The Payden Emerging Markets Bond Fund Adviser Class is a mutual fund dedicated to providing diversified exposure to sovereign and corporate bonds in emerging markets. Managed by Payden & Rygel, the fund emphasizes a primarily sovereign bond focus while maintaining opportunistic allocations in corporate debt, resulting in broad geographic diversification across Latin America, Europe, and Asia. Most holdings are denominated in U.S. dollars, though the fund selectively invests in local currency markets where compelling opportunities exist. The portfolio is managed by an experienced team with decades of expertise in emerging-market debt, emphasizing credit research and risk management. With a pure bond investment strategy, the fund employs limited use of credit default swaps or distressed debt, preferring direct exposure to underlying fixed-income instruments. It is structured to deliver monthly dividends and offers exposure to various credit qualities, catering to investors seeking income and diversification sourced from dynamic and rapidly developing global economies. The fund plays a vital role as an access point to emerging market fixed income, aiming to capture yield potential and risk premiums associated with these growing regions.