Payden

Limited

Maturity

Fund

1

Schedule

of

Investments

-

January

31,

2025

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000)

Asset

Backed

(28%

)

6,605,040

ACRES

Commercial

Realty

Ltd.

2021-FL1

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.314%),

5.62%,

6/15/36 (a)(b)

$

6,614‌

2,376,091

ACRES

Commercial

Realty

Ltd.

2021-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.514%),

5.82%,

1/15/37 (a)(b)

2,378‌

378,787

AEP

Texas

Restoration

Funding

LLC

2019-1,

2.06%,

2/01/27 

379‌

570,511

Ally

Auto

Receivables

Trust

2023-1,

5.76%,

11/15/26 

571‌

4,005,000

Ally

Auto

Receivables

Trust

2024-2,

4.46%,

7/15/27 

4,003‌

2,336,121

Ally

Bank

Auto

Credit-Linked

Notes

2024-A

144A,

5.68%,

5/17/32 (a)

2,366‌

700,167

American

Credit

Acceptance

Receivables

Trust

2024-1

144A,

5.61%,

1/12/27 (a)

701‌

3,359,802

American

Credit

Acceptance

Receivables

Trust

2024-2

144A,

5.90%,

2/12/27 (a)

3,370‌

466,934

American

Credit

Acceptance

Receivables

Trust

2023-4

144A,

6.20%,

6/14/27 (a)

467‌

4,085,553

American

Credit

Acceptance

Receivables

Trust

2024-3

144A,

5.76%,

11/12/27 (a)

4,103‌

3,031,633

American

Credit

Acceptance

Receivables

Trust

2024-4

144A,

4.81%,

3/13/28 (a)

3,034‌

5,000,000

American

Credit

Acceptance

Receivables

Trust

2025-1

144A,

4.67%,

7/12/28 (a)

5,000‌

2,116,000

Americredit

Automobile

Receivables

Trust

2023-

1,

5.62%,

11/18/27 

2,130‌

2,903,537

AmeriCredit

Automobile

Receivables

Trust

2024-1,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.600%),

4.96%,

2/18/28 (b)

2,906‌

5,000,000

Apidos

CLO

2013-12A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.450%),

5.75%,

4/15/31 (a)(b)

5,008‌

609,125

Apidos

CLO

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.080%),

5.37%,

10/18/31 (a)(b)

610‌

5,000,000

Apidos

CLO

2019-32A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.100%),

5.39%,

1/20/33 (a)(b)

5,009‌

2,414,475

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

2022-FL1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.450%),

5.86%,

1/15/37 (a)(b)

2,420‌

3,616,565

Ares

XXXVII

CLO

Ltd.

2015-4A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.080%),

5.38%,

10/15/30 (a)(b)

3,621‌

2,703,870

ARI

Fleet

Lease

Trust

2023-B

144A,

6.05%,

7/15/32 (a)

2,732‌

7,602,173

ARI

Fleet

Lease

Trust

2024-A

144A,

5.30%,

11/15/32 (a)

7,642‌

4,200,000

ARI

Fleet

Lease

Trust

2024-B

144A,

5.54%,

4/15/33 (a)

4,232‌

168,143

Bank

of

America

Auto

Trust

2023-1A

144A,

5.83%,

5/15/26 (a)

168‌

1,655,850

BDS

Ltd.

2021-FL10

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.464%),

5.76%,

12/16/36 (a)(b)

1,658‌

4,500,000

Benefit

Street

Partners

CLO

XIX

Ltd.

2019-19A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.180%),

5.48%,

1/15/33 (a)(b)

4,508‌

Principal

or

Shares

Security

Description

Value

(000)

1,272,476

BMW

Canada

Auto

Trust

2024-1A

144A,

5.03%,

4/20/26

CAD (a)(c)

$

885‌

2,990,000

BMW

Vehicle

Lease

Trust

2024-2,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.420%),

4.77%,

1/25/27 (b)

2,993‌

690,219

BMW

Vehicle

Owner

Trust

2023-A,

5.72%,

4/27/26 

691‌

3,036,072

Bridgecrest

Lending

Auto

Securitization

Trust

2024-3,

5.54%,

2/16/27 

3,042‌

4,500,000

Bridgecrest

Lending

Auto

Securitization

Trust

2025-1,

4.67%,

8/15/28 

4,504‌

4,050,000

Bridgecrest

Lending

Auto

Securitization

Trust

2024-4,

4.72%,

9/15/28 

4,053‌

7,600,000

BSPRT

Issuer

Ltd.

2023-FL10

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.259%),

6.57%,

9/15/35 (a)(b)

7,624‌

1,357,911

BSPRT

Issuer

Ltd.

2021-FL7

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.434%),

5.74%,

12/15/38 (a)(b)

1,361‌

5,000,000

Buttermilk

Park

CLO

Ltd.

2018-1A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.370%),

5.67%,

10/15/31 (a)(b)

5,002‌

3,000,000

Carlyle

Global

Market

Strategies

CLO

Ltd.

2012-4A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.350%),

5.64%,

4/22/32 (a)

(b)

3,002‌

3,031,216

CarMax

Auto

Owner

Trust

2022-1,

1.47%,

12/15/26 

2,998‌

2,884,537

CarMax

Auto

Owner

Trust

2023-4,

6.08%,

12/15/26 

2,896‌

2,889,342

CarMax

Auto

Owner

Trust

2022-4,

5.34%,

8/16/27 

2,903‌

4,050,000

CarMax

Auto

Owner

Trust

2024-3,

5.21%,

9/15/27 

4,066‌

4,400,000

CarMax

Auto

Owner

Trust

2024-4,

4.67%,

12/15/27 

4,405‌

267,115

Carvana

Auto

Receivables

Trust

2023-P3

144A,

6.09%,

11/10/26 (a)

267‌

1,786,553

Carvana

Auto

Receivables

Trust

2021-P4,

1.31%,

1/11/27 

1,773‌

622,181

Carvana

Auto

Receivables

Trust

2023-P4

144A,

6.23%,

1/11/27 (a)

623‌

2,354,976

Carvana

Auto

Receivables

Trust

2022-P1,

3.35%,

2/10/27 

2,347‌

1,838,590

Carvana

Auto

Receivables

Trust

2024-P1

144A,

5.50%,

8/10/27 (a)

1,843‌

2,405,289

Carvana

Auto

Receivables

Trust

2024-P3,

4.61%,

11/10/27 

2,405‌

2,677,090

Carvana

Auto

Receivables

Trust

2024-P2,

5.63%,

11/10/27 

2,689‌

4,800,000

Carvana

Auto

Receivables

Trust

2024-P4,

4.62%,

2/10/28 

4,801‌

3,024,583

CCG

Receivables

Trust

2023-1

144A,

5.82%,

9/16/30 (a)

3,048‌

2,500,000

CCG

Receivables

Trust

2024-1

144A,

4.99%,

3/15/32 (a)

2,510‌

1,752,977

Chase

Auto

Owner

Trust

2024-4A

144A,

5.25%,

9/27/27 (a)

1,759‌

3,200,000

Chase

Auto

Owner

Trust

2024-5A

144A,

4.40%,

11/26/27 (a)

3,196‌

2,847,860

Chesapeake

Funding

II

LLC

2024-1A

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.770%),

5.18%,

5/15/36 (a)(b)

2,856‌

2

Payden

Mutual

Funds

Payden

Limited

Maturity

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

300,000

Cifc

Funding

Ltd.

2014-4RA

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.212%),

5.51%,

1/17/35 (a)(b)

$

300‌

554,585

CIFC

Funding

Ltd.

2015-3A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.132%),

5.42%,

4/19/29 (a)(b)

555‌

1,981,247

CNH

Equipment

Trust

2023-B,

5.90%,

2/16/27 

1,988‌

1,887,191

Crestline

Denali

CLO

XVII

Ltd.

2018-1A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.130%),

5.43%,

10/15/31 (a)(b)

1,887‌

2,111,235

Daimler

Trucks

Retail

Trust

2024-1,

5.60%,

4/15/26 

2,117‌

3,744,158

Dell

Equipment

Finance

Trust

2023-1

144A,

5.65%,

9/22/28 (a)

3,759‌

630,393

Dell

Equipment

Finance

Trust

2023-2

144A,

5.84%,

1/22/29 (a)

631‌

796,131

Dell

Equipment

Finance

Trust

2023-3

144A,

6.10%,

4/23/29 (a)

798‌

5,350,000

Dell

Equipment

Finance

Trust

2024-2

144A,

4.69%,

8/22/30 (a)

5,360‌

4,300,000

Diamond

Infrastructure

Funding

LLC

2021-1A

144A,

1.76%,

4/15/49 (a)

4,029‌

1,081,656

DLLAA

LLC

2023-1A

144A,

5.93%,

7/20/26 (a)

1,085‌

1,300,000

DLLST

LLC

2024-1A

144A,

5.05%,

8/20/27 (a)

1,307‌

3,926,222

Drive

Auto

Receivables

Trust

2024-2,

4.94%,

12/15/27 

3,932‌

7,250,000

Drive

Auto

Receivables

Trust

2024-1,

5.35%,

2/15/28 

7,275‌

4,466,623

Dryden

Senior

Loan

Fund

2015-40A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.150%),

5.67%,

8/15/31 (a)(b)

4,475‌

4,700,000

Enterprise

Fleet

Financing

LLC

2024-2

144A,

5.74%,

12/20/26 (a)

4,735‌

4,000,000

Enterprise

Fleet

Financing

LLC

2024-3

144A,

5.31%,

4/20/27 (a)

4,023‌

4,400,000

Enterprise

Fleet

Financing

LLC

2024-4

144A,

4.69%,

7/20/27 (a)

4,409‌

4,900,000

Enterprise

Fleet

Financing

LLC

2025-1

144A,

4.65%,

10/20/27 (a)

4,900‌

8,056,544

Enterprise

Fleet

Financing

LLC

2024-1

144A,

5.23%,

3/20/30 (a)

8,113‌

3,536,304

Exeter

Automobile

Receivables

Trust

2024-3A,

5.82%,

2/15/27 

3,545‌

2,800,000

Exeter

Automobile

Receivables

Trust

2024-5A,

4.79%,

4/15/27 

2,800‌

5,300,000

Exeter

Automobile

Receivables

Trust

2024-4A,

5.28%,

8/15/30 

5,330‌

149,898

Flagship

Credit

Auto

Trust

2023-1

144A,

5.38%,

12/15/26 (a)

150‌

2,132,748

Flagship

Credit

Auto

Trust

2023-2

144A,

5.76%,

4/15/27 (a)

2,135‌

1,201,646

Flagship

Credit

Auto

Trust

2023-3

144A,

5.89%,

7/15/27 (a)

1,205‌

1,538,577

Ford

Credit

Auto

Lease

Trust

2024-B,

5.18%,

2/15/27 

1,543‌

3,900,000

Ford

Credit

Auto

Lease

Trust

2025-A,

4.57%,

8/15/27 

3,905‌

4,950,009

Ford

Credit

Auto

Owner

Trust

2023-A,

4.65%,

2/15/28 

4,957‌

4,361,721

FS

RIALTO

2021-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.334%),

5.64%,

5/16/38 (a)(b)

4,359‌

Principal

or

Shares

Security

Description

Value

(000)

940,663

FS

Rialto-Fl4

Issuer

LLC

2022-FL4

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.900%),

6.27%,

1/19/39 (a)(b)

$

943‌

1,003,265

Galaxy

XV

CLO

Ltd.

2013-15A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.232%),

5.53%,

10/15/30 (a)(b)

1,005‌

3,624,956

GLS

Auto

Receivables

Issuer

Trust

2024-3A

144A,

5.35%,

8/16/27 (a)

3,636‌

7,958,048

GM

Financial

Automobile

Leasing

Trust

2023-2,

5.05%,

7/20/26 

7,970‌

2,600,000

GM

Financial

Automobile

Leasing

Trust

2024-3,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.470%),

4.84%,

1/20/27 (b)

2,604‌

953,439

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-3,

5.74%,

9/16/26 

955‌

1,192,831

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-1,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.400%),

4.80%,

2/16/27 (b)

1,193‌

2,300,000

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-4,

4.53%,

10/18/27 

2,301‌

4,900,000

GMF

Floorplan

Owner

Revolving

Trust

2024-

4A

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.550%),

4.96%,

11/15/29 (a)(b)

4,916‌

3,842,697

Goldentree

Loan

Management

U.S.

CLO

Ltd.

2019-5A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.070%),

5.36%,

10/20/32 (a)

(b)

3,843‌

3,200,000

Goldentree

Loan

Management

U.S.

CLO

Ltd.

2020-8A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.150%),

5.44%,

10/20/34 (a)

(b)

3,200‌

7,064,244

GreatAmerica

Leasing

Receivables

Funding

LLC

2022-1

144A,

5.08%,

9/15/26 (a)

7,081‌

1,500,000

Highbridge

Loan

Management

Ltd.

5A-2015

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.300%),

5.60%,

10/15/30 (a)(b)

1,500‌

1,370,696

Honda

Auto

Receivables

Owner

Trust

2023-2,

5.41%,

4/15/26 

1,372‌

2,370,000

Hotwire

Funding

LLC

2021-1

144A,

2.31%,

11/20/51 (a)

2,252‌

2,427,042

HPEFS

Equipment

Trust

2023-2A

144A,

6.04%,

1/21/31 (a)

2,436‌

4,900,000

HPS

Loan

Management

Ltd.

13A-18

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.400%),

5.70%,

10/15/30 (a)(b)

4,900‌

2,828,413

Hyundai

Auto

Lease

Securitization

Trust

2023-C

144A,

5.85%,

3/16/26 (a)

2,833‌

3,484,617

Hyundai

Auto

Lease

Securitization

Trust

2023-B

144A,

5.15%,

6/15/26 (a)

3,489‌

8,700,000

Hyundai

Auto

Lease

Securitization

Trust

2023-C

144A,

5.80%,

12/15/26 (a)

8,765‌

3,100,000

Hyundai

Auto

Lease

Securitization

Trust

2024-

C

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.500%),

4.91%,

3/15/27 (a)(b)

3,106‌

1,124,167

Hyundai

Auto

Receivables

Trust

2023-B,

5.77%,

5/15/26 

1,126‌

1,461,000

Hyundai

Auto

Receivables

Trust

2022-A,

2.35%,

4/17/28 

1,435‌

1,160,654

John

Deere

Owner

Trust

2023-B,

5.59%,

6/15/26 

1,162‌

3

Principal

or

Shares

Security

Description

Value

(000)

3,000,000

John

Deere

Owner

Trust

2024-C,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.430%),

4.83%,

8/16/27 (b)

$

3,005‌

3,364,501

KREF

Ltd.

2021-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.184%),

5.49%,

2/15/39 (a)(b)

3,365‌

3,228,046

Kubota

Credit

Owner

Trust

2023-2A

144A,

5.61%,

7/15/26 (a)

3,237‌

4,005,000

Kubota

Credit

Owner

Trust

2023-1A

144A,

5.02%,

6/15/27 (a)

4,024‌

1,647,362

LAD

Auto

Receivables

Trust

2024-1A

144A,

5.44%,

11/16/26 (a)

1,649‌

1,700,000

LCM

Ltd.

31A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.280%),

5.57%,

7/20/34 (a)(b)

1,703‌

1,672,347

LCM

XXIV

Ltd.

24A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.242%),

5.53%,

3/20/30 (a)(b)

1,673‌

3,110,785

Madison

Park

Funding

XLII

Ltd.

13A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.150%),

5.44%,

11/21/30 (a)(b)

3,116‌

1,585,983

Magnetite

XV

Ltd.

2015-15A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.272%),

5.57%,

7/25/31 (a)(b)

1,589‌

5,000,000

Mercedes-Benz

Auto

Lease

Trust

2024-B,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.440%),

4.85%,

12/15/26 (b)

5,003‌

1,835,615

Mercedes-Benz

Auto

Receivables

Trust

2023-1,

4.51%,

11/15/27 

1,836‌

5,378,198

MF1

Ltd.

2022-FL8

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.350%),

5.65%,

2/19/37 (a)(b)

5,385‌

2,990,387

MMAF

Equipment

Finance

LLC

2023-A

144A,

5.79%,

11/13/26 (a)

3,006‌

2,790,408

MMAF

Equipment

Finance

LLC

2024-A

144A,

5.20%,

9/13/27 (a)

2,802‌

571,354

MMAF

Equipment

Finance

LLC

2022-A

144A,

3.20%,

1/13/28 (a)

566‌

2,250,000

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

2023-1

144A,

6.18%,

8/25/28 (a)

2,268‌

5,000,000

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2022-49A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.150%),

5.45%,

7/25/35 (a)(b)

5,011‌

4,500,000

Nissan

Master

Owner

Trust

Receivables

2024-

A

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.670%),

5.08%,

2/15/28 (a)(b)

4,513‌

391,897

OneMain

Direct

Auto

Receivables

Trust

2021-

1A

144A,

0.87%,

7/14/28 (a)

387‌

5,115,000

OneMain

Direct

Auto

Receivables

Trust

2023-

1A

144A,

5.41%,

11/14/29 (a)

5,169‌

2,155,313

Palmer

Square

Loan

Funding

Ltd.

2022-3A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.100%),

5.40%,

4/15/31 (a)(b)

2,156‌

5,204,224

Palmer

Square

Loan

Funding

Ltd.

2024-3A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.080%),

5.60%,

8/08/32 (a)(b)

5,205‌

5,151,496

Palmer

Square

Loan

Funding

Ltd.

2024-1A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.050%),

5.35%,

10/15/32 (a)(b)

5,158‌

Principal

or

Shares

Security

Description

Value

(000)

9,100,000

PFS

Financing

Corp.

2024-A

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.850%),

5.26%,

1/15/28 (a)(b)

$

9,138‌

2,300,000

Porsche

Innovative

Lease

Owner

Trust

2024-

2A

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.440%),

4.80%,

12/21/26 (a)(b)

2,303‌

6,000,000

Rad

CLO

Ltd.

2020-7A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.350%),

5.65%,

4/17/36 (a)(b)

6,018‌

3,102,920

Regatta

XIII

Funding

Ltd.

2018-2A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.100%),

5.40%,

7/15/31 (a)(b)

3,106‌

2,300,000

Regatta

XIII

Funding

Ltd.

2018-2A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.500%),

5.80%,

7/15/31 (a)(b)

2,303‌

6,700,000

Regatta

XIV

Funding

Ltd.

2018-3A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.500%),

5.80%,

10/25/31 (a)(b)

6,709‌

3,300,000

Regatta

XV

Funding

Ltd.

2018-4A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.550%),

5.85%,

10/25/31 (a)(b)

3,305‌

894,035

Santander

Bank

Auto

Credit-Linked

Notes

2022-

C

144A,

6.45%,

12/15/32 (a)

898‌

1,157,818

Santander

Bank

Auto

Credit-Linked

Notes

2023-

A

144A,

6.49%,

6/15/33 (a)

1,166‌

1,372,515

Santander

Drive

Auto

Receivables

Trust

2024-1,

5.71%,

2/16/27 

1,374‌

620,398

Santander

Drive

Auto

Receivables

Trust

2023-4,

6.18%,

2/16/27 

621‌

3,943,485

Santander

Drive

Auto

Receivables

Trust

2024-4,

5.41%,

7/15/27 

3,954‌

1,620,442

Santander

Drive

Auto

Receivables

Trust

2023-5,

6.31%,

7/15/27 

1,624‌

4,544,888

Santander

Drive

Auto

Receivables

Trust

2024-S3

144A,

1.33%,

9/16/27 (a)

4,479‌

4,300,000

Santander

Drive

Auto

Receivables

Trust

2021-3

144A,

2.70%,

10/16/28 (a)

4,231‌

3,800,000

Santander

Drive

Auto

Receivables

Trust

2024-5,

4.62%,

11/15/28 

3,797‌

4,206,575

SBNA

Auto

Lease

Trust

2024-C

144A,

4.94%,

11/20/26 (a)

4,211‌

4,900,000

SBNA

Auto

Lease

Trust

2023-A

144A,

6.51%,

4/20/27 (a)

4,952‌

2,020,592

SBNA

Auto

Receivables

Trust

2024-A

144A,

5.70%,

3/15/27 (a)

2,023‌

588,976

SFS

Auto

Receivables

Securitization

Trust

2023-

1A

144A,

5.89%,

3/22/27 (a)

590‌

2,098,910

SFS

Auto

Receivables

Securitization

Trust

2024-

1A

144A,

5.35%,

6/21/27 (a)

2,103‌

5,000,000

SFS

Auto

Receivables

Securitization

Trust

2024-

3A

144A,

4.71%,

5/22/28 (a)

5,004‌

1,094,000

Stack

Infrastructure

Issuer

LLC

2021-1A

144A,

1.88%,

3/26/46 (a)

1,056‌

2,693,649

STWD

Ltd.

2021-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.314%),

5.62%,

4/18/38 (a)(b)

2,700‌

1,772,075

Symphony

CLO

XVIII

Ltd.

2016-18A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.100%),

5.39%,

7/23/33 (a)(b)

1,775‌

5,979,067

Symphony

CLO

XX

Ltd.

2018-20A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.100%),

5.41%,

1/16/32 (a)(b)

5,995‌

4

Payden

Mutual

Funds

Payden

Limited

Maturity

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

191,966

Tesla

Auto

Lease

Trust

2023-B

144A,

6.02%,

9/22/25 (a)

$

192‌

3,100,000

Tesla

Auto

Lease

Trust

2024-B

144A,

4.79%,

1/20/27 (a)

3,104‌

2,192,754

THL

Credit

Wind

River

CLO

Ltd.

2018-2A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.200%),

5.50%,

7/15/30 (a)(b)

2,197‌

3,450,391

TIAA

CLO

IV

Ltd.

2018-1A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.140%),

5.43%,

1/20/32 (a)(b)

3,450‌

1,634,072

Toyota

Lease

Owner

Trust

2023-B

144A,

5.73%,

4/20/26 (a)

1,637‌

6,118,000

Vantage

Data

Centers

Issuer

LLC

2020-1A

144A,

1.65%,

9/15/45 (a)

5,991‌

5,950,000

Vantage

Data

Centers

Issuer

LLC

2024-1A

144A,

5.10%,

9/15/54 (a)

5,866‌

4,305,678

VERDE

CLO

Ltd.

2019-1A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.110%),

5.41%,

4/15/32 (a)(b)

4,306‌

3,300,000

Verizon

Master

Trust

2024-1,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.650%),

5.06%,

12/20/28 (b)

3,310‌

1,853,101

Volkswagen

Auto

Lease

Trust

2023-A,

5.87%,

1/20/26 

1,855‌

590,854

Volkswagen

Auto

Loan

Enhanced

Trust

2023-1,

5.50%,

12/21/26 

592‌

3,265,428

Voya

CLO

Ltd.

2016-3A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.150%),

5.44%,

10/18/31 (a)(b)

3,272‌

4,613,636

Voya

CLO

Ltd.

2016-3A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.350%),

5.64%,

10/18/31 (a)(b)

4,614‌

4,363,133

Voya

CLO

Ltd.

2015-3A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.150%),

5.44%,

10/20/31 (a)(b)

4,372‌

1,394,994

Westlake

Automobile

Receivables

Trust

2023-

3A

144A,

5.96%,

10/15/26 (a)

1,398‌

4,953,427

Westlake

Automobile

Receivables

Trust

2023-

4A

144A,

6.23%,

1/15/27 (a)

4,975‌

763,982

Westlake

Automobile

Receivables

Trust

2023-

2A

144A,

5.80%,

2/16/27 (a)

766‌

1,731,871

Westlake

Automobile

Receivables

Trust

2022-

1A

144A,

3.11%,

3/15/27 (a)

1,729‌

4,633,000

Westlake

Automobile

Receivables

Trust

2024-

1A

144A,

5.44%,

5/17/27 (a)

4,660‌

4,200,000

Westlake

Automobile

Receivables

Trust

2023-

3A

144A,

5.82%,

5/17/27 (a)

4,226‌

3,445,265

Westlake

Automobile

Receivables

Trust

2024-

2A

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.660%),

5.07%,

8/16/27 (a)(b)

3,450‌

3,250,000

Westlake

Automobile

Receivables

Trust

2024-

3A

144A,

4.82%,

9/15/27 (a)

3,254‌

4,200,000

Westlake

Automobile

Receivables

Trust

2025-

1A

144A,

4.66%,

1/18/28 (a)

4,201‌

5,400,000

Westlake

Automobile

Receivables

Trust

2024-

3A

144A,

4.71%,

4/17/28 (a)

5,403‌

270,152

World

Omni

Auto

Receivables

Trust

2021-B,

0.42%,

6/15/26 

270‌

Total

Asset

Backed

(Cost

-

$560,426)

562,153‌

Commercial

Paper(d)

(2%

)

21,000,000

Delmarva

Power

&

Light

Co.

,

4.43%,

2/03/25 

20,992‌

4,000,000

San

Diego

Gas

&

Elec

Co.

,

5.27%,

2/07/25 

3,997‌

Principal

or

Shares

Security

Description

Value

(000)

6,400,000

UDR

Inc.

,

4.78%,

2/04/25 

$

6,397‌

Total

Commercial

Paper

(Cost

-

$31,389)

31,386‌

Corporate

Bond

(38%

)

Financial  (23%)

9,500,000

ABN

AMRO

Bank

NV

144A,

(Secured

Overnight

Financing

Rate

+

1.780%),

6.16%,

9/18/27 (a)(b)(e)

9,649‌

4,900,000

ABN

AMRO

Bank

NV

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.780%),

4.99%,

12/03/28 (a)(b)

4,900‌

7,430,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

4.88%,

4/01/28 

7,417‌

1,750,000

Air

Lease

Corp.

,

2.88%,

1/15/26 

1,721‌

2,980,000

Ally

Financial

Inc.

,

5.75%,

11/20/25 

2,993‌

2,305,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.760%),

5.24%,

2/13/26 (b)

(e)

2,312‌

4,680,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.999%),

4.99%,

5/01/26 (b)

4,682‌

4,260,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.330%),

6.34%,

10/30/26 (b)

4,310‌

8,435,000

American

Express

Co.

,

(Secured

Overnight

Financing

Rate

+

0.970%),

5.35%,

7/28/27 (b)

(e)

8,478‌

4,730,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

5.31%,

7/26/28 (b)

4,757‌

1,500,000

Antares

Holdings

LP

144A,

8.50%,

5/18/25 (a)

1,509‌

4,820,000

Aon

North

America

Inc.

,

5.13%,

3/01/27 

4,862‌

2,438,000

Ares

Capital

Corp.

,

3.25%,

7/15/25 

2,422‌

1,930,000

Arthur

J

Gallagher

&

Co.

,

4.60%,

12/15/27 

1,924‌

8,360,000

Athene

Global

Funding

144A,

4.95%,

1/07/27 (a)

8,369‌

8,125,000

Australia

&

New

Zealand

Banking

Group

Ltd.

,

5.38%,

7/03/25 

8,153‌

10,000,000

Banco

Santander

SA

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.120%),

5.51%,

7/15/28 (b)

10,044‌

9,480,000

Bank

of

America

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.830%),

4.98%,

1/24/29 (b)

9,503‌

9,930,000

Bank

of

Montreal

,

5.92%,

9/25/25 

10,020‌

6,895,000

Bank

of

Montreal

,

(Secured

Overnight

Financing

Rate

+

0.670%),

5.00%,

1/27/29 (b)(e)

6,919‌

9,760,000

Bank

of

Nova

Scotia

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.000%),

5.41%,

9/08/28 (b)

(e)

9,816‌

9,430,000

Bank

of

Nova

Scotia

,

(Secured

Overnight

Financing

Rate

+

1.080%),

5.46%,

8/01/29 (b)

9,493‌

4,510,000

Banque

Federative

du

Credit

Mutuel

SA

144A,

(Secured

Overnight

Financing

Rate

+

1.400%),

5.77%,

7/13/26 (a)(b)

4,565‌

4,270,000

Banque

Federative

du

Credit

Mutuel

SA

144A,

5.09%,

1/23/27 (a)

4,288‌

2,660,000

Blackstone

Secured

Lending

Fund

,

5.88%,

11/15/27 

2,700‌

1,883,000

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/25 

1,873‌

8,542,000

Blue

Owl

Credit

Income

Corp.

,

5.50%,

3/21/25 

8,550‌

4,810,000

BPCE

SA

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

0.960%),

5.35%,

9/25/25 (a)

(b)

4,831‌

900,000

BPCE

SA

144A,

5.20%,

1/18/27 (a)

907‌

9,905,000

Canadian

Imperial

Bank

of

Commerce

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.220%),

5.60%,

10/02/26 (b)

10,003‌

5

Principal

or

Shares

Security

Description

Value

(000)

9,430,000

Canadian

Imperial

Bank

of

Commerce

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.720%),

4.86%,

1/13/28 (b)

$

9,444‌

3,010,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

5.13%,

5/01/27 (a)

2,956‌

2,715,000

Citibank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.708%),

5.21%,

8/06/26 (b)

2,726‌

9,755,000

Citibank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.712%),

4.88%,

11/19/27 (b)

9,780‌

4,395,000

Commonwealth

Bank

of

Australia

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

0.750%),

5.15%,

3/13/26 (a)(b)

4,414‌

2,090,000

Corebridge

Global

Funding

144A,

4.90%,

1/07/28 (a)

2,096‌

7,990,000

Credit

Agricole

SA

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

1.290%),

5.66%,

7/05/26 (a)(b)(e)

8,063‌

8,595,000

Credit

Agricole

SA

144A,

5.13%,

3/11/27 (a)(e)

8,661‌

3,950,000

CubeSmart

LP

,

4.00%,

11/15/25 

3,927‌

2,980,000

Daimler

Truck

Finance

North

America

LLC

144A,

5.60%,

8/08/25 (a)

2,993‌

3,965,000

Danske

Bank

A/S

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.950%),

5.43%,

3/01/28 (a)(b)

4,012‌

855,000

Freedom

Mortgage

Holdings

LLC

144A,

9.25%,

2/01/29 (a)

893‌

8,620,000

Goldman

Sachs

Bank

USA

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.777%),

5.28%,

3/18/27 (b)

8,676‌

6,950,000

Goldman

Sachs

Bank

USA

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.750%),

5.21%,

5/21/27 (b)

6,965‌

7,865,000

Goldman

Sachs

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.075%),

5.80%,

8/10/26 (b)

7,906‌

1,625,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

,

5.25%,

5/15/27 

1,576‌

5,685,000

Jefferies

Financial

Group

Inc.

,

5.15%,

9/15/25 (e)

5,688‌

4,100,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.190%),

5.04%,

1/23/28 (b)

4,125‌

4,865,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

5.57%,

4/22/28 (b)

4,945‌

5,460,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

5.31%,

7/22/28 (b)

5,487‌

3,900,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.860%),

4.51%,

10/22/28 (b)

3,870‌

3,455,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.800%),

4.92%,

1/24/29 (b)

3,459‌

3,065,000

M&T

Bank

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

4.83%,

1/16/29 (b)

3,051‌

2,250,000

Macquarie

Bank

Ltd.

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

1.200%),

5.62%,

12/07/26 (a)(b)

2,277‌

3,620,000

Macquarie

Bank

Ltd.

144A,

(Secured

Overnight

Financing

Rate

+

0.920%),

5.29%,

7/02/27 (a)

(b)

3,656‌

6,430,000

Mitsubishi

UFJ

Financial

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.940%),

5.41%,

2/20/26 (b)

6,432‌

9,660,000

Morgan

Stanley

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.020%),

5.39%,

4/13/28 (b)

9,728‌

Principal

or

Shares

Security

Description

Value

(000)

9,765,000

Morgan

Stanley

Bank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.165%),

5.55%,

10/30/26 (b)(e)

$

9,883‌

4,775,000

Morgan

Stanley

Bank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.080%),

4.95%,

1/14/28 (b)

4,791‌

3,350,000

Morgan

Stanley

Bank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.940%),

5.31%,

7/14/28 (b)

3,368‌

707,000

Nasdaq

Inc.

,

5.65%,

6/28/25 

710‌

5,705,000

National

Bank

of

Canada

,

(Secured

Overnight

Financing

Rate

+

1.030%),

5.41%,

7/02/27 (b)

5,728‌

5,425,000

New

York

Life

Global

Funding

144A,

5.45%,

9/18/26 (a)

5,506‌

4,855,000

PNC

Financial

Services

Group

Inc.

,

(Secured

Overnight

Financing

Rate

+

1.730%),

6.62%,

10/20/27 (b)

5,006‌

1,895,000

PNC

Financial

Services

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.342%),

5.30%,

1/21/28 (b)

1,916‌

1,815,000

Principal

Life

Global

Funding

II

144A,

5.00%,

1/16/27 (a)

1,828‌

2,465,000

Protective

Life

Global

Funding

144A,

4.99%,

1/12/27 (a)

2,478‌

1,885,000

Rocket

Mortgage

LLC/Rocket

Mortgage

Co.-

Issuer

Inc.

144A,

2.88%,

10/15/26 (a)

1,800‌

2,045,000

Royal

Bank

of

Canada

,

4.88%,

1/19/27 

2,058‌

9,250,000

Royal

Bank

of

Canada

,

(Secured

Overnight

Financing

Rate

+

0.790%),

5.17%,

7/23/27 (b)

9,273‌

9,840,000

Royal

Bank

of

Canada

,

(Secured

Overnight

Financing

Rate

+

0.720%),

4.51%,

10/18/27 (b)

9,808‌

1,545,000

Santander

Holdings

USA

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.232%),

6.12%,

5/31/27 (b)

1,567‌

3,445,000

Skandinaviska

Enskilda

Banken

AB

144A,

5.13%,

3/05/27 (a)

3,484‌

1,499,000

Starwood

Property

Trust

Inc.

,

4.75%,

3/15/25 

1,498‌

1,285,000

Starwood

Property

Trust

Inc.

144A,

6.50%,

7/01/30 (a)

1,298‌

7,595,000

Sumitomo

Mitsui

Financial

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.430%),

5.80%,

1/13/26 (b)

7,675‌

4,825,000

Sumitomo

Mitsui

Financial

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.170%),

5.54%,

7/09/29 (b)

4,880‌

4,920,000

Sumitomo

Mitsui

Trust

Bank

Ltd.

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

1.120%),

5.54%,

3/09/26 (a)(b)

4,959‌

7,935,000

Swedbank

AB

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

1.030%),

5.48%,

11/20/29 (a)

(b)

7,970‌

9,830,000

Toronto-Dominion

Bank

,

4.57%,

12/17/26 

9,813‌

8,160,000

Toronto-Dominion

Bank

,

4.86%,

1/31/28 

8,165‌

5,045,000

UBS

AG

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.720%),

4.86%,

1/10/28 (b)

5,062‌

7,275,000

Wells

Fargo

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.320%),

5.70%,

4/25/26 (b)

(e)

7,293‌

3,815,000

Wells

Fargo

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.070%),

5.71%,

4/22/28 (b)

3,878‌

8,910,000

Wells

Fargo

Bank

N.A.

,

5.55%,

8/01/25 

8,950‌

8,525,000

Wells

Fargo

Bank

N.A.

,

4.81%,

1/15/26 

8,556‌

6

Payden

Mutual

Funds

Payden

Limited

Maturity

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

960,000

XHR

LP

144A,

6.63%,

5/15/30 (a)

$

972‌

459,949‌

Industrial  (10%)

735,000

AAR

Escrow

Issuer

LLC

144A,

6.75%,

3/15/29 (a)

752‌

3,030,000

Albertsons

Cos.

Inc./Safeway

Inc./New

Albertsons

LP/Albertsons

LLC

144A,

3.25%,

3/15/26 (a)

2,976‌

2,970,000

Allison

Transmission

Inc.

144A,

4.75%,

10/01/27 (a)

2,919‌

4,580,000

American

Honda

Finance

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.920%),

5.29%,

1/12/26 (b)

4,601‌

9,735,000

American

Honda

Finance

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.550%),

5.00%,

5/21/26 (b)

9,743‌

2,415,000

BAE

Systems

PLC

144A,

5.00%,

3/26/27 (a)

2,427‌

5,875,000

BMW

U.S.

Capital

LLC

144A,

(Secured

Overnight

Financing

Rate

+

0.800%),

5.28%,

8/13/26 (a)(b)

5,908‌

9,825,000

BMW

U.S.

Capital

LLC

144A,

4.90%,

4/02/27 (a)(e)

9,876‌

1,200,000

Bristol-Myers

Squibb

Co.

,

4.90%,

2/22/27 

1,211‌

3,670,000

Caterpillar

Financial

Services

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.690%),

5.06%,

10/16/26 (b)

3,692‌

1,000,000

Daimler

Truck

Finance

North

America

LLC

144A,

5.00%,

1/15/27 (a)

1,004‌

4,570,000

Daimler

Truck

Finance

North

America

LLC

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

0.960%),

5.35%,

9/25/27 (a)(b)

4,599‌

1,340,000

Ford

Motor

Credit

Co.

LLC

,

5.13%,

6/16/25 

1,340‌

3,600,000

Ford

Motor

Credit

Co.

LLC

,

(U.S.

Secured

Overnight

Financing

Rate

+

2.950%),

7.37%,

3/06/26 (b)

3,674‌

3,060,000

Ford

Motor

Credit

Co.

LLC

,

5.85%,

5/17/27 

3,094‌

1,410,000

General

Mills

Inc.

,

4.70%,

1/30/27 

1,413‌

2,720,000

General

Motors

Financial

Co.

Inc.

,

5.40%,

5/08/27 

2,748‌

6,950,000

General

Motors

Financial

Co.

Inc.

,

(Secured

Overnight

Financing

Rate

+

1.050%),

5.44%,

7/15/27 (b)

6,970‌

1,365,000

Genuine

Parts

Co.

,

1.75%,

2/01/25 

1,365‌

3,550,000

Glencore

Funding

LLC

144A,

5.34%,

4/04/27 (a)

3,589‌

1,065,000

Group

1

Automotive

Inc.

144A,

6.38%,

1/15/30 (a)

1,085‌

1,550,000

HCA

Inc.

,

5.38%,

2/01/25 

1,550‌

4,250,000

Hyundai

Capital

America

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

1.150%),

5.67%,

8/04/25 (a)(b)

4,266‌

6,285,000

Hyundai

Capital

America

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

1.500%),

5.88%,

1/08/27 (a)(b)

6,362‌

7,240,000

John

Deere

Capital

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.680%),

5.05%,

7/15/27 (b)(e)

7,296‌

3,025,000

Match

Group

Holdings

II

LLC

144A,

5.00%,

12/15/27 (a)

2,967‌

3,520,000

Mercedes-Benz

Finance

North

America

LLC

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

5.31%,

3/30/25 (a)(b)

3,524‌

6,735,000

Mercedes-Benz

Finance

North

America

LLC

144A,

5.38%,

8/01/25 (a)

6,761‌

Principal

or

Shares

Security

Description

Value

(000)

7,285,000

Mercedes-Benz

Finance

North

America

LLC

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

0.630%),

5.03%,

7/31/26 (a)(b)

$

7,294‌

1,990,000

Meritage

Homes

Corp.

,

5.13%,

6/06/27 

1,992‌

3,645,000

Newmont

Corp./Newcrest

Finance

Pty

Ltd.

,

5.30%,

3/15/26 

3,667‌

2,900,000

Oracle

Corp.

,

2.80%,

4/01/27 

2,785‌

9,375,000

Oracle

Corp.

,

4.80%,

8/03/28 

9,385‌

2,360,000

Owens

Corning

,

5.50%,

6/15/27 

2,403‌

1,550,000

Penske

Automotive

Group

Inc.

,

3.50%,

9/01/25 

1,539‌

4,525,000

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

144A,

3.95%,

3/10/25 (a)

4,522‌

1,965,000

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

144A,

5.35%,

1/12/27 (a)

1,983‌

4,910,000

PTC

Inc.

144A,

3.63%,

2/15/25 (a)

4,905‌

3,640,000

Regal

Rexnord

Corp.

,

6.05%,

2/15/26 

3,672‌

3,640,000

Ryder

System

Inc.

,

5.30%,

3/15/27 

3,680‌

3,060,000

Sirius

XM

Radio

LLC

144A,

3.13%,

9/01/26 (a)

2,961‌

3,025,000

Standard

Industries

Inc.

144A,

5.00%,

2/15/27 (a)

2,985‌

1,195,000

The

Campbell's

Company

,

5.30%,

3/20/26 

1,203‌

1,550,000

Toll

Brothers

Finance

Corp.

,

4.88%,

11/15/25 

1,548‌

4,020,000

Toyota

Motor

Credit

Corp.

,

(Secured

Overnight

Financing

Rate

+

0.890%),

5.35%,

5/18/26 (b)

4,046‌

8,780,000

Toyota

Motor

Credit

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.770%),

5.27%,

8/07/26 (b)

8,828‌

2,770,000

Toyota

Motor

Credit

Corp.

,

4.35%,

10/08/27 

2,758‌

2,985,000

Travel

+

Leisure

Co.

144A,

6.63%,

7/31/26 (a)

3,035‌

1,880,000

United

Airlines

Inc.

144A,

4.38%,

4/15/26 (a)

1,854‌

3,605,000

UnitedHealth

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.500%),

4.89%,

7/15/26 (b)

3,620‌

8,690,000

Volkswagen

Group

of

America

Finance

LLC

144A,

5.40%,

3/20/26 (a)

8,730‌

197,107‌

Utility  (5%)

2,485,000

Alliant

Energy

Finance

LLC

144A,

5.40%,

6/06/27 (a)

2,506‌

4,180,000

American

Electric

Power

Co.

Inc.

,

5.70%,

8/15/25 

4,198‌

4,865,000

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.

144A,

5.75%,

3/01/27 (a)

4,867‌

1,400,000

Blue

Racer

Midstream

LLC/Blue

Racer

Finance

Corp.

144A,

7.00%,

7/15/29 (a)

1,439‌

3,469,000

Continental

Resources

Inc.

144A,

2.27%,

11/15/26 (a)

3,308‌

900,000

DPL

Inc.

,

4.13%,

7/01/25 

898‌

6,840,000

Energy

Transfer

LP

,

6.05%,

12/01/26 

6,990‌

7,301,000

EQT

Corp.

144A,

3.13%,

5/15/26 (a)

7,136‌

1,255,000

Hess

Midstream

Operations

LP

144A,

6.50%,

6/01/29 (a)

1,281‌

2,600,000

Howard

Midstream

Energy

Partners

LLC

144A,

8.88%,

7/15/28 (a)

2,744‌

1,890,000

Ithaca

Energy

North

Sea

PLC

144A,

8.13%,

10/15/29 (a)

1,936‌

1,765,000

Kimmeridge

Texas

Gas

LLC

144A,

8.50%,

2/15/30 (a)

1,773‌

9,600,000

National

Fuel

Gas

Co.

,

5.50%,

10/01/26 

9,689‌

9,900,000

National

Rural

Utilities

Cooperative

Finance

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.820%),

5.22%,

9/16/27 (b)

9,965‌

7

Principal

or

Shares

Security

Description

Value

(000)

10,090,000

NextEra

Energy

Capital

Holdings

Inc.

,

4.95%,

1/29/26 

$

10,128‌

5,290,000

NextEra

Energy

Capital

Holdings

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.800%),

5.20%,

2/04/28 (b)

5,303‌

3,125,000

ONEOK

Inc.

,

5.55%,

11/01/26 

3,162‌

5,055,000

ONEOK

Inc.

,

4.25%,

9/24/27 

4,988‌

3,920,000

Ovintiv

Inc.

,

5.65%,

5/15/25 

3,928‌

1,345,000

SM

Energy

Co.

144A,

6.75%,

8/01/29 (a)

1,347‌

1,830,000

Summit

Midstream

Holdings

LLC

144A,

8.63%,

10/31/29 (a)

1,929‌

1,090,000

Sunoco

LP

144A,

7.00%,

5/01/29 (a)

1,127‌

3,045,000

TerraForm

Power

Operating

LLC

144A,

5.00%,

1/31/28 (a)

2,937‌

1,675,000

Transocean

Inc.

144A,

8.25%,

5/15/29 (a)

1,682‌

2,020,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.

144A,

7.13%,

3/15/29 (a)

2,069‌

1,155,000

Vistra

Operations

Co.

LLC

144A,

5.05%,

12/30/26 (a)

1,157‌

900,000

Vistra

Operations

Co.

LLC

144A,

5.00%,

7/31/27 (a)

888‌

1,300,000

Wildfire

Intermediate

Holdings

LLC

144A,

7.50%,

10/15/29 (a)

1,286‌

100,661‌

Total

Corporate

Bond

(Cost

-

$752,635)

757,717‌

Mortgage

Backed

(13%

)

3,897,567

ACREC

LLC

2023-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.230%),

6.54%,

2/19/38 (a)(b)

3,917‌

3,200,000

AREIT

Ltd.

2024-CRE9

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.686%),

5.99%,

5/17/41 (a)(b)

3,213‌

4,700,000

BRSP

Ltd.

2024-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.945%),

6.24%,

8/19/37 (a)(b)

4,697‌

6,998,468

BX

Commercial

Mortgage

Trust

2024-XL4

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.442%),

5.75%,

2/15/39 (a)(b)

7,037‌

5,200,000

BX

Commercial

Mortgage

Trust

2024-AIRC

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.691%),

6.00%,

8/15/39 (a)(b)

5,242‌

7,056,183

BX

Commercial

Mortgage

Trust

2024-XL5

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.392%),

5.70%,

3/15/41 (a)(b)

7,085‌

4,028,986

BX

Commercial

Mortgage

Trust

2024-MDHS

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.641%),

5.95%,

5/15/41 (a)(b)

4,051‌

2,134,276

BXMT

Ltd.

2020-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.014%),

5.32%,

2/15/38 (a)(b)

2,118‌

2,500,000

BXMT

Ltd.

2020-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.264%),

5.57%,

2/15/38 (a)(b)

2,450‌

3,900,000

COLT

2025-1

144A,

5.70%,

1/25/70 (a)

3,933‌

4,957,276

Colt

Mortgage

Loan

Trust

2024-7

144A,

5.54%,

12/26/69 (a)

4,951‌

1,757,297

COLT

Mortgage

Loan

Trust

2024-INV4

144A,

5.61%,

5/25/69 (a)

1,759‌

6,125,521

COLT

Mortgage

Loan

Trust

2024-6

144A,

5.39%,

11/25/69 (a)

6,102‌

Principal

or

Shares

Security

Description

Value

(000)

362,154

Connecticut

Avenue

Securities

Trust

2019-

HRP1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.264%),

6.62%,

11/25/39 (a)(b)

$

364‌

1,840,462

Connecticut

Avenue

Securities

Trust

2021-

R03

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.850%),

5.20%,

12/25/41 (a)(b)

1,840‌

664,605

Connecticut

Avenue

Securities

Trust

2022-

R01

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.000%),

5.35%,

12/25/41 (a)(b)

665‌

2,118,601

Connecticut

Avenue

Securities

Trust

2022-

R02

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.200%),

5.55%,

1/25/42 (a)(b)

2,123‌

2,150,877

Connecticut

Avenue

Securities

Trust

2022-

R06

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.750%),

7.10%,

5/25/42 (a)(b)

2,207‌

2,160,367

Connecticut

Avenue

Securities

Trust

2023-

R01

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.400%),

6.75%,

12/25/42 (a)(b)

2,218‌

863,017

Connecticut

Avenue

Securities

Trust

2023-

R02

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.300%),

6.65%,

1/25/43 (a)(b)

885‌

3,154,956

Connecticut

Avenue

Securities

Trust

2023-

R04

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.300%),

6.65%,

5/25/43 (a)(b)

3,228‌

4,242,528

Connecticut

Avenue

Securities

Trust

2023-

R05

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.900%),

6.25%,

6/25/43 (a)(b)

4,285‌

4,855,430

Connecticut

Avenue

Securities

Trust

2023-

R06

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.700%),

6.05%,

7/25/43 (a)(b)

4,882‌

2,077,035

Connecticut

Avenue

Securities

Trust

2024-

R02

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.100%),

5.45%,

2/25/44 (a)(b)

2,079‌

7,776,324

Connecticut

Avenue

Securities

Trust

2024-

R05

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.000%),

5.35%,

7/25/44 (a)(b)

7,798‌

2,390,478

Connecticut

Avenue

Securities

Trust

2024-

R06

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.050%),

5.40%,

9/25/44 (a)(b)

2,398‌

2,564,818

Connecticut

Avenue

Securities

Trust

2024-

R06

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.150%),

5.50%,

9/25/44 (a)(b)

2,575‌

2,997,713

Cross

Mortgage

Trust

2024-H7

144A,

5.59%,

11/25/69 (a)(f)

2,999‌

4,780,993

Cross

Mortgage

Trust

2024-H8

144A,

5.55%,

12/25/69 (a)(f)

4,785‌

5,050,000

DBGS

2024-SBL

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.882%),

6.19%,

8/15/34 (a)(b)

5,083‌

8

Payden

Mutual

Funds

Payden

Limited

Maturity

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

4,735,693

FHLMC

Multifamily

Structured

Pass-Through

Certificates

KF67,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.634%),

5.16%,

8/25/29 (b)

$

4,749‌

2,277,422

Freddie

Mac

STACR

REMIC

Trust

2021-DNA5

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.650%),

6.00%,

1/25/34 (a)(b)

2,294‌

2,834,953

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.000%),

5.35%,

1/25/42 (a)(b)

2,836‌

2,652,641

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.300%),

5.65%,

2/25/42 (a)(b)

2,659‌

2,428,468

Freddie

Mac

STACR

REMIC

Trust

2022-HQA1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.100%),

6.45%,

3/25/42 (a)(b)

2,451‌

5,467,751

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.000%),

6.35%,

4/25/42 (a)(b)

5,532‌

1,165,455

Freddie

Mac

STACR

REMIC

Trust

2022-DNA4

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.200%),

6.55%,

5/25/42 (a)(b)

1,184‌

5,214,391

Freddie

Mac

STACR

REMIC

Trust

2022-DNA6

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.150%),

6.50%,

9/25/42 (a)(b)

5,264‌

3,516,174

Freddie

Mac

STACR

REMIC

Trust

2023-DNA2

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.100%),

6.45%,

4/25/43 (a)(b)

3,588‌

7,288,905

Freddie

Mac

STACR

REMIC

Trust

2023-HQA3

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.850%),

6.20%,

11/25/43 (a)(b)

7,389‌

3,617,572

Freddie

Mac

STACR

REMIC

Trust

2024-DNA1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.350%),

5.70%,

2/25/44 (a)(b)

3,652‌

1,601,180

Freddie

Mac

STACR

REMIC

Trust

2024-DNA3

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.000%),

5.35%,

10/25/44 (a)(b)

1,602‌

4,590,000

Freddie

Mac

STACR

REMIC

Trust

2024-DNA3

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.050%),

5.40%,

10/25/44 (a)(b)

4,600‌

3,380,158

Freddie

Mac

STACR

REMIC

Trust

2022-DNA7

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.500%),

6.85%,

3/25/52 (a)(b)

3,431‌

5,100,000

FS

Rialto

Issuer

LLC

2024-FL9

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.631%),

5.93%,

10/19/39 (a)(b)

5,123‌

5,000,000

Greystone

CRE

Notes

2024-HC3

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.215%),

6.52%,

3/15/41 (a)(b)

5,006‌

Principal

or

Shares

Security

Description

Value

(000)

2,700,000

GS

Mortgage

Securities

Corp.

Trust

2023-SHIP

144A,

4.94%,

9/10/38 (a)(f)

$

2,691‌

114,853

HIG

RCP

LLC

2023-FL1

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.274%),

6.58%,

9/19/38 (a)(b)

115‌

2,000,000

HIH

Trust

2024-61P

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.842%),

6.15%,

10/15/41 (a)(b)

2,015‌

5,700,000

HTL

Commercial

Mortgage

Trust

2024-T53

144A,

5.88%,

5/10/39 (a)(f)

5,774‌

4,984,664

JP

Morgan

Mortgage

Trust

2024-NQM1

144A,

5.59%,

2/25/64 (a)

4,998‌

3,045,635

Life

Mortgage

Trust

2021-BMR

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

0.814%),

5.12%,

3/15/38 (a)(b)

3,041‌

4,100,000

Life

Mortgage

Trust

2022-BMR2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.295%),

5.60%,

5/15/39 (a)(b)

4,028‌

2,497,646

MCR

Mortgage

Trust

2024-HTL

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.758%),

6.07%,

2/15/37 (a)(b)

2,512‌

83,705

Oaktown

Re

VII

Ltd.

2021-2

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.600%),

5.95%,

4/25/34 (a)(b)

84‌

4,200,000

OBX

2025-NQM2

144A,

5.60%,

11/25/64 (a)(f)

4,200‌

4,543,672

OBX

Trust

2024-NQM13

144A,

5.12%,

6/25/64 (a)

4,510‌

4,588,470

OBX

Trust

2024-NQM12

144A,

5.48%,

7/25/64 (a)

4,581‌

4,355,559

OBX

Trust

2024-NQM14

144A,

4.94%,

9/25/64 (a)

4,307‌

2,414,811

OBX

Trust

2024-NQM15

144A,

5.32%,

10/25/64 (a)

2,404‌

4,214,662

OBX

Trust

2024-NQM18

144A,

5.41%,

10/25/64 (a)(f)

4,214‌

2,388,447

OBX

Trust

2024-NQM16

144A,

5.53%,

10/25/64 (a)

2,386‌

4,760,765

OBX

Trust

2024-NQM17

144A,

5.61%,

11/25/64 (a)(f)

4,763‌

3,453,534

OBX

Trust

2025-NQM1

144A,

5.55%,

12/25/64 (a)(f)

3,460‌

3,950,000

ONE

Mortgage

Trust

2021-PARK

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

0.814%),

5.12%,

3/15/36 (a)(b)

3,917‌

4,097,605

PFP

Ltd.

2024-11

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.832%),

6.13%,

9/17/39 (a)(b)

4,122‌

6,503,348

THPT

Mortgage

Trust

2023-THL

144A,

6.99%,

12/10/34 (a)(f)

6,658‌

1,933,777

Verus

Securitization

Trust

2024-R1

144A,

5.22%,

9/25/69 (a)(f)

1,922‌

2,523,897

Verus

Securitization

Trust

2024-8

144A,

5.36%,

10/25/69 (a)(f)

2,515‌

5,000,000

Verus

Securitization

Trust

2025-1

144A,

5.62%,

1/25/70 (a)(f)

5,008‌

Total

Mortgage

Backed

(Cost

-

$251,585)

252,554‌

U.S.

Treasury

(18%

)

25,000,000

U.S.

Treasury

Bill

,

4.25%,

2/18/25 (d)

24,956‌

70,000,000

U.S.

Treasury

Bill

,

4.30%,

3/13/25 (d)

69,686‌

40,000,000

U.S.

Treasury

Bill

,

4.26%,

4/03/25 (d)

39,724‌

38,000,000

U.S.

Treasury

Bill

,

4.28%,

4/15/25 (d)

37,687‌

85,000,000

U.S.

Treasury

Bill

,

4.25%,

5/06/25 (d)

84,091‌

75,000,000

U.S.

Treasury

Bill

,

4.28%,

5/13/25 (d)

74,137‌

9

Principal

or

Shares

Security

Description

Value

(000)

40,000,000

U.S.

Treasury

Bill

,

4.25%,

6/20/25 (d)

$

39,369‌

Total

U.S.

Treasury

(Cost

-

$369,548)

369,650‌

Investment

Company

(2%

)

15,350,473

Payden

Cash

Reserves

Money

Market

Fund*

15,350‌

2,726,002

Payden

Floating

Rate

Fund,

SI

Class*

26,715‌

Total

Investment

Company

(Cost

-

$42,342)

42,065‌

Total

Investments

(Cost

-

$2,007,925)

(101%)

2,015,525‌

Liabilities

in

excess

of

Other

Assets

(-1%)

(22,770‌)

Net

Assets

(100%)

$

1,992,755‌

*

Affiliated

investment.

(a)

Security

offered

only

to

qualified

institutional

investors,

and

thus

is

not

registered

for

sale

to

the

public

under

rule

144A

of

the

Securities

Act

of

1933.

It

has

been

deemed

liquid

under

guidelines

approved

by

the

Board.

(b)

Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

January

31,

2025.

(c)

Principal

in

foreign

currency.

(d)

Yield

to

maturity

at

time

of

purchase.

(e)

All

or

a

portion

of

these

securities

are

on

loan.

At

January

31,

2025,

the

total

market

value

of

the

Fund’s

securities

on

loan

is

$12,063

and

the

total

market

value

of

the

collateral

held

by

the

Fund

is

$12,402.

Amounts

in

000s.

(f)

Variable

rate

security.

Interest

rate

disclosed

is

as

of

the

most

recent

information

available.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

above.

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000s)

Assets:

USD

1,967

CAD  2,645

HSBC

Bank

USA,

N.A.

03/19/2025

$

143

Liabilities:

CAD

295

USD  215

HSBC

Bank

USA,

N.A.

03/19/2025

(11)

Net

Unrealized

Appreciation

(Depreciation)

$132