NPORT-EX 2 B_938203.htm HTML
                       

 

Payden Emerging Markets Bond Fund

 

                       

 

Schedule of Investments - July 31, 2020 (Unaudited)

Principal
or Shares		      Security Description   Value
(000)		  
 

Bonds (99%)

  
 

Angola (USD) (2%)

  
  4,720,000      Angolan Government International Bond 144A, 8.00%, 11/26/29 (a)   $ 3,946  
  8,925,000      Angolan Government International Bond 144A, 8.25%, 5/09/28 (a)     7,607  
  6,425,000      Angolan Government International Bond 144A, 9.38%, 5/08/48 (a)     5,289  
  3,490,000      Angolan Government International Bond 144A, 9.50%, 11/12/25 (a)           3,196  
    

 

 

  
       20,038  
    

 

 

  
 

Argentina (ARS) (0%)

  
  44,420,000      YPF SA 144A, 16.50%, 5/09/22 ARS (a)     411  
    

 

 

  
 

Argentina (USD) (2%)

  
  4,442,500      Argentine Republic Government International Bond, 3.75%, 12/31/38     1,872  
  4,475,000      Argentine Republic Government International Bond, 5.63%, 1/26/22     1,992  
  4,240,000      Argentine Republic Government International Bond, 6.88%, 1/11/48     1,776  
  3,085,000      Argentine Republic Government International Bond, 7.13%, 7/06/36     1,324  
  2,290,000      Argentine Republic Government International Bond, 7.13%, 6/28/17     958  
  6,785,000      Argentine Republic Government International Bond, 7.50%, 4/22/26     2,949  
  11,069,090      Argentine Republic Government International Bond, 8.28%, 12/31/33     5,662  
  1,940,000      Provincia de Buenos Aires/Argentina 144A,
6.50%, 2/15/23 (a)		     839  
  1,475,000      Provincia de Buenos Aires/Argentina 144A,
7.88%, 6/15/27 (a)		     649  
  4,910,000      Provincia de Cordoba 144A, 7.13%, 6/10/21 (a)     3,364  
    

 

 

  
       21,385  
    

 

 

  
 

Armenia (USD) (1%)

  
  8,210,000      Republic of Armenia International Bond 144A, 7.15%, 3/26/25 (a)     9,372  
    

 

 

  
 

Azerbaijan (USD) (0%)

  
  3,570,000      Southern Gas Corridor CJSC 144A,
6.88%, 3/24/26 (a)		     4,216  
    

 

 

  
 

Bahrain (USD) (1%)

  
  1,835,000      Bahrain Government International Bond 144A, 5.63%, 9/30/31 (a)     1,863  
  1,940,000      Bahrain Government International Bond 144A, 6.75%, 9/20/29 (a)     2,153  
  3,560,000      Bahrain Government International Bond 144A, 7.00%, 1/26/26 (a)     4,008  
    

 

 

  
       8,024  
    

 

 

  
 

Belarus (USD) (2%)

  
  1,380,000      Republic of Belarus International Bond 144A, 6.20%, 2/28/30 (a)     1,335  
  2,795,000      Republic of Belarus International Bond 144A, 6.88%, 2/28/23 (a)     2,835  
  6,100,000      Republic of Belarus International Bond 144A, 7.63%, 6/29/27 (a)     6,380  
    
Principal
or Shares		      Security Description   Value
(000)		  
  2,450,000      Republic of Belarus Ministry of Finance 144A, 5.88%, 2/24/26 (a)   $ 2,385  
  3,510,000      Republic of Belarus Ministry of Finance 144A, 6.38%, 2/24/31 (a)     3,397  
    

 

 

  
       16,332  
    

 

 

  
 

Bermuda (USD) (0%)

  
  1,540,000      Geopark Ltd. 144A, 6.50%, 9/21/24 (a)     1,455  
    

 

 

  
 

Brazil (BRL) (1%)

  
  32,390,637      Brazil Notas do Tesouro Nacional Serie B,
6.00%, 8/15/28 BRL		           7,760  
    

 

 

  
 

Brazil (USD) (2%)

  
  1,800,000      Brazilian Government International Bond,
4.50%, 5/30/29		     1,939  
  7,750,000      Brazilian Government International Bond,
4.75%, 1/14/50		     8,036  
  4,150,000      Brazilian Government International Bond,
5.00%, 1/27/45		     4,416  
  4,220,000      Itau Unibanco Holding SA 144A, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.822%) 4.50%, 11/21/29 (a)(b)     4,118  
  4,492,010      USJ-Acucar e Alcool S/A 144A,
9.88%, 11/09/23 (a)(c)(d)		     1,426  
    

 

 

  
       19,935  
    

 

 

  
 

Canada (USD) (0%)

  
  1,000,000      MEGlobal Canada ULC 144A,
5.88%, 5/18/30 (a)		     1,185  
    

 

 

  
 

Cayman Islands (USD) (1%)

  
  868,000      Odebrecht Oil & Gas Finance Ltd. 144A,
0.00%, (a)(e)(f)		     2  
  1,665,000      Saudi Electricity Global Sukuk Co. 2 144A,
5.06%, 4/08/43 (a)		     2,134  
  1,220,000      Tencent Holdings Ltd. 144A, 3.24%, 6/03/50 (a)     1,365  
  1,730,000      Tencent Holdings Ltd. 144A, 3.29%, 6/03/60 (a)     1,990  
    

 

 

  
       5,491  
    

 

 

  
 

Chile (USD) (0%)

  
  2,494,454      Latam Airlines 2015-1 Pass-Through Trust A,
4.20%, 11/15/27		     2,183  
    

 

 

  
 

Colombia (USD) (3%)

  
  4,475,000      Colombia Government International Bond,
3.88%, 4/25/27		     4,876  
  3,655,000      Colombia Government International Bond,
4.50%, 3/15/29		     4,161  
  3,770,000      Colombia Government International Bond,
5.00%, 6/15/45		     4,663  
  4,754,000      Colombia Government International Bond,
6.13%, 1/18/41		     6,399  
  4,985,000      Colombia Government International Bond,
7.38%, 9/18/37		     7,298  
    

 

 

  
       27,397  
    

 

 

  
 

Costa Rica (USD) (0%)

  
  1,820,000      Costa Rica Government International Bond 144A, 6.13%, 2/19/31 (a)     1,661  
    
 

 

 

1        Payden Mutual Funds

 

            

 

Principal
or Shares		      Security Description   Value
(000)		  
  2,560,000      Costa Rica Government International Bond 144A, 7.00%, 4/04/44 (a)   $ 2,289  
  1,275,000      Costa Rica Government International Bond 144A, 7.16%, 3/12/45 (a)     1,143  
    

 

 

  
       5,093  
    

 

 

  
 

Dominica Republic (DOP) (0%)

  
  213,300,000      Dominican Republic International Bond 144A, 9.75%, 6/05/26 DOP (a)           3,578  
    

 

 

  
 

Dominica Republic (USD) (4%)

  
  2,315,000      Dominican Republic International Bond 144A, 4.50%, 1/30/30 (a)     2,254  
  940,000      Dominican Republic International Bond 144A, 5.50%, 1/27/25 (a)     979  
  2,435,000      Dominican Republic International Bond 144A, 5.88%, 1/30/60 (a)     2,344  
  6,335,000      Dominican Republic International Bond 144A, 5.95%, 1/25/27 (a)     6,744  
  9,385,000      Dominican Republic International Bond 144A, 6.00%, 7/19/28 (a)     10,005  
  1,990,000      Dominican Republic International Bond 144A, 6.40%, 6/05/49 (a)     2,020  
  2,050,000      Dominican Republic International Bond 144A, 6.50%, 2/15/48 (a)     2,098  
  1,130,000      Dominican Republic International Bond 144A, 6.60%, 1/28/24 (a)(g)     1,228  
  2,420,000      Dominican Republic International Bond 144A, 6.85%, 1/27/45 (a)     2,571  
  4,490,000      Dominican Republic International Bond 144A, 6.88%, 1/29/26 (a)     4,964  
  4,600,000      Dominican Republic International Bond 144A, 7.45%, 4/30/44 (a)     5,200  
    

 

 

  
       40,407  
    

 

 

  
 

Ecuador (USD) (1%)

  
  2,555,000      Ecuador Government International Bond 144A, 7.88%, 3/27/25 (a)     1,332  
  13,645,000      Ecuador Government International Bond 144A, 7.88%, 1/23/28 (a)     6,891  
  1,520,000      Ecuador Government International Bond, 7.95%, 6/20/24 (h)     843  
  1,185,000      Ecuador Government International Bond 144A, 7.95%, 6/20/24 (a)     657  
  4,840,000      Ecuador Government International Bond 144A, 8.75%, 6/02/23 (a)     2,626  
  1,370,000      Ecuador Government International Bond 144A, 9.65%, 12/13/26 (a)     704  
    

 

 

  
       13,053  
    

 

 

  
 

Egypt (USD) (3%)

  
  1,550,000      Egypt Government International Bond 144A, 5.58%, 2/21/23 (a)     1,598  
  1,950,000      Egypt Government International Bond 144A, 6.20%, 3/01/24 (a)(g)     2,012  
  6,485,000      Egypt Government International Bond 144A, 7.50%, 1/31/27 (a)     6,801  
  4,800,000      Egypt Government International Bond 144A, 7.63%, 5/29/32 (a)     4,710  
  4,450,000      Egypt Government International Bond 144A, 7.90%, 2/21/48 (a)(g)     4,115  
    
Principal
or Shares		      Security Description   Value
(000)		  
  3,565,000      Egypt Government International Bond 144A,
8.50%, 1/31/47 (a)		   $ 3,534  
  5,380,000      Egypt Government International Bond 144A,
8.70%, 3/01/49 (a)		           5,345  
    

 

 

  
       28,115  
    

 

 

  
 

El Salvador (USD) (1%)

  
  3,900,000      El Salvador Government International Bond 144A, 6.38%, 1/18/27 (a)     3,496  
  2,410,000      El Salvador Government International Bond 144A, 7.63%, 2/01/41 (a)     2,127  
  995,000      El Salvador Government International Bond 144A, 7.65%, 6/15/35 (a)     895  
  2,565,000      El Salvador Government International Bond 144A, 8.63%, 2/28/29 (a)     2,555  
    

 

 

  
       9,073  
    

 

 

  
 

Gabon (USD) (0%)

  
  755,097      Gabon Government International Bond 144A,
6.38%, 12/12/24 (a)		     744  
  2,800,000      Gabon Government International Bond 144A,
6.63%, 2/06/31 (a)		     2,672  
  1,290,000      Gabon Government International Bond 144A,
6.95%, 6/16/25 (a)		     1,271  
    

 

 

  
       4,687  
    

 

 

  
 

Georgia (USD) (1%)

  
  3,460,000      Bank of Georgia JSC 144A, 6.00%, 7/26/23 (a)     3,547  
  915,000      Georgian Oil & Gas Corp. JSC
144A, 6.75%, 4/26/21 (a)		     915  
  6,605,000      Georgian Railway JSC 144A, 7.75%, 7/11/22 (a)     6,787  
  3,140,000      TBC Bank JSC 144A, 5.75%, 6/19/24 (a)     3,190  
    

 

 

  
       14,439  
    

 

 

  
 

Ghana (USD) (2%)

  
  4,535,000      Ghana Government International Bond 144A,
6.38%, 2/11/27 (a)		     4,206  
  1,910,000      Ghana Government International Bond 144A,
7.63%, 5/16/29 (a)		     1,785  
  2,690,000      Ghana Government International Bond 144A,
7.88%, 3/26/27 (a)		     2,629  
  1,595,000      Ghana Government International Bond 144A,
8.63%, 6/16/49 (a)		     1,420  
  9,570,000      Ghana Government International Bond 144A, 10.75%, 10/14/30 (a)     11,498  
    

 

 

  
       21,538  
    

 

 

  
 

Guatemala (USD) (2%)

  
  2,335,000      Guatemala Government Bond 144A,
4.38%, 6/05/27 (a)		     2,516  
  4,930,000      Guatemala Government Bond 144A,
4.50%, 5/03/26 (a)		     5,300  
  4,701,000      Guatemala Government Bond 144A,
4.88%, 2/13/28 (a)		     5,247  
  2,150,000      Guatemala Government Bond 144A,
4.90%, 6/01/30 (a)		     2,410  
  1,760,000      Guatemala Government Bond 144A,
5.38%, 4/24/32 (a)		     2,024  
  6,005,000      Guatemala Government Bond 144A,
6.13%, 6/01/50 (a)		     7,344  
    

 

 

  
       24,841  
    

 

 

  
    
 

 

   2

               

 

Payden Emerging Markets Bond Fund continued

 

               

 

Principal
or Shares		      Security Description  

Value

(000)

  
 

Honduras (USD) (1%)

  
  3,690,000      Honduras Government International Bond 144A, 5.63%, 6/24/30 (a)   $ 3,902  
  2,486,000      Honduras Government International Bond 144A, 6.25%, 1/19/27 (a)           2,704  
 

 

 

  
    6,606  
 

 

 

  
 

India (USD) (3%)

  
  1,752,000      Adani Electricity Mumbai Ltd. 144A,
3.95%, 2/12/30 (a)		     1,735  
  1,405,000      Adani Green Energy UP Ltd./Prayatna Developers Pvt. Ltd./Parampujya Solar Energy 144A, 6.25%, 12/10/24 (a)     1,486  
  4,387,950      Adani Transmission Ltd. 144A,
4.25%, 5/21/36 (a)		     4,304  
  4,960,000      Export-Import Bank of India 144A,
3.25%, 1/15/30 (a)		     5,048  
  3,760,000      Muthoot Finance Ltd. 144A,
6.13%, 10/31/22 (a)		     3,860  
  4,610,000      Power Finance Corp. Ltd. 144A, 6.15%, 12/06/28 (a)     5,230  
  1,275,000      ReNew Power Ltd. 144A, 6.45%, 9/27/22 (a)     1,305  
  4,170,000      ReNew Power Pvt. Ltd. 144A,
5.88%, 3/05/27 (a)		     4,184  
  5,060,000      Shriram Transport Finance Co. Ltd. 144A, 5.95%, 10/24/22 (a)     4,879  
 

 

 

  
    32,031  
 

 

 

  
 

Indonesia (EUR) (0%)

  
  380,000      Indonesia Government International Bond, 1.40%, 10/30/31 EUR     435  
 

 

 

  
 

Indonesia (USD) (5%)

  
  5,900,000      Hutama Karya Persero PT 144A, 3.75%, 5/11/30 (a)     6,432  
  2,010,000      Indonesia Asahan Aluminium Persero PT 144A, 4.75%, 5/15/25 (a)     2,214  
  2,490,000      Indonesia Asahan Aluminium Persero PT 144A, 5.45%, 5/15/30 (a)     2,954  
  1,880,000      Indonesia Asahan Aluminium Persero PT 144A, 6.53%, 11/15/28 (a)     2,336  
  1,675,000      Indonesia Government International Bond 144A, 6.63%, 2/17/37 (a)     2,408  
  3,275,000      Indonesia Government International Bond 144A, 8.50%, 10/12/35 (a)     5,355  
  1,950,000      Indonesia Government International Bond, 8.50%, 10/12/35 (h)     3,188  
  2,060,000      Pelabuhan Indonesia III Persero PT 144A, 4.50%, 5/02/23 (a)     2,182  
  2,670,000      Pertamina Persero PT 144A, 3.10%, 8/27/30 (a)     2,777  
  3,890,000      Pertamina Persero PT 144A, 4.70%, 7/30/49 (a)     4,544  
  1,580,000      Pertamina Persero PT 144A, 5.63%, 5/20/43 (a)     1,997  
  4,000,000      Pertamina Persero PT 144A,
6.50%, 11/07/48 (a)		     5,669  
  241,000      Perusahaan Listrik Negara PT 144A,
5.25%, 5/15/47 (a)		     290  
  4,665,000      Perusahaan Listrik Negara PT 144A,
6.15%, 5/21/48 (a)		     6,318  
  2,025,000      Perusahaan Penerbit SBSN Indonesia III 144A, 4.40%, 3/01/28 (a)     2,320  
 

 

 

  
    50,984  
 

 

 

  
    
Principal
or Shares		      Security Description  

Value

(000)

  
 

Ivory Coast (EUR) (1%)

  
  2,426,000      Ivory Coast Government International Bond 144A, 5.25%, 3/22/30 EUR (a)   $ 2,651  
  3,190,000      Ivory Coast Government International Bond 144A, 5.88%, 10/17/31 EUR (a)           3,505  
  2,110,000      Ivory Coast Government International Bond 144A, 6.63%, 3/22/48 EUR (a)     2,211  
  1,660,000      Ivory Coast Government International Bond 144A, 6.88%, 10/17/40 EUR (a)     1,824  
 

 

 

  
    10,191  
 

 

 

  
 

Ivory Coast (USD) (1%)

  
  5,375,000      Ivory Coast Government International Bond 144A, 6.13%, 6/15/33 (a)     5,265  
 

 

 

  
 

Jordan (USD) (0%)

  
  1,005,000      Jordan Government International Bond 144A, 7.38%, 10/10/47 (a)     1,055  
 

 

 

  
 

Kazakhstan (KZT) (0%)

  
  2,098,000,000      Development Bank of Kazakhstan JSC 144A, 8.95%, 5/04/23 KZT (a)     4,725  
 

 

 

  
 

Kazakhstan (USD) (1%)

  
  10,350,000      KazMunayGas National Co. JSC 144A, 5.75%, 4/19/47 (a)     12,936  
 

 

 

  
 

Kenya (USD) (1%)

  
  3,870,000      Kenya Government International Bond 144A, 6.88%, 6/24/24 (a)     3,938  
  1,690,000      Kenya Government International Bond 144A, 8.25%, 2/28/48 (a)     1,659  
 

 

 

  
    5,597  
 

 

 

  
 

Lebanon (USD) (0%)

  
  3,370,000      Lebanon Government International Bond, 6.00%, 1/27/23 (c)(d)(h)     577  
  3,240,000      Lebanon Government International Bond, 6.20%, 2/26/25 (c)(d)(h)     558  
  1,935,000      Lebanon Government International Bond, 6.60%, 11/27/26 (c)(d)(h)     329  
  1,176,000      Lebanon Government International Bond, 6.65%, 2/26/30 (c)(d)(h)     200  
  1,830,000      Lebanon Government International Bond, 6.75%, 11/29/27 (c)(d)(h)     310  
  1,320,000      Lebanon Government International Bond, 6.85%, 5/25/29 (c)(d)     222  
  2,790,000      Lebanon Government International Bond, 7.00%, 3/23/32 (c)(d)(g)(h)     478  
 

 

 

  
    2,674  
 

 

 

  
 

Luxembourg (USD) (1%)

  
  4,885,000      Gazprom PJSC Via Gaz Capital SA 144A, 5.15%, 2/11/26 (a)     5,446  
 

 

 

  
 

Malaysia (USD) (2%)

  
  8,500,000      1MDB Energy Ltd., 5.99%, 5/11/22 (h)     8,968  
  3,090,000      Petronas Capital Ltd. 144A,
3.50%, 4/21/30 (a)		     3,521  
  3,320,000      Petronas Capital Ltd. 144A,
4.55%, 4/21/50 (a)		     4,572  
 

 

 

  
    17,061  
 

 

 

  
 

Mauritius (USD) (0%)

  
  1,610,000      Azure Power Solar Energy Pvt. Ltd. 144A, 5.65%, 12/24/24 (a)     1,649  
 

 

 

  
 

Mexico (MXN) (1%)

  
  26,900,000      Grupo Televisa SAB, 7.25%, 5/14/43 MXN     933  
    
 

 

3        Payden Mutual Funds

 

            

 

Principal
or Shares		      Security Description  

Value

(000)

  
  91,600,000      Mexican Bonos, 8.50%, 5/31/29 MXN   $ 4,917  
  56,000,000      Mexican Bonos, 8.50%, 11/18/38 MXN     3,040  
 

 

 

  
          8,890  
 

 

 

  
 

Mexico (USD) (5%)

  
  6,992,000      Cometa Energia SA de CV 144A, 6.38%, 4/24/35 (a)     7,403  
  4,245,072      Fermaca Enterprises S de RL de CV 144A, 6.38%, 3/30/38 (a)     4,585  
  330,000      Grupo Bimbo SAB de CV 144A, 4.00%, 9/06/49 (a)     352  
  3,920,000      Mexico City Airport Trust 144A, 3.88%, 4/30/28 (a)     3,449  
  3,245,000      Mexico City Airport Trust 144A, 5.50%, 7/31/47 (a)     2,734  
  1,630,000      Mexico Government International Bond, 6.05%, 1/11/40     2,118  
  5,200,000      Petroleos Mexicanos 144A, 5.95%, 1/28/31 (a)     4,479  
  5,143,000      Petroleos Mexicanos 144A, 6.49%, 1/23/27 (a)     4,917  
  7,915,000      Petroleos Mexicanos, 6.50%, 3/13/27     7,551  
  2,650,000      Petroleos Mexicanos, 6.50%, 1/23/29     2,451  
  3,020,000      Petroleos Mexicanos, 6.63%, 6/15/35     2,589  
  3,439,000      Petroleos Mexicanos, 6.75%, 9/21/47     2,800  
  1,046,000      Petroleos Mexicanos 144A, 6.84%, 1/23/30 (a)     974  
  5,320,000      Petroleos Mexicanos 144A, 6.95%, 1/28/60 (a)     4,402  
  456,000      Petroleos Mexicanos 144A, 7.69%, 1/23/50 (a)     402  
 

 

 

  
    51,206  
 

 

 

  
 

Mongolia (USD) (3%)

  
  5,675,000      Development Bank of Mongolia LLC 144A, 7.25%, 10/23/23 (a)     5,760  
  3,395,000      Mongolia Government International Bond 144A, 5.13%, 12/05/22 (a)     3,429  
  3,065,000      Mongolia Government International Bond, 5.13%, 12/05/22 (h)     3,096  
  2,450,000      Mongolia Government International Bond 144A, 5.63%, 5/01/23 (a)     2,499  
  7,165,000      Mongolia Government International Bond 144A, 8.75%, 3/09/24 (a)     7,928  
  9,073,000      Mongolia Government International Bond 144A, 10.88%, 4/06/21 (a)     9,495  
 

 

 

  
    32,207  
 

 

 

  
 

Netherlands (USD) (2%)

  
  2,050,000      Listrindo Capital BV 144A, 4.95%, 9/14/26 (a)     2,127  
  1,680,000      Minejesa Capital BV 144A, 4.63%, 8/10/30 (a)     1,774  
  4,380,000      Minejesa Capital BV 144A, 5.63%, 8/10/37 (a)     4,684  
  4,056,582      MV24 Capital BV 144A, 6.75%, 6/01/34 (a)     4,056  
  3,240,000      Prosus NV 144A, 3.68%, 1/21/30 (a)     3,479  
  2,910,000      Prosus NV 144A, 4.03%, 8/03/50 (a)     3,043  
  1,960,000      VTR Finance NV 144A, 6.38%, 7/15/28 (a)     2,096  
 

 

 

  
    21,259  
 

 

 

  
 

Nigeria (USD) (2%)

  
  3,805,000      Nigeria Government International Bond 144A, 6.50%, 11/28/27 (a)     3,635  
  8,260,000      Nigeria Government International Bond 144A, 7.14%, 2/23/30 (a)     7,956  
  5,175,000      Nigeria Government International Bond 144A, 7.63%, 11/21/25 (a)     5,356  
    
Principal
or Shares		      Security Description  

Value

(000)

  
  3,285,000      Nigeria Government International Bond 144A, 7.70%, 2/23/38 (a)   $ 3,074  
  2,050,000      Nigeria Government International Bond 144A, 7.88%, 2/16/32 (a)     1,986  
  3,605,000      Nigeria Government International Bond 144A, 8.75%, 1/21/31 (a)           3,716  
 

 

 

  
    25,723  
 

 

 

  
 

Oman (USD) (2%)

  
  1,620,000      Oman Government International Bond 144A, 4.75%, 6/15/26 (a)     1,515  
  4,855,000      Oman Government International Bond 144A, 5.38%, 3/08/27 (a)     4,611  
  7,455,000      Oman Government International Bond 144A, 6.50%, 3/08/47 (a)     6,632  
  5,200,000      Oman Government International Bond 144A, 6.75%, 1/17/48 (a)     4,631  
 

 

 

  
    17,389  
 

 

 

  
 

Panama (USD) (2%)

  
  1,891,601      Aeropuerto Internacional de Tocumen SA 144A, 6.00%, 11/18/48 (a)     2,100  
  1,840,000      Empresa de Transmision Electrica SA 144A, 5.13%, 5/02/49 (a)     2,166  
  1,010,000      Panama Government International Bond, 4.30%, 4/29/53     1,326  
  3,870,000      Panama Government International Bond, 4.50%, 4/01/56     5,244  
  6,970,000      Panama Government International Bond, 6.70%, 1/26/36     10,720  
  2,720,000      Panama Government International Bond, 9.38%, 4/01/29     4,290  
 

 

 

  
    25,846  
 

 

 

  
 

Paraguay (USD) (2%)

  
  6,730,000      Paraguay Government International Bond 144A, 4.95%, 4/28/31 (a)     7,891  
  2,720,000      Paraguay Government International Bond 144A, 5.40%, 3/30/50 (a)     3,488  
  3,110,000      Paraguay Government International Bond 144A, 5.60%, 3/13/48 (a)     4,028  
  2,220,000      Paraguay Government International Bond 144A, 6.10%, 8/11/44 (a)     3,008  
  1,850,000      Telefonica Celular del Paraguay SA 144A, 5.88%, 4/15/27 (a)     1,965  
 

 

 

  
    20,380  
 

 

 

  
 

Peru (PEN) (2%)

  
  20,917,000      Peru Government Bond 144A, 5.35%, 8/12/40 PEN (a)(h)     6,160  
  23,364,000      Peru Government Bond 144A, 5.40%, 8/12/34 PEN (a)(h)     7,221  
  12,020,000      Peru Government Bond 144A, 5.94%, 2/12/29 PEN (a)(h)     4,085  
  12,600,000      Peru Government Bond 144A, 6.15%, 8/12/32 PEN (a)(h)     4,235  
 

 

 

  
    21,701  
 

 

 

  
 

Peru (USD) (1%)

  
  2,144,560      ABY Transmision Sur SA 144A, 6.88%, 4/30/43 (a)     2,820  
    
 

 

   4

               

 

Payden Emerging Markets Bond Fund continued

 

               

 

Principal
or Shares		      Security Description  

Value

(000)

  
  3,985,000      Corp. Financiera de Desarrollo SA 144A, 4.75%, 7/15/25 (a)   $ 4,418  
 

 

 

  
          7,238  
 

 

 

  
 

Philippines (USD) (0%)

  
  1,695,000      Philippine Government International Bond, 3.70%, 3/01/41     2,056  
 

 

 

  
 

Qatar (USD) (2%)

  
  3,060,000      Qatar Government International Bond 144A, 4.40%, 4/16/50 (a)     4,164  
  8,020,000      Qatar Government International Bond 144A, 4.82%, 3/14/49 (a)     11,480  
  480,000      Qatar Government International Bond, 4.82%, 3/14/49 (h)     687  
  3,195,000      Qatar Government International Bond 144A, 5.10%, 4/23/48 (a)     4,704  
 

 

 

  
    21,035  
 

 

 

  
 

Romania (USD) (1%)

  
  4,780,000      Romanian Government International Bond 144A, 4.00%, 2/14/51 (a)(g)     5,022  
  1,574,000      Romanian Government International Bond 144A, 5.13%, 6/15/48 (a)     1,956  
  1,780,000      Romanian Government International Bond 144A, 6.13%, 1/22/44 (a)     2,439  
 

 

 

  
    9,417  
 

 

 

  
 

Russian Federation (RUB) (1%)

  
  1,034,500,000      Russian Federal Bond - OFZ, 6.90%, 5/23/29 RUB     15,026  
 

 

 

  
 

Russian Federation (USD) (2%)

  
  4,800,000      Russian Foreign Bond - Eurobond 144A, 5.10%, 3/28/35 (a)     6,008  
  400,000      Russian Foreign Bond - Eurobond, 5.10%, 3/28/35 (h)     501  
  3,000,000      Russian Foreign Bond - Eurobond 144A, 5.25%, 6/23/47 (a)     4,103  
  3,800,000      Russian Foreign Bond - Eurobond, 5.63%, 4/04/42 (h)     5,208  
 

 

 

  
    15,820  
 

 

 

  
 

Saudi Arabia (USD) (2%)

  
  8,520,000      Saudi Arabian Oil Co. 144A, 4.25%, 4/16/39 (a)     10,272  
  5,170,000      Saudi Government International Bond 144A, 3.75%, 1/21/55 (a)     5,968  
 

 

 

  
    16,240  
 

 

 

  
 

Senegal (EUR) (1%)

  
  5,185,000      Senegal Government International Bond 144A, 4.75%, 3/13/28 EUR (a)     5,893  
 

 

 

  
 

Senegal (USD) (1%)

  
  2,680,000      Senegal Government International Bond 144A, 6.25%, 7/30/24 (a)     2,808  
  4,545,000      Senegal Government International Bond 144A, 6.25%, 5/23/33 (a)     4,520  
  1,993,000      Senegal Government International Bond 144A, 8.75%, 5/13/21 (a)     2,060  
 

 

 

  
    9,388  
 

 

 

  
 

South Africa (USD) (2%)

  
  2,270,000      Eskom Holdings SOC Ltd. 144A, 6.35%, 8/10/28 (a)     2,296  
    
Principal
or Shares		      Security Description  

Value

(000)

  
  3,530,000      Eskom Holdings SOC Ltd. 144A, 6.75%, 8/06/23 (a)   $ 3,399  
  7,945,000      Republic of South Africa Government International Bond, 4.30%, 10/12/28     7,495  
  3,390,000      Republic of South Africa Government International Bond, 5.75%, 9/30/49     3,024  
  1,870,000      Republic of South Africa Government International Bond, 5.88%, 6/22/30     1,933  
  2,545,000      Transnet SOC Ltd. 144A, 4.00%, 7/26/22 (a)           2,531  
 

 

 

  
    20,678  
 

 

 

  
 

South Africa (ZAR) (1%)

  
  108,800,000      Republic of South Africa Government Bond, 8.00%, 1/31/30 ZAR     5,884  
 

 

 

  
 

Sri Lanka (USD) (2%)

  
  1,970,000      Sri Lanka Government International Bond 144A, 5.75%, 4/18/23 (a)     1,606  
  10,265,000      Sri Lanka Government International Bond 144A, 6.20%, 5/11/27 (a)     7,647  
  670,000      Sri Lanka Government International Bond 144A, 6.75%, 4/18/28 (a)     499  
  8,205,000      Sri Lanka Government International Bond 144A, 6.83%, 7/18/26 (a)     6,236  
  6,140,000      Sri Lanka Government International Bond 144A, 6.85%, 11/03/25 (a)     4,759  
  1,685,000      Sri Lanka Government International Bond 144A, 7.55%, 3/28/30 (a)     1,264  
  4,645,000      Sri Lanka Government International Bond 144A, 7.85%, 3/14/29 (a)     3,553  
 

 

 

  
    25,564  
 

 

 

  
 

Tunisia (EUR) (0%)

  
  2,135,000      Banque Centrale de Tunisie International Bond 144A, 6.38%, 7/15/26 EUR (a)     2,263  
 

 

 

  
 

Tunisia (USD) (1%)

  
  13,070,000      Banque Centrale de Tunisie International Bond 144A, 5.75%, 1/30/25 (a)     12,069  
 

 

 

  
 

Turkey (USD) (2%)

  
  1,320,000      TC Ziraat Bankasi AS 144A,
5.13%, 5/03/22 (a)		     1,285  
  4,485,000      Turkey Government International Bond, 4.25%, 4/14/26     3,929  
  3,970,000      Turkey Government International Bond, 5.63%, 3/30/21     3,992  
  4,970,000      Turkey Government International Bond, 6.13%, 10/24/28     4,643  
  4,675,000      Turkey Government International Bond, 7.25%, 12/23/23     4,712  
  3,175,000      Turkey Government International Bond, 7.38%, 2/05/25     3,236  
 

 

 

  
    21,797  
 

 

 

  
 

Ukraine (EUR) (1%)

  
  4,330,000      Ukraine Government International Bond 144A, 4.38%, 1/27/30 EUR (a)     4,300  
  3,160,000      Ukraine Government International Bond 144A, 6.75%, 6/20/26 EUR (a)     3,748  
 

 

 

  
    8,048  
 

 

 

  
    
 

 

5        Payden Mutual Funds

 

            

 

Principal
or Shares		      Security Description   Value
(000)		  
 

Ukraine (UAH) (0%)

  
  103,920,000      Ukraine Government International Bond 144A,  
   11.67%, 11/22/23 UAH (a)   $ 3,696  
 

 

 

  
 

Ukraine (USD) (4%)

  
  2,895,000      Ukraine Government International Bond 144A, 0.32%, 5/31/40 (a)(f)(i)     2,556  
  9,535,000      Ukraine Government International Bond 144A, 7.25%, 3/15/33 (a)     9,249  
  980,000      Ukraine Government International Bond 144A, 7.38%, 9/25/32 (a)     966  
  1,166,000      Ukraine Government International Bond 144A, 7.75%, 9/01/23 (a)     1,214  
  3,635,000      Ukraine Government International Bond 144A, 7.75%, 9/01/24 (a)     3,775  
  6,205,000      Ukraine Government International Bond 144A, 7.75%, 9/01/25 (a)     6,426  
  10,328,000      Ukraine Government International Bond 144A, 7.75%, 9/01/27 (a)     10,583  
  3,180,000      Ukraine Government International Bond 144A, 8.99%, 2/01/24 (a)     3,432  
 

 

 

  
       38,201  
 

 

 

  
 

United Arab Emirates (USD) (2%)

  
  9,413,000      Abu Dhabi Crude Oil Pipeline LLC 144A, 4.60%, 11/02/47 (a)     11,824  
  4,360,000      Abu Dhabi Government International Bond 144A, 3.13%, 9/30/49 (a)     4,894  
  1,762,000      Acwa Power Management And Investments One Ltd. 144A, 5.95%, 12/15/39 (a)     1,987  
  3,005,000      Ruwais Power Co. PJSC 144A, 6.00%, 8/31/36 (a)           4,042  
 

 

 

  
       22,747  
 

 

 

  
 

United Kingdom (IDR) (1%)

  
  89,288,000,000      Standard Chartered Bank 144A, 8.25%, 5/19/36 IDR (a)     6,589  
    

 

 

  
 

United States (IDR) (1%)

  
  75,400,000,000      JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 5.63%, 5/17/23 IDR (a)     5,220  
  48,100,000,000      JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 8.25%, 5/17/36 IDR (a)     3,549  
  24,925,000,000      JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 8.38%, 3/17/34 IDR (a)     1,858  
  11,270,000,000      JPMorgan Chase Bank N.A. (Indonesia Treasury Bond) 144A, 11.00%, 9/17/25 IDR (a)     933  
 

 

 

  
           11,560  
 

 

 

  
 

United States (UAH) (1%)

  
  134,000,000      Citigroup Global Markets Holdings Inc. 144A, 15.92%, 11/19/21 UAH (a)     5,226  
 

 

 

  
 

United States (USD) (0%)

  
  1,810,000      NBM U.S. Holdings Inc. 144A, 7.00%, 5/14/26 (a)     1,957  
 

 

 

  
 

Uruguay (USD) (2%)

  
  8,665,000      Uruguay Government International Bond, 4.98%, 4/20/55     12,071  
  7,984,580      Uruguay Government International Bond, 5.10%, 6/18/50     11,202  
 

 

 

  
       23,273  
 

 

 

  
    

 

Principal
or Shares		      Security Description   Value (000)  
 

Uruguay (UYU) (1%)

  
  177,060,000      Uruguay Government International Bond, 3.88%, 7/02/40 UYU   $ 4,517  
  173,454,346      Uruguay Government International Bond, 4.38%, 12/15/28 UYU     4,436  
 

 

 

  
       8,953  
 

 

 

  
 

Venezuela (USD) (0%)

  
  6,400,000      Petroleos de Venezuela SA,
5.38%, 4/12/27 (c)(d)		     192  
  6,055,000      Petroleos de Venezuela SA 144A,
6.00%, 11/15/26 (a)(c)(d)		     182  
  1,122,500      Petroleos de Venezuela SA 144A,
8.50%, 10/27/20 (a)(c)(d)		     123  
  5,085,000      Petroleos de Venezuela SA,
9.00%, 11/17/21 (c)(d)(h)		     153  
  2,420,000      Venezuela Government International Bond, 7.00%, 3/31/38 (c)(d)     178  
  7,789,000      Venezuela Government International Bond, 7.65%, 4/21/25 (c)(d)     572  
  4,020,000      Venezuela Government International Bond, 7.75%, 10/13/19 (c)(d)     295  
  9,060,000      Venezuela Government International Bond, 9.25%, 9/15/27 (c)(d)     666  
 

 

 

  
       2,361  
 

 

 

  
 

Virgin Islands (British) (USD) (1%)

  
  14,400,000      1MDB Global Investments Ltd.,
4.40%, 3/09/23 (h)		     14,222  
 

 

 

  
 

Total Bonds (Cost - $1,048,488)

     1,028,465  
 

 

 

  
 

Investment Company (1%)

  
  14,292,353      Payden Cash Reserves Money Market Fund *
(Cost - $14,292)		     14,292  
 

 

 

  
 

Total Investments (Cost - $1,062,780) (100%)

         1,042,757  
 

Other Assets, net of Liabilities (0%)

     2,003  
 

 

 

  
 

Net Assets (100%)

   $ 1,044,760  
 

 

 

  
    

 

*

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, 2020.

(c)

Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(d)

Non-income producing security.

(e)

Perpetual security with no stated maturity date.

(f)

Yield to maturity at time of purchase.

(g)

All or a portion of these securities are on loan. At July 31, 2020, the total market value of the Fund’s securities on loan is $5,809 and the total market value of the collateral held by the Fund is $5,957. Amounts in 000s.

(h)

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.

(i)

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.

 

 

   6

               

 

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)		  

Assets:

            

BRL 2,713

    USD 505    HSBC Bank USA, N.A.      09/16/2020      $ 14  

CLP 4,025,000

    USD 5,127    HSBC Bank USA, N.A.      10/19/2020        194  

CNH 72,431

    USD 10,281    HSBC Bank USA, N.A.      10/29/2020        25  

COP 8,910,000

    USD 2,347    HSBC Bank USA, N.A.      08/18/2020        36  

EUR 9,312

    USD 10,507    HSBC Bank USA, N.A.      09/23/2020        474  

INR 382,730

    USD 5,060    HSBC Bank USA, N.A.      10/14/2020        18  

MXN 26,700

    USD 1,181    HSBC Bank USA, N.A.      10/20/2020        6  

MYR 16,053

    USD 3,773    Barclays Bank PLC      08/24/2020        10  

PHP 252,560

    USD 5,079    HSBC Bank USA, N.A.      10/15/2020        40  

PLN 20,201

    USD 5,099    HSBC Bank USA, N.A.      10/26/2020        298  

THB 150,800

    USD 4,790    Barclays Bank PLC      08/11/2020        46  

USD 8,290

    BRL 42,212    Barclays Bank PLC      09/16/2020        212  

USD 31,785

    PEN 108,997    Barclays Bank PLC      09/22/2020        965  

USD 5,341

    IDR 78,139,000    HSBC Bank USA, N.A.      09/10/2020        11  

ZAR 83,860

    USD 4,711    Barclays Bank PLC      09/21/2020        167  

ZAR 7,280

    USD 421    HSBC Bank USA, N.A.      09/21/2020        2  
           

 

 

  
              2,518  
           

 

 

  

Liabilities:

            

PEN 33,111

    USD 9,743    Barclays Bank PLC      09/22/2020        (380 ) 

PEN 34,981

    USD 9,936    HSBC Bank USA, N.A.      09/22/2020        (45 ) 

RUB 320,270

    USD 4,474    Barclays Bank PLC      08/07/2020        (162 ) 

RUB 20,040

    USD 280    HSBC Bank USA, N.A.      08/07/2020        (10 ) 

USD 4,615

    THB 150,800    Barclays Bank PLC      08/11/2020        (221 ) 

USD 13,600

    MYR 59,807    Barclays Bank PLC      08/24/2020        (491 ) 

USD 5,090

    PHP 252,560    Barclays Bank PLC      10/15/2020        (28 ) 

USD 4,822

    RUB 364,490    HSBC Bank USA, N.A.      08/07/2020        (85 ) 

USD 2,253

    COP 8,910,000    HSBC Bank USA, N.A.      08/18/2020        (131 ) 

USD 10,621

    ZAR 197,460    HSBC Bank USA, N.A.      09/21/2020        (865 ) 

USD 36,278

    EUR 32,138    HSBC Bank USA, N.A.      09/23/2020        (1,624 ) 

USD 5,070

    INR 382,730    HSBC Bank USA, N.A.      10/14/2020        (8 ) 
           

 

 

  
              (4,050 ) 
           

 

 

  

Net Unrealized Appreciation (Depreciation)

             $ (1,532 ) 
           

 

 

  

Open Centrally Cleared Interest Rate Swap Contracts

 

Description    Maturity
Date		      Notional
Amount
(000s)		      Value
(000s)		     Upfront
payments/
receipts
(000s)		      Unrealized
Depreciation
(000s)		  

5-Year Interest Rate Swap, Receive Fixed 2.500% Quarterly, Pay

Variable 2.400% (CNRR007 Index) Quarterly

      07/28/2025      $ 162,160      $ (96 )    $ —      $ (96 ) 
             

 

 

  

Open Centrally Cleared Credit Default Swap Contracts

 

Description    Maturity
Date		      Notional
Amount
(000s)		      Value
(000s)		     Upfront
payments/
receipts
(000s)		      Unrealized
Depreciation
(000s)		  
Protection Bought (Relevant Credit: Federative Republic of Brazil), Pay 1% Quarterly, Receive upon credit default      12/20/2024      $ 5,475      $ 206     $ 335      $ (129 ) 
Protection Bought (Relevant Credit: Markit CDX, North America High Yield Series 34 Index), Pay 5% Quarterly, Receive upon credit default      06/20/2025        4,930        (225 )      4        (228 ) 

 

7        Payden Mutual Funds

 

            

 

Description    Maturity
Date		      Notional
Amount
(000s)		      Value
(000s)		     Upfront
payments/
receipts
(000s)		     Unrealized
Depreciation
(000s)		  
Protection Bought (Relevant Credit: Republic of Chile), Pay 1% Quarterly, Receive upon credit default      06/20/2025        9,520        (171 )      (89 )      (82 ) 
Protection Bought (Relevant Credit: Republic of Colombia), Pay 1% Quarterly, Receive upon credit default      12/20/2024        11,750        39       551       (512 ) 
Protection Bought (Relevant Credit: Republic of Colombia), Pay 1% Quarterly, Receive upon credit default      06/20/2025        4,790        47       343       (296 ) 
Protection Bought (Relevant Credit: Republic of South Africa), Pay 1% Quarterly, Receive upon credit default      06/20/2025        10,140        923       1,118       (196 ) 
Protection Bought (Relevant Credit: United Mexican States), Pay 1% Quarterly, Receive upon credit default      06/20/2025        4,900        81       395       (314 ) 
        

 

 

    

 

 

    

 

 

  
         $ 900     $ 2,657     $ (1,757 ) 
        

 

 

    

 

 

    

 

 

  

 

   8