Payden

Emerging

Markets

Bond

Fund

1

Schedule

of

Investments

-

July

31,

2025

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000)

Bond

(97%)

Albania

(EUR)

(0%

)

520,000

Albania

Government

International

Bond

144A,

3.50%,

11/23/31

EUR (a)(b)

$

581‌

2,790,000

Albania

Government

International

Bond

144A,

4.75%,

2/14/35

EUR (a)(b)

3,211‌

3,792‌

Angola

(USD)

(1%

)

4,595,000

Angolan

Government

International

Bond

144A,

8.75%,

4/14/32 (a)

4,188‌

5,850,000

Angolan

Government

International

Bond

144A,

9.13%,

11/26/49 (a)

4,656‌

2,730,000

Angolan

Government

International

Bond

144A,

9.50%,

11/12/25 (a)

2,752‌

11,596‌

Argentina

(USD)

(3%

)

11,928,000

Argentine

Republic

Government

International

Bond

,

0.75%,

7/09/30 

9,255‌

1,375,196

Argentine

Republic

Government

International

Bond

,

1.00%,

7/09/29 

1,120‌

5,107,500

Argentine

Republic

Government

International

Bond

,

3.50%,

7/09/41 

3,121‌

19,207,476

Argentine

Republic

Government

International

Bond

,

4.13%,

7/09/35 

12,725‌

4,344,090

Argentine

Republic

Government

International

Bond

,

5.00%,

1/09/38 

3,062‌

29,283‌

Bahamas

(USD)

(0%

)

2,870,000

Bahamas

Government

International

Bond

144A,

8.25%,

6/24/36 (a)

2,920‌

515,000

Intercorp

Peru

Ltd.

144A,

3.88%,

8/15/29 (a)

(c)

487‌

3,407‌

Bermuda

(USD)

(0%

)

1,105,000

Geopark

Ltd.

144A,

8.75%,

1/31/30 (a)

956‌

1,840,000

Star

Energy

Geothermal

Darajat

II/Star

Energy

Geothermal

Salak

144A,

4.85%,

10/14/38 (a)

1,758‌

2,714‌

Brazil

(BRL)

(4%

)

9,757,622

Brazil

Notas

do

Tesouro

Nacional

Serie

B

,

6.00%,

8/15/50

BRL (b)

1,526‌

131,900,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

,

10.00%,

1/01/29

BRL (b)

21,469‌

45,000,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

,

10.00%,

1/01/31

BRL (b)

6,948‌

28,500,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

,

10.00%,

1/01/33

BRL (b)

4,234‌

34,177‌

Brazil

(USD)

(2%

)

3,480,000

Brazilian

Government

International

Bond

,

6.00%,

10/20/33 

3,445‌

8,255,000

Brazilian

Government

International

Bond

,

6.13%,

3/15/34 

8,188‌

2,750,000

Brazilian

Government

International

Bond

,

8.25%,

1/20/34 

3,144‌

14,777‌

Principal

or

Shares

Security

Description

Value

(000)

Canada

(USD)

(0%

)

1,720,000

First

Quantum

Minerals

Ltd.

144A,

8.63%,

6/01/31 (a)

$

1,793‌

Cayman

Islands

(USD)

(2%

)

3,052,213

Bioceanico

Sovereign

Certificate

Ltd.

144A,

2.80%,

6/05/34 (a)(d)

2,430‌

1,315,000

DP

World

Salaam

,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.750%),

6.00% (e)(f)(g)

1,314‌

2,535,000

Gaci

First

Investment

Co.

,

5.38%,

10/13/22 (f)

2,126‌

2,614,000

Liberty

Costa

Rica

Senior

Secured

Finance

144A,

10.88%,

1/15/31 (a)

2,786‌

1,655,000

Melco

Resorts

Finance

Ltd.

144A,

7.63%,

4/17/32 (a)

1,703‌

2,560,000

Sable

International

Finance

Ltd.

144A,

7.13%,

10/15/32 (a)

2,563‌

12,922‌

Chile

(CLP)

(1%

)

3,905,000,000

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos

144A,

6.00%,

4/01/33

CLP (a)(b)(f)

4,120‌

Chile

(USD)

(1%

)

4,110,272

Alfa

Desarrollo

SpA

144A,

4.55%,

9/27/51 (a)

3,098‌

1,550,000

Banco

de

Credito

e

Inversiones

SA

144A,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.944%),

8.75% (a)(e)(g)

1,667‌

2,365,000

Chile

Government

International

Bond

,

3.10%,

5/07/41 

1,756‌

6,521‌

Colombia

(USD)

(3%

)

2,042,000

Colombia

Government

International

Bond

,

3.13%,

4/15/31 

1,724‌

2,475,000

Colombia

Government

International

Bond

,

3.25%,

4/22/32 

2,017‌

1,440,000

Colombia

Government

International

Bond

,

4.13%,

2/22/42 

951‌

5,489,000

Colombia

Government

International

Bond

,

6.13%,

1/18/41 

4,618‌

2,010,000

Colombia

Government

International

Bond

,

7.38%,

4/25/30 

2,110‌

4,135,000

Colombia

Government

International

Bond

,

7.38%,

9/18/37 

4,056‌

5,365,000

Colombia

Government

International

Bond

,

7.75%,

11/07/36 

5,365‌

3,830,000

Colombia

Government

International

Bond

,

8.00%,

11/14/35 

3,935‌

24,776‌

Costa

Rica

(USD)

(2%

)

10,740,000

Costa

Rica

Government

International

Bond

144A,

6.55%,

4/03/34 (a)

11,253‌

2,775,000

Costa

Rica

Government

International

Bond

144A,

7.30%,

11/13/54 (a)

2,891‌

14,144‌

Czech

Republic

(CZK)

(1%

)

108,390,000

Czech

Republic

Government

Bond

Series

145,

3.50%,

5/30/35

CZK (b)

4,701‌

Dominican

Republic

(USD)

(3%

)

1,900,000

Dominican

Republic

International

Bond

144A,

4.50%,

1/30/30 (a)(c)

1,818‌

4,780,000

Dominican

Republic

International

Bond

144A,

4.88%,

9/23/32 (a)

4,435‌

2

Payden

Mutual

Funds

Payden

Emerging

Markets

Bond

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

4,640,000

Dominican

Republic

International

Bond

144A,

5.50%,

2/22/29 (a)

$

4,648‌

3,340,000

Dominican

Republic

International

Bond

144A,

6.00%,

7/19/28 (a)

3,407‌

6,130,000

Dominican

Republic

International

Bond

144A,

6.00%,

2/22/33 (a)

6,100‌

1,580,000

Dominican

Republic

International

Bond

144A,

6.60%,

6/01/36 (a)

1,608‌

1,820,000

Dominican

Republic

International

Bond

144A,

6.95%,

3/15/37 (a)

1,867‌

23,883‌

Ecuador

(USD)

(2%

)

3,042,050

Ecuador

Government

International

Bond

144A,

5.00%,

7/31/40 (a)

1,914‌

3,297,320

Ecuador

Government

International

Bond

144A,

6.90%,

7/31/30 (a)

2,904‌

9,257,819

Ecuador

Government

International

Bond

144A,

6.90%,

7/31/35 (a)

6,946‌

5,160,000

Ecuador

Government

International

Bond

144A,

13.07%,

7/31/30 (a)(d)

3,714‌

15,478‌

Egypt

(EUR)

(1%

)

7,740,000

Egypt

Government

International

Bond

144A,

6.38%,

4/11/31

EUR (a)(b)

8,257‌

Egypt

(USD)

(1%

)

3,060,000

Egypt

Government

International

Bond

144A,

5.88%,

2/16/31 (a)

2,716‌

2,865,000

Egypt

Government

International

Bond

144A,

7.63%,

5/29/32 (a)

2,709‌

1,975,000

Egypt

Government

International

Bond

144A,

7.90%,

2/21/48 (a)

1,532‌

4,290,000

Egypt

Government

International

Bond

144A,

8.75%,

9/30/51 (a)

3,538‌

10,495‌

El

Salvador

(USD)

(1%

)

2,720,000

El

Salvador

Government

International

Bond

144A,

0.25%,

4/17/30 (a)

63‌

1,165,000

El

Salvador

Government

International

Bond

144A,

7.63%,

2/01/41 (a)

1,061‌

6,485,000

El

Salvador

Government

International

Bond

144A,

9.25%,

4/17/30 (a)

6,889‌

2,845,000

El

Salvador

Government

International

Bond

144A,

9.50%,

7/15/52 (a)

2,891‌

10,904‌

Gabon

(USD)

(0%

)

2,688,000

Gabon

Government

International

Bond

144A,

6.63%,

2/06/31 (a)

2,217‌

Ghana

(USD)

(2%

)

352,958

Ghana

Government

International

Bond

144A,

4.72%,

7/03/26 (a)(d)

339‌

625,755

Ghana

Government

International

Bond

144A,

4.96%,

1/03/30 (a)(d)

523‌

111,320

Ghana

Government

International

Bond

,

5.00%,

7/03/29 (f)

106‌

4,368,494

Ghana

Government

International

Bond

144A,

5.00%,

7/03/29 (a)

4,168‌

160,080

Ghana

Government

International

Bond

,

5.00%,

7/03/35 (f)

129‌

12,917,542

Ghana

Government

International

Bond

144A,

5.00%,

7/03/35 (a)

10,420‌

Principal

or

Shares

Security

Description

Value

(000)

20,851

Ghana

Government

International

Bond

,

5.05%,

1/03/30 (d)(f)

$

18‌

7,360

Ghana

Government

International

Bond

,

5.19%,

7/03/26 (d)(f)

7‌

15,710‌

Guatemala

(USD)

(2%

)

2,895,000

Guatemala

Government

Bond

144A,

4.65%,

10/07/41 (a)

2,329‌

3,535,000

Guatemala

Government

Bond

144A,

5.38%,

4/24/32 (a)

3,482‌

8,680,000

Guatemala

Government

Bond

144A,

6.60%,

6/13/36 (a)

8,915‌

14,726‌

Hungary

(HUF)

(1%

)

2,575,310,000

Hungary

Government

Bond

Series

35/A,

7.00%,

10/24/35

HUF (b)

7,268‌

Hungary

(USD)

(3%

)

2,600,000

Hungary

Government

International

Bond

144A,

2.13%,

9/22/31 (a)

2,183‌

4,650,000

Hungary

Government

International

Bond

144A,

3.13%,

9/21/51 (a)

2,795‌

6,135,000

Hungary

Government

International

Bond

144A,

5.25%,

6/16/29 (a)

6,202‌

8,030,000

Hungary

Government

International

Bond

144A,

5.50%,

6/16/34 (a)

7,958‌

2,155,000

Hungary

Government

International

Bond

144A,

6.00%,

9/26/35 (a)

2,172‌

2,170,000

Hungary

Government

International

Bond

144A,

6.25%,

9/22/32 (a)

2,275‌

4,174,000

Hungary

Government

International

Bond

Series

30Y,

7.63%,

3/29/41 

4,771‌

28,356‌

India

(USD)

(1%

)

1,675,000

Muthoot

Finance

Ltd.

144A,

7.13%,

2/14/28 (a)

1,714‌

1,531,400

SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/

UBEPL

144A,

7.80%,

7/31/31 (a)

1,496‌

1,655,000

Shriram

Finance

Ltd.

144A,

6.63%,

4/22/27 (a)

1,689‌

4,899‌

Indonesia

(IDR)

(1%

)

67,377,000,000

Indonesia

Treasury

Bond

Series

100,

6.63%,

2/15/34

IDR (b)

4,114‌

43,321,000,000

Indonesia

Treasury

Bond

Series

103,

6.75%,

7/15/35

IDR (b)

2,672‌

58,833,000,000

Indonesia

Treasury

Bond

Series

FR72,

8.25%,

5/15/36

IDR (b)

3,999‌

10,785‌

Indonesia

(USD)

(2%

)

3,030,000

Hutama

Karya

Persero

PT

144A,

3.75%,

5/11/30 (a)

2,905‌

8,235,000

Indonesia

Government

International

Bond

,

4.45%,

4/15/70 

6,595‌

4,510,000

Perusahaan

Penerbit

SBSN

Indonesia

III

144A,

5.65%,

11/25/54 (a)

4,474‌

1,821,569

Sorik

Marapi

Geothermal

Power

PT

144A,

7.75%,

8/05/31 (a)

1,846‌

15,820‌

3

Principal

or

Shares

Security

Description

Value

(000)

Ivory

Coast

(EUR)

(0%

)

579,000

Ivory

Coast

Government

International

Bond

144A,

4.88%,

1/30/32

EUR (a)(b)

$

612‌

1,950,000

Ivory

Coast

Government

International

Bond

144A,

5.88%,

10/17/31

EUR (a)(b)

2,173‌

2,785‌

Ivory

Coast

(USD)

(1%

)

3,535,000

Ivory

Coast

Government

International

Bond

144A,

6.13%,

6/15/33 (a)

3,283‌

1,713,000

Ivory

Coast

Government

International

Bond

144A,

6.38%,

3/03/28 (a)(c)

1,728‌

2,690,000

Ivory

Coast

Government

International

Bond

144A,

8.08%,

4/01/36 (a)

2,661‌

1,740,000

Ivory

Coast

Government

International

Bond

144A,

8.25%,

1/30/37 (a)

1,724‌

9,396‌

Jordan

(USD)

(0%

)

1,800,000

Jordan

Government

International

Bond

144A,

6.13%,

1/29/26 (a)

1,805‌

1,320,000

Jordan

Government

International

Bond

144A,

7.75%,

1/15/28 (a)

1,375‌

3,180‌

Kazakhstan

(USD)

(1%

)

3,340,000

Kazakhstan

Government

International

Bond

144A,

5.00%,

7/01/32 (a)

3,355‌

3,470,000

Kazakhstan

Government

International

Bond

144A,

5.50%,

7/01/37 (a)

3,477‌

6,832‌

Kenya

(USD)

(1%

)

2,785,000

Republic

of

Kenya

Government

International

Bond

144A,

7.25%,

2/28/28 (a)

2,764‌

1,760,000

Republic

of

Kenya

Government

International

Bond

144A,

9.75%,

2/16/31 (a)

1,813‌

4,577‌

Lebanon

(USD)

(0%

)

4,065,000

Lebanon

Government

International

Bond

Series

10Y,

6.00%,

1/27/23 (f)(h)

759‌

4,045,000

Lebanon

Government

International

Bond

,

6.20%,

2/26/25 (f)(h)

757‌

3,365,000

Lebanon

Government

International

Bond

,

6.60%,

11/27/26 (f)(h)

630‌

1,096,000

Lebanon

Government

International

Bond

,

6.65%,

2/26/30 (f)(h)

206‌

2,290,000

Lebanon

Government

International

Bond

Series

15Y,

6.75%,

11/29/27 (f)(h)

431‌

1,210,000

Lebanon

Government

International

Bond

,

6.85%,

5/25/29 (f)(h)

228‌

4,140,000

Lebanon

Government

International

Bond

Series

15YR,

7.00%,

3/23/32 (f)(h)

780‌

3,791‌

Luxembourg

(USD)

(1%

)

3,030,000

Eagle

Funding

Luxco

Sarl

144A,

5.50%,

8/17/30 (a)

3,047‌

3,835,000

EIG

Pearl

Holdings

Sarl

144A,

4.39%,

11/30/46 (a)

3,041‌

1,700,000

Greensaif

Pipelines

Bidco

Sarl

144A,

5.85%,

2/23/36 (a)

1,744‌

445,000

Minerva

Luxembourg

SA

144A,

4.38%,

3/18/31 (a)(c)

399‌

Principal

or

Shares

Security

Description

Value

(000)

2,385,000

Minerva

Luxembourg

SA

144A,

8.88%,

9/13/33 (a)

$

2,598‌

1,830,868

Tierra

Mojada

Luxembourg

II

Sarl

144A,

5.75%,

12/01/40 (a)

1,747‌

12,576‌

Malaysia

(USD)

(1%

)

1,605,000

Petronas

Capital

Ltd.

144A,

4.55%,

4/21/50 (a)

1,368‌

4,930,000

Petronas

Capital

Ltd.

144A,

5.34%,

4/03/35 (a)

5,008‌

6,376‌

Mauritius

(USD)

(0%

)

717,750

Greenko

Power

II

Ltd.

144A,

4.30%,

12/13/28 (a)

681‌

Mexico

(MXN)

(2%

)

26,900,000

Grupo

Televisa

SAB

,

7.25%,

5/14/43

MXN (b)

864‌

60,280,000

Mexican

Bonos

Series

M,

7.50%,

5/26/33

MXN (b)

2,905‌

95,160,000

Mexican

Bonos

Series

M,

7.75%,

11/23/34

MXN (b)

4,573‌

151,850,482

Mexican

Udibonos

Series

S,

2.75%,

11/27/31

MXN (b)

7,109‌

15,451‌

Mexico

(USD)

(6%

)

1,475,000

Banco

Nacional

de

Comercio

Exterior

SNC

144A,

5.88%,

5/07/30 (a)

1,504‌

2,785,000

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

144A,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.650%),

5.13%,

1/18/33 (a)(g)

2,689‌

3,281,717

Fermaca

Enterprises

S

de

RL

de

CV

144A,

6.38%,

3/30/38 (a)

3,217‌

1,629,385

FIEMEX

Energia-Banco

Actinver

SA

Institucion

de

Banca

Multiple

144A,

7.25%,

1/31/41 (a)

1,670‌

1,490,000

Mexico

Government

International

Bond

,

4.88%,

5/19/33 

1,402‌

2,120,000

Mexico

Government

International

Bond

,

5.85%,

7/02/32 

2,135‌

1,320,000

Mexico

Government

International

Bond

,

6.00%,

5/07/36 

1,297‌

4,920,000

Mexico

Government

International

Bond

,

6.34%,

5/04/53 

4,507‌

1,330,000

Mexico

Government

International

Bond

,

6.88%,

5/13/37 

1,376‌

5,015,000

Petroleos

Mexicanos

,

5.95%,

1/28/31 (c)

4,658‌

3,458,000

Petroleos

Mexicanos

,

6.49%,

1/23/27 

3,466‌

3,640,000

Petroleos

Mexicanos

,

6.50%,

3/13/27 

3,644‌

10,830,000

Petroleos

Mexicanos

,

6.63%,

6/15/35 

9,661‌

6,961,000

Petroleos

Mexicanos

,

6.70%,

2/16/32 

6,640‌

860,000

Petroleos

Mexicanos

,

6.95%,

1/28/60 

664‌

2,975,000

Petroleos

Mexicanos

,

7.69%,

1/23/50 

2,524‌

3,190,000

Petroleos

Mexicanos

,

8.75%,

6/02/29 

3,364‌

54,418‌

Mongolia

(USD)

(0%

)

1,915,000

Mongolia

Government

International

Bond

144A,

4.45%,

7/07/31 (a)

1,697‌

Montenegro

(USD)

(0%

)

1,705,000

Montenegro

Government

International

Bond

144A,

7.25%,

3/12/31 (a)

1,772‌

4

Payden

Mutual

Funds

Payden

Emerging

Markets

Bond

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

Morocco

(EUR)

(1%

)

5,980,000

Morocco

Government

International

Bond

144A,

4.75%,

4/02/35

EUR (a)(b)

$

6,886‌

Morocco

(USD)

(0%

)

1,640,000

Morocco

Government

International

Bond

144A,

6.50%,

9/08/33 (a)

1,740‌

965,000

OCP

SA

144A,

6.10%,

4/30/30 (a)

983‌

1,700,000

OCP

SA

144A,

6.70%,

3/01/36 (a)

1,723‌

4,446‌

Netherlands

(USD)

(0%

)

955,000

Yinson

Bergenia

Production

BV

144A,

8.50%,

1/31/45 (a)

986‌

946,752

Yinson

Boronia

Production

BV

144A,

8.95%,

7/31/42 (a)

1,023‌

2,009‌

Nigeria

(USD)

(3%

)

1,945,000

Nigeria

Government

International

Bond

144A,

6.13%,

9/28/28 (a)

1,898‌

1,890,000

Nigeria

Government

International

Bond

144A,

6.50%,

11/28/27 (a)

1,889‌

7,830,000

Nigeria

Government

International

Bond

144A,

7.14%,

2/23/30 (a)(c)

7,657‌

4,575,000

Nigeria

Government

International

Bond

144A,

7.70%,

2/23/38 (a)

4,062‌

2,190,000

Nigeria

Government

International

Bond

144A,

8.38%,

3/24/29 (a)

2,254‌

4,045,000

Nigeria

Government

International

Bond

144A,

10.38%,

12/09/34 (a)

4,355‌

22,115‌

Oman

(USD)

(2%

)

2,065,000

Oman

Government

International

Bond

144A,

5.38%,

3/08/27 (a)

2,091‌

8,280,000

Oman

Government

International

Bond

144A,

5.63%,

1/17/28 (a)

8,467‌

2,265,000

Oman

Government

International

Bond

144A,

6.25%,

1/25/31 (a)

2,433‌

2,610,000

Oman

Government

International

Bond

144A,

6.50%,

3/08/47 (a)

2,752‌

1,870,000

Oman

Government

International

Bond

144A,

7.38%,

10/28/32 (a)

2,157‌

17,900‌

Pakistan

(USD)

(1%

)

5,295,000

Pakistan

Government

International

Bond

144A,

7.38%,

4/08/31 (a)

4,979‌

2,665,000

Pakistan

Government

International

Bond

144A,

8.88%,

4/08/51 (a)

2,325‌

7,304‌

Panama

(USD)

(2%

)

2,480,000

Panama

Government

International

Bond

,

4.30%,

4/29/53 

1,637‌

2,845,000

Panama

Government

International

Bond

,

4.50%,

4/16/50 

1,955‌

2,275,000

Panama

Government

International

Bond

,

6.40%,

2/14/35 

2,249‌

6,180,000

Panama

Government

International

Bond

,

7.50%,

3/01/31 

6,635‌

8,100,000

Panama

Government

International

Bond

,

8.00%,

3/01/38 

8,788‌

21,264‌

Principal

or

Shares

Security

Description

Value

(000)

Paraguay

(USD)

(2%

)

1,740,000

Paraguay

Government

International

Bond

144A,

2.74%,

1/29/33 (a)

$

1,490‌

2,255,000

Paraguay

Government

International

Bond

144A,

5.60%,

3/13/48 (a)

2,039‌

2,765,000

Paraguay

Government

International

Bond

144A,

5.85%,

8/21/33 (a)

2,829‌

4,440,000

Paraguay

Government

International

Bond

144A,

6.00%,

2/09/36 (a)

4,559‌

5,745,000

Paraguay

Government

International

Bond

144A,

6.10%,

8/11/44 (a)

5,613‌

16,530‌

Peru

(PEN)

(3%

)

16,365,000

Peru

Government

Bond

,

5.40%,

8/12/34

PEN (b)

4,309‌

15,276,000

Peru

Government

Bond

144A,

6.85%,

8/12/35

PEN (a)(b)(f)

4,372‌

39,240,000

Peru

Government

Bond

144A,

7.30%,

8/12/33

PEN (a)(b)(f)

11,925‌

31,745,000

Peruvian

Government

International

Bond

144A,

6.90%,

8/12/37

PEN (a)(b)

8,959‌

29,565‌

Peru

(USD)

(2%

)

450,000

Banco

de

Credito

del

Peru

S.A.

144A,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.450%),

3.25%,

9/30/31 (a)(g)

443‌

5,785,000

Peruvian

Government

International

Bond

,

3.60%,

1/15/72 

3,519‌

4,540,000

Peruvian

Government

International

Bond

,

5.88%,

8/08/54 

4,386‌

5,390,000

Peruvian

Government

International

Bond

,

6.20%,

6/30/55 

5,414‌

490,000

Pluspetrol

Camisea

SA/Pluspetrol

Lote

56

SA

144A,

6.24%,

7/03/36 (a)

511‌

1,635,000

Scotiabank

Peru

SAA

144A,

(1

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.309%),

6.10%,

10/01/35 (a)(g)

1,669‌

15,942‌

Philippines

(USD)

(1%

)

4,565,000

Philippine

Government

International

Bond

,

3.70%,

3/01/41 

3,753‌

2,045,000

Philippine

Government

International

Bond

,

5.50%,

1/17/48 

2,022‌

4,245,000

Philippine

Government

International

Bond

,

5.90%,

2/04/50 

4,370‌

10,145‌

Poland

(EUR)

(0%

)

1,635,000

Republic

of

Poland

Government

International

Bond

,

3.63%,

1/16/35

EUR (b)(f)

1,896‌

Poland

(USD)

(2%

)

2,090,000

Bank

Gospodarstwa

Krajowego

144A,

5.38%,

5/22/33 (a)

2,121‌

5,450,000

Bank

Gospodarstwa

Krajowego

144A,

5.75%,

7/09/34 (a)

5,656‌

2,900,000

Republic

of

Poland

Government

International

Bond

Series

30Y,

5.50%,

4/04/53 

2,719‌

4,790,000

Republic

of

Poland

Government

International

Bond

Series

30Y,

5.50%,

3/18/54 

4,495‌

14,991‌

5

Principal

or

Shares

Security

Description

Value

(000)

Qatar

(USD)

(1%

)

3,390,000

Qatar

Government

International

Bond

144A,

4.40%,

4/16/50 (a)

$

2,896‌

3,215,000

Qatar

Government

International

Bond

144A,

4.82%,

3/14/49 (a)

2,958‌

3,050,000

Qatar

Government

International

Bond

144A,

5.10%,

4/23/48 (a)

2,907‌

8,761‌

Romania

(EUR)

(1%

)

2,726,000

Romanian

Government

International

Bond

144A,

4.63%,

4/03/49

EUR (a)(b)

2,419‌

1,430,000

Romanian

Government

International

Bond

144A,

5.63%,

2/22/36

EUR (a)(b)

1,599‌

4,018‌

Romania

(USD)

(2%

)

2,700,000

Romanian

Government

International

Bond

144A,

3.00%,

2/27/27 (a)

2,625‌

9,020,000

Romanian

Government

International

Bond

144A,

5.75%,

3/24/35 (a)

8,568‌

2,320,000

Romanian

Government

International

Bond

144A,

6.13%,

1/22/44 (a)

2,137‌

2,550,000

Romanian

Government

International

Bond

144A,

7.50%,

2/10/37 (a)

2,712‌

16,042‌

Saudi

Arabia

(USD)

(2%

)

4,775,000

Saudi

Arabian

Oil

Co.

144A,

4.25%,

4/16/39 (a)(c)

4,226‌

2,135,000

Saudi

Arabian

Oil

Co.

144A,

5.75%,

7/17/54 (a)

2,011‌

3,550,000

Saudi

Government

International

Bond

144A,

3.25%,

11/17/51 (a)

2,315‌

7,025,000

Saudi

Government

International

Bond

144A,

3.45%,

2/02/61 (a)

4,383‌

5,655,000

Saudi

Government

International

Bond

144A,

3.75%,

1/21/55 (a)

3,888‌

2,335,000

Saudi

Government

International

Bond

144A,

5.25%,

1/16/50 (a)

2,138‌

18,961‌

Senegal

(USD)

(0%

)

2,045,000

Senegal

Government

International

Bond

144A,

6.25%,

5/23/33 (a)

1,523‌

1,695,000

Senegal

Government

International

Bond

144A,

6.75%,

3/13/48 (a)

1,110‌

2,633‌

Singapore

(USD)

(0%

)

1,955,000

Continuum

Energy

Aura

Pte

Ltd.

144A,

9.50%,

2/24/27 (a)(c)

2,018‌

South

Africa

(USD)

(3%

)

905,000

Eskom

Holdings

SOC

Ltd.

144A,

6.35%,

8/10/28 (a)

924‌

3,845,000

Eskom

Holdings

SOC

Ltd.

144A,

8.45%,

8/10/28 (a)

4,065‌

3,120,000

Republic

of

South

Africa

Government

International

Bond

Series

12Y,

4.30%,

10/12/28 

3,020‌

2,700,000

Republic

of

South

Africa

Government

International

Bond

Series

30Y,

5.65%,

9/27/47 

2,032‌

4,780,000

Republic

of

South

Africa

Government

International

Bond

Series

30Y,

5.75%,

9/30/49 

3,546‌

Principal

or

Shares

Security

Description

Value

(000)

4,450,000

Republic

of

South

Africa

Government

International

Bond

Series

12Y,

5.88%,

6/22/30 

$

4,432‌

1,905,000

Republic

of

South

Africa

Government

International

Bond

144A,

7.10%,

11/19/36 (a)

1,894‌

3,690,000

Republic

of

South

Africa

Government

International

Bond

Series

30Y,

7.30%,

4/20/52 

3,334‌

23,247‌

South

Africa

(ZAR)

(1%

)

116,158,000

Republic

of

South

Africa

Government

Bond

Series

R214,

6.50%,

2/28/41

ZAR (b)

4,448‌

149,380,000

Republic

of

South

Africa

Government

Bond

Series

2048,

8.75%,

2/28/48

ZAR (b)

6,813‌

11,261‌

Spain

(USD)

(0%

)

1,205,745

AI

Candelaria

-spain-

SA

144A,

7.50%,

12/15/28 (a)

1,212‌

Sri

Lanka

(USD)

(2%

)

5,550,840

Sri

Lanka

Government

International

Bond

144A,

3.10%,

1/15/30 (a)

5,003‌

4,915,164

Sri

Lanka

Government

International

Bond

144A,

3.35%,

3/15/33 (a)

4,039‌

2,303,369

Sri

Lanka

Government

International

Bond

144A,

3.60%,

5/15/36 (a)

1,943‌

4,358,677

Sri

Lanka

Government

International

Bond

144A,

3.60%,

2/15/38 (a)

3,670‌

2,356,106

Sri

Lanka

Government

International

Bond

144A,

4.00%,

4/15/28 (a)

2,241‌

16,896‌

Supranational

(INR)

(0%

)

66,000,000

European

Bank

for

Reconstruction

&

Development

,

6.75%,

3/14/31

INR (b)

756‌

Supranational

(USD)

(0%

)

485,000

Promigas

SA

ESP/Gases

del

Pacifico

SAC

144A,

3.75%,

10/16/29 (a)

454‌

Turkey

(EUR)

(1%

)

2,620,000

Turkiye

Government

International

Bond

Series

6Y,

5.20%,

8/17/31

EUR (b)

2,983‌

1,370,000

Turkiye

Government

International

Bond

,

5.88%,

5/21/30

EUR (b)

1,651‌

4,634‌

Turkey

(TRY)

(1%

)

193,565,000

Turkiye

Government

Bond

Series

5Y,

17.30%,

7/19/28

TRY (b)

3,371‌

87,970,000

Turkiye

Government

Bond

Series

2Y,

36.00%,

8/12/26

TRY (b)

2,135‌

5,506‌

Turkey

(USD)

(2%

)

4,230,000

Hazine

Mustesarligi

Varlik

Kiralama

AS

144A,

8.51%,

1/14/29 (a)

4,518‌

1,655,000

Limak

Cimento

Sanayi

ve

Ticaret

AS

144A,

9.75%,

7/25/29 (a)

1,686‌

2,095,000

Turkiye

Government

International

Bond

Series

11Y,

4.25%,

4/14/26 

2,085‌

1,070,000

Turkiye

Government

International

Bond

Series

30Y,

6.00%,

1/14/41 

901‌

3,375,000

Turkiye

Government

International

Bond

Series

7Y,

7.13%,

2/12/32 

3,421‌

5,050,000

Turkiye

Government

International

Bond

,

7.25%,

5/29/32 

5,139‌

6

Payden

Mutual

Funds

Payden

Emerging

Markets

Bond

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

2,755,000

Turkiye

Government

International

Bond

,

9.13%,

7/13/30 

$

3,069‌

1,705,000

Yapi

ve

Kredi

Bankasi

AS

144A,

(5

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.499%),

9.74% (a)(e)(g)

1,792‌

22,611‌

Ukraine

(USD)

(1%

)

109,127

Ukraine

Government

International

Bond

144A,

1.75%,

2/01/29 (a)

66‌

3,947,407

Ukraine

Government

International

Bond

144A,

1.75%,

2/01/34 (a)

2,001‌

3,561,258

Ukraine

Government

International

Bond

144A,

1.75%,

2/01/35 (a)

1,826‌

2,892,488

Ukraine

Government

International

Bond

144A,

1.75%,

2/01/36 (a)

1,432‌

2,695,000

Ukraine

Government

International

Bond

144A,

1.85%,

8/01/41 (a)(d)(g)

2,007‌

288,922

Ukraine

Government

International

Bond

,

4.50%,

2/01/29 (f)

175‌

505,614

Ukraine

Government

International

Bond

,

4.50%,

2/01/34 (f)

256‌

577,845

Ukraine

Government

International

Bond

,

4.50%,

2/01/35 (f)

296‌

72,231

Ukraine

Government

International

Bond

,

4.50%,

2/01/36 (f)

36‌

759,110

Ukraine

Government

International

Bond

144A,

16.60%,

2/01/34 (a)(d)

286‌

593,240

Ukraine

Government

International

Bond

144A,

18.44%,

2/01/30 (a)(d)

279‌

78,912

Ukraine

Government

International

Bond

,

18.44%,

2/01/30 (d)(f)

37‌

8,697‌

United

Arab

Emirates

(USD)

(2%

)

9,318,000

Abu

Dhabi

Crude

Oil

Pipeline

LLC

144A,

4.60%,

11/02/47 (a)

8,453‌

2,415,000

Abu

Dhabi

Developmental

Holding

Co.

PJSC

144A,

5.25%,

10/02/54 (a)

2,283‌

1,979,835

Acwa

Power

Management

And

Investments

One

Ltd.

144A,

5.95%,

12/15/39 (a)

1,969‌

1,580,000

MDGH

GMTN

RSC

Ltd.

144A,

5.08%,

5/22/53 (a)

1,449‌

2,000,000

UAE

International

Government

Bond

144A,

4.95%,

7/07/52 (a)

1,854‌

16,008‌

United

States

(EGP)

(1%

)

245,842,600

Citigroup

Global

Markets

Holdings

Inc.

EMNT

144A,

25.50%,

3/05/26

EGP (a)(b)(d)

4,363‌

136,500,000

Citigroup

Global

Markets

Holdings

Inc.

144A,

26.80%,

3/05/26

EGP (a)(b)(d)

2,423‌

250,590,089

Citigroup

Global

Markets

Holdings

Inc.

144A,

26.80%,

3/05/26

EGP (a)(b)(d)

4,447‌

11,233‌

United

States

(NGN)

(1%

)

14,567,700,000

Citigroup

Global

Markets

Holdings

Inc.

144A,

24.64%,

1/08/26

NGN (a)(b)(d)

8,569‌

United

States

(USD)

(0%

)

5,045,708

BBFI

Liquidating

Trust

144A,

6.29%,

12/30/99 (a)(d)

51‌

Principal

or

Shares

Security

Description

Value

(000)

Uruguay

(USD)

(0%

)

2,210,000

Uruguay

Government

International

Bond

,

5.44%,

2/14/37 

$

2,256‌

Uzbekistan

(USD)

(2%

)

3,555,000

Navoi

Mining

&

Metallurgical

Combinat

144A,

6.75%,

5/14/30 (a)

3,648‌

2,975,000

Navoiyuran

State

Enterprise

144A,

6.70%,

7/02/30 (a)

2,954‌

3,950,000

Republic

of

Uzbekistan

International

Bond

144A,

3.70%,

11/25/30 (a)

3,553‌

4,080,000

Republic

of

Uzbekistan

International

Bond

144A,

5.38%,

2/20/29 (a)

4,034‌

3,200,000

Republic

of

Uzbekistan

International

Bond

144A,

7.85%,

10/12/28 (a)

3,408‌

17,597‌

Venezuela

(USD)

(1%

)

3,630,000

Petroleos

de

Venezuela

SA

,

5.38%,

4/12/27 (f)

(h)

509‌

3,220,000

Petroleos

de

Venezuela

SA

,

6.00%,

11/15/26 (f)

(h)

456‌

1,122,500

Petroleos

de

Venezuela

SA

,

8.50%,

10/27/20 (f)

(h)

1,010‌

2,890,000

Petroleos

de

Venezuela

SA

,

9.00%,

11/17/21 (f)

(h)

417‌

1,640,000

Petroleos

de

Venezuela

SA

,

12.75%,

2/17/22 (f)

(h)

255‌

1,420,000

Venezuela

Government

International

Bond

,

7.00%,

3/31/38 (f)(h)

284‌

4,560,000

Venezuela

Government

International

Bond

,

7.65%,

4/21/25 (f)(h)

844‌

12,420,000

Venezuela

Government

International

Bond

,

7.75%,

10/13/19 (f)(h)

1,950‌

3,375,000

Venezuela

Government

International

Bond

,

8.25%,

10/13/24 (f)(h)

633‌

4,870,000

Venezuela

Government

International

Bond

,

9.25%,

9/15/27 (h)

1,078‌

7,436‌

Virgin

Islands

(British)

(USD)

(0%

)

3,125,000

Central

American

Bottling

Corp./CBC

Bottling

Holdco

SL/Beliv

Holdco

SL

144A,

5.25%,

4/27/29 (a)

3,040‌

Zambia

(USD)

(1%

)

2,326,963

Zambia

Government

International

Bond

144A,

0.50%,

12/31/53 (a)

1,707‌

4,838,720

Zambia

Government

International

Bond

144A,

5.75%,

6/30/33 (a)

4,522‌

6,229‌

Total

Bond

(Cost

-

$848,710)

852,172‌

Investment

Company

(3%)

28,282,878

Payden

Cash

Reserves

Money

Market

Fund*

(Cost

-

$28,283) 

28,283‌

Purchased

Swaptions  (0%

)

Total

Purchased

Swaptions

(Cost

-

$234)

29‌

Total

Investments

(Cost

-

$877,227)  (100%)

880,484‌

Liabilities

in

excess

of

Other

Assets

(

(0)%

)

(307‌)

Net

Assets

(100%)

$

880,177‌

7

*

Affiliated

investment.

(a)

Security

offered

only

to

qualified

institutional

investors,

and

thus

is

not

registered

for

sale

to

the

public

under

rule

144A

of

the

Securities

Act

of

1933.

It

has

been

deemed

liquid

under

guidelines

approved

by

the

Board.

(b)

Principal

in

foreign

currency.

(c)

All

or

a

portion

of

these

securities

are

on

loan.

At

July

31,

2025,

the

total

market

value

of

the

Fund’s

securities

on

loan

is

$10,641

and

the

total

market

value

of

the

collateral

held

by

the

Fund

is

$11,011.

Amounts

in

000s.

(d)

Yield

to

maturity

at

time

of

purchase.

(e)

Perpetual

security

with

no

stated

maturity

date.

(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,

2025.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default

of

principal

and/or

interest

payments.

Purchased

Swaptions

Description

Counterparty

Notional

Amount

(000s)

Expiration

Date

Value

(000s)

Call/Put

Purchased

Swaptions

-

0.0%

Protection

Bought

(Relevant

Credit:

Markit

CDX,

North

America

High

Yield

44

Index),

Receive

upon

credit

default

Citibank,

N.A.

$

31,900

08/20/2025

$

29

Put

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000s)

Assets:

CZK

35,860

USD  1,648

HSBC

Bank

USA,

N.A.

09/15/2025

$

19

MXN

72,150

USD  3,800

HSBC

Bank

USA,

N.A.

09/22/2025

2

PEN

10,444

USD  2,828

BNP

PARIBAS

08/18/2025

77

PEN

15,315

USD  4,244

HSBC

Bank

USA,

N.A.

08/18/2025

17

PLN

39,795

USD  10,601

BNP

PARIBAS

08/14/2025

15

TRY

91,078

USD  2,137

Barclays

Bank

PLC

09/16/2025

15

USD

8,554

THB  276,660

Barclays

Bank

PLC

09/16/2025

56

USD

472

IDR  7,704,000

Barclays

Bank

PLC

10/16/2025

4

USD

8,652

COP  34,826,000

BNP

PARIBAS

08/13/2025

342

USD

6,917

ZAR  123,590

BNP

PARIBAS

08/15/2025

140

USD

19,694

EUR  16,944

BNP

PARIBAS

09/17/2025

294

USD

3,444

HUF  1,206,100

BNP

PARIBAS

09/22/2025

12

USD

783

INR  67,640

BNP

PARIBAS

10/17/2025

14

USD

17,121

CLP  16,444,400

BNP

PARIBAS

10/22/2025

213

USD

4,260

ZAR  77,340

HSBC

Bank

USA,

N.A.

08/15/2025

19

USD

12,658

CNH  90,586

HSBC

Bank

USA,

N.A.

08/18/2025

78

USD

36,671

BRL  205,097

HSBC

Bank

USA,

N.A.

08/25/2025

284

USD

6,587

CZK  141,540

HSBC

Bank

USA,

N.A.

09/15/2025

7

USD

9,308

COP  38,880,000

Morgan

Stanley

08/13/2025

30

USD

3,051

EUR  2,619

Morgan

Stanley

09/17/2025

53

1,691

Liabilities:

BRL

46,890

USD  8,349

BNP

PARIBAS

08/25/2025

(30)

BRL

80,714

USD  14,453

HSBC

Bank

USA,

N.A.

08/25/2025

(134)

COP

38,364,000

USD  9,304

BNP

PARIBAS

08/13/2025

(149)

CZK

91,010

USD  4,324

BNP

PARIBAS

09/15/2025

(93)

EUR

7,124

USD  8,395

BNP

PARIBAS

09/17/2025

(238)

EUR

2,333

USD  2,674

HSBC

Bank

USA,

N.A.

09/17/2025

(2)

HUF

1,406,800

USD  4,122

BNP

PARIBAS

09/22/2025

(119)

KRW

11,605,000

USD  8,598

BNP

PARIBAS

09/18/2025

(206)

USD

10,520

PLN  39,795

BNP

PARIBAS

08/14/2025

(97)

USD

19,427

PEN  71,242

HSBC

Bank

USA,

N.A.

08/18/2025

(393)

8

Payden

Mutual

Funds

Payden

Emerging

Markets

Bond

Fund

continued

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000s)

USD

14,990

MXN  286,900

HSBC

Bank

USA,

N.A.

09/22/2025

$

(129)

(1,590)

Net

Unrealized

Appreciation

(Depreciation)

$101

Open

Futures

Contracts

Contract

Type

Number

of

Contracts

Expiration

Date

Notional

Amount

(000s)

Current

Value

(000s)

Unrealized

Appreciation

(Depreciation)

(000s)

Long

Contracts:

U.S.

10-Year

Ultra

Future

77

Sep-25

$

8,707

$

132

$

132

U.S.

Treasury

5-Year

Note

Future

142

Sep-25

15,360

12

12

U.S.

Ultra

Bond

Future

43

Sep-25

5,044

(51)

(51)

a

a

Total

Futures

$93

Open

Centrally

Cleared

Interest

Rate

Swap

Contracts

Description

Maturity

Date

Notional

Amount

(000s)

Value

(000s)

Upfront

payments/

receipts

(000s)

Unrealized

Appreciation/

(Depreciation)

(000s)

2-Year

Interest

Rate

Swap,

Receive

Fixed

9.070%

28

days,

Pay

Variable

8.050%

(MXIBTIEF)

28

days

11/23/2026

MXN

495,000

$514

$–

$514

2-Year

Interest

Rate

Swap,

Receive

Fixed

9.150%

28

days,

Pay

Variable

8.050%

(MXIBTIEF)

28

days

11/19/2026

MXN

396,640

433

–

433

8-Year

Interest

Rate

Swap,

Pay

Fixed

1.341%

Annually,

Receive

Variable

2.592%

(ESTRON)

Annually

10/17/2030

EUR

2,250

130

–

130

8-Year

SOFR

Swap,

Receive

Fixed

2.776%

Annually,

Pay

Variable

4.481%

(SOFRRATE)

Annually

10/17/2030

USD

2,534

(133)

–

(133)

9-Year

Interest

Rate

Swap,

Pay

Fixed

2.079%

Annually,

Receive

Variable

2.564%

(ESTRON)

Annually

10/30/2031

EUR

5,215

79

–

79

9-Year

SOFR

Swap,

Receive

Fixed

2.921%

Annually,

Pay

Variable

4.463%

(SOFRRATE)

Annually

10/30/2031

USD

5,530

(287)

–

(287)

$736

$–

$736