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)

Edward S. Garlock, Esq.

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, 2013

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. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Contents

1	Management Discussion & Analysis
5	Portfolio Highlights & Investments
57	Statements of Assets & Liabilities
61	Statements of Operations
65	Statements of Changes in Net Assets
71	Notes to Financial Statements
85	Financial Highlights
97	Fund Expenses
99	Trustees & Officers

Semi-Annual Report

Management Discussion & Analysis

Short Duration Strategies

During the six-months ended April 30, 2013, investors digested better-than-expected domestic economic data amidst continued headwinds out of the European Union, while watching increased activity by central banks. The unemployment rate in the U.S. declined to 7.6% during the period while the S&P 500 climbed to record highs. The European Central Bank continued to provide support to European banks with the announcement of the Outright Monetary Transactions policy. The Bank of Japan announced a 2-year $1.4 trillion asset purchase plan to stimulate its economy. Bond prices moved higher as rates fell across the U.S. Treasury yield curve and credit spreads continued to compress.

The Payden Cash Reserves Money Market Fund continued to provide a positive return and stable daily liquidity. For the six months ended April 30, 2013, the Fund returned 0.01% compared to a return of 0.01% for both the Lipper Money Market Average and the Lipper Government Money Market Average, the Fund’s benchmarks. Money market rates still remain relatively low as the Federal Reserve Board decided to link its low interest rate policy to improved and sustained economic growth rather than a specific date. The Fund benefitted from a decrease in front-end government yields due to an increased flight-to-quality demand.

The Payden Limited Maturity Fund returned 0.49% for the six months ended April 30, 2013, compared to a return of 0.06% for its benchmark, the Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index. Investment-grade credit and non-agency mortgage-backed securities offered the largest source of return through price appreciation and yield advantage relative to U.S. Treasury bills. The Fund benefitted from owning securities with maturities between one and three years, as U.S. Treasury yields fell during the period.

The Payden Low Duration Fund returned 1.12% for the six months ended April 30, 2013, compared to a return of 0.34% for its benchmark, the Bank of America Merrill Lynch 1-3 Year Treasury Index. All sectors within the Fund outperformed U.S. Treasuries. Notably, investment-grade and below investment-grade credit were the largest contributors to total return during the period. The Fund also benefitted from its allocation to non-agency mortgage backed securities.

The Payden Global Low Duration Fund returned 1.49% for the six months ended April 30, 2013, compared to a return of 0.34% for its benchmark, the Bank of America Merrill Lynch 1-3 Year Treasury Index. All sectors within the Fund outperformed U.S. Treasuries. Notably, exposure to investment-grade and below investment-grade corporate bonds contributed to positive total and relative return. The Fund also received significant outperformance from owning non-agency mortgage backed securities.

The Payden U.S. Government Fund Investor Class returned 0.58% for the six months ended April 30, 2013, compared to a return of 0.56% for its benchmark, the Bank of America Merrill Lynch 1-5 Year Treasury Index. The Fund’s Adviser Class returned 0.46% for the same period. The past six months have been dominated by the Federal Reserve Board’s quantitative easing program. The program calls for the Federal Reserve Board to purchase $85 billion of U.S. Treasury and agency mortgage backed securities each month. The large demand by the Federal Reserve Board has kept short-term rates anchored at very low levels and has kept yields in the agency mortgage market at historically low levels. The Fund kept pace with its benchmark by overweighting short average life mortgage-backed securities (MBS). Short average life MBS, primarily adjustable rate and 10- and 15-year MBS, provide additional yield as well as protection against a decline in price vs. 30-year MBS in the event that interest rates should increase or if the supportive Fed purchase program should taper or terminate.

Intermediate Duration Bond Strategies

The Payden GNMA Fund Investor Class returned 0.75% for the six months ended April 30, 2013, compared to a return of 0.42% for its benchmark, the Bank of America Merrill Lynch GNMA Master Index. The Fund’s Adviser Class returned 0.62% for the same period. The primary driver of returns has been the Federal Reserve Board’s quantitative easing program (QE3) which calls for the purchase of $65 billion worth of agency mortgage backed securities and an additional $20 billion of U.S. Treasury securities per month. The Fed’s QE3 program has provided a great deal of support for the agency mortgage market. The program has kept mortgage valuations at relatively low levels when looked at over a longer time period. Current economic fundamental suggest that we will be in this environment of modest mortgage securities yields for some time. The Fund has outperformed its benchmark by overweighting lower coupon mortgage pools. Due to changes in price, lower coupon mortgage pools have higher yields and will typically outperform higher coupon pools when interest rates are stable or declining.

1 Payden Mutual Funds

The Payden Core Bond Fund Investor Class returned 2.22% for the six months ended April 30, 2013, compared to a return of 0.90% for its benchmark the Barclay’s Capital Aggregate Bond Index, while the Fund’s Adviser Class returned 2.09% for the same period. During the period, the Fund was positioned with a high allocation to corporate bonds – including below investment grade bonds and corporate bonds from emerging markets countries. Government yields gyrated some during the period, but they started and ended at about the same levels, with the 10-year U.S. Treasury hovering around 1.70%. Due to its higher allocation to credit sectors, the Fund has a materially higher yield than the benchmark. This added yield, coupled with price appreciation in the credit sector, was a primary driver of added performance during the period.

The Payden Corporate Bond Fund generated a return of 2.87% for the six months ended April 30, 2013, compared to a return of 1.49% for its benchmark, the Barclay’s Capital U.S. Corporate Investment Grade Index. The strong outperformance came from two primary strategy initiates. First, the Fund does have a modest allocation to below investment grade bonds. Not only did this give an overall yield boost to the Fund, but it also provided additional price appreciation during the period. Second, the Fund held a higher allocation to financial companies which outperformed other sectors. Financial companies have come a long way from the financial crisis of 2008 and have strengthened their balance sheets and capital ratios.

High Yield Bond Strategy

The six month period ended April 30, 2013 was a strong one for the global high yield market, with both solid fundamentals and healthy technicals pushing the market higher. The Payden High Income Fund Investor Class returned 5.98% for the six months ended April 30, 2012, while the Bank of America Merrill Lynch BB/B High Yield Cash Pay Index, the Fund’s benchmark returned 6.45%. The Fund’s Adviser Class returned 5.86% for the same period. The underperformance was largely driven by the Fund’s higher-quality positioning which slightly detracted from performance relative to its benchmark. The strong absolute performance of the high yield market was largely attributable to continuing robust fundamentals in the market, with companies both refinancing their existing debt loads and extending their debt maturities. These actions allowed companies to reduce their interest expense and thus enhance their cash flows. The market rally over the past six months was focused upon the higher beta, lower-quality CCC end of the market. This more risky segment of the high yield sector was up 10.88% versus the higher-quality BB rated end of the market, which was up a more modest 5.64%. Since the U.S. elections in November 2012 and the introduction of Quantitative Easing (QE3) in mid-September 2012, investors have been aggressively buying spread products, including high yield bonds and loans and corporate bonds.

Tax Exempt Strategies

For the six months ended April 30, 2013, the municipal market saw range-bound movement in its baseline yield curve driven by federal politics and concern over the tax-exempt status of municipal bonds. Federal sequestration and the “fiscal cliff” saw a return to higher top-bracket marginal tax rates with no major additional tax reform, and the market ended the period only slightly higher in price the intermediate-long portion of the curve. Credit spreads continued to tighten slightly as economic news showed evidence of a continued recovery.

For the six months ended April 30, 2013, the Payden Tax-Exempt Bond Fund returned 1.52%, while its benchmark, the Barclays Capital Quality Intermediate Municipal Index, returned 1.44%. The Fund’s longer duration exposure to intermediate-maturity bonds and higher yielding securities were contributors to the return difference.

For the six months ended April 30, 2013, the Payden California Municipal Income Fund returned 1.33%, while the Barclays Capital California Intermediate Index returned 1.69%. The Fund’s security selection in the revenue bond sector was the main driver of return difference during this period. The Fund avoided lower quality bonds over the period, which tended to outperform.

U.S. Equity Strategy

The equity markets posted double digit returns for the six months ended April 30, 2013 as accommodative central bank policies and attractive relative valuations lifted stock prices higher. The markets began the period on a negative note as the re-election of President Obama led to tougher negotiations on the fiscal cliff. However, politicians were able to come to an agreement on taxes and push back other impending deadlines on the budget and debt ceiling. The start of the New Year brought strong inflows to the equity market as investors looked to increase risky assets given that the fiscal cliff was averted and the Fed has remained committed to its easing

Semi-Annual Report 2

Management Discussion & Analysis continued

policies. Stock prices continued to rise on the strength of a better than expected earnings season as corporations showed good sales and profit growth for the quarter. Investors were unfazed by negative headlines out of Cyprus and automatic budget cuts from sequestration as inflows into the equity market continued at a healthy pace, reversing the recent trend of outflows the past five years. The market rally continued to the end of the April with the S&P 500 index closing at an all-time record high.

The Payden Value Leaders Fund Investor Class returned 16.21%, and the Adviser Class returned 16.16% for the six months ended April 30, 2013. The Fund’s benchmark, the Russell 1000 Value Index, returned 16.31% for the same time period. In terms of sector allocation, the Fund benefited from its underweight in the industrials sector. In regards to individual stock selection, the strongest area of stock selection was in the energy sector, while the weakest area was in the financial sector. The best performers in the Fund were real estate investment trust Health Care REIT and master limited partnership Energy Transfer Equity.

Global Bond Strategies

Major international government bond markets made solid gains over the six months ended April 2013. Core European and UK Gilt markets benefitted from safe haven flows triggered by the Cypriot banking crisis and political uncertainties in Italy as protracted negotiations to form a coalition government stalled at the end of April. Although Cyprus eventually met the conditions to qualify for European bail-out funds, concerns about potential contagion persisted. UK Gilts were also supported by poor economic data, talk of a ‘triple-dip’ recession and growing expectations of further quantitative easing. Peripheral Euro-zone sovereign debt markets rallied very strongly over the period despite the Cypriot crisis, as investors seemed confident the worst of the region’s crisis has passed and that the ECB would step in if necessary to stabilize markets. U.S. Treasuries lagged, but still delivered decent returns as confidence in the U.S. economic outlook grew steadily.

Non-government credit markets were mixed over the six months ended April 2013. Investment grade corporate bonds outperformed U.S. Treasuries but performed broadly in line with other core sovereign markets. Emerging market debt rose strongly at the end of 2012 but lost some of these gains to profit-taking early in 2013. However, the sector still registered strongly positive returns over the six month period. High yield bonds performed even more strongly.

For the six months ended April 30 2013, the Payden Global Fixed Income Fund returned 3.70%, outperforming its benchmark, the Lehman Global Aggregate Index Hedged into USD, which returned 2.29%. This outperformance was primarily due to the Fund’s overweight holdings of investment-grade corporate and high yield, which outperformed government bonds over the period as investors’ appetite for yield persisted. Currency positioning also made a solid contribution to performance, thanks to our short position in the Japanese yen and long positions in a basket of emerging market currencies. Our exposure to emerging market debt made a minor addition to performance while duration management detracted slightly.

Emerging Market Bond Strategies

Emerging-market dollar-pay bond spreads widened by 3 basis points to yield 282 basis points over comparable U.S. Treasuries, while local-pay yields were 46 basis points lower at 5.22% during the six month period ended April 30, 2013.

Global central banks’ commitment to provide liquidity reduced tail risks and led spreads in emerging markets to rally through the close of 2012. The U.S. avoided falling off the “fiscal cliff” to start 2013, and spreads neared their post-crisis lows in January. However, a steady increase in U.S. Treasury yields during the opening months of the year caused emerging market spreads to back up 43 basis points through March. Beginning in April, weakening economic data signals and lower than expected inflation led to a renewed focus on monetary easing – particularly from the Bank of Japan – reviving investors’ search for yield and pulling spreads lower.

Driven by a combination of yield compression and currency appreciation against the U.S. dollar, local currency emerging bonds outperformed dollar-pay bonds significantly over the six month period. Global conditions attracted flows to local markets, contributing to increased demand for both bonds and currencies. The Mexican Peso exemplified the trend, as it appreciated almost 8%. Hungary and South Africa were notable exceptions, as their currencies fell 3%, though both saw yields decline.

The Payden Emerging Market Bond Fund Investor Class returned 4.21%, the Advisor Class returned 4.08% and the Institutional Class returned 4.23% for the six months ended April 2013. The J.P. Morgan EMBI Global Diversified Index, the Fund’s benchmark returned 2.50% for the period. The Fund is overweight Latin America, including Brazil, Mexico and Colombia,

3 Payden Mutual Funds

while maintaining a neutral position in Central and Eastern Europe, with underweights in Poland due to tight valuations and Hungary and overweight in Russia due to strong fundamentals and Kazakhstan. In Asia, there are attractive opportunities in Indonesia, India and Sri Lanka, while the Fund remains underweight the region through the Philippines and Malaysia, where valuations are not compelling. The Fund has no exposure in the Middle East outside of quasi-sovereigns in the United Arab Emirates, as the region continues to struggle in the aftermath of the Arab Spring. The Fund sees value in select local currency bond markets, including Brazil, Colombia, Costa Rica, Mexico, and Russia, as well as in select corporates where spreads to sovereigns are attractive.

The Payden Emerging Market Local Bond Fund Investor Class returned 7.66% for the six months ended April 30, 2013, as compared to 7.02% for the J.P. Morgan GBI-EM Global Diversified Index. The Fund’s Adviser Class returned 7.54% during the period. The Fund maintains an overweight allocation to Latin America, including Brazil, Colombia, Costa Rica, and Mexico. It is also overweight Central and Eastern Europe through Russia and Turkey, while still underweight Hungary on concerns regarding the country’s policy direction. In Asia, the Fund is neutral, with underweights in Indonesia and Malaysia due to this market’s flat yield curve and low absolute yields and an overweight in the Philippines. In Africa, The Fund is underweight through South Africa, while maintaining exposure to Nigeria, where yields are attractive and authorities are prudently managing monetary policy.

European Emerging Equity Strategy

The Metzler/Payden European Emerging Markets Fund returned 0.28% for the six months ended April 30, 2013. The Fund’s benchmark, the Nomura Central and Eastern European Index, returned -0.34% for the same period. Equities in the region posted a strong rally during the first half of the period, as global central banks further committed to providing liquidity, leading to a rally, while the U.S. economy avoided falling over the “fiscal cliff”, giving sentiment a further boost. However, the second half of the period saw equity markets in the region give up the entire rally, as economic data started to show signs of weakness again both in the region and globally.

The Fund marginally reduced its position in Russia, Hungary, the Czech Republic and Kazakhstan, while it significantly increased its position in Turkey, as well as Poland. Financials remained unchanged as the top sector. The Fund reduced its exposure to the materials sector, as well as to energy and utilities. Investments in the consumer staples and telecommunication services sectors increased.

Semi-Annual Report 4

Portfolio Highlights & Investments

Investment Abbreviations

AMBAC - American Municipal Bond Assurance Co.

ARM - Adjustable Rate Mortgage

FDIC - Federal Deposit Insurance Corporation

FFCB - Federal Farm Credit Bank

FG - Freddie Mac Gold Pool

FGIC - Financial Guaranty Insurance Co.

FH - Freddie Mac Non Gold Pool

FHLB - Federal Home Loan Banks

FHLMC - Federal Home Loan Mortgage Company (Freddie Mac)

FHR - Freddie Mac REMICS

FN - Fannie Mae Pool

FNMA - Federal National Mortgage Association (Fannie Mae)

FNR - Fannie Mae REMICS

FNW - Fannie Mae Whole Loan

FSA - Financial Security Assurance

G2 - Ginnie Mae II pool

GN - Ginnie Mae I pool

GNMA - Government National Mortgage Association (Ginnie Mae)

GNR - Ginnie Mae REMICS

MBIA - Municipal Bond Insurance Association

NCUA - National Credit Union Administration

5 Payden Mutual Funds

Payden Cash Reserves Money Market Fund

The Fund seeks stability, liquidity and current income by generally investing in the highest quality, short term securities with an average portfolio maturity not to exceed 90 days.

Portfolio Composition - percent of value
Repurchase Agreement	51	%
U.S. Government Agency	32	%
U.S. Treasury	13	%
Investment Company	4	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	U.S. Government Agency (32%)
	9,000,000	FFCB, 0.18%, 6/06/14 (a)	$        9,001
	10,000,000	FFCB, 0.18%, 11/26/14 (a)	10,002
	11,300,000	FFCB, 0.26%, 6/26/13 (a)	11,302
	5,000,000	FHLB, 0.09%, 1/03/14 (a)	5,000
	11,000,000	FHLB, 0.10%, 1/24/14 (a)	11,000
	1,500,000	FHLB, 0.10%, 2/03/14 (a)	1,499
	15,000,000	FHLB, 0.17%, 5/23/14 (a)	14,999
	10,000,000	FHLB Disc Note, 0.07%, 9/18/13 (b)	9,995
	10,000,000	FHLB Disc Note, 0.13%, 8/09/13 (b)	9,996
	10,000,000	FHLB Disc Note, 0.14%, 9/04/13 (b)	9,995
	4,350,000	FHLMC, 0.20%, 12/05/14 (a)	4,350
	3,600,000	FHLMC Disc Note, 0.13%, 1/15/14 (b)	3,597
	15,000,000	FNMA Disc Note, 0.14%, 9/04/13 (b)	14,993
	Total U.S. Government Agency (Cost - $115,729)		115,729
	U.S. Treasury (13%)
	20,000,000	U.S. Treasury Bill, 0.13%, 6/13/13 (b)	19,997
	10,000,000	U.S. Treasury Note, 0.50%, 10/15/13	10,016
	15,000,000	U.S. Treasury Note, 0.50%, 11/15/13	15,028
	Total U.S. Treasury (Cost - $45,041)		45,041
	Investment Company (4%)
	14,149,826	Dreyfus Treasury Cash Management Fund (Cost - $14,150)	14,150
	Repurchase Agreement (51%)
	50,000,000	Citigroup Tri Party, 0.10%, 5/06/13 (c)	50,000
	50,000,000	Deutsche Tri Party, 0.08%, 5/01/13 (d)	50,000
	50,000,000	Goldman Sachs Tri Party, 0.06%, 5/03/13 (e)	50,000
	32,000,000	RBC Capital Tri Party, 0.16%, 5/01/13 (f)	32,000
	Total Repurchase Agreement (Cost - $182,000)		182,000
	Total (Cost - $356,920) (100%)		356,920
	Liabilities in excess of Other Assets (0%)		(7)
	Net Assets (100%)		$    356,913

(a) Variable rate security.

(b) Yield to maturity at time of purchase.

(c) The repurchase agreement dated 4/30/2013 is collateralized by the following securities:

Citigroup Tri Party
33,900,000	FMAC, maturity Aug 40, yielding 4.50%	$	22,346
28,107,410	FNMA, maturity from Aug 23-Feb 43, yielding from 3.50%-5.00%		29,676
587,083	GNMA, maturity from Jul 40 -Feb 43, yielding from 2.50%-3.50%		601
		$	52,623
(d)    The repurchase agreement dated 4/30/2013 is collateralized by the following securities:
Deutsche Bank Tri Party
1,095,842	FNMA, maturity from Nov 38-Feb 42, yielding from 4.00%-7.00%	$	552
53,243,980	GNMA, maturity from Jun 26-Dec 42, yielding from 3.50%-5.00%		50,554
		$	51,106
(e)    The repurchase agreement dated 4/30/2013 is collateralized by the following securities:
Goldman Sachs Tri Party
50,600,000	U.S. Treasury Note, 0.75%, Dec 17	$	51,000
(f)    The repurchase agreement dated 4/30/2013 is collateralized by the following securities:
RBC Capital Tri Party
42,847,439	FNMA, maturity from Apr 40-Sep 41, yielding 5.00%	$	32,640

See notes to financial statements.

Semi-Annual Report 6

Payden Limited Maturity Fund

The Fund seeks a total return greater than a money market fund along with the preservation of capital by generally investing in investment grade debt securities with a maximum average portfolio maturity not to exceed two years.

Credit Quality - percent of value
AAA	28	%
AA	29	%
A	20	%
BBB	22	%
BB or lower	1	%

Schedule of Investments -April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Asset Backed (19%)
	338,054	AEP Texas Central Transition Funding LLC, 5.96%, 7/15/15	$        342
	1,735,000	Ally Auto Receivables Trust, 0.99%, 11/16/15	1,741
	1,400,000	Ally Master Owner Trust, 0.65%, 2/15/18	1,402
	1,600,000	Ally Master Owner Trust, 0.65%, 4/15/18	1,601
	932,960	Bumper 5 UK Finance PLC, 1.89%, 6/20/22 GBP (a)	1,465
	3,200,000	Capital Auto Receivables Asset Trust, 0.62%, 7/20/16	3,207
	330,000	Capital Auto Receivables Asset Trust, 1.29%, 4/20/18	331
	340,000	Capital Auto Receivables Asset Trust, 1.74%, 10/22/18	342
	1,400,000	Chester Asset Receivables Dealings 2003-B PLC, 4.65%, 7/15/13 GBP (a)	2,198
	680,000	Chester Asset Receivables Dealings 2004-1 PLC, 0.70%, 4/15/16 GBP (a)	1,058
	1,649,215	Compartment VCL 16, 0.39%, 7/21/18 EUR (a)	2,174
	1,400,000	Discover Card Master Trust, 0.81%, 8/15/17	1,409
	2,000,000	GE Capital Credit Card Master Note Trust, 1.03%, 1/15/18	2,019
	504,809	Globaldrive Auto Receivables 2011-A BV 144A, 0.87%, 4/20/19 EUR (a)(b)	670
	2,200,000	Golden Credit Card Trust 144A, 0.65%, 7/17/17 (b)	2,210
	1,250,000	Gracechurch Card Funding PLC 144A, 0.90%, 2/15/17 (b)	1,259
	900,000	Gracechurch Card Funding PLC 144A, 0.92%, 2/15/17 EUR (a)(b)	1,197
	1,100,000	Great America Leasing Receivables 144A, 0.78%, 6/15/16 (b)	1,103
	1,650,000	GSAMP Trust 2004-SEA2, 0.85%, 3/25/34	1,633
	657,403	Honda Auto Receivables Owner Trust, 0.57%, 8/15/14	658
	3,250,000	Nissan Master Owner Trust Receivables, 0.50%, 2/15/18	3,252
	1,230,000	Penarth Master Issuer PLC 144A, 0.77%, 3/18/14 (b)	1,233
	710,000	Penarth Master Issuer PLC 144A, 0.85%, 5/18/15 (b)	710
	2,205,000	Prestige Auto Receivables Trust 144A, 1.09%, 2/15/18 (b)	2,207
	2,220,374	Santander Drive Auto Receivables Trust, 0.79%, 8/17/15	2,225
	2,300,000	SLM Student Loan Trust, 0.52%, 4/25/17	2,296
	2,000,000	Turquoise Card Backed Securities PLC 144A, 0.95%, 9/15/16 (b)	2,011

Principal or Shares		Security Description	Value (000)
	1,669,565	USAA Auto Owner Trust, 0.38%, 6/15/15	$        1,669
	1,014,032	Volkswagen Auto Loan Enhanced Trust, 2.14%, 8/22/16	1,019
	950,000	World Omni Master Owner Trust 144A, 0.55%, 2/15/18 (b)	951
	Total Asset Backed (Cost - $45,571)		45,592
	Commercial Paper (1%)
	2,000,000	Reckitt Benckiser Treasury Services PLC 144A, 1.52%, 9/06/13 (b)(c)	1,995
	1,250,000	Royal Bank of Scotland, 0.67%, 5/02/13 (c)	1,250
	Total Commercial Paper (Cost - $3,244)		3,245
	Corporate Bond (47%)
	1,000,000	AbbVie Inc. 144A, 1.20%, 11/06/15 (b)	1,009
	1,000,000	ABN AMRO Bank NV 144A, 2.05%, 1/30/14 (b)	1,011
	890,000	Amazon.com Inc., 0.65%, 11/27/15	890
	1,150,000	American Express Centurion Bank, 0.74%, 11/13/15	1,153
	1,110,000	American Honda Finance Corp. 144A, 1.45%, 2/27/15 (b)	1,126
	710,000	ANZ New Zealand International Ltd./London 144A, 1.13%, 3/24/16 (b)	713
	930,000	Apple Inc., 0.32%, 5/03/16	930
	610,000	Apple Inc., 0.45%, 5/03/16	609
	855,000	Apple Inc., 0.52%, 5/03/18	855
	1,210,000	AT&T Inc., 0.68%, 2/12/16	1,214
	480,000	AT&T Inc., 0.88%, 2/13/15	482
	1,100,000	Banco Bradesco SA/Cayman Islands 144A, 2.39%, 5/16/14 (b)	1,112
	220,000	Bancolombia SA, 4.25%, 1/12/16 (d)	234
	1,500,000	Bank of America Corp., 1.10%, 3/22/16	1,500
	1,000,000	Bank of America Corp., 1.50%, 10/09/15	1,007
	1,100,000	Bank of America Corp., 3.70%, 9/01/15	1,159
	1,140,000	Bank of Montreal, 0.75%, 9/11/15	1,146
	700,000	Bank of Montreal, 0.88%, 4/09/18	703
	850,000	Bank of Nova Scotia, 0.75%, 10/09/15	851
	1,270,000	Bank of Tokyo-Mitsubishi UFJ Ltd. 144A, 0.74%, 2/26/16 (b)	1,270
	920,000	Barclays Bank PLC, 1.32%, 1/13/14	926
	1,200,000	Barrick Gold Corp., 1.75%, 5/30/14	1,212
	650,000	BAT International Finance PLC 144A, 1.40%, 6/05/15 (b)	659
	670,000	BBVA Banco Continental SA 144A, 2.25%, 7/29/16 (b)	663
	750,000	BP Capital Markets PLC, 3.88%, 3/10/15	795

7 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	1,200,000	British Telecommunications PLC, 1.41%, 12/20/13	$        1,208
	750,000	Caixa Economica Federal 144A, 2.38%, 11/06/17 (b)	734
	640,000	Campbell Soup Co., 0.57%, 8/01/14	642
	1,150,000	Canadian Imperial Bank of Commerce, 0.90%, 10/01/15	1,156
	980,000	Capital One Financial Corp., 1.00%, 11/06/15	978
	1,480,000	Capital One Financial Corp., 2.13%, 7/15/14	1,504
	430,000	Carnival Corp., 1.20%, 2/05/16	431
	1,500,000	Caterpillar Financial Services Corp., 0.53%, 2/26/16	1,503
	1,410,000	Citigroup Inc., 1.07%, 4/01/16	1,417
	770,000	Citigroup Inc., 1.25%, 1/15/16	773
	1,100,000	Citigroup Inc., 2.25%, 8/07/15	1,130
	230,000	Computer Sciences Corp., 2.50%, 9/15/15	236
	300,000	ConAgra Foods Inc., 1.30%, 1/25/16	303
	170,000	ConAgra Foods Inc., 1.35%, 9/10/15	172
	1,090,000	Credit Agricole SA/London 144A, 1.44%, 4/15/16 (b)	1,092
	1,420,000	Credit Suisse/New York, 1.24%, 1/14/14	1,429
	1,410,000	Daimler Finance North America LLC 144A, 0.89%, 3/28/14 (b)	1,413
	670,000	Daimler Finance North America LLC 144A, 1.25%, 1/11/16 (b)	674
	720,000	DENTSPLY International Inc., 1.79%, 8/15/13	722
	540,000	Diageo Capital PLC, 0.63%, 4/29/16	540
	495,000	Digital Realty Trust LP, 4.50%, 7/15/15	528
	750,000	DTE Energy Co., 0.99%, 6/03/13	750
	430,000	Eaton Corp. 144A, 0.95%, 11/02/15 (b)	433
	270,000	Ecolab Inc., 1.00%, 8/09/15	271
	270,000	Ecolab Inc., 2.38%, 12/08/14	277
	200,000	ERAC USA Finance LLC 144A, 1.40%, 4/15/16 (b)	202
	410,000	ERAC USA Finance LLC 144A, 2.75%, 7/01/13 (b)	412
	1,100,000	Express Scripts Holding Co., 2.10%, 2/12/15	1,124
	300,000	Freeport-McMoRan Copper & Gold Inc., 1.40%, 2/13/15	303
	800,000	GE Capital UK Funding, 0.66%, 3/20/17 GBP (a)	1,210
	60,000	General Electric Capital Corp., 0.88%, 12/11/15	61
	1,280,000	General Electric Capital Corp., 1.63%, 7/02/15	1,305
	230,000	General Mills Inc., 0.58%, 1/29/16	230
	240,000	General Mills Inc., 0.88%, 1/29/16	241
	840,000	Georgia Power Co., 0.60%, 3/15/16	841
	1,000,000	Goldman Sachs Group Inc., 1.30%, 2/07/14	1,005
	1,370,000	Goldman Sachs Group Inc., 1.48%, 4/30/18	1,373
	800,000	Goldman Sachs Group Inc., 1.60%, 11/23/15	811
	235,000	Hana Bank 144A, 1.38%, 2/05/16 (b)	234
	600,000	Harley-Davidson Financial Services Inc. 144A, 1.15%, 9/15/15 (b)	603
	250,000	HCP Inc., 2.70%, 2/01/14	254
	210,000	Heineken NV 144A, 0.80%, 10/01/15 (b)	210
	800,000	Hewlett-Packard Co., 1.83%, 9/19/14	809
	700,000	HSBC Bank PLC 144A, 3.10%, 5/24/16 (b)	745
	750,000	HSBC Finance Corp., 0.53%, 1/15/14	750
	510,000	Hyundai Capital America 144A, 1.63%, 10/02/15 (b)	511

Principal or Shares		Security Description	Value (000)
	1,350,000	ING Bank NV 144A, 1.92%, 9/25/15 (b)	$        1,375
	1,520,000	JPMorgan Chase & Co., 0.91%, 2/26/16	1,524
	1,000,000	JPMorgan Chase & Co., 1.10%, 10/15/15	1,005
	760,000	JPMorgan Chase & Co., 1.18%, 1/25/18	766
	500,000	Kellogg Co., 0.52%, 2/13/15	501
	1,470,000	Lloyds TSB Bank PLC, 2.63%, 1/24/14	1,492
	1,400,000	Manufacturers & Traders Trust Co., 0.58%, 3/07/16	1,402
	530,000	Marathon Oil Corp., 0.90%, 11/01/15	532
	905,000	MetLife Institutional Funding II 144A, 0.65%, 1/06/15 (b)	906
	700,000	Mondelez International Inc., 5.25%, 10/01/13	714
	910,000	Morgan Stanley, 1.54%, 2/25/16	916
	670,000	Morgan Stanley, 1.56%, 4/25/18	671
	1,100,000	Morgan Stanley, 1.88%, 1/24/14	1,108
	590,000	NBCUniversal Enterprise Inc. 144A, 0.82%, 4/15/16 (b)	593
	900,000	New York Life Funding, 5.13%, 2/03/15 GBP (a)	1,506
	180,000	NextEra Energy Capital Holdings Inc., 1.20%, 6/01/15	182
	1,130,000	Nissan Motor Acceptance Corp. 144A, 1.00%, 3/15/16 (b)	1,133
	1,360,000	Nomura Holdings Inc., 1.73%, 9/13/16	1,367
	1,000,000	Nordea Eiendomskreditt AS 144A, 0.70%, 4/07/14 (b)	1,004
	560,000	Penske Truck Leasing Co. LP / PTL Finance Corp. 144A, 2.50%, 3/15/16 (b)	580
	700,000	Penske Truck Leasing Co. LP / PTL Finance Corp. 144A, 3.13%, 5/11/15 (b)	728
	550,000	Phillips 66, 1.95%, 3/05/15	562
	370,000	Precision Castparts Corp., 0.70%, 12/20/15	371
	600,000	Principal Financial Global Funding LLC, 5.63%, 9/24/13 GBP (a)	952
	500,000	Principal Life Global Funding II 144A, 1.00%, 12/11/15 (b)	502
	820,000	QBE Insurance Group Ltd., 6.13%, 9/28/15 GBP (a)	1,410
	300,000	Quest Diagnostics Inc., 1.13%, 3/24/14	301
	500,000	RCI Banque SA, 1.11%, 4/07/15 EUR (a)	636
	700,000	RCI Banque SA 144A, 2.15%, 4/11/14 (b)	703
	900,000	Regions Financial Corp., 2.00%, 5/15/18	898
	250,000	Reynolds American Inc., 1.05%, 10/30/15	250
	1,200,000	Rio Tinto Finance USA PLC, 1.13%, 3/20/15	1,210
	1,000,000	Rogers Communications Inc., 6.25%, 6/15/13	1,006
	2,500,000	Royal Bank of Canada, 0.51%, 1/06/15	2,505
	570,000	SABMiller Holdings Inc. 144A, 1.85%, 1/15/15 (b)	581
	2,080,000	Safeway Inc., 1.78%, 12/12/13	2,091
	630,000	Sinopec Capital 2013 Ltd. 144A, 1.25%, 4/24/16 (b)	630
	490,000	Sumitomo Mitsui Banking Corp., 0.90%, 1/18/16	490
	750,000	SunTrust Bank/Atlanta GA, 0.58%, 8/24/15	739
	1,520,000	Svenska Handelsbanken AB, 0.73%, 3/21/16	1,521
	1,100,000	Takeda Pharmaceutical Co. Ltd. 144A, 1.03%, 3/17/15 (b)	1,110
	550,000	Thermo Fisher Scientific Inc., 3.20%, 5/01/15	573
	1,310,000	Toronto-Dominion Bank, 0.82%, 4/30/18	1,316
	1,360,000	Total Capital Canada Ltd., 0.66%, 1/15/16	1,369

Semi-Annual Report 8

        Payden Limited Maturity Fund continued

Principal or Shares		Security Description	Value (000)
	490,000	TransCanada PipeLines Ltd., 0.88%, 3/02/15	$        493
	460,000	TSMC Global Ltd. 144A, 0.95%, 4/03/16 (b)	461
	1,030,000	Union Bank NA, 1.23%, 6/06/14	1,039
	1,000,000	US Bank NA, 0.56%, 10/14/14	1,001
	1,300,000	Verizon Communications Inc. 144A, 0.48%, 3/06/15 (b)	1,299
	1,250,000	Viacom Inc., 1.25%, 2/27/15	1,260
	510,000	Vivendi SA 144A, 2.40%, 4/10/15 (b)	520
	1,260,000	Vodafone Group PLC, 0.68%, 2/19/16	1,262
	500,000	Vodafone Group PLC, 0.71%, 9/05/13 EUR (a)	660
	1,100,000	Volkswagen International Finance NV 144A, 0.89%, 11/20/14 (b)	1,105
	1,000,000	Wachovia Corp., 4.88%, 2/15/14	1,034
	1,260,000	Walgreen Co., 0.78%, 3/13/14	1,263
	550,000	WellPoint Inc., 1.25%, 9/10/15	555
	970,000	Wells Fargo & Co., 0.91%, 4/23/18	973
	515,000	Wells Fargo Bank NA, 4.75%, 2/09/15	551
	1,520,000	Westpac Banking Corp., 0.95%, 1/12/16	1,533
	1,250,000	Westpac Banking Corp., 1.04%, 9/25/15	1,262
	860,000	Xstrata Finance Canada Ltd. 144A, 1.80%, 10/23/15 (b)	871
	300,000	Zoetis Inc. 144A, 1.15%, 2/01/16 (b)	302
	Total Corporate Bond (Cost - $115,416)		115,954
	FDIC Guaranteed (1%)
	348,540	FDIC Structured Sale Guaranteed Notes 144A, 0.75%, 2/25/48 (b)	349
	2,192,847	FDIC Structured Sale Guaranteed Notes 144A, 0.92%, 12/04/20 (b)	2,209
	Total FDIC Guaranteed (Cost - $2,541)		2,558
	Foreign Government (2%)
	2,990,000	Kommunalbanken AS 144A, 0.30%, 1/26/15 (b)	2,987
	17,300,000	Mexican Bonos, 9.00%, 6/20/13 MXN (a)	1,434
	860,000	Mexico Government International Bond, 5.88%, 2/17/14	894
	1,000,000	Qatar Government International Bond 144A, 4.00%, 1/20/15 (b)	1,054
	Total Foreign Government (Cost - $6,297)		6,369
	Mortgage Backed (15%)
	340,010	Asset Backed Funding Certificates, 0.82%, 4/25/34	323
	51,403	Bear Stearns ALT-A Trust, 2.63%, 3/25/34	52
	1,608,608	Credit Suisse Mortgage Capital Certificates 144A, 1.20%, 2/27/47 (b)	1,620
	1,520,000	Credit Suisse Mortgage Capital Certificates 144A, 1.55%, 4/25/43 (b)	1,517
	1,770,000	Del Coronado Trust 144A, 1.00%, 3/15/26 (b)	1,770
	2,200,000	Extended Stay America Trust 144A, 1.00%, 12/05/31 (b)	2,201
	591,327	FH 1B2612 ARM, 2.75%, 11/01/34	631
	298,145	FH 847515 ARM, 2.70%, 2/01/34	317
	705,649	FHLMC Structured Pass Through Securities, 3.61%, 2/27/15	713
	102,890	FN 708229 ARM, 2.04%, 4/01/33	109
	2,233,534	FN 784365 ARM, 2.23%, 5/01/34	2,379
	1,887,545	FN 866093 ARM, 2.64%, 3/01/36	2,016
	1,532,029	FN 870542 ARM, 2.40%, 3/01/36	1,633
	121,509	FN 878544 ARM, 2.73%, 3/01/36	130
	545,292	FN 889821 ARM, 2.53%, 12/01/36	581

Principal or Shares		Security Description	Value (000)
	1,537,376	FN 906140 ARM, 2.61%, 1/01/37	$        1,642
	592,696	FN AD0079 ARM, 2.73%, 11/01/35	633
	2,282,510	FN AE0193 ARM, 3.68%, 7/01/40	2,425
	1,765,348	FN AL0502 ARM, 3.07%, 6/01/41	1,863
	2,643,216	Fosse Master Issuer PLC 144A, 1.68%, 10/18/54 (b)	2,675
	1,000,000	Fosse Master Issuer PLC 144A, 1.68%, 10/18/54 (b)	1,020
	464,602	GNR 2002-48 FT, 0.40%, 12/16/26	467
	850,000	Granite Master Issuer PLC, 1.06%, 12/17/54	744
	796,131	Harborview Mortgage Loan Trust, 3.06%, 1/19/35	762
	308,821	Long Beach Mortgage Loan Trust, 5.89%, 8/25/33	269
	323,684	MASTR Asset Securitization Trust, 5.00%, 7/25/19	337
	1,300,000	Motel 6 Trust 144A, 1.50%, 10/05/25 (b)	1,315
	1,345,348	Sequoia Mortgage Trust, 1.45%, 2/25/43	1,339
	238,116	Sequoia Mortgage Trust 10, 1.00%, 10/20/27	234
	1,107,040	Sequoia Mortgage Trust 2013-4, 1.55%, 4/25/43	1,108
	1,642,472	Springleaf Mortgage Loan Trust 144A, 1.27%, 6/25/58 (b)	1,642
	793,811	Springleaf Mortgage Loan Trust 144A, 1.57%, 12/25/59 (b)	798
	314,011	Structured Adjustable Rate Mortgage Loan Trust, 2.64%, 9/25/34	308
	276,640	Structured Asset Mortgage Investments Inc., 3.84%, 7/25/32	283
	Total Mortgage Backed (Cost - $35,751)		35,856
	Municipal (3%)
	1,570,000	California State, 2.50%, 6/20/13	1,575
	620,000	County of Orange CA, 0.61%, 11/01/13	620
	810,000	Florida Hurricane Catastrophe Fund Finance Corp., 1.30%, 7/01/16	817
	1,295,000	Louisiana State, 0.94%, 7/15/14	1,300
	250,000	Michigan State Finance Authority, 2.00%, 8/20/13	251
	630,000	New York Liberty Development Corp., 0.25%, 12/01/49	630
	1,300,000	South Carolina State Public Service Authority, 0.90%, 6/02/14	1,302
	1,000,000	University of California, 0.78%, 7/01/41	1,003
	Total Municipal (Cost - $7,481)		7,498
	NCUA Guaranteed (3%)
	549,972	NCUA Guaranteed Notes Trust 2010-C1, 1.60%, 10/29/20	561
	967,108	NCUA Guaranteed Notes Trust 2010-R1, 0.65%, 10/07/20	970
	553,371	NCUA Guaranteed Notes Trust 2010-R2, 0.57%, 11/06/17	556
	2,440,991	NCUA Guaranteed Notes Trust 2010-R3, 0.76%, 12/08/20	2,455
	894,449	NCUA Guaranteed Notes Trust 2011-R1, 0.65%, 1/08/20	897

9 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	59,700	NCUA Guaranteed Notes Trust 2011-R2, 0.60%, 2/06/20	$            60
	1,762,064	NCUA Guaranteed Notes Trust 2011-R5, 0.58%, 4/06/20	1,764
	Total NCUA Guaranteed (Cost - $7,244)		7,263
	U.S. Treasury (8%)
	6,000,000	U.S. Treasury Note, 0.25%, 1/31/14	6,007
	11,000,000	U.S. Treasury Note, 0.25%, 2/28/14	11,012
	3,000,000	U.S. Treasury Note, 0.63%, 7/15/14	3,017
	Total U.S. Treasury (Cost - $20,023)		20,036
	Investment Company (2%)
	4,037,587	Payden Cash Reserves Money Market Fund * (Cost - $4,038)	4,038
	Total (Cost - $247,606) (101%)		248,409
	Liabilities in excess of Other Assets (-1%)		(3,518)
	Net Assets (100%)		$    244,891

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* Affiliated investment

(a) Principal in foreign currency.

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

(c) Yield to maturity at time of purchase.

(d) All or a portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $234 and the total market value of the collateral held by the Fund is $242. Amounts in 000s.

Open Forward Currency Contracts to USD

Delivery Date		Currency (000s)	Counterparty	Unrealized (Depreciation) (000s)
	Liabilities:
	5/8/2013	British Pound (Sell 6,391)	HSBC Securities		$(209)
	5/8/2013	Euro (Sell 4,426)	Goldman Sachs		(149)
	7/30/2013	Mexican Peso (Sell 17,990)	RBS		(5)
					$(363)

See notes to financial statements.

Semi-Annual Report 10

Payden Low Duration Fund

The Fund seeks a high level of total return that is consistent with preservation of capital by generally investing in investment grade securities with a maximum average portfolio maturity not to exceed three years.

Credit Quality - percent of value
AAA	13	%
AA	24	%
A	20	%
BBB	32	%
BB or lower	11	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Asset Backed (6%)
	2,600,000	Ally Master Owner Trust, 0.65%, 2/15/18	$        2,604
	3,500,000	Ally Master Owner Trust, 0.65%, 4/15/18	3,503
	670,000	Capital Auto Receivables Asset Trust, 1.29%, 4/20/18	673
	690,000	Capital Auto Receivables Asset Trust, 1.74%, 10/22/18	694
	500,000	Citibank Omni Master Trust 144A, 5.35%, 8/15/18 (a)	531
	5,702,619	Enterprise Fleet Financing LLC 144A, 1.14%, 11/20/17 (a)	5,729
	2,150,000	First Investors Auto Owner Trust 144A, 3.40%, 3/15/16 (a)	2,180
	1,130,333	Globaldrive BV 144A, 0.87%, 4/20/19 EUR (a)(b)	1,499
	2,850,000	Gracechurch Card Funding PLC 144A, 0.90%, 2/15/17 (a)	2,871
	2,000,000	Gracechurch Card Funding PLC 144A, 0.92%, 2/15/17 EUR (a)(b)	2,660
	500,000	Great America Leasing Receivables 144A, 1.83%, 6/17/19 (a)	503
	3,000,000	GSAMP Trust, 0.85%, 3/25/34	2,969
	1,032,457	L.A. Arena Funding LLC 144A, 7.66%, 12/15/26 (a)	1,181
	2,893,584	MMAF Equipment Finance LLC 144A, 1.27%, 9/15/15 (a)	2,903
	6,200,000	Nissan Master Owner Trust Receivables, 0.50%, 2/15/18	6,204
	1,900,000	World Omni Master Owner Trust 144A, 0.55%, 2/15/18 (a)	1,901
	Total Asset Backed (Cost - $38,415)		38,605
	Corporate Bond (68%)
	2,710,000	AbbVie Inc. 144A, 1.20%, 11/06/15 (a)	2,733
	2,680,000	AbbVie Inc. 144A, 1.75%, 11/06/17 (a)	2,723
	2,000,000	African Development Bank, 2.50%, 3/15/16	2,119
	1,020,000	Airgas Inc., 2.85%, 10/01/13	1,030
	175,000	Airgas Inc., 3.25%, 10/01/15	185
	1,565,000	Alliance Data Systems Corp. 144A, 5.25%, 12/01/17 (a)	1,639
	2,800,000	Ally Financial Inc., 4.63%, 6/26/15	2,952
	2,110,000	Amazon.com Inc., 0.65%, 11/27/15	2,111
	600,000	America Movil SAB de CV, 3.63%, 3/30/15	632
	660,000	American Express Credit Corp., 1.75%, 6/12/15	675
	1,650,000	American Express Credit Corp., 5.38%, 10/01/14 GBP (b)	2,725
	200,000	American Honda Finance Corp. 144A, 1.00%, 8/11/15 (a)	201
	2,400,000	American Honda Finance Corp. 144A, 1.45%, 2/27/15 (a)	2,434

Principal or Shares		Security Description	Value (000)
	880,000	American International Group Inc., 2.38%, 8/24/15	$            902
	1,045,000	AmeriGas Partners LP / AmeriGas Finance Corp., 6.25%, 8/20/19	1,136
	1,530,000	Amgen Inc., 1.88%, 11/15/14	1,561
	1,400,000	Amgen Inc., 2.30%, 6/15/16	1,458
	1,430,000	Anglo American Capital PLC 144A, 2.15%, 9/27/13 (a)	1,437
	3,050,000	Anheuser-Busch InBev Finance Inc., 0.80%, 1/15/16	3,065
	1,460,000	ANZ New Zealand International Ltd./London 144A, 1.13%, 3/24/16 (a)	1,466
	1,345,000	Apple Inc., 0.45%, 5/03/16	1,343
	3,110,000	Apple Inc., 0.52%, 5/03/18	3,110
	1,510,000	Apple Inc., 1.00%, 5/03/18	1,504
	1,230,000	ARAMARK Corp. 144A, 5.75%, 3/15/20 (a)	1,295
	1,850,000	ArcelorMittal, 4.25%, 8/05/15	1,934
	1,900,000	Ashland Inc. 144A, 3.00%, 3/15/16 (a)	1,952
	1,650,000	Astoria Financial Corp., 5.00%, 6/19/17	1,773
	2,320,000	AT&T Inc., 0.68%, 2/12/16	2,328
	3,000,000	AT&T Inc., 0.88%, 2/13/15	3,014
	3,000,000	Australia & New Zealand Banking Group Ltd., 0.90%, 2/12/16	3,015
	850,000	Autodesk Inc., 1.95%, 12/15/17	850
	890,000	Aviation Capital Group Corp. 144A, 4.63%, 1/31/18 (a)	929
	1,410,000	Avis Budget Car Rental LLC / Avis Budget Finance Inc. 144A, 4.88%, 11/15/17 (a)(c)	1,489
	930,000	Baidu Inc., 2.25%, 11/28/17	946
	2,800,000	Banco Bradesco SA/Cayman Islands 144A, 2.39%, 5/16/14 (a)	2,830
	1,015,000	Banco de Credito del Peru/Panama 144A, 4.75%, 3/16/16 (a)	1,091
	1,400,000	Banco de Credito e Inversiones 144A, 3.00%, 9/13/17 (a)	1,439
	2,700,000	Banco del Estado de Chile 144A, 2.00%, 11/09/17 (a)	2,724
	1,600,000	Banco do Brasil SA/Cayman Islands 144A, 4.50%, 1/22/15 (a)	1,680
	500,000	Bancolombia SA, 4.25%, 1/12/16 (c)	531
	3,020,000	Bank of America Corp., 1.35%, 3/22/18	3,016
	1,080,000	Bank of America Corp., 1.50%, 10/09/15	1,087
	1,180,000	Bank of America Corp., 3.75%, 7/12/16	1,256
	1,815,000	Bank of Ceylon 144A, 6.88%, 5/03/17 (a)	1,937
	1,850,000	Bank of Montreal, 0.80%, 11/06/15	1,856
	1,500,000	Bank of Montreal, 0.88%, 4/09/18	1,506
	1,770,000	Bank of Nova Scotia, 0.75%, 10/09/15	1,772

11 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	1,500,000	Bank of Nova Scotia, 1.85%, 1/12/15	$        1,533
	2,480,000	Bank of Tokyo-Mitsubishi UFJ Ltd. 144A, 0.74%, 2/26/16 (a)	2,480
	1,950,000	Barclays Bank PLC, 1.32%, 1/13/14	1,962
	150,000	Barclays Bank PLC, 3.90%, 4/07/15	159
	890,000	Barrick Gold Corp., 1.75%, 5/30/14	899
	1,800,000	BAT International Finance PLC 144A, 1.40%, 6/05/15 (a)	1,824
	860,000	BB&T Corp., 1.60%, 8/15/17	873
	1,440,000	BBVA Banco Continental SA 144A, 2.25%, 7/29/16 (a)	1,426
	2,210,000	BHP Billiton Finance USA Ltd., 1.00%, 2/24/15 (c)	2,233
	1,930,000	BP Capital Markets PLC, 0.70%, 11/06/15	1,931
	1,550,000	British Telecommunications PLC, 2.00%, 6/22/15	1,593
	2,000,000	Cadbury Schweppes US Finance LLC 144A, 5.13%, 10/01/13 (a)	2,033
	1,620,000	Caixa Economica Federal 144A, 2.38%, 11/06/17 (a)	1,586
	2,510,000	Canadian Imperial Bank of Commerce, 0.90%, 10/01/15	2,523
	2,130,000	Capital One Financial Corp., 1.00%, 11/06/15	2,125
	1,660,000	Capital One Financial Corp., 2.13%, 7/15/14	1,687
	800,000	Carnival Corp., 1.20%, 2/05/16	803
	520,000	Carnival Corp., 1.88%, 12/15/17	522
	1,260,000	Caterpillar Financial Services Corp., 1.10%, 5/29/15	1,277
	1,780,000	CBQ Finance Ltd. 144A, 5.00%, 11/18/14 (a)	1,879
	730,000	CC Holdings GS V LLC 144A, 2.38%, 12/15/17 (a)	739
	1,485,000	CIT Group Inc. 144A, 4.75%, 2/15/15 (a)	1,567
	2,920,000	Citigroup Inc., 1.07%, 4/01/16	2,934
	2,403,000	Citigroup Inc., 2.25%, 8/07/15	2,468
	1,170,000	Citigroup Inc., 4.45%, 1/10/17	1,295
	1,000,000	Citigroup Inc., 6.00%, 12/13/13	1,034
	1,350,000	CNPC General Capital Ltd. 144A, 1.45%, 4/16/16 (a)	1,351
	2,500,000	Commonwealth Bank of Australia 144A, 2.13%, 3/17/14 (a)	2,535
	300,000	Commonwealth Bank of Australia 144A, 3.63%, 6/25/14 (a)	312
	510,000	Computer Sciences Corp., 2.50%, 9/15/15	524
	610,000	ConAgra Foods Inc., 1.30%, 1/25/16	616
	370,000	ConAgra Foods Inc., 1.35%, 9/10/15	374
	400,000	CONSOL Energy Inc., 8.00%, 4/01/17	434
	2,620,000	Corpbanca SA, 3.13%, 1/15/18	2,632
	770,000	Covidien International Finance SA, 1.35%, 5/29/15	780
	2,390,000	Credit Agricole SA/London 144A, 1.44%, 4/15/16 (a)	2,395
	2,040,000	Cricket Communications Inc. Leap Term Loan C-DD 1L, 4.75%, 3/08/20	2,050
	1,540,000	Daimler Finance North America LLC 144A, 1.88%, 9/15/14 (a)	1,563
	3,360,000	Daimler Finance North America LLC 144A, 1.95%, 3/28/14 (a)	3,394
	2,630,000	Danske Bank AS 144A, 1.33%, 4/14/14 (a)	2,644

Principal or Shares		Security Description	Value (000)
	550,000	Deutsche Telekom International Finance BV, 5.88%, 8/20/13	$            559
	1,190,000	Digital Realty Trust LP, 4.50%, 7/15/15	1,270
	2,369,000	DIRECTV Holdings LLC / DIRECTV Financing Co. Inc., 3.13%, 2/15/16	2,498
	260,000	DIRECTV Holdings LLC / DIRECTV Financing Co. Inc., 3.50%, 3/01/16	277
	3,400,000	Discover Bank/Greenwood DE, 2.00%, 2/21/18	3,438
	2,070,000	DISH DBS Corp., 4.63%, 7/15/17	2,111
	1,620,000	Dow Chemical Co., 2.50%, 2/15/16	1,689
	1,660,000	DTE Energy Co., 0.99%, 6/03/13	1,661
	650,000	Duke Energy Corp., 3.95%, 9/15/14	680
	1,000,000	Duke Realty LP, 5.40%, 8/15/14	1,052
	975,000	E*TRADE Financial Corp., 6.00%, 11/15/17	1,036
	1,030,000	Eaton Corp. 144A, 0.95%, 11/02/15 (a)	1,036
	560,000	Ecolab Inc., 2.38%, 12/08/14	575
	1,235,000	EnCana Holdings Finance Corp., 5.80%, 5/01/14	1,298
	570,000	Enterprise Products Operating LLC, 1.25%, 8/13/15	575
	1,650,000	Enterprise Products Operating LLC, 3.20%, 2/01/16	1,755
	800,000	Enterprise Products Operating LLC, 5.60%, 10/15/14	856
	360,000	Equifax Inc., 4.45%, 12/01/14	379
	1,100,000	ERAC USA Finance LLC 144A, 2.25%, 1/10/14 (a)	1,112
	1,300,000	ERAC USA Finance LLC 144A, 2.75%, 7/01/13 (a)	1,305
	760,000	Express Scripts Holding Co., 2.10%, 2/12/15	776
	830,000	Fidelity National Information Services Inc., 2.00%, 4/15/18	835
	1,800,000	Fifth Third Bank, 4.75%, 2/01/15	1,918
	1,600,000	FMG Resources August 2006 Pty Ltd. 144A, 6.00%, 4/01/17 (a)(c)	1,672
	2,360,000	Ford Motor Credit Co. LLC, 3.88%, 1/15/15	2,457
	600,000	Freeport-McMoRan Copper & Gold Inc., 1.40%, 2/13/15	606
	550,000	Freeport-McMoRan Copper & Gold Inc., 2.15%, 3/01/17	560
	1,390,000	General Electric Capital Corp., 1.00%, 12/11/15	1,401
	825,000	General Electric Capital Corp., 1.63%, 7/02/15	841
	1,730,000	General Electric Capital Corp., 3.75%, 11/14/14	1,814
	490,000	General Mills Inc., 0.58%, 1/29/16	491
	500,000	General Mills Inc., 0.88%, 1/29/16	503
	2,040,000	General Motors Financial Co. Inc. 144A, 4.75%, 8/15/17 (a)	2,162
	720,000	Gilead Sciences Inc., 2.40%, 12/01/14	740
	2,660,000	Goldman Sachs Group Inc., 1.30%, 2/07/14	2,674
	3,110,000	Goldman Sachs Group Inc., 1.48%, 4/30/18	3,118
	1,600,000	Goldman Sachs Group Inc., 1.60%, 11/23/15	1,623
	1,500,000	Goldman Sachs Group Inc., 3.30%, 5/03/15	1,566
	460,000	Hana Bank 144A, 1.38%, 2/05/16 (a)	459
	2,050,000	Harley-Davidson Financial Services Inc. 144A, 1.15%, 9/15/15 (a)	2,060
	1,060,000	Hartford Financial Services Group Inc., 4.00%, 3/30/15	1,122
	500,000	HCA Inc., 6.75%, 7/15/13	506

Semi-Annual Report 12

Payden Low Duration Fund continued

Principal or Shares		Security Description	Value (000)
	2,690,000	HCP Inc., 2.70%, 2/01/14	$        2,730
	1,910,000	Health Care REIT Inc., 6.00%, 11/15/13	1,963
	1,120,000	Heineken NV 144A, 0.80%, 10/01/15 (a)	1,122
	2,100,000	Hewlett-Packard Co., 2.35%, 3/15/15	2,147
	520,000	HJ Heinz Co. Term Loan B2 1L, 3.50%, 3/27/20	526
	1,800,000	HSBC Bank PLC 144A, 1.63%, 7/07/14 (a)(c)	1,828
	2,400,000	HSBC Bank PLC 144A, 3.10%, 5/24/16 (a)	2,555
	880,000	Hutchison Whampoa International 12 II Ltd. 144A, 2.00%, 11/08/17 (a)	889
	1,110,000	Hyundai Capital America 144A, 1.63%, 10/02/15 (a)	1,112
	720,000	Hyundai Capital America 144A, 3.75%, 4/06/16 (a)	761
	1,180,000	ICICI Bank Ltd./Bahrain 144A, 5.50%, 3/25/15 (a)	1,253
	2,600,000	ING Bank NV 144A, 3.75%, 3/07/17 (a)	2,799
	790,000	Ingredion Inc., 3.20%, 11/01/15	829
	1,500,000	International Business Machines Corp., 0.75%, 5/11/15	1,511
	1,025,000	International Lease Finance Corp., 4.88%, 4/01/15	1,081
	1,300,000	International Lease Finance Corp. 144A, 6.50%, 9/01/14 (a)	1,397
	1,110,000	IPIC GMTN Ltd. 144A, 3.13%, 11/15/15 (a)	1,164
	2,160,000	JB Hunt Transport Services Inc., 3.38%, 9/15/15	2,246
	1,550,000	JPMorgan Chase & Co., 1.18%, 1/25/18	1,563
	1,045,000	JPMorgan Chase & Co., 1.88%, 3/20/15	1,069
	760,000	JPMorgan Chase & Co., 3.15%, 7/05/16	809
	1,250,000	Kansas City Southern de Mexico SA de CV 144A, 2.35%, 5/15/20 (a)	1,258
	2,160,000	Kellogg Co., 1.13%, 5/15/15	2,182
	1,300,000	KeyBank NA/Cleveland OH, 5.45%, 3/03/16	1,455
	1,400,000	KeyCorp, 3.75%, 8/13/15	1,492
	980,000	Kraft Foods Group Inc., 1.63%, 6/04/15	997
	1,300,000	Kroger Co., 2.20%, 1/15/17	1,344
	1,500,000	Lennar Corp., 4.75%, 12/15/17 (c)	1,596
	4,160,000	Lloyds TSB Bank PLC, 2.63%, 1/24/14	4,223
	550,000	Macy’s Retail Holdings Inc., 5.75%, 7/15/14	582
	1,160,000	Marathon Oil Corp., 0.90%, 11/01/15	1,163
	1,010,000	Masco Corp., 4.80%, 6/15/15	1,062
	530,000	McKesson Corp., 0.95%, 12/04/15	533
	2,580,000	Metropolitan Life Global Funding I 144A, 1.70%, 6/29/15 (a)	2,633
	2,280,000	Morgan Stanley, 1.54%, 2/25/16	2,294
	3,780,000	Morgan Stanley, 1.56%, 4/25/18	3,783
	830,000	Murphy Oil Corp., 2.50%, 12/01/17	845
	2,030,000	NASDAQ OMX Group Inc., 4.00%, 1/15/15	2,120
	3,000,000	National Australia Bank Ltd., 0.90%, 1/20/16 (c)	3,013
	2,200,000	National Bank of Canada, 1.50%, 6/26/15	2,235
	1,520,000	National Oilwell Varco Inc., 1.35%, 12/01/17	1,543
	1,030,000	National Rural Utilities Cooperative Finance Corp., 1.00%, 2/02/15	1,041
	1,230,000	NBCUniversal Enterprise Inc. 144A, 0.97%, 4/15/18 (a)	1,240
	1,720,000	NBCUniversal Media LLC, 3.65%, 4/30/15	1,822
	410,000	NextEra Energy Capital Holdings Inc., 1.20%, 6/01/15	413
	2,250,000	NextEra Energy Capital Holdings Inc., 2.55%, 11/15/13	2,274

Principal or Shares		Security Description	Value (000)
	2,240,000	Nissan Motor Acceptance Corp. 144A, 1.00%, 3/15/16 (a)	$        2,245
	1,240,000	Nissan Motor Acceptance Corp. 144A, 1.95%, 9/12/17 (a)	1,269
	990,000	Noble Group Ltd. 144A, 8.50%, 5/30/13 (a)	996
	2,650,000	Nomura Holdings Inc., 1.73%, 9/13/16	2,664
	1,500,000	Oversea-Chinese Banking Corp. Ltd. 144A, 1.63%, 3/13/15 (a)	1,528
	2,710,000	PACCAR Financial Corp., 0.70%, 11/16/15	2,716
	620,000	PACCAR Financial Corp., 1.05%, 6/05/15	626
	1,685,000	Parker Hannifin Corp., 4.13%, 11/11/15 EUR (b)	2,404
	560,000	Penske Truck Leasing Co. LP / PTL Finance Corp. 144A, 2.50%, 7/11/14 (a)	570
	2,500,000	Penske Truck Leasing Co. LP / PTL Finance Corp. 144A, 3.13%, 5/11/15 (a)	2,601
	3,000,000	PepsiCo Inc., 0.75%, 3/05/15	3,014
	810,000	Petrobras International Finance Co., 2.88%, 2/06/15	829
	2,500,000	Petroleos Mexicanos, 4.88%, 3/15/15 (c)	2,688
	600,000	Phillips 66, 1.95%, 3/05/15	613
	600,000	Phillips 66, 2.95%, 5/01/17	639
	750,000	Precision Castparts Corp., 0.70%, 12/20/15	753
	1,220,000	Principal Life Global Funding II 144A, 1.00%, 12/11/15 (a)	1,225
	1,000,000	Progress Energy Inc., 6.05%, 3/15/14	1,046
	2,500,000	Prudential Financial Inc., 4.75%, 4/01/14	2,594
	500,000	Prudential Financial Inc., 4.75%, 9/17/15	545
	739,000	QBE Insurance Group Ltd., 6.13%, 9/28/15 GBP (b)	1,271
	780,000	Quest Diagnostics Inc., 1.13%, 3/24/14	784
	3,800,000	RCI Banque SA 144A, 2.15%, 4/11/14 (a)	3,818
	2,030,000	Regions Financial Corp., 2.00%, 5/15/18	2,025
	540,000	Reynolds American Inc., 1.05%, 10/30/15	541
	1,500,000	Rio Tinto Finance USA PLC, 1.13%, 3/20/15	1,513
	1,260,000	Rockies Express Pipeline LLC 144A, 3.90%, 4/15/15 (a)	1,282
	750,000	Rogers Communications Inc., 6.25%, 6/15/13	755
	820,000	Rogers Communications Inc., 6.38%, 3/01/14	858
	1,000,000	Rosneft Oil Co. via Rosneft International Finance Ltd. 144A, 3.15%, 3/06/17 (a)	1,012
	1,695,000	Royal Bank of Scotland Group PLC, 2.55%, 9/18/15	1,747
	1,880,000	Sabine Pass LNG LP, 7.50%, 11/30/16	2,134
	1,000,000	SABMiller Holdings Inc. 144A, 1.85%, 1/15/15 (a)	1,020
	1,440,000	SABMiller Holdings Inc. 144A, 2.45%, 1/15/17 (a)	1,510
	1,100,000	Sanofi, 1.63%, 3/28/14	1,114
	830,000	SBA Communications Corp. 144A, 5.63%, 10/01/19 (a)	877
	1,370,000	Sibur Securities Ltd. 144A, 3.91%, 1/31/18 (a)	1,353
	410,000	Simon Property Group LP, 4.20%, 2/01/15	432
	1,400,000	Sinopec Capital 2013 Ltd. 144A, 1.25%, 4/24/16 (a)	1,400
	1,020,000	Softbank Corp. 144A, 4.50%, 4/15/20 (a)	1,058

13 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	600,000	Softbank Corp. 144A, 4.63%, 4/15/20 EUR (a)(b)	$            838
	1,500,000	SpareBank 1 Boligkreditt AS 144A, 1.25%, 5/02/18 (a)	1,498
	965,000	Statoil ASA, 2.90%, 10/15/14	1,001
	810,000	Stryker Corp., 3.00%, 1/15/15	845
	1,480,000	Sumitomo Mitsui Banking Corp., 0.90%, 1/18/16	1,481
	3,080,000	Svenska Handelsbanken AB, 0.73%, 3/21/16	3,082
	2,700,000	Takeda Pharmaceutical Co. Ltd. 144A, 1.03%, 3/17/15 (a)	2,725
	2,780,000	Tech Data Corp., 3.75%, 9/21/17	2,911
	1,340,000	Tesoro Corp., 4.25%, 10/01/17	1,417
	1,010,000	Time Warner Inc., 3.15%, 7/15/15	1,062
	1,670,000	Toronto-Dominion Bank, 1.40%, 4/30/18	1,682
	2,625,000	Toronto-Dominion Bank, 2.50%, 7/14/16	2,763
	3,000,000	Toyota Motor Credit Corp., 1.00%, 2/17/15	3,033
	3,000,000	TransCanada PipeLines Ltd., 0.88%, 3/02/15	3,020
	1,000,000	TransCanada PipeLines Ltd., 3.40%, 6/01/15	1,057
	910,000	TSMC Global Ltd. 144A, 1.63%, 4/03/18 (a)	919
	500,000	UnitedHealth Group Inc., 1.40%, 10/15/17	505
	1,380,000	Valeant Pharmaceuticals International 144A, 6.50%, 7/15/16 (a)	1,445
	2,710,000	Ventas Realty LP / Ventas Capital Corp., 2.00%, 2/15/18	2,744
	1,240,000	Veolia Environnement SA, 5.25%, 6/03/13	1,244
	1,100,000	Viacom Inc., 4.38%, 9/15/14	1,154
	1,120,000	Vivendi SA 144A, 2.40%, 4/10/15 (a)	1,143
	2,410,000	Vodafone Group PLC, 0.68%, 2/19/16	2,413
	2,525,000	Vodafone Group PLC, 4.15%, 6/10/14	2,624
	2,680,000	Volkswagen International Finance NV 144A, 1.15%, 11/20/15 (a)	2,703
	700,000	Volkswagen International Finance NV 144A, 1.63%, 3/22/15 (a)	711
	2,000,000	Vornado Realty LP, 4.25%, 4/01/15	2,119
	3,145,000	Wachovia Bank NA, 4.80%, 11/01/14	3,341
	600,000	Walgreen Co., 0.78%, 3/13/14	602
	2,100,000	Walgreen Co., 1.00%, 3/13/15	2,114
	670,000	Wal-Mart Stores Inc., 0.60%, 4/11/16 (c)	672
	1,050,000	WellPoint Inc., 1.25%, 9/10/15	1,060
	2,000,000	WellPoint Inc., 2.38%, 2/15/17	2,082
	2,130,000	Wells Fargo & Co., 0.91%, 4/23/18	2,136
	1,430,000	Wells Fargo & Co., 2.10%, 5/08/17	1,484
	2,970,000	Westpac Banking Corp., 0.95%, 1/12/16 (c)	2,996
	135,000	Westpac Banking Corp., 1.04%, 9/25/15	136
	300,000	Westpac Securities NZ Ltd. 144A, 3.45%,
		7/28/14 (a)	312
	1,590,000	Windstream Corp., 7.88%, 11/01/17	1,864
	425,000	Windstream Corp., 8.13%, 8/01/13	432
	4,900,000	WM Wrigley Jr. Co. 144A, 3.70%, 6/30/14 (a)	5,061
	1,310,000	Woodside Finance Ltd. 144A, 4.50%, 11/10/14 (a)	1,380
	560,000	Woolworths Ltd. 144A, 2.55%, 9/22/15 (a)	581
	2,140,000	WPX Energy Inc., 5.25%, 1/15/17	2,300
	2,555,000	WT Finance Aust Pty Ltd. / Westfield Capital / WEA Finance LLC 144A, 5.13%, 11/15/14 (a)	2,717
	4,080,000	Xstrata Finance Canada Ltd. 144A, 2.45%, 10/25/17 (a)	4,154
	Total Corporate Bond (Cost - $406,920)		415,575

Principal or Shares		Security Description	Value (000)
	FDIC Guaranteed (2%)
	1,394,162	FDIC Structured Sale Guaranteed Notes 144A, 0.75%, 2/25/48 (a)	$         1,398
	6,366,331	FDIC Structured Sale Guaranteed Notes 144A, 0.92%, 12/04/20 (a)	6,413
	1,732,635	FDIC Structured Sale Guaranteed Notes 144A, 3.25%, 4/25/38 (a)	1,830
	2,495,355	FDIC Trust 144A, 2.18%, 5/25/50 (a)	(2,545)
	Total FDIC Guaranteed (Cost - $11,982)		12,186
	Foreign Government (1%)
	300,000	Kommunalbanken AS 144A, 2.75%, 5/05/15 (a)	314
	49,851,000	Mexican Bonos, 6.00%, 6/18/15 MXN (b)	4,279
	750,000	Panama Government International Bond, 7.25%, 3/15/15 (c)	837
	Total Foreign Government (Cost - $5,005)		5,430
	Mortgage Backed (13%)
	4,628,966	Adjustable Rate Mortgage Trust, 3.17%, 3/25/37	3,629
	1,096,800	Bank of America Mortgage 2002-K Trust, 2.75%, 10/20/32	1,095
	4,021,520	Credit Suisse Mortgage Capital Certificates 144A, 1.20%, 2/27/47 (a)	4,050
	3,360,000	Credit Suisse Mortgage Capital Certificates 144A, 1.55%, 4/25/43 (a)	3,353
	9,900,000	FN, 4.50%, 30YR TBA (d)	10,676
	1,617,261	FN 708229 ARM, 2.04%, 4/01/33	1,717
	812,867	FN 743821 ARM, 2.41%, 11/01/33	860
	692,189	FN 755867 ARM, 2.72%, 12/01/33	737
	767,905	FN 790762 ARM, 2.54%, 9/01/34	816
	970,892	FN 790764 ARM, 2.55%, 9/01/34	1,030
	926,055	FN 794792 ARM, 2.60%, 10/01/34	986
	1,453,297	FN 794797 ARM, 2.42%, 10/01/34	1,549
	7,541,278	FN AP9539 30YR, 3.00%, 10/01/42	7,898
	5,000,000	Fosse Master Issuer PLC 144A, 1.68%, 10/18/54 (a)	5,099
	2,767,169	Harborview Mortgage Loan Trust, 2.94%, 12/19/35	2,430
	812,282	HomeBanc Mortgage Trust, 1.06%, 8/25/29	764
	476,593	Indymac Index Mortgage Loan Trust, 2.74%, 10/25/34	456
	1,939,559	JP Morgan Mortgage Trust 144A, 2.50%, 3/01/43 (a)	1,987
	1,626,352	MLCC Mortgage Investors Inc., 2.29%, 2/25/36	1,576
	1,038,528	MLCC Mortgage Investors Inc., 2.32%, 12/25/34	1,059
	210,938	Morgan Stanley Mortgage Loan Trust, 2.31%, 7/25/34	213
	225,213	Provident Funding Mortgage Loan Trust, 2.59%, 4/25/34	228
	3,411,495	Residential Asset Securitization Trust, 6.00%, 8/25/36	2,939
	2,780,387	Sequoia Mortgage Trust, 1.45%, 2/25/43	2,768
	2,234,027	Sequoia Mortgage Trust, 1.55%, 4/25/43	2,235
	1,733,426	Sequoia Mortgage Trust, 2.87%, 1/25/42	1,779
	3,117,741	Sequoia Mortgage Trust, 3.50%, 4/25/42	3,210
	642,234	Sequoia Mortgage Trust 10, 1.00%, 10/20/27	631
	3,509,806	Springleaf Mortgage Loan Trust 144A, 1.27%, 6/25/58 (a)	3,509

Semi-Annual Report 14

        Payden Low Duration Fund continued

Principal or Shares		Security Description	Value (000)
	1,852,225	Springleaf Mortgage Loan Trust 144A, 1.57%, 12/25/59 (a)	$        1,863
	1,343,229	Springleaf Mortgage Loan Trust 144A, 2.22%, 10/25/57 (a)	1,360
	2,209,442	Structured Adjustable Rate Mortgage Loan Trust, 2.64%, 8/25/34	2,209
	491,621	Structured Adjustable Rate Mortgage Loan Trust, 2.67%, 10/25/34	484
	976,620	Structured Asset Mortgage Investments Inc., 2.09%, 10/19/34	592
	2,194,458	Vericrest Opportunity Loan Transferee 144A, 2.73%, 11/25/60 (a)	2,200
	Total Mortgage Backed (Cost - $79,003)		77,987
	Municipal (0%)
	1,790,000	Florida Hurricane Catastrophe Fund Finance Corp., 1.30%, 7/01/16 (Cost - $1,790)	1,806
	NCUA Guaranteed (1%)
	631,959	NCUA Guaranteed Notes Trust 2010-R1, 1.84%, 10/07/20	640
	3,060,139	NCUA Guaranteed Notes Trust 2010-R2, 0.57%, 11/06/17	3,072
	Total NCUA Guaranteed (Cost - $3,692)		3,712
	U.S. Government Agency (0%)
	400,000	FNMA, 1.13%, 3/28/18 (Cost - $400)	402
	U.S. Treasury (9%)
	12,000,000	U.S. Treasury Note, 0.25%, 6/30/14	12,015
	14,000,000	U.S. Treasury Note, 0.25%, 9/30/14	14,016
	8,000,000	U.S. Treasury Note, 0.38%, 1/15/16	8,020
	16,725,000	U.S. Treasury Note, 0.38%, 3/15/16	16,763
	380,000	U.S. Treasury Note, 1.25%, 10/31/15 (e)	389
	Total U.S. Treasury (Cost - $51,122)		51,203
	Investment Company (4%)
	22,718,135	Payden Cash Reserves Money Market Fund * (Cost - $22,718)	22,718
	Total (Cost - $621,047) (104%)		629,624
	Liabilities in excess of Other Assets (-4%)		(21,865)
	Net Assets (100%)		$    607,759

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) Principal in foreign currency.

(c) All or a portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $13,062 and the total market value of the collateral held by the Fund is $13,425. Amounts in 000s.

(d) Security was purchased on a delayed delivery basis.

(e) All or portion of the security is pledged as collateral to cover open futures contract margin requirements.

Open Forward Currency Contracts to USD

Delivery Date	Currency (000s)	Counterparty	Unrealized (Depreciation) (000s)
Liabilities:
5/8/2013	British Pound (Sell 2,613)	HSBC Securities		$	(82	)
6/3/2013	British Pound (Sell 4,102)	JP Morgan			(166	)
6/3/2013	British Pound (Sell 7,718)	JP Morgan			(281	)
5/8/2013	Euro (Sell 5,659)	Goldman Sachs			(179	)
7/30/2013	Mexican Peso (Sell 54,540)	RBS			(14	)
				$	(722	)

Open Futures Contracts

Number of Contracts	Contract Type	Expiration Date	Current Value (000)				Unrealized (Depreciation) (000s)
84	U.S. Treasury 10 Year	Jun-13		$	(11,202	)		$	(3	)
	Note Future
31	U.S. Treasury 5 Year	Jul-13			(3,864	)			(40	)
	Note Future
								$	(43	)

See notes to financial statements.

15 Payden Mutual Funds

Payden U.S. Government Fund

The Fund seeks a high level of total return that is consistent with preservation of capital by generally investing in U.S. government obligations with an average portfolio maturity not to exceed five years.

Portfolio Composition - percent of value
Mortgage Backed	77	%
U.S. Government Guaranteed	19	%
Cash Equivalent	4	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	FDIC Guaranteed (4%)
	705,589	FDIC Structured Sale Guaranteed Notes 144A,
		0.90%, 12/29/45 (a)	$        706
	1,344,003	FDIC Structured Sale Guaranteed Notes 144A,
		0.92%, 12/04/20 (a)	1,354
	1,732,635	FDIC Structured Sale Guaranteed Notes 144A,
		3.25%, 4/25/38 (a)	1,830
	1,860,667	FDIC Trust 144A, 2.18%, 5/25/50 (a)	1,898
	Total FDIC Guaranteed (Cost - $5,653)		5,788
	Mortgage Backed (87%)
	1,832,429	FG A94713 30YR, 4.00%, 11/01/40	1,958
	2,919,758	FG E09018 15YR, 2.50%, 1/01/28	3,055
	1,991,009	FG J22703 15YR, 2.50%, 3/01/28	2,083
	1,487,352	FH 1B8336 ARM, 3.09%, 6/01/41	1,569
	1,053,015	FH 1B8378 ARM, 3.20%, 7/01/41	1,099
	1,691,967	FH 1Q1363 ARM, 2.83%, 2/01/36	1,813
	1,328,176	FH 2B0639 ARM, 2.30%, 6/01/42	1,387
	2,254,526	FH 2B0709 ARM, 2.11%, 8/01/42	2,342
	2,268,845	FH 2B0721 ARM, 2.30%, 9/01/42	2,371
	1,905,138	FH 2B0972 ARM, 2.00%, 11/01/42	1,977
	727,816	FHLB, 2.60%, 4/20/15	748
	1,362,388	FHLMC Structured Pass Through Securities,
		3.61%, 2/27/15	1,376
	568,620	FHR 2739 PE, 5.00%, 3/15/32	575
	583,923	FHR 3728 EH, 3.00%, 9/15/20	595
	1,343,147	FHR 3997 PJ, 3.00%, 1/15/40	1,356
	1,179,410	FHR 4030 CG, 2.50%, 4/15/27	1,227
	969,192	FHR 4073 BE, 2.00%, 5/15/39	979
	7,000,000	FN, 2.50%, 15YR TBA (b)	7,322
	10,000,000	FN, 3.00%, 15YR TBA (b)	10,564
	3,789,841	FN 464313 15YR, 2.99%, 1/01/15	3,902
	1,300,000	FN 468880 ARM, 0.75%, 8/01/21	1,320
	164,695	FN 838958 ARM, 2.55%, 8/01/35	176
	2,217,533	FN 870542 ARM, 2.40%, 3/01/36	2,363
	1,725,196	FN 890434 15YR, 3.00%, 7/01/27	1,841
	647,647	FN 995203 30YR, 5.00%, 7/01/35	705
	2,950,484	FN AB7905 15YR, 2.50%, 2/01/28	3,092
	2,922,667	FN AB7995 10YR, 2.50%, 2/01/23	3,076
	1,113,534	FN AC0045 ARM, 2.53%, 10/01/38	1,186
	2,006,602	FN AE0193 ARM, 3.68%, 7/01/40	2,132
	1,569,207	FN AI4019 ARM, 3.47%, 7/01/41	1,661
	1,373,417	FN AJ4050 30YR, 4.00%, 10/01/41	1,472
	2,786,506	FN AJ4109 ARM, 2.36%, 12/01/41	2,919
	1,514,906	FN AJ8354 ARM, 2.55%, 1/01/42	1,588
	1,277,294	FN AJ8557 ARM, 2.56%, 1/01/42	1,338
	1,407,784	FN AK0013 ARM, 2.45%, 1/01/42	1,471
	1,273,035	FN AK2233 ARM, 2.42%, 5/01/42	1,332
	1,197,915	FN AL0502 ARM, 3.07%, 6/01/41	1,264
	1,286,460	FN AL1193 30YR, 4.00%, 11/01/41	1,404
	1,552,918	FN AL1202 ARM, 2.46%, 12/01/41	1,625

Principal or Shares		Security Description	Value (000)
	2,761,509	FN AL1869 15YR, 3.00%, 6/01/27	$    2,942
	1,836,200	FN AL2095 15YR, 3.00%, 6/01/27	1,956
	1,605,194	FN AL2187 ARM, 3.02%, 3/01/42	1,692
	2,775,248	FN AL2221 15YR, 3.00%, 7/01/27	2,948
	2,143,250	FN AO2280 ARM, 2.14%, 10/01/42	2,234
	2,036,193	FN AO7975 15YR, 3.00%, 6/01/27	2,169
	1,346,053	FN AP0619 ARM, 2.24%, 7/01/42	1,406
	2,157,430	FN AP4080 ARM, 2.25%, 9/01/42	2,253
	2,348,322	FN AP4746 15YR, 3.00%, 8/01/27	2,501
	988,533	FN AP7869 ARM, 2.22%, 8/01/42	1,031
	1,889,181	FN AQ4765 10YR, 2.50%, 11/01/22	1,988
	1,824,258	FNR 2011-127 UC, 2.50%, 6/25/39	1,873
	789,579	FNW 02-W6 2A, 7.04%, 6/25/42	959
	199,135	FNW 04-W2 4A, 2.93%, 2/25/44	208
	2,198,751	G2 5301 15YR, 3.50%, 2/20/27	2,358
	1,433,363	G2 778200 20YR, 4.00%, 2/20/32	1,538
	1,003,389	G2 778203 20YR, 4.75%, 2/20/32	1,080
	1,110,670	G2 82457 ARM, 3.00%, 1/20/40	1,158
	1,372,967	GN 737791 30YR, 4.50%, 12/15/40	1,522
	758,298	GNR 2004-11 F, 0.50%, 2/20/34	761
	1,176,210	GNR 2008-32 PA, 4.00%, 8/16/37	1,286
	1,206,457	GNR 2009-26 BA, 4.00%, 1/16/38	1,317
	1,274,264	GNR 2011-60 GK, 2.00%, 9/20/34	1,290
	1,467,379	United States Small Business Administration,
		2.88%, 9/10/21	1,538
	Total Mortgage Backed (Cost - $119,486)		120,271
	NCUA Guaranteed (17%)
	2,219,678	NCUA Guaranteed Notes Trust 2010-A1,
		0.55%, 12/07/20	2,226
	1,500,000	NCUA Guaranteed Notes Trust 2010-C1,
		2.90%, 10/29/20	1,608
	1,391,388	NCUA Guaranteed Notes Trust 2010-R1,
		0.65%, 10/07/20	1,396
	523,255	NCUA Guaranteed Notes Trust 2010-R1,
		1.84%, 10/07/20	530
	4,244,352	NCUA Guaranteed Notes Trust 2010-R2,
		0.57%, 11/06/17	4,262
	2,744,125	NCUA Guaranteed Notes Trust 2010-R2,
		0.67%, 11/05/20	2,756
	3,010,556	NCUA Guaranteed Notes Trust 2010-R3,
		0.76%, 12/08/20	3,028
	1,694,000	NCUA Guaranteed Notes Trust 2011-R2,
		0.60%, 2/06/20	1,700
	3,379,100	NCUA Guaranteed Notes Trust 2011-R4,
		0.58%, 3/06/20	3,387

Semi-Annual Report 16

      Payden U.S. Government Fund continued

Principal or Shares		Security Description	Value (000)
	1,235,826	NCUA Guaranteed Notes Trust 2011-R5,
		0.58%, 4/06/20	$        1,237
	773,552	NCUA Guaranteed Notes Trust 2011-R6,
		0.58%, 5/07/20	774
	Total NCUA Guaranteed (Cost - $22,761)		22,904
	Investment Company (5%)
	6,298,924	Payden Cash Reserves Money Market Fund *
		(Cost - $6,299)	6,299
	Total (Cost - $154,199) (113%)		155,262
	Liabilities in excess of Other Assets (-13%)		(17,821)
	Net Assets (100%)		$    137,441

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) Security was purchased on a delayed delivery basis.

See notes to financial statements.

17 Payden Mutual Funds

Payden GNMA Fund

The Fund seeks a high level of total return that is consistent with preservation of capital by generally investing in Government National Mortgage Association mortgage-backed securities and other U.S. government obligations with no limit on the average portfolio maturity.

Portfolio Composition - percent of value
Mortgage Backed	94	%
U.S. Government Guaranteed	5	%
Cash Equivalent	1	%

Schedule of Investments -April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	FDIC Guaranteed (1%)
	1,742,702	FDIC Structured Sale Guaranteed Notes 144A, 0.75%, 2/25/48 (a)	$        1,747
	1,905,091	FDIC Structured Sale Guaranteed Notes 144A, 0.90%, 12/29/45 (a)	1,905
	5,252,223	FDIC Structured Sale Guaranteed Notes 144A, 0.92%, 12/04/20 (a)	5,291
	Total FDIC Guaranteed (Cost - $8,913)		8,943
	Mortgage Backed (141%)
	6,798,092	FH 1A0001 ARM, 2.30%, 4/01/35	7,240
	392,188	FH 1B3142 ARM, 2.84%, 11/01/36	422
	1,496,254	FH 1B4282 ARM, 2.94%, 10/01/38	1,612
	598,785	FH 1G0189 ARM, 2.45%, 4/01/35	639
	5,259,848	FH 1G0501 ARM, 2.73%, 6/01/35	5,671
	2,102,151	FH 1J1279 ARM, 2.45%, 4/01/36	2,248
	3,716,713	FH 1Q0062 ARM, 2.25%, 11/01/35	3,948
	179,646	FH 780444 ARM, 2.16%, 3/01/33	191
	494,432	FH 782784 ARM, 2.39%, 10/01/34	527
	1,983,914	FH 847228 ARM, 3.00%, 1/01/34	2,134
	3,797,500	FH 848111 ARM, 2.69%, 9/01/37	4,050
	3,118,496	FN 745551 ARM, 2.62%, 2/01/36	3,331
	3,281,714	FN 783587 ARM, 2.35%, 3/01/35	3,472
	4,308,384	FN 802649 ARM, 2.80%, 10/01/34	4,586
	1,863,170	FN 832100 ARM, 2.69%, 7/01/35	2,000
	1,210,648	FN 920795 ARM, 3.16%, 3/01/34	1,290
	3,032,462	FN AK0419 ARM, 2.41%, 12/01/27	3,249
	7,411,469	FN AL1264 ARM, 2.63%, 9/01/36	7,917
	59,322	FNR 1998-12, 3.83%, 2/25/18	62
	3,262,403	FNR 2007-95 A1, 0.45%, 8/27/36	3,261
	3,975,827	FNW 04-W2 4A, 2.93%, 2/25/44	4,155
	45,000,000	G2, 3.00%, 30YR TBA (b)	47,834
	10,000,000	G2, 3.50%, 30YR TBA (b)	10,844
	37,120,000	G2, 4.50%, 30YR TBA (b)	40,664
	167,261	G2 3133 30YR, 6.50%, 9/20/31	199
	2,659,037	G2 3415 30YR, 5.50%, 7/20/33	2,939
	1,506,354	G2 3515 30YR, 5.50%, 2/20/34	1,668
	2,112,283	G2 3584 30YR, 6.00%, 7/20/34	2,397
	1,640,297	G2 3599 30YR, 6.50%, 8/20/34	1,889
	1,768,313	G2 3711 30YR, 5.50%, 5/20/35	1,958
	2,352,255	G2 3747 30YR, 5.00%, 8/20/35	2,593
	1,533,647	G2 3772 30YR, 5.00%, 10/20/35	1,691
	2,359,261	G2 3785 30YR, 5.00%, 11/20/35	2,601
	1,086,545	G2 3805 30YR, 5.00%, 1/20/36	1,198
	4,903,548	G2 3819 30YR, 5.50%, 2/20/36	5,404
	663,595	G2 3891 30YR, 6.50%, 8/20/36	766
	3,127,312	G2 4437 30YR, 5.00%, 5/20/39	3,325
	2,180,143	G2 4558 30YR, 4.50%, 10/20/39	2,390
	4,425,544	G2 4560 30YR, 5.50%, 10/20/39	4,877
	5,465,179	G2 4678 30YR, 4.50%, 4/20/40	6,053
	7,714,382	G2 4713 30YR, 4.50%, 6/20/40	8,544

Principal or Shares		Security Description	Value (000)
	3,217,796	G2 4802 30YR, 5.00%, 9/20/40	$        3,557
	6,339,673	G2 4978 30YR, 4.50%, 3/20/41	7,021
	8,828,348	G2 4979 30YR, 5.00%, 3/20/41	9,844
	5,744,797	G2 5083 30YR, 5.00%, 6/20/41	6,352
	10,993,761	G2 5115 30YR, 4.50%, 7/20/41	12,128
	7,945,735	G2 5140 30YR, 4.50%, 8/20/41	8,765
	9,753,115	G2 5175 30YR, 4.50%, 9/20/41	10,802
	7,799,490	G2 5280 30YR, 4.00%, 1/20/42	8,492
	2,198,751	G2 5301 15YR, 3.50%, 2/20/27	2,358
	348,936	G2 688058 30YR, 4.50%, 8/20/38	372
	3,418,656	G2 701705 30YR, 5.00%, 2/20/39	3,699
	7,127,142	G2 710025 30YR, 5.65%, 8/20/59	8,015
	3,133,308	G2 713314 30YR, 6.00%, 3/20/39	3,507
	1,123,852	G2 728869 30YR, 4.13%, 4/20/40	1,227
	1,010,048	G2 728870 30YR, 4.63%, 4/20/40	1,112
	1,058,053	G2 736498 30YR, 4.13%, 4/20/40	1,156
	659,179	G2 736499 30YR, 4.63%, 4/20/40	726
	7,847,374	G2 736932 50YR, 4.88%, 11/20/60	8,851
	7,557,319	G2 740427 50YR, 4.82%, 9/20/60	8,522
	808,156	G2 742040 30YR, 4.13%, 5/20/40	883
	710,076	G2 742041 30YR, 4.63%, 6/20/40	782
	5,939,465	G2 757211 30YR, 4.50%, 12/20/40	6,610
	979,593	G2 770239 30YR, 4.00%, 2/20/42	1,066
	186,437	G2 80011 ARM, 1.63%, 11/20/26	195
	661,697	G2 80013 ARM, 2.00%, 11/20/26	693
	243,803	G2 80022 ARM, 1.63%, 12/20/26	255
	189,919	G2 80023 ARM, 1.63%, 12/20/26	199
	544,504	G2 80029 ARM, 1.63%, 1/20/27	569
	1,189,832	G2 80044 ARM, 1.63%, 2/20/27	1,242
	1,643,712	G2 80052 ARM, 1.63%, 3/20/27	1,716
	242,920	G2 8006 ARM, 1.75%, 7/20/22	255
	3,170,287	G2 80074 ARM, 1.75%, 5/20/27	3,330
	480,053	G2 80134 ARM, 1.63%, 11/20/27	503
	1,283,297	G2 80196 ARM, 1.75%, 5/20/28	1,348
	220,297	G2 80272 ARM, 1.75%, 4/20/29	231
	173,815	G2 80311 ARM, 1.75%, 8/20/29	182
	3,650,467	G2 80319 ARM, 1.75%, 9/20/29	3,825
	105,040	G2 80346 ARM, 1.63%, 11/20/29	110
	1,023,885	G2 8041 ARM, 1.75%, 8/20/22	1,073
	196,770	G2 80424 ARM, 1.75%, 7/20/30	206
	448,572	G2 80428 ARM, 2.00%, 7/20/30	472
	225,956	G2 80507 ARM, 1.75%, 4/20/31	237
	1,067,477	G2 80541 ARM, 1.75%, 9/20/31	1,119
	731,152	G2 80556 ARM, 1.63%, 11/20/31	766
	828,335	G2 80569 ARM, 1.63%, 1/20/32	865
	463,760	G2 80570 ARM, 1.63%, 1/20/32	484
	189,748	G2 80579 ARM, 1.63%, 2/20/32	198
	663,774	G2 80593 ARM, 1.75%, 4/20/32	697
	619,474	G2 80604 ARM, 1.75%, 5/20/32	651
	1,170,627	G2 80611 ARM, 1.75%, 6/20/32	1,226

Semi-Annual Report 18

Payden GNMA Fund continued

Principal or Shares		Security Description	Value (000)
	257,095	G2 80612 ARM, 1.75%, 6/20/32	$            270
	592,394	G2 8062 ARM, 1.63%, 10/20/22	621
	2,612,286	G2 80637 ARM, 1.75%, 9/20/32	2,737
	1,998,177	G2 80696 ARM, 1.75%, 5/20/33	2,099
	7,816,148	G2 80749 ARM, 1.63%, 10/20/33	8,191
	883,258	G2 80780 ARM, 2.13%, 12/20/33	926
	208,386	G2 80791 ARM, 2.63%, 12/20/33	219
	5,582,874	G2 80795 ARM, 1.63%, 12/20/33	5,851
	2,239,302	G2 80826 ARM, 1.63%, 2/20/34	2,360
	3,450,265	G2 80835 ARM, 1.63%, 2/20/34	3,602
	720,171	G2 80837 ARM, 1.63%, 2/20/34	752
	608,984	G2 80932 ARM, 1.75%, 6/20/34	640
	288,697	G2 80934 ARM, 1.75%, 6/20/34	303
	637,375	G2 81018 ARM, 1.75%, 8/20/34	668
	149,607	G2 81019 ARM, 2.25%, 8/20/34	157
	707,593	G2 81036 ARM, 1.75%, 8/20/34	741
	38,538	G2 81044 ARM, 1.75%, 8/20/34	40
	1,050,702	G2 81166 ARM, 1.63%, 12/20/34	1,101
	136,052	G2 8121 ARM, 1.63%, 1/20/23	142
	2,605,654	G2 81214 ARM, 1.63%, 1/20/35	2,721
	962,124	G2 81220 ARM, 1.63%, 1/20/35	1,005
	850,266	G2 81278 ARM, 1.63%, 3/20/35	888
	148,480	G2 81402 ARM, 2.25%, 7/20/35	155
	37,397	G2 81405 ARM, 2.25%, 7/20/35	39
	2,496,298	G2 81696 ARM, 1.75%, 6/20/36	2,622
	565,622	G2 81807 ARM, 1.63%, 12/20/36	593
	477,962	G2 81938 ARM, 1.75%, 7/20/37	501
	528,561	G2 8198 ARM, 1.75%, 5/20/23	555
	6,662,719	G2 82074 ARM, 2.50%, 5/20/38	6,980
	3,986,546	G2 82107 ARM, 2.00%, 7/20/38	4,195
	819,525	G2 82151 ARM, 1.75%, 9/20/38	859
	160,440	G2 82245 ARM, 3.00%, 12/20/38	168
	194,764	G2 8228 ARM, 1.75%, 7/20/23	204
	7,014,759	G2 82457 ARM, 3.00%, 1/20/40	7,315
	4,869,315	G2 82463 ARM, 3.75%, 1/20/40	5,229
	2,620,390	G2 82606 ARM, 4.00%, 8/20/40	2,821
	159,793	G2 8301 ARM, 1.63%, 10/20/23	167
	3,014,379	G2 8302 ARM, 1.63%, 10/20/23	3,159
	2,271,280	G2 83031 ARM, 2.50%, 1/20/42	2,402
	2,447,725	G2 83048 ARM, 3.00%, 2/20/42	2,609
	186,269	G2 8339 ARM, 1.63%, 12/20/23	195
	489,222	G2 8358 ARM, 1.63%, 1/20/24	511
	376,617	G2 8359 ARM, 1.63%, 1/20/24	393
	355,190	G2 8371 ARM, 1.63%, 2/20/24	371
	176,766	G2 8373 ARM, 1.63%, 2/20/24	185
	570,622	G2 8387 ARM, 1.63%, 3/20/24	596
	558,596	G2 8398 ARM, 1.75%, 4/20/24	587
	531,658	G2 8399 ARM, 1.75%, 4/20/24	558
	303,087	G2 8421 ARM, 1.75%, 5/20/24	318
	526,563	G2 849350 ARM, 1.63%, 12/20/25	552
	733,322	G2 849351 ARM, 1.63%, 11/20/25	769
	1,629,834	G2 8547 ARM, 2.00%, 11/20/24	1,708
	137,191	G2 8580 ARM, 2.00%, 1/20/25	143
	204,437	G2 8595 ARM, 2.00%, 2/20/25	213
	382,609	G2 8781 ARM, 1.63%, 1/20/26	399
	368,113	G2 8814 ARM, 1.63%, 2/20/26	384
	148,818	G2 8815 ARM, 1.63%, 2/20/26	155
	104,668	G2 8855 ARM, 2.00%, 10/20/21	110
	120,481	G2 8867 ARM, 1.63%, 11/20/21	126
	874,244	G2 8968 ARM, 1.75%, 9/20/26	916

Principal or Shares		Security Description	Value (000)
	209,384	G2 8989 ARM, 1.63%, 10/20/26	$            219
	1,982,436	G2 8991 ARM, 1.63%, 10/20/26	2,078
	9,601,726	G2 MA0023 30YR, 4.00%, 4/20/42	10,454
	4,278,829	G2 MA0089 30YR, 4.00%, 5/20/42	4,659
	5,845,590	G2 MA0155 30YR, 4.00%, 6/20/42	6,368
	4,883,972	G2 MA0528 30YR, 3.50%, 11/20/42	5,193
	10,000,000	GN, 2.50%, 30YR TBA (b)	10,198
	32,000,000	GN, 3.00%, 30YR TBA (b)	33,965
	120,000,000	GN, 3.50%, 30YR TBA (b)	129,975
	73,200,000	GN, 4.00%, 30YR TBA (b)	80,154
	10,745,782	GN 367090 30YR, 4.50%, 7/15/41	11,946
	12,534,608	GN 367092 30YR, 4.50%, 7/15/41	13,957
	3,939,936	GN 455989 15YR, 5.00%, 7/15/26	4,311
	354,567	GN 524825 30YR, 5.47%, 10/15/29	391
	119,753	GN 524869 30YR, 5.47%, 1/15/30	132
	282,826	GN 524925 30YR, 5.47%, 2/15/30	312
	168,737	GN 524968 30YR, 5.47%, 3/15/30	186
	168,545	GN 524996 30YR, 5.47%, 5/15/30	186
	161,889	GN 525015 30YR, 5.47%, 6/15/30	178
	115,878	GN 525033 30YR, 5.47%, 7/15/30	128
	49,740	GN 546392 30YR, 5.47%, 2/15/31	55
	668,967	GN 558954 20YR, 5.25%, 5/15/29	718
	1,384,128	GN 558956 30YR, 4.50%, 6/15/29	1,492
	279,005	GN 596009 30YR, 5.75%, 7/15/32	307
	159,279	GN 596023 30YR, 5.75%, 7/15/32	175
	195,584	GN 596035 30YR, 5.75%, 8/15/32	215
	343,515	GN 596054 30YR, 5.75%, 8/15/32	378
	163,823	GN 596071 30YR, 5.75%, 8/15/32	180
	169,738	GN 596072 30YR, 5.75%, 7/15/32	187
	510,167	GN 596090 30YR, 5.75%, 8/15/32	562
	409,928	GN 596135 30YR, 5.75%, 8/15/32	452
	155,567	GN 596166 30YR, 5.75%, 8/15/32	171
	299,531	GN 596178 30YR, 5.75%, 9/15/32	330
	197,681	GN 596197 30YR, 5.75%, 8/15/32	218
	234,754	GN 596225 30YR, 5.75%, 9/15/32	259
	44,005	GN 596230 30YR, 5.75%, 8/15/32	48
	123,605	GN 596231 30YR, 5.75%, 9/15/32	136
	196,869	GN 596237 30YR, 5.75%, 9/15/32	217
	46,212	GN 596312 30YR, 5.75%, 9/15/32	51
	67,965	GN 596313 30YR, 5.75%, 9/15/32	75
	209,881	GN 596396 30YR, 5.75%, 9/15/32	231
	462,534	GN 601699 30YR, 5.70%, 12/15/32	509
	602,008	GN 601738 30YR, 5.25%, 1/15/33	664
	465,943	GN 601772 30YR, 5.25%, 1/15/33	514
	312,617	GN 601774 30YR, 5.25%, 1/15/33	345
	176,216	GN 601775 30YR, 5.70%, 1/15/33	194
	198,851	GN 601786 30YR, 5.25%, 2/15/33	219
	247,861	GN 601791 30YR, 5.25%, 2/15/33	274
	394,349	GN 601810 30YR, 5.25%, 2/15/33	435
	314,127	GN 601845 30YR, 5.25%, 2/15/33	347
	303,633	GN 601858 30YR, 5.70%, 2/15/33	334
	158,094	GN 601871 30YR, 5.75%, 12/15/32	174
	1,421,562	GN 601872 30YR, 5.25%, 3/15/33	1,569
	76,030	GN 601912 30YR, 5.25%, 3/15/33	84
	415,186	GN 601937 30YR, 5.25%, 3/15/33	458
	239,151	GN 602002 30YR, 5.25%, 3/15/33	264
	207,562	GN 602043 30YR, 5.25%, 4/15/33	229
	1,027,672	GN 605099 30YR, 5.50%, 3/15/34	1,142
	255,936	GN 613272 30YR, 5.25%, 5/15/33	282
	182,165	GN 613354 30YR, 5.45%, 7/15/33	201

19 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	122,544	GN 613355 30YR, 5.70%, 4/15/33	$            135
	67,725	GN 613379 30YR, 5.45%, 7/15/33	75
	2,362,071	GN 616826 30YR, 5.50%, 1/15/35	2,625
	10,090,488	GN 616913 30YR, 3.50%, 2/15/42	11,062
	1,478,830	GN 629903 35YR, 5.80%, 6/15/42	1,547
	6,731,039	GN 630057 30YR, 5.13%, 4/15/48	7,507
	4,553,630	GN 673234 30YR, 6.00%, 11/15/38	5,150
	1,376,304	GN 677318 30YR, 6.00%, 9/15/38	1,560
	578,270	GN 677378 30YR, 7.00%, 10/15/38	680
	872,890	GN 690008 30YR, 7.00%, 10/15/38	1,040
	1,651,998	GN 697066 30YR, 5.00%, 3/15/39	1,787
	6,913,777	GN 701943 30YR, 5.00%, 6/15/39	7,693
	5,022,051	GN 704439 30YR, 4.50%, 3/15/39	5,482
	6,042,988	GN 710868 30YR, 5.50%, 9/15/39	6,640
	1,983,983	GN 713930 30YR, 5.00%, 10/15/39	2,149
	848,906	GN 728159 20YR, 5.25%, 11/15/29	912
	8,600,767	GN 734089 30YR, 4.00%, 12/15/40	9,507
	1,703,315	GN 743362 30YR, 4.75%, 6/15/40	1,862
	307,097	GN 743363 30YR, 4.25%, 5/15/40	337
	192,599	GN 743502 30YR, 4.25%, 6/15/40	209
	772,531	GN 743503 30YR, 4.75%, 6/15/40	845
	501,223	GN 743611 30YR, 4.75%, 6/15/40	548
	7,115,881	GN 745183 30YR, 4.50%, 7/15/40	7,795
	10,987,335	GN 745187 30YR, 4.50%, 7/15/40	12,177
	203,704	GN 747368 30YR, 4.75%, 7/15/40	221
	285,254	GN 747491 30YR, 4.75%, 7/15/40	310
	65,394	GN 747610 30YR, 4.75%, 8/15/40	71
	68,574	GN 747740 30YR, 4.25%, 9/15/40	74
	369,837	GN 747741 30YR, 4.75%, 9/15/40	405
	1,505,267	GN 761040 30YR, 4.25%, 3/15/41	1,651
	1,189,382	GN 762726 30YR, 4.25%, 3/15/41	1,304
	1,760,657	GN 763012 30YR, 4.25%, 4/15/41	1,931
	1,355,114	GN 763216 30YR, 4.25%, 4/15/41	1,486
	75,868	GN 768576 30YR, 4.25%, 4/15/41	83
	266,894	GN 768721 30YR, 4.25%, 4/15/41	293
	424,908	GN 768886 30YR, 4.25%, 6/15/41	466
	277,122	GN 781324 30YR, 7.00%, 7/15/31	341
	931,086	GN 781636 30YR, 5.50%, 7/15/33	1,041
	1,197,286	GN 781810 30YR, 5.50%, 10/15/34	1,318
	4,795,937	GN 781811 30YR, 5.00%, 10/15/34	5,284
	3,916,555	GN 782835 30YR, 6.00%, 12/15/39	4,429
	4,202,946	GN 782858 30YR, 6.00%, 11/15/39	4,753
	10,421,421	GN 783479 30YR, 3.88%, 10/15/41	11,414
	14,165,698	GN AA5452 30YR, 3.50%, 7/15/42	15,459
	2,437,390	GNR 1998-2 FA, 0.70%, 1/16/28	2,472
	674,598	GNR 1999-18 FA, 0.50%, 5/16/29	682
	573,444	GNR 1999-37 FJ, 0.75%, 10/16/29	583
	428,316	GNR 1999-40 FE, 0.75%, 11/16/29	432
	583,548	GNR 1999-40 FK, 0.75%, 11/16/29	591
	491,724	GNR 1999-45 FC, 0.60%, 12/16/29	495
	590,068	GNR 1999-45 FH, 0.65%, 12/16/29	594
	481,816	GNR 2000-22 FG, 0.40%, 5/16/30	484
	153,617	GNR 2000-26 DF, 0.60%, 9/20/30	156
	376,575	GNR 2000-26 FA, 0.75%, 9/20/30	382
	626,090	GNR 2000-9 FG, 0.80%, 2/16/30	636
	411,887	GNR 2000-9 FH, 0.70%, 2/16/30	417
	500,173	GNR 2001-19 F, 0.70%, 5/16/31	506
	86,576	GNR 2001-21 FN, 0.40%, 8/16/22	87
	2,326,224	GNR 2001-22 FG, 0.55%, 5/16/31	2,353
	196,901	GNR 2001-26 F, 0.55%, 5/16/31	199

Principal or Shares		Security Description	Value (000)
	926,201	GNR 2001-31 FA, 0.45%, 6/16/31	$            936
	49,914	GNR 2001-33 F, 0.65%, 7/20/31	51
	870,257	GNR 2001-35 FA, 0.45%, 8/16/31	879
	575,916	GNR 2001-46 FA, 0.62%, 9/16/31	583
	2,786,843	GNR 2001-47 FA, 0.60%, 9/16/31	2,821
	1,099,201	GNR 2001-59 FA, 0.60%, 11/16/24	1,114
	498,609	GNR 2001-64 F, 0.55%, 11/20/31	500
	501,813	GNR 2001-65 FV, 0.60%, 2/20/29	508
	581,051	GNR 2002-11 FJ, 0.70%, 2/20/32	589
	606,637	GNR 2002-13 FA, 0.70%, 2/16/32	614
	261,514	GNR 2002-24 FA, 0.70%, 4/16/32	265
	212,409	GNR 2002-4 FY, 0.65%, 1/16/32	215
	313,033	GNR 2002-41 HF, 0.60%, 6/16/32	317
	1,573,079	GNR 2002-48 FG, 0.50%, 12/16/30	1,590
	1,311,001	GNR 2002-48 FT, 0.40%, 12/16/26	1,318
	1,539,365	GNR 2002-5 FP, 0.75%, 1/16/32	1,561
	1,210,465	GNR 2002-72 FA, 0.60%, 10/20/32	1,222
	556,814	GNR 2002-72 FB, 0.60%, 10/20/32	564
	1,203,659	GNR 2002-72 FE, 0.60%, 10/20/32	1,219
	2,066,166	GNR 2002-76 F, 0.40%, 1/16/31	2,077
	284,805	GNR 2002-76 FY, 0.50%, 12/16/26	288
	243,295	GNR 2002-79 FB, 0.45%, 11/16/32	244
	3,583,432	GNR 2003-35 CF, 0.50%, 3/16/33	3,626
	746,756	GNR 2003-69 FD, 0.65%, 2/16/29	755
	2,089,540	GNR 2003-71 FC, 0.70%, 7/20/33	2,115
	2,991,077	GNR 2003-94 FB, 0.50%, 12/16/30	3,020
	2,638,226	GNR 2004-49 F, 0.60%, 11/20/30	2,642
	6,577,855	GNR 2004-5 PF, 0.75%, 2/20/33	6,625
	4,696,975	GNR 2004-56 F, 0.60%, 6/20/33	4,758
	1,348,861	GNR 2004-59 FH, 0.45%, 8/16/34	1,362
	1,523,520	GNR 2004-73 JM, 0.00%, 9/16/34	1,495
	1,643,687	GNR 2005-6 FC, 0.40%, 3/20/33	1,645
	806,547	GNR 2006-47 FA, 0.40%, 8/16/36	811
	424,690	GNR 2006-62 FB, 0.36%, 11/20/36	427
	1,139,097	GNR 2006-64 PO, 0.00%, 4/16/34	1,105
	386,827	GNR 2007-59 FJ, 0.50%, 7/20/37	390
	2,086,621	GNR 2007-76 FB, 0.70%, 11/20/37	2,109
	5,455,721	GNR 2008-15 CF, 0.71%, 2/20/38	5,518
	1,274,091	GNR 2008-2 FH, 0.65%, 1/20/38	1,288
	1,764,315	GNR 2008-32 PA, 4.00%, 8/16/37	1,929
	1,605,881	GNR 2008-67 UF, 0.65%, 6/20/38	1,625
	5,394,671	GNR 2009-109 DF, 0.70%, 7/20/37	5,417
	1,910,223	GNR 2009-26 BA, 4.00%, 1/16/38	2,086
	3,245,653	GNR 2009-87 FB, 0.85%, 9/20/39	3,282
	1,176,674	GNR 2009-93 EJ, 3.50%, 5/20/35	1,206
	22,043,519	GNR 2010-132 IO, 1.74%, 11/16/52	1,789
	9,394,042	GNR 2010-42 CO, 0.00%, 6/16/39	8,871
	24,708,594	GNR 2010-71 IO, 1.01%, 3/16/52	1,086
	1,000,000	GNR 2011-13 PB, 4.00%, 1/16/41	1,131
	1,874,669	GNR 2011-60 GK, 2.00%, 9/20/34	1,897
	Total Mortgage Backed (Cost - $987,668)		1,008,026
	NCUA Guaranteed (6%)
	4,124,248	NCUA Guaranteed Notes Trust 2010-R1, 0.65%, 10/07/20	4,137
	8,350,361	NCUA Guaranteed Notes Trust 2010-R2, 0.57%, 11/06/17	8,384
	4,513,099	NCUA Guaranteed Notes Trust 2010-R2, 0.67%, 11/05/20	4,533

Semi-Annual Report 20

Payden GNMA Fund continued

Principal or Shares		Security Description	Value (000)
	2,662,629	NCUA Guaranteed Notes Trust 2011-C1, 0.73%, 3/09/21	$        2,681
	2,985,023	NCUA Guaranteed Notes Trust 2011-R2, 0.60%, 2/06/20	2,996
	8,003,609	NCUA Guaranteed Notes Trust 2011-R3, 0.60%, 3/11/20	8,029
	4,237,284	NCUA Guaranteed Notes Trust 2011-R4, 0.58%, 3/06/20	4,247
	4,095,608	NCUA Guaranteed Notes Trust 2011-R5, 0.58%, 4/06/20	4,101
	1,793,234	NCUA Guaranteed Notes Trust 2011-R6, 0.58%, 5/07/20	1,794
	Total NCUA Guaranteed (Cost - $40,784)		40,902
	Purchased Call Options (0%)
	720	U.S. Treasury 10 Year Futures Option, 134, 6/22/13 (Cost - $179)	157

Principal or Shares		Security Description	Value (000)
	Investment Company (1%)
	7,217,559	Payden Cash Reserves Money Market Fund * (Cost - $7,218)	$        7,218
	Total (Cost - $1,044,762) (149%)		1,065,246
	Liabilities in excess of Other Assets (-49%)		(349,756)
	Net Assets (100%)		$    715,490

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) Security was purchased on a delayed delivery basis.

See notes to financial statements.

21 Payden Mutual Funds

Payden Core Bond Fund

The Fund seeks a high level of total return that is consistent with preservation of capital by generally investing in investment grade debt securities with no limit on the average portfolio maturity.

Credit Quality - percent of value
AAA	3	%
AA	44	%
A	15	%
BBB	24	%
BB or lower	14	%

Schedule of Investments -April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Asset Backed (1%)
	115,751	Chase Funding Mortgage Loan Asset-Backed Certificates, 0.86%, 11/25/32	$        110
	3,329,675	L.A. Arena Funding LLC 144A, 7.66%, 12/15/26 (a)	3,808
	94,243	Landmark Mortgage Securities PLC, 0.73%, 6/17/38 GBP (b)(c)	138
	Total Asset Backed (Cost - $3,553)		4,056
	Corporate Bond (56%)
	1,200,000	Abu Dhabi National Energy Co. 144A, 4.13%, 3/13/17 (a)	1,301
	940,000	Air Canada 2013-1 Class A Pass Through Trust 144A, 4.13%, 5/15/25 (a)	955
	3,000,000	American Honda Finance Corp. 144A, 0.90%, 8/05/13 (a)	3,005
	1,020,000	American International Group Inc., 3.00%, 3/20/15	1,058
	1,425,000	American Tower Corp., 3.50%, 1/31/23	1,443
	1,685,000	ANZ New Zealand Int’l Ltd./London 144A, 1.13%, 3/24/16 (a)	1,692
	1,415,000	Appalachian Power Co., 6.70%, 8/15/37	1,896
	3,120,000	Apple Inc., 2.40%, 5/03/23	3,116
	4,120,000	ArcelorMittal, 6.13%, 6/01/18	4,518
	1,255,000	Ashland Inc. 144A, 3.88%, 4/15/18 (a)	1,297
	1,690,000	AT&T Inc., 0.66%, 2/12/16	1,696
	1,920,000	Automotores Gildemeister SA 144A, 8.25%, 5/24/21 (a)	2,093
	2,310,000	Aviation Capital Group Corp. 144A, 4.63%, 1/31/18 (a)	2,412
	2,200,000	Baidu Inc., 3.50%, 11/28/22	2,224
	2,540,000	Banco Bradesco SA/Cayman Islands 144A, 2.39%, 5/16/14 (a)	2,567
	3,102,000	Banco de Credito del Peru 144A, 4.25%, 4/01/23 (a)(d)	3,128
	2,380,000	Banco de Credito e Inversiones 144A, 4.00%, 2/11/23 (a)	2,400
	4,580,000	Banco del Estado de Chile 144A, 2.00%, 11/09/17 (a)	4,621
	1,550,000	Banco del Estado de Chile 144A, 4.13%, 10/07/20 (a)	1,681
	3,680,000	Bancolombia SA, 5.13%, 9/11/22 (d)	3,778
	2,280,000	Bank of America Corp., 1.25%, 1/11/16	2,282
	1,640,000	Bank of America Corp., 1.35%, 3/22/18	1,638
	3,495,000	Bank of Montreal, 0.88%, 4/09/18	3,509
	1,620,000	Barrick Gold Corp., 6.95%, 4/01/19	1,974
	1,935,000	BB&T Corp., 4.90%, 6/30/17	2,187
	1,353,000	BBVA Banco Continental SA 144A, 2.25%, 7/29/16 (a)	1,339
	3,920,000	Bear Stearns Companies LLC, 5.55%, 1/22/17	4,466

Principal or Shares		Security Description	Value (000)
	3,100,000	BioMed Realty LP, 3.85%, 4/15/16	$        3,297
	2,245,000	Block Financial LLC, 5.50%, 11/01/22	2,420
	1,905,000	Burlington Northern Santa Fe LLC, 5.40%, 6/01/41	2,260
	1,000,000	Cablevision Systems Corp., 7.75%, 4/15/18	1,144
	945,000	Cardinal Health Inc., 1.70%, 3/15/18	949
	1,555,000	Carlyle Holdings II Finance LLC 144A, 5.63%, 3/30/43 (a)	1,606
	2,700,000	Caterpillar Financial Services Corp., 2.63%, 3/01/23	2,729
	1,270,000	CBQ Finance Ltd. 144A, 5.00%, 11/18/14 (a)	1,340
	1,170,000	CBQ Finance Ltd. 144A, 7.50%, 11/18/19 (a)	1,441
	1,465,000	CC Holdings GS V LLC 144A, 3.85%, 4/15/23 (a)	1,514
	885,000	Cenovus Energy Inc., 6.75%, 11/15/39	1,190
	1,405,000	CenturyLink Inc., 5.80%, 3/15/22	1,490
	2,925,000	Chubb Corp., 6.38%, 3/29/67	3,269
	2,750,000	Cielo SA / Cielo USA Inc. 144A, 3.75%, 11/16/22 (a)	2,684
	785,000	Citigroup Inc., 1.25%, 1/15/16	788
	525,000	Citigroup Inc., 1.99%, 5/15/18	546
	1,860,000	CNPC General Capital Ltd. 144A, 1.45%, 4/16/16 (a)	1,861
	3,780,000	Colombia Telecomunicaciones SA ESP 144A, 5.38%, 9/27/22 (a)	3,799
	2,950,000	Commonwealth Bank of Australia 144A, 1.01%, 3/17/14 (a)	2,970
	1,270,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 0.76%, 3/18/16	1,273
	1,660,000	Corpbanca SA, 3.13%, 1/15/18	1,668
	3,790,000	Credit Agricole SA/London 144A, 1.44%, 4/15/16 (a)	3,798
	1,433,419	CVS Pass-Through Trust 144A, 5.79%, 1/10/26 (a)	1,634
	2,510,000	Daimler Finance North America LLC 144A, 0.89%, 3/28/14 (a)	2,516
	3,982,000	Digital Realty Trust LP, 5.88%, 2/01/20	4,663
	2,750,000	Dignity Health, 3.13%, 11/01/22	2,744
	1,000,000	DineEquity Inc., 9.50%, 10/30/18	1,145
	2,225,000	Dow Chemical Co., 9.40%, 5/15/39	3,685
	1,805,000	Duke Energy Corp., 3.05%, 8/15/22	1,872
	2,070,000	Electricite de France SA 144A, 5.25%, 1/29/49 (a)	2,086
	1,050,000	Elizabeth Arden Inc., 7.38%, 3/15/21	1,181
	1,760,000	Embraer Overseas Ltd., 6.38%, 1/15/20	2,057
	1,280,000	Encana Corp., 6.50%, 8/15/34	1,549
	3,150,000	Enterprise Products Operating LLC, 4.85%, 3/15/44	3,399

Semi-Annual Report 22

Payden Core Bond Fund continued

Principal or Shares		Security Description	Value (000)
	1,020,000	Exelon Generation Co. LLC, 6.20%, 10/01/17	$        1,200
	3,160,000	Express Scripts Holding Co., 2.75%, 11/21/14	3,253
	1,310,000	Fidelity National Information Services Inc., 3.50%, 4/15/23	1,328
	3,700,000	FirstEnergy Corp., 2.75%, 3/15/18	3,776
	700,000	Flextronics International Ltd 144A, 4.63%, 2/15/20 (a)	719
	2,380,000	Ford Motor Credit Co. LLC, 3.00%, 6/12/17	2,469
	3,710,000	Freeport-McMoRan Copper & Gold Inc. 144A, 3.10%, 3/15/20 (a)	3,739
	2,050,000	Gazprom OAO Via Gaz Capital SA 144A, 3.85%, 2/06/20 (a)(d)	2,085
	1,320,000	Gazprom OAO Via Gaz Capital SA, 6.51%, 3/07/22 (b)(d)	1,546
	2,240,000	GDF Suez 144A, 2.88%, 10/10/22 (a)	2,273
	465,000	General Electric Capital Corp., 5.88%, 1/14/38	565
	1,900,000	General Electric Capital Corp., 6.25%, 12/15/49	2,104
	4,065,000	General Electric Capital Corp., 6.38%, 11/15/67	4,343
	1,510,000	Goldcorp Inc., 2.13%, 3/15/18	1,512
	5,795,000	Goldman Sachs Group Inc., 1.48%, 4/30/18	5,809
	5,155,000	Health Care REIT Inc., 4.13%, 4/01/19	5,655
	3,060,000	Heathrow Funding Ltd. 144A, 4.88%, 7/15/21 (a)	3,471
	3,115,000	HSBC USA Inc., 5.00%, 9/27/20	3,537
	2,360,000	Hutchison Whampoa International 12 II Ltd. 144A, 3.25%, 11/08/22 (a)(d)	2,357
	2,675,000	Imperial Tobacco Finance PLC 144A, 2.05%, 2/11/18 (a)	2,715
	2,830,000	ING Bank NV 144A, 2.00%, 9/25/15 (a)	2,880
	1,000,000	Intelsat Jackson Holdings SA, 7.25%, 10/15/20	1,114
	1,030,000	Interactive Data Corp., 10.25%, 8/01/18	1,175
	2,050,000	Inter-American Development Bank, 3.88%, 9/17/19	2,393
	3,180,000	JPMorgan Chase & Co., 1.18%, 1/25/18	3,206
	855,000	JPMorgan Chase Bank NA, 0.61%, 6/13/16	841
	2,350,000	Kaiser Foundation Hospitals, 3.50%, 4/01/22	2,506
	2,450,000	KazMunaiGaz Finance Sub BV, 9.13%, 7/02/18 (b)	3,139
	3,740,000	Kennametal Inc., 2.65%, 11/01/19	3,792
	2,630,000	KeyCorp, 6.50%, 5/14/13	2,635
	3,450,000	KKR Group Finance Co. II LLC 144A, 5.50%, 2/01/43 (a)	3,446
	2,085,000	Kroger Co., 6.40%, 8/15/17	2,493
	770,000	Kroger Co., 7.50%, 4/01/31	1,010
	1,000,000	Linn Energy LLC, 7.75%, 2/01/21	1,100
	4,280,000	Lukoil International Finance BV 144A, 3.42%, 4/24/18 (a)	4,368
	1,666,000	Macy’s Retail Holdings Inc., 5.90%, 12/01/16	1,934
	771,000	Macy’s Retail Holdings Inc., 7.45%, 7/15/17	952
	1,710,000	MassMutual Global Funding II 144A, 0.78%, 9/27/13 (a)	1,714
	1,330,000	MDC Holdings Inc., 6.00%, 1/15/43	1,305
	1,635,000	Merrill Lynch & Co. Inc., 6.88%, 4/25/18	1,990
	1,550,000	MetLife Inc., 6.40%, 12/15/36	1,738
	320,000	MetLife Inc., 10.75%, 8/01/39 (d)	510
	1,480,000	MetLife Institutional Funding II 144A, 1.18%, 4/04/14 (a)	1,492
	1,000,000	MetroPCS Wireless Inc. 144A, 6.25%, 4/01/21 (a)	1,078

Principal or Shares		Security Description	Value (000)
	1,185,000	Metropolitan Edison Co. 144A, 3.50%, 3/15/23 (a)	$        1,227
	295,000	Morgan Stanley, 1.54%, 2/25/16	297
	830,000	Morgan Stanley, 3.80%, 4/29/16	884
	1,135,000	Morgan Stanley, 4.88%, 11/01/22	1,226
	2,815,000	Murphy Oil Corp., 2.50%, 12/01/17	2,867
	3,160,000	National Australia Bank Ltd. 144A, 1.23%, 7/25/14 (a)	3,196
	2,380,000	NBCUniversal Media LLC, 6.40%, 4/30/40	3,208
	1,380,000	Noble Holding International Ltd, 3.45%, 8/01/15	1,444
	1,595,000	People’s United Financial Inc., 3.65%, 12/06/22	1,649
	3,010,000	Petrobras International Finance Co., 5.38%, 1/27/21	3,339
	2,530,000	Petroleos Mexicanos, 6.00%, 3/05/20	3,059
	2,130,000	Petronas Capital Ltd., 7.88%, 5/22/22 (b)	3,005
	1,050,000	Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., 8.25%, 9/01/17	1,145
	2,335,000	Prudential Financial Inc., 5.63%, 6/15/43	2,458
	3,800,000	RBS Citizens Financial Group Inc. 144A, 4.15%, 9/28/22 (a)	3,984
	1,940,000	Reynolds American Inc., 3.25%, 11/01/22	1,957
	1,000,000	Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 6.88%, 2/15/21	1,093
	1,000,000	SandRidge Energy Inc., 8.75%, 1/15/20	1,080
	4,185,000	Scotiabank Peru SA 144A, 4.50%, 12/13/27 (a)	4,164
	3,230,000	SES 144A, 3.60%, 4/04/23 (a)	3,331
	4,030,000	Sinopec Capital 2013 Ltd. 144A, 1.88%, 4/24/18 (a)	4,032
	990,000	Smiths Group PLC 144A, 3.63%, 10/12/22 (a)	994
	2,010,000	Sompo Japan Insurance Inc. 144A, 5.33%, 3/28/73 (a)	2,083
	1,370,000	Sparebank 1 Boligkreditt AS 144A, 2.63%, 5/27/16 (a)	1,448
	1,000,000	Sprint Capital Corp., 6.90%, 5/01/19	1,091
	2,745,000	Standard Chartered PLC 144A, 3.95%, 1/11/23 (a)	2,810
	2,900,000	Svenska Handelsbanken AB, 0.73%, 3/21/16	2,902
	3,105,000	Symantec Corp., 4.20%, 9/15/20	3,371
	835,000	Telecom Italia Capital SA, 5.25%, 11/15/13	852
	2,520,000	Teva Pharmaceutical Finance III BV, 0.78%, 3/21/14	2,529
	1,340,000	Time Warner Inc., 4.90%, 6/15/42	1,455
	2,295,000	TSMC Global Ltd. 144A, 1.63%, 4/03/18 (a)	2,318
	1,330,000	Vale Overseas Ltd, 6.25%, 1/23/17	1,542
	1,000,000	Valeant Pharmaceuticals International 144A, 7.00%, 10/01/20 (a)	1,110
	1,330,000	Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 9.13%, 4/30/18 (b)	1,604
	1,025,000	Vivendi SA 144A, 4.75%, 4/12/22 (a)	1,106
	1,450,000	Vodafone Group PLC, 0.68%, 2/19/16	1,452
	2,953,000	Vornado Realty LP, 4.25%, 4/01/15	3,129
	1,070,000	Wells Fargo Capital X, 5.95%, 12/15/36	1,105
	2,405,000	Wesfarmers Ltd 144A, 1.87%, 3/20/18 (a)	2,440
	1,645,000	Westpac Banking Corp., 4.88%, 11/19/19	1,947
	1,865,000	Williams Companies Inc., 3.70%, 1/15/23	1,888

23 Payden Mutual Funds

Principal or Shares	Security Description	Value (000)
1,000,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 7.88%, 5/01/20	$          1,143
1,750,000	Yum! Brands Inc., 6.88%, 11/15/37	2,330
1,900,000	Zoetis Inc. 144A, 3.25%, 2/01/23 (a)	1,955
Total Corporate Bond (Cost - $320,341)		333,359
Foreign Government (1%)
1,700,000	Dominican Republic International Bond 144A, 7.50%, 5/06/21 (a)	1,965
950,000	Indonesia Government International Bond, 11.63%, 3/04/19 (b)(d)	1,413
1,013,200	Russian Foreign Bond - Eurobond, 7.50%, 3/31/30 (b)	1,277
Total Foreign Government (Cost - $4,097)		4,655
Mortgage Backed (32%)
483,379	Bear Stearns ARM Trust 2005-10, 2.67%, 10/25/35	471
13,842	Bear Sterns ARM Trust 2003-1, 2.75%, 4/25/33	14
1,290,000	Del Coronado Trust 144A, 1.00%, 3/15/26 (a)	1,290
8,407,957	FG Q12837 30YR, 3.00%, 11/01/42	8,771
365,348	FHR, 0.55%, 6/15/34	365
6,514,304	FHR 4065 IU, 4.00%, 6/15/32	1,411
18,980,000	FN, 3.00%, 30YR TBA (e)	19,858
7,400,000	FN, 4.00%, 30YR TBA (e)	7,923
7,340,899	FN 254766 30YR, 5.00%, 6/01/33	8,000
417,242	FN 725027 30YR, 5.00%, 11/01/33	455
3,412,201	FN 725423 30YR, 5.50%, 5/01/34	3,746
5,326,515	FN 725424 30YR, 5.50%, 4/01/34	5,847
961,971	FN 725425 30YR, 5.50%, 4/01/34	1,060
6,262,717	FN 745418 30YR, 5.50%, 4/01/36	6,851
6,128,638	FN 995203 30YR, 5.00%, 7/01/35	6,671
3,520,771	FN AB6385 30YR, 3.00%, 10/01/42	3,690
6,648,425	FN AB7905 15YR, 2.50%, 2/01/28	6,967
2,669,264	FN AE0138 30YR, 4.50%, 3/01/40	2,952
2,402,251	FN AJ7689 30YR, 4.00%, 12/01/41	2,574
9,602,359	FN AL2221 15YR, 3.00%, 7/01/27	10,198
6,696,414	FN AL2521 30YR, 3.50%, 9/01/42	7,144
6,645,394	FN AO7975 15YR, 3.00%, 6/01/27	7,079
1,688,224	FNW 04-W2 4A, 2.93%, 2/25/44	1,764
1,897,193	G2 5140 30YR, 4.50%, 8/20/41	2,093
2,435,776	G2 5175 30YR, 4.50%, 9/20/41	2,698
5,206,643	G2 5259 30YR, 4.00%, 12/20/41	5,669
2,549,616	GN 711522 30YR, 4.50%, 7/15/40	2,809
5,646,404	GN 734089 30YR, 4.00%, 12/15/40	6,241
5,258,224	GN 745187 30YR, 4.50%, 7/15/40	5,827
9,688,506	GN AA5452 30YR, 3.50%, 7/15/42	10,573
3,112,705	GNR 2012-76 GF, 0.50%, 6/16/42	3,119
300,000	Granite Master Issuer PLC, 1.06%, 12/17/54	263
195,414	Harborview Mortgage Loan Trust, 3.06%, 1/19/35	187
671,442	JP Morgan Mortgage Trust, 6.00%, 7/25/36	628
8,960,761	JP Morgan Mortgage Trust 2013-1 144A, 2.50%, 3/01/43 (a)	9,179
58,008	Morgan Stanley Mortgage Loan Trust, 2.31%, 7/25/34	59
1,579,887	Morgan Stanley Mortgage Loan Trust 2005-7, 5.50%, 11/25/35	1,617

Principal or Shares		Security Description	Value (000)
	1,150,069	Prime Mortgage Trust, 5.00%, 10/25/35	$        1,127
	2,784,894	Residential Asset Securitization Trust 2006-A8, 6.00%, 8/25/36	2,399
	6,800,000	Sequoia Mortgage Trust 144A, 3.00%, 5/25/43 (a)	6,944
	4,216,716	Sequoia Mortgage Trust, 3.50%, 9/25/42	4,379
	129,263	Sequoia Mortgage Trust 10, 1.00%, 10/20/27	127
	1,300,000	Springleaf Mortgage Loan Trust 144A, 5.58%, 6/25/58 (a)	1,309
	69,762	Structured Asset Mortgage Investments Inc., 3.84%, 7/25/32	71
	10,588	Structured Asset Securities Corp., 0.00%, 8/25/32	6
	1,915,092	Thornburg Mortgage Securities Trust, 0.94%, 9/25/44	1,850
	7,468,856	WaMu Mortgage Pass Through Certificates, 2.47%, 1/25/36	7,330
	1,212,164	WaMu Mortgage Pass Through Certificates, 2.53%, 7/25/37	958
	Total Mortgage Backed (Cost - $189,713)		192,563
	Municipal (1%)
	1,495,000	California State, 7.55%, 4/01/39	2,237
	2,170,000	Florida Hurricane Catastrophe Fund Finance
		Corp., 2.11%, 7/01/18	2,186
	1,820,000	New Jersey Transportation Trust Fund Authority, 1.76%, 12/15/18	1,825
	Total Municipal (Cost - $5,505)		6,248
	U.S. Treasury (20%)
	5,000,000	U.S. Treasury Bill, 0.01%, 7/11/13 (f)(g)	5,000
	10,500,000	U.S. Treasury Bill, 0.08%, 10/17/13 (g)	10,496
	55,300,000	U.S. Treasury Note/Bond, 0.75%, 2/28/18	55,598
	21,000,000	U.S. Treasury Note/Bond, 1.13%, 3/31/20	21,053
	15,870,000	U.S. Treasury Note/Bond, 3.13%, 2/15/43	16,629
	22,000,000	U.S. Treasury Strip Principal, 0.00%, 11/15/40	9,482
	Total U.S. Treasury (Cost - $117,287)		118,258
	Investment Company (5%)
	14,101,271	Payden Cash Reserves Money Market Fund *	14,101
	258,482	Payden Emerging Markets Bond Fund, Institutional Class *	3,978
	1,314,991	Payden Emerging Markets Local Bond Fund, Investor Class *	14,163
	115,337	Payden High Income Fund, Investor Class *	866
	Total Investment Company (Cost - $31,806)		33,108
	Total (Cost - $672,302) (116%)		692,247
	Liabilities in excess of Other Assets (-16%)		(95,892)
	Net Assets (100%)		$    596,355

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) 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.

(c) Principal in foreign currency.

Semi-Annual Report 24

Payden Core Bond Fund continued

(d) All or a portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $10,293 and the total market value of the collateral held by the Fund is $10,714. Amounts in 000s.

(e) Security was purchased on a delayed delivery basis.

(f) All or portion of the security is pledged as collateral to cover open futures contract margin requirements.

(g) Yield to maturity at time of purchase.

Open Forward Currency Contracts to USD

Delivery Date	Currency (000s)	Counterparty	Unrealized Appreciation (Depreciation) (000s)
Assets:
5/23/2013	Canadian Dollar (Buy 5,910)	HSBC Securities		$	82
7/30/2013	Mexican Peso (Buy 73,030)	RBS			19
6/18/2013	Thailand Baht (Buy 166,120)	HSBC Securities			79
				$	180
Liabilities:
8/1/2013	Australian Dollar (Sell 17,306)	JP Morgan			(48	)
5/8/2013	British Pound (Sell 97)	HSBC Securities			(4	)
7/15/2013	Euro (Sell 2,246)	JP Morgan			(13	)
7/24/2013	Japanese Yen (Sell 1,454,700)	JP Morgan			(110	)
5/28/2013	Russian Ruble (Buy 169,590)	HSBC Securities			(37	)
7/15/2013	Swiss Franc (Sell 8,230)	JP Morgan			(40	)
				$	(252	)

Open Futures Contracts

Number of Contracts	Contract Type	Expiration Date	Current Value (000)				Unrealized Appreciation (Depreciation) (000s)
266	Euro-Bund Future	Jun-13		$	51,404			$	234
682	U.S. Treasury 10 Year Note Future	Jun-13			(90,951	)			(752	)
								$	(518	)

Open Interest Rate Swap Contracts

Counterparty	Fund Receives	Fund Pays	Expiration Date	Notional Principal (000s)			Value (000s)
Barclays	3M US LIBOR	(0.82%)	Sep-17		USD	61,500		$	(352	)
Barclays	3M US LIBOR	(4.01%)	Dec-40		USD	9,400			(2,513	)
								$	(2,865	)

See notes to financial statements.

25 Payden Mutual Funds

Payden Corporate Bond Fund

The Fund seeks a high level of total return that is consistent with the preservation of capital by generally investing 80% of its assets in investment grade corporate bonds with no limit on the average portfolio maturity.

Credit Quality - percent of value
AAA	1	%
AA	3	%
A	23	%
BBB	54	%
BB or lower	19	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Corporate Bond (92%)
	Consumer Cyclical (3%)
	215,000	Air Canada 2013-1 Class A Pass Through Trust
		144A, 4.13%, 5/15/25 (a)	$          219
	45,000	CVS Caremark Corp., 6.13%, 9/15/39	57
	450,000	Macy’s Retail Holdings Inc., 4.30%, 2/15/43	437
	232,000	Macy’s Retail Holdings Inc., 5.90%, 12/01/16	269
	150,000	PVH Corp., 4.50%, 12/15/22	155
	580,000	Wesfarmers Ltd 144A, 1.87%, 3/20/18 (a)	589
	100,000	Yum! Brands Inc., 6.88%, 11/15/37	133
			1,859
	Consumer Non-Cyclical (8%)
	300,000	BC Luxco 1 SA 144A, 7.38%, 1/29/20 (a)	313
	380,000	Cielo SA / Cielo USA Inc. 144A,
		3.75%, 11/16/22 (a)	371
	650,000	ConAgra Foods Inc., 7.00%, 4/15/19	816
	530,000	Cosan Luxembourg SA 144A, 5.00%, 3/14/23 (a)	541
	605,000	Imperial Tobacco Finance PLC 144A,
		2.05%, 2/11/18 (a)	614
	745,000	Kroger Co., 6.40%, 8/15/17	891
	515,000	Mallinckrodt International Finance SA 144A,
		3.50%, 4/15/18 (a)	523
	205,000	Mondelez International Inc., 6.50%, 2/09/40	278
	250,000	Mylan Inc. 144A, 6.00%, 11/15/18 (a)	274
	130,000	Reynolds American Inc., 3.25%, 11/01/22	131
	360,000	Zoetis Inc. 144A, 3.25%, 2/01/23 (a)	370
			5,122
	Energy (11%)
	300,000	Canadian Natural Resources Ltd, 6.25%,
		3/15/38	374
	720,000	Cliffs Natural Resources Inc., 3.95%, 1/15/18 (b)	730
	115,000	Duke Energy Corp., 3.05%, 8/15/22	119
	325,000	Encana Corp., 6.50%, 8/15/34	393
	560,000	Enterprise Products Operating LLC,
		4.85%, 3/15/44	604
	200,000	Gazprom Neft OAO Via GPN Capital SA 144A,
		4.38%, 9/19/22 (a)	201
	200,000	Gazprom OAO Via Gaz Capital SA 144A,
		3.85%, 2/06/20 (a)(b)	204
	250,000	Gazprom OAO Via Gaz Capital SA, 7.29%,
		8/16/37 (c)	311
	150,000	GDF Suez 144A, 2.88%, 10/10/22 (a)	152
	280,000	Hutchison Whampoa International 12 II Ltd.
		144A, 3.25%, 11/08/22 (a)(b)	280
	190,000	KazMunaiGaz Finance Sub BV,
		9.13%, 7/02/18 (c)	244
	1,120,000	Lukoil International Finance BV 144A,
		3.42%, 4/24/18 (a)	1,143
	635,000	Murphy Oil Corp., 2.50%, 12/01/17	647

Principal or Shares		Security Description	Value (000)
	360,000	Noble Holding International Ltd,
		3.45%, 8/01/15	$          377
	200,000	Sibur Securities Ltd. 144A, 3.91%, 1/31/18 (a)	198
	210,000	TransCanada PipeLines Ltd., 7.63%, 1/15/39	313
	510,000	Vale Overseas Ltd, 6.25%, 1/23/17	591
	325,000	Williams Companies Inc., 3.70%, 1/15/23	329
			7,210
	Financial (41%)
	263,000	Banco de Credito del Peru 144A,
		4.25%, 4/01/23 (a)	265
	545,000	Banco de Credito e Inversiones 144A,
		4.00%, 2/11/23 (a)	550
	450,000	Banco del Estado de Chile 144A,
		2.00%, 11/09/17 (a)	454
	250,000	Bancolombia SA, 5.13%, 9/11/22 (b)	257
	605,000	Bank of America Corp., 1.25%, 1/11/16	606
	335,000	Bank of America Corp., 1.35%, 3/22/18	335
	330,000	Bank of America Corp., 7.63%, 6/01/19	423
	200,000	Bank of Ceylon 144A, 6.88%, 5/03/17 (a)	213
	225,000	Barclays Bank PLC 144A, 6.05%, 12/04/17 (a)	256
	252,000	BBVA Banco Continental SA 144A,
		2.25%, 7/29/16 (a)	249
	845,000	Bear Stearns Companies LLC, 5.55%, 1/22/17	963
	950,000	BioMed Realty LP, 3.85%, 4/15/16	1,010
	485,000	Carlyle Holdings II Finance LLC 144A,
		5.63%, 3/30/43 (a)	501
	305,000	Caterpillar Financial Services Corp.,
		2.63%, 3/01/23	308
	110,000	CBQ Finance Ltd. 144A, 5.00%, 11/18/14 (a)	116
	100,000	CBQ Finance Ltd. 144A, 7.50%, 11/18/19 (a)	123
	250,000	Chubb Corp., 6.38%, 3/29/67	279
	250,000	Citigroup Inc., 5.90%, 12/29/49	262
	115,000	Citigroup Inc., 6.00%, 10/31/33	130
	500,000	Citigroup Inc., 6.01%, 1/15/15	542
	320,000	Corpbanca SA, 3.13%, 1/15/18	321
	900,000	Credit Agricole SA/London 144A,
		1.44%, 4/15/16 (a)	902
	300,000	Credit Suisse/New York, 6.00%, 2/15/18	350
	850,000	Digital Realty Trust LP, 5.88%, 2/01/20	995
	75,000	ERAC USA Finance LLC 144A,
		2.75%, 3/15/17 (a)	78
	400,000	FMR LLC 144A, 6.45%, 11/15/39 (a)	507
	500,000	Ford Motor Credit Co. LLC, 8.13%, 1/15/20	645
	455,000	General Electric Capital Corp., 4.65%, 10/17/21	521
	80,000	General Electric Capital Corp., 5.88%, 1/14/38	97
	100,000	General Electric Capital Corp., 6.25%, 12/15/49	111
	1,415,000	General Electric Capital Corp., 6.38%, 11/15/67	1,512

Semi-Annual Report 26

Payden Corporate Bond Fund continued

Principal or Shares		Security Description	Value (000)
	205,000	General Motors Financial Co. Inc. 144A,
		4.75%, 8/15/17 (a)	$           217
	1,000,000	Goldman Sachs Group Inc., 1.48%, 4/30/18	1,002
	345,000	HSBC USA Inc., 5.00%, 9/27/20	392
	200,000	ING Bank NV 144A, 2.00%, 9/25/15 (a)	204
	440,000	International Lease Finance Corp. 144A,
		6.50%, 9/01/14 (a)	473
	230,000	JPMorgan Chase & Co., 1.18%, 1/25/18	232
	355,000	JPMorgan Chase & Co., 4.35%, 8/15/21	399
	325,000	KKR Group Finance Co. II LLC 144A,
		5.50%, 2/01/43 (a)	325
	250,000	Lloyds TSB Bank PLC 144A,
		6.50%, 9/14/20 (a)(b)	286
	230,000	Merrill Lynch & Co. Inc., 6.11%, 1/29/37	263
	105,000	Merrill Lynch & Co. Inc., 6.88%, 4/25/18	128
	505,000	MetLife Inc., 6.40%, 12/15/36	566
	50,000	MetLife Inc., 10.75%, 8/01/39	80
	425,000	Morgan Stanley, 1.54%, 2/25/16	428
	575,000	Morgan Stanley, 4.88%, 11/01/22	621
	280,000	National Rural Utilities Cooperative Finance
		Corp., 8.00%, 3/01/32	423
	200,000	PACCAR Financial Corp., 0.55%, 2/08/16	200
	350,000	Pacific Life Insurance Co. 144A,
		9.25%, 6/15/39 (a)	526
	250,000	Pemex Project Funding Master Trust,
		6.63%, 6/15/35	316
	260,000	People’s United Financial Inc., 3.65%, 12/06/22	269
	325,000	Prudential Financial Inc., 5.63%, 6/15/43	342
	200,000	Prudential Financial Inc., 5.88%, 9/15/42	217
	625,000	QBE Insurance Group Ltd 144A,
		2.40%, 5/01/18 (a)	630
	250,000	RBS Citizens Financial Group Inc. 144A,
		4.15%, 9/28/22 (a)	262
	685,000	Scotiabank Peru SA 144A, 4.50%, 12/13/27 (a)	682
	405,000	SLM Corp., 3.88%, 9/10/15	421
	470,000	Sompo Japan Insurance Inc. 144A,
		5.33%, 3/28/73 (a)	487
	525,000	Standard Chartered PLC 144A,
		3.95%, 1/11/23 (a)	537
	475,000	Swiss Re Treasury US Corp. 144A,
		4.25%, 12/06/42 (a)	482
	490,000	Sydney Airport Finance Co. Pty Ltd. 144A,
		3.90%, 3/22/23 (a)	510
	295,000	Teachers Insurance & Annuity Association of
		America 144A, 6.85%, 12/16/39 (a)	410
	930,000	Vornado Realty LP, 4.25%, 4/01/15 (b)	986
	240,000	Wachovia Capital Trust III, 5.57%, 3/29/49	242
	125,000	Wells Fargo Capital X, 5.95%, 12/15/36	129
	105,000	Westpac Banking Corp., 4.88%, 11/19/19	124
	210,000	Woodside Finance Ltd. 144A,
		4.50%, 11/10/14 (a)	221
			27,913
	Healthcare (4%)
	600,000	Amgen Inc., 3.63%, 5/15/22	653
	180,000	Dignity Health, 3.13%, 11/01/22	180
	885,000	Health Care REIT Inc., 4.13%, 4/01/19	971
	150,000	Kaiser Foundation Hospitals, 3.50%, 4/01/22	160
	410,000	Memorial Sloan-Kettering Cancer Center,
		4.13%, 7/01/52	415

Principal or Shares		Security Description	Value (000)
	200,000	Valeant Pharmaceuticals International 144A,
		7.00%, 10/01/20 (a)	$           222
	400,000	Warner Chilcott Co. LLC, 7.75%, 9/15/18	436
			3,037
	Industrial (6%)
	150,000	Automotores Gildemeister SA 144A,
		8.25%, 5/24/21 (a)	164
	440,000	Aviation Capital Group Corp. 144A,
		4.63%, 1/31/18 (a)	459
	620,000	Embraer Overseas Ltd., 6.38%, 1/15/20	725
	300,000	Flextronics International Ltd 144A,
		4.63%, 2/15/20 (a)	308
	450,000	Heathrow Funding Ltd. 144A,
		4.88%, 7/15/21 (a)	510
	450,000	JB Hunt Transport Services Inc., 3.38%, 9/15/15	468
	420,000	Ryder System Inc., 3.50%, 6/01/17	450
	465,000	Smiths Group PLC 144A, 3.63%, 10/12/22 (a)	467
	120,000	Teck Resources Ltd., 5.40%, 2/01/43	119
	300,000	Textron Inc., 5.60%, 12/01/17	340
			4,010
	Material (5%)
	250,000	Anglo American Capital PLC 144A,
		2.63%, 9/27/17 (a)	256
	940,000	ArcelorMittal, 6.13%, 6/01/18	1,031
	280,000	Ashland Inc. 144A, 3.88%, 4/15/18 (a)	289
	370,000	Barrick Gold Corp., 6.95%, 4/01/19	451
	155,000	Dow Chemical Co., 9.40%, 5/15/39	257
	840,000	Freeport-McMoRan Copper & Gold Inc. 144A,
		3.10%, 3/15/20 (a)	847
	365,000	Goldcorp Inc., 2.13%, 3/15/18	365
			3,496
	Technology (2%)
	375,000	Dun & Bradstreet Corp., 3.25%, 12/01/17	388
	450,000	Hewlett-Packard Co., 2.60%, 9/15/17	458
	275,000	Symantec Corp., 4.20%, 9/15/20	299
	545,000	TSMC Global Ltd. 144A, 1.63%, 4/03/18 (a)	550
			1,695
	Telecommunication (8%)
	250,000	AMC Networks Inc., 4.75%, 12/15/22	258
	270,000	American Tower Corp., 3.50%, 1/31/23	273
	300,000	American Tower Corp., 4.63%, 4/01/15	319
	250,000	AT&T Inc., 6.55%, 2/15/39	322
	310,000	Baidu Inc., 3.50%, 11/28/22	313
	255,000	CC Holdings GS V LLC 144A,
		3.85%, 4/15/23 (a)	264
	90,000	CenturyLink Inc., 5.80%, 3/15/22	95
	250,000	Colombia Telecomunicaciones SA ESP 144A,
		5.38%, 9/27/22 (a)	251
	100,000	Comcast Corp., 6.40%, 5/15/38	134
	250,000	IAC/InterActiveCorp 144A, 4.75%, 12/15/22 (a)	253
	175,000	News America Inc., 9.50%, 7/15/24	255
	770,000	SES 144A, 3.60%, 4/04/23 (a)	794
	200,000	SK Telecom Co. Ltd. 144A, 2.13%, 5/01/18 (a)	202
	200,000	TBG Global Pte Ltd 144A, 4.63%, 4/03/18 (a)	203
	160,000	Time Warner Cable Inc., 4.50%, 9/15/42	153
	100,000	Time Warner Entertainment Co. LP,
		8.38%, 7/15/33	144
	400,000	Time Warner Inc., 7.63%, 4/15/31	567

27 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	200,000	Verizon Global Funding Corp., 7.75%, 6/15/32	$         276
	200,000	Vimpel Communications Via VIP Finance
		Ireland Ltd. OJSC, 9.13%, 4/30/18 (c)	241
	70,000	Vivendi SA 144A, 4.75%, 4/12/22 (a)	76
			5,393
	Utility (4%)
	210,000	Abu Dhabi National Energy Co. 144A,
		2.50%, 1/12/18 (a)	214
	200,000	Ameren Energy Generating Co., 7.95%, 6/01/32	150
	195,000	Electricite de France SA 144A,
		5.25%, 1/29/49 (a)	196
	830,000	FirstEnergy Corp., 2.75%, 3/15/18	847
	355,000	Metropolitan Edison Co. 144A,
		3.50%, 3/15/23 (a)	368
	250,000	MidAmerican Energy Holdings Co.,
		6.13%, 4/01/36	323
	180,000	Petrobras International Finance Co.,
		5.38%, 1/27/21	200
	225,000	Sempra Energy, 9.80%, 2/15/19	318
			2,616
	Total Corporate Bond (Cost - $59,095)		62,351
	Municipal (1%)
	505,000	Florida Hurricane Catastrophe Fund Finance
		Corp., 2.11%, 7/01/18
		(Cost - $505)	509
	U.S. Treasury (0%)
	100,000	U.S. Treasury Bill, 0.08%, 7/11/13 (d)(e)
		(Cost - $100)	100
	Preferred Stock (2%)
	12,700	Alexandria Real Estate Equities Inc.	337
	10,000	Allstate Corp.	266
	9,000	Public Storage	238
	5,000	United Technologies Corp.	296
	10,400	Vornado Realty Trust	259
	Total Preferred Stock (Cost - $1,324)		1,396
	Investment Company (7%)
	2,229,156	Payden Cash Reserves Money Market Fund *	2,229
	254,271	Payden Emerging Markets Local Bond Fund,
		Investor Class *	2,739
	Total Investment Company (Cost - $4,917)		4,968
	Total (Cost - $65,941) (102%)		69,324
	Liabilities in excess of Other Assets (-2%)		(1,300)
	Net Assets (100%)		$    68,024

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) All or a portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $1,749 and the total market value of the collateral held by the Fund is $2,053. Amounts in 000s.

(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.

(d) All or portion of the security is pledged as collateral to cover open futures contract margin requirements.

(e) Yield to maturity at time of purchase.

Open Forward Currency Contracts to USD

Delivery Date	Currency (000s)	Counterparty	Unrealized (Depreciation) (000s)
Liabilities:
8/1/2013	Australian Dollar (Sell 984)	JP Morgan		$	(3	)

Open Futures Contracts

Number of Contracts	Contract Type	Expiration Date	Current Value (000)			Unrealized Appreciation (000s)
35	U.S. Treasury 10 Year Note Future	Jun-13		$	4,668		$	13

See notes to financial statements.

Semi-Annual Report 28

Payden High Income Fund

The Fund seeks high current income and capital appreciation by generally investing in below investment grade debt instruments and income producing securities of U.S. and foreign issuers with no limit on the average portfolio maturity.

Credit Quality - percent of value
AAA	1	%
BBB	2	%
BB	44	%
B	48	%
CCC	5	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Corporate Bond (98%)
	Consumer Cyclical (12%)
	4,555,000	AMC Entertainment Inc., 8.75%, 6/01/19	$        5,039
	2,900,000	American Axle & Manufacturing Inc., 6.25%, 3/15/21	3,070
	5,250,000	Boyd Gaming Corp., 9.13%, 12/01/18	5,854
	1,000,000	Caesars Entertainment Operating Co. Inc., 8.50%, 2/15/20	968
	2,650,000	Caesars Entertainment Operating Co. Inc., 11.25%, 6/01/17	2,816
	5,600,000	Chrysler Group LLC / CG Co-Issuer Inc., 8.00%, 6/15/19 (a)	6,300
	4,000,000	CityCenter Holdings LLC, 7.63%, 1/15/16	4,315
	3,800,000	ClubCorp Club Operations Inc., 10.00%, 12/01/18	4,289
	4,350,000	Coinstar Inc. 144A, 6.00%, 3/15/19 (b)	4,524
	3,130,000	Constellation Brands Inc., 7.25%, 9/01/16	3,615
	1,145,000	Constellation Brands Inc., 7.25%, 5/15/17	1,340
	5,500,000	Dana Holding Corp., 6.50%, 2/15/19	5,974
	3,700,000	DineEquity Inc., 9.50%, 10/30/18	4,237
	3,435,000	Easton-Bell Sports Inc., 9.75%, 12/01/16	3,701
	4,110,000	Elizabeth Arden Inc., 7.38%, 3/15/21	4,624
	4,500,000	Hertz Corp., 6.75%, 4/15/19	5,006
	2,000,000	Jo-Ann Stores Inc. 144A, 8.13%, 3/15/19 (b)	2,145
	3,440,000	Lennar Corp., 5.60%, 5/31/15	3,715
	1,000,000	Levi Strauss & Co., 6.88%, 5/01/22	1,121
	4,150,000	Levi Strauss & Co., 7.63%, 5/15/20 (a)	4,633
	2,500,000	Ltd. Brands Inc., 6.63%, 4/01/21	2,884
	3,500,000	Ltd. Brands Inc., 6.90%, 7/15/17	4,043
	5,200,000	MGM Resorts International, 8.63%, 2/01/19	6,188
	5,000,000	NBTY Inc., 9.00%, 10/01/18	5,656
	3,385,000	Party City Holdings Inc. 144A, 8.88%, 8/01/20 (b)	3,842
	4,050,000	Royal Caribbean Cruises Ltd., 5.25%, 11/15/22	4,212
	2,000,000	Sonic Automotive Inc., 9.00%, 3/15/18	2,203
	4,264,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.50%, 10/01/18	4,669
	4,500,000	TAM Capital 3 Inc. 144A, 8.38%, 6/03/21 (b)	5,040
	2,860,000	Toys R Us Property Co. II LLC, 8.50%, 12/01/17	3,085
	3,790,000	Visteon Corp., 6.75%, 4/15/19	4,107
	4,300,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 7.88%, 5/01/20	4,913
			128,128
	Consumer Non-Cyclical (9%)
	7,855,000	Alliance One International Inc., 10.00%, 7/15/16	8,381
	2,200,000	ARAMARK Corp. 144A, 5.75%, 3/15/20 (b)	2,316
	5,005,000	Avis Budget Car Rental LLC / Avis Budget Finance Inc. 144A, 5.50%, 4/01/23 (b)	5,186

Principal or Shares		Security Description	Value (000)
	2,336,000	B&G Foods Inc., 7.63%, 1/15/18	$        2,517
	2,480,000	C&S Group Enterprises LLC 144A, 8.38%, 5/01/17 (b)	2,678
	4,365,000	Central Garden and Pet Co., 8.25%, 3/01/18	4,589
	2,000,000	Cott Beverages Inc., 8.13%, 9/01/18	2,205
	4,815,000	Dean Foods Co., 7.00%, 6/01/16 (a)	5,489
	5,500,000	Hawk Acquisition Sub Inc. 144A, 4.25%, 10/15/20 (b)	5,583
	2,180,000	JBS Finance II Ltd. 144A, 8.25%, 1/29/18 (b)	2,376
	3,280,000	JBS SA 144A, 10.50%, 8/04/16 (b)	3,809
	4,000,000	Kinetic Concepts Inc. / KCI USA Inc., 10.50%, 11/01/18	4,510
	4,450,000	Libbey Glass Inc., 6.88%, 5/15/20	4,901
	2,640,000	Mead Products LLC / ACCO Brands Corp. 144A, 6.75%, 4/30/20 (a)(b)	2,818
	3,950,000	Minerva Luxembourg SA 144A, 7.75%, 1/31/23 (b)	4,227
	4,260,000	Mylan Inc. 144A, 6.00%, 11/15/18 (b)	4,673
	4,500,000	Reynolds Group Issuer Inc., 9.00%, 4/15/19	4,883
	3,250,000	Reynolds Group Issuer Inc., 9.88%, 8/15/19	3,656
	5,200,000	Sun Products Corp. 144A, 7.75%, 3/15/21 (b)	5,395
	3,500,000	United Rentals North America Inc., 7.63%, 4/15/22	4,034
	4,500,000	United Rentals North America Inc., 9.25%, 12/15/19	5,152
			89,378
	Energy (20%)
	3,975,000	Access Midstream Partners LP / ACMP Finance Corp., 6.13%, 7/15/22	4,392
	2,585,000	AmeriGas Finance LLC / AmeriGas Finance Corp., 7.00%, 5/20/22	2,902
	1,193,000	AmeriGas Partners LP / AmeriGas Finance Corp., 6.50%, 5/20/21	1,306
	3,250,000	Atlas Pipeline Partners LP 144A, 6.63%, 10/01/20 (a)(b)	3,437
	1,055,000	Atlas Pipeline Partners LP 144A, 6.63%, 10/01/20 (b)	1,116
	4,000,000	BreitBurn Energy Partners LP, 8.63%, 10/15/20	4,490
	9,000,000	Chesapeake Energy Corp., 6.13%, 2/15/21 (a)	9,945
	325,000	Chesapeake Energy Corp., 6.50%, 8/15/17 (a)	366
	1,000,000	Chesapeake Energy Corp., 6.88%, 11/15/20	1,148
	4,900,000	Cimarex Energy Co., 5.88%, 5/01/22	5,365
	4,235,000	Concho Resources Inc., 5.50%, 4/01/23	4,531
	3,915,000	CONSOL Energy Inc., 8.00%, 4/01/17	4,248
	4,750,000	Copano Energy LLC / Copano Energy Finance Corp., 7.13%, 4/01/21	5,522

29 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	4,500,000	CVR Refining LLC / Coffeyville Finance Inc. 144A, 6.50%, 11/01/22 (b)	$        4,658
	5,150,000	Denbury Resources Inc., 4.63%, 7/15/23	5,208
	1,920,000	El Paso Corp., 6.50%, 9/15/20	2,178
	1,185,000	El Paso Corp., 7.75%, 1/15/32	1,356
	5,450,000	Energy Transfer Equity LP, 7.50%, 10/15/20	6,404
	5,200,000	EP Energy LLC / EP Energy Finance Inc., 9.38%, 5/01/20	6,084
	4,855,000	EXCO Resources Inc., 7.50%, 9/15/18	4,831
	5,530,000	Forest Oil Corp., 7.25%, 6/15/19 (a)	5,627
	4,700,000	Laredo Petroleum Inc., 7.38%, 5/01/22	5,193
	5,000,000	Linn Energy LLC 144A, 6.25%, 11/01/19 (b)	5,250
	3,000,000	Linn Energy LLC, 7.75%, 2/01/21	3,300
	2,000,000	Linn Energy LLC, 8.63%, 4/15/20	2,245
	3,284,000	MarkWest Energy Partners LP, 6.25%, 6/15/22	3,670
	3,350,000	Newfield Exploration Co., 5.63%, 7/01/24	3,618
	1,000,000	Newfield Exploration Co., 6.88%, 2/01/20	1,095
	5,500,000	NGPL PipeCo LLC 144A, 7.12%, 12/15/17 (b)	5,754
	3,800,000	Niska Gas Storage, 8.88%, 3/15/18	4,094
	2,720,000	OGX Petroleo e Gas Participacoes SA 144A, 8.50%, 6/01/18 (b)	1,720
	5,200,000	Pacific Rubiales Energy Corp. 144A, 5.13%, 3/28/23 (b)	5,382
	6,000,000	Peabody Energy Corp., 6.25%, 11/15/21	6,428
	5,700,000	PetroBakken Energy Ltd. 144A, 8.63%, 2/01/20 (b)	5,900
	3,000,000	Plains Exploration & Production Co., 6.63%, 5/01/21	3,360
	2,450,000	Plains Exploration & Production Co., 6.75%, 2/01/22	2,781
	2,500,000	Plains Exploration & Production Co., 6.88%, 2/15/23	2,859
	4,300,000	Puget Energy Inc., 6.00%, 9/01/21	4,960
	3,000,000	Sabine Pass Liquefaction LLC 144A, 5.63%, 2/01/21 (b)	3,112
	4,300,000	Sabine Pass LNG LP, 7.50%, 11/30/16	4,880
	5,000,000	Samson Investment Co. 144A, 9.75%, 2/15/20 (b)	5,338
	2,350,000	SandRidge Energy Inc., 7.50%, 3/15/21	2,450
	3,200,000	SandRidge Energy Inc., 8.75%, 1/15/20	3,456
	4,600,000	SESI LLC, 7.13%, 12/15/21	5,256
	5,500,000	SM Energy Co., 6.50%, 1/01/23	6,105
	5,900,000	SMU SA 144A, 7.75%, 2/08/20 (b)	6,306
	3,000,000	Targa Resources Partners LP, 6.88%, 2/01/21	3,352
	3,000,000	Tesoro Corp., 5.38%, 10/01/22	3,210
	4,475,000	Vanguard Natural Resources LLC / VNR Finance Corp., 7.88%, 4/01/20	4,878
	5,000,000	Whiting Petroleum Corp., 6.50%, 10/01/18	5,412
	5,075,000	WPX Energy Inc., 6.00%, 1/15/22	5,519
			211,997
	Financial (13%)
	5,200,000	Aircastle Ltd., 6.25%, 12/01/19	5,824
	4,220,000	Alfa Bank OJSC Via Alfa Bond Issuance PLC 144A, 7.75%, 4/28/21 (b)	4,801
	13,500,000	Ally Financial Inc., 7.50%, 9/15/20	16,723
	4,000,000	Ally Financial Inc., 8.00%, 3/15/20	5,050
	5,270,000	Bank of Ceylon 144A, 6.88%, 5/03/17 (b)	5,624
	3,000,000	CIT Group Inc., 4.25%, 8/15/17	3,191
	4,000,000	CIT Group Inc., 5.25%, 3/15/18	4,440

Principal or Shares		Security Description	Value (000)
	11,600,000	CIT Group Inc., 5.38%, 5/15/20	$        13,137
	4,700,000	Citigroup Inc., 5.95%, 12/29/49	4,929
	4,325,000	CNO Financial Group Inc. 144A, 6.38%, 10/01/20 (b)	4,682
	5,040,000	General Motors Financial Co. Inc. 144A, 4.75%, 8/15/17 (b)	5,342
	3,500,000	Hartford Financial Services Group Inc., 8.13%, 6/15/38 (a)	4,179
	4,000,000	ICICI Bank Ltd. 144A, 6.38%, 4/30/22 (b)	4,150
	4,500,000	Interactive Data Corp., 10.25%, 8/01/18	5,136
	3,230,000	Intercorp Retail Trust 144A, 8.88%, 11/14/18 (b)	3,692
	3,600,000	International Lease Finance Corp., 5.75%, 5/15/16	3,934
	3,530,000	International Lease Finance Corp., 8.25%, 12/15/20	4,421
	4,000,000	Lennar Corp. 144A, 4.75%, 11/15/22 (b)	4,040
	5,650,000	Lloyds TSB Bank PLC 144A, 6.50%, 9/14/20 (a)(b)	6,465
	5,000,000	MMI International Ltd. 144A, 8.00%, 3/01/17 (a)(b)	5,094
	2,450,000	Morgan Stanley, 4.88%, 11/01/22	2,646
	5,300,000	MPT Operating Partnership LP, 6.88%, 5/01/21	5,804
	1,500,000	Nationstar Mortgage LLC / Nationstar Capital Corp. 144A, 6.50%, 7/01/21 (b)	1,581
	3,500,000	Nationstar Mortgage LLC / Nationstar Capital Corp. 144A, 7.88%, 10/01/20 (b)	3,938
	4,000,000	Neuberger Berman Group LLC 144A, 5.88%, 3/15/22 (b)	4,310
	3,750,000	UBS AG/Stamford CT, 7.63%, 8/17/22 (a)	4,356
	3,000,000	XL Group PLC, 6.50%, 12/29/49	2,962
			140,451
	Healthcare (6%)
	6,800,000	Biomet Inc. 144A, 6.50%, 8/01/20 (b)	7,438
	2,000,000	CHS/Community Health Systems Inc., 8.00%, 11/15/19	2,278
	4,000,000	DaVita HealthCare Partners Inc., 5.75%, 8/15/22	4,280
	5,000,000	Hanger Orthopedic Group Inc., 7.13%, 11/15/18	5,475
	2,285,000	HCA Inc., 0.00%,	2,292
	4,000,000	HCA Inc., 5.88%, 5/01/23	4,360
	4,750,000	HCA Inc., 6.50%, 2/15/20	5,498
	1,000,000	HCA Inc., 7.25%, 9/15/20	1,111
	4,950,000	HCA Inc., 7.50%, 2/15/22	5,928
	2,040,000	HCA Inc., 7.50%, 11/06/33 (a)	2,142
	1,000,000	HCA Inc., 7.88%, 2/15/20	1,111
	450,000	HealthSouth Corp., 7.25%, 10/01/18	488
	1,000,000	Tenet Healthcare Corp., 8.00%, 8/01/20	1,127
	5,000,000	Valeant Pharmaceuticals International 144A, 7.00%, 10/01/20 (b)	5,550
	2,500,000	Vanguard Health Holding Co. LLC, 8.00%, 2/01/18	2,719
	2,000,000	VPI Escrow Corp. 144A, 6.38%, 10/15/20 (b)	2,225
	6,300,000	Warner Chilcott Co. LLC, 7.75%, 9/15/18	6,867
			60,889
	Industrial (11%)
	4,110,000	AK Steel Corp., 7.63%, 5/15/20	3,586

Semi-Annual Report 30

Payden High Income Fund continued

Principal or Shares		Security Description	Value (000)
	4,000,000	Amsted Industries Inc. 144A, 8.13%, 3/15/18 (b)	$        4,340
	5,600,000	ArcelorMittal, 6.75%, 2/25/22	6,153
	3,400,000	Arch Coal Inc., 7.00%, 6/15/19 (a)	3,170
	4,400,000	Automotores Gildemeister SA 144A, 8.25%, 5/24/21 (b)	4,796
	1,960,000	Aviation Capital Group Corp. 144A, 4.63%, 1/31/18 (b)	2,047
	4,550,000	Bombardier Inc. 144A, 5.75%, 3/15/22 (b)	4,886
	1,600,000	Bombardier Inc. 144A, 6.13%, 1/15/23 (b)	1,738
	2,000,000	Bombardier Inc. 144A, 7.75%, 3/15/20 (b)	2,380
	4,600,000	Case New Holland Inc., 7.88%, 12/01/17	5,497
	5,000,000	CHC Helicopter SA, 9.25%, 10/15/20	5,356
	1,000,000	Continental Rubber of America Corp. 144A, 4.50%, 9/15/19 (a)(b)	1,044
	5,000,000	Crown Americas LLC / Crown Americas Capital Corp. IV 144A, 4.50%, 1/15/23 (b)	5,131
	3,450,000	D.R. Horton Inc., 4.38%, 9/15/22	3,528
	1,500,000	Goodyear Tire & Rubber Co., 0.00%,	1,521
	4,000,000	Goodyear Tire & Rubber Co., 7.00%, 5/15/22 (a)	4,345
	3,000,000	Iron Mountain Inc., 5.75%, 8/15/24	3,105
	3,080,000	Iron Mountain Inc., 7.75%, 10/01/19	3,496
	3,600,000	Lear Corp., 8.13%, 3/15/20	4,072
	4,070,000	Manitowoc Co. Inc., 5.88%, 10/15/22 (a)	4,345
	3,455,000	Masco Corp., 6.13%, 10/03/16	3,889
	5,560,000	Mobile Mini Inc., 7.88%, 12/01/20	6,241
	4,950,000	Swift Services Holdings Inc., 10.00%, 11/15/18	5,692
	4,650,000	Texas Industries Inc., 9.25%, 8/15/20 (a)	5,202
	3,510,000	TransDigm Inc., 7.75%, 12/15/18	3,905
	4,000,000	Trinseo Materials Operating SCA / Trinseo
		Materials Finance Inc. 144A, 8.75%, 2/01/19 (a)(b)	4,010
	2,800,000	Triumph Group Inc. 144A, 4.88%, 4/01/21 (b)	2,905
	3,045,000	Triumph Group Inc., 8.63%, 7/15/18	3,395
			109,775
	Material (5%)
	4,500,000	Ashland Inc. 144A, 4.75%, 8/15/22 (b)	4,714
	3,500,000	Boise Paper Holdings LLC, 8.00%, 4/01/20	3,946
	4,500,000	Eldorado Gold Corp. 144A, 6.13%, 12/15/20 (a)(b)	4,613
	3,700,000	FMG Resources August 2006 Pty Ltd. 144A,
		6.88%, 2/01/18 (a)(b)	3,954
	3,000,000	FMG Resources August 2006 Pty Ltd. 144A,
		8.25%, 11/01/19 (a)(b)	3,315
	3,700,000	Hexion US Finance Corp. / Hexion Nova Scotia
		Finance ULC, 8.88%, 2/01/18 (a)	3,940
	4,900,000	Huntsman International LLC, 8.63%, 3/15/21 (a)	5,660
	3,000,000	Ineos Finance PLC 144A, 7.50%, 5/01/20 (b)	3,368
	1,400,000	Ineos Finance PLC 144A, 8.38%, 2/15/19 (b)	1,584
	2,930,000	NOVA Chemicals Corp., 8.38%, 11/01/16	3,157
	2,000,000	PolyOne Corp., 7.38%, 9/15/20	2,255
	1,000,000	Schaeffler Finance BV 144A, 8.50%, 2/15/19 (b)	1,146
	5,100,000	Tronox Finance LLC 144A, 6.38%, 8/15/20 (a)(b)	5,106
	4,080,000	U.S. Steel Corp., 7.38%, 4/01/20 (a)	4,325
	3,250,000	Weyerhaeuser Co., 7.38%, 10/01/19	4,116
			55,199
	Technology (2%)
	800,000	First Data Corp. 144A, 6.75%, 11/01/20 (b)	862
	2,424,000	First Data Corp. 144A, 8.25%, 1/15/21 (b)	2,588
	2,424,000	First Data Corp., 12.63%, 1/15/21	2,642

Principal or Shares		Security Description	Value (000)
	5,485,000	Seagate Technology HDD Holdings, 6.80%, 10/01/16	$        6,225
	3,500,000	Spirit Aerosystems Inc., 6.75%, 12/15/20	3,789
			16,106
	Telecommunication (17%)
	2,500,000	Cablevision Systems Corp., 7.75%, 4/15/18	2,859
	1,655,000	Cablevision Systems Corp., 8.63%, 9/15/17	1,974
	3,050,000	CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 2/15/23	3,096
	3,300,000	CCO Holdings LLC / CCO Holdings Capital Corp., 6.50%, 4/30/21	3,597
	1,000,000	CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 6/01/20	1,127
	7,660,000	CenturyLink Inc., 5.80%, 3/15/22	8,122
	5,000,000	CenturyLink Inc., 6.45%, 6/15/21	5,545
	3,735,000	Cincinnati Bell Inc., 8.75%, 3/15/18	3,828
	3,465,000	Clear Channel Worldwide Holdings Inc. 144A, 6.50%, 11/15/22 (b)	3,734
	1,285,000	Clear Channel Worldwide Holdings Inc. 144A, 6.50%, 11/15/22 (b)	1,372
	5,000,000	CommScope Inc. 144A, 8.25%, 1/15/19 (b)	5,487
	3,300,000	Cricket Communications Inc. Leap TL C-DD 1L, 7.00%, 3/08/20	3,316
	3,490,000	CSC Holdings LLC, 8.63%, 2/15/19	4,267
	2,750,000	DISH DBS Corp. 144A, 5.00%, 3/15/23 (b)	2,681
	5,500,000	DISH DBS Corp., 5.88%, 7/15/22	5,638
	4,750,000	DISH DBS Corp., 6.75%, 6/01/21	5,154
	2,870,000	Entravision Communications Corp., 8.75%, 8/01/17	3,107
	6,000,000	Equinix Inc., 5.38%, 4/01/23	6,315
	3,550,000	Frontier Communications Corp., 7.13%, 1/15/23 (a)	3,688
	2,000,000	Frontier Communications Corp., 8.13%, 10/01/18	2,330
	4,500,000	IAC/InterActiveCorp 144A, 4.75%, 12/15/22 (b)	4,545
	6,150,000	Intelsat Jackson Holdings SA, 7.25%, 10/15/20	6,850
	3,875,000	Lamar Media Corp., 7.88%, 4/15/18 (a)	4,253
	4,000,000	Liberty Mutual Group Inc. 144A, 7.80%, 3/15/37 (b)	4,720
	3,000,000	Mediacom LLC, 9.13%, 8/15/19	3,368
	5,500,000	MetroPCS Wireless Inc. 144A, 6.25%, 4/01/21 (b)	5,926
	4,320,000	SBA Communications Corp. 144A, 5.63%, 10/01/19 (b)	4,563
	4,700,000	Sinclair Television Group Inc. 144A, 6.13%, 10/01/22 (b)	5,005
	4,300,000	Softbank Corp. 144A, 4.50%, 4/15/20 (b)	4,461
	1,230,000	Sprint Capital Corp., 6.88%, 11/15/28	1,264
	14,000,000	Sprint Capital Corp., 6.90%, 5/01/19	15,277
	3,030,000	Sprint Nextel Corp., 6.00%, 12/01/16	3,295
	2,200,000	Sprint Nextel Corp., 6.00%, 11/15/22	2,304
	5,000,000	Starz LLC / Starz Finance Corp. 144A, 5.00%, 9/15/19 (b)	5,244
	5,600,000	UPCB Finance III Ltd. 144A, 6.63%, 7/01/20 (b)	6,118
	4,850,000	VeriSign Inc. 144A, 4.63%, 5/01/23 (b)	4,995
	3,000,000	Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 9.13%, 4/30/18 (c)	3,618
	3,000,000	Virgin Media Finance PLC, 4.88%, 2/15/22	3,075
	2,540,000	Windstream Corp., 6.38%, 8/01/23	2,642

31 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	1,370,000	Windstream Corp., 7.00%, 3/15/19	$        1,409
	2,850,000	Windstream Corp., 7.50%, 6/01/22	3,156
	1,590,000	Windstream Corp., 7.88%, 11/01/17	1,864
			175,189
	Utility (3%)
	4,775,000	AES Corp., 8.00%, 10/15/17	5,742
	1,170,000	AES Corp., 8.00%, 6/01/20	1,424
	3,330,000	Calpine Corp. 144A, 7.25%, 10/15/17 (b)	3,542
	1,620,000	Calpine Corp. 144A, 7.88%, 7/31/20 (b)	1,843
	3,700,000	GenOn Energy Inc., 9.88%, 10/15/20	4,292
	5,500,000	MEG Energy Corp. 144A, 6.38%, 1/30/23 (b)	5,830
	4,000,000	NRG Energy Inc., 7.63%, 5/15/19	4,360
	3,170,000	NRG Energy Inc., 8.50%, 6/15/19	3,519
			30,552
	Total Corporate Bond (Cost - $931,291)		1,017,664
	Investment Company (7%)
	74,788,741	Payden Cash Reserves Money Market Fund * (Cost - $74,789)	74,789

Principal or Shares	Security Description	Value (000)
Total (Cost - $1,006,080) (105%)		$    1,092,453
Liabilities in excess of Other Assets (-5%)		(49,280)
Net Assets (100%)		$    1,043,173

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* Affiliated investment

(a) All or a portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $57,947 and the total market value of the collateral held by the Fund is $59,797. Amounts in 000s.

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

(c) 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.

See notes to financial statements.

Semi-Annual Report 32

Payden Tax Exempt Bond Fund

The Fund seeks income that is exempt from federal income tax and is consistent with preservation of capital by generally investing in investment grade municipal securities with an average portfolio maturity of five to ten years.

Credit Quality - percent of value
AAA	10	%
AA	35	%
A	50	%
BBB	5	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	General Obligation (17%)
	200,000	California State, 5.00%, 4/01/20	$        235
	250,000	California State, 5.00%, 11/01/20 NATL-RE (a)	290
	150,000	California State, 5.25%, 4/01/35	174
	250,000	California State, 5.50%, 8/01/21	299
	150,000	City of Columbus OH, 5.00%, 7/01/18	181
	370,000	City of New York NY, 5.00%, 6/01/22	417
	5,000	County of Prince George’s MD, 5.50%, 5/15/13 AGM (a)	5
	250,000	JobsOhio Beverage System, 5.00%, 1/01/20	305
	100,000	San Jose, CA Evergreen Community College District, 0.00%, 9/01/19 AMBAC (a)	90
	200,000	Tri-County Metropolitan Transportation District, 3.00%, 11/01/19	217
	Total General Obligation (Cost - $2,115)		2,213
	Revenue (80%)
	Airport/Port (6%)
	200,000	Dallas/Fort Worth TX, International Airport, 5.00%, 11/01/23	236
	180,000	Los Angeles, CA Harbor Department, 5.00%, 8/01/19	221
	260,000	San Francisco, CA City & County Airports Commission, 5.00%, 5/01/22	318
			775
	Electric & Gas (8%)
	15,000	Guam Power Authority, 5.00%, 10/01/21 AGM (a)	18
	150,000	Indiana Municipal Power Agency, 5.00%, 1/01/22	183
	200,000	Los Angeles, CA Department of Water & Power, 0.18%, 7/01/34	200
	150,000	Lower Colorado River Authority, 5.00%, 5/15/19	183
	200,000	Modesto, CA Irrigation District, 5.00%, 7/01/21	247
	125,000	Nebraska Public Power District, 5.00%, 1/01/20 AGM (a)	144
			975
	Healthcare (10%)
	120,000	California Health Facilities Financing Authority, 1.45%, 8/15/33	122
	125,000	City of Rochester MN, 4.00%, 11/15/38	144
	140,000	Knox County, TN Health Educational & Housing Facilities Board, 5.00%, 1/01/22	166
	200,000	Massachusetts Health & Educational Facilities Authority, 0.15%, 8/15/34	200
	250,000	Michigan State Hospital Finance Authority, 2.00%, 11/15/47	260

Principal or Shares		Security Description	Value (000)
	100,000	Monroeville, PA Finance Authority, 5.00%, 2/15/21	$        121
	225,000	University of Wisconsin Hospitals & Clinics Authority, 5.00%, 4/01/28	262
			1,275
	Housing (2%)
	200,000	Virginia Housing Development Authority, 1.75%, 4/01/20	200
	Income Tax (3%)
	200,000	New York State Dormitory Authority, 5.00%, 3/15/20	242
	125,000	New York State Dormitory Authority, 5.00%, 2/15/21	153
			395
	Industrial (0%)
	50,000	Parish of St. Charles LA, 4.00%, 12/01/40	55
	Industrial Development/Pollution Control (4%)
	60,000	Beaver County, PA Industrial Development Authority, 2.70%, 4/01/35	61
	130,000	California Statewide Communities Development Authority, 1.90%, 4/01/28	132
	200,000	County of Oconee SC, 3.60%, 2/01/17	215
	130,000	Golden State Tobacco Securitization Corp., 5.00%, 6/01/18	154
			562
	Lease (19%)
	100,000	California State Public Works Board, 5.00%, 12/01/21	123
	150,000	California State Public Works Board, 5.00%, 6/01/22	183
	150,000	California State Public Works Board, 5.00%, 9/01/36	165
	250,000	Kentucky Asset Liability Commission, 5.25%, 9/01/18 NATL-RE (a)	302
	200,000	Kentucky State Property & Building Commission, 4.00%, 11/01/19 AGM (a)	232
	300,000	Laurens County, SC School District, 5.25%, 12/01/22	326
	100,000	Los Angeles, CA Municipal Improvement Corp., 5.00%, 3/01/24	117
	150,000	Miami-Dade County, FL School Board, 4.00%, 5/01/17 AGM (a)	166
	190,000	New York State Urban Development Corp., 5.25%, 1/01/21	229

33 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	75,000	New York State Urban Development Corp., 5.25%, 1/01/23	$            88
	200,000	Oregon State Department of Administrative Services, 5.00%, 11/01/15	221
	200,000	Perry Township, IN Multi School Building Corp., 4.00%, 7/15/24	217
			2,369
	Miscellaneous (3%)
	315,000	Harris County, TX Cultural Education Facilities
		Finance Corp., 4.00%, 11/15/21	358
	Pollution Control (2%)
	200,000	Mobile, AL Industrial Development Board,
		1.65%, 6/01/34	204
	Pre-Refunded (0%)
	10,000	California State Department of Water Resources,
		5.00%, 12/01/16 NATL-RE (a)	11
	Recreational (0%)
	50,000	California Infrastructure & Economic
		Development Bank, 5.00%, 7/01/16	55
	Resource Recovery (2%)
	200,000	South Bayside, CA Waste Management
		Authority, 5.25%, 9/01/24	220
	Revenue Note (3%)
	110,000	Burke County, GA Development Authority,
		1.75%, 12/01/49	113
	250,000	St. Michael-Albertville, MN Independent School
		District No 885, 5.00%, 2/01/18 NATL-RE (a)	279
			392
	Sales Tax (4%)
	110,000	Arizona Transportation Board, 5.00%, 7/01/25	132
	300,000	Bay Area, CA Governments Association,
		5.00%, 8/01/17 NATL-RE FGIC (a)	317
			449
	Tax Allocation (1%)
	115,000	Riverside County, CA Economic Development
		Agency, 7.25%, 12/01/40	134
	Transportation (5%)
	150,000	New Jersey Transportation Trust Fund Authority,
		5.00%, 6/15/23	180

Principal or Shares		Security Description	Value (000)
	120,000	North Texas Tollway Authority, 5.00%, 1/01/20	$             143
	125,000	Sonoma-Marin, CA Area Rail Transit District, 5.00%, 3/01/25	151
	100,000	Texas State Transportation Commission, 5.00%, 4/01/18	117
			591
	University (5%)
	205,000	California State University, 5.00%, 11/01/26	235
	250,000	New York State Dormitory Authority, 4.00%, 5/15/20	290
	125,000	New York State Dormitory Authority, 5.00%, 7/01/25	153
			678
	Water & Sewer (3%)
	150,000	City of Philadelphia PA Water & Sewer Revenue, 5.00%, 11/01/18	179
	150,000	New York State Environmental Facilities Corp., 5.00%, 11/15/14	159
			338
	Total Revenue (Cost - $9,533)		10,036
	Investment Company (3%)
	414,281	Dreyfus Tax-Exempt Cash Management Fund (Cost - $414)	414
	Total (Cost - $12,062) (100%)		12,663
	Liabilities in excess of Other Assets (0%)		(62)
	Net Assets (100%)		$        12,601

All of the securities are held by the custodian in a segregated account.

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

AGM	Assured Guaranty Municipal Corporation
AMBAC	American Municipal Bond Assurance Corporation
NATL-RE	National Public Finance Guarantee Corporation
NATL-REFGIC	National Public Finance Guarantee Corp. Re-insures Financial Guaranty Insurance Co.

See notes to financial statements.

Semi-Annual Report 34

Payden California Municipal Bond Fund

The Fund seeks income that is exempt from federal and California state income tax and is consistent with preservation of capital by generally investing in investment grade California municipal securities with an average portfolio maturity of five to ten years.

Credit Quality - percent of value
AAA	1	%
AA	46	%
A	47	%
BBB	6	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	General Obligation (28%)
	400,000	California State, 3.00%, 2/01/23	$        422
	600,000	California State, 5.00%, 3/01/17 NATL-RE (a)	672
	500,000	California State, 5.00%, 8/01/20	570
	480,000	California State, 5.00%, 11/01/22	579
	460,000	California State, 5.00%, 11/01/23	548
	1,000,000	California State, 5.25%, 2/01/20	1,233
	480,000	California State, 5.25%, 10/01/21	585
	600,000	California State, 5.25%, 10/01/23	733
	1,300,000	California State, 5.50%, 4/01/19	1,605
	750,000	California State, 5.50%, 8/01/21	898
	500,000	City & County of San Francisco CA, 5.00%, 6/15/22	628
	130,000	City of Berkeley CA, 4.50%, 9/01/28 AMBAC (a)	141
	320,000	City of Los Angeles CA, 5.00%, 9/01/21	402
	250,000	City of Los Angeles CA, 5.25%, 9/01/13 NATL-RE FGIC (a)	254
	585,000	Coast Community College District CA, 5.00%, 8/01/23 AGM (a)	656
	475,000	East Side, CA Union High School District, 5.00%, 8/01/21	577
	530,000	Long Beach, CA Unified School District, 5.00%, 8/01/20	647
	450,000	Los Angeles, CA Unified School District, 5.00%, 7/01/21	542
	460,000	Manteca, CA Unified School District, 5.00%, 9/01/24 AGM (a)	541
	475,000	Pasadena, CA Unified School District, 5.00%, 5/01/21	588
	200,000	Perris, CA Union High School District, 3.75%, 9/01/13 NATL-RE FGIC (a)	202
	450,000	San Carlos, CA Elementary School District, 0.00%, 10/01/18 NATL-RE (a)	367
	250,000	Ventura County, CA Public Financing Authority, 5.00%, 11/01/21	305
	Total General Obligation (Cost - $12,707)		13,695
	Revenue (70%)
	Airport/Port (9%)
	160,000	Alameda Corridor, CA Transportation Authority, 5.00%, 10/01/23	199
	500,000	City of Long Beach CA, 5.00%, 5/15/17 NATL-RE (a)	544
	300,000	City of Long Beach CA, 5.00%, 5/15/19	365
	210,000	Los Angeles, CA Department of Airports, 4.00%, 5/15/18	242
	300,000	Los Angeles, CA Department of Airports, 5.00%, 5/15/18	360

Principal or Shares		Security Description	Value (000)
	745,000	Los Angeles, CA Harbor Department, 5.00%, 8/01/19	$        916
	750,000	San Francisco, CA City & County Airports Commission, 5.00%, 5/01/17	875
	340,000	San Francisco, CA City & County Airports Commission, 5.00%, 5/01/21	411
	365,000	San Francisco, CA City & County Airports Commission, 5.25%, 5/01/18 NATL-RE FGIC (a)	440
			4,352
	Electric & Gas (11%)
	550,000	California State Department of Water Resources, 5.00%, 5/01/16	624
	450,000	California State Department of Water Resources, 5.00%, 5/01/21	535
	490,000	City of Chula Vista CA, 1.65%, 7/01/18	498
	50,000	Guam Power Authority, 5.00%, 10/01/21 AGM (a)	60
	200,000	Los Angeles, CA Department of Water & Power, 0.18%, 7/01/34	200
	500,000	Los Angeles, CA Department of Water & Power, 5.25%, 7/01/23	610
	500,000	Modesto, CA Irrigation District, 5.00%, 7/01/21	617
	400,000	Northern California Power Agency, 5.00%, 7/01/18	475
	595,000	Sacramento, CA Municipal Utility District, 5.00%, 8/15/21	742
	135,000	Southern California Public Power Authority, 0.00%, 7/01/15 NATL-RE (a)	132
	665,000	Southern California Public Power Authority, 5.00%, 7/01/18	797
			5,290
	Healthcare (3%)
	380,000	California Health Facilities Financing Authority, 1.45%, 8/15/33	385
	340,000	California Health Facilities Financing Authority, 5.00%, 10/01/18	405
	410,000	City of Torrance CA, 5.00%, 9/01/22	480
			1,270
	Industrial (0%)
	160,000	Parish of St. Charles LA, 4.00%, 12/01/40	177
	Industrial Development/Pollution Control (5%)
	160,000	Beaver County, PA Industrial Development Authority, 2.70%, 4/01/35	164

35 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	550,000	California Infrastructure & Economic Development Bank, 5.00%, 2/01/19	$        584
	410,000	California Infrastructure & Economic Development Bank, 5.00%, 6/01/21	516
	515,000	California Statewide Communities Development Authority, 1.90%, 4/01/28	523
	515,000	Golden State Tobacco Securitization Corp., 5.00%, 6/01/18	610
			2,397
	Lease (16%)
	240,000	Beverly Hills, CA Public Financing Authority, 4.00%, 6/01/20	280
	410,000	California State Public Works Board, 5.00%, 12/01/18	491
	400,000	California State Public Works Board, 5.00%, 4/01/19	478
	1,585,000	California State Public Works Board, 5.00%, 3/01/21	1,922
	1,000,000	California State Public Works Board, 5.00%, 12/01/21	1,230
	570,000	California State Public Works Board, 5.00%, 12/01/31	638
	500,000	California State Public Works Board, 5.00%, 9/01/36	551
	500,000	County of Los Angeles CA, 5.00%, 3/01/21	586
	630,000	County of Orange CA, 5.00%, 6/01/14 NATL-RE (a)	661
	500,000	Los Angeles County, CA Schools Regionalized Business Services Corp., 3.00%, 3/01/15 AGM (a)	512
	500,000	Los Angeles, CA Municipal Improvement Corp., 5.00%, 3/01/23	589
			7,938
	Recreational (0%)
	150,000	California Infrastructure & Economic Development Bank, 5.00%, 7/01/16	163
	Resource Recovery (1%)
	500,000	South Bayside, CA Waste Management Authority, 5.25%, 9/01/24	550
	Sales Tax (3%)
	465,000	Bay Area, CA Governments Association, 5.00%, 8/01/17 NATL-RE FGIC (a)	491
	500,000	San Diego County, CA Regional Transportation Commission, 5.00%, 4/01/20	620
	365,000	Santa Clara Valley, CA Transportation Authority, 5.00%, 6/01/18	435
			1,546
	Tax Allocation (1%)
	415,000	Riverside County, CA Economic Development Agency, 7.25%, 12/01/40	485
	70,000	San Dimas, CA Redevelopment Agency, 6.75%, 9/01/16 AGM (a)	72
			557
	Transportation (4%)
	1,000,000	Bay Area, CA Governments Association, 5.00%, 8/01/17 XLCA (a)	1,011

Principal or Shares		Security Description	Value (000)
	1,000,000	Puerto Rico Highway & Transportation Authority, 5.50%, 7/01/15 AGM (a)	$        1,061
			2,072
	University (4%)
	1,000,000	California State University, 4.00%, 11/01/29	1,064
	705,000	University of California, 5.00%, 5/15/18	830
	300,000	University of California, 5.00%, 5/15/20	358
			2,252
	Water & Sewer (13%)
	200,000	Brentwood, CA Infrastructure Financing Authority, 5.50%, 7/01/20	232
	745,000	Central Marin Sanitation Agency, CA, 5.00%, 9/01/18 NATL-RE (a)	844
	500,000	City of San Francisco, CA Public Utilities Commission, 5.00%, 11/01/20	622
	310,000	City of San Francisco, CA Public Utilities Commission, 5.00%, 11/01/24	382
	205,000	City of San Luis Obispo CA, 4.00%, 6/01/23	232
	325,000	Contra Costa, CA Water District, 5.00%, 10/01/18	394
	500,000	Metropolitan Water District of Southern CA, 5.00%, 7/01/17	588
	735,000	Metropolitan Water District of Southern CA, 5.00%, 7/01/20	903
	300,000	Sacramento County, CA Sanitation Districts Financing Authority, 0.17%, 12/01/40	300
	595,000	Sacramento County, CA Sanitation Districts Financing Authority, 3.00%, 12/01/15	632
	550,000	San Diego County, CA Water Authority, 5.00%, 5/01/21 AGM (a)	648
	200,000	San Diego, CA Public Facilities Financing Authority, 5.00%, 5/15/19	242
	500,000	Turlock, CA Irrigation District, 3.00%, 1/01/16	526
			6,545
	Total Revenue (Cost - $33,085)		35,109
	Investment Company (1%)
	589,307	Dreyfus General CA Municipal Money Market
		Fund (Cost - $589)	589
	Total (Cost - $46,381) (99%)		49,393
	Other Assets, net of Liabilities (1%)		583
	Net Assets (100%)		$      49,976

All of the securities are held by the custodian in a segregated account.

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

AGM	Assured Guaranty Municipal Corporation
AMBAC	American Municipal Bond Assurance Corporation
FGIC	Financial Guaranty Insurance Corporation
NATL-RE	National Public Finance Guarantee Corporation
XLCA	XL Capital Assurance

See notes to financial statements.

Semi-Annual Report 36

Payden Global Low Duration Fund

The Fund seeks a high level of total return that is consistent with preservation of capital by generally investing in investment grade debt securities denominated in U.S. and foreign currencies with an average portfolio maturity not to exceed three years.

Portfolio Composition - percent of value
AAA	14	%
AA	21	%
A	20	%
BBB	32	%
BB or less	13	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Bonds (99%)
	Australia (GBP) (1%)
	600,000	National Australia Bank Ltd., 5.38%, 12/08/14	$        1,003
	100,000	QBE Insurance Group Ltd., 6.13%, 9/28/15	172
			1,175
	Australia (USD) (3%)
	390,000	Australia & New Zealand Banking Group Ltd., 0.90%, 2/12/16	392
	365,000	Commonwealth Bank of Australia 144A, 2.13%, 3/17/14 (a)	370
	175,000	FMG Resources August 2006 Pty Ltd. 144A, 6.00%, 4/01/17 (a)(b)	183
	240,000	Macquarie Bank Ltd. 144A, 3.45%, 7/27/15 (a)	250
	390,000	Westpac Banking Corp., 0.95%, 1/12/16	393
	210,000	Woodside Finance Ltd. 144A, 4.50%, 11/10/14 (a)	221
	70,000	Woolworths Ltd. 144A, 2.55%, 9/22/15 (a)	73
	800,000	WT Finance Austust Pty Ltd. / Westfield Capital / WEA Finance LLC 144A, 5.13%, 11/15/14 (a)	851
			2,733
	Bahrain (USD) (0%)
	180,000	ICICI Bank Ltd./Bahrain 144A, 5.50%, 3/25/15 (a)	191
	Bermuda (USD) (1%)
	300,000	CBQ Finance Ltd. 144A, 5.00%, 11/18/14 (a)	316
	130,000	Noble Group Ltd. 144A, 8.50%, 5/30/13 (a)	131
	250,000	Qtel International Finance Ltd. 144A, 6.50%, 6/10/14 (a)	265
			712
	Brazil (USD) (2%)
	400,000	Banco Bradesco SA/Cayman Islands 144A, 2.39%, 5/16/14 (a)	405
	340,000	Banco do Brasil SA/Cayman Islands 144A, 4.50%, 1/22/15 (a)	357
	350,000	Banco do Nordeste do Brasil SA 144A, 3.63%, 11/09/15 (a)	363
	190,000	Caixa Economica Federal 144A, 2.38%, 11/06/17 (a)	186
			1,311
	Canada (USD) (3%)
	240,000	Bank of Montreal, 0.80%, 11/06/15	241
	200,000	Bank of Montreal, 0.88%, 4/09/18	201
	200,000	Bank of Nova Scotia, 0.75%, 10/09/15	200
	110,000	Barrick Gold Corp. 144A, 2.50%, 5/01/18 (a)	111
	280,000	Canadian Imperial Bank of Commerce, 0.90%, 10/01/15	281
	120,000	Rogers Communications Inc., 6.38%, 3/01/14	125
	115,000	Teck Resources Ltd., 3.85%, 8/15/17	124

Principal or Shares		Security Description	Value (000)
	220,000	Toronto-Dominion Bank, 1.40%, 4/30/18	$        222
	200,000	Toronto-Dominion Bank, 2.50%, 7/14/16	210
	140,000	TransCanada PipeLines Ltd., 3.40%, 6/01/15	148
	480,000	Xstrata Finance Canada Ltd. 144A, 2.45%, 10/25/17 (a)	489
			2,352
	Cayman Islands (USD) (1%)
	250,000	IPIC GMTN Ltd. 144A, 3.13%, 11/15/15 (a)	262
	110,000	Petrobras International Finance Co., 2.88%, 2/06/15	113
			375
	Chile (USD) (1%)
	200,000	Banco de Credito e Inversiones 144A, 3.00%, 9/13/17 (a)	206
	350,000	Banco del Estado de Chile 144A, 2.00%, 11/09/17 (a)	353
	260,000	Corpbanca SA, 3.13%, 1/15/18	261
			820
	China (USD) (0%)
	200,000	Baidu Inc., 2.25%, 11/28/17	203
	Colombia (USD) (0%)
	200,000	Banco de Bogota SA 144A, 5.00%, 1/15/17 (a)	217
	100,000	Bancolombia SA, 4.25%, 1/12/16 (b)	106
			323
	Denmark (EUR) (0%)
	250,000	Jyske Bank A/S, 1.32%, 5/20/15	333
	Denmark (USD) (1%)
	790,000	Danske Bank AS 144A, 1.33%, 4/14/14 (a)	794
	France (EUR) (1%)
	400,000	RCI Banque SA, 1.11%, 4/07/15	509
	France (USD) (3%)
	790,000	Banque PSA Finance SA 144A, 2.18%, 4/04/14 (a)	784
	500,000	RCI Banque SA 144A, 2.15%, 4/11/14 (a)	502
	600,000	Societe Generale SA 144A, 1.60%, 12/13/13 (a)	604
	150,000	Veolia Environnement SA, 5.25%, 6/03/13	150
	130,000	Vivendi SA 144A, 2.40%, 4/10/15 (a)	133
			2,173
	Germany (USD) (0%)
	350,000	FMS Wertmanagement AoeR, 1.00%, 11/21/17	353
	Hong Kong (USD) (0%)
	200,000	Hutchison Whampoa International Ltd. 144A, 2.00%, 11/08/17 (a)	202
	Ireland (GBP) (1%)
	250,000	GE Capital UK Funding, 0.66%, 3/20/17	378

37 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	Ireland (USD) (1%)
	200,000	Rosneft Oil Co. via Rosneft International Finance Ltd. 144A, 3.15%, 3/06/17 (a)	$        202
	200,000	Sibur Securities Ltd. 144A, 3.91%, 1/31/18 (a)	198
			400
	Japan (EUR) (0%)
	100,000	Softbank Corp. 144A, 4.63%, 4/15/20 (a)	140
	Japan (USD) (1%)
	320,000	Bank of Tokyo-Mitsubishi UFJ Ltd. 144A, 0.74%, 2/26/16 (a)	320
	340,000	Nomura Holdings Inc., 1.73%, 9/13/16	342
	200,000	Softbank Corp. 144A, 4.50%, 4/15/20 (a)	208
	250,000	Sumitomo Mitsui Banking Corp., 0.90%, 1/18/16	250
			1,120
	Luxembourg (USD) (0%)
	200,000	ArcelorMittal, 4.25%, 8/05/15	209
	Mexico (MXN) (2%)
	9,673,500	Mexican Bonos, 5.00%, 6/15/17	824
	5,898,500	Mexican Bonos, 6.00%, 6/18/15	506
			1,330
	Mexico (USD) (0%)
	100,000	America Movil SAB de CV, 3.63%, 3/30/15	105
	170,000	Kansas City Southern de Mexico SA de CV 144A, 2.35%, 5/15/20 (a)	171
			276
	Netherlands (EUR) (1%)
	356,658	Globaldrive Auto Receivables 2011-A BV 144A, 0.87%, 4/20/19 (a)	473
	Netherlands (USD) (1%)
	300,000	ING Bank NV 144A, 3.75%, 3/07/17 (a)	323
	220,000	Lukoil International Finance BV 144A, 3.42%, 4/24/18 (a)	225
	350,000	Volkswagen International Finance NV 144A, 1.15%, 11/20/15 (a)	353
			901
	Norway (USD) (0%)
	200,000	SpareBank 1 Boligkreditt AS 144A, 1.25%, 5/02/18 (a)	200
	Panama (USD) (0%)
	230,000	Banco de Credito del Peru/ 144A, 4.75%, 3/16/16 (a)	247
	Peru (USD) (0%)
	180,000	BBVA Banco Continental SA 144A, 2.25%, 7/29/16 (a)	178
	Qatar (USD) (1%)
	200,000	Qatar Government International Bond 144A, 3.13%, 1/20/17 (a)	214
	400,000	Ras Laffan Liquefied Natural Gas Co. Ltd. III 144A, 5.50%, 9/30/14 (a)	425
			639
	Singapore (USD) (0%)
	200,000	Oversea-Chinese Banking Corp. Ltd. 144A, 1.63%, 3/13/15 (a)	204
	Sweden (USD) (1%)
	390,000	Svenska Handelsbanken AB, 0.73%, 3/21/16	390

Principal or Shares		Security Description	Value (000)
	United Arab Emirates (USD) (0%)
	200,000	Abu Dhabi National Energy Co. 144A, 2.50%, 1/12/18 (a)	$        204
	United Kingdom (EUR) (1%)
	300,000	Gracechurch Card Funding PLC 144A, 0.92%, 2/15/17 (a)	399
	United Kingdom (GBP) (5%)
	400,000	Chester Asset Receivables Dealings 2004-1 PLC, 0.70%, 4/15/16	622
	280,000	ENW Capital Finance PLC, 6.75%, 6/20/15	480
	200,000	Experian Finance PLC, 5.63%, 12/12/13	320
	600,000	National Grid PLC, 6.13%, 4/15/14	980
	220,000	Prudential PLC, 1.25%, 11/16/15	344
	250,000	SSE PLC, 5.75%, 2/05/14	403
	250,000	United Utilities Water PLC, 6.13%, 12/29/15	438
			3,587
	United Kingdom (USD) (5%)
	200,000	ANZ New Zealand Int’l Ltd./London 144A, 1.13%, 3/24/16 (a)	201
	280,000	Barclays Bank PLC, 1.32%, 1/13/14	282
	190,000	BAT International Finance PLC 144A, 1.40%, 6/05/15 (a)	192
	310,000	Credit Agricole SA/London 144A, 1.44%, 4/15/16 (a)	311
	723,068	Fosse Master Issuer PLC 144A, 1.68%, 10/18/54 (a)	732
	350,000	Gracechurch Card Funding PLC 144A, 0.90%, 2/15/17 (a)	353
	750,000	Granite Master Issuer PLC, 1.06%, 12/17/54	656
	540,000	HSBC Bank PLC 144A, 1.63%, 7/07/14 (a)(b)	548
	610,000	Lloyds TSB Bank PLC, 2.63%, 1/24/14	619
	310,000	Vodafone Group PLC, 0.68%, 2/19/16	310
			4,204
	United States (EUR) (0%)
	225,000	Parker Hannifin Corp., 4.13%, 11/11/15	321
	United States (GBP) (1%)
	150,000	American Express Credit Corp., 5.38%, 10/01/14	248
	200,000	Pemex Project Funding Master Trust, 7.50%, 12/18/13	324
			572
	United States (USD) (60%)
	700,000	AbbVie Inc. 144A, 1.20%, 11/06/15 (a)	706
	160,000	Actavis Inc., 5.00%, 8/15/14	168
	130,000	Airgas Inc., 2.85%, 10/01/13	131
	175,000	Alliance Data Systems Corp. 144A, 5.25%, 12/01/17 (a)	183
	300,000	Ally Financial Inc., 4.63%, 6/26/15	316
	300,000	Ally Master Owner Trust, 0.65%, 2/15/18	300
	500,000	Ally Master Owner Trust, 0.65%, 4/15/18	500
	70,000	American Express Credit Corp., 1.75%, 6/12/15	72
	300,000	American Honda Finance Corp. 144A, 1.45%, 2/27/15 (a)	304
	90,000	American International Group Inc., 2.38%, 8/24/15	92
	195,000	AmeriGas Partners LP / AmeriGas Finance Corp., 6.25%, 8/20/19	212
	175,000	Apple Inc., 0.45%, 5/03/16	175
	410,000	Apple Inc., 0.52%, 5/03/18	410

Semi-Annual Report 38

Payden Global Low Duration Fund continued

Principal or Shares		Security Description	Value (000)
	200,000	Apple Inc., 1.00%, 5/03/18	$        199
	160,000	ARAMARK Corp. 144A, 5.75%, 3/15/20 (a)	168
	250,000	Ashland Inc. 144A, 3.00%, 3/15/16	257
	160,000	Astoria Financial Corp., 5.00%, 6/19/17	172
	300,000	AT&T Inc., 0.68%, 2/12/16	301
	110,000	Autodesk Inc., 1.95%, 12/15/17	110
	110,000	Aviation Capital Group Corp. 144A, 4.63%, 1/31/18 (a)	115
	190,000	Avis Budget Car Rental LLC / Avis Budget Finance Inc. 144A, 4.88%, 11/15/17 (a)(b)	201
	390,000	Bank of America Corp., 1.35%, 3/22/18	390
	175,000	Bank of America Corp., 3.70%, 9/01/15	184
	100,000	Bank of America Corp., 3.75%, 7/12/16	106
	229,858	Bank of America Mortgage 2002-K Trust, 2.75%, 10/20/32	229
	90,000	BB&T Corp., 1.60%, 8/15/17	91
	14,368	Bear Stearns Asset Backed Securities Trust, 0.25%, 9/25/36	14
	90,000	Capital Auto Receivables Asset Trust, 1.29%, 4/20/18	90
	90,000	Capital Auto Receivables Asset Trust, 1.74%, 10/22/18	91
	270,000	Capital One Financial Corp., 1.00%, 11/06/15	269
	260,000	Capital One Financial Corp., 2.13%, 7/15/14	264
	100,000	Carnival Corp., 1.20%, 2/05/16	100
	70,000	Carnival Corp., 1.88%, 12/15/17	70
	90,000	CC Holdings GS V LLC 144A, 2.38%, 12/15/17 (a)	91
	190,000	CIT Group Inc. 144A, 4.75%, 2/15/15 (a)	200
	380,000	Citigroup Inc., 1.07%, 4/01/16	382
	390,000	Citigroup Inc., 1.25%, 1/15/16	391
	359,000	Citigroup Inc., 2.25%, 8/07/15	369
	220,000	CNH Capital LLC, 3.88%, 11/01/15	229
	60,000	Computer Sciences Corp., 2.50%, 9/15/15	62
	80,000	ConAgra Foods Inc., 1.30%, 1/25/16	81
	40,000	ConAgra Foods Inc., 1.35%, 9/10/15	40
	442,367	Credit Suisse Mortgage Capital Certificates 144A, 1.20%, 2/27/47 (a)	446
	440,000	Credit Suisse Mortgage Capital Certificates 144A, 1.55%, 4/25/43 (a)	439
	590,000	Credit Suisse/New York, 1.24%, 1/14/14	594
	300,000	Cricket Communications Inc. Leap TL C-DD 1L, 7.00%, 3/08/20	302
	170,000	Daimler Finance North America LLC 144A, 1.25%, 1/11/16 (a)	171
	480,000	Daimler Finance North America LLC 144A, 1.95%, 3/28/14 (a)	485
	260,000	DENTSPLY International Inc., 1.79%, 8/15/13	261
	135,000	Digital Realty Trust LP, 4.50%, 7/15/15	144
	140,000	DIRECTV Holdings LLC / DIRECTV Financing Co. Inc., 3.13%, 2/15/16	148
	34,000	DIRECTV Holdings LLC / DIRECTV Financing Co. Inc., 3.50%, 3/01/16	36
	165,000	DIRECTV Holdings LLC / DIRECTV Financing Co. Inc., 4.75%, 10/01/14	174
	440,000	Discover Bank/Greenwood DE, 2.00%, 2/21/18	445
	230,000	DISH DBS Corp., 4.63%, 7/15/17	235
	210,000	Dow Chemical Co., 2.50%, 2/15/16	219
	150,000	Duke Realty LP, 5.40%, 8/15/14	158

Principal or Shares		Security Description	Value (000)
	125,000	E*TRADE Financial Corp., 6.00%, 11/15/17	$        133
	140,000	Eaton Corp. 144A, 0.95%, 11/02/15 (a)	141
	654,399	Enterprise Fleet Financing LLC 144A, 1.14%, 11/20/17 (a)	657
	60,000	Enterprise Products Operating LLC, 1.25%, 8/13/15	61
	60,000	Equifax Inc., 4.45%, 12/01/14	63
	160,000	ERAC USA Finance LLC 144A, 2.25%, 1/10/14 (a)	162
	180,000	ERAC USA Finance LLC 144A, 2.75%, 7/01/13 (a)	181
	100,000	Express Scripts Holding Co., 2.10%, 2/12/15	102
	919,581	FDIC Structured Sale Guaranteed Notes 144A, 0.92%, 12/04/20 (a)	926
	577,545	FDIC Structured Sale Guaranteed Notes 144A, 3.25%, 4/25/38 (a)	610
	488,222	FDIC Trust 144A, 2.18%, 5/25/50 (a)	498
	110,000	Fidelity National Information Services Inc., 2.00%, 4/15/18	111
	250,000	Fifth Third Bank/Ohio, 4.75%, 2/01/15	266
	500,000	First Investors Auto Owner Trust 144A, 3.40%, 3/15/16 (a)	507
	240,000	Florida Hurricane Catastrophe Fund Finance Corp., 1.30%, 7/01/16	242
	881,448	FN AP9539 30YR, 3.00%, 10/01/42	923
	1,000,000	FN, 30YR TBA, 4.50%, 2/01/43 (c)	1,078
	370,000	Ford Motor Credit Co. LLC, 3.88%, 1/15/15	385
	100,000	Freeport-McMoRan Copper & Gold Inc., 1.40%, 2/13/15	101
	100,000	Freeport-McMoRan Copper & Gold Inc., 2.15%, 3/01/17	102
	350,000	General Electric Capital Corp., 2.15%, 1/09/15	359
	270,000	General Electric Capital Corp., 3.75%, 11/14/14	283
	60,000	General Mills Inc., 0.58%, 1/29/16	60
	60,000	General Mills Inc., 0.88%, 1/29/16	60
	220,000	General Motors Financial Co. Inc. 144A, 4.75%, 8/15/17 (a)	233
	780,000	Goldman Sachs Group Inc., 1.30%, 2/07/14	784
	410,000	Goldman Sachs Group Inc., 1.48%, 4/30/18	411
	210,000	Goldman Sachs Group Inc., 1.60%, 11/23/15	213
	400,000	GSAMP Trust 2004-SEA2, 0.85%, 3/25/34	396
	606,835	Harborview Mortgage Loan Trust, 2.94%, 12/19/35	533
	90,000	Harley-Davidson Financial Services Inc. 144A, 1.15%, 9/15/15 (a)	90
	680,000	Hartford Financial Services Group Inc., 4.00%, 3/30/15	720
	50,000	HCA Inc., 6.75%, 7/15/13	51
	420,000	HCP Inc., 2.70%, 2/01/14	426
	100,000	Hyundai Capital America 144A, 3.75%, 4/06/16 (a)	106
	100,000	Ingredion Inc., 3.20%, 11/01/15	105
	85,000	International Lease Finance Corp., 4.88%, 4/01/15	90
	170,000	International Lease Finance Corp. 144A, 6.50%, 9/01/14 (a)	183
	260,000	JB Hunt Transport Services Inc., 3.38%, 9/15/15	270
	190,000	JPMorgan Chase & Co., 1.10%, 10/15/15	191

39 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	200,000	JPMorgan Chase & Co., 1.18%, 1/25/18	$        202
	170,000	KeyCorp, 3.75%, 8/13/15	181
	100,000	Kraft Foods Group Inc., 1.63%, 6/04/15	102
	200,000	Kroger Co., 2.20%, 1/15/17	207
	160,604	L.A. Arena Funding LLC 144A, 7.66%, 12/15/26 (a)	184
	150,000	Lennar Corp., 4.75%, 12/15/17	160
	140,000	Marathon Oil Corp., 0.90%, 11/01/15	140
	110,000	Masco Corp., 4.80%, 6/15/15	116
	131,496	MASTR Asset Securitization Trust, 5.00%, 7/25/19	137
	320,000	Metropolitan Life Global Funding I 144A, 1.70%, 6/29/15 (a)	327
	300,000	Morgan Stanley, 1.54%, 2/25/16	302
	500,000	Morgan Stanley, 1.56%, 4/25/18	500
	100,000	Murphy Oil Corp., 2.50%, 12/01/17	102
	250,000	NASDAQ OMX Group Inc., 4.00%, 1/15/15	261
	200,000	National Oilwell Varco Inc., 1.35%, 12/01/17	203
	160,000	NBCUniversal Enterprise Inc. 144A, 0.97%, 4/15/18 (a)	161
	50,000	NextEra Energy Capital Holdings Inc., 1.20%, 6/01/15	50
	300,000	NextEra Energy Capital Holdings Inc., 2.55%, 11/15/13	303
	850,000	Nissan Master Owner Trust Receivables, 0.50%, 2/15/18	851
	290,000	Nissan Motor Acceptance Corp. 144A, 1.00%, 3/15/16 (a)	291
	140,000	Nissan Motor Acceptance Corp. 144A, 1.95%, 9/12/17 (a)	143
	60,000	PACCAR Financial Corp., 1.05%, 6/05/15	61
	60,000	Penske Truck Leasing Co. LP / PTL Finance Corp. 144A, 2.50%, 7/11/14 (a)	61
	200,000	Penske Truck Leasing Co. LP / PTL Finance Corp. 144A, 3.13%, 5/11/15 (a)	208
	70,000	Phillips 66, 1.95%, 3/05/15	72
	70,000	Phillips 66, 2.95%, 5/01/17	75
	220,000	Plains Exploration & Production Co., 6.50%, 11/15/20	246
	160,000	Principal Life Global Funding II 144A, 1.00%, 12/11/15 (a)	161
	270,000	Regions Financial Corp., 2.00%, 5/15/18	269
	348,112	Residential Asset Securitization Trust 2006-A8, 6.00%, 8/25/36	300
	60,000	Reynolds American Inc., 1.05%, 10/30/15	60
	170,000	Rockies Express Pipeline LLC 144A, 3.90%, 4/15/15 (a)	173
	220,000	Sabine Pass LNG LP, 7.50%, 11/30/16	250
	100,000	SBA Communications Corp. 144A, 5.63%, 10/01/19 (a)	106
	358,760	Sequoia Mortgage Trust, 1.45%, 2/25/43	357
	289,227	Sequoia Mortgage Trust, 1.55%, 4/25/43	289
	337,053	Sequoia Mortgage Trust, 3.50%, 4/25/42	347
	60,000	Simon Property Group LP, 4.20%, 2/01/15	63
	469,278	Springleaf Mortgage Loan Trust 144A, 1.27%, 6/25/58 (b)	469
	176,402	Springleaf Mortgage Loan Trust 144A, 1.57%, 12/25/59 (a)	177

Principal or Shares		Security Description	Value (000)
	167,904	Springleaf Mortgage Loan Trust 144A, 2.22%, 10/25/57 (a)	$          170
	510,000	Susser Holdings LLC, 8.50%, 5/15/16	534
	200,000	TD Ameritrade Holding Corp., 4.15%, 12/01/14	211
	300,000	Tech Data Corp., 3.75%, 9/21/17	314
	145,000	Tesoro Corp., 4.25%, 10/01/17	153
	897,224	Thornburg Mortgage Securities Trust, 1.79%, 3/25/44	900
	140,000	Time Warner Inc., 3.15%, 7/15/15	147
	4,200,000	U.S. Treasury Note, 0.38%, 1/15/16	4,210
	2,090,000	U.S. Treasury Note, 0.38%, 3/15/16	2,095
	900,000	U.S. Treasury Note, 1.25%, 10/31/15 (d)	922
	60,000	UnitedHealth Group Inc., 1.40%, 10/15/17	61
	400,000	Valeant Pharmaceuticals International 144A, 6.50%, 7/15/16 (a)	419
	360,000	Ventas Realty LP / Ventas Capital Corp., 2.00%, 2/15/18	365
	243,829	Vericrest Opportunity Loan Transferee 144A, 2.73%, 11/25/60 (a)	244
	100,000	Viacom Inc., 4.38%, 9/15/14	105
	170,000	Vornado Realty LP, 4.25%, 4/01/15	180
	260,000	Wachovia Bank NA, 4.80%, 11/01/14	276
	120,000	Walgreen Co., 1.00%, 3/13/15	121
	90,000	Wal-Mart Stores Inc., 0.60%, 4/11/16	90
	575,949	WaMu Mortgage Pass Through Certificates, 2.75%, 10/25/36	498
	120,000	WellPoint Inc., 1.25%, 9/10/15	121
	460,000	WellPoint Inc., 2.38%, 2/15/17	479
	280,000	Wells Fargo & Co., 0.91%, 4/23/18	281
	195,000	Windstream Corp., 7.88%, 11/01/17	229
	45,000	Windstream Corp., 8.13%, 8/01/13	46
	150,000	WM Wrigley Jr. Co. 144A, 3.70%, 6/30/14 (a)	155
	230,000	WPX Energy Inc., 5.25%, 1/15/17	247
			48,145
	Virgin Islands (British) (USD) (1%)
	200,000	CNPC General Capital Ltd. 144A, 1.45%, 4/16/16 (a)	200
	300,000	Sinopec Capital 2013 Ltd. 144A, 1.88%, 4/24/18 (a)	300
	200,000	TSMC Global Ltd. 144A, 1.63%, 4/03/18 (a)	202
			702
	Total Bonds (Cost - $78,875)		79,778
	Investment Company (2%)
	1,256,504	Payden Cash Reserves Money Market Fund * (Cost - $1,257)	1,257
	Total (Cost - $80,132) (101%)		81,035
	Liabilities in excess of Other Assets (-1%)		(809)
	Net Assets (100%)		$    80,226

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) All or portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $1,038 and the total market value of the collateral held by the Fund is $1,073. Amount in 000s.

Semi-Annual Report 40

Payden Global Low Duration Fund continued

(c) Security was purchased on a delayed delivery basis.

(d) All or portion of the security is pledged as collateral to cover open futures contract margin requirements.

Open Forward Currency Contracts to USD

Delivery Date		Currency (000s)	Counterparty	Unrealized (Depreciation) (000s)
	Liabilities:
	5/8/2013	British Pound (Sell 3,718)	HSBC Securities		$(148)
	6/3/2013	British Pound (Sell 517)	JP Morgan		(21)
	6/3/2013	British Pound (Sell 1,012)	JP Morgan		(36)
	5/8/2013	Euro (Sell 1,659)	Goldman Sachs		(54)
	7/30/2013	Mexican Peso (Sell 6,780)	RBS		(2)
					$(261)

Open Futures Contracts

Number of Contracts	Contract Type	Expiration Date	Current Value (000)	Unrealized Appreciation (000s)
11	U.S. Treasury 10 Year Note Future	Jun-13	$(1,467)		$—
4	U.S. Treasury 5 Year Note Future	Jul-13	499		—
					$—

See notes to financial statements.

41 Payden Mutual Funds

Payden Global Fixed Income Fund

The Fund seeks a high level of total return that is consistent with preservation of capital by generally investing in investment grade debt securities denominated in U.S. and foreign currencies with an average portfolio maturity not to exceed ten years.

Credit Quality - percent of value
AAA	12	%
AA	26	%
A	11	%
BBB	26	%
BB or Less	25	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Bonds (76%)
	Australia (AUD) (5%)
	2,000,000	Australia Government Bond, 6.00%, 2/15/17	$        2,329
	Australia (USD) (0%)
	180,000	Sydney Airport Finance Co. Pty Ltd. 144A, 3.90%, 3/22/23 (a)	188
	Belgium (EUR) (0%)
	130,000	Anheuser-Busch InBev NV, 2.88%, 9/25/24	181
	Bermuda (EUR) (1%)
	150,000	Fidelity International Ltd., 6.88%, 2/24/17	228
	Brazil (BRL) (2%)
	337,000	Brazil Notas do Tesouro Nacional, 6.00%, 5/15/15	407
	560,000	Brazilian Government International Bond, 12.50%, 1/05/16	333
			740
	Canada (CAD) (1%)
	130,000	Canadian Government Bond, 3.75%, 6/01/19	148
	240,000	Canadian Government Bond, 5.00%, 6/01/37	352
			500
	Denmark (EUR) (1%)
	200,000	Carlsberg Breweries A/S, 2.63%, 11/15/22	271
	Finland (EUR) (1%)
	180,000	Finland Government Bond, 2.63%, 7/04/42	256
	170,000	Finland Government Bond, 2.75%, 7/04/28	247
			503
	France (CAD) (1%)
	330,000	Cie de Financement Foncier SA, 4.55%, 4/28/17	349
	France (EUR) (4%)
	150,000	AXA SA, 5.25%, 4/16/40	211
	100,000	Electricite de France SA, 4.25%, 12/29/49	138
	450,000	France Government Bond OAT, 3.00%, 10/25/15	635
	670,000	France Government Bond OAT, 3.50%, 4/25/20	1,027
			2,011
	France (GBP) (0%)
	100,000	Cie de St-Gobain, 4.63%, 10/09/29	164
	France (USD) (1%)
	260,000	Credit Agricole SA/London 144A, 1.44%, 4/15/16 (a)	261
	Germany (EUR) (2%)
	200,000	Allianz SE, 5.63%, 10/17/42	305
	100,000	Bundesobligation, 1.75%, 10/09/15	138
	140,000	Bundesrepublik Deutschland, 1.75%, 7/04/22	195
	100,000	Bundesrepublik Deutschland, 4.75%, 7/04/40	206
	60,000	Daimler AG, 1.75%, 1/21/20	80

Principal or Shares		Security Description	Value (000)
	120,000	RWE AG, 4.63%, 9/29/49	$          165
			1,089
	Ireland (EUR) (1%)
	190,000	Aquarius and Investments PLC for Zurich Insurance Co Ltd., 4.25%, 10/02/43	263
	70,000	GE Capital European Funding, 1.63%, 3/15/18	94
			357
	Ireland (GBP) (1%)
	130,000	GE Capital UK Funding, 4.38%, 7/31/19	229
	Ireland (RUB) (1%)
	10,000,000	Novatek OAO via Novatek Finance Ltd. 144A, 7.75%, 2/21/17 (a)	325
	Italy (EUR) (3%)
	150,000	Italy Buoni Poliennali Del Tesoro, 3.75%, 8/01/15	207
	100,000	Italy Buoni Poliennali Del Tesoro, 4.00%, 2/01/37	121
	900,000	Italy Buoni Poliennali Del Tesoro, 4.50%, 2/01/20	1,279
			1,607
	Japan (JPY) (9%)
	110,000,000	Japan Government Ten Year Bond, 1.30%, 12/20/19	1,199
	25,000,000	Japan Government Ten Year Bond, 1.50%, 12/20/17	272
	45,000,000	Japan Government Thirty Year Bond, 1.90%, 9/20/42	492
	25,000,000	Japan Government Thirty Year Bond, 2.00%, 9/20/40	280
	15,000,000	Japan Government Thirty Year Bond, 2.20%, 9/20/39	175
	120,000,000	Japan Government Twenty Year Bond, 1.60%, 6/20/30	1,298
	60,000,000	Japan Government Twenty Year Bond, 1.90%, 12/20/28	684
			4,400
	Japan (USD) (0%)
	200,000	Sompo Japan Insurance Inc. 144A, 5.33%, 3/28/73 (a)	207
	Netherlands (EUR) (3%)
	110,000	British American Tobacco Holdings The Netherlands BV, 2.38%, 1/19/23	148
	340,000	Netherlands Government Bond 144A, 2.25%, 7/15/22 (a)	482
	470,000	Netherlands Government Bond 144A, 3.25%, 7/15/15 (a)	663
			1,293

Semi-Annual Report 42

Payden Global Fixed Income Fund continued

Principal or Shares		Security Description	Value (000)
	Spain (EUR) (1%)
	90,000	Spain Government Bond, 4.20%, 1/31/37	$         110
	180,000	Spain Government Bond, 4.25%, 10/31/16	251
	230,000	Spain Government Bond, 4.85%, 10/31/20	328
			689
	Sweden (USD) (1%)
	250,000	Svenska Handelsbanken AB, 0.73%, 3/21/16	250
	Switzerland (EUR) (1%)
	170,000	UBS AG/Jersey, 4.50%, 9/16/19	233
	United Kingdom (EUR) (2%)
	100,000	FCE Bank PLC, 1.88%, 5/12/16	134
	110,000	Heathrow Funding Ltd., 4.60%, 9/30/14 (b)	153
	50,000	Heathrow Funding Ltd., 4.60%, 2/15/18 (b)	75
	50,000	HSBC Holdings PLC, 6.00%, 6/10/19	81
	50,000	Imperial Tobacco Finance PLC, 8.38%, 2/17/16	79
	165,000	Lloyds TSB Bank PLC, 6.50%, 3/24/20	257
	150,000	Standard Chartered Bank, 5.88%, 9/26/17	230
			1,009
	United Kingdom (GBP) (6%)
	110,000	Aviva PLC, 6.13%, 11/14/36	183
	75,000	Barclays Bank PLC, 6.75%, 1/16/23	131
	121,000	ENW Capital Finance PLC, 6.75%, 6/20/15	208
	110,000	HSBC Bank PLC, 5.38%, 11/04/30	195
	100,000	InterContinental Hotels Group PLC, 6.00%, 12/09/16	180
	100,000	Next PLC, 5.38%, 10/26/21	183
	130,000	Scottish Widows PLC, 5.50%, 6/16/23 (b)	209
	360,000	United Kingdom Gilt, 2.75%, 1/22/15	585
	260,000	United Kingdom Gilt, 4.25%, 3/07/36	503
	160,000	United Kingdom Gilt, 4.25%, 12/07/55	317
			2,694
	United Kingdom (USD) (1%)
	300,000	Standard Chartered PLC 144A, 3.95%, 1/11/23 (a)	307
	United States (EUR) (1%)
	200,000	AT&T Inc., 1.88%, 12/04/20	266
	100,000	Morgan Stanley, 5.38%, 8/10/20	158
	100,000	National Grid North America Inc., 1.75%, 2/20/18	134
			558
	United States (GBP) (0%)
	100,000	DIRECTV Holdings LLC / DIRECTV Financing Co Inc., 4.38%, 9/14/29	165
	United States (IDR) (0%)
	1,500,000,000	JPMorgan Chase Bank NA 144A, 9.50%, 7/17/31 (a)	210
	United States (USD) (26%)
	115,000	Altria Group Inc., 4.75%, 5/05/21	132
	150,000	American International Group Inc., 3.00%, 3/20/15	156
	105,000	American Tower Corp., 3.50%, 1/31/23	106
	190,000	Bank of America Corp., 1.25%, 1/11/16	190
	100,000	Bank of America Corp., 3.70%, 9/01/15	105
	210,000	Bear Stearns Companies LLC, 5.55%, 1/22/17	239
	100,000	BioMed Realty LP, 3.85%, 4/15/16	106

Principal or Shares		Security Description	Value (000)
	50,000	Burlington Northern Santa Fe LLC, 5.40%, 6/01/41	$          59
	190,000	Carlyle Holdings II Finance LLC 144A, 5.63%, 3/30/43 (a)	196
	90,000	CBS Corp., 5.75%, 4/15/20	108
	145,000	Chubb Corp., 6.38%, 3/29/67	162
	315,000	Citigroup Inc., 6.01%, 1/15/15	341
	150,000	Daimler Finance North America LLC 144A, 1.88%, 1/11/18 (a)	152
	250,000	Digital Realty Trust LP, 5.88%, 2/01/20	293
	150,000	Dignity Health, 3.13%, 11/01/22	150
	152,000	Dow Chemical Co., 9.40%, 5/15/39	252
	160,000	Enterprise Products Operating LLC, 3.35%, 3/15/23	167
	420,000	FNMA 30YR TBA, 4.50%, (c)	453
	50,000	General Electric Capital Corp., 5.88%, 1/14/38	61
	120,000	General Electric Capital Corp., 6.38%, 11/15/67	128
	57,754	GreenPoint Mortgage Funding Trust, 0.48%, 6/25/45	24
	215,000	Health Care REIT Inc., 4.95%, 1/15/21	244
	180,000	Hewlett-Packard Co., 4.65%, 12/09/21	187
	29,413	Indymac Index Mortgage Loan Trust, 2.74%, 10/25/34	28
	110,000	JPMorgan Chase & Co., 4.35%, 8/15/21	124
	260,000	KKR Group Finance Co. II LLC 144A, 5.50%, 2/01/43 (a)	260
	115,000	MDC Holdings Inc., 6.00%, 1/15/43	113
	80,000	Merrill Lynch & Co. Inc., 6.11%, 1/29/37	91
	130,000	Merrill Lynch & Co. Inc., 6.88%, 4/25/18	158
	45,000	MetLife Inc., 6.40%, 12/15/36	51
	55,000	MetLife Inc., 10.75%, 8/01/39 (d)	88
	200,000	Metropolitan Edison Co. 144A, 3.50%, 3/15/23 (a)	207
	170,000	Morgan Stanley, 4.88%, 11/01/22	184
	100,000	Murphy Oil Corp., 2.50%, 12/01/17	102
	95,000	NBCUniversal Media LLC, 4.38%, 4/01/21	110
	50,000	NBCUniversal Media LLC, 6.40%, 4/30/40	67
	75,000	Owens Corning, 4.20%, 12/15/22	79
	105,000	Phillips 66, 2.95%, 5/01/17	112
	110,000	Prudential Financial Inc., 5.63%, 6/15/43	116
	152,000	Prudential Financial Inc., 7.38%, 6/15/19	196
	185,000	Ryder System Inc., 3.50%, 6/01/17	198
	150,000	Sempra Energy, 9.80%, 2/15/19	212
	110,000	State Street Corp., 4.96%, 3/15/18	125
	141,587	Structured Adjustable Rate Mortgage Loan Trust, 2.67%, 10/25/34	139
	229,811	Thornburg Mortgage Securities Trust, 0.94%, 9/25/44	222
	450,000	U.S. Treasury Bill, 0.14%, 6/27/13 (e)	450
	700,000	U.S. Treasury Note, 0.25%, 6/30/14	701
	200,000	U.S. Treasury Note, 0.63%, 8/31/17	201
	900,000	U.S. Treasury Note, 0.88%, 12/31/16	915
	170,000	U.S. Treasury Note, 0.88%, 1/31/17	173
	250,000	U.S. Treasury Note, 1.25%, 8/31/15	256
	890,000	U.S. Treasury Note, 2.75%, 8/15/42	864
	130,000	U.S. Treasury Note, 3.13%, 5/15/21	148
	200,000	U.S. Treasury Note, 5.25%, 2/15/29 (f)	278
	140,000	U.S. Treasury Note, 5.38%, 2/15/31	200
	195,000	Vornado Realty LP, 4.25%, 4/01/15	207
	80,000	Wachovia Corp., 5.50%, 8/01/35	93

43 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	210,000	Wachovia Corp., 5.63%, 10/15/16	$             241
	155,000	Williams Companies Inc., 3.70%, 1/15/23	157
	120,000	WM Wrigley Jr. Co. 144A, 3.70%, 6/30/14 (a)	124
	75,000	Yum! Brands Inc., 6.88%, 11/15/37	100
	170,000	Zoetis Inc. 144A, 3.25%, 2/01/23 (a)	175
			12,276
	Total Bonds (Cost - $34,687)		35,623
	Investment Company (24%)
	704,543	Payden Cash Reserves Money Market Fund *	704
	356,517	Payden Emerging Markets Bond Fund, Institutional Class *	5,487
	176,983	Payden Emerging Markets Local Bond Fund, Investor Class *	1,906
	444,029	Payden High Income Fund, Investor Class *	3,335
	Total Investment Company (Cost - $11,101)		11,432
	Total (Cost - $45,788) (100%)		47,055
	Liabilities in excess of Other Assets (0%)		(169)
	Net Assets (100%)		$        46,886

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) Security offered and sold outside the United States, and thus is exempt from registration under Registration S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.

(c) Security was purchased on a delayed delivery basis.

(d) All or a portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $88 and the total market value of the collateral held by the Fund is $91.

(e) Yield to maturity at time of purchase.

(f) All or portion of the security is pledged as collateral to cover open futures contract margin requirements.

Open Forward Currency Contracts to USD

Delivery Date		Currency (000s)	Counterparty	Unrealized Appreciation (000s)
	Assets:
	5/8/2013	Australian Dollar (Sell 2,661)	RBS		$	17
	6/27/2013	Brazilian Real (Sell 1,554)	RBS			5
	5/23/2013	Canadian Dollar (Buy 1,404)	HSBC Securities			19
	5/24/2013	Canadian Dollar (Buy 189)	RBS			3
	5/24/2013	Euro (Buy 1,584)	RBS			41
	6/20/2013	Indonesian Rupiah (Sell 2,055,000)	HSBC Securities			—
	5/8/2013	Japanese Yen (Sell 492,900)	RBS			249
	7/30/2013	Mexican Peso (Buy 17,290)	RBS			5
	5/24/2013	Swiss Franc (Buy 320)	RBS			6
					$	345

Delivery Date		Currency (000s)	Counterparty	Unrealized (Depreciation) (000s)
	Liabilities:
	8/1/2013	Australian Dollar (Sell 1,361)	JP Morgan			(4	)
	5/24/2013	Australian Dollar (Buy 422)	RBS			(1	)
	5/8/2013	British Pound (Sell 1,756)	HSBC Securities			(74	)
	5/24/2013	British Pound (Sell 402)	RBS			(12	)
	5/8/2013	Canadian Dollar (Sell 1,082)	RBS			(10	)
	5/8/2013	Euro (Sell 2,766)	Goldman Sachs			(93	)
	7/15/2013	Euro (Sell 712)	JP Morgan			(4	)
	5/8/2013	Euro (Sell 2,806)	RBS			(91	)
	5/8/2013	Euro (Sell 3,582)	RBS			(116	)
	7/24/2013	Japanese Yen (Sell 296,700)	JP Morgan			(22	)
	5/24/2013	Japanese Yen (Buy 60,200)	RBS			(16	)
	6/20/2013	Philippine Peso (Buy 56,050)	HSBC Securities			(27	)
	5/28/2013	Russian Ruble (Buy 32,260)	HSBC Securities			(7	)
	7/15/2013	Swiss Franc (Sell 1,740)	JP Morgan			(9	)
	5/8/2013	Swiss Franc (Sell 320)	RBS			(6	)
					$	(492	)

Open Futures Contracts

Number of Contracts	Contract Type	Expiration Date	Current Value (000)				Unrealized Appreciation (Depreciation) (000s)
1	Canadian 10 Year Bond Future	Jun-13		$	136			$	4
10	Euro-Bobl Future	Jun-13			1,671				9
1	Euro-Bund Future	Jun-13			(193	)			(4	)
3	Euro-Schatz Future	Jun-13			438				—
1	Japan 10 Year Bond Future	Jun-13			1,484				(2	)
2	Long Gilt Future	Jun-13			(374	)			(3	)
20	U.S. Long Bond Future	Jun-13			(2,968	)			(81	)
27	U.S. Treasury 10 Year Note Future	Jun-13			(3,601	)			(46	)
68	U.S. Treasury 5 Year Note Future	Jul-13			8,476				46
2	U.S. Ultra Long Bond Future	Jun-13			329				10
								$	(67	)

Open Interest Rate Swap Contracts

Counterparty	Fund Receives	Fund Pays			Expiration Date	Notional Principal (000s)		Value (000s)
Barclays	3M US LIBOR		(0.85	%)	Sep-17		USD 4,800		$	(34	)

See notes to financial statements.

Semi-Annual Report 44

Payden Emerging Markets Bond Fund

The Fund seeks a high level of total return by generally investing in below investment grade debt instruments and income producing securities of emerging market countries denominated in U.S. and foreign currencies with no limit on the average portfolio maturity.

Credit Quality - percent of value
A	2	%
BBB	34	%
BB	38	%
B	25	%
CCC or lower	1	%

Schedule of Investments -April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Bonds (99%)
	Argentina (USD) (0%)
	5,770,000	City of Buenos Aires Argentina 144A, 9.95%, 3/01/17 (a)	$        5,135
	Bahrain (USD) (1%)
	7,350,000	ICICI Bank Ltd. 144A, 6.38%, 4/30/22 (a)	7,626
	Belarus (USD) (1%)
	9,790,000	Republic of Belarus, 8.75%, 8/03/15 (b)	10,255
	4,810,000	Republic of Belarus, 8.95%, 1/26/18	5,243
			15,498
	Brazil (BRL) (2%)
	10,387,000	Brazil Notas do Tesouro Nacional, 6.00%, 8/15/50	15,097
	10,968,000	Concessionaria Ecovias Dos Imigrantes SA, 3.80%, 4/15/20	5,516
			20,613
	Brazil (USD) (4%)
	15,850,000	Caixa Economica Federal 144A, 3.50%, 11/07/22 (a)	15,573
	5,350,000	Cielo SA / Cielo USA Inc. 144A, 3.75%, 11/16/22 (a)	5,221
	4,730,000	Embraer SA, 5.15%, 6/15/22	5,173
	4,350,000	USJ Acucar e Alcool SA 144A, 9.88%, 11/09/19 (a)(b)	4,905
	5,800,000	Vale Overseas Ltd., 8.25%, 1/17/34	7,786
			38,658
	Cayman Islands (USD) (4%)
	4,720,000	AES Andres Dominicana Ltd. / Itabo Dominicana Ltd. 144A, 9.50%, 11/12/20 (a)	5,157
	3,020,000	Banco do Brasil SA/Cayman 144A, 9.25%, 10/31/49 (a)	3,790
	1,160,000	Banco do Brasil SA/Cayman, 9.25%, 10/31/49 (c)	1,456
	4,680,000	Brazil Minas SPE via State of Minas Gerais 144A, 5.33%, 2/15/28 (a)	5,321
	5,210,000	Grupo Aval Ltd. 144A, 4.75%, 9/26/22 (a)(b)	5,269
	4,370,000	Intercorp Retail Trust 144A, 8.88%, 11/14/18 (a)	4,995
	4,940,000	Mongolian Mining Corp. 144A, 8.88%, 3/29/17 (a)(b)	5,082
	4,290,000	Odebrecht Finance Ltd. 144A, 7.13%, 6/26/42 (a)	4,934
	4,660,000	Petrobras International Finance Co., 5.38%, 1/27/21	5,169
	4,670,000	TAM Capital 3 Inc. 144A, 8.38%, 6/03/21 (a)	5,230
			46,403
	Chile (USD) (1%)
	4,670,000	Automotores Gildemeister SA 144A, 8.25%, 5/24/21 (a)	5,090

Principal or Shares		Security Description	Value (000)
	2,290,000	CFR International SpA 144A, 5.13%, 12/06/22 (a)(b)	$        2,377
	2,570,000	Corp Nacional del Cobre de Chile 144A, 3.00%, 7/17/22 (a)	2,590
	4,920,000	SMU SA 144A, 7.75%, 2/08/20 (a)	5,258
			15,315
	Colombia (COP) (1%)
	7,881,000,000	Emgesa SA ESP 144A, 8.75%, 1/25/21 (a)	5,248
	5,620,000,000	Empresa de Telecomunicaciones de Bogota 144A, 7.00%, 1/17/23 (a)	3,279
			8,527
	Colombia (USD) (4%)
	9,380,000	Bancolombia SA, 6.13%, 7/26/20 (b)	10,318
	10,260,000	Colombia Government International Bond, 7.38%, 9/18/37	15,611
	5,110,000	Colombia Telecomunicaciones SA ESP 144A, 5.38%, 9/27/22 (a)	5,135
	4,010,000	Ecopetrol SA, 7.63%, 7/23/19	5,133
	4,490,000	Pacific Rubiales Energy Corp. 144A, 7.25%, 12/12/21 (a)	5,141
	4,780,000	Transportadora de Gas Internacional SA ESP 144A, 5.70%, 3/20/22 (a)	5,316
			46,654
	Costa Rica (CRC) (2%)
	2,755,000,000	Republic of Costa Rica 144A, 9.20%, 3/27/19 (a)	5,893
	4,499,600,000	Republic of Costa Rica 144A, 11.50%, 12/21/22 (a)	10,943
			16,836
	Costa Rica (USD) (1%)
	3,730,000	Costa Rica Government International Bond 144A, 4.25%, 1/26/23 (a)	3,805
	3,070,000	Costa Rica Government International Bond 144A, 4.38%, 4/30/25 (a)	3,099
	2,180,000	Costa Rica Government International Bond 144A, 5.63%, 4/30/43 (a)	2,252
	4,470,000	Instituto Costarricense de Electricidad 144A, 6.95%, 11/10/21 (a)	5,129
			14,285
	Croatia (USD) (3%)
	2,960,000	Agrokor DD 144A, 8.88%, 2/01/20 (a)	3,321
	4,950,000	Croatia Government International Bond 144A, 5.50%, 4/04/23 (a)	5,282
	4,730,000	Croatia Government International Bond, 6.25%, 4/27/17 (c)	5,216

45 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	3,695,000	Croatia Government International Bond, 6.38%, 3/24/21 (c)	$        4,194
	5,700,000	Croatia Government International Bond, 6.75%, 11/05/19 (c)	6,546
	1,890,000	Hrvatska Elektroprivreda 144A, 6.00%, 11/09/17 (a)	2,018
			26,577
	Dominica Republic (USD) (3%)
	4,760,000	Aeropuertos Dominicanos Siglo XXI SA 144A, 9.25%, 11/13/19 (a)	5,188
	9,640,000	Banco de Reservas de La Republica Dominicana 144A, 7.00%, 2/01/23 (a)	9,915
	8,980,000	Dominican Republic International Bond 144A, 5.88%, 4/18/24 (a)(b)	9,250
	4,430,000	Dominican Republic International Bond 144A, 7.50%, 5/06/21 (a)(b)	5,121
			29,474
	El Salvador (USD) (2%)
	9,680,000	Republic of El Salvador 144A, 5.88%, 1/30/25 (a)	10,212
	4,855,000	Republic of El Salvador 144A, 7.38%, 12/01/19 (a)	5,790
	4,540,000	Republic of El Salvador, 7.65%, 6/15/35 (c)	5,300
			21,302
	Georgia (USD) (1%)
	4,750,000	Georgian Oil and Gas Corp. 144A, 6.88%, 5/16/17 (a)	5,059
	4,360,000	Georgian Railway JSC 144A, 7.75%, 7/11/22 (a)	5,090
	4,470,000	Republic of Georgia 144A, 6.88%, 4/12/21 (a)	5,217
			15,366
	Ghana (USD) (1%)
	6,750,000	Republic of Ghana, 8.50%, 10/04/17 (b)(c)	7,796
	GT (USD) (1%)
	7,710,000	Guatemala Government Bond 144A, 4.88%, 2/13/28 (a)	7,864
	Hungary (USD) (2%)
	7,580,000	Republic of Hungary, 4.13%, 2/19/18	7,693
	6,340,000	Republic of Hungary, 6.25%, 1/29/20	7,077
	2,740,000	Republic of Hungary, 7.63%, 3/29/41	3,230
			18,000
	Indonesia (USD) (4%)
	5,730,000	Indonesia Government International Bond 144A, 3.38%, 4/15/23 (a)	5,866
	4,795,000	Indonesia Government International Bond 144A, 6.63%, 2/17/37 (a)	6,329
	6,740,000	Indonesia Government International Bond, 8.50%, 10/12/35 (c)	10,523
	11,640,000	Pertamina Persero PT 144A, 5.25%, 5/23/21 (a)	12,760
	4,730,000	Pertamina Persero PT 144A, 6.00%, 5/03/42 (a)	5,099
			40,577
	Ireland (RUB) (1%)
	172,600,000	AHML Finance Ltd. 144A, 7.75%, 2/13/18 (a)	5,678
	157,000,000	Novatek OAO via Novatek Finance Ltd. 144A, 7.75%, 2/21/17 (a)	5,097
			10,775

Principal or Shares		Security Description	Value (000)
	Ireland (USD) (3%)
	4,500,000	Alfa Bank OJSC Via Alfa Bond Issuance PLC 144A, 7.75%, 4/28/21 (a)	$        5,120
	4,690,000	Brunswick Rail Finance Ltd. 144A, 6.50%, 11/01/17 (a)	4,971
	3,230,000	Sibur Securities Ltd. 144A, 3.91%, 1/31/18 (a)	3,190
	4,160,000	Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 9.13%, 4/30/18 (b)(c)	5,017
	2,800,000	Vnesheconombank Via VEB Finance PLC 144A, 6.80%, 11/22/25 (a)	3,381
	4,330,000	Vnesheconombank Via VEB Finance PLC, 6.90%, 7/09/20 (c)	5,152
			26,831
	Kazakhstan (USD) (2%)
	10,270,000	Development Bank of Kazakhstan JSC 144A, 4.13%, 12/10/22 (a)	10,172
	6,570,000	KazMunaiGaz Finance Sub BV 144A, 11.75%, 1/23/15 (a)	7,638
	6,790,000	KazMunayGas National Co. JSC 144A, 5.75%, 4/30/43 (a)	6,926
			24,736
	Lithuania (USD) (1%)
	4,460,000	Republic of Lithuania, 6.13%, 3/09/21 (c)	5,502
	Luxembourg (USD) (4%)
	5,130,000	BC Luxco 1 SA 144A, 7.38%, 1/29/20 (a)	5,361
	3,080,000	Gazprom Neft OAO Via GPN Capital SA 144A, 4.38%, 9/19/22 (a)	3,099
	7,290,000	Gazprom OAO Via Gaz Capital SA 144A, 4.95%, 7/19/22 (a)(b)	7,684
	4,090,000	Gazprom OAO Via Gaz Capital SA, 7.29%, 8/16/37 (c)	5,092
	4,630,000	Home Credit & Finance Bank OOO Via Eurasia Capital SA 144A, 9.38%, 4/24/20 (a)	5,024
	4,210,000	Minerva Luxembourg SA 144A, 7.75%, 1/31/23 (a)	4,505
	590,000	Minerva Luxembourg SA 144A, 12.25%, 2/10/22 (a)	732
	5,620,000	Sberbank of Russia Via SB Capital SA 144A, 5.13%, 10/29/22 (a)(b)	5,722
			37,219
	Mexico (MXN) (3%)
	858,700	America Movil SAB de CV, 6.45%, 12/05/22	7,714
	66,463,000	Mexican Bonos, 8.50%, 11/18/38	7,928
	87,891,064	Mexican Udibonos, 2.00%, 6/09/22	7,836
	81,140,000	Petroleos Mexicanos 144A, 7.65%, 11/24/21 (a)	7,715
			31,193
	Mexico (USD) (2%)
	3,220,000	Grupo Cementos de Chihuahua SAB de CV 144A, 8.13%, 2/08/20 (a)(b)	3,437
	4,384,000	Mexico Government International Bond, 5.75%, 10/12/10	5,186
	5,560,000	Mexico Government International Bond, 6.75%, 9/27/34	7,798
	7,040,000	Petroleos Mexicanos, 5.50%, 6/27/44	7,727
			24,148
	Mongolia (USD) (0%)
	5,270,000	Republic of Mongolia 144A, 5.13%, 12/05/22 (a)(b)	5,006

Semi-Annual Report 46

Payden Emerging Markets Bond Fund continued

Principal or Shares		Security Description	Value (000)
	Netherlands (USD) (4%)
	4,650,000	Ajecorp BV 144A, 6.50%, 5/14/22 (a)	$        5,108
	10,530,000	Kazakhstan Temir Zholy Finance BV 144A, 6.38%, 10/06/20 (a)	12,360
	4,200,000	Kazakhstan Temir Zholy Finance BV 144A, 6.95%, 7/10/42 (a)	4,987
	3,875,000	Majapahit Holding BV 144A, 7.88%, 6/29/37 (a)	5,173
	11,215,000	Majapahit Holding BV 144A, 8.00%, 8/07/19 (a)	14,103
			41,731
	Nigeria (NGN) (1%)
	1,394,000,000	Republic of Nigeria 144A, 11.59%, 2/06/14 (a)(d)	8,067
	Panama (USD) (2%)
	4,710,000	AES El Salvador Trust II 144A, 6.75%, 3/28/23 (a)	4,869
	4,886,933	ENA Norte Trust 144A, 4.95%, 4/25/23 (a)	5,131
	2,770,000	Republic of Panama, 4.30%, 4/29/53	2,784
	3,650,000	Republic of Panama, 6.70%, 1/26/36	5,097
	4,630,000	Republic of Panama, 9.38%, 4/01/29	7,878
			25,759
	Paraguay (USD) (1%)
	2,610,000	Republic of Paraguay 144A, 4.63%, 1/25/23 (a)	2,675
	3,120,000	Telefonica Celular del Paraguay SA 144A, 6.75%, 12/13/22 (a)	3,409
			6,084
	Peru (PEN) (1%)
	20,760,000	Republic of Peru 144A, 6.90%, 8/12/37 (a)	9,937
	Peru (USD) (3%)
	4,660,000	Banco de Credito del Peru 144A, 6.13%, 4/24/27 (a)	5,098
	2,925,000	Corp Azucarera del Peru SA 144A, 6.38%, 8/02/22 (a)(b)	3,149
	7,860,000	El Fondo MIVIVIENDA SA 144A, 3.50%, 1/31/23 (a)(b)	7,844
	4,920,000	Maestro Peru SA 144A, 6.75%, 9/26/19 (a)(b)	5,240
	5,540,000	Republic of Peru, 6.55%, 3/14/37	7,936
	5,210,000	Scotiabank Peru SA 144A, 4.50%, 12/13/27 (a)	5,184
			34,451
	Philippines (PHP) (1%)
	116,000,000	Republic of Philippines, 3.90%, 11/26/22	3,030
	105,000,000	Republic of Philippines, 6.25%, 1/14/36	3,345
			6,375
	Philippines (USD) (2%)
	7,520,000	Republic of Philippines, 6.38%, 10/23/34	10,500
	6,927,000	Republic of Philippines, 7.75%, 1/14/31	10,520
			21,020
	Romania (RON) (1%)
	15,420,000	Romania Government Bond, 5.90%, 7/26/17 (b)	4,895
	17,300,000	Romania Government Bond, 5.95%, 6/11/21 (b)	5,547
			10,442
	Romania (USD) (1%)
	5,250,000	Romanian Government International Bond 144A, 4.38%, 8/22/23 (a)(b)	5,460
	7,070,000	Romanian Government International Bond 144A, 6.75%, 2/07/22 (a)	8,691
			14,151

Principal or Shares		Security Description	Value (000)
	Russian Federation (RUB) (1%)
	275,500,000	Russian Federal Bond - OFZ, 7.60%, 4/14/21 (c)	$        9,648
	Russian Federation (USD) (1%)
	5,640,000	Far Eastern Shipping Co. 144A, 8.00%, 5/02/18 (a)	5,690
	Rwanda (USD) (1%)
	5,760,000	Republic of Rwanda 144A, 6.63%, 5/02/23 (a)	5,656
	Senegal (USD) (0%)
	3,150,000	Republic of Senegal 144A, 8.75%, 5/13/21 (a)	3,819
	Serbia (USD) (3%)
	8,280,000	Republic of Serbia 144A, 4.88%, 2/25/20 (a)	8,549
	3,420,000	Republic of Serbia 144A, 5.25%, 11/21/17 (a)	3,627
	16,100,000	Republic of Serbia 144A, 7.25%, 9/28/21 (a)	18,857
			31,033
	Singapore (USD) (0%)
	2,420,000	TBG Global Pte Ltd. 144A, 4.63%, 4/03/18 (a)(b)	2,453
	Sri Lanka (USD) (2%)
	7,160,000	Bank of Ceylon 144A, 6.88%, 5/03/17 (a)	7,642
	8,180,000	Republic of Sri Lanka 144A, 5.88%, 7/25/22 (a)(b)	8,691
	5,090,000	Republic of Sri Lanka 144A, 6.25%, 10/04/20 (a)	5,548
			21,881
	Tanzania (USD) (1%)
	5,320,000	United Republic of Tanzania, 6.45%, 3/08/20 (c)	5,593
	Turkey (TRY) (0%)
	8,280,000	Akbank TAS 144A, 7.50%, 2/05/18 (a)	4,713
	Turkey (USD) (4%)
	4,500,000	Export Credit Bank of Turkey 144A, 5.88%, 4/24/19 (a)	5,124
	4,250,000	Republic of Turkey, 6.00%, 1/14/41	5,127
	4,240,000	Republic of Turkey, 6.25%, 9/26/22	5,236
	4,020,000	Republic of Turkey, 6.88%, 3/17/36	5,281
	3,880,000	Republic of Turkey, 7.38%, 2/05/25	5,189
	3,610,000	Republic of Turkey, 8.00%, 2/14/34	5,262
	4,850,000	Turkiye Garanti Bankasi AS 144A, 5.25%, 9/13/22 (a)	5,299
			36,518
	Ukraine (USD) (2%)
	9,030,000	Ukraine Government International Bond, 6.75%, 11/14/17 (c)	8,940
	3,350,000	Ukraine Government International Bond 144 A, 7.50%, 4/17/23 (a)(b)	3,249
	7,100,000	Ukraine Government International Bond 144A, 7.80%, 11/28/22 (a)	7,108
	4,740,000	Ukraine Government International Bond, 9.25%, 7/24/17 (c)	5,084
			24,381
	United Arab Emirates (USD) (1%)
	4,260,000	Abu Dhabi National Energy Co. 144A, 5.88%, 12/13/21 (a)	5,096
	4,785,000	Dolphin Energy Ltd. 144A, 5.50%, 12/15/21 (a)	5,682
			10,778
	United Kingdom (GHS) (1%)
	6,105,000	Standard Chartered Bank 144A, 23.00%, 8/23/17 (a)	3,500

47 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	6,780,000	Standard Chartered Bank 144A, 24.00%, 5/27/15 (a)	$          3,752
			7,252
	United Kingdom (INR) (1%)
	589,000,000	Standard Chartered Bank/Singapore, 8.15%, 6/15/22	11,228
	United Kingdom (NGN) (0%)
	180,000,000	Standard Chartered Bank 144A, 0.00%, 5/09/13 (a)	1,133
	90,000,000	Standard Chartered Bank 144A, 0.00%, 5/09/13 (a)	567
			1,700
	United States (LKR) (1%)
	681,400,000	Citigroup Funding Inc. 144A, 7.50%, 8/05/13 (a)	5,338
	390,400,000	Citigroup Funding Inc. 144A, 8.50%, 2/06/18 (a)	2,756
	380,000,000	Citigroup Funding Inc. 144A, 8.50%, 2/06/18 (a)	2,682
			10,776
	United States (NGN) (1%)
	689,000,000	Citigroup Funding Inc. 144A, 16.39%, 1/31/22 (a)	5,405
	United States (USD) (2%)
	6,730,000	BBVA Bancomer SA/Texas 144A, 6.75%, 9/30/22 (a)	7,756
	4,420,000	Cemex Finance LLC 144A, 9.38%, 10/12/22 (a)(b)	5,094
	8,190,000	Pemex Project Funding Master Trust, 6.63%, 6/15/35	10,342
			23,192
	Uruguay (UYU) (1%)
	81,984,163	Republic of Uruguay, 4.25%, 4/05/27	5,411
	86,226,356	Republic of Uruguay, 5.00%, 9/14/18	5,357
			10,768
	Venezuela (USD) (5%)
	2,890,000	Petroleos de Venezuela SA, 5.25%, 4/12/17 (c)	2,522
	5,030,000	Petroleos de Venezuela SA 144A, 8.50%, 11/02/17 (a)	4,879
	10,680,000	Petroleos de Venezuela SA, 9.00%, 11/17/21 (c)	10,119
	9,100,000	Republic of Venezuela, 5.75%, 2/26/16 (c)	8,668
	8,210,000	Republic of Venezuela, 6.00%, 12/09/20 (c)	6,937
	3,210,000	Republic of Venezuela, 7.00%, 3/31/38 (b)(c)	2,568
	10,830,000	Republic of Venezuela, 7.65%, 4/21/25	9,438
	3,470,000	Republic of Venezuela, 11.75%, 10/21/26 (c)	3,805
			48,936

Principal or Shares		Security Description	Value (000)
	Zambia (USD) (0%)
	5,167,000	Republic of Zambia 144A, 5.38%, 9/20/22 (a)	$           5,077
	Total Bonds (Cost - $973,605)		1,032,430
	Investment Company (4%)
	44,661,362	Payden Cash Reserves Money Market Fund * (Cost - $44,661)	44,661
	Total (Cost - $1,018,266) (103%)		1,077,091
	Liabilities in excess of Other Assets (-3%)		(36,030)
	Net Assets (100%)		$    1,041,061

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) All or a portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $38,499 and the total market value of the collateral held by the Fund is $39,879. Amounts in 000s.

(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.

(d) Yield to maturity at time of purchase.

Open Forward Currency Contracts to USD

Delivery Date	Currency (000s)	Counterparty	Unrealized Appreciation (Depreciation) (000s)
Assets:
5/15/2013	Euro (Sell 18,791)	RBS		$  468
6/4/2013	Japanese Yen (Sell 2,062,200)	Credit Suisse		273
				$  741
Liabilities:
5/15/2013	British Pound (Sell 6,810)	HSBC Securities		(218)
5/15/2013	Euro (Sell 8,612)	HSBC Securities		(132)
6/20/2013	Philippine Peso (Buy 638,420)	HSBC Securities		(308)
6/18/2013	Thailand Baht (Buy 315,170)	Barclays		(151)
				$(809)

See notes to financial statements.

Semi-Annual Report 48

Payden Emerging Markets Local Bond Fund

The Fund seeks a high level of total return by generally investing in below investment grade debt instruments and income producing securities of emerging market countries denominated in foreign and U.S. currencies.

Credit Quality - percent of value
AAA	2	%
A	14	%
BBB	54	%
BB	20	%
B	9	%
CCC or lower	1	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Bonds (96%)
	Argentina (USD) (0%)
	1,140,000	City of Buenos Aires Argentina 144A, 9.95%, 3/01/17 (a)	$        1,015
	Brazil (BRL) (4%)
	680,000	Brazil Notas do Tesouro Nacional, 6.00%, 8/15/20	887
	2,778,000	Brazil Notas do Tesouro Nacional, 6.00%, 8/15/50	4,038
	1,150,000	Brazil Notas do Tesouro Nacional, 10.00%, 1/01/17	594
	4,870,000	Brazil Notas do Tesouro Nacional, 10.00%, 1/01/21	2,510
	3,040,000	Concessionaria Ecovias Dos Imigrantes SA, 3.80%, 4/15/20	1,529
	3,500,000	Republic of Brazil, 8.50%, 1/05/24	1,957
	1,400,000	Republic of Brazil, 12.50%, 1/05/16	831
			12,346
	Brazil (USD) (0%)
	1,190,000	USJ Acucar e Alcool SA 144A, 9.88%, 11/09/19 (a)(b)	1,342
	Cayman Islands (USD) (1%)
	940,000	AES Andres Dominicana Ltd. / Itabo Dominicana Ltd., 9.50%, 11/12/20 (c)	1,027
	480,000	Intercorp Retail Trust 144A, 8.88%, 11/14/18 (a)	549
	1,230,000	Mongolian Mining Corp. 144A, 8.88%, 3/29/17 (a)(b)	1,265
			2,841
	Chile (CLP) (0%)
	229,000,000	Republic of Chile, 5.50%, 8/05/20	518
	Chile (USD) (1%)
	1,190,000	Automotores Gildemeister SA 144A, 8.25%, 5/24/21 (a)	1,297
	1,310,000	SMU SA 144A, 7.75%, 2/08/20 (a)	1,400
			2,697
	Colombia (COP) (3%)
	2,055,000,000	Emgesa SA ESP 144A, 8.75%, 1/25/21 (a)	1,368
	1,380,000,000	Empresa de Telecomunicaciones de Bogota 144A, 7.00%, 1/17/23 (a)	805
	2,086,000,000	Empresas Publicas de Medellin ESP 144A, 8.38%, 2/01/21 (a)	1,345
	3,001,000,000	Republic of Colombia, 4.38%, 3/21/23	1,668
	3,104,000,000	Republic of Colombia, 7.75%, 4/14/21	2,139
	3,005,000,000	Republic of Colombia, 9.85%, 6/28/27	2,566
			9,891
	Costa Rica (CRC) (1%)
	312,000,000	Republic of Costa Rica 144A, 9.20%, 3/27/19 (a)	667

Principal or Shares		Security Description	Value (000)
	1,328,100,000	Republic of Costa Rica 144A, 11.50%, 12/21/22 (a)	$        3,230
			3,897
	Dominica Republic (USD) (1%)
	1,210,000	Aeropuertos Dominicanos Siglo XXI SA 144A, 9.25%, 11/13/19 (a)	1,319
	1,330,000	Banco de Reservas de LA Republica Dominicana 144A, 7.00%, 2/01/23 (a)	1,368
			2,687
	Georgia (USD) (1%)
	1,260,000	Georgian Oil and Gas Corp. 144A, 6.88%, 5/16/17 (a)	1,342
	1,130,000	Georgian Railway JSC 144A, 7.75%, 7/11/22 (a)	1,319
			2,661
	Germany (IDR) (2%)
	15,500,000,000	Deutsche Bank AG/London 144A, 8.25%, 7/19/21 (a)	1,887
	14,800,000,000	Deutsche Bank AG/London 144A, 8.25%, 6/17/32 (a)	1,826
	20,000,000,000	Deutsche Bank AG/London 144A, 8.38%, 9/17/26 (a)	2,466
			6,179
	Hungary (HUF) (2%)
	637,220,000	Hungary Government Bond, 6.75%, 11/24/17	3,012
	614,530,000	Hungary Government Bond, 7.50%, 11/12/20 (b)	3,085
			6,097
	Ireland (RUB) (2%)
	81,700,000	AHML Finance Ltd. 144A, 7.75%, 2/13/18 (a)	2,687
	82,200,000	Novatek OAO via Novatek Finance Ltd. 144A, 7.75%, 2/21/17 (a)	2,669
			5,356
	Ireland (USD) (0%)
	710,000	Alfa Bank OJSC Via Alfa Bond Issuance PLC 144A, 7.75%, 4/28/21 (a)	808
	Luxembourg (BRL) (0%)
	2,350,000	Cosan Luxembourg SA 144A, 9.50%, 3/14/18 (a)	1,228
	Luxembourg (RUB) (1%)
	41,700,000	Sberbank Of Russia Via Sb Capital SA, 7.00%, 1/31/16 (c)	1,357
	Luxembourg (USD) (1%)
	1,320,000	BC Luxco 1 SA 144A, 7.38%, 1/29/20 (a)	1,379
	Malaysia (MYR) (3%)
	7,210,000	Malaysia Government Bond, 3.89%, 3/15/27	2,462

49 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	10,710,000	Malaysia Government Bond, 4.16%, 7/15/21	$        3,719
	4,950,000	Malaysia Government Bond, 4.39%, 4/15/26	1,762
			7,943
	Mexico (MXN) (13%)
	244,100	America Movil SAB de CV, 6.45%, 12/05/22	2,193
	87,980,000	Mexican Bonos, 6.50%, 6/10/21	8,289
	76,130,000	Mexican Bonos, 8.00%, 12/17/15	6,881
	21,030,000	Mexican Bonos, 8.50%, 5/31/29	2,416
	43,960,000	Mexican Bonos, 8.50%, 11/18/38	5,243
	34,130,000	Mexican Bonos, 10.00%, 11/20/36	4,595
	25,054,919	Mexican Udibonos, 2.00%, 6/09/22	2,234
	39,968,561	Mexican Udibonos, 5.00%, 6/16/16	3,713
	22,690,000	Petroleos Mexicanos 144A, 7.65%, 11/24/21 (a)	2,157
			37,721
	Netherlands (RUB) (1%)
	48,000,000	VimpelCom Holdings BV 144A, 9.00%, 2/13/18 (a)	1,630
	Netherlands (USD) (0%)
	520,000	Ajecorp BV 144A, 6.50%, 5/14/22 (a)	571
	Nigeria (NGN) (3%)
	794,400,000	Republic of Nigeria 144A, 11.59%, 2/06/14 (a)(d)	4,597
	377,330,000	Republic of Nigeria 144A, 16.39%, 1/27/22	2,960
			7,557
	Peru (PEN) (2%)
	4,660,000	Republic of Peru 144A, 6.90%, 8/12/37 (a)	2,231
	5,510,000	Republic of Peru 144A, 7.84%, 8/12/20 (a)(b)	2,613
	2,490,000	Republic of Peru 144A, 8.20%, 8/12/26 (a)	1,313
			6,157
	Philippines (PHP) (2%)
	96,000,000	Republic of Philippines, 3.90%, 11/26/22	2,507
	29,000,000	Republic of Philippines, 4.95%, 1/15/21	793
	64,000,000	Republic of Philippines, 6.25%, 1/14/36	2,039
			5,339
	Poland (PLN) (10%)
	3,000,000	Poland Government Bond, 3.75%, 4/25/18	992
	14,390,000	Poland Government Bond, 5.00%, 4/25/16	4,869
	10,380,000	Poland Government Bond, 5.25%, 10/25/17	3,636
	15,110,000	Poland Government Bond, 5.25%, 10/25/20	5,504
	10,100,000	Poland Government Bond, 5.50%, 10/25/19	3,684
	10,450,000	Poland Government Bond, 5.75%, 9/23/22	3,992
	18,000,000	Poland Government Bond, 6.25%, 10/24/15	6,184
			28,861
	Romania (RON) (1%)
	4,300,000	Romania Government Bond, 5.90%, 7/26/17	1,365
	4,240,000	Romania Government Bond, 5.95%, 6/11/21	1,359
			2,724
	Russian Federation (RUB) (7%)
	59,750,000	Russian Federal Bond - OFZ, 6.90%, 8/03/16	1,995
	162,780,000	Russian Federal Bond - OFZ, 7.40%, 6/14/17	5,549
	77,220,000	Russian Federal Bond - OFZ, 7.60%, 4/14/21	2,704
	265,530,000	Russian Federal Bond - OFZ, 8.15%, 2/03/27	9,725
	35,000,000	Russian Foreign Bond - Eurobond, 7.85%, 3/10/18 (c)	1,223
			21,196
	Russian Federation (USD) (1%)
	1,550,000	Far Eastern Shipping Co. 144A, 8.00%, 5/02/18 (a)	1,564

Principal or Shares		Security Description	Value (000)
	South Africa (ZAR) (8%)
	53,580,000	Republic of South Africa, 6.25%, 3/31/36	$        5,125
	48,070,000	Republic of South Africa, 6.75%, 3/31/21	5,592
	33,680,000	Republic of South Africa, 7.00%, 2/28/31	3,645
	63,340,000	Republic of South Africa, 8.00%, 12/21/18	7,801
			22,163
	Thailand (THB) (5%)
	71,592,000	Thailand Government Bond, 3.45%, 3/08/19	2,484
	83,150,000	Thailand Government Bond, 3.63%, 6/16/23	2,889
	106,070,000	Thailand Government Bond, 3.65%, 12/17/21	3,705
	123,300,000	Thailand Government Bond, 3.88%, 6/13/19	4,374
	46,800,000	Thailand Government Bond, 5.13%, 3/13/18	1,746
			15,198
	Turkey (TRY) (10%)
	3,300,000	Akbank TAS 144A, 7.50%, 2/05/18 (a)	1,879
	3,730,047	Turkey Government Bond, 3.00%, 2/23/22	2,454
	7,304,793	Turkey Government Bond, 4.50%, 2/11/15	4,415
	1,650,000	Turkey Government Bond, 8.00%, 10/09/13	934
	4,820,000	Turkey Government Bond, 8.00%, 6/04/14	2,776
	2,180,000	Turkey Government Bond, 9.00%, 1/27/16	1,326
	11,510,000	Turkey Government Bond, 9.50%, 1/12/22	7,791
	9,570,000	Turkey Government Bond, 10.50%, 1/15/20	6,649
			28,224
	United Kingdom (GHS) (1%)
	1,350,000	Standard Chartered Bank 144A, 23.00%, 8/23/17 (a)	774
	690,000	Standard Chartered Bank 144A, 23.00%, 8/23/17 (a)	396
	550,000	Standard Chartered Bank 144A, 24.00%, 5/27/15 (a)	304
	430,000	Standard Chartered Bank 144A, 24.00%, 5/27/15 (a)	238
			1,712
	United Kingdom (IDR) (2%)
	11,400,000,000	Standard Chartered Bank 144A, 8.38%, 9/17/26 (a)	1,406
	20,000,000,000	Standard Chartered Bank/Singapore 144A, 8.38%, 9/17/26 (a)	2,468
	10,000,000,000	Standard Chartered Bank/Singapore 144A, 8.38%, 9/17/26 (a)	1,244
	3,150,000,000	Standard Chartered PLC 144A, 8.38%, 9/17/26 (a)	388
			5,506
	United Kingdom (INR) (1%)
	65,000,000	Standard Chartered Bank/Singapore, 8.15%, 6/15/22	1,239
	74,000,000	Standard Chartered Bank/Singapore 144A, 8.15%, 6/16/22 (a)	1,411
			2,650
	United States (GHS) (0%)
	1,750,000	Citigroup Funding Inc. 144A, 24.00%, 5/27/15 (a)	968
	United States (IDR) (3%)
	18,000,000,000	JPMorgan Chase Bank NA 144A, 8.25%, 7/19/21 (a)	2,192

Semi-Annual Report 50

Payden Emerging Markets Local Bond Fund continued

Principal or Shares		Security Description	Value (000)
	1,500,000,000	JPMorgan Chase Bank NA 144A, 8.38%, 9/17/26 (a)	$          185
	30,500,000,000	JPMorgan Chase Bank NA 144A, 9.50%, 7/17/31 (a)	4,266
	20,260,000,000	JPMorgan Chase Bank NA 144A, 10.00%, 7/18/17 (a)	2,492
			9,135
	United States (LKR) (1%)
	114,000,000	Citigroup Funding Inc. 144A, 7.50%, 8/05/13 (a)	893
	70,000,000	Citigroup Funding Inc. 144A, 8.50%, 2/06/18 (a)	494
	55,200,000	Citigroup Funding Inc. 144A, 8.50%, 2/06/18 (a)	390
	320,000,000	Citigroup Inc. 144A, 8.50%, 2/06/18 (a)	2,259
			4,036
	United States (NGN) (1%)
	162,000,000	Citigroup Funding Inc. 144A, 16.39%, 1/31/22 (a)	1,271
	67,000,000	Citigroup Inc. 144A, 16.39%, 1/31/22 (a)	525
			1,796
	Uruguay (UYU) (1%)
	21,062,186	Republic of Uruguay, 4.25%, 4/05/27	1,390
	21,856,271	Republic of Uruguay, 5.00%, 9/14/18	1,358
			2,748
	Total Bonds (Cost - $268,739)		277,698
	Investment Company (4%)
	10,303,638	Payden Cash Reserves Money Market Fund * (Cost - $10,304)	10,304
	Total (Cost - $279,043) (100%)		288,002
	Other Assets, net of Liabilities (0%)		537
	Net Assets (100%)		$    288,539

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) All or a portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $3,176 and the total market value of the collateral held by the Fund is $4,010. Amounts in 000s.

(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.

(d) Yield to maturity at time of purchase.

Open Forward Currency Contracts to USD

Delivery Date	Currency (000s)	Counterparty	Unrealized Appreciation (Depreciation) (000s)
Assets:
5/15/2013	Euro (Sell 2,294)	RBS		$	52
5/21/2013	Hungarian Forint (Buy 1,330,800)	State Street			175
6/4/2013	Japanese Yen (Sell 564,800)	Credit Suisse			57
6/18/2013	Malaysian Ringgit (Buy 59,114)	Barclays			471
5/21/2013	Poland Zloty (Sell 9,533)	Barclays			12
7/22/2013	South African Rand (Buy 59,681)	RBS			145
6/18/2013	Thailand Baht (Buy 238,750)	Barclays			19
				$	931
Liabilities:
6/27/2013	Brazilian Real (Buy 31,666)	HSBC Securities			(99	)
5/15/2013	British Pound (Sell 1,864)	HSBC Securities			(60	)
5/15/2013	Euro (Sell 4,186)	Citibank NA			(34	)
5/15/2013	Euro (Sell 2,135)	HSBC Securities			(33	)
6/20/2013	Indonesian Rupiah (Buy 37,960,000)	Bank of America			(3	)
5/28/2013	Russian Ruble (Buy 40,730)	HSBC Securities			(8	)
				$	(237	)

51 Payden Mutual Funds

Open Interest Rate Swap Contracts

Counterparty	Fund Receives	Fund Pays	Expiration Date	Notional Principal (000s)		Value (000s)
Barclays	3.27%	KLIB3M	Oct-17	MYR	5,400	$	—
Barclays	3.29%	KLIB3M	Sep-27	MYR	5,300		2
Barclays	3.35%	KLIB3M	Jan-17	MYR	4,000		5
Barclays	3.40%	KLIB3M	May-17	MYR	6,700		14
Barclays	3.43%	KLIB3M	Mar-18	MYR	6,000		12
Barclays	7.82%	BZDIOVRA	Jan-16	BRL	5,610		(48	)
Barclays	8.70%	BZDIOVRA	Jan-16	BRL	9,465		22
Barclays	8.76%	BZDIOVRA	Jan-16	BRL	10,000		33
Barclays	9.31%	BZDIOVRA	Jan-21	BRL	1,346		(6	)
Barclays	9.34%	BZDIOVRA	Jan-14	BRL	10,250		148
						$	182

BZDIOVRA	Brazil Cetip Interbank Deposit Rate
KLIB3M	Klilbor Interbank Offered Rate Fixing 3 Month

See notes to financial statements.

Semi-Annual Report 52

Payden Value Leaders Fund

The Fund seeks growth of capital by investing in U.S. large capitalization value stocks and income producing equity securities with above average dividend yields with up to 30% in foreign securities.

Portfolio Composition - percent of value
Energy	18	%
Utility	15	%
REIT	11	%
Healthcare	8	%
Consumer Staple	7	%
Other	41	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Common Stock (91%)
	Consumer Discretionary (4%)
	197,700	Regal Entertainment Group (a)	$        3,547
	45,600	Six Flags Entertainment Corp.	3,323
	17,700	Wynn Resorts Ltd.	2,430
			9,300
	Consumer Staple (8%)
	173,500	Altria Group Inc.	6,334
	22,900	Kimberly-Clark Corp.	2,363
	91,700	Kraft Foods Group Inc.	4,722
	99,000	Reynolds American Inc.	4,695
			18,114
	Energy (20%)
	134,300	Boardwalk Pipeline Partners LP	4,060
	64,500	Buckeye Partners LP	3,985
	94,400	ConocoPhillips	5,707
	62,500	Diamond Offshore Drilling Inc.	4,319
	66,900	Energy Transfer Partners LP	3,331
	48,800	Enterprise Products Partners LP	2,960
	84,100	Kinder Morgan Inc.	3,288
	60,500	Plains All American Pipeline LP	3,474
	86,300	Regency Energy Partners LP	2,252
	71,700	Susser Petroleum Partners LP	2,216
	47,300	Targa Resources Partners LP	2,147
	65,800	TransCanada Corp.	3,258
	86,400	Williams Companies Inc.	3,294
	42,300	Williams Partners LP	2,312
			46,603
	Financial (6%)
	50,100	Bank of Montreal	3,142
	91,400	Federated Investors Inc.	2,098
	57,900	JPMorgan Chase & Co.	2,838
	275,600	People’s United Financial Inc.	3,627
	76,400	Wells Fargo & Co.	2,902
			14,607
	Healthcare (9%)
	110,200	AbbVie Inc.	5,075
	83,100	GlaxoSmithKline Plc - ADR	4,291
	33,800	Johnson & Johnson	2,881
	114,100	Merck & Co. Inc.	5,363
	94,200	Pfizer Inc.	2,738
			20,348
	Industrial (2%)
	96,600	General Electric Co.	2,153
	71,000	Waste Management Inc.	2,910
			5,063
	Material (3%)
	63,400	Dow Chemical Co.	2,150

Principal or Shares		Security Description	Value (000)
	59,400	LyondellBasell Industries NV, Class A	$        3,605
	52,900	Newmont Mining Corp.	1,714
			7,469
	Real Estate Investment Trust (12%)
	101,600	BioMed Realty Trust Inc.	2,287
	49,300	Digital Realty Trust Inc. (a)	3,477
	242,400	Duke Realty Corp.	4,276
	67,400	HCP Inc.	3,592
	86,000	Health Care REIT Inc.	6,447
	41,300	Home Properties Inc.	2,662
	100,500	Liberty Property Trust	4,321
			27,062
	Technology (6%)
	55,100	Cisco Systems Inc.	1,153
	146,400	Intel Corp.	3,506
	59,300	Microchip Technology Inc. (a)	2,160
	113,000	Microsoft Corp.	3,740
	62,800	Paychex Inc. (a)	2,286
			12,845
	Telecommunication (5%)
	161,000	AT&T Inc.	6,031
	78,400	CenturyLink Inc. (a)	2,946
	67,800	Verizon Communications Inc.	3,655
			12,632
	Utility (16%)
	73,000	Ameren Corp.	2,646
	97,800	American Electric Power Co. Inc.	5,030
	39,300	Duke Energy Corp.	2,955
	79,300	FirstEnergy Corp.	3,695
	47,200	Integrys Energy Group Inc.	2,906
	51,000	National Grid PLC - ADR	3,253
	206,000	Pepco Holdings Inc.	4,655
	112,300	Southern Co.	5,416
	183,200	TECO Energy Inc.	3,505
	85,000	Westar Energy Inc.	2,972
			37,033
	Total Common Stock (Cost - $186,887)		211,076
	Preferred Stock (8%)
	93,600	Alexandria Real Estate Equities Inc.	2,488
	104,500	DDR Corp.	2,693
	102,600	Discover Financial Services (a)	2,723
	92,800	First Republic Bank	2,517
	99,300	Public Storage	2,628
	122,300	US Bancorp	3,664
	88,700	Vornado Realty Trust (a)	2,210
	Total Preferred Stock (Cost - $18,162)		18,923

53 Payden Mutual Funds

Principal or Shares		Security Description	Value (000)
	Purchased Put Options (0%)
	107	S & P 500 Index, 1550, 6/22/13 (Cost - $396)	$           175
	Investment Company (10%)
	23,570,244	Payden Cash Reserves Money Market Fund * (Cost - $23,570)	23,570
	Total Investment Company (Cost - $23,570)		23,570
	Total (Cost - $229,015) (109%)		253,744
	Liabilities in excess of Other Assets (-9%)		(20,403)
	Net Assets (100%)		$    233,341

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* Affiliated investment

(a) All or portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $18,035 and the total market value of the collateral held by the Fund is $18,320. Amount in 000s.

See notes to financial statements.

Semi-Annual Report 54

Metzler / Payden European Emerging Markets Fund

The Fund seeks long-term capital appreciation by generally investing in equity securities of issuers of any capitalization organized in European emerging markets countries.

Country Holdings - percent of value
Russia	37	%
Poland	28	%
Turkey	9	%
Hungary	5	%
Estonia	4	%
Other	17	%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares		Security Description	Value (000)
	Common Stock (99%)
	Consumer Discretionary (4%)
	35,500	NG2 SA	$        820
	400,000	Olympic Entertainment Group AS	960
	48,279	Tallinna Kaubamaja AS	363
			2,143
	Consumer Staple (7%)
	12,000	AmRest Holdings SE (a)	308
	24,002	Cherkizovo Group OJSC (a)(b)	259
	53,000	Eurocash SA	955
	36,000	Jeronimo Martins SGPS SA	858
	675	LPP SA	1,367
	37,000	X5 Retail Group NV (a)(b)	649
			4,396
	Energy (27%)
	25,000	Eurasia Drilling Co. Ltd. (b)	978
	19,250	Gazprom Neft OAO	391
	280,000	Gazprom OAO	2,222
	70,000	Genel Energy PLC (a)	970
	71,216	Lukoil OAO	4,515
	20,000	MOL Hungarian Oil and Gas PLC	1,418
	7,000	NovaTek OAO (b)	708
	60,000	Polski Koncern Naftowy Orlen SA (a)(b)	931
	340,900	Rosneft OAO (b)	2,330
	180,000	Surgutneftegas OAO	1,530
	18,000	Tatneft OAO	680
			16,673
	Financial (32%)
	175,000	Akbank TAS	919
	1,697,576	Banca Transilvania (a)	647
	49,000	Bank Pekao SA	2,349
	205,600	BRD-Groupe Societe Generale	487
	190,000	Emlak Konut Gayrimenkul Yatirim Ortakligi AS	325
	80,000	Halyk Savings Bank of Kazakhstan JSC (a)(b)	584
	450,000	Immoeast AG	—
	115,000	Kazkommertsbank JSC (a)(b)	240
	8,000	Komercni Banka AS	1,531
	70,000	OTP Bank PLC	1,457
	308,937	Powszechna Kasa Oszczednosci Bank Polski SA	3,217
	24,500	Powszechny Zaklad Ubezpieczen SA	3,377
	400,000	Sberbank of Russia	1,270
	50,000	Sberbank of Russia	643
	275,000	Turkiye Garanti Bankasi AS	1,518
	300,000	Turkiye Is Bankasi	1,158
			19,722
	Industrial (9%)
	367,500	Aeroflot - Russian Airlines OJSC	638
	2,072,100	Compa-Sibiu (a)	303
	285,000	Ferrexpo PLC	789

Principal or Shares		Security Description	Value (000)
	500,000	Impexmetal SA (a)	$           328
	195,000	LSR Group (b)	848
	100,000	New World Resources PLC	241
	241,048	Steppe Cement Ltd. (a)	110
	675,000	Tallink Group AS (a)	925
	155,000	TAV Havalimanlari Holding AS (a)	1,093
			5,275
	Material (10%)
	100,000	Evraz PLC	241
	12,500	Grupa Kety SA	558
	10,000	Jastrzebska Spolka Weglowa SA	264
	55,000	Kazakhmys PLC	297
	27,000	KGHM Polska Miedz SA	1,265
	160,000	MMC Norilsk Nickel OJSC (a)	2,451
	19,000	Novolipetsk Steel OJSC (b)	315
	23,000	Polymetal International PLC	249
	100,000	Polyus Gold International Ltd.	316
	75,000	Turk Hava Yollari	312
			6,268
	Technology (1%)
	67,715	M Video OJSC	537
	Telecommunication (7%)
	145,000	Agora SA	285
	50,000	CTC Media Inc.	624
	25,000	MegaFon OAO (b)	766
	35,000	Mobile Telesystems OJSC	725
	70,000	Sistema JSFC (b)	1,335
	225,000	TVN SA	620
			4,355
	Utility (2%)
	21,500	CEZ AS	623
	160,000	PGE SA	831
			1,454
	Total Common Stock (Cost - $61,287)		60,823
	Investment Company (2%)
	1,047,374	Payden Cash Reserves Money Market Fund * (Cost - $1,047)	1,047
	Total (Cost - $62,334) (101%)		61,870
	Liabilities in excess of Other Assets (-1%)		(438)
	Net Assets (100%)		$        61,432

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* Affiliated investment

(a) Non-income producing security.

(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.

See notes to financial statements.

55 Payden Mutual Funds

(THIS PAGE INTENTIONALLY LEFT BLANK)

56

        Statements of Assets & Liabilities

April 30, 2013 (Unaudited)

Numbers in 000s

	Payden				Payden
	Cash Reserves				Limited				Payden
	Money Market				Maturity				Low Duration
	Fund				Fund				Fund
ASSETS:
Investments, at value *		$	356,920			$	244,371			$	606,906
Affiliated investments, at value **			—				4,038				22,718
Foreign cash ***			—				512				285
Cash			—				1				—
Receivable for:
Interest and dividends			42				630				3,047
Investments sold			—				263				12,679
Fund shares sold			43				140				8,256
Futures			—				—				9
Forward currency contracts			—				—				—
Receivable from Advisor (Note 3)			4,690				535				576
Other assets			50				14				32
Total Assets			361,745				250,504				654,508
LIABILITIES:
Payable for:
Bank overdraft			12				—				8,008
Forward currency contracts			—				363				722
Investments purchased			—				3,809				23,195
Fund shares redeemed			12				539				350
Futures			—				—				—
Swaps			—				—				—
Liability for securities on loan (Note 2)			—				242				13,425
Accrued expenses:
Investment advisory fees (Note 3)			4,650				555				693
Administration fees (Note 3)			49				34				74
Distribution fees (Note 3)			3				2				105
Trustee fees and expenses			17				6				17
Other liabilities			89				63				160
Total Liabilities			4,832				5,613				46,749
NET ASSETS		$	356,913			$	244,891			$	607,759
NET ASSETS:
Paid in capital		$	356,921			$	252,917			$	599,820
Undistributed net investment income (loss)			(6	)			(6	)			(154	)
Undistributed net realized gains (losses) from investments			(2	)			(8,459	)			271
Net unrealized appreciation (depreciation) from:
Investments			—				803				8,534
Translation of assets and liabilities in foreign currencies			—				(364	)			(712	)
NET ASSETS		$	356,913			$	244,891			$	607,759
NET ASSET VALUE — offering and redemption price per share in whole dollars
Adviser Class
Net Assets			—				—				—
Shares Outstanding			—				—				—
Net Asset Value Per Share			—				—				—
Investor Class
Net Assets		$	356,913			$	244,891			$	607,759
Shares Outstanding			356,911				25,790				59,223
Net Asset Value Per Share		$	1.00			$	9.50			$	10.26
___________
*       Investments, at cost		$	356,920			$	243,568			$	598,329
**     Affiliated investments, at cost			—				4,038				22,718
***   Foreign cash, at cost			—				513				275

See notes to financial statements.

57 Payden Mutual Funds

Payden
U.S.				Payden				Payden			Payden				Payden
Government				GNMA				Core Bond			Corporate Bond				High Income
Fund				Fund				Fund			Fund				Fund
	$	148,963			$	1,058,028			$	659,139		$	64,356			$	1,017,664
		6,299				7,218				33,108			4,968				74,789
		—				—				14			—				—
		—				—				—			22				—
		285				1,713				3,901			639				16,903
		2,644				175,290				7,603			988				—
		2				790				304			—				294
		—				—				64			—				—
		—				—				180			—				—
		259				3,942				—			417				—
		24				58				42			13				51
		158,476				1,247,039				704,355			71,403				1,109,701
		5				262				6			—				—
		—				—				252			3				—
		20,675				525,456				93,674			839				5,575
		11				1,146				103			—				391
		—				—				28			3				—
		—				—				2,865			—				—
		—				—				10,714			2,053				59,797
		279				3,979				136			430				299
		17				89				73			8				128
		7				148				—			—				1
		3				29				20			1				35
		38				440				129			42				302
		21,035				531,549				108,000			3,379				66,528
	$	137,441			$	715,490			$	596,355		$	68,024			$	1,043,173
	$	136,724			$	700,026			$	566,338		$	63,236			$	940,529
		103				672				297			(3	)			45
		(449	)			(5,692	)			13,037			1,397				16,226
		1,063				20,484				16,562			3,396				86,373
		—				—				121			(2	)			—
	$	137,441			$	715,490			$	596,355		$	68,024			$	1,043,173
	$	925			$	55,111			$	264			—			$	9,417
		85				5,274				24			—				1,255
	$	10.91			$	10.45			$	11.08			—			$	7.51
	$	136,516			$	660,379			$	596,091		$	68,024			$	1,033,756
		12,522				63,163				53,700			5,901				137,735
	$	10.90			$	10.46			$	11.10		$	11.53			$	7.51
	$	147,900			$	1,037,544			$	640,496		$	61,024			$	931,291
		6,299				7,218				31,806			4,917				74,789
		—				—				14			—				—

See notes to financial statements.

Semi-Annual Report 58

        Statements of Assets & Liabilities continued

April 30, 2013 (Unaudited)

Numbers in 000s

				Payden				Payden
	Payden			California				Global
	Tax Exempt			Municipal Bond				Low Duration
	Bond Fund			Fund				Fund
ASSETS:
Investments, at value *		$	12,249		$	48,804			$	79,778
Affiliated investments, at value **			414			589				1,257
Foreign cash ***			—			—				47
Cash			—			—				—
Restricted cash for collateral			—			—				—
Swap contracts ****			—			—				—
Receivable for:
Interest and dividends			147			594				464
Investments sold			—			—				2,835
Fund shares sold			—			67				78
Futures			—			—				1
Forward currency contracts			—			—				—
Receivable from Advisor (Note 3)			268			189				110
Other assets			7			1				—
Total Assets			13,085			50,244				84,570
LIABILITIES:
Payable for:
Bank overdraft			—			—				—
Forward currency contracts			—			—				261
Investments purchased			183			—				2,814
Fund shares redeemed			4			19				6
Futures			—			—				—
Swaps			—			—				—
Liability for securities on loan (Note 2)			—			—				1,073
Accrued expenses:
Investment advisory fees (Note 3)			265			198				119
Administration fees (Note 3)			2			6				10
Distribution fees (Note 3)			—			10				—
Trustee fees and expenses			—			2				2
Other liabilities			30			33				59
Total Liabilities			484			268				4,344
NET ASSETS		$	12,601		$	49,976			$	80,226
NET ASSETS:
Paid in capital		$	11,766		$	46,787			$	82,232
Undistributed net investment income (loss)			28			(3	)			1
Undistributed net realized gains (losses) from investments			206			180				(2,650	)
Net unrealized appreciation (depreciation) from:
Investments			601			3,012				903
Translation of assets and liabilities in foreign currencies			—			—				(260	)
NET ASSETS		$	12,601		$	49,976			$	80,226
NET ASSET VALUE — offering and redemption price per share in whole dollars
Adviser Class
Net Assets			—			—				—
Shares Outstanding			—			—				—
Net Asset Value Per Share			—			—				—
Investor Class
Net Assets		$	12,601		$	49,976			$	80,226
Shares Outstanding			1,207			4,745				7,886
Net Asset Value Per Share		$	10.44		$	10.53			$	10.17
Institutional Class
Net Assets			—			—				—
Shares Outstanding			—			—				—
Net Asset Value Per Share			—			—				—
______________
*       Investments, at cost		$	11,648		$	45,792			$	78,875
**     Affiliated investments, at cost			414			589				1,257
***   Foreign cash, at cost			—			—				47
**** Swaps, at cost			—			—				—

See notes to financial statements.

59 Payden Mutual Funds

																Metzler/Payden
Payden				Payden				Payden								European
Global Fixed				Emerging				Emerging Markets				Payden				Emerging
Income				Markets				Local Bond				Value Leaders				Markets
Fund				Bond Fund				Fund				Fund				Fund
	$	35,623			$	1,032,430			$	277,698			$	230,174			$	60,823
		11,432				44,661				10,304				23,570				1,047
		262				838				1,116				25				—
		5				679				100				—				—
		—				305				—				—				—
		—				—				236				—				—
		387				15,500				5,152				336				332
		168				4,561				567				—				78
		4				309				42				517				41
		7				—				—				—				—
		345				741				931				—				—
		360				228				—				263				492
		6				82				14				20				9
		48,599				1,100,334				296,160				254,905				62,822
		—				—				—				25				602
		492				809				237				—				—
		667				16,824				3,079				2,781				1
		—				663				1				8				70
		4				—				—				—				—
		34				—				54				—				—
		91				39,879				4,010				18,320				—
		363				604				153				356				522
		6				130				35				28				8
		5				4				—				—				—
		1				29				3				4				2
		50				331				49				42				185
		1,713				59,273				7,621				21,564				1,390
	$	46,886			$	1,041,061			$	288,539			$	233,341			$	61,432
	$	48,263			$	956,116			$	279,679			$	211,219			$	227,394
		56				721				277				180				(147	)
		(2,458	)			25,458				(1,271	)			(2,787	)			(165,343	)
		1,166				58,825				9,154				24,729				(464	)
		(141	)			(59	)			700				—				(8	)
	$	46,886			$	1,041,061			$	288,539			$	233,341			$	61,432
		—			$	35,838			$	208			$	4,095				—
		—				2,324				19				324				—
		—			$	15.42			$	10.77			$	12.65				—
	$	46,886			$	598,887			$	288,331			$	229,246			$	61,432
		5,263				38,906				26,765				18,132				2,799
	$	8.91			$	15.39			$	10.78			$	12.64			$	21.94
		—			$	406,336				—				—				—
		—				26,404				—				—				—
		—			$	15.39				—				—				—
	$	34,687			$	973,605			$	268,739			$	205,445			$	61,287
		11,101				44,661				10,304				23,570				1,047
		262				838				1,116				25				—
		—				—				(13	)			—				—

See notes to financial statements.

Semi-Annual Report 60

Statements of Operations

Period ended April 30, 2013 (Unaudited)

Numbers in 000s

	Payden Cash Reserves   Money Market   Fund				Payden Limited          Maturity         Fund				Payden Low          Duration         Fund
INVESTMENT INCOME:
Interest income (Note 2)		$	329			$	1,392			$	6,269
Dividend income			—				—				—
Dividend income from affiliated investment (Note 2)			—				—				—
Income from securities lending			—				2				33
Investment Income			329				1,394				6,302
EXPENSES:
Investment advisory fees (Note 3)			331				390				811
Administration fees (Note 3)			331				209				434
Shareholder servicing fees			—				30				114
Distribution fees (Note 3)			—				—				—
Custodian fees			18				16				32
Transfer agent fees			25				15				36
Registration and filing fees			16				15				24
Trustee fees and expenses			29				12				29
Printing and mailing costs			14				6				14
Professional Fees			—				1				2
Legal fees			6				2				6
Publication expense			12				3				9
City taxes			10				2				8
Pricing fees			—				12				17
Fund accounting fees			30				13				30
Insurance			14				6				16
Audit fees			13				15				15
Loan commitment fees			—				—				—
Other Expenses			—				—				—
Gross Expenses			849				747				1,597
Expense subsidy (Note 3)			(558	)			(120	)			(85	)
Net Expenses			291				627				1,512
Net Investment Income			38				767				4,790
REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) from:
Affiliated investments			—				—				—
Investments			—				180				3,279
Foreign currency transactions			—				360				(1,624	)
Futures contracts			—				11				(574	)
Written option contracts			—				—				—
Swap contracts			—				—				—
Change in net unrealized appreciation (depreciation) from:
Affiliated investments			—				—				—
Investments			—				307				1,573
Translation of assets and liabilities in foreign currencies			—				(406	)			(786	)
Futures contracts			—				—				67
Swap contracts			—				—				—
Net Realized and Unrealized Gains (Losses)			—				452				1,935
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	38			$	1,219			$	6,725

See notes to financial statements.

61 Payden Mutual Funds

Payden U.S. Government Fund				Payden         GNMA         Fund				Payden         Core Bond Fund				Payden       Corporate       Bond Fund				Payden High         Income          Fund
	$	1,486			$	15,988			$	9,541			$	1,062			$	37,020
		—				—				46				76				—
		1				1				1,392				33				2
		—				—				15				3				237
		1,487				15,989				10,994				1,174				37,259
		173				1,137				811				102				1,919
		93				632				434				44				822
		10				661				25				29				368
		1				81				—				—				9
		5				62				30				7				30
		14				59				31				8				66
		16				31				21				11				29
		5				49				33				2				59
		2				24				16				1				28
		—				3				2				—				4
		1				10				6				—				11
		2				12				9				1				17
		2				6				11				—				9
		3				23				12				7				15
		7				49				33				4				57
		2				28				17				1				29
		15				17				17				17				20
		—				1				1				—				1
		1				—				—				—				—
		352				2,885				1,509				234				3,493
		(48	)			(692	)			—				(45	)			—
		304				2,193				1,509				189				3,493
		1,183				13,796				9,485				985				33,766
		—				—				1,632				52				—
		(707	)			(12,166	)			10,001				1,353				16,715
		—				—				1,982				(29	)			—
		—				142				(652	)			(7	)			—
		—				(1	)			—				—				—
		—				—				(793	)			59				—
		—				—				(676	)			13				—
		287				1,879				(7,884	)			(514	)			12,348
		—				—				84				—				—
		—				—				(478	)			14				—
		—				—				195				10				—
		(420	)			(10,146	)			3,411				951				29,063
	$	763			$	3,650			$	12,896			$	1,936			$	62,829

See notes to financial statements.

Semi-Annual Report 62

Statements of Operations continued

Period ended April 30, 2013 (Unaudited)

Numbers in 000s

	Payden   Tax Exempt   Bond Fund				Payden California Municipal Bond Fund				Payden Global Low Duration Fund
INVESTMENT INCOME:
Interest income (Note 2)		$	171			$	721			$	856
Dividend income			—				—				—
Dividend income from affiliated investment (Note 2)			—				—				—
Income from securities lending			—				—				4
Foreign tax withholdings			—				—				—
Investment Income			171				721				860
EXPENSES:
Investment advisory fees (Note 3)			20				78				114
Administration fees (Note 3)			9				37				57
Shareholder servicing fees			1				2				26
Distribution fees (Note 3)			—				—				—
Custodian fees			1				3				13
Transfer agent fees			7				8				9
Registration and filing fees			11				3				15
Trustee fees and expenses			1				3				3
Printing and mailing costs			—				1				1
Professional Fees			—				—				—
Legal fees			—				1				1
Publication expense			1				1				2
City taxes			—				1				1
Pricing fees			5				6				10
Fund accounting fees			3				5				6
Insurance			—				1				2
Audit fees			15				15				17
Loan commitment fees			—				—				—
Other Expenses			1				—				—
Gross Expenses			75				165				277
Expense subsidy (Note 3)			(40	)			(29	)			(31	)
Net Expenses			35				136				246
Net Investment Income (loss)			136				585				614
REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) from:
Affiliated investments			—				—				—
Investments			207				182				295
Foreign currency transactions			—				—				329
Futures contracts			—				—				(65	)
Purchased option contracts			—				—				—
Written option contracts			—				—				—
Swap contracts			—				—				—
Change in net unrealized appreciation (depreciation) from:
Affiliated investments			—				—				—
Investments			(146	)			(113	)			194
Translation of assets and liabilities in foreign currencies			—				—				(250	)
Futures contracts			—				—				5
Written option contracts			—				—				—
Swap contracts			—				—				—
Net Realized and Unrealized Gains			61				69				508
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	197			$	654			$	1,122

See notes to financial statements.

63 Payden Mutual Funds

Payden   Global Fixed   Income Fund				Payden Emerging Markets Bond Fund				Payden Emerging   Markets Local   Bond Fund				Payden Value Leaders Fund				Metzler/Payden   European Emerging   Markets Fund
	$	495			$	32,726			$	5,534				—			$	—
		—				—				—			$	4,838				478
		325				1				1				—				—
		—				107				4				37				—
		—				—				—				(13	)			(67	)
		820				32,834				5,539				4,862				411
		71				2,452				537				477				271
		36				817				134				143				54
		24				330				—				62				73
		—				45				—				5				—
		18				85				40				12				61
		9				41				14				20				28
		16				37				20				11				18
		2				52				6				8				4
		1				25				3				4				2
		—				4				—				1				—
		—				10				1				2				1
		2				9				1				1				3
		2				4				2				1				16
		10				8				5				—				6
		5				52				9				10				20
		1				23				3				3				2
		18				19				19				15				19
		—				1				—				—				—
		—				—				87				—				—
		215				4,014				881				775				578
		(47	)			(83	)			—				(9	)			(21	)
		168				3,931				881				766				557
		652				28,903				4,658				4,096				(146	)
		52				—				—				—				—
		586				26,390				1,569				4,975				347
		765				(1,373	)			(2,651	)			—				(131	)
		16				(401	)			—				2,531				—
		—				—				—				—				—
		—				—				—				170				—
		(15	)			1,538				24				—				—
		131				—				—				—				—
		(237	)			(9,090	)			8,216				18,739				842
		(152	)			(69	)			565				—				(6	)
		(79	)			48				—				—				—
		—				—				—				12				—
		(18	)			(1,733	)			(10	)			—				—
		1,049				15,310				7,713				26,427				1,052
	$	1,701			$	44,213			$	12,371			$	30,523			$	906

See notes to financial statements.

Semi-Annual Report 64

Statements of Changes in Net Assets

Period ended April 30, 2013 (Unaudited) and year ended October 31, 2012

Numbers in 000s

	Payden Cash Reserves         Money Market Fund								Payden Limited Maturity Fund
	2013				2012				2013				2012
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income		$	38			$	122			$	767			$	1,470
Net realized gains (losses) on investments			—				4				551				182
Change in net unrealized appreciation/(depreciation)			—				—				(99	)			2,377
Change in Net Assets Resulting from Operations			38				126				1,219				4,029
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Adviser Class			—				—				—				—
Investor Class			(38	)			(122	)			(768	)			(1,633	)
Net realized gains from investments:
Adviser Class			—				—				—				—
Investor Class			—				—				—				—
Change in Net Assets from Distributions to Shareholders			(38	)			(122	)			(768	)			(1,633	)
FROM CAPITAL TRANSACTIONS:
Proceeds from fund shares sold:
Adviser Class			—				—				—				—
Investor Class			12,820,840				39,026,809				161,122				214,735
Reinvestment of distributions:
Adviser Class			—				—				—				—
Investor Class			8				35				742				1,468
Cost of fund shares redeemed:
Adviser Class			—				—				—				—
Investor Class			(12,989,415	)			(39,248,087	)			(159,437	)			(193,079	)
Change in Net Assets from Capital Transactions			(168,567	)			(221,243	)			2,427				23,124
Total Change in Net Assets			(168,567	)			(221,239	)			2,878				25,520
NET ASSETS:
Beginning of period			525,480				746,719				242,013				216,493
End of period		$	356,913			$	525,480			$	244,891			$	242,013
Accumulated net investment income/(loss)		$	(6	)		$	(6	)		$	(6	)		$	(5	)
FUND SHARES OF BENEFICIAL INTEREST:
Adviser Class:
Outstanding shares at beginning of period			—				—				—				—
Shares sold			—				—				—				—
Shares issued in reinvestment of distributions			—				—				—				—
Shares redeemed			—				—				—				—
Change in shares outstanding			—				—				—				—
Outstanding shares at end of period			—				—				—				—
Investor Class:
Outstanding shares at beginning of period			525,479				746,722				25,525				23,064
Shares sold			12,820,502				39,026,809				16,988				22,788
Shares issued in reinvestment of distributions			8				35				78				156
Shares redeemed			(12,989,078	)			(39,248,087	)			(16,801	)			(20,483	)
Change in shares outstanding			(168,568	)			(221,243	)			265				2,461
Outstanding shares at end of period			356,911				525,479				25,790				25,525
LONG TERM INVESTMENT ACTIVITY:
Purchase of investments (excluding government)			—				—				128,708				169,110
Sale of investments (excluding government)			—				—				131,247				141,939
Purchase of government securities			—				—				80,009				71,802
Sale of government securities			—				—				67,064				73,739

See notes to financial statements.

65 Payden Mutual Funds

Payden Low Duration Fund								Payden U.S. Government Fund								Payden GNMA Fund								Payden Core Bond Fund
2013				2012				2013				2012				2013				2012				2013				2012
	$	4,790			$	9,797			$	1,183			$	714			$	13,796			$	15,599			$	9,485			$	19,514
		1,081				2,911				(707	)			1,414				(12,025	)			33,903				12,170				20,775
		854				9,776				287				(294	)			1,879				(4,731	)			(8,759	)			13,981
		6,725				22,484				763				1,834				3,650				44,771				12,896				54,270
		—				—				(8	)			(11	)			(982	)			(2,616	)			(5	)			(415	)
		(4,803	)			(10,432	)			(1,098	)			(1,274	)			(12,814	)			(29,837	)			(10,243	)			(23,550	)
		—				—				(4	)			(14	)			(1,574	)			—				—				—
		—				—				(528	)			(1,133	)			(19,408	)			—				(269	)			—
		(4,803	)			(10,432	)			(1,638	)			(2,432	)			(34,778	)			(32,453	)			(10,517	)			(23,965	)
		—				—				471				492				8,009				76,474				117				2,578
		213,107				351,710				43,884				57,919				94,473				377,056				48,196				63,076
		—				—				11				25				2,183				2,312				4				413
		4,083				8,730				1,558				2,385				30,329				27,929				10,418				23,449
		—				—				(409	)			(356	)			(34,582	)			(50,683	)			(215	)			(43,024	)
		(153,162	)			(293,174	)			(18,085	)			(13,676	)			(321,763	)			(306,684	)			(110,600	)			(51,363	)
		64,028				67,266				27,430				46,789				(221,351	)			126,404				(52,080	)			(4,871	)
		65,950				79,318				26,555				46,191				(252,479	)			138,722				(49,701	)			25,434
		541,809				462,491				110,886				64,695				967,969				829,247				646,056				620,622
	$	607,759			$	541,809			$	137,441			$	110,886			$	715,490			$	967,969			$	596,355			$	646,056
	$	(154	)		$	(141	)		$	103			$	26			$	672			$	672			$	297			$	1,060
		—				—				78				64				7,582				4,942				32				3,787
		—				—				43				45				755				7,127				11				244
		—				—				1				2				208				215				—				40
		—				—				(37	)			(33	)			(3,271	)			(4,702	)			(19	)			(4,039	)
		—				—				7				14				(2,308	)			2,640				(8	)			(3,755	)
		—				—				85				78				5,274				7,582				24				32
		52,974				46,193				10,018				5,756				82,022				72,789				58,365				55,094
		20,807				34,871				4,020				5,284				8,925				35,067				4,367				5,885
		399				864				143				218				2,889				2,591				944				2,188
		(14,957	)			(28,954	)			(1,659	)			(1,240	)			(30,673	)			(28,425	)			(9,976	)			(4,802	)
		6,249				6,781				2,504				4,262				(18,859	)			9,233				(4,665	)			3,271
		59,223				52,974				12,522				10,018				63,163				82,022				53,700				58,365
		219,704				305,321				—				—				—				—				243,864				337,470
		171,369				237,463				—				—				—				—				291,667				370,350
		247,412				302,839				108,011				107,909				1,349,516				502,124				2,035,989				2,844,884
		255,091				299,946				84,298				64,796				1,661,064				369,864				2,051,625				2,759,888

See notes to financial statements.

Semi-Annual Report 66

            Statements of Changes  in Net Assets continued

Period ended April 30, 2013 (Unaudited) and year ended October 31, 2012

Numbers in 000s

	Payden Corporate         Bond Fund								Payden High Income Fund
	2013				2012				2013				2012
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income		$	985			$	1,585			$	33,766			$	72,666
Net realized gains (losses) on investments			1,428				876				16,715				(79	)
Change in net unrealized appreciation/(depreciation)			(477	)			1,820				12,348				55,899
Change in Net Assets Resulting from Operations			1,936				4,281				62,829				128,486
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Adviser Class			—				—				(206	)			(348	)
Investor Class			(1,013	)			(1,593	)			(31,045	)			(74,991	)
Net realized gains from investments:
Adviser Class			—				—				—				(52	)
Investor Class			(926	)			(1,591	)			—				(12,932	)
Return of capital:
Adviser Class			—				—				—				(18	)
Investor Class			—				—				—				(3,874	)
Change in Net Assets from Distributions to Shareholders			(1,939	)			(3,184	)			(31,251	)			(92,215	)
FROM CAPITAL TRANSACTIONS:
Proceeds from fund shares sold:
Adviser Class			—				—				3,780				4,442
Investor Class			28,150				7,278				100,498				296,809
Reinvestment of distributions:
Adviser Class			—				—				126				300
Investor Class			1,906				3,040				21,203				56,624
Cost of fund shares redeemed:
Adviser Class			—				—				(668	)			(3,442	)
Investor Class			(5,288	)			(6,715	)			(242,498	)			(290,906	)
Proceeds from redemption fees (Note 3)
Adviser Class			—				—				—				1
Investor Class			—				—				1				9
Change in Net Assets from Capital Transactions			24,768				3,603				(117,558	)			63,837
Total Change in Net Assets			24,765				4,700				(85,980	)			100,108
NET ASSETS:
Beginning of period			43,259				38,559				1,129,153				1,029,045
End of period		$	68,024			$	43,259			$	1,043,173			$	1,129,153
Accumulated net investment income/(loss)		$	(3	)		$	25			$	45			$	(2,470	)
FUND SHARES OF BENEFICIAL INTEREST:
Adviser Class:
Outstanding shares at beginning of period			—				—				819				637
Shares sold			—				—				510				627
Shares issued in reinvestment of distributions			—				—								1742
Shares redeemed			—				—				(91	)			(487	)
Change in shares outstanding			—				—				436				182
Outstanding shares at end of period			—				—				1,255				819
Investor Class:
Outstanding shares at beginning of period			3,730				3,404				154,091				145,225
Shares sold			2,466				650				13,616				41,975
Shares issued in reinvestment of distributions			167				279				2,874				8,024
Shares redeemed			(462	)			(603	)			(32,846	)			(41,133	)
Change in shares outstanding.			2,171				326				(16,356	)			8,866
Outstanding shares at end of period			5,901				3,730				137,735				154,091
LONG TERM INVESTMENT ACTIVITY:
Purchase of investments (excluding government)			28,207				23,964				171,326				320,451
Sale of investments (excluding government)			14,444				22,684				276,412				246,264
Purchase of government securities			117,974				173,508				—				—
Sale of government securities			112,049				169,573				—				—

See notes to financial statements.

67 Payden Mutual Funds

Payden Tax Exempt Bond Fund								Payden California Municipal Income Fund								Payden Global Low Duration Fund								Payden Global Fixed Income Fund
2013				2012				2013				2012				2013				2012				2013				2012
	$	136			$	306			$	585			$	1,154			$	614			$	1,348			$	652			$	1,714
		207				345				182				583				559				(169	)			1,404				903
		(146	)			248				(113	)			1,756				(51	)			2,425				(355	)			811
		197				899				654				3,493				1,122				3,604				1,701				3,428
		—				—				—				—				—				—				—				—
		(136	)			(306	)			(584	)			(1,154	)			(611	)			(2,171	)			(593	)			(3,810	)
		—				—				—				—				—				—				—				—
		(346	)			(40	)			(536	)			—				—				—				—				—
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		(482	)			(346	)			(1,120	)			(1,154	)			(611	)			(2,171	)			(593	)			(3,810	)
		—				—				—				—				—				—				—				—
		922				3,714				2,836				10,737				14,280				14,771				4,535				10,969
		—				—				—				—				—				—				—				—
		474				339				1,009				1,031				597				2,101				567				3,622
		—				—				—				—				—				—				—				—
		(2,595	)			(5,433	)			(3,214	)			(8,561	)			(5,706	)			(20,782	)			(7,545	)			(32,580	)
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		(1,199	)			(1,380	)			631				3,207				9,171				(3,910	)			(2,443	)			(17,989	)
		(1,484	)			(827	)			165				5,546				9,682				(2,477	)			(1,335	)			(18,371	)
		14,085				14,912				49,811				44,265				70,544				73,021				48,221				66,592
	$	12,601			$	14,085			$	49,976			$	49,811			$	80,226			$	70,544			$	46,886			$	48,221
	$	28			$	28			$	(3	)		$	(4	)		$	1			$	(2	)		$	56			$	(3	)
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		1,317				1,450				4,684				4,378				6,982				7,394				5,541				7,646
		88				351				268				1,027				1,408				1,468				516				1,282
		46				32				96				98				58				213				64				433
		(244	)			(516	)			(303	)			(819	)			(562	)			(2,093	)			(858	)			(3,820	)
		(110	)			(133	)			61				306				904				(412	)			(278	)			(2,105	)
		1,207				1,317				4,745				4,684				7,886				6,982				5,263				5,541
		2,435				7,007				4,586				16,953				32,836				27,129				18,667				34,155
		3,719				7,485				4,371				11,409				19,681				40,626				18,823				51,905
		—				—				—				—				22,576				25,745				3,533				12,117
		—				—				—				—				29,295				16,019				4,435				12,614

See notes to financial statements.

Semi-Annual Report 68

        Statements of Changes in Net Assets continued

Period ended April 30, 2013 (Unaudited) and year ended October 31, 2012

Numbers in 000s

	Payden Emerging Markets Bond Fund								Payden Emerging Markets Local Bond Fund
	2013				2012(1)				2013				2012(2)
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)		$	28,903			$	46,070			$	4,658			$	4,316
Net realized gains (losses) on investments			26,154				20,708				(1,058	)			(1,133	)
Change in net unrealized appreciation/(depreciation)			(10,844	)			61,265				8,771				1,083
Change in Net Assets Resulting from Operations			44,213				128,043				12,371				4,266
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Adviser Class			—				(1,435	)			—				(1	)
Investor Class			(30,065	)			(35,028	)			(4,302	)			(3,476	)
Institutional Class			—				(12,316	)			—				—
Net realized gains from investments:
Adviser Class			—				(448	)			—				—
Investor Class			(17,171	)			(12,815	)			—				—
Return of capital:
Investor Class			—				—				—				(835	)
Change in Net Assets from Distributions to Shareholders			(47,236	)			(62,042	)			(4,302	)			(4,312	)
FROM CAPITAL TRANSACTIONS:
Proceeds from fund shares sold:
Adviser Class			22,913				16,353				239				283
Investor Class			168,892				319,408				163,831				116,447
Institutional Class			13,100				411,211				—				—
Reinvestment of distributions:
Adviser Class			1,382				1,844				2				1
Investor Class			23,256				42,989				3,416				3,421
Institutional Class			18,327				11,585				—				—
Cost of fund shares redeemed:
Adviser Class			(16,004	)			(19,192	)			(57	)			(256	)
Investor Class			(167,468	)			(443,641	)			(5,911	)			(908	)
Institutional Class			(73,238	)			(987	)			—				—
Proceeds from redemption fees (Note 3)
Adviser Class			5				1				—				—
Investor Class			63				19				8				—
Change in Net Assets from Capital Transactions			(8,772	)			339,590				161,528				118,988
Total Change in Net Assets			(11,795	)			405,591				169,597				118,942
NET ASSETS:
Beginning of period			1,052,856				647,265				118,942				—
End of period		$	1,041,061			$	1,052,856			$	288,539			$	118,942
Accumulated net investment income/(loss)		$	721			$	1,883			$	277			$	(79	)
FUND SHARES OF BENEFICIAL INTEREST:
Adviser Class
Outstanding shares at beginning of period			1,799				1,880				2				—
Shares sold			1,499				1,111				22				28
Shares issued in reinvestment of distributions			89				128				—				—
Shares redeemed			(1,063	)			(1,320	)			(5	)			(26	)
Change in shares outstanding			525				(81	)			17				2
Outstanding shares at end of period			2,324				1,799				19				2
Investor Class:
Outstanding shares at beginning of period			37,338				42,990				11,609				—
Shares sold			10,954				22,050				15,395				11,357
Shares issued in reinvestment of distributions			1,510				2,999				323				343
Shares redeemed			(10,896	)			(30,701	)			(562	)			(91	)
Change in shares outstanding			1,568				(5,652	)			15,156				11,609
Outstanding shares at end of period			38,906				37,338				26,765				11,609
Institutional Class
Outstanding shares at beginning of period			29,141				—				—				—
Shares sold			851				28,427				—				—
Shares issued in reinvestment of distributions			1,190				784				—				—
Shares redeemed			(4,778	)			(70	)			—				—
Change in shares outstanding			(2,737	)			29,141				—				—
Outstanding shares at end of period			26,404				29,141				—				—
LONG TERM INVESTMENT ACTIVITY:
Purchase of investments (excluding government)			657,702				906,162				263,553				190,184
Sale of investments (excluding government)			661,792				591,210				109,233				75,985

(1) The Fund commence offering the Institutional Class on April 9, 2012.

(2) Fund commenced operations on November 2, 2011.

(3) The Fund commence offering the Adviser Class on December 1, 2011.

See notes to financial statements.

69 Payden Mutual Funds

Payden Value Leaders Fund								Metzler/Payden European Emerging Markets Fund
2013				2012(3)				2013				2012
	$	4,096			$	5,476			$	(146	)		$	982
		7,676				5,459				216				(18,789	)
		18,751				3,962				836				11,693
		30,523				14,897				906				(6,114	)
		(74	)			(124	)			—				—
		(4,201	)			(5,698	)			(147	)			—
		—				—				—				—
		—				—				—				—
		—				—				—				—
		—				—				—				—
		(4,275	)			(5,822	)			(147	)			—
		593				4,156				—				—
		58,951				127,720				6,143				9,151
		—				—				—				—
		68				119				—				—
		4,132				5,587				141				—
		—				—				—				—
		(502	)			(948	)			—				(34,603	)
		(28,189	)			(37,502	)			(19,721	)			—
		—				—				—				—
		—				1				—				4
		—				—				4				—
		35,053				99,133				(13,433	)			(25,448	)
		61,301				108,208				(12,674	)			(31,562	)
		172,040				63,832				74,106				105,668
	$	233,341			$	172,040			$	61,432			$	74,106
	$	180			$	359			$	(147	)		$	146
		312				—				—				—
		50				389				—				—
		6				11				—				—
		(44	)			(88	)			—				—
		12				312				—				—
		324				312				—				—
		15,161				6,311				3,381				4,573
		5,070				11,792				266				426
		355				515				6				—
		(2,454	)			(3,457	)			(854	)			(1,618	)
		2,971				8,850				(582	)			(1,192	)
		18,132				15,161				2,799				3,381
		—				—				—				—
		—				—				—				—
		—				—				—				—
		—				—				—				—
		—				—				—				—
		—				—				—				—
		119,475				313,981				36,419				100,293
		83,822				213,312				49,899				125,156

See notes to financial statements.

Semi-Annual Report 70

Notes to Financial Statements

April 30, 2013 (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 seventeen funds (each a “Fund,” collectively the “Funds”) is a series of the Group, and is authorized to issue unlimited shares at $0.001 par value. This report includes sixteen of the Funds. The Payden/Kravitz Cash Balance Plan Fund is contained in a separate report. Each of the Funds, other than the Cash Reserves Money Market and High Income Funds, has been classified as non-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”) has become the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The ASC has superseded all existing non-SEC accounting and reporting standards. Each Fund’s financial statements are prepared in accordance with GAAP.

The preparation of financial statements in conformity with generally accepted accounting principles 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.

Securities Valuation

Domestic and foreign fixed income securities and other assets for which market quotations are readily available (other than obligations with 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 

Cash Reserves Money Market Fund are valued at amortized cost, which approximates fair value.

Publicly traded equity securities, whether in the U.S. or outside the U.S., for which market quotations are readily available, generally will be valued at the official closing price or the last sale price on the exchange or market where they are principally traded, or if there have been no sales during the day, at the last bid price. Securities traded only on the over-the-counter market are valued at the latest bid price. Investments in investment companies are valued at their net asset values as reported by such companies.

Options, futures, swaps and other similar assets are valued at the official closing price in the case of exchange traded derivatives or on the basis of information (pricing services, quotes obtained from brokers and dealers, and recent market trades) provided by the institution with which a Fund entered into the transaction 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.

Fair value pricing may occur when (1) developments occur (a “significant event”) that will affect the value of a Fund’s holdings, and (2) the significant event occurs after the close of the markets on which the securities trade, but before the time when the net asset value is computed for a Fund. A significant event may relate to a single issuer or an entire market.

Risks

Unforeseen events in the markets may at times result in an unusually high degree of volatility in the markets, which could adversely affect the Fund causing a decline in value.

71 Payden Mutual Funds

Investing in debt securities may include failure of an issuer to make timely interest or principal payments, or a decline or the perception of a decline in credit quality. In addition the value of the debt security may decline due to general market conditions that are not specifically related to a particular company including industry earnings outlook, changes in interest or currency rates or perception of a specific industry.

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities.

An investment in the Payden Cash Reserves Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, 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.

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, Tax Exempt Bond, and California Municipal Income 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 and maturities of securities, purchases and sales of foreign currencies, currency gains or losses realized

between the trade and settlement dates of securities transactions, and the differences between the amounts of income or expenses recorded on each of these Fund’s books and the U.S. dollar equivalents of the amounts actually received or paid. Net unrealized appreciation/depreciation from translation of assets and liabilities denominated in foreign currency arise from changes in the value of assets and liabilities resulting from changes in the foreign exchange rates.

Repurchase Agreements

The Payden 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 Funds. With respect to such agreements, it is each 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 Funds 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 each Fund under each agreement. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.

Forward Currency Contracts

Some Funds entered into forward contracts to protect against adverse currency movements or as speculative investments. The forward foreign currency exchange 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 foreign currency contract has been executed, at which time the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risk may arise upon entering into these contracts from 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

Semi-Annual Report 72

        Notes to Financial Statements continued

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 as collateral such initial margin 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 entered into interest rate swap agreements for a variety of reasons, including to hedge certain markets, to protect against adverse interest rate movements, to provide a substitute for purchasing or selling a security, or to increase potential returns. Changes in value are recorded as unrealized appreciation (depreciation) and realized gain (loss) is recorded at termination of the contract. The Funds and counterparties have agreed to exchange interest payments based on a notional principal amount.

Options Transactions

Option techniques may be utilized by a Fund to hedge against changes in interest rates, foreign currency exchange rates or security prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity

and currency markets. In addition, the Fund may enter into such transactions to enhance potential gain in circumstances where hedging is not involved. When a Fund writes a covered call or put option, an amount equal to the premium received is reflected as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option.

When the Fund purchases a call or put option, an amount equal to the premium paid is included in the Fund’s statement of assets and liabilities as an investment, and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if 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.

Written option activity for the GNMA Fund was as follows:

	Number of Contracts			Premiums
Written Options
Options outstanding at October 31, 2012		—				—
Options written		200			$	46,221
Options expired		—				—
Options exercised		—				—
Options closed		(200	)			(46,221	)
Options outstanding at April 30, 2013		—				—

73 Payden Mutual Funds

Written option activity for the Value Leaders Fund was as follows:

	Number of Contracts			Premiums
Written Options
Options outstanding at October 31, 2012		150			$	82,198
Options written		469				157,980
Options expired		—				—
Options exercised		—				—
Options closed		(619	)			(240,178	)
Options outstanding at April 30, 2013		—				—

TBA Sale Commitment

Funds entered into TBA sale commitments, within dollar roll agreements, to hedge their portfolio position or to sell mortgagebacked securities they own under delayed delivery arrangements. Proceeds from TBA sale commitments are not 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.

Derivatives and Hedging

In December 2011, Financial Accounting Standard Board issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). These disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparison between those entities that prepare their financial statements on the basis of US GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (“IFRS”). ASU 2011-11 requires entities to: disclose both gross and net information about both instruments and transactions eligible for offset in the financial statements; and disclose instruments

and transactions subject to an agreement similar to a master netting agreement. ASU 2011-11 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. At this time, management is evaluating the implications of ASU 2011-11 and its impact on the Funds’ financial statement disclosures.

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.

Statement of Assets and Liabilities

Fair Values of Derivative Instruments as of April 30, 2013

(000s)

Underlying Risk	Derivative Assets ($)		Derivative Liabilities ($)
Limited Maturity
Foreign currency risk2,3		—		(363	)
Low Duration
Interest rate risk1		—		(43	)
Foreign currency risk2,3		—		(363	)
Total		—		(406	)
Core Bond
Interest rate risk1,5		234		(3,617	)
Foreign currency risk2,3		180		(252	)
Total		414		(3,869	)
Corporate Bond
Interest rate risk1		13		—
Foreign currency risk2,3		—		(3	)
Total		13		(3	)
Global Low Duration
Foreign currency risk2,3		—		(261	)
Global Fixed Income
Interest rate risk1		69		(170	)
Foreign currency risk2,3		345		(492	)
Total		414		(662	)
Emerging Markets Bond
Foreign currency risk2,3		741		(809	)
Emerging Markets Local Bond
Interest rate risk4,5		234		(54	)
Foreign currency risk2,3		931		(237	)
Total		1,165		(54	)

Statement of Assets and Liabilities location:

1 Includes cumulative appreciation/depreciation of futures contracts as reported in Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as Receivable/Payable for futures.

2 Receivable for forward currency contracts.

3 Payable for forward currency contracts.

4 Receivable for swap contracts.

5 Payable for swap contracts.

Semi-Annual Report 74

        Notes to Financial Statements continued

The Effect of Derivative Instruments on the Statement of

Operations

For the Period Ended April 30, 2013

(000s)

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Underlying risk	Futures1				Forward Currency Contracts2				Options3			Swaps4				Total
Limited Maturity
Interest rate		$	11				—			—				—			$	11
Foreign exchange			—			$	360			—				—				360
Total			11				360			—				—				371
Low Duration
Interest rate			(574	)			—			—				—				(574	)
Foreign exchange			—				(1,624	)		—				—				(1,624	)
Total			(574	)			(1,624	)		—				—				(2,198	)
GNMA
Interest rate			142				—			(1	)			—				141
Core Bond
Interest rate			(652	)			—			—			$	(793	)			(1,445	)
Foreign exchange			—				1,982			—				—				1,982
Total			(652	)			1,982			—				(793	)			537
Corporate Bond
Interest rate			(7	)			—			—				59				52
Foreign exchange			—				(29	)		—				—				(29	)
Total			(7	)			(29	)		—				59				23
Global Low Duration
Interest rate			(65	)			—			—				—				(65	)
Foreign exchange			—				329			—				—				329
Total			(65	)			329			—				—				264
Global Fixed Income
Interest rate			16				—			—				(15	)			1
Foreign exchange			—				765			—				—				765
Total			16				765			—				(15	)			766
Emerging Markets Bond
Interest rate			(401	)			—			—				1,538				1,137
Foreign exchange			—				(1,373	)		—				—				(1,373	)
Total			(401	)			(1,373	)		—				1,538				(236	)
Emerging Markets Local Bond
Interest rate			—				—			—				24				24
Foreign exchange			—				(2,651	)		—				—				(2,651	)
Total			—				(2,651	)		—				24				(2,627	)
Value Leaders
Equity			2,531				—			170				—				2,701
European Emerging Markets
Foreign exchange			—				(131	)		—				—				(131	)

1 Net realized gains (losses) from futures contracts.

2 Net realized gains (losses) from foreign currency transactions which could include other currency related gains and losses.

3 Net realized gains (losses) from option contracts.

4 Net realized gains (losses) from swap contracts.

The Effect of Derivative Instruments on the Statement of Operations

For the Period Ended April 30, 2013

(000s)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Underlying risk	Futures5				Forward Currency Contracts6				Options7				Swaps8				Total
Limited Maturity
Foreign exchange			—			$	(407	)			—				—			$	(407	)
Low Duration
Interest rate		$	67				—				—				—				67
Foreign exchange			—				(796	)			—				—				(796	)
Total			67				(796	)			—				—				(729	)
GNMA
Interest rate			—				—			$	(22	)			—				(22	)
Core Bond
Interest rate			(478	)			—				—			$	195				(283	)
Foreign exchange			—				(109	)			—				—				(109	)
Total			(478	)			(109	)			—				195				(392	)
Corporate Bond
Foreign exchange			—				(1	)			—				—				(1	)
Interest rate			14				—				—				10				24
Total			14				(1	)			—				10				23
Global Low Duration
Foreign exchange			—				(245	)			—				—				(245	)
Interest rate			5				—				—				—				5
Total			5				(245	)			—				—				(240	)
Global Fixed Income
Foreign exchange			—				(153	)			—				—				(153	)
Interest rate			(79	)			—				—				(15	)			(94	)
Total			(79	)			(153	)			—				(15	)			(247	)
Emerging Markets Bond
Foreign exchange			—				(77	)			—				—				(77	)
Interest rate			48				—				—				(1,733	)			(1,685	)
Total			48				(77	)			—				(1,733	)			(1,762	)
Emerging Markets Local Bond
Foreign exchange			—				452				—				—				452
Interest rate			—				—				—				(10	)			(10	)
Total			—				452				—				(10	)			442

5 Change in net unrealized appreciation (depreciation) from futures contracts.

6 Change in net unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies which includes other currency related appreciation (depreciation).

7 Change in net unrealized appreciation (depreciation) from option contracts.

8 Change in net unrealized appreciation (depreciation) from swap contracts.

75 Payden Mutual Funds

During the period ended April 30, 2013 the average notional amount of derivatives as a percent of average net assets were as follows:

	Foreign currency			Credit			Interest rate			Equity
Limited Maturity		6	%		0	%		0	%		0	%
Low Duration Bond		3	%		0	%		6	%		0	%
U.S. Government		0	%		0	%		0	%		0	%
Core Bond		1	%		1	%		15	%		0	%
Corporate Bond		2	%		0	%		9	%		0	%
Global Low Duration		11	%		0	%		4	%		0	%
Global Fixed Income		37	%		0	%		24	%		1	%
Emerging Markets Bond		2	%		3	%		4	%		0	%
Emerging Markets Local Bond		17	%		0	%		18	%		0	%
Value Leaders		0	%		0	%		0	%		0	%

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. AMBAC, FGIC, FSA and MBIA).

Securities Lending

Pursuant to a securities lending agreement with The Bank of New York Mellon, the Funds (except Cash Reserves Money Market and European Emerging Markets) 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 Payden 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 Fund maintains the right to recall the securities on loan for voting purposes. The income earned by each Fund is disclosed in the statement of operations.

Collateral

Futures contracts, options, swap agreements and forward delivery agreements for foreign currency and fixed income securities require either cash settlement or delivery of securities

at some future date with little or no initial investment. A Fund, which employs these investment options, is required to segregate sufficient assets to cover any potential loss. Securities that have been pledged as collateral are identified in the Schedule of Investments.

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 for (i) European Emerging Markets Fund, which are declared and paid semi-annually, and (ii) the Cash Reserves Money Market, Limited Maturity, Short Bond, U.S. Government, GNMA, Tax Exempt Bond and California Municipal Income Funds, which are declared daily and paid monthly. Net realized gains on investments, if any, are declared and distributed at least annually. All distributions are paid in the form of additional shares unless cash payment is requested.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from GAAP.

Federal Income Taxes

It is the policy of each Fund to meet the requirements for qualification as a regulated investment company as defined in Subchapter M of the Internal Revenue Code (the “Code”), and to make distributions of net investment income and net realized gains sufficient to relieve it from all Federal income or excise taxes. 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 generally accepted accounting principles, 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, 2013, 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

Semi-Annual Report 76

Notes to Financial Statements continued

Statements of Operations. During the period, the Funds did not incur any interest or penalties.

Each of the tax years in the four-year period ended October 31, 2012 remains subject to examination by the Internal Revenue Service and state taxing authorities.

Affiliated Investments

Each of the Paydenfunds (except the Cash Reserves Money Market, Tax Exempt Bond and California Municipal Income Funds) 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 October 31, 2012			Purchases			Sales			Dividends			Value April 30, 2013
Investments in Cash Reserves Money Market Fund
Limited Maturity		$	2,810,577		$	421,780,663		$	420,553,653		$	280		$	4,037,587
Low Duration			22,302,810			674,357,410			673,942,085			428			22,718,135
U.S. Government			4,765,068			861,211,949			859,678,093			543			6,298,924
GNMA			23,816,038			1,284,978,604			1,301,577,083			959			7,217,559
Core Bond			6,469,435			1,064,430,274			1,056,798,438			660			14,101,271
Corporate Bond			1,548,795			196,705,969			196,025,608			140			2,229,156
High Income			114,285,189			3,022,319,825			3,061,816,273			2,068			74,788,741
Global Low Duration			2,262,703			175,142,282			176,148,481			93			1,256,504
Global Fixed Income			2,628,647			86,595,870			88,519,974			48			704,543
Emerging Markets Bond			79,176,705			2,051,644,667			2,086,160,010			1,424			44,661,362
Emerging Markets Local Bond			4,955,134			1,015,468,076			1,010,119,572			621			10,303,638
Value Leaders			5,759,880			330,946,368			313,136,004			216			23,570,244
MP European Emerging Markets			28,075			188,305,360			187,286,061			97			1,047,374
Investments in High Income Fund — Investor Class
Core Bond		$	24,561,441			—		$	24,100,000		$	532,243		$	866,182
Corporate Bond			837,931			—			851,724			13,218			—
Global Fixed Income			3,846,934			—			620,000			108,307			3,334,661
Investments in Emerging Markets Bond Fund — Institutional Class
Core Bond		$	23,379,833			—		$	19,200,000		$	525,163		$	3,978,038
Global Fixed Income			6,434,781			—			930,000			172,787			5,486,792
Investments in Emerging Markets Local Bond Fund — Investor Class
Core Bond		$	15,360,000			—		$	1,950,000		$	333,737		$	14,162,448
Corporate Bond			—		$	2,687,648			—			19,579			2,738,503
Global Fixed Income			1,812,302			—			—			43,697			1,906,102

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.

Redemption Fee

The High Income, Emerging Markets Bond, Emerging Markets Local Bond, Value Leaders and the European Emerging Markets Funds employ a redemption fee on shareholders payable to the Funds and equal to 2% of the value of shares redeemed if the shares are held less than thirty days. The fees are added to paid in capital and are disclosed in the statements of changes in net assets.

77 Payden Mutual Funds

Line of Credit

The Paydenfunds (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 $30 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.

Recent Accounting Standard

In June 2013, the Financial Accounting Standards Board (the “FASB”) issued guidance that creates a two-tiered approach to

assess whether an entity is an investment company. The guidance will also require an investment company to measure noncontrolling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on each Fund’s financial statement disclosures.

3. Related Party Transactions

Payden & Rygel and Metzler/Payden (the “Advisers”) provide investment advisory services to the Funds. Under the terms of the investment advisory agreement, each 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 Based on Assets
	Between $0–500			Between $0.5–1			Between $1–2			Over $2			Expense			Current Voluntary			Deferred Expense Subsidy
	Million			Billion			Billion			Billion			Guarantee			Expense Limit			FY 2011			FY 2012			FY 2013
Cash Reserves Money Market		0.15	%		0.15	%		0.15	%		0.15	%		0.50	%		0.25	%		$	1,426,841		$	1,390,864		$	1,872,054
Limited Maturity		0.28	%		0.28	%		0.25	%		0.25	%		0.60	%		0.35	%			138,454			141,239			254,769
Low Duration		0.28	%		0.28	%		0.25	%		0.25	%		0.60	%		0.50	%			155,287			95,580			325,057
U.S. Government		0.28	%		0.28	%		0.25	%		0.25	%		0.60	%		0.42	%			24,031			25,902			209,257
GNMA		0.27	%		0.27	%		0.27	%		0.27	%		0.50	%		n/a				840,128			1,193,435			1,908,217
Core Bond		0.28	%		0.28	%		0.25	%		0.25	%		0.60	%		n/a				—			—			—
Corporate Bond		0.35	%		0.35	%		0.35	%		0.35	%		1.00	%		0.65	%			137,550			101,306			177,662
High Income		0.35	%		0.35	%		0.35	%		0.35	%		0.75	%		n/a				—			—			—
Tax Exempt Bond		0.32	%		0.28	%		0.25	%		0.25	%		0.60	%		0.55	%			75,129			75,144			117,808
California Municipal Income		0.32	%		0.32	%		0.25	%		0.25	%		0.80	%		0.55	%			51,218			53,979			84,172
Global Low Duration		0.30	%		0.30	%		0.30	%		0.25	%		0.70	%		0.55	%			—			32,693			77,602
Global Fixed Income		0.30	%		0.30	%		0.30	%		0.25	%		0.70	%		n/a				98,962			97,132			163,849
Emerging Markets Bond		0.45	%		0.45	%		0.45	%		0.45	%		1.25	%		n/a				—			145,490			82,685
Emerging Markets Local Bond		0.60	%		0.60	%		0.60	%		0.60	%		1.50	%		0.99	%			—			71,436			—
Value Leaders		0.50	%		0.50	%		0.50	%		0.30	%		0.80	%		n/a				58,027			146,208			59,113
European Emerging Markets		0.75	%		0.75	%		0.75	%		0.75	%		1.50	%		n/a				146,876			62,086			283,502

The Advisers 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

Semi-Annual Report 78

Notes to Financial Statements continued

annualized basis through February 28, 2013 (exclusive of interest and taxes).

Each Fund remains liable to its respective 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 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 statement 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 U.S. Government, GNMA, Core Bond, High Income, Emerging Markets Bond and Emerging Markets Local Bond Funds adopted a plan pursuant to SEC rule 12b-1 by which Payden & Rygel Distributors receives fee monthly, computed on the average net assets of the Adviser class at an annualized rate of 0.25%. Payden & Rygel Distributors is not entitled to receive any fees from the Investor, or Institutional 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.

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 Fund’s 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 Fund’s investments and other financial instruments.

Table 1.

	Investments in Securities
	Level 1-Quoted Prices				Level 2-Other Significant Observable Inputs				Level 3-Significant Unobservable Inputs
	Assets (000’s)		Liabilities (000’s)		Assets (000’s)		Liabilities (000’s)		Assets (000’s)		Liabilities (000’s)		Total (000’s)
Cash Reserves Money Market
Repurchase Agreement		—		—	$	182,000		—		—		—	$	182,000
U.S. Government Agency		—		—		115,729		—		—		—		115,729
U.S. Government		—		—		45,041		—		—		—		45,041
Investment Company	$	14,150		—		—		—		—		—		14,150

79 Payden Mutual Funds

	Investments in Securities
	Level 1-Quoted Prices				Level 2-Other Significant Observable Inputs				Level 3-Significant Unobservable Inputs
	Assets (000’s)		Liabilities (000’s)		Assets (000’s)		Liabilities (000’s)		Assets (000’s)		Liabilities (000’s)		Total (000’s)
Limited Maturity
Asset Backed		—		—		$  45,592		—		—		—		$  45,592
Commercial Paper		—		—		3,245		—		—		—		3,245
Corporate Bond		—		—		115,954		—		—		—		115,954
Foreign Government		—		—		6,369		—		—		—		6,369
Mortgage Backed		—		—		35,856		—		—		—		35,856
Municipal		—		—		7,498		—		—		—		7,498
U.S. Government		—		—		29,857		—		—		—		29,857
Investment Company		$4,038		—		—		—		—		—		4,038
Low Duration
Asset Backed		—		—		38,605		—		—		—		38,605
Corporate Bond		—		—		415,575		—		—		—		415,575
Foreign Government		—		—		5,430		—		—		—		5,430
Mortgage Backed		—		—		77,987		—		—		—		77,987
Municipal		—		—		1,806		—		—		—		1,806
U.S. Government Agency		—		—		402		—		—		—		402
U.S. Government		—		—		67,101		—		—		—		67,101
Investment Company		22,718		—		—		—		—		—		22,718
U.S. Government
Mortgage Backed		—		—		120,271		—		—		—		120,271
U.S. Government		—		—		28,692		—		—		—		28,692
Investment Company		6,299		—		—		—		—		—		6,299
GNMA
Mortgage Backed		—		—		1,008,026		—		—		—		1,008,026
Options		157		—		—		—		—		—		157
U.S. Government		—		—		49,845		—		—		—		49,845
Investment Company		7,218		—		—		—		—		—		7,218
Core Bond
Asset Backed		—		—		4,056		—		—		—		4,056
Corporate Bond		—		—		333,359		—		—		—		333,359
Foreign Government		—		—		4,655		—		—		—		4,655
Mortgage Backed		—		—		192,563		—		—		—		192,563
Municipal		—		—		6,248		—		—		—		6,248
U.S. Government		—		—		118,258		—		—		—		118,258
Investment Company		33,108		—		—		—		—		—		33,108
Corporate Bond
Corporate Bond		—		—		62,351		—		—		—		62,351
Municipal		—		—		509		—		—		—		509
Preferred Stock		1,396		—		—		—		—		—		1,396
U.S. Government		—		—		100		—		—		—		100
Investment Company		4,968		—		—		—		—		—		4,968

Semi-Annual Report 80

Notes to Financial Statements continued

	Investments in Securities
	Level 1-Quoted Prices				Level 2-Other Significant Observable Inputs				Level 3-Significant Unobservable Inputs
	Assets (000’s)		Liabilities (000’s)		Assets (000’s)		Liabilities (000’s)		Assets (000’s)		Liabilities (000’s)		Total (000’s)
High Income
Corporate Bond		—		—		$1,017,664		—		—		—		$1,017,664
Investment Company		$74,789		—		—		—		—		—		74,789
Tax Exempt Bond
Municipal		—		—		12,249		—		—		—		12,249
Investment Company		414		—		—		—		—		—		414
California Municipal Bond
Municipal		—		—		48,804		—		—		—		48,804
Investment Company		589		—		—		—		—		—		589
Global Low Duration
Asset Backed		—		—		5,438		—		—		—		5,438
Corporate Bond		—		—		54,368		—		—		—		54,368
Foreign Government		—		—		1,544		—		—		—		1,544
Mortgage Backed		—		—		8,925		—		—		—		8,925
Municipal		—		—		242		—		—		—		242
U.S. Government		—		—		9,261		—		—		—		9,261
Investment Company		1,257		—		—		—		—		—		1,257
Global Fixed Income
Corporate Bond		—		—		15,052		—		—		—		15,052
Foreign Government		—		—		15,016		—		—		—		15,016
Mortgage Backed		—		—		867		—		—		—		867
Municipal		—		—		503		—		—		—		503
U.S. Government		—		—		4,185		—		—		—		4,185
Investment Company		11,432		—		—		—		—		—		11,432
Emerging Markets Bond
Commercial Paper		—		—		1,700		—		—		—		1,700
Corporate Bond		—		—		520,422		—		—		—		520,422
Foreign Government		—		—		492,815		—		—		—		492,815
Municipal		—		—		17,493		—		—		—		17,493
Investment Company		44,661		—		—		—		—		—		44,661
Emerging Markets Local Bond
Corporate Bond		—		—		68,575		—		—		—		68,575
Foreign Government		—		—		197,420		—		—		—		197,420
Municipal		—		—		11,703		—		—		—		11,703
Investment Company		10,304		—		—		—		—		—		10,304
Value Leaders
Common Stock		211,076		—		—		—		—		—		211,076
Preferred Stock		18,923		—		—		—		—		—		18,923
Investment Company		23,570		—		—		—		—		—		23,570
Options		175		—		—		—		—		—		175

81 Payden Mutual Funds

	Investments in Securities
	Level 1-Quoted Prices					Level 2-Other Significant Observable Inputs					Level 3-Significant Unobservable Inputs
	Assets (000’s)		Liabilities (000’s)			Assets (000’s)		Liabilities (000’s)			Assets (000’s)		Liabilities (000’s)		Total (000’s)
European Emerging Markets
Common Stock		$59,648		—			$1,175		—			—		—		$60,823
Investment Company		1,047		—			—		—			—		—		1,047
Table 1a.
	Other Financial Instruments †
	Level 1-Quoted Prices					Level 2-Other Significant Observable Inputs					Level 3-Significant Unobservable Inputs
	Assets (000’s)		Liabilities (000’s)			Assets (000’s)		Liabilities (000’s)			Assets (000’s)		Liabilities (000’s)		Total (000’s)
Limited Maturity
Forward currency contracts		—		—			—		$(363	)		—		—		$(363	)
Low Duration
Forward currency contracts		—		—			—		(722	)		—		—		(722	)
Futures		—		$(43	)		—		—			—		—		(43	)
GNMA
Options		$157		—			—		—			—		—		157
Core Bond
Forward currency contracts		—		—			$180		(252	)		—		—		(72	)
Futures		234		(752	)		—		—			—		—		(518	)
Swaps		—		—			—		(2,865	)		—		—		(2,865	)
Corporate Bond
Forward currency contracts		—		—			—		(3	)		—		—		(3	)
Futures		13		—			—		—			—		—		13
Global Low Duration
Forward currency contracts		—		—			—		(261	)		—		—		(261	)
Global Fixed Income
Forward currency contracts		—		—			345		(492	)		—		—		(147	)
Swaps		—		—			—		(31	)		—		—		(31	)
Futures		69		(136	)		—		—			—		—		(67	)
Emerging Markets Bond
Forward currency contracts		—		—			741		(809	)		—		—		(68	)
Emerging Markets Local Bond
Forward currency contracts		—		—			931		(237	)		—		—		694
Swaps		—		—			234		(54	)		—		—		180
Value Leaders
Options		175		—			—		—			—		—		175

Semi-Annual Report 82

Notes to Financial Statements continued

5. Federal Tax Information (amounts in 000s)

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be

required to be utilized prior to the losses incurred in preenactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short or long term capital losses rather than being considered all short term.

At October 31, 2012, the following Funds had available for Federal income tax purposes unused capital losses as follows:

	Capital Loss Carryforwards
	Expires 2012		Expires 2013		Expires 2014		Expires 2015		Expires 2016		Expires 2017		Expires 2018		Expires 2019		Total
Cash Reserve Money Market		—		—		—		—		—		—		$    2		—		$        2
Limited Maturity		—		$1,340		$411		$840		$3,358		$    2,201		287		$527		8,964
Low Duration		—		—		—		—		—		772		—		—		772
Global Low Duration		—		—		182		644		—		2,397		—		—		3,223
Global Fixed Income		—		—		—		—		—		2,702		—		1,004		3,706
Value Leaders		—		—		—		—		1,267		8,538		—		—		9,805
Global Equity		—		—		—		—		2,319		652		—		452		3,423
European Emerging Markets		—		—		—		—		—		115,894		714		383		116,991

The following Funds had post enactment carryforward losses:

	Short-Term		Long-Term		Total
High Income		$     297		—		$     297
European Emerging Markets		13,161		$13,774		26,935

83 Payden Mutual Funds

At April 30, 2013, net unrealized appreciation (depreciation) on investments for Federal income tax purposes is as follows:

	Cost of Investments Federal Income Tax Purposes		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments		Net Unrealized Appreciation (Depreciation) on Investments
Cash Reserves Money Market		$    356,920,091		—		—		—
Limited Maturity		247,607,235		$  1,394,003		$    592,550		$     801,453
Low Duration		621,082,797		10,540,042		1,999,358		8,540,684
U.S. Government		154,198,738		1,123,892		61,037		1,062,855
GNMA		1,044,761,642		22,755,736		2,271,234		20,484,502
Core Bond		673,039,709		19,599,200		391,517		19,207,683
Corporate Bond		65,979,815		3,370,456		25,856		3,344,600
High Income		1,006,272,374		88,147,032		1,966,496		86,180,536
Tax Exempt Bond		12,062,061		602,688		1,742		600,946
California Municipal Income		46,380,857		3,020,092		8,282		3,011,810
Global Low Duration		80,132,452		1,318,645		415,651		902,994
Global Fixed Income		45,955,883		1,663,292		563,751		1,099,541
Emerging Markets Bond		1,019,047,741		60,448,587		2,405,006		58,043,581
Emerging Markets Local Bond		279,199,304		10,786,916		1,983,882		8,803,035
Value Leaders		229,616,022		24,977,357		849,348		24,128,009
European Emerging Markets Fund		62,334,104		4,986,058		5,449,830		(463,772)

6. Subsequent Events

The Fund has evaluated subsequent events through the issuance of the financial statements and the following item was noted:

Effective June 3, 2013, the Value Leaders Fund changed its name to the Equity Income Fund.

Semi-Annual Report 84

Financial Highlights

For the share outstanding for the period ended April 30, 2013 (Unaudited) and October 31st

	Payden Cash Reserves Money Market Fund
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment activities:
Net investment income		0.00	(1)		0.00	(1)		0.00	(1)		0.00	(1)		0.01
Net realized and unrealized gains (losses)		0.00	(1)		0.00	(1)		0.00	(1)		0.00	(1)		0.00	(1)
Total from investment activities		0.00			0.00			0.00			0.00			0.01
Distributions to shareholders:
From net investment income		0.00	(1)		0.00	(1)		0.00	(1)		(0.00	)(1)		(0.01	)
Return of capital		—			—			—			(0.00	)(1)		—
Total distributions to shareholders		0.00			0.00			0.00			0.00			(0.01	)
Net asset value — end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.01	%(2)		0.02	%		0.02	%		0.03	%		0.63	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	356,913		$	525,480		$	746,719		$	591,869		$	1,087,956
Ratio of gross expense to average net assets		0.38	%(3)		0.38	%		0.37	%		0.38	%		0.43	%
Ratio of net expense to average net assets		0.13	%(3)		0.15	%		0.14	%		0.23	%		0 29	%
Ratio of investment income less gross expenses to average net assets		(0.22	)%(3)		(0.21	)%		(0.20	)%		(0.12	)%		0.49	%
Ratio of net investment income to average net assets		0.02	%(3)		0.02	%		0.02	%		0.03	%		0.63	%
Portfolio turnover rate		n/a			n/a			n/a			n/a			n/a
The Fund commenced operations on December 17, 1997.
	Payden Limited Maturity Fund
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	9.48		$	9.39		$	9.45		$	9.37		$	9.26
Income (loss) from investment activities:
Net investment income		0.03			0.06			0.08			0.07			0.17
Net realized and unrealized gains (losses)		0.02			0.10			(0.05	)		0.09			0.11
Total from investment activities		0.05			0.16			0.03			0.16			0.28
Distributions to shareholders:
From net investment income		(0.03	)		(0.07	)		(0.09	)		(0.08	)		(0.17	)
Return of capital		—			—			—			(0.00	)(1)		—
Total distributions to shareholders		(0.03	)		(0.07	)		(0.09	)		(0.08	)		(0.17	)
Net asset value — end of period	$	9.50		$	9.48		$	9.39		$	9.45		$	9.37
Total return		0.49	%(2)		1.66	%		0.27	%		1.71	%		3.13	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	244,891		$	242,013		$	216,493		$	158,433		$	112,470
Ratio of gross expense to average net assets		0.54	%(3)		0.56	%		0.57	%		0.61	%		0.73	%
Ratio of net expense to average net assets		0.45	%(3)		0.50	%		0.50	%		0.52	%		0.50	%
Ratio of investment income less gross expenses to average net assets		0.47	%(3)		0.56	%		0.72	%		0.65	%		1.65	%
Ratio of net investment income to average net assets		0.55	%(3)		0.62	%		0.79	%		0.74	%		1.88	%
Portfolio turnover rate		78	%(2)		98	%		75	%		78	%		103	%

The Fund commenced operations on May 1, 1994.

(1) Amount is less than $0.005

(2) Not annualized

(3) Annualized

See notes to financial statements.

85 Payden Mutual Funds

	Payden Low Duration Fund
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	10.23		$	10.01		$	10.23		$	10.11		$	9.74
Income (loss) from investment activities:
Net investment income		0.08			0.18			0.24			0.21			0.34
Net realized and unrealized gains (losses)		0.03			0.23			(0.20	)		0.20			0.40
Total from investment activities		0.11			0.41			0.04			0.41			0.74
Distributions to shareholders:
From net investment income		(0.08	)		(0.19	)		(0.24	)		(0.25	)		(0.37	)
From net realized gains		—			—			(0.02	)		(0.04	)		—
Return of capital		—			—			—			—			—
Total distributions to shareholders		(0.08	)		(0.19	)		(0.26	)		(0.29	)		(0.37	)
Net asset value — end of period	$	10.26		$	10.23		$	10.01		$	10.23		$	10.11
Total return		1.12	%(1)		4.13	%		0.46	%		4.10	%		7.74	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	607,759		$	541,809		$	462,491		$	540,606		$	358,387
Ratio of gross expense to average net assets		0.55	%(2)		0.55	%		0.56	%		0.59	%		0.59	%
Ratio of net expense to average net assets		0.52	%(2)		0.54	%		0.53	%		0.54	%		0.53	%
Ratio of investment income less gross expenses to average net assets		1.62	%(2)		1.74	%		2.34	%		2.22	%		3.35	%
Ratio of net investment income to average net assets		1.65	%(2)		1.75	%		2.37	%		2.27	%		3.41	%
Portfolio turnover rate		62	%(1)		97	%		74	%		52	%		107	%

The Fund commenced operations on January 1, 1994.

	Payden U.S. Government Fund - Adviser  Class
	2013			2012			2011			2010
Net asset value — beginning of period	$	10.99		$	11.12		$	11.30		$	11.17
Income (loss) from investment activities:
Net investment income		0.09			0.08			0.13			0.13
Net realized and unrealized gains (losses)		(0.04	)		0.16			(0.06	)		0.26
Total from investment activities		0.05			0.24			0.07			0.39
Distributions to shareholders:
From net investment income		(0.08	)		(0.16	)		(0.15	)		(0.13	)
From net realized gains		(0.05	)		(0.21	)		(0.10	)		(0.13	)
Total distributions to shareholders		(0.13	)		(0.37	)		(0.25	)		(0.26	)
Net asset value — end of period	$	10.91		$	10.99		$	11.12		$	11.30
Total return		0.46	%(1)		2.16	%		0.65	%		3.50	%(1)
Ratios/supplemental data:
Net assets, end of period (000s)	$	925		$	860		$	707		$	434
Ratio of gross expense to average net assets		0.82	%(2)		0.90	%		0.89	%		0.90	%(2)
Ratio of net expense to average net assets		0.74	%(2)		0.86	%		0.85	%		0.86	%(2)
Ratio of investment income less gross expenses to average net assets		1.63	%(2)		0.66	%		1.10	%		1.29	%(2)
Ratio of net investment income to average net assets		1.71	%(2)		0.70	%		1.14	%		1.33	%(2)
Portfolio turnover rate		21	%(1)		79	%		76	%		99	%(1)

The Class commenced operations on November 2, 2009.

(1)   Not annualized

(2)   Annualized

See notes to financial statements.

Semi-Annual Report 86

Financial Highlights continued

For the share outstanding for the period ended April 30, 2013 (Unaudited) and October 31st

	Payden U.S. Government - Investor Class
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	10.98		$	11.12		$	11.29		$	11.17		$	10.88
Income (loss) from investment activities:
Net investment income		0.11			0.12			0.15			0.20			0.29
Net realized and unrealized gains (losses)		(0.04	)		0.13			(0.04	)		0.27			0.38
Total from investment activities		0.07			0.25			0.11			0.47			0.67
Distributions to shareholders:
From net investment income		(0.10	)		(0.18	)		(0.18	)		(0.22	)		(0.31	)
From net realized gains		(0.05	)		(0.21	)		(0.10	)		(0.13	)		(0.07	)
Total distributions to shareholders		(0.15	)		(0.39	)		(0.28	)		(0.35	)		(0.38	)
Net asset value — end of period	$	10.90		$	10.98		$	11.12		$	11.29		$	11.17
Total return		0.58	%(1)		2.32	%		(0.99	)%		4.27	%		6.20	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	136,516		$	110,026		$	63,988		$	110,543		$	102,556
Ratio of gross expense to average net assets		0.57	%(2)		0.64	%		0.63	%		0.66	%		0.65	%
Ratio of net expense to average net assets		0.49	%(2)		0.61	%		0.60	%		0.60	%		0.60	%
Ratio of investment income less gross expenses to average net assets		1.83	%(2)		0.90	%		1.41	%		1.71	%		2.41	%
Ratio of net investment income to average net assets		1.91	%(2)		0.93	%		1.44	%		1.77	%		2.46	%
Portfolio turnover rate		21	%(1)		79	%		76	%		99	%		104	%

The Fund commenced operations on January 1, 1995.

	Payden GNMA Fund - Adviser Class
	2013			2012			2011			2010
Net asset value — beginning of period	$	10.80		$	10.66		$	10.56		$	10.29
Income (loss) from investment activities:
Net investment income		0.16			0.14			0.27			0.41
Net realized and unrealized gains (losses)		(0.11	)		0.33			0.30			0.31
Total from investment activities		0.05			0.47			0.57			0.72
Distributions to shareholders:
From net investment income		(0.16	)		(0.33	)		(0.42	)		(0.45	)
From net realized gains		(0.24	)		—			(0.05	)		—
Total distributions to shareholders		(0.40	)		(0.33	)		(0.47	)		(0.45	)
Net asset value — end of period	$	10.45		$	10.80		$	10.66		$	10.56
Total return		0.62	%(1)		4.41	%		5.73	%		7.03	%(1)
Ratios/supplemental data:
Net assets, end of period (000s)	$	55,111		$	81,860		$	52,700		$	21,169
Ratio of gross expense to average net assets		0.92	%(2)		0.88	%		0.86	%		0.94	%(2)
Ratio of net expense to average net assets		0.75	%(2)		0.75	%		0.75	%		0.76	%(2)
Ratio of investment income less gross expenses to average net assets		2.88	%(2)		1.24	%		1.92	%		1.97	%(2)
Ratio of net investment income to average net assets		3.04	%(2)		1.37	%		2.03	%		2.15	%(2)
Portfolio turnover rate		5	%(1)		27	%		23	%		20	%(1)

The Class commenced operations on November 2, 2009.

(1)   Not annualized

(2)   Annualized

See notes to financial statements.

87 Payden Mutual Funds

	Payden GNMA Fund - Investor Class
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	10.80		$	10.67		$	10.56		$	10.30		$	9.62
Income (loss) from investment activities:
Net investment income		0.17			0.17			0.26			0.28			0.34
Net realized and unrealized gains (losses)		(0.10	)		0.32			0.35			0.48			0.82
Total from investment activities		0.07			0.49			0.61			0.76			1.16
Distributions to shareholders:
From net investment income		(0.17	)		(0.36	)		(0.45	)		(0.50	)		(0.48	)
From net realized gains		(0.24	)		—			(0.50	)		—			—
Total distributions to shareholders		(0.41	)		(0.36	)		(0.05	)		(0.50	)		(0.48	)
Net asset value — end of period	$	10.46		$	10.80		$	10.67		$	10.56		$	10.30
Total return		0.75	%(1)		4.77	%		5.99	%		7.62	%		12.19	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	660,379		$	886,109		$	776,547		$	743,446		$	617,024
Ratio of gross expense to average net assets		0.67	%(2)		0.63	%		0.62	%		0.69	%		0.62	%
Ratio of net expense to average net assets		0.50	%(2)		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of investment income less gross expenses to average net assets		3.13	%(2)		1.50	%		2.17	%		2.24	%		3.14	%
Ratio of net investment income to average net assets		3.30	%(2)		1.63	%		2.29	%		2.43	%		3.26	%
Portfolio turnover rate		5	%(1)		27	%		23	%		20	%		32	%

The Fund commenced operations on August 27, 1999.

	Payden Core Bond Fund - Adviser Class
	2013			2012			2011			2010
Net asset value — beginning of period	$	11.04		$	10.52		$	10.66		$	10.30
Income (loss) from investment activities:
Net investment income		0.17	(3)		0.91			0.36			0.29
Net realized and unrealized gains (losses)		0.06			—			(0.13	)		0.41
Total from investment activities		0.23			0.91			0.23			0.70
Distributions to shareholders:
From net investment income		(0.18	)		(0.39	)		(0.37	)		(0.30	)
From net realized gains		(0.01	)		—			—			—
Return of capital		—			—			—			(0.04	)
Total distributions to shareholders		(0.19	)		(0.39	)		(0.37	)		(0.34	)
Net asset value — end of period	$	11.08		$	11.04		$	10.52		$	10.66
Total return		2.09	%(1)		8.81	%		2.30	%		6.84	%(1)
Ratios/supplemental data:
Net assets, end of period (000s)	$	264		$	356		$	39,848		$	32,610
Ratio of gross expense to average net assets		0.77	%(2)		0.77	%		0.78	%		0.83	%(2)
Ratio of net expense to average net assets		0.77	%(2)		0.77	%		0.78	%		0.83	%(2)
Ratio of investment income less gross expenses to average net assets		3.03	%(2)		3.00	%		3.43	%		3.20	%(2)
Ratio of net investment income to average net assets		3.03	%(2)		3.00	%		3.43	%		3.20	%(2)
Portfolio turnover rate		320	%(1)		464	%(4)		118	%		119	%(1)

The Class commenced operations on November 2, 2009.

(1) Not annualized

(2) Annualized

(3) Based on average shares outstanding.

(4) Includes U.S. Treasury securities purchased and sold prior to their settlement date; excluding these transactions, portfolio turnover would have been 105%.

See notes to financial statements.

Semi-Annual Report 88

Financial Highlights continued

For the share outstanding for the period ended April 30, 2013 (Unaudited) and October 31st

	Payden Core Bond Fund - Investor Class
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	11.06		$	10.54		$	10.68		$	10.31		$	9.12
Income (loss) from investment activities:
Net investment income		0.18	(1)		0.33			0.38			0.37			0.44
Net realized and unrealized gains (losses)		0.07			0.60			(0.13	)		0.40			1.23
Total from investment activities		0.25			0.93			0.25			0.77			1.67
Distributions to shareholders:
From net investment income		(0.20	)		(0.41	)		(0.39	)		(0.36	)		(0.48	)
From net realized gains		(0.01	)		—			—			—			—
Return of capital		—			—			—			(0.04	)		—
Total distributions to shareholders		(0.21	)		(0.41	)		(0.39	)		(0.40	)		(0.48	)
Net asset value — end of period	$	11.10		$	11.06		$	10.54		$	10.68		$	10.31
Total return		2.22	%(2)		9.06	%		2.45	%		7.66	%		18.67	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	596,091		$	645,700		$	580,774		$	539,531		$	509,784
Ratio of gross expense to average net assets		0.52	%(3)		0.53	%		0.53	%		0.59	%		0.60	%
Ratio of net expense to average net assets		0.52	%(3)		0.53	%		0.53	%		0.59	%		0.60	%
Ratio of investment income less gross expenses to average net assets		3.27	%(3)		3.13	%		3.64	%		3.52	%		4.51	%
Ratio of net investment income to average net assets		3.27	%(3)		3.13	%		3.64	%		3.52	%		4.51	%
Portfolio turnover rate		320	%(2)		464	%(4)		118	%		119	%		79	%
The Fund commenced operations on January 1, 1994.
	Payden Corporate Bond Fund
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	11.60		$	11.33		$	11.85		$	11.24		$	10.00
Income (loss) from investment activities:
Net investment income		0.18			0.45			0.51			0.54			0.30
Net realized and unrealized gains (losses)		0.14			0.75			(0.12	)		0.71			1.23
Total from investment activities		0.32			1.20			0.39			1.25			1.53
Distributions to shareholders:
From net investment income		(0.19	)		(0.45	)		(0.51	)		(0.54	)		(0.29	)
From net realized gains		(0.20	)		(0.48	)		(0.40	)		(0.10	)		—
Total distributions to shareholders		(0.39	)		(0.93	)		(0.91	)		(0.64	)		(0.29	)
Net asset value — end of period	$	11.53		$	11.60		$	11.33		$	11.85		$	11.24
Total return		2.87	%(2)		11.39	%		3.71	%		11.49	%		15.43	%(2)
Ratios/supplemental data:
Net assets, end of period (000s)	$	68,024		$	43,259		$	38,559		$	47,385		$	42,232
Ratio of gross expense to average net assets		0.81	%(3)		0.91	%		0.96	%		0.95	%		0.95	%(3)
Ratio of net expense to average net assets		0.65	%(3)		0.65	%		0.65	%		0.65	%		0.65	%(3)
Ratio of investment income less gross expenses to average net assets		3.23	%(3)		3.77	%		4.21	%		4.42	%		4.44	%(3)
Ratio of net investment income to average net assets		3.38	%(3)		4.03	%		4.52	%		4.72	%		4.74	%(3)
Portfolio turnover rate		211	%(2)		487	%(5)		87	%		71	%		66	%(2)

The Fund commenced operations on March 12, 2009.

(1) Based on average shares outstanding.

(2) Not annualized

(3) Annualized

(4) Includes U.S. Treasury securities purchased and sold prior to their settlement date; excluding these transactions, portfolio turnover would have been 105%.

(5) Includes U.S. Treasury securities purchased and sold prior to their settlement date; excluding these transactions, portfolio turnover would have been 56%

See notes to financial statements.

89 Payden Mutual Funds

	Payden High Income Fund - Adviser Class
	2013			2012			2011			2010
Net asset value — beginning of period	$	7.29		$	7.05		$	7.32		$	6.82
Income (loss) from investment activities:
Net investment income		0.21			0.46			0.49			0.44
Net realized and unrealized gains (losses)		0.21			0.37			(0.24	)		0.53
Total from investment activities		0.42			0.83			0.25			0.97
Distributions to shareholders:
From net investment income		(0.20	)		(0.48	)		(0.51	)		(0.47	)
From net realized gains		—			(0.09	)		(0.01	)		—
Return of capital		—			(0.02	)		—			—
Total distributions to shareholders		(0.20	)		(0.59	)		(0.52	)		(0.47	)
Proceeds from redemption fees		—			—			—			(0.00	)(1)
Net asset value — end of period	$	7.51		$	7.29		$	7.05		$	7.32
Total return		5.86	%(2)		12.38	%		3.51	%		14.77	%(2)
Ratios/supplemental data:
Net assets, end of period (000s)	$	9,417		$	5,974		$	4,492		$	469
Ratio of gross expense to average net assets		0.89	%(3)		0.89	%		0.92	%		0.94	%(3)
Ratio of net expense to average net assets		0.89	%(3)		0.89	%		0.92	%		0.94	%(3)
Ratio of investment income less gross expenses to average net assets		5.89	%(3)		6.41	%		6.93	%		7.03	%(3)
Ratio of net investment income to average net assets		5.89	%(3)		6.41	%		6.93	%		7.03	%(3)
Portfolio turnover rate		16	%(2)		24	%		38	%		22	%(2)

The Class commenced operations on November 2, 2009.

	Payden High Income Fund - Investor Class
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	7.29		$	7.05		$	7.31		$	6.83		$	5.86
Income (loss) from investment activities:
Net investment income		0.23			0.48			0.52			0.53			0.53
Net realized and unrealized gains (losses)		0.20			0.37			(0.24	)		0.47			1.00
Total from investment activities		0.43			0.85			0.28			1.00			1.53
Distributions to shareholders:
From net investment income		(0.21	)		(0.49	)		(0.53	)		(0.52	)		(0.52	)
From net realized gains		—			(0.09	)		(0.01	)		—			—
Return of capital		—			(0.03	)		—			—			(0.04	)
Total distributions to shareholders		(0.21	)		(0.61	)		(0.54	)		(0.52	)		(0.56	)
Proceeds from redemption fees		—			—			(0.00	)(1)		—			(0.00	)(1)
Net asset value — end of period	$	7.51		$	7.29		$	7.05		$	7.31		$	6.83
Total return		5.98	%(2)		12.69	%		3.89	%		15.32	%		27.65	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	1,033,756		$	1,123,179		$	1,024,553		$	1,038,664		$	675,842
Ratio of gross expense to average net assets		0.64	%(3)		0.64	%		0.66	%		0.70	%		0.65	%
Ratio of net expense to average net assets		0.64	%(3)		0.64	%		0.66	%		0.70	%		0.65	%
Ratio of investment income less gross expenses to average net assets		6.16	%(3)		6.70	%		7.20	%		7.69	%		8.08	%
Ratio of net investment income to average net assets		6.16	%(3)		6.70	%		7.20	%		7.69	%		8.08	%
Portfolio turnover rate		16	%(2)		24	%		38	%		22	%		50	%

The Fund commenced operations on December 30, 1997.

(1) Amount is less than $0.005

(2) Not annualized

(3) Annualized

See notes to financial statements.

Semi-Annual Report 90

Financial Highlights continued

For the share outstanding for the period ended April 30, 2013 (Unaudited) and October 31st

	Payden Tax Exempt Bond Fund
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	10.69		$	10.28		$	10.32		$	10.04		$	9.54
Income (loss) from investment activities:
Net investment income		0.11			0.23			0.26			0.25			0.29
Net realized and unrealized gains (losses)		0.04			0.44			(0.05	)		0.28			0.51
Total from investment activities		0.15			0.67			0.21			0.53			0.80
Distributions to shareholders:
From net investment income		(0.11	)		(0.23	)		(0.25	)		(0.25	)		(0.30	)
From net realized gains		(0.29	)		(0.03	)		—			—			—
Total distributions to shareholders		(0.40	)		(0.26	)		(0.25	)		(0.25	)		(0.30	)
Net asset value — end of period	$	10.44		$	10.69		$	10.28		$	10.32		$	10.04
Total return		1.52	%(1)		6.56	%		2.12	%		5.36	%		8.53	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	12,601		$	14,085		$	14,912		$	25,178		$	21,895
Ratio of gross expense to average net assets		1.18	%(2)		1.09	%		1.02	%		0.88	%		0.94	%
Ratio of net expense to average net assets		0.55	%(2)		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of investment income less gross expenses to average net assets		1.53	%(2)		1.65	%		2.03	%		2.14	%		2.66	%
Ratio of net investment income to average net assets		2.16	%(2)		2.19	%		2.50	%		2.47	%		3.05	%
Portfolio turnover rate		20	%(1)		52	%		27	%		30	%		24	%

The Fund commenced operations on December 21, 1993.

	Payden California Municipal Income Fund
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	10.63		$	10.11		$	10.36		$	10.10		$	9.58
Income (loss) from investment activities:
Net investment income		0.12			0.26			0.28			0.31			0.34
Net realized and unrealized gains (losses)		0.02			0.52			(0.05	)		0.31			0.52
Total from investment activities		0.14			0.78			0.23			0.62			0.86
Distributions to shareholders:
From net investment income		(0.12	)		(0.26	)		(0.28	)		(0.31	)		(0.34	)
From net realized gains		(0.12	)		—			(0.20	)		(0.05	)		—
Total distributions to shareholders		(0.24	)		(0.26	)		(0.48	)		(0.36	)		(0.34	)
Net asset value — end of period	$	10.53		$	10.63		$	10.11		$	10.36		$	10.10
Total return		1.33	%(1)		7.73	%		2.41	%		6.27	%		9.06	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	49,976		$	49,811		$	44,265		$	46,580		$	44,256
Ratio of gross expense to average net assets		0.67	%(2)		0.67	%		0.67	%		0.68	%		0.68	%
Ratio of net expense to average net assets		0.55	%(2)		0.56	%		0.55	%		0.56	%		0.55	%
Ratio of investment income less gross expenses to average net assets		2.25	%(2)		2.32	%		2.64	%		2.90	%		3.26	%
Ratio of net investment income to average net assets		2.37	%(2)		2.43	%		2.76	%		3.02	%		3.39	%
Portfolio turnover rate		9	%(1)		25	%		30	%		51	%		38	%

The Fund commenced operations on December 17, 1998.

(1) Not annualized

(2) Annualized

See notes to financial statements.

91 Payden Mutual Funds

	Payden Global Low Duration Fund
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	10.10		$	9.88		$	10.16		$	9.89		$	9.38
Income (loss) from investment activities:
Net investment income		0.08			0.21			0.19			0.25			0.34
Net realized and unrealized gains (losses)		0.07			0.33			(0.20	)		0.25			0.51
Total from investment activities		0.15			0.54			(0.01	)		0.50			0.85
Distributions to shareholders:
From net investment income		(0.08	)		(0.32	)		(0.27	)		(0.23	)		—
Return of capital		—			—			—			(0.00	)(1)		(0.34	)
Total distributions to shareholders		(0.08	)		(0.32	)		(0.27	)		(0.23	)		(0.34	)
Net asset value — end of period	$	10.17		$	10.10		$	9.88		$	10.16		$	9.89
Total return		1.49	%(2)		5.59	%		(0.10	)%		5.09	%		9.26	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	80,226		$	70,544		$	73,021		$	69,331		$	59,915
Ratio of gross expense to average net assets		0.73	%(3)		0.76	%		0.70	%		0.81	%		0.82	%
Ratio of net expense to average net assets		0.65	%(3)		0.71	%		0.70	%		0.74	%		0.71	%
Ratio of investment income less gross expenses to average net assets		1.54	%(3)		2.00	%		2.04	%		2.42	%		3.45	%
Ratio of net investment income to average net assets		1.62	%(3)		2.05	%		2.04	%		2.49	%		3.56	%
Portfolio turnover rate		54	%(2)		79	%		142	%		68	%		97	%
The Fund commenced operations on September 18, 1996.
	Payden Global Fixed Income Fund
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	8.70		$	8.71		$	9.02		$	8.78		$	8.21
Income (loss) from investment activities:
Net investment income		0.12			0.45			0.36			0.32			0.28
Net realized and unrealized gains (losses)		0.20			0.25			(0.30	)		0.34			0.70
Total from investment activities		0.32			0.70			0.06			0.66			0.98
Distributions to shareholders:
From net investment income		(0.11	)		(0.71	)		(0.37	)		(0.42	)		(0.35	)
From net realized gains		—			—			—			—			(0.06	)
Total distributions to shareholders		(0.11	)		(0.71	)		(0.37	)		(0.42	)		(0.41	)
Net asset value — end of period	$	8.91		$	8.70		$	8.71		$	9.02		$	8.78
Total return		3.70	%(2)		8.54	%		0.71	%		7.66	%		12.13	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	46,886		$	48,221		$	66,592		$	76,436		$	102,003
Ratio of gross expense to average net assets		0.91	%(3)		0.92	%		0.84	%		0.86	%		0.78	%
Ratio of net expense to average net assets		0.71	%(3)		0.72	%		0.70	%		0.73	%		0.70	%
Ratio of investment income less gross expenses to average net assets		2.56	%(3)		3.45	%		3.91	%		3.42	%		3.20	%
Ratio of net investment income to average net assets		2.76	%(3)		3.65	%		4.05	%		3.55	%		3.28	%
Portfolio turnover rate		45	%(2)		100	%		82	%		136	%		162	%
The Fund commenced operations on September 1, 1992.

(1) Amount is less than $0.005

(2) Not annualized

(3) Annualized

See notes to financial statements.

Semi-Annual Report 92

Financial Highlights continued

For the share outstanding for the period ended April 30, 2013 (unaudited) and October 31st

	Payden Emerging Markets Bond Fund - Adviser Class
	2013			2012			2011			2010
Net asset value — beginning of period	$	15.45		$	14.45		$	14.87		$	13.24
Income (loss) from investment activities:
Net investment income		0.40			0.78			0.78			0.68
Net realized and unrealized gains (losses)		0.22			1.33			(0.39	)		1.63
Total from investment activities		0.62			2.11			0.39			2.31
Distributions to shareholders:
From net investment income		(0.40	)		(0.82	)		(0.80	)		(0.68	)
From net realized gains		(0.25	)		(0.29	)		(0.01	)		—
Total distributions to shareholders		(0.65	)		(1.11	)		(0.81	)		(0.68	)
Net asset value — end of period	$	15.42		$	15.45		$	14.45		$	14.87
Total return		4.08	%(1)		15.49	%		2.77	%		17.91	%(1)
Ratios/supplemental data:
Net assets, end of period (000s)	$	35,838		$	27,784		$	27,159		$	10,534
Ratio of gross expense to average net assets		0.98	%(2)		1.02	%		1.09	%		1.17	%(2)
Ratio of net expense to average net assets		0.98	%(2)		1.02	%		1.09	%		1.16	%(2)
Ratio of investment income less gross expenses to average net assets		5.48	%(2)		5.33	%		5.80	%		5.27	%(2)
Ratio of net investment income to average net assets		5.48	%(2)		5.33	%		5.80	%		5.28	%(2)
Portfolio turnover rate		61	%(1)		74	%		85	%		49	%(1)
The Class commenced operations on November 2, 2009.
	Payden Emerging Markets Bond Fund - Investor Class
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	15.42		$	14.42		$	14.85		$	13.24		$	9.91
Income (loss) from investment activities:
Net investment income		0.41			0.82			0.86			0.81			0.70
Net realized and unrealized gains (losses)		0.23			1.33			(0.45	)		1.56			3.29
Total from investment activities		0.64			2.15			0.41			2.37			3.99
Distributions to shareholders:
From net investment income		(0.42	)		(0.86	)		(0.83	)		(0.76	)		(0.66	)
From net realized gains		(0.25	)		(0.29	)		(0.01	)		—			—
Total distributions to shareholders		(0.67	)		(1.15	)		(0.84	)		(0.76	)		(0.66	)
Net asset value — end of period	$	15.39		$	15.42		$	14.42		$	14.85		$	13.24
Total return		4.21	%(1)		15.80	%		2.95	%		18.44	%		41.17	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	598,887		$	575,777		$	620,106		$	432,682		$	241,499
Ratio of gross expense to average net assets		0.73	%(2)		0.78	%		0.85	%		0.92	%		0.83	%
Ratio of net expense to average net assets		0.73	%(2)		0.78	%		0.85	%		0.87	%		0.83	%
Ratio of investment income less gross expenses to average net assets		5.44	%(2)		5.62	%		6.07	%		5.91	%		6.62	%
Ratio of net investment income to average net assets		5.44	%(2)		5.62	%		6.07	%		5.96	%		6.62	%
Portfolio turnover rate		61	%(1)		74	%		85	%		49	%		103	%
The Fund commenced operations on December 17, 1998.

(1) Not annualized

(2) Annualized

See notes to financial statements.

93 Payden Mutual Funds

	Payden Emerging Markets Bond Fund - Institutional Class
	2013			2012
Net asset value — beginning of period	$	15.42		$	14.47
Income from investment activities:
Net investment income		0.39			0.44
Net realized and unrealized gains		0.25			0.99
Total from investment activities		0.64			1.43
Distributions to shareholders:
From net investment income		(0.42	)		(0.48	)
From net realized gains		(0.25	)		—
Total distributions to shareholders		(0.67	)		(0.48	)
Net asset value — end of period	$	15.39		$	15.42
Total return		4.23	%(1)		10.04	%(1)
Ratios/supplemental data:
Net assets, end of period (000s)	$	406,336		$	449,295
Ratio of gross expense to average net assets		0.73	%(2)		0.76	%(2)
Ratio of net expense to average net assets		0.69	%(2)		0.69	%(2)
Ratio of investment income less gross expenses to average net assets		5.07	%(2)		5.30	%(2)
Ratio of net investment income to average net assets		5.11	%(2)		5.37	%(2)
Portfolio turnover rate		61	%(1)		74	%
The Class commenced operations on April 9, 2012.
	Payden Emerging Markets Local Bond Fund - Adviser Class
	2013			2012
Net asset value — beginning of period	$	10.24		$	10.00
Income from investment activities:
Net investment income		0.28			0.56
Net realized and unrealized gains		0.49			0.14
Total from investment activities		0.77			0.70
Distributions to shareholders:
From net investment income		(0.24	)		(0.37	)
Return of capital		—			(0.09	)
Total distributions to shareholders		(0.24	)		(0.46	)
Net asset value — end of period	$	10.77		$	10.24
Total return		7.54	%(1)		7.26	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	208		$	21
Ratio of gross expense to average net assets		1.22	%(2)		1.35	%
Ratio of net expense to average net assets		1.22	%(2)		1.24	%
Ratio of investment income less gross expenses to average net assets		6.06	%(2)		4.71	%
Ratio of net investment income to average net assets		6.06	%(2)		4.82	%
Portfolio turnover rate		60	%(1)		91	%
The Fund commenced operations November 2, 2011.

(1) Not annualized

(2) Annualized

See notes to financial statements.

Semi-Annual Report 94

Financial Highlights continued

For the share outstanding for the period ended April 30, 2013 (unaudited) and October 31st

	Payden Emerging Markets Local Bond Fund - Investor Class
	2013			2012
Net asset value — beginning of period	$	10.24		$	10.00
Income from investment activities:
Net investment income		0.27			0.49
Net realized and unrealized gains		0.52			0.24
Total from investment activities		0.79			0.73
Distributions to shareholders:
From net investment income		(0.25	)		(0.40	)
Return of capital		—			(0.09	)
Total distributions to shareholders		(0.25	)		(0.49	)
Net asset value — end of period	$	10.78		$	10.24
Total return		7.66	%(1)		7.58	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	288,331		$	118,921
Ratio of gross expense to average net assets		0.96	%(2)		1.07	%
Ratio of net expense to average net assets		0.96	%(2)		0.99	%
Ratio of investment income less gross expenses to average net assets		5.21	%(2)		5.14	%
Ratio of net investment income to average net assets		5.21	%(2)		5.22	%
Portfolio turnover rate		60	%(1)		91	%
The Fund commenced operations on November 2, 2011.
	Payden Value Leaders Fund - Adviser Class
	2013			2012
Net asset value — beginning of period	$	11.12		$	10.13
Income from investment activities:
Net investment income		0.23			0.43
Net realized and unrealized gains		1.54			1.02
Total from investment activities		1.77			1.45
Distributions to shareholders:
From net investment income		(0.24	)		(0.46	)
Net asset value — end of period	$	12.65		$	11.12
Total return		16.16	%(1)		14.46	%(1)
Ratios/supplemental data:
Net assets, end of period (000s)	$	4,095		$	3,468
Ratio of gross expense to average net assets		1.06	%(2)		1.18	%(2)
Ratio of net expense to average net assets		1.05	%(2)		1.06	%(2)
Ratio of investment income less gross expenses to average net assets		4.12	%(2)		4.32	%(2)
Ratio of net investment income to average net assets		4.13	%(2)		4.44	%(2)
Portfolio turnover rate		43	%(1)		182	%(1)
The Class commenced operations on December 1, 2011.

(1) Not annualized

(2) Annualized

See notes to financial statements.

95 Payden Mutual Funds

	Payden Value Leaders Fund - Investor Class
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	11.12		$	10.11		$	8.91		$	8.17		$	7.85
Income from investment activities:
Net investment income		0.25			0.48			0.38			0.14			0.17
Net realized and unrealized gains		1.53			1.05			1.25			0.74			0.35
Total from investment activities		1.78			1.53			1.63			0.88			0.52
Distributions to shareholders:
From net investment income		(0.26	)		(0.52	)		(0.43	)		(0.14	)		(0.20	)
Net asset value — end of period	$	12.64		$	11.12		$	10.11		$	8.91		$	8.17
Total return		16.21	%(2)		15.40	%		18.46	%		10.89	%		7.00	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	229,246		$	168,572		$	63,832		$	27,035		$	28,363
Ratio of gross expense to average net assets		0.81	%(3)		0.93	%		0.95	%		1.03	%		1.04	%
Ratio of net expense to average net assets		0.80	%(3)		0.80	%		0.80	%		0.85	%		0.80	%
Ratio of investment income less gross expenses to average net assets		4.29	%(3)		4.48	%		4.03	%		1.32	%		1.93	%
Ratio of net investment income to average net assets		4.30	%(3)		4.61	%		4.18	%		1.50	%		2.17	%
Portfolio turnover rate		43	%(2)		182	%		167	%		72	%		60	%
___________ The Fund commenced operations on November 1, 1996. (1)    Amount is less than $0.005 (2)    Not annualized (3)    Annualized
	Metzler/Payden European Emerging Markets Fund
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	21.92		$	23.11		$	28.16		$	24.13		$	14.99
Income (loss) from investment activities:
Net investment income		(0.06	)		0.29			0.22			(0.07	)		0.03
Net realized and unrealized gains (losses)		0.12			(1.48	)		(5.27	)		4.09			9.16
Total from investment activities		0.06			(1.19	)		(5.05	)		4.02			9.19
Distributions to shareholders:
From net investment income		(0.04	)		—			—			—			—
Return of capital		—			—			—			—			(0.05	)
Total distributions to shareholders		(0.04	)		—			—			—			(0.05	)
Proceeds from redemption fees		—			—			0.00	(1)		0.01			0.00	(1)
Net asset value — end of period	$	21.94		$	21.92		$	23.11		$	28.16		$	24.13
Total return		0.28	%(2)		(5.15	)%		(17.93	)%		16.70	%		61.44	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	61,432		$	74,106		$	105,668		$	177,844		$	200,981
Ratio of gross expense to average net assets		1.60	%(3)		1.64	%		1.60	%		1.64	%		1.52	%
Ratio of net expense to average net assets		1.54	%(3)		1.56	%		1.50	%		1.50	%		1.50	%
Ratio of investment income less gross expenses to average net assets		(0.47	)%(3)		1.10	%		0.70	%		(0.31	)%		0.16	%
Ratio of net investment income to average net assets		(0.41	)%(3)		1.18	%		0.80	%		(0.17	)%		0.18	%
Portfolio turnover rate		52	%(2)		124	%		139	%		123	%		133	%

The Fund commenced operations on December 30, 2002.

(1) Amount is less than $0.005

(2) Not annualized

(3) Annualized

See notes to financial statements.

Semi-Annual Report 96

            Fund  Expenses (Unaudited)

Understanding Your Fund’s Expenses

Shareholders of mutual funds, incur two types of costs: transaction costs incurred from buying or selling fund shares and ongoing costs incurred from the funds daily operations. The table below is provided to highlight ongoing cost only. If transaction costs were included your cost would have been higher.

Actual Expenses

The table below is useful in estimating actual expenses paid during the six-month period ended April 30, 2013. It uses the Fund’s actual return and expense ratio for the period (181/365 days) to calculate the ongoing expenses paid by a shareholder with an initial investment of $1,000. To estimate the actual expense that you paid over the period, divide your beginning account value by 1,000 and multiply the quotient by the number in the Expenses Paid During the Period column.

	Value November 1, 2012			Value April 30, 2013			6-Month Return			Expense Ratio			Expenses Paid
Cash Reserves Money Market		$	1,000.00		$	1,000.10		0.01	%		0.13	%		$	0.64
Limited Maturity			1,000.00			1,004.90		0.49	%		0.45	%			2.24
Low Duration			1,000.00			1,011.20		1.12	%		0.52	%			2.59
U.S. Government Investor Class			1,000.00			1,005.80		0.58	%		0.49	%			2.44
U.S. Government Adviser Class			1,000.00			1,004.60		0.46	%		0.74	%			3.68
GNMA Investor Class			1,000.00			1,007.50		0.75	%		0.50	%			2.49
GNMA Adviser Class			1,000.00			1,006.20		0.62	%		0.75	%			3.73
Core Bond Investor Class			1,000.00			1,022.20		2.22	%		0.52	%			2.61
Core Bond Adviser Class			1,000.00			1,020.90		2.09	%		0.77	%			3.86
Corporate Bond			1,000.00			1,028.70		2.87	%		0.65	%			3.27
High Income Investor Class			1,000.00			1,059.80		5.98	%		0.64	%			3.27
High Income Adviser Class			1,000.00			1,058.60		5.86	%		0.89	%			4.54
Tax Exempt Bond			1,000.00			1,015.20		1.52	%		0.55	%			2.75
California Municipal Income			1,000.00			1,013.30		1.33	%		0.55	%			2.75
Global Low Duration			1,000.00			1,014.90		1.49	%		0.65	%			3.25
Global Fixed Income			1,000.00			1,037.00		3.70	%		0.71	%			3.59
Emerging Markets Bond Investor Class			1,000.00			1,042.10		4.21	%		0.73	%			3.70
Emerging Markets Bond Adviser Class			1,000.00			1,040.80		4.08	%		0.98	%			4.96
Emerging Markets Bond Institutional Class			1,000.00			1,042.30		4.23	%		0.69	%			3.49
Emerging Markets Local Bond Investor Class			1,000.00			1,076.60		7.66	%		0.96	%			4.94
Emerging Markets Local Bond Adviser Class			1,000.00			1,075.40		7.54	%		1.22	%			6.28
Value Leaders Investor Class			1,000.00			1,162.10		16.21	%		0.80	%			4.29
Value Leaders Adviser Class			1,000.00			1,161.60		16.16	%		1.05	%			5.63
European Emerging Markets			1,000.00			1,002.80		0.28	%		1.54	%			7.65

97 Payden Mutual Funds

Hypothetical Expenses

The table below is provided so that you can compare a Fund’s ongoing expenses with those of another fund. It uses a hypothetical gross annual return of 5%, which is not the Fund’s actual return, and the Fund’s actual expense ratio (181/365 days) for the six-month period ended April 30, 2013 to calculate the ongoing expenses paid by a shareholder with an initial investment of $1,000.

	Value November 1, 2012			Value April 30, 2013			6-Month Return			Expense Ratio			Expenses Paid
Cash Reserves Money Market		$	1,000.00		$	1,024.15		2.41	%		0.13	%		$	0.65
Limited Maturity			1,000.00			1,022.56		2.26	%		0.45	%			2.26
Low Duration			1,000.00			1,022.22		2.22	%		0.52	%			2.61
U.S. Government Investor Class			1,000.00			1,022.36		2.24	%		0.49	%			2.46
U.S. Government Adviser Class			1,000.00			1,021.12		2.11	%		0.74	%			3.71
GNMA Investor Class			1,000.00			1,022.32		2.23	%		0.50	%			2.51
GNMA Adviser Class			1,000.00			1,021.08		2.11	%		0.75	%			3.76
Core Bond Investor Class			1,000.00			1,022.22		2.22	%		0.52	%			2.61
Core Bond Adviser Class			1,000.00			1,020.98		2.10	%		0.77	%			3.86
Corporate Bond			1,000.00			1,021.57		2.16	%		0.65	%			3.26
High Income Investor Class			1,000.00			1,021.62		2.16	%		0.64	%			3.21
High Income Adviser Class			1,000.00			1,020.38		2.04	%		0.89	%			4.46
Tax Exempt Bond			1,000.00			1,022.07		2.21	%		0.55	%			2.76
California Municipal Income			1,000.00			1,022.07		2.21	%		0.55	%			2.76
Global Low Duration			1,000.00			1,021.57		2.16	%		0.65	%			3.26
Global Fixed Income			1,000.00			1,021.27		2.13	%		0.71	%			3.56
Emerging Markets Bond Investor Class			1,000.00			1,021.17		2.12	%		0.73	%			3.66
Emerging Markets Bond Adviser Class			1,000.00			1,019.93		1.99	%		0.98	%			4.91
Emerging Markets Bond Institutional Class			1,000.00			1,021.37		2.14	%		0.69	%			3.46
Emerging Markets Local Bond Investor Class			1,000.00			1,020.03		2.00	%		0.96	%			4.81
Emerging Markets Local Bond Adviser Class			1,000.00			1,018.74		1.87	%		1.22	%			6.11
Value Leaders Investor Class			1,000.00			1,020.83		2.08	%		0.80	%			4.01
Value Leaders Adviser Class			1,000.00			1,019.59		1.96	%		1.05	%			5.26
European Emerging Markets			1,000.00			1,017.16		1.72	%		1.54	%			7.70

Semi-Annual Report 98

            Trustees  and Officers (Unaudited)

Name & Address	Position with Fund	Year Elected	Principal Occupation(s)	Other Directorships Held
333 S. Grand Avenue Los Angeles, CA 90071
Trustees (1)
W. D. Hilton, Jr.	Independent Trustee	1993	President and CEO, Trust Service, Inc.; Executive Director, NGC Bodily Injury Trust; and Managing Trustee, Fuller-Austin Trust
Gerald S. Levey, M.D.	Independent Trustee	2000	Dean Emeritus and Distinguished Professor of Medicine, David Geffen School of Medicine at the University of California, Los Angeles
Thomas V. McKernan, Jr.	Independent Trustee	1993	Chairman, Automobile Club of Southern California	Director, First American Financial Corp.; Director, Forest Lawn Memorial Park
Rosemarie T. Nassif	Independent Trustee	2008	President Emerita, Holy Names University; Program Director, Conrad Hilton Foundation
Andrew J. Policano	Independent Trustee	2008	Dean, The Paul Merage School of Business at the University of California, Irvine	Director, Badger Meter, Inc.; Director, Rockwell Collins
Dennis C. Poulsen	Independent Trustee	1992	Chairman of the Board, Rose Hills Company	Director, Rose Hills Company
Stender E. Sweeney	Independent Trustee	1992	Private Investor	Director, Avis Budget Group, Inc.
Joan A. Payden	Interested Trustee	1992	President, CEO and Director, Payden & Rygel
Michael E. Salvay	Interested Trustee	2009	Managing Principal, Payden & Rygel
Mary Beth Syal	Interested Trustee	2000	Managing Principal and Director, Payden & Rygel
Officers (2)
Joan A. Payden	Chairman and CEO	1992	President, CEO and Director, Payden & Rygel
Brian W. Matthews	Vice President and CFO	2003	Managing Principal, CFO and Director, Payden & Rygel
Yot Chattrabhuti	Vice President	1997	Principal, Payden & Rygel
Bradley F. Hersh	Vice President and Treasurer	1998	Senior Vice President and Treasurer, Payden & Rygel
David L. Wagner	Vice President and CCO	1996	Senior Vice President, Risk Management, Payden & Rygel
Edward S. Garlock	Secretary	1997	Managing Principal, General Counsel and Director, Payden & Rygel

Additional information about the Trustees can be found in the SAI.

(1) Trustees do not have a set term of office, but serve until their resignation, death or removal.

(2) Officers are elected by, and serve at the pleasure of, The Board of Trustees.

99 Payden Mutual Funds

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 http://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, visit the SEC’s web site at http://www.sec.gov. You may also call 800 572-9336 to request a free copy of the proxy voting guidelines.

IMPORTANT INFORMATION: The information contained in this report is intended for shareholders of the Paydenfunds 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 http://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, visit the SEC’s web site at http://www.sec.gov. You may also call 800 572-9336 to request a free copy of the proxy voting guidelines.

1	Management Discussion & Analysis
2	Portfolio Highlights & Investments
7	Statement of Assets & Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Notes to Financial Statements
17	Financial Highlights
19	Fund Expenses
20	Trustees & Officers

Semi-Annual Report

During the six months ended April 30, 2013, U.S. Treasury yields were little changed despite trading in a fairly wide range. The 10-year U.S. Treasury yield ended the period at 1.67% but traded as high as 2.05% and as low as 1.58% - representing a lack of clear direction. Headlines were dominated by the uncertainty related to the U.S. “fiscal cliff and potential “sequester”. Neither materialized into a significant economic event and the market’s reaction was muted. The Federal Reserve Board, meanwhile, continued purchasing agency mortgage-backed securities and U.S. Treasuries, but with more officials questioning the continued impact of the program. Risky assets including sub-investment grade securities were top performers while returns on investment-grade sectors were more modest.

For the six months ended April 30, 2013, the Payden/Kravitz Cash Balance Plan Fund Institutional Class returned 1.15%, the Adviser Class returned 1.14% and the Retirement Class returned 0.96%, while the Fund’s benchmark, the 30-Year U.S. Treasury Bond Yield on December 31st, returned 1.43%.

Credit-related investments, including investment grade corporate, emerging markets and high yield were key contributors to Fund performance. Holdings in government-related debt to a lesser extent also added to performance. The lower return profile from these safer assets resulted in the performance that lagged the hurdle rate during the period. The Fund’s Adviser expects periodic bouts of volatility in the future as the pathway forward remains uncertain given unprecedented global central bank intervention. A primary Fund focus continues to be holdings in credit markets where strong fundamentals and healthy income should help dampen periods of turbulence.

1    Payden Mutual Funds

The Fund seeks a return equal to the yield on the 30-year U.S. Treasury Bond by investing in debt instruments and income producing securities of U.S. and foreign issuers with no limit on maturity.

Credit Quality - percent of value
AAA	25%
AA	9%
A	15%
BBB	22%
BB or lower	29%

Schedule of Investments - April 30, 2013 (Unaudited)

Principal or Shares	Security Description		Value (000)
Asset Backed (2%)
417,101	Bear Stearns Asset Backed Securities Trust, 0.80%, 8/25/34	$	406
437,257	GE-WMC Asset-Backed Pass-Through Certificates Series 2005-2, 0.45%, 12/25/35		396
487,549	L.A. Arena Funding LLC 144A, 7.66%, 12/15/26 (a)		558
400,000	Mercedes-Benz Auto Receivables Trust, 1.22%, 12/15/17		404
120	Residential Asset Mortgage Products Inc., 4.62%, 3/25/33		—
189,453	Residential Asset Securities Corp. Trust, 4.71%, 11/25/33		183
554,227	Soundview Home Equity Loan Trust, 0.28%, 6/25/37		529
154,891	Terwin Mortgage Trust 144A, 0.96%, 1/25/35 (a)		153
Total Asset Backed (Cost - $2,507)			2,629
Corporate Bond (57%)
910,000	AbbVie Inc. 144A, 1.20%, 11/06/15 (a)		918
10,200,000	AHML Finance Ltd. 144A, 7.75%, 2/13/18 RUB (a)(b)		336
600,000	Air Canada 2013-1 Class A Pass Through Trust 144A, 4.13%, 5/15/25 (a)		610
450,000	Aircastle Ltd., 6.75%, 4/15/17		501
145,000	Alliance One International Inc., 10.00%, 7/15/16		155
640,000	Amazon.com Inc., 1.20%, 11/29/17		640
400,000	American Honda Finance Corp. 144A, 1.00%, 8/11/15 (a)		403
150,000	Amsted Industries Inc. 144A, 8.13%, 3/15/18 (a)		163
600,000	Anglo American Capital PLC 144A, 2.63%, 9/27/17 (a)		615
380,000	ANZ New Zealand International Ltd./London 144A, 1.13%, 3/24/16 (a)		382
1,450,000	Apple Inc., 0.52%, 5/03/18		1,450
350,000	Apple Inc., 2.40%, 5/03/23		350
510,000	Apple Inc., 3.85%, 5/04/43		507
340,000	Arch Coal Inc., 8.75%, 8/01/16 (c)		355
670,000	AT&T Inc., 0.68%, 2/12/16		672
300,000	Aviation Capital Group Corp. 144A, 4.63%, 1/31/18 (a)		313
450,000	Avis Budget Car Rental LLC / Avis Budget Finance Inc. 144A, 4.88%, 11/15/17 (a)		475
310,000	Baidu Inc., 2.25%, 11/28/17		315
510,000	Banco Bradesco SA/Cayman 144A, 2.39%, 5/16/14 (a)		515

Principal or Shares	Security Description		Value (000)
760,000	Banco de Credito e Inversiones 144A, 3.00%, 9/13/17 (a)	$	781
640,000	Banco del Estado de Chile 144A, 2.00%, 11/09/17 (a)		646
510,000	Banco do Brasil SA/Cayman, 3.88%, 10/10/22		508
390,000	Banco do Brasil SA/Cayman 144A, 4.50%, 1/22/15 (a)		410
910,000	Bank of America Corp., 1.25%, 1/11/16		911
350,000	Bank of Montreal, 0.88%, 4/09/18		351
330,000	Barrick Gold Corp. 144A, 2.50%, 5/01/18 (a)		332
280,000	BBVA Banco Continental SA 144A, 2.25%, 7/29/16 (a)		277
640,000	Block Financial LLC, 5.50%, 11/01/22		690
92,000	Boyd Gaming Corp., 6.75%, 4/15/14		92
480,000	BRE Properties Inc., 5.50%, 3/15/17		546
200,000	Brunswick Rail Finance Ltd. 144A, 6.50%, 11/01/17 (a)		212
276,000	Bumble Bee Acquisition Corp. 144A, 9.00%, 12/15/17 (a)		307
145,000	Cablevision Systems Corp., 8.63%, 9/15/17		173
200,000	Caixa Economica Federal 144A, 2.38%, 11/06/17 (a)		196
395,000	Cardinal Health Inc., 1.70%, 3/15/18		397
420,000	Caterpillar Financial Services Corp., 1.25%, 11/06/17		424
140,000	CBQ Finance Ltd. 144A, 5.00%, 11/18/14 (a)		148
375,000	CC Holdings GS V LLC 144A, 2.38%, 12/15/17 (a)		380
700,000	Celulosa Arauco y Constitucion SA, 5.00%, 1/21/21		744
300,000	Central Garden and Pet Co., 8.25%, 3/01/18		315
450,000	CHC Helicopter SA, 9.25%, 10/15/20		482
1,250,000	Chevron Corp., 2.36%, 12/05/22		1,259
505,000	Chubb Corp., 6.38%, 3/29/67		564
150,000	Cincinnati Bell Inc., 8.75%, 3/15/18		154
260,000	CIT Group Inc., 4.25%, 8/15/17		277
530,000	Citigroup Inc., 1.25%, 1/15/16		532
520,000	Coinstar Inc. 144A, 6.00%, 3/15/19 (a)		541
770,000	Colgate-Palmolive Co., 2.10%, 5/01/23		757
360,000	Commonwealth Bank of Australia 144A, 1.01%, 3/17/14 (a)		362
1,060,000	ConAgra Foods Inc., 2.10%, 3/15/18		1,085
300,000	CONSOL Energy Inc., 8.00%, 4/01/17		326
370,000	Constellation Brands Inc., 7.25%, 9/01/16		427
600,000	Corpbanca SA, 3.13%, 1/15/18		603
350,000	Corrections Corp. of America 144A, 4.13%, 4/01/20 (a)		362
870,000	Cosan Luxembourg SA 144A, 9.50%, 3/14/18 BRL (a)(b)		455

Semi-Annual Report    2

Principal or Shares	Security Description		Value (000)
620,000	Credit Agricole SA/London 144A, 1.44%, 4/15/16 (a)	$	621
940,000	Cricket Communications Inc. Leap Term Loan C 1L, 7.00%, 3/08/20		945
293,000	CVS Caremark Corp., 5.75%, 6/01/17		347
990,000	Daimler Finance North America LLC 144A, 0.88%, 1/09/15 (a)		994
550,000	Dollar General Corp., 4.13%, 7/15/17		603
260,000	E*TRADE Financial Corp., 6.00%, 11/15/17		276
400,000	Easton-Bell Sports Inc., 9.75%, 12/01/16		431
260,000	Eaton Corp. 144A, 1.50%, 11/02/17 (a)		262
320,000	Ecolab Inc., 1.45%, 12/08/17		319
165,000	Eldorado Gold Corp. 144A, 6.13%, 12/15/20 (a)(c)		169
630,000	Embraer Overseas Ltd., 6.38%, 1/15/20		736
400,000	ERAC USA Finance LLC 144A, 2.25%, 1/10/14 (a)		404
315,000	Exelon Corp., 4.90%, 6/15/15		340
810,000	Far Eastern Shipping Co. 144A, 8.00%, 5/02/18 (a)		817
350,000	FMG Resources August 2006 Pty Ltd. 144A, 7.00%, 11/01/15 (a)		368
350,000	Ford Motor Credit Co. LLC, 2.50%, 1/15/16		358
300,000	Ford Motor Credit Co. LLC, 4.25%, 2/03/17		323
530,000	Freeport-McMoRan Copper & Gold Inc., 2.15%, 3/01/17		540
590,000	Gazprom OAO Via Gaz Capital SA 144A, 3.85%, 2/06/20 (a)(c)		600
930,000	General Electric Capital Corp., 0.88%, 1/08/16		937
740,000	General Electric Capital Corp., 1.28%, 3/15/23		742
450,000	General Electric Capital Corp., 6.38%, 11/15/67		481
740,000	General Electric Co., 0.85%, 10/09/15		745
600,000	General Motors Financial Co. Inc. 144A, 4.75%, 8/15/17 (a)		636
470,000	Goldcorp Inc., 2.13%, 3/15/18		471
1,020,000	Goldman Sachs Group Inc., 1.48%, 4/30/18		1,023
500,000	Goodyear Tire & Rubber Co., 0.00%, 4/30/19		507
780,000	Harley-Davidson Financial Services Inc. 144A, 2.70%, 3/15/17 (a)		808
675,000	HCA Inc., 0.00%,		677
860,000	Heineken NV 144A, 1.40%, 10/01/17 (a)		863
435,000	Hertz Corp., 5.88%, 10/15/20		477
940,000	HJ Heinz Co. Term Loan B2 1L, 0.00%,		951
610,000	Huntsman International LLC, 4.88%, 11/15/20 (c)		641
640,000	Hutchison Whampoa International 12 II Ltd. 144A, 2.00%, 11/08/17 (a)		646
540,000	Hyundai Capital America 144A, 2.13%, 10/02/17 (a)		542
370,000	IAC/InterActiveCorp 144A, 4.75%, 12/15/22 (a)		374
260,000	Imperial Tobacco Finance PLC 144A, 2.05%, 2/11/18 (a)		264
665,000	Ingredion Inc., 3.20%, 11/01/15		698
770,000	Intel Corp., 1.35%, 12/15/17		776
535,000	Johnson & Johnson, 4.85%, 5/15/41		660
670,000	JPMorgan Chase & Co., 1.18%, 1/25/18		675
640,000	Kennametal Inc., 2.65%, 11/01/19		649
435,000	Kroger Co., 3.90%, 10/01/15		466
515,000	Legg Mason Inc., 5.50%, 5/21/19		560

Principal or Shares	Security Description		Value (000)
700,000	Lexmark International Inc., 5.13%, 3/15/20 (c)	$	727
630,000	Lukoil International Finance BV 144A, 3.42%, 4/24/18 (a)		643
215,000	MassMutual Global Funding II 144A, 0.78%, 9/27/13 (a)		216
330,000	Medtronic Inc., 1.38%, 4/01/18		332
180,000	Memorial Sloan-Kettering Cancer Center, 4.13%, 7/01/52		182
270,000	MetLife Institutional Funding II 144A, 1.18%, 4/04/14 (a)		272
560,000	MetroPCS Wireless Inc. 144A, 6.25%, 4/01/21 (a)		603
1,270,000	Microsoft Corp., 2.13%, 11/15/22		1,254
550,000	Mongolian Mining Corp. 144A, 8.88%, 3/29/17 (a)(c)		566
750,000	Morgan Stanley, 1.54%, 2/25/16		755
350,000	Murphy Oil Corp., 2.50%, 12/01/17		357
515,000	Murphy Oil Corp., 4.00%, 6/01/22		530
570,000	National Australia Bank Ltd. 144A, 0.58%, 1/22/15 (a)		571
925,000	National Australia Bank Ltd. 144A, 2.00%, 6/20/17 (a)		964
440,000	NBCUniversal Enterprise Inc. 144A, 0.97%, 4/15/18 (a)		443
540,000	NCL Corp. Ltd. 144A, 5.00%, 2/15/18 (a)		564
1,230,000	NIKE Inc., 2.25%, 5/01/23		1,232
755,000	Nissan Motor Acceptance Corp. 144A, 1.95%, 9/12/17 (a)		772
630,000	NYSE Euronext, 2.00%, 10/05/17		647
460,000	OGX Petroleo e Gas Participacoes SA 144A, 8.50%, 6/01/18 (a)		291
360,000	Owens-Brockway Glass Container Inc., 7.38%, 5/15/16		414
420,000	Packaging Dynamics Corp. 144A, 8.75%, 2/01/16 (a)		441
918,863	Penn National Gaming Inc., 0.00%,		929
1,270,000	Penske Truck Leasing Co. LP / PTL Finance Corp. 144A, 2.88%, 7/17/18 (a)		1,333
250,000	PNC Bank NA, 0.59%, 1/28/16		251
300,000	President and Fellows of Harvard College 144A, 6.50%, 1/15/39 (a)		443
300,000	QBE Insurance Group Ltd. 144A, 2.40%, 5/01/18 (a)		302
830,000	Regions Financial Corp., 2.00%, 5/15/18		828
40,000	Rockies Express Pipeline LLC 144A, 6.00%, 1/15/19 (a)		40
680,000	Ryder System Inc., 2.35%, 2/26/19		686
440,000	Sabine Pass LNG LP, 7.50%, 11/30/16		499
335,000	Seagate Technology HDD Holdings, 6.80%, 10/01/16		380
520,000	Senior Housing Properties Trust, 4.30%, 1/15/16		546
210,000	Sibur Securities Ltd. 144A, 3.91%, 1/31/18 (a)		207
560,000	Sinopec Capital 2013 Ltd. 144A, 1.88%, 4/24/18 (a)		560
600,000	SMU SA 144A, 7.75%, 2/08/20 (a)		641

3    Payden Mutual Funds

Principal or Shares	Security Description		Value (000)
640,000	Starz LLC / Starz Finance Corp. 144A, 5.00%, 9/15/19 (a)	$	671
315,000	Sydney Airport Finance Co. Pty Ltd. 144A, 3.90%, 3/22/23 (a)		328
630,000	Telefonica Chile SA 144A, 3.88%, 10/12/22 (a)		624
450,000	Tesoro Corp., 4.25%, 10/01/17		476
315,000	Teva Pharmaceutical Finance III BV, 0.78%, 3/21/14		316
530,000	Toyota Motor Credit Corp., 1.25%, 10/05/17		532
590,000	Transocean Inc., 2.50%, 10/15/17		602
600,000	TSMC Global Ltd. 144A, 1.63%, 4/03/18 (a)		606
150,000	United States Steel Corp., 7.38%, 4/01/20 (c)		159
700,000	University of Notre Dame du Lac, 3.72%, 3/01/43		697
260,000	USJ Acucar e Alcool SA 144A, 9.88%, 11/09/19 (a)(c)		293
380,000	Vanguard Natural Resources LLC / VNR Finance Corp., 7.88%, 4/01/20		414
500,000	Verizon Communications Inc., 0.70%, 11/02/15		499
600,000	VimpelCom Holdings BV 144A, 5.20%, 2/13/19 (a)		615
365,000	Vodafone Group PLC, 0.68%, 2/19/16		366
420,000	Volkswagen International Finance NV 144A, 0.89%, 11/20/14 (a)		422
850,000	Wal-Mart Stores Inc., 5.63%, 4/15/41		1,100
630,000	WellPoint Inc., 1.88%, 1/15/18		641
750,000	Wells Fargo & Co., 0.91%, 4/23/18		752
240,000	Wesfarmers Ltd. 144A, 1.87%, 3/20/18 (a)		244
165,000	WM Wrigley Jr. Co. 144A, 3.70%, 6/30/14 (a)		170
680,000	Woolworths Ltd. 144A, 2.55%, 9/22/15 (a)		706
920,000	Xstrata Finance Canada Ltd. 144A, 2.45%, 10/25/17 (a)		937
Total Corporate Bond (Cost - $83,227)			85,014
Foreign Government (1%)
9,900,000	Mexican Bonos, 7.25%, 12/15/16 MXN (b)		903
470,000	Republic of Ghana, 8.50%, 10/04/17 (c)(d)		543
Total Foreign Government (Cost - $1,266)			1,446
Mortgage Backed (24%)
968,522	Adjustable Rate Mortgage Trust, 3.17%, 3/25/37		759
314,589	Bank of America Mortgage Securities Inc., 2.77%, 10/20/32		324
1,170,953	Chase Mortgage Finance Corp., 6.00%, 5/25/37		1,048
425,736	CHL Mortgage Pass-Through Trust 2005-18, 5.50%, 10/25/35		414
1,523,608	Countrywide Alternative Loan Trust, 6.00%, 4/25/37		1,274
1,218,911	Countrywide Alternative Loan Trust, 6.00%, 4/25/37		1,019
1,393,706	FG J22703 15YR, 2.50%, 3/01/28		1,458
5,153,513	FHR 4065 IO, 4.00%, 6/15/32		1,116
1,689,698	FHR 4093 IO, 6.50%, 1/15/38		447
1,081,844	FN AB7905 15YR, 2.50%, 2/01/28		1,134
3,246,910	FN AL3015 ARM, 1.96%, 1/01/43		3,373
1,894,829	FN MA1341 10YR, 2.50%, 2/01/23		2,000
1,161,104	GN 734089 30YR, 4.00%, 12/15/40		1,283

Principal or Shares	Security Description		Value (000)
500,000	Granite Master Issuer PLC, 1.06%, 12/17/54	$	438
759,943	Harborview Mortgage Loan Trust, 3.06%, 1/19/35		728
224,584	HomeBanc Mortgage Trust, 1.06%, 8/25/29		211
334,467	JP Morgan Mortgage Trust, 6.00%, 7/25/36		313
738,915	JP Morgan Mortgage Trust, 6.00%, 6/25/37		664
180,146	Long Beach Mortgage Loan Trust, 5.89%, 8/25/33		157
311,128	MLCC Mortgage Investors Inc., 2.29%, 2/25/36		301
496,127	Morgan Stanley Mortgage Loan Trust, 2.99%, 1/25/35		448
181,029	Morgan Stanley Mortgage Loan Trust, 5.50%, 11/25/35		185
776,527	ORES NPL LLC 144A, 4.00%, 9/25/44 (a)		777
524,140	Prime Mortgage Trust, 5.00%, 10/25/35		514
168,840	Residential Asset Mortgage Products Inc., 6.50%, 4/25/34		173
765,846	Residential Asset Securitization Trust 2006-A8, 6.00%, 8/25/36		660
230,226	S2 Hospitality LLC 144A, 4.50%, 4/15/25 (a)		230
758,370	Sequoia Mortgage Trust, 3.50%, 4/25/42		781
460,000	Springleaf Mortgage Loan Trust 144A, 3.56%, 12/25/59 (a)		470
300,000	Springleaf Mortgage Loan Trust 144A, 5.58%, 6/25/58 (a)		302
732,174	Structured Adjustable Rate Mortgage Loan Trust, 2.64%, 8/25/34		732
67,206	Structured Adjustable Rate Mortgage Loan Trust, 2.69%, 8/25/34		66
567,834	Structured Adjustable Rate Mortgage Loan Trust, 5.31%, 12/25/35		506
480,800	Structured Asset Mortgage Investments Inc., 0.90%, 1/19/34		479
249,350	Structured Asset Mortgage Investments Inc., 2.09%, 10/19/34		151
498,556	Structured Asset Mortgage Investments Inc., 2.37%, 5/25/36		332
190,261	Structured Asset Mortgage Investments Inc., 3.84%, 7/25/32		195
2,894,289	Vendee Mortgage Trust IO, 3.75%, 12/15/33		390
1,706,801	Vericrest Opportunity Loan Transferee 144A, 2.73%, 11/25/60 (a)		1,711
1,461,952	Vericrest Opportunity Loan Trust 2012-NPL1 144A, 8.11%, 3/25/49 (a)		1,480
1,795,799	WaMu Mortgage Pass Through Certificates, 2.53%, 7/25/37		1,419
468,528	WaMu Mortgage Pass Through Certificates, 2.66%, 9/25/36		397
1,278,356	WaMu Mortgage Pass Through Certificates, 2.75%, 10/25/36		1,105
1,204,378	WaMu Mortgage Pass Through Certificates, 4.94%, 9/25/36		1,016
1,283,032	WaMu Mortgage Pass Through Certificates, 5.08%, 2/25/37		1,230
754,453	WaMu Mortgage Pass Through Certificates, 5.75%, 10/25/36		631
1,086,862	Wells Fargo Mortgage Backed Securities Trust, 2.63%, 9/25/34		882

Semi-Annual Report    4

Principal or Shares	Security Description		Value (000)
717,856	Wells Fargo Mortgage Backed Securities Trust, 2.64%, 6/25/35	$	603
Total Mortgage Backed (Cost - $33,939)			36,326
Municipal (3%)
270,000	Commonwealth of Virginia, 3.05%, 6/01/20		297
700,000	Florida Hurricane Catastrophe Fund Finance Corp., 2.11%, 7/01/18		705
400,000	Kentucky Asset Liability Commission, 1.69%, 4/01/18		402
1,000,000	Missouri State Health & Educational Facilities Authority, 3.54%, 2/15/33		1,018
955,000	Texas State, 5.52%, 4/01/39		1,260
575,000	Utah Transit Authority, 5.94%, 6/15/39		771
Total Municipal (Cost - $4,417)			4,453
NCUA Guaranteed (1%)
276,685	NCUA Guaranteed Notes Trust 2010-R2, 0.57%, 11/06/17		278
488,198	NCUA Guaranteed Notes Trust 2010-R3, 0.76%, 12/08/20		491
Total NCUA Guaranteed (Cost - $765)			769
U.S. Treasury (15%)
12,000,000	U.S. Treasury Bill, 0.07%, 7/11/13 (e)(f)		11,999
10,000,000	U.S. Treasury Bill, 0.08%, 10/17/13 (f)		9,997
Total U.S. Treasury (Cost - $21,995)			21,996
Purchased Call Options (0%)
712	S & P 500 Index, 1710, 6/22/13		50
135	U.S. Treasury 10 Year Futures Option, 134, 7/20/13		29
Total Purchased Call Options (Cost - $91)			79
Purchased Put Options (0%)
3,150	Currency Shares Euro Trust, 115, 6/22/13		13
1,233	U.S. Ultra Long Bond, 130, 7/20/13		19
Total Purchased Put Options (Cost - $87)			32
Investment Company (4%)
5,913,167	Payden Cash Reserves Money Market Fund * (Cost - $5,913)		5,913
Total (Cost - $154,207) (107%)			158,657
Liabilities in excess of Other Assets (-7%)			(10,088	)
Net Assets (100%)		$	148,569

All of the securities, except the Payden Cash Reserves Money Market Fund, are held by the custodian in a segregated account.

* 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) Principal in foreign currency.

(c) All or a portion of these securities are on loan. At April 30, 2013, the total market value of the Fund’s securities on loan is $3,331 and the total market value of the collateral held by the Fund is $3,431. Amounts in 000s.

(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.

(e) All or portion of the security is pledged as collateral to cover open futures contract margin requirements.

(f) Yield to maturity at time of purchase.

Open Forward Currency Contracts to USD

Delivery Date	Currency (000s)	Counterparty	Unrealized Appreciation (Depreciation) (000s)
Assets:
5/23/2013	Canadian Dollar (Buy 1,429)	HSBC Securities		$	20
7/30/2013	Mexican Peso (Buy 6,610)	RBS			2
				$	22
Liabilities:
7/15/2013	Euro (Sell 555)	JP Morgan			(3	)
7/24/2013	Japanese Yen (Sell 435,200)	JP Morgan			(33	)
5/28/2013	Russian Ruble (Buy 32,160)	HSBC Securities			(7	)
7/15/2013	Swiss Franc (Sell 2,023)	JP Morgan			(10	)
				$	(53	)

Open Futures Contracts

Number of Contracts	Contract Type	Expiration Date	Current Value (000)				Unrealized Appreciation (Depreciation) (000s)
27	E-MINI S & P 500 Cons Discret Sector IX	Jun-13		$	(1,477	)		$	(54	)
18	EMINI S & P 500 Energy Sector Index	Jun-13			1,409				(23	)
17	LYXOR ETF S&P 500 VIX Future	Aug-13			285				(20	)
18	LYXOR ETF S&P 500 VIX Future	Nov-13			325				(7	)
13	Topix Index Future	Jun-13			1,558				56
7	U.S. Long Bond Future	Jun-13			(1,039	)			(28	)
84	U.S. Treasury 10 Year Note Future	Jun-13			(11,202	)			3
16	U.S. Treasury 5 Year Note Future	Jul-13			1,994				—
11	U.S. Ultra Long Bond Future	Jun-13			(1,808	)			(68	)
								$	(141	)

5    Payden Mutual Funds

Open Credit Default Swap Contracts

Reference Obligations	Fund (Pays) Receives	Counterparty	Expiration Date	Notional Principal (000s)		Value (000s)
CDX.NA.HY., 0.18%, Jun-17	(5.00)%	Barclays	Jun-17		USD        2,970		$	(248	)
CDX.NA.HY., 0.18%, Jun-17	(5.00)%	Barclays	Jun-17		USD        2,970			(247	)
CDX.NA.IG., 0.18%, Jun-17	(1.00)%	RBS	Jun-17		USD        2,500			(47	)
Federal Republic of Germany, 6%, Jun-16	(0.25)%	RBS	Sep-16		USD        2,000			(2	)
U.S. Treasury, 0.25%, Sep-16	(0.25)%	RBS	Sep-16		EUR        1,000			—
							$	(544	)

Open Total Return Swap Contracts

Reference Obligations	Fund Receives	Fund Pays	Counterparty	Expiration Date		Notional Principal (000s)		Value (000s)
FNMA 4% 30 Year ISO	4.00%	1M LIBOR	Barclays		Jan-41		USD    1,700		$	(20	)

Call Options Written

Number of Contracts	Contract Type	Expiration Date	Current Value (000s)				Unrealized (Depreciation) (000s)
14	S & P 500 Index, 1460, 6/21/13	Jun-13		$	(82	)		$	(26	)

Put Options Written

Number of Contracts	Contract Type	Expiration Date	Current Value (000s)				Unrealized Appreciation (000s)
168	Currency Shares Euro Trust, 128	Jun-13		$	(13	)		$	27
20	U.S. Ultra Long Bond, 144	May-13			(2	)			40
								$	67

See notes to financial statements.

Semi-Annual Report    6

April 30, 2013 (Unaudited)

Numbers in 000s

ASSETS:
Investments, at value *	$152,744
Affiliated investments, at value **	5,913
Foreign cash ***	30
Cash	1
Receivable for:
Interest and dividends	783
Investments sold	1,017
Fund shares sold	66
Futures	20
Forward currency contracts	22
Receivable from Advisor (Note 3)	1,022
Other assets	14
Total Assets	161,632
LIABILITIES:
Payable for:
Forward currency contracts	53
Investments purchased	7,654
Fund shares redeemed	2
Futures	10
Options written *****	97
Swaps ****	564
Liability for securities on loan (Note 2)	3,431
Accrued expenses:
Investment advisory fees (Note 3)	1,129
Administration fees (Note 3)	18
Distribution fees (Note 3)	23
Trustee fees and expenses	3
Other liabilities	79
Total Liabilities	13,063
NET ASSETS	$148,569
NET ASSETS:
Paid in capital	$144,218
Undistributed net investment income	1,027
Undistributed net realized losses from investments	(500	)
Net unrealized appreciation (depreciation) from:
Investments	3,819
Translation of assets and liabilities in foreign currencies	5
NET ASSETS	$148,569
NET ASSET VALUE — offering and redemption price per share in whole dollars
Adviser Class
Net Assets	$  62,770
Shares Outstanding	5,793
Net Asset Value Per Share	$    10.84
Institutional Class
Net Assets	$  57,421
Shares Outstanding	5,247
Net Asset Value Per Share	$    10.94
Retirement Class
Net Assets	$  28,378
Shares Outstanding	2,701
Net Asset Value Per Share	$    10.51
*       Investments, at cost	$148,294
**     Affiliated investments, at cost	5,913
***   Foreign cash, at cost	28
**** Swaps, at cost	(33	)
***** Options written, at cost	(138	)

See notes to financial statements.

7    Payden Mutual Funds

Period ended April 30, 2013 (Unaudited)

Numbers in 000s

INVESTMENT INCOME:
Interest income (Note 2)	$2,317
Income from securities lending	19
Investment Income	2,336
EXPENSES:
Investment advisory fees (Note 3)	740
Administration fees (Note 3)	101
Shareholder servicing fees	13
Distribution fees (Note 3)	134
Custodian fees	15
Transfer agent fees	20
Registration and filing fees	26
Trustee fees and expenses	6
Printing and mailing costs	12
Legal fees	1
Publication expense	1
Pricing fees	13
Fund accounting fees	20
Insurance	3
Audit fees	17
Gross Expenses	1,122
Expense subsidy (Note 3)	(147	)
Net Expenses	975
Net Investment Income	1,361
REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) from:
Investments	601
Foreign currency transactions	(108	)
Futures contracts	(144	)
Written option contracts	230
Swap contracts	(756	)
Change in net unrealized appreciation (depreciation) from:
Investments	763
Translation of assets and liabilities in foreign currencies	(1	)
Futures contracts	73
Written option contracts	41
Purchased option contracts	5
Swap contracts	(592	)
Net Realized and Unrealized Gains	112
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$1,473

See notes to financial statements.

Semi-Annual Report    8

Period ended April 30, 2013 (Unaudited) and year ended October 31, 2012

Numbers in 000s

	2013			2012
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income		$    1,361			$    2,877
Net realized gains (losses) on investments		(177	)		269
Change in net unrealized appreciation/(depreciation)		289			3,435
Change in Net Assets Resulting from Operations		1,473			6,581
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Adviser Class		(1,126	)		(1,194	)
Institutional Class		(929	)		(561	)
Retirement Class		(470	)		(276	)
Change in Net Assets from Distributions to Shareholders		(2,525	)		(2,031	)
FROM CAPITAL TRANSACTIONS:
Proceeds from fund shares sold:
Adviser Class		10,348			18,917
Institutional Class		17,942			28,442
Retirement Class		5,916			13,658
Reinvestment of distributions:
Adviser Class		1,090			1,151
Institutional Class		928			559
Retirement Class		470			276
Cost of fund shares redeemed:
Adviser Class		(6,146	)		(21,462	)
Institutional Class		(7,951	)		(10,522	)
Retirement Class		(826	)		(3,200	)
Change in Net Assets from Capital Transactions		21,771			27,819
Total Change in Net Assets		20,719			32,369
NET ASSETS:
Beginning of period		127,850			95,481
End of period		$148,569			$127,850
Accumulated net investment income		$    1,027			$    2,191
FUND SHARES OF BENEFICIAL INTEREST:
Adviser Class:
Outstanding shares at beginning of period		5,302			5,441
Shares sold		956			1,786
Shares issued in reinvestment of distributions		101			112
Shares redeemed		(566	)		(2,037	)
Change in shares outstanding		491			(139	)
Outstanding shares at end of period		5,793			5,302
Institutional Class:
Outstanding shares at beginning of period		4,246			2,507
Shares sold		1,643			2,681
Shares issued in reinvestment of distributions		85			54
Shares redeemed		(727	)		(996	)
Change in shares outstanding		1,001			1,739
Outstanding shares at end of period		5,247			4,246
Retirement Class:
Outstanding shares at beginning of period		2,170			1,128
Shares sold		564			1,326
Shares issued in reinvestment of distributions		45			28
Shares redeemed		(78	)		(312	)
Change in shares outstanding		531			1,042
Outstanding shares at end of period		2,701			2,170
LONG TERM INVESTMENT ACTIVITY:
Purchase of investments (excluding government)		74,411			$107,980
Sale of investments (excluding government)		50,037			96,401
Purchase of government securities		60,813			701,244
Sale of government securities		60,604			698,778

See notes to financial statements.

9    Payden Mutual Funds

April 30, 2013 (Unaudited)

1. Organization and Related Matters

The Payden & Rygel Investment Group (the “Group”) is a no-load, open-end registered investment company organized as a Massachusetts business trust on January 22, 1992 and registered under the Investment Company Act of 1940 (the “1940 Act”), as amended. Each of its seventeen funds (each a “Fund,” collectively the “Funds”) is a series of the Group, and is authorized to issue unlimited shares at $0.001 par value. This report contains only the Payden/Kravitz Cash Balance Plan Fund. The other sixteen Funds are contained in a separate report.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The ASC has superseded all existing non-SEC accounting and reporting standards. The Fund’s financial statements are prepared in accordance with GAAP.

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.

Securities Valuation

Domestic and foreign fixed income securities and other assets for which market quotations are readily available (other than obligations with original maturities of sixty days or less) are valued on the basis of quotes obtained from brokers and dealers or pricing services. Such quotations take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. Debt securities with original maturities of sixty days or less are valued at amortized cost, which approximates fair value. Investments in investment companies are valued at their net asset values as reported by such companies.

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 market are valued at the latest bid price.

Options, futures, swaps and other similar assets are valued at the official closing price in the case of exchange traded derivatives or on the basis of information provided by the institution with which the Fund entered into the transaction 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 by the Valuation and Liquidity Guidelines applicable to the Fund. In considering fair value of a security, one or more factors are taken into consideration depending on the circumstances at the time, including for example: the cost of the security or the last reported sales price of the security as a starting point; changes in interest rates; changes in yield spreads of similarly rated or structured securities; fundamental analytical information relating to the security; the value of other similar securities traded on other markets or among dealers; the general financial condition of the issuer; recent developments affecting the issuer; information, including price quotations, from other financial institutions or analysts; or government actions or pronouncements and other significant events affecting the economy, the markets, the fundamental value of the issuer or of the issuer’s industry.

Fair value pricing may occur when (1) developments occur (a “significant event”) that will affect the value of a Fund’s holdings, and (2) the significant event occurs after the close of the markets on which the securities trade, but before the time when the net asset value is computed for a Fund. A significant event may relate to a single issuer or an entire market.

Risks

Unforeseen events in the markets may at times result in an unusually high degree of volatility in the markets, which could adversely affect the fund causing a decline in value.

Investing in debt securities may include failure of an issuer to make timely interest or principal payments, or a decline or the perception of a decline in credit quality. In addition the value of the debt security may decline due to general market conditions that are not specifically related to a particular company including industry earnings outlook, changes in interest or currency rates or perception of a specific industry.

Semi-Annual Report    10

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.

Investment Transactions and Related Income

Investment transactions are accounted for on the date the security is purchased or sold (trade date). 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.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. The Fund may purchase securities that are denominated in foreign currencies. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rates. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the exchange rates on the dates of the respective transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from the fluctuations arising from changes in security prices.

Reported net realized foreign exchange gains or losses arise from sales and maturities of securities, purchases and sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the differences between the amounts of income or expenses recorded on the Fund’s books and the U.S. dollar equivalents of the amounts actually received or paid. Net unrealized appreciation/ depreciation from translation of assets and liabilities denominated in foreign currency arise from changes in the value of assets and liabilities resulting from changes in the foreign exchange rates.

Forward Currency Contracts

The Fund enters into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The Fund enters into forward contacts to protect against adverse currency movements or as speculative investments.

The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contact settlement date, or an offsetting forward foreign currency contract has been executed, at which time the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risk may arise upon entering into these contracts from potential inability of the counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Futures Contracts

The Fund invests in futures contracts to hedge against anticipated future changes in interest or exchange rates or security prices. In addition, the Fund entered into such transactions to enhance potential gain in circumstances where hedging is not involved.

The purchase or sale of futures contracts and options on futures contracts provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or foreign currency at a fixed price on a future date. Upon entering into such a contract, the Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded.

Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The potential risk to the Fund is that the change in value of the underlying securities may not correlate to the change in value of the contracts.

Stock index futures contracts are an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Variation margin accounting procedures apply to these index futures contracts. The Fund invests in these futures contracts to permit the Fund to meet its objectives at a lower cost than investing directly in equity securities, while permitting the equivalent of an investment in a portfolio of equity securities. The potential risk to a Fund is that the change in value of the underlying index may not correlate to the change in value of the contracts.

11    Payden Mutual Funds

Swap Contracts

The Fund entered into total return swap agreements where the Fund and the counterparty have agreed to exchange payments based on a notional principal amount of a specified security. The total return recipient pays a financing charge based on the notional amount in exchange for the total return, which includes interest and principal appreciation or depreciation of the underlying security.

The Fund entered into credit default swap agreements where the Fund and the counterparty have agreed to pay/receive an annuity premium, which is based on a notional principal amount of a specific security/index. The annuity premium is paid/received until a credit event (e.g. grace period extension, obligation acceleration, repudiation/moratorium or restructuring) occurs or until the agreement matures. If a credit event occurs the parties will exchange the notional amount at par and the defaulted security or cash equivalent.

Options Transactions

Option techniques may be utilized by the Fund to hedge against changes in interest rates, foreign currency exchange rates or security prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with investments in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets. In addition, the Fund may enter into such transactions to enhance potential gain in circumstances where hedging is not involved. When a Fund writes a covered call or put option, an amount equal to the premium received is reflected as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option.

When the Fund purchases a call or put option, an amount equal to the premium paid is included in the Fund’s statement of assets and liabilities as an investment, and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call option, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities.

Written option activity for the Cash Balance Plan Fund was as follows:

Written Options	Number of Contracts			Premiums
Options outstanding at October 31, 2012		—				—
Options written		815			$	512,357
Options expired		(313	)			(304,603	)
Options exercised		(300	)			(69,331	)
Options closed		—				—
Options outstanding at April 30, 2013		202			$	138,423

Derivatives and Hedging

In December 2011, Financial Accounting Standard Board issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). These disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparison between those entities that prepare their financial statements on the basis of US GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (“IFRS”). ASU 2011-11 requires entities to: disclose both gross and net information about both instruments and transactions eligible for offset in the financial statements; and disclose instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2011-11 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. At this time, management is evaluating the implications of ASU 2011-11 and its impact on the Funds’ financial statement disclosures.

Semi-Annual Report    12

The following tables show the Fund’s exposure to different types of market risk as it relates to the statement of assets and liabilities and the statement of operations.

Statement of Assets and Liabilities

Fair Values of Derivative Instruments as of April 30, 2013 (000s)

Underlying Risk	Derivative         Assets		Derivative Liabilities
Credit4,5		—		$(564	)
Interest rate1		$59		(220	)
Foreign currency2,3		22		(53	)
Total		$81		$(837	)

1 Includes cumulative appreciation/depreciation of futures contracts as reported in Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as Payable for futures.

2 Receivable for forward currency contracts.

3 Payable for forward currency contracts.

4 Receivable for swap contracts.

5 Payable for swap contracts.

The Effect of Derivative Instruments on the Statement of Operations

For the Period Ended April 30, 2013

Amount of Realized Gain (Loss) on Derivatives Recognized in Income (000s)

Underlying risk	Futures6			Forward Currency Contracts7			Options8		Swaps9			Total
Credit		—			—			—		$(756	)		$(756	)
Equity		$  (64	)		—			$132		—			68
Foreign exchange		—			$(108	)		—		—			(108	)
Interest rate		(80	)		—			98		—			18
Total		$(144	)		$(108	)		$230		$(756	)		$(778	)

6 Net realized gains (losses) from futures contracts.

7 Net realized gains (losses) from foreign currency transactions which could include other currency related gains and losses.

8 Net realized gains (losses) from option contracts.

9 Net realized gains (losses) from swap contracts.

The Effect of Derivative Instruments on the Statement of Operations

For the Period Ended April 30, 2013

Change in Unrealized Appreciation or (Depreciation)

on Derivatives Recognized in Income (000s)

Underlying risk	Futures10		Forward Currency Contracts11			Options12			Swaps13			Total
Credit		—		—			—			$(558	)		$(558	)
Equity		—		—			$(21	)		—			(21	)
Foreign exchange		—		$(37	)		—			—			(37	)
Interest rate		$73		—			67			(34	)		106
Total		$73		$(37	)		$  46			$(592	)		$(510	)

10 Change in net unrealized appreciation (depreciation) from futures contracts.

11 Change in net unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies which may include other currency related appreciation (depreciation).

12 Change in net unrealized appreciation (depreciation) from option contracts.

13 Change in net unrealized appreciation (depreciation) from swap contracts.

During the period, the average value of derivatives as a percent of average net assets were as follows:

Foreign currency	Credit	Interest rate	Equity
1%	14%	12%	0%

Securities Lending

Pursuant to a securities lending agreement with The Bank of New York Mellon, the Fund may lend securities to qualified institutions. All loans are secured by collateral of at least 102% of the value of the U.S. securities loaned and 105% of the value of the foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. The collateral is maintained by the custodian. Cash collateral is reinvested in the Payden Cash Reserves Money Market Fund. The fund is entitled to receive all of the income on the securities loaned, in addition to income earned as a result of the lending transaction. Although each security is fully collateralized, the Fund bears the risk of delay in receiving additional collateral or in recovery of or loss of rights in the securities loaned should the borrower fail to return the securities in a timely manner. The Fund maintains the right to recall the securities on loan for voting purposes. The income earned is disclosed in the statement of operations.

Collateral

Futures contracts, options, and forward delivery agreements for foreign currency and fixed income securities require either cash settlement or delivery of securities at some future date with little or no initial investment. The Fund is required to segregate sufficient assets to cover any potential loss. Securities that have been pledged as collateral are identified in the Schedule of Investments.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income and net realized gains on foreign currency transactions are declared and paid annually. Net realized gains on investments, if any, are declared and distributed at least annually. All distributions are paid in the form of additional shares unless cash payment is requested.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from GAAP.

Federal Income Taxes

It is the policy of the Fund to meet the requirements for qualification as a regulated investment company as defined in Sub-chapter M of the Internal Revenue Code (the ‘Code”), and

13    Payden Mutual Funds

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, 2013, the Fund did not record any liability for uncertain tax positions. Accordingly, no provision for Federal income or excise tax was made.

The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from generally accepted accounting principles, 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.

The preceding three and the tax year ended October 31, 2012 remain subject to examination by the Internal Revenue Service and state taxing authorities.

As of and during the period ended April 30, 2013, the Fund did not have any liabilities for any unrecognized tax positions. The Fund recognizes interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties.

Affiliated Investment

The Fund invests in the Cash Reserves Money Market Fund, an affiliated Fund. Income earned by the Fund from affiliated Funds for the period is disclosed in the statement of operations.

Value October 31, 2012	Purchase	Sales	Dividends	Value April 30, 2013
$13,044,091	$412,892,789	$420,023,713	$223	$5,913,167

Custodian Credits

The Fund has entered into an agreement with the custodian, whereby it earns custodian fee credits for temporary cash balance. These credits, which offset custodian fees that may be charged to the Fund, are based on 75% of the daily effective federal funds rate, and are, subject to rounding, disclosed in the statement of operations.

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.

Recent Accounting Standard

In June 2013, the Financial Accounting Standards Board (the “FASB”) issued guidance that creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure noncontrolling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Fund’s financial statement disclosures.

3. Related Party Transactions

Payden/Kravitz Advisers LLC (the “Adviser” or “Payden/ Kravitz”) provides investment advisory services to the Fund. Under the terms of the investment advisory agreement, Payden/ Kravitz is entitled to receive fees monthly, computed on the average daily net assets of the Fund at an annualized rate of 1.10%.

Payden/Kravitz agreed to guarantee that, for so long as it acts as investment adviser to the Fund, the expenses of the Fund, including advisory fees (exclusive of interest and taxes) will not exceed 1.25% for the institutional class, 1.50% for the adviser class, and 1.75% for the retirement class of average daily net assets on an annualized basis.

The Fund remains liable to Payden/Kravitz for expenses subsidized in any fiscal year up to a maximum of three years from the end of the period in which the expenses were subsidized as long as any reimbursement will not cause the annual expense ratio for the year in which it is made to exceed the amount of the expense guarantee or expense limit (whichever is in effect at the time of reimbursement).

The deferred expense subsidies represent the cumulative amount of expenses subsidized for the Fund through the end of the year. The amount $1,021,540 ($253,293 for 2011, $336,715 for 2012 and $431,532 for 2013) is not

Semi-Annual Report    14

considered a liability of the Fund, and therefore is not recorded as a liability in the statement of assets and liabilities, but will be recognized as net expense in the statement of operations as expense previously deferred in future periods, if expense limits permit.

Treasury Plus, Inc., a wholly owned subsidiary of Payden & Rygel, serves as administrator to the Fund. Under the terms of the administration agreement, Treasury Plus, Inc. receives fees monthly, computed on the average daily net assets of the Fund at an annualized rate of 0.15%.

The Fund has adopted a plan pursuant to SEC rule 12b-1 by which Payden & Rygel Distributors receives fees monthly, computed on the average net assets of the adviser class at an annualized rate of 0.25% and of the retirement class at an annualized rate of 0.50%. Payden & Rygel Distributors does not receive a fee from the institutional class.

Certain officers and/or trustees of the Group are affiliated with Payden/Kravitz, Payden & Rygel Distributors and/or Treasury Plus, Inc. Such officers and trustees receive no fees from the Fund for serving as officers and/or trustees of the Group.

Indemnifications

Under the Group’s organizations documents, its trustees and officers are indemnified by the Fund against certain liabilities

arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects this risk of loss to be remote.

4. Fair Value Measurement

Various inputs are used in determining the value of the Fund’s investments and other financial instruments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels: Level 1 - quoted prices in active markets for identical investments; Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.), and Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). See Note 2 - Securities Valuation for a summary of the inputs used in valuing the Fund’s investments and other financial instruments.

Table 1.

	Investments in Securities
	Level 1-Quoted Prices					Level 2-Other Significant         Observable Inputs					Level 3-Significant         Unobservable Inputs
	Assets     (000’s)		Liabilities     (000’s)			Assets     (000’s)		Liabilities     (000’s)			Assets     (000’s)		Liabilities     (000’s)		Total        (000’s)
Asset Backed		—		—			$   2,629		—			—		—		$   2,629
Corporate Bond		—		—			85,014		—			—		—		85,014
Foreign Government		—		—			1,446		—			—		—		1,446
Mortgage Backed		—		—			36,326		—			—		—		36,326
Municipal		—		—			4,453		—			—		—		4,453
Options		—		—			111		—			—		—		111
U.S. Government		—		—			22,765		—			—		—		22,765
Investment Company		—		—			5,913		—			—		—		5,913
Table 1a.
Options		$67		$  (26	)		—		—			—		—		$    41
Forward currency contracts		—		—			$22		$  (53	)		—		—		(31	)
Futures		59		(200	)		—		—			—		—		(141	)
Swaps		—		—			—		(564	)		—		—		(564	)

15    Payden Mutual Funds

5. Federal Tax Information (amounts in 000s)

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short or long term capital losses rather than being considered all short term.

As of October 31, 2012, for Federal income tax purposes the Fund had capital loss carry forwards in the amount of $490, which expires in 2019. The carry forwards are available to offset future capital gains, if any.

At April 30, 2013, net unrealized appreciation (depreciation) on investments for Federal income tax purposes is as follows:

Cost of Investments Federal Income Tax Purposes	Gross Unrealized Appreciation on Investments	Gross Unrealized Depreciation on Investments	Net Unrealized Appreciation (Depreciation) on Investments
$154,207,027	$4,711,806	$263,158	$4,448,648

6. Subsequent Events

The Fund has evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.

Semi-Annual Report    16

For the share outstanding for the periods ended April 30, 2013 (Unaudited) and October 31st

	Institutional Class
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	11.03		$	10.60		$	10.75		$	10.42		$	10.06
Income (loss) from investment activities:
Net investment income		0.11			0.23			0.21			0.22			0.13
Net realized and unrealized gains (losses)		0.02			0.42			(0.17	)		0.21			0.34
Total from investment activities		0.13			0.65			0.04			0.43			0.47
Distributions to shareholders:
From net investment income		(0.22	)		(0.22	)		(0.19	)		(0.07	)		(0.07	)
From net realized gains		—			—			—			(0.03	)		(0.04	)
Total distributions to shareholders		(0.22	)		(0.22	)		(0.19	)		(0.10	)		(0.11	)
Net asset value — end of period	$	10.94		$	11.03		$	10.60		$	10.75		$	10.42
Total return		1.15	%(1)		6.25	%		0.34	%		4.24	%		4.71	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	57,421		$	46,834		$	26,577		$	15,611		$	9,199
Ratio of gross expense to average net assets		1.47	%(2)		1.56	%		1.62	%		1.98	%		2.86	%
Ratio of net expense to average net assets		1.25	%(2)		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of investment income less gross expenses to average net assets		2.02	%(2)		2.83	%		2.52	%		1.99	%		(0.12	)%
Ratio of net investment income to average net assets		2.25	%(2)		3.14	%		2.89	%		2.72	%		1.49	%
Portfolio turnover rate		75	%(1)		687	%(3)		88	%		141	%		124	%
The class commenced operations on September 22, 2008.
	Adviser Class
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	10.93		$	10.54		$	10.71		$	10.40		$	10.05
Income (loss) from investment activities:
Net investment income		0.10			0.27			0.16			0.19			0.11
Net realized and unrealized gains (losses)		0.02			0.34			(0.15	)		0.22			0.35
Total from investment activities		0.12			0.61			0.01			0.41			0.46
Distributions to shareholders:
From net investment income		(0.21	)		(0.22	)		(0.18	)		(0.07	)		(0.07	)
From net realized gains		—			—			—			(0.03	)		(0.04	)
Total distributions to shareholders		(0.21	)		(0.22	)		(0.18	)		(0.10	)		(0.11	)
Net asset value — end of period	$	10.84		$	10.93		$	10.54		$	10.71		$	10.40
Total return		1.14	%(1)		5.88	%		0.13	%		4.02	%		4.54	%
Ratios/supplemental data:
Net assets, end of period (000s)	$	62,770		$	57,967		$	57,324		$	33,881		$	18,233
Ratio of gross expense to average net assets		1.72	%(2)		1.81	%		1.88	%		2.24	%		3.13	%
Ratio of net expense to average net assets		1.50	%(2)		1.50	%		1.50	%		1.50	%		1.50	%
Ratio of investment income less gross expenses to average net assets		1.74	%(2)		2.59	%		2.24	%		1.74	%		(0.46	)%
Ratio of net investment income to average net assets		1.96	%(2)		2.90	%		2.62	%		2.48	%		1.17	%
Portfolio turnover rate		75	%(1)		687	%(3)		88	%		141	%		124	%

The class commenced operations on September 22, 2008.

(1) Not annualized

(2) Annualized

(3) Includes U.S. Treasury securities purchased and sold prior to their settlement date; excluding these transactions, portfolio turnover would have been 87%.

See notes to financial statements.

17    Payden Mutual Funds

	Retirement Class
	2013			2012			2011			2010			2009
Net asset value — beginning of period	$	10.62		$	10.26		$	10.46		$	10.18		$	10.00
Income (loss) from investment activities:
Net investment income (loss)		0.10			0.21			0.16			0.14			(0.01	)
Net realized and unrealized gains (losses)		0.00	(1)		0.36			(0.18	)		0.24			0.19
Total from investment activities		0.10			0.57			(0.02	)		0.38			0.18
Distributions to shareholders:
From net investment income		(0.21	)		(0.21	)		(0.18	)		(0.07	)		—
From net realized gains		—			—			—			(0.03	)		—
Total distributions to shareholders		(0.21	)		(0.21	)		(0.18	)		(0.10	)		—
Net asset value — end of period	$	10.51		$	10.62		$	10.26		$	10.46		$	10.18
Total return		0.96	%(2)		5.72	%		(0.18	)%		3.78	%		1.80	%(2)
Ratios/supplemental data:
Net assets, end of period (000s)	$	28,378		$	23,049		$	11,580		$	3,838		$	830
Ratio of gross expense to average net assets		1.97	%(3)		2.06	%		2.12	%		2.51	%		3.56	%(3)
Ratio of net expense to average net assets		1.75	%(3)		1.75	%		1.75	%		1.75	%		1.75	%(3)
Ratio of investment income less gross expenses to average net assets		1.52	%(3)		2.33	%		2.05	%		1.69	%		(2.09	)%(3)
Ratio of net investment income to average net assets		1.73	%(3)		2.64	%		2.42	%		2.45	%		(0.28	)%(3)
Portfolio turnover rate		75	%(2)		687	%(4)		88	%		141	%		124	%(2)

The class commenced operations on April 6, 2009.

(1) Amount is less than $0.005

(2) Not annualized

(3) Annualized

(4) Includes U.S. Treasury securities purchased and sold prior to their settlement date; excluding these transactions, portfolio turnover would have been 87%.

See notes to financial statements.

Semi-Annual Report    18

Understanding Your Fund’s Expenses

Shareholders of mutual funds incur two types of costs: transaction costs incurred from buying or selling Fund shares and ongoing costs incurred from the Funds daily operations. The tables below are provided to highlight ongoing cost only. If transaction costs were included your cost would have been higher.

Actual Expenses

The table below is useful in estimating actual expenses paid during the period ended April 30, 2013. It uses the Fund’s actual return and expense ratio for the period (181/365 days) to calculate the ongoing expenses paid by a shareholder with an initial investment of $1,000. To estimate the actual expenses that you paid over the period, divide your beginning account value by 1,000 and multiply that number by the number in the Expenses Paid During the Period column.

Hypothetical Expenses

The table below is provided so that you can compare the Fund’s ongoing expense with those of another fund. It uses a hypothetical gross annual return of 5%, which is not the Fund’s actual return and the Fund’s actual expense ratio (181/365 days) for the six-month period ended April 30, 2013 to calculate the ongoing expenses paid by a shareholder with an initial investment of $1,000.

	Value November 1, 2012	Value April 30, 2013	6-Month Return	Annual Expense Ratio	Expenses Paid During the Period
Institutional Class
Actual	$1,000.00	$1,011.50	1.15%	1.25%	$6.23
Hypothetical	1,000.00	1,018.60	1.86%	1.25%	6.26
Adviser Class
Actual	$1,000.00	$1,011.40	1.14%	1.50%	$7.48
Hypothetical	1,000.00	1,017.36	1.74%	1.50%	7.50
Retirement Class
Actual	$1,000.00	$1,009.60	0.96%	1.75%	$8.72
Hypothetical	1,000.00	1,016.12	1.61%	1.75%	8.75

19    Payden Mutual Funds

Name and Address	Position with Fund	Year Elected	Principal Occupation(s)	Other Directorships Held
333 S. Grand Avenue Los Angeles, CA 90071
Trustees (1)
W. D. Hilton, Jr.	Independent Trustee	1993	President and CEO, Trust Service, Inc.; Executive Director, NGC Bodily Injury Trust; and Managing Trustee, Fuller-Austin Trust
Gerald S. Levey, M.D.	Independent Trustee	2000	Dean Emeritus and Distinguished Professor of Medicine, David Geffen School of Medicine at the University of California, Los Angeles
Thomas V. McKernan, Jr.	Independent Trustee	1993	Chairman, Automobile Club of Southern California	Director, First American Financial Corp.; Director, Forest Lawn Memorial Park
Rosemarie T. Nassif	Independent Trustee	2008	President Emerita, Holy Names University; Program Director, Conrad Hilton Foundation
Andrew J. Policano	Independent Trustee	2008	Dean, The Paul Merage School of Business at the University of California, Irvine	Director, Badger Meter, Inc.; Director, Rockwell Collins
Dennis C. Poulsen	Independent Trustee	1992	Chairman of the Board, Rose Hills Company	Director, Rose Hills Company
Stender E. Sweeney	Independent Trustee	1992	Private Investor	Director, Avis Budget Group, Inc.
Joan A. Payden	Interested Trustee	1992	President, CEO and Director, Payden & Rygel
Michael E. Salvay	Interested Trustee	2009	Managing Principal, Payden & Rygel
Mary Beth Syal	Interested Trustee	2000	Managing Principal and Director, Payden & Rygel
Officers (2)
Joan A. Payden	Chairman and CEO	1992	President, CEO and Director, Payden & Rygel
Brian W. Matthews	Vice President and CFO	2003	Managing Principal, CFO and Director, Payden & Rygel
Yot Chattrabhuti	Vice President	1997	Principal, Payden & Rygel
Bradley F. Hersh	Vice President and Treasurer	1998	Senior Vice President and Treasurer, Payden & Rygel
David L. Wagner	Vice President and CCO	1996	Senior Vice President, Risk Management, Payden & Rygel
Edward S. Garlock	Secretary	1997	Managing Principal, General Counsel and Director, Payden & Rygel

Additional information about the Trustees can be found in the SAI.

(1) Trustees do not have a set term of office, but serve until their resignation, death or removal.

(2) Officers are elected by, and serve at the pleasure of, The Board of Trustees.

Semi-Annual Report    20

Paydenfunds

333 South Grand Avenue, Los Angeles, California 90071

800 5-PAYDEN 800 572-9336 payden.com

»  PAYDEN/KRAVITZ CASH BALANCE FUNDS

Payden/Kravitz Cash Balance Plan Fund – Adviser Share Class (PKCBX)

Payden/Kravitz Cash Balance Plan Fund – Institutional Share Class (PKBIX)

Payden/Kravitz Cash Balance Plan Fund – Retirement Share Class (PKCRX)

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 in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, 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 registrant’s second fiscal quarter of 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 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)       The Payden & Rygel Investment Group                                                      

By (Signature and Title)*	/s/ Joan A. Payden
	Joan A. Payden, Chairman and CEO
	(principal executive officer)

Date       06/25/13                                                                                                                     

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/ Joan A. Payden
	Joan A. Payden, Chairman and CEO
	(principal executive officer)

Date       06/25/13                                                                                                                     

By (Signature and Title)*	/s/ Brian W. Matthews
	Brian W. Matthews, Vice President and Chief Financial Officer
	(principal financial officer)

Date       06/25/13                                                                                                                     

^* Print the name and title of each signing officer under his or her signature.