Payden

Equity

Income

Fund

1

Schedule

of

Investments

-

July

31

,

2026

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000)

Corporate

Bond

(2%)

10,300,000

Citigroup

Inc.

FF,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.726%),

6.95% (a)(b)

$

10,398‌

5,700,000

Corebridge

Financial

Inc.

,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.181%),

6.88% (a)(b)(c)

5,851‌

5,700,000

Huntington

Bancshares

Inc.

K,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.653%),

6.25% (a)(b)(c)

5,684‌

2,800,000

Land

O'

Lakes

Inc.

144A,

7.00% (b)(d)

2,492‌

Total

Corporate

Bond

(Cost

-

$24,750)

24,425‌

Common

Stock

(89%)

Communication

(6%

)

86,800

Alphabet

Inc.,

Class

A 

30,912‌

93,900

Corning

Inc. 

12,982‌

16,900

Meta

Platforms

Inc.,

Class

A 

9,408‌

56,900

T-Mobile

U.S.

Inc. 

9,827‌

63,129‌

Consumer

Discretionary

(7%

)

172,700

Amazon.com

Inc. (e)

46,902‌

32,700

Hilton

Worldwide

Holdings

Inc. 

10,480‌

122,000

TJX

Cos.

Inc. 

19,195‌

76,577‌

Consumer

Staple

(5%

)

65,600

Coca-Cola

Co. 

5,746‌

8,300

Costco

Wholesale

Corp. 

7,901‌

49,400

Procter

&

Gamble

Co. 

7,138‌

63,700

Target

Corp. 

9,204‌

126,400

Walmart

Inc. 

14,056‌

44,045‌

Energy

(4%

)

98,200

Chevron

Corp. 

19,329‌

62,500

Valero

Energy

Corp. 

19,556‌

38,885‌

Financial

(17%

)

31,900

American

Express

Co. 

10,726‌

274,500

Ares

Capital

Corp. (c)

5,150‌

48,800

Arthur

J

Gallagher

&

Co. 

12,172‌

1,434,000

Aviva

PLC (f)

13,421‌

286,000

Bank

of

America

Corp. 

17,718‌

10,000

Blackrock

Inc. 

10,904‌

209,800

Fifth

Third

Bancorp 

11,854‌

104,100

JPMorgan

Chase

&

Co. 

36,621‌

95,700

MetLife

Inc. 

9,200‌

143,500

Morgan

Stanley 

30,195‌

1,288,100

NatWest

Group

PLC (f)

12,150‌

47,000

PNC

Financial

Services

Group

Inc. 

11,744‌

31,500

Visa

Inc.,

Class

A 

11,533‌

193,388‌

Healthcare

(11%

)

68,600

AbbVie

Inc. 

17,214‌

195,000

CVS

Health

Corp. 

20,364‌

10,900

Eli

Lilly

&

Co. 

12,522‌

120,600

Gilead

Sciences

Inc. 

15,703‌

61,400

Johnson

&

Johnson 

15,740‌

17,000

McKesson

Corp. 

14,555‌

188,500

Merck

&

Co.

Inc. 

24,543‌

54,200

Quest

Diagnostics

Inc. 

12,629‌

133,270‌

Principal

or

Shares

Security

Description

Value

(000)

Industrial

(13%

)

61,200

AMETEK

Inc. 

$

14,793‌

53,500

Automatic

Data

Processing

Inc. 

14,256‌

22,000

Cummins

Inc. 

13,952‌

30,200

Eaton

Corp.

PLC 

12,539‌

53,700

General

Electric

Co. 

19,336‌

71,700

ITT

Inc. 

14,052‌

89,400

Johnson

Controls

International

PLC 

13,111‌

6,200

Parker-Hannifin

Corp. 

6,055‌

111,300

RTX

Corp. 

23,954‌

56,600

Waste

Management

Inc. 

12,823‌

22,100

Westinghouse

Air

Brake

Technologies

Corp. 

6,428‌

151,299‌

Material

(2%

)

136,200

CRH

PLC 

12,940‌

45,600

Nucor

Corp. 

11,732‌

24,672‌

Technology

(18%

)

50,700

Analog

Devices

Inc. 

18,628‌

108,600

Apple

Inc. 

33,548‌

3,300

ASML

Holding

NV (f)

5,458‌

25,300

Broadcom

Inc. 

9,849‌

200,000

Cisco

Systems

Inc. 

23,198‌

223,600

Hewlett

Packard

Enterprise

Co. 

10,710‌

112,600

Microsoft

Corp. 

52,327‌

78,900

NVIDIA

Corp. 

15,839‌

31,900

Salesforce

Inc. 

5,870‌

1,300

Samsung

Electronics

Co.

Ltd. 

5,444‌

43,500

Texas

Instruments

Inc. 

11,995‌

192,866‌

Utility

(6%

)

299,800

Dominion

Energy

Inc. 

20,737‌

171,500

Duke

Energy

Corp. 

21,511‌

231,700

Exelon

Corp. 

10,617‌

470,900

SSE

PLC (f)

14,877‌

67,742‌

Total

Common

Stock

985,873‌

Master

Limited

Partnership

(3%)

991,500

Energy

Transfer

LP

20,187‌

408,900

Enterprise

Products

Partners

LP

15,559‌

Total

Master

Limited

Partnership

35,746‌

Others

(1%)

15,690,155

Payden

Cash

Reserves

Money

Market

Fund*

(Cost - $15,690) 

15,690‌

Total

Others

15,690‌

Real

Estate

Investment

Trust

(5%)

344,500

Annaly

Capital

Management

Inc.

7,827‌

93,500

Prologis

Inc.

13,521‌

71,400

Simon

Property

Group

Inc.

16,377‌

128,000

Ventas

Inc.

11,969‌

Total

Real

Estate

Investment

Trust

49,694‌

Total

Stock

(Cost

-

$794,736)

1,087,003‌

Total

Investments

(Cost

-

$819,486)

(100%)

1,111,428‌

Liabilities,

in

excess

of

Other

Assets

((0.0)%)

(4,770‌)

Net

Assets

(100%)

$

1,106,658‌

2

Payden

Mutual

Funds

Payden

Equity

Income

Fund

continued

*

Affiliated

investment.

(a)

Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

July

31,

2026.

(b)

Perpetual

security

with

no

stated

maturity

date.

(c)

All

or

a

portion

of

these

securities

are

on

loan.

At

July

31,

2026,

the

total

market

value

of

the

Fund’s

securities

on

loan

is

$5,124

and

the

total

market

value

of

the

collateral

held

by

the

Fund

is

$5,258.

Amounts

in

000s.

(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.

(e)

Non-income

producing

(f)

Principal

in

foreign

currency.

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000s)

Assets:

USD

6,352

EUR  5,497

HSBC

Bank

USA,

N.A.

09/16/2026

$

2

Liabilities:

USD

41,547

GBP  31,165

BNP

PARIBAS

09/16/2026

(455)

USD

177

JPY  28,200

Morgan

Stanley

09/16/2026

(1)

(456)

Net

Unrealized

Appreciation

(Depreciation)

$(454)