16) | 0.49 | 0.02 | (0.74) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.06 | 0.94 | 0.44 | (0.52) |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.23) | (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 | (0.23) | (0.45) | (0.42) | (0.24) |  |
|  Net asset value — end of period | $6.15 | $6.32 | $5.83 | $5.81 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 0.97%(2) | 16.38% | 7.63 | (7.92) |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $699241 | $644754 | $436946 | $350733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.68%(3) | 0.63% | 0.59 | 0.61 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55%(3) | 0.55% | 0.55 | 0.55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.98%(3) | 7.05% | 6.98 | 5.91 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.11%(3) | 7.13% | 7.02 | 5.96 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38%(2) | 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.* 

170 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden High Income Fund -<br>Adviser Class | Payden High Income Fund -<br>Adviser Class | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  | | | |
|  Net asset value — beginning of period | $6.37 | $6.08 |  |  |  |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.24 | 0.38 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.19) | 0.31 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.05 | 0.69 |  |  |  |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.40) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.22) | (0.40) |  |  |  |
|  Net asset value — end of period | $6.20 | $6.37 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 0.79%(1) | 11.55%(1) |  |  |  |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $248 | $66 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.93%(2) | 0.85%(2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.93%(2) | 0.85%(2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.81%(2) | 6.55%(2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.81%(2) | 6.55%(2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38%(1) | 76%(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. |
|  | Payden California Municipal Social Impact Fund - Investor Class | Payden California Municipal Social Impact Fund - Investor Class | Payden California Municipal Social Impact Fund - Investor Class | Payden California Municipal Social Impact Fund - Investor Class | Payden California Municipal Social Impact Fund - Investor Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $9.89 | $9.43 | $9.38 | $10.49 | $10.58 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 | 0.35 | 0.29 | 0.16 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.15) | 0.49 | 0.05 | (1.11) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.02 | 0.84 | 0.34 | (0.95) | 0.43 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.17) | (0.36) | (0.29) | (0.16) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.17) | (0.38) | (0.29) | (0.16) | (0.52) |
|  Net asset value — end of period | $9.74 | $9.89 | $9.43 | $9.38 | $10.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 0.19%(1) | 8.92% | 3.55% | (9.12)% | 2.38% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $173007 | $162490 | $152393 | $141705 | $87753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.66%(2) | 0.69% | 0.63% | 0.68% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.45%(2) | 0.45% | 0.45% | 0.45% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.25%(2) | 3.26% | 2.81% | 1.39% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.47%(2) | 3.50% | 2.99% | 1.62% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 43%(1) | 89% | 181% | 105% | 140% |

---

The Fund commenced operations on December 17, 1998.

(1) Not annualized.

(2) Annualized.

*See notes to financial statements.* 

Semi-Annual 171

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>*

---

| | | |
|:---|:---|:---|
|  | Payden California Municipal<br>Social Impact Fund - Adviser<br>Class | Payden California Municipal<br>Social Impact Fund - Adviser<br>Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |
|  Net asset value — beginning of period | $9.88 | $9.84 |
|  Income (loss) from investment activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.09 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.08) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.01 | 0.37 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (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 | (0.16) | (0.33) |
|  Net asset value — end of period | $9.72 | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 0.04%(1) | 3.85%(1) |
|  Ratios/supplemental data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $540 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.91%(2) | 0.91%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.70%(2) | 0.70%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.22%(2) | 3.01%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.43%(2) | 3.22%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 43%(1) | 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;2025  | &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 | $9.69 | $9.44 | $9.42 | $10.10 | $10.10 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.25 | 0.43 | 0.43 | 0.18 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.02 | 0.25 | (0.06) | (0.64) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.27 | 0.68 | 0.37 | (0.46) | 0.12 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.23) | (0.43) | (0.35) | (0.17) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.23) | (0.43) | (0.35) | (0.22) | (0.12) |
|  Net asset value — end of period | $9.73 | $9.69 | $9.44 | $9.42 | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.85%(3) | 7.37% | 3.99 | (4.55)% | 1.16% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41139 | $&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; Ratio of gross expense to average net assets | 0.99%(4) | 0.85% | 0.79 | 0.82% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.53%(4) | 0.53% | 0.53 | 0.53% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.28%(4) | 4.21% | 3.29 | 1.44% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.73%(4) | 4.54% | 3.55 | 1.74% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 31%(3) | 84% | 94 | 128% | 169% |

---

The Fund commenced operations on September 18, 1996.

(1) The amount presented is inconsistent with the fund's aggregate gains and losses because of the timing of sales and redemptions of fund shares in relation to fluctuating market values for the investment portfolio.

(2) Amount is less than $0.005.

(3) Not annualized.

(4) Annualized.

*See notes to financial statements.* 

172 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $7.62 | $7.13 | $7.65 | $9.17 | $9.33 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.04) | (0.86) | (0.13) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.22 | 0.80 | 0.99 | (1.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.17 | 0.76 | 0.13 | (1.21) | 0.15 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.12) | (0.49) | (0.25) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.15) | (0.16) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.14) | (0.27) | (0.65) | (0.31) | (0.31) |
|  Net asset value — end of period | $7.65 | $7.62 | $7.13 | $7.65 | $9.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.31%(1) | 10.73% | 1.68% | (13.49)% | 0.59% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38153 | $&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; Ratio of gross expense to average net assets | 0.68%(2) | 0.69% | 0.68% | 0.70% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.68%(2) | 0.69% | 0.68% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.89%(2) | 3.57% | 2.92% | 1.60% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.89%(2) | 3.57% | 2.83% | 1.54% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 25%(1) | 61% | 42% | 55% | 60% |

---

The Fund commenced operations on September 1, 1992.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Global Fixed Income Fund - SI Class | Payden Global Fixed Income Fund - SI Class | Payden Global Fixed Income Fund - SI Class | Payden Global Fixed Income Fund - SI Class | Payden Global Fixed Income Fund - SI Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $7.60 | $7.12 | $7.64 | $9.16 | $9.23 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 | 0.15 | 0.18 | 0.16 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.01 | 0.61 | (0.03) | (1.36) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.18 | 0.76 | 0.15 | (1.20) | (0.02) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (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 | (0.15) | (0.28) | (0.67) | (0.32) | (0.05) |
|  Net asset value — end of period | $7.63 | $7.60 | $7.12 | $7.64 | $9.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.39%(1) | 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;109504 | $&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 | 0.68%(2) | 0.69% | 0.59% | 0.63% | 0.79%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55%(2) | 0.55% | 0.55% | 0.55% | 0.55%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.89%(2) | 3.55% | 2.98% | 1.67% | 1.11%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.03%(2) | 3.69% | 3.02% | 1.75% | 1.35%(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 25%(1) | 61% | 42% | 55% | 60%(1) |

---

The Class commenced operations on June 30, 2021.

(1) Not annualized.

(2) Annualized.

*See notes to financial statements.* 

Semi-Annual 173

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $10.54 | $9.46 | $9.17 | $13.12 | $12.99 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.36 | 0.72 | 0.63 | 0.64 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.14) | 1.04 | 0.44 | (3.94) | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.22 | 1.76 | 1.07 | (3.30) | 0.84 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.68) | (0.64) | (0.65) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.43) | (0.68) | (0.78) | (0.65) | (0.71) |
|  Net asset value — end of period | $10.33 | $10.54 | $9.46 | $9.17 | $13.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.13 | 19.20 | 11.16 | (25.82) | 6.48 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267511 | $&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; Ratio of gross expense to average net assets | 0.81 | 0.74 | 0.72 | 0.73 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.81 | 0.74 | 0.72 | 0.73 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.96 | 6.92 | 6.43 | 5.88 | 5.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.96 | 6.92 | 6.43 | 5.88 | 5.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 42 | 65 | 73 | 52 | 63 |

---

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;2025  | &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 | $10.52 | $9.44 | $9.16 | $13.10 | $12.97 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.37 | 0.72 | 0.64 | 0.65 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.14) | 1.05 | 0.43 | (3.93) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.23 | 1.77 | 1.07 | (3.28) | 0.84 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.69) | (0.65) | (0.66) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.44) | (0.69) | (0.79) | (0.66) | (0.71) |
|  Net asset value — end of period | $10.31 | $10.52 | $9.44 | $9.16 | $13.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.20 | 19.18 | 11.21 | (25.76) | 6.51 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553205 | $&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; Ratio of gross expense to average net assets | 0.81 | 0.74 | 0.72 | 0.73 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.96 | 6.91 | 6.44 | 5.86 | 5.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.07 | 6.96 | 6.47 | 5.90 | 5.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 42 | 65 | 73 | 52 | 63 |

---

The Class commenced operations on April 9, 2012.

(1) Based on average shares outstanding.

(2) Not annualized.

(3) Annualized.

*See notes to financial statements.* 

174 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $10.56 | $9.47 | $9.18 | $13.13 | $13.00 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.35 | 0.69 | 0.61 | 0.63 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.14) | 1.05 | 0.44 | (3.96) | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.21 | 1.74 | 1.05 | (3.33) | 0.81 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.42) | (0.65) | (0.63) | (0.62) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.42) | (0.65) | (0.76) | (0.62) | (0.68) |
|  Net asset value — end of period | $10.35 | $10.56 | $9.47 | $9.18 | $13.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.97 | 18.88 | 10.99 | (26.02) | 6.21 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18846 | $&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; Ratio of gross expense to average net assets | 1.06 | 0.99 | 0.97 | 0.98 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 1.06 | 0.99 | 0.97 | 0.98 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.70 | 6.70 | 6.17 | 5.57 | 4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.70 | 6.70 | 6.17 | 5.57 | 4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 42 | 65 | 73 | 52 | 63 |

---

The Class commenced operations on November 2, 2009.

(1) Based on average shares outstanding.

(2) Not annualized.

(3) Annualized.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $4.68 | $4.62 | $4.34 | $5.72 | $5.84 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 | 0.33 | 0.30 | 0.28 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.03 | 0.04 | 0.25 | (1.38) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.20 | 0.37 | 0.55 | (1.10) | 0.18 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.24) | (0.11) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.07) | (0.16) | (0.25) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.16) | (0.31) | (0.27) | (0.28) | (0.30) |
|  Net asset value — end of period | $4.72 | $4.68 | $4.62 | $4.34 | $5.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 4.35 | 8.16 | 12.11 | (19.76) | 2.92 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $8677 | $11336 | $6646 | $4200 | $43551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.12 | 1.07 | 1.30 | 1.12 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.12 | 6.67 | 5.90 | 5.19 | 4.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.25 | 6.75 | 6.21 | 5.32 | 4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 34 | 61 | 72 | 65 | 39 |

---

The Fund commenced operations on November 2, 2011.

(1) Based on average shares outstanding.

(2) Not annualized.

(3) Annualized.

*See notes to financial statements.* 

Semi-Annual 175

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Payden Emerging Markets Local Bond Fund - SI Class | 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;2025  | &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 | $4.59 | $4.53 | $4.26 | $5.30 |
|  Income (loss) from investment activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 | 0.33 | 0.31 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.03 | 0.06 | 0.24 | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.20 | 0.39 | 0.55 | (0.84) |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (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 | (0.16) | (0.33) | (0.28) | (0.20) |
|  Net asset value — end of period | $4.63 | $4.59 | $4.53 | $4.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 4.59 | 8.35 | 12.63 | (16.12)%(2) |
|  Ratios/supplemental data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $75491 | $62737 | $64103 | $26701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.13 | 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 | 0.75%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.11 | 6.65 | 6.04 | 5.54%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.49 | 6.97 | 6.55 | 6.10%(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 34 | 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;2025  | &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 | $8.79 | $8.15 | $7.90 | $10.18 | $9.99 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.28 | 0.54 | 0.47 | 0.41 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.13) | 0.63 | 0.26 | (2.18) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.15 | 1.17 | 0.73 | (1.77) | 0.62 |
|  Distributions to shareholders: |  |  |  |  |  |
|  From net investment income | (0.28) | (0.53) | (0.44) | (0.41) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.28) | (0.53) | (0.48) | (0.51) | (0.43) |
|  Net asset value — end of period | $8.66 | $8.79 | $8.15 | $7.90 | $10.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.76 | 14.69 | 9.17 | (17.91) | 6.08 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $18610 | $18362 | $24856 | $18845 | $5208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.29 | 1.20 | 1.26 | 1.32 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.14 | 5.99 | 5.29 | 4.39 | 3.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.48 | 6.24 | 5.60 | 4.77 | 4.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53 | 144 | 104 | 95 | 84 |

---

The Fund commenced operations on November 11, 2013.

(1) Based on average shares outstanding.

(2) Not annualized.

(3) Annualized.

*See notes to financial statements.* 

176 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $8.80 | $8.17 | $7.91 | $10.20 | $10.01 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.29 | 0.55 | 0.48 | 0.42 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.13) | 0.63 | 0.26 | (2.19) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.16 | 1.18 | 0.74 | (1.77) | 0.63 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.29) | (0.55) | (0.44) | (0.42) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.29) | (0.55) | (0.48) | (0.52) | (0.44) |
|  Net asset value — end of period | $8.67 | $8.80 | $8.17 | $7.91 | $10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 1.80 | 14.70 | 9.40 | (17.93) | 6.28 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.29 | 1.20 | 1.25 | 1.33 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.11 | 6.01 | 5.29 | 4.15 | 3.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.55 | 6.36 | 5.70 | 4.63 | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53 | 144 | 104 | 95 | 84 |

---

The Fund commenced operations on November 11, 2013.

(1) Based on average shares outstanding.

(2) Not annualized.

(3) Annualized.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Managed Income Fund - Institutional Class | Payden Managed Income Fund - Institutional Class | Payden Managed Income Fund - Institutional Class | Payden Managed Income Fund - Institutional Class | Payden Managed Income Fund - Institutional Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $10.82 | $10.47 | $10.00 | $10.85 | $10.51 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.35 | 0.71 | 0.66 | 0.34 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.05) | 0.19 | 0.01 | (0.96) | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.30 | 0.90 | 0.67 | (0.62) | 0.71 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.70) | (0.55) | (0.20) | (0.23) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.70) | (0.55) | (0.20) | (0.23) | (0.37) |
|  Net asset value — end of period | $10.43 | $10.82 | $10.47 | $10.00 | $10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.97 | 8.98 | 6.76 | (5.80) | 6.94 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.73 | 1.61 | 1.71 | 1.60 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65 | 0.74 | 0.95 | 0.95 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.67 | 5.85 | 5.64 | 2.69 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.75 | 6.72 | 6.40 | 3.33 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 108 | 262 | 195 | 122 | 155 |

---

The Class commenced operations on June 1, 2016.

(1) Based on average shares outstanding.

(2) Not annualized.

(3) Annualized.

*See notes to financial statements.* 

Semi-Annual 177

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Managed Income Fund - SI Class | Payden Managed Income Fund - SI Class | Payden Managed Income Fund - SI Class | Payden Managed Income Fund - SI Class | Payden Managed Income Fund - SI Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $10.62 | $10.29 | $9.84 | $10.70 | $10.39 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.34 | 0.69 | 0.64 | 0.28 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.04) | 0.19 | 0.00 | (0.91) | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.30 | 0.88 | 0.64 | (0.63) | 0.68 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.70) | (0.55) | (0.19) | (0.23) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.70) | (0.55) | (0.19) | (0.23) | (0.37) |
|  Net asset value — end of period | $10.22 | $10.62 | $10.29 | $9.84 | $10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 3.02 | 8.94 | 6.61 | (6.03) | 6.66 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72365 | $&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; Ratio of gross expense to average net assets | 1.72 | 1.61 | 1.71 | 1.62 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65 | 0.75 | 1.04 | 1.25 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.64 | 5.85 | 5.63 | 2.40 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.71 | 6.71 | 6.29 | 2.76 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 108 | 262 | 195 | 122 | 155 |
| <br> The Fund commenced operations on September 22, 2008. | <br> The Fund commenced operations on September 22, 2008. | <br> The Fund commenced operations on September 22, 2008. | <br> The Fund commenced operations on September 22, 2008. | <br> The Fund commenced operations on September 22, 2008. | <br> The Fund commenced operations on September 22, 2008. |
|  | Payden Managed Income Fund - Adviser Class | Payden Managed Income Fund - Adviser Class | Payden Managed Income Fund - Adviser Class | Payden Managed Income Fund - Adviser Class | Payden Managed Income Fund - Adviser Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $10.23 | $9.95 | $9.53 | $10.40 | $10.13 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.32 | 0.64 | 0.58 | 0.25 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.04) | 0.19 | 0.02 | (0.90) | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.28 | 0.83 | 0.60 | (0.65) | 0.63 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.70) | (0.55) | (0.18) | (0.22) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.70) | (0.55) | (0.18) | (0.22) | (0.36) |
|  Net asset value — end of period | $9.81 | $10.23 | $9.95 | $9.53 | $10.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.91 | 8.70 | 6.38 | (6.34) | 6.37 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $8813 | $8237 | $7378 | $14226 | $15565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.97 | 1.86 | 1.95 | 1.87 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.90 | 1.00 | 1.32 | 1.50 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.43 | 5.60 | 5.28 | 2.17 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.50 | 6.47 | 5.90 | 2.54 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 108 | 262 | 195 | 122 | 155 |

---

The Fund commenced operations on September 22, 2008.

(1) Based on average shares outstanding.

(2) Amount is less than $0.005.

(3) Not annualized.

(4) Annualized.

*See notes to financial statements.* 

178 Payden Mutual Funds

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Payden Managed Income Fund - Retirement Class | Payden Managed Income Fund - Retirement Class | Payden Managed Income Fund - Retirement Class | Payden Managed Income Fund - Retirement Class | Payden Managed Income Fund - Retirement Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $9.53 | $9.32 | $8.97 | $9.82 | $9.60 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.28 | 0.58 | 0.53 | 0.21 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.04) | 0.18 | 0.01 | (0.84) | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.24 | 0.76 | 0.54 | (0.63) | 0.58 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.69) | (0.55) | (0.19) | (0.22) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.69) | (0.55) | (0.19) | (0.22) | (0.36) |
|  Net asset value — end of period | $9.08 | $9.53 | $9.32 | $8.97 | $9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 2.66 | 8.50 | 6.07 | (6.55) | 6.19 |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27617 | $&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; Ratio of gross expense to average net assets | 2.22 | 2.11 | 2.21 | 2.12 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 1.15 | 1.24 | 1.55 | 1.75 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets . | 5.18 | 5.37 | 5.10 | 1.90 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.26 | 6.24 | 5.75 | 2.26 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 108 | 262 | 195 | 122 | 155 |

---

The Class commenced operations on April 6, 2009.

(1) Based on average shares outstanding.

(2) Not annualized.

(3) Annualized.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $18.82 | $14.85 | $16.92 | $21.25 | $15.97 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.74 | 0.23 | 0.28 | 0.33 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (2.40) | 4.25 | (1.36) | (0.93) | 5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.34 | 4.48 | (1.08) | (0.60) | 5.62 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.72) | (0.29) | (0.28) | (0.52) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.87) | (0.22) | (0.71) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (3.59) | (0.51) | (0.99) | (3.73) | (0.34) |
|  Net asset value — end of period | $15.57 | $18.82 | $14.85 | $16.92 | $21.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | (3.36)%(1) | 30.55% | (6.75)% | (3.64)% | 35.41% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263499 | $&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; Ratio of gross expense to average net assets | 0.75%(2) | 0.75% | 0.73% | 0.74% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.75%(2) | 0.75% | 0.73% | 0.74% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 1.21%(2) | 1.43% | 1.81% | 1.97% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.21%(2) | 1.43% | 1.81% | 1.97% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 57%(1) | 80% | 111% | 96% | 95% |

---

The Fund commenced operations on November 1, 1996.

(1) Not annualized.

(2) Annualized.

*See notes to financial statements.* 

Semi-Annual 179

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** *continued* <br>

*For the share outstanding for the periods ended April 30, 2025 (Unaudited) and October 31<sup>st</sup>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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;2025  | &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 | $18.85 | $14.88 | $16.94 | $21.27 | $15.98 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.76 | 0.24 | 0.30 | 0.36 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (2.40) | 4.25 | (1.35) | (0.95) | 5.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.36 | 4.49 | (1.05) | (0.59) | 5.64 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.73) | (0.30) | (0.30) | (0.53) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.87) | (0.22) | (0.71) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (3.60) | (0.52) | (1.01) | (3.74) | (0.35) |
|  Net asset value — end of period | $15.61 | $18.85 | $14.88 | $16.94 | $21.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | (3.26)%(1) | 30.57% | (6.59)% | (3.59)% | 35.51% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $687002 | $759602 | $809987 | $945034 | $1233890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.75%(2) | 0.75% | 0.73% | 0.74% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65%(2) | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 1.21%(2) | 1.44% | 1.78% | 1.99% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.31%(2) | 1.54% | 1.86% | 2.07% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 57%(1) | 80% | 111% | 96% | 95% |
| <br> The Class commenced operations on August 1, 2014. | <br> The Class commenced operations on August 1, 2014. | <br> The Class commenced operations on August 1, 2014. | <br> The Class commenced operations on August 1, 2014. | <br> The Class commenced operations on August 1, 2014. | <br> The Class commenced operations on August 1, 2014. |
|  | <br> Payden Equity Income Fund - Adviser Class | <br> Payden Equity Income Fund - Adviser Class | <br> Payden Equity Income Fund - Adviser Class | <br> Payden Equity Income Fund - Adviser Class | <br> Payden Equity Income Fund - Adviser Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &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 | $18.77 | $14.82 | $16.89 | $21.23 | $15.96 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.72 | 0.17 | 0.23 | 0.28 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (2.39) | 4.25 | (1.34) | (0.93) | 5.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.33 | 4.42 | (1.11) | (0.65) | 5.57 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.71) | (0.25) | (0.25) | (0.48) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.87) | (0.22) | (0.71) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (3.58) | (0.47) | (0.96) | (3.69) | (0.30) |
|  Net asset value — end of period | $15.52 | $18.77 | $14.82 | $16.89 | $21.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | (3.48)%(1) | 30.19% | (6.97)% | (3.91)% | 35.08% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.00%(2) | 1.00% | 0.98% | 0.99% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 1.00%(2) | 1.00% | 0.98% | 0.99% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 0.96%(2) | 1.17% | 1.55% | 1.72% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 0.96%(2) | 1.17% | 1.55% | 1.72% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 57%(1) | 80% | 111% | 96% | 95% |

---

The Class commenced operations on December 1, 2011.

(1) Not annualized.

(2) Annualized.

*See notes to financial statements.* 

180 Payden Mutual Funds

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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.

------

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 Securitized Income Fund — SI Class (PYSCX)

Payden Securitized Income Fund — Investor Class (PYSFX)

Payden Floating Rate Fund — SI Class (PYFIX)

Payden Floating Rate Fund — Investor Class (PYFRX)

Payden Floating Rate Fund — Adviser Class (PYBLX)

Payden High Income Fund — SI Class (PYCHX)

Payden High Income Fund — Investor Class (PYHRX)

Payden High Income Fund — Adviser Class (PYRLX)

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)

CASH BALANCE FUND

Payden Managed Income Fund — SI Class (PKBIX)

Payden Managed Income Fund — Institutional Class (PKCIX)

Payden Managed Income Fund — Advisor Class (PKCBX)

Payden Managed Income Fund — Retirement Class (PKCRX)

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

800 5-PAYDEN 800 572 9336 payden.com

requests@payden.com

------

(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration Paid to Directors, Offices, and Others of Open-End Management Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### 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.
(a) 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.
(a) Not applicable.

(b) Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d915857dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d915857dex99906cert.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 | (Registrant) The Payden & Rygel Investment Group |
| By (Signature and Title)\* | /s/ Mary Beth Syal |
|  | Mary Beth Syal, Chief Operating Officer |
|  | (principal executive officer) |
| Date 6/25/25 | Date 6/25/25 |

---

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 6/25/25 | Date 6/25/25 |
| By (Signature and Title)\* | /s/ Brian W. Matthews |
|  | Brian W. Matthews, Chief Financial Officer |
|  | (principal financial officer) |
| Date 6/25/25 | Date 6/25/25 |

---

<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: 6/25/25 | /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

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&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.

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| | |
|:---|:---|
| Date: 6/25/25 | /s/ Brian W. Matthews |
|  | Brian W. Matthews, Chief Financial Officer |
|  | (principal financial officer) |

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## 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: 6/25/25 | /s/ Mary Beth Syal |
|  | Mary Beth Syal, Chief Operating Officer |
|  | (principal executive officer) |

---

I, Brian W. Matthews, Vice President and 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: 6/25/25 | /s/ Brian W. Matthews |
|  | Brian W. Matthews, Chief Financial Officer |
|  | (principal financial officer) |

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