Payden

High

Income

Fund

1

Schedule

of

Investments

-

July

31,

2024

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000)

Asset

Backed

(2%

)

60

Chase

Auto

Owner

Trust

,

0.00%,

6/25/30 (a)

$

574‌

1,600,000

Cologix

Canadian

Issuer

LP

2022-1CAN

144A,

7.74%,

1/25/52

CAD (b)(c)

1,089‌

1,500,000

Exeter

Automobile

Receivables

Trust

2022-2A

144A,

6.34%,

10/15/29 (b)

1,479‌

1,400,000

Exeter

Automobile

Receivables

Trust

2022-3A

144A,

9.09%,

1/15/30 (b)

1,454‌

19

Exeter

Automobile

Receivables

Trust

2021-2

,

0.00%,

2/15/28 (a)

1,401‌

2,000,000

Hotwire

Funding

LLC

2024-1A

144A,

9.19%,

6/20/54 (b)

2,068‌

2,293,739

JPMorgan

Chase

Bank

N.A.-CACLN

2021-1

144A,

28.35%,

9/25/28 (b)

2,598‌

1,250,000

Santander

Bank

Auto

Credit-Linked

Notes

2022-

A

144A,

9.97%,

5/15/32 (b)

1,298‌

1,660,000

Santander

Bank

Auto

Credit-Linked

Notes

2022-

C

144A,

14.59%,

12/15/32 (b)

1,851‌

1,000,000

Santander

Bank

Auto

Credit-Linked

Notes

2023-

B

144A,

12.24%,

12/15/33 (b)

1,024‌

80

Santander

Consumer

Auto

Receivables

Trust

2021-C

,

0.00%,

6/15/28 (a)

942‌

8,727

Santander

Drive

Auto

Receivables

Trust

2023-S1

144A,

0.00%,

4/18/28 (a)(b)

1,863‌

Total

Asset

Backed

(Cost

-

$17,403)

17,641‌

Bank

Loans(d)

(8%

)

1,198,107

Adtalem

Global

Education

Inc.

Term

Loan

B

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%),

8.84%,

8/11/28 

1,206‌

2,950,990

Advantage

Sales

&

Marketing

Inc.

Term

Loan

B2

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

4.250%),

9.83%,

10/28/27 

2,847‌

2,280,000

Albion

Financing

3

SARL

Term

Loan

B

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.250%),

9.83%,

8/17/29 

2,301‌

1,975,000

Amneal

Pharmaceuticals

LLC

Term

Loan

B

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

4.500%),

10.84%,

5/04/28 

1,996‌

1,080,214

Avis

Budget

Car

Rental

LLC

Term

Loan

C

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.000%),

8.44%,

3/16/29 

1,084‌

1,421,250

Caesars

Entertainment

Inc.

Term

Loan

B1

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

2.250%),

8.10%,

2/06/30 

1,428‌

1,979,980

Cloud

Software

Group

Inc.

Term

Loan

B

1L,

(2

mo.

Term

Secured

Overnight

Financing

Rate

+

3.000%),

9.34%,

3/30/29 

1,982‌

900,000

Cloud

Software

Group

Inc.

Term

Loan

B

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%),

9.84%,

3/19/31 

905‌

1,990,000

Conservice

Midco

LLC

Term

Loan

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%),

8.84%,

5/13/27 

2,000‌

2,125,000

Darktrace

PLC

Term

Loan

2L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

5.250%),

5.25%,

7/02/32 

2,109‌

606,195

DirectV

Financing

LLC

Term

Loan

NON-EXT

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

5.000%),

10.46%,

8/02/27 

610‌

2,235,000

Epic

Y

Grade

Services

LP

Term

Loan

B

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

4.750%),

11.07%,

6/29/29 

2,240‌

Principal

or

Shares

Security

Description

Value

(000)

2,000,000

Fiesta

Purchaser

Inc.

Term

Loan

B

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.000%),

9.34%,

2/12/31 

$

2,015‌

2,461,874

First

Student

Bidco

Inc.

Term

Loan

B2

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.000%),

8.44%,

7/21/28 

2,472‌

159,583

Hertz

Corp.

Term

Loan

C-EXIT

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.250%),

8.86%,

6/30/28 

146‌

827,619

Hertz

Corp.

Term

Loan

B-EXIT

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.250%),

8.86%,

6/30/28 

754‌

1,682,652

Journey

Personal

Care

Corp.

Term

Loan

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

4.250%),

9.71%,

3/01/28 

1,679‌

1,176,521

Mauser

Packaging

Solutions

Holding

Co.

Term

Loan

B1

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.000%),

8.84%,

4/15/27 

1,182‌

3,140,060

Medline

Borrower

LP

Term

Loan

B

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.750%),

8.09%,

10/23/28 

3,153‌

1,805,000

Modena

Buyer

LLC

Term

Loan

B

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%),

9.83%,

7/01/31 

1,742‌

2,000,000

Naked

Juice

LLC

Term

Loan

2L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

6.500%),

11.44%,

1/24/30 

1,523‌

1,700,000

Nexus

Buyer

LLC

Term

Loan

2L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

6.250%),

11.69%,

11/05/29 

1,699‌

970,000

PetsMart

LLC

Term

Loan

B

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%),

9.19%,

2/11/28 

964‌

822,938

Prairie

ECI

Acquiror

LP

Term

Loan

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

4.750%),

10.09%,

8/01/29 

825‌

2,477,310

Sinclair

Television

Group

Inc.

Term

Loan

B4

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.750%),

9.19%,

4/21/29 

1,765‌

2,120,000

Sotera

Health

Holdings

LLC

Term

Loan

B

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.250%),

8.59%,

5/30/31 

2,119‌

1,477,444

Spirit

Aerosystems

Inc.

Term

Loan

B

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

3.500%),

9.50%,

1/15/27 

1,497‌

1,995,000

Tacala

Investment

Corp.

Term

Loan

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

3.000%),

9.34%,

1/31/31 

2,007‌

987,525

Transdigm

Inc.

Term

Loan

K

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

2.750%),

8.09%,

3/22/30 

992‌

3,900,000

Truist

Insurance

Holdings

LLC

Term

Loan

2L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

4.750%),

10.09%,

5/06/32 

4,015‌

1,824,273

U.S.

Foods

Inc.

Term

Loan

B

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

2.750%),

7.34%,

11/22/28 

1,836‌

1,500,000

U.S.

Silica

Co.

Term

Loan

B

1L,

(1

mo.

Term

Secured

Overnight

Financing

Rate

+

4.500%),

4.50%,

7/18/31 

1,499‌

498,750

United

AirLines

Inc.

Term

Loan

B

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

1.750%),

8.03%,

2/22/31 

501‌

2

Payden

Mutual

Funds

Payden

High

Income

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

3,220,000

WaterBridge

Midstream

Operating

LLC

Term

Loan

B

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

4.750%),

10.09%,

6/21/29 

$

3,212‌

1,995,000

WestJet

Loyalty

LP

Term

Loan

B

1L,

(3

mo.

Term

Secured

Overnight

Financing

Rate

+

2.750%),

9.08%,

2/14/31 

2,000‌

Total

Bank

Loans

(Cost

-

$60,426)

60,305‌

Corporate

Bond

(84%

)

Automotive  (4%)

2,500,000

Allison

Transmission

Inc.

144A,

3.75%,

1/30/31 (b)

2,228‌

321,000

American

Axle

&

Manufacturing

Inc.

,

6.25%,

3/15/26 

319‌

2,500,000

American

Axle

&

Manufacturing

Inc.

,

6.50%,

4/01/27 

2,510‌

2,500,000

Goodyear

Tire

&

Rubber

Co.

,

5.25%,

7/15/31 (e)

2,340‌

4,000,000

IHO

Verwaltungs

GmbH

,

3.75%,

9/15/26

EUR (c)(f)

4,283‌

2,750,000

Jaguar

Land

Rover

Automotive

PLC

144A,

5.50%,

7/15/29 (b)(e)

2,692‌

1,810,000

JB

Poindexter

&

Co.

Inc.

144A,

8.75%,

12/15/31 (b)

1,905‌

3,000,000

Nissan

Motor

Acceptance

Co.

LLC

144A,

1.13%,

9/16/24 (b)

2,980‌

4,500,000

Tenneco

Inc.

144A,

8.00%,

11/17/28 (b)

4,087‌

2,650,000

ZF

North

America

Capital

Inc.

144A,

7.13%,

4/14/30 (b)

2,753‌

26,097‌

Banking  (1%)

3,800,000

Bank

of

Montreal

,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.452%),

7.70%,

5/26/84 (g)

3,921‌

1,750,000

Intesa

Sanpaolo

SpA

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.600%),

4.20%,

6/01/32 (b)(g)

1,516‌

2,165,000

UniCredit

SpA

144A,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.750%),

5.46%,

6/30/35 (b)(g)

2,079‌

7,516‌

Basic

industry  (1%)

2,000,000

Bombardier

Inc.

144A,

7.00%,

6/01/32 (b)(e)

2,047‌

1,500,000

Velocity

Vehicle

Group

LLC

144A,

8.00%,

6/01/29 (b)

1,546‌

3,000,000

Wilsonart

LLC

144A,

11.00%,

8/15/32 (b)

2,943‌

6,536‌

Basic

Industry  (8%)

1,800,000

AAR

Escrow

Issuer

LLC

144A,

6.75%,

3/15/29 (b)

1,841‌

1,300,000

Alcoa

Nederland

Holding

BV

144A,

7.13%,

3/15/31 (b)

1,343‌

1,500,000

ARD

Finance

SA

144A,

6.50%,

6/30/27 (b)

380‌

1,000,000

Bombardier

Inc.

144A,

8.75%,

11/15/30 (b)

1,085‌

3,000,000

Builders

FirstSource

Inc.

144A,

4.25%,

2/01/32 (b)

2,683‌

3,000,000

Cleveland-Cliffs

Inc.

144A,

6.75%,

4/15/30 (b)

3,024‌

2,000,000

Coeur

Mining

Inc.

144A,

5.13%,

2/15/29 (b)

1,871‌

1,750,000

Eldorado

Gold

Corp.

144A,

6.25%,

9/01/29 (b)

1,704‌

2,500,000

Element

Solutions

Inc.

144A,

3.88%,

9/01/28 (b)

2,319‌

1,350,000

Empire

Communities

Corp.

144A,

9.75%,

5/01/29 (b)

1,396‌

Principal

or

Shares

Security

Description

Value

(000)

1,475,000

EMRLD

Borrower

LP/Emerald

Co.-Issuer

Inc.

144A,

6.63%,

12/15/30 (b)

$

1,505‌

2,000,000

FMG

Resources

August

2006

Pty

Ltd.

144A,

4.38%,

4/01/31 (b)

1,810‌

875,000

FMG

Resources

August

2006

Pty

Ltd.

144A,

4.50%,

9/15/27 (b)

840‌

2,500,000

H&E

Equipment

Services

Inc.

144A,

3.88%,

12/15/28 (b)

2,287‌

2,000,000

Hillenbrand

Inc.

,

6.25%,

2/15/29 (e)

2,027‌

3,250,000

Kaiser

Aluminum

Corp.

144A,

4.50%,

6/01/31 (b)

2,883‌

2,175,000

KBR

Inc.

144A,

4.75%,

9/30/28 (b)

2,070‌

1,895,000

MasTec

Inc.

144A,

6.63%,

8/15/29 (b)

1,862‌

2,000,000

Mineral

Resources

Ltd.

144A,

9.25%,

10/01/28 (b)

2,129‌

3,800,000

Miter

Brands

Acquisition

Holdco

Inc./MIWD

Borrower

LLC

144A,

6.75%,

4/01/32 (b)

3,858‌

2,350,000

Moog

Inc.

144A,

4.25%,

12/15/27 (b)

2,252‌

750,000

NOVA

Chemicals

Corp.

144A,

4.25%,

5/15/29 (b)(e)

679‌

2,000,000

Novelis

Sheet

Ingot

GmbH

,

3.38%,

4/15/29

EUR (c)(e)(f)

2,064‌

2,000,000

Olympus

Water

U.S.

Holding

Corp.

144A,

9.75%,

11/15/28 (b)

2,128‌

2,500,000

Standard

Industries

Inc.

144A,

4.38%,

7/15/30 (b)

2,279‌

1,000,000

Standard

Industries

Inc.

144A,

4.75%,

1/15/28 (b)

959‌

3,000,000

TransDigm

Inc.

,

4.88%,

5/01/29 

2,858‌

750,000

TransDigm

Inc.

144A,

6.63%,

3/01/32 (b)

768‌

600,000

TransDigm

Inc.

144A,

6.88%,

12/15/30 (b)

617‌

1,500,000

Tri

Pointe

Homes

Inc.

,

5.70%,

6/15/28 

1,499‌

2,000,000

TriMas

Corp.

144A,

4.13%,

4/15/29 (b)

1,849‌

2,500,000

TTM

Technologies

Inc.

144A,

4.00%,

3/01/29 (b)

2,323‌

1,225,000

Vallourec

SACA

144A,

7.50%,

4/15/32 (b)

1,283‌

60,475‌

Consumer

Finance  (1%)

2,810,000

Synchrony

Financial

,

7.25%,

2/02/33 

2,875‌

Consumer

Goods  (3%)

3,000,000

Albertsons

Cos.

Inc./Safeway

Inc./New

Albertsons

LP/Albertsons

LLC

144A,

4.88%,

2/15/30 (b)

2,869‌

3,620,000

B&G

Foods

Inc.

144A,

8.00%,

9/15/28 (b)

3,696‌

1,500,000

Coty

Inc./HFC

Prestige

Products

Inc./HFC

Prestige

International

U.S.

LLC

144A,

4.75%,

1/15/29 (b)

1,437‌

1,725,000

KeHE

Distributors

LLC/KeHE

Finance

Corp./

NextWave

Distribution

Inc.

144A,

9.00%,

2/15/29 (b)

1,772‌

675,000

Newell

Brands

Inc.

,

6.88%,

4/01/36 

647‌

1,800,000

Post

Holdings

Inc.

144A,

4.50%,

9/15/31 (b)

1,638‌

900,000

Post

Holdings

Inc.

144A,

4.63%,

4/15/30 (b)

839‌

1,000,000

Post

Holdings

Inc.

144A,

5.50%,

12/15/29 (b)

971‌

3,250,000

Primo

Water

Holdings

Inc.

144A,

4.38%,

4/30/29 (b)

3,030‌

2,000,000

Simmons

Foods

Inc./Simmons

Prepared

Foods

Inc./Simmons

Pet

Food

Inc./Simmons

Feed

144A,

4.63%,

3/01/29 (b)

1,803‌

2,175,000

Spectrum

Brands

Inc.

144A,

3.88%,

3/15/31 (b)

1,824‌

1,500,000

United

Natural

Foods

Inc.

144A,

6.75%,

10/15/28 (b)

1,372‌

3

Principal

or

Shares

Security

Description

Value

(000)

1,500,000

Winnebago

Industries

Inc.

144A,

6.25%,

7/15/28 (b)

$

1,488‌

23,386‌

Energy  (13%)

1,156,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.

144A,

9.00%,

11/01/27 (b)

1,423‌

1,550,000

Athabasca

Oil

Corp.

144A,

6.75%,

8/09/29

CAD (b)(c)

1,128‌

515,000

Baytex

Energy

Corp.

144A,

8.50%,

4/30/30 (b)

544‌

1,100,000

Blue

Racer

Midstream

LLC/Blue

Racer

Finance

Corp.

144A,

7.00%,

7/15/29 (b)

1,131‌

1,230,000

Blue

Racer

Midstream

LLC/Blue

Racer

Finance

Corp.

144A,

7.25%,

7/15/32 (b)

1,281‌

2,439,320

Borr

IHC

Ltd./Borr

Finance

LLC

144A,

10.38%,

11/15/30 (b)

2,575‌

1,805,000

California

Resources

Corp.

144A,

8.25%,

6/15/29 (b)

1,850‌

1,260,000

CITGO

Petroleum

Corp.

144A,

8.38%,

1/15/29 (b)

1,314‌

1,800,000

Civitas

Resources

Inc.

144A,

8.63%,

11/01/30 (b)

1,945‌

1,500,000

CVR

Energy

Inc.

144A,

8.50%,

1/15/29 (b)

1,527‌

1,815,000

Energy

Transfer

LP

,

6.05%,

9/01/54 

1,820‌

1,815,000

Energy

Transfer

LP

,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.829%),

7.13%,

10/01/54 (e)(g)

1,822‌

4,115,000

EQM

Midstream

Partners

LP

,

6.50%,

7/15/48 

4,180‌

800,000

EQM

Midstream

Partners

LP

144A,

7.50%,

6/01/27 (b)

822‌

1,100,000

EQM

Midstream

Partners

LP

144A,

7.50%,

6/01/30 (b)

1,188‌

3,575,000

Frontera

Energy

Corp.

144A,

7.88%,

6/21/28 (b)

(e)

2,892‌

1,302,000

Geopark

Ltd.

144A,

5.50%,

1/17/27 (b)

1,223‌

4,434,000

Global

Marine

Inc.

,

7.00%,

6/01/28 

4,176‌

3,872,000

Gran

Tierra

Energy

Inc.

144A,

9.50%,

10/15/29 (b)

3,679‌

4,815,000

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

144A,

6.88%,

5/15/34 (b)

4,793‌

2,500,000

International

Petroleum

Corp.

144A,

7.25%,

2/01/27 (b)(f)

2,454‌

900,000

Kosmos

Energy

Ltd.

144A,

7.13%,

4/04/26 (b)

890‌

800,000

Kosmos

Energy

Ltd.

144A,

7.50%,

3/01/28 (b)

773‌

1,675,000

Kosmos

Energy

Ltd.

144A,

7.75%,

5/01/27 (b)

1,647‌

985,000

Matador

Resources

Co.

144A,

6.50%,

4/15/32 (b)

991‌

1,700,000

Moss

Creek

Resources

Holdings

Inc.

144A,

7.50%,

1/15/26 (b)

1,700‌

1,000,000

Obsidian

Energy

Ltd.

,

11.95%,

7/27/27

CAD (c)

(f)

743‌

2,600,000

OHI

Group

SA

144A,

13.00%,

7/22/29 (b)(e)

2,622‌

2,500,000

Pattern

Energy

Operations

LP/Pattern

Energy

Operations

Inc.

144A,

4.50%,

8/15/28 (b)

2,361‌

1,300,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

144A,

7.88%,

9/15/30 (b)(e)

1,347‌

3,650,000

Permian

Resources

Operating

LLC

144A,

6.25%,

2/01/33 (b)

3,682‌

1,835,000

Saturn

Oil

&

Gas

Inc.

144A,

9.63%,

6/15/29 (b)

1,887‌

3,000,000

SEPLAT

Energy

PLC

144A,

7.75%,

4/01/26 (b)

2,969‌

1,260,000

SM

Energy

Co.

144A,

6.75%,

8/01/29 (b)

1,269‌

980,000

Summit

Midstream

Holdings

LLC

144A,

8.63%,

10/31/29 (b)

1,003‌

Principal

or

Shares

Security

Description

Value

(000)

2,000,000

TerraForm

Power

Operating

LLC

144A,

4.75%,

1/15/30 (b)

$

1,860‌

2,600,000

Transocean

Inc.

144A,

8.25%,

5/15/29 (b)

2,656‌

2,890,000

Transocean

Inc.

144A,

8.50%,

5/15/31 (b)

2,960‌

1,500,000

Trident

Energy

Finance

PLC

144A,

12.50%,

11/30/29 (b)

1,562‌

4,325,000

Tullow

Oil

PLC

144A,

10.25%,

5/15/26 (b)

4,180‌

3,350,000

Valaris

Ltd.

144A,

8.38%,

4/30/30 (b)

3,510‌

2,400,000

Venture

Global

Calcasieu

Pass

LLC

144A,

4.13%,

8/15/31 (b)

2,183‌

1,525,000

W&T

Offshore

Inc.

144A,

11.75%,

2/01/26 (b)

1,567‌

2,300,000

Weatherford

International

Ltd.

144A,

8.63%,

4/30/30 (b)

2,396‌

1,815,000

Western

Midstream

Operating

LP

,

5.25%,

2/01/50 

1,612‌

2,100,000

Yinson

Production

Financial

Services

Pte

Ltd.

144A,

9.63%,

5/03/29 (b)(f)

2,085‌

94,222‌

Financial

Services  (10%)

2,600,000

Aircastle

Ltd.

144A,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.410%),

5.25% (b)(g)(h)

2,554‌

3,950,000

Ally

Financial

Inc.

B,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.868%),

4.70% (g)(h)

3,634‌

2,765,000

Bread

Financial

Holdings

Inc.

144A,

9.75%,

3/15/29 (b)

2,967‌

3,300,000

Compass

Group

Diversified

Holdings

LLC

144A,

5.25%,

4/15/29 (b)

3,165‌

2,310,000

Encore

Capital

Group

Inc.

144A,

9.25%,

4/01/29 (b)

2,437‌

900,000

Fortress

Intermediate

3

Inc.

144A,

7.50%,

6/01/31 (b)

924‌

3,100,000

Freedom

Mortgage

Holdings

LLC

144A,

9.13%,

5/15/31 (b)

3,054‌

4,650,000

Freedom

Mortgage

Holdings

LLC

144A,

9.25%,

2/01/29 (b)

4,686‌

3,925,000

GGAM

Finance

Ltd.

144A,

8.00%,

2/15/27 (b)

4,061‌

1,450,000

goeasy

Ltd.

144A,

7.63%,

7/01/29 (b)

1,484‌

2,500,000

goeasy

Ltd.

144A,

9.25%,

12/01/28 (b)

2,683‌

2,000,000

Greystar

Real

Estate

Partners

LLC

144A,

7.75%,

9/01/30 (b)

2,125‌

1,820,000

Hightower

Holding

LLC

144A,

9.13%,

1/31/30 (b)

1,850‌

2,000,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

,

5.25%,

5/15/27 

1,920‌

3,050,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

,

6.25%,

5/15/26 

3,042‌

1,775,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

144A,

9.75%,

1/15/29 (b)

1,871‌

900,000

Jane

Street

Group/JSG

Finance

Inc.

144A,

4.50%,

11/15/29 (b)(e)

853‌

3,650,000

Jefferson

Capital

Holdings

LLC

144A,

6.00%,

8/15/26 (b)

3,627‌

1,425,000

Jefferson

Capital

Holdings

LLC

144A,

9.50%,

2/15/29 (b)

1,496‌

2,700,000

Karoon

USA

Finance

Inc.

144A,

10.50%,

5/14/29 (b)

2,743‌

3,600,000

Midcap

Financial

Issuer

Trust

144A,

6.50%,

5/01/28 (b)

3,481‌

3,250,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.

,

5.25%,

8/01/26 (e)

2,922‌

4

Payden

Mutual

Funds

Payden

High

Income

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

2,750,000

Nationstar

Mortgage

Holdings

Inc.

144A,

5.13%,

12/15/30 (b)

$

2,563‌

2,000,000

Navient

Corp.

,

5.50%,

3/15/29 

1,862‌

1,000,000

OneMain

Finance

Corp.

,

4.00%,

9/15/30 

876‌

1,250,000

OneMain

Finance

Corp.

,

5.38%,

11/15/29 

1,202‌

350,000

OneMain

Finance

Corp.

,

6.63%,

1/15/28 

355‌

800,000

OneMain

Finance

Corp.

,

9.00%,

1/15/29 

849‌

2,500,000

PennyMac

Financial

Services

Inc.

144A,

4.25%,

2/15/29 (b)

2,319‌

1,725,000

PennyMac

Financial

Services

Inc.

144A,

7.88%,

12/15/29 (b)

1,807‌

2,000,000

PRA

Group

Inc.

144A,

5.00%,

10/01/29 (b)

1,779‌

2,000,000

PRA

Group

Inc.

144A,

7.38%,

9/01/25 (b)

2,004‌

1,430,000

PRA

Group

Inc.

144A,

8.88%,

1/31/30 (b)

1,457‌

1,500,000

Rocket

Mortgage

LLC/Rocket

Mortgage

Co.-

Issuer

Inc.

144A,

3.88%,

3/01/31 (b)

1,336‌

75,988‌

Healthcare  (5%)

2,500,000

Bausch

&

Lomb

Corp.

144A,

8.38%,

10/01/28 (b)

2,572‌

800,000

Bausch

Health

Cos.

Inc.

144A,

4.88%,

6/01/28 (b)

617‌

2,050,000

Bausch

Health

Cos.

Inc.

144A,

6.13%,

2/01/27 (b)

1,746‌

1,500,000

BellRing

Brands

Inc.

144A,

7.00%,

3/15/30 (b)

1,547‌

2,200,000

CHS/Community

Health

Systems

Inc.

144A,

5.25%,

5/15/30 (b)

1,921‌

2,500,000

CHS/Community

Health

Systems

Inc.

144A,

8.00%,

12/15/27 (b)

2,504‌

2,500,000

DaVita

Inc.

144A,

3.75%,

2/15/31 (b)

2,165‌

925,000

LifePoint

Health

Inc.

144A,

9.88%,

8/15/30 (b)

1,009‌

3,500,000

Organon

&

Co/Organon

Foreign

Debt

Co.-Issuer

BV

,

2.88%,

4/30/28

EUR (c)(f)

3,615‌

1,850,000

Organon

&

Co/Organon

Foreign

Debt

Co.-Issuer

BV

144A,

7.88%,

5/15/34 (b)

1,924‌

3,500,000

Owens

&

Minor

Inc.

144A,

6.63%,

4/01/30 (b)

(e)

3,272‌

2,400,000

Prestige

Brands

Inc.

144A,

3.75%,

4/01/31 (b)

2,118‌

2,750,000

Prime

Healthcare

Services

Inc.

144A,

7.25%,

11/01/25 (b)

2,752‌

2,575,000

Surgery

Center

Holdings

Inc.

144A,

7.25%,

4/15/32 (b)

2,663‌

3,250,000

Tenet

Healthcare

Corp.

,

4.38%,

1/15/30 

3,052‌

3,000,000

Tenet

Healthcare

Corp.

,

6.13%,

10/01/28 

3,010‌

36,487‌

Insurance  (2%)

3,000,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer

144A,

6.75%,

10/15/27 (b)

2,980‌

2,575,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer

144A,

7.00%,

1/15/31 (b)

2,623‌

1,750,000

Assurant

Inc.

,

(3

mo.

LIBOR

USD

+

4.135%),

7.00%,

3/27/48 (e)(g)

1,781‌

3,575,000

Enstar

Finance

LLC

,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.006%),

5.50%,

1/15/42 (g)

3,200‌

1,500,000

USI

Inc.

144A,

7.50%,

1/15/32 (b)

1,553‌

12,137‌

Leisure  (3%)

1,200,000

Amer

Sports

Co.

144A,

6.75%,

2/16/31 (b)(e)

1,195‌

1,000,000

Carnival

Corp.

144A,

5.75%,

3/01/27 (b)

996‌

2,000,000

Carnival

Corp.

144A,

6.00%,

5/01/29 (b)

1,996‌

2,500,000

Churchill

Downs

Inc.

144A,

5.75%,

4/01/30 (b)

2,453‌

Principal

or

Shares

Security

Description

Value

(000)

2,500,000

Cinemark

USA

Inc.

144A,

5.25%,

7/15/28 (b)(e)

$

2,419‌

1,625,000

Cinemark

USA

Inc.

144A,

7.00%,

8/01/32 (b)

1,655‌

1,350,000

Light

&

Wonder

International

Inc.

144A,

7.50%,

9/01/31 (b)

1,410‌

2,450,000

MGM

Resorts

International

,

6.50%,

4/15/32 

2,460‌

1,300,000

NCL

Corp.

Ltd.

144A,

5.88%,

3/15/26 (b)

1,295‌

510,000

Royal

Caribbean

Cruises

Ltd.

144A,

5.38%,

7/15/27 (b)

507‌

1,000,000

Royal

Caribbean

Cruises

Ltd.

144A,

5.50%,

8/31/26 (b)

996‌

900,000

Royal

Caribbean

Cruises

Ltd.

144A,

5.50%,

4/01/28 (b)

897‌

910,000

Sabre

GLBL

Inc.

144A,

11.25%,

12/15/27 (b)

902‌

2,775,000

Travel

+

Leisure

Co.

144A,

4.50%,

12/01/29 (b)

(e)

2,581‌

2,025,000

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

144A,

7.13%,

2/15/31 (b)

2,112‌

23,874‌

Media  (7%)

770,000

AMC

Networks

Inc.

,

4.25%,

2/15/29 (e)

531‌

2,200,000

AMC

Networks

Inc.

144A,

10.25%,

1/15/29 (b)

2,176‌

1,500,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

4.25%,

2/01/31 (b)

1,277‌

1,000,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

4.25%,

1/15/34 (b)

791‌

1,500,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

4.50%,

8/15/30 (b)

1,314‌

1,000,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

,

4.50%,

5/01/32 

838‌

2,000,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

4.50%,

6/01/33 (b)

1,645‌

2,750,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

4.75%,

3/01/30 (b)

2,464‌

2,000,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

4.75%,

2/01/32 (b)

1,713‌

2,550,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

144A,

5.38%,

6/01/29 (b)

2,386‌

2,970,000

Cogent

Communications

Group

LLC

144A,

7.00%,

6/15/27 (b)

2,999‌

2,300,000

EquipmentShare.com

Inc.

144A,

9.00%,

5/15/28 (b)

2,370‌

1,500,000

Gen

Digital

Inc.

144A,

7.13%,

9/30/30 (b)(e)

1,552‌

2,500,000

Go

Daddy

Operating

Co.

LLC/GD

Finance

Co.

Inc.

144A,

3.50%,

3/01/29 (b)

2,275‌

1,000,000

Gray

Television

Inc.

144A,

5.38%,

11/15/31 (b)

653‌

1,110,000

Gray

Television

Inc.

144A,

10.50%,

7/15/29 (b)

1,159‌

2,500,000

Lamar

Media

Corp.

,

4.88%,

1/15/29 

2,429‌

1,300,000

Match

Group

Holdings

II

LLC

144A,

3.63%,

10/01/31 (b)

1,122‌

1,500,000

Match

Group

Holdings

II

LLC

144A,

4.63%,

6/01/28 (b)

1,432‌

2,500,000

McGraw-Hill

Education

Inc.

144A,

8.00%,

8/01/29 (b)

2,439‌

3,500,000

Newfold

Digital

Holdings

Group

Inc.

144A,

6.00%,

2/15/29 (b)

2,436‌

2,000,000

News

Corp.

144A,

5.13%,

2/15/32 (b)

1,902‌

2,000,000

Nexstar

Media

Inc.

144A,

4.75%,

11/01/28 (b)

1,842‌

1,800,000

Outfront

Media

Capital

LLC/Outfront

Media

Capital

Corp.

144A,

7.38%,

2/15/31 (b)

1,887‌

2,320,000

Rakuten

Group

Inc.

144A,

9.75%,

4/15/29 (b)

2,461‌

1,000,000

Scripps

Escrow

Inc.

144A,

5.88%,

7/15/27 (b)(e)

696‌

4,500,000

Sirius

XM

Radio

Inc.

144A,

3.88%,

9/01/31 (b)

3,762‌

5

Principal

or

Shares

Security

Description

Value

(000)

2,000,000

Univision

Communications

Inc.

144A,

7.38%,

6/30/30 (b)

$

1,928‌

1,500,000

Virgin

Media

Secured

Finance

PLC

144A,

5.50%,

5/15/29 (b)

1,398‌

51,877‌

Real

Estate  (4%)

1,360,000

Brandywine

Operating

Partnership

LP

,

8.88%,

4/12/29 

1,446‌

4,000,000

Iron

Mountain

Inc.

144A,

4.88%,

9/15/29 (b)

3,825‌

1,500,000

Iron

Mountain

Inc.

144A,

5.25%,

3/15/28 (b)

1,471‌

1,000,000

Kennedy-Wilson

Inc.

,

4.75%,

3/01/29 

881‌

2,500,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

144A,

4.75%,

6/15/29 (b)

2,378‌

2,500,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.

,

3.33%,

3/24/25

EUR (c)(e)

2,566‌

2,900,000

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co.-Issuer

144A,

7.00%,

2/01/30 (b)

2,954‌

1,325,000

Piedmont

Operating

Partnership

LP

,

9.25%,

7/20/28 

1,449‌

2,000,000

Service

Properties

Trust

,

5.50%,

12/15/27 

1,908‌

1,150,000

Service

Properties

Trust

,

8.88%,

6/15/32 

1,097‌

2,905,000

Star

Holding

LLC

144A,

8.75%,

8/01/31 (b)

2,865‌

2,250,000

Uniti

Group

LP/Uniti

Group

Finance

Inc./CSL

Capital

LLC

144A,

4.75%,

4/15/28 (b)

1,945‌

1,200,000

Uniti

Group

LP/Uniti

Group

Finance

Inc./CSL

Capital

LLC

MAY

144A,

10.50%,

2/15/28 (b)

1,215‌

2,750,000

XHR

LP

144A,

4.88%,

6/01/29 (b)

2,597‌

28,597‌

Retail  (6%)

2,850,000

1011778

BC

ULC/New

Red

Finance

Inc.

144A,

4.00%,

10/15/30 (b)

2,544‌

2,500,000

Arko

Corp.

144A,

5.13%,

11/15/29 (b)(e)

2,183‌

2,000,000

Asbury

Automotive

Group

Inc.

144A,

4.63%,

11/15/29 (b)

1,871‌

2,750,000

Asbury

Automotive

Group

Inc.

144A,

5.00%,

2/15/32 (b)

2,536‌

1,000,000

Bath

&

Body

Works

Inc.

144A,

6.63%,

10/01/30 (b)

1,010‌

2,500,000

Bath

&

Body

Works

Inc.

,

6.88%,

11/01/35 

2,536‌

2,000,000

Dealer

Tire

LLC/DT

Issuer

LLC

144A,

8.00%,

2/01/28 (b)

2,000‌

3,150,000

Evergreen

Acqco

1

LP/TVI

Inc.

144A,

9.75%,

4/26/28 (b)

3,325‌

1,950,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.

Inc.

144A,

6.75%,

1/15/30 (b)

1,731‌

2,000,000

FirstCash

Inc.

144A,

4.63%,

9/01/28 (b)

1,912‌

1,750,000

FirstCash

Inc.

144A,

5.63%,

1/01/30 (b)

1,701‌

2,500,000

Group

1

Automotive

Inc.

144A,

4.00%,

8/15/28 (b)

2,332‌

2,000,000

Hanesbrands

Inc.

144A,

9.00%,

2/15/31 (b)(e)

2,119‌

1,000,000

LCM

Investments

Holdings

II

LLC

144A,

8.25%,

8/01/31 (b)

1,049‌

525,000

Macy's

Retail

Holdings

LLC

,

4.30%,

2/15/43 

378‌

1,450,000

Macy's

Retail

Holdings

LLC

144A,

5.88%,

3/15/30 (b)

1,393‌

915,000

Nordstrom

Inc.

,

5.00%,

1/15/44 

733‌

1,400,000

QVC

Inc.

,

4.38%,

9/01/28 (e)

1,072‌

2,200,000

Raising

Cane's

Restaurants

LLC

144A,

9.38%,

5/01/29 (b)

2,378‌

Principal

or

Shares

Security

Description

Value

(000)

2,800,000

Sonic

Automotive

Inc.

144A,

4.88%,

11/15/31 (b)

$

2,503‌

4,150,000

Verde

Purchaser

LLC

144A,

10.50%,

11/30/30 (b)

4,417‌

750,000

Walgreens

Boots

Alliance

Inc.

,

4.10%,

4/15/50 (e)

494‌

750,000

Walgreens

Boots

Alliance

Inc.

,

4.80%,

11/18/44 (e)

564‌

2,000,000

Yum!

Brands

Inc.

,

5.38%,

4/01/32 

1,940‌

44,721‌

Service  (4%)

2,150,000

ADT

Security

Corp.

144A,

4.13%,

8/01/29 (b)

2,008‌

2,125,000

Albion

Financing

1

Sarl/Aggreko

Holdings

Inc.

144A,

6.13%,

10/15/26 (b)

2,101‌

1,610,000

Alta

Equipment

Group

Inc.

144A,

9.00%,

6/01/29 (b)

1,527‌

2,000,000

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance

Inc.

144A,

8.00%,

2/15/31 (b)(e)

1,986‌

2,000,000

Carriage

Services

Inc.

144A,

4.25%,

5/15/29 (b)

1,814‌

2,900,000

Cimpress

PLC

,

7.00%,

6/15/26 

2,903‌

2,000,000

Madison

IAQ

LLC

144A,

5.88%,

6/30/29 (b)

1,874‌

1,500,000

Neptune

Bidco

U.S.

Inc.

144A,

9.29%,

4/15/29 (b)

1,470‌

2,300,000

Prime

Security

Services

Borrower

LLC/Prime

Finance

Inc.

144A,

6.25%,

1/15/28 (b)

2,295‌

2,000,000

PROG

Holdings

Inc.

144A,

6.00%,

11/15/29 (b)

1,925‌

2,370,000

Reworld

Holding

Corp.

144A,

4.88%,

12/01/29 (b)

2,170‌

2,000,000

United

Rentals

North

America

Inc.

,

3.88%,

2/15/31 

1,809‌

1,225,000

Wand

NewCo

3

Inc.

144A,

7.63%,

1/30/32 (b)

1,279‌

2,375,000

WASH

Multifamily

Acquisition

Inc.

144A,

5.75%,

4/15/26 (b)

2,340‌

1,145,000

Williams

Scotsman

Inc.

144A,

6.63%,

6/15/29 (b)

1,167‌

1,120,000

Williams

Scotsman

Inc.

144A,

7.38%,

10/01/31 (b)

1,165‌

29,833‌

Technology  (2%)

2,650,000

ams-OSRAM

AG

144A,

12.25%,

3/30/29 (b)

2,802‌

2,100,000

Cloud

Software

Group

Inc.

144A,

8.25%,

6/30/32 (b)

2,180‌

750,000

Cloud

Software

Group

Inc.

144A,

9.00%,

9/30/29 (b)

746‌

2,750,000

Consensus

Cloud

Solutions

Inc.

144A,

6.50%,

10/15/28 (b)(e)

2,660‌

1,000,000

Dun

&

Bradstreet

Corp.

144A,

5.00%,

12/15/29 (b)(e)

950‌

1,650,000

Helios

Software

Holdings

Inc./ION

Corporate

Solutions

Finance

Sarl

144A,

8.75%,

5/01/29 (b)

1,708‌

2,750,000

NCR

Voyix

Corp.

144A,

5.25%,

10/01/30 (b)

2,582‌

1,500,000

Rocket

Software

Inc.

144A,

9.00%,

11/28/28 (b)

1,545‌

2,000,000

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp.

144A,

3.88%,

2/01/29 (b)

1,828‌

17,001‌

Telecommunications  (3%)

1,500,000

Altice

France

SA

144A,

5.13%,

7/15/29 (b)

1,054‌

2,000,000

C&W

Senior

Finance

Ltd.

144A,

6.88%,

9/15/27 (b)

1,955‌

2,500,000

Frontier

Communications

Holdings

LLC

144A,

5.88%,

10/15/27 (b)

2,477‌

6

Payden

Mutual

Funds

Payden

High

Income

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

1,000,000

Frontier

Communications

Holdings

LLC

144A,

6.00%,

1/15/30 (b)

$

902‌

1,500,000

Frontier

Communications

Holdings

LLC

144A,

6.75%,

5/01/29 (b)

1,419‌

700,000

Level

3

Financing

Inc.

144A,

10.50%,

4/15/29 (b)

721‌

1,650,000

Level

3

Financing

Inc.

144A,

10.50%,

5/15/30 (b)

1,695‌

1,000,000

Millicom

International

Cellular

SA

144A,

4.50%,

4/27/31 (b)

879‌

2,568,000

Optics

Bidco

SpA

2033

144A,

6.38%,

11/15/33 (b)

2,531‌

3,250,000

Stagwell

Global

LLC

144A,

5.63%,

8/15/29 (b)

3,067‌

432,000

Telecom

Italia

Capital

SA

,

6.38%,

11/15/33 (e)

421‌

3,000,000

Vmed

O2

UK

Financing

I

PLC

144A,

4.25%,

1/31/31 (b)

2,544‌

1,825,000

Zegona

Finance

PLC

144A,

8.63%,

7/15/29 (b)

1,866‌

21,531‌

Transportation  (2%)

760,000

American

Airlines

Inc.

144A,

7.25%,

2/15/28 (b)

760‌

1,475,000

American

Airlines

Inc.

144A,

8.50%,

5/15/29 (b)

1,519‌

3,000,000

American

Airlines

Inc./AAdvantage

Loyalty

IP

Ltd.

144A,

5.75%,

4/20/29 (b)

2,935‌

1,850,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

144A,

5.50%,

5/01/28 (b)

1,815‌

2,075,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

144A,

7.00%,

6/15/32 (b)

2,141‌

1,500,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

144A,

7.88%,

12/01/30 (b)

1,591‌

1,500,000

United

Airlines

Inc.

144A,

4.63%,

4/15/29 (b)

1,419‌

2,000,000

XPO

Inc.

144A,

7.13%,

2/01/32 (b)

2,070‌

14,250‌

Utility  (5%)

500,000

Calpine

Corp.

144A,

4.50%,

2/15/28 (b)

479‌

1,750,000

Calpine

Corp.

144A,

4.63%,

2/01/29 (b)

1,655‌

1,000,000

Calpine

Corp.

144A,

5.13%,

3/15/28 (b)

969‌

2,500,000

Clearway

Energy

Operating

LLC

144A,

4.75%,

3/15/28 (b)

2,402‌

1,500,000

Dominion

Energy

Inc.

A,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.386%),

6.88%,

2/01/55 (g)

1,558‌

3,000,000

Energizer

Gamma

Acquisition

BV

,

3.50%,

6/30/29

EUR (c)(f)

3,025‌

4,400,000

NextEra

Energy

Operating

Partners

LP

144A,

7.25%,

1/15/29 (b)

4,574‌

2,500,000

NRG

Energy

Inc.

144A,

3.38%,

2/15/29 (b)

2,252‌

1,500,000

PG&E

Corp.

,

5.00%,

7/01/28 

1,464‌

2,265,000

Talen

Energy

Supply

LLC

144A,

8.63%,

6/01/30 (b)

2,442‌

Principal

or

Shares

Security

Description

Value

(000)

2,000,000

TransAlta

Corp.

,

7.75%,

11/15/29 

$

2,100‌

3,600,000

Venture

Global

LNG

Inc.

144A,

9.50%,

2/01/29 (b)

4,007‌

1,450,000

Venture

Global

LNG

Inc.

144A,

9.88%,

2/01/32 (b)

1,611‌

450,000

Vistra

Operations

Co.

LLC

144A,

6.88%,

4/15/32 (b)

463‌

1,475,000

Vistra

Operations

Co.

LLC

144A,

6.95%,

10/15/33 (b)

1,603‌

2,250,000

Vistra

Operations

Co.

LLC

144A,

7.75%,

10/15/31 (b)

2,379‌

32,983‌

Total

Corporate

Bond

(Cost

-

$611,573)

610,386‌

Mortgage

Backed

(1%

)

4,100,000

Connecticut

Avenue

Securities

Trust

2019-HRP1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

9.364%),

14.71%,

11/25/39 (b)(g)

4,567‌

1,788,684

STACR

Trust

2018-HRP1

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

11.864%),

17.21%,

5/25/43 (b)(g)

2,185‌

1,550,000

STACR

Trust

2018-HRP2

144A,

(U.S.

Secured

Overnight

Financing

Rate

Index

30day

Average

+

10.614%),

15.96%,

2/25/47 (b)(g)

1,929‌

Total

Mortgage

Backed

(Cost

-

$7,438)

8,681‌

Investment

Company

(10%

)

35,810,898

Payden

Cash

Reserves

Money

Market

Fund *

(Cost

-

$71,776)

71,776‌

Total

Investments

(Cost

-

$768,616)

(105%)

768,789‌

Liabilities

in

excess

of

Other

Assets

(-5%)

(37,337‌)

Net

Assets

(100%)

$

731,452‌

*

Affiliated

investment.

(a)

Yield

to

maturity

at

time

of

purchase.

(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)

Principal

in

foreign

currency.

(d)

Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

July

31,

2024.

The

stated

maturity

is

subject

to

prepayments.

(e)

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

$34,451

and

the

total

market

value

of

the

collateral

held

by

the

Fund

is

$35,965.

Amounts

in

000s.

(f)

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.

(g)

Floating

rate

security.

The

rate

shown

reflects

the

rate

in

effect

at

July

31,

2024.

(h)

Perpetual

security

with

no

stated

maturity

date.

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000s)

Assets:

USD

2,650

CAD  3,621

Citibank,

N.A.

09/26/2024

$

23

Liabilities:

USD

302

CAD  418

State

Street

Bank

&

Trust

Co.

09/26/2024

(1)

7

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000s)

USD

15,880

EUR  14,735

State

Street

Bank

&

Trust

Co.

09/26/2024

$

(110)

(111)

Net

Unrealized

Appreciation

(Depreciation)

$(88)

Open

Futures

Contracts

Contract

Type

Number

of

Contracts

Expiration

Date

Notional

Amount

(000s)

Current

Value

(000s)

Unrealized

Appreciation

(000s)

Long

Contracts:

U.S.

Treasury

10-Year

Note

Future

285

Sep-24

$

31,867

$

794

$

794

Open

Centrally

Cleared

Interest

Rate

Swap

Contracts

Description

Maturity

Date

Notional

Amount

(000s)

Value

(000s)

Upfront

payments/

receipts

(000s)

Unrealized

Appreciation/

(Depreciation)

(000s)

3-Year

Interest

Rate

Swap,

Pay

Fixed

2.640%

Annually,

Receive

Variable

3.836%

(ESTRON)

Annually

03/24/2025

EUR

2,500

$23

$–

$23

3-Year

SOFR

Swap,

Receive

Fixed

4.430%

Annually,

Pay

Variable

5.375%

(SOFRRATE)

Annually

03/24/2025

USD

2,550

(19)

–

(19)

4-Year

Interest

Rate

Swap,

Pay

Fixed

2.630%

Annually,

Receive

Variable

3.876%

(ESTRON)

Annually

02/01/2026

EUR

1,000

10

–

10

4-Year

SOFR

Swap,

Receive

Fixed

4.230%

Annually,

Pay

Variable

5.392%

(SOFRRATE)

Annually

02/01/2026

USD

1,030

(9)

–

(9)

6-Year

Interest

Rate

Swap,

Pay

Fixed

2.650%

Annually,

Receive

Variable

3.790%

(ESTRON)

Annually

04/30/2028

EUR

3,500

(19)

4

(23)

6-Year

SOFR

Swap,

Receive

Fixed

3.970%

Annually,

Pay

Variable

5.362%

(SOFRRATE)

Annually

04/30/2028

USD

3,630

5

2

3

7-Year

Interest

Rate

Swap,

Pay

Fixed

2.660%

Annually,

Receive

Variable

3.668%

(ESTRON)

Annually

06/30/2029

EUR

3,000

(39)

4

(43)

7-Year

Interest

Rate

Swap,

Pay

Fixed

2.660%

Annually,

Receive

Variable

3.811%

(ESTRON)

Annually

04/15/2029

EUR

2,000

(19)

–

(19)

7-Year

SOFR

Swap,

Receive

Fixed

3.890%

Annually,

Pay

Variable

5.353%

(SOFRRATE)

Annually

06/30/2029

USD

3,130

19

2

17

7-Year

SOFR

Swap,

Receive

Fixed

3.900%

Annually,

Pay

Variable

5.366%

(SOFRRATE)

Annually

04/15/2029

USD

2,080

5

–

5

$(43)

$12

$(55)