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        <name>FREDDIE MAC STACR REMIC TRUST 2022-DNA2</name>
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        <name>ROWE CLO 2026-2 LTD</name>
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        <name>WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2018-3</name>
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        <name>BX 2025-BIO3 MORTGAGE TRUST</name>
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        <name>FS RIALTO 2025-FL10 ISSUER LLC</name>
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        <name>AFFIRM MASTER TRUST</name>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2018-BIOA</name>
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        <name>CEDR COMMERCIAL MORTGAGE TRUST 2022-SNAI</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PIKES PEAK CLO 22</name>
        <lei>N/A</lei>
        <title>PIPK 2026-22A D1</title>
        <cusip>720921AJ4</cusip>
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          <isin value="US720921AJ40"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>402491.60000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-04-20</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CARMAX SELECT RECEIVABLES TRUST 2025-B</name>
        <lei>N/A</lei>
        <title>CMXS 2025-B D</title>
        <cusip>14320BAF6</cusip>
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          <isin value="US14320BAF67"/>
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        <balance>625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>621563.19000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BAIN CAPITAL CREDIT CLO 2021-4 LTD</name>
        <lei>254900YJBP8866ZPO033</lei>
        <title>BCC 2021-4A A1RR</title>
        <cusip>05685ABA5</cusip>
        <identifiers>
          <isin value="US05685ABA51"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000516.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.67523000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INVESCO CLO 2022-1 LTD</name>
        <lei>2138003W7QBGJSA8VF04</lei>
        <title>INVCO 2022-1A B</title>
        <cusip>460988AC2</cusip>
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          <isin value="US460988AC24"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250299.50000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARI FLEET LEASE TRUST 2012 ABS</name>
        <lei>N/A</lei>
        <title>ARIFL 2023-B A2</title>
        <cusip>04033GAB3</cusip>
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          <isin value="US04033GAB32"/>
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        <balance>78837.17000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BX TRUST 2025-VLT6</name>
        <lei>N/A</lei>
        <title>BX 2025-VLT6 D</title>
        <cusip>12433KAG2</cusip>
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          <isin value="US12433KAG22"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>348721.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.26796000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HOTWIRE FUNDING LLC</name>
        <lei>254900ZCO90MCT7Y9348</lei>
        <title>HWIRE 2023-1A B</title>
        <cusip>44148HAC7</cusip>
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          <isin value="US44148HAC79"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301945.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OBX 2025-NQM2 TRUST</name>
        <lei>2549006BC0G3YEF5SL09</lei>
        <title>OBX 2025-NQM2 M1</title>
        <cusip>67120VAD7</cusip>
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          <isin value="US67120VAD73"/>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2064-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2022-R02 2B1</title>
        <cusip>20754BAF8</cusip>
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          <isin value="US20754BAF85"/>
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        <balance>174000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-27</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>DRIVEN BRANDS FUNDING LLC</name>
        <lei>N/A</lei>
        <title>HONK 2020-1A A2</title>
        <cusip>26209XAA9</cusip>
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          <isin value="US26209XAA90"/>
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        <balance>99765.79000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CONNECTICUT AVENUE SECURITIES TRUST 2021-R01</name>
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        <title>CAS 2021-R01 1B2</title>
        <cusip>20754RAJ5</cusip>
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          <isin value="US20754RAJ59"/>
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        <balance>400000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST 2024-7</name>
        <lei>213800HQOHEFNJCQYJ07</lei>
        <title>VERUS 2024-7 B2</title>
        <cusip>924925AH3</cusip>
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          <isin value="US924925AH38"/>
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        <balance>350000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.78407200</annualizedRt>
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        <name>PALMER SQUARE LOAN FUNDING 2024-3 LTD</name>
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        <title>PSTAT 2024-3A DR</title>
        <cusip>69690RAE0</cusip>
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          <isin value="US69690RAE09"/>
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        <balance>600000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-08</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CARMAX SELECT RECEIVABLES TRUST 2025-A</name>
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        <title>CMXS 2025-A C</title>
        <cusip>14319UAE0</cusip>
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          <isin value="US14319UAE01"/>
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        <balance>290000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>OBX 2024-NQM18 TRUST</name>
        <lei>254900NK9PNLY9I00149</lei>
        <title>OBX 2024-NQM18 M1</title>
        <cusip>673913AD1</cusip>
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          <isin value="US673913AD13"/>
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        <balance>250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014/1</name>
        <lei>N/A</lei>
        <title>ACAR 2026-2 D</title>
        <cusip>02528FAG0</cusip>
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          <isin value="US02528FAG00"/>
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        <balance>600000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.18000000</annualizedRt>
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        <name>CROSS 2026-NQM8 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>CROSS 2026-NQM8 MORTGAGE TRUST CMO 2071-07-25 USD</title>
        <cusip>22759EAG1</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>METRONET INFRASTRUCTURE ISSUER LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.10000000</annualizedRt>
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      <invstOrSec>
        <name>COLT 2025-1 MORTGAGE LOAN TRUST</name>
        <lei>21380069FFOP8RZNF423</lei>
        <title>COLT 2025-1 M1</title>
        <cusip>196920AF9</cusip>
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          <isin value="US196920AF97"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251711.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM</name>
        <lei>N/A</lei>
        <title>SCLP 2025-3 C</title>
        <cusip>83390JAC6</cusip>
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          <isin value="US83390JAC62"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>398190.40000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KRE COMMERCIAL MORTGAGE TRUST 2026-ICNA</name>
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        <title>KRE 2026-ICNA C</title>
        <cusip>48275LAE0</cusip>
        <identifiers>
          <isin value="US48275LAE02"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>401645.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BX TRUST 2026-CLS</name>
        <lei>N/A</lei>
        <title>BX 2026-CLS D</title>
        <cusip>123915AG5</cusip>
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          <isin value="US123915AG55"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503209.50000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.12637000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FREDDIE MAC STACR REMIC TRUST 2021-DNA6</name>
        <lei>5493000ISONLNOUKGB71</lei>
        <title>STACR 2021-DNA6 B2</title>
        <cusip>35564KLV9</cusip>
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          <isin value="US35564KLV97"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>557714.63000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.11608000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>INVESCO EURO CLO I DAC</name>
        <lei>549300GHZE7CYFQDBC40</lei>
        <title>INVSC 1A DRR</title>
        <cusip>000000000</cusip>
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          <isin value="XS3339807110"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.24500000</annualizedRt>
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      <invstOrSec>
        <name>ANCHORAGE CAPITAL CLO 2012-1 LTD</name>
        <lei>N/A</lei>
        <title>ANCHC 2026-36A D</title>
        <cusip>03333PAJ5</cusip>
        <identifiers>
          <isin value="US03333PAJ57"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>402000.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.01000000</annualizedRt>
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      <invstOrSec>
        <name>LOANCORE 2025-CRE8 ISSUER LLC</name>
        <lei>N/A</lei>
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          <isin value="US53947FAC59"/>
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        <balance>360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>359100.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.26727000</annualizedRt>
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      <invstOrSec>
        <name>CROSS 2026-NQM7 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>CROSS 2026-NQM7 A1</title>
        <cusip>227932AC4</cusip>
        <identifiers>
          <isin value="US227932AC40"/>
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        <balance>1167210.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1164419.20000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2071-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.45800000</annualizedRt>
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        <name>OBX 2026-NQM2 TRUST</name>
        <lei>2549007DTHVTGCMU8X03</lei>
        <title>OBX 2026-NQM4 A1</title>
        <cusip>67124FAF3</cusip>
        <identifiers>
          <isin value="US67124FAF36"/>
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        <curCd>USD</curCd>
        <valUSD>473437.11000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GLS AUTO RECEIVABLES ISSUER TRUST 2026-2</name>
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        <title>GCAR 2026-2A D</title>
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          <isin value="US37989KAL61"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
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      <invstOrSec>
        <name>DI ISSUER LLC</name>
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          <isin value="US538908AH78"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-07-17</maturityDt>
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      <invstOrSec>
        <name>BXMT 2025-FL5 LTD</name>
        <lei>N/A</lei>
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          <isin value="US05613YAE32"/>
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        <valUSD>400946.40000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
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        <debtSec>
          <maturityDt>2042-10-20</maturityDt>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2022-R06 1B2</title>
        <cusip>20754NAR6</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>OCP CLO 2024-35 LTD</name>
        <lei>2138008SMV573POQTV86</lei>
        <title>OCP 2024-35A D1</title>
        <cusip>671060AJ0</cusip>
        <identifiers>
          <isin value="US671060AJ04"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>403510.80000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-26</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GOLDENTREE LOAN MANAGEMENT EUR CLO 7 DAC</name>
        <lei>549300O3AX8Z1RQYEB12</lei>
        <title>GLME 7A BR</title>
        <cusip>000000000</cusip>
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          <isin value="XS3281029515"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NISSAN AUTO RECEIVABLES 2022-B OWNER TRUST</name>
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        <name>BX TRUST 2018-BILT</name>
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        <name>OCTAGON INVESTMENT PARTNERS 41 LTD</name>
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        <name>KKR CLO 18 LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CANYON CLO 2016-1 LTD</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BX TRUST 2025-VLT6</name>
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        <name>PALMER SQUARE LOAN FUNDING 2025-1 LTD</name>
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        <name>CIFC FUNDING 2022-IV LTD</name>
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        <name>DRIVE AUTO RECEIVABLES TRUST 2025-S1</name>
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        <name>MAGNETITE XXIV LTD</name>
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        <name>FS RIALTO 2024-FL9 ISSUER LLC</name>
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        <name>EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2</name>
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        <title>EART 2025-2A C</title>
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        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>DRYDEN 68 CLO LTD</name>
        <lei>254900MX6QAMC9XBAB53</lei>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA</name>
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      <invstOrSec>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST 2022-R04</name>
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        <name>BX TRUST 2018-BILT</name>
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        <name>USB AUTO OWNER TRUST 2025-1</name>
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        <name>HSBC SECURITIES (USA) INC.</name>
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        <name>MTP ABS FUNDING LLC</name>
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          <isin value="US55378HAB69"/>
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        <name>BXMT 2020-FL2 LTD</name>
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        <name>Cross 2026 NQM2 Mortgage Trust</name>
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        <name>DRIVEN BRANDS FUNDING LLC</name>
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        <name>VTR COMMERCIAL MORTGAGE TRUST 2025-STEM</name>
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        <name>BRIGHTSPIRE 2024-FL2 LTD</name>
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        <name>RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST 2026-R2</name>
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        <name>Tharaldson Hotel Portfolio Trust</name>
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        <name>BX TRUST 2018-BILT</name>
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        <name>SCG TRUST 2025-SNIP</name>
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        <name>FLATIRON RR CLO 22 LLC</name>
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        <name>CLOVER CLO 2021-1 LLC</name>
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        <name>ACREC 2025-FL3 LLC</name>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>EXTENDED STAY AMERICA INC</name>
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        <name>Extended Stay America Trust 2026-ESH2</name>
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        <name>BXMT 2025-FL5 LTD</name>
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        <name>ONEMAIN DIRECT AUTO RECEIVABLES TRUST 2017-1</name>
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        <name>SUMIT 2022-BVUE MORTGAGE TRUST</name>
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        <name>CARLYLE GLOBAL MARKET STRATEGIES CLO 2016-1 LTD</name>
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        <name>HOTWIRE FUNDING LLC</name>
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        <name>ATRIUM HOTEL PORTFOLIO TRUST 2017-ATRM</name>
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        <name>GREYSTONE CRE NOTES 2025-FL4 LTD</name>
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        <name>FLEXENTIAL ISSUER LLC</name>
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        <name>JP MORGAN CHASE BANK NA</name>
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        <name>SECURITIZED TERM AUTO RECEIVABLES TRUST</name>
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        <name>J. P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2026-FUN</name>
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        <name>DIAMOND INFRASTRUCTURE FUNDING LLC</name>
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        <name>Retained Vantage Data Centers Issuer LLC / Vantage Data Centers Cda Qc4 Ltd.</name>
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        <name>SOHO TRUST 2021-SOHO</name>
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        <name>JP MORGAN CHASE BANK NA</name>
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        <name>ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2022-FL1</name>
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        <name>DIAMOND ISSUER LLC</name>
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        <title>SHINE 2021-1A C</title>
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        <name>BRAVO RESIDENTIAL FUNDING TRUST 2022-NQM3</name>
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        <name>Research Driven Pagaya Motor Trust 2026-4</name>
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        <name>JDAC 0 08/15/29</name>
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        <name>THOMPSON PARK CLO LTD</name>
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      <invstOrSec>
        <name>HILTON USA TRUST 2016-SFP</name>
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        <name>STWD 2025-FL4 LLC</name>
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        <name>MADISON PARK EURO FUNDING XVII DAC</name>
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        <name>DRIVE AUTO RECEIVABLES TRUST 2025-2</name>
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        <name>DRIVEN BRANDS FUNDING LLC</name>
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        <name>SANTANDER BANK NA</name>
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        <name>BFLD TRUST 2025-FPM</name>
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        <name>Voya CLO Ltd</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST 2022-R07</name>
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        <name>RCKT MORTGAGE TRUST 2026-CES1</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST 2023-R05</name>
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        <name>CROSS 2025-H7 MORTGAGE TRUST</name>
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        <name>AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014/1</name>
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        <name>BX TRUST 2018-BILT</name>
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        <name>OCP CLO 2015-9 LTD</name>
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        <name>AREIT 2025-CRE11 LTD</name>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>JP MORGAN CHASE BANK NA</name>
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        <name>CARMAX SELECT RECEIVABLES TRUST 2026-B</name>
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        <name>OCP CLO 2019-17 LTD</name>
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        <name>PLYM COMMERCIAL MORTGAGE TRUST 2026-IND</name>
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        <name>BEECHWOOD PARK CLO LTD</name>
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        <name>FLATIRON CLO 28 LTD</name>
        <lei>254900U51J2X527SRJ56</lei>
        <title>FLAT 2024-1A BR</title>
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        <name>COLT 2025-INV2 MORTGAGE LOAN TRUST</name>
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        <identifiers>
          <isin value="US12673UAA25"/>
        </identifiers>
        <balance>814838.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>816583.27000000</valUSD>
        <pctVal>0.569092728950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.60100000</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>VERUS SECURITIZATION TRUST 2024-3</name>
        <lei>2138005NRONUFED1TZ38</lei>
        <title>VERUS 2024-3 B2</title>
        <cusip>92540MAF2</cusip>
        <identifiers>
          <isin value="US92540MAF23"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>354105.99000000</valUSD>
        <pctVal>0.246783336850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.39329600</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>MF1 2025-FL19 LLC</name>
        <lei>N/A</lei>
        <title>MF1 2025-FL19 A</title>
        <cusip>55287KAA1</cusip>
        <identifiers>
          <isin value="US55287KAA16"/>
        </identifiers>
        <balance>520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>520811.20000000</valUSD>
        <pctVal>0.362963433081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.15771000</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>FS RIALTO 2025-FL10 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>FSRIA 2025-FL10 AS</title>
        <cusip>30340KAC5</cusip>
        <identifiers>
          <isin value="US30340KAC53"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>449859.15000000</valUSD>
        <pctVal>0.313515572413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.26262000</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-CES6</name>
        <lei>2549002LEW4WNQBOMB89</lei>
        <title>RCKT 2025-CES6 A1B</title>
        <cusip>748949AB0</cusip>
        <identifiers>
          <isin value="US748949AB05"/>
        </identifiers>
        <balance>328604.15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>328691.79000000</valUSD>
        <pctVal>0.229071687636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.67300000</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 2024-4 E</title>
        <cusip>024945AJ6</cusip>
        <identifiers>
          <isin value="US024945AJ64"/>
        </identifiers>
        <balance>425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>435020.99000000</valUSD>
        <pctVal>0.303174570733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.19000000</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>PFP 2024-11 LTD</name>
        <lei>N/A</lei>
        <title>PFP 2024-11 A</title>
        <cusip>69291WAA0</cusip>
        <identifiers>
          <isin value="US69291WAA09"/>
        </identifiers>
        <balance>242873.52000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243098.01000000</valUSD>
        <pctVal>0.169419721167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.51185000</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-CES1</name>
        <lei>N/A</lei>
        <title>RCKT 2025-CES12 A1A</title>
        <cusip>749349AA4</cusip>
        <identifiers>
          <isin value="US749349AA42"/>
        </identifiers>
        <balance>837664.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>830314.49000000</valUSD>
        <pctVal>0.578662282661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.02700000</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 25 LTD</name>
        <lei>549300MJB0YZ0QTQNZ45</lei>
        <title>KKR 25 AR2</title>
        <cusip>48252UAU1</cusip>
        <identifiers>
          <isin value="US48252UAU16"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999976.00000000</valUSD>
        <pctVal>0.696902681737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.70292000</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>SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA</name>
        <lei>N/A</lei>
        <title>SWCH 2025-DATA E</title>
        <cusip>78489CAE9</cusip>
        <identifiers>
          <isin value="US78489CAE93"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>347015.66000000</valUSD>
        <pctVal>0.241841948265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.01659000</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>FREDDIE MAC STACR REMIC TRUST 2023-HQA1</name>
        <lei>5493000IRHY5YZIPQD14</lei>
        <title>STACR 2023-HQA1 M1A</title>
        <cusip>35564KX79</cusip>
        <identifiers>
          <isin value="US35564KX799"/>
        </identifiers>
        <balance>253785.36000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255011.45000000</valUSD>
        <pctVal>0.177722428717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.61608000</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 FINANCIAL CLO 2005-1 LTD</name>
        <lei>N/A</lei>
        <title>KKR 23 AR2</title>
        <cusip>48252YAY5</cusip>
        <identifiers>
          <isin value="US48252YAY59"/>
        </identifiers>
        <balance>1075361.47000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1075912.06000000</valUSD>
        <pctVal>0.749823995704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.77921000</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>PFP 2026-13 LTD</name>
        <lei>N/A</lei>
        <title>PFP 2026-13 C</title>
        <cusip>716966AG1</cusip>
        <identifiers>
          <isin value="US716966AG13"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525984.38000000</valUSD>
        <pctVal>0.366568722623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.66961000</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>
