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        <name>IVY HILL MIDDLE MARKET CREDIT FUND XXII LTD</name>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2024-MDHS</name>
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        <name>BARCLAYS PLC</name>
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        <name>AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014/1</name>
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        <name>RYDER SYSTEM INC</name>
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        <name>BMW VEHICLE LEASE TRUST 2025-1</name>
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        <name>CROSS 2026-NQM1 MORTGAGE TRUST</name>
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        <name>FREDDIE MAC STACR REMIC TRUST 2022-DNA6</name>
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        <name>SFS AUTO RECEIVABLES SECURITIZATION TRUST 2026-1</name>
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        <name>BSPDF 2026-FL3 ISSUER LLC</name>
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        <name>EXPAND ENERGY CORP</name>
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        <name>Voya CLO Ltd</name>
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        <name>Cars Alliance S.a r.l. Auto Leases Germany V 2026-1</name>
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        <name>ONEOK INC</name>
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        <name>OBX 2026-NQM2 TRUST</name>
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        <name>DANSKE BANK A/S</name>
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        <name>AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATION TRUST</name>
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        <name>HYUNDAI AUTO LEASE SECURITIZATION TRUST</name>
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        <title>HALST 2025-C A2A</title>
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        <name>BAVARIAN SKY UK 7 PLC</name>
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        <name>HOST HOTELS &amp; RESORTS LP</name>
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        <name>EXETER SELECT AUTOMOBILE RECEIVABLES TRUST 2025-2</name>
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        <name>APIDOS CLO XXXII</name>
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        <name>FORD AUTO SECURITIZATION TRUST II</name>
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        <name>BRIGHTSPIRE 2024-FL2 LTD</name>
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        <name>CONSTELLATION ENERGY GENERATION LLC</name>
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        <name>FS TRUST 2026-HULA</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST 2025-R04</name>
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        <name>Driver UK Multi-Compartment SA Compartment Driver UK Eleven</name>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <name>CARVANA AUTO RECEIVABLES TRUST 2025-P2</name>
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        <name>GLENCORE FUNDING LLC</name>
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        <name>JP MORGAN CHASE BANK NA</name>
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        <name>CARMAX AUTO OWNER TRUST</name>
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        <name>SFS AUTO RECEIVABLES SECURITIZATION TRUST 2025-2</name>
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        <name>TTM TECHNOLOGIES INC</name>
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        <name>CONTINENTAL RESOURCES INC (OKLAHOMA)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MADISON PARK FUNDING XLIX LTD</name>
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        <name>HYUNDAI AUTO RECEIVABLES TRUST 2025-B</name>
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        <name>CARLYLE US CLO 2022-1 LTD</name>
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        <name>EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2</name>
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        <name>SYNOPSYS INC</name>
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        <name>US BANK NA</name>
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        <name>VERDE CLO LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>GENERAL MOTORS FINANCIAL COMPANY INC</name>
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        <name>JABIL INC</name>
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        <name>AMERICAN EXPRESS COMPANY</name>
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        <name>DAIMLER TRUCKS FINANCE NORTH AMERICA LLC</name>
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        <name>OMNICOM GROUP INC</name>
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        <name>ARI FLEET LEASE TRUST 2012 ABS</name>
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        <name>ARES XLIV CLO LTD</name>
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        <name>ELMWOOD CLO 15 LTD</name>
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        <name>FORD CREDIT AUTO LEASE TRUST 2024-B</name>
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        <name>BATTALION CLO X LTD</name>
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        <name>RCKT MORTGAGE TRUST 2024-CES2</name>
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        <name>LAD AUTO RECEIVABLES TRUST 2025-2</name>
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        <name>BX TRUST 2026-OPTM</name>
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        <name>SYMPHONY CLO XX LTD</name>
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        <name>MORGAN STANLEY BANK NA</name>
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        <name>GLS AUTO RECEIVABLES ISSUER TRUST 2025-1</name>
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        <name>ECARAT DE SA</name>
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        <name>DGWD TRUST 2025-INFL</name>
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        <name>ALLY BANK</name>
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        <name>STANDARD BUILDING SOLUTIONS INC</name>
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        <name>SV RNO PROPERTY OWNER 1 LLC</name>
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        <name>SANTANDER DRIVE AUTO RECEIVABLES TRUST 2013-A</name>
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        <name>MF1 2022-FL8 LTD</name>
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        <name>Verus Securitization Trust 2026-R1</name>
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        <name>BLUE RACER MIDSTREAM LLC</name>
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        <name>LITHIA MOTORS INC</name>
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        <name>Sunoco LP</name>
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        <name>GLS AUTO RECEIVABLES ISSUER TRUST 2025-4</name>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
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        <name>VERIZON MASTER TRUST</name>
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        <name>MORGAN STANLEY</name>
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        <name>AVIATION CAPITAL GROUP LLC</name>
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        <name>BRIDGECREST LENDING AUTO SECURITIZATION TRUST 2025-1</name>
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        <name>TRUIST BANK</name>
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        <name>WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2025-3</name>
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        <name>CNH EQUIPMENT TRUST 2025-B</name>
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        <name>UBS GROUP AG</name>
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        <name>PFP 2025-12 LTD</name>
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        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM6</name>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4709184.35000000</valUSD>
        <pctVal>0.190566239939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2071-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.73400000</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>NATIONAL BANK OF CANADA</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>NACN V4.166 01/20/29</title>
        <cusip>63307A3K9</cusip>
        <identifiers>
          <isin value="US63307A3K98"/>
        </identifiers>
        <balance>6315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6267172.53000000</valUSD>
        <pctVal>0.253613240708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.16600000</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 2025-NQM2 TRUST</name>
        <lei>2549006BC0G3YEF5SL09</lei>
        <title>OBX 2025-NQM2 A1</title>
        <cusip>67120VAA3</cusip>
        <identifiers>
          <isin value="US67120VAA35"/>
        </identifiers>
        <balance>2657339.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2663872.50000000</valUSD>
        <pctVal>0.107798745658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.59700000</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>ALLEGANY PARK CLO LTD</name>
        <lei>549300D5KL0IVFLIND32</lei>
        <title>ALLPK 2019-1A ARR</title>
        <cusip>017154AU9</cusip>
        <identifiers>
          <isin value="US017154AU93"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501170.00000000</valUSD>
        <pctVal>0.060747743377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.98444000</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>
