Payden California Municipal Social Impact Fund (PYCRX)
$9.75
NAV ($)
$-0.01
NAV change ($) as of 8/15/2025
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
The Payden California Municipal Social Impact Fund generally invests in intermediate-maturity municipal bonds that are exempt from federal, state, and local taxes for California residents. The fund seeks to provide attractive current income while preserving capital. Holdings are diversified across sectors and issuers.
Role In Portfolio
Appropriate for California taxpayers who would like to shelter income from state and Federal taxes.
Fund Highlights
| Most income is exempt from federal and California State taxes. | |
| Targets investments in which the use of proceeds are consistent with positive social and environmental outcomes. | |
| Portfolio diversification tool. | |
| No loads (other fees apply). | |
| The value of an investment will generally fall when interest rates rise. |
Fund Snapshot - 07/31/2025
| Fund Inception Date | Dec 17, 1998 |
| Share Class Inception Date | Dec 17, 1998 |
| Ticker | PYCRX |
| CUSIP | 704329515 |
| Fund Total Net Assets | $208.6 million |
| Benchmark | Bloomberg Municipal Bond M.F. California Intermediate Index Bloomberg Municipal Bond 7-Year Index |
| Net Expense Ratio | 0.45% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $100,000 |
| Investor Class - IRA Account | $100,000 |
| Adviser Class - Regular Account | $5,000 |
| Adviser Class - IRA Account | $2,000 |
| Additional Investment - All Classes | $250 |
| Payden California Municipal Social Impact Fund (PYCRX) | Morningstar average: Muni California Intermediate |
|
|---|---|---|
| Net Expense Ratio: | 0.45% | 0.80% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
Portfolio Characteristics - 07/31/2025
| Fund Inception Date: | Dec 17, 1998 |
| Total Net Assets: | $208.6 million |
| Average Duration: | 6.7 years |
| Average Maturity: | 16.1 years |
| 30-Day SEC Yield | 3.67% |
| 30-Day SEC Yield (unsubsidized) | 3.51% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 18% |
| 1-3 | 9% |
| 3-5 | 9% |
| 5-7 | 26% |
| 7-10 | 22% |
| 10+ | 16% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 16% |
| AA | 69% |
| A | 11% |
| BBB | 1% |
| BB | 1% |
| Unrated | 2% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Revenue | 66% |
| General Obligation | 29% |
| Money Markets | 5% |
| Total | 100% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
58 |
| 3 Year | |
58 | |
| Category: Muni California Intermediate | 5 Year | |
57 |
| 10 Year | |
46 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (6/30/2025) | 0.72% | 2.48% | 3.32% | 1.55% | 2.52% | 3.42% |
| Month-end (7/31/2025) | 0.52% | 1.25% | 2.61% | 1.18% | 2.44% | 3.40% |
Yearly Returns
| 2024 | 1.99% |
| 2023 | 6.74% |
| 2022 | -6.40% |
| 2021 | 1.02% |
| 2020 | 5.57% |
| 2019 | 7.82% |
| 2018 | 0.58% |
| 2017 | 6.03% |
| 2016 | -0.38% |
| 2015 | 2.38% |
Expenses
| Total Annual Operating Expense | 0.69% |
| Net or Actual Operating Expense | 0.45% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an
overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.
@ 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Fund Commentary - 07/31/2025
| MARKET | |
| The Bloomberg California Intermediate Municipal Bond Index returned 0.69% in July, extending three consecutive months of gains and bringing year-to-date returns to 2.16%. | |
| Municipal bond yields declined for shorter maturity bonds, with 1-, 3-, and 5-year yields decreasing by 16, 16, and 12 basis points (bps), respectively. In contrast, longer maturity bonds were significantly higher, with 30-year yields rising by 15 bps, while 15- to 20-year yields rose by 15 and 17 bps, respectively. This yield curve steepening effect resulted in outperformance of maturities 7-years and shorter for the month, although performance was positive across the yield curve. | |
| OUTLOOK | |
| After the passage of the “Big Beautiful” tax bill helped resolve uncertainty around tax exemptions and federal funding for municipal projects, the market absorbed a higher-than-usual supply of municipal bonds. Over the quarter, interest rate movements for intermediate- and long-term tax-exempt municipal bonds generally followed the same trend as U.S. Treasury rates. | |
| Fund inflows continued during the month, with positive flows persisting for 13 of the last 14 weeks and ending the month on a strong note with $937 million in inflows, the largest week since the first week of May. The appetite for short-maturity tax-exempt municipals seemed insatiable as new issue deals continued to be heavily oversubscribed on the short-end, driving yields lower. | |
| While heavy new issue supply is likely to continue in the second half of the year, supply is expected to moderate as issuers take a “wait-and-see” approach to higher yields, and the majority of “pull-forward” new issues from the first half of the year are now behind us. Still, monetary policy remains uncertain, and we expect rate volatility of the U.S. Treasury market to impact tax-exempt yields, with the potential for further steepening as short-term rates continue to decline. | |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.