Payden

Low

Duration

Fund

1

Schedule

of

Investments

-

July

31,

2025

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000)

Asset

Backed

(19%

)

1,181,358

Ally

Bank

Auto

Credit-Linked

Notes

2024-A

144A,

6.32%,

5/17/32 (a)

$

1,195‌

2,000,000

American

Credit

Acceptance

Receivables

Trust

2024-1

144A,

7.98%,

11/12/31 (a)

2,064‌

1,400,000

ARI

Fleet

Lease

Trust

2024-B

144A,

5.26%,

4/15/33 (a)

1,421‌

1,500,000

ARI

Fleet

Lease

Trust

2025-A

144A,

4.46%,

1/17/34 (a)

1,501‌

1,900,000

BofA

Auto

Trust

2024-1A

144A,

5.31%,

6/17/30 (a)

1,929‌

3,469,664

BSPRT

Issuer

Ltd.

2023-FL10

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.259%),

6.60%,

9/15/35 (a)(b)

3,475‌

1,900,000

Capital

One

Prime

Auto

Receivables

Trust

2024-

1,

4.66%,

1/15/30 

1,913‌

2,850,000

CarMax

Auto

Owner

Trust

2024-3,

5.67%,

1/15/31 

2,903‌

2,300,000

CarMax

Auto

Owner

Trust

2024-4,

5.36%,

8/15/31 

2,334‌

8,499,272

CARS-DB5

LP

2021-1A

144A,

1.44%,

8/15/51 (a)

8,160‌

2,330,762

Carvana

Auto

Receivables

Trust

2023-P5

144A,

5.62%,

1/10/29 (a)

2,346‌

3,150,000

Carvana

Auto

Receivables

Trust

2024-P2,

5.33%,

7/10/29 

3,176‌

2,000,000

Carvana

Auto

Receivables

Trust

2025-P1,

4.55%,

5/10/30 

2,006‌

3,760,000

CyrusOne

Data

Centers

Issuer

I

LLC

2024-2A

144A,

4.50%,

5/20/49 (a)

3,658‌

7,500,000

Diamond

Infrastructure

Funding

LLC

2021-1A

144A,

1.76%,

4/15/49 (a)

7,125‌

7,650,000

Diamond

Issuer

LLC

2021-1A

144A,

2.31%,

11/20/51 (a)

7,210‌

1,000,000

DLLST

LLC

2024-1A

144A,

5.05%,

8/20/27 (a)

1,003‌

2,135,305

Drive

Auto

Receivables

Trust

2025-S1

144A,

6.04%,

6/16/29 (a)

2,141‌

1,030,000

Enterprise

Fleet

Financing

LLC

2023-3

144A,

6.41%,

6/20/30 (a)

1,067‌

5,150,000

GMF

Floorplan

Owner

Revolving

Trust

2024-4A

144A,

4.73%,

11/15/29 (a)

5,196‌

1,000,000

GreatAmerica

Leasing

Receivables

Funding

LLC

2025-1

144A,

4.49%,

4/16/29 (a)

998‌

1,600,000

Hotwire

Funding

LLC

2024-1A

144A,

9.19%,

6/20/54 (a)

1,676‌

359,006

HPEFS

Equipment

Trust

2023-1A

144A,

5.41%,

2/22/28 (a)

359‌

3,100,000

HPEFS

Equipment

Trust

2024-2A

144A,

5.36%,

10/20/31 (a)

3,118‌

1,000,000

Kubota

Credit

Owner

Trust

2024-2A

144A,

5.19%,

5/15/30 (a)

1,022‌

1,750,000

Kubota

Credit

Owner

Trust

2025-2A

144A,

4.57%,

11/15/30 (a)

1,762‌

2,002,940

LoanCore

Issuer

Ltd.

2021-CRE5

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.414%),

5.76%,

7/15/36 (a)(b)

2,004‌

3,000,000

M&T

Equipment

Notes

2025-1A

144A,

4.78%,

9/17/29 (a)

3,026‌

6,500,000

Nissan

Master

Owner

Trust

Receivables

2024-B

144A,

5.05%,

2/15/29 (a)

6,552‌

4,400,000

Onemain

Financial

Issuance

Trust

2025-1A

144A,

4.82%,

7/14/38 (a)

4,416‌

Principal

or

Shares

Security

Description

Value

(000)

2,386,884

OneMain

Financial

Issuance

Trust

2022-2A

144A,

4.89%,

10/14/34 (a)

$

2,386‌

5,000,000

PFS

Financing

Corp.

2024-F

144A,

4.75%,

8/15/29 (a)

5,029‌

3,962,047

RCKT

Mortgage

Trust

2025-CES5

144A,

5.69%,

5/25/55 (a)

3,989‌

1,680,918

RCKT

Mortgage

Trust

2025-CES6

144A,

5.47%,

6/25/55 (a)

1,687‌

3,200,000

RCKT

Mortgage

Trust

2025-CES7

144A,

5.38%,

7/25/55 (a)

3,208‌

3,500,000

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-A

144A,

13.75%,

6/15/33 (a)

3,769‌

2,040,417

Santander

Drive

Auto

Receivables

Trust

2023-S1

144A,

8.14%,

4/18/28 (a)

2,050‌

3,141,115

Santander

Drive

Auto

Receivables

Trust

2024-S3

144A,

5.81%,

10/16/28 (a)

3,140‌

4,429,138

Santander

Drive

Auto

Receivables

Trust

2024-S2

144A,

5.80%,

12/16/28 (a)

4,428‌

1,330,610

Santander

Drive

Auto

Receivables

Trust

2024-S1

144A,

8.32%,

3/16/29 (a)

1,332‌

2,500,000

Santander

Drive

Auto

Receivables

Trust

2024-2,

5.78%,

7/16/29 

2,537‌

1,997,128

Securitized

Term

Auto

Receivables

Trust

2025-B

144A,

5.12%,

12/29/32 (a)

1,999‌

2,400,000

Stack

Infrastructure

Issuer

LLC

2021-1A

144A,

1.88%,

3/26/46 (a)

2,349‌

5,000,000

Switch

ABS

Issuer

LLC

2024-2A

144A,

5.44%,

6/25/54 (a)

5,004‌

4,598,438

Taco

Bell

Funding

LLC

2016-1A

144A,

4.97%,

5/25/46 (a)

4,594‌

1,800,000

TierPoint

Issuer

LLC

2023-1A

144A,

6.00%,

6/25/53 (a)

1,800‌

6,550,000

Vantage

Data

Centers

Issuer

LLC

2020-1A

144A,

1.65%,

9/15/45 (a)

6,520‌

1,000,000

VB-S1

Issuer

LLC-VBTEL

2024-1A

144A,

8.87%,

5/15/54 (a)

1,038‌

869,360

Westlake

Automobile

Receivables

Trust

2021-

3A

144A,

2.12%,

1/15/27 (a)

866‌

4,810,000

Westlake

Automobile

Receivables

Trust

2023-

1A

144A,

6.79%,

11/15/28 (a)

4,929‌

4,000,000

Wheels

Fleet

Lease

Funding

LLC

2025-1A

144A,

4.57%,

1/18/40 (a)

4,009‌

4,432,500

Wingstop

Funding

LLC

2020-1A

144A,

2.84%,

12/05/50 (a)

4,219‌

Total

Asset

Backed

(Cost

-

$157,843)

157,638‌

Commercial

Paper(c)

(0%

)

1,500,000

Otis

Worldwide

Corp.

,

4.54%,

8/01/25 

1,500‌

Corporate

Bond

(32%

)

Financial  (19%)

2,400,000

ABN

AMRO

Bank

NV

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.650%),

6.34%,

9/18/27 (a)(b)

2,444‌

3,570,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

4.88%,

4/01/28 

3,598‌

930,000

Ally

Financial

Inc.

,

(Secured

Overnight

Financing

Rate

+

1.960%),

5.74%,

5/15/29 (b)

947‌

2,890,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.260%),

4.73%,

4/25/29 (b)

2,916‌

3,345,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.810%),

4.35%,

7/20/29 (b)

3,339‌

4,025,000

Ares

Strategic

Income

Fund

144A,

5.45%,

9/09/28 (a)

4,020‌

2

Payden

Mutual

Funds

Payden

Low

Duration

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

975,000

Arthur

J

Gallagher

&

Co.

,

4.60%,

12/15/27 

$

979‌

4,945,000

Athene

Global

Funding

144A,

5.52%,

3/25/27 (a)

5,016‌

995,000

Aviation

Capital

Group

LLC

144A,

4.75%,

4/14/27 (a)

996‌

4,000,000

Banco

Santander

SA

,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.950%),

5.37%,

7/15/28 (b)

4,065‌

4,680,000

Bank

of

America

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.110%),

4.62%,

5/09/29 (b)

4,701‌

1,470,000

Bank

of

New

York

Mellon

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.135%),

4.73%,

4/20/29 (b)

1,486‌

4,660,000

Bank

of

Nova

Scotia

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.890%),

4.93%,

2/14/29 (b)

4,706‌

2,225,000

Banque

Federative

du

Credit

Mutuel

SA

144A,

5.09%,

1/23/27 (a)

2,245‌

5,000,000

Blackstone

Secured

Lending

Fund

,

2.75%,

9/16/26 

4,879‌

1,520,000

Blue

Owl

Technology

Finance

Corp.

144A,

3.75%,

6/17/26 (a)

1,493‌

4,945,000

BNP

Paribas

SA

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

1.450%),

4.79%,

5/09/29 (a)

(b)

4,964‌

285,000

BPCE

SA

144A,

5.20%,

1/18/27 (a)

288‌

850,000

Brown

&

Brown

Inc.

,

4.70%,

6/23/28 

853‌

2,870,000

CaixaBank

SA

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

1.140%),

4.63%,

7/03/29 (a)

(b)

2,866‌

2,605,000

Capital

One

Financial

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

2.440%),

7.15%,

10/29/27 (b)

2,684‌

1,100,000

Citadel

Finance

LLC

144A,

5.90%,

2/10/30 (a)

1,105‌

4,300,000

Citigroup

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.143%),

4.64%,

5/07/28 (b)

4,305‌

4,685,000

Citigroup

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.870%),

4.79%,

3/04/29 (b)

4,710‌

1,960,000

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)

1,987‌

1,270,000

Franklin

BSP

Capital

Corp.

,

7.20%,

6/15/29 

1,319‌

720,000

Freedom

Mortgage

Holdings

LLC

144A,

9.25%,

2/01/29 (a)

751‌

2,455,000

Goldman

Sachs

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.319%),

4.94%,

4/23/28 (b)

2,470‌

3,860,000

HPS

Corporate

Lending

Fund

144A,

5.30%,

6/05/27 (a)

3,861‌

3,045,000

Huntington

National

Bank

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.720%),

4.87%,

4/12/28 (b)

3,062‌

1,390,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.190%),

5.04%,

1/23/28 (b)

1,401‌

2,515,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

4.98%,

7/22/28 (b)

2,540‌

1,915,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.860%),

4.51%,

10/22/28 (b)

1,918‌

4,723,000

KeyBank

N.A.

,

5.85%,

11/15/27 

4,855‌

1,540,000

M&T

Bank

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

4.83%,

1/16/29 (b)

1,549‌

1,190,000

Manufacturers

&

Traders

Trust

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.950%),

4.76%,

7/06/28 (b)

1,195‌

Principal

or

Shares

Security

Description

Value

(000)

2,440,000

Morgan

Stanley

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.380%),

4.99%,

4/12/29 (b)

$

2,471‌

2,545,000

Morgan

Stanley

Bank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

4.97%,

7/14/28 (b)

2,571‌

2,935,000

Morgan

Stanley

Private

Bank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.770%),

4.47%,

7/06/28 (b)

2,933‌

4,865,000

National

Bank

of

Canada

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.036%),

5.60%,

7/02/27 (b)

4,906‌

1,440,000

NatWest

Group

PLC

,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.350%),

5.85%,

3/02/27 (b)

1,450‌

544,000

OneMain

Finance

Corp.

,

7.13%,

3/15/26 

551‌

935,000

OneMain

Finance

Corp.

,

6.13%,

5/15/30 

937‌

985,000

PNC

Financial

Services

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.342%),

5.30%,

1/21/28 (b)

997‌

3,350,000

Rocket

Mortgage

LLC/Rocket

Mortgage

Co.-

Issuer

Inc.

144A,

2.88%,

10/15/26 (a)

3,269‌

5,215,000

Royal

Bank

of

Canada

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.890%),

4.50%,

8/06/29 (b)

5,220‌

795,000

Santander

Holdings

USA

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.232%),

6.12%,

5/31/27 (b)

803‌

4,525,000

Santander

Holdings

USA

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.610%),

5.47%,

3/20/29 (b)

4,600‌

2,850,000

SBA

Tower

Trust

144A,

1.88%,

1/15/26 (a)

2,812‌

3,800,000

SBA

Tower

Trust

144A,

1.63%,

11/15/26 (a)

3,659‌

645,000

Starwood

Property

Trust

Inc.

144A,

6.50%,

7/01/30 (a)

664‌

685,000

Synchrony

Financial

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.395%),

5.02%,

7/29/29 (b)

685‌

3,885,000

Toronto-Dominion

Bank

,

4.86%,

1/31/28 

3,927‌

2,950,000

Truist

Bank

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.770%),

4.42%,

7/24/28 (b)

2,946‌

2,440,000

U.S.

Bank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.910%),

4.73%,

5/15/28 (b)

2,451‌

2,240,000

UBS

Group

AG

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.600%),

6.33%,

12/22/27 (a)(b)

2,293‌

1,930,000

Wells

Fargo

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.070%),

5.71%,

4/22/28 (b)

1,968‌

3,610,000

Wells

Fargo

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.370%),

4.97%,

4/23/29 (b)

3,653‌

480,000

XHR

LP

144A,

6.63%,

5/15/30 (a)

488‌

152,767‌

Industrial  (8%)

830,000

AAR

Escrow

Issuer

LLC

144A,

6.75%,

3/15/29 (a)

852‌

1,020,000

AGCO

Corp.

,

5.45%,

3/21/27 

1,028‌

1,595,000

Albertsons

Cos.

Inc./Safeway

Inc./New

Albertsons

LP/Albertsons

LLC

144A,

3.25%,

3/15/26 (a)

1,579‌

1,550,000

Allison

Transmission

Inc.

144A,

4.75%,

10/01/27 (a)

1,535‌

1,000,000

Alumina

Pty

Ltd.

144A,

6.13%,

3/15/30 (a)

1,012‌

3,270,000

Amrize

Finance

U.S.

LLC

144A,

4.70%,

4/07/28 (a)

3,287‌

4,465,000

ArcelorMittal

SA

,

6.55%,

11/29/27 

4,642‌

760,000

Axon

Enterprise

Inc.

144A,

6.13%,

3/15/30 (a)

778‌

3

Principal

or

Shares

Security

Description

Value

(000)

1,200,000

BAE

Systems

PLC

144A,

5.00%,

3/26/27 (a)

$

1,211‌

1,900,000

Boeing

Co.

,

6.26%,

5/01/27 

1,949‌

2,365,000

Carnival

Corp.

144A,

4.00%,

8/01/28 (a)

2,299‌

795,000

Carnival

Corp.

144A,

5.75%,

3/15/30 (a)

807‌

1,550,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

5.13%,

5/01/27 (a)

1,538‌

1,065,000

Cencora

Inc.

,

4.63%,

12/15/27 

1,070‌

3,190,000

CommonSpirit

Health

,

6.07%,

11/01/27 

3,297‌

2,940,000

Concentrix

Corp.

,

6.65%,

8/02/26 

2,988‌

940,000

CoreWeave

Inc.

144A,

9.25%,

6/01/30 (a)

945‌

760,000

CoreWeave

Inc.

144A,

9.00%,

2/01/31 (a)

758‌

1,770,000

Daimler

Truck

Finance

North

America

LLC

144A,

5.13%,

9/25/27 (a)

1,789‌

1,015,000

Daimler

Truck

Finance

North

America

LLC

144A,

4.95%,

1/13/28 (a)

1,024‌

1,770,000

Glencore

Funding

LLC

144A,

5.34%,

4/04/27 (a)

1,791‌

1,085,000

HCA

Inc.

,

5.00%,

3/01/28 

1,097‌

935,000

Hilton

Domestic

Operating

Co.

Inc.

144A,

5.88%,

4/01/29 (a)

951‌

4,075,000

Hyundai

Capital

America

144A,

4.88%,

6/23/27 (a)

4,090‌

1,525,000

Icon

Investments

Six

DAC

,

5.81%,

5/08/27 

1,551‌

2,300,000

Las

Vegas

Sands

Corp.

,

5.90%,

6/01/27 

2,339‌

1,550,000

Match

Group

Holdings

II

LLC

144A,

5.00%,

12/15/27 (a)

1,539‌

680,000

Meritage

Homes

Corp.

,

5.13%,

6/06/27 

684‌

1,650,000

Microchip

Technology

Inc.

,

4.90%,

3/15/28 

1,664‌

1,380,000

Penske

Automotive

Group

Inc.

,

3.50%,

9/01/25 

1,378‌

1,025,000

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

144A,

5.35%,

1/12/27 (a)

1,034‌

2,945,000

Regal

Rexnord

Corp.

,

6.05%,

2/15/26 

2,944‌

1,060,000

Rio

Tinto

Finance

USA

PLC

,

4.50%,

3/14/28 

1,065‌

1,550,000

Sirius

XM

Radio

LLC

144A,

3.13%,

9/01/26 (a)

1,517‌

1,550,000

Standard

Industries

Inc.

144A,

5.00%,

2/15/27 (a)

1,550‌

1,960,000

Synopsys

Inc.

,

4.65%,

4/01/28 

1,976‌

1,600,000

The

Campbell's

Company

,

5.20%,

3/19/27 

1,618‌

1,565,000

Travel

+

Leisure

Co.

144A,

6.63%,

7/31/26 (a)

1,578‌

64,754‌

Utility  (5%)

1,270,000

Alliant

Energy

Finance

LLC

144A,

5.40%,

6/06/27 (a)

1,282‌

2,450,000

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.

144A,

5.75%,

3/01/27 (a)

2,453‌

3,240,000

Antero

Resources

Corp.

144A,

5.38%,

3/01/30 (a)

3,228‌

725,000

Blue

Racer

Midstream

LLC/Blue

Racer

Finance

Corp.

144A,

7.00%,

7/15/29 (a)

752‌

2,303,785

Brazos

Securitization

LLC

144A,

5.01%,

9/01/31 (a)

2,327‌

1,485,000

DTE

Energy

Co.

,

4.95%,

7/01/27 

1,499‌

3,585,000

Energy

Transfer

LP

,

6.05%,

12/01/26 

3,648‌

1,505,000

EOG

Resources

Inc.

,

4.40%,

7/15/28 

1,510‌

3,906,000

EQT

Corp.

144A,

3.13%,

5/15/26 (a)

3,851‌

1,610,000

Evergy

Kansas

Central

Inc.

,

4.70%,

3/13/28 

1,621‌

2,280,000

Hess

Midstream

Operations

LP

144A,

5.88%,

3/01/28 (a)

2,319‌

640,000

Hess

Midstream

Operations

LP

144A,

6.50%,

6/01/29 (a)

660‌

5,000,000

National

Fuel

Gas

Co.

,

5.50%,

10/01/26 

5,037‌

1,930,000

ONEOK

Inc.

,

5.55%,

11/01/26 

1,951‌

Principal

or

Shares

Security

Description

Value

(000)

745,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

144A,

9.88%,

3/15/30 (a)(d)

$

739‌

690,000

SM

Energy

Co.

144A,

6.75%,

8/01/29 (a)

691‌

550,000

Sunoco

LP

144A,

7.00%,

5/01/29 (a)

570‌

1,550,000

TerraForm

Power

Operating

LLC

144A,

5.00%,

1/31/28 (a)

1,530‌

1,550,000

Var

Energi

ASA

144A,

7.50%,

1/15/28 (a)

1,644‌

580,000

Vistra

Operations

Co.

LLC

144A,

5.05%,

12/30/26 (a)

581‌

935,000

Vistra

Operations

Co.

LLC

144A,

5.00%,

7/31/27 (a)

931‌

3,650,000

Whistler

Pipeline

LLC

144A,

5.40%,

9/30/29 (a)

3,704‌

42,528‌

Total

Corporate

Bond

(Cost

-

$257,610)

260,049‌

Mortgage

Backed

(15%

)

2,500,000

Acrec

2025

Fl

LLC

2025-FL3

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.310%),

5.66%,

8/18/42 (a)(b)

2,502‌

2,000,000

BDS

Ltd.

2021-FL9

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.814%),

6.16%,

11/16/38 (a)(b)

2,004‌

116,176,816

Benchmark

Mortgage

Trust

2018-B6,

0.39%,

10/10/51 (e)

946‌

4,177,357

BRSP

Ltd.

2021-FL1

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.264%),

5.62%,

8/19/38 (a)(b)

4,172‌

2,120,000

BRSP

Ltd.

2021-FL1

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.714%),

6.07%,

8/19/38 (a)(b)

2,112‌

968,828

BX

Commercial

Mortgage

Trust

2021-VOLT

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.064%),

5.41%,

9/15/36 (a)(b)

966‌

2,367,424

BX

Commercial

Mortgage

Trust

2024-XL4

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.792%),

6.13%,

2/15/39 (a)(b)

2,377‌

4,400,000

BX

Commercial

Mortgage

Trust

2024-GPA2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.542%),

5.88%,

11/15/41 (a)(b)

4,417‌

3,600,000

BX

Trust

2024-VLT4

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.941%),

6.28%,

7/15/29 (a)(b)

3,609‌

3,100,000

BX

Trust

2025-VLT6

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.893%),

6.23%,

3/15/42 (a)(b)

3,104‌

4,200,000

BX

Trust

2025-VLT7

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.700%),

6.00%,

7/15/44 (a)(b)

4,222‌

4,436,116

BXMT

Ltd.

2021-FL4

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.164%),

5.51%,

5/15/38 (a)(b)

4,420‌

21,508,851

Cantor

Commercial

Real

Estate

Lending

2019-

CF1,

1.11%,

5/15/52 (e)

630‌

2,306,454

Colt

Mortgage

Loan

Trust

2024-7

144A,

5.54%,

12/26/69 (a)

2,308‌

2,628,745

COLT

Mortgage

Loan

Trust

2024-6

144A,

5.39%,

11/25/69 (a)

2,628‌

1,900,000

COLT

Mortgage

Loan

Trust

2025-8

144A,

5.48%,

8/25/70 (a)

1,899‌

4,400,000

COLT

Mortgage

Loan

Trust

2025-6

144A,

5.53%,

8/25/70 (a)

4,400‌

4

Payden

Mutual

Funds

Payden

Low

Duration

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

102,182

Connecticut

Avenue

Securities

Trust

2019-

HRP1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.264%),

6.61%,

11/25/39 (a)(b)

$

102‌

900,000

Connecticut

Avenue

Securities

Trust

2020-

SBT1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

3.764%),

8.11%,

2/25/40 (a)(b)

936‌

7,443,068

Connecticut

Avenue

Securities

Trust

2021-

R02

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.000%),

6.35%,

11/25/41 (a)(b)

7,504‌

4,800,000

Connecticut

Avenue

Securities

Trust

2022-

R01

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.900%),

6.25%,

12/25/41 (a)(b)

4,854‌

2,577,120

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)

2,640‌

2,700,000

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)

2,733‌

2,600,000

Connecticut

Avenue

Securities

Trust

2024-

R02

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.800%),

6.15%,

2/25/44 (a)(b)

2,630‌

1,150,000

Connecticut

Avenue

Securities

Trust

2024-

R06

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.600%),

5.95%,

9/25/44 (a)(b)

1,157‌

2,232,471

Cross

Mortgage

Trust

2024-H8

144A,

5.55%,

12/25/69 (a)(e)

2,236‌

5,135,396

Freddie

Mac

REMIC

5057,

1.00%,

4/15/54 

4,744‌

3,100,000

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

3.400%),

7.75%,

10/25/41 (a)(b)

3,183‌

1,000,000

Freddie

Mac

STACR

REMIC

Trust

2024-DNA3

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.450%),

5.80%,

10/25/44 (a)(b)

1,003‌

427,616

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)

433‌

4,350,000

FS

Rialto

Issuer

LLC

2024-FL9

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.631%),

5.98%,

10/19/39 (a)(b)

4,363‌

682,515

Greystone

CRE

Notes

Ltd.

2021-HC2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.914%),

6.26%,

12/15/39 (a)(b)

684‌

1,948,832

HIH

Trust

2024-61P

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.842%),

6.18%,

10/15/41 (a)(b)

1,953‌

2,121,449

JP

Morgan

Mortgage

Trust

2024-NQM1

144A,

5.59%,

2/25/64 (a)

2,124‌

2,000,000

Life

Mortgage

Trust

2022-BMR2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.295%),

5.64%,

5/15/39 (a)(b)

1,949‌

1,728,164

New

Residential

Mortgage

Loan

Trust

2017-1A

144A,

4.00%,

2/25/57 (a)(e)

1,673‌

Principal

or

Shares

Security

Description

Value

(000)

1,164,897

New

Residential

Mortgage

Loan

Trust

2017-4A

144A,

4.00%,

5/25/57 (a)(e)

$

1,117‌

2,266,484

OBX

Trust

2024-NQM13

144A,

5.12%,

6/25/64 (a)

2,256‌

4,910,654

OBX

Trust

2024-NQM12

144A,

5.48%,

7/25/64 (a)

4,900‌

1,803,619

OBX

Trust

2024-NQM14

144A,

4.94%,

9/25/64 (a)

1,790‌

1,767,445

OBX

Trust

2024-NQM15

144A,

5.32%,

10/25/64 (a)

1,760‌

1,794,211

OBX

Trust

2024-NQM18

144A,

5.41%,

10/25/64 (a)(e)

1,789‌

827,624

OBX

Trust

2024-NQM16

144A,

5.53%,

10/25/64 (a)

827‌

3,984,303

OBX

Trust

2025-NQM6

144A,

5.60%,

3/25/65 (a)

3,992‌

4,850,000

ONE

Mortgage

Trust

2021-PARK

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

0.814%),

5.16%,

3/15/36 (a)(b)

4,768‌

3,261,132

Provident

Funding

Mortgage

Trust

2020-F1

144A,

2.00%,

1/25/36 (a)(e)

2,892‌

1,134,017

Verus

Securitization

Trust

2024-R1

144A,

5.22%,

9/25/69 (a)(e)

1,128‌

1,796,609

Verus

Securitization

Trust

2025-4

144A,

5.45%,

5/25/70 (a)

1,795‌

2,950,000

Wells

Fargo

Commercial

Mortgage

Trust

2024-

MGP

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.939%),

7.28%,

8/15/41 (a)

(b)

2,956‌

Total

Mortgage

Backed

(Cost

-

$127,142)

125,587‌

Municipal

(1%

)

1,575,000

California

Earthquake

Authority

A,

5.60%,

7/01/27 

1,591‌

9,329,830

Texas

Natural

Gas

Securitization

Finance

Corp.

,

5.10%,

4/01/35 

9,490‌

Total

Municipal

(Cost

-

$10,905)

11,081‌

U.S.

Treasury

(31%

)

72,240,000

U.S.

Treasury

Note

,

3.50%,

9/30/26 

71,727‌

6,305,000

U.S.

Treasury

Note

,

4.13%,

10/31/26 

6,305‌

4,405,000

U.S.

Treasury

Note

,

4.25%,

11/30/26 

4,414‌

32,835,000

U.S.

Treasury

Note

,

4.25%,

12/31/26 

32,917‌

3,880,000

U.S.

Treasury

Note

,

4.63%,

6/15/27 

3,926‌

49,735,000

U.S.

Treasury

Note

,

3.75%,

6/30/27 

49,552‌

6,020,000

U.S.

Treasury

Note

,

3.75%,

8/15/27 

5,998‌

12,475,000

U.S.

Treasury

Note

,

3.38%,

9/15/27 

12,339‌

28,655,000

U.S.

Treasury

Note

,

3.75%,

5/15/28 

28,556‌

32,270,000

U.S.

Treasury

Note

,

3.88%,

6/15/28 

32,269‌

7,430,000

U.S.

Treasury

Note

,

3.88%,

7/15/28 

7,428‌

Total

U.S.

Treasury

(Cost

-

$255,895)

255,431‌

Investment

Company

(2%

)

14,789,706

Payden

Cash

Reserves

Money

Market

Fund *

(Cost

-

$14,790)

14,790‌

Total

Investments

(Cost

-

$825,685)

(100%)

826,076‌

Liabilities

in

excess

of

Other

Assets

(0%)

(1,867‌)

Net

Assets

(100%)

$

824,209‌

*

Affiliated

investment.

(a)

Security

offered

only

to

qualified

institutional

investors,

and

thus

is

not

registered

for

sale

to

the

public

under

rule

144A

of

the

Securities

Act

of

1933.

It

has

been

deemed

liquid

under

guidelines

approved

by

the

Board.

(b)

Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

July

31,

2025.

5

(c)

Yield

to

maturity

at

time

of

purchase.

(d)

All

or

a

portion

of

these

securities

are

on

loan.

At

July

31,

2025,

the

total

market

value

of

the

Fund’s

securities

on

loan

is

$739

and

the

total

market

value

of

the

collateral

held

by

the

Fund

is

$782.

Amounts

in

000s.

(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

Contracts

Expiration

Date

Notional

Amount

(000s)

Current

Value

(000s)

Unrealized

Depreciation

(000s)

Long

Contracts:

U.S.

Treasury

2-Year

Note

Future

1,314

Sep-25

$

271,977

$

(245)

$

(245)