Payden

Low

Duration

Fund

1

Schedule

of

Investments

-

July

31,

2024

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000)

Asset

Backed

(23%

)

1,871,539

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-A

144A,

6.32%,

5/17/32 (a)

$

1,886‌

1,400,000

ARI

Fleet

Lease

Trust

2024-B

144A,

5.26%,

4/15/33 (a)

1,423‌

1,900,000

BofA

Auto

Trust

2024-1A

144A,

5.31%,

6/17/30 (a)

1,940‌

8,197,845

BRSP

Ltd.

2021-FL1

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.264%),

6.61%,

8/19/38 (a)(b)

8,116‌

4,000,000

BSPRT

Issuer

Ltd.

2023-FL10

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.259%),

7.59%,

9/15/35 (a)(b)

4,039‌

2,850,000

CarMax

Auto

Owner

Trust

2024-3,

5.67%,

1/15/31 

2,869‌

1,337,303

CARS-DB4

LP

2020-1A

144A,

2.69%,

2/15/50 (a)

1,313‌

8,544,693

CARS-DB5

LP

2021-1A

144A,

1.44%,

8/15/51 (a)

7,879‌

1,800,000

Carvana

Auto

Receivables

Trust

2021-P3,

1.03%,

6/10/27 

1,701‌

2,400,000

Carvana

Auto

Receivables

Trust

2023-P5

144A,

5.62%,

1/10/29 (a)

2,421‌

8,700,000

Carvana

Auto

Receivables

Trust

2024-P1

144A,

5.05%,

4/10/29 (a)

8,735‌

3,150,000

Carvana

Auto

Receivables

Trust

2024-P2,

5.33%,

7/10/29 

3,186‌

3,760,000

CyrusOne

Data

Centers

Issuer

I

LLC

2024-2A

144A,

4.50%,

5/20/49 (a)

3,538‌

7,500,000

Diamond

Infrastructure

Funding

LLC

2021-1A

144A,

1.76%,

4/15/49 (a)

6,859‌

7,650,000

Diamond

Issuer

LLC

2021-1A

144A,

2.31%,

11/20/51 (a)

7,006‌

1,000,000

DLLST

LLC

2024-1A

144A,

5.05%,

8/20/27 (a)

1,000‌

2,900,000

Enterprise

Fleet

Financing

LLC

2024-2

144A,

5.61%,

4/20/28 (a)

2,958‌

8,033,983

Enterprise

Fleet

Financing

LLC

2023-1

144A,

5.51%,

1/22/29 (a)

8,044‌

1,900,000

Enterprise

Fleet

Financing

LLC

2024-1

144A,

5.16%,

9/20/30 (a)

1,927‌

1,652,046

Flagship

Credit

Auto

Trust

2021-3

144A,

0.95%,

7/15/27 (a)

1,633‌

2,100,000

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-1,

4.85%,

12/18/28 

2,107‌

2,600,000

GreatAmerica

Leasing

Receivables

Funding

LLC

Series

2024-2

144A,

5.00%,

9/15/28 (a)

2,611‌

583,585

Greystone

CRE

Notes

Ltd.

2019-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.294%),

6.62%,

9/15/37 (a)(b)

585‌

3,750,000

Greystone

CRE

Notes

Ltd.

2021-HC2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.914%),

7.24%,

12/15/39 (a)(b)

3,720‌

1,600,000

Hotwire

Funding

LLC

2024-1A

144A,

9.19%,

6/20/54 (a)

1,654‌

9,800,000

HPEFS

Equipment

Trust

2023-1A

144A,

5.41%,

2/22/28 (a)

9,810‌

3,100,000

HPEFS

Equipment

Trust

2024-2A

144A,

5.36%,

10/20/31 (a)

3,125‌

30,013

JPMorgan

Chase

Bank

N.A.-CACLN

2021-2

144A,

0.97%,

12/26/28 (a)

30‌

1,000,000

Kubota

Credit

Owner

Trust

2024-2A

144A,

5.19%,

5/15/30 (a)

1,015‌

Principal

or

Shares

Security

Description

Value

(000)

4,264,475

LCCM

Trust

2021-FL2

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.314%),

6.64%,

12/13/38 (a)(b)

$

4,214‌

3,208,181

LoanCore

Issuer

Ltd.

2021-CRE5

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.414%),

6.74%,

7/15/36 (a)(b)

3,193‌

1,213,378

Navient

Private

Education

Refi

Loan

Trust

2020-

HA

144A,

1.31%,

1/15/69 (a)

1,135‌

4,561,198

Navient

Private

Education

Refi

Loan

Trust

2021-

FA

144A,

1.11%,

2/18/70 (a)

3,949‌

4,904,949

Navient

Private

Education

Refi

Loan

Trust

2022-

A

144A,

2.23%,

7/15/70 (a)

4,412‌

6,500,000

Nissan

Master

Owner

Trust

Receivables

2024-B

144A,

5.05%,

2/15/29 (a)

6,556‌

8,055,790

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2020-1A

144A,

1.85%,

11/20/50 (a)

7,615‌

3,450,000

OCP

CLO

Ltd.

2014-6A

144A,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.900%),

7.19%,

10/17/30 (a)(b)

3,455‌

6,500,000

OneMain

Financial

Issuance

Trust

2022-2A

144A,

4.89%,

10/14/34 (a)

6,468‌

8,400,000

OneMain

Financial

Issuance

Trust

2021-1A

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.760%),

6.10%,

6/16/36 (a)(b)

8,402‌

4,350,000

OneMain

Financial

Issuance

Trust

2023-2A

144A,

5.84%,

9/15/36 (a)

4,447‌

4,150,000

PFS

Financing

Corp.

2024-B

144A,

4.95%,

2/15/29 (a)

4,169‌

882,933

Santander

Bank

Auto

Credit-Linked

Notes

2022-

A

144A,

5.28%,

5/15/32 (a)

882‌

541,162

Santander

Bank

Auto

Credit-Linked

Notes

2022-

B

144A,

5.92%,

8/16/32 (a)

541‌

396,852

Santander

Bank

Auto

Credit-Linked

Notes

2022-

B

144A,

6.79%,

8/16/32 (a)

398‌

2,250,000

Santander

Bank

Auto

Credit-Linked

Notes

2023-

B

144A,

5.64%,

12/15/33 (a)

2,268‌

200,164

Santander

Bank

N.A.-SBCLN

2021-1A

144A,

1.83%,

12/15/31 (a)

199‌

5,200,000

Santander

Drive

Auto

Receivables

Trust

2023-4,

5.73%,

4/17/28 

5,228‌

2,733,515

Santander

Drive

Auto

Receivables

Trust

2023-S1

144A,

8.14%,

4/18/28 (a)

2,756‌

2,500,000

Santander

Drive

Auto

Receivables

Trust

2024-2,

5.78%,

7/16/29 

2,547‌

3,219,498

SoFi

Professional

Loan

Program

Trust

2021-A

144A,

1.03%,

8/17/43 (a)

2,780‌

5,381,352

SoFi

Professional

Loan

Program

Trust

2021-B

144A,

1.14%,

2/15/47 (a)

4,664‌

4,410,000

Stack

Infrastructure

Issuer

LLC

2020-1A

144A,

1.89%,

8/25/45 (a)

4,226‌

2,400,000

Stack

Infrastructure

Issuer

LLC

2021-1A

144A,

1.88%,

3/26/46 (a)

2,258‌

5,000,000

Switch

ABS

Issuer

LLC

2024-2A

144A,

5.44%,

6/25/54 (a)

4,960‌

4,598,438

Taco

Bell

Funding

LLC

2016-1A

144A,

4.97%,

5/25/46 (a)

4,561‌

4,800,000

TierPoint

Issuer

LLC

2023-1A

144A,

6.00%,

6/25/53 (a)

4,771‌

6,550,000

Vantage

Data

Centers

Issuer

LLC

2020-1A

144A,

1.65%,

9/15/45 (a)

6,262‌

1,000,000

VB-S1

Issuer

LLC-VBTEL

2024-1A

144A,

8.87%,

5/15/54 (a)

1,034‌

2

Payden

Mutual

Funds

Payden

Low

Duration

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

2,000,000

Westlake

Automobile

Receivables

Trust

2021-

3A

144A,

2.12%,

1/15/27 (a)

$

1,938‌

10,000,000

Westlake

Automobile

Receivables

Trust

2023-

2A

144A,

5.80%,

2/16/27 (a)

10,022‌

4,432,500

Wingstop

Funding

LLC

2020-1A

144A,

2.84%,

12/05/50 (a)

4,100‌

Total

Asset

Backed

(Cost

-

$232,072)

227,540‌

Commercial

Paper(c)

(4%

)

7,500,000

AT&T

Inc.

,

5.53%,

9/26/24 

7,436‌

7,500,000

Canadian

National

Railway

Company

Co.

,

5.50%,

8/29/24 

7,467‌

10,000,000

Centerpoint

Energy

Inc.

,

5.36%,

8/01/24 

9,999‌

7,500,000

Glencore

Funding

LLC

,

5.56%,

8/05/24 

7,494‌

4,000,000

Mondelez

International,

Inc.

,

5.44%,

8/01/24 

3,999‌

Total

Commercial

Paper

(Cost

-

$36,400)

36,395‌

Corporate

Bond

(33%

)

Financial  (17%)

2,400,000

ABN

AMRO

Bank

NV

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.650%),

6.34%,

9/18/27 (a)(b)

2,456‌

5,110,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

1.65%,

10/29/24 

5,059‌

4,576,000

Air

Lease

Corp.

,

2.88%,

1/15/26 

4,425‌

5,650,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.970%),

5.39%,

7/28/27 (b)

5,704‌

2,715,000

American

Express

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

5.04%,

7/26/28 (b)

2,734‌

4,945,000

Athene

Global

Funding

144A,

5.52%,

3/25/27 (a)

5,010‌

4,000,000

Banco

Santander

SA

,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.950%),

5.37%,

7/15/28 (b)

4,038‌

6,270,000

Bank

of

America

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.650%),

1.53%,

12/06/25 (b)

6,183‌

4,995,000

Banque

Federative

du

Credit

Mutuel

SA

144A,

5.90%,

7/13/26 (a)

5,090‌

2,225,000

Banque

Federative

du

Credit

Mutuel

SA

144A,

5.09%,

1/23/27 (a)

2,235‌

1,690,000

Blackstone

Private

Credit

Fund

,

2.70%,

1/15/25 

1,666‌

5,000,000

Blackstone

Secured

Lending

Fund

,

2.75%,

9/16/26 (d)

4,700‌

2,160,000

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/25 

2,119‌

1,520,000

Blue

Owl

Technology

Finance

Corp.

144A,

3.75%,

6/17/26 (a)

1,438‌

285,000

BPCE

SA

144A,

5.20%,

1/18/27 (a)

287‌

3,245,000

BPCE

SA

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

2.100%),

5.98%,

1/18/27 (a)

(b)

3,274‌

2,165,000

Brighthouse

Financial

Global

Funding

144A,

1.75%,

1/13/25 (a)

2,127‌

2,605,000

Capital

One

Financial

Corp.

,

(U.S.

Secured

Overnight

Financing

Rate

+

2.440%),

7.15%,

10/29/27 (b)

2,716‌

1,540,000

Citizens

Bank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.450%),

6.06%,

10/24/25 (b)

1,537‌

3,000,000

Citizens

Bank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.020%),

5.28%,

1/26/26 (b)

(d)

2,991‌

5,605,000

Credit

Agricole

SA

144A,

5.59%,

7/05/26 (a)

5,679‌

1,960,000

Danske

Bank

A/S

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.950%),

5.43%,

3/01/28 (a)(b)

1,985‌

Principal

or

Shares

Security

Description

Value

(000)

8,005,000

F&G

Global

Funding

144A,

0.90%,

9/20/24 (a)

$

7,949‌

2,030,000

First-Citizens

Bank

&

Trust

Co.

,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.715%),

2.97%,

9/27/25 (b)

2,020‌

1,270,000

Franklin

BSP

Capital

Corp.

144A,

7.20%,

6/15/29 (a)

1,292‌

720,000

Freedom

Mortgage

Holdings

LLC

144A,

9.25%,

2/01/29 (a)

726‌

3,980,000

FS

KKR

Capital

Corp.

144A,

4.25%,

2/14/25 (a)

3,942‌

4,300,000

Goldman

Sachs

Bank

USA

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.777%),

5.28%,

3/18/27 (b)

4,318‌

3,600,000

Goldman

Sachs

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.609%),

0.86%,

2/12/26 (b)

3,513‌

4,655,000

Goldman

Sachs

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.075%),

5.80%,

8/10/26 (b)

4,678‌

3,540,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.320%),

4.08%,

4/26/26 (b)

3,508‌

1,390,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.190%),

5.04%,

1/23/28 (b)

1,396‌

2,515,000

JPMorgan

Chase

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

4.98%,

7/22/28 (b)

2,528‌

1,220,000

KeyBank

N.A.

,

4.70%,

1/26/26 (d)

1,206‌

3,415,000

Macquarie

Group

Ltd.

144A,

(U.S.

Secured

Overnight

Financing

Rate

+

0.694%),

1.20%,

10/14/25 (a)(b)

3,384‌

710,000

Main

Street

Capital

Corp.

,

6.95%,

3/01/29 

735‌

6,245,000

Manufacturers

&

Traders

Trust

Co.

,

4.65%,

1/27/26 

6,189‌

2,230,000

Morgan

Stanley

I,

(U.S.

Secured

Overnight

Financing

Rate

+

0.745%),

0.86%,

10/21/25 (b)

2,207‌

2,905,000

Morgan

Stanley

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.770%),

6.14%,

10/16/26 (b)

2,938‌

2,545,000

Morgan

Stanley

Bank

N.A.

,

(U.S.

Secured

Overnight

Financing

Rate

+

0.930%),

4.97%,

7/14/28 (b)

2,558‌

4,865,000

National

Bank

of

Canada

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.036%),

5.60%,

7/02/27 (b)

4,917‌

1,440,000

NatWest

Group

PLC

,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.350%),

5.85%,

3/02/27 (b)

1,455‌

1,560,000

OneMain

Finance

Corp.

,

7.13%,

3/15/26 

1,588‌

985,000

PNC

Financial

Services

Group

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.342%),

5.30%,

1/21/28 (b)

994‌

615,000

PRA

Group

Inc.

144A,

7.38%,

9/01/25 (a)

616‌

3,350,000

Rocket

Mortgage

LLC/Rocket

Mortgage

Co.-

Issuer

Inc.

144A,

2.88%,

10/15/26 (a)

3,168‌

795,000

Santander

Holdings

USA

Inc.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.232%),

6.12%,

5/31/27 (b)

806‌

2,850,000

SBA

Tower

Trust

144A,

1.88%,

1/15/26 (a)

2,714‌

3,800,000

SBA

Tower

Trust

144A,

1.63%,

11/15/26 (a)

3,504‌

1,570,000

Starwood

Property

Trust

Inc.

,

4.75%,

3/15/25 

1,558‌

6,385,000

Sumitomo

Mitsui

Financial

Group

Inc.

,

5.46%,

1/13/26 

6,428‌

2,240,000

UBS

Group

AG

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.600%),

6.33%,

12/22/27 (a)(b)

2,302‌

1,700,000

VICI

Properties

LP/VICI

Note

Co.

Inc.

144A,

3.50%,

2/15/25 (a)

1,677‌

3

Principal

or

Shares

Security

Description

Value

(000)

5,365,000

Wells

Fargo

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.320%),

3.91%,

4/25/26 (b)

$

5,308‌

3,525,000

Wells

Fargo

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.560%),

4.54%,

8/15/26 (b)

3,498‌

1,930,000

Wells

Fargo

&

Co.

,

(U.S.

Secured

Overnight

Financing

Rate

+

1.070%),

5.71%,

4/22/28 (b)

1,968‌

615,000

XHR

LP

144A,

6.38%,

8/15/25 (a)

616‌

171,657‌

Industrial  (10%)

360,000

AAR

Escrow

Issuer

LLC

144A,

6.75%,

3/15/29 (a)

368‌

1,020,000

AGCO

Corp.

,

5.45%,

3/21/27 

1,034‌

1,595,000

Albertsons

Cos.

Inc./Safeway

Inc./New

Albertsons

LP/Albertsons

LLC

144A,

3.25%,

3/15/26 (a)

1,544‌

1,550,000

Allison

Transmission

Inc.

144A,

4.75%,

10/01/27 (a)

1,514‌

1,735,000

AutoZone

Inc.

,

5.05%,

7/15/26 

1,745‌

1,200,000

BAE

Systems

PLC

144A,

5.00%,

3/26/27 (a)

1,206‌

1,900,000

Boeing

Co.

144A,

6.26%,

5/01/27 (a)

1,942‌

1,600,000

Campbell

Soup

Co.

,

5.20%,

3/19/27 (d)

1,624‌

1,550,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

5.13%,

5/01/27 (a)

1,507‌

1,380,000

CDW

LLC/CDW

Finance

Corp.

,

5.50%,

12/01/24 

1,378‌

3,190,000

CommonSpirit

Health

,

6.07%,

11/01/27 

3,315‌

2,940,000

Concentrix

Corp.

,

6.65%,

8/02/26 (d)

3,008‌

960,000

CVS

Health

Corp.

,

5.00%,

2/20/26 

960‌

1,770,000

Daimler

Truck

Finance

North

America

LLC

144A,

5.13%,

9/25/27 (a)

1,786‌

5,450,000

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/25 

5,349‌

2,665,000

Ford

Motor

Credit

Co.

LLC

,

5.13%,

6/16/25 

2,653‌

580,000

Freeport-McMoRan

Inc.

,

4.55%,

11/14/24 

579‌

2,250,000

GE

HealthCare

Technologies

Inc.

,

5.60%,

11/15/25 

2,263‌

2,065,000

General

Motors

Financial

Co.

Inc.

,

5.40%,

4/06/26 

2,076‌

1,315,000

General

Motors

Financial

Co.

Inc.

,

5.40%,

5/08/27 

1,330‌

3,130,000

General

Motors

Financial

Co.

Inc.

,

5.35%,

7/15/27 

3,163‌

1,785,000

Genting

New

York

LLC/GENNY

Capital

Inc.

144A,

3.30%,

2/15/26 (a)

1,719‌

1,770,000

Glencore

Funding

LLC

144A,

5.34%,

4/04/27 (a)

1,788‌

580,000

Graphic

Packaging

International

LLC

,

4.13%,

8/15/24 

579‌

1,380,000

HCA

Inc.

,

5.38%,

2/01/25 

1,378‌

800,000

Helios

Software

Holdings

Inc./ION

Corporate

Solutions

Finance

Sarl

144A,

8.75%,

5/01/29 (a)

828‌

985,000

Hyundai

Capital

America

144A,

6.25%,

11/03/25 (a)

998‌

6,240,000

Hyundai

Capital

America

144A,

5.65%,

6/26/26 (a)

6,309‌

2,230,000

Hyundai

Capital

America

144A,

5.25%,

1/08/27 (a)

2,244‌

1,525,000

Icon

Investments

Six

DAC

,

5.81%,

5/08/27 

1,556‌

2,300,000

Las

Vegas

Sands

Corp.

,

5.90%,

6/01/27 

2,337‌

1,550,000

Match

Group

Holdings

II

LLC

144A,

5.00%,

12/15/27 (a)

1,509‌

680,000

Meritage

Homes

Corp.

,

5.13%,

6/06/27 

681‌

3,810,000

NBN

Co.

Ltd.

144A,

0.88%,

10/08/24 (a)(d)

3,777‌

Principal

or

Shares

Security

Description

Value

(000)

1,380,000

Penske

Automotive

Group

Inc.

,

3.50%,

9/01/25 

$

1,347‌

1,025,000

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

144A,

5.35%,

1/12/27 (a)

1,035‌

75,000

Phinia

Inc.

144A,

6.75%,

4/15/29 (a)

77‌

2,610,000

Qorvo

Inc.

,

1.75%,

12/15/24 

2,568‌

2,945,000

Regal

Rexnord

Corp.

,

6.05%,

2/15/26 

2,969‌

5,225,000

Renesas

Electronics

Corp.

144A,

1.54%,

11/26/24 (a)

5,154‌

1,550,000

Sirius

XM

Radio

Inc.

144A,

3.13%,

9/01/26 (a)

1,474‌

1,070,000

Smith

&

Nephew

PLC

,

5.15%,

3/20/27 

1,080‌

1,550,000

Standard

Industries

Inc.

144A,

5.00%,

2/15/27 (a)

1,518‌

865,000

T-Mobile

USA

Inc.

,

2.25%,

2/15/26 

829‌

1,380,000

Toll

Brothers

Finance

Corp.

,

4.88%,

11/15/25 

1,373‌

1,565,000

Travel

+

Leisure

Co.

144A,

6.63%,

7/31/26 (a)

1,581‌

1,605,000

Volkswagen

Group

of

America

Finance

LLC

144A,

3.95%,

6/06/25 (a)(d)

1,585‌

4,590,000

Volkswagen

Group

of

America

Finance

LLC

144A,

5.70%,

9/12/26 (a)

4,656‌

3,590,000

Volkswagen

Group

of

America

Finance

LLC

144A,

5.30%,

3/22/27 (a)

3,632‌

5,070,000

Warnermedia

Holdings

Inc.

,

3.76%,

3/15/27 

4,830‌

1,340,000

Westinghouse

Air

Brake

Technologies

Corp.

,

3.20%,

6/15/25 

1,315‌

103,070‌

Utility  (6%)

1,365,000

Aethon

United

BR

LP/Aethon

United

Finance

Corp.

144A,

8.25%,

2/15/26 (a)

1,384‌

3,725,000

Aker

BP

ASA

144A,

2.88%,

1/15/26 (a)

3,590‌

1,270,000

Alliant

Energy

Finance

LLC

144A,

5.40%,

6/06/27 (a)

1,288‌

2,800,000

American

Electric

Power

Co.

Inc.

,

5.70%,

8/15/25 

2,811‌

725,000

Blue

Racer

Midstream

LLC/Blue

Racer

Finance

Corp.

144A,

7.00%,

7/15/29 (a)

745‌

2,608,619

Brazos

Securitization

LLC

144A,

5.01%,

9/01/31 (a)

2,625‌

1,430,000

Civitas

Resources

Inc.

144A,

8.38%,

7/01/28 (a)

1,503‌

1,485,000

DTE

Energy

Co.

,

4.95%,

7/01/27 

1,491‌

3,585,000

Energy

Transfer

LP

,

6.05%,

12/01/26 

3,668‌

3,906,000

EQT

Corp.

144A,

3.13%,

5/15/26 (a)

3,764‌

2,445,000

Gulfport

Energy

Corp.

144A,

8.00%,

5/17/26 (a)

2,480‌

935,000

Hess

Midstream

Operations

LP

144A,

6.50%,

6/01/29 (a)

954‌

1,305,000

Karoon

USA

Finance

Inc.

144A,

10.50%,

5/14/29 (a)

1,326‌

5,000,000

National

Fuel

Gas

Co.

,

5.50%,

10/01/26 

5,046‌

1,930,000

ONEOK

Inc.

,

5.55%,

11/01/26 

1,958‌

2,805,000

Ovintiv

Inc.

,

5.65%,

5/15/25 

2,807‌

2,300,000

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

,

4.50%,

12/15/26 

2,276‌

400,000

Saturn

Oil

&

Gas

Inc.

144A,

9.63%,

6/15/29 (a)

411‌

690,000

SM

Energy

Co.

144A,

6.75%,

8/01/29 (a)

695‌

935,000

Summit

Midstream

Holdings

LLC

144A,

8.63%,

10/31/29 (a)

956‌

550,000

Sunoco

LP

144A,

7.00%,

5/01/29 (a)

566‌

1,550,000

TerraForm

Power

Operating

LLC

144A,

5.00%,

1/31/28 (a)

1,495‌

3,830,000

TransCanada

PipeLines

Ltd.

,

6.20%,

3/09/26 

3,833‌

990,000

Transocean

Inc.

144A,

8.25%,

5/15/29 (a)

1,011‌

1,010,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.

144A,

7.13%,

3/15/29 (a)

1,028‌

1,550,000

Var

Energi

ASA

144A,

7.50%,

1/15/28 (a)

1,644‌

4

Payden

Mutual

Funds

Payden

Low

Duration

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

3,650,000

Whistler

Pipeline

LLC

144A,

5.40%,

9/30/29 (a)

$

3,687‌

1,080,000

Williams

Cos.

Inc.

,

5.40%,

3/02/26 

1,088‌

56,130‌

Total

Corporate

Bond

(Cost

-

$329,647)

330,857‌

Mortgage

Backed

(10%

)

117,695,357

Benchmark

Mortgage

Trust

2018-B6,

0.40%,

10/10/51 (e)

1,267‌

4,781,000

BX

Commercial

Mortgage

Trust

2020-VKNG

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.244%),

6.57%,

10/15/37 (a)(b)

4,733‌

2,462,393

BX

Commercial

Mortgage

Trust

2024-XL4

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.792%),

7.12%,

2/15/39 (a)(b)

2,452‌

3,600,000

BX

Trust

2024-VLT4

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.941%),

7.27%,

7/15/29 (a)(b)

3,583‌

4,550,000

BX

Trust

2021-ARIA

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.014%),

6.34%,

10/15/36 (a)(b)

4,495‌

6,788,082

BXMT

Ltd.

2021-FL4

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

1.164%),

6.50%,

5/15/38 (a)(b)

6,489‌

21,695,213

Cantor

Commercial

Real

Estate

Lending

2019-

CF1,

1.12%,

5/15/52 (e)

795‌

1,373,674

Connecticut

Avenue

Securities

Trust

2019-

HRP1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.264%),

7.61%,

11/25/39 (a)(b)

1,398‌

900,000

Connecticut

Avenue

Securities

Trust

2020-

SBT1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

3.764%),

9.11%,

2/25/40 (a)(b)

957‌

3,750,000

Connecticut

Avenue

Securities

Trust

2022-

R01

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

3.150%),

8.50%,

12/25/41 (a)(b)

3,885‌

2,161,121

Connecticut

Avenue

Securities

Trust

2022-

R08

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.550%),

7.90%,

7/25/42 (a)(b)

2,231‌

2,700,000

Connecticut

Avenue

Securities

Trust

2024-

R01

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.800%),

7.15%,

1/25/44 (a)(b)

2,727‌

2,600,000

Connecticut

Avenue

Securities

Trust

2024-

R02

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.800%),

7.15%,

2/25/44 (a)(b)

2,621‌

5,000,000

Connecticut

Avenue

Securities

Trust

2024-

R05

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.000%),

6.34%,

7/25/44 (a)(b)

5,007‌

13,150,000

Fannie

Mae

Connecticut

Avenue

Securities

2021-

R02

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

2.000%),

7.35%,

11/25/41 (a)(b)

13,245‌

6,473,619

Freddie

Mac

REMIC

5057,

1.00%,

4/15/54 

5,864‌

1,433,478

Freddie

Mac

STACR

REMIC

Trust

2021-HQA3

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

0.850%),

6.20%,

9/25/41 (a)(b)

1,430‌

Principal

or

Shares

Security

Description

Value

(000)

3,100,000

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

3.400%),

8.75%,

10/25/41 (a)(b)

$

3,218‌

3,000,000

Freddie

Mac

STACR

REMIC

Trust

2021-DNA7

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

3.650%),

9.00%,

11/25/41 (a)(b)

3,125‌

1,892,841

Freddie

Mac

STACR

REMIC

Trust

2024-DNA2

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.200%),

6.55%,

5/25/44 (a)(b)

1,897‌

4,213,605

Freddie

Mac

STACR

REMIC

Trust

2024-DNA2

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.250%),

6.60%,

5/25/44 (a)(b)

4,224‌

2,030,111

New

Residential

Mortgage

Loan

Trust

2017-1A

144A,

4.00%,

2/25/57 (a)(e)

1,958‌

1,549,820

New

Residential

Mortgage

Loan

Trust

2017-3A

144A,

4.00%,

4/25/57 (a)(e)

1,481‌

1,352,725

New

Residential

Mortgage

Loan

Trust

2017-4A

144A,

4.00%,

5/25/57 (a)(e)

1,294‌

867,693

Oaktown

Re

VII

Ltd.

2021-2

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.600%),

6.95%,

4/25/34 (a)(b)

868‌

6,450,000

ONE

Mortgage

Trust

2021-PARK

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

0.814%),

6.14%,

3/15/36 (a)(b)

6,269‌

3,699,296

Provident

Funding

Mortgage

Trust

2020-F1

144A,

2.00%,

1/25/36 (a)(e)

3,226‌

13,500

Radnor

RE

Ltd.

2021-2

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

1.850%),

7.20%,

11/25/31 (a)(b)

14‌

3,100,000

Shelter

Growth

CRE

Issuer

Ltd.

2023-FL5

144A,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.754%),

8.10%,

5/19/38 (a)(b)

3,126‌

Total

Mortgage

Backed

(Cost

-

$96,423)

93,879‌

Municipal

(1%

)

2,330,000

California

Earthquake

Authority

A,

5.60%,

7/01/27 

2,347‌

10,253,325

Texas

Natural

Gas

Securitization

Finance

Corp.

,

5.10%,

4/01/35 

10,438‌

Total

Municipal

(Cost

-

$12,583)

12,785‌

U.S.

Government

Agency

(1%

)

11,730,000

FHLB,

5.00%,

2/28/25

(Cost

-

$11,715)

11,737‌

U.S.

Treasury

(27%

)

3,555,000

U.S.

Treasury

Note

,

3.00%,

7/15/25 

3,498‌

8,015,000

U.S.

Treasury

Note

,

5.00%,

9/30/25 

8,046‌

16,350,000

U.S.

Treasury

Note

,

5.00%,

10/31/25 

16,425‌

21,067,000

U.S.

Treasury

Note

,

4.00%,

2/15/26 

20,926‌

41,261,000

U.S.

Treasury

Note

,

3.75%,

4/15/26 

40,840‌

134,953,000

U.S.

Treasury

Note

,

4.38%,

8/15/26 

135,238‌

8,080,000

U.S.

Treasury

Note

,

4.00%,

1/15/27 

8,050‌

3,485,000

U.S.

Treasury

Note

,

4.50%,

4/15/27 

3,519‌

13,435,000

U.S.

Treasury

Note

,

4.50%,

5/15/27 

13,575‌

11,920,000

U.S.

Treasury

Note

,

4.63%,

6/15/27 

12,100‌

Total

U.S.

Treasury

(Cost

-

$261,074)

262,217‌

5

Principal

or

Shares

Security

Description

Value

(000)

Investment

Company

(1%

)

14,713,389

Payden

Cash

Reserves

Money

Market

Fund *

(Cost

-

$14,713)

$

14,713‌

Total

Investments

(Cost

-

$994,627)

(100%)

990,123‌

Liabilities

in

excess

of

Other

Assets

(0%)

(2,388‌)

Net

Assets

(100%)

$

987,735‌

*

Affiliated

investment.

(a)

Security

offered

only

to

qualified

institutional

investors,

and

thus

is

not

registered

for

sale

to

the

public

under

rule

144A

of

the

Securities

Act

of

1933.

It

has

been

deemed

liquid

under

guidelines

approved

by

the

Board.

(b)

Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

July

31,

2024.

(c)

Yield

to

maturity

at

time

of

purchase.

(d)

All

or

a

portion

of

these

securities

are

on

loan.

At

July

31,

2024,

the

total

market

value

of

the

Fund’s

securities

on

loan

is

$7,125

and

the

total

market

value

of

the

collateral

held

by

the

Fund

is

$7,351.

Amounts

in

000s.

(e)

Variable

rate

security.

Interest

rate

disclosed

is

as

of

the

most

recent

information

available.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

above.

Open

Futures

Contracts

Contract

Type

Number

of

Contracts

Expiration

Date

Notional

Amount

(000s)

Current

Value

(000s)

Unrealized

Appreciation

(000s)

Long

Contracts:

U.S.

Treasury

2-Year

Note

Future

766

Sep-24

$

157,311

$

1,151

$

1,151

U.S.

Treasury

5-Year

Note

Future

25

Sep-24

2,697

52

52

a

a

Total

Futures

$1,203