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        <name>ROCKFORD TOWER EUROPE CLO 2026-1 DAC</name>
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        <name>OBX 2024-NQM16 TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BKV UPSTREAM MIDSTREAM LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REPSOL E&amp;P CAPITAL MARKETS US LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANCO ACTINVER SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fr Br Holdings, L.L.C.</name>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP I LP</name>
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        <title>PECO 4.75 03/15/33</title>
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          <isin value="US71845JAE82"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DOMINICAN, REPUBLIC OF - MINISTERIO DE HACIENDA</name>
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        <title>DOMREP 6.6 06/01/36 144a</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HENLEY CLO XV DAC</name>
        <lei>635400KRXXWWC4BKIS23</lei>
        <title>HNLY 15X C</title>
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        <name>ANTERO MIDSTREAM PARTNERS LP / ANTERO MIDSTREAM FINANCE CORP</name>
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        <name>TENNESSEE VALLEY AUTHORITY (TN)</name>
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        <title>TVA 5.25 09/15/39</title>
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        <name>BSPRT 2025-FL12 ISSUER LLC</name>
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        <name>ALLY FINANCIAL INC</name>
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        <title>ALLY V7.1 PERP D</title>
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        <name>KRAKEN OIL &amp; GAS PARTNERS LLC</name>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
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        <name>NXPT COMMERCIAL MORTGAGE TRUST 2024-STOR</name>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
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        <name>GALAXY XXII CLO LTD</name>
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        <name>ARMADA EURO CLO I DAC</name>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>ARBYS FUNDING LLC</name>
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        <name>AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014/1</name>
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        <name>BILBAO CLO A DAC</name>
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        <name>UNITED MEXICAN STATES - SECRETARIA DE HACIENDA Y CREDITO PUBLICO</name>
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        <title>MEX 6.25 08/27/37</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <name>HUNTINGTON BANCSHARES INC</name>
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        <name>Nationstar Mortgage Loan Trust</name>
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        <name>ARMADA EURO CLO III DAC</name>
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        <name>CENOVUS ENERGY INC</name>
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        <name>ARINI US CLO VII LTD</name>
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        <name>EXTRA SPACE STORAGE LP</name>
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        <name>PANAMA, REPUBLIC OF - MINISTRY OF PLANNING AND ECONOMIC POLICY</name>
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        <name>ARES STRATEGIC INCOME FUND</name>
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        <name>ARES CAPITAL CORP</name>
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        <name>ARMADA EURO CLO I DAC</name>
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        <name>ASHTEAD CAPITAL INC</name>
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        <name>Verde Purchaser, LLC</name>
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        <name>OAK-EAGLE ACQUIRECO INC</name>
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        <name>OCP CLO 2022-25 LTD</name>
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        <name>GoldenTree Loan Management US CLO 2, Ltd.</name>
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        <title>GLM 2024-21A CR</title>
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        <name>INFINITY NATURAL RESOURCES LLC</name>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.95397000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUIFAX INC</name>
        <lei>5493004MCF8JDC86VS77</lei>
        <title>EFX 5.65 08/15/33</title>
        <cusip>294429AY1</cusip>
        <identifiers>
          <isin value="US294429AY10"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>351283.71000000</valUSD>
        <pctVal>0.196512104085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RCKT MORTGAGE TRUST 2025-CES7</name>
        <lei>254900E35NYYFOUTHD06</lei>
        <title>RCKT 2025-CES7 A1A</title>
        <cusip>74943AAA0</cusip>
        <identifiers>
          <isin value="US74943AAA07"/>
        </identifiers>
        <balance>308374.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>307955.68000000</valUSD>
        <pctVal>0.172273911140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.37700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pegasus Bidco Bv</name>
        <lei>254900U303DPAFR7MA71</lei>
        <title>Refresco Term Loan B 250 2032-07-01</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAN6872PAP61"/>
          <other otherDesc="INTERNAL" value="BL5708161"/>
        </identifiers>
        <balance>342183.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>343210.47000000</valUSD>
        <pctVal>0.191995841776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.16747000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OBX 2024-NQM14 TRUST</name>
        <lei>254900C7ZCEHM7Y5MX79</lei>
        <title>OBX 2024-NQM14 A1</title>
        <cusip>67119XAC8</cusip>
        <identifiers>
          <isin value="US67119XAC83"/>
        </identifiers>
        <balance>210916.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210165.80000000</valUSD>
        <pctVal>0.117569139669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.94400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO MITSUI FINANCIAL GROUP INC</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMIBK V5.334 03/03/41</title>
        <cusip>86562MEK2</cusip>
        <identifiers>
          <isin value="US86562MEK27"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>620894.63000000</valUSD>
        <pctVal>0.347335520216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.33400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KKR CLO 32 LTD</name>
        <lei>5493004Y6G18HN4CQ515</lei>
        <title>KKR 32A CR2</title>
        <cusip>482937AQ2</cusip>
        <identifiers>
          <isin value="US482937AQ24"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400000.00000000</valUSD>
        <pctVal>0.223764550977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.48816000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARCOBRE SAC</name>
        <lei>254900BORIUZFCM1XB72</lei>
        <title>MARSAC 5.75 01/22/36 144A</title>
        <cusip>56625AAA2</cusip>
        <identifiers>
          <isin value="US56625AAA25"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>245187.50000000</valUSD>
        <pctVal>0.137160677107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGL CLO 33 LTD</name>
        <lei>254900FQ0489DHYW7509</lei>
        <title>AGL 2024-33A C</title>
        <cusip>00121DAC9</cusip>
        <identifiers>
          <isin value="US00121DAC92"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>751673.25000000</valUSD>
        <pctVal>0.420494568170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.63373000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTH AFRICA, REPUBLIC OF - NATIONAL TREASURY</name>
        <lei>378900AAFB4F17004C49</lei>
        <title>SOAF 6.125 12/11/37 144A</title>
        <cusip>836205BH6</cusip>
        <identifiers>
          <isin value="US836205BH67"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>287438.33000000</valUSD>
        <pctVal>0.160796272115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-23</ncom:dateSigned>
      <ncom:nameOfApplicant>PAYDEN &amp; RYGEL INVESTMENT GROUP</ncom:nameOfApplicant>
      <ncom:signature>Stanislav Gorbunov</ncom:signature>
      <ncom:signerName>Stanislav Gorbunov</ncom:signerName>
      <ncom:title>Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
