Payden Emerging Markets Local Bond Fund

Schedule of Investments - January 31, 2020 (Unaudited)

Principal or Shares	Security Description	Value (000)
Bonds (94%)
Argentina (ARS) (0%)
8,765,600	YPF SA 144A, 16.50%, 5/09/22 ARS (a)	$	78
Brazil (BRL) (9%)
955,000	Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/26 BRL		882
8,267,000	Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/21 BRL		2,026
31,746,000	Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/23 BRL		8,281
27,610,000	Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/27 BRL		7,675
			18,864
Chile (CLP) (1%)
1,430,000,000	Bonos de la Tesoreria de la Republica en pesos, 5.00%, 3/01/35 CLP		2,091
410,000,000	Bonos de la Tesoreria de la Republica en pesos, 6.00%, 1/01/43 CLP		695
79,000,000	Chile Government International Bond, 5.50%, 8/05/20 CLP		100
			2,886
Colombia (COP) (7%)
540,000,000	Colombia Government International Bond, 7.75%, 4/14/21 COP		163
2,847,916,050	Colombian TES, 3.30%, 3/17/27 COP		909
2,700,000,000	Colombian TES, 6.00%, 4/28/28 COP		808
15,401,000,000	Colombian TES, 7.00%, 5/04/22 COP		4,727
4,700,000,000	Colombian TES, 7.50%, 8/26/26 COP		1,528
7,770,000,000	Colombian TES, 7.75%, 9/18/30 COP		2,599
9,649,000,000	Colombian TES, 10.00%, 7/24/24 COP		3,373
900,000,000	Emgesa SA ESP 144A, 8.75%, 1/25/21 COP (a)		271
1,245,000,000	Empresas Publicas de Medellin ESP 144A, 7.63%, 9/10/24 COP (a)		383
2,003,000,000	Empresas Publicas de Medellin ESP 144A, 8.38%, 11/08/27 COP (a)		626
1,585,000,000	Financiera de Desarrollo Territorial SA Findeter 144A, 7.88%, 8/12/24 COP (a)		494
			15,881
Czech Republic (CZK) (3%)
16,400,000	Czech Republic Government Bond, 0.95%, 5/15/30 CZK (b)		686
22,900,000	Czech Republic Government Bond, 2.40%, 9/17/25 CZK (b)		1,059
19,000,000	Czech Republic Government Bond, 3.85%, 9/29/21 CZK (b)		865
88,000,000	Czech Republic Government Bond, 4.70%, 9/12/22 CZK (b)		4,173
			6,783
Dominica Republic (DOP) (2%)
78,400,000	Dominican Republic International Bond 144A, 8.90%, 2/15/23 DOP (a)		1,471
88,900,000	Dominican Republic International Bond 144A, 9.75%, 6/05/26 DOP (a)		1,701
			3,172
Georgia (GEL) (0%)
1,185,000	Bank of Georgia JSC 144A, 11.00%, 6/01/20 GEL (a)		412

Principal or Shares	Security Description	Value (000)
Hungary (HUF) (3%)
190,000,000	Hungary Government Bond, 2.50%, 10/24/24 HUF	$	670
140,000,000	Hungary Government Bond, 3.00%, 6/26/24 HUF		503
559,000,000	Hungary Government Bond, 3.00%, 10/27/27 HUF		2,019
187,000,000	Hungary Government Bond, 5.50%, 6/24/25 HUF		754
154,000,000	Hungary Government Bond, 6.00%, 11/24/23 HUF		607
336,610,000	Hungary Government Bond, 7.00%, 6/24/22 HUF		1,287
			5,840
Indonesia (IDR) (6%)
37,750,000,000	Indonesia Treasury Bond, 5.63%, 5/15/23 IDR		2,765
24,700,000,000	Indonesia Treasury Bond, 8.25%, 6/15/32 IDR		1,962
12,926,000,000	Indonesia Treasury Bond, 8.25%, 5/15/36 IDR		1,020
16,400,000,000	Indonesia Treasury Bond, 8.38%, 3/15/24 IDR		1,308
37,700,000,000	Indonesia Treasury Bond, 8.38%, 9/15/26 IDR		3,057
4,500,000,000	Indonesia Treasury Bond, 8.38%, 3/15/34 IDR		363
21,440,000,000	Wijaya Karya Persero Tbk PT 144A, 7.70%, 1/31/21 IDR (a)		1,556
			12,031
Kazakhstan (KZT) (1%)
620,000,000	Development Bank of Kazakhstan JSC 144A, 8.95%, 5/04/23 KZT (a)		1,549
Luxembourg (BRL) (1%)
6,650,000	Swiss Insured Brazil Power Finance Sarl 144A, 9.85%, 7/16/32 BRL (a)		1,817
Malaysia (MYR) (4%)
6,510,000	Malaysia Government Bond, 3.89%, 3/15/27 MYR		1,664
7,100,000	Malaysia Government Bond, 3.90%, 11/16/27 MYR		1,824
1,905,000	Malaysia Government Bond, 4.18%, 7/15/24 MYR		488
18,255,000	Malaysia Government Bond, 4.39%, 4/15/26 MYR		4,784
1,700,000	Malaysia Government Bond, 4.76%, 4/07/37 MYR		488
			9,248
Mexico (MXN) (8%)
72,300	America Movil SAB de CV, 6.45%, 12/05/22 MXN		372
10,700,000	Comision Federal de Electricidad, 7.35%, 11/25/25 MXN		530
7,270,000	Grupo Televisa SAB, 7.25%, 5/14/43 MXN		296
26,100,000	Mexican Bonos, 7.50%, 6/03/27 MXN		1,453
40,220,000	Mexican Bonos, 7.75%, 11/23/34 MXN		2,326
47,620,000	Mexican Bonos, 7.75%, 11/13/42 MXN		2,749
86,300,000	Mexican Bonos, 8.50%, 5/31/29 MXN		5,155
28,900,000	Mexican Bonos, 8.50%, 11/18/38 MXN		1,782
19,323,864	Mexican Udibonos, 4.00%, 11/03/50 MXN		1,166
9,200,000	Petroleos Mexicanos, 7.19%, 9/12/24 MXN		451
16,240,000	Petroleos Mexicanos 144A, 7.65%, 11/24/21 MXN (a)		849
			17,129

1   Payden Mutual Funds

Principal or Shares	Security Description	Value (000)
Peru (PEN) (6%)
3,100,000	Banco de Credito del Peru 144A, 4.65%, 9/17/24 PEN (a)	$	935
402,000	Banco de Credito del Peru 144A, 4.85%, 10/30/20 PEN (a)		120
4,885,000	Peru Government Bond 144A, 5.35%, 8/12/40 PEN (a)(b)		1,511
4,930,000	Peru Government Bond 144A, 5.40%, 8/12/34 PEN (a)(b)		1,569
4,410,000	Peru Government Bond 144A, 5.94%, 2/12/29 PEN (a)(b)		1,500
10,910,000	Peru Government Bond 144A, 6.15%, 8/12/32 PEN (a)(b)		3,745
2,660,000	Peruvian Government International Bond 144A, 5.35%, 8/12/40 PEN (a)		800
2,055,000	Peruvian Government International Bond 144A, 6.35%, 8/12/28 PEN (a)		715
4,030,000	Peruvian Government International Bond 144A, 6.95%, 8/12/31 PEN (a)		1,468
			12,363
Philippines (PHP) (0%)
17,000,000	Philippine Government International Bond, 6.25%, 1/14/36 PHP		416
Poland (PLN) (6%)
10,120,000	Republic of Poland Government Bond, 2.50%, 4/25/24 PLN		2,691
12,620,000	Republic of Poland Government Bond, 2.75%, 10/25/29 PLN		3,434
8,300,000	Republic of Poland Government Bond, 3.25%, 7/25/25 PLN		2,291
16,920,000	Republic of Poland Government Bond, 4.00%, 10/25/23 PLN		4,726
1,460,000	Republic of Poland Government Bond, 5.75%, 9/23/22 PLN		417
			13,559
Romania (RON) (1%)
7,100,000	Romania Government Bond, 5.00%, 2/12/29 RON		1,748
4,700,000	Romania Government Bond, 5.80%, 7/26/27 RON		1,211
			2,959
Russian Federation (RUB) (8%)
344,375,000	Russian Federal Bond - OFZ, 7.05%, 1/19/28 RUB		5,726
267,000,000	Russian Federal Bond - OFZ, 7.70%, 3/23/33 RUB		4,700
452,770,000	Russian Federal Bond - OFZ, 8.15%, 2/03/27 RUB		7,941
			18,367
South Africa (ZAR) (8%)
29,510,000	Republic of South Africa Government Bond, 6.50%, 2/28/41 ZAR		1,374
52,000,000	Republic of South Africa Government Bond, 8.25%, 3/31/32 ZAR		3,186
86,900,000	Republic of South Africa Government Bond, 8.50%, 1/31/37 ZAR		5,133

Principal or Shares	Security Description	Value (000)
76,000,000	Republic of South Africa Government Bond, 8.75%, 1/31/44 ZAR	$	4,449
16,200,000	Republic of South Africa Government Bond, 8.75%, 2/28/48 ZAR		945
32,000,000	Republic of South Africa Government Bond, 8.88%, 2/28/35 ZAR		1,992
5,460,000	Republic of South Africa Government Bond, 10.50%, 12/21/26 ZAR		411
11,200,000	Transnet SOC Ltd. 144A, 9.50%, 5/13/21 ZAR (a)		784
			18,274
South Korea (MXN) (0%)
12,000,000	Export-Import Bank of Korea, 7.93%, 7/30/26 MXN		660
Thailand (THB) (4%)
88,500,000	Thailand Government Bond, 3.40%, 6/17/36 THB		3,575
170,000	Thailand Government Bond, 3.65%, 12/17/21 THB		5
138,800,000	Thailand Government Bond, 4.88%, 6/22/29 THB		5,850
			9,430
Turkey (TRY) (3%)
3,587,699	Turkey Government Bond, 3.00%, 2/23/22 TRY		611
7,200,000	Turkey Government Bond, 7.10%, 3/08/23 TRY		1,115
13,250,000	Turkey Government Bond, 8.80%, 9/27/23 TRY		2,152
3,070,000	Turkey Government Bond, 9.00%, 7/24/24 TRY		500
15,540,000	Turkey Government Bond, 11.00%, 3/02/22 TRY		2,659
			7,037
Ukraine (UAH) (0%)
11,570,000	Ukraine Government International Bond 144A, 11.67%, 11/22/23 UAH (a)		495
United Kingdom (EGP) (1%)
17,200,000	HSBC Bank PLC 144A, 14.80%, 2/01/23 EGP (a)		1,111
United Kingdom (IDR) (3%)
59,000,000,000	Standard Chartered Bank 144A, 8.25%, 5/19/36 IDR (a)		4,655
17,200,000,000	Standard Chartered Bank 144A, 8.38%, 3/17/34 IDR (a)		1,388
			6,043
United Kingdom (LKR) (0%)
160,000,000	Standard Chartered Bank 144A, 10.75%, 3/03/21 LKR (a)		903
United States (GHS) (1%)
6,000,000	Citigroup Global Markets Holdings Inc. (Federal Republic of Ghana), 19.00%, 11/04/26 GHS		1,052
United States (IDR) (5%)
5,500,000,000	JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 8.38%, 3/19/24 IDR (a)		438
21,740,000,000	JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 8.38%, 9/17/26 IDR (a)		1,763
32,200,000,000	JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 8.38%, 3/17/34 IDR (a)		2,598

2

        Payden Emerging Markets Local Bond Fund continued

Principal or Shares	Security Description	Value (000)
10,000,000,000	JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 8.75%, 5/19/31 IDR (a)	$	834
49,194,000,000	JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 9.50%, 7/17/31 IDR (a)		4,304
4,000,000,000	JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 11.00%, 9/17/25 IDR (a)		356
			10,293
United States (UAH) (2%)
27,000,000	Citigroup Global Markets Holdings Inc. 144A, 15.92%, 11/19/21 UAH (a)		1,229
56,000,000	Citigroup Global Markets Holdings Inc. (Republic of Ukraine) 144A, 13.41%, 10/17/22 UAH (a)		2,612
			3,841
Uruguay (UYU) (1%)
10,970,000	Uruguay Government International Bond 144A, 8.50%, 3/15/28 UYU (a)		260
55,700,000	Uruguay Government International Bond 144A, 9.88%, 6/20/22 UYU (a)		1,481
			1,741
Total Bonds (Cost - $210,062)			204,234

Principal or Shares	Security Description	Value (000)
Investment Company (3%)
6,729,077	Payden Cash Reserves Money Market Fund * (Cost - $6,729)	$	6,729
Total Investments (Cost - $216,791) (97%)			210,963
Other Assets, net of Liabilities (3%)			6,467
Net Assets (100%)		$	217,430

* Affiliated investment

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

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

3   Payden Mutual Funds

Open Forward Currency Contracts to USD

Currency Purchased  (000s)	Currency Sold (000s)	Counterparty		Settlement Date		Unrealized Appreciation (Depreciation) (000s)
Assets:
CZK 78,000	USD  3,374		BNP PARIBAS		03/27/2020	$	56
IDR 11,720,000	USD  853		Barclays Bank PLC		03/26/2020		1
IDR 6,845,000	USD  488		Barclays Bank PLC		03/26/2020		11
MXN 114,490	USD  5,903		HSBC Bank USA, N.A.		04/15/2020		89
USD 376	HUF  110,200		Barclays Bank PLC		04/14/2020		12
USD 4,818	PEN  16,054		BNP PARIBAS		05/26/2020		95
USD 309	COP  1,044,000		HSBC Bank USA, N.A.		04/20/2020		6
USD 1,294	HUF  390,800		HSBC Bank USA, N.A.		04/14/2020		5
							275
Liabilities:
BRL 18,108	USD  4,308		HSBC Bank USA, N.A.		03/20/2020		(91	)
CLP 1,618,000	USD  2,131		HSBC Bank USA, N.A.		03/13/2020		(110	)
HUF 693,400	USD  2,341		Barclays Bank PLC		04/14/2020		(55	)
MYR 17,928	USD  4,400		Barclays Bank PLC		04/28/2020		(36	)
PLN 5,055	USD  1,323		Barclays Bank PLC		03/18/2020		(18	)
PLN 19,909	USD  5,211		HSBC Bank USA, N.A.		03/18/2020		(71	)
RON 6,738	USD  1,560		Barclays Bank PLC		04/23/2020		—
RUB 151,170	USD  2,376		HSBC Bank USA, N.A.		03/25/2020		(27	)
THB 97,410	USD  3,163		Barclays Bank PLC		04/22/2020		(33	)
USD 6,266	IDR  89,817,000		Barclays Bank PLC		03/26/2020		(279	)
USD 303	PHP  15,480		HSBC Bank USA, N.A.		03/19/2020		(1	)
USD 1,092	EGP  18,250		HSBC Bank USA, N.A.		04/14/2020		(38	)
USD 370	RON  1,599		HSBC Bank USA, N.A.		04/23/2020		(1	)
ZAR 15,380	USD  1,023		BNP PARIBAS		05/21/2020		(13	)
ZAR 7,660	USD  522		BNP PARIBAS		05/21/2020		(19	)
							(792	)
Net Unrealized Appreciation (Depreciation)						$	(517	)

Open Centrally Cleared Interest Rate Swap Contracts

Description	Maturity Date	Notional Amount (000s)	Value (000s)		Upfront payments/ receipts (000s)		Unrealized Appreciation (000s)
5-Year Interest Rate Swap, Receive Fixed 7.71% Monthly, Pay	03/20/2024	$100,000	$	246	$	—	$246
Variable 8.473% (28-day MXIBTIIE) Monthly

4