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        <valUSD>1469237.70000000</valUSD>
        <pctVal>0.067735151918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.53000000</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>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM6</name>
        <lei>N/A</lei>
        <title>MSRM 2026-NQM2 A1</title>
        <cusip>617949AC6</cusip>
        <identifiers>
          <isin value="US617949AC68"/>
        </identifiers>
        <balance>5086904.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5047348.71000000</valUSD>
        <pctVal>0.232694091403</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>VERUS SECURITIZATION TRUST 2025-INV1</name>
        <lei>213800YO7QOQOFRSRN78</lei>
        <title>VERUS 2025-INV1 A1</title>
        <cusip>924929AC6</cusip>
        <identifiers>
          <isin value="US924929AC62"/>
        </identifiers>
        <balance>3099137.07000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3120262.65000000</valUSD>
        <pctVal>0.143851103618</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>0.00000000</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>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>6284139.35000000</valUSD>
        <pctVal>0.289712912722</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>2853239.89000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2872362.59000000</valUSD>
        <pctVal>0.132422355074</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>1500307.50000000</valUSD>
        <pctVal>0.069167539355</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>
      <invstOrSec>
        <name>ONEMAIN DIRECT AUTO RECEIVABLES TRUST 2023-1</name>
        <lei>N/A</lei>
        <title>ODART 2023-1A A</title>
        <cusip>682685AA0</cusip>
        <identifiers>
          <isin value="US682685AA05"/>
        </identifiers>
        <balance>4368223.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4398721.32000000</valUSD>
        <pctVal>0.202790914538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.41000000</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>PENSKE TRUCK LEASING CO LP</name>
        <lei>549300ZX07JYMI8GHQ39</lei>
        <title>PENSKE 5.35 01/12/27 144A</title>
        <cusip>709599BY9</cusip>
        <identifiers>
          <isin value="US709599BY93"/>
        </identifiers>
        <balance>1965000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1977628.74000000</valUSD>
        <pctVal>0.091173118646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</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>VISTRA OPERATIONS COMPANY LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VST 5.05 12/30/26 144A</title>
        <cusip>92840VAT9</cusip>
        <identifiers>
          <isin value="US92840VAT98"/>
        </identifiers>
        <balance>1155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1159986.14000000</valUSD>
        <pctVal>0.053477961677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</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 2021-FL2 ISSUER LTD</name>
        <lei>N/A</lei>
        <title>FSRIA 2021-FL2 AS</title>
        <cusip>30319YAC2</cusip>
        <identifiers>
          <isin value="US30319YAC21"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2002394.60000000</valUSD>
        <pctVal>0.092314880316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.33699000</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>CANADIAN IMPERIAL BANK OF COMMERCE</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CM V4.862 01/13/28</title>
        <cusip>13607PVP6</cusip>
        <identifiers>
          <isin value="US13607PVP60"/>
        </identifiers>
        <balance>9430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9459124.65000000</valUSD>
        <pctVal>0.436086853191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.86200000</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>CITIZENS BANK NA</name>
        <lei>DRMSV1Q0EKMEXLAU1P80</lei>
        <title>CFG V4.192 01/29/29</title>
        <cusip>75524KSA3</cusip>
        <identifiers>
          <isin value="US75524KSA33"/>
        </identifiers>
        <balance>2750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2731515.49000000</valUSD>
        <pctVal>0.125928987993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.19200000</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 2024-CES9</name>
        <lei>N/A</lei>
        <title>RCKT 2024-CES9 A1A</title>
        <cusip>749426AA0</cusip>
        <identifiers>
          <isin value="US749426AA06"/>
        </identifiers>
        <balance>1654863.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1664053.58000000</valUSD>
        <pctVal>0.076716600752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.58200000</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>2026-06-22</ncom:dateSigned>
      <ncom:nameOfApplicant>PAYDEN &amp; RYGEL INVESTMENT GROUP</ncom:nameOfApplicant>
      <ncom:signature>Sandi Brents</ncom:signature>
      <ncom:signerName>Sandi Brents</ncom:signerName>
      <ncom:title>Compliance Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
