Payden
Mutual
Funds
1
Payden
Emerging
Markets
Bond
Fund
Schedule
of
Investments
-
July
31,
2026
(Unaudited)
Principal
or
Shares
Security
Description
Value
(000)
Bond
(98%)
Albania
(EUR)
(0%
)
520,000
Albania
Government
International
Bond
144A,
3.50%,
11/23/31
EUR (a)(b)
$
594‌
2,790,000
Albania
Government
International
Bond
144A,
4.75%,
2/14/35
EUR (a)(b)
3,220‌
3,814‌
Angola
(USD)
(2%
)
4,595,000
Angolan
Government
International
Bond
144A,
8.75%,
4/14/32 (a)
4,704‌
5,850,000
Angolan
Government
International
Bond
144A,
9.13%,
11/26/49 (a)
5,504‌
1,975,000
Angolan
Government
International
Bond
144A,
9.24%,
1/15/31 (a)
2,071‌
4,670,000
Angolan
Government
International
Bond
144A,
9.38%,
3/31/33 (a)
4,824‌
2,015,000
Angolan
Government
International
Bond
144A,
9.88%,
3/31/37 (a)
2,094‌
19,197‌
Argentina
(USD)
(4%
)
11,462,400
Argentine
Republic
Government
International
Bond
,
0.75%,
7/09/30 
10,035‌
1,031,397
Argentine
Republic
Government
International
Bond
,
1.00%,
7/09/29 
926‌
9,357,500
Argentine
Republic
Government
International
Bond
,
3.50%,
7/09/41 
6,939‌
26,610,476
Argentine
Republic
Government
International
Bond
,
4.13%,
7/09/35 
21,102‌
1,580,090
Argentine
Republic
Government
International
Bond
,
5.00%,
1/09/38 
1,306‌
40,308‌
Bahamas
(USD)
(0%
)
3,135,000
Bahamas
Government
International
Bond
144A,
8.25%,
6/24/36 (a)
3,473‌
515,000
Intercorp
Peru
Ltd.
144A,
3.88%,
8/15/29 (a)
497‌
3,970‌
Bahrain
(USD)
(1%
)
3,045,000
Bahrain
Government
International
Bond
144A,
6.00%,
9/19/44 (a)
2,444‌
2,505,000
Bahrain
Government
International
Bond
144A,
6.63%,
10/06/37 (a)
2,258‌
2,200,000
Bahrain
Government
International
Bond
144A,
7.10%,
2/03/38 (a)
2,049‌
6,751‌
Benin
(USD)
(0%
)
1,395,000
Benin
Government
International
Bond
144A,
7.96%,
2/13/38 (a)
1,447‌
Bermuda
(USD)
(0%
)
1,840,000
Star
Energy
Geothermal
Darajat
II/Star
Energy
Geothermal
Salak
144A,
4.85%,
10/14/38 (a)
1,707‌
Bolivia
(USD)
(0%
)
1,890,000
Bolivian
Government
International
Bond
144A,
9.45%,
5/14/31 (a)
1,921‌
Bosnia
and
Herzegovina
(EUR)
(1%
)
2,690,000
Republic
of
Srpska
International
Government
Bond
144A,
6.25%,
4/02/31
EUR (a)(b)
3,116‌
Principal
or
Shares
Security
Description
Value
(000)
1,870,000
Republic
of
Srpska
International
Government
Bond
144A,
6.38%,
5/08/33
EUR (a)(b)
$
2,148‌
5,264‌
Brazil
(BRL)
(2%
)
69,000,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
,
10.00%,
1/01/31
BRL (b)
11,807‌
28,500,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
,
10.00%,
1/01/33
BRL (b)
4,618‌
16,425‌
Brazil
(USD)
(2%
)
3,980,000
Brazilian
Government
International
Bond
,
6.00%,
10/20/33 
3,956‌
8,255,000
Brazilian
Government
International
Bond
,
6.13%,
3/15/34 
8,189‌
6,080,000
Brazilian
Government
International
Bond
,
6.25%,
5/22/36 
5,895‌
2,750,000
Brazilian
Government
International
Bond
,
8.25%,
1/20/34 
3,073‌
21,113‌
Canada
(USD)
(1%
)
1,709,000
Aris
Mining
Corp.
144A,
8.00%,
10/31/29 (a)
1,776‌
1,775,000
First
Quantum
Minerals
Ltd.
144A,
6.38%,
2/15/36 (a)
1,719‌
1,295,000
Parex
Resources
Inc.
144A,
8.50%,
5/11/31 (a)
1,320‌
4,815‌
Cayman
Islands
(USD)
(2%
)
2,637,980
Bioceanico
Sovereign
Certificate
Ltd.
144A,
2.80%,
6/05/34 (a)(c)
2,159‌
2,415,000
Energuate
Trust
2
0
144A,
6.35%,
9/15/35 (a)
2,381‌
2,535,000
Gaci
First
Investment
Co.
,
5.38%,
10/13/22 (d)
2,003‌
1,610,000
Industrial
Subordinated
Trust
2
0
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.864%),
6.55%,
4/15/36 (a)(e)
1,618‌
2,452,000
Liberty
Costa
Rica
Senior
Secured
Finance
144A,
10.88%,
1/15/31 (a)
2,564‌
3,470,000
Melco
Resorts
Finance
Ltd.
144A,
7.63%,
4/17/32 (a)
3,543‌
2,560,000
Sable
International
Finance
Ltd.
144A,
7.13%,
10/15/32 (a)
2,532‌
16,800‌
Chile
(EUR)
(0%
)
2,080,000
Chile
Government
International
Bond
,
4.75%,
8/03/46
EUR (b)
2,388‌
Chile
(USD)
(1%
)
7,179,933
Alfa
Desarrollo
SpA
144A,
4.55%,
9/27/51 (a)
5,595‌
1,300,000
Banco
de
Credito
e
Inversiones
SA
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.944%),
8.75% (a)(e)(f)
1,371‌
2,765,000
Chile
Government
International
Bond
,
3.10%,
5/07/41 
2,025‌
800,000
Colbun
SA
144A,
5.38%,
9/11/35 (a)
788‌
1,760,000
Corp.
Nacional
del
Cobre
de
Chile
144A,
6.30%,
9/08/53 (a)
1,721‌
2,530,000
Corp.
Nacional
del
Cobre
de
Chile
144A,
6.78%,
1/13/55 (a)
2,597‌
1,095,000
Sociedad
De
Transmision
Austral
SA
144A,
4.00%,
1/27/32 (a)(g)
1,014‌
15,111‌
2
Principal
or
Shares
Security
Description
Value
(000)
Colombia
(USD)
(2%
)
10,435,000
Colombia
Government
International
Bond
,
7.75%,
11/07/36 (g)
$
11,176‌
4,760,000
Ecopetrol
SA
,
8.38%,
1/19/36 
5,033‌
16,209‌
Costa
Rica
(USD)
(2%
)
7,215,000
Costa
Rica
Government
International
Bond
144A,
6.55%,
4/03/34 (a)
7,569‌
4,400,000
Costa
Rica
Government
International
Bond
144A,
7.16%,
3/12/45 (a)
4,682‌
2,775,000
Costa
Rica
Government
International
Bond
144A,
7.30%,
11/13/54 (a)
3,011‌
15,262‌
Dominican
Republic
(USD)
(3%
)
1,900,000
Dominican
Republic
International
Bond
144A,
4.50%,
1/30/30 (a)
1,820‌
4,780,000
Dominican
Republic
International
Bond
144A,
4.88%,
9/23/32 (a)
4,477‌
3,555,000
Dominican
Republic
International
Bond
144A,
5.88%,
10/28/35 (a)
3,426‌
2,780,000
Dominican
Republic
International
Bond
144A,
6.00%,
2/22/33 (a)
2,755‌
1,580,000
Dominican
Republic
International
Bond
144A,
6.60%,
6/01/36 (a)
1,610‌
9,760,000
Dominican
Republic
International
Bond
144A,
6.95%,
3/15/37 (a)
10,028‌
4,540,000
Dominican
Republic
International
Bond
144A,
7.45%,
4/30/44 (a)
4,767‌
28,883‌
Ecuador
(USD)
(3%
)
3,042,050
Ecuador
Government
International
Bond
144A,
5.50%,
7/31/40 (a)
2,463‌
6,748,500
Ecuador
Government
International
Bond
144A,
6.90%,
7/31/35 (a)
6,084‌
11,610,000
Ecuador
Government
International
Bond
144A,
8.75%,
1/29/34 (a)
11,529‌
4,970,000
Ecuador
Government
International
Bond
144A,
9.25%,
1/29/39 (a)
4,957‌
4,128,000
Ecuador
Government
International
Bond
144A,
12.73%,
7/31/30 (a)(c)
3,510‌
28,543‌
Egypt
(EUR)
(1%
)
7,740,000
Egypt
Government
International
Bond
144A,
6.38%,
4/11/31
EUR (a)(b)
8,972‌
Egypt
(USD)
(1%
)
3,265,000
Egypt
Government
International
Bond
144A,
7.63%,
5/29/32 (a)
3,284‌
7,130,000
Egypt
Government
International
Bond
144A,
7.90%,
2/21/48 (a)
6,312‌
2,645,000
Egypt
Government
International
Bond
144A,
8.75%,
9/30/51 (a)
2,527‌
12,123‌
El
Salvador
(USD)
(1%
)
2,425,000
El
Salvador
Government
International
Bond
144A,
0.00%,
7/15/52 (a)
2,725‌
2,720,000
El
Salvador
Government
International
Bond
144A,
4.00%,
4/17/30 (a)
112‌
1,165,000
El
Salvador
Government
International
Bond
144A,
7.63%,
2/01/41 (a)
1,175‌
Principal
or
Shares
Security
Description
Value
(000)
1,445,000
El
Salvador
Government
International
Bond
144A,
9.25%,
4/17/30 (a)
$
1,551‌
2,615,000
El
Salvador
Government
International
Bond
144A,
9.65%,
11/21/54 (a)
2,968‌
8,531‌
Gabon
(USD)
(1%
)
8,318,000
Gabon
Government
International
Bond
144A,
6.63%,
2/06/31 (a)
7,365‌
Ghana
(USD)
(1%
)
486,773
Ghana
Government
International
Bond
144A,
4.96%,
1/03/30 (a)(c)
428‌
83,490
Ghana
Government
International
Bond
,
5.00%,
7/03/29 (d)
82‌
3,276,370
Ghana
Government
International
Bond
144A,
5.00%,
7/03/29 (a)
3,214‌
160,080
Ghana
Government
International
Bond
,
5.00%,
7/03/35 (d)
147‌
7,002,542
Ghana
Government
International
Bond
144A,
5.00%,
7/03/35 (a)
6,416‌
16,220
Ghana
Government
International
Bond
,
5.05%,
1/03/30 (c)(d)
14‌
10,301‌
Guatemala
(USD)
(1%
)
4,035,000
Guatemala
Government
Bond
144A,
5.38%,
4/24/32 (a)(g)
3,995‌
8,680,000
Guatemala
Government
Bond
144A,
6.60%,
6/13/36 (a)
9,027‌
13,022‌
Honduras
(USD)
(1%
)
3,785,000
Honduras
Government
International
Bond
144A,
6.40%,
7/29/36 (a)
3,772‌
2,170,000
Honduras
Government
International
Bond
144A,
8.63%,
11/27/34 (a)
2,480‌
6,252‌
Hungary
(HUF)
(3%
)
4,105,290,000
Hungary
Government
Bond
Series
31/A,
3.25%,
10/22/31
HUF (b)
11,685‌
3,661,080,000
Hungary
Government
Bond
Series
35/A,
7.00%,
10/24/35
HUF (b)
12,753‌
24,438‌
Hungary
(USD)
(3%
)
8,385,000
Hungary
Government
International
Bond
144A,
2.13%,
9/22/31 (a)
7,207‌
5,150,000
Hungary
Government
International
Bond
144A,
3.13%,
9/21/51 (a)
3,121‌
6,135,000
Hungary
Government
International
Bond
144A,
5.25%,
6/16/29 (a)
6,177‌
8,030,000
Hungary
Government
International
Bond
144A,
5.50%,
6/16/34 (a)
8,026‌
2,155,000
Hungary
Government
International
Bond
144A,
6.00%,
9/26/35 (a)
2,198‌
2,170,000
Hungary
Government
International
Bond
144A,
6.25%,
9/22/32 (a)
2,266‌
28,995‌
India
(USD)
(1%
)
1,910,000
Muthoot
Finance
Ltd.
144A,
6.38%,
3/02/30 (a)
1,897‌
1,675,000
Muthoot
Finance
Ltd.
144A,
7.13%,
2/14/28 (a)(g)
1,689‌
Payden
Emerging
Markets
Bond
Fund
continued
3
Payden
Mutual
Funds
Principal
or
Shares
Security
Description
Value
(000)
1,414,075
SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/
UBEPL
144A,
7.80%,
7/31/31 (a)
$
1,433‌
2,490,000
Shriram
Finance
Ltd.
144A,
6.15%,
4/03/28 (a)
2,520‌
1,655,000
Shriram
Finance
Ltd.
144A,
6.63%,
4/22/27 (a)
1,671‌
9,210‌
Indonesia
(USD)
(2%
)
3,030,000
Hutama
Karya
Persero
PT
144A,
3.75%,
5/11/30 (a)
2,863‌
8,235,000
Indonesia
Government
International
Bond
,
4.45%,
4/15/70 
6,005‌
4,105,000
Indonesia
Government
International
Bond
144A,
6.63%,
2/17/37 (a)
4,341‌
4,510,000
Perusahaan
Penerbit
SBSN
Indonesia
III
144A,
5.65%,
11/25/54 (a)
4,215‌
17,424‌
Ivory
Coast
(EUR)
(0%
)
579,000
Ivory
Coast
Government
International
Bond
144A,
4.88%,
1/30/32
EUR (a)(b)
649‌
1,950,000
Ivory
Coast
Government
International
Bond
144A,
5.88%,
10/17/31
EUR (a)(b)
2,288‌
2,937‌
Ivory
Coast
(USD)
(2%
)
3,535,000
Ivory
Coast
Government
International
Bond
144A,
6.13%,
6/15/33 (a)(g)
3,434‌
1,142,571
Ivory
Coast
Government
International
Bond
144A,
6.38%,
3/03/28 (a)
1,154‌
1,750,000
Ivory
Coast
Government
International
Bond
144A,
6.75%,
2/25/41 (a)
1,643‌
6,660,000
Ivory
Coast
Government
International
Bond
144A,
8.08%,
4/01/36 (a)
7,123‌
4,025,000
Ivory
Coast
Government
International
Bond
144A,
8.25%,
1/30/37 (a)
4,334‌
17,688‌
Jordan
(USD)
(0%
)
1,320,000
Jordan
Government
International
Bond
144A,
7.75%,
1/15/28 (a)
1,357‌
Kazakhstan
(KZT)
(0%
)
1,002,000,000
Development
Bank
of
Kazakhstan
JSC
144A,
16.95%,
5/08/29
KZT (a)(b)
2,177‌
Kazakhstan
(USD)
(1%
)
3,080,000
Kazakhstan
Government
International
Bond
144A,
4.71%,
4/09/35 (a)
2,941‌
3,640,000
Kazakhstan
Government
International
Bond
144A,
5.00%,
7/01/32 (a)
3,593‌
3,470,000
Kazakhstan
Government
International
Bond
144A,
5.50%,
7/01/37 (a)
3,452‌
9,986‌
Kenya
(USD)
(1%
)
2,755,000
Republic
of
Kenya
Government
International
Bond
144A,
7.88%,
10/09/33 (a)
2,704‌
1,130,000
Republic
of
Kenya
Government
International
Bond
144A,
7.88%,
2/26/34 (a)
1,093‌
965,000
Republic
of
Kenya
Government
International
Bond
144A,
8.70%,
2/26/39 (a)
930‌
1,660,000
Republic
of
Kenya
Government
International
Bond
144A,
8.80%,
10/09/38 (a)
1,620‌
2,260,000
Republic
of
Kenya
Government
International
Bond
144A,
9.75%,
2/16/31 (a)
2,408‌
8,755‌
Principal
or
Shares
Security
Description
Value
(000)
Lebanon
(USD)
(1%
)
4,065,000
Lebanon
Government
International
Bond
Series
10Y,
6.00%,
1/27/23 (d)(h)
$
1,090‌
4,045,000
Lebanon
Government
International
Bond
,
6.20%,
2/26/25 (d)(h)
1,084‌
3,365,000
Lebanon
Government
International
Bond
,
6.60%,
11/27/26 (d)(h)
916‌
1,096,000
Lebanon
Government
International
Bond
,
6.65%,
2/26/30 (d)(h)
302‌
2,290,000
Lebanon
Government
International
Bond
Series
15Y,
6.75%,
11/29/27 (d)(h)
629‌
1,210,000
Lebanon
Government
International
Bond
,
6.85%,
5/25/29 (d)(h)
334‌
4,140,000
Lebanon
Government
International
Bond
Series
15YR,
7.00%,
3/23/32 (d)(h)
1,150‌
5,505‌
Luxembourg
(USD)
(1%
)
3,835,000
EIG
Pearl
Holdings
Sarl
144A,
4.39%,
11/30/46 (a)
2,987‌
1,700,000
Greensaif
Pipelines
Bidco
Sarl
144A,
5.85%,
2/23/36 (a)
1,690‌
445,000
Minerva
Luxembourg
SA
144A,
4.38%,
3/18/31 (a)
390‌
1,990,000
Saavi
Energia
Sarl
144A,
8.88%,
2/10/35 (a)
2,153‌
1,771,030
Tierra
Mojada
Luxembourg
II
Sarl
144A,
5.75%,
12/01/40 (a)
1,669‌
8,889‌
Malaysia
(USD)
(1%
)
3,390,000
Malaysia
Sovereign
Sukuk
Bhd
144A,
4.95%,
7/30/36 (a)
3,382‌
1,805,000
Petronas
Capital
Ltd.
144A,
4.55%,
4/21/50 (a)
1,485‌
4,930,000
Petronas
Capital
Ltd.
144A,
5.34%,
4/03/35 (a)
4,933‌
9,800‌
Mexico
(EUR)
(0%
)
2,070,000
Mexico
Government
International
Bond
,
4.88%,
5/16/36
EUR (b)
2,342‌
Mexico
(MXN)
(3%
)
26,900,000
Grupo
Televisa
SAB
,
7.25%,
5/14/43
MXN (b)
995‌
81,730,000
Mexican
Bonos
Series
M,
7.50%,
5/26/33
MXN (b)
4,388‌
41,170,000
Mexican
Bonos
Series
M,
7.75%,
5/29/31
MXN (b)
2,311‌
317,930,000
Mexican
Bonos
Series
M,
8.00%,
4/15/32
MXN (b)
17,695‌
75,790,000
Mexican
Bonos
Series
M,
10.00%,
11/20/36
MXN (b)
4,617‌
30,006‌
Mexico
(USD)
(4%
)
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)(e)
2,712‌
1,315,000
Corp.
Inmobiliaria
Vesta
SAB
de
CV
144A,
5.50%,
1/30/33 (a)
1,259‌
1,990,000
Mexico
Government
International
Bond
,
4.88%,
5/19/33 
1,863‌
2,030,000
Mexico
Government
International
Bond
,
5.38%,
3/22/33 
1,960‌
4
Principal
or
Shares
Security
Description
Value
(000)
2,120,000
Mexico
Government
International
Bond
,
5.85%,
7/02/32 
$
2,122‌
1,320,000
Mexico
Government
International
Bond
,
6.00%,
5/07/36 
1,285‌
4,920,000
Mexico
Government
International
Bond
,
6.34%,
5/04/53 
4,400‌
1,330,000
Mexico
Government
International
Bond
,
6.88%,
5/13/37 
1,361‌
5,015,000
Petroleos
Mexicanos
,
5.95%,
1/28/31 
4,916‌
5,425,000
Petroleos
Mexicanos
,
6.63%,
6/15/35 
5,149‌
5,611,000
Petroleos
Mexicanos
,
6.70%,
2/16/32 
5,601‌
860,000
Petroleos
Mexicanos
,
6.95%,
1/28/60 
694‌
8,745,000
Petroleos
Mexicanos
,
7.69%,
1/23/50 
7,810‌
41,132‌
Montenegro
(USD)
(0%
)
1,705,000
Montenegro
Government
International
Bond
144A,
7.25%,
3/12/31 (a)
1,792‌
Morocco
(EUR)
(1%
)
2,810,000
Morocco
Government
International
Bond
144A,
4.75%,
5/26/34
EUR (a)(b)
3,238‌
5,980,000
Morocco
Government
International
Bond
144A,
4.75%,
4/02/35
EUR (a)(b)
6,886‌
10,124‌
Morocco
(USD)
(0%
)
1,940,000
Morocco
Government
International
Bond
144A,
6.50%,
9/08/33 (a)
2,031‌
965,000
OCP
SA
144A,
6.10%,
4/30/30 (a)
976‌
1,700,000
OCP
SA
144A,
6.70%,
3/01/36 (a)
1,728‌
4,735‌
Netherlands
(USD)
(1%
)
1,765,000
Embraer
Netherlands
Finance
BV
,
5.98%,
2/11/35 
1,800‌
931,918
Yinson
Bergenia
Production
BV
144A,
8.50%,
1/31/45 (a)
1,000‌
1,425,778
Yinson
Boronia
Production
BV
144A,
8.95%,
7/31/42 (a)
1,573‌
4,373‌
Nigeria
(USD)
(3%
)
1,720,000
Dangote
Fertiliser
Ltd.
144A,
7.75%,
5/05/31 (a)
1,730‌
1,945,000
Nigeria
Government
International
Bond
144A,
6.13%,
9/28/28 (a)
1,953‌
2,290,000
Nigeria
Government
International
Bond
144A,
6.50%,
11/28/27 (a)
2,305‌
7,110,000
Nigeria
Government
International
Bond
144A,
7.14%,
2/23/30 (a)
7,279‌
4,575,000
Nigeria
Government
International
Bond
144A,
7.70%,
2/23/38 (a)
4,674‌
2,190,000
Nigeria
Government
International
Bond
144A,
8.38%,
3/24/29 (a)
2,310‌
2,490,000
Nigeria
Government
International
Bond
144A,
9.13%,
1/13/46 (a)
2,756‌
5,990,000
Nigeria
Government
International
Bond
144A,
10.38%,
12/09/34 (a)
7,160‌
30,167‌
Oman
(USD)
(1%
)
2,265,000
Oman
Government
International
Bond
144A,
6.25%,
1/25/31 (a)
2,354‌
2,610,000
Oman
Government
International
Bond
144A,
6.50%,
3/08/47 (a)
2,659‌
Principal
or
Shares
Security
Description
Value
(000)
1,870,000
Oman
Government
International
Bond
144A,
7.38%,
10/28/32 (a)
$
2,076‌
7,089‌
Pakistan
(USD)
(1%
)
5,595,000
Pakistan
Government
International
Bond
144A,
7.38%,
4/08/31 (a)
5,502‌
1,985,000
Pakistan
Government
International
Bond
144A,
8.88%,
4/08/51 (a)
1,967‌
7,469‌
Panama
(USD)
(2%
)
1,715,000
Generadora
de
Gatun
SA
144A,
6.87%,
9/30/44 (a)(g)
1,719‌
2,480,000
Panama
Government
International
Bond
,
4.30%,
4/29/53 
1,810‌
2,845,000
Panama
Government
International
Bond
,
4.50%,
4/16/50 
2,170‌
3,100,000
Panama
Government
International
Bond
,
5.23%,
2/23/34 
2,994‌
2,310,000
Panama
Government
International
Bond
,
5.66%,
2/23/38 
2,242‌
2,275,000
Panama
Government
International
Bond
,
6.40%,
2/14/35 
2,353‌
5,750,000
Panama
Government
International
Bond
,
8.00%,
3/01/38 
6,589‌
19,877‌
Paraguay
(USD)
(1%
)
2,255,000
Paraguay
Government
International
Bond
144A,
5.60%,
3/13/48 (a)
2,047‌
5,745,000
Paraguay
Government
International
Bond
144A,
6.10%,
8/11/44 (a)
5,653‌
750,000
Paraguay
Government
International
Bond
144A,
6.65%,
3/04/55 (a)
769‌
8,469‌
Peru
(PEN)
(2%
)
51,451,000
Peru
Government
Bond
144A,
6.85%,
8/12/35
PEN (a)(b)(d)
15,913‌
19,995,000
Peruvian
Government
International
Bond
144A,
6.90%,
8/12/37
PEN (a)(b)
6,029‌
21,942‌
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)(e)
446‌
3,270,000
Banco
de
Credito
del
Peru
S.A.
144A,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.961%),
5.65%,
1/15/37 (a)(e)
3,222‌
2,163,000
Cia
de
Minas
Buenaventura
SAA
144A,
6.80%,
2/04/32 (a)
2,216‌
3,430,000
Kallpa
Generacion
SA
144A,
5.50%,
9/11/35 (a)
3,366‌
5,785,000
Peruvian
Government
International
Bond
,
3.60%,
1/15/72 
3,520‌
4,540,000
Peruvian
Government
International
Bond
,
5.88%,
8/08/54 
4,305‌
5,890,000
Peruvian
Government
International
Bond
,
6.20%,
6/30/55 
5,819‌
490,000
Pluspetrol
Camisea
SA/
Pluspetrol
Lote
56
SA
144A,
6.24%,
7/03/36 (a)
504‌
Payden
Emerging
Markets
Bond
Fund
continued
5
Payden
Mutual
Funds
Principal
or
Shares
Security
Description
Value
(000)
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)(e)
$
1,660‌
25,058‌
Philippines
(USD)
(1%
)
4,565,000
Philippine
Government
International
Bond
,
3.70%,
3/01/41 
3,561‌
2,045,000
Philippine
Government
International
Bond
,
5.50%,
1/17/48 
1,879‌
4,245,000
Philippine
Government
International
Bond
,
5.90%,
2/04/50 
4,096‌
9,536‌
Poland
(USD)
(1%
)
2,230,000
Republic
of
Poland
Government
International
Bond
Series
10Y,
5.38%,
2/12/35 
2,228‌
2,900,000
Republic
of
Poland
Government
International
Bond
Series
30Y,
5.50%,
4/04/53 
2,608‌
4,790,000
Republic
of
Poland
Government
International
Bond
Series
30Y,
5.50%,
3/18/54 
4,291‌
9,127‌
Qatar
(USD)
(0%
)
1,790,000
Qatar
Government
International
Bond
144A,
4.82%,
3/14/49 (a)
1,554‌
3,050,000
Qatar
Government
International
Bond
144A,
5.10%,
4/23/48 (a)
2,754‌
4,308‌
Romania
(EUR)
(1%
)
4,661,000
Romanian
Government
International
Bond
144A,
2.75%,
4/14/41
EUR (a)(b)
3,537‌
2,726,000
Romanian
Government
International
Bond
144A,
4.63%,
4/03/49
EUR (a)(b)
2,434‌
1,430,000
Romanian
Government
International
Bond
144A,
5.63%,
2/22/36
EUR (a)(b)
1,643‌
4,290,000
Romanian
Government
International
Bond
144A,
6.00%,
9/24/44
EUR (a)(b)
4,708‌
12,322‌
Romania
(USD)
(2%
)
3,000,000
Romanian
Government
International
Bond
144A,
3.00%,
2/27/27 (a)
2,970‌
9,020,000
Romanian
Government
International
Bond
144A,
5.75%,
3/24/35 (a)
8,628‌
2,760,000
Romanian
Government
International
Bond
144A,
5.75%,
7/04/36 (a)
2,607‌
2,320,000
Romanian
Government
International
Bond
144A,
6.13%,
1/22/44 (a)
2,162‌
2,550,000
Romanian
Government
International
Bond
144A,
7.50%,
2/10/37 (a)
2,720‌
19,087‌
Saudi
Arabia
(USD)
(2%
)
3,550,000
Saudi
Government
International
Bond
144A,
3.25%,
11/17/51 (a)
2,185‌
7,025,000
Saudi
Government
International
Bond
144A,
3.45%,
2/02/61 (a)
4,162‌
5,655,000
Saudi
Government
International
Bond
144A,
3.75%,
1/21/55 (a)
3,710‌
2,935,000
Saudi
Government
International
Bond
144A,
5.25%,
1/16/50 (a)
2,540‌
Principal
or
Shares
Security
Description
Value
(000)
2,440,000
Saudi
Government
International
Bond
144A,
5.50%,
10/25/32 (a)
$
2,478‌
15,075‌
South
Africa
(USD)
(3%
)
3,520,000
Republic
of
South
Africa
Government
International
Bond
Series
12Y,
4.30%,
10/12/28 
3,478‌
8,835,000
Republic
of
South
Africa
Government
International
Bond
Series
30Y,
5.65%,
9/27/47 
7,214‌
4,780,000
Republic
of
South
Africa
Government
International
Bond
Series
30Y,
5.75%,
9/30/49 
3,892‌
1,604,000
Republic
of
South
Africa
Government
International
Bond
Series
12Y,
5.88%,
6/22/30 
1,632‌
1,905,000
Republic
of
South
Africa
Government
International
Bond
144A,
7.10%,
11/19/36 (a)
1,999‌
2,970,000
Republic
of
South
Africa
Government
International
Bond
144A,
7.25%,
12/11/55 (a)
2,842‌
3,690,000
Republic
of
South
Africa
Government
International
Bond
Series
30Y,
7.30%,
4/20/52 
3,588‌
24,645‌
South
Africa
(ZAR)
(2%
)
239,825,000
Republic
of
South
Africa
Government
Bond
Series
R213,
7.00%,
2/28/31
ZAR (b)
13,925‌
49,910,000
Republic
of
South
Africa
Government
Bond
Series
2037,
8.50%,
1/31/37
ZAR (b)
2,943‌
76,195,000
Republic
of
South
Africa
Government
Bond
Series
2033,
10.00%,
3/31/33
ZAR (b)
4,986‌
21,854‌
Spain
(USD)
(0%
)
989,326
AI
Candelaria
-
spain
-
SA
144A,
7.50%,
12/15/28 (a)
1,012‌
2,390,000
EnfraGen
Energia
Sur
SAU/
EnfraGen
Chile
SpA
/
EnfraGen
Spain
SAU
144A,
8.50%,
6/30/32 (a)
2,480‌
3,492‌
Sri
Lanka
(USD)
(3%
)
5,550,840
Sri
Lanka
Government
International
Bond
144A,
3.10%,
1/15/30 (a)
5,643‌
2,840,000
Sri
Lanka
Government
International
Bond
144A,
3.35%,
3/15/33 (a)
2,705‌
9,908,369
Sri
Lanka
Government
International
Bond
144A,
3.60%,
5/15/36 (a)
9,962‌
4,358,677
Sri
Lanka
Government
International
Bond
144A,
3.60%,
2/15/38 (a)
4,396‌
1,843,098
Sri
Lanka
Government
International
Bond
144A,
4.00%,
4/15/28 (a)
1,773‌
24,479‌
Supranational
(ZAR)
(0%
)
67,200,000
African
Development
Bank
,
9.33%,
4/05/46
ZAR (b)(c)
762‌
Suriname
(USD)
(0%
)
1,775,000
Suriname
Government
International
Bond
144A,
8.50%,
11/06/35 (a)
1,908‌
Trinidad
and
Tobago
(USD)
(0%
)
1,885,000
Trinidad
&
Tobago
Government
International
Bond
144A,
6.20%,
7/16/38 (a)
1,845‌
Turkey
(EUR)
(0%
)
2,075,000
Turkiye
Government
International
Bond
,
5.15%,
3/10/34
EUR (b)
2,367‌
6
Principal
or
Shares
Security
Description
Value
(000)
Turkey
(TRY)
(1%
)
193,565,000
Turkiye
Government
Bond
Series
5Y,
17.30%,
7/19/28
TRY (b)
$
2,964‌
207,350,000
Turkiye
Government
Bond
Series
5Y,
30.00%,
9/12/29
TRY (b)
3,815‌
122,165,000
Turkiye
Government
Bond
Series
2Y,
36.78%,
10/13/27
TRY (b)
2,527‌
9,306‌
Turkey
(USD)
(3%
)
4,230,000
Hazine
Mustesarligi
Varlik
Kiralama
AS
144A,
8.51%,
1/14/29 (a)
4,458‌
5,305,000
Turkiye
Government
International
Bond
Series
10Y,
5.88%,
6/26/31 
5,133‌
1,070,000
Turkiye
Government
International
Bond
Series
30Y,
6.00%,
1/14/41 
918‌
7,710,000
Turkiye
Government
International
Bond
,
6.80%,
11/04/36 
7,424‌
2,910,000
Turkiye
Government
International
Bond
,
6.88%,
1/14/38 
2,783‌
1,000,000
Turkiye
Government
International
Bond
Series
7Y,
7.13%,
2/12/32 
1,006‌
5,050,000
Turkiye
Government
International
Bond
,
7.25%,
5/29/32 
5,094‌
2,755,000
Turkiye
Government
International
Bond
,
9.13%,
7/13/30 
2,994‌
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)(f)
1,735‌
31,545‌
Ukraine
(USD)
(2%
)
9,846,300
Ukraine
Government
International
Bond
144A,
4.00%,
2/01/32 (a)
8,184‌
109,127
Ukraine
Government
International
Bond
144A,
4.50%,
2/01/29 (a)
93‌
588,922
Ukraine
Government
International
Bond
,
4.50%,
2/01/29 (d)
503‌
3,947,407
Ukraine
Government
International
Bond
144A,
4.50%,
2/01/34 (a)
2,762‌
505,614
Ukraine
Government
International
Bond
,
4.50%,
2/01/34 (d)
354‌
7,116,258
Ukraine
Government
International
Bond
144A,
4.50%,
2/01/35 (a)
4,916‌
577,845
Ukraine
Government
International
Bond
,
4.50%,
2/01/35 (d)
399‌
2,892,488
Ukraine
Government
International
Bond
144A,
4.50%,
2/01/36 (a)
1,976‌
72,231
Ukraine
Government
International
Bond
,
4.50%,
2/01/36 (d)
49‌
759,110
Ukraine
Government
International
Bond
144A,
16.60%,
2/01/34 (a)(c)
433‌
593,240
Ukraine
Government
International
Bond
144A,
18.44%,
2/01/30 (a)(c)
436‌
78,912
Ukraine
Government
International
Bond
,
18.44%,
2/01/30 (c)(d)
58‌
20,163‌
United
Arab
Emirates
(USD)
(1%
)
2,415,000
Abu
Dhabi
Developmental
Holding
Co.
PJSC
144A,
5.25%,
10/02/54 (a)
2,095‌
1,902,636
Acwa
Power
Management
And
Investments
One
Ltd.
144A,
5.95%,
12/15/39 (a)
1,864‌
Principal
or
Shares
Security
Description
Value
(000)
1,580,000
MDGH
GMTN
RSC
Ltd.
144A,
5.08%,
5/22/53 (a)
$
1,339‌
2,300,000
UAE
International
Government
Bond
144A,
4.95%,
7/07/52 (a)
2,003‌
7,301‌
United
Kingdom
(EGP)
(1%
)
358,000,000
Goldman
Sachs
International
144A,
23.65%,
11/05/26
EGP (a)(b)(c)(d)
6,631‌
United
States
(EGP)
(0%
)
226,500,000
Citigroup
Global
Markets
Holdings
Inc.
etmn
144A,
25.07%,
2/11/27
EGP (a)(b)(c)
3,932‌
United
States
(NGN)
(2%
)
7,130,000,000
Citigroup
Global
Markets
Holdings
Inc.
144A,
19.11%,
9/24/26
NGN (a)(b)(c)
5,076‌
3,487,000,000
Citigroup
Global
Markets
Holdings
Inc.
144A,
20.12%,
9/24/26
NGN (a)(b)(c)
2,483‌
2,600,000,000
Citigroup
Global
Markets
Holdings
Inc.
DmNt
144A,
22.48%,
9/24/26
NGN (a)(b)(c)
1,861‌
15,485,000,000
Citigroup
Global
Markets
Holdings
Inc.
144A,
22.51%,
9/10/26
NGN (a)(b)(c)
11,172‌
20,592‌
Uruguay
(USD)
(0%
)
2,210,000
Uruguay
Government
International
Bond
,
5.44%,
2/14/37 
2,202‌
Uzbekistan
(USD)
(1%
)
3,555,000
Navoi
Mining
&
Metallurgical
Co.
144A,
6.75%,
5/14/30 (a)
3,653‌
1,770,000
Navoi
Mining
&
Metallurgical
Co.
144A,
6.95%,
10/17/31 (a)
1,854‌
2,975,000
Navoiyuran
State
Enterprise
144A,
6.70%,
7/02/30 (a)
3,020‌
4,350,000
Republic
of
Uzbekistan
International
Bond
144A,
3.70%,
11/25/30 (a)
4,035‌
250,000
Republic
of
Uzbekistan
International
Bond
144A,
5.38%,
2/20/29 (a)
250‌
12,812‌
Uzbekistan
(UZS)
(0%
)
28,420,000,000
Republic
of
Uzbekistan
International
Bond
144A,
12.25%,
4/13/29
UZS (a)(b)
2,439‌
Venezuela
(USD)
(2%
)
3,630,000
Petroleos
de
Venezuela
SA
,
5.38%,
4/12/27 (d)
(h)
1,332‌
3,300,000
Petroleos
de
Venezuela
SA
,
6.00%,
5/16/24 (d)
(h)
1,245‌
3,220,000
Petroleos
de
Venezuela
SA
,
6.00%,
11/15/26 (d)
(h)
1,220‌
1,122,500
Petroleos
de
Venezuela
SA
,
8.50%,
10/27/20 (d)
(h)
1,201‌
2,890,000
Petroleos
de
Venezuela
SA
,
9.00%,
11/17/21 (d)
(h)
1,254‌
4,808,000
Petroleos
de
Venezuela
SA
144A,
9.75%,
5/17/35 (a)(h)
2,189‌
4,210,000
Petroleos
de
Venezuela
SA
,
12.75%,
2/17/22 (d)
(h)
2,095‌
1,420,000
Venezuela
Government
International
Bond
,
7.00%,
3/31/38 (d)(h)
623‌
4,560,000
Venezuela
Government
International
Bond
,
7.65%,
4/21/25 (d)(h)
2,066‌
12,420,000
Venezuela
Government
International
Bond
,
7.75%,
10/13/19 (d)(h)
5,747‌
Payden
Emerging
Markets
Bond
Fund
continued
7
Payden
Mutual
Funds
Principal
or
Shares
Security
Description
Value
(000)
4,360,000
Venezuela
Government
International
Bond
,
8.25%,
10/13/24 (d)(h)
$
2,029‌
4,870,000
Venezuela
Government
International
Bond
,
9.25%,
9/15/27 (h)
2,427‌
23,428‌
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)
3,058‌
Zambia
(USD)
(0%
)
–
Zambia
Government
International
Bond
144A,
5.75%,
6/30/33 (a)
–‌
Total
Bond
(Cost
-
$954,388)
972,446‌
Investment
Company
(2%)
21,426,312
Payden
Cash
Reserves
Money
Market
Fund *
(Cost
-
$21,426)
21,426‌
Total
Investments
(Cost
-
$975,814)  (100%)
993,872‌
Liabilities
in
excess
of
Other
Assets
(
0%
)
2,409‌
Net
Assets
(100%)
$
996,281‌
*
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)
Yield
to
maturity
at
time
of
purchase.
(d)
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.
(e)
Floating
rate
security.
The
rate
shown
reflects
the
rate
in
effect
at
July
31,
2026.
(f)
Perpetual
security
with
no
stated
maturity
date.
(g)
All
or
a
portion
of
these
securities
are
on
loan.
At
July
31,
2026,
the
total
market
value
of
the
Fund’s
securities
on
loan
is
$6,756
and
the
total
market
value
of
the
collateral
held
by
the
Fund
is
$7,000.
Amounts
in
000s.
(h)
Issuer
filed
for
bankruptcy
and/or
is
in
default
of
principal
and/or
interest
payments.
Open
Forward
Currency
Contracts
to
USD
Currency
Purchased
(000s)
Currency
Sold
(000s)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
(000s)
Assets:
BRL
6,460
USD  1,231
BNP
Paribas
09/28/2026
$
26
CZK
101,440
USD  4,751
BNP
Paribas
09/29/2026
81
PLN
17,015
USD  4,484
BNP
Paribas
08/24/2026
70
RON
52,238
USD  11,440
Barclays
Capital
Group
09/14/2026
9
USD
338
TRY  17,109
Barclays
Capital
Group
10/16/2026
1
USD
4,802
PLN  17,460
BNP
Paribas
08/24/2026
129
USD
24,362
ZAR  397,030
BNP
Paribas
09/18/2026
423
USD
98,101
EUR  84,883
Hong
Kong
&
Shanghai
Bank
09/16/2026
35
USD
28,282
MXN  491,550
Hong
Kong
&
Shanghai
Bank
10/19/2026
90
USD
19,673
CNH  131,807
Hong
Kong
&
Shanghai
Bank
10/20/2026
40
USD
420
PEN  1,425
Morgan
Stanley
08/17/2026
1
USD
5,129
CHF  4,125
Wells
Fargo
Securities
LLC
08/27/2026
11
916
Liabilities:
TRY
15,098
USD  299
Barclays
Capital
Group
10/16/2026
(1)
USD
1,369
RON  6,320
Barclays
Capital
Group
09/14/2026
(16)
USD
4,698
THB  157,420
Barclays
Capital
Group
09/17/2026
(34)
USD
9,201
BRL  48,665
BNP
Paribas
09/28/2026
(267)
USD
12,052
PEN  41,356
Hong
Kong
&
Shanghai
Bank
08/17/2026
(109)
USD
5,077
MXN  88,700
Hong
Kong
&
Shanghai
Bank
10/19/2026
(11)
(438)
Net
Unrealized
Appreciation
(Depreciation)
$478
8
Open
Futures
Contracts
Contract
Type
Number
of
Contracts
Expiration
Date
Notional
Amount
(000s)
Current
Value
(000s)
Unrealized
Appreciation
(Depreciation)
(000s)
Long
Contracts:
U.S.
Long
Bond
Future
156
Sep-26
$
16,897
$
(343)
$
(343)
U.S.
Treasury
2-Year
Note
Future
225
Sep-26
46,262
(146)
(146)
U.S.
Ultra
Bond
Future
72
Sep-26
7,898
(233)
(233)
a
a
(722)
Short
Contracts:
U.S.
10-Year
Ultra
Future
285
Sep-26
(31,265)
378
378
a
a
Total
Futures
$(344)
Open
Centrally
Cleared
Interest
Rate
Swap
Contracts
Description
Maturity
Date
Notional
Amount
(000s)
Value
(000s)
Upfront
payments/
receipts
(000s)
Unrealized
Appreciation/
(Depreciation)
(000s)
4-Year
Interest
Rate
Swap,
Receive
Fixed
7.485%
28
days,
Pay
Variable
6.500%
(MXIBTIEF)
28
days
03/08/2030
MXN
308,600
$(50)
$–
$(50)
8-Year
Interest
Rate
Swap,
Pay
Fixed
1.341%
Annually,
Receive
Variable
1.985%
(ESTRON)
Annually
10/17/2030
EUR
2,250
161
–
161
8-Year
SOFR
Swap,
Receive
Fixed
2.776%
Annually,
Pay
Variable
3.772%
(SOFRRATE)
Annually
10/17/2030
USD
2,534
(154)
–
(154)
9-Year
Interest
Rate
Swap,
Pay
Fixed
2.079%
Annually,
Receive
Variable
1.981%
(ESTRON)
Annually
10/30/2031
EUR
5,215
209
–
209
9-Year
SOFR
Swap,
Receive
Fixed
2.921%
Annually,
Pay
Variable
3.745%
(SOFRRATE)
Annually
10/30/2031
USD
5,530
(361)
–
(361)
$(195)
$–
$(195)