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        <name>ORANGE SA</name>
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        <name>APPLE INC</name>
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        <name>BLUE OWL FINANCE LLC</name>
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        <name>DOMINION ENERGY SOUTH CAROLINA INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARES LOAN FUNDING V LTD</name>
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        <name>M&amp;T BANK CORP</name>
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        <name>EVERSOURCE ENERGY</name>
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        <name>PUBLIC SERVICE ELECTRIC &amp; GAS COMPANY</name>
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        <name>AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014/1</name>
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        <name>WILLIAMS COMPANIES INC (THE)</name>
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        <name>AREIT 2026-CRE12 LTD / AREIT 2026-CRE12 LLC</name>
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        <name>KINDER MORGAN ENERGY PARTNERS LP</name>
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        <name>CALIFORNIA RESOURCES CORP</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
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        <name>VERUS SECURITIZATION TRUST 2023-8</name>
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        <name>SIMON PROPERTY GROUP LP</name>
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        <name>MORGAN STANLEY</name>
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      <invstOrSec>
        <name>NEW YORK LIFE INSURANCE COMPANY</name>
        <lei>TAE73CY392TBWJ3O3305</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HPS CORPORATE LENDING FUND</name>
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        <name>HARVARD UNIVERSITY - PRESIDENT AND FELLOWS OF THE COLLEGE</name>
        <lei>6S3X7J22E861RNTJSA74</lei>
        <title>HARVRD 2.517 10/15/50</title>
        <cusip>740816AP8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LINCOLN NATIONAL CORP</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>LNC V6.8 07/15/56</title>
        <cusip>534187CA5</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2018-3</name>
        <lei>5493000EWZKZ6H2PNY04</lei>
        <title>WLAKE 2026-2A D</title>
        <cusip>96041GAG8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>ARCELORMITTAL SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
        <title>MTNA 6 06/17/34</title>
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        <invCountry>LU</invCountry>
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        <name>BANK OF NEW YORK MELLON CORP (THE)</name>
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        <title>BNY V4.54 04/23/32</title>
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        <name>AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP</name>
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        <title>APU 6.875 06/01/31 144A</title>
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        <name>GEORGETOWN UNIVERSITY</name>
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        <name>SALESFORCE INC</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>CRM 4.65 03/15/29</title>
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        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM8</name>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS V4.939 10/21/36</title>
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        <name>AT&amp;T INC</name>
        <lei>549300Z40J86GGSTL398</lei>
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        <name>BX TRUST 2024-VLT4</name>
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        <name>FOUNDRY JV HOLDCO LLC</name>
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        <name>ADI ESCROW ISSUER LLC</name>
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        <name>BARCLAYS PLC</name>
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        <name>M&amp;T BANK CORP</name>
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        <name>VIATRIS INC</name>
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        <name>STARWOOD PROPERTY TRUST INC</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
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        <name>AREIT 2025-CRE10 LTD</name>
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        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2026-NQM1</name>
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        <name>UBS GROUP AG</name>
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        <name>EXTRA SPACE STORAGE LP</name>
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        <name>AES CORP (THE)</name>
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        <name>NATURE CONSERVANCY (THE)</name>
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        <name>ESSENTIAL PROPERTIES LP</name>
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        <name>MORGAN STANLEY</name>
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        <name>WESTERN-SOUTHERN GLOBAL FUNDING</name>
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        <name>MERCK &amp; COMPANY INC</name>
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        <name>GOLDMAN SACHS PRIVATE CREDIT CORP</name>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <name>BLUE OWL CREDIT INCOME CORP</name>
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        <name>NRTH 2024-PARK MORTGAGE TRUST</name>
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        <name>NORTHROP GRUMMAN CORP</name>
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        <name>ELI LILLY &amp; COMPANY</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>LLY 4.875 02/27/53</title>
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        <name>ARCHROCK SERVICES LP / ARCHROCK PARTNERS FINANCE CORP</name>
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        <name>INTEL CORP</name>
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        <name>NVIDIA CORP</name>
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        <name>WALMART INC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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>AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014/1</name>
        <lei>N/A</lei>
        <title>ACAR 2026-3 D</title>
        <cusip>024958AG5</cusip>
        <identifiers>
          <isin value="US024958AG53"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000718.20000000</valUSD>
        <pctVal>0.519674663523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.49000000</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>NEVADA POWER COMPANY</name>
        <lei>MJZFGXRJ52U8U4MKJ519</lei>
        <title>BRKHEC 6 03/15/54</title>
        <cusip>641423CG1</cusip>
        <identifiers>
          <isin value="US641423CG18"/>
        </identifiers>
        <balance>610000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>590149.50000000</valUSD>
        <pctVal>0.153287825762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>SALESFORCE INC</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>CRM 6.4 03/15/46</title>
        <cusip>79466LAV6</cusip>
        <identifiers>
          <isin value="US79466LAV62"/>
        </identifiers>
        <balance>745000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>717688.69000000</valUSD>
        <pctVal>0.186415372484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</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>
