Payden

Emerging

Markets

Local

Bond

Fund

1

Schedule

of

Investments

-

January

31,

2025

(Unaudited)

Principal

or

Shares

Security

Description

Value

(000)

Bonds

(94%)

Argentina

(USD)

(0%

)

242,000

Argentine

Republic

Government

International

Bond

,

0.75

%

,

7/09/30

$

183‌

Brazil

(BRL)

(12%

)

7,200,000

Brazil

Letras

do

Tesouro

Nacional

,

10.36

%

,

4/01/25

BRL

(a)

(b)

1,208‌

7,500,000

Brazil

Letras

do

Tesouro

Nacional

,

12.71

%

,

7/01/25

BRL

(a)

(b)

1,218‌

836,305

Brazil

Notas

do

Tesouro

Nacional

Serie

B

,

6.00

%

,

8/15/50

BRL

(b)

121‌

22,400,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

,

10.00

%

,

1/01/27

BRL

(b)

3,561‌

9,400,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

,

10.00

%

,

1/01/29

BRL

(b)

1,404‌

8,400,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

,

10.00

%

,

1/01/31

BRL

(b)

1,187‌

8,699‌

China

(CNY)

(8%

)

5,500,000

China

Government

Bond

Series

2216

,

2.50

%

,

7/25/27

CNY

(b)

777‌

1,400,000

China

Government

Bond

,

2.52

%

,

8/25/33

CNY

(b)

206‌

9,500,000

China

Government

Bond

,

2.75

%

,

6/15/29

CNY

(b)

1,382‌

14,450,000

China

Government

Bond

,

2.76

%

,

5/15/32

CNY

(b)

2,151‌

3,000,000

China

Government

Bond

,

3.02

%

,

10/22/25

CNY

(b)

418‌

980,000

China

Government

Bond

,

3.19

%

,

4/15/53

CNY

(b)

172‌

4,790,000

China

Government

Bond

Series

1906

,

3.29

%

,

5/23/29

CNY

(b)

714‌

5,820‌

Colombia

(COP)

(4%

)

1,673,000,000

Colombian

TES

Series

B

,

5.75

%

,

11/03/27

COP

(b)

361‌

603,000,000

Colombian

TES

Series

B

,

6.00

%

,

4/28/28

COP

(b)

128‌

1,902,100,000

Colombian

TES

Series

B

,

7.00

%

,

3/26/31

COP

(b)

377‌

2,322,800,000

Colombian

TES

Series

B

,

7.25

%

,

10/18/34

COP

(b)

421‌

6,720,200,000

Colombian

TES

Series

B

,

7.25

%

,

10/26/50

COP

(b)

975‌

2,995,000,000

Colombian

TES

Series

B

,

9.25

%

,

5/28/42

COP

(b)

567‌

1,436,000,000

Empresas

Publicas

de

Medellin

ESP

144A

,

8.38

%

,

11/08/27

COP

(b)

(c)

307‌

3,136‌

Czech

Republic

(CZK)

(3%

)

25,960,000

Czech

Republic

Government

Bond

Series

125

,

1.50

%

,

4/24/40

CZK

(b)

748‌

25,240,000

Czech

Republic

Government

Bond

Series

103

,

2.00

%

,

10/13/33

CZK

(b)

893‌

16,030,000

Czech

Republic

Government

Bond

Series

151

,

4.90

%

,

4/14/34

CZK

(b)

707‌

2,348‌

Principal

or

Shares

Security

Description

Value

(000)

Dominican

Republic

(DOP)

(1%

)

17,200,000

Dominican

Republic

International

Bond

144A

,

10.75

%

,

6/01/36

DOP

(b)

(c)

$

293‌

28,000,000

Dominican

Republic

International

Bond

144A

,

13.63

%

,

2/03/33

DOP

(b)

(c)

543‌

836‌

Ghana

(USD)

(1%

)

570,000

Ghana

Government

International

Bond

144A

,

5.00

%

,

7/03/35

(c)

417‌

Guatemala

(USD)

(0%

)

350,000

Guatemala

Government

Bond

144A

,

4.50

%

,

5/03/26

(c)

345‌

Hungary

(HUF)

(2%

)

298,420,000

Hungary

Government

Bond

Series

30/A

,

3.00

%

,

8/21/30

HUF

(b)

646‌

29,580,000

Hungary

Government

Bond

Series

41/A

,

3.00

%

,

4/25/41

HUF

(b)

47‌

175,710,000

Hungary

Government

Bond

Series

35/A

,

7.00

%

,

10/24/35

HUF

(b)

460‌

1,153‌

Indonesia

(IDR)

(9%

)

28,039,000,000

Indonesia

Treasury

Bond

Series

FR87

,

6.50

%

,

2/15/31

IDR

(b)

1,687‌

8,527,000,000

Indonesia

Treasury

Bond

Series

100

,

6.63

%

,

2/15/34

IDR

(b)

512‌

3,733,000,000

Indonesia

Treasury

Bond

Series

103

,

6.75

%

,

7/15/35

IDR

(b)

225‌

32,066,000,000

Indonesia

Treasury

Bond

Series

FR96

,

7.00

%

,

2/15/33

IDR

(b)

1,972‌

9,805,000,000

Indonesia

Treasury

Bond

Series

FR97

,

7.13

%

,

6/15/43

IDR

(b)

603‌

5,100,000,000

Indonesia

Treasury

Bond

Series

FR72

,

8.25

%

,

5/15/36

IDR

(b)

341‌

8,511,000,000

Indonesia

Treasury

Bond

Series

FR68

,

8.38

%

,

3/15/34

IDR

(b)

569‌

4,491,000,000

Indonesia

Treasury

Bond

Series

FR79

,

8.38

%

,

4/15/39

IDR

(b)

304‌

6,213‌

Malaysia

(MYR)

(6%

)

2,160,000

Malaysia

Government

Bond

Series

0307

,

3.50

%

,

5/31/27

MYR

(b)

485‌

3,420,000

Malaysia

Government

Bond

Series

0219

,

3.89

%

,

8/15/29

MYR

(b)

776‌

5,450,000

Malaysia

Government

Bond

Series

0222

,

4.70

%

,

10/15/42

MYR

(b)

1,325‌

2,800,000

Malaysia

Government

Bond

Series

0317

,

4.76

%

,

4/07/37

MYR

(b)

678‌

3,200,000

Malaysia

Government

Bond

Series

0418

,

4.89

%

,

6/08/38

MYR

(b)

788‌

4,052‌

Mexico

(MXN)

(6%

)

4,730,000

America

Movil

SAB

de

CV

,

9.50

%

,

1/27/31

MXN

(b)

219‌

8,110,000

America

Movil

SAB

de

CV

,

10.13

%

,

1/22/29

MXN

(b)

390‌

7,270,000

Grupo

Televisa

SAB

,

7.25

%

,

5/14/43

MXN

(b)

206‌

19,280,000

Mexican

Bonos

Series

M

,

5.50

%

,

3/04/27

MXN

(b)

862‌

9,750,000

Mexican

Bonos

Series

M

,

7.75

%

,

11/13/42

MXN

(b)

369‌

2

Payden

Mutual

Funds

Payden

Emerging

Markets

Local

Bond

Fund

continued

Principal

or

Shares

Security

Description

Value

(000)

13,640,000

Mexican

Bonos

Series

M

,

8.00

%

,

11/07/47

MXN

(b)

$

520‌

16,430,000

Mexican

Bonos

Series

M

,

8.50

%

,

5/31/29

MXN

(b)

761‌

17,300,000

Mexican

Bonos

Series

M

,

8.50

%

,

11/18/38

MXN

(b)

731‌

4,058‌

Paraguay

(PYG)

(0%

)

2,625,000,000

Paraguay

Government

International

Bond

144A

,

7.90

%

,

2/09/31

PYG

(b)

(c)

338‌

Peru

(PEN)

(5%

)

1,510,000

Banco

de

Credito

del

Peru

S.A.

144A

,

7.85

%

,

1/11/29

PEN

(b)

(c)

429‌

3,471,000

Peru

Government

Bond

,

5.35

%

,

8/12/40

PEN

(b)

780‌

565,000

Peru

Government

Bond

144A

,

7.30

%

,

8/12/33

PEN

(b)

(c)

(d)

160‌

2,170,000

Peru

Government

Bond

144A

,

7.60

%

,

8/12/39

PEN

(b)

(c)

(d)

609‌

4,255,000

Peruvian

Government

International

Bond

144A

,

6.90

%

,

8/12/37

PEN

(b)

(c)

1,139‌

3,117‌

Philippines

(PHP)

(0%

)

17,000,000

Philippine

Government

International

Bond

,

6.25

%

,

1/14/36

PHP

(b)

288‌

Poland

(PLN)

(4%

)

4,960,000

Republic

of

Poland

Government

Bond

Series

0432

,

1.75

%

,

4/25/32

PLN

(b)

940‌

3,640,000

Republic

of

Poland

Government

Bond

Series

1034

,

5.00

%

,

10/25/34

PLN

(b)

841‌

3,470,000

Republic

of

Poland

Government

Bond

Series

1033

,

6.00

%

,

10/25/33

PLN

(b)

865‌

2,646‌

Romania

(RON)

(3%

)

1,735,000

Romania

Government

Bond

Series

5Y

,

4.25

%

,

4/28/36

RON

(b)

272‌

2,530,000

Romania

Government

Bond

Series

15Y

,

4.75

%

,

10/11/34

RON

(b)

427‌

3,030,000

Romania

Government

Bond

Series

15YR

,

5.80

%

,

7/26/27

RON

(b)

610‌

4,800,000

Romania

Government

Bond

Series

2Y

,

6.30

%

,

1/28/26

RON

(b)

995‌

2,304‌

South

Africa

(ZAR)

(8%

)

3,960,000

Republic

of

South

Africa

Government

Bond

Series

R214

,

6.50

%

,

2/28/41

ZAR

(b)

140‌

48,840,000

Republic

of

South

Africa

Government

Bond

Series

2037

,

8.50

%

,

1/31/37

ZAR

(b)

2,213‌

11,680,000

Republic

of

South

Africa

Government

Bond

Series

2048

,

8.75

%

,

2/28/48

ZAR

(b)

498‌

18,910,000

Republic

of

South

Africa

Government

Bond

Series

2035

,

8.88

%

,

2/28/35

ZAR

(b)

918‌

34,380,000

Republic

of

South

Africa

Government

Bond

Series

2040

,

9.00

%

,

1/31/40

ZAR

(b)

1,558‌

10,320,000

Republic

of

South

Africa

Government

Bond

Series

R186

,

10.50

%

,

12/21/26

ZAR

(b)

574‌

5,901‌

South

Korea

(MXN)

(0%

)

5,000,000

Export-Import

Bank

of

Korea

Series

19

,

7.93

%

,

7/30/26

MXN

(b)

235‌

Principal

or

Shares

Security

Description

Value

(000)

Supranational

(COP)

(1%

)

2,000,000,000

Corp.

Andina

de

Fomento

,

6.77

%

,

5/24/28

COP

(b)

(d)

$

419‌

Supranational

(INR)

(7%

)

55,000,000

Corp.

Andina

de

Fomento

,

8.25

%

,

4/26/34

INR

(b)

653‌

122,000,000

European

Bank

for

Reconstruction

&

Development

,

6.75

%

,

3/14/31

INR

(b)

1,398‌

121,000,000

Inter-American

Development

Bank

,

7.00

%

,

4/17/33

INR

(b)

1,408‌

48,000,000

Inter-American

Development

Bank

,

7.00

%

,

8/08/33

INR

(b)

558‌

47,000,000

Inter-American

Development

Bank

,

7.35

%

,

10/06/30

INR

(b)

553‌

31,500,000

International

Bank

for

Reconstruction

&

Development

,

6.85

%

,

4/24/28

INR

(b)

364‌

4,934‌

Supranational

(MXN)

(0%

)

7,500,000

Corp.

Andina

de

Fomento

,

6.82

%

,

2/22/31

MXN

(b)

(d)

303‌

Thailand

(THB)

(6%

)

46,020,000

Thailand

Government

Bond

,

1.59

%

,

12/17/35

THB

(b)

1,269‌

15,590,000

Thailand

Government

Bond

,

2.00

%

,

12/17/31

THB

(b)

458‌

17,570,000

Thailand

Government

Bond

,

2.00

%

,

6/17/42

THB

(b)

477‌

13,310,000

Thailand

Government

Bond

,

2.88

%

,

6/17/46

THB

(b)

401‌

21,500,000

Thailand

Government

Bond

,

3.30

%

,

6/17/38

THB

(b)

698‌

36,355,000

Thailand

Government

Bond

,

3.45

%

,

6/17/43

THB

(b)

1,199‌

4,502‌

Turkey

(TRY)

(3%

)

43,915,000

Turkiye

Government

Bond

Series

5Y

,

17.30

%

,

7/19/28

TRY

(b)

953‌

36,225,000

Turkiye

Government

Bond

Series

10Y

,

17.80

%

,

7/13/33

TRY

(b)

761‌

11,080,000

Turkiye

Government

Bond

Series

2Y

,

36.00

%

,

8/12/26

TRY

(b)

312‌

2,026‌

United

Kingdom

(IDR)

(1%

)

8,600,000,000

Standard

Chartered

Bank

144A

,

6.50

%

,

2/20/31

IDR

(b)

(c)

518‌

United

Kingdom

(NGN)

(0%

)

316,800,000

HSBC

Bank

PLC

144A

,

21.67

%

,

3/10/25

NGN

(a)

(b)

(c)

209‌

United

States

(EGP)

(1%

)

10,000,000

Citigroup

Global

Markets

Holdings

Inc.

144A

,

31.77

%

,

6/12/25

EGP

(a)

(b)

(c)

183‌

30,125,013

Citigroup

Global

Markets

Holdings

Inc.

144A

,

32.55

%

,

3/13/25

EGP

(a)

(b)

(c)

586‌

769‌

United

States

(IDR)

(1%

)

6,394,000,000

JPMorgan

Chase

Bank

N.A.

144A

,

9.50

%

,

7/17/31

IDR

(b)

(c)

444‌

3

Principal

or

Shares

Security

Description

Value

(000)

United

States

(NGN)

(2%

)

339,000,000

Citigroup

Global

Markets

Holdings

Inc.

144A

,

22.84

%

,

3/10/25

NGN

(a)

(b)

(c)

$

224‌

1,589,873,418

Citigroup

Global

Markets

Holdings

Inc.

144A

,

25.99

%

,

3/10/25

NGN

(a)

(b)

(c)

1,050‌

416,000,000

Citigroup

Global

Markets

Holdings

Inc.

144A

,

27.21

%

,

11/06/25

NGN

(a)

(b)

(c)

233‌

1,507‌

Uruguay

(UYU)

(0%

)

8,648,522

Uruguay

Government

International

Bond

,

3.40

%

,

5/16/45

UYU

(b)

202‌

5,570,000

Uruguay

Government

International

Bond

,

8.25

%

,

5/21/31

UYU

(b)

120‌

322‌

Total

Bonds

(Cost

-

$71,154)

68,042‌

Principal

or

Shares

Security

Description

Value

(000)

Investment

Company

(2%)

1,099,433

Payden

Cash

Reserves

Money

Market

Fund

*

(Cost

-

$

1,099

)

$

1,099‌

Total

Investments

(Cost

-

$72,253)  (96%)

69,141‌

Other

Assets,

net

of

Liabilities

(

4

%

)

3,200‌

Net

Assets

(100%)

$

72,341‌

*

Affiliated

investment.

(a)

Yield

to

maturity

at

time

of

purchase.

(b)

Principal

in

foreign

currency.

(c)

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.

(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.

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000s)

Assets:

CLP

1,611,968

USD  1,626

BNP

PARIBAS

04/30/2025

$

16

CZK

12,680

USD  518

BNP

PARIBAS

03/11/2025

4

EUR

1,010

USD  1,041

Morgan

Stanley

03/19/2025

10

HUF

343,700

USD  861

BNP

PARIBAS

03/11/2025

11

MYR

11,033

USD  2,459

Morgan

Stanley

04/24/2025

23

PEN

6,715

USD  1,792

HSBC

Bank

USA,

N.A.

02/13/2025

11

THB

19,030

USD  554

Barclays

Bank

PLC

02/13/2025

12

THB

70,710

USD  2,035

Barclays

Bank

PLC

02/13/2025

66

TRY

4,134

USD  111

Barclays

Bank

PLC

02/11/2025

4

USD

40

RON  189

Barclays

Bank

PLC

03/18/2025

–

USD

751

PLN  3,004

BNP

PARIBAS

02/10/2025

12

USD

43

CZK  1,020

BNP

PARIBAS

03/11/2025

1

USD

658

EUR  631

BNP

PARIBAS

03/19/2025

1

USD

201

IDR  3,276,000

BNP

PARIBAS

04/15/2025

1

USD

149

MXN  3,040

Goldman

Sachs

&

Co.

03/21/2025

3

USD

1,971

CNH  14,167

HSBC

Bank

USA,

N.A.

02/10/2025

36

USD

3,154

BRL  18,345

HSBC

Bank

USA,

N.A.

02/12/2025

26

USD

2,201

EUR  1,966

HSBC

Bank

USA,

N.A.

03/19/2025

157

USD

348

CZK  8,420

Morgan

Stanley

03/11/2025

1

395

Liabilities:

BRL

1,300

USD  222

Morgan

Stanley

02/12/2025

(

1

)

CLP

1,611,968

USD  1,758

Barclays

Bank

PLC

02/04/2025

(

114

)

CNH

11,408

USD  1,620

HSBC

Bank

USA,

N.A.

02/10/2025

(

61

)

COP

1,320,000

USD  311

BNP

PARIBAS

04/14/2025

–

CZK

16,620

USD  702

BNP

PARIBAS

03/11/2025

(

17

)

CZK

8,320

USD  348

HSBC

Bank

USA,

N.A.

03/11/2025

(

5

)

CZK

1,900

USD  79

Morgan

Stanley

03/11/2025

–

EUR

185

USD  192

BNP

PARIBAS

03/19/2025

–

EUR

17

USD  18

HSBC

Bank

USA,

N.A.

03/19/2025

–

HUF

151,700

USD  387

BNP

PARIBAS

03/11/2025

(

3

)

IDR

16,733,000

USD  1,029

BNP

PARIBAS

04/15/2025

(

5

)

INR

41,830

USD  484

Morgan

Stanley

04/15/2025

(

3

)

KZT

110,900

USD  224

Barclays

Bank

PLC

02/12/2025

(

11

)

KZT

265,100

USD  543

BNP

PARIBAS

02/12/2025

(

34

)

MXN

15,550

USD  751

BNP

PARIBAS

03/21/2025

(

6

)

4

Payden

Mutual

Funds

Payden

Emerging

Markets

Local

Bond

Fund

continued

Open

Forward

Currency

Contracts

to

USD

Currency

Purchased

(000s)

Currency

Sold

(000s)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000s)

MXN

31,800

USD  1,542

Goldman

Sachs

&

Co.

03/21/2025

(

19

)

MXN

10,360

USD  504

Goldman

Sachs

&

Co.

03/21/2025

(

8

)

MYR

2,551

USD  576

Barclays

Bank

PLC

04/24/2025

(

2

)

PLN

11,756

USD  2,967

BNP

PARIBAS

02/10/2025

(

77

)

PLN

850

USD  211

HSBC

Bank

USA,

N.A.

02/10/2025

(

2

)

RON

6,025

USD  1,273

Barclays

Bank

PLC

03/18/2025

(

19

)

RON

353

USD  74

BNP

PARIBAS

03/18/2025

(

1

)

USD

239

TRY  8,697

Barclays

Bank

PLC

02/11/2025

(

2

)

USD

283

PHP  16,550

Barclays

Bank

PLC

02/12/2025

(

1

)

USD

1,006

THB  34,720

Barclays

Bank

PLC

02/13/2025

(

26

)

USD

1,626

CLP  1,611,968

BNP

PARIBAS

02/04/2025

(

17

)

USD

635

HUF  253,300

BNP

PARIBAS

03/11/2025

(

7

)

USD

1,159

RON  5,578

BNP

PARIBAS

03/18/2025

(

2

)

USD

1,698

COP  7,423,000

BNP

PARIBAS

04/14/2025

(

50

)

USD

40

ZAR  770

BNP

PARIBAS

04/14/2025

(

1

)

USD

674

INR  58,810

BNP

PARIBAS

04/15/2025

(

1

)

USD

3,128

PEN  11,781

HSBC

Bank

USA,

N.A.

02/13/2025

(

35

)

USD

276

PEN  1,040

HSBC

Bank

USA,

N.A.

02/13/2025

(

4

)

USD

1,066

BRL  6,576

Morgan

Stanley

02/12/2025

(

55

)

(589)

Net

Unrealized

Appreciation

(Depreciation)

$(194)

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

9.07%

28

Days,

Pay

Variable

10.00%

(MXIBTIEF)

28

Days

11/23/2026

MXN

90,000

$26

$–

$26

2-Year

Interest

Rate

Swap,

Receive

Fixed

9.15%

28

Days,

Pay

Variable

10.00%

(MXIBTIEF)

28

Days

11/19/2026

MXN

88,780

31

–

31

5-Year

Interest

Rate

Swap,

Receive

Fixed

1.48%

Quarterly,

Pay

Variable

2.3276%

(CNRR007)

Quarterly

01/17/2030

CNY

8,650

(1)

–

(1)

5-Year

Interest

Rate

Swap,

Receive

Fixed

1.801%

Quarterly,

Pay

Variable

1.9856%

(CNRR007)

Quarterly

08/09/2029

CNY

2,230

4

–

4

5-Year

Interest

Rate

Swap,

Receive

Fixed

2.4875%

Quarterly,

Pay

Variable

1.90%

(CNRR007)

Quarterly

04/25/2027

CNY

3,740

11

–

11

$71

$–

$71